Stitch Fix Inc (SFIX) 2024 Q3 法說會逐字稿

Good afternoon and thank you for standing by. Welcome to the Third Quarter Fiscal Year 2024 Stitch Fix Earnings Call. At this time, all participants are in a listen only mode. After the speaker's presentation you will be invited to participate in a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

下午好，感謝您的支持。歡迎參加 2024 財年第三季 Stitch Fix 收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，您將被邀請參加問答環節。 （操作員指示）請注意，今天的會議正在錄製中。

And now I'd like to hand the call over to Hayden Blair, Senior Director, Investor Relations and Treasurer. Please go ahead, sir.

現在我想將電話轉交給投資者關係高級總監兼財務主管海登·布萊爾 (Hayden Blair)。請繼續，先生。

Good afternoon, and thank you for joining us today for the Stitch Fix third quarter fiscal 2024 earnings call. With me on the call are Matt Baer, Chief Executive Officer; and David Aufderhaar, Chief Financial Officer. We have posted complete third quarter 2024 financial results and 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，感謝您今天參加我們的 Stitch Fix 2024 財年第三季財報電話會議。與我一起參加電話會議的是執行長馬特貝爾 (Matt Baer)；和財務長戴維‧奧夫德哈爾 (David Aufderhaar)。我們已在網站 Investors.stitchfix.com 的季度業績部分發布了完整的 2024 年第三季財務業績和新聞稿。您也可以在我們的網站上找到今天電話會議網路廣播的連結。

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 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 sections of our annual report on Form 10-K for fiscal 2023 previously filed with the SEC and the quarterly report on Form 10-Q for our third quarter of fiscal 2024, which we expect to be filed later this week. 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.

我們想提醒大家，我們將在本次電話會議中做出前瞻性陳述，其中涉及風險和不確定性。實際結果可能與我們前瞻性陳述中預期的結果有重大差異。報告的結果不應被視為未來績效的指標。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。特別是，我們今天發布並提交的新聞稿，以及先前向 SEC 提交的 2023 財年 10-K 表格年度報告中的風險因素部分，以及我們第三季 10-Q 表格的季度報告。預計將於本週晚些時候提交。另請注意，本次電話會議的前瞻性陳述是基於截至今天為止我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

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 Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results. In the first quarter of fiscal 2024, we began to report our UK business as a discontinued operation. Accordingly, all metrics discussed on today's call represent our continuing operations. 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.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。我們的投資者關係網站上的新聞稿中提供了與最直接可比較的公認會計準則財務指標的對帳。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。在 2024 財年第一季度，我們開始將我們的英國業務報告為已終止業務。因此，今天電話會議上討論的所有指標都代表了我們的持續運作。最後，本次電話會議的全部內容將在我們的投資者關係網站上進行網路直播，並且很快將在網站上提供本次電話會議的重播。

And now, let me turn the call over to our CEO, Matt Baer.

現在，讓我將電話轉給我們的執行長 Matt Baer。

Thanks Hayden, and good afternoon everyone. At Stitch Fix, we are on a journey to transform our business and our efforts remain focused on two areas. First, we are working to strengthen the foundation of our business across all disciplines. This includes embedding retail best practices across the enterprise, identifying operational efficiencies, and ensuring we have the right organizational structure in place to enable our future success. Second, we are reimagining the client experience and taking a holistic approach to rethink how our clients engage with Stitch Fix.

謝謝海登，大家下午好。在 Stitch Fix，我們正在進行業務轉型，我們的努力仍然集中在兩個領域。首先，我們正在努力加強各領域的業務基礎。這包括在整個企業中嵌入零售最佳實踐、確定營運效率以及確保我們擁有正確的組織結構以實現未來的成功。其次，我們正在重新構想客戶體驗，並採取整體方法來重新思考客戶如何與 Stitch Fix 互動。

I am particularly encouraged by the progress we've made on our foundational work, which outperformed our expectations, as well as delivered results earlier than anticipated, resulting in our revenue and adjusted EBITDA coming in ahead of our guidance for the quarter. In Q3, we achieved net revenue of $322.7 million, and adjusted EBITDA of $6.7 million. We also achieved gross margin of 45.5%, our strongest quarterly result in more than two years. While we are still in the early days of our transformation efforts, our Q3 results reaffirm my confidence that we have the right strategy in place.

我對我們在基礎工作上取得的進展感到特別鼓舞，這些進展超出了我們的預期，並且比預期更早地交付了結果，導致我們的收入和調整後的 EBITDA 超出了我們對本季度的指導。第三季度，我們實現淨收入 3.227 億美元，調整後 EBITDA 為 670 萬美元。我們還實現了 45.5% 的毛利率，這是兩年多來最強勁的季度業績。雖然我們仍處於轉型工作的早期階段，但我們第三季的業績再次證明了我對我們制定了正確策略的信心。

In addition, our financial position continues to be solid. We have a healthy balance sheet and no debt. This, in combination with our enviable order economics will enable us to invest in the areas of the business that we believe will drive sustainable, profitable growth in the future.

此外，我們的財務狀況仍然穩健。我們擁有健康的資產負債表，沒有債務。這與我們令人羨慕的訂單經濟效益相結合，將使我們能夠投資於我們相信將推動未來可持續、獲利成長的業務領域。

Now, I'd like to talk through some of the specific foundational efforts that contributed to our results this quarter. Stitch Fix's unique business model allows us to know more about our clients on day one than many retailers could aspire to know over the course of their entire relationship. This advantage, combined with the AI and data science that have been fundamental to our DNA since day one enables us to create better client experiences, as well as identify business efficiencies.

現在，我想談談為我們本季的業績做出貢獻的一些具體基礎工作。 Stitch Fix 獨特的商業模式使我們能夠在第一天就了解更多關於客戶的信息，這比許多零售商在整個關係過程中渴望了解的信息還要多。這項優勢與自第一天起就成為我們 DNA 基礎的人工智慧和數據科學相結合，使我們能夠創造更好的客戶體驗，並提高業務效率。

In Q3 we leveraged our analytics capabilities to improve the profitability of fixed transactions while strengthening client satisfaction. Following a robust analysis of client interactions, we found opportunities to reduce underperforming shipments. As an example, we currently offer quick fixes, which provide clients the option to schedule an additional fix immediately following checkout. Utilizing our proprietary demand algorithms, we improve the performance of Quick Fix’s by only offering them to clients when we know the new fixes have a high likelihood of success. Within three weeks of this change, Quick Fix average order value improved by 25%.

在第三季度，我們利用分析能力提高固定交易的獲利能力，同時增強客戶滿意度。經過對客戶互動的深入分析，我們發現了減少表現不佳的出貨量的機會。例如，我們目前提供快速修復，客戶可以選擇在結帳後立即安排額外修復。利用我們專有的需求演算法，只有當我們知道新的修復很有可能成功時，我們才會向客戶提供快速修復的效能，從而提高快速修復的效能。在這項變更發生後的三週內，Quick Fix 的平均訂單價值提高了 25%。

Another example of work to improve profitability is we recently completed a comprehensive review of our pricing architecture to ensure price points within each of our lines of business are aligned with the value we offer. Within each category, we tested the elasticity of price to ensure we are priced appropriately while still serving our clients needs. The results of these tests indicated more than $20 million of annualized contribution profit opportunity.

提高獲利能力的另一個例子是我們最近完成了對定價架構的全面審查，以確保我們每個業務線的價格點與我們提供的價值一致。在每個類別中，我們測試了價格彈性，以確保我們的定價適當，同時仍滿足客戶的需求。這些測試的結果顯示年化貢獻利潤機會超過 2000 萬美元。

Building upon our effort to increase client engagement, we're utilizing improved CRM to drive more frequent freestyle transactions and engage our current clients outside of their fixed schedule. As part of this, we are testing new promotional capabilities to drive incremental sales and manage our inventory more efficiently. Looking ahead, we will take a more data-driven approach through the use of targeted offers and promotional events.

在我們努力提高客戶參與度的基礎上，我們利用改進的 CRM 來推動更頻繁的自由式交易，並在固定時間之外吸引我們現有的客戶。作為其中的一部分，我們正在測試新的促銷功能，以推動增量銷售並更有效地管理我們的庫存。展望未來，我們將透過使用有針對性的優惠和促銷活動，採取更數據驅動的方法。

In addition, as part of our broader approach to embed AI across our business, we continue to scale our AI inventory buying tool to inform a larger set of buying decisions. This tool sifts through our proprietary transactional and client data to predict demand at the individual style and client level, empowering our merchandising team to make buying decisions that are more effective and efficient. This enables our merchants to spend more time on the art of merchandising, including trend identification, vendor partnership, and private brand development. In Q3, the tool informed nearly half of all inventory receipts, and that merchandise outperformed the items selected without the use of the tool.

此外，作為我們將人工智慧嵌入到我們業務中的更廣泛方法的一部分，我們繼續擴展我們的人工智慧庫存購買工具，為更多的購買決策提供資訊。該工具篩選我們專有的交易和客戶數據，以預測個人風格和客戶層級的需求，使我們的銷售團隊能夠做出更有效和高效的購買決策。這使我們的商家能夠將更多時間花在行銷藝術上，包括趨勢識別、供應商合作和自有品牌開發。在第三季度，該工具通知了近一半的庫存收貨，並且商品的表現優於未使用該工具的所選商品。

Moving forward, we will further leverage this capability and expect it to increase the productivity of our inventory while delivering our clients the styles they will love. These examples demonstrate the recent progress we've made to strengthen the foundation of our business. As we advance our foundational work, we believe these efforts will continue to increase wallet share and improve profitability. Now, despite this progress, new client acquisition remains a headwind. And we are addressing the challenge of reaching the right client acquisition targets in order to build a healthier and growing client base.

展望未來，我們將進一步利用這項功能，並期望它能夠提高我們的庫存生產力，同時為客戶提供他們喜歡的款式。這些例子顯示了我們最近在加強業務基礎方面所取得的進展。隨著我們推進基礎工作，我們相信這些努力將繼續增加錢包份額並提高獲利能力。現在，儘管取得了這些進展，但新客戶的獲取仍然是一個阻力。我們正在解決實現正確的客戶獲取目標的挑戰，以建立更健康、不斷成長的客戶群。

In the immediate term, we are making sure we have the right media mix and improving the effectiveness of each marketing channel. Our opportunity remains to improve our conversion metrics as we further optimize our marketing and reimagine our client experience, which together will help us acquire, retain, and reactivate a growing number of highly engaged clients over time.

短期內，我們將確保擁有正確的媒體組合併提高每個行銷管道的有效性。隨著我們進一步優化行銷並重新構想我們的客戶體驗，我們仍然有機會改善我們的轉換指標，隨著時間的推移，這將幫助我們獲得、保留和重新激活越來越多的高度參與的客戶。

Next, I'll speak to our work to reimagine the client experience, which we believe is critical to ensuring we can better serve the clients we have today, as well as those we plan to acquire in the future. This work continues to progress on schedule. As we have shared before, one of our key differentiators is how well we know our clients. And our success has always been tied to our ability to deliver a convenient and personalized experience that helps clients discover the styles they will love.

接下來，我將談談我們重新構想客戶體驗的工作，我們認為這對於確保我們能夠更好地服務我們今天擁有的客戶以及我們計劃在未來收購的客戶至關重要。這項工作繼續按計劃推進。正如我們之前分享的，我們的關鍵區別之一是我們對客戶的了解程度。我們的成功始終與我們提供便利、個人化體驗的能力息息相關，幫助客戶發現他們喜歡的風格。

As we work to reimagine the client experience, we're rethinking every interaction. This includes how we serve clients through the number of items in their fix, how we approach fix discounting, and the more dynamic and visual onboarding we discussed last quarter. We have a number of tests in the market tied to these areas, and we are encouraged by the results we are seeing so far. We expect the first of a series of experience updates to launch this summer. The end result will be a more modern and dynamic Stitch Fix.

當我們努力重新構想客戶體驗時，我們正在重新思考每一次互動。這包括我們如何透過修復中的商品數量為客戶提供服務，我們如何處理修復折扣，以及我們上季度討論的更動態和視覺化的入職培訓。我們在市場上進行了許多與這些領域相關的測試，迄今為止所看到的結果令我們感到鼓舞。我們預計一系列體驗更新中的第一個將於今年夏天推出。最終結果將是更現代和動態的 Stitch Fix。

I'm excited by our progress this quarter. We are seeing the impact of our efforts to strengthen our foundation and are advancing our work to reimagine the client experience. We are on a mission to help people discover the styles they will love that fit perfectly so they always look and feel their best. When we do that, when we nail our clients style and fit, we win. And that's what our transformation is grounded in.

我對本季的進展感到興奮。我們正在看到我們加強基礎的努力所產生的影響，並正在推進我們重新構想客戶體驗的工作。我們的使命是幫助人們發現他們喜愛且完美合身的款式，讓他們始終保持最佳的外觀和感覺。當我們這樣做時，當我們確定客戶的風格和合身時，我們就贏了。這就是我們轉型的基礎。

With that, I'll turn the call over to David to talk about our Q3 financial results and future outlook.

接下來，我將把電話轉給 David，討論我們第三季的財務表現和未來展望。

Thanks Matt. As Matt indicated earlier, we're seeing signs of progress on our transformational work, driven by detailed analytics that helps us identify opportunities to improve multiple facets of our business. These efforts drove successful client outcomes, strong AOV and product margins, and improved freestyle performance in the quarter.

謝謝馬特。正如馬特早些時候指出的那樣，在詳細分析的推動下，我們看到了轉型工作取得進展的跡象，這些分析幫助我們發現了改善業務多個方面的機會。這些努力推動了成功的客戶成果、強勁的 AOV 和產品利潤，並提高了本季的自由式表現。

Additionally, within our operations, our ongoing focus on carrier diversification further supports our expanding gross margins and cash flow. As a result of these efforts, we expect FY 2024 transportation costs as a percentage of net sales will be lower than any year since FY 2020. We also completed the closure of our Dallas distribution center in the third quarter and expect to continue to optimize our warehouse and transportation costs. Because of the work all of our teams have done to drive gross margin and variable labor efficiencies, our unit and order economics continue to improve.

此外，在我們的營運中，我們對營運商多元化的持續關注進一步支持了我們不斷擴大的毛利率和現金流。由於這些努力，我們預計2024 財年的運輸成本佔淨銷售額的百分比將低於2020 財年以來的任何一年。的倉儲和運輸成本。由於我們所有團隊為提高毛利率和可變勞動效率所做的工作，我們的單位和訂單經濟效益持續改善。

This quarter marked our highest contribution margin since Q1 of FY 2022. We are now above our historical 25% to 30% range in contribution margin. We believe all of the work we are doing across merchandising, pricing, client analytics, transportation, and operations will provide opportunities to further invest in areas that will drive sustainable, profitable growth in the future.

本季是我們自 2022 財年第一季以來的最高邊際貢獻。我們相信，我們在銷售、定價、客戶分析、運輸和營運方面所做的所有工作將為進一步投資於未來可持續、獲利成長的領域提供機會。

Now let me get into the Q3 results. Q3 net revenue was $322.7 million, down 16% year-over-year and down 2% quarter-over-quarter. Revenue per active client for the third quarter was $525, up 2% year-over-year, and up 2% quarter-over-quarter. We saw stronger AOVs, both in terms of AUR and keep rate due to the cumulative impact of the ongoing work to improve our inventory health, our pricing science, and our focus on improving the profitability of our transactions.

現在讓我來看看第三季的結果。第三季淨收入為 3.227 億美元，年減 16%，季減 2%。第三季每位活躍客戶的營收為 525 美元，年增 2%，季增 2%。由於持續改善我們的庫存健康狀況、定價科學以及我們對提高交易盈利能力的關注所產生的累積影響，我們在 AUR 和保留率方面看到了更強勁的 AOV。

Net active clients ended the quarter at approximately 2.6 million clients, down 20% year-over-year, and down 6% quarter-over-quarter. Gross margin for the quarter was 45.5%, up 280 basis points year-over-year and up 210 basis points quarter-over-quarter, driven by strong product margins and the transportation leverage discussed earlier.

本季末淨活躍客戶數約 260 萬，年減 20%，季減 6%。在強勁的產品利潤率和前面討論的運輸槓桿的推動下，本季毛利率為 45.5%，較去年同期成長 280 個基點，較上季成長 210 個基點。

Q3 advertising was 9% of revenue, up 7% year-over-year and up 18% quarter-over-quarter, due to our typically stronger seasonal spend versus the second quarter. Q3 adjusted EBITDA came in at $6.7 million, or 2% margin, down 140 basis points year-over-year and up 80 basis points quarter-over-quarter. This result was above the guidance range we provided due to top-line leverage, improved gross margins, as well as our ongoing cost management discipline.

第三季廣告佔營收的 9%，年增 7%，較上季成長 18%，因為我們的季節性支出通常比第二季強勁。第三季調整後 EBITDA 為 670 萬美元，利潤率為 2%，年減 140 個基點，較上季上升 80 個基點。由於頂線槓桿率、毛利率的提高以及我們持續的成本管理紀律，這一結果高於我們提供的指導範圍。

Net inventory decreased 20% year-over-year and 9% quarter-over-quarter. We continue to expect inventory balances to remain at these lower levels for the remainder of FY 2024 as we align our inventory position with demand and further utilize our AI inventory buying tool to drive efficiencies. Free cash flow was $18.9 million in the quarter, and we ended Q3 with $245 million in cash, cash equivalents and investments and no debt.

淨庫存年減 20%，季減 9%。我們繼續預計，在 2024 財年剩餘時間內，庫存餘額將保持在較低水平，因為我們將庫存狀況與需求保持一致，並進一步利用我們的人工智慧庫存購買工具來提高效率。本季自由現金流為 1,890 萬美元，第三季結束時，我們擁有 2.45 億美元的現金、現金等價物和投資，沒有債務。

Turning to our outlook, for Q4 we expect total net revenue to be between $312 million and $322 million, which increases our full year revenue range to between $1.33 billion and $1.34 billion. This reflects continued strength in AOV with expected year-over-year improvements in both keep rate and AUR. We expect Q4 adjusted EBITDA will be between $5 million and $10 million, which increases our full-year adjusted EBITDA range to between $25 million and $30 million. We expect gross margins for Q4 to be between 45% and 46%. And we expect Q4 advertising to be between 9% and 10% of revenue.

談到我們的展望，我們預計第四季度的總淨收入將在 3.12 億美元至 3.22 億美元之間，這將我們的全年收入範圍擴大至 13.3 億美元至 13.4 億美元之間。這反映出 AOV 的持續強勁，預計留任率和 AUR 均將比去年同期改善。我們預計第四季度調整後 EBITDA 將在 500 萬美元至 1000 萬美元之間，這將使我們全年調整後 EBITDA 範圍擴大至 2500 萬美元至 3000 萬美元之間。我們預計第四季毛利率將在 45% 至 46% 之間。我們預計第四季廣告收入將佔營收的 9% 至 10%。

We also continue to expect to be cash flow positive for both Q4 and the full year. As our transformation progresses, our team is galvanized by the significant opportunity ahead to address a large retail market. We have a healthy balance sheet and we continue to actively manage our expense base. Because of this, we are well positioned to transform our business and invest in the areas that will drive sustainable, profitable growth in the future.

我們也繼續預期第四季和全年的現金流均為正值。隨著我們轉型的進展，我們的團隊受到應對大型零售市場的重大機會的激勵。我們擁有健康的資產負債表，並繼續積極管理我們的支出基礎。正因如此，我們有能力實現業務轉型，並投資於能夠推動未來永續、獲利成長的領域。

With that, I'll turn the call back to Matt.

這樣，我會將電話轉回給馬特。

Thanks, David. At Stitch Fix, we have a powerful value proposition that combines a strong team of stylists, carefully curated merchandise assortment, and advanced AI and data science capabilities, which together create an experience that only we can deliver. I'm encouraged by how we are advancing our efforts to strengthen our foundation and reimagine the client experience in support of our transformation. While we still have work to do, I'm confident that the strategy we have in place will enable us to deliver sustainable, profitable growth in the future. We look forward to continuing to share our progress with you along the way.

謝謝，大衛。在 Stitch Fix，我們擁有強大的價值主張，結合了強大的造型師團隊、精心策劃的商品分類以及先進的人工智慧和數據科學功能，共同創造了只有我們才能提供的體驗。我對我們如何努力加強我們的基礎並重新構想客戶體驗以支持我們的轉型感到鼓舞。雖然我們仍有工作要做，但我相信我們現有的策略將使我們能夠在未來實現可持續的獲利成長。我們期待繼續與您分享我們的進步。

With that, I will turn it over to the operator for Q&A.

這樣，我會將其轉交給接線員進行問答。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Youssef Squali, Truist Securities.

優素福‧斯誇裡 (Youssef Squali)，Truist 證券公司。

Great, thank you very much. Hi, guys. Two questions for me. First, Matt, you talked a little bit about reimagining the client experience and how that's on schedule. You teased a little bit something coming up. I think you talked about a first experience, something coming up this summer. Could you maybe unpack that a little bit for us and just how different is the new experience going to be from what we're used to?

太好了，非常感謝。嗨，大家好。有兩個問題問我。首先，馬特，您談到了重新構想客戶體驗以及如何按計劃進行。你取笑了一些即將發生的事情。我想你談到了第一次經歷，今年夏天即將發生的事情。您能否為我們解釋一下，新的體驗與我們習慣的體驗有何不同？

And then David, based on all the things that you guys are doing to drive user growth and reactivation, et cetera, how should we be thinking about the decline in active clients for Q4? I guess, what's baked into that guide? Thank you.

然後大衛，根據你們為推動用戶成長和重新激活等所做的所有事情，我們應該如何考慮第四季度活躍客戶的下降？我想，該指南包含了什麼內容？謝謝。

Hey, Youssef, it's Matt. Appreciate the question. So, in terms of the re-imagination of the client experience that we spoke to, I think really important to take a step back and just remind in terms of this really strong competitive differentiation that we have at Stitch Fix where before a client makes their first transaction, we know more about them than most retailers aspire to over the course of their entire relationship. We know their style preferences, we know their value orientation, and we have the data that we need in order to nail their fit. The work that we're doing to reimagine the client experience is how do we take that information and make sure that we're delivering the absolute best, holistic, end-to-end client experience to capitalize on that differentiation.

嘿，優素福，我是馬特。感謝這個問題。因此，就我們所採訪的客戶體驗的重新構想而言，我認為退後一步並提醒我們在 Stitch Fix 中擁有的這種真正強大的競爭差異化非常重要，在客戶做出他們的選擇之前，在在第一筆交易中，我們對他們的了解比大多數零售商在整個關係過程中所渴望的還要多。我們了解他們的風格偏好，我們了解他們的價值取向，我們擁有確定其合身所需的數據。我們正在做的重新構想客戶體驗的工作是如何獲取這些信息，並確保我們提供絕對最佳、全面、端到端的客戶體驗，以利用這種差異化。

The work, it's going to be critical in terms of how we better serve the clients, both that we have today, but also in terms of those clients that we acquire into the future. So, as noted previously, some of the work or some of the areas that we're focused on, it does include creating a more modern and dynamic interface, bringing more flexibility to that fixed experience. And one example of the latter is sending more than the traditional five items so that we can continue to improve our outfitting capabilities and better serve our client needs.

這項工作對於我們如何更好地為我們今天的客戶以及我們未來獲得的客戶提供服務至關重要。因此，正如前面提到的，我們關注的一些工作或一些領域，它確實包括創建一個更現代、更動態的介面，為固定的體驗帶來更多的靈活性。後者的一個例子是發送比傳統的五件更多的物品，以便我們能夠繼續提高我們的舾装能力，更好地滿足客戶的需求。

And keeping in mind that our stylists continue to play a critical part in our value proposition, and something that our clients have told us is that they want to get to know the stylist behind their fixes. So part of the reimagination of the client experience will also be working to make our stylist a more central part of that experience, offering new touch points for clients to interact with stylists and vice versa. And as you noted, we do expect a series of these experiences or these updates to launch this summer.

請記住，我們的造型師繼續在我們的價值主張中發揮關鍵作用，我們的客戶告訴我們，他們想了解他們的修復背後的造型師。因此，重新構想客戶體驗的一部分也將努力使我們的造型師成為體驗中更核心的部分，為客戶與造型師互動提供新的接觸點，反之亦然。正如您所指出的，我們確實預計今年夏天將推出一系列此類體驗或更新。

So we've been piloting and testing various aspects of the reimagine client experience along the way, really encouraged by the positive early results that we've seen from those tests. And everything that we do is rooted in better serving our clients, both in terms of the feedback that we've received of them and to capitalize on what we have as a unique competitive advantage here. David?

因此，我們一直在試點和測試重新構想客戶體驗的各個方面，我們從這些測試中看到的積極的早期結果讓我們深受鼓舞。我們所做的一切都是為了更好地服務我們的客戶，無論是從我們收到的客戶回饋來看，還是利用我們在這裡擁有的獨特競爭優勢。大衛？

And then, Youssef, on the second part of your question around the Q4 guide, there are a couple components to that. First, we do expect the positive trends in AOV that we saw this quarter to continue into Q4, and that is included in our guide. But it also does include the continued negative trends that we've seen around active clients. And so we do expect active clients to be lower quarter-over-quarter in Q4. Rough size and shape down about 5% quarter-over-quarter. And all of that is reflected in the revenue guide of $312 million to $322 million for the quarter.

然後，優素福，關於您關於第四季度指南的問題的第二部分，有幾個組成部分。首先，我們確實預計本季度看到的 AOV 的積極趨勢將持續到第四季度，這已包含在我們的指南中。但它也確實包括我們在活躍客戶周圍看到的持續的負面趨勢。因此，我們確實預計第四季度的活躍客戶數量將環比下降。原石尺寸和形狀較上季下降約 5%。所有這些都反映在該季度 3.12 億至 3.22 億美元的收入指南中。

On the expense side as well, we specifically called out, we expect gross margins to be between 45% and 46%. So we're continuing to see the benefits we've highlighted there. And then we are continue to actively manage our expense base as well. And so that's all reflected in the adjusted EBITDA guide of the $5 million to $10 million for the quarter.

在費用方面，我們特別指出，我們預計毛利率將在 45% 至 46% 之間。因此，我們將繼續看到我們在那裡強調的好處。然後我們也將繼續積極管理我們的費用基礎。因此，這一切都反映在本季 500 萬至 1000 萬美元的調整後 EBITDA 指南中。

Great, that's helpful. Thank you both.

太好了，很有幫助。謝謝你們倆。

You're welcome.

不客氣。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Hey, everyone. Good afternoon. And I guess progress on the gross margins. Could you quantify maybe the quarter's moving pieces a little bit more and how you're thinking about how those should look both in Q4, but then really as you make these changes how you think about beyond what gross margin could look like. And then just apologize if I missed it, did you give the 90-day RPAC? Thank you.

謝謝。嘿大家。午安.我猜毛利率會有所進步。您能否進一步量化本季的變動因素，以及您如何考慮這些因素在第四季度的表現，但實際上，當您做出這些變更時，您會如何考慮毛利率以外的情況。如果我錯過了，請道歉，你給了 90 天的 RPAC 嗎？謝謝。

Yes, Simeon, a couple things there around gross margin. Some of the big components are really similar to what we've talked about in the past, that there was nothing structurally different about the organization that suggests that we couldn't get back to the 45% mark. And you can see that we're there. And so, a big part of that is the work that the merch teams have been doing around driving inventory health and so that's been a big component to this. The other component is the transportation side of the business. And I think we've called this out before.

是的，西蒙，有一些關於毛利率的事情。一些重要的組成部分與我們過去討論過的非常相似，該組織在結構上沒有任何不同，這表明我們無法回到 45% 的水平。你可以看到我們在那裡。因此，其中很大一部分是商品團隊圍繞著推動庫存健康所做的工作，因此這是其中的重要組成部分。另一個組成部分是業務的運輸方面。我想我們之前已經指出過這一點。

And as you know, different than other retailers, we have significant reverse logistics. For a majority of our fixes that we sent out, we have items sent back to us. If someone keeps three items or four items out of a fix, they're able to return those at no cost to them. And so shipping is a big part of our expense base. It's something we focus on quite a bit. And so, the last couple of quarters, the teams have done a lot of work in really focusing on our existing carriers, diversifying into carriers, and even using last mile carriers to drive efficiency there. And even in some of those last mile carriers, it's also driving efficiency while having a better client experience. And so just a lot of great work there. And so that's sort of the double-click into gross margins. And those are the benefits that we see and we expect them to continue going into Q4.

如您所知，與其他零售商不同，我們擁有重要的逆向物流。對於我們發出的大部分修復，我們都會將物品退還給我們。如果有人沒有修復三或四件物品，他們可以免費將這些物品退還給他們。因此，運輸是我們費用基礎的很大一部分。這是我們非常關注的事情。因此，在過去的幾個季度中，團隊做了很多工作，真正專注於我們現有的承運商，實現承運商多元化，甚至利用最後一英里的承運商來提高效率。即使在一些最後一英里的運營商中，它也在提高效率的同時提供更好的客戶體驗。所以那裡有很多偉大的工作。這就像雙擊毛利率一樣。這些是我們看到的好處，我們預計它們將持續到第四季度。

That's great. Thank you. And then just, did you guys give 90-day RPAC?

那太棒了。謝謝。然後，你們提供了 90 天的 RPAC 嗎？

Yes, we didn't give a specific number, but we're seeing the same trends that we've seen historically that absolutely new client cohorts are still very healthy, and we see that coming through the 90-day RPAC, where it continues to increase from a year-over-year perspective. So definitely happy with what we're seeing there.

是的，我們沒有給出具體數字，但我們看到了與歷史上看到的相同的趨勢，即絕對新的客戶群仍然非常健康，並且我們看到，通過 90 天的 RPAC，它仍在繼續從年比來看有所增加。所以我們對在那裡看到的東西絕對感到滿意。

That's great. Thanks a lot, guys. Best of luck for the rest of the year.

那太棒了。非常感謝，夥計們。祝今年剩下的時間一切順利。

Thank you, Simeon.

謝謝你，西蒙。

Aneesha Sherman, Bernstein.

阿尼莎謝爾曼，伯恩斯坦。

Thank you. So congrats on a nice quarter. So you've talked in the last few quarters about cycling through some lower LTV clients and retaining kind of higher LTV fix first, higher quality clients. It looks like some of the metrics of quality in your P&L are improving like RPAC, gross margins. Do you feel like you're almost there? I know you're guiding for another quarter of active declines, but a lower number. Do you feel like you're there at the point where you should start to see improvements in active client numbers in 2025 with a higher quality base of clients?

謝謝。恭喜您度過了一個美好的季度。因此，您在過去幾個季度中談到了循環利用一些較低 LTV 的客戶，並首先保留較高 LTV 的固定客戶，即較高品質的客戶。看起來損益表中的一些品質指標正在改善，例如 RPAC、毛利率。你覺得你快到了嗎？我知道您預計另一個季度會出現積極下降，但數量會減少。您是否覺得 2025 年您應該開始看到活躍客戶數量增加，客戶群品質更高？

Yes, Aneesha, I'll take that. We're not guiding to FY 2025, but the way that I look at this from an active client standpoint is sort of both sides of active clients. If you think about our business and how we drive revenue, it's about engaging our existing clients as well as adding new clients. And what you saw this quarter and what you're alluding to absolutely is that foundational work and we're seeing that come through in engaging our existing clients with AOV up 6%, RPAC up from a year-over-year perspective for the first time in a while, at 2% up year-over-year. And so definitely seeing those trends with engaging our existing clients. And that's really a testament to the foundational work that we're doing.

是的，阿尼莎，我會接受的。我們並不是以 2025 財年為目標，但我從活躍客戶的角度看待這個問題的方式是活躍客戶的雙方。如果您考慮我們的業務以及我們如何增加收入，那就是吸引我們現有的客戶以及增加新客戶。您在本季度看到的以及您所提到的絕對是基礎性工作，我們看到這些工作通過吸引我們現有的客戶而實現，AOV 同比增長了 6%，RPAC 首次同比增長不久之後，同比增長2%。因此，透過與我們現有客戶的互動，我們肯定能看到這些趨勢。這確實證明了我們正在做的基礎工作。

And what we've called out the last couple of quarters is, we still see a lot of opportunity on adding active clients and driving conversion. And so that's a lot of the focus that includes the foundational work, but it also includes the marketing work that Matt had called out earlier as well as the reimagining of client experience. And those things together, we believe, will put us on a path to return to growth in the future.

我們在過去幾季中指出的是，我們仍然看到在增加活躍客戶和推動轉換方面有很多機會。因此，這是很多重點，包括基礎工作，但也包括馬特之前提到的行銷工作以及客戶體驗的重新構想。我們相信，這些事情加在一起將使我們走上未來恢復成長的道路。

Okay, that's really helpful. And then can I ask a quick follow-up on gross margin and dig into some of the drivers? David, you talked about product margin strength, just putting inside the transport side, just kind of underlying product margins. Can you elaborate on the drivers of that? Is that primarily the private brands mix or lower markdowns or something else?

好的，這真的很有幫助。然後我可以要求快速跟進毛利率並深入研究一些驅動因素嗎？大衛，您談到了產品利潤率的強度，只是將運輸方面考慮在內，只是一種基本的產品利潤率。您能詳細說明一下其驅動因素嗎？這主要是自有品牌組合還是較低的降價還是其他？

I think it's a couple components. I think it's what you described. I think it's also us looking -- I think we talked a couple quarters back around sort of looking at our vendor base and making sure that we are rationalizing our vendor base And really making sure that we are partnering with strategic vendors and really combining some of those efforts. And so that's part of it, is the work that we've done there, where we can just drive better IMUs through that as well. And then it is composition. It's the merch teams really driving towards much better composition of our inventory and focusing on the fix experience and what that means from an inventory perspective. And then also utilizing the AI buying tools that we've highlighted. I think that's a big component to it as well is leveraging our technologies to make sure that we're being as efficient as possible in the inventory that we're buying.

我認為這是幾個組件。我想這就是你所描述的。我認為我們也在尋找——我想我們在幾個季度前就討論了我們的供應商基礎，並確保我們正在合理化我們的供應商基礎，並真正確保我們與戰略供應商合作，並真正結合一些那些努力。這就是我們在那裡所做的工作的一部分，我們也可以透過這些來驅動更好的 IMU。然後是構圖。正是商品團隊真正推動了我們的庫存的更好組成，並專注於修復體驗以及從庫存角度來看這意味著什麼。然後也利用我們強調的人工智慧購買工具。我認為這也是一個重要組成部分，即利用我們的技術來確保我們購買的庫存盡可能高效。

Okay. Really helpful. Thank you.

好的。真的很有幫助。謝謝。

Thanks.

謝謝。

Maria Ripps, Canaccord.

瑪麗亞·里普斯，Canaccord。

Good afternoon, and thanks for taking my questions. So you talked about some of the new or improved functionality like Quick Fix. Can we dive a little bit deeper into some of the specifics behind the Q3 outperformance, especially what seems to be on the revenue per customer side, and maybe just talk about how sustainable some of those could be as we kind of look over the next -- sort of towards the next couple of quarters?

下午好，感謝您回答我的問題。您談到了一些新的或改進的功能，例如“快速修復”。我們能否更深入地探討第三季度表現出色背後的一些具體細節，尤其是每個客戶方面的收入，也許只是討論其中一些細節的可持續性，因為我們接下來會考慮 - - 是針對接下來的幾個季度嗎？

Hey Maria, appreciate the question, it's Matt here. I'll provide some insights and David, go ahead and follow up. But when we talked about Quick Fix’s, I think one of the things to be really mindful of is just the way that we've been approaching our business, the way that we've been working to strengthen the foundation of our business, is that we're constantly reviewing our ongoing programs. We want to ensure that we're delivering the absolute best client experience in every single fix that we ship, every single fix that our clients receive. And as we shared and what we're really excited about is that, we were able to make very successful adjustments to existing programs and they're paying immediate benefits.

嘿瑪麗亞，謝謝你的問題，我是馬特。我將提供一些見解，大衛，請繼續跟進。但當我們談論「快速修復」時，我認為真正需要注意的事情之一就是我們處理業務的方式，以及我們一直致力於加強業務基礎的方式，是我們不斷審查我們正在進行的計劃。我們希望確保在我們提供的每個修復以及客戶收到的每個修復中提供絕對最佳的客戶體驗。正如我們所分享的，我們真正感到興奮的是，我們能夠對現有計劃進行非常成功的調整，並且他們正在立即受益。

So some of those changes were made closer to the start of the year and are now beginning to have a compounding impact. Others were made within Q3 and had almost an immediate positive impact. As we've made these changes, and as you noted, we've seen the fixed AOV hit some of the highest levels we've ever seen, as well as material improvement in the trend of client retention metrics. So we're able to retain the best aspects of these programs from both a client experience and a financial perspective, while reducing negative outcomes. It's our fundamental belief that every client has the potential to be a healthy, high-value, long-term client with us and we're focused on delivering the right personalized experience to each client. That includes the right style of clothes, the right quantity, the right cadence, and the right thing to do for the business is getting that highest quality fix and the right cadence that serves those clients' needs. That remains our focus.

因此，其中一些變化是在接近年初時做出的，現在開始產生複合影響。其他項目是在第三季完成的，幾乎立即產生了積極影響。正如您所指出的，當我們進行這些更改時，我們已經看到固定 AOV 達到了我們所見過的最高水平，並且客戶保留指標的趨勢也得到了實質性改善。因此，我們能夠從客戶體驗和財務角度保留這些計劃的最佳方面，同時減少負面結果。我們的基本信念是，每個客戶都有潛力成為我們的健康、高價值、長期客戶，我們致力於為每位客戶提供正確的個人化體驗。這包括正確的衣服款式、正確的數量、正確的節奏，而對企業來說正確的事情就是獲得最高品質的修復和滿足客戶需求的正確節奏。這仍然是我們的重點。

In terms of how much of this pulls forward, I'll let David click into the details, but as he noted, our Q4 guide anticipates the positive trends that we're seeing in AOV carrying forward into the quarter.

至於這會向前推進多少，我將讓 David 點擊詳細信息，但正如他指出的那樣，我們的第四季度指南預計了我們在 AOV 中看到的積極趨勢將延續到本季度。

Yes, Maria, I'll just add a little bit about Q3 and then I'll talk about the go-forward as well. Like for Q3, I think the first thing to call out is, from a methodology standpoint, we definitely aim to establish guidance that's reasonable and achievable. And I think what we saw in Q3 is simply just better than expected performance across multiple initiatives that Matt had just highlighted. And so, seeing that come through in both fix, AUR and keep rate where those benefited from those initiatives and were exceeded our expectations. The Quick Fix example is a great one that Matt talked about where that was implemented in mid-March and by early April, we were seeing AOV increases of 25% on those shipments and the pricing work, the merch work, so there's just quite a bit of things in the same quarter is really what the performance was about. In addition to that, our promotional strategy that we continue to hone resulted in better than performance on the freestyle side. And so definitely quite a few components in the quarter.

是的，瑪麗亞，我將添加一些有關第三季度的內容，然後我還將討論前進的問題。就像第三季一樣，我認為首先要指出的是，從方法論的角度來看，我們的目標絕對是建立合理且可實現的指導。我認為我們在第三季度看到的表現只是馬特剛剛強調的多項舉措的預期表現要好。因此，看到修復、AUR 和維持率都實現了這些目標，這些舉措都受益於這些舉措，並且超出了我們的預期。 「快速修復」範例是一個很好的範例，Matt 談到了該範例在3 月中旬和4 月初實施，我們看到這些發貨、定價工作、商品工作的AOV 增加了25%，因此，有相當多的改進同季度的一些事情確實是業績的重點。除此之外，我們不斷完善的促銷策略在自由式方面取得了比自由式更好的表現。因此，本季肯定有相當多的組件。

When you're talking about playing those forward, Certainly to Matt's point, I think we've included what we expect to play forward in the Q4 guide. If you're talking sort of longer term, we're not providing any specific guidance around FY 2025 yet. We'll provide guidance next quarter, but a couple of big pieces to think about. First, as we highlighted, we expect Q4 active clients to be down sequentially in Q4, and we expect that to continue into FY 2025. That's why we remain focused on driving more clients into the experience and engaging them in a more dynamic way. And that's all about that reimagining work and the marketing work that Matt had highlighted.

當你談論打前鋒時，當然對於馬特來說，我認為我們已經在第四季度指南中包含了我們期望打前鋒的內容。如果您談論的是更長期的情況，我們尚未提供 2025 財年的任何具體指導。我們將在下個季度提供指導，但有幾個重要問題需要考慮。首先，正如我們所強調的，我們預計第四季度的活躍客戶數量將連續下降，並且我們預計這種情況將持續到2025 財年。的方式吸引他們。這就是馬特強調的重新構想工作和行銷工作。

On the expense side, we called out gross margins. We've done a lot of work across our business to drive leverage in the overall P&L. And we've been able to get gross margins back to that 45% level and we expect the benefits of that to sort of continue into FY 2025. And then on sort of the rest of the expense base, I know we've talked about SG&A spend in the past, and if you look about where we are this quarter from an annualized perspective, if you go back to Q3 FY 2022 and look at annualized spend there and where we are now, we've been able to remove over $400 million in SG&A spend. And so, I think we're really comfortable with where we are from an expense management standpoint and we'll continue to actively manage that.

在費用方面，我們提到了毛利率。我們在整個業務範圍內做了大量工作來提高整體損益的槓桿率。我們已經能夠將毛利率恢復到 45% 的水平，我們預計這種好處將持續到 2025 財年。來看本季我們的情況，如果你回到2022 財年第三季並看看那裡的年化支出以及我們現在的情況，我們已經能夠削減超過400 美元百萬 SG&A 支出。因此，我認為從費用管理的角度來看，我們對目前的狀況感到非常滿意，我們將繼續積極管理這一點。

And so as Matt and I both called out earlier, we've got a healthy balance sheet, no debt, and we'll continue to focus on adjusted EBITDA and free cash flow positivity to protect that position. And we'll do that while balancing the necessary investments to drive growth into the future.

因此，正如馬特和我早些時候指出的那樣，我們擁有健康的資產負債表，沒有債務，我們將繼續關注調整後的 EBITDA 和自由現金流正值，以保護這一地位。我們將在做到這一點的同時平衡必要的投資以推動未來的成長。

Got it. That's very helpful. Thank you. And maybe just a quick follow up. Can you maybe share an update on the advertising spending environment? And is there anything to highlight around the competitive intensity?

知道了。這非常有幫助。謝謝。也許只是快速跟進。能否分享一下廣告支出環境的最新狀況？競爭激烈程度有什麼值得強調的嗎？

Maria, can you please repeat the question?

瑪麗亞，你能重複這個問題嗎？

Yes, can you maybe share an update on the broader advertising spend environment? And is there anything that you would highlight around the intensity of the competitive dynamics or competitive spending out there?

是的，您能否分享一下更廣泛的廣告支出環境的最新情況？關於競爭動態或競爭性支出的強度，您有什麼需要強調的嗎？

Yes, absolutely. Happy to answer that. So as you know, and as part of us strengthening the foundation of our business, we continue to be maniacally focused on a healthier client franchise. We're being extremely judicious with our marketing spend. We're being extremely methodical in terms of which clients segments we're targeting. And that's so that when we bring a client into the experience, they're demonstrating all the characteristics of high lifetime value customers and ones that will have an enduring relationship with us over a longer period of time. We do continue to see competitiveness in the media market. There's a lot of people aggressively spending, and we're working hard to manage through that so that we can make sure that we're attracting or speaking to the right perspective clients with the right message on the right tactic at the right time. I think the team is doing a good job leaning in there, continuing to evolve our media mix, continuing to optimize each of our media tactics so that we can make the most of our media budget in delivering against what I just shared as our objectives.

是的，一點沒錯。很高興回答這個問題。如您所知，作為我們加強業務基礎的一部分，我們將繼續瘋狂地專注於更健康的客戶特許經營。我們對行銷支出非常明智。我們對於我們的目標客戶群非常有條理。這樣，當我們為客戶帶來體驗時，他們就會展現出高終身價值客戶以及將在較長時間內與我們建立持久關係的客戶的所有特徵。我們確實繼續看到媒體市場的競爭。有很多人正在積極消費，我們正在努力解決這個問題，以便我們能夠確保我們在正確的時間以正確的策略、正確的策略吸引正確的客戶或與他們交談。我認為團隊在這方面做得很好，繼續發展我們的媒體組合，繼續優化我們的每項媒體策略，以便我們能夠充分利用我們的媒體預算來實現我剛才分享的目標。

So I think that we're encouraged by the positive signs in terms of the new client RPAC and LTV for the clients that we are bringing in, the clients that we are acquiring, and that gives us confidence in our strategy going forward as well.

因此，我認為我們對新客戶 RPAC 和 LTV 方面的積極跡象感到鼓舞，我們正在引入的客戶，我們正在收購的客戶，這也讓我們對我們未來的策略充滿信心。

Great, thank you both.

太好了，謝謝你們兩個。

Thanks, Maria.

謝謝，瑪麗亞。

(Operator Instructions) [David Belanger, Mitizo].

（操作員說明）[David Belanger，Mitizo]。

Hey good afternoon, thanks for the question. Let me do a follow-up on the last one. Just on the active customer number, down about 20% year-over-year. Looks like you're guiding to a similar level for fiscal Q4. And those are both while ad spend is moving up and moving higher year-over-year. So maybe just walk us through that. You talked about the headwinds on new customer acquisition. So is there potentially a re-baselining higher ad spend dollars in order to even maintain your customer base, if not even grow further from here? How do we think about the level of ad spend required in 2025 and going forward?

嘿下午好，謝謝你的提問。讓我對最後一項進行跟進。僅就活躍客戶數量而言，年減約 20%。看起來您正在指導第四財季達到類似的水平。這些都是在廣告支出逐年上升且更高的情況下實現的。所以也許請引導我們完成這個過程。您談到了獲取新客戶的阻力。那麼，是否有可能重新調整更高的廣告支出基準，以維持您的客戶群（如果無法進一步成長的話）？我們如何看待 2025 年及未來所需的廣告支出水準？

Hey, David. It's Matt. I appreciate the question. So I'll start at a higher level. And David, if you want to jump in with any additional details here. But in terms of us attracting new client acquisition, the primary priority remains to drive sustainable growth over the long term. And we really believe that our focus on strengthening the foundation and reimagining the client experience will help us attract and retain high lifetime value customers. So we continue to evolve both program and channel strategies, as I just shared, to optimize that media mix for efficiency and to strengthen our brand affinity. Because we do know that when we reach the right client for whom our offering resonates, they have a higher order value and purchase frequency. And as I just shared and as we also shared in the prepared remarks, as we're seeing higher LTV and RPAC from our new client acquisition, that gives us additional confidence to go out into the market and to acquire these customers.

嘿，大衛。是馬特。我很欣賞這個問題。所以我將從更高的層次開始。大衛，如果您想在這裡了解任何其他詳細資訊。但就我們吸引新客戶而言，首要任務仍是推動長期永續成長。我們堅信，專注於加強基礎和重新構想客戶體驗將有助於我們吸引和留住高終身價值客戶。因此，正如我剛才分享的那樣，我們繼續發展計劃和管道策略，以優化媒體組合以提高效率並增強我們的品牌親和力。因為我們確實知道，當我們找到能夠引起我們產品共鳴的合適客戶時，他們的訂單價值和購買頻率就會更高。正如我剛才所分享的，以及我們在準備好的演講中所分享的，我們從新客戶的獲取中看到了更高的 LTV 和 RPAC，這讓我們更有信心進入市場並獲取這些客戶。

So in terms of what -- where is our ad spend as a percentage of revenue, that will continue to move as we optimize towards getting it at the right level based on a pretty rigorous analysis of where that return on investment is. So when we see new client acquisitions with higher fix frequencies, with higher AOVs, that gives us the confidence to go out and spend more to acquire them. And we're reviewing that every day, every week with the team so that we can get to the right place at the right time. So it's really something that's evolving over time. But again, as I shared previously, we're pretty confident in the strategy that we have at the moment and how our team is going out to market in order to execute against it.

因此，就我們的廣告支出佔收入的百分比而言，隨著我們根據對投資回報率的相當嚴格的分析進行優化，使其達到正確的水平，這一比例將繼續變化。因此，當我們看到新客戶的獲取具有更高的固定頻率和更高的 AOV 時，這讓我們有信心出去花更多錢來獲取他們。我們每天、每週都會與團隊一起進行審查，以便我們能夠在正確的時間到達正確的地點。所以這確實是隨著時間的推移而不斷發展的東西。但正如我之前分享的那樣，我們對目前的策略以及我們的團隊如何進入市場以執行該策略非常有信心。

And I think, David, the only thing I would add is I think what Matt just highlighted is the methodical approach that we've talked about over the last few quarters that we're taking to managing marketing investments and it is sort of about an LTV to CAC ratio. And I think the encouraging signs that we're seeing right now on the LTV side allow us to feel more comfortable investing more in marketing. I think I would also call this back to what we had said earlier around sort of the two different sides of our business and clients that the more we can engage our existing clients in dynamic ways, the more we can drive higher LTVs of those clients. That's why we've really been focused on a lot of that foundational work and how that will tie to our reimagining of the client experience, because it creates a really healthy loop of really engaging our existing clients that drives higher LTV. And it provides confidence in sort of our marketing efforts as well.

我想，大衛，我唯一要補充的是，我認為馬特剛剛強調的是我們在過去幾個季度中討論過的系統方法，我們正在採取這種方法來管理營銷投資，這有點像LTV 與CAC 比率。我認為我們現在在生命週期價值方面看到的令人鼓舞的跡象讓我們能夠更放心地在行銷方面進行更多投資。我想我還要回顧一下我們之前所說的關於我們業務和客戶的兩個不同方面的內容，即我們越能以動態的方式吸引現有客戶，我們就越能提高這些客戶的生命週期價值。這就是為什麼我們一直專注於大量基礎工作，以及如何將其與我們對客戶體驗的重新構想聯繫起來，因為它創造了一個真正健康的循環，真正吸引我們現有的客戶，從而推動更高的生命週期價值。它也為我們的行銷工作提供了信心。

Understood, that's very helpful. Then my second question, maybe more of a macro one, but a lot of our companies have been talking about the splitting between the lower and the middle or upper income consumer. Have you seen that play out or widen even more as the quarter progressed? Just any update of what you're seeing in your customer base, any differences across the segmentation?

明白了，很有幫助。然後我的第二個問題，也許更多的是宏觀問題，但我們的許多公司一直在談論低收入和中高收入消費者之間的分裂。隨著本季的進展，您是否看到這種情況發生或進一步擴大？您在客戶群中看到的任何更新，細分之間有什麼差異嗎？

Yes, David, I'll jump in. So I think in terms of what we're seeing from impacts of the macro environment. We're not seeing any material impact at the moment, but I do think that in a discretionary category like ours, there does remain ample reason to take a cautious view of the US consumer. They remain under pressure. I think that is being noted as particularly true in higher income households trading down at the moment. We have not seen any of that with our current -- with our client base at the moment. And also as I've shared previously, where we are regardless of the macro conditions, our teams remain focused on what is within our control.

是的，大衛，我會插話。 所以我認為就我們從宏觀環境的影響中看到的情況而言。目前我們沒有看到任何實質影響，但我確實認為，在像我們這樣的可自由支配類別中，確實仍然有充分的理由對美國消費者採取謹慎的態度。他們仍然面臨壓力。我認為，目前人們注意到這一點對於高收入家庭來說尤其如此。我們目前的客戶群還沒有看到任何這種情況。正如我之前所分享的，無論宏觀條件如何，我們的團隊仍然專注於我們控制範圍內的事情。

We work every day to serve our clients better. Our focus, regardless of conditions, will be having the best assortment, the most intelligent pricing, judicious in terms of our client acquisition, and strengthening our experience to foster deep and enduring relationships with our clients. And we're seeing that in the results that we just shared. And it manifests in the work we're doing to strengthen the foundation of our business. So delivering for our clients, in my mind, is the best way to navigate a tough environment, and that's what our team is focused on.

我們每天都在努力更好地為客戶服務。無論條件如何，我們的重點將是擁有最好的品種、最明智的定價、明智地獲取客戶，並加強我們的經驗，以與客戶建立深厚而持久的關係。我們在剛剛分享的結果中看到了這一點。這體現在我們為加強業務基礎所做的工作。因此，在我看來，為客戶提供服務是應對艱難環境的最佳方式，這也是我們團隊所關注的重點。

Very good. Thank you both.

非常好。謝謝你們倆。

Thank you. With that, I see no further questions in the queue. Thank you for your participation at today's conference. This does conclude the program. You may all disconnect. Have a great day.

謝謝。這樣，我在隊列中就看不到其他問題了。感謝您參加今天的會議。這確實結束了該程式。你們都可以斷開連線。祝你有美好的一天。