Wayfair Inc (W) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Rochelle, and I will be your conference operator today.

我叫羅謝爾，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Wayfair Q2 2024 earnings release and conference call.

此時此刻，我謹歡迎大家參加 Wayfair 2024 年第二季財報發布和電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to James Lamb, Head of Investor Relations and Treasury.

我現在想將電話轉給投資者關係和財務部主管 James Lamb。

Please go ahead.

請繼續。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

Today, we will review our second quarter 2024 results.

今天，我們將回顧 2024 年第二季的業績。

With me are Niraj Shah, Co-Founder, Chief Executive Officer, and Co-Chairman; Steve Conine, Co-Founder and Co-Chairman; and Kate Gulliver, Chief Financial Officer and Chief Administrative Officer.

和我在一起的還有共同創辦人、執行長兼聯合主席 Niraj Shah； Steve Conine，共同創辦人兼聯合主席；財務長兼首席行政官 Kate Gulliver。

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

在今天準備好的發言之後，我們都可以接受問答。

I would like to remind you that our call today will consist of forward-looking statements, including but not limited to, those regarding our future prospects, business strategies, industry trends, and our financial performance, including guidance for the third quarter of 2024.

我想提醒您，我們今天的電話會議將包含前瞻性陳述，包括但不限於有關我們的未來前景、業務策略、行業趨勢和我們的財務業績的陳述，包括 2024 年第三季的指導。

All forward-looking statements made on today's call are based on information available to us as of today's date.

今天電話會議中所做的所有前瞻性陳述均基於截至今天為止我們掌握的資訊。

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

儘管我們相信我們的預期和假設是合理的，但我們不能保證任何前瞻性陳述都是準確的。

Our 10-K for 2023, 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.

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。

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.

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.

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。

These non-GAAP financial measures should not be considered replacements for and should be read together with GAAP results.

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。

Please refer to the Investor Relations section of our website to obtain a copy of our earnings release and investor presentation, which contains descriptions of our non-GAAP financial measures and reconciliations of non-GAAP measures to the nearest comparable GAAP measures.

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。

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

本次通話正在錄音，我們的 IR 網站將提供網路廣播重播。

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

我現在想把電話轉給 Niraj。

Thanks, James, and good morning, everyone.

謝謝詹姆斯，大家早安。

We're excited to discuss our second-quarter results with you today.

我們很高興今天與您討論我們的第二季業績。

Q2 was a dynamic quarter that resulted in another period of share gain and we continue to see efforts around cost optimization pay off with our best quarter of adjusted EBITDA and free cash flow in three years.

第二季度是一個充滿活力的季度，帶來了另一個份額增長期，我們繼續看到圍繞成本優化的努力得到了回報，我們的調整後 EBITDA 和自由現金流達到了三年來最好的季度。

This was all the more impactful because it was a quarter of continued macro headwinds that are pressuring the way customers shop the category.

這更具影響力，因為四分之一的持續宏觀逆風給顧客購買該類別的方式帶來了壓力。

Way Day was a tremendous success, with performance up in the double-digits versus our event last spring.

Way Day 取得了巨大成功，與我們去年春天的活動相比，表現達到了兩位數。

We saw notable engagement throughout all three days with broad-based strength across the catalog.

在這三天裡，我們看到了整個目錄的顯著參與和廣泛的實力。

The Way Day results are consistent with the pattern we've observed now for over a year, where promotions continue to drive customer engagement, but correspondingly, we see shoppers pulling back in the non-promo periods.

Way Day 的結果與我們一年多來觀察到的模式一致，即促銷活動繼續推動客戶參與，但相應地，我們看到購物者在非促銷期間有所減少。

The performance spread between promo and non-promo remains wide, and our post-Way Day results came in below expectations.

促銷和非促銷之間的業績差距仍然很大，而且我們在 Way Day 後的結果低於預期。

This was in part due to the increasing price elasticity we've been seeing in our customers, as well as a decision to intentionally pare back on marketing spend following Way Day to remain disciplined on efficiency in periods where customer engagement is later.

這在一定程度上是由於我們在客戶中看到的價格彈性不斷增加，以及在「Way Day」之後有意削減行銷支出的決定，以便在客戶參與較晚的時期保持嚴格的效率。

We continue to take share in the second quarter as we proactively adjusted to the trends we were observing.

隨著我們積極適應我們觀察到的趨勢，我們在第二季度繼續佔據份額。

A more moderate capture rate in May picked up as we got through June and entered July on the back of pricing actions in response to that changing elasticity coupled with a normalization in marketing spend.

隨著我們度過 6 月並進入 7 月，由於彈性變化以及行銷支出正常化而採取的定價行動，5 月份的捕獲率有所回升。

Our market relative price index, an internal measure of how Wayfair prices back up to competition, returned to showing healthy year-over-year improvement following those actions, and correspondingly, we've seen our market share set further higher.

我們的市場相對價格指數（衡量 Wayfair 價格如何恢復競爭的內部指標）在這些行動之後恢復了健康的同比改善，相應地，我們看到我們的市場份額進一步提高。

Q2 was a continuation of the macro trends we've been seeing for the last few years.

第二季度是我們過去幾年看到的宏觀趨勢的延續。

Customers remain cautious in their spending on the home, and our credit card data suggests that the category was down by nearly 25% from the peak we saw in the fourth quarter of 2021.

客戶對房屋支出仍持謹慎態度，我們的信用卡數據顯示，該類別的支出較 2021 年第四季的峰值下降了近 25%。

This mirrors the magnitude of the peak to trough correction, the home furnishing space experienced during the great financial crisis, according to US Census Bureau data.

根據美國人口普查局的數據，這反映了家居空間在金融危機期間經歷的從高峰到低谷調整的幅度。

Importantly, this calculation is on nominal dollars.

重要的是，這個計算是以名義美元計算的。

Adjusting for inflation suggests we're now in the midst of a correction in excess of 35% and an unprecedented level of pullback in our sector.

通貨膨脹調整表明我們現在正處於超過 35% 的調整之中，而我們的行業正處於前所未有的回調水平。

We see three clear factors behind this correction: one, the malaise in the housing market; two, overspending in 2020 and 2021 that as warped the historic replacement cycle; and three, a slowing US economy.

我們看到這次調整背後有三個明顯的因素：一是房地產市場低迷；二是房地產市場低迷。第二，2020 年和 2021 年的超支扭曲了歷史性的更換週期；第三，美國經濟放緩。

You're likely very aware of the evidence on the first factor.

您可能非常了解第一個因素的證據。

Over the first five months of 2024, new home sales are down by nearly 20% compared to the first five months of 2021, while existing home sales are down by more than 30%.

2024 年前 5 個月，新房銷售量較 2021 年前 5 個月下降近 20%，而現房銷售量下降超過 30%。

While you've seen many of our peers that are impacted by housing declined to an even greater degree than Wayfair, at the end of the day, with housing turnover levels that haven't been as depressed since the great financial crisis.

雖然您已經看到我們許多受住房影響的同行的跌幅甚至比 Wayfair 還要嚴重，但歸根結底，住房週轉率並未像金融危機以來那樣低迷。

The market fatigue weighs on everyone in the category ourselves included.

市場疲勞給該類別中的每個人都帶來了壓力，包括我們自己。

On the second factor, like many of you, we spent time trying to tease apart the magnitude of the demand pull forward in 2020 and 2021 in an effort to gauge how far along we might be in this period of rationalization.

關於第二個因素，像你們中的許多人一樣，我們花了一些時間試圖梳理 2020 年和 2021 年需求拉動的幅度，以評估我們在這段合理化時期可能能走多遠。

Controlling for inflation, we measured actual spending from 2020 through the first half of 2024 against a hypothetical environment where the pandemic never happened.

在控制通貨膨脹的情況下，我們在從未發生疫情的假設環境下衡量了 2020 年至 2024 年上半年的實際支出。

Using data from the Census Bureau, the analysis shows actual spend volume coming in below that hypothetical no-pandemic world.

使用人口普查局的數據，分析顯示實際支出量低於假設的無疫情世界。

I want to take a moment to let the magnitude of that sink in.

我想花點時間讓大家了解這件事的嚴重性。

Customers have more than compensated for the overspending during the pandemic and have now underspent in the category compared to historic patterns.

顧客已經彌補了疫情期間的超支，而且與歷史模式相比，現在該類別的支出不足。

This is in spite of the fact that the structural need for products in this category has not changed.

儘管事實上該類別產品的結構需求並未改變。

As we said many times in the past, people still need mattresses and tables and chairs.

正如我們過去多次說過的，人們仍然需要床墊和桌椅。

They still need desks and bathroom fixtures and kitchen equipment.

他們仍然需要書桌、浴室設備和廚房設備。

And at some point, we expect a reversion to the mean, while we've yet to see the housing recovery, replacement for pandemic spending and broader economic upturn, we anticipate these drivers around the horizon.

在某個時候，我們預計會回歸均值，雖然我們還沒有看到房地產復甦、大流行支出的替代和更廣泛的經濟好轉，但我們預計這些驅動因素即將出現。

Given how deep we are into the cycle, it's fair to expect the turnaround to come soon, and Wayfair is well-positioned to benefit as it does.

考慮到我們對這個週期的了解有多深，可以合理地預期這種轉變很快就會到來，而 Wayfair 也處於有利的位置，可以從中受益。

That brings us back to our own performance and how we are positioning Wayfair to drive both continued market share growth and profitability flow-through as the top line begins to inflect.

這讓我們回到了我們自己的業績，以及我們如何定位 Wayfair，以在收入開始變化時推動市場份額的持續增長和盈利能力的流動。

Back in February, I outlined three initiatives that we are working towards in 2024 to further build out our position in the market: our brand refresh in March, the opening of our first large format Wayfair store in May, and the coming launch of our loyalty program later this year.

早在2 月份，我就概述了我們在2024 年努力實現的三項舉措，以進一步鞏固我們的市場地位：3 月份的品牌更新、5 月份開設的第一家大型Wayfair 商店以及即將推出的忠誠度計劃今年晚些時候的計劃。

On our first-quarter call, we spent some time unpacking the brand refresh and how excited we are about our new ways to speak to shoppers.

在第一季的電話會議上，我們花了一些時間來了解品牌更新以及我們對與購物者交談的新方式感到多麼興奮。

Today, I want to dig deeper to the second initiative on the list, our physical stores.

今天，我想深入探討清單上的第二項舉措，也就是我們的實體店。

Despite the massive shifts in the aftermath of the pandemic, we still see home as quite underpenetrated online at roughly a quarter of spending in the category.

儘管大流行之後發生了巨大的變化，但我們仍然認為家庭在線消費的滲透率相當低，約佔該類別支出的四分之一。

Even in a more mature state that approaches something closer to a 50/50 split, that still leaves hundreds of billions of dollars in addressable market opportunity on the physical side of the equation.

即使在更成熟的狀態下，接近 50/50 的分配，在等式的物理方面仍然留下數千億美元的可尋址市場機會。

We don't want to leave this opportunity untapped.

我們不想放過這個機會。

As we look at our own core competencies, we already have many of the pieces in place to address this segment of the market.

當我們審視自己的核心競爭力時，我們已經具備了許多能力來應對這個市場領域。

We have a household brand across North America and parts of Europe with incredibly strong brand recognition and affinity.

我們在北美和歐洲部分地區擁有家喻戶曉的品牌，具有極強的品牌認知度和親和力。

We have a nationwide industry-leading fulfillment network and delivery capability.

我們擁有全國領先業界的履行網路和交付能力。

We have deep relationships with our more than 20,000 suppliers, offering a broad range of product style and price points for our customers.

我們與 20,000 多家供應商建立了深厚的關係，為客戶提供廣泛的產品款式和價位。

And we have a customer file of more than 90 million shoppers.

我們擁有超過 9,000 萬購物者的客戶檔案。

The one piece of the puzzle we didn't have were the fiscal stores themselves.

我們所不知道的難題之一就是財務商店本身。

And so we launched our first mall-based pop-ups in 2018 and followed up with a store in the Natick Mall just outside of Boston back in 2019.

因此，我們在 2018 年推出了第一家基於商場的快閃店，並於 2019 年在波士頓郊外的 Natick 購物中心開設了一家商店。

This was a very small format experiment, and we quickly realized that we needed something larger to showcase the Wayfair brand in its true depth.

這是一個非常小的格式實驗，我們很快就意識到我們需要更大的東西來展示 Wayfair 品牌的真正深度。

2022 marked the next stage in our fiscal retail journey with the launch of our specialty retail stores under the all modern and Johnson main banners.

2022 年標誌著我們財務零售之旅的下一階段，我們在所有現代和約翰遜主要旗幟下開設了專營零售店。

We launched three stores over the course of the year and then followed up with two more in 2023.

我們在這一年開設了 3 家商店，並在 2023 年開設了兩家店。

These stores average between 10,000 and 15,000 square feet in high-traffic retail centers, typically close to other specialty furniture retailers.

這些商店平均面積在 10,000 至 15,000 平方英尺之間，位於人流量大的零售中心，通常靠近其他專業家具零售商。

Every element of the customer experience was thoughtfully designed with three key goals in mind: one, capturing incremental share of wallet as we broaden customer awareness to the true depth of our catalog; two, reaching a new segment of customers that have been reticent to shop for the category online; and three, building brand awareness and driving customer affinity, especially across our specialty brands.

客戶體驗的每個元素都經過深思熟慮的設計，牢記三個關鍵目標：第一，隨著我們將客戶意識擴展到我們產品目錄的真正深度，贏得更多的錢包份額；第二，接觸到一直不願意在網路上購買該類別的新客戶群；第三，建立品牌知名度並提高客戶親和力，尤其是我們的專業品牌。

Our physical retail operating model mirrors the approach we take online.

我們的實體零售營運模式反映了我們在線上採取的方法。

Inventories owned by our suppliers and our take rate on top of the supplier's wholesale price drives our gross margins.

我們的供應商擁有的庫存以及我們對供應商批發價的接受率推動了我們的毛利率。

We've been pleased with the results across our specialty stores which with the addition of several Birch Lane locations earlier this year, now sits at a total of nine.

我們對專賣店的業績感到滿意，今年早些時候在 Birch Lane 開設了幾家專賣店，目前專賣店總數已達到 9 家。

Our stores have been averaging thousands of shoppers per month with healthy growth in sales per square foot in tandem with considerable margin expansion as we fine-tune the operating model and selection.

我們的商店平均每月有數千名購物者，每平方英尺銷售健康成長，同時隨著我們微調營運模式和選擇，利潤率也大幅成長。

A core part of our strategy is building a bridge to help shoppers make the leap from the physical store experience to our online platform.

我們策略的核心部分是建立一座橋樑，幫助購物者從實體店體驗跨越到我們的線上平台。

This has been a major point of success, and we're seeing that nearly a third of in-store sales are for products that are actually on display.

這是成功的一個重要點，我們看到近三分之一的店內銷售來自實際展示的產品。

That comes in tandem with a healthy halo effect, where we are seeing substantial lift in online sales within the surrounding area of our stores.

這與健康的光環效應相結合，我們看到商店週邊區域的線上銷售額大幅提升。

Our specialty stores were years in the making before we open their doors, and we expect even longer preparing for the launch of our Wayfair-branded store this past spring in Wilmette, Illinois.

我們的專賣店在開業之前已經籌備了數年，我們預計今年春天在伊利諾伊州威爾梅特開設 Wayfair 品牌商店的準備時間會更長。

If you haven't had the chance to visit the store, I'd encourage you to do so the next time you find yourself in the Chicago area.

如果您還沒有機會參觀這家商店，我建議您下次來到芝加哥地區時去參觀一下。

We've been thrilled with the very strong initial response from the hundreds of thousands of customers who have visited the store and love how we are showcasing the Wayfair brand in its full breadth.

我們對造訪該商店的數十萬顧客的強烈初步反應感到非常興奮，他們喜歡我們全面展示 Wayfair 品牌的方式。

Part of what differentiates Wayfair is the scale and sophistication of our offering.

Wayfair 的與眾不同之處在於我們產品的規模和複雜性。

We have unparalleled breadth of assortment across styles, price points, categories, and brands, satisfying customer demand across a wide spectrum of budgets and purchase occasions.

我們在款式、價位、類別和品牌方面擁有無與倫比的品種範圍，可以滿足各種預算和購買場合的客戶需求。

Our technology and category expertise enable us to personalize the customer journey, combining customer insights and merchant intuition to curate and recommend the perfect looks for each shopper.

我們的技術和品類專業知識使我們能夠個性化客戶旅程，結合客戶洞察和商家直覺，為每位購物者策劃和推薦完美的外觀。

We complement this with services that solve some of the biggest problems that could otherwise deter home purchases, such as design, financing, assembly, and installation, and we have a supply chain that excels it carefully and quickly moving big and bulky items with reliably high-service levels.

我們透過提供服務來補充這一點，這些服務可以解決一些可能阻礙購房的最大問題，例如設計、融資、組裝和安裝，並且我們擁有一條擅長仔細、快速地以可靠的高速度運輸大型物品的供應鏈。

We've deployed all of this in our new store, creating a shopping experience that's quite essentially Wayfair.

我們在新店部署了所有這些，創造了一種本質上是 Wayfair 的購物體驗。

The store spans roughly 150,000 square feet with 17 departments and two dedicated spaces for design services.

該店佔地約 15 萬平方英尺，設有 17 個部門和兩個設計服務專用空間。

We have more than 10,000 items on display from hundreds of suppliers, many of which are available for customers to purchase and take home right from the store.

我們展示了來自數百家供應商的 10,000 多件商品，其中許多商品可供顧客直接從商店購買並帶回家。

Large parts of the store are designed to be experiential, such as our functional shower studio and kitchen faucets or the office chair test lab.

商店的大部分區域都被設計為體驗式的，例如我們的功能性淋浴間和廚房水龍頭或辦公椅測試實驗室。

We've handcrafted the shopping journey in each segment of the store, such as our [hydro fit] mattress section that helps shoppers evaluate all the important attributes of their next bed, such as size, firmness, and materials.

我們在商店的每個部分都精心設計了購物旅程，例如我們的 [Hydro Fit] 床墊部分，可幫助購物者評估下一張床的所有重要屬性，例如尺寸、硬度和材料。

Customers are loving the thought and care we've put into every corner of the store.

顧客喜歡我們在商店每個角落所付出的心思和關懷。

While it's only been a handful of months since opening, the early read on the store has been very encouraging.

雖然開業才幾個月，但商店的早期閱讀卻非常令人鼓舞。

The majority of shoppers coming through are entirely new to Wayfair.

大多數前來 Wayfair 的購物者都是全新的。

We're seeing diversity in basket composition as well with shoppers leaning heavily into cash and carry items that we feature in the mix.

我們看到購物籃的組成存在多樣性，購物者更傾向於現金並攜帶我們在組合中特色的商品。

As I mentioned a moment ago, that's been one of our core goals of physical retail, broadening customer awareness to the true scope of our catalog and earning more of their shopping occasions for higher frequency items.

正如我剛才提到的，這是我們實體零售的核心目標之一，擴大客戶對我們目錄的真實範圍的認識，並為他們贏得更多購買高頻商品的機會。

What we've been most excited to see are the early impacts on the surrounding area.

我們最興奮地看到的是對週邊地區的早期影響。

Our preliminary data on the Wayfair store shows a halo effect uplift that is multiples larger than we've seen in our specialty locations.

我們對 Wayfair 商店的初步數據顯示，光環效應的提升比我們在專賣店看到的要大好幾倍。

We're already working on opening our next Wayfair store to help test the model and gain a perspective across different geographies.

我們已經在努力開設下一家 Wayfair 商店，以幫助測試該模型並獲得跨不同地區的視角。

Based on the performance of these stores and as they hit certain internal thresholds, we are excited about the full potential of physical retail over the next decade.

根據這些商店的業績以及它們達到某些內部閾值，我們對未來十年實體零售的全部潛力感到興奮。

We're also planning to bring another store concept to life with our first physical location for Perigold next year.

我們還計劃明年為 Perigold 開設第一個實體店，將另一個商店概念變為現實。

Just as we did with our specialty stores and the Wayfair store, the Perigold shopping experience will be uniquely curated to pay homage to all the reasons shoppers love our luxury brand.

正如我們在專賣店和 Wayfair 商店所做的那樣，Perigold 購物體驗將經過獨特策劃，向購物者喜愛我們奢侈品牌的所有原因致敬。

We can't wait for you to see what that looks like.

我們迫不及待地想讓您看看它是什麼樣子。

As we described at our Investor Day just a year ago, we see physical stores as one of the core growth drivers for Wayfair over the next decade and beyond.

正如我們一年前在投資者日所描述的那樣，我們將實體店視為 Wayfair 未來十年及以後的核心成長動力之一。

Our approach here will be measured and the intention is to have the stores justify their construction entirely on their own four-wall economics.

我們在這裡的方法將進行衡量，目的是讓商店完全根據自己的四面牆經濟來證明其建設的合理性。

You can rest assured that we have no plans to work through an investment cycle where we spend deeply at the expense of profitability to expand the store footprint in a rapid fashion.

您可以放心，我們沒有計劃透過一個以犧牲獲利能力為代價大量投入的投資週期來快速擴大商店規模。

Our approach here is very similar to how we scaled up the business in our early years, with trapping growth in our store portfolio on the back of the successes we've built up to that point.

我們的做法與我們早年擴大業務的方式非常相似，在我們迄今為止所取得的成功的基礎上，限制我們商店組合的成長。

Back-to-basics mentality isn't just a description of our physical retail efforts but has been a core tenet of our entire operating philosophy these past few years.

回歸本源的心態不僅是對我們實體零售工作的描述，也是我們過去幾年整個經營理念的核心原則。

A reaction we've taken every goal we prioritized in every dollar we've spent has been considered under the intense scrutiny of our high expectations for return on investment.

我們對所花的每一塊錢所優先考慮的每一個目標的反應都是在我們對投資回報的高期望的嚴格審查下考慮的。

Even with the challenging macro, this was our best quarter of adjusted EBITDA and free cash flow generation in three years, clear evidence of our strict operating discipline.

儘管宏觀情況充滿挑戰，但這是我們三年來調整後 EBITDA 和自由現金流產生最好的季度，這清楚地證明了我們嚴格的營運紀律。

We are running the business with the goal of demonstrating substantial growth and profitability this year, even as the top line remains challenging, and that will be our mindset every year going forward as well.

儘管營收仍充滿挑戰，但我們經營業務的目標是今年大幅成長和獲利，這也將是我們今後每年的心態。

Thank you.

謝謝。

And with that, let me pass it over to Kate for a breakdown of our financials.

接下來，讓我將其轉交給凱特，以詳細說明我們的財務狀況。

Thanks, Niraj, and good morning, everyone.

謝謝，Niraj，大家早安。

Let's dive into our second-quarter financials before turning to our outlook for Q3.

在展望第三季之前，讓我們先深入了解第二季的財務狀況。

Top-line results for the period came in slightly below our expectations down 1.7% compared to the second quarter of last year.

該期間的營收略低於我們的預期，與去年第二季相比下降了 1.7%。

The decline was driven by a few factors.

下降是由幾個因素造成的。

First, as Niraj shared, we observed a weakening overall macro in the back half of the quarter, consistent with the trends that many other consumer companies are experiencing.

首先，正如 Niraj 所分享的那樣，我們觀察到本季後半段整體宏觀經濟疲軟，這與許多其他消費公司正在經歷的趨勢一致。

Second, our Way Day results were quite strong, but we saw less momentum in June, when we were not running promotional events and subsequently pulled back on advertising and this weighed on our revenue performance.

其次，我們的 Way Day 業績相當強勁，但 6 月份的勢頭有所減弱，當時我們沒有舉辦促銷活動，隨後縮減了廣告投放，這對我們的收入表現造成了壓力。

Consumers have remained cautious in the category for years, and we've continued to see a pronounced spread in performance between promotional and non-promo days.

多年來，消費者對該類別一直保持謹慎態度，我們繼續看到促銷日和非促銷日之間的表現有明顯差異。

There's an important caveat to add here, one that we've said before.

這裡需要添加一個重要的警告，我們之前已經說過。

Outperformance on promo days does not mean that sales strength is driven exclusively by discounted items.

促銷日的出色表現並不意味著銷售強勁完全由折扣商品推動。

Less than a third of our sales during promotional events come from featured items, and that has been quite consistent over the past year.

我們在促銷活動期間的銷售額只有不到三分之一來自特色商品，這一情況在過去一年中一直相當穩定。

What this means is that consumers are willing to spend in the category once they are engaged in shopping.

這意味著消費者一旦參與購物就願意在該品類上消費。

Promotions have been for some time and are now even more so the most potent tool to drive that engagement.

促銷活動已經存在一段時間了，現在更成為推動這種參與的最有效工具。

One of Wayfair's core competitive advantages is the rich data-driven insight we have on customer behavior and our ability to regularly run pricing experiments, toggling prices up and down by small percentages on a portion of the catalog in order to develop a real-time view of customer spending behavior.

Wayfair 的核心競爭優勢之一是我們對客戶行為擁有豐富的數據驅動洞察力，以及我們定期運行定價實驗的能力，對部分目錄的價格進行小幅上下調整，以形成即時視圖顧客的消費行為。

Our data science team spend a tremendous amount of time studying the resulting demand curves, and their work has painted a picture of a customer environment where we can both take further share as well as maximize profit dollars by leaning in on pricing.

我們的資料科學團隊花了大量時間研究由此產生的需求曲線，他們的工作描繪了一幅客戶環境的圖景，在這個環境中，我們既可以進一步分享，又可以透過定價來最大化利潤。

The results from our price testing, in combination with the bifurcation we see in promo versus non-promo periods, present a clear opportunity to optimize gross profit dollars by investing in price over a multi-quarter period.

我們的價格測試結果，結合我們在促銷期與非促銷期看到的分歧，提供了一個明顯的機會，可以透過在多個季度的價格投資來優化毛利。

This follows the construct we laid out several quarters ago.

這遵循我們幾個季度前製定的結構。

Based on what we see today, we believe targeting a gross margin closer to 30% gives us the ability to drive higher-order capture than a similar investment would have yielded a year ago.

根據我們今天看到的情況，我們相信毛利率接近 30% 的目標使我們有能力推動比一年前類似投資更高的訂單捕獲量。

Through this strategy, we are maximizing gross profit dollars and driving order capture even if at a slightly lower gross margin.

透過此策略，即使毛利率略低，我們也能實現毛利最大化並推動訂單獲取。

Absolute revenue growth will still be somewhat a function of the category at large.

絕對收入成長在某種程度上仍將取決於整個類別。

But our ability to take share dollars is very powerful right now, and that's something we aim to capitalize on.

但我們目前獲取股票資金的能力非常強大，這也是我們的目標。

We are comfortable leaning into this construct as we pair this margin investment with the considerable success we've had driving fixed-cost efficiency in the business, which we intend to sustain going forward.

我們很樂意採用這種結構，因為我們將這種保證金投資與我們在推動業務固定成本效率方面取得的巨大成功結合起來，我們打算繼續保持這一點。

With the shifting consumer backdrop over the past several months, we actually began to lean into the price investment as we exited the second quarter and believe it makes sense to continue to do so in the back half of this year.

隨著過去幾個月消費者背景的變化，我們在第二季結束時實際上開始傾向於價格投資，並相信在今年下半年繼續這樣做是有意義的。

Let me now continue to walk down the P&L.

現在讓我繼續了解損益表。

As I do, please note that the remaining financials include depreciation and amortization, but exclude equity-based compensation, related taxes, and other adjustments.

請注意，其餘財務資料包括折舊和攤銷，但不包括股權薪資、相關稅金和其他調整。

I will use the same basis when discussing our outlook as well.

在討論我們的前景時，我也會使用相同的基礎。

Gross margin was 30.3% (sic - see press release, "30.2%") in the quarter.

本季毛利率為 30.3%（原文如此 - 請參閱新聞稿，「30.2%」）。

It's important to note that there are several moving pieces within this, including supplier advertising, which has continued to be a real highlight.

值得注意的是，其中有幾個令人感動的部分，包括供應商廣告，這仍然是一個真正的亮點。

We've seen advertising penetration climb above the 1% of net revenue mark we had a year ago, with Q2 showing a healthy sequential step up.

我們看到廣告滲透率攀升至一年前淨收入的 1% 以上，第二季顯示出健康的連續成長。

This is offset by the renewed price investments I detailed a moment ago, as well as the natural deleverage from our logistics network during this period where volumes remain under pressure for the category and for Wayfair.

這被我剛才詳述的新的價格投資以及在此期間我們物流網絡的自然去槓桿化所抵消，因為該類別和 Wayfair 的銷量仍然面臨壓力。

Customer service and merchant fees were 3.7% of net revenue showing ongoing progress from our cost efforts, while advertising was 11.7%, a further reflection of our own efforts to drive efficiency across our paid channel mix, particularly during the softer demand environment we saw in June.

客戶服務和商家費用佔淨收入的3.7%，顯示我們在成本方面的努力不斷取得進展，而廣告費用為11.7%，進一步反映了我們為提高整個付費管道組合的效率所做的努力，特別是在在我們看到的需求疲軟的環境下。

Our selling, operations, technology, general, and administrative expense came in at $399 million (sic - see press release, "$489 million") in the period.

在此期間，我們的銷售、營運、技術、一般和管理費用為 3.99 億美元（原文如此，請參閱新聞稿，「4.89 億美元」）。

This was the eighth consecutive quarter of sequential SOTG&A compression and our sweeping effort to rebase the cost structure across our organization and the ongoing efficiency opportunities here continue to be a strong lever for us.

這是 SOTG&A 連續壓縮的第八個季度，我們為重新調整整個組織的成本結構而付出了巨大的努力，而這裡持續的效率機會仍然是我們的強大槓桿。

Altogether, we reported the strongest quarter of adjusted EBITDA dollars in three years at $163 million or 5.2% of net revenue.

總而言之，我們公佈了三年來最強勁的季度調整後 EBITDA 美元，達到 1.63 億美元，佔淨收入的 5.2%。

We've now checked the second box on the path to profitability that we laid out early last year getting to a mid-single-digit adjusted EBITDA margin, a stepping stone on the way to our next goal of 10%-plus.

現在，我們已經勾選了去年年初制定的盈利之路上的第二個方框，調整後的 EBITDA 利潤率為中個位數，這是我們實現下一個 10% 以上目標的墊腳石。

We ended the second quarter with $1.3 billion of cash and equivalents and $1.9 billion of total liquidity when including our undrawn revolving credit facility.

第二季結束時，我們擁有 13 億美元的現金和等價物，以及 19 億美元的總流動資金（包括未提取的循環信貸額度）。

Net cash from operations was $245 million, while capital expenditures were $62 million, lower than we had originally anticipated due to further efficiency on-site and software development costs as well as some timing of physical retail costs.

營運淨現金為 2.45 億美元，而資本支出為 6,200 萬美元，低於我們最初的預期，原因是現場效率和軟體開發成本的進一步提高以及實體零售成本的某些時間安排。

The net of these was also the best free cash flow generation in three years at $183 million, even in the quarter with greater top-line pressure than anticipated.

這些淨額也是三年來最好的自由現金流量，達到 1.83 億美元，即使在營收壓力比預期更大的季度也是如此。

While not directly impacting free cash flow or adjusted EBITDA, it's also worth highlighting the progress we made on stock-based compensation and related taxes, which came in at $98 million in the quarter.

雖然不會直接影響自由現金流或調整後的 EBITDA，但也值得強調我們在以股票為基礎的薪酬和相關稅收方面取得的進展，本季營收為 9,800 萬美元。

This was down by more than 40% year over year and the lowest level we've seen stock comp expense since 2021, as the accounting treatment catches up to the benefit of the cost actions we've taken over the past two years.

這一數字年減了 40% 以上，是我們自 2021 年以來股票補償費用的最低水平，因為會計處理趕上了我們過去兩年採取的成本行動的收益。

Now, let's turn to third-quarter guidance.

現在，讓我們轉向第三季的指導。

Our quarter-to-date performance is worked by the new Black Friday in July event that just wrapped up earlier this week, so I'll move to the full-quarter revenue outlook, which we expect to be down in the low-single digits year over year.

我們本季迄今的業績是由本週早些時候剛結束的七月黑色星期五活動推動的，因此我將轉向整個季度的收入前景，我們預計該收入將下降到低個位數年復一年。

This contemplates seasonality consistent with what we saw in the same period of last year.

這考慮到了季節性，與我們去年同期看到的情況一致。

Moving on to gross margin.

轉向毛利率。

As I discussed earlier, we are continuing to operate in the range of 30% to 31% of net revenue, but we'll be targeting the lower half of that range in Q3 and Q4.

正如我之前討論的，我們將繼續在淨收入的 30% 至 31% 範圍內運營，但我們將在第三季度和第四季度將目標定為該範圍的下半部分。

We see a valuable opportunity to drive order capture by leaning in with competitive take rates to augment the promotional activity we're seeing in the space.

我們看到了一個寶貴的機會，可以透過具有競爭力的獲取率來增加我們在該領域看到的促銷活動，從而推動訂單獲取。

Customer service and merchant fees should be just below 4% of net revenue and advertising should be between 11.5% and 12.5% once again.

客戶服務和商家費用應略低於淨收入的 4%，廣告費用應再次在 11.5% 至 12.5% 之間。

Finally, SOTG&A should fall within a range of $400 million to $410 million for the quarter.

最後，本季的 SOTG&A 應在 4 億至 4.1 億美元之間。

We're once again seeing us bring down this range as we continue to execute on cost efficiency initiatives throughout the business.

隨著我們繼續在整個業務中執行成本效率計劃，我們再次看到我們降低了這一範圍。

Following this guidance down to adjusted EBITDA, suggested margin in the mid-single-digit range, a bit below our results from the second quarter due to the typical seasonal sequential revenue compression.

依照這項指引調整後的 EBITDA，建議利潤率在中個位數範圍內，由於典型的季節性連續收入壓縮，略低於我們第二季的業績。

While 2024 has not been a year of strong macro and top-line recovery as many had hoped, we're extremely proud of the work we've done across our cost structure to drive considerable profitability growth regardless of the headwinds.

儘管2024 年宏觀經濟和營收並未像許多人所希望的那樣強勁復甦，但我們對我們在成本結構方面所做的工作感到非常自豪，無論遇到什麼阻力，我們都能推動盈利能力的大幅增長。

That work has put us in a place to drive more than 50% year-over-year growth in adjusted EBITDA dollars, all while taking a considerable share amid a record-setting category correction.

這項工作使我們能夠推動調整後 EBITDA 美元同比增長 50% 以上，同時在創紀錄的類別調整中佔據相當大的份額。

We would hazard to say there are a few examples in history of companies that have undertaken such considerable change will simultaneously protecting their major growth initiatives and the potential for massive profitability flow-through when top-line growth does return.

我們可以大膽地說，歷史上有一些公司進行瞭如此重大的變革，同時保護了其主要增長計劃，並在營收成長確實恢復時實現大規模盈利流動的潛力。

Now, let me touch on a few housekeeping items.

現在，讓我談談一些家務用品。

You should expect equity-based compensation and related taxes of roughly $90 million to $110 million.

您預計股權薪酬和相關稅費約為 9,000 萬至 1.1 億美元。

Depreciation and amortization of approximately $95 million to $100 million.

折舊和攤提約9500萬至1億美元。

Net interest expense of approximately $6 million.

淨利息支出約 600 萬美元。

Weighted average shares outstanding of approximately 124 million, and CapEx in a $70 million to $80 million range.

加權平均已發行股數約 1.24 億股，資本支出在 7,000 萬至 8,000 萬美元之間。

As mentioned, the third and fourth quarters will likely be slightly higher CapEx than the first and second; however, we should still see quite impressive leverage on this line for the full year of 2024.

如前所述，第三和第四季的資本支出可能會略高於第一季和第二季；然而，我們仍然應該看到 2024 年全年該線的槓桿率相當可觀。

As I wrap up, I want to underscore our steadfast commitment to driving profitability improvement regardless of the top-line circumstances.

最後，我想強調我們堅定不移地致力於推動獲利能力的提高，無論營收情況如何。

This quarter is clear evidence of our ability to deliver results even as the macro backdrop of consumer behavior remains challenging.

本季清楚證明了我們有能力交付成果，即使消費者行為的宏觀背景仍然充滿挑戰。

We have now demonstrated market share gains for seven consecutive quarters, and I have complete confidence that there are more ahead as customers choose Wayfair each and every day.

我們現在已經連續七個季度展示了市場份額的成長，我完全相信，隨著客戶每天選擇 Wayfair，未來還會有更多的成長。

The broad macro headwinds layered on top of home category weakness require nimble execution in the near term, but it's important not to lose sight of the bigger picture.

家居品類疲軟之上的廣泛宏觀逆風需要在短期內靈活執行，但重要的是不要忽視更大的前景。

Our consistent ability to outperform the competition through our core recipe and the fundamental overhaul of our cost structure position Wayfair to benefit considerably when the category normalizes.

我們始終有能力透過我們的核心配方和對成本結構的根本性改革來超越競爭對手，這使得 Wayfair 在該類別正常化時受益匪淺。

We have strong conviction in our strategy to successfully navigate the current environment while remaining laser-focused on the incredibly exciting longer-term opportunity.

我們堅信我們的策略能夠成功駕馭當前環境，同時繼續專注於令人難以置信的令人興奮的長期機會。

Thank you.

謝謝。

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

現在，尼拉吉、史蒂夫和我將很樂意回答你們的問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

（操作員指示）Christopher Horvers，摩根大通。

Thanks.

謝謝。

Good morning.

早安.

So my first question is going back to the comments on the consumer.

所以我的第一個問題是回到對消費者的評論。

So it's basically that the troughs are getting deeper, and the consumer is becoming that much more sensitive to the promotional aspect of it.

所以基本上是低潮越來越深，消費者對促銷方面越來越敏感。

I guess from your perspective, you have the toggling of further price investment that you're putting into the gross margin, but you're also dialing back the advertising.

我想從你的角度來看，你可以進一步調整投入毛利率的價格投資，但你也減少了廣告投入。

So can you talk a little bit more about how are you going to navigate against this, what seems like a much tougher environment?

那麼你能多談談你將如何應對這個看似更艱難的環境嗎？

Yeah.

是的。

Thanks, Chris.

謝謝，克里斯。

Thanks for the question.

謝謝你的提問。

Yeah, so I think here's the way to think about it.

是的，所以我認為這是思考這個問題的方法。

So it's been a challenging environment for home goods for two years.

因此，兩年來家居用品的環境一直充滿挑戰。

The first piece of it was sort of kind of the COVID pattern of binge on home goods, bust on home goods which was because of the binge switched to travel and entertainment leisure spend.

第一部分是某種新冠病毒模式下的家居用品狂歡，家居用品的崩潰是因為人們對旅行和娛樂休閒支出的狂熱轉向。

And then what that's been rolled into is now in the last six months more of like what you think is a traditional recession economy.

在過去的六個月裡，這更像是傳統的經濟衰退。

The economy is slowing, consumers pulling back, you hear those comments from people like McDonald's, Starbucks, Pepsi, now talking about how the consumers pull back.

經濟正在放緩，消費者撤退，你會聽到麥當勞、星巴克、百事可樂等公司的評論，現在正在談論消費者如何撤退。

So in that environment, and we've seen this before in a great financial crisis, consumers sort of because the category is not top of mind, it's out of favor, the everyday volume, the everyday business is slower, but promotions are still a marketing message that piques curiosity, cause traffic to come in, and customers then see something appealing and they buy it.

因此，在那種環境下，我們之前在一場嚴重的金融危機中已經看到過這種情況，消費者有點因為該類別不是首要考慮的，它失寵了，每天的銷量，日常業務都比較慢，但促銷仍然是一個激發好奇心、吸引流量的行銷訊息，然後客戶會看到有吸引力的東西併購買。

So if you think about -- we're still spending money on advertising, but we're sort of managing when we're spending to put more of the money towards the promo periods and a little less of the money towards non-promo just to maximize our return based on what customers engage with.

因此，如果你想一想，我們仍然在廣告上花錢，但我們在某種程度上進行了管理，將更多的錢用於促銷期，而較少的錢用於非促銷期根據客戶的互動來最大化我們的回報。

So it's more like a marketing message that works with promo.

所以它更像是與促銷一起使用的行銷訊息。

So then that we're putting that more of the marketing spend there.

那我們就會在那裡投入更多的行銷支出。

And so that balance is a little bit of what we're talking about.

因此，這種平衡就是我們正在談論的一點點。

And also in this quarter, the way that played out with June is -- June was more non-promo.

同樣在本季度，六月的表現是──六月更加非促銷。

We pulled back on advertising a little more.

我們稍微減少了廣告投放。

That made June a little softer.

這讓六月的心情變得柔和了一些。

As we went get into July, we're seeing our market share hitting all-time highs.

進入七月，我們看到我們的市佔率創下歷史新高。

We're seeing us continuing to succeed and take market share.

我們看到我們繼續取得成功並佔據市場份額。

So we're not really worried about how we can perform in this environment.

所以我們並不真正擔心我們在這種環境下的表現如何。

We think that we can keep delivering the profitability and we think we can keep taking market share.

我們認為我們可以繼續實現盈利，我們認為我們可以繼續佔據市場份額。

It -- obviously, in terms of really seeing the kind of growth we all want to see, that's not really going to be the kind of number you post when the market is negative 10%.

顯然，就真正看到我們都希望看到的成長而言，這並不是當市場負 10% 時你發布的那種數字。

But then, as the market kind of firms up and grows, I think you're going to see the fact that we're continuing to invest in mid- and long-term initiatives will really pay off in the kind of growth numbers you'll see.

但是，隨著市場的發展和壯大，我認為您會看到這樣一個事實，即我們繼續投資於中長期計劃，這將真正帶來回報，即您所看到的成長數字。

There's a lot of -- it does seem like looking across the consumer that July was a tough month, particularly the back half of the month.

有很多——從消費者的角度來看，7 月確實是一個艱難的月份，尤其是這個月的後半個月。

So I guess from what you've been able to observe because you're speaking to sort of down low-single digit for the quarter, given some timing shift would suggest your worst quarter to date, how much of that was actually the promotional shift versus some further consumer step back based on what you can observe, given the fascination attempt, the election, the Olympics, and the consumer?

因此，我猜想，根據您所觀察到的情況，因為您正在談論本季度的低個位數下降，考慮到一些時間變化會表明您迄今為止最糟糕的季度，其中有多少實際上是促銷變化考慮到吸引力嘗試、選舉、奧運和消費者，你是否會根據你所觀察到的情況進一步讓消費者退一步？

Yeah.

是的。

So if you look sequentially June to July, we actually see a better momentum in July than we saw in June.

因此，如果您按順序查看 6 月至 7 月，我們實際上會看到 7 月的勢頭比 6 月更好。

So I would just say that the way we've been executing July actually picked a momentum that increased.

所以我只想說，我們執行 7 月的方式實際上取得了成長的勢頭。

So I think it's going to be a challenging stretch while the economy is the way it is, but I don't know -- there's always a lot going on.

所以我認為這將是一個充滿挑戰的時期，而經濟就是這樣，但我不知道——總是有很多事情發生。

You mentioned the election, Olympics.

你提到了選舉、奧運。

There's always stuff going on.

總是有事情發生。

I actually think at the end of the day, while those things matter, I think what the truth is, is like we're going to be able to keep executing, taking market share.

我實際上認為歸根結底，雖然這些事情很重要，但我認為事實是，我們將能夠繼續執行，佔據市場份額。

This is a big category.

這是一個很大的類別。

It is down probably 10%-ish year over year but everything is not equal.

它可能同比下降 10% 左右，但一切並不相同。

So I think we can do far better than our competitors, which is what we've been doing for seven quarters now.

因此，我認為我們可以比競爭對手做得更好，這就是我們七個季度以來一直在做的事情。

And I think we'll be able to do it even with all these events.

我認為即使發生了所有這些事件，我們也能夠做到這一點。

I think the thing that's going to really cause the category to recover and gain momentum will be as housing picks up, and housing will pick up a little bit because of pent-up demand, but a little bit as interest rates get cut and the mortgage rate comes down.

我認為，真正導致該類別復甦並獲得動力的因素將是房地產市場的回升，而由於被壓抑的需求，住房市場將略有回升，但隨著利率下調和抵押貸款的減少，房地產市場將會有所回升。

And so I think that's really the thing that you'd kind of look to.

所以我認為這確實是你應該關注的事情。

And that's the trend everyone expects that interest rates will come down, housing will pick up, but that's not going to be a light switch that's going to play out over time.

這是每個人都預期利率會下降、房地產價格會回升的趨勢，但這不會是隨著時間的推移而發揮作用的電燈開關。

And so in the meantime, you're going to see us keep taking market share, keep pulling on profitability, and that momentum will only increase as the market gets better.

因此，同時，你會看到我們不斷佔據市場份額，不斷提高獲利能力，而且隨著市場變得更好，這種勢頭只會增加。

Yeah.

是的。

And Chris, just to the Q3 specifically, you mentioned that really, the Q3 guide speaks to the same seasonality that we saw last year, Q2 to Q3.

克里斯，具體到第三季度，您確實提到，第三季度指南所講的季節性與我們去年看到的第二季度到第三季度相同。

So I just -- I wouldn't overly read into anything there that's just consistent with where we've been operating.

所以我只是——我不會過度解讀任何與我們一直在運作的地方一致的內容。

So I guess, just one quick follow-up.

所以我想，這只是一個快速跟進。

So from a market perspective, based on what you observed, do you think your performance sounds better June to July, but do you think the market stepped down from June to July?

那麼從市場的角度來看，根據您的觀察，您認為六月到七月的表現聽起來比較好，但是您認為六月到七月市場會下降嗎？

So we get the credit card data just like others get, and then we also get a lot of feedback from suppliers.

所以我們像其他人一樣獲取信用卡數據，然後我們也從供應商那裡得到很多反饋。

I would say, I don't know if I can say it step down or just remain weak.

我想說，我不知道我是否可以說它下台或只是保持軟弱。

It's a little hard to be too granular and specific on that.

對此過於細化和具體有點困難。

I would say, certainly, we have no one seeing market recovery, okay?

我想說，當然，我們沒有人看到市場復甦，好嗎？

So that's definitely the case.

所以情況肯定是這樣。

But I don't know if I could confirm that it stepped down.

但我不知道是否可以證實它已下台。

Because the credit card data, when you look at it just week to week, it's a little noisy, if you zoom out, the trends are very clear.

因為信用卡數據，當你每週查看它時，它有點嘈雜，如果你縮小，趨勢就非常清晰。

So we're seeing that we're clearly getting to all-time highs, and the market is remaining weak is the way I would phrase it.

因此，我們看到我們顯然正在達到歷史新高，而市場仍然疲軟，這是我的說法。

Got it.

知道了。

Thank you very much.

非常感謝。

Thanks, Chris.

謝謝，克里斯。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Hi, thanks.

你好，謝謝。

Good morning.

早安.

So maybe just a little bit of a follow-up on there as it relates to market share.

因此，也許只是對市場份額進行一點後續行動。

Did you feel like -- it sounds like your market share may be compressed a little bit -- market share gains compressed in Q2 versus Q1.

您是否感覺——聽起來您的市場份額可能會被壓縮一點——第二季度的市場份額增長與第一季相比有所壓縮。

But then I thought you're saying you're back to your traditional sort of market share capture.

但後來我認為你是說你又回到了傳統的市佔率捕獲方式。

Could you help us unpack that a little bit?

你能幫我們稍微解開一下嗎？

And maybe strategically, what you've changed to improve that trajectory?

也許從策略上來說，你做了什麼改變來改善這一軌跡？

Okay.

好的。

Thanks, Peter.

謝謝，彼得。

So yeah, so I think what we're talking about is really, it's kind of like I think you talked about like the rate of increasing market share.

所以，是的，所以我認為我們正在談論的實際上是，這有點像我認為你談論的市場份額增加率。

So what we're really discussing is the speed at which our market share is growing.

所以我們真正討論的是我們的市場佔有率成長的速度。

And we're saying for seven quarters, our market share has been growing.

我們說，七個季度以來，我們的市場份額一直在增長。

And when we zoom out, we'd say it's kind of been growing at a relatively steady pace.

當我們縮小範圍時，我們會說它正在以相對穩定的速度成長。

I think, if you zoom in on that I was just mentioning this in one of Chris' question, when you zoom in on a week, it gets a little noisy, even a month, it's a little noisy, quarter gets a little more stable.

我想，如果你放大看，我只是在克里斯的一個問題中提到了這一點，當你放大一周時，它會變得有點吵，甚至一個月，也會有點吵，季度會變得更穩定一點。

But you got to kind of zoom out pretty far.

但你必須把鏡頭拉遠一點。

We get data close to 100 competitors and we look at their numbers, you see again this volatility in these numbers.

我們獲得了接近 100 個競爭對手的數據，並查看了他們的數字，您會再次看到這些數字的波動性。

So I'd be a little careful to worry too much about the numbers as you zoom in, and I would just zoom it back out.

因此，當你放大時，我會小心一點，不要過度擔心數字，而我會將其縮小。

I'd say what we're consistently doing to take market share, right?

我想說的是我們一直在做的事情是為了搶佔市場份額，對嗎？

And we're continuing to invest in the mid- to long-term initiatives, and those play out over time.

我們將繼續投資中長期計劃，這些計劃將隨著時間的推移而發揮作用。

We're making sure that we've got the selection, the price, the availability, and we're increasing the quality of the merchandising as we go.

我們確保我們有選擇、價格、可用性，並且我們正在不斷提高商品的品質。

And then we're making sure on the advertising, we're advertising in the ways that are productive and drive the traffic at the customers into the site and sort of make sure that we can monetize that.

然後我們要確保廣告，我們以高效的方式進行廣告，並將客戶流量引入網站，並確保我們可以將其貨幣化。

And so I'd say that playbook of what we're doing, making sure we don't lose track of the mid- to long term while just executing very well every day is what's working, and that's continuing to work.

所以我想說，我們正在做的事情的劇本，確保我們不會失去中長期目標，同時每天都很好地執行，這才是有效的，而且正在繼續發揮作用。

And the reason I mentioned that July sequentially picked up momentum in June is that June was a softer month.

我之所以提到 7 月在 6 月的勢頭有所回升，是因為 6 月是一個較為疲軟的月份。

And again, if you think promo/non-promo, June was really more of a non-promo period.

再說一次，如果你考慮促銷/非促銷，六月實際上更像是一個非促銷時期。

And then the way we flexed the ad spend caused the June marketing support that we provided to be less as well.

然後，我們調整廣告支出的方式也導致我們提供的 6 月份行銷支援也減少了。

So that's sort of kind of in our mind really clearly explains June.

所以這在我們看來確實清楚地解釋了六月。

And July is a little bit more back to normal, and we're seeing the numbers reflect that.

七月稍微恢復正常，我們看到的數字反映了這一點。

So I guess that's kind of what I was trying to describe.

所以我想這就是我想要描述的。

Okay, that's helpful.

好的，這很有幫助。

And then Niraj, I wonder we didn't run into each other in Las Vegas this week.

然後 Niraj，我想知道我們這週沒有在拉斯維加斯碰面。

So I know you were there.

所以我知道你在那裡。

When you talk to any supplier at the Vegas conference, there's concern around factory-direct product that's coming in from China and being sold on Wayfair.

當您在維加斯會議上與任何供應商交談時，您都會擔心來自中國並在 Wayfair 上銷售的工廠直銷產品。

So the message I'm getting is that US suppliers are pulling back on CastleGate.

所以我得到的訊息是美國供應商正在撤回 CastleGate。

I'm wondering just how are you guys handling this evolution in your supplier base, and is there a risk of CastleGate revenue may be moderating a bit?

我想知道你們如何應對供應商群體中的這種演變，以及 CastleGate 收入是否存在略微放緩的風險？

Yeah.

是的。

So we have, obviously, a large number of suppliers.

顯然，我們有大量的供應商。

That number has kind of grown over the last few years.

這個數字在過去幾年裡有所增長。

We did have a real big shoot up in the number of suppliers kind of in 2021 timeframe, which we then kind of pulled a little back on but make sure we have quality suppliers.

在 2021 年的時間範圍內，我們的供應商數量確實出現了大幅增長，隨後我們有所回落，但確保我們擁有優質的供應商。

I will say a lot of those quality suppliers are US-based importers, we have some US-based manufacturers, but we also have some great Asian-based manufacturers and Asian-based importers.

我想說，很多優質供應商都是美國進口商，我們有一些美國製造商，但我們也有一些偉大的亞洲製造商和亞洲進口商。

So we'll sort of work with everybody as long as it's a high-quality supplier, and we care about the quality of product, the price of that product, the quality of their operations.

因此，只要是高品質的供應商，我們就會與每個人合作，並且我們關心產品的品質、產品的價格以及他們的營運品質。

We want to make sure customers are very satisfied.

我們希望確保客戶非常滿意。

And so we work with all these folks.

因此，我們與所有這些人合作。

And we have different teams that support these folks and work with them.

我們有不同的團隊來支持這些人並與他們合作。

Those teams are spread all over the globe.

這些團隊遍佈全球。

And I think from a supplier standpoint.

我從供應商的角度來看。

So if you're in Las Vegas and you're talking to the US-based importer and manufacturers, what you're going to hear from them is the same thing you hear from us, which is obviously it's a tough macro out there.

因此，如果您在拉斯維加斯，正在與美國的進口商和製造商交談，您將從他們那裡聽到的內容與您從我們那裡聽到的內容相同，這顯然是一個艱難的宏觀環境。

And so tough macro, what do you hear from suppliers, of course, no one wants competition; they'd rather have demand come to them.

如此嚴峻的宏觀形勢，你從供應商那裡聽到了什麼，當然，沒有人想要競爭；他們寧願有需求來找他們。

And so I think the fact that there are factories who are building cross-border programs is kind of competitively a challenge for some US-based importers.

因此，我認為有些工廠正在建立跨國項目，這對一些美國進口商來說是一種競爭挑戰。

But at the same time, what we're seeing is that the US-based importers who lead with design and focus on really efficient operations, we have quite a few of them that are succeeding that are doing well, and I met with dozens of suppliers over the last few days in Las Vegas.

但同時，我們看到的是，以設計為主導並專注於真正高效運營的美國進口商，我們有相當多的進口商正在取得成功，並且做得很好，我會見了數十名進口商。

What you hear from all of them is generally, Wayfair is their best channel right now.

您從他們所有人那裡聽到的普遍情況是，Wayfair 是他們目前最好的管道。

They're seeing that outperformance.

他們看到了這種出色的表現。

They know it's a competitive market.

他們知道這是一個競爭激烈的市場。

They're focused on then what matters for the -- sort of how do I maximize our business today and then over the mid to long run.

他們關注的是對我來說重要的事情——我如何最大化我們今天的業務，然後從中長期來看。

And then CastleGate is really something that we encourage and the use for their best sellers.

CastleGate 確實是我們鼓勵並用於其暢銷產品的東西。

So it's something is working where you can really accelerate the sales on that item is making sure it's maximizing its speed of delivery, it's optimizing that forward positioning, which then also led to get a little retail price because you minimize the outbound ship costs, which is a factor that drives the retail price.

因此，它正在發揮作用，您可以真正加速該商品的銷售，確保最大限度地提高交貨速度，優化前瞻性定位，這也導致獲得一點零售價，因為您最大限度地減少了出境運輸成本，這是推動零售價格的一個因素。

And so what I actually heard from a lot of suppliers is that, that is something that they want to make sure they do.

所以我實際上從很多供應商那裡聽到的是，他們希望確保做到這一點。

And so I actually -- this market, I would say, that the interest in using CastleGate is on an upswing, but it gains a challenging macro so people are being very careful to not have an overstock of inventory and want to be pretty lean on that.

所以我實際上 - 我想說的是，這個市場對使用 CastleGate 的興趣正在上升，但它面臨著一個具有挑戰性的宏觀環境，因此人們非常小心，不要庫存過多，並且希望非常依賴那。

And so they're balancing all the different kind of pressures involved.

因此，他們正在平衡所涉及的所有不同類型的壓力。

Okay, thank you.

好的，謝謝。

And I would agree that everyone seeing Wayfair as their best channel.

我同意每個人都將 Wayfair 視為他們的最佳管道。

So thanks for that feedback.

感謝您的回饋。

Thanks.

謝謝。

Curtis Nagle, Bank of America.

柯蒂斯‧內格爾，美國銀行。

Great.

偉大的。

Thanks so much.

非常感謝。

So two questions.

那麼兩個問題。

One, just on the pricing actions.

第一，僅就定價行為而言。

Maybe you don't have this straight, but it sounds like at the moment, you -- I don't know, a little out of line where you wanted to be, from what I recall, in past few calls, I think the commentary was you were in a good spot.

也許你不太明白這一點，但聽起來現在，你——我不知道，有點脫離你想要的位置，根據我的記憶，在過去的幾次通話中，我認為評論說你處於一個好位置。

So I guess if that's correct, kind of what changed or vendors sharing any of the burdens?

所以我想如果這是正確的，發生了什麼變化或是供應商分擔了任何負擔？

And I guess, is this in response to any of the share gains narrowing a bit, if that's the case?

我想，如果是這樣的話，這是否是對股價漲幅略有縮小的回應？

Yeah.

是的。

So I'd say the way we price is -- we have a relatively sophisticated data science model that's measuring elasticity and really figuring out what margin rates which should be taken on each tranche of the catalog so that we maximize profit dollars; that's the way I think.

所以我想說，我們定價的方式是——我們有一個相對複雜的數據科學模型，可以測量彈性，並真正弄清楚目錄中每一部分應該採取的保證金率，以便我們可以最大化利潤；我就是這麼想的。

So what happens when you think about profit dollars over a period of time, not going out too far out in the future, but not worry about just today.

那麼，當你考慮一段時間的利潤，未來不會花得太遠，但不只擔心今天時，會發生什麼事。

But do we want to maximize that dollar number?

但我們想最大化這個金額嗎？

And so, you're going to then -- the system is meant to optimize around that.

因此，系統旨在圍繞這一點進行最佳化。

Again, on the pricing actions you're talking about, remember we're talking about something in the low-10s of basis points.

再次強調，關於您所談論的定價行為，請記住我們談論的是 10 個基點以下的價格。

So we're really not talking about if you think about -- you talked about, are you lowering price to really get your be talk about lowering price 5%, 10%, 20%, meaningful changes.

因此，我們實際上不是在談論您是否考慮過——您談過，您是否會降低價格，以真正實現降低價格 5%、10%、20% 等有意義的變化。

We're talking about 10s of basis points.

我們談論的是數十個基點。

It's really -- think about this optimization, something that makes sense to maximize profit.

想想這種優化，對於利潤最大化來說確實是有意義的。

I'll just point out that this quarter, if you look at our EBITDA, 5.2%, $163 million, free cash flow of $183 million.

我只想指出，這個季度，如果你看看我們的 EBITDA，5.2%，即 1.63 億美元，自由現金流為 1.83 億美元。

That's quarter since 2021.

這是自 2021 年以來的一個季度。

And so you can say, okay, well, it's taking a lot of market share while driving profitability in what's clearly a tough macroeconomic environment, and thanks for Peter for that shoutout.

所以你可以說，好吧，好吧，在明顯嚴峻的宏觀經濟環境中，它佔據了大量的市場份額，同時提高了盈利能力，感謝彼得的大聲疾呼。

But -- and the suppliers are noticing, we're the best performing out there.

但是——供應商注意到，我們是表現最好的。

So I'd say that's -- those are the goals we want to hit.

所以我想說的是──這些都是我們想要實現的目標。

I think we're hitting.

我想我們正在打。

Yeah.

是的。

Curt, you asked specifically our suppliers sharing any of the burden, and we continue to see suppliers leaning in with us quite nicely.

簡短地說，您特別要求我們的供應商分擔任何負擔，我們繼續看到供應商與我們合作。

That's how we're able to offer these incredible promo events and actually still maintain gross margin nicely north of 30%, right?

這就是我們如何能夠提供這些令人難以置信的促銷活動，並且實際上仍然將毛利率保持在 30% 以上，對嗎？

So I think what we're talking about here (inaudible) nicely, it's a nuance on making sure they're at the right and optimal point of the pricing curve based on where we see the consumer today.

所以我認為我們在這裡談論的（聽不清楚）很好，這是一個細微差別，以確保它們處於基於我們今天看到的消費者的定價曲線的正確和最佳點。

And frankly, we're excited that we can lean into that and deliver that for the customer.

坦白說，我們很高興能夠利用這一點並為客戶提供服務。

We're able to do that because of the significant cost efficiency that we've driven over the past few years.

我們之所以能夠做到這一點，是因為我們在過去幾年中顯著提高了成本效率。

Got it.

知道了。

Okay.

好的。

And then just turning to the store.

然後就轉向商店。

Great to hear after such a great start and some great potential.

很高興聽到這麼好的開始和巨大的潛力。

I guess, Niraj, could you talk a little bit more about sort of the potential ramp?

我想，Niraj，可以多談談潛在的斜坡嗎？

Also, great to hear we're not entering an investment cycle, but kind of what the footprint can look like?

另外，很高興聽到我們沒有進入投資週期，但足跡會是什麼樣子？

What kind of productivity per box you're seeing, margins?

您看到的每箱生產力是多少，利潤率是多少？

It sounds like it's really good.

聽起來確實不錯。

Any more detail there would be great.

任何更多細節都會很棒。

Yeah, great.

是的，太棒了。

So what I would say is, obviously, the stores have been opened a little over two months.

所以我想說的是，顯然，這些商店已經開業兩個多月了。

So this is that kind of the way we think about like we're going to be really prudent and pragmatic in how we grow the store, so we've got will not open.

所以這就是我們思考的方式，就像我們在發展商店時會非常謹慎和務實，所以我們不會開業。

It's off to a great start.

這是一個好的開始。

We've got a long list of things that we think can even improve its performance, but it start off incredibly strong.

我們列出了一長串我們認為甚至可以提高其性能的東西，但它一開始就非常強大。

And so we're pretty excited about that.

所以我們對此感到非常興奮。

We're working on opening a second store or a year ago, targeting later next year for that second store.

我們正在努力在一年前開設第二家商店，目標是在明年晚些時候開設第二家商店。

So the idea is we're going to keep moving forward, but it is a very methodical pragmatic way so that we can make sure that we're optimizing performance, hitting all those learnings, and using them.

所以我們的想法是我們將繼續前進，但這是一種非常有條理的務實方式，這樣我們就可以確保我們正在優化效能，實現所有這些學習並利用它們。

And what we do next that we do this in a way so that, long time ago when we look back, we've really built this out a very successful way.

我們下一步要做的就是，我們這樣做的方式是，很久以前，當我們回顧過去時，我們確實以非常成功的方式建構了它。

So that's the kind of where we think about it from freight, a little too early to shares super detail financial metrics, given that's only been open a couple of months, but I would say we're pretty thrilled with how it's performing.

因此，這就是我們從貨運角度考慮的問題，考慮到它只開放了幾個月，所以現在分享超詳細的財務指標還為時過早，但我想說我們對其表現感到非常興奮。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hey, good morning, everyone.

嘿，大家早安。

I wanted to follow up in the prepared remarks you talked about the elasticity getting a little better when you maximize gross profit dollars in the latter part of the quarter.

我想在準備好的評論中跟進，您談到，當您在本季度後半段最大化毛利潤時，彈性會變得更好。

Can you talk about any magnitude or quantification?

您能談談任何規模或量化嗎？

And then if you're going to manage gross margin to the lower end of that 30% to 31% range, is the back half or even the third-quarter run rate of sales reflective of that pickup or is it not reflected in that negative low-single digit, I guess, quarter guide?

然後，如果您要將毛利率管理到 30% 到 31% 範圍的下限，那麼後半段甚至第三季度的銷售運行率是否反映了這種回升，或者是否沒有反映在該負數中我猜，季度指南是低個位數？

Yeah.

是的。

So I'll take, and I'm going to turn it over to Kate to really try to help with the, I guess, clarify the guidance maybe is kind of one of the questions there.

所以我會把它交給凱特，讓她真正嘗試幫助解決，我想，澄清指導可能是那裡的問題之一。

What we're seeing is kind of what I've mentioned, our momentum from June into July moved in a positive direction.

我們所看到的就是我所提到的，我們從六月到七月的勢頭朝著正面的方向發展。

So we're happy with building momentum, we're seeing that in the market share, we're seeing it in our performance.

因此，我們對建立勢頭感到高興，我們在市場份額和業績中看到了這一點。

Again, there's this nuance of promo and non-promo periods that can make them any given zoom in periods, harder to compare.

同樣，促銷期和非促銷期之間存在細微差別，這使得它們在任何給定的放大期間都更難以比較。

So you also take that into account.

所以你也考慮到這一點。

But that's what we're saying, we're seeing that what we're doing is working.

但這就是我們所說的，我們看到我們正在做的事情正在發揮作用。

Kate, do you want to try to provide

凱特，你想嘗試提供

--

--

Yeah.

是的。

I think, Simeon, what you're asking is, does the guide take into account the gross margin investment?

我想，西蒙，你要問的是，指南是否考慮了毛利率投資？

Yes, it does.

是的，確實如此。

And what we're really doing there is in an ongoing very challenging top line, the sort of double-digit macro decline, that's how we're able to stay negative low-single digits and continue to gain share.

我們真正要做的是應對持續的、非常具有挑戰性的營收，即兩位數的宏觀下滑，這就是我們能夠保持負低個位數並繼續獲得份額的方式。

We spoke in the prepared remarks on the call that what we see as a result of investments like this is improved order capture.

我們在電話會議上準備好的發言中表示，我們認為此類投資的結果是訂單捕獲的改善。

Right now, that's in a down market, right?

現在市場處於低迷狀態，對嗎？

So we're seeing that improved order capture in a down market.

因此，我們看到在低迷的市場中訂單捕獲有所改善。

That leads to those all-time share highs, and that is contemplated in what we've shared.

這導致股價創下歷史新高，我們在分享的內容中也考慮到了這一點。

And frankly, we're able to do that because of our ongoing success on the fixed cost base.

坦白說，我們之所以能夠做到這一點，是因為我們在固定成本基礎上不斷取得成功。

So the improvement that you saw in SOTG&A and some of the cost take out, frankly, on CS&M, allows us to still do that, make that investment, deliver for the customer, take share capture, and still drive to that mid-single-digit adjusted EBITDA.

因此，坦白說，您在 SOTG&A 中看到的改進以及在 CS&M 上的一些成本支出，使我們仍然能夠做到這一點，進行投資，為客戶提供服務，獲取份額，並仍然推動中單-數字調整後的EBITDA。

Makes sense.

有道理。

The follow-up is back to the, I guess, full-year EBITDA, and I know you're not guiding full year, but if we take the first half, I think there was $238 million of adjusted with revenues down about 2%.

後續又回到了全年 EBITDA，我知道您沒有指導全年，但如果我們考慮上半年，我認為調整後的收入為 2.38 億美元，收入下降了約 2% 。

So if we end up doing revenues down, let's say, 2% for the rest of the year, is it as simple, can we double the EBITDA in that $480 million?

因此，如果我們最終將今年剩餘時間的收入減少了 2%，是否就這麼簡單，我們能否將這 4.8 億美元的 EBITDA 翻倍？

Or is the imputed run rate in the back half on other cost items actually gets better such that you can do better than that $480 million?

或者其他成本項目後半部的推算運行率實際上變得更好，這樣您就可以做得比 4.8 億美元更好？

Kate?

凱特？

Niraj is going to pass it off to me, and I appreciate, Niraj.

Niraj 將把它傳遞給我，我很感激，Niraj。

I thought you said I'm allowed to

我以為你說過我可以

--

--

Yeah.

是的。

I appreciate your attempt to get a full-year guidance, Simeon, but I'm just going to refer you back to the remarks that we made on the call.

西蒙，我感謝您嘗試獲得全年指導，但我只想請您回顧我們在電話會議上發表的言論。

And what we said was, we feel very confident in that earlier construct of being able to grow adjusted EBITDA more than 50% irrespective of where the top line is, and that is because of that expense control management that you've seen from us.

我們所說的是，我們對早期的構想非常有信心，無論營收水準如何，調整後的 EBITDA 都能成長 50% 以上，這是因為您從我們身上看到了費用控制管理。

And you're seeing that play out nicely this quarter with revenue down, but we were able to hit that mid-single-digit adjusted EBITDA, and you'll continue to see that throughout the rest of the year.

你會看到本季的情況很好，收入下降，但我們能夠達到中個位數的調整後 EBITDA，並且你將在今年剩餘時間繼續看到這一點。

Fair enough.

很公平。

Thank you.

謝謝。

Good luck.

祝你好運。

Thanks.

謝謝。

Maria Ripps, Canaccord.

瑪麗亞·里普斯，Canaccord。

Great.

偉大的。

Good morning, and thanks for taking the questions.

早上好，感謝您提出問題。

First, could you maybe talk about your motivation for conducting the Black Friday sale in July?

首先，您能談談您在 7 月進行黑色星期五促銷的動機嗎？

Was it mostly an opportunistic decision and also to reflect the more promotional environment?

這主要是機會主義的決定，也是為了反映更多的促銷環境嗎？

And then any color sort of on the effectiveness of this event on the heels of your Way Day in Q2?

那麼，繼第二季的「Way Day」之後，這次活動的效果如何？

And then quickly, sort of stronger July trends that you mentioned, is that taken into account sort of Black Friday?

然後很快，您提到的七月趨勢更加強勁，是否考慮到了黑色星期五？

Thanks, Maria.

謝謝，瑪麗亞。

So the Black Friday and July sale, it was successful.

所以黑色星期五和七月的促銷，很成功。

What I would say is in kind of recession periods, which is kind of like what we have now, we definitely run a promotional cadence that's kind of the higher end of our range of promotions we would run per time.

我想說的是，在經濟衰退時期，就像我們現在所經歷的那樣，我們肯定會進行促銷節奏，這是我們每次都會進行的促銷範圍的高端。

And in a normal time, you're at the lower end of that range.

在正常情況下，你處於該範圍的下限。

So we're running, I guess, promotions in line with sort of the playbook we have in the tougher economic environment.

因此，我想，我們正在按照我們在更嚴峻的經濟環境中製定的策略進行促銷活動。

And again, it goes back to the fact that, that's the marketing message that causes customers to actually get engaged with the category and come in.

再說一次，這又回到了一個事實，那就是行銷訊息促使客戶真正參與該類別並進入。

And so, it's really -- I think the promotion is the right type of marketing event that is successful in this breakthrough the noise in this type of environment.

所以，我認為促銷活動是正確的行銷活動類型，它成功地突破了這種環境中的噪音。

And so yeah, we're happy with it.

所以，是的，我們對此感到滿意。

Over the years, we did track different types of events in this timeframe in prior years.

多年來，我們確實在前幾年的這個時間範圍內追蹤了不同類型的事件。

We tried the anniversary sale concept.

我們嘗試了周年紀念銷售概念。

We tried doing a financing event.

我們嘗試舉辦融資活動。

I'd say the Black Friday in July that this sale was more successful than those other formats we tried over the years.

我想說，七月的黑色星期五，這次銷售比我們多年來嘗試過的其他形式更成功。

That might be a combination of the creative, the way we positioned the event, the way we marketed it, but also it could reflect the macro environment.

這可能是創意、我們定位活動的方式、行銷方式的結合，但它也可以反映宏觀環境。

Kate, anything you want to add?

凱特，你還有什麼要補充的嗎？

Yeah.

是的。

No, I think that's fair.

不，我認為這是公平的。

I just encourage us not to -- we don't typically give out sort of monthly, sort of monthly guidance there, and I'd anchor you to the overall guidance that we gave for Q3.

我只是鼓勵我們不要這樣做——我們通常不會給出每月、每月的指導，我會讓你專注於我們為第三季提供的整體指導。

Got it.

知道了。

That makes sense.

這是有道理的。

And then secondly, just following up on margins, maybe a little bit of a follow-up on the prior question and sort of you being able to deliver on your target margin despite softer top line.

其次，只是跟進利潤率，也許是對前一個問題的一點跟進，儘管營收較疲軟，但您仍然能夠實現目標利潤率。

So I guess now that you have sort of reengineered your cost structure, can you maybe talk about your ability to flex your expenses outside of marketing, flex your expenses up or down sort of in the short term to reflect volatile top-line trends?

所以我想現在你已經重新設計了你的成本結構，你能談談你在行銷之外調整開支的能力，在短期內上下調整開支以反映不穩定的營收趨勢的能力嗎？

Yeah.

是的。

I think perhaps you're maybe speaking to the SOTG&A line, Maria, and what we've done there.

我想也許您正在談論 SOTG&A 系列，瑪麗亞，以及我們在那裡所做的事情。

That's where we've seen, obviously very consistent reduction for eight quarters in a row now.

這就是我們所看到的，顯然是連續八個季度持續減少。

That line is primarily -- or we've said the majority of that line is labor, although there's a number of other expenses in there like software costs, R&O, [E&E], et cetera, and we've been quite diligent focused on reducing costs across the bucket of cost in there.

這條線主要是——或者我們已經說過，這條線的大部分是勞動力，儘管其中還有許多其他費用，例如軟體成本、R&O、[E&E]等等，而且我們一直非常努力地關注降低整個成本桶的成本。

We've always said, or we said for the last few quarters, that the labor piece does remain an ongoing lever there, and you saw that play out a bit this quarter.

我們總是說，或者我們在過去幾季說過，勞動力確實仍然是一個持續的槓桿，你會在本季看到這一點。

We continue to think that the diligence and the expense management there allow us to do things like make this investment, we know that's the right thing to do for the customer at this moment.

我們仍然認為，那裡的勤奮和費用管理使我們能夠做諸如進行這項投資之類的事情，我們知道這對客戶來說是目前正確的事情。

So that's sort of how those lines play off of each other and how we're able to think about investing in some areas like price where we're able to take cost out of other areas.

這就是這些線如何相互發揮作用，以及我們如何能夠考慮在價格等某些領域進行投資，以便我們能夠從其他領域中剔除成本。

The one thing I would add is, when you think about the efforts we had on cost and the ongoing things we're doing to optimize the profitability, I mentioned best quarter of EBITDA, free cash flow since 2021.

我要補充的一件事是，當你想到我們在成本方面所做的努力以及我們為優化盈利能力而持續採取的措施時，我提到了2021 年以來EBITDA（息稅折舊攤銷前利潤）、自由現金流的最佳季度。

The other thing I'll point out though, is you actually see that we got to breakeven on owners earnings.

我要指出的另一件事是，你實際上看到我們必須在所有者收入上實現收支平衡。

So that's EBITDA, less CapEx, less stock-based compensation.

這就是 EBITDA，減去資本支出，減去以股票為基礎的薪資。

So if you look at the stock-based compensation line, you see that, that's actually improved significantly.

因此，如果你看看以股票為基礎的薪酬線，你會發現，這實際上有了顯著改善。

That, of course, doesn't show up in EBITDA, but in the owner's earnings that does show up.

當然，這不會體現在 EBITDA 中，但會體現在所有者的收入中。

And so, I just want to point that out as well.

所以，我也想指出這一點。

Got it.

知道了。

That's very helpful.

這非常有幫助。

Thank you, both.

謝謝你們，兩位。

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢。

Good morning, Niraj, Kate.

早安，尼拉吉，凱特。

Morning.

早晨。

Niraj, the comment you made about sort of the performance of the business between promotional and non-promotional days, I was hoping maybe we could revisit that and maybe just contextualize like how you would summarize the health of your consumer today, like how big is that spread?

Niraj，您對促銷日和非促銷日之間的業務表現發表的評論，我希望我們可以重新審視這一點，也許只是結合上下文，就像您如何總結今天消費者的健康狀況一樣，比如有多大那傳播？

I don't know if you can quantify it for us and/or just compare it to sort of historic spreads that you've seen maybe in the pre-COVID errors.

我不知道您是否可以為我們量化它和/或將其與您可能在新冠疫情之前的錯誤中看到的歷史價差進行比較。

And then what does that tell you sort of about just the state of the industry and how you're sort of thinking about how long this malaise can last for, or in essence, the path back to growth, how long it could take to get there?

然後，這告訴你什麼關於行業的狀況，以及你如何思考這種不適會持續多久，或者本質上，恢復增長的道路，需要多長時間才能恢復增長那裡？

Yeah.

是的。

So I think that I don't want to be overly dramatic because the spread, again, it widens, but it's not like, it's not a light switch goes from like this way to that way.

所以我認為我不想過於戲劇性，因為傳播再次擴大，但它不是，它不是一個電燈開關從這樣的方式變成那樣的方式。

It's just like increasingly promotional versus non-promotional periods.

這就像越來越多的促銷期和非促銷期一樣。

And part of that, again, is because that's the marketing message that causes people to shop versus the category being a little more top of mind and then just proactively shopping every day.

部分原因是，這是促使人們購物的行銷訊息，而不是人們更優先考慮的類別，然後每天都主動購物。

The thing about kind of how does the category get back to growth, when does it get back to growth?

關於該類別如何恢復成長、何時恢復成長？

I'd just -- just if you think about existing home sales, if you look at existing home sales, and you just kind of look at that a long period chart of that, you can see how existing home sales has really dropped down, and there's a bunch of other people who do various sentiment-type indexes.

我只是——如果你考慮一下現有的房屋銷售，如果你看看現有的房屋銷售，你只要看看它的長期圖表，你就可以看到現有的房屋銷售是如何真正下降的，還有很多其他人做各種情緒類型指數。

And you can -- what you can see is that there's a lot of pent-up enthusiasm and desire to move.

你可以——你可以看到，人們有很多被壓抑的熱情和想要搬家的願望。

But right now, the market is a little more frozen.

但現在，市場有點凍結。

You have a 30-year mortgage rate that's a little over 7%.

您的 30 年期抵押貸款利率略高於 7%。

And there's like some studies that showed like every percentage point move in the interest rate, lower demand like 16% or 18%, something like that for every percentage point move.

有一些研究表明，利率每變動一個百分點，需求就會下降 16% 或 18%，類似的情況是每變動一個百分點。

And it kind of makes intuit sense.

這在直覺上是有道理的。

So then you say, okay, well, do you believe at some point here, you're going to start seeing rates come down and that will take some pressure off the economy.

那麼你會說，好吧，你相信在某個時候，你會開始看到利率下降，這將減輕經濟的一些壓力。

But one of the specific things that we'll do is that 30-year mortgage rate will start to drop, and it will drop at a pretty decent rate.

但我們要做的具體事情之一是，30年期抵押貸款利率將開始下降，而且會以相當不錯的速度下降。

That will start causing existing home sales to move up.

這將開始導致現房銷售上升。

The year so on moves, they spend a significant multiple of what they do in a regular year.

往後的一年，他們的支出是平常年份的幾倍。

And then it actually catalyze the broader market because our customer, maybe they're moving, maybe they're not moving, but they see their sister's new house.

然後它實際上催化了更廣泛的市場，因為我們的客戶，也許他們正在搬家，也許他們沒有搬家，但他們看到了他們姐姐的新房子。

And they're talking about what the sister is doing and then that causes the other customer to maybe do some big (inaudible) of their house.

他們正在談論姐姐正在做的事情，然後這會導致其他顧客可能會對他們的房子做一些大的（聽不清楚）。

So it basically stimulates the category.

所以它基本上刺激了類別。

And I think we're getting close to that period, but we're not quite there yet.

我認為我們已經接近那個時期，但還沒有完全實現。

Steve, just on the promo point, another thought I'd add there is we are cognizant of ensuring that we're not overly training the customer to shop exclusively on discounts.

史蒂夫，就促銷點而言，我要補充的另一個想法是，我們認識到確保我們不會過度訓練客戶只在折扣上購物。

And so we're mindful of what promotions we offer, the types of those promotions, and the cadence of those as well as we think about sort of long-term customer growth.

因此，我們會留意我們提供的促銷活動、促銷活動的類型以及促銷活動的節奏，同時也會考慮長期客戶成長。

That's helpful.

這很有幫助。

And then, Kate, given the change here, I mean, it's great to see the free cash flow performance, I mean, obviously, I think all of us are probably thinking about the debt maturity schedule and revisiting Niraj's comment that he made at the -- within the 2023 shareholder letter about sort of being in a solid financial position to settle debts with cash as they come due.

然後，凱特，考慮到這裡的變化，我的意思是，很高興看到自由現金流的表現，我的意思是，顯然，我認為我們所有人可能都在考慮債務到期時間表，並重新審視尼拉吉在—在 2023 年的股東信中，關於財務狀況穩健，可以在到期時用現金償還債務。

Any chance you guys can just revisit that statement for us?

你們有機會為我們重溫那句話嗎？

And maybe just give us a sense of reassurance as we sort of rejigger or revise our free cash flow assumptions here?

當我們在這裡重新調整或修改我們的自由現金流假設時，也許只是給我們一種安心感？

Yeah.

是的。

So thank you for mentioning the free cash flow this quarter.

感謝您提到本季的自由現金流。

We're quite pleased with where we landed, our highest free cash flow quarter since 2021.

我們對自己所取得的成績感到非常滿意，這是自 2021 年以來自由現金流最高的季度。

And I think that shows, again, the underlying strength of the cost takeouts and the efficiency there and our management on other areas like CapEx as well.

我認為這再次表明了成本支出的潛在實力和效率以及我們在資本支出等其他領域的管理。

What we've said about the capital structure for the last few quarters is we're trying to drive optionality, and I think you've seen that play out again this quarter, right?

關於過去幾季的資本結構，我們所說的是我們正在努力推動選擇性，我想您已經看到本季再次出現這種情況，對吧？

So optionality comes in the form of improving our financial profile and our free cash flow such that cash becomes an opportunity to use to pay down debt.

因此，選擇的形式是改善我們的財務狀況和自由現金流，使現金成為償還債務的機會。

The other way that optionality plays out, and we've said this before, too, is that, that opens up alternative venues to financing for us beyond the convertible market such as regular weight debt through an ongoing improvement in the maturity of the business and our adjusted EBITDA profile.

選擇性發揮作用的另一種方式，我們之前也說過，這為我們在可轉換市場之外開闢了其他融資管道，例如透過業務成熟度的持續改善來提供常規重量債務，以及我們調整後的EBITDA 概況。

And again, you saw that play out this quarter with our strongest adjusted EBITDA since 2021.

同樣，您也看到本季出現了 2021 年以來最強勁的調整後 EBITDA。

So we feel very good about the ongoing levers available to us on capital structure management, and we'll continue to be prudent and thoughtful and look at what makes sense in the market and what makes sense based on what we see internally as well.

因此，我們對資本結構管理方面現有的槓桿感到非常滿意，我們將繼續保持審慎和深思熟慮，看看什麼在市場上有意義，什麼也根據我們內部的看法有意義。

Thank you.

謝謝。

Oliver Wintermantel, Evercore ISI.

奧利佛·溫特曼特爾，Evercore ISI。

Yeah, thanks.

是的，謝謝。

Good morning.

早安.

Niraj, looking at the direct active customers are up slightly, average order per active customer was up and then the repeat customers were up as well.

Niraj 表示，直接活躍客戶略有上升，每個活躍客戶的平均訂單有所上升，然後回頭客也有所上升。

So can you maybe talk a little bit about where the weakness in revenues comes from?

那麼您能談談收入疲軟的原因嗎？

Is that just basically new customers or other cohorts?

這基本上只是新客戶還是其他族群？

That would be helpful.

那會有幫助的。

Thank you.

謝謝。

Yeah, thanks.

是的，謝謝。

I think, those -- so I don't know yet.

我想，那些——所以我還不知道。

So

所以

--

--

Yeah, Oliver, if we look at the KPIs, what we saw this quarter, remember that active customer number that's an LTM number that continued to be up a little bit.

是的，奧利弗，如果我們看一下 KPI，我們在本季度看到的情況，請記住活躍客戶數量，即 LTM 數量，繼續略有上升。

And obviously, that's been going in the right direction over the last few quarters.

顯然，過去幾季一切都在朝著正確的方向發展。

Disaggregating sort of orders in AOV though, you saw orders down well AOV was slightly up.

不過，按 AOV 分類訂單類型，您會發現訂單大幅下降，AOV 略有上升。

And the combo of those two things will lead you to that revenue softness, negative 2%, so we're negative 1.7%.

這兩件事的結合將導致收入疲軟，負 2%，所以我們負 1.7%。

So that's really what you're seeing playing out there.

這就是你所看到的情況。

It's just a little bit of order softness offset by some AOV.

這只是一點點訂單軟化被一些 AOV 所抵消。

Again, it's the AOV isn't anything unusual, and you spoke to that earlier on.

再說一遍，AOV 並不奇怪，您之前也談過這一點。

We're back to a point of seeing normal movements in AOV.

我們又回到了 AOV 正常運動的狀態。

And obviously, what we're focused on is continuing to drive customer acquisition, order capture, and pairing that with wherever the AOV is to help drive revenue overall.

顯然，我們的重點是繼續推動客戶獲取、訂單捕獲，並將其與 AOV 結合，以幫助推動整體收入。

Yeah.

是的。

And what I would say because there's so much more granular repeat metrics we actually use to operate the business, and so these higher-level numbers aren't the ones I'm most familiar with.

我之所以這麼說，是因為我們實際上用很多更細粒度的重複指標來經營業務，所以這些更高層級的數字並不是我最熟悉的。

We actually see is you see good customer engagement and the metrics that we track.

我們實際上看到的是您看到良好的客戶參與度和我們追蹤的指標。

But again, the category is out of -- engagement is in the context of the environment, so that's where you can see us outperform on market share.

但再次強調，參與度是在環境背景下進行的，因此您可以看到我們在市場份額方面表現出色。

But that's in the context of the market, and the market is down.

但這是在市場的背景下，市場正在下跌。

So I think it's just us being down 1.7% in the context of a market that's down.

所以我認為，在市場下跌的背景下，我們的股價下跌了 1.7%。

We think roughly 10% is us taking share.

我們認為大約 10% 是我們佔據的份額。

But obviously, the total pie got a little smaller.

但顯然，總蛋糕變小了。

And so that's really the punchline.

這才是真正的亮點。

Got it.

知道了。

As a follow-up, how do you think about active customer accounts going into the third quarter and maybe by year-end?

作為後續行動，您如何看待第三季甚至年底的活躍客戶帳戶？

Thank you.

謝謝。

Yeah, sure.

是的，當然。

Again, so that number, the active customer account is a 12-month number.

同樣，活躍客戶帳戶的數字是 12 個月的數字。

And so again, that's a little bit of a tricky number.

再說一次，這個數字有點棘手。

And again, not one that we managed during the recent is like that number changes, not just by what you do in this quarter, but what happened a year ago in the quarter that falls out.

再說一遍，我們最近管理的數據變化並不像這個數字的變化，不僅取決於你在本季度所做的事情，還取決於一年前發生的季度的情況。

And so I think that makes that number a challenge.

所以我認為這使得這個數字成為一個挑戰。

But what you actually see in that number is that we're gaining momentum, and the way we're gaining momentum is we're taking market share to a degree that lets us offset the weakness of the market and stimulate our own business, and that's what's continuing to happen.

但你實際上從這個數字中看到的是，我們正在獲得動力，而我們獲得動力的方式是我們正在將市場份額擴大到一定程度，從而使我們能夠抵消市場的疲軟並刺激我們自己的業務，而這就是正在持續發生的事情。

So we feel pretty good about the momentum we had.

所以我們對我們所擁有的勢頭感到非常滿意。

Got it.

知道了。

Thanks very much and good luck.

非常感謝，祝你好運。

Thank you.

謝謝。

I will now turn the conference back over to Wayfair team for the closing remarks.

現在我將把會議轉回 Wayfair 團隊進行閉幕致詞。

Well, I just want to thank everybody for joining the call, and we appreciate your time.

好吧，我只想感謝大家加入通話，我們感謝您抽出時間。

We're excited about the position we're in and the things that we're doing and the way it will play out.

我們對我們所處的位置、我們正在做的事情以及它將發生的方式感到興奮。

So thanks for your interest in Wayfair.

感謝您對 Wayfair 的興趣。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining, and you may now disconnect.

感謝大家的加入，現在可以斷開連線了。