Wayfair Inc (W) 2024 Q4 法說會逐字稿

Good morning. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Wayfair Q4 2024 earnings release and conference call. (Operator Instructions)

早安.我叫 Aaron，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Wayfair 2024 年第四季財報發布和電話會議。（操作員指令）

With that, let's begin. It's my pleasure to turn the call over to James Lamb, Head of Investor Relations and Treasury.

那麼，我們就開始吧。我很高興將電話轉給投資者關係和財務主管詹姆斯·蘭姆 (James Lamb)。

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

早安，感謝您加入我們。今天，我們將回顧 2024 年第四季的業績。和我一起的是共同創辦人、執行長兼聯席主席 Niraj Shah；史蒂夫‧科奈恩 (Steve Conine)，共同創辦人兼聯合主席；以及財務長兼首席行政官 Kate Gulliver。今天的準備好的發言結束後，我們將接受提問和回答。

I would like to remind you that our call today will consist of forward-looking statements, including, but not limited to, those regarding our future prospects, business strategies, industry trends and our financial performance, including guidance for the first quarter of 2025. All forward-looking statements made on today's call are based on information available to us as of today's date. We cannot guarantee that any forward-looking statements will be accurate, although we believe that we have been reasonable in our expectations and assumptions.

我想提醒您，我們今天的電話會議將包含前瞻性陳述，包括但不限於有關我們的未來前景、業務策略、行業趨勢和財務業績的陳述，包括 2025 年第一季的指引。今天電話會議上所做的所有前瞻性陳述均基於我們截至今天所掌握的資訊。儘管我們相信我們的預期和假設是合理的，但我們無法保證任何前瞻性陳述的準確性。

Our 10-K for 2024 and our subsequent SEC filings identify certain factors that could cause the company's actual results to differ materially from those projected in any forward-looking statements made today. Except as required by law, we undertake no obligation to publicly update or revise any of these statements, whether as a result of any new information, future events or otherwise.

我們 2024 年的 10-K 報告和隨後向 SEC 提交的文件確定了某些因素，這些因素可能會導致公司的實際結果與今天做出的任何前瞻性陳述中的預測存在重大差異。除法律要求外，我們不承擔公開更新或修改任何這些聲明的義務，無論是由於任何新資訊、未來事件或其他原因。

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

另請注意，在本次電話會議中，我們將在審查公司績效時討論某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流。這些非 GAAP 財務指標不應被視為 GAAP 結果的替代品，而應與 GAAP 結果一起閱讀。請參閱我們網站的「投資者關係」部分，以取得我們的收益報告和投資者介紹的副本，其中包含我們的非公認會計準則財務指標的描述以及非公認會計準則指標與最接近的可比較公認會計準則指標的對帳。

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，網路直播將在我們的 IR 網站上提供重播。

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

現在我想將電話轉給 Niraj。

Thanks, James, and good morning, everyone. We're excited to reconnect with you this morning to discuss our fourth quarter results. The fourth quarter was a strong conclusion to the year across multiple fronts.

謝謝，詹姆斯，大家早安。我們很高興今天早上與您再次聯繫，討論我們的第四季度業績。第四季在多個方面為今年畫上了強勁的句號。

From a top line performance perspective, we ended 2024 on a high note, with net revenue showing positive year-over-year growth. This was driven by healthy performance in our US segment, which grew by more than 1% in the period. These results enabled us to drive nearly $100 million of adjusted EBITDA in the quarter and deliver on our goal of approximately 50% year-over-year dollar growth for 2024.

從營收表現來看，我們以高調結束了 2024 年，淨收入年增。這是由於我們美國分部的良好表現所推動的，該部門本季的成長速度超過了 1%。這些結果使我們在本季度實現了近 1 億美元的調整後 EBITDA，並實現了 2024 年同比增長約 50% 的目標。

Our strong financial performance enabled us to tap into the high-yield markets for the first time and bolster our capital structure. We're now in the strongest balance sheet position in many years, having paid down a substantial portion of our 2025 and 2026 upcoming convertible maturities at an attractive discount and have nearly $2 billion of total liquidity available to us.

強勁的財務表現使我們首次能夠進入高收益市場並增強我們的資本結構。我們目前的資產負債表狀況是多年來最強勁的，我們已經以頗具吸引力的折扣償還了 2025 年和 2026 年即將到期的可轉換債券的很大一部分，並且擁有近 20 億美元的總流動資金。

In our shareholder letter last year, Steve and I wrote about the three factors that have defined Wayfair at our best. These include: one, a singular focus on what's most important for both our customers and our suppliers, underpinned by category-defining technology capabilities; two, a belief that our team is strongest when nimble, relentlessly execution focused and lean; and three, a long-term owner's mindset to focus on driving the best ROI over time versus optimizing for the short term. 2024 captured all three of these in many ways, even as we continue to operate in a challenging macro environment.

在去年的股東信中，史蒂夫和我寫到了 Wayfair 表現最佳的三個因素。其中包括：一、以類別定義的技術能力為基礎，專注於對我們的客戶和供應商最重要的事項；二、堅信當我們的團隊靈活、堅持不懈、注重執行、精實時，我們的團隊是最強大的；第三，長期所有者的心態應專注於長期實現最佳投資報酬率，而不是進行短期最佳化。即使我們繼續在充滿挑戰的宏觀環境中運營，2024 年也在許多方面體現了這三個特點。

Our relentless customer and supplier focus has resulted in another quarter of healthy share gains in the face of a category that remains under pressure. I've talked in the past about how the overhang, a depressed housing cycle has had on customers' willingness to spend on their homes. The forward outlook, especially in the core of our business, big and bulky furniture, is as unpredictable as any point in the past four years with uncertainty over the state of inflation, global trade policy and interest rates, among other factors.

我們堅持不懈地關注客戶和供應商，在這一類別仍然面臨壓力的情況下，取得了另一個季度的健康份額成長。我過去曾經談論過住房過剩和低迷的房地產週期如何影響消費者的購房意願。未來的前景，特別是我們業務的核心——大件家具，與過去四年中的任何時候一樣難以預測，包括通膨狀況、全球貿易政策和利率等因素的不確定性。

What is much more predictable is our own ability to outperform the competition. For decades prior to the pandemic and since late 2022, we have been a consistent share winner through our unmatched expertise across marketing, merchandising, supply chain and technology. We have a wide range of competitive advantages across each one of these pillars, all aimed at building a better experience for our customers and our suppliers.

更可以預測的是我們自身超越競爭對手的能力。在疫情爆發前的幾十年以及自 2022 年底以來，我們一直憑藉在行銷、銷售、供應鏈和技術方面無與倫比的專業知識，持續保持市場份額領先。我們在每個支柱上都擁有廣泛的競爭優勢，旨在為我們的客戶和供應商創造更好的體驗。

In our updated investor presentation published today, we highlighted many of these competitive advantages, providing details on a few that are in earlier stages, and a deeper level of data on several that we have discussed here before. There are a number of stats that will be new to investors, so I'd like to walk you through a few of the noteworthy ones now.

在我們今天發布的最新投資者報告中，我們強調了許多競爭優勢，提供了一些處於早期階段的優勢的詳細信息，以及我們之前討論過的幾個優勢的更深層次的數據。有許多統計數據對投資者來說是新鮮的，所以我想現在向大家介紹一些值得注意的數據。

We've invested in our proprietary logistics network for nearly a decade, which has given us one of our most potent and durable competitive advantages. Suppliers are eager to leverage the services we offer because CastleGate gives them access to a world-class logistics network, one with a degree of scale and sophistication that very few of the industry suppliers have the ability to replicate on their own.

我們對專有物流網絡的投資已近十年，這為我們帶來了最強大和最持久的競爭優勢之一。供應商渴望利用我們提供的服務，因為 CastleGate 讓他們能夠訪問世界一流的物流網絡，而該網絡的規模和複雜程度是業內很少有供應商能夠自行複製的。

CastleGate can provide a meaningful growth unlock for our partners by driving a better customer experience, and much of that revolves around the benefits of forward positioning. Approximately 90% of the orders from CastleGate have a speed badge due to our ability to intelligently position products across the network and integrate our fulfillment centers into the last mile delivery operations. This advantage, combined with the nature of a logistics network custom-built for home, is demonstrable.

CastleGate 可以透過提供更好的客戶體驗為我們的合作夥伴提供有意義的成長機會，其中很大一部分圍繞著前瞻性定位的好處。由於我們能夠聰明地在網路上定位產品，並將我們的履行中心整合到最後一英里的交付操作中，大約 90% 的 CastleGate 訂單都帶有速度徽章。這一優勢，加上為家庭量身定制的物流網絡的性質，是顯而易見的。

Compared to items fulfilled by third-party logistics providers, CastleGate fulfilled items see order to delivery dates nearly halved, returned rate percentage down by about a fifth, lower rates of incidence and higher NPS. Suppliers routinely experienced a considerable uplift in conversion rates as a result of the speed badge and lower retail prices. Going from no speed badging to a one-day badge can drive a conversion uplift of over 60%.

與第三方物流供應商配送的商品相比，CastleGate 配送商品的訂單到交貨日期縮短了近一半，退貨率下降了約五分之一，發生率更低，NPS 更高。由於速度標誌和較低的零售價格，供應商的轉換率通常會大幅提升。從無速度徽章到一日徽章可將轉換率提升 60% 以上。

Alongside logistics, curation is another one of our competitive advantages. Our work around making the catalog fun and engaging to shop is a key driver of trust for our customers, especially when they are making an investment in something for their home that they haven't been able to see or touch.

除了物流之外，策展也是我們的另一個競爭優勢。我們致力於讓目錄變得有趣和吸引人，這是贏得顧客信任的關鍵因素，尤其是當他們為家裡投資一些他們無法看到或觸摸到的物品時。

There are many ways we do this, including an initiative we launched late last year called Wayfair Verified. The Wayfair Verified stamp on a product page gives customers a quick and easy way to identify products that we've specifically chosen to highlight, and that have been physically audited by our merchants. This means our team handles the products themselves to ensure that they meet the highest quality and value standards.

我們透過多種方式實現這一目標，包括去年年底推出的一項名為「Wayfair Verified」的計畫。產品頁面上的 Wayfair Verified 印章可讓客戶快速輕鬆地識別我們特別選擇突出顯示的產品，以及經過我們商家實地審核的產品。這意味著我們的團隊親自處理產品以確保它們符合最高的品質和價值標準。

In addition to the attributes on our typical product page, like high resolution imagery, reviews and other details, Wayfair verified items often also include a short editorial video, where our merchants showcase the key features that make these products stand out and explain why this item is one of their top choices. The benefits to both the supplier and the customer are clear.

除了我們典型產品頁面上的屬性（如高解析度圖像、評論和其他詳細資訊）之外，Wayfair 驗證商品通常還包括一段簡短的編輯視頻，其中我們的商家展示了這些產品脫穎而出的關鍵功能，並解釋了為什麼該商品是他們的首選之一。供應商和客戶所獲得的利益都是顯而易見的。

Today, Wayfair verified items drive more than 15 times the number of visits per SKU than the catalog at large and drive over 20 times the amount of revenue per SKU. Students of Wayfair will know this well. But fundamentally, our competitive advantages are derived from leveraging our scale to solve the multitude of challenges that suppliers face in the home category. This is perhaps no more evident than in our efforts around physical retail.

如今，Wayfair 驗證商品的每個 SKU 的訪問量是整個目錄的 15 倍多，每個 SKU 的收入是整個目錄的 20 倍多。Wayfair 的學生一定很了解這一點。但從根本上來說，我們的競爭優勢來自於利用我們的規模來解決家居類別供應商面臨的眾多挑戰。這在我們圍繞實體零售所做的努力中也許表現得最為明顯。

Last spring, we opened our first Wayfair branded store just outside of Chicago, and the response has been tremendous. We combined our deep supplier relationships, the strength of our brand and our logistics and curation capabilities into a shopping experience that is resonating with customers, more than half of which are entirely new to Wayfair.

去年春天，我們在芝加哥郊外開設了第一家 Wayfair 品牌店，反應非常熱烈。我們將深厚的供應商關係、我們的品牌實力以及我們的物流和策展能力結合起來，創造出一種與客戶產生共鳴的購物體驗，其中超過一半的客戶都是 Wayfair 的新客戶。

While we built the store on the basis of our expectations around four-wall economics, we've been extremely pleased at the wider halo uplift we've seen around the store to use one basic metric for halo measurement. In 2024, we saw a more than 15% spread in the growth rate of the State of Illinois versus the US overall. There is still much more for us to do here, and we're already fast at work on our second Wayfair store as well as the launch of our first Perigold branded stores later this year.

雖然我們是根據對四牆經濟的預期來建造商店的，但我們對在商店周圍看到的更廣泛的光環提升感到非常高興，因為我們使用一個基本指標來衡量光環。2024 年，我們看到伊利諾州的成長率與美國整體成長率相差 15% 以上。我們還有許多事情要做，我們已經在快速籌備我們的第二家 Wayfair 商店以及今年稍後推出我們的第一家 Perigold 品牌商店。

Zooming back out, we hope this new version of our presentation is a helpful tool for investors, both new and old, as they think about our competitive advantages and how those apply across the set of growth initiatives we have in flight.

放眼未來，我們希望新版本的簡報能為新舊投資者提供一個有用的工具，幫助他們思考我們的競爭優勢以及這些優勢如何應用於我們正在實施的一系列成長計畫中。

If you look back over the past couple of years, I would describe 2023 as a year of driving meaningful cost efficiency. Our focus was on returning the business to a place of positive adjusted EBITDA and free cash flow. The theme for '24, was in many ways, about laying the foundations for a return to growth, which we saw in the tail end of the year.

如果回顧過去幾年，我會將 2023 年描述為推動有意義成本效率的一年。我們的重點是讓業務恢復到正調整後 EBITDA 和自由現金流的狀態。2024年的主題在許多方面都是為恢復成長奠定基礎，我們在年底就看到了這一點。

Looking ahead, we intend 2025 to be a year where our investments in competitive differentiation return the business back to a state of expanding growth, even as the market remains challenged. Our enthusiasm is further enhanced now that our tech replatforming is far along, which means that over the year, we can focus an increasing amount of our technology resources on driving growth.

展望未來，我們希望在 2025 年，透過對競爭差異化的投資，使業務恢復到擴大成長的狀態，儘管市場依然面臨挑戰。隨著我們的技術平台重構取得重大進展，我們的熱情得到了進一步增強，這意味著，在這一年中，我們可以集中越來越多的技術資源來推動成長。

We spent much of last year talking about some of the new investments we made into market. Early in 2024, we rolled out a significant brand refresh with our Wayborhood campaign, which brought fresh creative in top of funnel. The Wayborhood was designed to be a platform on which we could build out future marketing campaigns, and the results we've seen so far from these efforts have been encouraging.

去年我們花了大量時間討論我們對市場的一些新投資。2024 年初，我們透過 Wayborhood 活動推出了重大的品牌更新，為通路頂部帶來了新鮮的創意。Wayborhood 旨在成為一個平台，讓我們可以在此基礎上開展未來的行銷活動，到目前為止，這些努力所取得的成果令人鼓舞。

In the fourth quarter, we launched our first holiday installment of the Wayborhood, and continue to see powerful positive impacts across awareness, brand linkage and recall rates. This is resonating across the business in multiple ways. We saw healthy double-digit growth in app installs during the fourth quarter, and we saw new customer order growth in the US outpaced repeat for the first time since 2020.

在第四季度，我們推出了 Wayborhood 的第一個假日分期，並繼續看到在知名度、品牌連動性和召回率方面的強大積極影響。這在多個方面引起了整個企業的共鳴。第四季度，應用安裝量實現了健康的兩位數成長，美國新客戶訂單量成長自 2020 年以來首次超過同期水準。

Pinterest continues to be one of our most powerful channels to speak with home shoppers, and we saw a very robust double-digit growth in visits during the fourth quarter. We're very excited about our plans ahead for 2025. We've got new campaigns, new influencer partnerships and continue to test it in newer channels for us, such as YouTube and (inaudible).

Pinterest 繼續成為我們與家庭購物者溝通的最強大管道之一，我們看到第四季度的訪問量實現了非常強勁的兩位數成長。我們對 2025 年的計劃感到非常興奮。我們開展了新的活動，建立了新的影響力合作夥伴關係，並繼續在 YouTube 等新管道上進行測試。（聽不清楚）。

This testing stage has been a core part of our expertise in digital marketing for years. We take a thoughtful and considered approach as we look to develop new channels, testing customer response aggressively and only choosing to scale where we see clear evidence of payback. These investments are table setting for substantial returns, not just in the quarters ahead, but also for years down the road. We're able to make these investments because of the considerable financial discipline we've exhibited over the past three years as we continually improve multiple areas of the P&L.

多年來，這個測試階段一直是我們數位行銷專業知識的核心部分。我們在尋求開發新管道時採取深思熟慮和謹慎的方法，積極測試客戶反應，並且只選擇在看到明顯回報證據時進行擴大規模。這些投資將為豐厚的回報奠定基礎，不僅在未來幾個季度，而且在未來幾年。我們之所以能夠進行這些投資，是因為我們在過去三年中展現了嚴格的財務紀律，同時不斷改善損益表的多個領域。

Financial discipline is a key driver of how we think about return on investment, especially the return of our longer-term investments, which are the initiatives we expect to have the highest payoffs. We hold a high bar and strive to bring intellectual honesty as we evaluate efforts where our investment thesis came to fruition and times that it did not.

財務紀律是決定我們投資回報的關鍵因素，尤其是長期投資的回報，我們期望這些舉措能帶來最高的回報。在評估我們的投資理論是否有成果時，我們保持著高標準並努力實現知識誠實。

Last month, we announced our decision to exit the German market, largely due to the opportunity to pursue higher ROI initiatives elsewhere. Scaling our market share and improving our unit economics in the German market has proven difficult due to the challenging macro in Germany, our limited scale there, and our current brand awareness in the country. If you didn't get a chance, I'd encourage you to read the letter we published at the time of the announcement for more details.

上個月，我們宣布了退出德國市場的決定，主要是因為有機會在其他地方追求更高的投資報酬率。由於德國宏觀環境的挑戰、我們在那裡的規模有限以及我們目前在該國的品牌知名度，擴大我們的市場份額和提高我們在德國市場的單位經濟效益已被證明是困難的。如果您沒有機會，我鼓勵您閱讀我們在公告發佈時發布的信件以了解更多詳細資訊。

One key takeaway I would reiterate here is this. Like every company, we operate with a set of constraints dictated by the budget we have to deploy against our goals. We've always been proud of the rigor and analysis we put behind each dollar of spend to ensure we are maximizing return.

我在這裡想重申的一個關鍵要點是：與所有公司一樣，我們的營運也受到一系列的約束，這些約束是由為實現目標而必須部署的預算決定。我們始終對每一美元的支出都進行嚴格而深入的分析，以確保實現回報最大化，並為此感到自豪。

We scale investments that are at a point of proven success, but every effort has to start somewhere. And the lead up to that, we have small teams that are focused on low cost and high potential ideas. In that spirit, I want to call out one of the projects our team focused on for future R&D just launched, Muse, our latest innovation in personalized home shopping. Nearly two years ago, we launched Decorify, our first foray into leveraging generative AI to drive inspiration in the shopping journey of our customers.

我們擴大已經證明成功的投資，但一切努力都必須從某個地方開始。在此之前，我們設立了小團隊，專注於低成本、高潛力的創意。本著這種精神，我想提一下我們團隊剛啟動的未來研發重點項目之一——Muse，這是我們在個人化家庭購物方面的最新創新。大約兩年前，我們推出了 Decorify，這是我們首次嘗試利用生成式人工智慧來激發顧客購物之旅的靈感。

Muse is our evolution in how customers discover, personalize and shop for their dream spaces. Muse can explore an infinite possibility of room ideas, populated with items to inspire purchases on Wayfair. Muse elevates our best-in-class search experience by utilizing GenerativeAI to blend inspiration and shopping, and we can't wait to see what our customers are able to come up with. You can start right now at wayfairnext.com/muse.

Muse 是我們針對客戶發現、個人化和購買夢想空間的方式所做的改進。Muse 可以探索房間創意的無限可能性，並填充物品以激發在 Wayfair 上購買的慾望。Muse 利用 GenerativeAI 將靈感與購物融為一體，提升了我們一流的搜尋體驗，我們迫不及待地想看看我們的客戶能夠想出什麼。現在您就可以從 wayfairnext.com/muse 開始。

I open today with a reference to our 2023 shareholder letter and the core tenets of how we have run Wayfair for more than two decades. As I wrap up, I'd like to now close with an excerpt from the letter we published just this morning, which I would encourage you to read.

今天，我首先要談談我們 2023 年的股東信以及我們二十多年來經營 Wayfair 的核心原則。最後，我想以我們今天早上發表的那封信中的一段摘錄作為結束，我鼓勵你們閱讀一下。

Under the umbrella of those core tenets, we entered this year, excited about the opportunity to continue to: one, focus on tight execution to drive profitable growth through taking market share; two, continue improving the financial position and strength of the business; and three, further build out our five long-term moats.

在這些核心原則的指導下，我們進入了新的一年，對繼續做好以下工作的機會感到興奮：一、注重嚴格執行，透過搶佔市場份額來推動獲利成長；二、持續改善財務狀況及業務實力；三是進一步建造五大長期護城河。

We're making smart, high-return investments across the business and at the same time, remain committed to growing adjusted EBITDA dollars year over year. We are confident this approach sets us up well for a compelling payoff over 2025, and we are excited to bring all of our stakeholders with us on this next light of the Wayfair journey.

我們正在對整個業務進行明智的、高回報的投資，同時繼續致力於逐年增加調整後的 EBITDA。我們相信，這種方法將為我們在 2025 年帶來豐厚的回報，我們也很高興能帶領所有利害關係人一起踏上 Wayfair 之旅的下一段旅程。

Thank you. And now let me pass it over to Kate to go through our financials.

謝謝。現在讓我將任務交給凱特來處理我們的財務狀況。

Thanks, Niraj, and good morning, everyone. Let's dive into our fourth quarter results. Starting with the top line. Net revenue for the fourth quarter ended at $3.1 billion, up 0.2% compared to the fourth quarter of last year. This was driven by outperformance across our US segment, which was up by 1.1% year over year.

謝謝，Niraj，大家早安。讓我們深入了解第四季的業績。從第一行開始。第四季淨營收為31億美元，較去年第四季成長0.2%。這是由於我們美國分部的出色表現推動的，該部門同比增長了 1.1%。

We saw nice strength across the holiday period, with 8% sequential growth compared to the third quarter, which was a healthy step-up from the sequential performance we saw a year prior. This was driven by orders that were up about 15% sequentially, offset by AOV compressing by roughly 6% versus the prior quarter, both in line with the typical patterns we would expect to see in the fourth quarter.

我們在整個假期期間看到了良好的成長勢頭，與第三季度相比，環比增長了 8%，與去年同期相比，這是一個健康的增長。這是由於訂單量較上季成長約 15%，而平均銷售額較上一季壓縮約 6%，這兩者都符合我們預期在第四季出現的典型模式。

Let me continue to walk 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.

讓我繼續看一下損益表。與我一樣，請注意其餘財務數據包括折舊和攤銷，但不包括股權薪酬、相關稅費和其他調整。在討論我們的觀點時我也會使用同樣的基礎。

Gross margin for the quarter was 30.2% of net revenue, due in part to some deleverage on contracting orders as well as our own proactive reinvestment. We continue to see attractive opportunities to lean in on competitive take rates, the benefits of which are beginning to manifest on the top line. We see our pricing levels today at one of the strongest positions in Wayfair's history, helping to reinforce one of the core elements of our recipe.

本季毛利率為淨收入的30.2％，部分原因是合約訂單的部分去槓桿以及我們自身的主動再投資。我們繼續看到了獲得有競爭力的收費率的誘人機會，其好處已開始在營收上顯現。我們看到，今天的定價水平處於 Wayfair 歷史上最強勁的地位之一，這有助於強化我們產品方案的核心要素之一。

Customer service and merchant fees were 3.7% of net revenue, while advertising was 13.7%, which we expect will represent the high watermark for this line item. Niraj mentioned this earlier, and we talked at length about it in our call in November, but this is a reflection of the exciting opportunities we are seeing to lean in with the incremental advertising spend to drive strength in customer and order acquisition.

客戶服務和商家費用佔淨收入的 3.7%，而廣告費用佔 13.7%，我們預計這將代表該項目的最高水準。Niraj 之前提到過這一點，我們在 11 月的電話會議上也詳細討論過這個問題，但這反映了我們看到的令人興奮的機會，即利用增量廣告支出來推動客戶和訂單獲取。

To add to some of the examples Niraj shared, the number of unique influencers producing Wayfair content was up by more than 40% in December. As we've been scaling up the Wayfair creator program, our direct line to working with influencer talent interested in partnering to share their passion for Wayfair.

除了 Niraj 分享的一些例子外，12 月製作 Wayfair 內容的獨立影響者數量增加了 40% 以上。隨著我們不斷擴大 Wayfair 創作者計劃，我們直接與有興趣合作以分享他們對 Wayfair 的熱情的有影響力的人才合作。

One of the most prevalent questions we heard from investors last fall was how to think through the nature of timing on advertising spend. As many of you know well, all our ad dollars are payback-driven, (inaudible) channels with specific expectations for ROI over a defined time frame. These time frames will vary depending on where the customer acquisition funnel each channel falls.

去年秋天，我們從投資者那裡聽到的最常見的問題之一是如何思考廣告支出時機的本質。你們很多人都知道，我們所有的廣告費用都是回報驅動的（聽不清楚）管道，對在規定時間範圍內的投資報酬率有特定的期望。這些時間範圍將根據每個管道的客戶獲取漏斗的位置而有所不同。

But even the shortest payback windows can be in the 60 to 90-day time frame. This means that a significant portion of the dollars spent in the quarter won't pay back into the following quarter or beyond. It's worth bearing this concept in mind as you consider advertising spend as a percentage of net revenue because there is a timing mismatch. Not all the dollars we deployed last quarter hit their target payback windows within the period. Some of that will carry over into one or more quarters of 2025.

但即使最短的回報期也可能在 60 到 90 天的時間範圍內。這意味著該季度花費的大部分資金將無法在下個季度或以後償還。當您將廣告支出視為淨收入的百分比時，值得牢記這一概念，因為存在時間不匹配。我們上個季度投入的資金並非全部都在期內達到了目標回報期。其中一些將延續到2025年的一個或多個季度。

As the revenue dollars associated with the incremental marketing spend begin to flow in, that serves as a levering force to bring advertising as a percentage of revenue back down. Consequently, we anticipate this metric improving compared to the peak level we saw in the fourth quarter.

隨著與增量行銷支出相關的收入開始流入，這將起到槓桿作用，使廣告佔收入的百分比下降。因此，我們預計這項指標將比第四季的高峰有所改善。

As we've previously discussed at length, we are constantly measuring and evaluating the efficacy of ad spend on a channel-by-channel basis. Our industry-leading expertise, underpinned by our proprietary technology tools and decades of experience, enables us to have the agility to lean in where dollars are generating the highest ROI, while simultaneously pivoting from channels if their efficiency weakens.

正如我們之前詳細討論過的，我們會不斷衡量和評估各個管道的廣告支出效果。我們擁有業界領先的專業知識，並以專有的技術工具和數十年的經驗為基礎，使我們能夠靈活地在資金產生最高投資回報率的領域進行投資，同時在通路效率下降時轉移通路。

The important point to take away here is that we are constantly adapting our spending plans to the reality of the advertising market and the state of consumer demand, which affords us the flexibility to swiftly pare back budgets if the ROIs across certain channels in our portfolio begin to deviate from the targets we set out.

這裡要注意的重點是，我們不斷根據廣告市場的現實和消費者需求狀況調整我們的支出計劃，如果我們投資組合中某些管道的投資回報率開始偏離我們設定的目標，這使我們能夠靈活地迅速削減預算。

Now as I've mentioned before, the end result we are solving for is maximizing adjusted EBITDA dollars over a multi-quarter period. To that end, we can fund this incremental investment in advertising through savings in other areas like our selling, operations, technology, general and administrative expenses line item, which came in at $392 million for the fourth quarter. We showed further discipline here in Q4, and you should expect this to continue as we get deeper into 2025.

正如我之前提到的，我們要解決的最終結果是最大化多個季度內的調整後 EBITDA 美元。為此，我們可以透過節省其他領域的開支來為廣告方面的增量投資提供資金，例如銷售、營運、技術、一般和行政費用項目，第四季度這些項目的開支為 3.92 億美元。我們在第四季度展現了進一步的紀律性，您應該期待這種紀律在 2025 年進一步延續下去。

Altogether, we generated $96 million of adjusted EBITDA in the fourth quarter for a margin of 3.1%, and $453 million for the full year 2024 at a 3.8% margin on net revenue. Early last year, we made a commitment to driving approximately 50% year-over-year growth in adjusted EBITDA dollars, and we're proud of the work that went into making that happen even in the face of a category that showed a third consecutive year of market contraction.

總體而言，我們在第四季度實現了 9,600 萬美元的調整後 EBITDA，利潤率為 3.1%，2024 年全年實現了 4.53 億美元，淨收入利潤率為 3.8%。去年初，我們承諾實現調整後 EBITDA 年成長約 50%，即使在該類別連續第三年出現市場萎縮的情況下，我們仍為實現這一目標所做的努力感到自豪。

We've said many times before that our North Star is driving adjusted EBITDA in excess of capital expenditures as well as equity-based compensation. Our cost efficiency was well reflected on that last piece, with equity-based compensation declining by nearly 35% or over $200 million year-over-year in 2024. Again, just like the cash expenses in our SOTG&A line, we expect equity-based compensation to further compress as we get deeper into 2025.

我們之前曾多次表示，我們的北極星是推動調整後的 EBITDA 超過資本支出以及股權薪酬。我們的成本效率在最後一部分得到了很好的體現，到 2024 年，股權薪酬將比去年同期下降近 35% 或超過 2 億美元。同樣，就像我們的 SOTG&A 系列中的現金支出一樣，我們預計隨著 2025 年的深入，股權薪酬將進一步壓縮。

We ended the quarter with $1.3 billion of cash and equivalents and over $1.9 billion of total liquidity. Cash from operations was a positive $162 million in the quarter, offset by $60 million of capital expenditures for free cash flow of $102 million. All told, our $83 million of positive free cash flow in 2024 was another year of meaningful improvement in our financial profile. But our work doesn't stop there as we've made a commitment to drive growth in adjusted EBITDA dollars and free cash flow in 2025 as well.

截至本季末，我們的現金和等價物為 13 億美元，總流動資金超過 19 億美元。本季營運活動現金流為正 1.62 億美元，抵銷了 6,000 萬美元的資本支出，自由現金流為 1.02 億美元。總而言之，2024 年我們的自由現金流為 8,300 萬美元，標誌著我們的財務狀況又一次得到有意義的改善。但我們的工作不止於此，因為我們承諾在 2025 年推動調整後 EBITDA 和自由現金流的成長。

Let's now turn to guidance for the first quarter of 2025. Beginning with the top line, quarter-to-date, we are just below flat and would expect to end Q1 flat to down year over year. This outlook for the full quarter includes approximately 100 basis points of drag from the exit of our German business.

現在讓我們來看看 2025 年第一季的指導。從本季迄今的營收數據開始，我們的營收略低於持平水平，預計第一季的營收將與去年同期持平或下降。對整個季度的預期包括了我們退出德國業務所帶來的約 100 個基點的拖累。

Turning to gross margin. We would hold our guided range of 30% to 31%, and expect to be closer to the midpoint here for Q1. Customer service and merchant fees should be just below 4%, in line with where they've been in the past several quarters. We expect advertising to be in the range of 12% to 13% of net revenue. We leaned in quite heavily in the fourth quarter, and while we continue to see very attractive opportunities to spend, we do expect to see spend in Q1 stay within the upper end of this range as we get the benefit of some of the dollars spent in Q4 now beginning to pay back.

轉向毛利率。我們將維持 30% 至 31% 的指導範圍，並預計第一季將更接近中點。客戶服務和商家費用應略低於 4%，與過去幾季的水平一致。我們預計廣告收入將佔淨收入的 12% 至 13% 之間。我們在第四季度投入了相當多的資金，雖然我們繼續看到非常有吸引力的支出機會，但我們確實預計第一季度的支出將保持在這個範圍的上限，因為我們從第四季度花費的部分資金中獲益，現在這些資金開始獲得回報。

Finally, we expect SOTG&A to be in the range of $380 million to $390 million in the quarter, showing continued improvement. Following this guidance down, we anticipate adjusted EBITDA margin to again be in the 2% to 4% range.

最後，我們預計本季 SOTG&A 將在 3.8 億美元至 3.9 億美元之間，顯示出持續的改善。根據這項指引，我們預計調整後的 EBITDA 利潤率將再次達到 2% 至 4% 的範圍內。

Now let me touch on a few housekeeping items. We expect equity-based compensation and related taxes of roughly $80 million to $100 million; depreciation and amortization of approximately $82 million to $87 million; net interest expense of approximately $18 million; weighted average shares outstanding of approximately 127 million; and CapEx in a $60 million to $70 million range.

現在讓我來談談一些家事。我們預期股權激勵薪酬和相關稅費約為 8,000 萬至 1 億美元；折舊和攤提約 8,200 萬美元至 8,700 萬美元；淨利息支出約1800萬美元；加權平均流通股數約為1.27億股；資本支出在 6,000 萬至 7,000 萬美元之間。

As we wrap up, I want to take a moment to thank our team for their incredible work throughout the past year. Despite a challenging macro backdrop, we continue to gain share, grow adjusted EBITDA dollars as well as free cash flow and improve our balance sheet. None of these achievements would be possible without the hard work and dedication of Wayfairians across the globe. Collectively, we are as excited as we've ever been about what we're building at Wayfair, and look forward to sharing more with you in 2025. Thank you.

最後，我想花點時間感謝我們的團隊在過去一年中所做的出色工作。儘管宏觀背景充滿挑戰，我們仍繼續增加市場份額，增加調整後的 EBITDA 以及自由現金流，並改善我們的資產負債表。如果沒有全球 Wayfairians 的辛勤工作和奉獻，這些成就就不可能實現。總的來說，我們對 Wayfair 所建造的一切感到前所未有的興奮，並期待在 2025 年與您分享更多。謝謝。

And with that, Niraj, Steve and I will take your questions.

接下來，Niraj、Steve 和我將回答你們的問題。

(Operator Instructions) Ygal Arounian, Citi.

(操作員指示) Ygal Arounian，花旗。

Maybe just first on, I guess, the relative outperformance in 4Q on the top line, what the biggest drivers of that were for you guys? I mean -- on our numbers, the AOV was better than expected and customer count and orders were a little bit worse, but it sounds like that was in line with your expectations. Was it still predominantly pricing and discount driven, just how to think about what happened in the fourth quarter?

首先我想問一下，第四季營收相對出色，對你們來說，最大的推動力是什麼？我的意思是 - 從我們的數據來看，AOV 比預期要好，而客戶數量和訂單量則稍微差一些，但這聽起來符合你的預期。它是否仍然主要受定價和折扣驅動，如何看待第四季度發生的事情？

And then thanks for all the color on the letter and in the presentation as we look forward to 2025. Share gain seems to be a big factor here. What do you think drives that the most this year? And how much share gain is contemplated in the comments around the profitability of EBITDA growth --

最後，感謝您為這封信和演講所增添的色彩，我們期待 2025 年。份額增長似乎是這裡的一個重要因素。您認為今年最主要的推動力是什麼？關於 EBITDA 成長獲利能力的評論中預計會有多少份額成長--

Thanks for your question. All right. Let me start by answering some of this and then I'm going to pass it off to Kate to try to answer some of the last bit about guidance kind of contemplation.

感謝您的提問。好的。讓我先回答其中的一些問題，然後我會把它交給凱特，讓她試著回答最後一些關於指導思考的問題。

In terms of the fourth quarter, so we were happy with how the fourth quarter came out. The way to think about it is you're obviously describing kind of the revenue came in well, but you're talking about kind of orders, AOV.

就第四季而言，我們對第四季的結果感到滿意。思考這個問題的方式是，你顯然描述了收入的來源，但你談論的是訂單，AOV。

I guess the way to think about that is -- the main thing you think about is sort of what's the right offering for the customer, what's the right marketing, the right event cadence, it's holiday, how are you sorting the seasonal goods. Are you sorting sort of kind of doorbusters and other items.

我想思考這個問題的方式是——你主要考慮的是什麼樣的產品適合客戶，什麼是正確的營銷方式，正確的活動節奏，這是假期，你如何對季節性商品進行分類。您是否正在對某種類型的搶門物品和其他物品進行分類？

And then how are you just -- like in our business, it's not just -- it's not like gifting, where it's a rush right before Christmas, it's sort preparing to host at Thanksgiving and it's getting your house ready for the holiday -- festive holiday season. It's been hosting again for Christmas. So there's all these things outside of just getting a guest for yourself or for someone else. And so I feel like we did a good job with that.

那麼你怎麼樣——就像在我們的業務中，這不僅僅是——這不像送禮，在聖誕節前很匆忙，而是準備在感恩節招待客人，並為假期——節日假期準備好你的房子。它再次舉辦聖誕節活動。因此，除了為自己或他人接待客人之外，還有很多其他事情。所以我覺得我們在這方面做得很好。

And I will just say, we're now in -- finished the third year where the market was comping significantly negative. And our strategy has been how do we deliver the experience that allows us to take share. So the gains are coming out of successfully taking share by the customers choosing to shop with us even though maybe they're not shopping the category that much. So that's sort of like the way I would kind of frame what we saw with holiday and while we're happy with it and kind of the fact that it was a solid holiday season and how it played out.

我只想說，我們現在已經進入了市場表現明顯負面的第三年。我們的策略是如何提供能讓我們獲得份額的體驗。因此，儘管顧客購買該類別商品的次數並不多，但我們透過成功搶佔市場份額獲得了收益。所以這有點像我對假期的看法，我們對此感到高興，而且事實上這是一個充實的假期，以及它的發展方式。

Now you had a question about kind of now looking forward, share gain has been a big piece of the story, which I totally would agree with. And I think a very -- I would point to that as a very important piece of the story, as you see in the shareholder letter that we released today. I talk a lot about that.

現在你有一個問題，展望未來，份額成長是故事的重要組成部分，我完全同意這一點。我認為——我想指出這是故事中非常重要的一部分，正如你在我們今天發布的股東信中所看到的那樣。我經常談論這個話題。

As we look forward, and I'd say super high level, and you can see this in the shareholder letter when I talk about the coming year. I'd say that we underwrite a base case that the market does not get that much better, then it's a tough market. And why do I say that? Well, housing is in a tough place, the 30-year mortgage rate's in a high number. It doesn't make sense for a lot of folks to move. And so rather than underwrite, hey, this is going to get a lot better. We say, well, let's make the base case that it's not.

展望未來，我會說水平非常高，當我談到來年時，您可以在股東信中看到這一點。我想說，我們承保一個基本情況，就是市場不會變得好太多，那麼市場就會很艱難。我為什麼這麼說呢？嗯，房屋市場情況嚴峻，30 年期房貸利率很高。對很多人來說，搬家是沒有意義的。因此，與其承保，嘿，情況會好得多。我們說，好吧，讓我們先確定事實並非如此。

Now it's a cyclical category, and there's no question that we're down, we've kind of gone through the down cycle, and we must be near the bottom. But rather than try to call the bottom, we'd say, "Hey, we're going to be a big beneficiary now and later and during an up cycle if we focus on just executing well and what are the things we can do this year that are in our control that let us take market share. And it's a very big and fragmented market. We talked about it being over $0.5 trillion, and it's very fragmented. $12 million, we're one of the largest players in it.

現在它是一個週期性類別，毫無疑問我們正處於下滑階段，我們已經經歷了下滑週期，而且我們肯定已經接近底部。但我們不會試圖預測市場的底部，而是會說：「嘿，如果我們集中精力做好執行，那麼我們現在和以後以及在上升週期中，我們都將成為一個巨大的受益者，今年我們可以做哪些在我們掌控之中的事情來佔領市場份額。這是一個非常龐大且分散的市場。我們說過，這個數字超過 0.5 兆美元，而且非常分散。 1200萬美元，我們是其中最大的參與者之一。

But there's a lot of areas in our business where we say, hey, there are specific things that we think we can do that would let us take share. And when you make a list of these and you say, okay, these are ones we could do, who could own each one or does own each one? What are the metrics? What do we need to accelerate them? And you add up what do we think these can do there? It could be substantial. So that's the plan we have, and it is based around taking share off the market being tough.

但在我們的業務中有很多領域我們會說，嘿，我們認為我們可以做一些具體的事情來讓我們獲得份額。當您列出這些內容並說，好吧，這些是我們可以做的，那麼誰可以擁有每個內容或擁有每個內容？衡量標準是什麼？我們需要做什麼來加速它們？您認為我們認為這些在那裡能做什麼？這可能是相當可觀的。這就是我們的計劃，其基礎是艱難地搶佔市場份額。

And we have one big advantage as we go into this year that we didn't have in past years, which is just that we have a large technology organization, but we focused -- over the last few years, I've talked about this going back three years ago in the shareholder letter, that we are putting our technology resource very focused on replatforming our systems. We have put that off for a long time. But we've gotten to a point where development velocity was very slow, and it was very hard to have stable systems and introduce new feature function into them.

我們今年擁有一個過去幾年所不具備的重大優勢，那就是我們擁有一個龐大的技術組織，但我們專注於——在過去幾年中，我在三年前的股東信中就談到了這一點，我們將我們的技術資源高度集中在系統平台重建上。我們已經推遲此事很久了。但我們已經到了開發速度非常緩慢的階段，很難擁有穩定的系統並引入新的功能功能。

And so we made the right, I think, but tough decision to really focus the technology resource on that. So we've had multiple years where we've not been able to drive future function. And this whole type of product-led growth has historically been a big piece of how we've grown. We now have those resources back as the vector platforming has gotten to this advanced stage.

因此，我認為，我們做出了正確但又艱難的決定，將技術資源真正集中於此。因此，我們已經有好幾年無法推動未來的功能了。從歷史上看，這種以產品為主導的成長方式一直是我們成長的重要組成部分。隨著向量平台化進入這一高級階段，我們現在重新獲得了這些資源。

So a lot of the things we talk about, and I've mentioned a number in the letter, are ones that we can now do this year that we couldn't do in the past year. So there's a in our mind, there's a lot of opportunity that's entirely in our control that's low-hanging fruit.

因此，我們談論的很多事情，我在信中也提到了一些，都是我們今年可以做但去年沒能做到的事情。因此，我們認為，有很多機會完全在我們的掌控之中，而且唾手可得。

Now in terms of how we think about guidance, let me turn it over to Kate.

現在，關於我們如何看待指導，讓我把它交給凱特。

Yes. So I think what you're referring to, Ygal, is the commitment to grow adjusted EBITDA dollars in 2025 and how much of that is tied to top line versus potentially other levers. I think Niraj shared a bit around how we think we can continue to gain share throughout '25 and our commitment to that.

是的。所以我認為你指的是 Ygal，承諾在 2025 年增加調整後的 EBITDA 美元，以及其中有多少與營收相關，而不是與其他潛在槓桿相關。我認為 Niraj 分享了一些關於我們認為如何在整個 25 年內繼續獲得份額以及我們對此的承諾。

But if we look at sort of how do we grow adjusted EBITDA dollars even in an ongoing challenging environment, we believe there are a number of levers at our disposal. Niraj just talked about, what can we control. One of those is obviously our ongoing reduction in the fixed cost base.

但如果我們研究如何在持續充滿挑戰的環境中實現調整後 EBITDA 的成長，我們相信我們可以使用多種手段。Niraj 剛才談到，我們能控制什麼。其中之一顯然是我們不斷減少固定成本基礎。

So the SOTG&A line. You've seen that continue to come in quite nicely. And obviously, in our guide for Q1, we had that coming in again. So we think that through ongoing expense management, even with a challenging top line environment, we can continue to grow adjusted EBITDA dollars.

所以是 SOTG&A 線。您已經看到，這一情況繼續良好發展。顯然，在我們的第一季指南中，我們再次提到了這一點。因此，我們認為，透過持續的費用管理，即使在充滿挑戰的營業環境中，我們仍然可以繼續增加調整後的 EBITDA。

Maria Ripps, Canaccord.

瑪麗亞·里普斯 (Maria Ripps)，Canaccord。

First, can you maybe expand on how you're thinking strategically about pricing investments, especially in the context of tariffs? And then secondly, one of the focus areas you highlighted in your shareholder letter was going after the low-hanging fruit. Can you maybe expand on two initiatives that you sort of mentioned there? One is -- sorry, modernizing your merchandising platform and the other one is developing kind of (inaudible) promotions capabilities. I guess, what are some sort of aspects of functionality that you feel like you need to add on those two fronts to compete sort of more effectively?

首先，您能否詳細說明您對投資定價的策略思考，特別是在關稅的背景下？其次，您在致股東信中強調的重點領域之一就是追求唾手可得的成果。您能否詳細說明您提到的兩個舉措？一是—抱歉，是對你們的商品銷售平台進行現代化改造，另一個是開發某種（聽不清楚）促銷能力。我想，您覺得需要在這兩個方面添加哪些功能才能更有效地競爭？

All right. Thanks, Maria. So let me go through questions one at a time. So on the first question around price investments and tariffs. So on tariffs, let's just take a step back and I just want to provide a little bit of background for those maybe who haven't followed us for five, six years now.

好的。謝謝，瑪麗亞。那麼，讓我逐一解答這些疑問。第一個問題是關於價格投資和關稅。因此，關於關稅，讓我們回顧一下，我只想為那些可能已經五、六年沒有關注我們的人提供一些背景資訊。

If you go back to the -- during the first Trump administration, the tariffs in our category, it went from really no tariffs on our goods coming out of China, through a couple of different iterations up to 25% of tariffs on goods coming out of our category.

如果回顧一下——在川普第一任政府執政期間，我們產品類別的關稅從對來自中國的商品實際上不徵收關稅，經過幾次不同的迭代，最高達到對我們產品類別的商品徵收 25% 的關稅。

And that happened -- it was I would say a surprise to most folks, and so it happened fairly quickly. That, of course, then caused our suppliers to make decisions that their supply chains that would then optimize the cost of their goods because they want to make sure that they're as cost competitive as they can be. Otherwise, obviously, it's hard for them to grow their business and succeed.

那件事發生了——我想說這讓大多數人感到驚訝，而且它發生得相當快。當然，這促使我們的供應商做出決策，他們的供應鏈將優化其商品成本，因為他們希望確保其成本盡可能具有競爭力。否則，他們顯然很難發展業務並取得成功。

But then what's happened since then is that, that understanding that, hey, these tariffs, they may change, they may continue to evolve. That was then kind of firmly set in folks' mind. So what you've really seen happen is that there's sources inside Asia, so places like Cambodia, Indonesia, Thailand, Philippines and Vietnam for sure, that have grown as places where folks have factories and where our goods are coming from. And that's been a growing trend.

但從那時起發生的事情是，人們意識到，這些關稅可能會改變，可能會繼續發展。這種觀念已經深深印在了人們的心裡。所以你真正看到的情況是，亞洲內部有資源，例如柬埔寨、印尼、泰國、菲律賓和越南等地，這些地方已經發展成為人們設立工廠的地方，也是我們的貨物的來源。這已經成為一種日益增長的趨勢。

And in addition to that, there are places like India, Brazil, Turkey, that have really been growing as a source of goods. And so the supply chain has been diversifying. And then obviously, there's production in the US, in Mexico and Canada.

除此之外，印度、巴西、土耳其等地也逐漸成為貨物來源。因此供應鏈不斷多樣化。顯然，美國、墨西哥和加拿大都有生產。

And we as a platform, because we have 20,000-plus suppliers, we work with all of these folks. So we haven't like made a bet, hey, we're buying from these Chinese factories. So we want to change our mind. We need to build a sourcing operation in Mexico, and we want to now buy from Mexico. Instead, we're working with everybody.

作為一個平台，我們擁有超過 20,000 家供應商，我們與所有這些人合作。所以我們還沒有打賭，嘿，我們從這些中國工廠購買。所以我們想改變主意。我們需要在墨西哥建立採購業務，而且我們現在想從墨西哥購買。相反，我們與所有人合作。

And so our different suppliers may get advantaged or disadvantaged as different things happen. That could be something like global trade policy, but it also could be something like ocean freight pricing, right? It could be there's a variety of things. And our suppliers are doing what they can to optimize their business so that they can provide that price value to customers. Otherwise, they don't win.

因此，隨著不同情況的發生，我們的不同供應商可能會獲得優勢或處於劣勢。這可能類似於全球貿易政策，但也可能類似海運定價，對嗎？可能有多種情況。我們的供應商正在盡其所能優化業務，以便為客戶提供合適的價格。否則，他們就不會獲勝。

And then we are basically taking a margin on these goods. So meaning if you have opening price point parcels, we have a certain margin, we take on opening price point parcel. So anyone who's selling us opening price point parcels are competing against one another. But mid-priced wooden parcels, we may have a different margin we've decided to take. But again, anyone providing those, regardless of their sourcing and their location, their cost structure, we're taking the same margin.

然後我們基本上從這些商品上賺取利潤。所以這意味著如果您有起始價點包裹，我們就有一定的利潤，我們會承擔起始價點包裹。因此，任何向我們出售起始價包裹的人都在相互競爭。但對於中價位的木質包裹，我們可能會決定採取不同的利潤率。但再說一次，任何提供這些產品的人，無論他們的來源和位置，他們的成本結構如何，我們都獲得相同的利潤。

So different folks could win or lose if they end up advantaged or disadvantaged depending on the setup they have. As you can imagine, they want to make sure they're advantaged. So they've been making changes to try to advantage themselves. We try to help them by providing advice and guidance on what we're seeing, what we think is happening. As you know, on ocean freight and shipping costs, we try to help them by being a provider of those services.

因此，不同的人可能會根據自己的設置，獲得優勢或處於劣勢，從而獲勝或失敗。你可以想像，他們想確保自己擁有優勢。因此，他們一直在做出改變，試圖為自己謀取優勢。我們嘗試根據所見所聞和所思所想為他們提供建議和指導，以幫助他們。如您所知，在海運和運輸成本方面，我們嘗試透過提供相關服務來為他們提供幫助。

We moved tens and tens of thousands of containers on our in the [OOC] as one of our logistics services we provide. So we're trying to help them. But ultimately, they need to optimize their outcome, and you see them being pretty smart about that.

作為我們提供的物流服務之一，我們在 [OOC] 上運輸了數以萬計的貨櫃。因此我們正在盡力幫助他們。但最終，他們需要優化他們的結果，你會發現他們在這方面非常聰明。

So the price actions we make are around price elasticity, what we think optimizes the outcomes for us, not about what the cost inputs are to our suppliers. So they're sort of like obviously related in the sense that you're talking about a retail price at the end of the day, but they are two very different dynamics.

因此，我們制定的價格行動都是圍繞著價格彈性進行的，我們認為這可以為我們優化結果，而不是圍繞供應商的成本投入。因此，它們顯然有點相關，因為你最終談論的是零售價，但它們是兩種非常不同的動態。

But before I go on to the two things for the shareholder, let me - I don't know if Kate may want to add anything on that first part?

但在我繼續討論股東的兩件事之前，請允許我 - 我不知道凱特是否想補充第一部分？

No, no, I think that covered the tariff piece well. I guess I'd just add on sort of conceptually how we think about price, too. You heard us talk about investing in price over the last few quarters. What we said there was that we were focused on growing gross profit dollars on this multi-quarter basis.

不，不，我認為這已經很好地涵蓋了關稅部分。我想我只是從概念上補充我們如何看待價格。過去幾個季度，您聽到我們談論價格投資。我們在那裡說過，我們專注於在多個季度內增加毛利。

And so really, the framing there is we think of price as a lever, and we're quite selective about how we use it. We understand from the COVID and the data we collect on where the consumer is price sensitive and where we should lean in, where we should go back. And that's really based on guiding towards it, gross profit dollar growth and ultimately, this adjusted EBITDA dollar growth. So as we go into '25, think about us as having that at our disposal in terms of how we lever that up and down.

因此，實際上，我們將價格視為一種槓桿，並且我們對如何使用它非常有選擇性。我們從 COVID 和收集的數據中了解到消費者對價格敏感的地方，以及我們應該在哪裡傾斜，應該在哪裡回歸。這實際上是基於對毛利潤美元成長以及最終調整後 EBITDA 美元成長的指導。因此，當我們進入25年時，想想我們是否可以隨意利用這一點，以及如何提高或降低這一點。

Now let me jump to the second question. So thank you for reading the letter. And anyone on the call, I definitely -- if you have a few minutes, I encourage you to read our shareholder letter. We try to zoom out in -- try to be concise, but also try to share thoughts that we think would be interesting to think about what we're thinking about, what we're focusing Wayfair on, where we are and what we're doing.

現在讓我來談談第二個問題。感謝您閱讀這封信。對於電話會議中的任何人，我絕對鼓勵你們——如果你們有幾分鐘時間，請閱讀我們的股東信。我們嘗試著縮小範圍——嘗試著簡潔，同時也嘗試著分享一些我們認為有趣的想法，例如我們正在思考什麼、我們將 Wayfair 的重點放在什麼地方、我們在哪裡以及我們正在做什麼。

Specifically, when we talk about the plan for 2025, one of the things I talked about was low-hanging fruit, meaning these are things that, again, in our control, where we can take share through actions of our own. And the low-hanging fruit comment refers to, we think there's some real juice to squeeze on these things. And so we're going to go after them.

具體來說，當我們談論 2025 年計畫時，我談到的事情之一就是唾手可得的成果，這意味著這些事情在我們的掌控之中，我們可以透過自己的行動來分享。而所謂的唾手可得的果實的評論指的是，我們認為這些東西確實可以榨出一些汁液。所以我們要去追捕他們。

And as I mentioned a minute ago, there's a set of items on that list that wouldn't have been possible for us to do in the recent past because of the technology replatforming efforts. It's hard not to kind of overemphasize that because obviously, in our history, you go back over 20-plus years, we really built the business through very focused execution, but by using technology as a key lever to really let us get advantage.

正如我剛才提到的，由於技術平台重構工作，我們最近不可能完成清單上的一些事項。很難不過分強調這一點，因為顯然，在我們的歷史上，回顧過去 20 多年，我們確實是透過非常專注的執行來建立業務，但透過使用技術作為關鍵槓桿來真正讓我們獲得優勢。

So obviously, taking a multiyear period and focusing on setting up our technology, scalable, flexible, enabled developer speed, but not to feature function in the meantime is really changed and painful and not ideal in the near term, but we think really smart for the long term. So we did that. But now where we are is we are getting that technology resource back.

因此顯然，花多年時間專注於建立我們的技術，可擴展、靈活、提高開發人員的速度，但同時不實現功能，這在短期內確實會改變、痛苦且不理想，但我們認為從長遠來看這是非常明智的。所以我們就這麼做了。但現在我們正在重新獲得技術資源。

So the two -- Maria, the two things you asked about are both ones that do leverage technology resources. So on the merchandising platform, what that refers to is we built our platform for the complexity of the home categories a long time ago. So in our categories, there's items that have a lot of options. There might be fabric choices and leg choices and arm choices on a sofa. So there's a lot of complexity in how you want to show items. Some items come in multiple boxes. There's a lot of dynamic in how the catalog needs to be structured. So we set it up in that.

所以這兩個——瑪麗亞，你問的兩件事都是利用科技資源的。因此，在商品銷售平台上，我們很早以前就為複雜的家居類別建立了我們的平台。在我們的類別中，有許多選項的商品。沙發上可能有布料選擇、沙發腳選擇和沙發扶手選擇。因此，展示物品的方式非常複雜。有些物品裝在多個盒子裡。目錄的建構方式具有很大的動態性。因此我們就把它設定在那裡。

Now over time, as the world advance, there's things that we now know, hey, there's easier ways that we could set up for our suppliers to work inside our extranet that they work on, called [Partner Home], to work with us. They now have catalog product information management, PIM, that they now store data in that we want to just automatically integrate so just through direct connection through the PIM or through an API that they can write to. And these are things that in the old tech stack were difficult to do.

隨著時間的推移和世界的發展，我們現在知道，我們可以採用更簡單的方式為我們的供應商建立工作外部網路（稱為 [合作夥伴主頁]），以便與我們合作。他們現在有了目錄產品資訊管理 (PIM)，他們現在將資料儲存在其中，我們希望能夠自動集成，只需透過 PIM 直接連接或透過他們可以寫入的 API 即可。這些都是在舊的技術堆疊中很難做到的事情。

So as a result, it creates friction for our suppliers to be able to do the things they want, makes it harder, makes it slower, it makes it more error prone.

因此，這會對我們的供應商做他們想做的事情造成阻力，使事情變得更加困難，更加緩慢，也更容易出錯。

And so what we now are able to do is rather than sort of band-aiding, quick fixing the things that we need to do in the near term because the main focus of the replatforming, what we're able to now do is tackle kind of the bigger cells to make it -- we want to be the easiest platform for them to work on, where they have the most flexibility, and they're able to do things that they cannot do on other platforms, getting at the nature of the goods we sell, the way they want to merchandise these goods. So that's kind of like the merchandising platform broadly is that type of work we're meaningfully far along in that now, and we think there's a lot of gains to come from that.

因此，我們現在能夠做的不是採取創可貼式的快速修復方式，而是解決短期內需要做的事情，因為平台重構的重點是解決更大的問題——我們希望成為他們最容易工作的平台，讓他們擁有最大的靈活性，讓他們能夠做在其他平台上做不到的事情，了解我們銷售的商品的性質，了解他們想要銷售這些商品的方式。所以這有點像是大體上的商品推銷平台，這是我們目前在這方面已經取得很大進展的工作，我們認為這將帶來許多好處。

The other one you mentioned is talking about what we do with promotions. And there there's kind of like two facets to that. One is -- just as we've talked about, obviously, it's a category that customers have a lot of passion for us. They browse the shop, they want to know about trends. But the ticket size in the category is not de minimis.

您提到的另一個問題是我們如何進行促銷。這有兩個面向。一是——正如我們所談論的，顯然，這是一個客戶對我們非常熱衷的類別。他們瀏覽商店，想了解趨勢。但該類別的票價規模並非最低限度。

So it's not like I need some new iPhone cables, 10 box, no big deal. So you may want to -- you may care a little more about sale events when talking about sale, you may really want to browse and see what's out there.

所以，我並不需要一些新的 iPhone 線，10 盒就夠了，沒什麼大不了的。因此，您可能想要——當涉及銷售時，您可能會更加關心銷售活動，您可能真的想瀏覽並看看那裡有什麼。

And so the experience for customers when they're shopping on sale events, interfacing that with our ability to personalize those events and really let them find what they're looking for, there's a set of technology around how the sale events manifest that we want to let them experience. And then there's also the supplier side of making it easier for suppliers to launch new promotion types. So in other platforms, you may see things like coupons or buy one, get one free.

因此，當顧客參加促銷活動購物時，我們會將這種體驗與我們個性化這些活動的能力相結合，讓他們真正找到他們想要的東西，我們希望讓他們體驗到一套圍繞促銷活動如何呈現的技術。然後從供應商角度來看，這也使供應商更輕鬆地推出新的促銷類型。因此在其他平台上，您可能會看到優惠券或買一送一之類的東西。

There's certain types of very specific promotion types that today in our system, we don't support. They're not necessarily the primary way suppliers market in our category. We support those, but they add up. And so we want to make those available. Again, those are not particularly difficult.

目前，我們的系統不支援某些非常特殊的促銷類型。它們不一定是我們類別供應商行銷的主要方式。我們支持這些，但它們加起來就太多了。因此我們希望讓這些成為現實。再說一遍，這些並不是特別困難。

But when you really have a very scarce amount of technology resource for future function, they wouldn't make the cut. Now all of a sudden, hey, we can add those on the platform. Those in different categories will unlock nice pockets of growth. And so those are two examples of what's a much longer list, you can see how these things add up, I think.

但當你真的擁有非常稀缺的未來功能技術資源時，他們就無法勝任。現在突然之間，嘿，我們可以在平台上添加這些。不同類別的企業將會釋放出良好的成長空間。這兩個例子可以說明一個更長的列表，我想您可以看到這些內容是如何加起來的。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

I'll echo the thanks for all the detail in the letter is really, really, really helpful. In terms of the part of the letter where you talked about advertising, both from a stimulative growth and then the rate of pace of cost reduction. I wanted to know if I could follow up there with maybe just a few questions.

我要對信中的所有細節表示感謝，這封信真的非常非常有幫助。就您在信中談到的廣告部分而言，既從促進成長的角度，也從降低成本的速度的角度。我想知道我是否可以跟進幾個問題。

One, what were the key learnings about channel mix from 2024 that inform the way you want to (inaudible) spend your advertising dollars in '25 and beyond? And could you talk a little bit about evolution of direct traffic and rewards and how that could offset advertising and actually create some leverage on that line item over the longer term?

第一，從 2024 年起，關於通路組合的關鍵經驗是什麼？您能否談談直接流量和獎勵的演變，以及它們如何抵消廣告並在長期內為該項目創造一些槓桿作用？

Thanks, Eric. Yes, so we'll talk a little bit about advertising. So the first part of your question was about like learnings from channel mix. And so what I would say there is kind of a few thoughts. So one, there's the concept of channel mix in terms of upper funnel, mid-funnel lower funnel.

謝謝，埃里克。是的，我們來談談廣告。所以你問題的第一部分是關於從管道組合中學習到的知識。所以我想說的是一些想法。因此，首先，存在就上層漏斗、中層漏斗和下層漏斗而言的渠道組合概念。

And so if you think about the total top of upper funnel, it might be something like our television advertising. Obviously, the Wayborhood campaign was a big launch last year. We're very excited with how that's going. We have the new set of that campaign that will launch shortly in the spring. And obviously, there's the holiday phase and then there's mid-funnel.

因此，如果你考慮上部漏斗的整體頂部，它可能類似於我們的電視廣告。顯然，Wayborhood 活動是去年的重大活動。我們對事情的進展感到非常興奮。我們有活動的新一套內容，將於春季推出。顯然，有一個假期階段，然後是中期階段。

I would say the thing is on channel mix. One, we do a lot to try to measure mix and the mix effects. The mix effects are hard to measure, so you have a kind of margin on error on that. But what you do find is like the basic premise that you want to be wherever customers are, is obviously very important.

我想說的是，事情在於通路組合。首先，我們做了很多嘗試來衡量混合和混合效果。混合效果很難衡量，因此你會有一定的誤差幅度。但你會發現，無論客戶在哪裡，你都想出現在他們的身邊，這個基本前提顯然非常重要。

And so what I would highlight there is I think when we look back over the last few years, we'd probably say that we're probably a little slow to experiment and optimize for some of the more emerging channels. And so to give some context, one that merged a handful of years ago, that's grown quite large would be what happens with influencers or creators when you think about some of the social media channels, whether it be on TikTok or Instagram or YouTube shorts.

因此，我想強調的是，當我們回顧過去幾年時，我們可能會說，對於一些新興管道，我們的實驗和優化速度可能有點慢。因此，為了提供一些背景訊息，幾年前合併的一家公司已經發展得相當大，當你想到一些社交媒體管道時，無論是在 TikTok 還是 Instagram 或 YouTube Shorts 上，影響者或創作者都會發生這種情況。

And how do you interact with those in a way that both from a brand standpoint, provides some upper funnel benefit, but frankly, is really also driving that lower funnel sales transaction and so that you're monetizing it on the payback you want.

您如何與這些人進行互動，不僅從品牌的角度提供一些上層漏斗利益，而且坦率地說，實際上也在推動下層漏斗銷售交易，以便您根據想要的回報將其貨幣化。

And so I would say what we believe is that there are certain channels, which we do a very good job in, we're getting kind of our share, we're learning how to kind of keep increasing that cost effectively through increased targeting, better creative, et cetera. And then there's channels where we don't yet have the recipe correct, but we think they're important places to be. And so I mentioned creators.

所以我想說，我們相信在某些管道中我們做得非常好，我們正在獲得自己的份額，我們正在學習如何透過增加定位、更好的創意等來有效地提高成本。還有一些管道，我們還沒有正確的方案，但我們認為它們是重要的地方。因此我提到了創作者。

But then similarly, if you look at YouTube, full length or whether you look at (inaudible), there's a number where we care a lot about being a leader in that channel and getting our share, but then making sure we measure the interaction effects that we're only -- we're setting the payback tight enough so that we're getting the benefit, both in the channel but overall because of the interaction effect.

但同樣地，如果你看 YouTube，無論是完整版還是（聽不清楚），你都會發現我們非常關心成為該管道的領導者並獲得我們的份額，但隨後要確保我們衡量互動效果——我們設定了足夠嚴格的回報，以便我們能夠獲得收益，無論是在管道中，還是在整體上，因為互動效果。

And I would say that one of the things we're focused on doing is catching up in the channels we're not yet at the scale in. But we don't want that sort of experimentation cost to be a big source of deleverage. So the way we think about it is, hey, there's some upfront cost when you're in channels that you borrow a pay back end, but you're not maximizing that, hey, you want to spend up to that payback and then you get revenue that quarter and the next quarter, the quarter after, and you know your money good there. So we're doing that.

我想說，我們重點關注的事情之一是趕上我們尚未達到規模的管道。但我們不希望這種實驗成本成為去槓桿的一大根源。因此，我們對此的想法是，嘿，當你在藉入並償還的管道中時，會有一些前期成本，但你並沒有最大化這些成本，嘿，你想要花光這筆錢，然後你才能在那個季度、下個季度、再下個季度獲得收入，你知道你的錢在那裡。所以我們這麼做了。

But then the second thing we're doing, which really gets to the channel mix, is experimenting in the channels that we think are important ones, but where we don't yet have the share and we don't yet have the recipe correct. And there, what we're doing is we basically have -- I think in the fourth quarter, we sort of did a lot of both of what I mentioned.

但是，我們正在做的第二件事，實際上就是通路組合，是在我們認為重要的管道中進行實驗，但我們還沒有獲得份額，也沒有正確的方案。我們所做的基本上就是——我認為在第四季度，我們做了很多我提到的事情。

But what we've done is we really fix that budget to where we're going to be able to continue to experience the channels we care about, but in a way that our overall ad cost is going to be very kind of effective and efficient. So that's kind of the way I would talk about the channel mix.

但我們所做的是，我們將真正把預算固定在能夠繼續體驗我們關心的管道的範圍內，但同時又能使我們的整體廣告成本非常有效和高效。這就是我談論通路組合的方式。

But -- before I go to the second part about the direct traffic, Kate, anything you want to add to the first part?

但是——在我進入關於直接流量的第二部分之前，凱特，你想對第一部分進行補充什麼嗎？

No. I think you've covered it well. I would say some of the key points for us are that all of these channels are managed to very specific paybacks. So they are very tightly managed. And sometimes the total advertising dollars gets larger as we test and we play around with where we want to lean in more or less. So we're always tracking the payback.

不。我認為你已經講得很好了。我想說，對我們來說，關鍵的一點是，所有這些管道的管理都具有非常具體的回報。所以他們的管理非常嚴格。有時，隨著我們進行測試並嘗試調整我們想要增加或減少的投入，總廣告費用會變得越來越大。因此我們一直在追蹤回報。

The other thing I would say just in terms of sort of how do you start to see some of the leverage and (inaudible) go into loyalty and direct traffic in a minute. But there is a bit of a mismatch between when the dollars are spent and when you see the benefit from those dollars.

我想說的另一件事是您如何開始看到一些槓桿作用以及（聽不清楚）如何轉化為忠誠度和直接流量。但資金的花費時間和資金的收益呈現一定的不匹配。

And so that's why on the call, we referenced that Q4 was a high watermark on this advertising spend because the paybacks can be as low as sort of 60 to 90 days, but they can all go sent longer, we don't go out beyond the year, of course. But you can see some of the revenue generated by marketing spend that was efficient and effective in the fourth quarter may come in multiple quarters later.

這就是為什麼在電話會議上我們提到第四季度是廣告支出的最高點，因為回報期可能只有 60 到 90 天，但都可以延長，當然，我們不會超過一年。但您可以看到，第四季度高效且有效的行銷支出所產生的部分收入可能會在以後的多個季度中實現。

And so as you think about leverage and where you see leverage, I just think that's an important concept to keep in mind a little bit of a mismatch there.

因此，當您考慮槓桿作用以及您看到槓桿作用的地方時，我認為這是一個重要的概念，需要記住那裡存在一點點不匹配。

Yes. On the second question about direct traffic over time. I think the way to think about it is I talked a lot in the letter about advertising costs and about how you basically have attention of sort of as folks get increasingly loyal, you get a lot of ad cost leverage on that cohort of customers.

是的。關於第二個問題，關於隨時間推移的直接流量。我認為思考這個問題的方式是，我在信中談了很多關於廣告成本以及如何隨著人們的忠誠度不斷提高而吸引註意力，你可以在那群客戶身上獲得很大的廣告成本槓桿。

But the things you're doing that drive them up to be increasingly well actually allow you to get a lot more newer customers into being active customers and lining that loyalty ladder. And that sort of deleverage you on the ad costs. And so those are puts and takes.

但您所做的事情可以推動他們不斷進步，實際上可以讓您吸引更多新客戶成為活躍客戶並加入忠誠度階梯。這樣就可以降低你的廣告成本。這就是所謂的得失。

I think to your question, what I would highlight is there's a couple of other factors that will significantly help add costs. And the way they do that is really what they're doing is they're helping people move up that loyalty ladder faster. That's really the mechanism that helps the ad cost. And what those are the two I would highlight.

對於你的問題，我想強調的是，還有其他幾個因素也會大幅增加成本。他們這樣做的真正目的是幫助人們更快地提升忠誠度。這確實是有助於降低廣告成本的機制。我想要強調的是這兩點。

One is or the app, the Wayfair app, the percentage of revenue that's coming from the Wayfair app and the broader base of users that are using the Wayfair app has been -- it's a very positive trend. That has the effect of doing that, moving people up that loyalty ladder.

一個是應用程序，Wayfair 應用程序，來自 Wayfair 應用程式的收入百分比以及使用 Wayfair 應用程式的更廣泛用戶群 - 這是一個非常積極的趨勢。這樣做的效果是，可以提高人們的忠誠度。

And then the second one is Wayfair Rewards. And Wayfair Rewards, the new loyalty program, it's early days, right? We launched it in October. But what we're seeing so far from the first cohort of members is the behavior is -- it's working very well. It's going as expected.

第二個是 Wayfair Rewards。新的忠誠度計劃 Wayfair Rewards 還處於早期階段，對嗎？我們在十月推出了它。但到目前為止，我們從第一批成員的行為來看，效果非常好。一切正如預期的那樣。

Actually, the numbers are actually running ahead of expected. We have not aggressively marketed yet. We've gotten sign-ups at a nice pace, but we've not aggressively marketed it yet. So now what you're going to see is you're going to see it on the site highlighted more. Right now, you can sign up for it and check out, but it's not like super obvious. It's there if you're paying attention, but we don't make it like you really jump out at you like most other folks do.

事實上，這些數字確實超出了預期。我們尚未大力開展行銷。我們的註冊人數已經很快了，但是我們尚未大力推廣。所以現在您將會看到它在網站上被更加突出顯示。現在，您可以註冊並查看，但這並不是很明顯。只要你留心觀察，它就在那裡，但我們不會像大多數人那樣讓它突然出現在你面前。

Now that we've kind of gotten it through that initial testing and we're seeing it working well, you're going to see that ramp up. So -- and that would be another one that has the effect of moving people up that loyalty ladder faster. So there are multiple things outside of the ad cost itself that will have a driver on it in a positive way as you were basically asking.

現在我們已經完成了初步測試，並且看到它運作良好，您將會看到它不斷提升。所以 — — 這將是另一個可以讓人更快提升忠誠度的因素。因此，正如您所問，除了廣告成本本身之外，還有多種因素可以對其產生積極的影響。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯 (Chris Horvers)。

This is Jolie Wasserman on for Chris. I was hoping you could talk to the cadence in terms of what you saw that was more post-holiday low, especially in January, versus what the impact was from wildfires and weather?

朱莉沃瑟曼 (Jolie Wasserman) 為克里斯主持節目。我希望您可以談談假期後（尤其是 1 月）的低迷情況，以及野火和天氣的影響？

And also on the weather portion, was weather a good thing for you or a bad thing? Because I know last year, Wayfair, you talked about the polar vortex being a headwind. But this year, I saw the app usage was up, which is probably more of a cold weather, people not going to brick-and-mortar stores as much benefit. So also speaking to whether polar vortex part two, that reaction differed from last year.

還有天氣部分，天氣對您來說是好事還是壞事？因為我知道去年，Wayfair，你談到極地渦旋是一種逆風。但今年，我發現應用程式的使用率上升，這可能更多的是因為天氣變冷，人們不再去實體店，從而受益匪淺。因此，談到極地渦旋第二部分，反應與去年不同。

Yes. So thanks for your question. So a couple of thoughts. So I would say the cadence -- when we think about the holiday and entering the new year, the biggest thing I would say there is if you ignore the holiday period itself, which was, I think, strong, basically, what you've seen is you've seen a relatively weak market. And January was weak, and I'd say February has been a little weaker than January, but that's not really very much off of the trend it had been on outside of holiday.

是的。感謝您的提問。這是我的一些想法。因此，我想說的是節奏——當我們考慮假期並進入新的一年時，我想說的最大的事情是，如果你忽略假期本身，我認為假期很強勁，基本上，你所看到的是一個相對疲軟的市場。一月份的表現比較疲軟，而且我認為二月份的表現比一月份略微疲軟，但這與假期以外的趨勢並沒有太大偏差。

And also, when you look at holiday, I think it's important to balance November and December because certain peak days slid from November into December. And I think the way some folks looked at it is November was down, but December was up a lot. And they're really excited about that. I think you sort of need to add the two together to get the kind of which days fell and which month effect out and still see a good holiday, but it wouldn't be quite as stark.

另外，當你考慮假期時，我認為平衡十一月和十二月很重要，因為某些高峰日從十一月推遲到了十二月。我認為有些人的看法是 11 月銷量有所下降，但 12 月銷量大幅上漲。他們對此感到非常興奮。我認為你需要將兩者加在一起才能知道哪天是哪個月，並且仍然能看到一個美好的假期，但它不會那麼明顯。

And so our view is that the market has not dramatically changed. It's been a weak market. It's still a weak market. We're probably approaching the bottom. Impossible to say exactly where that is. No immediate catalyst that's going to like shoot it upward right away. There is pent-up desire from customers to engage in the category, but no immediate catalyst to cause that to happen.

因此我們認為市場並沒有發生巨大變化。市場一直比較疲軟。這仍然是一個疲軟的市場。我們可能正在接近底部。不可能確切地說出它在哪裡。沒有直接的催化劑可以使其立即向上發展。消費者對參與該類別的慾望被壓抑了，但缺乏立即的催化劑來促使其發生。

So hey, what makes sense? Well, our strategy around taking market share through our own actions, we think, makes perfect sense. We happen to have a set of levers to do that. We're very excited about that. And again, the replatforming sort of the position we've gotten to is a very idiosyncratic lever for us, but it's one that's actually very powerful for us. So we're sort of excited about that.

那麼嘿，有什麼意義呢？我們認為，透過自己的行動來搶佔市場份額的策略非常合理。我們恰好有一套槓桿可以做到這一點。我們對此感到非常興奮。再說一次，我們所處的平台的重新轉型對我們來說是一個非常特殊的槓桿，但實際上對我們來說非常強大。因此我們對此感到很興奮。

Weather, as you mentioned, there's different weather kind of the spikes that happen. This year, it's been a little less, it's a little bit more puts and takes. I don't know that there's a specific weather pattern in the early part of this year, I would point out.

天氣，正如您所說，不同的天氣類型都會出現高峰。今年，這種情況少了一點，付出和收穫多了一點。我想指出的是，我不知道今年年初是否有特定的天氣模式。

But Kate, anything you want to --

但是凱特，你想--

Yes. I wouldn't quantify any significant impact or detraction from weather. It's been neutral.

是的。我不會量化天氣造成的任何重大影響或損害。它是中性的。

That makes sense. And just a follow-up on your February comment. I know La-Z-Boy earlier this week said that President's Day was just not as robust as some other recent holidays, and following up on your comment about February being -- I think you said February being slightly weaker than January overall. So just wondering if you could speak to that and whether you observed the same trends of that holiday being weaker. And then just another order-to-date question would be how later Easter is affecting the 1Q outlook and what the expected shift would be?

這很有道理。這只是對您二月份評論的後續跟進。我知道 La-Z-Boy 本週早些時候說過，總統日的銷量不如最近其他一些節日銷量那麼旺盛，而關於您關於 2 月份銷量的評論，我認為您說的是 2 月份的銷量總體上比 1 月份略弱。所以只是想知道您是否可以談談這一點，以及您是否觀察到了那個假期趨弱的相同趨勢。那麼迄今為止的另一個問題是復活節對第一季前景有何影響以及預期的變化是什麼？

Yes, sure. So again, I did try to comment on President's earlier. I have seen a number of people comment about President's Day at being -- I don't know, I think in general, just the market has remained weak. I think it's probably the main punchline I would put through that. And then Easter is a little later, Easter doesn't drive a huge lot of change in sales for us or we think the category. So we're not -- that Easter moving, we don't think is a big driver.

是的，當然。所以，我確實先前嘗試對總統發表評論。我看到很多人對總統日發表評論——我不知道，我認為總的來說，市場仍然疲軟。我認為這可能是我要表達的主要妙語。然後復活節稍微晚了一點，復活節不會為我們的銷售帶來很大的變化，或者我們認為這個類別。所以我們不認為復活節的到來是一個重要的推動因素。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

I wanted to ask if you can parse out the guidance for the Q1? And if I caught it, it was revenue flat to down slightly, how it breaks between the US and international? I caught some of the quarter-to-date commentary in there. And then how the first quarter guide dovetails with some of the bump in advertising you did in 4Q? And I know Niraj, it's not a perfect science in terms of timing, but I'm curious if one and the other are hand-in-hand?

我想問您是否可以分析一下第一季的指導？如果我抓住了這一點，它的收入將持平或略有下降，它在美國和國際之間如何區分？我看到了一些關於本季度的最新評論。那麼第一季的指引如何與第四季的廣告成長相符？我知道 Niraj，從時間角度來說這並不是一門完美的科學，但我很好奇這兩者是否是相輔相成的？

Yes. Thanks, Simeon. So I'm going to let Kate really answer the bulk of this question. But I think just to talk about advertising, there's definitely a tail in future quarters, and that is a factor, but I think most of the guide probably has more to do with a lot of other drivers of what's happening, but Kate can kind of parse that apart for you.

是的。謝謝，西緬。所以我打算讓凱特來真正回答這個問題的大部分內容。但我認為，僅就廣告而言，未來幾季肯定會有一個尾聲，這是一個因素，但我認為大部分指南可能與正在發生的許多其他驅動因素有更多關係，但凱特可以為你分析一下。

What I would say is it's kind of like the main point, I guess, is what we were talking about a minute ago, which is just more that we think we're going to be able to still nicely take market share. We've been doing that since the fourth quarter of 2022. We obviously did it for 20 years pre-COVID. And we think that we actually have some ways that we can do it this year that are quite advantaged.

我想說的是，這有點像我們剛才談論的重點，即我們認為我們仍然能夠很好地佔領市場份額。我們從 2022 年第四季開始就一直這樣做。顯然，在新冠疫情爆發之前我們已經這樣做了20年。我們認為，今年我們實際上可以採取一些非常有利的方式來實現這一目標。

So despite the market remaining weak as it has sort of the specific holiday period, and despite the -- obviously, the quarter, we're comping, not having Germany, we're comping, not having the extra day in the quarter from last year. But I think we feel quite good about our position and taking share.

因此，儘管由於處於特定的假期期間，市場仍然疲軟，儘管 — — 顯然，本季度我們沒有與德國進行對比，但我們本季度沒有與去年同期相比多出一天的時間。但我認為，我們對我們的地位和份額感到十分滿意。

But Kate, maybe you can answer the question about guidance.

但是凱特，也許你可以回答有關指導的問題。

Yes. So we said quarter-to-date, we're just below flat and we expect to end the quarter flat to down year over year. And that includes about 100 bps drag from the exit of the German business. So we don't typically guide US versus international, but because of the uniqueness of comping over the German business this year versus last year, we did want to account for that. So for the first quarter guide, excuse me, contemplates the German exit, and as Niraj said, the lack of the day -- the extra day.

是的。因此，我們表示，本季迄今為止，我們的業績略低於持平水平，並且我們預計本季末的業績將與去年同期持平或下降。其中包括退出德國業務造成的約 100 個基點的拖累。因此，我們通常不會對美國和國際情況進行指導，但由於今年德國業務與去年相比的獨特性，我們確實想考慮到這一點。因此，對於第一季度的指南，對不起，考慮到德國的退出，正如 Niraj 所說，缺少一天——額外的一天。

In terms of your question on sort of how is the ad spend driving, I think you were to address some of that. What I would say is, as I referenced a few minutes ago, the marketing spend impacts on multiple quarters, right? So certainly, there's some benefit from increased spend in Q4 into Q1, yes, but it could also impact on subsequent quarters throughout the 2025 year, depending on which channel because the channels all have different payback days.

至於你提到的廣告支出如何推動的問題，我想你應該已經回答了其中的一些問題。我想說的是，正如我幾分鐘前提到的，行銷支出會影響多個季度，對嗎？因此，當然，第四季度的支出增加會帶來一些好處，但這也可能影響整個 2025 年的後續季度，具體取決於哪個管道，因為所有管道的回報日都不同。

And so we're really focused in an ongoing sort of challenge and down market. Obviously, you can look at the year-over-year comps, but we're quite focused on how are we driving share and are we seeing the benefits from the marketing and share gain because that tells us that we're continuing to do well in an ongoing challenged environment. And so that's how we're looking at it and looking at the impact of it.

因此，我們真正關注的是持續的挑戰和低迷的市場。顯然，你可以看看同比數據，但我們更關注如何提高份額，以及我們是否從行銷和份額成長中看到了好處，因為這告訴我們，在持續充滿挑戰的環境中，我們仍將表現良好。這就是我們看待這個問題以及它的影響的方式。

Can I sneak in a quick follow-up? We had a little bit of a bump in industry demand in late last year. I don't know if it was post election or not. Is there anything in your visibility, whether it's big item furniture, household items, did it feel like this was an end of a reversionary cycle? Like how did -- what did you attribute -- and if you're seeing what we are in terms of industry picking up a little bit into the end of last year, how do you assess that?

我可以偷偷快速跟進嗎？去年年底，我們的行業需求略有增加。我不知道這是否是選舉後的事。在您的視野中，無論是大件家具還是家居用品，是否感覺這是一個回歸週期的結束？例如，您認為這是如何實現的——如果您看到我們的行業在去年年底略有回升，您如何評價這一點？

Yes. It's less clear to me that there's really much of an industry bump in demand that stands out. I think some folks looked at imports. But again, I think the timing of the Lunar holiday in February, I think what we saw was a buildup of shipping ahead of it, and then there's generally a lull, which we're now in, and then there's a buildup after it. So I think that's a factor that I think maybe folks were looking at demand.

是的。我不太清楚該行業的需求是否真的出現了顯著的成長。我認為有些人正在關注進口。不過，我認為，由於正值二月的農曆假期，我們看到的是假期前航運量的增加，然後通常會有一個淡季，也就是我們現在所處的淡季，然後假期後就會出現航運量的增加。所以我認為這是人們可能關注需求的一個因素。

So again, I think the other thing is some folks remember, some days moved from November to December calendar-wise. I saw a number of folks -- November was low, but then they talked about how high November December was, but again, I think you got to add the two together. So my general view is that holiday was good, but if you zoom out, the trend overall, has not really changed. It's been a weaker trend. And holiday, if you add up all of it together and look at it, it wasn't quite as good as the folks who just looked at December alone.

所以，我認為另一件事是有些人記得，從日曆上看，有些日子從 11 月移到了 12 月。我看到很多人認為 11 月份的數據很低，但是他們又談論 11 月份和 12 月份的數據有多高，不過我還是認為你必須將兩者加在一起。所以我的整體看法是假期很不錯，但如果你放大來看，整體趨勢並沒有真正改變。這是一種較弱的趨勢。至於假期，如果你把所有的假期加在一起並看一下，它並不像那些只看 12 月的人那麼好。

Steven Forbes, Guggenheim Securities.

古根漢證券的史蒂文福布斯。

Niraj, I wanted to focus on the CastleGate fulfillment network. I appreciate the color as others did, delivery time, return incident rates. But curious if you could help frame up for us capacity utilization today? And how do you expect the vendors based on your discussions to engage with that network right as we move throughout 2025? Anything to note right from your discussions today?

Niraj，我想專注於 CastleGate 履行網路。我和其他人一樣欣賞顏色、交貨時間和退貨率。但我很好奇您是否能幫助我們了解現今的產能利用率？根據您的討論，您希望供應商在 2025 年期間如何與該網路互動？今天的討論中有什麼值得注意的嗎？

Yes. Sure. So in the shareholder letter, I actually talk about what could drive gross margin. One of the things I talk about is utilization of our fulfillment network, utilization of CastleGate, as that rises, that's a big driver of gain for us in the sense that it offers real leverage.

是的。當然。因此，在致股東信中，我實際上談論了哪些因素可以提高毛利率。我談到的事情之一是我們的履行網路的利用率，CastleGate 的利用率，隨著它的上升，這對我們來說是一個巨大的收益驅動力，因為它提供了真正的槓桿作用。

So one of the things we focused on with our suppliers are like how do we help them do things that are good for them, good for us and good for the customer. And obviously, our goal, as we've talked a lot about, like, so we're being very ROI focused. We're focused on how do we grow revenue, really focused through the back of taking market share.

因此，我們與供應商合作的重點之一是如何幫助他們做對他們有利、對我們有利、對客戶有利的事情。顯然，正如我們多次討論過的，我們的目標是，我們非常注重投資報酬率。我們專注於如何增加收入，並真正專注於搶佔市場份額。

So we're not underwriting the market getting better, but do so while growing profit dollars. So that's the framing, right? So just think about that as we want to grow revenue. We think we can. We think that's going to be through market share growing, but while we grow the EBITDA dollars.

因此，我們並不是在保證市場好轉，而是在增加利潤的同時做到這一點。這就是框架，對嗎？當我們想要增加收入時就考慮這一點。我們認為我們可以。我們認為這將透過市場份額的成長來實現，但同時我們也會實現 EBITDA 的成長。

And so one of the benefits there is where when we can grow the CastleGate fulfillment utilization, in a way that's taking out cost for suppliers, allows the retailers to get sharper for customers to speed, to get faster for customers in a way where we're getting leverage through utilization of the network, that's a big benefit.

因此，其中一個好處是，當我們能夠提高 CastleGate 的履行利用率時，供應商可以節省成本，從而使零售商能夠更快地為客戶提供服務，透過利用網路獲得槓桿作用，從而更快地為客戶提供服務，這是一個很大的好處。

And so that is something that we've kind of worked on honing kind of the cost structure of CastleGate in the way that benefits sort of everyone involved. We've seen good reaction on that. And then we focused on some of the operations capabilities we have in our network. And one of the things we can do that is easier for our suppliers to use our network in a way that's beneficial for everyone and technology that adds efficiency.

所以，我們一直致力於完善 CastleGate 的成本結構，讓所有參與者都能受益。我們看到了良好的反應。然後我們將重點放在我們網路中的一些營運能力。我們可以做的一件事就是讓我們的供應商更輕鬆地以對每個人都有益的方式使用我們的網路以及提高效率的技術。

And the way to think about it is for our business, as we grow, there's a lot of profit leverage in the business. So for example, revenue. When revenue grows [1%], EBITDA grows a few percent. So there's real leverage there.

對於我們業務而言，思考這個問題的方式是，隨著我們業務的成長，業務中的利潤槓桿會很大。例如收入。當營收成長[1%]時，EBITDA 就會成長幾個百分點。因此，這其中存在著真正的影響力。

But then similarly on the cost side, there are certain things that are fixed cost. So one, we kind of think about corporate overhead as a fixed cost. So obviously, there's leverage there, whether that be that some costs are no longer needed, and we saved some money like we've done, or whether revenue grows.

但同樣在成本方面，有些東西是固定成本。因此，首先，我們將企業管理費用視為固定成本。因此顯然，這其中存在槓桿作用，無論是某些成本不再需要，還是像我們已經做的那樣節省了一些錢，或者收入是否增加。

Well, CastleGate is an example of a fixed cost, where utilization of that network will drive real profit. So we can get profit -- again, revenue grows 1%, we get a few percent growth in EBITDA, but also leverage through some of these other things, as you mentioned. So we do think this is a real driver.

嗯，CastleGate 就是一個固定成本的例子，利用這個網路將帶來真正的利潤。因此我們可以獲得利潤——再次強調，收入增長 1%，EBITDA 增長幾個百分點，但同時也可以透過其他一些因素獲得槓桿作用，正如您所說。所以我們確實認為這是一個真正的驅動因素。

And maybe if I could just -- a quick follow-up on that topic because you framed the first quarter gross margin profile midpoint of the traditional range, [30 to 31]. You think about these comments around capacity utilization in CastleGate and then supplier advertising, which I also think you commented on the shareholder letter.

也許我可以快速跟進這個主題，因為你設定的第一季毛利率處於傳統範圍的中點，[30至31]。您考慮一下 CastleGate 產能利用率以及供應商廣告的評論，我認為您也在股東信中對此發表了評論。

So is there any reason for us to think about a second half or full year gross margin profile that's not within the upper bounds of that range that you're providing? Noting you're not guiding here, but like what would be the risk factors to that sort of framework for the progression of gross margin as we move through the year?

那麼，我們是否有理由認為下半年或全年的毛利率狀況不在您提供的範圍的上限之內？注意到您在這裡並沒有提供指導，但是，隨著我們全年的發展，這種框架對於毛利率的進展有哪些風險因素？

Steve, I'm glad you answered the question for me, noting that we're not guiding, but I'll try to give a little context on it as well.

史蒂夫，我很高興你回答了我的問題，請注意，我們不是指導性的，但我也會嘗試提供一些背景資訊。

So as you think about sort of where we've been on gross margin over '24, we've obviously stayed within that 30 to 31 range. And that's really been balancing how do we think about investing in the customer experience, so particularly around price investments, how do we think about what's valuable there for the consumer, while also making sure that we're generating gross profit dollars on this multi-quarter basis, ultimately driving adjusted EBITDA dollars on a multi-quarter basis. And that's the trade-off that we make in gross margin.

因此，當您思考我們 24 年的毛利率時，我們顯然一直保持在 30 到 31 的範圍內。這實際上是在平衡我們如何考慮投資客戶體驗，特別是在價格投資方面，我們如何考慮什麼對消費者有價值，同時確保我們在多個季度的基礎上產生毛利潤，最終在多個季度的基礎上推動調整後的 EBITDA。這就是我們在毛利率方面所做的權衡。

So I think about decisions around price investment and how do you reinvest things like benefits that we get from retail media as really a lever for us in the same way that we talk some about the marketing spend, and then we can flex in and flex out of that.

因此，我會考慮圍繞價格投資的決策以及如何重新投資我們從零售媒體獲得的收益，就像我們談論行銷支出一樣，這對我們來說真的是一個槓桿，然後我們可以靈活地進出。

And as you think about sort of the Q1 guide, obviously, there's a little bit of seasonality. This gross margin has a number of puts and takes to it, the retail media spend. It has the leverage or deleverage in the logistics network, it has merchandising mix. So there's a few things that can move that around quarter-on-quarter. I wouldn't overly anchor on the Q1 guide relative to the rest of the year.

當您考慮第一季指南時，顯然會帶有一點季節性。這個毛利率受到零售媒體支出等多面向因素的影響。它在物流網絡中具有槓桿作用或去槓桿作用，它具有商品組合。因此，有一些因素可能會對季度環比產生影響。相對於今年剩餘時間的表現，我不會過度依賴第一季的指引。

Thank you for your questions, and that will conclude our Q&A session for today. And I would like to turn it back over to the Wayfair team for any closing comments.

感謝您的提問，今天的問答環節就到此結束。最後，我想將話題轉回 Wayfair 團隊，請他們發表最後評論。

Great. Thank you. I think -- obviously, I want to thank you guys, as always, for your interest. And just kind of two quick things. I'd say as we look at 2025, it's definitely a year we're very excited about what's in our control and what we can do.

偉大的。謝謝。我想——顯然，我想像往常一樣感謝你們的關注。這只是兩件簡單的事。我想說，當我們展望 2025 年時，我們絕對對自己能掌控的事情和能做的事情感到非常興奮的一年。

Obviously, we are looking to see on the back of market share to see revenue growth while we grow EBITDA dollars. And I think if you have a few minutes, I just want to put one more plug in and that, just have to take a quick look at the shareholder letter because I think we try to capture some of it there.

顯然，我們希望在市場份額的基礎上實現收入成長，同時實現 EBITDA 的成長。我認為如果您有幾分鐘時間，我只想再插入一點內容，只需快速瀏覽一下股東信，因為我認為我們會嘗試在其中捕捉到一些內容。

But thank you again for your interest, and talk to you next quarter.

但再次感謝您的關注，我們下個季度再與您聯繫。