Rent the Runway, Inc. (RENT) 2026 Q1 法說會逐字稿

Greetings, and welcome to Rent the Runway's first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Rent the Runway 2026 會計年度第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

I'd now like to turn the conference over to your host, Cara Schembri, General Counsel. Please go ahead.

現在我想把會議交給今天的主持人——總法律顧問 Cara Schembri。請開始。

Hello, everyone, and thanks for joining us today. 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 second fiscal quarter 2026 in the fiscal year 2026, and statements regarding the impact of our business strategies and plans, our ability to drive subscriber growth and customer loyalty in a cost-efficient manner and our planned increases in inventory. 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 today's press release and our Form 10-Q.

各位好，感謝今天加入我們。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。這些陳述包括 2026 會計年度第二財季的指引及其基礎假設，以及關於我們商業策略與計畫之影響、我們以具成本效益的方式推動訂閱者成長與客戶忠誠度的能力，以及我們計畫增加庫存的相關陳述。這些陳述受到各種風險、不確定性與假設的影響，可能導致我們的實際結果出現重大差異。這些風險、不確定性與假設已在今日新聞稿及我們的 Form 10-Q 中詳述。

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

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 and in our SEC filings.

在本次電話會議中，我們也將提及若干非 GAAP 財務資訊。呈列該等非 GAAP 財務資訊並非意圖讓其被單獨考量，或作為依 GAAP 編製之財務資訊的替代。GAAP 與非 GAAP 指標之調節表可於我們的新聞稿及向 SEC 提交的文件中查閱。

With that, I'll turn it over to Teri Bariquit, our Interim CEO.

接下來，我把時間交給我們的臨時執行長 Teri Bariquit。

Thank you, Cara, and thank you all for joining today. I want to take a moment to acknowledge what a meaningful and full at Rent the Runway. As many of you know, Jennifer Hyman, our Co-founder and long-term CEO, stepped down from her role in mid-May after 18 years leading the company. I want to thank Jen on behalf of the Board, our team and everyone on this call. Jen took a bold idea and built it into a category-defining platform that has fundamentally changed how women get dressed and experience fashion.

謝謝你，Cara，也謝謝各位今天加入。我想花一點時間，致意 Rent the Runway 一段非常重要且充實的時期。如各位所知，我們的共同創辦人兼長期執行長 Jennifer Hyman，在帶領公司 18 年後，於 5 月中旬卸任。我代表董事會、我們的團隊以及今天在線上的所有人，感謝 Jen。Jen 將一個大膽的想法打造為定義品類的平台，從根本上改變了女性穿搭與體驗時尚的方式。

She will remain an adviser to the company through January of '27 to support a smooth position.

她將持續擔任公司顧問至 2027 年 1 月，以支持順利交接。

Stepping into the interim CEO and President's role at this moment in Rent the Runway's story is truly an honor. For those of you I haven't had a chance to meet yet, I'd like to take a few minutes to introduce a little more about myself.

在 Rent the Runway 發展故事的此刻接任臨時執行長與總裁一職，對我而言真的是一項榮幸。對於尚未有機會見面的各位，我想花幾分鐘更進一步介紹自己。

I joined Rent the Runway's Board of Directors in October of last year and I stepped into the Interim CEO and President role following Jen's departure on May 15. Before joining the Board, I spent 37 years at Nordstrom, most recently as Chief Merchandising Officer, where I led more than 1,200 people across buying, planning, product development and inventory management. As part of the executive team at Nordstrom, I collaborated and worked with supply chain, technology, finance, marketing, human resources, legal, along with Nordstrom and Nordstrom Rack stores and online to deliver the best customer experience and offer.

我於去年 10 月加入 Rent the Runway 董事會，並在 Jen 於 5 月 15 日離任後，接任臨時執行長與總裁職務。在加入董事會之前，我在 Nordstrom 任職 37 年，最近的職務為首席商品長（Chief Merchandising Officer），帶領超過 1,200 名同仁，涵蓋採購、規劃、產品開發與庫存管理。作為 Nordstrom 的高階管理團隊一員，我與供應鏈、科技、財務、行銷、人力資源、法務，以及 Nordstrom 與 Nordstrom Rack 的門市與線上團隊合作，提供最佳的客戶體驗與商品供給。

During my career, my work is centered on three things: understanding how customer needs are changing, building durable partnerships with brands, and leading the kind of operational transformations that allow a business to evolve and grow. I plan to bring all three of those focuses to my work at Rent the Runway.

在我的職涯中，我的工作聚焦於三件事：理解客戶需求如何改變、與品牌建立長期且穩固的合作夥伴關係，以及領導能讓企業演進與成長的營運轉型。我計畫把這三個重點帶到我在 Rent the Runway 的工作中。

I've admired Rent the Runway for a long time now. First, as a retail partner at Nordstrom. Then as a customer who fell in love with what the company makes possible for women. And most recently, as a Board member, working closely with the full Board, Jen and the senior leadership team. I know the strategy, I know the team, and I have confidence in where this company is headed.

我長期以來一直很欣賞 Rent the Runway。起初，是在 Nordstrom 擔任零售合作夥伴時；接著，作為一名客戶，我愛上了公司為女性所帶來的可能性；而最近，作為董事會成員，我與全體董事會、Jen 以及資深領導團隊密切合作。我了解策略、了解團隊，並對公司未來的方向充滿信心。

I want to underscore my conviction in our core business strategy and in the health of this business. After nearly 40 years in retail, I know that the foundation of any good retail business is the same: putting the customer at the center of everything we do, surrounded by the right products and brands, in the right quantities, easily found by the customers. The inventory transformation this team executed in 2025 was a bold, well-placed at on exactly that principle, and the results are now showing up across the business.

我想強調我對核心商業策略以及公司營運健康狀況的堅定信念。在零售業近 40 年的經驗讓我知道，任何優秀零售企業的基礎都相同：以客戶為中心，周圍配置正確的產品與品牌、以正確的數量供應，並讓客戶能輕鬆找到。這個團隊在 2025 年執行的庫存轉型，是基於這一原則所做出的大膽且精準的押注，而成果如今正反映在整體業務表現上。

I firmly believe that Rent the Runway is operating from a strong foundation. We had a great first quarter fiscal year '26 where we grew revenue and made progress against our goal to diversify revenue streams. The numbers this quarter show that our strategy is working. Total revenue was $90 million, growing nearly 30% year-over-year and beating guidance of $85 million to $87 million. We also continued to see strong growth in our add-on business, with add-on revenue growing 70% year-over-year and 11% versus prior quarter.

我堅信 Rent the Runway 正建立在穩固的基礎之上。我們在 2026 會計年度第一季表現出色，營收成長，並在多元化營收來源的目標上取得進展。本季數據顯示我們的策略正在奏效。總營收為 9,000 萬美元，年增近 30%，並優於 8,500 萬至 8,700 萬美元的指引。我們也持續看到加購（add-on）業務的強勁成長，加購營收年增 70%，較前一季成長 11%。

This is driven primarily by increasing our percentage of subscribers engaging with our add-on products feature. This signals to us that our customer is loving the assortment and that the membership flexibility we are offering is working.

這主要是由於參與加購產品功能的訂閱者占比提升所帶動。這向我們傳達一個訊號：客戶很喜歡我們的商品組合，而我們提供的會員彈性也正在發揮作用。

Spending time with the team over the past several weeks has reinforced what I observed from my Board seat. The customer accession and the merchandising muscles are real. Partnerships with brands our customers love continue to deepen, and our assortment is doing what we wanted to do, drawing customers in and keeping them engaged. The right brands, right quantities is working.

過去幾週與團隊共事的時間，強化了我在董事會席位上所觀察到的情況：獲客能力與商品企劃能力確實扎實。我們與客戶喜愛的品牌之合作關係持續加深，而我們的商品組合也達成了我們想要的效果——吸引客戶並讓她們持續投入。「正確的品牌、正確的數量」正在奏效。

Where I see the most opportunity ahead is on that third leg of the triad: making this inventory even easier for her to find. As you heard last quarter, 2026 is about discovery. In particular, we are focused on deploying AI to develop, deliver the closet of our customer streams with more choice and more flexibility. We've made some meaningful progress on that promise.

我認為未來最大的機會在於這個三角架的第三個支柱：讓她更容易找到這些庫存。如同各位在上一季所聽到的，2026 年的重點是「探索（discovery）」。特別是，我們專注於部署 AI，以提供並交付更符合客戶需求的衣櫥體驗，帶來更多選擇與更高彈性。我們在實現這項承諾上已取得一些重要進展。

In April, we launched personalized carousel across our platform, now live for all subscribers. She can now discover items similar to her recent favorites and explore a curated For You feed designed to whet her unique taste. The goal is simple: save her time and make every visit all tailored to her. Impact of these improvements are an 11% increase in hearting behavior for active subscribers.

4 月，我們在全平台推出個人化輪播（personalized carousel），目前已對所有訂閱者上線。她現在可以發現與近期最愛相似的商品，並瀏覽為她量身打造的「For You」精選動態，貼合她獨特的品味。目標很簡單：為她節省時間，讓每一次造訪都更貼近她的需求。這些改善帶來的影響是：活躍訂閱者的「按愛心（hearting）」行為提升了 11%。

In May, we innovated with AI imagery to update outdated inventory to more relatable true-to-life visuals that help her picture herself in the item. This increases use on by 129%.

5 月，我們以 AI 圖像進行創新，將過時的庫存圖片更新為更貼近、更加真實的視覺呈現，幫助她想像自己穿上該商品的樣子。這使使用率提升了 129%。

Also in May, we began internal testing of outfit generation. This allows us to suggest complete looks rather than individual items. We expect this to roll out in the coming months and believe it will meaningfully change how she discovers and rent on Rent the Runway.

同樣在 5 月，我們開始進行穿搭生成（outfit generation）的內部測試。這讓我們能夠推薦完整造型，而不只是單一商品。我們預期將在未來幾個月推出，並相信這將顯著改變她在 Rent the Runway 上探索與租借的方式。

A healthy core makes new growth possible. From this position of strength, I want to share my excitement around new revenue streams. We have set an early-stage a set of early-stage growth initiatives: our online marketplace, our advertising and media platform and our B2B business. These have real room to scale. We made measurable progress this quarter on several of these initiatives.

健康的核心業務讓新的成長成為可能。在這個強勢的基礎之上，我想分享我對新營收來源的期待。我們已設定一組早期成長計畫：我們的線上市集、我們的廣告與媒體平台，以及我們的 B2B 業務。這些都有實質的擴張空間。本季我們在其中數項計畫上取得了可衡量的進展。

Last quarter, we launched a pilot of the RTR Marketplace with a small subset of our most loyal subscribers. Based on what we learned, we expanded access in April, and the Rent the Runway Marketplace is now live to our customers directly from our home page. While this initiative remains nascent and small from a revenue perspective, the early signal is encouraging. Our near-term focus is on integrating it with the core rental experience to make it seamless for subscriber to complete her look and transaction.

上季，我們以一小部分最忠誠的訂閱用戶為對象，推出了 RTR Marketplace 的試點。根據我們的學習成果，我們於 4 月擴大了存取範圍，而 Rent the Runway Marketplace 現已可由我們的首頁直接向客戶上線。雖然就營收角度而言，這項計畫仍屬初期且規模不大，但早期訊號令人鼓舞。我們短期內的重點是將其與核心租賃體驗整合，使訂閱用戶能無縫完成整體造型與交易。

In our advertising and media business, we are seeing meaningful momentum and interest from major partners. Looking at it with fresh eyes, what excites me is the dual nature of the opportunity. Media revenue from brands that recognize the purchasing power and life stage relevance of the RTR customer and a uniquely efficient new channel for subscriber acquisition. We see meaningful room to scale both sides of that equation over time.

在我們的廣告與媒體業務方面，我們正看到來自主要合作夥伴的顯著動能與興趣。以全新視角來看，令我振奮的是這個機會的雙重特性：一方面是來自品牌的媒體收入——這些品牌認可 RTR 客戶的購買力與其人生階段的高度相關性；另一方面則是一個獨特且效率極高的訂閱用戶獲取新通路。隨著時間推移，我們看到這兩端都有相當大的擴張空間。

And in terms of B2B opportunities, we launched a BD dry cleaning service pilot in Q1. We've made the underlying investments needed to support scaling. And over time, we believe our logistics infrastructure can be a meaningful stand-alone revenue stream. Again, these are just a few of the early initiatives we are exploring.

至於 B2B 機會方面，我們在第一季推出了 BD 乾洗服務試點。我們已完成支援擴張所需的底層投資。並且隨著時間推移，我們相信自身的物流基礎設施可成為一項具意義的獨立營收來源。再次強調，以上僅是我們正在探索的幾項早期計畫。

To help with further commercialization and revenue generation, I am pleased to share new senior leadership appointments. First, I'm pleased to welcome Paige Thomas, a 25-plus year retail veteran, who is joining RTR as our Chief Commercial Officer. Paige's first day was June 1. Second, I'd like to introduce Dave Loretta, our Interim CFO.

為了協助進一步商業化與營收成長，我很高興分享新的資深領導任命。首先，我很高興歡迎擁有 25 年以上零售資歷的資深人士 Paige Thomas 加入 RTR，擔任我們的首席商務長（Chief Commercial Officer）。Paige 的到職首日為 6 月 1 日。第二，我想介紹我們的臨時財務長（Interim CFO）Dave Loretta。

Paige has one of the strongest track records in the industry and someone I've known admired for years. Most recently, Paige served as Chief Merchant and Product Innovation Officer at Signet Jeweler, where she led the merchandising strategy, global sourcing, new product innovation across the enterprise. Prior to Signet, she served as President and CEO of Saks OFF 5TH, leading the business through a major repositioning across stores, digital and brand partnerships. Earlier in her career, Paige spent over a decade at Nordstrom, including five years leading and scaling Nordstrom Rack as EVP and General Merchandise Manager. There are a few leaders in retail with Paige's blend of strategic muscle, commercial instinct, operational depth and digital fluency.

Paige 擁有業界最強的實績之一，也是我多年來認識並敬佩的人。最近，Paige 擔任 Signet Jeweler 的首席商品與產品創新長（Chief Merchant and Product Innovation Officer），在該職務中她主導商品策略、全球採購，以及全企業的新產品創新。在加入 Signet 之前，她曾任 Saks OFF 5TH 的總裁暨執行長（President and CEO），帶領業務在門市、數位與品牌合作夥伴等面向完成重大重新定位。更早期的職涯中，Paige 在 Nordstrom 任職超過十年，其中包含以執行副總裁暨總商品經理（EVP and General Merchandise Manager）身分領導並擴張 Nordstrom Rack 達五年之久。零售業中很少有領導者能像 Paige 一樣，同時具備策略力、商業直覺、營運深度與數位敏銳度。

The fact she's choosing to spend this next chapter with Rent the Runway says something about the moment that we are in.

她選擇在下一個篇章與 Rent the Runway 同行，某種程度上也反映了我們正處於一個關鍵時刻。

Second, Dave Loretta is joining Rent the Runway as our Interim Chief Financial Officer and Treasurer, while we recruit a permanent leader. His first official day will be next Monday, June 8. Dave brings a deep financial leadership to RTR. Most recently, he served CFO of the Honest Company, and before that, he spent 6 years as CFO of Duluth Trading Company where he led not just finance and accounting, but also inventory planning, strategy and investor relations. Before Duluth, he spent more than a decade at Nordstrom, including roles as President and CFO of Nordstrom Bank and as Corporate Vice President and Treasurer.

第二，Dave Loretta 將加入 Rent the Runway，擔任臨時首席財務長兼財務主管（Interim Chief Financial Officer and Treasurer），在我們招募永久領導人期間負責相關職務。他的正式到職日為下週一（6 月 8 日）。Dave 為 RTR 帶來深厚的財務領導經驗。最近，他擔任 Honest Company 的財務長（CFO）；在此之前，他在 Duluth Trading Company 擔任財務長長達 6 年，不僅領導財務與會計，也負責庫存規劃、策略與投資人關係。在加入 Duluth 之前，他在 Nordstrom 任職超過十年，曾擔任 Nordstrom Bank 的總裁兼財務長，以及企業副總裁兼財務主管（Corporate Vice President and Treasurer）等職務。

Dave also ran his own business in the food and beverage industry. That entrepreneurial spirit and instinct combined with his enterprise experience filling public companies' finance functions makes him uniquely a strong fit for Rent the Runway. As we enter this next chapter, the addition of Page and Dave further enhances the depth of our leadership bench.

Dave 也曾在食品與飲料產業經營自己的事業。這種創業精神與直覺，加上他在企業端補齊上市公司財務職能的經驗，使他特別適合 Rent the Runway。當我們邁入下一個篇章，Paige 與 Dave 的加入進一步提升了我們領導團隊的人才深度。

In closing, I see a real inflection point at Rent the Runway. The inventory focus of 2025 worked. We're seeing net new opportunities across the business that give me confidence in what lies ahead. And we are building for the future, working to deepen discovery through AI, expanding into exciting new categories and strengthening the relationships we have with both our customers and our brand partners. The growth opportunities in front of us are significant and I could not be more excited for what's to come.

最後總結，我認為 Rent the Runway 正處於真正的拐點。2025 年的庫存聚焦策略奏效了。我們在整體業務上看到新的淨增機會，讓我對未來充滿信心。同時，我們也在為未來打造能力：透過 AI 加深探索與發現、擴展至令人振奮的新類別，並強化我們與客戶及品牌合作夥伴之間的關係。眼前的成長機會相當可觀，我對接下來的發展感到無比期待。

As you know, this is his last earnings call with Rent the Runway as CFO. Before I hand it over to Sid, I want to thank him for the impact he's made to improve our financial foundation. He's truly left it better than he found it. Thank you, Sid.

如各位所知，這是他以財務長身分在 Rent the Runway 的最後一次財報電話會議。在我把時間交給 Sid 之前，我想感謝他為強化我們財務基礎所帶來的影響。他確實讓一切比他接手時更好。謝謝你，Sid。

With that, I'm handing it to Sid.

接下來，我把時間交給 Sid。

Thanks, Teri, and thank you, everyone, for joining us. I'd like to focus on three key topics related to Q1 earnings before providing a more detailed review of results for the quarter. First, I'd like to reiterate the strength of our business in Q1. Second, I want to discuss the deceleration in ending active subscriber growth in the quarter versus prior quarters. Finally, I will address free cash flow for Q1 and why, as evidenced by our adjusted EBITDA and rental product acquired guidance, we continue to expect improved free cash flow for the full fiscal year.

謝謝你，Teri，也謝謝各位今天加入。我想在更詳細回顧本季業績之前，先聚焦三個與第一季財報相關的重點主題。第一，我想重申我們第一季業務的強勁表現。第二，我想討論本季期末活躍訂閱用戶成長相較前幾季的放緩。最後，我將說明 2026 會計年度第一季的自由現金流，以及為何從我們的調整後 EBITDA 與租賃產品採購（rental product acquired）指引可見，我們仍預期全年度自由現金流將改善。

Q1 2026 was a strong quarter for Rent the Runway with almost 30% revenue growth versus Q1 2025. We believe subscription revenue growth was excellent and driven by both higher average revenue per subscriber and higher active subscribers. We saw notable strength in customers adding on extra items in their shipments, indicating to us that customers are happier with the inventory investments we have made in fiscal years '25 and '26. We also saw strength in other revenue driven by increases in our retail business. Finally, despite declining year-over-year, our reserve business exhibited improving trends versus the prior quarter.

2026 年第一季對 Rent the Runway 而言表現強勁，營收較 2025 年第一季成長近 30%。我們認為訂閱營收成長非常出色，主要由每位訂閱用戶的平均營收提升以及活躍訂閱用戶增加所帶動。我們看到客戶在出貨中加購額外品項的情況明顯增強，這向我們顯示客戶對我們在 2025 與 2026 會計年度所做的庫存投資更為滿意。我們也看到其他營收因零售業務成長而走強。最後，儘管年對年下滑，我們的 reserve 業務相較上一季呈現改善趨勢。

Consistent with the expectations shared in our Q4 earnings call, we saw a deceleration in year-over-year ending active subscriber growth in Q1 '26. As we outlined last quarter, the deceleration is largely a function of the tough comparisons we faced in the first half of fiscal '26 due to normalized marketing spending versus Q4 2025 and due to strong promotional activity last year to get customers excited about the significant increases in inventory. I believe that our underlying business drivers remain strong as evidenced by the double-digit revenue growth guidance for fiscal year 2026.

與我們在第四季財報電話會議中分享的預期一致，我們在 2026 年第一季看到期末活躍訂閱用戶年對年成長放緩。如同上季所述，放緩主要是因為 2026 會計年度上半年面臨較具挑戰性的比較基期：一方面是相較 2025 年第四季，行銷支出回歸常態化；另一方面是去年為了讓客戶對庫存大幅增加感到興奮而進行了強力促銷活動。我相信我們的基本面驅動因素仍然強勁，這也反映在我們對 2026 會計年度提供的雙位數營收成長指引上。

Finally, free cash flow for Q1 '26 was lower than Q1 '25, despite roughly similar levels of adjusted EBITDA and lower inventory-related capital expenditures due to receipts arriving earlier in the fiscal year, cash interest expense and working capital timing. Our April 2026 debt amendment allows us to pay interest in kind through April 2027. As evidenced by our adjusted EBITDA and rental product acquired guidance for fiscal year 2026, we continue to expect improvements in free cash flow in fiscal year '26 versus fiscal year '25 as timing-related factors become less relevant over the full fiscal year.

最後，儘管調整後 EBITDA 大致相近，且因收貨（receipts）在會計年度較早到達而使與庫存相關的資本支出較低，但 2026 年第一季自由現金流仍低於 2025 年第一季，原因包括現金利息費用與營運資金時點因素。我們於 2026 年 4 月完成的債務修訂允許我們以實物支付利息（pay interest in kind）至 2027 年 4 月。從我們對 2026 會計年度的調整後 EBITDA 與租賃產品採購指引可見，隨著時點相關因素在全年範圍內的重要性降低，我們仍預期 2026 會計年度的自由現金流將較 2025 會計年度改善。

Let me now review results for the first quarter before turning to Q2 and full year 2026 guidance. We ended Q1 '26 with 155,692 ending active subscribers, up 5.8% year-over-year. Average active subscribers during the quarter were 149,744 subscribers versus 133,468 subscribers in the prior year, an increase of 12.2% year-over-year. Subscriber growth was driven primarily by a higher base of active subscribers at the end of Q4 '25 versus Q4 '24 and higher subscriber acquisitions in Q1 '26 versus Q1 '25, partially offset by higher additions to the POS subscriber base year-over-year.

接下來我將先回顧第一季業績，之後再談第二季與 2026 全年指引。我們在 2026 年第一季結束時的期末活躍訂閱用戶為 155,692 人，年對年成長 5.8%。本季平均活躍訂閱用戶為 149,744 人，較去年同期的 133,468 人增加 12.2%。訂閱用戶成長主要由兩項因素帶動：2025 年第四季期末活躍訂閱用戶基數高於 2024 年第四季，以及 2026 年第一季的訂閱用戶獲取量高於 2025 年第一季；但部分被年對年 POS 訂閱用戶基礎新增較高所抵銷。

Ending active subscribers increased 8.3% from 143,796 subscribers in Q4 '25, primarily due to seasonal factors. Total revenue for the quarter was $89.9 million, up $20.3 million or 29.2% year-over-year and down $1.8 million or 2% quarter-over-quarter. Subscription and reserve rental revenue was up $15.7 million or 25.3% year-over-year in Q1 '26, 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 Q2. Other revenue increased $4.6 million or 60.5% year-over-year, primarily due to significantly high retail revenue.

期末活躍訂閱用戶較 2025 年第四季的 143,796 名增加 8.3%，主要受季節性因素影響。本季總營收為 8,990 萬美元，年增 2,030 萬美元或 29.2%，季減 180 萬美元或 2%。2026 年第一季的訂閱與備用租賃（reserve rental）營收年增 1,570 萬美元或 25.3%，主要因平均訂閱用戶數提高，以及自 8 月 1 日起生效的訂閱價格調漲帶動每位訂閱用戶平均營收提升，但部分被相較第二季較低的備用（reserve）營收所抵銷。其他營收年增 460 萬美元或 60.5%，主要因零售營收顯著偏高。

Fulfillment costs were $23.6 million in Q1 '26 versus $20.4 million in Q1 '25 and $21.6 million in Q4 '25. Fulfillment costs as a percentage of revenue were 26.2% of revenue in Q1 '26, compared to 29.4% of revenue in Q1 '25. Fulfillment costs declined as a percentage of revenue, primarily due to high revenue per order driven by an August price increase and higher retail revenue, partially offset by higher transportation costs as a result of carrier rate increases, higher fuel surcharges and higher warehouse processing costs.

2026 年第一季履約成本為 2,360 萬美元，對比 2025 年第一季的 2,040 萬美元及 2025 年第四季的 2,160 萬美元。2026 年第一季履約成本占營收比重為 26.2%，相較 2025 年第一季的 29.4%。履約成本占營收比重下降，主要因 8 月價格調漲與較高零售營收帶動每筆訂單營收提高；但部分被運輸成本上升所抵銷，運輸成本上升係因承運商費率調漲、燃油附加費提高，以及倉儲處理成本增加。

Gross margins were 25.9% in Q1 '26 versus 31.5% in Q1 '25. Q1 '26 gross margins reflect higher revenue share costs as a percentage of revenue due to higher share by RTR inventory levels, partially offset by lower rental product depreciation and write-off costs and lower fulfillment cost as a percentage of revenue.

2026 年第一季毛利率為 25.9%，對比 2025 年第一季的 31.5%。2026 年第一季毛利率反映：由於 RTR 庫存水位中「分成（share by RTR）」占比提高，導致營收分成成本占營收比重上升；但部分被租賃商品折舊與報廢成本下降，以及履約成本占營收比重下降所抵銷。

Q1 '26 gross margins decreased quarter-over-quarter from 38.6% in Q4 '25, primarily due to higher fixed revenue share costs as a percentage of revenue on account of seasonally higher receipts of share by RTR inventory and the impact of lower revenue per order on fulfillment expenses as a percentage of revenue. Q1 '26 operating expenses were 4.9% higher year-over-year due primarily to higher G&A expenses. Total operating expenses, which include technology, marketing and G&A were 45.4% of revenue in Q1 '26 versus 55.9% of revenue in Q1 '25.

2026 年第一季毛利率較 2025 年第四季的 38.6% 季減，主要因季節性使分成（share by RTR）庫存收貨量較高，導致固定營收分成成本占營收比重上升，以及每筆訂單營收下降對履約費用占營收比重的影響。2026 年第一季營業費用年增 4.9%，主要因一般及行政（G&A）費用較高。包含技術、行銷與 G&A 在內的總營業費用，2026 年第一季占營收比重為 45.4%，對比 2025 年第一季的 55.9%。

Adjusted EBITDA for Q1 '26 was negative $0.8 million or negative 0.9% of revenue versus negative $1.3 million or negative 1.9% of revenue in Q1 '25. The increase in adjusted EBITDA as a percentage of revenue versus the prior year is primarily a result of lower operating expenses as a percentage of revenue and lower fulfillment expenses as a percentage of revenue, partially offset by higher revenue share expenses as a percentage of revenue due to greater share by RTR inventory levels.

2026 年第一季調整後 EBITDA 為負 80 萬美元（占營收比重為負 0.9%），對比 2025 年第一季為負 130 萬美元（占營收比重為負 1.9%）。調整後 EBITDA 占營收比重較去年提升，主要因營業費用占營收比重下降，以及履約費用占營收比重下降；但部分被因分成（share by RTR）庫存水位提高而使營收分成費用占營收比重上升所抵銷。

Free cash flow for Q1 '26 was negative $13.6 million versus negative $6.4 million in Q1 '25. Free cash flow decreased versus the prior year primarily due to increased cash used in working capital, driven by timing of payments and higher cash interest expense in Q1 '26 versus Q1 '25, partially offset by lower inventory-related capital expenditures.

2026 年第一季自由現金流為負 1,360 萬美元，對比 2025 年第一季為負 640 萬美元。自由現金流較去年下降，主要因營運資金使用現金增加（受付款時點影響），以及 2026 年第一季的現金利息費用高於 2025 年第一季；但部分被與庫存相關的資本支出較低所抵銷。

I will now discuss guidance for Q2 2026 and fiscal year 2026. We are reiterating our double-digit revenue growth guidance for fiscal year '26 versus fiscal year '25. We believe the business is off to a strong start in Q1 '26, building confidence in revenue guidance for the year. We are also reiterating our adjusted EBITDA guidance of 4% to 7% of revenue for fiscal year '26. We also continue to expect rental product acquired to be between $45 million and $50 million in fiscal year 2026.

我現在將說明 2026 年第二季與 2026 會計年度的財測指引。我們重申 2026 會計年度相較 2025 會計年度的雙位數營收成長指引。我們認為 2026 年第一季業務開局強勁，進一步提升我們對全年營收指引的信心。我們也重申 2026 會計年度調整後 EBITDA 指引為營收的 4% 至 7%。此外，我們仍預期 2026 會計年度購置的租賃商品金額介於 4,500 萬至 5,000 萬美元。

For Q2, we expect revenue to be between $91 million and $95 million, representing growth of between 12% and 17% versus Q2 '25. Note that our guidance range reflects our decision to preserve inventory for our rental business and the significant increase in our retail business that we saw in Q2 '25. It also assumes a continued decline in the reserve business, our expectations around the timing of subscriber growth and uncertainty around customer reaction to passing along fuel surcharges this fiscal year. We expect Q2 adjusted EBITDA to be between 5% and 8% of revenue.

就第二季而言，我們預期營收介於 9,100 萬至 9,500 萬美元，較 2025 年第二季成長約 12% 至 17%。請注意，我們的指引區間反映我們決定為租賃業務保留庫存，以及我們在 2025 年第二季看到零售業務大幅增加。該指引亦假設備用（reserve）業務持續下滑、我們對訂閱用戶成長時點的預期，以及本會計年度將燃油附加費轉嫁給客戶時，客戶反應的不確定性。我們預期第二季調整後 EBITDA 介於營收的 5% 至 8%。

Finally, I would emphasize that the macroeconomic and geopolitical environment remains highly uncertain, with potential impacts on transportation costs, fuel surcharges and consumer confidence. Our guidance is based on current conditions and assumptions and does not contemplate material deterioration, including from our decision to pass on fuel surcharges to customers or volatility in factors. Accordingly, actual results may differ materially if such conditions change.

最後，我要強調總體經濟與地緣政治環境仍高度不確定，可能影響運輸成本、燃油附加費與消費者信心。我們的指引係基於目前狀況與假設，未納入重大惡化情境，包括因我們決定將燃油附加費轉嫁給客戶或相關因素波動所致。因此，若上述狀況發生變化，實際結果可能出現重大差異。

Before concluding, I'd like to take a personal moment. As you know, this will be my last earnings call as CFO of Rent the Runway. I believe that Rent the Runway's business is the strongest it's been since I joined the company in mid-2022. I believe that our customers are happier, our growth is solid, expected free cash flow trends continue to improve, and we have a markedly better balance sheet. I want to thank our shareholders for the trust you've extended to me over the years.

在結束之前，我想談一段個人感言。如各位所知，這將是我以 Rent the Runway 財務長（CFO）身分參與的最後一次財報電話會議。我認為，自我於 2022 年年中加入公司以來，Rent the Runway 的業務目前處於最強勁的狀態。我相信我們的客戶更滿意、成長穩健、預期自由現金流趨勢持續改善，且資產負債表明顯更健康。我要感謝股東多年來對我的信任。

I also want to thank Jen, Teri and our past and current Board of Directors for their support. It has been a privilege to represent this country company. I'm excited about Rent the Runway's return to growth and wish the team the very best going forward. Thank you.

我也要感謝 Jen、Teri，以及我們過去與現任董事會的支持。能代表這家公司是一項榮幸。我對 Rent the Runway 重返成長感到振奮，並祝福團隊未來一切順利。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。