RH (RH) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the RH third-quarter 2025 earnings call. As a reminder, this call is being recorded. I would now like to hand the call over to Ms. Allison Malkin. Please go ahead, ma'am.

大家好，歡迎參加RH公司2025年第三季財報電話會議。提醒各位，本次電話會議正在錄音。現在我將把電話交給艾莉森馬爾金女士。請開始吧，女士。

Thank you. Good afternoon, everyone. Thank you for joining us for our third-quarter fiscal 2025 earnings call. Joining me today are Gary Friedman, Chairman and Chief Executive Officer; and Jack Preston, Chief Financial Officer.

謝謝。大家下午好。感謝各位參加我們2025財年第三季財報電話會議。今天與我一同出席的有董事長兼執行長加里‧弗里德曼先生和財務長傑克‧普雷斯頓先生。

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. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially.

在正式開始之前，我想提醒各位注意我們的法律免責聲明：我們今天將發表一些符合聯邦證券法定義的前瞻性聲明，包括關於我們業務前景以及今天發布的新聞稿中提及的其他事項的聲明。這些前瞻性聲明涉及許多風險和不確定性，可能導致實際結果與預期有重大差異。

Please refer to our SEC filings as well as our press release issued today for 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 to these forward-looking statements in light of new information or future events.

有關可能影響我們業績的風險因素的更詳細說明，請參閱我們向美國證券交易委員會提交的文件以及我們今天發布的新聞稿。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，我們不承擔因新資訊或未來事件而修訂或公開披露這些前瞻性陳述結果的義務。

Also, during this call, we may discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items. 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 press release. A live broadcast of this call is also available on the Investor Relations section of our website at ir.rh.com.

此外，在本次電話會議中，我們可能會討論非公認會計準則（非GAAP）財務指標，這些指標對我們的公認會計準則（GAAP）業績進行了調整，以消除某些項目的影響。您可以在今天的財務表現新聞稿中找到有關這些非GAAP財務指標的更多資訊以及這些非GAAP指標與GAAP指標的調節表。本次電話會議的直播也可在本公司網站ir.rh.com的投資人關係頁面收聽。

With that, I will now turn the call over to Gary.

接下來，我將把電話交給加里。

Great. Thank you, Allison. Good evening to those of you on the East Coast, and good afternoon on the West Coast. To our people, partners, and shareholders, we continue to generate industry-leading growth with revenue increasing 9% in the third quarter and up 18% on a two-year basis, demonstrating the disruptive nature of our brand despite the worst housing market in almost 50 years and the polarizing impact of tariffs.

太好了。謝謝你，艾莉森。東海岸的朋友們晚上好，西海岸的朋友們下午好。致我們的員工、合作夥伴和股東們：我們持續保持行業領先的成長勢頭，第三季度營收成長9%，兩年累計成長18%，這充分展現了我們品牌的顛覆性影響力，即便是在近50年來最糟糕的房地產市場以及關稅政策帶來的兩極分化影響下，我們依然取得了成功。

Adjusted operating margin of 11.6% was below the 12.5% midpoint of our guidance due to higher-than-forecasted tariff expense on prior period special order and back order sales delivered in the quarter and higher-than-expected tariffs opening expenses.

經調整後的營業利潤率為 11.6%，低於我們先前預期的 12.5% 的中位數，原因是上期特殊訂單和本季交付的積壓訂單銷售的關稅支出高於預期，以及關稅開市支出高於預期。

Adjusted EBITDA was 17.6%, and we generated $83 million of free cash flow in Q3. Year-to-date free cash flow reached $198 million, and we are on track to achieve our outlook range of $250 million to $300 million for the year.

經過調整後的 EBITDA 為 17.6%，第三季我們產生了 8,300 萬美元的自由現金流。年初至今的自由現金流達到 1.98 億美元，我們預計將實現全年 2.5 億美元至 3 億美元的預期目標。

Net debt at the end of the quarter was $2.427 billion down $85 million from Q2. We ended Q3 with real estate assets that we believe have an estimated equity value of approximately $500 million and that we plan to monetize opportunistically as market conditions warrant.

本季末淨債務為24.27億美元，較第二季減少8,500萬美元。第三季末，我們擁有的房地產資產，我們認為其股權價值約為5億美元，我們將根據市場狀況擇機將其變現。

Additionally, we are making progress on our goal of reducing excess inventory estimated at $300 million with inventory down 11% versus last year and down $82 million versus the second quarter. While a meaningful portion of our market share gains are coming from the fragmented to-the-trade design showrooms, regional high-end furniture stores and local independent boutiques.

此外，我們在減少預計高達3億美元的過剩庫存方面取得了進展，庫存較去年同期下降了11%，較第二季下降了8,200萬美元。我們市場份額的成長主要來自分散的面向專業人士的設計展廳、區域性高端家具店和當地獨立精品店。

We are also gaining share from the better furniture-based national brands, as you can see from the table below. I would point out that our share gains on a two-year basis range from a low of 12 points to a high of 28 points.

正如下表所示，我們也正在從一些知名的全國性家具品牌手中奪取市場份額。需要指出的是，我們兩年來的市佔率成長幅度在12個百分點到28個百分點之間。

We find it fascinating that the market chooses to reward companies that set remarkably low expectations and slightly beat them versus setting high expectations as we do and at times miss them, while still meaningfully outperforming our industry.

我們發現，市場選擇獎勵那些設定了極低預期並略微超出預期的公司，而不是像我們這樣設定了很高預期，有時未能達到預期，但仍然顯著優於行業的公司，這非常有趣。

Let me turn to our outlook. We are providing the following updated financial outlook, reflecting our year-to-date performance and our current trends. For the fourth quarter, revenue growth of 7% to 8%, adjusted operating margin of 12.5% to 13.5%, adjusted EBITDA margin of 18.7% to 19.6%. The above outlook includes an approximate negative 200 basis point operating margin impact from investments and start-up costs to support our international expansion and 170 basis point impact from tariff, net of mitigations.

接下來，我將談談我們的展望。我們提供以下更新後的財務展望，反映了我們年初至今的表現和目前的趨勢。第四季度，預估營收成長7%至8%，調整後營業利益率為12.5%至13.5%，調整後EBITDA利潤率為18.7%至19.6%。上述展望已計入約200個基點的營業利潤率負面影響（主要來自支持國際擴張的投資和啟動成本）以及170個基點的關稅影響（已扣除相關緩解措施）。

Fiscal year 2025: Our current outlook now is revenue growth of 9% to 9.2%, adjusted operating margin of 11.6% to 11.9%, adjusted EBITDA margin of 17.6% to 18%, and free cash flow of $250 million to $300 million. The above outlook includes an approximately negative 210 basis point operating margin impact from investments to start-up cost to support our international expansion and a 90 basis point impact from tariffs net of mitigation.

2025財年：我們目前的預期是：營收成長9%至9.2%，調整後營業利潤率11.6%至11.9%，調整後EBITDA利潤率17.6%至18%，自由現金流2.5億美元至3億美元。上述預期已包含約210個基點的營業利潤率負面影響（主要來自為支持國際擴張而進行的啟動投資），以及扣除減免措施後約90個基點的關稅影響。

In the short run, the market is a voting machine. But in the long run, it is a weighing machine, Benjamin Graham. We are a company that has planned the long game, historically innovating and investing during certain times.

短期來看，市場是一台投票機；但長期來看，它是一台稱重機，正如本傑明·格雷厄姆所說。我們是一家著眼長遠的公司，歷來在特定時期進行創新和投資。

We also believe post this high investment cycle in historically low housing market, the weighing machine as it has done over a 25-year history will accurately reward us with the truly unique high-performance brand we are building. On the other hand, there is no denying what an unusual time it is in our industry. And we also believe it's not a time to underestimate risk.

我們相信，在經歷了當前高投資週期和歷史低迷的房地產市場之後，正如過去25年的發展歷程一樣，這台稱重機將準確地回報我們正在打造的真正獨特的高性能品牌。另一方面，不可否認，我們所在的行業正處於一個非常時期。我們也認為，此時此刻絕對不能低估風險。

We're in the third year, the worst housing market in almost 50 years. In 1978, there were 4.09 million existing homes sold in the US when the US had a population of 223 million people. We are on track to average 4.07 million existing homes sold over the three years from 2023 to 2025 with a population of 341 million, or 53% higher than 1978.

我們正處於近50年來最糟糕的房地產市場第三年。 1978年，美國二手房銷售量為409萬套，當時美國人口為2.23億。預計到2023年至2025年這三年間，美國二手房平均銷量將達到407萬套，屆時美國人口將達到3.41億，比1978年增長53%。

This is a market we've never seen before. Not a time to underestimate risk, tariffs are disrupting supply chains and driving higher prices. There have been 16 different tariff announcements over the past 10 months that have resulted in significant resourcing product delays out of stocks and driven multiple rounds of price negotiations and increases.

這是一個前所未有的市場。切不可低估風險，關稅正在擾亂供應鏈並推高價格。在過去10個月裡，政府已宣布了16項不同的關稅措施，導致大量產品缺貨，造成嚴重的供應延誤，並引發了多輪價格談判和上漲。

Despite the chaos, we continue to demonstrate our ability to gain meaningful market share, while aggressively investing in strategies that we believe will create long-term strategic separation. While not a time to underestimate risk, also not a time to run from it, it's important to separate the signal from the noise. And remember, necessity is the mother of invention.

儘管情勢混亂，我們依然展現出獲取可觀市場佔有率的能力，同時積極投資於我們認為能夠實現長期策略差異化的策略。雖然現在既不能低估風險，也不能逃避風險，但重要的是要從紛繁的資訊中甄別出真正有價值的資訊。記住，需要是發明之母。

Our most important innovations were birthed during the most challenging and uncertain times. Our strategic separation is a result of innovating and investing during these uncertain times, and this time is no different. Launching the most prolific product transformation in history of our industry and believe the launch of our new concept in the spring of next year will reaccelerate our growth and create another step change in our business.

我們最重要的創新都誕生於最具挑戰性和不確定性的時期。我們的策略分離正是源自於在這些不確定時期不斷創新和投資，而這次也不例外。我們即將啟動業內歷史上影響最為深遠的產品轉型，並相信明年春季推出的全新概念產品將再次加速我們的成長，並為我們的業務帶來另一個飛躍式的變革。

We're building an iconic global selling platform that will likely never be duplicated in our lifetimes. Construction costs post COVID have doubled across the industry, making it very difficult to emulate our immersive platform. At the same time, we have created new equally immersive physical experiences that are massively more capital efficient that we plan to unveil on our next call -- on our call next quarter.

我們正在打造一個標誌性的全球銷售平台，在我們有生之年可能都不會再有第二個。新冠疫情後，整個產業的建設成本翻了一番，這使得複製我們沉浸式平台變得異常困難。同時，我們也創造了全新的、同樣沉浸感十足的實體體驗，這些體驗的資本效率更高，我們計劃在下個季度的電話會議上公佈。

We just opened what might be the most beautiful and talked about retail experience in the world and arguably the most important city in the world, especially if your vision is to build a global luxury brand. You know which one I'm talking about, RH Paris. You have to see it to believe it.

我們剛在巴黎開設了一家堪稱全球最美、最受矚目的零售體驗店，而且它所在的城市也堪稱全球最重要的城市之一，尤其對於那些志在打造全球奢侈品牌的人來說更是如此。你一定知道我說的是哪家店，RH Paris。眼見為憑。

We are developing a global hospitality business that generates significant brand awareness, traffic, and cash flow. We have built a powerful restaurant company that is seamlessly integrated into our core business that will generate operating income that represents on average 65% of the aggregate galleries rent they reside in.

我們正在打造一個全球性的飯店餐飲業務，旨在顯著提升品牌知名度、客流量和現金流。我們已建立起一家實力雄厚的餐飲公司，並將其無縫整合到我們的核心業務中，其營業收入平均佔所在畫廊總租金的65%。

The RH Ocean Grill at RH Newport Beach is our first $20 million-plus restaurant, that we believe will reach the mid-20s in the second full year, and its cash flow next year might cover the rent for the entire 90,000 square foot gallery. We're establishing a global interior design firm that is moving the brand beyond presenting and selling products to conceptualizing and selling spaces.

位於RH Newport Beach的RH Ocean Grill是我們首家投資超過2000萬美元的餐廳，我們預計其在第二個完整年度的營業額將達到2000萬美元以上，並且明年的現金流可能足以支付整個9萬平方英尺展廳的租金。我們正在組建一家全球室內設計公司，旨在將品牌從展示和銷售產品拓展到概念化和銷售空間。

We opened our first freestanding RH interior design office in Palm Desert, California, with no product except for two small sitting areas in front of our designers' offices. There's four offices in the building and a workspace with clients.

我們在加州棕櫚沙漠開設了第一個獨立的RH室內設計辦公室，當時除了設計師辦公室前的兩個小休息區外，沒有任何產品展示。這棟大樓裡有四間辦公室和一個接待客戶的辦公區。

It's a real freestanding customer-facing design firm, which really don't exist in the world if you think about it. It's like finding a dentist. You move to a new area and you buy a new home, you need a dentist, what do you do? You Google it; you ask a friend.

這是一家真正獨立的、面向客戶的設計公司，仔細想想，這種公司在世界上其實並不多見。這就像找牙醫一樣。你搬到一個新的地方，買了一棟新房子，需要找牙醫，你會怎麼做？你會上網搜尋；你會問朋友。

Like where do you find an interior designer? I mean you can go online, I don't know how that's going to really help. But if you think about it, the world of interior design is not a customer-facing business. And we opened our first freestanding interior designer Palm Desert with no product.

例如，去哪裡找室內設計師呢？我的意思是，你可以上網找，但我不知道這到底有多大幫助。仔細想想，室內設計產業並不是直接面對客戶的產業。而且，我們在棕櫚沙漠開設第一家獨立室內設計工作室的時候，沒有任何產品。

It's a real freestanding customer-facing design firm and is generating $1 million a month in design business in 3,000 square feet with rent of $200,000 a year. You can do the math.

這是一家真正獨立的、面向客戶的設計公司，每月設計業務收入達100萬美元，辦公面積3000平方英尺，年租金20萬美元。你自己算算看吧。

All of which is resulting in building a brand with no peer, while generating industry-leading growth with high teens adjusted EBITDA margin. Imagine what our performance will look like in a robust housing market as we cycle and leverage these investments.

這一切最終打造出一個獨一無二的品牌，同時實現了領先業界的成長，調整後 EBITDA 利潤率高達 20% 以上。想像一下，在強勁的房地產市場中，隨著我們不斷輪動並充分利用這些投資，我們的業績將會如何。

Never underestimate the power of the few good people, who don't know what can't be done, especially these people. Carpe Diem.

永遠不要低估少數善良之人的力量，他們無所不知，尤其這些人更是如此。把握當下。

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

接線員，現在開始接受提問。

(Operator Instructions) Steven Forbes, Guggenheim Securities.

（操作員說明）史蒂文·福布斯，古根漢證券。

Good afternoon, Gary, Jack. Gary, you obviously mentioned RH Paris, but curious if you can maybe give us some color on how the demand book is building, noting it's early. And the reason I asked is just curious if you can maybe help inform us how RH Paris has influenced your pro forma expectations ahead of RH Milan and RH London?

下午好，Gary，Jack。 Gary，你剛才提到了RH Paris，但我想請你談談需求成長的情況，畢竟現在還處於早期階段。我這樣問是想了解RH Paris對你對RH Milan和RH London的預期有何影響？

Sure, well, RH Paris, one, it's really quite different. While we did open our first gallery with hospitality, it was really -- We're two hours out of London at RH England. There's not a lot of traffic out there, knowing how our business has developed, we kind of talked about it last quarter.

當然，RH Paris的情況確實截然不同。雖然我們第一家畫廊也提供餐飲服務，但那真的不一樣——RH England距離倫敦有兩個小時車程。那裡的交通並不繁忙，考慮到我們業務的發展情況，我們在上個季度也討論過這個問題。

But many of the other galleries, as I've spoken about -- we didn't open in particularly the way we believe we should open to acquire the RH Paris and RH London, which we think are one-of-a-kind locations. We had to take a kind of a portfolio of galleries and opened some of those before we wanted to see. That's where we opened London -- I've already jingled, excuse me -- opened something that kind of set a tone.

但正如我之前提到的，其他許多畫廊——我們當初並沒有按照我們認為最合適的方式開設RH巴黎和RH倫敦畫廊，因為我們認為它們是獨一無二的。我們必須先打造一個畫廊組合，並在我們想要看到的結果之前開設其中一些。倫敦畫廊的開幕就是如此——我已經有點離題了，不好意思——它奠定了某種基調。

I think people know in Europe, Americans aren't really known for building luxury brands. We're not really looked upon by the Europeans that having great taste or style. And really all the luxury brands are from Paris or Italy. The UK has a couple, and you can argue that we have a couple.

我認為歐洲人都知道，美國人並不以打造奢侈品牌而聞名。歐洲人並不認為我們美國人品味高雅或風格獨特。事實上，所有的奢侈品牌都來自巴黎或義大利。英國也有幾個，當然，你也可以說我們也有。

I argue that Ralph Lauren is a luxury brand. It's a very small part of Ralph Lauren business is luxury; the biggest part of the business is more of a department store-based higher-end business, but not luxury and a giant outlet business.

我認為拉夫·勞倫是一個奢侈品牌。但奢侈品業務只佔拉夫勞倫業務的一小部分；其大部分業務更像是以百貨公司為基礎的高端業務，但並非奢侈品，也並非大型奧特萊斯業務。

And that's not to say anything bad about Ralph Lauren. It's an incredible company, an incredible brand. It's just not a real focused luxury brand. You can argue to this -- the only one we really had fewer luxury brands in many ways was Tiffany and now the French own it, right?

這並非貶低拉夫·勞倫。它是一家了不起的公司，一個了不起的品牌。只是它並非真正意義上的高端品牌。你可能會反駁說——在很多方面，我們曾經擁有的奢侈品牌中，真正比它少的只有蒂芙尼，而現在它已經被法國人收購了，對吧？

So the road we're on the path on, it's a tricky one. It's a tricky one to travel. We use the metaphor of climbing the luxury mountain and Eric coined the phrase. If you get higher and higher in the mountain, it's where the air gets in and the odds get slim. No one's really made this climb. And especially from the level we started at 25 years ago.

所以，我們現在走的這條路，很棘手。走起來很艱難。我們用攀登豪華山來做比喻，這個說法是艾瑞克創造的。如果你爬得越來越高，空氣就會進入，成功的幾率也會越來越小。沒有人真正成功攀登過這座山。尤其是從我們25年前的起點開始。

And so we're -- the next few moves we're making are really important moves. I heard several years ago that someone asked probably the famous guy in the luxury world, and I didn't hear him say this, so I'm not going to say who said it. But you can imagine there's only a couple of people have built really the best luxury platforms in the world.

所以，接下來我們要採取的幾項措施都非常重要。幾年前我聽說有人問過一位在奢侈品界頗有名望的人物，但我沒聽到他說過這話，所以我就不透露是誰說的了。但你可以想像，真正打造出全球頂級奢侈品平台的人屈指可數。

But I heard this, someone asked the question, how do you build a luxury brand in China? And the response was you build great stores in Paris, London, and New York. And I heard that years ago, and I've always thought about that as I thought about RH.

但我曾聽人問過這樣一個問題：如何在中國打造一個奢侈品牌？得到的回答是：在巴黎、倫敦和紐約開設一流的門市。我幾年前就聽過這個說法，在思考RH品牌發展時，我一直在思考這個問題。

And how do we unveil this brand? We built RH New York, and we opened it in 2018. And we said that was our bridge to Europe. So we did it a little backwards.

那我們該如何推出這個品牌呢？我們打造了RH紐約店，並於2018年開幕。我們當時說，這是我們通往歐洲的橋樑。所以我們採取了一種略微反其道而行的方式。

And as we think about it for our business, it's really probably Paris, London, Milan, and New York. Because Milan is really the one of the design capitals of the world, not only for design, but also for fashion. But it's where the biggest design show in the world is Salone where 500,000 people go once a year. And it's also the time we're going to open RH Milan.

就我們公司而言，最有可能的城市是巴黎、倫敦、米蘭和紐約。因為米蘭是名副其實的世界設計之都，不僅在設計領域，在時尚領域也是如此。這裡舉辦著全球規模最大的設計展－米蘭國際家具展（Salone），每年吸引50萬人前來參觀。而且，我們也計劃在米蘭開設RH米蘭店。

But Paris, we pushed ourselves to another level. And it's not a particularly large gallery, but it's very unique, and I kind of described that in the last call. And if you haven't seen it, we had a video. Is the video on the website or no? Yes, it's a video.

但在巴黎，我們把自己提升到了另一個層次。那不是個特別大的畫廊，但它非常獨特，我在上次的宣傳中也提到過。如果你還沒看過，我們當時拍了個影片。影片在網站上嗎？是的，有個影片。

We're also making kind of a documentary video like we have some of our other iconic buildings, and you'll see that come out probably in the next couple of weeks. But I kind of said it like we're bragging about it, but it might be one of the most beautiful and aspirational and inspiring retail stores that was ever created.

我們還在製作一部類似我們其他標誌性建築的紀錄片，大概會在接下來的幾週內發布。我剛才說得好像有點自誇，但它可能是迄今為止最美麗、最令人嚮往、最鼓舞人心的零售店之一。

And it's a lot of natural things that we loved about it. One, it's seen only building on the Champs-Élysées that doesn't have an entrance on the Champs-Élysées. You can't enter the building. You enter through a 22-foot gold leaf gate, and you go down 195 steps to the front door.

我們喜歡它的原因有很多，其中之一就是它許多自然元素。首先，它是香榭麗舍大街上唯一一座沒有正對香榭麗舍大道入口的建築。你不能直接從香榭麗舍大道進入這棟建築。你需要穿過一座22英尺高的鍍金大門，然後走下195級台階才能到達正門。

And we built a freestanding interior design office there. We're able to get a building approved. And there's so many elements of it. It's where we built the first World of RH, which is a -- it's an immersive experience that brings to life all the places and spaces that we've built around the world. And we think it's an important part of communicating who we are and connecting with consumers.

我們在那裡建了一間獨立的室內設計辦公室。我們成功獲得了建築許可。這個項目包含很多元素。我們在那裡打造了第一個“RH世界”，這是一個沉浸式體驗空間，生動地展現了我們在世界各地建造的所有場所和空間。我們認為，這對於傳達我們的品牌理念、與消費者建立聯繫至關重要。

Well, we only totally I think probably have about 150, 155 seats. So it's really like a normal restaurant, but it's really two because it's in two smaller spaces. One's on a terrace, it's Les Jardins restaurant. And we invented some very new dishes there that we're going to be rolling out in the US because they're so good.

嗯，我們總共大概只有150到155個座位。所以它其實就像一家普通的餐廳，但實際上是兩家，因為它由兩個較小的空間組成。一家在露台上，叫Les Jardins餐廳。我們在那裡研發了一些非常新穎的菜餚，這些菜餚味道極佳，我們打算在美國推出。

And also Le Petit, which is on the top floor on the rooftop. And the rooftop, and I'm so happy we figured out how to work with Foster + Partners. And they -- we saw the building, and we went up the side stair ladder thing to get on the rooftop. We couldn't believe we could see the Eiffel Tower and the Grand Palais and the Louvres and everything like that.

還有Le Petit餐廳，它位於頂樓的屋頂。我非常高興我們找到了與福斯特建築事務所合作的方式。我們參觀了那棟大樓，然後沿著側面的樓梯梯子上了屋頂。我們簡直不敢相信我們能看到艾菲爾鐵塔、大皇宮、羅浮宮等等。

Like, is there any way to use this rooftop, and there's no way to get to the rooftop. You said you'd have to build an elevator, but you'll never get an elevator approved because it'll block people's views to the Eiffel Tower. And Foster + Partners, this is why you want to work with the best people, is they said, well, maybe we can design a rooftop -- I could design an elevator that a hatch opens in the roof, and the glass elevator pops up and then it disappears.

例如，有沒有辦法利用這個屋頂？可是根本沒辦法上去。你說得蓋個電梯，但電梯肯定過不了審批，因為它會擋住人們看艾菲爾鐵塔的視線。而福斯特建築事務所（Foster + Partners），這就是為什麼你要和最優秀的人合作，他們說，或許我們可以設計一個屋頂電梯——我可以設計一個在屋頂上開艙口的電梯，玻璃電梯會升起來，然後就消失了。

And I said, well, you ever done that before? They said no, but like we'd love to do things that haven't been done before. But it's like once you see the rooftop, you couldn't unsee it. When you're up there, you're saying, we got to figure out how to activate this.

我問他們，你們以前有做過類似的事情嗎？他們說沒有，但我們很想做一些前所未有的事。但就像一旦你看到屋頂，就再也無法忽視它的存在。當你站在上面時，你會想，我們得想辦法啟動它。

And what's interesting with about 40 seats, I think, on the rooftop. And unfortunately, right now, the rooftop is closed because weather in Paris gets pretty grim in the winters, and we can't evacuate the roof if it starts to rain and pour. There's not enough seats to relocate everybody at the level below.

有趣的是，屋頂上大約有40個座位。可惜的是，現在屋頂關閉了，因為巴黎的冬天天氣非常惡劣，如果下起瓢潑大雨，我們無法疏散屋頂上的客人。樓下的座位不夠，無法安置所有人。

But the rooftop, when it was opened, the first few months, we were open, it is the highest grossing part of the restaurant operation in the two restaurants. We're doing more there per seat than anywhere else. So just, again, learning about creating incredible spaces that has made us kind of rethink some of the work in Milan and some of the work in London and find some tweaks there.

但屋頂露台剛開業那幾個月，是我們兩家餐廳中收入最高的地區。那裡的單座收入比其他任何地方都高。所以，再次強調，學習如何打造令人驚豔的空間，讓我們重新思考了米蘭和倫敦的一些設計，並做出了一些調整。

And then we found out that we're building this World of RH, and we have this space for the building tears back. And we thought like that will -- I don't know, what if we put a bar in here and like try to make it a lounge? And so we put a bar in there.

後來我們發現，我們正在建造這個RH世界，而且我們還留出了這塊建築拆除後的空間。我們就想，不如在這裡蓋個酒吧，把它打造成一個休閒區？於是我們就在這裡蓋了個酒吧。

Then we feel like -- we found out you couldn't have a bar in Paris unless you have food, and you couldn't just have nuts and snacks. So we had to have like a small menu, so we had a small menu. And the day we opened, we served our first meal in a place that, in our mind, wasn't even a restaurant. And on opening night, it's one of these places that was packed.

後來我們發現，在巴黎，酒吧如果沒有食物就不能稱之為酒吧，也不能只賣堅果和零食。所以我們必須準備一份小菜單，所以我們就做了。開業那天，我們在一個我們自己都覺得算不上餐廳的地方供應了第一頓飯。結果開幕當晚，這家店就爆滿了。

And now we actually had to kind of retrofit it and put real tables in there, if they were big enough. And now, we're serving most of the menu. Have we tasted it? Yeah. And it's a great offset as we've lost the seats on the roof.

現在我們必須進行一些改造，如果空間夠大，就放上真正的桌子。現在，我們供應菜單上的大部分菜餚。我們嚐過了嗎？嚐過了。這很好地彌補了屋頂座位減少的損失。

But there's just been so many lessons and so much we're learning about the customer and who knows us and who doesn't know us and how truly international the business in Paris is. I mean, I wish I had the list in front of me right now.

但是，我們從中汲取了太多經驗教訓，也學到了很多關於客戶的知識，包括誰認識我們，誰不認識我們，以及巴黎的業務究竟有多麼國際化。我的意思是，我真希望現在能把那份清單拿出來。

Like of all the design jobs we have in Majorca and Morocco and like -- you name it, like the Middle East, and we're like the design jobs that the team is working on. It's like truly a global store, and the clientele is incredible. But so many people don't know us.

例如我們在馬略卡島、摩洛哥以及中東等地的所有設計項目，我們團隊正在做的就是這些項目。這真是全球化的商店，顧客群也非常棒。但很多人並不了解我們。

And the team is walking people up to The World of RH and walking people through. And people, I think they're kind of shocked by our body of work because many still don't know us.

團隊正在帶領大家參觀RH的世界，並進行講解。我覺得大家對我們的作品感到有些驚訝，因為很多人之前都不了解我們。

And so just the thought of how important that World of RH is and what a tool that is for our teams to kind of not just try to explain who we are, try to pull it up on the website, but walk people into a really immersive experience that brings our spaces and places for life and speaks to our our authority and architecture and interior design and landscape architecture as all of our buildings are representatives of those kind of core competencies.

因此，想到「RH 世界」有多麼重要，以及它對於我們的團隊來說是多麼重要的工具，它不僅可以解釋我們是誰，也可以在網站上展示，還可以引導人們進入一個真正沉浸式的體驗，讓我們的空間和場所鮮活起來，展現我們的權威性，以及我們的建築、室內設計和景觀建築，因為我們所有的建築都是這些競爭力的代表。

And we've put -- at the last minute, we decided the entry with this small little entry. We tend to think it was communicated enough about our truth. And so we -- I don't know we had four weeks ago, six weeks ago, we decided to build an architecture and design library like in Orange England. And now you can't unsee it; it's so incredible.

我們在最後一刻決定用這個小小的入口來展示。我們覺得它已經充分傳達了我們的想法。所以，大概是四周前，或是六週前，我們決定建造一個像英國奧蘭治那樣的建築設計圖書館。現在，你一眼就能看到它，它太不可思議了。

You walk in, you look through the main doors, and if you've seen pictures of the gallery, you've seen the Vitruvian man and the RH design ethos. You have to interact with it. I think most people stop and read it and take pictures in front of it.

你走進去，透過大門，如果你看過畫廊的照片，你會看到維特魯威人和RH的設計理念。你必須與它互動。我想大多數人都會停下來閱讀，並在它前面拍照。

And then left to right, we have this beautiful fountain. And above the fountain, we came up with this line. Actually, my wife came up with the line. I thought I wrote a really great letter to Paris, and she read it, and she said, give me a day. And I said, what do you mean? Like you don't like it, got insecure?

然後從左到右，我們看到這座美麗的噴泉。噴泉上方，我們想出了這句標語。實際上，這句標語是我妻子想出來的。我當時覺得我給巴黎寫了一封很棒的信，她讀了之後說：“給我一天時間。” 我說：“什麼意思？你是不喜歡這封信，沒信心了嗎？”

And then she wrote that last night -- last line. If any of you got the invite to our party, we use the letters, an invite with music and so on and so forth and use it for the opening of our video. And it says, in Paris, the measure is eternity. This, we know, and have built accordingly.

然後她昨晚寫下了最後一句。如果你們有人收到了我們派對的邀請函，我們會用這些信件，還有音樂等等，把它們用作我們影片的開頭。上面寫著，在巴黎，時間以永恆來衡量。我們深知這一點，並據此建造了我們的派對。

And you walk into that entry, and you can't help but read that as you go left and right around the design ethos. And then you're going to this immersive architecture and design library. Yeah, there's no product. You don't see it just like -- it just doesn't look like a furniture store at all to anybody, right?

你走進那個入口，環顧四周，不由自主地會注意到它所傳達的設計理念。然後，你會來到一個沉浸式的建築和設計圖書館。沒錯，這裡沒有產品。你根本看不到任何家具——它看起來完全不像是家具店，對吧？

You actually see we now own two copies at the arquitectura, the 10 books on architecture where the first modern printing were in 1521, and we've got one in French. And we have three iconic French architects, de l'Orme, Haussmann -- and who's the third? And then we've got Vitruvius, da Vinci, and Palladio displayed with busts and historic books and so on and so forth.

事實上，我們現在在建築博物館收藏了兩套《建築十卷本》，這套書最早的現代印刷版本出版於1521年，其中一套是法文版。我們還收藏了三位法國標誌性建築師的作品：德洛姆、奧斯曼——第三位是誰？此外，我們還展出了維特魯威、達文西和帕拉迪奧的作品，以及他們的半身像、歷史書籍等等。

And it's something you've never seen anywhere. Like I've never even really seen one. But we built our first one in RH England because there was a library there, and we came up with the idea, and we traded something, I think, really meaningful.

這是你在任何地方都從未見過的東西。例如我，以前也從未真正見過。但我們在英國皇家漢姆頓建造了第一個，因為那裡有一個圖書館，我們由此產生了這個想法，並用一些我認為非常有意義的東西進行了交換。

And I remember telling the team the night before we opened, we were in the architecture design library and said this might be the most important work we did here because it really communicates our truth and why we do this and what we believe in.

我記得在開業前一晚，我們一起在建築設計圖書館裡，我告訴團隊，這可能是我們在這裡做的最重要的工作，因為它真正傳達了我們的理念、我們做這件事的原因以及我們所信仰的東西。

And so now, we went back, and we've now -- you're going to walk into the entry of Milan, which kind of looks like a lobby of a building. It looked beautiful, but we didn't know what to do, like a couple of couches and a couple of chandeliers.

所以現在，我們又回去了，現在——你們將走進米蘭的入口，它看起來有點像一座建築的大廳。它看起來很漂亮，但我們不知道該怎麼做，就像擺放了幾張沙發和幾盞枝形吊燈一樣。

And it didn't really -- like you might have like interacted with the person and go, oh, excuse me, but is this a condominium building? Is this -- because it does look like store if you walk in and you immediately look through this kind of loggia into a backyard. And you have to kind of go up and left, left and right.

而且實際上並非如此——就像你可能和那個人互動後會說，哦，不好意思，請問這是公寓大樓嗎？因為如果你走進去，它看起來確實像個商店，你會立刻透過這種涼廊看到後院。你得先向上，再向左，再向右。

It doesn't have the grand staircase except for -- that goes down underground if we did our first underground restaurant. Like everybody is going to go, oh, we have a rooftop restaurant on this side. So that's not something that -- we have a restaurant that's underground, that's got a skylight in the middle of the park.

除了通往地下的樓梯（如果我們開第一家地下餐廳的話）之外，這裡沒有那種宏偉的樓梯。就像每個人都會說，哦，我們這邊有個屋頂餐廳。所以這並不是什麼特別之處——我們有一家地下餐廳，它在公園中央，還有一個天窗。

But we're putting architecture design library now in the entry. And all of a sudden, you're going to kind of go, wait, who are these people? Like, look at this, Vitruvius and da Vinci and Palladio, Palladio, Scamozzi, and Alberte, and all the Italian iconic architects who shaped the way that most of the world was designed and built very early on.

但我們現在把建築設計庫放進詞條裡了。突然間，你可能會想，等等，這些人是誰？例如，看看這些，維特魯威、達文西、帕拉迪奧、斯卡莫齊、阿爾貝特，以及所有那些塑造了世界早期大部分地區設計和建造方式的意大利標誌性建築師。

That's going to come to life there. We're going to have a World of RH in Milan on the top floor in a place, in a space that we probably wouldn't have done anything with. It's kind of like, I don't know, an attic, but the team re-concepted it as this incredible lounge. And I think it's going to be an iconic place that will help people understand who we are and what we believe in.

那裡將會成為現實。我們將在米蘭的頂層打造一個 RH 世界，那是一個我們原本可能不會加以利用的空間。它有點像，嗯，我也不知道該怎麼形容，就像閣樓，但團隊把它重新設計成了一個令人驚豔的休息室。我認為它將會成為一個標誌性場所，幫助人們了解我們是誰以及我們所秉持的理念。

And also, these are great spaces that we can rent out and do events in that bring the right people into our galleries. And we're trying to test the event business because we've got these incredible spaces. And I've said no for I don't know how many years now, 15, 20. My line is always our galleries are our homes, and we don't rent our homes.

而且，這些場地也很棒，我們可以出租舉辦活動，吸引合適的觀眾來參觀我們的畫廊。我們正在嘗試拓展活動業務，因為我們擁有這些絕佳的場地。我已經拒絕出租場地很多年了，大概15年、20年吧。我的原則始終是：畫廊就是我們的家，我們不出租自己的家。

I've turned down Oscar parties and Grammy's parties, like the top artists and everything. And I thought -- we finally did an event. We did -- I go to a lot of Warriors games, and I'm friends with Joe Lacob and Nicole Lacob and Peter Guber, the owners of the Warriors. And they hosted the NBA All Star, and they wanted to use RH San Francisco to do the owners' party, the opening party for the NBA All Star weekend, and we did it.

我拒絕過奧斯卡派對、葛萊美派對，還有其他一些頂級藝人的派對。然後我想──我們終於可以辦個活動了。我們確實辦了——我經常去看勇士隊的比賽，我和勇士隊的老闆喬·拉科布、妮可·拉科布以及彼得·古伯都是朋友。他們主辦了NBA全明星賽，他們想用RH舊金山場地來舉辦老闆派對，也就是NBA全明星週末的開幕派對，我們就這麼做了。

And we just got tremendous response and had all the right people there. And made us think like that maybe we should, for the right -- to track the right clientele, like our -- we have such incredible spaces. And Paris so far, like, right away, Chanel wanted to take The World of RH to hold the dinner. And we've been contacting now about like can so and so do their fashion show here and take over your galleries for the evening?

我們收到了非常熱烈的反響，而且所有合適的人都來了。這讓我們開始思考，或許我們應該——為了找到合適的客戶群，像我們——我們擁有如此令人驚嘆的場地。就目前而言，巴黎方面，香奈兒立刻就想把「RH的世界」搬過來舉辦晚宴。我們現在也聯繫一些機構，詢問他們是否可以在這裡舉辦時裝秀，並租用你們的畫廊一晚。

And so I think we're learning about this idea of like we're doing these iconic spaces and ability to actually -- we have these unique architectural masterpieces and the ability to bring the right people because we have the right place. And I think it's even more important, everybody thinks like everything is moving online.

所以我覺得我們正在逐漸理解這樣一個理念：我們打造這些標誌性空間，擁有這些獨特的建築傑作，並且有能力吸引合適的人，因為我們擁有合適的場所。而且我認為這一點更重要，因為現在每個人都覺得一切都在向線上轉移。

I think people are dying for experiences. They're dying for authentic connections not only with people, but with places and with history and with beauty and with food. I mean how many nights can you order DoorDash or Grubhub? I mean I love the services. When I have no time and I want to get some delivered. I don't know, about anybody else on the phone, but I'd much rather go somewhere and see people and feel like I'm somewhere and connected.

我覺得人們渴望體驗。他們渴望建立真實的聯繫，不僅是與人之間的聯繫，也包括與地點、歷史、美景和美食的聯繫。我的意思是，你又有多少個晚上可以叫外送呢？我承認我很喜歡這些服務。當我沒時間，又想吃點東西的時候，它們確實很方便。我不知道別人怎麼想，但我更喜歡親自去某個地方，見見人，感受那種身臨其境、與人相連的感覺。

And I think that's why people still congregate and aggregate. And they're not going to movie theaters so much anymore because that experience is not as unique and differentiated. And maybe we don't want to be in a place where something's coughing behind you and so on and so forth. So that one I get.

我覺得這就是人們仍然聚集在一起的原因。他們現在不太去電影院了，因為那裡的體驗不再那麼獨特和與眾不同。也許我們不想待在那種有人在你身後咳嗽之類的地方。所以這一點我能理解。

But I just think the places that we're building, people like to see, and they like to be there. There's not a lot of places that are public like ours that you can get a meal in and experience of -- we're learning in Paris. We're having all these people coming from all over the world seeing it. And we're thinking about it like, gosh, we have to have more people fluent in more languages.

但我認為我們正在打造的這些場所，人們喜歡參觀，也喜歡待在那裡。像我們這樣既能用餐又能體驗巴黎風情的公共場所並不多見——我們在巴黎學習的過程中，來自世界各地的人們都慕名而來。我們也在思考，我們需要更多精通多種語言的人。

We need to ramp the design team faster. Our design team in Paris kind of get overwhelmed. We had no idea that we'd have the traffic we got into Paris. Like there's just so many people that came in, and we were just overwhelmed I mean. And even finding out how early you have to hire people because people keep long tenures. They can't just give a two-week notice and come to work for you.

我們需要加快設計團隊的擴充速度。我們在巴黎的設計團隊有點應接不暇。我們完全沒想到巴黎會這麼擁擠。來的人太多了，我們根本忙不過來。而且我們也發現，因為員工的任期都很長，所以必須很早就開始招募。他們不可能只提前兩週通知就來上班。

We kind of got behind in hiring for the restaurants and like we were behind. We had to fly people from America to kind of help run the restaurant and cover the shifts. And they didn't speak French, and that was important. There's just so many things we're learning, especially bringing hospitality into the high-volume space.

我們在餐廳招募方面有點落後，感覺整個流程都出了問題。我們只好從美國飛人過來幫忙管理餐廳，頂替輪班。而且他們不會說法語，這很關鍵。我們現在要學習的東西太多了，尤其是在高客流量的餐飲環境中如何做好服務。

But it's just a little about the build. I did my own little math, and I was trying to understand -- trying to isolate the hospitality business because the hospitality business lost 25% of its fees after the first couple of months. And so we expect that to be a little off and it's, only a tiny bit off with all the seats we lost and the highest productive seats.

但這只是關於構建方面的一點小問題。我做了一些簡單的計算，試圖弄清楚——試圖將酒店業務單獨分析出來，因為酒店業務在最初幾個月損失了25%的費用。所以我們預計這部分數據會略有偏差，而考慮到我們損失的所有座位以及收益最高的座位，實際偏差確實很小。

But we're thinking that we might be able to tint that rooftop and actually do events there and maybe bring in just as many people, if not more. Because you can only see 40, I think 44 people max there. But with the -- just about the staffing, about design, we're learning a ton. And we're way ahead of -- we've done -- the team sent some incredible recaps and learnings. And we're going to be so much more prepared and so much more efficient.

但我們正在考慮或許可以為屋頂打上遮光膜，在那裡舉辦活動，也許能吸引到同樣多甚至更多的人。因為那裡最多只能容納40到44人。至於人員配備和設計方面，我們正在學習很多東西。而且我們已經遠遠領先預期——團隊發來了一些非常棒的總結和經驗分享。我們將準備得更充分，效率也會更高。

But the builds are really interesting. So the math I was looking at, I kind of looked at the first eight weeks because, well, September was a five-week month. We didn't -- we lost -- it didn't open the first week. We opened on the fifth, which is -- it's kind of a day, and then the next week started.

但這些建設真的很有意思。我當時在計算，主要看前八週的數據，因為九月只有五週。我們沒——我們錯過了——我們沒在第一周開業。我們五號才開業，也就是一天，然後下一周就開始了。

And I'm trying to isolate just our business. Because when you when you open cold in a market like this, right, you're not shipping to anyone here. You've got no revenues happening, and it's interesting what we're learning all around.

我正努力將我們自己的業務單獨分析出來。因為如果你在這種市場環境下貿然開業，對吧？你根本沒給任何人出貨，也沒有任何收入，而我們現在所了解到的情況很有意思。

But this one with high volume, high traffic iconic location, international people coming from all over the place, and the first eight weeks -- well, I looked at the first eight weeks and I kind of got the four weeks of September, we were open in the four weeks of October. And then I looked at in the next really almost six weeks.

但這家店客流量大，位置優越，吸引著來自世界各地的國際顧客，而且前八週——我看了前八週的情況，包括九月份的四周和十月份的四周。然後我又看了接下來的近六週。

So I had to estimate the last three days just to kind of potentially -- we haven't had the business. But when you look at the demand on the core business, and we haven't seen ramps like this. The six weeks, the average per week is 62% higher than the first eight weeks.

所以，我只能估算過去三天的情況，以了解潛在的業務量——我們還沒真正開展業務。但當你審視核心業務的需求時，你會發現我們從未見過如此強勁的成長。過去六週的平均每週業務量比前八週高出62%。

In the first eight weeks actually had more traffic as we -- I think, it's still like the fall, and there was a lot of people in Paris, and you had a lot of people coming in, and we still have very good traffic. But you can tell the team starting to kind of get their feet underneath them.

前八週的客流量其實更高，因為——我覺得，現在還像是秋季，巴黎人很多，來的人也很多，我們的客流量仍然很好。但你可以看出團隊正在逐漸步入正軌。

We started -- people are starting to kind of figure out who we are. I trust them, I buy furniture from them. And we have some people that know us because we're -- they either lived in America or the travel internationally and they know it's from America. But I didn't expect like the ramp on the core goods that -- because we open with good traffic.

我們剛開始的時候──人們開始慢慢了解我們是誰了。我信任他們，我從他們那裡買家具。有些人認識我們，因為他們要么在美國生活過，要么經常出國旅行，他們知道我們的家具來自美國。但我沒想到核心商品的銷售情況會這麼好——因為我們開業時客流量就不錯。

But I wouldn't have thought 62%, 63% ramp those weeks or the other week. So when you start to think about that and how that might build, I think it's going to take a while to kind of really understand it. And we got to get our arms around the design opportunity.

但我沒想到那幾週，或是前幾週，產能提升幅度會達到 62% 或 63%。所以，當你開始思考這種情況以及它如何發展時，我認為需要一段時間才能真正理解。我們必須把握住這個設計機會。

I mean, when you look at all the places we're doing worth, and you think, oh, man, our designers are going to have to fly here, fly there, and our customers pay for that. We've been flying people from America to all the major cities in the world, so many of the major cities. We've had customers flying our people to Sydney, Australia to Melbourne to Shanghai to all over Italy.

我的意思是，看看我們業務遍及的地方，你會想，天哪，我們的設計師得飛來飛去，而這一切都得由客戶買單。我們已經安排員工從美國飛往世界各地的主要城市，很多都是。我們的客戶甚至安排我們的員工飛往澳洲雪梨、墨爾本、上海，以及義大利各地。

I mean, I can't almost every country, but -- yeah, Middle East. Yes, we did visit the prince of Qatar, right, four homes on its compound and like a $3 million job or something. But we're doing jobs like hundreds of thousands into the millions.

我的意思是，我不可能去過幾乎所有國家，但是──是的，中東。沒錯，我們確實拜訪過卡達王子，在他家的莊園裡蓋了四棟房子，大概是個價值300萬美元的計畫。但我們做的專案動輒幾十萬甚至幾百萬美元。

Like we just got a famous building in New York. I can't talk about it, disclose about it. But we're doing a $3 million design project in one of the most famous mansions in New York City and done another $1.8 million project for someone I can't talk about very famous.

就像我們最近在紐約接手了一棟著名建築的計畫。我不能透露太多，不能公開。但我們正在紐約市最著名的豪宅之一進行一個價值300萬美元的設計項目，之前還為一位我不能透露姓名的名人完成了另一個價值180萬美元的項目。

And that's why I think I made the point about the design firm. And so there's so much that we're learning about Europe and so much we're learning about just the potential of our brand as it's evolving. So long rambling answer, but you started with that question. I could talk about Paris for a long time.

所以我覺得我之前提到設計公司這一點是有意義的。我們正在學習許多關於歐洲的知識，也不斷了解我們品牌發展過程中蘊藏的巨大潛力。說了這麼多，有點囉嗦，不過是你先問的這個問題。關於巴黎，我可以滔滔不絕地講很久。

Thank you, Gary. I'll actually pass it on.

謝謝你，加里。我會轉達的。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫連科，TD Cowen。

Great. So Gary, this is the first time that you guys have taken the pretty outsized price in a while. Can you just talk about how the customer responded in 3Q and the elasticity that you're seeing from the higher price points?

太好了。 Gary，這是你們一段時間以來第一次採取如此高的價格策略。可以談談第三季顧客的反應，以及你們觀察到的高價位帶來的市場彈性嗎？

What are the learnings? And how are you thinking about the right price points for the brand ahead? And depending on where tariffs go, can we actually see RH continue to take prices further?

從中我們能學到什麼？您如何考慮該品牌未來的合理定價？根據關稅走向，我們是否真的會看到RH繼續降低價格？

And Max, can I just ask a clarifying this. Like you're saying you observed Q3 was the first time we raised prices for a while, is that what you're saying?

Max，我可以問一下這個問題嗎？你是說你觀察到第三季是我們一段時間以來第一次漲價，是這樣嗎？

Not necessarily the first quarter, but you have taken prices just given where tariffs have gone. So just curious what the elasticity looks like, how the customers are responding.

不一定是第一季度，但你只是根據關稅情況估算了價格。所以我很好奇價格彈性如何，以及消費者的反應。

We're learning -- we've taken a lot of price increases this year. We've had a lot of movement in tariffs and character set at one level, and they went up they're moving around. And it takes -- I mean, everybody from manufacturers to product designers and everybody who's involved in the development process.

我們正在學習——今年我們經歷了多次價格上漲。關稅和字符集等各個層面都出現了大幅波動，價格上漲，而且還在不斷變化。這需要——我的意思是，從製造商到產品設計師，以及參與開發過程的每個人的共同努力。

And it's the first time. We're all trying to navigate this through the thing. So I don't know, if maybe it's going to stop moving for a while. But for a while there, we're kind of frozen. But I think so far, as long as it's fair to everyone, I think that there's some businesses that might be kind of violating the rules.

這是第一次。我們都在努力應對這種情況。所以我不知道，也許這種情況會停滯一段時間。但目前來看，我們有點像是被凍結了一樣。但我認為，只要對每個人都公平，目前來看，有些企業可能確實有違反規則的情況。

I think that there is some people that are coming in, businesses in other countries that are opening up in the US, and they might be making the goods. So they know they might not be bringing them in at the right price. They're trying to -- yes, I mean there's a lot of things going on, like especially where there's marketplaces. And again, you might have manufactured bringing in goods, and they're figuring out how to get around tariffs.

我認為，有些來自其他國家的企業正在美國開設分公司，他們可能會生產商品。所以他們也知道，他們可能無法以合適的價格進口這些商品。他們正在努力——是的，我的意思是，現在有很多事情正在發生，尤其是在有市集的地方。而且，你可能也遇過一些製造商進口商品，他們正在想辦法規避關稅的情況。

We hope that any of those kind of things get -- if we're going to all have tariffs, just make it fair. Don't let some foreign manufacturers come in here. And those are the people who are trying to stop and there's actually loopholes. They're kind of getting product in here, and I think go next to nothing.

我們希望這類事情能夠解決──如果都要徵收關稅，那就應該公平合理。不要讓一些外國製造商進入這裡。有些人試圖阻止這種情況發生，但實際上存在漏洞。他們以極低的成本將產品運進來。

And that might be an advantage for certain people for a certain amount of time. But I think that stuff's getting to the administration. And hopefully, it will become a fair playing field for everybody. And then if it is, it is. And the market will kind of conform to the reality. I mean the customer is going to have to conform.

這或許在一段時間內對某些人來說是個優勢。但我認為政府已經注意到這些問題了。希望最終能為所有人創造一個公平的競爭環境。如果真能如此，那就好了。市場也會逐漸適應現實。我的意思是，消費者最終也必須適應。

If things cost more, that's what happens. We've had inflation forever in this country. Many times, much worse than this. So I think we just think about, hey, just make it a fair game. Don't let manufacturers come in and open a US entity and their price is really $1,000 for something. Don't let them bring it in for $100 and pay almost no tariff because they're shipping it to themselves.

如果物價上漲，那也是必然的。我們國家通貨膨脹由來已久，很多時候甚至比現在更嚴重。所以我覺得我們應該考慮的是，如何才能讓市場公平競爭。不要讓製造商進入美國市場，開設美國公司，然後把產品價格標到1000美元。也不要讓他們以100美元的價格進口，幾乎不用繳關稅，因為他們是自己出貨。

Got it. Yes. No, that's helpful. And then Gary, just any more color on the new collection that you're looking to roll out next year? Just how are you thinking about the timing? And just what could it look like as we think about some of the building blocks for next year?

明白了。是的。不，這很有幫助。那麼，Gary，關於你計劃明年推出的新系列，還有什麼細節可以透露嗎？你打算如何安排發佈時間？以及，從我們目前對明年系列的設計構想來看，它會是什麼樣子？

Yes. We just got back to the trip. We worked exclusively on that. And I don't think we've ever been more excited about anything that we've worked on. I mean it's -- and I think we're working harder as we had to just because we want it to.

是的。我們剛結束這次旅行。我們全心投入這個計畫。我覺得我們從來沒有對我們做過的任何事情如此興奮過。我的意思是——而且我覺得我們比以往任何時候都更加努力，因為我們真的很想把它做好。

It's -- I think Eric, Lisa, anybody who's put us on the trip would -- that has any perspective of the big moves that we've made over the years I think this is going to be the biggest incremental move we've ever made. And I think it's going to be like a 10-year thing.

我想，艾瑞克、麗莎，或任何帶我們去旅行的人都會明白，只要他們了解我們這些年來做出的重大改變，這次的行動將是我們迄今為止做出的最大幅度的漸進式改變。而且我認為這將是一個持續十年的過程。

But it's not only is it a part of our assortment that we're way underpenetrated in. If you look at the architecture that it's targeting and the homes its targeting, it's targeting the biggest architectural block in an aesthetic block, especially at the high end. I mean some of our data says 60% of homes, $5 million and above represent this kind of architecture.

但這不僅僅是我們產品組合中滲透率極低的一部分。如果你看看它所針對的建築風格和住宅類型，你會發現它瞄準的是美學領域中最重要的建築元素，尤其是在高端市場。我的意思是，我們的一些數據顯示，售價在500萬美元及以上的住宅中，有60%都屬於這種建築風格。

And it's where we used to be strong. And when the launch of modern and contemporary and really the modern book is the modern book, and modern is modern, interiors kind of became contemporary. And that's why I consolidate it all together. And then the major look that's saying too much is -- and where we kind of built a company on more classic. It's not only big; it's the next trend.

而這正是我們曾經的優勢所在。隨著現代和當代風格的推出，現代風格真正成為了主流，室內設計也逐漸走向了當代風格。這就是為什麼我要把它們整合在一起。而現在，一種過於強調個性的主流風格——我們公司最初就是建立在更經典的風格之上的——不僅流行，而且代表下一個潮流。

And what we're doing is our best work and our partners' best work. I mean, everybody is excited about it, especially after this last trip. And so our target is to launch it at Salone in Milan, the biggest design show in the world when we have probably the biggest opening parties that anybody's had in Salone have the worlds come see it and talk about it and and try to get it into as many galleries we can as quickly as we can.

我們正在做的是我們和合作夥伴的最佳作品。我的意思是，每個人都為此感到興奮，尤其是在上次考察之後。所以我們的目標是在米蘭國際家具展（Salone Milan）上發布它，這是世界上最大的設計展，屆時我們將舉辦可能是米蘭國際家具展上規模最大的開幕派對，讓世界各地的人們前來參觀、討論，並儘快讓它進入盡可能多的畫廊。

It's what our interior designers and teams are getting asked most about, what they're most excited about. We don't really represent it very well. And the work we're doing I think is incredible work. And then I think we can't wait to jump back on a plane and go to do some more at. We just -- it can be so big.

這是我們室內設計師和團隊被問到最多的問題，也是他們最興奮的事。我們在這方面做得還不夠好。我認為我們正在做的工作非常出色。然後，我想我們迫不及待地想再次登上飛機，去其他地方繼續創作。我們只是——它規模太大了。

So I think it's -- I kind of look at it, and I say worth a few billion dollars over the next several years. I know it's 5 years or 10 years, but it's -- it could be the biggest part of the brand. It should be, especially with the trend that's going to be powering it over the next -- and that trend should go 15 to 20 years when you look at cycles.

所以我覺得——我仔細分析了一下，我認為它在未來幾年內價值數十億美元。我知道這指的是5年或10年，但它——它可能會成為品牌最重要的組成部分。它應該是如此，尤其是在未來幾年推動它發展的趨勢下——而且從週期來看，這種趨勢應該會持續15到20年。

And this is the first time we're going to actually kind of lead a cycle. We usually -- I used to say like don't go too early on the way. You're like a surfer, you get a false negative, the wave will go underneath you. Wait until the wave breaks. Let us see people ride that wave, learn from it, and then go own the wave.

這是我們第一次真正引領一個週期。我們通常——我以前常說——不要過早行動。你就像衝浪者，錯過了最佳時機，浪就會從你身下溜走。要等到浪頭破碎。讓我們看看人們如何駕馭這股浪潮，從中學習，然後再去駕馭它。

But this one is actually the first cycle I actually was a consumer. I bought my first half. My wife is a high material designer which she actually first -- we did -- when I met her, she was a material designer. It's the first place I ever bought, a small condo in San Francisco. And I was a consumer for that look in my house in Belvedere, first stuff I built. And we did that house, and that was the look. So I kind of know this one.

但實際上，這是我作為消費者參與的第一個週期。我買了我人生中的第一套房產。我的妻子是一位高級材料設計師，事實上，我們認識她的時候，她就是一位材料設計師。那是我買的第一套房產，舊金山的一間小公寓。我在貝爾維德的房子裡也採用了這種風格，那是我建造的第一批東西。我們一起建造了那棟房子，風格就是這樣。所以我對這個系列很了解。

I actually was like, wow, old enough to look through the cycle here. That's a good and a bad thing, right? But why -- did we announce -- we didn't even announce that stuff yet, no. Yes. I got to get off stage -- it came out business.

我當時就想，哇，我都老到能看清楚這一切了。這既是好事也是壞事，對吧？但是為什麼──我們當時還沒宣布──我們甚至還沒宣布那些事呢，沒有。是的。我得下台了——事情已經公開了。

Okay, yes. So if you guys know we bought Michael Taylor. Michael Taylor designs that was -- Michael Taylor was the godfather of the California looks and one of most famous interior designers of the time in the '80s and did the Auberge du Soleil, the famous diamond tablet in the lobby of Auberge du Soleil.

好的，是的。所以如果你們知道的話，我們收購了麥可泰勒。麥可泰勒的設計－麥可泰勒是加州風格的教父，也是80年代最著名的室內設計師之一，他設計了太陽旅館，還有太陽旅館大廳裡那塊著名的鑽石牌匾。

So we -- and I have the dining table in my Belvedere house. I've had the Michael Taylor dining chairs and the snacks that really very cool iconic pieces. So we bought the Michael Taylor brand. We own all the IP, and you'll see a fresh only thing coming.

所以，我們──我在貝爾維德別墅裡擺放著那張餐桌。我還有麥可泰勒的餐椅和一些小零食，這些都是非常酷的標誌性單品。所以我們收購了麥可泰勒品牌。我們擁有所有智慧財產權，你們將會看到全新的產品問世。

So I'm giving the competition a little headset. I better shut up. Why didn't you do anything in the earnings calls? So I'm just going to kind of do this thing and I thought like, no, wait, in the world of AI (inaudible). But bought another company besides that. And so we're well on our way; it's going to be a big deal.

所以我給競爭對手們準備了個耳機。我最好閉嘴。為什麼你們在財報電話會議上什麼都沒做？所以我打算做點別的，然後我想，等等，在人工智慧領域（聽不清楚）。但除此之外，我還收購了另一家公司。所以我們進展順利；這將是一件大事。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Gary, you wrote in the letter that the way you offer your guidance is you have very high ambitions. And at times, you may fall short of that. Would it make sense to slow the pace of all the initiatives and aim for a little bit more predictability in light of this very dynamic environment?

加里，你在信中寫道，你提供指導的方式是抱負很高。但有時，你可能無法完全實現這些目標。鑑於當前瞬息萬變的環境，放慢所有舉措的步伐，力求更具可預測性，是否更明智？

In that case, profitability might come a little higher as a result? Or is your theory at this point, we're going to drive top-line growth at all costs and the profitability will eventually come?

這樣一來，獲利能力可能會因此而略有提高？還是說，你目前的理論是，我們要不惜一切代價推動營收成長，獲利能力最終自然會隨之而來？

I guess, if I thought that, I would have wrote that, right? I think that's what I wrote. I just think that Wall Street is a funny thing. A lot of people said to me throughout my career, hey, I hate being a public company. You got to report quarterly earnings, and it gets you to think small and I think that's a choice.

我想，如果我真這麼想，我就會這麼寫，對吧？我想我寫的就是這個。我只是覺得華爾街這裡挺有趣的。我職業生涯很多人都跟我說過，嘿，我討厭上市公司。你得公佈季度財報，這會讓你目光短淺，我覺得這是一種選擇。

I actually like the discipline of being a public company. I actually like that we have to report earnings once a quarter. We report numbers and makes us stop and think and assess and prioritize and so on and so forth. And I like that we have quarterly Board meetings. And I like that we have to go through that process and to fill things down and simplify and assess everything.

我其實蠻喜歡上市公司的這種自律性。我喜歡我們每季都要公佈財報。公佈數據能讓我們停下來思考、評估、確定優先事項等等。我也喜歡我們每季召開董事會。我喜歡我們必須經歷這個過程，把所有資訊整理出來，簡化流程，並對所有事項進行評估。

So I don't mind it. The thing I've learned and I've observed, I think so many people, they get so focused like in quarterly results that that becomes their whole mission as a CEO or a leadership team is like, how do we make the quarter. And they do a lot of stupid things to make a quarter that aren't brand building or business model building or anything.

所以我並不介意。我觀察到的一點是，很多人過於專注於季度業績，以至於CEO或領導團隊的全部使命都變成了「我們如何完成這個季度」。為了完成季度業績，他們做了很多愚蠢的事情，這些事情對品牌建立、商業模式建立或其他任何方面都沒有幫助。

And I just -- I think it's not a smart way to build something great. And one of our Board members grew up in Silicon Valley, and she's really -- Facebook, team member and everything. And she always said, like we're like a Silicon Valley start-up. We're a semi mature public company. And I think that's a good thing to be.

我覺得這不是打造偉大事業的明智之舉。我們的一位董事會成員在矽谷長大，她曾是Facebook的團隊成員，對公司非常了解。她總是說，我們就像一家矽谷新創公司。我們是一家半成熟的上市公司。我認為這是一件好事。

It creates energy. It attracts great people. Great people don't want to come in and just like, oh, how are we going to make the next quarter. Oh, let's lower our expectations, let's make sure we make it. That's like a downward spiral a lot of times.

它能創造活力，吸引優秀人才。優秀的人才不會一來就只想著“我們下個季度怎麼才能完成業績”，然後降低預期，確保完成就行。那樣往往會陷入惡性循環。

I mean we want to do something great. We want to do the best in the world at what we do. And that's not for the faint of heart. It's not for everyone, but we don't need everyone to buy the stock. And we don't -- our strategy is really simple here. From a business point of view, it's -- we do what we love with people that we love for people that love what we do.

我的意思是，我們想成就一番偉業。我們想在我們所做的事情上做到世界一流。但這並非易事，也並非人人都能勝任，但我們並不需要每個人都買我們的股票。我們的策略其實很簡單。從商業角度來看，就是──我們和我們熱愛的人一起做我們熱愛的事情，為那些熱愛我們所做的一切的人服務。

We're in a few focus groups. They don't do stuff like that. We -- this is a very personal business to us. And it's probably reflected the same way with shareholders. We have some people who have been with us forever. Some people are out of stock and that's okay. They love it sometimes; sometimes, they don't love it.

我們參加了一些焦點小組訪談。他們不做這類事情。對我們來說，這是一家非常個人化的公司。股東可能也抱持同樣的看法。我們有一些股東一直支持我們。有些人已經不再持有股份，這也沒關係。他們有時喜歡，有時不喜歡。

It's a free world. But I don't know, like I -- sometimes like in good markets, we're eating quarters and making quarters. In a market like this, this is the time to make moves and take market share and create real strategic separation on the upside of it, ready for the turn.

這是一個自由的世界。但我不知道，就像我──有時候，在市場行情好的時候，我們賺的錢和賺的錢一樣。在這樣的市場中，現在正是採取行動、搶佔市場份額、並在市場上漲時建立真正的策略優勢，為市場轉機做好準備的時候。

And I don't think anybody is going to be more ready than we are. Like, look out when the housing market comes back. We're going to see. You think we're greatest, -- you look at our two year numbers, like just a handful. It's not that many publicly reported people, but if you look at furniture-based retailers and a lot of those people, even on the list, they sell a lot of accessories and other things.

我覺得沒有人會比我們準備得更充分。等著瞧吧，房地產市場什麼時候會復甦。我們拭目以待。你覺得我們最厲害？看看我們過去兩年的數據，也就那麼幾家。雖然公開揭露的公司不多，但如果你看看家具零售商，你會發現很多公司，即使是榜單上的，也銷售大量的配件和其他商品。

There's not too many that are just focused on furniture that are even -- that I -- every -- they've been in stores. And this is like -- put this company there, well, are these men in California? Like why would we think about them, competitor? Like, they don't sell anything like that.

專注於家具的公司並不多，而且我見過的——他們幾乎都沒在實體店裡賣過。這就好比──把這家公司放在那裡，這些人是在加州嗎？我們為什麼要把他們當成競爭對手？他們又不賣這類東西。

They're not at our price points or anything, but we took kind of national public players. And they have at least price 50% furniture or 80% furniture. And so we're going to be more cyclical because of the furniture content, but furniture is the biggest part of the business. And so should we lower our ambitions? Like, no, I don't think so. I mean --

他們的價格定位和我們不一樣，但我們選擇了一些全國性的上市公司。他們至少有50%或80%的產品是家具。所以，由於家具業務佔比高，我們的業績波動會更大，但家具仍然是我們業務中最大的組成部分。那麼，我們應該降低目標嗎？不，我不這麼認為。我的意思是——

My question was not on --

我的問題不是關於——

Will we be more stable? I don't know. I mean we're going to make high-teens EBITDA.

我們會更穩定嗎？我不知道。我的意思是，我們的EBITDA會達到兩位數以上。

Yeah. My question wasn't on the ambitions. It was more the face of the -- it was more about the pace of initiatives and slowing down to eventually speed up. And you're not going to love my follow-up question in light of that, so I apologize in advance. But --

是的。我的問題不是關於目標，而是關於舉措的進展速度，以及先放慢速度再最終加速的過程。有鑑於此，你可能不會喜歡我的後續問題，所以我先道個歉。但是——

Like I like you, Michael. You have good questions. It makes me think.

就像我喜歡你一樣，麥可。你提出的問題很好，讓我思考。

My second question is in light of the guidance that for the fourth quarter call for a slowdown in the top line as well as some absorption of the tariff.

我的第二個問題是，鑑於第四季度業績指引預計營收成長速度將放緩，並且部分關稅影響將被消化。

Is this a signal that you're running into limitations on being able to manage the tariffs with price and we should consider that as we factor our models for next year, not only did that put a little bit of a drag on the top line, but also we should consider that you may have to absorb some more tariffs into next year.

這是否意味著您在價格方面難以有效管理關稅？我們在製定明年的模型時應該考慮到這一點，這不僅對營收造成了一定的拖累，而且我們還應該考慮到您可能不得不將一些關稅計入明年的預算中。

Do you want to take that, Jack?

傑克，你想拿走嗎？

I'm thinking, Michael. The tariff piece, I don't -- we didn't materially change the impact from a basis point perspective. Obviously, that's just representative of cost alone. The other piece that's not calculated on that is the price increase.

邁克爾，我在想，關稅那部分，從基點角度來看，我們並沒有實質地改變其影響。顯然，那隻是成本方面的體現。而價格上漲這部分並沒有被計算在內。

Gary called out in the letter, one of the Q3 items was just the tariffs on the back order and special order goods. Some of that was timing, right, because we experienced an increase and expect -- have expected to increase in tariffs. We do our mitigation efforts, we do our resourcing efforts, but it can currently also change prices.

加里在信中提到，第三季的一項支出就是積壓訂單和特殊訂單商品的關稅。部分原因是時機問題，因為我們已經經歷了關稅上漲，而且預計關稅還會上漲。我們採取了緩解措施，也採取了資源調配措施，但關稅上漲目前也可能導致價格波動。

But you're never perfect. You have some delays in the effectiveness of those, but you're now going to call your customers back and say, oh, by the way, the thing you just bought we're going to be importing it at a 20% tariff. So can you give us more money.

但人無完人。這些措施的效果總是會有些延遲，但現在你要給客戶回電話，說：“哦，對了，您剛才買的東西我們要以20%的關稅進口。所以您能再付點錢嗎？”

So as we read that needle and get all that dialed in, that was some of the things that surprised us in Q3, and it will flow a little bit in Q4. But I don't know that we're ready to say that make a statement like you're describing. It's a dynamic situation, not to mention looking at competitors, what your competitors do. We don't lose sight of that.

所以，當我們解讀這些指標並進行全面調整後，第三季的一些情況確實讓我們感到意外，這種情況在第四季會有所改善。但我認為我們現在還不能像您描述的那樣發表聲明。這是一個動態變化的局面，更何況我們還要關注競爭對手的動向。我們始終牢記這一點。

So as far as what 2026 looks like, obviously, we're a little early for that. I understand the question and the desire to know. We'll talk about that at the end of March. But I think we're proud of how we've been navigating the tariff situation with mitigation, with resourcing, with vendor partnerships with price increases, everything that you would expect us to do so.

所以，至於2026年的情況，顯然現在談論這件事還為時過早。我理解大家的問題和想要了解的心情。我們會在三月底討論這個問題。但我認為，我們為應對關稅問題所做的努力感到自豪，包括採取緩解措施、調配資源、與供應商建立合作關係以及應對價格上漲等等，我們都盡了全力，做到了大家期望我們做到的一切。

Yes. I mean plus we probably had the most difficult situation based on where we were sourcing from and what we did. And we read it wrong. We thought the President was going to like moving goods to Vietnam. And Vietnam is a smart place for us to move goods into.

是的。我的意思是，而且就我們的貨源和業務而言，我們可能面臨最艱難的處境。我們誤判了情勢。我們以為總統會樂於把貨物運往越南。而越南對我們來說確實是個不錯的貨物出口。

And all of a sudden Vietnam got hit with a 47% tariff or 46% tariff, and we're like, uh-oh, that was possibly to move it to Vietnam. And it was a lot of work and a lot of effort. And we were just getting ramped up and then, okay, now we're going to put it. And then China's going from one tariff to another. And there's other places we're moving goods to and moving to the US. And it's a bit chaotic right now, like I don't know.

突然間，越南被加徵了47%或46%的關稅，我們當時就想，糟了，這可能導致貨物不得不轉移到越南。這需要大量的工作和精力。我們剛開始步入正軌，然後，好吧，現在我們要這麼做了。接著，中國又開始加徵關稅。我們還要把貨物轉移到其他地方，還要轉移到美國。現在的情況有點混亂，我也不知道該怎麼形容。

Again, I kind of look at it all in context, and I'd say everything that we're investing in, we're building a restaurant company. I don't know name -- somebody is ever done restaurants of our quality integrated into our retail experience, especially a furniture store. Now, you'll say, well, I hear something sell meat balls or some, right?

我還是會從整體來看這件事，我認為我們所有的投資都是為了打造一家餐飲公司。我不知道有沒有人像我們這樣，把高品質的餐廳融入零售體驗中，尤其是家具店。你可能會說，我聽說有些店賣肉丸什麼的，對吧？

And actually, we're generating cash, we're paying [$65]. It can offset 5% of the rent of the buildings on average. Some are higher, some are lower. And I think we're one of seven global luxury hospitality companies that own and operate their own business.

實際上，我們正​​在創造現金流，我們支付了[65美元]。這平均可以抵銷5%的樓宇租金。有些樓宇的租金較高，有些則較低。我認為我們是全球七家擁有並經營自有業務的豪華酒店集團之一。

As people go like, who's your chef? What hospitality company runs your restaurants? We run them. We are the the chefs. And we obviously have culinary leaders and chefs, and we all get together and collaborate, but the reflection of what we love and what we do, and we're getting good at it. We're getting better and better. And like I have an interesting point for a case, what was our -- average ticket was $38.

人們會問，你們的主廚是誰？你們的餐廳由哪家餐飲集團經營？答案是我們自己經營的。我們就是主廚。當然，我們也有烹飪主管和廚師，大家聚在一起合作，但最終呈現的是我們熱愛的事物和我們所做的一切，而且我們在這方面做得越來越好。我們一直在進步。舉個例子，我們的平均客單價是38美元。

$38 in '19.

2019 年為 38 美元。

In 2019. Yes. So I mean, here's interesting. In fact, we just had our 10-year anniversary in October being in the restaurant business. We opened in Chicago and that restaurant did get -- the partner that we did it with is a great guy, still a good friend and super successful. You really want to do something, some full time, they're doing this.

2019年。是的。我的意思是，這很有意思。事實上，我們十月剛慶祝了餐飲業十週年。我們在芝加哥開了第一家店，那家餐廳——和我們一起創業的合夥人是個很棒的人，現在仍然是我的好朋友，而且非常成功。如果你真的想做點什麼，一些全職的事情，他們正在做這件事。

And we just realized most of the chefs driven businesses that are doing hospitality for other people, it's kind of a license to name thing. They're not there. I mean we had a deal with Brendan, and he was -- we had half his time to wow, but then he -- if he had so many other opportunities, and we realize this is turning into a real thing for us. We need to make it core competency.

我們意識到，大多數由廚師主導的餐飲企業，其實只是掛個名而已。他們並沒有真正投入其中。我的意思是，我們之前和布倫丹合作過，他——我們給了他一半的時間來展現自己的實力，但後來他——他還有很多其他的機會，我們意識到這對我們來說正在變成一件大事。我們需要把它打造成核心競爭力。

So we've invested now in many years. And it's like -- but that restaurant in Chicago, that we opened did $5 million its first year. I mean, the estimate was going to do about $1 million the first year, it did $5 million. It does $9 million or $10 million now case?

所以我們已經投資了很多年。就像──我們在芝加哥開的那家餐廳，第一年就賺了500萬美元。我的意思是，當初估計第一年大概能賺100萬美元，結果賺了500萬美元。現在它能賺900萬或1000萬美元嗎？

Yes. And just shy of $10 million.

是的，而且接近1000萬美元。

Just shy of $10 million. And we opened a second restaurant, a second gallery in a suburb not too far from that, that's doing $11 million. So you think of it being cannibalized more. And we're -- our team is growing and maturing and collaborating, and we're getting better and better.

接近1000萬美元。我們在離這裡不遠的郊區開了第二家餐廳和第二家畫廊，年收入1,100萬美元。所以你可能會覺得它們之間的相互蠶食效應更明顯了。而且，我們的團隊正在成長、成熟、協作，我們也變得越來越好。

But if someone would have said 10 years ago that, hey, how many people want to wake up in the morning go to a furniture store for dinner or for lunch? I don't think anybody would have. So think about that one, like I don't know, should we not have done it because you could have said like, Gary, that was like really hard. Why didn't you do that?

但如果十年前有人問，嘿，有多少人願意早上起床去家具店吃午餐或晚餐？我想沒人會這麼想。所以想想看，我不知道，我們是不是應該不做這件事，因為你可能會說，加里，這真的很難。為什麼不做呢？

Well, do hard things, and we do things that are unique and differentiated. And I think because we were more ambitious than others, we think more deeply than others. And we're not just managers of something. Managers arrange and organize the status quo. We're leaders, and leaders are leading people somewhere they've never been doing things they've never done.

嗯，我們做難事，我們做的是獨特且與眾不同的事。我認為，正因為我們比別人更有雄心，所以我們的思考也比別人更深入。我們不僅僅是管理者。管理者只是安排和維持現狀。我們是領導者，領導者帶領人們前往他們從未去過的地方，做他們從未做過的事。

And leaders have to be comfortable making others uncomfortable. That's what leaders do because -- and starting with the leaders, the leaders could be somewhat uncomfortable. So sorry if I'm making you uncomfortable, it's just what I do. And that's how I know I'm leading. That's how you know you're on the right path.

領導者必須能夠坦然面對讓別人感到不舒服的情況。領導者之所以這樣做，是因為──先從領導者本身說起──他們有時也會感到不舒服。所以，如果我讓你感到不舒服，我很抱歉，我就是這樣做的。而這正是我判斷自己是否在領導的方式。這也是你判斷自己是否走在正確道路上的方式。

But if you can build things that other people haven't built, and if you can lead, you can create a lot of value. And we believe we're going to create a lot of value. Like maybe not at this moment, like we look really risky, I guess, because we have debt. But we've said we're comfortable with paying down the debt.

但如果你能創造出別人沒創造過的東西，如果你能領導團隊，你就能創造巨大的價值。我們相信我們能夠創造巨大的價值。也許現在還不是，我們看起來風險很大，因為我們背負著債務。但我們已經說過，我們有能力償還債務。

There's lots of things we can do. Heck, we've done more zero convertible notes than anybody in history, I think. We did four. I think anybody said it four. I remember, Yahoo had done two. And at some point, we might tap the convert market. At some point, we may refinance some of the debt. At some point -- like, who knows?

我們可以做的事情有很多。說真的，我覺得我們發行的零利率可轉換債券比歷史上任何人都多。我們發行了四張。我記得好像有人說過是四張。雅虎發行過兩張。而且在某個時候，我們可能會進入可轉換債券市場。在某個時候，我們可能會對部分債務進行再融資。在某個時候──誰知道呢？

We've got a lot of real estate, and we think we can monetize that over time and our inventory has been high. We're turning inventory into cash. But we're -- I'm pretty comfortable like hell. I lived on the edge of bankruptcy in my first 10 years. This is nothing.

我們有很多房產，我們相信隨著時間的推移，這些房產可以變現，而且我們的庫存一直很高。我們正在把庫存變現。但是——我感覺非常輕鬆。我創業的前十年一直徘徊在破產邊緣。這根本不算什麼。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi, Gary. Hi, Jack. Maybe one question, maybe let's talk furniture. Can you talk about the backdrop? I know it's been a tough overall market. Can you just talk about how the quarter -- how the customer changed the demand for furniture, how your current lines are resonating? And then barring anything in the backdrop getting worse, can we assume that free cash flow stays positive from here on out?

嗨，Gary。嗨，Jack。或許我們可以聊聊家具，問個問題。能談談目前的市場環境嗎？我知道整體市場情況嚴峻。您能說說本季的情況嗎？例如客戶對家具的需求發生了哪些變化，以及您目前的產品線反應如何？如果市場環境沒有進一步惡化，我們是否可以假設自由現金流從現在開始一直保持正值？

I don't know, if this is the time to assume anything will be a certain way, right? We just had China and Russia fly bombers over Japan. Like hello, was anybody expecting that? And then we rallied bombers with Japan or fighter jets or whatever. Like who knows what's going to happen in this world right now?

我不知道，現在是不是該假設事情會以某種方式發展的時候，對吧？中國和俄羅斯剛剛派出轟炸機飛越了日本。拜託，有人預料到嗎？然後我們又和日本集結了轟炸機、戰鬥機之類的。誰知道這個世界現在會發生什麼事？

I mean there's a lot of discord and there's a lot of noise. And so I mean we expect free cash flow to remain positive. But again, did we expect at any time early in the year that we were going to have all the tariff announcements in such an unpredictable chaotic way and have to delay our interiors book by eight weeks?

我的意思是，現在有很多分歧，也有很多噪音。所以我們預計自由現金流仍將維持正值。但話說回來，年初的時候，我們有沒有預料到關稅政策會以如此難以預測、混亂的方式出台，導致我們的室內裝修訂單不得不推遲八週？

Did we think we were going to launch the stage this year? Yes, we did. And I said the name, oh God. Okay., sorry about that. But we -- it's a really unusual time. And we're not trying to be flat or up 3% right now. Like if we're trying to be flat or up 3%, would we be more predictable? We might.

我們之前計劃今年推出這個舞台嗎？是的，我們確實計劃過。我說到名字的時候，天哪。好吧，抱歉。但是——現在的情況確實很特殊。我們現在的目標不是保持平穩或成長3%。如果我們真的想保持平穩或成長3%，我們的業績會不會更容易預測？也許會吧。

I know -- would that be really good for the long term? I don't think so. I love what we're doing right now. I love the moves we're making right now. I think nobody even get it -- I think people are going to be shocked. I think competition is going to go, oh, now what?

我知道——從長遠來看，這真的好嗎？我不這麼認為。我喜歡我們現在正在做的事情。我喜歡我們現在採取的行動。我覺得沒人會理解——我覺得人們會感到震驚。我覺得競爭對手會想，哦，現在怎麼辦？

I love our strategy in Europe. But is it more expensive than we thought? Yes, it is. Like we've built these things during and post COVID, and they're way more expensive and put pressure on short-term cash flow, yeah, sure. But wait to see what we invented. And again, necessity is the mother of invention.

我喜歡我們在歐洲的戰略。但它的成本是否比我們預想的還要高？是的，確實如此。例如，我們在疫情期間和疫情後都開展了這些項目，它們的成本更高，也給短期現金流帶來了壓力，沒錯。但請拭目以待我們的創新成果。再次強調，需求是發明之母。

Put us into a corner, make things tough for us, we'll event our way out of it. We've designed, I think, some of the most exciting retail concepts coming -- like new versions of RH that I think are mind blowing, and they cost half as much. And we have other ones that are equally creative that will take probably less than half the time and cost less.

把我們逼到絕境，讓我們舉步維艱，也能找到出路。我認為，我們已經設計了一些最令人興奮的零售概念——例如RH的新版本，我覺得它們簡直令人驚艷，而且成本只有原來的一半。我們還有其他同樣富有創意的方案，耗時可能不到一半，成本也更低。

And we've got design ecosystems. We have design compounds. We have a interior design office. We just got a lot of things, and that's -- and they're all making kind of sense. And so we're -- I think we're pretty responsive strategically.

我們擁有設計生態系統，我們有設計園區，我們有室內設計辦公室。我們有很多東西，而且它們都各有道理。所以我認為我們在戰略上反應相當迅速。

We just don't like to get stuck in the weeds and not see the bigger picture. But we're really excited about where we are. We're super positive, but can you say things are going to be super profitable than just what we've just seen in the last 6 to 12 months. I'd say it's going to be predictably unpredictable.

我們不喜歡陷入細節而忽略大局。但我們對目前的狀況感到非常興奮。我們非常樂觀，但你能保證未來的獲利能力會比過去6到12個月的水準更高嗎？我認為未來會充滿變數，難以預測。

Like just what we've all had to navigate deal with, and I mean, there are still changes. Like who knows there could be a whole new round of tariffs? I mean the Supreme Court could say, hey, this is illegal. And then all of a sudden, it's going to be -- if you read the news, it's going to be these things happen. They should happen. Those things happen. This changes that.

就像我們所有人都必須面對的這些，我的意思是，情況還在不斷變化。誰知道呢，會不會又來一輪新關稅？我的意思是，最高法院可能會說，嘿，這是非法的。然後突然之間，如果你看新聞，你會發現──這些事情會發生。它們應該發生。這些事情本來就會發生。但現在情況變了。

We'll improvise adapt and overcome. That's what we do.

我們會隨機應變，適應環境，克服困難。我們就是這樣做的。

Simeon, on the free cash flow, just like you talked about the $300 million of inventory coming down, so that this year is kind of a $200 million figure we talked about. So there's still that element to come. There's -- we talked about reduction in capital spending last call a little bit here.

西蒙，關於自由現金流，就像你剛才提到的3億美元庫存減少，所以今年的庫存額大概會降到我們之前提到的2億美元左右。所以這方面還有待進步。我們上次也稍微談到了削減資本支出。

So just -- there's building blocks to maintain positive cash flow going forward. But obviously, there's a lot of unknowns and a lot of uncertainty. So we'll be talking a lot about that and try to drive that result as well.

所以，我們已經具備了維持未來正現金流的基礎。但顯然，仍有許多未知因素和不確定性。因此，我們會重點討論這些問題，並努力推動實現這些目標。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

I appreciate the color on market share, Gary. And it's easy for us to track the public players you outlined in the table, but it's less easy for us to assess the health of the fragmented design showrooms, those regional high-end stores, some of the local independent boutiques.

加里，我很欣賞你對市場佔有率的分析。追蹤你在表格中列出的那些上市企業很容易，但評估那些分散的設計展廳、區域性高端商店以及一些本地獨立精品店的經營狀況就比較困難了。

Curious if you could give us a sense of what you're seeing from a dislocation standpoint with the majority of your share gains coming from those channels?

很好奇您能否從通路錯位的角度，談談您觀察到的情況，因為您的大部分市佔率成長都來自這些通路？

Yes. I mean, harder for any of us can measure, but yes, I mean, the feedback we get from some of the people that we've acquired and people that we know that believe we've been the biggest disruptive force at the high end of the business over the last 10 years, if not more, and so especially with what we've done with the new galleries and with the assortment and moving up market and taking the quality up and its level of design up.

是的。我的意思是，這對我們任何人來說都很難衡量，但是，是的，我的意思是，我們從一些我們收購的人和我們認識的人那裡得到的反饋是，他們認為在過去10年甚至更長時間裡，我們一直是高端行業最大的顛覆力量，尤其是在我們新建展廳、豐富產品種類、提升市場定位、提高質量和設計水平方面的工作。

And so I think you could -- I mean, we used to track how many independent high-end boutiques that were, right? There used to be 32 between Sausalito and Santa Rosa, county in Hillsburg and stuff in Napa. And we always said that they all exist because RH had a 6,000 square-foot gallery and Cord Madera. And most of those boutiques were, I don't know, 3,000 to 15,000 square feet, call the majority of them kind of close to the size we are.

所以我覺得你可以——我的意思是，我們以前會統計有多少家獨立的高級精品店，對吧？以前在索薩利托和聖羅莎之間，希爾斯堡縣和納帕一帶，總共有32家。我們一直說，它們之所以存在，是因為RH有一個6000平方英尺的展廳，還有Cord Madera。而這些精品店大多面積在3000到15000平方英尺之間，可以說它們中的大多數都和我們差不多大。

And yes, it was an obvious, the assortment. If you didn't get our book, you didn't know how big our assortment was. If you didn't go to our website, you didn't know. And we always said like when we have the assortment in physical marketplace, there will be a lot less. And you make me want to go do the latest math.

沒錯，產品種類確實很豐富。如果你沒看過我們的宣傳冊，就不知道我們的產品種類有多多。如果你沒造訪過我們的網站，也不知道。我們一直都說，實體店的產品種類會比宣傳冊少很多。你這麼一說，我都想去算算最新的數據了。

I mean we know that it went from like 32 to about 18 or 20 over X number of years and do the math again. But I mean I think we went from $300 million to $3.5 billion in some of it is hospitality and contract business. And we own Waterworks like that -- we believe most of the share came from the higher end and came from -- like it came to the showrooms, and they came from the independents, and they came from the regional furniture stores, and they came from the Ethan Allens of the world or people like that.

我的意思是，我們知道它在幾年內從大約32000萬美元降到了18000或20000萬美元，再算算就知道了。但我的意思是，我認為我們的收入從3億美元增長到了35億美元，其中一部分來自酒店和合約業務。我們擁有Waterworks這樣的公司——我們相信大部分份額來自高端市場，例如展覽廳、獨立零售商、區域家具店，以及像Ethan Allen這樣的大型連鎖店。

And not to pick on Ethan Allen or anything, but I mean, Ethan Allen when I said that RH earlier days, they were like $1.2 billion or something. And then we looked up to them. And I think they -- I don't know, if they do today $500 million or $600 million or $700 million.

我不是想要針對伊森艾倫什麼的，但我的意思是，我之前提到RH的時候，他們的市值好像有12億美元左右。那時候我們都很崇拜他們。我覺得他們──我不知道，現在他們的市值是5億美元、6億美元還是7億美元。

Yes. So there's always going to be this shifting dynamics. They're sometimes hard to measure. But we like how our business has been performing from a market share point of view. And there's enough data to say we're one of the leading share gainers right now at a certain size. It's actually furniture based, right?

是的。所以市場動態總是在不斷變化，有時很難衡量。但從市佔率的角度來看，我們對公司目前的表現感到滿意。而且有足夠的數據表明，在一定規模的公司中，我們目前是市佔率成長最快的公司之一。實際上，我們的業務是家具類的，對吧？

Again, there's other people that have a big tabletop business. So they have big accessories business. So they're in seasonal businesses like Halloween and Easter and this and Christmas. And we're not in any of those businesses anymore. So you got to compare us to the right kind of people.

再說，還有一些公司經營著規模龐大的桌上遊戲業務，以及大量的配件業務。他們涉足萬聖節、復活節、聖誕節等季節性市場。而我們現在已經不再涉足這些領域了。所以，你必須找對對象來比較我們。

And so we don't have some of those other businesses that might make us a little less cyclical. There are some of the businesses, I think we exited too far. We ought probably have some more home accessories or some layer designers would like to have more things to complete a home. And so we're considering those things.

因此，我們沒有涉足一些其他業務，而這些業務或許能讓我們減少一些週期性波動。有些業務，我覺得我們退出得太晚了。我們或許應該增加一些家居飾品，或者一些家居設計師也希望有更多產品來完善家居佈置。所以我們正在考慮這些。

We used to have a book called the curiosity, and we may relaunch that at some point. And you might see us -- I don't know. I wouldn't even rule out would we be in the tabletop business, but just in our own way. And I don't think I want to be in to chase the holiday businesses, but it doesn't mean we can't have beautiful candles that are like our branded stuff.

我們以前出過一本書叫《好奇心》，也許以後會重新出版。至於你是否會再見到我們——我也不確定。我什至不排除我們會涉足餐桌用品行業，但會以我們自己的方式。我不想為了迎合節日市場而冒險，但這並不意味著我們不能推出像我們品牌產品那樣精美的蠟燭。

I mean we can't have like our maids blanket or things like that that are really high end and aspirational would be great guess and things you really want in your home to identify your status and where you are in life. So we think we build the brand correctly. There's going to be other opportunities like that. But yes, it's that fragmented, right? It's like not easy to exactly know.

我的意思是，我們不能把像傭人毯之類的東西，那種真正高端、令人嚮往的東西，當作彰顯身份和人生階段的象徵，擺在家裡。所以我們認為我們正確地打造了品牌。未來還會有類似的機會。但沒錯，市場就是這麼分散，對吧？很難準確把握。

That does conclude our question-and-answer session. I'll hand the conference back over to Mr. Gary Friedman for any additional or closing remarks.

我們的問答環節到此結束。接下來我將把會議交給加里·弗里德曼先生，請他作補充或總結演講。

Great. Thank you, operator. Thank you, everyone, for your interest. I want to thank our teams that bring our brand to life each and every day through our galleries, our hospitality, our distribution centers, every aspect of the company, everybody in every location around the world, and everybody who's all of our partners around the world that work so hard to bring these beautiful products to life.

太好了。謝謝接線生。謝謝大家的關注。我要感謝我們所有團隊，是他們每天透過我們的展廳、接待服務、配送中心、公司的各個方面，以及世界各地所有員工，讓我們的品牌煥發生機。也要感謝我們遍佈全球的合作夥伴，是他們辛勤工作，才使得這些精美的產品得以呈現。

We appreciate everyone and your efforts and your collaboration. And we wish everyone a wonderful holiday, and we look forward to talking to you the next year. Thank you.

我們感謝大家的付出與合作。祝大家假期愉快，期待明年與大家再次交流。謝謝。

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，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。