Wayfair Inc (W) 2023 Q4 法說會逐字稿

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

早安.我叫羅布，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 年第四季財報發布和電話會議。

(Operator Instructions) James Lamb, Head of Investor Relations and Treasury, you may begin your conference.

（操作員指示）投資者關係和財務部主管 James Lamb，您可以開始會議了。

Good morning, and thank you for joining us. Today, we will review our fourth 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.

早安，感謝您加入我們。今天，我們將回顧 2023 年第四季的業績。和我在一起的還有共同創辦人、執行長兼聯合主席 Niraj Shah； Steve Conine，共同創辦人兼聯合主席；財務長兼首席行政官 Kate Gulliver。

We will all be available for Q&A following today's prepared remarks. 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 first quarter of 2024.

在今天準備好的發言之後，我們都可以接受問答。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、業務策略、行業趨勢和財務業績的陳述，包括 2024 年第一季的指導。

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.

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資訊。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 2023 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. 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.

我們的 2023 年 10-K 以及隨後向 SEC 提交的文件確定了某些可能導致公司實際業績與今天做出的任何前瞻性聲明中預測的業績存在重大差異的因素。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，無論是由於任何新資訊、未來事件或其他原因。另請注意，在本次電話會議中，我們將在審查公司績效時討論某些非公認會計準則財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流。

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 any 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.

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，以取得我們的收益發布和投資者簡報的副本，其中包含我們的非 GAAP 財務指標的描述以及任何非 GAAP 指標與最接近的可比較 GAAP 指標的調整。本次通話正在錄音，網路廣播將在我們的 IR 網站上重播。

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 be with you today to discuss our fourth quarter results and recap 2023. Q4 was 1 more definitive step on our profitability journey as we generated a 3% adjusted EBITDA margin, even in a difficult macro environment. This was our third consecutive quarter of positive adjusted EBITDA and free cash flow and a reflection of the immense progress we achieved across the entire year. In fact, on a revenue base that largely mirrored 2022, our free cash flow in 2023 improved by over $1 billion.

謝謝詹姆斯，大家早安。我們很高興今天能與您一起討論我們第四季度的業績並回顧2023 年。第四季度是我們盈利之旅中更明確的一步，即使在困難的宏觀環境下，我們也實現了3% 的調整後EBITDA 利潤率。這是我們連續第三個季度調整後的 EBITDA 和自由現金流為正值，反映了我們全年取得的巨大進步。事實上，在很大程度上反映 2022 年的收入基礎上，我們 2023 年的自由現金流增加了超過 10 億美元。

As we exited 2022, we anchored ourselves around 3 core initiatives: nailing the basics, driving customer and supplier loyalty and cost efficiency. Over the course of 2023, we systematically executed on all 3 fronts. Our efforts to nail the basics and drive customer and supplier loyalty led to a large improvement in our core recipe across availability, speed and price competitiveness.

2022 年結束時，我們圍繞 3 項核心措施開展工作：夯實基礎、提高客戶和供應商忠誠度以及成本效率。 2023年，我們在這三個方面有系統地執行。我們努力完善基礎知識並提高客戶和供應商的忠誠度，從而使我們的核心配方在可用性、速度和價格競爭力方面得到了大幅改進。

The improvements across our offering were directly responsible for the step-up we saw in loyalty, which manifested in our robust share expansion over the last year and by the fourth quarter, a return to year-over-year growth in our active customer count. That engagement was driven in part by our progress on the third initiative, a meaningful evolution in our cost structure with savings spanning labor, operations and every other line of our P&L, which allowed us to reinvest in our customer experience.

我們產品的改進直接導致了我們忠誠度的提高，這體現在我們去年和第四季度的強勁份額擴張，以及我們的活躍客戶數量恢復同比增長。這種參與在一定程度上是由我們在第三項措施上取得的進展所推動的，這是我們成本結構的一次有意義的演變，節省了勞動力、營運和損益表的所有其他方面，這使我們能夠對客戶體驗進行再投資。

We've consistently shared that those same core initiatives would carry forward into 2024, and you've already seen the results of that play out. If you haven't had the chance, I'd encourage you to take a look at our shareholder letter that was published alongside our earnings results earlier this morning. Last year, we saw our team unlock large productivity gains as focused execution against our top ideas, met reduced friction and less internal bureaucracy. As we look at the evolution and composition of our teams throughout 2023, it became increasingly clear to us that there was more that could be done to increase productivity.

我們一直表示，這些相同的核心舉措將延續到 2024 年，您已經看到了其結果。如果您還沒有機會，我鼓勵您看一下今天早上早些時候與我們的收益結果一起發布的股東信。去年，我們看到我們的團隊透過集中執行我們的頂級創意、減少摩擦和減少內部官僚主義，實現了巨大的生產力提升。當我們審視 2023 年團隊的演變和組成時，我們越來越清楚地認識到，在提高生產力方面還有更多工作要做。

We realized that many of our teams were still over-indexed to middle and upper level managers in proportion to the more execution-focused team members that are the foundation of each group. Late last year, we started an exercise involving a number of our senior leaders to look at each team across the organization and answer some simple questions. How would we maximize the efficiency of this team? How many people would be on it? What would the appropriate leveling look like? Would we actually prioritize all the activities the team does. And then we answered as if we were starting from a blank slate.

我們意識到，與作為每個團隊基礎的更注重執行的團隊成員相比，我們的許多團隊仍然過度依賴中高階主管。去年年底，我們開始了一項由一些高階領導參與的練習，以觀察整個組織中的每個團隊並回答一些簡單的問題。我們如何最大限度地提高這個團隊的效率？有多少人會在上面？合適的調平是什麼樣的？我們真的會優先考慮團隊所做的所有活動嗎？然後我們的回答就好像我們是從一張白紙開始一樣。

We took this work and use it in conjunction with the effort we started in the summer of 2022 to return to our lean and fit self by reorganizing a rounded ideal structure. While this is not the work anyone enjoys being lean as a key part of our culture, and partly why we think we've out-executed others over the last 20 years.

我們接受了這項工作，並將其與我們在 2022 年夏天開始的努力結合起來，透過重組圓潤的理想結構來恢復我們的精益和健康自我。雖然這不是任何人都喜歡的工作，但精實是我們文化的重要組成部分，也是我們認為自己在過去 20 年裡表現優於其他人的部分原因。

The key here is that we are comfortable being frugal around headcount. We're excited to welcome a group of new college graduates this summer, and we'll allocate those hires to the key teams and efforts that will provide the biggest gains, all the while growing the foundational base of talent in the company who can rise through the ranks in the years to come. This enables us to move forward against an ambitious set of growth initiatives, while at the same time, see our team thrive in a workplace, where they have fewer obstacles, fewer meetings and fewer boxes to tick off to bring these initiatives to fruition.

這裡的關鍵是我們願意在員工人數上保持節儉。我們很高興今年夏天迎來一批新的大學畢業生，我們將把這些員工分配給能夠帶來最大收益的關鍵團隊和工作，同時不斷壯大公司的人才基礎，使他們能夠獲得晉昇在未來幾年的排名中。這使我們能夠推進一系列雄心勃勃的成長計劃，同時看到我們的團隊在工作場所蓬勃發展，在那裡他們有更少的障礙、更少的會議和更少的任務來實現這些計劃的成果。

Many of you asked, if the decision was made in reaction to what we're seeing from the macro and the answer is no. Our intent was to address the structure of our award in a way that will unlock productivity gains, not just for 1 or 2 quarters, but for years to come. However, as we shared in our press release from last month, our category does remain challenged with softness persisting through the start of the year. I was recently at the furniture market in Las Vegas and had the opportunity to speak with many of our suppliers.

你們中的許多人問，這個決定是否是根據我們從宏觀看到的情況所做出的反應，答案是否定的。我們的目的是解決我們的獎項結構問題，以實現生產力的提高，不僅是一兩個季度，而是未來幾年。然而，正如我們在上個月的新聞稿中所分享的那樣，我們的類別確實仍然面臨著今年年初持續疲軟的挑戰。我最近在拉斯維加斯的家具市場，有機會與我們的許多供應商交談。

We heard that January was weak, though a short bout of extreme weather was clearly 1 factor. While uncertainty remains around the timing of a recovery, we are well positioned to see meaningful upside as suspending climate around the home and housing rebounds. And we continue to see our own growth well outpacing the category. It's important to call out that our success is not exclusively against smaller home focused competitors. We're also seeing share gains against some of the biggest retailers in the country. I mentioned earlier that we've been able to win through execution gains driven by a more nimble, focused team, and we've been encouraged to see that play out across the organization.

我們聽說一月份表現疲軟，儘管短暫的極端天氣顯然是其中之一。儘管復甦時間仍存在不確定性，但隨著家庭氣氛的緩和和房地產市場的反彈，我們有能力看到有意義的上行空間。我們繼續看到我們自己的成長遠遠超過同類產品。重要的是要指出，我們的成功不僅與專注於小型家庭的競爭對手相比。我們還看到該國一些最大的零售商的份額有所增長。我之前提到過，我們能夠透過更靈活、更專注的團隊推動的執行收益來獲勝，我們很高興看到這一點在整個組織中發揮作用。

One area that I'd like to highlight today is our U.K. business, where we've seen a noteworthy inflection in share over the past year. U.K. is a key market for us with an addressable market estimated to be in the $60 billion range. While the competitive ecosystem has strong similarity to the U.S. with a mix of a few multinationals, a number of large multi-category retailers, several homeware specialists and a long tail of smaller competitors in various niches within the category.

我今天想強調的一個領域是我們的英國業務，在過去的一年裡我們看到了該業務的份額發生了顯著的變化。英國是我們的一個重要市場，潛在市場估計在 600 億美元範圍內。雖然競爭生態系統與美國有很強的相似性，其中包括一些跨國公司、一些大型多品類零售商、幾家家居用品專家以及該類別內各個細分市場的小型競爭對手的長尾。

The actual list of names looks at almost entirely different. The market fragmentation works to our advantage, as we are 1 of the few scale players that focuses exclusively on the home. Over the past year, we've driven healthy market share growth on the back of considerable availability improvements, double-digit percentage growth in small parcel speed badging and meaningfully more competitive prices. This was fueled by our operational efficiency initiatives that drove considerable savings dollars, some of which we were able to pass back to our customers.

實際的名單看起來幾乎完全不同。市場分散對我們有利，因為我們是少數專門專注於家居的規模企業之一。在過去的一年裡，由於可用性的顯著改善、小包裹速度標誌的兩位數百分比增長以及更具競爭力的價格，我們推動了市場份額的健康成長。這是由我們的營運效率措施所推動的，這些措施節省了大量資金，其中一些我們能夠返還給我們的客戶。

Our aided awareness in the U.K. is nearly as high as the U.S and we've seen an encouraging increase in customer satisfaction scores, since the same time last year. Just as we do in Canada and Germany, we take a country-specific approach to servicing customers in the United Kingdom. Our creative is specifically built to emphasize U.K. tone of voice, along with using U.K. homes in our television ads, which you can view on our U.K. specific social channels.

我們在英國的輔助意識幾乎與美國一樣高，自去年同期以來，我們看到客戶滿意度分數有了令人鼓舞的成長。正如我們在加拿大和德國所做的那樣，我們採取針對特定國家/地區的方法來為英國的客戶提供服務。我們的創意是專門為強調英國語氣而設計的，並在我們的電視廣告中使用英國家庭，您可以在我們的英國特定社交頻道上觀看。

Leveraging our strength in logistics and our 6 U.K. Wayfair delivery terminals, we bring our U.K. customers a best-in-class fulfillment experience with services like scheduled delivery and white glove upgrades, while also opening up a wider selection from suppliers based in Continental Europe. We find that U.K. competitors frequently have much lower levels of selection, which makes our endless aisle even more compelling and positions Wayfair as an unparalleled option in the market.

憑藉我們在物流方面的優勢和 6 個英國 Wayfair 配送終端，我們透過定期配送和白手套升級等服務為英國客戶帶來一流的履行體驗，同時也為歐洲大陸的供應商提供了更廣泛的選擇。我們發現英國競爭對手的選擇水平通常要低得多，這使得我們無盡的通道更加引人注目，並使 Wayfair 成為市場上無與倫比的選擇。

Now before I hand it over to Kate, I want to take a few minutes to address 3 of the topics around which we've heard the most interest. Let me start first with the Red Sea and Ocean Cargo situation, which we've gotten many questions about over the past couple of months. Like many others, we've seen some supply chain disruption, especially for our product being shipped to Europe through the Suez Canal.

現在，在將其交給 Kate 之前，我想花幾分鐘時間討論我們最感興趣的 3 個主題。首先讓我從紅海和遠洋貨運的情況開始，在過去的幾個月裡，我們收到了很多關於該情況的問題。與許多其他公司一樣，我們也看到了一些供應鏈中斷，特別是我們的產品透過蘇伊士運河運往歐洲。

We've seen our carriers implement interim solutions, including routing shipments around the southern tip of Africa. It's important to keep in mind the minor scope of supply chain disruption this poses in contrast to the type of disruption we faced back in 2021. These new routes increased shipping time on a much more manageable basis than we faced in 2021, and availability across our catalog has seen no meaningful negative impact.

我們已經看到我們的承運商實施了臨時解決方案，包括在非洲南端運送貨物。重要的是要記住，與我們在2021 年面臨的中斷類型相比，這次供應鏈中斷的範圍較小。與2021 年相比，這些新航線以更易於管理的方式增加了運輸時間，並且我們整個系統的可用性也提高了。目錄沒有看到任何有意義的負面影響。

Container prices have risen, but nowhere near the order of magnitude the industry faced a few years ago, when rates reached $20,000 per container during the COVID crisis. So the net is that while rates have risen, it is something we're very capable of managing without issue, and we're already solving for that today.

貨櫃價格有所上漲，但遠未達到幾年前該行業所面臨的數量級，當時在新冠危機期間，貨櫃價格達到了每集裝箱 20,000 美元。因此，儘管利率有所上升，但我們非常有能力毫無問題地進行管理，而且我們今天已經在解決這個問題。

The second topic we've received questions on has been average order values. We know this has been tracked quite closely in recent quarters as the inflationary pressures for many of those same supply chain challenges have now finally worked their way out of the inventory picture. Our AOV peaked in the second quarter of 2022 and by the end of that year, we began to see prices decline.

我們收到的第二個問題是平均訂單價值。我們知道，最近幾季對此進行了密切跟踪，因為許多相同的供應鏈挑戰所帶來的通膨壓力現在終於擺脫了庫存狀況。我們的 AOV 在 2022 年第二季達到頂峰，到當年年底，我們開始看到價格下降。

We lapped those initial price drops this Q4 and saw that normalization process happening a bit more rapidly than we expected due in part to mix shift. We still anticipate seeing some modest negative year-over-year comparisons during the front half of this year as we approach a fully normalized pricing state midyear.

我們經歷了第四季度最初的價格下跌，並發現正常化進程比我們預期的要快一些，部分原因是混合轉變。隨著我們在年中接近完全正常化的定價狀態，我們仍然預計今年上半年會出現一些溫和的年比負面比較。

The third topic we know investors are acutely focused on is a volatile macroeconomic backdrop as the category quickly approaches a new record for a peak to trough correction. As we said consistently, our focus is squarely on controlling the controllables. You've seen the enormous progress we've made on our cost structure in the last 18 months. As part of our press release from January, we called out that we would expect to generate over $600 million of adjusted EBITDA this year on a hypothetical flat revenue scenario, which would translate to a margin north of 5%, putting us in a position to check the box on step 2 of our profitability ramp.

我們知道投資者密切關注的第三個主題是波動的宏觀經濟背景，因為該類別迅速接近從高峰到低谷調整的新紀錄。正如我們一貫所說，我們的重點完全是控制可控因素。您已經看到了過去 18 個月我們在成本結構上的巨大進步。作為 1 月份新聞稿的一部分，我們指出，在假設收入持平的情況下，今年我們預計將產生超過 6 億美元的調整後 EBITDA，這將意味著利潤率超過 5%，使我們能夠選中我們盈利能力提升步驟2 中的複選框。

And that only captures part of the substantial leverage we've unlocked in our model with our true earnings profile further augmented by the reductions we brought to bear on equity-based compensation and capital expenditures. With all the work we've done to optimize our fixed cost base, we'll see even further benefits to the bottom line, when the category recovers. As the high margin on flow-through of each incremental dollar of revenue will drive up the margin rate quickly.

這僅反映了我們在模型中釋放的大量槓桿的一部分，我們對基於股權的薪酬和資本支出的削減進一步增強了我們的真實盈利狀況。透過我們為優化固定成本基礎所做的所有工作，當該類別恢復時，我們將看到進一步的利潤收益。由於每增加一美元收入的流通利潤率都很高，因此利潤率會迅速上升。

It's important to reiterate that our work on cost savings hasn't deterred our focus on delivering a best-in-class shopping experience. For example, we recently launched free white glove delivery on certain large parcel items, which we combine with [Deluxe], where our delivery agents unbox box an item, inspected for any flaws before the final delivery and greatly enhance the customer experience to seamlessly set the item up in the customer's home and make sure it's immediately ready for use.

需要重申的是，我們在節省成本方面的工作並沒有阻止我們致力於提供一流的購物體驗。例如，我們最近針對某些大件包裹推出了免費白手套送貨服務，並與【豪華版】相結合，由我們的送貨員在最終送貨前拆箱檢查物品是否有任何缺陷，極大增強了客戶體驗，以無縫設置將物品放在客戶家中，並確保它可以立即使用。

This is only possible to provide nationally with the scale and focus that Wayfair brings to the category. And it's 1 of the many factors behind a return to positive active customer year-over-year growth this quarter. We're eagerly looking forward to demonstrating the growth potential of our business as the category recovers. And I want to end by calling out some of the things I'm most excited for in 2024. The first is the launch of our Wayfair branded store this May. We're delighted to showcase the breadth and depth of our catalog in an entirely new way and can't wait for you to see it.

這只能在全國範圍內提供 Wayfair 為該類別帶來的規模和重點。這是本季活躍客戶年比恢復正成長的眾多因素之一。我們熱切期待隨著該類別的復甦展示我們業務的成長潛力。最後，我想談談 2024 年我最興奮的一些事情。首先是今年 5 月推出我們的 Wayfair 品牌商店。我們很高興以全新的方式展示我們目錄的廣度和深度，並且迫不及待地想讓您看到它。

The second is the launch of our new brand campaign, which will roll out in mid-March. We're bringing a vibrant refresh to the Wayfair brand with new merchandising, new marketing and new ways to connect with our shoppers. And the third is our plan to launch a tender-neutral loyalty program this fall, a new opportunity to create a differentiated shopping experience for our customers to keep them coming back time and time again. We have a lot of exciting things underway to help us keep driving compounding gains.

第二個是我們新品牌活動的啟動，該活動將於三月中旬推出。我們透過新的商品陳列、新的行銷方式以及與購物者聯繫的新方式，為 Wayfair 品牌帶來了充滿活力的煥然一新。第三個是我們計劃在今年秋天推出一項中性忠誠度計劃，這是一個為我們的客戶創造差異化購物體驗的新機會，讓他們一次又一次地回來。我們正在進行許多令人興奮的事情，以幫助我們繼續推動複合收益。

With that, let me turn it over to Kate to walk you through our financials.

接下來，讓我把它交給凱特，向您介紹我們的財務狀況。

Thanks, Niraj, and good morning, everyone. Let's dive into our fourth quarter results, beginning with revenue. Net revenue for the quarter came in at $3.1 billion, up 0.4% from the same period last year. Orders grew by 2.7% year-over-year, and we saw active customer growth return positive, up 1.4% year-over-year in the period.

謝謝，Niraj，大家早安。讓我們從收入開始深入了解第四季的業績。該季度淨收入為 31 億美元，比去年同期成長 0.4%。訂單年增 2.7%，我們看到活躍客戶成長呈現正值，同期年增 1.4%。

As Niraj discussed earlier, average order values came in higher than expected, down only 2.5% against the fourth quarter of last year as we saw a boost from our performance in higher ticket classes during the holiday shopping season. I want to touch on the top line and macro context a bit before going further in to P&L. As Niraj shared in his remarks, our category broadly remains under pressure.

正如 Niraj 之前討論的那樣，平均訂單價值高於預期，僅比去年第四季度下降 2.5%，因為我們看到假日購物季期間更高票價類別的業績有所提振。在進一步討論損益表之前，我想先談談頂線和宏觀背景。正如尼拉吉（Niraj）在演講中所分享的那樣，我們的類別總體上仍然面臨壓力。

Within this context, we are very encouraged by our ongoing share gains and our continued ability to outpace the category. We've started this year with the best share figures we've seen across all the data we have in our credit card panel back to 2018. As we've shared previously, the share capture can be attributed to the return and strength of our core recipe in Q4 of '22 as we improved availability, speed and price, driving a best-in-class customer experience. All, of course, in the context of also aggressively managing our cost structure and driving profitability and free cash flow.

在此背景下，我們對持續的份額成長和持續超越同類產品的能力感到非常鼓舞。今年伊始，我們在信用卡面板的所有數據中看到了自 2018 年以來最好的份額數據。正如我們之前分享的那樣，份額捕獲可歸因於我們的回報和實力我們在22 年第四季度提高了可用性、速度和價格，推動了一流的客戶體驗。當然，所有這些都是在積極管理我們的成本結構並提高獲利能力和自由現金流的背景下實現的。

I'll now move further down to 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. Gross profit came in at 30.4% of net revenue as we saw the typical effects of holiday seasonality play out in tandem with our own proactive reinvestment of some operational savings that we had achieved earlier in the year.

我現在將進一步討論損益表。正如我所做的那樣，請注意，其餘財務數據包括折舊和攤銷，但不包括股權薪資、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。毛利潤佔淨收入的 30.4%，因為我們看到假期季節性的典型影響與我們自己對今年早些時候實現的一些運營節省的積極再投資同時發揮作用。

Customer service and merchant fees were 4.2% of net revenue and advertising was 12.2% of net revenue. Once again, there was a holiday effect here, which drove the sequential step-up in advertising dollars spent. Finally, selling, operations, technology, general and administrative costs or SOTG&A came in at $447 million for the fourth quarter. That was the impact of our work in 2022 and 2023 are driving fixed cost efficiency. We took SOTG&A down by over 13% in the full year '23 versus 2022, and that doesn't even capture the progress we made on reducing capital expenditures and incremental dilution from equity-based compensation.

客戶服務和商家費用佔淨收入的 4.2%，廣告費佔淨收入的 12.2%。這裡再次出現了假期效應，推動了廣告支出的持續增加。最後，第四季的銷售、營運、技術、一般和管理成本或 SOTG&A 為 4.47 億美元。這就是我們 2022 年和 2023 年工作的影響，正在推動固定成本效率。與 2022 年相比，23 年全年 SOTG&A 下降了 13% 以上，這甚至沒有反映出我們在減少資本支出和股權薪酬增量稀釋方面取得的進展。

Altogether, we had a third consecutive quarter of positive adjusted EBITDA and $92 million for the period or a 3% margin on net revenue. Our U.S. segment drove $131 million of adjusted EBITDA at a 4.8% margin on net revenue, while our International segment adjusted EBITDA loss of $39 million with less than half the loss we had in the same quarter a year ago. We ended the year with $1.4 billion of cash and equivalents and $1.9 billion of total liquidity when adding the capacity from our undrawn revolving credit facility.

總而言之，我們連續第三個季度正調整 EBITDA 和 9,200 萬美元，即淨收入利潤率為 3%。我們的美國部門調整後 EBITDA 為 1.31 億美元，淨收入利潤率為 4.8%，而我們的國際部門調整後 EBITDA 虧損為 3,900 萬美元，不到去年同期虧損的一半。年底，我們擁有 14 億美元的現金和等價物，加上未動用的循環信貸額度，流動資金總額為 19 億美元。

Net cash from operations was $158 million, which was offset by $96 million of capital expenditures for free cash flow of $62 million for the fourth quarter and our third quarter in a row of positive free cash flow. Now let's turn to guidance for the first quarter. Beginning with the top line, quarter-to-date, we are trending down in the mid-single digits year-over-year and we would expect the full quarter to end in a similar place. We are continuing to win share among consumers, but see the weight of a category correction now rivaling the great financial crisis dragging on top-line growth.

營運淨現金為 1.58 億美元，被第四季度自由現金流 6,200 萬美元的 9,600 萬美元資本支出所抵消，並且我們第三季度連續實現正自由現金流。現在讓我們轉向第一季的指導。從營收開始，本季迄今，我們的營收年比呈現中個位數下降趨勢，我們預計整個季度結束時也會出現類似的情況。我們正在繼續贏得消費者的份額，但我們看到品類調整的影響力與拖累營收成長的金融危機不相上下。

To put this in perspective, our read of various data sources shows the category declining year-over-year now for 9 consecutive quarters, with the last 6 quarters exhibiting double-digit contraction. Although the timing is inherently uncertain, when macro pressures on our categories and interest rates eventually ease, we are set up to benefit meaningfully on revenue growth and profitability flow-through.

為了正確看待這一點，我們對各種數據來源的閱讀顯示，該類別目前已連續 9 個季度同比下降，其中過去 6 個季度出現了兩位數的收縮。儘管時機本質上是不確定的，但當我們的類別和利率的宏觀壓力最終緩解時，我們將在收入成長和獲利能力流動方面受益匪淺。

Moving on to gross margins. We would continue to guide you to the 30% to 31% range as the appropriate place to model. As we've said for over a year now, we intend to be very tactical in our decisions around investing some of our gross margin back into the customer experience. In light of the volatile start to the year for the category, we anticipate that we will continue to prioritize those investments.

轉向毛利率。我們將繼續引導您選擇 30% 到 31% 的範圍作為建模的合適位置。正如我們一年多以來所說的那樣，我們打算在將部分毛利率投資回客戶體驗的決策中採取非常戰術性的策略。鑑於今年該類別的開局波動，我們預計將繼續優先考慮這些投資。

Customer service and merchant fees should be between 4% and 4.5% of net revenue, reflecting some of the cost takeout from the workforce realignment plan we enacted last month. We expect this to trend closer to the 4% mark as we run rate the full savings by Q2. Advertising should stay in an 11.5% to 12.5% range, and SOTG&A should be in a range of $410 million to $420 million.

客戶服務和商家費用應佔淨收入的 4% 至 4.5%，反映了我們上個月頒布的勞動力調整計畫中的部分成本。隨著我們對第二季度的全部節省進行評估，我們預計這一趨勢將接近 4%。廣告應保持在 11.5% 至 12.5% 的範圍內，SOTG&A 應在 4.1 億美元至 4.2 億美元的範圍內。

Following this guidance through, we would expect adjusted EBITDA margins in the positive low single-digit range for Q1, which we would expect to be a low point, both on a dollar and margin basis for the full year. While we don't offer full-year guidance, I want to refer back to remarks we made on our third quarter call. It is critically important for us to deliver on our commitment of substantial adjusted EBITDA growth in 2024. We have multiple levers at our disposal to drive adjusted EBITDA independent of the top line. Even if the macro environment remains challenged across 2024, we have line of sight to full year 2024 adjusted EBITDA growth north of 50% year-over-year.

根據這項指引，我們預計第一季調整後的 EBITDA 利潤率將處於正低個位數範圍內，我們預計這將是全年美元和利潤率的低點。雖然我們不提供全年指導，但我想回顧一下我們在第三季電話會議上發表的言論。對我們來說，兌現 2024 年調整後 EBITDA 大幅成長的承諾至關重要。我們可以利用多種槓桿來推動調整後 EBITDA 獨立於營收。即使 2024 年宏觀環境仍面臨挑戰，我們預計 2024 年全年調整後 EBITDA 年成長將超過 50%。

As you're modeling, it's worth bearing in mind that the first quarter is typically the period where we see an initial outflow of cash during the year given our negative cash conversion cycle, which reverses as revenue build in the spring. Now let me touch on a few housekeeping items. You should expect equity-based compensation and related taxes of roughly $110 million to $130 million, reflecting the healthy progress we made on cost takeouts. Depreciation and amortization of approximately $103 million to $108 million, net interest expense of approximately $5 million. Weighted-average shares outstanding of approximately 120 million and CapEx in an $80 million to $90 million range.

在您建模時，值得記住的是，鑑於我們的負現金轉換週期，第一季通常是我們在一年中看到最初現金流出的時期，隨著春季收入的增加，這種情況會逆轉。現在讓我談談一些家務用品。您預計股權薪酬和相關稅費約為 1.1 億至 1.3 億美元，這反映了我們在成本削減方面取得的健康進展。折舊和攤提約 1.03 億至 1.08 億美元，淨利息支出約 500 萬美元。加權平均已發行股票約 1.2 億股，資本支出在 8,000 萬至 9,000 萬美元之間。

As I wrap up, I want to spend a moment addressing the topic of capital structure planning as we look at the maturities coming due over the next couple of years. The meaningful improvement in our financial profile over 2023 in combination with the cost action we took last month, has given us broad optionality in managing the convertible notes that come due in the fall of this year and 2025. Looking out at the macro and our own cash flow profile, we are prioritizing prudency.

在我結束演講時，我想花點時間討論資本結構規劃的主題，因為我們會考慮未來幾年到期的到期日。 2023 年我們的財務狀況顯著改善，加上我們上個月採取的成本行動，使我們在管理今年秋季和 2025 年到期的可轉換票據方面擁有廣泛的選擇餘地。展望宏觀和我們自己的情況現金流狀況方面，我們優先考慮審慎性。

Our goal, as always, is to maximize value to Wayfair's shareholders, and we are extensively evaluating the best timing and options to achieve this. Due to the hard work of the last year, we believe we've expanded our option set -- for example, the improvements in our pro forma financial profile enable us to pay down the notes in cash and remain opportunistic around any potential refinancing activity.

我們的目標一如既往，是為 Wayfair 股東實現價值最大化，並且我們正在廣泛評估實現這一目標的最佳時機和選擇。由於去年的努力，我們相信我們已經擴大了我們的選擇範圍——例如，我們預計財務狀況的改善使我們能夠以現金支付票據，並在任何潛在的再融資活動中保持機會主義。

Before moving into Q&A, I would like to return to what Niraj touched on earlier. 2023 truly was a year of meaningful progress for Wayfair. Our market share gains and a return to active customer growth clearly show that we are the premier shopping destination for the home. This foundation positions us incredibly well to reaccelerate towards the growth algorithm we laid out at Investor Day once the category stabilizes.

在進入問答環節之前，我想先回顧一下尼拉吉之前提到的內容。 2023 年確實是 Wayfair 有意義進展的一年。我們的市佔率成長和活躍客戶成長的恢復清楚地表明我們是首選的家居購物目的地。一旦該類別穩定下來，這個基礎使我們能夠重新加速實現我們在投資者日制定的成長演算法。

As importantly, we have made considerable improvements up and down the cost structure with a clearly demonstrated discipline that carries forward to 2024 and beyond. The combination of these elements, along with all of the exciting innovation we have in store, makes me more confident than ever about the bright future ahead for Wayfair.

同樣重要的是，我們在成本結構上下取得了相當大的改進，並制定了明確的紀律，並延續到 2024 年及以後。這些元素的結合，加上我們所擁有的所有令人興奮的創新，讓我對 Wayfair 的光明未來比以往任何時候都更加充滿信心。

Thank you. And now Niraj, Steve and I will be happy to take your questions.

謝謝。現在，尼拉吉、史蒂夫和我將很樂意回答你們的問題。

(Operator Instructions) Your first question comes from the line of Simeon Gutman from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Simeon Gutman。

I wanted to ask first about the spread of your share gains vis-a-vis the industry, if you can contextualize it all where, I don't know, e-com or total industry is trending? And then what gives you confidence that spread holds throughout the year or could even expand?

我想先問一下您的股票收益相對於行業的分佈情況，您是否可以將這一切放在我不知道的電子商務或整個行業趨勢的背景下？那麼是什麼讓您有信心利差全年保持不變甚至可能擴大呢？

Let me answer that. So first on market share, obviously, there's a lot of ways to calculate market share. I'd say our main 2 ways we do that or we have a credit card data set we get, which has close to 100 competitors on it, and that gives us really good granular data at the competitor level and in total.

讓我來回答一下。首先是市場份額，顯然有很多方法可以計算市場份額。我想說的是我們這樣做的主要兩種方式，或者我們擁有一個信用卡資料集，其中有近 100 個競爭對手，這為我們提供了競爭對手層面和整體上非常好的粒度資料。

The second is we talk to our suppliers regularly, and they share how we're doing, and they'll share details relative to specific competitors. And while that's less of a quantitative read, that's a pretty dense detailed read. And so we use those 2. But if you zoom out, the easiest 1 is just to look at our revenue, right? And if you zoom way out, you see our revenue was up just under 0.5% in the quarter year-over-year.

第二是我們定期與供應商交談，他們分享我們的做法，並且他們會分享與特定競爭對手相關的詳細資訊。雖然這不是定量閱讀，但這是一篇相當密集的詳細閱讀。所以我們使用這 2 個。但如果你縮小範圍，最簡單的 1 就是看看我們的收入，對嗎？如果你把鏡頭拉遠，你會發現我們這個季度的營收年增了不到 0.5%。

I think if you look at competitors, depending on the category you pick, you're going to see numbers negative 10, negative 15. You're going to basically see numbers even maybe higher than that some are going to negative 20, that's where the category was year-over-year. So obviously, that delta is the share that we took because obviously, the revenue is customers voting with their dollars, that's the market share. So we are -- the way to think about it for 5 quarters now, since the fourth quarter of '22, we've been taking away taking share, and that was basically on the back of availability and price starting to recover post COVID in the December '22.

我認為，如果你觀察競爭對手，根據你選擇的類別，你會看到數字負 10、負 15。你基本上會看到數字甚至可能高於某些數字會達到負 20，這就是該類別同比增長。很明顯，這個增量就是我們獲得的份額，因為顯然，收入是客戶用他們的美元投票，這就是市場份額。因此，我們現在已經思考了 5 個季度的問題，自 22 年第四季度以來，我們一直在奪取份額，這基本上是在供應量和價格在 COVID 後開始恢復的基礎上進行的。22 年 12月。

By the fourth quarter of '22, we had that recipe back intact. So we very quickly started picking up the share, the low-hanging fruit of the share. But then even though that got hard after that as we hit all-time highs, we've continued to take share. And so our all-time high -- we keep hitting all-time highs in market share as the quarters go by. And so what we would expect to happen is that you're going to see the category for a period of time in the near term, be challenged. So the year-over-year numbers for the total category will be not great. And you're going to see us outpacing them significantly, thereby picking up incremental share continuing to hit all-time highs.

到 22 年第四季度，我們完整地恢復了該配方。因此，我們很快就開始獲得份額，這是份額中唾手可得的成果。但儘管此後隨著我們創下歷史新高，情況變得艱難，但我們仍繼續佔據份額。因此，我們的歷史新高——隨著季度的過去，我們的市佔率不斷創下歷史新高。因此，我們預計會發生的是，您將在近期一段時間內看到該類別受到挑戰。因此，整個類別的同比數字不會很大。您將看到我們顯著超越他們，從而獲得增量份額，並繼續創下歷史新高。

So I don't know if that helps with the context of what we expect. But that's sort of the way we see it. And then the only other comment I would make is, obviously, we would expect the category to subsequently recover. It's a cyclical category. And it was interesting, I was reading a note someone put out about the Home Depot called the other day. And Home Depot is obviously a well-run company, but obviously, is in the home category as well, and they're talking about how certain the segments are challenged right now, what have you.

所以我不知道這是否有助於我們的期望。但這就是我們的看法。然後，我要發表的唯一評論是，顯然，我們預計該類別隨後會恢復。這是一個週期性的類別。很有趣的是，我正在閱讀某人前幾天發布的關於家得寶的便條。家得寶顯然是一家經營良好的公司，但顯然也屬於家居類別，他們正在談論這些細分市場目前面臨的挑戰有多大，你有什麼。

But the note talk about how from a cost and a revenue potential standpoint, they're really poised for huge gains once the category recovers. And what I would point out is like that's also how we feel we are. So in other words, we're taking share while it's really hard to take share as the market is shrinking. It's a challenging time to make sure as competitors don't want to give up share.

但該報告談到，從成本和收入潛力的角度來看，一旦該類別復甦，它們確實將獲得巨大收益。我想指出的是，這也是我們的感受。換句話說，我們正在搶佔份額，而隨著市場的萎縮，很難搶佔份額。這是一個充滿挑戰的時刻，因為確保競爭對手不想放棄份額。

But we've taken up $2 billion in cost, close to it. We've gotten ourselves where the unit economics are very strong. We've got customers really responding to what we're doing. You see that in the market share you see in the active customer count, which has picked up and so as the market turns and demand comes back, I think you're going to see quite a nice acceleration in revenue and profits as well.

但我們已經承擔了 20 億美元的成本，接近這個數字。我們已經取得了非常強勁的單位經濟效益。我們的客戶對我們所做的事情做出了真正的回應。你可以看到，在市場佔有率中，你可以看到活躍客戶數量增加，因此，隨著市場的轉變和需求的回升，我認為你也會看到收入和利潤的大幅成長。

So while the market is tough, you're going to see us continue to tick away just with the execution we're doing. And then you're only going to see that get a lot better as the market recovers.

因此，儘管市場形勢嚴峻，但你會看到我們的執行力繼續進步。然後，隨著市場的復甦，你只會看到情況會變得更好。

And to that point, and this will be the follow-up. -- as sales recover, what is the right way to think about incrementals for every point above 0? And then alternatively, if it stays negative for the medium term, is there a way to think about decrementals?

到那時，這將是後續行動。 -- 隨著銷售復甦，考慮每個高於 0 點的增量的正確方法是什麼？或者，如果中期維持負值，是否有辦法考慮遞減？

Yes, sure. So I think the way to think about -- so actually, 1 thing I'll just put a plug in for is that we, today, along with obviously the earnings call materials, 1 of the things we released on the investor website is our annual shareholder letter and it's a title (inaudible) , we only do that, obviously, once a year. So it's an opportunity to look out to the future and for us to share our thinking on a bunch of topics. And I really encourage everyone on the call to just take a few minutes to download that and read it.

是的，當然。所以我認為思考的方式 - 所以實際上，我要插入的一件事是，我們今天，連同明顯的收益電話會議材料，我們在投資者網站上發布的內容之一是我們的年度股東信函，它是一個標題（聽不清楚），顯然，我們每年只這樣做一次。因此，這是一個展望未來的機會，也是我們分享一系列主題的想法的機會。我真的鼓勵通話中的每個人花幾分鐘下載並閱讀它。

It's right on the IR website. Because there, we can really share some detailed thinking about what we're focused on, which is not so much the near-term focus as the call tends to be. But 1 of the things I do mention is how we think about how we're poised for future earnings. And I talk about how the next $1 billion of revenue would flow through in the mid- to high-teens on EBITDA. And that's basically the concept. We have fixed costs in the business, and we get to leverage those as we grow. So there's -- that's hopefully your point on kind of how -- what's the incremental potential look like?

就在 IR 網站上。因為在那裡，我們確實可以分享一些關於我們關注的重點的詳細思考，這與其說是近期的重點，不如說是電話會議的重點。但我確實提到的一件事是我們如何思考如何為未來的獲利做好準備。我還談到了下一個 10 億美元的收入將如何以 EBITDA 的形式實現。這基本上就是這個概念。我們的業務有固定成本，隨著我們的發展，我們可以利用這些成本。那麼，希望這就是你的觀點──增量潛力是什麼樣的呢？

Yes. Simeon, it's Kate. I guess what I would add to that, too, you asked sort of going the other way. And in the prepared remarks, I referenced the comment that we made on the third quarter call around substantial EBITDA growth. And I said, somewhat irrespective of the top line, we expect to see 15% EBITDA growth is really up floor.

是的。西蒙，是凱特。我想我還要補充一點，你問的是另一種方式。在準備好的發言中，我引用了我們在第三季電話會議上圍繞 EBITDA 大幅成長發表的評論。我說，無論營收如何，我們預計 EBITDA 將成長 15% 確實是很高的。

So even with ongoing challenging macro or in your scenario, a potential contraction ongoing, we would still expect pretty significant EBITDA growth in 2024 due to the cost actions that we've already taken.

因此，即使宏觀經濟持續面臨挑戰，或者在您的情況下，潛在的收縮仍在持續，由於我們已經採取的成本行動，我們仍然預計 2024 年 EBITDA 會出現相當大的增長。

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

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

So you've been very clear that reducing headcounts over the past few months have been a driver of efficiency and productivity within the organization. Where are we in that journey? Do you think there is more room for efficiencies? And when do you think it's actually the right time to start rehiring grow head count again? And then my second question for Kate. Could you just elaborate a little bit more on your Q1 revenue guide in terms of drivers behind the outlook and the factors that are inside versus outside your control?

因此，您非常清楚，過去幾個月的裁員一直是組織內效率和生產力的推動因素。我們在這段旅程中處於什麼位置？您認為還有更多提高效率的空間嗎？您認為什麼時候才是開始重新招募並再次增加員工數量的最佳時機？然後是我問凱特的第二個問題。您能否從前景背後的驅動因素以及您控制範圍內和控制範圍之外的因素方面詳細說明一下您的第一季收入指南？

Why don't I answer the first part and then I then turn it over to Kate for your second part there. On the productivity, efficiency gains, head count side, I think the way to think about it is -- we obviously did reduce head count over the last 18 months. But this last time, what we did is we did it with first and foremost in eye to what we thought a very efficient organizational model would be versus a cost savings target or something like that is the initial going-in goal.

為什麼我不回答第一部分，然後我把它交給凱特來回答你的第二部分。在生產力、效率提升和人員數量方面，我認為思考的方法是——我們顯然在過去 18 個月確實減少了人員數量。但最後一次，我們所做的首先是考慮到我們認為非常有效的組織模式與成本節約目標或類似的初始目標。

And so we think we've set up what will be a very efficient organization. There is some head count we will add to that, but it's modest in the scheme of the head count we have and what it really does, it lets us really reformulate teams including a lot of the more junior members of those teams, which during the COVID period, we hadn't hired. And so we didn't have as many of those folks on the team as would make sense from a ratio standpoint. And so with the college hires will join, we'll have them there. But that's from like an incremental headcount cost standpoint, that's not a big number. And what we think is that there's a lot of productivity gains to come and that comes from a few different things.

因此，我們認為我們已經建立了一個非常有效率的組織。我們將增加一些人員數量，但在我們擁有的人員數量計劃及其真正作用方面，它是適度的，它讓我們真正重新組建團隊，包括這些團隊中的許多初級成員，這在新冠疫情期間，我們還沒有招募。因此，從比率的角度來看，我們團隊中的人員數量並沒有那麼多。因此，隨著大學員工的加入，我們將讓他們在那裡。但從增量員工成本的角度來看，這並不是一個大數字。我們認為，生產率的大幅提高將來自於幾個不同的面向。

One, it comes from -- with the organizational model we set up, we think it enables folks to move faster and get more done. We're already seeing early signs of that. Second, we think then a lot of people are in new roles. So then as they get settled in and as they're executing, we think there's compounding gains there. And then the last piece is we've spent a lot of the last couple of years on a technology transformation and re-platforming our core technology stack.

第一，它來自於我們建立的組織模型，我們認為它使人們能夠更快地採取行動並完成更多工作。我們已經看到了這種情況的早期跡象。其次，我們認為很多人扮演了新的角色。因此，當他們安頓下來並執行時，我們認為那裡會出現複合收益。最後一點是，過去幾年我們花了很多時間進行技術轉型和重新建構我們的核心技術堆疊平台。

And as we're nearing the later stages of that, we get a lot of gains from when we build feature function on the new technology. It's much faster to build and much more flexible. And then those case will come in the future, but we're nearing that point. So we're quite -- we feel quite good about how productivity will continue to compound as we go forward.

當我們接近後期階段時，當我們在新技術上建立特性功能時，我們會獲得很多收益。它的建造速度更快，也更靈活。這些情況將來還會出現，但我們已經接近那個點了。因此，我們對未來生產力將如何繼續複合感到非常滿意。

Yes. So Alexandra, on your revenue question, a few thoughts there. Obviously, the macro context is the macro context. We don't drive that. But we have been focused for the past 6 quarters on controlling what we can control. And as it pertains to revenue, a key piece of that is the recipe. So price availability and speed. You heard Niraj speak to that. That's been driving our share gains and we think we've done a really great job driving gains in what has been a challenging market.

是的。亞歷珊卓，關於你的收入問題，我有一些想法。顯然，宏觀背景就是宏觀背景。我們不開車。但過去 6 個季度我們一直專注於控制我們能控制的事情。就收入而言，其中一個關鍵部分就是配方。所以價格可用性和速度。你聽到尼拉傑說過這句話。這一直在推動我們的份額成長，我們認為我們在充滿挑戰的市場中推動成長方面做得非常出色。

As it particularly pertains to this quarter, (inaudible), sitting on this call deep into the quarter at this point. And so I just point you to that as you think about our quarter-to-date number and referencing that is generally what you expect for the quarter.

由於它特別涉及本季度，（聽不清楚），此時此刻，我們將深入討論本季的情況。因此，當您考慮我們的季度至今的數字時，我只是向您指出這一點，並參考您對本季度的預期。

Your next question comes from the line of Brian Nagel from Oppenheimer.

您的下一個問題來自奧本海默的布萊恩·內格爾（Brian Nagel）。

So I have a couple of questions here. I know the first 1 is going to be a follow-up. Just with regard to that, the guidance -- the top-line guidance you've given here for Q1, should we interpret that to mean that if you're down mid-single digits, that the backdrop of Wayfair has actually gotten more difficult here. And I recognize there's a lot of seasonality and such. But as we've gone from Q3, Q4 and then into Q1, as the backdrop actually gotten more difficult and then my follow-up question, unrelated, Kate, thanks for all the details there with respect to the balance sheet.

所以我有幾個問題。我知道第一個將是後續。就這一點而言，您在這裡給出的第一季的最高指導，我們是否應該將其解釋為如果您的業績下降到個位數中間，那麼 Wayfair 的背景實際上變得更加困難這裡。我認識到有很多季節性因素等等。但當我們從第三季、第四季進入第一季時，背景實際上變得更加困難，然後是我的後續問題，與此無關，凱特，感謝您提供有關資產負債表的所有細節。

But I guess maybe if you could help us understand better. You've obviously repositioned the business extraordinarily well. You have a better year and a better cash position, cash flow position, but how should we think about the timing of some of these actions on the balance sheet?

但我想也許你能幫助我們更好地理解。顯然，您已經非常好地重新定位了業務。你有一個更好的一年，更好的現金狀況、現金流狀況，但我們應該如何考慮資產負債表上這些行動的時機？

Okay. Great. Brian, why don't I -- on your first part of your question, where you talk about is the backdrop getting more difficult. I think what you're referring to there is, has the macroeconomic climate gotten tougher. I think that's kind of where you're going with that.

好的。偉大的。布萊恩，我為什麼不——在你問題的第一部分，你談到的是背景變得更加困難。我認為你指的是宏觀經濟環境是否變得更加嚴峻。我認為這就是你要處理的問題。

And we would say, yes, we would say that the macroeconomic climate has gotten tougher. I think that is what -- we just read comments from a lot of other retailers that have made public comments. That's what I think you're hearing broadly we've seen that in the credit card data. And I will say that at the Vegas furniture market, which I referenced earlier in January was particularly tough now, there was some bad weather in there that was temporal. So things have gotten a little better, since but the market is softer than you would have thought it would be if it was kind of like sequentially just kind of modestly seasonality adjusted flat.

我們會說，是的，我們會說宏觀經濟環境變得更嚴峻。我認為這就是——我們剛剛閱讀了許多其他發表公開評論的零售商的評論。我認為您廣泛聽到的就是我們在信用卡資料中看到的內容。我要說的是，我在一月份早些時候提到的維加斯家具市場現在特別艱難，那裡有一些暫時的惡劣天氣。所以情況已經好一點了，但市場比你想像的要軟，如果它是連續的，只是適度的季節性調整持平的話。

So I'd say the macro has gotten tougher, but I will also point out the macro, the depth of the macro drawdown now is quite significant. So it's kind of like, again, someone -- I forget whose note it was, but they referred to like demand bouncing along the bottom. And I'd say that's kind of like generally what we would think it roughly is, but you can't predict the macro. So that's why we focus more on the internal execution on the recipe. We focus on the internal drivers that we know will let us take share, that will let us outcompete others and do well regardless of what the market size is.

所以我想說宏觀經濟已經變得更加嚴厲，但我也會指出宏觀經濟，現在宏觀經濟回檔的深度是相當顯著的。所以這有點像某人——我忘記了那是誰的紙條，但他們提到了需求沿著底部反彈。我想說，這有點像我們所認為的大致情況，但你無法預測宏觀情況。這就是為什麼我們更加關注配方的內部執行。我們專注於內部驅動因素，我們知道這些驅動因素將使我們能夠佔據份額，使我們能夠在競爭中勝過他人，並且無論市場規模有多大，都能取得良好的業績。

And we -- just in this quarter, to date, so not the fourth quarter, but the first quarter our market share has continued to climb. So we're still hitting all-time highs. We're continuing meaning -- we're climbing -- we're hitting new all-time highs.

就在本季度，迄今為止，不是第四季度，而是第一季度，我們的市佔率持續攀升。所以我們仍然創下歷史新高。我們正在繼續前進——我們正在攀登——我們正在創下歷史新高。

Yes. So thank you for the question on capital structure. As you pointed out, we've made significant changes in the profitability and the free cash flow nature of the business. And that broadly gives us optionality around capital structure. So as I said in the prepared remarks, 1 of those options actually is to pay the 2025 off in cash and we think that is a good and viable option.

是的。謝謝你關於資本結構的問題。正如您所指出的，我們對業務的盈利能力和自由現金流性質做出了重大改變。這為我們在資本結構方面提供了廣泛的選擇空間。正如我在準備好的演講中所說，其中一個選擇實際上是用現金支付 2025 年的費用，我們認為這是一個很好且可行的選擇。

That said, we're very focused on what is most economically efficient for our shareholders and best for the business and we intend to be prudent and thoughtful. And so we continue to -- we've had a wide range of options from cash payments or refinancing to a combination, with regards to your question on timing, it's worth noting that each quarter that our financial profile continues to improves and our free cash flow generation improves obviously, the cost of capital for us continues to come down. And so there is some benefit there to the timing as well.

也就是說，我們非常關注對股東來說最經濟有效、對業務最有利的事情，我們打算保持謹慎和深思熟慮。因此，我們繼續 - 我們有多種選擇，從現金支付或再融資到組合，關於您關於時間的問題，值得注意的是，每個季度我們的財務狀況都在持續改善，我們的自由現金流量明顯改善，我們的資金成本持續下降。因此，時機也有一些好處。

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

你的下一個問題來自尼達姆的安娜·安德烈娃（Anna Andreeva）。

Can you talk about if you're seeing anything different with demand across various household incomes -- is it the lower-income consumer that's more pressure so far in 1Q? And also curious on performance of other high-margin brands in a portfolio outside of core Wayfair banner, how did the specialty retail and the Wayfair professional perform that's either in the fourth quarter or so far quarter-to-date?

您能否談談您是否發現不同家庭收入的需求有什麼不同——第一季到目前為止，是否是低收入消費者面臨更大的壓力？我們也對核心 Wayfair 旗幟之外的投資組合中其他高利潤品牌的表現感到好奇，專業零售和 Wayfair 專業人士在第四季度或迄今為止的季度表現如何？

Thanks, Ann. So a few thoughts on that. So first, you do see demand get increasingly pressured as you move down the income levels. So obviously, you would expect that, but we see that in our data, and we also see that in the macro data we get from -- particularly some of the banks and credit card companies. So I'd say that trend is pretty clean and pretty obvious.

謝謝，安。對此有一些想法。首先，隨著收入水準的下降，你確實會看到需求面臨越來越大的壓力。顯然，你會預料到這一點，但我們在我們的數據中看到了這一點，我們也在我們獲得的宏觀數據中看到了這一點——特別是一些銀行和信用卡公司。所以我想說這個趨勢非常乾淨而且非常明顯。

And so I think there's nothing surprising to that though. And then in terms of our brands, when you talk about kind of our brands, our specialty brands, which kind of play kind of above mass and then the luxury platform Perigold, which plays above that, you're seeing that those hiring ones are doing quite well. And Perigold, I mean the luxury market is much less competitive, but it's growing at very significant rates. And part of that is, it's smaller than Wayfair, but we have small market share everywhere. It's just -- that's a relatively young brand for us. It's executing very well. And as we mentioned a minute ago, that higher end market is less pressure. So it's a much better plus, but it's growing significant growth rates.

所以我認為這並沒有什麼奇怪的。然後就我們的品牌而言，當你談論我們的品牌、我們的專業品牌（哪種品牌高於大眾品牌）以及奢侈品平台 Perigold（高於大眾品牌）時，你會看到那些正在招募的品牌做得很好。 Perigold，我的意思是奢侈品市場的競爭要少得多，但它正在以非常顯著的速度成長。部分原因是，它比 Wayfair 小，但我們在各地的市場份額都很小。這對我們來說只是一個相對年輕的品牌。它執行得非常好。正如我們剛才提到的，高端市場的壓力較小。所以這是一個更好的優勢，但它正在顯著增長。

Your next question comes from the line of Colin Sebastian from Baird.

您的下一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

Maybe 1 quick follow-up on the last question around customer segmentation. I know there's a lot of curiosity around emerging competition in e-commerce, from Asia, including expansion of the home category. Is that something that you foresee impacting prices or customer acquisition costs? Or is that more likely limited to the lower end consumer segment?

也許可以快速跟進有關客戶細分的最後一個問題。我知道人們對來自亞洲的電子商務領域的新興競爭充滿好奇，其中包括家居類別的擴張。您預計這會影響價格或客戶獲取成本嗎？或者這更有可能僅限於低端消費者群體？

And then maybe secondly, in the shareholder letter, I was intrigued by some of the comments on logistics around additional services that you're building on top of that infrastructure. And just curious for maybe a little more color on is that adding new revenue opportunity? Or is that more about creating additional efficiency, obviously, in terms of competitive differentiation. There's some interesting stuff happening there.

其次，在股東信中，我對圍繞您在該基礎設施之上構建的附加服務的物流的一些評論很感興趣。只是好奇也許更多一點的色彩會增加新的收入機會嗎？顯然，這更多的是為了在競爭差異化方面創造額外的效率。那裡發生了一些有趣的事情。

Thanks, Colin. So first on your first part of your question around the customer segmentation, and I think basically, your question is sort of like the kind of growth of Temu, Shein and TikTok shop. And so what role do you see them playing from a competitive standpoint for us. What I would say is what we've really seen is where they compete is at the very low end of the market, both low-end quality wise and kind of ticket size.

謝謝，科林。首先，關於您關於客戶細分的問題的第一部分，我認為基本上，您的問題有點像 Temu、Shein 和 TikTok 商店的成長。那麼，從競爭的角度來看，他們對我們來說扮演著什麼樣的角色呢？我想說的是，我們真正看到的是他們在低端市場進行競爭，無論是低端品質還是門票規模。

And so that's where their volume is that's what they're known for kind of with customers for I think that's where you see Amazon obviously lowered their take rate at the low end of certain categories, I think, because it's kind of how the holiday competition there with those folks were. And I think some of the other folks who sell kind of smaller odds and then it's kind of referencing. We have not seen them really be a competitor. And we -- obviously, we put focus in home. Many people have a home business -- the question is what do they really sell in home? What are the subcategories and what tranches of them? Do they really play in and that's where you start seeing the event diagram overlaps end up not being necessarily a very large in certain places, and they are much larger in other places.

這就是他們的銷售所在，這就是他們在客戶中廣為人知的地方，我認為這就是你看到亞馬遜明顯降低了某些類別低端產品的接受率的地方，因為這就是假日競爭的方式和那些人在一起。我認為其他一些人出售較小的賠率，然後這是一種參考。我們還沒有看到他們真正成為競爭對手。顯然，我們將重點放在家庭上。許多人都有自己的家庭生意——問題是他們在家裡真正賣什麼？有哪些子類別以及其中的哪些部分？它們真的發揮作用了嗎？這就是您開始看到事件圖重疊的地方，最終在某些地方不一定很大，而在其他地方則更大。

So we have not seen these folks to be competitors. Also, some of them are very large advertising spenders and we have not seen them really be a player when we look at the share and who our competitive set is in certain of the lower funnel advertising, things like Google PLAs and Google search or some of these things that are highly targeted and high intent. We don't see them being players there.

所以我們還沒看到這些人成為競爭對手。此外，他們中的一些人是非常大的廣告支出者，當我們查看份額以及我們的競爭者是誰在某些較低渠道的廣告（例如Google PLA 和Google 搜索或某些廣告）時，我們並沒有看到他們真正成為參與者。這些事情都是針對性很強、意圖性很強的。我們不認為他們是那裡的球員。

And as you go upper funnel, things like display or things like television, these are vast markets, where no 1 competitor or 2 competitors move that market and you're not necessarily competing with named specific competitors that those markets are more broad. So we haven't seen the big competitors. Now we obviously watch all our competitors and what they're doing and how things are evolving. But we feel very good about what we've built for differentiation in home around the shop ability around the delivery and logistics around the set of things that frankly or unless you'd focus sign on these bigger bulkier items and the home goods, in particular, that are prone to damage. I don't think you can necessarily tackle those things very easily.

當你進入漏斗的上層時，例如顯示器或電視之類的東西，這些都是巨大的市場，沒有一個或兩個競爭對手能夠移動這個市場，而且你不一定要與那些市場更廣泛的指定的特定競爭對手競爭。所以我們還沒看到大的競爭對手。現在，我們顯然正在關注所有競爭對手以及他們在做什麼以及事情是如何發展的。但我們對我們為家居差異化而打造的產品感到非常滿意，圍繞商店能力、圍繞交付和物流圍繞一系列事物，坦率地說，或者除非您將重點放在這些較大的笨重物品和家居用品上，特別是，容易損壞。我認為你不一定能輕易解決這些問題。

So we feel very good about that. And then to touch on the second part of your question on logistics, and you said, "Hey, in the shareholder letter talked about logistics for a little bit. And you talked about do these create revenue opportunities or do these create cost efficiencies. Well, the answer is they can create both and just 1 example I'll highlight, which is kind of a service offering that makes a lot of sense for us to provide doesn't make a lot of sense, if you don't focus on like our categories very deeply, would be something that's relatively new, but that we've been working on and we'll start to roll out, which is consolidated delivery.

所以我們對此感覺非常好。然後談到關於物流的問題的第二部分，你說，「嘿，在股東信中談到了一點物流。你談到這些是否會創造收入機會或是否會創造成本效率。嗯，答案是他們可以創建兩者，我只強調一個例子，這是對我們來說很有意義的服務產品，如果你不專注於非常喜歡我們的類別，這將是相對較新的東西，但我們一直在努力，我們將開始推出，這就是整合交付。

So consolidated delivery, it allows you, whether you're moving houses or you're doing a renovation or you're an interior designer doing a project for a client or 1 of the items for your bathroom remodel for your contractors show up at a given day or you're helping your son move into an apartment. And you can basically pick an order of a set of large and small items pick a date in the future that you want them all to be delivered and they can then be delivered at the same time on that date in the future.

因此，整合交付，無論您是要搬家還是正在進行裝修，或者您是為客戶做專案的室內設計師，還是為您的承包商進行浴室改造的其中一件物品，它都可以讓您在某一天或你正在幫助你的兒子搬進公寓。您基本上可以選擇一組大大小小的物品的訂單，選擇未來的一個日期，您希望將它們全部交付，然後可以在未來的該日期同時交付它們。

So from a customer standpoint, you can see how in certain use cases, that's incredibly convenient. It would be very helpful for the customer for that to happen. And so you can imagine then the customer would be inclined to buy more of those items for that use case or that project from you, because it's going to be easier. They'll all come together at the same time. And so maybe you wouldn't have booked that coffee maker from us, but if it's going to be 1 of the many items you want it delivered at the same time, you might as well just buy it from us instead of buying somewhere else even though it's more of a commodity item or what have you.

因此，從客戶的角度來看，您可以看到在某些用例中這是非常方便的。這對客戶來說非常有幫助。因此，您可以想像，客戶會傾向於從您那裡購買更多用於該用例或該專案的產品，因為這會更容易。他們都會同時聚集在一起。因此，也許您不會從我們這裡預訂咖啡機，但如果它是您希望同時交付的眾多商品之一，您不妨從我們這裡購買，而不是在其他地方購買雖然它更多的是一種商品或者你擁有的東西。

So you can see that growing revenue. But then from a cost efficiency standpoint, as you can imagine, delivering things 1 at a time is less efficient and delivering a lot of things all at once. And so when you have a logistics network where we have fulfillment centers, we're picking up from suppliers. We have over-the-road transportation, moving goods down the chain towards where they're going to be delivered from. We have the delivery terminals given that we have that infrastructure, you can then with software, which you have to build, which is complicated. But as you have that, you can actually lower your cost of delivery while improving the customer experience and growing revenue.

所以你可以看到收入不斷成長。但從成本效率的角度來看，正如您可以想像的那樣，一次交付一件東西的效率較低，並且一次交付很多東西。因此，當您擁有一個擁有履行中心的物流網絡時，我們就會從供應商處提貨。我們有公路運輸，將貨物沿著鏈條運送到目的地。鑑於我們擁有基礎設施，我們擁有交付終端，然後您可以使用必須建置的軟體，這很複雜。但有了這些，您實際上可以降低交付成本，同時改善客戶體驗並增加收入。

So you get these combination effects. I picked 1 that happens to just the easier 1 to explain. There's a lot of other benefits and the various things we're doing. So we think the logistics runway is a real one. It's significant, and it still has a lot of room for us to build kind of good customer experiences there.

這樣你就得到這些組合效果了。我選了 1 個恰好是更容易解釋的 1 個。我們正在做的事情還有很多其他好處。所以我們認為物流跑道是真的。這很重要，而且我們仍然有很大的空間來在那裡建立良好的客戶體驗。

Your next question comes from the line of Christopher Horvers from JPMorgan.

您的下一個問題來自摩根大通的 Christopher Horvers。

So as you think about -- a couple of questions. So first, as you think about the flat scenario and $600 [million] plus of EBITDA, can you help us think about how that plays out down the P&L? Would you expect gross margin to expand in that scenario. If you go back to the Analyst Day, a lot of the long-term margin potential is in the gross margin line -- or is it simply more weighted to the lower cost on the SOTG&A line?

當你思考時，有幾個問題。首先，當您考慮持平的情況和 600 [百萬] 美元以上的 EBITDA 時，您能否幫助我們考慮一下這將如何影響損益表？在這種情況下，您預計毛利率會擴大嗎？如果你回到分析師日，你會發現許多長期利潤潛力都反映在毛利率線上——或者它只是更傾向於 SOTG&A 線上的較低成本？

Yes. Chris, it's Kate. I'll start with that. So it really is more of the cost takeout that we took out in January and seeing that flow through. So I would think about gross margin staying in that 30% to 31% range, which is where we've guided to and obviously where we averaged for '23, where you're going to see the cost savings from January and on the P&L that was actually in 2 places.

是的。克里斯，是凱特。我將從那開始。因此，這實際上更多的是我們在一月份削減的成本，並看到其流動情況。因此，我認為毛利率應保持在 30% 至 31% 的範圍內，這是我們所指導的水平，顯然也是我們 23 年的平均水平，您將看到 1 月份和損益表上的成本節省那實際上是在兩個地方。

One is on the customer service and merchant fees. We said of the $280 million total takeout and again, that was net, so that included the hiring back. But of the $280 million total takeout, $150 million would hit down to the adjusted EBITDA line of that $25 million within that customer service emergency line and so when I guided, I said that would come in a little bit more going forward. And then $125 million of that was on that SOTG&A line. We actually saw that in the guide. If you take the Q4 SOTG&A number and the midpoint of the guide, you'll see that 125 million savings there.

一是關於客戶服務和商家費用。我們說的是 2.8 億美元的外賣總額，而且這是淨額，所以這包括了重新招聘。但在 2.8 億美元的總支出中，有 1.5 億美元將降至客戶服務應急熱線內 2500 萬美元的調整後 EBITDA 線，所以當我指導時，我說這將在未來多一點。其中 1.25 億美元投入了 SOTG&A 生產線。我們實際上在指南中看到了這一點。如果您採用第 4 季 SOTG&A 數字和指南的中點，您會發現節省了 1.25 億美元。

So really, where you see the pickups are on customer service and merchant fees and on SOTG&A. Gross margin AC&R stay about where they average in '23 for that hypothetical $600 million on a flat revenue scenario.

事實上，您看到的取貨費用是客戶服務費、商家費用以及 SOTG&A。 AC&R 毛利率維持在 23 年假設收入持平情況下 6 億美元的平均值。

And is that because the long-term gross margin initiatives are more sales dependent versus an opportunity to continue to take cost out and just as a quick second follow-up, the worst case, plus 50% EBITDA in '24. Is that -- does that assume that the current trend of the business that's down mid-single digit sticks to the rest of the year?

這是因為長期毛利率計劃更多地依賴銷售，而不是繼續降低成本的機會，並且作為快速的第二次後續行動，最壞的情況，加上 24 年 50% 的 EBITDA。是假設目前業務下降中個位數的趨勢會持續到今年剩餘時間？

So let me answer the first part of your question first on the gross margin initiatives. So first, we remain very confident in the gross margin opportunities. Obviously, we've talked about getting in our Analyst Day we talked about getting to 35 plus on gross margin. That, of course remains, what we were trying to provide in that $600 million is the framework on that flat revenue scenario, just from the cost savings for this year, how you can see that flow through.

因此，讓我先回答您問題的第一部分，即毛利率舉措。首先，我們對毛利率機會仍然充滿信心。顯然，我們在分析師日討論了毛利率達到 35 以上。當然，我們試圖在這 6 億美元中提供的是固定收入情景的框架，僅從今年的成本節省來看，您如何看到這一流動。

We continue to see ongoing operating efficiency in that gross margin line. And we always make the trade-off of do we pass that through to the customer or do we pocket that. And as we've spoken about in the past, that's an ongoing discussion around what is going to be optimal on a multi-quarter basis. And you obviously saw us reinvest some of that in the fourth quarter of this year.

我們繼續看到該毛利率線的持續營運效率。我們總是在將其傳遞給客戶還是將其收入囊中之間進行權衡。正如我們過去談到的，這是一個圍繞著多季度最佳方案的持續討論。您顯然看到我們在今年第四季度對其中的一些進行了再投資。

So although an opportunity there, nothing has changed in our longer-term plan, and we expect to see that to continue to pan out. On your question around the 50% adjusted EBITDA growth, I would think about that as a floor that we're trying to set. So the top-line scenario, we're obviously not guiding to the top line, but we wanted to help folks see the opportunity that we have on adjusted EBITDA, somewhat irrespective of the macro conditions, based on all these cost efforts and the levers that we have at our disposal.

因此，儘管存在機會，但我們的長期計劃沒有任何改變，我們預計這一計劃將繼續取得成功。關於你關於 50% 調整後 EBITDA 成長的問題，我認為這是我們試圖設定的下限。因此，就營收情況而言，我們顯然不會指導營收，但我們希望幫助人們看到我們在調整後 EBITDA 方面的機會，在某種程度上與宏觀條件無關，基於所有這些成本努力和槓桿我們可以使用的。

You and I actually just talked about 2 of them. So 1 would be the hiring in the SOTG&A. That includes some hiring back throughout the year that can be needed as necessary depending on the macro and the other 1 on that gross margin line, we of course, always have ongoing operating and cost efficiency there that we're pushing on, and we can choose to pass that through to pocket that. And that gives us some optionality and is why we felt comfortable saying that we can have that substantial adjusted EBITDA growth, irrespective of where the top line goes.

你和我實際上只討論了其中兩個。因此 1 是 SOTG&A 的招募。這包括全年根據宏觀需求進行一些招聘，以及毛利率線上的其他1項，當然，我們始終保持持續的營運和成本效率，我們正在推動這一點，我們可以選擇將其傳遞到口袋中。這給了我們一些選擇權，這就是為什麼我們可以放心地說，無論收入如何，我們都可以實現調整後的 EBITDA 大幅成長。

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

您的下一個問題來自古根漢證券公司的史蒂文·福布斯。

Niraj, I wanted to maybe expand on your curation comments in the letter, especially as we think about sort of how the assortment right, or the vendor base can change or house brand penetration can change over the coming years. And then maybe if you can sort of weave in how the curation strategy could or does sort of marry together with like any mitigation strategy around tariffs.

Niraj，我想在信中擴展您的策展評論，特別是當我們思考未來幾年如何正確分類、供應商基礎如何變化或自有品牌滲透率如何變化時。然後也許你可以將策劃策略如何能夠或確實與任何圍繞關稅的緩解策略結合起來。

Great. So what I would say is the curation strategy, which is about really building up the -- to talk about the house brands and the specialty retail brands, but building up the selection in those with great items that we know customers will be thrilled with once they open the item and get it in their house and set it up and putting that kind of stamp of approval on it. Obviously, made sure it's very well priced. The logistics are under optimized. We think we can keep building that up and adding that value to that curation.

偉大的。所以我要說的是策展策略，它是關於真正建立——談論自有品牌和專業零售品牌，但要建立那些我們知道顧客一旦購買就會感到興奮的優質商品的選擇他們打開該物品並將其放在家中並安裝並蓋上批准印章。顯然，確保它的價格非常優惠。物流正在優化。我們認為我們可以繼續加強這一點，並為該策劃增加價值。

So we think what we've done so far is just the beginning of that. Now what I would say is, obviously, we then are very thoughtful about which suppliers we're working with for those items, like where are we taking these items from. So we're picking these from items who we know from suppliers that we know are reliable and ones that we can work with it well and who we have tight relationship with.

所以我們認為到目前為止我們所做的只是一個開始。現在我要說的是，顯然，我們非常考慮與哪些供應商合作生產這些物品，例如我們從哪裡取得這些物品。因此，我們從供應商那裡挑選這些產品，我們知道這些供應商是可靠的，我們可以很好地合作，並且與我們有密切的關係。

Obviously, that then we could take many things into account. And obviously, like where items are produced through the tariffs, got question really is about a source of production. The category I would point to that's had a lot of tariff complexity over the last couple of years of mattress. And there's been multiple rounds where mattress sort of different countries have been assigned different kind of penalties associated with tariffs which really inhibited production in different places. And we've obviously been very cognizant to make sure that we have production that lets us have the quality items we want at the prices that make sense and making sure that we maintain availability that we're not out of stock and chasing it.

顯然，我們可以考慮很多事情。顯然，就像透過關稅生產物品一樣，人們真正關心的是生產來源。我要指出的是，過去幾年床墊的關稅非常複雜。在多輪談判中，不同國家的床墊受到了與關稅相關的不同類型的處罰，這確實抑制了不同地方的生產。顯然，我們非常清楚地確保我們的生產能夠以合理的價格提供我們想要的優質產品，並確保我們保持供應，不會缺貨並追逐它。

So that's the type of thing that we think about as we're building our assortment in mattresses, our assortment is under brands like Nora or Wayfair Sleep. And then obviously, we work with branded folks as well. So hopefully, that answers your question in terms of how we think about it in the kind of the context of geographic location and supplier selection is part of how we think about it.

這就是我們在打造床墊產品系列時所考慮的問題，我們的產品系列採用 Nora 或 Wayfair Sleep 等品牌。顯然，我們也與品牌人士合作。因此，希望這能回答您的問題，即我們如何在地理位置和供應商選擇的背景下思考它，這是我們思考它的一部分。

And maybe just a quick follow-up for you, Kate. The comments around sort of your ability to pull back on maybe the reinvestment plans for the back half anyway to help us contextualize the spread between gross and net? Should we look at the first quarter SOTG&A guidance compared to the fourth quarter and assume that's like 2/3 of the benefit? Or any help on sort of just framing where the second quarter SOTG&A number sort of trough.

凱特，也許只是對你進行快速跟進。關於您是否有能力取消下半年的再投資計劃，以幫助我們了解毛額和淨額之間的利差？我們是否應該將第一季 SOTG&A 指引與第四季度進行比較，並假設收益相當於 2/3？或任何關於第二季度 SOTG&A 數位低谷的框架的任何幫助。

Yes. So I guess I would help you with this. The -- on the SOTG&A, if you put the midpoint of that guide for Q1 and compare that to where the fourth quarter landed, you see the $125 million of net savings you'll (inaudible), right? And so within that first quarter, you obviously had a month of comp for folks that exited in that quarter and not sort of offsetting what we said would be some of the hiring back. You actually end up at that net number in the first quarter, and that should stay based on the hiring plan, that should stay relatively constant throughout the year.

是的。所以我想我會幫助你。 - 在 SOTG&A 上，如果您將第一季指南的中點與第四季度的情況進行比較，您會看到淨節省 1.25 億美元（聽不清楚），對嗎？因此，在第一季內，您顯然為該季度退出的人員提供了一個月的補償，這並沒有抵消我們所說的部分招聘回來的費用。實際上，你在第一季就得到了這個淨數字，這應該基於招聘計劃，全年應該保持相對穩定。

Now as I said, [short] is a lever for us as we had to pull and you could see us pull that lever dependent on the macro. But it's important to note that we think these hires made sense. It's part of rebuilding the pyramid structure that we think is appropriate for the ongoing growth and execution of the business. Niraj referenced some of the cabin's hires and how those flow in and the benefit there. But generally, the Q1 guide, you think about that as a sort of good point on SOTG&A throughout the year based on the current hiring plan.

現在，正如我所說，[空頭]對我們來說是一個槓桿，因為我們必須拉動，你可以看到我們根據宏觀情況拉動該槓桿。但值得注意的是，我們認為這些聘用是有意義的。這是重建金字塔結構的一部分，我們認為結構適合業務的持續成長和執行。尼拉吉提到了小屋的一些僱員以及這些僱員的流動情況以及那裡的好處。但總的來說，第一季指南中，根據目前的招聘計劃，您認為這是 SOTG&A 全年的一個好點。

Your next question comes from the line of Oli Wintermantel from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Oli Wintermantel。

I had a question, Niraj, you mentioned 3 things that you're excited about in 2024. One was the new campaign in March and then the loyalty program. Maybe if you could spend a couple of minutes on explaining what that entails?

我有一個問題，Niraj，您提到了 2024 年您感到興奮的三件事。其中之一是 3 月份的新活動，然後是忠誠度計劃。也許您能花幾分鐘解釋一下這意味著什麼？

Sure. Yes, so yes, I mentioned 3 things I was excited about, One was the launch of the first Wayfair retail store and which opens in May, just north of Chicago and Wilmette. Another 1 was the new marketing campaign for Wayfair, which debuted in mid-March. So that that's a campaign that obviously the most notable place you'll see it on is in television, but it really carried through all the different channels.

當然。是的，所以是的，我提到了三件令我興奮的事情，其中​​之一是第一家 Wayfair 零售店的推出，將於 5 月開業，位於芝加哥和威爾梅特以北。另外一個是 Wayfair 於 3 月中旬推出的新行銷活動。因此，顯然，您在電視上看到的最引人注目的活動是一場活動，但它確實通過所有不同的管道進行了傳播。

We're really excited about it. You'll see it very shortly. But the whole goal is to continue to build brand loyalty for Wayfair and tell the story to make sure customers really understand the breadth and depth of what we offer and why Wayfair should be in the place to go to for all things home. And so we think that this campaign can further that depth of understanding and continue to kind of build a real understanding and ultimately preference for what we offer.

我們對此感到非常興奮。您很快就會看到它。但總體目標是繼續建立 Wayfair 的品牌忠誠度，並講述故事，以確保客戶真正了解我們提供的服務的廣度和深度，以及為什麼 Wayfair 應該成為購買所有家居用品的地方。因此，我們認為這項活動可以加深理解，並繼續建立對我們所提供產品的真正理解和最終偏好。

And the third one, which you're asking about is the tender-neutral loyalty program. And the tender-neutral loyalty program, the way to think about it today, what we have for a loyalty program, all the benefits of the loyalty program are associated with having the Wayfair credit card. So you have to get a Wayfair credit card, either the Mastercard at co-branded with Citibank or just the Wayfair specific store-based credit card. And then there's different rewards benefits that are associated with that. But we don't have a broad-based loyalty program that works regardless of how you choose to pay. And we think that there's a real opportunity for that, which could also help us not just provide customers with enhanced benefits, but help make us the more top of mind place for all things home.

您問的第三個是招標中立的忠誠度計劃。而招標中立的忠誠度計劃，今天的思考方式，我們的忠誠度計劃，忠誠度計劃的所有好處都與擁有 Wayfair 信用卡相關。因此，您必須獲得一張 Wayfair 信用卡，可以是與花旗銀行聯名的萬事達卡，也可以是 Wayfair 特定商店的信用卡。然後還有與之相關的不同獎勵福利。但我們沒有一個無論您選擇如何付款都有效的基礎廣泛的忠誠度計劃。我們認為這是一個真正的機會，這不僅可以幫助我們為客戶提供更多的福利，還可以幫助我們成為所有家居用品的首選場所。

It creates significant incremental revenue and drive significant profit. So we're going to launch that later this year. We've internally of kind of figuring out the framework of what that is, but we need to build the technology to support it and the marketing plans for it and to roll it out. So that's coming. But the reason I referred to it is we know that customers love us and we think, a, there's an opportunity to deepen their understanding of what we do. That's where the marketing campaign comes in. And we also think there's a lot of things we can do to just cause them to come to us far more often. And that's where the tender-neutral loyalty program plays a big role.

它創造了顯著的增量收入並帶來了可觀的利潤。所以我們將在今年晚些時候推出它。我們在內部已經弄清楚了它的框架，但我們需要建立支援它的技術、行銷計劃並推出它。所以這就來了。但我提到它的原因是我們知道客戶喜歡我們，我們認為，a，有機會加深他們對我們所做的事情的理解。這就是行銷活動的用武之地。我們也認為，我們可以做很多事情來讓他們更頻繁地來找我們。這就是中性忠誠度計劃發揮重要作用的地方。

Your final question comes from the line of Curtis Nagle from Bank of America.

你的最後一個問題來自美國銀行的柯蒂斯·內格爾。

Kate, just if you go back to 1Q and the guidance, just curious if you could go through is kind of the range of outcomes within the mid-single -- sorry, the low single-digit EBITDA, how much is that based on the ranging of the gross margin? How much of that is revenue, right? I think anticipation is it continues into low singles. So mid-single, so if that got better, what would that mean? But just walking through kind of the most important or the biggest things that could drive variability within that low single would be really helpful.

凱特，如果你回到第一季度和指導，只是好奇你是否可以了解中單的結果範圍——抱歉，低個位數的 EBITDA，這是基於多少毛利率的範圍？其中有多少是收入，對嗎？我認為預期是它會持續到低單打。那麼中單，如果情況變得更好，那又代表什麼？但光是回顧那些可能推動低單曲變化的最重要或最大的事情就會非常有幫助。

Yes. So Curt, obviously, we're somewhat unique about the first quarter. We're guiding somewhat 7 weeks into the quarter. We said the trend on revenue is quarter-to-date that negative mid-singles. Obviously, if trend on revenue improves, certainly, you see more flow through, right? And that could be a variability on the bottom line. But generally speaking, that's what we've seen so far quarter-to-date, we've maintained that 30 to 31 guidance range on gross margin.

是的。因此，柯特，顯然，我們第一季的情況有些獨特。我們對本季的第 7 週進行了指導。我們說過，季度至今的營收趨勢是負中單。顯然，如果收入趨勢改善，您肯定會看到更多的流量，對嗎？這可能是底線的變化。但總的來說，這就是我們本季迄今所看到的情況，我們維持毛利率 30 至 31 的指導範圍。

You've seen that hit that very consistently over the last several quarters. And then obviously, on the AC&R and the ad spend, that being another line that you've seen us bring that into that 11.5%, 12.5% very consistently over the last several quarters, those being 2 of the more somewhat variable pieces there.

在過去的幾個季度中，您已經看到這種情況一直持續發生。顯然，在 AC&R 和廣告支出方面，您看到我們在過去幾季非常一致地將其提高到 11.5%、12.5%，這是其中兩個變化較大的部分。

Certainly, if revenue were to accelerate from here, would you see more flow through to that low-single-digit number, absolutely. But I'd again point you to the fact that we're in the third week of February, we're into the quarter and we see negative mid-singles at this current time.

當然，如果收入從這裡開始加速，你絕對會看到更多的資金流向這個低個位數的數字。但我想再次向您指出這樣一個事實：我們正處於二月的第三週，我們已經進入了本季度，目前我們看到中單的表現為負。

Got it. Okay. Makes sense. And then just a quick follow-up on the AOV. It sounds like it was impacted and certainly more than you expected from, I think you said mix. But could we just dig a little bit more into what kind of change -- the (inaudible) change? Was it anything you did or anything, I guess, a customer perspective?

知道了。好的。說得通。然後對 AOV 進行快速跟進。聽起來它受到了影響，而且肯定超出了你的預期，我想你說的是混合。但我們能否進一步深入了解什麼樣的改變──（聽不清楚）變化？我想這是你所做的事情還是從客戶角度考慮的？

Yes. So I think the thing about AOV, I think what I was trying to describe is actually the real phenomenon AOV over the last 1.5 years has actually been that all the ocean freight inflation then reversed and have come back out. And as that's come back out, you've seen AOV drop. That's been the primary driver of AOV, but then as you start anniversary-ing where it drops. So in other words, it started dropping in the fourth quarter of '22 the subsequent drop to the following year is not going to be as high because a lot of the drop had already happened right?

是的。所以我認為關於 AOV 的事情，我想我試圖描述的實際上是過去 1.5 年 AOV 的真實現象，實際上是所有海運通膨隨後逆轉並恢復了。當它回來時，你會看到 AOV 下降。這是 AOV 的主要驅動因素，但隨著週年紀念日的到來，它的影響力就會下降。換句話說，它在 22 年第四季開始下降，隨後到下一年的下降幅度不會那麼高，因為很多下降已經發生了，對嗎？

And so we're just in the latter stages of anniversarying that deflation coming out. So over the next couple of quarters, that -- all that deflation will come out a year ago. And so that AOV will not really be moving for that reason anymore. And what I was trying to say is that AOV can move for many reasons, right? It can move for mix of our brands, it can move for category mix. It can move from a mixture to seasonality. And those are primarily the things that move AOV -- it's just that the phenomenon over the last year where it's come down a lot, is due to the deflation and we're nearing the end of that. And so you should expect AOV to not necessarily drop as much because we're now finishing the anniversarying of that AOV.

因此，我們正處於通貨緊縮紀念日的最後階段。因此，在接下來的幾個季度裡，所有通貨緊縮都會在一年前顯現出來。因此，AOV 不會再因為這個原因而移動。我想說的是，AOV 移動的原因有很多，對吧？它可以為我們的品牌混合而變化，也可以為品類混合而變化。它可以從混合轉向季節性。這些主要是推動 AOV 的因素——只是去年 AOV 大幅下降的現像是由於通貨緊縮造成的，而我們正接近通貨緊縮的結束。因此，您應該預期 AOV 不一定會下降那麼多，因為我們現在即將完成該 AOV 的周年紀念日。

So that was more just kind of the question I was trying to answer earlier.

所以這更像是我之前試圖回答的問題。

Thanks. And so I just want to thank everybody for joining on the call. 1 more pledge, just to encourage you to read our shareholder letter, which is on our Investor Relations website, which we think you'll enjoy. And obviously, we think we're poised for really great things both in the tough macro, while we can take share. And then as things recover, obviously, significant EBITDA gains to come this year regardless of the environment. And we're seeing great customer success. So thank you very much for your interest in Wayfair.

謝謝。所以我只想感謝大家參加這場電話會議。還有 1 項承諾，只是為了鼓勵您閱讀我們的股東信函，該信函位於我們的投資者關係網站上，我們認為您會喜歡的。顯然，我們認為我們已經準備好在艱難的宏觀環境中實現真正偉大的事情，同時我們可以分享份額。然後，隨著情況的復甦，顯然，無論環境如何，今年的 EBITDA 都會大幅成長。我們看到客戶取得了巨大的成功。非常感謝您對 Wayfair 的興趣。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。