Revolve Group Inc (RVLV) 2024 Q4 法說會逐字稿

Hello. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to Revolve's fourth quarter and full-year 2024 results conference call. (Operator Instructions)

你好。我叫莎拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Revolve 2024 年第四季和全年業績電話會議。（操作員指令）

At this time, I would like to turn the conference over to Erik Randerson, Vice President of Investor Relations at Revolve. Thank you. You may begin.

現在，我想將會議交給 Revolve 投資者關係副總裁 Erik Randerson。謝謝。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Revolve's fourth quarter and full-year 2024 results.

大家下午好，感謝您加入我們討論 Revolve 2024 年第四季和全年業績。

Before we begin, I'd like to mention that we have posted a presentation containing Q4 and full-year 2024 financial highlights to our Investor Relations website located at investors.revolve.com. I would also like to remind you that this conference call will include forward-looking statements, including statements related to our future growth, our inventory balance, our key priorities in operating and innovation initiatives industry trends, marketing events and their expected impact our partnership and strategic acquisitions, our physical retail stores and our outlook for net sales, gross margin, operating expenses and effective tax rate.

在我們開始之前，我想提一下，我們已經在投資者關係網站（網址為 investor.revolve.com）上發布了一份包含 2024 年第四季和全年財務亮點的簡報。我還想提醒您，本次電話會議將包括前瞻性陳述，其中包括與我們未來成長、我們的庫存餘額、我們在營運和創新計劃中的關鍵優先事項行業趨勢、行銷事件及其預期影響、我們的合作夥伴關係和策略收購、我們的實體零售店以及我們對淨銷售額、毛利率、營運費用和有效稅率的展望有關的陳述。

These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially from these statements, including the risks mentioned in this afternoon's press release as well as other risks and uncertainties disclosed under the caption Risk Factors and elsewhere in our filings with the Securities and Exchange Commission, including, without limitation, our quarterly report on Form 10-Q for the quarter ended September 30, 2024, and our annual report on Form 10-K for the year ended December 31, 2024, which we expect to file with the SEC on February 25, 2025, all of which can be found on our website at investors.revolve.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law.

這些聲明受各種風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致我們的實際結果與這些聲明存在重大差異，包括今天下午的新聞稿中提到的風險以及在「風險因素」標題下和我們向美國證券交易委員會提交的其他文件中披露的其他風險和不確定性，包括但不限於我們截至 2024 年 9 月 30 日的季度，我們預計將於 2025 年 2 月 25 日向美國證券交易委員會提交這些報告，所有這些報告均可在我們的網站 investor.revolve.com 上找到。除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。

During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA and free cash flow. We use non-GAAP measures in some of our financial discussions as we believe they provide valuable insights on our operational performance and underlying operating results. presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information presented in prepared in accordance with GAAP. And our non-GAAP measures may be different from non-GAAP measures used by other companies.

在今天的電話會議中，我們還將參考某些非 GAAP 財務信息，包括調整後的 EBITDA 和自由現金流。我們在一些財務討論中使用非公認會計準則指標，因為我們相信它們能為我們的營運績效和基本營運結果提供寶貴的見解。此非 GAAP 財務資訊的呈現並非旨在單獨考慮，也不旨在替代或優於根據 GAAP 編制的財務資訊。我們的非公認會計準則指標可能與其他公司使用的非公認會計準則指標不同。

Reconciliations of non-GAAP measures to the most directly comparable GAAP measures as well as the definitions of these measure, their limitations and our rationale for using them can be found in this afternoon's press release and in SEC filings.

非 GAAP 指標與最直接可比較的 GAAP 指標的對帳以及這些指標的定義、它們的局限性以及我們使用它們的理由可以在今天下午的新聞稿和美國證券交易委員會 (SEC) 文件中找到。

Joining me on the call today are our Co-Founders and Co-CEOs, Mike Karanikolas and Michael Mente; as well as Jesse Timmermans, our CFO. Following our prepared remarks, we'll open the call for your questions.

今天與我一起參加電話會議的還有我們的共同創辦人兼聯合執行長 Mike Karanikolas 和 Michael Mente；以及我們的財務長 Jesse Timmermans。在我們準備好發言之後，我們將開始回答您的問題。

With that, I'll turn it over to Mike.

說完這些，我會把話題交給麥克。

Hello, everyone, and thanks for joining us today. We finished the year with an outstanding fourth quarter, highlighted by double-digit top-line growth year over year and a more than doubling of net income and adjusted EBITDA year-over-year. Most importantly, we achieved these strong financial results while continuing to invest in key initiatives that we believe set us up well for profitable growth and market share gains over the long term.

大家好，感謝大家今天加入我們。我們以出色的第四季度結束了這一財年，其中營收同比增長兩位數，淨收入和調整後 EBITDA 同比增長一倍以上。最重要的是，我們在取得這些強勁的財務表現的同時，繼續投資於我們認為將為我們長期實現盈利增長和市場份額增長奠定良好基礎的關鍵舉措。

I'll start by briefly discussing highlights from our fourth quarter results before shifting to the full year 2024 accomplishments and closing out with our key priorities of 2025. Starting with the fourth quarter recap. Net sales were $294 million, an increase of 14% year-over-year, driven by improved trends across both segments and geographies relative to our year-over-year comparisons in the third quarter of 2024. In fact, net sales increased by a double-digit rate year-over-year across REVOLVE, forward, domestic and international for the first time in 2.5 years. Net sales in the REVOLVE segment increased 15% year-over-year and net sales in the FWRD segment increased 11% year-over-year.

我將首先簡要討論我們第四季業績的亮點，然後介紹 2024 年全年業績，最後介紹我們 2025 年的主要優先事項。從第四季回顧開始。淨銷售額為 2.94 億美元，年增 14%，這得益於與 2024 年第三季的同比數據相比，各部門和各地區的趨勢均有所改善。事實上，REVOLVE 的國內和國際淨銷售額兩年半來首次年增兩位數。REVOLVE 部門的淨銷售額年增 15%，FWRD 部門的淨銷售額年增 11%。

Forward return to growth for the first time in 7 quarters as our investments begin delivering results within a luxury landscape that remains challenging. Gross margin increased by approximately 50 basis points year-over-year, well ahead of our gross margin outlook shared last quarter.

在依然充滿挑戰的奢侈品行業中，我們的投資開始取得成果，這是自 7 個季度以來首次恢復成長。毛利率年增約 50 個基點，遠高於我們上個季度所預測的毛利率。

Net income for the fourth quarter of $12 million or $0.17 per diluted share was more than triple to $3 million in the prior year quarter. Adjusted EBITDA was $18 million, an increase of 114% year-over-year driving a 290 basis point expansion of our adjusted EBITDA margin. In addition to the gross margin expansion, contributing to our exceptional growth and profitability were significant marketing efficiencies and meaningful efficiencies in our logistics costs, which benefited from a more than 2-point decrease in our return rate year-over-year. Beyond the numbers, I'm excited by our team's execution that has led to continued great progress on the strategic priorities we outlined on prior calls. I will now shift to a review of our performance and accomplishments for the full year 2024 before touching on our key areas of focus for the coming year.

第四季淨收入為 1,200 萬美元，即每股 0.17 美元，較去年同期的 300 萬美元增長兩倍多。調整後的 EBITDA 為 1,800 萬美元，年增 114%，推動調整後的 EBITDA 利潤率擴大 290 個基點。除了毛利率擴大之外，我們出色的成長和獲利能力還得益於行銷效率的顯著提高和物流成本的顯著提高，這得益於我們的退貨率同比下降了 2 個百分點以上。除了數字之外，我對我們團隊的執行力感到興奮，這使得我們在先前的電話會議上概述的策略重點繼續取得巨大進展。現在，我將回顧我們 2024 年全年的業績和成就，然後再談及來年的重點關注領域。

Entering 2024, our most critical objective was to return to growth and meaningfully improve our net sales performance. We executed extremely well on this priority as our net sales growth rate improved measurably each quarter throughout 2024 and exiting with solid double-digit growth in the second half of the year.

進入2024年，我們最關鍵的目標是恢復成長並大幅提高我們的淨銷售業績。我們在這項優先事項上執行得非常出色，因為我們的淨銷售額成長率在整個 2024 年每個季度都顯著提高，並在下半年實現了穩健的兩位數成長。

Net sales growth in our core domestic market improved every quarter throughout 2024, and we exited the year with double-digit growth in the US during the fourth quarter. International net sales increased 14% year-over-year, driven by growth across nearly all regions, but also improved as the year progressed. In 2024, we achieved record Net Promoter Scores in international markets, underscoring our successful investments to further elevate the shopping experience for our international customers. We continue to drive impressive net sales growth in adjacent product zones.

2024 年全年，我們核心國內市場的淨銷售額成長每季都有所提高，並且在第四季度，我們在美國實現了兩位數的成長。國際淨銷售額年增 14%，這得益於幾乎所有地區的成長，而且隨著時間的推移也得到改善。2024 年，我們在國際市場取得了創紀錄的淨推薦值，凸顯了我們為進一步提升國際客戶購物體驗所做的成功投資。我們持續推動鄰近產品領域的令人矚目的淨銷售成長。

Sales of beauty, men's and home products each increased by a healthy double-digit percentage year-over-year more than tripling our consolidated growth rate on a combined basis and further validating our opportunity to expand our share of wallet. As a company focused on profitable growth, I'm very pleased that our 2024 profitability increased at a much faster rate than net sales. Net income and adjusted EBITDA increased 73% and 60% year-over-year, respectively. Unpacking the drivers of profitability growth, reducing our global logistics cost was a top priority for us in 2024. We achieved a nearly 130 basis point reduction in our variable logistics costs as a percentage of net sales, driven by strong execution on initiatives designed to drive operating cost efficiencies and to reduce our return rate.

美容、男士和家居產品的銷售額同比均實現了健康的兩位數增長，是我們綜合增長率的三倍多，進一步驗證了我們擴大市場份額的機會。作為一家專注於獲利成長的公司，我很高興我們的 2024 年獲利能力成長速度遠快於淨銷售額成長速度。淨收入和調整後 EBITDA 分別年增 73% 和 60%。解析獲利成長的驅動因素、降低全球物流成本是我們的2024年首要任務。透過強力執行提高營運成本效率和降低退貨率的舉措，我們將變動物流成本佔淨銷售額的百分比降低了近 130 個基點。

Importantly, many drivers of this lower return rate in 2024 even further elevate the customer experience, such as our size and fit initiatives. Marketing was also a powerful driver of our profitability in 2024. We achieved a nearly 130 basis point reduction year-over-year in marketing spend as a percentage of net sales, fueled by efficiency gains across both the performance and brand marketing channels. Operating in a highly competitive environment, we successfully optimized spend across our marketing channels and leverage the strength of our brands to reduce our average cost to acquire customers year-over-year. Another key contributor to our improved profitability in 2024 is that our customer is increasingly spending with us at full price.

重要的是，2024 年退貨率降低的許多驅動因素甚至進一步提升了客戶體驗，例如我們的尺寸和合身度計劃。行銷也是我們 2024 年獲利的強大推動力。由於業績和品牌行銷通路效率的提高，我們的行銷支出佔淨銷售額的比例年減了近 130 個基點。在競爭激烈的環境中，我們成功優化了行銷管道的支出，並利用品牌優勢逐年降低獲取客戶的平均成本。我們 2024 年獲利能力提高的另一個關鍵因素是我們的客戶越來越多地以全價向我們消費。

The percentage of our net sales at full price improved 3 points year-over-year to approximately 82%, which we believe is appreciably higher than the industry benchmarks. The increased percentage of net sales at full price helped to drive gross margin expansion of 65 basis points year-over-year. Cash flow generated from operations in 2024 further strengthened our balance sheet, all while deploying capital to reduce the number of shares outstanding through stock repurchases as part of our efforts to enhance shareholder value.

我們的全價淨銷售額百分比比去年同期上升了 3 個百分點，達到約 82%，我們認為這明顯高於行業基準。全價淨銷售額比例的提高，帶動毛利率較去年同期擴大65個基點。2024 年營運產生的現金流量進一步增強了我們的資產負債表，同時透過股票回購部署資本來減少流通股數量，這是我們提升股東價值的努力的一部分。

Finally, we've meaningfully advanced our AI technology and personalization capabilities, further elevating the customer experience and contributing to our strong financial results. Here are a few highlights. On our e-commerce websites, we launched AI-powered search algorithms for improved product discoverability. In product merchandising on our sites, we drove increased consumer engagement and conversion through AI-driven product recommendations and other site optimizations.

最後，我們大幅提升了我們的人工智慧技術和個人化能力，進一步提升了客戶體驗並為我們強勁的財務表現做出了貢獻。以下是一些亮點。在我們的電子商務網站上，我們推出了人工智慧搜尋演算法，以提高產品的可發現性。在我們網站上的產品行銷中，我們透過人工智慧驅動的產品推薦和其他網站優化來提高消費者參與度和轉換率。

In marketing, our AI algorithms expanded the reach in 1 of our largest performance marketing channels. In operations, we created AI algorithms to intelligently route customer service inquiries and use our data and algorithms to intelligently balance inventory units across our multiple global locations. And finally, AI served an important role in reducing our return rate through a number of initiatives as a powerful illustration of our core competency in a variety of instances, our internal solutions handily outperformed AI solutions from third-party technology vendors.

在行銷方面，我們的人工智慧演算法擴大了我們最大的績效行銷管道之一的覆蓋範圍。在營運中，我們創建了人工智慧演算法來智慧地路由客戶服務查詢，並使用我們的數據和演算法來智慧地平衡我們全球多個地點的庫存單位。最後，人工智慧透過一系列措施在降低我們的退貨率方面發揮了重要作用，有力地說明了我們的核心競爭力。在各種情況下，我們的內部解決方案都輕鬆超越了來自第三方技術供應商的人工智慧解決方案。

I will wrap up with a discussion of our key priorities for 2025 as co-founders and the company's largest shareholders owning more than 31 million shares of REVOLVE common stock or approximately 45% of the total shares outstanding Michael and I are very aligned and focused on maximizing value over the long term.

最後，我將討論我們作為聯合創始人和公司最大股東 2025 年的關鍵優先事項，我們持有超過 3,100 萬股 REVOLVE 普通股，約占公司總流通股的 45%。麥可和我意見一致，致力於實現長期價值最大化。

Our strategic priorities for 2025 are guided by this long-term owner mindset. We are focused on extending our momentum in driving attractive top line and bottom line performance while continuing to invest in exciting growth opportunities imported to the long term, such as owned brand expansion, deploying AI technology and expiration of physical retail expansion.

這種長期所有者心態將指導我們 2025 年的策略重點。我們專注於擴大我們的發展勢頭，推動具有吸引力的頂線和底線業績，同時繼續投資於長期引入的令人興奮的成長機會，例如自有品牌擴張、部署人工智慧技術和實體零售擴張的到期。

As we look ahead, we see multiple levers for growth that we believe will enable us to gain market share for the years to come. First and foremost, we will continue to invest in expanding our brand awareness, acquiring new customers and strengthening our connection with the next-generation consumer. We will continue to focus on the core and invest in marketing, leveraging our brand strength and strong merchandising to acquire new customers, further engage with existing customers and expand our market share.

展望未來，我們看到了多個成長槓桿，相信這些槓桿將使我們在未來幾年獲得市場份額。首先，我們將繼續投資擴大我們的品牌知名度，吸引新客戶並加強與下一代消費者的聯繫。我們將繼續專注於核心業務並投資於行銷，利用我們的品牌實力和強大的行銷能力來吸引新客戶，進一步與現有客戶互動並擴大我們的市場份額。

In addition, a new and exciting way we are increasingly engaging with consumers is through physical retail. Michael will talk more about these initiatives in his remarks.

此外，我們與消費者日益密切接觸的一種全新且令人興奮的方式是透過實體零售。麥可將在演講中進一步談論這些舉措。

Second, we will continue to build on the successful expansion of our assortment to gain a greater share of our customers' spending on apparel, beauty, footwear and accessories. We have earned our customers' trust and proven that with the right merchandising they are eager to expand their purchases with us. In fact, as just one example, revenue generated from our curated ski shop increased more than 850% year over year in the fourth quarter.

其次，我們將繼續在成功擴大產品種類的基礎上，獲得更多顧客在服裝、美容、鞋類和配件方面的支出份額。我們贏得了客戶的信任，並證明透過正確的行銷，他們渴望擴大對我們的購買。事實上，僅舉一個例子，我們精選的滑雪商店第四季度的收入同比增長了 850％ 以上。

With the strength of our brands and our outstanding customer experience, we see an incredible amount of white space to deepen customer relationships in many zones beyond the core event dressing and going outwear often associated with REVOLVE, including beauty, men's, home and premium Essentials.

憑藉我們品牌的實力和卓越的客戶體驗，我們看到了許多領域中深化客戶關係的大量空白，這些領域除了通常與 REVOLVE 相關的核心活動著裝和外出服裝外，還包括美容、男士、家居和高級必需品。

Third, we will further expand our international presence where we are investing in a market opportunity that is several times larger than the US, the great progress we have made to improve the international customer experience in recent years now allows us to confidently invest marketing dollars to drive profitable growth in key international markets.

第三，我們將進一步擴大我們的國際影響力，我們正在投資一個比美國大幾倍的市場機會，近年來我們在改善國際客戶體驗方面取得了巨大進步，現在我們可以自信地投資行銷資金，推動主要國際市場的獲利成長。

Finally, we will further enhance our technology stack and leverage AI and other technologies across our platform to drive growth and efficiency. Since our founding, our teams have operated with a data-driven mindset and culture of technology innovation, leveraging our proprietary technology stack that is ingrained in nearly all aspects of our operations. Our increasing success with AI technology in 2024 further confirms our competitive advantages and reinforces our commitment to invest as we expand the use of AI throughout the organization.

最後，我們將進一步增強我們的技術堆疊，並利用我們平台上的人工智慧和其他技術來推動成長和效率。自成立以來，我們的團隊一直以數據驅動的思維方式和技術創新文化開展工作，利用幾乎融入我們營運各個方面的專有技術堆疊。2024 年我們在人工智慧技術領域的持續成功進一步證實了我們的競爭優勢，並加強了我們在整個組織範圍內擴大人工智慧使用範圍時進行投資的承諾。

In short, we view our outstanding top and bottom line results in the fourth quarter as a direct outcome of our team's strong execution on our strategic priorities. I would like to thank our talented and passionate team for their incredible efforts, innovations, persistence and amazing ability to simply get things done that drove the strong execution in the fourth quarter. As our results of test, we believe we are gaining market share and further strengthening our foundation for future growth. I feel great about our current momentum and the exciting opportunities ahead in 2025 and beyond.

簡而言之，我們認為第四季度出色的營收和淨利潤業績直接得益於我們的團隊強有力地執行我們的策略重點。我要感謝我們才華橫溢、充滿熱情的團隊，感謝他們令人難以置信的努力、創新、堅持和驚人的完成任務的能力，推動了第四季度的強勁執行力。根據測試結果，我們相信我們正在獲得市場份額並進一步加強未來成長的基礎。我對我們目前的發展勢頭以及 2025 年及以後的激動人心的機會感到非常高興。

Now over to Michael.

現在交給麥可。

Thanks, Mike, and hello, everyone. I'm proud of our strong results in the fourth quarter that were driven by our team's great execution across the business. Key contributors to our double-digit growth in net sales were vastly improved site merchandising and exciting gains in emerging product zones. The strong top line growth, combined with incredible efficiencies in our marketing and logistics costs that are more than tripling up net income year-over-year in the fourth quarter. With that as an introduction, I will focus my reports on the strategic areas we are investing in and that we are especially excited about.

謝謝，麥克，大家好。我對我們第四季度的強勁業績感到自豪，這得益於我們團隊在整個業務範圍內的出色執行力。我們淨銷售額實現兩位數成長的關鍵因素是現場行銷的大幅改善和新興產品領域的令人振奮的成長。強勁的營收成長，加上我們行銷和物流成本的驚人效率，使得第四季的淨收入年增了兩倍多。以此作為介紹，我將重點介紹我們正在投資且特別讓我們興奮的策略領域。

Merchandising and product assortment, brand awareness physical retail expansion and luxury and the high-end consumer. First, merchandising and product assortment, meaningfully improved site merchandising and on point inventory advises were important contributors to our growth in the fourth quarter. Leveraging technology and data analytics. Our teams are doing an outstanding job of improving our assortment across a broader range of use cases and creating compelling merchandising to drive increased consumer engagement and conversion. I attribute much of the incredible growth in demand for our winter south that Mike mentioned, to our site merchandising improvements and assortments in front of our customers to optimize channel strategies.

商品推銷和產品分類、品牌知名度實體零售擴張以及奢侈品和高端消費者。首先，商品推銷和產品分類、顯著改善的現場商品推銷和準確的庫存建議是我們第四季度成長的重要貢獻者。利用技術和數據分析。我們的團隊正在出色地完成工作，改進我們在更廣泛使用案例中的產品組合，並創造引人注目的商品，以推動提高消費者的參與度和轉換率。正如 Mike 所說，我認為南部冬季產品需求的驚人成長很大程度上要歸功於我們現場商品的改進以及面向客戶的商品分類，從而優化了通路策略。

Looking forward, one area that I'm truly excited about is premium Essentials. Our customers trust our brands and delighting our shopping experience, creating a strong point of leverage for us to capture a greater share of wallet. One of the first steps in this journey with the launch of the foundation shop on our REVOLVE site, featuring a selection of premium essentials through third-party and own brands. It's still early with the merchandise looks fantastic and has begun to fulfill our customers desire to shop on our valve for the everyday ware needs, including for fall fashion and colder weather valves that were strong growth drivers in the fourth quarter.

展望未來，我真正感到興奮的一個領域是高級 Essentials。我們的客戶信任我們的品牌並享受我們的購物體驗，這為我們贏得了更大的市場份額創造了強大的槓桿作用。這趟旅程的第一步是在我們的 REVOLVE 網站上推出粉底商店，透過第三方和自有品牌精選一系列優質必需品。現在還為時過早，因為商品看起來非常棒，並且已經開始滿足我們的客戶購買我們閥門的日常用品需求，包括秋季時尚和寒冷天氣閥門，它們是第四季度強勁的增長動力。

Response from our brand partners has been incredible, with 2 covered forward brands choosing across this unrevolved after hearing about our foundation shop strategy that we expect to build on in the coming quarters. We're also continuing to see exciting gains in new areas like beauty, which has more than (inaudible) size in the past 5 years. In fact, our beauty, men's and home costs all achieved by the sales in the fourth quarter. This valid is our ability to tap into our customer loyalty to drive adoption in adjacent products. Through further product expansion and site merchandising improvements, we see a great deal of opportunity to both acquire new customers and capture more share of our existing customers' wallet.

我們的品牌合作夥伴的反應非常熱烈，有 2 個覆蓋範圍較廣的未來品牌在聽說我們預計在未來幾季繼續推進的基礎店鋪策略後，選擇了這個方案。我們也持續看到美容等新領域令人興奮的成長，其規模在過去 5 年中已超過 (聽不清楚)。事實上，我們的美容、男士和家居成本全部由第四季的銷售額實現。這有效地表明我們能夠利用客戶忠誠度來推動相關產品的採用。透過進一步擴大產品範圍和改善網站行銷，我們看到了大量機會，既可以吸引新客戶，又可以吸引更多現有客戶的購買慾望。

Helping us to capitalize on these efforts, our new AI algorithms developed by our internal teams to recommend complementary items in adjacent product zones after the purchase transaction is complete. We are also very excited about the progress we made with in own brands last year. Our goal coming into the year was to create a solid foundation for future growth and expansion. We did just that. Our own bed mix of REVOLVE segment net sales of 18% for the full year in 2024 is well below its long-term potential, and we believe the underlying foundational metrics are better than ever, setting us up well for 2025 and beyond.

為了幫助我們利用這些努力，我們的內部團隊開發了新的人工智慧演算法，在購買交易完成後推薦相鄰產品區域中的互補商品。我們對去年在自有品牌方面取得的進展也感到非常興奮。我們今年的目標是為未來的發展和擴張奠定堅實的基礎。我們就是這麼做的。我們自己的床上用品組合 REVOLVE 部門 2024 年全年淨銷售額為 18%，遠低於其長期潛力，我們相信基礎指標比以往任何時候都好，為我們 2025 年及以後的發展奠定了良好的基礎。

We are very excited about the pipeline of new events in development this year.

我們對今年正在開發的新活動感到非常興奮。

Second, brand awareness. Our marketing efficiency meaningfully outperformed our outlook for the fourth quarter, contributing significantly to our outstanding results. Total marketing investment in the fourth quarter represented 14.8% of net sales, a decrease of approximately 170 basis points year-over-year. Our teams deserve a lot of credit for being very nimble in evolving our marketing events and partnerships with content creators to maximize returns on our investments and increase our brand heat. This innovation of working strategies continues to elevate and further differentiated brands resonating with consumers and deliver great results on the KPIs we're focused on.

第二，品牌意識。我們的行銷效率遠遠超出了我們對第四季度的預期，為我們出色的業績做出了重大貢獻。第四季總行銷投入佔淨銷售額的14.8%，年減約170個基點。我們的團隊值得稱讚，他們非常靈活地發展我們的行銷活動和與內容創造者的合作夥伴關係，以最大限度地提高我們的投資回報並提高我們的品牌熱度。這種工作策略的創新不斷提升和進一步差異化品牌，與消費者產生共鳴，並在我們關注的 KPI 上取得優異成績。

We hosted several inpatients at our holiday shop in Los Angeles and in [ Aspen, ] many in partnership with brand partners. We have found these events to be highly efficient for building our brands and acquiring new customers. In fact, our new deactivation in Ascent was the most successful and productive event of 2024 based on the number of views generated per video posted on our social media channels. And notably, this event was produced at a modest investment.

我們在洛杉磯和阿斯彭的假日商店接待了幾位住院患者，其中許多都是與品牌合作夥伴合作接待的。我們發現這些活動對於打造我們的品牌和吸引新客戶非常有效。事實上，根據我們在社群媒體管道上發布的每個影片產生的觀看次數來看，我們在 Ascent 中的新停用是 2024 年最成功和最富有成效的事件。值得注意的是，這次活動的投資並不大。

Each video produced in connection with assets in use was viewed an average of nearly 400,000 times, substantially outpacing the content, but for our other marketing activations. Another way we are expanding our brand reach is by capitalizing on shift in culture that have created new types of influencers. We were early to recognize a powerful intersection of fashion sports, including collaboration with WNBA and Fashion (inaudible) was recently featured on the cover of vote. More recently, we are partnering with a new women's professional viable League where our evolved logo is primarily featured on the back of every player's jersey and our brand is featured throughout the arenas.

與正在使用的資產相關製作的每個影片的平均觀看次數接近 40 萬次，大大超過了我們其他行銷活動的內容。我們擴大品牌影響力的另一種方式是利用文化的轉變來創造新類型的影響者。我們很早就認識到時尚運動的強大交集，包括與 WNBA 和時尚的合作（聽不清楚）最近登上了投票封面。最近，我們正在與一個新的女子職業可行聯盟合作，我們改進的標誌主要出現在每個球員球衣的背面，我們的品牌遍布整個競技場。

As newly as online fashion retail partner, we are collaborating with the least stars, including former US sale and big Metals. On a different more somber note, as a company found in Los Angeles, Mike and I and the team are devastated by the physical and emotional damage caused by the lira impacted many of our employees and partners. In January, we were able to leverage our influence for the benefit of our local community with the opening of the Revolve free shop, a temporary shop in downtown Los Angeles to support hundreds of members of our local community directly impacted by the wildfires.

作為最新的線上時尚零售合作夥伴，我們正在與最少的明星合作，包括前美國銷售和大型金屬公司。另一個更悲觀的消息是，作為一家位於洛杉磯的公司，麥克、我和團隊都對里拉對我們的許多員工和合作夥伴造成的身體和情感傷害感到震驚。今年 1 月，我們利用自己的影響力為當地社區謀福利，在洛杉磯市中心開設了 Revolve 免費商店，這是一家臨時商店，旨在為直接受到野火影響的數百名當地社區成員提供支持。

We provided a broad selection of free clothing, shoes, beauty and hygiene products and blankets to support those most indeed. I have also personally donated $1 million to several charities and causes, including the Los Angeles Fire Department Foundation, the World Central Kitchen and many individuals directly impacted by the wildfires.

我們提供了多種免費的衣服、鞋子、美容和衛生產品以及毛毯，以支持最需要幫助的人。我還個人向多家慈善機構和事業捐贈了 100 萬美元，其中包括洛杉磯消防局基金會、世界中央廚房以及許多直接受到野火影響的個人。

Third, physical retail expansion. I am very excited about the long-term growth opportunity in physical retail. We recently crossed the 1-year mark in our successful Aspen store and are busy preparing for the opening of our Las Angeles store, which will be our first permanent retail destination in the major metropolitan area. The temporary revolved holiday shop discussed last quarter was an excellent and well-executed preview of our future of retail located within the high-end retail entertainment district of the global Los Angeles.

三是實體零售擴張。我對實體零售的長期成長機會感到非常興奮。我們成功的阿斯彭店最近剛度過一周年，目前我們正忙於籌備洛杉磯店的開業，這將是我們在這個大都市區的第一家永久性零售店。上個季度討論的臨時旋轉假日商店是我們位於全球洛杉磯高端零售娛樂區的未來零售業務的出色且執行良好的預覽。

And one of the most visited holiday shopping destinations in LA, we created incredible buzz and excitement by hosting a dozen of impactful marketing events featuring VIP appearances from Kendle Gener, Cardi B, Megan Fox, Dan way, McCoig, Elsas and (inaudible) Michel. Of note, even on our home turf of Los Angeles for our brands are most well known, more than 1/3 of the customers transacting at the (inaudible) HolidayShop were unified. This reinforces the magnitude of opportunity to increase our brand awareness, expand our customer file and increase our market share.

作為洛杉磯訪問量最大的假期購物目的地之一，我們舉辦了十幾場具有影響力的行銷活動，邀請了 Kendle Gener、Cardi B、Megan Fox、Dan way、McCoig、Elsas 和（聽不清）Michel 等貴賓出席，創造了令人難以置信的轟動和興奮。值得注意的是，即使在我們品牌最知名的本土洛杉磯，在 (聽不清楚) HolidayShop 進行交易的客戶中也有超過 1/3 是統一的。這進一步增加了我們提高品牌知名度、擴大客戶檔案和增加市場份額的機會。

We also saw early indications of lift in e-commerce and the local communities surrounding the growth, particularly among new customers. confirming the physical retail can be extremely complementary and provide a favorable halo effect on our core e-commerce operations.

我們也看到了電子商務和周邊當地社區成長的早期跡象，特別是在新客戶中。確認實體零售可以極具補充性並對我們的核心電子商務營運產生有利的光環效應。

Also very encouraging is that the Revolve holiday shop has generated a significantly higher mix of net sales from own brands than we generate online. While it's a small sample size, this reinforces the exciting opportunity ahead of us to drive much higher owned brand penetration and corresponding gross margin at is retail. We are very early in our fiscal retail journey, and we are continuing to test and iterate with the invaluable earnings gain so far, I am confident that we have a clear path for improvement as we pursue our fiscal strategy.

同樣令人鼓舞的是，Revolve 假日商店自有品牌的淨銷售額遠高於我們在線上的淨銷售額。雖然樣本量很小，但這強化了我們面臨的令人興奮的機會，即大幅提高自有品牌的滲透率以及相應的零售毛利率。我們的財政零售之旅才剛開始，我們正在繼續測試和迭代迄今為止寶貴的獲利成長，我相信，在我們推行財務策略的過程中，我們有一條明確的改善道路。

We intend to hire a senior leader with deep industry experience who will help us maximize this growth opportunity over the long term, beginning with our Los Angeles store. Speaking of which, I (inaudible) share the details of our premier store in Los Angeles slated to open in the fall. We will occupy the exact same location as the Revolve holiday shop at the group. We believe our incredible permanent destination will elevate our brands with an essential and high-traffic location in the growth, providing great exposure and exciting those opportunities for years to come. We expect to break ground on construction next month, and I can't wait for everyone to see our brands comply.

我們打算聘請一位具有豐富行業經驗的高級領導者，幫助我們從洛杉磯門市開始，長期最大限度地利用這一成長機會。說到這，我（聽不清楚）分享我們計劃於秋季在洛杉磯開業的首家商店的詳細資訊。我們將佔據與集團的 Revolve 假日商店完全相同的位置。我們相信，我們令人難以置信的永久目的地將憑藉其在發展中的重要和高流量位置來提升我們的品牌，提供極大的曝光度並激發未來幾年的機會。我們預計下個月將開始動工，我迫不及待地想讓大家看到我們的品牌順利完工。

Finally, luxury and the high-end consumer. In early 2024, we talked about the disruption of the luxury e-commerce market on the heels of two distressed sales of large competitors in late 2023. As a profitable company with consistent cash flow generation, we saw an opportunity to benefit from this industry turmoil by investing in the luxury segment while others singly had no choice to to cut back. Capitalizing on the opportunity, last year, we made key investments in talent work, particularly (inaudible) the high net worth segment of consumers that drive the disproportion of share of the luxury industry revenue.

最後，奢侈品和高端消費者。2024 年初，我們談到了 2023 年底兩家大型競爭對手進行困境出售之後奢侈品電子商務市場的顛覆。作為一家盈利能力強、現金流穩定的公司，我們看到了透過投資奢侈品領域從這次行業動盪中獲益的機會，而其他公司則別無選擇，只能削減開支。利用這個機會，去年我們對人才工作進行了重點投資，特別是（聽不清楚）導致奢侈品行業收入份額不均衡的高淨值消費者群體。

Our fourth quarter results are a powerful indication that our forward investments are paying off, particularly in key customer electrics. For instance, our average revenue generated per forward active customer increased by a double-digit percentage year over year. We believe our investments were a key contributor to or 11-point improvement in top-line growth year over year compared to the prior quarter.

我們第四季的業績有力地表明，我們的前瞻性投資正在獲得回報，特別是在關鍵客戶的電氣領域。例如，我們每個前向活躍客戶創造的平均收入同比增長了兩位數的百分比。我們相信，我們的投資是本季營收年增 11 個百分點的關鍵貢獻者。

Another key driver of Forward's improved growth in the fourth quarter is our offering of preowned handbags. -- renew sales continue to gain scale and nearly doubled year-over-year in the fourth quarter. To map up -- we are thrilled with our win in delivering strong growth and profitability and excited about the potential of the long-term initiatives and investments as we pursue significant market opportunities that lie ahead.

Forward 第四季成長改善的另一個關鍵驅動力是我們提供二手手袋。 ——續約銷售額持續擴大，第四季較去年同期成長近一倍。從圖表上看，我們為實現強勁成長和盈利而感到興奮，並對我們在追求未來重大市場機會時的長期舉措和投資的潛力感到興奮。

Now I'll turn it over to Jesse for the financials.

現在我將把財務事宜交給傑西。

Thanks, Michael, and hello, everyone. I am extremely pleased with our fourth quarter results, highlighted by double-digit net sales growth across segments and geographies and a more than doubling of our net income and adjusted EBITDA year-over-year.

謝謝，邁克爾，大家好。我對我們的第四季度業績感到非常滿意，各個部門和地區的淨銷售額均實現了兩位數增長，淨收入和調整後 EBITDA 同比增長了一倍以上。

I'll start by recapping our fourth quarter results and then close with updates on recent trends in the business and commentary on our gross margin and cost structure for 2025. Starting with the fourth quarter results. Net sales were $294 million, a year-over-year increase of 14% and a 4-point improvement from our net sales growth in the third quarter of 2024. REVOLVE segment net sales increased 15% and FWRD segment net sales increased 11% year-over-year in the fourth quarter. By territory, domestic net sales increased 11% and international net sales increased 29% year-over-year.

我將首先回顧我們第四季度的業績，然後以業務的最新趨勢更新和 2025 年毛利率和成本結構的評論作為結束。從第四季的業績開始。淨銷售額為 2.94 億美元，年增 14%，比 2024 年第三季的淨銷售額成長提高了 4 個百分點。第四季度，REVOLVE 部門淨銷售額年增 15%，FWRD 部門淨銷售額年增 11%。按地區劃分，國內淨銷售額較去年同期成長11%，國際淨銷售額較去年同期成長29%。

Active customers, which is a trailing 12-month measure, grew to $2.7 million, an increase of 5% year-over-year. Total orders placed were $2.2 million, an increase of 7% year-over-year and our highest order growth in more than a year.

活躍客戶數（過去 12 個月的衡量標準）成長至 270 萬美元，較去年同期成長 5%。總訂單額為 220 萬美元，年增 7%，創下一年多以來的最高訂單增幅。

Average order value was $301, a decrease of 1% year-over-year that was due to lower AOV in the FWRD segment driven by product mix. Consolidated gross margin was 52.5% and came in well above our guidance range. The increase of 53 basis points year-over-year primarily reflects meaningful margin improvement in our Forward segment and an increased mix of net sales from the higher-margin REVOLVE segment, supported by strong full price mix in both segments.

平均訂單價值為 301 美元，年減 1%，原因是產品組合導致 FWRD 部門的 AOV 較低。綜合毛利率為52.5%，遠高於我們的預期範圍。年成長 53 個基點主要反映了我們 Forward 部門利潤率的顯著提高，以及利潤率較高的 REVOLVE 部門淨銷售額的增加，這得益於兩個部門強勁的全價組合。

Moving on to operating expenses. A high-level summary is that much better-than-expected efficiency in marketing, selling and distribution and fulfillment expenses in the fourth quarter was partially offset by higher-than-expected general and administrative expenses. Fulfillment costs were 3.2% of net sales, a decrease of 27 basis points year over year and slightly better than our guidance. Selling and distribution costs were 16.5% of net sales, a decrease of 129 basis points year over year and outperforming our guidance by roughly 80 basis points. This impressive result reflects outstanding execution by our teams to drive efficiency in our logistics costs as well as a meaningful decrease in our return rate year-over-year.

繼續討論營運費用。概括起來，第四季度行銷、銷售與分銷以及履行費用的效率遠超預期，但被高於預期的一般及行政費用部分抵消。履行成本佔淨銷售額的 3.2%，年減 27 個基點，略優於我們的預期。銷售和分銷成本佔淨銷售額的 16.5%，年減 129 個基點，比我們的預期高出約 80 個基點。這一令人印象深刻的業績反映了我們團隊的出色執行力，提高了物流成本效率，同時也降低了退貨率。

Our marketing investment came in much more favorable than expected, representing 14.8% of net sales, a decrease of 168 basis points year-over-year, which reflects efficiency gains across both the brand and performance marketing channels. General and administrative costs came in $6 million higher than our guidance, although most of the overage reflects costs that are excluded from adjusted EBITDA.

我們的行銷投入遠超預期，佔淨銷售額的 14.8%，年減 168 個基點，反映了品牌和績效行銷通路效率的提升。一般及行政開支比我們的預期高出 600 萬美元，儘管大部分超額部分反映了調整後 EBITDA 中排除的成本。

First, there were $2.7 million in non-routine costs that were not factored into our outlook and are excluded from adjusted EBITDA. Second, also contributing to the higher G&A costs is that stock-based compensation came in much higher than expected and increased $1.7 million year-over-year. These non-cash costs are also excluded from adjusted EBITDA. In addition, we continue to invest in many longer-term initiatives that we believe set us up for profitable growth well into the future.

首先，有 270 萬美元的非例行成本未計入我們的展望，因此不計入調整後的 EBITDA。其次，股票薪酬遠高於預期，較上年同期增加了 170 萬美元，也導致一般及行政費用增加。這些非現金成本也不包括在調整後的 EBITDA 中。此外，我們繼續投資於許多長期計劃，我們相信這些計劃將為我們未來的獲利成長奠定基礎。

Our tax rate was 20% in the fourth quarter, down from 28% in the prior year. The decrease was primarily due to excess tax benefits realized as a result of the exercise of non-qualified stock options. The meaningfully increased net sales and gross profit year-over-year, the improved marketing efficiency and great progress driving efficiencies in our logistics costs resulted in an exceptional growth on the bottom line.

我們第四季的稅率為 20%，低於去年同期的 28%。下降的主要原因是行使非合格股票選擇權實現了超額稅收優惠。淨銷售額和毛利較去年同期大幅成長、行銷效率提升以及物流成本效率的巨大進步，帶來了利潤的異常成長。

Net income more than tripled to $12 million or $0.17 per diluted share from $3 million or $0.05 per diluted share in the fourth quarter of 2023. Adjusted EBITDA was $18 million, an increase of 114% year-over-year. For the full year 2024, a adjusted EBITDA was $70 million, an increase of 60% year-over-year.

淨收入從 2023 年第四季的 300 萬美元或每股攤薄收益 0.05 美元增長兩倍多至 1200 萬美元或每股攤薄收益 0.17 美元。調整後 EBITDA 為 1800 萬美元，年增 114%。2024 年全年調整後 EBITDA 為 7,000 萬美元，年增 60%。

Moving on to the balance sheet and cash flow statement. We delivered improved net cash provided by operating activities and free cash flow in the fourth quarter compared to the prior year period, further strengthening our balance sheet. Comparisons were less favorable for the full year 2024, however, is our net cash provided by operating activities of $27 million, and free cash flow of $18 million decreased 38% and 54% year-over-year, respectively.

繼續看資產負債表和現金流量表。與去年同期相比，我們第四季的營運活動淨現金和自由現金流有所改善，進一步增強了我們的資產負債表。然而，2024 年全年的情況較不樂觀，我們的經營活動提供的淨現金為 2,700 萬美元，自由現金流為 1,800 萬美元，分別年減 38% 和 54%。

Our much higher net income year-over-year was more than offset by unfavorable changes in working capital. including our investment in inventory during the year. Importantly, we exited the fourth quarter of 2024 with inventory growth much more balanced, which we believe positions us to generate increased cash flows in 2025.

我們的淨收入年增率被營運資本的不利變化所抵銷。包括我們全年對庫存的投資。重要的是，我們在 2024 年第四季結束時庫存成長更加均衡，我們相信這將使我們在 2025 年產生更多的現金流。

Inventory at December 31, 2024, was $229 million, an increase of 13% year-over-year, which was slightly outpaced by our 14% net sales growth for the fourth quarter. demonstrating the important progress we have made in rebalancing our inventory. As of December 31, 2024, cash and cash equivalents were $257 million, an increase of $11 million or 5% year-over-year and we had no debt. Since the end of 2019, we have increased our cash balance nearly fourfold, an increase of $191 million in 5 years while returning more than $40 million to shareholders through stock repurchases over the last 18 months, approximately $58 million remained available in our $100 million stock repurchase program at year-end, unchanged from last quarter. Now let me update you on some recent trends in the business since the fourth quarter ended and provide some direction on our cost structure to help in your modeling of the business for 2025.

截至 2024 年 12 月 31 日的庫存為 2.29 億美元，年增 13%，略高於我們第四季 14% 的淨銷售額成長。展示了我們在重新平衡庫存方面取得的重要進展。截至 2024 年 12 月 31 日，現金和現金等價物為 2.57 億美元，年增 1,100 萬美元或 5%，我們沒有債務。自 2019 年底以來，我們的現金餘額增加了近四倍，5 年內增加了 1.91 億美元，同時在過去 18 個月中透過股票回購向股東返還了超過 4,000 萬美元，截至年底，我們的 1 億美元股票回購計劃中剩餘約 5,800 萬美元可用，與上一季持平。現在，讓我向您介紹自第四季度結束以來的一些最新業務趨勢，並提供一些有關我們的成本結構的指導，以幫助您對 2025 年的業務進行建模。

Starting from the top. Our net sales through the first 7 weeks of the first quarter of 2025 have increased by a high single-digit percentage year-over-year.

從頂部開始。截至 2025 年第一季前 7 週，我們的淨銷售額年增了高個位數百分比。

In terms of linearity, month-to-date sales trends in February have been very solid, helping to offset softer net sales growth in January when the Los Angeles wildfires temporarily impacted demand in our largest region of California and during which time, we paused social media activity to focus on our relief efforts and in reference to those impacted by the wildfires. For modeling purposes, for the balance of the first quarter of 2025, remember that February 2025 has one less day than the prior year comparison due to leap year in February 2024. This uneven calendar year-over-year creates an approximately 1 point headwind to net sales growth in the first quarter of 2025. Shifting to gross margin. We expect gross margin in the first quarter of 2025 of between 52.2% and 52.7%, which implies an increase of 15 basis points year-over-year at the midpoint of the range.

從線性方面來看，2 月份迄今的銷售趨勢非常穩固，有助於抵消 1 月份淨銷售額增長疲軟的影響，當時洛杉磯野火暫時影響了我們最大的加州地區的需求，在此期間，我們暫停了社交媒體活動，以專注於救援工作並關注那些受到野火影響的人們。為了建模目的，對於 2025 年第一季的餘額，請記住由於 2024 年 2 月是閏年，2025 年 2 月比去年少一天。這種同比不平衡的日曆變化對 2025 年第一季的淨銷售額成長造成了約 1 個百分點的阻力。轉向毛利率。我們預計 2025 年第一季的毛利率在 52.2% 至 52.7% 之間，這意味著中間值比去年同期增加 15 個基點。

For the full year 2025, we expect gross margin of between 52.4% and 52.9%, which also implies a year-over-year increase of around 15 basis points at the midpoint of the range. Embedded in our 2025 expectations for gross margin are higher net sales at full price year-over-year and notable margin improvement in the FWRD segment, which we expect to be partially offset by the new China tariffs that are most relevant to our REVOLVE segment. Also important to the discussion of potential tariff impact in supply chains is that we have extremely limited sourcing exposure to Canada and Mexico.

對於 2025 年全年，我們預計毛利率在 52.4% 至 52.9% 之間，這也意味著中間值將年增約 15 個基點。我們對 2025 年毛利率的預期包括全價淨銷售額同比增加和 FWRD 部門利潤率顯著提高，但我們預計這些增長將被與我們的 REVOLVE 部門最相關的中國新關稅部分抵消。在討論關稅對供應鏈的潛在影響時，同樣重要的是，我們對加拿大和墨西哥的採購風險極為有限。

Fulfillment. We expect fulfillment as a percentage of net sales of approximately 3.2% for the first quarter of 2025, a decrease of approximately 30 basis points from the fulfillment efficiency ratio in the first quarter of 2024. For the full year 2025, we expect fulfillment costs of between 3% and 3.2% of net sales, a decrease of approximately 20 basis points year-over-year at the midpoint of the range.

履行。我們預計 2025 年第一季的履行率佔淨銷售額的百分比約為 3.2%，比 2024 年第一季的履行效率率下降約 30 個基點。對於 2025 年全年而言，我們預計履行成本將佔淨銷售額的 3% 至 3.2%，與去年同期相比下降約 20 個基點。

Selling and distribution. We expect selling and distribution costs as a percentage of net sales of approximately 17.4% for the first quarter of 2025, which implies a year-over-year improvement of approximately 50 basis points. For the full year 2025, we expect selling and distribution costs of between 17% and 17.2% of net sales, a decrease of 20 basis points year-over-year at the midpoint of the range.

銷售和分銷。我們預計 2025 年第一季銷售和分銷成本佔淨銷售額的百分比約為 17.4%，這意味著同比增長約 50 個基點。對於 2025 年全年，我們預計銷售和分銷成本將佔淨銷售額的 17% 至 17.2%，與去年同期相比下降 20 個基點。

Marketing. We expect our marketing investment in the first quarter of 2025 to be approximately 14.9% of net sales, a decrease of around 40 basis points year-over-year. For the full year 2025, we expect our marketing investment to represent between 14.9% and 15.1% of net sales, an increase of approximately 20 basis points year-over-year at the midpoint of the range, as we expect continued efficiencies in marketing to be partially offset by continued investments to support brand building and customer acquisition.

行銷.我們預計2025年第一季的行銷投資約佔淨銷售額的14.9%，年減約40個基點。就 2025 年全年而言，我們預計行銷投資將佔淨銷售額的 14.9% 至 15.1%，較上年同期增加約 20 個基點，因為我們預計持續的營銷效率提高將透過持續投資以支持品牌建設和客戶獲取而部分抵消。

General and administrative. We expect G&A expense of approximately $39.5 million in the first quarter of 2025 and between $155 million and $158 million for the full year 2025. This implies a 10% year-over-year increase in G&A costs for the full year 2025 at the midpoint of the guidance range as we continue to invest in longer-term growth initiatives such as the launch of several exciting owned brands, and further expansion of AI technology throughout the organization. It also includes a full year of investment in the Alexandre Vauthier fashion house we acquired in the second quarter of 2024.

一般及行政方面。我們預計 2025 年第一季的 G&A 費用約為 3,950 萬美元，2025 年全年的 G&A 費用在 1.55 億美元至 1.58 億美元之間。這意味著 2025 年全年的 G&A 成本將年增 10%，處於指導範圍的中點，因為我們將繼續投資於長期成長計劃，例如推出幾個令人興奮的自有品牌，以及在整個組織內進一步擴展 AI 技術。其中還包括對我們在 2024 年第二季收購的 Alexandre Vauthier 時裝公司的全年投資。

And lastly, we continue to expect our effective tax rate to be around 24% to 26% for the full year 2025.

最後，我們繼續預期 2025 年全年有效稅率將在 24% 至 26% 左右。

To recap, I am very encouraged by our fourth quarter and full year results. highlighted by an inflection in our top line growth and more than 70% growth in net income for the full year 2024. Most importantly, we achieved these strong results while investing meaningfully in growth and efficiency initiatives that we believe position us well to continue to gain market share over the long term in pursuit of the very large opportunity ahead of us.

總而言之，我對我們的第四季和全年業績感到非常鼓舞。突出的是我們的營收成長出現轉折點，2024 年全年淨收入成長超過 70%。最重要的是，我們在取得這些強勁業績的同時，對成長和效率計劃進行了有意義的投資，我們相信這使我們能夠在長期內繼續獲得市場份額，以抓住擺在我們面前的巨大機遇。

Now we'll open it up for your questions.

現在我們將開始回答大家的問題。

(Operator Instructions) Randy Konik, Jefferies.

（操作員指示） Randy Konik，Jefferies。

I guess, Jesse, a question for you, really more color on the gross margin outlook, great performance in the quarter. Just curious, you talked about the ability to kind of even increase the amount of full price proportion of sales in the business and I guess, in REVOLVE, give us some perspective on what drive that thought process going forward?

傑西，我想問你一個問題，關於毛利率的前景，本季的表現非常出色。只是好奇，您談到了甚至可以增加業務中全價銷售額比例的能力，我想，在 REVOLVE 中，您能給我們一些關於推動這一思維過程發展的觀點嗎？

And then on FWRD actually, maybe give us some perspective of just how much lower the gross margins are at this point in time and where you can see those margins going ahead?

然後關於 FWRD，實際上，您能給我們介紹一下目前的毛利率到底低了多少，以及您認為未來的毛利率會如何？

Yes, sure. And yes, definitely a great quarter, and good to see that forward margin starting with a 4 again. We still see opportunity there especially on a full year basis. Again, a reminder, in the first half of the year was more challenged than the back half of the year. So we're entering 2025 in a really good place in terms of inventory on forward and expect that full price to continue.

是的，當然。是的，這絕對是一個偉大的季度，很高興看到前鋒利潤率再次以 4 開始。我們仍然看到機會，特別是從全年來看。再次提醒一下，上半年的挑戰比下半年更大。因此，就庫存而言，我們將在 2025 年進入一個非常好的狀態，並預計全價將繼續保持。

On the overall full price landscape, I think it's a couple of things. One, styles continue to expand. The team gets better and better at bringing those new styles. The merchandising is really resonating, so we do see further opportunity there for full price even on top of the really healthy full price we exited 2024 on. And again, a reminder, the first half of 2024 was more pressured than the back half.

就整體全價情況而言，我認為有幾件事。一是款式不斷拓展。團隊在帶來新風格方面做得越來越好。商品推銷確實引起了共鳴，因此，即使在 2024 年退出時已經非常健康的全價基礎上，我們確實看到了全價的進一步機會。再次提醒一下，2024 年上半年的壓力比下半年更大。

So we see a good full year 2025 ahead.

因此，我們預計 2025 年全年業績將表現良好。

And one last question. Just on the outlook on the outlook for logistics, especially internationally, where does that sit right now? I'm sure the international margins, I don't know if it's the case, but I'm sure they're a little bit lower domestic margins. Maybe give us some perspective of where those margins sit internationally relative to the domestic piece of the business evolve and kind of how that journey will unfold in the years ahead.

最後一個問題。就物流業的前景，特別是國際物流業的前景而言，目前情況如何？我確信國際利潤率，我不知道是否如此，但我確信國內利潤率較低。或許您可以從中為我們提供一些視角，了解相對於國內業務的發展，這些利潤率在國際上處於什麼位置，以及未來幾年這一歷程將如何展開。

Yes. Yes. From a gross margin perspective, it's relatively in line. There's always some product mix differences there, but call it in line. And then when you work down to contribution margin, call it neutral.

是的。是的。從毛利率來看，是相對符合的。產品組合上總是存在一些差異，但這是正常的。然後，當您計算出貢獻利潤率時，就稱之為中性。

It is more expensive to ship internationally, but that's offset by a lower return rate internationally than we see domestically. So there's some puts and takes throughout, but it's comparable to that of domestic.

國際運輸費用更貴，但國際退貨率比國內退貨率低，從而抵消了這一成本。因此，儘管存在一些困難，但與國內相比是相當的。

Oliver Chen, TD Cowen.

奧利佛陳（Oliver Chen），TD Cowen 公司。

Mike and Jessie, great results. As we look forward, the comparisons get a little tougher in terms of the revenue growth as we go throughout the year. What are your thoughts in terms of average order value relative to number of orders and how that may manifest as well as are you expecting a better first half versus second half, given the nature of the comparisons?

麥克和傑西，成績很棒。展望未來，隨著全年收入成長的比較會變得更加困難。您對平均訂單價值與訂單數量有何看法，以及這將如何反映？考慮到比較的性質，您是否預期上半年的表現會比下半年更好？

Secondly, as we think about physical retail, what are just some key things you're thinking about longer term with physical and stores.

其次，當我們考慮實體零售時，您對實體和商店的長期考慮的關鍵事項是什麼？

Yes. Yes, I'll take that first one and then pass it along. In terms of orders versus AOV and customers, we expect strong growth in that customer and orders. With a slight increase in AOV again, going back to the full price mix with a higher full price mix assumed, we should see a slight uptick in AOV, but nothing meaningful. So most of the growth coming from orders and customers.

是的。是的，我會拿走第一個然後將其傳遞下去。就訂單與平均價值 (AOV) 和客戶而言，我們預計客戶和訂單將出現強勁成長。隨著 AOV 再次略有增加，回到假設全價組合更高的全價組合，我們應該會看到 AOV 略有上升，但沒有什麼意義。因此大部分成長來自訂單和客戶。

And then in terms of physical retail and thinking about it, it's a huge long-term opportunity. We're really excited about our experiences there thus far, the Aspen store are entering its second year now. And then the growth pop up, which was a great success and really excited to put our heads down and get that store open for the fall this year. We think it's a great location. There is phenomenal interest in traffic and turn out at our pop-up and really excited to see what we can do in the fall.

從實體零售的角度來看，這是一個巨大的長期機會。我們對迄今為止在那裡的經歷感到非常興奮，阿斯彭商店現在已經進入第二年。然後就出現了成長，這是一個巨大的成功，我們真的很高興能夠埋頭苦幹，在今年秋天開這家店。我們認為這是一個絕佳的地點。人們對我們的彈出式視窗的流量和結果非常感興趣，並且非常興奮地看到我們在秋天可以做些什麼。

And again, long term, you get a massive opportunity, half of the apparel market or more is still offline. And so we're putting the pieces in place to go after that.

而且，從長遠來看，你會得到一個巨大的機會，一半以上的服裝市場仍然處於線下狀態。所以我們正在做好一切準備以實現這一目標。

Okay. And on return rates, which have trended better. What should we know about what you're seeing now with return rates? And any implications that has for the nature of the health of your consumer. When we do model revenue growth in the year ahead, do you think it will be pretty bumpy or just consistently positive ideally.

好的。就回報率而言，也呈現更好的趨勢。對於現在的退貨率，我們該了解什麼？以及這對消費者健康狀況的任何影響。當我們對未來一年的收入成長進行建模時，您認為它會相當坎坷還是理想情況下會持續保持正成長？

Yes. Really hard to say what the cadence of revenue growth will be over the course of the year. I think 1 thing to hit on maybe seasonality. Because seasonality has been so volatile over the last few years and then this past year with a lot of our initiatives kicking in, in the back half of the year, we did see that revenue in absolute dollars increased sequentially each quarter.

是的。真的很難說出全年收入成長的節奏是怎麼樣的。我認為有一件事可能與季節性有關。由於過去幾年的季節性波動很大，加上去年我們推出的多項舉措，在下半年，我們確實看到絕對美元收入每季都較上季增加。

So I think if we look ahead to 2025, absent any bigger macro factors. We expect seasonality to return closer to where we were back in the pre-COVID era with Q2 being the highest in 1Q and 4Q being a little bit lower, but more muted than it has been in the pre-COVID period, just given the great success we've had in other product categories outside of that core kind of event, kind of festival going out apparel that we've had in the past. And then return rate, where for modeling purposes, we're modeling in a flat return rate for 2025. Now that's not to take away from the optimism we have in in generating further gains there. But from a modeling perspective, we're still modeling a flat return rate with more opportunity to beat that in the first half of the year than the second half given the progress we made in 2024.

因此我認為，如果我們展望 2025 年，沒有任何更大的宏觀因素。我們預計季節性將恢復到更接近新冠疫情之前的水平，第二季度的增長速度將達到第一季度的最高水平，而第四季度的增長速度將略低一些，但比新冠疫情之前的水平要低一些，這是因為我們除了過去的那種核心活動、節日外出服裝之外，在其他產品類別中也取得了巨大的成功。然後是回報率，出於建模目的，我們以 2025 年的固定回報率進行建模。這並沒有削弱我們在那裡取得進一步進展的樂觀情緒。但從建模的角度來看，考慮到我們在 2024 年取得的進展，我們仍在建模一個平穩的回報率，並且上半年比下半年有更大的機會超過這一回報率。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），斯蒂費爾（Stifel）。

Really nice quarter, guys. I want to ask on Q1, no doubt a challenge for the team operating this wildfires. Are you able to size the January impact of the disruption from both the customers in the area and the pause you had in performance marketing to the January figures.

夥計們，這真是一個美好的季度。我想問第一個問題，這對處理這場山火的團隊來說無疑是一個挑戰。您能否估算出該地區客戶中斷和績效行銷暫停對一月份數據造成的影響？

Yes. Yes, it definitely had an impact. It's hard to give an exact number there because there were a lot of factors at play, but we definitely saw depressed sales specifically during that time period. And from a couple of different perspectives. One, in that core market of California and then more specifically around LA, and you could really see that at the growth store.

是的。是的，它確實有影響。由於有很多因素在起作用，因此很難給出一個確切的數字，但我們確實看到那段時期的銷售下滑。並從幾個不同的角度來探討。首先，在加州的核心市場，更具體地說是洛杉磯週邊，你可以在成長型商店中看到這一點。

And then second, which impacted more kind of nationwide sales was our pause on social. And then also just a lot of the social attention was focused on wildfires, there was also a lot of kind of weather challenges, especially on the East Coast. And then also a lot of, call it, noise from administration change tariffs, et cetera. So January was challenging from a number of perspectives.

其次，對全國銷售影響更大的是我們在社群媒體上的暫停。而且很多社會注意力都集中在野火上，還有很多天氣挑戰，尤其是在東岸。然後還有很多來自政府改變關稅等的噪音。因此，從多個角度來看，一月都是充滿挑戰的。

But to our point in the prepared remarks, February really picked up and is -- it performed solid through that first couple of weeks of February. So feeling optimistic about the progress despite the challenge we had in January.

但正如我們在準備好的發言中指出的那樣，二月份的經濟確實有所回升，並且在二月的頭幾週表現穩健。儘管我們在一月份遇到了挑戰，但我們對進展仍感到樂觀。

Okay. And then on the merchandising, can you put a little more color on broader use cases you gave the ski were example, which drove really impressive growth in the fourth quarter. Are there others like this that you would point to, which are tangible drivers in 2025? And then maybe like within that, if you could speak to the own brands that you're most excited about?

好的。然後在商品推銷方面，您能否更詳細地介紹一下更廣泛的用例，例如滑雪，這推動了第四季度的真正令人矚目的成長。您能指出其他類似的、在 2025 年會成為實際推動力的因素嗎？那麼也許就像在其中一樣，您可以談談您最感興趣的自有品牌嗎？

So I think Michael is having trouble with this line. Normally, Michael would answer these questions.

所以我認為邁克爾在這句話上遇到了困難。通常情況下，麥可會回答這些問題。

Yes. Can you anti me?

是的。你能反我嗎？

We got you, Michael.

我們抓到你了，麥可。

Sorry, yes, I get going to get interest with a lot off and muting from the operator. But yes, the CSP has been incredible and that's something we continue to expand. But water cold weather has been very, very strong for us over the past 20-some years. we've been known for a lot more warmer weather. But with the absent with merchandising focus, we've been able to connect really on an outerwear sweaters in this past cold weather season.

抱歉，是的，我會對操作員的許多關閉和靜音感興趣。但是，是的，CSP 確實令人難以置信，而且我們會繼續擴展它。但在過去 20 多年裡，水冷天氣對我們來說一直非常非常強烈。我們已知道天氣將變得更加溫暖。但由於缺乏對商品銷售的關注，在過去的寒冷季節，我們已經能夠真正地將注意力集中在外套毛衣上。

We're also seeing a lot more tailoring and sophisticated kind of styles, which can translate to a more accent customer as well as kind of workwear, which has been super exciting for us. long-term right also we think that foundational basics and essential things that our customers necessary historically too has gone quite well. The foundation hope see that as a long-term journey. So we really see a lot of traction in all aspects of reward rope long-term-wise, even more. There's other things that we haven't even yet attacked yet, but those are three huge areas that we know our customers shop for and is now really shopping with us for.

我們還看到了更多剪裁和精緻的風格，這可以轉化為更有特色的顧客以及工作服，這對我們來說是非常令人興奮的。從長遠來看，我們也認為，我們的客戶所需的基礎和基本事物從歷史上看也進展得相當順利。基金會希望將此視為一趟長期的旅程。因此，從長期來看，我們確實看到獎勵繩的各個方面都具有很大的吸引力，甚至更多。還有一些其他的事情我們還沒有涉足，但我們知道，這三個重要的領域是我們的客戶購物時所關注的，而且現在他們確實在向我們購物。

So the team has done an incredible job there.

因此，該團隊在那裡做出了令人難以置信的工作。

Nathan Feather, Morgan Stanley.

摩根士丹利的內森費瑟 (Nathan Feather)。

Really encouraging to see forward return to double-digit growth here. I guess, do you feel you're back to sustainable positive growth in that segment absent additional macro volatility there? And then can you give us an update on the inventory situation? How far would you say you are from normalized levels, specifically forward?

看到這裡重返兩位數的成長確實令人鼓舞。我想，您是否覺得，在沒有額外的宏觀波動的情況下，該領域已經恢復了可持續的正成長？那您能向我們介紹一下庫存狀況嗎？您認為您距離正常化程度還有多遠，具體來說是向前看嗎？

Yes. So with regard to FWRD, we feel great about the progress in the fourth quarter. FWRD has been a little bit more volatile business. So you don't want to kind of refrain from commenting on precise projections going forward, but we're continuing to see some positive momentum there. We feel that we made great investments last year, really tapping into the higher net worth customer segment, as Michael mentioned.

是的。因此，就 FWRD 而言，我們對第四季度的進展感到非常滿意。FWRD 的業務稍微不穩定一些。因此，您不想避免對未來的精確預測發表評論，但我們繼續看到一些積極的勢頭。我們認為，我們去年進行了巨大的投資，真正挖掘了高淨值客戶群，正如邁克爾所提到的。

Also, we feel like we're starting to see some signs luxury market is a bit. We're certainly optimistic we're going to see positive growth there in the quarter to come. But we'd like to see a couple more months of progress before putting anything to firm out there.

此外，我們感覺我們開始看到一些跡象表明奢侈品市場有點。我們非常樂觀地認為我們將在下一季看到積極的成長。但我們希望再觀察幾個月的進展狀況，然後再做出最終決定。

With regards to the inventory situation, we're definitely seeing progress on inventory, still a bit more heavily inventory than we'd like. So continue to work our way through. There are some signs of recovery, really great results in Q4, and we're looking to strength through a couple of of nice quarters in a row before we get too bullish on that segment.

就庫存情況而言，我們確實看到庫存方面取得了進展，但庫存仍然比我們希望的要多一些。因此，繼續努力。目前已經出現了一些復甦的跡象，第四季度的業績表現非常好，我們希望能夠透過連續幾季的良好表現來增強自身實力，之後再對該領域進行過於樂觀的預測。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

It's great quarter, great holiday. Jesse, would you just kind of put a final stamp on the question earlier, would you say the February run rate or whatever the run rate is since you went back to restarted social media is back to levels similar to 4Q, just so we can understand that that's kind of the normal rate here given the volatility.

這是一個美好的季度，美好的假期。傑西，你能否對之前的問題做出最後的回答，你是否能說 2 月份的運行率，或者自從你重新開始社交媒體以來的任何運行率，已經回到了與第四季度相似的水平，這樣我們就能理解，考慮到波動性，這算是正常的運行率。

And then I'm curious on the gross margin outlook for the year, what should we think about as the inputs that dictate the high end, up 40 basis points versus the low end, down 10 basis points, so I understand some of the puts and takes. And then one last one on the -- really impressed to hear the variable costs better by 130 basis points. I know that took a lot of work for you guys, very impressive especially as more of the orders coming from international, which I think has always been harder to serve. When do you get to that run rate? And what are the incremental drivers from here?

然後我對今年的毛利率前景很好奇，我們應該考慮哪些輸入來決定高端，上漲 40 個基點，而低端，下降 10 個基點，所以我理解其中的一些利弊。最後一個問題——聽到變動成本降低了 130 個基點，我們真的很感動。我知道你們做了很多工作，這非常令人印象深刻，特別是因為越來越多的訂單來自國際，我認為服務國際市場一直比較困難。你什麼時候能達到那個運行率？那麼，未來的增量驅動因素是什麼？

Are there other projects that can drive that higher from here?

還有其他項目可以推動這一數字進一步上升嗎？

Yes. Okay. I'll try to hit all those. So maybe starting with February and the growth rate there, it did bounce back really nicely, and it was really solid. And I'd say, I'd put it in the zone of that Q4, which helped offset some of the January softness that we saw.

是的。好的。我會盡力實現所有這些目標。因此，也許從二月開始，那裡的成長率確實反彈得很好，而且非常穩健。我想說，我會把它放在第四季度的區域，這有助於抵消我們看到的一月份的一些疲軟。

So hard to say what happens from here, but our hope is that, that continues.

所以很難說接下來會發生什麼，但我們希望這種情況能持續下去。

On the puts and takes on gross margin, there's a couple of things. I think the things we called out, how successful we are in driving that full price mix, which we're confident in. The other probably bigger factor that's more somewhat out of our control is just what exactly happens with tariffs when that comes in play, timing of inventory receipts and then our mitigating factors. We have a number of mitigating factors in the works, which is why we're not getting too precise on specifying that tariff impact. But that is definitely a variable we feel good about the inventory as we head into the year, as Mike called out.

關於毛利率的利弊，有幾件事。我認為，我們所指出的事情，以及我們在推動全價組合方面的成功，我們對此充滿信心。另一個可能更大的、更不受我們控制的因素是，當關稅發揮作用時，究竟會發生什麼情況，庫存收貨的時間以及我們的緩解因素。我們正在採取一些緩解措施，這就是為什麼我們沒有太精確地說明關稅的影響。但正如麥克所說，這絕對是一個變量，隨著我們進入新的一年，我們對庫存感覺良好。

So that definitely gives us a good start to 2025.

這無疑為我們 2025 年帶來了一個好的開始。

On the variable, really good work by the team in 2024 with outside of the return rate impact, which I'll get to, but we had 20, 20-plus specific initiatives and different size and scale that were in play that helped that selling and distribution efficiency gain in 2024. If you look at the combination of selling and distribution and fulfillment, there was about 160 basis point improvement, about two-thirds of that was due to return rate and a lower return rate year-over-year. So that definitely has a significant impact. And we're optimistic we can continue to drive those gains. So that will be 1 factor.

就變數而言，除了退貨率的影響之外，團隊在 2024 年做得非常出色，我稍後會講到，但我們有 20 多個具體舉措，規模和範圍各不相同，這些舉措有助於在 2024 年提高銷售和分銷效率。如果將銷售、分銷和履行結合起來看，就會發現大約有 160 個基點的改善，其中約三分之二是由於退貨率和同比較低的退貨率。所以這肯定會產生重大影響。我們樂觀地認為我們能夠繼續推動這些成長。所以這將是一個因素。

And the team continues to work on other efficiency gains. They've already identified a number of things as we head into 2025, not to get specific on those, but we're optimistic we can continue to manage those variable line items.

該團隊也將繼續致力於提高其他效率。在邁向 2025 年之際，他們已經確定了許多事項，雖然沒有具體說明，但我們樂觀地認為，我們可以繼續管理這些可變項目。

And thank you for calling out the international, too. That is a factor. So even with that international pressure in international growing at 29%, being able to get those logistics efficiencies down was really impressive.

也感謝您對國際的呼籲。這是一個因素。因此，即使國際壓力成長了 29%，能夠降低物流效率確實令人印象深刻。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

You called out the reduction in your customer acquisition costs I was hoping you could contextualize how much of that improvement is your internal initiatives and marketing approach versus perhaps a more favorable backdrop on the performance marketing front.

您提到了客戶獲取成本的降低，我希望您能夠說明這種改進在多大程度上是您的內部舉措和行銷方法，還是在績效行銷方面更有利的背景。

And then separately, Jesse, just G&A, I think you're guiding to about 10% growth in G&A dollars in 2025. It's, I think, a higher leverage point than you communicated in the past. And maybe I'm missing some one-timers in that calculation, but maybe just unpack that a little bit and help us understand the G&A investments.

然後另外，Jesse，僅就 G&A 而言，我認為您預計 2025 年 G&A 費用將增加約 10%。我認為，這是一個比你過去所傳達的更高的槓桿點。也許我在這個計算中遺漏了一些一次性因素，但也許只是稍微解釋一下，就能幫助我們理解 G&A 投資。

Yes. So on the marketing side, in terms of the marketing efficiencies we saw during the year, it was largely driven by internal team indicative. There are a number of really nice things the team was able to do in terms of expanding our reach and efficiency with the performance marketing, some of them actually related to some of those AI initiatives that we talked about. Of course, there were any in beyond that.

是的。因此，在行銷方面，就我們今年看到的行銷效率而言，它主要是由內部團隊指示推動的。在擴大績效行銷的覆蓋範圍和效率方面，團隊做了很多非常好的事情，其中​​一些實際上與我們談到的一些人工智慧計劃有關。當然，除此之外，還有其他的。

And then on the brand marketing side, really phenomenal work by the team, structuring our brand marketing events in a way that was much more efficient but also more impactful than the previous year. So a tremendous job by the team on the marketing side.

在品牌行銷方面，團隊的工作確實非常出色，他們建立的品牌行銷活動比去年更有影響力，也更具影響力。因此，團隊在行銷方面做了大量工作。

Yes. And then on G&A, in 2024, there were meaningful amounts of, call it, non-routine costs that were included in G&A to the tune of about $4 million. So hard to predict those going forward, but assume those go away in 2025. Stock comp is also higher in 2024, so expecting that to normalize as we get into 2025. So -- that 10% is really core G&A growth plus investments that we continue to make, expecting additional investment in physical.

是的。然後就 G&A 而言，在 2024 年，有大量可稱為非例行成本的費用被納入 G&A 中，金額約為 400 萬美元。因此很難預測未來的發展，但假設它們將在 2025 年消失。2024 年的股票價格也會更高，因此預計到 2025 年這一水準將恢復正常。所以 —— 這 10% 實際上是核心 G&A 成長加上我們繼續進行的投資，預計在實體方面會有額外的投資。

We've got a number of owned brand launches planned that we're really excited about, and that takes upfront investment in team and infrastructure there. And then Vauthier will have a full year of cost impact versus the half year of 2024. So those are a couple of the kind of outliers outside of the 4 G&A growth.

我們計劃推出多個自有品牌，對此我們感到非常興奮，而這需要對團隊和基礎設施進行前期投資。那麼，與 2024 年上半年相比，Vauthier 的成本影響將持續一整年。因此，這些是 4 個 G&A 成長之外的幾個異常值。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great. And let me add my congrats as well. great end to the year. Just a follow-up on the quarter-to-date. Great to hear that February improved so nicely.

偉大的。請容許我同樣表示祝賀。美好的一年即將結束。這只是對本季度迄今為止的情況的跟進。很高興聽到二月進展如此順利。

Just what are you seeing across the two brands and also international versus US? And any particular categories you call out that are driving the business? And then we had a follow-up as well.

您對這兩個品牌以及國際和美國品牌有何看法？您提到了哪些特定類別對業務產生了推動作用？然後我們也進行了後續行動。

Yes. No additional color on the seven weeks in part because it's only seven weeks, so we don't want to give too much there. Other than to say we did see growth across both segments and both domestic and international. So optimistic that the growth is coming from all aspects of the business.

是的。我們沒有對這七週進行額外的描述，部分原因是因為它只有七週，所以我們不想給太多描述。除此之外，我們確實看到了國內和國際兩個領域都實現了成長。我們非常樂觀地認為成長來自於業務的各個方面。

Okay. That's perfect. And just on marketing. You've been getting really nice efficiencies all of last year. Just curious, can you talk about how you approach the Revolve Festival coming up in April?

好的。那很完美。僅就行銷而言。去年全年你們的效率都非常好。只是好奇，可以談談你如何看待即將在四月舉行的 Revolve 音樂節嗎？

You got some pretty nice marketing efficiency last year, already with (inaudible). Just how do you think about that this year?

去年你的行銷效率已經相當不錯了，（聽不清楚）。今年您對此有什麼看法？

This year, from an investment perspective, we're looking at the same range. But of course, we're always challenging the team to do better and better. So it's not an optimistic that we can continue to improve on our investments in these areas. But from a dollars perspective compared to last year, it will be quite similar.

今年，從投資角度來看，我們關注的是相同的範圍。但當然，我們總是在挑戰團隊，讓他們做得越來越好。因此，我們能否繼續加大在這些領域的投資並不樂觀。但從美元角度來看，與去年相比，情況將非常相似。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

My question is for you. You talked a lot about AI in the prepared remarks about all the different ways the company has utilized it to impact the business, but AI seems to be changing so fast. Can you just talk about maybe in the last 90 days, how you see new opportunities emerge just based on AI technology getting better? And what might you -- what new things you're working on to maybe help having the business forward using AI?

我的問題是問你的。您在準備好的評論中談了很多關於人工智慧的問題，談到了公司利用人工智慧來影響業務的各種不同方式，但人工智慧似乎變化得太快了。您能否談談在過去 90 天裡，您如何看待隨著 AI 技術的進步而出現的新機會？您正在進行哪些新工作來幫助利用人工智慧推動業務？

Yes, 100%. That's what's so exciting about it. We've gotten some much in terms of incredible results in the past year and is changing so fast, and the team is working on new things every day. So we've got several really exciting projects in the -- I think it's a bit too early to share them yet. One of the things I'm particularly excited about, I think generally kind of taps into newer ways of product discovery and I think that one will take a little bit of refinement anytime you're introducing a new way of shopping to customers and new interfaces, it can take some time for consumers to adapt.

是的，100%。這正是它令人興奮的地方。在過去的一年裡，我們取得了許多令人難以置信的成果，而且變化非常快，團隊每天都在致力於新事物。所以我們有幾個非常令人興奮的項目——我認為現在分享它們還為時過早。我特別興奮的事情之一是，我認為它通常會利用更新的產品發現方式，而且我認為當你向客戶推出一種新的購物方式和新介面時，都需要進行一些改進，消費者可能需要一些時間來適應。

But really excited about that one.

但對此我真的很興奮。

We're continuing to leverage ML and AI against all facets of our business to efficiency, improve our existing algorithms. We made huge gains in terms of site merchandising search product recommendations last year. The team is continuing to tap into some of those same areas with the improved technology. So yes, -- it's exciting. I'm excited to see what the year comes and what comes with year I think the nature of R&D type developments it can come in spurts, right?

我們將繼續利用機器學習和人工智慧來提高業務的各個方面的效率並改進現有的演算法。去年我們在網站商品搜尋產品推薦方面取得了巨大的進展。該團隊正在繼續利用改進後的技術探索其中一些相同的領域。是的，這很令人興奮。我很高興看到今年會發生什麼，我認為研發類型的發展本質是突飛猛進，對嗎？

So you don't say know what's going to hit until you fully validate everything, but there's a number of projects in the works that we're excited about.

因此，在完全驗證所有內容之前，您無法知道會發生什麼，但是正在進行的許多項目讓我們感到興奮。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Just kind of a follow-up to that question. The comments about the expanded reach on sort of the performance channels via AI. Anything you can provide there as far as -- is that a proprietary versus third-party initiative? What are you seeing there?

這只是這個問題的一種後續答案。關於透過人工智慧擴大績效管道覆蓋範圍的評論。您能提供什麼資訊－這是專有舉措還是第三方舉措？你在那看到了什麼？

Yes. So that used our own proprietary technology. And we don't want to get too much into the details of what exactly we did. But we were able to employ the technology in an effective way to expand our reach. And it was -- among many things that helped our margin in the 5G and during the quarter.

是的。所以這使用了我們自己的專有技術。我們不想過度談論我們到底做了什麼。但我們能夠有效地運用這項技術來擴大我們的覆蓋範圍。這是眾多因素之一，有助於我們在本季提高 5G 利潤。

Fair. All right. And then just two quick ones here. Are you seeing any meaningful impact on the return rate deleverage or decline as it relates to product or category mix, men's, beauty home? Or is it too early for that?

公平的。好的。這裡還有兩個簡短的問題。您是否看到與產品或類別組合、男士、美容家居相關的退貨率去槓桿或下降有任何有意義的影響？或者說現在這樣做還太早？

So with regards to return rate reductions, you're just kind of wondering if we're seeing it sort of more broadly across the board or some categories are more impacted than others. Is that the question?

因此，關於退貨率降低，您只是想知道我們是否會更廣泛地看到它，或者某些類別受到的影響是否比其他類別更大。這是問題嗎？

You're getting bigger in categories that are theoretically lower return, right? Is that too small at this point to be showing up more meaningfully in that return rate on any given quarter?

從理論上講，你們在回報率較低的類別中規模越來越大，對嗎？目前這個數字是否太小，以至於無法在特定季度的回報率中更有意義地體現出來？

Yes. So category mix shift, I include in that sort of geographic shift the meaningful impact in the return rate reduction that we saw in 2024. It wasn't the largest area of impact, but it had a meaningful impact.

是的。因此，我將類別組合轉變（即地理轉變）納入我們在 2024 年看到的退貨率降低的重大影響之中。雖然這雖然不是影響最大的區域，但卻產生了重大影響。

Within that, I'd say domestic and international was a bigger impact than the individual category shift. But individual product categories did have some level of impact.

其中，我認為國內和國際的影響比單一類別的轉變更大。但個別產品類別確實產生一定程度的影響。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

Great. So I wanted to dig further into the gross margin guidance a little bit. I know you gave tidbits on tariff versus higher full price sales and then recovering forward. Maybe just help us quantify the tariff impact you're assuming for Revolve and would love to share color around your assumptions for own brands penetration given the launch of several new brands this year.

偉大的。所以我想進一步深入了解毛利率指引。我知道您給了一些關於關稅與更高的全價銷售以及隨後的復甦的提示。也許只是幫助我們量化您對 Revolve 假設的關稅影響，並考慮到今年推出了幾個新品牌，您很樂意分享您對自有品牌滲透率的假設。

And then two, just on the assortment in physical retail, you called out that within the pop-ups, you've carried a higher mix of that owned brand penetration. So just -- anything you've done from a merchandising standpoint to really highlight these brands? Is it upfront to the customers immediately gravitate towards it? Is it the majority of inventory? Or what do you think is driving the higher mix there?

其次，僅就實體零售的種類而言，您指出，在快閃店中，您擁有更高比例的自有品牌滲透率。那麼——從行銷的角度來看，您做了什麼來真正突出這些品牌？它是否能立即吸引顧客的注意？這是大部分庫存嗎？或者您認為是什麼推動了混合程度的提升？

Yes, I'll take that first one and then pass it along. So on the gross margin, no further specificity on the tariff impact other than to say that the margin improvement that we do see is largely coming from the FWRD segment and bringing that back into a more healthy zone. On REVOLVE, you're planning essentially flat, maybe a little bit of an increase there. So most of the margin improvement is coming from the FWRD segment.

是的，我會拿走第一個然後將其傳遞下去。因此，就毛利率而言，除了說我們看到的利潤率提高主要來自 FWRD 部門並將其帶回更健康的區域之外，沒有關於關稅影響的進一步具體資訊。在 REVOLVE 上，您計劃基本上持平，也許會略有增加。因此，大部分利潤率的成長都來自於 FWRD 部門。

We do anticipate, call it, slight to moderate increase in owned brand mix in 2025. That is helping offset some of the tariff impacts. Most of the own brand launches that we're working on really take hold in the back half of the year, so more of an impact in 2026 and 2025, but we still do anticipate a mix expansion on own brands this year.

我們確實預計，到 2025 年，自有品牌組合將出現小幅至中度的成長。這有助於抵消部分關稅的影響。我們正在進行的大多數自有品牌發布實際上都是在下半年開始，因此對 2026 年和 2025 年的影響更大，但我們仍然預計今年自有品牌的混合擴張。

And regarding the physical store is part of why I'm so to about physical retail that we're far from optimal in many areas, one of those, including our own brand (inaudible) with in-store. I believe we actually have less 1 brand product on a percentage basis on the -- in the store compared to the penetration of the site, but those styles are just performing incredibly well without massive optimization and visibility and a lot of the owned brand section is actually upstairs in a markable locations.

關於實體店，這是我如此重視實體零售的部分原因，因為我們在許多方面都遠未達到最佳狀態，其中之一就是我們自己的品牌（聽不清楚）和店內銷售。我認為，與網站的滲透率相比，我們在商店中單一品牌產品的百分比實際上要少，但這些款式在沒有進行大規模優化和可見性的情況下表現得非常好，而且很多自有品牌部分實際上位於樓上的顯著位置。

So I think when the customer is in person encounters this product, she's de loving it. So as we focus long term, I think that there's huge upside potential from where we are to where we can be, it's great to see those initial results being awesome.

所以我認為當顧客親自遇到這個產品時，她會喜歡它。因此，當我們著眼於長期發展時，我認為從我們現在所處的位置到我們可以達到的位置，有巨大的上升潛力，很高興看到這些初步成果令人驚嘆。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

On last quarter's conference call, you talked about 15% to 16% marketing for 2025, and now you're guiding it to $15 million -- can you talk about the drivers that caused that change? Was it just the efficiencies in 4Q? Or are there other initiatives in place to help bring that down?

在上個季度的電話會議上，您談到了 2025 年的行銷支出將達到 15% 到 16%，現在您將其預期為 1500 萬美元——您能談談導致這一變化的驅動因素嗎？只是第四季的效率嗎？或者有其他措施可以幫助降低這一水平？

Yes. It was really just the continued efficiencies that we're seeing in both channels, both in brand and performance that gave us the confidence to guide to that 15% in 2025.

是的。實際上，正是我們看到的兩個管道（品牌和性能）的持續效率，讓我們有信心在 2025 年實現 15% 的增幅。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Congrats on the momentum. Two questions for me. Purchase on product categories, you mentioned a lot of success with some of the more everyday essentials and some of the newer categories. Could you elaborate on what you've seen within the core business, particularly in dresses. And then just on the cash balance to be commuted quite a nice balance of cash here.

祝賀這一良好勢頭。我有兩個問題。按產品類別購買，您提到一些日常必需品和一些較新的類別取得了很大成功。您能否詳細說明您在核心業務中看到的情況，特別是在服裝方面。然後只需將現金餘額換算成相當不錯的現金餘額。

Any thoughts on go-forward use potential acquisitions?

對於未來潛在的收購您有什麼想法嗎？

Yes. On the first part, dresses performed well. We saw great growth in some of those other categories, but dresses was up, I think, 10% in 4Q. So a little south of the overall growth rate, but still very healthy double digit.

是的。第一部分，連身裙表現良好。我們看到其他一些類別的銷售額也有了很大的成長，但我認為，第四季洋裝的銷售額成長了 10%。因此，雖然比整體成長率略低，但仍然是非常健康的兩位數。

And the cash balance, we're continuing to look at a number of opportunities and continue to be opportunistic there. So not much more to say other than that. We have the buyback plan in place and then, again, just continuing to look at strategic opportunities.

對於現金餘額，我們將繼續尋找各種機會，並繼續抓住機會。除此之外沒有什麼好說的了。我們已經制定了回購計劃，並且繼續尋找策略機會。

Matt Koranda, ROTH Capital.

羅仕資本（ROTH Capital）的馬特·科蘭達（Matt Koranda）。

I just had two, I guess. It sounds like a decent portion of the higher G&A guide is related to the store build-out. So maybe just if you could help us understand how we should interpret that in the context of the one permanent store that you're adding in LA? Is there more to come in '26? How do we assess success there?

我想我剛剛有兩個。聽起來，較高的 G&A 指南中相當一部分與商店擴建有關。所以，也許您能幫助我們理解，在您在洛杉磯新增一家永久性商店的背景下，我們該如何解釋這一點？'26 年還會有更多事情發生嗎？我們如何評價那裡的成功？

And then just on the message for overall margin expansion that we should take away from this, I guess, look at the full year guide, it looks like maybe contribution margin a little bit better, but operating margin potentially kind of flattish depending on what we plug in for sales growth. So wanted to maybe see if you could put a little bit of a finer point on how we should think about the opportunity for margin expansion over the next year or two?

然後，關於我們應該從中得到的整體利潤率擴張的信息，我想，看看全年指南，看起來貢獻利潤率可能會好一點，但營業利潤率可能會持平，這取決於我們為銷售增長所做的努力。所以我想看看您是否可以更詳細地闡述我們應該如何看待未來一兩年內利潤擴大的機會？

Yes. Maybe on the first one, store build-out and the costs associated with stores in this upcoming year is a factor. I wouldn't say it's the most significant factor in that G&A increase. There's other investments there, including the owned brand expansion and some other things we're working on. So it's a factor, it's not the leading factor in the G&A increase.

是的。也許就第一個因素而言，商店的建設以及來年與商店相關的成本是一個因素。我不會說這是 G&A 增加的最重要因素。還有其他投資，包括自有品牌擴張和我們正在進行的一些其他事情。所以這是一個因素，但不是導致 G&A 增加的主要因素。

And the overall margin expansion, I think you're in line there, and it's largely dependent on the top line growth. But we do see margin expansion as a scenario. But again, depending on where top line shakes out.

而整體利潤率的擴張，我認為是符合預期的，而且很大程度取決於營收的成長。但我們確實將利潤率擴大視為一種前景。但同樣，這取決於營收表現如何。

Simeon Siegel, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的西緬·西格爾 (Simeon Siegel)。

Mike or Michael, just do you think your customers know that your own brands are yours? I'm curious if you think there's different customers that come exclusively for third-party or for own brands or if it's really just not that segmented.

麥克或邁克爾，你認為你的客戶知道你們的品牌是你們的嗎？我很好奇，您是否認為有專門針對第三方或自有品牌的不同客戶，或者是否真的沒有那麼細分。

And then, Jesse, can you just remind us the gross margin differential for own brands? And then I have a follow-up after.

然後，傑西，你能否提醒我們一下自有品牌的毛利率差異？然後我會進行後續跟進。

I don't think our customer really knows the own brands are ours. I think they really shop the brand. really for the merits of their design at quality and such like that. It's really -- we really drive our merchandising mix to put the best product in front of our customers. And a lot of times, that's our own brand, but we this great year party product, we put that aggressively as well.

我認為我們的客戶並不真正知道我們的自有品牌。我認為他們確實購買該品牌。真正體現其設計、品質等方面的優點。確實——我們確實推動我們的商品組合，將最好的產品擺在我們的客戶面前。很多時候，這是我們自己的品牌，但我們這個偉大的年會產品，我們也積極推廣這一點。

So I think it really shows that teams really work required to make sure that we do have amazing product in generally.

所以我認為這確實表明團隊確實需要努力確保我們整體上擁有令人驚嘆的產品。

Yes. And then on the gross margin differential, I guess the reminder is that we don't disclose that other than to say that it is meaningfully richer than the third-party margin. But maybe one additional kind of note there is that the own brand margin is healthier today than it was back in 2019. So that differential has increased.

是的。然後關於毛利率差異，我想提醒一下，我們不會透露這一點，只是說它比第三方利潤率高得多。但也許還有一點要注意，那就是如今自有品牌的利潤率比 2019 年更高。因此差異已經增大。

The underlying fundamental metrics that we're looking at on owned brands are really healthy. That was our goal as we kind of went into 2023 and 2024. So really good to see that checking and that gives us, again, the confidence to really really push here and launch those own brands we talked about this year.

我們所關注的自有品牌的基本指標確實非常健康。這是我們進入 2023 年和 2024 年時的目標。很高興看到這一結果，這再次給了我們信心，讓我們能夠真正推動並推出我們今年談到的那些自有品牌。

All right. That's great. And so then on the back of that and on the OpEx improvements you've been seeing and guiding to, just any thoughts on your thinking about maybe the long-term EBIT margin opportunity? It looks like the margin is really moving in the right direction.

好的。那太棒了。那麼基於此以及您所看到和指導的營運支出改進，您對長期息稅前利潤率機會有何看法？看起來利潤率確實在朝著正確的方向發展。

Yes, definitely moving in the right direction, made a lot of progress in 2024, again, entering the year with a focus on efficiency in those variable costs, getting our return write-down, while making investments in AI and other areas. So to see that come through while making investments and delivering those results was great. So over the long term, we do see opportunity in EBITDA margin expansion. Our goal is to get into that high single digits and ultimately into the double digits.

是的，我們肯定朝著正確的方向前進，在 2024 年取得了很大進展，再次，我們在這一年中專注於提高這些變動成本的效率，減少我們的回報，同時在人工智慧和其他領域進行投資。因此，在進行投資並取得這些成果的同時看到這一點是件很棒的事情。因此從長遠來看，我們確實看到了 EBITDA 利潤率擴大的機會。我們的目標是達到高個位數，並最終達到兩位數。

That's all the time we have for questions today. I will turn the call back to management for closing remarks.

今天我們回答問題的時間就到此為止。我將把電話轉回給管理階層，請他們作結束語。

Really proud of the fourth quarter and really proud of really the steady progress over all of 2024, great progress operation, do and do all aspects of the organization. all while making aggressive investments to the future that have potential transformational outcomes. So really proud of the team through and through all across the board and we said for all that we're working on this coming year.

真的為第四季度感到自豪，真的為 2024 年全年的穩步進展感到自豪，運營、組織各個方面都取得了巨大進步。同時積極投資未來，以期帶來潛在的變革性成果。我們真的為整個團隊感到驕傲，並表示我們會在來年全力以赴。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。