Rent the Runway Inc (RENT) 2024 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Welcome to Rent the Runway's first quarter 2024 earnings results conference call.

    歡迎參加 Rent the Runway 2024 年第一季財報電話會議。

  • (Operator Instructions) As a reminder, this conference call is being recorded.

    (操作員說明)謹此提醒,本次電話會議正在錄音。

  • I would now like to turn the call over to Rent the Runway's Chief Legal and Administrative Officer, Cara Schembri.

    我現在想將電話轉給 Rent the Runway 的首席法律和行政官 Cara Schembri。

  • Thank you.

    謝謝。

  • You may begin.

    你可以開始了。

  • Cara Schembri - General Counsel, Corporate Secretary

    Cara Schembri - General Counsel, Corporate Secretary

  • Good afternoon, everyone, and thanks for joining us today.

    大家下午好,感謝您今天加入我們。

  • During this call, we will make references to our Q1 2024 earnings presentation, which can be found in the Events and Presentations section of our Investor Relations website.

    在本次電話會議中,我們將參考我們的 2024 年第一季收益簡報,該簡報可以在我們投資者關係網站的活動和簡報部分找到。

  • Before we begin, we'd like to remind you that this call will include forward-looking statements.

    在開始之前,我們想提醒您,本次電話會議將包含前瞻性陳述。

  • These will result, guidance, and target, market opportunity our growth.

    這些將導致、指導和瞄準我們的成長的市場機會。

  • These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially.

    這些陳述受到各種風險、不確定性和假設的影響,可能導致我們的實際結果出現重大差異。

  • These risks, uncertainties and assumptions are detailed in this afternoon's press release as well as our filings with the SEC, including our Form 10-Q that will be filed today.

    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 SEC 提交的文件(包括今天提交的 10-Q 表格)中進行了詳細說明。

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

    除法律要求外,我們不承擔修改或更新任何前瞻性陳述或資訊的義務。

  • During this call, we will also reference certain non-GAAP financial information.

    在本次電話會議中,我們也會參考某些非 GAAP 財務資訊。

  • 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.

    本非 GAAP 財務資訊的呈現不應被孤立考慮,也不能取代根據 GAAP 呈現的財務資訊。

  • 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.

    GAAP 與非 GAAP 衡量標準的調整可以在我們的新聞稿、投資者網站上發布的幻燈片簡報以及我們向 SEC 提交的文件中找到。

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

    有了這個,我會把它交給 Jen。

  • Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

    Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

  • Thanks, Cara, and thank you, everyone, for joining.

    謝謝卡拉,也謝謝大家的加入。

  • On our Q4 earnings call.

    在我們的第四季財報電話會議上。

  • I shared that 2024 would be focused on two major goals for Rent the Runway.

    我表示 2024 年「租賃跑道」將重點放在兩個主要目標。

  • One, getting to free cash flow breakeven for full year 2024; and two, reigniting the growth flywheel all of the business.

    一、2024 年全年實現自由現金流損益兩平;第二,重新點燃所有業務的成長飛輪。

  • I'm proud to report that we believe we are well on our way on both fronts.

    我很自豪地報告,我們相信我們在這兩方面都進展順利。

  • And as a result, we are reiterating our guidance for the year.

    因此,我們重申了今年的指導方針。

  • Q1 2024 was a strong quarter for Rent the Runway.

    2024 年第一季對於 Rent the Runway 來說是一個強勁的季度。

  • We have the top end of our guidance on revenue coming in at $75 million for the quarter, and we beat on adjusted EBITDA coming in at $6.5 million or 8.7%.

    我們預計本季營收指引上限為 7,500 萬美元,調整後 EBITDA 為 650 萬美元,即 8.7%。

  • This was our eighth consecutive quarter of positive EBITDA.

    這是我們連續第八個季度實現正 EBITDA。

  • Most exciting, reduced free cash flow burn to $1.4 million, a record low.

    最令人興奮的是,自由現金流消耗減少至 140 萬美元,創歷史新低。

  • Our Q1 free cash flow of negative $1.4 million is an $11 million reduction in cash burn versus Q1 2023 and a $27 million reduction in cash burn versus Q1 2022.

    我們第一季的自由現金流為負 140 萬美元,與 2023 年第一季相比,現金消耗減少了 1,100 萬美元,與 2022 年第一季相比,現金消耗減少了 2,700 萬美元。

  • We've come a long way over a short timeframe.

    我們在很短的時間內取得了長足的進步。

  • One way that I look at our evolution from a heavily cash consumptive model to a business that is on the cost of free cash flow breakeven is through the lens of operational rigor.

    我看待我們從大量現金消耗模式轉變為以自由現金流盈虧平衡為成本的業務的一種方式是透過嚴格營運的視角。

  • We set a goal to be free cash flow breakeven for the full year 2024.

    我們設定的目標是 2024 年全年實現自由現金流損益兩平。

  • And we've been relentless in inspecting every aspect of our P&L and working to find operational efficiencies and opportunities for margin expansion.

    我們一直堅持不懈地檢查損益表的各個方面,並努力尋找營運效率和利潤擴張的機會。

  • But the other way I'd love for you to think about our profitability journey is by digging into the strength of our core business model, brand and position in the fashion industry.

    但我希望您思考我們的獲利之旅的另一種方式是深入研究我們的核心業務模式、品牌和在時尚產業的地位的優勢。

  • We believe our business model competitive advantages have been a big part of getting us closer to breakeven and will enable us to reach our ultimate goal of being a highly cash generative business in the future.

    我們相信,我們的業務模式競爭優勢是讓我們更接近損益平衡的重要組成部分,並使我們能夠實現未來成為高現金生成業務的最終目標。

  • There are two strong examples of the competitive advantages we've built over the last several years that we believe have set us up for continued profitability.

    有兩個強有力的例子說明了我們在過去幾年中建立的競爭優勢,我們相信這些優勢使我們能夠持續獲利。

  • First, we've transformed our inventory model to a more capital light one, where we acquire nearly half of our inventory at zero or minimal upfront cost and revenue share with our brand partners only when the inventory performed.

    首先,我們將庫存模式轉變為更輕資本的模式,我們以零或最低的前期成本購買近一半的庫存,並且僅在庫存履行時與我們的品牌合作夥伴分享收入。

  • This eliminates fashion risk from nearly half of our assortment.

    這消除了我們近一半產品的時尚風險。

  • How have we been able to accomplish this?

    我們是如何做到這一點的?

  • Rent the Runway provides our brands for the platform to get in front of our young, educated, and upwardly mobile customer base.

    Rent the Runway 為我們的品牌提供了一個平台,以吸引我們年輕、受過教育、向上流動的客戶群。

  • As customers use Rent the Runway for important every day and special moments in their life, they trying new brands and develop authentic brand love.

    當客戶在生命中重要的每一天和特殊時刻使用 Rent the Runway 時,他們會嘗試新品牌並培養真正的品牌熱愛。

  • We encourage brands to think about Rent the Runway as the cheaper castle alternative to their paid marketing dollar.

    我們鼓勵品牌將「租賃跑道」視為比其付費行銷費用更便宜的城堡替代方案。

  • One unit of inventory on the Rent the Runway platform can be worn by dozens of women and seen across thousands when our customers post on social media.

    Rent the Runway 平台上的一套庫存可供數十名女性穿著,當我們的客戶在社交媒體上發布時,數千名女性也可以看到。

  • Our brand partners have shared that many of their full-price customers came to them via having a Rent the Runway experienced first.

    我們的品牌合作夥伴表示,他們的許多全價客戶都是透過先體驗「租賃跑道」來找到他們的。

  • We believe that another important example of the strength of our business model translating into our financial's performance is the frequency and loyalty of our customer base.

    我們相信,將我們的業務模式優勢轉化為財務表現的另一個重要例子是我們客戶群的頻率和忠誠度。

  • We generate significant revenue and profit per customer because many of our customers use our service frequently.

    我們為每位客戶帶來了可觀的收入和利潤,因為我們的許多客戶經常使用我們的服務。

  • They view Rent the Runway as a solution to their everyday fashion needs via work or a special event.

    他們將 Rent the Runway 視為透過工作或特殊活動滿足日常時尚需求的解決方案。

  • This isn't by accident.

    這並非偶然。

  • It's because we've invested over many years in excellent operations and customer service that strives to put the customer first and a product experience where we've innovated around fit in discovery to earn our customers' trust.

    這是因為我們多年來在卓越的營運和客戶服務方面進行了投資,努力將客戶放在第一位,並在產品體驗上圍繞發現的契合度進行創新,以贏得客戶的信任。

  • E-commerce of any kind isn't without significant customer risk as evidenced by the high rates of returns that most apparel retailers suffer from.

    任何類型的電子商務都存在重大的客戶風險,大多數服裝零售商面臨的高回報率就證明了這一點。

  • For most customers, buying including online only work some of the time, but we believe that our loyalty rates and high LTV to cap demonstrate customer trust and show that our business model of providing them address in two sizes for special events or five items at a time via our subscription works for them.

    對於大多數客戶來說,包括線上購買在內的購買方式僅在某些時候有效,但我們相信,我們的忠誠度和高生命週期價值體現了客戶的信任,並表明我們為特殊活動提供兩種尺寸或一次購買五件商品的業務模式。

  • We're proud of the trust we've built and believe it will continue to support our growth for years to come.

    我們為我們建立的信任感到自豪,並相信它將繼續支持我們未來的發展。

  • Q1 ending active subscribers were 145,837, a record high quarterly ending active subscriber count for Rent the Runway and a 16% into Q4 2024.

    第一季末活躍訂閱者數量為 145,837 名,創下了 Rent the Runway 季度末活躍訂閱者數量的歷史新高,到 2024 年第四季度增長了 16%。

  • Subscribers were fueled by strong rejoiner in retention rates.

    訂戶保留率的強勁重新加入推動了訂閱者的成長。

  • Our Q1 ''24 and loyalty rate was at the highest levels in over 2.5 years, and we maintain strong subscription and total net promoter scores.

    我們的 24 年第一季和忠誠度處於 2.5 年來的最高水平,並且我們保持強勁的訂閱和總淨推薦分數。

  • It makes sense that due to the year over year improvements, we've driven in inventory gaps and in-stock rates that our current and former customer base would be the first to notice.

    這是有道理的,由於逐年的改進,我們已經減少了庫存缺口和庫存率,我們現在和以前的客戶群將首先註意到這一點。

  • As these women are still engaged, they're receiving our marketing communications and are attuned with what's new with the brand.

    由於這些女性仍然參與其中,她們會收到我們的行銷傳播訊息,並了解品牌的最新動態。

  • We're confident that the improved experiences that we're delivering to our customers is the first step in reinvigorating our new customer growth.

    我們相信,我們為客戶提供的改進體驗是重振新客戶成長的第一步。

  • Now let's get into what we've been up to since the start of the year.

    現在讓我們回顧一下自今年年初以來我們所做的事情。

  • First, on marketing.

    首先,關於行銷。

  • I founded this business with a mission to empower women to feel self-confident every day because I believe that confident women can change the world.

    我創辦這家公司的使命是讓女性每天都感到自信,因為我相信自信的女性可以改變世界。

  • Fashion is armor and enabling everyone to access it, express themselves freely through it, and have fun with it is game changing.

    時尚是盔甲,讓每個人都能接觸到它,透過它自由表達自己,並從中獲得樂趣,這正在改變遊戲規則。

  • Why?

    為什麼?

  • Because designer fashion, i.e., expensive fashion, which is the space Rent the Runway operates in, has always been about exclusion and has had the effect of mix in many women around the world feel like they were never rich enough been enough or cool enough to where it.

    因為設計師時裝,即昂貴的時裝,也就是Rent the Runway 所經營的領域,一直都是排斥的,並且對世界各地的許多女性產生了混合的影響,她們覺得自己從來都不夠富有、不夠富有、不夠酷,它在哪裡。

  • The Rent the Runway brand has always stood for inclusion and how to revalue spirit that the old rules do not apply.

    Rent the Runway 品牌總是代表著包容性以及如何重估舊規則不適用的精神。

  • The prices of COVID presented a men's business challenges and reduced our ability to put our mission and brand at the center of everything we do.

    新冠疫情的價格給男士業務帶來了挑戰,並降低了我們將使命和品牌置於一切工作中心的能力。

  • I'm so proud that we're moving forward with a full funnel strategy of building emotional relationships with our customers and prospects so that they not only consider us and love our service, but that they advocate on our behalf.

    我感到非常自豪,我們正在推動與客戶和潛在客戶建立情感關係的完整漏斗策略,以便他們不僅考慮我們並喜歡我們的服務,而且還代表我們進行宣傳。

  • Customers only advocate on behalf of businesses they love and businesses that have values that align with their own.

    客戶僅代表他們喜愛的企業以及與自己價值觀一致的企業進行倡議。

  • We see a significant untapped audience that it is either aware of Rent the Runway and have not tried us or is not aware, and we believe that we have the ability to convince.

    我們看到大量尚未開發的受眾,他們要么知道 Rent the Runway 但沒有嘗試過我們,要么不知道,我們相信我們有能力說服他們。

  • We started with the team.

    我們從團隊開始。

  • I announced last quarter that we had hired a new CMO who started in early March, and she is very quickly reorganized our team into different pod, focused on acquisition, retention, creation, and go to market, and recruited new talent with both deep marketing experience and customer obsession into the company.

    我上個季度宣布,我們聘請了一位新的CMO,她在3 月初開始工作,她很快就將我們的團隊重組為不同的團隊,專注於收購、保留、創造和進入市場,並透過深度行銷招募新人才經驗和客戶對公司的執著。

  • We've moved very quickly.

    我們行動得很快。

  • On acquisition, we expanded channel, adjusted some of our key were tactics and overhauled our creative across all of our bottom and mid-funnel marketing channel.

    在收購時,我們擴大了管道,調整了一些關鍵策略,並徹底改革了我們所有底部和中部漏斗行銷管道的創意。

  • As a result, traffic into April was up more than 40% to March and has reached the highest level in years.

    因此,進入 4 月的流量比 3 月增加了 40% 以上,達到了多年來的最高水準。

  • On retention, we've dedicated a team to segmenting our over 3 million lifetime customers and developing unique multichannel lifecycle strategies against each segment.

    在保留方面,我們專門組建了一個團隊來對超過 300 萬的終身客戶進行細分,並針對每個細分市場制定獨特的多通路生命週期策略。

  • This means that though we have one single threaded viewed the customer and strategy for her internally, we are using a multiplicity of channels including customer service, stylist, text, chat, push, e-mail phone and in-real-life events to communicate with her.

    這意味著,儘管我們在內部透過單線查看客戶及其策略,但我們正在使用多種管道進行溝通,包括客戶服務、造型師、文字、聊天、推播、電子郵件電話和現實生活中的事件和她在一起。

  • The goal of lifecycle is to drive more revenue from every customer cohort.

    生命週期的目標是從每個客戶群中獲得更多收入。

  • Our lifecycle team works closely with our tech team to develop strategies that we automate throughout the customer journey and built into the digital product itself.

    我們的生命週期團隊與我們的技術團隊密切合作,制定我們在整個客戶旅程中自動化並內建於數位產品本身的策略。

  • Our early strategies are already seeing success.

    我們的早期策略已經取得了成功。

  • In April, our pause reactivation rate was 35% higher than our pause reactivation rate over the past 12 months.

    4 月份,我們的暫停重新啟用率比過去 12 個月的暫停重新啟用率高出 35%。

  • We're expanding our pause reactivation efforts to include turn win-back, and recent automations we've implemented have seen high rates of customer engagement.

    我們正在擴大我們的暫停重新啟動工作,以包括扭轉贏回,並且我們最近實施的自動化已經看到了很高的客戶參與率。

  • Expect some significant innovations, especially in the back half of the year as it relates to life cycle marketing.

    預計會出現一些重大創新,特別是在今年下半年,因為它與生命週期行銷有關。

  • The easiest way to see what's going on in creative is to go to our upper site.

    了解創意動態的最簡單方法是造訪我們的上部網站。

  • Our Make it a Moment summer campaign launched yesterday, and you'll see the same loaded up with new photography copy and merchandise curation that we believe looks significantly more aspirational, bold, and alluring than our historical creative.

    我們昨天推出了「Make it a Moment」夏季活動,您會看到同樣充滿了新的攝影文案和商品策劃,我們相信這些看起來比我們歷史上的創意更有抱負、更大膽、更有吸引力。

  • Given premium nature of the brands we work with and our brand ethos of living and unlimited lives, our creative needs to live up to this and do the work of generating demand for the fashion we carry.

    鑑於我們合作的品牌的優質性以及我們的生活和無限生活的品牌精神,我們的創意需要實現這一點,並努力為我們所攜帶的時尚創造需求。

  • We believe that the more aspirational our content and creative, the more we'll convert new customers to rental.

    我們相信,我們的內容和創意越令人嚮往,我們就越能將新客戶轉化為租賃服務。

  • More than the content living on our own surfaces, our summer campaign is social first and taps into creator lead content across social platform with almost 100 fashion influencers across Instagram, TikTok, and Meta.

    我們的夏季行銷活動不僅限於我們自己表面上的內容,還以社交為先,利用 Instagram、TikTok 和 Meta 上近 100 名時尚影響者的創作者主導內容。

  • Our influence could take over and targeted to specific geos and associate graphics over a concentrated period of time so that we could have more of a storm effect for a more focused group of prospects, showing these women that our unlimited clause that can help her get dress for every day and every occasion.

    我們的影響力可以在一段集中的時間內針對特定的地理區域和關聯圖形,以便我們可以對更集中的潛在客戶群體產生更多的風暴效應,向這些女性展示我們的無限條款可以幫助她穿衣服適合每天和每個場合。

  • For brand, thus far, our focus has been on reigniting our in-real-life presence.

    對於品牌而言,到目前為止,我們的重點一直是重新點燃我們在現實生活中的影響力。

  • We believe that in-real-life experiences, stores and pop-ups must be a big part of our brand and moving forward to growth.

    我們相信,現實生活中的體驗、商店和快閃店必須成為我們品牌的重要組成部分,並不斷推動成長。

  • I do not believe that a brand in the fashion space can grow on digital alone.

    我不相信時尚領域的品牌能夠僅靠數位化來成長。

  • In April, we invited the New York City Rent the Runway community back to our flagship store to see our spring fashion guest styling device and interact with the brand again.

    4月份,我們邀請紐約市Rent the Runway社群回到我們的旗艦店,參觀我們的春季時尚客座造型裝置,並再次與品牌互動。

  • I was absolutely floored by the line down the block to get in and buy the dozens of customers who approached me personally, sharing how meaningful the Rent the Runway retail experience had been in their lives pre-COVID and how much community they felt coming into the store to get dressed before work or to pick out outlets for a night out at the end of the day.

    數十名顧客親自來找我,分享了 Rent the Runway 零售體驗對他們在新冠疫情爆發前的生活有多麼有意義,以及他們對融入社區的感受。時挑選適合晚上出去玩的商店。

  • The event also provided an uplift in organic traffic to our site and drove over 22 million impressions across social media, PR, and in real life.

    該活動還增加了我們網站的自然流量,並在社交媒體、公關和現實生活中帶來了超過 2200 萬次展示。

  • Interestingly, nearly 80% of those that visited the store were new to subscription the Rent the Runway.

    有趣的是,近 80% 的造訪該商店的人都是新訂閱 Rent the Runway 的人。

  • This past weekend, we held a second in-real-life event in Atlanta, which is one of our fastest growing and highest potential market.

    上週末,我們在亞特蘭大舉辦了第二場現實生活活動,這是我們成長最快、潛力最大的市場之一。

  • With (inaudible), we had over 1,000 women attend, and energy was palpable.

    (聽不清楚)有超過 1,000 名女性參加,活力四射。

  • We're planning more in-real-life events throughout 2024, geared towards fueling the natural customer virality of the business that we brought and drive on pre-pandemic.

    我們計劃在 2024 年舉辦更多現實活動,旨在推動我們在疫情爆發前帶來和推動的業務的自然客戶病毒式傳播。

  • Due to the success of the New York and Atlanta events, we plan to officially reopen our flagship New York City stores this month.

    由於紐約和亞特蘭大活動的成功,我們計劃在本月正式重新開幕紐約市旗艦店。

  • Our soft opening this summer will enable women to try on looks in advance to get comfort on fit and styling.

    我們今年夏天試營運,讓女性可以提前試穿造型,獲得合身和造型的舒適感。

  • We plan to do a major relaunch of the store in the fall with new technology that will enable same-day rental like we used to do.

    我們計劃在秋季對商店進行重大的重新開業,採用新技術,使當日租賃成為可能,就像我們以前所做的那樣。

  • Pre-COVID, we had five retail stores, and these stores were a significant growth engine and brand building for the markets they were in.

    在新冠疫情爆發之前,我們有五家零售店,這些商店是其所在市場的重要成長引擎和品牌建立。

  • We have significant ground to make up and we plan to execute quickly.

    我們還有大量的基礎需要彌補,我們計劃迅速執行。

  • For existing subscriber, the changes use experienced over the past few months are significant.

    對於現有訂閱者來說,過去幾個月所經歷的使用變化是重大的。

  • We're bringing our fashion-first brand back to the center of what we do.

    我們正在將我們的時尚第一品牌帶回我們工作的中心。

  • Imagery and styling have been brought to life with fresh editorial content, custom curations, use case hubs and boutiques.

    透過新鮮的編輯內容、客製化策劃、用例中心和精品店,圖像和造型變得栩栩如生。

  • We've upgraded our grids in PDPs to be much faster and to provide more filtering and discovery options.

    我們升級了 PDP 中的網格,速度更快,並提供更多過濾和發現選項。

  • In the months to come, our customer can expect to continue to see this creative overhaul come to life across all of our channels.

    在接下來的幾個月裡,我們的客戶可以期望繼續看到這項創造性的改革在我們所有的管道中實現。

  • For new customers, we're in the midst of reimagining our prospect flow to provide a clear path from traffic to conversion.

    對於新客戶,我們正在重新構想我們的潛在客戶流程,以提供從流量到轉換的清晰路徑。

  • The new flow of mend to create interest first in the fashion we carry on our platform, then get the customer excited about rental overall.

    新的改進流程首先要引起人們對我們平台上的時尚的興趣,然後讓客戶對整體租賃感到興奮。

  • And then we followed with guiding to a new checkout experience that reduces friction and streamlined for checkout.

    然後我們指導新的結帳體驗,減少摩擦並簡化結帳流程。

  • Since it's phased rollout that began in April, we've seen subscription checkout completion rate already increased by over 20%.

    自 4 月開始分階段推出以來,我們發現訂閱結帳完成率已增加了 20% 以上。

  • I also want to provide an inventory update, which is important to fully understand our growth strategies.

    我還想提供庫存更新,這對於充分了解我們的成長策略非常重要。

  • We continue to believe that the fashion we have on our platform is the linchpin to our ability to be successful.

    我們仍然相信,我們平台上的時尚是我們成功的關鍵。

  • Our plan for full year '24 was to increase our average in-stock rates versus 2023 and increase the number of units available to rent per subscriber.

    我們 24 年全年的計劃是與 2023 年相比提高平均庫存率,並增加每個訂戶可出租的單位數量。

  • Thus far, we have seen success.

    到目前為止,我們已經看到了成功。

  • Inventory in-stock rates in Q1 '24 are 24% higher than Q1 '23, and inventory churn is down 20% versus the same quarter last year.

    24 年第一季的庫存率比 23 年第一季高出 24%,庫存流失率比去年同期下降了 20%。

  • With set to solid inventory foundation in 2024, our team is now focusing on additional improvements to the inventory experience.

    隨著 2024 年庫存基礎的奠定,我們的團隊現在正致力於進一步改善庫存體驗。

  • For example, we're investing in more reserve exclusive inventory, with the aim of multiplying the size of our special event rental business by doing a more comprehensive job, targeting customer segments where we can gain more share, such as Gen-Z, the young professional, and the mother of the bride segment.

    例如,我們正在投資更多的儲備獨家庫存,目的是透過做更全面的工作來擴大我們的特殊活動租賃業務的規模,瞄準我們可以獲得更多份額的客戶群,例如 Z 世代、年輕的專業人士,以及新娘的母親段。

  • We continue to focus on psychological comfort around fit as being a growth accelerated.

    隨著成長的加速,我們繼續關注健康方面的心理舒適度。

  • In Q1, we significantly increased the number of customer reviews per style through product improvements in user flow, increasing reviews per unit rented by over 8x compared to prior years.

    在第一季度,我們透過產品用戶流量的改進,顯著增加了每種款式的客戶評論數量,與前幾年相比,每單位租賃的評論數量增加了 8 倍以上。

  • We believe that reviews are crucial towards increasing wear rate and rental satisfaction.

    我們相信評論對於提高磨損率和租賃滿意度至關重要。

  • Beyond changing our inventory position, the other major thing that we have control over, related to how our customers experience our selection, is merchandising.

    除了改變我們的庫存狀況之外,我們可以控制的另一件與客戶如何體驗我們的選擇相關的主要事情是銷售。

  • We have a vast array of styles on site.

    我們現場有多種款式。

  • And we know that even long-term subscribers only see a fraction of that because of traditional e-commerce browsing behavior.

    我們知道,由於傳統的電子商務瀏覽行為,即使是長期訂閱者也只能看到其中的一小部分。

  • Our merchandising strategy involves better content inspiration, which I spoke to before, and ensuring that our customer is constantly experiencing greater diversity in our assortment so that it feels pressure to her.

    我們的行銷策略涉及更好的內容靈感,我之前曾談過這一點,並確保我們的客戶不斷體驗到我們產品種類的多樣性,從而給她帶來壓力。

  • We plan to come back with progress against merchandising in future earnings call.

    我們計劃在未來的財報電話會議上公佈銷售方面的進度。

  • Finally, in Q1, we continued to grow our inventory resell business.

    最後,在第一季度,我們繼續發展庫存轉售業務。

  • Inventory resell drove a 20% increase in other revenue year over year.

    庫存轉售帶動其他收入年增 20%。

  • This strategy is customer first as subscribers, you tried before you buy, as a key value proposition to the subscription program.

    這種策略是客戶至上,作為訂閱者,您在購買之前嘗試過,作為訂閱計劃的關鍵價值主張。

  • We plan to continue to utilize inventory resell as a way to generate strong margins, cash flow, and get back cash quicker to reinvest in fresh new inventory for our customers.

    我們計劃繼續利用庫存轉售來產生強勁的利潤、現金流,並更快地收回現金,為我們的客戶重新投資新的庫存。

  • I'm excited by the strong momentum we have coming out of Q1.

    我對第一季的強勁勢頭感到興奮。

  • We spent the last year enhancing our inventory experience and rebuilding our cost structure to drive profitability.

    去年,我們增強了庫存體驗並重建了成本結構,以提高獲利能力。

  • Our Q1 results display the remarkable strides we've made.

    我們第一季的業績顯示了我們所取得的顯著進步。

  • I'm energized and excited about the year to come.

    我對新的一年充滿活力和興奮。

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

    有了這個,我會把它交給 Sid。

  • Siddharth Thacker - Chief Financial Officer

    Siddharth Thacker - Chief Financial Officer

  • Thanks, Jen, and thank you, everyone, for joining us.

    謝謝 Jen,也謝謝大家加入我們。

  • I'll begin by underscoring the key message from this quarter.

    我首先強調本季的關鍵訊息。

  • Our business improved in nearly every dimension.

    我們的業務幾乎在各個方面都得到了改善。

  • Active subscriber growth after being negative for the past two quarters on a year-over-year basis grew versus Q1 2023.

    活躍用戶在過去兩個季度同比出現負增長後,與 2023 年第一季相比有所增長。

  • We added almost 20,000 subscribers quarter over quarter.

    我們每季增加了近 20,000 名訂戶。

  • Our reserve business has shown improved year-over-year trends this quarter relative to the past three quarters, resale continued to be strong in Q1.

    與過去三個季度相比,本季我們的儲備業務呈現出同比趨勢的改善,轉售在第一季繼續強勁。

  • Total revenue grew again on a year-over-year basis after the declines in Q2 and Q3 of 2023 and 0.5% growth in Q4 2023.

    繼 2023 年第二季和第三季下降以及 2023 年第四季成長 0.5% 後,總營收再次較去年同期成長。

  • As I will discuss shortly, our Q2 guidance implies a further improvement in growth trends next quarter as the midpoint of the guidance range.

    正如我稍後將討論的,我們的第二季度指導意味著下季度成長趨勢將進一步改善,作為指導範圍的中點。

  • We made noticeable progress on profitability.

    我們在獲利能力方面取得了顯著進步。

  • Adjusted EBITDA margins for Q1 2024 were at their highest levels versus Q1 in prior periods.

    與前期第一季相比,2024 年第一季調整後 EBITDA 利潤率處於最高水準。

  • As outlined in our Q2 adjusted EBITDA margin guidance, we expect the highest second quarter adjusted EBITDA margin in the company's history.

    正如我們在第二季調整後 EBITDA 利潤率指引中所述,我們預計第二季調整後 EBITDA 利潤率將創公司歷史最高水準。

  • Free cash flow also improved this quarter.

    本季自由現金流也有所改善。

  • Free cash flow was negative $1.4 million in Q1 2024 versus negative $12.1 million in the same period last year.

    2024 年第一季自由現金流為負 140 萬美元,去年同期為負 1,210 萬美元。

  • To date, we are reiterating our guidance to be free cash flow breakeven for fiscal year 2024 versus free cash flow consumption of approximately $70 million in fiscal year 2023.

    到目前為止,我們重申我們的指導,即 2024 財年自由現金流實現盈虧平衡,而 2023 財年自由現金流消耗約為 7000 萬美元。

  • Please refer to the detailed bridge we shared with you during last quarter's earnings call and included in today's slides for more detail on the path to free cash flow breakeven.

    請參閱我們在上個季度的財報電話會議上與您分享的詳細橋樑以及今天的幻燈片中包含的有關自由現金流盈虧平衡之路的更多詳細資訊。

  • Rental product purchases continue becoming more capital efficient, with almost 50% of new rental product units in fiscal year 2024 sourced through our share by RTR platform, requiring no or low upfront cost.

    租賃產品購買的資本效率不斷提高,2024 財年近 50% 的新租賃產品單位是透過 RTR 平台的份額採購的,不需要或只需很低的前期成本。

  • Indeed, combined with our exclusive designs platform, we expect that more than 70% of total new units will be sourced through cost advantage channels in fiscal year '24.

    事實上,結合我們的獨家設計平台,我們預計 24 財年超過 70% 的新單元將透過成本優勢管道採購。

  • We made progress in our nascent advertising initiatives this quarter.

    本季我們的新生廣告計劃取得了進展。

  • First, we signed several exciting sampling partnerships that will introduce brands to our affluent and highly coveted customer base.

    首先,我們簽署了幾個令人興奮的樣品合作夥伴關係,將品牌介紹給我們富裕且令人垂涎的客戶群。

  • We also explored new ways to work with advertising partners, including co-marketing, using a network of influencers.

    我們也探索了與廣告合作夥伴合作的新方法,包括利用影響者網路進行聯合行銷。

  • We have a powerful brand and engage customers.

    我們擁有強大的品牌並吸引客戶。

  • We believe there is more we can do to build a meaningful advertising business.

    我們相信,我們可以做更多的事情來建立有意義的廣告業務。

  • In summary, Q1 demonstrates the positive progress and momentum across our business.

    總之,第一季展示了我們整個業務的積極進展和勢頭。

  • As Jen outlined in her remarks, there are a number of important marketing, product, and customer experience improvement initiatives that we expect will continue to drive progress this year.

    正如 Jen 在她的演講中所概述的那樣,我們預計今年將繼續推動許多重要的行銷、產品和客戶體驗改進舉措。

  • Let me now review our financial results for the quarter.

    現在讓我回顧一下我們本季的財務表現。

  • We ended Q1 '24 with 145,837 ending active subscribers, up 0.4% year over year.

    截至 2024 年第一季度,活躍訂閱者數量為 145,837 名,年增 0.4%。

  • Average active subscribers during the quarter were 135,896 versus 135,966 subscribers in the prior year, a decrease of 0.1%.

    本季的平均活躍訂閱者數量為 135,896 人,而去年同期為 135,966 人,下降了 0.1%。

  • Ending active subscribers increased from 125,954 subscribers at the end of Q4 2023, primarily due to seasonally stronger acquisitions combined with solid and better than expected customer retention.

    截至 2023 年第四季末,最終活躍訂閱用戶數量為 125,954 名,這主要是由於季節性強勁的收購以及穩定且優於預期的客戶保留率。

  • Total revenue for the quarter was $75 million, up $0.8 million or 1.1% year over year and down $0.8 million or 1.1% quarter over quarter.

    該季度總營收為 7,500 萬美元,年增 80 萬美元,成長 1.1%;季減 80 萬美元,成長 1.1%。

  • Subscription and reserve rental revenue decreased $0.7 million or 1% year over year in Q1 '24, due primarily to a decline in the reserve business.

    2024 年第一季訂閱和儲備租賃收入年減 70 萬美元,即 1%,主要是由於儲備業務的下降。

  • Other revenue increased $1.5 million or 20.3% year over year due to increased focus on our retail business, which drove incremental cash flow and customer loyalty.

    由於我們更加重視零售業務,其他收入較去年同期增加 150 萬美元,即 20.3%,這推動了現金流量和客戶忠誠度的增加。

  • Fulfillment costs were $20.6 million in Q1 '24 versus $21.9 million in Q1 '23 and $20.1 million in Q4 '23.

    24 年第一季的履行成本為 2,060 萬美元,而 23 年第一季的履行成本為 2,190 萬美元,23 年第四季的履行成本為 2,010 萬美元。

  • Fulfillment costs as a percentage of revenue were lower year over year at 27.5% of revenue in Q1 '24 compared to 29.5% of revenue in Q1 '23.

    履行成本佔收入的百分比年減,24 年第一季佔營收的 27.5%,而 23 年第一季佔營收的 29.5%。

  • Fulfillment costs benefited from a new transportation contract with UPS and continued warehouse efficiency.

    履行成本得益於與 UPS 簽訂的新運輸合約以及持續的倉庫效率。

  • Growth margins were 3739% in Q1 '24 versus 42.3% in Q1 '23.

    24 年第一季的成長率為 3739%,而 23 年第一季的成長率為 42.3%。

  • Q1 '24 gross margins reflect higher rental product costs due to increased investment in rental product in fiscal year '23 and higher sales through our reseller channel.

    24 年第一季毛利率反映了由於 23 財年租賃產品投資增加以及透過我們的經銷商通路銷售額增加而導致的租賃產品成本上升。

  • Increased investment in rental product reflects last year's debt adjustments to increase inventory in-stock rates in fiscal '23 and beyond.

    租賃產品投資的增加反映了去年為提高 23 財年及以後的庫存率而進行的債務調整。

  • These increases were partially offset by the fulfillment benefit discussed earlier.

    這些成長被前面討論的履行效益部分抵消。

  • Q1 '24 gross margin decreased quarter over quarter to 37.9% from 39.4% in Q4 '23, primary early due to higher upfront revenue share payments and seasonally higher promotional spending.

    24 年第一季的毛利率較上季下降,從 23 年第四季的 39.4% 下降至 37.9%,這主要是由於預付費用較高以及季節性促銷支出增加所致。

  • Operating expenses were about 15.3% lower year over year due to lower stock-based compensation expenses and the favorable impact of our cost reduction efforts.

    由於股票補償費用減少以及我們降低成本努力的有利影響,營運費用年減約 15.3%。

  • As a reminder, in January of 2024, we announced the restructuring plan that is expected to reduce our workforce by approximately 10% by the end of Q2 '24.

    謹此提醒,我們在 2024 年 1 月宣布了重組計劃,預計到 2024 年第二季末將裁員約 10%。

  • Total operating expenses, which include technology, marketing and G&A, were 55.2% of revenue in Q1 '24 versus 65.9% of revenue in Q1 '23 and 55.9% in Q1 to Q4 '23.

    總營運支出(包括技術、行銷和一般行政費用)在24 年第1 季佔收入的55.2%,而在23 年第1 季佔收入的65.9%,在23 年第1 季至第4 季佔收入的55.9%。

  • Adjusted EBITDA for the quarter was $6.5 million or 8.7% of revenue versus $4.5 million and 6.1% of revenue in the prior year.

    本季調整後 EBITDA 為 650 萬美元,佔營收的 8.7%,而前一年為 450 萬美元,佔營收的 6.1%。

  • Adjusted EBITDA year over year reflects lower fulfillment costs and the impact of our fixed cost reduction efforts, partially offset by higher revenue share payments due to a greater proportion of revenue share units.

    調整後的 EBITDA 同比反映了較低的履約成本以及我們削減固定成本努力的影響,但由於收入分成單位比例增加而導致收入分成付款增加,部分抵消了這一影響。

  • Free cash flow for Q1 '24 was negative $1.4 million versus negative $12.1 million in the first quarter of fiscal year 2023, primarily due to higher profitability, improved working capital, and lower rental product expenditure.

    24 年第一季的自由現金流為負 140 萬美元,而 2023 財年第一季為負 1,210 萬美元,這主要是由於獲利能力提高、營運資本改善和租賃產品支出減少。

  • I will now discuss guidance for Q2 '24 and fiscal year 2024.

    我現在將討論 2024 年第二季和 2024 財年的指導。

  • Let me start with Q2.

    讓我從 Q2 開始。

  • We expect revenue to be between $76 million and $78 million and adjusted EBITDA margins to be between 14% and 15% of revenue.

    我們預計營收將在 7,600 萬美元至 7,800 萬美元之間,調整後的 EBITDA 利潤率將在營收的 14% 至 15% 之間。

  • Our full year 2024 guidance remains unchanged.

    我們的 2024 年全年指引保持不變。

  • We continue to expect revenue growth of between 1% and 6% versus fiscal year 2023.

    我們仍預期 2023 財年的營收成長將在 1% 至 6% 之間。

  • We also continue to expect adjusted EBITDA margins of between 15% and 16% of revenue.

    我們也繼續預期調整後的 EBITDA 利潤率的 15% 至 16%。

  • Our guidance for rental product remains unchanged at $48 million to $50 million.

    我們對租賃產品的指導維持在 4,800 萬至 5,000 萬美元不變。

  • Finally, we expect to be free cash flow breakeven for fiscal year 2024.

    最後,我們預期 2024 財年自由現金流將達到損益兩平。

  • As outlined last quarter, there is some seasonality in our rental product purchases this year, with a greater proportion of rental products acquired in the first half of the year versus the second half.

    如上季所述,今年我們的租賃產品購買有一定的季節性,上半年購買的租賃產品比例高於下半年。

  • This is expected, of course, to have an impact on the timing of free cash flow generation over the year.

    當然,預計這將對全年自由現金流產生的時間產生影響。

  • We will now take your questions.

    我們現在將回答您的問題。

  • Operator

    Operator

  • (Operator Instructions) Andrew Boone, JMP Securities.

    (操作員指示)Andrew Boone,JMP 證券。

  • Andrew Boone - Analyst

    Andrew Boone - Analyst

  • Thank you so much for taking my question.

    非常感謝您回答我的問題。

  • Jen, I wanted to ask about marketing.

    Jen,我想問行銷方面的問題。

  • It sounds like you guys have a lot of hiring in the quarter.

    聽起來你們這個季度招募了很多人。

  • Can you speak to the opportunity with untapped audiences and increasing awareness just across the entire need of the populations has (inaudible) users?

    您能否談談尚未開發的受眾的機會以及提高對用戶(聽不清楚)用戶的整體需求的認識?

  • And then Sid, you guys had a bunch of qualitatively positive things as it relates to subscribers per 1Q.

    然後,Sid,你們有很多定性的積極的事情,因為它與每個第一季的訂閱者有關。

  • Q2 seasonally is typically a step down.

    第二季季節性通常會有所下降。

  • Is there any way that we should be thinking about ending active subs for 2Q as it relates to the guide and just the cadence effect for rest of the year?

    我們是否應該考慮結束第二季度的活躍訂閱者,因為它關係到今年剩餘時間的指南和節奏效應?

  • Thank you so much.

    太感謝了。

  • Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

    Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

  • Thanks, Andrew.

    謝謝,安德魯。

  • So first, on marketing, there's a huge opportunity to increase, first of all, general awareness for Rent the Runway, our offering that we both do special event rental as well as subscription, and to go broad in terms of the customer demographics that we are going after because over 800 brands that we carry have wide appeal.

    因此,首先,在行銷方面,有一個巨大的機會來提高人們對「Rent the Runway」的普遍認識,我們提供特別活動租賃和訂閱服務,並廣泛關注我們的客戶群。我們經營的800 多個品牌具有廣泛的吸引力。

  • And given the price point, especially for special event rental where we're renting at between -- or around 10% of the retail price, is the price point that is accessible to the mass market.

    考慮到價格點,特別是對於特殊活動租賃,我們以零售價的 10% 左右進行租賃,這是大眾市場可以負擔的價格點。

  • So you heard that there are multiple engines that we are building out within marketing.

    所以你聽說我們正在行銷中建立多個引擎。

  • Number one, there's the reignition of our brand.

    第一,我們的品牌重新煥發活力。

  • And ensuring that our brand is building emotional connections with women, is actually doing things in real life, showing up, events, stores, building back our investor network, all of the things that actually use to drive that organic virality of our business were fueled by actually our brand efforts and by the customer experience that we were delivering.

    確保我們的品牌與女性建立情感聯繫,實際上是在現實生活中做事,展示、活動、商店、重建我們的投資者網絡,所有真正用來推動我們業務有機病毒式傳播的事情都得到了推動實際上是我們的品牌努力和我們提供的客戶體驗。

  • So making a major investment into shifting our dollars away from bottom of funnel, more towards mid-funnel and top of funnel of which brand as an important component is key there.

    因此,進行重大投資,將我們的資金從漏斗底部轉移到漏斗中部和頂部,其中品牌作為重要組成部分是關鍵。

  • Creative is critical.

    創意至關重要。

  • We now know that whether it's on a paid channel or whether it's how creative shows up on your app or on your site, that is what is, number one, increasing the efficacy of our ad spend.

    我們現在知道,無論是在付費管道上,還是在您的應用程式或網站上展示創意,這才是提高我們廣告支出效率的第一要務。

  • Number two, actually, putting a stake in the ground as to what our brand stands for and the psychographic that we're going after.

    實際上,第二點是我們的品牌代表什麼以及我們所追求的心理特徵已經紮根。

  • So you've seen really what I would call a creative revolution in terms of how we're actually showcasing our inventory to our customers and giving them more inspiration and ideas for how they can actually put together, out that style themselves, et cetera, and really to just cement our position as the premium player in the space.

    所以你已經真正看到了我所說的創意革命,即我們如何向客戶展示我們的庫存,並為他們提供更多靈感和想法,讓他們知道如何真正組合起來,自己打造出那種風格,等等,並真正鞏固我們作為該領域優質參與者的地位。

  • Now even we're making strides on the things that we were doing before, like the pay marketing.

    現在,我們在以前所做的事情上也取得了長足的進步,例如付費行銷。

  • By nature of invest changing some of our tactics and strategies on bottom and mid-funnel, we've been able to increase traffic like we were saying by 40% month-over-month.

    由於投資的本質改變了我們在漏斗底部和中部的一些策略和策略,我們已經能夠像我們所說的那樣每月增加 40% 的流量。

  • So we're bringing more new customers to the site.

    因此,我們正在為該網站帶來更多新客戶。

  • We're engaging them across the entire funnel.

    我們讓他們參與整個管道。

  • And you will see a whole host of new partnerships, new in-real-life experiences, new brand networks, new channels, and of course, a tremendous investment into life cycle marketing so that we're really building a very strong relationships with every customer cohort and ensuring that we're driving as much revenue from each customer as possible.

    您將看到大量新的合作夥伴關係、新的現實生活體驗、新的品牌網絡、新的管道,當然還有對生命週期行銷的巨大投資,以便我們真正與每個人建立非常牢固的關係。群組並確保我們從每個客戶那裡獲得盡可能多的收入。

  • So very, very excited by the progress in marketing.

    對行銷方面的進步非常非常興奮。

  • And of course, this is the beginning, but I think we'll see a lot of things change in the second half of the year in a positive direction.

    當然,這只是開始,但我認為下半年我們會看到很多事情朝著正面的方向改變。

  • Siddharth Thacker - Chief Financial Officer

    Siddharth Thacker - Chief Financial Officer

  • Great.

    偉大的。

  • And on the second part of your question, Andrew, I'd say three things.

    安德魯,關於你問題的第二部分,我想說三件事。

  • The first is we're obviously not guiding specifically to subscriber growth on a quarterly basis.

    首先,我們顯然沒有專門針對季度用戶成長進行指導。

  • But I will say that the most important takeaway from the guidance that we have issued is that we are confident about the business.

    但我要說的是,我們發布的指導意見最重要的一點是我們對業務充滿信心。

  • We are expecting an improvement in year-over-year growth in Q2 relative to Q1 of the midpoint of the guidance range.

    我們預計第二季的年成長將較第一季有所改善,達到指導範圍的中點。

  • And of course, you're right, our business is seasonal.

    當然,你是對的,我們的業務是季節性的。

  • We do expect higher acquisitions in Q1 and Q3, but the important takeaway here is we feel very good about the way the business is strengthening.

    我們確實預期第一季和第三季的收購量會增加,但重要的是我們對業務增強的方式感到非常滿意。

  • Andrew Boone - Analyst

    Andrew Boone - Analyst

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Ashley Helgans, Jefferies.

    阿什利·赫爾根斯,杰弗里斯。

  • Unidentified Participant

    Unidentified Participant

  • Hi, it's Mike on for Ashley.

    嗨,我是阿什利的邁克。

  • Thanks for taking our questions.

    感謝您回答我們的問題。

  • So I wanted to follow-up on they key question of the top line and subscribers to sounds like you've made a lot of progress on initiatives.

    因此,我想跟進營收和訂閱者的關鍵問題,聽起來您在措施上取得了很大進展。

  • Can you talk at all about just the monthly trends you're seeing perhaps?

    您能談談您所看到的每月趨勢嗎?

  • Or maybe just what gives you confidence those could potentially continue to build to get you may be at that high end of the revenue guide for the year?

    或者也許是什麼讓您有信心繼續建立這些信心,使您可能達到今年收入指南的高端?

  • Siddharth Thacker - Chief Financial Officer

    Siddharth Thacker - Chief Financial Officer

  • Yeah, we're not going to comment on any particular monthly trends.

    是的,我們不會評論任何特定的每月趨勢。

  • But I think what you can surmise from the guidance that we've issued -- as I pointed out earlier, that the strength we see in our business isn't just limited to any one particular area, right?

    但我想你可以從我們發布的指導中推測出什麼——正如我之前指出的,我們在業務中看到的優勢不僅限於任何特定領域,對嗎?

  • I mean, if you think about the reserve business, we've called out that we're seeing improved trends in the reserve business year over year relative to the past few quarters.

    我的意思是,如果你考慮儲備業務,我們已經指出,與過去幾季相比,我們看到儲備業務的趨勢逐年改善。

  • We're obviously seeing very good -- rejoiner activity, we're seeing very strong retention, and that is providing a lot of confidence in the guidance that we issued.

    顯然,我們看到了非常好的重新加入活動,我們看到了非常強勁的保留率,這為我們發布的指導提供了極大的信心。

  • And finally, we're continuing to see subscribers engage with us in a very positive way on the resale business.

    最後,我們繼續看到訂戶在轉售業務上以非常積極的方式與我們互動。

  • So all of these key input metrics in the business that we believe contribute to that acceleration in year-over-year growth that we've guided to in Q2 make us confident that we're on the right track.

    因此,我們認為業務中的所有這些關鍵投入指標都有助於我們在第二季度指導的同比增長加速,這讓我們相信我們正走在正確的軌道上。

  • Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

    Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

  • Yeah.

    是的。

  • I mean, one of the things that we shared on this call is that we saw significant improvement in our loyalty rates, rejoiner rates in Q1.

    我的意思是,我們在這次電話會議上分享的一件事是,我們看到第一季的忠誠度和重新加入率有了顯著改善。

  • And we mentioned that, typically, when you change an experience -- and this is true for all businesses like ours where there's frequency of behavior.

    我們提到過,通常,當你改變一種體驗時——對於像我們這樣的行為頻繁的所有企業來說都是如此。

  • The first people to notice that you've improved the experience are your current and former customers.

    第一個注意到您改善了體驗的人是您目前和以前的客戶。

  • And they're going to give you a glaring signal one way or the other as to whether they like the changes that you've made.

    他們會以某種方式向你發出一個明顯的信號,表明他們是否喜歡你所做的改變。

  • And the fact that both our current customers who were active, who are paying us, as well as former customers who weren't formerly paying us but now are coming back have really showed us that they think that the inventory experience has improved, our inventory turn is down significantly, they're having a great customer experience as evidenced by very high net promoter score, and net promoter scores that are higher than in many years past.

    事實上,我們目前活躍的客戶正在向我們付款,以及以前沒有向我們付款但現在又回來的客戶,這確實向我們表明,他們認為庫存體驗有所改善,我們的庫存週轉率顯著下降,但他們擁有出色的客戶體驗,這可以從非常高的淨推薦值得分證明,而且淨推薦值得分高於過去許多年。

  • That, to us, coupled with all of the work that we're doing in marketing to actually drive new customers really gives us a lot of confidence.

    對我們來說,再加上我們在行銷方面所做的所有工作,以實際吸引新客戶,確實給了我們很大的信心。

  • Because I think that we have a signal from our former and current customers that the experience is much improved.

    因為我認為我們從以前和現在的客戶那裡得到了一個訊號,即體驗得到了很大的改善。

  • So now it feels great to go out to new customers and bring them into this experience. (multiple speakers) we're really focused more on qualitative piece.

    因此,現在去接觸新客戶並讓他們體驗這種體驗感覺很棒。 (多位發言者)我們確實更關注定性作品。

  • But I think the matters is when we have an event of which we've had two over the past six weeks, thousands of people show up.

    但我認為問題是,當我們舉辦一場在過去六週內舉辦過兩次的活動時,會有數千人參加。

  • And those thousands of people aren't just current customers. 80% of the people that showed up in New York were not current customers.

    而這數千人不僅僅是現有客戶。 80% 出現在紐約的人都不是現有客戶。

  • They are just people that love the brand, that are interested in the brands, that want to engage.

    他們只是熱愛這個品牌、對品牌有興趣、想要參與其中的人。

  • There is so much latent brand love for Rent the Runway, and we have opportunity to harness it in an entirely new way, which is why we just share that we're reopening our flagship store, we are going to make retail a big priority over the next few years.

    人們對 Rent the Runway 有很多潛在的品牌喜愛,我們有機會以全新的方式利用它,這就是為什麼我們只是分享我們正在重新開設我們的旗艦店,我們將把零售作為重中之重。 。

  • And that's really not just about the sales that we are going to drive out of these stores, it's about reigniting the in-real-life experience of interacting with our brand and the virality of that that creates in the markets where we show up.

    這實際上不僅僅是關於我們要從這些商店中推動的銷售,而是關於重新點燃與我們的品牌互動的現實生活體驗以及在我們出現的市場中創造的病毒式傳播。

  • Unidentified Participant

    Unidentified Participant

  • A follow up on that would be, how do you think about the importance of word of mouth referrals right now?

    後續問題是,您現在如何看待口碑推薦的重要性?

  • Because I know you're doing a lot of work on the digital marketing for media.

    因為我知道您在媒體數位行銷方面做了很多工作。

  • But if you can talk about the balance of those two sources of growth for acquisition going forward?

    但您能否談談未來收購的這兩個成長來源的平衡?

  • Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

    Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

  • The majority of our growth over the past 15 years has been through word of mouth.

    過去 15 年我們的成長大部分是透過口碑傳播的。

  • It's been through women sharing this experience authentically with their friends, with their colleagues, and then wearing something that they are obsessed with to a party, to work, having conversations with other women and sharing this amazing Rent the Runway like secret that they have.

    這是透過女性與她們的朋友、同事真實地分享這種經歷,然後穿著她們痴迷的東西去參加聚會、工作、與其他女性交談並分享她們擁有的這個驚人的秘密一樣的。

  • And it used to be a secret.

    這曾經是個秘密。

  • And now it's something that they share openly and broadly, and it goes up on social media as well.

    現在,他們公開、廣泛地分享這些內容,並且也在社群媒體上出現。

  • So this has been the number-one driver of our businesses growth over time.

    因此,隨著時間的推移,這一直是我們業務成長的第一推動力。

  • I believe that it's the most important driver of every businesses growth because the more customers have an authentic brands connection with you and actually want to advocate on your behalf.

    我相信這是每個企業成長的最重要的驅動力,因為越來越多的客戶與您建立了真正的品牌聯繫,並且實際上希望代表您進行宣傳。

  • Like the stronger and healthier business will be, the more you can invest in customer experience as opposed to just investing in the bottom of funnel paid marketing.

    就像業務越強大、越健康一樣,您在客戶體驗上的投資就越多,而不是只投資漏斗底部的付費行銷。

  • So we are very proactive moving our marketing dollars away from bottom of funnel marketing, up the funnel towards mid and top of funnel because we think that that's also a healthier way to build relationships with customers and market the brand.

    因此,我們非常積極地將行銷資金從漏斗底部轉移到漏斗中部和頂部,因為我們認為這也是與客戶建立關係和行銷品牌的更健康的方式。

  • Siddharth Thacker - Chief Financial Officer

    Siddharth Thacker - Chief Financial Officer

  • And I would say that if you followed us over the last year, year-and-a-half, you'll see that a lot of these companies energy had been focused on making sure that our existing customers and new customers who joined have a really terrific experience because that really does fuel the referral behavior and all of the positive word of mouth that you're referring to.

    我想說,如果你在過去一年半的時間裡關注我們,你會發現這些公司中的許多精力都集中在確保我們現有的客戶和加入的新客戶擁有非常棒的體驗,因為這確實促進了推薦行為以及您所提到的所有積極的口碑。

  • So we spend a significant amount of money any last year on inventory.

    因此,我們去年在庫存上花費了大量資金。

  • We improved that significantly.

    我們顯著改進了這一點。

  • We had -- we had re-expose the customers to a significantly improved inventory turns.

    我們讓客戶重新看到庫存週轉率顯著改善。

  • And we're seeing -- and the way beyond inventories went into providing styling services.

    我們看到,除了庫存之外,還開始提供造型服務。

  • It went into providing a better product experience, more aspirational imagery content, and all of the things that Jen mentioned.

    它致力於提供更好的產品體驗、更令人嚮往的圖像內容以及 Jen 提到的所有內容。

  • So I think what we're seeing now is other awards of all of that investment in the loyalty and improved loyalty and rejoiner rate that we'd have mentioned.

    因此,我認為我們現在看到的是我們提到的所有忠誠度投資以及忠誠度和重新加入率提高的其他獎勵。

  • So we do expect that focus to continue and manifests itself in referrals and positive customer behavior.

    因此,我們確實希望這種關注能夠持續下去,並體現在推薦和積極的客戶行為中。

  • Unidentified Participant

    Unidentified Participant

  • That's super helpful.

    這非常有幫助。

  • If we could just ask one more general experience, your thoughts on -- if we are just to take a step back on fashion trends, anything you could comment on that you're seeing there what your customers asking for?

    如果我們可以問一個更一般的經歷,你的想法——如果我們只是在時尚趨勢上退一步,你可以評論一下你在那裡看到了你的顧客的要求嗎?

  • And then just casual, maybe talked about that assortment changing a little bit since or during the pandemic.

    然後只是隨意地談論一下自大流行以來或期間該品種發生了一些變化。

  • And I think your assortment there had increase.

    我認為你們那裡的品種有所增加。

  • But can you update us where you are on casual use cases as well or what you define as casual?

    但是您能否向我們介紹一下您在休閒用例方面的進展或您對休閒的定義?

  • Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

    Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

  • Yes.

    是的。

  • So our use cases have not changed much since 2023.

    所以自 2023 年以來我們的用例沒有太大變化。

  • Let's say, when life really returned to normal in the sense that roughly about 50% of the use cases are for casual everyday occasions.

    比方說,當生活真正恢復正常時,大約 50% 的用例是用於日常休閒場合。

  • Around the corner are for what I would call events in the evening where you want to get a little bit more dressed up.

    轉角處就是我所說的晚上活動場所,您想在其中盛裝打扮一下。

  • That could be a party, it could be a wedding, it could be a gala, and about 25% is for work.

    這可能是一場聚會,可能是一場婚禮,也可能是一場盛會,大約 25% 是為了工作。

  • So we think that that's a really healthy balance in the business.

    所以我們認為這是業務中真正健康的平衡。

  • We have assorted ourselves to those use cases.

    我們已經對這些用例進行了分類。

  • I think that we've seen -- in terms of fashion trends, I would say the most unique thing about our model that I pointed out and I will point out many times again, it's nearly half of our inventory.

    我認為我們已經看到了——就時尚趨勢而言,我會說我指出過的關於我們的模型最獨特的事情,我會再次指出很多次,它幾乎占我們庫存的一半。

  • We procure at zero or very little upfront costs, and we revenue share only based on performance.

    我們以零或很少的前期成本進行採購,並且我們僅根據績效分享收入。

  • So if the items don't rent, we don't pay for them.

    因此,如果物品不出租,我們就不會支付費用。

  • That means that for nearly half of our assortment, we have zero fashion risk.

    這意味著我們近一半的產品系列的時尚風險為零。

  • So fashion risk is the number-one riskier thing, killer of various apparel companies and brands over time.

    因此,時尚風險是頭號風險,隨著時間的推移,它是各種服裝公司和品牌的殺手。

  • If you miss a trend, you suffer in terms of your financial performance.

    如果你錯過了趨勢,你的財務表現就會受到影響。

  • The fact that nearly half of our inventory, we do not suffer from that same risk.

    事實上,我們近一半的庫存並沒有遭受同樣的風險。

  • I think it dramatically distinguishes our business model and our competitive advantages.

    我認為它極大地區別了我們的商業模式和競爭優勢。

  • So that business model -- because the other attribute of it is it is a win-win for us and our brand partners.

    所以這種商業模式——因為它的另一個屬性是它對我們和我們的品牌合作夥伴來說是雙贏的。

  • The more something rent, the more money we make, and the more money our brand partners make.

    出租的東西越多,我們賺的錢就越多,我們的品牌合作夥伴賺的錢就越多。

  • Therefore, when things are successful, they are more likely to give us replenishment units on those units.

    因此,當事情成功時,他們更有可能向我們提供這些單位的補給單位。

  • They're more likely to come to us for reorders and to make sure that the very best inventories on our platform.

    他們更有可能來找我們重新訂購,並確保我們平台上有最好的庫存。

  • So we've created a business model that mutually incentivizes us to be aligned with our brand partners, which is very different than many others in this space.

    因此,我們創建了一種相互激勵我們與品牌合作夥伴保持一致的商業模式,這與該領域的許多其他合作夥伴非常不同。

  • And I think that this eliminates fashion risk.

    我認為這消除了時尚風險。

  • It allows us to respond very quickly to what's going on in the market.

    它使我們能夠對市場上發生的事情做出快速反應。

  • Unidentified Participant

    Unidentified Participant

  • Makes lot of sense.

    有很多道理。

  • Thank you so much and best of luck for the rest of the year.

    非常感謝您,祝您今年餘下時間一切順利。

  • Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

    Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • There are no further questions at this time.

    目前沒有其他問題。

  • I would like to turn the call back over to management for any closing comments.

    我想將電話轉回給管理層以徵求結束意見。

  • Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

    Jennifer Hyman - Chairman of the Board, President, Chief Executive Officer, Co-Founder, Chief Operating Officer

  • Thanks so much for joining us today.

    非常感謝您今天加入我們。

  • We're really excited about our performance in Q1.

    我們對第一季的表現感到非常興奮。

  • This is going to be a milestone year for Rent the Runway and stay tuned.

    今年對 Rent the Runway 來說將是具有里程碑意義的一年,敬請期待。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • This will conclude today's conference.

    今天的會議到此結束。

  • You may disconnect your lines at this time and thank you for your participation.

    此時您可以斷開線路,感謝您的參與。