Revolve Group Inc (RVLV) 2025 Q1 法說會逐字稿

Good morning, afternoon, evening. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to Revolve's first-quarter 2025 results conference call. (Operator Instructions)

早安、下午好、晚上好。我叫 Danica，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Revolve 2025 年第一季業績電話會議。（操作員指示）

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

謝謝。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 first-quarter 2025 results. Before we begin, I'd like to mention that we have posted a presentation containing Q1 2025 financial highlights to our Investor Relations website located at investors.revolve.com.

大家下午好，感謝您加入我們討論 Revolve 2025 年第一季的表現。在我們開始之前，我想提一下，我們已經在投資者關係網站 investors.revolve.com 上發布了一份包含 2025 年第一季財務亮點的簡報。

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 innovation initiatives, industry trends, the impact of changes in international trade policies and our plant mitigation efforts, our marketing events and our expected impact, our partnerships and strategic acquisitions, our physical retail stores, and our outlook for net sales, gross margins, operating expenses, and effective tax rates. 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 of the Securities Exchange Commission, including without limitation, our annual report on Form 10-K for the year December 31, 2024, and our subsequent quarterly reports on Form 10-Q, 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.

我還想提醒您，本次電話會議將包含前瞻性陳述，包括與我們未來增長、庫存餘額、運營創新計劃的關鍵優先事項、行業趨勢、國際貿易政策變化的影響和我們的工廠緩解措施、我們的營銷活動和預期影響、我們的合作夥伴關係和戰略收購、我們的實體零售店以及我們對淨銷售額、毛利率、運營費用和有效稅率的展望有關的陳述。這些聲明受到各種風險、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 12 月 31 日的 10-Q表格季度報告，所有這些報告均可在我們的網站 investors.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'll 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.

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。

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for superior to the financial information presented and prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures, as well as the definitions of these measures, there are limitations on our rationale for using them can be found in this afternoon's press release and in our SEC filings.

本非公認會計準則 (non-GAAP) 財務資訊的呈現並非旨在被孤立地看待或作為優於按照公認會計準則 (GAAP) 呈現和編制的財務資訊的替代，並且我們的非公認會計準則 (non-GAAP) 指標可能與其他公司使用的非公認會計準則 (non-GAAP) 指標不同。非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，以及這些指標的定義，以及我們使用它們的理由的局限性，可以在今天下午的新聞稿和我們提交給美國證券交易委員會的文件中找到。

Joining me on the call today are co-founders and co-CEOs, Mike Karnikolas and Michael Mente; as well as Jesse Timmermans, our CFO. Along 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共同創辦人兼聯合執行長 Mike Karnikolas 和 Michael Mente；以及我們的財務長 Jesse Timmermans。在我們準備好發言的同時，我們將開始回答您的問題。

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

說完這些，我就把麥克風交給麥克。

Hello, everyone, and thanks for joining us today. Our strong execution within a dynamic environment resulted in outstanding first-quarter results highlighted by double-digit top-line growth, 57% growth in operating income year by year, and $45 million in operating cash flow that further strengthened our balance sheet. What's more, our adjusted EBITDA margin increased by 160 basis points year to year, and cash and cash equivalents on the balance sheet exceeded $300 million.

大家好，感謝大家今天加入我們。我們在動態環境中的強大執行力帶來了出色的第一季業績，突出表現為兩位數的營收成長、57% 的營業收入同比增長以及 4500 萬美元的營業現金流，進一步增強了我們的資產負債表。此外，我們的調整後 EBITDA 利潤率年增 160 個基點，資產負債表上的現金和現金等價物超過 3 億美元。

It's a great start to the year in an environment that has become progressively more uncertain than when we last spoke at the end of February. We achieved these strong results while continuing to invest in key foundations for long-term success, including advancing our AI technology and personalization capabilities, international expansion, building our brands, capturing a greater share of wallet among existing consumers, and developing new owned brands. With that introduction, I will begin by drilling deeper into our Q1 results. Then I'll talk about the current environment and global tariff uncertainty before wrapping up with progress on our longer-term objectives.

與二月底我們上次談話時相比，當前的環境變得越來越不確定，今年的開局很好。我們在取得這些強勁業績的同時，繼續投資於長期成功的關鍵基礎，包括推進我們的人工智慧技術和個人化能力、國際擴張、打造我們的品牌、在現有消費者中贏得更大的份額以及開發新的自有品牌。介紹完畢後，我將先深入探討我們的第一季業績。然後，我將談論當前的環境和全球關稅的不確定性，最後總結我們長期目標的進展。

Starting with Q1 results, our healthy top-line performance illustrates that our strategic initiatives are working and that we are gaining market share during an uncertain time when industry peers with weaker foundations have dialed back investment plans. Net sales increased 10% year by year, driven by domestic and international net sales increases of 9% and 12% year over year, respectively.

從第一季的業績開始，我們健康的營收表現表明，我們的策略舉措正在發揮作用，而且在基礎較弱的同業紛紛削減投資計畫的不確定時期，我們正在獲得市場份額。淨銷售額較去年同期成長10%，其中國內和國際淨銷售額分別較去年同期成長9%和12%。

By segment, revolved net sales increased 11%, and forward net sales increased 3% year by year, our second consecutive quarter of growth within a luxury market that remains challenged. We see considerable opportunity for further gains amidst the disruption in the luxury market, as evidenced by the recent bankruptcy and liquidation of Canada's iconic premium department store chain, Hudson's Bay.

按部門劃分，循環淨銷售額成長 11%，預期淨銷售額年增 3%，這是我們在依然充滿挑戰的奢侈品市場中連續第二個季度實現成長。我們看到，在奢侈品市場混亂的背景下，存在著進一步獲利的巨大機會，加拿大標誌性高檔百貨連鎖店哈德遜灣公司最近的破產和清算就證明了這一點。

Now, let's unpack the strong bottom-line results highlighted by a 57% increase in operating income and a 45% increase in adjusted EBITDA year over year.

現在，讓我們來看看強勁的底線業績，其中營業收入年增 57%，調整後 EBITDA 年成長 45%。

In addition to our top-line gains, contributing to our strong growth and profitability was our brand strength that helped drive meaningful marketing efficiencies year to year, as well as our successful efforts to drive efficiencies in our global logistics operations. In fact, our product return rate decreased by nearly 3 points year every year in the quarter, yielding significant operating efficiencies and contributing to further elevation of the customer experience.

除了營業收入的成長之外，我們強勁的成長和獲利能力還得益於我們的品牌實力，這有助於逐年提高有意義的行銷效率，以及我們為提高全球物流營運效率所做的成功努力。事實上，本季我們的產品退貨率每年都下降近 3 個百分點，從而顯著提高了營運效率，並有助於進一步提升客戶體驗。

As an illustration of our progress, our operating income margin and adjusted EBITDA margin were the highest for any first quarter in three years. Our profitable growth converted very strongly to generation of cash flows, which is a particular advantage in the current environment. We generated $45 million in operating cash flow in the first quarter, increasing our cash position by $44 million in just three months.

作為我們進步的體現，我們的營業利潤率和調整後的 EBITDA 利潤率是三年來第一季的最高水準。我們的獲利成長強勁地轉化為現金流，這在當前環境下是一個特殊的優勢。我們在第一季產生了 4,500 萬美元的營運現金流，光是三個月時間，我們的現金部位就增加了 4,400 萬美元。

Now, I'll address the recent spate of tariff announcements that have created a great deal of uncertainty for our entire sector.

現在，我將談談最近一系列關稅公告，這些公告給我們整個行業帶來了巨大的不確定性。

The macroenvironment is facing geopolitical and macroeconomic uncertainty, particularly with the implementation of significant and broad-based tariffs, presenting considerable challenges for our sector. It's very challenging to operate in an environment when applicable tariffs can change almost daily, yet our team is engaged, collaborating with brands and other partners daily to mitigate the impacts, and we believe we are fully up to the challenge.

宏觀環境面臨地緣政治和宏觀經濟的不確定性，特別是實施重大和廣泛的關稅，為我們的產業帶來了相當大的挑戰。在適用關稅幾乎每天都會變化的環境中運作非常具有挑戰性，但我們的團隊正在積極參與，每天與品牌和其他合作夥伴合作以減輕影響，我們相信我們完全有能力應對挑戰。

Importantly, our leadership team has a strong track record for navigating times of extreme uncertainty and coming out stronger on the other end. In our more than 20 years of operating our business, we have successfully navigated through turbulent cycles, including the global financial crisis and COVID-19. We have emerged stronger as a result. In contrast to many fashion e-commerce peers, we have a profitable and cash generative business, proven financial discipline, a strong balance sheet, and key competitive advantages that together with our strong team enable us to confidently invest in the large opportunity ahead of us.

重要的是，我們的領導團隊在應對極度不確定的時期並在另一端變得更強大方面有著良好的記錄。在我們20多年的經營中，我們成功度過了包括全球金融危機和新冠疫情在內的動盪時期。我們因此變得更強大。與許多時尚電子商務同行相比，我們擁有盈利能力強、現金流充裕的業務、成熟的財務紀律、強勁的資產負債表和關鍵的競爭優勢，再加上我們強大的團隊，我們可以自信地投資於眼前的巨大機會。

Beyond the numbers and despite the current macro challenges, I'm excited by our team's execution that has led to measurable progress on our strategic priorities.

除了數字之外，儘管目前面臨宏觀挑戰，我對我們團隊的執行力感到興奮，這讓我們的策略重點取得了可衡量的進展。

Before turning it over to Michael, I will briefly recap our progress. First, we continue to efficiently invest to expand our brand awareness, grow our customer base, and strengthen our connection with the next-generation consumer. A powerful example is our 8th Annual REVOLVE Festival held last month, which handily exceeded our expectations for delivering marketing impact, consumer engagement, and efficiency, as Michael will talk about in his remarks.

在將其交給邁克爾之前，我將簡要回顧我們的進展。首先，我們繼續有效投資，以擴大我們的品牌知名度，擴大我們的客戶群，並加強我們與下一代消費者的聯繫。一個有力的例子是我們上個月舉行的第八屆年度 REVOLVE 節，它輕鬆超出了我們對行銷影響力、消費者參與度和效率的預期，正如邁克爾將在他的演講中談到的那樣。

We are also encouraged that year-by-year growth and trailing 12-month active customers and average revenue per active customer accelerated in the first quarter, even while we achieved marketing efficiency of 100 basis points year to year.

令我們感到鼓舞的是，儘管我們的行銷效率同比提高了 100 個基點，但第一季度的同比增長、過去 12 個月的活躍客戶數量和每位活躍客戶的平均收入均有所加快。

Second, we continue to expand our international presence where we have made excellent progress in further improving the experience for our international customers by reducing friction in foreign currency payment processing and product returns among many other service enhancements.

其次，我們繼續擴大國際影響力，透過減少外幣支付處理和產品退貨中的摩擦以及許多其他服務改進，我們在進一步改善國際客戶體驗方面取得了巨大進展。

In the first quarter, international net sales increased 12% year over year despite currency headwinds in most regions and what we hope is temporary weakness in Canada due to boycotts of US retailers in response to US policy. These very solid results further validate the underlying strength of our international business and growth opportunity.

第一季度，儘管大多數地區面臨貨幣逆風，且加拿大因響應美國政策而抵制美國零售商導致銷售疲軟（我們希望這只是暫時的），但國際淨銷售額仍同比增長 12%。這些非常穩健的業績進一步驗證了我們國際業務和成長機會的潛在實力。

Beyond international, we are relentlessly focused on further elevating the experience for all customers. Since the beginning, the customer has been at the center of our focus, so I'm thrilled to report that in the first quarter, we achieved a modern record for our customer satisfaction score.

除了國際業務之外，我們也堅持不懈地致力於進一步提升所有客戶的體驗。從一開始，客戶就是我們關注的中心，因此我很高興地報告，在第一季度，我們的客戶滿意度得分創下了現代紀錄。

Shipping efficiency is a great example of our continuous improvement in service levels. Customers love our two-day express shipping offered in the US free of charge. What's truly incredible is that we now deliver more than a third of our US shipments to customers in just one business day free of charge, exceeding our two day promise by a full day. The percentage of US packages we deliver to customers in only one business day has increased by 6% points in the past three years, underscoring our progress in raising the bar to delight our loyal customers.

運輸效率是我們不斷提高服務水準的一個很好的例子。客戶喜歡我們在美國提供的免費兩天快遞服務。真正令人難以置信的是，我們現在可以在一個工作天內免費向客戶運送超過三分之一的美國貨件，比我們兩天的承諾多了整整一天。在過去三年中，我們僅用一個工作天就將美國包裹送達客戶的比例增加了 6%，這凸顯了我們在提高標準以滿足忠實客戶需求方面取得的進步。

And lastly, we continue to leverage AI and other technology to drive growth and efficiency. I'm excited to share that we have internally developed AI algorithms that we believe will drive efficiency and even further elevate the customer experience.

最後，我們繼續利用人工智慧和其他技術來推動成長和效率。我很高興地告訴大家，我們已經在內部開發了人工智慧演算法，我們相信這將提高效率，甚至進一步提升客戶體驗。

Our internal data science team has developed AI technology algorithms that now automatically transcribe customer service phone calls, providing greatly increased visibility into agent performance and greater awareness of customer issues. It is early days, yet we are excited about the potential for increasing operating efficiency as well as improved learning and training opportunities for our customer service teams.

我們的內部數據科學團隊已經開發出人工智慧技術演算法，現在可以自動轉錄客戶服務電話，大大提高代理商績效的可見度並提高對客戶問題的認識。雖然現在還處於早期階段，但我們對提高營運效率以及改善客戶服務團隊的學習和培訓機會的潛力感到興奮。

We are also continuing to leverage AI to refine our shopping experience and personalization capabilities. I'm excited to share that in collaboration with a third party, we are testing a new AI-powered styling feature that enables shoppers on REVOLVE to virtually style recommended items by mixing and matching styles from our vast assortment. Virtual styling is a powerful use case for AI technology that we believe has the potential to elevate product discovery, increase consumer engagement and loyalty, and advance our efforts to reduce product returns.

我們也將繼續利用人工智慧來改善我們的購物體驗和個人化功能。我很高興地告訴大家，我們正在與第三方合作測試一項新的人工智慧造型功能，該功能使 REVOLVE 上的購物者能夠透過混合和搭配我們豐富的商品種類中的款式來虛擬地設計推薦的商品。虛擬造型是人工智慧技術的一個強大用例，我們相信它有潛力提升產品發現率，增加消費者參與和忠誠度，並推動我們減少產品退貨的努力。

To wrap up, we delivered a strong first quarter and continued to strengthen our foundation for profitable growth over the long term. I would like to thank our team for your hard work, for staying nimble, and for your dedication to exceeding our customers' expectations. We are in a very challenging environment, yet I'm confident that we have the organizational discipline to manage our way through the uncertainty and gain further market share in 2025 and beyond.

總而言之，我們第一季業績表現強勁，並持續鞏固長期獲利成長的基礎。我要感謝我們團隊的辛勤工作、保持靈活以及致力於超越客戶期望。我們處在一個非常具有挑戰性的環境中，但我相信我們擁有組織紀律性來應對不確定性，並在 2025 年及以後獲得進一步的市場份額。

Now, over to Michael.

現在，交給麥可。

Thanks, Mike, and hello, everyone. I'm extremely proud of our impressive first-quarter results, particularly in light of the current macroenvironment. Our strong Q1 results were highlighted by double-digit top-line growth and very strong cash flow, as well as our outstanding progress on longer term initiatives.

謝謝，麥克，大家好。我對我們令人印象深刻的第一季業績感到非常自豪，尤其是在當前的宏觀環境下。我們第一季的業績表現強勁，包括兩位數的營收成長、非常強勁的現金流，以及我們在長期計畫上取得的傑出進展。

Our success is a direct result of our continued strong execution by our team across the business, including in merchandizing, site experience, marketing, own brands, technology, and international that collectively have further strengthened our connections with our engaged community of brands, consumers, and content creators.

我們的成功直接歸功於我們團隊在整個業務領域持續強有力的執行，包括商品銷售、網站體驗、行銷、自有品牌、技術和國際領域，這些都進一步加強了我們與品牌、消費者和內容創作者社群的聯繫。

With that as an introduction, I will focus my remarks on some of the strategic areas we are investing in and that we are especially excited about. Brand building investments highlighted by REVOLVE Festival event, expansion of own brands, and physical retail exploration.

以此作為介紹，我將重點談談我們正在投資並特別興奮的一些策略領域。品牌建立投資以 REVOLVE 節活動、自有品牌擴張和實體零售探索為重點。

First, Revolve Festival. As our core consumer gears up for an active life solo events in the months ahead, we are making the most of this opportunity to further build our brand heat and expand awareness.

首先是Revolve音樂節。隨著我們的核心消費者為未來幾個月的積極生活個人活動做好準備，我們將充分利用這個機會進一步提升我們的品牌熱度並擴大知名度。

On April 12, we hosted our 8th Annual Revolve Festival in Coachella Valley, bringing together the worlds of fashion, music and culture, and an exclusive and immersive experience. The atmosphere in the desert was electric, elevated by high octane performances by our incredible lineup featuring Lil Wayne, Tyga, Gelo, and special guest Cardi B, who took the stage in custom REVOLVE atelier look, designed exclusively for her by our own brands team.

4 月 12 日，我們在科切拉谷舉辦了第八屆年度 Revolve 音樂節，匯集了時尚、音樂和文化領域，帶來獨特而沉浸式的體驗。沙漠中的氣氛非常熱烈，我們令人難以置信的陣容包括 Lil Wayne、Tyga、Gelo 和特邀嘉賓 Cardi B 的高能量表演將氣氛推向高潮，Cardi B 身著由我們自己的品牌團隊專門為她設計的定制 REVOLVE 工作室造型登上舞台。

The aspirational lifestyle event was very successful in elevating our brands and exciting and delighting our community of VIPs, brands, influencers, partners, and fans who are fortunate enough to attend the invite-only activation at WWD called a hot ticket and the biggest celebrity draw of the weekend. The impressive range of A-list actors, musicians, athletes, celebrities, and content creators attending our weekend festivities included Lisa BLACKPINK and White Lotus, Kendall Jenner, Kylie Jenner, Cara Delevingne, Charlie and Dixie D'Amelio, Dwayne Wade, Chris Brown, Teyana Taylor, Emma Roberts, Ariana Greenblatt, Jordan Chiles, Julia Fox, Becky G, Wiz Khalifa, Landon Barker, Alix Earle, Christina Milian, Victor Cruz, Braxton Berrios, Ty Dolla $ign, Shaboozey, YG, Victoria Monet, Gracie Hunt, Alex Consani, Heidi Montag, and Spencer Pratt.

這場令人嚮往的生活方式活動非常成功，提升了我們的品牌形象，並讓我們的貴賓、品牌、影響者、合作夥伴和粉絲社區感到興奮和高興，他們有幸參加了這場僅限受邀者參加的 WWD 活動，這場活動被稱為熱門門票和周末最大的名人抽獎活動。參加我們週末慶祝活動的一線演員、音樂家、運動員、名人和內容創作者令人印象深刻，其中包括 Lisa BLACKPINK 和 White Lotus、Kendall Jenner、Kylie Jenner、Cara Delevingne、Charlie 和 Dixie D'Amelio、Dwayne Wade、Chris Brown、Teyana Taylor、Emma Roberts、ArianaW、Jan Roberts、Jandr、Julia Bord、B.A、HordB、Jadi、JordB、J. Barker、Alix Earle、Christina Milian、Victor Cruz、Braxton Berrios、Ty Dolla $ign、Shaboozey、YG、Victoria Monet、Gracie Hunt、Alex Consani、Heidi Montag 和 Spencer Pratt。

Revolve Festival has evolved into a vibrant fashion show for the next generation of consumers, featuring trendsetting styles from REVOLVE and FWRD. Guests captured their looks across a variety of photo moments and immersive brand activations, generating incredible content that dominated social media feeds and reaching hundreds of millions of people through the vast follower count of our A-list attendees.

Revolve Festival 已發展成為下一代消費者的充滿活力的時裝秀，展示 REVOLVE 和 FWRD 的潮流風格。嘉賓們在各種照片瞬間和沈浸式品牌活動中捕捉到了自己的容貌，產生了令人難以置信的內容，佔據了社交媒體的主導地位，並通過我們一線嘉賓的大量粉絲覆蓋了數億人。

The proof of our success is in the incredible numbers. On the heels of last year's stellar festival results when we delivered significantly greater marketing impact while reducing spend by millions of dollars, we were able to raise the bar yet again as an encore. In fact, press impressions from REVOLVE Festival in 2025 increased by more than 40% year over year while social media impressions increased by more than 25% year over year, achieved on reduced spending year over year.

令人難以置信的數字就是我們成功的證明。繼去年節慶取得的輝煌成績之後，我們在減少數百萬美元支出的同時，實現了更大的行銷影響力，我們再次提高了標準。事實上，2025 年 REVOLVE 音樂節的媒體曝光量較去年同期成長超過 40%，而社群媒體曝光量較去年同期成長超過 25%，而且是在支出逐年減少的情況下實現的。

Most impressive is that according to a data insight company, CreatorIQ, REVOLVE's earned media value ranked number one among brands from April 10 through April 20, coinciding with the Coachella Festival. This is a true testament to our brand strength and our very strong execution by the team.

最令人印象深刻的是，根據數據洞察公司 CreatorIQ 的數據顯示，4 月 10 日至 4 月 20 日（恰逢科切拉音樂節），REVOLVE 的贏得媒體價值在品牌中排名第一。這真正證明了我們的品牌實力和團隊強大的執行力。

Second, owned brands, where our momentum has continued to build. In the first quarter, the mix of owned brand net sales as a percentage of REVOLVE segment net sales increased year over year for the first time in 2.5 years. It is particularly exciting considering that owned brands typically generate much higher gross margins than third-party brands and are exclusively available to REVOLVE and FWRD.

第二，自有品牌，我們的發展動能持續增強。第一季度，自有品牌淨銷售額佔 REVOLVE 分部淨銷售額的百分比兩年半以來首次年增。考慮到自有品牌通常比第三方品牌產生更高的毛利率，並且僅供 REVOLVE 和 FWRD 使用，這一點尤其令人興奮。

Most important, our underlying foundational metrics for own brands continue to improve in the first quarter and in fact, significantly outperformed our third-party brands on key comparable metrics. This progress reinforces our confidence to invest in an incredible portfolio of new owned brand launches planned for the second half of 2025 and early '26.

最重要的是，我們自有品牌的基礎指標在第一季持續改善，事實上，在關鍵可比較指標上明顯優於我們的第三方品牌。這項進展增強了我們投資於計劃於 2025 年下半年和 2026 年初推出的一系列全新自有品牌的信心。

Also notable is that in the first quarter within our limited physical retail footprint, owned brands continue to generate a meaningful higher percentage of sales that we generate online. Particularly with our upcoming launches, we believe we can further increase our owned brand penetration of REVOLVE segment net sales in the years to come.

同樣值得注意的是，在第一季度，在我們有限的實體零售店內，自有品牌繼續創造比我們在線上銷售更高比例的銷售。特別是隨著我們即將推出的產品，我們相信我們可以在未來幾年進一步提高自有品牌在 REVOLVE 部門淨銷售額的滲透率。

Third, physical retail. We continue to be very excited about the growth opportunity in physical retail over the long term. We are making great progress towards opening our permanent store in Los Angeles at the Grove, an open-air destination that is one of the highest grossing shopping and entertainment centers in the US construction is underway, and we are on track to open our doors in the fall in our central location with outstanding foot traffic.

第三，實體零售。我們仍然對實體零售的長期成長機會感到非常興奮。我們在洛杉磯格羅夫開設永久商店的計劃正在取得重大進展，格羅夫是一個露天目的地，是美國最賺錢的購物和娛樂中心之一，目前正在建設中，我們預計在秋季在人流量很大的中心位置開業。

Our journey has already validated the physical retail channel as a great source for brand building, acquiring new customers and merchandising our high-margin owned brands. The retail channel has also featured a much lower return rate as compared to our online channel and further strengthened our relationships with brand partners who view our premium retail environment as brand elevating.

我們的經驗已經證明，實體零售通路是品牌建立、獲取新客戶和推銷高利潤自有品牌的重要來源。與我們的線上通路相比，零售通路的退貨率也低得多，這進一步加強了我們與品牌合作夥伴的關係，品牌合作夥伴認為我們的優質零售環境有助於提升品牌形象。

As founders focused on maximizing shareholder value over the long term, Mike and I are measured in our approach for this new opportunity. The Los Angeles build will be our second retail store and our first in a major metropolitan market. With Aspen in Los Angeles, we will have two unique destinations to leverage as we continue to test, learn, and iterate as we drive towards our internal performance goals. We have no plans to further expand our retail footprint beyond Los Angeles until we fully optimize and achieve our internal success targets within our existing footprint.

身為專注於長期實現股東價值最大化的創辦人，麥克和我對這新機會採取了謹慎的態度。洛杉磯的零售店將是我們的第二家零售店，也是我們在大都會市場的第一家零售店。有了洛杉磯的 Aspen，我們將擁有兩個獨特的目的地，可以利用它們來繼續測試、學習和迭代，努力實現我們的內部績效目標。在我們完全優化現有業務範圍並實現內部成功目標之前，我們沒有計劃進一步擴大洛杉磯以外的零售業務範圍。

To help ensure our success, I am excited to share that we hired a Head of Retail with deep industry experience. Our new leader brings a proven track record of success in opening and profitably operating retail stores for fashion and lifestyle brands. Her job number one will be to open our permanent Los Angeles stores to grow and leverage the strength of our brands in connection with next-generation consumers to maximize this exciting opportunity.

為了確保我們的成功，我很高興地告訴大家，我們聘請了一位具有豐富行業經驗的零售主管。我們的新領導者在為時尚和生活方式品牌開設和盈利運營零售店方面擁有成功的記錄。她的首要任務是開設我們在洛杉磯的永久商店，以發展並利用我們品牌的優勢與下一代消費者建立聯繫，從而最大限度地利用這一激動人心的機會。

Before I close, I want to touch on an exciting partnership in the works with Grammy Award-winning performer and global style icon, Cardi B. We believe this partnership can be especially powerful in that we are creating a long-term joint venture that is a first of its kind for both parties. The venture will leverage our strong operational, brand building, and marketing expertise with Cardi's powerful brand, transcending fashion and global audience that extends beyond our core target demographic, both within the US and abroad. The venture will be multifaceted and will include the launch of apparel and beauty lines.

在結束之前，我想談談與格萊美獎獲獎歌手和全球時尚偶像 Cardi B 正在進行的令人興奮的合作。我們相信，這種合作將會非常強大，因為我們正在創造一個長期合資企業，這對雙方來說都是史無前例的。該合資企業將利用我們強大的營運、品牌建立和行銷專業知識以及 Cardi 強大的品牌，超越時尚和全球受眾，超越我們在美國國內和國外的核心目標人群。該合資企業將是多方面的，包括推出服裝和美容產品線。

After many successful brand collaborations together, Cardi is excited to create a much deeper and longer-term equity partnership for her namesake brand. She chose REVOLVE because it was important to her to find a partner that would stay true to her authenticity and she is also completely aligned with our long-term focus. We believe Cardi choosing REVOLVE is a testament to the strength of our brands and the powerful platform that we have built.

在多次成功的品牌合作之後，Cardi 很高興為她的同名品牌建立更深層、更長期的股權合作關係。她選擇 REVOLVE 是因為對她來說，找到一個能夠忠於她真實性的伴侶非常重要，而且她也完全認同我們的長期關注點。我們相信 Cardi 選擇 REVOLVE 證明了我們品牌的實力以及我們建造的強大平台。

Wrapping up, our strong financial profile, illustrated by the $45 million in operating cash flow we generated in the first quarter and a cash balance over $300 million, is a strategic advantage that gives us the capacity to invest for long-term success. As our Q1 results attest, our investments are working, and I am excited about the many initiatives underway that we believe will continue to drive profitable growth over the long term.

總而言之，我們強勁的財務狀況，體現在我們第一季產生的 4,500 萬美元的經營現金流和超過 3 億美元的現金餘額，是一種戰略優勢，使我們有能力進行長期成功投資。正如我們第一季的業績所證明的那樣，我們的投資正在發揮作用，我對正在進行的眾多舉措感到興奮，我們相信這些舉措將繼續推動長期盈利增長。

Now, I will turn it over to Jesse for a discussion of the financials.

現在，我將把財務問題交給傑西討論。

Thanks, Michael, and hello, everyone. I am very proud of our strong first-quarter results on both the top and bottom lines, especially considering the current macroeconomic environment. I'll start by recapping our first quarter results, and then I will provide context on our tariff exposure and mitigation strategies before closing with updates on recent trends in the business and guidance for the balance of the year.

謝謝，邁克爾，大家好。我對我們第一季強勁的營收和利潤表現感到非常自豪，尤其是考慮到當前的宏觀經濟環境。我將首先回顧我們的第一季業績，然後介紹我們的關稅風險和緩解策略，最後介紹業務的最新趨勢和今年剩餘時間的指導。

Starting with the first-quarter results. Net sales were $297 million, a year over year increase of 10%.

從第一季的業績開始。淨銷售額為 2.97 億美元，年增 10%。

REVOLVE segment net sales increased 11% and FWRD segment net sales increased 3% year over year in the first quarter. By territory, domestic net sales increased 9% and international net sales increased 12% year over year. Active customers, a trailing 12-month measure, increased 6% year over year, a slight uptick from the recent trend. With only 2.7 million active customers at quarter end within what is a very large addressable market, we see a great deal of opportunity to further expand our customer base in the years ahead.

第一季度，REVOLVE 部門淨銷售額年增 11%，FWRD 部門淨銷售額年增 3%。按地區劃分，國內淨銷售額較去年同期成長9%，國際淨銷售額較去年同期成長12%。活躍客戶數量（過去 12 個月的衡量標準）年增 6%，較近期趨勢略有上升。在這個非常大的潛在市場中，本季末的活躍客戶只有 270 萬，我們認為未來幾年將有很大的機會進一步擴大我們的客戶群。

Total orders placed were $2.3 million, an increase of 4% year over year. Average order value was $295, a decrease of 1% year over year that was primarily due to lower AOV in the FWRD segment, driven by product mix. Consolidated gross margin was 52%, a decrease of 30 basis points year over year that primarily reflects a lower mix of net sales at full price and deeper markdowns year over year, partially offset by an increased mix of owned brands year over year.

總訂單額為 230 萬美元，年增 4%。平均訂單價值為 295 美元，年減 1%，這主要是由於產品組合導致 FWRD 部門的 AOV 較低。綜合毛利率為 52%，較上年同期下降 30 個基點，主要反映了全價淨銷售額佔比下降以及降價幅度同比加大，但自有品牌佔比同比增加部分抵消了這一影響。

As illustrated by the year over year AOV decline in the first quarter and with many consumers feeling pressure in the current environment, we are seeing customers begin to move to more accessible price points. Importantly, our operating discipline enabled us to meaningfully outperform our guidance for operating expenses by a much greater amount than the slight miss on gross margin.

正如第一季 AOV 同比下降所示，以及許多消費者在當前環境下感受到壓力，我們看到客戶開始轉向更容易接受的價格點。重要的是，我們的營運紀律使我們能夠顯著超出我們的營運費用預期，其幅度遠大於毛利率的輕微差距。

So now moving on to operating expenses. Fulfillment costs were 3.2% of net sales, a decrease of 32 basis points year over year.

現在來談談營運費用。履行成本佔淨銷售額的 3.2%，較去年同期下降 32 個基點。

Selling and distribution costs showed greater-than-expected efficiency at 16.8% of net sales, a decrease of 106 basis points year over year. This impressive result reflects a meaningful decrease in our return rate year over year as well as great execution by our teams to drive efficiency in our logistics costs, partially offset by a lower AOV year over year.

銷售及分銷成本效率高於預期，佔淨銷售額的 16.8%，較去年同期下降 106 個基點。這一令人印象深刻的結果反映了我們的退貨率同比大幅下降，以及我們的團隊在提高物流成本效率方面的出色執行力，但 AOV 同比下降部分抵消了這一影響。

Our marketing investment was also more efficient than expected, representing 14.3% of net sales, a decrease of 100 basis points year over year that was primarily due to efficiencies in our brand marketing investments.

我們的行銷投資也比預期更有效率，佔淨銷售額的 14.3%，年減 100 個基點，這主要歸功於我們品牌行銷投資的效率。

General and administrative costs were $37.9 million, outperforming our guidance of $39.5 million, albeit an increase of 58 basis points year over year as a percentage of net sales.

一般及行政費用為 3,790 萬美元，超出我們預期的 3,950 萬美元，但佔淨銷售額的百分比年增了 58 個基點。

The increase in net sales and gross profit year over year and the meaningfully improved efficiency in our marketing and logistics costs helped us to achieve exceptional growth in operating profitability. Our GAAP income from operations increased 57% year over year in the first quarter.

淨銷售額和毛利潤的同比增長以及行銷和物流成本效率的顯著提高幫助我們實現了營業盈利能力的顯著增長。第一季度，我們的 GAAP 營業收入年增 57%。

As a reminder, below the operating income line, in the first quarter of 2024, we recorded a nonroutine gain from an insurance recovery of $2.8 million, which was reflected in other income last year. This largely explains the decrease in other income year over year in the first quarter.

提醒一下，在營業收入線以下，在 2024 年第一季度，我們記錄了 280 萬美元的保險賠償非例行收益，這反映在去年的其他收入中。這很大程度上解釋了第一季其他收入年減的原因。

Our tax rate was 27% in the first quarter, up slightly from 26% in the prior year. Net income increased to $11 million or $0.16 per diluted share, up from $0.15 per diluted share in the first quarter of 2024. The insurance recovery in the prior year was equivalent to approximately $0.03 per diluted share. Adjusted EBITDA was $19 million, an impressive increase of 45% year over year.

我們第一季的稅率為 27%，略高於去年同期的 26%。淨收入從 2024 年第一季的每股 0.15 美元增至 1,100 萬美元，即每股 0.16 美元。上一年度的保險賠償金額相當於每股攤薄收益約 0.03 美元。調整後的 EBITDA 為 1,900 萬美元，年增 45%。

Moving on to the balance sheet and cash flow statement. We delivered strong cash flows in the first quarter. Net cash provided by operating activities and free cash flow were $45 million and $43 million, respectively, an increase of 18% and 17% year over year that further strengthened our balance sheet.

繼續討論資產負債表和現金流量表。我們在第一季實現了強勁的現金流。經營活動提供的淨現金和自由現金流分別為 4,500 萬美元和 4,300 萬美元，年增 18% 和 17%，進一步增強了我們的資產負債表。

As you think about modeling cash flow for the balance of the year, we expect the build-out of our permanent store in Los Angeles to add $8 million to $9 million to our CapEx in 2025 as we customize our space at the Grove ahead of the opening of this experiential retail destination later this year.

當您考慮為今年的餘額建模現金流時，我們預計，在洛杉磯開設永久性商店將為我們的 2025 年資本支出增加 800 萬至 900 萬美元，因為我們將在今年晚些時候開設這個體驗式零售目的地之前定制我們在格羅夫的空間。

Improved inventory dynamics were a key driver of our strong cash flow generation. Inventory at March 31, 2025, was $214 million, a decrease of $16 million or 7% compared to year-end 2024. Inventory increased 6% year over year, which was outpaced by our 10% net sales growth for the first quarter. Importantly, the net sales growth to inventory growth differential was positive on both the REVOLVE and FWRD segments.

改善庫存動態是我們強勁現金流產生的關鍵驅動力。截至 2025 年 3 月 31 日的庫存為 2.14 億美元，與 2024 年底相比減少 1,600 萬美元，即 7%。庫存年增 6%，但第一季淨銷售額成長 10% 則超過了這一成長速度。重要的是，REVOLVE 和 FWRD 部門的淨銷售額成長與庫存成長差異均為正值。

As of March 31, 2025, cash and cash equivalents were $301 million, surpassing $300 million for the first time. Our balance of cash and cash equivalents increased by $44 million or 17% in just three months compared to year-end 2024, and we continue to have no debt.

截至2025年3月31日，現金及現金等價物為3.01億美元，首次超過3億美元。與 2024 年底相比，我們的現金和現金等價物餘額在短短三個月內增加了 4,400 萬美元，增幅為 17%，而且我們仍然沒有債務。

In the last five years, we have increased our net cash and cash equivalents balance fourfold, an increase of $227 million in five years, net of borrowings while returning more than $40 million to shareholders through our stock repurchase program.

在過去五年中，我們的淨現金和現金等價物餘額增加了四倍，扣除借款，五年內增加了 2.27 億美元，同時透過股票回購計畫向股東返還了 4,000 多萬美元。

Now, let's discuss our tariff exposure and mitigation strategies in more detail.

現在，讓我們更詳細地討論我們的關稅風險和緩解策略。

First, our tariff exposure. We purchased the majority of our inventory from third-party brands under structures where we are not the importer of record. And so for these inventory purchases, we are not directly impacted by higher tariffs.

首先，我們的關稅風險。我們的大部分庫存都是從第三方品牌購買的，而我們並不是記錄進口商。因此，對於這些庫存採購，我們不會直接受到更高關稅的影響。

More specifically, using 2024 as a benchmark, approximately 78% of our total inventory purchases last year came from third-party brands where the products were imported into the US by our brand partners. Again, in these instances, we do not pay the tariffs.

更具體地說，以 2024 年為基準，去年我們總庫存採購中約有 78% 來自第三方品牌，這些產品由我們的品牌合作夥伴進口到美國。再次，在這些情況下，我們不支付關稅。

Now, that leaves approximately 22% of our 2024 inventory receipts where we were the direct importer of record and where we do pay the tariffs directly. This bucket is composed of our owned brand products and from a limited number of third-party branded products where we are the importer of record. So to summarize, we have no direct tariff exposure for around 78% of our inventory receipts, whereas we do have direct tariff exposure for around 22% of our inventory receipts.

現在，我們 2024 年的庫存收據中約有 22% 是我們作為記錄的直接進口商並且直接支付關稅。此類別由我們自有品牌的產品以及有限數量的第三方品牌產品組成，我們是這些第三方品牌產品的記錄進口商。總而言之，我們約 78% 的庫存收貨沒有直接關稅風險，而約 22% 的庫存收貨有直接關稅風險。

Now, given the very high tariff rate currently in place on China imports, let's talk about our China sourcing exposure. As mentioned, based on our 2024 data, approximately 22% of our inventory receipts have direct tariff exposure. Within that 22%, approximately 72% related to products we directly imported from China.

現在，鑑於目前對中國進口商品徵收非常高的關稅，我們來談談我們的中國採購風險。如上所述，根據我們 2024 年的數據，大約 22% 的庫存收貨直接受到關稅影響。在這 22% 中，約有 72% 與我們直接從中國進口的產品有關。

Taking it one level deeper, the vast majority of our owned brand products were imported from China and a much lower but still significant portion of third-party products that we imported directly originated from China. Said differently, and to summarize, approximately 16% of our total inventory purchases in 2024 were directly imported from China. For the 78% of inventory that was not directly imported by us, the percentage of products that have a China origin is much lower.

更深層地說，我們自有品牌產品中的絕大多數都是從中國進口的，而我們直接進口的第三方產品中，只有一小部分雖然比例很小，但仍然很重要，這些產品來自中國。換句話說，總而言之，2024 年我們庫存採購總額中約有 16% 是直接從中國進口的。對於我們未直接進口的78%庫存，來自中國的產品比例要低得多。

Now, let's talk about our mitigation strategies. Our focus is on the products that we directly import, primarily within our owned brands and to a lesser extent, in the limited number of instances where we are the importer of record for third-party branded products. The biggest area of mitigation opportunity is in owned brands, given the very high concentration of products imported from China. We are actively engaged in cost-sharing discussions with our owned brand manufacturing partners. And while there is a longer lead time, we are also working to diversify our manufacturing sources outside of China.

現在，讓我們來談談我們的緩解策略。我們的重點是直接進口的產品，主要是我們自己的品牌，在少數情況下，我們是第三方品牌產品的進口商。鑑於從中國進口的產品集中度非常高，最大的緩解機會領域是自有品牌。我們正在積極與自有品牌製造合作夥伴進行成本分攤討論。雖然交貨時間較長，但我們也努力實現中國以外的製造來源多元化。

Other mitigation measures that we expect will help us to offset some of the increased costs due to tariffs include optimizing our product import logistics, selectively increasing prices for our products and further optimization of our supply chain.

我們預計其他緩解措施將有助於我們抵消關稅造成的部分成本增加，包括優化我們的產品進口物流、選擇性地提高我們的產品價格以及進一步優化我們的供應鏈。

We are also working hard to mitigate the tariff impact for the limited instances where we are the importer of record for third-party branded products, primarily by partnering with our third-party brands to reduce the direct tariff impact and to a lesser extent, selective price increases in partnership with our brand partners.

我們也努力減輕關稅對有限情況下我們作為第三方品牌產品進口商的影響，主要是透過與第三方品牌合作來減少直接關稅影響，並在較小程度上與我們的品牌合作夥伴合作選擇性地提高價格。

Now, for the approximately 78% of products that are not directly imported by us, we have a brand roster of over 1,000 brands that source from dozens of countries all over the world, which provides us with optionality and flexibility in sourcing and product assortment. We are actively working with these brand partners to manage through what is hopefully a transitory period of economic and supply chain disruption.

現在，對於約 78% 不直接進口的產品，我們擁有來自全球數十個國家的 1,000 多個品牌的品牌名冊，這為我們在採購和產品分類方面提供了可選性和靈活性。我們正積極與這些品牌合作，希望能度過經濟和供應鏈中斷的暫時時期。

Our confidence in our ability to navigate through the tariff pressures that Mike alluded to is supported by our track record. We successfully navigated through the global financial crisis, the first wave of Trump tariffs in 2018 and 2019, and the COVID-19 pandemic, in all cases, coming out stronger. We are on even stronger footing today than we were during these previous cycles, and we continue to have the financial discipline, balance sheet strength, and long-term focus to support investing through this current cycle.

我們對自己有能力應對麥克所提到的關稅壓力的信心是由我們的過往記錄所支持的。我們成功度過了全球金融危機、2018 年和 2019 年川普第一波關稅以及新冠疫情，在所有情況下，我們都變得更加強大。與前幾個週期相比，我們今天的基礎更加穩固，並且我們繼續保持財務紀律、資產負債表實力和長期關注，以支持當前週期的投資。

Now, let me update you on some recent trends in the business since the first quarter ended and provide some direction on our cost structure to help in your modeling of the business for 2025. Starting from the top, our net sales in the month of April increased by a mid-single-digit percentage year over year with international growth outpacing the US.

現在，讓我向您介紹自第一季結束以來業務的一些最新趨勢，並就我們的成本結構提供一些指導，以幫助您對 2025 年的業務進行建模。從頂部開始，我們四月份的淨銷售額同比增長了中等個位數百分比，國際增長速度超過了美國。

For modeling purposes for the balance of 2025, given the challenging backdrop with US consumer confidence declining every month in 2025 to a five-year low and US consumer sentiment having declined 30% year to date. It is clear that the consumer is feeling increasingly uncertain about the future.

為了對 2025 年的平衡情況進行建模，考慮到美國消費者信心在 2025 年每月下降至五年來的最低點且美國消費者情緒在今年迄今已下降 30% 的嚴峻形勢。顯然，消費者對未來的感覺越來越不確定。

While we do not give revenue guidance, the increasingly uncertain backdrop has led us to moderate our internal revenue growth expectations for the full year. And as a result, we are taking a measured approach to planning our inventory buys for the balance of 2025.

雖然我們沒有提供收入指導，但日益不確定的背景導致我們下調了全年內部收入成長預期。因此，我們正在採取審慎的方式來規劃 2025 年剩餘時間的庫存購買。

Now, before we get into guidance, let me caveat that our outlook is based on the current status of tariffs as of today, May 6, 2025, and our estimate of the impact of potential mitigating activities that are currently underway. Our outlook for gross margin is especially susceptible to variability given the uncertainty surrounding the timing and level of tariffs that will ultimately be in effect as well as the timing and magnitude of the potential impact resulting from our mitigation efforts.

現在，在我們獲得指導之前，請允許我提醒一下，我們的展望是基於截至 2025 年 5 月 6 日的關稅現狀，以及我們對目前正在進行的潛在緩解活動的影響的估計。由於最終生效的關稅時間和水平以及我們的緩解措施造成的潛在影響的時間和程度存在不確定性，我們對毛利率的前景特別容易受到波動的影響。

With that, let's discuss our updated guidance for gross margin, which includes our best estimate for the impact of tariffs, net of our mitigation efforts.

因此，讓我們討論一下我們更新後的毛利率指引，其中包括我們對關稅影響的最佳估計，扣除我們的緩解措施。

We expect gross margin in the second quarter of 2025 of between 52% and 53%, which assumes some tariff impact later in the second quarter. By comparison, we expect the magnitude of tariff impacts to increase in the third quarter and particularly in the fourth quarter of 2025. As a result, for the full year 2025, we now expect gross margin of between 50% and 52%.

我們預計 2025 年第二季的毛利率將在 52% 至 53% 之間，假設第二季後期會受到一些關稅影響。相較之下，我們預期關稅影響的幅度將在 2025 年第三季度，尤其是第四季增加。因此，我們預計 2025 年全年毛利率將在 50% 至 52% 之間。

For additional context, the high end of the guidance range reflects a minimal tariff impact with the assumption that we are able to mitigate the vast majority of the impact and/or tariffs are reduced to a much lower level relative to where we stand today. The low end of the guidance range assumes elevated tariff rates and our best estimate of the impact of our mitigation efforts. Again, our guidance reflects our best estimate at this point in what is a very dynamic situation with a number of variables at play, all of which are very uncertain.

作為補充背景訊息，指導範圍的高端反映了最小的關稅影響，假設我們能夠減輕絕大多數影響和/或關稅降低到相對於目前水平低得多的水平。指導範圍的低端假設關稅稅率提高，並且我們對緩解措施的影響做出最佳估計。再次強調，我們的指引反映了我們目前的最佳估計，因為情況非常動態，存在許多變量，而且這些變量都非常不確定。

Fulfillment. We expect fulfillment as a percentage of net sales of approximately 3.1% for the second quarter of 2025 and between 3% and 3.2% of net sales for the full year 2025, unchanged from our previous guidance.

履行。我們預計，2025 年第二季的履行率佔淨銷售額的約 3.1%，2025 年全年的履行率佔淨銷售額的 3% 至 3.2%，與我們先前的指引相同。

Selling and distribution. We expect selling and distribution costs as a percentage of net sales of approximately 17.9% for the second quarter of 2025, and we now expect a range of 17.2% to 17.5% for the full year 2025. The slight increase from our prior range primarily reflects our expectation for lower average order values in the coming months given the current macro environment. For context, lower average order values are a headwind to logistics efficiency because the lower AOV means that our shipping costs comprise a larger percentage of the revenue we generate on a per order basis.

銷售和分銷。我們預計 2025 年第二季銷售和分銷成本佔淨銷售額的百分比約為 17.9%，目前我們預計 2025 年全年的百分比將在 17.2% 至 17.5% 之間。與先前的範圍相比略有增加，主要反映了我們預期在當前宏觀環境下未來幾個月的平均訂單價值會下降。就背景而言，較低的平均訂單價值對物流效率不利，因為較低的 AOV 意味著我們的運輸成本占我們每筆訂單產生的收入的較大比例。

Marketing. We expect our marketing investment in the second quarter of 2025 to be approximately 15% of net sales, a slight decrease year over year. For the full year 2024, we expect our marketing investment to represent between 14.9% and 15.1% of net sales, unchanged from our prior guidance.

行銷.我們預計2025年第二季的行銷投入約佔淨銷售額的15%，年比略有下降。對於 2024 年全年，我們預計行銷投資將佔淨銷售額的 14.9% 至 15.1%，與先前的預期相同。

General and administrative. We expect G&A expense of approximately $39 million in the second quarter of 2025 and between $154 million and $157 million for the full year 2025, a slight decrease from our prior full-year guidance range.

一般和行政。我們預計 2025 年第二季的 G&A 費用約為 3,900 萬美元，2025 年全年的 G&A 費用在 1.54 億美元至 1.57 億美元之間，比我們之前的全年指導範圍略有下降。

And lastly, due to some discrete items affecting our tax rate this year, we now expect our effective tax rate to be approximately 27% to 28% for the full year 2025, with the highest quarterly tax rate expected in the third quarter of 2025. In 2026, we expect our effective tax rate to return to our previous guidance range of between 24% and 26%.

最後，由於今年一些單獨項目影響了我們的稅率，我們現在預計 2025 年全年的有效稅率約為 27% 至 28%，預計 2025 年第三季的季度稅率最高。到 2026 年，我們預計有效稅率將恢復到先前指導範圍的 24% 至 26% 之間。

To recap, we delivered strong Q1 results in an environment that has become increasingly challenged. With our strong performance over the last few quarters and our very healthy balance sheet, we are entering into this time of turbulence on solid footing. We believe we are well-positioned to navigate through the current tariff uncertainty and other macro challenges ahead, considering our financial strength that is supported by a premium price point and healthy gross margin, operating discipline and agility, our technology and data-driven DNA, our powerful brands, and our connection with the next-generation consumer.

總而言之，在日益嚴峻的市場環境下，我們取得了強勁的第一季業績。憑藉過去幾季的強勁表現和非常健康的資產負債表，我們正以穩固的基礎進入這個動盪時期。我們相信，考慮到我們由高價位和健康的毛利率、營運紀律和敏捷性、我們的技術和數據驅動的 DNA、我們強大的品牌以及我們與下一代消費者的聯繫所支撐的財務實力，我們完全有能力應對當前的關稅不確定性和未來的其他宏觀挑戰。

Now, we'll open it up for your questions.

現在，我們將開始回答大家的提問。

(Operator Instructions) Mark Altschwager, Baird.

（操作員指示）Mark Altschwager，Baird。

Good afternoon. Thank you for taking my question. I appreciate all the detail here. Jesse, maybe if we could drill a little bit more into some of the tariff math and assumptions as we try to unpack that. So if I understand correctly, the low end of your gross margin guidance assumes the tariff costs with little mitigation. Is that right?

午安.感謝您回答我的問題。我感謝這裡的所有細節。傑西，也許我們可以在嘗試解決這個問題時，對一些關稅數學和假設進行更深入的研究。因此，如果我理解正確的話，您的毛利率指引的低端假設了關稅成本幾乎沒有緩解。是嗎？

And then I guess if I look at the gross margin guidance reduction, 240 basis points at the low end on consensus revenue this year, that's about $30 million of gross profit dollars. I guess, is that a rough approximation of the gross costs you're thinking about for the back half of the year? Maybe let's just start there, and then I have a follow-up.

然後我想，如果我看一下毛利率指導減少情況，今年的一致收入低端為 240 個基點，那相當於約 3000 萬美元的毛利。我想，這是您所考慮的下半年總成本的粗略估計嗎？也許我們就從那裡開始，然後我再進行後續跟進。

Maybe to clarify on the guidance, this assumes -- I think you got the first part right. It assumes the elevated tariff rates that are in place today and our best estimate of our mitigation efforts. So I think that's the key difference from what you said where it's not minimal mitigation efforts, it's our best estimate of mitigation efforts.

也許是為了澄清指導，這假設——我認為你的第一部分是正確的。它假設目前實行的關稅稅率較高，並且我們對緩解措施做出了最佳估計。所以我認為這與您所說的主要區別在於它不是最小的緩解措施，而是我們對緩解措施的最佳估計。

And then yes, you can do the math on the gross margin impact given the guidance that we gave, but it is a meaningful impact on a dollar basis.

是的，您可以根據我們提供的指導來計算毛利率的影響，但以美元計算，這是一個有意義的影響。

And how quickly could you theoretically pivot to a higher percent of the third-party sourced inventory? Or asked another way, maybe help us better understand the inventory commitments or flexibility you have on the owned brand front?

從理論上講，您能多快轉向更高比例的第三方採購庫存？或者換個方式問，也許可以幫助我們更好地了解您在自有品牌方面的庫存承諾或靈活性？

Yeah, we can flex pretty quickly. I wouldn't say it's necessarily a shift from owned brand to third party. We're still very optimistic on the owned brand expansion, especially this quarter and see a great opportunity there in the future, especially given the premium margin that owned brand carries.

是的，我們可以很快地彎曲。我不認為這必然是從自有品牌到第三方品牌的轉變。我們仍然對自有品牌擴張非常樂觀，尤其是本季度，並且看到未來的巨大機遇，特別是考慮到自有品牌帶來的溢價利潤率。

Now if you think about diversification of owned brand sourcing out of China, that is a longer lead time. We can make some progress this year, but it's more of a 2026 story there.

現在，如果您考慮在中國以外實現自有品牌採購的多樣化，那麼這需要更長的準備時間。我們今年可以取得一些進展，但這更像是一個 2026 年的故事。

Thank you. And then just finally, on the demand backdrop. Are you seeing the tariff news and weaker sentiment affecting customer traffic and conversion trends at this point? Or maybe what gives you the confidence you can sustain growth, especially in the US as we look at the steeper comparisons in the coming quarters here? Thank you.

謝謝。最後，談談需求背景。您是否看到關稅新聞和疲軟的情緒正在影響客戶流量和轉換趨勢？或者是什麼讓您有信心保持成長，尤其是在美國，因為我們會看到未來幾季的更劇烈的對比？謝謝。

Yeah, I think based on what we said in the prepared remarks, what we're seeing now is just that shift to more accessible price points, so that's impacting AOV. It's certainly having an impact on consumer confidence, and that's where we are moderating our expectations as we look ahead through the balance of this year given -- or assuming that the current state of plays in place.

是的，我認為根據我們在準備好的評論中所說的內容，我們現在看到的只是向更容易接受的價格點的轉變，所以這對 AOV 有影響。這肯定會對消費者信心產生影響，因此，我們在展望今年的平衡時會降低我們的預期——或者假設當前的狀況保持不變。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

Hi there, thank you for taking my question. This is Katie on for Oliver. I'd like to kind of go back to the owned brand strategy and just kind of learn more about how you're thinking about launches for owned brands and sort of that product development, specifically around the second half. Are you delaying any innovation there to shift to third party? And then I'll have one follow-up after that.

您好，感謝您回答我的問題。這是凱蒂 (Katie) 代替奧利佛 (Oliver)。我想回到自有品牌策略，進一步了解您對自有品牌發布和產品開發的看法，特別是在下半年。您是否會推遲任何創新以轉向第三方？然後我會進行一次跟進。

Yeah. We've definitely taken into account, and there's been some pushback in some place and some don't. We also have very, very, very exciting things launching in H2. So there's been adjustments, but we have to be nimble in this environment, and we think we have some awesome product our customers will up coming very, very soon. We excited to share with you guys.

是的。我們確實考慮到了這一點，有些地方遇到了阻力，有些地方則沒有。我們也將在接下來的 H2 中推出非常非常令人興奮的產品。因此，我們已經做出了調整，但我們必須在這種環境下保持靈活，我們認為我們有一些很棒的產品，我們的客戶很快就會收到。我們很高興與大家分享。

Okay. And then as a follow-up to the selling and distribution expense line item, could you just talk a little bit more about really the savings there and just thinking about what you can leverage to have any incremental savings this year? Thank you.

好的。然後，作為對銷售和分銷費用項目的後續跟進，您能否再多談一下那裡的實際節省情況，並思考一下您可以利用什麼來在今年實現增量節省？謝謝。

Yeah, we did guide up slightly for the second quarter based on what we're seeing in average order values, which increases that selling and distribution as a percentage of net sales.

是的，根據我們看到的平均訂單價值，我們確實略微上調了第二季的預期，這增加了銷售和分銷佔淨銷售額的百分比。

Now, that's not to take away from everything that the team has been doing. They've been doing a phenomenal job in making that line item, especially more efficient. There's also a significant impact from a lower return rate on that line item. So that's the largest driver of the decreases we've been seeing and then the team has been doing great work there. But we do anticipate some pressure from that lower average order value that we've been seeing for the last month or two.

現在，這並不意味著要否定團隊一直在做的一切。他們在使該專案更加高效方面做得非常出色。較低的退貨率也對該項目產生了重大影響。這是我們看到下降的最大原因，而團隊在這方面做得很好。但我們確實預期過去一兩個月平均訂單價值較低會帶來一些壓力。

Anna Andreva, Piper Sandler.

安娜·安德烈娃、派珀·桑德勒。

Great. Good afternoon, and thank you for taking our question. And Jesse, thank you for all the color on tariffs. Very helpful. We wanted to ask, you mentioned higher markdowns in 1Q and also the shift to more accessible price points as of late. Are you guys planning to pull the promotional lever more to stimulate demand? Are you starting to see the industry get incrementally more promotional so far in the second quarter?

偉大的。下午好，感謝您回答我們的問題。傑西，謝謝你對關稅的詳細解釋。非常有幫助。我們想問一下，您提到第一季降價幅度較大，而且最近價格也變得更實惠。你們是否打算加大促銷來刺激需求？您是否開始看到該行業在第二季開始逐步獲得更多的促銷？

And just curious, there's been some anecdotal evidence of demand pull forward ahead of tariffs, at least in some categories out there. Do you expect to still see that here in early 2Q?

令人好奇的是，有一些軼事證據表明，至少在某些類別中，需求在關稅上調之前就已經提前了。您預計第二季初仍會出現這種情況嗎？

Yeah. Maybe on the markdown strategy first. As we mentioned, we are seeing customers shift to more accessible price points, whether that means shifting out of full price into markdown or higher markdowns within that markdown component. But we're not necessarily shifting our markdown strategy in response to that.

是的。也許首先要考慮降價策略。正如我們所提到的，我們看到客戶正在轉向更容易接受的價格點，無論這意味著從全價轉向降價還是降價部分中的更高降價。但我們不一定會因此改變降價策略。

We typically -- based that on our algorithms, we do what's right for the inventory balance for the customer for the P&L. So no direct response to that or what anybody else is doing out there. We'll do what's right for the business on a whole.

我們通常 — — 根據我們的演算法，為客戶的損益表採取正確的庫存餘額處理方式。因此，沒有對此或其他人在做什麼做出直接回應。我們將做對整個業務有利的事情。

Now, on the pull forward, based on our customers' buy now, wear now behavior, we didn't see any meaningful indication of a pull forward in our business.

現在，就拉動而言，根據我們客戶的「現買現穿」行為，我們沒有看到任何有意義的跡象表明我們的業務正在向前發展。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much. I just want to ask, you mentioned, I think you said you're moderating your internal sales expectations. Can you just give us a little bit more color on that, like the magnitude of that?

太好了，非常感謝。我只是想問一下，您提到過，我認為您說過您正在調整內部銷售預期。您能否向我們詳細介紹一下這一情況，例如其嚴重程度？

And does that include any impact from some of the tariff mitigation strategies? In other words, if you're assuming that you have to raise price, do you assume that there's sort of elasticities are such that maybe there's a disproportionate negative impact on unit volumes? Just any color around that would be super helpful. Thank you.

這是否包括一些關稅減免策略的影響？換句話說，如果您假設必須提高價格，您是否認為存在某種彈性，可能會對單位銷售產生不成比例的負面影響？周圍的任何顏色都會非常有用。謝謝。

Yeah. I think the key point there is that we are seeing some softening, and what we want to communicate is that we are moderating our inventory buys accordingly. So we want to keep everything in check. Now, we need to be careful in the case that tariffs are reduced and everything opens up again. So we got to have to be very nimble there.

是的。我認為關鍵的一點是，我們看到了一些疲軟趨勢，我們想要傳達的是，我們正在相應地調整庫存購買量。因此我們希望控制住一切。現在，我們需要謹慎，以防關稅降低、一切重新開放。所以我們必須非常靈活。

And yes, in terms of kind of units versus dollars and how we're planning for inventory and price increases, it is very dynamic, and we're taking all of that into consideration with our inventory buys. And then maybe on the elasticity point, I think it's one that you can't look at in isolation. It's not necessarily one percentage of price increase that would impact the consumers' behavior. You really have to factor in kind of everything else that's going on out there, how she's feeling consumer sentiment, et cetera, and very case by case, product by product, price point by price point.

是的，就單位與美元的關係以及我們如何規劃庫存和價格上漲而言，這是非常動態的，我們在庫存採購時會將所有這些都考慮進去。然後也許就彈性點而言，我認為這是你不能孤立地看待的。價格上漲百分之一不一定會影響消費者的行為。你確實必須考慮到外面正在發生的所有其他事情，她如何感受消費者情緒等等，並且要逐一考慮具體情況、逐個產品、逐個價格點。

Lorraine Hutchinson, BofA Securities.

洛林‧哈欽森 (Lorraine Hutchinson)，美國銀行證券公司。

Thank you. Good afternoon. I was wondering for the 78% of inventory purchases from third-party brands, what are you hearing from them on price increase? Is that a strategy they intend to take? And how do you balance that with the customer kind of looking for better value in a tighter spending environment?

謝謝。午安.我想知道，對於 78% 從第三方品牌購買的庫存，您聽到了他們關於價格上漲的什麼消息？這是他們打算採取的策略嗎？那麼，在支出環境趨緊的情況下，您該如何平衡顧客對更高價值的追求呢？

Yeah, we are partnering very closely with those third-party brands, and we are seeing some price increases, again, very product by product, brand by brand. And also keeping in mind prices comparable across different destinations, across different products. But we are seeing some of that.

是的，我們與第三方品牌的合作非常密切，而且我們也看到價格上漲，而且是逐個產品、逐個品牌的上漲。並且也要記住不同目的地、不同產品之間的價格比較。但我們已經看到了一些這樣的情況。

And then I lost your second part of that question.

然後我就不明白你這個問題的第二部分了。

Any customer pushback or feedback from that?

有任何客戶反對或回饋嗎？

Yeah, nothing yet. It's still very early, though, and this is all just rolling in kind of as we speak over the last few weeks.

是的，還沒有。不過，現在還為時過早，這一切都是在過去幾週我們談論的時候才剛開始的。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thanks. I get that the dollars decrease as your sales projections decrease, but keeping marketing spend that kind of 15% level, can you sort of walk through your thinking there?

謝謝。我知道隨著銷售預測的下降，行銷費用也會減少，但要將行銷支出保持在 15% 的水平，您能否具體說明您的想法？

And then we've heard albeit sort of early in the earnings season, some improvement in the efficiency of marketing or other brands sort of pulling back in marketing. Does that help you, particularly if you're -- you had spoken last quarter about some AI and sort of embedded in some of your engagement marketing? Thanks.

儘管是在收益季節的早期，我們還是聽說行銷效率有所提高，或者其他品牌在行銷方面有所縮減。這對您有幫助嗎，特別是如果您——您上個季度談到了一些人工智慧並將其嵌入到您的一些參與行銷中？謝謝。

Yeah. So I can jump in on the marketing side. So the market projection is just based off the current trends that we're seeing and what we think is going to be the right zone for the business to spend at for the balance of the year.

是的。所以我可以參與行銷方面。因此，市場預測只是基於我們所看到的當前趨勢以及我們認為今年剩餘時間企業支出的正確區域。

In terms of the softness on the marketing side, you're right that historically, we've seen when there's any kind of economic weakness, often brands pull back on marketing spend and that can open up marketing opportunities. From what we've seen thus far, we haven't seen anything major in that way. And of course, it's -- I think we're still early in the development of what happens with the tariffs and do they stay, do they go away. So that's something that we could see more of. But at this point, we haven't seen any major trends there as far as reduced marketing CPMs or marketing opportunities on that side.

關於行銷方面的疲軟，您說得對，從歷史上看，當出現任何形式的經濟疲軟時，品牌通常都會減少行銷支出，而這可能會帶來行銷機會。從目前的情況來看，我們還沒有發現任何重大事件。當然，我認為我們還處於關稅政策制定的早期階段，不知道關稅會保留還是取消。所以我們可以看到更多這樣的情況。但目前，就行銷 CPM 或行銷機會的減少而言，我們還沒有看到任何重大趨勢。

That said, I think the team did an incredible job this quarter in terms of delivering marketing efficiencies with better tactics and strategies and then certainly continuing into Q2 with the remarkable execution of REVOLVE Festival by the team. So we feel good about our marketing playbook for the rest of the year. But at this point, from an environment standpoint, it's more similar to what we've seen.

話雖如此，我認為本季度團隊在透過更好的策略和策略來提高行銷效率方面做得非常出色，隨著團隊對 REVOLVE 音樂節的出色執行，這一勢頭肯定會延續到第二季​​度。因此，我們對今年剩餘時間的行銷策略感到滿意。但目前，從環境的角度來看，它與我們所看到的更相似。

Thanks.

謝謝。

Michael Bennetti, ISI.

邁克爾·貝內蒂，ISI。

Hey guys, thanks for taking our question. Just a couple maybe on the model. So nice to see the improvement on product return percentages again there. Does that start to slow in our models as we look out over the next few quarters as you start to lap some of the real big improvements a year ago? Or do you have some incrementals that you could tell us about that will keep driving it lower year over year?

嘿夥計們，感謝你們回答我們的問題。模特兒上可能只有一對。很高興看到產品退貨率再次提高。當我們展望未來幾季時，當我們開始回顧一年前的一些真正的重大改進時，我們的模型中這種情況是否開始放緩？或者您能告訴我們一些增量情況，這些增量將使價格逐年下降嗎？

And then on -- I'm curious if you're seeing any hesitation or similar shift to accessible price points outside the US as well. And then one last one on the model. I'm curious on the selling and distribution in 2Q. I think it's quite a bit higher than the rate you were talking about for the year. Is there anything unique in 2Q? Thank you.

然後——我很好奇您是否也看到美國以外的地區對可負擔的價格點有任何猶豫或類似的轉變。最後再說一下模型。我對第二季的銷售和分銷情況很好奇。我認為它比你所說的今年的利率要高得多。第二季有什麼獨特之處嗎？謝謝。

Yeah -- go ahead, sorry.

是的——請繼續，抱歉。

Sorry. I can start with talking about the return rate side of things. So we do have a number of things still in the pipeline that we hope can deliver improvements on the return rate side. But as is the case with any R&D type initiatives or things that are unproven for modeling and forecasting purposes internally, we're not baking any impact of those efforts in. And so we would expect from a modeling perspective internally and externally that the return rate should -- improvements year over year should moderate as the year goes on because obviously, we started delivering a lot of that in the back half of the year.

對不起。我可以先從回報率方面來談。因此，我們確實還有一些事情正在籌備中，希望這些事情能在回報率方面帶來改善。但與任何研發類型的計劃或未經內部建模和預測目的證實的事物一樣，我們不會產生這些努力的任何影響。因此，從內部和外部的建模角度來看，我們預計回報率應該 - 隨著時間的推移，逐年改善應該會有所緩和，因為顯然，我們在下半年開始實現了很多這樣的目標。

Okay. And maybe to double-click on that one, too. I think if you rewind to last quarter where we said we had factored in a flat return rate year over year, not to take away from our optimism, given the significant reduction we had in Q1. We're now modeling in a slight decrease for the full year given our performance in Q1.

好的。或許還可以雙擊那個。我認為，如果回顧上個季度，我們說過我們已經將同比持平的回報率考慮在內，但考慮到第一季的大幅下降，這並沒有打消我們的樂觀情緒。鑑於我們第一季的表現，我們預計全年業績將略有下降。

And then on the hesitation outside of the US, nothing significant to call out there on a geo basis. We mentioned some pullback from Canadian customers. That's not necessarily price point, but just complete pullback.

至於美國以外的猶豫，從地理位置來看，沒有什麼值得關注的。我們提到了一些加拿大客戶的撤退。這不一定是價格點，而只是徹底的回檔。

And then selling and distribution, in Q2, that is generally higher. That's when we see a higher return rate, et cetera. So it typically in Q2 is seasonally higher than other quarters.

然後，第二季的銷售和分銷通常會更高。那時我們就會看到更高的報酬率等等。因此，第二季的季節性水平通常高於其他季度。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Hey, everyone. Thank you for taking the question. Just a little bit more on the April trend. I guess can you help us understand how you're thinking about what's driving that decel and any way to kind of frame the micro versus macro in that?

嘿，大家好。感謝您回答這個問題。再多說一點關於四月的趨勢。我想您能否幫助我們理解您認為是什麼導致了這種減速，以及如何從微觀和宏觀兩個角度來建立這種減速？

And then on the gross margin guidance reduction, is that fully or almost fully attributable to tariffs, or any other factors to call out there?

那麼，關於毛利率指引的下調，這是否完全或幾乎完全歸因於關稅，還是任何其他因素？

Yeah. On the April trend, I think we attribute this mostly to macro. The team has been performing exceptionally well. We're driving a lot of significant gains, conversion gains, et cetera. So I think everything we can control is going well. It's just this macro uncertainty and overhang.

是的。就四月的趨勢而言，我認為我們主要將其歸因於宏觀因素。該隊的表現非常出色。我們正在取得很多顯著的收益、轉換收益等等。所以我認為我們能控制的一切進展都很順利。這只是宏觀上的不確定性和懸而未決的問題。

And then your second part of the question, gross margin fully attributable to tariffs. I think if you took tariffs out of the equation, we would probably guide slightly lower for gross margin on the full year, just slightly, just given what we saw in Q1 and that shift to the more accessible price points, markdown, et cetera.

然後是問題的第二部分，毛利率完全歸因於關稅。我認為，如果不考慮關稅因素，我們可能會稍微降低全年的毛利率，只是稍微降低一點，這只是考慮到我們在第一季度看到的情況以及轉向更容易接受的價格點、降價等等。

Now you can't completely take tariffs out of the equation because tariffs did have an impact on consumer sentiment. So it's hard to peel those apart, but we did see a shift from full price and then deeper markdowns within that markdown bucket.

現在你不能完全排除關稅因素，因為關稅確實對消費者情緒產生了影響。因此很難將它們區分開來，但我們確實看到了從全價到降價區間內更大幅度降價的轉變。

Great, helpful. Thank you.

很棒，很有幫助。謝謝。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great, thanks. First, just back to the April trends. Could you clarify just how much of a differential there was between US and international growth? I think you said international is a little bit better. And on the comment around the Canada weakness, in particular, in 1Q, has that subsided in 2Q? Or has that persisted?

太好了，謝謝。首先，回顧一下四月的趨勢。您能否澄清一下美國和國際成長之間的差異有多大？我認為你說的國際化要好一點。關於加拿大經濟疲軟的評論，特別是第一季的疲軟，第二季是否有所緩解？還是這種情況一直持續下去？

Yeah. On a month-to-month basis, we don't get into excruciating detail there just because it is only a month other than to say that international did outpace the US, so not much more to say there.

是的。從月度角度來看，我們不會深入討論細節，因為這只是一個月的時間，除了說國際市場確實超過了美國之外，沒有太多可說的。

Yeah. And then with regards to Canada, we are continuing to see an impact in the Canadian markets due to the sentiment shift in Canada, and we saw a pretty sharp turn in that market when a lot of the tariff policy and other policies that Canadians subjected to started rolling out.

是的。然後就加拿大而言，由於加拿大的情緒轉變，我們繼續看到加拿大市場受到影響，當加拿大人所受的許多關稅政策和其他政策開始推出時，我們看到該市場發生了相當急劇的轉變。

Okay, great. And then second question, just on the 78% of inventory imported by partners. I think the comment was that, that's a lower ratio than the 72% of where you're the importer of record coming from China. But could you get more specific as to like how much lower that China mix is? And is that kind of the North Star of where you envision your mix of what you import going to over time? Just trying to understand how much lower it is and where your mix could go over time.

好的，太好了。第二個問題是關於合作夥伴進口的 78% 庫存。我認為評論是，這個比例低於你們記錄的來自中國的進口商的 72% 的比例。但您能否更具體地說明中國成分的比例到底低多少？這是否就是您所設想的進口產品組合隨著時間的推移將會走向的北極星？只是想了解它到底低多少以及隨著時間的推移你的混合物會達到什麼程度。

Yeah, not any more detail there really other than to say it's meaningfully lower than that 72%. And keep in mind, and maybe this will help you triangulate around it that, that 72%, which is of that 22% that is direct. The vast -- call it, vast or significant majority on owned brands is sourced from China and then a much lower percentage on the third-party side of those direct imports. So you can get hopefully a little bit closer using those.

是的，除了說它明顯低於 72% 之外，沒有更多細節了。請記住，這也許能幫助你對它進行三角測量，那 72% 就是其中的 22% 是直接的。絕大多數——可以稱之為絕大多數或相當大一部分——自有品牌來自中國，而第三方直接進口的比例則要低得多。因此，希望你可以透過使用這些來更接近目標。

Okay, great. Thanks.

好的，太好了。謝謝。

Yeah. And then in terms of the long-term North Star, it really depends on how the environment unfolds. Certainly, we expect later this year to have some meaningful reduction in China exposure with regards to owned brand and a much bigger impact in 2026. And then it depends on the tariff situation and other kind of macro issues going forward. But there's certainly a world where China could be very little of our production. But at this point, it's too early to say. It depends on a lot of policy factors and other things that have yet to unfold.

是的。就長期的北極星而言，這實際上取決於環境如何發展。當然，我們預計今年稍後自有品牌在中國的曝光度將出現顯著下降，並在 2026 年產生更大的影響。然後這取決於未來的關稅情況和其他宏觀問題。但肯定存在這樣的世界，中國可能只生產極少量的產品。但目前來說，還言之過早。這取決於許多政策因素和其他尚未發生的事情。

Matt Koranda, Roth Capital.

羅斯資本的馬特‧科蘭達 (Matt Koranda)。

Hey guys, thanks. Maybe just spinning back to consumer health and the message here. I guess, could you touch on more directly sort of how the uncertainty and the lower confidence shows up in your customer behavior most prominently? It sounds mostly like lower AOVs. It sounds like at least in the past, we have a precursor of kind of higher return rates a couple of years ago.

嘿，大家，謝謝。也許只是回到消費者健康和這裡的資訊。我想，您能否更直接地談談不確定性和較低的信心是如何在客戶行為中最突出地體現出來的？聽起來更像是較低的 AOV。聽起來至少在過去，幾年前我們就預告著更高的報酬率。

What else are you seeing in terms of the change in behavior? Are there more percentage of transactions financed via buy now, pay later? What are the other sort of metrics we should be looking for?

從行為變化方面看，您還看到了什麼？先買後付的方式融資的交易比例是否較大？我們應該尋找哪些其他類型的指標？

Yeah. Those are all the main metrics that we've seen thus far. We closely track the consumer sentiment and consumer confidence because we know that historically, that can often have an impact on our consumers' purchasing behavior and very central to the REVOLVE brand is consumers feeling good and feeling great and living their best life. And so certainly, when disruption or macro weakness first hits, it can often affect our consumers' purchase behavior.

是的。這些都是我們迄今為止看到的主要指標。我們密切關註消費者情緒和消費者信心，因為我們知道，從歷史上看，這通常會對消費者的購買行為產生影響，而 REVOLVE 品牌的核心是消費者感覺良好、感覺很棒並過著最好的生活。因此，當混亂或宏觀疲軟首次襲來時，它通常會影響我們消費者的購買行為。

And then we saw a fairly meaningful shift in price points, as Jesse mentioned, around the same time. So along with a modest decel in the growth rates that we were tracking. So to Jesse's point, it seems pretty clear to us that the macro factors are at play. And macro stuff always works itself out over the long run. We actually feel great about the underlying trends and momentum that we've had through the past couple of quarters and through Q1. And also, we feel great about our mitigation efforts and what our supply chain will look like over the long term.

然後，正如傑西所提到的，我們看到價格點在同一時間發生了相當顯著的變化。因此，我們追蹤的成長率也略有下降。因此，對於傑西的觀點，我們很清楚宏觀因素在發揮作用。長遠來看，宏觀的東西總是會自行解決。事實上，我們對過去幾個季度以及第一季的潛在趨勢和勢頭感到非常滿意。此外，我們對我們的緩解措施以及我們的供應鏈的長期前景感到非常滿意。

So in the short term, there's a bit of impact, but we think all the factors for success are in place. And we'll watch to see how things play out over the next couple of quarters given the macro environment, particularly if it weakens, but we think we're well positioned.

因此，短期內會產生一些影響，但我們認為成功的所有因素都已具備。我們將關注宏觀環境在未來幾季中如何發展，特別是如果宏觀環境減弱的話，但我們認為我們已做好準備。

Any willingness to just talk about sort of the return rate that you saw quarter-to-date? Has it changed materially since the first quarter? Just maybe puts and takes around what's driving the net sales mid-single-digit growth rate that you highlighted?

您願意談談本季迄今的回報率嗎？自第一季以來，情況有重大變化嗎？也許可以大致了解一下是什麼推動了您所強調的淨銷售額中個位數的成長率？

Yeah. So with regards to the return rate, we're not seeing a meaningful shift in the return rate at this point. Of course, as you know, returns can be a lagging indicator, but in the data we have thus far, there aren't any signs of the consumer sentiment impacting return rate just yet. And as you mentioned, it could be something that happens in the future. And again, we saw a modest decel from Q1, and you're always going to have some variance up and down month by month also. But certainly, combined again with the price point shift and those sentiment indicators, it was pretty telling to us that there was some macro sentiment shift.

是的。因此，就回報率而言，我們目前尚未看到回報率有顯著變化。當然，如你所知，報酬率可能是個落後指標，但從我們目前掌握的數據來看，還沒有任何跡象顯示消費者情緒會影響報酬率。正如您所說，這可能是未來會發生的事情。我們再次看到，與第一季相比，成長略有放緩，每個月也總是會有一些上下波動。但可以肯定的是，再次結合價格點轉變和那些情緒指標，這清楚地告訴我們，宏觀情緒發生了一些轉變。

I will say as we exited April, we start to saw some of those indicators reverse a bit, but again, it's a very volatile environment. And so at this point, we certainly wouldn't count on the direction of consumer sentiment being reversed or permanently reversed.

我想說的是，當我們走出四月時，我們開始看到其中一些指標有所逆轉，但同樣，這是一個非常不穩定的環境。因此，就目前情況而言，我們當然不會指望消費者情緒的方向會逆轉或永久逆轉。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thanks. Good afternoon. Can you talk about the outlook for owned brands? I think typically, during uncertain times, the company has pulled back here and lean more into national brands, but you're pushing ahead with accelerating owned brands this year. So just curious what gives you the confidence in doing so this time around and whether we should expect owned brands to continue outperforming the rest of this year.

謝謝。午安.能談談自有品牌的前景嗎？我認為，通常情況下，在不確定的時期，公司會退縮並更傾向於國家品牌，但今年你們正在加速推動自有品牌的發展。所以我很好奇是什麼讓您有信心這次這樣做，以及我們是否應該期待自有品牌在今年剩餘時間內繼續表現出色。

The team has been doing. There's been many, many years of investment improvement, and it's really showing from top line metrics that we shared today as well as all of our internal metrics that we think are very, very forward leading. So the team is strong. We're performing well, and we'll continue to invest in because we see it as an exciting part of the business, both from a brand building and a margin building perspective.

該團隊一直在這麼做。多年來，我們的投資一直在改善，這從我們今天分享的頂線指標以及我們認為非常非常前瞻性的所有內部指標中都可以看出來。所以這個團隊很強大。我們表現良好，我們將繼續投資，因為我們認為這是業務中令人興奮的一部分，無論從品牌建立還是利潤建立的角度來看。

And then secondly, I think the guidance for G&A expense for the year was only cut by about $1 million. If demand does soften further, what kind of flex do you have in the business to become sharper with spending as we think about the ability to protect margins?

其次，我認為今年的 G&A 費用指引僅削減了約 100 萬美元。如果需求進一步疲軟，當我們考慮保護利潤率的能力時，您在業務上可以採取哪些靈活措施來更靈活地控制支出？

We certainly have the ability to make further G&A reductions, but that would not be the plan at all. We're all about positioning the business for long-term success versus delivering short-term results from a profit maximization standpoint. So we -- again, we think we have great underlying trends. We want to continue to build for the long term.

我們當然有能力進一步削減一般及行政費用，但這根本不是我們計劃的。從利潤最大化的角度來看，我們致力於將業務定位在長期成功，而不是實現短期成果。因此，我們再次認為，我們擁有良好的潛在趨勢。我們希望繼續進行長期建設。

And we think we're really well-positioned to navigate the period both with the initiatives that we have lot of what we're doing on the tariff mitigation side as well as our really strong cash balance of $300 million. So we certainly don't want to do anything shortsighted and cut expenses on things that could be long-term opportunities.

我們認為，憑藉我們在降低關稅方面採取的許多舉措以及我們 3 億美元的強勁現金餘額，我們完全有能力度過這段時期。因此，我們當然不想做任何短視的事情，也不想削減可能帶來長期機會的開支。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, thanks for taking my questions. Just a couple for me on inventory. Nice to see the favorable inventory sales spread there. I was wondering if you could comment on the inventory composition at both brands. I think last quarter, you talked about being a little bit more weighted in the markdowns at REVOLVE. So just wondering if there's still any pockets of excess anywhere.

你好，謝謝你回答我的問題。我的庫存裡只有幾件。很高興看到那裡庫存銷售情況良好。我想知道您是否可以評論一下這兩個品牌的庫存組成。我認為上個季度您談到了 REVOLVE 的降價幅度更大一些。所以我只是想知道是否還存在任何過剩的地方。

And then maybe just a bit more color on how much you're cutting back inventory for the back half? And then how much flexibility you have in the model if we do need to reaccelerate inventory buys? Thank you.

然後能否再詳細說明下半年要削減多少庫存？那麼，如果我們確實需要重新加速庫存購買，您的模型有多大的彈性？謝謝。

Yeah. On the first one, I think we called it out in the prepared remarks, too, but very encouraging was that inventory to sales growth differential is positive on both FWRD and REVOLVE. So we saw great progress on the REVOLVE segment versus the progress that we saw in FWRD over the last couple of quarters. So we feel good about the inventory composition today on both segments. And the full price markdown ratio is in a zone that feels comfortable as well.

是的。關於第一個問題，我想我們也在準備好的評論中提到了這一點，但非常令人鼓舞的是，FWRD 和 REVOLVE 的庫存與銷售成長差異都是正值。因此，與過去幾季我們在 FWRD 領域看到的進展相比，我們看到了 REVOLVE 領域的巨大進步。因此，我們對目前這兩個部門的庫存組成感到滿意。而且全價降價比例也處於令人感覺舒適的區域。

And then on inventory purchases, we're very flexible, and we want to keep that in mind as we think about moderating our inventory buys, but also staying flexible enough so that if and when demand does pick up, if these tariffs are moderated, call it, that we can get back into the inventory and meet the demand.

在庫存採購方面，我們非常靈活，我們在考慮調整庫存採購時要牢記這一點，但也要保持足夠的靈活性，以便當需求確實回升時，如果這些關稅得到緩和，我們可以重新進入庫存並滿足需求。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hey, thanks for taking the question. I wanted to understand your philosophy on investing in the near-term opportunities drive share balanced against income statement performance. You mentioned investing while peers are pulling back. Can you help us think about these dynamics?

嘿，謝謝你回答這個問題。我想了解您關於投資短期機會以推動份額與損益表表現平衡的理念。您提到在同行撤退時進行投資。您能幫助我們思考這些動態嗎？

Yeah, 100%. I think there's a couple of really important examples. One of them when we talk about owned brand, right? We think we do have the ability to control that inventory well. Yes, there's going to be increased challenges with the tariff situation, but it's really checking and working well, and it's a huge area of opportunity for us from both a margin standpoint as well as a growth and customer experience standpoint. So we're going to continue to invest in that.

是的，100%。我認為有幾個非常重要的例子。當我們談論自有品牌時，這就是其中之一，對嗎？我們認為我們確實有能力很好地控制庫存。是的，關稅狀況將帶來更多挑戰，但一切確實在控制之中，並且運作良好，從利潤率、成長和客戶體驗的角度來看，這對我們來說都是一個巨大的機會。因此我們將繼續對此進行投資。

AI technology and technology in general, we've gotten huge gains from that in the preceding quarters. That's going to continue to be an area of active investment for us.

人工智慧技術和整體技術，我們在前幾個季度已經獲得了巨大的收益。這將繼續成為我們積極投資的領域。

And then, of course, it's continuing to invest every aspect of the experience for the customer, continue to invest in optimizing logistics efficiencies and return efficiencies and things of that nature, you're continuing to see those items flow through to the balance sheet in the income statement in the current quarter.

然後，當然，它將繼續投資於客戶體驗的各個方面，繼續投資於優化物流效率和退貨效率以及諸如此類的事情，您會繼續看到這些項目流入本季度損益表中的資產負債表。

So again, we think we have a lot of things that are working, a lot of investments that are going well. And we're always going to judge an investment on the basis of does the ROI on this investment look good rather than how does this investment affect the P&L statement for this current quarter.

因此，我們認為我們有很多事情正在發揮作用，而且很多投資也進展順利。我們總是根據一項投資的投資報酬率是否良好來判斷這項投資，而不是這項投資如何影響本季的損益表。

Okay. And then I was curious on the active customer base. It keeps expanding sequentially. Can you talk about newly acquired customers? Obviously, you have international outperformance embedded in that. But I'm curious how you're meeting new customers and if there are any behavioral differences in these newer cohorts.

好的。然後我對活躍的客戶群感到好奇。它不斷地連續擴大。能談談新獲得的客戶嗎？顯然，這其中蘊含著國際領先表現。但我很好奇您是如何迎接新客戶的，以及這些新客戶群的行為是否有差異。

Yeah. So we continue to invest on the marketing side. We're finding great opportunities, obviously, both from retention standpoint, but continuing to acquire large amounts of new customers. And there's a huge untapped market and opportunity for us on the new customer side, obviously, continuing to invest in all of our existing channels.

是的。因此我們繼續在行銷方面進行投資。顯然，無論是從保留的角度，還是從繼續獲得大量新客戶的角度，我們都發現了巨大的機會。顯然，在新客戶方面，我們有龐大的未開發市場和機會，我們會繼續對所有現有管道進行投資。

But one thing we haven't talked about much on this earnings call, obviously, with the Terra focus, but is the exciting opportunity of the physical retail expansion. And one of the really neat stats on the physical retail side is that we find significant amounts of the purchases, close to half at our Grove store came from new customers. And that's in essentially our hometown, our home market of Los Angeles. So there's huge upside for us long term to continue to acquire those new customers on top of that category expansion, continuing to invest and expand internationally, so we feel great about the trajectory.

但有一件事我們在這次財報電話會議上沒有談論太多，顯然，重點是 Terra，但實體零售擴張的激動人心的機會。實體零售方面的一個非常好的統計數據是，我們發現大量的購買量，我們 Grove 商店中近一半的購買量來自新客戶。這基本上就是我們的家鄉，我們的本土市場洛杉磯。因此，從長遠來看，除了擴大產品類別之外，繼續吸引新客戶、繼續投資和國際擴張對我們來說都有巨大的好處，所以我們對這一發展軌跡感到非常滿意。

Lucas Cohen, BMO.

盧卡斯·科恩（BMO）。

Hey. This is Lucas Cohen on for Simeon Siegel. I see second straight quarter, no repurchases, but obviously, a new dynamic here with CapEx investment in new stores as you build that out. That being said, it would still be great to get some context on what the future plans are for repurchases going forward.

嘿。盧卡斯·科恩 (Lucas Cohen) 代替西蒙·西格爾 (Simeon Siegel) 發言。我看到連續第二季沒有回購，但顯然，隨著新店的建設，資本支出投資將出現新的動態。話雖如此，如果能了解未來回購計畫的背景，那還是很有好處的。

Yeah. Thanks, Lucas. Yes, to your point, we haven't been active in the last two quarters. Now that said, we were active in Q2 of this year. So we still have a plan in place. We still see that as a great return of capital to shareholders. And we have a strong cash balance such that we can invest in both the stock repurchases and our initiatives on the core business.

是的。謝謝，盧卡斯。是的，正如您所說，我們在過去兩個季度一直不太活躍。話雖如此，我們在今年第二季還是很活躍。所以我們仍然有一個計劃。我們仍然認為這是對股東的巨大資本回報。我們擁有充足的現金餘額，因此我們可以投資於股票回購和核心業務計劃。

Thanks.

謝謝。

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

好的。今天我們的提問時間就到這裡了。我將把電話轉回給管理階層，請他們作最後發言。

Hey, guys, thanks for joining us for this earnings release. We're really proud of all the work that we've invested and put into the organization, and we're seeing a lot of progress across the board. We really think that these macro challenges really provide a lot of opportunities, and we're excited and focused for the challenges and opportunities ahead.

嘿，大家好，感謝你們參加我們的收益發布會。我們為我們為該組織所投入的所有工作感到非常自豪，並且我們看到了全面的巨大進步。我們確實認為這些宏觀挑戰確實提供了很多機遇，我們對未來的挑戰和機會感到興奮並專注於此。

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

好的。今天的電話會議到此結束。您現在可以斷開連線。