Wayfair Inc (W) 2023 Q2 法說會逐字稿

Good morning. My name is (inaudible), and I will be your conference operator today. At this time, I would like to welcome everyone to the Wayfair Second Quarter 2023 Earnings Release and Conference Call.

早上好。我的名字是（聽不清），今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Wayfair 2023 年第二季度收益發布和電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to James Lamb, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管詹姆斯·蘭姆 (James Lamb)。請繼續。

Good morning and thank you for joining us. Today, we will review our second quarter 2023 results. 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.

早上好，感謝您加入我們。今天，我們將回顧 2023 年第二季度的業績。和我在一起的還有聯合創始人、首席執行官兼聯合主席 Niraj Shah；聯合創始人兼聯合董事長 Steve Conine 和首席財務官兼首席行政官 Kate Gulliver。在今天準備好的發言之後，我們都可以接受問答。

I would like to remind you that our call today will consist of forward-looking statements, including, but not limited to, those regarding our future prospects, business strategies, industry trends and our financial performance, including guidance for the third quarter of 2023. All forward-looking statements made on today's call are based on information available to us as of today's date. 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，我們今天的電話會議將包含前瞻性陳述，包括但不限於有關我們的未來前景、業務戰略、行業趨勢和財務業績的陳述，包括 2023 年第三季度的指導。今天電話會議中所做的所有前瞻性陳述均基於截至今天為止我們掌握的信息。儘管我們相信我們的預期和假設是合理的，但我們不能保證任何前瞻性陳述都是準確的。

Our 10-K for 2022, 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.

我們的2022 年10-K、本季度的10-Q 以及隨後向SEC 提交的文件確定了某些因素，這些因素可能導致公司的實際業績與今天做出的任何前瞻性聲明中的預測存在重大差異。除法律要求外，我們不承擔公開更新或修改任何這些聲明的義務，無論是由於任何新信息、未來事件還是其他原因。

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

另請注意，在本次電話會議中，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公認會計原則結果，而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，獲取我們的收益發布和投資者演示文稿的副本，其中包含我們的非 GAAP 財務指標的描述以及非 GAAP 指標與最接近的可比 GAAP 指標的調節表。本次通話正在錄音，我們的 IR 網站上將提供網絡廣播重播。

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

我現在想把電話轉給 Niraj。

Thanks, James, and good morning, everyone. We're excited to reconnect with you today to share the details of our second quarter results. Last year, we laid out a plan to strengthen our business that included a path to sustainable and growing profitability with several key milestones. For the past few quarters, you've seen us execute against that plan to lower our costs, focus on the basics and earn more customer and supplier loyalty. And you've seen the tangible impact of this plan as our performance has continued to improve. I'm pleased to share today that we've passed 1 of our key milestones and are reporting positive adjusted EBITDA and positive free cash flow. This is in combination with a return to momentum in our top line with positive year-over-year order growth and sequentially higher active customer count, all while investing into initiatives for future growth.

謝謝詹姆斯，大家早上好。我們很高興今天再次與您聯繫，分享我們第二季度業績的詳細信息。去年，我們制定了一項加強業務的計劃，其中包括一條實現可持續和不斷增長的盈利能力的道路，並實現了幾個關鍵里程碑。在過去的幾個季度中，您已經看到我們按照該計劃執行，以降低成本，專注於基礎知識並贏得更多的客戶和供應商忠誠度。隨著我們的業績不斷提高，您已經看到了該計劃的切實影響。我今天很高興與大家分享，我們已經實現了一個關鍵里程碑，並報告了正的調整後 EBITDA 和正的自由現金流。這與我們的營收恢復勢頭、同比訂單增長和活躍客戶數量連續增加相結合，同時投資於未來增長計劃。

This is how we ran the business for our first decade and how we'll continue to do so going forward, profitable while investing for growth. We think we are now in a very exciting place, having scale while remaining ambitious and entrepreneurial. We plan to take full advantage of this. Our work over the past year to drive more than $1 billion of run rate savings in our cost structure is playing out across our entire P&L, enabling our accelerated return to positive adjusted EBITDA and comes in tandem with our efforts to see improvement in our top-level KPIs.

這就是我們在第一個十年中經營業務的方式，也是我們未來將繼續這樣做的方式，在投資增長的同時實現盈利。我們認為我們現在處於一個非常令人興奮的地方，在保持規模的同時保持雄心勃勃和創業精神。我們計劃充分利用這一點。過去一年，我們在成本結構中節省了超過10 億美元的運行率，這一努力正在我們的整個損益表中發揮作用，使我們能夠加速恢復正調整EBITDA，並與我們努力看到我們的頂級業績的改善同步進行。級別 KPI。

Order growth is the leading indicator of our other major KPIs. And even as average order values normalize towards pre-COVID levels due to deflation, we expect to see net revenue return to positive year-over-year growth in the third quarter as our active customer count continues to climb sequentially.

訂單增長是我們其他主要 KPI 的領先指標。即使平均訂單價值由於通貨緊縮而恢復到新冠疫情前的水平，但隨著我們的活躍客戶數量繼續攀升，我們預計第三季度淨收入將恢復同比正增長。

We're going to handle this earnings call in a slightly different format than usual because, as many of you know, next week, we will be hosting our first Investor Day. We'd encourage all of our investors to tune into the live stream, which will begin at 1 p.m. Eastern Time on Thursday, August 10. We'll be using this as an opportunity to introduce you to more members of our leadership team, dive deeper into the core pillars of our business and take you through the major growth initiatives for the years ahead.

我們將以與平常略有不同的方式處理本次財報電話會議，因為正如你們許多人所知，下週我們將舉辦我們的第一個投資者日。我們鼓勵所有投資者收看將於下午 1 點開始的直播。美國東部時間 8 月 10 日星期四。我們將藉此機會向您介紹我們領導團隊的更多成員，更深入地了解我們業務的核心支柱，並帶您了解未來幾年的主要增長計劃。

Through that lens, today, we're going to keep our prepared remarks concise to leave more time for questions about this quarter's results that we can turn our full attention to our long-term strategy and key growth drivers next week.

從這個角度來看，今天我們將保持準備好的發言簡潔，以便留出更多時間來回答有關本季度業績的問題，以便下週我們可以將全部注意力轉向我們的長期戰略和關鍵增長動力。

Now let me give you a view of where our business stands as we move through the summer. Q2 proved to be a quarter of 2 continuing themes for Wayfair, share capture and cost efficiency. I'll start with the share capture piece and the results really speak for themselves. Wayfair meaningfully outperformed the competition this spring with net revenue down 3% year-over-year in Q2 compared to a category that continues to be down 10% to 20% for widely tracked estimates like credit card and e-mail receipt data.

現在讓我向您介紹一下我們整個夏季的業務狀況。事實證明，第二季度是 Wayfair 兩個持續主題中的四分之一：份額獲取和成本效率。我將從分享捕獲部分開始，結果不言自明。今年春天，Wayfair 的表現顯著優於競爭對手，第二季度淨收入同比下降 3%，而信用卡和電子郵件收據數據等廣泛跟踪的估計數據繼續下降 10% 至 20%。

Our team spent significant time at various trade shows over the past few months, and we have heard resounding feedback from our suppliers that the platform they want to lean into is Wayfair. Benefits of our enormous marketing reach, considerable merchandising investments and proprietary logistics capabilities, make Wayfair an unparalleled partner to our suppliers.

在過去的幾個月裡，我們的團隊在各種貿易展會上花費了大量時間，我們從供應商那裡聽到了強烈的反饋，他們想要依靠的平台是 Wayfair。憑藉我們巨大的營銷範圍、大量的商品投資和專有的物流能力，Wayfair 成為我們供應商無與倫比的合作夥伴。

Since last fall, we have seen strong market share capture on the back of our core recipe. The combination of broad availability, fast delivery and sharp pricing continues to be a powerful flywheel to drive both customer and supplier engagement. And across the board, we're setting new benchmarks on these metrics. Availability and speed badging continue to climb in Q2. And with further wholesale cost normalization as well as our operational cost savings efforts, we now consistently see ourselves as a price leader across our most popular items. Our recipe is back intact.

自去年秋天以來，我們的核心配方取得了強勁的市場份額。廣泛的可用性、快速的交付和合理的定價相結合，仍然是推動客戶和供應商參與的強大飛輪。全面而言，我們正在為這些指標設定新的基準。第二季度的可用性和速度徽章繼續攀升。隨著批發成本的進一步標準化以及我們節省運營成本的努力，我們現在始終將自己視為最受歡迎商品的價格領導者。我們的食譜完好無損地恢復了。

We've been extremely encouraged by the recent data we're seeing on customer behavior with a noticeable upswing across all of our customer cohorts and sequential growth in our active customer chem. It's crucial to know that this improvement in order momentum is not a function of isolated success in any particular class or with a specific group of shoppers, but it's been broad-based across both our customer file and our catalog. We see this as an important point of validation for our customer acquisition strategy, which looks to build lifetime shoppers to make Wayfair a core part of their shopping habits.

最近我們看到的有關客戶行為的數據讓我們深受鼓舞，我們所有的客戶群體都顯著上升，而且我們的活躍客戶化學也連續增長。重要的是要知道，訂單動力的這種改善並不是任何特定類別或特定購物者群體的孤立成功的結果，而是在我們的客戶檔案和產品目錄中廣泛存在。我們認為這是驗證我們的客戶獲取策略的一個重要點，該策略旨在培養終身購物者，使 Wayfair 成為他們購物習慣的核心部分。

We approach earning customer loyalty through many vectors. Our work around promotions is a great example. In this environment, our promotional activity is a marketing lever that piques customer curiosity and draws them to visit. Once on the site, they purchase a variety of promoted and nonpromoted products. In fact, during sale events in the second quarter, non-featured items drove over 2/3 of our gross revenue. It's worth noting that in our customer survey work, we've seen no change to the share of shoppers that indicated they would only shop Wayfair during a sale.

我們通過多種方式贏得客戶忠誠度。我們的促銷工作就是一個很好的例子。在這種環境下，我們的促銷活動是一種營銷手段，可以激發顧客的好奇心並吸引他們前來參觀。一旦進入網站，他們就會購買各種促銷和非促銷產品。事實上，在第二季度的促銷活動期間，非特色商品占我們總收入的 2/3 以上。值得注意的是，在我們的客戶調查工作中，我們發現表示只會在促銷期間購買 Wayfair 的購物者比例沒有變化。

As we do across every facet of the business, we're continuously testing these levers, measuring the results and iterating. For example, earlier this summer, we ran a series of promotions to encourage shoppers to use our app, and we saw a remarkable engagement. Mobile app revenue had its largest ever share, and we saw app Store rankings reach the highest they have been since the pandemic due to significant lifts in downloads. This is just one exciting way we're growing engagement with our app, free loyalty and free traffic driver.

正如我們在業務的各個方面所做的那樣，我們不斷測試這些槓桿，衡量結果並進行迭代。例如，今年夏天早些時候，我們開展了一系列促銷活動來鼓勵購物者使用我們的應用程序，我們看到了顯著的參與度。移動應用收入佔據了有史以來最大的份額，由於下載量大幅提升，我們看到應用商店排名達到了疫情以來的最高水平。這只是我們提高應用程序參與度、免費忠誠度和免費流量驅動力的一種令人興奮的方式。

At the outset, I mentioned 2 themes for this quarter, share capture and cost efficiency. And we've talked at length about share capture and the major driving factors. I want to touch on cost efficiency briefly before passing it over to Kate, who will talk through this theme in more detail.

首先，我提到了本季度的兩個主題：份額獲取和成本效率。我們已經詳細討論了份額獲取和主要驅動因素。我想先簡單談談成本效率，然後再將其交給凱特，她將更詳細地討論這個主題。

The second quarter saw gross margins exceed 30%, a milestone we've only previously accomplished during the peak pandemic period of 2020. Unlike 3 years ago, the improvement in gross margin and its impact on our unit economics is durable, driven by the considerable work our team has done to execute across the set of more than 70 operational cost savings initiatives that we've talked about in recent quarters.

第二季度毛利率超過30%，這是我們之前僅在2020 年疫情高峰期才實現的里程碑。與3 年前不同，毛利率的改善及其對我們單位經濟效益的影響是持久的，這是由相當大的我們的團隊為執行近幾個季度討論的 70 多項運營成本節約計劃所做的工作。

Moving back to where we started. This highlights a key point from our shareholder letter. Wayfair is at the stage where we can both invest for growth while demonstrating considerable and improving profitability. Q2 was a quarter where we were able to achieve adjusted EBITDA margins of over 4%, while also leading into growth initiatives. I'm excited to talk more about our ongoing growth opportunities at our Investor Day next week. We continue to lean into physical retail, including opening 2 stores this summer to invest into our international business and to pursue new technologies like Generative AI to name just a few areas. You will hear a focus on the opportunity ahead to growth as well as a continued commitment to operational discipline and expanding profitability directly from the senior leadership team that's driving us there every day. Thank you.

回到我們開始的地方。這凸顯了我們股東信中的一個要點。 Wayfair 正處於這樣一個階段：我們既可以投資實現增長，又可以展示可觀且不斷提高的盈利能力。第二季度我們的調整後 EBITDA 利潤率超過 4%，同時也推動了增長計劃。我很高興能在下週的投資者日上更多地談論我們持續的增長機會。我們繼續向實體零售傾斜，包括今年夏天開設 2 家商店，以投資我們的國際業務，並追求生成人工智能等新技術，僅舉幾例。您將聽到每天推動我們實現這一目標的高級領導團隊對未來增長機會的關注，以及對運營紀律和擴大盈利能力的持續承諾。謝謝。

And with that, let me turn it over to Kate for a review of our financials for the quarter.

接下來，讓我把它交給凱特，讓她審查我們本季度的財務狀況。

Thank you, Niraj, and good morning, everyone. We've got a lot of exciting progress to report from this quarter, so let's jump into it. Net revenue for the quarter came in at $3.2 billion, down 3.4% year-over-year, but up 14.3% from Q1, following a more traditional seasonal pattern. While we had a slow start to the spring weather, the outdoor shopping season picked up rapidly as we move through the back part of the quarter, and we saw both customers and suppliers leaning into several well-received promotional events.

謝謝你，Niraj，大家早上好。本季度我們取得了許多令人興奮的進展，所以讓我們開始吧。該季度淨收入為 32 億美元，同比下降 3.4%，但較第一季度增長 14.3%，遵循更傳統的季節性模式。雖然春天的天氣開始緩慢，但隨著季度末的到來，戶外購物季節迅速回升，我們看到客戶和供應商都傾向於開展幾項廣受好評的促銷活動。

Niraj spoke at length about the growth we saw in order volume, both year-over-year and quarter-over-quarter, which came in conjunction with continued deflation in AOV as we lap some of the peak periods of inflation last year. The top line success we saw in Q2 was driven in large part by the U.S. segment, which saw net revenue come in 15.3% higher than Q1.

Niraj 詳細談到了我們看到的訂單量同比和環比增長，同時伴隨著去年一些通脹高峰期的 AOV 持續通貨緊縮。我們在第二季度看到的營收成功很大程度上是由美國業務推動的，該業務的淨收入比第一季度高出 15.3%。

I'll now move further down the P&L. As I do, please note that the remaining financials include depreciation and amortization, but exclude equity-based compensation, related taxes and other adjustments. I will use the same basis when discussing our outlook as well.

我現在將進一步查看損益表。正如我所做的那樣，請注意，其餘財務數據包括折舊和攤銷，但不包括股權薪酬、相關稅費和其他調整。在討論我們的前景時，我也會使用相同的基礎。

Gross margin had an outstanding quarter, coming in at 31.1%. This is the highest gross margin we've ever printed as a business. And as Niraj discussed comes not from an unusual surge in demand, but from structural improvements we've been driving across our operations. We're pleased with the results our operational cost savings initiatives have produced so far but do want to note that this quarter exceeded even our own expectations with some timing benefits flowing through in the period.

本季度毛利率表現出色，達到 31.1%。這是我們作為一家印刷企業有史以來的最高毛利率。正如尼拉吉所討論的那樣，這並不是來自需求的異常激增，而是來自我們一直在整個運營中推動的結構性改進。我們對迄今為止我們的運營成本節約計劃所取得的成果感到滿意，但確實想指出，本季度甚至超出了我們自己的預期，在此期間出現了一些時間效益。

It's worth reiterating that we have been thoughtful about the share of these savings and reinvest in the top line as we navigate the consumer environment and we'll continue to take a very tactical and dynamic approach to balancing this mix through the remainder of 2023.

值得重申的是，在我們應對消費者環境時，我們一直在考慮這些節省的份額，並在營收中進行再投資，我們將繼續採取非常戰術性和動態的方法，在2023 年剩餘時間內平衡這種組合。

Before moving to advertising, I'll quickly mention customer service and merchant fees, which showed nice leverage this quarter coming in at 4.3% of net revenue, a reflection of our cost reduction efforts from earlier in the year. Advertising had another strong quarter at 11.1% of net revenue for the period. As we've discussed at length over many quarters, we are being prudent about driving higher efficiency from our paid channels in the face of depressed free and direct traffic.

在轉向廣告之前，我將快速提及客戶服務和商戶費用，本季度這兩項費用占淨收入的4.3%，顯示出良好的槓桿作用，這反映了我們今年早些時候為削減成本所做的努力。廣告季度表現再次強勁，占同期淨收入的 11.1%。正如我們在多個季度詳細討論的那樣，面對免費和直接流量的低迷，我們正在謹慎地提高付費渠道的效率。

One of the ways we can improve our efficiency is through channel tests, and we ran several in the second quarter. These tests provide key insights and former channel mix going forward. They also drove outperformance on the advertising line in Q2 and will correspondingly leave some revenue on the table for the third quarter as we held back spending in various channel segments. This is a perfect example of the sophistication we bring to advertising, which is one of the areas we'll focus on during our Investor Day next week. You can look forward to a much deeper dive into how we think about managing our channel mix and efficiency targets as part of that event.

我們提高效率的方法之一是通過渠道測試，我們在第二季度進行了幾次測試。這些測試提供了關鍵的見解和未來的渠道組合。他們還推動了第二季度廣告業務的出色表現，並相應地為第三季度留下了一些收入，因為我們抑制了各個渠道細分市場的支出。這是我們為廣告帶來的複雜性的完美例子，這是我們下週投資者日將重點關注的領域之一。作為該活動的一部分，您可以期待更深入地了解我們如何考慮管理我們的渠道組合和效率目標。

Finally, our selling, operations, technology, general and administrative expenses totaled $473 million in the period. While we are seeing nice quarter-on-quarter progress in this line item and significant year-over-year reduction as a result of our cost actions over the past 12 months, we continue to monitor this cost area closely. This quarter, we did see some lower-than-anticipated attrition. While there are some near-term headwinds on the whole, this is something we're pleased with. We've seen considerable excitement among our team members in the past few months as the success we've had with our customers and suppliers resonate throughout the business.

最後，我們在此期間的銷售、運營、技術、一般和管理費用總計 4.73 億美元。儘管由於過去 12 個月的成本行動，我們看到該訂單項取得了不錯的季度環比進展，並且同比大幅下降，但我們仍將繼續密切監控該成本領域。本季度，我們確實看到了一些低於預期的人員流失。雖然近期總體上存在一些不利因素，但我們對此感到滿意。在過去的幾個月裡，我們的團隊成員感到非常興奮，因為我們與客戶和供應商取得的成功在整個企業中引起了共鳴。

In total, the revenue strength in conjunction with the considerable cost actions we've taken across our entire P&L, led to adjusted EBITDA of $128 million for the second quarter, a 4% margin on net revenue. Our U.S. segment saw adjusted EBITDA come in at $161 million for a 5.8% margin while international losses showed further compression to negative $33 million of adjusted EBITDA.

總體而言，收入實力加上我們在整個損益表中採取的大量成本行動，導致第二季度調整後 EBITDA 達到 1.28 億美元，淨收入利潤率為 4%。我們的美國部門調整後 EBITDA 為 1.61 億美元，利潤率為 5.8%，而國際業務虧損進一步壓縮至負 3300 萬美元調整後 EBITDA。

We ended the quarter with $1.3 billion of cash and highly liquid investments on our balance sheet, and over $1.8 billion of total liquidity when including our revolving credit facility capacity. Net cash from operations was $217 million, offset by $89 million of capital expenditures, which resulted in free cash flow of $128 million for the quarter. We're thrilled with this progress. As you know, our free cash flow is driven by 3 components: adjusted EBITDA, working capital and CapEx.

截至本季度末，我們的資產負債表上有 13 億美元的現金和高流動性投資，如果包括我們的循環信貸額度，總流動性超過 18 億美元。運營淨現金為 2.17 億美元，被 8900 萬美元的資本支出抵消，導致本季度自由現金流為 1.28 億美元。我們對這一進展感到非常興奮。如您所知，我們的自由現金流由三個組成部分驅動：調整後的 EBITDA、營運資本和資本支出。

Adjusted EBITDA was a strong contributor this quarter as was working capital, we saw a healthy sequential revenue growth, which is a driver of cash flow to our business given our negative cash conversion cycle. I'll get into guidance momentarily, but in the lens of typical seasonality, we would not expect working capital to contribute meaningfully to cash flow in the third quarter.

調整後的 EBITDA 和營運資本都是本季度的強勁貢獻者，我們看到了健康的連續收入增長，鑑於我們的負現金轉換週期，這是我們業務現金流的驅動力。我將立即提供指導，但從典型季節性的角度來看，我們預計營運資本不會對第三季度的現金流做出有意義的貢獻。

Let's now turn to guidance for Q3. Quarter-to-date gross revenue has been trending positive low single digits year-over-year, and we would expect net revenue growth in the mid-single digits for the full quarter, in part, weighed by the impact of the advertising channel test I mentioned previously. As we've shared before, we intend to continue to invest some of our cost savings in the customer experience as we maximize multi-quarter gross profit dollars. Therefore, we expect gross margins between 29.5% to 30.5% for the quarter as we balance the ongoing structural improvements in gross margin and optimize for investment into the customer experience.

現在讓我們轉向第三季度的指導。本季度迄今的總收入同比呈低個位數正增長趨勢，我們預計整個季度的淨收入增長將達到中個位數，部分原因是廣告渠道測試的影響我之前提到過。正如我們之前所分享的，我們打算繼續將部分成本節省投入到客戶體驗中，同時最大限度地提高多個季度的毛利潤。因此，我們預計本季度的毛利率在 29.5% 至 30.5% 之間，因為我們平衡了毛利率的持續結構性改善和優化對客戶體驗的投資。

Moving on to customer service and merchant fees, this line should once again be between 4% and 5% of net revenue. We would expect advertising to be between 11.5% and 12.5% of net revenue, a bit above Q2 given the factors I mentioned before around our testing cadence in the early summer and our continued efforts to drive efficiency across our channel mix.

接下來是客戶服務和商戶費用，這條線應再次位於淨收入的 4% 至 5% 之間。考慮到我之前提到的初夏測試節奏以及我們不斷努力提高整個渠道組合效率的因素，我們預計廣告將占淨收入的 11.5% 至 12.5% 之間，略高於第二季度。

We forecast SOTG&A or OpEx, excluding equity-based compensation and related taxes to come in between $460 million and $470 million, this largely follows the trajectory we laid out last quarter, adjusted for the timing impact of the lower attrition rates in the second quarter.

我們預測SOTG&A 或運營支出（不包括基於股權的薪酬和相關稅費）將在4.6 億至4.7 億美元之間，這在很大程度上遵循我們上季度製定的軌跡，並根據第二季度較低流失率的時間影響進行了調整。

If you follow the guidance outlined above, we would expect to have positive adjusted EBITDA margin in the low single-digit range for Q3. This implies the third quarter margin slightly lower than Q2, given the overperformance on gross margin advertising in the quarter, which shows a clear trajectory towards a sustainable mid-single-digit adjusted EBITDA margin and positive free cash flow we've outlined in the past. To that last point, you should expect the more modest EBITDA dollars in Q3 and some sequential compression on net revenue translates to a free cash flow figure that is roughly breakeven, plus or minus.

如果您遵循上述指導，我們預計第三季度的調整後 EBITDA 利潤率將處於低個位數範圍內。這意味著第三季度的利潤率略低於第二季度，因為該季度廣告毛利率表現出色，這顯示了我們過去概述的可持續中個位數調整後 EBITDA 利潤率和正自由現金流的清晰軌跡。對於最後一點，您應該預計第三季度的 EBITDA 會更加溫和，並且淨收入的一些連續壓縮將轉化為大致盈虧平衡（正負）的自由現金流量數據。

Now let me touch on a few housekeeping items for the third quarter. Please assume the following: equity-based compensation and related taxes of roughly $150 million to $170 million. Depreciation and amortization of approximately $102 million to $107 million, net interest expense of approximately $5 million to $6 million, weighted average shares outstanding of approximately $116 million and CapEx in an $80 million to $90 million range.

現在讓我談談第三季度的一些內務事項。請假設以下情況：基於股權的薪酬和相關稅費約為 1.5 億至 1.7 億美元。折舊和攤銷約為 1.02 億至 1.07 億美元，淨利息支出約為 500 萬至 600 萬美元，加權平均已發行股票約為 1.16 億美元，資本支出約為 8,000 萬至 9,000 萬美元。

As I wrap up, I want to take a moment to recognize how far we've come. A year ago, we first discussed the shape of what our path to profitability would look like and message a plan for breakeven adjusted EBITDA by the end of 2023. Today, we've achieved that goal driving over $1.4 billion of cost actions across the business to reach our profitability milestone months earlier than planned. Last August, we reported an adjusted EBITDA loss of $108 million. This quarter, on a revenue basis, that is approximately 3% smaller, we've driven $128 million of positive adjusted EBITDA. Of course, our tremendous progress wouldn't be possible without the dedication and commitment of everyone on the Wayfair team.

在結束時，我想花點時間來認識一下我們已經走了多遠。一年前，我們首次討論了我們的盈利之路，並傳達了到2023 年底實現盈虧平衡調整後EBITDA 的計劃。今天，我們已經實現了這一目標，推動整個企業採取了超過14 億美元的成本行動比計劃提前幾個月達到我們的盈利里程碑。去年 8 月，我們報告調整後 EBITDA 虧損 1.08 億美元。本季度，按收入計算，大約減少了 3%，但我們實現了 1.28 億美元的正調整 EBITDA。當然，如果沒有 Wayfair 團隊每個人的奉獻和承諾，我們就不可能取得巨大的進步。

We're thrilled to introduce you to the leaders of that team next week at our Investor Day and showcase everything that makes Wayfair special. As we've outlined before, we remain committed to driving meaningful growth while improving profitability and free cash flow generation and are excited about the future. Thank you. And now Niraj, Steve and I will take your questions.

我們很高興在下週的投資者日向您介紹該團隊的領導者，並展示讓 Wayfair 與眾不同的一切。正如我們之前概述的那樣，我們仍然致力於推動有意義的增長，同時提高盈利能力和自由現金流的產生，並對未來感到興奮。謝謝。現在尼拉吉、史蒂夫和我將回答你們的問題。

(Operator Instructions) And the first question is from the line of Christopher Horvers with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Christopher Horvers。

So my first question is, as you think about the promotionality that you had in the first half of the year, we get a lot of questions on whether that promotionality is driving any sort of unsustainable market share gains. Can you talk about that, especially in the context of how you're thinking about balancing some of the gross margin investment versus the outperformance that you saw in the second quarter?

所以我的第一個問題是，當你考慮今年上半年的促銷活動時，我們收到了很多關於促銷活動是否會推動任何不可持續的市場份額增長的問題。您能否談談這一點，特別是您如何考慮平衡部分毛利率投資與第二季度的優異表現？

Sure, Chris. Thanks for the question. On promotions, I think the way that think about it as promotions are really more a marketing message than like a pricing strategy when you think about like your comment about being unsustainable. So the way I think to think about it is in this period where promotions have been a more frequent occurrence. The bulk of the volume is still not the items on promotion, just like it is in a normal time where the promotional cadence is a little less strong and the difference in the frequency of promotions is less about needing to discount to drive volume, a little more about what marketing messages resonate with the customers.

當然，克里斯。謝謝你的提問。關於促銷，我認為當你考慮到你關於不可持續的評論時，將其視為促銷的方式實際上更多的是一種營銷信息，而不是一種定價策略。所以我認為是在這個促銷更加頻繁發生的時期來思考這個問題的。銷量的大部分仍然不是促銷的商品，就像平時一樣，促銷節奏稍弱一些，促銷頻率的差異也較小，需要打折來帶動銷量，有點更多關於哪些營銷信息能引起客戶的共鳴。

So when you think about sustainability, we think the momentum we have in the business is very sustainable. And we also think that prices as we kind of get to a fully normal environment will actually be lower than they are today because the inflation that's coming out still has a little ways to go before it's fully out. And so when you kind of think about from a customer value proposition standpoint, I think your question gets like, hey, are you offering prices that you're not going to be able to offer in the future, and we don't think that's the case. So we feel quite good about it.

因此，當您考慮可持續性時，我們認為我們的業務勢頭非常可持續。我們還認為，當我們進入完全正常的環境時，價格實際上會低於現在，因為即將出現的通貨膨脹在完全消除之前還有一段路要走。因此，當您從客戶價值主張的角度思考時，我認為您的問題是，嘿，您是否提供了未來無法提供的價格，我們認為這不是案子。所以我們對此感覺很好。

The other thing on market share, I would just point to is the market share gains we're getting are from pretty much across the board. So they're not coming on the back of any particular customer or any particular product category or segment, it's very broad-based. And I think what it shows you is that our recipe is back intact, which is the breadth of selection, the fast delivery, the kind of availability of the bestsellers. And these are things that were under strain in that COVID period where supply chain congestion was there, a lot of inflation was there. And what we're seeing is that as the recipe is fully intact. This is the cycle that we just used to compound our business over in the 20 years, and that's what's driving the success here.

關於市場份額的另一件事，我想指出的是，我們獲得的市場份額幾乎是全面增長的。因此，它們並不是基於任何特定客戶或任何特定產品類別或細分市場，它的基礎非常廣泛。我認為它向您展示的是我們的食譜完好無損地恢復了，即選擇的廣度、交貨的快速性、暢銷書的可用性。在新冠疫情期間，供應鏈擁堵，通貨膨脹嚴重，這些事情都面臨壓力。我們所看到的是，配方完好無損。這就是我們在過去 20 年裡用來複合我們業務的周期，也是我們取得成功的動力。

And then my follow-up question is, as you flip here early to free cash flow in the second quarter, Kate, can you help us think about how you think about use of cash and how you think about sort of the debt structure and the balance sheet structure over a longer-term basis?

然後我的後續問題是，當您提前轉向第二季度的自由現金流時，凱特，您能否幫助我們考慮一下您如何看待現金的使用以及您如何看待債務結構和債務結構？長期資產負債表結構如何？

Yes. Thank you. Chris. So a few thoughts there. Obviously, we are very excited by the free cash flow generation this quarter, and we intend to continue to be at a sort of sustainable free cash flow generation place going forward. As far as the overall capital structure, as I think you're aware, we have a number of converts. The first convert is that 2024 convert of about $117 million remaining. We feel very good about our ability to manage through that.

是的。謝謝。克里斯。所以有一些想法。顯然，我們對本季度自由現金流的產生感到非常興奮，並且我們打算繼續處於可持續的自由現金流產生的狀態。就整體資本結構而言，我想您也知道，我們有很多轉變者。第一個轉換是 2024 年轉換，剩餘約 1.17 億美元。我們對自己處理此事的能力感到非常滿意。

The next convert is at 2025 convert of about $755 million remaining. And as we go forward, we think there'll be multiple structures for us to manage that convert as well. So when we look at the balance sheet, we feel very good about our position today, and we intend to keep being free cash flow generative and adding that back.

下一次轉換將於 2025 年轉換，剩餘金額約為 7.55 億美元。隨著我們的前進，我們認為我們也會有多種結構來管理這種轉變。因此，當我們查看資產負債表時，我們對目前的狀況感覺非常好，我們打算繼續產生自由現金流並將其加回來。

Our next question is from the line of Maria Ripps with Canaccord.

我們的下一個問題來自 Maria Ripps 與 Canaccord 的聯繫。

First, can you maybe just talk about some of the competitive dynamics that are happening in this space, given sort of all the recent developments, it seems like you've been clearly gaining market share. So how do you see sort of the competitive landscape developing here going forward?

首先，您能否談談該領域正在發生的一些競爭動態，考慮到最近的所有發展，您似乎已經明顯獲得了市場份額。那麼您如何看待這裡未來發展的競爭格局？

Thanks, Maria. Yes. So I think as we've referred to in the past, we have many competitors. So this is a very fragmented category. And inside home, there's even many subcategories that would have a different set of competitors, whether you're looking at a segment of furniture or you look at something like lighting or plumbing, different competitors will come to mind as you go through those different categories.

謝謝，瑪麗亞。是的。所以我認為正如我們過去提到的，我們有很多競爭對手。所以這是一個非常分散的類別。在家居領域，甚至有許多子類別會有不同的競爭對手，無論您是在看家具還是照明或管道等產品，當您瀏覽這些不同的類別時，您都會想到不同的競爭對手。

We're excited that we're taking share and we're taking share very broadly. So it's not coming from any particular set of competitors. But I think the big thing in the landscape of what you see in e-commerce is that -- it's primarily the larger platforms are the ones that are able to really compete. And so when we look at competitors in the United States, the main competitors we would watch the closest are the larger ones. The Amazon, Walmart and Target, Home Depot and Lowe's, Costco because those folks have a scale to participate in offering advanced logistics, they have the scale to reach the customers. And these are things that, if you're much smaller as we've talked about having around about 3,000 engineers, product managers, data scientists or you talking about the 25-ish million square feet of logistics space we have and all the different types of specialized operations we run, including our own proprietary large parcel delivery.

我們很高興能夠獲得份額，而且我們正在非常廣泛地獲得份額。所以它不是來自任何特定的競爭對手。但我認為，在電子商務領域，最重要的是——主要是較大的平台才能夠真正競爭。因此，當我們審視美國的競爭對手時，我們最關注的主要競爭對手是規模較大的競爭對手。亞馬遜、沃爾瑪、塔吉特、家得寶、勞氏、好市多，因為這些公司有規模參與提供先進的物流，他們有規模接觸客戶。如果你的規模要小得多，就像我們所說的擁有大約3,000 名工程師、產品經理、數據科學家，或者你所說的是我們擁有2500 萬平方英尺左右的物流空間以及所有不同類型的物流空間，那麼這些事情就需要解決。我們經營的專業業務，包括我們自己專有的大包裹遞送。

These are things that you just can't do without scale. And I think these are things that offer the customer experience that they are increasingly getting accustomed to and require or desire in order to buy from. And so each competitor that we watch focus on different segments of the business, they take advantage of their scale to do that, whether they're delivering building materials to job sites rather than delivering groceries to consumers, we focus on home and so we use our scale for that type of specialized capabilities. I think the smaller folks are the ones that are losing share in a way that's going to be ongoing because I think it's harder in e-commerce to provide that value prop if you don't have the kinds of assets I just referenced.

這些都是沒有規模就無法做到的事情。我認為這些東西可以提供客戶體驗，他們越來越習慣並需要或渴望從中購買。因此，我們觀察到的每個競爭對手都專注於業務的不同領域，他們利用自己的規模來做到這一點，無論他們是向工地運送建築材料還是向消費者運送雜貨，我們專注於家庭，所以我們使用我們的此類專業能力的規模。我認為規模較小的公司正在以一種持續的方式失去市場份額，因為我認為如果你沒有我剛才提到的那種資產，那麼在電子商務中就很難提供這種價值支撐。

Got it. That's very, very helpful. And then just on gross margin. Could you maybe just talk about how much of the operational savings you have achieved that being sort of reinvested back into price? And how sort of -- how that may have influenced the top line outperformance this quarter? And how should we think about the percent reinvested kind of on a go-forward basis?

知道了。這非常非常有幫助。然後是毛利率。您能否談談您已實現的運營節省中有多少被重新投資回價格？這對本季度的營收表現有何影響？我們應該如何考慮未來的再投資百分比？

Yes. Let me just share a couple of quick thoughts and then pass it over to Kate to get into more specifics on the numerics that you just asked for. The one thing I would highlight is we laid out an ambitious plan. And as we go along the plan, we keep adding to it. So the operational cost savings have been tremendous. There's still more to come. And I would say that from a price standpoint, we're also part of the reason we're doing really well is we are very competitive on the key items that we offer. And that -- a lot of that is because we're back to a normal environment where we have the strength to do that. But Kate, maybe anything you want to add?

是的。讓我分享一些快速的想法，然後將其傳遞給凱特，以了解您剛才要求的數字的更多細節。我要強調的一件事是我們制定了一項雄心勃勃的計劃。當我們按照計劃進行時，我們會不斷添加內容。因此，運營成本的節省是巨大的。還有更多的事情要做。我想說，從價格的角度來看，我們做得很好的部分原因是我們在提供的關鍵產品上非常有競爭力。這很大程度上是因為我們回到了正常的環境，我們有能力做到這一點。但是凱特，也許你想補充點什麼？

Yes. I think Niraj covered most of it on our philosophy here. So Maria, as you know, last quarter, we referenced of that $500 million that we had originally outlined, we said we'd already achieved half of that by last quarter or sort of coming out of that quarter. Obviously, you saw ongoing improvements and in fact, an acceleration on that gross margin line. So I think you can infer from that, that we picked up continued operational cost savings and, in fact, a little bit faster than we had intended to.

是的。我認為 Niraj 在我們的哲學中涵蓋了大部分內容。所以瑪麗亞，正如你所知，上個季度，我們提到了我們最初概述的 5 億美元，我們說我們已經在上個季度或該季度完成了一半。顯然，您看到了持續的改進，事實上，毛利率線也在加速。因此，我認為您可以從中推斷出，我們持續節省了運營成本，而且事實上，比我們預期的速度要快一些。

As we think about the reinvestment, what we're really balancing is flow through on that to the bottom line with improvements in the customer experience overall, and that's really designed to generate multi-quarter gross profit dollars. And that's how we're thinking about that ongoing investment. And you, of course, see that a little bit in the guide on gross margin, which is up obviously, but takes into account some of that investment.

當我們考慮再投資時，我們真正要平衡的是通過改善整體客戶體驗來實現盈利，這實際上是為了產生多個季度的毛利潤。這就是我們對持續投資的看法。當然，您會在毛利率指南中看到一點，毛利率明顯上升，但考慮到了部分投資。

Our next question is from the line of John Blackledge with TD Cowen.

我們的下一個問題來自 John Blackledge 和 TD Cowen。

Two questions. First, could you just talk about key drivers of the order growth? And is that sustainable over the next several quarters? And just any general color on the consumer demand for the home category. And second question on Gen AI, just potential uses of Gen AI to drive the biz going forward.

兩個問題。首先，您能談談訂單增長的關鍵驅動因素嗎？在接下來的幾個季度，這種情況是否可持續？而一般的顏色就符合消費者對家居品類的需求。關於 Gen AI 的第二個問題，只是 Gen AI 推動業務向前發展的潛在用途。

Thanks, John. I'll start with the order growth. So the order growth dynamic, I think it's -- what I was referring to earlier about us being in a position where the recipe is back intact in the offering record selection, the in-stock availability, the fast delivery, the competitive prices. That flywheel is there, customers are reacting to it. And then what's even more exciting than that is we're seeing it in the repeat metrics, we're seeing their engagement post order, they're coming back post order, the buying again, working. And that's a cycle that compounds.

謝謝，約翰。我將從訂單增長開始。因此，我認為訂單增長動態就是——我之前提到的，我們在提供創紀錄的選擇、庫存可用性、快速交貨和有競爭力的價格方面保持了完整的配方。飛輪就在那裡，客戶正在對其做出反應。然後比這更令人興奮的是我們在重複指標中看到了這一點，我們看到他們在訂單後的參與度，他們在訂單後回來，再次購買，起作用。這是一個複合的循環。

And everything in the business would imply that, that should be a something that grows over time because in the customers to come back, that's a compounding factor as you add in more engaged customers. And as I mentioned on the pricing standpoint, the prices can get even sharper as suppliers are able to fully move to kind of the future cost, where the inflation has come out, the ocean freight is not what it was at the peak. It's much more like what it was pre-COVID, et cetera.

業務中的一切都意味著，這應該是一個隨著時間的推移而增長的東西，因為在回頭客中，當你增加更多參與的客戶時，這是一個複雜的因素。正如我在定價角度提到的，隨著供應商能夠完全轉向未來成本，價格可能會變得更高，通貨膨脹已經出現，海運費不再是高峰時的水平。這更像是新冠疫情之前的情況等等。

So that's sort of the dynamic, and that's why you see the momentum in the business, and we see it growing. I don't know, Kate on the order growth, anything you'd want to...

這就是動態，這就是為什麼你看到業務的勢頭，我們看到它在增長。我不知道，凱特，關於訂單增長，你想要什麼......

Yes. I think those are the key pieces. I mean, it's really the dynamic that I believe we foreshadowed a few quarters ago, which is as deflation continues to come out of the prices and as our availability and speed got better, we would ultimately be seeing order growth offset some of that deflation as customers were able to reengage in the category. I think your next question was...

是的。我認為這些是關鍵部分。我的意思是，這確實是我認為我們在幾個季度前所預示的動態，即隨著通貨緊縮繼續從價格中顯現出來，隨著我們的可用性和速度變得更好，我們最終將看到訂單增長抵消了部分通貨緊縮，客戶能夠重新參與該類別。我想你的下一個問題是...

Gen AI.

人工智能一代。

Was on Gen, yes.

是的，在Gen上。

Yes. Yes, a couple of thoughts on that. So there's a -- there's a number of use cases of Gen AI that we're actually already taking advantage of and building capabilities on and honing a lot of which have to do with reducing workload or making work much more efficient. An example of something that we actually have already piloted is -- as you know, we have thousands of customer service agents who talk with our customers but will also engage with our customers on chat and answer questions via e-mail. So something like chat and e-mail, one of the things that we've done is run a pilot where we have software that basically creates what it believes the answer to be. And then with that answer, an agent can review it very quickly, edit it as they think is needed and sent it back. So that's a cost savings method that actually increases the quality of the answers. We found that actually the customer satisfaction, the aggregate response go up while in fact, the cost, the cost to answer for a given question goes down.

是的。是的，對此有一些想法。因此，我們實際上已經在利用 Gen AI 的許多用例，並在其基礎上構建和磨練許多功能，這些用例與減少工作量或提高工作效率有關。我們實際上已經試點的一個例子是——如您所知，我們有數千名客戶服務代理，他們與我們的客戶交談，但也會通過電子郵件與我們的客戶聊天並回答問題。因此，像聊天和電子郵件這樣的事情，我們所做的事情之一就是進行試點，我們擁有基本上可以創建它認為的答案的軟件。然後，有了這個答案，代理就可以非常快速地對其進行審查，根據他們認為需要的情況進行編輯並將其發回。因此，這是一種節省成本的方法，實際上可以提高答案的質量。我們發現，實際上客戶滿意度、總體響應上升了，而事實上，成本、回答給定問題的成本卻下降了。

And there's like 4 or 5 use cases like that, that we already have underway. Some of the other ones have to do with how we draft product descriptions, how we do product tagging. And so there's a variety of things that we do that we have tremendous amounts of people or cost revolver that we can reduce and while improving efficiency and accuracy. Then there's a set of (inaudible) on Gen AI that get to sort of how it could change the customer experience in the future. I think those are the ones that are a little more on pilot stage, a little more R&D is involved. We announced one of the things we're working on just the other day, which is to clarify -- and so I would just encourage you if you're curious about that to just check that out because we -- there's a link available to that, and you can just try it yourself. And it gives you a taste and a feel of what's available and where things are headed. And we think that will take longer to play out in some of the cost savings type things that we think we can ramp more quickly, but we think that the power of what you can do with Gen AI is very significant. And I think it plays to our strength where we've been very actively using data science for years, and this is sort of the latest incarnation of that, but it plays to a strength that we've had. And so we feel like we're in a very good position to continue to be a technology leader and aggressive adopter of technology.

我們已經在進行大約 4 或 5 個這樣的用例。其他一些問題與我們如何起草產品描述、如何進行產品標籤有關。因此，我們做了很多事情，我們可以減少大量的人員或成本，同時提高效率和準確性。然後有一組關於 Gen AI 的（聽不清），探討它如何改變未來的客戶體驗。我認為這些都處於試點階段，涉及更多的研發。前幾天我們宣布了我們正在做的事情之一，那就是澄清——所以如果你對此感到好奇，我會鼓勵你去檢查一下，因為我們——有一個鏈接可以訪問那個，你可以自己嘗試一下。它可以讓您體驗和感受可用的內容以及事情的發展方向。我們認為，在一些成本節約類型的事情上，我們認為這需要更長的時間才能發揮作用，我們認為我們可以更快地提升這些事情，但我們認為，使用Gen AI 可以做的事情的力量是非常重要的。我認為它發揮了我們的優勢，多年來我們一直非常積極地使用數據科學，這是它的最新體現，但它發揮了我們已有的優勢。因此，我們認為我們處於非常有利的位置，可以繼續成為技術領導者和積極的技術採用者。

Your next question is from the line of Alexandra Steiger with Goldman Sachs.

您的下一個問題來自高盛的亞歷山德拉·施泰格 (Alexandra Steiger)。

I do want to ask about international. So while you obviously saw a nice improvement in the U.S. international growth is still lagging. So wondering if there's anything you're calling out, whether you refocused your international efforts or do you prioritize some initiatives that led to the lower revenue growth? Or is this more a sign of a weakening consumer demand in international versus the U.S.?

我想問一下國際的事因此，儘管您明顯看到美國的情況有了很大改善，但國際增長仍然滯後。因此，想知道您是否有什麼呼籲，是否重新調整了國際業務的重點，或者是否優先考慮了一些導致收入增長下降的舉措？或者這更多地表明國際消費者需求相對於美國消費者需求減弱？

Thanks, Alexandra. What I would say on international, so sort of their's 2 parts to answer that question. One certainly is the macro is different by country. And there are, I would say, in some of the markets that we're in, in our international segment, certainly a weaker macro than in the United States. So I think that's a piece of it.

謝謝，亞歷山德拉。我想說的是國際比賽，所以他們的兩個部分來回答這個問題。毫無疑問，不同國家的宏觀經濟是不同的。我想說，在我們所處的一些市場中，在我們的國際市場中，宏觀經濟肯定比美國更弱。所以我認為這就是其中的一部分。

I think the other piece of it, though, is when we laid out the $1.4 billion in cost actions, one of the buckets we talked about, for example, was some of the things we were doing around advertising and where we're going to make sure that the advertising we did, we kept it really tight inside paybacks and some of the more speculative advertising we cut back. And one of the other things we talked about is like how -- being tight on unit economics.

不過，我認為另一件事是，當我們制定 14 億美元的成本行動時，我們討論的其中一個方面是我們圍繞廣告所做的一些事情以及我們將要做什麼確保我們所做的廣告，我們將其嚴格控制在回報範圍內，並削減了一些更具投機性的廣告。我們討論的其他事情之一是如何——嚴格控制單位經濟效益。

And so in some of the international segments, I would say that we've taken a position to strengthen our unit economics, which comes at the cost of near-term revenue, but we think fundamentally sets up those businesses in the longer term to be much stronger. And you see that when you look at the EBITDA of the International segment, you can see that it's improved dramatically. And so some of those things, while they would hurt on revenue, they would be quite good from a profit standpoint, and so if you take a longer-term view, it creates a much better outcome. And so that's the other thing I think you need to make sure you keep in mind. It's not just the story of the macro.

因此，在一些國際領域，我想說，我們已經採取了加強單位經濟效益的立場，這是以短期收入為代價的，但我們認為從長遠來看，從根本上將這些業務建立在更強。當你查看國際部門的 EBITDA 時，你會發現它有了顯著的改善。因此，其中一些事情雖然會損害收入，但從利潤的角度來看，它們會相當不錯，因此，如果你從長遠來看，它會創造更好的結果。這是我認為你需要牢記的另一件事。這不僅僅是宏觀的故事。

Our next question is from the line of Curt Nagle with Bank of America.

我們的下一個問題來自美國銀行的 Curt Nagle。

So the first one, I guess, would be on the pace of active customer growth. I think you saw the first instance of quarter-over-quarter growth in some like 2 years, where is it coming from? Is it new? Is it reactivated? And how should we think about the pace going through the rest of the year?

所以我想第一個是活躍客戶增長的步伐。我認為您看到了兩年來的第一次季度環比增長，它來自哪裡？這是新的嗎？是重新激活了嗎？我們應該如何看待今年剩餘時間的步伐？

Thanks for the question. Yes, I'd say we're very excited about that momentum. And I think if you -- if you think about orders and the order growth is significant, that shows you that there's a lot of customers who are getting to your point, some are new and some are reengaged. But you see them coming.

謝謝你的提問。是的，我想說我們對這種勢頭感到非常興奮。我認為，如果你考慮訂單，並且訂單增長顯著，這表明有很多客戶明白你的觀點，有些是新客戶，有些是重新參與的客戶。但你看到他們來了。

And then what I was addressing earlier is something that you can't see in the metrics, but is happening, and we're very excited, which is the repeat metrics underneath. So someone who buys what percentage of them buy again in the next 30 days or 90 days. These types of repeat rates. Those are actually strengthening quite nicely, and that's a really good leading indicator of where the business is headed. And it's kind of for 2 reasons.

然後我之前提到的是一些你在指標中看不到的事情，但是正在發生，我們非常興奮，這就是下面的重複指標。那麼購買的人中有多少人會在接下來的 30 天或 90 天內再次購買。這些類型的重複率。這些實際上正在很好地加強，這是業務發展方向的一個非常好的領先指標。這有兩個原因。

One, that creates the component cycle. So mathematically, that's how growth really can get strong, stay strong increases. But also it shows you the kind of how well are we doing at impressing the customer? Because in other words, if you have a great selection, great pricing, great delivery, great merchandising they'll buy. But then ultimately, once they buy, they get the product at their house, it's been delivered to them. They didn't have the product and they're using the product only then if they're really happy what they buy again. And so it kind of -- those repeat rates kind of take everything and kind of show you where the customer is then voting, how happy are they? And are they then acting on that, and we're seeing that strengthening.

一，創建組件週期。所以從數學上講，這就是增長真正能夠變得強勁、保持強勁增長的方式。它還向您展示了我們在給客戶留下深刻印象方面做得如何？因為換句話來說，如果你有豐富的選擇、優惠的價格、優質的交付和優質的商品，他們就會購買。但最終，一旦他們購買，他們就會在家裡收到產品，產品就會交付給他們。他們沒有該產品，只有當他們真的很高興再次購買時才會使用該產品。所以，這些重複率會影響一切，並向你展示客戶在哪裡投票，他們有多高興？然後他們會採取行動嗎？我們看到這種情況正在加強。

Kate, I don't know if you...

凱特，我不知道你是否...

Yes. I would just add, I think that speaks to it very well. I would add that -- as a reminder, the active customer number is an LTM active number. And so you're going to see the orders number as we are seeing improve ahead of that active customer number. You'll see that sequential growth, which, to your point, we saw this quarter, and those indicators will come first, and then it will take a little bit of time to sort of grow through and get to that positive active customer number. But overall, we're very encouraged by the trends, particularly around order volume. And as Niraj said, sort of underlying repeat behavior.

是的。我想補充一點，我認為這很好地說明了這一點。我想補充一點——提醒一下，活躍客戶號碼是 LTM 活躍號碼。因此，您將看到訂單數量，因為我們看到活躍客戶數量之前有所改善。您會看到連續增長，就您而言，我們在本季度看到了這種增長，這些指標將首先出現，然後需要一點時間來實現增長並達到積極的活躍客戶數量。但總的來說，我們對這些趨勢感到非常鼓舞，特別是在訂單量方面。正如尼拉吉所說，這是一種潛在的重複行為。

Got it. Okay. And then just as a quick follow-up. So the commentary in terms of some of the relative share gains for 2Q, we're definitely helpful. At the end of the quarter, maybe going to 3Q, any evidence that you're seeing a pickup in the category? Or is this sort of a continuation of you guys really outperforming. That's the primary driver of 3Q.

知道了。好的。然後作為快速跟進。因此，關於第二季度的一些相對份額收益的評論對我們絕對有幫助。在本季度末，也許到第三季度，有任何證據表明您看到該類別有所回升嗎？或者說你們的這種延續真的表現出色。這是第三季度的主要驅動力。

Yes. I would say -- a few thoughts. So based on what we see from a market share standpoint and what we see overall demand in category, we're seeing it kind of -- we don't really see the category particularly strengthening. We see it kind of bumping along. We believe we see that in both the credit card data that we have access to, but also, for example, last few days, I was at the Las Vegas market. I talked to a lot of suppliers, and it's what we're hearing from them. We're hearing from them that we're picking up share. It's broad-based and then any given supplier will give us some flavor about named specific named competitors. And what we're hearing would be consistent with what we believe we're seeing in the credit card data. And then what they're telling us about their overall demand trends will be consistent, which is demand is relatively weak it's bumping along. We're stand out and taking share, and it's very broad-based.

是的。我想說——一些想法。因此，根據我們從市場份額的角度看到的情況以及我們所看到的類別的總體需求，我們看到的是——我們並沒有真正看到該類別特別加強。我們看到它有點顛簸。我們相信，我們不僅在我們可以訪問的信用卡數據中看到了這一點，而且在過去幾天裡，我也在拉斯維加斯市場上看到了這一點。我與很多供應商進行了交談，這就是我們從他們那裡聽到的。我們從他們那裡得知我們正在獲得份額。它的基礎廣泛，然後任何給定的供應商都會給我們一些關於指定的特定競爭對手的信息。我們聽到的內容與我們認為在信用卡數據中看到的內容是一致的。然後他們告訴我們的總體需求趨勢將是一致的，即需求相對疲軟，但一直在波動。我們脫穎而出並佔據份額，而且基礎非常廣泛。

Okay. That's very helpful.

好的。這非常有幫助。

Your next question is 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 maybe start with -- wanted to start with CastleGate penetration. So curious if you can give us any color on where you expect to end the year in terms of penetration of small and large parcel? And what the current thoughts are around capacity for CastleGate as we look out to '24 and '25?

我想也許從——想從 CastleGate 滲透開始。很好奇您能否告訴我們您預計今年年底小型和大型包裹的滲透率會達到什麼水平？當我們展望“24”和“25”時，當前關於 CastleGate 容量的想法是什麼？

Yes. Thanks for the question. What I would say is that CastleGate penetration as we go through time, we're quite excited about where we think it will go, based on what we're hearing from suppliers' interest to flow goods in as they increasingly flow new goods out of Asia. So we've been at a period of time where suppliers are kind of working their way through excess stock. But they're now getting to a point where they're bringing in their best sellers, and I mentioned the Las Vegas market recently. I'd say a substantial number of the suppliers are now bringing in large new product introductions for the first time in 3 years. So it's sort of like a moving forward thing going on in the business, which is particularly exciting, I think, plays to our strengths, but also from the standpoint of flowing fresh goods out of Asia, that will speak to increasing CastleGate penetration.

是的。謝謝你的提問。我想說的是，隨著時間的推移，CastleGate 的滲透率，我們對它的發展方向感到非常興奮，根據我們從供應商那裡聽到的消息，隨著他們越來越多地流出新貨物，他們有興趣流入貨物。亞洲。因此，我們正處於供應商正在努力解決過剩庫存的時期。但他們現在已經到了引進最暢銷產品的地步，我最近提到了拉斯維加斯市場。我想說，大量供應商現在三年來首次推出大量新產品。因此，這有點像行業中正在發生的向前發展的事情，我認為這特別令人興奮，發揮了我們的優勢，而且從新鮮商品流出亞洲的角度來看，這將有助於提高CastleGate 的滲透率。

From a capacity standpoint, what I would say is we've built that network out over the last few years to have a very good footprint, but with a lot of unutilized space because the idea we had is we wanted to have the footprint. And then as we get more volume through it, it will then get utilized which will then be a situation where we'll only need to add new locations down the road when we have capacity constraints, which is not the case right now.

從容量的角度來看，我想說的是，我們在過去幾年中建立了該網絡，以擁有非常好的足跡，但有很多未利用的空間，因為我們的想法是我們希望擁有足跡。然後，當我們通過它獲得更多的容量時，它將被利用，這將是一種情況，當我們有容量限制時，我們只需要在未來添加新的位置，但現在的情況並非如此。

Yes. I would add to that. We've obviously shared the CastleGate penetration stat in the past is 1 metric on our overall logistics improvements and ongoing efficiency that we're seeing there, which you can clearly see in that gross margin line and we'll certainly speak next week at our Investor Day more broadly to our logistics network and the efficiency and the value that drives for our customers and our supplier. CastleGate is an important piece of that. And within CastleGate, of course, the penetration is a component, but there are multiple factors at play here.

是的。我想補充一點。顯然，我們過去已經分享過CastleGate 滲透率統計數據是我們在那裡看到的整體物流改進和持續效率的1 指標，您可以在毛利率線中清楚地看到這一點，我們肯定會在下週的會議上發言。投資者日更廣泛地關注我們的物流網絡以及為我們的客戶和供應商帶來的效率和價值。 CastleGate 是其中的重要組成部分。當然，在 CastleGate 中，滲透率是一個組成部分，但這裡有多個因素在起作用。

I appreciate that. Maybe just a quick follow-up. Maybe we'll get this next week. But I keep thinking back to the total logistics cost, right? I think you've referenced in the origin in the past around $0.20 of every dollar. So curious if you could sort of talk to where that -- where the total logistic costs are today and where you sort of see them going as various aspects of the supply chain normalize here?

我很感激。也許只是快速跟進。也許我們下週就會收到這個。但我一直在思考總物流成本，對吧？我想你過去在起源中提到過每美元大約有 0.20 美元。很好奇，您是否可以談談今天的總物流成本在哪裡，以及隨著供應鏈各個方面的正常化，您認為它們會走向何方？

Yes. So I don't have a -- I don't like a crisp number to chair the $0.20 is not a or anything like that. But I guess, the way to think about it is that logistics cost, we've been focusing on optimizing it. The biggest factors that would optimize it -- or basically, when you think about CastleGate penetration, if goods come in directly from wherever they're manufactured, and get forward position from the get-go. That's the single biggest driver of taking out logistics cost because all the excess miles that would need to happen in the destination country really get minimized. That's the most expensive leg is the final mile leg.

是的。所以我沒有——我不喜歡用一個清晰​​的數字來表示 0.20 美元不是 a 或類似的東西。但我想，思考的方式是物流成本，我們一直專注於優化它。優化它的最大因素——或者基本上，當你考慮 CastleGate 的滲透率時，如果貨物直接從製造地進入，並從一開始就處於領先地位。這是降低物流成本的最大驅動因素，因為目的地國家/地區需要發生的所有多餘里程實際上都被最小化了。最昂貴的一段是最後一英里。

The second most expensive thing is also -- is around on that final mile. How can you optimize it past just the miles. And so this is where we get into what we do in some of our buildings around sortation and where you could take out things like hub touches, you can also for the large parcel levels that we deliver ourselves, how do we optimize that. So then again, whether you do 17 deliveries in a day instead of 16 or something like that, that could be a very big driver of cost.

第二昂貴的事情也是——在最後一英里。如何才能優化它超過幾英里。因此，這就是我們在一些建築物中圍繞分揀所做的工作的地方，您可以在其中刪除諸如中心接觸之類的東西，您也可以針對我們自己交付的大包裹級別，我們如何優化它。話又說回來，無論您每天送貨 17 次，而不是 16 次或類似的數量，這都可能是成本的一​​個非常大的驅動因素。

So if you think about the activities we have around the fulfillment center footprint around the consolidation and the things we're doing abroad that facilitates the ocean freight to be very efficient at loading to begin with and then what we're doing on our last mile delivery network, these things kind of add up to tackling those costs. And then 1 of the things I mentioned is where we have capacity pass what we use today. So as volumes increase, there's a tremendous opportunity to drive down costing. And that will happen as the volumes grow and the volume in that network on a proprietary basis grows.

因此，如果您考慮一下我們在履行中心圍繞整合開展的活動，以及我們在國外所做的事情，這些事情促進了海運在裝載時非常高效，然後是我們在最後一英里所做的事情交付網絡，這些東西加起來可以解決這些成本。我提到的一件事是我們的容量超過了我們今天使用的容量。因此，隨著產量的增加，就有巨大的機會降低成本。隨著交易量的增長以及該網絡中專有基礎上的交易量的增長，這種情況將會發生。

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

您的下一個問題來自 Jonathan Matuszewski 和 Jefferies 的電話。

One of your online competitors is highlighting elevated trade down over the last couple of months with customers who used to buy better SKUs, sign more good SKUs, would you say trade down was more pronounced in 2Q relative to 1Q? And how much did that impact your AOV this quarter?

您的一位在線競爭對手強調，在過去的幾個月裡，與過去購買更好的SKU、簽署更多優質SKU 的客戶相比，交易下降幅度更大，您是否認為第二季度的交易下降比第一季度更明顯？這對您本季度的 AOV 有多大影響？

Yes. Thanks, Jon. I would say that we're definitely -- we definitely see trade down. Trade down -- in a recessionary cycle, trade down is very common. And we kind of saw that cycle play out in 2009, 2010. It's a very -- it's actually relatively easy to kind of quantify that cycle and track it. That said, the bulk of what's driving the AOV is that deflation. It's that ocean freight, in particular, inflation coming back out. There's also a little bit that had to do with raw materials and some of the production costs. And so that's the primary driver of AOV, the vast majority of it. Trade down is a piece on the AOV, but it's not the bulk of it.

是的。謝謝，喬恩。我想說，我們肯定會看到貿易下降。降價交易——在經濟衰退週期中，降價交易非常常見。我們在 2009 年、2010 年看到了這個週期的上演。量化這個週期並跟踪它實際上相對容易。也就是說，推動 AOV 的主要因素是通貨緊縮。尤其是海運，通貨膨脹又回來了。還有一點與原材料和一些生產成本有關。這就是 AOV 的主要驅動力，也是絕大多數。降價交易只是 AOV 的一部分，但並不是其中的大部分。

Yes. I would just add that I think also trade down is an area where our broad selection benefits us. And so the customer can continue shopping with us. And if our budget is tighter, she can still find that product with us. We certainly saw that behavior play out in the 2009, 2010 period as well.

是的。我想補充一點，我認為降價交易也是我們廣泛的選擇對我們有利的一個領域。這樣客戶就可以繼續在我們這裡購物。如果我們的預算比較緊張，她仍然可以和我們一起找到該產品。當然，我們在 2009 年和 2010 年期間也看到了這種行為。

That's helpful. And just my follow-up question. Kate, I think you alluded to some investments in customer experience contributing to a lower gross margin 3Q relative to 2Q. Can you elaborate on some of those enhancements and the returns you expect to see from them?

這很有幫助。這只是我的後續問題。凱特，我認為您提到了對客戶體驗的一些投資，導致第三季度的毛利率低於第二季度。您能否詳細說明其中一些增強功能以​​及您期望從中看到的回報？

Yes. Great question. So when we talk about investing in the customer experience, I think it's important to note that across multiple factors, right? So often, folks will go to price, price is a component but so is delivery speed, delivery experience, just spoke about some of the last mile delivery efforts that we made, the returns experience, incident management, et cetera.

是的。很好的問題。因此，當我們談論投資客戶體驗時，我認為重要的是要注意多個因素，對吧？人們經常會關注價格，價格是一個組成部分，但送貨速度、送貨體驗也是如此，剛剛談到了我們所做的一些最後一英里送貨工作、退貨體驗、事件管理等等。

All of those, we think, drive an overall better customer experience, and that leads to ongoing repeat behavior. So when we think about quantifying the value of those investments, we're looking at, as I mentioned previously, this multi-quarter growth in gross profit dollars and ongoing improvement there from driving that customer experience. As a result, yes, we are going to be reinvesting some this quarter we landed at 31.1%. The midpoint of our guide is about 30%, but we've continued to step up that gross margin. And I think you'll see ongoing improvements throughout the year and going forward in gross margin. We've previously outlined that path to sort of a mid-30s gross margin. We're very pleased with the progress that we're making there.

我們認為，所有這些都會帶來更好的整體客戶體驗，並導致持續的重複行為。因此，當我們考慮量化這些投資的價值時，正如我之前提到的，我們正在關注毛利潤的多季度增長以及通過推動客戶體驗而持續改善。因此，是的，我們將在本季度進行一些再投資，我們的投資率為 31.1%。我們指南的中點約為 30%，但我們繼續提高毛利率。我認為您會看到全年持續改善，毛利率不斷提高。我們之前已經概述了毛利率達到 30 多歲左右的路徑。我們對在那裡取得的進展感到非常滿意。

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

你的下一個問題來自安娜·安德烈耶娃（Anna Andreeva）和李約瑟（Needham）的對話。

Great. Congrats on nice momentum in the business. We had a couple of quick ones. I wanted to follow up on the monthly cadence during the second quarter. So you guys provided an update in early June for the business to be down mid-single. So was June overall positive for the company? I just wanted to make sure that math is correct. And obviously, a lot of initiatives are working, which is great. But anything specific that drove improvement to low singles that you're currently running? And can you help bridge how we should think about getting to mid-single for the third quarter?

偉大的。祝賀業務發展勢頭良好。我們有幾個快速的。我想跟進第二季度的每月節奏。所以你們在六月初提供了一個更新，表示業務將在中期下滑。那麼 6 月份對公司整體來說是積極的嗎？我只是想確保數學是正確的。顯然，很多舉措正在發揮作用，這很棒。但是有什麼具體的事情推動了你目前正在運行的低單打的改進嗎？您能否幫助我們了解如何考慮第三季度的中單？

Thanks, Anna. I'll just want to quick thought and then pass it over to Kate to answer your question, but it's -- the thing I would -- one thing just to make sure you keep in mind is the concept of compounding, right? So you get customers, they are interested, they buy, they're happy, and then they come back. And there's a bunch of things you can see there that show you that compounding, you see repeat ticking up, the Wayfair app, for example, has seen increased downloads and usage. That's typically, the app is used by those who are increasingly loyal and engaged. And so there's a bunch of different metrics I think you have access to where you'd see that. And that concept of compounding is really how the growth occurs, but let me pass over to Kate for your specific.

謝謝，安娜。我只是想快速思考一下，然後將其傳遞給凱特來回答你的問題，但這是 - 我會 - 的一件事只是為了確保你牢記複利的概念，對吧？所以你得到了客戶，他們感興趣，他們購買，他們很高興，然後他們又回來了。你可以看到很多事情，這些事情表明，複合，你會看到重複的增長，例如，Wayfair 應用程序的下載量和使用量都有所增加。通常情況下，該應用程序的用戶是那些忠誠度和參與度越來越高的人。因此，我認為您可以訪問許多不同的指標，從而看到這些指標。複利的概念實際上就是增長的發生方式，但讓我向凱特轉達你的具體情況。

Yes. I think that covers how you can think about the second quarter. Obviously, we don't provide month-on-month breakouts. As you sort of move into the third quarter, I think your question was, how do we get from low single digits that we're seeing today to that mid-single digit. One factor that I'd point you to is that marketing test, that straddled 2 quarters. So the test itself occurred in the second quarter. That means we've pulled balance some spend in the second quarter and left some revenue dollars on the table that would have hit in the early part of the third quarter. So that's a little bit of how you might see some of that. And then, of course, ongoing momentum that we would expect to see because of those underlying factors that Niraj mentioned orders obviously beget future customers and future orders. And as we've seen that order volume growth, we'll continue to see that why we will improve.

是的。我認為這涵蓋了您對第二季度的看法。顯然，我們不提供月度突破。當你進入第三季度時，我認為你的問題是，我們如何從今天看到的低個位數增長到中個位數。我要向您指出的一個因素是跨越兩個季度的營銷測試。所以測試本身發生在第二季度。這意味著我們在第二季度平衡了一些支出，並留下了一些本應在第三季度初實現的收入。這就是您可能會看到的一些情況。當然，由於尼拉吉提到的訂單的潛在因素，我們預計會看到持續的勢頭，這顯然會產生未來的客戶和未來的訂單。正如我們所看到的訂單量增長一樣，我們將繼續了解為什麼我們會改進。

Okay. Terrific. That's super helpful. And Kate, just as a follow-up. This was very helpful on the gross margin, but did you guys quantify the timing benefit in the second quarter?

好的。了不起。這非常有幫助。凱特，作為後續行動。這對毛利率非常有幫助，但是你們量化了第二季度的時間效益嗎？

Yes, we did not. We did say things hit a bit faster than originally anticipated, and we're excited about the ongoing tight execution from the team there.

是的，我們沒有。我們確實說過事情發生的速度比最初預期的要快一些，我們對團隊持續的嚴格執行感到興奮。

Your next question is from the line of Ygal Arounian with Citigroup.

您的下一個問題來自花旗集團的 Ygal Arounian。

So maybe just to dig in a couple of these points. First on the gross margin, great to see and understand kind of puts and takes with the reinvestment. On the upside and what drove upside to what you're expecting this quarter or just in general, the strength, can you talk about which pieces were the largest contributors to that? Like what's been coming in better than expected?

所以也許只是要深入探討其中的幾點。首先是毛利率，很高興看到並了解再投資的看跌期權和拿取期權。從好的方面來看，是什麼推動了您對本季度的預期，或者總體而言，實力的上升，您能談談哪些部分是其中最大的貢獻者嗎？比如哪些事情比預期的要好？

And then on the advertising, again, really interesting to see and hear about the kind of the pullbacks on the testing. Can you share a little bit more about what that was, what you saw that led you to pull back some of the things you're looking for there and how to think about that as we kind of move forward?

然後在廣告上，看到和聽到測試中的那種回調真的很有趣。您能否分享更多關於那是什麼，您所看到的是什麼導致您撤回了您正在尋找的一些東西以及在我們前進時如何思考這一點？

Thanks, Ygal. I think Kate will probably be able to answer your questions, but the 1 point I just want to make before I pass it over to Kate is a lot of the gross margin improvement, if you go back to that $1.4 billion cost action plan. We kind of talked through a bunch of components of what we were planning to do. I think a lot of what you're seeing in the results is an outcome of a lot of the things we said we were going to do that we've been since done, and that are kind of driving a lot of the improved performance. And then on advertising, I guess the point I would make there is the testing we do is really to get data that then we use to hone the data science models that drive the spend in a way where we have high confidence that we know what ROI we're getting. And so it's something that we just need to regularly do to kind of hone these models. And because of kind of the unusual behavior during COVID, the last set of tests were run in 2019, which is quite a long time ago, you typically would run them much more frequently than a 4-year period, but that's sort of the last normal period we had. And so what we're doing is make sure we hone these models. So even though that hurted performance from a revenue standpoint in Q2 because you're not spending a bunch of advertising that you believe is productive. It's the only way to get the data back that hones the model. And so it's more kind of an ongoing thing you would do to just make sure that you're kind of able to be very specific and accurate in how you advertise. Kate?

謝謝，伊加爾。我認為凱特可能能夠回答你的問題，但在我將其傳遞給凱特之前，我只想指出一點是，如果你回到那個 14 億美元的成本行動計劃，毛利率會得到很大的改善。我們討論了我們計劃要做的事情的一系列組成部分。我認為你在結果中看到的很多內容都是我們說過要做的很多事情的結果，而且我們一直在做這些事情，這在某種程度上推動了性能的提高。然後在廣告方面，我想我要說的一點是，我們所做的測試實際上是為了獲取數據，然後我們用這些數據來磨練數據科學模型，以一種我們非常有信心知道投資回報率的方式推動支出我們得到了。因此，我們只需要定期做一些事情來磨練這些模型。由於新冠疫情期間出現了一些不尋常的行為，最後一組測試是在2019 年進行的，那是很久以前的事了，你通常會比4 年期間更頻繁地運行它們，但這有點像是最後一次我們有正常的月經。因此，我們正在做的就是確保完善這些模型。因此，儘管從第二季度收入的角度來看，這損害了業績，因為你沒有花費大量你認為有效的廣告。這是獲取數據來完善模型的唯一方法。因此，這更像是您需要做的一項持續的事情，以確保您能夠非常具體和準確地進行廣告宣傳。凱特？

Yes. So circling back to your gross margin question on sort of what was the largest driver there. We've outlined before there's over 70 different initiatives that we are pursuing on the operational cost savings and operational efficiency. And what you're really seeing is the combination of those initiatives hitting a bit faster than we anticipated. And that's what drove that Q2 gross margin.

是的。那麼回到你的毛利率問題，最大的驅動因素是什麼。我們之前已經概述了我們正在推行的 70 多項不同舉措，以節省運營成本和提高運營效率。您真正看到的是這些舉措的結合，其實施速度比我們預期的要快一些。這就是推動第二季度毛利率的原因。

One thing I'd point out is that many of those are structural improvements that we've made. And so those savings are enduring and will be ongoing. That sort of light guide at the midpoint being at 30% versus the 31% that we hit is really just because of that reinvestment in the customer experience. We expect the improvements to hold.

我要指出的一件事是，其中許多都是我們所做的結構性改進。因此，這些節省是持久的，並將持續下去。中間點的光導為 30%，而我們達到的為 31%，這實際上只是因為對客戶體驗的再投資。我們希望這些改進能夠持續下去。

On the advertising test now, I'd echo everything Niraj just said -- this is -- these are important things for us to do to be able to have that ongoing conviction in how we spend. We think about spend and efficiency on a channel-by-channel basis, as you've heard us speak about before and testing is a sort of traditional and appropriate thing for us to do. We're excited to be back on the offensive and able to actually do those tests in a normal cadence. And that gives us the conviction to spend effectively into those channels going forward. Of course, the result is that you do lose a little bit of revenue on the table when you run those tests.

在現在的廣告測試中，我同意尼拉吉剛才所說的一切——這對我們來說是重要的事情，以便我們能夠對我們的支出方式保持持續的信念。正如您之前聽我們談論過的那樣，我們會逐個渠道地考慮支出和效率，而測試對我們來說是一種傳統且適當的事情。我們很高興能夠重新發起進攻，並能夠以正常的節奏實際進行這些測試。這讓我們有信心在未來有效地投入這些渠道。當然，結果是，當您運行這些測試時，您確實會損失一點收入。

Your next question is from the line of Atul Maheswari with UBS.

您的下一個問題來自 UBS 的 Atul Maheswari。

This is Michael Laster for Atul Maheswari. Niraj, I want to give you an opportunity to respond to some of the pushback from the skeptics that we've been hearing. One of their arguments is many of the vendors really globally are still heavy on inventory. So they're using third-party marketplaces as a channel to still rightsize their inventory and then dispose of excess inventory. In addition, they're benefiting from lower freight costs, which is allowing them to be a bit more promotional, which is driving some of the improvement. How would you respond to that?

我是阿圖爾·馬赫斯瓦里 (Atul Maheswari) 的邁克爾·拉斯特 (Michael Laster)。 Niraj，我想給你一個機會來回應我們所聽到的懷疑論者的一些反對意見。他們的論點之一是，全球許多供應商的庫存仍然很重。因此，他們使用第三方市場作為渠道來調整庫存規模，然後處理多餘的庫存。此外，他們還受益於較低的貨運成本，這使他們能夠進行更多的促銷，從而推動了一些改善。你對此有何反應？

Well, in terms of the deflation that's happening, I think that is happening. I do think the freight costs are not likely to revert to those kind of pandemic type prices that were there. So I don't think that's a temporal thing. And I don't think that's really promotional. I think that's -- items reflecting kind of a more normalized cost that will continue. And that's being, I think -- I think that's true for everybody, right? So that's like kind of a normal market phenomenon that I don't think is specific to any particular retailer.

嗯，就正在發生的通貨緊縮而言，我認為這種情況正在發生。我確實認為運費不太可能恢復到流行病時期的價格。所以我認為這不是暫時的事情。我認為這並不是真正的促銷。我認為，這些項目反映了一種將持續下去的更加正常化的成本。我認為這對每個人來說都是如此，對吧？因此，這就像一種正常的市場現象，我認為並不是針對任何特定零售商的。

In terms of excess inventory, I'd say the peak of excess inventory was the summer of 2022, and suppliers have been working down that inventory. Since then, we have a number of suppliers who are back to very healthy stock levels. And we have some who are still trying to work through that excess stock. We have not really seen suppliers discounting in general past the price of what they can price goods at on an ongoing basis.

就庫存過剩而言，我認為庫存過剩的峰值是 2022 年夏季，供應商一直在降低庫存。從那時起，我們有許多供應商恢復到非常健康的庫存水平。我們有些人仍在努力解決多餘的庫存問題。我們還沒有真正看到供應商的折扣普遍超過他們能夠持續定價的商品價格。

So in other words, there's the replacement cost if you flow that item today from Asia, what would that cost? And we're seeing suppliers' price perhaps all the way down to that level even if they have excess that they brought in a higher cost basis or still be above that level with a plan to get down to that level as they can flow more and more fresh goods.

換句話說，如果你今天從亞洲運來該物品，就會產生重置成本，那麼成本是多少？我們看到供應商的價格可能會一直下降到這個水平，即使他們有超出他們帶來的更高成本基礎的價格，或者仍然高於這個水平，併計劃下降到這個水平，因為他們可以流動更多和更多新鮮商品。

So we're not seeing anything that would kind of say any of the supplier behavior is something that's very temporal. What we're seeing is that they're reverting to normal. And I think what you're seeing is that, just like in 2019 or 2018, 2017, it's a competitive field of retailers out there. There's a lot of folks doing different things. And the folks who provide the customer with the best experience win. And that's a little different than the behavior during 2020 and 2021, where there's a very booming market. There was excess demand. There's a lot of stimulus spending. There's a lot of supply chain congestion. There's all kinds of different pricing, that's a more unusual period. And I think that we've now got that in the rear-view mirror.

因此，我們沒有看到任何表明供應商行為是非常暫時的行為。我們看到的是他們正在恢復正常。我認為你所看到的是，就像 2019 年、2018 年、2017 年一樣，這是一個零售商競爭激烈的領域。有很多人在做不同的事情。為客戶提供最佳體驗的人會獲勝。這與 2020 年和 2021 年的行為略有不同，2020 年和 2021 年的市場非常繁榮。需求過剩。有很多刺激性支出。供應鏈嚴重擁堵。有各種不同的定價，這是一個更不尋常的時期。我認為我們現在已經在後視鏡中看到了這一點。

Okay. And our follow-up question is you've got a wonderful purview on 2 of the most important elements of the domestic economy right now, which is the consumer and housing market. So if you could provide a little insight what you're seeing from a category perspective to illuminate what consumers are interested in buying, what where purchase cycles are already normalizing? For example, there are signs that flooring as a category remains under pressure, yet appliance demand is starting to stabilize. So what big themes or trends are you seeing that really indicate where the consumer stands right now from a category perspective?

好的。我們的後續問題是，您目前對國內經濟最重要的兩個要素有很好的了解，即消費者和房地產市場。因此，如果您能從品類角度提供一些見解，以闡明消費者有興趣購買什麼，以及購買週期已經正常化的地方？例如，有跡象表明地板作為一個類別仍然面臨壓力，但家電需求已開始穩定。那麼，您看到哪些重大主題或趨勢真正表明了消費者目前從品類角度的立場？

Yes. Thanks for that question. I mean what I would say, what we're seeing -- obviously, you can see in our numbers, we're seeing nice demand. That demand is pretty across the board. Obviously, we're a larger player in some categories than in other categories. So something like appliances, as you mentioned, flooring, these are really some of the newer categories we entered into over the last number of years as opposed to we started our company in 2002 with a focus on entertainment furniture. So that's where we've been in by far the longest.

是的。謝謝你提出這個問題。我的意思是我想說的，我們所看到的——顯然，你可以從我們的數據中看到，我們看到了很好的需求。這種需求是全面的。顯然，我們在某些類別中的參與者比其他類別中的參與者更大。正如您提到的，像電器、地板等，這些實際上是我們在過去幾年中進入的一些新類別，而不是我們在 2002 年創辦公司時專注於娛樂家具。這就是我們迄今為止停留時間最長的地方。

And so our market position varies in terms of how much market share we have. And so I think as a result, some of these newer categories, we're smaller in and so we can grow it off a smaller base. So these bar categories they're in, we have much market share, but we can still grow because of such a large position we have. So I don't know that we could see in our numbers, the category overall performance that you're alluding to. We hear about some of it from our suppliers. So we hear it anecdotally, but it's the same kind of data you would have access to.

因此，我們的市場地位因我們擁有的市場份額而異。因此，我認為，因此，在一些較新的類別中，我們的規模較小，因此我們可以在較小的基礎上發展它。因此，他們所處的這些酒吧類別，我們擁有很大的市場份額，但由於我們擁有如此大的地位，我們仍然可以增長。所以我不知道我們能否從我們的數據中看到您所提到的類別整體表現。我們從供應商那裡聽說了其中一些。所以我們聽說過它，但它與您可以訪問的數據類型相同。

Today's final question will come from the line of Colin Sebastian with Baird.

今天的最後一個問題將來自科林·塞巴斯蒂安和貝爾德。

Great. Just wanted to follow up on AOVs and the impact from deflation a little bit more. Maybe to understand specifically what you'd expect to happen in the financial profile of the business with gross margins, operating margins. If we do see a scenario where there is a reversion maybe back to historical levels? And then maybe Niraj, part of this maybe say, for next week, but -- following up on the Gen AI question or AI in general. But on the expense structure, I mean, given some of the crosscurrents around the internal efficiency gains you mentioned, but also external facing product development and maybe higher infrastructure costs associated with the AI. What should we think about in terms of the impact from those investments in R&D and technology.

偉大的。只是想進一步跟進 AOV 和通貨緊縮的影響。也許是為了具體了解您期望在企業的財務狀況中發生什麼，包括毛利率、營業利潤率。如果我們確實看到出現回歸歷史水平的情況？然後也許是 Niraj，其中一部分可能會在下週進行，但是——跟進 Gen AI 問題或一般的 AI 問題。但在費用結構上，我的意思是，考慮到你提到的內部效率提升的一些矛盾，還有面向外部的產品開發，以及與人工智能相關的更高的基礎設施成本。我們應該考慮這些研發和技術投資的影響。

Thanks, Colin. On the the AOV question on the deflation, I think I've kind of mentioned -- I think really the main thing that's happened is the ocean freight, which is the primary driver, again, has returned back to sort of pre-COVID levels suppliers, if they work through their goods and get to newer goods are then bringing those goods over with kind of the costing looking much more like it did pre-COVID than it did during COVID. And they're reflecting that in the wholesale prices, which then get reflected into the retail prices. You can see from our margin, effectively our gross margins is kind of like our take rate, you're seeing that -- that's holding fine. And you're seeing that having a competitive offer really drives customer engagement, what you're seeing in sort of the order count number and the sequential increase in active customers. And then if you roll that forward, you get that effect that I've described a couple of times around that compounding, which happens with engaged customers coming back. And that's seen in repeat metrics that I think is the 1 piece that's hard for you to see. You see it play out over time in results, but you wouldn't have those repeat metrics, but that's -- we can see it and it's working well. So I think the margins become -- margins, you can see our unit economics are strong. And what you're seeing is that our volume is growing, and it's growing in what's a really tough market today. And so you can imagine the market stabilizes and then increases over time as you roll out over the years, like it makes it easier for us to grow even faster.

謝謝，科林。關於通貨緊縮的 AOV 問題，我想我已經提到過——我認為真正發生的主要事情是海運，這是主要驅動因素，再次回到了新冠疫情前的水平供應商，如果他們處理他們的貨物並獲得更新的貨物，那麼他們就會把這些貨物運過來，其成本計算看起來更像是新冠疫情前的情況，而不是新冠疫情期間的情況。他們將這一點反映在批發價格中，然後反映在零售價格中。你可以從我們的利潤率中看到，實際上我們的毛利率有點像我們的接受率，你看到了——這很好。您會看到，擁有有競爭力的報價確實可以提高客戶參與度，您可以看到訂單計數和活躍客戶的連續增長。然後，如果你向前滾動，你就會得到我已經多次描述過的那種複合效果，這種效果會隨著忠誠客戶的回歸而發生。這在重複指標中可以看到，我認為這是你很難看到的一個部分。你會看到它隨著時間的推移在結果中發揮作用，但你不會有那些重複的指標，但那就是——我們可以看到它並且它運行良好。所以我認為利潤率變成了——利潤率，你可以看到我們的單位經濟效益很強勁。您看到的是，我們的銷量正在增長，而且是在當今非常艱難的市場中增長的。因此，你可以想像，隨著你多年來的推出，市場會穩定下來，然後隨著時間的推移而增長，就像這讓我們更容易更快地增長一樣。

Yes. Our margins are healthy and growing even with the AOV compression. And I would not expect a drag on the margin from AOV compression. We're seeing that, of course, offset with orders, which is a more positive thing for our flywheel.

是的。即使 AOV 壓縮，我們的利潤率依然健康且在增長。我預計 AOV 壓縮不會對利潤產生拖累。當然，我們看到訂單抵消了這一點，這對我們的飛輪來說是更積極的事情。

And then on your Gen AI question, I think the way I think about it, obviously, where we can become more efficient that's a form of cost savings. We talk -- if you think back to that $1.4 billion cost actions plan, there are a lot of different cost savings we said we're going after. You can create another set of activities that using Gen AI can help us go after and that obviously makes us more efficient on its offer sharper retail prices, lets us invest in different areas. That's all very productive. That infrastructure cost question you had in there about the kind of technology spend. I wouldn't don't think about us as really incurring that in the same way. The folks who have the big LLN and provide those as a service. So in this case, Google or OpenAI would be 2 that we work with, for example, they have a very large capital investment they make that they then get back by letting you use their models as a service, and you're then putting your own layers on top of it using your own first-party data, which is then a reason why we and the other large platforms is going to benefit to the smaller platforms don't, which is the depth and breadth of your first-party data, which is really the difference in how well you can design a Gen AI type application. But your cost is not particularly high because again, you're paying for your usage is a modest amount. And so there's always different pieces of our software application where we're adding capability and then there's always over pieces you're optimizing lower cost in. So I don't know Kate maybe address it. But I think our clusters, there's nothing for you to worry about there, I guess, on that point.

然後關於你的 Gen AI 問題，我認為我的思考方式顯然是，我們可以提高效率，這是節省成本的一種形式。我們討論過——如果你回想一下 14 億美元的成本行動計劃，就會發現我們正在追求許多不同的成本節約。您可以創建另一組使用 Gen AI 可以幫助我們進行的活動，這顯然使我們能夠更有效地提供更清晰的零售價格，讓我們可以投資於不同的領域。這一切都非常富有成效。關於技術支出類型的基礎設施成本問題。我不會不認為我們確實會以同樣的方式遭受這種情況。擁有大型 LLN 並將其作為服務提供的人們。因此，在這種情況下，Google 或 OpenAI 將是我們合作的兩個，例如，他們進行了非常大的資本投資，然後他們通過讓你使用他們的模型作為服務來獲得回報，然後你將你的使用您自己的第一方數據在其之上建立自己的層，這就是為什麼我們和其他大型平台將從較小平台受益的原因，這就是您的第一方數據的深度和廣度，這實際上是設計Gen AI 類型應用程序的能力的差異。但您的成本並不是特別高，因為您為使用量支付的費用也很小。因此，我們的軟件應用程序總是在不同的部分中添加功能，然後總是在某些部分中優化更低的成本。所以我不知道凱特是否會解決這個問題。但我認為我們的集群在這一點上沒有什麼值得擔心的。

Yes. I think that nothing to worry about in the near term in the cost structure over time in the cost structure. And of course, there should be ongoing cost savings, as Niraj mentioned earlier. As we wrap up, we just want to remind you all of our Investor Day next Thursday. We look forward to seeing many of you there. Thank you for joining us this morning.

是的。我認為，短期內成本結構無需擔心，隨著時間的推移，成本結構也無需擔心。當然，正如尼拉吉之前提到的，應該持續節省成本。在結束時，我們只想提醒大家下週四的投資者日。我們期待在那裡見到你們中的許多人。感謝您今天早上加入我們。

Yes. Thank you. Look forward to seeing hopefully a bunch of you next Thursday. Take care.

是的。謝謝。期待下週四見到你們。小心。

Thank you all for joining today's conference call. We appreciate your participation. You may now disconnect.

感謝大家參加今天的電話會議。我們感謝您的參與。您現在可以斷開連接。