RH (RH) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the RH fourth quarter and fiscal year 2024 earnings call. I would now like to turn the call over to Ms. Allison Malkin. Please go ahead, ma'am.

大家好，歡迎參加 RH 2024 財年第四季和財報電話會議。現在我想將電話轉給艾莉森馬爾金女士。請繼續，女士。

Thank you. Good afternoon, everyone. Thank you for joining us for our fourth quarter and fiscal year 2024 earnings conference call. Joining me today are Gary Friedman, Chairman and Chief Executive Officer; and Jack Preston, Chief Financial Officer. Before we start, I would like to remind you of our legal disclaimer that we will make certain statements today that are forward-looking within the meaning of the federal securities laws, including statements about the outlook of our business and other matters referenced in our press release issued today.

謝謝。大家下午好。感謝您參加我們的 2024 財年第四季和年度財報電話會議。今天與我一起出席的還有董事長兼執行長 Gary Friedman；以及財務長傑克普雷斯頓（Jack Preston）。在我們開始之前，我想提醒您注意我們的法律免責聲明，即我們今天將做出某些符合聯邦證券法含義的前瞻性聲明，包括有關我們業務前景和今天發布的新聞稿中提及的其他事項的聲明。

These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings as well as our press release issued today or a more detailed description of the risk factors that may affect our results. Please also note that these forward-looking statements reflect our opinions only as of the date of this call. and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Also, during this call, we may discuss non-GAAP financial measures, which adjusts our GAAP financial results to eliminate the impact of certain items.

這些前瞻性陳述涉及許多風險和不確定性，可能導致實際結果大不相同。請參閱我們的美國證券交易委員會文件以及我們今天發布的新聞稿或可能影響我們結果的風險因素的更詳細描述。另請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的觀點。並且，我們不承擔根據新資訊或未來事件修改這些前瞻性陳述或公開發布其修改結果的義務。此外，在本次電話會議中，我們可能會討論非 GAAP 財務指標，這將調整我們的 GAAP 財務結果以消除某些項目的影響。

You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in today's financial results release. A live broadcast of is also available on the Investor Relations section of our website at ir.rh.com.

您將在今天的財務結果發布中找到有關這些非 GAAP 財務指標的更多資訊以及這些非 GAAP 指標與 GAAP 指標的對帳表。您也可以在我們網站 ir.rh.com 的投資者關係欄位上觀看現場直播。

With that, I'll turn the call over to Gary.

說完這些，我將把電話轉給加里。

Thank you, everyone. Well, welcome to the new world when we're at least at this moment, inventory is your friend. I'm going to say maybe I just shouldn't read the letter, but heck, let's go through it, and we'll kind of improvise, adapt and overcome as we're reacting live time with all of you.

謝謝大家。好吧，歡迎來到新世界，至少此時此刻，庫存是你的朋友。我想說，也許我不應該讀這封信，但是，好吧，讓我們仔細閱讀一下，我們會在與大家實時反應時進行即興發揮、適應和克服。

To our people, partners and shareholders. The important work and substantial investments we've made over the past two years are now resulting in meaningful share gains and significant strategic separation, positioning the RH brand to expand its leadership position across the luxury home market over the next decade.

對於我們的員工、合作夥伴和股東來說。我們在過去兩年中所做的重要工作和大量投資正在帶來有意義的份額成長和重大的策略分離，使 RH 品牌能夠在未來十年擴大其在豪華住宅市場的領導地位。

The positive inflection of our business continued to accelerate in the fourth quarter, with revenue up 18% and adjusted operating income increasing 57% in each case, on a comparable 13-week basis, outperforming other home furnishings businesses by a wide margin as the most prolific product transformation and platform expansion in the history of our industry continues to unfold.

我們業務的積極拐點在第四季度繼續加速，以可比13週計算，收入增長18%，調整後營業收入增長57%，隨著我們行業歷史上最豐富的產品轉型和平台擴展的繼續展開，表現遠遠超過其他家居業務。

Our industry-leading growth in the quarter was driven by the RH brand where fourth quarter demand increased 21%, demonstrating the disruptive nature of our product transformation. While demand softened in December after mortgage rates spiked and mortgage applications fell 22% post the Fed signaling rates would remain largely unchanged this year, the RH brand demand stabilized at 19% in January.

本季我們在業界領先的成長是由 RH 品牌推動的，該品牌第四季的需求成長了 21%，彰顯了我們產品轉型的顛覆性。儘管由於抵押貸款利率飆升且聯準會暗示今年利率將基本保持不變後抵押貸款申請下降了 22%，12 月需求有所減弱，但 1 月 RH 品牌的需求穩定在 19%。

While we expect a higher risk business environment this year due to the uncertainty caused by tariffs, market volatility inflation risk, we believe it's important to separate the signal from the noise. The fact is we've been operating in the worst housing market in almost 50 years. For context, in 1978, there were 4.09 million existing homes sold when the US had a population of 223 million. Contrast that to 2024 were 4.06 million existing homes sold with a population of 341 million, and it illuminates just how depressed the housing market has been this past year.

儘管我們預計今年的商業環境風險會因關稅、市場波動和通膨風險造成的不確定性而更高，但我們認為將訊號與噪音區分開來非常重要。事實上，我們正​​處於近五十年來最糟糕的房地產市場。作為背景，1978 年，美國人口為 2.23 億，現有房屋售出量為 409 萬套。相較之下，2024 年，在 3.41 億人口的情況下，現有房屋銷售量為 406 萬套，這充分顯示過去一年房地產市場有多低迷。

Despite that fact, we are performing at a level most would expect in a robust housing market. We believe that the result is investing with a very narrow focus and a long-term view or what we like to call an inch wide and a mile deep, elevating and expanding our platform by creating the most desired products presented in the most inspiring spaces in the world with bespoke interior design services, and beautiful restaurants that generate energy, engagement and tremendous awareness of the RH brand while also serving as a profitable customer acquisition vehicle.

儘管如此，在強勁的房地產市場中，我們的表現仍達到了大多數人所預期的水平。我們相信，結果是投資於非常狹窄的焦點和長期的眼光，或者我們稱之為一英寸寬和一英里深，透過在世界上最鼓舞人心的空間中創造最受歡迎的產品來提升和擴展我們的平台，提供定制的室內設計服務和美麗的餐廳，為 RH 品牌帶來活力、參與度和巨大的知名度，同時也作為一種有利可圖的客戶獲取工具。

Our intentions and attention to detail in everything we do, and in every house we turn into a home. While we ended the year with meaningful debt mostly due to our stock repurchases of $2.2 billion, we also ended the year with incredible business momentum and meaningful assets. These assets include real estate that we believe has an estimated equity value of approximately $500 million, which we plan to monetize opportunistically as market conditions warrant and excess inventory of $200 million to $300 million of cost that we plan to turn into cash as we optimize our assortments post our product transformation.

我們致力於用心做好每一件事，注重細節，把每一棟房子打造成一個家。雖然我們在年底承擔了相當大的債務（主要是由於我們回購了 22 億美元股票），但我們在年底也擁有令人難以置信的業務發展勢頭和有意義的資產。這些資產包括我們認為估值約為 5 億美元的房地產，我們計劃在市場條件允許的情況下適時將其貨幣化，以及價值 2 億至 3 億美元的過剩庫存，我們計劃在產品轉型後優化產品組合時將其轉化為現金。

Inclusive of our plans for significant and growing cash flow from operations, we remain confident in our ability to make the necessary investments to continue our industry-leading growth while paying down debt and lowering interest expense.

包括我們計劃實現大量且不斷增長的經營現金流在內的諸多計劃，我們仍然對我們有能力進行必要的投資以繼續保持行業領先的增長、同時償還債務並降低利息支出充滿信心。

Now let's look at -- shift to our outlook. Based on our current plans and the uncertain macroeconomic environment, we are providing the following financial outlook for the full year and first quarter. For the fiscal year 2025, we're forecasting revenue growth of 10% to 13%, adjusted operating margin of 14% to 15%, adjusted EBITDA margin of 20% to 21%.

現在讓我們來看看——轉向我們的觀點。根據我們目前的計劃和不確定的宏觀經濟環境，我們為全年和第一季提供以下財務展望。對於 2025 財年，我們預測營收成長 10% 至 13%，調整後營業利潤率成長 14% 至 15%，調整後 EBITDA 利潤率成長 20% 至 21%。

In the first quarter, we're forecasting revenue growth of 12.5% to 13.5%, adjusted operating margin of 6.5% to 7% and adjusted EBITDA margin of 12.5% to 13%. The above outlook includes a negative 160 to 200 basis points of operating margin impact from investments and start-up costs to support our international expansion.

我們預測第一季營收成長 12.5% 至 13.5%，調整後營業利潤率成長 6.5% 至 7%，調整後 EBITDA 利潤率成長 12.5% 至 13%。上述展望包括為支持我們的國際擴張而進行的投資和啟動成本將對營業利潤率造成 160 至 200 個基點的負影響。

Every active creation is first in active disruption, Pablo Picasso. We have worked hard to destroy the former version of ourselves are in the process of unleashing what we believe is an exponentially more inspiring and disruptive RH brand. We believe the important investments we are making during this depressed housing cycle are creating a level of strategic separation in our industry that rivals the most important brands in the world.

一切主動的創造都首先源自於主動的破壞，巴勃羅·畢卡索。我們一直努力摧毀以前的自己，並正在釋放一個我們認為更具啟發性和顛覆性的 RH 品牌。我們相信，我們在此房地產低迷週期中所做的重要投資，將在我們的行業中創造出可與世界上最重要品牌相媲美的戰略分離水平。

Our product transformation plans for 2025 include the introduction of our new RH Outdoor Sourcebook featuring the most dominant assortment of high-quality outdoor furniture in the world, arrived in homes early February with eight furniture collections and exciting new textiles offering plus a significantly improved in-stock position to start the season versus a year ago.

我們 2025 年的產品轉型計畫包括推出全新的 RH Outdoor Sourcebook，其中包含全球最主要的高品質戶外家具系列，並於 2 月初上市，包含 8 個家具系列和令人興奮的新紡織品，此外與一年前相比，本季開始時的庫存狀況也有顯著改善。

The introduction of our new RH Interiors source book arrived in Homes mid-February through early March featuring 42 new collections across furniture, upholstery, lighting, rugs and textiles as well as an additional 15 new collections launched on rh.com.

我們的新版 RH Interiors 資料手冊於 2 月中旬至 3 月初在 Homes 推出，其中包含 42 個新系列，涵蓋家具、室內裝潢、燈飾、地毯和紡織品，以及在 rh.com 上推出的另外 15 個新系列。

While we had planned a higher amount of new selections for this book due to the rapidly changing economic outlook, we believe it was prudent to delay some of our introductions until later this year. The launch of the significant new brand extension in the fall of 2025 that we believe will meaningfully expand the market size and share of the RH brand.

儘管由於經濟前景的快速變化，我們計劃為本書引入更多新書，但我們認為將部分新書的推出推遲到今年晚些時候是明智之舉。我們相信，2025 年秋季推出的重要新品牌延伸將顯著擴大 RH 品牌的市場規模和份額。

This new brand extension will include a new sourcebook a significant website presence and two freestanding galleries dedicated to the new concept. Our plan includes integrating RH Capture Upholstery by Dmitriy & Co. and RH Bespoke Furniture by Joseph Jeup into this new brand extension, enabling greater exposure and market reach versus stand-alone concepts. We will be sharing more details of the exciting new venture during our first quarter earnings call.

這個新的品牌延伸將包括一本新的資料手冊、一個重要的網站以及兩個致力於新概念的獨立畫廊。我們的計劃包括將 Dmitriy & Co. 的 RH Capture Upholstery 和 Joseph Jeup 的 RH Bespoke Furniture 整合到這個新的品牌延伸中，從而實現比獨立概念更大的曝光率和市場覆蓋率。我們將在第一季財報電話會議上分享有關這項令人興奮的新項目的更多細節。

As communicated last quarter, we do not expect a negative impact to results related to previously announced increased tariffs on products from China, Canada or Mexico. As it relates to reciprocal and other tariffs that will be announced and have been announced today. As we've done with prior tariffs, we'll be working with our manufacturing partners to mitigate the impact to both our margins and cost to our customers.

正如上個季度所傳達的那樣，我們預計先前宣布的對中國、加拿大或墨西哥產品提高關稅不會對業績產生負面影響。因為它涉及今天將要宣布和已經宣布的互惠關稅和其他關稅。正如我們對先前的關稅所做的那樣，我們將與我們的製造合作夥伴合作，以減輕對我們的利潤和客戶成本的影響。

We believe it is also important to note that we have been manufacturing upholstered furniture in our North America -- North Carolina factory for over 10 years and have recently expanded this facility doubling our capacity. We are currently projecting that 48% of our upholstered furniture will be produced in the US, 21% of upholstered furniture will be produced in Italy and 14% of our total business will be produced in the US at the end of this year.

我們認為，同樣值得注意的是，我們已經在北美——北卡羅來納州的工廠生產軟墊家具超過 10 年，並且最近擴建了該工廠，使產能翻了一番。我們目前預計，到今年年底，我們 48% 的軟墊家具將在美國生產，21% 的軟墊家具將在義大利生產，而我們總業務的 14% 將在美國生產。

Now let me shift your attention to the expansion of our platform. We continue to open the most inspiring and immersive physical experiences in our industry and some would say the world. Spaces that are a reflection of human design, a study of balance, symmetry and perfect portions, faces to blur the lines between residential and retail, indoors and outdoors, home and hospitality, places with garden courtyard, rooftop restaurants, wine and barista bars, spaces that activate all of the senses and spaces that cannot be replicated online.

現在，讓我將您的注意力轉移到我們平台的擴展上。我們將繼續開啟我們行業乃至全世界最鼓舞人心、最身臨其境的實體體驗。空間體現了人性化的設計，是對平衡、對稱和完美比例的研究，模糊了住宅與零售、室內與室外、家庭與酒店之間的界限，設有花園庭院、屋頂餐廳、葡萄酒和咖啡吧的場所，這些空間可以激活所有感官，是網上無法複製的空間。

Our plan to expand the RH brand globally, address new markets locally and transform our North American galleries represents a multibillion dollar opportunity. Our platform expansion plans for 2025 include the opening of seven design galleries, two outdoor galleries, plus two new concept galleries. The seven new design galleries are RH Oklahoma City, the Gallery at the Oak and RH Montreal, The Gallery at Royalmount, both opening in the first half of this year. RH Paris, the Gallery on the Champs-Élysées, RH Detroit, the Gallery in Birmingham, RH Manhasset, The Gallery at the Americana, RH San Diego, the Gallery at University Town Center and RH Palm Desert, the Gallery on El Paseo are all opening in the second half of this year.

我們計劃在全球擴展 RH 品牌、開拓本地新市場並改造我們的北美畫廊，這是一個價值數十億美元的商機。我們 2025 年的平台擴展計畫包括開設七家設計畫廊、兩家戶外畫廊以及兩家新概念畫廊。這七家新設計畫廊分別是 RH Oklahoma City、Gallery at the Oak 以及 RH Montreal、The Gallery at Royalmount，均將於今年上半年開幕。RH 巴黎、香榭麗舍大道畫廊、RH 底特律、伯明罕畫廊、RH 曼哈塞特、美國畫廊、RH 聖地牙哥、大學城中心畫廊以及 RH 棕櫚沙漠、埃爾帕塞奧畫廊都將在今年下半年開幕。

Additionally, we plan to expand our brand presence in Greenwich, Connecticut by developing a multi-building RH design ecosystem inclusive of the existing RH gallery at the store at the historic post office, a freestanding RH Outdoor Gallery that opened last month plus a new concept gallery in the former Ralph Lauren building on Greenwich Avenue opening in the second half of this year.

此外，我們計劃透過開發一個多建築的 RH 設計生態系統來擴大我們在康乃狄克州格林威治的品牌影響力，這個生態系統包括位於歷史悠久的郵局商店的現有 RH 畫廊、上個月開業的獨立 RH 戶外畫廊以及位於格林威治大道前拉爾夫勞倫大樓內將於今年下半年開業的新概念畫廊。

We also plan to expand our brand presence in East Hampton this summer by opening a freestanding RH Outdoor Gallery and are exploring plans to further enhance our Design Ecosystem with a New Concept Gallery in the near future.

我們還計劃今年夏天在東漢普頓開設一個獨立的 RH 戶外畫廊，擴大我們的品牌影響力，並正在探索在不久的將來透過新概念畫廊進一步增強我們的設計生態系統的計劃。

As previously communicated, we anticipate an inflection of our business in Europe as we begin to open the important branded building markets of Paris in 2025, plus London and Milan in 2026, all with dramatic and brand-building hospitality experiences. We believe post each opening, we will begin to have the scale to support the necessary advertising investments to accelerate our growth in Europe.

正如之前所傳達的，我們預計我們在歐洲的業務將發生轉變，因為我們將於 2025 年開始開拓巴黎等重要的品牌建築市場，並於 2026 年開始開拓倫敦和米蘭等重要的品牌建築市場，所有這些市場都將帶來引人注目的品牌建設酒店體驗。我們相信，每次開業後，我們將開始擁有足夠的規模來支持必要的廣告投資，以加速我們在歐洲的成長。

Every moment has a lunatic fringe, quite appropriate for today, Theodore Roosevelt. America's first Noble Prize winner, Commander of the legendary Rough Riders. Medal of Honor recipient. Promoter of a conservative movement. Leader of the progressive movement, noted for his exuberant personality and ranked by scholars as one of our greatest presidents. Theodore Teddy Roosevelt proclaimed in his famous speech at the Sorbonne, It is not the critic who counts, not the man or woman who points out how the strong man stumbles or where the doer of deeds could have done better.

每個時刻都有瘋狂的一面，這在今天非常合適，西奧多·羅斯福。美國第一位諾貝爾獎得主，傳奇的莽騎兵團指揮官。榮譽勳章得主。保守運動的推動者。進步運動的領袖，以其熱情洋溢的個性而聞名，被學者評選為我們最偉大的總統之一。西奧多·特迪·羅斯福在索邦大學的著名演講中宣稱，重要的不是批評家，不是那些指出強者如何跌倒或實干家在何處可以做得更好的男人或女人。

The credit belongs to the man or woman who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again because there is no effort without error or shortcoming. But he or she who actually strives to do the deed, who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at his best, knows in the end, the triumph of high achievement and who, at his worst, if he fails, at least fails while daring greatly. So his place shall not -- shall never be with those cold and timid souls who know neither victory nor defeat.

榮譽屬於真正站在競技場上的男男女女，他們的臉上沾滿塵土、汗水和鮮血，他們英勇奮鬥，他們一次又一次地犯錯和失敗，因為沒有努力就不會有錯誤和缺點。但是，真正努力去做事的人，懂得極大的熱情和奉獻，為有價值的事業奉獻自己，在最好的情況下，最終會獲得巨大的成就，而在最壞的情況下，如果失敗了，至少也是在大膽嘗試的情況下失敗了。所以他的位置不應該、永遠不會與那些不知道勝利和失敗的冷漠、膽怯的靈魂在一起。

While our ambitions are not political -- maybe they should be, they are personal. We remain inspired by the progressive thinkers, unafraid to push forward new ideas and fresh perspectives. It's a culture of leadership versus follow-ship, innovation versus duplication enlightenment versus ego. It's believing none of us are smarter than all of us, that we need all the brands in the game and the egos out of the room. It's about thinking until it hurts, until we can see what others can't see so we can do what others can't do.

儘管我們的抱負與政治無關——也許應該是政治性的，但它是個人性的。我們仍然受到進步思想家的啟發，無畏地推進新的思想和新觀點。這是一種領導與追隨、創新與複製、啟蒙與自我的文化。人們相信沒有人比我們所有人更聰明，我們需要參與遊戲的所有品牌，而不需要自負。它是關於思考直到痛苦，直到我們能看到別人看不到的東西，這樣我們才能做別人做不到的事情。

That's how you transform a money-losing Restoration Hardware store in Aventura Mall in Miami that did $2 million in annual sales into an RH Gallery that does $44 million in the exact same space with the exact same square footage. It's also how we'll transform that $44 million legacy gallery into $100 million plus RH Design Compound, a yet to be unveiled multi-building design resort at sorts in the parking lot of the same shopping center.

這樣，您就可以將邁阿密阿文圖拉購物中心一家虧損、年銷售額為 200 萬美元的 Restoration Hardware 商店改造成一家在完全相同的空間和完全相同的建築面積下，年銷售額為 4,400 萬美元的 RH Gallery。我們還將把價值 4,400 萬美元的舊畫廊改造成價值 1 億美元以上的 RH 設計大院，這是一個位於同一購物中心停車場的多建築設計度假村，尚未揭幕。

Over 20 years ago, we began this journey with the vision of transforming a nearly bankrupt business that had a $20 million market cap and a box of Oxydol laundry detergent on the cover of its catalog into the leading luxury home brand in the world. The lessons and learning, the insights and intricacies, the sacrifices made and the scar tissue developed by getting knocked down 10 times and getting up 11 leads to the development of the mental and moral qualities that build character in individuals and form cultures and organizations, lessons that can't be learned in a classroom or by managing a business, lessons that must be earned by building one. Are we part of the lunatic fringe?

20 多年前，我們開始了這段旅程，我們的願景是將一家市值 2000 萬美元、產品目錄封面上只有一盒 Oxydol 洗衣粉的瀕臨破產的企業轉變為全球領先的豪華家居品牌。透過經歷 10 次跌倒和 11 次站起來而獲得的經驗和教訓、深刻見解和複雜性、做出的犧牲以及留下的傷疤，可以培養個人的品格、形成文化和組織，這些都是在課堂上或透過管理企業無法學到的，而必須透過建立企業才能獲得。我們是極端分子的一部分嗎？

If it means, as President Roosevelt said in his speech at the Sorbonne, that: our place shall never be with those cold and timid souls who know neither victory nor defeat and put us in that arena. Onward, Team RH. Carpe Diem.

如果這意味著，正如羅斯福總統在索邦大學的演講中所說的那樣：我們永遠不會與那些不知道勝利和失敗並把我們置於那個競技場的冷漠而膽怯的靈魂在一起。前進，RH 團隊。及時行樂。

Operator, I'll now open the call to questions.

接線員，現在我開始回答問題。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作員指示） 西緬古特曼（Simeon Gutman），摩根士丹利。

This is Pedro on for Simeon. My question is how you see the outlook for the consumer. It seems we've seen a slowdown in consumer sentiment year-to-date and the housing market is not seeing a turn yet. -- last year, we saw early signs of an inflection, but now it seems things have been delayed again. So could you give us a bit of an update on how you see things developing over the spring and the summer season?

佩德羅代替西蒙上場。我的問題是您如何看待消費者的前景。看來今年迄今消費者信心放緩，而房地產市場尚未有改善。 ——去年，我們看到了轉變的早期跡象，但現在看來事情又被推遲了。那麼您能否向我們介紹一下您對春季和夏季事態發展的最新看法？

And related to that, how are legacy galleries doing? How much of demand growth is coming from the design galleries as opposed to the legacy galleries?

與此相關，傳統畫廊的經營狀況如何？與傳統畫廊相比，有多少需求成長來自設計畫廊？

Okay. Let me break that down. So how do we see the consumer -- I mean, unfortunately, we don't know those individuals exactly and don't talk to them at any kind of first level of how they're doing -- but I'd say, look, everybody saw the recent news, just as we were ready to break through this call. And look, it's one of those times of uncertainty. It's one of those times where -- it's not so much -- I think what the consumer is going to do, I think it's how we're going to react to the consumer environment and what we're going to do.

好的。讓我來分析一下。那麼我們如何看待消費者——我的意思是，不幸的是，我們並不完全了解這些人，也沒有與他們進行任何初步交談，了解他們的情況——但我想說，看，每個人都看到了最近的新聞，就在我們準備突破這一呼籲的時候。瞧，這正是充滿不確定性的時期之一。這是其中一種情況——我認為這並不是——消費者會做什麼，而是我們如何對消費者環境做出反應以及我們該做什麼。

And so I think if you look at our history, which is -- this is my 25 year -- going on 25 years in the company, we thought we saw it all until today. So this is the new one. But we have a history of really performing in times of prices and thriving in those times and have the ability to improvise, adapt and overcome. We -- at our core, we are innovators. We're not duplicator. We're leaders. We're not managers. We're visionary, and we're not victims.

所以我認為，如果你看看我們的歷史，也就是——這是我在公司工作的 25 年——我們以為我們已經看透了一切，直到今天。這是新的。但我們在價格上漲時期確實表現良好，並在那時蓬勃發展，並且有能力隨機應變、適應和克服困難。從本質上來說，我們是創新者。我們不是影印機。我們是領導者。我們不是經理。我們有遠見，我們不是受害者。

So whether it's a confused or conflicted consumer environment because of high interest rates or new tariffs or trade wars or military worse. I mean there's always something. And so I mean, look, we feel confident no matter what the environment looks like. We -- I just articulated in the letter that we just -- we just anniversaried really the worst housing market in 50 years since 1978.

因此，無論是由於高利率、新關稅、貿易戰或軍事惡化而導致的混亂或衝突的消費環境。我的意思是總是會有事情發生。所以我的意思是，無論環境如何，我們都充滿信心。我剛才在信中明確表示，我們剛剛紀念了 1978 年以來 50 年來最糟糕的房地產市場。

How did we do versus everybody else? Very different. What's our trends versus everybody else? Quite different. So maybe that's a better question for everybody else who maybe tries to talk to consumers and see how they're feeling.

和其他人相比，我們的表現如何？非常不同。我們的趨勢與其他人相比有何不同？相當不同。所以，對於那些試圖與消費者交談並了解他們感受的人來說，這也許是一個更好的問題。

We focus on our work and to try to create the most desirable products presented to the most inspiring spaces, whether they're physical spaces, digital spaces or print experiences. And I think we do that better than anybody in the world. So now the game has changed somewhat, but I wouldn't want to compete with us in any environment.

我們專注於我們的工作，並嘗試創造最理想的產品呈現在最具啟發性的空間中，無論它們是實體空間、數位空間還是印刷體驗。我認為我們比世界上任何人都做得好。所以現在比賽已經發生了一些變化，但我不想在任何環境下與我們競爭。

Legacy galleries versus design galleries, they're all performing well so not that much different than the comps. I mean there's some places that obviously might be doing better than others at different times for different reasons. But yes, we're happy with all the galleries for opening more galleries. We have new kinds of galleries -- we have design ecosystems, design compounds. We've got a lot of things coming. So tariffs are not. Here we come.

傳統畫廊與設計畫廊相比，它們都表現良好，因此與同類畫廊相比沒有太大差別。我的意思是，由於不同的原因，某些地方在不同時期顯然會比其他地方做得更好。但是是的，我們很高興所有畫廊都能開設更多的畫廊。我們有新型態的畫廊－我們有設計生態系、設計綜合體。我們有很多事情要做。因此關稅不存在。我們來了。

Steve Forbes, Guggenheim.

史蒂夫·福布斯，古根漢。

Gary, your initial comment, I think, was inventory is your friend. And so I would love to sort of hear you expand on that initial thought especially as all of us, right, sort of try to do the exposure math to Vietnam, Indonesia and India. Just sort of what should be the parting message here on sort of RH's ability to sort of mitigate, migrate, and derisk the situation that was just grown at all retail operators?

加里，我認為，你最初的評論是庫存是你的朋友。因此，我很想聽聽您對最初的想法的闡述，特別是當我們所有人都試圖計算越南、印尼和印度的風險敞口時。那麼，關於 RH 是否有能力緩解、遷移和降低所有零售營運商面臨的情況的風險，這裡的最後告白應該是什麼呢？

Sure. Let's start with the inventory is your friends. -- Going through the kind of massive product transformation we've been going through when you're making big changes in our assortment, not normal newness, right? And we introduced hundreds of collections over the last couple of years. And you want to create the right bridge, right? You want to not sell out legacy products before you understand what's happening in new products.

當然。讓我們從庫存開始吧，它們是你的朋友。 ——當您對我們的產品組合進行重大更改時，我們會經歷大規模的產品轉型，而不是通常的創新，對嗎？過去幾年我們推出了數百個系列。您想建造正確的橋樑，對嗎？在了解新產品的情況之前，您不想賣掉舊產品。

Do you want to make sure in new products in enough cases where you feel it's going to be in the top half of your assortment, you want to have that inventory, right? Because furniture, you can't respond to quickly. So we knew we were going to make about $100 million insurance debt on inventory on the front end of this. And we expected trends to be better. We are expecting our comps in the housing market to kind of come back.

您是否想確保在足夠多的情況下，新產品會位於您的產品組合的前半部分，您想擁有這樣的庫存，對嗎？因為是家具，所以你無法快速做出反應。因此，我們知道我們將在前端為庫存承擔約 1 億美元的保險債務。我們預計趨勢會更好。我們預計房地產市場的同店銷售額將有所回升。

I mean, I think everybody had a sense that inflation looked like it was coming under control and interest rates were easing and that 25% would be the next upswing to the housing market.

我的意思是，我認為每個人都感覺到通貨膨脹似乎正在得到控制，利率正在下降，而 25% 將是房地產市場的下一個上漲趨勢。

So like, look, we were all wrong. I mean -- and even at the Fed, they're almost always wrong. Being wrong is all part of invention and innovation and going somewhere you've never been and moving into the future, right? So I think while today's tariff news was, yes, I'm what shocking, right? I think we -- I think most of us we're expecting, okay, maybe we'll get 25% tariffs, but it's not logical, right?

所以，看吧，我們都錯了。我的意思是——即使在美聯儲，他們幾乎總是錯的。犯錯也是發明和創新的一部分，也是前往從未去過的地方和邁向未來的一部分，對嗎？所以我認為，今天的關稅新聞是的，我感到震驚，對吧？我想我們——我想我們大多數人都預計，好吧，也許我們會被徵收 25% 的關稅，但這不合邏輯，對吧？

If you're the current administration, if you're Trump, if you read the Art of the Deal, I mean look, he knows how to use leverage and he has leverage. And you don't have to do too much work to find out, we'll where did all the manufacturing move to from China, well, we moved to Vietnam, Indonesia, Cambodia and other countries.

如果你是現任政府，如果你是川普，如果你讀過《交易的藝術》，你就會知道，他知道如何利用槓桿，而且他有槓桿。而且你不需要做太多工作就能發現，我們會把所有的製造業從中國轉移到哪裡，嗯，我們轉移到了越南、印尼、柬埔寨和其他國家。

And those manufacturers moved and made investments in built-up operations and yes, it's devastating for people that invested big time money to relocate. But there's -- the US has leveraged today. I don't -- I mean leverage is how you win negotiations, not blessing. So I don't think I think my view is I don't think these tariffs are going to completely stick.

這些製造商搬遷並對建設業務進行了投資，是的，這對那些投入大量資金搬遷的人來說是毀滅性的。但如今美國已經發揮了影響力。我不——我的意思是，槓桿是贏得談判的關鍵，而不是祝福。因此，我的觀點是，我認為這些關稅不會完全持續。

I think if you're in these other countries, you're going to start playing the few parts you have. And they might try to bless, they might try to play parts, but you're either going to inflate it's an economy in these countries or you're going to balance you're -- going to balance the trading economics. And I think that's what the admin administration wants.

我認為如果你在這些其他國家，你就會開始扮演你所擁有的幾個角色。他們可能會試圖祝福，他們可能會試圖扮演角色，但你要么會讓這些國家的經濟膨脹，要么會平衡貿易經濟。我認為這正是政府想要的。

I think it's just a little shock because we've never seen an administration and a leader like Trump. I mean, it's impressive, quite frankly, usually, governments move like glaciers and he's quite the opposite. So exactly how it's going to play out, I don't know. I don't think it's time to overreact.

我認為這只是有點震驚，因為我們從未見過像川普這樣的政府和領導人。我的意思是，這令人印象深刻，坦白說，通常政府的行動像冰川一樣緩慢，而他卻恰恰相反。所以具體結果會如何，我不知道。我認為現在還不是反應過度的時候。

I think we all believe that China was going to be a long-term problem. And so moving out of China was important. Now it looks like moving out of China didn't make a difference, right? So as it guess it did because there was another tariff on China.

我想我們都相信中國會是一個長期問題。因此，搬出中國非常重要。現在看起來，搬出中國並沒有什麼不同，對嗎？所以正如它所猜測的那樣，這是因為對中國徵收了另一項關稅。

So look, I think basically that the game has changed and now it kind of doesn't matter where you go. I mean, except America, right, in the US, which we've been building our facility and expanding doing other work and have other facilities in Los Angeles and things like that, that we acquired through acquisitions and America can make furniture and that might be part of it and part of it might be these countries, after we ask some of the demands, which are, by the way, all fair demands in a lot of ways, right? If you just look at the math and look at the numbers, it's kind of -- I mean, everybody else has a bad hand because not only is there leverage but the information says, Hey, it's not fair.

所以看，我認為基本上遊戲已經改變，現在你去哪裡已經不重要了。我的意思是，除了美國，在美國，我們一直在建造我們的工廠並擴大其他工作，我們在洛杉磯還有其他工廠，這些都是我們透過收購獲得的，美國可以生產家具，這可能是其中的一部分，部分可能是這些國家，在我們提出一些要求之後，順便說一句，這些要求在很多方面都是公平的要求，對吧？如果你只看數學和數字，你會發現——我的意思是，其他人都運氣不佳，因為不僅有影響力，而且信息也表明，嘿，這不公平。

So I don't -- I'm not critical of any of it. I actually think, long term, it's going to be great for America, quite frankly. I think it's just cut the world of card because no one's ever moved at this speed. No one's -- I mean we're seeing a new kind of leadership, which, again, in many ways, I think, is impressive.

所以我不會——我不會批評任何事情。坦白說，我確實認為，從長遠來看，這對美國來說是一件好事。我認為這只是切斷了卡片世界，因為從來沒有人以這種速度移動。沒有人——我的意思是我們看到了一種新的領導力，而且我認為，從很多方面來說，這種領導力都令人印象深刻。

So yes, with anybody else, personal views are on form I'd say, look at the content, the content for America -- the content of the decision for America is a really good thing long term. So from that point of view, I mean, is it going to be messy, yes, but it's messy for everybody, right? And so these are the times where we thrive because I think we can out-think others, we can outsmart others, we can out-create others, we can out-innovate others.

所以是的，與其他人一樣，我想說，個人觀點是，看看內容，對美國來說的內容——該決定的內容對美國來說是一件長期好事。所以從這個角度來看，我的意思是，這會很混亂嗎？是的，但對每個人來說都是很混亂的，對嗎？所以這是我們蓬勃發展的時代，因為我認為我們可以超越他人，我們可以超越他人，我們可以超越他人創造，我們可以超越他人創新。

So when not I'm going to quite frankly, on the phone to Jack, I'm in my car and he tell you what's happened, and I just started laughing. I thought, okay, time, this is when we thrive. We're at our best in times like this. And so it's exciting times, yes, you still have to compete. The playing field is the playing field.

所以當我不坦白地和傑克通電話的時候，我在車裡，他告訴你發生了什麼事，我就笑了。我想，好吧，時間啊，這正是我們繁榮昌盛的時候。在這樣的時刻，我們會發揮出最好的水準。這是激動人心的時刻，是的，你仍然必須競爭。運動場就是運動場。

Nobody of any scale is not sourcing out of Asia, except for maybe Ethan Allen, they have a smaller percentage, but they don't really have our platform and capabilities. So I'm not too worried about any of that. I mean, I'm more excited to get off this phone and get to work. It's exciting times. So --

無論規模大小，沒有一家公司不從亞洲採購產品，也許除了 Ethan Allen，他們所佔的比例較小，但他們實際上不具備我們的平台和能力。所以我不太擔心這些。我的意思是，我更高興掛斷電話然後去上班。這是激動人心的時刻。所以--

And then just a quick follow-up for Jack. I think the company has sort of spoke to the return of positive free cash flow in 2025, maybe all this is in flux a little bit, but any way to sort of help us frame up the free cash flow outlook inclusive of how to think about winding down that inventory excess?

然後我們快速跟進一下傑克的情況。我認為公司已經談到了 2025 年自由現金流將恢復正值，也許這一切都存在一些變化，但有什麼方法可以幫助我們建立自由現金流前景，包括如何考慮減少庫存過剩？

Yes. I mean, we're just not going to have a lot of receipts coming in at really high prices, right? So it starts there. We've got a lot of inventory at really good prices. We've got to kind of rethink some of the newness maybe the new concept that I wrote about might get delayed until we have some clarity, but also the investments get delayed and the complexity gets delayed.

是的。我的意思是，我們不會有太多以高價出售的收據，對嗎？所以一切都從那裡開始。我們有大量庫存，價格非常優惠。我們必須重新思考一些新事物，也許我寫到的新概念可能會被推遲，直到我們有一個明確的認識，但投資也會被推遲，複雜性也會被推遲。

So I don't think about that like that's going to hurt the business per se. I mean we'll just focus in other ways I think a lot of the goods and development are coming from countries that have prohibited tariffs.

所以我不認為這會對業務本身造成損害。我的意思是我們只會關注其他方面，我認為許多商品和發展都來自禁止關稅的國家。

So again, it could all change in 30 days. Some of these countries to go from 45% to 25%, which is very manageable. 45% is much tougher and the administration knows that. So I'm actually glad if this wasn't a death by 1,000 [cuts], right? I'm glad it then go, oh, it's 15%.

所以，這一切都可能在 30 天內改變。其中一些國家的比例將從 45% 降至 25%，這是非常容易實現的。 45% 的要求更加嚴格，政府也知道這一點。所以如果這不是一次千刀萬剮的死亡，我真的很高興，對吧？我很高興，然後它就上升了，哦，是 15%。

And okay, hey, just hitting its 25% Hey, it's now 35%, now it's 45%, and because you don't have clarity. I think what -- again, I applaud the clarity, the intention and the logic. So I'm -- again, I'm just excited now to -- we're around here. We're not scared. We're smiling.

好的，嘿，剛好達到 25%，嘿，現在是 35%，現在是 45%，因為你不清楚。我認為——再次，我對其清晰度、意圖和邏輯表示讚賞。所以我 — — 再說一次，我現在很興奮 — — 我們在這裡。我們並不害怕。我們微笑著。

Like we're kind of like okay, let's go. It's a new world. It's a new day. We're their best in times like these. Yes, I wouldn't want to compete with that sometimes like these. No one is going to outwork that's known, is going to -- no one is going to out-create us, out-innovate us. It's -- so just in general, I'm not too worried about it. I don't think our business is going to pause, inventory is our friend. I guess $200 million to $300 million of inventory that my competitors don't. They might have to do some ordering very expensive pricing.

就像我們覺得好吧，我們走吧。這是一個新的世界。新的一天又開始了。在這樣的時刻，我們是他們最好的。是的，有時我不想與這樣的人競爭。沒有人能夠在工作上超越我們，也沒有人在創造、創新上超越我們。總的來說，我並不太擔心。我認為我們的業務不會暫停，庫存是我們的朋友。我猜我的競爭對手沒有價值 2 億到 3 億美元的庫存。他們可能不得不訂購一些定價非常昂貴的產品。

And we can navigate through this really well in the short term. So I feel pretty good about this year. I mean, we got to get into the details, and there might be some folds here and there. But again, there's always another move, right? There's just always another move in times like these. And so I'm just excited about finding the other moves way before any of our competitors do. So fun time.

我們可以在短期內很好地解決這個問題。所以我對於今年感覺非常良好。我的意思是，我們必須深入了解細節，這裡或那裡可能會有一些褶皺。但是，總會有其他舉動，對吧？在這種時候總會有另一種舉動。因此，我很高興能夠比我們的競爭對手更早找到其他措施。非常有趣。

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

Gary, have you already started to take price in reaction to some of the tariffs that have already been levied? And when do you start to take price reaction to what was just announced in the last couple of hours?

加里，您是否已經開始針對一些已經徵收的關稅採取價格措施？您什麼時候開始對過去幾個小時剛宣布的消息做出價格反應？

I want to think we're going to do anything right now. Like I said, we've got inventory we're well positioned. Like it's not -- this is -- these are the times when you want to do less and think more so you can do more, right? This is not a time to panic not a time to react at the time distinct invent, innovate and yes, develop compelling vision for times like these. But I think it's -- again, we saw -- we've seen tariffs go on, go off, go up, go down, like it's going to move around. I don't -- it is not just tariffs, right?

我想我們現在就可以做任何事。正如我所說的，我們有庫存，並且定位良好。就像它不是——這是——這些時候你想做得更少，思考更多，這樣你就可以做得更多，對嗎？現在不是恐慌的時候，也不是做出反應的時候，而是要發明、創新，當然，也要為這樣的時代製定令人信服的願景。但我認為——我們再次看到——關稅不斷上調、取消、上漲、下降，就像它會四處移動一樣。我不知道——這不僅僅是關稅問題，對吧？

This is -- what do they say in the movie, 13 days, when he was talking to one of the advisers, this is -- the Cuban missile prices. This is President Kennedy talking to [Gorbachev], right? These are signals. These are moves. You got to kind of motor up and see the whole Board right now.

這是——電影《13天》裡是怎麼說的，當他與一位顧問交談時，這是——古巴飛彈價格。這是甘迺迪總統與戈巴契夫的談話，對嗎？這些都是訊號。這些都是舉動。你現在就得加快腳步去看看整個董事會。

You got to kind of understand where everything might be going. Did we anticipate this not at this level, but that's okay. I have more of an edge now. I don't like being caught off guard. So yes, so now we're just going to kind of takes some time, don't move until you see it. So we've got to take some time to see it and then we'll move.

你必須明白一切將會發生什麼事。我們是否預料到這種情況不會發生，但沒關係。我現在更有優勢了。我不喜歡措手不及。是的，所以現在我們只是要花點時間，在看到它之前不要動。因此我們必須花一些時間看一下，然後我們才會採取行動。

We've got a lot of inventory that we own. That's a really good pricing. That's a really good margin. Our business has a good business trend. Is the consumer going to stop buying tomorrow. I mean is this going to be like 2008-2009 housing prices, yes, it's like I don't think so because I don't think anybody really understands what's going on at a very deep level. I think it's going to take a while to digest. So the housing market was already bad. If they going to get worse. I don't know.

我們擁有大量庫存。這確實是一個非常好的定價。這確實是一個非常好的利潤。我們的業務有良好的經營趨勢。消費者明天就會停止購買嗎？我的意思是，這會不會像 2008-2009 年的房價一樣，是的，我不這麼認為，因為我認為沒有人真正了解深層上發生的事情。我認為這需要一段時間來消化。所以房地產市場已經很糟糕了。如果情況變得更糟。我不知道。

I mean, it's never been worse in my lifetime. So can it get worse? It might. Is that terrible? No. I mean, we can navigate through any situation. We we're in a really good position. Yes. We gave guidance that was appropriate for the moment. Maybe we would have been even more conservative. Had we known, but I don't know if we would have because I don't know how much impact is it going to have on us even at this stage in place all year. Not sure yet. When it takes some time to analyze it. So, that's it, yes.

我的意思是，我一生中從來沒有遇到過如此糟糕的情況。那麼情況還會變得更糟嗎？有可能。那太可怕了嗎？不。我的意思是，我們可以應付任何情況。我們目前處於非常有利的地位。是的。我們給出了適合當前情況的指導。或許我們會更加保守。如果我們知道的話，但我不知道我們是否會知道，因為我不知道即使在這個階段它會對我們產生多大的影響。尚不確定。當需要一些時間來分析它時。是的，就是這樣。

Got you. My follow-up question is on your point about guidance, you might have been a bit more conservative. Have you had you had the full benefit of insight into all the policy announcements. With that being said, should we interpret that as a signal that we should go to the lower end of the guidance? And if that's the case, how would you think about the need to raise capital or utilize some of the assets that you have at your disposal?

明白了。我的後續問題是關於您關於指導的觀點，您可能會更加保守一些。您是否已經充分了解了所有的政策公告？話雖如此，我們是否應該將其解讀為應該轉向指導值下限的訊號？如果是這樣，您如何看待籌集資金或利用您所掌握的一些資產的必要性？

Yes. I mean I wouldn't go -- I don't think I'd go below the guidance that we've given, not today. Like I -- yes, I think there's a lot of things that can be done and a lot of moves that are going to be made at the government level, right, around the world. And a lot of things are going to be made at the strategic level with government countries, the strategic level of manufacturers and retailers in people are going to get really afraid of what they do in times like this. Humans, we're not the biggest or strongest but we're the ones most adaptable to change, right?

是的。我的意思是我不會——我認為我不會低於我們給的指導，至少今天不會。就像我——是的，我認為在世界範圍內，政府層面上有很多事情可以做，也有很多措施可以採取。很多事情將在政府、國家、製造商和零售商的戰略層面上做出，人們將真正害怕他們在這種時候所做的事情。人類，我們不是最大的，也不是最強的，但我們是最能適應變化的，對嗎？

So changes kind of right up their alley, right? So I mean, if I was someone who's managing like some business that doesn't innovate or invent and they're kind of grinding the wheel and forecasting 2% for this is that or that.

那麼改變就合他們心意了，對吧？所以我的意思是，如果我是管理一些不創新或發明的企業的人，他們只是在磨練，預測 2% 的成長率。

Yes, like we're going to have a harder time figuring the step up. So I think we're good. We do need to raise any capital. We've got -- I think we're in good shape. The cash flow is going to be strong this year. And we have we see the real estate market is we've got real estate assets, we can turn into cash. I mean we just turned one of the buildings into cash. We had building -- we had an asking it was purchased for $10.5 million or something like that, $10.5 million. We just sold for $27 million. Yes.

是的，就像我們將要面臨更困難的時期一樣。所以我認為我們很好。我們確實需要籌集資金。我們—我認為我們狀態良好。今年的現金流將會強勁。我們看到房地產市場是我們擁有房地產資產，我們可以將其轉化為現金。我的意思是我們剛剛把其中一棟建築變成了現金。我們有一棟建築——我們開價約 1050 萬美元購買，1050 萬美元左右。我們剛剛以 2700 萬美元的價格售出。是的。

And so we were going to build a house on it the housing -- the construction costs in Aspen became prohibited, but it didn't look like a good investment if someone buys this old house for almost 3 times what we paid for it.

所以我們打算在上面建造一棟房子——阿斯彭的建築成本變得無法負擔，但如果有人以幾乎三倍於我們所付的價格購買這棟老房子，這看起來並不是一個好的投資。

Yes. So our JV partner and our side decided to monetize that. We have 32 properties, I think, in -- as 31 now maybe. We have galleries that we own in different places in the United States, Cleveland, Detroit, but many others, several others. -- the guest house in New York. We've got -- yes, it was an episode of property.

是的。因此我們的合資夥伴和我們這邊決定將其貨幣化。我認為，我們有 32 處房產——現在可能是 31 處。我們在美國不同的地方都有自己的畫廊，克里夫蘭、底特律，還有許多其他地方。 ——紐約的賓館。我們知道了 — — 是的，這是一集有關財產的節目。

So we're fine. We have assets that we can turn into cash if it's appropriate. But it's not -- we're not any kind of firestone . We have -- this is not like a company that's doing 5%-8% operating margin going into -- yes something like this. I mean we have a lot of levers. We can slow down spending, I mean, I guess I can talk about -- don't say, okay, never mind. (multiple speakers)

所以我們很好。如果合適，我們擁有可以轉化為現金的資產。但事實並非如此──我們不是任何一種火石。我們——這不像是一家營業利潤率為 5%-8% 的公司——是的，就是這樣的。我的意思是我們有很多槓桿。我們可以減緩支出，我的意思是，我想我可以談談——不要說，好吧，沒關係。（多位發言者）

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科（Max Rakhlenko），TD Cowen。

So maybe just following up on the guidance question. Can you just walk us through what is embedded in your revenue and margin guidance as it's related to tariffs? And then just any onetime costs that we should be thinking about as you reposition your supply chain?

因此也許只是跟進指導問題。您能否向我們介紹一下與關稅相關的收入和利潤預期中的內容？那麼，當您重新定位您的供應鏈時，我們應該考慮哪些一次性成本？

Yes. I mean what's embedded is what we talked about, right? And so that China, Mexico, Canada tariffs -- we knew before today's what we knew. I mean, we think our guidance is on the conservative side. But what you should be modeling to rearchitect supply chain like I'm actually here what I just said in the first 30 minutes. I said it's not a time to overreact. This is yes, this is Donald Trump talking to every other President or Prime Minister around the world, right? This is high level strategic negotiation. You've got to think about who has the leverage here.

是的。我的意思是我們所談論的是嵌入式的，對嗎？因此，我們今天之前就知道了中國、墨西哥、加拿大的關稅。我的意思是，我們認為我們的指導是偏保守的。但是您應該建模來重新建立供應鏈，就像我在這裡實際上在前 30 分鐘所說的那樣。我說現在還不是反應過度的時候。是的，這是唐納德·川普與世界各地的總統或總理的對話，對嗎？這是一次高階的策略談判。你必須考慮一下這裡誰有影響力。

The US has been, yes, you look at the numbers, you say the US has been in a disadvantage, not really treated fairly. Does it have to go to a complete balance? No. But just because of the trade imbalances, I mean, it's like us funding the growth of other economies. And I think that the administration is saying is we want to balance that out. We don't want to pay for everything. We don't want to be the only ones investing in military and protection. We want to have more fair and balanced trading policies.

是的，你看看這些數字，你會發現美國處於劣勢，並沒有得到公平對待。一定要達到完全平衡嗎？不。但僅僅因為貿易不平衡，我的意思是，這就像我們為其他經濟體的成長提供資金一樣。我認為政府的意思是我們希望實現平衡。我們不想為所有的事情付錢。我們不想成為唯一投資軍事和防禦的國家。我們希望有更公平、更平衡的貿易政策。

It's not -- this is the move he made and this is it. This is the first part he's played globally, new part. Mexico and China are neighbors. Yes, and I'm not trying to mix in Canada. And trying to -- that has been the single place of tariffs. This is now a global negotiation.

不是──這是他採取的行動，就是這樣。這是他在全球扮演的第一個角色，也是新角色。墨西哥和中國是鄰國。是的，我並不想在加拿大混。並試圖——這是唯一的關稅之地。如今這是一場全球談判。

And I don't know, I think I would predict that there will be concessions. And this I don't believe it's going to continue at this level. It may for longer than we think, but I mean it can't be good for the other side, right? It's really -- can't be good. And so I think we've got a very smart administration negotiating at a level we haven't seen any administration, at least in our lifetimes, negotiate. I think it's not a time -- like I say to our team, it's a don't move until you see it. Take your time. This is a chess game, not a checker chain.

我不知道，但我認為我會預測會有讓步。我不認為這種情況會一直持續下去。這可能比我們想像的要長，但我的意思是這對另一方來說可能不是什麼好事，對吧？這真是—不太好。所以我認為，我們的政府非常聰明，其談判水平是我們一生中從未見過的。我認為現在不是時候——就像我對我們的團隊說的那樣，在看到它之前，不要動。慢慢來。這是一場象棋遊戲，而不是跳棋鏈。

Got it. That's helpful. And then just can you provide any color on the quarter-to-date demand? And just given the volatility in the stock markets, just how we should think about the impact that you might be seeing? And then just how should we think about the excess backlog and sort of the demand that's been quite strong that we've seen over the past couple of quarters flowing into revenues here?

知道了。這很有幫助。那麼您能提供有關本季度迄今為止的需求的任何資訊嗎？考慮到股票市場的波動，我們應該如何看待您可能會看到的影響？那麼，我們應該如何看待過去幾季以來積壓的訂單量以及持續強勁的需求，這些都對收入產生了影響呢？

Well, we said we were going to only give demand for last year. I wrote that pretty clearly in the earnings letter at this time last year because the product transformation and the dislocation between demand and revenues. So we've now anniversaried that. So I gave you kind of a look at January, right? And from a demand point of view because that was still last year.

嗯，我們說過我們只會提供去年的需求。我去年此時在收益信中非常清楚地寫了這一點，因為產品轉型以及需求和收入之間的脫節。因此，我們現在慶祝了這一周年紀念日。所以我給你介紹了一下一月份的情況，對吧？從需求的角度來看，因為那還是去年的事。

But looking forward, we're no longer going to give demand. We'll give revenue guidance which it's generally directionally in line with demand. So might change from quarter-to-quarter, you might have some things that ship across quarters somewhat differently, but it's usually not a big disconnect. So --

但展望未來，我們將不再提供需求。我們將提供收入指導，其方向一般與需求一致。因此可能會因季度而異，有些東西在各個季度的運輸可能會有所不同，但通常不會有太大的脫節。所以--

And Max, I would add as an example that in Q4, the gap narrowed. So with Q4 revenues on a comparable 13-week basis, up 18% and Q4 totaled growth up 17%. So that, in essence, normalizes the backlog piece that we were talking about and support the point that Gary just made.

馬克斯，我想補充一個例子，在第四季度，差距縮小了。因此，以可比較的 13 週計算，第四季營收成長了 18%，第四季總成長率為 17%。因此，從本質上講，這使我們正在討論的積壓部分正常化，並支持了 Gary 剛才提出的觀點。

Andrew Carter, Stifel.

安德魯卡特（Stifel）。

So a quick question on kind of looking at the controllable cost outlook here. You've got, I think, about my math here, you got -- I mean, you got 7% to 8%, you've got revenue growth of 10% to 13%. Is -- are product margins still inflecting, so is that going to be a majority in gross margin? Or are we going to see a lot in SG&A because you've lapped the investments?

所以這裡有一個關於可控成本前景的快速問題。我想，根據我的計算，你的收入成長率為 7% 到 8%，即 10% 到 13%。產品利潤率是否仍在變化，這是否會成為毛利率的主要影響因素？或者，由於您已完成投資，我們將會看到銷售、一般及行政費用大幅增加？

And then the second question around the timing. There's more of a disconnect on cost growth in 1Q. Is there anything related to that? Is that timing around the advertising investments or something like that or delivery? Just anything I'll stop there.

第二個問題是關於時間。第一季成本成長的脫節現象更加嚴重。有什麼與此相關的事嗎？這個時間安排是否與廣告投資或類似的東西或交付有關？無論什麼事我都會停在那裡。

I'll comment and I'll turn it over to Jack. If you want the level of detail you're looking for, why don't you come work on our SG&A team. You could help them with all the modeling. I talk about ad costs and some of the changes.

我會發表評論並將其交給傑克。如果您想要獲得您所期望的詳細程度，為什麼不來加入我們的銷售、一般和行政管理團隊呢？您可以幫助他們完成所有建模工作。我談論廣告成本和一些變化。

Yes. I mean I think as Gary pointed out, we've mailed two books in Q1. So between the outdoor book and the interiors book, you have an expense there.

是的。我的意思是，正如加里指出的那樣，我們在第一季已經郵寄了兩本書。因此，在戶外書籍和室內書籍之間，存在一筆開支。

Yes, incremental over a year.

是的，一年來一直在增加。

Incremental over a year ago where you just sort of have the outdoor. So that's -- we always say that the quarter-to-quarter differences, there's a lot of that variability that's driven by the ad costs. So you're seeing that. And then as far as whether it's happening in gross margin and SG&A, look, the guide speaks for itself at the operating income level. And I think we don't guide those pieces but there's obviously positive factors in both lines. I just can't -- we can't speak to the magnitude just based on how we're guiding in our approach.

與一年前相比，戶外活動增加。所以，我們總是說季度之間的差異，其中很大一部分是由廣告成本造成的。所以你看到了這一點。至於這是否發生在毛利率和銷售、一般及行政費用方面，請看，指南在營業收入水平上不言而​​喻。我認為我們不會引導這些部分，但這兩條線上顯然都有正面因素。我只是不能——我們不能僅僅根據我們指導的方法談論其嚴重性。

Fair enough. Just thinking about more of a high level, you kind of said it today, but like do these tariff announcements against like your competitors where you're going premium really create anybody that has an advantage? I know you mentioned Ethan Allen earlier that had some domestic.

很公平。只是從更高層次考慮，您今天這麼說過，但是這些針對您的競爭對手的關稅公告，以及您採取的高端政策，真的會給任何人帶來優勢嗎？我知道您之前提到伊森艾倫 (Ethan Allen)，他有一些家庭事務。

But if you consider like your true competitors like people -- and you have a lot of people coming out of Europe, you have some niche here. Are they really at any kind of cost advantage here today that you have? Or just any kind of help with that?

但如果你把你的真正競爭對手看作是人類——而且有很多人來自歐洲，那麼你在這裡就有一些利基市場。他們目前是否真的擁有你們所擁有的成本優勢？或只是提供任何形式的幫助？

No, I don't think anybody had a cost advantage from us. I mean we're buying at the biggest scale at this quality in the world. And we can do that because we have the biggest platform. So when you think about a lot of the higher-end people in the business, I mean, they're relatively small because they don't have a platform, right? And many of them are selling wholesale, they don't control the platform, they may have a few stores.

不，我認為沒有人比我們更有成本優勢。我的意思是，我們的採購規模是世界上同類產品中最大的。我們之所以能做到這一點，是因為我們擁有最大的平台。所以當你想到很多業內的高端人士時，我的意思是，他們的規模相對較小，因為他們沒有平台，對嗎？而且他們中的許多人都是批發銷售，他們不控制平台，他們可能有幾家商店。

But no one's got a platform like ours. So no one has the buying power that we do or can take the risk that we can and negotiate the prices that we can. And so yes, again, the playing field is pretty level. right, at least in North America. And for people that are European-based coming to America that's not good, right, Especially their manufacturing-based business because they're 100% tariff. So we can just -- there's a lot of moves we can make, right?

但沒有人擁有像我們這樣的平台。因此，沒有人擁有我們這樣的購買力，沒有人能像我們一樣承擔風險，也沒有人能像我們一樣協商價格。是的，再次重申，競爭環境是相當公平的。是的，至少在北美是這樣。對於來到美國的歐洲人來說，這不是什麼好事，尤其是他們的製造業企業，因為他們要繳 100% 的關稅。所以我們可以——我們可以採取很多行動，對吧？

We can move more upholstery, we could look at bring up wood furniture operations. I think the most difficult one today is teak furniture out of Indonesia. Indonesia is the capital of premium teak sustainably hardest peak in the world.

我們可以銷售更多的室內裝潢，我們可以考慮開展木製家具業務。我認為當今最困難的是印尼的柚木家具。印尼是優質柚木之都，也是世界上最堅硬的山峰。

And other countries, it's a little dicey and it's definitely not the same quality. So that's why -- I mean, forever, that I -- all my life in this business, you've had best quality the biggest teak resource in the world is in Indonesia. That's a harder one to kind of navigate out of. And -- but then again, we're kind of the biggest and the best. So if you want real teak furniture and you don't want -- it's delie doing Mahogany. Mahogany is not going to last outside.

而在其他國家，這有點冒險，而且品質肯定不一樣。所以這就是為什麼——我的意思是，永遠，我——我一生從事這個行業，擁有最優質的世界最大柚木資源在印尼。這是一個比較難以擺脫的困境。而且 — — 但話又說回來，我們是最大也是最好的。因此，如果您想要真正的柚木家具而又不想要——那就用熟知的桃花心木吧。桃花心木不會在戶外保存很久。

It's like much cheaper wood. They're doing Acacia wood. They're doing Rubber wood, [neato] wood, eucalyptus wood. I mean, all nice trees, don't get me wrong. Just not great wood for outdoor furniture.

它就像便宜得多的木材。他們正在製作相思木。他們生產橡膠木、[neato] 木材和桉木。我的意思是，所有漂亮的樹，不要誤會我的意思。這種木材不適合用來做戶外家具。

If you want it for years or maybe five years in a nice climate, three years in a rough climate, yes, that's great. You're just going to keep buying new outdoor furniture, it looks like craft after a few years. So why we don't sell any of that stuff. But again, that -- and I can't see anybody doing anything that's going to hurt our position in the market. I mean just may mean peak furniture is a little bit more expensive, but it's -- what was the Indonesia number?

如果你想讓它在氣候宜人的地方使用數年甚至五年，在惡劣的氣候下使用三年，是的，那就太好了。您只需繼續購買新的戶外家具，幾年後它看起來就像工藝品一樣。那為什麼我們不賣這些東西呢？但是，我看不出有人會做任何損害我們在市場上的地位的事情。我的意思是可能意味著高峰期的家具會更貴一些，但是——印尼的數字是多少？

Tariff? 32%.

關稅？32%。

Yes, 32%. I mean, we dealt with these kind of tariffs out of China. I mean, you figure out how to be more efficient, you figure out how to work better. As humans -- I'd like to say humans without deadlines are useless, right? We're no good without deadlines.

是的，32%。我的意思是，我們處理過中國這類關稅。我的意思是，你想辦法提高效率，你想辦法更好地工作。身為人類——我想說沒有最後期限的人類是沒用的，對嗎？沒有最後期限我們就做不成事。

We're not good without pressure. It's why the great athletes perform in the playoffs, not necessarily the best in the regular season, although statutory did have 12 and 52 points last night. I was happy about that, but it's getting close to the playoffs and it was against one of their arrivals, right?

如果沒有壓力我們就不行。這就是為什麼偉大的運動員在季後賽中表現出色，而不一定是常規賽中最好的，儘管昨晚他們確實得到了 12 分和 52 分。我對此感到高興，但已經接近季後賽了，而且這是對陣他們的一支新球隊，對嗎？

So you see like we're kind of one of those teams like we're great in the playoffs, we're great under pressure. And humans generally are better under pressure. But you see who's really good in times like these. So we're excited. This is like an exciting time.

所以你看，我們是那種在季後賽表現出色的球隊，在壓力下表現也很出色。一般來說，人類在壓力下會表現得更好。但在這種時候你就能知道誰才是真正的好人。所以我們很興奮。這就像是一個激動人心的時刻。

I mean, I'm not worried about god, are we going to be okay or do we have to raise money to do it now? Like we're good. I mean I do not think this is going to be like to bring the whole economy to them. I think it's going to be paying polled everybody in now. And I think that when you kind of saw where this was going, that look, there may be pain for the next 12 to 18 months or 24 months. But I think the second half of this administration's tenure here it could be a booming American economy.

我的意思是，我並不擔心上帝，我們會沒事嗎，或者我們是否必須現在籌集資金來做這件事？就像我們很好一樣。我的意思是，我不認為這會為他們帶來整個經濟。我認為現在每個人都會參與投票。我認為，當你看到這種情況的發展時，就會知道，未來 12 到 18 個月或 24 個月可能會很痛苦。但我認為在本屆政府任期的後半段美國經濟可能會蓬勃發展。

So I think the key is how do you position yourself for the other side of that, how do you have you navigated correctly now? How do you optimize your business and your sourcing structure, just all aspects of the business. There will be better times and better days. So they always are.

因此我認為關鍵在於你如何定位自己以應對另一面，你現在如何正確導航？您如何優化您的業務和採購結構，以及業務的所有方面。將會有更好的時光和更好的日子。他們總是這樣。

Thomas Bradley, KeyBanc Capital Markets.

托馬斯·布拉德利 (Thomas Bradley)，KeyBanc 資本市場。

It's Brad Thomas. Gary, I wanted to ask just about the international side of the business. And I'm wondering what you're seeing in terms of trends there. wonder the degree to which you worry about any backlash about American perceived brands and how you think about the openings that you have this year? And what risk, if any, there might be inside delays? --

我是布拉德·托馬斯。加里，我想問有關業務的國際方面的問題。我很想知道您看到了什麼趨勢。想知道您對美國品牌受到的負面影響有多擔心，以及您如何看待今年的開幕活動？如果有的話，內部延誤的風險是什麼？--

Yes. Those are all really good questions. I mean yes, I was just talking to my wife last night like, hey, if this really goes sideways, I mean he hits all of your sure we were going to get Italy this summer. No, but there's going to be some kind of weird backlash. We were all thinking the same thing.

是的。這些都是非常好的問題。我的意思是，是的，我昨晚剛跟我的妻子說過，嘿，如果事情真的出了問題，我的意思是他打了你們所有人，確保我們今年夏天能去義大利。不會，但會產生某種奇怪的反彈。我們都在想同一件事。

It's like, okay, I mean -- look, what's happening to Tesla, like it's crazy, right? I mean you have a world that live on the Internet, right? And like tweets and messaging and social media and news and I'm sure this is going to create great noise. I don't know. I think it's -- communication is really key right now. Messaging is really key right now.

就像，好吧，我的意思是——看看，特斯拉發生了什麼事，這很瘋狂，對吧？我的意思是你們生活在網路上，對嗎？就像推文、資訊、社群媒體和新聞一樣，我相信這會引起巨大的轟動。我不知道。我認為——溝通現在真的很關鍵。現在，訊息傳遞確實至關重要。

I thought it was interesting how Trump was holding up the big sign with -- this is how much we're getting tariffed, right? And we're just trying to balance the thing out. I think hopefully, that image and that time will get to people in other countries, and they also put some pressure on their governments to kind of level the playing field. Again, I'm just thinking out loud with you, give you a -- like we've been thinking about this. I don't think I think we underestimated the size of this move.

我覺得很有趣的是，川普舉著大牌子說——這就是我們被徵收的關稅金額，對吧？我們只是想讓一切恢復平衡。我希望這個形象和這段經歷能夠傳達給其他國家的人們，他們也會對本國政府施加一些壓力，以創造公平的競爭環境。再說一次，我只是和你一起大聲思考，給你一個——就像我們一直在思考這個問題一樣。我認為我們並沒有低估這項舉措的規模。

But I'd rather have this happen, then moves to get there and a long drawn-out thing. I think this is going to get us to a conclusion much faster, a much clearer conclusion. There is now kind of a it's a global negotiation. It's not this country now and what's the next country and where are we going next? It's all laid out there, right? It's completely laid out there for everyone to see.

但我寧願這樣發生，然後再採取行動並經歷漫長的過程。我認為這將使我們更快得出結論，得出更清晰的結論。現在這是一種全球談判。現在不是這個國家，下一個國家是哪裡，我們下一步要去哪裡？一切都擺在那裡，對吧？它完全展現在那裡，每個人都可以看到。

So everyone in every country, I don't think they were making up those numbers. I don't think the administration got a bunch of numbers that aren't true. I mean I hope not. I mean, that would be a whole different issue, right, like holy cap.

因此，我不認為每個國家的每個人都在編造這些數字。我不認為政府得到了一堆不真實的數字。我的意思是我希望不會。我的意思是，那將是一個完全不同的問題，對吧，就像聖帽一樣。

I think the move is a well-played move. It's -- the information is out there. The logic is out there. the intention, the desire is clear. It's not that this administration wants tariffs, they want trade balance. I don't even think they're trying to get complete balance. It's just way out of whack. So will there be some backlog I'm sure we're going to read about stuff and American businesses with picketers or somebody throws a fire bomb through a window somewhere, I don't know. That's just the world we live in today.

我認為這項舉措十分明智。訊息就在那裡。邏輯就在那裡。意圖和願望很明確。本屆政府不想要關稅，他們想要的是貿易平衡。我什至不認為他們正在努力實現完全的平衡。這實在太不正常了。所以會不會有些積壓？我相信我們將會讀到一些關於美國企業和糾察隊一起抗議或有人從某個地方的窗戶扔燃燒彈的消息，我不知道。這就是我們今天所生活的世界。

But as it relates to us, construction delays, things like that, will they be any different than building the kind of buildings we have? We always have construction delays. -- Yes, I don't know. But none of that is going to make a big deal. So those are all on the trends on the edges.

但就我們而言，施工延誤之類的事情，與建造我們現有的建築物有什麼不同嗎？我們的施工總是延誤。 ——是的，我不知道。但這些都沒有什麼大不了的。這些都是邊緣趨勢。

I don't think the backlash going to be a big deal. We're not doing that much volume out of Europe today anyway. I hope this -- I hope things kind of get more clear and the world's kind of a more balanced place from trade and from conflict. And by the time we opened tariff out, we're all planning to open during [Élysées], which is one of the biggest home shows in the world.

我不認為反彈會是什麼大問題。無論如何，今天我們在歐洲以外的地區開展的業務量並不大。我希望事情能夠變得更加明朗，世界能夠在貿易和衝突方面變得更加平衡。當我們開放關稅時，我們都計劃在 [Ãlysées] 期間開業，這是世界上最大的家居展之一。

There'll be all the influential designers and other people will be there. And it's a time when everybody goes for all the antique markets and fleet markets and we were going to open in tariff that week. And so the world could see the design world could see our tariffs and I hope there's not pickers upfront there. I hope by saying that, that I didn't help penetrate pictures.

所有有影響力的設計師和其他人士都會出席。那時正是人們紛紛前往古董市場和車隊市場的時候，我們將在那一週開始徵收關稅。如此一來，全世界、設計界都可以看到我們的關稅，我希望那裡不會有人挑剔。我希望我這樣說並沒有幫助破壞照片。

It's a long way off.

路還很遠。

It's not happening in the next couple of weeks. So now -- we're giving you our best insights here, right? This is -- I have no script in front of me. And that's probably a firm graph to be obvious.

未來幾週內不會發生這種事。所以現在——我們在這裡為您提供最好的見解，對嗎？這是——我面前沒有劇本。這可能是一個顯而易見的清晰圖表。

That's very helpful, Gary. And if I could just ask a follow-up on the topic of clearance activity. That's been something going on as you've been transitioning the assortment. How should we think about clearance activity going forward here?

這非常有幫助，加里。我是否可以就清理活動的話題提出後續問題。當你轉變產品種類時，就會發生這樣的事情。我們該如何看待未來的清理活動？

Yes. I think I think about clearance in relationship to the economy, right? In good markets, you're going to see less clearance. And bad housing markets, you're going to see more clearance, not just here everywhere. And then we've got another layer that just relates to the amount of new products that we're bringing in, I always talk about the products in thirds, right, top third, middle third, bottom third.

是的。我認為清關與經濟有關係，對嗎？在市場良好的時候，你會看到清倉現象減少。而房地產市場不景氣，你會看到更多的清倉現象，不只是在這裡，在各個地方。然後我們還有另一層，與我們引進的新產品的數量有關，我總是以三分之一來談論產品，對吧，頂部三分之一，中間三分之一，底部三分之一。

It's how we communicate here with each other. Is this collection to be in the top third? It's in the top third, it pull the whole company up, right? If it's going to be in the middle third? Yes, it's been top and middle third, pull you up a little bit, bottom to middle third, it might pull you down a little bit. If it's the bottom third, it's going to pull you down.

這就是我們在這裡相互交流的方式。這個系列會進入前三分之一嗎？它排在前三分之一，它拉動了整個公司的發展，對嗎？如果它位於中間三分之一？是的，它一直處於頂部和中間三分之一，會將你拉高一點，從底部到中間三分之一，它可能會使你下降一點。如果是底部三分之一，它就會把你拉下來。

And so if you bring in 100 new collections, can you -- they're going to be in thirds, right? There's going to be top third, middle third, bottom third, you're going to rank against all the other assortments, not just against all the newness. And if you lift the whole -- if you lift the whole thing up, if everything lifts, then there's going to be some of those things you would keep versus markdown.

因此，如果您帶來 100 個新系列，您可以——它們將分成三分之一，對嗎？將會有前三分之一、中間三分之一、後三分之一，您將與所有其他商品進行排名，而不僅僅是與所有新品進行排名。如果你把整個東西都提升起來，如果一切都提升起來，那麼其中一些東西你會保留，而不是降價。

But you're also just going to -- I would have thought we would have been transitioning through more of our sales collection sooner, but I thought the housing market was going to get better, too. And so the housing market actually got kind of worse for a period there, right, in interest rate hike and mortgage rates, mortgage applications fell 22%.

但你也會——我原本以為我們會更快完成更多銷售收款的轉型，但我認為房地產市場也會變得更好。因此，房地產市場在一段時間內實際上變得更糟，對吧，由於利率上調和抵押貸款利率，抵押貸款申請下降了 22%。

And I think that probably a good chance the housing market slows a little bit from here as people digest this information, it'd be interesting. I don't know how the day we're having today, but to give you a live read of our business now. I'm giving thumbs up. It's a good day. Okay. That's not demand guidance, by the way. But it's a thumbs up. You got a thumbs up. My team give us a thumbs up on the live read, so. So yes, like we're just really well positioned right now. I think that's the headwind.

我認為，隨著人們消化這些信息，房地產市場從現在開始可能有所放緩，這將會很有趣。我不知道我們今天過得怎麼樣，但現在我要向你們即時通報我們的業務狀況。我豎起大拇指。今天是個好日子。好的。順便說一句，這不是需求指導。但還是值得稱讚。我向你表示敬意。我的團隊對現場閱讀表示讚賞，所以。是的，我們現在的定位確實很有利。我認為，這就是逆風。

Like if you're going to bet on somebody in this race, and I don't like, what's our stock now? I mean. I guess the stock was down based on some of the numbers we reported and then it got killed because of -- really, [Oh shit], okay. I just looked at the screen. I hadn't looked at it.

例如，如果你要在這場競選中押注某個人，而我不喜歡，那麼我們的股票現在是什麼？我是說。我想，根據我們報告的一些數據，股價下跌了，然後就慘遭拋售，因為——真的，[哦，該死]，好吧。我只是看了看螢幕。我還沒看過。

It got hit when I think the tariffs came out, and everybody can see in our 10-K, where we're sourcing from, so it's not a secret. And we're not trying to disguise it by putting everything in an Asia bucket. So you can kind of figure out to do the math. But I can tell you that anybody else that has scale in the home business. Again, put some like [Keith and Allan] or some of the domestic like smaller players like asset or something like that, put some of those people aside if they own more of the manufacturing but not really, I'd say that big of a competitor with anyway.

我認為關稅出台後它就受到了打擊，每個人都可以在我們的 10-K 表中看到我們的採購來源，所以這不是什麼秘密。我們並非試圖透過將所有事物都歸入亞洲範疇來掩蓋這一事實。所以你就可以計算一下。但我可以告訴你，任何在家庭企業中具有規模的人。再說一遍，把一些像 [Keith 和 Allan] 這樣的公司或一些國內較小的公司，比如資產或類似的東西，把其中一些人放在一邊，如果他們擁有更多的製造業，但實際上，我會說無論如何這是一個很大的競爭對手。

So -- but anybody of scale in the home business has a 5% of their content coming out of Asia. Anybody says they don't like that gets shocked me because I looked at everybody's reported.

所以 — — 但任何有規模的家庭企業都有 5% 的內容來自亞洲。任何人說他們不喜歡那樣都會讓我感到震驚，因為我看了每個人的報告。

Yes. I know most of these businesses pretty well. They've been studying them and watching them and hiring people from them. So we're on the same boat, right? We might be going at different percentages out of different countries.

是的。我非常了解其中的大部分企業。他們一直在研究、觀察這些公司並從中聘用人才。所以我們是同一條船上的人，對嗎？我們在不同國家所佔的比例可能會有所不同。

People move different places and I think the people really that I feel works for right now is all the manufacturers in China or people who are invested there, like that move manufacturing, moved their lives, did things moved out of China into other places and spend a lot of capital, have a lot of disruption.

人們會搬到不同的地方，我認為現在真正為之工作的人是所有在中國的製造商或在那裡投資的人，他們轉移了製造業，轉移了他們的生活，把事情從中國轉移到了其他地方，花費了大量的資金，造成了很大的混亂。

It's cost them a lot, time and capital and now the study is like, "Well, I'm not really going to be better off as they might have been better off from China to higher tariffs and more efficiency and less capital. So I think this move is quite stunning, right? It's forced everyone to just play a different game. Like rather than sequential like let me hit Vietnam.

他們因此花費了大量的時間和資金，而現在的研究表明，「好吧，我實際上並不會因為從中國進口而變得更好，因為他們可以從中國進口更高的關稅、更高的效率和更少的資本。所以我認為這個舉動非常令人震驚，對吧？這迫使每個人都玩不同的遊戲。就像而不是連續的，就像讓我打擊越南。

And then I'm going to hit this point, and then I'm going to go here, and I'm going to put more tariffs in China or might be part here, I might do Europe. I mean we have a long-term sourcing strategy that we think is a really good one. We haven't announced it. It's big and bold, and it probably seems like it might be the right thing for the rest of the world. But I don't really know where that -- where this whole negotiation is going to end up.

然後我要達到這一點，然後我要去這裡，我要對中國徵收更多的關稅，或者可能是部分關稅，我可能會對歐洲徵收。我的意思是我們有一個我們認為非常好的長期採購策略。我們還沒有宣布。這個舉措宏大而大膽，對世界其他地方來說，似乎也是一件正確的事。但我真的不知道整個談判會如何結束。

It might end up in a much better place than it appears to be today. But it still the long-term sourcing strategy that vision that we have, I think, it's like a leap frog. We don't want to talk about it because we're trying to figure it out with how you do it, and we believe it doable, and we believe it's as big as a leapfrog, if anything else we do, when we focus on it.

最終的結果可能比現在好得多。但我們認為的長期採購策略仍然是這樣的，我認為，這就像是一次跳躍。我們不想談論它，因為我們正試圖弄清楚如何去做，我們相信這是可行的，我們相信當我們專注於它時，它會像跳躍一樣大，如果我們做其他事情的話。

So -- but we're -- yes, we're just going to play our game. We're going to keep narrowing our focus. And as I said, like around here, we talk about being an inch wide the mild deep, right? Like in times like this, this is -- you might want to take the engine turn into a 0.5 inch and go 1.5 miles deep, like just be really, really clear, be really intentional and allocate human and financial capital with great precision.

所以 — — 但我們 — — 是的，我們只是要玩我們的遊戲。我們將繼續縮小我們的關注範圍。正如我所說的，就像在這裡，我們談論的是寬度和深度各為一英寸，對嗎？就像在這種時候，你可能想把引擎轉向 0.5 英寸，深入 1.5 英里，就像非常非常清楚、非常有意圖並且非常精確地分配人力和財務資本。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

My first question was a follow-up on the clearance activity topic. And was just hoping to better understand maybe how those markdowns have been fueling maybe the acquisition of new customers for RH versus incremental spend from existing customers. It looks like in the 10-K, the year ended with 265,000 members to down a bit versus the prior year. So just trying to kind of understand that relative to the increase in revenue.

我的第一個問題是關於清理活動主題的後續問題。只是希望能更好地理解這些降價如何推動 RH 吸引新客戶以及增加現有客戶的支出。從 10-K 數據來看，今年的會員人數為 265,000 人，比前一年略有下降。所以只是想了解這與收入的增加之間的關係。

Member count was down.

會員數量減少。

Yes. Again, I did think that at a high level, at a macro level, you're just going to have more markdowns in a down market. And not just because less people are buying because you should have them or your sales will be lower. Kind of simple. People buy less things in a bad market and they will buy more things on sale. It's really simple.

是的。再說一次，我確實認為，從宏觀層面來說，在低迷的市場中，降價只會更多。不只是因為購買的人少了，因為你應該有它們，否則你的銷量就會下降。有點簡單。在市場不景氣的時候，人們的購買量會減少，而打折時人們會購買更多商品。這真的很簡單。

In in 2008 and '09, the great recession, yes, everybody in our category, sales went down 35% to 40%. We promoted more in promotion and as we should, and we were able to stabilize the business to down 15% and you can go back and look at this because ethanol used to be, I think, $1.2 billion, and they decided not to promote and were regular price and they went down 40 comp.

2008年和2009年，經濟大衰退，我們這個類別的所有產品的銷售額都下降了35%到40%。我們在促銷方面做了更多努力，這也是我們應該做的，我們能夠將業務穩定在 15% 的水平，你可以回過頭來看看這個情況，因為我認為乙醇曾經是 12 億美元，他們決定不促銷，還是保持正常價格，結果乙醇價格下降了 40%。

And their business shrunk to somewhere, I think, slightly below $600 million or somewhere around $600 million. They want some half the business or over like a two-year period. And that was how many years ago, 18 years ago, 17 years ago, they've never recovered, never recovered. 18 years later, they're not a $1 billion company anyway. So you got to really be careful and not be arrogant.

我認為他們的業務縮水至略低於 6 億美元或 6 億美元左右。他們想要一半以上的業務，或是在兩年內。那是很多年前的事了，18 年前，17 年前，他們再也沒有恢復過來，再也沒有恢復過來。 18 年後，他們仍然不是一家價值 10 億美元的公司。所以你必須非常小心，不要傲慢。

And things like, oh, I think you're a luxury fashion brand. Yes, that's not how the furniture market works. So start some member count year-over-year, I mean, not a big variance in anything. It's not Yes. I mean things generally track with our business, right, with our demand and revenue.

還有諸如此類的事情，哦，我認為你是一個奢侈時尚品牌。是的，家具市場不是這樣運作的。因此，開始逐年統計一些會員數量，我的意思是，任何事情都不會有太大的變化。不是的。我的意思是事情通常與我們的業務、我們的需求和收入保持一致。

So Again, when you zoom out here and you look at where we're performing and where we're guiding versus everybody else, I like what we're doing better than anybody else.

所以，再說一次，當你從這裡縮小範圍並看看我們的表現以及我們與其他人相比所處的位置時，我比任何人都更喜歡我們所做的。

Yes. That's really helpful, Gary. And just a quick follow-up question. In terms of the sourcing diversification, it sounds like you're looking to bring half of your sourcing near half of your sourcing to the US by the end of the year, probably could drive some improvement in the consumer experience in terms of maybe delivery speed and maybe some other factors. Could you just kind of comment on that in terms of ancillary benefits for the consumer from what you're doing from a sourcing perspective?

是的。這真的很有幫助，加里。這只是一個簡單的後續問題。在採購多樣化方面，聽起來您希望在今年年底前將一半的採購轉移到美國，這可能會在交付速度和其他一些因素方面改善消費者體驗。您能否從採購的角度，就您所做的事情給消費者帶來的附加利益方面評論一下這一點？

Yes, that's the upholstery category. That's not our entire business, right? So that says our upholstered furniture business, which is one of our biggest categories -- and that yes, that's what we're doing.

是的，這是室內裝飾類別。這不是我們的全部業務，對嗎？這就是我們的軟墊家具業務，也就是我們最大的產品類別之一——是的，這就是我們正在做的事情。

Seth Basham, Wedbush Securities.

韋德布希證券公司的塞思·巴沙姆（Seth Basham）。

I'm just taking a quick step backwards looking at the fourth quarter, if you could give us some perspective on the margins in the quarter relative to your expectations that came in a bit light, where sales were still at the low end of your guided range. Any perspective on what happened from a margin standpoint in the quarter would be great.

我只是快速回顧一下第四季度，如果您能為我們提供一些相對於您預期的本季度利潤率的看法，那麼銷售額仍然處於您指導範圍的低端。從利潤率角度來看本季發生的任何情況都是很好的。

You mean our operating margin coming in relative to the guidance?

您的意思是我們的營業利潤率相對於預期而言？

Correct. Any details you want to get -- .

正確的。您想了解的任何詳細信息--。

Yes. No. Yes. I mean, look, we're still, I'd say, product margin still up year-over-year in the quarter and some expenses came in higher than expected. But other than what's called out an MD&A set, we can look at that later. I don't have any specific color at this time.

是的。不。是的。我的意思是，我想說，我們本季的產品利潤率仍然同比增長，而且一些費用高於預期。但除了所謂的 MD&A 集之外，我們可以稍後再查看。我目前還沒有任何特定的顏色。

Okay. And just thinking about the timing of costs in 2025. You talked about higher advertising costs year-over-year in the first quarter with an extra source book. When we think about advertising for the balance of the year, should we be thinking about it being down relative to the last three quarters of last year or any other transitory costs that you would call out as we think about the quarterly cadence?

好的。只是考慮 2025 年的成本時間。您談到了第一季的廣告成本同比增加，並且還有額外的資料。當我們考慮今年剩餘的廣告費用時，我們是否應該考慮它相對於去年最後三個季度的下降，或者在我們考慮季度節奏時您會提到的任何其他暫時性成本？

Yes. We're not guiding advertising, but I think I just look at the operating margin for the year and the adjusted operating margin, what that looks like, that incorporates our views of advertising. So I think the first quarter is obviously, I think, the highest quarter from an advertising point view.

是的。我們不會指導廣告，但我認為我只看年度營業利潤率和調整後的營業利潤率，它是什麼樣子，就包含了我們對廣告的看法。因此我認為，從廣告角度來看，第一季顯然是最高的季度。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So maybe just a simple question to start. I can be discussing. Could you talk at all about just the trend in your business through the fourth quarter and then maybe into Q1 here?

因此也許只要問一個簡單的問題就可以了。我可以討論。您能否談談第四季以及第一季的業務趨勢？

Yes. We said we were only giving kind of demand guidance for last year. So we're not giving it this year, Brian, but --

是的。我們說過，我們只是給了去年的需求指引。所以我們今年不給了，布萊恩，但是--

And Gary, in the third paragraph as letter to talk about the trends inside the fourth quarter.

加里在信的第三段中討論了第四季度的趨勢。

Inside the fourth quarter, yes.

是的，在第四季內。

So with demand ending up in the core business, Sept '21, and he gave you some color because you had it from the December call, where we were heading into the call and where it stabilized in January of '19. So you can kind of read some of those trends in the quarter, but we're not giving any further demand guidance as it relates to this quarter going forward.

因此，隨著需求最終進入核心業務，即21年9月，他給了你一些信息，因為你從12月的電話會議中得到了這些信息，當時我們正進入電話會議，而19年1月需求趨於穩定。因此，您可以了解本季的一些趨勢，但我們不會提供與本季未來相關的任何進一步的需求指引。

Okay. That's fair. Then just my follow-up question, bigger picture. I know we've been discussing obviously tariffs a lot, but recognizing, I mean it is an extraordinarily fluid environment, okay? And I think you made the first company addressing this after the announcement from the White House.

好的。這很公平。然後只是我的後續問題，更大的圖像。我知道我們已經多次討論過關稅問題，但我們認識到，這是一個極不穩定的環境，好嗎？我認為你們是白宮宣布這一消息後第一家解決這個問題的公司。

But I guess the philosophic as you look at this and with sourcing cost is presumably going somewhat higher, how do you -- where do you kind of shake out? Is it more -- do you think you have more going to kind of adjust prices here in the United States? Or do something on the sourcing side, either negotiate with your vendors or move and source en route rate?

但是我想，當你以哲學角度看待這個問題並且採購成本可能略高時，你會如何應對呢？是不是—您認為在美國，您是否會採取更多措施來調整價格？或者在採購方面做些什麼，要么與你的供應商協商，要么轉移並在途中採購？

It's all of the above. It's no different than navigating through the China tariffs and so on and so forth. And everybody is in the same boat. No one is not exposed to this. Will there be impact to the consumer, of course, there will.

以上就是全部了。這與解決中國關稅等問題沒什麼不同。每個人都面臨同樣的境遇。沒有人未曾接觸過這種現象。這會對消費者產生影響嗎？當然會有。

Yes. I mean -- but there will be concessions on the manufacturing side. There'll be some concessions on our end. We'll look for efficiency in our business. We may consolidate to fewer vendors to get more leverage and costing all kinds of things that you do in these kind of situations to optimize, right?

是的。我的意思是——但在製造方面會做出讓步。我們這邊會做出一些讓步。我們將追求業務效率。我們可能會整合更少的供應商，以獲得更多的槓桿作用，並優化您在這種情況下所做的各種事情的成本，對嗎？

And so it's -- this is not -- again, there's no one to escape this. That's what I like. So it's not like, oh, we hit this place. And now people move to that one. And then they hit that one and then -- it's crystal clear. It's -- that's what I love. There's real clarity right now. Now is it going to change in the next week or two or three because there's going to be concessions, I think so. There's going to be ongoing things like that for several months or we might be in a three-month negotiation period, six months.

所以 — — 這不是 — — 再說一遍，沒有人可以逃脫。這正是我喜歡的。所以這並不是說，哦，我們來到了這個地方。現在人們轉向了那個。然後他們擊中了那個，然後 - 一切都變得清晰起來。這——這就是我所喜歡的。現在情況非常明朗。現在情況會在未來一兩週或三週內改變嗎？因為會有讓步，我認為是的。類似這樣的事情將會持續幾個月，或者我們可能會處於三個月或六個月的談判期。

What I'm feel good about seeing us is the inventory investment we made and the heavy inventory we have is at a good price for the first time in my career, extra inventory is my friend. So I think we might be the only one positioned the way we are because of the product transformation we are going through. So I mean, we're going to have to work with our partners. There's things that are in flight that are being produced and will to take some inventory with tariffs and -- but I would say as a percentage of other people, it's going to be much smaller. So I think we start with an advantage. I like that.

我很高興看到我們所做的庫存投資以及我們擁有的大量庫存在我的職業生涯中第一次以好價錢出售，多餘的庫存是我的朋友。因此，我認為，我們可能是唯一一家因為正在經歷產品轉型而定位如此的公司。所以我的意思是，我們必須與我們的合作夥伴合作。有些產品正在生產中，並且會因關稅而產生一些庫存——但我想說，與其他人相比，這個比例要小得多。因此我認為我們從一開始就具有優勢。我喜歡這個。

And we've been doing this. I don't think there's anybody that's -- no, there's series, yes. guys can and might have been doing this longer than I have. Like we have a lot of experience around the table here. We've been doing this a long time. And some of us have multiple companies similar to this one. And so we know the game as well as anybody. We know the countries as well as anybody. We have unbelievable partners around the world. And we're on the same team, right?

我們一直在做這件事。我認為沒有人會——不，有系列，是的。大家可能比我做這個的時間更長。就像我們在這裡有很多經驗一樣。我們已經這樣做很久了。我們中的一些人擁有多家與這家類似的公司。因此我們和其他人一樣了解這項運動。我們和其他人一樣了解這些國家。我們在世界各地擁有令人難以置信的合作夥伴。我們是同一隊的，對吧？

This is a time of thought reflection, collaboration -- and no, I don't know what will stay. I mean it's a good time to be RH, even though it looks like a bad time. That would be a miss of you.

這是一個反思和合作的時刻——不，我不知道什麼會留下來。我的意思是，儘管看起來時機不佳，但對 RH 來說現在是個好時機。那我會很想念你。

Looking at other times of crisis, and who's come out the other side really well. I think we have -- and we have when we had a lot less resources and a way less dynamic strategy than we have today. So yes, it's also time to decide what's nice to do and need to do. And you really want to focus on the need to do and he's super disciplined. And about time and capital.

回顧其他危機時刻，看看誰能好好地走出困境。我認為我們已經這樣做了——而且是在我們擁有的資源少得多、戰略也遠不如今天這樣有活力的時候。所以是的，現在也是時候決定什麼是值得做的、需要做的事了。你確實想集中精力於需要做的事情，而他非常自律。以及時間和資本。

Time is the most important thing we allocate. So just thinking about where we're going to focus in light of this new situation and understanding that the situation is going to change. We can't see it yet. But it's a big clear move. That's the best thing.

時間是我們分配的最重要的東西。因此，我們只需思考一下在這種新情況下我們要關注什麼，並了解情況將會改變。我們還看不到它。但這是一個明顯的重大舉措。那是最好的事。

So it's crystal clear what the administration is trying to do. Crystal clear, and I thank them for that. Yes. I thank them for not like kind of playing a hodgepodge game all over the place and being really on focus. This is a really clear and focused move.

因此，政府正在採取的行動一目了然。非常清楚，我為此感謝他們。是的。我感謝他們沒有到處玩雜亂的遊戲，而是真正集中註意力。這是一個非常明確且重點突出的舉措。

They've thought about this deeply and for a long time. I mean, that's what it looks like. I don't know anybody inside there. I'm not going to tell you which way I voted like -- it's a dangerous thing to do in this world today. It's dangerous as driving a Tesla. Just kidding, Jack.

他們對此進行了深入而長期的思考。我的意思是，它看起來就是這樣的。我不認識裡面的任何人。我不會告訴你我投了哪一票——在當今世界，這樣做是危險的。這和駕駛特斯拉一樣危險。只是開玩笑，傑克。

But we're good at what we do here. And we're getting better all the time. This is just another one of those opportunities to learn and grow and invent and innovate and leapfrog to another better place that we can't even see yet.

但我們在這裡做的事情很出色。我們也一直在不斷進步。這只是學習、成長、發明、創新和跨越到我們尚未看到的另一個更好的地方的另一個機會。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜‧費爾南德斯 (Cristina Fernandez)，Telsey 顧問集團。

I wanted to ask a question about product units. As you look at what's coming in for 2025 to drive demand? Where do you see the most incrementality? I'm thinking the interior sourcebook that was mailed this year seemed like you have a lot of newness, but I know you also have some things planned for the back half. So can you share some thoughts on where do you think will be the most significant ones?

我想問一個關於產品單位的問題。您認為 2025 年將有哪些因素推動需求？您在哪裡看到最大的增量？我認為今年郵寄的內部資料手冊似乎有很多新內容，但我知道您也為後半部分計劃了一些事情。那麼能否分享一下您認為最重要的因素是什麼？

Yes. Look, I think just start with what we have right now. we're nowhere near optimizing the assortment we have right now, right? Like again, you -- everything that any retailer buys, they buy it 100% wrong. Nobody buys at 100% right. I mean, there's some degree of wrong that you have with every buy.

是的。看，我認為就從我們現在擁有的開始。我們還遠遠沒有優化我們現有的產品組合，對嗎？再例如，任何零售商購買的所有東西，都是100%買錯的。沒有人能 100% 正確地購買。我的意思是，每次購買都會出現某種程度的錯誤。

So nobody knows exactly what the best seller is going to be and how much to buy and so on and so forth. So we have so much newness that we're optimizing so much opportunity to get those products into our galleries presented right. We have so much opportunity to look at how we're presenting things and marketing things throughout the company on and on and on.

因此沒有人確切知道最暢銷的商品是什麼、應該購買多少等等。因此，我們擁有如此多的新品，我們正在優化如此多的機會，將這些產品正確呈現在我們的畫廊中。我們有很多機會來觀察我們如何在整個公司內展示和行銷產品。

So it's -- I would say just at a global level, at a macro level in our industry, at our competitive set, you're going to see a lot less newness this year or it's going to be really expensive newness. Yes, we have. So that's why I'd say I'm really happy about the inventory position we're in because I think we can really cut back on receipts until we have clarity.

所以我想說，從全球層面、從我們產業的宏觀層面、從我們的競爭環境來看，今年的新品將會少很多，或是新品價格會非常昂貴。是的，我們有。所以這就是為什麼我會說我對我們的庫存狀況感到非常滿意，因為我認為我們可以真正減少收貨，直到我們清楚為止。

We may -- we'll probably still work from a development point of view because it's not going to be clear where the tariffs will really land long term. So it's not like you want to just stop everything. I think there's some level of investment you still want to make from a product development point of view and be prepared.

我們可能—我們可能仍會從發展的角度進行努力，因為關稅的長期影響尚不明確。所以你並不是想停止一切。我認為從產品開發的角度來看你仍然需要進行一定程度的投資並做好準備。

But I think -- I think that there's -- every business that's being affected by this is got to think differently. This is -- yes, this is force change. This isn't elective change. This isn't like, hey, work from home if you feel like it. There's no escaping what just happened.

但我認為——我認為——每個受此影響的企業都必須有不同的想法。這是——是的，這是強迫改變。這不是選擇性改變。這可不是說，嘿，如果你願意的話就可以在家工作。剛剛發生的事已無可逃避。

So it's going to be -- the best people are going to -- are the ones who are going to win in environments like these. So yes, like newness is just one aspect at optimizing what we have, looking at other levers and what we're doing, and we've got a lot of new galleries and new things coming. I say -- is there a risk we push out the new concept? Maybe, yes, there's -- but there's also a good chance that things resolve themselves in four to eight weeks ago, nothing really changed that much, except for the framework of the global trading policies. I don't know.

所以，在這樣的環境中，只有最優秀的人才能取得勝利。所以是的，新穎性只是優化我們所擁有的東西的一個方面，看看其他槓桿和我們正在做的事情，我們將會有許多新的畫廊和新的東西。我說－我們推出新概念有風險嗎？或許，是的，有──但也很有可能事情會在四到八週內自行解決，除了全球貿易政策框架外，實際上並沒有太大的改變。我不知道。

I wish I had a crystal ball, but it's more fun when you don't.

我希望我有一個水晶球，但是如果沒有的話會更有趣。

Got it. And then my second question, the London store is being delayed to 2026. Can you talk about, I guess, what the reason for that is? And that would imply that some of the investments get pushed out to 2026?

知道了。我的第二個問題是，倫敦店將推遲到 2026 年。您能談談這大概是什麼原因嗎？這是否意味著部分投資將延後到 2026 年？

Yes. It's doing big complex. [Development jobs]. Yeah, things don't, I mean, things don't -- if anybody here, if you've ever remodeled a home, nothing really goes right. Nothing is really on time. Everybody says, if you build a house, it's twice as long and twice as much. Then there's people tell you, 3 times as long, 3 times as much.

是的。它正在做一個很大的綜合體。[開發工作]。是的，事情不會這樣，我的意思是，事情不會— — 如果這裡的任何人，如果你曾經改造過一個家，一切都不會順利。沒有什麼是真正準時的。大家都說，如果你蓋一棟房子，它的長度和麵積都會是原來的兩倍。然後有人告訴你，時間是原來的3倍，數量是原來的3倍。

Imagine streaming together four buildings in London and creating one harmonious shopping experience and doing things at the level that we do right in the heart of Mayfair. There's just complexities. There's things that don't go exactly to schedule, no matter how hard you push and what you do. So just kind of some things get done a little faster, some things come online faster, some things take longer.

想像將倫敦的四座建築整合在一起，創造出和諧的購物體驗，並在梅菲爾中心的水平上開展業務。只是有些複雜。有些事情不會完全照計畫進行，無論你多努力、做什麼。因此，有些事情完成得更快一些，有些事情上線得更快，有些事情則需要更長的時間。

Yes. And could we freely rush and spend more money and try to get it open in December. I mean could I just don't think the best time to open in mid-to late December. So probably open it sometime early spring or something like that. But we'll keep you posted.

是的。我們是否可以自由地投入更多資金並嘗試在 12 月開放它。我的意思是，我只是不認為 12 月中下旬是開業的最佳時間。所以可能在早春或類似的時間開放。但我們會及時向你通報。

We're not stamping out mall stores where you just build the store front and kind of fill up a windowless box with some fixtures like that's easy to do. When I was at my former company, and we were -- we could stamp out a store in 12 to 18 weeks, yes, it's really simple. The storefront is 40 feet wide and 50 feet wide and 100 feet deep, 5,000 feet or maybe even 10,000 feet. I mean these are really big complex investments and leapfrogs for the company.

我們不會消滅購物中心商店，只需建造店面，然後用一些固定裝置填滿一個沒有窗戶的盒子，就像那樣很容易做到。當我在我以前的公司的時候，我們可以在 12 到 18 週內開設商店，是的，這真的很簡單。店面寬 40 英尺、50 英尺、深 100 英尺、5,000 英尺，甚至 10,000 英尺。我的意思是，對於公司來說，這確實是巨大而複雜的投資，而且是跨越式發展。

No one will ever build -- I don't believe anybody will build a platform anywhere comparable to what we're building, for sure, not in my lifetime. But you might not see something like this for another 100 years, if then. The complexity, the cost, the investment you've got to be able to perform in spaces like these.

沒有人會建造——我不相信任何人會在任何地方建造一個與我們正在建造的平台相當的平台，肯定不會，在我有生之年不會。但可能還要 100 年才會看到這樣的景象。您必須具備在這樣的空間內完成任務的複雜性、成本和投資。

And we've proven as we kept expanding and dimensionalizing our physical platform and incorporating hospitality and corporating interior design services and offices and all times to support indoor outdoor space, rooftops, garden, support yard and all the things we do don't build anything like that. No one in the world builds anything close to what we do.

我們已經證明，隨著我們不斷擴展和維度化我們的實體平台並融入酒店和企業室內設計服務和辦公室，並始終支持室內室外空間、屋頂、花園、支持庭院以及我們所做的所有事情，我們不會建造任何類似的東西。世界上沒有人能建造出與我們相近的東西。

So it's more complex. And plus we're constantly innovating. So there's -- it's just less stamping things out. That's what happened. I haven't seen anybody has ever been on time with a kitchen remodel.

所以它更加複雜。此外，我們還在不斷創新。所以 — — 這只是減少了消滅事物的量。事情就是這樣的。我還沒看過有人能夠準時完成廚房改造。

And everyone, at this time, there are no further questions. I'd like to hand the call back to Mr. Gary Friedman for any additional or closing remarks.

各位，現在，沒有其他問題了。我想將電話轉回給加里弗里德曼先生，讓他做任何補充或結束語。

Great. Well, thank you, everyone, for your time. I said at the beginning, welcome to a new world. And the quote I used from Theodore Roosevelt, Every moment has it's lunatic fringe, I think, it's quite appropriate. But let's not -- let's just characterize what's happening in the external environment, it really is what's happening in the internal environment here that we are the men and women in the arena and we are the ones who will do the good needs.

偉大的。好吧，謝謝大家抽出時間。我在一開始就說了，歡迎來到一個新世界。我引用了西奧多·羅斯福的名言“每個時刻都有它的極端”，我認為這是非常恰當的。但是，我們不要只描述外在環境中發生的事情，真正的事情是內在環境中發生的事情，我們是競技場上的男人和女人，我們是會做好事的人。

And we will air and come up short from time to time, but we will also do some extraordinary, remarkable and amazing things. And that's what we believe we're on the planet to do and we believe we'll create one of the most admired brands in the world, if not the most admired.

有時我們會播出，也會失敗，但我們也會做一些非凡的、了不起的和令人驚奇的事情。我們相信，這就是我們來到這個世界上要做的事情，我們相信，我們將打造出世界上最受尊敬的品牌之一，即使不是最受尊敬的品牌。

So -- but it's long-term thinking, and it's being an inch wide and a mile deep. And you'll see us get even more focused and more intentional in times like these. So want to thank our team members around the world, our partners around the world, all of our team members here at the center of innovation and our campus in Porto Madeira, California. I think the work we've done this past year in 2024, it's extraordinary, the strategic separation we've created is unlike anyone else in our marketplace.

所以 —— 但這是長期思考，而且是一英寸寬一英里深。你會看到，在這樣的時刻，我們會變得更專注、更有目的性。因此，我要感謝我們在世界各地的團隊成員、我們在世界各地的合作夥伴、以及這裡創新中心和位於加州波爾圖馬德拉園區的所有團隊成員。我認為我們在過去一年（2024 年）所做的工作非常出色，我們所創造的策略分離在我們的市場上與其他任何人都不同。

And our stock is going to go up and down. I've been here 25 years. I was here when it $0.50 a share and adjusted for the number of shares we have, that was probably a nickel share.

我們的股票也會漲跌。我來這裡已經 25 年了。我來這裡的時候，股價是每股 0.50 美元，根據我們擁有的股票數量進行調整後，那可能是每股五美分。

And so when you think about it as a long term, you think about it like you're an owner and you own 100% of the company, you make the kind of decisions that allow you to do the kind of work we're doing for 25 years of your life. And I feel present to be here to be doing that. I feel privilege and proud to be doing it with the people and partners of Team RH.

因此，當你從長遠角度考慮這個問題時，你會認為自己是所有者，擁有公司 100％ 的股份，你所做的決定可以讓你用 25 年的人生去做我們正在做的工作。我很高興能來到這裡做這件事。我很榮幸也很自豪能夠與 RH 團隊的人員和合作夥伴一起完成這項工作。

So as I like to say, never underestimate a few good people who don't know what can't be done, especially these people. So are carpe diem, everyone.

所以正如我喜歡說的，永遠不要低估一些不知道什麼不能做的好人，尤其是這些人。大家也都一樣，及時行樂。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

各位，今天的會議再次結束。我們感謝大家今天的參與。您現在可以斷開連線。