(RENT) 2022 Q4 法說會逐字稿

Welcome to Rent the Runway's Fourth Quarter and Full Year 2022 Earnings Results Conference Call. (Operator Instructions). I would now like to turn the call over to Rent the Runways' Vice President of Investor Relations, Jackie Blatt. Thank you. You may begin.

歡迎參加 Rent the Runway 第四季度和 2022 年全年收益結果電話會議。 （操作員說明）。我現在想把電話轉給 Rent the Runways 的投資者關係副總裁 Jackie Blatt。謝謝。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Rent the Runway's Fourth quarter and full year 2022 results. Joining me today to discuss our results for the quarter and fiscal year ended January 31, 2023, our CEO and Co-Founder, Jennifer Hyman; Chief Financial Officer, Scarlett O'Sullivan; and SVP of SD&A, (inaudible). During this call, we will make references to our Q4 2022 earnings presentation, which can be found in the Events and Presentations section of our Investor Relations website.

大家下午好，感謝您加入我們討論 Rent the Runway 的第四季度和 2022 年全年業績。今天和我一起討論我們截至 2023 年 1 月 31 日的季度和財政年度的業績，我們的首席執行官兼聯合創始人 Jennifer Hyman；斯嘉麗·奧沙利文首席財務官；和 SD&A 高級副總裁（聽不清）。在本次電話會議中，我們將參考我們的 2022 年第四季度收益演示文稿，該演示文稿可以在我們的投資者關係網站的“活動和演示文稿”部分找到。

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. 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-K that will be filed in the next few days.

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。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-K 表格。

We undertake no obligation to revise or update any forward-looking statements or information, except as required by law. 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.

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。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。

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. And with that, I'll turn it over to Jen Hyman, Co-Founder and CEO of Rent the Runway.

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。然後，我將把它交給 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. I'm really excited for 2023 as I believe it will be a transformative year for Rent the Runway. We have entered a new era for the company, where the majority of our internal resources are focused on investments for our customers. As we've shared before, the market for fashion subscription and rental, which we pioneered, is taking off and is expected to see massive growth over the next decade.

謝謝杰基，也謝謝大家今天參加我們的財報電話會議。我對 2023 年感到非常興奮，因為我相信這將是 Rent the Runway 變革的一年。我們公司進入了一個新時代，我們的大部分內部資源都集中在為客戶投資上。正如我們之前分享的那樣，我們開創的時尚訂閱和租賃市場正在起飛，預計在未來十年內將出現大幅增長。

It's our belief that we have built a brand and infrastructure to capture this opportunity. We have conviction that the way we grow and become a profitable business is by ensuring that we are adding tangible value to our customer experience quarter-over-quarter. We already kicked off this strategy in early March of this year by changing all our subscription programs to offer more items for the same price with minimal impact to our gross margins anticipated versus fiscal year '22, and the customer response has been incredible.

我們相信我們已經建立了一個品牌和基礎設施來抓住這個機會。我們堅信，我們成長並成為一家盈利企業的方式是確保我們每季度都為客戶體驗增加有形價值。我們已經在今年 3 月初啟動了這一戰略，改變了我們所有的訂閱計劃，以相同的價格提供更多的項目，與 22 財年相比，對我們預期的毛利率影響最小，客戶的反應令人難以置信。

I'm excited to share more throughout this call, but first, let's close out 2022. I'm pleased to report that we had a strong finish to fiscal 2022, as we exceeded guidance on both the top and bottom line. On our earnings call at the beginning of fiscal 2022, we laid out 2 key priorities for the year: one, to grow revenue 45% to 50% in fiscal 2022; and two, show progress on our path to profitability.

我很高興能在這次電話會議中分享更多信息，但首先，讓我們結束 2022 年。我很高興地報告說，我們在 2022 財年取得了出色的成績，因為我們在頂線和底線都超出了指導。在 2022 財年年初的財報電話會議上，我們制定了今年的 2 個主要優先事項：一是在 2022 財年將收入增長 45% 至 50%；第二，展示我們在盈利之路上取得的進展。

I'm proud to share that we achieved both goals. In fiscal 2022, we grew annual revenue 46% year-over-year to $296 million -- $296.4 million, which accelerated up from 29% revenue growth in fiscal 2021. We posted 3 consecutive quarters and our first full year of positive adjusted EBITDA since IPO, generating adjusted EBITDA of $6.7 million for the year.

我很自豪地分享我們實現了這兩個目標。在 2022 財年，我們的年收入同比增長 46% 至 2.96 億美元 - 2.964 億美元，高於 2021 財年 29% 的收入增長。我們連續 3 個季度公佈了調整後 EBITDA 的第一個全年正值首次公開募股，全年產生 670 萬美元的調整後 EBITDA。

Fiscal '22 was notable for the decisive actions we took to position Rent the Runway as a financially stronger business. We rightsized our fixed cost base, cutting approximately $25 million in fixed operating expenses versus our Q2 2022 run rate. Financial discipline is firmly embedded in our operating culture. We extended our debt maturity and substantially reduced cash interest expense by over $20 million during the next 2 years.

22 財年因我們採取果斷行動將 Rent the Runway 定位為財務實力更強的企業而著稱。我們調整了固定成本基礎，與 2022 年第二季度的運行率相比，減少了約 2500 萬美元的固定運營費用。財務紀律牢牢植根於我們的經營文化中。在接下來的 2 年裡，我們延長了債務期限並大幅減少了超過 2000 萬美元的現金利息支出。

The cumulative impact of the decisions we have made since 2019 is highlighted by our 40% gross margin after fulfillment and product costs that are better than many traditional retailers and online peers on a comparable basis. Equally important is the progress we have demonstrated on product acquisitions. We acquired almost 60% of our rental product in full year '22, either on consignment through our Share by RTR program or through lower cost exclusive designs.

我們自 2019 年以來做出的決定的累積影響體現在我們 40% 的履約後毛利率和產品成本在可比基礎上優於許多傳統零售商和在線同行。同樣重要的是我們在產品採購方面取得的進展。我們在 22 年全年獲得了近 60% 的租賃產品，無論是通過我們的 RTR 計劃共享還是通過低成本獨家設計寄售。

Our product acquisition success provides a powerful competitive advantage for our business. We believe our gross margins are healthy, our cost structure is rightsized and our rental product acquisition is increasingly efficient. Our primary task is to grow a larger subscriber base at our current margin structure, leads to improved free cash flow. The thing we were not satisfied with in fiscal 2022 was our subscriber growth.

我們的產品收購成功為我們的業務提供了強大的競爭優勢。我們相信我們的毛利率是健康的，我們的成本結構是合理的，我們的租賃產品收購效率越來越高。我們的主要任務是在我們目前的保證金結構下擴大用戶群，從而改善自由現金流。我們在 2022 財年不滿意的是我們的用戶增長。

We ended the year with 127,000 active subscribers. We've mentioned before that we believe the price increase we took in April 2022, though beneficial for revenue and profitability, hurt our subscriber growth, especially given that the price increase did not correspond to meaningful improvements in customer value or experience. We have long-term relationships with our customers via our subscription product.

我們在年底擁有 127,000 名活躍訂閱者。我們之前提到過，我們認為我們在 2022 年 4 月進行的價格上漲雖然有利於收入和盈利能力，但會損害我們的用戶增長，特別是考慮到價格上漲與客戶價值或體驗的顯著改善不符。我們通過訂閱產品與客戶建立了長期關係。

And it's critical that they feel that their experience is always getting better, which is our strategy for 2023 and beyond. As of April 8, 2023, we've already rebounded to an all-time record high of over 141,000 active subscribers, which gives us early signs that our growth strategies, which I will discuss later on this call in greater detail, are working.

讓他們感到他們的體驗總是在變得更好這一點至關重要，這是我們 2023 年及以後的戰略。截至 2023 年 4 月 8 日，我們已經反彈至超過 141,000 名活躍訂戶的歷史新高，這為我們提供了增長戰略正在奏效的早期跡象，我將在本次電話會議的稍後部分詳細討論。

Before I discuss our plans for fiscal 2023, I want to discuss our path to free cash flow profitability. As the founder of this business, who sees Rent the Runway as my life's work, it's my #1 goal to create a self-funding company that generates cash and captures the massive global opportunity for a Closet in the cloud. The customer thinks about building her wardrobe in a way that is completely different than just 10 years ago.

在討論我們 2023 財年的計劃之前，我想討論一下我們實現自由現金流盈利的途徑。作為這家公司的創始人，他將 Rent the Runway 視為我畢生的事業，我的第一目標是創建一家自籌資金的公司，它可以產生現金並抓住雲中壁櫥的巨大全球機會。這位顧客考慮以一種與 10 年前完全不同的方式打造她的衣櫥。

She's open to secondhand. She's willing to subscribe and rent, and it's our job to capture the growing market we built. The good news is that these goals are consistent. A larger subscriber base at current gross margins and fixed costs should lead to free cash flow profitability. While Scarlett will walk through more details, we are making rapid progress. Our expected free cash flow in fiscal 2023 is at least $42 million better than in fiscal 2022, a reduction in cash consumption of approximately 50%.

她對二手貨持開放態度。她願意訂閱和出租，我們的工作就是佔領我們建立的不斷增長的市場。好消息是這些目標是一致的。以當前的毛利率和固定成本計算，更大的訂戶基礎應該會帶來自由現金流盈利能力。雖然 Scarlett 將介紹更多細節，但我們正在快速取得進展。我們預計 2023 財年的自由現金流至少比 2022 財年好 4200 萬美元，現金消耗減少約 50%。

As we will discuss shortly, with 158,000 average active subscribers, a level consistent with our minimum 25% subscriber growth guidance for this year, we might expect a further $20 million improvement in the cash consumption from our base business. The details of our business can be complicated to understand. So we are providing additional information to help illustrate the important strides we are making towards generating free cash flow.

正如我們將很快討論的那樣，平均活躍用戶為 158,000，這一水平符合我們今年最低 25% 的用戶增長指導，我們可能預計我們的基礎業務的現金消耗將進一步改善 2000 萬美元。我們業務的細節可能很難理解。因此，我們正在提供更多信息，以幫助說明我們在產生自由現金流方面取得的重要進展。

Finally, as Scarlett will outline, we think we are well within reach of an active subscriber base that is able to generate enough cash to sustain itself and begin to contribute towards our growth requirements. It's imperative that we capitalize on significant growth opportunities that lies ahead of us. Let me walk you through how we plan to grow in fiscal 2023 and beyond.

最後，正如 Scarlett 將概述的那樣，我們認為我們完全可以接觸到一個活躍的用戶群，該用戶群能夠產生足夠的現金來維持自身並開始為我們的增長需求做出貢獻。我們必須抓住擺在我們面前的重大增長機會。讓我向您介紹一下我們計劃如何在 2023 財年及以後實現增長。

Our growth plans revolve around our customers and seeking to improve every facet of their experience with Rent the Runway. We believe doing so provides important benefits to retention as well as organic customer acquisition. While you can see in our earnings presentation that we enjoy strong revenue retention, we believe that focusing on customer experience can drive further improvement to retention. About half of the total subscribers who leave us do so within their first 90 days. Improvements to their experience can be powerful drivers of growth.

我們的發展計劃以我們的客戶為中心，力求改善他們在 Rent the Runway 方面的體驗。我們相信這樣做可以為保留和有機客戶獲取帶來重要好處。雖然您可以在我們的收益報告中看到我們擁有強大的收入保留率，但我們相信專注於客戶體驗可以進一步提高保留率。在離開我們的訂戶總數中，大約有一半是在他們的前 90 天內離開的。改善他們的體驗可以成為增長的強大動力。

While we aim to retain more of those customers, the benefits go well beyond that. Our longer tenured subscribers leave us at a fraction of the rate of these newer subscribers. Thus, retention improvements would not only add more customers, but also keep them significantly longer. Finally, more satisfied customers are key to driving organic growth for our business. The majority of our historical subscriber acquisitions have been organic, and almost 60% of customers hear about us from someone they know.

雖然我們的目標是留住更多這樣的客戶，但好處遠不止於此。我們的長期訂閱者離開我們的速度只是這些新訂閱者的一小部分。因此，保留改進不僅會增加更多的客戶，還會使他們留得更久。最後，更滿意的客戶是推動我們業務有機增長的關鍵。我們歷史上大部分的訂閱者獲取都是有機的，幾乎 60% 的客戶是從他們認識的人那裡聽說我們的。

Our customers have always been our best marketers. New customers will undoubtedly hear about the more positive experience we are trying to create via word of mouth. We started off our year with a bang by changing all of our subscription programs to include an extra item in every shipment, offering 25% more value for the same price. With this launch, our base program shifted from 4 items to 5 items per shipment.

我們的客戶一直是我們最好的營銷人員。新客戶無疑會聽到我們試圖通過口耳相傳創造的更積極的體驗。我們通過更改我們所有的訂閱計劃，在每批貨物中包含一個額外的項目，以相同的價格提供 25% 以上的價值，開始了我們的一年。通過此次發布，我們的基本計劃從每批貨 4 件變為 5 件。

So for the substantial majority of subscribers who pay $144 for 2 shipments per month, they are now receiving 10 items versus 8 items previously. The math is simple for customers in our 10-item plan. Each designer item now costs $14. This pricing is meant to go head-to-head with fast fashion. But of course, we believe Rent the Runway beats fast fashion by offering the quality of real designer fashion, more variety with our hundreds of brands and constantly rotating styles and of course, a more sustainable way to get dressed.

因此，對於每月支付 144 美元用於 2 次發貨的絕大多數訂閱者來說，他們現在收到 10 件商品，而之前是 8 件。在我們的 10 項計劃中，數學對於客戶來說很簡單。現在每件設計師商品售價 14 美元。這種定價旨在與快時尚正面交鋒。但當然，我們相信 Rent the Runway 通過提供真正設計師時尚的品質、我們數百個品牌的更多多樣性和不斷變化的款式，當然還有更可持續的著裝方式，擊敗了快時尚。

We had data from years of testing across various economic environments, demonstrating that subscription loyalty is directly related to how many items customers wear from us every month. Giving her more items per shipment means there's a higher likelihood more items will fit, she'll wear more items and her rental behavior will be (inaudible). Thus far, we've seen exciting results from our extra item launch.

我們擁有來自各種經濟環境多年測試的數據，表明訂閱忠誠度與客戶每月從我們這裡購買的商品數量直接相關。每次發貨給她更多的物品意味著更多的物品適合的可能性更高，她會穿更多的物品並且她的租賃行為將會（聽不清）。到目前為止，我們已經看到我們的額外項目發布帶來了令人興奮的結果。

Few highlights are: active subscriber count has grown to over 141,000 subscribers as of April 8, 2023, the highest number of active subscribers we've ever had. We are seeing significantly higher loyalty improvements amongst our full customer base than we had expected, meaning both completely new customers to Rent the Runway and tenured customers have all been churning less. Former subscribers are rejoining our program.

幾個亮點是：截至 2023 年 4 月 8 日，活躍訂閱者數量已增長到超過 141,000 名訂閱者，這是我們有史以來的最高活躍訂閱者數量。我們發現，我們整個客戶群的忠誠度提高幅度比我們預期的要高得多，這意味著 Rent the Runway 的全新客戶和老客戶的流失率都在降低。以前的訂戶正在重新加入我們的計劃。

Acquisitions of churners for the month of March were up 24% from what was just prior to launch. Our paused subscribers have reacted extremely positively. We have seen a several percentage point decline in our paused population as a percentage of total subscribers from 26% at the end of fiscal 2022 to 22% as of April 8, 2023. Here is one great example of how far we've come over the past few years.

3 月份的流失者收購量比發布前增加了 24%。我們暫停的訂閱者反應非常積極。我們發現暫停用戶佔總用戶的百分比從 2022 財年末的 26% 下降到 2023 年 4 月 8 日的 22%。這是一個很好的例子，說明我們已經走了多遠過去幾年。

Following the launch, we've seen some of the highest volumes of units processed in our DSD since the fall and winter of 2019. However, our ops productivity rates, so far this year, are nearly double what they were 3 years ago, meaning to process the same volume we need 43% fewer associates. Looking ahead for the rest of 2023, to drive improvements in loyalty, we are investing deeply into our customer experience.

發布後，我們看到自 2019 年秋冬季以來，我們的 DSD 處理的單位數量達到了最高水平。但是，今年到目前為止，我們的運營效率幾乎是 3 年前的兩倍，這意味著要處理相同的數量，我們需要的員工減少 43%。展望 2023 年剩餘時間，為了提高忠誠度，我們正在深入投資於客戶體驗。

This makes sense because Rent the Runway has a fundamentally different model than other retailers where experience is our product. Typical e-commerce sites see clients purchasing a few times per year, whereas Rent the Runway subscribers are interacting with our website and app and selecting, receiving, wearing and returning multiple pieces several times per month. The physical and digital experience of a subscription to fashion matters immensely.

這是有道理的，因為 Rent the Runway 與其他以體驗為產品的零售商有著根本不同的模式。典型的電子商務網站看到客戶每年購買幾次，而 Rent the Runway 訂閱者每月與我們的網站和應用程序進行交互，並選擇、接收、佩戴和退回多件商品。訂閱時尚的物理和數字體驗非常重要。

It's our job to continue making it easier and more delightful for our customers over time. There are 3 pillars of our strategy in 2023. These pillars are informed by rich data we have collected from current and former customers around what drives their loyalty and our biggest opportunities for improvement. Our 3 strategic pillars are in service of those opportunities: first is getting her more of the inventory she wants when she wants it; second, best-in-class product discovery; and third is increasing the efficiency and ease of use of our experience.

隨著時間的推移，繼續讓我們的客戶更輕鬆、更愉快是我們的工作。我們在 2023 年的戰略有 3 個支柱。這些支柱基於我們從現有和以前的客戶那裡收集的豐富數據，這些數據圍繞推動他們忠誠度的因素和我們最大的改進機會。我們的 3 個戰略支柱為這些機會服務：首先是在她需要時為她提供更多她想要的庫存；第二，一流的產品發現；第三是提高我們體驗的效率和易用性。

Regarding the first pillar of getting her more inventory, she wants when she wants it. In 2023, we are planning to invest $69 million to $72 million in rental product CapEx to support our existing customer base and anticipated growth in subscribers. We are focused on use cases that are relevant to her today such as workwear. We are investing in greater depth amongst brands and styles customers love so that more of her desired styles are in stock when she's browsing and picking for her next shipment.

關於獲得更多庫存的第一支柱，她想要的時候就想要。 2023 年，我們計劃投資 6900 萬至 7200 萬美元用於租賃產品資本支出，以支持我們現有的客戶群和預期的訂戶增長。我們專注於與她今天相關的用例，例如工作服。我們正在對客戶喜愛的品牌和款式進行更深入的投資，以便在她瀏覽和挑選下一批貨時，有更多她想要的款式有貨。

We also have a renewed focus on inventory freshness and our strategically exiting inventory at the right moment in its life cycle, leveraging our pricing algorithms to optimize monetization of our inventory base. Our second pillar is best-in-class product discovery. Right now, Rent the Runway is at par with most fashion retailers related to how customers find, filter and search for inventory at our platform. But we want to be way better, given how many items a subscriber has to select from us each month.

我們還重新關注庫存新鮮度，並在其生命週期的正確時刻戰略性地退出庫存，利用我們的定價算法優化庫存基礎的貨幣化。我們的第二個支柱是一流的產品發現。目前，Rent the Runway 在客戶如何在我們的平台上查找、篩选和搜索庫存方面與大多數時尚零售商不相上下。但考慮到訂戶每個月必須從我們這裡選擇多少項目，我們希望做得更好。

Giving women access to variety (inaudible) is the basis of my vision for a Closet in the Cloud. The freedom to try something new and express yourself through fashion, however you want is powerful. At this point, Rent the Runway already has an awesome matrix of designer brands and styles. And my opinion is that this Closet in the Cloud is one of our biggest competitive advantages.

讓女性獲得多樣性（聽不清）是我對雲端壁櫥願景的基礎。嘗試新事物並通過時尚表達自己的自由是強大的。此時，Rent the Runway 已經擁有了一個很棒的設計師品牌和風格矩陣。我的觀點是，雲中的壁櫥是我們最大的競爭優勢之一。

To fully capitalize on this advantage, we want to make it way easier and more fun for customers to access this fashion. So this pillar, invest in tools, features and algorithms that will bring our competitive advantage to the forefront of our customer experience. We need our customers to understand that we have just as many options for her day in the office as we have for upcoming beach vacation and that we are the very best place to access trends and keep her wardrobe updated.

為了充分利用這一優勢，我們希望讓客戶更輕鬆、更有趣地接觸這種時尚。因此，這個支柱投資於工具、功能和算法，將我們的競爭優勢帶到我們客戶體驗的最前沿。我們需要我們的客戶了解，我們為她在辦公室的一天提供的選擇與我們為即將到來的海灘度假提供的選擇一樣多，而且我們是了解潮流並讓她的衣櫥保持更新的最佳場所。

Best-in-class product discovery will come to life across 3 areas on Rent the Runway: first, passive discovery, which means she doesn't know what she wants and needs to be inspired. We plan to create a large set of immersive curations of our products created by humans, powered by AI tools. This will allow prospects and subscribers to better understand the myriad of ways she could use her subscription.

一流的產品發現將在 Rent the Runway 的 3 個領域中實現：首先，被動發現，這意味著她不知道自己想要什麼，需要什麼來激發靈感。我們計劃在人工智能工具的支持下，為人類創造的產品創建大量身臨其境的策展。這將使潛在客戶和訂閱者更好地了解她可以使用訂閱的多種方式。

Second, active discovery is when she knows what she wants and she wants to find it efficiently. By leveraging foundational technology, product catalog and database work done in 2022, we aim to improve search and filters, so it's much quicker to get exactly what she's looking for. Third, is stall discovery. This is a somewhat unique challenge to rental. When she wants something, but it's not available right now, we plan to ensure she never hits q dead end, and we are always recommending similar items to satisfy her needs.

其次，主動發現是當她知道自己想要什麼並且想要高效地找到它時。通過利用 2022 年完成的基礎技術、產品目錄和數據庫工作，我們的目標是改進搜索和過濾器，以便更快地準確找到她想要的東西。三是攤位發現。這對租賃來說是一個有點獨特的挑戰。當她想要某樣東西，但現在買不到時，我們計劃確保她永遠不會走入死胡同，並且我們始終會推薦類似的物品來滿足她的需求。

We have already made progress on discovery in 2023. In March, we rolled out a much asked for feature called Rent the Look, which showcases how to rent the full outfit that's styled on the model and presents similar items, if any item is unavailable to rent right now. This feature, coupled with an overall shift to styled (inaudible) images on site has up-leveled the usability of the site, and we've been seeing higher engagement on our product pages, just in the few weeks since launch.

我們已經在 2023 年的發現方面取得了進展。3 月，我們推出了一項備受期待的功能，稱為“租借外觀”，它展示瞭如何租用模特身上設計的全套服裝，並展示類似的物品，如果有任何物品無法獲得現在就租。此功能，加上網站上向樣式化（聽不清）圖像的整體轉變，提升了網站的可用性，並且我們在產品頁面上看到了更高的參與度，就在推出後的幾週內。

We've also completed the integration of our new product catalog into new search service. As a result, we can tap into the richer and fresher set of product attributes to yield better search results. And over the coming months, customers will see improvements to other discovery features like filters, powered by this more robust data set. Our third strategic pillar for 2023 is improving the efficiency and ease of use of our experience.

我們還完成了將新產品目錄整合到新搜索服務中的工作。因此，我們可以利用更豐富、更新鮮的產品屬性集來產生更好的搜索結果。在接下來的幾個月裡，在這個更強大的數據集的支持下，客戶將看到過濾器等其他發現功能的改進。我們 2023 年的第三個戰略支柱是提高我們體驗的效率和易用性。

One way we are tackling this is by making our site and app much faster, since site speed is an area where we lag behind our competitors today. We've already made improvements to 2 key entry points to our funnel that have improved speed and performance of these pages by over 30%. Another focus area for us is completely revamping our subscriber onboarding process, so that new subscribers have deeper education at their fingertips on how to use our programs and direct contact if needed, with CX associates, to ensure they are receiving what they want right from the beginning of their experience with Rent the Runway.

我們解決這個問題的一種方法是讓我們的網站和應用程序更快，因為網站速度是我們今天落後於競爭對手的一個領域。我們已經改進了漏斗的 2 個關鍵入口點，將這些頁面的速度和性能提高了 30% 以上。我們的另一個重點領域是徹底改進我們的訂戶入職流程，以便新訂戶可以輕鬆獲得有關如何使用我們的計劃的更深入的教育，並在需要時直接與 CX 同事聯繫，以確保他們從他們開始體驗 Rent the Runway。

As you know, we launched at home pickup in 2021, and the service is now available in 34 markets, serving 60% of our subscriber base. At the end of Q4 2022, we saw 37% adoption amongst subscribers who had access to our at-home pickup offerings. Transportation cost per shipment continues to benefit from at-home pickup. And for the 29% of at-home pickup in Q4 that were (inaudible), where the delivery and return happen simultaneously, the transportation savings is higher.

如您所知，我們於 2021 年推出了上門取貨服務，該服務現已在 34 個市場推出，為我們 60% 的用戶群提供服務。到 2022 年第四季度末，我們看到 37% 的用戶採用了我們的上門取件服務。每批貨物的運輸成本繼續受益於在家取貨。對於第四季度 29% 的上門提貨（聽不清），送貨和退貨同時發生，節省的運輸費用更高。

We've always believed in the strong correlation between home pickup and loyalty. And the data shows us that customers who use at-home pickup, churn at significantly lower rates than those who do not. The 3 strategic pillars we're focused on this year are emblematic of a new era for Rent the Runway, where we've transitioned the majority of our energy and attention to continuous improvement of the customer experience.

我們一直相信上門取貨與忠誠度之間存在很強的相關性。數據顯示，使用上門取貨的客戶流失率明顯低於不使用上門取貨的客戶。我們今年關注的 3 個戰略支柱是 Rent the Runway 新時代的象徵，我們已將大部分精力和注意力轉移到持續改善客戶體驗上。

Now that the market for circular fashion is robust and growing, and we've built the technology and infrastructure we need to scale, we believe extreme customer focus will help enable us to capture the multibillion dollar opportunity of fashion subscription. While our customer economics are already strong and our subscribers are profitable, we expect that the loyalty improvements from our 2023 strategy should make our customer unit economics even better over time.

既然循環時尚市場強勁且不斷增長，我們已經建立了我們需要擴展的技術和基礎設施，我們相信極端的客戶關注將幫助我們抓住時尚訂閱的數十億美元機會。雖然我們的客戶經濟已經很強勁，我們的訂戶也能盈利，但我們預計 2023 年戰略帶來的忠誠度提升將使我們的客戶單位經濟隨著時間的推移變得更好。

We believe our plans will bring our business back to at least 25% active subscriber growth in 2023. And with that, I'll turn it over to Scarlett.

我們相信我們的計劃將使我們的業務在 2023 年恢復到至少 25% 的活躍用戶增長。有了這個，我將把它交給斯嘉麗。

Thanks, Jen, and thanks again, everyone, for joining us. I will provide an overview of our fourth quarter results for fiscal '22 and then move to guidance for the full year and first quarter of '23, including outlining the impact of the recent change in our subscription program. First, here are the financial takeaways for fiscal '23. We are guiding to accelerated active subscriber growth this year in excess of 25%.

謝謝 Jen，再次感謝大家加入我們。我將概述我們 22 財年第四季度的業績，然後轉向全年和 23 年第一季度的指導，包括概述我們訂閱計劃最近變化的影響。首先，這是 23 財年的財務要點。我們正在指導今年活躍用戶的加速增長超過 25%。

There will be a revenue lag relative to subscriber growth. That's primarily due to building from the subscriber count at the end of fiscal '22. We're going to go into more detail on this. We expect strong adjusted EBITDA margins that partly fund product expense. And therefore, you see that this year, we're planning on cutting cash consumption nearly in half versus last year.

相對於訂戶增長，收入將滯後。這主要是由於 22 財年末訂戶數量的增加。我們將對此進行更詳細的介紹。我們預計調整後的 EBITDA 利潤率強勁，部分為產品費用提供資金。因此，你看到今年，我們計劃將現金消耗比去年減少近一半。

We believe we're close to a turning point of being able to cover not only our variable and fixed costs, but also the product spend required to maintain our existing subscriber base. In fact, as we grow subscribers more, that means the existing base should generate cash to fund growth. And now on to our Q4 results. In Q4, we generated revenue of $75.4 million, up 18% year-over-year and ahead of our guidance.

我們相信我們已經接近一個轉折點，不僅能夠支付我們的可變和固定成本，而且能夠支付維持現有用戶群所需的產品支出。事實上，隨著我們增加更多的訂戶，這意味著現有的基礎應該產生現金來為增長提供資金。現在來看我們的第四季度業績。第四季度，我們的收入為 7540 萬美元，同比增長 18%，超出了我們的預期。

We had 127,000 active subscribers at the end of the year, up 10% year-over-year and down 6% sequentially. Our active subscriber count at year-end is a function of where we ended Q3, which in turn was impacted by the price increase in Q2. And second, we saw a typical higher rate of pause and churn seasonally in Q4. Our record high active subscriber count of 141,000 at April 8, 2023, up 14,000 from year-end, indicates that we have seen a strong pickup in Q1 so far.

截至年底，我們擁有 127,000 名活躍用戶，同比增長 10%，環比下降 6%。我們在年底的活躍用戶數是我們結束第三季度的函數，而這又受到第二季度價格上漲的影響。其次，我們在第四季度看到了典型的季節性暫停和流失率較高。截至 2023 年 4 月 8 日，我們的活躍用戶數量創歷史新高，達到 141,000 人，比年底增加 14,000 人，這表明我們在第一季度看到了強勁的回升。

We are providing average active subscribers as we believe this gives a better indication of revenue in the period than ending active subscribers, which measures subscribers on a specific day. Average active subscribers for a quarter is calculated as the average of the beginning of quarter and end of quarter active subscribers. And for the year, it's calculated as the means of average active subscribers for all quarters in that year.

我們提供的是平均活躍用戶數，因為我們認為這比結束活躍用戶數更能反映該期間的收入，後者衡量的是特定日期的用戶數。一個季度的平均活躍用戶數計算為季度初和季度末活躍用戶數的平均值。對於這一年，它被計算為當年所有季度的平均活躍訂戶的平均值。

For Q4, average active subscribers was 130,000 compared with 116,000 in the same quarter last year or an increase of 12% year-over-year. While the large majority of subscribers still enter our mid-tier $144 program, during Q4, we saw a slightly higher proportion of new subscribers entering our lower-priced One-Swap program. which we factored into our expectations for this year. Our revenue beat versus our guidance was primarily due to strength in average monthly subscription, rental revenue per subscriber or ARPU driven by add-on (inaudible). 28% of active subs paid for one or more add-ons in the quarter even in this inflationary environment.

第四季度，平均活躍用戶為 130,000，而去年同期為 116,000，同比增長 12%。雖然大多數訂戶仍然參與我們的 144 美元中端計劃，但在第四季度，我們看到進入我們價格較低的 One-Swap 計劃的新訂戶比例略高。我們將其納入了我們對今年的期望。我們的收入超過我們的指導主要是由於平均每月訂閱、每位訂閱者的租金收入或由附加組件驅動的 ARPU（聽不清）。即使在這種通貨膨脹的環境下，仍有 28% 的活躍訂閱者在本季度支付了一項或多項附加服務。

Other revenue represented 9% of revenue in Q4 versus 8% in Q4 '21 and up 32% year-over-year. Other revenue included a carryover of $0.7 million from the pilot to sell brand-new exclusive designs to Amazon, which we had anticipated. For the year, we generated $296.4 million in total revenue, up 46% versus 2021. We had 129,000 average active subscribers over the year, up 38% year-over-year, with ARPU for the year at $147, up 9% year-over-year, aided by the April price increase. 86% of total revenue in fiscal '22 came from subscribers or about $1,980 per average active subscriber for the year.

其他收入佔第四季度收入的 9%，而 21 年第四季度為 8%，同比增長 32%。其他收入包括從試點中結轉的 70 萬美元，用於向亞馬遜銷售全新的獨家設計，這符合我們的預期。全年，我們創造了 2.964 億美元的總收入，比 2021 年增長 46%。我們全年平均活躍用戶為 129,000 人，同比增長 38%，全年 ARPU 為 147 美元，同比增長 9%-同比增長，得益於 4 月份價格上漲。 22 財年總收入的 86% 來自訂戶，即當年每位平均活躍訂戶約 1,980 美元。

Our Q4 gross margin of 44% was 7.5 percentage points higher than prior year. Fulfillment costs as a percentage of revenue came in at 30% versus 32% in Q4 '21, primarily due to higher revenue per order. For full year '22, it came in at 31%, only slightly higher than full year '21 as we offset higher shipping and wage costs, with transportation efficiency and labor productivity, setting us up well to be able to offer an additional item per shipment to customers with minimal impact expected on fulfillment costs.

我們第四季度的毛利率為 44%，比去年同期高出 7.5 個百分點。履行成本佔收入的百分比為 30%，而 21 年第四季度為 32%，這主要是由於每筆訂單的收入增加。對於 22 年全年，它達到 31%，僅略高於 21 年全年，因為我們抵消了更高的運輸和工資成本，運輸效率和勞動生產率，使我們能夠很好地提供每件額外的物品以對履行成本的預期影響最小的方式向客戶發貨。

(inaudible) product costs came in at 26% of revenue in Q4 '22 versus 32% in Q4 '21 and at 28% for full year versus 35% for full year 2021. This puts gross margin for the year at 40% and up over 600 basis points versus full year '21. Q4 adjusted EBITDA came in significantly ahead of our guidance at $7.1 million versus negative $5.5 million in Q4 last year, representing a positive 9.4% margin and an 18 percentage point improvement versus negative 8.6% in Q4 last year.

（聽不清）產品成本在 22 年第四季度佔收入的 26%，而在 21 年第四季度為 32%，全年為 28%，而 2021 年全年為 35%。這使全年毛利率達到 40% 或更高與 21 年全年相比超過 600 個基點。第四季度調整後的 EBITDA 顯著高於我們的指導，為 710 萬美元，而去年第四季度為負 550 萬美元，利潤率為 9.4%，與去年第四季度的負 8.6% 相比提高了 18 個百分點。

Our total operating expenses, marketing, technology and G&A, represented 60% of revenue compared with 76% in Q4 '21. Employee expenses in Q4 saw nearly the full impact of the restructuring. For the year, we had an adjusted EBITDA of positive $6.7 million, representing a positive margin of 2.3% versus negative 9.4% in 2021. As we mentioned on our last call, we opportunistically pulled forward approximately $4 million of product spend into fiscal '22 as we were able to access highly desirable products at discounted prices, putting total purchases of rental products at $62 million for full year or 21% of total revenue versus 15% in fiscal '21, as we increased product spend in '22 to support a higher subscriber count.

我們的總運營費用、營銷、技術和 G&A 佔收入的 60%，而 21 年第四季度為 76%。第四季度的員工支出幾乎完全受到了重組的影響。今年，我們的調整後 EBITDA 為正 670 萬美元，與 2021 年的負 9.4% 相比，正利潤率為 2.3%。正如我們在上次電話會議中提到的，我們趁機將大約 400 萬美元的產品支出提前到 22 財年因為我們能夠以折扣價獲得非常理想的產品，所以全年租賃產品的總購買量為 6200 萬美元，佔總收入的 21%，而 21 財年為 15%，因為我們在 22 年增加了產品支出以支持更高的訂閱者數量。

Our more capital-efficient non wholesale channel represented 60% of total spend, excluding the FY '23 pull forward versus 55% in fiscal '21. Even with the pull forward on rental product spend, our fiscal '22 free cash flow margin was better than anticipated and came in at negative 31%, ahead of last year's margin of negative 32%. A couple of housekeeping items I want to call out for the quarter. The restructuring-related severance charge came in at $2.4 million for the year.

我們的資本效率更高的非批發渠道佔總支出的 60%，不包括 23 財年的推進，而 21 財年為 55%。即使租賃產品支出有所增加，我們 22 財年的自由現金流利潤率也好於預期，為負 31%，高於去年的負 32%。我想在本季度提出一些家務管理項目。本年度與重組相關的遣散費為 240 萬美元。

In addition, we decided not to move forward with another long-term warehouse CapEx project as part of our restructuring work and recognized a noncash loss of $1.5 million in Q4 due to the asset impairment. Let's now shift to fiscal '23 guidance. As I outlined earlier, key highlights are the significant acceleration in expected subscriber growth and substantial reduction in cash consumption.

此外，作為我們重組工作的一部分，我們決定不再推進另一個長期倉庫資本支出項目，並在第四季度確認了因資產減值導致的 150 萬美元非現金損失。現在讓我們轉向財政'23指南。正如我之前概述的那樣，主要亮點是預期訂戶增長的顯著加速和現金消耗的大幅減少。

Higher subscribers are the most important input towards free cash flow profitability. We're very pleased to have started fiscal '23 on strong footing. Let me walk through the details. First, let's start with subscribers and revenue. We expect the extra item plan to have a positive impact on subscriber retention. And have incorporated this change, along with the impacts of our customer experience initiatives into our guidance for fiscal '23.

更高的訂戶是自由現金流盈利能力的最重要投入。我們很高興在堅實的基礎上開始了 23 財年。讓我來看看細節。首先，讓我們從訂閱者和收入開始。我們預計額外項目計劃會對訂戶保留產生積極影響。並將這一變化以及我們的客戶體驗計劃的影響納入了我們對 23 財年的指導。

We expect ending active subscriber growth in excess of 25% compared to end of fiscal '22 with average active subscriber growth for the year in the range of 16% to 18%. We see average active subscriber growth being back-half slated as we build subscribers throughout fiscal '23 and due to the anticipated impact of our customer experience initiatives in the second half. Let me touch on seasonality again. Typically, we see our highest subscriber acquisition in March through May and September through November.

我們預計與 22 財年末相比，活躍用戶增長將超過 25%，全年平均活躍用戶增長率將在 16% 至 18% 之間。由於我們在整個 23 財年建立用戶，並且由於下半年我們的客戶體驗計劃的預期影響，我們預計平均活躍用戶增長將下降一半。讓我再次談談季節性。通常，我們會在 3 月至 5 月和 9 月至 11 月看到我們最高的訂閱者獲取量。

We therefore expect the highest sequential growth in active subscribers in Q1 and Q3. We believe the price increase last year significantly impacted Q2, leading to the first sequential decline in active subscribers in Q2 in the last 4 years. This year, we expect to see Q2 active sub flat to slightly higher than Q1.

因此，我們預計第一季度和第三季度活躍用戶的環比增長最高。我們認為去年的價格上漲對第二季度產生了重大影響，導致第二季度活躍用戶數在過去 4 年中首次連續下降。今年，我們預計第二季度活躍次持平至略高於第一季度。

As for Q4, we have, for the last few years, seen a sequential decrease in active subs and have assumed the same for fiscal '23. You can take a look at the slide we added in our earnings deck to highlight seasonality. We expect ARPU for full year '23 to be down approximately 4% versus fiscal '22. We anticipate continued high add-on purchases, though at a lower rate than last year. We have also incorporated a slightly higher mix of our lower priced program into our expectations for this year versus last year, reflecting recent trends.

至於第四季度，在過去的幾年裡，我們看到活躍用戶數量連續下降，並假設 23 財年也是如此。您可以查看我們在收益平台中添加的幻燈片，以突出季節性。我們預計 23 年全年的 ARPU 將比 22 財年下降約 4%。我們預計將繼續進行大量附加購買，儘管速度低於去年。與去年相比，我們還在今年的預期中加入了略高的低價計劃組合，以反映近期趨勢。

Combining these elements, we are guiding to full year revenue for fiscal '23 of $320 million to $330 million, representing 10% growth at the midpoint of the range versus full year '22. We expect that 2023 will be a story of 2 halves with stronger revenue growth in the second half of the year. The first half of '23 is impacted by the strong subscriber growth we saw in Q1 of '22 post omicron. Note that we expect higher revenue growth in Q1 '23 versus Q2 '23, as Q1 '23 will still benefit from the price increase we took last April.

結合這些因素，我們預計 23 財年的全年收入將達到 3.2 億美元至 3.3 億美元，與 22 財年的中點相比增長 10%。我們預計 2023 年將是一個兩半的故事，下半年收入增長將更為強勁。 23 年上半年受到我們在 22 後 omicron 第一季度看到的強勁訂戶增長的影響。請注意，我們預計 23 年第一季度的收入增長將高於 23 年第二季度，因為 23 年第一季度仍將受益於我們去年 4 月的價格上漲。

Given our focus on growing and promoting subscription, we expect to see lower reserve revenue this year versus fiscal '22. For Q1 '23, we expect revenue of $72 million to $74 million, representing a 9% year-over-year growth at the midpoint versus Q1 '22. We anticipate gross margin for the year to be slightly down versus fiscal '22's 40%, with typical pressure in Q1 and Q3 due to seasonal product acquisition.

鑑於我們專注於增長和促進訂閱，我們預計今年的儲備收入將低於 22 財年。對於 23 年第一季度，我們預計收入為 7200 萬美元至 7400 萬美元，與 22 年第一季度相比中點同比增長 9%。我們預計今年的毛利率將略低於 22 財年的 40%，第一季度和第三季度的典型壓力是由於季節性產品收購。

Though we're offering customers an extra item for shipment. We do not expect an increase in transportation cost due to minimal weight increases of shipments. And we intend to continue transportation optimization to absorb carrier price increases. When it comes to labor, we expect continued efficiencies and productivity to mostly offset the additional labor to process additional units. These factors, combined with anticipated lower reserve revenue, mean we expect fulfillment cost as a percentage of revenue to be slightly higher than in fiscal '22.

儘管我們為客戶提供額外的裝運物品。我們預計運輸成本不會因裝運量的最小增加而增加。我們打算繼續優化運輸以吸收承運人價格上漲。在勞動力方面，我們預計持續的效率和生產力將主要抵消處理額外單位的額外勞動力。這些因素，加上預期較低的儲備收入，意味著我們預計履行成本佔收入的百分比將略高於 22 財年。

In terms of adjusted EBITDA, we anticipate a significant improvement in fiscal '23. We intend to keep marketing spend at about 10% of revenue for the year, excluding employee-related costs. Having said that, if our initiatives this year result in higher organic growth, there could be an opportunity for reduction in paid marketing. We plan to maintain discipline in our fixed costs. resulting in significant leverage in our operating expenses as we benefit from approximately $25 million in restructuring savings for our full year versus the Q2 '22 run rate.

在調整後的 EBITDA 方面，我們預計 23 財年會有顯著改善。我們打算將營銷支出保持在全年收入的 10% 左右，不包括與員工相關的成本。話雖如此，如果我們今年的舉措帶來更高的有機增長，則可能有機會減少付費營銷。我們計劃在固定成本方面保持紀律。與 22 年第二季度的運行率相比，我們全年從重組中節省了約 2500 萬美元，從而對我們的運營支出產生了重大影響。

Therefore, for adjusted EBITDA for fiscal '23, we expect a range of 7% to 8% margin. For Q1 '23, we expect adjusted EBITDA margin of 2% to 3% due to seasonal investments in marketing and timing of revenue share payments against lower revenue at the beginning of the year. In terms of free cash flow, let me give you the main element. We anticipate approximately 22% of revenue or $69 million to $72 million in total spend based on our fiscal '23 guidance.

因此，對於 23 財年調整後的 EBITDA，我們預計利潤率為 7% 至 8%。對於 23 年第一季度，我們預計調整後的 EBITDA 利潤率為 2% 至 3%，這是由於市場營銷的季節性投資和收入分成支付的時間與年初較低的收入有關。在自由現金流方面，讓我給你主要的元素。根據我們的 23 財年指南，我們預計收入的大約 22% 或總支出為 6900 萬至 7200 萬美元。

Combined with our strong guidance on adjusted EBITDA and the $15 million reduction in cash interest in fiscal '23 from our recent debt restructuring, we anticipate substantially reducing cash burn this year to below $50 million. Bear in mind that our free cash flow guidance is dependent on product spend, which may shift with subscriber growth. We've provided full year expectations for a few other items, so please refer to the guidance page of our earnings deck on our website. And now I'd like to hand it over to Sid (inaudible), our SVP of FP&A, to walk you through details around the capital requirements of our business and our path to free cash flow profitability.

結合我們對調整後的 EBITDA 的強有力指導以及我們最近的債務重組使 23 財年現金利息減少 1500 萬美元，我們預計今年的現金消耗將大幅減少至 5000 萬美元以下。請記住，我們的自由現金流指導取決於產品支出，這可能會隨著用戶增長而變化。我們已經為其他一些項目提供了全年預期，因此請參閱我們網站上收益平台的指導頁面。現在我想把它交給我們的 FP&A 高級副總裁 Sid（聽不清），向您詳細介紹我們業務的資本要求以及我們實現自由現金流盈利能力的途徑。

Thank you, Scarlett. We recognize that it can be difficult to understand the capital requirements of our business. As a result, we want to take a moment and give you the tools to do so and have added some illustrative slides in our Q4 '22 earnings deck. As a reminder, we incur upfront product spend for each of our new subscribers. However, given that we utilize our rental product over a 3-year period, our subscribers require considerably less rental product spend in each subsequent year.

謝謝你，思嘉。我們認識到，理解我們業務的資本要求可能很困難。因此，我們想花點時間為您提供這樣做的工具，並在我們的 Q4 '22 收益平台中添加了一些說明性幻燈片。提醒一下，我們會為每位新訂閱者預付產品支出。然而，鑑於我們在 3 年期間使用我們的租賃產品，我們的訂戶在隨後的每一年中需要相當少的租賃產品支出。

We believe that our business is making rapid strides towards becoming free cash flow positive. In fact, we think we are approaching an inflection point where our existing subscriber base will generate cash flow that exceeds both our fixed cost as well as the amount of product spend they will require. At this point, we expect those subscribers will begin to contribute to funding the capital requirements for growth in new subscribers.

我們相信我們的業務正在朝著自由現金流正向快速邁進。事實上，我們認為我們正在接近一個拐點，我們現有的訂戶群將產生的現金流量超過我們的固定成本以及他們需要的產品支出量。在這一點上，我們預計這些訂戶將開始為滿足新訂戶增長的資本需求做出貢獻。

Before I walk through the details, I want to outline that this analysis is meant to be illustrative. Let's begin with Slide 29. As Scarlett has outlined, we expect cash consumption in fiscal '23 to be better than $50 million. This number is a sum of the cash required or generated by our existing base of subscribers and the cash required for growth. Slide 30 outlines the underlying cash of fiscal '22 ending base approximately 127,000 active subscribers would require on a maintenance basis.

在我詳細介紹之前，我想概述一下這個分析是為了說明。讓我們從幻燈片 29 開始。正如 Scarlett 概述的那樣，我們預計 23 財年的現金消耗將超過 5000 萬美元。這個數字是我們現有訂戶基礎所需或產生的現金與增長所需現金的總和。幻燈片 30 概述了 22 財年結束時大約 127,000 名活躍訂戶在維護基礎上需要的基礎現金。

The assumptions driving this analysis are listed on the slide. In summary, we assume our fiscal '23 expected annual revenue per subscriber, along with expected reserve revenue, variable cost items consistent with fiscal '22 levels as a percentage of revenue, the post-restructuring fixed cost base and $30 million in marketing spend. Our product spend requirements for maintenance purposes is estimated to range from $300 to $350 per subscriber per year after their first year.

幻燈片中列出了驅動此分析的假設。總之，我們假設 23 財年每位訂戶的預期年收入，以及預期儲備收入、與 22 財年水平一致的可變成本項目佔收入的百分比、重組後的固定成本基數和 3000 萬美元的營銷支出。我們用於維護目的的產品支出要求估計在第一年後每位訂戶每年 300 到 350 美元不等。

As you can see, these 127,000 subscribers are expected to require approximately $42 million in cash annually. Slide 31 demonstrates the rapid progress we believe we can make with growth in our subscriber base. At our minimum guided level of 25% growth in active subscribers or approximately 158,000 average subscribers for a year, we believe that our cash consumption can improve by more than $20 million on an annualized basis.

如您所見，這 127,000 名訂戶預計每年需要大約 4,200 萬美元的現金。幻燈片 31 展示了我們相信我們可以隨著用戶群的增長而取得的快速進步。根據我們的最低指導水平，即活躍用戶增長 25% 或每年約 158,000 名平均用戶，我們相信我們的現金消耗每年可以增加超過 2000 萬美元。

With 185,000 average subscribers, we anticipate that we would be free cash flow breakeven on a maintenance basis, meaning that we fully cover our variable costs, our fixed costs as well as the product replenishment spend required for these subscribers. Note that we don't assume any growth in our reserve business or flow-through margins. At that point, our capital requirements are primarily to fund growth in new subscribers.

我們擁有 185,000 名平均訂戶，預計我們將在維護基礎上實現自由現金流收支平衡，這意味著我們完全支付可變成本、固定成本以及這些訂戶所需的產品補充支出。請注意，我們不假設我們的儲備業務或流通利潤率有任何增長。那時，我們的資本要求主要是為新用戶的增長提供資金。

Slides 16 and 32 illustrate that our business benefits from strong revenue retention across historical cohorts as well as favorable customer acquisition costs. Let's start with Slide 16. We have a large and loyal base of customers that support revenue each year. And in fact, over 1/3 of fiscal '22 revenue was generated by cohorts that are more than 5 years old. Let's speak for a moment about subscriber growth. As Jen outlined, our strategy is to grow, revolve around improving the customer experience and driving retention and organic acquisition.

幻燈片 16 和 32 說明我們的業務受益於歷史隊列中強大的收入保留以及有利的客戶獲取成本。讓我們從幻燈片 16 開始。我們擁有龐大而忠誠的客戶群，每年都支持收入。事實上，超過 1/3 的 22 財年收入是由年齡超過 5 歲的群體產生的。讓我們談談訂戶增長。正如 Jen 概述的那樣，我們的戰略是發展，圍繞改善客戶體驗以及推動保留和有機收購展開。

As outlined on Slide 32, we believe that cumulative LTV to CAC indicates that our paid marketing spend has been efficient. Our data shows that we breakeven on our paid marketing spend within 12 months with the exception of cohort impacted by COVID. We would be happy to walk through this in detail with any of you. With that, I'll turn it back to Scarlett.

如幻燈片 32 所述，我們認為累積的 LTV 到 CAC 表明我們的付費營銷支出是有效的。我們的數據顯示，除受 COVID 影響的同類群組外，我們在 12 個月內實現了付費營銷支出的收支平衡。我們很樂意與你們中的任何人詳細討論這個問題。有了這個，我會把它轉回斯嘉麗。

Thank you, Sid. We believe that we can grow at a 25% sustainable revenue growth rate in the long term and continue to be intently focused on balancing robust growth and profitability. We will seek to strike the right balance between both objectives and maximize the long-term value of Rent the Runway. Before I hand it back to Jen, I wanted to acknowledge the news we announced earlier today.

謝謝你，希德。我們相信，從長遠來看，我們可以以 25% 的可持續收入增長率增長，並繼續專注於平衡強勁增長和盈利能力。我們將尋求在這兩個目標之間取得適當的平衡，並最大化 Rent the Runway 的長期價值。在我把它還給 Jen 之前，我想確認我們今天早些時候宣布的消息。

I'm going to be transitioning out of the CFO role over the next few months. And Sid Baker, our SVP of FP&A, will be promoted to CFO. My nearly 8 years here have been among the most meaningful [time], and I have experienced incredible professional and personal growth at Rent the Runway. Partnering with Jen, this leadership team and the Board has been an honor and a privilege.

在接下來的幾個月裡，我將離開首席財務官的角色。我們的 FP&A 高級副總裁 Sid Baker 將晉升為首席財務官。我在這裡的將近 8 年是最有意義的[時間]，我在 Rent the Runway 經歷了令人難以置信的職業和個人成長。與 Jen、這個領導團隊和董事會合作是一種榮幸和榮幸。

I appreciate their continued belief in me in support of my decision. I could not be prouder of what we built and accomplished together, having moved from an a la carte business model to a subscription first offering, leading the business through the pandemic and transforming the business financially so that we're well positioned for free cash flow profitability. From day 1, I've been a huge believer in the vision of a Closet in the Cloud.

我感謝他們繼續相信我並支持我的決定。我為我們共同建立和取得的成就感到無比自豪，從按菜單點菜的商業模式轉變為訂閱優先產品，帶領企業度過了大流行病，並在財務上實現了企業轉型，使我們在自由現金流方面處於有利地位盈利能力。從第一天起，我就堅信雲端壁櫥的願景。

We created an industry that is growing and thriving, and I have deep conviction that the opportunity for Rent the Runway has never been greater. It has been a pleasure working with our investors and analysts. I value the relationships we've built, and I appreciate the perspective you continue to bring to the business. I have every confidence that Sid will be an exceptional financial leader for Rent the Runway at this point in our journey, and I'm so excited to see the business continue to win.

我們創造了一個正在發展和繁榮的行業，我堅信 Rent the Runway 的機會從未如此巨大。很高興與我們的投資者和分析師合作。我重視我們建立的關係，也感謝您繼續為業務帶來的觀點。我完全相信，在我們旅程的這個階段，Sid 將成為 Rent the Runway 的傑出財務領導者，我很高興看到該業務繼續取得成功。

Thanks, Scarlett. Scarlett has been instrumental in bringing Rent the Runway to where we are today. Scarlett leaves Rent the Runway a fundamentally different, larger and financially stronger business than when she joined us nearly 8 years ago. She's a true strategic partner, a passionate business leader, and she's just a fantastic human being. Her hard work has set us up to (inaudible) squarely on the customer experience, and she's passing the baton to a new leader at an important inflection point, where we've reached a record high number of active subscribers and have demonstrated significant progress on our path to profitability.

謝謝，思嘉。 Scarlett 一直致力於將 Rent the Runway 帶到我們今天的位置。斯嘉麗 (Scarlett) 離開 Rent the Runway 時，與她將近 8 年前加入我們時相比，Rent the Runway 是一家根本不同、規模更大、財務實力更強的企業。她是一個真正的戰略合作夥伴，一個充滿激情的商業領袖，而且她是一個了不起的人。她的辛勤工作使我們能夠（聽不清）正視客戶體驗，並且她在一個重要的轉折點將接力棒傳遞給了新的領導者，我們已經達到了創紀錄的活躍訂閱者數量，並在以下方面取得了重大進展我們的盈利之路。

Thank you, Scarlett, for always acting like a true founder of the business. With that, I'm excited to introduce you to Scarlett's successor, Sid Baker, whom you just heard from today. We brought him on over 9 months ago, and he has already made his impact on our business. Sid comes to Rent the Runway on the heels of a 20-plus year career as a public company investor and brings with him data-driven analytical thinking, amazing curiosity and fresh eyes challenging us to look at our business in new ways.

謝謝你，斯嘉麗，一直表現得像一個真正的企業創始人。有了這個，我很高興向您介紹 Scarlett 的繼任者 Sid Baker，您今天剛聽說過他。我們在 9 個多月前聘請了他，他已經對我們的業務產生了影響。在擔任上市公司投資者 20 多年之後，Sid 來到 Rent the Runway，他帶來了數據驅動的分析思維、驚人的好奇心和新鮮的眼光，挑戰我們以新的方式看待我們的業務。

What impresses me most about Sid is his inherent understanding that the best financial outcomes for Rent the Runway will come from staying laser focused on our customer and improving her experience. I believe deeply in his ability to serve as our finance leader through this next chapter, and I'm looking forward to you all getting to know him in the months and years to come. With that, we're happy to open it up for questions.

Sid 最讓我印象深刻的是他的內在理解，即 Rent the Runway 的最佳財務成果將來自於始終專注於我們的客戶並改善她的體驗。我深信他有能力在下一章擔任我們的財務負責人，我期待著大家在未來的歲月裡認識他。有了這個，我們很高興打開它來提問。

(Operator Instructions). Our first question comes from the line of Ross Sandler with Barclays.

（操作員說明）。我們的第一個問題來自巴克萊銀行的羅斯桑德勒。

Just a question on the extra items slides. Thank you for all that color on the higher retention rate. It looks like that's -- it's actually having a huge impact given the uptick in active subs as of April. So just a question on, I guess, the overall way to think about the unit economics of adding that 1 extra item per shipment or 2 per month.

只是關於額外項目幻燈片的問題。感謝您對更高保留率的所有顏色。看起來 - 它實際上產生了巨大的影響，因為截至 4 月，活躍訂閱者數量有所增加。因此，我想只是一個問題，關於考慮每批貨物增加 1 件額外物品或每月增加 2 件的單位經濟學的整體方式。

So we're retaining better, it's not really costing us any more in transportation costs. So that's all net positive, but it looks like maybe some of the subs are coming in at that lower price tier versus the $144 plan. So could you just walk us through, with a little more detail, I guess, what you've seen since the change? And is that the right take in terms of the improvement in unit economics that you're seeing from the extra items?

所以我們保留得更好，它並沒有真正花費我們更多的運輸成本。所以這一切都是積極的，但看起來有些潛艇的價格可能低於 144 美元的計劃。那麼，您能否向我們介紹一下，更詳細一點，我猜，您在更改後看到了什麼？就您從額外項目中看到的單位經濟效益的改善而言，這是正確的做法嗎？

So let me start it off. First of all, we're seeing incredible customer response. There's a record high number of active subscribers, as of April 8, 141,000 subscribers. And that's kind of a net addition of 14,000 subscribers in just the first 2 months of the quarter. Not only are we seeing higher loyalty improvements than we originally even anticipated among our full customer base, we're seeing improvements in our rejoin rate, and those are the folks that had previously churned.

所以讓我開始吧。首先，我們看到了令人難以置信的客戶反應。截至 4 月 8 日，活躍訂閱者數量創歷史新高，達到 141,000 名訂閱者。僅在本季度的前兩個月，就淨增加了 14,000 名訂戶。我們不僅在整個客戶群中看到比我們最初預期的更高的忠誠度改進，我們還看到我們的重新加入率有所提高，而這些是以前流失的人。

They're coming back. We've seen a decline in the pause population. We've seen some of the highest traffic reach in kind of company history. We've seen higher customer engagement, and we're seeing higher shipment volume, which means that they are engaged in these new and enhanced programs. In terms of the financial impact and the relationship to gross margin, I'll just start off to say that the -- a slight decrease that we're expecting in gross margins in fiscal 2023 does not have to do with the extra item program.

他們回來了。我們已經看到暫停人數有所下降。我們已經看到了公司歷史上最高的訪問量。我們看到更高的客戶參與度，我們看到更高的出貨量，這意味著他們參與了這些新的和增強的計劃。就財務影響和與毛利率的關係而言，我首先要說的是——我們預計 2023 財年毛利率略有下降與額外項目計劃無關。

It has to do primarily with our believe that we'll see a low -- some lower reserve revenue this year because of our focus on promoting subscription and marketing subscription. So Sid or Scarlett can take you through the exact reasons why the extra item program has had minimal impact to the gross margin.

這主要與我們相信今年我們會看到較低的儲備收入有關，因為我們專注於促進訂閱和營銷訂閱。因此，Sid 或 Scarlett 可以帶您了解額外項目計劃對毛利率影響最小的確切原因。

Sure. So I'll kick it off. So Ross, thank you for the question. As Jen mentioned, we don't expect to see much in terms of impact on the gross margin from the (inaudible) item programs. As you already called out, the transportation is largely covered because there's no additional weight for the additional items. We do see a little bit of extra labor, which is mostly offset by our efficiencies as we talked about on the call. And then when you think about product, the thing that we're doing is that we don't need to purchase an extra unit to support this additional item, right?

當然。所以我會開始的。羅斯，謝謝你提出這個問題。正如 Jen 所提到的，我們預計（聽不清）項目計劃對毛利率的影響不會太大。正如您已經指出的那樣，運輸大部分都包括在內，因為額外的物品沒有額外的重量。我們確實看到了一些額外的勞動力，這大部分被我們在電話會議上談到的效率所抵消。然後當你想到產品時，我們正在做的事情是我們不需要購買額外的單元來支持這個額外的項目，對吧？

We're seeing, obviously, the benefits of continued mix towards capital-efficient models, we are optimizing utilization. What that means is that we're actually saving her having more items at home rather than on our shelves, and that's great for us and for the business. So even from a product standpoint, we're able to explore that within the gross margin, which is why really is this recent trend on reserve that we've been seeing, we wanted to be prudent, incorporated that in our guidance for this year.

顯然，我們看到了繼續混合使用資本效率模型的好處，我們正在優化利用率。這意味著我們實際上是在為她節省在家里而不是在我們貨架上的更多物品，這對我們和企業來說都很棒。因此，即使從產品的角度來看，我們也能夠在毛利率內探索這一點，這就是為什麼我們一直看到的最近的儲備趨勢，我們希望謹慎，將其納入我們今年的指導方針.

And that's why we see, as I said, a slight decrease in the gross margin versus last year. I do want to just touch on one other point that you brought up, which is that you asked about the penetration of the One-Swap program. I actually mentioned this on the last call, right, that we were seeing a slightly higher proportion of subscribers coming into our one-swap program. So that is not a new trend, but it was something that we felt was appropriate to incorporate into our guidance for this year.

正如我所說，這就是為什麼我們看到毛利率與去年相比略有下降。我只想談談你提出的另一點，那就是你詢問了 One-Swap 計劃的滲透率。實際上，我在上次電話會議上提到過這一點，對吧，我們看到加入我們的一次性計劃的訂戶比例略高。所以這不是一個新趨勢，但我們認為將其納入我們今年的指導方針是合適的。

The very large majority of subscribers are still coming in to our 2 swap program at $144.

絕大多數訂戶仍以 144 美元的價格加入我們的 2 交換計劃。

And just so we're clear, I mean, we haven't seen any noticeable change in the one-swap penetration prior to 5 items and now. So there's nothing that 5 item is doing that changes that so far.

我們很清楚，我的意思是，在 5 件物品之前和現在，我們沒有看到一次性滲透有任何明顯變化。所以到目前為止，5 項沒有做任何改變。

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

我們的下一個問題來自 Ike Boruchow 與 Wells Fargo 的對話。

This is Kate on for Ike. I was hoping if you could just maybe elaborate with the strong Q1 trends that you're seeing. I'm curious if you're seeing any impact from the -- on the add the extra item onto the swaps, just given the change in the planned dynamics there? And then just at a higher level, as we're looking out to next year, how should we think about maybe the chain -- how should we think about ARPU just at a higher level as we're lapping maybe some of the planned initiatives change here? And how should we think about the spread between average subs and revenues once we lap that time?

這是凱特對艾克的看法。我希望您能否詳細說明您所看到的強勁的第一季度趨勢。我很好奇你是否看到任何影響 - 將額外項目添加到交換中，只是考慮到那裡計劃動態的變化？然後在更高的層次上，當我們展望明年時，我們應該如何考慮鏈條——我們應該如何在更高的層次上考慮 ARPU，因為我們正在製定一些計劃中的舉措在這裡改變？一旦時間到了，我們應該如何考慮平均訂閱量和收入之間的差距？

Thanks, Kate, for the question. Maybe I'll kick it off. So as we mentioned, we are expecting to see an ARPU that is down about 4% this year for '23 versus fiscal '22. We are continuing to see high add-on purchases, but we did model a slightly lower rate this year into our guidance. And as I mentioned, obviously, we are including a slightly higher mix of the lower price program. So that's what we see in terms of the ARPU impact.

謝謝，凱特，這個問題。也許我會開始。因此，正如我們所提到的，我們預計今年 23 財年的 ARPU 將比 22 財年下降約 4%。我們繼續看到大量的附加購買，但我們確實在今年的指導中模擬了一個略低的比率。正如我提到的，很明顯，我們包括了一個略高的低價項目組合。這就是我們在 ARPU 影響方面所看到的。

And then on your question of the revenue lag relative to subscription, I do think that's a bit of a dynamic of this year and lapping against last year. And also the subscriber account that we entered the year with, that is not a dynamic that I would expect to persist in the future. And you should see kind of a more even correlation between subscriber growth and revenue growth in the future.

然後關於你的收入相對於訂閱的滯後問題，我確實認為這是今年的動態並且與去年相比有所下降。還有我們進入這一年的訂戶帳戶，這不是我希望在未來持續存在的動態。你應該會看到未來訂戶增長和收入增長之間存在更均勻的相關性。

Yes. In fact, as we outlined, we expect revenue growth to be significantly stronger in the back half of the year versus the front half of the year, so that directly addresses your question on, you should see that go away through the course of the year.

是的。事實上，正如我們概述的那樣，我們預計下半年的收入增長將比上半年明顯強勁，因此這直接解決了你的問題，你應該會看到這一年內消失.

Yes. I'm sorry, I should clarify. I mean, average active subscribers, right? So as we said earlier in the call, revenue's correlated to average active subscribers and less so to the end of the year number.

是的。對不起，我應該澄清一下。我的意思是，平均活躍訂閱者，對吧？因此，正如我們早些時候在電話會議中所說，收入與平均活躍用戶相關，而與年末數字的相關性較低。

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

我們的下一個問題來自 Lauren Schenk 與摩根士丹利的對話。

You've got Nathan Feather on for Lauren. I just want to dig in a touch more on the extra spots. So clearly seeing a lot of benefits without that much investment from a gross margin perspective. I guess where does that put the product utilization at today? And is there still excess capacity in product utilization? And as you go forward, understandably there's a digestion period, but is 5 items per swap the right number? Or would you hope to continue growing that over time?

你讓 Nathan Feather 代替 Lauren。我只想在額外的地方多挖一點。從毛利率的角度來看，無需那麼多投資就可以清楚地看到很多好處。我想這會把今天的產品利用率放在什麼位置？產品利用率是否還存在產能過剩？隨著你的前進，可以理解有一個消化期，但是每次交換 5 個項目是正確的數字嗎？還是您希望隨著時間的推移繼續增長？

Well, we've seen some healthy increases to product utilization related to our 5-item program. As I mentioned, one of the most important strategic initiatives this year is getting our customers more of the inventory she wants when she wants it. She just -- simply she comes to Rent the Runway for fashion. And so giving her more items directly impacts her loyalty.

好吧，我們已經看到與我們的 5 項計劃相關的產品利用率有了一些健康的增長。正如我提到的，今年最重要的戰略舉措之一是讓我們的客戶在需要時獲得更多他們想要的庫存。她只是 - 只是她來 Rent the Runway 是為了時尚。因此，給她更多的物品會直接影響她的忠誠度。

When she has more items, more items fit her, she wears more items and she stays with us significantly longer. One of the things that we went into in more detail in this earnings deck that we published was that over 50% of subscriber churn happens in the first 90 days after she joins us. And so much of that is actually just related to how many items she wears from us. So we're really encouraged that by focusing on not only adding new brands, new styles, but also upping her utilization of the product that we have, that we are increasing her loyalty rates, which also helps us increase the organic growth of Rent the Runway.

當她有更多的東西時，更多的東西適合她，她會穿更多的東西，她和我們待在一起的時間也會長得多。在我們發布的這個收益平台中，我們更詳細地探討了其中一件事，即超過 50% 的訂戶流失發生在她加入我們後的前 90 天內。其中很大一部分實際上只與她穿了多少件我們的衣服有關。因此，我們真的很受鼓舞，不僅專注於添加新品牌、新款式，而且還提高她對我們產品的利用率，我們正在提高她的忠誠度，這也有助於我們提高 Rent the 的有機增長跑道。

I mean if you think about our inventory, what 5 item has allowed us to do is do a number of things that work well for us and our customers, right? The first thing it does is it allows us to bring a lot of newness, a lot of freshness to our inventory, right? So every piece of inventory is not created the same. As we grow our subscriber base -- and that is clearly something that 5-item is allowing us to do, we bring in a lot of new inventory for our customers.

我的意思是，如果你考慮一下我們的庫存，那 5 項允許我們做的就是做一些對我們和我們的客戶都有效的事情，對吧？它做的第一件事就是讓我們為庫存帶來很多新鮮感，對吧？所以每件庫存都不是相同的。隨著我們的訂戶基礎的擴大——這顯然是 5-item 允許我們做的事情，我們為我們的客戶帶來了很多新的庫存。

So that creates a tremendous amount of excitement with our customer base. The other thing we outlined -- that Jen outlined in her remarks is we're working to improve and optimize best in our assortment so that our customers can easily find the items that they're looking for. So I think we're being strategic about our choices on inventory, and I think our customers are noticing.

因此，這給我們的客戶群帶來了極大的興奮。我們概述的另一件事——珍在她的評論中概述的是，我們正在努力改進和優化我們的產品組合，以便我們的客戶可以輕鬆找到他們正在尋找的商品。因此，我認為我們在選擇庫存方面具有戰略意義，我認為我們的客戶正在註意到這一點。

And I think since the question of like, is this the right number? Our strategy is we need to tangibly improve our customer experience and the customer value that we're delivering every quarter. It should be obvious to customers that we're innovating if her experience is getting better. We don't know what that will mean for the future. It means that 5 items at a time is the right number. We know that we'll very quickly see the data with our customers and know how we should continue to push and innovate.

而且我認為既然是這樣的問題，這個數字是正確的嗎？我們的戰略是我們需要切實改善我們的客戶體驗和我們每個季度交付的客戶價值。如果客戶的體驗越來越好，那麼我們正在創新，這對客戶來說應該是顯而易見的。我們不知道這對未來意味著什麼。這意味著一次 5 個項目是正確的數字。我們知道我們將很快與客戶一起看到數據，並且知道我們應該如何繼續推動和創新。

But we feel very confident that the 3 pillars, the 3 strategic pillars that we've really aligned our resources to this year are going to contribute to even higher retention and even higher organic growth of our business because they align with the top reasons why customers have told us they -- the top opportunities for us to improve their experience and the top reasons why customers stay.

但我們非常有信心，我們今年真正將資源調整到的三大支柱，即三大戰略支柱將有助於提高我們業務的保留率和有機增長，因為它們與客戶選擇的首要原因一致告訴我們他們 - 我們改善他們體驗的最佳機會以及客戶留下來的主要原因。

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

我們的下一個問題來自 Andrew Boone 與 JMP Securities 的對話。

Scarlett all the best in whatever comes next.

斯嘉麗在接下來的一切中一切順利。

Thank you.

謝謝。

Two from me, please. One is, Jen, you talked about a change in the onboarding process. Can you just flesh that out for us? Is there any keys that you're really focused on to getting subs passed (inaudible) with this new (inaudible)? And then secondly, really a big picture question is, Jen, let's step back, right? It's been about a year more or less since the IPO. Can you talk about the TAM and just any changes that you feel in terms of the overall opportunity as you've just seen more of the market and investors have talked to you more?

請給我兩份。一是，Jen，你談到了入職流程的變化。你能為我們充實一下嗎？是否有任何關鍵是您真正專注於通過這個新的（聽不清）讓潛艇通過（聽不清）？其次，真正重要的問題是，Jen，讓我們退後一步，對吧？自首次公開募股以來已經差不多一年了。你能談談 TAM 以及你在整體機會方面感受到的任何變化，因為你剛剛看到更多的市場並且投資者與你交談得更多嗎？

Yes. So I think that the TAM is really proving itself out to be a much bigger and more robust and faster-growing market than even when we IPO-ed 18 months ago. One of the things that we're really excited about is that we're not the only game in town and that there are other companies that are offering subscriptions to fashion, and it's really proving out that hundreds of thousands of women, in the United States every single year, want to subscribe to fashion and that this is a real market and it's growing really quickly.

是的。所以我認為，與我們 18 個月前首次公開募股時相比，TAM 確實證明了自己是一個更大、更強大、增長更快的市場。我們真正感到興奮的一件事是，我們並不是鎮上唯一的遊戲，還有其他公司提供時尚訂閱服務，這確實證明了美國成千上萬的女性每年都有國家想要訂閱時尚，這是一個真正的市場，而且增長非常快。

Now what we're excited about is that we really hold the place as the premier player in fashion designer rental. And what that means to us is we have the highest value brands, we have the highest spend customer base. And it sets us up really well for the current macro. So our customer strategies, our focus on delivering for the customer and delivering her more value, which, by the way, these strategies are working, these strategies are also in tune with how do we take the competitive advantages that we have and how do we continue to expand them and continue to drive more value at this kind of premium end of the market that we uniquely own.

現在讓我們感到興奮的是，我們確實佔據了時裝設計師租賃領域首屈一指的位置。這對我們來說意味著我們擁有最高價值的品牌，我們擁有最高的消費客戶群。它讓我們為當前的宏觀做好了準備。因此，我們的客戶戰略，我們專注於為客戶提供服務並為她提供更多價值，順便說一句，這些戰略正在發揮作用，這些戰略也與我們如何利用我們擁有的競爭優勢以及我們如何繼續擴大它們，並繼續在我們獨特擁有的這種高端市場上創造更多價值。

So we feel fantastic about this market and our shift towards putting the majority of our company resources into improving and innovating the customer experience, comes at a time when I think the customer overall is more open to considering a fashion -- a subscription to fashion than she's ever been. Now the change in the onboarding process is something that we're really excited about. It will be launching over the next few weeks.

因此，我們對這個市場以及我們轉向將大部分公司資源用於改善和創新客戶體驗的轉變感到非常滿意，而此時我認為客戶整體上更願意考慮時尚 - 訂閱時尚而不是她曾經去過。現在，入職流程的變化讓我們感到非常興奮。它將在接下來的幾週內推出。

It is going to be one-to-one communication between customer service associates and subscribers, ensuring that their first 60 days with us is perfect, that they have someone to ask questions to, that we're sending them proactive videos and content that we know is appropriate for their kind of stage in the journey. And we again occupy this premium positioning in fashion designer rental.

這將是客戶服務人員和訂閱者之間的一對一溝通，確保他們在我們這裡的前 60 天是完美的，他們有人可以向他們提問，我們向他們發送我們主動發送的視頻和內容知道適合他們旅程中的那種階段。我們再次佔據了時裝設計師租賃領域的高端定位。

Buying a subscription to Rent the Runway should feel like a luxury experience. It should feel like you have your own personal concierge that is guiding you through and ensuring that they are cementing this behavior and teaching you how to rent. So we think that the impact that new onboarding can have can be high. We're very excited about it, and we'll be excited to come back and share results as we implement and iterate.

訂閱 Rent the Runway 應該是一種奢侈的體驗。感覺就像您擁有自己的私人禮賓人員一樣，可以指導您完成並確保他們鞏固這種行為並教您如何租房。因此，我們認為新入職的影響可能很大。我們對此感到非常興奮，並且很高興在我們實施和迭代時回來分享結果。

Our next question comes from the line of Ed Yruma with Piper Sandler.

我們的下一個問題來自 Ed Yruma 和 Piper Sandler 的台詞。

Scarlett, thank you for all the help through the entire process. I guess just to click back on this extra item and sorry to belabor the point, but do you -- (inaudible) not complaining 2 things. When you saw the higher number of subs at the lower price point, do you believe at this stage that, that was driven by the higher item? Or do you think that there's just something in the consumer today that's causing new subs to gravitate to the lower price point plan?

Scarlett，感謝你在整個過程中提供的所有幫助。我想只是為了點擊這個額外的項目並抱歉地強調了這一點，但是你 - （聽不清）沒有抱怨 2 件事。當您看到價格較低的商品數量較多時，您認為現階段是否認為這是由價格較高的商品驅動的？還是您認為今天的消費者中有什麼東西導致新的潛艇傾向於較低的價格點計劃？

And then as a follow-up, I'm sure (inaudible) clear, so you're not anticipating incremental capital usage as a result of the extra item. It's just kind of, I guess, sweating the existing assets you have a little bit harder? Or how should we really think about the cash cost of the extra item over time?

然後作為後續行動，我確定（聽不清）很清楚，所以你不會預期額外項目會導致資本使用增加。我想這只是有點讓你現有的資產變得更加努力？或者我們應該如何真正考慮隨著時間的推移額外項目的現金成本？

Thank you for the kind words. I'll kick it off. So as we mentioned earlier, we actually started seeing a little bit higher penetration of the One-Swap program even before we had the extra items. So I do not believe that those are correlated, and that was already something that we had mentioned in Q4. So you should not interpret that in any way related to the 5 items.

謝謝你的客氣話。我會開始的。因此，正如我們之前提到的，甚至在我們擁有額外項目之前，我們實際上就開始看到 One-Swap 計劃的滲透率略高一些。所以我不認為這些是相關的，而這已經是我們在第四季度提到的事情。所以你不應該以與 5 項相關的任何方式解釋它。

And then in terms of cash consumption, I think -- look, the best thing that I can point you to is the rental product purchases as a percentage of revenue, right, in spite of the fact that we are adding this additional item in customer shipments, our product spend last year as a percentage of revenue was 21%, and I've guided to it being approximately 22%. So a little bit higher, but you can see that we feel so really good about being able to deliver this incredible additional value and still maintaining a very similar percentage of revenue.

然後就現金消耗而言，我認為 - 看，我能指出的最好的事情是租賃產品購買佔收入的百分比，對，儘管我們在客戶中添加了這個額外的項目出貨量，去年我們的產品支出佔收入的百分比為 21%，我指導它約為 22%。所以有點高，但你可以看到我們對能夠提供這種令人難以置信的附加價值並仍然保持非常相似的收入百分比感到非常高興。

Maybe one more -- if I could sneak one in. On the Amazon pilot, any kind of update when you move forward with it, any learnings?

也許還有一個——如果我能偷偷帶一個進來的話。在亞馬遜試點項目中，當你繼續進行時有任何更新，有什麼經驗教訓嗎？

So just as a reminder, first, like why do we work with partners like Amazon? The first is that it really proves out the market arguably the most important retailer in the U.S. and one of the most important retailers globally is making resell a part of their strategy, and we wanted to be a part of that. And it's validating secondhand closing. And then, of course, we want to maintain the salvage value that we've always shared with you that we derive from our products after they go through their rental life cycle on our site and really prove out the sustainability and the long useful life of the closing and accessories we have on our platform.

所以提醒一下，首先，我們為什麼要與亞馬遜這樣的合作夥伴合作？首先是它確實證明了市場可以說是美國最重要的零售商和全球最重要的零售商之一正在將轉售作為他們戰略的一部分，我們希望成為其中的一部分。它正在驗證二手交易。然後，當然，我們希望保持我們一直與您分享的殘值，即我們從我們的產品中獲得的殘值，這些殘值在我們的網站上經歷了租賃生命週期後真正證明了可持續性和使用壽命長我們平台上的封口和配件。

So we've gained some really interesting learnings from the Amazon pilot that is going to help us inform our strategy going forward. But it's still early days. So stay tuned for data as we move forward.

因此，我們從亞馬遜試點項目中獲得了一些非常有趣的經驗，這將幫助我們為未來的戰略提供信息。但現在還為時尚早。因此，在我們前進的過程中，請繼續關注數據。

Our next question comes from the line of Rick Patel with Raymond James.

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

Question on the strategy to accelerate active subs to at least 25% growth this year. Does guidance assume that both new customer acquisition and retention rates accelerate? Or does it reflect a much more meaningful contribution from retention? What we're trying to better understand is the assumptions behind the contributions from new customers versus reducing churn.

關於今年將活躍訂閱者加速到至少 25% 增長的戰略的問題。指南是否假設新客戶獲取率和保留率都在加速？或者它是否反映了保留帶來的更有意義的貢獻？我們試圖更好地理解的是新客戶貢獻與減少客戶流失背後的假設。

Sure. I think the 2 primary assumptions that underlie the extra item logic are: number one, we expect a significant retention benefit as customers see this value and actually are able to use this extra item as part of their everyday life; the second thing we've assumed and seen is a significant increase in the percentage of former customers rejoining and restarting the subscription, right? So that is the -- those are the 2 underpinnings of the extra item launch.

當然。我認為構成額外項目邏輯基礎的 2 個主要假設是：第一，我們期望顯著的保留收益，因為客戶看到了這個價值並且實際上能夠將這個額外項目作為他們日常生活的一部分；我們假設和看到的第二件事是前客戶重新加入和重新訂閱的比例顯著增加，對嗎？這就是 - 這些是額外項目發布的 2 個基礎。

Of course, we've seen higher traffic. I mean we've seen lots of other benefits. We've seen lots of excitement among our customer base. And I think I'd go back to the statistics that we outlined in our earnings deck, 60% of all our customers hear from us from a friend or from someone they know, right? So I think the more excitement we can generate, the more value we provide, the better the customer experience, the more people are likely to talk about. And ultimately, we do think that will lead to better organic acquisition, though, that is not something we've assumed in our numbers.

當然，我們看到了更高的流量。我的意思是我們已經看到了很多其他的好處。我們在客戶群中看到了很多興奮。我想我會回到我們在收益表中概述的統計數據，我們所有客戶中有 60% 是從朋友或他們認識的人那裡聽到我們的消息，對嗎？所以我認為我們能產生的興奮越多，我們提供的價值越多，客戶體驗越好，談論的人就越多。最終，我們確實認為這將導致更好的有機收購，但這並不是我們在數字中所假設的。

And maybe we can take a step back and just think about the bigger picture, like the strategy to grow new customers, how do we think about the white space in terms of people that don't know about Rent the Runway that could learn from it and become customers? And for those that know about and haven't signed on yet, which levers do you have the highest conviction on in terms of getting them off the fence?

也許我們可以退後一步，想想更大的圖景，比如發展新客戶的戰略，我們如何從不了解 Rent the Runway 的人的角度來思考空白空間，可以從中學習並成為客戶？對於那些了解但尚未簽約的人，在讓他們擺脫困境方面，您最相信哪些槓桿？

We think investing in improving the customer experience is the very best way to drive organic growth of the business. So we shared during our IPO that 80% of our acquisitions historically has come to us organically. We shared in the earnings presentation today, that in the past few years, it's maintained that 80% of our acquisitions have come to us organically. And so as we continue to improve experience, as we continue to improve her retention, we see a direct correlation to even higher rates of organic acquisitions because, again, people use this subscription multiple times a week.

我們認為投資改善客戶體驗是推動業務有機增長的最佳方式。因此，我們在首次公開募股期間分享了我們歷史上 80% 的收購都是有機的。我們在今天的收益報告中分享說，在過去的幾年裡，我們堅持認為我們 80% 的收購都是有機的。因此，隨著我們繼續改善體驗，隨著我們繼續提高她的保留率，我們發現與更高的有機收購率直接相關，因為人們再次每週多次使用此訂閱。

When they are happier, they post more reviews, they share it more frequently, and it leads to more new customers finding out about us and joining. So we really think that the key to growth in new customers is this continued investment into customer experience, which drives retention, which then drives organic acquisitions.

當他們更快樂時，他們會發布更多評論，更頻繁地分享評論，這會導致更多新客戶了解我們並加入我們。所以我們真的認為，新客戶增長的關鍵是對客戶體驗的持續投資，這會推動保留，然後推動有機收購。

And just to be clear, Rick, our 25-plus percentage active subscriber growth guidance that we're giving is a combination of those 2 things, right? So it's both the retention, but also obviously continuing to bring in new customers into the business.

需要明確的是，里克，我們給出的 25% 以上的活躍用戶增長指導是這兩件事的結合，對吧？因此，這既是保留，又顯然是繼續為業務帶來新客戶。

Great. I wish you all the best, Scarlett. And Sid, congrats on the new role.

偉大的。祝你一切順利，思嘉。 Sid，祝賀你擔任新角色。

Thank you, Rick.

謝謝你，里克。

Thank you.

謝謝。

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉回管理層以作結束語。

Thank you so much to everyone who joined us today. I'm excited about our plans to accelerate our path to profitability and the long runway for growth ahead. We look forward to continuing to update you on our progress on our Q1 2023 call in June. Thanks again for joining us.

非常感謝今天加入我們的每一個人。我對我們加速盈利之路和未來增長的漫長道路的計劃感到興奮。我們期待在 6 月份的 2023 年第一季度電話會議上繼續向您通報我們的進展情況。再次感謝您加入我們。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。