Stitch Fix Inc (SFIX) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the Stitch Fix Fourth Quarter 2022 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Hayden Blair. Please go ahead.

大家好，歡迎參加 Stitch Fix 2022 年第四季度財報電話會議。今天的會議正在錄製中。在這個時候，我想把會議交給海登布萊爾。請繼續。

Good afternoon. and thank you for joining us today to discuss the results for Stitch Fix's Fourth quarter and full year 2022. Joining me on the call today are Elizabeth Spaulding, CEO of Stitch Fix; and Dan Jedda, CFO. We have posted complete fourth quarter and full year 2022 financial results in a press release on the quarterly results 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，討論 Stitch Fix 第四季度和 2022 年全年的業績。今天和我一起參加電話會議的是 Stitch Fix 首席執行官 Elizabeth Spaulding；和首席財務官丹·傑達。我們在我們網站 Investors.stitchfix.com 的季度業績部分的新聞稿中發布了完整的第四季度和 2022 年全年財務業績。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.

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 SEC 提交的文件，以討論可能導致結果不同的因素。

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 third quarter previously filed with the SEC and the annual report on Form 10-K for fiscal year 2022, which we expect to be final tomorrow. 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.

特別是，我們今天發布並提交的新聞稿，以及我們之前向美國證券交易委員會提交的第三季度表格 10-Q 季度報告的風險因素部分以及 2022 財年表格 10-K 的年度報告，我們預計明天將是最終結果。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。

During this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the press release on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

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 Investor Relations website, and a replay of this call will be available on the website shortly.

最後，本次電話會議的全部內容正在我們的投資者關係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。

I'd now like to turn the call over to Elizabeth.

我現在想把電話轉給伊麗莎白。

Thank you, Hayden, and thank you all for joining us for Stitch Fix's Q4 2022 Earnings Call. FY '22 was a pivotal year for Stitch Fix as we embarked on a significant transformation with the full rollout of Freestyle. Freestyle, combined with our original Fixes offering, broadens our ecosystem and our ability to solve the hardest consumer shopping and styling problems, fit, discovery and human relationships.

謝謝你，海登，感謝大家加入我們的 Stitch Fix 的 2022 年第四季度財報電話會議。 22 財年對於 Stitch Fix 來說是關鍵的一年，因為我們通過 Freestyle 的全面推出開始了重大轉型。 Freestyle 與我們最初的 Fixes 產品相結合，拓寬了我們的生態系統和我們解決最困難的消費者購物和造型問題、合身、發現和人際關係的能力。

These differentiators remain as relevant as ever as we provide our clients with the right product at the right time. We learned a lot over the course of FY '22 and we are building on our areas of progress. In this challenging macroeconomic environment, and as we continue to work through our transformation, we recognize that returning to profitability is of utmost importance. This is our top priority. This will happen by both returning to active client growth and by optimizing our cost base. We are pleased with the progress that we made in Q4 on rightsizing our cost base, and we are on track to exceed the top end of our expected annual savings in FY '23.

當我們在正確的時間為客戶提供正確的產品時，這些差異化因素仍然具有相關性。我們在 22 財年的過程中學到了很多東西，我們正在取得進展。在這個充滿挑戰的宏觀經濟環境中，隨著我們繼續進行轉型，我們認識到恢復盈利至關重要。這是我們的首要任務。這將通過恢復活躍的客戶增長和優化我們的成本基礎來實現。我們對第四季度在調整成本基礎方面取得的進展感到高興，並且我們有望在 23 財年超過我們預期的年度節省的上限。

Today, I will first provide details on our financial performance in Q4 and FY '22. Then I will discuss how we are building on our learnings from this past year to drive net active clients and improve how we operate the business for both scale and profitability. Dan will then share more details on our cost management and productivity efforts.

今天，我將首先詳細介紹我們在第四季度和 22 財年的財務表現。然後，我將討論我們如何在過去一年的經驗基礎上推動淨活躍客戶，並改善我們在規模和盈利能力方面運營業務的方式。然後，Dan 將分享有關我們成本管理和生產力工作的更多細節。

First, on our financials. The realities of record inflation levels and a deteriorating retail landscape resulted in slower discretionary spend in apparel and presented us with an increasingly challenging fourth quarter particularly in June and July. Q4 net revenue declined 16% year-over-year to $482 million, driven by a 9% year-over-year decline in net active clients, which ended FY '22 at 3.8 million.

首先，關於我們的財務。創紀錄的通貨膨脹水平和不斷惡化的零售環境導致服裝的可自由支配支出放緩，並給我們帶來了越來越具有挑戰性的第四季度，尤其是在 6 月和 7 月。第四季度淨收入同比下降 16% 至 4.82 億美元，這是由於淨活躍客戶同比下降 9%，截至 22 財年為 380 萬。

Adjusted EBITDA in the quarter was negative $31.8 million. Revenue per active client grew 8% year-over-year to $546 in the fourth quarter. Looking at our full FY '22, net revenue declined 1% year-over-year to $2.1 billion, along with an adjusted EBITDA loss of $19.5 million. Despite this, Freestyle revenue grew 21% year-over-year with penetration from our fixed client base steadily increasing since its launch.

本季度調整後的 EBITDA 為負 3180 萬美元。第四季度每位活躍客戶的收入同比增長 8% 至 546 美元。縱觀我們整個 22 財年，淨收入同比下降 1% 至 21 億美元，調整後的 EBITDA 虧損為 1950 萬美元。儘管如此，Freestyle 收入同比增長 21%，自推出以來，我們固定客戶群的滲透率穩步上升。

Now let me share more on our go-forward strategy for FY '23. First, we're capitalizing on the health of our existing customer base by nourishing our core differentiators and improving our unique experience. Second, we're focused on net active client growth by broadening our marketing portfolio, refining the on-boarding experience to capture both new and prospective clients and targeting strategies that reengage previously active clients. And finally, we're committed to managing our costs efficiently and strengthening our infrastructure in order to build a profitable business that is ripe for future expansion.

現在讓我分享更多關於我們 23 財年前進戰略的信息。首先，我們通過培育我們的核心差異化和改善我們獨特的體驗來利用我們現有客戶群的健康。其次，我們通過擴大我們的營銷組合、完善入職體驗以吸引新客戶和潛在客戶以及重新吸引以前活躍客戶的目標策略，專注於淨活躍客戶增長。最後，我們致力於有效地管理我們的成本並加強我們的基礎設施，以建立一個有利可圖的業務，為未來的擴張做好準備。

Starting on the first point. We know we win when our clients feel heard, when we send the right items based on personal preference and fit and when we push style boundaries in new ways. Our powerful combination of data science and creative human judgment has enabled us to ship over 75 million fixes and to fulfill over 10 million free sell orders to date. We also know that the first few experiences with Stitch Fix represent a critical opportunity to build a long-term relationship and keep our clients coming back for more.

從第一點開始。我們知道，當我們的客戶感到被傾聽時，當我們根據個人喜好和合身度發送正確的物品時，當我們以新的方式突破風格界限時，我們就贏了。迄今為止，我們將數據科學與創造性的人類判斷相結合，使我們能夠交付超過 7500 萬個修復程序並完成超過 1000 萬個免費銷售訂單。我們還知道，最初使用 Stitch Fix 的幾次體驗代表了建立長期關係並讓我們的客戶再次光顧的關鍵機會。

In FY '23, building on our strength of listening and responding to client requests and meeting the moment, we are evolving our stylist request nodes to include the ability to add specific occasions so that our stylists can deliver stronger choices in these discovery moments. We also plan to insert more opportunities to collaborate with our stylist community in real time.

在 23 財年，基於我們傾聽和響應客戶請求並滿足當下的優勢，我們正在改進我們的造型師請求節點，以包括添加特定場合的能力，以便我們的造型師可以在這些發現時刻提供更強大的選擇。我們還計劃插入更多與我們的造型師社區實時合作的機會。

Additionally, we're working to deliver a diverse assortment that showcases our varying price points. especially at a time when consumers are more cost conscious. We believe these efforts will drive higher engagement and further cement Stitch Fix as the go-to online styling partner for both current and future customers.

此外，我們正在努力提供多樣化的產品組合，以展示我們不同的價格點。特別是在消費者更加註重成本的時候。我們相信這些努力將推動更高的參與度，並進一步鞏固 Stitch Fix 作為當前和未來客戶的首選在線造型合作夥伴。

On to the second point, we recognize that reigniting the active client flywheel is vital for growth. We know that success will not only come through new client activation, but also through prospective clients and reengaging clients who haven't shopped with us for over 12 months. In mid-September, we released our first ever multinational brand campaign with the goal of communicating how Stitch Fix works and celebrating the personalization that we deliver.

關於第二點，我們認識到重新啟動活躍的客戶飛輪對於增長至關重要。我們知道，成功不僅來自新客戶的激活，還來自潛在客戶和重新吸引超過 12 個月未與我們購物的客戶。 9 月中旬，我們發布了首個跨國品牌活動，旨在傳達 Stitch Fix 的工作原理並慶祝我們提供的個性化服務。

While traffic improved through the second half of FY '22, we expect this campaign to drive a sizable increase in impressions across TV, paid social and branded content partnerships and by building brand awareness will increase traffic to our ecosystem. We also launched an affiliate influencer network in early August. Though small today, we plan to scale quickly with a goal of incorporating our stylist throughout FY '23 as a way to tap more into our unique differentiators.

雖然 22 財年下半年的流量有所改善，但我們預計此活動將推動電視、付費社交和品牌內容合作夥伴的印像大幅增加，並通過建立品牌知名度將增加我們生態系統的流量。我們還在 8 月初推出了聯屬網紅網絡。雖然今天很小，但我們計劃快速擴展，目標是在 23 財年將我們的造型師納入其中，以更多地利用我們獨特的差異化優勢。

And lastly, over the course of FY '22, we made improvements post the Freestyle launch to get conversion to a better place since its low point earlier in the year, and we're making further investments in the client on-boarding journey to drive conversion rates even higher.

最後，在 22 財年的過程中，我們在 Freestyle 發布後進行了改進，以便從今年早些時候的低點轉換到一個更好的地方，我們正在進一步投資於客戶的入職之旅以推動轉化率更高。

These investments include style quid simplification and seamless login experiences in order to reduce barriers to entry and more immediately show how we serve client interest. We also have many prospective clients who've given us information but has yet to convert and many who haven't shopped with us for over 12 months, both of which represent opportunities for reengagement. We're approaching these moments of reengagement with new strategies given our expanded offering. As an example, we are enhancing our e-mail programs to include algorithmically generated product reviews that better showcased our inventory and are leveraging more stylist centric messaging and content.

這些投資包括風格交換簡化和無縫登錄體驗，以減少進入障礙並更直接地展示我們如何滿足客戶的利益。我們還有許多潛在客戶向我們提供了信息但尚未轉換，還有許多超過 12 個月沒有與我們購物的潛在客戶，這兩者都代表著重新參與的機會。鑑於我們擴大了產品範圍，我們正在通過新策略來應對這些重新參與的時刻。例如，我們正在增強我們的電子郵件程序，以包括算法生成的產品評論，以更好地展示我們的庫存，並利用更多以造型師為中心的消息和內容。

On the third and final point on enabling profitable growth and expansion. In the near term, and as Dan will share more, we are taking a variety of important actions to continue to improve our free cash flow. More broadly, we are focused on developing our infrastructure to drive profitable growth and support our future expansion. With our tech infrastructure, we're investing in our structured data platform and more modular architecture to enable faster launch of new client features.

關於實現盈利增長和擴張的第三點也是最後一點。在短期內，隨著丹將分享更多，我們正在採取各種重要行動來繼續改善我們的自由現金流。更廣泛地說，我們專注於發展我們的基礎設施，以推動盈利增長並支持我們未來的擴張。借助我們的技術基礎設施，我們正在對結構化數據平台和更模塊化的架構進行投資，以便更快地推出新的客戶端功能。

We're also innovating on our core algorithms to allow for dynamic engagement and real-time styling. With this complex work well underway, we're confident in our technology strategy. By evolving our underlying infrastructure, we're creating a stable foundation for scale and are setting the stage for profitable growth in FY '24.

我們還在核心算法上進行創新，以實現動態參與和實時造型。隨著這項複雜工作的順利進行，我們對我們的技術戰略充滿信心。通過發展我們的底層基礎設施，我們正在為規模創造一個穩定的基礎，並為 24 財年的盈利增長奠定基礎。

I'd like to conclude by thanking our team for all their hard work and innovating on behalf of our customers. We will continue to adapt as needed to build value for our shareholders without losing sight of the customer-centric culture that defines Stitch Fix. I'm proud of the team that we've built the strategy we have now set in place, and I feel encouraged by what this next chapter brings for Stitch Fix. We're clear-eyed about the current challenges that the macro environment presents, and we remain focused on the key initiatives discussed today in order to deliver exceptional shopping and styling experiences to our clients and to achieve profitability in the future.

最後，我要感謝我們的團隊代表我們的客戶所做的所有辛勤工作和創新。我們將繼續根據需要進行調整，為我們的股東創造價值，同時不會忽視定義 Stitch Fix 的以客戶為中心的文化。我為我們已經制定了我們現在製定的戰略的團隊感到自豪，我對下一章為 Stitch Fix 帶來的內容感到鼓舞。我們對宏觀環境所帶來的當前挑戰保持清醒的認識，我們仍然專注於今天討論的關鍵舉措，以便為我們的客戶提供卓越的購物和造型體驗，並在未來實現盈利。

With that, I will turn the call over to Dan.

有了這個，我會把電話轉給丹。

Thanks, Elizabeth, and hello to everyone joining us on today's call. As Elizabeth discussed, our business is undergoing a significant transformation, which we are pushing forward in FY '23. At the same time, we recognize the challenges presented by the current macro environment. And as such, we continue to direct our business in a financially responsible manner.

謝謝，伊麗莎白，大家好，今天加入我們的電話。正如伊麗莎白所討論的，我們的業務正在經歷一場重大轉變，我們將在 23 財年推動這一轉變。同時，我們也認識到當前宏觀環境帶來的挑戰。因此，我們繼續以對財務負責的方式指導我們的業務。

In Q4, we generated net revenue of $482 million, down 16% year-over-year, driven by softness in Fixes volume, which was partially offset by demand in Freestyle. July was especially challenging in tandem with macroeconomic deterioration throughout the summer months and as consumer discretionary spend pulled back from apparel.

在第四季度，我們產生了 4.82 億美元的淨收入，同比下降 16%，這主要是由於 Fixes 數量的疲軟，但部分被 Freestyle 的需求所抵消。隨著整個夏季的宏觀經濟惡化以及非必需消費品支出從服裝中回落，7 月尤其具有挑戰性。

Notably, these trends have continued in the first half of Q1. Active clients ended Q4 down 3% sequentially and 9% year-over-year at 3.8 million. Q4 gross margin was 40% driven largely by increased inventory reserves and higher liquidations to the excess spring and summer goods. Adjusting for this increase in our inventory reserve and higher liquidations, gross margin was 42.5% a decline of about 400 basis points from a year ago. This reduction is primarily due to tightening product margins from rising inflation and increased penetration of national brands as well as an increase in transportation costs. Sequentially, gross margin was flat once adjusting for the increased inventory reserves and higher liquidations.

值得注意的是，這些趨勢在第一季度的上半年一直在持續。活躍客戶在第四季度末環比下降 3%，同比下降 9%，為 380 萬。第四季度毛利率為 40%，主要是由於庫存儲備增加和對過剩春夏商品的清算增加。調整我們庫存儲備的增加和更高的清算，毛利率為 42.5%，比一年前下降了約 400 個基點。這一下降主要是由於通脹上升、民族品牌滲透率增加以及運輸成本增加導致產品利潤率收緊。隨後，毛利率在調整庫存儲備增加和清算增加後持平。

Turning to inventory. We ended Q4 with net inventory down 7% year-over-year and down 7% quarter-over-quarter to $197 million. We took action in the quarter to rightsize our inventory through our July limited sales event and third-party liquidations, which focused on moving spring and summer product.

轉向庫存。第四季度末，我們的淨庫存同比下降 7%，環比下降 7%，至 1.97 億美元。我們在本季度採取行動，通過 7 月份的有限銷售活動和第三方清算來調整庫存，重點是移動春季和夏季產品。

Looking ahead, we are continuing our efforts to rightsize our inventory position to be in line with demand. For any excess inventory, we'll look at utilizing limited sales events, continuing to use third-party liquidators and delaying inbound receipts or holding inventory based on the right economic decision. We will likely continue to see elevated inventory levels in the first half of our fiscal year, but we expect to see lower levels relative to demand in the back half.

展望未來，我們將繼續努力調整庫存頭寸，以滿足需求。對於任何多餘的庫存，我們將考慮利用有限的銷售活動，繼續使用第三方清算人，並根據正確的經濟決策延遲入庫收貨或持有庫存。我們可能會在本財年上半年繼續看到庫存水平上升，但我們預計下半年的庫存水平將低於需求。

Advertising was just under 10% of net revenue in Q4, slightly down over Q3 but up 390 basis points versus the same quarter last year. For the full year FY '22, advertising represented approximately 9% of net revenue. For FY '23, we expect to maintain levels of spend at around 9% of net revenue as we grow the virality of Stitch Fix as well as continue to improve on our core performance marketing channels and expand into newer channels such as SEM, influencers and affiliates.

第四季度廣告占淨收入的比例略低於 10%，略低於第三季度，但與去年同期相比上升了 390 個基點。在 22 財年全年，廣告約占淨收入的 9%。對於 23 財年，隨著我們提高 Stitch Fix 的病毒式傳播以及繼續改進我們的核心績效營銷渠道並擴展到新的渠道，如 SEM、影響者和附屬公司。

Moving on to adjusted EBITDA. Q4 adjusted EBITDA was negative $32 million. This excluded $26 million in restructuring and other onetime charges. We ended Q4 with no debt and $231 million in cash, cash equivalents and highly rated securities as well as an undrawn $100 million revolving line of credit.

繼續調整後的 EBITDA。第四季度調整後的 EBITDA 為負 3200 萬美元。這不包括 2600 萬美元的重組費用和其他一次性費用。我們在第四季度末沒有債務，現金、現金等價物和高評級證券以及未提取的 1 億美元循環信貸額度為 2.31 億美元。

Now on to our outlook. There are a number of factors impacting the predictability of our forecast. As we turn the page on FY '22, we are focused on the goal of achieving adjusted EBITDA profitability and positive free cash flow. Our path to profitability consists of customer-centric actions intended to grow active clients, increasing leverage in gross margin, improving fixed and variable productivity and driving positive free cash flow. Elizabeth discussed our focus and actions on driving active clients.

現在談談我們的展望。有許多因素會影響我們預測的可預測性。當我們在 22 財年翻頁時，我們專注於實現調整後 EBITDA 盈利能力和正自由現金流的目標。我們的盈利之路包括以客戶為中心的行動，旨在培養活躍的客戶、提高毛利率的槓桿作用、提高固定和可變生產力以及推動正的自由現金流。伊麗莎白討論了我們在推動活躍客戶方面的重點和行動。

On gross margin, we expect both Q1 and full year gross margin to be around 42%, and primarily reflecting an improved inventory position and expected lower transportation costs versus the fourth quarter of FY '22.

在毛利率方面，我們預計第一季度和全年的毛利率都在 42% 左右，主要反映了與 22 財年第四季度相比，庫存狀況的改善和運輸成本的預期降低。

SG&A, excluding advertising and stock-based compensation was down 8% sequentially and essentially flat year-over-year when excluding restructuring and onetime charges. While we are pleased with our expense control in Q4, we will continue to focus on reducing fixed cost and improving variable productivity.

SG&A（不包括廣告和基於股票的薪酬）環比下降 8%，如果不包括重組和一次性費用，則同比基本持平。雖然我們對第四季度的費用控制感到滿意，但我們將繼續專注於降低固定成本和提高可變生產力。

As we optimize our cost structure, we will continue to evaluate our real estate footprint and prioritize our investment in product and technology. With these efforts in place, we are on track to exceed the high end of the $40 million to $60 million in expected annual cost savings we discussed last quarter.

隨著我們優化成本結構，我們將繼續評估我們的房地產足跡並優先考慮我們對產品和技術的投資。通過這些努力，我們有望超過我們上季度討論的 4000 萬至 6000 萬美元的預期年度成本節約的高端。

In addition to cost savings, we are also focused on driving towards positive free cash flow and expect to improve our overall cash conversion cycle in FY '23 by rightsizing inventory, extending vendor terms and investing in CapEx with near-term positive ROI.

除了節省成本外，我們還專注於推動積極的自由現金流，並期望通過調整庫存規模、延長供應商條款和投資資本支出以近期為正的投資回報率來改善我們在 23 財年的整體現金轉換週期。

Moving to our outlook. It's important to note that lower active clients in FY '22 will have an impact on revenue. particularly in the first half of the fiscal year. With this in mind, we expect total revenue to be between $1.76 billion and $1.86 billion for full year FY '23.

轉向我們的展望。需要注意的是，22 財年活躍客戶較低的情況將對收入產生影響。特別是在本財年上半年。考慮到這一點，我們預計 23 財年全年的總收入將在 17.6 億美元至 18.6 億美元之間。

We will manage the business towards a goal of being adjusted EBITDA and free cash flow positive sometime in FY '23. For the full year FY '23, we expect adjusted EBITDA to be between negative $45 million and negative $25 million.

我們將管理業務，以實現在 23 財年某個時候調整 EBITDA 和自由現金流為正的目標。對於 23 財年全年，我們預計調整後的 EBITDA 將在負 4500 萬美元和負 2500 萬美元之間。

Moving on to Q1. Largely due to the dynamics previously discussed on the current state of net active clients and the associated ongoing impact of macro challenges, we expect Q1 revenue to be between $455 million and $465 million. Due to our ongoing efforts in reducing our cost structure, we expect Q1 adjusted EBITDA will substantially improve versus Q4 of FY '22 and be negative $15 million to negative $10 million.

繼續第一季度。很大程度上由於之前討論過的關於淨活躍客戶現狀的動態以及宏觀挑戰的相關持續影響，我們預計第一季度的收入將在 4.55 億美元至 4.65 億美元之間。由於我們不斷努力降低成本結構，我們預計第一季度調整後的 EBITDA 將比 22 財年第四季度大幅改善，並從負 1500 萬美元到負 1000 萬美元。

This guidance assumes net active clients will be down quarter-over-quarter but less so than the sequential change between Q3 and Q4. As we reinforce multiple times during this call, we are laser focused on our return to profitability. We recognize the importance of building a solid foundation so that we can grow from a position of strength. This will be achieved by a return to net active client growth and continuing to optimize our cost structure.

該指導假設淨活躍客戶將環比下降，但低於第三季度和第四季度之間的連續變化。由於我們在本次電話會議中多次強調，我們專注於恢復盈利。我們認識到建立堅實基礎的重要性，這樣我們才能從實力地位中成長。這將通過恢復淨活躍客戶增長和繼續優化我們的成本結構來實現。

With that, I'd like to turn the call over to the operator for Q&A.

有了這個，我想把電話轉給接線員進行問答。

(Operator Instructions) We will take our first question from Youssef Squali with Truist Securities.

（操作員說明）我們將從優素福斯誇裡與 Truist 證券一起回答我們的第一個問題。

Just two quick questions for me. One, maybe -- can you just speak to the onboarding process and improvements you've made there? Obviously, you're deciding to increase your marketing, which would lead me to believe that you believe that you're onboarding process and conversion rates, et cetera, have improved relative to where they were even 3 months ago. So maybe any kind of quantification of where we are in that process would be really helpful.

對我來說只有兩個簡單的問題。一，也許——你能談談你在那裡所做的入職流程和改進嗎？顯然，你決定增加你的營銷，這會讓我相信你相信你的入職流程和轉化率等等，相對於 3 個月前的情況已經有所改善。因此，也許對我們在該過程中所處的位置進行任何量化都會非常有幫助。

And then as you look at the business, beyond 2023, and I know there are a lot of moving parts here. But relative to kind of how you guys looked at the business, I guess, a couple of years ago, what kind of growth do you think this business can support all things considered looking at the TAM changes, et cetera? Is this still kind of a double-digit business, double-digit growth business, do you feel? Or is that something that now we need to adjust as we think through the opportunity?

然後，當您查看 2023 年以後的業務時，我知道這裡有很多活動部分。但相對於你們如何看待業務，我猜，幾年前，您認為這項業務能夠支持考慮到 TAM 變化等的所有事情的增長方式？這仍然是一種兩位數的業務，兩位數的增長業務，你覺得嗎？還是我們現在需要在考慮機會時進行調整？

Youssef, thanks for the questions. Yes, on the first point, we made a lot of progress on conversion over the last couple of quarters. And we have seen a return to levels that we had seen in the past. That said, we believe we can still make progress and upside in some of the consumer pain points that we know of. We've made it easier to get back into our Fixes experience. We've made improvements in iterative testing on more of an understanding of what is about. We know it's a an unusual service. And so we've done, I think, a lot of good iterative improvements on making that easy for clients to understand.

優素福，謝謝你的提問。是的，在第一點上，我們在過去幾個季度的轉換方面取得了很大進展。我們已經看到恢復到我們過去看到的水平。也就是說，我們相信我們仍然可以在我們所知道的一些消費者痛點上取得進步和上升。我們使恢復修復體驗變得更加容易。我們在迭代測試方面進行了改進，更多地了解了它的含義。我們知道這是一項不尋常的服務。因此，我認為，我們已經做了很多很好的迭代改進，讓客戶更容易理解。

That said, we still see opportunity to make it even easier to get inside in terms of seamless login. We still provide kind of that step where you have to provide your e-mail upfront. And so all of those are areas we're going to keep working on. So we've made progress. We continue to make progress, but we see more work ahead.

也就是說，我們仍然看到了在無縫登錄方面更容易進入內部的機會。我們仍然提供您必須預先提供電子郵件的那種步驟。所以所有這些都是我們將繼續努力的領域。所以我們取得了進展。我們繼續取得進展，但我們看到未來還有更多工作要做。

And then on the marketing front, we're continuing to expand and strengthen our portfolio, both with new clients but also with signed-up prospects, those are folks who have given us all their information but have not converted as well as reactivation. And so we are always super disciplined with how we spend in that sort of 9% to 10% range and are making sure that we are getting a return on any investment we make and we'll keep broadening that portfolio.

然後在營銷方面，我們將繼續擴大和加強我們的產品組合，包括新客戶和已簽約的潛在客戶，這些人向我們提供了所有信息，但沒有轉換和重新激活。因此，我們始終對我們如何在 9% 到 10% 的範圍內進行支出非常自律，並確保我們從所做的任何投資中獲得回報，並且我們將繼續擴大該投資組合。

On the beyond 2023 kind of -- beyond this fiscal year, I mean, if you think about it, Stitch Fix is still a pretty small business and an enormous apparel market. We're about a $2 billion company in a $400 billion U.S.-only addressable market. And we know that by opening up the Freestyle experience together with Stitch Fix that has both created incrementality within our existing client base but we believe at 2 to 3x x increases the TAM of being a Fixes only business.

在 2023 年之後——在本財年之後，我的意思是，如果你仔細想想，Stitch Fix 仍然是一家相當小的企業和一個巨大的服裝市場。我們是一家價值 20 億美元的公司，位於 4000 億美元的僅限美國的潛在市場中。我們知道，通過與 Stitch Fix 一起開放 Freestyle 體驗，這在我們現有的客戶群中創造了增量，但我們相信 2 到 3 倍增加了作為僅修復業務的 TAM。

So we're just incredibly focused this year on continuing to improve the customer experience get on that positive net active track, which we do expect to turn the corner on net active clients sequentially over the course of -- at some point in FY '23 and just ensuring we have the stable foundation of profitability to build on beyond this year.

因此，今年我們非常專注於繼續改善客戶體驗，使其走上積極的淨活躍軌道，我們確實希望在 23 財年的某個時間點，在整個過程中依次轉向淨活躍客戶只是確保我們在今年以後有穩定的盈利基礎。

We will take our next question from Cory Carpenter with JPMorgan.

我們將向摩根大通的 Cory Carpenter 提出下一個問題。

Just maybe to start on Freestyle, could you talk about your priorities for Freestyle specifically this year? And are you -- how much of your marketing spend do you expect to deploy against Freestyle?

剛開始自由泳，你能談談今年你在自由泳方面的優先事項嗎？您是否 - 您希望針對 Freestyle 部署多少營銷支出？

And then related to that, last quarter, you made the decision to direct new customer traffic to the fixed flow exclusively. Is that still the case? And any plans to redirect some of that back to Freestyle in the future?

然後與此相關，上個季度，您決定將新客戶流量專門引導到固定流量。還是這樣嗎？未來有沒有計劃將其中的一部分重新定向到自由式？

Yes. Thanks, Cory, for the question. We continue to make improvements in the Freestyle experience. We had talked in the last quarter or 2 around search, and that's become -- that was 1 of our most asked for features with clients. That has done well, doing things like beta testing, seeing outfits in search, just continuous improvement of really integrating more of our styling-led differentiation, those 3 areas that we think we do better than anybody else that are really solving the hardest problems of fit, discovery and human relationship, really, our ambition is to just make that more and more integrated in the Freestyle experience and really this blurring of the Fix and Freestyle offering.

是的。謝謝，科里，這個問題。我們將繼續改進 Freestyle 體驗。我們在上一季度或第二季度就搜索進行了討論，這已經成為 - 這是我們最需要客戶的功能之一。這做得很好，做一些事情，比如 beta 測試，在搜索中查看服裝，只是不斷改進真正整合更多以造型為主導的差異化，這 3 個領域我們認為我們比其他任何人做得更好，真正解決了最困難的問題適合、發現和人際關係，真的，我們的目標是讓它越來越多地融入到 Freestyle 體驗中，真正讓 Fix 和 Freestyle 產品變得模糊。

We know our best happiest clients are engaging with both and just making it easier to be participating across that full ecosystem. If you were to Google search, a particular item, you can land on a product detail page or a category page and start right with Freestyle, but our core front door experience, we're really focused on just getting people into our full ecosystem. And what we found is starting with a Fix is a great entry point. And so we're very focused there right now just because we like what we're seeing, but we'll continue to experiment with that throughout the year. We do acquire clients through kind of landing on product detail pages, but I'd say our core customer activation focus is really through starting with the full ecosystem and starting with the Fix right now.

我們知道我們最快樂的客戶正在與兩者互動，只是讓參與整個生態系統變得更加容易。如果您要在 Google 搜索特定項目，您可以登陸產品詳細信息頁面或類別頁面並從 Freestyle 開始，但我們的核心前門體驗，我們真正專注於讓人們進入我們的完整生態系統。我們發現從 Fix 開始是一個很好的切入點。所以我們現在非常專注於那裡，只是因為我們喜歡我們所看到的，但我們將在全年繼續試驗。我們確實通過登陸產品詳細信息頁面來獲取客戶，但我想說我們的核心客戶激活重點實際上是從完整的生態系統開始並立即從修復開始。

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

我們將回答 Simeon Siegel 與 BMO 資本市場的下一個問題。

Sorry if I missed it, but did you say how we should think about the go-forward clients for [RPAC] embedded within the 1Q and full year revenue guide? And maybe just speak to the comfort in the improvement embedded over the year.

抱歉，如果我錯過了，但你有沒有說我們應該如何考慮嵌入在第一季度和全年收入指南中的 [RPAC] 的前進客戶？也許只是談談一年中嵌入改進的舒適度。

Simeon, can you just clarify the question? Are you asking what we expect on active clients? Or what are you asking?

西蒙，你能澄清一下這個問題嗎？您是在問我們對活躍客戶的期望嗎？或者你在問什麼？

Yes. Yes, just any context. Within the -- you gave the revenue guidance for the first quarter and the full year. So any context on how that breaks down between price versus clients?

是的。是的，只是任何上下文。在 - 你給出了第一季度和全年的收入指導。那麼關於價格與客戶之間如何分解的任何背景？

Got it. Yes, we don't guide specifically to active. As I mentioned in response to a moment ago, we do anticipate at some point over the course of this year, turning the corner on improvement in positive net active. I mean simply by virtue of the fact that we're starting the year with 3.8 million versus over 4 million clients, that just has a really big impact on the absolute revenue for the year. So that is really the biggest driver. And as you know, like as we acquire clients, they're spending builds over time, and so we're just not going to see the benefit of that impact.

知道了。是的，我們沒有專門針對 Active 進行指導。正如我剛才在回復中提到的那樣，我們確實預計在今年的某個時候，正向淨活躍度的改善會帶來轉機。我的意思是僅僅因為我們年初有 380 萬客戶而不是超過 400 萬客戶，這對今年的絕對收入產生了非常大的影響。所以這真的是最大的驅動力。正如你所知，就像我們獲得客戶一樣，他們會隨著時間的推移花費構建，所以我們只是不會看到這種影響的好處。

But let me pause there and see if Dan, anything to add on that in terms of how it translates to revenue.

但是讓我停下來看看丹，在它如何轉化為收入方面是否有任何補充。

No. The only thing I'd add on the active clients and RPAC, I did say in the earlier remarks that well net actives will be down for Q1, they'll be down less so than the Q3 to Q4 sequential change that we saw in -- and so as we get closer to adding net active clients, that will likely have the impact of bringing RPAC down simply because these newer clients aren't on our platform long enough to spend disproportionate to clients that are -- that have been here and spending on a regular cadence with us.

不。我要在活躍客戶和 RPAC 上添加的唯一一件事，我在之前的評論中確實說過，第一季度淨活躍用戶將下降，它們的下降幅度將小於我們看到的第三季度至第四季度的連續變化在 - 因此，隨著我們越來越接近增加淨活躍客戶，這可能會導致 RPAC 下降，因為這些新客戶在我們的平台上的時間不夠長，無法與那些已經在這里和我們一起定期消費。

So that's the way we think about our RPAC here. So again, as we continue to diminish the decline in net actives and ultimately start to grow net actives, I would expect RPAC to be impacted by that, but it will have a net positive, of course, on revenue as subsequent fixes and subsequent engagement with Freestyle take on with our newer clients.

這就是我們在這裡思考 RPAC 的方式。同樣，隨著我們繼續減少淨活躍量的下降並最終開始增加淨活躍量，我預計 RPAC 會受到影響，但隨著後續修復和後續參與，它當然會對收入產生淨積極影響與我們的新客戶一起使用 Freestyle。

Great. And then just given the strength of the data that you have, are there any learnings between the clients that have lapsed? So is there any -- I don't know if there's age, demographic, shopping tendency like just you guys have a wealth of data. So as you look at the cohorts or you look at the groups that have peeled off, anything that you can learn from that?

偉大的。然後僅考慮到您擁有的數據的強度，已經失效的客戶之間是否有任何學習？那麼有沒有-我不知道是否有年齡，人口統計，購物傾向，就像你們一樣擁有豐富的數據。因此，當您查看隊列或查看已剝離的組時，您可以從中學到什麼？

Yes. I mean, I would say a few things, in general, our clients are the happiest when they feel like we heard their preferences, and we responded accordingly and present the right product at the right time, which we get right a lot of the time, but we don't always get it right. And immediately address if we didn't get it right through or connecting them with a stylist, like that's actually a lot of what we're going to be focused on this year is bringing more of that stylist front and center and that active listening. I mean it is a big part of what has made us so successful.

是的。我的意思是，我想說幾件事，一般來說，當我們的客戶覺得我們聽到了他們的喜好時，他們是最快樂的，我們會做出相應的反應並在正確的時間展示正確的產品，我們很多時候都是正確的，但我們並不總是正確的。並立即解決如果我們沒有通過它或將它們與造型師聯繫起來，就像這實際上是我們今年要關注的很多事情是讓更多的造型師在前面和中心以及積極的傾聽。我的意思是，這是我們如此成功的重要原因。

And so using that data to both reactivate clients, which we actually have a pretty healthy reactivation rate. We see more upside there. was actually positive year-on-year. Our reactivations of FY '22 versus FY '21 actually entirely driven by growth in Freestyle. And so what we believe is the broadening variety of our assortment, the broadening of price points, all of those good things will benefit the broader client population over time.

所以使用這些數據來重新激活客戶端，我們實際上有一個相當健康的重新激活率。我們在那裡看到了更多的上漲空間。實際上是同比增長。我們對 22 財年與 21 財年的重新激活實際上完全是由 Freestyle 的增長驅動的。因此，我們相信我們的產品種類越來越多，價格點的擴大，隨著時間的推移，所有這些好東西都將使更廣泛的客戶群受益。

But ultimately, it's that sense of the client feeling deeply heard and we put the right product in front of them at the right time. And so any time we have that signal of where we can improve it is where we're focused, both frankly, with our active clients as well as with [RPAC] clients.

但歸根結底，正是這種客戶感覺被深深傾聽的感覺，我們在正確的時間將正確的產品放在他們面前。因此，只要我們有可以改進的信號，坦率地說，我們關注的就是我們的活躍客戶以及 [RPAC] 客戶。

And just to add on to that, I will say it's not a learning, but it is for us because we've known it for a while. It is worth reiterating is our clients' desire to get fit right, which we do very well is really important, and they love that. We've talked about fit a lot in prior calls, and it's just worth repeating how important that is. and how we focus on that and continue to try to get better and better at fit.

補充一點，我會說這不是學習，但它適合我們，因為我們已經知道了一段時間。值得重申的是，我們的客戶希望得到正確的健康，我們做得很好非常重要，他們喜歡這一點。我們在之前的電話中談到了很多適合，值得重複的是它的重要性。以及我們如何專注於這一點並繼續努力變得越來越好。

We will take our next question from Mark Altschwager with Baird.

我們將向貝爾德的 Mark Altschwager 提出我們的下一個問題。

This is Amy Teske on for Baird. Beyond the broader apparel pullback, I was hoping you could dig in a little bit more into consumer behavior changes, what you're seeing in terms of box frequency, keep rates, average sales price? And any details you can provide on trends in specific product care category?

這是貝爾德的艾米·特斯克。除了更廣泛的服裝回調之外，我希望你能更深入地了解消費者行為的變化，你在盒子頻率、保持率、平均銷售價格方面看到了什麼？您可以提供有關特定產品護理類別趨勢的任何詳細信息嗎？

Yes. Thanks, Amy. I think we do a lot of research of what consumers are asking for. We get signal on the majority of our fixes of where the preferences are. And then, of course, we're always tracking what average unit retails and what price points are resonating. And I would say a couple of things.

是的。謝謝，艾米。我認為我們對消費者的需求進行了大量研究。我們得到了關於偏好在哪裡的大多數修復的信號。然後，當然，我們一直在跟踪平均零售量以及引起共鳴的價格點。我想說幾件事。

First, on just like category trends, we've definitely seen that continued shift back to workwear, both with our men's and our women's segments. Blazers are back to pre-COVID levels, men's polos have been a strong trend. So we are seeing kind of category trends that we've thankfully been prepared for.

首先，就像品類趨勢一樣，我們肯定已經看到男裝和女裝領域繼續轉向工作服。開拓者回到了 COVID 之前的水平，男士 Polo 衫一直是一個強勁的趨勢。因此，我們看到了一種我們已經做好準備的品類趨勢。

I will say that consumers are telling us they are feeling more cash constrained. We have different experiences within Freestyle where we highlight items under 50. And in general, we have seen our price points that are at more affordable average unit retails outperforming, which is a strong signal that consumers are looking for value right now. And then we do ask our clients about sort of their anticipated spending going forward.

我要說的是，消費者告訴我們他們感覺現金更加拮据。我們在 Freestyle 有不同的體驗，我們會突出 50 歲以下的商品。總的來說，我們看到我們的價格點在更實惠的平均單位零售價上表現出色，這是消費者正在尋找價值的強烈信號。然後我們會詢問我們的客戶他們未來的預期支出。

And we have heard clients both in serving consumers in the U.K. and the U.S. that they may be buying fewer items per Fixes in the future. And so we're just really preparing to have the right product at the right time. I think, thankfully, in our business, over half of it are clients who are getting auto shipment with fixes, but we want to make sure that we're providing the value for them in this moment. We'll also be beta testing later this year some new loyalty-based programs. And so our focus is really just making sure we're both providing right product, right time and rewarding loyalty and value with our customers. And that early signal that we get is incredibly valuable to make sure we have the right product.

我們在為英國和美國的消費者提供服務的客戶中都聽說，他們將來可能會減少每次修復購買的商品。所以我們只是真的準備在正確的時間擁有正確的產品。我認為，幸運的是，在我們的業務中，超過一半的客戶正在通過修復獲得汽車運輸，但我們希望確保我們在這一刻為他們提供價值。我們還將在今年晚些時候對一些新的基於忠誠度的計劃進行 Beta 測試。因此，我們的重點實際上只是確保我們提供正確的產品、正確的時間並獎勵客戶的忠誠度和價值。我們獲得的早期信號對於確保我們擁有正確的產品非常有價值。

We will take our next question from Edward Yruma with Piper Sandler.

我們將回答 Edward Yruma 和 Piper Sandler 的下一個問題。

I guess twofold. First, I know you've been pretty tactical with SG&A reductions, but if you could kind of help us just understand fixed versus variable SG&A, particularly in light of what could be a tougher demand environment?

我猜是雙重的。首先，我知道您在減少 SG&A 方面非常有策略，但如果您能幫助我們了解固定和可變 SG&A，尤其是考慮到可能會更加嚴峻的需求環境？

And then as a follow-up to that, I just want to understand the markdown reserves that are embedded on the inventory now, how should we think about that? Are they kind of trued up at this point? Was there open in the quarter?

然後作為後續，我只想了解現在庫存中嵌入的降價儲備，我們應該如何考慮？他們在這一點上是正確的嗎？那個季度有營業嗎？

Yes. Ed, let me hand it over to Dan to answer both of those.

是的。 Ed，讓我把它交給丹來回答這兩個問題。

Yes. On the SG&A reduction, as we said earlier, we are on track to achieve the high end -- to exceed the high end of the $40 million to $60 million that we talked about last quarter. The bulk of that is in fixed which is what we targeted from a cost reduction standpoint. I will say though that on the variable side, which is our warehouse or selling in our -- sorry, our stylists in our customer service, we've seen improvement -- quite a bit improvement quarter-on-quarter in that area as well across our variable nature. So we feel really good about our SG&A costs and the continuing leverage that we get both on fixed and variable. I think that both -- we're going to see leverage on both in FY '23. That's the answer to your first question.

是的。正如我們之前所說，在減少 SG&A 方面，我們有望實現高端——超過我們上季度談到的 4000 萬至 6000 萬美元的高端。其中大部分是固定的，這是我們從降低成本的角度來看的目標。我要說的是，在可變方面，即我們的倉庫或在我們的銷售 - 對不起，我們的客戶服務中的造型師，我們已經看到了改進 - 在該領域也有相當多的季度環比改進跨越我們多變的性質。因此，我們對我們的 SG&A 成本以及我們在固定和可變方面獲得的持續影響感到非常滿意。我認為兩者 - 我們將在 23 財年看到兩者的影響力。這就是你第一個問題的答案。

And to your second question on inventory reserves as we -- as I talked about earlier, we did increase our inventory reserves primarily for excess spring and summer good inventory. We are looking -- we do expect the back half of FY '23 to improve our inventory position. A lot of that depends, of course, on the macro environment. But we do feel like we have hit the top end of that reserve and we're not expecting increases in reserves going forward simply because we're focused very much on rightsizing our inventory. We feel very good about the fall and winter inventory that we've got coming in. And at this point, I think we're in a good position from an inventory reserve perspective.

對於您關於庫存儲備的第二個問題，正如我之前所說，我們確實增加了庫存儲備，主要用於春季和夏季的過剩庫存。我們正在尋找——我們確實預計 23 財年的後半段會改善我們的庫存狀況。當然，這在很大程度上取決於宏觀環境。但我們確實覺得我們已經達到了該儲備的上限，並且我們預計未來不會增加儲備，因為我們非常專注於調整我們的庫存。我們對進入的秋冬庫存感覺非常好。在這一點上，我認為從庫存儲備的角度來看，我們處於有利位置。

We will 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 guess as we think about the factors that are weighing on net adds, is traffic really the biggest headwind followed by conversion and then churn? Or how should we think about kind of the different factors within net adds?

我想當我們考慮影響淨增加的因素時，流量真的是最大的逆風，其次是轉化，然後是流失？或者我們應該如何考慮淨增加中的不同因素？

And then any update on what percentage of Fixes customers have tried Freestyle or made more than purchase on Freestyle. I know you'd given some of those stats in the past.

然後是關於有多少百分比的 Fixes 客戶嘗試過 Freestyle 或在 Freestyle 上進行的購買超過了購買的任何更新。我知道你過去曾提供過其中一些統計數據。

Lauren, thanks for the questions. Yes, I mentioned on the call that we saw steady improvements in traffic in the back half of FY '22. And so we like the progress we're seeing. We've also made progress on conversion. Our best traffic is that sort of direct in organic traffic, and that's where we're continuing to push and make progress on.

勞倫，謝謝你的提問。是的，我在電話會議上提到，我們看到 22 財年後半段的流量穩步改善。所以我們喜歡我們所看到的進步。我們在轉換方面也取得了進展。我們最好的流量是那種直接的自然流量，這就是我們繼續推動和取得進展的地方。

I think we all just saw a huge rushed to e-commerce a couple of years ago. Some of that has leveled back off. And so our ability to just continue to strengthen the mix of our marketing portfolio and sort of continue to expand our toolkit there beyond what was, I would say, a pretty heavily growth marketing focus a couple of years ago.

我想我們都在幾年前看到了對電子商務的巨大衝擊。其中一些已經趨於平穩。因此，我們有能力繼續加強我們的營銷組合組合，並在某種程度上繼續擴展我們的工具包，超出我想說的幾年前相當大的增長營銷重點。

So we like the progress we're seeing, still have more to do that first multinational campaign that we just launched we think is going to help build consideration, things like our new affiliate influencer network. So it's really a combination, I would say, of continuing to improve high-quality traffic sources, bringing back in clients that we can reactivate together with continued kind of continued gains in the conversion funnel, which we have gotten back to levels that we were at in the past, but we still see more upside by just making it more frictionless and seamless to enter. So I would say it's really a combination of the 2.

因此，我們喜歡我們所看到的進展，還有更多工作要做，我們剛剛發起的第一個跨國活動，我們認為這將有助於建立考慮，比如我們新的附屬影響者網絡。因此，我想說，這確實是一個組合，繼續改善高質量的流量來源，帶回我們可以重新激活的客戶，同時在轉化漏斗中持續不斷地獲得收益，我們已經回到了我們以前的水平在過去，但我們仍然看到更多的上行空間，只是讓它更加順暢和無縫進入。所以我會說它真的是2的組合。

And then on your fix into Freestyle, I'd say that stayed at pretty heavy levels. I think we've reported in the past that resonates with around 1/5 of clients that come back again and again if they're a Freestyle first purchaser. I think you're asking those specifically how many of our Fixes clients get into Freestyle.

然後在你修復 Freestyle 時，我會說它保持在相當高的水平。我認為我們過去曾報導過，如果他們是 Freestyle 的首次購買者，大約 1/5 的客戶會一次又一次地回來。我想你是在問那些有多少我們的 Fixes 客戶進入了 Freestyle。

And I think we've shared in the past something like around 30% of our women's clients. We've penetrated with Freestyle and that's remained steady, which we believe is below full potential, frankly. And we're looking for the next way to kind of reduce what I would say is the cognitive load of a brand-new Fixes customer learning about Freestyle just continuing to make that easier and easier. As an example, in every 6, we send, we have these ways to wear it style cards that we send in a Fix. We see a future of just making those incredibly easy to buy with the Fix checkout process as an entry point into Freestyle. So essentially just finding that next frontier ways of moving that a further step change, but I'd say it's been pretty steady at that level to date, but we don't think it's full potential.

而且我認為我們過去分享了大約 30% 的女性客戶。我們已經滲透到 Freestyle 並且保持穩定，坦率地說，我們認為它低於全部潛力。我們正在尋找下一種方法來減少我想說的是全新的 Fixes 客戶學習 Freestyle 的認知負擔，這只會繼續讓這變得更容易和更容易。例如，在我們發送的每 6 次中，我們都有這些方式來佩戴我們在修復中發送的風格卡片。我們看到了一個未來，即通過 Fix checkout 流程讓這些產品非常容易購買，作為進入 Freestyle 的入口點。所以基本上只是找到下一個前沿的方式來推動進一步的改變，但我想說迄今為止它在那個水平上相當穩定，但我們認為它並不是全部潛力。

We will take our next question from David Bellinger with MKM Partners.

我們將向 MKM Partners 的 David Bellinger 提出我們的下一個問題。

I've got a couple. So my first one, just on the guidance. It seems like there's some active client growth embedded in the back half of the year. So what gives you the confidence that the clients will rebound? Is there anything you're seeing into Q1 on traffic or conversion to support that?

我有一對。所以我的第一個，只是關於指導。今年下半年似乎有一些活躍的客戶增長。那麼，是什麼讓您有信心客戶會反彈？您對第一季度的流量或轉換有什麼看法來支持這一點嗎？

And then just my second one, so RPAC expected to be down again in Q1. And understanding the dynamic you spoke about earlier that initial users aren't spending much right away. But are you seeing anything beyond that? Anything on average order values or some type of trade down effect or mix shift that's affecting that RPAC number?

然後是我的第二個，所以 RPAC 預計在第一季度會再次下降。並且了解您之前談到的動態，即初始用戶不會立即花費太多。但是你有看到除此之外的任何東西嗎？平均訂單價值或某種類型的降價效應或影響該 RPAC 數量的混合變化？

Thanks, David. I'll take the first one, and then I'll let Dan talk more about RPAC. Yes, I mean, I think all of the things that we mentioned on the prepared remarks and some of what I've responded within the last few questions, just the initiatives and the progress we're making on continued improvement on onboarding, continued focus on bringing our signed up prospects reactivation, new traffic channels, inter experience. And so we are making progress. And based on what we're seeing and based on what we believe will be kind of lapping on a year-on-year basis. We anticipate that over the course of this year, we will turn the quarter.

謝謝，大衛。我先講第一個，然後讓 Dan 多談談 RPAC。是的，我的意思是，我認為我們在準備好的評論中提到的所有事情以及我在過去幾個問題中回答的一些內容，只是我們在持續改進入職培訓和持續關注方面所採取的舉措和進展關於重新激活我們已註冊的潛在客戶、新的流量渠道、交互體驗。所以我們正在取得進展。根據我們所看到的以及我們認為會逐年增長的情況。我們預計，在今年的整個過程中，我們將扭轉本季度。

On the RPAC side, let me hand it to Dan to share more on that.

在 RPAC 方面，讓我把它交給 Dan 來分享更多信息。

Yes. A couple of comments on the behavior or clients who are purchasing. Of course, the average age -- the average tenure of our client has increased as a result of our net active declines. And so when that happens, the older clients tend to have a slightly lower keep rate than newer clients simply because their costs get filled up over the course of 10, 20, 30, 40, 50 Fixes. But we are still seeing very solid keep rates and AOVs in both Fix and Freestyle on the new clients coming in. on a relative basis.

是的。關於購買行為或客戶的一些評論。當然，由於我們的淨活躍度下降，我們客戶的平均年齡 - 平均任期有所增加。因此，當這種情況發生時，老客戶的保留率往往比新客戶略低，因為他們的成本在 10、20、30、40、50 次修復過程中被填滿。但我們仍然看到，Fix 和 Freestyle 的新客戶保持率和 AOV 都非常穩定。相對而言。

So there's nothing Elizabeth had talked about potentially some impact. And we do see it around the fringes on the clients that come in, they might be lower priced clients. But when you look at it holistically, the AOVs, both for Fix and Freestyle on a cohort basis of the new clients coming in, still look very strong.

所以伊麗莎白沒有談到潛在的影響。我們確實在進來的客戶的邊緣看到了它，他們可能是價格較低的客戶。但是當你從整體上看時，Fix 和 Freestyle 的 AOV 在新客戶的隊列基礎上看起來仍然非常強大。

We will take our next question from Trevor Young with Barclays.

我們將向巴克萊銀行的 Trevor Young 提出我們的下一個問題。

Great. Dan, on the full year guide, can you help us understand how you're thinking about that revenue growth cadence throughout the year in light of the down 20% in 1Q and the easing compares it sounded like 1H under pressure, maybe some inventory overhang kind of challenging holiday, but then maybe second half has improved. And what would need to go right for you to exit the year in positive growth territory?

偉大的。丹，在全年指南中，您能否幫助我們了解您對全年收入增長節奏的看法有點挑戰性的假期，但也許下半年有所改善。您需要做些什麼才能在正增長領域退出這一年？

Yes. It's a good question. And so in Q1 of last year, we had a very strong quarter. We were up 18% year-on-year. That is at the time that we started to see the issues with our Fixes funnel that we've discussed many times but the impact of subsequent Fixes gave us a very strong quarter. We see -- we have an easier comparative in the -- as we go forward with in FY '23. That, coupled with our net actives declining at a far slower rate.

是的。這是個好問題。所以在去年第一季度，我們有一個非常強勁的季度。我們同比增長 18%。那時我們開始看到我們多次討論過的修復漏斗問題，但後續修復的影響給了我們一個非常強勁的季度。我們看到 - 我們在 23 財年前進時有一個更容易比較的情況。再加上我們的淨活躍度下降速度要慢得多。

And as Elizabeth mentioned, we do hope -- we do have goals and hope to get to and we'll get to sequential improvement in net actives. In a quarter this year, all that means that the growth rates that we see in the back half of the year will improve relative to the growth rates that we see in the first half of the year.

正如伊麗莎白所說，我們確實希望 - 我們確實有目標並希望實現，我們將在淨活躍度方面取得連續改進。在今年的一個季度中，這意味著我們在下半年看到的增長率將相對於我們在今年上半年看到的增長率有所改善。

In response to your second question, what do we have to see to exit the year? We talked about net actives growing. And as we go through quarter-by-quarter and see net actives improved, we do think we'll end the year in a very strong position. In the meantime, as you could see from our EBITDA guide, our cost structure, we're very focused on that, both in Q1 and full year. And so given our focus on fixed and variable costs, we feel that we will end Q4 in the back half of FY '23 in a strong position.

回答您的第二個問題，我們必須看到什麼才能退出這一年？我們談到了淨活躍度的增長。隨著我們逐個季度地看到淨活躍度有所改善，我們確實認為我們將在今年結束時處於非常有利的地位。同時，正如您從我們的 EBITDA 指南和成本結構中看到的那樣，我們在第一季度和全年都非常關注這一點。因此，鑑於我們對固定和可變成本的關注，我們認為我們將在 23 財年的後半段結束第四季度的強勢地位。

We will 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。

Just two quick ones. I think you said the Freestyle was up 21% in Q4. Can you just say specifically what the subscription business was down in Q4?

只有兩個快速的。我想你說 Freestyle 在第四季度上漲了 21%。您能否具體說一下第四季度訂閱業務的下滑情況？

And then, Dan, on the gross margins, can you walk us through the reserve impact to gross margin. How we should basically think about the puts and takes on gross margin for next year? I think you said it's 42% for Q1 and the full year? Should there be much volatility for the remaining Q2 to Q4? Should this be pretty much 42% almost every quarter, if you just any variability to call out?

然後，丹，關於毛利率，你能告訴我們儲備金對毛利率的影響嗎？我們應該如何考慮明年的看跌期權和毛利率？我想你說第一季度和全年是 42%？剩下的 Q2 到 Q4 是否會有很大的波動？幾乎每個季度都應該是 42%，如果您有任何可變性需要指出嗎？

Yes. Thanks, Ike. I can take the first one, and then Dan can add on and talk about gross margin. That Freestyle growth rate, just to clarify, was our full year FY '22 growth rate, not a Q4 growth rate. And on our full year basis, we were about negative 1% for the total business. We don't actually break out by business unit, but I -- you can infer from that, that there was growth in Freestyle and slight decline within the Fixes business. Mean overall, it's really just a function of getting the net active growth back on track. And we entered the year of FY '22 with more clients than we exited.

是的。謝謝，艾克。我可以拿第一個，然後丹可以補充並談論毛利率。澄清一下，Freestyle 的增長率是我們 22 財年全年的增長率，而不是第四季度的增長率。在我們全年的基礎上，我們的總業務約為負 1%。我們實際上並沒有按業務部門劃分，但我 - 你可以從中推斷，Freestyle 有增長，而 Fixes 業務略有下降。總體而言，這實際上只是使淨活躍增長重回正軌的功能。進入 22 財年，我們的客戶比我們退出的還要多。

And so that's a big driver of that fixed number. And then just continued adoption and rollout of Freestyle, which we know has been largely accretive and incremental to our existing Fixes client base.

所以這是這個固定數字的一個重要驅動因素。然後繼續採用和推出 Freestyle，我們知道這在很大程度上增加了我們現有的 Fixes 客戶群。

Let me let Dan comment on the gross margin question.

讓我讓丹對毛利率問題發表評論。

Yes. Mike, to your question on gross margin, we talked to -- we referenced it earlier that once you adjust for our incremental inventory reserve and third-party liquidation sales, Q4 was at 42.5%. We guided for Q1 to be 42% in full year. We feel good about our overall product margins. We feel good about our gross margin line items. The one caveat, of course, is just the timing of inventory a lot of our inventory, most of our inventory that we will receive in our first half was ordered 6 months ago. We ordered inventory early because of supply chain challenges back then. A lot of those supply chain challenges have since alleviated.

是的。邁克，關於你關於毛利率的問題，我們曾談過——我們之前提到過，一旦你調整了我們的增量庫存儲備和第三方清算銷售，第四季度的毛利率為 42.5%。我們指導第一季度全年為 42%。我們對我們的整體產品利潤率感覺良好。我們對我們的毛利率項目感覺良好。當然，需要注意的一點是庫存的時間安排，我們在上半年收到的大部分庫存都是 6 個月前訂購的。由於當時的供應鏈挑戰，我們提前訂購了庫存。此後，許多供應鏈挑戰得到緩解。

So the timing of the inventory is a little bit uncertain as we go into our H1 for our fall/winter. And that could create some variability, but we do expect the 42% to be consistent quarter-on-quarter absent of any inventory surprises, which at this point, we're managing quite closely. So you can infer that the 42% is relatively stable, pending some small changes quarter-on-quarter.

因此，當我們進入秋季/冬季的 H1 時，庫存的時間有點不確定。這可能會產生一些可變性，但我們確實預計 42% 的季度環比將保持一致，沒有任何庫存意外，目前我們正在密切管理這一點。因此，您可以推斷 42% 相對穩定，等待季度環比的一些小變化。

We will take our next question from Ashley Helgans with Jefferies.

我們將向杰富瑞諮詢 Ashley Helgans 的下一個問題。

Just on the fiscal year guide, what kind of macro backdrop are you throughout fiscal year '23? And then a lot of retailers have been talking about higher promotions heading into the back half of the year? Can you update us on your promotional strategy now that you have the ability to use Freestyle promotional tool?

僅在財政年度指南上，您在整個 23 財政年度處於什麼樣的宏觀背景下？然後很多零售商一直在談論進入下半年的更高促銷活動？既然您可以使用 Freestyle 促銷工具，您能否向我們介紹您的促銷策略？

Yes, I can start -- thanks for the question, Ashley. I'll start with the promotional kind of behavior and then let Dan talk about the full year guide expectations. So Yes. I mean when we were a fixes-only business, we really had no release valves or promotional offerings for our clients with the exception of our buy discount, which obviously has been very popular with our customers.

是的，我可以開始了——謝謝你的問題，Ashley。我將從促銷行為開始，然後讓丹談談全年指南的期望。所以是的。我的意思是，當我們是一家只做修復的企業時，除了我們的購買折扣外，我們真的沒有為客戶提供釋放閥或促銷產品，這顯然在我們的客戶中非常受歡迎。

Over the course of the last 8 months or so, we've been able to experiment with a couple of limited time offers where we're taking advantage of showing value to our Freestyle clients as well as testing and experimenting with inventory that's not moving as quickly. So we had -- the first of those back in, I think it was in late Q2, early Q3 and then again within Q4, and then we also did a Labor Day event a few weeks ago.

在過去 8 個月左右的時間裡，我們已經能夠嘗試一些限時優惠，我們利用這些優惠向我們的 Freestyle 客戶展示價值，以及測試和試驗沒有移動的庫存迅速地。所以我們有 - 第一個回來，我認為是在第二季度末，第三季度初，然後在第四季度再次出現，然後我們在幾週前還舉辦了勞動節活動。

And overall, we like what we've seen. Those events have exceeded our expectations. In certain situations, we really like the ability to drive halo to the rest of our products. And so we are going to be really thoughtful to do these episodically, deliver value to our clients. But overall, we now have this release valve that we wouldn't have had with the Fix-only business.

總的來說，我們喜歡我們所看到的。這些事件超出了我們的預期。在某些情況下，我們真的很喜歡為我們的其他產品帶來光環的能力。因此，我們將非常周到地偶爾做這些，為我們的客戶提供價值。但總體而言，我們現在擁有了僅修復業務沒有的釋放閥。

I'll let Dan talk about the full year question.

我會讓丹談談全年的問題。

Yes, Ashley. To your question on our full year, I would say that we have not factored in any deep improvements or the changes from where we're at now based on us on the visibility we currently have. So it's basically a status quo on where we're at now and what we feel is the right guidance to give on everything that we know now and what we've seen over the last several months with our trends.

是的，阿什利。對於您關於我們全年的問題，我想說我們沒有考慮到任何深度改進或基於我們目前擁有的知名度的變化。因此，這基本上是我們現在所處的現狀以及我們認為正確的指導，以提供我們現在所知道的一切以及我們在過去幾個月中看到的趨勢。

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

我們將向 Wedbush Securities 的 Tom Nikic 提出我們的下一個問題。

I wanted to follow up on Ike's question earlier about the gross margins. Dan, for many, many years, this is a business that had gross margins kind of in the mid-40s. And now you've kind of been in the low 40s, like the 42% range in the last couple of quarters, and that's the guide for FY '23.

我想跟進艾克早些時候關於毛利率的問題。丹，多年來，這家公司的毛利率都在 40 年代中期。現在你已經處於 40 歲的低谷，就像過去幾個季度的 42% 一樣，這就是 23 財年的指南。

Is this essentially like the new gross margin for the company long term? Are there opportunities to take the gross margins higher? Like what -- how do we think about puts and takes on gross margin? And like can you get back to that kind of mid-40s gross margin that the company had for many years before the recent quarters?

這基本上就像公司長期的新毛利率嗎？是否有機會提高毛利率？就像什麼 - 我們如何看待看跌期權和毛利率？就像你能回到公司在最近幾個季度之前多年的那種 40 年代中期的毛利率嗎？

Yes, it's a good question, Tom. The sequential changes that you're talking about were in H1 of FY '22, we were closer to the 45%. In H2, we were closer to the 42% is really, as I said earlier, the result of inflationary costs from a product standpoint, along with transportation costs, which is well documented on the increase that's going on in the form of the -- from the carriers.

是的，這是個好問題，湯姆。您所說的連續變化是在 22 財年上半年，我們接近 45%。在下半年，我們接近 42%，正如我之前所說，從產品的角度來看，這是通貨膨脹成本以及運輸成本的結果，這在以以下形式發生的增長有很好的記錄 -來自運營商。

And so while we do expect that to continue on in FY '23, there are opportunities to ultimately grow and improve margin. For example, we've talked about this in the past. Our network is not optimized yet to have the lowest amount of transportation cost from a carrier or split shipments perspective. These are things that we're working on currently. And so in these areas that are the biggest drivers of gross margin, mainly transportation and product costs, there is opportunity, should the inflationary environment reside or as we get better and better with transportation and optimizing our carrier networks.

因此，儘管我們確實希望在 23 財年繼續這種情況，但仍有機會最終增長和提高利潤率。例如，我們過去曾討論過這個問題。從承運人或分批運輸的角度來看，我們的網絡尚未優化，無法實現最低的運輸成本。這些是我們目前正在做的事情。因此，在這些是毛利率的最大驅動力的領域，主要是運輸和產品成本，如果存在通貨膨脹環境，或者隨著運輸和優化我們的運營商網絡變得越來越好，就會有機會。

And again, that's more longer term. So I wouldn't say that the 42% is the normal going into FY '24 or '25, and we'll look at that and update you guys as we get closer to the end of the year. But for now, 42% is more of the realistic just given the inflationary costs that we're seeing in both transportation and on the product side.

再說一次，這是更長期的。所以我不會說 42% 是進入 24 財年或 25 財年的正常值，我們會在接近年底時查看並更新你們。但就目前而言，考慮到我們在運輸和產品方面看到的通脹成本，42% 更現實。

We will take our next question from Kunal Madhukar with UBS.

我們將向 UBS 的 Kunal Madhukar 提出下一個問題。

Let's start with the traffic increase that you talked about. So you said there is a steady improvement in traffic in this back half. Conversion rates also improved. And yet a couple of things. One is your LTM active client number declined significantly high single digits on a year-over-year basis. And you are also talking about the average age of the client base has increased, which means you're retaining some of the older customers. So what am I missing here? You're probably adding more customers and yet you have more older customers, who do you lose? And why is the LTM number down? And then I have a quick follow-up.

讓我們從您談到的流量增加開始。所以你說這後半段的流量穩步改善。轉化率也有所提高。還有幾件事。一是您的 LTM 活躍客戶數量同比大幅下降。而且您還談到客戶群的平均年齡有所增加，這意味著您保留了一些老客戶。那麼我在這裡錯過了什麼？您可能會增加更多的客戶，但您有更多的老客戶，您會失去誰？為什麼 LTM 數量下降了？然後我有一個快速跟進。

Thanks, Kunal. Yes, I did mention that we saw steady gains in the back half relative to earlier in the year on traffic, and then we have made progress on conversion. So those are both true. Conversion rates are obviously different depending on the source of traffic and channel. And so we like what we're seeing on driving more to the experience -- the area that we still have room to improve is that direct and organic traffic, which tends to be the highest converting traffic.

謝謝，庫納爾。是的，我確實提到過，與今年早些時候相比，我們看到後半部分的流量穩步增長，然後我們在轉換方面取得了進展。所以這兩個都是真的。根據流量來源和渠道的不同，轉化率明顯不同。因此，我們喜歡我們在駕駛更多體驗方面所看到的——我們仍有改進空間的領域是直接和自然流量，這往往是轉化率最高的流量。

So while on an apples-to-apples basis, we've made steady progress on conversion we still see opportunity to drive that really high considered traffic that is super high intent on coming to Stitch Fix. So areas of opportunity that we're very focused on -- are those signed up prospects who've already come and given their information, but not converted, increasing the penetration of those customers, we see as a big opportunity, reactivating prior clients where they know they found what they needed in the past that may be lapsed over time and bringing them back.

因此，雖然在蘋果對蘋果的基礎上，我們在轉換方面取得了穩步進展，但我們仍然看到了推動非常高考慮的流量的機會，這些流量是超高意圖進入 Stitch Fix 的。因此，我們非常關注的機會領域——那些已經註冊並提供信息但沒有轉化的潛在客戶，增加了這些客戶的滲透率，我們認為這是一個巨大的機會，重新激活之前的客戶他們知道他們在過去找到了他們需要的東西，這些東西可能會隨著時間的推移而失效並將它們帶回來。

And then things like I mentioned, like the early efforts to begin to scale our affiliate influencer. So all of those tend to drive, especially the former, that very high-intent traffic. So not all traffic is apples-to-apples is part of what you're hearing. And then on the tenure point, we just have not added the same magnitude of new customers is really the core issue. It's not that it's a different customer base.

然後像我提到的那樣，比如早期努力開始擴大我們的附屬影響者。因此，所有這些都傾向於推動非常高意向的流量，尤其是前者。因此，並非所有流量都是蘋果對蘋果的一部分，這是您所聽到的內容的一部分。然後在任期點上，我們只是沒有增加同樣數量的新客戶，這才是真正的核心問題。這並不是說它是不同的客戶群。

It's more -- we just haven't had the same order of magnitude of new customers, which early in life cycle, clients just tend to spend more with us than over, say, the 2- to 3-year time frame, their spend tends to go down a bit. And so those are the dynamics that I think you're hearing.

更重要的是——我們只是沒有相同數量級的新客戶，在生命週期的早期，客戶往往會在我們身上花費更多，而不是在 2 到 3 年的時間框架內，他們的花費趨於下降一點。所以這些就是我認為你聽到的動態。

Dan, add anything to that.

丹，添加任何東西。

No, I think I'll just add on to what Elizabeth said, which I fully agree with in that, once we do turn the corner and add that active, that average tenure will come back down. and we will see that impact over the subsequent time lines as these new customers engage more with Fix and Freestyle over their tenure. So we would expect that trend to reverse when we add new actives.

不，我想我只是補充一下伊麗莎白所說的話，我完全同意這一點，一旦我們確實轉過彎並增加了積極性，平均任期將回落。隨著這些新客戶在其任職期間更多地使用 Fix 和 Freestyle，我們將在隨後的時間線中看到這種影響。因此，當我們添加新的活動時，我們預計這種趨勢會逆轉。

Got it. And the follow-up is on Freestyle. So Freestyle started in the middle of last fiscal year, effectively. And so if it started virtually from scratch in the middle of last fiscal year, and maybe had 6 to 9 months of revenue and then it grew 21%. So did it grow from like 4% of total revenue to 10% of total revenue? Or how big is Freestyle right now?

知道了。後續是關於自由式的。所以 Freestyle 是在上一財年年中開始的。因此，如果它在上一財年中期幾乎從零開始，可能有 6 到 9 個月的收入，然後增長 21%。那麼它是否從占總收入的 4% 增長到佔總收入的 10%？或者 Freestyle 現在有多大？

Yes, I can start, and Dan, feel free to add. So Kunal, we actually began an experience of being able to shop your looks, shop on items you had bought in the past Fix experience kind of late in fiscal '20. And then we started to ramp up more features and that shopping experience in fiscal '21 just as an add-on feature for existing clients, and we've continued to build out more features and functionality, and we'll continue to do so.

是的，我可以開始了，丹，請隨時添加。所以庫納爾，我們實際上開始了一種能夠購買你的外觀的體驗，購買你過去購買的物品修復體驗在 20 財年後期。然後我們開始在 21 財年增加更多功能和購物體驗，作為現有客戶的附加功能，我們繼續構建更多特性和功能，我們將繼續這樣做。

It was just in last fiscal year of FY '22 that we made it possible that you could start with that experience. So it was not brand-new halfway through last year, but the features and the expansion of the branding of Freestyle happened last fall -- don't break out.

就在 22 財年的最後一個財政年度，我們讓您可以從這種體驗開始。所以去年中途它並不是全新的，但Freestyle的特色和品牌擴張發生在去年秋天——不要爆發。

We will take our next question from Janet Kloppenburg with JJK Research Associates.

我們將向 JJK Research Associates 的 Janet Kloppenburg 提出我們的下一個問題。

I just had a couple of follow-on questions about merchandising execution and the inventory content. I was just wondering, you talked about the where to work trends being good. And I think that might be helping drive the average spend per customer, not sure, but wondering if you feel like your inventory investments there are where they should be or if they're improving now and that's helping drive the improved performance that you're seeing right now.

我剛剛有幾個關於商品執行和庫存內容的後續問題。我只是想知道，你談到了在哪里工作的趨勢很好。而且我認為這可能有助於推動每位客戶的平均支出，但不確定，但想知道您是否覺得您的庫存投資在他們應該在的地方，或者他們現在是否正在改善，這有助於推動您的績效改善現在看到。

Maybe if you could talk a little bit about your investments and where to work in special occasion versus cash flow on trends you're seeing there. And also on the men's performance because I know that, that gender had been weaker than women's.

也許如果你能談談你的投資以及在特殊場合在哪里工作，以及你在那裡看到的趨勢的現金流。還有關於男性的表現，因為我知道，性別比女性弱。

And just lastly, Dan, on the inventory, I know you're comfortable that it's coming down. I'm just wondering again on content and seasonal carryover, particularly due to late deliveries of summer or maybe because of supply chain delays and how that looks going forward.

最後，丹，關於庫存，我知道你對它的下降感到滿意。我只是再次想知道內容和季節性結轉，特別是由於夏季交付延遲，或者可能是由於供應鏈延遲以及未來的前景如何。

Yes. Jan, I can start on the merchandising. I mean we definitely have seen particular strength recently in just categories that, frankly, have been less popular during the COVID time frame are really starting to come back. As I mentioned, blazers being a good example of that. In women's, we also saw like a 30% increase in seasonal heels.

是的。簡，我可以開始推銷了。我的意思是，我們最近確實在某些類別中看到了特別的優勢，坦率地說，在 COVID 時間框架內不太受歡迎的類別真正開始捲土重來。正如我所提到的，西裝外套就是一個很好的例子。在女裝中，我們還看到季節性高跟鞋增加了 30%。

Clearly, people are going back into the work environment even if it's hybrid work, things like dresses have continued to be strong, particular types of dresses like medium maxi. And then with men's, things that are versa like polo shirts have continued to show strength. But I would say like athleisure, comfortable close, those tend to still be very strong categories for us. And so it's really the portfolio of products that I think have benefited us and that we've kind of played across. We're not just athleisure, we're not just workwear, we're really able to adapt to the signal that we're hearing from our clients.

顯然，人們正在重返工作環境，即使是混合工作，像連衣裙這樣的東西仍然很強大，特別是像中長裙這樣的特殊類型的連衣裙。然後在男裝方面，馬球衫等反面的東西繼續顯示出力量。但我想說的是運動休閒、舒適貼身，這些對我們來說仍然是非常強大的類別。因此，我認為真正使我們受益的產品組合確實是我們已經玩過的產品組合。我們不僅僅是運動休閒服，我們不僅僅是工作服，我們真的能夠適應我們從客戶那裡聽到的信號。

And over the course of the last year, we did add a number of national brands that we've tested into, but the majority of our sales are still with kind of the combination of Stitch Fix only and private label that we're able to adapt reasonably quickly based on client preference. Obviously, some categories are longer lead time like footwear.

在去年的過程中，我們確實添加了一些我們已經測試過的民族品牌，但我們的大部分銷售仍然是我們能夠使用的僅 Stitch Fix 和自有品牌的組合根據客戶偏好合理快速地適應。顯然，某些類別的交貨時間較長，例如鞋類。

So I would say we're seeing kind of continued consumer demand and things like athleisure in addition to workwear. So it's not just a salon shift to those categories...

所以我想說，除了工作服之外，我們還看到了持續的消費者需求和運動休閒之類的東西。所以這不僅僅是沙龍轉向這些類別......

And you're comfortable that -- are you comfortable that your inventories outlined in sync with the category demand?

而且您對此感到滿意-您對與類別需求同步列出的庫存感到滿意嗎？

I think we're feeling like we have the right presence of categories. I think like most of our category, just the overall discretionary investment is what I think kind of all of apparel is probably experiencing right now. But in terms of having affordable price points, having the categories that consumers are looking for, I think probably the bigger headwind within retail apparel overall is just the shift that consumers are making given inflation, gas prices, I think it's more of a macro than a micro.

我認為我們感覺我們擁有正確的類別。我認為就像我們的大多數類別一樣，我認為所有服裝現在可能正在經歷的只是整體可自由支配的投資。但就價格合理、消費者正在尋找的品類而言，我認為零售服裝整體面臨的更大阻力可能只是消費者在考慮通貨膨脹、汽油價格的情況下做出的轉變，我認為這更像是宏觀而非一個微。

And let me -- I know you have the supply chain speed question, Dan can you take that one?

讓我 - 我知道你有供應鏈速度的問題，丹你能接受那個嗎？

Question on the spring and summer goods. That was the reason we gave when we talked about the 250 basis point impact on gross margin from 40% that we had in Q4. I feel very good about the spring and summer goods in the form of -- we've adequately reserved for that. We've actually executed quite a bit on rightsizing that inventory.

關於春夏商品的問題。這就是我們在談到毛利率從第四季度的 40% 下降 250 個基點時給出的原因。我對春夏商品的形式感覺非常好——我們已經為此預留了充足的空間。我們實際上已經在調整庫存大小方面做了很多工作。

I will say, of course, the supply chain issues as it relates to fall and winter is where we're focused on. Now a lot of those orders were placed 6 months ago. And so we have 1 more cycle here before we feel we can rightsize their inventory, and I would expect inventory to go up sequentially in Q1, although we're still working on rightsizing that inventory. So for the spring/summer, I feel very good. And I also feel pretty good -- I feel very good about the back half that we'll have our inventory rightsized by the back half of our FY '23.

當然，我會說，與秋季和冬季相關的供應鏈問題是我們關注的重點。現在很多這些訂單都是在 6 個月前下的。因此，在我們覺得可以調整他們的庫存之前，我們還有 1 個週期，我預計庫存將在第一季度連續上升，儘管我們仍在努力調整庫存。所以對於春夏來說，我感覺很好。而且我也感覺很好——我對後半部分感覺非常好，我們將在 23 財年的後半部分調整庫存。

We will take our next question from Dana Telsey with Telsey Advisory Group.

我們將與 Telsey 諮詢小組一起回答 Dana Telsey 的下一個問題。

Just following up on Janet's question on inventory. Can you talk about rightsizing the inventory? What levels do you expect it to be? And is there a marker for the first half of the fiscal year and by the end of the fiscal year as you're looking at it?

只是跟進珍妮特關於庫存的問題。你能談談適當調整庫存嗎？你期望它達到什麼水平？是否有一個財政年度上半年和財政年度結束時的標記？

And then on expense reduction, which I believe last quarter, you had talked about the $40 million to $60 million annual cost savings. How is that progressing? And the onetime restructuring charges of $15 million to $20 million in this past fourth quarter. Is that done? Or is there anything more we should look at?

然後關於削減開支，我相信上個季度，你談到了每年 4000 萬到 6000 萬美元的成本節約。進展如何？過去第四季度的一次性重組費用為 1500 萬至 2000 萬美元。完成了嗎？或者還有什麼我們應該看的嗎？

And then just Elizabeth on product. as you think about planning for the holiday season, what are you leaning into? What are you seeing from brands from your own private label? And how do you expect that mix to shape?

然後只有伊麗莎白在產品上。當您考慮計劃假期時，您傾向於什麼？您從自有品牌的品牌中看到了什麼？你希望這種混合如何形成？

I'll let Dan take the first couple of questions.

我會讓丹回答前幾個問題。

Dana, to your first question, we don't provide a forecast for inventory. That said, we feel that we can get upwards of 4 to 5x turns on a gross inventory basis. We're not there now, but we feel, ultimately, we eventually can get to that level. that's probably longer term, but we're making good progress or we plan to make good progress throughout FY '23 on rightsizing our inventory and keeping it at the right level of turns on a go-forward basis. And we'll update you more in future earnings calls on where we're at with respect to our inventory position.

Dana，對於您的第一個問題，我們不提供庫存預測。也就是說，我們認為在總庫存的基礎上，我們可以獲得超過 4 到 5 倍的周轉率。我們現在不在那裡，但我們覺得，最終，我們最終可以達到那個水平。這可能是長期的，但我們正在取得良好的進展，或者我們計劃在整個 23 財年取得良好的進展，以調整我們的庫存並在前進的基礎上將其保持在正確的轉彎水平。我們將在未來的財報電話會議中向您更新更多關於我們在庫存狀況方面的情況。

On the cost savings initiative, and we mentioned last quarter that $40 million to $60 million is what we expected to receive. We are on track, as we said earlier, to exceed that number. Most of that -- a lot of it is operationalized. There's still a lot of initiatives that we have that we're working on. So we'll give an update on what that is going to be as we go through FY '23. But I feel very good on $40 million to $60 million exceeding that $60 million threshold. The bulk of that is on the fixed cost side.

關於成本節約計劃，我們在上個季度提到我們預計會收到 4000 萬到 6000 萬美元。正如我們之前所說，我們有望超過這個數字。其中大部分——其中很多已經投入使用。我們仍然有很多我們正在努力的舉措。因此，我們將在 23 財年提供最新情況。但我對超過 6000 萬美元門檻的 4000 萬至 6000 萬美元感覺非常好。其中大部分是在固定成本方面。

On top of that, we are expecting to get variable productivity for a lot of the work that we did in Q4 on both the warehouse and the styling side of the business. And so that will help in the cost savings initiative going forward.

最重要的是，我們期望在第四季度在倉庫和業務造型方面所做的很多工作都能獲得可變的生產力。因此，這將有助於未來的成本節約計劃。

And then finally to your question on the restructuring charges, we may have small amounts of restructuring. We don't anticipate anything for Q1 as big as Q4, there might be some small restructuring and onetime charge initiatives. We'll update you guys on that as we go into Q2. But it will not be like it was, of course, in Q4. Again, stay tuned on restructuring and onetime charges.

最後是關於重組費用的問題，我們可能會有少量重組。我們預計第一季度不會像第四季度那樣大，可能會有一些小的重組和一次性收費計劃。當我們進入第二季度時，我們會向你們更新。但它當然不會像第四季度那樣。再次，請繼續關注重組和一次性收費。

And then I can just mention, I think, Dan, you were asking questions some of the trends we're seeing on our assortment and heading into the holiday season. I would just say broadly, we've learned a lot on sort of the discovery within Freestyle of some of the brands that we've added. And in particular, I think we've seen popularity with contemporary brands with accessible price points and limited distribution.

然後我可以提一下，我想，丹，你在問一些我們在我們的分類中看到的趨勢並進入假日季節的問題。我只想籠統地說，我們在 Freestyle 中發現我們添加的一些品牌方面學到了很多東西。尤其是，我認為我們已經看到價格平易近人且分銷有限的當代品牌很受歡迎。

Some of our top brands that we've seen in Freestyle have been brands like Modern Citizen, VERO MODA, brands are basically priced at that sweet spot of under [$150] in addition to particular strength in a number of our exclusive brands, Market & Spruce and 41 Hawthorn continue to be some of the biggest brands within our portfolio, both Fix and Freestyle.

我們在 Freestyle 中看到的一些頂級品牌是 Modern Citizen、VERO MODA 等品牌，除了我們的一些獨家品牌 Market & Spruce 和 41 Hawthorn 仍然是我們產品組合中的一些最大品牌，包括 Fix 和 Freestyle。

I think we're hearing in terms of client signal in our request notes are going out again and preparing for the holiday season. We are more of a self-purchase occasion still rather than gifting. So our focus is probably going to be on that in terms of dresses and going out there, and we're ready for that. So thank you for that question.

我認為我們在請求說明中聽到的客戶信號將再次發出並為假期做準備。我們更多的是一個自我購買的場合，而不是送禮。所以我們的重點可能會放在服裝和外出方面，我們已經為此做好了準備。所以謝謝你的問題。

There are no further questions at this time. Ms. Spaulding, I'd like to turn the conference back to you for any additional or closing remarks.

目前沒有其他問題。 Spaulding 女士，我想將會議轉回給您，以獲取任何補充或結束語。

Thank you, everybody, for joining us today and all the questions. We look forward to updating you on our progress.

謝謝大家，今天加入我們並提出所有問題。我們期待向您更新我們的進展。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。