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.

謝謝你的支持。我叫克里斯塔，今天我將擔任你們的會議接線生。此時，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）我現在想將會議轉交給投資者關係主管 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。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、業務戰略、行業趨勢和財務業績的陳述，包括 2024 年第二季度的指導。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。

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，但我們不能保證任何前瞻性陳述都是準確的。我們的 2023 年 10-K、本季的 10-Q 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結果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。

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公認會計原則財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流。這些非公認會計原則財務指標不應被視為替代公認會計原則結果，而應與公認會計原則結果一起閱讀。請參閱我們網站的投資者關係部分，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非 GAAP 指標與最接近的可比較 GAAP 指標的調整表。本次通話正在錄音，網路廣播將在我們的 IR 網站上重播。我現在想把電話轉給 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。我們很高興今天能夠重新聯繫討論我們的第一季業績。第一季以上升結束，因為我們看到該類別在今年充滿挑戰的開局之後在二月下旬和三月顯示出改善的跡象，我們自己的營收結果也反映了這種改善。第一季我們的營收年減了近 2%，這標誌著我們連續第六個季度表現出色，並在同期下降兩位數的類別中實現份額增長。

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.

購物者越來越多地選擇 Wayfair，與上季相比，活躍客戶的年成長率再次呈正成長且加速。在過去的幾周里，我們在重大行業活動中會見了數百家供應商，反饋令人鼓舞。幾個季度以來，庫存水準一直處於非常健康的狀態，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.

自新冠疫情爆發之前以來，我們第一次看到供應商將大量新產品引入其產品目錄，以期為下一階段的成長創造動力。總體而言，我們聽到他們對與 Wayfair 合作的熱情以及對支持我們整個產品的濃厚興趣。加入我們精心策劃的品牌，在我們的促銷活動中亮相，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擁有貨架空間。

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，您一直從我們這裡聽到這一消息。我們所有工作的總和就是我們的核心配方，進一步改進到我們所見過的最強大的地方。可用性和速度繼續創下記錄，我們認為我們的價格水平是業內最具競爭力的。我們的產品以強有力的方式引起購物者的共鳴，推動了活躍客戶逐年成長的持續勢頭。

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，我們將回顧過去 24 個月，將其視為 Wayfair 在兩個向量上發展的關鍵時刻。第一個無疑是獲利能力，因為我們連續第四個季度實現正調整EBITDA，成本結構的演變使我們走上了一條穩定的道路，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.

第二個向量將是市場份額，以及一旦該類別恢復穩定和成長，多年的複合市場份額佔領如何使我們取得更大的成功。幾個月來，這一直是我們關注的焦點，確保當客戶準備好重新開始自己消費時，他們的答案是 Wayfair。在2 月第四季電話會議結束時，我簡要地提到了我們為實現2024 年這一目標而採取的多種方式中的三種：下半年推出新的忠誠度服務、稍後推出我們的第一家Wayfair 品牌商店本月，以及三月開始的新品牌活動。

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.

雖然還是新的，但我想花點時間談談我們的品牌更新，因為這是自2018 年以來我們的品牌策略、創意表達和行銷存在最實質的演變。人們已經看到了我們的新產品透過社交媒體、電視和電子郵件開展活動，並探索了網站和我們的應用程式上更新的圖像。正如我所提到的，我們的營運目標是讓 Wayfair 成為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.

當我們的客戶決定為自己的家購買新的東西時，無論是準備在母親節招待家人時為客廳購買的新咖啡桌，還是一套新的露台來取代他們在 2020 年購買的甲板家具，他們直接去Wayfair。我們知道沒有兩棟房子是完全相同的。家居購物是情緒化的，需求跨越風格、空間和預算。我們知道人們的時間比以往任何時候都少。 Wayfair 是他們為所有家居用品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 旗下經營十多年來，我們建立了超過 9,000 萬名購物者的客戶檔案，並擁有數百萬名應用程式使用者。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、加拿大和英國擁有強大的輔助意識，Wayfair 是這些國家家喻戶曉的品牌，並且我們在德國繼續發展。鞏固經常性客戶行為的下一步是提高我們的品牌偏好，這將是釋放更大錢包份額的關鍵。

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，旨在對 Wayfair 如何與消費者建立更深入的聯繫。這始於我們由獨特的品牌元素集組成的整體品牌設計系統。我們的標誌、顏色、字體，甚至我們的（聽不清楚），我們創建了一組重點突出且獨特的資產，這些資產在我們所有管道中保持一致，從我們的徽標開始，您將看到更精簡的視覺效果和更鮮豔的紫色色調。我們的標誌已成為定義我們全新說故事平台 The Wayborhood 的基本品牌元素。我相信你們都能想到一些偉大的廣告活動，這些廣告活動使用了持續多年的一致的說故事手段。

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 加入名單。 The Wayborhood 的核心理念是“家是每個人都可以表達自己和喜愛之物的地方”，而 Wayfair 則是購物目的地，讓每一種風格和每個家庭都能實現這一目標。在我們新的 Wayborhood 廣告中，您可能首先註意到的是我們匯集的角色陣容。我們整理了一份名人和影響力人士名單，他們各自帶來了自己獨特的粉絲群體，例如前奧運選手肖恩·約翰遜·伊斯特（Shawn Johnson East），她透過自己的育兒之旅吸引了一群令人難以置信的新媽媽觀眾，還有電視真人秀明星麗莎（Lisa）等人范德龐普和社交媒體影響者托倫布拉德利。當然，我們的長期品牌大使凱莉克拉克森 (Kelly Clarkson) 將所有人聚集在一起。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 看到一個以您獨特的家的表達方式與您交談的人。

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.

每當這個品牌在從建立身份開始的生命週期中發展時，就會轉向建立一種體驗，這種體驗是透過參與度和受眾發展來衡量的，這就是我們目前在品牌旅程中所處的位置。我們道路上的下一階段是能夠製作令人難忘、立即可識別的品牌內容。例如，每個人都知道 GEICO 想要向您出售保險。這就是您在本次發布中看到的內容。這就是我們從網路上人們熟知和喜歡的網站轉變為擁有自己粉絲群的品牌形象的原因。

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 的首次亮相是這個多年旅程的第一步，隨著我們希望以全新的方式與購物者對話，您將繼續看到它在未來的發展。雖然您可能在三月在奧斯卡頒獎典禮上首次亮相時在電視上看到我們的一些 Wayborhood 廣告，但您也可能在生活中的所有其他螢幕上看到過它們。作為品牌更新的一部分，我們擴大了廣告管道組合的長度，在客戶花費大量時間的許多最大管道上註入新的力量。

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.

您可以在 Instagram、TikTok、YouTube TV 和 Hulu 等平台上找到這些新廣告。我們的目的是提高參與度。舉個例子，從歷史上看，我們的 Instagram 貼文很大程度上是展示特定產品或銷售活動的工具。這些問題往往受到有限的關注和不太激烈的討論，這自然會導致參與度降低。隨著這項活動的推出，我們有意推動更多對話，我們對結果的早期解讀非常積極，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，這與我們的其他舉措（例如實體零售和忠誠度）並存。您會發現 Wayborhood 主題隨今年推出的產品而貫穿始終。我們對品牌和平台發展的下一步感到興奮。至關重要的是，我們在這次發布背後投入的所有投資都存在於我們已經運作了三年的現有支出範圍內。正如 Wayfair 的許多學生所熟知的那樣，我們所有的廣告支出都經過仔細管理，以達到按頻道設定的一系列回報目標，而這項原則不會改變。

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).

雖然我們認為讓 Wayfair 成為客戶購物習慣的一部分會帶來相當大的長期好處，但不要誤認為這是一個投資週期，其中投資回報率只會在未來顯現出來。事實上，透過此次推出，我們將繼續在我們的投資組合中以同樣的、嚴格的規定回報窗口為目標，這在很大程度上是由於現在擴大了對這些新產品（聽不清楚）的索引不足的投資水準。

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，在我將其交給凱特之前，正如我們在過去幾季所做的那樣，我想花一些時間來解決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，因為少數競爭對手在過去一年快速進軍美國並建立了影響力。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產品與我們的產品相比有相當大的結構差異。

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領域是產品品質和信心。顧客喜歡他們在 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」按鈕之前知道自己買的是什麼。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，並讓人們喜歡它們的尺寸、結構和質量，所有這些都是為了幫助購物者獲得更多信心，讓他們相信他們所選擇的商品將是正是他們正在尋找的東西，而不是因為價格低廉而冒險購買某樣東西。

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.

最近出現的第二個大話題是關稅。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均需繳納 25% 的關稅，該關稅至今仍然有效。從那時起，情況發生了很大變化。雖然中國仍然是我們領域的大型製造中心，但在接下來的幾年裡，我們看到我們的供應商將生產多元化到亞洲其他地區，包括越南和馬來西亞，我們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 年關稅之後，該行業變得更加靈活。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向購物者提供的目錄，我們一定能夠應對任何增量壓力。總而言之，Wayfair 仍然是一個持久的份額成長者，正在採取多項措施來推動未來的成長。我們正在以根本上更高的盈利水平做到這一點，即使整個業務正在進行投資，盈利水平也將進一步提高。隨著我們繼續作為一個更精簡、更專注的組織執行任務，我們非常渴望展示這種組合的力量。

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 提供年度最佳優惠，不容錯過。接下來，讓我將其交給凱特，讓她概述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%，原因是訂單下降 1%，AOV 較去年第一季下降略低於 1%。活躍客戶較去年同期成長 2.8%，表現出持續的強勁勢頭。正如 Niraj 所提到的，這是我們連續第六個季度顯著優於該類別，該類別在第一季同比仍處於低兩位數範圍內。

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，當我們最終看到家居用品支出穩定時，將會引起很多關注。雖然拐點的時間本質上是不確定的，但重要的是要記住，與疫情大流行之前的典型模式相比，消費者目前在這一類別中結構性支出不足。我們知道，隨著生活的繼續，平均值最終會恢復。人們結婚，生孩子，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.

在此背景下，隨著 2024 年下半年的臨近，相對於 2023 年某個類別宏觀經濟的下滑，我們很高興能夠以新的聲音推出 Wayborhood 活動，以吸引我們的客戶。當我們的購物者準備好出去更新他們的家時，Wayfair 將成為首要考慮因素。我現在將進一步查看損益表。正如我所做的那樣，請注意，其餘財務數據包括折舊和攤銷，但不包括股權薪資、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。

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，我們計劃繼續採取靈活的方法，將我們節省的營運成本重新投資到更好的客戶體驗中，在我們看到毛利美元強勁的多季度回報的地方，同時平衡這一點與我們的EBITDA 計劃利潤擴張。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 萬美元的費用或超過 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點。當然，我們總是會看到季度與季度之間存在一些變化，但我們預計第一季將代表2024 年毛利率的低點。行動帶來了效率儘管我們推出了 2018 年以來最大規模的品牌更新，但 1 月的廣告佔比仍保持在 11.9%。

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、一般和管理費用（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透過勞動力調整計畫採取的成本行動的淨影響所推動的。總的來說，我們連續第四個季度的調整後 EBITDA 為 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.

我們的美國部門調整後 EBITDA 為 1.21 億美元，利潤率為 5.1%，而我們的國際部門調整後 EBITDA 虧損為 4,600 萬美元。本季結束時，我們擁有 12 億美元的現金和等價物，以及 17 億美元的總流動資金（包括未提取的循環信貸額度）。營運中使用的淨現金為 1.39 億美元，資本支出為 5,400 萬美元，由於時間安排低於本季預期。自由現金流為負 1.93 億美元。如您所知，由於我們營運資金週期的性質，第一季始終是現金流出季度。與 2023 年第一季相比，上一季的自由現金流增加了超過 4,000 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.

儘管營收季減比一年前第一季更大，但這是影響淨營運資本的最大因素。現在讓我們轉向第二季的指引。從營收開始，控制去年 4 月發生的 Way Day 的時間，季度至今，我們的趨勢與去年同期基本持平，預計本季末將持平至小幅正值。

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.

轉向毛利率。我們將繼續在30%到31%的範圍內指導您。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將佔淨收入的 4% 左右，而廣告預計將在 11.5% 至 12.5% 範圍內。正如我之前提到的，即使有了新的品牌活動，我們仍然嚴格控制我們的投資回收期，在擴大我們已經測試了一段時間的管道時平衡整個漏斗的組合。我們預計 SOTG&A 的成本將在 4.1 億至 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.

只是為了正確地看待這一點，這裡的中點比兩年前 22 年第二季度我們開始成本行動計劃時的水平低了 1.5 億美元以上。根據這項指引，我們預計第二季調整後的 EBITDA 利潤率將穩定在中個位數範圍內。正如我們已經討論了一年多的那樣，這個中個位數的調整後 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，我們探討了使我們的股價達到 10% 以上的主要驅動因素。毛利率提升數百個基點，廣告槓桿提升100至200個基點，SOTG&A提升200至400個基點。這將是一個多年的旅程，因為我們需要在推動營收復甦的深思熟慮的方法與我們的獲利目標之間取得平衡。

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.

一月份，我們概述了 2024 年的框架，其中收入成長平穩相當於調整後 EBITDA 超過 6 億美元，反映了我們成本行動的影響，這種思維模式現在仍然適用。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 億至 1.2 億美元；折舊和攤提約1.03億至1.08億美元；淨利息支出約 400 萬美元；加權平均已發行股數約1.22億股；資本支出在 9,000 萬至 1 億美元範圍內，反映了第一季支出的一些追趕。

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.

結合我們調整後 EBITDA 的指南，我們預計第二季將產生大量自由現金流，這在收入連續成長的時期是典型的情況。我們過去兩年採取的成本行動為我們在 2024 年創造自由現金流創造了健康的一年，這將成為我們在考慮即將到來的到期日時開始去槓桿化資產負債表的基礎。

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.

在進入問答之前，我想強調第一季的一些關鍵要點。在該類別持續充滿挑戰的背景下，Wayfair 由於我們的配方健康、持久的市場份額增長和嚴格的執行而表現出色。我們已經轉向針對新的（聽不清）增長動力採取進攻性策略，並通過令人興奮的營銷更新以及即將在本月晚些時候盛大開業的第一家Wayfair 品牌財務零售店以及投資和触摸等長週期努力來增強我們即將推出的中性忠誠度計劃。

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.

我們的獲利能力成長完全符合我們的路線圖，我們對我們正在努力實現的 Wayfair 未來願景充滿熱情。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 Christopher Horvers with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 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?

我對上面的內容很好奇。您能談談您認為第二季銷售從持平轉為正值的情況嗎？短週期家居裝飾與長週期家具有什麼區別嗎？您能否分享一下您對本季至今的前 Way Day 的看法，您對該類別在過去一個月的表現有何看法？

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 業務比整個 TAM 更傾向於更長的周期。你在我們的 AOV 中看到了這一點，對吧？所以我想你已經知道這一點了。對我們來說，當你看到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經濟困難的情況下表現得更好，但無法彌補經濟成長帶來的重大拖累。

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.

所以我們看到的是，我們正在以一種持久的方式幾乎全面地佔據份額，因為對於你問題的第二部分，我認為這個類別仍然很弱。所以你有一個弱類別，但我們有——即使是一個弱類別仍然是一個非常大的金額。這些美元正在變動，坦白說，大多數零售商都持平或下跌，很少有真正有意義的收益。我們看到的數據與 2019 年以來的數據相同。它就是 HomeGoods，它是實體的，專注於與我們所玩的領域沒有特別強烈重疊的類別子集。

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.

你會看到我們三個人繼續佔據市場份額。在（聽不清楚）人們的小組中，我們關注了許多其他人，坦白說，他們介於面臨挑戰和非常困難之間。因此，儘管整個市場有一些延遲，但這個市場還是有事情發生。你會看到，市場份額正在變成你所看到的數字，我們可以在艱難的市場中保持積極的態度。

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?

然後是我的後續行動，也是針對凱特和尼拉吉的。關於毛利率，您能談談我將（聽不清楚）取代利潤池、供應商服務、廣告嗎？我的意思是，一段時間以來，你的競爭和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做出貢獻？當你轉向銷售成長時，從貢獻的角度來看，曲線的形狀是什麼樣的？

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，是凱特。我開始吧。因此，當我們認為有很多因素可以幫助提高毛利率時，我想向您指出這一點。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些成長獨立於收入。因此，如果您考慮廣告，我們上次在八月的投資者日上深入討論過這一點。我們當時說它大約佔收入的 1%。顯然，那裡有很多機會。過去幾季我們的重點有兩個：一是改善供應。我們真的想測試並確保我們以不會損害客戶體驗的方式定位事物。

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.

因此，這意味著我們需要一些時間來確定那裡的供應量是否合適。第二，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，即使沒有收入成長，其中一些領域（例如廣告）也可以成長。顯然，如果您在此基礎上增加收入成長，那將有助於做出更大的貢獻。

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，您似乎在推動回頭客訂單成長方面取得了很大成功，但最近幾季來自新客戶的訂單似乎有點疲軟。這在很大程度上是品類弱點的結果嗎？在重新吸引一些（聽不清楚）買家並吸引新買家方面，特別是在該類別開始復甦的情況下，您有什麼可以分享的嗎？

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。我想我想說的是，我認為我們兩者都看到了良好的勢頭。現在請記住，隨著時間的推移，我們已經與許多客戶進行了接觸。這些指標的工作方式是，您只能成為新訂單一次。因此，如果您在 12 個月內不購買，您的活躍客戶數量就會減少，但如果您購買，您可以回來購買。新訂單、重複訂單，你實際上必須是第一次購買，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，當我們談論時——我想早些時候我們提到了——客戶檔案，9000萬客戶——這給你一種感覺，例如，覆蓋範圍。所以我想說的是，當你看到時，我認為每個季度大約有200 萬個新訂單，考慮到經濟狀況以及這確實是更大的機會之一，我們認為這是一個相當強勁的數字。度計劃，為什麼我們對我們正在做的所有事情感到興奮，這些事情讓您越來越喜歡我們。所有這些訂單，無論您去年是否在我們這裡購買過，都將是重複訂單。

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%。所以我想我想說的是，我們對我們目前所處的艱難宏觀環境中的表現感到非常強烈，無論是對於那些非常積極參與的人還是已經擁有活躍客戶數量的人來說。 [零售商]以及最近可能沒有購買過商品或對我們來說確實是新手的人。我要談的最後一件事是，當你想到品牌活動和我們正在做的一些事情時，這些都是為了加深與現有客戶的關係，同時也吸引新客戶。顯然，像今年稍後推出的忠誠度計劃之類的事情將允許人們與我們互動，然後提高頻率。因此，我們正在做很多不同的事情，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，您有什麼可以分享的，也許可以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。我猜其他零售商的同等規模的家具店通常能產生多少年銷售額？也許您正在考慮如何衡量光環事實和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 商店的推出感到興奮。實際上，它將於本月晚些時候於5 月23 日開業。我們可以找到一個我們的客戶群眾多。這是一家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，規模讓我們能夠了解 Wayfair 所代表的內容的廣度和深度，並將其變為現實。希望你們在接下來的幾個月裡有機會參觀芝加哥，我們鼓勵你們，它位於以北約 10 英里處，我們鼓勵你們一定要去看看。顯然，我們非常高興看到銷售業績如何，以及結果如何。

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.

為了回答你的問題，其他人每平方英尺產生什麼，或者以這種尺寸的大小產生什麼，實際上有相當廣泛的答案，因為每個零售商都以不同的方式進行優化，不同的類別每平方英尺產生不同的美元腳。因此，我們以這種有組織、有條理的方式開展實體零售的原因之一是，我們只為每個品牌開設幾家商店，然後不斷迭代，以確保我們在擴大規模之前真正投入使用。經濟效益按照我們期望的方式運作，它所產生和創造的客戶忠誠度（無論是線上還是線下）都按照我們期望的方式運作，等等，我們不一定期望您如果一開始就做到這一點，您可能需要迭代一些。

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.

這就是為什麼我們不會一次性開設 20 家商店，對吧？我們現在正在放一個，而且我們正在以一種非常謹慎的方式進行。我們確實有方法來衡量光環，那就是你進行交易，交易半徑，然後你會看到前/後提升是多少，與你還沒有開店的雙市場相比，提升是多少，你跟踪從事一側活動的客戶，他們在另一邊所做的事情。所以有一個——你嘗試對其進行三角測量。因此，在接下來的幾個季度中，當我們開始獲取數據時，我們將分享我們的發現，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，無論是其獨立的、四面牆的經濟狀況，還是傳統零售商可能看待的方式，以及帶著光環看待它。正如 Niraj 所提到的，我們已經對此進行了一段時間的迭代。我們有一些規模較小的商店正在營業。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知識，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 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

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.

我想首先，Niraj，我的意思是品牌活動有了一個好的開始。如果這是正確的思考方式，那麼了解其中有多少支出是從績效或直接回應管道重新分配也可能會有所幫助？並衡量該變化對流量或轉換的影響。我想，我的後續行動中的第二個是 Niraj，您對應用程式下載的評論很有趣。我想去年，您強調了應用程式、推動參與度以及 GenAI 和擴增實境等工具的重要性。因此，我希望了解您為推動這些下載和使用所做的努力的最新情況，並意識到一些新興競爭對手也更注重應用程式。

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。關於你的第一個問題，即品牌活動和廣告支出。我想說的是，多年來，您已經看到我們的漏斗頂部廣告支出有所增長，對嗎？我們十年前開始製作電視節目，與該頻道相關的資金隨著時間的推移而不斷增長。我認為其中一件事是——我認為，圍繞社交和其他串流媒體格式的某些其他管道可能索引不足，因為我們正在增加支出。

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.

因此，就您的觀點而言，無論您認為這是重新分配還是專注於這些管道，但透過在各處保持緊張，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，但我不會嘗試將其視為某種大規模的改變。有一個轉變，但它是——a，我們確保從數學上講，它正在創造回報和媒體組合基礎上的整體回報，這實際上對我們非常有利。這與昨天並沒有太大的不同，以至於你不確定會發生什麼，對吧？我們不是把所有東西都從這裡拉出來，而是放在那裡。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.

然後我想說的是品牌活動，我們對它的開始感到非常興奮。但同樣，當這些品牌活動非常成功時，它們的影響會隨著時間的推移而發生，即幾個季度和幾年。因此，我們對它的推出方式非常滿意。我想說，現在說它是否會實現我們所設定的非常高的目標還為時過早。但我們的廣告效果非常好。絕大多數美元都是你可以真正緊密追蹤的。所以真的沒有太多——關閉的空間真的不是很大。

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——或者第二個問題，無關的，我想是圍繞移動和應用程式以及參與度，我們對應用程式下載所做的評論以及我們在做什麼，我們如何看待這一點。這是一個持續多年的趨勢，即行動裝置相對於桌上型裝置正在佔據份額，無論您以何種方式削減它。行動網路仍然是一個非常大的組成部分。顯然，我們已經為該客戶下載該應用程式投入了興趣，因為該應用程式可以更輕鬆地將他們保留在生態系統中。

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.

這就是他們的狀態，他們只需點擊一下，就可以享受體驗。我們可以做應用程式通知。我們看到的是，我們擔心行動網路體驗是否出色以及應用程式體驗是否出色。然後我們也在做一些事情來鼓勵人們下載該應用程式並使用該應用程序，這使他們的生活更輕鬆，並讓他們加深與我們的聯繫。那裡有一系列的事情，無論是我們可以用相機在視覺上做的一些事情，無論是像純應用程式銷售，我們隨著時間的推移做了一些事情，無論是我們添加的其他功能在應用程式中。

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.

我們做了一系列的事情。我們還計劃做更多事情。我們看到客戶正在增加。他們也了解該應用程式的好處。所以你看到他們朝那個方向移動。然後就我們而言，我們仍然擔心桌面或大螢幕體驗是否非常好。你說，好吧，為什麼如果它轉向應用程序，那麼，原因就在我們的類別中，如果你只是專注於應用程序，我認為如果你是送餐，那效果很好，我認為如果你'出售的商品成本非常低，非常好用，您不用擔心耐用性。但我們賣的很多東西都是人們考慮的。他們需要計劃並且需要考慮。他們可能會將多個物品放在一起。他們可能會透過一系列訪問來做到這一點。他們有時會使用購物車或其他列表功能，我們必須創建一個大列表，然後將其[winnow]下來。這些人與其他正在計劃這些項目的人一起。

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.

所以有一組功能，當你談論唱歌時，大螢幕非常直觀，有很多內容訊息，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設備更關心全頻譜設備，也許您正在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可能就是您所需要的。

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?

您在分析師日談到了 10% 以上的 EBITDA 利潤率目標。我希望您也能讓我們回到銷售成長目標，我認為您要求銷售複合年增長率超過 15%。您今天對這個目標感覺如何？也許這是一個簡單的數學，如果類別下降，負低兩位數，然後你回到正低個位數，你就達到了你的目標，但也許為我們，甚至為那6 名車手Niraj 中的有些人充實這一點。

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。我認為你說得非常好，顯然，我們在歷史上以非常顯著的成長率成長。我們的收入仍然只有 120 億美元，相對於 TAM 來說非常小。我們在 TAM 的各個不同領域都有明顯的舉措。你提到——有人提到即將開業的零售店，或者我們顯然在Perigold 有一個奢侈品平台，或者我們在美國和加拿大以外、在德國、英國有業務，我們有B2B 業務，我們感覺很專業，規模很大。所以，你需要考慮每一個機會，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.

思考這個問題的方法是，我認為你確實談到了思考這個問題的最佳方法，即我們相對於市場的成長。你談到了多餘的份額。顯然，坦白說，在上漲市場中，比在下跌市場中更容易獲得份額，因為這是一塊不斷擴大的蛋糕，而不是不斷縮小的蛋糕。所以你可以看到我們現在正在做的事情，你可以想像這會是什麼樣子，正如你所說，嘿，讓我們看看在線作品類別的長期複合年增長率，而不是這個市場，長期-術語複合年增長率是12 左右，這個基線是多少，然後你從這個基線開始，你說，「好吧，我們透過我們正在執行的計劃獲得的超額份額是多少，然後我們可以採取的超額份額是多少隨著時間的推移，隨著我們將要發展的舉措，我們正在早期階段開展工作，這意味著什麼？這加起來就達到了顯著的兩位數複合成長率。

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?

你可以看到，這是真實的，只要看看今天從我們通往市場的橋樑，然後做一些我剛才談到的數學。所以我認為這可能是最好的思考方式。我們談到的一件事是，事實上我們可以在擴大收益的同時做到這一點。我們思考收入的方式，我傾向於不以（聽不清楚）收入的方式來思考收入，我想以一種真正了解企業真正經濟實力的方式來思考收入，對吧，當然，這基本上是扣除息稅折舊攤提前利潤（EBITDA），然後減去資本支出並減去股權補償，我們給大家，對吧？那麼我們從我們正在進行的業務中產生的現金是什麼？那如何才能增長呢？

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.

當我們思考這些機會時，當我們投資擴大這些機會時，這些機會如何成長。我認為，您在我們的財務數據中開始看到的是，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。這就是你將繼續看到的結果，因為我們投資的很多東西甚至還沒有出現在成長率中，但會出現。

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。很有意思。我想利潤擴張和規模化的一部分將是你的供應商服務。我很好奇，你提到了與供應商的許多對話，供應商的獲利能力隨著運輸成本的降低而更好，等等。但業界背景確實不景氣。那麼供應商群體現在對您的服務有何看法呢？是不是有些猶豫？或者他們是一種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.

我認為供應商看到了市場格局，正如你所說，低迷，但我認為供應商也看到需求正集中在少數成功零售商手中。他們專注於與他們合作的客戶群。我如何與這些人獲得更多的分享，無論是地區性的實體玩家，還是 Wayfair，無論是任何人，因為他們認為自己的未來與獲勝者息息相關，而不是與廣泛的群體息息相關。上有更多的花生醬。

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，既然庫存過剩問題已經解決，他們就非常具有前瞻性。他們對我如何建立業務非常有前瞻性。因此，我們看到了自新冠疫情以來規模最大的新產品介紹。我想說，平均比他們在新冠疫情之前每個週期所做的事情還要大。所以（聽不清楚）一點點追趕並在那裡積極進取。我們看到，當您考慮在我們的平台上運作時，無論您是在考慮參加我們的促銷活動，還是在考慮如何在我們的平台上定價，您都會考慮我們如何整合物流，您會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，因為他們再次說：“嘿，Wayfair 是我認為會做得很好的少數幾個之一。我如何在這個平台上做得很好？”然後他們會去找下一個重要客戶，無論是誰，也許是一家擁有 20 家商店的實體連鎖店，好吧，他們正在贏得這個地理區域，我該如何與他們一起做更多事情。他們會去考慮他們總客戶群的一小部分，他們正在考慮那些可以贏得勝利的客戶。因此，我認為現在多餘的庫存已經解決，您會看到供應商非常注重在正確的地點進行投資。

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?

第一個是國際航班。本季獲利能力似乎有所下降。但短期內，未來的道路是什麼？從中期來看，我們該如何思考國外實現初始季度 EBITDA 損益平衡的路徑？

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。讓我添加一些評論，然後讓我將其轉交給凱特，以提供您要求的一些特定類型的財務前景資訊。所以我想說，在國際領域，我們有加拿大，我們有英國，我們有德國，還有小（聽不清楚）愛爾蘭。你看到的是，實際上，每一個都表現得很好。事實上，我們現在正處於一個階段，我們正在佔據每個領域的市場份額，並且每個領域的單位經濟效益都得到了顯著改善，它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.

因此，從 22 年夏天開始的 18 個月裡，我們在成本方面所做的許多工作使我們全面達到了一個偉大的目標。因此，我們對事情的進展感到非常興奮。我想說的是，固有業務要獲利需要一些固定成本。成長需要達到一定水準才能壓倒一定程度的固定成本。我還想說，裡面有一些關於我們公司管理費用如何分配的會計問題。隨著時間的推移，這兩者都會發揮作用。所以我們對軌跡感覺良好。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，公司成本是根據收入分配的。因此，隨著混合轉變的變化，分配的企業成本量可能會發生一些變化。我認為，正如尼拉吉所說，當我們審視國際市場時，我們對在那裡看到的跡象感到鼓舞。我們看到事情按照計劃進行。特別是，如果您查看過去 12 個月期間的 EBITDA 損失，您會發現損失大約是之前的一半。我認為這確實表明了我們正在取得的良好進步和穩定的收益。

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。然後是 AOB 的後續行動。我知道通常這是一個輸出，消費者最終決定它與模型中的輸入。但本季下降幅度非常小，不到 1%。那麼，您內部如何思考其發展軌跡？本季您在每筆交易或交易活動的單位數方面有什麼發現嗎？這會讓您相信下半年 AOV 的持平趨勢可能是保守的。

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，我想說的是，過去幾年推動 AOV 的主要因素是新冠肺炎期間出現的通貨膨脹，原因是新冠肺炎期間的產品稀缺，以及新冠肺炎期間的供應鏈擁堵。隨後，隨著－特別是海運成本（聽不清楚）的下降，隨之而來的是通貨緊縮。考慮到這一點，這在很大程度上已經成為過去，你要回到的是，隨著時間的推移，推動 AOV 的主要因素更多是季節性節奏，全年都有不同的品類組合。

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.

因此 AOV 在此基礎上上下波動。然後在我們的業務內部，如果 Perigold 的成長速度比其他業務更快，這就會提高 AOV，因為我們的奢侈品平台有更高的 AOV，例如，所以你可以進行一些混合轉換。但我認為你會看到更正常的 AOV 節奏，就像你在新冠疫情之前看到的那樣，然後是你在新冠疫情期間看到的劇烈波動，我認為你現在可以將其視為正常化。

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蒙古特曼。

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，如果我們從第一季開始計算訂單的季節性，然後再考慮AOV 中的季節性，這表明到第二季度，我們的銷售額可能會持平到略有正值，然後到後半段。我不是問指導有多保守，或者我不知道是否有指導範圍，但是否有任何理由季節性過程因某種原因而不起作用。聽起來好像你有廣告活動，你有一家新店即將開幕。因此，也許應該有一些好人來思考季節性，而不是壞事，但要確保這種邏輯是正確的。

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 - 所以我同意的是去年，該類別出現了顯著的減速，去年下半年和今年早些時候都發生了減速。所以去年的斜率就是這個負斜率。因此，今年，如果你沒有看到連續顯著的宏觀減速，那麼類別比較——我們的比較，每個人的比較在後半段應該會比現在容易得多。

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事實。我們完全同意這一點。我認為問題是，也許你今年沒有看到像去年那麼多的宏觀減速，但也許你會看到一些。所以也許只是 100% 向前推進，也許——這可能會發生，也可能不會發生。但正如我們所說，我們現在同比持平，第一季的成長率為負 2%。所以就你的觀點而言，你所說的數字，也是你所說的。因此，我們對這一結果非常樂觀，因為您已經了解了該類別的數學知識以及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，我們正在繼續佔據市場份額，我們對自己的地位感到非常滿意。因此，顯然還有很多其他變量，顯然，聯準會昨天進行了最新的更新。他們選擇做的事情會影響整體宏觀經濟，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.

我們不會像現在那樣按季度提供詳細資訊（聽不清楚）。但是西蒙，我想我想說的是，我們非常關注我們可以控制的事情，那就是持續的股票收益費用。因此，思考我們自己的季節性是一種有用的看待它的方式，思考我們如何繼續獲得份額，我認為，是一種有用的看待它的方式，預測該類別在後半部分的作用，顯然， Niraj提供了去年的背景並預測了下半年的情況。我確信對此有各種各樣的意見。因此，我們的重點是持續為客戶提供卓越的產品。您會看到，我們的活躍客戶成長在我們目前持平的情況下持續改善。隨著時間的推移，這將使我們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。然後後續行動可能會更進一步，即去年提供的關係，在收入持平的情況下獲得 6 億美元的 EBITDA。有一些固有的因素——如果我們的收入從上升到持平，無論你普遍的假設是增量利潤。這有什麼改變嗎？您是否考慮以任何不同的方式進行支出？或者這些增量利潤是否應該以與您向我們提供該框架時相同的方式應用？

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。正如我在電話會議上所說，固定不變和 6 億美元的框架仍然有效。再說一次，這並不是為了提供指導。這實際上是一個構建，用於如何考慮過去 18 個月的成本節省總額，以及在假設的持平情況下，這些成本節省將如何流經損益表。然後就您對增量利潤的觀點而言，是的，我們已經談到了即將到來的中到高十幾歲的利潤率。

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

你的下一個問題來自安娜·安德烈耶娃和李約瑟的對話。

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，不錯的結果。我們有一個關於促銷的問題。 Niraj，您之前曾談到，在這些促銷活動中，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其中，他們就會以全價轉換。所以我只是想跟進一下，如果情況仍然如此。任何顏色都會非常有幫助。作為後續行動，品牌活動聽起來似乎有了一個好的開始。只是好奇，您如何將從中學到的知識融入我認為為本次電話會議安排的忠誠度發布中。

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。因此，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——他們絕對會關注促銷商品，但他們也傾向於探索過道。他們傾向於購買他們最喜歡的物品。我們所指的是，這些銷售中只有一部分是促銷中的特色商品，大部分是實際在過道上的商品，不一定是特色商品和促銷活動。所以這種動態仍然是真的。

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.

一直以來都是這種情況。這一直都是事實。品牌活動，以及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，因為如果您加入計劃並且它有好處，並且這些好處會吸引您回來，對吧，這會讓您變得更加習慣。因此，我認為這兩項我們正在做的事情肯定會互相幫助，並且有助於我們正在做的一系列其他事情。這一切都是為了成為您享受一切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.

你的下一個問題來自 John Blackledge 和 TD Cowen 的對話。

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，關於宏觀。隨著我們遠離流行病採購，該行業是否存在潛在的補充週期？其次，關於 GenAI，您能否討論 Wayfair 在各個部門內部使用 GenAI 的情況？生產率的提高有何影響？

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。從宏觀的補貨週期概念上來說，我們銷售的各種商品絕對是有更新週期的。它因商品類型而異。我確實認為最簡單的看待它的方法是，無論你以什麼方式看待它，我們相對於2019 年的水平，名義上我們低於2019 年，實際水平也低於2019 年，或者無論你的面積是否低於曲線，你向前拉動，但你會發現我們已經遠遠超過了曲線，我們仍然偏離趨勢。無論你怎麼看，你都會看到這個類別，它一直是一個週期性的類別，它處於一個下降的周期中，之後總是伴隨著一個上升的週期。

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。我認為當你想要精確計時時，技巧就出現了，對吧，我認為這是你的問題。因為我確實認為利率、現房銷售和消費者信心等因素都在其中發揮作用。我們認為有兩種成長方式。成長的一種方式是市場正在成長，以及你如何獲得多餘的份額。但第二種方式是，無論市場成長多少，你如何獲得多餘的份額，對嗎？因此，回到份額獲取的概念，以及我們如何透過成為更容易的購物場所、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、更好的行銷、獨家產品來獲取份額，（聽不清楚），一直，一直，一直。這就是我們現在關注的重點。顯然，隨著宏觀經濟從負面轉向中性，然後從中性轉向正面，你會看到我們的銷售額急劇上升。史蒂夫，你願意嗎？

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 交談，這是我在企業內部非常關注的主題領域。我認為有技術開發生產力或銷售工具等領域。銷售和服務團隊使用我們與您期望的業務人員整合。我想說，從廣義上講，如果你把我們視為我們的技術歷史，我的意思是，該業務通過遠離技術創新的前沿而表現良好。因此，GenAI 和使用業務（聽不清楚）是我們公司所有不同業務領導者都關注的事情，思考什麼是最適用的，我們看到他們的勝利在哪裡，並且顯然保持高效和緊跟尖端技術將繼續幫助我們成長並取得良好的進展。

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

我可以詢問一位後續人員嗎？但從長遠來看，這是否會成為利潤率的推動力，並帶來潛在的生產力提升？

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.

它肯定有很多好處。我認為，是的，在更有效地經營商店之間。顯然，零售業是個講究效率的產業。當然，隨著時間的推移，這會對我們有所幫助。我認為數字方面也有一些非常有趣的事情。因此，我認為在銷售方面，我們實際上已經公開推出了一些非常令人興奮的工具，我們剛開始涉足這一領域，我認為這對消費者體驗可能有意義。

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就像在很長一段時間內，我認為思考它的方式是，我認為許多這些更加分散的類別將會變得更加分散。規模化企業將能夠為客戶做比非規模化企業更多的事情，這將導致集中。從歷史上看，要獲得選擇，你必須拜訪很多人，而且必須是分散的。隨著互聯網的出現，您可以從一家零售商處獲得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，當您考慮規模化企業時，您可以在物流方面做些什麼？我們對此談了很多，對吧？你能用科技做什麼？我們已經討論過這一點，但現在你正在談論不同類型的技術，你開始思考我們可以用 GenAI 來做，很多都需要規模——需要以兩種方式實現規模。第一，研發，你需要願意儘早投資。如果你有規模，你就可以做到這一點，這對你來說只是很小的一筆錢。第二個是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，關於如何提高利潤率，存在著完整的經濟論點。但我認為更大的經濟成果在於需求如何轉移到少數能為客戶做得更好的人身上。

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

這就是我們今天提問的全部時間。我現在將其轉回給 Wayfair 團隊以徵求結束意見。

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

謝謝大家的加入。我們感謝您的寶貴時間。很高興與您聊天，期待下個季度與您交談。

And we're excited about Way Day this weekend.

我們對本週末的“道路日”感到興奮。

Shop Way Day, bye everyone.

購物之路日，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。