Wayfair Inc (W) 2022 Q1 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wayfair First Quarter 2022 Earnings Conference Call. (Operator Instructions) After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

早上好。我叫 Rob，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Wayfair 2022 年第一季度收益電話會議。 （操作員說明）演講者發言後，將進行問答環節。 （操作員說明）

Thank you. Jane Gelfand, Head of Investor Relations, Treasury and Corporate Development, you may begin your conference.

謝謝你。 Jane Gelfand，投資者關係、財務和企業發展部主管，您可以開始您的會議了。

Good morning, and thank you for joining us. Today, we will review our first quarter 2022 results. With me are: Niraj Shah, Co-Founder, Chief Executive Officer and Co-Chairman; Steve Conine, Co-Founder and Co-Chairman; Fiona Tan, Chief Technology Officer; and Michael Fleisher, Chief Financial Officer. We will all be available for Q&A following today's prepared remarks.

早上好，感謝您加入我們。今天，我們將回顧 2022 年第一季度的業績。和我一起的有：Niraj Shah，聯合創始人、首席執行官兼聯合主席； Steve Conine，聯合創始人兼聯合主席； Fiona Tan，首席技術官；首席財務官 Michael Fleisher。在今天準備好的發言之後，我們都可以接受問答。

I would like to remind you that we will make forward-looking statements during this call regarding future events and financial performance, including guidance for the second quarter of 2022. 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，我們將在本次電話會議期間就未來事件和財務業績做出前瞻性陳述，包括 2022 年第二季度的指導。我們不能保證任何前瞻性陳述都是準確的，儘管我們相信我們的期望和假設是合理的。

Our 10-K for 2021, 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 2021 年的 10-K、本季度的 10-Q 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可能導致公司實際業績與今天所做的任何前瞻性陳述中預測的業績大不相同的因素。除非法律要求，否則我們沒有義務公開更新或修改任何這些聲明，無論是由於任何新信息、未來事件或其他原因。

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

此外，請注意，在本次電話會議期間，我們將在審查公司業績時討論某些非 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替代，應與 GAAP 結果一起閱讀。請參閱我們網站的投資者關係部分，獲取我們的收益發布和投資者介紹的副本，其中包含對我們的非 GAAP 財務措施的描述以及非 GAAP 措施與最接近的可比 GAAP 措施的調節。

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

此通話正在錄製中，我們的投資者關係網站上將提供網絡廣播以供重播。我現在想把電話轉給 Niraj。

Thank you, Jane, and good morning, everyone. We're glad to reconnect with you today to share the details of Wayfair's first quarter results.

謝謝你，簡，大家早上好。我們很高興今天再次與您聯繫，分享 Wayfair 第一季度業績的詳細信息。

More than 2 years ago, we made the swift transition to a remote working environment in the early days of the pandemic. Over the past several months, we've welcomed back thousands of Wayfairians to our corporate headquarters in Boston. The energy and excitement has been palpable as colleagues and friends reunited and many new faces made the jump from computer screen to deskmates.

兩年多前，我們在大流行初期迅速過渡到遠程工作環境。在過去的幾個月裡，我們已經歡迎成千上萬的 Wayfairians 回到我們位於波士頓的公司總部。同事和朋友重聚，許多新面孔從電腦屏幕跳到同桌，充滿活力和興奮之情溢於言表。

Being together in person a few times a week is a strong enabler of one of the most important drivers behind Wayfair's success, our collaborative culture. Our talented, hard-working and low-ego team is singularly focused on building the world's best destination for the home. Despite the rapid changes over the last 2 years, this goal has remained steadfast. And the response we continue to see from our customers speaks to the value Wayfair brings to their lives.

每週面對面幾次是 Wayfair 成功背後最重要的驅動因素之一的強大推動力，即我們的協作文化。我們才華橫溢、工作勤奮且不自負的團隊專注於打造世界上最佳的居家目的地。儘管過去 2 年發生了快速變化，但這一目標始終堅定不移。我們不斷從客戶那裡看到的反應說明了 Wayfair 為他們的生活帶來的價值。

Even in this admittedly softer period, our active customer count was 25 million in Q1 and we delivered 10 million orders, generating nearly $3 billion of revenue. When we spoke in February, I noted we were seeing early signs of normalization in consumer behavior as the pendulum that pulled heavily towards e-commerce in 2020 and swung back to physical retail in 2021 had begun to even out.

即使在這個公認的疲軟時期，我們在第一季度的活躍客戶數量也達到了 2500 萬，我們交付了 1000 萬份訂單，產生了近 30 億美元的收入。當我們在 2 月份講話時，我注意到我們看到了消費者行為正常化的早期跡象，因為在 2020 年大力轉向電子商務並在 2021 年轉向實體零售的鐘擺已經開始趨於平穩。

This is still the case. But in just the 2 months since, a lot has transpired. With rising prices across the retail universe and amidst troubling geopolitical events, our mass customers in the U.S. and internationally appear understandably more focused on where they are spending their next dollar, pound or euro. Consumer spending is still climbing for retail overall.

現在依然如此。但僅僅在那之後的兩個月裡，發生了很多事情。隨著整個零售領域的價格上漲以及令人不安的地緣政治事件，我們在美國和國際上的大量客戶似乎更關注他們下一美元、英鎊或歐元的消費地點，這是可以理解的。整體零售業的消費者支出仍在攀升。

However, even with the relatively healthy individual balance sheets, shoppers are nonetheless diverting a larger share of their wallets to nondiscretionary categories and reprioritizing experiences like travel. Reflecting these trends within our business, we are seeing more strength from luxury and professional customers vis-à-vis mass shoppers and stronger overall performance in the U.S. relative to our international geographies.

然而，即使擁有相對健康的個人資產負債表，購物者仍然會將更大份額的錢包轉移到非自由支配的類別，並重新優先考慮旅行等體驗。反映我們業務中的這些趨勢，我們看到奢侈品和專業客戶相對於大眾購物者的實力更強，並且美國的整體表現比我們的國際地區更強。

Michael will get into the specifics. But for now, I'll just say that while the typical seasonal pattern of gradually building demand that we expected for the year is, in fact, playing out, it is happening in a more muted fashion than our normal seasonal curve. Factors like a slower start to spring weather make the exact curve hard to read. But we are seeing positive traction.

邁克爾將詳細介紹。但就目前而言，我只想說，雖然我們今年預期的逐漸建立需求的典型季節性模式實際上正在上演，但它的發生方式比我們正常的季節性曲線更為溫和。春季天氣開始較慢等因素使得準確的曲線難以閱讀。但我們看到了積極的牽引力。

Last week, we had our most successful Way Day ever, a clear sign that customers remain very interested in the category. Notably, our Way Day event represented 2 of the 4 largest days in Wayfair's entire history. For context, the other 2 were during the pandemic. We also expect year-over-year revenue growth to progressively accelerate over the course of 2022, aided by improving product availability, speed of delivery and customer value as well as normalizing year-ago comparisons.

上週，我們舉辦了有史以來最成功的 Way Day，這清楚地表明客戶仍然對該類別非常感興趣。值得注意的是，我們的 Way Day 活動代表了 Wayfair 整個歷史上 4 個最大的日子中的 2 個。就上下文而言，另外兩個是在大流行期間。我們還預計，在提高產品可用性、交付速度和客戶價值以及使去年同期比較正常化的幫助下，收入同比增長將在 2022 年逐步加快。

Given the volatility of the macro, this environment only reinforces the value of having a long-term focus but also moving with agility and speed, features truly inherent to how Wayfair operates. Wayfair's core competencies have always included our ability to leverage data to have a real-time view of our customer and our strong partnership model with our suppliers. These enable us to identify actionable insights and to be nimble in our approach regardless of the environment.

鑑於宏觀經濟的波動性，這種環境只會強化長期關注的價值，同時也強調敏捷和快速行動的價值，這是 Wayfair 運作方式真正固有的特徵。 Wayfair 的核心競爭力始終包括我們利用數據實時了解客戶的能力以及我們與供應商的強大合作夥伴關係模型。這些使我們能夠確定可行的見解，並在任何環境下都靈活地採用我們的方法。

Our P&L has natural variability, which adjusts in stronger and softer periods. And our platform empowers suppliers to fine-tune their offerings quickly to meet changing customer expectations. Suppliers know that they can lean on Wayfair to access a loyal and robust customer base. Internally, we are used to moving and pivoting quickly, given the rate of change at Wayfair. These elements combined position us well in any environment to solve for the best long-term outcomes for our customers, suppliers and for Wayfair.

我們的損益表具有自然的可變性，會在較強和較弱的時期進行調整。我們的平台使供應商能夠快速調整他們的產品以滿足不斷變化的客戶期望。供應商知道他們可以依靠 Wayfair 獲得忠誠而強大的客戶群。在內部，考慮到 Wayfair 的變化速度，我們習慣於快速移動和旋轉。這些要素結合在一起，使我們在任何環境中都能很好地為我們的客戶、供應商和 Wayfair 解決最佳的長期結果。

While rising energy prices are a headwind to shipping and fulfillment costs, some of the biggest pain points from last year are dissipating. Encouragingly, we are seeing a steady recovery in logistics globally since the low points of 2021 as areas of congestion continue to ease. Product availability on the platform has improved by around 10 percentage points since the trough while the delivery times have improved by more than 10% for small parcels and more than 20% for large parcels from where they were this time last year.

雖然能源價格上漲對運輸和履行成本不利，但去年的一些最大痛點正在消散。令人鼓舞的是，隨著擁堵地區的持續緩解，自 2021 年的低點以來，我們看到全球物流穩步復甦。自低谷以來，平台上的產品可用性提高了約 10 個百分點，而小包裹的交付時間比去年同期提高了 10% 以上，大包裹的交付時間提高了 20% 以上。

While we've not yet returned to a fully normal supply chain environment, we are generally seeing the pace of improvement accelerate. Suppliers are thinking more strategically about inventory management than they have over the last 2 years as the gap between supply and demand begins to close. And we believe this will accrue to Wayfair's benefit. It is important to note that our business model excels when supply meets or exceeds demand as it does most of the time. However, 2021 represented the opposite. This resulted in poor availability, a significant degradation of delivery speed and cost pressures.

雖然我們還沒有恢復到完全正常的供應鏈環境，但我們普遍看到改進的步伐正在加快。隨著供需差距開始縮小，與過去兩年相比，供應商對庫存管理的思考更具戰略性。我們相信這將使 Wayfair 受益。重要的是要注意，當供應滿足或超過需求時，我們的商業模式就會表現出色，就像大多數時候一樣。然而，2021 年卻恰恰相反。這導致可用性差、交付速度顯著下降和成本壓力。

Seeing these factors reverse is responsible for the share taking that has started earlier in 2022 and has a long runway ahead. We are seeing strong interest in selling on Wayfair due in large part to the value that suppliers can derive from CastleGate, all the way from Asia consolidation and ocean freight forwarding to storage and fulfillment to last-mile logistics. We've nearly doubled the number of suppliers selling on the platform since 2019. So many of our newer suppliers are only now discovering the true value that CastleGate can add to their business. And we expect increased uptake across all of our logistics services as the year goes on.

看到這些因素逆轉是導致 2022 年初開始的股票收購的原因，並且還有很長的路要走。我們看到人們對在 Wayfair 上銷售很感興趣，這在很大程度上是因為供應商可以從 CastleGate 中獲得價值，從亞洲整合和海運代理到存儲和履行再到最後一英里物流。自 2019 年以來，我們在該平台上銷售的供應商數量幾乎翻了一番。我們的許多新供應商現在才發現 CastleGate 可以為其業務增加的真正價值。隨著時間的推移，我們預計我們所有物流服務的使用率都會增加。

To facilitate this, we are driving more education, simplifying the supplier onboarding process and bundling services to make it easier than ever for them to take advantage of CastleGate. Over time, this should unlock a wide range of benefits with delivery better speed, higher conversion and improved cost efficiency as well as more reliable ocean and last-mile capacity, all of which lead to a win for customers, suppliers and Wayfair.

為了促進這一點，我們正在推動更多的教育，簡化供應商入職流程和捆綁服務，使他們比以往任何時候都更容易利用 CastleGate。隨著時間的推移，這應該會帶來廣泛的好處，包括更快的交付速度、更高的轉化率和更高的成本效率，以及更可靠的海運和最後一英里容量，所有這些都會為客戶、供應商和 Wayfair 帶來雙贏。

Over the past several months, we've met with thousands of our partners across a series of industry events, where we heard a consistent set of feedback. Suppliers are just as focused as we are on the state of the consumer. And they're looking to double down on platforms where they know their interests are best aligned. They're excited to lean into Wayfair because of the partnership model we bring, offering them dedicated and live support, augmented by an increasingly sophisticated set of technology tools, all geared around helping them grow their business.

在過去的幾個月裡，我們在一系列行業活動中會見了數千名合作夥伴，我們從中聽到了一致的反饋。供應商與我們一樣關註消費者的狀況。他們希望在他們知道最符合他們利益的平台上加倍下注。由於我們帶來的合作夥伴關係模型，他們很高興能夠加入 Wayfair，為他們提供專門的實時支持，並輔以一套日益複雜的技術工具，所有這些都是為了幫助他們發展業務。

Suppliers have multiple ways to stand out on Wayfair. These include deeper CastleGate integration, participating in house brands in our B2B business, leaning into key promotional events and enhancing their presence through Wayfair media and merchandising solutions. Wayfair stands out as the best place to sell online because of our ability to integrate services across the full spectrum of supplier needs. We're seeing growing interest across each of these dimensions.

供應商可以通過多種方式在 Wayfair 上脫穎而出。其中包括更深入的 CastleGate 整合、參與我們 B2B 業務中的自有品牌、參與重要的促銷活動並通過 Wayfair 媒體和營銷解決方案提升他們的影響力。 Wayfair 脫穎而出，成為最佳在線銷售場所，因為我們能夠整合供應商全方位需求的服務。我們看到每個方面的興趣都在增長。

Suppliers are excited about all the ways we can drive value for their business in the near term while we simultaneously invest to bring new shoppers into the ecosystem over the long run. One example of this is what we're doing with physical retail in just a few weeks with the opening of our first AllModern store. We're excited to begin to showcase our specialty retail brands in an entirely new set of formats. And our teams have put a lot of thought and creativity into optimizing the in-store shopping experience for customers.

供應商對我們可以在短期內為他們的業務推動價值的所有方式感到興奮，同時我們同時投資以從長遠來看將新購物者帶入生態系統。這方面的一個例子是我們在短短幾週內開設了第一家 AllModern 商店，在實體零售方面所做的事情。我們很高興開始以全新的形式展示我們的專業零售品牌。我們的團隊投入了大量心思和創造力來優化顧客的店內購物體驗。

This is the next stage of Wayfair's omnichannel journey. Our first Joss & Main store will launch later this year. And we are especially excited to open the first store under the Wayfair banner next year. Our physical retail locations will be a gateway into the broader Wayfair ecosystem, building on and complementing the richness of the online shopping experience with our world-class logistics infrastructure underlying both, yet another example of us taking a decade-long view of the business.

這是 Wayfair 全渠道旅程的下一階段。我們的第一家 Joss & Main 商店將於今年晚些時候開業。我們特別高興明年能在 Wayfair 的旗幟下開設第一家商店。我們的實體零售店將成為進入更廣泛的 Wayfair 生態系統的門戶，以豐富的在線購物體驗為基礎，並以我們作為兩者基礎的世界級物流基礎設施為基礎，這是我們對業務進行長達十年的展望的又一個例子。

Even with the uncertainty that we are seeing in the environment, we have conviction that Wayfair is uniquely positioned to command considerable share in the future because of the loyalty of our shoppers today, the runway of customers yet to capture and our differentiated set of capabilities. We've always run this business thinking about what is best for our customers and our suppliers. That remains our focus today as we maintain the delicate balance between being nimble and responsive to the environment and continuing to manage the business for the long run.

儘管我們在環境中看到了不確定性，但我們堅信，由於我們今天購物者的忠誠度、尚未捕獲的客戶跑道以及我們差異化的能力集，Wayfair 具有獨特的定位，可以在未來佔據相當大的份額。在經營這項業務時，我們一直在思考什麼對我們的客戶和供應商最有利。這仍然是我們今天的重點，因為我們在靈活應對環境和繼續長期管理業務之間保持微妙的平衡。

Switching gears, as you may have seen this morning, today, we are also sharing that Michael Fleisher will be retiring next January and that Kate Gulliver is being named incoming Chief Financial Officer and Chief Administrative Officer. Many of you have been students of Wayfair from the IPO in 2014 and therefore know Michael well. He's been a trusted partner to me and Steve for the past 8 years, having joined the company when we had less than $1 billion in revenue and overseen its growth to the industry leader that it is today.

換檔，正如您今天早上可能看到的那樣，今天，我們還分享了 Michael Fleisher 將於明年 1 月退休，Kate Gulliver 被任命為新任首席財務官和首席行政官。你們中的許多人都是 2014 年 IPO 時 Wayfair 的學生，因此非常了解 Michael。在過去的 8 年裡，他一直是我和史蒂夫值得信賴的合作夥伴，在我們收入不到 10 億美元時加入公司，並監督其成長為今天的行業領導者。

Under Michael's watch, Wayfair's capabilities have grown exponentially more sophisticated. Our employee population has expanded from less than 2,000 to approximately 18,000 today. And together, we have weathered all sorts of dynamic environments, which have only made the company stronger. What's perhaps less visible from the outside is the top-tier talent Michael has nurtured across all parts of the organization. At the top of that list is Kate Gulliver, who has worked alongside Michael for nearly his whole tenure.

在 Michael 的領導下，Wayfair 的能力以指數方式增長，更加複雜。我們的員工人數已從不到 2,000 人增加到如今的約 18,000 人。我們一起經受了各種動態環境的考驗，這只會讓公司變得更加強大。外界可能鮮為人知的是邁克爾在組織的各個部門培養的頂級人才。排在首位的是凱特·格列佛 (Kate Gulliver)，她幾乎在邁克爾的整個任期內都與他共事。

Kate has long been part of Michael's thoughtful succession planning and will transition into the CFO and CAO role in November as he looks forward to retirement early next year. She will lead all the areas that Michael currently oversees, which includes finance, legal, talent, real estate and corporate affairs. Some of you know Kate as Wayfair's first Investor Relations leader, after which she went on to build out our talent organization as Chief People Officer. Prior to Wayfair, Kate was at Bain Capital and McKinsey.

長期以來，凱特一直是邁克爾深思熟慮的繼任計劃的一部分，並將在 11 月過渡到首席財務官和首席財務官的角色，因為他期待明年初退休。她將領導邁克爾目前監管的所有領域，包括金融、法律、人才、房地產和公司事務。你們中的一些人知道 Kate 是 Wayfair 的第一位投資者關係負責人，之後她以首席人事官的身份建立了我們的人才組織。在加入 Wayfair 之前，凱特曾在貝恩資本和麥肯錫工作。

While Michael will be very missed, Steve and I and the broader leadership team already view Kate as an invaluable partner and have tremendous confidence in her ability to elevate Wayfair even further in her new capacity in the years to come. Even as Michael remains fully engaged over the coming quarters, we're excited for you to spend more time with Kate as we get into the summer.

雖然我們會非常想念邁克爾，但史蒂夫和我以及更廣泛的領導團隊已經將凱特視為寶貴的合作夥伴，並對她在未來幾年以新的身份進一步提升 Wayfair 的能力充滿信心。儘管 Michael 在接下來的幾個季度中仍然全力以赴，但我們很高興您能在進入夏季時花更多時間與 Kate 在一起。

Turning now to our next speaker. I'm very happy to introduce Fiona Tan, who recently became Chief Technology Officer after 1.5 years of working in tandem with her predecessor, Jim Miller. She's joining us today to discuss our tech organization and what we're building to take Wayfair to the next level of scale.

現在轉向我們的下一位發言人。我很高興介紹 Fiona Tan，在與她的前任 Jim Miller 共事 1.5 年後，她最近成為首席技術官。她今天加入我們，討論我們的技術組織以及我們正在建設什麼，以使 Wayfair 更上一層樓。

Thank you, Niraj, and good morning, everyone. I'm excited to join you today to discuss our technology organization and how we are building the future of Wayfair.

謝謝你，Niraj，大家早上好。我很高興今天能和大家一起討論我們的技術組織以及我們如何打造 Wayfair 的未來。

To give you a brief background on myself, I studied at MIT and Stanford and worked at Oracle, TIBCO Software, Ariba and most recently Walmart, where I was the Head of Technology for their U.S. division. I joined Wayfair in the fall of 2020 as the Global Head of Customer and Supply Technology under our prior CTO, Jim Miller, and spent the past 1.5 years working hand-in-hand with Jim as we began setting Wayfair up to grow from a $10 billion to $100 billion platform.

簡要介紹一下我自己的背景，我曾在麻省理工學院和斯坦福大學學習，並在 Oracle、TIBCO Software、Ariba 和最近的沃爾瑪工作，在那裡我擔任他們美國分部的技術主管。我於 2020 年秋季加入 Wayfair，擔任我們前任 CTO Jim Miller 手下的全球客戶和供應技術主管，在過去的 1.5 年裡，我與 Jim 攜手合作，開始將 Wayfair 從 10 美元發展壯大十億到一千億美元的平台。

I want to start by giving you an overview of the organization and how it has evolved in recent years and then talk specifically about some of the most important areas where we see tech as a driving competitive advantage for Wayfair. Wayfair's technology team consists of more than 3,000 software engineers, product managers, data scientists, user experience and user interface designers and a whole host of other roles that develop, sustain and support the full stack technology and products that help run every function of Wayfair globally.

我想首先向您概述該組織及其近年來的發展情況，然後具體談談我們認為技術推動 Wayfair 競爭優勢的一些最重要領域。 Wayfair 的技術團隊由 3,000 多名軟件工程師、產品經理、數據科學家、用戶體驗和用戶界面設計師以及開發、維持和支持全棧技術和產品的大量其他角色組成，這些技術和產品有助於在全球範圍內運行 Wayfair 的每項功能.

At the highest level, our mission is to create world-class experiences for all Wayfair shoppers, suppliers and employees. To do this, we build the underlying technology that enables us to deliver those experiences in a manner that is durable, scalable, resilient and consistent. You can broadly think about our organization across each of these major stakeholders with teams in each functional area dedicated to solving the unique needs of each group.

在最高層面，我們的使命是為所有 Wayfair 購物者、供應商和員工創造世界一流的體驗。為此，我們構建了基礎技術，使我們能夠以持久、可擴展、有彈性和一致的方式提供這些體驗。您可以廣泛地考慮我們在每個主要利益相關者中的組織，每個職能領域的團隊致力於解決每個群體的獨特需求。

In addition to the people we have working on all our internal enterprise technology, such as our proprietary marketing tech stack, we have a diverse set of teams working on building a better customer experience. And these span what we call storefront, customer service and more. At the same time, we have groups dedicated to making Wayfair the best possible platform for our supplier partners and focus on elements like merchandising, supply chain and self-service tools.

除了我們在所有內部企業技術（例如我們專有的營銷技術堆棧）上工作的人員外，我們還有一組多元化的團隊致力於打造更好的客戶體驗。這些涵蓋了我們所說的店面、客戶服務等。與此同時，我們的團隊致力於讓 Wayfair 成為我們供應商合作夥伴的最佳平台，並專注於商品銷售、供應鍊和自助服務工具等要素。

As we thought about readying Wayfair to grow into a $100 billion business, we set out to evolve our organization in several very specific ways to facilitate that growth. And I'm excited to say that we are nearly finished with our move to the cloud. We also continue to work on replatforming from our legacy technology stack to cloud-native microservices. These will give us a clear path to scalability while preserving the ability to be nimble in how we build out the platform in the future.

當我們考慮讓 Wayfair 成長為價值 1000 億美元的企業時，我們著手以幾種非常具體的方式發展我們的組織以促進這種增長。我很高興地說，我們即將完成向雲端的遷移。我們還繼續致力於從我們的遺留技術堆棧到雲原生微服務的重新平台化。這些將為我們提供一條清晰的可擴展性路徑，同時保留我們在未來構建平台時保持靈活的能力。

Alongside the progression of our technology stack, we have also been taking our team to the next level. One of our big focus areas has been growing the seniority of the team and bringing on talent with domain expertise and experience in building products at scale. We've brought in senior leaders from some of the most respected technology companies in the world, which has deepened our expertise in critical functions and acts as a magnet for other talent.

隨著我們技術堆棧的進步，我們也一直在將我們的團隊提升到一個新的水平。我們的一大重點領域是提高團隊的資歷，並引進具有領域專業知識和大規模構建產品經驗的人才。我們從世界上一些最受尊敬的技術公司引進了高級領導，這加深了我們在關鍵職能方面的專業知識，並吸引了其他人才。

As we started this evolution 2 years back, 60% of our team members had less than 2 years of professional experience. We've now flipped that ratio. And that figure sits at less than 30% today. A driving force in ability to track and retain top talent has been the opening of four new development centers, new office locations in some of the top markets of technology talent across North America. Since we announced these new centers, we have hired more than 400 team members to work across the San Francisco Bay Area, Austin, Seattle and Toronto.

當我們在 2 年前開始這一演變時，我們 60% 的團隊成員的專業經驗不到 2 年。我們現在已經改變了這個比率。而這個數字今天不到 30%。追踪和留住頂尖人才的驅動力是在北美一些頂級技術人才市場開設了四個新的開發中心和新的辦公地點。自從我們宣布這些新中心以來，我們已經聘請了 400 多名團隊成員在舊金山灣區、奧斯汀、西雅圖和多倫多開展工作。

I'd like to turn now to the underlying technology itself and how it influences the experiences that our customers and suppliers have as they buy and sell on Wayfair. In particular, we are deeply focused on the benefits of machine learning and automation as we think about driving scale in the business. Let me walk you through a few examples on how these are applied across marketing, catalog and logistics.

現在我想談談底層技術本身，以及它如何影響我們的客戶和供應商在 Wayfair 上買賣時的體驗。特別是，當我們考慮推動業務規模時，我們非常關注機器學習和自動化的好處。讓我通過幾個例子向您介紹如何將這些應用到營銷、目錄和物流中。

One of the biggest areas we leverage technology is in our marketing organization, which itself is made up of more than 200 quantitative marketers, engineers and data scientists. Our team drives billions of customer interactions every week with a big focus on automation. As an example, we leveraged machine learning in the creation of over 36 million search keywords across 3 languages as we drive search engine optimization.

我們利用技術的最大領域之一是我們的營銷組織，該組織本身由 200 多名量化營銷人員、工程師和數據科學家組成。我們的團隊每週推動數十億次客戶互動，重點關注自動化。例如，在推動搜索引擎優化的過程中，我們利用機器學習在 3 種語言中創建了超過 3600 萬個搜索關鍵字。

Beyond marketing, we use machine learning to curate the tens of millions of items across our catalog as well as to augment, enrich and ensure accurate and complete product information. This enables us to respond to customer needs to filters and search, making sure our customers can shop with enhanced confidence and find products in the style and price points that are right for them.

除了營銷之外，我們還使用機器學習來管理我們目錄中的數千萬件商品，並增強、豐富和確保准確和完整的產品信息。這使我們能夠響應客戶對過濾器和搜索的需求，確保我們的客戶可以更有信心地購物，並找到適合他們的款式和價格點的產品。

One last area to highlight is how we are applying machine learning into our logistics network. We are dynamically curating customer search to show products that not only fit the parameters of their search but are also located in fulfillment centers closest to them. Doing so can significantly cut the distance products travel, lowering costs and prices, reducing damage and driving higher conversion.

最後一個要強調的領域是我們如何將機器學習應用到我們的物流網絡中。我們正在動態地策劃客戶搜索，以顯示不僅符合他們的搜索參數而且位於離他們最近的運營中心的產品。這樣做可以顯著縮短產品運輸距離、降低成本和價格、減少損壞並提高轉化率。

We also have strong teams thinking about what it will mean to shop for the home years from now, for instance, [Wayfair Nexus], our R&D team specifically focus on exploring the future of the Internet and e-commerce. We have been experimenting in this space for a long time and early on, saw an opportunity to scale the creation of lifestyle imagery by digitizing photography through 3D modeling. We believe this 3D content will become a backbone for novel applications in the VR and AR space and has already made early steps in integrating these models into proprietary and third-party experiential features.

我們也有強大的團隊思考從現在開始為家居購物意味著什麼，例如[Wayfair Nexus]，我們的研發團隊特別專注於探索互聯網和電子商務的未來。我們長期以來一直在這個領域進行試驗，很早就看到了通過 3D 建模將攝影數字化來擴展生活方式圖像創作的機會。我們相信這種 3D 內容將成為 VR 和 AR 領域新穎應用的支柱，並且已經採取早期步驟將這些模型集成到專有和第三方體驗功能中。

The future of the home is in the cloud. And it won't be long before many customers have a digital rendition of their home, which they can decorate in virtual space as a complement to how they decorate their home in the real world. Wayfair has long led industry and innovation around how customers shop for their homes. We are positioned to continue to do so and are very excited about what the future holds.

家的未來在雲端。不久之後，許多客戶就會擁有他們家的數字再現，他們可以在虛擬空間中裝飾它，作為他們在現實世界中裝飾傢的補充。 Wayfair 長期以來一直引領著圍繞客戶如何購房的行業和創新。我們準備繼續這樣做，並對未來的發展感到非常興奮。

Thank you. And now let me turn it over to Michael for a review of the financials.

謝謝你。現在讓我把它交給邁克爾審查財務狀況。

Thank you, Fiona, and good morning, everyone. Before I dive in, I just want to thank Niraj for the kind words. Working with Niraj and Steve to build this tremendous company over the last 8-plus years has been the privilege of a lifetime. While I'm not going anywhere over the coming quarters, I do want to say that this decision is purely the fulfillment of a personal commitment I made to myself and my family several years back.

謝謝你，Fiona，大家早上好。在開始之前，我只想感謝 Niraj 的客氣話。在過去的 8 年多時間裡，與 Niraj 和 Steve 一起建立這家偉大的公司是我一生的榮幸。雖然我在接下來的幾個季度不會去任何地方，但我確實想說，這個決定純粹是為了履行我幾年前對自己和家人做出的個人承諾。

I could not be more bullish on Wayfair's prospects and the talented team behind it, nor in Kate's future as CFO and CAO. Kate has been a constant sounding board and partner to me over the last several years and is a proven, capable and inspirational leader inside Wayfair. I am so excited to work with Kate to facilitate a very smooth transition over the coming quarters and to reintroduce her to all of you in the process.

我非常看好 Wayfair 的前景和背後的才華橫溢的團隊，也看好凱特作為首席財務官和首席行政官的未來。在過去的幾年裡，凱特一直是我的忠實顧問和合作夥伴，並且是 Wayfair 內部一位久經考驗、能幹且鼓舞人心的領導者。我很高興能與凱特一起工作，以促進未來幾個季度的平穩過渡，並在此過程中將她重新介紹給大家。

Now let's take a look at the financial details for the first quarter before I move on to the outlook. As you saw in our press release this morning, Q1 total net revenue was $3 billion, representing a 14% decline year-over-year. Q1 revenue landed somewhat below our quarter-to-date revenue commentary back in February. We saw some encouraging trends as the quarter began, suggesting a return to more typical shopping behavior with a strong President's Day event. While we knew that March would be a more difficult comparison with the added stimulus from last year, we also saw new macroeconomic headwinds develop as geopolitical events served to exacerbate inflationary pressures and subdued some customer sentiment, particularly in Europe.

在我繼續展望之前，讓我們先看看第一季度的財務細節。正如您在今天上午的新聞稿中看到的那樣，第一季度總淨收入為 30 億美元，同比下降 14%。第一季度的收入略低於我們 2 月份的季度至今收入評論。隨著本季度的開始，我們看到了一些令人鼓舞的趨勢，這表明隨著總統日活動的舉辦，人們將回歸到更典型的購物行為。雖然我們知道 3 月份與去年增加的刺激措施相比會更加困難，但我們也看到新的宏觀經濟逆風出現，因為地緣政治事件加劇了通脹壓力並抑制了一些客戶情緒，尤其是在歐洲。

On a segment basis, U.S. net revenue declined 10% from Q1 last year while international net revenue declined 31% year-over-year. We once again saw Wayfair.com in the U.S. outperform the consolidated business for the full quarter, down in the high single digits year-over-year. The international segment once again faced difficult comps as we lapped over 80% year-over-year growth in Q1 of 2021. We also saw our European customer sentiment drop towards the back of the quarter as the war between Ukraine and Russia unfolded.

按細分市場劃分，美國淨收入較去年第一季度下降 10%，而國際淨收入同比下降 31%。我們再次看到美國的 Wayfair.com 整個季度的表現優於合併業務，同比下降了高個位數。由於我們在 2021 年第一季度實現了超過 80% 的同比增長，國際市場再次面臨困難。隨著烏克蘭和俄羅斯之間的戰爭展開，我們還看到我們的歐洲客戶信心在本季度末下降。

Q1 KPIs broadly reflected the macro trends that Niraj outlined earlier. For the trailing 12 months, we had more than 25 million active customers, which was 23% lower year-over-year. Order frequency over the last 12 months was 1.87, a decline year-over-year but in line with levels we saw right before the onset of the pandemic. LTM net revenue per active customer grew about 13% year-over-year to $520, driven by higher AOVs.

第一季度的 KPI 廣泛反映了 Niraj 之前概述的宏觀趨勢。在過去的 12 個月裡，我們擁有超過 2500 萬活躍客戶，同比下降 23%。過去 12 個月的訂單頻率為 1.87，同比下降，但與我們在大流行病爆發前看到的水平一致。在更高的 AOV 的推動下，每個活躍客戶的 LTM 淨收入同比增長約 13% 至 520 美元。

I'll now move further down the P&L. As I do, please note that I'll be referencing the remaining financials on a non-GAAP basis, which includes depreciation and amortization but excludes stock-based compensation-related taxes and other adjustments. I will use the same non-GAAP basis when discussing our outlook as well.

我現在將進一步向下移動損益表。正如我所做的那樣，請注意，我將在非 GAAP 基礎上參考剩餘的財務數據，其中包括折舊和攤銷，但不包括基於股票的薪酬相關稅收和其他調整。在討論我們的前景時，我也會使用相同的非 GAAP 基礎。

Q1 gross margin was 26.9%. This was largely in line with our guidance for the lower end of 27% to 28%. As we mentioned in February, inflation is weighing on our cost of sales, particularly on shipping and fulfillment as well as labor expenses. We saw higher energy costs take hold, particularly in the back part of the quarter, which is something we will have to deal with and offset over the coming periods.

第一季度毛利率為 26.9%。這在很大程度上符合我們對 27% 至 28% 下限的指導。正如我們在 2 月份提到的那樣，通貨膨脹正在影響我們的銷售成本，尤其是運輸和履行以及人工費用。我們看到能源成本上升，尤其是在本季度後半段，這是我們在未來幾個時期必須應對和抵消的問題。

Customer service and merchant fees were 4.8% of net revenue in the first quarter, a bit higher quarter-over-quarter due to increased compensation costs and a lower revenue base year-over-year. Advertising as a percent of net revenue was 11.2%. We're seeing smart opportunities with good ROI in top-of-funnel and brand-based advertising.

第一季度客戶服務和商家費用占淨收入的 4.8%，環比略高，原因是薪酬成本增加以及收入基數同比下降。廣告占淨收入的百分比為 11.2%。我們在漏斗頂部和基於品牌的廣告中看到了具有良好投資回報率的明智機會。

In taking advantage of these, we're leveraging Wayfair's household brand status in driving higher awareness across the wide array of classes of home that we sell in order to penetrate wallet share. Our selling, operations, technology and G&A, or OpEx expenses, totaled $525 million. The increase quarter-over-quarter is a combination of compensation adjustments for existing employees and net headcount growth.

在利用這些優勢的同時，我們利用 Wayfair 的家喻戶曉的品牌地位在我們銷售的各種類別的房屋中提高知名度，以滲透錢包份額。我們的銷售、運營、技術和 G&A 或 OpEx 費用總計 5.25 億美元。環比增長是現有員工薪酬調整和淨員工人數增長的結合。

I want to provide some context for the magnitude of the total headcount jump this quarter, growing to approximately 18,000 by the end of Q1. The lion's share of this came from additions to our supply chain and customer service teams, which get accounted for in the cost of goods and customer service and merchant fees lines. While our OpEx employee count is also growing to support the business, our intent is to increase these ranks at a more measured pace as we have previously described.

我想為本季度總員工人數激增的幅度提供一些背景信息，到第一季度末增長到約 18,000 人。其中大部分來自我們供應鍊和客戶服務團隊的增加，這些團隊被計入商品成本和客戶服務以及商家費用線。雖然我們的 OpEx 員工人數也在增加以支持業務，但我們的目的是像我們之前描述的那樣以更加謹慎的速度增加這些職位。

Putting this all together, Q1 adjusted EBITDA was negative $113 million or negative 3.8% of net revenue. In the U.S., adjusted EBITDA was negative $30 million or a negative 1.2% margin while the international segment booked adjusted EBITDA of negative $83 million for a negative 18.4% margin.

綜上所述，第一季度調整後的 EBITDA 為負 1.13 億美元，占淨收入的負 3.8%。在美國，調整後的 EBITDA 為負 3000 萬美元或負 1.2% 的利潤率，而國際業務的調整後 EBITDA 為負 8300 萬美元，負利潤率為 18.4%。

Moving on to the balance sheet and cash flow. We ended the quarter with $2 billion of cash and highly liquid investments. In Q1, net cash from operating activities was negative $226 million and free cash flow was negative $331 million after factoring in $105 million of capital expenditures. As a reminder, the net working capital swing in our business is typically at its most negative from Q4 to Q1 and tends to turn positive as revenue builds quarter-over-quarter as the year progresses.

轉到資產負債表和現金流量。我們以 20 億美元的現金和高流動性投資結束了本季度。第一季度，經營活動產生的淨現金為負 2.26 億美元，扣除 1.05 億美元的資本支出後，自由現金流為負 3.31 億美元。提醒一下，從第四季度到第一季度，我們業務的淨營運資本波動通常處於最負值，並且隨著年內收入逐季增加而趨於轉正。

Let's now turn to the outlook. As Niraj mentioned earlier, there are a lot of moving parts influencing consumer behavior and sentiment these days. War and widespread inflation should weigh on consumer spending. But we still see the consumer in a relatively healthy place today. As pandemic restrictions ease, there is also shifting between e-commerce and brick-and-mortar and experiences and things. We believe the pendulum will swing progressively towards equilibrium here over the course of 2022. Said simply, we are still expecting revenue growth year-over-year to accelerate as the year goes on. But we are watching this very carefully.

現在讓我們轉向前景。正如 Niraj 之前提到的，如今有很多因素會影響消費者的行為和情緒。戰爭和普遍的通貨膨脹應該會影響消費者支出。但我們今天仍然看到消費者處於相對健康的狀態。隨著流行病限制的放鬆，電子商務和實體店以及體驗和事物之間也發生了轉變。我們相信，鐘擺將在 2022 年期間逐漸向平衡擺動。簡而言之，我們仍然預計隨著時間的推移，收入同比增長將加速。但我們正在非常仔細地觀察這一點。

It is also encouraging that we are driving share capture in the U.S. thus far in '22 and expect that to continue. All this said, it's very difficult to pinpoint when exactly things will truly normalize. We monitor the business very closely and in a database way and will remain nimble in adjusting to changing conditions as necessary. We have appropriate plans in place to properly balance our long-term focus on the massive market opportunity and the shorter-term realities of the environment in which we are operating.

同樣令人鼓舞的是，到目前為止，我們在 22 世紀推動了美國的份額捕獲，並希望這種情況繼續下去。綜上所述，很難確定事情真正正常化的確切時間。我們以數據庫的方式非常密切地監控業務，並將在必要時靈活地調整以適應不斷變化的情況。我們制定了適當的計劃，以適當地平衡我們對巨大市場機會的長期關注與我們運營環境的短期現實。

As we have over the last few quarters, we will not provide formal top line guidance and will opt instead for transparency on what we are seeing thus far in Q2. On a quarter-to-date basis, our gross revenue is down in the mid- to high teens year-over-year. Once again, the U.S., and particularly Wayfair.com, is trending more strongly than our international segment. Comps do start to normalize from here, and we are also seeing improving supply chain conditions and product availability.

正如我們在過去幾個季度所做的那樣，我們不會提供正式的頂線指導，而是選擇我們在第二季度到目前為止所看到的情況的透明度。從季度至今，我們的總收入同比下降了十幾歲。再一次，美國，尤其是 Wayfair.com 的趨勢比我們的國際部分更強勁。 Comps 確實從這裡開始正常化，我們也看到供應鏈條件和產品可用性的改善。

For gross margin, as we have for the last 5 quarters, we continue to target a 27% to 28% range for Q2. Similar to last quarter, we believe the low end of our range is most likely with the current state of cost inflation in transportation, energy and labor. We remain focused on passing through these higher costs, where appropriate, while managing the remainder within our own cost structure.

對於毛利率，正如我們在過去 5 個季度所做的那樣，我們繼續將第二季度的目標定在 27% 至 28% 的範圍內。與上一季度類似，我們認為我們範圍的低端最有可能與運輸、能源和勞動力的當前成本通脹狀況相符。我們仍然專注於在適當的情況下轉嫁這些更高的成本，同時在我們自己的成本結構中管理其餘成本。

For now, please model customer service and merchant fees as a percentage of net revenue within a 4.5% to 5% range. This is an example of a line item where we are choosing not to overreact to short-term top line volatility and keep a high bar on customer experience. Advertising as a percentage of net revenue should once again land in a 10% to 11% range. We remain disciplined in our ROI-based approach, so where we end up in this range will depend on the opportunities we see in the period and the resulting channel mix.

目前，請將客戶服務和商戶費用占淨收入的百分比建模在 4.5% 到 5% 的範圍內。這是一個訂單項的示例，在該訂單項中，我們選擇不對短期頂線波動反應過度並保持高標準的客戶體驗。廣告占淨收入的百分比應該再次落在 10% 到 11% 的範圍內。我們在基於投資回報率的方法中保持紀律，因此我們最終在這個範圍內的位置將取決於我們在此期間看到的機會以及由此產生的渠道組合。

SOTG&A, or OpEx dollars, excluding stock-based compensation and related taxes, should equal approximately $555 million to $565 million in the second quarter. As with the last quarter, the main driver here will continue to be compensation for our existing team and new employees joining Wayfair. We remain extremely mindful of the delicate balance between hiring too quickly and resourcing our long-term opportunities and continue to monitor and actively manage this closely.

SOTG&A 或 OpEx 美元，不包括基於股票的補償和相關稅收，第二季度應約為 5.55 億美元至 5.65 億美元。與上一季度一樣，這裡的主要驅動力將繼續是對我們現有團隊和加入 Wayfair 的新員工的補償。我們仍然非常注意過快招聘和為我們的長期機會提供資源之間的微妙平衡，並繼續密切監測和積極管理這一點。

Q2 adjusted EBITDA will ultimately depend on how the top line progresses. However, I will note that assuming the top line trends we've seen quarter-to-date continue, this would translate to a Q2 adjusted EBITDA margin that is similar to Q1 levels.

第二季度調整後的 EBITDA 最終將取決於頂線的進展情況。但是，我會注意到，假設我們看到的季度至今的頂線趨勢繼續存在，這將轉化為與第一季度水平相似的第二季度調整後 EBITDA 利潤率。

Let me touch now on a few housekeeping items. Please assume the following for Q2: equity-based compensation and related tax expense of approximately $136 million to $140 million; depreciation and amortization of approximately $85 million to $90 million; interest expense of approximately $9 million; weighted average shares outstanding equal to approximately 105 million shares; finally, we forecast CapEx in a $130 million to $140 million range for Q2.

現在讓我談談一些家政用品。請假設 Q2 的以下情況：基於股權的薪酬和相關稅費約為 1.36 億美元至 1.4 億美元；折舊和攤銷約為 8500 萬至 9000 萬美元；利息支出約為 900 萬美元；加權平均流通股數約為 1.05 億股；最後，我們預測第二季度的資本支出在 1.3 億至 1.4 億美元之間。

We remain focused on both our long-term opportunity and running our business profitably. However, the macro environment is so murky right now that it is difficult to know how 2022 will play out with the consumer and our top line. As such, we cannot commit to the business being adjusted EBITDA profitable for the full year. But we will be responsive based on what we are seeing as we remain very focused on returning the business to adjusted EBITDA profitability.

我們仍然專注於我們的長期機會和盈利經營我們的業務。然而，目前的宏觀環境如此陰暗，以至於很難知道 2022 年消費者和我們的收入將如何發揮作用。因此，我們不能承諾調整後的業務 EBITDA 全年盈利。但我們將根據我們所看到的情況做出回應，因為我們仍然非常專注於將業務恢復到調整後的 EBITDA 盈利能力。

Needless to say, how our top line plays out over the balance of the year and how we choose to manage our expenses in response to that will drive the exact timing. We fully intend to manage Wayfair to strike the right balance between growth, profitability and smart long-term investments. And we have the balance sheet to allow us to strike this balance in a thoughtful way. Zooming out, we also have complete confidence in the structural profit economics of our business and the key drivers that should propel them higher, recognizing that the investments we have made over multiple years are already mostly in place to do so.

毋庸置疑，我們的收入如何在今年餘下的時間裡發揮作用，以及我們如何選擇管理我們的開支以應對這一情況將推動確切的時間安排。我們完全打算管理 Wayfair，以在增長、盈利能力和明智的長期投資之間取得適當的平衡。我們擁有資產負債表，可以讓我們以深思熟慮的方式取得這種平衡。縮小範圍，我們也對我們業務的結構性利潤經濟學以及推動它們走高的關鍵驅動因素充滿信心，認識到我們多年來所做的投資大部分已經到位。

I now want to wrap up by going back to where I began. I have no doubt that Wayfair's best years lie ahead because I have seen firsthand what our talented team is capable of and the scale of untapped potential in our market. The past 2 years have been some of the most challenging and rewarding, not just in my nearly decade-long tenure here at Wayfair but my entire career. They have reinforced the importance of coming in every day with a balanced perspective, bringing creativity and resourcefulness to solve today's consumer and supplier problems while always keeping sight of what will serve them best longer term. This is how Niraj and Steve have long run this business and how Wayfair will continue to operate both under my stewardship as well as Kate's.

我現在想通過回到我開始的地方來結束。我毫不懷疑 Wayfair 最好的幾年就在眼前，因為我親眼目睹了我們才華橫溢的團隊的能力以及我們市場上未開發潛力的規模。過去 2 年是最具挑戰性和收穫最大的兩年，不僅是我在 Wayfair 近十年的任期，而且是我的整個職業生涯。他們強調了每天以平衡的視角參與進來的重要性，發揮創造力和足智多謀來解決當今消費者和供應商的問題，同時始終關注最能長期為他們服務的東西。這就是 Niraj 和 Steve 長期經營這項業務的方式，也是 Wayfair 將在我和 Kate 的領導下繼續運營的方式。

Thank you all very much. Now Niraj, Fiona, Steve and I will be happy to take your questions.

非常感謝大家。現在 Niraj、Fiona、Steve 和我很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Peter Keith from Piper Sandler.

（操作員說明）您的第一個問題來自 Piper Sandler 的 Peter Keith。

Michael, congratulations, it has been great working with you and getting to know you, so wish you nothing but the best. Just to dig into the question, maybe just turning to Niraj. You had mentioned in the script that your business model excels when supply exceeds demand, do believe that inventory is shooting up with a number of suppliers and retailers.

邁克爾，恭喜，與你一起工作並認識你真是太棒了，所以祝你一切順利。只是為了深入研究這個問題，也許只是求助於 Niraj。您在腳本中提到，當供大於求時，您的商業模式表現出色，相信許多供應商和零售商的庫存正在飆升。

So I think we're entering that environment very quickly. So could you unpack that a little bit for us and how you'll model benefits from improved supply? And what are the risks that the promotional environment might get a bit more competitive as people try to clear out this excess inventory?

所以我認為我們正在很快進入那種環境。那麼，您能否為我們稍微解釋一下，以及您將如何模擬改善供應帶來的好處？當人們試圖清理這些過剩庫存時，促銷環境可能會變得更具競爭性，這會帶來哪些風險？

Sure, Peter. Well, thanks for your questions. So first, let me clarify, it's not that our model excels when supply exceeds demand. It actually excels when supply is roughly equal to demand or supply exceeds demand. It's just that our model is very disadvantaged when supply is scarce relative to demand. But to be honest, in a capitalist environment, supply is almost never scarce. But it was last year, and it was during World War II. So there's times where it is, it's just super rare. And why does it get hurt then? We're the only major retailer who doesn't write checks for inventory.

當然，彼得。嗯，謝謝你的問題。所以首先，讓我澄清一下，並不是說我們的模型在供大於求時表現出色。當供應大致等於需求或供應超過需求時，它實際上表現出色。只是當供應相對於需求稀缺時，我們的模型非常不利。但老實說，在資本主義環境下，供應幾乎從不短缺。但那是去年，而且是在二戰期間。所以有時候它會出現，只是非常罕見。為什麼它會受傷呢？我們是唯一一家不為存貨開具支票的大型零售商。

So when supply is scarce, as you can imagine, if you're a producer, you can't produce anywhere near enough relative to demand, you're going to sell all of it to people who are writing checks. And so our models, it just gets hurt a lot. And it's not even just that we don't have the best items but a sub-function of that is then. Of course, we then take that inventory before we position it, then we get the speed of delivery, that then takes out costing, which then drives the retail price. So it's kind of like it has a knock-on series of effects.

因此，當供應短缺時，正如您可以想像的那樣，如果您是生產商，您的產量無法滿足需求，那麼您將把所有產品賣給開支票的人。所以我們的模型，它只是受到了很多傷害。這甚至不僅僅是我們沒有最好的項目，而是它的一個子功能。當然，我們會在定位之前獲取庫存，然後我們得到交貨速度，然後扣除成本，然後推動零售價格。所以它有點像它具有一系列連鎖效應。

Well, now all of a sudden, what's so good about now, what's different than the back half of last year where we lost share because of this, well, what's happening now is, as you mentioned, inventory is recovering. Not only is it recovering, it's starting to recover aggressively because demand has actually fallen some in a macro perspective. Well, we were already benefiting just as availability was getting better. Now availability is getting better at a very fast rate.

好吧，現在突然之間，現在有什麼好，與去年下半年我們因此而失去份額的情況有什麼不同，好吧，現在發生的事情是，正如你提到的，庫存正在恢復。它不僅在復蘇，而且開始大幅復甦，因為從宏觀角度來看，需求實際上已經下降了一些。好吧，隨著可用性的提高，我們已經從中受益。現在可用性正在以非常快的速度變得更好。

Our speed of delivery has started to get better at a fast rate. Those manifest with sharper retails. We see customers respond. Then as you mentioned some suppliers having an excessive amount of inventory relative to what they want. What happens is our competitive retailers, what they've done is they've bought their inventory for the next few months already, and they bought it at a certain price. They've locked in that price. They're now low to discount because they could put them in a bad cost position on a retail relative to cost.

我們的交貨速度已經開始快速提高。那些表現出更敏銳的零售。我們看到客戶回應。然後，正如您提到的，一些供應商的庫存相對於他們想要的數量過多。發生的事情是我們的競爭零售商，他們所做的是他們已經購買了未來幾個月的庫存，並且以特定價格購買。他們已經鎖定了那個價格。它們現在的折扣率很低，因為相對於成本，它們可能會使它們在零售中處於不利的成本地位。

Well, on our platform, the supplier is setting their price every day. That price is then driving the retail price every day. And for a supplier, if you have extra inventory, you just want to turn it into cash. You're less focused on the exact profit margin on those items. And so what we see happen -- and the first place they do this is with promotional events, by the way. So we saw this happen on Presidents' Day. We're seeing this -- we saw this happen on Way Day. We're seeing this happen in the lead-up to Memorial Day. These are obviously U.S. holidays, same thing is true in the other countries, which is suppliers are leaning in aggressively. They're leaning in aggressively to get share.

那麼，在我們的平台上，供應商每天都在設定價格。這個價格每天都在推動零售價格。而對於供應商來說，如果你有額外的庫存，你只想把它變成現金。您不太關注這些項目的確切利潤率。所以我們看到發生了什麼——順便說一句，他們首先這樣做是通過促銷活動。所以我們在總統日看到了這種情況。我們看到了這一點——我們在 Way Day 看到了這件事。我們在陣亡將士紀念日之前看到了這種情況。這些顯然是美國的假期，在其他國家也是如此，供應商正在積極地傾斜。他們正在積極爭取份額。

That's obviously a great customer value proposition. We do our role in bringing that promise to customers. They're then curious. They come in and they check it out. And this is why we had our best Way Day ever. We had our best Way Day because we have a large base of people who find Wayfair interesting. We put in front of them a great value proposition. They then obviously reacted. We had 2 of our best 4 days. And actually, if you look at Wayfair.com, we had our 2 best days ever.

這顯然是一個很好的客戶價值主張。我們儘自己的職責將這一承諾帶給客戶。然後他們很好奇。他們進來檢查。這就是為什麼我們度過了有史以來最好的 Way Day。我們舉辦了最好的 Way Day，因為我們有很多人認為 Wayfair 很有趣。我們在他們面前提出了一個偉大的價值主張。然後他們顯然做出了反應。我們度過了最好的 4 天中的 2 天。實際上，如果您查看 Wayfair.com，就會發現我們度過了有史以來最美好的 2 天。

And what do we think is going to happen in the near term? Well, we think, frankly, our speed of delivery, it's set to continue to get better at an aggressive pace even though it's already gotten better by a good amount. Our availability is set to get better at an aggressive pace even though it's already gotten better. We have forward insight to that, by the way, partly because of our ocean forwarding business that we started 4 years ago. The new ocean year just kicked in starting May 1. We have doubled the capacity from last ocean year. This is a pretty good strategic advantage that actually lowers cost for our suppliers as well.

我們認為近期會發生什麼？好吧，我們認為，坦率地說，我們的交付速度將繼續以積極的速度變得更好，即使它已經好很多了。我們的可用性將以積極的速度變得更好，儘管它已經變得更好了。順便說一句，我們對此有超前的洞察力，部分原因是我們 4 年前開始的海運業務。新的海洋年從 5 月 1 日開始。我們的運力比上一個海洋年翻了一番。這是一個非常好的戰略優勢，實際上也降低了我們供應商的成本。

And so a promotional environment, frankly, is a good environment for us, a normal environment, a very good environment for us. Promotional environment, why is that a good environment for us? Well, suppliers lean in. They're competing with one another. That's a great value for the customer. Customers find it compelling. They come in. This is why we did well also, by the way, during the financial crisis and the housing recession.

所以宣傳環境，坦率地說，對我們來說是一個很好的環境，一個正常的環境，對我們來說是一個很好的環境。宣傳環境，為什麼對我們來說是個好環境？嗯，供應商靠攏。他們正在相互競爭。這對客戶來說是一個巨大的價值。客戶覺得它很有吸引力。他們進來了。這就是為什麼我們在金融危機和房地產衰退期間也做得很好。

So it's a very good setup. And I think honestly, a bunch of folks have noticed this in the year-to-date share taking that we've done and the credit card data, all the third-party data is starting to show that we're taking significant share. And it's not on the back of buying the business, as you see from the gross margins holding steady, it's entirely because of this dynamic.

所以這是一個非常好的設置。我認為老實說，很多人在我們所做的年初至今的份額和信用卡數據中註意到了這一點，所有第三方數據都開始表明我們正在佔據重要份額。正如您從保持穩定的毛利率中看到的那樣，這並不是在購買業務的支持下，這完全是因為這種動態。

Okay. That's helpful. Just sticking on the topic of the competitive environment, there is a broader view out there that the COVID backdrop the last 2 years forced some of the large mass retailers to get a lot better with e-com and specifically a lot better in the home furnishings category. What are you seeing with the evolution of that competitive environment? And do you agree with that thesis that maybe your mass competitors have become a bit more sophisticated?

好的。這很有幫助。就競爭環境這個話題而言，有更廣泛的觀點認為，過去兩年的 COVID 背景迫使一些大型大眾零售商在電子商務方面做得更好，特別是在家居用品方面做得更好類別。您對競爭環境的演變有何看法？您是否同意您的大眾競爭對手可能變得更加老練的論點？

I mean there's no question that the largest retailers all recognize e-commerce is important. So here, we're talking about not just Amazon, who obviously is an e-commerce specialist, but we're talking about Walmart and Target, Home Depot, Lowe's. Again, I'm speaking with the U.S. names, but each country has a kind of a comparable set. That said, they all focus on their core business.

我的意思是，毫無疑問，最大的零售商都認識到電子商務的重要性。所以在這裡，我們不僅談論亞馬遜，它顯然是電子商務專家，而且我們談論沃爾瑪和塔吉特、家得寶、勞氏。再一次，我說的是美國的名字，但每個國家都有一套類似的名字。也就是說，他們都專注於自己的核心業務。

So when you think about Home Depot or Lowe's, they talk about the flatbed trucks and the delivery network. There's a lot of focus on building materials. We talk about Walmart and Target, I'm talking about grocery, in-home grocery delivery, talk about consumables, replenishment. Obviously, there, they're trying to protect their share, take share back from Amazon. So everyone is focused on their core business.

因此，當您想到 Home Depot 或 Lowe's 時，他們會談論平闆卡車和送貨網絡。人們非常關注建築材料。我們談論沃爾瑪和塔吉特，我說的是雜貨店、家庭雜貨店送貨、消耗品、補貨。顯然，在那裡，他們正試圖保護自己的份額，從亞馬遜手中奪回份額。所以每個人都專注於他們的核心業務。

I would say that home is no different than every other category, which is that, for a general merchandiser, they want to be in every category. But they have the same challenges that Amazon has, which is if you sell AA batteries and you sell nails, do you want the picture to be 1-inch square on a big-screen monitor? Or do you want it to be 8-inch square, right? The truth is the nails at that size of picture is not really compelling.

我會說家居與其他類別沒有什麼不同，也就是說，對於一個百貨商來說，他們希望屬於每個類別。但他們面臨著與亞馬遜相同的挑戰，那就是如果你賣 AA 電池，你賣釘子，你希望圖片在大屏幕顯示器上是 1 英寸見方的嗎？或者你想要它是 8 平方英寸，對嗎？事實上，那種尺寸的指甲並不是真正引人注目的。

And so I think the key thing to think about is we're a home specialist. That comes across in the selection and the merchandising. We don't do our business at just the opening price point, which is where those folks do their business in home. We have a logistics network that's optimized for the types of deliveries that we do. It prevents damage at lowest retails, it still drives speed of delivery in an exciting way that the others can't do for big, bulky items.

所以我認為要考慮的關鍵是我們是家庭專家。這體現在選擇和商品銷售中。我們不只是在開盤價上做生意，這是那些人在家裡做生意的地方。我們擁有針對我們所進行的交付類型進行優化的物流網絡。它可以防止最低零售的損壞，它仍然以一種令人興奮的方式提高交付速度，這是其他方法無法為大而笨重的物品做的。

And our suppliers understand this. All the supplier technology we're building and all the things we're trying to provide them to optimize this are really valued by them because our suppliers, by and large, are not these very large multinationals, where you're introducing 3 new models for the holiday and you're doing 200 containers of each. These are small- to mid-sized businesses with a large, diverse portfolio of products that -- deep supply chain integration we do with them, the help we give them on the merchandising, these are very valuable services.

我們的供應商明白這一點。我們正在構建的所有供應商技術以及我們試圖為他們提供的所有東西來優化這一點，他們真的很看重，因為我們的供應商，總的來說，不是這些非常大的跨國公司，在那裡你引入了 3 種新模型為了假期，你每個都做了 200 個容器。這些是擁有大量多樣化產品組合的中小型企業——我們與他們進行深度供應鏈整合，我們在推銷方面為他們提供幫助，這些都是非常有價值的服務。

So I do think you're going to keep seeing us take share in a disproportionate way in home because of our role in home, you'll see all those folks continue to do well in e-commerce broadly. But their share of home will be -- they'll all share the kind of a lower tranche of the market with us. And I think that's the dynamic we saw prior to COVID. That will be the dynamic we continue to see.

所以我確實認為，由於我們在國內的作用，你會繼續看到我們在國內以不成比例的方式佔有份額，你會看到所有這些人繼續在廣泛的電子商務領域做得很好。但他們在國內的份額將是——他們都將與我們分享市場的較低部分。我認為這就是我們在 COVID 之前看到的動態。這將是我們繼續看到的動態。

I do think folks who are like more of the independents or the smaller players or the smaller specialized big-box guys, they're going to continue to struggle on the e-commerce front because it is a business that benefits those who have scale. When you think about the logistics network, when you think about customer acquisition, these are not costs you can amortize on over a small base.

我確實認為，那些更喜歡獨立人士、較小的玩家或較小的專業大公司的人，他們將繼續在電子商務方面苦苦掙扎，因為這是一項對有規模的人有利的業務。當您考慮物流網絡時，當您考慮獲取客戶時，這些都不是您可以在很小的基數上攤銷的成本。

Your next question comes from the line of John Blackledge from Cowen.

你的下一個問題來自 Cowen 的 John Blackledge。

Michael, congrats on your excellent work over the years. And also congrats to Kate on the new role. It will definitely be nice to work with her again.

邁克爾，祝賀你多年來的出色工作。還要祝賀凱特擔任新職務。能再次與她合作，一定會很愉快。

So I have two questions on supply chain. Niraj, in your prepared remarks, you seem to suggest that supply chain issues are abating somewhat. Is that right? And just given conditions and recent COVID shutdowns in China, are they potentially new headwinds to supply chain? And then second question on gross margin, it was right around the low end of the range. How should we think about the puts and takes for gross margin in 2Q and the rest of the year?

所以我有兩個關於供應鏈的問題。 Niraj，在您準備好的發言中，您似乎暗示供應鏈問題正在有所緩解。那正確嗎？鑑於中國的條件和最近的 COVID 關閉，它們是否可能對供應鏈造成新的不利因素？然後是關於毛利率的第二個問題，它正好在該範圍的低端附近。我們應該如何考慮第二季度和今年剩餘時間的毛利率？

Sure. Thanks, John. So yes -- and so I would say our supply chain challenges -- remember, supply chain for us is a combo. We talk about availability. Availability is not just a function of production but a function of us getting access to the production to forward position it. And then the second is obviously the transportation flow. I would say those challenges are abating as demand has come off a little as our ocean freight capacity has grown, as we've gotten deeper in the planning cycle with our suppliers.

當然。謝謝，約翰。所以是的 - 所以我會說我們的供應鏈挑戰 - 請記住，我們的供應鍊是一個組合。我們談論可用性。可用性不僅是生產的一個功能，而且是我們獲得生產以將其定位的功能。然後第二個顯然是運輸流程。我想說的是，隨著我們的海運能力增長以及我們與供應商在規劃週期中的深入合作，需求有所下降，這些挑戰正在減弱。

Obviously, the shutdowns in China will create a new kind of -- it creates a low and then a burst of activity. But we think, generally, we're well positioned to manage it. And again, a lot of what I'm describing is also on a relative basis to how it was before and a relative basis to our competition. And we feel like we're in a great position on both of those fronts, which is why we can take share in that environment.

顯然，中國的停工將創造一種新的——它會創造一個低潮，然後是一個爆發式的活動。但我們認為，總的來說，我們有能力管理它。再一次，我所描述的很多內容也是相對於之前的情況以及我們的競爭的相對基礎。我們覺得我們在這兩個方面都處於有利地位，這就是為什麼我們可以在那個環境中分享。

I'm not suggesting that the supply chain is abating to the point where it's just business as usual from 2018, 2019. It's still a complicated activity. But I think the fact that for 6 years or 7 years, we've been building out our own proprietary network ranging from ocean freight to proprietary last-mile delivery to deep integration with parcel carriers to a large fulfillment center network, over 20 million square feet of space deeply cubed out. These are the things that are making us able to manage this.

我並不是說供應鏈正在減弱到從 2018 年、2019 年開始照常營業的地步。這仍然是一項複雜的活動。但我認為事實是，在 6 年或 7 年的時間裡，我們一直在構建自己的專有網絡，從海運到專有的最後一英里交付，再到與包裹承運人的深度整合，再到超過 2000 萬平方米的大型履行中心網絡英尺的空間深深地立方體。這些是使我們能夠管理它的東西。

On the gross margin question, what I would say there is the way to think about it is that range, the 27% to 28% we gave you, is the range you should think about. Now the gross margin has moved around in that range. And the reason it's moved around is, what we've always said, is we take our cost structure of an item, the wholesale, the transportation costs, the other costs associated with the item, we apply the margin for that item in all the pure items, same margin. And that's the retail. And so cost structure generally drives the retail.

關於毛利率問題，我想說的是，我們給你的 27% 到 28% 的範圍是你應該考慮的範圍。現在毛利率已經在這個範圍內移動。它四處移動的原因是，我們一直說的是，我們採用項目的成本結構、批發、運輸成本、與項目相關的其他成本，我們在所有項目中應用該項目的利潤純項目，相同的保證金。這就是零售。因此，成本結構通常會推動零售。

Now that said, if there's a transitory change in the piece of the cost structure that we manage, which is the easiest one to think of -- basically the main one is transportation, if we think that's going to abate or change again soon, we're not necessarily going to pass it through to only raise the price of the item a little bit to then drop it a little bit shortly thereafter. And so there's been a lot more movement on transportation, as you would imagine, over this period.

話雖如此，如果我們管理的成本結構部分發生暫時性變化，這是最容易想到的——基本上主要的變化是運輸，如果我們認為這將很快減弱或再次發生變化，我們'不一定要通過它只提高商品的價格一點點然後在不久之後下降一點點。因此，正如您想像的那樣，在此期間，交通運輸出現了更多變化。

So there have been periods of time, where we've sort of been on one side or the other side of that trade, but we've not wanted to just move retails around any more than they've been moving. And they've been moving a lot because there's been a lot of wholesale price changes, both up and down, inflation broadly driving it up. And then as you're mentioning, supply is getting more available, we're seeing suppliers leaning in on promotional periods. Obviously, that drives it down. So that's kind of why you're seeing it move around a little more than you'd maybe normally expect. But I think if you zoom out, you shouldn't expect a change.

所以有一段時間，我們有點站在交易的一邊或另一邊，但我們不想只是移動零售，就像他們一直在移動一樣。而且它們一直在移動很多，因為批發價格發生了很多變化，無論是上漲還是下跌，通貨膨脹普遍推動了價格上漲。然後正如您提到的那樣，供應越來越多，我們看到供應商傾向於促銷期。顯然，這會降低它。所以這就是為什麼你會看到它的移動比你通常預期的要多一點。但我認為如果你縮小，你不應該期待改變。

The only thing I'd add, John, on that is I do think we're in a period of sort of greater volatility around all of those costs. Product margin has remained very consistent. But obviously, there's a lot of movement both on the wholesale there, as Niraj pointed out, and then also all of the delivery cost. And so the reason we're guiding everybody to the low end of that is because there is going to be some volatility in it, and we're obviously trying to manage it the best we can, not only for our business, for our customers, right, there's a balancing act there.

約翰，我唯一要補充的是，我確實認為我們正處於所有這些成本波動更大的時期。產品利潤率一直非常穩定。但顯然，正如 Niraj 指出的那樣，那裡的批發量和所有運費都有很大的變動。因此，我們將每個人都引導到低端的原因是因為它會有一些波動，而且我們顯然正在盡我們所能來管理它，不僅是為了我們的業務，也是為了我們的客戶，對，那裡有一個平衡的行為。

Your next question comes from the line of Chuck Grom from Gordon Haskett.

你的下一個問題來自 Gordon Haskett 的 Chuck Grom。

Congrats, Michael, on your retirement. You called out success with Way Day last week. Can you share with us any additional insights, perhaps category performance and how that may help you play in your top line performance over the next few quarters?

祝賀你，邁克爾，你退休了。上週你用 Way Day 宣布了成功。您能否與我們分享任何其他見解，也許是品類表現，以及這將如何幫助您在接下來的幾個季度中發揮頂線表現？

And then my second question, you talked about a return to positive EBITDA territory. How do we think about the building blocks within the P&L? And I guess, which ones do you think you expect to see inflect sooner rather than later?

然後是我的第二個問題，你談到了回歸正 EBITDA 領域。我們如何看待損益表中的組成部分？而且我想，您認為您希望盡快看到哪些變化？

Sure. Thanks, Chuck. On your first question, Way Day, I would say, what was exciting about Way Day is we saw sort of broad-based activity, so it was not concentrated on any particular category. And in fact, we mentioned outdoor had a slower start to the season, partially perhaps due to weather. What's interesting is if you compare it to the pre-COVID kind of curves, '18, '19, '17, those seasonal curves, it looks a lot like that whereas '21 in particular had a stronger pull-forward. And what was interesting on Way Day, outdoor did very well. We saw that broad-based performance that we would expect, including the seasonality sort of spikes that we would expect. So we thought that was pretty compelling.

當然。謝謝，查克。關於你的第一個問題，Way Day，我想說，Way Day 令人興奮的是我們看到了一種基礎廣泛的活動，所以它沒有集中在任何特定類別。事實上，我們提到戶外的季節開始較慢，部分原因可能是天氣。有趣的是，如果你將它與 COVID 之前的曲線進行比較，'18、'19、'17，那些季節性曲線，它看起來很像，而 '21 尤其具有更強的前拉力。 Way Day 的有趣之處在於，戶外活動做得非常好。我們看到了我們預期的廣泛表現，包括我們預期的季節性峰值。所以我們認為這非常引人注目。

On your question about returning to EBITDA profitability and the trajectory and how do we think about that, what I would say there is we feel very good about that. That's why we put it in the prepared remarks and we were trying to highlight it for a few reasons. The first of which is, as we've discussed, we're holding gross margins. Our unit economics are intact. So what happens, as revenue grows, obviously the flow-through is substantial, that ultimately is a very big driver of getting to EBITDA profitability. And what's interesting is what -- I was in Europe last week. I was in the U.K. for the major U.K. furniture trade shows in Germany and visited with quite a few folks. I was at High Point in a hardware show in the U.S. just a few weeks ago.

關於恢復 EBITDA 盈利能力和軌蹟的問題以及我們如何看待這個問題，我想說的是我們對此感覺非常好。這就是我們將其放在準備好的評論中的原因，並且出於一些原因我們試圖強調它。正如我們所討論的，首先是我們持有毛利率。我們的單位經濟效益完好無損。那麼會發生什麼，隨著收入的增長，顯然流量很大，這最終是實現 EBITDA 盈利能力的一個非常大的驅動力。有趣的是——我上週在歐洲。我在英國參加在德國舉行的主要英國家具貿易展，並參觀了很多人。就在幾週前，我在美國的一個硬件展上參加了 High Point。

What we are hearing in March and in April, we've heard about folks who have seen their business significantly step down. And particularly, different retailer pockets, we're hearing about warehouses being full, retailers really having trouble on sell-through, different things, we've heard a lot of numbers. And so what we've seen with our business, we've seen demand hold up quite strongly. And you can even just hear it from Michael's numbers about what we're seeing quarter-to-date. We're seeing sequential growth. We're seeing a sequential pattern. We mentioned it's more muted than perhaps total pattern we normally see. But it's still a very positive sequential pattern. And we've seen that play out.

我們在 3 月和 4 月聽到的消息是，我們聽說有人看到他們的業務大幅下滑。特別是，不同的零售商口袋，我們聽說倉庫已滿，零售商在銷售方面確實遇到麻煩，不同的事情，我們聽到了很多數字。因此，我們在業務中看到的是，我們看到需求非常強勁。你甚至可以從邁克爾的數字中聽到我們本季度迄今所看到的情況。我們看到了連續增長。我們看到了一個順序模式。我們提到它可能比我們通常看到的總體模式更柔和。但它仍然是一個非常積極的順序模式。我們已經看到了結果。

So how do we think about profitability? Well, we believe we're going to keep taking share. So we think revenue will grow. Even though we're adding OpEx headcount, we're adding it at a moderate rate. So OpEx as a percentage of revenue, which has risen as revenue normalized post COVID, that percentage will go down as revenue rises. And then frankly, it is an uncertain environment. So obviously, we have a variety of plans intact, in place to decide what to do depending on how the macro happens so that we can get to that EBITDA profitability. But we feel pretty good about how things are playing out. And so far, what's happening week-by-week is playing out, frankly, in a very positive way.

那麼我們如何看待盈利能力呢？好吧，我們相信我們會繼續分享。所以我們認為收入會增長。即使我們正在增加 OpEx 人數，我們也會以適度的速度增加它。因此，運營支出佔收入的百分比，隨著 COVID 後收入正常化而上升，隨著收入的增加，該百分比將下降。然後坦率地說，這是一個不確定的環境。很明顯，我們有各種完整的計劃，可以根據宏觀情況決定做什麼，這樣我們就可以獲得 EBITDA 盈利能力。但我們對事情的進展感覺很好。到目前為止，坦率地說，每週發生的事情都以非常積極的方式發生。

And I think what's interesting is we tried to call this out last quarter. And I mentioned the degree to which we think the availability of the key items in the back half of '21 hurt us. And we talked about how we're going to stop purchasing some other things were painful that we didn't have, and we didn't have the key items and so on and so forth. Well, what's interesting is we've worked hard to recover from that. As we're seeing a recovery, we're seeing it be fairly substantial on the share taking. And so even in what's going to be a choppy macro, we feel pretty good about how that will play out. And obviously, if the macro gets choppier, then we're underwriting, we have a variety of things we can do to drive EBITDA. Michael, anything you want to add on that?

我認為有趣的是我們在上個季度試圖提出這一點。我提到了我們認為 21 年後半段關鍵物品的可用性對我們造成的傷害程度。我們談到了我們將如何停止購買其他一些我們沒有的東西是痛苦的，我們沒有關鍵物品等等。好吧，有趣的是我們一直在努力從中恢復過來。當我們看到復蘇時，我們看到它在股票收購方面相當可觀。因此，即使在一個動蕩的宏觀環境中，我們也對結果如何感到非常滿意。顯然，如果宏觀經濟變得更加不穩定，那麼我們就會承保，我們可以做很多事情來推動 EBITDA 。邁克爾，你想補充什麼嗎？

No, I actually think -- I think you covered it really well. I would say the one thing that -- the only thing I'd add, I guess, is that all of the sort of structural opportunities for increased gross margin over time because of the investments we've made in the supply chain as well as across the supplier services, all of those still exist. And so as the business returns to a more normal growth pattern, I think you're going to start to see those flow through as well. And I think that's an important driver, not just near term but certainly in the mid-term and long term.

不，我實際上認為——我認為你講得很好。我想說一件事——我想我唯一要補充的是，由於我們在供應鏈以及在供應商服務中，所有這些仍然存在。因此，隨著業務恢復到更正常的增長模式，我認為你也會開始看到這些流動。我認為這是一個重要的驅動力，不僅是近期的，而且肯定是中期和長期的。

Your next question comes from the line of Steven Forbes from Guggenheim.

你的下一個問題來自古根海姆的史蒂文福布斯。

Michael, also congrats on the planned retirement. Would love to just hear your thoughts on OpEx labor productivity and really why the recent ramp in SOTG&A and expenses doesn't change the longer-term margin walk and margin target for that respective line item.

邁克爾，也祝賀計劃中的退休。很想听聽您對 OpEx 勞動生產率的看法，以及為什麼最近 SOTG&A 和費用的增加不會改變相應訂單項的長期利潤率和利潤率目標。

Sure, happy to answer that. So I think the biggest thing to keep in mind is that -- so the headcount -- non-OpEx headcount, like you're talking about customer service or the fulfillment headcount, they're very much tied to today's order volume, today's order flow, the number of orders going through our transportation network, the number of phone calls we're getting tied to today's orders. And so that, you say, "Well, how does that leverage over time?" There's some leverage there with technology on things. But by and large, those are, to some degree, tied to the order flow, will get a little better but tied to the order flow.

當然，很高興回答這個問題。所以我認為最重要的是要記住 - 所以員工人數 - 非運營支出員工人數，就像你在談論客戶服務或履行員工人數一樣，它們與今天的訂單量密切相關，今天的訂單流量，通過我們的運輸網絡的訂單數量，我們與今天的訂單相關的電話數量。所以，你說，“好吧，隨著時間的推移，它是如何產生影響的？”技術在事物上有一些影響力。但總的來說，這些在某種程度上與訂單流相關，會變得更好但與訂單流相關。

When you look at OpEx, it's really not tied to today's order flow. So if you look at the technology we're building, whether it be storefront technology around visualization or different ways for product navigation or whether you talk about the ocean freight, the forwarding business and how we're going to add a lot more automation to that or you're talking about things we're doing, a great example will be physical retail. Physical retail will take a long time before it's substantial. And yet there's a very substantial-sized team working on it today. Because you need the team to build the offering and you need that in order to have one store. But one store doesn't move our P&L.

當您查看 OpEx 時，它實際上與今天的訂單流無關。因此，如果您看看我們正在構建的技術，無論是圍繞可視化的店面技術還是產品導航的不同方式，或者您是否談論海運、貨運業務以及我們將如何增加更多的自動化那或者你在談論我們正在做的事情，一個很好的例子就是實體零售。實體零售需要很長時間才能真正實現。然而，今天有一個非常龐大的團隊在為此工作。因為您需要團隊來構建產品，並且您需要團隊才能擁有一家商店。但是一家商店不會改變我們的損益表。

But then one day, decades from now, you have many, many stores, that could be meaningful, right? So the way to think about OpEx is OpEx labor productivity is not relative to today's revenue. It's relative to the revenue x years from now. And you cannot ramp OpEx fast and get it to work because the people need to get ramped up. And that takes a meaningful period of time. And we found that if too high a percentage of people are new and don't have any historical knowledge, actually, it's counterproductive. You hurt yourselves, and meaning, we've said that we're never going to -- we don't want to have more than 50% of the people with less than 1 year of tenure. And with turnover and with growth, you can hit that. And we've hit that in the past, and we've had problems.

但是有一天，幾十年後，你有很多很多商店，這可能很有意義，對吧？因此，考慮 OpEx 的方式是 OpEx 勞動生產率與今天的收入無關。它與 x 年後的收入相關。而且您無法快速提高 OpEx 並讓它發揮作用，因為人們需要提高效率。這需要一段有意義的時間。我們發現，如果太多的人是新來的並且沒有任何歷史知識，實際上會適得其反。你傷害了自己，意思是，我們已經說過我們永遠不會——我們不想讓超過 50% 的人的任期少於 1 年。隨著營業額和增長，您可以實現這一目標。我們過去曾遇到過這種情況，我們遇到過問題。

And so last year with the Great Resignation, we didn't really grow OpEx for a number of quarters. We started to at the end of the year. We've now added some folks there. Our plan on adding to OpEx is a very moderate ramp so that we can actually make sure that we ramp people up. We've actually had a burst of new people here, so we need to make sure we ramp them up. So we're not going to pile on, pile on, pile on and create the problem we've had in the past. And so the way to think about it is it's a moderate ramp that lets you do things that really stimulate revenue in the future.

因此，去年由於大辭職，我們在幾個季度內並沒有真正增加運營支出。我們從年底開始。我們現在在那裡添加了一些人。我們增加 OpEx 的計劃是一個非常適度的增長，這樣我們實際上可以確保我們增加人員。實際上，我們這裡有一批新人，所以我們需要確保增加他們。因此，我們不會堆積、堆積、堆積並製造我們過去遇到的問題。因此，考慮它的方式是它是一個適度的斜坡，可以讓你做一些真正刺激未來收入的事情。

And so the percentage cost of OpEx as a percentage of revenue goes down. Because if, in fact, you're building high ROI initiatives, they stimulate revenue in a way that's substantial. And you've done that work years before, right? And so that's why you can't link it in the current time. But this is why we really think about it this way. And as I mentioned, we have a variety of plans in place, meaning there's no one ramp plan we're 100% committed to. We moderate what we're going to do based on a combination of things. And the macro is obviously a very, very, very large driver of that as well.

因此，運營支出佔收入的百分比成本下降了。因為實際上，如果您正在構建高投資回報率計劃，它們會以可觀的方式刺激收入。你幾年前就完成了這項工作，對吧？這就是為什麼你不能在當前時間鏈接它。但這就是我們真正以這種方式考慮的原因。正如我所提到的，我們制定了多種計劃，這意味著我們沒有 100% 致力於實施一個斜坡計劃。我們會根據多種因素來調整我們將要做的事情。宏顯然也是一個非常、非常、非常大的驅動因素。

And maybe just a quick follow-up on that, I'm not sure if it's possible, Michael or Niraj, so just help us maybe separate, right, or segment the SOTG&A and expenses into different classifications, right? Sort of in the event that the macro were to deteriorate pretty significantly, how much flexibility is there right for you guys to really control the overall expense structure of the business, just given the current free cash flow profile?

也許只是對此進行快速跟進，我不確定是否可能，Michael 或 Niraj，所以請幫助我們將 SOTG&A 和費用分成不同的類別，對嗎？如果宏觀經濟嚴重惡化，考慮到當前的自由現金流狀況，你們有多大的靈活性來真正控制企業的整體費用結構？

Yes, you know what, let me let Michael answer that for you.

是的，你知道嗎，讓我讓邁克爾為你回答這個問題。

Yes. Thanks, Steve, and thanks for the comment upfront, too. Look, I think -- I don't want to get into sort of trying to parcel all these things into different pieces. As Niraj mentioned, the thing it's worth noting is there's a substantive piece of expense in that line that is future-focused. And obviously, you've got more flexibility on the stuff that's future-focused than you do on the stuff that's supporting the customers and sort of running the business day-to-day.

是的。謝謝，史蒂夫，也感謝您的預先評論。看，我想——我不想試圖將所有這些東西分成不同的部分。正如 Niraj 所提到的，值得注意的是，這條線中有一大筆費用是著眼於未來的。很明顯，與支持客戶和日常運營業務的事情相比，你在面向未來的事情上有更大的靈活性。

And so I do think there's a pretty high degree of flexibility there. At the same time, you want to be really careful and thoughtful when you're thinking about the trade-off between the sort of short term and sort of what the long-term opportunity is. And obviously, all the people we have working on future stuff are working against what we believe are really, really important, big long-term unlocks to sort of future growth.

所以我確實認為那裡有相當高的靈活性。與此同時，在考慮短期機會和長期機會之間的權衡時，你要非常小心和深思熟慮。很明顯，我們所有從事未來工作的人都在反對我們認為真正非常重要的長期重大未來增長。

But I think there's a balancing act here. One of the reasons you have a strong balance sheet is so you can sort of be thoughtful about that balancing act in tougher times. We're trying to do that. But just to reiterate what Niraj said, we also have some -- we have plans in place to make sure that if the macro world doesn't play out the way we think it's going to, that we know the actions we'll take.

但我認為這裡有一個平衡點。您擁有強大資產負債表的原因之一是，您可以在困難時期考慮這種平衡行為。我們正在努力做到這一點。但只是重申 Niraj 所說的話，我們也有一些 - 我們已經制定了計劃，以確保如果宏觀世界沒有按照我們認為的方式發展，我們知道我們將採取的行動。

And we have reached the end of our question-and-answer session. I turn the call back over to the Wayfair team for some closing remarks.

我們的問答環節已經結束。我將電話轉回給 Wayfair 團隊，聽取一些結束語。

Well, everyone, thank you for joining for the conference call. We appreciate your interest as always.

好的，謝謝大家參加電話會議。我們一如既往地感謝您的關注。

And look forward to talking to you in the next quarter. Thanks a lot.

並期待在下個季度與您交談。非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。