Wayfair Inc (W) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator. At this time, I would like to welcome everyone to the Wayfair first-quarter 2025 earnings release and conference call.

感謝您的支持。我叫凱拉 (Kayla)，我將擔任您的會議接線生。現在，我歡迎大家參加 Wayfair 2025 年第一季財報發布和電話會議。

All lines been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (Operator Instructions)

所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指示）

I would now like to turn the call over to Ryan Barney, Head of Investor Relations. You may begin.

現在我想將電話轉給投資人關係主管 Ryan Barney。你可以開始了。

Good morning and thank you for joining us. Today, we will review our first-quarter 2025 results. With me are Niraj Shah, Co-Founder, Chief Executive Officer, and Co-Chairman; Steven 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 2025 年第一季的業績。和我一起的是聯合創始人、首席執行官兼聯席主席 Niraj Shah；史蒂文·科奈恩（Steven Conine），聯合創始人兼聯席主席；以及首席財務官兼首席行政官 Kate Gulliver。在今天的準備好的發言之後，我們將接受提問和回答。

I'd 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 our 10-K for 2025. All forward-looking statements made on today’s call are based on the 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未來前景、業務策略、行業趨勢和財務業績的陳述，包括 2025 年 10-K 指南。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, or 10-Q for this quarter, and our subsequent SEC filing 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 2024 年 10-K 報表或本季 10-Q 報表以及我們隨後向美國證券交易委員會提交的文件確定了某些因素，這些因素可能導致公司的實際結果與今天做出的任何前瞻性陳述中預測的結果存在重大差異。

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.

另外，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 結果一起解讀。

Please refer to the investor relations section of our websites to obtain a copy of our earnings release and investor presentation, which contain descriptions of our non-GAAP financial measures and reconciliation 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，以獲取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 the webcast will be available for replay on our IR website.

本次通話將會被錄音，網路直播將在我們的 IR 網站上重播。

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

現在我想把電話轉給 Niraj。

Thanks, Ryan, and good morning, everyone. We're pleased to be here today to discuss our first-quarter results with you. Despite persistent category volatility that showed a fourth consecutive year beginning with contraction, we were able to once again outperform our peers and take healthy market share while driving meaningful improvements in profitability.

謝謝，瑞安，大家早安。我們很高興今天在這裡與您討論我們的第一季業績。儘管類別持續波動，連續第四年呈現萎縮態勢，但我們仍能再次超越同行，佔據健康的市場份額，同時推動盈利能力的顯著提升。

Year-over-year growth, excluding the impact of Germany, came in nicely positive at 1%, driven by the US business up 1.6% against the category that we estimate was down over the same time frame. Tariffs are clearly top of mind for everyone. While there is a lot of uncertainty in the broader economy, we have a clear line of sight and strong conviction on what we need to do for both our customers and our suppliers.

排除德國的影響，年成長率達到 1%，這得益於美國業務成長 1.6%，而我們估計同期其他類別業務則有所下降。關稅顯然是每個人最關心的問題。儘管整體經濟狀況存在著許多不確定性，但我們對需要為客戶和供應商做些什麼有著清晰的認識和堅定的信念。

I want to spend the bulk of our time this morning laying that out. So let's take a moment to take stock of where we stand, what we're seeing, and how we think about the go forward.

我想用今天早上的大部分時間來闡述這一點。因此，讓我們花點時間來評估我們的立場、我們看到了什麼以及我們如何看待未來。

As a reminder, tariffs are not a new phenomenon in our category. Going back to the early 2000s, a number of Chinese producers were hit with anti-dumping duties on wood furniture products, some of which were over 50%, which began a migration of production out of China.

提醒一下，關稅在我們的類別中並不是一個新現象。追溯到21世紀初，許多中國生產商的木製家具產品遭遇反傾銷稅，其中一些產品的稅率甚至超過50%，這導致生產開始遷出中國。

In 2019, a 25% duty was implemented more broadly on home furnishings products, and that never went away. So we're dialing the clock back to walk through how we navigated these headwinds, as many of the same forces stand to benefit us today.

2019年，家居裝飾產品被更廣泛地徵收25%的關稅，而這項政策從未取消。因此，我們回顧一下我們是如何克服這些逆風的，因為許多相同的力量今天仍將使我們受益。

At the most basic, we operate a platform that connects over 20,000 suppliers to our more than 20 million customers. Our retail platform delivers for the customer by facilitating marketplace dynamics, where a supplier competes with other suppliers to win each order, and they do that by offering the best value. Value can come in many dimensions in this category, breadth of assortment, quality, speed of delivery, and price being a few.

從最基本的層面來說，我們經營一個平台，將 20,000 多家供應商與我們的 2,000 多萬客戶連結起來。我們的零售平台透過促進市場動態為客戶提供服務，其中供應商與其他供應商競爭以贏得每個訂單，並且他們透過提供最佳價值來做到這一點。此類別的價值體現在多個方面，包括品種廣度、品質、交付速度和價格等。

Like other retail channels, our platform allows our suppliers to choose the wholesale price they want to charge us, and we layer a take rate on top of that for our retail price. Suppliers who offer a more competitive wholesale price often succeed on the storefront because that translates directly into more competitive retail prices for customers.

與其他零售通路一樣，我們的平台允許供應商選擇他們想要向我們收取的批發價，然後我們在此基礎上加上一個佣金率作為零售價。提供更具競爭力的批發價格的供應商通常會在店面取得成功，因為這直接轉化為為客戶提供更具競爭力的零售價格。

So when an incremental cost like a tariff enters the system, suppliers have to make a decision on how much they want to pass through versus burying themselves. This is where the marketplace-like forces on our platform work most in our favor. The category we operate in is largely unbranded and highly substitutable.

因此，當關稅等增量成本進入系統時，供應商必須決定他們願意轉嫁多少，還是將自己埋沒。這正是我們平台上的市場力量對我們最有利的地方。我們經營的類別大部分是無品牌的，並且具有很強的替代性。

On top of that, we have thousands of partners selling through Wayfair, which means that there is intense competition amongst our suppliers to win each order. Just as we're seeing now, back then there was a lot of speculation about how much tariffs would ultimately increase retail prices.

除此之外，我們有數千個合作夥伴透過 Wayfair 進行銷售，這意味著我們的供應商之間為了贏得每個訂單而展開了激烈的競爭。正如我們現在所看到的，當時人們對關稅最終會導致零售價格上漲多少有很多猜測。

It's important to remember that the tariff is applied to the value of the goods at the time of import, which is a fraction of our wholesale price. There are multiple companies who participate in the value chain, and the burden of the tariff can be shared across that group.

重要的是要記住，關稅適用於進口時的貨物價值，這只是我們批發價的一小部分。有許多公司參與價值鏈，關稅負擔可以由該集團分擔。

In 2019, we saw this playing out in real time. Suppliers that found a way to keep wholesale costs low were the most successful. They can often make up the margin difference with the volume gains by taking share from their peers that chose to pass the cost burden through.

2019 年，我們親眼目睹了這一幕的發生。找到方法保持批發成本較低的供應商最成功。他們通常可以從選擇轉嫁成本負擔的同業手中奪取市場份額來彌補銷售成長帶來的利潤差異。

This creates a very clear incentive structure for suppliers to offer their best prices at all times. That incentive has only grown more powerful in the year since, as we've grown the global base of suppliers and we have provided them with increasingly powerful tools to manage their business.

這為供應商創造了一個非常明確的激勵結構，使其始終提供最優惠的價格。隨著我們不斷擴大全球供應商基礎，並為他們提供越來越強大的業務管理工具，這種激勵措施在隨後的一年中變得更加強大。

All of this, combined with the prolonged contraction and category demand, has only served to further elevate competition amongst suppliers for each customer order.

所有這些，加上長期的收縮和類別需求，只會進一步加劇供應商之間對每個客戶訂單的競爭。

We're frequently asked by investors what the mix of sourcing by country looks like. Our platform has considerable diversity and sourcing can shift in a very dynamic fashion, based on which suppliers have the most compelling offering to consumers at any one point in time.

投資者經常詢問我們，各國的採購組合是什麼樣的。我們的平台具有相當大的多樣性，採購可以以非常動態的方式轉變，這取決於哪些供應商在任何一個時間點向消費者提供最具吸引力的產品。

This is an important facet not all investors appreciate. When suppliers in one region raise prices, we may see consumer demand quickly shift to suppliers in another region if they have a more competitive offering. Many of our largest suppliers have manufacturing capabilities spread across multiple countries and can pivot production lines as the cost equation shifts.

這是一個並非所有投資者都意識到的重要面向。當一個地區的供應商提高價格時，如果另一個地區的供應商提供更具競爭力的產品，我們可能會看到消費者需求迅速轉移到另一個地區的供應商。我們許多最大的供應商的製造能力遍布多個國家，並且可以隨著成本方程式的變化而調整生產線。

Our scale gives us a durable, competitive advantage here. We can drive healthy competition across our thousands of suppliers in a category that, as I mentioned a moment ago, has vast assortment and high [substituteability].

我們的規模為我們提供了持久的競爭優勢。我們可以在數千家供應商之間推動良性競爭，正如我剛才提到的，這個類別的品種繁多，品質高【替代性】

We have suppliers that manufacture in over 100 countries across the world, including a substantial base of production that is done domestically.

我們的供應商遍佈全球 100 多個國家，其中包括大量在國內進行的生產基地。

Across dozens of our top classes, such as area rugs, beds, dining chairs, and tables, and more, we have thousands of items made in the US. These products come from the thousands of our suppliers that manufacture here in the states. Overall, our wide breadth of products and supply base from around the globe continues to offer us a healthy degree of insulation against tariff headwinds.

在我們數十個頂級類別中，例如地毯、床、餐椅、桌子等，我們有數千種商品是在美國製造的。這些產品來自我們在美國生產的數千家供應商。總體而言，我們遍布全球的廣泛產品和供應基礎繼續為我們提供抵禦關稅逆風的健康程度。

Our team has been interfacing with suppliers nonstop to make sure they have both up to the minute information on the latest developments, and a thoughtful partner in planning how to navigate ahead.

我們的團隊一直與供應商保持密切聯繫，以確保他們既掌握最新發展動態的信息，又能找到一位周到的合作夥伴來規劃未來的發展方向。

The broad feedback we're hearing from the suppliers is clear. They understand the dynamics of our platform and are not keen to raise prices as they want to continue to take share and win.

我們從供應商那裡聽到的廣泛回饋是明確的。他們了解我們平台的動態，並不熱衷於提高價格，因為他們希望繼續佔領市場份額並取得成功。

I've personally spoken with a broad range of suppliers in the past month. They're pragmatic and resilient. Many of these are businesses that have operated for decades through both booms and busts. Each conversation turns to how Wayfair can help support our partners, as we have for many years. The first pillar of support we can offer is data, which is how we ground these conversations. Our ability to track spending propensity in real time gives suppliers a clear view of how they can optimize their pricing to maximize their own economics.

過去一個月我親自與眾多供應商進行了交談。他們務實且堅韌。其中許多企業已經經歷了數十年的繁榮和蕭條。每次談話都會談到 Wayfair 如何幫助支持我們的合作夥伴，就像我們多年來所做的那樣。我們可以提供的第一個支援支柱是數據，這是我們進行這些對話的基礎。我們即時追蹤消費傾向的能力讓供應商能夠清楚地了解如何優化定價以最大限度地提高自身經濟效益。

From there, we get into how they can take advantage of some of the value-added services we offer to drive better unit economics, such as leaning deeper into CastleGate to offer faster delivery and lower fulfillment costs, which is directly reflected in lower retail pricing.

從那裡，我們了解他們如何利用我們提供的一些增值服務來推動更好的單位經濟，例如更深入地依靠 CastleGate 來提供更快的交付和更低的履行成本，這直接反映在更低的零售價格上。

Another increasingly important lever we've been helping suppliers activate is advertising. We know supplier advertising has been a key area of focus for investors for some time, and so we want to spend a few minutes today giving you an update on that arm of our business. When we last discussed supplier ads as part of our Investor Day in 2023, this business was roughly 100 basis points of revenue penetration.

我們一直在幫助供應商啟動的另一個越來越重要的槓桿是廣告。我們知道供應商廣告一直是投資者關注的重點領域，因此我們今天想花幾分鐘時間向您介紹我們這個業務部門的最新情況。當我們上次在 2023 年投資者日討論供應商廣告時，這項業務的收入滲透率約為 100 個基點。

We saw that grow by more than 50% in 2024 to end the year north of 150 basis points. For 2023 and much of 2024, our work in growing this adoption has centered around education.

我們看到，到 2024 年，這一數字將成長 50% 以上，年底將超過 150 個基點。2023 年以及 2024 年的大部分時間裡，我們推動這項應用的工作將集中在教育方面。

This has been a key point of distinction between our supplier advertising business and that of our peers. Many of our suppliers are newer to digital advertising than large consumer brands. For multiple years, our team has been investing time and energy to bring them up to speed on all the ways that Wayfair advertising can drive profitable growth to their businesses.

這是我們的供應商廣告業務與同業的關鍵區別點。我們的許多供應商在數位廣告方面比大型消費品牌更新。多年來，我們的團隊一直投入時間和精力，幫助他們了解 Wayfair 廣告如何為他們的業務帶來獲利成長。

To augment this effort, we developed an in-house based on the supplier's competitive positioning on site today, and managed the campaigns to ensure that they'll hit the supplier's financial return target.

為了加強這項努力，我們根據供應商目前的競爭定位制定了內部計劃，並管理活動以確保它們能夠達到供應商的財務回報目標。

The traction we've built on this front has been considerable, and as a result, we've seen significant interest from suppliers to participate over the past several quarters.

我們在這方面取得的進展非常顯著，因此，在過去幾個季度中，我們看到供應商對參與表現出濃厚的興趣。

We've ramped the number of suppliers spending at least 100 basis points of their revenue on advertising by more than 40% over the past 12 months. We're thrilled at the response and have been taking a thoughtful approach to unlocking advertising inventory in a deliberate and controlled manner to ensure that we're preserving the integrity of the shopping journey that our customers enjoy so much on Wayfair.

在過去 12 個月中，將其收入的至少 100 個基點用於廣告的供應商數量增加了 40% 以上。我們對收到的回饋感到非常高興，並一直在採取深思熟慮的方法，以謹慎和可控的方式解鎖廣告資源，以確保我們維護客戶在 Wayfair 上享受的購物之旅的完整性。

We're constantly running tests to measure the impacts of higher ad load on conversion, ensuring that we can continue to grow our footprint while also driving incrementality. The roadmap gives us a clear line to our goal of reaching 300 basis points to 400 basis points of revenue penetration.

我們不斷進行測試，以衡量更高的廣告負載對轉換的影響，確保我們能夠繼續擴大影響力，同時推動增量。該路線圖為我們實現收入滲透率達到 300 個基點至 400 個基點的目標指明了方向。

Our team is driving innovation at all levels of the experience. For example, one of the products we're in the process of developing is co-bidding for offsite advertising.

我們的團隊正在推動各層面的體驗創新。例如，我們正在開發的產品之一是場外廣告共同競標。

Wayfair has been an industry leader in digital advertising for decades, and offsite advertising will open the door for us to share that directly with our suppliers. It's still very early in our journey here, and this is just one of several initiatives we have underway to drive further adoption among our supplier base.

幾十年來，Wayfair 一直是數位廣告行業的領導者，而場外廣告將為我們打開大門，讓我們能夠直接與供應商分享這一點。我們的旅程才剛開始，這只是我們正在進行的幾項舉措之一，旨在推動我們的供應商群體進一步採用。

All of our work in this space comes back to a simple principle. When our suppliers delight customers, Wayfair succeeds. That alignment is especially important in today's environment. Our teams are in daily conversations with suppliers, helping them understand how services like advertising can become a critical lever to ensure they're driving enough volume to optimize production flows or getting a new product launch from a new location off to a smooth start.

我們在這個領域的所有工作都歸結於一個簡單的原則。當我們的供應商讓客戶滿意時，Wayfair 就成功了。在當今環境下，這種協調尤為重要。我們的團隊每天都會與供應商進行對話，幫助他們了解廣告等服務如何成為關鍵槓桿，以確保他們能夠推動足夠的銷售量來優化生產流程或順利從新地點推出新產品。

In a period where margin pressure is high, whether from tariffs or other factors, advertising becomes a way for suppliers to actively manage demand levels. That's the power of Wayfair advertising. It allows our partners to target and capture incremental volume in a way that supports their broader business health.

在利潤壓力很大的時期，無論是關稅或其他因素，廣告都成為供應商積極管理需求水準的一種方式。這就是 Wayfair 廣告的力量。它使我們的合作夥伴能夠以支持其更廣泛的業務健康的方式瞄準和獲取增量。

We see tremendous opportunity ahead and we're moving quickly to deliver the strongest offering to our supplier community at a pivotal time.

我們看到未來巨大的機遇，並且正在迅速採取行動，在關鍵時刻為我們的供應商社群提供最強大的產品。

Before I hand it over to Kate, I want to zoom out for a moment and close with a few important steps we've taken over the past several months to further strengthen the foundation of our business.

在將其交給凱特之前，我想先簡要回顧過去幾個月我們為進一步加強業務基礎而採取的一些重要措施。

We began the year with the announcement of the closure of our German business. We determined that continuing to invest in that business was unlikely to provide us with the highest long-term financial return. And so we made the decision to reallocate those dollars towards higher ROI areas.

今年伊始，我們宣布關閉德國業務。我們確定繼續投資該業務不太可能為我們帶來最高的長期財務回報。因此，我們決定將這些資金重新分配到投資報酬率較高的地區。

In early March, we followed that up with the announcement of a size reduction across our technology team. As we achieve milestones in our major re-platforming work, we had an opportunity to reorganize our team, which remains strong at approximately 2,500 people, while also having more resources focused on new product development, which we expect to pay meaningful growth dividends over time.

3 月初，我們又宣布縮減技術團隊的規模。隨著我們在主要平台重建工作中取得里程碑式進展，我們有機會重組我們的團隊，目前我們的團隊仍然保持著約 2,500 人的強大實力，同時我們也將更多資源集中在新產品開發上，我們預計隨著時間的推移，這將帶來有意義的成長紅利。

The third action we took was the issuance of our second high-yield bond and simultaneous refinancing of our revolving credit facility in mid-March. Prior to this, we had roughly $1 billion of convertible maturities coming due over 2025 and 2026.

我們採取的第三項行動是在三月中旬發行第二筆高收益債券，並同時對循環信貸額度進行再融資。在此之前，我們有大約 10 億美元的可轉換債券將於 2025 年和 2026 年到期。

While we had the capacity to handle those with our balance sheet alone, we've always taken a conservative view on maintaining a healthy cushion of cash as we run the business. Given the trading dynamics in the market, we were able to issue $700 million of high-yield bonds at a competitive rate and use the majority of the proceeds to repurchase our 2026 convertible notes at a roughly 5% discount. Opportunistically putting cash to work, it yields nicely in excess of treasuries and consistently showing progress on our stated goal of deleveraging.

雖然我們有能力僅憑資產負債表來處理這些問題，但我們始終對在經營業務時保持健康的現金緩衝持保守態度。鑑於市場交易動態，我們能夠以具有競爭力的利率發行 7 億美元的高收益債券，並使用大部分收益以約 5% 的折扣回購我們的 2026 年可轉換票據。透過機會主義地將現金投入使用，其收益率遠遠超過國債收益率，並在我們既定的去槓桿目標上不斷取得進展。

We now find ourselves in the strongest capital structure position in many years, with just under $400 million of maturities coming due in the next two years, which we can easily handle with our balance sheet. In tandem, we have a renewed $500 million revolving credit facility that extends to 2030.

現在，我們的資本結構處於多年來最強勁的水平，未來兩年將有近 4 億美元的債務到期，我們可以透過資產負債表輕鬆處理這些債務。同時，我們也獲得了續期 5 億美元循環信貸額度，有效期延長至 2030 年。

We've always treated our revolver as an additional safety net that we do not draw on for the day to day purposes of running the business. But having this now extended through the remainder of the decade gives us one less point of risk.

我們一直將循環信貸視為額外的安全網，在日常經營業務中我們不會動用它。但現在將這項政策延長至本世紀剩餘時間，可以讓我們減少一個風險點。

These steps all enhance our resilience, sharpen our focus, and position us to play offense in a market where many are increasingly playing defense.

這些措施都增強了我們的韌性，提高了我們的專注力，並使我們能夠在許多公司越來越多地採取防守姿態的市場中採取進攻姿態。

As we look ahead, our strategy remains clear. Continue gaining share through disciplined execution deep in our partnership with suppliers and invest judiciously in high-ROI growth initiatives.

展望未來，我們的戰略依然清晰。透過與供應商建立深度合作夥伴關係，嚴格執行，繼續獲得市場份額，並明智地投資於高投資回報率的成長計劃。

You've heard us discuss several of those in recent quarters, areas like Wayfair Rewards, our verified program, and our physical retail efforts where we recently announced our second Wayfair store launching early next year in Atlanta, and have our first two paroled stores opening later this year in Houston and West Palm Beach.

您已經聽到我們在最近幾個季度討論過其中的幾個方面，例如 Wayfair Rewards、我們的驗證計劃以及我們的實體零售業務，我們最近宣布我們的第二家 Wayfair 商店將於明年初在亞特蘭大開業，我們的前兩家授權商店將於今年晚些時候在休斯頓和西棕櫚灘開業。

Periods of disruption have historically been moments where Wayfair pulls ahead, and today is no different. We've deliberately built a platform that thrives in dynamic conditions, flexible, resilient, and efficient. With strong momentum, a healthy balance sheet, and a sharpened operating model, we're confident in our ability to navigate what's ahead and emerge even stronger.

從歷史上看，混亂時期往往是 Wayfair 領先的時候，今天也不例外。我們特意建構了一個在動態條件下蓬勃發展、靈活、有彈性且高效的平台。憑藉強勁的發展動能、健康的資產負債表和完善的營運模式，我們有信心引領未來並變得更強大。

Thank you, and now, let me turn it over to Kate to walk through our financials.

謝謝，現在，讓我把時間交給凱特來介紹我們的財務狀況。

Thanks, Niraj, and good morning, everyone. Let's dive into our results for the first quarter. Beginning with the top line, we saw net revenue flat year over year for the quarter. This was weighed by the exit of our German business, which led to a 10.9% decline in the international segment but was offset by robust performance from our US business, which posed a positive 1.6% growth compared to the first quarter of last year.

謝謝，Niraj，大家早安。讓我們深入了解第一季的業績。從營收來看，我們發現本季淨收入與去年同期持平。這是由於我們退出德國業務而導致的，導致國際業務下滑 10.9%，但被我們美國業務的強勁表現所抵消，與去年第一季相比，美國業務實現了 1.6% 的成長。

We saw rampant customer activity as we got through March and proactively leaned in to drive our own outperformance against the category.

進入三月份，我們看到客戶活動異常活躍，我們積極主動地推動自身績效超越同類產品。

Let me now continue to walk down the P&L. Please note that the remaining financials include depreciation and amortization that exclude equity-based compensation, related taxes, and other adjustments. I'll use the same basis when discussing our outlook as well.

現在讓我繼續討論損益表。請注意，其餘財務資料包括不包括股權薪酬、相關稅費和其他調整的折舊和攤提。在討論我們的觀點時我也會使用同樣的基礎。

Gross margin for the quarter came in at 30.7% of net revenue. There were several moving pieces in Q1, particularly in the back half of the quarter. So let's walk through what drove those.

本季毛利率為淨收入的30.7%。第一季發生了一些變化，特別是在本季後半段。那麼讓我們來看看是什麼導致了這些現象。

As we've discussed in prior calls, we have ongoing matters with the Canada Border Services Agency that have driven non-operational drag on the gross margin line. This quarter, one of those matters resulted in non-operational tailwinds as we were able to recognize a refund related to valuation for duty calculations during 2022, 2023, and partial-year 2024.

正如我們在先前的電話會議中討論過的，我們與加拿大邊境服務局之間存在一些問題，這些問題對毛利率造成了非營運方面的拖累。本季度，其中一項事項帶來了非營運方面的順風，因為我們能夠確認與 2022 年、2023 年和 2024 年部分年度的關稅計算估價相關的退款。

We were able to proactively reinvest some portion of this back into the customer experience, which we believe was a profitable investment.

我們能夠主動將其中的一部分重新投資於客戶體驗，我們相信這是一項有利可圖的投資。

In addition to our deliberate areas of investment, we also saw some temporary impacts from CastleGate. Many of our suppliers accelerated inventory imports as tariff considerations rose in the back half of the quarter.

除了我們有意投資的領域外，我們還看到了 CastleGate 帶來的一些暫時影響。由於本季後半段關稅上漲，我們的許多供應商都加快了庫存進口。

As Niraj mentioned, we've been working with our supplier partners for months to help them strategize and plan for the incremental costs from tariffs. CastleGate has been one of our best solutions. Our CastleGate network can help suppliers meaningfully bring down fulfillment costs and offer more competitive retail prices to consumers through forward positioning and other efficiencies.

正如 Niraj 所提到的，幾個月來我們一直與供應商合作夥伴合作，幫助他們制定策略並規劃關稅帶來的增量成本。CastleGate 是我們最好的解決方案之一。我們的 CastleGate 網路可以幫助供應商大幅降低履行成本，並透過前瞻性定位和其他效率為消費者提供更具競爭力的零售價格。

We saw many suppliers lean into CastleGate as we closed out the quarter, keen to bring in inventory ahead of increased duties. This accelerated adoption increased upfront costs for us, which weighed on gross margin in Q1. But it will pay dividends in the future as we both collect CastleGate fees from the shipment of the increased inventory and have more availability and more competitive pricing for our customers in the months ahead.

在本季結束時，我們看到許多供應商傾向於 CastleGate，渴望在關稅增加之前引入庫存。這種加速採用增加了我們的前期成本，從而影響了第一季的毛利率。但它將在未來帶來回報，因為我們既可以從增加的庫存運輸中收取 CastleGate 費用，又可以在未來幾個月為客戶提供更多的可用性和更具競爭力的價格。

Altogether, Q1 growth margin reflects both the benefit from CBSA and the disciplined investments we made to drive healthy growth in a category that remains under pressure. We feel great about the trade-offs we made in the quarter and remain confident in our long-term growth profit dollar trajectory.

總而言之，第一季的成長利潤率既反映了 CBSA 帶來的好處，也反映了我們為推動仍承受壓力的類別的健康成長而進行的嚴格投資。我們對本季所做的權衡感到非常滿意，並對我們的長期成長利潤軌跡充滿信心。

Turning now to customer service and merchant fees, these came in at 3.8% of net revenue for the quarter. Advertising was 12.6%. This was down quite a bit from Q4 as we had previously communicated.

現在來看看客戶服務和商家費用，這些費用佔本季淨收入的 3.8%。廣告佔12.6%。正如我們之前所傳達的，這比第四季下降了不少。

You'll recall that last quarter we talked about the incremental spending investment we made into more nascent channels, the type of spend that is needed to learn and build into our systems, but by its very nature, has a longer term payback and a startup testing cost. With that surge of experimental spending behind us, we can scale those channels as we build them to full efficiency, which will ultimately get us back down to the advertising margin levels we were at earlier in 2024 and eventually even lower.

您會記得，上個季度我們討論了對新興管道的增量支出投資，這種支出需要學習和融入我們的系統，但就其本質而言，它具有更長期的回報和啟動測試成本。隨著實驗性支出的激增，我們可以在建立這些管道的過程中擴大其規模，使其達到最高效率，最終使我們的廣告利潤率回到 2024 年初的水平，甚至更低。

Selling operations, technology, general, and administrative expenses were $366 million in the first quarter. This was down by roughly $50 million compared to the first quarter of last year, a reflection of the considerable cost efficiency we've brought to bear across the organization as we have regained our focus on strong execution in tandem with profitable growth over the past several years.

第一季銷售營運、技術、一般及行政費用為 3.66 億美元。與去年第一季相比，這一數字下降了約 5000 萬美元，這反映了我們在整個組織內實現了顯著的成本效率，因為我們在過去幾年中重新將重點放在強勁執行和盈利增長上。

In total, we generated $106 million of adjusted EBITDA in the first quarter for a 3.9% margin on net revenue, including a 3.9% adjusted EBITDA margin in our US segment. Our international segment had an adjusted EBITDA margin of 3.7%, bolstered by the Canada Border Services Agency tailwind, as I mentioned a moment ago.

總體而言，我們第一季的調整後 EBITDA 為 1.06 億美元，淨收入利潤率為 3.9%，其中美國分部的調整後 EBITDA 利潤率為 3.9%。正如我剛才提到的，我們的國際部門調整後的 EBITDA 利潤率為 3.7%，這得益於加拿大邊境服務局的順風。

We ended the quarter with $1.4 billion of cash equivalents, and short-term investments, and $1.8 billion of total liquidity. Cash for operations was negative $96 million which was a notable improvement from the year prior, despite revenue being largely unchanged year over year.

本季末，我們的現金等價物和短期投資為 14 億美元，總流動資金為 18 億美元。經營現金為負 9,600 萬美元，儘管收入與去年同期相比基本沒有變化，但與上年相比已有顯著改善。

Capital expenditures came in at $43 million, a bit lower than our guided range, due in part to timing, as well as the reduced headcount driving lower capitalized labor.

資本支出為 4,300 萬美元，略低於我們的指導範圍，部分原因是時間安排以及員工人數減少導致資本化勞動力減少。

Free cash flow for Q1 was a negative $139 million. Again, very typical for the first quarter of the year, given the working capital seasonality, and a nice improvement of almost $60 million compared to the first quarter of 2024.

第一季的自由現金流為負 1.39 億美元。再次，考慮到營運資本的季節性，這對於今年第一季來說非常典型，與 2024 年第一季相比，成長了近 6,000 萬美元。

Now, we're going to take a slightly different approach to guidance this quarter. Our quarter-to-date performance is warped by the timing of Easter and Wey Day this year relative to 2024, making a comparison not meaningful.

現在，我們將對本季的指導採取略有不同的方法。由於今年復活節和韋伊日相對於 2024 年的時間不同，我們本季迄今的表現有所偏差，因此進行比較沒有意義。

Additionally, there is of course a fair bit of uncertainty around the macro, making it challenging to give a traditional top line guide for the quarter in totality.

此外，宏觀方面當然存在相當大的不確定性，因此很難為整個季度提供傳統的營收指引。

Instead, we'll walk through the P&L and highlight where you should expect each cost item to fall if revenue ends the full quarter flat year over year, which would equate to sequential growth right in line with what we saw in the 2nd quarter of last year.

相反，我們將仔細研究損益表，並重點介紹如果整個季度的收入與去年同期持平，那麼您應該預計每個成本項目將下降到什麼程度，這相當於與我們去年第二季度看到的連續增長一致。

Obviously, this is not our standard approach, and while we feel good about the performance to date, we think this is prudent given the uncertainty in our current operating environment.

顯然，這不是我們的標準方法，雖然我們對迄今為止的表現感到滿意，但考慮到當前營運環境的不確定性，我們認為這是謹慎的做法。

We would guide gross margin to be in the range of 30% to 31% of net revenue, likely at the lower end of the range, in keeping with where gross margin was in the back half of last year.

我們預計毛利率將在淨收入的 30% 至 31% 之間，可能處於該範圍的低端，與去年下半年的毛利率水準保持一致。

Customer service and merchant fees should be just below 4%, while advertising should be in the 12% to 13% range, likely toward the midpoint of the range.

客戶服務和商家費用應略低於 4%，而廣告費用應在 12% 至 13% 的範圍內，可能接近該範圍的中間值。

Finally, SG&A is expected to be $360 million to $370 million for the second quarter. Again, show a nice compression your rear from our ongoing cost takeouts.

最後，預計第二季銷售、一般及行政費用為 3.6 億美元至 3.7 億美元。再次，從我們正在進行的成本削減中顯示出良好的壓縮效果。

Following this guidance down in the context of a flat assumption on net revenue, we would expect adjusted EBITDA margin to be in the 4% to 5% range.

在淨收入持平假設的背景下，依照這項指引，我們預期調整後的 EBITDA 利潤率將在 4% 至 5% 之間。

Now, let me touch on a few housekeeping items. We expect equity-based compensation and related taxes of roughly $70 million to $90 million, depreciation and amortization of approximately $75 million to $80 million, net interest expense of approximately $30 million, weighted average shares outstanding of approximately $128 million, and CapEx in a $60 million to $70 million range.

現在，讓我談談一些家務事。我們預計股權薪酬和相關稅費約為 7,000 萬至 9,000 萬美元，折舊和攤銷約為 7,500 萬至 8,000 萬美元，淨利息支出約為 3,000 萬美元，加權平均流通股數約為 1.28 億美元，資本支出在 6,000 萬美元之間。

To wrap up, I want to echo the sentiment Niraj expressed earlier. Moments of disruption, whether for macroeconomic volatility, shifting consumer behavior, or tariff-related headwinds, tend to highlight the advantages of our model.

最後，我想重申一下 Niraj 先前表達的觀點。無論是宏觀經濟波動、消費者行為轉變或關稅相關的不利因素，動盪時刻往往會凸顯我們模型的優勢。

We're continuing to lean into areas where we see a clear path to gain share while simultaneously growing adjusted EBITDA dollars and free cash flow in 2025. With a streamlined cost base, a solid balance sheet position, highly competitive supplier ecosystem, and a disciplined approach to investment with numerous exciting initiatives underway, we believe we're set up not just to withstand macro volatility, but to lean in and gain ground while others are retrenching.

我們將繼續傾向於那些我們認為有明確途徑獲得份額的領域，同時在 2025 年增加調整後的 EBITDA 美元和自由現金流。憑藉精簡的成本基礎、穩健的資產負債表狀況、極具競爭力的供應商生態系統以及嚴謹的投資方式和正在進行的眾多激動人心的舉措，我們相信，我們不僅能夠抵禦宏觀波動，而且能夠在其他公司縮減開支時挺身而出並取得進展。

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

謝謝。現在，Niraj、Steve 和我將回答你們的問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

（操作員指示）摩根大通的克里斯多福‧霍弗斯 (Christopher Horvers)。

Thanks, and good morning. So my first question is on the top line understanding that the Easter shift creates. I think some benefit here in the April month was -- can you parse out how much Easter was maybe a headwind as we thought about the first quarter. How much exactly was the leap-day headwind?

謝謝，早安。因此，我的第一個問題是關於復活節轉變所帶來的最重要的理解。我認為四月份的一些好處是——您能否分析一下，當我們考慮第一季時，復活節可能帶來多大的阻力。閏日逆風到底有多大？

And then more broadly on the sales side, he had a big bump in average order value. Is that prices going up, or is that people buying higher priced items on the pull-forward basis given tariff uncertainty?

從銷售方面來看，他的平均訂單價值有了很大的提升。是價格上漲了，還是因為關稅不確定性，人們提前購買價格較高的商品？

Yeah. Sure, Chris, thanks for your question. So let me share some thoughts on those two different questions. So first on the top line. What I'd say is there's definitely a bunch of timing mismatches this year to last year. You mentioned Easter moving, Way Day, for example, just happened this year. But last year, it's going to happen this coming weekend, the one that's coming up next. The leap year, as you mentioned, leap -- you lose a day, right? So it's that about 1% in the quarter or something like that that you're going to lose. Because our demands kind of like fairly spread out.

是的。當然，克里斯，謝謝你的提問。因此，讓我就這兩個不同的問題分享一些想法。首先是第一行。我想說的是，今年和去年之間肯定存在著許多時間上的不匹配。您提到了復活節搬家，例如，Way Day 今年就剛發生。但去年，它將在即將到來的這個週末發生。正如您所說，閏年就是少了一天，對嗎？因此，本季你將損失大約 1% 或類似的數字。因為我們的要求相當分散。

And so the timing is what makes it difficult. So like obviously, we didn't give a quarter-to-date number and the reason we didn't is we could have shared it. It would be a very big number. It would be up a tremendous amount, but it's a hard number to do anything with because Way Day is coming up, right? And that's-- so there the timing mismatches make things a little hard to read. But what I'd say is we're seeing demand actually stay pretty strong. There's a big divergence between what we're actually seeing in actual demand and what you're reading in the headlines about the consumer sentiment. Now, the consumer sentiment stuff is talking about forward expectations. We haven't hit the forward period yet, obviously, but we're seeing demand actually, demand be pretty good.

所以時機就是造成問題的原因。顯然，我們沒有提供本季迄今為止的數字，而我們沒有這樣做的原因是我們可以分享它。這將是一個非常大的數字。這個數字將會大幅上漲，但這個數字很難衡量，因為 Way Day 即將到來，對吧？這就是——時間上的不匹配使得事情有點難以閱讀。但我想說的是，我們看到需求實際上保持相當強勁。我們實際看到的實際需求與您在頭條新聞中讀到的消費者情緒之間存在很大差異。現在，消費者情緒指標正在談論未來預期。顯然，我們還沒有進入遠期階段，但我們實際上看到了需求，需求相當不錯。

On AOV, no, we have not seen suppliers raise prices. And to be honest, when we've been talking with our suppliers, because we have a large team that work with our suppliers to create joint plans, make sure the inventory and bestsellers stays in stock, talks about pricing, what we're seeing on the platform. Well, we're actually seeing suppliers are very wary to raise prices because they know they're competing with one another. They know the way our platform works is that they need to compete with each other to impress the customer or they don't get the sales. Because it's been a prolonged downturn in this category, multi-year downturn, they know that it's hard to get volume and they need volume to be efficient.

關於平均價格 (AOV)，我們沒有看到供應商提高價格。老實說，當我們與供應商交談時，因為我們有一個龐大的團隊與我們的供應商合作制定聯合計劃，確保庫存和暢銷品保持庫存，討論定價，以及我們在平台上看到的內容。嗯，我們實際上看到供應商非常不願意提高價格，因為他們知道他們彼此之間在競爭。他們知道我們的平台運作方式是，他們需要相互競爭來打動客戶，否則就無法獲得銷售。因為這個類別已經處於長期低迷狀態，持續了多年，他們知道很難獲得銷量，而他們需要銷量才能提高效率。

And so what we've seen is that their interest is really the opposite. It's not in trying to raise price quickly. It's actually trying to not raise price or to defer it as long as possible and do the minimum that they would need to do. So there's a lot of conversations about what they think that could be. But basically, we've not seen prices go up on the platform. I don't -- Kate, is there anything you want to -- ?

因此，我們看到的是，他們的興趣實際上恰恰相反。這並不是試圖快速提高價格。它實際上是試圖不提高價格或盡可能推遲提高價格，並做他們需要做的最少的事情。因此，他們就這個問題進行了大量的討論。但基本上，我們並沒有看到該平台的價格上漲。我不知道——凱特，你有什麼想說的嗎-- ？

Yeah. I'll just touch on the AOV, Chris, because if you look at actually what's been happening with AOV, you can see that AOV year over year was starting to go up in Q3 of last year. This is pretty normal, right? So AOV has a lot of moving components to it. One that you reference is unit price. One is items for order, but another one is mix. So as we mix in different brands that have continued to do well like our specialty retail brand or Perigold or high-end brand, those obviously come in higher AOVs. I think more relevant to think about -- sort of what's happening with AOV is to look at the sequential (technical difficulty) and if you look at the sequential (inaudible) if they are very consistent to what they were last year. So pretty normalized.

是的。克里斯，我只想談談 AOV，因為如果你看看 AOV 的實際情況，你會發現 AOV 在去年第三季開始比去年同期上升。這很正常，對吧？因此 AOV 有很多移動組件。您參考的是單價。一種是訂購的商品，另一種是混合的。因此，當我們將持續表現良好的不同品牌（例如我們的專業零售品牌或 Perigold 或高端品牌）混合在一起時，這些品牌的 AOV 顯然會更高。我認為更相關的是思考——AOV 發生的事情是查看順序（技術難度），如果你查看順序（聽不清楚）它們是否與去年的情況非常一致。所以相當正常化。

And then just -- you passed in a question around Q1 and a question around quarter to date, and I think we addressed the quarter to date on the Q1. Obviously, yes, some puts and takes there -- you feel quite pleased with that revenue performance because of course there is the drag from the lack of the day from the leap year. And also, we have a roughly 100 bits drag from the German business, right? So to be flat and then up 1.6% in the US is very good.

然後只是——您提出了一個有關第一季的問題和一個有關本季迄今為止的問題，我認為我們解決了第一季迄今為止的問題。顯然，是的，這其中存在一些得失——你對這樣的收入表現感到非常滿意，因為當然存在閏年沒有一天所帶來的拖累。而且，德國業務給我們造成了大約 100 億美元的拖累，對嗎？因此，美國經濟先持平然後上漲 1.6% 是非常好的。

And then the follow up is just -- is there an indication of pull-forward demand? I'm not sure how you would measure that. It seems like the consumer is just reflecting back to maybe the supply chain crisis and stuff that products that maybe they had to wait for in the furnishings category, the electronics category. Are you seeing -- and can you comment on or measure how much of this could be pulled forward?

那麼接下來的問題是──是否有提前需求的跡象？我不確定你會如何衡量這一點。看起來消費者只是在反思供應鏈危機以及他們可能需要等待的家具類、電子產品類產品。您是否看到了—您能否評論或衡量其中有多少可以提前實現？

Yeah, thanks Chris. So we know what we see in our data, we know what we see in credit-card data, and we know what we hear from some other companies in the in the space. And so we don't believe we've really seen pull forward. The only one subcategory we have where we've seen pull forward was in large appliances.

是的，謝謝克里斯。因此，我們知道我們在數據中看到了什麼，我們知道我們在信用卡數據中看到了什麼，我們知道我們從該領域的其他公司聽到了什麼。因此，我們認為我們並沒有真正看到進步。我們看到的唯一一個成長最快的子類別是大型家電。

So large appliances clearly had some pull forward. It lasted a fairly short period of time and because of the size of that -- the category is very large overall, but we're a relatively new player in it. It's a relatively small category for us. So the amount of pull forward we directly benefited from is actually very small, it's de minimis for us. So overall, we haven't really benefited from pull forward, and we don't think the category has had much.

因此，大型家電顯然具有一定的推動作用。它持續的時間相當短，而且由於規模較大——該類別總體來說非常大，但我們是其中相對較新的參與者。對我們來說這是一個相對較小的類別。因此，我們直接受益的拉動量實際上非常小，對我們來說是微不足道的。因此總體而言，我們並沒有真正從提前拉動中受益，而且我們認為該類別也沒有獲得太多好處。

Great, thank you very much. Have a great rest of spring.

太好了，非常感謝。祝您有個愉快的春天。

Thank you. You too.

謝謝。你也是。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Oh great, good morning, and thanks for taking my questions. My first one was a follow up on pricing. Sounds like not a lot of suppliers are raising price on your marketplace. Is there any indication, maybe from your conversations with vendors, that they're choosing to raise prices on other platforms first, maybe as a test, before doing so on Wayfair? Any thoughts there would be great.

哦，太好了，早上好，感謝您回答我的問題。我的第一個任務是跟進定價。聽起來好像你們市場上沒有太多供應商提高價格。從您與供應商的對話中是否有跡象表明，他們選擇先在其他平台上提高價格，也許作為測試，然後再在 Wayfair 上提高價格？任何想法都很棒。

Yeah, I would -- what I would say is generally what we've heard from them is they're generally wary to raise prices and anywhere and so I don't know exactly like I, we've been.

是的，我想說的是，我們從他們那裡聽到的一般是，他們通常對提高價格和任何地方都持謹慎態度，所以我不知道我們到底是怎樣的。

I haven't heard that, right? So I haven't heard of them being aggressive in raising prices anywhere yet. What I've generally heard is that they're trying to be very thoughtful about how to optimize their business. They know that it's a challenged demand environment in general, and they know that raising prices, if their competitors don't, is going to hurt them substantially. So they want to make sure that they remain competitive.

我沒聽過，對嗎？所以我還沒聽說他們在任何地方大幅提高價格。我通常聽到的是，他們正在努力認真思考如何優化他們的業務。他們知道整體而言，這是一個充滿挑戰的需求環境，他們也知道，如果競爭對手不漲價，那麼漲價將會對他們造成巨大傷害。因此他們希望確保自己保持競爭力。

I think a number of places that they sell, they have a similar dynamic to us that we have a very big benefit because we're as a platform versus being a traditional retailer. We have a lot of suppliers on that platform that are competing with each other and to some degree their goods are substitutable. So the dynamic is such that by raising your price, it's not so much that you're negotiating with a buyer and a zero sum, and it's not necessarily directly correlated to the retail here, you're actually able to do whatever you want, however, you're directly changing the retail.

我認為他們銷售的許多地方都有與我們類似的動態，我們有很大的優勢，因為我們是一個平台，而不是傳統的零售商。我們平台上有很多供應商，他們互相競爭，而且在某種程度上他們的商品是可以替代的。因此，動態是這樣的，透過提高價格，你並不是在與買家進行零和談判，而且它不一定與零售直接相關，你實際上可以做任何你想做的事情，但是，你直接改變了零售。

So you have to worry about the end effect and because of that. We haven't, we've seen what they don't want to raise on our platform now with regards to what they may want to do selling to traditional retailers, I think that could be a different setup, but we're less, that's not our model. We have a little less insight into how aggressive they're being there, but we've definitely heard that a lot of folks are saying that they can't, that they have to, they can't eat the cost. The traditional retailer, if they're doing direct import, they have to basically carry the cost.

因此你必須擔心最終效果以及由此產生的後果。我們還沒有，我們已經看到他們現在不想在我們的平台上籌集資金，關於他們可能想向傳統零售商銷售的東西，我認為這可能是一個不同的設置，但我們較少，這不是我們的模式。我們對他們的激進程度了解不多，但我們確實聽到很多人說他們不能，他們必須，他們不能承擔成本。傳統零售商如果進行直接進口，基本上就必須承擔成本。

Understood. And my follow ups on CastleGate. Kate, is there a way to understand the magnitude of the one gross margin headwind from the CastleGate rush and how we should think about maybe the magnitude of the tailwind from increased CastleGate fees in the quarters ahead. Thanks --

明白了。以及我對 CastleGate 的後續報導。凱特，有沒有辦法了解 CastleGate 熱潮帶來的毛利率阻力有多大，以及我們應該如何看待未來幾季 CastleGate 費用上漲帶來的順風力度。謝謝--

Yeah, great question. So, sort of taking a step back and thinking through the benefit that this provides us, right? What we want to partner with our suppliers on and you know you mention it as a references price, but I'll say more broadly, we really want to help our suppliers understand where can they be advantaged here and how can they be productive given the sort of uncertainty, ahead and part of that is bringing product into the country and advancing Q1 and as we talked about on the call, we were quite successful with that with our suppliers. You will see a benefit of that manifest in a few different ways in the quarters ahead. So one of those ways is, price and availability for the customer, right? So that allows us to maintain really efficient prices for her, that allows us to have good availability, and so that helps support the top line.

是的，很好的問題。那麼，退一步思考這帶給我們的好處，對嗎？我們希望與我們的供應商合作，您知道您提到它是參考價格，但我想更廣泛地說，我們真的想幫助我們的供應商了解他們可以在哪裡獲得優勢，以及在未來的不確定性下他們如何能夠富有成效，其中一部分是將產品引入該國並推進第一季度，正如我們在電話中談到的那樣，我們與供應商在這方面取得了相當大的成功。您將在未來幾季中看到其以幾種不同方式體現的好處。那麼其中一種方法就是為客戶提供價格和可用性，對嗎？這樣，我們就能為她維持真正有效的價格，讓我們擁有良好的可用性，有助於支持營收。

On the gross margin line, obviously, products that ship out of CastleGate versus somewhere else are, cost advantaged on top of that there's a benefit, of course, when we charge the suppliers for the pick pack fee when that that product ships out. So that that manifests in the subsequent quarters, but I think that it's important to keep in mind that the benefit is twofold, right? It's both on the top line of having that product here and available and the pricing there and it's on the gross margin line over time.

在毛利率方面，顯然，與從其他地方發貨相比，從 CastleGate 發貨的產品具有成本優勢，此外，還有一個好處，那就是當我們在產品發貨時向供應商收取提貨包裝費。這會在接下來的幾個季度中反映出來，但我認為重要的是要記住好處是雙重的，對嗎？這不僅關係到該產品在這裡的銷售和價格，也關係到一段時間內的毛利率。

Understood. Best of luck.

明白了。祝你好運。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Good morning. Thanks for taking my questions, I guess. So my first question on surprise, I want to talk about tariffs, and I mean, I appreciate all the commentary you outlined.

早安.我想，感謝您回答我的問題。所以我的第一個意外問題是想談談關稅，我的意思是，我很感謝您提出的所有評論。

So I guess if we just step back, the question I have is, as you were watching this tariff dynamic unfold. If I'm hearing you correctly, it sounds like, from a wafer perspective, I mean, most of the burden is really lies with your suppliers.

所以我想如果我們退一步來看，我的問題是，當你觀察關稅動態展開時。如果我沒聽錯的話，從晶圓的角度來看，大部分負擔其實都落在了供應商身上。

So I guess, that's just to make sure I heard that correctly. But the second question I have, or the question I have is, are there, as this is unfolding, are there levers that Wayfair is internally pulling, to kind of help through the to help through this dynamic and improve the business through the dynamic.

所以我想，這只是為了確保我聽得正確。但我的第二個問題是，隨著事態的發展，Wayfair 內部是否有槓桿可以幫助解決這一問題，並透過這項動態改善業務。

Yeah, I'd say there's two things we really directly help suppliers with. So one is we share a lot of data on what we're seeing happen on the platform because suppliers realize that they may need to raise prices at some point, but again they don't want to raise them earlier or larger than competitors do.

是的，我想說我們確實在兩件事上直接幫助了供應商。因此，一方面，我們分享了大量有關平台上發生的事情的數據，因為供應商意識到他們可能需要在某個時候提高價格，但他們又不想比競爭對手更早或更大幅度地提高價格。

So they want to know what's happening on the landscape so that they can try their best to stay very competitive. So we basically do try to provide them with some direction and guidance and share the landscape with them. And the second thing we can help them with is when you think about CastleGate, I think, often you think about Cascade fulfillment. So the kind of warehouses we have the fulfillment centers and the fact that we do with the WAN, we do the last mile delivery for large bulky items and through the combination of the two we can provide a high quality of service on deliveries.

因此，他們想知道情況正在發生什麼，以便盡最大努力保持競爭力。因此，我們基本上確實嘗試為他們提供一些方向和指導，並與他們分享情況。我們可以為他們提供的第二個幫助是，當您想到 CastleGate 時，我認為，您通常會想到 Cascade 的實作。因此，我們擁有履行中心的倉庫，並且我們利用廣域網來完成大件物品的最後一英里運送，透過兩者的結合，我們可以提供高品質的運送服務。

We can offer faster delivery. But what we actually offer goes all the way back to moving the goods via ocean freight forward positioning the goods using consolidation centers that are close to the point of origin, and then obviously then they make it to the fulfillment centers and they do everything we just described. And then we have fulfillment centers not just in the US but also in Canada and the UK.

我們可以提供更快的送貨服務。但我們實際上提供的服務是透過海運來運輸貨物，使用靠近原產地的整合中心將貨物預先定位，然後顯然它們會到達履行中心並完成我們剛才描述的所有事情。我們的配送中心不僅在美國，在加拿大和英國也設有配送中心。

So in Canada we have 21, in Vancouver, and one in Toronto, and in the UK, we have a large facility in Lutterworth. And so they have an ability to directly bring goods into the country versus in the case of like Canada for example, transiting through the US, which could prove to be much more expensive. So the second way we help them is with kind of custom logistics solutions, taking advantage of all the assets and the network we have that allow them to optimize and lower their costs, which then allows them to save money and keep retail sharp. And so perhaps something costs them more money and something lets them save some money, and these are benefits that they want to make sure that they're optimizing.

在加拿大，我們有 21 家工廠，分別位於溫哥華和多倫多；在英國，我們在拉特沃思擁有一家大型工廠。因此，他們有能力直接將貨物運入該國，而不是像加拿大那樣通過美國中轉，這可能會昂貴得多。因此，我們幫助他們的第二種方式是透過客製化物流解決方案，利用我們擁有的所有資產和網絡，使他們能夠優化和降低成本，從而使他們節省資金並保持零售業的敏銳性。因此，也許有些東西會讓他們花更多錢，而有些東西可以讓他們節省一些錢，這些都是他們想要確保優化的好處。

It's helpful there, again, just to follow up I mean because I know we're all having these type of conversations with a lot of different companies, but I mean, to be clear that from a Wayfair perspective, as you're looking at your business, you're not really having to determine, what impact to Wayfair's margins could happen or, from a sales perspective. This is all really on the on the part of your suppliers, correct?

再次強調，這很有幫助，只是為了跟進，因為我知道我們都在與許多不同的公司進行這種類型的對話，但我的意思是，要明確的是，從 Wayfair 的角度來看，當你審視自己的業務時，你實際上並不需要確定這會對 Wayfair 的利潤率產生什麼影響，或者從銷售角度來看會有什麼影響。這其實都是你們供應商的責任，對嗎？

Well, what I would say is like -- so we have a platform, right? So the platform solves for making sure customers get the best value by suppliers needing to compete with one another. And because we have such a large base of suppliers and the goods are, these are, largely non-branded differentiated categories, there's a lot of substitution that can happen.

嗯，我想說的是——我們有一個平台，對吧？因此，該平台解決了供應商之間需要相互競爭的問題，確保客戶獲得最佳價值。由於我們擁有如此龐大的供應商基礎，而且這些商品大多屬於非品牌差異化類別，因此可能會發生大量替代方案。

So these dynamics line up for suppliers to really want to make sure the customer is getting a great value. That said, of course, there's elasticity, there's supply and demand, there's how price affects demand, and here we have a category that's been out of favor for multiple years. So it's already at a low demand level and so that might be part of why, we haven't really seen as much demand destruction as maybe some other discretionary categories have commented on, but we obviously do think about different scenarios of what could happen depending on different trajectories, different series of events.

因此，這些動態促使供應商真正希望確保客戶獲得巨大的價值。話雖如此，當然，有彈性，有供給和需求，有價格如何影響需求，這裡有一個多年來一直不受歡迎的類別。因此，需求水平已經很低了，這可能是為什麼我們並沒有真正看到其他一些可自由支配類別所評論的那麼多的需求破壞，但我們顯然會考慮根據不同的軌跡、不同的事件系列可能發生的不同情景。

Thank you I appreciate the call.

謝謝，我很感激您的來電。

Thank you. Sorry. Oh, go ahead, Brian.

謝謝。對不起。哦，繼續吧，布萊恩。

So I was just, I just keep on answering that'd be great.

所以我只是，我只是繼續回答，那就太好了。

No, I would echo when you said I, we think our model and our platform serves us quite well here, and we think that helps us be positioned to outperform in this kind of environment, that's quite sort of diligent partnership though with our suppliers and helping them understand the dynamics and the impacts and you know the opportunity for sort of share gain in a in an environment like this.

不，我同意你的說法，我們認為我們的模式和平台在這裡為我們提供了很好的服務，我們認為這有助於我們在這種環境中脫穎而出，這是一種與我們的供應商建立的相當勤勉的合作夥伴關係，幫助他們了解動態和影響，你知道在這樣的環境中獲得份額增長的機會。

I appreciate the call. Thank you.

我很感謝你的來電。謝謝。

[Eigel Ironian], Citi.

[Eigel Ironian]，花旗。

Hey, good morning, guys, thanks for taking my question. I guess I want to ask about the range of potential outcomes and how you think about it and how you can potentially plan for it, meaning we got to pause on the 90-day reciprocals for many of the countries, and I think maybe you could help expand on this a little bit.

嘿，大家早安，感謝你們回答我的問題。我想問一下可能出現的結果範圍，以及您對此有何看法以及如何為此制定計劃，這意味著我們必須暫停對許多國家實施 90 天的互惠政策，我想您可以稍微詳細地說明一下這一點。

We've seen some production shift to those countries instead of China. And what happens if those come back at the end of the 90 days or we have higher tariffs and more of the input countries. How you think about that, how you can help your vendors and the ability for vendors to absorb costs in that scenario where there's less of an ability to shift production to other countries.

我們已經看到一些生產從中國轉移到這些國家。如果這些在 90 天後恢復，或者我們有更高的關稅和更多的輸入國，會發生什麼情況？您如何看待這個問題，您如何幫助您的供應商，以及在供應商無法將生產轉移到其他國家的情況下，供應商吸收成本的能力。

Yeah, I mean, it's obviously it's a pretty dynamic environment right now because obviously there's a 10% base tariff on we're talking now in China, there's a 10% base tariff, and then there's the varying degrees of reciprocal tariffs. The reciprocal tariffs are what have been paused for 90 days.

是的，我的意思是，現在的環境顯然是相當動態的，因為我們現在談論的中國顯然有 10% 的基本關稅，有 10% 的基本關稅，然後還有不同程度的互惠關稅。互惠關稅已暫停90天。

And then China has a different whole set of things. And so to try to project exactly how this will all met out because there's been talks of discussions, negotiations underway with India and with South Korea and with Vietnam and with a whole host of countries and to project exactly how they'll play out, it's difficult. What I will say is what's happened if you go back all the way to 2019 and the tariffs that were put on fairly quickly during that period of time, that really spurred a lot of companies who had not yet created a lot of diversification to really work on diversification to multiple places.

而中國則有整整一整套不同的情況。由於目前正在與印度、韓國、越南等許多國家進行討論和談判，因此，試圖準確預測這一切將如何發展，並且準確預測它們將如何發展，這很困難。我想說的是，如果你回顧 2019 年的情況，你會發現那段時間關稅徵收得相當快，這確實刺激了許多尚未實現多元化的公司真正致力於在多個地方實現多元化。

So we have suppliers who have manufacturing capability in multiple countries. And then what they do is they flow goods based on, there of course there's where they have capacity and skills, but frankly a lot of it is where does the cost come out the best between the various types of manufacturing operations they have. In some cases they may have more automation, some cases they may have optimization for certain types of degrees of finishes and there's a raw material supply chain. There's a whole bunch of variables that drive that. So long story short, what I would say is, I don't think suppliers are all in on a specific bed of how things are going to play out, but they have a general trajectory that they believe, and I think they're optimizing for that.

因此，我們在多個國家擁有具備製造能力的供應商。然後他們所做的就是根據他們擁有的能力和技能來流動貨物，但坦白說，很大程度上取決於他們擁有的各種製造業務中哪裡的成本最優惠。在某些情況下，他們可能擁有更多的自動化，在某些情況下，他們可能會針對某些類型的完成程度進行最佳化，並且有原材料供應鏈。有很多變數可以影響這現象。長話短說，我想說的是，我認為供應商不會全都對事情將如何發展有自己的看法，但他們相信一個總體軌跡，而且我認為他們正在為此進行優化。

And obviously, they're trying to do in a way that they're creating a kind of a multivariate solution so that they can evolve it as needed. And I think, today, we sell goods on our platform that come from that are made in over 100 countries. So there's a wide amount of diversification that already has taken place and I think our suppliers have a view on kind of relatively, what's, range of what could happen and they're kind of playing towards that in general, we feel like that sets things up.

顯然，他們正在嘗試創建一種多元解決方案，以便可以根據需要進行改進。我認為，今天我們平台上銷售的商品來自 100 多個國家。因此，已經發生了廣泛的多樣化，我認為我們的供應商對可能發生的情況有相對的看法，他們總體上正在朝著這個方向努力，我們覺得這就為事情做好了準備。

Pretty well around, flexibility and agility for our platform given our base of suppliers, the large number of them and the dynamics we have. I don't know, Kate, is there anything you'd like to add?

考慮到我們擁有的供應商基礎、數量和活力，我們的平台具有相當好的靈活性和敏捷性。我不知道，凱特，你還有什麼要補充的嗎？

Yeah, you go the other piece in this environment and frankly it's a reiteration of what we've been saying for Quarters now, given the complexity that this category's been in that we've been navigating through our focus is on controlling what we can control, and we think we've done that quite effectively over several years now of cost takeouts. You saw us report an SG&A number that was our lowest since 2019, right? That's multiple years of work to get there, so we've kept really tight control over our cost structure and this allows us to enable to deliver what's best for our customers by partnering with these suppliers. So we have very good cost controls, we have a wide range of suppliers across a wide range of countries and overall that allows us to position, the best product, the best opportunity for our customer to buy what she needs, and doing that enables us to gain share and we're quite confident in our ability to do that going forward.

是的，在這種環境下，你會看到另一部分，坦白說，這是對我們現在對季度所說內容的重申，考慮到這個類別的複雜性，我們一直在關注的是控制我們能夠控制的東西，我們認為我們在過去的幾年裡已經非常有效地做到了成本削減。您看到我們報告的銷售、一般及行政費用數字是 2019 年以來的最低水平，對嗎？為了實現這一目標，我們付出了多年的努力，因此，我們一直嚴格控製成本結構，透過與這些供應商合作，我們能夠為客戶提供最好的產品。因此，我們的成本控制非常好，我們在眾多國家擁有廣泛的供應商，總的來說，這使我們能夠定位最好的產品，為我們的客戶提供購買所需產品的最佳機會，這樣做使我們能夠獲得市場份額，我們對未來做到這一點的能力非常有信心。

Oh, okay, that's really helpful. And maybe, to follow up on the opportunity to take share and tie that into the advertising strategy in this environment, Kate, you mentioned leaning in a little bit as things were going better than expected, maybe not characterizing that perfectly, but.

哦，好的，這真的很有幫助。也許，為了抓住機會獲取份額，並將其與這種環境下的廣告策略結合起來，凱特，你提到，當事情進展得比預期更好時，你會稍微傾斜一下，也許不是完美地描述這一點，但是。

How do you think about your advertising message?

您如何看待您的廣告訊息？

Are, is there an opportunity to kind of, make that message to the consumer or come to Wayfair get better value in this type of environment and stepping into that over the course of the year. Thanks.

是否有機會向消費者傳達這一訊息，或者在這種環境下讓 Wayfair 獲得更好的價值，並在一年內進入這一領域。謝謝。

Yeah, sure. I'll share a couple thoughts and then turn it over to Kate. So on our marketing spend, one thing I do want to just reiterate.

是的，當然。我將分享一些想法，然後將其交給凱特。因此，關於我們的行銷支出，有一件事我想重申一下。

We do measure it by the paybacks it creates, and we've tightened up those paybacks and we've now we continue to hold that degree of tightness. So we don't like create a budget and then spend it regardless of what we're seeing for signal. We make sure that it's paying back a portion of it's around brand building and that would be longer payback and a portion that's much more transactional and that gets paid back much more quickly, but everything's on a relatively short payback still and.

我們確實透過它所創造的回報來衡量它，我們已經收緊了這些回報，現在我們繼續保持這種收緊程度。因此，我們不喜歡制定預算，然後不管訊號如何就花掉它。我們確保其中一部分的回報與品牌建立有關，這將是更長的回報，一部分是交易性的，可以獲得更快的回報，但一切的回報仍然相對較短。

There are certain channels we're large in and certain channels that are emerging for us that have grown to be large in the industry that we think there's an opportunity for us to sort of grow in while doing so profitably, right? So we also think about our whole goal is to grow EBIT dollars and so the way we think about it is like what's the optimal mix of things between whether it's in the cost of goods line or whether it's in the SOA line or the ACNR line that let us maximize the growth of profitable dollars and that's kind of the way we're. A managing it and so that we're seeing are the outcomes of that. But Kate, I don't know if there's anything you want to add.

在某些管道中我們已經佔據了很大的份額，而某些新興管道也已經發展成為行業中的大品牌，我們認為我們有機會在這些管道中實現成長並實現盈利，對嗎？因此，我們也認為，我們的整個目標是增加 EBIT 美元，因此，我們思考的方式是，無論是在商品成本線中，還是在 SOA 線或 ACNR 線中，最佳組合是什麼，這讓我們能夠最大限度地增加利潤美元的增長，這就是我們的方式。對其進行管理，然後我們就能看到其結果。但是凱特，我不知道您是否還有什麼要補充的。

I think you framed it well. Our focus is on growing adjusted dollars and again we've done that for quite some time now, and you know it we'll continue to do that. On the marketing spend specifically, I think maybe what you're referring to is it did step up in Q4 and that was, as we explained at that time, that was we saw some opportunity. Where we had actually left dollars on the table, frankly, because there was an opportunity to invest further there that will manifest on a multi-quarter basis over time. There was also some of that testing that Nir spoke about, and you saw it come in quite a bit this quarter relative to Q4 as we had foreshadowed on the Q4 call. We are excited about what we're seeing in testing. We think that there's opportunities and unlocks here that will manifest over time.

我認為你把它構思得很好。我們的重點是增加調整後的美元，而且我們已經這樣做了相當長一段時間，而且你知道我們會繼續這樣做。具體到行銷支出，我想也許您指的是它在第四季度確實有所增加，正如我們當時解釋的那樣，我們看到了一些機會。坦白說，我們實際上已經放棄了一些資金，因為那裡有機會進一步投資，隨著時間的推移，這些投資將在多個季度內顯現出來。Nir 也談到了一些測試，正如我們在第四季度電話會議上預測的那樣，本季相對於第四季度而言，測試有所增加。我們對測試中看到的結果感到非常興奮。我們認為這裡存在著機會和潛力，它們會隨著時間的推移而顯現出來。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning.

早安.

Thank you so much for taking my question. So it sounds like your message is listen, we've got a lot of benefits from tariffs just as many more benefits than drawbacks. The big unknown is what's going to happen to the demand environment. So with that being said, is it right for us to continue to use this incremental decremental margin of mid to high teens as we. try and synthesize what the model looks like over the next couple of quarters and then longer term, does Wayfair need to make any adjustments to the extent that this tariff regime stays in place such that its margins would be permanently impacted, or is that not realistic given that the benefit of time would provide more flexibility to make any changes and adjust accordingly?

非常感謝您回答我的問題。所以聽起來你的意思是，我們從關稅中獲得了很多好處，好處比壞處多得多。最大的未知數是需求環境將會發生什麼變化。那麼，話雖如此，我們是否應該繼續使用這種中高水準的增量遞減幅度？嘗試綜合一下未來幾個季度以及更長遠的時期內該模型的情況，Wayfair 是否需要做出任何調整，以使得這種關稅制度保持不變，從而對其利潤率產生永久性影響，或者這是否不現實，因為時間的優勢將為做出任何改變和相應調整提供更大的靈活性？

Thank you very much.

非常感謝。

Yeah thanks let me mention, let me try to clarify that comment on be benefit, and then I'll turn it over to Kate to answer your question. Just to be clear, I'm not saying that we benefit from tariffs. What I'm saying actually is that in a scenario where there are these tariffs, our business model of being having a platform, having a very large number of suppliers, allowing suppliers to have a dynamic where they control their destiny by competing with one another and focusing, our business is focused on the substitutable categories.

是的，謝謝，讓我提一下，讓我試著澄清關於好處的評論，然後我會把它交給凱特來回答你的問題。需要明確的是，我並不是說我們從關稅中受益。我實際上想說的是，在存在這些關稅的情況下，我們的商業模式是擁有一個平台，擁有大量的供應商，允許供應商透過相互競爭和集中精力來控制自己的命運，我們的業務重點是可替代的類別。

This creates a much more beneficial scenario than if we were a traditional retailer where we had merchants, where we bought goods from Narrow set of factories in a long dated way and now and we're the importer of record and now we've got all of a sudden these tariffs and you know our plans for the next 12 or 18 months have been locked and we're in a tricky situation. So it's more a relative thing versus saying that tariffs are beneficial for us as a direct point.

這創造了一種比我們作為傳統零售商更有利的局面，傳統零售商有商家，我們以長期的方式從少數工廠購買商品，現在我們是記錄的進口商，現在我們突然被徵收這些關稅，你知道我們未來 12 或 18 個月的計劃已經被鎖定，我們處於一個棘手的境地。因此，這更多的是相對的事情，而不是直接說關稅對我們有利。

But Kate, let me turn it over to you to answer.

但是凱特，讓我把這個問題交給你來回答。

Yeah, so Michael, we're We remain quite focused on flow through and continuing to drive growth and adjust the bits of dollars, as we actually just referenced a minute ago, and you saw that pan out quite nicely this quarter, right? And so there's a few different moving pieces on that, you've seen us continue to take in that SG&A line and get real structural efficiency there that has been enduring now for quite some time. That's allowed us to invest in areas like the marketing spend and still grow a dollars and in fact, that panned out, quite nicely, as I said in the first quarter of this year, and we believe we'll continue to going forward. So our focus remains on growing those adjusted EBITDA dollars, growing, that concept of owners earnings that we've talked about, and that continues to be our long term focus.

是的，邁克爾，我們仍然非常關注流量，繼續推動成長並調整美元金額，正如我們剛才提到的那樣，你看到本季進展順利，對吧？因此，這方面有幾個不同的變動因素，您已經看到我們繼續採用銷售、一般和行政費用 (SG&A) 線，並獲得真正的結構效率，這種效率已經持續了相當長一段時間。這使我們能夠在行銷支出等領域進行投資，並且仍然實現成長，事實上，正如我在今年第一季所說的那樣，結果相當不錯，我們相信我們將繼續向前邁進。因此，我們的重點仍然是增加調整後的 EBITDA 美元，增加我們所討論的所有者收益的概念，這仍然是我們的長期關注點。

Okay, my follow-up question is your stock has been adversely impacted by this tariff situation. There's probably a lot of misunderstanding given what's been helpfully presented today. Is there enough capacity in other markets outside of China to absorb the demand for the production of home furnishings to make it a relatively seamless transition. As this potential situation continues such that you know there wouldn't be a lot of disruptions for Wayfair as your platform shifts to wherever, the demand, or supply I should say, goes.

好的，我的後續問題是，您的庫存受到了此次關稅狀況的不利影響。對於今天所介紹的有益內容，可能會有許多誤解。中國以外的其他市場是否有足夠的產能來吸收家居裝飾生產的需求，以實現相對無縫的過渡。隨著這種潛在情況的持續，你知道，當你的平台轉移到需求或供應所在的地方時，Wayfair 不會受到太多幹擾。

Sure. Yeah, so I would share your observation that the stock certainly has not been great and that I do think folks misunderstand some of our relative strengths and how well things are going. But, to answer your specific question about capacity outside of China. Well, there's actually a large amount of capacity outside of China, and I kind of said this a few times, but the demand in the category has been weak for a number of years in a row.

當然。是的，所以我同意你的看法，那就是股票表現確實不太好，而且我確實認為人們誤解了我們的一些相對優勢以及事情進展得如何。但是，要回答您關於中國以外產能的具體問題。嗯，實際上中國以外的產能很大，我已經說過幾次了，但該類別的需求已經連續幾年疲軟。

And so the amount of capacity that exists is operate the operating level of it right now is far below the capacity that is available. Obviously, folks source and bringing goods from wherever the kind of the best price value for them is. And so tariffs think of tariffs as something to change the landscape of price value from various different, in this case countries around the world that will change the math for folks and there's a lot of capacity that can where things can move in terms of disruption, I wouldn't claim that that makes it then just a light switch and super smooth, but this is again where our platform helps us because we have this logistics capability that's fully integrated. That actually operates in all of these places already and so that gives us a significant benefit over others.

因此，現有的營運能力遠低於可用的營運能力。顯然，人們從對他們來說最划算的地方採購和運送貨物。因此，關稅將關稅視為改變不同國家價格價值格局的因素，在這種情況下，世界各國都會改變人們的計算方式，並且有很多容量可以使事物在中斷方面發生變化，我不會聲稱這使得它只是一個電燈開關並且非常順暢，但這又是我們的平台幫助我們的地方，因為我們擁有這種完全集成的物流能力。實際上，這種模式已經在所有這些地方實施，因此，我們比其他人具有顯著的優勢。

We already work with this large base of suppliers from all over the world, whether that be other countries in Asia, whether that be folks who have multiple manufacturing locations, whether that be countries that have been emerging in. Scaling like Turkey, India, Brazil, whether that be different countries in Europe, Eastern Europe that that are considering becoming larger exports. So we're quite advantaged in this environment because of how we're set up.

我們已經與來自世界各地的大量供應商合作，無論是亞洲其他國家，還是擁有多個生產基地的國家，還是新興國家。像土耳其、印度、巴西這樣的國家，無論是歐洲或東歐的不同國家，都在考慮擴大出口。由於我們的設置方式，我們在這種環境中具有相當大的優勢。

Understood. Thank you so much, and good luck.

明白了。非常感謝，祝你好運。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Good morning everyone. My first question, I wanted to ask the last time we had some tariffs, we saw some price increases, and I think your margins were just fine to all the points on the take rate. There was a little sticker shock in an initial couple of quarters and sales slowed a little. It doesn't sound like that's happening, but thinking about if that happens, where you see some sticker shock from pricing, how do you think about managing it given that you've made a lot of positive changes now to the P&L? What's the contingency plan? Are there offsets to be able to manage with potential deleverage?

大家早安。我的第一個問題是，我想問上次我們徵收一些關稅時，我們看到了一些價格上漲，我認為你們的利潤率對於所有稅率點來說都很好。最初幾季的價格有點令人震驚，銷售也略有放緩。這聽起來不像是會發生的情況，但想想如果發生這種情況，您會看到定價方面出現一些令人震驚的情況，考慮到您現在對損益表做出了很多積極的改變，您會如何考慮管理它？應急計劃是什麼？是否有辦法透過潛在的去槓桿來管理抵銷措施？

Yeah, but, let me start, let me answer, a little bit of that question and then you turn it over to Kate to further answer it. I think, when you think about what's changed from 2019 to now. I think there's a couple things. One, when I talk about the dynamic on the platform and I talk about basically the breadth and depth we have of suppliers from all over the world, that has certainly increased substantially since 2019. I think we have double the number of suppliers and then if you look at their geographic distribution, that would be probably change even more than that. And then the other thing would be our logistics capabilities.

是的，但是，讓我先回答這個問題，然後再交給凱特進一步回答。我認為，當你思考從 2019 年到現在發生了什麼變化。我認為有幾件事。首先，當我談論平台的動態以及我們擁有的來自世界各地的供應商的廣度和深度時，自 2019 年以來，這一數字肯定大幅增加。我認為我們的供應商數量增加了一倍，如果你看看他們的地理分佈，變化可能還會更大。另一件事就是我們的物流能力。

So when I talk about the consolidation operations, we have a number of locations abroad, the number of freight lanes, ocean freight lanes that we operate our ocean brokerage on. When I talk about the forward positioning capabilities we have both from technology and a physical logistics standpoint, that's much more enhanced.

因此，當我談到整合業務時，我們在國外擁有多個地點，擁有多條貨運航線和遠洋貨運航線，我們透過這些航線開展海運經紀業務。當我從技術和實體物流的角度談論我們的前瞻性定位能力時，這種能力得到了極大的增強。

So there's quite a lot that's advanced on the logistics side which It ends up being material to how you think about this because that is, it's one thing to say like I'm going to figure out how to buy goods in other countries. I say, oh, I have suppliers who actually operate there and they want to scale up and we have a logistics capability they can just use. So what they just need to do their end of it and then they can leverage us for these other things. So I think we're pretty advantaged there. The other thing I would say. I, one of the things that we embarked on around that time frame was a large tech replatforming of our, a large tech stack. And that project ended up taking a number of years, but we're now substantially through that. We're very far into it. And so this is the first time in a few years where we're now turning tech capacity back towards building feature function, which is historically a big way that we've driven our growth.

因此，物流方面有很多進步，這些進步最終會成為你如何看待這個問題的關鍵，因為也就是說，我必須弄清楚如何在其他國家購買商品。我說，哦，我有一些供應商實際上在那裡運營，他們想要擴大規模，而我們有他們可以利用的物流能力。所以他們只需要做好自己的事，然後就可以利用我們來做其他事情。所以我認為我們在這方面很有優勢。我想說的另一件事是。我，我們在那個時間段著手做的事情之一就是對我們的大型技術堆疊進行大規模的技術重建。這個專案最終耗時數年，但現在我們已經基本完成。我們已經深入了。因此，這是我們幾年來第一次將技術能力轉向建置功能，這在歷史上一直是我們推動成長的重要方式。

So we talk about these levers we have to take market share and accelerate our rate of taking market share and grow profitably, things like growing our loyalty program rewards or scaling up Wayfair Verified or editorial program or what we're doing with our B2B salesforce or, enhancements we can make to customer service.

因此，我們討論了我們必須採取哪些手段來佔領市場份額，加快佔領市場份額的速度並實現盈利增長，例如增加我們的忠誠度計劃獎勵，擴大 Wayfair Verified 或編輯計劃，或者我們對 B2B 銷售人員採取哪些措施，或者我們可以對客戶服務做出哪些改進。

What happens is we actually now can dedicate technology resources to those for the first time in a number of years and That I think is actually a pretty big lever for us to actually drive growth in our business, which I think could be pretty exciting because even if it's a tough macro, it's still a very large category and there's a lot of share to be had.

事實上，我們現在可以多年來第一次將技術資源投入到這些領域，我認為這實際上是我們推動業務成長的一個相當大的槓桿，我認為這可能非常令人興奮，因為即使這是一個艱難的宏觀經濟，它仍然是一個非常大的類別，而且有很大的份額。

Okay.

好的。

Yeah, I mean, you asked this sort of about, based on the cost changes, how might this pan out differently for us in 2019 and I think you actually, somewhat answered it in your question, which is we're in a very different cost position. We are much more efficient on the P&L than we were in 2019. We've proven that out. Now over actually multiple years at this point, and so our ability to find the appropriate opportunities to lean in with the consumer on a, focus on adjusted EBITDA dollar growth, right, and free cash flow growth is quite different now than it was then because of the structural changes that we've made, and that's why we're confident saying we're committed to growing adjusted Eva to dollars and free cash flow growth in 2025, and we feel, good about that path forward.

是的，我的意思是，你問的是，根據成本變化，這在 2019 年對我們來說會有什麼不同，我認為你實際上在你的問題中回答了這個問題，那就是我們的成本狀況非常不同。我們的損益表效率比 2019 年高出許多。我們已經證明了這一點。現在實際上已經過去了很多年，因此我們找到適當機會與消費者緊密合作的能力，重點關注調整後的 EBITDA 美元增長，對吧，自由現金流增長現在與當時有很大不同，因為我們所做的結構性變化，這就是為什麼我們有信心說我們致力於在 2025 年實現調整後的 Eva 美元增長和自由現金流增長，我們對未來的道路感到滿意。

My one follow up, just thinking about the vendor community. Niraj talked a bit about this and thinking about China-based vendors, have you seen a lot of movement already?

我的一個後續行動只是考慮供應商社群。Niraj 談了一些這方面的內容，並考慮了中國供應商，您是否已經看到了很多動靜？

And you know we think about some of the makers of product. If you're a single source origin, Wayfair should be no worse off. If a certain table with some modifications appears on many different platforms of your competitors and you, that price in theory goes up. But is there a situation in which some platform, a vendor moves production and a price can be lowered? Like how do you think about that? Like the risk that someone else moves a vendor quicker. And the and someone else's platform has a lower price. Why shouldn't Wayfair be disadvantaged in that situation?

你知道，我們考慮一些產品製造商。如果您是單一來源，Wayfair 的情況應該不會更糟。如果某個經過修改的表格出現在您和您的競爭對手的許多不同平台上，那麼理論上價格就會上漲。但是是否有某個平台、某個供應商轉移生產，導致價格降低的情況呢？您對此有何看法？就像其他人更快轉移供應商的風險一樣。而且別人的平台價格更低。為什麼 Wayfair 在這種情況下不應該處於不利地位？

Yeah, so again there's two types of competitors. So there's competitors who are also platforms. There I would talk about the scale of our team, the size of our team that directly works with suppliers versus them solely having to work with us through the technology we offer them, and that's a real advantage we have there. And then there's kind of what we've built for logistics that's bespoke for home goods. So there's some advantages we have there. I would say by and large with the biggest platforms out there, we work with a very large bread of suppliers and so I'm not sure that they have a substantial advantage over us, when you think about the number of the other platforms, and I think we have an advantage over a number of them. So it's a balancing act, we're one of the strongest for sure on that side.

是的，所以再次出現兩種類型的競爭對手。因此，競爭對手也是平台。我會在那裡談論我們團隊的規模，我們直接與供應商合作的團隊規模，以及他們僅僅透過我們提供的技術與我們合作的團隊規模，這是我們真正的優勢。此外，我們也建立了專門針對家居用品的物流系統。所以我們在這方面有一些優勢。我想說，總的來說，對於目前最大的平台，我們與大量的供應商合作，因此，當你考慮到其他平台的數量時，我不確定他們是否比我們有明顯的優勢，我認為我們比其中許多平台都有優勢。所以這是一種平衡行為，在這方面我們肯定是最強大的之一。

Then if you talk about traditional retailers, I think there you have them sourcing from a very specific company and they generally have sourcing offices in one, two, three, whatever numbers of countries. They focus on certain regions and then they are directly sourcing from these factories. You could say, okay, well, they'll stop sourcing from one, they'll start sourcing from another. That then becomes a question as to do you already know what factories they want to do that from? Have they been working with them already or not?

如果你談論傳統零售商，我認為他們從特定的公司採購，通常在一個、兩個、三個或任意數量的國家設有採購辦公室。他們專注於特定地區，然後直接從這些工廠購買。你可以說，好吧，他們將停止從一個地方採購，而開始從另一個地方採購。那麼問題來了：你是否已經知道他們想從哪些工廠做這件事？他們已經和他們合作了嗎？

If not, that startup period, it could take a while, but they would have the ability to directly write a purchase order to that company, but I don't think that that's a very fast thing. So then the question is like which models faster, I would argue that the platform model where you're already working with folks, particularly where you could provide the logistics would be generally faster.

如果沒有，那麼啟動期可能需要一段時間，但他們有能力直接向該公司寫採購訂單，但我不認為那是一件很快的事情。那麼問題是哪種模式更快，我認為你已經與人們合作的平台模式，特別是你可以提供物流的平台模式通常會更快。

Okay, thank you. Good luck.

好的，謝謝。祝你好運。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Hey, thanks. Good morning, everyone. Just focusing on when prices go up, I think we can all agree that they will go up at some point on your platform. Is the intent that you want to hold the product margin or hold gross profit dollars, or would you even absorb some of those price increases, just for, price competition?

嘿，謝謝。大家早安。僅關注價格何時上漲，我想我們都同意它們會在你們平台上的某個時候上漲。您的意圖是想要維持產品利潤率或毛利，還是為了價格競爭而承受部分價格上漲？

Yeah, so, the way to think about that is like we We're always running different pricing tests to make sure that our take rates, our margin rates by the various subcategories that we vary the margin rates by, that they're optimized to maximize our profit dollars. So we will always do that. But generally the way to think about it is when a supplier changes the input costs, whether that be the wholesale price they want to charge us or the logistics set up. That flows through into a retail within a matter of minutes.

是的，所以，思考這個問題的方式就像我們總是在進行不同的定價測試，以確保我們的接受率、我們根據不同子類別調整的保證金率，它們經過優化，可以最大化我們的利潤。所以我們會一直這樣做。但一般的思考方式是，當供應商改變投入成本時，無論是他們想要向我們收取的批發價或是物流設定。這些資訊幾分鐘內就會流入零售店。

And so there's the kind of long-term data science approach where we're constantly testing different cohorts to find the optimal margin rates and those changes continue to flow through the system. And then there's the sort of a given supplier's activity and so those two I'd encourage you to kind of think about them separately. They're both optimized to create the best outcomes for the customer and us together, and that's why we talk a lot about growing profit dollars because that's the optimization function that we're focused on.

因此，我們採用長期數據科學方法，不斷測試不同的群體以找到最佳利潤率，並且這些變化會持續在系統中流動。然後還有特定供應商的活動，因此我鼓勵您分別考慮這兩者。它們都經過優化，共同為客戶和我們創造最佳結果，這就是我們大量談論增加利潤的原因，因為這是我們關注的優化功能。

Okay, that's helpful. And then, it sounds great on CastleGate that you've gotten, a lot of inventory that's flowed through and sounds like some nice margin benefit in the near term. But I was also thinking back to what seems to be in the back half here will be sort of COVID-like inventory shortages and that we saw in 2021, 2022. And that was a period where you guys did see gross margin pressure and there was less utilization of CastleGate. So I'm wondering if we just go forward a couple of quarters, tariffs stay in place on China, is that a risk that that CastleGate inventory could actually start to come down as is suppliers just basically hoard inventory in their own DCs?

好的，這很有幫助。然後，聽起來 CastleGate 的情況很棒，您已經獲得了大量庫存，並且聽起來短期內會帶來一些不錯的利潤收益。但我也在回想，下半年似乎會出現類似新冠疫情的庫存短缺，就像我們在 2021 年、2022 年看到的那樣。在那個時期，你們確實看到了毛利率壓力，並且 CastleGate 的利用率較低。所以我想知道，如果我們再過幾個季度，對中國的關稅保持不變，那麼 CastleGate 的庫存是否會開始下降，因為供應商基本上只是在自己的配送中心囤積庫存？

Yeah, so, it's not clear that there's going to be inventory shortages based on the conversations we've been having with folks. I think the 2021, 2022 period was different in that you had a combination of due to COVID restrictions, there was very limited ocean freight capacity and different countries had different periods of production shutdowns mandated by the government. So there's an artificially low amount of supply driven by governmental regulations while at the same time due to stimulation of the economy and federal spending and checks, there is a high level of demand. So you had, kind of high market demand and a government suppressed low amount of supply. So that created these shortages.

是的，根據我們與大家的對話，目前還不清楚是否會出現庫存短缺。我認為 2021 年和 2022 年的情況有所不同，因為由於 COVID 限制，海運運力非常有限，而且不同國家/地區按照政府規定實施了不同時間的停產。因此，由於政府監管導致供應量人為降低，同時，由於經濟刺激和聯邦支出及支票，需求量卻很高。因此，市場需求較高，但政府抑制了供應量。所以就造成了這些短缺。

This time, when you talk to suppliers, the reality is that there is no. We think the equilibrium will be held supply and demand. We see suppliers not thinking about, hey, I'm just going to sit tight and happy to not sell things. It's like, oh well, I got to figure out how to react and this is an opportunity for me to take share and again it's a tough category for a few years, so you actually see the stronger ones wanting to take advantage of the opportunity, don't let a crisis go to waste type thinking. And so I think the scenario this time is actually quite different.

這次，當你與供應商交談時，現實是沒有。我們認為供需將保持平衡。我們看到供應商沒有想過，嘿，我只是想坐下來高興地不賣東西。就像，哦，好吧，我得想辦法應對，這對我來說是一個搶佔市場份額的機會，而且這幾年來都是一個艱難的類別，所以你實際上會看到實力更強的人想要利用這個機會，不要讓危機白白浪費掉。所以我認為這次的情況其實完全不同。

Okay, I don't know anything, you want to add?

好的，我什麼都不知道，你想補充嗎？

No, I think that's well covered.

不，我認為這已經很好了。

I would agree.

我同意。

Thank you. So much.

謝謝。這麼多。

Thanks Peter. Thanks.

謝謝彼得。謝謝。

And I will now turn the call back over to the Wayfair team.

現在我將把電話轉回 Wayfair 團隊。

All right. Thanks everybody for joining, and we hope you have a good spring and start of the summer.

好的。感謝大家的加入，我們希望大家度過一個美好的春天並開始一個美好的夏天。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。