Wayfair Inc (W) 2022 Q2 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wayfair Second Quarter 2022 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

女士們先生們，早上好。我的名字是艾比，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Wayfair 2022 年第二季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

And I will now turn the conference over to Jane Gelfand, Director of Investor Relations, Corporate Development and Capital Markets. Ms. Gelfand, you may begin your conference.

現在，我將把會議轉交給投資者關係、企業發展和資本市場總監 Jane Gelfand。 Gelfand 女士，你可以開始你的會議了。

Good morning, and thank you for joining us. Today, we will review our second quarter 2022 results. 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 Kate Gulliver, incoming Chief Financial Officer and Chief Administrative Officer. We will all be available for Q&A following today's prepared remarks.

早上好，感謝您加入我們。今天，我們將回顧我們 2022 年第二季度的業績。與我同行的是聯合創始人、首席執行官兼聯合主席 Niraj Shah； Steve Conine，聯合創始人兼聯合主席； Michael Fleisher，首席財務官；以及即將上任的首席財務官兼首席行政官 Kate Gulliver。在今天準備好的評論之後，我們都可以進行問答。

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 2022. 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，包括對 2022 年第三季度的指導。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期望和假設是合理的。

Our 10-K for 2021, our 10-Q for this quarter 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. Except as required by law, we undertake no obligation to publicly update or revise any of these statements, whether as a result of any new information, future events or otherwise.

我們 2021 年的 10-K、本季度的 10-Q 以及我們隨後提交給美國證券交易委員會的文件確定了可能導致公司實際結果與今天做出的任何前瞻性陳述中預測的結果大不相同的某些因素。除法律要求外，我們沒有義務公開更新或修改任何這些聲明，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, including adjusted EBITDA, adjusted EBITDA margin and free cash flow. These non-GAAP financial measures should not be considered replacements for and should be read together with GAAP results. Please refer to the Investor Relations section of our website to obtain a copy of our earnings release and investor presentation, which contain descriptions of our non-GAAP financial measures and reconciliations of non-GAAP measures to the nearest comparable GAAP measures.

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公認會計準則財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流。這些非公認會計原則財務指標不應被視為替代，應與公認會計原則結果一起閱讀。請參閱我們網站的投資者關係部分以獲取我們的收益發布和投資者演示文稿的副本，其中包含對我們的非公認會計原則財務指標的描述以及非公認會計原則指標與最接近的可比公認會計原則指標的對賬。

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

本次通話正在錄音中，我們的投資者關係網站將提供網絡直播以供重播。

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

我現在想把電話轉給 Niraj。

Thank you, Jane, and good morning, everyone. We are pleased to reconnect with you today to share the details of Wayfair's second quarter results. 2022 is proving to be a volatile year. While the Fed and other central banks worked to curb inflation and stabilize the global economy, we remain squarely focused on our customers and our suppliers, and on making sure Wayfair is their preferred platform for the home in any environment. We're also very focused on controlling the controllables and steering Wayfair in a financially responsible manner through this period. On each of these fronts, we are seeing positive traction, and this is what I'll talk to you about today.

謝謝你，簡，大家早上好。我們很高興今天與您重新聯繫，分享 Wayfair 第二季度業績的詳細信息。事實證明，2022 年是動蕩的一年。儘管美聯儲和其他中央銀行努力抑制通脹並穩定全球經濟，但我們仍然專注於我們的客戶和供應商，並確保 Wayfair 成為他們在任何環境下首選的家庭平台。在此期間，我們還非常專注於控制可控因素並以對財務負責的方式指導 Wayfair。在這些方面，我們都看到了積極的牽引力，這就是我今天要與您討論的內容。

Q2 net revenue climbed 10% quarter-over-quarter, but was still down 15% year-over-year. Though year ago comps will begin to normalize in the back half, it's unmistakable that consumer behavior is being impacted by inflationary pressures as well as by economic and geopolitical concerns. Even so, the emotional connection to one's home means that interest in our category is ongoing, and we're seeing consumers remain engaged and responsive to the right combination of wide selection, great deals and satisfying service.

第二季度淨收入環比增長 10%，但同比仍下降 15%。儘管一年前的業績將在下半年開始正常化，但消費者行為顯然受到通脹壓力以及經濟和地緣政治擔憂的影響。即便如此，與家的情感聯繫意味著對我們類別的興趣仍在持續，我們看到消費者仍然參與並響應廣泛的選擇、優惠的交易和令人滿意的服務的正確組合。

Wayfair's platform model flexes to deliver this outcome across different macro environments, and we're seeing it do so today. For the last couple of years, we have indicated that Wayfair should now be at the scale to drive both growth and consistent profitability. The first half of this year has admittedly been less robust than expected, but let me be very clear that our intention is unchanged. We are laser focused on quickly getting back to this goal.

Wayfair 的平台模型可以靈活地在不同的宏觀環境中實現這一結果，我們今天看到它正在這樣做。在過去的幾年裡，我們已經表明 Wayfair 現在應該具備推動增長和持續盈利能力的規模。誠然，今年上半年的表現不如預期強勁，但我要非常清楚，我們的意圖沒有改變。我們專注於快速回到這個目標。

Our priority over the coming quarters and looking into 2023 is to steer the business towards positive adjusted EBITDA and positive free cash flow, but we will not stop there. We are actively navigating Wayfair towards a mid-single-digit adjusted EBITDA margin, which should allow us to consistently generate cash and put us in a position to cover costs such as equity compensation for our employees and CapEx.

在接下來的幾個季度和展望 2023 年，我們的首要任務是引導業務朝著積極的調整後 EBITDA 和積極的自由現金流發展，但我們不會止步於此。我們正在積極將 Wayfair 推向中個位數的調整後 EBITDA 利潤率，這將使我們能夠持續產生現金，並使我們能夠支付員工的股權補償和資本支出等成本。

At this profitability level, we will continue to invest aggressively in the future given the still large gap versus the current embedded profitability in our model. Once we get to mid-single-digit adjusted EBITDA, we intend to philosophically treat it as a lower bound for profitability, but not as the end goal. We remain committed to our long-term target of double-digit adjusted EBITDA. The COVID period showed clearly that we can operate at these levels, and we fully intend to scale beyond them over time.

在這個盈利水平上，鑑於與我們模型中當前嵌入的盈利能力仍有很大差距，我們將繼續在未來進行積極投資。一旦我們達到中個位數的調整後 EBITDA，我們打算從哲學上將其視為盈利能力的下限，而不是最終目標。我們仍然致力於實現兩位數的調整後 EBITDA 的長期目標。 COVID 時期清楚地表明，我們可以在這些水平上運作，並且我們完全打算隨著時間的推移擴大規模。

Even as we get sharper on our financial philosophy, our approach to the business is consistent with the last 20 years. We are building for the long term, but coming in each day thinking about the next set of steps on the path there. With an addressable market approaching $1 trillion that remains meaningfully underpenetrated online compared to other sectors of the retail universe, we are truly excited about what the future holds for Wayfair.

即使我們在財務理念上變得更加敏銳，我們的業務方法也與過去 20 年保持一致。我們正在為長期建設，但每天都在思考那裡的下一組步驟。與零售領域的其他領域相比，一個接近 1 萬億美元的潛在市場仍然存在顯著的在線滲透率不足，我們對 Wayfair 的未來前景感到非常興奮。

The pandemic changed the e-commerce landscape in many ways. But one thing that remains unchanged is the unique nature of our business, an end-to-end platform dedicated to the home category. The competitive advantage this gives us across logistics, assortment, shopping experience, brand building and more has only strengthened our standing in the post-pandemic world. This is a category where scale to get success and it's actually difficult periods like this that can serve as a springboard to become an even larger share of the market.

大流行在許多方面改變了電子商務格局。但有一點沒有改變，那就是我們業務的獨特性，一個專注於家庭類別的端到端平台。這為我們在物流、分類、購物體驗、品牌建設等方面提供的競爭優勢只會加強我們在大流行後世界的地位。這是一個取得成功的規模類別，實際上像這樣的困難時期可以作為跳板，成為更大的市場份額。

Before Kate, Michael and I detailed the road map for a return to profitability, let me spend a few minutes to walk you through what we're seeing in the customer and competitive environment. Inflation continues to be a meaningful presence in customers' lives at a broad level. Our portfolio spans all income brackets, which is helpful since our professional, specialty retail and luxury businesses are growing well, and proving more resilient in this environment. Customers in the U.S. also appear relatively less impacted than our European customers who are navigating the pressures brought on by the war in Ukraine and Brexit in tandem with inflationary pressures.

在凱特、邁克爾和我詳細說明恢復盈利的路線圖之前，讓我花幾分鐘時間帶您了解我們在客戶和競爭環境中所看到的情況。在廣泛的層面上，通貨膨脹仍然是客戶生活中有意義的存在。我們的投資組合涵蓋所有收入階層，這很有幫助，因為我們的專業、專業零售和奢侈品業務發展良好，並且在這種環境下證明更具彈性。與我們的歐洲客戶相比，美國客戶受到的影響似乎也相對較小，他們正在應對烏克蘭戰爭和英國退歐帶來的壓力以及通脹壓力。

Regardless of geography, it is not surprising that our mass customers are being more deliberate about where their discretionary dollars are going as prices at the gas station and grocery store eat up a greater share of wallet. For the past few months, we have also seen many of those discretionary dollars flow away from goods to services, especially travel as they slow to start spring turned quickly into summer. Still the home remains an important pillar in our customers' lives, and they remain in market looking for great deals.

無論地理位置如何，隨著加油站和雜貨店的價格吞噬了更大份額的錢包，我們的大眾客戶更加謹慎地考慮他們的可自由支配資金的去向也就不足為奇了。在過去的幾個月裡，我們還看到許多可自由支配的美元從商品流向服務，尤其是旅行，因為春天開始緩慢，很快就變成了夏天。房屋仍然是我們客戶生活中的重要支柱，他們仍在市場上尋找優惠。

Unlike in 2020 and 2021, promotions and events are mattering more again. This is typical for our category, and we are seeing strong incremental responses to well-staged events like Way Day, Memorial Day, Fourth of July and other special offers. Importantly, this is also translating into better everyday prices for our customers. In this environment, our suppliers are looking to move product as quickly as possible, and have transitioned from having a dearth of product to having to deal with excess goods on hand. Through Wayfair, they reach an engaged and enthusiastic customer audience.

與 2020 年和 2021 年不同，促銷和活動再次變得更加重要。這對於我們的類別來說是典型的，我們看到對精心策劃的活動（如 Way Day、陣亡將士紀念日、7 月 4 日和其他特別優惠）的強烈響應。重要的是，這也為我們的客戶轉化為更好的日常價格。在這種環境下，我們的供應商希望盡快轉移產品，並從缺乏產品轉變為不得不處理手頭多餘的貨物。通過 Wayfair，他們接觸到了參與和熱情的客戶受眾。

When suppliers see success during key events, they're motivated to turn those promotional offers into everyday low prices by extending better wholesale terms and through taking advantage of other supplier-facing services that can help them gain prominence on our platform. All of this is happening as we speak.

當供應商在關鍵活動中看到成功時，他們會通過延長更好的批發條款並利用其他面向供應商的服務來幫助他們在我們的平台上獲得突出地位，從而將這些促銷優惠轉化為日常低價。所有這一切都在我們說話的時候發生。

A wide selection of products is also crucially important in moments like these. We are observing some trade-down behavior within various classes at home. And the vast selection of our catalog ensures that we meet our customers' needs regardless of price point or style. Our ability to offer this broad selection has been substantially boosted by the large growth in our suppliers' inventory levels. We're seeing this play out in a couple of different ways.

在這樣的時刻，廣泛的產品選擇也至關重要。我們正在觀察家中各個班級的一些折衷行為。我們目錄的廣泛選擇確保我們滿足客戶的需求，無論價格點或風格如何。供應商庫存水平的大幅增長大大提高了我們提供這種廣泛選擇的能力。我們正在以幾種不同的方式看到這種情況。

First, product availability has meaningfully improved versus this time last year. When out of stocks or very long lead times on key items were a pronounced headwind. Key items are back in stock, more items are moving into our house brand collections, and being extended to us with exclusivity features. In fact, roughly 40% of our unbranded U.S. sales now come from these products, nearly double versus last year.

首先，與去年這個時候相比，產品可用性有了顯著提高。當關鍵項目缺貨或交貨時間很長時，這是一個明顯的逆風。關鍵商品重新入庫，更多商品進入我們的自有品牌系列，並通過獨家功能擴展到我們。事實上，我們現在大約 40% 的無品牌美國銷售額來自這些產品，幾乎是去年的兩倍。

Second, we're driving more throughput through our own logistics footprint. CastleGate penetration or the percentage of products sold that originates in a CastleGate location is on track to recover rapidly to previous peaks and then exceed them. This is in part buoyed by our Ocean Freight Forwarding service where volume is slated to double from the prior Ocean year. As these logistics components come together into a streamlined end-to-end infrastructure, we are able to make faster and more reliable delivery promises to our customers at a lower cost to us which they then reward with higher conversion.

其次，我們正在通過我們自己的物流足跡推動更多的吞吐量。 CastleGate 滲透率或源自 CastleGate 位置的已售產品百分比有望迅速恢復到之前的峰值，然後超過它們。這部分得益於我們的海運貨運代理服務，該服務的貨運量預計將比上一海運年翻一番。隨著這些物流組件整合到一個流線型的端到端基礎設施中，我們能夠以更低的成本向我們的客戶做出更快、更可靠的交付承諾，然後他們以更高的轉化率獲得回報。

All of these elements combined are already bearing fruit. For instance, our market share position recovered in 2022 relative to how it fell in the second half of 2021 when supply chain and availability issues clearly slowed us down. Customer feedback also speak to the increased satisfaction with NPS scores up meaningfully year-over-year and brand surveys highlighting our seamless experience and unparalleled selection.

所有這些要素結合起來已經結出碩果。例如，我們的市場份額在 2022 年恢復，相對於 2021 年下半年的下滑，當時供應鍊和可用性問題明顯拖慢了我們的步伐。客戶反饋還表明，對 NPS 得分的滿意度同比顯著提高，品牌調查突出了我們的無縫體驗和無與倫比的選擇。

As I mentioned, the industry suppliers have experienced a dramatic shift in their positioning over the course of the last few quarters. From not having enough product to satisfy all of their customers, to facing canceled orders from brick-and-mortar retailers and being over-inventoried, Wayfair has long prided itself in the viral relationships. And that partnership model is working to our advantage today. The team and I have met in person at various markets with close to 1,000 suppliers over the last several months.

正如我所提到的，在過去幾個季度中，行業供應商的定位發生了巨大變化。從沒有足夠的產品來滿足所有客戶，到面臨來自實體零售商的訂單取消和庫存過剩，Wayfair 長期以來一直以病毒式關係為榮。今天，這種夥伴關係模式對我們有利。在過去的幾個月裡，我和團隊在各個市場與近 1,000 家供應商親自會面。

It is very clear that they are leaning in with Wayfair, extending us more product and better wholesale costs, and using more of our serive offerings. As they do so, we surface more of their product and pass through lower wholesale to the end customer, helping them turn inventory and maximize cash flow faster, which is especially critical to the many small businesses that make up our supplier base.

很明顯，他們正在與 Wayfair 合作，為我們提供更多產品和更好的批發成本，並使用我們更多的服務產品。當他們這樣做時，我們會展示更多他們的產品，並通過較低的批發渠道將其傳遞給最終客戶，幫助他們更快地周轉庫存並最大限度地提高現金流，這對於構成我們供應商基礎的許多小型企業尤其重要。

However, unlike traditional retailers whose cost bases weighs on their pricing decisions and can become a liability in a softening macro, the advantage of our platform model is that by taking minimal inventory risk ourselves, our gross margin can remain resilient. We then have the ability to drive our gross margins higher through capturing incremental efficiencies and in this environment, from some potential relief on transportation costs. We're seeing some of this begin to play out in our financials today as was also the case in 2008 and 2009.

然而，與傳統零售商的成本基礎會影響定價決策並可能在宏觀疲軟中成為負債的傳統零售商不同，我們平台模型的優勢在於，通過自己承擔最小的庫存風險，我們的毛利率可以保持彈性。然後，我們有能力通過提高效率來提高我們的毛利率，並在這種環境下，從一些潛在的運輸成本減免中。我們今天看到其中一些開始在我們的財務中發揮作用，2008 年和 2009 年也是如此。

This is critical as we think about navigating the path to profitability, which is the topic I would like to cover next. As the macro environment shifts, we know that our operating and financial plans need to evolve. Over the last few weeks, we articulated a clear set of goals to our entire organization, which include 3 key tenets: one, drive cost efficiency; two, deliver best-in-class execution by nailing the basics; and three, earn customer and supplier loyalty every day. Through this lens, we are making swift decisions, prioritizing clearly and looking to drive costs out of every pocket of the business. Some of this is already visible to you and more will become apparent as time goes on. This is an ongoing exercise and frankly, one that will serve us well in all sorts of environments as we evolve in the way we operate and grow Wayfair.

當我們考慮如何走上盈利之路時，這一點至關重要，這是我接下來要介紹的主題。隨著宏觀環境的變化，我們知道我們的運營和財務計劃需要發展。在過去的幾周里，我們為整個組織製定了一套明確的目標，其中包括 3 個關鍵原則：第一，提高成本效率；第二，通過掌握基礎提供一流的執行；第三，每天贏得客戶和供應商的忠誠度。通過這個鏡頭，我們正在迅速做出決定，明確優先級，並希望將成本從業務的每一個口袋中剔除。其中一些已經對你可見，隨著時間的推移更多會變得明顯。這是一項持續的練習，坦率地說，隨著我們運營和發展 Wayfair 的方式不斷發展，它將在各種環境中為我們提供良好的服務。

An important advantage of our business model is that our P&L is highly variabilized. This means that gross margins, customer service and merchant fees and to a large degree, advertising, should be quite responsive to the trend in revenue, protecting Wayfair's unit economics and leaving room for potential upside through incremental efficiencies. In areas of more fixed spend, predominantly OpEx and CapEx, we have the ability and willingness to prioritize and sequence differently if need be.

我們的商業模式的一個重要優勢是我們的損益是高度可變的。這意味著毛利率、客戶服務和商家費用，在很大程度上，廣告，應該對收入趨勢做出相當大的反應，保護 Wayfair 的單位經濟，並通過提高效率為潛在的上行空間留出空間。在固定支出較多的領域，主要是運營支出和資本支出，如果需要，我們有能力和意願以不同的方式進行優先排序和排序。

One visible example that many of you are aware of is the hiring pause that we implemented back in May. This gives us the opportunity to step back assess how consumer demand is developing and to react accordingly. Less visible to you are decisions such as pushing off market expansion plans in Europe in favor of reinforcing our focus on the U.K. and Germany, pausing the development of certain opportunities like registry. And flexing our planned logistics CapEx investments in response to changing revenue trajectory.

你們中的許多人都知道的一個明顯的例子是我們在 5 月份實施的招聘暫停。這使我們有機會退後一步評估消費者需求的發展情況並做出相應的反應。對您來說不太明顯的是諸如推遲歐洲市場擴張計劃以加強我們對英國和德國的關注，暫停開發某些機會（如註冊）的決定。並調整我們計劃的物流資本支出投資以應對不斷變化的收入軌跡。

As I said, we are increasing our cost efficiency focus across all facets of Wayfair in an ongoing manner. In companies of our size and scale, these opportunities take a quarter or two to begin to unlock. But we are highly confident that they will not only help us reach our financial goals, but also make Wayfair's execution even tighter. Even as we reshuffle some priorities, we are not trading off on important future growth drivers and enablers. The profitability levels we are targeting should allow us to both control our destiny and simultaneously invest for the long term, which has long been a key to Wayfair's success. While we tighten our belt in some places, our support is fully behind high ROI initiatives that will set us up for years to come.

正如我所說，我們正在以持續的方式在 Wayfair 的各個方面增加我們對成本效率的關注。在我們這種規模和規模的公司中，這些機會需要一到兩個季度才能開始釋放。但我們非常有信心，它們不僅會幫助我們實現財務目標，還會讓 Wayfair 的執行更加嚴格。即使我們重新調整了一些優先事項，我們也不會在重要的未來增長驅動力和推動力上進行權衡。我們瞄準的盈利水平應該讓我們既能控制自己的命運，又能同時進行長期投資，這一直是 Wayfair 成功的關鍵。雖然我們在某些地方勒緊褲腰帶，但我們的支持完全支持高投資回報計劃，這些計劃將使我們在未來幾年內建立起來。

For instance, our technology organization continues to pursue the transformation agenda that our CTO, Fiona Tan, described last quarter. We are expanding our fast delivery capabilities. We are growing our flagship house brands and increasing more exclusive assortment. And we're investing in top of funnel marketing channels and content to drive awareness and frequency among both new and loyal customers. We are also sticking to our test and scale approach in physical retail.

例如，我們的技術組織繼續推行我們的首席技術官 Fiona Tan 上個季度描述的轉型議程。我們正在擴大我們的快速交付能力。我們正在發展我們的旗艦品牌，並增加更多的獨家分類。我們正在投資於漏斗營銷渠道和內容，以提高新客戶和忠誠客戶的知名度和頻率。我們還在實體零售中堅持我們的測試和規模化方法。

In May, we launched our first all modern store with a couple of additional locations under our specialty retail banners slated to open later this year. Next year and on a limited basis, you will see us continue to experiment with new specialty retail formats to be followed by a larger Wayfair branded store concept in 2024.

5 月，我們推出了第一家全現代商店，並在我們的專業零售橫幅下開設了幾個額外的地點，預計將於今年晚些時候開業。明年，在有限的基礎上，您將看到我們繼續嘗試新的專業零售業態，並在 2024 年推出更大的 Wayfair 品牌店概念。

It is important to bear in mind that we are very much still in a learning stage here. Our goal is to use these handful of stores as a test bed for new ideas around how and where to bring the core competencies of Wayfair to a physical shopping environment. We believe the omnichannel opportunity for Wayfair is quite meaningful, but we intend to pursue it with our usual approach of testing, iterating and proving our success before finally scaling.

重要的是要記住，我們在這裡仍然處於學習階段。我們的目標是利用這幾家商店作為試驗台，了解如何以及在何處將 Wayfair 的核心競爭力帶入實體購物環境的新想法。我們相信 Wayfair 的全渠道機會非常有意義，但我們打算用我們通常的測試、迭代和在最終擴展之前證明我們的成功的方法來追求它。

Across everything I've discussed just now, our goal has been to make clear the thoughtful and considerate approach we are taking to the current environment. We've always said that we run this business for the long term, and nothing about that has changed. The size of our category remains tremendous. The field is fragmented, the structural march of shopping more online will continue, and Wayfair is uniquely positioned to grow and consolidate share over many years to come.

在我剛才討論的所有內容中，我們的目標是明確我們對當前環境採取的深思熟慮的方法。我們一直說我們是長期經營這項業務的，這一切都沒有改變。我們類別的規模仍然巨大。該領域是分散的，更多在線購物的結構性進展將繼續，Wayfair 具有獨特的優勢，可以在未來多年內增長和鞏固份額。

We have a management team that has seen multiple cycles in all sorts of different businesses. We all recognize that in moments of macro volatility, like we are living through today, it is just as important to focus only here and now as we steer through this period as it is to look forward. Doing so centers around returning to and sustainably operating in a free cash generative way. The time frame to get there will evolve with the macro environment and our response to it, but we're very focused on the variables that are in our control: driving out excess costs, while being there for our customers and suppliers and driving the tightest execution possible. We also take confidence that our platform model is designed with the flexibility to weather unpredictable moments like this and emerge stronger for it on the other side.

我們的管理團隊已經在各種不同的業務中看到了多個週期。我們都認識到，在宏觀波動的時刻，就像我們今天所經歷的那樣，只關注此時此地與我們度過這個時期和展望未來一樣重要。這樣做的核心是回歸併以產生自由現金的方式可持續運營。實現這一目標的時間框架將隨著宏觀環境和我們對它的反應而變化，但我們非常關注我們控制的變量：消除多餘的成本，同時為我們的客戶和供應商服務並推動最嚴格的可以執行。我們也相信我們的平台模型設計具有靈活性，可以應對這種不可預測的時刻，並在另一方面變得更強大。

I'm going to hand things over to Michael for a review of our financials and outlook.

我將把事情交給邁克爾審查我們的財務和前景。

Thank you, Niraj, and good morning, everyone. I'm going to start today by walking through some of our high-level planning as we look out to the remainder of 2022 and into next year. Since late 2019, we have been focusing on becoming sustainably profitable and cash flow generative. Our progress towards this goal accelerated during the pandemic, but reversed somewhat over the last several quarters. As soon as we started to see the macro environment moving away from our going-in expectations for 2022, we began taking swift action to reposition the business and a return to positive free cash flow in a timely and thoughtful manner.

謝謝你，Niraj，大家早上好。我將從今天開始介紹我們的一些高級計劃，因為我們展望 2022 年剩餘時間和明年。自 2019 年底以來，我們一直專注於實現可持續盈利和產生現金流。我們在大流行期間加快了實現這一目標的進程，但在過去幾個季度中有所逆轉。一旦我們開始看到宏觀環境偏離我們對 2022 年的預期，我們就開始迅速採取行動重新定位業務並及時周到地恢復正的自由現金流。

This is a goal that the whole executive team shares, including Kate, who is closely partnered with me as we continue the CFO transition in real time. We are laser focused on what it takes to achieve this goal, which means not just returning to profitability on the adjusted EBITDA line, but getting back to a level that covers expenses like D&A and the cost of paying our employees in equity.

這是整個執行團隊的共同目標，包括與我密切合作的凱特，因為我們繼續實時進行 CFO 過渡。我們專注於實現這一目標所需的一切，這意味著不僅要在調整後的 EBITDA 線上恢復盈利，還要恢復到涵蓋 D&A 等費用和以股權支付員工成本的水平。

To do this, we have undertaken a broad prioritization exercise across the organization, including a timing shift in our semi-annual planning process, and taking a microscope to each part of the business as we reassess what the appropriate cadence of investment should be across a range of macro scenarios.

為此，我們在整個組織範圍內進行了廣泛的優先排序工作，包括在我們的半年度計劃流程中進行時間調整，並在重新評估跨部門的適當投資節奏時對業務的每個部分進行審視。宏觀場景的範圍。

As you can imagine, we're quickly bucketing projects across a range of priorities, focusing on uniting the organization against the most strategic items while sequencing out other initiatives. Niraj just listed off several of these earlier, and you'll see us enact more changes in the second half of '22 and in '23.

正如您可以想像的那樣，我們正在快速將項目劃分為一系列優先事項，專注於將組織團結起來應對最具戰略意義的項目，同時確定其他計劃的順序。 Niraj 剛剛列出了其中的幾個，您會看到我們在 22 年下半年和 23 年制定了更多更改。

Turning now to the second quarter results. As you saw in our press release this morning, Q2 total net revenue was $3.3 billion, representing a 15% year-over-year decline and a 10% sequential increase from our net revenue in Q1. The second quarter fared slightly better than where we had been trending as we gave our quarter-to-date disclosure back in early May. As customers responded to promotional events in a positive way and our suppliers leaned in with more aggressive wholesales.

現在轉向第二季度的結果。正如您在今天上午的新聞稿中看到的那樣，第二季度總淨收入為 33 億美元，同比下降 15%，比第一季度的淨收入環比增長 10%。第二季度的表現略好於我們的趨勢，因為我們在 5 月初給出了季度至今的披露。隨著客戶以積極的方式響應促銷活動，我們的供應商開始採取更積極的批發方式。

On a segment basis, U.S. net revenue declined 9.7% from Q2 a year prior, while international net revenues declined 35.7% year-over-year and 34.4% on a constant currency basis. Clearly, a far stronger U.S. dollar year-over-year is a translation negative for us as it is for other multinationals.

按分部計算，美國淨收入較上年第二季度下降 9.7%，而國際淨收入同比下降 35.7%，按固定匯率計算下降 34.4%。顯然，美元同比走強對我們來說是負面的，對其他跨國公司也是如此。

I'll now move further down the P&L. As I do, please note that I'll be referencing the remaining financials on a non-GAAP basis, which includes depreciation and amortization but excludes stock-based compensation, related taxes and other adjustments. I'll use the same non-GAAP basis when discussing our outlook as well.

我現在將進一步降低損益表。和我一樣，請注意，我將參考非公認會計原則基礎上的剩餘財務數據，其中包括折舊和攤銷，但不包括基於股票的薪酬、相關稅費和其他調整。在討論我們的前景時，我也會使用相同的非公認會計原則基礎。

Q2 gross margin was 27.4%, which is consistent with the 27% to 28% range we've targeted over the last several quarters. Customer service and merchant fees were 4.7% of net revenue for the second quarter, in line with our guided range, reflecting higher compensation costs compared to last year. Advertising as a percentage of net revenue was 11.5% in Q2, slightly higher than our guidance of 10% to 11%. We continue to spend efficiently across our paid channels. but a set of mix effects drove the slightly higher outcome in advertising as a percent of net revenue this period.

第二季度毛利率為 27.4%，這與我們在過去幾個季度中設定的 27% 至 28% 的範圍一致。客戶服務和商戶費用佔第二季度淨收入的 4.7%，符合我們的指導範圍，反映出與去年相比更高的補償成本。第二季度廣告占淨收入的百分比為 11.5%，略高於我們 10% 至 11% 的指引。我們將繼續在我們的付費渠道中高效消費。但一系列混合效應推動了這一時期廣告占淨收入的百分比略高。

These included, first, a shift in the share of direct versus paid traffic towards paid in this environment. Second, our conscious choice to continue to invest in top-of-funnel channels to drive greater awareness, share of voice and ultimately, share of wallet. And third, brand mix. With our fastest-growing brands operating at higher levels of spend, thanks to also higher gross margin profiles.

其中包括，首先，在這種環境下，直接流量與付費流量的份額向付費流量轉變。其次，我們有意識地選擇繼續投資於頂級渠道，以提高知名度、聲音份額並最終提高錢包份額。第三，品牌組合。由於毛利率較高，我們增長最快的品牌以更高的支出水平運營。

Let me reassure you that we are paying close attention to the cross currents at play here, and are continuously monitoring our efficiency parameters and the ROIs generated within them to make sure we're striking the right balance in this fluid environment.

讓我向您保證，我們正在密切關注這裡的交叉電流，並持續監控我們的效率參數和其中產生的投資回報率，以確保我們在這種流動環境中取得適當的平衡。

Our selling, operations, technology and G&A or OpEx expenses totaled $567 million. As we telegraphed back in May, this was driven in large part by compensation for our existing team as well as new employees joining Wayfair. The impact of the hiring freeze we implemented in May will be reflected more in the Q3 results as I'll discuss in a bit.

我們的銷售、運營、技術和 G&A 或運營支出費用總計 5.67 億美元。正如我們在 5 月份的電報中所說，這在很大程度上是由於對我們現有團隊的補償以及加入 Wayfair 的新員工。我們在 5 月實施的招聘凍結的影響將更多地反映在第三季度的結果中，我將稍後討論。

Though we always speak to these numbers on a non-GAAP adjusted basis, you might also be wondering about the $40 million onetime noncash impairment charge this quarter. Our requirements for corporate office space have changed post-pandemic. We now have more excess space to sublet out. And since the commercial real estate market is soft, the charge reflects our reassessment of the expected income stream from this property.

雖然我們總是在非公認會計原則調整的基礎上談論這些數字，但您可能還想知道本季度 4000 萬美元的一次性非現金減值費用。疫情過後，我們對企業辦公空間的要求發生了變化。我們現在有更多多餘的空間可以轉租。由於商業房地產市場疲軟，收費反映了我們對該物業預期收入流的重新評估。

All combined, Q2 adjusted EBITDA was negative $108 million or negative 3.3% of net revenue, in line with our guidance. In the U.S., adjusted EBITDA was negative $28 million for a negative 1% margin, while the International segment booked adjusted EBITDA of negative $80 million for a negative 16.4% margin.

總而言之，第二季度調整後的 EBITDA 為負 1.08 億美元或淨收入的負 3.3%，符合我們的指導。在美國，調整後的 EBITDA 為負 2800 萬美元，利潤率為負 1%，而國際業務部門的調整後 EBITDA 為負 8000 萬美元，利潤率為負 16.4%。

Moving on to the balance sheet and cash flow. We ended the quarter with $1.7 billion of cash and highly liquid investments. In Q2, net cash from operating activities was negative $115 million and free cash flow was negative $244 million after factoring in $129 million of capital expenditures.

轉到資產負債表和現金流。我們以 17 億美元的現金和高流動性投資結束了本季度。在第二季度，經營活動產生的淨現金為負 1.15 億美元，自由現金流在扣除 1.29 億美元的資本支出後為負 2.44 億美元。

Let's now turn to the outlook. I want to start as we have in quarters past with some details on quarter-to-date performance, after which I'll walk through the rest of the P&L for Q3, while adding in some qualitative color on our expectations beyond that. Across the third quarter so far, our gross revenue is down about 10% year-over-year, which would indicate a break from the typical seasonal pattern, where Q2 and Q3 are typically similarly sized.

現在讓我們轉向前景。我想像過去幾個季度一樣從季度至今的表現開始一些細節，之後我將介紹第三季度的其餘損益表，同時為我們的預期添加一些定性色彩。到目前為止，在第三季度，我們的總收入同比下降約 10%，這表明與典型的季節性模式有所不同，第二季度和第三季度的規模通常相似。

Based on the current trend, we would expect Q3 net revenue to be below Q2 levels. Unsurprisingly, we see this weakness being driven by the impact of macroeconomic forces on consumers, and reflected in the growth of our category overall.

根據目前的趨勢，我們預計第三季度的淨收入將低於第二季度的水平。不出所料，我們認為這種疲軟是由宏觀經濟力量對消費者的影響造成的，並反映在我們整體品類的增長中。

Moving to gross margins. We believe that we will have sequentially higher gross margin and would point you to the upper end of our 27% to 28% range. We remain confident in the sustainability and upside potential of this range, even in a softer macro, thanks to the multiple drivers we have in place and the inherent flexibility of our inventory-light platform model. We expect customer service and merchant fees as a percent of net revenue between 4.5% and 5%, and advertising as a percent of net revenue at approximately 11%.

轉向毛利率。我們相信我們的毛利率將依次提高，並將指向我們 27% 至 28% 範圍的上限。我們對這一範圍的可持續性和上行潛力仍然充滿信心，即使在宏觀經濟較為疲軟的情況下，這也要歸功於我們現有的多種驅動因素以及我們的輕庫存平台模型固有的靈活性。我們預計客戶服務和商家費用占淨收入的百分比在 4.5% 和 5% 之間，廣告占淨收入的百分比約為 11%。

We forecast SOT G&A or OpEx dollars between $550 million to $560 million in the third quarter. We began a hiring freeze in May to slow OpEx growth. So you're just beginning to see the financial impact start to flow through. Simultaneously, we undertook a review of all the various costs driving this line, and are actioning multiple work streams to drive incremental savings across the board. We will not be quantifying the expected savings and timing of these for you today, but instead, we'll speak to what's in flight next quarter and over time. You should expect OpEx dollars to decline further period-over-period in Q4.

我們預計第三季度的 SOT G&A 或運營支出在 5.5 億美元至 5.6 億美元之間。我們在 5 月開始凍結招聘以減緩運營支出的增長。所以你才剛剛開始看到財務影響開始蔓延。同時，我們對推動這條生產線的所有各種成本進行了審查，並正在採取多種工作流來推動全面節省。我們今天不會為您量化這些預期的節省和時間安排，而是會討論下個季度和隨著時間的推移會發生什麼。您應該預期 OpEx 美元將在第四季度進一步下降。

If you follow through the guidance I outlined and assume that our quarter-to-date revenue trends persist for the remainder of Q3, that would translate to adjusted EBITDA margins in the negative low to mid-single-digit range. To be perfectly blunt, we are not satisfied with this outcome. However, course correcting a company of Wayfair's size in an environment that is changing as rapidly as this one requires some patience. We are moving quickly to adjust our plans and would expect you to see substantially more financial progress, which will flow through in Q4.

如果您遵循我概述的指導並假設我們的季度至今收入趨勢在第三季度的剩餘時間內持續存在，這將轉化為調整後的 EBITDA 利潤率在負的低到中個位數範圍內。坦率地說，我們對這個結果並不滿意。然而，在這樣一個瞬息萬變的環境中糾正像 Wayfair 這樣規模的公司需要一些耐心。我們正在迅速調整我們的計劃，並希望您看到更多的財務進展，這將在第四季度實現。

Let me quickly touch on a few housekeeping items for Q3 before moving to discussing our strategy for the quarters to come. For Q3, please assume the following: equity-based compensation related taxes of $127 million to $132 million, depreciation and amortization of approximately $91 million to $96 million, net interest expense of approximately $6 million to $7 million, weighted average shares outstanding equal to approximately 106 million and CapEx in a $110 million to $120 million range.

在開始討論我們未來幾個季度的戰略之前，讓我快速談談第三季度的一些內務管理項目。對於第三季度，請假設以下情況：基於股權的薪酬相關稅款為 1.27 億美元至 1.32 億美元，折舊和攤銷約為 9100 萬美元至 9600 萬美元，淨利息支出約為 600 萬美元至 700 萬美元，加權平均已發行股份約為1.06 億美元，資本支出在 1.1 億美元至 1.2 億美元之間。

With that framing, let me further illuminate how we are planning to navigate Wayfair into 2023 and beyond. We're diligently moving the business to generate positive free cash flow. So this will take some time and the path and actions required to get there will be dictated by how the macro evolves. In the near term, we're planning for Q4 revenues to build on Q3 levels, consistent with the typical holiday period. Provided this occurs, we would expect our adjusted EBITDA losses to narrow considerably before the end of the year and then to make substantially more progress towards our ultimate goal from there.

有了這個框架，讓我進一步說明我們計劃如何將 Wayfair 導航到 2023 年及以後。我們正在努力推動業務發展，以產生正的自由現金流。因此，這將需要一些時間，到達那裡所需的路徑和行動將取決於宏的演變方式。在短期內，我們計劃將第四季度的收入建立在第三季度的水平上，與典型的假期保持一致。如果發生這種情況，我們預計我們的調整後 EBITDA 虧損將在年底前大幅收窄，然後從那裡朝著我們的最終目標取得更大進展。

It is true that our time line to get there will vary depending on how the top line fares in the macro environment. But we're committed to moving steadfastly in this direction, and our liquidity position enables us to proceed responsibly down this path. And with no meaningful maturities until late 2024, we have sufficient time to ensure multiple options are at our disposal for how to manage our capital structure.

確實，我們到達那裡的時間線會根據宏觀環境中的頂線票價而有所不同。但我們致力於堅定不移地朝著這個方向前進，我們的流動性狀況使我們能夠負責任地沿著這條道路前進。由於到 2024 年底之前沒有有意義的到期日，我們有足夠的時間來確保我們有多種選擇來管理我們的資本結構。

I want to wrap up by underscoring yet again how dynamic and tricky a period this is for any company to navigate. It's also at moments like this where you must acknowledge that our internal confidence is bound to build before yours on Wall Street.

最後，我想再次強調對於任何公司來說，這是一個充滿活力和棘手的時期。也是在這樣的時刻，您必須承認，我們的內部信心必將在您之前在華爾街建立起來。

So let me be very clear. We are highly confident that our consumer and supplier-focused platform model coupled with our team's clear-eyed assessment of the challenges and opportunities before us and our willingness to take action will only make Wayfair operationally and financially stronger as we proceed over the coming quarters.

所以讓我說得很清楚。我們非常有信心，我們以消費者和供應商為中心的平台模型，加上我們團隊對擺在我們面前的挑戰和機遇的清晰評估以及我們採取行動的意願，只會使 Wayfair 在未來幾個季度的運營和財務上更加強大。

And as I approach my retirement and as a shareholder myself, what reinforces this view for me is the talented leadership team fully behind our goals. Key among this group is Kate Gulliver, who is actively architecting and underwriting these plans with me and the team, and who will be speaking to you next quarter about the progress we're making in her new capacity as CFO and Chief Administrative Officer.

當我接近退休並作為股東本人時，對我來說強化這種觀點的是完全支持我們目標的才華橫溢的領導團隊。這個團隊中的關鍵人物是 Kate Gulliver，她正在與我和團隊一起積極構建和承保這些計劃，她將在下個季度與您討論我們以 CFO 和首席行政官的新身份取得的進展。

Next, we're going to break from tradition slightly. Rather than having a deep dive on a single part of the business, we thought we'd speak to some of the key questions we've heard from investors over the last few months. So before proceeding to the live Q&A, Niraj and Kate are going to address these upfront so that we can get into other details later. Let me hand it back to Niraj first.

接下來，我們將稍微打破傳統。與其深入研究業務的某個部分，我們認為我們應該談談過去幾個月從投資者那裡聽到的一些關鍵問題。因此，在進行現場問答之前，Niraj 和 Kate 將提前解決這些問題，以便我們稍後了解其他細節。讓我先把它還給尼拉吉。

Thanks, Michael. Over the past several months, many of you have asked about the path to profitability and how long it will take us to reach our goals. Let me first be clear about our financial priorities. We are steering Wayfair to be cash generative. We are also establishing a lower bound on profitability that we will stick to all while working to drive margins even higher. Why is this lower bound Important? At a mid-single-digit adjusted EBITDA margin, higher in the U.S. as international continues to mature, we should be able to cover expenses like depreciation and amortization associated with CapEx. And begin to mitigate the dilution associated with equity compensation, all while continuing to invest in future growth initiatives. While we are perhaps being more pointed about how we're talking about this, this practice is not new to us.

謝謝，邁克爾。在過去的幾個月裡，你們中的許多人都詢問了盈利之路以及我們需要多長時間才能實現目標。首先讓我明確一下我們的財務優先事項。我們正在引導 Wayfair 產生現金。我們還建立了盈利能力的下限，在努力提高利潤率的同時，我們將始終堅持這一下限。為什麼這個下限很重要？在中個位數的調整後 EBITDA 利潤率下，隨著國際市場的不斷成熟，我們應該能夠支付與資本支出相關的折舊和攤銷等費用。並開始減輕與股權補償相關的稀釋，同時繼續投資於未來的增長計劃。雖然我們可能對我們如何談論這個問題更加關注，但這種做法對我們來說並不新鮮。

Steve and I operated this business in a cash-generative way for more than a decade when we started. And starting in 2019, we have been moving Wayfair back in this direction, admittedly with a lot of volatility in between. Which brings us to how and when we will get there. You should expect to begin to see progress starting in Q4. But the reality is that this is an iterative exercise. We are philosophically committed to this set of financial goals which means that we are constantly evaluating what's happening to the customer and the economy, the time frame over which we can responsibly get to these levels and adjusting as needed.

當我們開始時，史蒂夫和我以產生現金的方式經營這項業務十多年。從 2019 年開始，我們一直在將 Wayfair 推回這個方向，誠然，兩者之間存在很大的波動性。這讓我們知道我們將如何以及何時到達那裡。您應該期望從第四季度開始看到進展。但現實情況是，這是一個迭代練習。我們在哲學上致力於這組財務目標，這意味著我們不斷評估客戶和經濟正在發生的事情，我們可以負責任地達到這些水平並根據需要進行調整的時間框架。

The macro can help or slow us down some, but we are not relying on solely the top line to get us there. As I mentioned earlier, we're in a fortunate position where large parts of our platform business are variable, designed to move more or less in tandem with revenue.

宏可以幫助或減慢我們的速度，但我們並不僅僅依靠頂線來幫助我們到達那裡。正如我之前提到的，我們處於一個幸運的位置，我們的大部分平台業務都是可變的，旨在或多或少地與收入同步。

On other fronts, you're seeing us adjusting in real time, and we will continue to do so. In thinking through our options, we're balancing moving quickly with doing so responsibly for the company with nothing sacrosanct. But also a strong awareness of the elements that make us unique today and will set us up for success in the years to come.

在其他方面，您會看到我們實時調整，我們將繼續這樣做。在考慮我們的選擇時，我們正在迅速採取行動與對公司負責任地採取行動而不是神聖不可侵犯之間取得平衡。但同時也對使我們今天獨一無二的元素有強烈的認識，並將為我們在未來幾年的成功做好準備。

Next, let's tackle a slightly different question having to do with how customer acquisition costs are trending. As many of you know, when we study CAC, we are looking at whether we are staying efficient in paid advertising channels, both more transactional ones like search and PLAs and upper funnel channels such as TV. Our approach to deploying advertising spend is based on efficiency targets. We are orienting around an effective payback target in each channel. So if we can't deploy dollars within that payback envelope, we won't spend them. This means that we're constantly controlling for CAC by channel.

接下來，讓我們解決一個與客戶獲取成本趨勢有關的稍微不同的問題。眾所周知，當我們研究 CAC 時，我們正在研究我們是否在付費廣告渠道中保持高效，無論是搜索和 PLA 等交易性更強的渠道，還是電視等漏斗上方的渠道。我們部署廣告支出的方法是基於效率目標。我們在每個渠道都圍繞著一個有效的回報目標。因此，如果我們不能在該回報範圍內部署美元，我們就不會花費它們。這意味著我們不斷地通過渠道控制 CAC。

That said, there are mix effects that layer on top of this that happen to be headwinds to overall CAC in this moment. Michael spoke about a few of these mix elements earlier. But let me expand. First, upper funnel channels like TV, online video and catalog are scaling. Though that it can have longer lead times, these channels are important vehicles to drive brand and category awareness.

話雖如此，在此之上還有一些混合效應，此時恰好是整個 CAC 的逆風。邁克爾早些時候談到了其中一些混合元素。但是讓我擴展一下。首先，電視、在線視頻和目錄等高端渠道渠道正在擴大。雖然它可以有更長的交貨時間，但這些渠道是提高品牌和品類知名度的重要工具。

As a category leader, we have a unique opportunity during this time to be visible to new and repeat customers, which should translate into a higher share of voice as others pull back and ultimately to market share gains. Secondly, in softer macro periods, we unsurprisingly see the volume of free and direct traffic to site decrease. This will optically make advertising grow as a percentage of net revenue, though we are still deploying dollars against paid channels efficiently. This is also a temporary phenomena. When category demand recovers, direct traffic trends will reverse and drive incremental leverage in advertising.

作為一個品類的領導者，我們在這段時間內有一個獨特的機會讓新客戶和回頭客看到，這應該轉化為隨著其他人退出並最終獲得市場份額的更高份額的聲音。其次，在較疲軟的宏觀時期，我們毫不意外地看到網站的免費和直接流量減少。這將使廣告占淨收入的百分比在視覺上增長，儘管我們仍在有效地針對付費渠道部署美元。這也是暫時的現象。當品類需求恢復時，直接流量趨勢將逆轉並推動廣告槓桿的增加。

Third, our fast-growing brands are those that operate at higher levels of advertising. For example, Perigold, which grew net revenue at approximately 30% year-over-year in Q2 and is scaling quickly in general, operates at a higher advertising level in percentage terms than does Wayfair. Part of that is due to its smaller repeat base and its higher cost of brand marketing as a percentage of revenue. But it is also because of its higher level of profitability, which justifies our ability to pay more to acquire customers while remaining well within our efficiency parameters.

第三，我們快速增長的品牌是那些以更高的廣告水平運作的品牌。例如，Perigold 在第二季度的淨收入同比增長約 30% 並且總體上正在迅速擴大規模，其廣告水平的運營百分比高於 Wayfair。部分原因是其重複基數較小以及品牌營銷成本佔收入的比例較高。但這也是因為其更高的盈利水平，這證明了我們有能力支付更多費用來獲取客戶，同時保持在我們的效率參數範圍內。

Overall, our unit economics remain very sound and well above pre-pandemic levels even after accounting for these moving parts to the near-term cost of customer acquisition. Our variable contribution margins are substantially higher, driven by gross margins, which means we can spend more to acquire and stay well within our payback parameters. So we think we are striking the right balance between the elements that we explicitly control, like efficiency targets and some of the outputs that are less controllable like mix. We're also continuously monitoring and adjusting from a top-down perspective, if necessary.

總體而言，即使在將這些活動部分計入近期客戶獲取成本之後，我們的單位經濟仍然非常穩健，遠高於大流行前的水平。在毛利率的推動下，我們的可變邊際貢獻率要高得多，這意味著我們可以花更多的錢來獲得併保持在我們的回報參數範圍內。因此，我們認為我們在我們明確控制的元素（如效率目標）和一些不太可控的輸出（如混合）之間取得了適當的平衡。如有必要，我們還會從自上而下的角度不斷進行監控和調整。

For instance, we are sharpening our efficiency targets in areas like top of funnel to account for lower predictability in this environment. And rest assured, we will always closely monitor and react to trends across all of our channels.

例如，我們正在提高漏斗頂部等領域的效率目標，以解決這種環境下較低的可預測性。請放心，我們將始終密切關注我們所有渠道的趨勢並做出反應。

Now I'll hand it over to Kate to discuss our latest thinking on liquidity.

現在我將把它交給凱特討論我們關於流動性的最新想法。

Thanks, Niraj, and good morning, everyone. I'm excited to meet some of you and to reconnect with others over the coming months as I step into the CFO role. One question we know is top of mind for many investors right now is our liquidity profile and capital structure. As we sit here today, we see our liquidity position as healthy. We ended the quarter with north of $1.7 billion of cash and short-term investments on our balance sheet. And don't forget that we also have a revolving credit line of an additional $0.5 billion available to us.

謝謝，Niraj，大家早上好。我很高興見到你們中的一些人，並在接下來的幾個月裡與其他人重新建立聯繫，因為我將擔任首席財務官一職。我們知道，目前許多投資者最關心的一個問題是我們的流動性狀況和資本結構。當我們今天坐在這裡時，我們認為我們的流動性狀況是健康的。我們在本季度結束時資產負債表上有超過 17 億美元的現金和短期投資。不要忘記，我們還有額外 5 億美元的循環信貸額度可供我們使用。

So where we are right now at $2.2 billion to $2.3 billion in total liquidity and with no meaningful near-term maturities is a relatively comfortable place to be. But as you also heard us say, we're very focused on getting to a state of positive cash flow as quickly as practical so the total liquidity grows. We have the benefit of a cost structure that is highly variable, options on how to control elements like OpEx and CapEx and also the benefit of a net working capital flows that typically works in our favor. Getting to a position where we are sustainably generating cash is very important to us. But it is not an overnight thing for a business of our size.

因此，我們目前的總流動性為 22 億至 23 億美元，並且沒有有意義的近期到期，這是一個相對舒適的地方。但正如您也聽到我們所說，我們非常專注於盡快達到正現金流狀態，以便總流動性增加。我們受益於高度可變的成本結構，如何控制運營支出和資本支出等要素的選項，以及通常對我們有利的淨營運資金流動的好處。達到可持續產生現金的位置對我們來說非常重要。但對於我們這種規模的企業來說，這不是一朝一夕的事情。

However, we are aiming to make steady progress over the coming quarters, which will begin to show up in the financials in Q4.

然而，我們的目標是在未來幾個季度取得穩步進展，這將開始在第四季度的財務中出現。

We hope this is helpful additional color to frame our thinking. Let's now move to the open Q&A. Please feel free to direct your questions to Niraj, Steve, Michael, and to me.

我們希望這有助於為我們的思維提供額外的顏色。現在讓我們轉到開放式問答環節。請隨時向 Niraj、Steve、Michael 和我提出您的問題。

(Operator Instructions) And we will take our first question from Steve Forbes with Guggenheim Securities.

（操作員說明）我們將回答古根海姆證券公司史蒂夫福布斯的第一個問題。

Niraj, I wanted to start with the supplier base, right? You mentioned how the suppliers are using more of Wayfair services offering. But maybe if you could just expand on how they are engaging. What's different today than last year, whether they're competing for certain services via lower wholesale cost? Just any additional color that helps us better understand how the supplier community is viewing Wayfair today?

Niraj，我想從供應商群開始，對吧？您提到供應商如何使用更多的 Wayfair 服務產品。但也許你可以擴展他們的參與方式。今天與去年有什麼不同，他們是否通過較低的批發成本競爭某些服務？是否有任何其他顏色可以幫助我們更好地了解供應商社區如何看待今天的 Wayfair？

Yes. Great. Thanks, Steve. Yes. So what I would say is if you think about our platform business model, one of the things we mentioned a couple of quarters ago is generally is an advantaged model. The only time it's disadvantage would have been the example in the back half of last year when there's too little inventory relative to demand, which basically almost never happens. What's common is that there's roughly a balance of the two or in these kind of tougher macro scenarios where there's far more inventory than demand.

是的。偉大的。謝謝，史蒂夫。是的。所以我想說的是，如果你考慮一下我們的平台商業模式，我們幾個季度前提到的一件事通常是一種優勢模式。唯一一次它的劣勢是去年下半年的例子，當時庫存相對於需求太少，基本上幾乎不會發生。常見的是兩者大致平衡，或者在這種更嚴峻的宏觀情景中，庫存遠大於需求。

Well, that's actually the scenario we're in now. So suppliers basically have too much inventory. And so what we're seeing happen is our inventory availability levels have gone up. Suppliers have too much and they want to sell that inventory. So what do we see them do? We see them using some of the pricing tools we have on our platform to basically allow them to control their price to be aggressive where they want to move inventory, that creates value for the end customer, drives up conversion. We're seeing them become increasingly large adopters of CastleGate.

嗯，這實際上就是我們現在所處的場景。所以供應商基本上有太多的庫存。所以我們看到的是我們的庫存可用性水平上升了。供應商的庫存太多，他們想出售這些庫存。那麼我們看到他們做什麼呢？我們看到他們使用我們平台上的一些定價工具基本上允許他們控制他們的價格，以便在他們想要移動庫存的地方更具侵略性，從而為最終客戶創造價值，推動轉化。我們看到他們越來越多地採用 CastleGate。

CastleGate basically facilitates them getting high-speed badging, which drives up conversion. It also facilitates lower retail prices because the outbound ship cost drops, which also drives up our conversion. As an example there, our 2-day speed badging is up about 10 percentage points. And so we're seeing them lean in on aspects of the model.

CastleGate 基本上可以幫助他們獲得高速徽章，從而提高轉化率。它還有助於降低零售價格，因為出境船舶成本下降，這也推動了我們的轉換。例如，我們的 2 天速度標記提高了約 10 個百分點。所以我們看到他們傾向於模型的各個方面。

Another piece of the model that's still pretty small for us relative to others is advertising. And that's something that has been growing over time. But frankly, we're seeing a lot of growth and interest there, too, as we're adding sophistication to the product, but frankly, as suppliers are in a position where they want to sell more goods. So these are kind of the types of things that are happening. There are advantages we have relative to others. And frankly, it's why we -- it's kind of the inherent strength of the business model.

相對於其他人來說，對我們來說仍然很小的另一個模型是廣告。這是隨著時間的推移而不斷增長的東西。但坦率地說，我們也看到了很多增長和興趣，因為我們正在增加產品的複雜性，但坦率地說，因為供應商處於他們想要銷售更多商品的位置。所以這些是正在發生的事情的類型。相對於其他人，我們有一些優勢。坦率地說，這就是為什麼我們 - 這是商業模式的內在優勢。

Helpful. And then just a quick follow-up. Really about international, right, given the comments about balancing the long-term investment and the path of achieving a mid-single-digit EBITDA margin.

有幫助。然後只是快速跟進。考慮到關於平衡長期投資和實現中個位數 EBITDA 利潤率的路徑的評論，真的是關於國際的。

So curious, Niraj, just additional high-level comments on how you're thinking about the broader international opportunity. Has it changed? Should we expect you to sort of pause expansion for a multiyear period of time into new markets and really just focus on the core that you're in. I mean, is there any -- are you seeing anything that deters the opportunity that you see in the U.K. or Germany? Any higher level color as you're thinking about the broader opportunity in international?

太好奇了，Niraj，關於你如何看待更廣泛的國際機會的額外高級評論。它改變了嗎？我們是否應該期望您在多年的時間內暫停向新市場擴張，並真正專注於您所在的核心。我的意思是，您是否看到任何阻礙您看到的機會的東西在英國還是德國？當你在考慮更廣泛的國際機會時，還有什麼更高層次的顏色嗎？

Yes. Thanks, Steve. Yes. Right now, there's no question that the macro environment in the international markets we're in is tougher than even the macro environment in the United States, and then that's certainly not great for that segment of our business. That said, one of the things I did mention in the prepared remarks is we have been very thoughtful about, in this period of time, what do we focus on? And what does that mean we need to pause or where do we narrow our focus in? Frankly, in the European market, we said let's focus on the U.K. and Germany. We built a leadership position in the U.K. We're on the road to that. We're not there in Germany.

是的。謝謝，史蒂夫。是的。目前，毫無疑問，我們所處的國際市場的宏觀環境甚至比美國的宏觀環境還要嚴峻，這對於我們的業務領域來說肯定不是很好。也就是說，我在準備的發言中確實提到的一件事是我們一直在考慮，在這段時間裡，我們關注的是什麼？這意味著我們需要暫停或將注意力集中在哪裡？坦率地說，在歐洲市場，我們說讓我們專注於英國和德國。我們在英國建立了領導地位。我們正在努力實現這一目標。我們不在德國。

Well, let us pause moving to other international markets in Europe. Let's pause our expansionary focus in Europe. Let's focus on our core. And that's what we're doing there. And the way we think about it is there's no -- there's nothing that we decided yesterday that will automatically remain committed to today. So we're going to constantly reassess what we're doing. But we feel very good about the strategic long-term focus that we have in the company. But we're also very cautious given the macro of making sure that we're not expanding them.

好吧，讓我們暫停轉向歐洲的其他國際市場。讓我們暫停我們在歐洲的擴張重點。讓我們專注於我們的核心。這就是我們在那裡所做的。我們思考它的方式是沒有 - 我們昨天決定的任何事情都不會自動保持到今天。因此，我們將不斷重新評估我們正在做的事情。但我們對公司的長期戰略重點感到非常滿意。但我們也非常謹慎，因為要確保我們不會擴大它們。

And in fact, anything we're going to continue to do that we think makes sense in light of how we're thinking about the P&L, how we want to drive the EBITDA profitability, how we want to drive the free cash flow. And we want to show that steady progress there and get there, frankly, in a time frame that we think is quite fast. And so this is the balance that we're taking.

事實上，根據我們對損益表的看法、我們希望如何推動 EBITDA 盈利能力、我們希望如何推動自由現金流，我們認為我們將繼續做的任何事情都是有意義的。坦率地說，我們希望在我們認為相當快的時間框架內展示穩定的進展並實現目標。這就是我們正在採取的平衡措施。

And we will take our next question from Peter Keith with Piper Sandler.

我們將回答 Peter Keith 和 Piper Sandler 的下一個問題。

On the mid-single-digit low threshold EBITDA margin target, Obviously, putting a time frame on that's going to be impossible. But what are the thoughts on the revenue growth needed to achieve it? Could you show significant progress over the coming year if revenues were to remain flat year-on-year to reach that goal?

在中個位數的低門檻 EBITDA 利潤率目標上，顯然，在這上面設定一個時間框架是不可能的。但對於實現這一目標所需的收入增長有何想法？如果收入與去年同期持平以實現這一目標，您能否在來年顯示出重大進展？

Yes, Peter. So I think on 1 hand, you're absolutely right, the macro does affect it. However, I will say our plan on making progress to get to EBITDA profitability and positive free cash flow is not contingent on expecting the overall revenue to expand. So does the shape of the curve get affected by the macro? Absolutely. But is our plan hinging on revenue growth? It's not. So why do we say it that way? Well, do we expect to see us take share and get revenue growth? We do. However, the macro is very murky. So to bet on a plan that requires a certain amount of revenue growth, we would view as risky. So the core of the -- when we say you're going to see steady progress, that does not assume that the market turns right around.

是的，彼得。所以我認為一方面，你是絕對正確的，宏確實會影響它。但是，我要說的是，我們在實現 EBITDA 盈利能力和正自由現金流方面取得進展的計劃並不取決於預期整體收入的增長。那麼曲線的形狀會受到宏觀的影響嗎？絕對地。但我們的計劃是否取決於收入增長？它不是。那我們為什麼這麼說呢？那麼，我們是否期望看到我們獲得份額並獲得收入增長？我們的確是。但是，宏非常模糊。因此，押注需要一定收入增長的計劃，我們認為是有風險的。所以核心——當我們說你會看到穩定的進展時，這並不假設市場會好轉。

Okay. That's helpful. A follow-up question maybe to what Steve asked just around the supplier services. I'm wondering if there's any quantification you could provide just to show us some progress that you're making. The CastleGate revenues have come down to about 20% of total at least that was as of Q4. Maybe update us on where you stand today. And then any quantification too, on that, that sponsors to advertising and maybe how that's increasing as a percent of revenue would be very helpful.

好的。這很有幫助。一個後續問題可能是史蒂夫圍繞供應商服務提出的問題。我想知道您是否可以提供任何量化來向我們展示您正在取得的一些進展。至少截至第四季度，CastleGate 的收入已下降到總收入的 20% 左右。也許更新我們你今天的立場。然後任何量化，關於廣告贊助商，也許它作為收入的百分比是如何增加的，都會非常有幫助。

Sure. So on CastleGate, what I'll say is CastleGate penetration is ramping and it's been -- all year, been increasing at a nice pace. And so when we said that it's on track to hit record highs to meet old record highs and then exceed them, we see that happening not over the long term but rather over the near term. So we're seeing very good adoption there. Frankly, that adoption was taking place even before the demand really started to turn down, and then it's only accelerated since then. So suppliers are very interested in benefiting from the speed badging, benefiting from the lower retails, the lower outbound ship cost, the customer conversion. And so that CastleGate penetration is, I would say, meaningfully higher than where it was at the beginning of the year, and it's on track for these types of records that I mentioned.

當然。所以在 CastleGate 上，我要說的是 CastleGate 的滲透率正在上升，而且它一直 - 整年都在以不錯的速度增長。因此，當我們說它有望達到歷史新高以達到舊的歷史高點然後超越它們時，我們看到這種情況不會在長期內發生，而是在短期內發生。所以我們在那裡看到了很好的採用。坦率地說，這種採用甚至在需求真正開始下降之前就已經發生了，然後從那以後才加速。因此，供應商非常有興趣從速度標誌中受益，受益於較低的零售額、較低的出境船舶成本和客戶轉化率。因此，我想說的是，CastleGate 的滲透率明顯高於年初的水平，而且我提到的這些類型的記錄正在走上正軌。

On advertising, we haven't given out an exact number on that, but this is not super helpful for you to quantify, but I'll just say it's certainly growing faster than the overall business is growing at -- very fast relative to the overall business. But it's still small, quite small relative to what we think the potential is. So it's still very much in its early days.

在廣告方面，我們沒有給出確切的數字，但這對你量化並不是很有幫助，但我只想說它的增長速度肯定比整體業務的增長速度要快——相對於整體業務。但與我們認為的潛力相比，它仍然很小，非常小。所以它仍然處於早期階段。

Yes. Said another way, advertising, it's still -- there's still a huge upside on gross margin in that product.

是的。換句話說，廣告，它仍然——該產品的毛利率仍有巨大的上升空間。

We will take our next question from John Blackledge with Cowen.

我們將與 Cowen 一起回答 John Blackledge 的下一個問題。

Two questions. First on just the revenue trend this far. Could you just discuss the drivers of the current revenue pacing in 3Q? If I heard it correctly, Michael, I think you referenced that 4Q net revenue would likely be up Q-over-Q. I just wanted to check on that. And then on the 3Q gross margin, what are kind of the drivers that provide confidence that gross margin will come in kind of at the high end of the 27% to 28% range?

兩個問題。首先是到目前為止的收入趨勢。您能否談談當前第三季度收入增長的驅動因素？如果我沒聽錯的話，邁克爾，我想你提到了第四季度的淨收入可能會比上季度增加。我只是想檢查一下。然後在第三季度毛利率方面，有哪些驅動因素可以讓人相信毛利率將在 27% 至 28% 範圍的高端出現？

Great. So let's do revenue trends first. Let me say some thoughts and Michael can comment on his quote. But I think everything you said is correct. So revenue trends, so -- we said in the script that quarter-to-date is down roughly 10%. The revenue trends, frankly, we are seeing good -- I don't know how to describe, good traction on revenue, meaning we're seeing customers being engaged. The macro is clearly softening. There's been a shift from goods to services. But things like, for example, the percentage of revenue coming through the app is -- it's at an all-time high, except for the first 2 COVID quarters. And so there's things like that, that are happening that we think are positive things that we're seeing with our customer base that is engaged but engage with in the context that home goods is not top of the agenda right now. We're also seeing that our suppliers are leaning in on the platform to sell goods.

偉大的。所以讓我們先做收入趨勢。讓我說一些想法，邁克爾可以評論他的報價。但我認為你所說的一切都是正確的。所以收入趨勢，所以 - 我們在腳本中說，本季度迄今下降了大約 10%。收入趨勢，坦率地說，我們看到了良好的 - 我不知道如何描述，良好的收入牽引力，這意味著我們看到客戶參與其中。宏觀顯然正在軟化。從商品轉向服務。但是，例如，來自應用程序的收入百分比是——除了前 2 個 COVID 季度外，它處於歷史最高水平。因此，我們認為正在發生的事情是積極的事情，我們看到我們的客戶群參與其中，但在家居用品目前不是首要議程的背景下參與。我們還看到我們的供應商正在依靠這個平台來銷售商品。

As I mentioned, they're over-inventoried. They're lowering retails. What we're finding is that, that creates an opportunity for customers to get more value, the speed of delivery of these items is up, which is a great customer kind of experience driver. We're then creating these sale events and these promotional events, for example, we launched one a couple of weeks ago called Flash Deals Fridays. It's only 2 weeks old, and it will build up over time, but it's off to a very good start. And so what we're doing, we're showcasing that value to customers. Customers are then quite curious. We're getting good reaction from customers coming in, browsing and buying.

正如我所提到的，他們的庫存過多。他們正在降低零售額。我們發現，這為客戶創造了獲得更多價值的機會，這些物品的交付速度提高了，這是一種很好的客戶體驗驅動力。然後，我們正在創建這些銷售活動和這些促銷活動，例如，我們在幾週前推出了一個名為 Flash Deals Fridays 的活動。它只有 2 周大，並且會隨著時間的推移而增加，但這是一個非常好的開始。因此，我們正在做的就是向客戶展示這種價值。客戶對此非常好奇。我們從進來、瀏覽和購買的客戶那裡得到了很好的反應。

And so this is a playbook that we've used in the past, and it works very well because customers -- it's not that they don't have money, but they sort of need an excuse to spend it. So when they see value, when they see something interesting, when they don't want to pass it up that, that's when they buy. So we're seeing positive momentum on revenue. And based on that, we expect, of course, fourth quarter to be bigger. But Michael, anything I don't know exactly what you're...

所以這是我們過去使用的劇本，它運作良好，因為客戶——不是他們沒有錢，而是他們需要一個花錢的藉口。所以當他們看到有價值的東西，當他們看到有趣的東西，當他們不想放棄它時，那就是他們購買的時候。因此，我們看到收入的積極勢頭。基於此，我們當然預計第四季度會更大。但是邁克爾，我不知道你到底是什麼...

No, I would just confirm what I said in the prepared remarks, John, that we do expect that the fourth quarter, the fourth quarter is always a better quarter, bigger quarter for us. It's a share -- it's the biggest share quarter. Obviously, the macro environment is super uncertain, but we feel pretty bullish about when we look out from Q3 to Q4. And as Niraj just sort of talked about a couple of times now, I think the underlying business model that we have and how that performs in this kind of environment sets us up extremely well, both to serve our suppliers but also serve our customers, right, when they are looking for the best deal on something that they need.

不，我只是確認我在準備好的評論中所說的話，約翰，我們確實希望第四季度，第四季度對我們來說總是一個更好的季度，更大的季度。這是一個份額——這是最大的份額季度。顯然，宏觀環境非常不確定，但我們對第三季度到第四季度的展望相當樂觀。正如 Niraj 剛才所說的那樣，我認為我們擁有的基礎商業模式以及在這種環境中的表現如何讓我們非常好，既可以為我們的供應商服務，也可以為我們的客戶服務，對吧，當他們正在尋找他們需要的東西的最佳交易時。

And I think that's the other -- sort of to your other question about like why do we feel confident sort of talking about the upper end of our 27% to 28% gross margin range. It's really because this is sort of where our business model can shine when there's sort of an oversupply in the marketplace. And we're the -- we are the best place for suppliers to sort of move that product and we are the best place for our customers to come find deals on the things that they want to buy.

我認為這是另一個問題 - 有點像你的另一個問題，比如為什麼我們有信心談論我們 27% 到 28% 毛利率範圍的上限。這真的是因為當市場供過於求時，這正是我們的商業模式可以大放異彩的地方。我們是——我們是供應商轉移該產品的最佳場所，我們是我們的客戶來尋找他們想要購買的東西的交易的最佳場所。

And then on the second part of your question, John, about gross margin. So we talked about starting a year ago, we talked about there being like a 1,000 basis point runway that we could quantify between 4 bit levers. One, meaning as we grow in volume, the efficiency associated with growing in volume. The second pillar was around is items become increasingly exclusive and we lean on red carpet merchandising, the demand response curve is there and the price elasticity. Third was a pillar around logistics. And the fourth was the pillar around supplier services, which cascade advertising with the supplier services.

然後關於你問題的第二部分，約翰，關於毛利率。所以我們從一年前開始討論，我們談到有一個 1000 個基點的跑道，我們可以在 4 位槓桿之間進行量化。一，意味著隨著我們數量的增長，與數量增長相關的效率。第二個支柱是商品變得越來越獨特，我們依靠紅地毯銷售，需求響應曲線和價格彈性。第三是圍繞物流的支柱。四是圍繞供應商服務的支柱，將廣告與供應商服務串聯起來。

Back then, I think our gross margin was more like 25%. So obviously, where we are today is higher than that, but there's still a lot of runway left. And so -- what you're going to see happen, like when we talk about being at the high end of the range, well, some of these pillars, like I talked a little bit about how supplier service adoption is growing earlier in the call.

那時，我認為我們的毛利率更像是 25%。所以很明顯，我們今天的位置比這更高，但還有很多跑道。所以 - 你會看到發生的事情，比如當我們談論處於高端範圍時，嗯，其中一些支柱，就像我談到供應商服務採用如何在早期增長稱呼。

Another example is in logistics. Logistics expense had grown something like over-the-road trucking, you could see what the -- there's an index of dry van rates. You could see how that grew and how that's falling now at a fairly fast pace as some of the congestion is behind us. And as -- so pricing is loosening. So there's a bunch of drivers around efficiency, around transportation that will accrue to our gross margin. And I think it's important to just remind people that in our platform model, unlike a retailer who bought inventory x months ago to sell it today, and so they're locked in at some price and they're locked in with a certain set of goods.

另一個例子是物流。物流費用已經增長到像公路貨運一樣，你可以看到 - 有一個乾貨車率指數。你可以看到它是如何增長的，現在它是如何以相當快的速度下降的，因為一些擁堵已經過去了。而且 - 所以定價正在放鬆。因此，圍繞著效率和運輸的驅動因素將增加我們的毛利率。而且我認為重要的是要提醒人們，在我們的平台模型中，與幾個月前購買庫存今天出售的零售商不同，因此他們被鎖定在某個價格並且他們被鎖定在特定的一組商品。

And so if they want to discount it, it then comes out of their margin. Of course, it helps them in supply-constrained environments like the end of last year, but those are pretty rare. Generally, it hurts you -- this is the example where it hurts you. They need to choose between discounting and taking it out of their margin or trying to sell it based on the price they bought it at and the price they expected prior to sell it out. What happens in our model is we don't own the inventory. So of course, that hurt us last year, but helps us this year.

因此，如果他們想打折，那麼它就會超出他們的利潤。當然，它可以幫助他們在去年年底等供應受限的環境中，但這種情況非常罕見。一般來說，它會傷害你——這就是它傷害你的例子。他們需要在折扣和將其從保證金中扣除或嘗試根據他們購買的價格和他們在售出之前的預期價格之間進行選擇。在我們的模型中發生的是我們不擁有庫存。所以當然，這在去年傷害了我們，但在今年幫助了我們。

So our gross margin has this inherent stability of the platform model, but then it adds these benefits that we can take advantage of. And I just want to remind you, there's still a long runway past that.

所以我們的毛利率具有平台模型的這種固有穩定性，但它增加了我們可以利用的這些好處。我只是想提醒你，還有很長的路要走。

We will take our next question from Oliver Wintermantel with Evercore ISI.

我們將向 Evercore ISI 的 Oliver Wintermantel 提出我們的下一個問題。

So my question was just a clarification question from the guidance for next year when you said EBITDA positive. So do I hear that right that most of that should probably come just from reduced costs and most of that from the OpEx line. Is that correct?

因此，當您說 EBITDA 為正時，我的問題只是明年指南中的一個澄清問題。所以我是否聽對了，其中大部分可能應該來自降低成本，而大部分來自運營支出線。那是對的嗎？

So let me just make a couple of comments and then I'll turn it over to Kate or Michael to maybe specifically answer your question on what they said for the guidance. But what I would say is, the way to think about it is we have a plan to get to EBITDA positive and then to free cash flow positive. That really is not counting on revenue growth being the reason and the way we get there.

所以讓我發表一些評論，然後我將把它交給凱特或邁克爾，也許會專門回答你關於他們對指導的看法的問題。但我想說的是，考慮它的方式是我們有一個計劃使 EBITDA 為正，然後自由現金流為正。這真的不是指望收入增長是我們到達那裡的原因和方式。

So in that sense, you would say there obviously is -- they're internal drivers past revenue growth. Now I will highlight cost is one element of it. And costs can manifest as lower OpEx, for example. It can manifest also, for example, as higher gross margin. And we just talked a little bit about gross margin. So think about all the different aspects adding together to why can we get there without revenue perhaps growing dramatically.

所以從這個意義上說，你會說顯然是——它們是過去收入增長的內部驅動力。現在我將強調成本是其中的一個要素。例如，成本可以表現為較低的運營支出。例如，它還可以表現為更高的毛利率。我們剛剛談到了毛利率。因此，想想所有不同的方面，加起來為什麼我們可以在沒有收入的情況下實現這一目標，可能會大幅增長。

And then obviously, we do expect revenue to grow as well. And frankly, there's more gross margin and more things over time that we expect to get also. So there's a number of pieces that add together to this trajectory that we say you'll see steady and continued progress. And we talked about a level obviously much higher than EBITDA to 0 that we're working towards. But Michael or Kate, I don't know if you want to add anything.

然後顯然，我們確實預計收入也會增長。坦率地說，隨著時間的推移，我們預計還會獲得更多的毛利率和更多的東西。所以有許多部分共同構成了這個軌跡，我們說你會看到穩定和持續的進展。我們談到了一個明顯遠高於 EBITDA 到 0 的水平，我們正在努力實現這一目標。但是邁克爾或凱特，我不知道你是否想添加任何東西。

Yes. First of all, Oliver, thanks for the nice comment. So I do think that, as I mentioned in the prepared remarks, we think there's a lot of opportunity to really examine everything in our cost structure and understand where we can run in a more efficient way. At the same time, still protecting the investments we're making that are really critical to sort of the long-term growth and the long-term success of the business and the opportunity.

是的。首先，奧利弗，感謝您的精彩評論。所以我確實認為，正如我在準備好的評論中提到的，我們認為有很多機會可以真正檢查我們成本結構中的所有內容，並了解我們可以以更有效的方式運行的地方。同時，仍然保護我們正在進行的投資，這些投資對於長期增長以及業務和機會的長期成功至關重要。

And so I want to be careful not to sort of say it's like in this 1 line, right? It's like not just OpEx or not just CapEx, but rather this is a more holistic view looking at everything we're doing, understand what the most important priorities are, making sure that we've got all of our people and teams and resources focused off against those. And then on the things that we can either push off to the future or cut out completely, how do we do that and do that in a pretty thoughtful way. You can't do all of that instantly, which is why you're not seeing a change in the results in the Q3 guide. But when we look out over the back half of '22 into '23, I think that's when you'll start to see some of that performance flow through.

所以我要小心不要說它就像在這 1 行，對吧？這不僅僅是運營支出或資本支出，而是更全面地看待我們所做的一切，了解最重要的優先事項是什麼，確保我們所有的人員、團隊和資源都集中在反對那些。然後關於我們可以推遲到未來或完全取消的事情，我們如何做到這一點並以一種非常周到的方式做到這一點。您無法立即完成所有這些操作，這就是您在第三季度指南中沒有看到結果變化的原因。但是當我們從 22 年的後半段到 23 年的時候，我認為那時你會開始看到一些性能流過。

Great. And the only 1 follow-up quickly is on customer retention. Looking at the active customer trends and how you try to reverse that and what you've seen in retention rates?

偉大的。唯一的快速跟進是客戶保留。查看活躍的客戶趨勢以及您如何嘗試扭轉這種趨勢以及您在保留率方面看到的情況？

Yes. And so there, what I would say is there's definitely -- when we say the macro is soft in home goods, that then has an effect to our customer base, the degree to which they're proactively engaged in searching. But what I would say is we're seeing -- there's kind of a -- the active customer trend requires them to buy within 12 months. There's predecessor trends around like, are they still engaged, meaning are they opening the e-mail?

是的。因此，我要說的是，當我們說家居用品的宏觀疲軟時，這肯定會對我們的客戶群產生影響，即他們積極參與搜索的程度。但我想說的是，我們正在看到——有一種——活躍的客戶趨勢要求他們在 12 個月內購買。有類似的前輩趨勢，他們仍然參與其中，這意味著他們正在打開電子郵件嗎？

Do they have the app? Are they engaging in the app? Are they visiting the site? Are they clicking on the e-mails? Are clicking on app notification? And like, for example, we have 60 million people who've downloaded the app. And so we kind of can measure these things. We have numbers that make us feel good about how we're doing relative to the macro demand, but the truth is the macro demand is soft as well. So I think that's what you're seeing in that number. It's the net of the two.

他們有應用程序嗎？他們是否參與了該應用程序？他們正在訪問該網站嗎？他們是否在點擊電子郵件？是否點擊應用通知？例如，我們有 6000 萬人下載了該應用程序。所以我們可以測量這些東西。我們的數據讓我們對相對於宏觀需求的表現感覺良好，但事實是宏觀需求也是疲軟的。所以我認為這就是你在這個數字中看到的。這是兩人的網。

We will take our next question from Anna Andreeva with Needham.

我們將與李約瑟一起回答 Anna Andreeva 的下一個問題。

Great. We had 2 quick questions. Just on quarter-to-date as a follow-up. I'm curious what kind of trends are you seeing in Wayfair.com in the U.S. You guys had previously provided that color. And then secondly, you mentioned that you're seeing some trade down in the portfolio. Can you talk specifically what categories that being seen in? And are you adjusting prices lower as a result?

偉大的。我們有 2 個簡單的問題。僅在季度至今作為後續行動。我很好奇你在美國的 Wayfair.com 看到了什麼樣的趨勢。你們以前提供過這種顏色。其次，你提到你看到投資組合中有一些交易下降。你能具體談談在哪些類別中看到嗎？您是否因此將價格調整得更低？

Yes. Thanks, Anna. On quarter-to-date, I mean, 1 thing I'd say Wayfair.com is a particularly large piece of our business. And so it's very hard for the total business to move super far away from Wayfair.com. For example, last quarter, the U.S. segment, I think, was down like 9.7%. Wayfair.com was down just a tick higher than that, right? So even though have other pieces growing in the U.S., and so Wayfair.com, obviously, is a piece of shrinking. It can't be far from the total U.S. number.

是的。謝謝，安娜。到目前為止，我的意思是，我想說的是，Wayfair.com 是我們業務的一個特別大的部分。因此，整個業務很難遠離 Wayfair.com。例如，上個季度，我認為美國市場下跌了 9.7%。 Wayfair.com 的跌幅僅比這高一點，對吧？因此，即使在美國還有其他產品在增長，Wayfair.com 顯然是一塊正在萎縮的產品。它與美國的總數相差不遠。

Well, International is still performing far worse than the U.S. is. So when you take the quarter-to-date number, you can kind of use the kind of international U.S. splits that you've been seeing and kind of think about it that way. And then that U.S. number is basically going to tell you a Wayfair.com number. So I think that's the way you should think about that. And we're obviously paying keen attention to that. And the trade down, the way to think about that is when we talk about trade what we do is we don't look at total AOV, we look within a class of goods. So in other words, the average price of a bed or the average price of a rug, is that moving down.

好吧，國際的表現仍然比美國差得多。因此，當您採用本季度迄今的數字時，您可以使用您所看到的美國國際分裂，並以這種方式思考。然後那個美國號碼基本上會告訴你一個 Wayfair.com 號碼。所以我認為這就是你應該考慮的方式。我們顯然非常關注這一點。貿易下降，考慮這一點的方式是，當我們談論貿易時，我們所做的是我們不看總 AOV，我們看的是一類商品。所以換句話說，一張床的平均價格或一塊地毯的平均價格，就是向下移動。

And so -- and what you see is like generally, you're looking for kind of a pattern across the board, which is what we see in times like this. So it's not that specific types of goods are getting traded down, other types of goods aren't. It's more a little bit across the board.

所以 - 你所看到的一般來說，你正在尋找一種全面的模式，這就是我們在這種時候看到的。因此，並不是特定類型的商品被淘汰，其他類型的商品則沒有。它更多的是全面的。

Now in terms of pricing, this is again, the benefit of our platform model the way pricing gets read to is that suppliers decide what they want to do on their wholesale price. And we're seeing suppliers basically leaning in and discounting their wholesale price because they have too much in the way of goods, and they want to sell those goods. We then pass that along to the customers. The customer gets that benefit. Then when suppliers adopt something like CastleGate, which increases speed to the customer but also lowers the outbound ship cost. That manifests also is a lower retail of the customer. So that growing cascade penetration helps drive down retails.

現在在定價方面，這又是，我們的平台模型讀取定價方式的好處是供應商可以決定他們想在批發價上做什麼。而且我們看到供應商基本上傾向於並折扣他們的批發價格，因為他們有太多的商品，他們想出售這些商品。然後我們將其傳遞給客戶。客戶得到了這種好處。然後，當供應商採用 CastleGate 之類的產品時，既可以提高客戶速度，又可以降低出境船舶成本。這也體現了客戶的低零售。因此，不斷增長的級聯滲透有助於壓低零售額。

And this can all be consistent with our gross margin rising, which is the other thing I was talking about. And that's the key thing that kind of linked together. Customers are getting better value for sure. And at the same time, our gross margin is rising.

這一切都與我們的毛利率上升一致，這是我所說的另一件事。這就是聯繫在一起的關鍵。客戶肯定會獲得更好的價值。與此同時，我們的毛利率正在上升。

Yes. And the only other thing I'd add there is that I do think that in a trade down moment is where you really see the benefit of our model of having extraordinarily broad assortment, right, and letting suppliers effectively compete in the marketplace, right? So that you can offer the customer who wants the trade down, both the lower-priced version of that product. But also for the supplier who might have the over inventory to the higher-priced version of that product, if they want to push the whole sales lower and compete at that trade down level, they have the ability to do that across the platform. And I think that's part of what we're seeing as well.

是的。我要補充的唯一另一件事是，我確實認為，在貿易下滑的時刻，你真正看到了我們的模式的好處，即擁有非常廣泛的品種，對，讓供應商有效地在市場上競爭，對吧？這樣您就可以為想要降價交易的客戶提供該產品的低價版本。而且對於那些可能擁有該產品高價版本庫存的供應商來說，如果他們想降低整體銷售額並在該交易水平上競爭，他們有能力在整個平台上做到這一點。我認為這也是我們所看到的一部分。

Ladies and gentlemen, that concludes our question-and-answer session for today. At this time, I would like to turn the call back over to management for any additional or closing remarks.

女士們，先生們，今天的問答環節到此結束。在這個時候，我想把電話轉回給管理層，以獲得任何額外的或結束的評論。

Well, great. Well, thank you, everybody, for joining us today. We are happy to spend the time with you and excited about your continued interest in Wayfair. Thank you very much.

嗯，太好了。好吧，謝謝大家今天加入我們。我們很高興與您共度時光，並對您對 Wayfair 的持續興趣感到興奮。非常感謝。

And ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。