Sleep Number Corp (SNBR) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Sleep Number's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. As a reminder, this call is being recorded today, Wednesday, July 30, 2025.

感謝您的支持，歡迎參加 Sleep Number 2025 年第二季財報電話會議。此時，所有參與者都處於只聽模式。提醒一下，本次通話錄音時間為今天，即 2025 年 7 月 30 日，星期三。

This conference call will be available on the company's website ir.sleepnumber.com. Please refer to today's news release to access the replay. On today's call, we have Linda Findley, President and CEO; and Bob Ryder, Interim Chief Financial Officer of Sleep Number.

本次電話會議將在公司網站ir.sleepnumber.com上提供。請參閱今天的新聞稿以獲取重播。今天的電話會議邀請了 Sleep Number 總裁兼執行長 Linda Findley 和臨時財務長 Bob Ryder。

Before handing the call over to the company, we will review the Safe Harbor statement. The primary purpose of this call is to discuss the results of the fiscal period ending on June 28, 2025.

在將電話轉交給公司之前，我們將審查安全港聲明。本次電話會議的主要目的是討論截至 2025 年 6 月 28 日的財政年度的表現。

Commentary and responses to questions may include certain forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties outlined in the company's earnings news release and discussed in some detail in the annual report on Form 10-K and other periodic filings with the SEC.

評論和對問題的回答可能包括某些前瞻性陳述。這些前瞻性陳述受到公司收益新聞稿中概述的多種風險和不確定性的影響，並在 10-K 表年度報告和向美國證券交易委員會提交的其他定期文件中進行了詳細討論。

The company's actual future results may vary materially. In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The company specifically disclaims any obligation to update these statements.

該公司未來的實際業績可能會有重大差異。此外，任何前瞻性陳述僅代表本公司截至今日的觀點，不應被視為代表其在任何後續日期的觀點。該公司明確否認更新這些聲明的任何義務。

Please also refer to the company's news release and SEC filings for reconciliation of certain non-GAAP financial measures and supplemental financial information included in the news release or that may be discussed on this call.

另請參閱本公司的新聞稿和美國證券交易委員會 (SEC) 文件，以了解新聞稿中包含的或本次電話會議中可能討論的某些非 GAAP 財務指標和補充財務資訊的對帳情況。

I will now turn the call over to Linda Findley, Sleep Number's CEO. Ma'am, please go ahead.

現在我將把電話轉給 Sleep Number 的執行長 Linda Findley。女士，請繼續。

Thank you, Janine, and thank you to everyone for joining today's call. I'll start first by welcoming Bob Ryder, our Interim CFO.

謝謝你，珍妮，也謝謝大家參加今天的電話會議。首先，我歡迎我們的臨時財務長鮑伯‧萊德 (Bob Ryder)。

Bob joins us with extensive experience in public company turnarounds, which will be invaluable to us as we continue to focus on driving shareholder value. He is acclimating quickly. I'm confident that it will be a great partner to our executive team as we navigate the work ahead. I'd also like to thank Francis for his contribution to Sleep Number over the past two years. We wish him the best in his future endeavors.

鮑伯加入我們，在上市公司扭虧為盈方面擁有豐富的經驗，這對於我們繼續專注於提高股東價值至關重要。他很快就適應了。我相信，在我們進行未來工作的過程中，它將成為我們執行團隊的優秀合作夥伴。我還要感謝法蘭西斯在過去兩年對 Sleep Number 的貢獻。我們祝福他在未來的事業中一切順利。

When I joined Sleep Number in April, I challenged our team to question assumptions and think critically about every aspect of our business from the products we sell to the ways we sell them. My goal was to push for bold and rapid action, and I'm happy with the progress. When I started, I immediately took a look at what was and wasn't working.

當我在四月加入 Sleep Number 時，我要求我們的團隊質疑假設並批判性地思考我們業務的各個方面，從我們銷售的產品到我們銷售產品的方式。我的目標是推動大膽而迅速的行動，我對進展感到滿意。當我開始時，我立即查看了哪些有效，哪些無效。

Marketing spend was outsized and highly inefficient, particularly in Q1. So we took the necessary actions to reset the marketing program with a 30% cut to Q2 year-over-year marketing spend. This was a big part of the drop in Q2 revenue.

行銷支出過大且效率低下，尤其是在第一季。因此，我們採取了必要的措施，重新調整了行銷計劃，將第二季的行銷支出比去年同期削減了 30%。這是第二季收入下降的主要原因。

We brought in new marketing leadership and started building back from there. The changes are starting to work as expected. We've already seen the efficiency of our marketing programs grow in Q2 and continue into the start of Q3.

我們引進了新的行銷領導層並開始重建。這些變化正開始如預期發揮作用。我們已經看到我們的行銷計劃的效率在第二季度有所增長，並持續到第三季初。

We were able to move fast to reposition the business and drive future better performance because of the organizational realignment we did in Q2. The current team is focused on creating a more cost-effective business that will change the trajectory of the top line in the coming quarters. It will take time, but I'm confident we'll get there.

由於我們在第二季度進行了組織調整，我們能夠快速重新定位業務並推動未來取得更好的業績。目前團隊致力於打造更具成本效益的業務，這將改變未來幾季的營收軌跡。這需要時間，但我相信我們能夠實現目標。

To start, we are focused on controlling costs and building an ongoing discipline of cost management into everything we do. We originally targeted $80 million to $100 million in annualized cost savings. We now expect to remove over $130 million in operating expenses in 2025 compared to 2024, exceeding the plan we shared last quarter.

首先，我們專注於控製成本，並將持續的成本管理原則融入我們所做的每一件事中。我們最初的目標是每年節省 8,000 萬至 1 億美元的成本。我們現在預計，與 2024 年相比，2025 年的營運費用將減少 1.3 億美元以上，超過了我們上個季度分享的計畫。

The reductions have been deep and broad across the entire organization because, frankly, they needed to be. We have streamlined G&A and R&D by reducing redundancy and layers without compromising on our innovation. Additionally, we reduced our full year selling expenses as well as marketing spend that allowed for investment in the back half of the year to support our 2025 plan.

整個組織都進行了大範圍的深度裁員，因為坦白說，這是必須的。我們透過減少冗餘和層級來簡化一般行政和研發流程，同時又不影響我們的創新。此外，我們還減少了全年銷售費用和行銷支出，以便在下半年進行投資以支持我們的 2025 年計畫。

Reducing expenses is not the limit of our ambitions, nor is it our only lever to increase profitability. I'll focus on three initiatives: optimizing our product portfolio value and distribution; enhancing the efficiency and effectiveness of our marketing; and managing our capital structure. Let's start with products.

降低開支並不是我們目標的極限，也不是我們提高獲利能力的唯一手段。我將重點放在三項措施：優化我們的產品組合價值和分銷；提高我們的行銷效率和效果；以及管理我們的資本結構。讓我們從產品開始。

We are rethinking our position, price and distribution. People love Sleep Number beds for their comfort and adjustability. However, the process of selecting and purchasing our beds is a bit more complicated than it should be. While many customers value choice, it's not always clear how our products are distinct from one another or how our different technologies translated to benefits for our customers.

我們正在重新考慮我們的定位、價格和分銷。人們喜歡 Sleep Number 床，因為它舒適且可調節。然而，選擇和購買床的過程比應有的要複雜一些。雖然許多客戶重視選擇，但我們的產品彼此之間有何不同，或者我們的不同技術如何轉化為客戶的利益，並不總是很清楚。

We are refining the experience by leveraging data to better understand consumer needs and what drives them to buy a Sleep Number beds. As part of this, we'll be enhancing the product line to meet a broader customer base. This will include new price points, new features that drive comfort and durability and simpler selection to help people find the right Sleep Number beds for them. You'll start seeing the results of these changes in 2026.

我們正在利用數據來更好地了解消費者的需求以及促使他們購買 Sleep Number 床的原因，從而改善體驗。作為其中的一部分，我們將增強產品線以滿足更廣泛的客戶群。這將包括新的價格點、提高舒適性和耐用性的新功能以及更簡單的選擇，以幫助人們找到適合他們的 Sleep Number 床。您將在 2026 年開始看到這些變化的結果。

In parallel, we are considering new distribution channels, including digital first, retail partnerships and emerging platforms while continuously evaluating our existing retail footprint to ensure that we have the right format in the right locations. As I mentioned in our first quarter earnings call, everything is on the table.

同時，我們正在考慮新的分銷​​管道，包括數位優先、零售合作夥伴關係和新興平台，同時不斷評估我們現有的零售足跡，以確保我們在正確的地點擁有正確的形式。正如我在第一季財報電話會議上提到的那樣，一切都已擺在桌面上。

Our goal is to build on the vertical model that we have and make every channel work harder together for the customer. As we pursue these changes, we are moving even faster on our marketing approach with a focus on efficiency and impact. We cut deeply and quickly in Q2 to reset the inefficient marketing strategy of the past. While we saw lower revenue in the quarter because of that shift, we use this moment to adjust and rebuild our approach.

我們的目標是建立在現有的垂直模型基礎上，讓每個管道共同努力為客戶服務。在我們追求這些改變的同時，我們的行銷方法也發生了更快的變化，重點是效率和影響力。我們在第二季大幅削減開支，以重置過去低效率的行銷策略。雖然由於這種轉變，本季我們的收入有所下降，但我們利用這個時機來調整和重建我們的方法。

We are sharpening our positioning and messaging with a focus on relevance and strengthening the connection with today's consumer. Importantly, we are opening new marketing channels that we were not leveraging in the past to reach more customers with a shopper value proposition.

我們正在強化我們的定位和訊息傳遞，重點關注相關性並加強與當今消費者的聯繫。重要的是，我們正在開闢過去未曾利用的新行銷管道，以便透過購物者價值主張吸引更多客戶。

We are also improving how our potential customers can find us through AI and other technical implementations. We know what we need to do to get the next customer, and we're building the programs, infrastructure and creative content that will set us up for strength in the future. So far, it's working.

我們也正在透過人工智慧和其他技術實現來改進潛在客戶找到我們的方式。我們知道需要做什麼才能獲得下一位客戶，我們正在建立程式、基礎設施和創意內容，為我們未來的實力奠定基礎。到目前為止，它還在發揮作用。

We're seeing early signs of significant improvements in cost per acquisition, including a 24% increase in conversion year-over-year in Q2. These metrics continue to improve through July, a trend we anticipate to carry on as we roll out new marketing programs.

我們看到了每次購買成本顯著改善的早期跡象，包括第二季轉換率年增 24%。這些指標在七月持續改善，我們預計隨著我們推出新的行銷計劃，這一趨勢將會持續下去。

In short, we are resetting the business. We are moving these initiatives quickly while maintaining compliance with our (inaudible). That said, the pace at which we can move is somewhat limited and shaped by our capital structure.

簡而言之，我們正在重置業務。我們正在迅速推進這些舉措，同時保持遵守我們的（聽不清楚）。話雖如此，我們前進的速度還是受到一定限制，並且受到資本結構的影響。

To get more flexibility and enable us to move even faster, we are in active dialogue with our lenders. Those conversations have been constructive, and we hope to have more news to share on that front in the near future. Regardless, we remain focused on managing our debt structure in a way that supports the business and shareholder value creation. To be clear, we are acting with urgency and discipline.

為了獲得更大的靈活性並使我們能夠更快地採取行動，我們正在與貸方進行積極對話。這些對話非常有建設性，我們希望在不久的將來能在這方面分享更多消息。無論如何，我們仍然專注於以支持業務和股東價值創造的方式管理我們的債務結構。需要明確的是，我們正在採取緊急且有紀律的行動。

As Bob will discuss further in detail, we are expecting roughly the same revenue in the second half as we saw in the first half adjusted for the 53rd week this year. We're spending slightly less marketing in the second half based on the efficiency gains we've seen. This, combined with improved ARUs, we are seeing from product mix and promotional optimization drives our forecast for the balance of the year.

正如鮑勃將進一步詳細討論的那樣，我們預計下半年的收入將與上半年的收入大致相同，並根據今年第 53 週進行了調整。根據我們看到的效率提升，下半年我們的行銷支出將略有減少。這一點，加上我們從產品組合和促銷優化中看到的 ARU 的提高，推動了我們對今年剩餘時間的預測。

Sleep Number remains a powerful brand with loyal customers and proprietary technology. When I joined the company, we needed to make dramatic and decisive changes a reinvigorated our commercial and product strategies. We're implementing those plans now. With improved focus and by operating with greater simplicity, we will deliver against our goals and create value for our shareholders, our customers and our team members.

Sleep Number 仍然是一個強大的品牌，擁有忠實的客戶和專有技術。當我加入公司時，我們需要做出重大而果斷的改變，重振我們的商業和產品策略。我們現在正在實施這些計劃。透過提高重點和簡化運營，我們將實現目標並為股東、客戶和團隊成員創造價值。

Before I turn the call over to Bob, I want to thank our team members for their continued focus during this period of change. Their commitment to our customers and to doing the hard work required to reset our business is what makes our progress possible.

在我將電話轉給鮑伯之前，我想感謝我們的團隊成員在這段變革時期的持續關注。他們對我們的客戶的承諾以及為重塑我們的業務所做的艱苦工作使我們的進步成為可能。

With that, I will now turn the call over to Bob.

說完這些，我現在將電話轉給鮑伯。

Thanks, Linda, for the warm work, and good morning, everyone. I want to start off by thanking everyone at Sleep Number.

謝謝琳達的熱情工作，大家早安。首先我要感謝 Sleep Number 的每一個人。

In my first week here, everyone has been incredibly gracious, professional and helpful. I can also say that from my short time at Sleep Number, our team members are passionate about the company and are working diligently to improve the business. As the newest member of the team, I bring fresh eyes and an added perspective. I look forward to working with them along with our other stakeholders to drive shareholder value.

在我在這裡的第一周，每個人都非常親切、專業且樂於助人。我還可以說，從我在 Sleep Number 工作的短暫時間來看，我們的團隊成員對公司充滿熱情，並且正在努力改善業務。作為團隊的最新成員，我帶來了全新的視角和更豐富的見解。我期待與他們以及我們的其他利害關係人合作，共同創造股東價值。

As Linda shared, we're taking decisive actions to reset the business for long-term profitable growth. That reset is well underway. We're focused on commercial and product improvement, continued cost discipline and better cash flow management. I'll walk through the company's Q2 financial performance and then speak about our progress on our cost structure, liquidity management and expectations for the future. Let's start at the top of the P&L.

正如琳達所說，我們正在採取果斷行動，重塑業務，實現長期獲利成長。重置工作正在順利進行中。我們專注於商業和產品改進、持續的成本控制和更好的現金流管理。我將介紹公司第二季的財務業績，然後談談我們在成本結構、流動性管理方面的進展以及對未來的預期。讓我們從損益表的頂部開始。

Net sales for the second quarter were $328 million, down 19.7% from the prior year. As Linda noted, we cut marketing spend significantly in Q2, which partly drove the sales decline in the quarter. As we implemented our new marketing strategy throughout the quarter, we saw increased conversion, which has continued to improve into July. This is why we have confidence in our sales forecast for the second half of the year, which I'll touch on a little bit later.

第二季淨銷售額為 3.28 億美元，較上年下降 19.7%。正如琳達所說，我們在第二季度大幅削減了行銷支出，這在一定程度上導致了該季度銷售額的下滑。隨著我們在整個季度實施新的行銷策略，我們看到了轉換率的提高，並且這種提高在 7 月持續進行。這就是我們對下半年銷售預測充滿信心的原因，稍後我會談到這一點。

Gross profit margin was 59.1%, flat versus the prior year. Continued reduction in material costs and manufacturing efficiencies were offset by unit volume deleverage and a mix shift towards lower-priced products as consumers prioritized value. That said, our gross margin profile remains strong relative to historical levels and is indicative of our underlying brand strength.

毛利率為59.1%，與前一年持平。由於消費者優先考慮價值，材料成本和製造效率的持續降低被單位產量去槓桿和產品組合向低價產品的轉變所抵消。也就是說，我們的毛利率狀況相對於歷史水準仍然強勁，並且顯示了我們潛在的品牌實力。

Over the past several years, we've steadily expanded gross margin through product cost reductions, innovation and operational efficiencies. This will remain a focus as we move forward. Let's turn to costs.

過去幾年，我們透過降低產品成本、創新和提高營運效率穩步擴大毛利率。在我們前進的過程中，這仍將是我們關注的重點。讓我們來談談成本。

Operating expenses were $185 million before restructuring and nonrecurring costs, down 21% year-over-year and $48 million (sic – see press release, "$48 million") lower than the prior quarter. These reductions are the result of our organizational redesign and cost saving initiatives implemented in the first half and reflect more savings than we shared on our last call. We recorded $8 million in restructuring costs in the quarter and expect approximately $8 million of additional restructuring costs to be incurred in the second half of the year.

扣除重組和非經常性成本前的營運費用為 1.85 億美元，年減 21%，比上一季減少 4,800 萬美元（原文如此 - 請參閱新聞稿「4,800 萬美元」）。這些削減是我們上半年實施的組織重新設計和成本節約措施的結果，並且比我們上次會議上分享的節省更多。我們在本季記錄了 800 萬美元的重組成本，預計下半年將產生約 800 萬美元的額外重組成本。

Adjusted EBITDA was $23.6 million, down $4.7 million from the prior year. Adjusted EBITDA margin was 7.2%, 30 basis points higher than the prior year. This margin rate expansion was driven by disciplined cost management, partially offset by the sales decline. Our leverage ratio on a trailing 12-month basis was 4.56 times EBITDAR at the end of the second quarter, within the 4.75 times covenant maximum.

調整後的 EBITDA 為 2,360 萬美元，比上年下降 470 萬美元。調整後的 EBITDA 利潤率為 7.2%，比前一年高出 30 個基點。利潤率的提高是由嚴格的成本管理推動的，但銷售額的下降部分抵消了這種影響。截至第二季末，我們過去 12 個月的槓桿率為 EBITDAR 的 4.56 倍，處於 4.75 倍的契約最高限額之內。

I want to briefly share an update on three key items. First, cost savings. We fundamentally reshaping our cost base. As you know, the company reduced costs significantly in 2023 and 2024. Since Linda joined, we have identified $130 million of cost reductions for the full year 2025 as compared to the full year 2024. This surpasses our original annualized target of $80 million to $100 million.

我想簡要分享三個關鍵事項的最新情況。第一，節省成本。我們從根本上重塑了我們的成本基礎。如您所知，該公司在 2023 年和 2024 年大幅削減了成本。自琳達加入以來，我們已確定 2025 年全年的成本削減額度與 2024 年全年相比為 1.3 億美元。這超過了我們最初設定的 8,000 萬至 1 億美元的年度目標。

These reductions are the result of streamlining leadership layers, improving marketing efficiency, simplifying operations and narrowing R&D to core platforms without compromising innovation. These changes contributed directly to the $51 million or 22% Q2 operating expense reduction as compared to Q1. And we're definitely not done, we will continue to look at the business to reduce costs, increase efficiency and improve profitability and cash flow generation.

這些削減是精簡領導層級、提高行銷效率、簡化營運以及在不影響創新的情況下將研發範圍縮小到核心平台的結果。這些變化直接導致第二季的營運費用較第一季減少了 5,100 萬美元，即 22%。我們肯定不會就此止步，我們將繼續專注於業務，以降低成本、提高效率、改善獲利能力和現金流產生。

While Q2 results are below where we want them to be, they reflect intentional strategic decisions as part of the reset. The pullback in marketing while deliberate and necessary weighed on demand in the early part of the quarter. However, the positive response during Memorial Day reinforces our strategy, and we're seeing signals that our revised approach is working. We acknowledge our sales results are not yet in line with the industry, but more recent trends are encouraging and give us confidence that we are on the right path.

雖然第二季的業績低於我們的預期，但這反映了作為重置一部分的有意策略決策。儘管行銷力度的縮減是故意且必要的，但卻在本季初對需求造成了影響。然而，陣亡將士紀念日期間積極的反應強化了我們的策略，我們看到了修改後的方法正在發揮作用的信號。我們承認我們的銷售業績尚未與行業同步，但最近的趨勢令人鼓舞，讓我們相信我們正走在正確的道路上。

Second, we are acting with urgency to address our capital structure. We're actively engaged with our lenders in productive conversations. In parallel, we're exploring refinancing and other non-dilutive options that will provide us with more flexibility and allow us to reinvest in growth.

其次，我們正在緊急採取行動解決我們的資本結構問題。我們積極與貸款方進行富有成效的對話。同時，我們正在探索再融資和其他非稀釋性選擇，這將為我們提供更多的靈活性，並使我們能夠重新投資於成長。

In the meantime, we have improved our processes around working capital and capital expenditures. Importantly, our reset is expected to deliver breakeven cash flow in the second half. Our first priority for any positive operating cash flow is to pay down debt.

同時，我們改進了營運資金和資本支出的流程。重要的是，我們的重置預計將在下半年實現收支平衡的現金流量。對於任何正的經營現金流，我們的首要任務是償還債務。

Lastly, we do not want to provide some visibility -- we do want to provide some visibility into our expectations. As mentioned, we're managing the business to stay within our existing covenants as we engage with our lenders. We expect to see full year net sales of approximately $1.45 billion, representing a 14% year-over-year decline. Second half sales will be roughly comparable to first half sales. This anticipates second half moderation of our year-over-year sales rate declined to 9%. This percentage change is partly driven by softer year-over-year comparisons plus the 53rd work week in 2025.

最後，我們不想提供一些可見性——我們確實想提供一些對我們的期望的可見性。如上所述，我們在與貸方合作時管理業務以遵守現有的契約。我們預計全年淨銷售額約 14.5 億美元，年減 14%。下半年的銷售額將與上半年的銷售額大致相當。這預計下半年我們的年比銷售率將下降至 9%。這一百分比變化部分是由於同比數據較弱以及 2025 年的第 53 個工作週所致。

We believe our top line expectations are supported by, first, reduced marketing spend in Q2 had a negative impact on sales. With our new strategy, we are already seeing improved cost of acquisition and conversion in Q2 with continued improvements through today. Our total marketing spend as a percentage of revenue in the second half will be slightly up when compared to the second quarter.

我們相信，我們的營收預期受到以下因素的支持：首先，第二季行銷支出的減少對銷售產生了負面影響。透過我們的新策略，我們已經看到第二季的收購和轉換成本有所改善，而這項改善持續到今天。與第二季相比，我們下半年的總行銷支出佔收入的百分比將略有上升。

Second, the promotional strategies we have implemented are driving a higher ARU while also improving our product mix, which also supports net sales. We see evidence of this improvement in July and expect those outcomes to continue for the balance of the year. Turning to gross profit margin.

其次，我們實施的促銷策略正在推動更高的 ARU，同時也改善了我們的產品組合，這也支持了淨銷售額。我們在七月看到了這種改善的證據，並預計這種結果將在今年餘下時間持續下去。轉向毛利率。

We have seen positive trends for the past several quarters and we expect to deliver gross profit margin of approximately 61% for the second half of the year, including mitigation of the impact of tariffs. We've also talked a lot about operating expenses, something that is under our control. We now expect full year 2025 operating expenses, excluding restructuring and other nonrecurring costs, to be approximately $830 million, which is $130 million less than 2024. With these anticipated outcomes, we expect to be in compliance with our debt covenants.

過去幾季我們看到了積極的趨勢，我們預計下半年的毛利率將達到約 61%，其中包括減輕關稅的影響。我們也討論了很多有關營運費用的問題，這是我們可以控制的。我們現在預計 2025 年全年營運費用（不包括重組和其他非經常性成本）約為 8.3 億美元，比 2024 年減少 1.3 億美元。有了這些預期結果，我們預計將遵守我們的債務契約。

In closing, we are doing the hard work, and we are committed to making changes necessary to ensure the company performs regardless of the consumer environment. With significant progress against our cost structure, we are actively resetting our strategy to drive demand. Our top priority remains the generation of cash to pay down debt. We have and will continue to make bold moves to reposition the company to create shareholder value.

最後，我們正在努力工作，並致力於做出必要的改變，以確保公司無論在何種消費環境下都能正常運作。隨著我們的成本結構取得重大進展，我們正在積極調整策略以推動需求。我們的首要任務仍然是產生現金來償還債務。我們已經並將繼續採取大膽措施重新定位公司，以創造股東價值。

With that, I'll turn it back to the operator for questions.

說完這些，我將把問題轉回給接線生。

Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，現在我們將進行問答環節。（操作員指示）

Dan Silverstein, UBS.

瑞銀集團的丹‧西爾弗斯坦。

And it's just outside of the changes to the marketing model, can you break down the composition of the additional cost savings you expect to harvest this year? Where are these coming from? And how are you balancing the longer-term impacts of these actions given the cumulative number of cost savings over the last three years is just very large?

除了行銷模式的變化之外，您能否分解今年預計收穫的額外成本節約的組成？這些是從哪裡來的？鑑於過去三年累積的成本節省非常大，您如何平衡這些行動的長期影響？

Absolutely. Hi, Dan. And thanks for joining and also congratulations on your new role.

絕對地。你好，丹。感謝您的加入，也祝賀您擔任新職務。

We are -- when you look at the breakdown of the $130 million of the cost savings, we're not giving an exact breakdown on this call. However, it roughly follows the same percentages that we announced for the $80 million to $100 million before. So we're very focused on making sure that we're making structural changes to how we operate primarily through reductions in G&A and R&D to make sure that, that scales effectively as we grow the business in the future.

當您查看 1.3 億美元成本節省的明細時，我們不會在此電話會議上給出確切的明細。不過，它大致遵循了我們之前宣布的 8,000 萬至 1 億美元的相同百分比。因此，我們非常注重確保對我們的營運方式進行結構性變革，主要透過減少一般行政費用和研發費用來確保在未來業務成長時能夠有效擴展。

Specifically, when you look at the marketing cost savings, a lot of those are structural changes. So while we did a hard reset in Q2 based on trying to reset the efficiency of marketing and reset the strategy there, a lot of those changes can bring scale through the efficiency that we're actually seeing going forward. So we anticipate that any future reinvestment in marketing would be done at a much higher efficiency level than in the past.

具體來說，當你查看行銷成本節省時，你會發現其中許多都是結構性變化。因此，雖然我們在第二季度進行了一次硬重置，試圖重置行銷效率並重置策略，但其中許多變化可以透過我們實際看到的未來​​效率帶來規模。因此，我們預計未來對行銷的任何再投資都將比過去更有效率。

But right now, we think we're focused mostly on structurally how do we redirect those dollars into more effective programs, more effective channels, many of which, frankly, are already industry proven long term. So a lot of what we're doing in the early days isn't necessarily rocket science. It's kind of -- it's a lot of just opportunities that we can drive for the business going forward while layering some more strategic marketing on top of that.

但目前，我們認為我們主要關注的是結構上如何將這些資金重新投入到更有效的項目、更有效的管道中，坦白說，其中許多已經得到了業界的長期驗證。因此，我們早期所做的很多事情並不一定是火箭科學。這有點像是——我們可以為未來的業務創造很多機會，同時在此基礎上進行一些更具策略性的行銷。

Hopefully, that answers your question.

希望這能回答你的問題。

Very helpful. Thank you.

非常有幫助。謝謝。

And then maybe just looking forward, you mentioned one lever to gain momentum into next year. We'll be exploring digital-first retail partnerships and some other partnerships. How do you think about the consideration set and kind of the alignment or economic terms you'd be looking for in these type of endeavors? Thank you.

然後也許只是展望未來，您提到了一個槓桿來獲得明年的動力。我們將探索數位優先零售合作夥伴關係和其他一些合作夥伴關係。您如何看待在這些類型的努力中尋求的考慮因素、一致性或經濟條款？謝謝。

Sure. So first, I think it's important to note that our vertically integrated model is one of our biggest assets. And so, our intent is to build on top of that not necessarily replace or change that. And the way that we see it is we can enhance both distribution long term by looking at other models that allow us to take advantage of broader distribution but still maintain a strong margin profile while also raising awareness for leads that would actually come into the stores as well.

當然。因此首先，我認為需要注意的是，我們的垂直整​​合模式是我們最大的資產之一。因此，我們的目的是在此基礎上進行構建，而不一定取代或改變它。我們的看法是，我們可以透過研究其他模式來長期增強分銷能力，這些模式使我們能夠利用更廣泛的分銷管道，但仍然保持強勁的利潤率，同時提高真正進入商店的潛在客戶的認知度。

So we see opportunities to think about distribution more holistically and think about how the different channels in an ecosystem approach would actually impact each other at still maintaining the strong margin profile that we've already enjoyed to date.

因此，我們看到了更全面地考慮分銷的機會，並思考生態系統方法中的不同管道如何相互影響，同時仍然保持我們迄今為止已經享有的強勁利潤率。

Thank you so much and thanks for the kind words.

非常感謝，也感謝您的善意話語。

Thanks, Dan.

謝謝，丹。

Brad Thomas, KeyBanc.

布拉德湯瑪斯，KeyBanc。

Good morning. Thanks for taking the question.

早安.感謝您回答這個問題。

A lot of really interesting things here that you're working on. The one that I'm most interested in is probably the changes to the product assortment and pricing. And I was wondering if you could share a little bit more about how you're going to come up with that strategy, how you might be able to test it, if at all, before you put it into place. And what the timing might look like for the refresh? Thanks.

您在這裡正在研究很多非常有趣的事情。我最感興趣的可能是產品種類和定價的變化。我想知道您是否可以分享更多關於您如何制定該策略的信息，以及在實施該策略之前如何對其進行測試（如果有的話）。更新的時間是什麼時候？謝謝。

Sure. So I'll try to give you as much detail as I can. Obviously, we want to be cautious about revealing too much too early.

當然。因此我會盡力向您提供盡可能多的細節。顯然，我們要謹慎，不要過早透露太多資訊。

But we've been doing a significant amount of consumer research to really understand the specific needs that our customers have, the benefits they're looking for, what they optimize for a purchase, which I think is important to do ongoing research on just because that constantly changes as you see macroeconomic environments as well as personal preferences change.

但我們一直在進行大量的消費者研究，以真正了解客戶的具體需求、他們尋求的利益以及他們為購買而優化的內容，我認為持續進行研究非常重要，因為隨著宏觀經濟環境和個人偏好的變化，這些也在不斷變化。

But we have a huge amount of data already, plus we're pretty lucky in that we have 30 billion-plus hours of sleep data from our existing customers already. So we can really understand more about what they're optimizing for, what benefits them when it comes to sleep quality and sleep improvement. And we can combine all of that together.

但我們已經擁有大量數據，而且我們很幸運，我們已經擁有來自現有客戶的 300 多億小時的睡眠數據。因此，我們可以真正了解他們正在優化什麼，以及在睡眠品質和睡眠改善方面什麼對他們有益。我們可以將所有這些結合在一起。

Also, while we've done a lot of cost refinements on our R&D and G&A, as we mentioned before, we do have that entire history of R&D already that we can work on and implement some of the knowledge that we gained from that work in the past as well. And we can leverage that at a pretty great cost base because we already have it in the company.

此外，雖然我們在研發和一般行政管理方面做了很多成本改進，但正如我們之前提到的，我們已經擁有了完整的研發歷史，我們可以利用並運用過去從這項工作中獲得的一些知識。而且我們可以以相當低的成本利用這一點，因為我們公司已經擁有它了。

I guess in short, I would say that the most important thing we're doing in product is listening to the consumer. And we luckily have both a history of doing that and currently are conducting a lot of that work with our existing and potential consumer base to think about how we reach a broader TAM of consumers in the process of developing new products.

我想簡而言之，我們在產品方面所做的最重要的事情就是傾聽消費者的意見。幸運的是，我們既有這樣做的歷史，也正在與現有和潛在的消費者群體開展大量這方面的工作，思考如何在開發新產品的過程中接觸到更廣泛的消費者 TAM。

We'll start rolling out some of this material in the beginning of 2026. So that's really where we are. We are moving very quickly in the physical product world, things usually move pretty slowly, but that's actually pretty fast. And so, we're aggressively thinking about how we look at the assets we already have, the benefits of the product and how we can get that into the hands of customers.

我們將在 2026 年初開始推出部分此類資料。這就是我們目前的狀況。在實體產品領域，我們發展得非常快，通常事物的發展速度非常慢，但實際上這已經非常快了。因此，我們正在積極思考如何看待我們已有的資產、產品的優勢以及如何將其交到客戶手中。

On the promotional and pricing side, I just want to emphasize that we have an incredibly valuable product and an incredibly differentiated product. And so, really, that's just thinking about the structure of how we talk about the product, how we set the margin profile and how we bring value to the customer going forward in both price and promotion.

在促銷和定價方面，我只想強調，我們擁有一款非常有價值的產品和一款非常差異化的產品。所以，實際上，這只是思考我們如何談論產品的結構，如何設定利潤率，以及如何在價格和促銷方面為客戶帶來價值。

That's really helpful. And if I could follow up on the wholesale comments. I think that's very interesting.

這真的很有幫助。我是否可以跟進批發評論。我認為這非常有趣。

We've seen many new direct sales get into wholesale. There's obviously -- it can greatly expand the addressable market with more distribution points. But the other -- on the other hand, it does come with lower margins. I guess could you share any more about where you are in that journey of reexploring that opportunity for the company?

我們看到許多新的直銷企業進入批發領域。顯然，更多的分銷點可以大大擴展可尋址市場。但另一方面，它的利潤率確實較低。我想您能否再分享一下您在為公司重新探索這項機會的過程中所取得的進展？

I can't share details at this stage about where we're looking. What I would like to do is when I said before in the previous earnings call and say it now of everything being on the table. I think it's both wholesale but also other direct-to-consumer channels that have strong margin profiles beyond what would be considered traditional wholesale. So we're really thinking about everything holistically across the board, but with a focus and priority of maintaining the strength of our vertical model and our margin profile. So that's really the optimization that we're looking at when we think about distribution.

目前我無法透露我們正在關注的細節。我想做的就是，就像我在之前的財報電話會議上所說的那樣，現在一切都已擺在桌面上。我認為，批發和其他直接面向消費者的管道都具有超越傳統批發的強勁利潤率。因此，我們確實在全面考慮所有事情，但重點和優先考慮保持我們的垂直模式和利潤率的優勢。因此，當我們考慮分佈時，這實際上是我們正在考慮的最佳化。

Very helpful. Thank you so much.

非常有幫助。太感謝了。

Thanks, Brad.

謝謝，布拉德。

(Operator Instructions)

（操作員指示）

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Linda, first, I wanted to dive a little bit further kind of into the rebuild of the advertising strategy. I don't know if there's any more details you can offer. But I guess -- what I'm looking at like historically, this business was 13%, 14% of sales spent on ad. When you think about what a goal would be for the business on a go-forward basis with the dollars going the way, you and the team feel they're most efficient. How do you think about that level and something for us to kind of greater look towards as we build out maybe what a new model for Sleep Number would look like?

琳達，首先，我想進一步深入探討廣告策略的重建。我不知道您是否可以提供更多詳細資訊。但我想——從歷史上看，這項業務的廣告支出佔銷售額的 13% 到 14%。當您考慮在資金投入的情況下未來業務的目標是什麼時，您和團隊會感覺到他們效率最高。當我們建立 Sleep Number 的新模型時，您如何看待這個水平以及我們可以更深入地關注什麼？

So I think it's a really interesting question. And I think the way that we're approaching marketing as a percentage of sales is I think we look at industry best practices, and we want to continue to optimize in order to drive towards industry best practices.

所以我認為這是一個非常有趣的問題。我認為，我們將行銷視為銷售額的百分比的方式是，我認為我們會專注於行業最佳實踐，並且我們希望繼續優化以推動行業最佳實踐。

So what you're going to see probably is some volatility in marketing as a percentage of sales as we sort of work into this new efficiency that we're gaining and the new programs that we're gaining because, again, it takes time for these things to take hold. But -- so you'll see some volatility, and you'll see some continued investment in the right way with efficient dollars based on driving our top line.

因此，隨著我們不斷提高效率和實施新計劃，您可能會看到行銷佔銷售額的百分比出現一些波動，因為這些事情需要時間才能生效。但是——因此，你會看到一些波動，你會看到一些以正確的方式持續進行的投資，並以有效的資金推動我們的營收成長。

But my intent would be that our percentage of marketing spend to sales should get more efficient and lower and more in line with industry expectations in the future. Again, you'll see some volatility in the near term, which is intentional of that percentage. But long term, I think it has a huge amount of opportunity based on what we're already seeing even into July to become a lower percentage of sales but far more effective.

但我的目的是，未來我們的行銷支出佔銷售額的比例應該變得更有效率、更低，並且更符合產業預期。再次，您會在短期內看到一些波動，這是該百分比的故意為之。但從長遠來看，根據我們已經看到的情況，我認為它有很大機會，即使到了 7 月份，它的銷售額佔比可能會降低，但效率會更高。

Okay. And I guess, secondly, on the selling process comment, interesting comment because if you do look at moving into other distribution, that probably does have to be a little bit quicker of a process to kind of compete on the different floors, but are you currently testing new different selling process? Is that more to come maybe in '26? Just curious how you and the team are looking at kind of flexing that differently over the next couple of quarters.

好的。其次，關於銷售流程的評論，這是一個有趣的評論，因為如果您確實考慮進入其他分銷領域，那麼這個過程可能確實需要更快一些，才能在不同的樓層進行競爭，但您目前正在測試新的不同銷售流程嗎？也許 26 年還會有更多這樣的事發生嗎？我只是好奇您和您的團隊在接下來的幾個季度中將如何以不同的方式實現這一點。

Yes. So I think that's more something that we'll start talking to you about in 2026, and we can give more details then.

是的。所以我認為我們將在 2026 年開始與您討論這個問題，屆時我們可以提供更多細節。

Okay, very good. I appreciate the time this morning though. Thank you.

好的，非常好。不過我很感謝今天早上的時間。謝謝。

Thank you.

謝謝。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Hey. Thank you. Good morning, everyone.

嘿。謝謝。大家早安。

I was just looking at some of the guidance metrics that you provided, thank you for that. I guess you're moving towards now guiding for gross margin expansion in the back half, and I do think you have a little bit of tariff pressure. Maybe could you help us unpack the drivers that you expect and maybe reframe where the tariff pressure would stand in the back half?

我剛剛看了您提供的一些指導指標，謝謝您。我想您現在正朝著下半年毛利率擴張的方向發展，而且我確實認為您面臨一點關稅壓力。或許您能幫助我們解讀您所預期的驅動因素，並重新定義下半年關稅壓力的所在嗎？

Sure. So our guide really -- and again, part of the reason that when we put our outlook forward, we were really focused on trying to be as clear as possible with the dollar amount because with the 53rd week and the year-over-year comparisons, percentages are a little bit sort of different than what you might expect based on expecting the same revenue roughly in the second half of the year versus the first half of the year. So we feel pretty confident in our plan going forward based on our marketing efficiencies based on what we're seeing in ARU as far as strength of mix and strength of profitability going into the third quarter. So all of that is a good foundation.

當然。因此，我們的指南確實——再次強調，部分原因是，當我們提出展望時，我們確實專注於盡可能清楚地說明美元金額，因為在第 53 周和同比比較中，百分比與您基於對下半年和上半年大致相同收入的預期而得出的百分比略有不同。因此，根據我們在 ARU 中看到的組合強度和第三季的獲利能力，基於我們的行銷效率，我們對未來的計劃非常有信心。所以所有這些都是良好的基礎。

I think that for us, specifically, when we look at tariffs through previous pricing changes that were made in the business, we've been able to completely mitigate tariffs within our margin structure and continue to find more opportunities for material cost reductions as well as optimizations based on our promotional strategy and based on how we're approaching the business.

我認為，對我們來說，具體來說，當我們透過先前業務中做出的定價變化來審視關稅時，我們已經能夠在利潤結構內完全降低關稅，並繼續尋找更多降低材料成本的機會，以及根據我們的促銷策略和業務處理方式進行優化。

So we've been able to actually mitigate those tariffs through both negotiations with our suppliers and also through some previous pricing actions that we were able to apply to this pretty effectively, especially considering the new moderated plans of tariffs that we've seen to date. Obviously, that consistently changes. But at this point, it's no impact.

因此，我們實際上已經能夠透過與供應商的談判以及一些先前的定價行動來減輕這些關稅，我們能夠非常有效地應用這些行動，特別是考慮到我們迄今為止所看到的新的關稅緩和計劃。顯然，情況一直在變化。但目前來看，還沒有什麼影響。

Yes. I'll just follow up on Linda. Look, we -- as everyone knows, we've done a very good job on cost reduction, frankly, coming in from the outside, it's quite amazing, right? Even seeing for the quarter, sales down what they were and seeing an expansion to the gross profit margin. I mean, that's in my experience, like shockingly good, right, that you were able to take those costs to offset the impact of these reduced sales. So I think within the company, we're pretty confident around our control and our ability to control costs in the gross profit margin.

是的。我只會跟進琳達的情況。你看，眾所周知，我們在降低成本方面做得非常好，坦白說，從外部來看，這是相當了不起的，對吧？即使本季銷售額有所下降，毛利率卻有所擴大。我的意思是，根據我的經驗，這非常好，對吧，你能夠承擔這些成本來抵消銷售額下降的影響。因此我認為，在公司內部，我們對我們的控制以及控制毛利率成本的能力非常有信心。

I think the thing we're all focused on as we get out of the costs -- we have to continue the cost cycle, but eventually, you run out of cost savings, right? So what we're really focused on -- or what Linda is going after the commercial side, right? How do we make product more relevant to the consumer, make the buying experience easier, right, and reduce complexity for the consumer and for the company and how do we have the marketing strategies that, again, resonate better with the consumer and increased activation and make marketing drive more sales growth.

我認為，當我們擺脫成本時，我們所有人都關注的是——我們必須繼續成本循環，但最終，成本節約就會耗盡，對嗎？那麼我們真正關注的是什麼——或者琳達在商業方面追求的是什麼，對嗎？我們如何使產品與消費者更加相關，使購買體驗更加簡單，同時降低消費者和公司的複雜性，我們如何制定行銷策略，再次與消費者產生更好的共鳴，提高激活度，使行銷推動更多的銷售成長。

And we are seeing some positives. And it's -- again, from the outside, it's incredible how quickly this new team has worked to reinvigorate both to take all the costs out and to reinvigorate and really change the whole go-to-market from a product and marketing perspective. So I look forward to being part of it as we go forward and seeing the positive results of all that work.

我們看到了一些積極的進展。而且 — — 再次，從外部來看，這個新團隊如此迅速地重振活力，消除了所有成本，並從產品和營銷角度重振並真正改變了整個市場，這真是令人難以置信。因此，我期待成為我們前進的一部分，並看到所有這些工作的積極成果。

Okay. And encouraging to hear on the improved marketing spend and the efficiencies. Obviously, Labor Day is coming up, and that's a big holiday weekend. The sales guidance is helpful, but there's kind of a lot of moving pieces with store closures and you get the extra week. Maybe could you frame up a ballpark of what same-store sales than in the back half? And then what that extra week contribution will be to Q4?

好的。聽到行銷支出和效率改善的消息令人鼓舞。顯然，勞動節即將到來，這是一個重要的假日週末。銷售指導很有幫助，但是隨著商店關閉，有很多變動因素，而且你會得到額外的一周時間。能否估算一下下半年同店銷售額的大概狀況？那麼額外一週對第四季的貢獻是多少？

Yes. I don't think we're going to get into the extra week. Obviously, it helps. And one of the chances when Linda and I joined that it's the 53rd week year, right, which I was at a -- one of my former employers also had a 53rd week a year and it just -- it sends the whole place into a fluid because it just complicates everything.

是的。我認為我們不會進入額外的一周。顯然，這是有幫助的。當我和琳達加入的時候，其中一個機會是，那是一年的第 53 週，對吧，我以前的一個雇主也是一年第 53 週，這讓整個地方陷入混亂，因為它讓一切變得複雜。

But I think we provided the sales. I mean, the good thing is we're at the halfway point and provided the full year forecast. So you guys can figure out the growth for the first half and the back half, and we're just focused on executing against that sales forecast.

但我認為我們提供了銷售。我的意思是，好消息是我們已經走到了一半，並且提供了全年預測。因此，你們可以計算出上半年和下半年的成長情況，我們只需專注於實現銷售預測。

Yes. And just to build on that a little bit more. We're not specifically discussing same-store sales on this call at this point. But as we continue to always look at our store portfolio, et cetera, we will continue to make smart decisions about where our stores are, what the footprint is, et cetera. But we are putting forward this approach, assuming roughly the same-store footprint, and again, with some puts and takes to the business than to what we've had in the first half of the year.

是的。只是為了在此基礎再進一步。目前，我們不會在此電話會議上具體討論同店銷售額。但隨著我們不斷關注我們的商店組合等，我們將繼續對我們的商店位置、足跡等做出明智的決定。但我們提出這種方法，假設店面面積大致相同，而且與上半年相比，業務上會有一些投入和產出。

Okay, very good. Thank you so much.

好的，非常好。太感謝了。

Thanks so much, Peter.

非常感謝，彼得。

Thank you. This concludes our question-and-answer session. I will now turn the call over to our CEO, Ms. Linda Findley, for closing remarks.

謝謝。我們的問答環節到此結束。現在，我將把電話轉給我們的執行長琳達·芬德利女士，請她致閉幕詞。

Thank you, everyone, for your time today. We're energized by the work ahead, and I look forward to updating you on our progress in the coming months and quarters. In the meantime, if you have any additional questions, please don't hesitate to reach out to us directly. Thank you.

謝謝大家今天抽出時間。我們對未來的工作充滿活力，我期待在未來幾個月和幾季向您通報我們的進展。同時，如果您有任何其他問題，請隨時直接與我們聯繫。謝謝。

Thank you for joining today. You may now disconnect.

感謝您今天的加入。您現在可以斷開連線。