RH (RH) 2026 Q1 法說會逐字稿

Hello, and welcome to the RH first quarter fiscal 2026 earnings call. (Operator Instructions)

您好，歡迎參加 RH 2026 會計年度第一季財報電話會議。(接線員指示)

I would now like to turn the conference over to Allison Malkin of ICR. Allison, please go ahead.

現在我想把電話會議交給 ICR 的 Allison Malkin。Allison，請開始。

Thank you. Good afternoon, everyone. Thank you for joining us for our first-quarter fiscal 2026 earnings call. Joining me today are Gary Friedman, Chairman and Chief Executive Officer; and Jack Preston, Chief Financial Officer.

謝謝。各位下午好。感謝各位參加我們 2026 會計年度第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Gary Friedman，以及財務長 Jack Preston。

Before we start, I'd 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 our outlook, our business and other matters referenced in our press release issued today.

在開始之前，我想提醒各位我們的法律聲明：今天我們將發表若干依據聯邦證券法所定義的前瞻性陳述，包括關於我們的展望、我們的業務，以及今日發布之新聞稿中提及的其他事項。

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 for a more detailed description of the risk factors that may affect our results.

這些前瞻性陳述涉及多項風險與不確定性，可能導致實際結果出現重大差異。請參閱我們向 SEC 提交的文件以及今日發布的新聞稿，以取得可能影響我們業績之風險因素的更詳細說明。

Please also note that these forward-looking statements reflect our opinion 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.

另請注意，這些前瞻性陳述僅反映截至本次電話會議日期的觀點；對於因新資訊或未來事件而對前瞻性陳述進行任何修訂之結果，我們不承擔修訂或公開發布的義務。

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.

此外，在本次電話會議中，我們可能會討論非 GAAP 財務衡量指標，該等指標會調整我們的 GAAP 結果以排除某些項目的影響。關於這些非 GAAP 財務衡量指標的更多資訊，以及非 GAAP 與 GAAP 指標之間的調節表，請參閱今日財務結果新聞稿。

A live broadcast of this call is also available on the Investor Relations section of our website at ir.rh.com.

本次電話會議的即時轉播亦可於我們網站的投資人關係專區 ir.rh.com 收看。

And now I'd like to turn the call over to Gary.

現在我想把電話交給 Gary。

Thank you, Allison. Hello, everyone. Let me start with a reading of our letter to our people, partners and shareholders.

謝謝你，Allison。各位好。我先朗讀我們寫給員工、合作夥伴與股東的信。

First quarter revenues of $800.3 million and adjusted EBITDA of 7.1% exceeded the high end of our expectations in the first quarter despite back order and special order balances approximately $75 million higher than a year ago, primarily due to tariff-related resourcing. As a result of our better than expected first quarter results, we are raising our outlook for fiscal year 2026 and providing the following outlook for the second quarter.

第一季營收為 8.003 億美元，調整後 EBITDA 利潤率為 7.1%，儘管積壓訂單與特別訂單餘額較去年同期高出約 7,500 萬美元（主要因關稅相關的採購/供應來源調整），我們第一季表現仍超出預期區間上緣。由於第一季結果優於預期，我們上調 2026 會計年度展望，並提供以下第二季展望。

Fiscal year 2026 outlook, revenue growth of 4.5% to 8%, adjusted EBITDA margin of 14.2% to 16%, adjusted free cash flow of $300 million to $400 million. The above outlook includes an approximate negative 270 basis points adjusted EBITDA margin impact from pre-opening and start-up costs to support our international expansion.

2026 會計年度展望：營收成長 4.5% 至 8%；調整後 EBITDA 利潤率 14.2% 至 16%；調整後自由現金流 3 億至 4 億美元。上述展望包含為支持國際擴張所產生之開幕前與啟動成本，對調整後 EBITDA 利潤率約造成 270 個基點的負面影響。

Second quarter 2026 outlook, revenue growth of 0.5% to 2.5%, adjusted EBITDA margin of 11.5% to 13%. The above outlook includes an approximate negative 380 basis points adjusted EBITDA margin impact from pre-opening and start-up costs to support our international expansion.

2026 年第二季展望：營收成長 0.5% 至 2.5%；調整後 EBITDA 利潤率 11.5% 至 13%。上述展望包含為支持國際擴張所產生之開幕前與啟動成本，對調整後 EBITDA 利潤率約造成 380 個基點的負面影響。

The bridge from here to there, how many may ask, in an economic environment like the one we are navigating through, you get from your half-one numbers to your half-two numbers necessary to make the year. There are three parts that formed a proverbial bridge to the other side. Supporting the case for our business to accelerate from flat in half-one to up 12% in half-two as we've done many times before. We've listed them below.

從這裡到那裡的「橋」是什麼？在我們正穿越的這種經濟環境下，許多人可能會問：如何從上半年數字走到下半年必須達成的數字，才能完成全年目標。有三個部分構成了通往彼岸的所謂橋樑。它們支撐我們的論點：我們的業務可如同過去多次做到的那樣，從上半年持平加速到下半年成長 12%。我們已在下方列出。

We plan a backlog reduction that's worth 4.5 percentage-points in the second-half, new store growth of 2.5 percentage-points and new concept growth of 5 points for RH Estates, building the foundation for a global luxury brand. Similar to structures that stand the test of time, those rewarded with historical recognition and reverence. Luxury brands are designed and built in the same fashion on incredibly strong foundations.

我們計畫在下半年進行積壓訂單消化，對下半年貢獻 4.5 個百分點；新店成長貢獻 2.5 個百分點；以及 RH Estates 的新概念成長貢獻 5 個百分點，為全球奢華品牌奠定基礎。如同能經得起時間考驗、並因歷史而獲得認可與敬仰的建築結構一樣。奢侈品牌也以同樣方式設計與打造，建立在極其堅實的基礎之上。

Both endeavors are considered hard and in many cases impossible. They always require more time and capital and are generally built by unrelenting and unrelatable individuals and teams. You've heard us talk over the years about climbing the luxury mountain at which not for the faint of heart. As the higher you climb, the air gets thin and the odds become slim.

這兩項事業都被視為艱難，且在許多情況下幾乎不可能。它們總是需要更多時間與資本，通常由不屈不撓、且不易被理解的個人與團隊所打造。多年來你們聽我們談到攀登奢華之巔——那不是膽小者能承受的。因為爬得越高，空氣越稀薄，成功的機率越渺茫。

We believe the work we are about to unveil is akin to those difficult last steps and gasping for those vital breaths. We believe the openings of RH Paris, Milan and London, arguably the three most immersive and inspiring brand experiences anywhere in the world will form the foundation necessary to earn the respect and recognition of not only the European and UK customer, but a global one.

我們相信，我們即將揭示的成果，宛如那些艱難的最後幾步，以及為了關鍵一口氣而喘息。我們相信 RH 巴黎、米蘭與倫敦的開幕——可說是全球任何地方最沉浸、最具啟發性的三大品牌體驗——將形成必要的基礎，使我們不僅贏得歐洲與英國客戶的尊重與認可，也贏得全球客戶的認可。

They communicate a sense of permanence, a brand that has been dedicated to crafting their skills over decades. The last foundational piece RH Estates.

它們傳達一種恆久感：一個數十年來致力於精進工藝的品牌。最後一塊基石：RH Estates。

Mr. Gorbachev, tear down this wall - Ronald Reagan. We believe that there are those with taste and no scale, and those with scale and no taste. The global design market has spent the last half century comfortable with that division. It is an industry defined by exclusion versus inclusion.

「戈巴契夫先生，推倒這堵牆。」——羅納德・雷根。我們相信，有些人有品味卻沒有規模；也有些人有規模卻沒有品味。過去半個世紀，全球設計市場一直安於這種分割。這是一個以排除而非包容所定義的產業。

For decades, the highest echelon of home design -- the masterfully tailored upholstery of Dmitriy & Co, the uncompromising bespoke casework of Joseph Jeup, the classical grandeur of Dennis & Leen, the meticulous reproductions of Formations, the artisanal fixtures of Waterworks and the iconic designs of Michael Taylor, to Architectural Digest named one of the greatest interior designers of all time has been hidden.

數十年來，家居設計的最高殿堂——Dmitriy & Co 精湛剪裁的軟裝、Joseph Jeup 毫不妥協的訂製櫃體工藝、Dennis & Leen 的古典宏偉、Formations 的細緻復刻、Waterworks 的手工五金與衛浴配件，以及 Michael Taylor 的經典設計（《Architectural Digest》將其評為史上最偉大的室內設計師之一）——一直被隱藏起來。

Trapped behind the metaphorical iron curtain. This curtain is the closed door trade-only showroom network. Unless you hold a professional license or hire a gatekeeper, you are forbidden from seeing, experiencing or purchasing the finest expressions of human craftsmanship. The public is left outside, while some of the very best design and quality remains hidden inside.

被困在隱喻性的鐵幕之後。這道鐵幕就是僅對業內人士開放、採封閉式的 showroom 網絡。除非你持有專業執照或聘請把關者，否則你被禁止看見、體驗或購買人類工藝最精湛的呈現。大眾被留在門外，而一些最頂尖的設計與品質仍被藏在裡面。

Nearly 40 years ago, standing at the Brandenburg Gate, a former American President looked out at a divided world and issued a defiant historic decree, Mr. Gorbachev, tear down this wall. Today, we look at the luxury home industry and ask the same. With the launch of RH Estates, we are removing the barriers that have segregated taste from scale. We are amplifying the work with the world's most elite designers, artisans and manufacturers on our global platform. This is not a compromise of quality, it is a liberation of mastery.

將近 40 年前，在布蘭登堡門前，一位前美國總統望向分裂的世界，發出一項挑戰性的歷史宣告：「戈巴契夫先生，推倒這堵牆。」今天，我們看著奢華家居產業，也提出同樣的呼籲。隨著 RH Estates 的推出，我們正在移除將品味與規模隔離的障礙。我們在全球平台上放大並呈現與世界最頂尖設計師、工匠與製造商合作的成果。這不是對品質的妥協，而是對精湛技藝的解放。

By uniting these legendary ateliers and elevating their work in architecturally significant spaces, we are providing access to some of the most beautifully designed, highest-quality, classic contemporary and modern furniture in the world. Pieces that not only furnish a home, those that define it. But tearing down the walls means more than just opening the doors. It means eliminating the creative limitations that has historically forced designers to choose between our scale and the uncompromising specificity of trade-only showrooms.

透過整合這些傳奇工坊（ateliers），並在具建築意義的空間中提升其作品，我們讓人們得以接觸到全球最美、品質最高的經典當代與現代家具。這些作品不僅是布置一個家，更是定義一個家。但推倒高牆不僅僅是打開大門。它意味著消除那些創意上的限制——這些限制在歷史上迫使設計師必須在我們的規模與僅對業內人士開放之 showroom 的毫不妥協的專業精準度之間做出取捨。

To empower the design community, we are introducing RH Bespoke Furniture and our RH Couture Upholstery. With RH Bespoke, we are offering a level of customization never seen before at scale. Interior designers and architects can now specify dimensions for dressers, dining tables, sideboards and cabinets to fit the exact proportions of their architectural canvas.

為了賦能設計社群，我們推出 RH Bespoke Furniture 與我們的 RH Couture Upholstery。透過 RH Bespoke，我們以規模化方式提供前所未見的客製化程度。室內設計師與建築師如今可為斗櫃、餐桌、餐邊櫃與櫥櫃指定尺寸，以符合其建築畫布的精確比例。

Simultaneously, RH Couture Upholstery will redefine the boundaries by integrating custom sizing with COM, customers own material into the RH ecosystem. We are giving designers the creative freedom to specify custom sizes and fabrics for sofas, sectionals, chairs, ottomans and beds. You source the fabric from anywhere in the world, we provide the atelier level construction and craftsmanship.

同時，RH Couture Upholstery 將把客製尺寸與 COM（客戶自備布料）整合進 RH 生態系，重新定義邊界。我們賦予設計師創作自由，可為沙發、組合沙發、單椅、腳凳與床具指定客製尺寸與布料。您可從世界任何地方採購布料，我們則提供工坊等級的結構製作與工藝。

The scale of taste. Our critics will argue that true luxury cannot be scaled. They are wrong. They failed to understand the ability to scale taste creates higher quality and value for both the customer and the designer. It has the ability, as other innovations have to create a larger market, enhance the way we live and elevate humanity. By moving past the antiquated model where each piece is built in isolation, we are building these elite designs and highly disciplined batches.

品味的規模化。我們的批評者會主張，真正的奢華無法規模化。他們錯了。他們未能理解，將品味規模化能為消費者與設計師同時創造更高的品質與價值。它具備如同其他創新一般的能力：創造更大的市場、改善我們的生活方式並提升人類文明。我們正超越那種每件作品各自孤立打造的陳舊模式，改以高度紀律的批次生產來打造這些菁英設計。

Scale gives us unprecedented leverage, allowing for vastly superior sourcing of raw materials, rigorous quality control and significant manufacturing and transportation efficiencies. Make no mistake, we are not mechanizing art. The intricate hand carvings and finishes are still executed individually by the world's finest artisans. Because of this human touch, every single piece remains a one-of-a-kind masterpiece in its own right.

規模帶來前所未有的槓桿效益，使我們能以遠優於以往的方式採購原物料、進行嚴格的品質控管，並大幅提升製造與運輸效率。請不要誤會，我們不是在把藝術機械化。精緻的手工雕刻與表面處理，仍由全球最頂尖的工匠逐件完成。正因這份人性化的觸感，每一件作品依然都是獨一無二的傑作。

However, by integrating the fragmented supply chain and presenting these products on an equally unrivaled inspiring architectural platform, consumers now have the access to a level of design and quality previously only available to a select few, a new covenant with the trade. We recognize the ultimate expression of our products requires the vision of incredible talent.

然而，透過整合分散的供應鏈，並在同樣無可匹敵、啟發人心的建築平台上呈現這些產品，消費者如今得以接觸到過去僅少數人才能享有的設計與品質水準——這是與專業通路之間的一項新契約。我們明白，產品的終極呈現需要卓越人才的願景。

To honor the design community, we are redefining how we partner with professionals. We are introducing an exclusive program for interior designers, architects and trade members. The program ensures that professionals are compensated for the tremendous value and aesthetic clarity they create for consumers. We want to incentivize the world's best talent to build their campuses using our platform, creating a symbiotic ecosystem where design mastery is both accessible and rewarded at every level. The separation between taste and scale is over. The curtain has fallen. It's time to tear down that wall. Carpe Diem, Gary.

為了致敬設計社群，我們正在重新定義與專業人士合作的方式。我們推出一項專屬計畫，面向室內設計師、建築師與同業會員。該計畫確保專業人士能因其為消費者創造的巨大價值與美學清晰度而獲得報酬。我們希望激勵全球最頂尖的人才在我們的平台上打造他們的「校園」，形成一個共生的生態系，讓設計大師的能力在各個層級都既可被觸及、也能獲得回報。品味與規模之間的分隔已經結束。帷幕已落下。是時候拆掉那道牆了。把握當下，Gary。

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

接線員，我們現在開放提問。

(Operator Instructions)

(接線員指示)

Steve Forbes, Guggenheim.

Steve Forbes，Guggenheim。

Good afternoon, Gary, Jack. Gary, given the commentary around customization within the shareholder letter that you just went through, curious if you can maybe just give us a high-level view on what you think this really means for the brand's reach an addressable TAM, especially once you layer in that new trade program, like how much of the market really gets opened up. I don't know if there's a way to contextualize it for us on how you're thinking about it today?

下午好，Gary、Jack。Gary，鑑於你剛剛在股東信中談到的客製化相關評論，我想請你從高層次談談，你認為這對品牌觸及範圍與可服務的 TAM（總可觸及市場）究竟意味著什麼，尤其是再加上新的同業計畫後，市場到底會被打開多少。不知道你是否能用某種方式幫我們脈絡化，說明你目前是如何思考這件事的？

Well, it really opens up on multiple levels. So one is, I mentioned on the video last quarter, the traditional classic market represents about 60% of the luxury home market. And today, we're just vastly underpenetrated in that market. and if you look back, if you looked at an RH source book from 2014, I think we had 704 pages, and it was all classic, all traditionally based.

嗯，它確實在多個層面上打開了空間。首先，我在上季的影片中提到，傳統經典市場約占奢華家居市場的 60%。而目前我們在那個市場的滲透率仍然非常不足。回頭看，如果你翻 2014 年的 RH 產品目錄，我記得有 704 頁，全部都是經典、以傳統為基礎的風格。

And if you look at our business today, because of the evolution and the expansion of modern, then the evolution into contemporary, as the train hit, our brand, like many brands and many of us grew up in the fashion industry, I grew up with The Gap. And so learning to build a specialty brand, you're generally keeping it in a very focused kind of limited point of view. So it will break through the market.

而如果你看我們今天的業務，因為現代風格的演進與擴張，接著又演進到當代風格，當這股趨勢列車到來時，我們的品牌——就像許多品牌一樣——而且我們很多人都在時尚產業長大，我是跟著 The Gap 長大的。因此在學習打造一個專門品牌時，你通常會把它維持在非常聚焦、相對有限的觀點之內，好讓它能在市場中突破。

And I think one of the things that I feel to kind of recognize, if you think about the bigger picture of the home industry is that the trends kind of lift kind of aesthetics during cycles. But the other things don't really stop selling. They just sell kind of less. You know because the architecture is really the driving force in the market.

我認為需要認知的一點是，如果從家居產業的大局來看，趨勢會在週期中把某些美學抬升起來。但其他東西其實並不會停止銷售。它們只是賣得少一些。因為建築本身才是市場的真正驅動力。

So as we went back and just kind of studied our history and said, look, what are the smartest things we've done, what are the things we think we missed? What could we have done better? Our view is that we could build as I outlined in the video, build our business around the three major aesthetic kind of pieces, and that's traditional contemporary and modern, and we'll refer to it as estates, interiors and modern.

所以當我們回頭研究歷史並說：看，我們做過最聰明的事是什麼？我們覺得錯過了什麼？我們本來可以做得更好的是什麼？我們的看法是，我們可以如同我在影片中所概述的，圍繞三大主要美學板塊來建立業務：傳統、當代與現代；我們會把它們稱為 Estates、Interiors 與 Modern。

So this is -- I would say, I don't know, there's maybe a chance to -- we might have given away over the last 10, 12 years, $1 billion, yeah, maybe more. As we assess the market and try to go back and just do the math and try to extrapolate things, so that's one piece. And then I say, every time you do something new, I mean, it's not 100% incremental. There's going to be some level of cannibalization as you expand a market, whether it's your expanding product or in physically in penetration. There's going to generally be some level of incrementality and there's going to be a level of cannibalization.

所以這——我會說，我不知道，或許有個可能——在過去 10 到 12 年，我們可能讓出去超過 10 億美元的機會，是的，甚至可能更多。當我們評估市場並試著回頭做數學推算、外推各種情境時，這是一個面向。另外我也說過，每次你做一件新事，並不是 100% 的增量。當你擴張市場時，無論是擴充產品，或是在實體滲透上擴張，都會有某種程度的自我侵蝕（cannibalization）。通常會同時存在一定程度的增量與一定程度的侵蝕。

Our view here, this is one of the most incremental things, I think, we've ever done. Yeah. Modern was very incremental, but it was a very small market when we launched our RH Modern. The amount of modern architecture in the world. While it was trending, and the world was moving in that direction. Still it's a fragment of the size of this market.

我們的看法是，這次是我們做過最具增量效應的事情之一。是的。Modern 當時也非常具增量性，但在我們推出 RH Modern 時，那是一個非常小的市場。全球現代建築的量。即便它正在成為趨勢、世界也朝那個方向移動，它的規模仍只是這個市場的一小部分。

So that's how I think about the first piece. The second piece is looking at it not just from aesthetic point of view, but really a market point of view, a design and quality point of view. RH Estate is, from our view, the first step up to the top of the luxury mountain, if you use that metaphor. It is the highest level of quality and design that exists in the world, unless you're really buying rare antiques.

所以第一部分我就是這樣思考的。第二部分則是，不只從美學角度，而是從市場角度、設計與品質角度來看。以我們的觀點，RH Estate 是登上奢華之巔的第一步——如果用這個比喻的話。除非你真的在買稀有古董，否則它就是世界上存在的最高等級品質與設計。

But if you think about the brands that we've aggregated over the last five years and what we've learned over that time and what we're bringing to market with Estates, which you guys have only seen just a little teaser, I mean that's such a little teaser. This is just a level of design and quality that is not available to the consumer. We own showrooms. And one of our very best ones, there are two of them. The door is not open to the public.

但如果你想想我們過去五年整合的品牌、以及這段時間我們學到的東西，還有我們透過 Estates 帶到市場上的內容——你們目前只看過一點點預告——那真的只是非常小的預告。這是一種消費者目前無法取得的設計與品質水準。我們擁有展示間。而其中我們最好的展示間之一——其實有兩個——大門並不對外開放。

There's the doorbell. So even if you're a consumer and you're walking down the street and you want to go in, you bring a door bell and you may not be able to get in if you don't have an appointment. And if you're not a member of the trader and you don't have an appointment. So the design and quality and then you've got the acceptability whenever we develop any product. We always do searches on the products. We'll do all kinds of visual searches across all platforms, right, to see who might have something like this. The world is looking at different things and seeing different things and understanding different trends and then you're trying to scale things.

門鈴在那裡。所以即使你是消費者、走在街上想要進去，你按了門鈴，如果沒有預約也可能進不去。而且如果你不是貿易會員、也沒有預約。因此在我們開發任何產品時，都會同時考量設計與品質，以及其可接受度。我們總是會對產品做搜尋。我們會在所有平台上做各種視覺搜尋，對吧，看看是否有人有類似的東西。世界在看不同的事物、看到不同的東西、理解不同的趨勢，然後你試著把事情規模化。

And I can tell you, we've never had such a low hit rate versus what we're bringing in the market. Now you can take a negative view and go, well, maybe nobody wants that. That's why you're not seeing it. Now you're not seeing it because nobody -- I don't believe anybody else can really sell it because they don't have the platform, and they don't have the brand and they don't have the ability to source it at a value equation that we can.

我可以告訴你，相較於我們推向市場的東西，我們從未遇過這麼低的命中率。你可以用負面的角度看，說：嗯，也許沒有人想要那個。所以你才看不到。但你看不到，是因為沒有人——我不相信有其他人真的能賣它，因為他們沒有平台、沒有品牌，也沒有能力以我們能做到的價值方程式來採購。

I have -- I've been lucky and this one, this is -- I mean I say lucky and not so lucky, I joke with the team, this is the first trend that I'm old enough that I was the customer. When you think about the next thing that's coming the age of (inaudible) and the California look with Michael Taylor, there's a few different kind of names. I think I'll come through somewhat differently, but the foundational elements of these giant trends that come through is this is one of the biggest ones ever.

我——我很幸運，而這個，這是——我是說幸運也不那麼幸運，我跟團隊開玩笑，這是我第一個年紀大到自己曾是客戶的趨勢。當你想到接下來要來的東西，（聽不清）時代，以及 Michael Taylor 的加州風格，還有幾個不同的名稱。我想它會以某種不同的方式呈現，但這些巨大趨勢的基礎要素是：這是史上最大的趨勢之一。

This is -- this one was bigger and longer than modern or any trend we've addressed in my history of RH. But I was a customer. I joined RH as I was moving into my house in Belvidere, which is the first house I ever lived in, in my life, the only house built in my life. And my first wife was a luxury interior designer. I was her client for a condominium in San Francisco. I had the round Michael Taylor dining table in that house, I had reproduction of the Coco Chanel sofa. I had a lot of these different kind of products that are trends.

這個——這個比現代風或我在 RH 歷史中處理過的任何趨勢都更大、也更長。但我曾是客戶。我加入 RH 時，正搬進我在 Belvidere 的房子，那是我人生中第一間住的房子，也是我人生中唯一一間自己蓋的房子。我的第一任妻子是奢華室內設計師。在舊金山的一間公寓裡，我是她的客戶。那間房子裡我有 Michael Taylor 的圓形餐桌，也有 Coco Chanel 沙發的復刻品。我有很多這類不同的、屬於趨勢的產品。

Now I probably shouldn't say some of the stuff, I got to be careful because all of my competitors are on these calls and they can wait for me to slip up and let them get them here see something. But I lived through this trend. And so, at my house in Belvedere, how many things I have from Formations that I bought -- six or seven items from Formations that I bought years ago. I have the Michael Taylor rectangle Diamond table in my house.

現在我可能不該講其中一些事，我得小心，因為我所有競爭對手都在這些電話會議上，他們會等著我失言，好讓他們從中看到些什麼。但我親身經歷過這個趨勢。所以，在我 Belvedere 的家裡，我有多少件從 Formations 買的東西——六、七件是多年前買的。我家裡有 Michael Taylor 的長方形 Diamond 桌。

So I bought two of them, I had the round one in the condo, the first job we did together and the rectangle one. I know how much I paid for those '27 -- '26, '27 years ago. And I know what they've been selling for recently because we own those businesses and the value equation, the quality we're going to bring to the market and the value equation we're going to bring to market has never been seen before.

所以我買了兩張，我在公寓裡有圓形那張，那是我們一起做的第一個案子，還有長方形那張。我知道我在『26、『27——大概 26、27 年前為那些付了多少錢。我也知道它們最近賣到什麼價格，因為我們擁有那些企業；而我們要帶到市場的價值方程式、我們要帶到市場的品質與價值方程式，是前所未見的。

And I don't say that lightly. I usually never go out on a limb like this, but never been seen before. And you try to do a visual search online, it is not out there unless you want to go in first dibs and buy antique, which is fine. We can't stop you for buying an antique. I had to read everybody with what we have on the back of our catalog, right? Because if anybody tries to come after any of these goods, that's going to be a bad day. Because we own the intellectual property on the vast majority of what we're bringing to the market.

我不是隨便說說。我通常不會像這樣冒進地下結論，但這真的是前所未見。你試著在線上做視覺搜尋，外面根本找不到，除非你想搶先買古董，那也沒問題。我們無法阻止你買古董。我得提醒大家看看我們型錄背面寫了什麼，對吧？因為如果有人想來追打這些商品，那會是很糟的一天。因為我們對我們帶到市場的大多數產品擁有智慧財產權。

I mean we could -- we have patent pendings on what would we say, what percent of this book (multiple speakers) 65% to 80% of the book, we should go down. And we should go back and just actually add it all up. Yeah. So there's just so many things we're doing, we've never done before. And the way we're addressing in the market and the way we're sourcing these goods, I mean the people that are making these goods grew up making these goods.

我是說我們可以——我們對這本型錄裡的內容有專利申請中（多位講者）大概 65% 到 80% 的比例，我們應該把它列出來。我們應該回去把它全部加總起來。對。所以我們正在做非常多以前從未做過的事。而我們在市場上的切入方式、以及我們採購這些商品的方式——我的意思是，製作這些商品的人，是從小就在做這些商品長大的。

The manufacturers that are making these, they were part of that industry, making for the highest-end showrooms before we met them and started to scale with them. And they're also excited to be able to make this quality again because they're -- the market is so fragmented. But it -- so the design and quality aspect of this is huge.

製造這些產品的廠商，在我們認識他們並開始與他們一起擴大規模之前，就已經是那個產業的一部分，為最高端的展示間製作產品。他們也很興奮能再次做出這樣的品質，因為——市場非常分散。但——所以這個趨勢的設計與品質面向非常巨大。

And then the next piece you have is, we're going to open the market up to what do we call them, super buyers, furniture. I mean we have a very big trade business. We provide excellent service to the trade and to hire interior designers and design firms. Our teams act as back office, we'll do designs and renderings and presentations for them. We'll support them in any way we can in many times in delivery and installation.

接下來的一塊是，我們要把市場開放給我們所稱的——超級買家，家具類。我的意思是，我們有非常大的貿易業務。我們為貿易客戶、以及受雇的室內設計師與設計公司提供極佳服務。我們的團隊扮演後勤辦公室，會為他們做設計、渲染圖與簡報。我們會在任何我們能支持的地方支持他們，很多時候也包括配送與安裝。

And -- but at the same time, there is an aspect of just recognition and compensation that we haven't done. And the team jokes around because every time they go to a high point, someone comes up to me and says, like, I love your brand, Oh my god, and please help us make money. Let us make money on your brand. And we haven't offered and incentivized the design trade.

而——但同時，在認可與報酬方面，有一塊我們還沒做到。團隊會開玩笑，因為每次他們去 High Point（高點家具展），就會有人走過來對我說：我愛你們的品牌，天啊，請幫我們賺錢。讓我們在你們的品牌上賺錢。而我們一直沒有對設計師／設計貿易端提供（足夠的）方案與激勵。

And I look back and I think when -- because I came from a family situation that had Interior Designer and I have the insight of looking at just how complex and difficult that was. And it was also -- not only was it not transparent, it's just not accessible. You can see it, can buy it. And I just thought, over time, just making high-quality goods available with -- that the consumers would drive designers to our brand. And I think they have.

我回頭看，我想當——因為我出身的家庭情境裡就有室內設計師，所以我能洞察那有多複雜、多困難。而且那也——不僅不透明，也很難取得。你看得到，但買不到。而我一直以為，隨著時間推移，只要讓高品質商品變得可取得——消費者就會把設計師帶向我們的品牌。我想他們確實有。

But at the same time, there's really great interior designers that -- they're running a different model. And even the mother of my girls who is here consulting us -- what, 10 days ago, two weeks ago, just give us the insight of a high-end -- she runs a designer firm. She said, Listen, do I buy RH? Of course, I buy RH. Do I want to spec that first? No. A lot of times, my clients will say, Hey, look, okay, do your designs in the primary living room and the primary bedroom, in the primary dining room, but like do RH for the family room and the media room and all the rest of the bedrooms.

但同時，也有非常優秀的室內設計師——他們採用的是不同的商業模式。甚至我女兒們的母親也在這裡以顧問身分協助我們——大概 10 天前、兩週前——給了我們高端市場的洞見；她經營一家設計公司。她說：聽著，我會買 RH 嗎？當然，我會買 RH。我會想把它列為首選規格嗎？不會。很多時候，我的客戶會說：嘿，你看，好吧，你在主要客廳、主臥、主要餐廳做你的設計，但像家庭房、媒體室，以及其餘所有臥室就用 RH。

And she was saying like, okay, I will. And she said, but I'm thinking of myself, I can't make any money. Like interior designers have a markup model, right? And an hourly model, right? But they kind of need both to make the business work. And I think we just haven't -- we haven't been an open platform like that. And I think we are just overlooking kind of a super customer.

她就像是在說，好吧，我會。她說，但我在想我自己，我賺不到任何錢。像室內設計師有加價（markup）模式，對吧？還有按小時計費模式，對吧？但他們其實需要兩者兼具，生意才做得起來。而我覺得我們只是一直沒有成為那樣的開放式平台。我想我們就是忽略了一種「超級客戶」。

I mean, they're -- they buy furniture all day long. That's what they do for a living. So it kind of doesn't make sense that we're not doing it when you really look at it critically. But I think it really makes sense here, too, the timing of this because -- (inaudible) are we going to have this design and quality that is at the very highest level of the market, we're going to also empower the designers and consumers for that matter, and all of our designers with the ability to customize and the ability to do COM and customers own material. And the ability to do all the things that they need or want to do to do truly custom work at the highest end.

我的意思是，他們——他們整天都在買家具。那就是他們的職業。所以當你真的用批判性的角度去看，會覺得我們不做這件事其實不太合理。但我也覺得這裡的時機點非常合理，因為——（聽不清）我們要在市場最高端做到這種設計與品質，我們也要賦能設計師與消費者（就此而言），以及我們所有設計師，讓他們具備客製化能力，並能做COM（客供布料/材料）以及客戶自有材料。並且能做所有他們需要或想做的事，去完成真正最高端的全客製作品。

And I would say this is just the beginning, right? It's not the only thing we'll do. If someone asked me the other day, hey, are your price is going to be higher? Well, yeah, they're going to be higher. I mean the quality is massively higher. But it's such a tremendous value. And the price should be higher. This is not just kind of smooth wood with the right on finish or a contemporary piece with curved edges. This is hand tinted, hand carved, hand distressed, so many details to get it right. And every piece is a one of a kind because of the hand work and how it's made.

而我會說這只是開始，對吧？這不是我們唯一會做的事。前幾天有人問我，嘿，你們的價格會不會更高？嗯，會的，價格會更高。我的意思是，品質大幅提升。但它仍然是非常巨大的價值。而價格本來就應該更高。這不只是那種表面平滑的木頭、上對了塗裝，或是一件邊緣帶弧度的當代風格作品。這是手工染色、手工雕刻、手工做舊，要把它做到位有太多細節。而且每一件都因為手工工序與製作方式而獨一無二。

And so -- yeah. But someone said, Oh, well, how do you know you're not going to make a mistake like contemporary. Well, contemporary wasn't -- didn't have the hand work, didn't have that level of detail, didn't have those things. And we were a bit arrogant at that point in time. But because we're out here with a unique product also, I think that we're offering such an incredible value. But I think that there's also an opportunity because of how long we've been thinking about this, working on it.

所以——是的。但有人說，喔，那你怎麼知道你不會像當代系列那樣犯錯？嗯，當代系列並沒有——沒有手工工序，沒有那種細節層級，也沒有那些東西。而我們在那個時間點有點自負。但因為我們現在也帶著一個獨特的產品在市場上，我認為我們提供的是非常驚人的價值。不過我也覺得這裡還有一個機會，因為我們思考這件事、投入做這件事已經很久了。

I mean I think it's the most intelligent, deep thinking launch of a brand we've done. We really started investing in this in 2000. So here we are in 2026 that we acquired Dmitriy and Joseph Jeup in 2000.

我的意思是，我覺得這是我們做過最聰明、最深思熟慮的一次品牌上市。我們其實在2020年就開始投資這件事。所以我們現在在2026年，回頭看我們在2000年收購了Dmitriy和Joseph Jeup。

2020. 2020, not 2000.

2020。2020，不是2000。

2020. Yeah. Thank you, not that long ago. But it's been a long-term investment. So many like -- think about the opening of the high-end design market on this, and there's nothing that we're doing to value engineer the product. I mean we are making identical quality. The diamond table is made with the identical molds of Michael Taylor, the tops and everything is the same quality that finishes that we're offering. The ray of finishes is that at a whole different level. You're going to see -- when you see this book BNC at home next week, or we saying end of next week -- Yeah. Okay, early following week. We kept tweaking it and tweaking it, we had a lot of last-minute ideas to kind of make it better as we're working on it.

2020。對。謝謝，沒那麼久以前。但這是一項長期投資。所以很多——想想看高端設計市場在這件事上的開放，而我們沒有做任何為了壓成本而「價值工程」（value engineer）產品的事。我的意思是，我們做的是完全同等的品質。鑽石桌使用Michael Taylor相同的模具製作，桌面與所有細節都是同等品質，我們提供的塗裝品質也一樣。塗裝的範圍（ray of finishes）是在完全不同的層級。你會看到——當你下週在家看到這本BNC（型錄/書冊）時，或我們說下週末——對。好，接下來那週初。我們一直在微調、再微調，臨近最後我們還有很多想法，想在製作過程中把它做得更好。

But it was also taken us a little longer because it required a different level of thought and discipline and compositions and presentation to do it at the level that it deserved to be presented at. And so it was laid to us, it's not a big deal. I know I read a couple of analyst reports. We're Going, my god, it's late, like I don't know, like it was test live around time, changed the whole car industry.

但這也讓我們花了更久一點，因為它需要不同層級的思考、紀律、構圖與呈現方式，才能以它應得的水準呈現。所以對我們來說，晚一點也沒什麼大不了。我知道我看了幾份分析師報告。我們在想，天啊，這太晚了，就像——我不知道——就像特斯拉在某個時間點上線測試，改變了整個汽車產業。

So it's not about like, hey, I'm rushing to mediocrity here. We're trying to make big moves that are industry redefining. And I think this is one of them. I think this is -- the biggest move we've ever made is fundamentally different on so many levels and opens up so many dimensions of the market but it also opens up the learning, right, that can be applied to modern and to interiors and so on and so forth and thinking about how big is our market?

所以這不是那種「嘿，我在趕著做出平庸」的事。我們想做的是能重新定義產業的大動作。而我覺得這就是其中之一。我認為這——是我們做過最大的動作，在很多層面上都根本不同，打開了市場的許多維度，但也打開了學習，對吧？這些學習可以應用到現代系列、室內設計等等，並且讓我們去思考：我們的市場到底有多大？

Like when you think about what I just said about my daughter's mother and she said, yeah, customers will say, Okay, do the primary rooms and then use RH for these other rooms. Well, that's really interesting about that. Our whole focus with this initial lens, the key part of the lens was -- because we knew that, by the way. So we said let's win the primary rooms. Let's make sure we get the primary bedroom. If we get the primary bedroom, we have the assortment to get the other rooms.

像當你想到我剛剛說的、我女兒的母親，她說，是的，客戶會說：好，那主要房間你來做，然後其他房間用RH。嗯，這點很有意思。我們用這個初始鏡頭（lens）來聚焦時，鏡頭的關鍵部分是——因為順帶一提，我們其實早就知道這件事。所以我們說，先贏下主要房間。確保我們拿下主臥室。如果我們拿下主臥室，我們的品類組合（assortment）就足以拿下其他房間。

Let's get the primary dining room. When you see some of the dining tables we have, you go in first dib, and start at $250,000 with expense dining table and go all the way through it down to the prices. We have it at, you won't find anything of our quality or design. We went through all of it. We know every dining table on first dibs at every competitor at the highest ends to down. We spent a lot of time studying this market.

拿下主要餐廳。當你看到我們的一些餐桌，你去first dib（應為FirstDibs）看，昂貴的餐桌起價就要25萬美元，整個區間一路往下到各種價位。以我們的品質或設計，你找不到同等的東西。我們把所有都過了一遍。我們知道FirstDibs上每一張餐桌，從最高端到往下的每個競品。我們花了很多時間研究這個市場。

So the goal is the dining room, the primary living room, the primary bedroom but these guys can also eclectically be presented in a very cool way. This thing you'll see it when it's all presented, it looks different than RH today, but it does look like RH today. I think you'll see a very big move. You're just going to see like, well, I mean, I think the design community is going to go, Well, I didn't know they had this in.

所以目標是餐廳、主要客廳、主臥室，但這些作品也可以用非常酷的方式做混搭式呈現。你會看到——當它完整呈現時，它看起來跟今天的RH不一樣，但又確實像今天的RH。我想你會看到一個非常大的動作。你會看到那種反應：嗯，我的意思是，我覺得設計圈會說，哇，我不知道他們還有這些。

So I know that's a long ramble, but like I'm so excited, if you guys want to talk to the next five hours about estate, you're going to have my attention.

所以我知道我講得有點長，但我真的很興奮；如果你們想接下來五個小時都聊estate（莊園/典藏系列），我都會全神貫注。

Thanks, Gary. And maybe a very quick follow-up for Jack. Given the tariff refund commentary in the queue, maybe just help us or confirm whether or not any refunds are included within the guidance.

謝謝你，Gary。另外也許很快追問 Jack 一個問題。鑑於隊列中關於關稅退稅的評論，能否協助我們或確認一下，指引中是否已包含任何退稅？

No further refunds. I mean, the refunds started coming, but there's no -- they've been kind of paused. You might be following some of that activity as far as the DOJ and how those are playing on the course. But as far as the guidance reflects, it does not reflect -- the free cash flow specifically does not reflect any further care-free funds.

沒有進一步的退稅。我的意思是，退稅曾開始入帳，但目前沒有——它們算是暫停了。你可能也在關注 DOJ 相關的一些動態，以及這些事情在流程上如何推進。但就指引所反映的而言，它並未反映——特別是自由現金流並未反映任何進一步的「意外之財」資金。

Thank you both.

謝謝你們兩位。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Good evening. Thank you so much for taking my question. I wanted to dig in on the 500 basis points of contribution that you were expecting from RH Estates in then back half of the year. Just under $100 million, what is the basis for that expectation? And you've already alluded to the need to evolve some of the elements of the model or the way you interact with core customers like to trade.

晚安。非常感謝讓我提問。我想深入了解你們預期 RH Estates 在今年下半年帶來的 500 個基點的貢獻。接近 1 億美元，這個預期的依據是什麼？而你們也已提到，需要演進模型中的一些要素，或是你們與核心客戶（例如 trade 客群）互動的方式。

Do you think you need to make further changes to your customer acquisition engine beyond the legacy model of just simply mailing out a book and then expecting that the consumer will come, especially in this age where your competitors are going hard after social media and other forms of manners that are reaching the consumer. Thank you.

你認為是否需要在客戶獲取引擎上做進一步調整，超越傳統模式——也就是單純寄出一本型錄，然後期待消費者上門——尤其在這個時代，你們的競爭對手正大力投入社群媒體與其他觸達消費者的方式。謝謝。

I don't know. They've been doing that for the last three years and we've outperformed all of them. I think when you say we're mailing a book and expecting people to come, we've built the greatest physical platform on the planet Earth for our kind of products, right? So don't overlook the physical platform and if you, Michael, if you look at that video I did last quarter. I outlined that furniture is the least digitized business.

我不知道。他們過去三年一直在做那些事，而我們的表現勝過他們所有人。我認為當你說我們只是寄一本書、期待人們來，其實我們已為我們這類產品打造了地球上最強的實體平台，對吧？所以不要忽視實體平台；Michael，如果你看我上季做的那段影片。我提到家具是數位化程度最低的產業。

It's 80% done in stores. It's 20% done online. At the luxury level, it's 95%, 5%. So this is a business you need to see, touch, fit in, comfort, scale, all those kind of things. So I mean, the book is just -- It's a small way. We use it to integrate the whole thing. People look forward to getting our books. It's a physical thing. We have a digital book too. But we just don't -- I'm just not a believer in following the trends of a lot of people that are following other people.

其中 80% 是在門市完成。20% 在線上完成。在奢侈品層級則是 95%、5%。所以這是一門你需要看、摸、試坐、感受舒適度、比例尺度等各種要素的生意。因此我的意思是，那本型錄只是——只是很小的一部分。我們用它來整合整個體驗。人們期待收到我們的型錄。它是一個實體的東西。我們也有數位型錄。但我們就是不——我不相信去追隨很多人追隨別人的那些趨勢。

We just think it's massively unauthentic to pay some stranger to some influencer to go talk about our goods and they don't know nothing about us. They know nothing about the product. They're not an expert in the field and I think that's a lot of noise. Maybe it's good for building beauty brands to teenagers or other stuff like that. It doesn't affect what I buy. And I have a lot of homes. And so I don't think it affects our customer or we wouldn't be the biggest brand of our kind. We wouldn't have outperformed everybody.

我們認為花錢請某個陌生的網紅來談我們的商品非常不真誠，而他們對我們一無所知。他們對產品也一無所知。他們不是這個領域的專家，我覺得那只是很多噪音。也許那對打造青少年美妝品牌之類的東西有用。但那不影響我買什麼。而我有很多房子。所以我不認為那會影響我們的客戶，不然我們也不會成為同類中最大的品牌。我們也不會勝過所有人。

I mean, if you look at this last quarter we have, I mean, you look at us at over a two-year basis or three-year basis, over a two-year basis, only West Elm has performed as well as us. On a three-year basis, we're better than everybody. And West Elm just had a great quarter and I think they're doing a great job. But if you look at anybody buying furniture, it tells people, when you go out there and bang pots and pans and try to get attention, doing inauthentic things, you're just creating noise. You're creating your own noise. And you wind up chasing things and thinking that they're relevant when they're not.

我的意思是，如果你看上一季，我們——如果以兩年或三年的基礎來看，以兩年基礎來看，只有 West Elm 的表現跟我們一樣好。以三年基礎來看，我們比所有人都好。而 West Elm 剛剛有一個很棒的季度，我覺得他們做得很好。但如果你看任何人在賣家具，當你出去敲鑼打鼓、試圖吸引注意、做一些不真誠的事，你只是在製造噪音。你是在製造你自己的噪音。最後你會去追逐一些東西，並以為它們很重要，但其實並不是。

And we've tried and tested different things, and we have a lot of data behind what we've done and why we're doing what we do. Nobody thought we were smart to build the stores we did and the galleries we did and those turned out pretty well. And everybody stopped mailing books and we're still mailing books. The only difference like right now in a point in time, you can put our model against anybody, put it against today's very best customer, back out, our investments in international expansion, back out our investment in building estates, which is not like some little introduction of an 80-page book that -- five or seven years later, you wind up one store.

我們嘗試並測試過不同的做法，而且我們有大量數據支持我們做過什麼，以及為什麼要這麼做。當初沒有人覺得我們建那些門市與畫廊很聰明，但結果證明做得相當不錯。大家都停止寄型錄了，而我們仍在寄型錄。唯一的差別是，就在此刻，你可以把我們的模型拿去跟任何人比較：把它跟當今最好的客戶相比，扣除我們在國際擴張的投資，扣除我們在打造 Estates 的投資；那不是像某種小規模的 80 頁型錄導入——五到七年後才變成一家門市那種。

We're making serious investments to build a platform unlike anybody else. And so, yeah, in a down market like this, are we going -- Is our model not going to look as good? Yeah, okay. But you're looking at people that aren't even investing. They're not building anything. They're trying to be great cost controllers. So just wait until the other side of the cycle for us. And I think we're going to have a cash generation machine that this industry has never seen.

我們正在進行重大的投資，打造一個不同於任何人的平台。所以，是的，在像這樣的下行市場中，我們會不會——我們的模型看起來沒那麼好？是的，沒錯。但你看到的是那些根本沒有在投資的人。他們沒有在建任何東西。他們只是想當很厲害的成本控管者。所以就等我們走到景氣循環的另一端。我認為我們將擁有一台這個產業前所未見的現金創造機器。

My follow-up question is about the margin profile of RH Estate. Is it sufficiently higher than the legacy business in order to fund the investments that you're doing. Provide the incentives to the trade community. As well as anything else you might have on the horizon and still drive the margin expansion that you've embedded in the back half or do you see other building blocks to arrive at the margin expansion that you're expecting? Thank you very much.

我的追問是關於 RH Estate 的毛利結構。它是否足夠高於傳統業務，以支應你們正在進行的投資，並提供給 trade 社群的激勵，以及你們未來可能還有的其他計畫，同時仍能推動你們在下半年所內嵌的毛利擴張？或者你們是否看到其他組成要素，來達成你們所預期的毛利擴張？非常感謝。

Estates has got its margin profile best based on the quality and exclusivity and desirability of those goods, right. If you've got a level of design and quality and scarcity and build desire, who knows what the margins will be, I think we determine our margins based on a competitive nature. And if there's others selling something in the market, okay, is there a quality differentiation, how big is it, how different is the design, so on and so forth, what access do they have to the market, do they have a big enough platform to matter, all kinds of things.

Estates 的毛利結構，最主要取決於那些商品的品質、獨特性與吸引力，對吧。如果你有一定程度的設計、品質、稀缺性並建立渴望，誰知道毛利會是多少；我認為我們是基於競爭態勢來決定毛利。如果市場上有其他人在賣類似的東西，好，那就看是否有品質差異、差異有多大、設計有多不同等等；他們對市場的觸達能力如何、是否有足夠大的平台到值得在意，還有各種因素。

Like we're not really doing margin building pay for something like incentive for the trade. The incentive for the trade, it's a simple model like we give X and we need an X and we need a list of Y. And it's so minor on a model like ours because we have such leverage and flow through. I mean, just you have to think about our model like even think about estates on a -- Our whole business has a different model than everybody else just because kind of the price points of our product, right, versus most people selling furniture. So we have significantly more leverage, just handling goods, shipping goods, delivering goods, so on and so forth.

像是我們並不是透過「堆毛利」來支付例如給 trade 的激勵。trade 的激勵是一個很簡單的模型：我們給 X，我們需要一個 X，然後我們需要一個 Y 的清單。在我們這樣的模型裡，這部分影響非常小，因為我們有很強的營運槓桿與費用流轉。我的意思是，你必須這樣看我們的模型——甚至看 Estates——我們整個業務的模型就跟其他人不同，原因在於我們產品的價格帶，對吧，相較於大多數賣家具的人。所以我們在處理商品、運送商品、交付商品等等方面，有顯著更高的槓桿。

And we have tremendous leverage in our interior design business because we're selling high average orders. And yes, there's an investment to do that work, but we have such leverage in incremental sales. And again, it's a little mass today because of the investments we're making in international and things like estates and so on and so forth. But yeah, we've got plenty of margin to cover what we're doing. We'll have plenty of margin growth going forward.

而且我們在室內設計業務上具有極大的槓桿效應，因為我們銷售的是高平均客單價的訂單。是的，做這些工作需要投入，但我們在增量銷售上有很強的槓桿。再者，由於我們正在進行國際化投資，以及像 Estates 等等的投入，今天看起來會稍微被稀釋一些。但沒錯，我們有充足的利潤率來覆蓋我們正在做的事情。未來我們也會有充足的利潤率成長。

Like I said, we're looking at what we believe the cash generation model of this business is going to look like because we think that's the most important metric. And I think as we move past the peak investment cycle this year and we believe our top-line is going to inflect up, kind of irrelevant of what the external market does unless it really look -- if we get into a war that massively impacts the economy, the inflation, so on and so forth, that's going to put pressure on everyone where those things happen, but we don't need a big move in the housing market to grow.

如我所說，我們正在看我們認為這門生意的現金產生模型會長什麼樣子，因為我們認為那是最重要的衡量指標。而且我認為，當我們今年度走過投資高峰期之後，我們相信營收端會開始向上拐點，某種程度上不太受外部市場影響——除非真的出現那種情況，比如我們陷入一場對經濟、通膨等造成巨大衝擊的戰爭，那會讓所有人都承受壓力；但我們不需要房市出現大幅波動也能成長。

We don't even need a move in the housing market. I'm not counting on the guidance we just gave everyone. I'm not counting on the market getting any better. I mean, the market could get worse. And I'd be surprised if we don't beat those numbers. So a 5% incremental move on Estates Is really conservative.

我們甚至不需要房市有任何變動。我並沒有把我們剛給大家的指引建立在房市改善之上。我也沒有指望市場會變得更好。我的意思是，市場可能還會更差。而如果我們沒有超過那些數字，我會很意外。所以 Estates 5% 的增量假設其實非常保守。

Thank you very much, and good luck.

非常感謝，祝你好運。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Hi, Gary. Hey, Jack. I want to follow-up on two items. First, Estates and top-line trajectory and then my follow-up will be on the balance sheet. So first on Estates. Can you give us a sense of sequencing how much of the collection is being launched? I assume it will be continuous. What percentage of items on floors and galleries will be Estates? When should we expect that fully ramped? And then should we be seeing the customer deposit line pick up a bit, not just from these back orders, but from Estates? And then I'll wait for the follow-up.

嗨，Gary。嘿，Jack。我想追問兩個事項。第一個是 Estates 與營收走勢，接著我的追問會關於資產負債表。先談 Estates。你們能否讓我們了解一下推出節奏：會有多少系列產品被上架？我猜會是持續推出。門市與展廳陳列的品項中，有多少比例會是 Estates？我們應該何時預期它完全爬坡到位？另外，我們是否應該看到客戶訂金（customer deposit）那一行稍微上升，不只是因為這些積壓訂單（back orders），也因為 Estates？我先等你們回答，再問追問。

How many questions did you just ask? That was good. I mean, I just saw you in Milan, but I thought you asked me all the questions you might have had. Maybe everybody on the phone should ask you questions about Estates. You're one of the few people that saw it set up in Milan.

你剛剛問了幾個問題？問得不錯。我的意思是，我剛在米蘭才見到你，但我以為你已經把你可能有的問題都問完了。也許電話上的每個人都應該向你提問關於 Estates 的問題。你是少數幾個在米蘭看到它實際陳設的人之一。

Okay, so the sequencing of the products coming into stores. We will be kind of terracing in stores, when do we get to like 60% of the sales, 65%, what is that? End of September. So end of September will be in the galleries that represent roughly 60% to 65% of business, roughly two-thirds of the business and then what's the next wave that hits?

好，關於產品進店的節奏。我們會以分階段方式在門市鋪開；例如我們何時能達到像是 60% 的銷售、65% 之類，那會是什麼時點？9 月底。所以到 9 月底，會進到那些約占 60% 到 65% 業務量的展廳，約略是三分之二的業務；接著下一波是什麼時候到？

Pretty much every month.

幾乎每個月。

Every month. So every month we kind of have -- So December will be art galleries. Our second mailing of Estates will be the early part of November. And that will be a pretty meaningful expansion of the assortment. So you'll see us building this assortment over the next couple of years.

每個月。所以我們每個月都會有——所以 12 月會是藝術展廳（art galleries）。Estates 的第二次郵寄（mailing）會在 11 月初。那會是一次相當有意義的品類擴充。所以你會看到我們在未來幾年持續把這個品類組合建立起來。

Yeah. Should we expect deposits to tick up? I mean, they follow our business. So as revenues grow, demand is driven, customer deposits tick up. Yeah.

是的。我們應該預期訂金會上升嗎？我的意思是，它會跟著我們的業務走。所以當營收成長、需求被帶動時，客戶訂金就會上升。是的。

So then I'll put the follow-up, it's two parts in the follow-up. Should the deposits already be ticking up as these back orders exist or no, that was already on deposits? And then just thinking about balance sheet, like the business improves and inflects, as you said, Gary, there's a lot of leverage in it.

那我把追問提出來，追問有兩個部分。既然這些積壓訂單存在，訂金是否其實應該已經在上升了，還是說那部分其實已經反映在訂金裡了？另外談到資產負債表，隨著業務改善並如你所說出現拐點，Gary，這門生意有很大的槓桿。

The balance sheet cash flow stuff should resolve itself. But can you remind us this path to getting debt-free by '29, is there an update? What other steps are you taking to get to that? How much of a priority is it versus just letting the business now let the Estates collection speak for itself and then drive the natural deleverage of the business?

資產負債表與現金流的那些事情應該會自行理順。但你能否提醒我們：到 2029 年達到零負債（debt-free）的路徑，有沒有更新？你們還在採取哪些其他步驟來達成？相較於讓業務本身、讓 Estates 系列自己發聲並帶動自然去槓桿（deleverage），這件事的優先順序有多高？

I think we were pretty clear, it's a big priority. And we outlined asset sales of $200 million to $250 million a year over the next two years. We just completed a transaction inside our Aspen real estate where we sold some properties to our partner and sold the property to us, and we now have more independent control across a lot of properties that we can monetize more quickly than less quickly.

我想我們講得很清楚，這是很高的優先事項。而且我們也概述了未來兩年每年 2 億到 2.5 億美元的資產出售。我們剛完成一筆在 Aspen 不動產內部的交易：我們把一些物業賣給合作夥伴，同時也把某個物業賣回給我們；現在我們對多項物業擁有更獨立的控制權，能以更快的速度將其變現。

How many properties did we take control at the end? Eight in total. We have 100% control now, so we don't have to work through JV and a partnership to kind of monetize things. Dave Stanchak is back and Dave knows how to get deals then, buying or selling. And so when we're holding -- also have real estate outside of the JV and so there's that, and there's the business performance, there's the spending inflection down, deflection, I guess, call it. There's multi-check, I don't even want to jump in with anything, but it's really the spending comes down, the sales are going to go up, we'll have asset sales.

最後我們取得控制權的是多少個物業？總共八個。我們現在擁有 100% 的控制權，因此不需要透過合資（JV）與合作夥伴來協調才能把資產變現。Dave Stanchak 回來了，而 Dave 很懂得如何促成交易，不論買或賣。所以當我們持有——我們在 JV 之外也有不動產，所以有這一塊；再加上業務表現、支出拐點向下（我想應該叫做回落），還有多重——我甚至不想插話太多，但重點就是支出會下降、銷售會上升、我們也會有資產出售。

And free cash flow will build through that time period. So again, I think it's just reiterate what Gary said, which is, it remains a priority. The exact timing of being debt-free, I mean, again, it's our target, it's our goal. But I think importantly, just that making progress on those initiatives, that's what we're focused on.

而自由現金流會在那段期間逐步建立起來。所以再說一次，我想只是重申 Gary 說的：這仍然是優先事項。至於達到零負債的確切時間點，我的意思是，那仍是我們的目標、我們的追求。但我認為更重要的是，推動並在這些舉措上取得進展，這才是我們目前專注的重點。

And I think we have a history of being relatively creative with capital markets. We've had a lot of good timing before this four-year downturn of the housing market, so our buyback wasn't as well timed as maybe our other buybacks and in our capital approach to it, I wish we would have locked it in, but we didn't. And many big banks that you guys worked for told us, Oh, no, don't lock it in. Interest rates aren't going up. Oh, no, there's still one little move. And all of a sudden, we had the fastest rise of interest rates in the history of our lifetimes.

而且我認為我們在資本市場操作上向來相對有創意。在房市進入這四年下行之前，我們過去抓到過不少好時點；所以我們的回購（buyback）時點就不像其他一些回購那樣好，在資本配置上，我希望當時能把它鎖定下來，但我們沒有。而你們任職的許多大型銀行當時告訴我們：喔，不用鎖定。利率不會上升。喔，不，還會再小幅動一下。結果突然之間，我們經歷了有生之年史上最快的升息。

So you don't always get these things right. But I mean, when our stock gets to the right levels, would we exercise. Convertible options to take down debt and move debt, like we have so many ways to work the balance sheet to do things. You don't want to do any convertible debt at this level, but we don't think our stock is going to be at this level very long and we think it's going to move with our business and as we execute and -- And again, we're kind of on the other side of the cycle.

所以你不會總是把這些事情都做對。但我的意思是，當我們的股價到達合適的水準時，我們就會去執行。可轉換選擇權，用來降低負債並調整負債結構——我們有很多方法可以運用資產負債表來做事情。你不會想在這個水準做任何可轉換債，但我們不認為我們的股價會在這個水準停留太久，我們認為它會隨著我們的業務、以及我們的執行而走高——而且再說一次，我們某種程度上已經走過了景氣循環的另一側。

We're in our most prolific spending period of all time and unfortunately, it was post-COVID and we're building some of the most important things we've ever built and it all cost a hell of a lot more than we had built it pre-COVID. So unfortunate timing, but nonetheless, all kind of short-term things to navigate around. Once you spend the money, the money's behind you, right?

我們正處於史上最密集的支出期，不幸的是，這是在 COVID 之後，而我們正在建造一些我們做過最重要的項目，而且它的成本比我們在 COVID 之前建造時高出太多。所以時機不佳，但無論如何，這些都是需要在短期內設法因應的事情。一旦你把錢花出去，錢就已經在你身後了，對吧？

And I look at it and I say, yeah, I mean, there's some people that want to focus on operating margin and we're going to carry a lot more depreciation, but for investors who want to focus on that line, all right, focus on that line. Maybe some people are going to be a few hundred basis points better than us. But we're going to be focused on EBITDA and cash flow. And I think smartest investor is going to be focused on that line. And that's where we're going to be able to create the best returns in this industry.

我看著它，我會說，是的，我的意思是，有些人想把焦點放在營業利益率上，而我們會承擔更多折舊；但對於想專注在那一行的投資人，好吧，就去看那一行。也許有些人的表現會比我們好幾百個基點。但我們會專注在 EBITDA 和現金流。而我認為最聰明的投資人會專注在那一行。而那也將是我們能在這個產業創造最佳報酬的地方。

Thanks, guys. Product looks great. Good luck.

謝謝，各位。產品看起來很棒。祝好運。

Max Rakhlenko, TD Cowen.

Max Rakhlenko，TD Cowen。

Great, thanks a lot there, Max.

太好了，非常感謝你，Max。

Appreciate it. Thanks for taking my question. So as a follow-up, as you guys exit the investment cycle following the opening of London and the rollout Estates, how should we think about what that margin inflection could look like over the medium term? You've obviously provided a second-half outlook, but how should we think about the medium-term margin power as you do start to benefit from the investments that you've made over the past few years?

感謝。謝謝讓我提問。所以作為追問，當你們在倫敦開幕以及 Estates 推出之後走出投資循環時，我們應該如何思考中期的利潤率拐點可能會是什麼樣子？你們顯然已提供下半年的展望，但當你們開始受惠於過去幾年所做的投資時，我們應該如何看待中期的利潤率能力？

I mean I think we gave you a longer-term outlook, and we believe that's the right outlook and the right -- refer to the video. Yeah. We've kind of laid all that out. We believe there's -- again, we think we believe there's meaningful margin expansion as whether or not the housing market gets any better, just because of the cycle and coming around in the growth that we expect from these investments.

我的意思是，我想我們已經給了你們較長期的展望，我們相信那是正確的展望與正確的——請參考影片。是的。我們已經把那些都大致說明了。我們相信——再說一次，我們確實相信會有顯著的利潤率擴張，不管房市是否有變得更好，原因就在於景氣循環，以及我們預期這些投資將帶來的成長。

And yeah, I mean, we don't -- I mean Europe is -- and the UK is an even worse than the US, right? And it's even getting hit more than the US from the war and stuff like that. But you're talking about we're not -- we didn't exactly open at the most optimal time and from a housing point of view and from an economic point of view.

而且是的，我的意思是，我們不——我的意思是，歐洲——而英國甚至比美國更糟，對吧？而且它受到戰爭等因素的衝擊甚至比美國更大。但你說的是，我們並不是——我們開幕的時點，從房市角度與經濟角度來看，都不算是最理想的時機。

But the good news is, I've never seen an economy that stayed down forever. Now I used to say I never saw housing market that stayed down over -- stayed down longer than 18 months in my career. But now we're going into -- yeah, we'll definitely probably -- Yeah. I don't think it's going to recover this year. So we'll see 48 months. Will it go into a fifth year? It may. It all depends on inflation and interest rates.

但好消息是，我從沒見過一個經濟體會永遠低迷。以前我常說，在我的職涯中，我從沒看過房市低迷——低迷超過 18 個月。但現在我們正要進入——是的，我們肯定可能會——是的。我不認為今年會復甦。所以我們會看到 48 個月。會進入第五年嗎？也有可能。一切都取決於通膨與利率。

So I think we're going to see a lot of leverage in this model either way. I mean we're just really excited. We can -- it's one thing that talk about and conceptualize Estates and work on it and work on it and tweak it and tweak it. And then when you see it all come together, you go through this accelerated learning at the end of a development of a new business like this.

所以我認為無論如何，我們都會在這個模型中看到很大的營運槓桿。我的意思是，我們真的非常興奮。我們可以——談論、概念化 Estates，然後不斷做、不斷做、調整、再調整是一回事。但當你看到它全部整合到位時，在這種新業務的開發尾聲，你會經歷一段加速學習。

And it's just -- I don't think any of us have ever worked harder because we're doing -- we have some of the most important galleries and opening the most important markets in the world and doing some of our best work from platform and physical point of view and we're doing our best work from a product point of view and a presentation point of view.

而且就是——我不認為我們任何人曾經這麼努力，因為我們正在做——我們有一些最重要的藝廊，正在開拓世界上最重要的市場；無論從平台與實體角度，我們都在做一些最好的工作；從產品角度與呈現角度，我們也在做最好的工作。

And so -- but I don't think there's ever been a higher level of excitement here. We have a lot of people here that have been a long time, 10 to 20 years and man, like I don't think -- I think everybody sees it very clearly just how unique the product is. Just how unique the positioning that the brand is. And so we're excited to see our efforts and work pay off and monetize for our shareholders, and we're all shareholders here, right? Everybody has got skin in the game, and everybody's got upside in this effort. So no.

所以——但我不認為這裡曾有過更高的興奮程度。我們這裡有很多人待了很久，10 到 20 年，老實說，我不覺得——我想每個人都非常清楚地看到這個產品有多獨特。也非常清楚這個品牌的定位有多獨特。所以我們很期待看到我們的努力與工作能夠回收並為股東變現，而我們在座也都是股東，對吧？每個人都與成敗利害攸關，而且每個人在這項努力中都有上行空間。所以，不。

Got it. That's helpful. And then Gary, as you guys scale and begin to open galleries in the US. With the new prototype, how do you think about the unit economics there? Do you think that you can generate similar revenues as the boxes that you've opened over the past decade? And then should we assume that the new galleries, because they are going to cost less, should get you higher unit margins as well? Thank you.

了解。這很有幫助。接著 Gary，當你們擴張並開始在美國開設藝廊時，以新的原型來看，你們如何思考單店經濟效益？你認為你們能產生與過去十年開出的那些「盒子」相近的營收嗎？另外，我們是否可以假設新的藝廊因為成本較低，也會帶來更高的單店利潤率？謝謝。

We do. yes. Yeah, we'll have a -- I think we're going to have a great return on investment. We laid out for you guys in the video, the compound and the logic behind the compound, right, it's tentative. Yes, disaggregating the multilevel three-level gallery and saying, what can you take out? You don't need -- in a compound, you don't need elevators. You don't need a grand staircase. You don't need exit stairwells.

我們認為可以。是的。是的，我想我們會有很好的投資報酬率。我們在影片裡已經為各位說明了那個園區（compound）以及其背後的邏輯，對吧？那是暫定的。是的，把多層、三層的藝廊拆解開來，然後問：哪些可以拿掉？在園區裡，你不需要電梯。你不需要宏偉的大樓梯。你不需要逃生樓梯間。

I don't think a lot of people know in all these big buildings, there's two exit stairwells that are all concrete going up. There's a giant grand staircase, there's generally two elevators. There's all kinds of levels. When you're building a where -- there's a restaurant on a rooftop that takes steel and bigger foundations to carry the load and takes complex mechanical systems to operate a building like that.

我想很多人不知道，在這些大型建築裡，有兩座全是混凝土一路往上的逃生樓梯間。有一座巨大的主樓梯，通常還有兩部電梯。還有各式各樣的樓層。當你在建造一個——例如屋頂上有餐廳的建築時，為了承載荷重需要鋼構與更大的地基，並且需要複雜的機電系統來運作那樣的建築。

We spent several years here dissecting that. We started seeing post COVID, the cost became meaningfully more two to two and half times more in some cases. And so we broke it down and said, Hey, how can we have an experience that's no less inspiring and beautiful. And we came up with a compound. And I think it's going to be -- I think people are going to think it's the newest great physical experience out there.

我們在這裡花了好幾年時間把這件事拆解研究。我們在新冠疫情之後開始看到，成本在某些情況下明顯上升到原來的兩倍到兩倍半。所以我們把它拆開來看，並說：嘿，我們怎麼能打造一種同樣令人振奮且美麗的體驗。然後我們想出了一個複合式園區（compound）。我認為它會——我想大家會覺得這是目前最新、最棒的實體體驗之一。

In some ways, it's going to look to people like we may have spent more money, right? Because they've never seen anything like it. It still looks like it's beautiful gardens you're walking through and but all that area doesn't need to be air conditioned. You've got minimum lighting, garden lighting and stuff like that. We're aggregating all the bathrooms and toilets in one place.

在某些方面，對人們來說，它看起來像是我們可能花了更多錢，對吧？因為他們從未見過這樣的東西。它看起來仍然像是你走在美麗的花園裡，但那一整片區域不需要空調。你只需要最低限度的照明、花園燈之類的。我們把所有的浴室和廁所集中在同一個地方。

Like we're building a -- lot of these buildings, they have electric and a small pipe with sprinkler heads. And it's not -- it's like imagine building a house without bedrooms and without bathrooms and kitchens and all the things that are really expensive, and you just aggregate everything in the center where the restaurant is, I think we've -- I think these things are really smart. And would be really exciting. So we're excited to unveil them.

就像我們在建——很多這類建築只有電力配置和一條小管線接灑水頭。而且它不是——就像想像你蓋一棟房子，沒有臥室、沒有浴室、沒有廚房，以及所有那些真正昂貴的東西；你把所有功能集中在中央、餐廳所在的位置。我覺得我們——我認為這些做法真的很聰明。而且會非常令人興奮。所以我們很期待把它們揭曉。

And then I think our secondary market galleries, I think we expect everything to be as productive, if not more productive. And I would think all the new things we're going to open are going to be more productive because we've got a bigger assortment, and we've got Estates. And we have -- if you think about how we've grown, we've grown through product expansion, primarily in the early years because we had no capital and then platform expansion when we presented those goods at a physical level and the kind of lift that we've talked about historically.

然後我想我們的次級市場畫廊，我們預期一切都會同樣高效，甚至更高效。而且我認為我們即將開的新項目都會更高效，因為我們有更大的商品組合，並且有 Estates（莊園系列）。如果你回頭看我們如何成長，我們的成長在早期主要來自產品擴張，因為當時我們沒有資本；之後則是平台擴張，當我們把那些商品以實體方式呈現時，以及我們過去談到的那種帶動效應。

So yeah, I think all of that we're so excited about, like when we talk about going post peak, from a spending point of view, the things that we're going under construction, we saw a couple of leftover ones that are -- some cleanups that are a little bit more than that we wanted to spend just -- we couldn't redesign them. But I think the whole model is going to look different.

所以是的，我們對這一切都非常興奮。比如當我們談到從支出角度進入「後峰值」（post peak）時，我們正在施工的項目裡，有幾個遺留項目——一些收尾工作——支出會比我們原本想花的稍微多一點，只是——我們沒辦法重新設計它們。但我認為整個模式看起來會不一樣。

The return on invested capital is going to hit back, I think, to the levels we were at in our peak. And I think we hit like 75% return on invested capital, Yeah. And I think we'll be at that kind of level. So yeah, the good news is, we've -- we're just so much smarter and have so much more experience and you'll -- that will all be reflected in the outcome and the economics. But we got a little stuck, we're building in some expensive places and expensive cities that, yeah, it's not like we can unwind that -- those things together, whoops, let's not build in the most expensive cities in the world with some of the most complex projects at exactly the most expensive time. I but the good news is what doesn't kill you makes you stronger, right? So we're still here.

投入資本報酬率（return on invested capital）我認為會回到我們高峰期的水準。我想我們曾達到大概 75% 的投入資本報酬率，是的。我認為我們會回到那樣的水準。所以是的，好消息是，我們——我們變得更聰明、經驗也更多，而你會——這些都會反映在成果與經濟效益上。但我們也有點卡住了：我們在一些昂貴地點、昂貴城市建案，是的，這不是說我們能把那些——那些事情一起回頭重來，哎呀，別在全世界最昂貴的城市、用最複雜的專案、在最昂貴的時間點去蓋。不過好消息是，打不倒你的會讓你更強，對吧？所以我們還在。

That's great. Appreciate all the color and certainly look forward to London.

太好了。感謝你提供這麼多細節，也確實期待倫敦。

Great. Look forward to seeing you, Max.

太好了。期待見到你，Max。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Hi, good evening. I appreciate you taking my question. I'll keep it short. I guess the question I want to ask is just on the guidance and you've already discussed this a bit, but the ramp in sales growth is expected in the second-half of this year. Now, we've talked a lot about Estates. I guess the way I want to frame the question is, if you look at the business today, the piece of business today, I mean, how much ramp do you have to have in that existing business in order to achieve, with the components you talked about, these new pieces, to achieve that guidance for the second-half of the year?

嗨，晚安。感謝你回答我的問題。我會簡短一點。我想問的就是關於財測指引（guidance）。你們其實已經談到一些，但今年下半年預期銷售成長會加速。我們談了很多 Estates。我想換個方式問：如果看今天的業務、現有的那一塊業務，為了在你們提到的這些新組成、新項目配合下達成下半年的指引，現有業務需要有多大的加速幅度？

Well, if you really look at the build of the back orders and special orders, right. Our business is better than kind of reflected in the revenue. Like we've got pretty big balances. So those balances are being created now. But we're not shipping those revenues, we're not shipping that demand yet because we still have transitional things and impacts from major resourcing. And a lot of our people in all categories are -- the people are still catching up and so we'll just see that.

嗯，如果你真的去看積壓訂單（back orders）和特別訂單（special orders）的累積情況，對吧。我們的業務其實比營收所反映的狀況更好。比如我們有相當大的餘額。所以這些餘額現在正在形成。但我們還沒有把那些營收出貨，我們還沒有把那個需求出貨，因為我們仍然有一些過渡性的事情，以及重大資源配置（resourcing）帶來的影響。而且我們在各品類的很多人——大家都還在追趕進度，所以你會看到那個反映出來。

I mean, you have to kind of look at it and say, okay, what does that look like, where are we really, what is it building to. And you have to think about that flop that's kind of coming across and a lot of that, when you think about that, Brian, there's a pretty big number that we don't have to drive demand to hit it, we've already driven that demand, right? And you've got a big chunk of business that's going to just flop over to the second-half. Does that make sense?

我的意思是，你得從這個角度看：好，那看起來會是什麼樣子，我們真正處於什麼位置，它會累積到什麼程度。你也得去想那個「翻轉」（flop）會怎麼發生；而且其中很大一部分，Brian，當你這樣想時，有一個相當大的數字，我們不需要再去推動需求就能達到，因為我們已經把那個需求推動出來了，對吧？而且有一大塊業務會直接「翻」到下半年。這樣說有道理嗎？

No, it makes -- conception makes sense, so I apologize, but have you quantified that piece that would like you to use your term, Gary? The piece of business will flop over to the second-half that's already -- that's already there. Did you quantify that?

不，這——概念上是有道理的，所以抱歉我再確認一下：你們有量化那一塊嗎？用你的用語，Gary？那一塊會「翻」到下半年的業務——已經——已經存在的那一塊。你們有量化嗎？

Yeah, it's in the little table, yeah, in the letter.

有，在信裡那個小表格裡，有。

It's the $75 million or 4.5%.

是 7,500 萬美元或 4.5%。

Okay, that's in the demand now. Okay.

好的，那是現在的需求。好的。

Yeah, that's in the demand now, we're not reporting demand, but we're reporting revenues, but yeah, all that $75 million is on our books and will ship.

對，那是現在的需求。我們沒有報告需求，我們報告的是營收；但對，那 7,500 萬美元都已經在我們帳上，並且會出貨。

Again, that's back orders and special orders over and above a normal rate. We always backward discussion with our business. But this is elevated because of unnatural things happening between or things that are taking more effort like resourcing, transportation impacts, whatnot. So that piece, that elevated piece over sort of normal quote-unquote is what Gary and I are talking about for the second-half. That's 4.5 times.

再說一次，那是高於正常水準的積壓訂單和特別訂單。我們的業務一直都會有一些積壓的討論。但這次因為一些非正常的事情而偏高，或是一些需要更多投入的事情，例如資源配置、運輸影響等等。所以那一塊相對於所謂「正常」的、提高的部分，就是 Gary 和我在談的下半年那一塊。那是 4.5 倍。

Okay, that's helpful. I appreciate that. Thank you.

好的，這很有幫助。感謝。謝謝你。

Yeah, thank you, Brain.

好的，謝謝你，Brain。

Zach Fadem, Wells Fargo.

Zach Fadem，富國銀行。

Zach, are you on?

Zach，你在線上嗎？

Zach, your line is open.

Zach，你的線路已開通。

Hey, sorry about that. Good afternoon. So first question on the initial response from Milan and your expectations for year one in the market. And now that you have galleries open in both Milan and Paris with London around the corner, any revised thoughts on sales trajectory from the three? And if you think New York is a good benchmark for what those markets could look like?

嗨，不好意思。下午好。第一個問題是關於米蘭初期的反應，以及你們對進入市場第一年的預期。另外，現在你們在米蘭與巴黎都已開設畫廊，倫敦也即將開幕，對這三個市場的銷售成長軌跡是否有任何修正想法？以及你是否認為紐約是一個很好的基準，用來衡量這些市場可能的樣貌？

Look, I think they'll all be great markets over time, and we've got to build the brand and build the customer base, build our design business, continue to build the pipeline. And I think I used before with the ramp, the first one was RH England, and that's been opened the longest.

我認為，隨著時間推移，它們都會是很棒的市場；而我們必須打造品牌、建立客戶基礎、發展我們的設計業務，並持續建立案源管線。我之前用過「爬坡」的比喻，第一個是 RH England，而它開幕時間最久。

And with that ramp to not a great economy for the home business in the U.K., but in a store outside of London with not a lot of people around. So that gives us high hopes, and we have greater brand awareness in London for 2 reasons. There's a lot more expats. There's a lot more people that have lived in New York and gone back and forth. There's a lot more people that know the brand.

而在那段爬坡期，英國的居家產業景氣並不理想，而且店又在倫敦外圍、周邊人流不多。所以這讓我們抱持很高的期待；而且我們在倫敦的品牌知名度更高，原因有兩點。那裡有更多外派人士。也有更多曾在紐約生活、往返兩地的人。還有更多人認識這個品牌。

Everybody speaks the same language so on and so forth. So we meaningfully hire brand awareness, and we've been open out in the Cotswolds, the English countryside, yes, for 3 years.

大家講同一種語言等等。因此我們的品牌知名度顯著更高；而我們在科茨沃爾德（英格蘭鄉間）那邊已經營業，是的，已經 3 年了。

So and then kind of just getting started in Paris, and we're just kind of open in Milan, and we like what we see. We like the responses that we're seeing. And the key for us is to build the design books and get the ramps. And so I think we're going to -- as these mature and grow, I think we're going to like the outcome. But I think London, I was just talking to the team about this, London is kind of the accelerator for all of it, right?

所以，巴黎算是剛起步，而米蘭也才剛開幕，我們喜歡目前看到的狀況。我們喜歡我們看到的回饋。對我們而言，關鍵是把設計業務的訂單簿做大，並完成爬坡。因此我認為，隨著這些據點成熟與成長，我們會喜歡最終的成果。但我認為倫敦——我剛才也在跟團隊談——倫敦某種程度上是整體的加速器，對吧？

Because everybody goes to London, it is the financial hub and just -- if you were going to be in one place, you'd be in London. And if you're going to be 2, you'd be in London and Paris or London and Milan, pretty close for a slightly different reason, Milan is to center the universe for the home design business because of Salone and Design Week and the eyeballs, you can get not just from designers and from true customers, they come that fly in with their architects and their interior designers, and they're shopping from all the brands at the shows.

因為大家都會去倫敦；它是金融樞紐——如果你只能選一個地方，你會選倫敦。如果你要選兩個，你會選倫敦加巴黎或倫敦加米蘭；而米蘭在稍微不同的原因下也非常接近，因為米蘭是居家設計產業的宇宙中心，因為有 Salone（米蘭家具展）和設計週，以及你能獲得的關注度——不只是設計師與真正的客戶；他們會帶著建築師與室內設計師飛來，在展會上向各個品牌採購。

So I think it's -- look, I think these 3 are the core of the platform. These are the 3 key things the foundation of building a global brand outside of the United States of America, right? And I think I'd say someone told me once they heard Bernard Arnault was asked the question, how do you build the brand in China. And apparently, his responses, you build great stores in Paris, London and New York. And so we've just done it backwards, and we threw Milan in there because it's so important for our industry, right?

所以我認為——我想這三個就是平台的核心。這三個是建立美國以外全球品牌的基礎三大關鍵，對吧？我想我會這麼說：有人曾告訴我，他們聽到 Bernard Arnault 被問到「如何在中國建立品牌」。據說他的回答是：在巴黎、倫敦和紐約打造很棒的門店。所以我們只是反過來做；而我們把米蘭也加進來，因為它對我們這個產業太重要了，對吧？

And so yes. This is -- it's really once we get London going, I think the whole thing is like game on. I think London will create the biggest echo. The biggest -- it's where we're known the most, it's where we should ramp the fastest, do the most volume. And because everybody travels into London for so many different reasons.

所以，是的。這件事——一旦我們把倫敦做起來，我認為整體就像是正式開打。我認為倫敦會產生最大的回音效應。最大的——那是我們最為人所知的地方，也是我們應該爬坡最快、做出最大量體的地方。因為大家會因為各種不同原因前往倫敦。

You've got a huge Middle East customer there that lives between London and the Middle East and the U.S. for that matter that I think, knows our brand and it's going to respond to our brand. And I just think the echo of London is going to amplify Milan and Paris and every other gallery that we've opened.

那裡有龐大的中東客群，生活在倫敦與中東之間——甚至也在倫敦與美國之間——我認為他們認識我們的品牌，也會對我們的品牌有反應。而我也認為，倫敦的回音效應會放大米蘭、巴黎以及我們開設的每一間其他畫廊。

Thanks for that, Gary. And just a quick 1 for Jack. I think the opening costs in Q1, you said would be about 420 basis points if that ended up being the case. And for Q2, you're guiding, I think, 380 basis points for London. Could you just help us out on which of those costs should we consider transitory and come out in the second half of the year versus costs that are now in the base and will persist?

謝謝你，Gary。再快速問 Jack 一題。我記得你說第一季的開店成本大約是 420 個基點，如果最後確實如此。而第二季你們的指引，我想是倫敦約 380 個基點。你能否協助我們理解：這些成本中哪些應視為一次性、會在下半年消退；哪些則已經進入成本基礎、會持續存在？

Q1 ended up 450 basis points, so right there with the 420 basis points. We're not guiding specifically the quarters. So you got the year at 270. I guess you can back into some math as to 450 and 380 and how they average out to 270 on the year would be one way to approach it and that delta being transitory being let's call it, mid-100s in the back half and the delta between that and the numbers for Q1 and Q2 are the transitory sort of preopening driven related to the openings.

第一季最後是 450 個基點，所以跟 420 個基點很接近。我們沒有針對各季做具體指引。所以全年是 270。我想你可以用一種方式去倒推：450 和 380 要怎麼平均到全年 270。

Got it. Thanks for the time.

了解。謝謝你撥冗。

Got it.

了解。

Your next question comes from the line of Jonathan Matuszewski with Jefferies. Please go ahead.

下一個問題來自 Jefferies 的 Jonathan Matuszewski。請開始提問。

Oh, great. Good evening. Thanks for squeezing me in. Just one question here. Gary, could you share some context on why now is the right time to pursue loyalty program that compensates your trade clients. Presumably, you've maybe considered this pivot in the past. -- what makes now the right time to roll this out? And if you could discuss maybe just the overall growth trend in your trade business in recent years relative to the end consumer business, that would be helpful, whether trade has been outperforming consumer, and this is the playbook to supercharge it. Or has trade been underperforming and this is a way to improve the trend?

喔，太好了。晚安。謝謝讓我插進來。我這裡只有一個問題。Gary，你能否分享一些背景：為什麼現在是推出會補償你們同業客戶（trade clients）的忠誠計畫的適當時機？推測你們過去可能也考慮過這個轉向——是什麼讓現在成為推出的好時機？另外，如果你能談談近年你們同業業務相對於終端消費者業務的整體成長趨勢，也會很有幫助：同業是否一直優於消費者，而這是用來進一步加速的劇本？或者同業一直落後，而這是改善趨勢的方法？

Yes. For those competitors that report trade, I think we've been overperforming in the last 3 years. So we've got a very strong trade business. We have great leadership, great teams, very high-quality people that are live and breathe our values that have built great organizations. And this -- yes, it supercharge.

是的。就那些會揭露同業（trade）數據的競爭對手來看，我認為我們過去 3 年表現更好。所以我們的同業業務非常強。我們有很棒的領導團隊、很棒的團隊成員，都是高素質的人才，真正以我們的價值觀為生活與呼吸，建立了很棒的組織。而這——是的，會把它加速。

Look, I'm the guy that we used to have a trade incentive program, and I took it out against a lot of people debate. So -- but when we were making the move to membership, just -- is it at the right, Paul, or not? I don't know. Probably not now that I reflect on it with the wisdom I have today versus what I felt in, what was that 2016 right 2016, right, 10 years ago. Yes, I just don't think I was thinking about it correctly.

你看，我以前我們是有同業激勵計畫的，而我是在很多人爭論反對下把它拿掉的那個人。所以——但當我們要轉向會員制時，只是——Paul，當時做得對不對？我不知道。以我今天的智慧回頭看，相較於我在——那是 2016 年對吧，2016 年，對吧，大概 10 年前——的感受，可能不對。是的，我只是覺得我當時沒有把這件事想對。

And why is now the right time is because of Estates because Estates opens up the very top of the market for this brand. No other brand has goods at this level of design and quality, no one at the retail level. They may tell you they do like -- they have probably never been into these businesses that we bought. So -- and so we -- and we've taken what we do really well and amplified those assortments.

而之所以現在是正確的時機，是因為 Estates，因為 Estates 為這個品牌打開了市場最頂端的天花板。沒有其他品牌在設計與品質上能達到這個層級，在零售端也沒有。他們可能會告訴你他們也有做——但他們很可能從未進入過我們所收購的這些業務。所以——因此我們——把我們最擅長的事情拿來，並把那些品類組合放大強化。

So like you're going to see things you've never seen before. And dimensionalized in a way and presented in a way, just doesn't exist. And why wouldn't you want to open up the best interior designers in the world to what we're doing today. I mean we're just smarter honestly. Like I flip back and if I said today, if I knew what I know today, would I have made the same decision.

所以你會看到你以前從未見過的東西。而且以一種立體化的方式、以一種呈現方式，這根本不存在於市場上。那你為什麼不想讓全世界最頂尖的室內設計師接觸到我們今天正在做的事情呢。我的意思是，老實說我們就是更聰明。如果我回頭看，假如我今天說，如果我知道我今天所知道的，我還會做出同樣的決定嗎。

No, I would not have made the same decision. So I'm smarter today. I know more today, I have more knowledge. And it's funny because I was married to a interior designer. Kendall and I were together for 11 years.

不，我不會做出同樣的決定。所以我今天更聰明了。我今天知道得更多，我有更多知識。而且很有趣，因為我曾經和一位室內設計師結婚。Kendall 和我在一起 11 年。

I knew her newer business pretty well. It helped me conceptualize what to do with RH, quite frankly.

我對她較新的業務相當了解。坦白說，這幫助我構思要如何運用 RH。

That helped me see the opportunity. But I don't think I really -- I don't think I really understood the market correctly, and it's changed too. I mean there's more and more people that you have growth in wealth, right? There's more and more people that have the financial ability to use interior designers. Yes, there's more used people -- are more exposed to design and quality more people are better houses and better design everywhere.

那幫助我看見機會。但我不認為我真的——我不認為我真的正確理解了市場，而且市場也改變了。我的意思是，財富成長的人越來越多，對吧？有財務能力聘用室內設計師的人也越來越多。是的，更多人——更多人接觸到設計與品質；更多人住在更好的房子裡，到處都有更好的設計。

So anyway, but yes, we're happy to the advocates and partners and open up our platform and support them in a greater way. And I think, look, today, it's a big part of our business today. Our trade business is a big part of our business. So it's not a little part, but we think it could be meaningfully bigger. And people say, Oh, you're going to incentify them. The lift we have to get is very small on incremental business, with massive flow-through on this model.

所以總之，是的，我們很高興成為倡議者與合作夥伴，開放我們的平台，並以更大的方式支持他們。而且我想，你看，今天這已經是我們業務的重要部分。我們的 trade（專業客戶）業務是我們業務的重要部分。所以這不是一小部分，但我們認為它可以顯著更大。有人說，喔，你要去激勵他們。在這個模式下，我們要取得的增量業務提升幅度其實很小，但邊際貢獻（flow-through）非常可觀。

Thanks, and best of luck.

謝謝，祝你們好運。

Thank you.

謝謝。

That concludes our question-and-answer session. I will now turn the call back to Gary Friedman for closing remarks.

我們的問答環節到此結束。我現在把電話交回給 Gary Friedman 作結語。

Great. Thank you, everyone, for your time and your questions and for the conversation today. And I just want to say to our teams across the country, across the world, across our campus here, I think everybody knows what we're working on. Everybody knows we're aspiring to do. I think this is one of the most important times in the history of RH.

很好。謝謝各位今天撥冗、提出問題並參與今天的交流。我也想對全國各地、全世界、以及我們這裡園區的團隊說，我想大家都知道我們正在努力的方向。大家都知道我們所追求要做到的事。我認為這是 RH 歷史上最重要的時刻之一。

And I couldn't be more proud of the work everyone is doing, the organization that's been built here based on our values and beliefs and our work is going to a new level. I think our performance is going to go into a new level, and it's all because of the team members who have built this thing over the last 25 years that I've been here.

我對每個人正在做的工作、以及在我們價值觀與信念基礎上建立起來的組織感到無比自豪，而我們的工作正在邁向新的層級。我認為我們的表現也將進入新的層級，而這一切都要歸功於在我待在這裡的 25 年裡，打造出這一切的團隊成員。

So I just want to thank everyone. Everybody's effort is important and contributes to this cause. And I think we're going to feel very proud here very soon, even prouder than we've ever felt. So I can't wait to share it with you. Thank you.

所以我只想感謝大家。每個人的努力都很重要，並且為這個使命做出貢獻。我想我們很快就會感到非常自豪，而且會比以往任何時候都更自豪。所以我迫不及待想與各位分享。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。