(RENT) 2022 Q3 法說會逐字稿

Welcome to Rent the Runway's Third Quarter 2022 Earnings Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Rent the Runway's, CEO and co-founder, Jennifer Hyman.

歡迎參加 Rent the Runway 2022 年第三季度收益結果電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把電話轉給 Rent the Runway 的首席執行官兼聯合創始人 Jennifer Hyman。

I wanted to take a moment before we begin today's earnings call to introduce our new Head of Investor Relations, Jackie Blatt. Jackie has been at Rent the Runway for over 7 years, first within our finance department and for the last 4 years as my Chief of Staff. As a result, she knows an enormous amount about Rent the Runway. And I'm personally very excited for her to build strong relationships with all of our current and future investors. Here's Jackie.

在我們開始今天的財報電話會議之前，我想花點時間介紹一下我們新的投資者關係主管 Jackie Blatt。 Jackie 已經在 Rent the Runway 工作了 7 年多，首先是在我們的財務部門，在過去的 4 年裡擔任我的參謀長。因此，她對 Rent the Runway 瞭如指掌。我個人非常高興她能與我們所有當前和未來的投資者建立牢固的關係。這是傑基。

Thanks, Jen. Good afternoon, everyone, and thanks for joining us to discuss Rent the Runway's third quarter 2022 results. Joining me today to discuss our results for the quarter ended October 31, 2022, are CEO and co-founder, Jennifer Hyman; and Chief Financial Officer, Scarlett O'Sullivan.

謝謝，珍。大家下午好，感謝您加入我們討論 Rent the Runway 的 2022 年第三季度業績。今天和我一起討論我們截至 2022 年 10 月 31 日的季度業績的是首席執行官兼聯合創始人珍妮弗·海曼 (Jennifer Hyman)；和首席財務官 Scarlett O'Sullivan。

Before we begin, we would like to remind you that this call will include forward-looking statements. These statements include our future expectations regarding financial results, 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.

在我們開始之前，我們想提醒您，本次電話會議將包含前瞻性陳述。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。這些陳述受各種風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致我們的實際結果存在重大差異。

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.

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有詳細說明，包括我們將在未來幾天提交的 10-Q 表格。除非法律要求，否則我們不承擔修改或更新任何前瞻性陳述或信息的義務。

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

在此電話會議期間，我們還將參考某些非 GAAP 財務信息。此非 GAAP 財務信息的列報不應被孤立地考慮或替代根據 GAAP 列報的財務信息。 GAAP 與非 GAAP 措施的調節可以在我們的新聞稿、發佈在我們投資者網站上的幻燈片演示以及我們向美國證券交易委員會提交的文件中找到。

And with that, I'll turn it back to Jen Hyman, co-founder and CEO of Rent the Runway.

然後，我將把它轉回給 Rent the Runway 的聯合創始人兼首席執行官 Jen Hyman。

Thanks, Jackie, and thank you, everyone, for joining our earnings call today. We are very proud of our strong financial performance in the third quarter of 2022 as we beat both top and bottom lines of our guidance. We posted record quarterly revenue of $77.4 million, demonstrating strong 31% year-over-year revenue growth.

謝謝杰基，也謝謝大家今天參加我們的財報電話會議。我們為 2022 年第三季度的強勁財務表現感到非常自豪，因為我們超過了我們指導的最高和最低限度。我們公佈了創紀錄的季度收入 7740 萬美元，收入同比增長 31%。

We have seen an improving trend in subscriber acquisition, pause and retention rates since the end of Q2, as our Q3 ending active subscriber count grew 8% quarter-over-quarter. Despite the uncertain consumer environment, this tells us that our offering is still resonating with our target consumer.

自第二季度末以來，我們看到訂戶獲取率、暫停率和保留率呈改善趨勢，因為我們的第三季度末活躍訂戶數量環比增長了 8%。儘管消費者環境不確定，但這告訴我們，我們的產品仍能引起目標消費者的共鳴。

This quarter, we delivered a gross margin above 40% for the second quarter in a row. We also posted a very strong adjusted EBITDA margin of 8.5%, our second consecutive quarter of positive adjusted EBITDA, beating our Q3 guidance and demonstrating adjusted EBITDA profitability significantly ahead of the time line we shared at IPO. In the third quarter of 2022, we largely completed our restructuring plan to reduce costs, streamline our organizational structure and drive operational efficiency, which was previously announced in September.

本季度，我們連續第二個季度實現了 40% 以上的毛利率。我們還公佈了 8.5% 的非常強勁的調整後 EBITDA 利潤率，這是我們連續第二個季度調整後 EBITDA 為正數，超過了我們第三季度的指導，並在我們在 IPO 上分享的時間表之前展示了調整後的 EBITDA 盈利能力。 2022 年第三季度，我們基本完成了此前於 9 月宣布的旨在降低成本、精簡組織結構和提高運營效率的重組計劃。

As a reminder, the restructuring had 3 main objectives. First, to transform the cash flow profile of our business. At approximately $400 million in revenue, we expect to be able to reduce annual cash burn before interest expense to approximately $30 million. Second, to accelerate our path to breakeven on adjusted EBITDA after taking into account product depreciation, which we continue to expect to achieve in the near term.

提醒一下，重組有 3 個主要目標。首先，改變我們業務的現金流狀況。在大約 4 億美元的收入下，我們預計能夠將利息支出前的年度現金消耗減少到大約 3000 萬美元。其次，在考慮產品折舊後加快調整後 EBITDA 的收支平衡，我們繼續期望在短期內實現這一目標。

Finally and perhaps most importantly, to allow us to reinvest into delivering value to our customers. The brands we offer are unmatched by other fashion rental companies and our cost actions allow us to deliver even more Rent the Runway to customers.

最後，或許也是最重要的一點，是讓我們能夠重新投資，為我們的客戶創造價值。我們提供的品牌是其他時裝租賃公司無法比擬的，我們的成本行動使我們能夠為客戶提供更多的 Rent the Runway。

Posting growth in our active subscriber count this quarter in a tough macro environment is a step in the right direction, but we're not satisfied. We're encouraged by recent performance trends, as this Cyber Monday marked our second highest subscriber acquisition day in company history.

在艱難的宏觀環境下本季度我們活躍用戶數的增長是朝著正確方向邁出的一步，但我們並不滿意。我們對最近的業績趨勢感到鼓舞，因為這個網絡星期一標誌著我們公司歷史上第二高的訂戶獲取日。

As I'll outline, we intend to further accelerate growth. Our plans for 2023 are bold and focused on providing our customers with even more reasons to love their Rent the Runway subscription. I'm confident we will look back on 2023 as a year where we gave our customers more value, more choice and a better experience overall.

正如我將概述的那樣，我們打算進一步加速增長。我們的 2023 年計劃非常大膽，專注於為我們的客戶提供更多喜歡他們的 Rent the Runway 訂閱的理由。我相信，回顧 2023 年，我們會為客戶提供更多價值、更多選擇和更好的整體體驗。

Before I discuss where we're going in more detail, I want to take a step back and acknowledge how far we've come. I founded Rent the Runway over 13 years ago. And in this time, we created the market for fashion rental where there was none before and have driven broad acceptance of secondhand apparel. In fact, our unaided awareness as the clothing rental service is 21%. In other words, 21% of women in our target demographics when asked to name a clothing rental service say Rent the Runway.

在我更詳細地討論我們要去哪里之前，我想退後一步，承認我們已經走了多遠。我在 13 年前創立了 Rent the Runway。在此期間，我們開創了前所未有的時裝租賃市場，並推動了對二手服裝的廣泛接受。事實上，我們作為服裝租賃服務的獨立意識是 21%。換句話說，當被要求為服裝租賃服務命名時，我們目標人群中有 21% 的女性會說 Rent the Runway。

I'm really proud of that. I've never felt more confident in our opportunity to thrive and deliver tangible value to our customers, both because of what we've accomplished over the past few years and because of the plans we have for 2023 and beyond. Rent the Runway is not only already a larger business in 2022 than we were in 2019, but we are also fundamentally a stronger business in 3 key ways.

我真的為此感到自豪。我對我們蓬勃發展並為客戶提供有形價值的機會充滿信心，這既是因為我們在過去幾年取得的成就，也是因為我們為 2023 年及以後製定的計劃。 Rent the Runway 不僅在 2022 年已經成為比 2019 年更大的業務，而且從根本上說，我們在 3 個關鍵方面也是一個更強大的業務。

First, we've built a more powerful revenue platform. Second, we've transformed the cash needs of the business by innovating the way we acquire the fashion we rent. And third, we've dramatically improved our underlying cost structure. Now I'll discuss how each of these levers makes us stronger today than 3 years ago.

首先，我們建立了一個更強大的收入平台。其次，我們通過創新獲取租賃時裝的方式改變了企業的現金需求。第三，我們已經顯著改善了我們的基礎成本結構。現在我將討論這些槓桿中的每一個如何使我們今天比 3 年前更強大。

First, we have strategically built a more powerful revenue platform with multiple engines of growth. Subscription, à la carte rental and resale that help us to capture the opportunity ahead of us and a large TAM of customers who come to us for diverse reasons in different life stages.

首先，我們戰略性地構建了一個具有多個增長引擎的更強大的收入平台。訂閱、單點租賃和轉售幫助我們抓住我們面前的機會，以及在不同生命階段出於各種原因來到我們這裡的大量 TAM 客戶。

We're the only platform to offer all 3 of these revenue engines in one place. In 2019, resale was only available to our subscribers, and now anyone can buy the fashion we have on our site. In addition, we've doubled the penetration of high-margin add-on revenue since 2019 amongst our subscribers by giving them the ability to personalize their programs. In the first 9 months of fiscal 2022, nearly 30% of our subscribers have paid for at least one add-on slot.

我們是唯一一個在一處提供所有 3 種收入引擎的平台。 2019 年，轉售僅對我們的訂閱者開放，現在任何人都可以購買我們網站上的時裝。此外，自 2019 年以來，我們通過讓訂閱者能夠個性化他們的程序，將高利潤附加收入的滲透率提高了一倍。在 2022 財年的前 9 個月，我們近 30% 的訂戶至少為一個附加插槽付費。

Our customer base is more diverse than ever before. Since 2019, we've seen a 14 point increase in the geographic diversification of our subscriber base away from our top 5 MSAs. And they use Rent the Runway across more use cases, broadening our utility in their lives. In 2019, customers used their subscription for work in special occasions 55% of the time. Today, they use us for casual everyday life, 55% of the time.

我們的客戶群比以往任何時候都更加多樣化。自 2019 年以來，我們發現我們的用戶群的地域多元化從我們排名前 5 位的 MSA 增加了 14 個百分點。他們在更多用例中使用 Rent the Runway，拓寬了我們在他們生活中的效用。 2019 年，客戶有 55% 的時間在特殊場合使用他們的訂閱服務。如今，他們有 55% 的時間通過我們進行休閒的日常生活。

This means she's renting items like denims, sweaters, winter coats and handbags from us, things that keep subscribers sticky in this program even when they don't have special events. That said, we're thrilled by the success of special occasion wear and workwear on our platform this year. We have seen and are continuing to see near record highs in terms of special occasion utilization as well as nearly double the workwear demand in 2022 compared to last year. And we still believe there is opportunity here.

這意味著她要從我們這裡租牛仔布、毛衣、冬衣和手提包等物品，這些物品可以讓訂閱者在這個節目中保持粘性，即使他們沒有特別活動。也就是說，我們對今年特殊場合服裝和工作服在我們平台上的成功感到興奮。我們已經看到並將繼續看到特殊場合使用率接近歷史新高，2022 年的工作服需求幾乎是去年的兩倍。我們仍然相信這裡有機會。

Second, it's hard to overstate how much we've transformed how we acquire the fashion our customers love and how this has changed the cash needs of our business. In fiscal 2022, Share by RTR and Exclusive Designs are expected to together comprise around 60% of our product acquisition versus 26% in 2019. In 2019, we spent $118 million on upfront purchases of rental products compared to our estimate of approximately $60 million this year despite being a larger business.

其次，很難誇大我們在多大程度上改變了我們獲取客戶喜愛的時尚的方式，以及這如何改變了我們業務的現金需求。在 2022 財年，RTR 和 Exclusive Designs 的份額預計將占我們產品採購量的 60% 左右，而 2019 年這一比例為 26%。2019 年，我們在租賃產品的前期採購上花費了 1.18 億美元，而我們估計今年約為 6000 萬美元年儘管是一個更大的企業。

Further, we bear considerably less risk, as 30% of our inventory is procured on consignment. Finally, we've made significant advances in using our customer data and brand relationships to manufacture another 30% of inventory at significantly lower than wholesale costs via our exclusive designs. These designs are desired by our customers and, as Scarlett will discuss later on the call, show early signs of being sought after by other retailers.

此外，我們承擔的風險要小得多，因為我們 30% 的庫存是通過寄售採購的。最後，我們在使用我們的客戶數據和品牌關係方面取得了重大進展，通過我們的獨家設計以遠低於批發成本的價格製造了另外 30% 的庫存。這些設計是我們的客戶所需要的，正如斯嘉麗稍後將在電話中討論的那樣，這些設計顯示出受到其他零售商追捧的早期跡象。

Over these 3 years, we believe we've also become an even more important partner to our brands who value us for customer acquisition and data insights. In short, we believe our inventory leads the market in terms of quality and provides us with an enduring cost advantage.

在這 3 年中，我們相信我們也已成為我們品牌更重要的合作夥伴，這些品牌重視我們的客戶獲取和數據洞察力。簡而言之，我們相信我們的庫存在質量方面領先於市場，並為我們提供了持久的成本優勢。

The third key transformation to our business since 2019 is our vastly improved cost structure and margin profile. The changes we made to our subscription program since 2020 have resulted in a 16 point reduction in fulfillment as a percent of revenue, which has decreased from 46% in '19 to 30% in Q3 2022. As a result, we doubled our gross margins since 2019 to 41% in Q3 2022.

自 2019 年以來，我們業務的第三個關鍵轉型是我們大幅改善的成本結構和利潤率狀況。自 2020 年以來，我們對訂閱計劃所做的更改導致履行佔收入的百分比下降了 16 個百分點，從 19 年的 46% 下降到 2022 年第三季度的 30%。因此，我們的毛利率翻了一番自 2019 年以來，這一比例在 2022 年第三季度下降到 41%。

Moreover, we restructured our fixed cost base, allowing us to significantly improve the overall profitability of the business. In summary, these major changes to our business model over the past 3 years have a quantifiable and meaningful impact. The fact that our customers are more diverse and are using us for a wider variety of use cases means they have higher retention and stick with us longer, resulting in a long tail of loyal long-term customers.

此外，我們重組了固定成本基礎，使我們能夠顯著提高業務的整體盈利能力。總而言之，過去 3 年我們業務模式的這些重大變化產生了可量化且有意義的影響。事實上，我們的客戶更加多樣化並且將我們用於更廣泛的用例，這意味著他們有更高的保留率並且更長時間地堅持我們，從而形成一長串忠誠的長期客戶。

Our improvements to fulfillment and product acquisition costs mean we have gross margins after fulfillment costs that are better than many traditional retailers and online peers. All in, as previously shared, at around $400 million in revenue, we expect to reduce annual cash burn before interest expense to approximately $30 million in the near term.

我們對履行和產品採購成本的改進意味著我們在扣除履行成本後的毛利率優於許多傳統零售商和在線同行。總而言之，如前所述，收入約為 4 億美元，我們預計在短期內將利息支出前的年度現金消耗減少至約 3000 萬美元。

Shifting to this year. We are proud to have laid 3 primary foundations in 2022 that we believe will set us up for an exciting path forward in the next year. The first is our customer experience foundation. Our conversion and loyalty and thus, our growth, our reliance on women seamlessly browsing, finding and receiving inventory they love.

轉移到今年。我們很自豪能夠在 2022 年奠定 3 個主要基礎，我們相信這將為我們在明年開闢一條激動人心的前進道路。首先是我們的客戶體驗基礎。我們的轉化率和忠誠度，以及我們的成長，我們對女性無縫瀏覽、尋找和接收她們喜歡的庫存的依賴。

Over the last 13 years, we believe we've collected more unique product metadata than many other retailers. Data on everything from fit to quality, customer feedback and reviews, attributes, garment longevity, style, sizing, occasions and the list goes on.

在過去的 13 年裡，我們相信我們收集了比許多其他零售商更多的獨特產品元數據。從合身到質量、客戶反饋和評論、屬性、服裝壽命、款式、尺碼、場合等一切方面的數據。

Despite amassing this incredibly rich inventory database as one of our biggest competitive advantages, our technology is just now beginning to connect our data mode into the customer experience. This year, we completed key foundational work to connect our proprietary inventory data system into our on-site search and discovery experiences.

儘管積累這個極其豐富的庫存數據庫是我們最大的競爭優勢之一，但我們的技術才剛剛開始將我們的數據模式連接到客戶體驗中。今年，我們完成了關鍵的基礎工作，將我們專有的庫存數據系統連接到我們的現場搜索和發現體驗中。

As a result of this, we expect that we will be able to significantly expand the way our customers are able to browse our site next year. In Q3, we also launched Elasticsearch, a third-party industry leader in enterprise search technology, which coupled with our enhanced product catalog is expected to provide a much richer search experience to our customers.

因此，我們預計明年我們將能夠顯著擴展客戶瀏覽我們網站的方式。在第三季度，我們還推出了企業搜索技術的第三方行業領導者 Elasticsearch，它與我們增強的產品目錄相結合，有望為我們的客戶提供更豐富的搜索體驗。

Second is our technology foundation. We made improvements across our tech stack in 2022 in order to enable greater scale, enhanced resiliency and faster site speed. This year, we completed our migration to the cloud, an important milestone, which we think will be key to unlocking even better resiliency, performance and reliability, increased developer velocity as well as the ability to scale more efficiently the subscriber growth. Next year, we plan to build upon this work to improve our site speed even more, which we believe will help us improve conversion.

其次是我們的技術基礎。我們在 2022 年對整個技術堆棧進行了改進，以實現更大的規模、增強的彈性和更快的站點速度。今年，我們完成了向雲的遷移，這是一個重要的里程碑，我們認為這將是釋放更好的彈性、性能和可靠性、提高開發人員速度以及更有效地擴展用戶增長的能力的關鍵。明年，我們計劃在這項工作的基礎上進一步提高我們的網站速度，我們相信這將有助於我們提高轉化率。

Lastly, in 2022, we solidified our fashion foundation by expanding our Exclusive Design capabilities and launching our first celebrity collection. Throughout 2022, we co-created Exclusive Design with a total of 18 brand partners, half of which were new to the program. We have increased the number of factories we work with, which has enabled us to manufacture more categories of clothing.

最後，在 2022 年，我們通過擴展獨家設計能力和推出首個名人系列鞏固了我們的時尚基礎。整個 2022 年，我們與總共 18 個品牌合作夥伴共同創建了 Exclusive Design，其中一半是該計劃的新成員。我們增加了與我們合作的工廠數量，這使我們能夠生產更多類別的服裝。

For example, as a result of this diversification in our production capabilities, for the first time, our Exclusive Design channel is set up to manufacture black tie and evening wear, 2 of the most expensive categories we procure, where the relative cost savings versus wholesale are significant. This is an important lever as we continue to reduce our upfront cost per unit.

例如，由於我們生產能力的多樣化，我們首次設立獨家設計渠道來製造黑色領帶和晚裝，這是我們採購的最昂貴的兩個類別，與批發相比，相對成本節省很重要。這是一個重要的槓桿，因為我們將繼續降低每單位的前期成本。

Most recently, this November, we launched our first celebrity collection with Ashley Park, the co-star of Netflix's Emily in Paris. Celebrity collections enable us to develop fashion that our customers love while simultaneously providing built-in marketing as a result of the brand heat and cultural relevance of the personality.

最近，也就是今年 11 月，我們與 Ashley Park 一起推出了我們的第一個名人系列，Ashley Park 是 Netflix 在巴黎的艾米麗的聯合主演。名人系列使我們能夠開發客戶喜愛的時尚，同時由於品牌熱度和個性的文化相關性而提供內置營銷。

Ashley Park has a social following of over 2.4 million across her platform and has been actively engaged in organically promoting the collection and Rent the Runway. To date, around the launch of our capsule collection with Ashley, we have been able to leverage her media buzz for over 1 billion earned media impressions and counting.

Ashley Park 在她的平台上擁有超過 240 萬的社交粉絲，並一直積極參與有機地推廣該系列和 Rent the Runway。迄今為止，在我們與 Ashley 合作的膠囊系列發布前後，我們已經能夠利用她的媒體熱議獲得超過 10 億的媒體印象，並且還在不斷增加。

Last call, we spoke about how even just small improvements in conversion and retention, like the ones I just discussed, can have a substantial impact on growth and are within our control. We think that providing more value and a better user experience to our customers are key drivers of influencing these metrics. The purpose of our key 2022 investments is to deliver more to the customer in 2023 and to iterate quickly to accelerate growth.

在最後一次通話中，我們談到了即使是轉化率和保留率方面的微小改進，就像我剛才討論的那樣，也會對增長產生重大影響，並且在我們的控制範圍內。我們認為，為我們的客戶提供更多價值和更好的用戶體驗是影響這些指標的關鍵驅動因素。我們 2022 年關鍵投資的目的是在 2023 年為客戶提供更多服務并快速迭代以加速增長。

We will share more detailed plans on our Q4 call, but we believe 2023 will be a transformative year for Rent the Runway. Our plans are informed by a deep analysis of customer data as well as by constant experimentation and testing. Our customers can expect to see significant improvements in plan design, site experience and in the clothing they love.

我們將在第四季度電話會議上分享更詳細的計劃，但我們相信 2023 年將是 Rent the Runway 變革的一年。我們的計劃基於對客戶數據的深入分析以及不斷的實驗和測試。我們的客戶可以期待在計劃設計、現場體驗和他們喜愛的服裝方面看到顯著改進。

In a tough macro environment, with inflation and price consciousness top of mind for many consumers, Rent the Runway plans to lead by offering more value and more fashion to our customers. As our customers benefit, so too should our brand partners. We expect these changes to provide lasting benefits for growth well past 2023.

在艱難的宏觀環境中，通貨膨脹和價格意識成為許多消費者的頭等大事，Rent the Runway 計劃通過為我們的客戶提供更多價值和更多時尚來引領潮流。隨著我們的客戶受益，我們的品牌合作夥伴也應該受益。我們預計這些變化將為 2023 年以後的增長帶來持久的好處。

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

有了這個，我會把它交給思嘉。

Thanks, Jen, and thanks again, everyone, for joining us. I will provide an overview of our third quarter results for fiscal '22 and will end with guidance for the fourth quarter and full year.

謝謝 Jen，再次感謝大家加入我們。我將概述我們 22 財年第三季度的業績，並以第四季度和全年的指導結束。

In Q3, we generated record revenue of $77.4 million, up 31% year-over-year. Ending active subscribers increased 15% year-over-year to 134,000, up 8% quarter-over-quarter. Total subscribers increased 17% year-over-year to 176,000 subs and up 2% quarter-over-quarter.

第三季度，我們創造了創紀錄的 7740 萬美元收入，同比增長 31%。最終活躍用戶同比增長 15% 至 134,000，環比增長 8%。訂戶總數同比增長 17% 至 176,000 名訂閱者，環比增長 2%。

As we pointed out last quarter, the macroeconomic environment remains tough and has had an impact on our business. Our active subscriber growth this quarter versus Q2 reflects 2 key factors: First, our acquisitions improved in Q3 versus a seasonally weaker Q2.

正如我們上個季度指出的那樣，宏觀經濟環境依然嚴峻，對我們的業務產生了影響。與第二季度相比，我們本季度的活躍用戶增長反映了兩個關鍵因素：首先，與季節性疲軟的第二季度相比，我們在第三季度的收購有所改善。

Second and with the benefit of more data from Q3, we believe that the reaction by customers for our April price increase was a significant contributor to our elevated levels of churn and pause activity in Q2. As customers have adjusted, we have seen reduced rates of churn and pause in Q3. We also believe that this affected our Q2 acquisitions to some extent.

其次，得益於第三季度的更多數據，我們認為客戶對我們 4 月份價格上漲的反應是導致我們第二季度客戶流失和暫停活動水平升高的重要原因。隨著客戶的調整，我們發現第三季度的客戶流失率和暫停率有所降低。我們還認為，這在一定程度上影響了我們第二季度的收購。

In Q3, we've also seen a slightly higher proportion of new subscribers going into our lower price program, which we factored into our expectations for Q4. As Jen mentioned, we have plans for next year that are designed to accelerate subscriber growth. Rent the Runway has solid site traffic that we believe we could do more to monetize, and that's why we're focused on strategies that drive conversion and loyalty.

在第三季度，我們還看到加入我們較低價格計劃的新訂戶比例略高，我們將其納入了對第四季度的預期。正如 Jen 提到的那樣，我們制定了明年的計劃，旨在加速用戶增長。 Rent the Runway 擁有穩定的網站流量，我們相信我們可以做更多的工作來獲利，這就是為什麼我們專注於推動轉化率和忠誠度的策略。

Our strong revenue beat versus our guidance was primarily due to strength in ARPU, driven by add-on subs and solid other revenue performance. 28% of active subs paid for one or more add-ons in the quarter. We are pleased that our subscribers are willing to spend more with us despite the inflationary environment. We are increasing our ARPU estimate for the year to be up approximately 7% for fiscal year '22 versus last year.

我們強勁的收入超過了我們的指導，這主要是由於 ARPU 的強勁，這是由附加訂閱和穩健的其他收入表現推動的。 28% 的活躍訂閱者在本季度為一個或多個附加組件付費。我們很高興我們的訂戶願意在通貨膨脹環境下與我們一起消費更多。我們將今年的 ARPU 估計值提高到 22 財年與去年相比增長約 7%。

We also saw a healthy performance in our reserve business, which continues to be a strong funnel of new customer growth. Reserve orders from new customers in Q3 were up 27% year-over-year and 46% quarter-over-quarter, with the proportion of high formality rentals higher than last year and near record high in terms of utilization. We successfully increased assortment in Q3 real-time to address the increased need for special events, preparing us for Q4 and fiscal '23.

我們還看到我們的儲備業務表現良好，這仍然是新客戶增長的強大渠道。第三季度來自新客戶的預訂訂單同比增長 27%，環比增長 46%，其中正規租賃的比例高於去年，利用率接近歷史新高。我們成功地增加了第三季度的實時分類，以滿足對特殊活動不斷增長的需求，為第四季度和 23 財年做好準備。

Other revenue represented 11% of revenue in Q3 versus 8% in Q3 '21 and up 83% year-over-year. We saw a 14% increase in average items bought by subscribers in the quarter versus Q2 '22 and a 53% increase versus Q3 '21, resulting in 84% of total revenue being generated by subscribers in Q3. Other revenue also included $1.6 million from a pilot to wholesale, brand new Exclusive Designs to a third party, showcasing demand for our products from other retailers and the consumer appeal of our designs.

其他收入佔第三季度收入的 11%，而 21 年第三季度為 8%，同比增長 83%。與 22 年第二季度相比，我們看到本季度訂閱者購買的平均商品增加了 14%，與 21 年第三季度相比增長了 53%，導致第三季度訂閱者產生了總收入的 84%。其他收入還包括從試點到批發的 160 萬美元，向第三方提供全新的獨家設計，展示了其他零售商對我們產品的需求以及我們設計對消費者的吸引力。

We generate strong margins from Exclusive Design sales, given the low cost of these items. It's too early to say how this pilot will evolve, but we believe it highlights the power of the Rent the Runway data and platform and the monetization opportunities of our products.

鑑於這些產品的低成本，我們從獨家設計銷售中獲得了可觀的利潤。現在說這個試點將如何發展還為時過早，但我們相信它突出了 Rent the Runway 數據和平台的力量以及我們產品的貨幣化機會。

Our Q2 gross margin of 41% was 7 percentage points higher than prior year. Fulfillment costs as a percentage of revenue came in at 30% versus 33% in Q3 '21, primarily due to higher revenue per order. We improved transportation cost per shipment versus Q2 '22 by negotiating lower carrier rates and optimizing carrier and ship method mix, including a higher penetration of at-home pickup.

我們第二季度的毛利率為 41%，比去年同期高出 7 個百分點。履行成本佔收入的百分比為 30%，而 21 年第三季度為 33%，這主要是由於每筆訂單的收入增加。通過協商降低承運人費率並優化承運人和運輸方式組合，包括提高家庭取件的普及率，我們與 22 年第二季度相比，降低了每批貨物的運輸成本。

We expect higher fulfillment cost per shipment in Q4, as we typically would see seasonally, and now expect fulfillment cost as a percentage of revenue for the full year '22 to be approximately 32%. Total product costs came in at 29% versus 34% last year, with rental product depreciation at 18% of revenue versus 23% in Q3 '21 as it was absorbed over a higher revenue base. We now expect gross margin to be up approximately 400 basis points versus full year '21.

我們預計第四季度每批貨物的履行成本會更高，正如我們通常會看到的季節性情況，現在預計履行成本佔 22 年全年收入的百分比約為 32%。總產品成本為 29%，而去年為 34%，租賃產品折舊佔收入的 18%，而 21 年第三季度為 23%，因為它被更高的收入基礎吸收。我們現在預計毛利率將比 21 年全年提高約 400 個基點。

Q3 adjusted EBITDA continued to be positive and came in significantly ahead of our guidance, at $6.6 million versus negative $5.6 million in Q3 last year, representing a positive 8.5% margin and an 18 point improvement versus negative 5.5% -- negative 9.5% in Q3 last year.

第三季度調整後的 EBITDA 繼續為正，並且大大高於我們的指引，為 660 萬美元，而去年第三季度為負 560 萬美元，利潤率為正 8.5%，與負 5.5% 相比提高了 18 個百分點 - 第三季度為負 9.5%去年。

Our total operating expenses, marketing, technology and G&A, represented 63% of revenue compared with 101% in Q3 '21. Employee expenses in Q3 saw the partial positive impact of the restructuring. We largely expect the full impact in Q4 as we still carry approximately $2.4 million of employee expenses in Q3 that will go away by the end of Q4.

我們的總運營費用、營銷、技術和 G&A 佔收入的 63%，而 21 年第三季度為 101%。第三季度的員工支出部分受到了重組的積極影響。我們在很大程度上預計第四季度會產生全面影響，因為我們在第三季度仍有大約 240 萬美元的員工費用，這些費用將在第四季度末消失。

As expected, when we provided guidance last quarter, we saw sales from a new liquidation partnership. Those fees came in higher than anticipated this quarter, positively impacting the G&A line, where we usually recognize the net impact of liquidation sales, by approximately $2.5 million this quarter. We partnered with a new third-party retailer to broaden our liquidation network and drive additional monetization of our products while giving our rental garments a second life.

正如預期的那樣，當我們在上個季度提供指導時，我們看到了來自新清算合夥企業的銷售。這些費用本季度高於預期，對 G&A 線產生了積極影響，我們通常認為清算銷售的淨影響在本季度增加了約 250 萬美元。我們與一家新的第三方零售商合作，以擴大我們的清算網絡並推動我們產品的額外貨幣化，同時讓我們的租賃服裝獲得第二次生命。

Overall, the Exclusive Designs pilot and new liquidation partnership together contributed approximately $4.6 million to adjusted EBITDA. Even without these deals, we have made significant progress driving adjusted EBITDA to be positive, especially for our third quarter, which historically sees lower profitability.

總體而言，Exclusive Designs 試點項目和新的清算合夥企業共同為調整後的 EBITDA 貢獻了約 460 萬美元。即使沒有這些交易，我們也取得了重大進展，推動調整後的 EBITDA 為正，尤其是在我們的第三季度，歷史上盈利能力較低。

Going forward, as you'll hear when we discuss guidance, we expect to continue to generate a strong, positive adjusted EBITDA margin, reflecting the increased profitability of the business and full benefit of the restructuring. We are choosing to be opportunistic and take advantage of the current retail slowdown to buy attractive inventory from our brand partners at discounted prices. This pulls forward some of next year's buy into this year.

展望未來，正如您在討論指導時會聽到的那樣，我們預計將繼續產生強勁的、積極的調整後 EBITDA 利潤率，反映出業務盈利能力的提高和重組的全部好處。我們選擇投機取巧，利用當前零售放緩的機會，以折扣價從我們的品牌合作夥伴處購買有吸引力的庫存。這將明年的一些購買提前到今年。

Our anticipated cash usage now reflects incremental product spend this quarter. As a result, we currently expect our fiscal '22 free cash flow margin to be slightly lower versus last year.

我們預期的現金使用情況現在反映了本季度增加的產品支出。因此，我們目前預計我們的 22 財年自由現金流利潤率將略低於去年。

A couple of housekeeping items I want to call out for the quarter. The restructuring-related severance charge came in at $2 million in Q3. In addition, we decided not to move forward with a long-term CapEx project in our warehouses as part of our restructuring work. And we recognized a largely noncash loss of $3.8 million due to the asset impairment.

我想在本季度提出一些家務管理項目。第三季度與重組相關的遣散費為 200 萬美元。此外，作為重組工作的一部分，我們決定不再推進我們倉庫的長期資本支出項目。由於資產減值，我們確認了 380 萬美元的主要非現金損失。

Our Q3 results reflect our improved quarter-over-quarter subscriber trends and we believe showcases the strength of our offering and how it resonates with customers even with this macro backdrop. So we're pleased to be raising guidance.

我們第三季度的業績反映了我們改進的季度用戶趨勢，我們相信展示了我們產品的實力，以及即使在這種宏觀背景下它如何與客戶產生共鳴。因此，我們很高興提出指導意見。

We continue to be in an uncertain macro environment. And as we've mentioned, we typically see a higher rate of churn and pause in January due to the seasonality of our business at that time of year. For Q4, we expect revenue of $72 million to $74 million. We expect a positive adjusted EBITDA margin of 4% to 5%. In terms of full year, we now expect revenue in the range of $293 million to $295 million, representing 45% growth at the midpoint of the range versus full year of 2021.

我們繼續處於不確定的宏觀環境中。正如我們所提到的，由於一年中那個時候我們業務的季節性，我們通常會在 1 月份看到更高的流失率和暫停率。對於第四季度，我們預計收入為 7200 萬至 7400 萬美元。我們預計調整後的 EBITDA 利潤率為 4% 至 5%。就全年而言，我們現在預計收入在 2.93 億美元至 2.95 億美元之間，較 2021 年全年增長 45%。

Our adjusted EBITDA margin guidance for full year is revised to positive 1%, reflecting our strong Q3 performance, our cost discipline throughout the year and the post-restructuring employee base by the end of Q4. We've made a few tweaks to our full year expectations for a few other items, so please refer to the guidance page of our earnings deck on our website.

我們調整後的全年 EBITDA 利潤率指引修訂為正 1%，反映了我們強勁的第三季度業績、全年的成本控制以及到第四季度末重組後的員工基礎。我們對其他一些項目的全年預期進行了一些調整，因此請參閱我們網站上收益平台的指導頁面。

For fiscal '23, we're not providing revenue guidance at this time, but I want to reinforce a few important points. First, as Jen mentioned, we're excited about our plans in fiscal '23 and believe they will be impactful for growth. Second, we are reaffirming the estimated restructuring annual OpEx reduction of $25 million to $27 million for next year versus a Q2 '22 run rate, which is expected to boost adjusted EBITDA for next year. This means that we anticipate reducing annual cash burn substantially versus this year.

對於 23 財年，我們目前不提供收入指導，但我想強調幾點。首先，正如 Jen 所提到的，我們對我們在 23 財年的計劃感到興奮，並相信它們將對增長產生影響。其次，我們重申預計明年的重組年度運營支出將減少 2500 萬美元至 2700 萬美元，而第二季度的運行率預計將提高明年的調整後 EBITDA。這意味著我們預計與今年相比，年度現金消耗將大幅減少。

This is expected to hold even if revenue growth is lower next year due to macro or other factors. We will provide additional details on our Q4 call. In the medium term, we intend to maintain strict cost discipline and anticipate higher flow-through on incremental revenue, generating approximately 30% adjusted EBITDA margin. That represents a 15% margin on adjusted EBITDA less product depreciation.

即使明年的收入增長因宏觀或其他因素而放緩，預計這種情況也將保持不變。我們將在第四季度電話會議上提供更多詳細信息。從中期來看，我們打算保持嚴格的成本紀律，並預計增量收入會有更高的流動性，從而產生約 30% 的調整後 EBITDA 利潤率。這表示調整後的 EBITDA 減去產品折舊後的利潤率為 15%。

At that level, we believe we would 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. 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.

在那個水平上，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自籌資金。我們的目標是用手頭的現金實現目標。我們將繼續專注於平衡強勁增長與盈利能力，我們將尋求適當的平衡以實現這兩個目標並最大化 Rent the Runway 的長期價值。

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

有了這個，我們很高興打開它來提問。

(Operator Instructions) Our first question is from Edward Yruma with Piper Sandler.

（操作員說明）我們的第一個問題來自 Edward Yruma 和 Piper Sandler。

This is Abbie Zvejnieks on for Ed. Just first of all, in terms of the favorable terms on getting inventory in this excess inventory environment, can you talk a little bit about that and then the kind of flow-through impact on product depreciation going forward? And then on the brands seeking this data and these new marketing funnels in the current environment, can you talk about any potential to be more of a partner with these brands maybe from an advertising perspective on Rent the Runway?

我是 Ed 的 Abbie Zvejnieks。首先，就在這種過剩庫存環境中獲得庫存的優惠條件而言，你能談談這一點，然後談談對未來產品折舊的流動影響嗎？然後關於在當前環境中尋求這些數據和這些新營銷渠道的品牌，你能從 Rent the Runway 的廣告角度談談與這些品牌成為更多合作夥伴的任何潛力嗎？

So first, I want to address what makes us different than most other retailers and why this environment where there's kind of softness in overall retail is positive for Rent the Runway. Most of the retailers have to clear through 2022 inventory in 2022 because there won't be any relevance of that inventory on a go-forward basis. We have proven over the past 13 years that there is demand for and we monetize our inventory over multiple years.

因此，首先，我想談談是什麼讓我們與大多數其他零售商不同，以及為什麼這種整體零售業疲軟的環境對 Rent the Runway 有利。大多數零售商必須在 2022 年清理 2022 年的庫存，因為在未來的基礎上，該庫存將沒有任何相關性。在過去的 13 年裡，我們已經證明存在需求，並且我們會在多年內將我們的庫存貨幣化。

What the customer cares about is when she comes to Rent the Runway, she wants to wear something new every single time she comes. She doesn't care if that new thing that she's wearing is from last year or from a week ago or from a few years ago. And we keep that inventory in high-quality condition for multiple years. So we can be opportunistic right now in the market, whereas everyone else needs to be promotional.

客戶關心的是，當她來 Rent the Runway 時，她想每次來都穿一些新的東西。她不在乎她穿的那件新衣服是去年的、一周前的還是幾年前的。我們多年來一直保持該庫存處於高質量狀態。所以我們現在可以在市場上投機取巧，而其他人都需要促銷。

So what we're doing is we are going to our 800-plus brand partners. We are looking at what they have available. And we're acquiring inventory at very healthy discounts, pulling forward some of the inventory spend that we would have spent in 2023. Now the other thing that is great about the environment that we're in is the very inventory that is available right now is inventory that is the highest performing inventory on Rent the Runway.

所以我們正在做的是我們將與我們的 800 多個品牌合作夥伴聯繫。我們正在研究他們有什麼可用的。我們正在以非常健康的折扣收購庫存，從而提前了一些我們本應在 2023 年花費的庫存支出。現在，我們所處環境的另一大好處是現在可用的庫存是 Rent the Runway 上表現最好的庫存。

So what we're seeing from our brand partners is the most fashionable inventory that isn't selling in stores, the most colorful inventory, the trendiest inventory. And that is exactly what performs the best on Rent the Runway. So not only are we getting inventory at a discount, we're getting the best inventory from some of our best brand partners at that competitive pricing. Now of course, this will help to further accelerate upfront cost per unit going down, and that decreases the depreciation expense.

所以我們從我們的品牌合作夥伴那裡看到的是最時尚的庫存，而不是在商店裡銷售，最豐富多彩的庫存，最時尚的庫存。而這正是 Rent the Runway 表現最好的地方。因此，我們不僅以折扣價獲得庫存，而且以具有競爭力的價格從我們最好的品牌合作夥伴那裡獲得最好的庫存。現在當然，這將有助於進一步加速降低每單位的前期成本，從而減少折舊費用。

Abbie, what I would say here is this is part of the overall philosophy that every year we want to be showing improvement in our upfront cost per unit. The items that we're acquiring is a combination of our 3 different methods. So obviously, the ones where we own will have a nice impact on product depreciation. Some of them could be [with assignment] deals, which is also great for us that we can do that even in this environment, and that would show up in the revenue share line.

Abbie，我在這裡要說的是，這是整體理念的一部分，即每年我們都希望在單位前期成本方面有所改善。我們獲取的項目是我們 3 種不同方法的組合。很明顯，我們擁有的那些將對產品折舊產生很好的影響。其中一些可能是 [with assignment] 交易，這對我們來說也很好，即使在這種環境下我們也可以做到這一點，這將出現在收入分成線中。

And one other point, the 800-plus brands that we work with are luxury or designer brands. So clearly, a highly promotional environment like the one that we're in right now is extremely brand-dilutive to them. They have a choice. They could either mark their inventory down on sale or on clearance or they can work with Rent the Runway often through our consignment channel, which is brand-accretive to them.

還有一點，我們合作的 800 多個品牌都是奢侈品牌或設計師品牌。很明顯，像我們現在所處的這樣一個高度促銷的環境對他們來說是極度稀釋品牌的。他們有選擇。他們可以將庫存降價出售或清倉，或者他們可以經常通過我們的寄售渠道與 Rent the Runway 合作，這對他們來說是品牌增值。

We don't mark down the inventory on our platform. We are displaying the original retail price. And by nature of putting it up on Rent the Runway, they're getting access to new younger customers. So it's really a win-win for the brands of being brand-accretive and adding to customer acquisition in an environment where that matters more than ever.

我們不會降低我們平台上的庫存。我們顯示的是原始零售價。通過將其放在 Rent the Runway 上，他們可以接觸到新的年輕客戶。因此，在比以往任何時候都更重要的環境中，品牌增值和增加客戶獲取對於品牌來說確實是雙贏的。

And then maybe just one more. Can you just elaborate maybe a little bit on the wholesale partnership for liquidation? And then will that continue in 4Q? And how should we think about kind of the go-forward benefit to adjusted EBITDA from that?

然後也許只有一個。您能否詳細說明一下清算的批發合作夥伴關係？然後這種情況會在第四季度繼續嗎？我們應該如何考慮調整後 EBITDA 的前瞻性收益？

Yes. So this pilot is really exciting, and it showcases the consumer appeal and demand for our Exclusive Design products from other retailers. So as Scarlett mentioned, we already generate strong margins from Exclusive Design sales...

是的。所以這個試點真的很令人興奮，它展示了消費者對其他零售商對我們獨家設計產品的吸引力和需求。正如 Scarlett 提到的，我們已經從獨家設計銷售中獲得了可觀的利潤……

And that's (inaudible) Exclusive Design partnership, Abbie, I think you're asking also about the liquidation part that we'll talk...

那是（聽不清）獨家設計合作夥伴關係，Abbie，我想你也在問我們將要討論的清算部分......

We'll talk about those. So we generate strong margins from Exclusive Designs because of the lower cost of these items. And so for us, it's too early to say how the pilot is going to evolve, but we really believe it highlights the power of the Rent the Runway data and our platform and monetization opportunities of our products. Scarlett, do you want to talk to the partner, the liquidation partner?

我們將討論這些。因此，由於這些產品的成本較低，我們從 Exclusive Designs 中獲得了可觀的利潤。所以對我們來說，現在說試點將如何發展還為時過早，但我們真的相信它突出了 Rent the Runway 數據的力量以及我們的平台和我們產品的貨幣化機會。斯嘉麗，你想和合夥人，清算合夥人談談嗎？

The liquidation partner, yes. So here, we're always looking to expand our network of partners. It's great for us to be able to have more partners that we're working with to be able to give our items a second life and to really create more opportunities for monetization. So we're really excited to see this partnership.

清算合夥人，是的。所以在這裡，我們一直在尋求擴大我們的合作夥伴網絡。能夠擁有更多合作夥伴，讓我們的產品重獲新生，並真正創造更多盈利機會，這對我們來說非常棒。所以我們真的很高興看到這種夥伴關係。

It was a pretty significant one. Nothing -- no plans on a go-forward basis just yet, but for both of these, I think they really showcase the power of our data, the appeal of our designs as well as the appeal of our items that we believe are at the end of their rental life and yet still have another life somewhere else.

這是一個非常重要的問題。什麼都沒有——目前還沒有後續計劃，但對於這兩者，我認為它們確實展示了我們數據的力量、我們設計的吸引力以及我們認為我們的產品的吸引力他們的出租生活結束了，但仍然在其他地方過著另一種生活。

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。

You mentioned the pricing a little bit of hindsight here, diagnostics on the price increase in April causing a little bit of churn in the second quarter that you think improved in third quarter. I know a lot of the vendors you deal with are still seeing some inflation today. Do you anticipate needing to take price next year? And if so, maybe any learnings you can point to on -- as you look back at April and help you navigate that if the consumer is still in value-seeking mode with their household budgets?

你在這裡提到定價有點事後諸葛亮，對 4 月份價格上漲的診斷導致第二季度出現一些你認為第三季度有所改善的客戶流失。我知道你打交道的很多供應商今天仍然看到一些通貨膨脹。您預計明年需要定價嗎？如果是這樣，也許你可以指出任何學習 - 當你回顧 4 月並幫助你導航時，如果消費者仍處於家庭預算的價值尋求模式？

Yes. So first, on our Q2 call, we were going through some of the various reasons we thought why there might have been softness. And with the benefit of more data in Q3, we think that the reaction that our customers had to our April price increase was a significant contributor to the elevated levels of churn and pause activity that we saw in Q2.

是的。因此，首先，在我們的第二季度電話會議上，我們討論了我們認為可能會出現疲軟的各種原因。得益於第三季度的更多數據，我們認為客戶對我們 4 月份價格上漲的反應是導致我們在第二季度看到的客戶流失和暫停活動水平升高的重要原因。

And the good news is, as customers have adjusted, we've seen increased acquisition, reduced rates of churn and reduced rates of pause activity in this past quarter Q3 compared to Q2. So the price increase, we believe, was the right thing to do at the time. We've been very focused on driving profitability, as you know. And there was a lot going on in the macro environment. Our input costs were getting higher.

好消息是，隨著客戶的調整，與第二季度相比，我們看到上一季度第三季度的收購增加、流失率降低和暫停活動率降低。因此，我們認為漲價在當時是正確的做法。如您所知，我們一直非常專注於提高盈利能力。宏觀環境中發生了很多事情。我們的投入成本越來越高。

And we've seen a significant positive impact of that price increase in that revenue per order has gone up. You've seen it reflected in our profitability and our gross margin. Having said that, we take our obligation to provide value to our customers very seriously. And our focus next year is all about how do we deliver even more value to the customer. We're very excited about the plans that we have in place.

我們已經看到價格上漲對每筆訂單收入的顯著積極影響已經上升。你已經看到它反映在我們的盈利能力和毛利率上。話雖如此，我們非常重視為客戶提供價值的義務。我們明年的重點是如何為客戶提供更多價值。我們對我們制定的計劃感到非常興奮。

I guess maybe I can follow up one on marketing. Could you speak to -- a little bit to the marketing mix? Any changes you're seeing in the different channels or change in the returns you're seeing generating in the different channels? And maybe any -- just any update on trends in what you're seeing in organic versus inorganic trends on the marketing side as we think had to help us for next year?

我想也許我可以跟進一個關於營銷的問題。你能談一談營銷組合嗎？您在不同渠道中看到的任何變化或您在不同渠道中看到的回報變化？也許有任何 - 關於您在營銷方面的有機趨勢和無機趨勢中看到的趨勢的任何更新，我們認為這對我們明年有幫助？

Yes. So in terms of marketing, like no real news, our TAC is stable and attractive in 2022. It's stable to last year. We believe that the traffic that we have on Rent the Runway, we are happy with the level of traffic that we have. And our focus is not on using marketing dollars to drive more traffic. All of our focus is on doing a better job with the traffic that we have in terms of our conversion and our loyalty.

是的。因此，在營銷方面，就像沒有真正的消息一樣，我們的 TAC 在 2022 年穩定且具有吸引力。與去年相比穩定。我們相信，我們在 Rent the Runway 上擁有的流量，我們對我們擁有的流量水平感到滿意。我們的重點不在於使用營銷資金來吸引更多流量。我們所有的重點都是在我們的轉化率和忠誠度方面更好地利用我們擁有的流量。

So you're going to see us focus inherently on the customer experience and customer value. You're not going to see marketing costs go up that were us focusing on traffic because we believe that the level of traffic we have right now is in a good spot.

所以你會看到我們本質上專注於客戶體驗和客戶價值。如果我們專注於流量，你不會看到營銷成本上升，因為我們相信我們現在擁有的流量水平處於一個很好的位置。

And Michael, just to add to that, there's really not been much change in terms of the channels that we use and the way that we do marketing. So that's to stay pretty consistent. Obviously, it's helpful when you do celebrity deal, but we also have the amplification of celebrities and them being out there talking about us, but nothing in terms of our own internal efforts or the channels?

邁克爾，補充一點，我們使用的渠道和營銷方式確實沒有太大變化。所以這是為了保持一致。顯然，當你做名人交易時，這很有幫助，但我們也有名人的放大，他們在外面談論我們，但就我們自己的內部努力或渠道而言，什麼都沒有？

I think that there's general tailwinds this year that we're seeing across culture and across the media related to rental overall. I mean an example from this week alone, we saw that Princess Kate rented a dress last week.

我認為今年我們看到了與整體租賃相關的跨文化和跨媒體的普遍順風。我的意思是僅本週的一個例子，我們看到凱特王妃上週租了一件衣服。

If you would have told anyone 13 years ago when we launched Rent the Runway and people thought renting was disgusting and not cheap and not something that anyone would talk about, that Princess Kate -- that royalty would be renting and talking about it publicly, that's really due to us starting this movement globally, making rental something that's normalized, aspirational.

如果 13 年前當我們推出 Rent the Runway 時你會告訴任何人人們認為租房令人厭惡而且不便宜而且不是任何人會談論的事情，那麼凱特王妃 - 皇室成員會公開租房並談論它，那就是真的是因為我們在全球範圍內開始了這項運動，使租賃成為一種常態化的、有抱負的東西。

And we're seeing that more and more in culture where the tailwinds, I think, of this becoming part of the consideration set is -- are really improving. And we see that across the board every day in the diversification of our customer base and her considering us for more of the use cases in their life.

我們在文化中看到越來越多的情況，我認為，這成為考慮因素的一部分的順風正在真正改善。我們每天都在客戶群的多樣化中看到這一點，並且她考慮我們在他們生活中的更多用例。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2 questions, if I can. First, in terms of what you're seeing on the gross addition side, is there any color you're able to give us on how much of that is people that are finding the brand for the first time and being driven by elements of either aided or unaided awareness from the platform, driving gross additions versus your ability to go out and mine the database of former users, former subscribers continuing to remarket and re-mine that base of potential former users to drive incremental gross -- addition growth?

如果可以的話，也許有 2 個問題。首先，就您在總增加量方面所看到的情況而言，您是否可以告訴我們有多少人是第一次發現該品牌並受到其中任何一個因素的驅動來自平台的輔助或獨立意識，推動總增加量與你走出去挖掘前用戶數據庫的能力，前訂戶繼續再營銷和重新挖掘潛在前用戶群以推動增量總增加量的能力？

That would be number one. And then number two, you've started to see the beginning of sort of a return-to-work dynamic that's lagged sort of the reopening dynamic? How should we be thinking about what you're seeing from your subscribers in terms of return to work and how that might be a tailwind for the business in 2023?

那將是第一。然後第二，你已經開始看到某種回歸工作動態的開始，這種動態滯後於重新開放的動態？我們應該如何考慮您從訂閱者那裡看到的重返工作崗位的情況，以及這對 2023 年的業務有何推動作用？

Yes. So starting with the second question first. We are really pleased with the performance of workwear, which has doubled for us year-over-year in 2022. So we're seeing that women are more solidly in the office a few days a week, and this performance is in a world of hybrid work. We've also done a great job at shifting our inventory mix to reflect what our customers want.

是的。那麼先從第二個問題開始。我們對工作服的表現感到非常滿意，到 2022 年，我們的工作服銷量同比翻了一番。所以我們看到女性每周有幾天在辦公室工作得更穩固，而這種表現是在混合工作。我們在調整庫存組合以反映客戶需求方面也做得很好。

So it's our job to highlight all of the use cases to customers that she's able to use her subscription for, and we've done a great job at that, given that workwear is double last year, but at the same time, she's using 55% of her basket for everyday casual occasions.

因此，我們的工作是向客戶強調她可以使用訂閱的所有用例，我們在這方面做得很好，因為去年工作服翻了一番，但與此同時，她正在使用 55 % 她的籃子適合日常休閒場合。

We're seeing that, even in 2019, if you think about a world where she was in the office 5 days a week, she was using the subscription at the time only around 1/4 of the time to go to work. Now in that world where you're going to the office 5 days a week, making an investment into workwear makes a lot more sense than a world where you don't know how much you're going to be in the office this month, next month. So we have a big opportunity to use the hybrid environment that we're in as a lever for acquisition.

我們看到，即使在 2019 年，如果你想想她每周有 5 天在辦公室的世界，她當時使用訂閱的時間只有大約 1/4 的上班時間。現在，在那個你每週要上班 5 天的世界裡，投資工作服比你不知道這個月要在辦公室工作多少天的世界更有意義，下個月。因此，我們有很大的機會利用我們所處的混合環境作為收購的槓桿。

In terms of the first question of where the customer is coming from, are they new, are they from our database, we've actually seen strength across the board. So we're seeing -- in Q3, we saw a nice rejoin rate of folks who had previously churned, who came back. We saw a good amount of new customers coming to Rent the Runway. We saw a really nice increase to our pause, people unpausing their subscriptions. So it was really a combination of acquisitions from all 3 of these sources.

關於客戶來自哪裡的第一個問題，他們是新來的，他們是否來自我們的數據庫，我們實際上已經看到了全面的實力。所以我們看到 - 在第三季度，我們看到以前流失的人重新加入的比例很高，他們又回來了。我們看到大量新客戶來到 Rent the Runway。我們看到我們的暫停增加了很多，人們取消了他們的訂閱。所以它實際上是所有這 3 個來源的收購的組合。

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。

Can you talk about opportunities to lower product cost outside of the ongoing change in the product acquisition model? I'm curious if you see opportunity to realize better costing because of elevated inventories across the apparel industry and perhaps some brains trying to rightsize a product that they might be sitting on?

您能否談談在產品採購模式的持續變化之外降低產品成本的機會？我很好奇你是否看到了由於整個服裝行業庫存增加而實現更好成本核算的機會，也許一些大腦試圖調整他們可能坐擁的產品的尺寸？

As we just talked about, we certainly think that this environment is right for us to be lowering our upfront product costs by working very closely with the 800 brands that we work with to acquire the very best inventory from -- at deeply discounted rates. We're seeing higher desire amongst our brands to work with us both on our consignment business Share by RTR and Exclusive Designs. And as you've seen mix shift towards Exclusive Designs and Share by RTR has been a major lever in helping us reduce the upfront cost of inventory.

正如我們剛剛談到的那樣，我們當然認為這種環境適合我們通過與我們合作的 800 個品牌密切合作，以極低的折扣率從中獲取最好的庫存，從而降低我們的前期產品成本。我們看到我們的品牌越來越希望在我們的寄售業務 Share by RTR 和 Exclusive Designs 上與我們合作。正如您所看到的，RTR 向獨家設計和共享的混合轉變一直是幫助我們降低庫存前期成本的主要槓桿。

I'll remind everyone again that our gross margin of 41% is inclusive of all of our fulfillment expenses and our inventory expenses. And that 41% gross margin is significantly or slightly better than many of our retail peers already. So the reduction in our inventory cost that we expect over the next few years will only help to improve gross margin that we already think is quite positive.

我會再次提醒大家，我們 41% 的毛利率包括我們所有的履行費用和我們的庫存費用。 41% 的毛利率已經明顯或略高於我們的許多零售同行。因此，我們預計未來幾年庫存成本的降低只會有助於提高我們已經認為非常積極的毛利率。

Yes. And Rick, I would just add to what Jen was talking about on the first part of the answer to the question, it's not hypothetical, right? We are, in fact, pulling forward some of the spend from next year. We are in market right now, getting some attractive deals. So we're excited about what that does for our numbers.

是的。里克，我只想補充一下 Jen 在問題答案的第一部分所說的內容，這不是假設，對吧？事實上，我們正在將明年的部分支出提前。我們現在在市場上，獲得了一些有吸引力的交易。因此，我們對這對我們的數字有何影響感到興奮。

And you talked about the progress of Exclusive Designs and the product being sought after by retailers. Can you provide some additional color on what you're doing to capture this demand and to what extent this can be a needle-mover as we think about '23?

您談到了 Exclusive Designs 的進展以及零售商追捧的產品。你能否提供一些額外的顏色來說明你正在做什麼來捕捉這種需求，以及這在多大程度上可以成為我們對 '23 的思考？

Right now, it's just a pilot, and we're excited by that pilot. We think that it's really interesting that another multi-brand retailer finds our Exclusive Designs to be so attractive that it's something that they would buy from us wholesale. One of the things that I think it showcases about our business is that, because of the data that we get, which is incredibly unique -- remember, like our data isn't just about what customers are doing on our site.

現在，它只是一個試點，我們對那個試點感到興奮。我們認為，另一家多品牌零售商發現我們的 Exclusive Designs 如此有吸引力，以至於他們願意從我們這裡批發購買，這真的很有趣。我認為它展示了我們業務的一件事是，由於我們獲得的數據非常獨特——請記住，我們的數據不僅僅是關於客戶在我們網站上所做的事情。

Our data is about how they actually wear the item. It's about fit, it's about product quality, it's about manufacturing, how items should be manufactured. And we've seen that when we use data to manufacture products, they become bestsellers, best renters on our platform. So I think other retailers have recognized that our data provides a significant advantage and that these could be blockbuster styles on their sites as well and have approached us.

我們的數據是關於他們實際如何佩戴該物品的。它關乎合身性，關乎產品質量，關乎製造，關乎物品的製造方式。我們已經看到，當我們使用數據來製造產品時，它們會成為我們平台上的暢銷書和最佳租戶。所以我認為其他零售商已經認識到我們的數據提供了一個顯著的優勢，並且這些也可能是他們網站上的重磅款式，並且已經與我們接洽。

Last week, as an example, in our recent celebrity collections that we did with Ashley Park, all 8 pieces from that collection were in the top 5% of styles rented by volume on our platform. And we have tens of thousands of styles on our platform.

舉個例子，上週，在我們最近與 Ashley Park 合作的名人系列中，該系列中的所有 8 件作品都在我們平台上按銷量計算的款式中排名前 5%。我們的平台上有數以萬計的款式。

So this is quite a big [feat] of the styles that we manufacture with our data. So I don't know what's going to happen related to us selling this to more retailers over time, but we will certainly kind of inform you more as this pilot progresses, and we feel very encouraged by the reception that we're getting.

所以這是我們用數據製造的款式的一個很大的[壯舉]。所以我不知道隨著時間的推移我們將這個產品賣給更多的零售商會發生什麼，但隨著試點的進行，我們肯定會通知你更多，我們對收到的反響感到非常鼓舞。

And more directly, we're not giving guidance at this point on '23, but I'm not building anything in my expectation at this moment.

更直接地說，我們目前沒有在 23 年的這一點上提供指導，但我現在沒有按照我的期望構建任何東西。

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。

You've got Nathan Feather on for Lauren Schenk. Congrats on the quarter. Kind of going back to 2Q, there was some abnormal seasonality. You've talked about at least a little bit to the pricing change. Can you talk about the intra-quarter trends in 3Q? And was that seasonality much different from last year or pre-COVID?

你讓 Nathan Feather 代替 Lauren Schenk。祝賀這個季度。有點回到第二季度，出現了一些異常的季節性。您至少談到了一點定價變化。你能談談第三季度的季度內趨勢嗎？這種季節性與去年或 COVID 之前有很大不同嗎？

And then a second question, in terms of the special occasion mix in 3Q, how close are you to closing that gap? Is it fully closed? And then kind of more broadly, what's your ability in terms of lead time to adjust that assortment across different chains?

然後是第二個問題，就第三季度的特殊場合組合而言，您離縮小差距還有多遠？是全封閉嗎？然後更廣泛地說，您在交貨時間方面調整不同鏈條的分類的能力如何？

So Q3 is always seasonally better for us than Q2, and it was this year as well. But we did see in Q2, because of the price increase, we saw that churn rates were higher than we would have anticipated. Pause activity was higher than we would have anticipated. Acquisition was slightly lower than we would have anticipated.

所以第三季度對我們來說總是比第二季度更好，今年也是如此。但我們確實在第二季度看到，由於價格上漲，我們看到客戶流失率高於我們的預期。暫停活動比我們預期的要高。收購略低於我們的預期。

And all 3 of those metrics, which are the most important KPIs in our business, have improved quarter-over-quarter and have delivered a quarter where we were able to grow sequentially. So we're seeing that the customer has really adjusted. And the initial, let's say, sticker shock she had to those increases in price, she's -- now feels comfortable, and we've seen reductions in return, reductions in her pause activity and increases in acquisition.

所有這 3 個指標，它們是我們業務中最重要的 KPI，都比上一季度有所改善，並在一個季度實現了連續增長。所以我們看到客戶真的調整了。比方說，最初她對價格上漲感到震驚，她現在感覺很舒服，我們已經看到回報減少，暫停活動減少，收購增加。

Yes. So in terms of the second question, I think you're referring to the fact that we had mentioned there might have been some gaps in our assortment related to high formality. We have a good ability to react. We were able to quickly shift some of our buys and our kind of chases during the quarter. So we were be able to really address the customer demand for these types of items.

是的。因此，就第二個問題而言，我認為你指的是我們提到的我們的分類中可能存在一些與高度正式相關的差距這一事實。我們有很好的反應能力。我們能夠在本季度迅速轉移我們的一些購買和我們的追逐。因此，我們能夠真正滿足客戶對這些類型商品的需求。

We acquired quite a bit more in terms of high-formality items. Starting in Q3, we've seen a significant improvement in terms of that penetration of those items that are new receipts that came in during the quarter. In fact, they were double last year's level. So we do have a very good ability when we see the data, we see data much more quickly. Given that our customer is constantly giving us feedback, we're able to react very quickly.

我們在正式物品方面獲得了更多。從第三季度開始，我們看到本季度新收據項目的滲透率有了顯著提高。事實上，它們是去年水平的兩倍。所以當我們看到數據時，我們確實有很好的能力，我們看到數據的速度要快得多。鑑於我們的客戶不斷向我們提供反饋，我們能夠非常迅速地做出反應。

Great. I think that, that's really the difference and one of our competitive advantages that because every time that someone is wearing clothing from Rent the Runway, they are required to give us data. We're getting data real time. So we knew in Q2 that we were under-assorted on the things that she wanted in higher formality.

偉大的。我認為，這確實是差異所在，也是我們的競爭優勢之一，因為每次有人穿著 Rent the Runway 的衣服時，他們都需要向我們提供數據。我們正在實時獲取數據。所以我們在第二季度知道我們在她想要的更正式的事情上分類不足。

We were able to go to market, react really quickly, use the levers that we have in terms of our relationships with our brands, our consignment business to procure way more of that special occasion inventory for Q3. And as Scarlett said, we doubled receipts of that high-formality inventory. So we feel very well assorted right now. And we're encouraged by this really nice mix in the business we're seeing.

我們能夠進入市場，迅速做出反應，利用我們與品牌的關係、我們的寄售業務方面的槓桿，為第三季度採購更多的特殊場合庫存。正如 Scarlett 所說，我們將正式庫存的收據翻了一番。所以我們現在感覺很合適。我們對我們所看到的業務中的這種非常好的組合感到鼓舞。

Workwear is double what it was. Our special occasion utilization rates are at some of the highest levels that we've seen in Rent the Runway history. We're seeing over 50% of her use case for everyday casual occasions. So it feels really good right now that all 3 of these components of the business are growing.

工作服是以前的兩倍。我們的特殊場合利用率處於 Rent the Runway 歷史上的最高水平。我們看到她超過 50% 的用例用於日常休閒場合。因此，現在業務的所有這三個組成部分都在增長，感覺真的很好。

Our next question is from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

This is Kate on for Ike. Scarlett, one for you really quickly. I'm not sure I heard it. Can you speak to your net add expectations into Q4 tied to the current revenue expectations, just given the improvement in 3Q? By my modeling here, it looks like you are expecting them to be down year-on-year. So I wanted to make sure we're thinking about it correctly.

這是凱特對艾克的看法。思嘉，很快就給你一個。我不確定我聽到了。考慮到第三季度的改善，你能談談你對第四季度的淨增加預期與當前收入預期的關係嗎？根據我在這裡的建模，您似乎預計它們會同比下降。所以我想確保我們正確地考慮了它。

And then secondly, pleased to see the improvement on the fulfillment cost expectation for the year. Can you just speak to the contribution from your at-home pickup initiative and drivers of the improvement there? And maybe how we should think about opportunities on that line item looking out to 2023?

其次，很高興看到今年的履約成本預期有所改善。您能否談談您的上門取件計劃的貢獻以及那裡改進的驅動因素？也許我們應該如何考慮到 2023 年該項目的機會？

Yes. Thanks for the question. So in terms of Q4 and net adds, so we don't specifically give guidance on net adds. I encourage you to take a look at Q4 in relation to a more normalized Q3 excluding the Exclusive Designs, right? So we said that -- I'd give you the expectation there with revenue coming down a little bit, but you should probably exclude the pilot that I had mentioned to give you a little bit more of a sense of that.

是的。謝謝你的問題。因此，就第四季度和淨增加而言，我們不會專門針對淨增加提供指導。我鼓勵你看看 Q4 與更規範化的 Q3 的關係，不包括獨家設計，對嗎？所以我們說——我會給你預期，收入會有所下降，但你可能應該排除我提到的飛行員，讓你對此有更多的了解。

And then in terms of Q4, generally, look, you have to recognize that some of the issues that we suffered in Q2 have impacted Q4 as well, right? So we're entering Q4 with kind of that negative impact from the price increase that we just talked about. It takes some time to build back the subs. So we're pleased with the progress that we've seen. And we do think that there's more work to do, and we're especially focused on that for next year. And then in terms of -- anything you wanted to add there, Jen, before I talk about at-home pickup for a moment or if you want to go there?

然後就第四季度而言，一般來說，你必須認識到我們在第二季度遇到的一些問題也影響了第四季度，對吧？因此，我們進入第四季度時會受到我們剛才談到的價格上漲的負面影響。重建潛艇需要一些時間。因此，我們對所看到的進展感到滿意。我們確實認為還有更多工作要做，我們特別關註明年的工作。然後，在我談論一下上門取貨之前，Jen，你想在那裡添加什麼，或者你是否想去那裡？

No, I just think that we have really exciting plans to accelerate our subscriber growth in 2023. In this market, the customer overall is looking for value. And of course, she comes to Rent the Runway because of the tremendous financial value that we provide. But she also thinks about value on our platform in a few other ways. She thinks about how much fashion am I wearing from Rent the Runway. She thinks about how easy is it for me to find the fashion that I love. She thinks about how frictionless is the experience of receiving that fashion.

不，我只是認為我們有非常令人興奮的計劃來加速我們在 2023 年的用戶增長。在這個市場中，整個客戶都在尋找價值。當然，她來 Rent the Runway 是因為我們提供的巨大經濟價值。但她還從其他一些方面考慮了我們平台上的價值。她想著 Rent the Runway 裡我穿了多少時裝。她想到我找到自己喜歡的時尚是多麼容易。她想到接受這種時尚的體驗是多麼順暢。

And we plan to make significant improvements in all 3 of these areas next year that we think will provide tremendous value to the customer. We're reinvesting -- what we said in last call is part of why we did the restructuring so that we can reinvest into customer value. And you're going to see us do that in a big way in 2023 to the kind of hopeful improvement of our conversion and our loyalty rates. And then, Scarlett...

我們計劃明年在所有這 3 個領域進行重大改進，我們認為這將為客戶提供巨大的價值。我們正在進行再投資——我們在上次電話會議中所說的是我們進行重組的部分原因，以便我們可以對客戶價值進行再投資。你會看到我們在 2023 年大力推進我們的轉化率和忠誠度的改善。然後，思嘉……

[I'd add one thing] -- last thing on Q4. I mentioned that on the call, but obviously, we typically do see seasonality in Q4 that you should be aware of. I think you were saying at the beginning of the call that you thought our sub count would be down year-over-year. So I would encourage you to take a look at that again. That should not be the case.

[我要補充一件事]——第四季度的最後一件事。我在電話中提到了這一點，但顯然，我們通常確實會在第四季度看到您應該注意的季節性。我想你在電話開始時說過你認為我們的子計數會同比下降。所以我鼓勵你再看一遍。事實並非如此。

And then in terms of at-home pickup maybe we'll (inaudible) talking about that. Okay. So a few things that I wanted to highlight there. So yes, we saw really nice fulfillment costs in this quarter. You see that it was at 30% versus 33% a year ago. A few contributors there, one of them being the revenue per order being quite strong.

然後就上門取件而言，我們可能會（聽不清）談論它。好的。所以我想在那裡強調一些事情。所以是的，我們在本季度看到了非常好的履行成本。你看它是 30% 而一年前是 33%。那裡有一些貢獻者，其中之一是每筆訂單的收入非常強勁。

And then another, as I alluded on the call, we've done a really nice job continuing to work on transportation, diversifying our carriers, actually renegotiating some of our rates as well, which has been beneficial in this environment for us to be able to deliver on that.

然後另一個，正如我在電話中提到的，我們在繼續致力於交通運輸、使我們的承運人多樣化、實際上還重新談判了我們的一些費率方面做得非常好，這在這種環境下對我們來說是有益的兌現這一點。

But of course, at-home pickup, as we talked about all year, is also a contributor. So we are now live in 32 markets. We feel that we've delivered something that is resonating with the customers. 55% of our subscribers have access now. That's ahead of our target. We thought we would be there at the end of the year, and we continue to plan to increase that coverage. For me, the most important determinant of how she's feeling about it is the fact that the adoption has grown significantly.

但當然，正如我們全年都在談論的那樣，上門取貨也是一個貢獻者。所以我們現在生活在 32 個市場。我們覺得我們已經交付了一些能引起客戶共鳴的東西。我們 55% 的訂閱者現在可以訪問。這超出了我們的目標。我們認為我們會在年底到達那裡，並且我們繼續計劃增加覆蓋範圍。對我來說，決定她對此感受如何的最重要因素是收養率顯著提高這一事實。

So in the codes that we offer this, we are seeing the adoption go from 29% to 39% during Q3. This really is what we think highlights the customer value, the service and trying the convenience use. And of course, we've said along the way, it's also great for us from a cost standpoint. So the economics of at-home pickup for us are as good, if not better, than our other return methods in those markets where we offer this convenience to our customers.

因此，在我們提供的代碼中，我們看到第三季度的採用率從 29% 上升到 39%。這就是我們認為突出客戶價值、服務和嘗試便利性的地方。當然，我們一直在說，從成本的角度來看，這對我們來說也很好。因此，在我們為客戶提供這種便利的市場中，上門取貨的經濟性與我們的其他退貨方式一樣好，甚至更好。

And it's just because as we talked about, it's really consolidation play. So we're excited about the fact that we're doing a lot more at-home pickup. We've seen the percentage of total inbound shipments via at-home pickup has more than doubled from Q1 to Q3 of this year. So you can see it is a really meaningful contributor. We're going to continue to do more. Maybe Jen, do you want to talk a little bit about live swap and some of the things we're doing there, which I don't think we've talked about?

這只是因為正如我們所說，這真的是整合遊戲。所以我們很高興我們正在做更多的家庭取件。我們已經看到，從今年第一季度到第三季度，通過在家取貨的總入境貨物的百分比增加了一倍多。所以你可以看到它是一個非常有意義的貢獻者。我們將繼續做更多的事情。也許 Jen，你想談談實時交換和我們在那裡做的一些事情，我認為我們沒有談過嗎？

Yes. So part of how this company operates is we launch something and then we continue to iterate it and make it better. So a perfect example of this is at-home pickup. We were seeing a really nice adoption of at-home pickup in the markets that we're in. Again, like a launch having 39% adoption a short time after it's launched is remarkable.

是的。所以這家公司運作的一部分是我們推出一些東西，然後我們繼續迭代它並讓它變得更好。因此，一個完美的例子就是上門取貨。在我們所處的市場中，我們看到家庭取件的採用率非常好。同樣，就像推出後短時間內採用率達到 39% 一樣，這是非常了不起的。

So what we did is we innovated on this, and we now offer something that we call internally live swap. And what that means is that customers can return their order at the exact same time that they're receiving their next order. So it reduces what used to be 2 transportation legs into 1. So we used to have someone come to the home to pick up the order from the customer, that at-home pickup. And then a separate courier or delivery service would come to deliver that order.

所以我們所做的就是對此進行創新，我們現在提供我們稱之為內部實時交換的東西。這意味著客戶可以在收到下一個訂單的同時退回訂單。因此，它將過去的 2 條運輸腿減少為 1 條。所以我們過去常常讓人上門取貨，即上門取貨。然後會有單獨的快遞或送貨服務來交付該訂單。

We've consolidated this down to one pickup, which, of course, saves Rent the Runway money, but it's also great for the customer because it reduces the friction from the experience. And we're seeing that for the -- we're seeing that 30% of our at-home pickups are live swap now.

我們將其整合為一個取件器，這當然可以節省 Rent the Runway 的費用，但它對客戶也有好處，因為它減少了體驗中的摩擦。我們看到了——我們看到 30% 的家庭取件現在是實時交換。

And of course, it's great for the environment as well.

當然，它對環境也有好處。

So we continue -- into next year, we're going to continue to build upon the success that we've seen this year in this transportation innovation.

所以我們繼續 - 到明年，我們將繼續在我們今年在交通創新中看到的成功基礎上再接再厲。

Our next question is from Ashley Helgans with Jefferies.

我們的下一個問題來自 Jefferies 的 Ashley Helgans。

Just a quick one for us. You mentioned customers are trading down to lower subscription tiers. We were wondering if you're seeing any trade down to lower-priced items or lower-priced rentals within the reserve business.

對我們來說只是一個快速的。你提到客戶正在交易到較低的訂閱層。我們想知道您是否在儲備業務中看到任何低價商品或低價租金的交易。

Ashley, we're not seeing that kind of trade down in the other businesses. Maybe just in terms of the mix shift, I just want to maybe spend a moment on that. We're excited about the fact that we have many offerings for our customers, many different ways for her to come in. What's most important for us is that she comes in -- and we've seen the behavior when she comes in. We've seen -- as you've already seen, what we've talked about in terms of add-ons (inaudible) the fact that she may move up.

Ashley，我們在其他業務中沒有看到這種交易。也許就混音轉變而言，我只想花點時間在這上面。我們為我們的客戶提供許多產品，讓她進來的許多不同方式讓我們感到興奮。對我們來說最重要的是她進來了——我們已經看到了她進來時的行為。我們已經看到 - 正如您已經看到的那樣，我們在附加組件（聽不清）方面談論的是她可能會上升的事實。

So the most important thing for us is for her to come in to Rent the Runway. And then it's our job to then serve her and remind her of all the things that she can do. So we're excited about, in this environment, the fact that we have an offering that is resonating with customers and that we've seen different types of customers coming in.

所以對我們來說最重要的是讓她進來租跑道。然後我們的工作就是為她服務並提醒她她可以做的所有事情。所以我們很興奮，在這種環境下，我們的產品能夠引起客戶的共鳴，而且我們已經看到不同類型的客戶進來了。

It's exactly what we would expect in this environment. So because we have a lower price program that enlarges the TAM for us, we have an acquisition funnel now where she can come in to reserve and then join a subscription program. She can come into lower price and then upgrade over time. And we've really factored this kind of mix shift that we would expect in this kind of macro environment into our guidance.

這正是我們在這種環境中所期望的。因此，因為我們有一個價格較低的計劃，可以為我們擴大 TAM，我們現在有一個收購渠道，她可以進來預訂，然後加入訂閱計劃。她可以進入較低的價格，然後隨著時間的推移升級。我們確實將這種我們在這種宏觀環境中預期的混合轉變納入了我們的指導。

And as a reminder, all of our subscription programs have similar margin profile. So we're kind of agnostic into where they come into our business, and it's our job to kind of just keep them within the business. And we've seen and shared that we've done a better job at -- we've seen higher loyalty from our customers now.

提醒一下，我們所有的訂閱計劃都具有相似的利潤率。所以我們對他們進入我們業務的地方有點不可知論，我們的工作就是讓他們留在業務中。我們已經看到並分享了我們在這方面做得更好——我們現在已經看到客戶的更高忠誠度。

We've done a better job in 2022 than we saw before the pandemic. And that was, of course, in 2019, we're talking about an environment where the macro was extremely positive. So the fact that loyalty is better than what we were seeing then, I think, is really a testament to the value that we've been able to deliver to the customers.

與大流行之前相比，我們在 2022 年做得更好。當然，那是在 2019 年，我們談論的是宏觀環境極其積極的環境。因此，我認為，忠誠度比我們當時看到的要好，這確實證明了我們能夠為客戶提供的價值。

Our final question is from Andrew Boone with JMP Securities.

我們的最後一個問題來自 JMP 證券公司的 Andrew Boone。

Two, please. It sounds like next year will be more focused in terms of conversion. Jen, can you just talk about what you're most excited for? I think [Fit] was a key component earlier this year. You guys are adding Elasticsearch. What are you most excited for in terms of driving conversion on the platform as we think about '23?

兩個，請。聽起來明年將更加關注轉化率。 Jen，你能談談你最興奮的事情嗎？我認為 [Fit] 是今年早些時候的一個關鍵組成部分。你們正在添加 Elasticsearch。在我們考慮 23 年時，在推動平台轉化方面，您最興奮的是什麼？

And then Scarlett, I think historically, we've talked about 4Q having COVID baked into the guide. Is there any way to think about how you guys are thinking about COVID for 4Q and maybe quantify any impact as that may be lesser than what we previously thought?

然後是 Scarlett，我認為從歷史上看，我們已經討論過 4Q 將 COVID 納入指南。有沒有什麼方法可以考慮你們如何看待第四季度的 COVID，並可能量化任何影響，因為這可能比我們之前想像的要小？

Yes. So what I'm personally most excited by is what we are going to be doing related to search and discovery. So it's really hard to shop on any e-commerce site because you have the endless aisle. And that is true of Rent the Runway as well. We have millions of products on Rent the Runway. And right now, we offer a traditional search and filtering experience. What is going to be different next year and what we've built the foundation for this year is we've talked a lot about the fact that we have a really unique data set.

是的。所以我個人最興奮的是我們將要做的與搜索和發現相關的事情。所以真的很難在任何電子商務網站上購物，因為你有無盡的過道。 Rent the Runway 也是如此。我們在 Rent the Runway 上有數百萬種產品。現在，我們提供傳統的搜索和過濾體驗。明年會有所不同，我們為今年奠定的基礎是我們已經談論了很多關於我們擁有一個真正獨特的數據集的事實。

Well, in the past, we were using this really unique data set across things like manufacturing our Exclusive Designs and we used our unique data to determine what we should buy in the first place. But we have never really connected that data into the search and filter experience.

好吧，在過去，我們在製造我們的獨家設計等方面使用這個真正獨特的數據集，我們使用我們獨特的數據來確定我們應該首先購買什麼。但我們從未真正將這些數據連接到搜索和過濾體驗中。

And so you're going to see us really transform the site experience next year to provide way more delightful ways for customers to engage with our product, more intuitive ways to search and filter, more emotional and surprising ways, we feel like, because you don't have to buy anything on our platform. We can own fashion emotion.

因此，明年您將看到我們真正改變網站體驗，為客戶提供更愉快的方式來參與我們的產品，更直觀的搜索和過濾方式，更感性和令人驚訝的方式，我們覺得，因為你不必在我們的平台上購買任何東西。我們可以擁有時尚情感。

Like you don't have to have a rational reason for why you're going to wear something from Rent the Runway. That searching our sites could actually be more fun and more engaging. So we've built all of the foundation to be able to very quickly iterate on that.

就像你不必有一個合理的理由來解釋你為什麼要穿 Rent the Runway 的東西。搜索我們的網站實際上可以更有趣、更吸引人。所以我們已經建立了所有的基礎，以便能夠非常快速地迭代它。

And that's the second point I would say that part of the foundation that we built this year isn't just kind of the connection of the pipe, but it's also building out the resiliency of our platform so that we can continuously experiment and iterate. Because though we have grand plans for search and discovery, we're probably going to run dozens and dozens of tests. And so that's an area where I'm extremely excited.

這是我要說的第二點，我們今年建立的部分基礎不僅僅是管道的連接，而且還建立了我們平台的彈性，以便我們可以不斷地進行試驗和迭代。因為雖然我們有宏偉的搜索和發現計劃，但我們可能會進行數十次測試。所以這是一個我非常興奮的領域。

I also am really excited to just increase the speed of our sites. Site speed is an area where I think we lag some of our competitors. We know that there is a direct correlation between site speed and conversion. And because of all the infrastructure work we've done this year on technology, we're going to be able to make really nice advance in site speed next year, which we think will have a -- we believe will have a nice correlation to increased conversion.

我也很高興能夠提高我們網站的速度。我認為網站速度是我們落後於一些競爭對手的領域。我們知道網站速度和轉化率之間存在直接關聯。由於我們今年在技術方面所做的所有基礎設施工作，明年我們將能夠在站點速度方面取得非常好的進步，我們認為這將有一個 - 我們相信這將與增加轉換。

And Andrew, thank you for the question on Q4 and COVID impact. Obviously, last time I did say that we were assuming some impact from the COVID variant. I don't specifically have something modeled this time in Q4 for COVID variant. Obviously, we're still in an uncertain environment. And frankly, at this point last year, we had no idea the impact that Omicron would have on events, on people going into offices.

Andrew，感謝您提出有關第四季度和 COVID 影響的問題。顯然，上次我確實說過我們假設 COVID 變體會產生一些影響。這次我在第 4 季度沒有專門為 COVID 變體建模的東西。顯然，我們仍處於不確定的環境中。坦率地說，在去年的這個時候，我們不知道 Omicron 會對事件、對進入辦公室的人們產生影響。

So that variant was very different than what we've seen before. So I feel good about the guidance that we're putting out there. And I kind of remind you of the seasonality and the macro environment, but I have not specifically modeled anything related to COVID into Q4.

所以這個變體與我們之前看到的非常不同。因此，我對我們提供的指導感到滿意。我有點提醒你注意季節性和宏觀環境，但我沒有專門將與 COVID 相關的任何內容建模到第四季度。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節已經結束。我想將會議轉回管理層作閉幕詞。

Thanks for joining us today. We're really excited about not only our results this quarter, but our plans to accelerate our path to profitability, to deliver way more to our customers and the long runway that we have for growth ahead of us. So we look forward to continuing to update you on our progress on our Q4 2022 call. And thanks again for joining us.

感謝您今天加入我們。我們不僅對本季度的業績感到非常興奮，而且對我們加快盈利之路、為客戶提供更多服務以及我們未來增長的漫長跑道的計劃感到非常興奮。因此，我們期待繼續向您通報 2022 年第四季度電話會議的進展情況。再次感謝您加入我們。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。