Wayfair Inc (W) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Wayfair First Quarter 2024 Earnings Release Conference Call. (Operator Instructions) I would now like to turn the conference over to James Lamb, Head of Investor Relations. James, you may begin your conference.

感謝您的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Wayfair 2024 年第一季財報發布電話會議。 （操作員指示）現在，我想將會議交給投資者關係主管詹姆斯·蘭姆 (James Lamb)。詹姆斯，你可以開始你的會議了。

Good morning, and thank you for joining us. Today, we will review our first quarter 2024 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. 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 second quarter of 2024. All forward-looking statements made on today's call are based on information available to us as of today's date.

早安，感謝您加入我們。今天，我們將回顧 2024 年第一季的業績。和我一起的是共同創辦人、執行長兼聯席主席 Niraj Shah；史蒂夫‧科奈恩 (Steve Conine)，共同創辦人兼聯合主席；以及財務長兼首席行政官 Kate Gulliver。今天的準備好的發言結束後，我們將接受提問和回答。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未來前景、業務戰略、行業趨勢和財務業績的陳述，包括 2024 年第二季度的指引。

We cannot guarantee that any forward-looking statements will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Our 10-K for 2023, 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.

儘管我們相信我們的預期和假設是合理的，但我們無法保證任何前瞻性陳述的準確性。我們 2023 年的 10-K 報告、本季的 10-Q 報告以及隨後向 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結果與今天做出的任何前瞻性陳述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，無論是由於任何新資訊、未來事件或其他原因。

Also, please note that during this call, we will discuss certain non-GAAP financial measures as we review the company's performance, including adjusted EBITDA, adjusted EBITDA margin and free cash flow. These non-GAAP financial measures should not be considered replacements for and should be read together with GAAP results. Please refer to the Investor Relations section of our website to obtain a copy of our earnings release and investor presentation, which contain descriptions of our non-GAAP financial measures and reconciliations of non-GAAP measures to the nearest comparable GAAP measures. This call is being recorded and a webcast will be available for replay on our IR website. I would now like to turn the call over to Niraj.

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 GAAP 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 GAAP 財務指標不應被視為 GAAP 結果的替代品，而應與 GAAP 結果一起閱讀。請參閱我們網站的「投資者關係」部分，以取得我們的收益報告和投資者介紹的副本，其中包含我們的非公認會計準則財務指標的描述以及非公認會計準則指標與最接近的可比較公認會計準則指標的對帳。本次通話正在錄音，網路直播將在我們的 IR 網站上提供重播。現在我想將電話轉給 Niraj。

Thank you, James, and good morning, everyone. We're excited to reconnect to discuss our Q1 results today. The first quarter ended on an upswing, as we saw the category show signs of improvement in late February and March following a challenging start to the year, with our own top line results also reflecting this improvement. Our revenue was down just under 2% year-over-year for Q1, which marks our sixth straight quarter of outperformance and share gain within a category that was down in the low double digits over the same period.

謝謝你，詹姆斯，大家早安。我們很高興今天能再次聯繫並討論我們的第一季業績。第一季以上漲收官，我們看到該類別在經歷了年初的挑戰之後，在 2 月底和 3 月份顯示出改善的跡象，我們自己的營收業績也反映了這種改善。我們第一季的營收年減近 2％，這標誌著我們連續第六個季度表現出色，並且在同期收入下降兩位數的類別中份額有所增長。

Shoppers are increasingly choosing Wayfair with year-over-year active customer growth once again positive and accelerated compared to last quarter. Over the past several weeks, we've met with hundreds of our suppliers at major industry events and the feedback has been encouraging. Inventory levels have been in a very healthy place for a few quarters now, and our suppliers are largely past the period of elevated input costs and transportation prices that they faced in late 2022.

越來越多的購物者選擇 Wayfair，與上一季相比，活躍客戶比去年同期再次呈現正成長且加速。過去幾週，我們在主要行業活動中與數百家供應商會面，反饋令人鼓舞。近幾個季度以來，庫存水準一直處於非常健康的水平，我們的供應商基本上已經度過了 2022 年底面臨的投入成本和運輸價格上漲的時期。

For the first time since pre-COVID, we're seeing suppliers introducing large groups of new products into their catalogs as they look to build momentum for the next stage of growth. Across the board, we're hearing their enthusiasm to partner with Wayfair and substantial interest to lean in behind our entire offering. Joining our curated brands, being featured in our promotional events, leveraging our fulfillment solutions, taking advantage of supplier advertising and having shelf space in our stores.

自疫情爆發以來，我們首次看到供應商將大量新產品引入其目錄，以期為下一階段的成長積蓄動力。總體而言，我們聽到了他們與 Wayfair 合作的熱情以及對支持我們整個產品的濃厚興趣。加入我們精選的品牌，在我們的促銷活動中展示，利用我們的履行解決方案，利用供應商廣告並在我們的商店中佔據貨架空間。

You've heard this from us consistently for over a year now. The sum of all our work is our core recipe further improving to the strongest place we've ever seen it. Availability and speed continue to set records, and we see our price levels as some of the most competitive in the industry. Our offering is resonating with shoppers in a powerful way, driving continued momentum in year-over-year active customer growth.

一年多來，您已經不斷聽到我們這麼說。我們所有工作的總和使我們的核心配方進一步完善到我們所見過的最強大的程度。可用性和速度繼續創下記錄，我們的價格水平是業內最具競爭力的。我們的產品與購物者產生了強烈的共鳴，推動了活躍客戶逐年持續成長。

Years from now, we'll look back on the past 24 months as a pivotal moment in the evolution of Wayfair on two vectors. The first will undoubtedly be profitability as we posted our fourth consecutive quarter of positive adjusted EBITDA, the evolution of our cost structure has set us on a steady path, towards the 10% plus adjusted EBITDA margin target we outlined at our Investor Day, and we're on track to deliver on that goal.

多年後，當我們回顧過去 24 個月時，會發現這是 Wayfair 在兩個方面發展的關鍵時刻。第一個無疑是盈利能力，因為我們連續第四個季度實現了正的調整後 EBITDA，我們成本結構的演變使我們走上了穩步前進的道路，朝著我們在投資者日概述的 10% 以上的調整後 EBITDA 利潤率目標邁進，我們正在按計劃實現這一目標。

The second vector will be market share and how years of compounding market share capture sets us up for even greater success once the category returns to stability and growth. This has been our focus for many months, ensuring that when customers are ready to lean back into spending on their own, their answer is Wayfair. At the end of our fourth quarter call in February, I briefly mentioned three of the many ways we're mobilizing on this goal in 2024, a new loyalty offering in the second half of the year, the launch of our first Wayfair branded store later this month, and a new brand campaign, which began in March.

第二個向量是市場份額，以及多年來複合的市場份額佔領如何為我們在該類別恢復穩定和增長後取得更大的成功做好準備。這是我們個多月來一直關注的重點，確保當客戶準備重新開始自主消費時，他們的答案就是 Wayfair。在二月份第四季電話會議結束時，我簡要地提到了我們在 2024 年實現這一目標的眾多方式中的三種：下半年推出新的忠誠度計劃、本月晚些時候推出第一家 Wayfair 品牌商店，以及三月份開始的新品牌活動。

While still new, I want to take a bit of time to talk through our brand refresh because this is the most substantial evolution to our brand strategy, creative expression and marketing presence since 2018. Hopefully, by now, many of you have seen our new campaign across social media, television and e-mail and have explored the refreshed imagery on both the site and our apps. As I mentioned, our operative goal here is to make Wayfair a habitual part of our customers' lives.

雖然品牌更新還很新，但我想花點時間談談我們的品牌更新，因為這是自 2018 年以來我們品牌策略、創意表達和行銷形象最實質性的一次變革。正如我所提到的，我們的經營目標是讓 Wayfair 成為我們客戶生活中習慣的一部分。

When our customer decides they want to buy something new for their homes, be it a new coffee table for the living room as they get ready to host their family on Mother's Day, or a new patio set to replace the deck furniture they bought in 2020, they go directly to Wayfair. We know that no two homes are exactly the same. Shopping for Home is emotive, with needs spanning across styles, spaces and budgets. We know people have less time than ever. Wayfair is their solution for all things home in one seamless experience.

當我們的客戶決定要為他們的家購買一些新東西時，無論是為在母親節招待家人而準備的客廳新咖啡桌，還是為替換他們在 2020 年購買的露台家具而購買的新露台套裝，他們都會直接去 Wayfair。我們知道沒有兩棟房子是完全相同的。家居購物是情感化的，需求涵蓋風格、空間和預算。我們知道人們的時間比以往任何時候都少。 Wayfair 是他們為所有家居事宜提供無縫體驗的解決方案。

Over more than a decade of operating under the Wayfair banner, we built a customer file exceeding 90 million shoppers, and have millions of app users. In fact, last year, we drove over 20% year-over-year growth in-app installs. We have strong aided awareness across the U.S., Canada and the U.K., where Wayfair is a household brand name, and we continue to grow in Germany. The next step in cementing recurring customer behavior is growing our brand preference, which will be a key in unlocking greater share of wallet.

在 Wayfair 品牌下運營的十多年裡，我們建立了超過 9,000 萬購物者的客戶檔案，並擁有數百萬個應用程式用戶。事實上，去年我們的應用程式內安裝量年增了 20% 以上。我們在美國、加拿大和英國擁有很強的輔助知名度，其中 Wayfair 是家喻戶曉的品牌，而且我們在德國的業務也持續成長。鞏固回頭客行為的下一步是提高我們的品牌偏好度，這將是解鎖更多錢包份額的關鍵。

We set out a plan for a more evolved vision of how Wayfair connects with consumers. This starts with our overall brand design system made up of a distinctive brand set of elements. Our logo, color, font and even our (inaudible), we have created a focused and distinctive set of assets that are being presented with consistency across all of our channels, starting with our logo where you'll see a more streamlined visual and a more vibrant shade of purple. Our logo has become the foundational brand element that defines our entirely new storytelling platform, The Wayborhood. I'm sure you can all think of great advertising campaigns that use a consistent storytelling device that endures over many years.

我們制定了一項計劃，以更完善地看待 Wayfair 與消費者之間的聯繫方式。首先從我們由一組獨特的品牌元素組成的整體品牌設計系統開始。我們的標誌、顏色、字體，甚至我們的（聽不清楚），我們已經創建了一套集中而獨特的資產，並在我們所有的管道中以一致的方式呈現，從我們的標誌開始，您會看到更簡化的視覺效果和更鮮豔的紫色。我們的標誌已經成為定義我們全新故事敘述平台 The Wayborhood 的基礎品牌元素。我相信大家都能想到一些出色的廣告活動，它們採用了一致且歷久不衰的敘事手法。

Our goal is to one day have The Wayborhood join that list. At its center, The Wayborhood embraces the notion of home as a place where everyone can express themselves and what they love, with Wayfair as the shopping destination to make that happen for every style and every home. The first thing you'll likely notice in our new Wayborhood ads is the cast of characters we've brought together. We've curated a list of celebrities and influencers who each bring their unique fandoms, such as Shawn Johnson East, a former Olympian who has built an incredible audience of new mothers through her own parenting journey as well as others, including reality TV star Lisa Vanderpump and social media influencer Thoren Bradley. Of course, everyone is brought together by our long-standing brand ambassador, Kelly Clarkson. Our goal is to ensure that wherever you come from and whoever you are, you'll see someone in The Wayborhood that speaks to you in your unique expression of home.

我們的目標是有一天讓 The Wayborhood 能夠加入這個名單。 Wayborhood 的核心理念是：家是每個人都可以表達自我和所愛事物的地方，而 Wayfair 作為購物目的地，讓每一種風格和每個家庭都能實現這一理念。在我們的新 Wayborhood 廣告中，您首先可能注意到的是我們匯集的角色陣容。我們精心挑選了一系列名人和網紅，他們每個人都有自己獨特的粉絲群，例如前奧運選手肖恩·約翰遜·伊斯特 (Shawn Johnson East)，她透過自己的育兒經歷吸引了大批新媽媽粉絲，其他人包括真人秀明星麗莎·范德普 (Lisa Vanderpump) 和社交媒體網紅索倫·布拉德利 (Thoren Bradley)。 當然，我們長期的品牌大使凱莉克拉克森 (Kelly Clarkson) 將大家聚集在一起。我們的目標是確保無論您來自哪裡、無論您是誰，您都會在 The Wayborhood 看到某個人用您獨特的家鄉表達方式與您對話。

Every time this brand evolves across a life cycle that begins with establishing an identity, this moves on to building out an experience, which is measured by engagement and audience development, it is where we currently sit on our brand journey. The next stage on our path is to be able to produce memorable, instantly recognizable brand content. For example, everyone recognizes the GEICO that wants to sell you insurance. And that's what you're seeing as part of this launch. This is what takes us from being a website people know and like on the Internet to a brand presence with a fandom of its own.

每當這個品牌在其生命週期中演變時，它都會從建立身份開始，然後轉向建立體驗，並透過參與和受眾發展來衡量，這就是我們目前在品牌旅程中所處的位置。我們的下一個階段是能夠創造出令人難忘、可立即辨識的品牌內容。例如，每個人都知道 GEICO 想要向你推銷保險。這就是您在這次發布會上看到的內容。這使得我們從網路上人們熟知和喜愛的網站，成長為擁有自己粉絲群的品牌。

The debut of the Wayborhood is the first step on this multiyear journey, and you'll continue to see it evolve in the future as we look to speak with shoppers in entirely new ways. While you may have seen some of our Wayborhood ads on television as they debuted at the Oscars back in March, you've likely also been seeing them across all the other screens in your life. As part of this brand refresh, we've taken an expanded length of our advertising channel portfolio, leaning in with renewed strength across many of the biggest channels on which our customers spend significant time.

Wayborhood 的首次亮相是這段多年旅程的第一步，隨著我們尋求以全新的方式與購物者對話，您將繼續看到它在未來不斷發展。您可能已經在電視上看過我們的一些 Wayborhood 廣告，它們在三月份的奧斯卡頒獎典禮上首次亮相，但您很可能也在生活中的所有其他螢幕上看到過它們。作為此次品牌更新的一部分，我們擴大了廣告管道組合的長度，以新的力量融入客戶花費大量時間的許多最大管道。

You'll find these new ads across Instagram, TikTok YouTube TV and Hulu to name a few. And our intent is to drive engagement. To give you an example, historically, our Instagram posts were largely a tool to feature specific products or sale events. These were often met with limited attention and less robust discussion, which naturally results in less engagement. With the launch of this campaign, we're deliberately aiming to drive more conversation, and our early reads on results is quite positive, especially in ad recall, brand linkage and social engagement.

您會在 Instagram、TikTok YouTube TV 和 Hulu 等平台上發現這些新廣告。我們的目的是推動參與。舉個例子，從歷史上看，我們的 Instagram 貼文主要是展示特定產品或銷售活動的工具。這些通常不受重視，討論也不夠熱烈，自然導致參與度降低。隨著這次活動的推出，我們有意推動更多的對話，我們對結果的初步解讀是相當積極的，特別是在廣告回憶、品牌連結和社交參與方面。

As I mentioned at the outset, this lives alongside our other initiatives like physical retail and loyalty. You'll find the Wayborhood motif woven throughout as those launch over the course of this year. We're thrilled for this next step in our evolution as a brand and a platform. Critically, all the investment we've put behind this launch lives in the existing spend envelopes that we've operated again 3 years. As many students of Wayfair know well, all our advertising spend is carefully managed to a set of payback targets by channel and that discipline is not changing.

正如我在一開始提到的，這與我們的其他措施（如實體零售和忠誠度）同時存在。您會發現，隨著這些產品在今年推出，Wayborhood 主題貫穿始終。我們對品牌和平台發展的下一步感到非常興奮。至關重要的是，我們在這次發表會上投入的所有投資都集中在我們已經運作了 3 年的現有支出預算中。正如許多 Wayfair 的學生所熟知的那樣，我們所有的廣告支出都按照各管道設定的回報目標進行精心管理，而且這項原則不會改變。

While we see considerable long-term benefits to making Wayfair a part of our customers' shopping habits, don't mistake this as an investment cycle where ROI only manifests further down the line. In fact, we are continuing to target the same, tight prescriptive payback windows across our portfolio with this launch, in large part driven by now scaling up what had been an under-indexed level of investment in these new (inaudible).

雖然我們看到將 Wayfair 融入客戶購物習慣會帶來可觀的長期利益，但不要誤以為這是一個投資週期，投資回報只會在後期顯現。事實上，透過這次發布，我們將繼續在我們的投資組合中瞄準相同的、嚴格的規定性回報窗口，這很大程度上是由於現在擴大了對這些新（聽不清楚）的低指數投資水平。

Now before I hand it over to Kate, as we've done for the past several quarters, I want to take a few moments to address some of the major questions that are top of mind for investors right now. The first question we've heard quite often is on the threat from Asia-based competitors because a handful of made fast forays into the U.S. and built a presence over the past year. While we continue to pay close attention to these players, we still find that there are considerable structural differences in their products and offerings compared to ours.

現在，在將其交給凱特之前，正如我們過去幾季所做的那樣，我想花一點時間來解答投資者目前最關心的一些主要問題。我們經常聽到的第一個問題是來自亞洲競爭對手的威脅，因為過去一年來，一些亞洲競爭對手迅速進軍美國市場並佔據了主導地位。雖然我們繼續密切關注這些參與者，但我們仍然發現他們的產品和服務與我們的產品相比有相當大的結構性差異。

From a size perspective, there are very few competitors in the space that can handle the parcel sizes that we manage daily, as our average small parcel order exceeds 30 pounds. The other major area of difference we see is on product quality and confidence. Customers love the items they buy on Wayfair, in part, because of the effort we take to ensure that they know what they are getting before they click on the Buy button. To differentiate ourselves further, we're continuing to roll out more content such as videos with Wayfair product experts showcasing actual items, and bringing to like their dimensions, construction and quality, all to help shoppers gain additional confidence that the item they picked will be exactly what they're looking for, rather than taking a gamble on something because it has an attractively low price.

從尺寸角度來看，該領域很少有競爭對手能夠處理我們日常管理的包裹尺寸，因為我們的平均小包裹訂單超過 30 磅。我們看到的另一個主要差異是產品品質和信心。客戶喜歡在 Wayfair 上購買的商品，部分原因是我們努力確保他們在點擊「購買」按鈕之前知道自己會買到什麼。為了進一步脫穎而出，我們將繼續推出更多內容，例如由 Wayfair 產品專家展示實際商品的視頻，並介紹其尺寸、結構和質量，所有這些都是為了幫助購物者更加有信心，他們挑選的商品正是他們想要的，而不是因為價格低廉而冒險購買。

The second big topic that's come up recently is tariffs. Our category was one of the first impacted back in 2018 with many of the goods we sell incurring a 25% duty that remains in place today. Much has changed since then. While China remains a large center for manufacturing in our space, in the ensuing years, we've seen our suppliers diversify their production to other parts of Asia, including Vietnam and Malaysia, and we've continued to expand our supplier base.

最近出現的第二大話題是關稅。我們的類別是 2018 年最先受到影響的類別之一，我們銷售的許多商品都被徵收 25% 的關稅，而且這一稅率至今仍然有效。從那時起，很多事情都改變了。雖然中國仍然是我們所在領域的大型製造中心，但在隨後的幾年裡，我們看到我們的供應商將生產分散到亞洲其他地區，包括越南和馬來西亞，我們也繼續擴大我們的供應商基礎。

In short, the industry has become more nimble following the 2018 tariffs. Ultimately, we're confident that we'll be able to definitely navigate any incremental pressure given the breadth of our supplier base, the changes in manufacturing we've seen and the catalog that we offer to our shoppers. To wrap up, Wayfair remains a durable share gainer with multiple initiatives underway to fuel growth into the future. We're doing this at a fundamentally higher level of profitability which will improve further from here even with ongoing investments across the business. The power of this combination is something we're very eager to demonstrate as we continue to execute as a leaner, more-focused organization.

簡而言之，2018 年關稅實施後，該產業變得更加靈活。最終，我們相信，鑑於我們供應商基礎的廣度、我們所看到的製造業的變化以及我們為購物者提供的目錄，我們一定能夠應對任何增量壓力。總而言之，Wayfair 仍然是一個持續的市場份額成長者，並且正在實施多項措施以推動未來的成長。我們這樣做的目的是為了實現更高的獲利水平，即使對整個業務進行持續投資，獲利水平也將進一步提高。我們非常渴望展現這種結合的力量，因為我們將繼續以一個更精簡、更專注的組織形象運作。

Lastly, let me encourage you to visit us this weekend. Just remember, Way Day offers the best deals of the year and it's too good to miss. And with that, let me hand it over to Kate for a walk-through of our financials for the quarter.

最後，我鼓勵您這個週末來拜訪我們。請記住，Way Day 提供一年中最好的優惠，不容錯過。現在，讓我將其交給凱特，讓她介紹我們本季的財務狀況。

Thanks, Niraj, and good morning, everyone. Let's dive into our results for the first quarter. Net revenue for the quarter was down 1.6% year-over-year, driven by orders down 1% and AOV down by just under 1% versus the first quarter of last year. Active customers grew by 2.8% against the year ago period, showing continued strength. As Niraj mentioned, this was our sixth consecutive quarter of significant outperformance versus the category, which in Q1 remained depressed in the low double-digit range year-over-year.

謝謝，Niraj，大家早安。讓我們深入了解第一季的業績。本季淨收入年減 1.6%，原因是訂單量下降 1%，平均銷售額 (AOV) 與去年第一季相比下降近 1%。活躍客戶較去年同期成長2.8％，顯示持續的強勁成長。正如 Niraj 所提到的，這是我們連續第六個季度表現出色，而該類別在第一季度的表現與去年同期相比仍處於低兩位數的區間。

We know there is a lot of attention around when we will finally see some stability in spending on home furnishings. While the timing of the inflection point is inherently uncertain, it's important to remember that this is a category where consumers have now structurally underspent compared to typical patterns prior to the pandemic. We know that eventually, the mean reverts as life goes on. People get married, they have kids, kids move out. The need for home furnishing never goes away. And over time, the category will rebound and return to its typical pattern of growth.

我們知道，很多人都在關注家居裝飾支出何時才能趨於穩定。儘管拐點的時間本身並不確定，但重要的是要記住，與大流行之前的典型模式相比，這一類別的消費者現在在結構上支出不足。我們知道，隨著生活的繼續，平均值最終會恢復。人們結婚、生子、孩子，然後孩子搬出去。家居裝飾的需求永遠不會消失。隨著時間的推移，該類別將會反彈並恢復其典型的成長模式。

Within that context, as we approach the back half of 2024, that comps over a declining macro for a category in 2023, we are excited to be launching the Wayborhood campaign with a new voice to get in front of our customers. As our shoppers are ready to get out and update their home, Wayfair will be top of mind. 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.

在這樣的背景下，隨著我們接近 2024 年下半年，與 2023 年該類別的宏觀下滑相比，我們很高興能夠以新的聲音啟動 Wayborhood 活動，以面對我們的客戶。當我們的購物者準備出門裝修他們的家時，Wayfair 將成為首選。我現在將進一步了解損益表。正如我一樣，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。在討論我們的觀點時我也會使用同樣的基礎。

Gross profit came in at 30.1% of net revenue. As we discussed in Q4, we plan to continue to take a flexible approach to reinvesting our operational cost savings into a better customer experience in places where we see a strong multi-quarter payback on gross profit dollars, while balancing this with our plans for EBITDA margin expansion. Additionally, we had some nonoperational headwinds this quarter that caused drag on the gross margin line, one of which was a $6 million charge or over 20 basis points for the Canada Border Services Agency review related to duties from prior years.

毛利潤佔淨收入的30.1%。正如我們在第四季度所討論的那樣，我們計劃繼續採取靈活的方式來將我們的營運成本節省重新投資於更好的客戶體驗，在那些我們看到毛利在多個季度內獲得強勁回報的地方，同時平衡這一點與我們的 EBITDA 利潤率擴大計劃。此外，本季我們遇到了一些非營運方面的不利因素，對毛利率造成了拖累，其中之一是加拿大邊境服務局對前幾年關稅的審查收取了 600 萬美元的費用，即超過 20 個基點。

Controlling for the nonoperational costs would put us at the midpoint of our guidance range. Of course, we always see some variability quarter-to-quarter, but we expect Q1 will represent a low point on gross margin for 2024. Customer service and merchant fees were 4.1% of net revenue, showing efficiency as a result of our cost actions in January, while advertising held at 11.9%, even as we launched the biggest brand refresh since 2018.

控制非營運成本將使我們處於指導範圍的中間點。當然，我們總是會看到季度間存在一些變化，但我們預計第一季將是 2024 年毛利率的低點。

Finally, our selling, operations, technology, general and administrative expenses or SOTG&A came in at $416 million, down 14% year-over-year. The ongoing compression here is driven by the net impact of the cost actions we took in January with our workforce realignment plan. Altogether, we reported our fourth consecutive quarter of positive adjusted EBITDA at $75 million during the period for a 2.7% margin on net revenue.

最後，我們的銷售、營運、技術、一般和行政費用或 SOTG&A 為 4.16 億美元，年減 14%。這裡持續的壓縮是由我們一月份根據勞動力調整計劃採取的成本行動的淨影響所致。總體而言，我們報告稱，本季連續第四個季度實現調整後 EBITDA 為正，達到 7,500 萬美元，淨收入利潤率為 2.7%。

Our U.S. segment had $121 million of adjusted EBITDA at a 5.1% margin, while our International segment adjusted EBITDA loss was $46 million. We ended the quarter with $1.2 billion of cash and equivalents and $1.7 billion of total liquidity when including our undrawn revolving credit facility. Net cash used in operations was $139 million, and capital expenditures were $54 million, lower than expected for the quarter due to timing. Free cash flow was a negative $193 million. As you know, Q1 is always a cash outflow quarter due to the nature of our working capital cycle. And free cash flow this past quarter showed an improvement of over $40 million compared to the first quarter of 2023.

我們的美國分部的調整後 EBITDA 為 1.21 億美元，利潤率為 5.1%，而我們的國際分部的調整後 EBITDA 虧損為 4,600 萬美元。本季末，我們的現金和等價物為 12 億美元，如果包括未提取的循環信貸額度，則總流動資金為 17 億美元。經營活動所用淨現金為 1.39 億美元，資本支出為 5,400 萬美元，因時間因素低於本季預期。自由現金流為負1.93億美元。如您所知，由於我們的營運資金週期的性質，第一季始終是現金流出的季度。與 2023 年第一季相比，上個季度的自由現金流增加了 4,000 多萬美元。

This is despite revenue declining sequentially by a greater degree than in the Q1 period a year ago, which is the biggest factor impacting net working capital. Now let's turn to guidance for the second quarter. Beginning with the top line, controlling for the timing of Way Day, which took place in April last year, quarter-to-date, we are trending approximately flat year-over-year and expect to end the quarter flat to slightly positive.

儘管營收季減幅度比去年同期擴大，但這是影響淨營運資本的最大因素。現在讓我們來看看第二季的指引。從營收開始，控制去年 4 月舉行的 Way Day 的時間，本季度迄今為止，我們的同比趨勢基本持平，預計本季末將持平或略有增長。

Moving on to gross margins. We will continue to guide you in a range of 30% to 31%. As I mentioned a moment ago, we would expect Q1 to be the low point for the year. Customer service and merchant fees are expected to be around 4% of net revenue, while advertising is expected to be in the 11.5% to 12.5% range. As I mentioned earlier, even with the new brand campaign, we are maintaining tight control of our payback period, balancing our mix across the funnel as we scale up channels we've been testing for some time. We expect SOTG&A to be between $410 million to $420 million.

繼續討論毛利率。我們將繼續指導您保持在30%到31%的範圍內。正如我剛才提到的，我們預計第一季將是今年的最低點。客戶服務和商家費用預計佔淨收入的 4% 左右，而廣告費用預計在 11.5% 至 12.5% 之間。正如我之前提到的，即使開展了新的品牌活動，我們仍然嚴格控制投資回收期，在擴大已經測試了一段時間的通路規模的同時，平衡整個銷售漏斗中的產品組合。我們預計 SOTG&A 將在 4.1 億美元至 4.2 億美元之間。

Just to put this in perspective, the midpoint here is over $150 million lower than where we were 2 years ago in Q2 '22 when we began our cost action plan. Following this guidance through, we would expect adjusted EBITDA margin to be solidly in the mid-single-digit range for the second quarter. As we've talked about for over a year now, this mid-single-digit adjusted EBITDA margin is a launching point for our journey to 10% plus margins. At our Investor Day last summer, we walked through the major drivers to get us to 10% plus. Several hundred basis points of gross margin appreciation, 100 to 200 basis points from advertising leverage and 200 to 400 basis points from SOTG&A. This will be a multiyear journey as we balance a thoughtful approach to driving a top line recovery in tandem with our profitability goals.

換個角度來看，這裡的中間點比我們兩年前（2022 年第二季）開始實施成本行動計畫時的水準低了 1.5 億美元。根據這項指引，我們預計第二季調整後的 EBITDA 利潤率將穩定在個位數中段。正如我們一年多以來一直在談論的那樣，這個中等個位數的調整後 EBITDA 利潤率是我們邁向 10% 以上利潤率的起點。在去年夏天的投資者日上，我們討論了推動我們達到 10% 以上的主要驅動因素。毛利率增加數百個基點，廣告槓桿增加 100 到 200 個基點，SOTG&A 增加 200 到 400 個基點。這將是一段多年的旅程，因為我們需要在推動營收復甦與獲利目標之間找到平衡。

In January, we outlined a framework for 2024 where flat revenue growth would equate to over $600 million of adjusted EBITDA, reflecting the impact of our cost actions, and this thought model remains appropriate now. Now let me touch on a few housekeeping items. You should expect equity-based compensation and related taxes of roughly $100 million to $120 million; depreciation and amortization of approximately $103 million to $108 million; net interest expense of approximately $4 million; weighted average shares outstanding of approximately 122 million; and CapEx in the $90 million to $100 million range, reflecting some catch-up in spend that originally had been anticipated in the first quarter.

今年 1 月，我們概述了 2024 年的框架，其中平穩的收入成長將相當於超過 6 億美元的調整後 EBITDA，反映了我們的成本行動的影響，這種思維模型現在仍然適用。現在讓我來談談一些家事。您應該預期股權薪酬和相關稅金約為 1 億至 1.2 億美元；折舊和攤提約 1.03 億美元至 1.08 億美元；淨利息支出約400萬美元；加權平均流通股數約為1.22億股；資本支出在 9,000 萬至 1 億美元之間，反映出第一季預計的部分支出得到追趕。

In combination with our guide on adjusted EBITDA, we would expect considerable free cash flow generation in the second quarter as is typical in a period with sequential revenue growth. The cost action we've taken over the past 2 years has set us up for a healthy year of free cash flow generation in 2024, which will be the foundation from which we can begin to delever our balance sheet as we look at our upcoming maturities.

結合我們對調整後 EBITDA 的指導，我們預計第二季將產生相當可觀的自由現金流，這在收入連續成長的時期是典型的。我們在過去兩年採取的成本行動為我們在 2024 年創造健康的自由現金流奠定了基礎，這將成為我們在考慮即將到期的債務時開始降低資產負債表槓桿率的基礎。

Before moving into Q&A, I would like to underscore a few of the key takeaways from the first quarter. Against a persistently challenging backdrop within the category, Wayfair is outperforming as a function of our recipe health, durable market share gains and tight execution. We've shifted to an offensive playbook across our new (inaudible) growth drivers augmented by an exciting marketing refresh, and the upcoming grand opening of the first Wayfair-branded fiscal retail store later this month Along with investments and long cycle efforts such as touches our forthcoming tender-neutral loyalty program.

在進入問答環節之前，我想強調第一季的一些關鍵要點。在該類別持續面臨挑戰的背景下，Wayfair 憑藉其配方健康、持久的市場份額增長和嚴格的執行力而表現出色。我們已經轉向進攻策略，利用新的（聽不清楚）成長動力，並透過令人興奮的行銷更新加以增強，本月晚些時候還將隆重開業第一家 Wayfair 品牌的金融零售店，同時還會進行投資和長期努力，例如涉及我們即將推出的投標中立忠誠度計劃。

Our profitability gains are solidly on track with our roadmap, and we are incredibly enthusiastic about the future vision of Wayfair that we are driving towards. Thank you. And now Niraj, Steve and I will be happy to take your questions.

我們的獲利成長與我們的路線圖穩步同步，我們對正在努力實現的 Wayfair 未來願景充滿熱情。謝謝。現在，Niraj、Steve 和我很樂意回答大家的問題。

(Operator Instructions) Your first question comes from the line of Christopher Horvers with JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的克里斯多福·霍弗斯（Christopher Horvers）。

I was curious on the top line. Can you talk about where you're seeing the sales inflection to flat to positive here in the second quarter? Is there any difference between more sort of short cycle home decor versus longer-cycle furniture? And can you also share as you think about that quarter-to-date ex-Way Day what's your view on what the category is doing over the past month?

我對第一行的內容很好奇。您能談談第二季銷售額如何從持平轉為正成長嗎？短週期家居裝飾和長週期家具有什麼區別嗎？另外，您能否分享一下您對本季迄今的除息日的看法，以及您對過去一個月該類別表現的看法？

Sure. Thanks, Chris. Yes. So on the top line, our business, the Wayfair business indexes more to longer cycle than the whole TAM would. And you see that in our AOV, right? And so I think you've kind of known that. For us, when you look at our overall revenue growth, it has to reflect the broad set of categories because mathematically, the short-cycle stuff, which generally holds up better in a tough economy, can't make up for significant drags by the bigger stuff.

當然。謝謝，克里斯。是的。因此，從總體上看，我們的業務，Wayfair 業務的指數比整個 TAM 的周期更長。您可以在我們的 AOV 中看到這一點，對嗎？所以我想你已經知道這一點了。對我們來說，當你看我們的整體收入成長時，它必須反映廣泛的類別，因為從數學上講，短週期的東西通常在艱難的經濟環境中表現得更好，但無法彌補較大東西帶來的巨大拖累。

And so what we're seeing is that we are taking share in a durable way pretty much across the board, because to your second part of your question, I think the category remains weak. So you have kind of a weak category, but we have -- even a weak category is still a very large amount of dollars. And those dollars are moving and frankly, most retailers are sort of flat or down, very few are really meaningfully gaining. And we see the same data that we've seen since 2019. It's ourselves, it's Amazon, concentrates more on the opening price point, lower ticket items. And it's HomeGoods, which is brick-and-mortar and focused on kind of subset of categories that don't overlap particularly strong with where we play.

因此，我們看到的是，我們正在全面且持久地佔據市場份額，因為對於你問題的第二部分，我認為該類別仍然很弱。因此，您有一個較弱的類別，但是我們有 - 即使是較弱的類別仍然是一個非常大的數額。這些資金不斷流動，坦白說，大多數零售商的銷售額都持平或下降，很少有零售商真正獲得顯著成長。我們看到的數據與 2019 年以來的數據相同。 HomeGoods 是一家實體店，主要專注於與我們業務領域不太重疊的類別子集。

And you're seeing the three of us continue to take market share. And in the panel of (inaudible) folks, we follow a lot of the other folks, frankly, are somewhere between challenged to very challenged. And so -- it's a market where there's things happening even though the overall market has some delays. And you're seeing that, that market share is what's turning into the numbers you're seeing where we can be positive in a tough market.

你會看到我們三家繼續佔領市場。在 (聽不清楚) 小組中，我們關注了許多其他人，坦白說，他們面臨的挑戰介於挑戰和非常挑戰之間。因此，儘管整體市場存在一些延遲，但這個市場仍會發生一些事情。您會發現，市場份額正在轉化為數字，在艱難的市場中我們可以保持積極態勢。

And then my follow-up, for Kate and Niraj as well. On the gross margin, can you talk about what some of these -- what I'll (inaudible) alternate profit pools, the supplier services, the advertising? I mean you've been trending down on comp, on sales growth for a period of time. Have those profit pools been growing and contributing to gross margin? And what is sort of the shape of the curve look like from a contribution perspective as you move to sales growth?

接下來是我對 Kate 和 Niraj 的後續採訪。關於毛利率，您能談談其中一些——我將（聽不清楚）替代利潤池、供應商服務、廣告嗎？我的意思是，一段時間以來，你們的銷售成長一直呈下降趨勢。這些利潤池是否一直在成長並對毛利率有所貢獻？那麼從貢獻角度來看，隨著銷售成長，曲線的形狀是什麼樣的呢？

Chris, it's Kate. I'll start. So what I would point you to on as we think about that there are a multitude of factors that can help drive gross margin over time. One of which certainly is things like advertising and other sort of supplier services. And we do think that some of that grows independently of revenue. So if you think about advertising, we last spoke about that in depth at our Investor Day in August. And we said at that point that it was around 1% of revenue. Clearly, there's a lot of opportunity there. Our focus over the last several quarters has been sort of twofold: one, improving the supply. We really wanted to test and make sure that we were positioning things in a way that was not detrimental to the customer experience.

克里斯，我是凱特。我先開始。因此，我想指出的是，當我們想到有很多因素可以幫助隨著時間的推移提高毛利率時。其中之一當然是廣告和其他類型的供應商服務。我們確實認為其中一部分成長與收入無關。因此，如果您考慮廣告，我們上次在 8 月的投資者日上深入討論了這個問題。我們當時說這約佔收入的 1%。顯然，那裡有很多機會。過去幾個季度，我們的重點有兩個：一是改善供應。我們確實想進行測試，並確保我們的定位方式不會損害客戶體驗。

And so that meant that it took us a little bit of time to work into what was the right amount of supply there. And then two, improving the supplier engagement with the tooling and making sure that, that was working effective for them. So we do think that some of these areas like advertising can grow even without top line growth. Obviously, if you add top line growth on top of that, that helps that contribute even more.

所以這意味著我們需要花一點時間來確定那裡的合適供應量。其次，提高供應商對工具的參與度，並確保這對他們有效。因此，我們確實認為，即使沒有營收成長，廣告等某些領域仍能實現成長。顯然，如果在此基礎上增加營收成長，那麼貢獻將會更大。

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

您的下一個問題來自 Canaccord Genuity 的 Maria Ripps。

First, it seems like you have been sort of -- you had a lot of success driving sort of order growth with repeat customers, but it seems like orders from new customers have been a bit soft last couple of quarters. Is that largely sort of a function of category weakness? And is there anything that maybe you can share in terms of your efforts to reengage some of the (inaudible) buyers and bring kind of new buyers on board, especially as the category starts recovering?

首先，看起來你們在推動回頭客訂單成長方面取得了很大成功，但似乎最近幾季來自新客戶的訂單有點疲軟。這很大程度上是不是由於類別弱點造成的？您是否可以分享一些關於重新吸引一些（聽不清楚）買家和吸引新買家的努力，特別是在該類別開始復甦的情況下？

Thanks, Maria. I guess what I would say is, I think we're seeing good momentum with both. Now remember, we have a lot of customers that we've engaged with over time. And the way those metrics work is, you can only be a new order once, ever. So while the active customer number you go fall out if you don't buy in 12 months and then you can come back and do it if you buy. The new orders, repeat orders, you would have to be buying for literally the first time ever, right, going back in our history.

謝謝，瑪麗亞。我想說的是，我認為我們看到兩方面的發展勢頭良好。現在請記住，我們有很多長期合作的客戶。這些指標的作用方式是，你一生只能成為一次新秩序。因此，如果您在 12 個月內沒有購買，您的活躍客戶數量就會減少，然後如果您購買，您可以回來繼續購買。新訂單和重複訂單，必須是歷史上第一次購買，對吧，回顧我們的歷史。

And so when we talk about -- I think earlier we referenced the -- customer filed , 90 million customers -- that gives you, for example, a bit of a feel like the reach. And so what I would say is, when you see -- I think it's been roughly 2 million new orders a quarter, we think that's a pretty strong number, considering the state of the economy and the fact that really one of the bigger opportunities for us is when you look at the breadth of the people we've encountered sometime in the last 20-odd years, when you start thinking about their potential to become an habitual customer buying from us many times a year, why we're excited about the loyalty program, why we're excited about all the things we're doing that cause you to prefer us more and more. All those orders, whether you bought with us in the last year or not, those would all be repeat orders.

因此，當我們談論——我想我們之前提到過——客戶文件，9000 萬客戶——時，這會讓你有點感覺到它的影響力。所以我想說的是，當你看到——我想每個季度大約有 200 萬個新訂單，我們認為這是一個相當強勁的數字，考慮到經濟狀況，以及當我們在過去 20 多年裡遇到的顧客的廣度時，當你開始思考他們有可能成為每年多次向我們購買產品的習慣性顧客時，你會明白為什麼我們對忠誠度計劃感到興奮的一切。 所有這些訂單，無論您去年是否向我們購買，都是重複訂單。

And that's why that's an 80%-plus number. And so I guess what I would say is, we feel quite strong about our performance in the tough macro that we're in right now, on both the side of the people who have been very engaged or in the active customer number already. [Retailers] as well as folks who maybe haven't bought recently or are truly new to us. And the last thing I'd touch on is, when you think about the brand campaign and some of the things we're doing, those are meant to deepen relationships with existing customers but also drawing new customers. Obviously, things like the loyalty program coming later this year would be something that allows folks to kind of engage with us and then drive frequency. And so there's a lot of different things we're working on that we are very excited about.

這就是為什麼這個數字超過 80%。所以我想說的是，在當前嚴峻的宏觀環境下，我們對自己的表現感到非常強勁，無論是從積極參與的人員方面，還是從活躍客戶數量方面來看。 [零售商]以及可能最近沒有購買產品或對我們來說確實是新產品的人。我最後要說的是，當你想到品牌活動和我們正在做的一些事情時，它們的目的是加深與現有客戶的關係，同時也吸引新客戶。顯然，今年稍後推出的忠誠度計劃等項目將讓人們與我們互動，從而提高購買頻率。所以，我們正在進行很多不同的事情，我們對此感到非常興奮。

Got it. That's very helpful. And then secondly, is there anything you can share that maybe could help us contextualize the potential contribution to sales from your large format Wayfair store, like later this year and maybe even next year. I guess how much does the comparable-sized furniture store from other retailers typically generate in annual sales? And maybe how are you thinking about sort of measuring the halo fact and potential uplift to online sales?

知道了。這非常有幫助。其次，您能分享什麼來幫助我們了解您的大型 Wayfair 商店對銷售的潛在貢獻，例如今年晚些時候，甚至明年。我猜其他零售商同等規模的家具店的年銷售額通常是多少？也許您正在考慮如何衡量光環效應以及對線上銷售的潛在提升？

Yes. Thanks, Maria. So we're excited about the launch of the first large format Wayfair store. That actually opens later this month on May 23. It's located just north of Chicago in Wilmette, which is a sort of -- for those who know Chicago, that's right in the center of a dense suburban area, which would be where we find a great population of our customers. It's a 150,000 square foot store.

是的。謝謝，瑪麗亞。因此，我們對第一家大型 Wayfair 商店的推出感到非常興奮。該店將於本月晚些時候（5 月 23 日）開業。這是一家佔地 150,000 平方英尺的商店。

And so we think that size allows us to take the breadth and depth of what Wayfair represents and have it come to life. And hopefully, you all have a chance to visit sometime over the coming months as you're in Chicago, we'd encourage you that it's about 10 miles north, we encourage you to definitely check it out. We obviously are very excited to see what the sales performance is, and then how it plays out.

因此，我們認為，規模使我們能夠充分發揮 Wayfair 所代表的廣度和深度，並使其變為現實。希望大家有機會在未來幾個月內在芝加哥參觀，我們建議您去往約 10 英里以北的地方，我們鼓勵您一定要去看看。我們顯然非常興奮地看到銷售業績如何，以及其將如何發展。

To answer your question, what do others generate per square foot or in size as sort of that size, there's a fairly wide range of answers to that actually, because every retailer is optimized in a different way, different categories that yields different dollars per square foot. And so one of the reasons we've approached physical retail in this organized and methodical way, we're only launching a couple of stores for each of our brands and then iterating to make sure that we really dial it in before we then scale is to make sure that the unit economics work the way we expect that the customer loyalty that it engenders and creates, which would be both online and offline, works the way that we would expect, et cetera, and we don't necessarily expect that you get that right out of the gate, you probably have to iterate some.

回答你的問題，其他人每平方英尺或類似大小的面積能產生多少錢，實際上，答案範圍相當廣泛，因為每個零售商的優化方式不同，不同的類別每平方英尺的收益也不同。因此，我們以這種有組織、有條不紊的方式開展實體零售業務的原因之一是，我們只為每個品牌開設幾家商店，然後進行迭代，以確保在擴大規模之前真正發揮作用，這是為了確保單位經濟按照我們預期的方式運作，它所產生和創造的客戶忠誠度（無論是在線還是離線）都按照我們預期的方式運作，等等，我們不期望你一開始，你可能還需要一些迭代你

And so that's why we're not opening 20 stores at once, right? We're putting one now, and we're doing it in a very measured way. We do have ways to measure the halo, that would be you take the trade, the trade radius and then you see what the pre/post lift is, what the lift is versus twin markets where you haven't launched a store, you track customers who engage in one side, what they do on other side. So there's a -- you try triangulate on it. And so over the quarters to come, as we start to get data, we'll share what we're finding, but we're very excited about the launch of it.

所以這就是我們不一次開 20 家店的原因，對嗎？我們現在就來放置一個，並且我們正在以非常謹慎的方式進行。我們確實有辦法衡量光環，那就是你進行交易，交易半徑，然後你會看到前後的提升是什麼，與你還沒有開設商店的雙市場相比，提升是什麼，你跟踪參與一側的客戶，以及他們在另一側做什麼。因此有一個——你嘗試對其進行三角測量。因此，在接下來的幾個季度裡，當我們開始獲取數據時，我們會分享我們的發現，但我們對它的推出感到非常興奮。

Maria, this is Kate. I would add, as we look at the store, we're focused on looking at the stores, both on their stand-alone, 4-wall economics, the way a traditional retailer might look at that, and looking at it with a halo impact. And as Niraj mentioned, we've been sort of iterating on this for a little bit of time. We have a handful of our smaller format stores open. We've been able to use those models to test out learnings about how to operate the store, of course, but actually to test out how to think about halo and the impact there.

瑪麗亞，這是凱特。我想補充一點，當我們審視商店時，我們專注於審視商店，既審視它們獨立的四面牆經濟，就像傳統零售商看待它一樣，也審視它帶有光環效應。正如 Niraj 所提到的，我們對此進行了一段時間的迭代。我們開設了一些小型商店。當然，我們已經能夠使用這些模型來測試有關如何經營商店的經驗，但實際上是為了測試如何思考光環及其影響。

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

您的下一個問題來自貝爾德公司的科林·塞巴斯蒂安。

I guess first off, Niraj, I mean the brand campaign is off to a good start. It might also be helpful to understand how much of that spend is a reallocation from performance or direct response channels if that's the right way to think about it? And kind of gauging the impact on traffic or conversion from that change. And then second on my follow-up, I guess, would be Niraj, your, comment around app downloads was interesting. I think last year, you highlighted the importance of the app, and driving engagement and then also tools like GenAI and augmented reality. So I was hoping maybe for an update on your efforts there to drive those downloads and usage, realizing that some of the emerging competitors are more app-focused as well.

首先，Niraj，我認為品牌活動已經有了一個好的開始。如果這是正確的思考方式，那麼了解這些支出中有多少是從績效或直接回應管道重新分配的也可能會有所幫助？並衡量這種變化對流量或轉換的影響。然後我想問的第二個問題是 Niraj，你關於應用程式下載的評論很有趣。我記得去年你強調了應用程式的重要性、推動參與度以及 GenAI 和擴增實境等工具。因此，我希望您能夠更新一下為推動下載量和使用量所做的努力，同時意識到一些新興競爭對手也更加註重應用程式。

Thanks, Colin. So on your first question, which is around the brand campaign and the advertising spend. What I would say is, over the years, you've seen that our top-of-funnel ad spend has grown, right? We started television a decade ago and that -- the dollars associated with that channel have grown over time. I think one of the things -- there are certain other channels around social and other streaming formats that I'd say we probably have under-indexed in that we're increasing our spending.

謝謝，科林。關於您的第一個問題，是關於品牌活動和廣告支出的。我想說的是，這些年來，你已經看到我們的漏斗頂端廣告支出有所成長，對嗎？我們十年前開始播電視，隨著時間的推移，與該頻道相關的收入不斷增長。我認為其中一件事是——我們可能在增加支出方面低估了社交和其他串流媒體格式的某些其他管道。

So to your point, whether you think of that as a reallocation or a focus on those channels but by being tight everywhere, the overall ad spend envelope stay the same. I think you think about those different ways, but I wouldn't try to think of it like some wholesale change. There's a shift, but it's -- a, we're making sure that mathematically, it's creating an payback and an overall return on the media mix basis that actually is very good for us. And it's not so dramatically different than yesterday that you're like you're not sure what your -- what's going to happen, right? It's not like we're just pulled it all out of here, we put it over there. Now we need to see what happens.

所以正如您所說，無論您認為這是重新分配還是專注於這些管道，但由於各處都比較嚴格，因此整體廣告支出範圍保持不變。我認為你會以不同的方式思考這些問題，但我不會試圖將其想像成某種徹底的改變。這是有轉變的，但是——我們要確保，從數學上來說，它在媒體組合基礎上創造回報和整體回報，這實際上對我們來說非常有利。和昨天相比，情況並沒有太大的不同，你不確定會發生什麼，對嗎？我們不是把所有東西都從這裡搬走，而是放到了那裡。現在我們需要看看會發生什麼。

And then I'd say the brand campaign, we're very excited with how it started. But again, the impact of these brand campaigns when they're very successful happens over time, that's quarters and years. And so we're super happy with how it's launched. I would say it's very premature to say whether it will achieve what we have is very high goals for it. But our advertising effectiveness is working very well. And the vast majority of the dollars are ones that you can really track very tightly. And so there's really not much -- room for that to be off is really not very big.

然後我想說的是，我們對品牌活動的開始感到非常興奮。但是，當這些品牌活動非常成功時，其影響會隨著時間的推移而顯現，也就是幾季和幾年。因此我們對它的推出感到非常高興。我想說，現在說它是否能實現我們設定的極高目標還為時過早。但我們的廣告效果非常好。而且絕大多數美元都是可以嚴格追蹤的。所以實際上沒有太多——偏離這一範圍的空間確實不大。

Then the second part of your question -- or second question, unrelated, I guess was around mobile and apps and the engagement, the comment we made about app downloads and what are we doing, how do we think about that. It's been a trend that's going on for many years now, which is that mobile is taking share relative to desktop, in kind of whatever way you cut it. Mobile web is still a very big component. And then obviously, we have invested interest for that customer to download the app because that app, it makes it much easier to keep them in the ecosystem.

然後你問題的第二部分 - 或第二個問題，不相關，我想是關於移動和應用程式以及參與度，我們對應用程式下載的評論以及我們正在做什麼，我們是如何看待這一點的。這是一個已經持續很多年的趨勢，無論以何種方式劃分，行動裝置正在佔據桌面裝置的份額。行動網路仍然是一個非常大的組成部分。顯然，我們已經投入了精力讓客戶下載該應用程序，因為該應用程式可以更輕鬆地讓他們留在生態系統中。

And it's a much -- as the state of who they are, they just click and they're right in the middle of the experience. We can do app notifications. And what we're seeing is that we are worried about the mobile web experience is great and the app experience is great. And then we're also doing things to encourage folks to download the app and use the app, which is make their life easier and allow them to deepen their connection to us. And there's a whole series of things there, whether it be some of the things we can do visually with the camera, whether it be like app-only sales, which we've done some of over time, whether it be other functionality we put in the app.

這在很大程度上取決於他們自己的狀態，他們只需點擊一下，就可以處於體驗之中。我們可以進行應用程式通知。我們看到的是，我們擔心行動網路體驗是否很棒，應用程式體驗是否很棒。然後，我們還採取措施鼓勵人們下載和使用該應用程序，這讓他們的生活更輕鬆，並允許他們加深與我們的聯繫。還有一系列的東西，無論是我們可以用相機直觀地做的一些事情，還是像應用程式專用的銷售（我們已經做了一些這樣的銷售），還是我們在應用程式中添加的其他功能。

And so there's a series of things we have done. There's more that we're planning to do. And what we're seeing is that customers are increasing. They understand the benefits of the app as well. So you see them moving in that direction. And then in our case, we still worry about the desktop or large screen experience being very good. You say, well, why if it's moving towards the app, Well, the reason is in our category, if you're just app focused, I think that works fine if you're food delivery, I think that works fine if you're selling very low cost, very kind of items that you don't worry about durability of. But we sell a lot of things which people consider. They need to plan and they need to think about it. They might be putting multiple items together. They may do this over a series of visits. They sometimes use a shopping cart or other list functionality we have to create a large list and then [winnow] it down. These with others who then are up planning on these items.

因此我們做了一系列的事情。我們還計劃做更多的事情。我們看到的是顧客數量在增加。他們也了解該應用程式的好處。所以你會看到他們朝那個方向前進。然後在我們的案例中，我們仍然擔心桌面或大螢幕體驗是否會很好。你說，好吧，為什麼如果它轉向應用程序，嗯，原因在於我們的類別，如果你只是關注應用程序，我認為如果你提供食品配送，那就很好，我認為如果你銷售的成本非常低，你不必擔心耐用性的物品，那就很好。但我們銷售很多人們考慮的東西。他們需要製定計劃，需要思考。他們可能會將多件物品放在一起。他們可能會透過一系列訪問來完成此任務。他們有時會使用購物車或其他列表功能，我們必須建立一個大列表，然後對其進行篩選。這些人和其他人一起對這些項目進行規劃。

So there's a set of functionality that a large screen when you talk about sing very visual, with a lot of content information is very useful for. So I think our experience is honed for our categories. And I think that's why we care about the whole spectrum devices more than some others would, where maybe you're reordering pet food as a main use case. And then I think that, obviously, the functionality and ease of an app is maybe all you need.

因此，當你談論唱歌時，大螢幕的一組功能非常直觀，包含大量內容訊息，非常有用。所以我認為我們的經驗是針對我們的類別而磨練的。我認為這就是為什麼我們比其他一些人更關心整個頻譜設備，也許你重新訂購寵物食品作為主要用例。然後我認為，顯然，應用程式的功能和易用性也許就是您所需要的。

Your next question comes from the line of Peter Keith from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Peter Keith。

So you've talked on the 10% plus EBITDA margin target from the Analyst Day. I was hoping you could also just refresh us back to the sales growth target, where I think you were calling for a sales CAGR of greater than 15%. How are you feeling about that target today? And maybe it's a simple math that if the category is down, negative low double digit and you get back to positive low single digit, you're at your target, but maybe flesh that out for us and even some of those 6 drivers Niraj you've highlighted within the target, what's working for you right now?

您談到了分析師日上提出的 10% 以上的 EBITDA 利潤率目標。我希望您也可以讓我們重新回顧一下銷售成長目標，我認為您要求的銷售複合年增長率要超過 15%。您今天對於這個目標有什麼感覺？也許這是一個簡單的數學問題，如果類別下降，為負低兩位數，然後您回到正低個位數，那麼您就達到了目標，但也許可以為我們充實這一點，甚至 Niraj 您在目標中強調的 6 個驅動因素中的一些，現在什麼對您有用？

Yes. I think you're hitting on it really well, which is, obviously, we, through our history of growing at a very significant growth rate. And we're still even at the $12 billion in revenue, very small relative to the TAM. We have obvious initiatives across various different segments of the TAM. You mentioned -- someone mentioned the forthcoming retail store or we obviously have a luxury platform in Perigold or we have businesses outside of the United States and Canada, in Germany, in the U.K. we have a B2B business, and we feel professional that's sizable. So there's -- you need to think about the opportunity across each one, right? Then you add it up, that's our total opportunity.

是的。我認為你對這一點的理解非常正確，顯然，我們的歷史一直保持著非常顯著的成長率。我們的收入仍為 120 億美元，相對於 TAM 來說非常小。我們在 TAM 的各個不同部門都有明顯的舉措。您提到——有人提到即將開業的零售店，或者我們顯然在 Perigold 擁有一個奢侈品平台，或者我們在美國和加拿大以外的地區、在德國、英國都有業務，我們有 B2B 業務，我們覺得自己很專業，而且規模很大。所以，您需要考慮每個機會，對嗎？然後你把它加起來，這就是我們的全部機會。

The way to think about it is, I think you talked about really the best way to think about it, which is where are we growing relative to where the market is. And you talk about that excess share. And then obviously, in an up market, it's easier to take share, frankly, than in a down market because it's an expanding pie versus contracting pie. And so you can see what we're doing now that you can think about how that would look, as you said, hey, instead of this market, let's look at the long-term CAGR in the categories for the online piece, the long-term CAGR has been 12-ish what's that baseline, then you bridge from that baseline and you say, "Well, what's the excess share we're taking through the initiatives that we are executing, what's the excess share, we could then take over time with the initiatives that we're going to grow that we're working on the early stages of what does that add up to"? And that adds up to a significant double-digit compounded growth number.

思考這個問題的方式是，我認為你說的確實是最好的思考方式，也就是相對於市場現狀，我們的成長位置在哪裡。您談到了超額份額。顯然，在市場上漲時，坦白說比在市場下跌時更容易獲得份額，因為這是一個不斷擴大的蛋糕，而不是不斷收縮的蛋糕。因此，您可以看到我們現在正在做的事情，您可以思考一下情況會是怎樣，正如您所說，嘿，除了這個市場，我們來看看在線類別的長期複合年增長率，長期複合年增長率一直是 12 左右，那個基線是多少，然後您從該基線開始橋樑並說，“那麼，我們通過正在執行的計劃所獲得的超額的份額，我們可以隨著時間增加橋樑的時間是多少？這意味著，複合成長率已經達到了驚人的兩位數。

And you can kind of see that, that's real, just by looking at the bridge today from where we are towards the market, and then doing some of the math I just talked about. So I think that's probably the best way to think about it. And one of the things we talked about, in fact we can do this while we scale earnings. And the way we think about earnings, I tend to think about earnings not in the way of (inaudible) about earnings, I'd like to think about earnings in a way that really gets at the true economic power of the business, right, which is basically, sure, take EBITDA, but then subtract out CapEx and subtract out the equity comp, we give folks, right? And so what is that cash that we're generating in the business from the operations we're doing? And how can that grow?

只要觀察一下今天我們所處的位置與市場之間的橋樑，然後進行一些我剛才談到的計算，你就可以看出這是真實的。所以我認為這可能是思考這個問題的最佳方式。我們討論的一件事是，事實上我們可以在擴大收益的同時做到這一點。我們考慮收​​益的方式，我傾向於不以（聽不清楚）的方式考慮收益，我希望以一種真正體現企業真正經濟實力的方式來考慮收益，對吧，基本上就是，當然，取 EBITDA，然後減去資本支出，減去股權補償，我們給人們，對吧？那麼，我們從業務營運中產生的現金是多少呢？那它如何能夠成長呢？

And when we think about these opportunities, how can that grow while we're investing in scaling these opportunities. And I think that's what you're starting to see in our financials is that we can actually be scaling the profitability of the business while investing for growth and seeing that return in the excess growth rate relative to the market. And that's what you're going to continue to see play out, because a lot of things we're investing in are not even showing up in that growth rate yet but will.

當我們考慮這些機會時，我們在投資擴大這些機會的同時，如何實現成長。我認為您從我們的財務狀況開始看到的是，我們實際上可以在投資成長的同時擴大業務的盈利能力，並看到相對於市場的超額增長率的回報。這就是你將持續看到的結果，因為我們投資的很多東西甚至還沒有體現在成長率中，但會的。

Okay. Very interesting. And I guess part of the margin expansion and scaling would be your supplier services. I'm curious on coming off of high point, you mentioned a lot of conversations with suppliers presumably, the profitability of suppliers is better with the lower transportation costs, et cetera. But the industry backdrop is really sluggish. So what's the mood of the supplier community right now to lean in on your services? Is there some hesitation? Or are they kind of full systems go to help get the sales trend up?

好的。非常有趣。我認為利潤率的擴大和擴展的一部分將來自您的供應商服務。我很好奇，您提到與供應商進行了很多對話，大概是運輸成本較低時供應商的盈利能力會更好，等等。但產業大背景確實低迷。那麼，供應商群體現在對於你們的服務有何感受？是不是有些猶豫呢？或者他們有一套完整的系統來幫助提高銷售趨勢？

I think suppliers see that the market landscape, as you said, is sluggish, but I think suppliers also see that demand is getting concentrated in the hands of a small number of successful retailers. And they're focused on that cohort of customers that they work with. How do I get more share with those folks, whether that be a regional brick-and-mortar player, whether that be Wayfair, whether that be whomever because they see that their future is tied to the ones who win, not the broad set of customers, maybe who historically had more peanut butter spread.

我認為供應商看到市場格局正如您所說，低迷，但我認為供應商也看到需求正集中在少數成功的零售商手中。他們專注於與他們合作的客戶群。我如何從這些人那裡獲得更多的份額，無論是區域性的實體企業，還是 Wayfair，無論是誰，因為他們認為他們的未來與那些獲勝者息息相關，而不是與廣大的客戶群體息息相關，也許那些從歷史上看擁有更多花生醬的人。

The other thing we're seeing is that they're very forward-looking, now that the inventory overhang has been worked through. They're very forward looking at how do I build the business. So we saw the largest new introductions that we've seen in -- since COVID. And I would say, larger on average than what they were doing each cycle pre-COVID. So a (inaudible) little bit of catch-up and being aggressive there. We're seeing that when you think about operating on our platform, whether you're thinking about participating in our promotions or thinking about how you price on our platform, you're thinking about how we integrate logistics, you're thinking about how use our advertising services.

我們看到的另一件事是，他們非常具有前瞻性，現在庫存過剩問題已經解決。他們非常有遠見地考慮我該如何發展業務。因此，我們看到了自 COVID 以來規模最大的新產品引入。我想說的是，平均而言，這比新冠疫情前每個週期的產量還要大。因此（聽不清楚）需要一點點追趕，而且要積極進取。我們看到，當你考慮在我們的平台上運作時，無論你是考慮參與我們的促銷活動還是考慮如何在我們的平台上定價，你都在考慮我們如何整合物流，你都在考慮如何使用我們的廣告服務。

We're seeing keen interest because, again, they're saying, "Hey, Wayfair is one of the handful who I think is going to do very well. How do I do very well on that platform?" And then they'll go to their next significant customer, whoever that is and maybe that's a 20-store brick-and-mortar chain, okay, they're winning that geography, how do I do more with them. And they'll go and the they're thinking about a very small portion of their total customer base, they're thinking about the ones that they can win with. And so I think now that the excess inventory has been worked through, you're seeing supplier focus on investing in the right spots being very high.

我們看到了濃厚的興趣，因為他們再次表示：“嘿，Wayfair 是我認為會做得很好的少數公司之一。我如何在該平台上做得很好？”然後他們會去找下一個重要客戶，不管他是誰，也許是一家擁有 20 家店的實體連鎖店，好吧，他們贏得了那個地區，我該如何與他們做更多的事情。他們會去考慮整個客戶群中非常小的一部分，他們考慮的是那些他們可以贏得的客戶。因此，我認為現在過剩庫存已經解決，你會看到供應商高度重視在正確的位置進行投資。

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

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

First one was on international. It looks like profitability took a step back this quarter. But just what's the path ahead, near term, should we expect a less worse drag as the year goes on? And medium term, how should we think about the path to initial quarterly breakeven EBITDA abroad?

第一個是關於國際的。本季的獲利能力似乎有所下降。但短期內未來的發展趨勢究竟如何？從中期來看，我們應該如何看待海外實現初始季度損益平衡的 EBITDA 的路徑？

Thanks, Jon. Let me add a couple of comments and then let me turn it over to Kate to give some of the specific kind of financial outlook information you asked for. So I'd say that in the International segment, we've got Canada, we have the U.K., we have Germany, and we have with small (inaudible) Ireland. And what you see is that actually, each one of those is performing quite well. We're actually now at a point where we're taking market share in each of them, and the unit economics in each of them has improved significantly, it's headed the right way.

謝謝，喬恩。讓我補充幾點評論，然後讓我將其交給凱特，以提供一些您所要求的具體財務前景資訊。所以我想說，在國際部分，我們有加拿大、有英國、有德國，還有小國（聽不清楚）愛爾蘭。而您實際上看到的是，它們中的每一個都表現得相當好。實際上，我們現在已經佔據了每個市場的份額，每個市場的單位經濟效益都有了顯著改善，我們正朝著正確的方向發展。

And so a lot of what we've done in cost over the 18 months that kind of started in the summer of '22 got us to a great place across the board. And so we're very excited with how that's playing out. I would say that there's some fixed costs for the inherent segment to be profitable. There is an element of the growth needs to get to a certain level to overwhelm a certain degree of fixed costs. And I'd also say there's some accounting things about how our corporate overhead gets spread that is in there. And both of those will just play out over time. So we feel good about the trajectory. But maybe Kate can provide some more.

從 22 年夏天開始的 18 個月裡，我們在成本方面所做的大量工作使我們在各方面都取得了很大的進步。所以我們對事情的進展感到非常興奮。我想說，固有部分要獲利就需要一些固定成本。成長需要達到一定的水平才能壓倒一定程度的固定成本。我還想說，這裡面涉及一些關於我們的公司管理費用如何分攤的會計事項。而這兩種情況都會隨著時間的推移而逐漸顯現出來。因此，我們對此發展軌跡感到滿意。但也許凱特可以提供更多。

Yes. Jonathan, just as a reminder, when you look at the segment breakout on international and the U.S. Obviously, the corporate costs are allocated based on the revenue. And so as that mix shift changes, the amount of corporate cost that gets allocated can shift around a little bit. I think as we look at international, as Niraj said, we're encouraged by the signs that we're seeing there. We're seeing things go according to the plan. And in particular, if you look at that EBITDA loss, in the trailing 12-month period, the loss is roughly half of what it was prior. And I think that shows really the nice improvement that we're making there and the steady gains.

是的。喬納森，提醒一下，當你查看國際和美國的細分市場時，顯然企業成本是根據收入分配的。因此，隨著組合轉變，分配的公司成本金額可能會發生輕微變化。我認為，當我們放眼國際時，正如尼拉吉所說，我們對所看到的跡象感到鼓舞。我們看到事情正按照計劃進行。具體來說，如果你看一下過去 12 個月的 EBITDA 損失，你會發現損失大約是之前的一半。我認為這確實表明我們在那裡取得了良好的進步和穩定的成長。

That's helpful. And then just a follow-up on AOB. I know usually, this is an output, the consumer ultimately decide this versus an input in your models. But it was down very slightly this quarter, less than 1%. So, how are you thinking internally about the trajectory for that? Is there anything you saw this quarter in units per transaction or trade down activity? That would lead you to believe flattish trends in AOV for the second half could be potentially conservative.

這很有幫助。然後只是對 AOB 的後續關注。我通常知道，這是一個輸出，消費者最終會在模型中決定這是輸出還是輸入。但本季下降幅度很小，不到 1%。那麼，您內心是如何思考這個軌跡的呢？本季您是否看到了每筆交易的單位數或交易量下降活動的情況？這會讓您相信下半年 AOV 的持平趨勢可能比較保守。

Yes. So what I would say is like the big thing that drove AOV over the last few years was all the inflation that came in during the -- because of product scarcity during COVID followed by supply chain congestion during COVID. And then subsequently, as the -- particularly the ocean freight costs (inaudible) down, all the deflation that's then ensued. Given that, that is largely behind us, what you're back to is the dominant thing that will drive AOV over time broadly is more of the seasonal cadence, where you have different category mix throughout the year.

是的。因此，我想說，過去幾年推動 AOV 成長的最大因素是 COVID 期間出現的所有通貨膨脹——因為 COVID 期間產品稀缺，隨後又出現供應鏈擁堵。隨後，隨著－特別是海運成本（聽不清楚）下降，隨之而來的是通貨緊縮。鑑於這一點，這基本上已經成為過去，你要回歸的是在較長時間內推動 AOV 的主要因素是季節性節奏，全年都會有不同的類別組合。

And so AOV goes up and down based on that. And then inside our business, if Perigold grows faster than the rest of the business, that would raise AOV because our luxury platform has a higher AOV, for example, so you could have some mix shift. But I think you're back to seeing a more normal pacing of AOV like you would have seen pre-COVID then those wild swings you saw during COVID, I think you can think of it as kind of normalized now.

所以 AOV 會跟著上升或下降。然後在我們的業務中，如果 Perigold 的成長速度快於其他業務，那麼 AOV 就會提高，因為我們的奢侈品平台具有更高的 AOV，因此您可能會進行一些組合轉換。但我認為，您會看到 AOV 的節奏恢復到了更正常的狀態，就像您在 COVID 之前看到的一樣，而不是您在 COVID 期間看到的劇烈波動，我認為您現在可以將其視為正常化了。

Your next question comes from Simeon Gutman with Morgan Stanley.

您的下一個問題來自摩根士丹利的西緬古特曼 (Simeon Gutman)。

My first question, if we take the seasonality in orders from the first quarter and you take the seasonality in the AOV, it would have suggested that by the second quarter, we should be maybe flat to slightly positive and then solidly positive in sales by the back half. I'm not asking about how conservative the guidance or I don't know if there's a guidance range, but is there any reason the seasonality process should doesn't work for whatever reason. It sounds like you have advertising campaign, you have a new store coming. So there should be maybe good guys to thinking about seasonality, not bad, but making sure that, that logic is right.

我的第一個問題是，如果我們從第一季度開始考慮訂單的季節性，並且您考慮 AOV 的季節性，那麼到第二季度，我們的銷售額可能應該持平到略微正增長，然後在下半年實現穩固的正增長。我並不是問指導有多保守，也不知道是否有一個指導範圍，而是問季節性過程是否因為某些原因而不起作用。聽起來你們正在進行廣告活動，要開一家新店了。因此，也許應該有好人考慮季節性，這不是壞事，但要確保邏輯是正確的。

Yes. So what I would say -- so what I agree with is last year, the category had significant deceleration, and there was a deceleration that happened in the back half of last year as well as earlier in the year. And so the slope of last year is this negative slope. So this year, if you do not see significant macro deceleration on a sequential basis, the category compares -- our compares, everyone's compares should get much easier in the back half than they are now.

是的。所以我想說的是——我同意的是，去年該類別出現了顯著的減速，並且去年下半年以及今年早些時候都出現了減速。所以去年的斜率就是負斜率。因此，今年，如果您沒有看到宏觀經濟在連續基礎上出現明顯的減速，那麼類別比較——我們的比較，每個人的比較在下半年都應該比現在容易得多。

And so I think that's what you're pointing out mathematically to be true. And we would totally agree with that. I think the question is, maybe you don't see as much macro deceleration this year as last year, but maybe you see some. So maybe just rolling forward 100%, maybe -- that may or may not happen. But as we said, like we're flat year-over-year right now, and we were negative 2% in the first quarter. So to your point, the numbers you're talking about, that's kind of what you said as well. So we're pretty optimistic about how this plays out because you have the math of the category and how that should make compares easy.

所以我認為這就是你在數學上指出的正確事實。我們完全同意這一點。我認為問題是，也許今年的宏觀經濟減速不如去年那麼嚴重，但也可能看到一些。因此，也許只是 100% 向前滾動，也許——這可能發生，也可能不會發生。但正如我們所說的，目前我們的業績與去年同期持平，第一季的營收為負 2%。所以就您的觀點而言，您談論的數字，也是您所說的。因此，我們對這一結果非常樂觀，因為您有該類別的數學知識，並且知道如何使比較變得容易。

And then frankly, we're continuing to take market share, and we feel very good about the position we have. And so there's obviously a lot of other variables that are out there, obviously, the Fed did their latest update yesterday. And what they choose to do affects the overall macro economy would affect us. So those things are hard to guess, but that's kind of my answer. But maybe Kate will give you some more detail by quarter or something.

坦白說，我們正在繼續佔領市場份額，並且我們對目前的地位感到非常滿意。因此顯然還存在許多其他變量，而聯準會昨天也發布了最新更新。他們選擇做的事將會影響整個宏觀經濟，也會影響我們。所以這些事情很難猜測，但這就是我的答案。但也許凱特會按季度或以其他方式向您提供更多詳細資訊。

We're not going to give detail by quarter as (inaudible) now. But Simeon, I think what I would say is that we are very focused on what we can control, which is that ongoing share gain fees. And so thinking about our own seasonality is a helpful way to look at it, thinking about how we continue to gain share, I think, is a helpful way to look at it, predicting what the category does in the back half, obviously, Niraj provided the context from last year and predicting what that does in the back half. I'm sure there's a range of opinions on that. And so our focus is really keep delivering on an excellent offering for the customer. You're seeing that show up in our active customer growth continuing to improve in our flattish position right now. And over time, that will return us to the strong growth that we've had previously.

由於（聽不清楚），我們現在還不會提供按季度劃分的詳細資訊。但是西緬，我想說的是，我們非常關注我們能夠控制的事情，那就是持續的股份收益費。因此，思考我們自己的季節性是一種很有幫助的觀察方式，思考我們如何繼續獲得份額，我認為，是一種很有幫助的觀察方式，預測該類別在下半年的表現，顯然，Niraj 提供了去年的背景並預測了下半年的表現。我確信對此會有各種各樣的看法。因此，我們的重點是持續為客戶提供優質產品。您可以看到，我們的活躍客戶成長在我們目前持平的地位上持續改善。隨著時間的推移，我們將恢復先前的強勁成長。

That's helpful. And then the follow-up maybe taking that one step further, the relationship that was provided last year, $600 million of EBITDA on a flat revenue scenario. There was some inherent -- if we get upside-to-flat revenue, whatever your prevailing assumption was on incremental margin. Has that changed in any way? Are you thinking of spending in any different way on that upside? Or does those incremental margins should apply in the same way that it did when you gave us that framework?

這很有幫助。然後後續可能會更進一步，根據去年提供的關係，在收入持平的情況下，EBITDA 為 6 億美元。存在一些固有問題 - 如果我們獲得上漲至持平的收入，無論您對增量利潤的普遍假設是什麼。情況有任何改變嗎？您是否考慮過以不同的方式利用這一優勢？或者這些增量利潤是否應該按照您給我們提供該框架時的方式應用？

Yes. So as I said on the call, that framework of flat and $600 million holds. And again, that was not intended to be guidance. That's really a construct for how to think about the sum total of the cost savings over the last 18 months and how that would flow through the P&L in that hypothetical flat scenario. And then to your point on incremental margins, yes, we've spoken to that coming in, in that mid- to high teens range.

是的。因此，正如我在電話中所說的那樣，6 億美元的框架保持不變。再次強調，這並不是為了提供指導。這實際上是一個關於如何思考過去 18 個月的成本節省總額，以及在假設的平穩情景下，這些成本節省將如何流入損益表的結構。然後關於您提到的增量利潤率，是的，我們已經談到了這一點，在中高水準的範圍內。

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

您的下一個問題來自 Needham 的 Anna Andreeva。

Congrats, nice results. We had a question on promotions. Niraj, you had previously talked about only 1/3 of sales during these promotional events coming from items that are featured in the promo discount. So basically once the consumer is engaged, they do convert at full price. So I just wanted to follow up, if that's still the case. Just any color on that would be super helpful. And then as a follow-up, so the brand campaign sounds like it's off to a strong start. Just curious, how are you incorporating the learnings from that into the loyalty launch that I think is scheduled for this call.

恭喜，成績不錯。我們對促銷有疑問。 Niraj，您之前談過，在這些促銷活動期間，只有 1/3 的銷售額來自促銷折扣中的商品。因此基本上一旦消費者參與進來，他們就會以全價購買。所以我只是想跟進一下，看看情況是否仍然如此。任何顏色都非常有用。作為後續行動，品牌活動聽起來已經有了很好的開始。只是好奇，您如何將從中學到的經驗融入我認為計劃在本次電話會議上推出的忠誠度發布計劃中。

Yes. Sure, Anna. So I think the way to think about promotions is that promotions drive a lot of traffic to the site and what the customers -- they absolutely look at the items on promotion, but they also tend to then explore the aisle. And they tend to buy the item that they like the most. And that's kind of what we're referencing is that only a portion of those sales are the items that are featured in the promotion, of the majority are the items that are actually in the aisle, not necessarily the featured items and the promotions. So that dynamic remains true.

是的。當然，安娜。所以我認為考慮促銷的方式是，促銷會為網站帶來大量流量，而客戶——他們當然會查看促銷商品，但他們也傾向於探索貨架。他們傾向於購買自己最喜歡的物品。而我們所指的就是，只有部分銷售額是促銷活動中主打的商品，大部分銷售額是實際擺在貨架上的商品，不一定是主打商品和促銷商品。因此這種動態仍然真實存在。

And that, that's sort of been the case for kind of the entire time. That's always been true. The brand campaign, so with -- about how the brand campaign can really help us deepen preference for Wayfair with customers. Obviously, the loyalty program is also something that can deepen preference in the sense that if you join a program and it has benefits and those benefits entice you to come back, right, and that would build to you becoming more habitual. So these are both two of the things we're doing that I think certainly help each other and would help a series of other things we're doing. It's all in the effort of being your go-to place for all things home and that's absolutely our goal.

而且，這種情況一直都是這樣的。事實一直都是如此。品牌活動，所以－關於品牌活動如何真正幫助我們加深客戶對 Wayfair 的偏好。顯然，忠誠度計劃也可以加深偏好，如果你加入一個計劃，它有好處，這些好處會吸引你回來，對吧，這會讓你變得更習慣。所以，我認為這兩件事我們正在做，它們肯定互相幫助，並會幫助我們正在做的一系列其他事情。我們努力成為您購買所有家居用品的首選之地，這絕對是我們的目標。

Your next question comes from the line of John Blackledge with TD Cowen.

您的下一個問題來自 TD Cowen 的 John Blackledge。

Two questions. First, kind of on the macro. Is there a potential replenishment cycle for pandemic purchases ahead for the industry kind of as we move further away from it? And then second, on GenAI, could you discuss the Wayfair's use of internally of GenAI across various departments? Any color on productivity gains?

兩個問題。首先，從宏觀角度來說。隨著我們逐漸遠離疫情，該行業是否會出現一個針對疫情期間採購的潛在補貨週期？第二，關於 GenAI，您能討論一下 Wayfair 在各個部門內部對 GenAI 的使用情況嗎？生產力提高的情況如何？

Thanks, John. On the macro replenishment cycle concept, there is a replacement cycle on the various goods we sell, absolutely. It varies by type of goods. I do think the easiest way to look at it is, no matter what way you look at it, the level we're at relative to 2019, where we're below 2019 in nominal terms way below in real or whether you do area under the curve and you take the pull forward, but then you see we've ripped way past that, we're still off trend. No matter what you look at it, you see that the category, which has kind of been a cyclical category forever is in a cycle that's down, which is always followed by a cycle that's up.

謝謝，約翰。關於宏觀補貨週期概念，我們銷售的各種商品都有一個更換週期，這是絕對的。根據商品類型不同而有所差異。我確實認為最簡單的看待這個問題的方式是，無論你從哪個角度看，我們現在相對於 2019 年的水平，名義上低於 2019 年，實際則遠低於 2019 年，或者你是否計算曲線下面積並向前拉，但你會發現我們已經遠遠超過這個水平，我們仍然偏離了趨勢。無論你怎麼看，你都會發現這個類別永遠是一個週期性的類別，它處於一個下降的周期中，而這個週期之後總是會有一個上升的週期。

And so I think that's -- there's no question about that. I think the trick comes into when you want to time it precisely, right, which is I think it's your question. Because I do think things like interest rates and existing home sales and consumer sentiment, all play roles in that. The way we look at it is there's two ways to grow. And one way to grow is the market is growing and how do you take your excess share. But the second way is, regardless of what the market is growing, how do you take your excess share, right? And so go back to the concept of share taking and how do we take share by being the easier place to shop, the better place to shop, better offerings, better value, faster delivery, more customized delivery, better merchandising, exclusive products, (inaudible) on and on and on and on. And so that's kind of what we're focused on now. And obviously, as the macro moves from negative to neutral and then neutral to positive, you're going to see that [buoy] our sales dramatically. Steve, do you want to?

所以我認為這是——毫無疑問的。我認為訣竅在於當你想精確計時時，對吧，我想這就是你的問題。因為我確實認為利率、現房銷售和消費者情緒等因素都會發揮一定作用。我們認為，有兩種成長方式。成長的一種方式是市場不斷成長，你如何獲得多餘的份額。但第二種方式是，不管市場正在成長，你如何獲得多餘的份額，對嗎？那麼回到份額的概念，我們如何透過成為更容易購物的地方、更好的購物場所、更好的產品、更好的價值、更快的交付、更客製化的交付、更好的商品推銷、獨家產品等來獲得份額。這就是我們現在關注的重點。顯然，隨著宏觀經濟從負面轉為中性，再從中性轉為積極，你會看到我們的銷售額大幅上升。史蒂夫，你想這麼做嗎？

Yes, yes. I can talk to the GenAI, and it's a topic area that I get focused on a lot inside the business. I think there's areas like technology development productivity or sales tools. Sales and service team uses that we're integrating with the business folks that you would expect. I would say broadly, if you look at us as our -- in our history in technology, I mean, the business has done well by staying out of the forefront of tech innovation. And so GenAI and using the (inaudible) of the business is something that we've got all the different business leaders in the company sort of focused on, thinking about what's most applicable and we're seeing where their wins and obviously staying efficient and staying current with cutting edge technology is something that is going to continue to help us grow and do well going forward.

是的，是的。我可以與 GenAI 進行交流，這是我在業務內部重點關注的主題領域。我認為存在著諸如技術開發生產力或銷售工具等領域。我們正在與您期望的業務人員整合的銷售和服務團隊的使用。我想說的是，從廣義上講，如果你看看我們在技術方面的歷史，你會發現我們的業務透過遠離技術創新的前沿而做得很好。因此，GenAI 和業務的使用（聽不清楚）是我們公司所有不同業務領導者關注的重點，思考什麼是最適用的，我們看到他們的成功之處，顯然保持高效並與尖端技術保持同步，這將繼續幫助我們成長並在未來取得良好進展。

Could I just ask one follow-up there. But could it be a tailwind to margins over the long term, with potential productivity gains?

我可以再問一個後續問題嗎？但從長期來看，這是否會對利潤率產生推動作用，並可能提高生產力？

There's definitely a lot of benefits to it. And I think, yes, between running the shop more efficiently. Obviously, in retail, it's a business of being efficient. And certainly, that's going to help us over time. It's also -- I think there's really interesting things on the digital side. So I think on the merchandising side, there's some really exciting tools we've actually launched publicly we're just starting to get into that, that I think could be meaningful for the consumer experience.

它確實有很多好處。是的，我認為，這可以讓商店經營得更有效率。顯然，零售業是個講究效率的產業。當然，從長遠來看這將對我們有幫助。而且——我認為數字方面確實存在一些有趣的事情。因此我認為在商品銷售方面，我們實際上已經公開推出了一些非常令人興奮的工具，我們才剛開始涉足這一領域，我認為這對消費者體驗可能很有意義。

Yes. John, I think the way to think about it is like over a very long period of time, the way I think to think about it is, I think a lot of these categories that have been much more fragmented are going to be much less fragmented. And the scale players are going to be able to do many more things for customers than non-scale players will be able to do, and that's going to cause concentration. Historically, to access selection, you had to visit many folks and it had to be fragmented. The idea that you could access selection from one retailer has only become possible with the advent of the Internet.

是的。約翰，我認為思考這個問題的方式是，在很長一段時間內，我認為許多這些曾經更加分散的類別將變得更加分散。規模企業能夠為客戶做比非規模企業多得多的事情，這將導致企業集中度的提高。從歷史上看，為了進行選擇，你必須拜訪許多人，而且必須是分散的。隨著互聯網的出現，您可以從一個零售商處進行選擇的想法才成為可能。

So then when you think about a scale player, what can you do with logistics? We talked a lot about that, right? What can you do with technology? We've talked about that, but now you're talking about different type of technologies and you start thinking about we can do with GenAI, well, a lot of that requires scale -- require scale in two ways. One, the R&D, you need to be willing to invest early. And if you have scale, you can do that, that's a very small amount of money in the scheme of things for you. The second is the first-party proprietary data you have is the key to the whole thing. And if you don't have a very dense amount of that data, you're not in a position to really do the things that are most interesting and novel. And then those things will be getting more scale. And so I do think there's a whole economic argument to on how that can grow margins. But I think the bigger economic outcome comes into how demand moves to a smaller number of folks who can do things dramatically better for customers.

那麼當您考慮規模參與者時，您可以對物流做些什麼？我們討論了很多這個問題，對吧？您可以利用科技做什麼？我們已經討論過這個問題，但是現在您正在談論不同類型的技術，並且您開始思考我們可以用 GenAI 來做什麼，嗯，很多事情都需要規模——需要在兩個方面進行規模。第一，研發，你需要願意提早投入。如果你有規模，你就可以做到這一點，這對你來說只是一筆很小的錢。第二，你擁有的第一方專有數據是整個事情的關鍵。如果你沒有大量的數據，你就無法真正做最有趣和最新穎的事情。然後這些事情將會變得更加規模化。因此我確實認為從經濟角度來看這可以提高利潤。但我認為，更大的經濟成果在於需求如何轉移到更少的人身上，而這些人能夠為客戶提供更好的服務。

That's all the time we have for questions today. I will now turn it back to the Wayfair team for closing comments.

今天我們回答問題的時間就到此為止。現在我將把話題交還給 Wayfair 團隊進行最後評論。

Thanks, everybody, for joining. We appreciate your time. And it was great to chat with you, look forward to talking to you next quarter.

感謝大家的加入。我們非常感謝您抽出時間。很高興與您交談，期待下個季度與您交談。

And we're excited about Way Day this weekend.

我們對這個週末的 Way Day 感到非常興奮。

Shop Way Day, bye everyone.

Shop Way Day，大家再見。

Thank you.

謝謝。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。