Wayfair Inc (W) 2018 Q2 法說會逐字稿

Good morning.

早安.

My name is Liandra, and I will your conference operator today.

我叫 Liandra，今天我將擔任您的會議接線生。

At this time, I would like to welcome everyone to the Wayfair Q2 2018 Earnings Release and Conference Call.

此時此刻，我謹歡迎大家參加 Wayfair 2018 年第二季財報發布和電話會議。

(Operator Instructions)

（操作員說明）

Joe Wilson, Associate Director of Strategic Finance and Investor Relations, you may begin your conference.

喬·威爾遜，策略財務和投資者關係副總監，您可以開始會議了。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

Today, we will review our second quarter 2018 results.

今天，我們將回顧 2018 年第二季的業績。

With me are Niraj Shah, Co-Founder, Chief Executive Officer and Co-Chairman; Steve Conine, Co-Founder and Co-Chairman; Michael Fleisher, Chief Financial Officer; and Julia Donnelly, Head of Corporate Finance.

和我在一起的還有共同創辦人、執行長兼聯合主席 Niraj Shah； Steve Conine，共同創辦人兼聯合主席；麥可‧弗萊舍 (Michael Fleisher)，財務長；和公司財務長 Julia Donnelly。

We will all be available for Q&A, following today's prepared remarks.

在今天準備好的發言之後，我們都可以接受問答。

I would like to remind you that we will make forward-looking statements during this call regarding future events and financial performance, including guidance for the third quarter of 2018.

我想提醒您，我們將在本次電話會議期間就未來事件和財務業績做出前瞻性聲明，包括 2018 年第三季的指導。

We cannot guarantee that any forward-looking statements will be accurate, although we believe that we have been reasonable in our expectations and assumptions.

儘管我們相信我們的預期和假設是合理的，但我們不能保證任何前瞻性陳述都是準確的。

Our 10-K for 2017 and our subsequent SEC filings identify certain factors that could cause the company's actual results to differ materially from those projected in any forward-looking statements made today.

我們 2017 年的 10-K 以及隨後向 SEC 提交的文件確定了某些可能導致公司實際業績與今天做出的任何前瞻性聲明中預測的業績存在重大差異的因素。

Except as required by law, we undertake no obligation to publicly update or revise these statements, whether as a result of any new information, future events or otherwise.

除法律要求外，我們不承擔公開更新或修改這些聲明的義務，無論是由於任何新資訊、未來事件或其他原因。

Also, please note that during this call, we will discuss certain non-GAAP financial measures as we review the company's performance.

另請注意，在本次電話會議中，我們將在審查公司績效時討論某些非公認會計準則財務指標。

These non-GAAP financial measures should not be considered replacements for and should be read together with GAAP results.

這些非公認會計原則財務指標不應被視為替代公認會計原則結果，而應與公認會計原則結果一起閱讀。

Please refer to the Investor Relations section of our website to obtain a copy of our earnings release, which contains descriptions of our non-GAAP financial measures and reconciliations of non-GAAP measures to the nearest comparable GAAP measures.

請參閱我們網站的投資者關係部分，以取得我們的收益發布副本，其中包含我們的非 GAAP 財務指標的描述以及非 GAAP 指標與最接近的可比較 GAAP 指標的調整表。

This call is being recorded, and a webcast will be available for replay on our IR website.

本次通話正在錄音，我們的 IR 網站上將提供網路廣播重播。

Now I would like to turn the call over to Niraj.

現在我想把電話轉給 Niraj。

Thanks, Joe, and thank you all for joining us this morning.

謝謝喬，也謝謝大家今天早上加入我們。

In Q2, Direct Retail net revenue grew by $538 million or 49% year-over-year, and total net revenue grew by 47% year-over-year.

第二季度，直營零售淨收入年增 5.38 億美元，年增 49%，總淨收入年增 47%。

Our U.S. and international businesses both exhibited strong growth, with U.S. Direct Retail net revenue up $420 million or 43% versus Q2 last year and international Direct Retail revenue up $118 million or 94% versus Q2 last year.

我們的美國和國際業務均呈現強勁成長，美國直接零售淨收入較去年第二季成長 4.2 億美元，成長 43%，國際直接零售收入較去年第二季成長 1.18 億美元，即 94%。

This quarter represented the largest year-over-year Direct Retail dollar growth in our company's history, which is particularly noteworthy given the tougher comparison in Q2 last year.

本季是我們公司史上最大的直接零售美元年增，考慮到去年第二季的比較，這一點尤其值得注意。

We are excited to see the share that we are continuing to gain as consumers increasingly shop online and increasingly choose to make their home purchases with Wayfair.

我們很高興看到隨著消費者越來越多地在網上購物並越來越多地選擇透過 Wayfair 購買房屋，我們不斷獲得份額。

At the end of Q2, our LTM active customer count reached 12.8 million customers, and LTM revenue per active customer reached $440, another all-time high.

截至第二季末，我們的 LTM 活躍客戶數量達到 1,280 萬，每位活躍客戶的 LTM 收入達到 440 美元，再創歷史新高。

We view these results as signals that the investments we have been making in our 3 key strategic areas, namely: one, our proprietary logistics network; two, our international business; and three, in headcount to build out our product category and service offerings, are continuing to yield results and put us in a strong position to keep capturing the $600 billion market opportunity we see ahead of us.

我們將這些結果視為我們在三個關鍵策略領域進行投資的訊號，即：一是我們的專有物流網絡；二、我們的國際業務；第三，在建立我們的產品類別和服務產品的人員方面，我們正在繼續取得成果，並使我們處於有利地位，能夠繼續抓住我們看到的 6000 億美元的市場機會。

Q2 this year was particularly strong as a result of our first-ever Way Day event in April.

由於我們在四月舉辦了首次 Way Day 活動，今年第二季的業績尤其強勁。

As I mentioned on the last earnings call, Way Day performed extremely well for us, resulting in the largest single revenue day in our history.

正如我在上次財報電話會議上提到的，Way Day 對我們來說表現非常出色，創造了我們歷史上最大的單日收入。

The event resonated strongly with both new and repeat customers.

這項活動引起了新舊客戶的強烈共鳴。

And as the remainder of the quarter played out, we are pleased to see that there was no meaningful cannibalization of sales throughout the rest of the quarter.

隨著本季剩餘時間的結束，我們很高興地看到本季剩餘時間內的銷售額沒有出現明顯的蠶食。

We're excited to develop the event in future years.

我們很高興在未來幾年發展這項活動。

Last quarter, I updated you on the growth in our international business and in particular, our expansion in Canada.

上個季度，我向您介紹了我們國際業務的成長情況，特別是我們在加拿大的擴張情況。

We remain very excited about the investments we're making in Canada, the United Kingdom and Germany and the response we're seeing from customers.

我們對在加拿大、英國和德國進行的投資以及客戶的反應仍然感到非常興奮。

This morning, I will provide brief updates and examples within our other 2 main investment areas: first, the steps we're taking to further develop our logistics network; and second, the investments we are making in headcount to improve our product and service offerings within our addressable market.

今天早上，我將提供我們其他兩個主要投資領域的簡要更新和範例：首先，我們為進一步發展物流網絡而採取的步驟；其次，我們對員工進行投資，以改善我們在目標市場中提供的產品和服務。

Each of these initiatives involves work across many different areas.

每一項舉措都涉及許多不同領域的工作。

But today, I will highlight inbound supply chain services, the outdoor category and design services as 3 specific examples of the broader work we are doing.

但今天，我將重點介紹入境供應鏈服務、戶外類別和設計服務，作為我們正在進行的更廣泛工作的 3 個具體範例。

Our proprietary logistics network continues to expand, reducing our reliance on third parties and enabling us over time to increase delivery speed, lower damage and costs and improve satisfaction for more and more of our customers.

我們的專有物流網路不斷擴大，減少了對第三方的依賴，使我們能夠隨著時間的推移提高交付速度，降低損壞和成本，並提高越來越多客戶的滿意度。

In North America, we are now operating 25 of our own last mile delivery facilities with the recent additions of Nashville and Portland, giving us coverage of 63% of our U.S. large parcel home deliveries and just under 40% of our Canadian large parcel home deliveries.

在北美，我們目前經營著25 個自己的最後一英里遞送設施，最近又新增了納許維爾和波特蘭，這使我們覆蓋了63% 的美國大包裹送貨上門和略低於40% 的加拿大大包裹送貨上門。

We're also continuing to take greater control of the middle mile of the delivery process.

我們也將繼續更好地控制交付過程的中間環節。

In June, approximately 90% of our U.S. large parcel orders flowed through the Wayfair-controlled middle mile network of consolidation centers, cross-docks and line-haul.

6 月份，我們大約 90% 的美國大包裹訂單都是透過 Wayfair 控制的集運中心、交叉轉運和長途運輸組成的中英里網路流轉。

These improvements across the Wayfair Delivery Network, or WDN, are enabling us to offer faster and more convenient deliveries for our customers.

Wayfair 配送網路 (WDN) 的這些改進使我們能夠為客戶提供更快、更方便的配送。

And our customer Net Promoter Scores for large parcel items reached an all-time high in the first half of this year, which is a great endorsement of the steps we are taking.

今年上半年，我們的大件包裹客戶淨推薦值達到了歷史新高，這是對我們所採取措施的極大認可。

Taking greater control of the various stages of our supply chain and logistics is a core part of our strategy.

更好地控制供應鏈和物流的各個階段是我們策略的核心部分。

One area where we are particularly focused on adding new services is the inbound supply chain.

我們特別關注增加新服務的領域之一是入境供應鏈。

This is the physical transportation of goods from the manufacturer's factory to our warehouse.

這是貨物從製造商工廠到我們倉庫的實體運輸。

This transportation lag can be costly and complex in our category, and we are taking further steps to increasingly coordinate the process on behalf of our suppliers.

在我們的品類中，這種運輸落後可能代價高昂且複雜，我們正在採取進一步措施，代表我們的供應商加強協調此流程。

This increased level of control is beneficial to suppliers, customers and Wayfair, as we can take cost out of the system, improve in-stock availability, increase fast delivery through smarter geographic positioning and free up suppliers to focus on their core areas of expertise, such as product design, sourcing and manufacturing.

這種控制水準的提高對供應商、客戶和Wayfair 都是有利的，因為我們可以降低系統成本，提高庫存可用性，透過更智慧的地理定位提高快速交付速度，並使供應商能夠專注於其核心專業領域，例如產品設計、採購和製造。

In 2017, we secured an NVOCC license from the Federal Maritime Commission in the United States.

2017年，我們獲得了美國聯邦海事委員會頒發的NVOCC許可證。

And this year, we secured similar licenses from the Ministry of Transport in China and the Canadian Border Services Agency.

今年，我們從中國交通部和加拿大邊境服務局獲得了類似的許可證。

These licenses enabled us to conduct a pilot in the first half of this year where we directly contracted with shipping companies on behalf of our suppliers in shipping containers of product from Asia to our CastleGate warehouse network in the United States.

這些許可證使我們能夠在今年上半年進行試點，代表我們的供應商直接與運輸公司簽訂合同，將產品從亞洲運輸到我們在美國的 CastleGate 倉庫網路。

Following the positive conclusion of the pilot, we are now offering these ocean freight services to a wider group of CastleGate suppliers, in addition to continuing to scale other inbound services, such as drayage and freight pickup.

在試點取得積極成果後，我們現在向更廣泛的 CastleGate 供應商群體提供這些海運服務，此外還繼續擴大其他入境服務，例如拖運和貨運提貨。

We are uniquely positioned to offer these services as, unlike third-party logistics providers, we are also the recipient of the inbound goods and have a vested interest in ensuring that we position those products as efficiently as possible across our CastleGate network to meet the demand we are seeing from our customers.

我們在提供這些服務方面擁有獨特的優勢，因為與第三方物流提供者不同，我們也是入境貨物的接收者，並且在確保我們在CastleGate 網路中盡可能高效地定位這些產品以滿足需求方面擁有既得利益。

As a result, we are developing a new supply chain visibility platform that we can offer suppliers, bring an integrated technology-based solution to processes that traditionally intermediaries have coordinated by e-mail or paper communications.

因此，我們正在開發一個新的供應鏈可見性平台，我們可以為供應商提供基於技術的整合解決方案，為傳統中介機構透過電子郵件或紙本通訊協調的流程帶來整合的解決方案。

This is a perfect example of what we can do with the power of almost 1,900 engineers and data scientists and a technology platform purpose-built for our business.

這是我們可以利用近 1,900 名工程師和資料科學家的力量以及專為我們的業務構建的技術平台所做的事情的完美示例。

By equipping suppliers with a simple yet comprehensive level of online trackability of goods in transit, we will enable them to grow even more quickly with us as our business scales.

透過為供應商提供簡單而全面的運輸途中貨物線上追蹤功能，我們將使他們能夠隨著我們業務的擴展而更快地與我們一起成長。

A further area of potential expansion that we are excited about is moving up the supply chain even further by providing the consolidation of goods in China, Vietnam and Malaysia.

我們感到興奮的另一個潛在擴張領域是透過在中國、越南和馬來西亞提供貨物整合，進一步提升供應鏈。

Approximately 2/3 of inbound volume to our U.S. CastleGate warehouses is container direct today.

目前，我們美國 CastleGate 倉庫大約 2/3 的入庫量是貨櫃直運。

When sending product to CastleGate from Asia, the economics of transportation typically make it cost prohibitive for suppliers to send product in containers that are only partially filled.

當從亞洲將產品發送到 CastleGate 時，運輸經濟性通常會使供應商使用僅部分裝滿的貨櫃發送產品的成本過高。

This effectively results in suppliers facing a minimum order quantity when shipping product to CastleGate.

這實際上導致供應商在將產品運送到 CastleGate 時面臨最低訂購量。

By moving closer to the source of supply in Asia, we can receive cargo earlier in the process, and so a single container with products from multiple suppliers, enabling suppliers to ship lower quantities of a given product to CastleGate on a cost-effective basis.

透過靠近亞洲的供應源，我們可以更早接收貨物，因此一個貨櫃內裝有來自多個供應商的產品，使供應商能夠以經濟高效的方式將少量的特定產品運送到 CastleGate。

This consolidation yields the further key benefit of enabling us to have a more diverse range of products in optimal quantities sent to the desired CastleGate facility in North America or Europe at the lowest cost.

這種整合帶來了進一步的關鍵優勢，使我們能夠以最低的成本將更多樣化的產品以最佳數量發送到北美或歐洲所需的 CastleGate 工廠。

We are just piloting the strategy at present, but we're excited by its future potential.

我們目前只是在試點該策略，但我們對其未來的潛力感到興奮。

The second main investment area that I want to turn to now are the steps that we are taking to grow share of wallet by deepening and broadening our value proposition to customers within the home category.

我現在想談的第二個主要投資領域是我們正在採取的步驟，透過深化和擴大我們對家居類別客戶的價值主張來增加錢包份額。

Last quarter, I highlighted, as an example, the work that our teams are doing in the bathroom vanities category.

上個季度，我強調了我們的團隊在浴室盥洗台類別中所做的工作作為一個例子。

This morning, I'll tell you about the efforts we are making to capture a greater share in the wider outdoor category.

今天早上，我將向您介紹我們在更廣泛的戶外類別中獲得更大份額所做的努力。

In Q2, the outdoor category has heightened appeal to our customers as they look to refresh their outdoor space with the arrival of spring.

第二季度，戶外類別對顧客的吸引力增強，因為他們希望隨著春天的到來刷新戶外空間。

Our business model has put us in a strong position to win share across this category.

我們的商業模式使我們處於有利地位，可以贏得這一類別的市場份額。

Brick-and-mortar retailers typically run a much shorter outdoor season in their stores than we can, principally due to their focus on optimizing use of floor space throughout the year.

實體零售商的商店戶外銷售季節通常比我們短得多，這主要是因為他們專注於全年優化地面空間的利用。

As an online business, we can offer customers a greater range of products over a longer period of the year than they would see in a retail store.

作為一家線上企業，我們可以在一年中更長的時間內為客戶提供比在零售店看到的更廣泛的產品。

Brick-and-mortar retailers must pick products well in advance of the start of the outdoor season that they predict will be most popular with customers in their short outdoor sales window.

實體零售商必須在戶外季節開始之前儘早挑選產品，他們預計這些產品將在短暫的戶外銷售窗口中最受顧客歡迎。

We are able to avoid the risk associated with this due to our business model where we take minimal inventory.

由於我們的業務模式採用最少的庫存，因此我們能夠避免與此相關的風險。

Instead, we work closely with suppliers to help them predict demand for their products on Wayfair, leveraging the vast customer data and analytics we have to help them become more comfortable preparing for a longer selling season than they would previously have worked to.

相反，我們與供應商密切合作，幫助他們預測 Wayfair 上產品的需求，利用我們擁有的大量客戶資料和分析來幫助他們更輕鬆地為比以前更長的銷售季節做好準備。

We also use data to help suppliers quickly react where we see popular trends or runs on specific items to ensure we avoid out-of-stocks and maximize sales.

我們還利用數據幫助供應商在看到流行趨勢或特定商品運行時快速做出反應，以確保我們避免缺貨並最大限度地提高銷售額。

Outdoor is a broad category and, as a result, is well suited to the endless aisle of products we can offer to customers.

戶外是一個廣泛的類別，因此非常適合我們為客戶提供的無數產品。

Outdoor furniture, such as dining tables and patio seating, proved to be an early success for us.

餐桌和露台座椅等戶外家具對我們來說是早期的成功。

And as we have scaled our business, we have seen attractive opportunities to offer customers a wider range of products, such as outdoor decor and outdoor structures.

隨著我們業務規模的擴大，我們看到了為客戶提供更廣泛產品的誘人機會，例如戶外裝飾和戶外結構。

Products in outdoor decor and structures can range from lower ticket, lower consideration items, such as garden ornaments and bird feeders, to higher-priced more considered items, such as sheds, gazebos, hot tubs and saunas.

戶外裝飾和結構產品的範圍包括從價格較低、考慮因素較低的產品（例如花園裝飾品和餵鳥器）到價格較高、考慮因素較多的產品（例如棚屋、涼亭、熱水浴缸和桑拿浴室）。

We are enjoying early success in these categories with, for example, over 13,000 gazebos and 7,000 hot tubs sold on our sites over the last 12 months, and we believe there is considerable opportunity to scale further.

我們在這些類別中取得了早期成功，例如，過去 12 個月在我們的網站上銷售了 13,000 多個涼亭和 7,000 個熱水浴缸，我們相信還有相當大的機會進一步擴大規模。

To accelerate our growth in these categories, we have been hiring new people to develop dedicated cross-functional teams across areas, including merchandising, marketing and engineering, as well as specialized customer service staff.

為了加速我們在這些類別的成長，我們一直在招募新員工來建立跨領域的專門跨職能團隊，包括銷售、行銷和工程，以及專業的客戶服務人員。

In outdoor structures and spa where products typically retail for thousands of dollars and where technical specifications are often critical to customers, we have invested in rich visual merchandising and product information to give customers the confidence to make informed purchase decisions.

在戶外建築和水療中心，產品的零售價通常高達數千美元，而且技術規格通常對客戶至關重要，我們投資於豐富的視覺行銷和產品訊息，讓客戶有信心做出明智的購買決定。

Delivery and installation are also critical parts of the overall customer experience in this category where products like a hot tub or sauna can have specific technical requirements and routinely weigh over 500 pounds.

交付和安裝也是該類別整體客戶體驗的關鍵部分，其中熱水浴缸或桑拿等產品可能有特定的技術要求，並且通常重量超過 500 磅。

We're continuing to enhance our offering in outdoor decor structures and spa as we build out our teams but are very pleased with the early response from customers with these 3 categories combined having an annual revenue run rate of over $150 million.

隨著我們組建團隊，我們將繼續增強我們在戶外裝飾結構和水療中心的產品，但我們對客戶的早期反應感到非常滿意，這 3 個類別的年收入總計超過 1.5 億美元。

We have a proven playbook for category expansion, and we are confident in our ability to give customers an experience that will lead the way in these and other categories.

我們擁有行之有效的品類擴展手冊，我們有信心為客戶提供引領這些品類和其他品類的體驗。

In addition to hiring great people to penetrate product categories like outdoor decor and structures, we are also hiring teams to enhance the services we offer our customers.

除了聘請優秀人才來滲透戶外裝飾和結構等產品類別外，我們還聘請團隊來增強我們為客戶提供的服務。

For my last topic today, I want to briefly highlight an exciting example of such a service, namely our design services offering, which launched last month.

對於今天的最後一個主題，我想簡要強調此類服務的一個令人興奮的範例，即我們上個月推出的設計服務產品。

We know that one of the top reasons customers leave our site without completing their purchase is that they are not confident in their own ability to pick something that will look fantastic.

我們知道，客戶在沒有完成購買的情況下離開我們網站的主要原因之一是他們對自己挑選看起來很棒的東西的能力沒有信心。

They struggle with the basic question of, is this the right piece and seek advice for confirmation.

他們糾結於這樣一個基本問題：這是否是正確的作品，並尋求建議以進行確認。

The aim of design services is to help customers achieve their vision for their home by connecting them with a friendly professional interior designer who can fully leverage our selection of over 10 million products to find exactly the right products to suit the customer's style.

設計服務的目標是透過將客戶與友善的專業室內設計師聯繫起來，幫助客戶實現他們的家居願景，後者可以充分利用我們精選的超過 1000 萬種產品，找到最適合客戶風格的產品。

With experienced and vetted interior designers and easy-to-use tools, we think there's a huge opportunity to make this process much easier and more fun for customers while also giving talented interior designers access to a steady stream of projects.

憑藉著經驗豐富且經過審查的室內設計師和易於使用的工具，我們認為有一個巨大的機會可以使客戶的這一過程變得更加輕鬆和有趣，同時也讓有才華的室內設計師能夠獲得源源不斷的項目。

For many of our customers, traditional interior design services are considered too expensive, and we have, therefore, built design packages that are priced to be much more accessible in either $79 or $149 each.

對於我們的許多客戶來說，傳統的室內設計服務被認為太昂貴，因此我們建造了更實惠的設計包，每個包為 79 美元或 149 美元。

Customers will work closely with an interior designer who has been vetted by us before joining our platform to create a mood board and shopping recommendations and at the $149 price point, a floor plan and rendered room view to help the customer visualize the final design in even more detail.

客戶將與經過我們審查的室內設計師密切合作，然後加入我們的平台，創建情緒板和購物建議，並以 149 美元的價格提供平面圖和渲染的房間視圖，以幫助客戶可視化最終設計更多詳情。

Customers and designers will be able to communicate online and by phone with the live interaction being a key part of the value proposition, enabling customers to comprehensively articulate their vision and for designers to efficiently build the best possible solution.

客戶和設計師將能夠透過線上和電話進行交流，即時互動是價值主張的關鍵部分，使客戶能夠全面闡明他們的願景，並使設計師能夠有效地建立最佳解決方案。

We're excited to test this offering with customers over Q3 and to further refine our proposition based on the responses we see from customers as uptake grows.

我們很高興在第三季與客戶一起測試此產品，並根據我們從客戶那裡看到的隨著使用量成長的反應進一步完善我們的主張。

We are taking a large number of steps across our business to bring customers the best possible offering in our category online, and we're thrilled with the response that we are seeing.

我們正在整個業務中採取大量措施，為客戶提供我們類別中最好的線上產品，我們對所看到的反應感到非常興奮。

We believe that the growth opportunity that lies ahead is considerable, and that we are ideally placed to keep winning with customers.

我們相信，未來的成長機會是巨大的，並且我們處於不斷贏得客戶的理想位置。

Now I'll turn the call over to Steve to talk about our approach to customer service and sales.

現在我將把電話轉給史蒂夫，談談我們的客戶服務和銷售方法。

Thanks, Niraj.

謝謝，尼拉吉。

On previous earning calls, we've spoken about centrality of technology in bringing our customers the best possible experience when shopping for the home from the home.

在先前的財報電話會議上，我們談到了科技在為客戶在家購物時提供最佳體驗方面的核心作用。

Today, I want to tell you more about the critical role that customer service plays in that experience.

今天，我想向您詳細介紹客戶服務在這種體驗中發揮的關鍵作用。

The home category has specific challenges when shopped online in giving customers the confidence to buy, and the absence of being able to touch and feel a product is often problematic.

在網上購物時，家居品類在讓顧客有購買信心方面面臨特定的挑戰，而且無法觸摸和感受產品往往會出現問題。

At Wayfair, we leverage technology such as Search with Photo, View in Room 3D and Day of Delivery Tracking, to make it as easy as possible for customers to shop our category online.

在 Wayfair，我們利用照片搜尋、房間 3D 視圖和交貨日期追蹤等技術，讓客戶盡可能輕鬆地在線購買我們的類別。

We believe that alongside technology, our award-winning customer service team plays a key role in bringing customers the end-to-end support that differentiates us in the market.

我們相信，除了技術之外，我們屢獲殊榮的客戶服務團隊在為客戶提供端到端支援方面發揮關鍵作用，使我們在市場上脫穎而出。

The ability to speak with a member of our customer service team, whether it's on the installation of a chandelier or the delivery of a bunk bed, can often be a key part of the customer's experience with us.

能夠與我們的客戶服務團隊成員交談，無論是安裝吊燈還是運送雙層床，通常都是客戶體驗的關鍵部分。

We combined both technology and customer service to achieve this in a way that has been central to our success as a business.

我們將技術和客戶服務結合起來，以一種對我們企業成功至關重要的方式來實現這一目標。

When Niraj and I started this business, we would answer customer calls, and new hires would do this when they joined the company.

當尼拉吉和我開始這項業務時，我們會接聽客戶的電話，新員工加入公司時也會這樣做。

This has remained a core part of our DNA, with all the new hires joining Wayfair in Boston today still listening to real customer calls on their first day with the company.

這仍然是我們 DNA 的核心部分，今天加入波士頓 Wayfair 的所有新員工在加入公司的第一天仍然在傾聽真實的客戶電話。

Technology is central to our business and to our competitive advantage, but staying as close as possible to the customer is the driver of our success and our culture.

科技是我們業務和競爭優勢的核心，但盡可能貼近客戶是我們成功和文化的驅動力。

We have built a team of over 2,300 customer service and sales staff across 7 locations in the U.S. and 2 in Europe.

我們在美國 7 個地點和歐洲 2 個地點建立了一支由 2,300 多名客戶服務和銷售人員組成的團隊。

All of the team are Wayfair employees rather than outsourced, enabling us to build a depth of expertise in the team and a true sense of caring for the customer that is key in our category.

所有團隊都是 Wayfair 員工而不是外包員工，這使我們能夠在團隊中建立深厚的專業知識以及真正關心客戶的意識，這在我們的類別中至關重要。

We give customer service agents the autonomy to handle complex issues and do what is best for the customer, avoiding the scripts and red tape that often get in the way of delivering the best results in a timely manner.

我們賦予客戶服務代理處理複雜問題的自主權，並為客戶提供最好的服務，避免經常妨礙及時交付最佳結果的腳本和繁文縟節。

This customer-centric approach resonates strongly with our team as seen through our recent employee engagement survey with 93% of our sales and service employees feeling empowered to solve customer problems.

從我們最近的員工敬業度調查中可以看出，這種以客戶為中心的方法與我們的團隊產生了強烈的共鳴，93% 的銷售和服務員工感到自己有能力解決客戶問題。

We have invested in building support teams across the customer journey from presales support through day of delivery.

我們投資建立了從售前支援到交付日的整個客戶旅程中的支援團隊。

As our business has grown, we have scaled the number of people in our sales team with specialized product knowledge to ensure that we can provide the product expertise that our shoppers require.

隨著我們業務的發展，我們擴大了銷售團隊中具有專業產品知識的人員數量，以確保我們能夠提供購物者所需的產品專業知識。

Matching a shopper who is exploring a more complex product category with a product specialist with deep knowledge of this space enables us to equip customers with the confidence that is integral to making an informed purchase decision.

將正在探索更複雜產品類別的購物者與對該領域有深入了解的產品專家相匹配，使我們能夠讓客戶充滿信心，從而做出明智的購買決定。

Our data science enables routing technology, ensures that when these customers call us, they are connected instantly to experts in the categories they're shopping for, avoiding the frustrating phone menu selections to fight through before they are connected to a live person.

我們的數據科學支援路由技術，確保當這些客戶致電我們時，他們會立即連接到他們所購買類別的專家，從而避免在連接到現場人員之前需要進行令人沮喪的電話選單選擇。

For orders with complex issues that can't be resolved on the first contact or through our extensive self-service options, we provide customers with a dedicated service consultant to handle their order issues until the problem is fully resolved.

對於存在複雜問題且無法在第一次聯繫或透過我們廣泛的自助服務選項解決的訂單，我們為客戶提供專門的服務顧問來處理他們的訂單問題，直到問題完全解決。

Our proprietary technology and analytics provide our team members with extensive data insights on customer orders and allow them to intervene proactively when issues surface, such as delays in transit or back-ordered items.

我們的專有技術和分析為我們的團隊成員提供了有關客戶訂單的廣泛數據洞察，並使他們能夠在出現問題（例如運輸延誤或缺貨商品）時主動幹預。

Our testing has shown this proactive outreach can raise customer NPS significantly compared to situations in which issues are not managed proactively for customers.

我們的測試表明，與不主動為客戶管理問題的情況相比，這種主動外展可以顯著提高客戶 NPS。

Finally, delivery is often a source of anxiety for customers and an area that we believe has been overlooked historically in our category, as other players have not had the national scale or customer focus necessary to build the best possible delivery experience.

最後，送貨往往是客戶焦慮的一個根源，我們認為這個領域在我們的類別中歷來被忽視，因為其他參與者沒有建立盡可能最佳的送貨體驗所需的全國規模或客戶關注點。

In the geographies where we have established our own last mile delivery agents, customers can use Day of Delivery Tracking on their mobile device to track the expected arrival of their items.

在我們建立了自己的最後一哩送貨代理的地區，客戶可以在其行動裝置上使用送貨日追蹤來追蹤其物品的預期到達時間。

Additionally, in each of these locations, there's a home delivery consultant that customers can speak with live to find out more about their delivery and resolve any issues they may have.

此外，在每個地點，都有一名送貨上門顧問，客戶可以與客戶現場交談，以了解有關送貨的更多資訊並解決他們可能遇到的任何問題。

Coupling leading technology with the ability to speak with informed and empowered members of our customer service team puts us in an ideal position to bring customers a great experience throughout.

將領先的技術與與我們的客戶服務團隊中知情且有權的成員交談的能力相結合，使我們處於一個理想的位置，可以為客戶帶來全程的良好體驗。

I will now turn the call over to Michael to discuss our Q2 financials in more detail.

我現在將把電話轉給邁克爾，更詳細地討論我們第二季的財務狀況。

Thanks, Steve, and good morning, everyone.

謝謝史蒂夫，大家早安。

I will now provide some highlights of the key financial information for the quarter with more detailed information available in our earnings release and in our investor presentation on our IR site.

現在，我將提供本季度主要財務資訊的一些要點，並在我們的收益發布和投資者關係網站上的投資者介紹中提供更詳細的資訊。

In Q2, our Direct Retail business increased 49% year-over-year to $1,641,000,000, representing year-over-year dollar growth of approximately $540 million.

第二季度，我們的直營零售業務年增 49%，達到 16.41 億美元，相當於年增約 5.4 億美元。

Our total net revenue increased 47% year-over-year to $1,655,000,000.

我們的總淨收入年增 47%，達到 1,655,000,000 美元。

We're delighted with the dollar growth in revenue that we are seeing.

我們對所看到的收入美元增長感到高興。

As Niraj mentioned earlier, Way Day added further strength to our Q2 results, and we're excited to develop this event further for customers and suppliers next year.

正如 Niraj 之前提到的，Way Day 進一步增強了我們第二季的業績，我們很高興明年能夠為客戶和供應商進一步發展這項活動。

Our KPIs, which we report on a consolidated global basis, showcased the extremely strong response we're seeing from our customers with many KPIs reaching all-time highs.

我們在全球範圍內綜合報告的 KPI 展示了我們從客戶那裡看到的極其強烈的反應，其中許多 KPI 達到了歷史最高水平。

In addition to our active customer base growing by 34% year-over-year in Q2, purchase frequency, as measured by LTM orders per active customer, grew for the seventh consecutive quarter to a new high of 1.82.

除了第二季我們的活躍客戶群年增 34% 外，以每位活躍客戶的 LTM 訂單衡量的購買頻率連續第七個季度增長至 1.82 的新高。

And orders from repeat customers grew by over 60% in Q2 year-over-year.

第二季回頭客訂單年增超過 60%。

Turning now to our U.S. business.

現在轉向我們的美國業務。

Direct Retail net revenue increased to $1,397,000,000 in Q2, up 43% year-over-year, representing year-over-year dollar growth in the quarter of approximately $420 million.

第二季直接零售淨收入增至 13.97 億美元，年增 43%，意味著該季度年增約 4.2 億美元。

Direct Retail net revenue from our international businesses in Canada, the U.K. and Germany collectively increased to $244 million, up $118 million versus Q2 last year.

我們在加拿大、英國和德國的國際業務的直接零售淨收入總計增至 2.44 億美元，比去年第二季增加 1.18 億美元。

Our offer is resonating with customers in international markets, and we're very pleased with the market share we're taking as a result of our long-term investments outside the U.S.

我們的產品引起了國際市場客戶的共鳴，我們對美國以外的長期投資所佔據的市場份額感到非常滿意。

I'll share the remaining financials on a non-GAAP basis, excluding the impact of equity-based compensation and related taxes, which totaled $32 million in Q2 2018.

我將按照非 GAAP 基礎分享剩餘的財務數據，不包括基於股權的薪酬和相關稅費的影響，2018 年第二季度總計 3,200 萬美元。

For a reconciliation of GAAP to non-GAAP reporting, please refer to our earnings release on the IR site.

有關 GAAP 與非 GAAP 報告的調節，請參閱我們在 IR 網站上發布的收益報告。

Our gross profit for the quarter, which is net of all product costs, delivery and fulfillment expenses, was $386 million or 23.3% of net revenue, consistent with our near-term expectations for gross margins in the 23% to 24% range.

我們本季的毛利（扣除所有產品成本、交付和履行費用）為 3.86 億美元，佔淨收入的 23.3%，與我們對毛利率 23% 至 24% 的近期預期一致。

We're continuing to see attractive opportunities to invest ad dollars behind the healthy conversion and repeat rates our customers are demonstrating.

我們繼續看到在客戶展示的健康轉換率和重複率背後投資廣告資金的誘人機會。

Q2 advertising spend of $178 million or 10.7% of net revenue represents year-over-year leverage of over 30 basis points, as we invest in engaging both new and repeat customers and benefit from a growing base of repeat customers who require a lower level of ad spend per dollar of revenue.

第二季的廣告支出為1.78 億美元，佔淨收入的10.7%，年比槓桿率超過30 個基點，因為我們投資於吸引新客戶和回頭客，並受益於不斷增長的回頭客群體，他們需要較低的水平每美元收入的廣告支出。

As a reminder, the year-over-year leverage we delivered is despite the negative mix shift impact from our international business, which runs at a higher ad spend as a percentage of revenue due to its lower base of repeat customers and continues to outpace the revenue growth of the U.S. business and take share.

提醒一下，儘管我們的國際業務對組合轉變產生了負面影響，但我們仍實現了同比槓桿率，由於其回頭客基數較低，廣告支出佔收入的比例較高，並且繼續超過美國業務收入增長並佔據份額。

Looking out to Q3, we're comfortable leaning in on ad spend, while maintaining our overall 1-year contribution margin payback target, given the ongoing strength we're seeing in our customer KPIs.

展望第三季度，考慮到我們在客戶關鍵績效指標 (KPI) 中看到的持續強勁勢頭，我們放心地傾向於廣告支出，同時維持我們的整體 1 年邊際貢獻回報目標。

We, therefore, expect overall ad spend as a percentage of net revenue to increase sequentially in Q3 versus Q2, as it did last year, while still showing a modest amount of year-over-year leverage compared to the 11.8% level of Q3 last year.

因此，我們預計第三季整體廣告支出佔淨收入的百分比將比第二季度連續增長，就像去年一樣，同時與去年第三季 11.8% 的水平相比，仍顯示出適度的同比槓桿率年。

Our non-GAAP selling, operations technology and G&A expenses are driven primarily by compensation costs and in Q2, totaled $211 million.

我們的非 GAAP 銷售、營運技術和一般行政費用主要由薪資成本驅動，第二季總計 2.11 億美元。

As I highlighted in detail on our last earnings call, we are continuing our ramped-up hiring across the business as we invest further based on the results we are seeing in our 3 main investment areas of building out our international capabilities, developing our proprietary logistics network and increasing our penetration of categories and services where we have historically under-indexed.

正如我在上次財報電話會議上詳細強調的那樣，我們將繼續在整個業務範圍內增加招聘，同時我們將根據我們在建立國際能力、發展我們的專有物流這三個主要投資領域所看到的結果進一步投資。

Our KPIs have strengthened further in the first half of 2018, and we feel extremely bullish about how the customer is responding to the investments we're making.

我們的 KPI 在 2018 年上半年進一步加強，我們對客戶對我們所做投資的反應非常樂觀。

Hiring truly great people is central to this long-term approach to growth, and we are taking a high conviction approach to building talent across our business.

僱用真正優秀的人才是長期成長方式的核心，我們正在採取堅定的信念來培養整個業務的人才。

In the second quarter, we added 960 net new employees for a total of 9,713 employees as of June 30, 2018.

截至 2018 年 6 月 30 日，第二季淨新增員工 960 名，員工總數為 9,713 名。

Approximately 650 of the net new employees in Q2 were in OpEx areas, such as marketing, merchandising, operations and technology, similar to the numbers we added in Q1.

第二季淨新員工中約有 650 名來自營運支出領域，例如行銷、銷售、營運和技術，與我們在第一季新增的數字類似。

Our employer brand is showing great strength as awareness of our business and the careers we offer has grown.

隨著人們對我們的業務和我們提供的職業的認識不斷提高，我們的雇主品牌正展現出強大的實力。

In the first half of this year, we added over 1,300 net new employees in these areas compared with less than 900 in the whole of 2017.

今年上半年，我們在這些領域淨增加了 1,300 多名新員工，而 2017 年全年還不到 900 名。

And following the considerable success of our campus recruiting activities this year, we expect that Q3 net adds in these areas will remain at the elevated levels seen in Q1 and Q2 of this year.

隨著今年校園招募活動取得巨大成功，我們預計第三季這些領域的淨新增人數將維持在今年第一季和第二季的較高水準。

The incredible success of our recent hiring has allowed us to secure top-notch talent at a faster pace than we imagined at the beginning of the year.

我們最近的招募取得了令人難以置信的成功，使我們能夠以比年初想像的更快的速度獲得頂尖人才。

As a result of this higher-than-expected level of hiring in the first 3 quarters of the year, we expect that many of our initiatives will be appropriately staffed, and we, therefore, anticipate a sizable sequential step-down in hiring in Q4.

由於今年前三個季度的招募水準高於預期，我們預計我們的許多措施都將配備適當的人員，因此，我們預計第四季度的招募規模將大幅下降。

We think the step-down will be to a new, more normalized growth level, which will then lead to sequential OpEx leverage showing up in the financials as we move through 2019.

我們認為，降級將達到一個新的、更正常化的成長水平，這將導致營運支出槓桿在 2019 年的財務數據中出現。

These new hires take time to on-board and ramp up, and many of them are focused on medium- and longer-term initiatives within our 3 main investment areas that will not contribute meaningfully to revenue right away.

這些新員工需要時間來入職和提升，其中許多人專注於我們 3 個主要投資領域內的中長期計劃，這些計劃不會立即對收入做出有意義的貢獻。

This accelerated headcount growth will, therefore, weigh on our near-term profitability, but we believe they are the right investments to make given the scale of the opportunity we see ahead of us, the success we have seen to date with the prior investments we've made and the positive reaction we are seeing from our customers.

因此，員工人數的加速成長將影響我們的近期獲利能力，但考慮到我們所看到的機會規模以及迄今為止我們先前的投資所取得的成功，我們相信這是正確的投資。並且我們從客戶那裡看到了積極的反應。

Across our strategic priorities, we have always invested in a way that best serves our customers over the long term, and we do not attempt to match spending in a particular quarter with revenue in that quarter.

在我們的策略重點中，我們始終以最能長期為客戶服務的方式進行投資，我們不會試圖將特定季度的支出與該季度的收入相匹配。

This approach has served us incredibly well historically, and we would not be adding to our employee base at these levels if we weren't incredibly bullish about their ability to help us continue capturing share of the approximately $600 billion total addressable market we see ahead of us.

這種方法在歷史上為我們提供了令人難以置信的良好服務，如果我們不是非常看好他們有能力幫助我們繼續佔領我們預計的約6000 億美元的潛在市場份額，我們就不會增加這些級別的員工基礎。

Turning to our logistics investment.

轉向我們的物流投資。

The build-out of our CastleGate and WDN facilities in the U.S. and internationally puts us in a strong position for continued growth.

我們在美國和國際上擴建 CastleGate 和 WDN 設施使我們處於持續成長的有利地位。

It does mean that unutilized rent continues to weigh on our P&L in the $5 million to $8 million range per quarter in OpEx.

這確實意味著未使用的租金繼續對我們的損益產生壓力，營運支出每季在 500 萬至 800 萬美元之間。

Adjusted EBITDA for Q2 2018 was negative $35 million or negative 2.1% of net revenue.

2018 年第二季調整後 EBITDA 為負 3,500 萬美元，即淨收入的負 2.1%。

Adjusted EBITDA for the U.S. business in Q2 was $7 million.

第二季美國業務調整後 EBITDA 為 700 萬美元。

And adjusted EBITDA for the international business was negative $42 million, as we continue to invest in our 3 international countries.

隨著我們繼續在 3 個國際國家進行投資，國際業務的調整後 EBITDA 為負 4,200 萬美元。

Non-GAAP free cash flow for the quarter was negative $8 million based on net cash from operating activities of $48 million and capital expenditures of $56 million.

基於營運活動淨現金 4,800 萬美元及資本支出 5,600 萬美元，本季非 GAAP 自由現金流為負 800 萬美元。

CapEx spending was 3.3% of net revenue for Q2.

第二季資本支出佔淨收入的 3.3%。

For Q3, we expect CapEx to be 3% to 4% of net revenue.

對於第三季度，我們預計資本支出將佔淨收入的 3% 至 4%。

As of June 30, 2018, we had approximately $585 million of cash, cash equivalents and short- and long-term investment.

截至2018年6月30日，我們擁有約5.85億美元的現金、現金等價物以及短期和長期投資。

Before I turn to guidance for the third quarter, I want to briefly revisit our second quarter performance to provide some additional context.

在討論第三季的指導之前，我想簡要回顧一下我們第二季的業績，以提供一些額外的背景資訊。

As Niraj mentioned earlier, at approximately $540 million of year-over-year growth, the second quarter represented the largest year-over-year Direct Retail dollar growth in our company's history despite a stronger comp in Q2 of last year.

正如 Niraj 先前提到的，儘管去年第二季度的業績表現強勁，但第二季度的直接零售美元同比增長約為 5.4 億美元，是我們公司歷史上最大的同比增長。

Part of this outstanding result was driven by our first-ever Way Day event in the U.S. and Canada in April, which resulted in the largest single revenue day in our history.

這一出色業績的部分原因是四月份我們在美國和加拿大舉辦的首次 Way Day 活動，該活動創造了我們歷史上最大的單日收入。

For Q3 quarter-to-date, our growth in Direct Retail gross revenue is back to running at a more normalized level of approximately 40%.

從第三季至今，我們的直接零售總收入成長恢復到約 40% 的更正常水準。

Setting guidance is always a difficult task given our rate of growth, and predicting the exact timing of the payoff from various initiatives adds an additional layer of complexity.

考慮到我們的成長率，制定指導始終是一項艱鉅的任務，而預測各種舉措帶來回報的確切時間又增加了一層複雜性。

The guidance we're giving for Q3 reflects that and our desire to be prudent when forecasting our mass-market consumer business where the customer has to show up every day.

我們為第三季提供的指導反映了這一點，以及我們在預測客戶每天都必須出現的大眾市場消費業務時保持謹慎的願望。

For Q3 2018, we forecast Direct Retail net revenue of $1.61 billion to $1.645 billion, a growth rate of approximately 36% to 39% year-over-year and representing year-over-year Direct Retail dollar growth of approximately $450 million.

對於 2018 年第三季度，我們預測直接零售淨收入為 16.1 億美元至 16.45 億美元，年成長率約為 36% 至 39%，代表直接零售美元年增約 4.5 億美元。

Within that, we expect U.S. Direct Retail year-over-year growth in the range of 34% to 36% and international Direct Retail year-over-year growth in the range of 50% to 60%.

其中，我們預計美國直營零售年成長將在 34% 至 36% 之間，國際直營零售年成長將在 50% 至 60% 之間。

We forecast other revenue to be between $13 million to $17 million, for total net revenue of $1.623 billion to $1.662 billion for the third quarter.

我們預計第三季其他營收將在 1,300 萬美元至 1,700 萬美元之間，淨收入總額為 16.23 億美元至 16.62 億美元。

For consolidated adjusted EBITDA, we forecast margins of negative 3.7% to negative 4% for Q3 2018.

對於合併調整後 EBITDA，我們預測 2018 年第三季的利潤率為負 3.7% 至負 4%。

We expect international adjusted EBITDA to be negative $45 million to negative $50 million in Q3 as we continue to add resources and ad spend in Canada, the U.K. and Germany.

隨著我們繼續增加加拿大、英國和德國的資源和廣告支出，我們預計第三季國際調整後 EBITDA 將為負 4,500 萬美元至負 5,000 萬美元。

In the U.S. business, we expect to deliver adjusted EBITDA margin of approximately negative 1% as we invest primarily in headcount to build continued scale in our primary market.

在美國業務中，我們預計調整後的 EBITDA 利潤率約為負 1%，因為我們主要投資於員工隊伍，以在我們的主要市場上建立持續的規模。

As I highlighted earlier, we expect the rate of hiring to continue at elevated levels in Q3, and this will weigh on Q3 profitability, before an expected sequential reduction in the rate of hiring in Q4 as we both slow the pace of hiring substantially and start to see the leverage of the larger employee base faced off on our many growth initiatives.

正如我之前強調的那樣，我們預計第三季度的招聘率將繼續保持較高水平，這將影響第三季度的盈利能力，然後第四季度的招聘率預計將連續下降，因為我們大幅放慢了招募速度並開始看看更大的員工基礎對我們許多成長計畫的影響力。

We remain incredibly bullish about our business, both in the near term and long term.

無論是短期還是長期，我們仍然對我們的業務非常樂觀。

The investments we have been making to bring our customers the best possible offering are clearly working with strength across our customer KPIs and our market share growing, as a result.

我們為給客戶提供最好的產品而進行的投資顯然與我們的客戶關鍵績效指標 (KPI) 相得益彰，因此我們的市場份額不斷增長。

We plan to continue investing in these strategic priorities and are excited by the scale of the opportunity that we see in front of us and our ability to keep winning as we go after it.

我們計劃繼續投資於這些戰略重點，並對我們面前的機會規模以及我們在追求機會時不斷獲勝的能力感到興奮。

For modeling purposes for Q3 2018, please assume equity-based compensation and related tax expense of approximately $36 million to $38 million, average weighted shares outstanding of 89.8 million and depreciation and amortization of approximately $32 million to $34 million.

為了對2018 年第三季進行建模，請假設基於股權的薪酬和相關稅務費用約為3,600 萬至3,800 萬美元，平均加權已發行股票為8,980 萬股，折舊和攤提約為3,200 萬至3,400萬美元。

Now let me turn the call over to Niraj before we take your questions.

現在，在回答您的問題之前，讓我將電話轉給 Niraj。

Thanks, Michael.

謝謝，麥可。

Steve and I are very excited about the growth of our business this year and the position that we have put ourselves in to take advantage of the opportunity we see ahead of us, both in the U.S. and internationally.

史蒂夫和我對今年我們業務的成長以及我們為利用我們在美國和國際上看到的機會而所處的位置感到非常興奮。

We are extremely proud of our growing team of almost 10,000 people and the initiatives they are driving to bring customers a terrific experience when shopping for the home online.

我們為我們不斷壯大的近 10,000 人團隊以及他們所推動的舉措感到非常自豪，這些舉措旨在為客戶在線購物時帶來絕佳的體驗。

Dollars in the home category are continuing to move online, and we believe we can keep taking an outsized share by delivering the best customer experience with vast selection, inspiring visual merchandising, fast and convenient delivery and world-class customer service.

家居類別的收入繼續向線上轉移，我們相信，透過提供最佳的客戶體驗、豐富的選擇、鼓舞人心的視覺行銷、快速便捷的交付和世界一流的客戶服務，我們可以繼續佔據巨大的份額。

With that, I'll now ask the operator to open up the line, so we can answer a few of your questions.

現在，我將要求接線員開通線路，以便我們可以回答您的一些問題。

(Operator Instructions) And your first question comes from the line of Peter Keith with Piper Jaffray.

（操作員說明）您的第一個問題來自 Peter Keith 和 Piper Jaffray 的線路。

Congrats on another good quarter.

恭喜又一個美好的季度。

I wanted just to ask a bigger-picture question around free cash flow.

我只是想問一個有關自由現金流的宏觀問題。

I know that you guys have historically guided the business that you want to achieve positive free cash flow on an annualized basis and, clearly, you've made some very successful logistics investments, but you're looking at, probably, your third year in a row of negative free cash flow.

我知道你們歷來指導企業希望在年化基礎上實現正的自由現金流，並且顯然你們已經進行了一些非常成功的物流投資，但你們可能正在考慮你們的第三年連續出現負自由現金流。

Just thinking forward, as you're building out China, do you feel like you're now sort of past that CapEx ramp such that if free cash flow -- positive free cash flow will begin to flow?

展望未來，當你在中國建設時，你是否覺得你現在已經過了資本支出的成長階段，如果自由現金流——正自由現金流將開始流動？

Or do you feel like logistics are still building and getting good returns, and so it will push that free cash flow target out further?

或者您認為物流仍在建設並獲得良好的回報，因此它將進一步推動自由現金流目標？

Pete, it is Michael.

皮特，這是麥可。

Let me start, and maybe Niraj may want to add.

讓我開始吧，也許 Niraj 可能想補充一下。

I think that you've seen the -- the CapEx growth, it's sort of accelerated for a while.

我認為您已經看到了資本支出的成長，它在一段時間內有所加速。

I think now we're sort of at that sort of running sort of solidly 3%-ish of revenue.

我認為現在我們的收入穩定在 3% 左右。

And I think we've guided again this quarter to sort of run at that.

我認為我們在本季度再次指導了這一點。

There's clearly a set of ongoing CapEx investments we're making as we continue to sort of expand and build out the logistics network.

隨著我們繼續擴大和建立物流網絡，我們顯然正在進行一系列資本支出投資。

But remember, we went through this period where we like had this intense sort of build it first instance, right, sort of get the first thing built.

但請記住，我們經歷了這個時期，我們喜歡首先進行這種激烈的構建，對，有點構建第一個東西。

And it went from 0, no CapEx, to sort of building it.

它從 0、無資本支出，到建構它。

I think we're through that phase.

我認為我們已經度過了這個階段。

Now we're adding on to it.

現在我們正在添加它。

And obviously, the scale of the business has grown dramatically during that time frame.

顯然，業務規模在這段時間內急劇成長。

So the CapEx dollars, even though they've grown some, versus the sort of overall scale of the business and what the business can generate are quite different.

因此，儘管資本支出有所增長，但與業務的整體規模和業務所能產生的收入相比，還是有很大不同的。

I do think we're still on a path over time to free cash flow breakeven and then positive.

我確實認為，隨著時間的推移，我們仍然走在自由現金流盈虧平衡、然後正值的道路上。

That's still the goal.

這仍然是目標。

But as you can see in this quarter and our guide for next quarter and the things we're trying to invest in, we're going to always balance that with making the right long-term investments for the business.

但正如您在本季度和我們下季度的指南以及我們試圖投資的事物中看到的那樣，我們將始終在這一點與為業務進行正確的長期投資之間取得平衡。

I don't know if Niraj wants to comment on China and some of the other rollout.

我不知道尼拉吉是否想對中國和其他一些項目發表評論。

I guess, the thing I would comment on, China, what we would do in China is not going to be particularly CapEx-intensive.

我想，我要評論的是，中國，我們在中國所做的事情不會是特別資本支出密集的。

The operations that are more CapEx-intensive tend to be ones that have more automated sortation, things like that.

資本支出更密集的操作往往是具有更多自動化排序的操作，諸如此類。

Those tend to be integrated in with the transportation, whereas in China, what you -- you have warehousing, but you're effectively building full containers, you're doing [break] bulk of truckload, and that's more manual.

這些往往與運輸結合在一起，而在中國，你有倉儲，但你正在有效地建造完整的集裝箱，你正在[打破]大量卡車裝載，這更多是手動的。

What I would say is -- the other thing to think about, I wouldn't think about free cash flow as being entirely a function of kind of CapEx side of fulfillment.

我想說的是——另一件需要考慮的事情是，我不會認為自由現金流完全是資本支出履行的函數。

Also, just keep in mind, when you think about rate of growth, you think of the 20% variable contribution margin, you think of the flow-through into EBITDA, we believe we can grow at a significant rate on an ongoing basis.

另外，請記住，當您考慮成長率時，您會想到 20% 的可變貢獻邊際，您會想到 EBITDA 的流入，我們相信我們可以持續以顯著的速度成長。

And so you -- if you give it $1 growth, you see that continuing to build.

所以，如果你給它 1 美元的成長，你會看到它繼續成長。

And while in this recent period, we've ramped headcount -- Michael made some comments also about headcount, how it's going to moderate the hiring as we get to the end of this year.

雖然在最近一段時間裡，我們增加了員工人數——麥可也對員工人數發表了一些評論，以及今年年底我們將如何調整招募規模。

And so what you'll see is you'll see leverage on that line, and, you know, the flow through EBITDA, that will also create cash flow as you roll forward.

所以你會看到的是，你會看到這條線上的槓桿，而且，你知道，透過 EBITDA 的流量，隨著你的滾動，這也會創造現金流。

Okay, very good.

好的，非常好。

And just maybe to close it out, on the logistics, could you just give us a quick update on some of the metrics in terms of like how many millions of square feet you now have with CastleGate?

最後，在物流方面，您能否給我們一些指標的快速更新，例如您現在擁有 CastleGate 的數百萬平方英尺？

And with WDN, I think you said 25 facilities.

對於 WDN，我想您說的是 25 個設施。

Can you remind us on where you're targeted by year-end?

您能提醒我們年底前的目標是什麼嗎？

Yes.

是的。

The square footage number hasn't changed dramatically this quarter because we didn't open any big boxes and we continue to add the smaller footprint DAs.

本季的平方英尺數沒有顯著變化，因為我們沒有打開任何大盒子，並且我們繼續添加佔地面積較小的 DA。

So I think the last number -- I'm just trying to find -- the last number we gave was 8 million square feet in total or something like that, and that number is still good.

所以我認為最後一個數字——我只是想找到——我們給出的最後一個數字總共是 800 萬平方英尺或類似的數字，這個數字仍然不錯。

In terms of the delivery agents, the DAs, the 25 number, we're continuing to expand markets.

在交付代理商、DA、25 個數量方面，我們正在繼續擴大市場。

Ballpark, think of it as 1 to 2 a month as an average.

大概，平均每月 1 到 2 次。

We mentioned this quarter we had 2 that rolled out this quarter, so it's not exactly 1 to 2 every month.

我們提到本季我們推出了 2 個產品，所以不是每月 1 到 2 個。

But we continue to roll those out.

但我們會繼續推出這些產品。

Remember, those are fairly small buildings.

請記住，這些建築相當小。

And we've done most of the major markets.

我們已經完成了大部分主要市場。

We're kind of onto secondary markets.

我們有點進入二級市場。

But when we do get to roll them out, it's a significant benefit because of the jump in Net Promoter Score, and we have the density to the -- when you look at a unit cost of a delivery, we have the density to make that work, so we're going to continue to roll those out.

但是，當我們確實推出它們時，這是一個顯著的好處，因為淨推薦值的躍升，而且我們有密度——當你考慮交付的單位成本時，我們有密度來實現這一點工作，所以我們將繼續推出這些。

Your next question comes from the line of John Blackledge with Cowen.

你的下一個問題來自約翰·布萊克利奇和考恩​​的對話。

A couple of questions on the guide and then a question on the logistics.

關於指南的幾個問題，然後是關於物流的問題。

So on the guide, the modestly negative U.S. EBITDA in 3Q being driven by higher headcount, Michael, could you just discuss the accelerated headcount growth?

因此，在指南中，第三季度美國 EBITDA 略有負值是由員工數量增加推動的，邁克爾，您能討論一下員工數量的加速增長嗎？

What areas again?

又是哪些領域？

And then the international revenue guide, I think I heard plus 50% to plus 60%.

然後是國際收入指南，我想我聽說過加50%到加60%。

Is the decel from kind of 2Q, 1Q levels?

減速是來自 2Q、1Q 等級嗎？

Just kind of any color there, Way Day impacts kind of skewing the growth rate for international in 3Q.

無論哪種顏色，Way Day 都會影響第三季國際市場的成長率。

And then for Niraj, on the discussion on inbound supply chain investments, how long will it take to ramp this program?

然後，對於 Niraj 來說，關於入境供應鏈投資的討論，該計劃需要多長時間才能啟動？

And are you aware of any competitors that's kind of taking this approach?

您是否知道有哪些競爭對手正在採取這種方法？

Great.

偉大的。

I'll start.

我開始吧。

On the guide and the headcount growth, as we talked about -- and you can refer back to last quarter's call because we kind of went in-depth there and decided not to do it again this time, but we are really hiring across all areas of the business.

關於指南和員工人數成長，正如我們所討論的，您可以參考上個季度的電話會議，因為我們對此進行了深入研究，並決定這次不再這樣做，但我們確實在所有領域進行招聘的業務。

Obviously, there's sort of key critical areas like engineering where we've had really good growth in that team, and we'll continue to do that.

顯然，在工程等關鍵領域，我們的團隊取得了非常好的成長，我們將繼續這樣做。

And the thing I'd point out is that we had a -- we really have been able to sort of find the type of talent, and we've built the recruiting team to sort of find the type of talent we want in a faster way than, I think, we anticipated at the very beginning of the year.

我要指出的是，我們確實能夠找到人才類型，並且我們已經建立了招募團隊，可以更快地找到我們想要的人才類型。

And so though it's accelerated, and I'm using those words, it's -- what we're really doing is we've been able to do what we were trying to do over 4 quarters in, really, 3 quarters.

因此，儘管它正在加速，我使用這些詞，但我們真正在做的是，我們已經能夠在 3 個季度內完成我們在 4 個多季度裡試圖做的事情。

And so we'll continue to hire a substantial number of people in Q4, but it will be a lower number than it was in Q1, Q2 and now Q3.

因此，我們將在第四季繼續僱用大量員工，但數量將低於第一季、第二季和現在的第三季。

And I think, in part, that's because people, across the spectrum of the folks we're looking for, right, great operations people, great merchandise people, great marketing folks, great engineering folks, the talent that we have been able to add to the team, when you start to look at the profiles and backgrounds of these folks, has been stellar.

我認為，部分原因是我們正在尋找的各類人才，對的，優秀的營運人員、優秀的銷售人員、優秀的行銷人員、優秀的工程人員，以及我們能夠增加的人才對團隊來說，當你開始查看這些人的個人資料和背景時，你會發現他們的表現非常出色。

The other side of it is we've built out a substantial campus recruiting program, and the quality of people we're getting out of top-notch MBA programs in places like that has also exceeded our expectation.

另一方面，我們已經建立了一個龐大的校園招募計劃，而且我們從像這樣的地方的一流 MBA 課程中獲得的人才品質也超出了我們的預期。

And so I think it's across all areas of the business.

所以我認為它遍及業務的所有領域。

And as we talk about places we're investing, you know, Niraj spoke about some of the outdoor categories, and we're talking about the logistics build-outs, each one of those has a team of people, a cross-functional team, that touches all of these disciplines faced off against sort of building that.

當我們談論我們正在投資的地方時，你知道，尼拉吉談到了一些戶外類別，我們正在談論物流建設，其中每個類別都有一個團隊，一個跨職能團隊，這涉及到所有這些學科都面臨著某種建設。

So you think about design services and what that team looks like in terms of the marketing folks, the engineering folks, the product folks, the operations folks that sort of go execute on that at scale with our customers, that's really what we're sort of -- those people are coming onboard to do.

所以你想想設計服務，以及行銷人員、工程人員、產品人員、營運人員的團隊是什麼樣子，他們會與我們的客戶一起大規模執行，這就是我們真正要做的。做這件事。

To answer the question on international growth, I think a couple of thoughts there.

為了回答有關國際成長的問題，我想有幾個想法。

One is we did run the Way Day program in Canada, so that was a positive spike to the Canadian business like it was for the U.S. business in Q2.

一是我們確實在加拿大開展了 Way Day 計劃，因此這對加拿大業務來說是一個積極的成長，就像第二季對美國業務一樣。

And so there's a little bit of that impact.

所以有一點影響。

And then the other thing is, remember, the international businesses are 3 separate businesses.

另一件事是，請記住，國際業務是 3 個獨立的業務。

They're at very different points in their life cycle, and some of them, Canada being a good example, are starting to get to sort of a meaningful scale at which -- where their growth rates, even though their dollar growth will be remaining quite high, their growth rates will be a little lower.

它們正處於生命週期的不同階段，其中一些國家（加拿大就是一個很好的例子）正開始達到有意義的規模，儘管它們的美元成長率將保持不變，但它們的成長率將保持不變。相當高，他們的成長率會低一些。

I think if you look at the dollar growth of the guide compared to what the international business did in Q1 or Q4, you'll see that the dollar growth is sort of remaining strong in what we're guiding.

我認為，如果您將指南中的美元成長與第一季或第四季國際業務的表現進行比較，您會發現美元成長在我們的指導中仍然保持強勁。

And this is Niraj.

這是尼拉傑。

Just to add, so on international, I think, yes, if you look, we were kind of in the $90 million range, sort of popped up here with the Way Day in Canada, but we're going to see continued solid growth there, we believe.

只是補充一下，在國際上，我想，是的，如果你看的話，我們的收入在 9000 萬美元左右，有點像加拿大的 Way Day 一樣突然出現，但我們將在那裡看到持續的穩健增長，我們相信。

In terms of the inbound supply chain services, I think what we're seeing is competitors, in general, have not invested into logistics in the same way that we believe one frankly should and would benefit from.

就入境供應鏈服務而言，我認為我們看到的是競爭對手總體上沒有以我們坦率地認為應該並且會從中受益的方式投資於物流。

Obviously, Amazon is a notable retailer who has invested in logistics, but if you hold them aside, you really don't see that out there, and we think it's one major source of benefit, particularly when you think about the goods we sell because they're relatively bulky, they tend to be low dollar value per cubic foot.

顯然，亞馬遜是一家在物流方面進行投資的著名零售商，但如果你把它們放在一邊，你真的看不到這一點，我們認為這是一個主要的利益來源，特別是當你考慮我們銷售的商品時，因為它們體積相對較大，每立方英尺的美元價值往往較低。

We have a subset of goods that are prone to damage.

我們有一部分貨物容易損壞。

These attributes make logistics even more valuable, particularly in a world where 2-day goes to next day, goes to same day.

這些屬性使物流變得更加有價值，特別是在一個從 2 天到第二天、到當天的世界。

So we think we have an advantage there, and we think as -- if you think about the platform, there's a lot of benefit we can offer to not just our customers but our suppliers by providing these services.

因此，我們認為我們在這方面有優勢，而且我們認為，如果你考慮這個平台，我們可以透過提供這些服務，不僅為我們的客戶，而且為我們的供應商提供許多好處。

So that's what -- that's why we continue to be aggressive in building them out.

這就是為什麼我們繼續積極地建造它們。

Your next question comes from the line of Oliver Wintermantel with MoffettNathanson.

你的下一個問題來自奧利佛·溫特曼特爾（Oliver Wintermantel）和莫菲特·內桑森（MoffettNathanson）的對話。

I had a question regarding tariffs and the impact on Wayfair.

我有一個關於關稅及其對 Wayfair 的影響的問題。

If you maybe could remind us what your imports are from China.

您能否提醒我們您從中國進口的產品有哪些？

And off of these imports, what are direct imports?

除了這些進口之外，還有哪些是直接進口？

And how much is the indirect imports?

間接進口是多少？

Sure.

當然。

Yes, so I think the thing to keep in mind is tariffs are going to affect us a lot less than they will virtually every other retailer.

是的，所以我認為要記住的是，關稅對我們的影響將比對幾乎所有其他零售商的影​​響要小得多。

And the reason is if you think of us as a platform, we effectively desire to sell every item from every supplier in the market.

原因是，如果您將我們視為一個平台，我們實際上希望銷售市場上每個供應商的每件商品。

And so we have goods on our platforms that are manufactured in Asia.

因此，我們的平台上有亞洲製造的商品。

We have goods on our platform manufactured in the United States.

我們的平台上有美國製造的商品。

Certain industries are all in Asia.

某些行業都在亞洲。

Certain industries are all in the United States.

某些行業都在美國。

Certain industries are -- different suppliers source different ways.

某些行業不同的供應商採購的方式不同。

So we have all of those goods.

所以我們擁有所有這些商品。

I think our actual mix -- I don't know the exact number.

我認為我們的實際組合——我不知道確切的數字。

Obviously, a significant amount come out of Asia, which is China but also Vietnam and Indonesia.

顯然，很大一部分來自亞洲，包括中國、越南和印尼。

And what you find is that if you look at kind of the global amounts by category and you break it out, our sales, and we've actually looked at this, not terribly different than that.

你會發現，如果你按類別查看全球金額，然後將其分解，我們的銷售額，我們實際上已經研究過這個，與那個並沒有太大不同。

The reason we get hurt less than other retailers, other retailers make concerted decisions.

我們之所以比其他零售商受到的傷害更少，是因為其他零售商做出了一致的決定。

So if they source specific outdoor furniture, and they decide to source it from one supplier in China versus one supplier in Indonesia, and then there's a tariff, well, if they were sourcing from China, they then bear the cost of the tariff.

因此，如果他們採購特定的戶外家具，並決定從中國的供應商那裡採購，而不是從印尼的一家供應商那裡採購，那麼就會產生關稅，如果他們從中國採購，那麼他們就要承擔關稅成本。

Whereas we're sourcing from both those folks, and we're not buying any inventory.

而我們是從這兩個人那裡採購的，而且我們不買任何庫存。

It's the supplier's inventory.

這是供應商的庫存。

So if some suppliers get advantaged relative to other suppliers, frankly, they'll do better or worse if they get advantaged or disadvantaged on our platform because the consumer will decide where they want to shop in terms of whose item they want to buy.

因此，如果某些供應商相對於其他供應商獲得優勢，坦白說，如果他們在我們的平台上獲得優勢或劣勢，他們會做得更好或更差，因為消費者將根據他們想購買誰的商品來決定他們想去哪裡購物。

And so we saw this with Brexit.

我們在英國脫歐中看到了這一點。

When things happen, when there's abrupt shocks, it does create demand kind of changes.

當事情發生時，當發生突然的衝擊時，它確實會產生需求的改變。

But because of the nature of our platform, 2 different things happen.

但由於我們平台的性質，會發生兩種不同的情況。

One is basically we are not that affected.

一是我們基本上沒有受到太大影響。

Suppliers then tend to rebalance what they do over time.

隨著時間的推移，供應商往往會重新平衡他們的工作。

The second is -- I actually think these things have less of an impact, but ultimately, it affects the whole market, and so the -- it's basically just an inflationary sort of driver to the consumer, which then gets absorbed.

第二個是——我實際上認為這些事情的影響較小，但最終，它會影響整個市場，所以——它基本上只是消費者的通膨驅動因素，然後被吸收。

But frankly, we tend to be able to ride these things out better.

但坦白說，我們往往能夠更好地度過這些事情。

Got it.

知道了。

That's helpful.

這很有幫助。

And just one follow-up to Way Day.

這只是 Way Day 的一個後續行動。

If my math is correct, the repeat order is up 62% in the quarter, and the new customer growth is up 33%.

如果我的計算正確的話，本季重複訂單成長了 62%，新客戶成長了 33%。

So the repeat order is up quite a lot, but the new customer growth -- order growth stays relatively flat.

因此，重複訂單成長了很多，但新客戶成長——訂單成長保持相對穩定。

So is it fair to assume that Way Day was more -- did you see more repeat customers -- of your repeat customers come back and buy Way Day?

那麼，假設 Way Day 中有更多的回頭客（您是否看到更多回頭客）回來購買 Way Day 是否公平？

Or is that not the case?

或者事實並非如此？

Yes.

是的。

I wouldn't really look at it like that way.

我真的不會那樣看。

We found Way Day to be very successful for both.

我們發現 Way Day 對雙方來說都非常成功。

I mean, if you look at our share of orders that are repeat, it ticked up from a year ago, 61%, you get to 62%; a quarter ago, 64%, now we're at 66% of orders are repeats.

我的意思是，如果你看看我們重複訂單的比例，你會發現它比一年前有所上升，從 61% 上升到 62%；一個季度前是 64%，現在是 66% 的訂單是重複的。

So repeat has been an ever-growing flywheel.

因此，重複是一個不斷增長的飛輪。

A quarter ago, repeat was up just over 50% year-over-year.

一個季度前，重複次數較去年同期成長略高於 50%。

This quarter, it was up 60%.

本季成長了 60%。

New customers in the last quarter were -- was up by 25%.

上一季的新客戶成長了 25%。

This quarter it was up 33%.

本季成長了 33%。

So we just have really good momentum on both fronts.

所以我們在兩個方面都擁有非常好的勢頭。

Way Day we saw specifically good momentum on both fronts.

在道路日，我們在兩個方面都看到了特別好的動力。

And repeat continues to take share as a portion of the total simply because once we get a customer, the experience is very delightful to the degree that they start shifting more and more of their spending to us.

重複繼續佔據份額的一部分，只是因為一旦我們獲得了客戶，體驗就非常令人愉快，以至於他們開始將越來越多的支出轉移給我們。

But we're continuing to get more and more new customers at a strong pace.

但我們正在繼續以強勁的速度獲得越來越多的新客戶。

And these are our active customer count now up to 12.8 million kind of off the back of that.

我們的活躍客戶數量目前已達 1,280 萬人。

So both numbers are actually quite strong, if you look at the trends on them.

因此，如果你看看它們的趨勢，這兩個數字實際上都相當強勁。

Your next question comes from the line of Seth Basham with Wedbush Securities.

您的下一個問題來自 Wedbush Securities 的 Seth Basham。

Mike, my question is around your logistics investments.

麥克，我的問題是關於您的物流投資。

You talked about higher Net Promoter Scores from your Wayfair Delivery Network.

您談到了 Wayfair 配送網路的更高淨推薦值。

Have those Net Promoter Scores been translating into higher repeat order rates and higher revenues?

這些淨推薦值是否已轉化為更高的重複訂單率和更高的收入？

Thanks, Seth.

謝謝，塞思。

The short answer is we think so.

簡而言之，我們認為是這樣。

The longer answer is it's net -- you need a long period of time to try to measure that.

更長的答案是它是淨的——你需要很長一段時間來嘗試衡量它。

It's very hard to isolate that because there are so many other things we continue to improve on in that same period.

很難將其孤立起來，因為在同一時期我們還有很多其他方面在繼續改進。

When we've done look-backs and what we've found is that Net Promoter Score is correlated to lifetime value and repeat growth.

當我們進行回顧時，我們發現淨推薦值與終身價值和重複成長有關。

So we use Net Promoter Score as sort of a near-time measure of that, and we use kind of 3- and 7-, 14-day repeat rates as indicators of long-term rates, and then we do look-backs to make sure that they stay very correlated.

因此，我們使用淨推薦值作為近期衡量標準，並使用 3 天、7 天、14 天的重複率作為長期率的指標，然後我們進行回顧以得出確保它們保持高度相關。

I can't specifically tell you for the large parcel home delivery operation and its increase in Net Promoter Score, what it is has specifically driven, because you can't isolate that separately with enough data.

我無法具體告訴您大包裹送貨上門業務及其淨推薦值的增加，具體驅動因素是什麼，因為您無法用足夠的數據將其單獨隔離。

But I would believe the answer is yes.

但我相信答案是肯定的。

Fair enough.

很公平。

And secondly, as it relates to logistics, from a gross margin standpoint, when would you expect less pressure from the logistics investments?

其次，就物流而言，從毛利率的角度來看，您預期什麼時候物流投資的壓力會減輕？

And from the operating margin standpoint, when should we see less of a burden of the unutilized rent?

從營業利潤率的角度來看，我們什麼時候應該看到未使用租金的負擔減輕？

If you're not opening new CastleGate warehouses and sales keep rising, I would expect that burden to come down, but you've signaled that's remaining in the $5 million to $8 million range.

如果您不開設新的 CastleGate 倉庫並且銷售額持續上升，我預計這一負擔會減輕，但您已表示該負擔仍保持在 500 萬至 800 萬美元的範圍內。

Yes.

是的。

So what we've said for a while now is that we're -- there's a little bit of a drag from the addition of the logistics network, and that's showing up in COGS, and you'll see that when the Q comes out and the details in that, like last quarter, continued this quarter.

所以我們現在已經說過一段時間了，物流網絡的增加帶來了一點阻力，這體現在銷貨成本中，當 Q 出來時你就會看到這一點其中的細節與上季度一樣，本季度仍在繼續。

And that will, over the course of the coming quarters -- and we haven't sort of put a pin in sort of exactly when, but I think over the course of the coming quarters, you'll start to see some of the benefits of that flow through.

在接下來的幾個季度中，這將會發生——我們還沒有確定具體的時間，但我認為在接下來的幾個季度中，您將開始看到一些好處的流經。

In other words, you'll start to see some of the efficiency gains in the COGS line and particularly, in the shipping part of the COGS line as we kind of operate a lot of that network at more peak or full efficiency.

換句話說，您將開始看到銷貨成本線的一些效率提升，特別是銷貨成本線的運輸部分，因為我們以更高的峰值或最高效率運營該網路的大部分。

On the unutilized rent piece, we are continuing to add CastleGate network buildings.

在未使用的租金部分，我們將繼續增加 CastleGate 網路建築。

So Toronto was the most recent one, and then there's others that are sort of going to flow in over the next several quarters.

多倫多是最近的一個，接下來的幾季還會有其他城市湧入。

And so -- and when that happens, you effectively sort of rebalance the whole network of those CastleGate facilities.

因此，當這種情況發生時，您可以有效地重新平衡這些 CastleGate 設施的整個網路。

But I think as we continue to grow, the growth of CastleGate capacity will be tied to sort of the growth of the business.

但我認為，隨著我們的不斷發展，CastleGate 容量的成長將與業務的成長連結在一起。

But we will, for some period of time, have an ongoing unutilized rent piece as we're never going to let the network right now get to a place where you're operating it at 100% able to flow all of that rent through COGS because you've got to be anticipating -- at our rate of growth, you've got to be anticipatory, and make sure that you've got enough facility space ready as the business grows and as you hit peak demands like holiday.

但在一段時間內，我們將擁有持續未使用的租金，因為我們永遠不會讓網絡現在達到 100% 運營的水平，能夠通過 COGS 流動所有租金因為你必須有預見性——按照我們的增長速度，你必須有預見性，並確保隨著業務的成長和假期等高峰需求的到來，你有足夠的設施空間。

One other comment quickly on gross margin, too.

另一位人士也很快就毛利率發表了評論。

Just keep in mind, the movements you see in gross margin, I wouldn't directly correlate those to being driven by logistics.

請記住，您在毛利率中看到的變動，我不會將其直接與物流驅動相關。

Some -- at a high level, some puts and takes on gross margin when you follow it from quarter-to-quarter.

有些——在較高的水平上，當你逐季度追蹤毛利率時，有些看跌期權和看跌期權會影響毛利率。

For example, a positive thing that happens with gross margin would be due to shipping savings, but a negative thing could be when we're ramping a new logistics facility could be a drag.

例如，毛利率的正面變化可能是由於運輸成本的節省，但負面的變化可能是當我們增加新的物流設施時可能會成為拖累。

But then the category mix is a drag because we have a lot of new categories ramping nicely, which start at lower gross margin.

但品類組合是個拖累，因為我們有許多新品類成長良好，但毛利率較低。

The international mix where international is growing faster is a drag because international does not run at the same gross margin as the U.S. yet, and that's typically a function of scale.

國際業務成長較快的國際組合是一種拖累，因為國際業務的毛利率尚未與美國相同，而這通常是規模的函數。

But then the buying power, as we get bigger, that's a benefit to gross margin.

但隨著我們規模的擴大，購買力就會提高毛利率。

We get better and better wholesale pricing.

我們獲得越來越好的批發價格。

And then private label, which has grown very nicely for us, is a benefit.

然後，自有品牌對我們來說成長得非常好，這是一個好處。

And so when you net all those in and you see gross margin sort of not move that much, stay in that 23% to 24% range, you're actually seeing a lot of positive things there that are helping us absorb the fact that international and category mix, which are both huge future drivers of benefits for us, they're not actually providing a negative drag because of the benefits we're getting elsewhere.

因此，當你把所有這些都算進去後，你會發現毛利率並沒有太大變化，保持在23% 到24% 的範圍內，你實際上看到了很多積極的事情，這些事情正在幫助我們吸收國際市場的事實。

So you've got to kind of net them all in, and obviously, the unutilized new logistics facilities are another investment area and that's getting absorbed also.

因此，你必須將它們全部納入其中，顯然，未利用的新物流設施是另一個投資領域，而且也正在被吸收。

So we have a lot of positive things in there, too.

所以我們也有很多正面的東西。

Your next question comes from the line of Akshay Bhatia with Bank of America Merrill Lynch.

您的下一個問題來自美國銀行美林銀行的 Akshay Bhatia。

One thing that is becoming more prevalent in the e-commerce space is advertising within the marketplace.

在電子商務領域變得越來越普遍的一件事是市場內的廣告。

So wanted to ask you what Wayfair is doing on the advertising front?

所以想問一下 Wayfair 在廣告方面做了什麼？

Maybe what opportunity you see there?

也許您在那裡看到了什麼機會？

And what tailwind do you think this could be to margins longer term?

您認為這對長期利潤率有何推動作用？

Yes.

是的。

We think advertising is an area of very high potential benefit.

我們認為廣告是一個具有非常高潛在效益的領域。

To be fair, on one hand, we think -- we're very excited about it.

公平地說，一方面，我們認為──我們對此感到非常興奮。

When we talk about hiring people for these teams and the investment we're making in headcount, this is a great example of an area that, over the last couple of quarters, we've really staffed that up with a great team that I'm very excited about.

當我們談論為這些團隊招募人員以及我們在人員數量上進行的投資時，這是一個很好的例子，在過去的幾個季度中，我們確實為該領域配備了一支出色的團隊，我認為我很興奮。

A lot of the early work they're doing, but then, to be fair, it's early work.

他們正在做很多早期工作，但公平地說，這只是早期工作。

So in terms of when it's a real impact on the P&L, it's still a little ways out.

因此，就何時對損益表產生真正影響而言，還有一段距離。

For us, we think advertising is going to be a little more nuanced than what some other folks can do where they can just kind of plaster it on the top, because that doesn't affect the customer experience negatively because, for example, if you're selling batteries, whether you let Duracell or Energizer dominate the page, it doesn't matter as long you have both on Page 1 and Page 2.

對我們來說，我們認為廣告將比其他人可以做的更加細緻，他們可以將其貼在頂部，因為這不會對客戶體驗產生負面影響，因為，例如，如果您在銷售電池時，無論您讓金霸王還是勁量佔據該頁面的主導地位，只要您在第一頁和第二頁上都有即可。

We need to be thoughtful in terms of making sure that we use a diversity of product, the right styles for the consumer to continue to engage them.

我們需要深思熟慮，確保我們使用多樣化的產品和正確的款式，以便消費者繼續參與其中。

But then there's things we can do, for example, to let suppliers help launch their new products and get them ramped more quickly and help fund that.

但我們可以做一些事情，例如，讓供應商幫助推出新產品，讓它們更快地投入使用，並為其提供資金。

So we're actually very excited about some advertising products that we have underway.

因此，我們實際上對我們正在進行的一些廣告產品感到非常興奮。

But in terms of the P&L impact, I'd both say I'm excited about how big it can be, but I'd also say that that's a ways out.

但就損益影響而言，我都說我對它的影響力感到興奮，但我也想說這是一條出路。

Got it.

知道了。

And maybe as a follow-up, can you talk about what you're doing differently on the marketing side that you can still drive leverage while adding nearly 1 million customers?

也許作為後續行動，您能談談您在行銷方面採取的不同做法嗎？

Anything to call out there?

那裡有什麼要喊的嗎？

Or is it really just the repeat rate growing?

或者這真的只是重複率的成長嗎？

I think the key thing to keep in mind on what we do on our paid advertising, and this is a very unique thing for us when you compare us to other folks, is we built all our advertising technology in-house.

我認為，要記住我們在付費廣告方面所做的事情的關鍵是，當您將我們與其他人進行比較時，這對我們來說是非常獨特的事情，我們所有的廣告技術都是內部構建的。

And so when you think about building your own ad tech, being able to then take your first party data and really, nuance clickstream data, your own algorithms that are honed to your categories and your customer kind of life cycle and then take those and integrate them into the advertising products out there, that's a huge benefit.

因此，當您考慮建立自己的廣告技術時，能夠獲取您的第一方數據，以及真正細緻入微的點擊流數據，您自己的演算法，根據您的類別和客戶生命週期進行磨練，然後將這些數據進行整合他們進入廣告產品中，這是一個巨大的優勢。

We then kind of further fuel that.

然後我們會進一步推動這一點。

Pinterest, Facebook, Google have all publicly named us as a partner with whom they codevelop ad units, who's their early alpha and beta partner in things.

Pinterest、Facebook、Google 都公開指定我們為合作夥伴，與他們共同開發廣告單元，我們是他們在事物方面的早期 alpha 和 beta 合作夥伴。

Google mentioned us with PLAs and trusted stores.

谷歌提到了我們的 PLA 和值得信賴的商店。

Facebook mentioned us on their earnings call about a year ago.

Facebook 大約一年前在財報電話會議上提到了我們。

And so what we find is that by being an innovator and understanding every bit of the nuances of how these platforms work on the new products and then building our own ad tech for integration, for bidding and for our own algorithms, you can always sort of further progress what you can do.

因此，我們發現，透過成為創新者並了解這些平台在新產品上運作的每一個細微差別，然後建立我們自己的廣告技術以進行整合、競價和我們自己的演算法，您始終可以進一步推進你能做的事情。

And obviously you have trends -- we have trends on data that we use.

顯然你有趨勢——我們有我們使用的數據的趨勢。

So there's no reason why -- if you think about -- when we think about 12.8 million customers, that's less than 10% of the potential customers.

因此，如果你想一想，當我們考慮 1,280 萬客戶時，沒有理由認為這還不到潛在客戶的 10%。

We think about 70 million households in the United States, 70 million households in Europe and Canada, 140 million -- 12.8 million is still not that many.

我們認為美國有 7,000 萬個家庭，歐洲和加拿大有 7,000 萬個家庭，1.4 億——1,280 萬仍然不是那麼多。

So there's a lot of new customers to get.

因此，有很多新客戶需要獲得。

And then, obviously, the share of wallet is a huge opportunity.

然後，顯然，錢包份額是一個巨大的機會。

So to your point, repeat is, obviously, a big opportunity, too.

所以就你的觀點而言，重複顯然也是一個很大的機會。

So I think building our own ad tech has been a huge advantage, but there's also a lot more customers to get, so that's why we can keep adding them.

因此，我認為建立我們自己的廣告技術是一個巨大的優勢，但也有更多的客戶需要獲得，所以這就是我們可以繼續添加它們的原因。

Your next question comes from the line of Michael Graham with Canaccord.

你的下一個問題來自 Michael Graham 與 Canaccord 的對話。

Just on the customer growth, you added nearly 1 million customers.

僅就客戶成長而言，您就增加了近 100 萬客戶。

Any high-level thoughts on the split between domestic and international?

對於國內和國際之間的分歧，高層有什麼想法嗎？

Like are you still seeing really robust U.S. customer growth?

您是否仍看到美國客戶強勁成長？

And then you had made a comment in the past about margins in a country can be the lowest when you really start to lean in on the brand advertising spend.

然後您過去曾評論過，當您真正開始依靠品牌廣告支出時，一個國家的利潤率可能是最低的。

Can you just refresh us on where you are in that cycle in terms of leverage or deleverage from ad spend in some of your different countries?

您能否向我們介紹一下您在這個週期中在一些不同國家/地區的廣告支出槓桿率或去槓桿率方面的情況？

Yes.

是的。

So we're seeing really good customer growth in the U.S. and in international, so we're very excited about that.

因此，我們看到美國和國際客戶的成長非常好，因此我們對此感到非常興奮。

In terms of where we are in the international markets, we've said that Canada is the farthest along, and there, we have really nice awareness, not quite at the U.S. level but quite high.

就我們在國際市場上的地位而言，我們說過加拿大是走得最遠的，在那裡，我們的意識非常好，雖然不完全達到美國的水平，但相當高。

U.K. is ramping very nicely.

英國的發展非常順利。

And then in Germany, we're in the early days there.

然後在德國，我們還處於早期階段。

So we just -- for example, television advertising, we only launched that in the last month or 2. So each country is at a different stage of the evolution.

所以我們只是——例如，電視廣告，我們只是在上一兩個月才推出。

Germany is, I'd say, at the beginning of really starting to grow the customer base.

我想說，德國正處於真正開始擴大客戶群的開端。

U.K. has a nice customer base, still in a rapidly growing stage, but it's far enough along.

英國擁有良好的客戶群，仍處於快速成長階段，但已經夠遠了。

You have a growing repeat base, albeit not that far along.

你的重複基礎正在不斷增長，儘管還沒有那麼遠。

And then Canada is farther along.

然後加拿大走得更遠。

But all are still very much in that ramp phase, which is why when you look at the kind of aggregate P&L impact and you see the losses, that's because it doesn't -- in aggregate, we still don't have enough of a repeat base to get that amortization, but it's ramping there, it's headed there nicely.

但一切仍然處於上升階段，這就是為什麼當你看到總體損益影響時會看到損失，那是因為它沒有——總的來說，我們仍然沒有足夠的重複基數以獲得攤銷，但它正在加速，而且進展順利。

Your final question comes from the line of Brian Nagel with Oppenheimer.

你的最後一個問題來自布萊恩·內格爾和奧本海默的對話。

Nice quarter and thanks for all the color as usual.

美好的季度，感謝一如既往的所有顏色。

So a couple just near-term modeling questions, if I may.

如果可以的話，有幾個近期的建模問題。

First off, with (inaudible), we talked a bit about gross margins already, but during the quarter, we saw somewhat of a bounce back than we saw on the prior quarter, obviously, still within your longer-term targets.

首先，（聽不清楚），我們已經討論了一些關於毛利率的問題，但在本季度，我們看到比上一季度有所反彈，顯然仍在您的長期目標之內。

But given what you were saying, I guess, in response to a question before, is it fair to assume that we should see the gross margin rate continue to tick a bit higher through the second half of this year?

但鑑於你所說的，我想，在回答之前的一個問題時，假設我們應該看到今年下半年毛利率繼續略高一點是否公平？

And then my second question, obviously, a lot of conversation around hiring and the plans to maybe pull back on that a bit in the fourth quarter.

然後我的第二個問題，顯然，有很多關於招聘的討論，以及可能在第四季度稍微縮減招聘的計劃。

Can you -- can we -- can you help us understand better -- like I understand you don't give fourth quarter guide or you haven't given fourth quarter guidance.

你能——我們能——你能幫助我們更好地理解嗎——就像我知道你沒有給出第四季度的指導，或者你沒有給出第四季度的指導。

I mean, how big could that delta within the P&L could that be?

我的意思是，損益表中的增量可能有多大？

And looking beyond '18, like how long do you think this may be a more subdued rate of hiring, how long should that persist?

展望 18 年後，您認為這種招募率可能會持續多久，這種情況應該持續多久？

Sure.

當然。

Let me kind of quickly answer both questions, and then Michael can provide more color.

讓我快速回答這兩個問題，然後邁克爾可以提供更多的色彩。

On gross margin, here's the way I think about it.

關於毛利率，這是我的看法。

What I referenced earlier, there's a lot of puts and takes.

我之前提到過，有很多的投入和採取。

And so in any given quarter in the near term, if international grows really fast, well, that's a drag.

因此，在短期內的任何特定季度，如果國際成長真的很快，那麼，這就是一個阻力。

Some of the new categories we're investing in and seeing great results, that's a drag.

我們正在投資的一些新類別並看到了很好的結果，但這是一個拖累。

But then, as you mentioned, there's a lot of positive things for gross margin, too.

但正如您所提到的，毛利率也有很多積極的因素。

So I wouldn't necessarily say in the second half, you should see it grow.

所以我不一定會說在下半年，你應該會看到它的成長。

I wouldn't say in the second half, you should see it drop.

我不會說在下半場，你應該會看到它下降。

That 23%, 24% is a range when you net in all these puts and takes.

23%、24% 是您在所有這些看跌期權和看跌期權中淨值時的範圍。

If you take a longer-term view, you say, a number of years out, would I expect that gross margin could rise nicely between now and a number of years out, I'd say, yes, because fundamentally, the long-term trends -- the positives of the long-term trends are very significant.

如果你從長遠的角度來看，你會說，幾年後，我會預期從現在到幾年後的毛利率會大幅上升嗎？趨勢－長期趨勢的正面影響非常顯著。

And in fact, the things that are drags become less of drags, and they actually be kind of erode being a drag over that time frame.

事實上，那些拖累的事情變得不再是拖累，而且在這段時間內它們實際上會被侵蝕為拖累。

So the long-term view on gross margin is significantly positive, but in the near term, you do have a lot of movement there.

因此，對毛利率的長期看法是非常正面的，但在短期內，確實會有很大的變動。

And then on hiring, I'll let Michael get into specifics.

然後在招募時，我會讓麥可詳細說明。

I just wanted to clarify.

我只是想澄清一下。

So we're going to continue to be hiring.

所以我們將繼續招募。

It's just the recent rate has jumped up significantly, and we've built incredible recruiting capacity, so we've taken advantage of that, and that, right now, also includes summer hires, business school recruiting, all this kind of coming onboard.

只是最近的比率大幅上升，而且我們已經建立了令人難以置信的招聘能力，所以我們利用了這一點，現在還包括夏季招聘、商學院招聘，所有這些都即將到來。

We don't want to not take advantage of that, so we've taken advantage of that.

我們不想不利用這一點，所以我們已經利用了這一點。

That said, we're going to drop the net increase rate down, but it's still going to be a net increase continued growth.

也就是說，我們將降低淨成長率，但仍將是淨成長率持續成長。

But from a financial model standpoint, you actually will start seeing sequentially nice leverage once we absorb sort of this hiring which takes a little while to roll through.

但從財務模型的角度來看，一旦我們吸收了這種需要一段時間才能完成的招聘，您實際上將開始看到連續良好的槓桿作用。

But Michael can be more specific.

但麥可可以說得更具體。

Yes.

是的。

I mean, the only thing I'd add to that is I want to be clear that we're not saying we're not going to still hire a lot of folks in Q4, we are, just not at the pace we've been hiring in Q1, Q2, Q3.

我的意思是，我唯一要補充的是，我想澄清的是，我們並不是說我們不會在第四季度繼續僱用很多人，我們只是沒有按照我們已經僱用的速度第一季、第二季度、第三季一直在招募。

So I think you will continue to see sequential increases in the OpEx expense tied to that hiring.

因此，我認為您將繼續看到與招聘相關的營運支出持續增加。

I just think that's going to start to ameliorate over the coming quarters.

我只是認為這種情況在未來幾季將會開始改善。

Remember, though, that, right, the folks you hired in Q2 show up in Q3 comp and Q4 comp, right, it continues to sort of build.

但請記住，你在第二季度僱用的人員會出現在第三季度和第四季度的競爭中，對吧，它仍在繼續構建。

And then the only other thing I always note for folks is to remember that in Q1, you sort of reset on all of your tax -- the tax payroll, payroll taxes, and therefore, that tends to sort of impact our OpEx spending as well there.

然後，我一直要提醒人們注意的唯一另一件事是，請記住，在第一季度，您會重置所有稅收 - 工資稅、工資稅，因此，這往往也會影響我們的營運支出支出那裡。

But as I said on the -- in the talk track and as we sort of now have given a little more color on, we will bring that rate down.

但正如我在談話中所說，由於我們現在已經提供了更多的色彩，我們將降低這一比率。

I think that will be a more sustained long-term rate.

我認為這將是一個更持續的長期利率。

We are going to continue to add great people.

我們將繼續增加優秀人才。

The business is growing, obviously, at an incredible pace, and -- but at the same time, you'll start to see leverage over the course of '19 in that line as we don't keep hiring at this accelerated pace.

顯然，業務正在以令人難以置信的速度增長，而且 - 但與此同時，你會開始看到 19 年期間在這方面的槓桿作用，因為我們不會繼續以這種加速的速度招聘。

Thanks, everyone, for being on the call with us today.

謝謝大家今天接受我們的電話。

Thanks, guys.

多謝你們。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。