Stitch Fix Inc (SFIX) 2022 Q3 法說會逐字稿

Good day, everyone, and welcome to the Stitch Fix Third Quarter 2022 Earnings Call. Today's conference is being recorded. And now at this time, I'd like to turn the conference over to Alexandra Viski-Hanka. Please go ahead, ma'am.

大家好，歡迎參加 Stitch Fix 2022 年第三季度財報電話會議。今天的會議正在錄製中。現在這個時候，我想把會議交給 Alexandra Viski-Hanka。請繼續，女士。

Good afternoon, and thank you for joining us on the call today to discuss the results of our third quarter of fiscal 2022. Joining me on today's call are Elizabeth Spaulding, CEO of Stitch Fix; and Dan Jedda, CFO. We have posted complete third quarter 2022 financial results and a press release on the IR section of our website, investors.stitchfix.com. A link to the webcast of today's conference call can also be found on our site.

下午好，感謝您今天加入我們的電話會議，討論我們 2022 財年第三季度的業績。與我一起參加今天電話會議的還有 Stitch Fix 首席執行官 Elizabeth Spaulding；和首席財務官丹·傑達。我們已在我們網站 Investors.stitchfix.com 的 IR 部分發布了完整的 2022 年第三季度財務業績和新聞稿。今天電話會議的網絡直播鏈接也可以在我們的網站上找到。

We would like to remind everyone that we will be making forward-looking statements on this call, which involve risks and uncertainties. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please review our filings with the SEC for a discussion of the factors that could cause the results to differ, in particular, our press release issued and filed today as well as the Risk Factors section of our quarterly report on Form 10-Q for our second quarter previously filed with the SEC and the quarterly report on Form 10-Q for our third quarter which we expect to be filed today.

我們想提醒大家，我們將在此次電話會議上做出前瞻性陳述，其中涉及風險和不確定性。實際結果可能與我們的前瞻性陳述所設想的結果大不相同。報告的結果不應被視為未來業績的指標。請查看我們向美國證券交易委員會提交的文件，以討論可能導致結果不同的因素，特別是我們今天發布和提交的新聞稿以及我們第二份表格 10-Q 季度報告的風險因素部分之前向美國證券交易委員會提交的季度報告以及我們預計將於今天提交的第三季度表格 10-Q 季度報告。

Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will discuss certain non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures are provided in the press release on our IR website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們將討論某些非公認會計準則財務措施。我們投資者關係網站上的新聞稿中提供了與最直接可比的 GAAP 財務指標的對賬。這些非 GAAP 措施無意替代我們的 GAAP 結果。

Finally, this call in its entirety is being webcast on our IR website, and a replay of this call will be available on the website shortly. I'd now like to turn the call over to Elizabeth.

最後，本次電話會議的全部內容正在我們的 IR 網站上進行網絡直播，很快將在網站上播放本次電話會議的重播。我現在想把電話轉給伊麗莎白。

Thanks, Alexandra, and thank you all for joining us for Stitch Fix's Q3 2022 Earnings Call. Before we dive into our financial results, I'd like to take a moment to remind everyone where we are in the broader Stitch Fix journey to put into context the actions we're taking to improve performance. As you know, we are in a period of transformation from a fixed-only business to a fixed plus free style ecosystem. This enables us to serve our clients' on-demand styling needs as well as to begin to acquire new clients through personalized shopping, thus opening up a much larger opportunity with a TAM that is 2 to 3x greater than the fixed-only business.

謝謝，亞歷山德拉，感謝大家加入我們參加 Stitch Fix 的 2022 年第三季度財報電話會議。在我們深入了解我們的財務業績之前，我想花點時間提醒大家我們在更廣泛的 Stitch Fix 旅程中所處的位置，以便將我們為提高績效而採取的行動納入背景。如您所知，我們正處於從純固定業務向固定加自由式生態系統轉型的時期。這使我們能夠滿足客戶的按需造型需求，並開始通過個性化購物獲得新客戶，從而為 TAM 帶來比固定業務高 2 至 3 倍的更大機會。

We are building upon our core strategic assets of rich data science plus the personal touch of human stylists. This is a necessary and significant undertaking that requires us to adjust our original system, marketing tools and selection to ultimately deliver enhanced customer experiences. While Freestyle has already demonstrated strong unit economics and meaningful client value, expanding Freestyle into a client acquisition vehicle is an iterative process. As we discussed previously, establishing a fixed plus Freestyle ecosystem will take time and will not be linear. We are moving forward deliberately and thoughtfully with a sense of urgency addressing the areas that are within our control.

我們正在構建我們豐富的數據科學的核心戰略資產以及人類造型師的個人風格。這是一項必要且重要的工作，需要我們調整我們的原始系統、營銷工具和選擇，以最終提供增強的客戶體驗。雖然 Freestyle 已經展示了強大的單位經濟性和有意義的客戶價值，但將 Freestyle 擴展到客戶獲取工具是一個迭代過程。正如我們之前所討論的，建立一個固定加自由式的生態系統需要時間，而且不會是線性的。我們正以一種緊迫感認真而深思熟慮地向前推進，以解決我們控制範圍內的問題。

In Q2, we saw that our new onboarding flow created friction for customers eager for a Fix therefore, impacting conversion. In parallel, similar to many in our industry, we continue to navigate the ongoing effects of Apple Privacy changes, which is impacting traffic to our site. Both of these have made new client acquisitions challenging. We are working through both of these with tremendous focus. Today, I will provide more detail on steps we have taken to mitigate these challenges and what is to come. Additionally, as we promised in our last call, our team has taken a deep look at our business and our cost structure. We have done a detailed review of how we deliver our experience, and we've begun to take action to become more efficient and deliver profitable growth over time.

在第二季度，我們看到我們新的入職流程給渴望修復的客戶帶來了摩擦，從而影響了轉化率。與此同時，與我們行業中的許多人類似，我們繼續了解 Apple 隱私變化的持續影響，這正在影響我們網站的流量。這兩種情況都使新客戶的獲取具有挑戰性。我們正在全力以赴地解決這兩個問題。今天，我將更詳細地介紹我們為緩解這些挑戰而採取的步驟以及即將發生的事情。此外，正如我們在上次電話會議中承諾的那樣，我們的團隊已經深入研究了我們的業務和成本結構。我們已經對我們如何提供經驗進行了詳細審查，並且我們已經開始採取行動提高效率並隨著時間的推移實現盈利增長。

Both Dan and I will spend time on this momentarily.

丹和我都會花時間在這上面。

Now on to our Q3 financial and operating results. While we are confident in the strategy we have in place, we are not satisfied with our Q3 performance. We can and must do better, and we're focused on execution as a team. Top line results as well as active client counts were largely within our expectations. We generated net revenue of $493 million, reflecting an 8% decline year-over-year and an adjusted EBITDA loss of $36 million. Active clients declined 5% year-over-year and 3% on a sequential basis, ending Q3 at 3.9 million. We have made several improvements to the new client engine, which I will speak to in a bit.

現在談談我們的第三季度財務和經營業績。雖然我們對我們現有的戰略充滿信心，但我們對第三季度的表現並不滿意。我們可以而且必須做得更好，我們專注於團隊的執行。營收結果和活躍客戶數量在很大程度上符合我們的預期。我們產生了 4.93 億美元的淨收入，同比下降 8%，調整後的 EBITDA 虧損為 3600 萬美元。活躍客戶同比下降 5%，環比下降 3%，第三季度末為 390 萬。我們已經對新的客戶端引擎進行了一些改進，稍後我將對此進行討論。

Revenue per active client, or RPAC, reached $553, our sixth consecutive quarter of RPAC growth, and our 90-day RPAC also remained strong. This RPAC expansion is the result of the incrementality of Fix plus Freestyle usage by our clients as well as the ongoing benefit of keep rates with Fix preview; freestyle revenue grew 13% year-over-year with outsized growth in categories like special occasion and social wear. In fact, Freestyle revenue from dresses grew more than 75% year-over-year, which is over 5x the rate of growth of dresses and fixes.

每個活躍客戶或 RPAC 的收入達到 553 美元，這是我們連續第六個季度 RPAC 增長，我們的 90 天 RPAC 也保持強勁。這種 RPAC 擴展是我們客戶對 Fix plus Freestyle 使用的增量以及通過 Fix preview 保持利率的持續好處的結果；自由泳收入同比增長 13%，其中特殊場合和社交服裝等類別的增長幅度很大。事實上，來自連衣裙的 Freestyle 收入同比增長超過 75%，是連衣裙和修復品增長率的 5 倍以上。

Freestyle continues to drive incrementality in client spend once inside our ecosystem, and we are increasingly encouraged by the activity of our emerging Freestyle-first customer base. Today, approximately 20% of Freestyle first customers come back and purchase again within 30 days.

一旦進入我們的生態系統，Freestyle 將繼續推動客戶支出的增加，我們越來越受到以 Freestyle 為先的客戶群的活動的鼓舞。如今，大約 20% 的 Freestyle 首批客戶會在 30 天內再次光顧並再次購買。

To improve our clients' experiences, we recently updated our core recommendation algorithm to a novel client time series model architecture, which unifies data from client interactions across both Fix and Freestyle.

為了改善客戶體驗，我們最近將核心推薦算法更新為一種新穎的客戶時間序列模型架構，該架構統一了來自 Fix 和 Freestyle 的客戶交互的數據。

Historically, our algorithm is focused on understanding a client set of specific attributes. In contrast, this model focuses on understanding the client through their interactions with Stitch Fix over time. A test of this new model demonstrated significant improvements to client outcomes with a nearly 6% lift in Freestyle revenue and a 4% lift in Freestyle reorders over a 30-day period compared to our previous algorithm. It is now rolled out across the Freestyle experience.

從歷史上看，我們的算法專注於理解客戶的一組特定屬性。相比之下，該模型側重於通過客戶與 Stitch Fix 的互動來了解客戶。對這種新模型的測試表明，與我們之前的算法相比，Freestyle 收入在 30 天內增加了近 6%，Freestyle 重新訂購量增加了 4%，從而顯著改善了客戶結果。它現在在 Freestyle 體驗中推出。

Now on to our progress on conversion and marketing. Given the conversion of new visitors was not where we wanted it to be in the second quarter, we took action to refine the onboarding experience and our landing page. This has resulted in approximately 40% improvement in new client conversion in the third quarter as compared to the second quarter. First, we began directing all stitchfix.com traffic to a simplified Fix first onboarding path. Now clients entering through switchfix.com are directed to schedule a Fix upon completing a style profile. After scheduling, their Freestyle shop is unlocked.

現在談談我們在轉換和營銷方面的進展。鑑於新訪客的轉化率在第二季度不是我們希望的，因此我們採取了行動來改進入職體驗和我們的登陸頁面。與第二季度相比，這導致第三季度的新客戶轉化率提高了約 40%。首先，我們開始將所有stitchfix.com 流量引導至簡化的Fix first 入職路徑。現在，通過 switchfix.com 進入的客戶會被引導在完成樣式配置文件後安排修復。安排後，他們的 Freestyle 商店被解鎖。

Second, our landing page experience better clarifies our offering and highlights our key differentiators. We now feature more community-based stylist content, and we enable visitors to interact with Style Shuffle before creating an account. While this is indeed positive progress, we are still not yet at our desired conversion model. In addition, overall new client traffic to our website was down in Q3. As I noted at the outset of the call, both factors, conversion and traffic, ultimately played a role in the 3% decline in our total active client count quarter-over-quarter. We are deeply focused on driving traffic into our ecosystem and reigniting new customer conversion.

其次，我們的登陸頁面體驗更好地闡明了我們的產品並突出了我們的主要差異化因素。我們現在提供更多基於社區的造型師內容，並且我們允許訪問者在創建帳戶之前與 Style Shuffle 進行交互。雖然這確實是一個積極的進展，但我們還沒有達到我們想要的轉換模型。此外，我們網站的整體新客戶流量在第三季度有所下降。正如我在電話會議開始時指出的那樣，轉換和流量這兩個因素最終導致我們的活躍客戶總數環比下降 3%。我們非常專注於將流量引入我們的生態系統並重新激發新的客戶轉化。

As part of these efforts, we are further diversifying our marketing portfolio with the support of our new Chief Marketing Officer. We are moving more into digital channels such as TikTok and YouTube as well as leaning into the use of influencer partnerships. To that end, we recently launched an integrated men's campaign with Keegan-Michael Key called Stitch Fix it. During this campaign, we not only saw an increase of over 60% in men's traffic than over the prior weeks but also strong efficiencies in our direct response ads CPAs.

作為這些努力的一部分，我們正在新任首席營銷官的支持下進一步豐富我們的營銷組合。我們正在更多地進入 TikTok 和 YouTube 等數字渠道，並傾向於使用影響者合作夥伴關係。為此，我們最近與 Keegan-Michael Key 發起了一項名為 Stitch Fix it 的綜合男裝運動。在這次活動中，我們不僅看到男性流量比前幾週增加了 60% 以上，而且我們的直接響應廣告 CPA 的效率也很高。

Additionally, as we said we would do last quarter, we have successfully rolled out personalized search. With this feature, client search results are based on relevant and only show in-stock items that match individual style preferences, fit and size. We believe this will drive continued engagement once inside our ecosystem for our clients as this has been the most highly requested new feature.

此外，正如我們在上個季度所說的那樣，我們已經成功推出了個性化搜索。借助此功能，客戶搜索結果將基於相關性，並且僅顯示與個人風格偏好、合身度和尺寸相匹配的庫存商品。我們相信，一旦進入我們的生態系統，這將推動我們客戶的持續參與，因為這是要求最高的新功能。

Now I want to shift to what I mentioned at the top of the call regarding decisions we are making to adapt how we operate to position ourselves to profitable growth. In light of our recent business momentum and an uncertain macroeconomic environment, we have taken a renewed look at our business and what is required to build our future. Today, we are sharing changes that we estimate will result in FY '23 annual expense savings of $40 million to $60 million. These savings will predominantly come from the difficult decision to reduce our workforce. This includes a reduction of approximately 15% of salaried positions and represents approximately 4% of our roles in total. Dan will spend time going into detail on our broader cost structure and expected savings.

現在我想轉向我在電話會議頂部提到的關於我們正在做出的決定，以調整我們的運營方式以將自己定位於盈利增長。鑑於我們近期的業務發展勢頭和不確定的宏觀經濟環境，我們重新審視了我們的業務以及構建未來所需的條件。今天，我們正在分享我們估計將導致 23 財年年度費用節省 4000 萬至 6000 萬美元的變化。這些節省主要來自於裁員的艱難決定。這包括減少約 15% 的帶薪職位，約占我們職位總數的 4%。 Dan 將花時間詳細介紹我們更廣泛的成本結構和預期節省的費用。

We also expect to see meaningful operational improvements from this restructuring. We are centralizing a number of key capabilities and streamlining decision-making to drive efficiencies in how we operate and deliver experiences. We are also ensuring that we are allocating resources to our most critical priorities. Going forward, we will continue to innovate our client experience and broaden our offering. In parallel, we will continue to identify opportunities to drive efficiencies in how we operate and deliver our experiences while investing strategically in both technology and product.

我們還期望從這次重組中看到有意義的運營改進。我們正在集中一些關鍵能力並簡化決策，以提高我們運營和提供體驗的效率。我們還確保將資源分配給我們最關鍵的優先事項。展望未來，我們將繼續創新我們的客戶體驗並擴大我們的產品範圍。與此同時，我們將繼續尋找機會，以提高我們運營和提供體驗的效率，同時對技術和產品進行戰略投資。

I would like to thank those team members with whom we are parting ways for their many contributions to Stitch Fix and to our clients. Our priority is to support them through this transition in every way that we can. In summary, we strongly believe in and remain focused on our mission. We are transforming the way people find what they love by combining data science and a personal touch of human stylists. While we have work to do to expand our Fix plus Freestyle ecosystem and reignite our new client engine, we have made progress in key areas in the third quarter.

我要感謝那些與我們分道揚鑣的團隊成員，感謝他們為 Stitch Fix 和我們的客戶做出的許多貢獻。我們的首要任務是盡我們所能支持他們度過這一轉變。總之，我們堅信並始終專注於我們的使命。通過將數據科學與人類造型師的個人風格相結合，我們正在改變人們尋找自己喜歡的東西的方式。雖然我們有工作要做以擴展我們的 Fix plus Freestyle 生態系統並重新啟動我們的新客戶端引擎，但我們在第三季度的關鍵領域取得了進展。

We remain focused on executing our Fix plus Freestyle strategy with excellence. We are thoughtfully and deliberately making the necessary decisions to drive our business forward, and we commit to providing you updates as we make progress on our efforts. I will now hand it over to Dan.

我們仍然專注於以卓越的方式執行我們的 Fix plus Freestyle 戰略。我們正在深思熟慮地做出必要的決定，以推動我們的業務向前發展，並承諾在我們努力取得進展的同時為您提供最新信息。我現在把它交給丹。

Thanks, Elizabeth, and hello to everyone joining us. I'll first spend some time on the drivers of our Q3 results and the actions we are taking to position ourselves for profitable growth, and then I'll walk through our Q4 financial outlook.

謝謝，伊麗莎白，向加入我們的每個人問好。我將首先花一些時間討論我們第三季度業績的驅動因素以及我們為實現盈利增長而採取的行動，然後我將介紹我們的第四季度財務前景。

In Q3, we generated net revenue of $493 million, representing an 8% decline year-over-year. This reflects the compounding effects of lower net active clients year-to-date, which ended Q3 at $3.9 million. Active clients declined 200,000 or 5% year-over-year and 112,000 or 3% quarter-over-quarter. While largely expected, this decrease is primarily related to ongoing conversion challenges, which we are working through as well as lower traffic, which many are experiencing across our market segment. While we continue to diversify our marketing portfolio, it will take time for new channels to drive meaningful traffic and new clients.

第三季度，我們產生了 4.93 億美元的淨收入，同比下降 8%。這反映了年初至今較低的淨活躍客戶的複合效應，第三季度末淨活躍客戶為 390 萬美元。活躍客戶同比下降 200,000 或 5%，環比下降 112,000 或 3%。雖然在很大程度上是預期的，但這種下降主要與我們正在努力解決的持續轉換挑戰以及我們的細分市場中許多人正在經歷的較低流量有關。雖然我們繼續使我們的營銷組合多樣化，但新渠道需要時間來推動有意義的流量和新客戶。

Q3 gross margin was 42.6%, 340 basis points lower than Q3 of last year, driven by increased transportation costs and tightening product margins. Transportation cost increased due to increased shipping rates, including fuel surcharges and higher split shipments in Freestyle. Product margins were impacted by higher product costs as a result of rising inflation and increased penetration of national brands in our brand mix.

第三季度毛利率為 42.6%，比去年第三季度下降 340 個基點，主要受運輸成本增加和產品利潤率收緊的推動。運輸成本增加是由於運費增加，包括燃油附加費和 Freestyle 中更高的拆分裝運。由於通貨膨脹上升和民族品牌在我們的品牌組合中的滲透率增加，產品成本上升，從而影響了產品利潤率。

We expect to continue to see elevated product and transportation costs in Q4 and therefore, expect a similar gross margins in Q4 compared to Q3.

我們預計第四季度的產品和運輸成本將繼續上升，因此預計第四季度的毛利率與第三季度相似。

Q3 advertising was in line with expectations at $51.5 million or 10.4% of net revenue, reflecting increased spend in the influencer channel. Other SG&A, excluding advertising, was $235 million or 47.8% of net revenue, an increase of 640 basis points year-over-year. The increase is primarily due to higher fixed labor costs, including stock-based compensation.

第三季度的廣告與預期相符，為 5150 萬美元，占淨收入的 10.4%，反映了影響者渠道的支出增加。不包括廣告在內的其他 SG&A 為 2.35 億美元，占淨收入的 47.8%，同比增長 640 個基點。這一增長主要是由於較高的固定勞動力成本，包括基於股票的薪酬。

Q3 adjusted EBITDA was negative $36 million, reflecting lower net revenue, lower gross margins and higher fixed labor costs versus last year. Net inventory ended the quarter at $213 million, a decline of approximately 1% year-over-year. Throughout Q3, we experienced delayed receipts of 3 to 4 weeks on a subset of inventory due to the ongoing nature of shipping delays and for congestion within the global supply chain. We do not believe our revenue was impacted in the quarter with the exception of a few categories in our men's business where we saw higher than normal sell-through rates.

第三季度調整後 EBITDA 為負 3600 萬美元，反映出與去年相比淨收入下降、毛利率下降和固定勞動力成本上升。本季度末淨庫存為 2.13 億美元，同比下降約 1%。在整個第三季度，由於運輸延遲的持續性質和全球供應鏈的擁堵，我們在部分庫存上經歷了 3 到 4 週的延遲收貨。我們認為我們的收入在本季度沒有受到影響，除了我們看到高於正常銷售率的男裝業務中的幾個類別。

Similar to our spring summer buys, our buying team is working proactively on our fall winter buys to get ahead of any delays that may occur due to the global supply chain challenges. Finally, during the quarter, we repurchased $19 million worth of company stock or $30 million year-to-date. We ended Q3 with no debt and $283 million in cash, cash equivalents and highly rated securities. We have the financial flexibility to execute our strategy as we move towards profitability.

與我們的春夏採購類似，我們的採購團隊正在積極處理我們的秋冬採購，以提前應對由於全球供應鏈挑戰而可能發生的任何延誤。最後，在本季度，我們回購了價值 1900 萬美元的公司股票，即年初至今的 3000 萬美元。我們在第三季度末沒有債務，擁有 2.83 億美元的現金、現金等價物和高評級證券。隨著我們邁向盈利，我們擁有執行戰略的財務靈活性。

Turning to our cost structure. As Elizabeth discussed, we undertook a detailed review of our business and the cost structure needed to support it in order to ensure we are positioned for profitable growth in the future. As a result of this review, we've identified approximately $40 million to $60 million of expected annual savings in FY '23, driven by a reduction in our workforce. These expected savings are calculated off our annualized Q3 expense base and are inclusive of investments in areas such as product and technology.

轉向我們的成本結構。正如伊麗莎白所討論的那樣，我們對我們的業務以及支持它所需的成本結構進行了詳細審查，以確保我們在未來實現盈利增長。作為這次審查的結果，我們已經確定在 23 財年預計每年可節省大約 4000 萬至 6000 萬美元，這是由於我們的勞動力減少所致。這些預期節省是根據我們的年度第三季度費用基礎計算的，其中包括對產品和技術等領域的投資。

The impact of positions, which include approximately 15% of our salaried positions and 4% of roles in total, span all our general and administrative functions and levels as well as styling leaders. As a result of this action, we expect to incur restructuring and other onetime charges of approximately $15 million to $20 million to be recognized in Q4. We're also looking at other fixed and variable operating costs including rationalization of our real estate footprint.

職位的影響，包括我們大約 15% 的帶薪職位和總共 4% 的角色，跨越了我們所有的一般和行政職能和級別以及造型領導者。由於這一行動，我們預計將在第四季度確認約 1500 萬至 2000 萬美元的重組和其他一次性費用。我們還在研究其他固定和可變運營成本，包括我們房地產足蹟的合理化。

Now on to our outlook. In Q4, we expect net revenue in the range of $485 million to $495 million, representing a year-over-year decline of 15% to 13%. As a reminder, last year, we saw a greater increase in net revenue from Q3 to Q4 than we did pre-COVID due in part to macroeconomic factors. Excluding restructuring and onetime charges of $15 million to $20 million, we expect Q4 adjusted EBITDA in the range of negative $30 million to negative $25 million or EBITDA margins of negative 6% to negative 5% of net revenue. This guidance assumes that net active clients will be slightly down quarter-over-quarter.

現在談談我們的展望。第四季度，我們預計淨收入在 4.85 億美元至 4.95 億美元之間，同比下降 15% 至 13%。提醒一下，去年，我們看到從第三季度到第四季度的淨收入增長比我們在 COVID 之前的增長幅度更大，部分原因是宏觀經濟因素。不計重組和 1500 萬美元至 2000 萬美元的一次性費用，我們預計第四季度調整後的 EBITDA 將在負 3000 萬美元至負 2500 萬美元之間，或 EBITDA 利潤率為負 6% 至負 5% 的淨收入。該指導假設淨活躍客戶將環比略有下降。

In terms of the current macroeconomic environment, we continue to navigate the ongoing uncertainties that many in our industry are experiencing, including supply chain constraints, global inflationary pressures and potential shifts in customer demand. We are optimistic about our path to capturing the opportunities ahead. Though these transformational moments take time, we are confident in the company we are building and our ability to overcome our current challenges. We are committed to optimizing and managing our cost structure within our business as we focus on returning to profitable growth.

就當前的宏觀經濟環境而言，我們繼續應對行業中許多人正在經歷的持續不確定性，包括供應鏈限制、全球通脹壓力和客戶需求的潛在變化。我們對抓住未來機遇的道路持樂觀態度。儘管這些轉型時刻需要時間，但我們對我們正在建立的公司以及我們克服當前挑戰的能力充滿信心。我們致力於優化和管理我們業務中的成本結構，因為我們專注於恢復盈利增長。

With that, we're now ready for your questions. Operator, I'll turn it over to you.

有了這個，我們現在準備好回答你的問題了。接線員，我交給你。

(Operator Instructions) And we'll take our first question from Jian Li with Evercore ISI.

（操作員說明）我們將回答李健與 Evercore ISI 的第一個問題。

So I just wanted to -- Dan, if you could just unpack a little bit your last comment about the shifting in customer demand. Is this -- if you can kind of, I guess, unpack a little bit, is the shift in categories and verticals. Are you seeing any kind of recessionary pressure or wallet shift kind of a pull back into this away from discretionary? Just wanted to see kind of if you guys have seen any impact kind of that's a recessionary impact on the consumer demand.

所以我只想--Dan，如果你能解釋一下你關於客戶需求變化的最後評論。這是 - 如果你可以，我想，稍微解開一下，是類別和垂直的轉變。您是否看到任何形式的衰退壓力或錢包轉移某種拉回這種自由裁量權？只是想看看你們是否看到了任何影響，即對消費者需求的衰退影響。

The other thing is I appreciate the color on the net adds for the next quarter. Overall, how should we think about the recovery path, the landing page experience? Like should we see that kind of normalizing over the next couple of quarters? If you can give us a time line on when the trough is.

另一件事是我很欣賞網絡上為下一季度增加的顏色。總體而言，我們應該如何考慮恢復路徑、著陸頁體驗？就像我們應該在接下來的幾個季度看到這種正常化嗎？如果你能給我們一個關於低谷何時出現的時間線。

Thanks for the question. Appreciate it. I think your first question was asking about recessionary effects and if we're seeing a shift so far in consumer demand. And as we look at our consumer behavior, we can unpack different price point preference consumers, different demographics. And really, over Q3, we did not see a meaningful impact within our customer cohorts. As we mentioned, in terms of RPAC, we saw continued strength there. And when we dissect that by user group and user segment, we continue to see year-on-year growth across our different demographic and user group.

謝謝你的問題。欣賞它。我認為你的第一個問題是關於經濟衰退的影響，以及到目前為止我們是否看到消費者需求發生了變化。當我們審視我們的消費者行為時，我們可以解開不同的價格點偏好消費者、不同的人口統計數據。實際上，在第三季度，我們沒有看到我們的客戶群體產生有意義的影響。正如我們所提到的，就 RPAC 而言，我們看到了持續的實力。當我們按用戶群和用戶群剖析時，我們繼續看到不同人口和用戶群的同比增長。

I think what Dan was referring to was just in anticipation that we are continuing to see inflationary pressure for the broader U.S. consumer and U.K. consumers that we serve and that we know that typically we're heading into what many are predicting as a recessionary period that we may see an impact. So to date, we've seen real strength in our consumers, but we're just letting folks know that, like many others, we're thinking about that.

我認為丹所指的只是預期我們將繼續看到我們所服務的更廣泛的美國消費者和英國消費者的通脹壓力，並且我們知道通常我們正進入許多人預測的衰退期我們可能會看到影響。所以迄今為止，我們已經在消費者身上看到了真正的力量，但我們只是讓人們知道，像許多其他人一樣，我們正在考慮這一點。

The second question I think you were asking was more on that client normalizing. And what we saw was, as we mentioned, we would do in Q2, real strength in improving our conversion funnel that was up 40% quarter-on-quarter. We see actually more opportunity for upside there. The challenge that I think we continue to face like many others has been more of the traffic to our site. And so we have made progress diversifying our marketing channels and we have more work in front of us, and we know it will take time. And so one of the, I'd say, top priorities for us right now is just reigniting that net active client growth flywheel, and we'll continue to make progress updates on that each quarter.

我認為您要問的第二個問題更多地是關於該客戶的正常化。正如我們所提到的，我們看到的是，我們將在第二季度做，在改善我們的轉化漏斗方面的真正實力，環比增長了 40%。我們實際上看到了更多的上漲機會。我認為我們像許多其他人一樣繼續面臨的挑戰是我們網站的流量更多。因此，我們在營銷渠道多樣化方面取得了進展，我們面前還有更多工作要做，我們知道這需要時間。因此，我想說，我們現在的首要任務之一就是重新啟動淨活躍客戶增長飛輪，我們將繼續在每個季度更新進展。

We'll take our next question from Youssef Squali with Truist Securities.

我們將向 Truist Securities 的優素福·斯誇利提出下一個問題。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

I have 2. One, just going back to the conversion issue. So I think you talked about the improvement that you've seen sequentially, the 40%. But maybe you can frame that relative to kind of where you are relative to where you need to be. And I guess, as kind of a related topic in terms of your willingness to kind of lean in into marketing, we've seen recently that you've started leaning in, and I think you even spoke to it a little bit.

我有2個。一，回到轉換問題。所以我認為你談到了你所看到的連續改進，即 40%。但也許你可以把它與你所處的位置和你需要的位置相關聯。而且我想，就您是否願意參與營銷而言，這是一個相關的話題，我們最近看到您已經開始傾斜，我認為您甚至談到了一點。

But how far are you from getting to a point where you want to actually lean in a lot more aggressively to try to reignite the growth that you kind of have spoken to? And one last question for Dan, if I may. Are the cost savings from the latest round of layoffs enough to get you back to profitability in 2023, at least on an EBITDA basis?

但是，你離真正想要更積極地嘗試重新點燃你所說的增長的地步還有多遠？如果可以的話，還有最後一個要問丹的問題。最新一輪裁員所節省的成本是否足以讓您在 2023 年恢復盈利，至少在 EBITDA 的基礎上？

I can take the first couple of questions and then hand it over to Dan. Yes, as I mentioned, we did make real progress on the conversion funnel. And when I talked about conversion, that was through our core domain at stitchfix.com. And we are pleased with the progress that we've made there. We think there is more upside if we just look longitudinally over the last couple of years. We think that we still can get some upside.

我可以回答前幾個問題，然後交給丹。是的，正如我所提到的，我們確實在轉化漏斗上取得了真正的進展。當我談到轉換時，那是通過我們在stitchfix.com 的核心域。我們對在那裡取得的進展感到高興。我們認為，如果我們僅縱向看過去幾年，還有更多的上漲空間。我們認為我們仍然可以獲得一些上漲空間。

I think we've made the majority shift, but there's still some left there that we could see continued improvement on. What we know is part of our future is Freestyle becoming a first-time customer acquisition vehicle and diversifying our marketing channels. And we are still very early in that journey.

我認為我們已經完成了大部分的轉變，但仍然存在一些我們可以看到持續改進的地方。我們所知道的是，我們未來的一部分是 Freestyle 成為首次獲得客戶的工具，並使我們的營銷渠道多樣化。我們還處於這一旅程的早期階段。

I did mention on the call the fact that we now have this cohort of Freestyle First customers. We're encouraged by what we're seeing in terms of their repeat purchase behavior. We continue to be very encouraged by our ecosystem customers using Fix and Freestyle. We really have not ignited marketing spend to your question on leaning in to Freestyle becoming a customer acquisition vehicle. And that's really through high-intent shopping. We know that half of all apparel shopping begins with a pretty high intent purchase. So when people search for something through Google or other sources, they see an influencer ad with a particular product, that is all net new marketing for us.

我確實在電話會議上提到了我們現在擁有這一組 Freestyle First 客戶的事實。我們對他們的重複購買行為感到鼓舞。使用 Fix 和 Freestyle 的生態系統客戶繼續非常鼓勵我們。我們確實沒有為您關於傾向於將 Freestyle 成為客戶獲取工具的問題點燃營銷支出。這真的是通過高意向購物。我們知道，一半的服裝購物都是從相當高的購買意向開始的。因此，當人們通過 Google 或其他來源搜索某些東西時，他們會看到帶有特定產品的影響者廣告，這對我們來說是全新的營銷方式。

And as we see improved conversion rates on folks landing on our product detail pages, we will eventually be ungating our category pages. That's when we really intend to start to layer in more marketing spend and lean in. So more to come on that. We're incredibly focused on improving the customer experience to do that. And then we are learning with some of these channels we've historically been less focused on like influencers and integrated marketing. And we're encouraged by the early results we're seeing like that men's campaign I mentioned and more work to do to make sure the experience is where we want it to be before we more deeply invest. On the path to profitability, I'll hand that to Dan.

當我們看到人們登陸我們的產品詳細信息頁面的轉化率有所提高時，我們最終將取消我們的類別頁面。那是我們真正打算開始增加營銷支出並傾斜的時候。所以會有更多的事情發生。我們非常專注於改善客戶體驗來做到這一點。然後我們正在學習一些我們歷來不太關注的渠道，比如影響者和整合營銷。我們對我們看到的早期結果感到鼓舞，比如我提到的那場男士運動，還有更多工作要做，以確保在我們更深入地投資之前，體驗是我們想要的。在通往盈利的道路上，我會把它交給丹。

Yes. Thanks, Elizabeth, and hi, Youssef. As we move through our transformation of Fix and Freestyle, we are positioning ourselves for profitable growth in the future. And as Elizabeth alluded to, that will come from net active client growth with the client experience that we're investing in and also the optimization of our cost structure, which we talked to on the call. We'll give you updated guidance along the way, and I don't have a specific time line in mind yet, especially given all the macroeconomic factors.

是的。謝謝，伊麗莎白，你好，優素福。隨著我們對 Fix 和 Freestyle 的轉型，我們正在為未來的盈利增長做好準備。正如伊麗莎白所暗示的那樣，這將來自淨活躍客戶的增長以及我們正在投資的客戶體驗以及我們在電話會議上談到的成本結構的優化。我們將在此過程中為您提供更新的指導，我還沒有具體的時間表，尤其是考慮到所有宏觀經濟因素。

That said, we believe Q4 is our trough profitability. And we believe that FY '23 at some point, we can return to profitability. So I don't have specific timing in mind, but we'll give more guidance along the way.

也就是說，我們認為第四季度是我們的低谷盈利能力。我們相信，在 23 財年的某個時候，我們可以恢復盈利。所以我沒有具體的時間安排，但我們會在此過程中提供更多指導。

We'll now take our next question from Trevor Young with Barclays.

我們現在將向巴克萊銀行的 Trevor Young 提出我們的下一個問題。

Great. On the inventory side, up 16% Q-on-Q, it seems like there's still some of the residual inventory delays at 3 to 4 weeks versus 4 to 5 weeks last quarter, and perhaps that's maybe a little more narrow in scope. How are you balancing kind of that existing inventory build versus some of the commentary you mentioned about preparing for the winter inventory versus some of the consumer softness that maybe you're seeing? And more broadly, I guess, how comfortable are you with current inventory levels, product assortment and outlook for promotional environment as we head into the back half of the year?

偉大的。在庫存方面，環比增長 16%，似乎在 3 到 4 週與上一季度的 4 到 5 週相比仍有一些剩餘庫存延遲，而且範圍可能更窄一些。您如何平衡現有庫存建設與您提到的關於準備冬季庫存的一些評論與您可能看到的一些消費者疲軟？更廣泛地說，我想，隨著我們進入今年下半年，您對當前的庫存水平、產品分類和促銷環境的前景有多滿意？

Thanks, Trevor. I will let Dan largely take that question. One thing I'll just comment on at the beginning and then he can talk about the levels we're at. For Q3, similar to the prior quarter, we did see some delays, but we felt like we were in a good position with our women's business. With our men's business, we did see longer delays that once that product came in, we saw good performance with. So we're just really making sure we have the right product at the right time for our customers. And in many situations, we have increased how we're buying ahead to be prepared to have the right goods at the right time. On that kind of levels and outlook, I'll let Dan take that.

謝謝，特雷弗。我會讓丹在很大程度上回答這個問題。我會在開始時評論一件事，然後他可以談論我們所處的水平。對於第三季度，與上一季度類似，我們確實看到了一些延遲，但我們覺得我們在女性業務方面處於有利地位。對於我們的男裝業務，我們確實看到了更長的延遲，一旦該產品進入，我們就看到了良好的表現。因此，我們只是真正確保我們在正確的時間為客戶提供正確的產品。在許多情況下，我們增加了提前購買的方式，以便為在正確的時間擁有正確的商品做好準備。在那種水平和前景上，我會讓丹接受。

Yes. Again, we were slightly down year-on-year as we go into our -- really into our -- at the end of our spring and into our, of course, summer selling season. So much of the sequential increase that you did see was for seasonal merchandise that we were happy to see as we get ready for the summer sales, the summer. So that -- we feel very good about the inventory position we're in. On a year-on-year basis, we feel like we don't have this excessive inventory that many in our industry are experiencing.

是的。同樣，當我們進入我們的 - 真正進入我們的 - 在我們的春季結束時，當然還有我們的夏季銷售季節，我們的同比略有下降。您確實看到的大部分連續增長是季節性商品，當我們為夏季銷售做好準備時，我們很高興看到。所以 - 我們對我們所處的庫存狀況感覺非常好。與去年同期相比，我們覺得我們沒有像我們行業中的許多人正在經歷的這種過度庫存。

We feel like we are managing the global supply chain well. We did order and are ordering our fall winter buying now early to get ready for that in anticipation of. But we feel really good about the health of our inventory, the assortment that we can give within Fix and Freestyle going forward.

我們覺得我們正在很好地管理全球供應鏈。我們確實訂購了並且正在訂購我們的秋冬購買，以便提前做好準備。但我們對庫存的健康狀況感到非常好，我們可以在 Fix 和 Freestyle 中提供的分類未來。

Not much to say beyond that. And again, it's a position that we want to be in with the right assortment currently. So I guess I didn't answer the second part. We have experienced limited time offers and clearance events in the past. You mentioned about sales on that. And we will likely continue some of that with Freestyle in the future, and we'll update you more on that as we go forward.

除此之外就沒什麼好說的了。再說一次，這是我們目前希望擁有正確分類的位置。所以我想我沒有回答第二部分。我們過去曾經歷過限時優惠和清倉活動。你提到了銷售。未來我們可能會在 Freestyle 中繼續其中的一些內容，並且隨著我們的前進，我們會向您提供更多更新。

We'll now take our next question from Cory Carpenter with JPMorgan.

我們現在將向摩根大通的 Cory Carpenter 提出下一個問題。

Just on the restructuring, just curious why now you thought was the right time for that. And then should we expect any impact to growth from the restructuring? And then separately, maybe Elizabeth, could you talk a bit about Fix Preview? I think you mentioned earlier that you're seeing improvements to take rate. But if you could just talk about an update on the type of adoption and the results that's driving, that would be great.

只是關於重組，只是好奇為什麼現在你認為是合適的時機。那麼我們是否應該預期重組會對增長產生任何影響？然後單獨，也許伊麗莎白，你能談談修復預覽嗎？我想你之前提到過，你看到收率有所改善。但是，如果您可以談論採用類型的更新以及推動的結果，那就太好了。

Yes. Thanks, Cory. On the why now, we know that we're in a tough macroeconomic time period. We also want to make sure that our cost structure and our operating model is positioned to build our future. And we saw areas of opportunity in some places where we could centralize and simplify some of our functions. We also wanted to be cognizant of setting ourselves up for profitable growth as we head into FY '23 and beyond. And so the timing was right. It was a responsible thing to do for the business and really being focused on setting ourselves up for FY '23 and beyond.

是的。謝謝，科里。關於為什麼現在，我們知道我們正處於一個艱難的宏觀經濟時期。我們還希望確保我們的成本結構和運營模式能夠構建我們的未來。我們在一些地方看到了機會領域，我們可以集中和簡化我們的一些功能。當我們進入 23 財年及以後，我們還希望意識到為實現盈利增長做好準備。所以時機是正確的。這對企業來說是一件負責任的事情，並且真正專注於為 23 財年及以後做好準備。

In terms of it impacting growth, I mean, we were very, very focused, as we mentioned on the call, and making sure we're continuing our investments in the areas that most impact our customer experience. Those areas being technology, our product functions, continued investments in the areas that most differentiate that client experience and helps us to continue to build out the Fix plus Freestyle ecosystem and the diversification of our marketing channels. So we were very cognizant of making sure we can continue to make those investments, as Dan and I both alluded to.

就影響增長而言，我的意思是，正如我們在電話會議中提到的那樣，我們非常非常專注，並確保我們繼續在對客戶體驗影響最大的領域進行投資。這些領域包括技術、我們的產品功能、對最能區分客戶體驗的領域的持續投資，並幫助我們繼續構建 Fix plus Freestyle 生態系統和營銷渠道的多樣化。因此，正如丹和我都提到的那樣，我們非常清楚確保我們可以繼續進行這些投資。

On Fix Preview, I think maybe what you're referring to is I just mentioned that our RPAC continues to demonstrate the positive impact we've seen from the ecosystem adoption of Freestyle as well as the full rollout of Fix Preview. So really no new news there. As we mentioned multiple quarters ago, as we had done the work to build that product experience and then rolled it out, that is an experience relative to our legacy Fix offering, does provide higher keep rate and higher average order values, and we have continued to see that play out over time.

關於 Fix Preview，我想您所指的可能是我剛剛提到我們的 RPAC 繼續展示我們從 Freestyle 的生態系統採用以及 Fix Preview 的全面推出中看到的積極影響。所以那裡真的沒有新消息。正如我們在多個季度前提到的那樣，由於我們已經完成了構建該產品體驗的工作，然後將其推出，這是一種與我們傳統的 Fix 產品相關的體驗，確實提供了更高的保留率和更高的平均訂單價值，我們繼續看到隨著時間的推移而發揮作用。

We will be lapping that in the future now that we are entering a time period where it was fully rolled out, but we're happy with the results from that, and we continue to see. We will make ongoing improvements to Fix Preview. One of the learnings we've had is that a client gets a preview and they don't accept anything from the preview, that can be, not surprisingly, a moment where the client says, "Are you going to have what I want?"

既然我們正在進入一個全面推出的時期，我們將在未來對此進行研究，但我們對結果感到滿意，我們將繼續看到。我們將對修復預覽進行持續改進。我們學到的一個教訓是，客戶獲得了預覽版，但他們不接受預覽版中的任何內容，毫不奇怪，客戶會說，“你會得到我想要的嗎？ "

And so we've been testing new features to make sure that we can immediately address that type of a preview to make sure that it's a positive client experience. So we're encouraged that we can now start to make the next wave of improvements to that product feature. But overall, it's been a win both for the U.S. and the U.K. markets.

因此，我們一直在測試新功能，以確保我們可以立即解決該類型的預覽，以確保它是積極的客戶體驗。因此，我們感到鼓舞的是，我們現在可以開始對該產品功能進行下一波改進。但總的來說，這對美國和英國市場來說都是一場胜利。

We'll take our next question from Kunal Madhukar with UBS.

我們將向 UBS 的 Kunal Madhukar 提出下一個問題。

Quick one on the personalized search that you just launched. I mean I would have thought with all the data that you have, the personalized search option would have been probably the first thing to launch. Why did it take this long to launch a personalized search?

快速啟動您剛剛啟動的個性化搜索。我的意思是，我會考慮到你擁有的所有數據，個性化搜索選項可能是首先推出的。為什麼啟動個性化搜索需要這麼長時間？

Kunal, thanks for the question. The original Fix -- or sorry, the original Freestyle experience began as really an add-on to our Fix business, where we knew that clients would love to purchase items that would go with items that they had gotten in their Fix, and so filling out an outfit, filling out things that they could complete their looks with. And we know it's still that 40% of our sales. And a much more fulsome Freestyle experience, albeit one that we're still building out, still come from outfits that is a key differentiator for our experience.

庫納爾，謝謝你的提問。最初的 Fix——或者抱歉，最初的 Freestyle 體驗實際上是作為我們 Fix 業務的一個附加組件，我們知道客戶會喜歡購買與他們在他們的 Fix 中獲得的物品配套的物品，因此填充拿出一套衣服，填寫他們可以完成外觀的東西。我們知道這仍然是我們銷售額的 40%。還有更豐富的 Freestyle 體驗，儘管我們仍在建設中，但仍然來自作為我們體驗的關鍵差異化因素的服裝。

And as we embark on building out more Freestyle over the last year, we added things like product categories, more new brands. We now have a home feed where you can shop looks in your community using computer vision.

隨著我們在去年開始構建更多 Freestyle，我們添加了產品類別、更多新品牌等內容。我們現在有一個家庭供稿，您可以在其中使用計算機視覺在您的社區中購買外觀。

But really, our first part of call had been being able to just serve up personalized recommendations through outfit feeds and categories. And so I think there's just many features that we still have yet to offer and personalized search was one that was one that was highly demanded.

但實際上，我們的第一部分通話能夠通過服裝提要和類別提供個性化推薦。因此，我認為我們還沒有提供許多功能，個性化搜索是一項需求量很大的功能。

And we wanted to make sure that as we launched it, we both tested it, but also that we are serving up items that are ones that will fit our clients. They will reflect things that are immediately in stock that will fulfill their price preferences. And now we'll start to layer on things to that personalized search feature like outfits given how compelling it is. So I think it's just one of many things in our product road map that we will be rolling out over time.

我們希望確保在推出它時，我們都對其進行了測試，而且我們正在提供適合我們客戶的產品。它們將反映滿足其價格偏好的即時庫存商品。現在我們將開始對個性化搜索功能（例如服裝）進行分層，因為它非常引人注目。因此，我認為這只是我們將隨著時間的推移推出的產品路線圖中的眾多內容之一。

If I could follow up with maybe another couple, if I could. One would be on the inventory side. So you kind of talked about the slightly higher inventory on a Q-o-Q basis. But then when we look at like across different retailers, physical retailers, almost all of them have like very, very high inventory. So as you look at like maybe a higher promotional environment going into fiscal fourth quarter, would the average -- would the RPAC levels be similar?

如果可以的話，我可能會跟進另一對夫婦。一個是在庫存方面。因此，您談到了環比略高的庫存。但是當我們看到不同的零售商、實體零售商時，幾乎所有的零售商都有非常非常高的庫存。因此，當您看到進入第四財季的促銷環境可能會更高時，平均 - RPAC 水平會相似嗎？

How do you think about like RPAC levels for the fourth quarter? And then a follow up on the restructuring that just happened. With the restructuring, how does it impact or will it impact your personal styling process for the fixes?

您如何看待第四季度的 RPAC 水平？然後跟進剛剛發生的重組。通過重組，它將如何影響或將影響您的個人樣式修復過程？

I think your -- the first part of your question was on our inventory. And I think it was a little bit more around the broader environment of whether or not we're in this promotional time period. I mean as you know, Stitch Fix typically is not a highly promotional retailer. We focus on getting clients' goods that are the perfect fit and style for them and really this notion of getting a client the 1 pair of genes they love versus showing them tons of jeans that are on sale, like our goal is to get you the item that you love.

我認為您的問題的第一部分是關於我們的庫存。而且我認為這更多的是圍繞我們是否處於這個促銷時間段的更廣泛的環境。我的意思是，如您所知，Stitch Fix 通常不是一個高度促銷的零售商。我們專注於為客戶提供最適合他們的款式和款式的商品，真正的理念是讓客戶獲得他們喜愛的 1 對基因，而不是向他們展示大量出售的牛仔褲，就像我們的目標是讓您你喜歡的項目。

And so in general, we're focused on delivering that kind of personalized experience to our clients. We did test in Q3, a limited time offer where we did test some of our goods, a very small number of goods on a promotional discount, and we were encouraged by what we saw in terms of the halo effect on our broader consumption within Freestyle. And we know that there are goods that we want to be able to clear out of our inventory. So it is something we anticipate doing in the future, but we don't anticipate that impacting our RPAC. If we do anticipate that, we would share it.

所以總的來說，我們專注於為我們的客戶提供這種個性化的體驗。我們在第三季度進行了測試，限時優惠，我們確實測試了我們的一些商品，極少數商品的促銷折扣，我們看到的光環效應對我們在 Freestyle 內更廣泛的消費產生了鼓舞.而且我們知道有些商品我們希望能夠從庫存中清除。所以這是我們預計將來會做的事情，但我們預計這不會影響我們的 RPAC。如果我們確實預料到了這一點，我們會分享它。

But in general, we feel like what we're doing is really creating more purchase occasions, more product categories our clients can love through the expansion of Freestyle together with Fix. And typically, we're solving 3 big problems for our clients: discovery of items they wouldn't have found on their own; tremendous fit; and then the relationships with our styling community and the relationship through styling outfits. And so our focus is making sure that's done at a value, but not winning on promotional pricing.

但總的來說，我們覺得我們正在做的實際上是通過 Freestyle 和 Fix 的擴展來創造更多的購買機會，更多我們的客戶可以喜歡的產品類別。通常，我們會為客戶解決 3 個大問題：發現他們自己無法找到的物品；非常適合；然後是與我們的造型社區的關係以及通過造型服裝建立的關係。因此，我們的重點是確保以物有所值，而不是在促銷價格上獲勝。

And then on the restructuring question, I think you were asking about our styling community. We did have an impact to the leadership layer, but we did not reduce our styling team, so there's no change in how we're delivering our styling experience right now.

然後關於重組問題，我想你是在問我們的造型社區。我們確實對領導層產生了影響，但我們並沒有減少我們的造型團隊，所以我們現在提供造型體驗的方式沒有改變。

We'll take our next question from Simeon Siegel with BMO Capital Markets.

我們將回答 Simeon Siegel 與 BMO Capital Markets 的下一個問題。

This is Garrett Klingshirn on for Simeon today. So a couple of quick questions, if you don't mind. So first of all, on the cost savings, given most of those -- you mentioned most of those are labor-related, are those going to be mainly -- are we going to see the kind of the immediate impact of that in 1Q of next year? Or is that going to kind of ramp over time?

這是今天為 Simeon 做的 Garrett Klingshirn。如果你不介意的話，有幾個簡單的問題。因此，首先，在成本節約方面，考慮到其中大部分——你提到其中大部分與勞動力相關，主要是那些——我們是否會在第一季度看到這種直接影響？明年？還是會隨著時間的推移而逐漸增加？

And then secondly, I'm kind of curious, you -- I believe it was mentioned 90-day RPAC growth was up again. Did you give a number on that? I think you did last quarter.

其次，我有點好奇，你——我相信有人提到過 90 天的 RPAC 增長再次上升。你有沒有給出一個數字？我想你上個季度做了。

Thanks for the questions. I'll take the second one and Dan can talk more about when the cost savings will materialize. We did not share our 90-day RPAC number on this call. We did share just the continued strength that we're seeing in RPAC overall and just the continued incrementality of both Fix and Freestyle. On the cost savings, why don't I hand that one over to Dan?

感謝您的提問。我會選擇第二個，Dan 可以更多地談論成本節約何時實現。我們沒有在這次電話會議上分享我們的 90 天 RPAC 號碼。我們確實分享了我們在 RPAC 中看到的整體持續優勢以及 Fix 和 Freestyle 的持續增量。關於節省成本，我為什麼不把那個交給丹？

Yes. On the labor side, we will see an immediate impact that we might have some smaller onetime charges in Q1, but the ongoing impact that will be immediate. But part of the $40 million to $60 million was over and above the labor savings, just other cost stream initiatives, like I said, rationalizing our real estate footprint, specifically in our fulfillment network. That will happen over time as we sublease the excess capacity that we have. There's demand out there for warehouse space, et cetera. But we will see an immediate impact from Q4 into Q1 on fixed OpEx savings specific to labor.

是的。在勞動力方面，我們將看到直接影響，即我們可能會在第一季度產生一些較小的一次性費用，但持續影響將是立竿見影的。但 4000 萬至 6000 萬美元的一部分超出了勞動力節省，只是其他成本流舉措，就像我說的那樣，使我們的房地產足跡合理化，特別是在我們的履行網絡中。隨著我們轉租我們擁有的過剩產能，這將隨著時間的推移而發生。對倉庫空間等有需求。但我們將看到從第四季度到第一季度對特定於勞動力的固定運營支出節省的直接影響。

Got you. Appreciate it. And then, if you don't mind a follow up. I believe you talked about kind of discussed the RPAC growth was driven a little bit from Preview and Freestyle helping in there. I'm just curious if you could give a breakdown within RPAC of what the kind of the breakdown with price versus units and mix, what that would look like within there. What kind of drove the broader increase if you wanted to break it down in those components, if possible?

得到你。欣賞它。然後，如果你不介意跟進。我相信你談到的那種討論 RPAC 的增長在一定程度上是由 Preview 和 Freestyle 的幫助推動的。我只是很好奇你是否可以在 RPAC 中給出價格與單位和組合的細分類型，在那裡會是什麼樣子。如果可能的話，如果你想在這些組件中分解它，是什麼推動了更廣泛的增長？

We don't actually break that out, but I will say, as we've shared in the past, with Fix Preview that, that's had a positive benefit largely on keep rate, meaning the number of items that our clients maintain. In part, if you think about what that customer experience is about, is the clients getting really 2 chances to weigh in on what they get in their Fix, both when it shows up. But beforehand, giving feedback of 10 items that we sent into Preview. So not surprisingly, that results in a higher keep rate.

我們實際上並沒有打破這一點，但我會說，正如我們過去分享的那樣，通過修復預覽，這在很大程度上對保持率產生了積極的好處，這意味著我們的客戶維護的項目數量。在某種程度上，如果您考慮客戶體驗的含義，客戶是否真的有 2 次機會來權衡他們在修復中獲得的內容，無論是在修復出現時。但在此之前，對我們發送到預覽版的 10 個項目提供反饋。所以毫不奇怪，這會導致更高的保持率。

And so that's the biggest driver of Fix Preview. And then the combination of now 30% of our clients, we've shared in the past within our women's business, for example, using both experiences. Those are incremental. It's different product categories that they tend to be purchasing in Freestyle, we see outsized performance and things like second layers and footwear and dresses. And so it's really the incrementality of more units for the most part. There may be small pricing benefits. But for the most part is that we're selling more goods to our clients through a broader experience.

這就是修復預覽的最大驅動力。然後我們現在 30% 的客戶的組合，我們過去在女性業務中分享過，例如，使用這兩種經驗。這些是增量的。他們傾向於在 Freestyle 中購買不同的產品類別，我們看到了超大的性能以及諸如第二層、鞋類和連衣裙之類的東西。因此，在大多數情況下，這實際上是更多單元的增量。可能會有小的定價優勢。但在很大程度上，我們通過更廣泛的體驗向客戶銷售更多商品。

We'll take our next question from Lauren Schenk with Morgan Stanley.

我們將向摩根士丹利的 Lauren Schenk 提出下一個問題。

I wanted to ask about the customer onboarding process and your comments about directing all customers to the Fix business, and then once they schedule Freestyle's unlocked. So I guess, is the idea that a customer could be a Freestyle-only customer, has that changed? And if so, is that sort of a permanent decision? Or are you still sort of iterating.

我想詢問客戶入職流程以及您對將所有客戶引導至修復業務的評論，然後一旦他們安排 Freestyle 的解鎖。所以我想，客戶可能是僅限 Freestyle 的客戶的想法是否改變了？如果是這樣，那是一個永久性的決定嗎？或者你還在迭代。

Thanks, Laura, for the question. It is still possible to be a Freestyle-first customer. One of the things that I think we've learned over the past several months is if you're a really high-intent shopper, a lot of that traffic is coming through a search of looking for a particular item. They might be coming from some of the new work that we're doing in other new marketing channels where we're talking about a particular item. And so those clients land on a product detail page. And over the coming quarters, they will also be able to land on a product category page and explore our catalog.

謝謝，勞拉，你的問題。仍然有可能成為 Freestyle 優先的客戶。我認為我們在過去幾個月中學到的一件事是，如果您是一個非常有意向的購物者，那麼很多流量都是通過搜索特定商品來實現的。它們可能來自我們在其他新營銷渠道中所做的一些新工作，我們正在談論特定項目。因此，這些客戶登陸產品詳細信息頁面。在接下來的幾個季度中，他們還將能夠登陸產品類別頁面並瀏覽我們的目錄。

Those clients can become Freestyle-first clients immediately. It's still a small population. And to the question that Youssef asked earlier on when are we going to start to really lean into that marketing, as that experience continues to improve we think that will become a bigger source of our customer base, a bigger source of our ad spend. And so that high-intent shopping we really view as a vehicle for Freestyle becoming a customer acquisition vehicle.

這些客戶可以立即成為 Freestyle 優先客戶。它仍然是一個很小的人口。對於優素福早些時候提出的問題，我們什麼時候開始真正傾向於這種營銷，隨著這種體驗的不斷改善，我們認為這將成為我們客戶群的一個更大來源，一個更大的廣告支出來源。因此，我們真正將高意向購物視為 Freestyle 成為客戶獲取工具的工具。

On the core stitchfix.com, until our brand awareness for Freestyle and the fact that you can shop with Stitch Fix gets higher, we are going to focus that as a Fix first channel and then immediately into Freestyle. We anticipate that, over time, that would change, but we feel like that's the best way to serve our client demand right now through stitchfix.com.

在核心stitchfix.com 上，直到我們對Freestyle 的品牌知名度以及您可以使用Stitch Fix 購物的事實變得更高之前，我們將把它作為Fix first 渠道，然後立即進入Freestyle。我們預計，隨著時間的推移，這種情況會發生變化，但我們認為這是現在通過stitchfix.com 滿足客戶需求的最佳方式。

We'll take our next question from Ike Boruchow with Wells Fargo.

我們將向富國銀行的 Ike Boruchow 提出下一個問題。

This is Jesse Sobelson on for Ike. I was just wondering if you could remind investors of your inventory acquisition strategy. Is it all based on acquiring full-price goods? And then as you look forward and work with your partners to acquire inventory for the fall and winter, what are you hearing from them when it comes to inventory availability and what they're planning for the remainder of the year?

這是艾克的傑西·索貝爾森。我只是想知道您是否可以提醒投資者您的庫存收購策略。這一切都是基於獲得全價商品嗎？然後，當您期待並與您的合作夥伴合作以獲取秋季和冬季的庫存時，您從他們那裡聽到的庫存可用性以及他們對今年剩餘時間的計劃是什麼？

Yes. I can start and then Dan, feel free to add on. I mean the way that we work with our vendor -- so if you think about our goods, maybe just to step back for a second, we have our own exclusive brands. We have goods that are Stitch Fix only that we work with third-party suppliers that they're producing only for us. And then we have a number of more established brands that we work with, whether those are up-and-coming D2C brands or big established national brands.

是的。我可以先開始，然後是丹，隨時添加。我的意思是我們與供應商合作的方式——所以如果你想想我們的商品，也許只是退後一步，我們有自己的獨家品牌。我們只有與第三方供應商合作的 Stitch Fix 商品，這些供應商只為我們生產。然後我們有一些更成熟的品牌與我們合作，無論是新興的 D2C 品牌還是大型成熟的民族品牌。

The majority of our sales actually come from the first 2 in terms of exclusive brands and Stitch Fix only. And so we have a lot of discretion within those in terms of working with our suppliers to get those goods produced. In general, as everyone knows, the supply chain has slowed down. And so we're typically just buying ahead in a longer time frame, although some of our goods such as our exclusive brands, we still have a lot of flexibility on.

我們的大部分銷售額實際上來自前 2 個獨家品牌和 Stitch Fix。因此，在與供應商合作生產這些商品方面，我們有很大的自由裁量權。總的來說，眾所周知，供應鏈已經放緩。所以我們通常只是在更長的時間內提前購買，儘管我們的一些商品，比如我們的獨家品牌，我們仍然有很大的靈活性。

So I'd say the one thing that has changed in particular is just having more foresight to what we're buying into and then really leveraging as much adaptability as possible within things like our exclusive brands and Stitch Fix only because we have very, very high control there. And so that is probably one of the biggest shifts we've made. And one of the big benefits of our business is how much client data and signal we get, so we can make adjustments pretty rapidly, especially given the nature of how many of our goods we're actually in control of directly. I don't know, Dan anything else?

所以我想說，特別改變的一件事就是對我們購買的產品有更多的遠見，然後在我們的獨家品牌和 Stitch Fix 等產品中真正利用盡可能多的適應性，因為我們有非常非常那裡的高控制。所以這可能是我們做出的最大轉變之一。我們業務的一大好處是我們獲得了多少客戶數據和信號，因此我們可以非常迅速地做出調整，特別是考慮到我們實際上直接控制了多少商品的性質。我不知道，丹還有什麼？

I'll just add, in terms of availability, we're not seeing a direct impact of anything related to COVID lockdowns in China. There's some indirect impact and just delayed in shipments that have been ongoing. But with respect to where we source from, everything is up and running. So there's been no real impact on that side, just indirect, which we are managing through ordering early and just managing the global supply chain.

我只想補充一點，就可用性而言，我們沒有看到與中國 COVID 封鎖相關的任何事情的直接影響。有一些間接影響，只是延遲了一直在進行的發貨。但就我們的來源而言，一切都已啟動並正在運行。因此，這方面沒有真正的影響，只是間接的，我們通過提前訂購和管理全球供應鏈來管理。

We'll take our next question from Ashley Helgans with Jefferies.

我們將向 Jefferies 的 Ashley Helgans 提出下一個問題。

It's [Blake] on for Ashley. I first wanted to ask about the restructuring savings of $40 million to $60 million. Just wondering if you could kind of maybe rank the biggest increases in costs you've seen versus last quarter that seemed like they're going to maybe offset that next year. I know you mentioned inflation, supply chain, some things like that. If you could just maybe talk a little bit more about those categories.

阿什利是[布萊克]。我首先想問的是重組節省了 4000 萬到 6000 萬美元。只是想知道你是否可以對你所看到的與上個季度相比的最大成本增長進行排名，看起來他們可能會在明年抵消這一點。我知道你提到了通貨膨脹、供應鏈，諸如此類。如果你能多談談這些類別的話。

Yes, I can let Dan take that. I guess one clarifying point that I would make is the cost improvements that we made through the restructuring are really on our fixed cost basis and some of the things that you just mentioned would show up more in our gross margin. So in essence, though, I think there's work that we're doing on both fronts. But Dan, I'll let you maybe add on to that.

是的，我可以讓丹接受。我想我要澄清的一點是，我們通過重組所做的成本改進實際上是在我們的固定成本基礎上進行的，您剛才提到的一些事情將更多地體現在我們的毛利率中。因此，從本質上講，我認為我們在這兩個方面都在做一些工作。但是丹，我會讓你補充一下。

Yes. Maybe if you could clarify it specifically, I wasn't quite following the $40 million to $60 million, which as we said earlier, is a reduction of our SG&A. And the way to think about that is our SG&A, excluding advertising and SBC, it is a reduction from that base. But let me have you ask the question again, just so I make sure I answer it.

是的。也許如果你能具體澄清一下，我並沒有完全遵循 4000 萬到 6000 萬美元，正如我們之前所說，這是我們的 SG&A 的減少。考慮這一點的方式是我們的 SG&A，不包括廣告和 SBC，它是從那個基礎上減少的。但是讓我讓你再問一次，這樣我就可以確保我回答了。

Yes, sure. I guess you mentioned some pressure on the gross margin. I guess you've mentioned earlier that you hope to get breakeven EBITDA next year, which is a little bit less than consensus was modeling. So just trying to think of the main offsets to these incremental cost saves.

是的，當然。我猜你提到了毛利率的一些壓力。我猜你之前提到過你希望在明年實現盈虧平衡 EBITDA，這比建模的共識要少一些。因此，只需嘗試考慮這些增量成本節省的主要補償。

Yes. I think the way I would look at that is the comment we made is sometime in FY '23, we would -- we are planning to be profitable. The timing of that is uncertain, just given all the macroeconomic factors that we're going through on. I've talked about the cost savings side.

是的。我認為我會看的方式是我們在 23 財年的某個時候發表的評論，我們會 - 我們計劃盈利。考慮到我們正在經歷的所有宏觀經濟因素，時間還不確定。我已經談到了成本節約方面。

On the gross margin side, I think we talked about Q4 being similar to Q3. And I think we've said before, we would expect ongoing inflationary pressures from a product cost standpoint as well as higher fuel charges mainly due to pricing and fuel surcharges, and I also mentioned higher split shipments in Freestyle. So we would expect those to continue on closer to the current run rates and that will have some impact in FY '23. But again, we'll provide more guidance on FY '23 when we report Q4.

在毛利率方面，我認為我們談到第四季度與第三季度相似。而且我認為我們之前已經說過，從產品成本的角度來看，我們預計將面臨持續的通脹壓力，以及主要由於定價和燃油附加費而導致的更高的燃油費用，我還提到了 Freestyle 中更高的拆分出貨量。因此，我們預計這些將繼續接近當前的運行速度，這將對 23 財年產生一些影響。但同樣，當我們報告第四季度時，我們將在 23 財年提供更多指導。

Okay. That's super helpful. And on that note, did you -- I might have missed it, but did you say what marketing was supposed to be in Q4? I know you've talked about 10% of sales recently, but did you give that guidance?

好的。這非常有幫助。在那張紙條上，你 - 我可能錯過了，但你有沒有說第四季度的營銷應該是什麼？我知道您最近談到了 10% 的銷售額，但您是否給出了指導？

We didn't, but it is -- we expect it to be in that 9% to 10% range that we normally see of revenue.

我們沒有，但它是 - 我們預計它會在我們通常看到的收入的 9% 到 10% 範圍內。

Got it. And then one last question. I know this might be hard to answer, but you mentioned just sort from a high level over time as Freestyle changes as maybe the bigger customer acquisition source, how do we think about the timing of that?

知道了。然後是最後一個問題。我知道這可能很難回答，但你提到隨著時間的推移從高水平排序，因為 Freestyle 可能會成為更大的客戶獲取來源，我們如何看待這個時機？

Yes, I can touch on that. I mean I -- we don't have any specific timing to share right now. I mean we are just very focused on continuous new feature rollout and continuous improvement of that customer experience. The example we shared today were around things like personalized search or the algorithm that has really improved the customer experience of our recommendations. And so we're just in a continuous drumbeat of expanding those features.

是的，我可以談到這一點。我的意思是我 - 我們現在沒有任何具體的時間可以分享。我的意思是我們只是非常專注於持續推出新功能和持續改進客戶體驗。我們今天分享的示例是圍繞個性化搜索或真正改善了我們推薦的客戶體驗的算法之類的。所以我們只是在不斷地擴展這些功能。

I think one of the big things that we're working on right now is ungating a category-based shopping experience, and that will, I would imagine, take the next few quarters. We will give updates along the way. And as that experience gets better and better, we will begin to spend more into marketing to direct traffic to that channel.

我認為我們現在正在做的一件大事是取消基於類別的購物體驗，我想這將在接下來的幾個季度中實現。我們將在此過程中提供更新。隨著這種體驗越來越好，我們將開始在營銷上投入更多資金，將流量引導到該渠道。

We know that's a big part of how shopping occasions begin and we know we can do that in a highly differentiated way given the nature of the way we can present outfits and item recommendations that really saves consumers' time and help with their discovery. So no exact timing to share yet, but we know that, that presents a lot of opportunity for us in the future. And albeit small, the population of Freestyle first customers we have today, we're encouraged by what we're seeing.

我們知道這是購物活動開始方式的重要組成部分，並且我們知道我們可以以高度差異化的方式做到這一點，因為我們可以展示服裝和商品推薦的方式，真正節省消費者的時間並幫助他們發現。所以還沒有確切的時間來分享，但我們知道，這為我們未來提供了很多機會。儘管我們今天擁有的 Freestyle 第一批客戶人數很少，但我們對所看到的情況感到鼓舞。

And we're also encouraged by helping those Freestyle first customers also experience the broader Fix offering as well. So more to come, but that and just the overall new active client flywheel is by far the biggest focus for us as a team.

我們也因幫助那些 Freestyle 的第一批客戶也體驗更廣泛的 Fix 產品而受到鼓舞。未來還會有更多，但這只是整個新的活躍客戶端飛輪是迄今為止我們作為一個團隊最大的關注點。

We'll take our next question from Tom Nikic with Wedbush Securities.

我們將向 Wedbush Securities 的 Tom Nikic 提出下一個問題。

When you look at the apparel industry broadly this year and the general commentary has been that there's been this big kind of closet refresh this year and people are restocking on wear to work and wear to weddings and wear to social events type of categories. And it seems like an inopportune time for your business to have these onboarding issues and things like that.

當你從廣義上看今年的服裝行業時，普遍的評論是，今年衣櫥進行瞭如此大規模的更新，人們正在補充工作服裝、婚禮服裝和社交活動服裝類別。對於您的企業來說，出現這些入職問題和類似問題似乎是一個不合時宜的時機。

Like is there any concern that you kind of sort of missed a bit of a golden opportunity to bring in a new cohort of clients when they're really looking to refresh their closets? Do you think that you'll be able to pick up these customers down the road?

比如，當他們真的想要更新他們的衣櫥時，有沒有擔心你錯過了帶來新客戶群的黃金機會？你認為你能在路上接走這些客戶嗎？

Yes, I mean, I think we're always going to see consumers seeking out newer, better ways to shop. One of the things we saw during the pandemic was just a systemic shift of more consumers shopping online. Now stores took back a little bit of that in the last few quarters, but by and large, consumer behavior has shifted. And there's always going to be shifts and preferences for different types of apparel. In this moment, there's a big shift to dresses and vacation where we saw a 25% increase in vacation requests in this quarter. That was on top of actually 300% last year.

是的，我的意思是，我認為我們總是會看到消費者尋求更新、更好的購物方式。我們在大流行期間看到的一件事就是更多消費者在網上購物的系統性轉變。現在商店在過去幾個季度收回了一點點，但總的來說，消費者行為已經發生了變化。對於不同類型的服裝，總會有變化和偏好。在這一刻，服裝和假期發生了重大轉變，我們看到本季度的假期請求增加了 25%。這比去年實際的 300% 還要高。

So we actually saw a lot of that going out again coming out of COVID last year in addition to this year. And so those changes we think are always going to be occurring. And what's so unique about our model is we can adapt to what consumers are looking for, their preferences. We've been able to adapt and have the right product in terms of these dressier occasions. We're seeing strength in our own brands that we've launched, even in light of athleisure and some of that category is slowing down a little bit.

因此，除了今年之外，我們實際上在去年又看到了很多來自 COVID 的情況。所以我們認為這些變化總是會發生。我們模型的獨特之處在於我們可以適應消費者的需求和偏好。我們已經能夠根據這些更講究的場合進行調整併擁有合適的產品。我們看到我們推出的自有品牌的實力，即使考慮到運動休閒，其中一些類別正在放緩。

We've actually seen increased performance in our own exclusive brand of We Wander that we launched. So I think what's unique about our model is, I think, just fundamentally, a lot of consumer behavior will continue to shift. And we're really just focused on being a better way for people to find what they love. And that is a pretty age-old problem that we don't see going away regardless of an economic cycle.

我們實際上已經看到我們推出的我們自己的獨家品牌 We Wander 的性能有所提高。因此，我認為我們模式的獨特之處在於，從根本上說，許多消費者行為將繼續發生變化。我們真的只是專注於為人們找到他們所愛的更好的方式。這是一個相當古老的問題，無論經濟周期如何，我們都認為它不會消失。

And we'll take our next question from Mark Altschwager with Baird.

我們將向貝爾德的 Mark Altschwager 提出下一個問題。

So starting at kind of a higher level question, but revenue per client continues to look pretty healthy. I think you called out higher keep rates with Fix Preview. And then some of the issues that are weighing on the traffic and conversion do seem somewhat company-specific. So I guess we're all watching the same macro headlines and data, obviously. But I'm trying to get a better sense of what you might be seeing in terms of your customer behavior that has you concerned on the macro concern of maybe a bigger slowdown.

所以從一個更高層次的問題開始，但每個客戶的收入看起來仍然很健康。我認為您使用 Fix Preview 提出了更高的保留率。然後，影響流量和轉換的一些問題似乎確實是公司特有的。所以我想我們都在看同樣的宏觀頭條和數據，很明顯。但我試圖更好地了解您可能會從客戶行為方面看到什麼，這讓您擔心宏觀上可能會出現更大的放緩。

Yes. Thanks for the question, Mark. We are encouraged by what we've continued to see on RPAC and client spending inside our ecosystem, both the adoption of new categories, the continued health overall of keep rate as well as buying into new product categories with Freestyle. And on a year-on-year basis, I think our cohorts, we just continue to really like what we're seeing. I think to your point, for us, it's really about getting this new active client flywheel going. And part of that for us has been macro. I think the impact of Apple Privacy has been one that we've continued to navigate through it and just really start to evolve how we're driving traffic to Stitch Fix.

是的。謝謝你的問題，馬克。我們繼續看到 RPAC 和客戶在我們的生態系統內的支出，包括採用新類別、保持率的整體健康狀況以及使用 Freestyle 購買新產品類別，我們對此感到鼓舞。與去年同期相比，我認為我們的同齡人，我們只是繼續非常喜歡我們所看到的。我認為就您的觀點而言，對我們而言，這實際上是讓這個新的活躍客戶飛輪運轉起來。對我們來說，其中一部分是宏觀的。我認為 Apple Privacy 的影響是我們一直在探索它並真正開始發展我們如何將流量吸引到 Stitch Fix 的影響。

In terms of the broader macro backdrop, I mean, we do anticipate that consumers are going to be seeking more value and we just need to make sure we have the right product at the right time. We play across a very wide portfolio of price points. We know we can provide a lot of value with many of our exclusive brands, so we're just making sure we're serving the right product at the right time and just every -- serving 1 client at a time every day.

就更廣泛的宏觀背景而言，我的意思是，我們確實預計消費者將尋求更多價值，我們只需要確保我們在正確的時間擁有正確的產品。我們在非常廣泛的價格點組合中發揮作用。我們知道我們可以通過我們的許多獨家品牌提供很多價值，因此我們只是確保我們在正確的時間提供正確的產品，並且每天一次服務一位客戶。

And just a follow up for Dan then on the SG&A. As we think about what next year might look like, could you just give us a little bit more color on what the mix between fixed and variable expenses looks like in that other SG&A after we incorporate the $40 million to $60 million in restructuring savings?

只是對丹的後續跟進，然後是 SG&A。當我們考慮明年可能會是什麼樣子時，在我們將 4000 萬美元到 6000 萬美元的重組節省後，您能否給我們更多關於固定和可變費用之間的混合在其他 SG&A 中的情況？

Yes. I think without giving too specific, because we don't break out fixed and variable, we do see that $40 million to $60 million, a good chunk of it is fixed, but will also be in variable productivity. We are seeing that. We are -- that is part of the $40 million to $60 million. So I do think, though, the bulk of it will come on the fixed side simply because of the actions that we're taking today as well as rationalizing the real estate footprint.

是的。我認為沒有給出太具體的說明，因為我們沒有區分固定和可變，我們確實看到 4000 萬到 6000 萬美元，其中很大一部分是固定的，但也將是可變生產力。我們正在看到這一點。我們是——這是 4000 萬到 6000 萬美元的一部分。因此，我確實認為，由於我們今天採取的行動以及合理化房地產足跡，其中大部分將出現在固定方面。

That's all part of our fixed cost structure. So the bulk of it will be in that area. And a lot of the variable in addition to efficiencies will come along the lines with respect to revenue, which we'll guide more when we have our Q4 earnings call.

這都是我們固定成本結構的一部分。因此，大部分將在該地區。除了效率之外，很多變量都將與收入相關，我們將在第四季度財報電話會議上提供更多指導。

And at this time, there are no additional questions in the queue. That does conclude today's conference. We do thank you all for your participation, and you may now disconnect.

而此時，隊列中沒有其他問題。今天的會議到此結束。我們非常感謝大家的參與，您現在可以斷開連接。