Rent the Runway Inc (RENT) 2025 Q3 法說會逐字稿

Greetings. Welcome to Rent the Runway third quarter 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 Rent the Runway 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I'll now turn the conference over to Cara Schembri, Chief Administrative Officer and General Counsel. Thank you, Cara. You may now begin.

現在我將把會議交給首席行政官兼總法律顧問卡拉·謝姆布里。謝謝你，卡拉。現在你可以開始了。

Hello, everyone, and thanks for joining us today. During this call, we will make references to our Q3 2025 earnings presentation, which can be found in the Events and Presentations section of our Investor Relations website. Before we begin, we would like to remind you that this call will include forward-looking statements. These statements include guidance and underlying assumptions for the fourth quarter and fiscal year 2025 and statements regarding the recapitalization transactions and our business initiatives. These statements are subject to various risks, uncertainties, and assumptions that could cause our actual results to differ materially.

大家好，感謝各位今天收看我們的節目。在本次電話會議中，我們將提及我們 2025 年第三季收益簡報，該簡報可在我們投資者關係網站的「活動與簡報」部分找到。在開始之前，我們想提醒各位，本次電話會議將包含前瞻性陳述。這些聲明包括對 2025 年第四季和財年的指導和基本假設，以及有關資本重組交易和我們業務舉措的聲明。這些聲明受到各種風險、不確定性和假設的影響，可能導致我們的實際結果與預期有重大差異。

These risks, uncertainties, and assumptions are detailed in today's press release as well as our filings with the SEC, including our Form 10-Q that we plan to file shortly. We have no obligation to update any forward-looking statements or information, except as required by law.

這些風險、不確定性和假設在今天的新聞稿以及我們向美國證券交易委員會提交的文件（包括我們計劃近期提交的 10-Q 表格）中均有詳細說明。除法律要求外，我們沒有義務更新任何前瞻性陳述或資訊。

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

在本次電話會議中，我們也將提及一些非GAAP財務資訊。本非公認會計準則財務資訊的列示不應被孤立地看待，也不應被視為替代依照公認會計準則列示的財務資訊。有關 GAAP 與非 GAAP 指標的調節表，請參閱我們的新聞稿、發佈在我們投資者關係網站上的幻燈片簡報以及我們向美國證券交易委員會提交的文件。

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

接下來，我將把麥克風交給珍。

Thanks, Cara, and thank you, everyone, for joining. We've been laser-focused on two clear priorities: first, completing the strategic recapitalization of the business to significantly strengthen our balance sheet; second, bringing the business back to growth through a new inventory strategy, increased product innovation and improved connection to our core customer.

謝謝卡拉，也謝謝大家的參與。我們一直專注於兩個明確的優先事項：第一，完成業務的策略性資本重組，以顯著增強我們的資產負債表；第二，透過新的庫存策略、增加產品創新和改善與核心客戶的聯繫，使業務恢復成長。

Now that we are here in Q3, I'm pleased to say we've delivered on both of these goals. We've strengthened our financial foundation by reducing our total debt from approximately $319 million to approximately $120 million and extending the maturity to 2029, giving us years of additional runway. With the recapitalization to highly respected private equity firms with deep experience in the consumer retail space, Nexus and STORY3, alongside our long-term existing lender, contributed new capital to further support the business and its growth initiatives. In addition, they will join us in the boardroom to provide their expertise and support.

現在我們已經進入第三季度，我很高興地說，這兩個目標我們都實現了。我們透過將總債務從約 3.19 億美元減少到約 1.2 億美元，並將到期日延長至 2029 年，從而加強了我們的財務基礎，為我們提供了多年的額外發展空間。透過向在消費零售領域擁有豐富經驗、備受尊敬的私募股權公司 Nexus 和 STORY3 進行資本重組，以及我們長期現有的貸款方，注入了新的資金，以進一步支持業務及其成長計劃。此外，他們還將與我們一起參加董事會議，提供他們的專業知識和支援。

And importantly, the Rent the Runway business is growing again. We are on track for 11% to 14% year-over-year revenue growth in Q4, up from 1% revenue growth year over year in Q4 2024. Q3 fiscal year '25 ending active subscribers grew 12% year over year as our base of inventory has grown, and we have enhanced the customer experience.

更重要的是，Rent the Runway 的業務正在再次成長。我們預計第四季營收將年增 11% 至 14%，高於 2024 年第四季 1% 的營收年增率。2025 財年第三季末活躍用戶數年增 12%，這得益於我們的庫存基礎擴大以及我們提升了客戶體驗。

Importantly, despite raising prices in August, we continue to see improvement in both acquisition and retention versus the prior year. We believe that customers are responding positively because the end-to-end experience on our app discovering inventory, personalization, and getting the inventory you want is better, and that shows up first in retention as existing customers are the first to notice.

重要的是，儘管我們在 8 月提高了價格，但與前一年相比，我們在客戶獲取和留存方面仍然看到改善。我們相信，客戶之所以給予正面回饋，是因為我們的應用程式在發現庫存、個人化和獲取所需庫存方面的端到端體驗更加出色，而這一點首先體現在客戶留存率上，因為現有客戶最先註意到這一點。

Inventory-related cancellations, which are related to availability, selection, and quality year to date is down over 20% year over year. And in Q3, it was down nearly 30% versus last year. We track three important input metrics that are indicators of customer engagement, Net Promoter Score, visits, and hearts, all of which are up. Our Q3 subscription Net Promoter Score was up 43% year over year, 67% versus Q3 2023 and 100% versus Q3 2022. We believe that this demonstrates a multiyear rebuild of customer trust.

與庫存相關的取消訂單（與供貨情況、選擇和品質有關）今年迄今同比下降超過 20%。第三季度，該指標較去年同期下降了近30%。我們追蹤三個重要的輸入指標，這些指標可以反映客戶參與度：淨推薦值、訪問量和讚數，所有這些指標都在上升。我們第三季的訂閱淨推薦值年增 43%，比 2023 年第三季成長 67%，比 2022 年第三季成長 100%。我們認為這體現了多年來重建客戶信任的努力。

Customer engagement is at its highest level in recent years. The average active subscriber visited our app over 20 times per month in Q3, which is 34% higher year over year. Hearts per subscriber, one of the most important inputs to loyalty as we see them as proof of the customer finding and loving the inventory are up 15% year over year in Q3. And because she's more engaged, she is willing to spend more money with us. Revenue per subscriber is also up, driven primarily by our August 2025 price increase, changes to our late policy, and the accelerated performance of our add-on business.

客戶參與度已達到近年來的最高水準。第三季度，活躍用戶平均每月造訪我們應用程式的次數超過 20 次，比上年同期成長 34%。每位訂閱者的按讚數是衡量忠誠度的最重要指標之一，因為我們認為按讚數可以證明客戶找到了並喜歡我們的產品。第三季度，按讚數年增了 15%。因為她參與度更高，所以她願意在我們這裡花更多的錢。每位訂閱用戶的收入也有所增長，這主要得益於我們 2025 年 8 月的價格上漲、我們滯納金政策的改變以及我們附加業務的加速增長。

To give our subscription programs even more flexibility, we optimize the add-on experience by clearly displaying to our subscribers that our pricing is prorated based on her billing cycle. This strategic clarity, along with the improved inventory experience, drove a 17% year-over-year increase in the subscription add-on rate in Q3 2025. We also recently launched an instant gratification feature, which transforms in-stock notifications into immediate revenue by allowing one-off orders of inventory when she's out of shipments. We believe that our subscriber base is willing to pay more for immediate access to the inventory she wants when she wants it.

為了使我們的訂閱方案更加靈活，我們優化了附加服務體驗，向訂閱用戶清楚地表明，我們的定價是根據其帳單週期按比例計算的。這種策略上的清晰性，加上庫存體驗的改善，推動了 2025 年第三季訂閱附加率年增 17%。我們最近還推出了一項即時滿足功能，當她沒有現貨時，可以透過允許一次性訂購庫存，將庫存通知轉化為即時收入。我們相信，我們的訂閱用戶願意支付更高的費用，以便在需要時立即獲得他們想要的庫存。

In Q3, we rolled out some meaningful changes designed to improve the customer experience, driving growth and customer satisfaction. Key highlights include: one, a personalized homepage redesign on our app aimed at shifting discovery to her preferences, since launch engagement with our new homepage is up 57% versus the prior version. A reminder that a major focus this year has been not only on increasing inventory supply at our site, but also making it easier for customers to discover relevant inventory and add to that.

第三季度，我們推出了一些意義重大的變革，旨在改善客戶體驗，推動成長並提高客戶滿意度。主要亮點包括：一、我們應用程式的個人化主頁重新設計，旨在將發現內容轉移到她的偏好上，因為自推出以來，我們新主頁的參與度比以前的版本提高了 57%。提醒大家，今年我們的重點不僅在於增加網站的庫存供應，還在於讓客戶更容易發現相關庫存並補充。

Two, a better onboarding experience for early term subscribers with the aim to increase loyalty. We launched several features for new users to help educate her about RTR and to give us information about her style. RTR 101 is a step-by-step side for new subscribers to progressively guide and handhold them in for early days. We also added a (inaudible) quiz for her to give us quick feedback on style she likes or doesn't like, which we use to personalize her experience. Early results show this future increasing average hearts by 70%.

第二，為早期訂閱用戶提供更好的新用戶體驗，旨在提高用戶忠誠度。我們為新用戶推出了幾項功能，以幫助她了解 RTR，並讓我們了解她的風格。RTR 101 是一本循序漸進的指南，旨在逐步指導新用戶，幫助他們順利度過初期階段。我們還為她添加了一個（聽不清楚的）小測驗，以便快速回饋她喜歡或不喜歡的風格，我們利用這些回饋來個性化她的體驗。初步結果顯示，未來心臟平均成長幅度將達 70%。

Three, add on pricing transparency and one-off shipments to drive incremental revenue per subscriber, creating more visibility around pricing and the value she's getting by adding on items to her order has significantly boosted add-on revenue. One-off shipments is the first time you've ever been able to add one-off items ASAP when you're out of swaps for the month. The goal is to give her more flexibility to rent what she wants when she wants.

第三，透過提高定價透明度和一次性發貨，增加每位訂閱者的收入，提高定價的透明度，讓用戶更清楚地了解透過向訂單中添加商品所獲得的價值，從而顯著提高了附加收入。單次出貨功能讓您能夠在當月交換次數用完時，盡快新增單次商品。目標是讓她更靈活地選擇租到自己想要的物品和時間。

Number four, better search and discovery experiences. We launched a detailed taxonomy, which provided an incremental 70 pathways for her to explore the inventory, and we leaned into machine learning capabilities to drastically improve similar style recommendations, resulting in a 70% increase in click-through rates. We continue to see that mainstream adoption of secondhand closing is growing, and women from all geographies and backgrounds are now embracing and considering rental more than ever. The TAM has continued to grow and (inaudible) conviction that Rent the Runway is the brand with a clear long-term advantage.

第四，更好的搜尋和發現體驗。我們推出了一套詳細的分類體系，為她提供了 70 條探索庫存的途徑，並且我們利用機器學習能力大幅改進了相似風格的推薦，從而使點擊率提高了 70%。我們持續看到，二手房交易正被主流社會廣泛接受，來自不同地區和背景的女性現在比以往任何時候都更加接受和考慮租房。TAM 持續成長，（聽不清楚）堅信 Rent the Runway 是具有明顯長期優勢的品牌。

To sustain this growth, our focus now turns to improving customer acquisitions. First, we are focused on making key marketing even more efficient through channel diversification and better creative. Our early results show meaningful improvements in CPA and conversion. Second and more importantly, we are shifting more acquisitions towards organic community-driven channels. Historically, over 80% of Rent the Runway's acquisition came from word-of-mouth. As pay channels have grown more expensive and less efficient, this shift is not only strategic. It is a return to our roots.

為了保持這種成長勢頭，我們現在的重點轉向改善客戶獲取方式。首先，我們致力於透過管道多元化和更好的創意，使關鍵行銷更有效率。初步結果顯示，CPA 和轉換率均有顯著提升。其次，更重要的是，我們正在將更多收購轉向由社群驅動的自然管道。從歷史上看，Rent the Runway 超過 80% 的客戶都是透過口碑傳播獲得的。隨著付費通路成本越來越高、效率越來越低，這種轉變不僅僅是策略性的。這是回歸本源。

RTR pioneers the belief that the most powerful marketing channel is an obsessed customer. We bring our model and our brand around that principle. Exceptional customer experience fuel advocacy, our depth and breadth of inventory on moments worth sharing community behaviors like reviews, photos, events, and referrals, scale organically, and our brand identity reflects her aspirations so she sees herself enough.

RTR率先提出這樣的理念：最強大的行銷管道是癡迷的顧客。我們的商業模式和品牌都圍繞著這個原則打造。卓越的客戶體驗激發了擁護，我們擁有豐富的資源，涵蓋了值得分享的時刻、社區行為（如評論、照片、活動和推薦），實現了有機增長，我們的品牌形象反映了她的願望，讓她能夠充分地看到自己。

Today, we have conviction that we have the building blocks in place to reignite organic growth at scale. We've defined four pillars: one, activate our communities so they feel seen and crowd to share; two, make sharing fun and easy; three, tell authentic personality-driven stories; and four, create and own the cultural conversation around rental.

今天，我們堅信我們已經具備了大規模重啟有機成長的必要條件。我們定義了四大支柱：一、激活我們的社區，讓他們感到被關注並樂於分享；二、讓分享變得有趣和容易；三、講述真實的、以個性為驅動的故事；四、創造並主導圍繞租賃的文化對話。

Our Muse program, the community-driven content engine launched this year, has already generated 10 million impressions in Q3. Thousands of posts showcase the product in real life. And when we use this content in paid channels, it delivers a 20% lower CPA and 40% higher conversion than other creative.

我們今年推出的社群驅動型內容引擎 Muse 項目，在第三季已經產生了 1,000 萬次的曝光量。數千篇貼文展示了該產品的真實使用情況。當我們在付費管道中使用此內容時，其每次轉換費用比其他創意低 20%，轉換率高 40%。

Our City Ambassador program launched in October and scaled rapidly to 875 ambassadors. In just over two months, they produced over 2,700 reviews and several hundred referrals. Their referral rate is significantly higher than what we see with regular subscribers. These are passionate users acting as on the ground of (inaudible) for our brands. We told you we would recapitalize the business and significantly increase our inventory in order to reignite growth. We've done that.

我們的城市大使計劃於 10 月啟動，並迅速擴大規模，擁有 875 名大使。短短兩個多月的時間，他們就獲得了超過 2700 條評論和數百個推薦。他們的推薦率遠高於一般訂閱用戶的推薦率。這些充滿熱情的用戶正在為我們的品牌（聽不清楚）奔走。我們告訴你們，我們將對公司進行資本重組，並大幅增加庫存，以重振成長。我們已經做到了。

And today, our Q3 results are clear. Retention improved, NPS increased, engagement accelerated, community passion is stronger, and subscriber growth was robust even with the price increase. I'm confident that this is what it looks like when the Rent the Runway experience gets better and when the fundamentals of the model begin to reaccelerate. We are focused on building a larger, healthier, and more durable business, one that grows through exceptional customer experience and passionate community advocacy.

今天，我們的第三季業績已經明朗。用戶留存率提高，淨推薦值 (NPS) 提升，用戶參與度加快，社群熱情增強，即使價格上漲，訂閱用戶成長依然強勁。我相信，當 Rent the Runway 的體驗變得更好，當模式的基本要素開始重新加速發展時，它就會呈現出這樣的面貌。我們致力於打造一個規模更大、更健康、更持久的企業，透過卓越的客戶體驗和充滿熱情的社區倡議來實現成長。

Thank you for joining us today. With that, I'll turn it over to Sid.

感謝您今天蒞臨。這樣，我就把麥克風交給西德了。

Thanks, Jen, and thank you, everyone, for joining us. I'd like to discuss three topics before turning to business results. Our continued growth momentum, cash consumption this year, and our recently closed recapitalization transactions.

謝謝Jen，也謝謝大家的參與。在討論業務成果之前，我想先談談三個話題。我們持續的成長動能、今年的現金消耗以及我們最近完成的資本重組交易。

Let's begin with growth. As evidenced by Q3 results, subscriber growth continued to be strong, with 12.4% growth versus Q3 '24, even with the August 1 price increase. Revenue growth improved considerably from negative 7.2% in Q1 '25 and 2.5% in Q2 '25 to 15.4% in Q3 '25. Subscription growth was the strong driver of total revenue growth in light of weakness in our reserve business. As outlined in our guidance, we expect continued strong revenue growth in Q4. We believe that our investment in inventory this year is driving accelerated growth and improved customer satisfaction. We are growing without spending significantly more year over year in paid marketing, which we believe highlights the strength of the retention improvements we have seen.

讓我們從成長開始。從第三季業績可以看出，用戶成長依然強勁，與 2024 年第三季相比成長了 12.4%，即使 8 月 1 日漲價也是如此。2025 年第一季營收成長率為 -7.2%，第二季為 -2.5%，第三季為 15.4%，實現了顯著改善。鑑於儲備業務疲軟，訂閱業務的成長成為總營收成長的強勁驅動力。正如我們在業績指引中所述，我們預計第四季度營收將持續保持強勁成長。我們相信，今年對庫存的投資正在推動加速成長並提高客戶滿意度。我們在付費行銷方面的支出並沒有逐年大幅增加，卻實現了成長，我們認為這凸顯了我們在客戶留存率提升方面取得的顯著成效。

Second, we've been transparent about our fiscal year '25 goals to invest in inventory to improve customer experience and accelerate growth, which is driving increased cash consumption from near breakeven levels in fiscal year 2024. This rental product investment is directly visible in lower gross margins at approximately 29.6% this quarter versus 34.7% during the same quarter last year.

其次，我們對 2025 財年的目標保持透明，即投資庫存以改善客戶體驗並加速成長，這將導致 2024 財年的現金消耗從接近損益平衡點的水平上升。這項租賃產品投資直接體現在毛利率的下降上，本季毛利率約為 29.6%，去年同期為 34.7%。

As we discussed over the last two earnings calls, we have nearly doubled our units of inventory purchase this fiscal year. At this time, we do not expect increases in inventory receipts of this magnitude in fiscal year '26. We have continued to make progress in acquiring inventory on better terms, especially through share by RTR program.

正如我們在最近兩次財報電話會議上所討論的那樣，本財年我們的庫存採購量幾乎翻了一番。目前，我們預計 2026 財年庫存收貨量不會有如此大幅的成長。我們在以更優惠的條件獲取庫存方面持續取得進展，特別是透過 RTR 共享計劃。

We believe our incremental margins are solid even at current levels. Over time, we expect the combination of growth and these inventory cost improvements to deliver improved cash flow generation.

我們認為，即使在目前的水平下，我們的增量利潤率也是穩健的。隨著時間的推移，我們預期成長和庫存成本改善相結合，將帶來更好的現金流。

Finally, let me discuss the completion of the recapitalization transactions we announced in August. The transactions provide Rent the Runway with additional financial flexibility to execute on our growth plan by reducing our debt burden and by extending our debt maturity. We also believe that we will benefit from the considerable experience and fresh perspective that new members of our Board of Directors will bring.

最後，我想談談我們在8月宣布的資本重組交易的完成情況。這些交易為 Rent the Runway 提供了額外的財務靈活性，透過減少債務負擔和延長債務到期日來執行我們的成長計劃。我們也相信，新任董事會成員帶來的豐富經驗和全新視野將使我們受益匪淺。

Let me now review results for the third quarter before turning to Q4 and full year 2025 guidance. We ended Q3 '25 with 148,916 ending asset subscribers, up approximately 12.4% year over year. Average active subscribers during the quarter were 147,645 subscribers versus 130,796 subscribers in the prior year, an increase of 12.9% year over year. Subscriber growth was driven primarily by a higher base of active subscribers at the end of Q2 '25 versus the same period in fiscal 2024, higher subscriber acquisitions due to higher promotional activity, and improved subscriber retention versus Q3 '24. Ending active subscribers increased 1.7% from 146,373 subscribers in Q2 '25.

現在讓我回顧一下第三季的業績，然後再展望第四季和2025年全年業績。截至 2025 年第三季末，我們的期末資產認購者數量為 148,916 人，年增約 12.4%。本季平均活躍用戶數為 147,645 人，而上年同期為 130,796 人，較去年同期成長 12.9%。訂閱用戶成長主要得益於 2025 年第二季末活躍訂閱用戶基數高於 2024 財年同期，促銷活動增加導致訂閱用戶獲取量上升，以及與 2024 年第三季相比，訂閱用戶留存率有所提高。截至2025年第二季末的活躍用戶數為146,373人，成長了1.7%。

Total revenue for the quarter was $87.6 million, up $11.7 million or 15.4% year over year and up $6.7 million or 8.3% quarter over quarter. Subscription and reserve rental revenue was up $10.7 million or 16.1% year over year in Q3 '25, primarily due to higher average subscribers and higher average revenue per subscriber due to the subscription price increase effective August 1, partially offset by lower reserve revenue versus Q3 '24.

本季總營收為 8,760 萬美元，年增 1,170 萬美元，增幅為 15.4%；季增 670 萬美元，增幅為 8.3%。2025 年第三季度，訂閱和預留租賃收入年增 1,070 萬美元，增幅達 16.1%，主要原因是平均訂閱用戶數量增加，以及由於 8 月 1 日生效的訂閱價格上漲，每位訂閱用戶的平均收入增加，但部分被與 2024 年第三季度相比的預留收入下降所抵消。

Other revenue increased $1 million or 10.4% year over year. Fulfillment costs were $24 million in Q3 '25 versus $21.4 million in Q3 '24 and $22.5 million in Q2 '25. Fulfillment costs as a percentage of revenue were 27.4% of revenue in Q3 '25 compared to 28.2% of revenue in Q3 '24. Fulfillment costs declined as a percentage of revenue, primarily due to higher revenue per order driven by our August price increase, partially offset by higher transportation costs as a result of carrier rate increases and higher warehouse processing costs.

其他收入年增 100 萬美元，增幅達 10.4%。2025 年第三季履約成本為 2,400 萬美元，而 2024 年第三季為 2,140 萬美元，2025 年第二季為 2,250 萬美元。2025 年第三季度，履行成本佔營收的 27.4%，而 2024 年第三季則為 28.2%。由於 8 月提價帶動每筆訂單收入增加，訂單履行成本佔收入的比例有所下降，但部分被承運商費率上漲導致的運輸成本增加和倉儲處理成本增加所抵銷。

Gross margins were 29.6% in Q3 '25 versus 34.7% in Q3 '24. Q3 '25 gross margins reflect higher revenue share costs as a percentage of revenue due to greater share by RTR inventory levels, partially offset by lower fulfillment and rental product depreciation and write-off costs as a percentage of revenue. Q3 '25 gross margins decreased quarter over quarter from 30% in Q2 '25, primarily due to higher revenue share costs as a percentage of revenue.

2025 年第三季毛利率為 29.6%，而 2024 年第三季毛利率為 34.7%。2025 年第三季毛利率反映出收入分成成本佔收入的百分比較高，這是由於 RTR 庫存水準佔比增加所致，但部分被履行和租賃產品折舊及註銷成本佔收入的百分比降低所抵銷。2025 年第三季毛利率較第二季的 30% 下降，主要原因是收入分成成本佔收入的比例上升。

Q3 '25 operating expenses were 7% higher year over year due primarily to higher employee expenses. Total operating expenses, which include technology, marketing, and G&A were 45.2% of revenue in Q3 '25 versus 48.7% of revenue in Q3 '24 and 51.7% of revenue in Q2 '25.

2025 年第三季營運費用年增 7%，主要原因是員工支出增加。2025 年第三季度，包括技術、行銷和一般及行政費用在內的總營運費用佔收入的 45.2%，而 2024 年第三季為 48.7%，2025 年第二季為 51.7%。

Adjusted EBITDA for Q3 '25 was $4.3 million or 4.9% of revenue versus $9.3 million or 12.3% of revenue in Q3 '24. The decrease in adjusted EBITDA versus the prior year is primarily a result of higher revenue share expenses due to greater share by RTR inventory levels.

2025 年第三季調整後 EBITDA 為 430 萬美元，佔營收的 4.9%，而 2024 年第三季調整後 EBITDA 為 930 萬美元，佔營收的 12.3%。與前一年相比，調整後 EBITDA 的下降主要是由於 RTR 庫存水準佔比增加，導致收入分成費用增加。

Free cash flow for Q3 '25 was negative $13.6 million versus negative $3.4 million in Q3 '24. Free cash flow decreased versus the prior year, primarily due to lower adjusted EBITDA and higher purchases of rental products on account of our inventory strategy for fiscal year 2025.

2025 年第三季自由現金流為負 1,360 萬美元，而 2024 年第三季為負 340 萬美元。與前一年相比，自由現金流有所下降，主要原因是調整後的 EBITDA 降低，以及由於我們 2025 財年的庫存策略，租賃產品的採購量增加。

I will now discuss guidance for Q4 2025 and fiscal year 2025. For Q4, we expect revenue to be between $85 million and $87 million. We expect adjusted EBITDA margins to be between 11% and 13% of revenue. For fiscal year 2025, we continue to expect double-digit growth in ending active subscribers. We expect fiscal year 2025 revenue to be between $323.1 million and $325.1 million. We expect adjusted EBITDA margins to be between 4.9% and 5.5% of revenue.

接下來我將討論2025年第四季和2025財年的業績指引。我們預計第四季營收將在 8,500 萬美元至 8,700 萬美元之間。我們預計調整後的 EBITDA 利潤率將佔營收的 11% 至 13%。預計 2025 財年末活躍用戶數將持續維持兩位數成長。我們預計 2025 財年的營收將在 3.231 億美元至 3.251 億美元之間。我們預計調整後的 EBITDA 利潤率將佔營收的 4.9% 至 5.5%。

We continue to expect free cash flow to be lower than negative $40 million primarily due to costs associated with the recapitalization transaction. We believe our business is showing improved momentum as evidenced by growth in the active subscriber base, and we plan to prudently manage investments to continue to drive growth for the rest of fiscal year 2025.

我們仍預期自由現金流將低於負 4,000 萬美元，主要原因是與資本重組交易相關的成本。我們相信，隨著活躍用戶數量的成長，我們的業務發展動能正在增強，我們計劃謹慎管理投資，以在 2025 財年剩餘時間內繼續推動成長。

In conclusion, we're pleased with the improved growth momentum we have seen this year. I believe that Rent the Runway is in the strongest position it has been in several years. We look forward to continuing to delight our customers and to driving sustainable growth in the years ahead.

總之，我們對今年以來不斷改善的成長動能感到滿意。我認為Rent the Runway目前處於近幾年來最強勢的時期。我們期待在未來幾年繼續為客戶帶來滿意，並推動永續成長。

Thank you, everyone, for joining us. We look forward to speaking to you next quarter.

謝謝大家的參與。我們期待下個季度與您再次交流。

Thank you. This concludes today's conference. You may now disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

謝謝。今天的會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有美好的一天。