Wayfair Inc (W) 2018 Q4 法說會逐字稿

Good morning.

早上好。

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

我叫 Kim，今天我將擔任你們的會議運營商。

At this time, I would like to welcome everyone to the Wayfair Q4 2018 Earnings Release and Conference Call.

在這個時候，我想歡迎大家參加 Wayfair 2018 年第四季度收益發布和電話會議。

(Operator Instructions)

（操作員說明）

Joseph Wilson, Head of Investor Relations, you may begin your conference.

投資者關係主管約瑟夫·威爾遜，你可以開始你的會議了。

Good morning, and thank you for joining us.

早上好，感謝您加入我們。

Today, we will review our fourth quarter 2018 results.

今天，我們將回顧 2018 年第四季度的業績。

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 first quarter of 2019.

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陳述，包括 2019 年第一季度的指引。

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

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

Our SEC filings, including our 10-K for 2018, which we expect to file in the near future, identify certain factors that could cause the company's actual results to differ materially from those projected in any forward-looking statements made today.

我們向美國證券交易委員會提交的文件，包括我們預計在不久的將來提交的 2018 年 10-K，確定了可能導致公司實際結果與今天所做的任何前瞻性陳述中預測的結果存在重大差異的某些因素。

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.

除非法律要求，否則我們不承擔公開更新或修改這些聲明的義務，無論是由於任何新信息、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.

此外，請注意，在本次電話會議期間，我們將在審查公司業績時討論某些非 GAAP 財務措施。

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

這些非 GAAP 財務指標不應被視為替代，應與 GAAP 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，獲取我們的收益發布副本，其中包含對我們的非 GAAP 財務措施的描述以及非 GAAP 措施與最接近的可比 GAAP 措施的調節。

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

此通話正在錄製中，我們的 IR 網站上將提供網絡廣播以供重播。

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

和我一起的是聯合創始人、首席執行官兼聯席主席 Niraj Shah； Steve Conine，聯合創始人兼聯席主席；和公司財務主管 Julia Donnelly。

Before I turn the call over to Niraj, I want to let everyone know that Mike will not be with us for earnings today.

在我把電話轉給 Niraj 之前，我想讓大家知道邁克今天不會和我們一起討論收益。

He and his wife are at the hospital, about to give birth to their daughter.

他和他的妻子在醫院，即將生下他們的女兒。

We wish him all the best on their new arrival.

我們祝愿他在他們的新到來時一切順利。

Julia will be providing the financial update and answering questions with Niraj and Steve.

Julia 將提供財務更新並回答 Niraj 和 Steve 的問題。

Now let me turn the call over to Niraj.

現在讓我把電話轉給 Niraj。

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

謝謝，喬，感謝大家今天早上加入我們。

I am pleased to be sharing our fourth quarter and full year 2018 results with you today.

我很高興今天能與您分享我們 2018 年第四季度和全年的業績。

Steve and I are delighted with the achievements of Wayfair in 2018 and the position that these accomplishments put our business in for the future, both in the U.S. and internationally.

史蒂夫和我對 Wayfair 在 2018 年取得的成就以及這些成就使我們的業務在美國和國際上的未來地位感到高興。

In this year's shareholder letter, which you can find on our IR site this morning, Steve and I talk in more depth about the ways in which our business is bringing customers and suppliers together on our platform in an increasingly powerful way.

在今年早上您可以在我們的 IR 網站上找到的今年的股東信中，史蒂夫和我更深入地討論了我們的業務如何以越來越強大的方式將客戶和供應商聚集在我們的平台上。

Building a platform that will win at scale with customers and suppliers requires a long-term approach to investments, and we could not be more proud of the steps our team of over 12,000 people continue to take in building the best possible destination to shop for the home online.

建立一個能夠大規模贏得客戶和供應商的平台需要長期的投資方法，我們為我們超過 12,000 名員工的團隊繼續採取步驟建設最佳購物目的地而感到自豪。在線回家。

For the full year 2018, we generated $6.8 billion of total net revenue, for a year-over-year growth rate of 44%.

2018 年全年，我們產生了 68 億美元的總淨收入，同比增長率為 44%。

We added $2.1 billion in net revenue this year compared to $1.3 billion in 2017 and $1.1 billion in 2016.

與 2017 年的 13 億美元和 2016 年的 11 億美元相比，我們今年增加了 21 億美元的淨收入。

In the fourth quarter of 2018 specifically, we added $577 million of Direct Retail net revenue year-over-year, representing the largest dollar growth in a single quarter in our company's history.

具體來說，在 2018 年第四季度，我們的直接零售淨收入同比增加了 5.77 億美元，這是我們公司歷史上單季度最大的美元增長。

This outsized growth at scale is driven by the strength of our customer offering, with the number of active customers at the end of 2018 exceeding 15 million and dollar revenue growth in our U.S. business accounting for approximately 35% of the estimated dollar growth in our category online last year.

這種超大規模的增長是由我們客戶服務的實力推動的，2018 年底活躍客戶數量超過 1500 萬，我們美國業務的美元收入增長約占我們類別估計美元增長的 35%去年上線。

This morning, I'll provide brief updates across a few key areas of our business, namely holiday, our increasing penetration in the lighting category and logistics before I hand the call over to Steve.

今天早上，在我將電話交給史蒂夫之前，我將簡要介紹我們業務的幾個關鍵領域，即假期、我們在照明類別和物流方面不斷增加的滲透率。

Before I turn to these topics, I want to talk briefly about our international business.

在開始討論這些話題之前，我想簡單談談我們的國際業務。

In Q4, international Direct Retail net revenue in Canada, the U.K. and Germany combined was $287 million.

第四季度，加拿大、英國和德國的國際直接零售淨收入合計為 2.87 億美元。

This represents year-over-year growth of 50%, with our European business growing well in excess of that, albeit off a lower base of revenue than in Canada or the U.S. today.

這代表著 50% 的同比增長，我們的歐洲業務增長遠遠超過這一增長，儘管收入基數低於今天的加拿大或美國。

Later in the call, Steve will talk more about our European business, specifically Germany, where we are seeing exciting progress with our suppliers, customer KPIs and brand awareness.

在稍後的電話會議中，史蒂夫將更多地談論我們的歐洲業務，特別是德國，我們在供應商、客戶 KPI 和品牌知名度方面取得了令人振奮的進展。

On our last earnings call, I spoke about Canada, which represents about 60% of our international net revenue and where we have brand awareness close to U.S. levels and a marginally greater share of the Canadian total addressable market or TAM than we have in the U.S. Today, we face a short-term structural cost disadvantage in Canada because the majority of our products sold to Canadian shoppers are being shipped across the border from the United States.

在我們上次的財報電話會議上，我談到了加拿大，它占我們國際淨收入的 60% 左右，我們的品牌知名度接近美國水平，並且在加拿大總潛在市場或 TAM 中的份額略高於我們在美國的份額。今天，我們在加拿大面臨短期結構性成本劣勢，因為我們賣給加拿大購物者的大部分產品都是從美國跨境運輸的。

Our business in Canada has grown at such a pace that, in many ways, it has outpaced the development of our customer offering there relative to the U.S., particularly in logistics.

我們在加拿大的業務發展速度如此之快，以至於在許多方面，它已經超過了我們在加拿大的客戶服務（相對於美國）的發展速度，尤其是在物流方面。

The opening of our first CastleGate facility in Mississauga, Ontario last year enables us to significantly reduce the added duty and logistics costs by making it possible for suppliers to land product directly in Canada from Asia.

我們去年在安大略省米西索加開設了第一家 CastleGate 工廠，使供應商能夠將產品從亞洲直接運到加拿大，從而顯著降低額外的關稅和物流成本。

As CastleGate penetration in Canada increases, customers should benefit from lower prices and improved delivery speeds, which we believe will enable us to reaccelerate the pace at which we are growing and winning market share.

隨著 CastleGate 在加拿大的滲透率增加，客戶應該會從更低的價格和更快的交付速度中受益，我們相信這將使我們能夠重新加快增長和贏得市場份額的步伐。

While there have been some external macro headwinds over the last few quarters in Canada, such as movement in the U.S. versus Canadian dollar exchange rate and weaker consumer spending in Canada, such factors are transitory and do not influence the decade-long view we are taking in Canada.

雖然過去幾個季度加拿大出現了一些外部宏觀不利因素，例如美元兌加元匯率的變動以及加拿大消費者支出疲軟，但這些因素是暫時的，不會影響我們對未來十年的看法在加拿大。

Overall, the growth we have seen in Canada since 2016 has been tremendous and underlines that our offering is working very well with customers there.

總體而言，自 2016 年以來，我們在加拿大看到的增長是巨大的，並突顯出我們的產品與那裡的客戶合作良好。

We see substantial growth ahead even off this larger base of revenue.

即使在這個更大的收入基礎上，我們也看到了未來的大幅增長。

With an estimated home TAM in Canada and Europe of more than $300 billion and a proven playbook here in the U.S., we are very excited with the opportunity ahead of us internationally as we continue to scale this $1 billion annual run rate international business.

據估計，加拿大和歐洲的家庭 TAM 超過 3000 億美元，並且在美國這裡經過驗證，隨著我們繼續擴大這項每年 10 億美元的國際業務，我們對擺在我們面前的國際機遇感到非常興奮。

Now let me turn to holiday.

現在讓我談談假期。

We had a very successful holiday season in Q4, which continues to be a great time of year for us to attract new customers to the Wayfair offering as well as engage with repeat shoppers.

我們在第四季度度過了一個非常成功的假期，這仍然是一年中吸引新客戶使用 Wayfair 產品以及與回頭客互動的好時機。

The Cyber 5 period continues to resonate strongly with customers, with Direct Retail gross sales growing 58% compared with the same period last year.

Cyber 5 期間繼續引起客戶的強烈共鳴，Direct Retail 總銷售額與去年同期相比增長了 58%。

Within that, Black Friday, traditionally more of a brick-and-mortar sale event for shoppers, grew more quickly than the other 4 days of the period as it did in 2017.

其中，與 2017 年一樣，黑色星期五這一傳統上更像是面向購物者的實體促銷活動的增長速度超過了該期間的其他 4 天。

Our deep level of planning with suppliers was integral to our ability to offer customers great selection and value over the period.

我們與供應商的深入規劃是我們在此期間為客戶提供豐富選擇和價值的能力不可或缺的一部分。

As a result of this collaboration, we ran discounts on over twice as many products compared to last year while seeing overall gross margin for the Q4 period run over 100 basis points higher than the same period last year.

由於此次合作，我們的產品折扣是去年的兩倍多，而第四季度的整體毛利率比去年同期高出 100 個基點以上。

Over Q4 as a whole, we ran 20 promotional holiday campaigns, leveraging a wider set of new and differentiated offers to maintain high engagement throughout the period, including gift card incentives, free shipping and flash deals.

整個第 4 季度，我們開展了 20 場促銷假期活動，利用更廣泛的新差異化優惠來保持整個期間的高參與度，包括禮品卡獎勵、免費送貨和閃購。

Flash deals were particularly successful with customers in our Way Day event in April of last year, with the strongest flash deal categories during Cyber 5, including TV stands, curtains and bathroom vanities.

在我們去年 4 月的 Way Day 活動中，閃購特別成功，Cyber 5 期間的閃購類別最為強勁，包括電視櫃、窗簾和浴室櫃。

We're delighted that customers are awarding us with their dollars at a time of year when competition is often at its most intense.

我們很高興客戶在一年中競爭最激烈的時候用他們的美元獎勵我們。

On previous earnings calls, we've spoken about the headcount were adding across the business to enable us to increase penetration of categories within our total addressable market, where we've historically under indexed, and to further strengthen the services we offer our shoppers to enhance our overall offering.

在之前的財報電話會議上，我們談到了在整個業務範圍內增加員工人數，以使我們能夠提高類別在我們的總目標市場中的滲透率，我們在歷史上一直處於低指數狀態，並進一步加強我們為購物者提供的服務增強我們的整體產品。

We've been able to build real scale over the last few years in a handful of categories that today are growing nicely and each generate annual gross revenue in the $500 million to $1 billion range.

在過去的幾年裡，我們已經能夠在少數幾個類別中建立真正的規模，這些類別如今增長良好，每個類別的年總收入都在 5 億至 10 億美元之間。

With a large TAM and relatively low online penetration, we see huge opportunity ahead in these categories.

憑藉龐大的 TAM 和相對較低的在線滲透率，我們在這些類別中看到了巨大的機遇。

In other categories where we have invested more recently, it's exciting to see them now become multi-hundred million dollar revenue categories for us and continue to grow at a high rate.

在我們最近投資的其他類別中，很高興看到它們現在成為我們的數億美元收入類別，並繼續高速增長。

Today, I want to talk in more detail about the steps our team is taking in the lighting category.

今天，我想更詳細地談談我們的團隊在照明類別中採取的步驟。

Lighting is a broad and complex category with over 30 different subcategories on our site, spanning indoor and outdoor items, hardwired and plugged, fashion and technical and many others.

照明是一個廣泛而復雜的類別，在我們的網站上有 30 多個不同的子類別，涵蓋室內和室外物品、有線和插頭、時尚和技術等等。

Like other home categories, consumers shopping for lighting often cannot articulate exactly what they are looking for.

與其他家居品類一樣，購買照明產品的消費者通常無法準確表達自己的需求。

This is particularly the case as they may not know what lighting style they like, say mid-century modern or coastal; or how to articulate the fixture design that they are looking for in a chandelier such as globe, sputnik or wagon wheel.

情況尤其如此，因為他們可能不知道自己喜歡什麼照明風格，比如中世紀現代風格或沿海風格；或者如何闡明他們在吊燈（例如地球儀、人造衛星或馬車車輪）中尋找的燈具設計。

The category is also largely unbranded, further eliminating the ability to search the category.

該類別在很大程度上也沒有品牌，進一步消除了搜索該類別的能力。

The Wayfair platform we have built to solve those issues is very well suited in the lighting category.

我們為解決這些問題而構建的 Wayfair 平台非常適合照明類別。

In lighting, our overall offering has strengthened as a result of the continual improvements we're making across our site as well as the important category-specific steps we have taken.

在照明方面，由於我們在整個網站上進行的持續改進以及我們採取的針對特定類別的重要步驟，我們的整體產品已經得到加強。

We have doubled the size of our cross-functional lighting team over the last 2 years to over 40 people, and they've heavily focused on building out selection to more than 180,000 SKUs and making the category as inspiring and easy to shop as possible.

在過去的 2 年裡，我們將跨職能照明團隊的規模擴大了一倍，達到 40 多人，他們專注於構建超過 180,000 種 SKU 的選擇，並使該類別盡可能鼓舞人心且易於購買。

These 40-plus people focused on lighting in areas such as merchandising, category management and supplier operation are in addition to the more than 12,000 people working across the business to bring customers the best possible experience.

除了 12,000 多名員工之外，這 40 多名員工專注於銷售、品類管理和供應商運營等領域的照明，為客戶帶來最佳體驗。

In addition to our vast selection, our teams are focused on enhancing the visual merchandising and overall shopping experience of the lighting category, which we believe sets us apart from the competition.

除了我們廣泛的選擇外，我們的團隊還專注於增強照明類別的視覺營銷和整體購物體驗，我們相信這使我們在競爭中脫穎而出。

We have leveraged our collection of over 80 house brands to help customers easily find products in the style and price points they are looking for.

我們利用我們收集的 80 多個自家品牌來幫助客戶輕鬆找到他們正在尋找的款式和價位的產品。

In Q4 2018, house brands grew to approximately 74% of Wayfair.com net revenue, up from 57% for 2017 as a whole.

2018 年第四季度，自有品牌增長至 Wayfair.com 淨收入的約 74%，高於 2017 年全年的 57%。

We've also simplified the shopping experience by creating on-site aids like visual filters so customers can easily navigate to the fixture design they're looking for even if they don't know its name.

我們還通過創建視覺過濾器等現場輔助工具簡化了購物體驗，這樣即使客戶不知道其名稱，也可以輕鬆導航到他們正在尋找的燈具設計。

Our lighting product pages are built to both inspire and educate our customers.

我們的照明產品頁面旨在啟發和教育我們的客戶。

On the product detail page, customers are presented with all the key product information in an easy and digestible way.

在產品詳細信息頁面上，客戶可以通過簡單易懂的方式看到所有關鍵產品信息。

For example, we have visual symbols calling out the most important details customers want to know so that they can buy the product with confidence.

例如，我們用視覺符號標出客戶想知道的最重要的細節，以便他們可以放心地購買產品。

These symbols indicate whether the fixture is dimmable, hardwired or requires placement in a dry area, amongst other possible specification and helps the customer easily understand the more technical aspects that are often unclear.

這些符號表示燈具是否可調光、硬連線或需要放置在乾燥區域，以及其他可能的規格，並幫助客戶輕鬆理解通常不清楚的更多技術方面。

As a category that can be highly emotive, we partnered with our suppliers to build out a rich library of 3D imagery that can inspire customers as they look for the perfect dining room light, kitchen island pendant or wall sconce.

作為一個可以高度情緒化的類別，我們與我們的供應商合作建立了一個豐富的 3D 圖像庫，可以在客戶尋找完美的餐廳燈、廚房島吊燈或壁燈時激發他們的靈感。

These 3D models also enable customers to use our technology to visualize their purchase in their own space, such as in our 3D viewing room and room planner functionality.

這些 3D 模型還使客戶能夠使用我們的技術在他們自己的空間中可視化他們的購買，例如在我們的 3D 觀察室和房間規劃器功能中。

This is a key part of the suppliers' success on our platform, and we couldn't have achieved this without the collaborative approach we have built over the years.

這是供應商在我們平台上取得成功的關鍵部分，如果沒有我們多年來建立的協作方法，我們就不可能實現這一點。

CastleGate plays an important part in the growth we're seeing across the business, and that is very much the case in lighting.

CastleGate 在我們看到的整個業務的增長中發揮著重要作用，在照明領域就是如此。

Today, lighting is the #1 product category flowing through our CastleGate warehouses in terms of unit volume, with suppliers seeing the considerable benefit the program can bring to improving delivery speeds offered to shoppers and then reducing damage over time.

今天，就單位體積而言，照明是流經我們 CastleGate 倉庫的第一大產品類別，供應商看到該計劃可以帶來相當大的好處，可以提高向購物者提供的交付速度，然後隨著時間的推移減少損壞。

The success we are seeing in lighting is a result of a large number of steps we are taking across our business to leverage our core platform while tailoring the offering to the specific needs of shoppers in the category.

我們在照明領域取得的成功是我們在整個業務中採取的大量步驟的結果，以利用我們的核心平台，同時根據該類別購物者的特定需求定制產品。

Today, lighting is one of the categories in the $500 million to $1 billion gross revenue run rate range I mentioned earlier, and in 2018, it grew by more than 50% on the prior year.

今天，照明是我之前提到的 5 億至 10 億美元總收入運行率範圍內的類別之一，並且在 2018 年，它比上一年增長了 50% 以上。

The substantial scale it has reached today and the continued high growth we are experiencing in the category highlight the potential that we see not just for some of our larger categories like lighting but also for dozens of product categories that are currently earlier in their progress, including the few we have mentioned on previous earnings calls such as bathroom vanities and outdoor decor structures and spas.

它今天已經達到的巨大規模以及我們在該類別中經歷的持續高速增長突出了我們看到的潛力，不僅是我們的一些較大類別，如照明，而且還有數十個目前處於早期發展階段的產品類別，包括我們在之前的財報電話會議上提到過的少數幾個，例如浴室梳妝台和戶外裝飾結構和水療中心。

Now I would like to give you a brief update on the development of our logistics infrastructure before turning the call over to Steve.

現在，在將電話轉給史蒂夫之前，我想向您簡要介紹一下我們物流基礎設施的發展情況。

At the end of 2018, we had approximately 12 million square feet of space in North America and Europe across our CastleGate and WDN facilities.

到 2018 年底，我們在北美和歐洲的 CastleGate 和 WDN 設施中擁有大約 1200 萬平方英尺的空間。

Looking forward, we expect to add approximately 5 million square feet of space across our network in 2019.

展望未來，我們預計 2019 年我們的網絡將增加約 500 萬平方英尺的空間。

We expect to add approximately 3 million square feet of this space at our CastleGate facilities in the United States, approximately 1 million square feet to CastleGate internationally and approximately 1 million square feet to our WDN last-mile delivery facilities as part of our logistics build-out.

我們希望在美國的 CastleGate 設施中增加約 300 萬平方英尺的空間，在國際上向 CastleGate 增加約 100 萬平方英尺，在我們的 WDN 最後一英里交付設施中增加約 100 萬平方英尺，作為我們物流建設的一部分-出去。

The dollar value of U.S. small parcel revenue being shipped from the CastleGate network continues to grow at pace, almost doubling in Q4 2018 compared to Q4 2017, accounting for approximately 26% of U.S. small parcel revenue in the quarter, up from approximately 19% in Q4 of 2017.

從 CastleGate 網絡運送的美國小包裹收入的美元價值繼續快速增長，與 2017 年第四季度相比，2018 年第四季度幾乎翻了一番，佔該季度美國小包裹收入的約 26%，高於 2018 年第四季度的約 19%。 2017 年第四季度。

And we will be targeting further growth this year.

我們今年的目標是進一步增長。

In Q4, we continued to build out our large parcel home delivery infrastructure.

在第四季度，我們繼續建設大型包裹送貨上門基礎設施。

Today, we are operating 35 of our own last-mile delivery facilities in North America, up from 27 at the end of Q3 2018 with the addition of Phoenix, Milwaukee, Columbus, Austin, San Antonio, Las Vegas, Kansas City and Cincinnati.

今天，我們在北美運營著 35 個我們自己的最後一英里交付設施，比 2018 年第三季度末的 27 個增加了菲尼克斯、密爾沃基、哥倫布、奧斯汀、聖安東尼奧、拉斯維加斯、堪薩斯城和辛辛那提。

These give us coverage of approximately 74% of our U.S. large parcel home deliveries.

這些使我們能夠覆蓋大約 74% 的美國大包裹送貨上門服務。

We are excited to see that the improved service level we can offer as a result of these investments is resonating with customers with Net Promoter Scores in regions where we have taken over control of last-mile home deliveries now being approximately 25% higher on average than those served by third-party operators.

我們很高興地看到，由於這些投資，我們可以提供更高的服務水平，這引起了客戶的共鳴，在我們接管了最後一英里送貨上門的地區，淨推薦值現在比平均高出約 25%。由第三方運營商提供的服務。

At the end of 2018, over 90% of our U.S. large parcel orders flow through the Wayfair-controlled middle-mile network of consolidation centers, cross-docks and line haul.

到 2018 年底，我們超過 90% 的美國大包裹訂單流經 Wayfair 控制的集運中心、交叉碼頭和長途運輸的中英里網絡。

Now I want to touch on our inbound supply chain, where we are continuing to take greater control.

現在我想談談我們的入境供應鏈，我們將繼續加強控制。

At the end of 2018, over 80% of the inbound volume to our U.S. warehouses was container direct, enabling us to reduce cost and complexity for our suppliers.

到 2018 年底，我們美國倉庫超過 80% 的進貨量是集裝箱直運，使我們能夠為供應商降低成本和復雜性。

Further upstream, this time last year, our first ocean container pilot shipment left China, and following the success of the pilot, we now anticipate that approximately 40% of the container volume into our U.S. CastleGate facilities will come from suppliers that are choosing to purchase inbound supply chain services with us, including ocean freight and drayage.

在更上游，去年這個時候，我們的第一批海運集裝箱試點貨物離開了中國，在試點成功之後，我們現在預計進入我們美國 CastleGate 設施的集裝箱量的大約 40% 將來自選擇採購的供應商與我們一起提供入境供應鏈服務，包括海運和短途運輸。

We see this as a powerful development of our relationship with suppliers as they look to us to take greater control of inbound transportation from Asia, removing the need for them to liaise with numerous third parties typically involved in that process.

我們認為這是我們與供應商關係的有力發展，因為他們希望我們更好地控制來自亞洲的入境運輸，從而消除他們與通常參與該過程的眾多第三方聯絡的需要。

This increased level of supply chain control has enabled us to launch an internally developed ocean freight visibility platform on our supplier extranet, giving the suppliers the ability to track in real time the progress of container shipments throughout the inbound journey.

這種供應鏈控制水平的提高使我們能夠在我們的供應商外聯網上啟動一個內部開發的海運可見性平台，使供應商能夠在整個入境旅程中實時跟踪集裝箱運輸的進度。

We are giving suppliers greater control, reducing the time they spend on supply chain administration and ultimately improving product availability for customers.

我們正在為供應商提供更大的控制權，減少他們花在供應鏈管理上的時間，並最終提高客戶的產品可用性。

In 2019, we are looking forward to continued uptake of inbound supply chain services, as a result of the foundations we have built over the course of the last 12 months.

2019 年，由於我們在過去 12 個月中建立的基礎，我們期待繼續採用入站供應鏈服務。

With that, I'll now turn the call over to Steve.

有了這個，我現在將電話轉給史蒂夫。

Thanks, Niraj.

謝謝，尼拉吉。

In prior earning calls, we've spoken about the success we are seeing with customers internationally as we put our proven U.S. playbook to work in Canada, the U.K. and Germany.

在之前的財報電話會議上，我們談到了我們在國際客戶中看到的成功，因為我們將經過驗證的美國劇本在加拿大、英國和德國發揮作用。

Last quarter, we talked about the pace at which our Canadian business has developed, where we see continued gains ahead.

上個季度，我們談到了我們加拿大業務的發展速度，我們看到了未來的持續增長。

Today, I want to talk about the exciting progress we are making in our least mature international region, namely Germany.

今天，我想談談我們在我們最不成熟的國際地區，即德國取得的令人振奮的進展。

I was in Germany twice this quarter to meet with suppliers at major trade shows in the country, and I was struck by the enthusiasm and commitment we are generating with them.

本季度我兩次到訪德國，在該國的主要貿易展覽會上與供應商會面，我對我們與他們產生的熱情和承諾感到震驚。

Some of those suppliers were with us in 2015 when we had approximately 60,000 products on our site to today when we have approximately 600,000 products on our site.

其中一些供應商在 2015 年與我們合作，當時我們的網站上有大約 60,000 種產品，到今天我們的網站上有大約 600,000 種產品。

We are excited to be working with them to get to over 1 million products this year as we further accelerate the flywheel of our business there.

隨著我們進一步加快在那裡的業務飛輪，我們很高興能與他們合作，在今年獲得超過 100 萬種產品。

Supplier engagement is essential to bringing customers the best possible offering.

供應商參與對於為客戶提供最佳產品至關重要。

What I took away from those supplier interactions was the clear sense that partnering with us was much easier and more powerful than they had appreciated when I saw them 12 months earlier.

我從這些供應商互動中學到的是，與我們合作比我 12 個月前看到他們時所欣賞的更容易、更強大。

Suppliers have transitioned from wanting to believe that our platform can transform their access to online shoppers to now being true believers and are really leaning in to make it work.

供應商已經從想要相信我們的平台可以改變他們接觸在線購物者的方式轉變為現在真正的信徒，並且真正傾向於讓它發揮作用。

Much like we saw in the U.S. business several years ago, suppliers are investing in their e-commerce teams and working very closely with us to learn how to be successful on our platform.

就像我們幾年前在美國業務中看到的那樣，供應商正在投資他們的電子商務團隊，並與我們密切合作，以學習如何在我們的平台上取得成功。

They frequently underline how surprised they are by the deep level of support and collaboration they are seeing from our teams to help them scale their business on Wayfair.

他們經常強調他們對我們團隊提供的深度支持和協作感到驚訝，以幫助他們在 Wayfair 上擴展業務。

Much like the historical development of the U.S. business, we are working closely with suppliers, many of whom are relatively new to e-commerce, to help reduce the friction they face in their early efforts to access customer shopping for the home online.

與美國業務的歷史發展非常相似，我們正在與供應商密切合作，其中許多供應商對電子商務相對較新，以幫助減少他們在早期努力接觸客戶在線購買家庭產品時所面臨的摩擦。

This can range from developing 3D product imagery to drive product conversion to getting products to customers as quickly and smoothly as possible by joining our CastleGate program, following its launch in Germany last year.

範圍從開發 3D 產品圖像到推動產品轉換，再到通過加入我們的 CastleGate 計劃（繼去年在德國推出後）盡快順利地將產品交付給客戶。

As large equity holders in the business, Niraj and I have always taken a long-term approach to how we invest for growth, which we believe will serve us well in Germany, as it has in the U.S. We have a culture that is highly quantitative with data being a core determinant of how we best serve the customers' needs today and out into the future.

作為企業的大股東，Niraj 和我一直採取長期方法來投資增長，我們相信這對我們在德國和美國都有好處。我們有一種高度量化的文化數據是我們如何最好地滿足客戶當前和未來需求的核心決定因素。

Today, we are thrilled to be investing behind the strength we are seeing in the KPIs of our German customers and in the momentum we are building with suppliers in the region as they join our platform.

今天，我們很高興能夠投資於我們在德國客戶的 KPI 中看到的實力，以及我們在該地區的供應商加入我們的平台時正在建立的勢頭。

We are investing aggressively in Germany for several reasons.

出於幾個原因，我們正在德國積極投資。

The first is that we have seen our U.S. and Canadian businesses grow successfully over time and have a depth of customer performance metrics that we have been able to track during those periods.

首先是我們已經看到我們的美國和加拿大業務隨著時間的推移成功發展，並且擁有我們能夠在這些時期跟踪的深度客戶績效指標。

We are now seeing those metrics take shape in Germany, which allows us to invest aggressively to build our business there.

我們現在看到這些指標在德國形成，這使我們能夠積極投資以在那裡建立我們的業務。

Our business today in Germany has considerable parallels with the U.S. business shortly after we launched the Wayfair brand in the U.S. in September of 2011.

2011 年 9 月我們在美國推出 Wayfair 品牌後不久，我們今天在德國的業務與美國業務有相當大的相似之處。

Brand awareness in Germany in December of last year when we first started testing TV advertising was at a similar level to the U.S. when we took that step.

去年 12 月，當我們第一次開始測試電視廣告時，德國的品牌知名度與我們採取該步驟時的美國水平相似。

We saw great results from our early TV ad campaigns in the U.S., and I'm very pleased to see our initial spend in Germany contributing to aided brand awareness in Q1, being more than twice the 2018 level.

我們在美國的早期電視廣告活動取得了很好的效果，我很高興看到我們在德國的初始支出有助於提高第一季度的品牌知名度，是 2018 年水平的兩倍多。

Earlier this quarter, we also launched a partnership with one of Germany's best-known entertainers, Barbara Schöneberger, who will feature in our first major TV campaign there as we continue to raise customer awareness in the Wayfair offering.

本季度早些時候，我們還與德國最著名的藝人之一 Barbara Schöneberger 建立了合作夥伴關係，隨著我們繼續提高客戶對 Wayfair 產品的認識，她將出現在我們在那裡的第一個大型電視活動中。

At a customer level in Germany in recent quarters, we are also seeing new shoppers repeat with us at similar rates in their first 30 days of purchase as they did in the U.S. at similar levels of brand awareness.

最近幾個季度，在德國的客戶層面，我們還看到新購物者在購買後的前 30 天以相似的速度重複購買我們的產品，與他們在美國的品牌知名度相似。

This is a key indicator of marketing spend effectiveness and future lifetime value.

這是營銷支出有效性和未來生命週期價值的關鍵指標。

With these and many other proof points, we are able to invest with a high level of conviction, often taking steps earlier and with greater certainty than we did as we scaled the U.S. business; for example, in opening CastleGate in Germany sooner than we did in the U.S. given the confidence we now have in the concept.

有了這些和許多其他的證據，我們能夠以高度的信念進行投資，通常比我們在擴大美國業務時採取的步驟更早、更確定；例如，考慮到我們現在對這個概念的信心，我們在德國比在美國更早地開設了 CastleGate。

The second factor that influences our appetite to invest in Germany is the scale of the TAM in our category, which, at approximately $75 billion, is over 3x the scale of the Canadian market and 50% larger than U.K. We believe we will be the leader in our category online in Germany as we continue to win with customers and take more market share, and we are building our business with that long-term scale very much in mind.

影響我們在德國投資意願的第二個因素是我們類別中 TAM 的規模，約為 750 億美元，是加拿大市場規模的 3 倍多，比英國大 50%。我們相信我們將成為領導者隨著我們繼續贏得客戶並佔據更多的市場份額，我們在德國的在線類別中，我們正在建立我們的業務，非常重視長期規模。

Finally, we believe that businesses often underestimate the investment required to expand successfully internationally.

最後，我們認為企業往往低估了成功進行國際擴張所需的投資。

This can stem from a belief that expansion can be managed principally from the home market with a small presence on the ground internationally.

這可能源於這樣一種信念，即擴張可以主要從國內市場進行管理，而在國際上的影響力很小。

Our firm belief is that by having an initial focus on the 2 most attractive markets in Europe and building the best possible teams in those markets, we have the greatest likelihood of achieving substantial scale and profitability over the longer term.

我們堅信，通過最初關注歐洲兩個最具吸引力的市場並在這些市場中建立盡可能最好的團隊，我們最有可能在長期內實現可觀的規模和盈利能力。

We've built great foundations in Europe with approximately 1,700 people based there, who contribute globally as well.

我們在歐洲建立了良好的基礎，那裡有大約 1,700 名員工，他們也在全球範圍內做出貢獻。

For example, today Berlin is Wayfair's second global product engineering center.

例如，今天的柏林是 Wayfair 的第二個全球產品工程中心。

We had an initial focus on European transportation and storefront internationalization.

我們最初關注歐洲運輸和店面國際化。

Following those successes, we expanded the team to have a global remit, including payments technology and supplier-facing tools.

在取得這些成功之後，我們擴大了團隊，使其擁有全球職權範圍，包括支付技術和麵向供應商的工具。

We're delighted with the results of the collaboration we are seeing between our teams in Berlin and Boston as we keep innovating for customers and suppliers in 2019 and beyond.

我們對柏林和波士頓團隊之間的合作成果感到高興，因為我們在 2019 年及以後不斷為客戶和供應商進行創新。

With that, I will now turn the call over to Julia to discuss the financials in more detail.

有了這個，我現在將把電話轉給 Julia 來更詳細地討論財務問題。

Thanks, Steve, and good morning, everyone.

謝謝，史蒂夫，大家早上好。

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.

我現在將提供本季度主要財務信息的一些亮點，更多詳細信息可在我們的收益發布和 IR 網站上的投資者介紹中找到。

In Q4, our Direct Retail business increased 41% year-over-year to $1,996,000,000, representing year-over-year dollar growth of $577 million, which, as Niraj highlighted earlier, is the largest increase in our history.

在第四季度，我們的直接零售業務同比增長 41% 至 19.96 億美元，同比增長 5.77 億美元，正如 Niraj 早些時候強調的那樣，這是我們歷史上最大的增幅。

Our total net revenue increased 40% year-over-year to $2,014,000,000.

我們的總淨收入同比增長 40% 至 2,014,000,000 美元。

Our KPIs, which we report on a consolidated global basis, demonstrated continued strength in Q4.

我們在全球綜合基礎上報告的 KPI 在第四季度顯示出持續的強勁勢頭。

As Niraj mentioned earlier, total active customers surpassed 15 million, up 38% year-over-year, with the addition of approximately 1.3 million net new customers in Q4, a new high watermark for net new customers.

正如 Niraj 之前提到的，活躍客戶總數超過 1500 萬，同比增長 38%，第四季度淨新客戶增加了約 130 萬，這是淨新客戶的新高水位線。

Often when we describe the continued investments and leaning in we are doing on ad spend, we mention that we expect ad spend in one quarter to lead to customer additions in future quarters.

通常，當我們描述我們在廣告支出方面的持續投資和傾斜時，我們會提到我們預計一個季度的廣告支出會導致未來幾個季度的客戶增加。

Last quarter, we described leaning in on ad spend as we were seeing good opportunities within our strict payback threshold.

上個季度，我們描述了在廣告支出上的傾斜，因為我們在嚴格的回報門檻內看到了很好的機會。

Those decisions and similar decisions throughout last year lead to this type of extraordinary growth in net new customers.

去年全年的這些決定和類似決定導致了淨新客戶的這種非凡增長。

Moreover, purchase frequency, as measured by LTM orders per active customer, grew for the eighth consecutive quarter, reaching a new high of 1.85 in Q4.

此外，以每個活躍客戶的 LTM 訂單衡量的購買頻率連續第八個季度增長，在第四季度達到 1.85 的新高。

Average order value was $227, which was lower than Q3, consistent with the seasonal trend of lower-ticket holiday items being purchased in Q4.

平均訂單價值為 227 美元，低於第三季度，這與第四季度購買低價假日商品的季節性趨勢一致。

Orders from repeat customers in Q4 grew 51% year-over-year, approximately twice the rate of orders from new customers, continuing the strength we saw throughout 2018.

第四季度回頭客的訂單同比增長 51%，大約是新客戶訂單增長率的兩倍，延續了我們在 2018 年全年看到的強勁勢頭。

In the appendix of our investor presentation, you will see that, over the course of 2018, our Wayfair.com customer cohorts continued to strengthen, and we're very pleased to see that the investments we are making in our business are resonating so strongly with new and returning shoppers.

在我們投資者介紹的附錄中，您會看到，在 2018 年期間，我們的 Wayfair.com 客戶群體繼續加強，我們很高興看到我們在業務中所做的投資產生如此強烈的共鳴與新的和回頭客。

Turning to our U.S. business.

轉向我們的美國業務。

Our Direct Retail net revenue increased to $1,709,000,000 in Q4, up 39% year-over-year.

第四季度，我們的直接零售淨收入增至 17.09 億美元，同比增長 39%。

This represents year-over-year dollar growth in the quarter of $481 million in U.S. Direct Retail net revenue.

這代表本季度美國直接零售淨收入 4.81 億美元的同比增長。

As Niraj highlighted earlier, Direct Retail net revenue from our international businesses in Canada, the U.K. and Germany collectively increased to $287 million, up 50% versus Q4 2017.

正如 Niraj 早些時候強調的那樣，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加到 2.87 億美元，比 2017 年第四季度增長 50%。

We are extremely pleased with the gains we have made internationally over the course of 2018 and how we are positioned to keep winning with customers internationally over time.

我們對我們在 2018 年期間在國際上取得的成就以及我們如何定位以隨著時間的推移繼續贏得國際客戶感到非常高興。

I will share the remaining financials on a non-GAAP basis, excluding the impact of equity-based compensation and related taxes, which totaled $41 million in Q4 2018.

我將在非 GAAP 基礎上分享剩餘的財務數據，不包括基於股權的薪酬和相關稅收的影響，2018 年第四季度總計 4100 萬美元。

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

如需 GAAP 與非 GAAP 報告的對賬，請參閱我們 IR 網站上的收益發布。

Gross profit for the quarter, which is net of all product costs, delivery and fulfillment expenses, was $486 million or 24.1% of net revenues.

本季度扣除所有產品成本、交付和履行費用後的毛利潤為 4.86 億美元，占淨收入的 24.1%。

Typically, we enter Q4 prepared for an intense promotional environment.

通常，我們進入第 4 季度時會為激烈的促銷環境做好準備。

This year, we were thrilled to see the analytical and collaborative approach we take with our supplier partners resulted in a product offering that not only resonated strongly with customers during the peak period, but also did so at prices that resulted in improved margins for the quarter.

今年，我們很高興看到我們與供應商合作夥伴採取的分析和協作方法帶來的產品不僅在高峰期引起了客戶的強烈共鳴，而且價格也提高了本季度的利潤率.

For Q1, we expect gross margin to be towards the upper end of our guidance range of 23% to 24%.

對於第一季度，我們預計毛利率將接近我們 23% 至 24% 的指導範圍的上限。

In Q4, advertising spend was $232 million or 11.5% of net revenue, as expected.

正如預期的那樣，第四季度廣告支出為 2.32 億美元，占淨收入的 11.5%。

As we mentioned last quarter, we are continuing to see great opportunities to invest advertising dollars and generate ROI within the approximately 1-year contribution margin payback that is central to our approach.

正如我們上個季度提到的那樣，我們繼續看到投資廣告資金並在大約 1 年的邊際貢獻回報內產生投資回報率的巨大機會，這對我們的方法至關重要。

In Q1, we expect higher sequential ad cost as a percentage of net revenue as we keep leaning in on efficient ad spend opportunities in the U.S. and internationally.

在第一季度，我們預計連續廣告成本占淨收入的百分比會更高，因為我們將繼續依靠美國和國際上的高效廣告支出機會。

And as a result, we expect to see approximately 100 basis points of deleverage year-over-year.

因此，我們預計會看到約 100 個基點的同比去槓桿化。

The international business, particularly the U.K. and Germany, continued to invest a significantly higher proportion of net revenue in advertising than in the U.S. as we build brand awareness and the scale of our repeat customer rate increases internationally.

國際業務，尤其是英國和德國，繼續在廣告上投入比美國高得多的淨收入比例，因為我們在國際上建立了品牌知名度，回頭客率也在增加。

In the U.S., our Wayfair.com business is showing great strength against the main KPIs we track.

在美國，我們的 Wayfair.com 業務在我們追踪的主要 KPI 方面顯示出強大的實力。

We were able to reach new customers efficiently and within our payback limitation due to the deepening strength of our brand and the many investments we have underway to make the discovery, purchase and delivery experience better for our customers every day.

由於我們品牌實力的不斷增強以及我們正在進行的許多投資，我們每天都在為我們的客戶提供更好的發現、購買和交付體驗，因此我們能夠在我們的回報限制內高效地接觸新客戶。

Also, we often find the first quarter as a particularly good quarter for efficient ad buying since many traditional advertisers who buy through agencies are not in market as they await approval of their annual budget.

此外，我們經常發現第一季度是高效廣告購買的特別好季度，因為許多通過代理商購買的傳統廣告商在等待年度預算批准時不在市場上。

We will continue to invest behind high-ROI advertising opportunities we see as we are very pleased with the new customer KPIs we are seeing across our business and are confident in the incremental value these customers will add over their lifetime, which is evident in the continued growing strength of our customer cohorts.

我們將繼續投資於我們看到的高投資回報率廣告機會，因為我們對我們在整個業務中看到的新客戶 KPI 非常滿意，並且對這些客戶將在其生命週期中增加的增量價值充滿信心，這在持續的我們的客戶群不斷壯大。

Our non-GAAP selling, operations, technology and G&A expenses, which I will refer to as OpEx, are driven primarily by compensation costs; and in Q4, totaled $268 million, excluding the approximately $2 million impact of a onetime gain related to the termination of our Ogden, Utah warehouse lease at more favorable terms than previously anticipated.

我們的非 GAAP 銷售、運營、技術和 G&A 費用（我將其稱為 OpEx）主要由薪酬成本驅動；在第四季度，總計 2.68 億美元，不包括與我們以比先前預期更優惠的條件終止猶他州奧格登倉庫租賃相關的一次性收益的約 200 萬美元影響。

In 2018, we had substantial OpEx hiring, bringing great talent into our business to support our 3 main investment areas of building out our international capabilities, developing our proprietary logistics network and increasing penetration of categories in our total addressable market where we have historically under indexed.

2018 年，我們進行了大量的運營支出招聘，為我們的業務帶來了優秀的人才，以支持我們的 3 個主要投資領域，即建立我們的國際能力、發展我們的專有物流網絡以及提高類別在我們歷史上一直低估的目標市場中的滲透率.

We added 1,215 net new employees in the fourth quarter for a total of 12,124 employees as of December 31, 2018.

截至 2018 年 12 月 31 日，我們在第四季度淨增加了 1,215 名新員工，員工總數為 12,124 人。

Of these 1,215 net new employees, approximately 850 were in variable cost areas of our business, namely in our logistics operation and in customer service.

在這 1,215 名淨新員工中，約有 850 名在我們業務的可變成本領域，即我們的物流運營和客戶服務。

Please remember that we are adding headcount in these areas not only due to the growing scale of our business but also as we are effectively in-sourcing work that was done by third-party logistic providers in the past.

請記住，我們在這些領域增加員工人數，不僅是因為我們的業務規模不斷擴大，而且我們正在有效地內包過去由第三方物流供應商完成的工作。

The other approximately 360 net new hires in Q4 were in OpEx areas such as marketing, merchandising, operations and technology, a sizable step-down, as anticipated, from the 850 people hired in these areas in Q3.

第四季度的其他大約 360 名淨新員工在運營支出領域，如營銷、銷售、運營和技術，如預期的那樣，與第三季度在這些領域僱用的 850 人相比，這是一個相當大的縮減。

This resulted in almost 2,400 net new OpEx hires for 2018.

這導致 2018 年新增近 2,400 名 OpEx 員工。

As we stated last quarter, we anticipate running our OpEx hiring at lower levels this year than we did last year as we focus our teams on executing the many initiatives we have ongoing.

正如我們上個季度所說，我們預計今年的 OpEx 招聘水平將低於去年，因為我們將團隊重點放在執行我們正在進行的許多計劃上。

As a result, we expect OpEx hiring over the next few quarters to remain at similar levels as in Q4, except in the third quarter of 2019 when we expect it will step up some due to the success of our campus recruiting program that brings great new talent into Wayfair in a concentrated period over the summer.

因此，我們預計未來幾個季度的運營支出招聘將保持與第四季度相似的水平，但 2019 年第三季度除外，屆時我們預計由於我們的校園招聘計劃的成功帶來了巨大的新人才在夏季集中進入Wayfair。

As a result of the ongoing build-out of our CastleGate and WDN facilities, we expect unutilized rent to continue to weigh on our P&L in 2019.

由於我們不斷擴建 CastleGate 和 WDN 設施，我們預計未使用的租金將在 2019 年繼續對我們的損益造成壓力。

As a reminder, generally, our logistics rent costs run through COGS, but as we open new facilities, we are required to allocate the unutilized portion of the rent in those facilities to OpEx.

提醒一下，一般來說，我們的物流租金成本通過 COGS 計算，但隨著我們開設新設施，我們需要將這些設施中未使用的租金部分分配給 OpEx。

As Niraj mentioned earlier, we have been growing our footprint and expect to further grow our logistics space in 2019, and this will add to unutilized rent, as will the implementation of changes to lease accounting standards, which impacts our build-to-suit leases.

正如 Niraj 之前提到的，我們一直在擴大我們的足跡，並期望在 2019 年進一步擴大我們的物流空間，這將增加未使用的租金，租賃會計準則的變更的實施也會增加，這會影響我們的定制租賃.

As a result, we expect an increased burden from unutilized rent going forward.

因此，我們預計未來未使用租金的負擔會增加。

Specifically in Q1 2019, unutilized rent will be in the range of approximately $10 million to $15 million.

具體到 2019 年第一季度，未使用的租金將在約 1000 萬至 1500 萬美元之間。

Approximately $2 million to $3 million of this amount is the impact of the change in lease accounting standard.

其中約 200 萬至 300 萬美元是租賃會計準則變更的影響。

Turning to profitability.

轉向盈利能力。

Adjusted EBITDA for the fourth quarter was negative $54 million or negative 2.7% of net revenue.

第四季度調整後的 EBITDA 為負 5400 萬美元或占淨收入的負 2.7%。

Adjusted EBITDA in Q4 for the U.S. business was positive $8 million, and adjusted EBITDA for our international business was negative $62 million.

美國業務第四季度調整後 EBITDA 為正 800 萬美元，國際業務調整後 EBITDA 為負 6200 萬美元。

Non-GAAP free cash flow for the quarter was negative $23 million, based on net cash from operating activities of $43 million and capital expenditures of $66 million.

本季度非 GAAP 自由現金流為負 2300 萬美元，基於 4300 萬美元的經營活動現金淨額和 6600 萬美元的資本支出。

As usual in Q1, we expect to see a material outflow of cash in the quarter, primarily as a result of the seasonal working capital movement that follows the holiday period, coupled with our timing of CapEx investments in facilities and technology which will be higher than average in Q1.

與第一季度一樣，我們預計本季度將出現大量現金流出，這主要是由於假期後的季節性營運資金流動，以及我們對設施和技術的資本支出投資時間將高於第一季度的平均值。

CapEx spending was 3.3% of net revenue for both Q4 and 2018 as a whole.

資本支出佔第四季度和 2018 年全年淨收入的 3.3%。

We expect CapEx to run at approximately 5% of net revenue in Q1.

我們預計第一季度資本支出將占淨收入的 5% 左右。

We had $970 million of cash, cash equivalents and short- and long-term investments as of December 31, 2018, following the issuance of a convertible loan note in November.

在 11 月發行可轉換貸款票據後，截至 2018 年 12 月 31 日，我們擁有 9.7 億美元的現金、現金等價物以及短期和長期投資。

This funding further strengthens our balance sheet with attractive capital and should give us flexibility in both positive and negative macroeconomic environments and enable us to remain opportunistic.

這筆資金以具有吸引力的資本進一步加強了我們的資產負債表，應該使我們在積極和消極的宏觀經濟環境中都具有靈活性，並使我們能夠保持機會主義。

Further details on the convertible notes can be found in our SEC filings on our IR site.

有關可轉換票據的更多詳細信息，請參閱我們在 IR 網站上向美國證券交易委員會提交的文件。

Now for Q1 2019 guidance.

現在是 2019 年第一季度的指導。

We remain very bullish on our business, both near term and long term.

我們仍然非常看好我們的業務，無論是短期還是長期。

We forecast Direct Retail net revenue of $1.86 billion to $1.90 billion, a growth rate of approximately 34% to 37% year-over-year and representing year-over-year Direct Retail dollar growth of approximately $500 million.

我們預測 Direct Retail 淨收入為 18.6 億美元至 19 億美元，同比增長率約為 34% 至 37%，Direct Retail 收入同比增長約 5 億美元。

To give transparency on current trending, as we've done previously, our Direct Retail gross revenue quarter to date has grown above 40% year-over-year.

為了使當前趨勢透明化，正如我們之前所做的那樣，我們的直接零售總收入季度迄今已同比增長 40% 以上。

As a consumer-facing business, macro factors can impact our results, and the overall confidence of the consumer and timing of tax refunds are therefore some factors we are mindful of in Q1.

作為面向消費者的企業，宏觀因素會影響我們的業績，因此消費者的整體信心和退稅時間是我們在第一季度關注的一些因素。

We forecast other revenue to be between $10 million and $15 million, for total net revenue of approximately $1.87 billion to $1.915 billion for the first quarter.

我們預測其他收入將在 1000 萬美元至 1500 萬美元之間，第一季度淨收入總額約為 18.7 億美元至 19.15 億美元。

Within our total Direct Retail net revenue guidance range of 34% to 37% year-over-year growth, we expect U.S. Direct Retail growth in the range of 33% to 36% and international Direct Retail growth in the range of 35% to 40%.

在我們 34% 至 37% 的直接零售淨收入指導範圍內，我們預計美國直接零售增長 33% 至 36%，國際直接零售增長 35% 至 40% %。

As our international business has grown, the impact of currency swings have started to have a greater impact on our reported results.

隨著我們國際業務的增長，貨幣波動的影響開始對我們報告的結果產生更大的影響。

This is particularly noticeable with the focus on our international growth rates.

這一點在關注我們的國際增長率時尤為明顯。

For example, for the full year 2018, our international net revenue as reported grew 70% year-over-year.

例如，對於 2018 年全年，我們報告的國際淨收入同比增長 70%。

Yet, on a constant-currency basis, it grew 69%.

然而，按固定匯率計算，它增長了 69%。

This past quarter, in Q4, international growth as reported was 50%.

上個季度，即第 4 季度，報告的國際增長率為 50%。

Yet, on a constant-currency basis, it grew 56%.

然而，按固定匯率計算，它增長了 56%。

We craft our guidance for revenue growth on an as-reported basis, but it's worth noting that on a constant-currency basis, our guidance would be approximately 45% to 50% for international growth and gross sales quarter to date for International are up more than 50% on a constant-currency basis.

我們根據報告製定了收入增長指引，但值得注意的是，在固定匯率的基礎上，我們的國際增長指引約為 45% 至 50%，而迄今為止國際的總銷售額增長更多按固定匯率計算超過 50%。

As Niraj mentioned earlier, Canada, which has rapidly become a scale business with great market penetration, now represents approximately 60% of our international net revenue.

正如 Niraj 之前提到的，加拿大已迅速成為具有巨大市場滲透率的規模企業，目前約占我們國際淨收入的 60%。

Some of the headwinds we are feeling there have Canada growing at a slower rate, which is impacting the total international growth.

我們感受到的一些不利因素使加拿大的增長速度放緩，這正在影響國際總體增長。

The U.K. and Germany continue to grow at a rate far in excess of our overall growth rate as they gain momentum and are taking share and penetrating their markets.

英國和德國繼續以遠遠超過我們整體增長率的速度增長，因為它們獲得了動力並正在搶占市場份額並滲透到它們的市場。

We are continuing to make the investments in our business in the U.S. and internationally that are resonating with customers and have been central to our success to date.

我們將繼續對我們在美國和國際上的業務進行投資，這些業務引起了客戶的共鳴，並且對我們迄今為止的成功至關重要。

As we've mentioned before, we have always invested in a way that best serves our customers over the long term, and we do not link our spending in a particular quarter to revenue in that quarter.

正如我們之前提到的，我們一直以最能長期為客戶服務的方式進行投資，我們不會將特定季度的支出與該季度的收入聯繫起來。

As has been the case in prior years, we expect OpEx as a percentage of revenue to delever sequentially in the first quarter of the year as payroll taxes reset for the new year and we bear the full cost of the more substantial hiring we've done over the last few quarters.

與前幾年的情況一樣，我們預計運營支出佔收入的百分比將在今年第一季度連續下降，因為新的一年工資稅重新設置，我們承擔了我們所做的更大規模招聘的全部成本在過去的幾個季度裡。

As a reminder, many of these new members of our team are working on initiatives that are not yet revenue producing and are investments to deliver for our customers over the longer term.

提醒一下，我們團隊中的許多新成員正在致力於尚未產生收入的計劃，並且是為我們的客戶提供長期服務的投資。

We do continue to expect to see modest year-over-year leverage in this line toward the latter part of this year as we annualize the substantial headcount growth of last year.

隨著我們對去年員工人數的大幅增長進行年化計算，我們確實繼續預計到今年下半年這一領域的同比槓桿率將保持適度。

Combining this with the ad spend opportunity we continue to see in the U.S., we anticipate that the U.S. adjusted EBITDA will be negative 1.5% to negative 2% for the quarter.

結合我們在美國繼續看到的廣告支出機會，我們預計本季度美國調整後的 EBITDA 將為負 1.5% 至負 2%。

The U.S. business has been adjusted EBITDA profitable for 7 of the last 9 quarters, and we expect the incremental flow-through from our growth will continue to improve U.S. adjusted EBITDA over time.

美國業務在過去 9 個季度中有 7 個季度調整後 EBITDA 盈利，我們預計我們的增長帶來的增量流量將隨著時間的推移繼續改善美國調整後的 EBITDA。

So as always, we won't time our investments to make that happen in any particular quarter.

因此，與往常一樣，我們不會安排投資時間以在任何特定季度實現這一目標。

Q1 historically is our lowest EBITDA quarter of the year as we typically experience a small sequential decrease in revenue while having normal seasonal increases in ad spend and employee costs.

從歷史上看，第一季度是我們一年中最低的 EBITDA 季度，因為我們通常會經歷收入的小幅環比下降，同時廣告支出和員工成本會出現正常的季節性增長。

For consolidated adjusted EBITDA, we forecast margins of negative 5.2% to negative 5.5% for Q1 2019.

對於合併調整後的 EBITDA，我們預測 2019 年第一季度的利潤率為負 5.2% 至負 5.5%。

These losses are primarily driven by our international business, with adjusted EBITDA in the range of negative $70 million to negative $75 million internationally.

這些損失主要是由我們的國際業務造成的，調整後的 EBITDA 在國際範圍內為負 7000 萬美元至負 7500 萬美元。

As Niraj and Steve mentioned earlier in the call, we're extremely pleased with the gains our business is making internationally and we are increasing our investment accordingly as we position ourselves for further market penetration, much like we did successfully here in the U.S. For modeling purposes for Q1 2019, please assume equity-based compensation and related tax expense of $52 million to $54 million, average weighted shares outstanding of 91.1 million and depreciation and amortization of $40 million to $42 million.

正如 Niraj 和 Steve 早些時候在電話會議中提到的那樣，我們對我們的業務在國際上取得的收益感到非常高興，並且我們正在相應地增加投資，因為我們將自己定位為進一步的市場滲透，就像我們在美國這裡取得的成功一樣。就 2019 年第一季度而言，請假設基於股權的薪酬和相關稅費為 5200 萬至 5400 萬美元，平均加權流通股為 9110 萬股，折舊和攤銷為 4000 萬至 4200 萬美元。

Now I'll turn the call over to Niraj before we take your questions.

現在，在我們回答您的問題之前，我會將電話轉給 Niraj。

Thanks, Julia.

謝謝，茱莉亞。

I would like to reiterate how proud Steve and I are of what the business achieved in 2018 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.

我想重申史蒂夫和我對公司在 2018 年取得的成就以及我們所處的地位以利用我們在美國和國際上看到的機會感到自豪。

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.

家居品類的美元繼續在網上轉移，我們相信我們可以通過提供最佳的客戶體驗、廣泛的選擇、鼓舞人心的視覺營銷、快速方便的交付和世界一流的客戶服務，繼續佔據巨大的份額。

We are seeing customers increasingly reward us with their dollars, and we are delighted to be investing behind this strength.

我們看到客戶越來越多地用他們的錢來回報我們，我們很高興能為這種實力進行投資。

With that, I will now turn the call over to the operator so that we can take some of your questions.

有了這個，我現在將把電話轉給接線員，這樣我們就可以回答你的一些問題。

(Operator Instructions) Your first question comes from Peter Keith from Piper Jaffray.

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

I did want to dig in on one topic that wasn't brought up in the prepared remarks, and that is on the sponsored advertising.

我確實想深入探討一個在準備好的發言中沒有提到的話題，那就是讚助廣告。

Because we're seeing that ramp on your site quite nicely just in the last couple of months since it was launched.

因為在您網站推出後的最後幾個月裡，我們看到它在您網站上的增長非常好。

What I was curious about is where that will show up on the income statement.

我很好奇的是，它會出現在損益表的什麼地方。

How have you reported -- whether it's revenue or as an offset to overall advertising.

你是如何報告的——無論是收入還是對整體廣告的抵消。

And do you think it had any impact overall on this most recent quarter?

您認為這對最近一個季度有總體影響嗎？

Thanks, Peter.

謝謝，彼得。

I'm going to let Julia explain where it shows up on the P&L and how it's accounted for.

我將讓 Julia 解釋它在損益表中的顯示位置以及它是如何計算的。

But the one thing I just want to highlight, we're actually thrilled with how it's going, but it's still very much early days.

但我只想強調一件事，我們實際上對它的進展感到興奮，但現在還為時尚早。

So the actual -- the dollar volume of the impact is quite small, but we're very optimistic about where it will go, and the reaction we've had from suppliers has been incredibly positive.

所以實際 - 影響的美元數量非常小，但我們對它的發展方向非常樂觀，我們從供應商那裡得到的反應非常積極。

So we think it can be fantastic, but it is early.

所以我們認為這可能很棒，但現在還為時過早。

But Julia, why don't you address the accounting?

但是朱莉婭，你為什麼不解決會計問題呢？

Yes.

是的。

So Peter, on sponsored SKUs, we're required to report that as a contra COGS line item, so that's where it will appear on the income statement.

所以彼得，在讚助的 SKU 上，我們需要將其作為 COGS 訂單項進行報告，因此它將出現在損益表中。

Okay, great.

好，太棒了。

And actually, if I can sneak in one more for Niraj.

事實上，如果我能為 Niraj 再偷偷帶一個。

You have mentioned around the Asia freight.

你提到了亞洲各地的貨運。

I think it was that the inbound would be about 40% of the CastleGate sales/revenue.

我認為入境將佔 CastleGate 銷售額/收入的 40% 左右。

Was that something that you plan on getting to this year?

那是你今年打算達到的目標嗎？

Or is that a target over time?

或者這是一個隨著時間的推移的目標？

And then, correspondingly, where would, within operating metrics, do you think, that ramp will start to show improvement?

然後，相應地，在運營指標中，您認為該斜坡將在何處開始顯示出改善？

Yes.

是的。

So I think, if I can just explain what the 40% number is.

所以我想，如果我能解釋一下 40% 的數字是多少的話。

So 80% of the volume in CastleGate facilities comes in container direct from the origin, which generally is Asia.

因此，CastleGate 設施中 80% 的體積直接來自原產地的集裝箱，通常是亞洲。

The other 20% is coming into our CastleGate facilities from domestic supplier warehouses.

另外 20% 從國內供應商倉庫進入我們的 CastleGate 設施。

That 80% I've said that's coming in container direct is much more efficient from a logistics cost standpoint, and that is very attractive to the supplier, their ability to pass through a lower wholesale and obviously, therefore, us to have a lower retail.

從物流成本的角度來看，我說過的 80% 直接通過集裝箱運輸的效率要高得多，這對供應商非常有吸引力，他們能夠通過較低的批發量，因此顯然我們的零售量較低.

If you look at CastleGate, that volume, 40% of the container volume, so half of that 80% is from suppliers who are using us for some piece of that inbound supply chain, so drayage or ocean or both.

如果你看看 CastleGate，那個體積，集裝箱體積的 40%，所以這 80% 的一半來自供應商，他們使用我們作為入站供應鏈的一部分，比如短程運輸或海運，或兩者兼而有之。

And the reason they use us for that is they have the chance to save money, the chance to improve in-stock availability and it helps with the visibility, it speed up the chain.

他們為此使用我們的原因是他們有機會省錢，有機會提高庫存可用性，這有助於提高知名度，加快鏈條。

And so that's where we're at today.

這就是我們今天所處的位置。

So basically, half the volume that's coming in today, we already have suppliers using us for some form of inbound.

所以基本上，今天進來的數量的一半，我們已經有供應商使用我們進行某種形式的入境。

And so we are just citing that to just show that the inbound services which we piloted a year ago have now started to really take off.

因此，我們只是引用這一點來表明我們一年前試行的入境服務現在已經開始真正起飛。

Your next question comes from John Blackledge from Cowen and Company.

你的下一個問題來自 Cowen and Company 的 John Blackledge。

Two questions.

兩個問題。

On the gross margin, I think it was 24% in the quarter.

關於毛利率，我認為本季度為 24%。

Your commentary suggested it would run at like 23%.

你的評論表明它會以 23% 左右的速度運行。

So just any color on the upside there.

所以只有任何顏色在上面。

And more generally, as we head into 2019, just thoughts on gross margin and potential levers for upside.

更一般地說，當我們進入 2019 年時，只考慮毛利率和潛在的上行槓桿。

And Niraj, thanks for the color on logistics and fulfillment.

Niraj，感謝物流和履行方面的色彩。

The question will be, given the long-term opportunity, how should we think about kind of where we are in the CastleGate and WDN build-out?

問題是，考慮到長期機會，我們應該如何考慮我們在 CastleGate 和 WDN 建設中所處的位置？

What inning are we in for these respective fulfillment programs?

對於這些各自的履行計劃，我們處於哪一局？

And for CastleGate, what is the difference in conversion for a CastleGate good versus a non-CastleGate product?

對於 CastleGate，CastleGate 產品與非 CastleGate 產品的轉化率有何不同？

Thanks, John.

謝謝，約翰。

On your first question, so gross margin, so we've talked a lot over the years about how we think gross margin -- we have a long-term model, which is basically unchanged since we went public in 2014.

關於你的第一個問題，所以毛利率，所以我們多年來一直在談論我們如何看待毛利率——我們有一個長期模型，自 2014 年上市以來基本沒有變化。

We show a gross margin number of 25% to 27%.

我們顯示毛利率為 25% 至 27%。

And what we've described is that the path there is actually much more straightforward and simple than people might ascribe because there's some levers built into the business automatically that play out over time.

我們所描述的是，那裡的道路實際上比人們可能認為的要直接和簡單得多，因為隨著時間的推移，業務中會自動內置一些槓桿。

And we cite 3 things that will drive it up, and I'm going to mention a fourth.

我們列舉了 3 個可以推動它的因素，我要提到第四個。

So the 3 that we mentioned a number of times, one is that, just with more and more volume, basically, suppliers are willing to operate on a lower margin in order to drive throughput, and that's a source of gross margin benefit.

所以我們多次提到的 3，一個是，隨著數量越來越多，基本上，供應商願意以較低的利潤率運營以提高吞吐量，這是毛利率收益的來源。

The second we talked about is as the house brands that we've launched take share, that dense price competition, the way we add value, that allows for gross margin expansion.

我們談到的第二個是隨著我們推出的自有品牌的份額，激烈的價格競爭，我們增加價值的方式，允許毛利率擴張。

The house brands, by the way, we just referenced, haven't grown dramatically.

順便說一句，我們剛剛提到的自有品牌並沒有顯著增長。

And so if you look at that, it's just under 70% for the year last year.

所以如果你看一下，去年的比例不到 70%。

It's higher than that on a run-rate basis now.

它高於現在的運行率。

So you can see that that's actually worked over the last 3 years, and that leads to the ability to take margin.

所以你可以看到這在過去 3 年裡確實有效，這導致了獲得保證金的能力。

And the third is that the transportation and logistics efficiencies -- transportation and logistics cost amounts to about $0.20 of every revenue dollar if you take the piece we pay plus the pieces our supplier pays.

第三是運輸和物流效率——如果你把我們支付的部分加上我們供應商支付的部分，運輸和物流成本相當於每一美元收入的 0.20 美元。

So as we can address more and more of those and add efficiency, those basically are savings that can accrue.

因此，隨著我們可以解決越來越多的問題並提高效率，這些基本上可以節省下來。

And so all of those things are playing out, and there's huge upside, most of which is ahead of us.

所以所有這些事情都在發揮作用，並且有巨大的好處，其中大部分都在我們面前。

And we've said a number of times, each one of those 3 buckets could close the whole gap to the 25% to 27% if we wanted it to.

我們已經多次說過，如果我們願意，這 3 個桶中的每一個都可以將整個差距縮小到 25% 到 27%。

The reason we show 25% to 27% is simply because we don't expect to keep all of it.

我們顯示 25% 到 27% 的原因很簡單，因為我們不希望保留全部。

We expect to pass some of it back to the customer in savings.

我們希望將其中的一部分以節省的方式返還給客戶。

Okay?

好的？

Now the fourth one I just want to mention is there's a mix shift effect.

現在我只想提的第四個是混音轉換效果。

Because international geography -- any new effort, whether it's a new category or a new geography, starts to lower gross margin.

因為國際地理 - 任何新的努力，無論是新類別還是新地理，都會開始降低毛利率。

And over time, as it scales and we become a meaningful player, we can add efficiencies and we have a better buying power, the margin rises.

隨著時間的推移，隨著規模的擴大，我們成為一個有意義的參與者，我們可以提高效率，我們擁有更好的購買力，利潤率就會上升。

And so that's the other thing that plays out over time.

所以這是隨著時間的推移發生的另一件事。

Because, right now, we have so many things that either emerging categories -- if you look in our investor presentation at Slide 26, we're talking about all the new services, all the new categories or place where we're bolstering the team.

因為，現在，我們有很多東西，無論是新興類別——如果你看看我們在幻燈片 26 上的投資者介紹，我們正在談論所有新服務、所有新類別或我們支持團隊的地方.

Well, generally, a newer category also will be associated with lower gross margin; international geographies, similarly.

好吧，一般來說，較新的類別也將與較低的毛利率相關聯；國際地理，同樣如此。

So as those become more mature, that will average up the margin.

因此，隨著這些變得更加成熟，利潤率將平均上升。

That's more a mix effect than anything else, but that's the other thing.

這比其他任何東西都更具混合效果，但這是另一回事。

So the way to think about the future is that gross margin will rise.

所以考慮未來的方式是毛利率會上升。

Now we're not focused on trying to drive that prematurely.

現在我們不專注於過早地推動它。

That's going to be more a natural outcome of these things playing out.

這將是這些事情發揮作用的自然結果。

But that is something that we continue to see, and it's a really great outcome because we can offer the customer greater value while also having gross margin rise through this natural outcome.

但這是我們繼續看到的事情，這是一個非常好的結果，因為我們可以為客戶提供更大的價值，同時通過這種自然結果提高毛利率。

And your second -- okay, yes.

你的第二個——好的，是的。

So that was the margin question.

這就是保證金問題。

The second question was about the logistics, CastleGate, WDN.

第二個問題是關於物流、CastleGate、WDN。

So there, what inning we're in, we would still be in the early innings.

所以，不管我們在哪一局，我們仍會處於早期局。

But as you know, we think about our whole business is in the early innings.

但正如你所知，我們認為我們的整個業務都處於早期階段。

The reason I would say we're in the early innings on the logistics is that while we've built a number of these operations, a lot of the gains come as these things continue to get more and more mature.

我會說我們在後勤方面處於早期階段的原因是，雖然我們已經建立了許多這樣的業務，但隨著這些事情繼續變得越來越成熟，很多收益也隨之而來。

So for example, on the inbound services, we talk about drayage and ocean, but we're only finishing our first full year of offering those, and there's a lot of technology we know we can build that adds efficiency.

因此，例如，在入境服務方面，我們談論拖運和海洋，但我們才剛剛完成提供這些服務的第一年，而且我們知道我們可以建立很多技術來提高效率。

As we add more and more warehouse locations and couple that with the Asian consolidation operations that we're only building now, there's a lot more cost efficiency that couple with faster speed of delivery to the consumer that will come online and so on and so forth.

隨著我們增加越來越多的倉庫位置，並將其與我們現在才建立的亞洲整合業務相結合，成本效率會大大提高，同時向即將上線的消費者交付的速度會更快，等等.

On the WDN facilities, we mentioned the number of cities that we opened just this last quarter, Phoenix, Milwaukee, Columbus, Austin, San Antonio, Las Vegas, Kansas City and Cincinnati.

在 WDN 設施上，我們提到了上個季度我們開設的城市數量，鳳凰城、密爾沃基、哥倫布、奧斯汀、聖安東尼奧、拉斯維加斯、堪薩斯城和辛辛那提。

We're opening these at the rate of 1 or 1 or 2 a month, and we'll continue to do that this year.

我們以每月 1 或 1 或 2 次的速度開設這些網站，今年我們將繼續這樣做。

At some point, you get to small-enough markets where it doesn't make sense to open them just yet because we need some more volume before it justifies their own operation.

在某些時候，你會進入足夠小的市場，在那裡打開它們還沒有意義，因為我們需要更多的交易量才能證明他們自己的操作是合理的。

But right now, there's still a list of cities we're working on, a long list, that would add a lot of value.

但是現在，我們仍然有一份我們正在研究的城市清單，一長串，這會增加很多價值。

And when you look at like the NPS jump, the 25% jump, that's a huge -- 25% jump in NPS is very hard to unlock.

當你看到 NPS 跳躍時，25% 的跳躍，這是一個巨大的 - NPS 的 25% 跳躍很難解鎖。

So when you can get these kinds of gains, they're very large.

所以當你能獲得這些收益時，它們是非常大的。

So the way to think about that logistics operation is we're in the early innings of getting the gain.

因此，考慮物流業務的方式是我們處於獲得收益的早期階段。

So what's nice is we're far enough in that we know it works, we've been able to prove it, we've been able to measure customer satisfaction increases and measure how we can save money, but we're still in the early innings of reaping those gains.

所以好的是我們已經足夠遠了，因為我們知道它有效，我們已經能夠證明它，我們已經能夠衡量客戶滿意度的提高並衡量我們如何節省資金，但我們仍然處於收穫這些成果的早期階段。

And that's what's really exciting.

這才是真正令人興奮的。

And we're replicating this internationally.

我們正在國際上複製這一點。

So we have the Canadian CastleGate warehouse that came online last year.

所以我們有去年上線的加拿大 CastleGate 倉庫。

That's a great example because when we talk about the Canadian business, scaling that operation is going to unlock huge growth in the Canadian business as you move to next-day delivery and you lower this sort of double duty, double transportation cost situation you have on all the volume that comes into the United States and then was northbound over the border.

這是一個很好的例子，因為當我們談論加拿大業務時，隨著您轉向次日送達並降低這種雙重責任、雙倍運輸成本的情況，擴大該業務將釋放加拿大業務的巨大增長所有進入美國然後向北越過邊界的體積。

So there's a lot of gains.

所以收穫很大。

U.K. and Germany, we're building large operations there as well.

英國和德國，我們也在那裡建立大型業務。

Your next question comes from Maria Ripps from Canaccord.

您的下一個問題來自 Canaccord 的 Maria Ripps。

It seems like you have been experimenting with physical store locations over the holidays.

您似乎一直在假期期間嘗試實體店的位置。

And with the permanent location that just opened in Kentucky, can you maybe just talk about your strategy here and how this brick-and-mortar sort of strategy complements your online strategy?

對於剛剛在肯塔基州開設的永久性地點，您能否在這裡談談您的戰略以及這種實體戰略如何補充您的在線戰略？

Sure.

當然。

Thanks, Maria.

謝謝，瑪麗亞。

So let me kind of mention a few things when we think about stores.

因此，當我們考慮商店時，讓我提一些事情。

First, let me just start with we think about stores in a way we think about marketing channels.

首先，讓我從我們考慮營銷渠道的方式開始考慮商店。

And so we've always talked a lot about our advertising spend, and we've talked about how we measure that on payback basis.

所以我們一直在談論我們的廣告支出，我們已經討論了我們如何根據回報來衡量它。

So rather than using a budget or some prescribed percentage of revenue we're willing to allocate to marketing, instead we measure it in what I think is really the only pragmatic quantitative way to measure it, which is the contribution margin that, that effort generates needs to cover off that cost in a very finite period of time because that's the only way you know that you're actually spending wisely.

因此，我們不是使用預算或我們願意分配給營銷的收入的某個規定百分比，而是以我認為真正唯一實用的量化方式來衡量它，即這種努力產生的邊際貢獻需要在非常有限的時間內支付這筆費用，因為這是您知道自己實際上在明智地消費的唯一方式。

Well, we used to only do online advertising.

好吧，我們以前只做在線廣告。

And then, as we forayed into television and direct mail and direct mail, for example, now might be, I don't know, roughly, say, 10% of our total ad spend and TV might be on the order of 15%, we figured out how to measure each one of these so that we use the same kind of framework.

然後，當我們涉足電視和直郵和直郵時，例如，我不知道，粗略地說，我們總廣告支出的 10% 和電視可能在 15% 左右，我們弄清楚瞭如何衡量其中的每一個，以便我們使用相同類型的框架。

When we think about physical stores, we similarly would focus on having a way to measure the impact in a way that doesn't allow for double counting and to make sure that we're only going to scale a model if, in fact, it drives that same kind of quantitative payback.

當我們考慮實體店時，我們同樣會專注於以一種不允許重複計算的方式來衡量影響，並確保我們只會擴展模型，如果事實上，它驅動相同類型的定量回報。

Now why do we have an interest in stores?

現在為什麼我們對商店感興趣？

Well, as you think about, for example, television, well, a 30-second television spot can tell a story in a way that an online text ad can't or an online display ad can't.

嗯，正如你所想的那樣，例如，電視，一個 30 秒的電視廣告可以用在線文字廣告或在線展示廣告無法做到的方式講述一個故事。

Well, that's the value add of television.

嗯，這就是電視的附加值。

So there's certain things you can do.

所以有些事情你可以做。

Well, how do you then do it in a way that makes sure you get the payback.

好吧，那麼您如何以確保獲得回報的方式來做到這一點。

There's creative ingenuity, targeting ingenuity and so on and so forth?

有創造性的獨創性，有針對性的獨創性等等嗎？

The same thing if you think about direct mail.

如果您考慮直郵，也是一樣。

What can you do with a catalog or a trifold or a postcard?

您可以用目錄、三摺頁或明信片做什麼？

There's different things that you can do, a different impact you can have.

您可以做不同的事情，可以產生不同的影響。

If that catalog sits around on the coffee table for a few months, how can that have an impact?

如果該目錄在咖啡桌上放了幾個月，那會有什麼影響呢？

Well, we think stores and in-person interaction, considering the breadth of what we offer and the high-touch service experience we offer, we think there are certain things you can do in a store.

好吧，我們認為商店和麵對面的互動，考慮到我們提供的產品的廣度和我們提供的高接觸服務體驗，我們認為您可以在商店中做某些事情。

So that's why we are investigating it.

所以這就是我們調查它的原因。

Now we're investigating stores 3 different ways.

現在我們正在以 3 種不同的方式調查商店。

The permanent store you're referring to, I would say, is the least relevant of the 3 to what I just said, which is simply that we -- our returns run at 5%, so a relatively modest amount.

我想說的是，你所指的永久性商店是這 3 家商店中與我剛才所說的最不相關的，這只是我們——我們的回報率為 5%，所以這是一個相對適中的數字。

But the yield on that 5% has not historically been an area that we focused on optimizing.

但是這 5% 的收益率歷來不是我們重點優化的領域。

Starting about 1.5 years ago, we had an effort to really, "How do we get the yield on our returns up?" And there's a lot of things that you can start to do.

從大約 1.5 年前開始，我們努力真正做到“我們如何提高回報率？”您可以開始做很多事情。

Like rugs, you can reroll, re-bag rugs and so on and so forth.

像地毯一樣，您可以重新捲起、重新包裝地毯等等。

There's things -- you can re-box certain items.

有些東西——你可以重新裝箱某些物品。

Well, there's a lot of items in what we sell that the best way to get the yield is to put it in some sort of outlet center, liquidation-type store but where we're getting a significant gain relative to just selling it to a liquidator.

好吧，我們出售的商品中有很多商品獲得收益的最佳方式是將其放在某種直銷中心、清算型商店中，但相對於僅將其出售給清盤人。

So the store in Kentucky is the first of what would be a relatively small number of stores focused on more the liquidation and sale of returns that significantly up the yields we get relative to what we can do in any other channel.

因此，肯塔基州的商店是數量相對較少的商店中的第一家，這些商店更多地專注於退貨的清算和銷售，相對於我們在任何其他渠道可以做的事情，這大大提高了我們獲得的收益。

And so that's a very narrow proposition, very focused on that use case, but meaningful when you look at the P&L of returns.

因此，這是一個非常狹窄的命題，非常專注於該用例，但當您查看收益的損益時卻很有意義。

The other 2 efforts I would reference would be more of what I think you're alluding to, which is more of a permanent store basis.

我要提到的其他 2 項努力更多的是我認為你所暗示的，這更像是一個永久性的商店基礎。

And so the one effort we talked about are the pop-up stores.

因此，我們談到的一項努力是快閃店。

So we had 2 pop-ups during holiday.

所以我們在假期期間有 2 個彈出窗口。

That was our first foray.

那是我們的第一次嘗試。

We learned a lot from that, and we'll kind of iterate.

我們從中學到了很多東西，我們會進行迭代。

And if we can get to a model that it has high quantitative payback, we would then look to see how would it make sense to scale it.

如果我們能得到一個具有高定量回報的模型，我們就會看看擴展它有什麼意義。

Is it a seasonal thing?

這是季節性的嗎？

Is there a time of year?

一年中有時間嗎？

Is it about certain locations and so on and so forth?

是關於某些地點等等嗎？

And then the third would be what I think you were thinking.

然後第三個就是我認為你在想的。

It's about a permanent store that's meant for the primary goal of customer acquisition and increasing kind of the value of revenue per customer per year, which would have that payback math and we would think of it like ad spend.

這是關於一家永久性商店，其主要目標是獲取客戶和增加每位客戶每年的收入價值，這將有回報數學，我們會把它想像成廣告支出。

We don't have any of those stores today, but we think about that.

我們今天沒有這些商店，但我們會考慮這一點。

And at the point in which we have something that makes sense, we'll talk about that as well.

當我們有一些有意義的東西時，我們也會討論它。

But we think about -- the Wayfair proposition is a very broad proposition, and so there's a lot of opportunities still ahead of us.

但我們考慮 - Wayfair 提議是一個非常廣泛的提議，因此我們面前還有很多機會。

Your next question comes from Brian Nagel from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Brian Nagel。

So I have 2 questions that maybe I'll merge into 1. First off, just with regard to the macro environment.

所以我有 2 個問題，也許我會合併為 1 個。首先，關於宏觀環境。

And I know, Julia, you had mentioned some of the risks out there.

我知道，朱莉婭，你提到了一些風險。

But from a retail perspective, there's clearly been, the last several weeks or so, choppiness brought on, in part, by the government shutdown.

但從零售業的角度來看，在過去幾週左右的時間裡，很明顯，政府關門導致市場波動。

So the question I have, and we clearly can't see it in your reported results, but did you -- was there an effect to Wayfair's business?

所以我有一個問題，我們顯然無法在您報告的結果中看到它，但是您是否 - 對 Wayfair 的業務有影響嗎？

Or were you able to sort of, say, act in sort of ways to offset this?

或者你是否能夠以某種方式採取行動來抵消這種影響？

And the second question I have, with respect to gross margin and a bit of a follow-up from a prior question, but Niraj, you talked about, in your prepared comments, the relationship or the way you're working with your suppliers now to manage promotion.

我有第二個問題，關於毛利率和之前問題的一些跟進，但是 Niraj，你在你準備好的評論中談到了你現在與供應商的關係或合作方式管理推廣。

Is this -- should we think about this now -- is this somewhat a paradigm shift in terms of driving gross margin better?

這是——我們現在應該考慮一下——這是在更好地推動毛利率方面的範式轉變嗎？

Or is that just a normal course of business for Wayfair?

或者這只是 Wayfair 的正常業務過程？

Thanks, Brian.

謝謝，布萊恩。

So first, let me answer your second question first, then I'll go to the first question.

所以首先，讓我先回答你的第二個問題，然後我再回答第一個問題。

On gross margin, and you're talking about managing promotions with suppliers, we've always done that, so there's nothing new there.

關於毛利率，你在談論與供應商管理促銷活動，我們一直這樣做，所以沒有什麼新鮮事。

And if anything, it's not only normal course of business, but we just focused on how do we make it easier and better, like better planning, better planning tied to inventory availability, how do we plan to look farther ahead, how do we give suppliers self-service tools.

而且，如果有的話，這不僅是正常的業務過程，而且我們只關注如何讓它變得更容易和更好，比如更好的規劃，更好的與庫存可用性相關的規劃，我們如何計劃更遠的未來，我們如何提供供應商自助服務工具。

Like, for example, one of the things we launched last year is a clearance area on our site.

例如，我們去年推出的其中一件事是我們網站上的清關區。

So suppliers can just, through the extranet, launch items into the clearance area by passing through a discount to help manage their overstocked inventory.

因此，供應商可以通過外聯網通過折扣將商品投放到清關區，以幫助管理積壓的庫存。

And that's more productive for them, for example, than the other ways they have to liquidate.

例如，與他們必須清算的其他方式相比，這對他們來說更有成效。

So we think about promotion as very multifaceted.

所以我們認為促銷是多方面的。

There's like planning for the major events.

就像為重大事件做計劃一樣。

There's these types of things which could be day in, day out event.

這些類型的事情可能日復一日地發生。

And so -- but that's the normal course of business.

所以 - 但這是正常的業務過程。

And it's part of -- I think what's been different is we really partner with suppliers, and that's a very unusual approach for a retailer.

這是——我認為不同之處在於我們真正與供應商合作，這對零售商來說是一種非常不尋常的方法。

And one of the things actually -- I just wanted to mention this, and then I'll come back to your questions.

實際上，其中一件事——我只是想提一下，然後我會回到你的問題。

On the IR website today, we posted, obviously, the press release, what you're accustomed to; the updated presentation, which I want to touch on in a second; but also, our annual shareholder letter.

今天在 IR 網站上，我們顯然發布了新聞稿，您已經習慣了；更新後的演示文稿，我想稍後再談；還有，我們的年度股東信。

And I would encourage everyone to just take a couple minutes, download that shareholder letter and read it if you are interested because we tried to talk in some detail about -- in that about how we think about the business.

我鼓勵大家花幾分鐘時間，下載那封股東信並閱讀它，如果你有興趣的話，因為我們試圖詳細討論——關於我們如何看待業務的細節。

And there's a notion which is significant, and we've talked about it, but I don't know if everyone fully understands this.

還有一個很重要的概念，我們也講過，不知道大家有沒有完全理解。

So the more we talk about it, I think the easier it is to understand, which is we don't think of our ourselves -- even though our economic model is that of a retailer, we don't think of ourselves in the traditional method of a retailer, where you sit in between the suppliers and manufacturers and the end customers.

所以我們談得越多，我覺得越容易理解，就是我們不考慮我們自己——儘管我們的經濟模式是零售商的，我們不考慮傳統的我們自己零售商的方法，您坐在供應商和製造商與最終客戶之間。

We actually think of our role as creating a platform that enables suppliers to actually reach the end customer.

實際上，我們認為我們的角色是創建一個平台，使供應商能夠真正接觸到最終客戶。

And what we need to do is provide a platform and infrastructure that allows for a great customer experience.

我們需要做的是提供一個平台和基礎架構，以提供出色的客戶體驗。

So in some cases, what that means is building tools for suppliers for them to be able to merchandise their offering, for them to be able to promote their offering and do things that -- basically, they know their products better than we do.

所以在某些情況下，這意味著為供應商構建工具，讓他們能夠推銷他們的產品，讓他們能夠推廣他們的產品並做一些事情 - 基本上，他們比我們更了解他們的產品。

How do we let them connect that -- directly to the customer and tell that story?

我們如何讓他們直接與客戶聯繫並講述這個故事？

And then, in some areas, building that kind of platform means we need to build things that our suppliers can't build on their own.

然後，在某些領域，構建這種平台意味著我們需要構建我們的供應商無法自行構建的東西。

So for example, logistics capability that reduces damage and offers next-day delivery, 2-day delivery and eventually, same-day delivery.

因此，例如，減少損壞並提供次日送達、2 日送達和最終當天送達的物流能力。

That's not something our suppliers can build, so we need to build that.

那不是我們的供應商可以建造的東西，所以我們需要建造它。

Or the customer service that we offer with the thousands of people we have who are amazing people, that's not something our suppliers can offer consistently, so we offer that.

或者我們為數以千計的優秀人才提供的客戶服務，這不是我們的供應商能夠始終如一地提供的，所以我們提供了。

And so creating a platform and doing it in partnership with our suppliers is a very unusual approach.

因此，創建一個平台並與我們的供應商合作是一種非常不尋常的方法。

We think that's unlocked a tremendous amount of growth.

我們認為這釋放了巨大的增長量。

And so I think the letter does a good job summarizing it, so I won't try to read you the whole letter right now, but take a look at that.

所以我認為這封信很好地總結了它，所以我現在不會嘗試給你讀整封信，但請看一下。

I want to just say one thing on the investor presentation that you might find interesting.

我只想在投資者介紹中說一件事，你可能會覺得有趣。

We used to put a cohort slide in.

我們過去常常放一張隊列幻燈片。

Every quarter, we would update it at cohorts, going back to 2011.

每個季度，我們都會在隊列中更新它，可以追溯到 2011 年。

We, last year, mentioned we're going to discontinue that because we're going to keep focusing on more and more data that looks to the future.

去年，我們提到我們將停止這樣做，因為我們將繼續關注越來越多的面向未來的數據。

Well, this year -- at the end of this year, we said "Hey, why don't we just put in an update to that?" Because this is data that's really interesting.

好吧，今年——在今年年底，我們說“嘿，我們為什麼不更新一下呢？”因為這是非常有趣的數據。

We're not going to update it every quarter, but we included that in there.

我們不會每季度更新一次，但我們將其包含在其中。

So I think, for those of you who had followed that slide in the past, it's Slide 36 in the presentation.

所以我認為，對於那些過去關注過該幻燈片的人來說，這是演示文稿中的幻燈片 36。

I think you'll enjoy seeing that.

我想你會喜歡的。

What we intend to do in the future is not necessarily keep updating that same material.

我們打算在未來做的不一定是不斷更新相同的材料。

We're going to keep changing the material to talk about things that are interesting and new and perhaps give you insight to the areas of the business as they grow that you don't have the same insight into.

我們將不斷更改材料以談論有趣和新穎的事物，並且可能會讓您深入了解業務發展中您沒有相同洞察力的領域。

I think, in the future, we'll talk about international or something like that and break that out more.

我想，在未來，我們會談論國際或類似的話題，並更多地打破它。

But to get back to the question, so gross margin, supplier approach, that's normal manner of business, normal course of business.

但回到問題上來，所以毛利率、供應商方法，這是正常的業務方式，正常的業務過程。

And partnering with suppliers is something that we invest a lot of effort into.

與供應商合作是我們投入大量精力的事情。

I've been to 3 European trade shows since January 1 as well as a couple of major U.S. ones.

自 1 月 1 日以來，我已經參加了 3 個歐洲貿易展以及幾個主要的美國貿易展。

Steve's been to Europe a couple of times, which he talked about on the call.

史蒂夫去過歐洲幾次，他在電話中談到了這一點。

He talked about Germany.

他談到了德國。

And there's a bunch more coming up.

還有更多即將到來。

We have a big supplier then every June.

每年六月我們都有一個大供應商。

So there's a lot we do to further that.

因此，我們做了很多工作來進一步推動這一點。

And then, lastly, we wrap with the macro choppiness.

然後，最後，我們用宏觀波動來結束。

To be honest, I mean, does -- the macro atmosphere, would it affect us?

老實說，我的意思是，宏觀氣氛會影響我們嗎？

I mean, it'd be crazy to say no, but the truth is not much, not much.

我的意思是，說不是瘋了，但事實是不多，不多。

Julia mentioned the growth quarter to date is over 40%.

朱莉婭提到迄今為止的增長季度超過 40%。

We're seeing incredible momentum.

我們看到了令人難以置信的勢頭。

And what's important to realize though is the reason I say not much on the macro choppiness is that when you grow at 40%, it becomes a little less relevant whether the total market is growing 0%, 2% or 4%.

重要的是要意識到，我之所以沒有過多談論宏觀動盪，是因為當你以 40% 的速度增長時，無論是整體市場增長 0%、2% 還是 4% 都變得不那麼重要了。

The reason you can grow 40% is you're taking share.

你可以增長 40% 的原因是你正在分享。

And we're taking share because online is significantly taking share from off-line, and we're taking share because online tends to be very concentrated.

我們之所以分享，是因為線上正在從線下搶走大量份額，我們之所以分享，是因為線上往往非常集中。

And we're providing the best experience and getting rewarded for that.

我們正在提供最好的體驗並因此獲得獎勵。

If you do the dollar share-taking math that we've talked about in the past, last year you had seen, based on the estimates we have, we took 35% of the incremental growth dollars that moved online.

如果你做我們過去討論過的美元股份收購數學，去年你已經看到，根據我們的估計，我們獲得了在線移動的增量增長美元的 35%。

And we still think there's a lot of upside based on these newer categories and newer geographies.

而且我們仍然認為，基於這些更新的類別和更新的地區，有很多好處。

So we're thrilled with where we sit.

所以我們很高興我們坐在哪裡。

But thanks very much.

但是非常感謝。

This concludes today's conference call, you may now disconnect.

今天的電話會議到此結束，您現在可以斷開連接。