Wayfair Inc (W) 2022 Q3 法說會逐字稿

Good day, and welcome to the Wayfair Third Quarter 2022 Earnings Release Conference Call. Please note, today's conference is being recorded. (Operator Instructions)

美好的一天，歡迎參加 Wayfair 2022 年第三季度收益發布電話會議。請注意，今天的會議正在錄製中。 （操作員說明）

At this time, I will turn the conference over to James Lamb, Head of Investor Relations. Mr. Lamb, you may begin your conference.

此時，我將把會議交給投資者關係主管 James Lamb。蘭姆先生，你可以開始你的會議了。

Good morning, and thank you for joining us. Today, we will review our third quarter 2022 results.

早上好，感謝您加入我們。今天，我們將回顧我們 2022 年第三季度的業績。

With me are Niraj Shah, Co-Founder, Chief Executive Officer and Co-Chairman; Steve Conine, Co-Founder and Co-Chairman; and Kate Gulliver, Chief Financial Officer and Chief Administrative Officer. We will all be available for Q&A following today's prepared remarks.

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；以及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 fourth 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 年第四季度的指導。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.

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。

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

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。此電話正在錄音，我們的 IR 網站上將提供網絡廣播以供重播。

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

我現在想把電話轉給 Niraj。

Thank you, James, and good morning, everyone. We're glad to reconnect with you today to share the details of Wayfair's third quarter results.

謝謝你，詹姆斯，大家早上好。我們很高興今天與您重新聯繫，分享 Wayfair 第三季度業績的詳細信息。

This last August marked our 20th anniversary. It was in the summer of 2002 that Steve and I first started this business out of a nursery in Steve's home. We were still nearly a decade away from adopting the Wayfair name at that point, but since the beginning, we've had a vision of creating a premier online shopping destination for the home. We've got big and bold every step along the way, and for nearly a decade, we were able to self-fund our growth as we reinvested operating profits back into the business.

去年八月是我們成立 20 週年。 2002 年夏天，史蒂夫和我第一次在史蒂夫家的托兒所裡開始了這項業務。那時我們距離採用 Wayfair 的名稱還有近十年的時間，但從一開始，我們就有一個願景，即為家庭打造一流的在線購物目的地。在此過程中，我們的每一步都大膽而大膽，近十年來，我們能夠通過將營業利潤重新投資於業務來為我們的增長自籌資金。

In 2011, we rebranded as Wayfair, and for the first time, raised outside capital as we look to scale up our growth. In the decade since, we've grown the business by nearly twentyfold and made meaningful investments in building out our catalog, customer file, geographic presence, logistics platform and more.

2011 年，我們更名為 Wayfair，並首次在尋求擴大增長的過程中籌集了外部資金。從那以後的十年裡，我們的業務增長了近 20 倍，並在構建我們的目錄、客戶檔案、地理分佈、物流平台等方面進行了有意義的投資。

With the size and scale we've achieved, we are now in a position where we can operate the business for both profitability and growth, and are well on our way to returning to a state of self-funding once more.

憑藉我們已經取得的規模和規模，我們現在處於可以運營業務以實現盈利和增長的位置，並且正在重新回到自籌資金的狀態。

Last quarter, we talked about controlling the controllables and orienting Wayfair in this environment around 3 key principles: driving cost efficiency, nailing the basics and earning customer and supplier loyalty every day. Kate and I will talk through what we're doing on each of these fronts, and I want to begin at the top.

上個季度，我們圍繞 3 個關鍵原則討論了在這種環境中控制可控性和定位 Wayfair：提高成本效率、掌握基礎知識以及每天贏得客戶和供應商的忠誠度。凱特和我將討論我們在這些方面所做的工作，我想從頭開始。

When we spoke in August, we framed what our path to profitability would look like, and told you that there would be more detail to come in the not-too-distant future. You saw the first evidence a couple of weeks later as we made the decision to eliminate nearly 900 corporate roles across the organization.

當我們在 8 月份發表講話時，我們制定了盈利之路，並告訴您在不久的將來會有更多細節。幾週後，當我們決定在整個組織中取消近 900 個公司角色時，您看到了第一個證據。

Our goal here was to reduce redundancies and remove excess management layers as part of an organization-wide effort to streamline our operations. At the same time, we talked about additional reductions coming from our spend on third-party labor. These 2 components represent just one set of actions in the cost efficiency that we are executing.

我們的目標是減少冗餘並移除多餘的管理層，作為整個組織範圍內簡化運營的努力的一部分。與此同時，我們談到了來自第三方勞動力支出的額外減少。這兩個組成部分僅代表我們正在執行的成本效率方面的一組行動。

Simultaneously, we kicked off a separate set that involves operational initiatives, such as returns monetization, scam reduction, incident prevention, logistics optimization and more.

同時，我們啟動了一個單獨的系列，其中涉及運營計劃，例如退貨貨幣化、減少欺詐、事故預防、物流優化等。

Let me provide just one example by further illustrating returns monetization. When we process a return today, there are complexities involved with the cost to send the product back and how we can merchandise and resell it after the return. We see an opportunity to improve the accuracy of our grading, to increase open box sales through platform and pricing improvements, and the decreased shipping expenses by changing how we manage logistics.

讓我通過進一步說明退貨貨幣化來提供一個示例。當我們今天處理退貨時，將產品退回的成本以及退貨後我們如何商品化和轉售都涉及復雜性。我們看到了提高評級準確性的機會，通過改進平台和定價來增加開箱銷售，並通過改變我們管理物流的方式來減少運輸費用。

This initiative alone should result in tens of millions of dollars of savings and is one of numerous operational improvements we are working on. Altogether, we expect the actions we've taken so far to drive over $500 million of savings in our P&L. And as you will hear from Kate shortly, there is more coming.

僅此一項舉措就可以節省數千萬美元，並且是我們正在進行的眾多運營改進之一。總而言之，我們預計到目前為止我們所採取的行動將在我們的損益表中節省超過 5 億美元。正如你很快就會聽到凱特的消息，還有更多的事情要發生。

Our goal across the board remains the same as it has been for most of the year. Returning to adjusted EBITDA breakeven quickly in 2023 before targeting positive free cash flow shortly thereafter. From there, we will drive towards a mid-single digit adjusted EBITDA margin level that we will philosophically treat as a lower bound of profitability for the business.

我們的全面目標與今年大部分時間保持一致。在 2023 年迅速恢復到調整後的 EBITDA 盈虧平衡點，之後不久就實現了正的自由現金流。從那裡開始，我們將推動調整後的 EBITDA 利潤率水平達到中個位數，我們將在哲學上將其視為業務盈利能力的下限。

As we discussed last quarter, this threshold will allow us to cover off other costs, such as stock-based compensation as well as CapEx associated with logistics investments and capitalized software.

正如我們上個季度所討論的那樣，這個門檻將使我們能夠支付其他成本，例如基於股票的薪酬以及與物流投資和資本化軟件相關的資本支出。

As we look to the future, this foundation will enable us to not only drive continued investment into the big and bold ideas that we have planned for Wayfair's next 20 years, but also deliver profitability in a consistent manner.

當我們展望未來時，這個基礎將使我們不僅能夠繼續投資於我們為 Wayfair 未來 20 年計劃的宏偉而大膽的想法，而且還能以一致的方式實現盈利。

I want to turn now to the notion of nailing the basics, which means showcasing products that interest the customer, providing a great experience on the site and delivering perfect orders that arrive quickly.

我現在想轉向確定基礎的概念，這意味著展示客戶感興趣的產品，在網站上提供出色的體驗並交付快速到達的完美訂單。

Key to these commitments are elements such as assortment, availability and speed of delivery, all of which have improved significantly from where we were a year ago. In particular, several speed metrics reached records in Q3, including days to deliver and speed badge penetration.

這些承諾的關鍵是分類、可用性和交付速度等要素，所有這些都比一年前有了顯著改善。特別是，幾個速度指標在第三季度達到了創紀錄的水平，包括交付天數和速度徽章滲透率。

Another part in the basics is ensuring we have a clear and relevant promotional calendar to engage our shoppers, which is especially important now given what we are seeing in the consumer environment. Inflation persists quite broadly and with spending pressure across the spectrum of discretionary goods, we continue to see shoppers being very discerning about where their next dollars are going.

基礎知識的另一部分是確保我們有一個清晰且相關的促銷日曆來吸引我們的購物者，鑑於我們在消費者環境中看到的情況，這一點現在尤其重要。通貨膨脹持續相當廣泛，並且隨著各種可自由支配商品的支出壓力，我們繼續看到購物者對他們下一美元的去向非常挑剔。

For much of the summer months, that discretionary spend shifted from goods to services, with pressure felt across a wide array of retail sectors, including ours. While interest in the broad home category remains, we are seeing shoppers being more deliberate with their spending patterns as they seek out great value and wait for promotions.

在夏季的大部分時間裡，可自由支配的支出從商品轉向服務，包括我們在內的眾多零售行業都感受到了壓力。雖然人們對廣泛的家居品類仍然感興趣，但我們看到購物者在尋求物超所值並等待促銷時更加謹慎地考慮他們的消費模式。

As a result, promotional activity across the industry remains high and customers are responding very positively. To support our suppliers, we have put together a very strong fall calendar of events. Last week, we ran a successful second Way Day, which came right on the back of our 5 days of deals event.

因此，整個行業的促銷活動仍然很高，客戶的反應非常積極。為了支持我們的供應商，我們制定了一個非常強大的秋季活動日曆。上週，我們成功舉辦了第二個 Way Day，這是在我們為期 5 天的交易活動之後舉行的。

And in just a few weeks from now, we'll get to the traditional Cyber 5 tentpole events. Each of these promotions is an opportunity to provide value to our customers and our suppliers. Importantly, without compromising our gross margins, given our inventory light model.

再過幾週，我們將參加傳統的 Cyber 5 主賽事。這些促銷活動中的每一個都是為我們的客戶和供應商提供價值的機會。重要的是，考慮到我們的庫存輕模型，在不影響我們的毛利率的情況下。

In today's environment, it is more important than ever for us to remain focused on our next key principle, driving customer and supplier loyalty. So let me give you a few examples of how we're doing this.

在當今的環境中，我們比以往任何時候都更重要的是繼續專注於我們的下一個關鍵原則，提高客戶和供應商的忠誠度。所以讓我舉幾個例子來說明我們是如何做到這一點的。

One of the biggest factors in driving customer loyalty is having a great experience in all stages of the shopping journey, even after their order has been delivered. To do this, we have made an effort to equip our service professionals with an even wider toolkit of solutions to make things right for our shoppers, if as occasionally happens an issue arises.

提高客戶忠誠度的最大因素之一是在購物旅程的各個階段都擁有出色的體驗，即使在他們的訂單已經交付之後也是如此。為此，我們努力為我們的服務專業人員配備更廣泛的解決方案工具包，以便在偶爾出現問題時為我們的購物者提供正確的解決方案。

These enhancements are generating a very strong response. In fact, over the last handful of months, we've seen repeat rates among customers who report an issue actually match repeat rates of customers, who do not.

這些改進正在產生非常強烈的反響。事實上，在過去的幾個月裡，我們已經看到報告問題的客戶的重複率實際上與不報告問題的客戶的重複率相匹配。

Our relentless focus on creating the best possible shopping experience is a key enabler of earning customer loyalty, and we're pleased to see these efforts validated by internal data, as well as external accolades. We're honored to share that our customer service team has been recognized by Newsweek in their Best In Customer Service 2023 rankings.

我們對創造最佳購物體驗的不懈關注是贏得客戶忠誠度的關鍵因素，我們很高興看到這些努力得到內部數據和外部讚譽的驗證。我們很榮幸地與大家分享，我們的客戶服務團隊已被《新聞周刊》評為 2023 年最佳客戶服務排名。

We also know our customers care about the environment, as do we. And we are continuing to innovate with programs to address sustainability. On October 20, we launched our Shop Sustainably program, Wayfair's third-party certified sustainable product offering. We now host the largest number of third-party sustainability certifications in the home industry as well as a refreshed set of options to filter for attributes like water efficiency, fair trade and more.

我們也知道我們的客戶和我們一樣關心環境。我們將繼續通過計劃進行創新，以解決可持續性問題。 10 月 20 日，我們推出了 Shop Sustainably 計劃，這是 Wayfair 的第三方認證可持續產品。我們現在擁有家居行業中數量最多的第三方可持續發展認證，以及一組更新的選項來過濾水效率、公平貿易等屬性。

We're very proud of Shop Sustainably because doing the right thing for our communities and our customers isn't a function of whether the economy is good or bad, but it's something we think of as our responsibility.

我們為可持續購物感到非常自豪，因為為我們的社區和客戶做正確的事情並不是經濟好壞的決定因素，而是我們認為這是我們的責任。

On the other side of the loyalty equation, we have our suppliers. Since earlier this year, we've been encouraging suppliers to lean into CastleGate, and we've seen continued strong momentum.

在忠誠度等式的另一邊，我們有我們的供應商。自今年早些時候以來，我們一直在鼓勵供應商向 CastleGate 傾斜，我們看到了持續強勁的勢頭。

CastleGate drives multiple advantages for suppliers, faster conversion through quick delivery, lower retail prices due to ship cost savings, better visibility on-site, reduced damage rates and more.

CastleGate 為供應商帶來多項優勢，通過快速交貨實現更快的轉換，通過節省運輸成本降低零售價格，提高現場可視性，降低損壞率等等。

After the supply chain shortages of last year, suppliers are reengaging, and cascade penetration is now back to 25% of volume in the U.S. and climbing. The benefits that CastleGate provides to suppliers result in tangible value to customers as well as creating a positive flywheel that will further drive loyalty from both groups into the future.

在去年供應鏈短缺之後，供應商正在重新參與，現在級聯滲透率已經回到美國銷量的 25% 並且還在攀升。 CastleGate 為供應商提供的好處為客戶帶來了切實的價值，並創造了一個積極的飛輪，這將進一步推動雙方對未來的忠誠度。

I want to wrap up by returning to where we led off. On the first of our key principles, cost efficiency. We are, as a management team, and as an organization, universally focused on taking the steps needed to reach adjusted EBITDA and cash flow neutrality in short order.

最後，我想回到我們出發的地方。我們的首要原則是成本效率。作為一個管理團隊和一個組織，我們普遍專注於採取必要的措施以在短期內達到調整後的 EBITDA 和現金流中性。

We have taken a hard look at our cost structure holistically to identify areas of improvement and take action aggressively. Our execution against these initiatives is thoughtful and deliberate to ensure that we can make progress towards our profitability targets, without compromising the potential in front of us.

我們從整體上認真審視了我們的成本結構，以確定需要改進的領域並積極採取行動。我們對這些舉措的執行是經過深思熟慮和深思熟慮的，以確保我們能夠在實現盈利目標的同時，不損害我們面前的潛力。

I will reiterate it once more, to be clear. We intend to reach adjusted EBITDA breakeven independent of what the macro brings our way. And from there, to move forward to our mid-single-digit margin target, which will allow us to cover our expense base while at the same time funding our future growth.

為了清楚起見，我將再次重申。我們打算實現調整後的 EBITDA 盈虧平衡，而不受宏觀影響的影響。從那裡開始，向我們的中個位數利潤率目標邁進，這將使我們能夠支付我們的費用基礎，同時為我們未來的增長提供資金。

Over our 20-year history, we've seen several economic cycles. One thing that Steve and I have learned, is that moments like this present an opportunity to set ourselves up for continued success as a category leader.

在我們 20 年的歷史中，我們見證了幾個經濟周期。史蒂夫和我學到的一件事是，像這樣的時刻為我們提供了一個機會，讓我們為繼續成功成為一個類別的領導者。

One irony is that this is when we're at our best. We built this business with no outside capital and be very well-funded competitors. We know how to win by being both lean and focused.

具有諷刺意味的是，這是我們處於最佳狀態的時候。我們在沒有外部資本的情況下建立了這項業務，並且成為了資金充足的競爭對手。我們知道如何通過精益和專注來取勝。

Thank you. And now I'm excited to turn it over to Kate for a review of our financials.

謝謝你。現在我很高興把它交給凱特審查我們的財務狀況。

Thanks, Niraj, and good morning, everyone. Before I dive into third quarter results, I want to take a moment to emphasize the point that Niraj just made. The key principles of cost efficiency, nailing the basics and earning customer and supplier loyalty has become driving tenets across our organization.

謝謝，Niraj，大家早上好。在深入探討第三季度業績之前，我想花點時間強調 Niraj 剛剛提出的觀點。成本效率、確定基礎以及贏得客戶和供應商忠誠度的關鍵原則已成為我們整個組織的驅動原則。

In particular, cost efficiency is a mandate for each dollar of spend under close scrutiny. We started by closely examining our operating expenses related to headcount across 2 dimensions: employees and third-party labor like contractors and consultants, with savings that accrue primarily within the SOTG&A line. These programs are already delivering meaningful savings beginning in Q4.

特別是，成本效率是對每一美元支出的一項要求，並受到嚴格審查。我們首先從兩個維度仔細檢查與員工人數相關的運營費用：員工和第三方勞工，如承包商和顧問，節省的資金主要在 SOTG&A 線內產生。從第 4 季度開始，這些計劃已經帶來了可觀的節省。

Concurrently, we've been driving a myriad of operational cost savings that will primarily benefit the cost of goods sold line. Several of these initiatives represent areas of cost discipline that were forced to the back burner given the frenzy of the COVID impacted period. Now is the right time to reengage across a series of best practices with savings that will build over 2023.

同時，我們一直在推動大量的運營成本節約，這將主要有利於銷售線的成本。鑑於 COVID 影響時期的狂熱，其中一些舉措代表了成本紀律領域，這些領域被迫擱置。現在是重新參與一系列最佳實踐的最佳時機，這些最佳實踐將在 2023 年建立起來。

Combined, we are in a motion on a set of actions that represent annualized cost savings of approximately $500 million, of which roughly 60% is related to headcount and third-party labor costs, and 40% from operational initiatives.

結合起來，我們正在就一系列行動提出動議，這些行動每年可節省約 5 億美元的成本，其中約 60% 與員工人數和第三方勞動力成本有關，40% 與運營計劃有關。

This magnitude is greater than our anticipated adjusted EBITDA losses this year, but we are not finished. In tandem, we are currently actioning on additional savings of several hundred million dollars that we will provide details on during our next call.

這個幅度大於我們今年預期的調整後 EBITDA 損失，但我們還沒有完成。與此同時，我們目前正在採取行動額外節省數億美元，我們將在下次電話會議期間提供詳細信息。

Turning now to our third quarter results. As you saw in the press release, Q3 total net revenue was $2.8 billion, a 9% year-over-year decline, and a 14% sequential decline from the second quarter. This is largely in line with the quarter-to-date performance that we had previewed in early August.

現在轉向我們的第三季度業績。正如您在新聞稿中看到的，第三季度總淨收入為 28 億美元，同比下降 9%，比第二季度環比下降 14%。這與我們在 8 月初預覽的季度至今表現基本一致。

And as we noted at that time, a weakening macro environment contributed to a break from the typical seasonal pattern, in which we would expect revenue to be sequentially flat from the second to the third quarter.

正如我們當時指出的那樣，疲軟的宏觀環境導致打破了典型的季節性模式，在這種模式下，我們預計第二季度至第三季度的收入將連續持平。

As it has for some time now, net revenue in the U.S. business outperformed the aggregate at a negative 6% year-over-year decline, while our international markets, especially in Europe, continue to be disproportionately impacted by macro headwinds and geopolitical uncertainty. While the operating environment incrementally worsed over the course of Q3, we continue to see customers respond to promotional events in a positive way and are optimistic for what the holiday season will hold this year.

一段時間以來，美國業務的淨收入表現優於整體，同比下降 6%，而我們的國際市場，尤其是歐洲市場，繼續受到宏觀逆風和地緣政治不確定性的不成比例的影響。儘管第三季度的經營環境逐漸惡化，但我們繼續看到客戶對促銷活動的反應積極，並對今年的假期活動持樂觀態度。

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 will use the same non-GAAP basis when discussing our outlook as well.

我現在將進一步降低損益表。正如我所做的那樣，請注意，我將在非公認會計原則的基礎上參考剩餘的財務數據，其中包括折舊和攤銷，但不包括基於股票的薪酬、相關稅收和其他調整。在討論我們的前景時，我也將使用相同的非公認會計原則基礎。

The benefits of CastleGate adoption are most visible on our gross margin line, which climbed nicely again in Q3 to 29.1%. The combination of faster CastleGate penetration and further relief on transportation costs, some of which we have previously absorbed rather than passed on to customers, all helped us to exceed our guided range of 27% to 28%.

採用 CastleGate 的好處在我們的毛利率線上最為明顯，第三季度毛利率再次攀升至 29.1%。更快的 CastleGate 滲透率和進一步降低的運輸成本（其中一些我們之前已經吸收而不是轉嫁給客戶）相結合，都幫助我們超過了 27% 到 28% 的指導範圍。

Niraj mentioned it briefly earlier, but we're often asked by investors, how promotional intensity impacts our margin structure, and the simple answer is not by much. As suppliers on the site choose to lean in with shopper wholesales, we pass those savings on to the end customer. Our margins stay resilient, while also ensuring that our retail prices stay competitive across the landscape.

Niraj 之前簡要提到過，但投資者經常問我們，促銷力度如何影響我們的保證金結構，簡單的答案並不多。由於網站上的供應商選擇與購物者批發合作，我們將這些節省轉嫁給最終客戶。我們的利潤率保持彈性，同時也確保我們的零售價格在整個領域保持競爭力。

Advertising as a percentage of net revenue came in at 12.4% for the third quarter, above our guided range. There continue to be various mix effects impacting AC NR. We went into great detail about the last quarter, and much of what we saw in Q3 reflected similar trends to Q2 where, once again, higher paid versus free traffic is a temporary headwind to this metric.

第三季度廣告占淨收入的百分比為 12.4%，高於我們的指導範圍。繼續存在影響 AC NR 的各種混合效應。我們詳細介紹了上一季度，我們在第三季度看到的大部分情況反映了與第二季度相似的趨勢，再次，更高的付費流量與免費流量是該指標的暫時阻力。

We continue to monitor our paid marketing spend very closely to ensure that we remain within our ROI and payback parameters across each channel. Customer service and merchant fees were 5.2% of net revenue, just above our guided range. We saw some inflation in headcount across this line item earlier in the quarter. And while we made adjustments to that base subsequently, it still had an impact on the dollar cost for Q3. We expect to see this return closer to historical levels in the fourth quarter.

我們將繼續密切監控我們的付費營銷支出，以確保我們保持在每個渠道的投資回報率和回報參數範圍內。客戶服務和商家費用占淨收入的 5.2%，略高於我們的指導範圍。我們在本季度早些時候看到這一項目的員工人數出現了一些膨脹。雖然我們隨後對該基數進行了調整，但它仍然對第三季度的美元成本產生了影響。我們預計第四季度這一回報將接近歷史水平。

Finally, our selling, operations, technology and G&A expenses totaled $543 million, just under our guided range. With the reduction towards the end of August, a small portion of the savings began to accrue over the remainder of the quarter. And as we'll discuss shortly, you should expect to see a more fully realized set of savings in Q4.

最後，我們的銷售、運營、技術和 G&A 費用總計 5.43 億美元，略低於我們的指導範圍。隨著 8 月底的減少，一小部分節省開始在本季度的剩餘時間內累積。正如我們稍後將討論的那樣，您應該期望在第四季度看到更全面的節省。

All combined, our Q3 adjusted EBITDA came in at a negative $124 million, or a negative 4% of net revenue, in line with our guided range. We ended the quarter with $1.3 billion of cash and highly liquid investments. Net cash from operations was a negative $431 million, and capital expenditures totaled $107 million below our guidance as our cost-cutting initiatives started to play out, leading to free cash flow of negative $538 million for Q3.

總而言之，我們第三季度調整後的 EBITDA 為負 1.24 億美元，或淨收入的負 4%，符合我們的指導範圍。我們以 13 億美元的現金和高流動性投資結束了本季度。來自運營的淨現金為負 4.31 億美元，隨著我們的成本削減計劃開始發揮作用，資本支出總額比我們的指導低 1.07 億美元，導致第三季度的自由現金流為負 5.38 億美元。

As many of you know, we typically enjoy a net working capital benefit when revenue grows sequentially due to the favorable timing differences between receivables and payables, inherent in our business model. However, this dynamic inverts and periods of sequentially declining revenue like we saw in Q3, resulting in a cash outflow. In fact, more than half of the loss in cash flow from operations this quarter was due to a drag from net working capital.

正如你們許多人所知，由於我們的業務模式固有的應收賬款和應付賬款之間有利的時間差異，當收入連續增長時，我們通常會享受淨營運資本收益。然而，這種動態反轉和我們在第三季度看到的收入連續下降的時期，導致現金流出。事實上，本季度運營現金流損失的一半以上是由於淨營運資本的拖累。

With Q4 historically representing a sequential uptick in revenue, we would expect our net working capital to once again positively contribute to cash flow. As many of you saw, in September, we issued $690 million of convertible notes, as part of the liquidity management transaction.

從歷史上看，第四季度收入連續上升，我們預計我們的淨營運資本將再次對現金流做出積極貢獻。正如你們中的許多人所看到的，作為流動性管理交易的一部分，我們在 9 月發行了 6.9 億美元的可轉換票據。

We saw an opportunity to use the proceeds to repurchase over $600 million of outstanding convertible notes for a considerable discount, meaningfully reducing our 2024 maturity from $575 million to approximately $200 million, as well as beginning to chip away at our notes due in 2025, and give ourselves even more flexibility as we think about navigating the next few years.

我們看到了利用收益以相當大的折扣回購超過 6 億美元的未償還可轉換票據的機會，將我們 2024 年的到期期限從 5.75 億美元顯著減少到約 2 億美元，並開始削減我們 2025 年到期的票據，以及在我們考慮未來幾年的航行時，給自己更大的靈活性。

With that, let's now turn to the outlook. Quarter-to-date gross revenue has been trending down in the low single digits year-over-year. Excluding the impact of Way Day 2, gross revenue was down approximately 10% year-over-year. Given the uncertainty around the consumer behavior this holiday season, we would suggest you model year-over-year revenue growth down in the high single-digit range.

有了這個，讓我們現在轉向前景。季度至今的總收入同比呈低個位數下降趨勢。排除 Way Day 2 的影響，總收入同比下降約 10%。鑑於這個假日季節消費者行為的不確定性，我們建議您將同比收入增長建模在高個位數範圍內。

Shifting to gross margins, we now believe it is appropriate to move our guidance range up to 28% to 29% for the fourth quarter. Many of the drivers of gross margin outperformance in Q3 are expected to continue. But the typical holiday mix shift will weigh a bit on gross margins in Q4, so we expect to see some pressure sequentially.

轉向毛利率，我們現在認為將第四季度的指導範圍上調至 28% 至 29% 是合適的。預計第三季度毛利率表現優異的許多驅動因素將繼續存在。但典型的假日組合轉變將在第四季度對毛利率造成一定壓力，因此我們預計會連續看到一些壓力。

As I previewed earlier, we would expect customer service and merchant fees around 5% of net revenue and advertising to be 12% to 13% during Q4, as we continue to see the same set of macro pressures impact the mix of traffic across our channels.

正如我之前預測的那樣，我們預計第四季度客戶服務和商家費用占淨收入的 5% 左右，廣告將佔 12% 到 13%，因為我們繼續看到同樣的宏觀壓力影響我們渠道的流量組合.

We forecast SOTG&A or OpEx excluding stock-based compensation and related taxes to come in between $495 million and $505 million for the fourth quarter. The full impact from the reduction in force, as well as the third-party labor cuts, are now flowing through. If you follow through the guidance I outlined, that would translate to adjusted EBITDA margins in the negative low single-digit range for the quarter.

我們預計第四季度的 SOTG&A 或運營支出（不包括基於股票的薪酬和相關稅費）將在 4.95 億美元至 5.05 億美元之間。裁員以及第三方裁員的全面影響現在正在顯現。如果您遵循我概述的指導，這將轉化為該季度調整後的 EBITDA 利潤率在負的低個位數範圍內。

Now let me quickly touch on a few housekeeping items for Q4. Please assume the following: equity-based compensation related taxes of $153 million to $160 million. Depreciation and amortization of approximately $93 million to $98 million; net interest expense of approximately $9 million to $10 million; weighted average shares outstanding equal to approximately 108 million shares; and CapEx in $100 million to $110 million range.

現在讓我快速談談第四季度的一些家政項目。請假設：基於股權的薪酬相關稅為 1.53 億美元至 1.6 億美元。折舊和攤銷約為 9300 萬至 9800 萬美元；淨利息支出約為 900 萬至 1000 萬美元；加權平均已發行股份約等於 1.08 億股；資本支出在 1 億至 1.1 億美元之間。

In closing, I would like to reemphasize how unified and focused we are on the 3 key pillars we've touched on throughout this call. Cost efficiency, nailing the basics and earning customer and supplier loyalty.

最後，我想再次強調我們在整個電話會議中涉及的 3 個關鍵支柱上的統一和專注。成本效率，掌握基礎知識並贏得客戶和供應商的忠誠度。

We have a tight plan to continue to drive cost out of the system, in a way that is meaningful and proactive, while also allowing for flexibility into the future, a future we see is bright for Wayfair. We're excited for the next 20 years is a laser focus on what needs to be done in 2023 as the first step on that path.

我們有一個緊湊的計劃，以一種有意義和積極主動的方式繼續將成本從系統中剔除，同時也為未來提供靈活性，我們認為 Wayfair 的未來是光明的。我們很高興在接下來的 20 年中，我們將重點放在 2023 年需要做的事情上，這是這條道路上的第一步。

Now Niraj, Steve and I will be happy to take your questions.

現在，Niraj、Steve 和我很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Brian Nagel with Oppenheimer.

（操作員說明）您的第一個問題來自 Brian Nagel 與 Oppenheimer 的對話。

So my first question, again, it's probably more for Kate. You talked a lot about just the advertising expense and the elevated numbers that we saw here in Q3, and then it sounds like it persist in Q4. The question I have is when should be that normalize? What will it take for it to normalize? And was that a 20-odd -- or is that at some point in '23?

所以我的第一個問題，再一次，可能更多是針對凱特的。你談了很多關於我們在第三季度看到的廣告費用和增加的數字，然後聽起來它在第四季度持續存在。我的問題是什麼時候應該正常化？它需要什麼才能正常化？那是20多——還是在23年的某個時候？

Then the follow-up question, I'll slow down now. I guess this is more for Niraj. We talked again about CastleGate and the penetration there around 25%. So I guess this is maybe a longer-term strategic question. Where should that number be? Where is that infrastructure, so to say, designed to be? And I guess from a more touchy feeling standpoint, if I'm a customer of yours or a partner of yours now not using CastleGate, why is that? It seems like it's a pretty good offering.

那麼後續的問題，我現在慢慢來。我想這更適合Niraj。我們再次談到了 CastleGate 以及大約 25% 的滲透率。所以我想這可能是一個長期的戰略問題。那個號碼應該在哪裡？可以說，該基礎設施的設計目標在哪裡？而且我想從更敏感的感覺的角度來看，如果我是您的客戶或您的合作夥伴現在不使用 CastleGate，那是為什麼呢？似乎這是一個很好的提議。

It's Niraj. Let me actually jump in and start off on the ad cost question, and then Kate can certainly chime in on that, and then we'll go to your CastleGate question second.

是尼拉吉。讓我真正開始討論廣告費用問題，然后凱特當然可以插話，然後我們將進入您的 CastleGate 問題。

I think the main thing, I think, to make sure you understand about that ad cost to AC NR percentage number, is there's a set of things that move that number around. And a lot of them have to do with mix.

我認為，為了確保您了解廣告成本與 AC NR 百分比數字的關係，我認為主要的事情是有一系列事情可以改變這個數字。其中很多都與混合有關。

And one of the things that's happening right now is that, if you think about that composition of that number, you have a significant amount of traffic that effectively has 0 ad cost. And that's where we have a household brand, we have tens of millions of customers. We have the people downloaded the app.

現在發生的一件事是，如果您考慮該數字的構成，您將擁有大量有效的廣告成本為 0 的流量。這就是我們擁有家喻戶曉的品牌的地方，我們擁有數千萬客戶。我們讓人們下載了該應用程序。

And depending on how top of mind the home category is, they come, and they shop Wayfair. Then we also have what we do in the paid channels. And this is where we manage each channel to a take payback. We've kept all the channels at payback. So we've not extended any -- all those channels are coming in at the payback numbers we want. And there, we're going out and we're targeting and running ads in a way to draw people in.

根據家庭類別的重要性，他們來了，他們在 Wayfair 購物。然後我們也有我們在付費渠道中所做的事情。這就是我們管理每個渠道以獲取回報的地方。我們已經讓所有渠道都獲得了回報。所以我們沒有擴展任何 - 所有這些渠道都以我們想要的回報數字進入。在那裡，我們走出去，我們以吸引人們的方式定位和投放廣告。

Now what happens in times where the category is super and top of mind like Q2 of 2020, for example, you're just getting tons of that direct free traffic, and that's going to average this number down. But in times where, frankly, the category is not top of mind, which, to be honest, this category, particularly online is not a top of mind right now, things like travel and leisure and entertainment and taking share on the discretionary dollar, what happens is just that free traffic is a little less.

現在，例如，在 2020 年第二季度這類超級熱門和頭等大事的時候會發生什麼，你剛剛獲得了大量的直接免費流量，這將使這個數字平均下來。但坦率地說，在某些時候，這個類別並不是最重要的，老實說，這個類別，尤其是在線，現在並不是最重要的，比如旅遊、休閒和娛樂，以及在可自由支配的美元中分一杯羹，發生的只是免費流量少了一點。

Those numbers each other don't need to move very much for the AC NR percentage to move up or down, even though every channel is a payback. So what I described, that's the single biggest factor that's moving that percentage around right now. And we don't particularly view that as problematic. And the reason we don't see that as problematic is that we've seen the cycle before, and we know where it will refer to as the environment normalizes.

這些數字彼此不需要太大變化，AC NR 百分比就會上升或下降，即使每個渠道都是回報。所以我所描述的是，這是目前推動該百分比變化的最大因素。我們並不特別認為這是有問題的。我們不認為這是有問題的原因是我們之前已經看到過這個循環，並且我們知道它將在哪裡指代環境正常化。

That said, there's a component of the spend that is in buckets that are either very hard to measure or are high AC NR or in the experimental phase where they're not at the percentage we want to get them to before, we'll scale them, and we're running different experiments and tests to figure out how to get it there.

也就是說，有一部分支出存在於難以衡量或 AC NR 較高或在實驗階段未達到我們之前想要達到的百分比的桶中，我們將擴大規模他們，我們正在運行不同的實驗和測試來弄清楚如何實現它。

And so that bucket is something that, frankly, we have been looking at, and we're getting a tighter with. And so that will allow us to basically reduce ad cost without really reducing as much revenue because we're taking off the things that are the "most expensive things" or the least proven things.

因此，坦率地說，這個桶是我們一直在關注的東西，而且我們正在變得更加緊密。因此，這將使我們能夠從根本上降低廣告成本，而不會真正減少那麼多收入，因為我們正在取消“最昂貴的東西”或最不被證明的東西。

And so that's kind of the way to think about it and why the ad cost number maybe is where it is, but also how we can manage it. But Kate, anything you want to add on that?

所以這就是思考它的一種方式，為什麼廣告成本數字可能是它所在的位置，也是我們如何管理它的方式。但是凱特，你想補充什麼嗎？

Yes. I think that covers it. I think as Niraj mentioned, obviously, as the mix shifts continue to happen, we may see some of that 12% to 13% as we guided to. But over time, we're obviously managing very closely some of that longer-term payback and bringing that in as necessary.

是的。我認為這涵蓋了它。我認為正如 Niraj 提到的，顯然，隨著混合變化繼續發生，我們可能會看到我們指導的 12% 到 13% 的一部分。但隨著時間的推移，我們顯然會非常密切地管理一些長期回報，並在必要時將其引入。

Let me just jump on your second question on CastleGate penetration.

讓我直接回答你關於 CastleGate 滲透的第二個問題。

So as you noted, it's at 25%, which basically means that it's recovering quite nicely from the low end hit last year when inventory was super scarce. And it's on its way to, we think, records and then break those records. It is a great offering. And so we actually have quite a large number of suppliers in it.

所以正如你所指出的，它是 25%，這基本上意味著它從去年庫存超級稀缺的低端衝擊中恢復得很好。我們認為，它正在記錄並打破這些記錄。這是一個很棒的產品。所以我們實際上有相當多的供應商。

I think the way to think about it is why would a supplier not be in it. They might not be in it, either they might be still at a stage where they're just testing it. So they might be in a very small way relative to potential. There are some suppliers who may not be in it yet.

我認為思考它的方式是為什麼供應商不參與其中。他們可能不在其中，或者他們可能仍處於測試階段。因此，相對於潛力，它們可能是非常小的。有些供應商可能還沒有參與其中。

And part of that is we obviously focused on having these conversations with our category management team with suppliers, who we actively work with. We also have a long tail suppliers who work with us through Partner Home, or Extranet, our systems.

其中一部分是我們顯然專注於與我們的品類管理團隊與我們積極合作的供應商進行這些對話。我們還有一個長尾供應商，他們通過我們的系統 Partner Home 或 Extranet 與我們合作。

And a lot of the CastleGate self-service functionality is relatively new. We continue to bolster that. So there's a lot of suppliers who get onboarded as it becomes easier to do it in a self-service manner.

而且很多 CastleGate 自助服務功能相對較新。我們繼續支持這一點。所以有很多供應商加入進來，因為以自助服務的方式更容易做到這一點。

And then depending on where a supplier's origin points are, there are certain lanes that we have been able to really optimize with the way we do ocean freight and consolidation. And then there are certain locations we do not yet have the inbound flow set up for, so that -- it just makes it a little harder for supplier to use CastleGate. They have to handle the inbound flow on their own.

然後根據供應商的原產地，我們可以通過海運和整合方式真正優化某些通道。還有一些我們還沒有設置入站流程的位置，所以——這只是讓供應商更難使用 CastleGate。他們必須自己處理入站流量。

And as you know, this past 1.5 years has been a really complicated period because they went from sort of too much demand, too little inventory. So that was sort of -- that would work against CastleGate penetration and supplies couldn't even flow enough goods for the orders they had, and obviously, you saw our penetration numbers get hurt. So you can imagine new suppliers are not signing up for CastleGate in that period, right?

如您所知，過去的 1.5 年是一個非常複雜的時期，因為需求過多，庫存過少。所以這有點 - 這將對抗 CastleGate 的滲透，供應甚至無法為他們的訂單提供足夠的貨物，顯然，你看到我們的滲透率受到了傷害。所以你可以想像在那個時期新的供應商不會註冊 CastleGate，對吧？

Now you go into a period where there's effectively excess amounts of inventory. So now you have suppliers who are either have been in CastleGate, now there's a lot more in, I want to drive sales, but you also now have a lot of say, okay, hey, I now want to figure out how to grow my business in a tough environment. I want to try CastleGate. I want to do things that I wasn't willing to do weren't willing to do last year because I just didn't have that need.

現在你進入了一個庫存實際上過剩的時期。所以現在你有供應商，要么曾經在 CastleGate，現在還有更多，我想推動銷售，但你現在也有很多發言權，好吧，嘿，我現在想弄清楚如何發展我的在艱難的環境中開展業務。我想試試CastleGate。我想做一些我去年不願意做的事情，因為我只是沒有那個需要。

So I think we're in a phase of more CastleGate adoption, suppliers using it more heavily. We're adding a lot more optimization into it as we're building up the technology around the inbound flows. So this is all the reasons it will grow.

所以我認為我們正處於更多采用 CastleGate 的階段，供應商更多地使用它。隨著我們圍繞入站流程構建技術，我們正在為其添加更多優化。所以這就是它會增長的所有原因。

In terms of what level will it get to, we haven't discussed an exact percentage out there, but what we have talked about is we built a really good logistics footprint. So that phase of opening up buildings just for footprint's sake is over.

至於它會達到什麼水平，我們還沒有討論確切的百分比，但我們談論的是我們建立了一個非常好的物流足跡。因此，僅僅為了足跡而開放建築物的階段已經結束。

We do have some buildings coming over time that basically help us fill in some gaps in places where we need basically capacity, so that we can bring more goods in.

隨著時間的推移，我們確實有一些建築物，它們基本上可以幫助我們填補我們需要基本容量的地方的一些空白，以便我們可以帶來更多的貨物。

And then, frankly, as the demand environment normalizes, we'll be able to see turns in our network go up, which means that the flow of goods through our buildings, without more buildings will increase just because right now, the way that you see a supplier having an inventory overhang, well, they would have an inventory overhang, not just in their own building, but in CastleGate as well because the demand forecast change for everybody.

然後，坦率地說，隨著需求環境的正常化，我們將能夠看到我們的網絡轉彎增加，這意味著通過我們的建築物的貨物流量將會增加，而沒有更多的建築物，因為現在，你的方式看到供應商庫存過剩，他們就會有庫存過剩，不僅在他們自己的大樓裡，而且在 CastleGate 也是如此，因為每個人的需求預測都會發生變化。

So that's I think the way to think about it. Hopefully, that's helpful.

所以這就是我認為的思考方式。希望這會有所幫助。

Your next question comes from the line of Steven Forbes with Guggenheim Securities.

您的下一個問題來自古根海姆證券公司的史蒂文福布斯。

I wanted to start with the outlook for overall logistic cost. So Niraj, curious if you could help frame how you see inbound and outbound. Is it just the cost environment in general as we look out to 2023?

我想從整體物流成本的前景開始。因此，Niraj，很好奇您是否可以幫助構建您如何看待入站和出站。展望 2023 年，這僅僅是總體成本環境嗎？

And sort of frame it around what has traditionally been, right, about 20% of overall net sales or the combination of the 2. Do you see relief right as we look out over the next 12 to 24 months?

並且將其圍繞傳統上大約佔整體淨銷售額的 20% 或兩者的組合來構建。當我們展望未來 12 到 24 個月時，您是否看到了緩解？

Yes. I would say, if you think of the 20%, we referenced that a number of times in the past. And what that was, was say, hey, if you took every aspect of the end-end logistics, it was round about $0.20 of every revenue dollar.

是的。我想說，如果你想到 20%，我們過去曾多次提到過這一點。那就是說，嘿，如果你考慮到終端物流的各個方面，它大約是每一美元收入的 0.20 美元。

That was sort of before what happened last year, more than the cost kind of really mushroomed up. So it would have rose significantly from that level. And now if you look at what's happening, things like ocean freight have come back down fairly significantly. And so it's back down to a level that would sort of put you back in that 20%.

那是在去年發生的事情之前，而不是成本真的如雨後春筍般增加。所以它會從那個水平顯著上升。現在，如果你看看正在發生的事情，海運等事情已經大幅回落。所以它又回到了一個可以讓你回到那 20% 的水平。

Some of the things like over-the-road trucking are coming down. They're still somewhat elevated to those aspects have come down more than other aspects. But I think broadly, what you should think about is like supply chain costs are reentering that kind of normal historical range, that $0.20. That wasn't true last year. And so it is a deflationary force.

像公路貨運這樣的一些事情正在下降。他們仍然有些提升到那些方面比其他方面下降更多。但我認為，從廣義上講，你應該考慮的是，供應鏈成本正在重新進入那種正常的歷史範圍，即 0.20 美元。去年不是這樣。所以它是一種通貨緊縮的力量。

And frankly, supply/demand is -- right now, there's excess supply relative to demand. That will normalize back out. So now all of a sudden, all the things we're doing to really add efficiency and elegance around having products travel less miles, by forward positioning them in the right place to begin with, that offers the customer with the speed badge of delivery. It offers the customer effectively a lower retail price because the ship costs get factored into the retail, so they see a better price. And we also see less damage.

坦率地說，供需是——現在，相對於需求而言，供應過剩。這將恢復正常。所以現在突然之間，我們正在做的所有事情都是為了真正提高效率和優雅，讓產品行駛更少的里程，通過將它們定位在正確的開始位置，為客戶提供交付速度徽章。它有效地為客戶提供了較低的零售價格，因為運輸成本已計入零售，因此他們看到了更好的價格。我們也看到更少的損害。

And that is taking share. And so that's a customer value proposition that we are optimizing for that also -- it's averaging down that shipping cost over time, which is the reason we've been building up the logistics.

這就是分享。因此，這也是我們正在優化的客戶價值主張——隨著時間的推移平均降低運輸成本，這就是我們一直在建立物流的原因。

Yes, Steve, I'd probably just add that as we spoke to on the call, in addition to some of the logistics costs coming in line. We also have taken a series of actions around our operational costs, and that combined is helping us see improvement on that gross margin line, 29% this quarter. And we have confidence in that continuing to grow throughout 2023 due to those combination of actions.

是的，史蒂夫，除了一些物流成本外，我可能只是在電話會議上補充說。我們還圍繞我們的運營成本採取了一系列行動，這有助於我們看到本季度毛利率提高 29%。由於這些行動的結合，我們有信心在整個 2023 年繼續增長。

Maybe just a quick follow-up staying on that same topic. I guess, if we think about the impact, right, of lower overall logistic cost and in the pass through the consumer, can you just help us sort of frame the 2023 outlook for average order value directional-wise? Is it probably fair to say that we should expect average order value to be down, or is it too early to tell given mix changes potentially, et cetera?

也許只是停留在同一主題上的快速跟進。我想，如果我們考慮一下整體物流成本降低和通過消費者的影響，你能幫我們確定 2023 年平均訂單價值的方向性前景嗎？說我們應該預期平均訂單價值下降是否公平，或者說給定組合變化可能還為時過早，等等？

Yes, I think there's -- a short answer, I think AOV does drop some. The question is like how much. And that's where it gets hard to exactly quantify the how much. But there's definitely some inflation that's already reversed and you're seeing suppliers sort of being proactive around that.

是的，我認為有 - 一個簡短的回答，我認為 AOV 確實下降了一些。問題是多少。這就是很難準確量化多少的地方。但肯定有一些通貨膨脹已經逆轉，你看到供應商對此採取了積極主動的態度。

My cost to bring this item in the future is lower. I have too much right now. Why don't I start pricing it closer to what the future cost can be so that I can move through it faster. So there is relief in the form of reflecting these costs coming down, absolutely.

我將來帶這個項目的成本更低。我現在有太多了。為什麼我不開始更接近未來成本的定價，以便我可以更快地完成它。因此，以反映這些成本下降的形式出現緩解，絕對。

In terms of how that flows through to revenue, it gets a little tricky because if AOV falls, actually conversion rate and orders pick up. And so you actually don't net lose all of the AOV in a flow through to revenue. So depending on what you're trying to think about the AOV impacting, there's an offset that plays out to.

就這如何轉化為收入而言，它變得有點棘手，因為如果 AOV 下降，實際上轉化率和訂單就會回升。因此，您實際上不會在收入流中淨損失所有 AOV。因此，根據您對 AOV 影響的看法，存在一個偏移量。

Your next question comes from the line of Jonathan Matuszewski with Jefferies.

您的下一個問題來自 Jefferies 的 Jonathan Matuszewski。

Just on the $0.5 billion of savings coming out of the business, thanks for the examples you shared regarding returns monetization and other things, how should we think about the impact of those costs coming out to customer experience and potentially customer demand? That's my first question.

僅就業務帶來的 5 億美元節省而言，感謝您分享的有關退貨貨幣化和其他事情的示例，我們應該如何考慮這些成本對客戶體驗和潛在客戶需求的影響？這是我的第一個問題。

Yes, great. Jonathan, it's a great question. So just a size it, we did refer to the $500 million of savings. And so if you remember back to the last earnings call in August, we talked about a set of things that we'd already decided to do. That's what the $500 million. We said we'd provide you detail and quantify it a little later. And so we're now quantifying that.

對，很好。喬納森，這是一個很好的問題。所以只是一個大小，我們確實提到了 5 億美元的節省。因此，如果您還記得 8 月份的最後一次財報電話會議，我們討論了一系列我們已經決定要做的事情。這就是5億美元。我們說過我們會在稍後為您提供詳細信息並對其進行量化。所以我們現在正在量化它。

But since that expanded the plan, so we've added several hundred million dollars on top of the 500. So what you can see is like from a cost standpoint, we decided to be very aggressive around making sure that we're not carrying any excess costs that forces to either drive up retails or not have the profit profile we want to have.

但是由於擴大了計劃，所以我們在 500 的基礎上增加了幾億美元。所以你可以看到，從成本的角度來看，我們決定非常積極地確保我們不攜帶任何超額成本迫使零售業或不具備我們想要的利潤狀況。

And if you think back to our history for a decade, we operated out of cash flow. We grew the business $500 million in sales with no outside capital. And we did that by being very lean.

如果你回想我們十年的歷史，我們的經營是沒有現金流的。在沒有外部資本的情況下，我們的業務增長了 5 億美元。我們通過非常精益做到這一點。

And so when we kind of looked at our cost structure with a fresh set of eyes, there's just a lot of things there that we just saw that, frankly, while we're just busy managing that dramatic growth from the $9 billion overnight to up over 50%, because of COVID, there's a period -- extended period of time where maybe not everything was equally focused on as much as it should be. And so the return of monetization is just one example. There's a number of those areas.

因此，當我們以全新的眼光審視我們的成本結構時，坦率地說，我們剛剛看到了很多東西，而我們正忙於管理從一夜之間的 90 億美元到高達 90 億美元的急劇增長超過 50% 的人，因為新冠疫情，有一段時期——很長一段時間，也許並非所有事情都像應有的那樣受到同等關注。因此，貨幣化的回歸只是一個例子。有很多這樣的領域。

The way to think about what these things do is the impact to customers is effectively, it's either neutral or positive. And why do I say that? Well, either we're taking out cost that's not providing customer benefits, that's neutral if you think about that it doesn't hurt the customer, or it's positive if you think about the fact that in some cases, absolutely lower retails or some of the cost optimization we're doing in transportation actually increases the speed of delivery.

思考這些事情的方式是對客戶的影響是有效的，它要么是中性的，要么是積極的。我為什麼這麼說？好吧，要么我們正在考慮不為客戶帶來利益的成本，如果您認為它不會傷害客戶，這是中性的，或者如果您考慮在某些情況下絕對降低零售額或某些我們在運輸方面所做的成本優化實際上提高了交付速度。

So we're like net doing things that are making retails better, making speed better, taking out costs where we think it's adding, not adding to value. So we're not looking at the cost coming on the back of customers. In fact, we're looking at the proposition increasing. And what we're doing is we're sort of -- we're sort of streamlining and cleaning up some things that you could argue maybe should have done earlier.

因此，我們就像網絡一樣，在做一些事情，使零售業變得更好，提高速度，在我們認為增加而不是增加價值的地方消除成本。因此，我們不考慮客戶背後的成本。事實上，我們正在考慮增加提案。我們正在做的是我們有點——我們正在精簡和清理一些你可能認為應該早點做的事情。

Kate, anything you want to add on the cost.

凱特，任何你想增加的費用。

Yes, I just want to make sure we clarify. So that $500 million is what we're -- what Niraj was sort of just referencing on the gross margin line, about 40% of that $500 million, we think about is operational cost savings and improvements that will flow through in that gross margin. And then that several hundred million more fees will come back in February with some more details on that for you and provide more context then.

是的，我只是想確保我們澄清一下。所以這 5 億美元就是我們的 - Niraj 只是在毛利率線上引用的，大約 5 億美元的 40%，我們認為是運營成本節約和改進將通過該毛利率流動。然後將在 2 月份返回數億美元的費用，並為您提供更多詳細信息，然後提供更多背景信息。

And then my second question, just on the second Way Day, I think this is the first year you held a second event here. Is this just a reflection of the current inventory environment, or are you kind of changing the philosophy in terms of how you're working with suppliers going forward?

然後我的第二個問題，就在第二個 Way Day，我想這是你們第一年在這裡舉辦第二場活動。這只是當前庫存環境的反映，還是您正在改變與供應商合作的理念？

Should we expect to see kind of more regular holiday period into perpetuity? Obviously, you clarified that it doesn't impact kind of gross margin all that much. But just kind of curious what we should expect in terms of promotional holidays going forward as the inventory situation changes?

我們是否應該期望看到一種更規律的假期變成永久的？顯然，您澄清說它不會對毛利率產生太大影響。但只是有點好奇，隨著庫存情況的變化，我們應該期待未來的促銷假期嗎？

Yes. Great. I think it's important to point out, we've always had, along with every other mass retailer, frankly, a pretty solid calendar. They're around the major shopping holidays, right, President's Day, Labor Day, Memorial Day, Cyber 5. So we have a calendar through the year, Way Day, Save Big, Give Back, which we did 5 days of deals this year.

是的。偉大的。我認為重要的是要指出，坦率地說，我們和其他所有大眾零售商一樣，都有一個非常可靠的日曆。他們在主要的購物假期，對，總統日，勞動節，陣亡將士紀念日，網絡 5。所以我們有一個全年的日曆，Way Day，Save Big，Give Back，我們今年做了 5 天的交易.

And so we have a calendar then the way to think about it is you can flex it up or down depending on the environment. And so right now, to your point, there's excess inventory and customers are -- even though they have plenty of money, they're a little more sitting on the sidelines, and that's kind of a reflection of when we look at the customer sentiment.

所以我們有一個日曆，然後考慮它的方式是你可以根據環境向上或向下調整它。所以現在，就你的觀點而言，庫存過剩，而客戶——即使他們有很多錢，他們也更多地坐在場邊，這在某種程度上反映了我們查看客戶情緒時的情況.

And so promotion -- what you do in those environments is you flex up the promotional kind of calendar, and it works well. But what you don't do is you don't keep it there forever. So then as the environment normalizes, we bring it back to the normal promotional calendar that we have.

所以促銷——你在這些環境中所做的就是調整促銷類型的日曆，而且效果很好。但是你不做的是你不會永遠把它留在那裡。因此，隨著環境正常化，我們將其帶回我們擁有的正常促銷日曆。

And then there's periods. They're somewhat rare, but like during COVID, promotions just didn't carry the same bang that they normally do because people are just buying what they wanted every day. So there's a little bit of -- there's times work flexes the other way, too, although those are somewhat rare.

然後是月經。它們有些罕見，但就像在 COVID 期間一樣，促銷活動並沒有像通常那樣帶來同樣的效果，因為人們每天都在購買他們想要的東西。所以有一點——有時工作也會以另一種方式彎曲，儘管這種情況很少見。

So just think of it is a bulk of the time you have in your normal calendar. That's what you've normally seen us do, which still has a fair amount of sale of sale events in it. And then during a period like this, there will be a relatively short period of time, but you flex up. And this is -- the Way Day 2 is an example of flexing up, but don't think that's like a normal environment thing.

所以想想這是你正常日曆中的大部分時間。這就是您通常看到我們所做的事情，其中仍然有相當數量的銷售活動。然後在這樣的一個時期，會有一個比較短的時間，但是你會彎曲起來。這就是——Way Day 2 是一個靈活的例子，但不要認為這就像一個正常的環境。

Your next question comes from the line of Maria Ripps with Canaccord.

您的下一個問題來自 Canaccord 的 Maria Ripps。

Can you just talk about your fulfillment capacity in the U.S. at this point and where you are from the utilization standpoint? And do you see the possible need to optimize your footprint, sort of in a scenario that revenue continues to be soft in the near-term, as you focus on cost optimization initiatives, especially as Kate highlighted sort of the next layer of additional savings.

您能否談談您目前在美國的履行能力以及從利用率的角度來看您在哪裡？您是否認為可能需要優化您的足跡，在短期內收入繼續疲軟的情況下，因為您專注於成本優化計劃，特別是當凱特強調下一層額外節省時。

Thanks, Maria. I think the way to think about our footprint is -- so we have a good footprint. It's fairly heavily utilized right now, but it's not necessarily at the turns level that we and our suppliers would target. And that's just a function of this inventory cycle that you're sort of going to be hearing about from everybody everywhere. You've already been hearing about, which is just folks flowed in demand against the demand profile that sits slowed. They have too much inventory or imbalance on what inventory they have. And they're all now working through it.

謝謝，瑪麗亞。我認為考慮我們的足蹟的方式是——所以我們有一個很好的足跡。它現在被大量使用，但不一定是我們和我們的供應商所針對的轉彎水平。這只是這個庫存週期的一個功能，你會從各地的每個人那裡聽到。您已經聽說過，這只是人們在需求放緩的情況下湧入需求。他們的庫存過多或庫存不平衡。他們現在都在努力解決它。

So if you think of the buildings, it's like 2 factors, in fact, how much goes through the building. One, of course, is it full or not, the second that what rate doesn't move in and out, the amount of stuff in the building is quite good. The rate at which is moving in and out is lower than we would all like. That's why do you have a Way Day 2 or why you do these things or why are suppliers leaning in on price.

所以如果你想到建築物，它就像兩個因素，事實上，有多少穿過建築物。一是當然是滿不滿，二是什麼率不進出，樓里東西量還是挺不錯的。進出的速度比我們想要的要低。這就是為什麼你有一個 Way Day 2 或者你為什麼做這些事情或者為什麼供應商傾向於價格。

Well, they want to rightsize their inventory. They want to get back into balance. They want to clear up the excess inventory. They know that giving customers value right now is really the only thing that will kind of dramatically change how share works. So that's happening.

嗯，他們想調整他們的庫存。他們想恢復平衡。他們想清理多餘的庫存。他們知道，現在為客戶提供價值確實是唯一能極大改變分享方式的事情。所以這正在發生。

I think when you think about the buildings, I think it's important to realize that the buildings actually reduce our cost versus increase our cost. Because without buildings you can't -- when I talk about logistics optimization and taking cost out, the way you do that, the easiest was to (inaudible) is excess miles. Because if you bring something and so you bring it into port of L.A., we have 70% of the people in the East Coast of the U.S. and items are sitting in California. Then they got to move really long distance on that final mile leg, which is your most expensive leg to the customer.

我認為當您考慮建築物時，我認為重要的是要認識到建築物實際上降低了我們的成本而不是增加了我們的成本。因為沒有建築物你就不能——當我談到物流優化和降低成本時，你這樣做的方式，最簡單的是（聽不清）是多餘的里程。因為如果你帶了一些東西，然後你把它帶到洛杉磯港，我們有 70% 的人在美國東海岸，物品都在加利福尼亞。然後他們必須在最後一英里的腿上移動很長的距離，這是你對客戶來說最昂貴的腿。

Now all of a sudden, you say, hey, I'm going to put some goods off the get-go. I'll put some in Dallas, I'll put some in Jacksonville and some in New Jersey and some in Chicago, et cetera. In relation to what roughly demand balance is, all of a sudden, the customer sees a faster speed, but frankly, our shipping cost goes down dramatically because that inbound leg is not very expensive relative to the outbound leg. And but obviously, without a building in that place to put the goods in, you can't do what I just said.

現在突然之間，你說，嘿，我要先放一些貨物。我會把一些放在達拉斯，一些放在傑克遜維爾，一些放在新澤西，一些放在芝加哥，等等。關於粗略的需求平衡，突然之間，客戶看到更快的速度，但坦率地說，我們的運輸成本大幅下降，因為相對於出境段而言，入境段並不是很貴。但是很明顯，如果那個地方沒有建築物來存放貨物，你就不能按照我剛才說的去做。

Our suppliers typically have 1 warehouse. A small percentage have 2 warehouses, and it's a negligible percentage more than that. So what happens is, the supplier doesn't have the infrastructure to do this on her own. This is part of why CastleGate is so appealing to them. It's that they then get the benefit of the forward positioning. They're good to get the speed badge, the retails for their goods can drop.

我們的供應商通常有 1 個倉庫。一小部分人有 2 個倉庫，而這個比例可以忽略不計。所以發生的情況是，供應商沒有自己做這件事的基礎設施。這就是 CastleGate 對他們如此有吸引力的部分原因。那是他們然後獲得了向前定位的好處。他們很高興獲得速度徽章，他們的商品零售價可能會下降。

And that creates -- that's a big value proposition for customers, right, and drives demand to those items. Those items are higher converting to move up in the store. So it's a self-fulfilling positive cycle. And so driving volume through the building is actually a key piece of the strategy to take out cost.

這創造了——這對客戶來說是一個巨大的價值主張，對，並推動對這些項目的需求。這些商品在商店中的轉化率更高。所以這是一個自我實現的正循環。因此，通過建築物增加體積實際上是降低成本戰略的關鍵部分。

Yes, I'll just add, Maria, you mentioned how do we think about build out of the FCs in relation to our cost savings initiatives and that core goal for '23. And as far as the capital expenditure is related to the FCs, we're very focused on building that when we need it, not in advance of when we need it. So we intend to be very moderated and thoughtful about any incremental capital expenditure there.

是的，我只是補充一點，瑪麗亞，你提到了我們如何考慮建立與我們的成本節約計劃和 23 年的核心目標相關的 FC。至於與 FC 相關的資本支出，我們非常專注於在我們需要的時候構建它，而不是在我們需要的時候提前構建它。因此，我們打算對那裡的任何增量資本支出都非常謹慎和深思熟慮。

And then secondly, is there anything you're seeing sort of in customer behavior, maybe more recently, it would give you some clues that customer count should return to growth here sometime in the near-term?

其次，您是否在客戶行為中看到了什麼，也許是最近，它會給您一些線索，表明客戶數量應該在短期內恢復增長？

Yes, I mean I think what we're seeing in customer behavior is that customers are responding well and as we would have expected to what we're doing in relation to the macro environment.

是的，我的意思是我認為我們在客戶行為中看到的是客戶反應良好，正如我們所期望的那樣，我們在宏觀環境中所做的事情。

So if we look at the macro environment and we see customer sentiment low, we see excess goods, we know the playbook for that. That's why do we have a Way Day 2, et cetera. So we know how to run that playbook. So we run that playbook of these exciting events.

因此，如果我們看看宏觀環境，我們看到客戶情緒低落，我們看到商品過剩，我們知道這方面的策略。這就是為什麼我們有 Way Day 2 等等。所以我們知道如何運行該劇本。所以我們運行這些激動人心的事件的劇本。

We're seeing suppliers participate in a great way. We know how to market those out to customers and we're seeing that they respond. So they're coming in, they're buying. We're seeing that work incredibly well as you've seen gross margins holding up. So what we're not doing is we're not doing it by discount. Because what we're doing is by, we're investing in running that playbook.

我們看到供應商以一種很好的方式參與其中。我們知道如何向客戶推銷這些產品，並且我們看到他們做出了回應。所以他們進來了，他們正在購買。我們看到這項工作非常好，因為您已經看到毛利率保持不變。所以我們沒有做的是我們沒有打折。因為我們正在做的是，我們正在投資運行該劇本。

Suppliers understand how to use that playbook. Customers respond well to that playbook. It's a perfect playbook for this environment. And it's working really well. And that's kind of why we also gave you some feel on the impact of Way Day when we talked about the revenue levels.

供應商了解如何使用該手冊。客戶對該劇本的反應很好。對於這種環境來說，這是一本完美的劇本。它運行得非常好。這就是為什麼我們在談到收入水平時也讓您對 Way Day 的影響有所感受。

And I think that this environment is going to be here for a little while, right. It's not something that's going to go away. And the amount of excess inventory is going to also take a little bit of time to work through. So this is -- you can think about this environment lasting, I would probably say a small number of quarters. But it's not weeks or shorter months.

而且我認為這種環境會持續一段時間，對。它不會消失。多餘的庫存量也需要一點時間來解決。所以這是 - 你可以認為這種環境持續存在，我可能會說少數幾個季度。但這不是幾週或更短的幾個月。

Yes, but long-term, our view of the potential, the total TAM, our position in that, where e-comm penetration should land, that has not changed. So while there may be some volatility in the near-term, our long-term outlook has not moved.

是的，但從長遠來看，我們對潛力的看法、總 TAM 以及我們在這方面的立場，電子商務滲透率應該落在哪裡，都沒有改變。因此，儘管短期內可能會出現一些波動，但我們的長期前景並未改變。

Your next question comes from the line of Greg Melich with Evercore ISI.

您的下一個問題來自與 Evercore ISI 的 Greg Melich。

The question has been withdrawn. Your next question comes from the line of Alexandra Steiger with Goldman Sachs.

該問題已被撤回。您的下一個問題來自高盛集團的 Alexandra Steiger。

I wanted to follow-up on the active customer growth question here. Given the scale and reach you achieved during the pandemic, how do you think about the potential of customer reactivation to support forward growth? And how large do you see reactivation as an opportunity relative to new customer growth going forward?

我想在這裡跟進活躍的客戶增長問題。鑑於您在大流行期間取得的規模和影響，您如何看待客戶重新激活以支持未來增長的潛力？相對於未來的新客戶增長，您認為重新激活是一個多大的機會？

Yes. Thanks, Alexandra. I think reactivation of people is (inaudible) was actually, frankly, a big opportunity, right? And so if you think about it, we have, over time, built a large kind of following amongst customers, a number of which have a wrap, a number of which are on our e-mail list, a number of which visit regularly.

是的。謝謝，亞歷山德拉。坦率地說，我認為重新激活人們（聽不清）實際上是一個很大的機會，對嗎？因此，如果您考慮一下，隨著時間的推移，我們已經在客戶中建立了大量的追隨者，其中一些有包裝，其中一些在我們的電子郵件列表中，其中一些定期訪問。

Right now you have a macro phenomena where basically customers -- this category is just not the top of mind thing. And there's swings that happen. And they revert to the mean over time. We are doing a lot to make sure that we are positioning as the go-to-home retailer, the largest specialist in home, that we are getting those customers coming back to us as the category becomes back more further top of mind.

現在你有一個宏觀現象，基本上是客戶——這個類別並不是最重要的事情。並且會發生波動。隨著時間的推移，它們會恢復到平均值。我們正在做很多工作，以確保我們將自己定位為居家零售商，最大的家居專家，隨著類別變得更加重要，我們正在讓這些客戶回到我們身邊。

And then there are specific things on the marketing side we're doing to help drive that as well. And we have the benefit because a lot of what's happened on the ad landscape out there is it makes it very hard for someone who doesn't already have that customer file to effectively market at a reasonable cost.

然後在營銷方面我們也在做一些具體的事情來幫助推動這一點。我們有好處，因為在廣告領域發生的很多事情都讓那些還沒有客戶檔案的人很難以合理的成本有效地進行營銷。

What we have because of the first-party data in the direct reach, we have the ability to reach directly to these customers. And that's a pretty -- that's a very major benefit. Only the largest companies have that benefit today because of what's changed in the privacy landscape, and then some of the technologies I'm targeting out there.

我們擁有直接接觸的第一方數據，我們有能力直接接觸這些客戶。這是一個非常好的 - 這是一個非常重要的好處。由於隱私環境的變化，以及我所針對的一些技術，今天只有最大的公司才能獲得這種好處。

And so reactivating customers that have not purchased in the recent past, we view this is a huge opportunity. There's a lot of things we're working on along those lines.

因此，重新激活最近沒有購買的客戶，我們認為這是一個巨大的機會。我們正在沿著這些方向做很多事情。

Your next question comes from the line of Anna Andreeva with Needham.

你的下一個問題來自 Anna Andreeva 和 Needham 的台詞。

Two questions from us. You mentioned that environment got worse as the third quarter progressed, but consumer obviously continues to respond. I'm not sure if I missed this, but what was the monthly cadence during the third quarter?

我們提出了兩個問題。您提到隨著第三季度的進展，環境變得更糟，但消費者顯然繼續做出反應。我不確定我是否錯過了這個，但第三季度的每月節奏是多少？

And then secondly, could you talk a bit more about international continues to be a pretty meaningful drag on the business, obviously, macro is difficult. Do you think getting closer to breakeven is realistic for '23 in international bucket? And what are some of the expense opportunities in the business that you could implement to get there?

其次，您能否多談談國際化仍然是對業務的相當有意義的拖累，顯然，宏觀是困難的。您認為 '23 在國際桶中接近盈虧平衡是現實的嗎？您可以實施哪些業務支出機會來實現這一目標？

Yes, great. Let me start to answer some of your questions. I'll ask Kate to jump in too. On the environment getting worse in Q3, I'm not sure exactly what the comment we made was referring to that.

對，很好。讓我開始回答你的一些問題。我會請凱特也加入進來。在第三季度環境變得更糟的情況下，我不確定我們發表的評論到底指的是什麼。

Yes. We don't typically disclose monthly trends. Certainly, I think although we've said and what I would reiterate is that we do see the customer coming in during promotional activities right now, and those tend to be highlights for us at this moment. And the broader macro context, obviously, is a little bit uncertain right now.

是的。我們通常不會披露每月趨勢。當然，我認為儘管我們已經說過並且我要重申的是，我們確實看到客戶現在在促銷活動期間進來，而這些往往是我們此刻的亮點。顯然，更廣泛的宏觀背景現在有點不確定。

But I would say, like, I don't think the environment is worsening. I think it's more like been steady. It's not improving. It's like steady as maybe the way I would phrase it to, give you the context of what I'm seeing.

但我想說，我不認為環境在惡化。我認為這更像是穩定的。它沒有改善。它就像我所說的那樣穩定，給你我所看到的內容的背景。

On the international, there's no question that out of the 4 countries -- we operate in 5 countries today, technically we have 4 major ones in terms of U.K., Germany, Canada and the United States. The United States economically is holding up the best of those 4. And that's effectively a macro, you see that in the macro data, and then, of course, we see it in our micro data.

在國際上，毫無疑問，在 4 個國家中——我們今天在 5 個國家開展業務，從技術上講，我們有 4 個主要國家，分別是英國、德國、加拿大和美國。美國在經濟上保持著這四個中最好的。這實際上是一個宏觀，你可以在宏觀數據中看到這一點，當然，我們在微觀數據中也看到了它。

Now every country has a different set of issues it's working through. And in all of them, we believe that online sales of home goods is below the normal trend that will revert to. But as we mentioned, the timing of how exactly that curve plays out is very hard to estimate.

現在每個國家都有不同的問題正在解決。在所有這些中，我們認為家居用品的在線銷售低於將恢復的正常趨勢。但正如我們所提到的，這條曲線究竟如何發揮作用的時間很難估計。

So what are we doing? There's a big focus on micro tailwinds where we know we can drive share up, and we're executing on those. And we're actually seeing those working.

那麼我們在做什麼呢？我們非常關注微順風，我們知道我們可以推動分享，我們正在執行這些。我們實際上看到那些工作。

Then to your question on cost, we've also -- we talked about the $500 million and then we talked about $700 million more on top of the $500 million. We're taking out a tremendous amount of cost, which we think positions us incredibly well.

然後對於你關於成本的問題，我們也談到了 5 億美元，然後我們談到了在 5 億美元之上的 7 億美元。我們正在花費大量成本，我們認為這使我們非常好。

So if you think about the netting and if you're getting tighter on cost, a lot of that's driving down retail as well. And then at the same time, you think that there's micro tailwinds where you can take share based on things you're doing.

因此，如果您考慮淨額，並且如果您的成本越來越緊，那麼其中很大一部分也會降低零售額。然後同時，你認為有微順風，你可以根據你正在做的事情分享。

Now, of course, you have the macro, which is quality for a period of time, but the netting of all that, we think, is quite a positive story. And so we think that will play out quite well.

現在，當然，你有宏觀，這是一段時間內的質量，但我們認為，將所有這一切歸結為一個非常積極的故事。所以我們認為這會很好地發揮作用。

In terms of how to think about international, I think really at the country level, every country is working through a different set of things. And obviously, the countries were smaller in. So I think the opportunity for the tailwinds to be faster there is higher when we have a smaller share. But honestly, the macro conditions in these countries is quite different, and some of them are quite challenged right now.

就如何看待國際而言，我認為實際上在國家層面上，每個國家都在處理不同的事情。顯然，這些國家的份額較小。所以我認為，當我們的份額較小時，順風更快的機會就更高。但老實說，這些國家的宏觀情況大相徑庭，其中一些國家目前面臨很大挑戰。

And as we said, we intend to get to EBITDA profitability regardless of the top line. That's in aggregate. We're very focused on that goal. We've seen a structural reason why the international sector over time can't perform as well as the U.S. sector. And certainly, when we talk about that $500 million in cost savings and that $700 million more, that's across our entire business, that's not focused on 1 geography.

正如我們所說，無論收入如何，我們都打算實現 EBITDA 盈利。那是總和。我們非常專注於這個目標。我們已經看到了為什麼國際部門隨著時間的推移表現不如美國部門的結構性原因。當然，當我們談到節省 5 億美元和更多 7 億美元的成本時，這涉及到我們的整個業務，而不是集中在一個地區。

And your final question comes from the line of John Blackledge with Cowen.

你的最後一個問題來自 John Blackledge 和 Cowen 的台詞。

Two questions. First on the competitive positioning, I think Wayfair's U.S. revenue is down kind of like high single digits through the third quarter. How do you think Wayfair is doing relative to the U.S. home market through the third quarter? Do you think Wayfair's competitive positioning has changed at all versus pre-pandemic?

兩個問題。首先是競爭定位，我認為 Wayfair 在美國的收入在第三季度下降了個位數。您認為 Wayfair 在第三季度相對於美國本土市場的表現如何？您認為與大流行前相比，Wayfair 的競爭定位是否發生了變化？

And then just second question, in the past, you said returning customers typically cost 4% to 7% added expense as a percent of revenue. Does that still hold? Or just given the macro environment, is it more expensive to get a returning customer?

然後是第二個問題，在過去，您說回頭客通常會花費佔收入百分比的 4% 到 7% 的額外費用。這還成立嗎？或者只是考慮到宏觀環境，獲得回頭客是否更昂貴？

So on the first part of your question, competitive positioning in the U.S. So I think the U.S. was down, I think, 6%. And I think what we're seeing in the U.S. is that our competitive positioning, super high level of competitive positioning is the same as it's been. Our competitors are the same set of competitors. There's a long tail of competitors. So we have a few sort of large competitors and then a long tail folks in the category.

所以關於你問題的第一部分，美國的競爭定位。所以我認為美國下降了 6%。我認為我們在美國看到的是我們的競爭定位，超高水平的競爭定位與以往一樣。我們的競爭對手是同一組競爭對手。競爭對手的尾巴很長。因此，我們有一些大型競爭對手，然後是該類別中的長尾人。

I do think when we talk about the micro tailwinds though, I do think there are some things that through the cycle of COVID kind of hurt us. And so I tried to talk about kind of the big 3 sometimes, but they're basically product availability got pretty bad for a period of time, the speed positioning. So the forward position of the goods got quite bad.

我確實認為，當我們談論微順風時，我確實認為在 COVID 的循環中有些事情會傷害我們。所以我有時會嘗試談論三大巨頭，但它們基本上是產品可用性在一段時間內變得非常糟糕，速度定位。所以貨物的前沿位置變得相當糟糕。

And then the retail is got quite bad of the combination of how inflation was passed through and the lack of forward positioning. So if you think about that, that kind of erodes an offer.

然後零售對通貨膨脹的傳遞方式和缺乏前瞻性定位的組合感到非常糟糕。因此，如果您考慮一下，那會侵蝕報價。

Well, where are we now? We're now reasonably far into a cycle, which is reversing those things. So speed is -- we've gotten all-time highs on speed, and that's continuing to climb at a fast rate. Availability has recovered quite nicely, and that actually has still nice headroom ahead of it, that we have very good insight into, and retail prices have been falling quite nicely.

那麼，我們現在在哪裡？我們現在相當遠地進入了一個循環，這正在扭轉這些事情。所以速度是——我們的速度達到了歷史最高水平，而且還在繼續以快速的速度攀升。可用性已經很好地恢復了，實際上還有很大的空間，我們對此有很好的洞察力，零售價格一直在很好地下降。

And like if you look on our side, you look at what we're offering right now for holiday and you compare it to others, I think you'd be like, yes, wow, it feels quite good.

就像如果你站在我們這邊，你看看我們現在為假期提供的東西，然後你把它和其他人比較，我想你會喜歡，是的，哇，感覺很好。

So there's sort of these things that are playing out quite well. So we feel very good about our position both as a home retailer and the bespoke things we're doing, and then specifically on these core elements of the offer and particularly where we are relative to where we were a year ago, due to the kind of these external forces that were far out of our control.

所以有些事情進展得很好。因此，我們對我們作為家庭零售商的地位和我們正在做的定制事情感到非常滿意，然後特別是報價的這些核心要素，特別是我們相對於一年前的情況，由於那種這些外部力量遠遠超出了我們的控制。

Now the economics of returning customers. Returning customers are definitely show you a lot of leverage. In fact, the way it works is the cost to go from 1 order to 2 orders is obviously well, and that's kind of where I think we said. We talked about repeat on average being 7%.

現在是回頭客的經濟學。回頭客肯定會向您展示很多影響力。事實上，它的工作方式是從 1 個訂單到 2 個訂單的成本顯然很好，我想這就是我們所說的。我們談到平均重複率是 7%。

The way I think about it is like 1 to 2 is the number percentage and then that percentage drop when you go from the second and the third order and then that percentage drops again when you go from the third to the fourth order.

我認為它的方式就像 1 到 2 是數字百分比，然後當您從第二和第三順序開始時該百分比下降，然後當您從第三順序到第四順序時該百分比再次下降。

So as someone kind of thinking of this like this loyalty winners, they climb up the ladder, they get increasingly less expensive from an ad cost standpoint for that next order.

因此，作為像這種忠誠度贏家這樣的人，他們會爬上階梯，從廣告成本的角度來看，下一個訂單的成本會越來越低。

I think the thing that's complicating the ad cost outlook right now that makes it murky is the thing I tried to talk about earlier, this (inaudible) a byproduct to the macro environment, and you will -- just like you've seen it go one way you'll see it reverse back. But I think that's what makes it harder for you to see the ad economics underneath.

我認為現在使廣告成本前景變得模糊的事情是我之前試圖談論的事情，這是（聽不清）宏觀環境的副產品，你會 - 就像你已經看到它一樣一種方式你會看到它反轉回來。但我認為這就是讓你更難看到背後的廣告經濟學的原因。

And so I'd just remind you of that because that I think is kind of the thing that's causing it too not be as clear.

所以我只想提醒你這一點，因為我認為這是導致它不太清楚的某種原因。

Okay, great. Well, I think with that, I think we're wrapping up the call. So thanks everybody for joining us this morning. And I hope you all have a great holiday season.

好，太棒了。好吧，我認為，我認為我們正在結束通話。所以感謝大家今天早上加入我們。我希望你們都有一個美好的假期。

Thank you all.

謝謝你們。

This concludes today's conference. You may disconnect at this time.

今天的會議到此結束。此時您可以斷開連接。