Wayfair Inc (W) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wayfair third quarter 2025 earnings release conference call.

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 Wayfair 歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Ryan Barney, Head of Investor Relations. Ryan, please go ahead.

（操作員指示）現在我將把電話交給投資者關係主管瑞安·巴尼。瑞恩，請繼續。

Good morning, and thank you for joining us. Today, we will review our third quarter 2025 results. With me are Niraj Shah, Co-Founder, Chief Executive Officer and Co-Chairman; Steven Conine, Co-Founder and Co-Chairman; Kate Gulliver, Chief Financial Officer and Chief Administrative Officer; and Fiona Tan, Chief Technology Officer.

早安，感謝各位的參與。今天，我們將回顧2025年第三季的業績。與我一同出席的還有：聯合創始人、首席執行官兼聯合主席 Niraj Shah；聯合創始人兼聯合主席 Steven Conine；首席財務官兼首席行政官 Kate Gulliver；以及首席技術官 Fiona Tan。

We will all be available for Q&A following today's prepared remarks. I would like to remind you that our call today will consist of forward-looking statements including, but not limited to, those regarding our future prospects, business strategies, industry trends and our financial performance including guidance for the fourth quarter of 2025.

在今天的發言結束後，我們將全部接受提問。我想提醒各位，我們今天的電話會議將包含前瞻性陳述，包括但不限於有關我們未來前景、業務戰略、行業趨勢和財務業績的陳述，包括對 2025 年第四季度的指引。

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.

今天電話會議上所做的所有前瞻性陳述均基於截至今天我們所掌握的資訊。雖然我們認為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都是準確的。

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

我們在 2024 年的 10-K 報告、本季的 10-Q 報告以及隨後提交給美國證券交易委員會的文件中列出了一些因素，這些因素可能導致公司的實際業績與今天所作的任何前瞻性聲明中預測的業績存在重大差異。除法律另有規定外，我們不承擔因任何新資訊、未來事件或其他原因而公開更新或修改任何此類聲明的義務。

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，我們將討論一些非GAAP財務指標，以回顧公司的業績，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。

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.

請查閱我們網站的投資人關係部分，以取得我們的獲利報告和投資人簡報，其中包含我們非GAAP財務指標的說明以及非GAAP指標與最接近的可比較GAAP指標的調節表。

This call is being recorded, and a webcast will be available for replay on our IR website. I would now like to turn the call over to Niraj.

本次通話正在錄音，我們將在投資者關係網站上提供網路直播回放。現在我想把電話交給尼拉傑。

Thanks, Ryan, and good morning, everyone. We're pleased to be here today to discuss our third quarter results with you. Q3 was a great success. Share gain further accelerated with revenue growing 9% year-over-year excluding Germany.

謝謝你，瑞恩，大家早安。今天我們很高興能在這裡與各位討論我們第三季的業績。第三季取得了巨大成功。不計德國市場，公司營收年增 9%，市佔率進一步加速成長。

This came in tandem with more than 70% year-over-year growth in adjusted EBITDA. Our 6.7% adjusted EBITDA margin marks the highest level achieved in Wayfair's history outside of the pandemic period.

同時，調整後的 EBITDA 年成長超過 70%。我們調整後的 EBITDA 利潤率為 6.7%，這是 Wayfair 在疫情期間之外取得的最高水準。

As we've promised, substantial profitability flow-through is powered by a strong contribution margin and fixed cost discipline as our business has returned to growth.

正如我們承諾的那樣，隨著業務恢復成長，強勁的邊際貢獻和固定成本控制帶來了可觀的獲利能力。

As we shared in Q2, we see the groundwork we've laid over multiple years directly driving share capture and profitability despite a category that remains stubbornly sluggish. Existing home sales continue to bounce along the same multi-decade lows we've seen since late 2022.

正如我們在第二季度所分享的那樣，儘管該類別仍然持續低迷，但我們看到，我們多年來奠定的基礎直接推動了市場份額的獲取和盈利能力的提升。自 2022 年底以來，二手房銷售持續在數十年來的低點徘徊。

Decreasing short-term interest rates certainly loosened financial conditions, but mortgages are a longer-duration product and will require more relief in long-term rates before we start to see a broader unlock in mobility.

短期利率下降固然放鬆了金融環境，但抵押貸款是長期產品，需要長期利率進一步降低，才能開始看到更廣泛的流動性釋放。

In that context, it's important to note that our plan to grow is driven by Wayfair-specific factors and is not reliant upon a recovery in the housing market. In spite of the depressed housing environment, we've been encouraged to see that the category has moved past its multiyear trend of double-digit declines.

在此背景下，需要指出的是，我們的成長計畫是由 Wayfair 特有的因素所驅動的，並且不依賴房地產市場的復甦。儘管房地產市場環境低迷，但我們欣慰地看到，該類別已經擺脫了多年來兩位數下滑的趨勢。

Based on the data we have, the category started down low single digits, has been inching closer and closer to flat over the course of 2025, though it remains structurally underspent against the pre-pandemic baseline.

根據我們掌握的數據，該類別的支出從個位數低點開始，在 2025 年期間逐漸趨於平穩，儘管與疫情前的基線相比，其支出仍然結構性地偏低。

This directional improvement is all the more encouraging given the uncertainty our industry has faced around the evolving tariff landscape this year.

考慮到今年關稅環境變化帶來的不確定性，我們產業面臨的這種方向性改善就更加令人鼓舞了。

These changes have only served to reinforce the relative strength of our model, consistently delivering the best value and experience to our customers while simultaneously enabling our suppliers to win share and grow their businesses.

這些變化只會進一步鞏固我們模式的相對優勢，並持續為客戶提供最佳價值和體驗，同時使我們的供應商能夠贏得市場份額並發展業務。

That strength should be very clear in the KPIs themselves. Revenue growth was driven by order momentum. We saw orders grow by over 5% year-over-year in the quarter, including new orders growing mid-single digits for two quarters in a row.

這項優勢應該在關鍵績效指標本身中體現得非常明顯。營收成長主要得益於訂單成長動能。本季訂單年增超過 5%，其中新訂單連續兩季實現個位數中段成長。

Active customers saw sequential growth for the first time since 2023. AOV was up roughly 2% in Q3 driven almost entirely by mix shift as our higher-end brands and B2B outperformed the growth of the Wayfair business.

活躍用戶數自 2023 年以來首次實現環比成長。第三季平均訂單價值成長約 2%，幾乎完全是由於產品組合的變化，因為我們的高端品牌和 B2B 業務的成長超過了 Wayfair 業務的成長。

Competition remains intense amongst our suppliers and provides a structural incentive to keep prices as low as possible to win share on our platform.

供應商之間的競爭仍然激烈，這促使他們盡可能降低價格，以贏得我們平台上的市場份額。

To measure our momentum, we anchor on quarter-over-quarter trends as a barometer of success. Q3 this year was the best sequential growth we've seen in the third quarter since 2019, following strong trends from the second quarter.

為了衡量我們的發展勢頭，我們以季度環比趨勢作為衡量成功的晴雨表。延續第二季強勁的成長勢頭，今年第三季實現了自 2019 年以來最佳的環比成長。

I'm sure many of you are wondering how much of this is intrinsic growth improvement versus something more transitory like pull forward due to tariffs.

我相信你們很多人都想知道，這其中有多少是內在成長的改善，又有多少是像關稅導致的提前釋放這樣的暫時性因素。

The only instances of pull forward we've identified came from a very short-lived increase in large appliances demand back in the early spring and a similarly short-lived increase in vanities late in the third quarter. Neither of these moves the aggregate in a meaningful fashion.

我們發現的唯一提前需求成長案例是：早春時大型家電需求短暫成長，以及第三季末梳妝台需求同樣短暫成長。這兩種情況都不會對整體產生實質影響。

We see our outperformance as structural share capture driven by our strong day-to-day execution against the core recipe, the early success of the new programs we've been able to launch and from the broad gains we have brought to bear from our technology team.

我們認為，我們取得優異業績是由於我們日常對核心策略的出色執行、新專案取得的早期成功以及我們技術團隊取得的廣泛成果，從而實現了結構性市場份額的獲取。

Since the start of the year, we've highlighted the strong returns we're seeing from initiatives like Wayfair Rewards, Wayfair Verified and our growing fleet of retail stores. These successes all reflect the deeper engineering resources we've been able to dedicate now that our multiyear re-platforming is largely complete.

自年初以來，我們重點介紹了 Wayfair Rewards、Wayfair Verified 等舉措以及我們不斷增長的零售門市網路所取得的強勁回報。這些成功都反映了我們如今能夠投入更多工程資源，因為我們歷時多年的平台重構工作已基本完成。

At the turn of the decade, we made the decision to modernize our technology stack, including migration from data centers to the cloud. The simplest way to think about this is that by re-platforming our code base, we can now be much more agile and, as a result, meaningfully ramp up the pace of innovation and what we can offer our customers and suppliers.

十年前，我們決定對我們的技術棧進行現代化改造，包括從資料中心遷移到雲端。最簡單的理解方式是，透過重新建構我們的程式碼庫平台，我們現在可以更加敏捷，從而顯著加快創新步伐，並提高我們能夠為客戶和供應商提供的服務。

We completed the bulk of our re-platforming earlier this year and the timing couldn't have been better as we are in the early innings of a new phase in how customers shop online.

今年早些時候，我們完成了大部分平台重構工作，時機再好不過了，因為我們正處於客戶線上購物方式新階段的初期。

While AI has certainly become the buzzword of late, we've been on the forefront of machine learning for a long time, leveraging algorithms to drive everything from pricing decisions to marketing investments.

雖然人工智慧最近確實成為了熱門詞彙，但我們長期以來一直處於機器學習的前沿，利用演算法來驅動從定價決策到行銷投資的一切。

Today, there is new ground being broken with the proliferation and sophistication of generative AI, and Wayfair is a leader in the application of AI in retail.

如今，隨著生成式人工智慧的普及和日益成熟，新的領域正在不斷湧現，而 Wayfair 正是人工智慧在零售業應用領域的領導者。

To that end, I'm excited to have Fiona Tan, our Chief Technology Officer, here today to spend some time diving deeper into the ways we're bringing Generative AI to bear across all of Wayfair. Let me now turn it over to her.

為此，我很高興今天能邀請到我們的技術長 Fiona Tan，與她一起深入探討我們如何將生成式人工智慧應用於 Wayfair 的各個方面。現在讓我把麥克風交給她。

Thank you, Niraj, and good morning, everyone. I'm thrilled to join you today to share how our technology teams are shaping the next chapter of Wayfair's growth, powered by a long leadership in AI and machine learning and now by pragmatic advances in generative and agentic AI.

謝謝你，Niraj，大家早安。今天我很高興能與大家分享我們的技術團隊如何塑造 Wayfair 的下一個發展篇章，這得益於我們在人工智慧和機器學習領域的長期領先地位，以及現在在生成式人工智慧和智慧人工智慧方面的務實進步。

Wayfair has always been a technology-focused, customer-obsessed company. Our promise to customers is to make it easy for them to create a home that's just right for them, and the rapid evolution of AI represents a considerable opportunity to deliver on that promise in new ways.

Wayfair一直是一家以技術為中心、以客戶為中心的公司。我們對客戶的承諾是讓他們輕鬆打造最適合自己的家，而人工智慧的快速發展為我們以新的方式實現這項承諾提供了巨大的機會。

Our long history of applying machine learning, from the predictive models that power our core pricing and marketing engines to the algorithms that help us classify and organize our vast complex product catalog, means we're not starting from zero but instead scaling from a position of strength, backed by operational discipline to measure impact rigorously.

我們長期以來一直應用機器學習技術，從驅動我們核心定價和行銷引擎的預測模型，到幫助我們對龐大而複雜的產品目錄進行分類和組織的演算法，這意味著我們不是從零開始，而是從優勢地位出發進行擴展，並有嚴格的營運紀律來衡量影響。

Our investments in AI are pragmatic and results-oriented centered on three key strategic outcomes. First and most importantly, we are reinventing the customer journey.

我們在人工智慧領域的投資務實且以結果為導向，圍繞著三個關鍵策略成果。首先也是最重要的是，我們正在重塑客戶體驗流程。

We are moving beyond simple personalization to create truly intuitive and inspiring shopping experiences that guide customers from the initial idea to the perfect product for their home.

我們正在超越簡單的個人化，創造真正直覺且鼓舞人心的購物體驗，引導顧客從最初的想法到找到最適合他們家的產品。

Second, we power this best-in-class experience by supercharging our operations and our teams. We are embedding AI into our core processes to make them faster and more efficient and have provided generative AI tools to every employee.

其次，我們透過大幅提升營運效率和團隊實力，為打造一流體驗提供強大支援。我們正在將人工智慧融入我們的核心流程中，使其更快、更有效率，並已為每位員工提供了生成式人工智慧工具。

This allows us to deliver for our customers with a level of excellence that is difficult to replicate. And third, we are powering our platform and ecosystem.

這使我們能夠為客戶提供難以複製的卓越服務。第三，我們正在為我們的平台和生態系統提供動力。

We are building tools that make Wayfair the best possible partner for our suppliers and are ensuring our catalog is seamlessly integrated into the next generation of AI-driven commerce.

我們正在建立各種工具，使 Wayfair 成為我們供應商的最佳合作夥伴，並確保我們的產品目錄能夠無縫整合到下一代人工智慧驅動的商業模式中。

Let me walk you through each of these. Starting with the customer, we are using generative AI to make the shopping journey more intuitive and personal than ever before.

讓我逐一為你講解。我們從顧客出發，利用生成式人工智慧，讓購物體驗比以往任何時候都更加直覺和個人化。

We think about this as an AI-powered growth flywheel to inspire, engage, learn and personalize. It all starts with inspiration. And we're using generative AI in multiple ways to help customers discover products they love.

我們認為這是一個由人工智慧驅動的成長飛輪，可以激發靈感、吸引用戶、促進學習和實現個人化。一切都始於靈感。我們正以多種方式運用生成式人工智慧，幫助客戶發現他們喜愛的產品。

We developed Muse, our proprietary AI-powered inspiration and discovery engine, to create shoppable photorealistic room scenes to capture the attention of low intent customers and spark discovery. Muse offers a visual browsing experience entirely powered by generative AI.

我們開發了 Muse，我們專有的 AI 驅動的靈感和發現引擎，用於創建可購買的逼真房間場景，以吸引低意向客戶的注意力並激發他們的發現。Muse 提供完全由生成式人工智慧驅動的視覺瀏覽體驗。

We then incorporate learnings from Muse into our new Discover tab in our app, offering an endless loop-based shopping experience that turns installation directly into action, delivering a measurable lift in conversion as well as visit duration for customers that engage with the tab.

然後，我們將從 Muse 中學到的經驗融入我們應用程式中的全新「發現」標籤中，提供基於無限循環的購物體驗，將安裝直接轉化為行動，從而顯著提高轉換率以及與該選項卡互動的客戶的訪問時長。

In parallel, we're using generative AI to understand what inspires our customers beyond just their searches and clicks.

同時，我們正在利用生成式人工智慧來了解除了搜尋和點擊之外，還有哪些因素能夠激發我們客戶的靈感。

Our new interest-based carousels are driving incremental revenue uplift by matching product to every customer's lifestyle and aesthetic with contextual signals like location and weather coming soon to enhance personalization.

我們全新的基於興趣的輪播圖透過將產品與每位客戶的生活方式和美學相匹配，並結合位置和天氣等上下文訊號（即將推出）來增強個性化，從而推動收入逐步提升。

Once the customer is inspired, we engage them with a suite of AI-powered tools that builds confidence and removes friction from their journey. We've evolved our on-site search to be more intuitive using a sophisticated LLM to move beyond traditional keyword matching.

一旦客戶產生興趣，我們就會利用一系列人工智慧工具與他們互動，從而建立他們的信心並消除他們購買過程中的阻力。我們使用先進的LLM技術改進了站內搜尋功能，使其更加直觀，超越了傳統的關鍵字匹配方式。

This allows us to interpret what our customer is looking for with far greater nuance, connecting to the right products with greater position.

這使我們能夠更細緻地解讀客戶的需求，從而更好地將合適的產品推向市場。

For shoppers who have picture but not the words, our visual search allows them to simply upload or snap a photo and instantly find similar products from our catalog, turning real-world inspiration into a shoppable reality.

對於只有圖片而沒有文字描述的購物者，我們的視覺搜尋功能讓他們只需上傳或拍攝照片，即可立即從我們的產品目錄中找到類似的商品，將現實世界的靈感轉化為可購物的現實。

When customers have specific questions, our AI-powered assistant provides instant reliable answers by drawing directly from product specifications and reviews. These interactions feed our ability to learn, and ultimately to personalize.

當客戶有具體問題時，我們的人工智慧助理會直接從產品規格和評論中提取訊息，提供即時可靠的答案。這些互動增強了我們的學習能力，並最終實現了個人化。

This is where we combine AI scale with our unique home expertise. We had our own interior designers annotate nuanced style pairings then used LLM to scale this understanding across our entire catalog. The results are compelling.

這就是我們將人工智慧的規模與我們獨特的家居專業知識相結合的地方。我們讓自己的室內設計師標註出細微的風格搭配，然後使用 LLM 將這種理解擴展到我們整個產品目錄中。結果令人信服。

Customers who see these designer quality personalized recommendations are third more likely to save, add to cart or order products, reflecting a much higher confidence in our selections.

看到這些設計師品質的個人化推薦的顧客，更有可能保存、添加到購物車或訂購產品，這反映出他們對我們的選擇更有信心。

And we are just getting started. We are now preparing to test a new generative AI feature called, Complete the Look. What's unique here is our proprietary ability to generate a complete styled room scene where the products visualized are directly inspired by real shoppable items in our catalog.

我們才剛起步。我們現在正準備測試一項名為「完善造型」的全新生成式人工智慧功能。我們獨特的優勢在於能夠產生完整的風格化房間場景，其中可視化的產品直接取材於我們目錄中的真實可購買商品。

This allows customers to move from individual product ideas to a complete shoppable design plan more intuitively than ever before. None of this is possible without world-class execution.

這使得客戶能夠比以往任何時候都更直觀地將單一產品想法轉化為完整的可購買設計方案。沒有世界一流的執行力，這一切都不可能實現。

This brings me to our second pillar, supercharging our operations and our teams. A core part of our operational excellence is the quality of our product catalog itself.

這就引出了我們的第二個支柱：增強我們的營運和團隊實力。我們卓越營運的核心要素之一就是我們產品目錄本身的品質。

We are using generative AI at scale to improve the accuracy, consistency and completeness of our product information. This makes our catalog more reliable for customers and simplifies the management process for our suppliers.

我們正在大規模使用生成式人工智慧來提高產品資訊的準確性、一致性和完整性。這使得我們的產品目錄對客戶來說更加可靠，並簡化了供應商的管理流程。

This catalog enrichment is already delivering an impactful lift in add to cart rates. At the same time, we are using AI to automatically detect and process difficult items, which keeps the customer experience clean and is projected to reduce the cost of this review process by three quarters.

此次產品目錄的豐富化已經顯著提升了購物車加入率。同時，我們正在使用人工智慧自動偵測和處理困難項目，這保持了客戶體驗的流暢性，預計可將審核流程的成本降低四分之三。

With a more reliable catalog as our foundation, we deliver superior customer service. We recognize that the unique nature of our category, which involves high consideration and complex orders, requires a sophisticated approach to service.

我們以更可靠的產品目錄為基礎，提供更優質的客戶服務。我們認識到，我們所處品類的特殊性，涉及高度考慮和複雜的訂單，需要採用成熟的服務方法。

For immediate 24/7 resolutions on common inquiries, we use fully autonomous conversational AI agents. For the more nuanced situations that benefit from human expertise, we've equipped our associates with a powerful real-time AI copilot, which combines several advanced capabilities.

為了全天候快速解決常見問題，我們使用完全自主的對話式人工智慧代理。對於需要人類專業知識才能應對的更複雜的情況，我們為員工配備了功能強大的即時人工智慧副駕駛系統，該系統結合了多種先進功能。

It uses our patent-pending intent-based routing to connect customers to the right expert on the first try and it uses advanced reasoning models to recommend better, more proactive solutions when a standard replacement won't be enough.

它採用我們正在申請專利的基於意圖的路由技術，讓客戶在第一次嘗試時就能聯繫到合適的專家；它還採用先進的推理模型，在標準更換方案不足以解決問題時，推薦更好、更積極主動的解決方案。

This holistic system is designed to lift first contact resolution and post contact satisfaction, all while reducing our cost to serve and driving down waste. This focus on a reliable experience also extends to trust and safety.

此整體系統旨在提高首次接觸解決率和接觸後滿意度，同時降低我們的服務成本並減少浪費。這種對可靠體驗的關注也延伸到了信任和安全方面。

Our multimodal AI now uses computer vision to detect fraudulent imagery in real time, better protecting both our customers and our suppliers. Thus, AI is evolving our operations, it's also up-leveling how we work.

我們的多模態人工智慧現在利用電腦視覺即時偵測詐騙影像，以更好地保護我們的客戶和供應商。因此，人工智慧正在改變我們的營運方式，也正在提升我們的工作水準。

We are committed to ensuring that every Wayfarian can benefit from this AI transformation. Our engineers are integrating leading coding assistants to accelerate development cycles, while business teams, marketing and merchandising use generative tools to automate repetitive tasks and focus on more strategic work.

我們致力於確保每位 Wayfarian 都能從這項人工智慧變革中受益。我們的工程師正在整合領先的編碼助理來加速開發週期，而業務團隊、行銷和商品銷售團隊則使用生成式工具來自動化重複性任務，並專注於更具策略性的工作。

We have provided a generative AI license to every single employee and we are fostering a culture of hands-on innovation that goes beyond just structured training.

我們為每位員工提供了生成式人工智慧許可證，並且我們正在培養一種超越結構化培訓的實踐創新文化。

We're encouraging our entire team to find new ways to create value with these tools through programs like our Gen AI Innovation Challenge where any employee, not just technical ones, can submit ideas that solve real business problems.

我們鼓勵整個團隊透過諸如「人工智慧創新挑戰賽」之類的項目，尋找利用這些工具創造價值的新方法。在這個挑戰賽中，任何員工，而不僅僅是技術人員，都可以提交解決實際業務問題的想法。

In fact, many of these have already been implemented across the organization today. By using leader boards and other engagement models, we are making AI experimentation part of our everyday culture.

事實上，其中許多措施目前已在整個組織內實施。透過使用排行榜和其他互動模式，我們將人工智慧實驗融入我們的日常文化中。

This mindset where our teams are learning with the same urgency and curiosity we expect of the technology itself is fueling innovation that translates directly into better supplier tools and richer customer experiences.

我們的團隊以與我們對科技本身相同的緊迫感和好奇心去學習，這種心態正在推動創新，並直接轉化為更好的供應商工具和更豐富的客戶體驗。

Finally, our third pillar is about powering our platform and ecosystem. We win when our partners win, and that means using AI to both improve their operations and to drive more qualified customers to their products.

最後，我們的第三個支柱是為我們的平台和生態系統提供動力。當我們的合作夥伴成功時，我們才能成功。這意味著利用人工智慧來改善他們的運營，並為他們的產品吸引更多合格的客戶。

For our suppliers, we've developed an AI agent that automates service ticket classification and resolves a portion of inquiries without manual intervention, a truly agentic implementation that we expect to drive measurable savings over time.

對於我們的供應商，我們開發了一個 AI 代理，它可以自動對服務單進行分類，並在無需人工幹預的情況下解決一部分查詢，這是一個真正的智能化實現，我們期望隨著時間的推移，它能帶來可衡量的成本節約。

Simultaneously, we are using generative AI to put those suppliers products in front of more customers. We've utilized LLMs to rapidly scale and optimize our SEO titles, leading to greater Wayfair presence in Google search and a higher volume of free traffic.

同時，我們正在利用生成式人工智慧將這些供應商的產品推廣給更多客戶。我們利用 LLM 快速擴展和優化了我們的 SEO 標題，從而提高了 Wayfair 在 Google 搜尋中的曝光率，並帶來了更多的免費流量。

We've also used Gen AI to create superior titles and ad copy for our Google Product Listing Ads, driving strong, consistent results and a powerful synergy between our organic and paid marketing performance.

我們也利用 Gen AI 為我們的 Google 產品清單廣告創建了更優質的標題和廣告文案，從而實現了強勁、穩定的效果，並在我們的自然行銷和付費行銷效果之間產生了強大的協同效應。

This leadership in search is now the foundation for our work in generative engine optimization to ensure our products are not just discoverable but are selected and recommended by these new AI platforms.

這種在搜尋領域的領先地位，如今已成為我們進行生成式引擎優化工作的基礎，以確保我們的產品不僅能夠被發現，而且還能被這些新的人工智慧平台選擇和推薦。

Looking ahead, we are actively shaping the future of agentic commerce with a clear dual-pronged strategy. First, we view this as a new additive channel for growth, so we will be where our customers are.

展望未來，我們正積極運用清晰的雙管齊下策略來塑造智慧商務的未來。首先，我們將其視為一個新的成長管道，因此我們將出現在客戶所在的地方。

This begins with ensuring a vast and specialized catalog is deeply integrated and accurately represented on leading AI and search platforms including Google, OpenAI and Perplexity. This provides the foundational third-party truth on our selection, pricing and delivery promises.

首先要確保龐大且專業的目錄能夠深度整合到領先的人工智慧和搜尋平台（包括 Google、OpenAI 和 Perplexity）上，並且得到精確的呈現。這為我們在產品選擇、定價和交付承諾方面提供了基礎性的第三方事實基礎。

But we are moving beyond just discovery to enable seamless transactions. Our plan is to make our catalog fully transactable on leading AI platforms, allowing customers to shop with confidence and ease wherever their journey begins.

但我們正在超越簡單的發現，以實現無縫交易。我們的計劃是使我們的產品目錄完全可以在領先的人工智慧平台上進行交易，讓客戶無論從哪裡開始購物，都能充滿信心、輕鬆自在地完成交易。

Simultaneously, we are building deep competitive moats to ensure our own site and apps remain a premier shopping destination.

同時，我們正在建構強大的競爭壁壘，以確保我們自己的網站和應用程式始終保持一流的購物體驗。

These moats are built on our unique advantages, a powerful inspiration and personalization road map fueled by our proprietary data, our foundational strength in selection and fast delivery and unique programs like Wayfair Verified that build customer trust and confidence.

這些護城河建立在我們獨特的優勢之上，強大的靈感和個人化路線圖由我們的專有數據驅動，我們在選擇和快速交付方面的基礎優勢，以及像 Wayfair Verified 這樣建立客戶信任和信心的獨特項目。

That belief in our unique advantages underscores how we're thinking about differentiation in the AI era. In a world of AI-driven commerce, retailers with a large, well-detailed catalog of products, verified supply chains, transparent fulfillment and deep technology capabilities are advantaged.

這種對自身獨特優勢的信念，凸顯了我們在人工智慧時代思考差異化的方式。在人工智慧驅動的商業世界中，擁有龐大、詳細的產品目錄、經過驗證的供應鏈、透明的履行流程和深厚的技術能力的零售商具有優勢。

We believe that customer attention will flow to the most trustworthy API, not the loudest ad. The disciplined investments we've made in our core data and technology architecture position us to deploy these technologies safely and at scale.

我們相信，客戶的注意力會流向最值得信賴的API，而不是最響亮的廣告。我們在核心資料和技術架構方面進行的嚴謹投資，使我們能夠安全、大規模地部署這些技術。

This turns our deep technical heritage into a sustained competitive advantage, and it gives us confidence that we're not only keeping pace with the AI revolution. We're helping lead it. Thank you. And now I'll hand it over to Kate to review our financials.

這使我們深厚的科技底蘊轉化為持續的競爭優勢，也讓我們有信心，我們不僅能跟上人工智慧革命的腳步。我們正在協助領導這項工作。謝謝。現在我把這項工作交給凱特，讓她審查我們的財務狀況。

Thanks, Fiona, and good morning, everyone. Let's dive into our financial results for the third quarter before we move to guidance.

謝謝菲奧娜，大家早安。在給出業績展望之前，讓我們先深入了解第三季的財務表現。

Starting with the top line. Revenue grew by 8% year-over-year on a reported basis and 9% year-over-year excluding the impact of our exit from Germany. We saw healthy growth across both our segments with the US business up 9% year-over-year and international up by 5%.

從第一行開始。以報告數據計算，營收年增 8%；若不計退出德國市場的影響，營收年增 9%。我們的兩個業務板塊均實現了健康成長，其中美國業務年增 9%，國際業務年增 5%。

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.

讓我繼續分析損益表。需要注意的是，剩餘的財務數據包括折舊和攤銷，但不包括股權激勵、相關稅費和其他調整。在討論我們的展望時，我也會採取同樣的原則。

Gross margin for the third quarter came in at 30.1% of net revenue while customer service and merchant fees were 3.7% and advertising was 10.6% of net revenue.

第三季毛利率為淨收入的 30.1%，客戶服務和商家費用為淨收​​入的 3.7%，廣告費用為淨收​​入的 10.6%。

As I discussed back in August, our focus is on improving contribution margin, that is gross margin less customer service and merchant fees and advertising, and balancing the trade-offs between these three line items.

正如我在八月討論的那樣，我們的重點是提高貢獻毛利率，即毛利潤減去客戶服務費、商家費用和廣告費，並平衡這三項支出之間的權衡。

The structural gross margin improvements we are achieving through initiatives like supplier advertising and logistics provides us with a wider envelope of dollars to reinvest back into the customer experience. We're doing this while driving savings in other lines of the P&L such as advertising.

我們透過供應商廣告和物流等措施實現了結構性毛利率的提高，這為我們提供了更多資金，可以重新投資於客戶體驗。我們這樣做的同時，也在損益表的其他項目（例如廣告）中尋求節約。

We think about where the ROI of each dollar of spend is maximized on a multi-quarter basis as we map out the mix of investments in the customer experience and advertising that generate the most EBITDA dollars.

我們在規劃客戶體驗和廣告投資組合時，會考慮如何最大化每一美元支出的投資報酬率，從而產生最大的 EBITDA 收入。

The net of this was a contribution margin of 15.8%, up 150 basis points year-over-year and our best result since 2021. The bulk of this was driven by the considerable leverage we saw in advertising this quarter.

最終，貢獻毛利率為 15.8%，年成長 150 個基點，是自 2021 年以來的最佳表現。這主要是由於本季度廣告業務的巨大槓桿作用所致。

We're continuing to see the dividends of investments made in prior quarters paying off as well as the compounded effects of efforts to improve the mix of free versus paid traffic.

我們持續看到前幾季投資的回報，以及改善免費流量與付費流量比例的努力所帶來的複合效應。

Last quarter, I mentioned the success we've had in driving adoption of our mobile app, and we saw that ramp even further in Q3. In fact, the revenue from our mobile app grew by double digits year-over-year and total installs grew by nearly 40%.

上個季度，我提到了我們在推動行動應用程式普及方面的成功，而我們在第三季度看到了這一成長勢頭的進一步提升。事實上，我們的行動應用程式營收年增了兩位數，總安裝量成長了近 40%。

Some of this reduction in ad spend is onetime in nature. We ran several holdout tests in the third quarter, which drove the outperformance versus guidance.

廣告支出削減的一部分是一次性的。我們在第三季進行了多次留存測試，這促成了超乎預期的業績表現。

These tests are important as they help us refine our perspective on incrementality spend and play a valuable role in refining the machine learning algorithms that drive our advertising operations.

這些測試非常重要，因為它們有助於我們改善對增量支出的看法，並在改進驅動我們廣告營運的機器學習演算法方面發揮重要作用。

Selling operations, technology, general and administrative expenses totaled $360 million for the quarter. In total, we generated $208 million of adjusted EBITDA in Q3 for a 6.7% margin. This is a remarkable achievement, up by more than 70% year-over-year.

本季銷售營運、技術、一般及行政費用總計 3.6 億美元。第三季度，我們總共實現了 2.08 億美元的調整後 EBITDA，利潤率為 6.7%。這是一個了不起的成就，年成長超過 70%。

We ended the quarter with $1.2 billion in cash, cash equivalents and short-term investments and $1.7 billion in total liquidity when including our undrawn revolver. Cash from operations was $155 million, offset by $62 million of capital expenditure.

本季末，我們擁有現金、現金等價物和短期投資 12 億美元，加上未提取的循環信貸額度，總流動資金為 17 億美元。經營活動產生的現金流為 1.55 億美元，但資本支出為 6,200 萬美元。

Free cash flow was $93 million, an improvement of more than $100 million compared to the third quarter of last year. The improvement in our profitability picture has demonstrably changed our capital structure profile.

自由現金流為 9,300 萬美元，比去年第三季增加了 1 億美元以上。獲利能力的改善已顯著改變了我們的資本結構。

A year ago, our net leverage is more than 4 times trailing 12 month adjusted EBITDA. Today, that sits at 2.8 times, well over a full turn reduction.

一年前，我們的淨槓桿比率是過去 12 個月調整後 EBITDA 的 4 倍以上。如今，這個數字是 2.8 倍，遠超過一整圈的減少量。

Having managed our 2025 and 2026 convertible maturities, we've begun to turn our attention to our 2027 and 2028 bonds, which have strike prices of $63 and $45, respectively. In August, we used roughly $200 million of cash to repurchase about $101 million of principal on our 2028 notes.

在管理 2025 年和 2026 年到期的可轉換債券後，我們開始將注意力轉向 2027 年和 2028 年到期的債券，它們的行使價格分別為 63 美元和 45 美元。8 月份，我們動用了約 2 億美元現金回購了 2028 年到期票據的約 1.01 億美元本金。

Given the trading price of the stock, these bonds essentially trade as an equity substitute. So said differently, the $200 million of cash was effectively an offset to roughly 2.2 million shares of potential dilution and future interest expense through 2028, all while reducing the gross debt balance outstanding.

鑑於股票的交易價格，這些債券本質上可以作為股票的替代品進行交易。換句話說，這 2 億美元的現金有效地抵消了大約 220 萬股潛在的股權稀釋以及到 2028 年的未來利息支出，同時也減少了未償債務總額。

We are operating with a dual mandate, reducing leverage while also managing dilution, and you'll see us continue to balance these goals opportunistically in the future. Let's now turn to guidance for the fourth quarter.

我們秉持雙重目標，既要降低槓桿率，又要控制股權稀釋，未來您將會看到我們繼續抓住機遇，平衡這些目標。現在讓我們來看看第四季的業績展望。

Our quarter-to-date performance is skewed by the timing of our Fall Way Day, which ran in early October last year and is running right now for 2025. Controlling for that timing, we're seeing strong performance over the first month of the quarter and we're excited about the holiday season ahead.

由於去年秋季開學日是在 10 月初舉辦的，而今年秋季開學日是 2025 年，所以本季至今的業績受到了影響。考慮到時間因素，我們看到本季第一個月的業績表現強勁，我們對即將到來的假期季節感到興奮。

Going forward, we're planning to move away from giving quarter-to-date results given how often it is contorted by comparability issues and will instead just anchor on the full quarter guide.

展望未來，鑑於季度至今的業績經常受到可比性問題的影響，我們計劃不再公佈季度至今的業績，而是直接以完整的季度業績指引為基準。

For the fourth quarter, we would expect net revenue to be up in the mid-single digits year-over-year, which includes the roughly 100 basis point drag from the impact of closing Germany. Turning to gross margins.

對於第四季度，我們預計淨收入將同比增長個位數中段，其中包括因關閉德國業務而導致的約 100 個基點的下滑。接下來談談毛利率。

We will continue to anchor you to the 30% to 31% range, likely coming in at the low end of the range once more as a function of both our reinvestment as well as the typical seasonality we see in the holiday quarter.

我們將繼續把收益率維持在 30% 到 31% 的範圍內，由於我們的再投資以及假日季的典型季節性因素，實際收益率可能會再次處於該範圍的低端。

Customer service and merchant fees should be just below 4% and advertising should be in an 11% to 12% range of net revenue. As I mentioned a moment ago, the outperformance we saw in Q3 was driven in part by the holdout test, which were onetime in nature.

客戶服務費和商家費應略低於淨收入的 4%，廣告費應佔淨收入的 11% 至 12%。正如我剛才提到的，我們在第三季度看到的優異表現部分是由留存測試推動的，而留存測試本質上是一次性的。

While we're certainly making strong progress on driving structural improvement in ad cost as a percentage of net revenue, we would expect Q4 to come in modestly higher than Q3 in the absence of these tests on top of our typically higher spend in the final months of the year.

雖然我們在降低廣告成本佔淨收入的比例方面取得了顯著進展，但由於這些測試的取消以及我們通常在年底幾個月更高的支出，我們預計第四季度的廣告成本將略高於第三季度。

The net of all these moving pieces should get us to a place where we drive a contribution margin that is in line with where we were in the second quarter of this year and a considerable improvement on a year-over-year basis.

所有這些因素綜合起來，應該能使我們的貢獻毛利率達到今年第二季的水平，並且比去年同期有顯著提高。

SOTG&A is expected to stay in the $360 million to $370 million range, likely at the top end of the range given seasonality in the holiday quarter and some spend here tied to revenue like cloud computing costs. This continues to be the appropriate run rate to think about as we look to 2026.

預計 SOTG&A 將維持在 3.6 億美元至 3.7 億美元之間，考慮到假期季節的季節性因素以及部分支出與收入相關（例如雲端運算成本），該金額可能處於該範圍的上限。展望 2026 年，這仍然是一個合適的運行速度。

Following this all down, we anticipate adjusted EBITDA margins in the 5.5% to 6.5% range for the full quarter. Now let me touch on a few housekeeping items.

綜上所述，我們預計本季調整後的 EBITDA 利潤率將在 5.5% 至 6.5% 之間。現在讓我談談一些家務事項。

We expect equity-based compensation and related taxes of roughly $80 million to $100 million. This includes approximately $20 million of impact from the CEO performance award approved by our Board in September.

我們預期股權激勵及相關稅費約為 8,000 萬美元至 1 億美元。這其中包括我們董事會於 9 月批准的執行長績效獎金帶來的約 2000 萬美元的影響。

You should expect this to become a recurring part of stock-based compensation in the quarters ahead. The accounting treatment begins expensing the fair value of the grant today, but I want to be clear that there are no shares being issued right now nor will any be issued until the share price targets are met.

預計在接下來的幾個季度裡，這將成為股票選擇權激勵計畫的常規組成部分。會計處理從今天開始將授予的公允價值計入費用，但我需要明確指出，目前沒有發行任何股份，在達到股價目標之前也不會發行任何股份。

Depreciation and amortization should be approximately $71 million to $77 million; net interest expense approximately $30 million, weighted average shares outstanding approximately $130 million, and CapEx at a $55 million to $65 million range.

折舊和攤銷應約為 7,100 萬美元至 7,700 萬美元；淨利息支出約 3,000 萬美元；加權平均流通股約 1.3 億股；資本支出在 5,500 萬美元至 6,500 萬美元之間。

I want to now wrap up by taking a moment to turn the clock back to where we began 2025. In the shareholder letter, New Urgency, published in February, they talked about our three core goals for the year.

最後，我想花一點時間回顧我們2025年的起點。在二月發布的股東信《新的緊迫性》中，他們談到了我們今年的三個核心目標。

One, focus on tight execution to drive profitable growth through taking market share and what is likely a continued challenging market; two, continue improving the financial position and strength of the business; and lastly, invest in building the five long-term moats of the business.

第一，專注於嚴格執行，透過搶佔市場份額來推動獲利成長，以應對可能持續充滿挑戰的市場；第二，繼續改善公司的財務狀況和實力；最後，投資建設公司的五大長期護城河。

We're very proud of how much we've been able to achieve across each of these. As we turn our sights to 2026, we plan to invest judiciously to grow the business at a rapid pace while growing adjusted EBITDA faster than revenue.

我們為我們在這些領域所取得的成就感到非常自豪。展望 2026 年，我們計劃謹慎投資，以快速發展業務，同時使調整後 EBITDA 的成長速度超過收入的成長速度。

None of this would be possible without the work of an exceptional team. So I want to end today with an enormous thank you to everyone that worked so hard to make all of this possible across the entire Wayfair team. And with that, we hope everyone takes a moment to check out the exciting Way Day deals.

如果沒有一支傑出團隊的努力，這一切都不可能實現。最後，我要衷心感謝 Wayfair 團隊的每一位成員，是你們的辛勤付出才使得這一切成為可能。最後，我們希望大家都能抽出一點時間，看看精彩的 Way Day 特惠活動。

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

謝謝。現在，我和尼拉傑、史蒂夫、菲奧娜將回答你們的問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

（操作說明）克里斯多福‧霍弗斯，摩根大通。

This is Jolie Wasserman on for Chris. Our first question is more how you're thinking about the way the consumer is going to show up this holiday since you did move Way Day back a few weeks and away from some of these more major promos out there across retail like Prime Day.

這裡是喬莉‧沃瑟曼替克里斯報道。我們的第一個問題是，鑑於您將 Way Day 推遲了幾週，並且與零售業的一些其他大型促銷活動（例如 Prime Day）錯開時間，您認為消費者會如何看待今年的假日購物季。

Does this mean you're anticipating spending is going to be more spread out this year? Or are you seeing more of an urgency to get out ahead of the potential 232 tariffs?

這是否意味著您預計今年的支出將會更加分散？或者，您覺得現在更迫切需要趕在可能實施的 232 關稅之前退出市場？

Jolie, this is Niraj. Thanks for your question. Well, I mean, there's kind of a few different things wrapped in there. What I would say on the tariffs, we really have not seen any consumer behavior based on the tariffs.

朱莉，這位是尼拉傑。謝謝你的提問。嗯，我的意思是，這裡麵包含了好幾種不同的東西。關於關稅，我想說的是，我們還沒有看到任何基於關稅的消費者行為。

So as we mentioned earlier on the call, the minor, minor pull forwards we saw were, lasted days in duration and were very small.

正如我們之前在電話會議中提到的，我們看到的那些非常小的拉升，持續時間只有幾天，而且幅度非常小。

So we don't really think there's any tariff-induced behavior. We actually think the holiday shopping is probably going to be similar to past years.

所以我們不認為有任何關稅誘發的行為。我們認為今年的假期購物季可能與往年類似。

And so what we did with Way Day is we actually went back to the timing that we actually had not last year but the two prior years. So it's the same timing of '22 and '23, which is late in October.

因此，我們在 Way Day 上所做的，實際上是回到了前兩年的舉辦時間。所以時間安排和 2022 年、2023 年一樣，都是在 10 月下旬。

And last year, in '24, we did it earlier in October. And what we kind of came to the conclusion for is that we think that the period that we've always done it in, late October, is probably more optimal, and so that we just went back to that.

去年，也就是 2024 年，我們在 10 月初就做到了。我們最終得出的結論是，我們認為一直以來進行這項工作的時期，也就是十月下旬，可能是更理想的時期，所以我們就恢復了那個時期。

So I would just, you should just view it is, yes, we're running kind of a very similar seasonal cadence to what we traditionally do.

所以我覺得，你應該這樣理解：是的，我們的季節性節奏和我們傳統的做法非常相似。

That makes sense. And our second question is just more broadly how you're thinking about 2026 abilities to lap accelerated share gains, whether price increases are expected to become a bigger driver and also just how you're thinking about getting some more of the gross margin advertising margin expansions for 2026 more broadly?

這很有道理。我們的第二個問題更廣泛地是關於您如何看待 2026 年加速成長的市場份額，價格上漲是否預計會成為更大的驅動因素，以及您如何看待 2026 年毛利率和利潤率的進一步擴張？

Yes, yes. Great. I mean, so for 2026, what I'd say is we're definitely focused on driving further top and bottom line growth, and EBITDA growth will definitely outpace revenue growth.

是的，是的。偉大的。我的意思是，對於 2026 年，我認為我們肯定會專注於推動營收和利潤的進一步成長，而且 EBITDA 的成長速度肯定會超過營收的成長速度。

And I think the way we're going to do that is kind of what we've been talking about since the beginning of this year, which is that since late 2022 through now, we've taken share through continued investment and improvement in the core recipe which is price selection, speed and availability.

我認為我們將要採取的方式，正是我們從今年年初以來一直在討論的，那就是從 2022 年底到現在，我們透過持續投資和改進核心策略（即價格選擇、速度和可用性）來獲取市場份額。

But then what we've been able to do this year is augment that with the two other pillars of growth that we've historically had through the bulk of our 20-plus year history, which is that we always improve the recipe, which is that core consumer value proposition.

但今年我們所做的，是將我們過去 20 多年發展歷程中一直擁有的另外兩個成長支柱——不斷改進配方（即核心消費者價值主張）——加以補充。

But then we augmented that with the second pillar, which was really about new programs and innovation.

但隨後我們又增加了第二個支柱，那就是新專案和創新。

So some examples of what's been added over the last year and is really scaling is, for example, what we're doing in physical retail stores, our loyalty program, Wayfair Rewards, what we're doing with our editorial program, Wayfair Verified. Those are three notable examples but there's a long list.

例如，過去一年中新增並真正擴大規模的一些項目包括：我們在實體零售店開展的業務、我們的會員計畫 Wayfair Rewards、我們的編輯計畫 Wayfair Verified。以上僅列舉了三個比較突出的例子，但這樣的例子還有很多。

And then the third pillar, and the third pillar is that we have a technology organization of around 2,500 people. And these are software engineers, data scientists, applied science folks, product managers, designers.

第三大支柱是我們擁有一個約 2500 人的技術團隊。這些人包括軟體工程師、資料科學家、應用科學家、產品經理和設計師。

And these folks, generally, the bulk of their effort is focused on improving the customer and the supplier experience, which drives up conversion, drives up traffic, allow suppliers to do more for customers. It compounds through repeat gains.

這些人通常將大部分精力集中在改善客戶和供應商體驗上，從而提高轉換率、增加流量，並讓供應商為客戶提供更多服務。重複收益會不斷累積。

And what we did for the last two, three years since 2022 is we spent a couple of years working on reshaping our organizational model so that we could be lean and focused and execute well.

從 2022 年到現在的兩三年裡，我們花了兩年時間致力於重塑我們的組織模式，以便我們能夠精簡、專注並高效執行。

But we also spent about three years on a very large technology re-platforming effort for almost all of our core systems. And as we've gotten substantially through that by the end of last year, we've been seeing the technology cycles return to driving the business forward.

但我們也花了大約三年時間，對幾乎所有核心​​系統進行了非常大規模的技術平台重構工作。到去年年底，我們基本上已經度過了那段時期，我們看到技術週期又開始推動業務向前發展。

So that's part of why we're able to launch all the new programs I mentioned in the second pillar, and it's also contributing a lot to the experience, which is the third pillar. So when you take those three pillars of growth, you see how they provide this compounding benefit.

所以，這就是我們能夠推出我在第二支柱中提到的所有新專案的部分原因，它也為第三支柱——使用者體驗——做出了巨大貢獻。所以，當你把這三大成長支柱考慮進去，你就會明白它們是如何帶來這種複利效應的。

You can then see how we've been gaining momentum through this year. And you can see how it should go into next year, you'll see further top line growth, further bottom line growth, and you'll see EBITDA growth outpace revenue growth.

這樣你就能看到我們今年是如何一步一步取得進展的。可以預見，明年公司的發展趨勢是：營收將進一步成長，利潤將進一步成長，而且 EBITDA 的成長速度將超過營收的成長速度。

Jolie, I want to touch on your question around how to think about the gross margin and the ATR for next year because I think that speaks to a really important point that we spoke about a little bit in the prepared remarks, which is thinking about that contribution margin.

朱莉，我想談談你關於如何看待明年毛利率和平均總收入的問題，因為我認為這涉及到我們在準備的發言稿中稍微談到的一個非常重要的觀點，那就是考慮貢獻毛利率。

So the gross margin less the customer service and merchant fees less the marketing expense gets us to that contribution margin. Obviously, it's been sort of 15%-ish plus over the last few quarters. And we increasingly think that's a thoughtful way to sort of look at the business, right?

因此，毛利減去客戶服務費和商戶費，再減去行銷費用，就得到了邊際貢獻毛利。顯然，過去幾個季度以來，這一數字一直保持在 15% 左右。我們越來越認為這是一種深思熟慮的商業視角，對吧？

We want to make sure that, that contribution margin is in a very healthy place. And then the flow-through to EBITDA is really strong because that SOTG&A line below that is holding relatively constant.

我們希望確保貢獻毛利率處於非常健康的水平。而且，由於其下方的 SOTG&A 線保持相對穩定，因此對 EBITDA 的影響非常強勁。

So as you think about that contribution margin staying healthy, and that could be some interplay between gross margin and marketing spend and then the flow through being quite strong, that's how that EBITDA dollar growth is really outpacing that top line growth. And we're very focused on the EBITDA dollar growth continuing.

因此，當您考慮保持健康的貢獻毛利率時，這可能是毛利率和行銷支出之間的某種相互作用，並且利潤傳遞非常強勁，這就是為什麼 EBITDA 美元成長真正超過了營收成長的原因。我們非常關注 EBITDA 美元成長的持續性。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

I want to first ask about sales, a little follow-up to the prior question. So your top line is running in a place where I think it aligns with the slide deck that you put out, I think, in 2022, mid to high single digits, if not maybe close to that.

我想先問一下銷售方面的問題，這是對先前問題的補充。所以，我認為你們的營收成長情況與你們在 2022 年發布的幻燈片內容相符，應該是個位數中高段位，甚至可能接近這個數字。

Do you think the business is now at this inflection point where it continues to grow in that level? You said it was past some certain technology investments.

你認為公司目前是否處於一個轉捩點，能夠繼續維持目前的成長水準？你說過，它已經完成了一些特定的技術投資。

I realize you can't control what the industry does, but it feels like you've gotten past a bunch of bumps or tough compares plus industry normalizing. So do you think we've gotten past this inflection point?

我知道你無法控制產業的發展，但感覺你已經克服了許多困難或嚴峻的挑戰，以及產業逐漸正常化的趨勢。所以你認為我們已經度過了這個轉捩點嗎？

Yeah. So I'm not 100% sure what you refer to. I think you might refer to the Analyst Day that we had in the summer a little over two years ago, in the summer of '23 and August '23.

是的。所以我不太確定你指的是什麼。我想你可能指的是我們在兩年多前的夏天，也就是 2023 年夏天和 2023 年 8 月舉辦的分析師日活動。

There, I think we were talking about kind of the long-term potential of the business, and we provided a view as to how the revenue growth could be kind of meaningfully into the double digits.

我認為，當時我們討論的是企業的長期潛力，我們提出了一個觀點，即收入成長如何達到兩位數的顯著水準。

But when you think about our different lines of business and the initiatives we had and the potential and then getting past the technology re-platforming, et cetera, and that we're still very bullish on how this compounding benefit will continue to accrue and when our momentum will climb.

但當你考慮到我們不同的業務線、我們採取的舉措以及潛力，以及克服技術平台重構等問題後，我們仍然非常看好這種複利效應將如何繼續積累，以及我們的發展勢頭何時會增強。

And then we also give a view on EBITDA growth and how that could grow over time and get meaningfully into the double digits as well. And you're seeing that play out as we go through time.

然後，我們也將展望 EBITDA 成長，以及它如何隨著時間的推移而成長，並最終達到兩位數的顯著成長。隨著時間的推移，你會看到這種情況逐漸發生。

And we think a lot of benefits are still ahead of us as we get the benefits of volume, as we continue to deploy technology, et cetera. So I would say we feel very good about the direction we're on from that meeting we had two years ago.

我們認為，隨著規模經濟的擴大、技術的不斷部署等等，我們也將獲得許多好處。所以我覺得，我們對兩年前那次會議以來的發展方向感到非常滿意。

Yeah. I think I'd maybe add to that. I think what you're seeing here is share gains, as Niraj spoke about, that are compounding frankly because of the initiatives that we started a year plus ago, so things like the re-platforming being completed and tech advancements that [Fiona] spoke to, our loyalty program, Wayfair Verified, over time, you'll physical retail.

是的。我想我或許可以補充一些內容。我認為你現在看到的是市場份額的成長，正如Niraj所說，這得益於我們一年多前啟動的各項舉措，例如平台重構的完成、Fiona提到的技術進步、我們的忠誠度計劃Wayfair Verified等等，隨著時間的推移，實體零售將會取得更大的成功。

And so you're seeing that ongoing momentum. Obviously, there's a macro context that we're operating in and we think the category itself right now is flat to slightly down, but that macro context could move things around on the top line.

所以你會看到這種持續的發展勢頭。顯然，我們所處的宏觀環境不容忽視，我們認為目前該類別本身處於平穩或略微下降的狀態，但這種宏觀環境可能會對營收產生影響。

Okay. And then a quick follow-up. Any predictions, if paid search moves more towards agentic, how does that change the advertising line? Is this something you can think about? Is there visibility on this? Or it's just theoretical at this point?

好的。然後是一個簡短的後續問題。如果付費搜尋越來越趨向於代理式搜索，廣告策略會發生怎樣的變化？這是你能考慮一下的事情嗎？這件事有進展嗎？或者目前這只是理論上的探討？

Well, I think we can both think about it and it is theoretical at this point. So I'll give you some thoughts. But it's very, very early, right? And so I think the way to think about it is so there's no question that the use of the chatbot is growing quite quickly.

嗯，我覺得我們都可以考慮一下，但目前這只是理論上的問題。所以我會分享一些想法。但現在還非常非常早，對吧？所以我認為，看待這個問題的方式是，毫無疑問，聊天機器人的使用正在迅速增長。

And you could see how search will then evolve, and whether it's the search interfaces become, that exist today like a Google search becomes more agentic or whether it's that chat-box become a new way to search, there's different things and they could all emerge into whatever that new version is.

你可以看到搜尋將如何演變，無論是像谷歌搜尋這樣如今存在的搜尋介面變得更加智能，還是聊天框成為一種新的搜尋方式，都存在不同的可能性，它們都可能最終演變成新的搜尋版本。

At the end of the day, the goal historically of search was to show the best answers to questions. And the goal of these agents is to help you find the best answers to your questions.

從本質上講，搜尋的目標是展示問題的最佳答案。這些代理人的目標是幫助您找到問題的最佳答案。

And it's just a different way of doing it, trying to get you closer to answers that help you. Ultimately, if Wayfair is providing the best offerings and provides the best solutions for people, we're going to surface really well.

這只是另一種方法，目的是讓你更接近對你有幫助的答案。最終，如果 Wayfair 能夠提供最好的產品和服務，為人們提供最好的解決方案，我們就能取得非常好的成績。

Ultimately, whoever are the media owners of those properties, there's probably a high chance they're also going to monetize them through advertising, right? And so I tend to think that paid search may turn into a different form of paid service and organic search will turn into a new service of how organic answers are provided.

歸根結底，無論這些媒體資產的所有者是誰，他們很可能都會透過廣告來實現盈利，對吧？因此，我傾向於認為付費搜尋可能會演變成一種不同的付費服務形式，而自然搜尋將演變成一種提供自然答案的新服務形式。

We've had a long history of being a great partner to the media partners, whether you think about Google or you're thinking about Meta or you're thinking about Pinterest and the list goes on, been codeveloping products with them, being an early tester of them, being very optimized for them in the early days.

我們一直以來都是媒體合作夥伴的優秀夥伴，無論是Google、Meta、Pinterest 等等，我們都與他們共同開發產品，成為他們的早期測試者，並在早期階段就針對他們進行了非常充分的優化。

And so the work we're doing with the various AI chat LLM companies is no different, and we're working with a number of them very closely.

因此，我們與各人工智慧聊天LLM公司所進行的工作也並無不同，我們與其中許多公司都保持著非常密切的合作關係。

And that's part of the benefit of having a 2,500 person technology organization and being very technology oriented, how we think about how we approach the business and being led by folks who are definitely closer described to being engineers than merchants.

而這正是擁有 2500 名技術人員組成的技術組織並高度技術化所帶來的好處之一，它影響著我們思考如何開展業務的方式，以及我們的領導者更像是工程師而不是商人。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Great results, guys. So clearly, there's some share gains happening with your business. But it does seem like the industry backdrop is getting better, which I think is surprising to some investors given a sluggish housing market and tariffs.

成績很棒，夥伴們。顯然，貴公司在市場佔有率方面取得了一些成長。但行業環境似乎正在好轉，考慮到低迷的房地產市場和關稅，我認為這會讓一些投資者感到驚訝。

So Niraj, I was wondering if you could just opine on the industry backdrop, if you think it's getting better and, if so, why and perhaps maybe there's some type of replacement cycle that's already starting up.

所以Niraj，我想問你對產業背景有什麼看法，你認為情況是否有所好轉，如果是的話，原因是什麼，或許某種更替週期已經開始了。

Yeah, sure. So I guess I think the way to think about it, I think, is that the industry backdrop is getting better and a different way to say that is, it is no longer getting worse at a fast rate, right?

當然可以。所以我覺得，看待這個問題的正確方式是，產業環境正在好轉，換句話說，它不再快速惡化了，對吧？

And so if you think about kind of multiple years of double-digit declines, that means that you've kind of come pretty far off of where you were. And if you take the trend back to pre-COVID, we're quite far off what the long-term trend had been.

所以，如果你想想連續多年兩位數的下滑，那就代表你已經遠遠脫離了原來的位置。如果將趨勢追溯到新冠疫情之前，我們會發現我們與長期趨勢相去甚遠。

Now what's happening now? Well, it's no longer declining at that type of rate, right? We think it's more like flattish.

現在發生了什麼事？嗯，它不再以那種速度下降了，對吧？我們認為它更像是平的。

So one way to describe that is that it came off perhaps you would call a high. It broke trend. And then it basically is kind of bottomed out or it's in a low, a depressed low of some sort.

所以，描述這種情況的一種方式是，它帶來了一種你或許會稱之為高潮的感覺。它打破了常規。然後它基本上就跌到了谷底，或者處於某種低迷的低谷狀態。

And when you're at that depressed low, things like the replacement cycle, folks who move still for whatever reason, the degree that household formation is still happening, those things are still going to cause people purchasing items.

當經濟處於低迷時期，諸如物品更換週期、人們出於各種原因搬家、家庭組成仍在進行等因素，仍然會促使人們購買物品。

So it's not like the lowest where you purchase zero in the category. But then there are cycles, and you're seeing that. Every quarter that goes by, the percent of mortgages below 4% ticks down because some amount of folks refinanced to a new mortgage because there is a reason to move.

所以它不像最低標準那樣，你在這個類別中購買的商品數量為零。但凡事都有周期，你現在就看到了這一點。每個季度，低於 4% 的抵押貸款比例都會下降，因為有些人因為搬家而重新貸款購買了新的抵押貸款。

There is a reason to sell their house. There is something that overwhelms the fact that perhaps they had a low-cost mortgage and they're going to end up with a high cost mortgage. So it's happening, just happening slowly.

他們有賣房的理由。或許他們原本獲得的是低成本抵押貸款，而最終卻要承擔高成本抵押貸款，這其中肯定存在著某種令人難以接受的事實。所以這件事正在發生，只是發生得比較慢。

And so I do think when you look forward, you're going to see that housing is at a low right now existing home sales. It will end up higher. You'll see that the purchasing in the category will end up higher.

所以我認為，展望未來，你會發現目前二手房銷售處於低迷狀態。最終結果會更高。你會發現該類別的購買量最終會更高。

And we do think there's kind of a long-term trend that probably most things revert to the mean over some period of time, and it will probably revert to the mean over some period of time. So I think that's where you can see that it will get better. It's just less clear that it's an acute upturn.

我們確實認為存在一種長期趨勢，即大多數事物在一段時間後可能會回歸均值，它也可能在一段時間後回歸均值。所以我覺得從這個角度來看，情況會好轉的。只是目前還不太確定這是否是急劇的復甦。

And that's why we took some time this morning in the comments to try to clarify the strategy we have and the way in which we have the compounding gains and the compounding share gains and the compounding benefits to growth and even more to EBITDA is really around things we control.

因此，今天早上我們在評論中花了一些時間來澄清我們的策略，以及我們如何獲得複合收益、複合股價收益、複合成長效益，甚至對 EBITDA 的複合效益，這一切都圍繞著我們能夠控制的事情。

So some folks refer to that as self-help. But basically improving the recipe is something we can do, launching new programs, innovation, growing those is something we can do. Investing our technology into improving the customer supplier experience is something we can do.

所以有些人稱之為自助。但從根本上來說，改進配方是我們可以做到的，推出新專案、創新、發展這些專案也是我們可以做到的。我們完全可以投入科技來改善客戶和供應商之間的體驗。

And so we think that is how we had only $12-ish billion in revenue out of $500 billion in the TAM have a lot of room to take share and grow even while the category is more anemic. And as the category gets more energy into it, we would expect that to accrue to even more benefits to growth.

因此，我們認為這就是為什麼我們在 5,000 億美元的 TAM 市場中只有 120 億美元左右的收入，即使該類別較為疲軟，我們仍然有很大的空間來獲取市場份額並實現成長。隨著該品類投入更多精力，我們預期這將為成長帶來更多益處。

Okay. That's very helpful. I guess I had a follow-up question, too, from a topic that's been kind of ongoing during the quarter, which was that Amazon had stopped advertising through Google Shopping early in Q3.

好的。那很有幫助。我還有一個後續問題，這個問題在本季一直存在，那就是亞馬遜在第三季初就停止透過 Google Shopping 投放廣告。

And I guess I'm wondering if you think this provided any benefit to sales or maybe add leverage during the quarter.

我想知道您認為這是否對銷售有任何好處，或者是否在本季度增加了談判籌碼。

Yeah. So Amazon, they for a certain period cut their spending in that certain channel in half. Then they came back in and then they took spending down entirely.

是的。所以亞馬遜在一段時間內將該頻道的支出削減了一半。然後他們又回來了，然後他們徹底削減了開支。

Then they came back in certain countries. And so they've done various things, probably different versions of testing what it's worth to them and the like.

然後它們又在某些國家出現了。因此，他們做了各種各樣的事情，可能是以不同的方式測試它對他們的價值等等。

Most advertisers that do hold out tests. We mentioned that we just did some recently of some large-scale. Just you want to make sure that your advertising is productive and incremental and paying off in the way that you would need it to want to continue.

大多數廣告商都會進行測試。我們之前提到過，我們最近做了一些大規模的專案。你只需要確保你的廣告是高效的、漸進式的，並且能夠以你期望的方式帶來回報，讓你願意繼續投放廣告。

That does not, what they did does not have a very big impact on us at all. And the reason is just that where they're advertising. When you think about the pockets that we specialize in, we're a very significant player already.

事實並非如此，他們的所作所為對我們根本沒有太大的影響。原因在於他們的廣告投放地點。想想我們所擅長的領域，我們已經是舉足輕重的參與者了。

So what happens is when you think about who surfaces on these paid services, in the auction, there's always multiple folks. And if you're already at a pretty high share.

所以，當你思考這些付費服務中哪些人會參與競標時，你會發現總是有多個人。如果你已經擁有相當高的市佔率。

It doesn't really matter whether someone else comes in or out, they just get replaced by someone else. And it doesn't necessarily make sense for you to take more share because you're already purchasing the optimal amount of share that is worth to you.

其實不管是其他人來還是走，他們都會被其他人取代。而且，你現在購買的股份數量已經是你認為最適合的數量了，所以沒有必要再買更多股票。

And the places where they may advertise where it's less relevant to you, you're not going to go advertise there anyways even if the price went very close to zero because it doesn't benefit you. It's not something that you participate in, not a category you sell in or where your offering makes sense to advertise.

而那些他們可能會投放廣告的地方，即使價格接近零，你也不會在那裡投放廣告，因為這對你沒有任何好處。這並非你參與的領域，也不是你銷售產品的類別，更不是你投放廣告宣傳產品的理想領域。

So the net effect is, I'm sure, for some folks who maybe were just under them in share who, Amazon's bidding price was such that, all of a sudden, the inventory opened up and they're the next person who could grab it, it would benefit them.

因此，我確信，最終結果是，對於一些可能在股份上略遜於他們的人來說，亞馬遜的競價使得庫存突然開放，而他們成為了下一個可以搶購的人，這對他們來說是有利的。

But that's going to be very narrow in who it would help. And in our case, given our specialist nature and where we focus and the degree of share we have there, it didn't really have an impact on us.

但這種方法能幫助的人群範圍會非常有限。就我們而言，鑑於我們的專業性質、我們的關注領域以及我們在該領域的市場份額，這並沒有對我們產生真正的影響。

Yeah. Peter, to your question around sort of what drove the ad spend leverage in the quarter, I would think about it as a few folds. First, we are seeing nice gains in free traffic.

是的。Peter，關於你提出的本季廣告支出槓桿作用的驅動因素的問題，我認為有幾個方面的原因。首先，我們看到免費流量有了不錯的成長。

We've talked about that. I mentioned in the prepared remarks increased downloads frankly of the app and app usage, which is an area that we've been driving for some time.

我們已經討論過這個問題了。我在事先準備好的演講稿中提到了應用程式下載量和使用量的增加，坦白說，這是我們一段時間以來一直在努力發展的領域。

And then there are some onetime benefits because of our own holdout test this quarter. And so when you think about the sort of efficiency beyond that general 11% to 12% range, some of that was certainly driven by the hold out testing that we do.

此外，由於我們本季進行的自主測試，還有一些一次性收益。因此，當你考慮超出 11% 到 12% 範圍的效率時，其中一些肯定是由我們進行的留存測試所推動的。

We think that's quite important frankly to ensure the efficacy of our modeling. But I would think about that in general. Yeah, and those are onetime in nature.

坦白說，我們認為這對於確保我們模型的有效性至關重要。但我總體上會考慮這個問題。是的，而且這些都是一次性的。

Maria Ripps, Canaccord.

Maria Ripps，Canaccord。

Great. Congrats on the quarter. First, can you maybe give us a little bit more color on what drove sort of revenue acceleration in the later part of the quarter?

偉大的。恭喜你本季取得佳績。首先，您能否詳細介紹一下是什麼因素推動了本季後期營收的加速成長？

Is there anything sort of worth highlighting in terms of performance by brand or consumer income levels? And can you quantify the impact of pull forward to Q3.

從品牌或消費者收入水準來看，有哪些值得重點關注的業績表現？你能量化一下提前至第三季的影響嗎？

Maybe I'll just start on sort of revenue and then, Niraj, you can jump in. We don't typically disclose revenue by month or within the quarter.

也許我可以先從獲利方面入手，然後，Niraj，你就可以加入了。我們通常不會按月或按季度公佈收入。

In general, revenue growth has been aided by all of these factors that we've been speaking to, which has been really the compounding share gains from initiatives that have been begun over a year ago, so Wayfair Verified, the loyalty program, the improvements to the site experience from the re-platforming, and we're seeing that continue to build momentum.

總的來說，我們一直在討論的所有這些因素都促進了收入成長，這實際上是一年多前開始的各項舉措帶來的市場份額的持續增長，例如 Wayfair Verified、忠誠度計劃、平台重構帶來的網站體驗改進，我們看到這些因素正在繼續增強增長勢頭。

As it relates specifically to brands and income, we are seeing strength in the sort of higher-end brands. That's been for quite some time.

就品牌和收入而言，我們看到高端品牌表現強勁。這種情況已經持續相當長一段時間了。

So Peri-gold, which is our luxury brand, and then the specialty retail brands, those all operate at a higher average order value, higher price point, has seen some really nice strength, which I think is consistent with what others have seen from consumers that, that higher income consumer has held in a bit better.

因此，我們的奢侈品牌 Peri-gold 以及專業零售品牌，這些品牌的平均訂單價值和價格都較高，都取得了非常不錯的增長，我認為這與其他人從消費者那裡觀察到的情況一致，即高收入消費者的消費能力更強一些。

Yeah. And what I would say, the strength we're seeing overall comes from the structural business initiatives we have, not pull forward.

是的。我想說的是，我們目前看到的整體實力來自於我們已有的結構性業務舉措，而不是向前邁進的舉措。

And we're continuing to see good momentum on the structural business initiatives, and it's just, and those are things we control. So I wouldn't think of a pull forward playing a role into how the quarter played out.

我們看到結構性業務措施持續保持良好勢頭，而這些都是我們能夠控制的事情。所以我不認為提前結束比賽會對本季的比賽結果產生影響。

Got it. That's very helpful. And then just a follow-up on agentic shopping, and I appreciate all the color there. Can you maybe give us a little bit more color on how sort of agentic shopping for the furniture vertical could be different from shopping across maybe like other simpler items?

知道了。那很有幫助。然後，我想就代理購物做個後續，我很欣賞其中的豐富多彩。能否再詳細解釋一下，家具業的代理式購物與購買其他更簡單的商品有何不同？

And can you maybe give us a little bit more specifics in terms of how you're optimizing your platform and listings thanks for organic chatbots search results?

您能否更具體地說明一下，您是如何優化平台和列表，從而提升自然搜尋排名的？

Yes. So great. Maybe I'll let Fiona share some thoughts and then I'll add anything that maybe, as well. Fiona, do you want to share anything?

是的。太棒了。或許我會讓菲奧娜分享一些想法，然後我也會補充一些我可能想到的內容。菲奧娜，你想跟我分享些什麼嗎？

Yeah. So certainly, I think for agentic shopping, one of the things that is a little bit different for us in the home category is the fact that it is a more complex category. We've got high consideration items and very complex delivery promises.

是的。所以，我認為對於代理商購物而言，家居類商品與其他商品略有不同的地方在於，家居類商品是一個更為複雜的商品類別。我們有需要高度重視的商品，而且交付承諾非常複雜。

So one thing we want to make sure that we get right is the foundational first-party truth as to make sure that our catalog, pricing fulfillment is perfectly integrated. And that's the critical first step.

因此，我們想要確保做對的一件事是第一方的基本事實，以確保我們的產品目錄、定價和履行完美整合。這是至關重要的第一步。

And we're working on that actively with all the partners that I mentioned earlier, the AI platforms. And then we also want to make sure that once customers are able to discover our products also that they're able to transact, so something that we are also working on with the partners.

我們正在與我之前提到的所有合作夥伴，也就是人工智慧平台，積極進行這方面的工作。此外，我們還希望確保客戶在發現我們的產品後能夠進行交易，這也是我們正在與合作夥伴共同努力的方向。

Yes. And I think one thing we've always found is that, and this goes back to even back to the search days when you think about platforms like Google, Pinterest and Meta but certainly true today. This is a category, it's not a UPC code commodity-driven category where you can specify what you need.

是的。我認為我們一直以來都發現，這甚至可以追溯到搜尋時代，例如Google、Pinterest 和 Meta 等平台，但今天也確實如此。這是一個類別，而不是以 UPC 代碼為導向的商品類別，你不能指定你需要什麼。

And then a lot of the purchasing is replenishment purchasing, where you continue to buy the same items over time and you want them deliver to you perhaps or maybe pick them up. But either way, you kind of know exactly what you want.

而且許多購買行為都是補貨購買，也就是隨著時間的推移不斷購買相同的商品，你可能會希望它們被送到你家，或者你可能希望它們被自提。但無論如何，你大概都清楚自己想要什麼。

And so product discovery is something that is, I think, unique in our category. And so customers do have a lot of zeal to understand what's available, what styles are developing, what's changing and trends.

因此，我認為，產品發現是我們這個領域獨有的。因此，顧客們非常熱衷於了解有哪些產品可供選擇，哪些款式正在發展，哪些正在改變以及流行趨勢。

So I do think in the agentic world, there's a lot one can do with customers to help them with whether it's product visualization, taking their room and showing them images of what it could be. And I think there's things that can happen on these AI chatbots in there.

所以我認為在代理商領域，有很多事情可以做來幫助客戶，例如產品視覺化，例如參觀他們的房間並向他們展示房間可能的樣子。我認為這些人工智慧聊天機器人可能會出現一些問題。

But I think there's a lot we can also do on our own platform with customers, particularly with all the data we have about them.

但我認為，我們也可以在我們自己的平台上為客戶做很多事情，特別是利用我們掌握的關於客戶的所有數據。

And I think what you'll find is that there are certain things that may start more upper funnel and as they move lower funnel and maybe different experiences they need that are helpful as the product discovery, product education, nuance decision-making all occurs.

我認為你會發現，有些東西可能更多地出現在銷售漏斗的上層，隨著他們向下移動，他們可能需要不同的體驗，這些體驗有助於產品發現、產品教育和細緻的決策過程。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Congrats on a nice quarter. So the first question I want to ask, just with regard to, it's a bit repetitive. But with regard to gross margin in the commentary this quarter and then, I guess, just recently about the focus now on contribution margin.

恭喜你本季業績出色。所以我想問的第一個問題，只是關於…，這個問題有點重複。但就本季的評論中提到的毛利率而言，我想，最近大家的關注點都集中在邊際貢獻率上。

Is there a philosophical change happening as you're thinking about gross margin? Are you seeing a lever within that line item now that you're increasingly likely to pull in order to drive a better outcome?

在思考毛利率時，你的理念是否有了轉變？現在你是否發現該項內容中存在一個可以加以利用的槓桿，從而帶來更好的結果？

Let me, I'll just say one thing, I'll turn it over to Kate to answer your question. I would say we're very focused on the long-term potential of the business, the long-term profitability of the business.

我只說一句話，接下來就交給凱特來回答你的問題吧。我認為我們非常關注企業的長期潛力以及企業的長期獲利能力。

And so if you think about long-term, how do we maximize EBITDA there's multiple ways to maximize EBITDA. Margin rate is one feature. Revenue volume is another feature.

因此，從長遠來看，我們如何最大化 EBITDA 呢？有很多方法可以最大化 EBITDA。利潤率是其中一項特徵。營收規模是另一個特點。

And obviously, if you multiply these things by each other, you then end up with the EBITDA dollars or we can talk about free cash flow dollars. Ultimately, we care about the owner's earnings dollars, which is really the thing we're trying to optimize, which is where we do think of the stock-based compensation is a real cost.

顯然，如果將這些數字相乘，最終就能獲得 EBITDA 美元，或者我們可以談談自由現金流美元。歸根究底，我們關心的是所有者的收入，這才是我們真正想要優化的，而我們認為股票選擇權激勵確實是一項實際成本。

And so the owner's earnings dollars, which is what we care about, we're going to optimize. And we're going to do that by both growing, by managing costs well, and there's an interplay between the two. Now to answer your question more precisely from a financial modeling standpoint, let me turn it over to Kate.

因此，我們最關心的是老闆的收益，我們要盡可能地提高收益。我們將透過發展和有效控製成本來實現這一目標，這兩者之間存在著相互作用。現在，為了從財務建模的角度更準確地回答您的問題，我把這個問題交給凱特。

Yeah. I think Niraj articulated actually the philosophy and the philosophy that's been consistent for some time, right, which is ultimately what we're focused on is adjusted EBITDA dollars growth on this multi-quarter view.

是的。我認為 Niraj 實際上闡述了我們的理念，而這種理念已經持續了一段時間，對吧？最終，我們關注的重點是多季調整後的 EBITDA 美元成長。

Perhaps what you're hearing from us is we're trying to do a better job of articulating how that happens and the components there. So if we go to contribution margin, again, that's the gross margin less the CS&M less the AC&R.

或許你們從我們這裡聽到的是，我們正在努力更好地闡述這件事是如何發生的以及其中的組成部分。所以，如果再來看貢獻毛利，那就是毛利減去 CS&M 再減 AC&R。

That contribution margin, we are also focused on optimizing contribution margin dollars on this multi-quarter view and how do we manage the levers that make up contribution margin to get to that point.

我們也專注於優化多季度貢獻毛利，以及如何管理構成貢獻毛利的各種因素以達到這一目標。

As we think about those, the variable cost components that sort of drive that contribution margin, we are constantly testing what is the sort of optimum mix and what works best, again, with this multi-quarter dollars view, right?

當我們考慮這些因素，也就是那些影響邊際貢獻的可變成本組成部分時，我們會不斷測試什麼是最佳組合以及什麼效果最好，同樣，我們也要從多季度美元的角度來看待這個問題，對吧？

And so to the specific question on gross margin, for the last many quarters, the optimum place to be has sort of been between this 30% and 31% range, closer to 30%, as you all have noticed.

至於毛利率的具體問題，正如大家所注意到的，在過去的幾個季度裡，最佳的毛利率區間大致在 30% 到 31% 之間，更接近 30%。

And that's been the right place again to optimize multi-quarter contribution margin dollars and then, obviously, multi-quarter adjusted EBITDA dollars because as we think about having that fixed cost piece of that SOTG&A controls, as we grow those contribution margin dollars, that flow-through to adjusted EBITDA dollars, you're seeing that these last several quarters is quite nice.

而且，這再次成為了優化多季度貢獻毛利和多季度調整後 EBITDA 的正確途徑，因為當我們考慮將 SOTG&A 中的固定成本部分納入控制時，隨著貢獻毛利的增長，這種增長也會傳遞到調整後 EBITDA，你會發現最近幾個季度的情況相當不錯。

So again, not a philosophical shift, but hopefully a better articulation of how we're managing it.

所以，這並不是一種理念上的轉變，而是希望能更清楚地闡明我們是如何應對這種情況的。

No, that's really helpful. I appreciate all the color. My follow-up question, look, I appreciate all the discussion today on Gen AI and how Wayfair is employing the technology, and nice to meet you over the phone, Fiona.

不，這真的很有幫助。我喜歡這些色彩。我的後續問題是，我非常感謝今天關於人工智慧世代以及 Wayfair 如何運用這項技術的討論，很高興在電話裡見到你，Fiona。

So I guess the question, I don't want to go too short term on this, but clearly, Wayfair, there's an improving market share dynamic here we've seen. The question is, as you, is Gen AI helping that?

所以我想問的是，我不想對此過於短期化，但很明顯，Wayfair 的市場份額正在改善，我們已經看到了這一點。問題是，正如你所說，人工智慧世代是否對此有所幫助？

And I guess maybe another way to ask it, from an investment standpoint, what should we be watching for in Wayfair results to basically say, look, here's a company that truly is using Gen AI to break away from the pack.

我想，從投資的角度來看，或許可以換個角度問：我們應該關注 Wayfair 的哪些績效指標，才能判斷出這家公司是否真正利用了人工智慧技術脫穎而出？

Yeah. So one thing I would say to that, Brian. So if you think about the potential of what you can do with Gen AI, it's quite substantial. But like if you think about like a baseball game, last night went 18 innings, but say it normally goes nine innings, you'd still say we're in like the first inning of what you can do.

是的。所以，布萊恩，我只想說一件事。所以，想想 Gen AI 的潛力，它相當巨大。但就像一場棒球比賽，昨晚打了 18 局，但假設通常打 9 局，你仍然會說我們現在才剛開始。

Now I think what we're doing is meaningfully out ahead of most retailers. But what we're doing is still very early days compared to what we think the potential is. And so the bulk of the gains are definitely yet to come.

現在我認為我們所做的，已經遠遠領先大多數零售商。但與我們認為的潛力相比，我們目前所做的事情還處於非常早期的階段。因此，大部分收益肯定尚未到來。

And in terms of the market share dynamic, in terms of us gaining market share, meaning looking backwards over what's happened over this year so far over the last couple of years, Gen AI would not have played a very big role in that.

就市場份額動態而言，就我們獲得市場份額而言，也就是說，回顧過去幾年以及今年迄今為止發生的事情，人工智慧世代並沒有發揮很大的作用。

But what we're working on and deploying, we're very excited about, and we can see the trajectory of what it's doing. And so we think it will become meaningful over time.

但是，我們對正在研發和部署的產品感到非常興奮，並且我們能夠看到它的發展軌跡。因此我們認為，隨著時間的推移，它將變得有意義。

But this is just the latest in what's been an ongoing evolution of technologies. We've been using machine learning for a decade or longer, and there's a lot there's a lot we've always done with technology that's very helpful.

但這只是科技不斷發展演變過程中的最新進展。我們使用機器學習已經超過十年了，我們一直利用這項技術做了很多非常有用的事情。

And I think basically, it's hard not to be excited about the potential of Gen AI. And I do think you will see some companies be much more adept at using it in a way that's differentiated and faster than others. And so I do think it's yet the latest in something that will separate some from others through technology and the use of.

我認為，很難不對人工智慧的潛力感到興奮。而且我認為你會看到一些公司能夠更熟練地運用這項技術，以更具差異化和更快的方式加以應用。所以我認為這又是科技及其應用將一些人與其他人區分開來的最新例證。

Steve Forbes, Guggenheim Securities.

史蒂夫福布斯，古根漢證券。

Niraj, maybe a change of topics to the multichannel fulfillment offering. Curious if you could just expand on the general receptivity from their supplier network.

Niraj，或許可以換個話題，聊聊多通路履行服務。我很想知道您能否詳細介紹他們供應商網路的整體接受度。

Any comments on how you expect the offering to mature? And just how fast we could sort of think through CastleGate utilization as that program ramps over the coming years here?

對於該產品未來的發展前景，您有什麼看法？我們究竟能以多快的速度來思考隨著 CastleGate 專案在未來幾年逐步推進，它的利用率將會如何提升？

Yes. Sure, Steve. So on multichannel fulfillment, so we talked last quarter. As a great example, when I talk about the three pillars of growth, I talked about the recipe, the second is programs, the third was technology.

是的。當然可以，史蒂夫。關於多通路履行，我們上個季度也討論過。舉個例子，當我談到成長的三大支柱時，我首先談到了配方，其次是項目，第三是技術。

And a lot of the programs are enabled by technology. Multichannel is a great example of another program, right? And so that's something that required technology work for us to create it and launch it.

許多項目都是藉助技術實現的。多頻道節目是另一個很好的例子，對吧？因此，我們需要投入技術力量來創建和推出它。

Obviously, it then is something we execute on our physical operations in our facilities. It's something that adds a lot of value to our suppliers. It helps us with a larger forward position inventory pool for our business.

顯然，這是我們在公司設施的實際運作中執行的事情。這能為我們的供應商增加許多價值。這有助於我們為業務建立更大的前期庫存儲備。

It creates a new revenue stream and margin stream associated with infrastructure we already have. And it's just another way we can be a deeper partner to our suppliers.

它利用我們現有的基礎設施，創造了新的收入來源和利潤來源。這也是我們與供應商建立更深層合作關係的另一種方式。

So it has had many compounding benefits the profitability being one of the benefits, meaning the direct profitability program being one of the benefits. But there's all the other things.

因此，它帶來了許多疊加的好處，獲利能力就是其中之一，也就是說，直接獲利計畫就是其中之一。但還有其他種種因素。

And so suppliers have actually been pretty excited about it. It is optimized for what they care about, meaning that we focus, we generally sell larger bulkier items. And so our program is optimized for larger bulkier items.

因此，供應商們對此感到非常興奮。它針對他們關心的內容進行了優化，也就是說，我們專注於銷售體積較大、重量較重的商品。因此，我們的程序針對體積較大、重量較重的物品進行了最佳化。

Most of the fulfillment services suppliers can use that are out there are optimized for smaller, lighter packages, which is the bulk of packages that ship every day but not in the home space. And so it's been a great offering for suppliers that they've been excited by.

市面上大多數物流服務供應商都可以使用，但這些服務大多針對較小、較輕的包裹進行了優化，而這正是每天發貨的大部分包裹的類型，但家居用品除外。因此，這對供應商來說是一個非常棒的優惠，他們對此感到非常興奮。

We're seeing them, they start by trialing it out, and then they like it, they start ramping up and then start growing their usage over time. And so we feel good about how that's going to go.

我們看到，他們一開始會試用，然後喜歡上它，開始逐步增加使用量，隨著時間的推移，他們的使用量也會不斷增加。所以我們對事情的進展感到樂觀。

The fulfillment center infrastructure we have is quite large. And so it's just another way we can leverage it and use it and get volume into it. In terms of CastleGate penetration, I think we, Kate, did we give us that about how it hit kind of an all-time high last quarter?

我們的物流中心基礎設施規模相當大。所以這只是我們可以利用它、使用它、增加交易量的另一種方式。就 CastleGate 的市場滲透率而言，凱特，我想我們之前有沒有提到過，它在上個季度達到了歷史最高水平？

Yeah. We said last quarter, there was roughly 25%. We give that stat from time to time. But I just, sort of stepping back on that, you are seeing nice momentum there. And that's certainly obviously helping as we think about improving that customer offering and getting it as fast and as efficiently as possible.

是的。我們上個季度說過，大約是 25%。我們會不時提供該統計數據。但是，退一步說，你會看到那裡的發展勢頭良好。顯然，這有助於我們改善客戶服務，並盡可能快速且有效率地實現這一目標。

Yeah. And just to be clear, that 25% number is the percent of our order volume that shifts out of CastleGate facility, not the percent of our fulfillment centers that are utilized. I think I've seen sometimes confusion on that. So just to clarify.

是的。需要澄清的是，25% 這個數字是指從 CastleGate 設施轉移出去的訂單量百分比，而不是我們所有配送中心的利用率百分比。我覺得有時候人們會對此感到困惑。所以，我再澄清一下。

Maybe just a quick follow-up. You talked about the re-platforming in the shareholder letter earlier this year. I don't know if you could just maybe speak to how you would sort of qualify the benefits of moving past that, how they're trending relative to expectations and if any sort of new opportunities have emerged as you sort of plan for the next couple of years here.

或許只需要簡單跟進。您在今年稍早的股東信中談到了平台重構的問題。我不知道您是否可以談談您如何評價擺脫這種局面的好處，這些好處相對於預期發展趨勢如何，以及在您規劃未來幾年時是否出現了任何新的機會。

Okay. So yes, so the way to think about it is so we're 23 years old. And what happens is as you build your technology infrastructure and, as I mentioned, we have a thousand people, so you're building a large technology infrastructure.

好的。所以，是的，這麼想的話，我們現在23歲了。而當你建造技術基礎設施時，正如我所提到的，我們有數千人，所以你正在建造一個龐大的技術基礎設施。

Your systems, over time, there's a lot of benefit in re-platforming them because what can happen, what will happen with our core systems is that they basically got very intertangled over time.

隨著時間的推移，對你們的系統進行平台重構會帶來許多好處，因為我們的核心系統隨著時間的推移，基本上已經變得非常相互交織。

And they weren't built very discretely because when you're smaller, building discretely just would be much more expensive than undertaking and you don't get a lot of benefit.

而且它們的建造並不十分隱蔽，因為對於規模較小的建築來說，隱蔽式建造的成本要高得多，而且收益也不大。

But as you get bigger, the way you could scale is you want them to be discrete and just interface with each other through APIs and other interfaces or published streams of data so that when a team is working on something, they don't need to then go into every other system.

但隨著規模的擴大，擴展的方式是讓它們彼此獨立，並透過 API 和其他介面或發布的資料流相互交互，這樣當一個團隊在處理某件事時，他們就不需要進入其他所有系統。

They can engage with those systems through published interfaces or easy, simple, clean interfaces. And so what happens as you go through that re-platforming is obviously it's a very intensive activity and quite expensive from an investment standpoint because you're spending your technology cycles for a long period of time on doing that work.

他們可以透過已發布的介面或簡單、簡潔、清晰的介面與這些系統進行互動。因此，在進行平台重構的過程中，顯然會面臨一項非常密集且成本高昂的活動，因為您需要在很長一段時間內將技術週期用於這項工作。

But what you get out of it is then your developer velocity or your speed of developing new things is dramatically faster.

但這樣做的好處是，你的開發速度或開發新事物的速度會大幅提升。

Your ability to preclude kind of errors or issues in the platforms is much higher so the quality goes up and you can actually also reduce costs. So it's undertaking that we've been very, sort of it was a necessary thing to do.

您預防平台中各種錯誤或問題的能力要強得多，因此品質會提高，而且實際上還可以降低成本。所以，我們一直在做的這件事，某種程度上來說，是一件必須要做的事。

But now that we're quite far along in it, we're seeing the benefits in terms of our velocity, the things we can launch, the speed at which we can launch them, the ways in which we can use third-party products as well as what we do first party. And so it's been pretty exciting, and we're just, I'd say there's a lot of gains to come.

但現在我們已經取得了相當大的進展，我們看到了它帶來的好處，包括我們的速度、我們可以推出的產品、我們推出產品的速度、我們使用第三方產品的方式以及我們第一方所做的工作。所以這真的令人興奮，而且我認為我們未來還有很多收穫。

But I highlight it because when we talk about the second pillar of new programs or when we just talk about the core supplier and customer experience, those are both highly reliant on technology and the use of technology.

但我之所以強調這一點，是因為當我們談到新專案的第二個支柱，或者當我們談到核心供應商和客戶體驗時，這兩者都高度依賴技術和技術的使用。

And so it's a very market difference that we're now back in a position where we have the technology cycles to invest in this way versus where we were committing those cycles to the re-platforming. So it's just we're in a very different place and we're seeing the benefits.

因此，我們現在又回到了可以進行此類投資的技術週期階段，這與先前我們將這些週期投入到平台重構中的情況截然不同，這是一個很大的市場差異。所以我們現在所處的環境截然不同，而且我們正在看到它帶來的好處。

That concludes our question-and-answer session. I will now turn the call back over to the Wayfair team for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給 Wayfair 團隊，請他們作總結發言。

Thanks, everybody, for joining the call this quarter. We're obviously excited with the momentum we're building in the business. Thanks for your interest in Wayfair, and we look forward to talking to you next quarter.

感謝各位參加本季的電話會議。我們對公司目前的發展動能感到非常興奮。感謝您對 Wayfair 的關注，我們期待下個季度與您進一步洽談。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。