Warby Parker Inc (WRBY) 2021 Q3 法說會逐字稿

Good morning. My name is Bethany, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Warby Parker Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Thank you.

早上好。我叫 Bethany，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Warby Parker 2021 年第三季度收益電話會議。 （操作員說明）謝謝。

I would now like to introduce your host, Tina Romani, Vice President and Investor Relations.

我現在想介紹您的東道主，副總裁兼投資者關係蒂娜·羅曼尼 (Tina Romani)。

Thank you, and good morning, everyone. Here with me today are Neil Blumenthal and Dave Gilboa, our co-founders and co-CEOs; alongside Steve Miller, Senior Vice President and Chief Financial Officer.

謝謝大家，早上好。今天和我在一起的是我們的聯合創始人兼聯合首席執行官 Neil Blumenthal 和 Dave Gilboa；與高級副總裁兼首席財務官 Steve Miller 一起。

Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investors.warbyparker.com. During this call and in our presentation, we will be making comments on a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled Risk Factors in the prospectus filed by the company in connection with its direct listing. These forward-looking statements are based on information as of November 12, 2021, and we assume no obligation to publicly update or revise our forward-looking statements.

在開始之前，我們有幾點提醒。我們的收益發布和幻燈片演示可在我們的網站 investors.warbyparker.com 上獲取。在這次電話會議和我們的演示中，我們將對前瞻性發表評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果存在重大差異。有關其中一些風險的更多信息，請查看公司提交給美國證券交易委員會的文件，包括公司提交的與其直接上市有關的招股說明書中標題為“風險因素”的部分。這些前瞻性陳述基於截至 2021 年 11 月 12 日的信息，我們不承擔公開更新或修改我們的前瞻性陳述的義務。

Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest U.S. GAAP measure can be found in this morning's press release and our slide deck available on our IR website.

此外，我們將討論某些非 GAAP 財務措施。這些非 GAAP 財務措施是對根據 GAAP 編制的財務業績措施的補充，而不是替代措施。可以在今天上午的新聞稿中找到這些項目與最接近的美國 GAAP 衡量標準的對賬，我們的 IR 網站上提供了我們的幻燈片。

With that, it's my pleasure to turn the call over to Neil to kick things off.

有了這個，我很高興把電話轉給尼爾來開始。

Thanks, Tina, and good morning, everyone. After 11 years as a private company, we're excited to host our first earnings call on the heels of a strong quarter and a successful direct listing.

謝謝，蒂娜，大家早上好。作為一家私營公司 11 年後，我們很高興在強勁的季度和成功的直接上市之後舉辦我們的第一次財報電話會議。

We'd like to start by highlighting Team Warby. Our talented and engaged team continues to thrive while demonstrating strength and resilience during this challenging pandemic. One of the highlights of Dave and my careers was celebrating our direct listing alongside Team Warby, both inside the New York Stock Exchange and virtually across the U.S. and Canada. The pride that all of us felt was palpable. Through everyone's hard work and shared commitment to doing good, Team Warby will continue to have an outsized impact on our customers, our shareholders and the communities we serve.

我們想首先強調 Team Warby。我們才華橫溢、敬業的團隊繼續蓬勃發展，同時在這場充滿挑戰的大流行病中展現出力量和韌性。 Dave 和我的職業生涯中的亮點之一是慶祝我們與 Warby 團隊一起在紐約證券交易所以及幾乎在美國和加拿大的直接上市。我們所有人的自豪之情溢於言表。通過每個人的辛勤工作和對行善的共同承諾，Warby 團隊將繼續對我們的客戶、股東和我們所服務的社區產生巨大影響。

As we reflect on our business today, we're grateful to operate in a large and growing market. According to The Vision Council, the U.S. optical market is roughly $42 billion, with an incremental $100 billion internationally and with expectations for robust growth at a rate greater than GDP. With over $0.5 billion in revenue, we still represent only 1% of the U.S. market, underscoring the tremendous opportunity we have ahead.

當我們回顧我們今天的業務時，我們很高興能在一個龐大且不斷增長的市場中運營。根據視覺委員會的數據，美國光學市場大約有 420 億美元，國際上增加了 1000 億美元，並且預計將以高於 GDP 的速度實現強勁增長。我們的收入超過 5 億美元，但仍僅占美國市場的 1%，這凸顯了我們未來的巨大機遇。

We started Warby Parker in 2010 because we were frustrated consumers, frustrated by the high and opaque price of glasses and an antiquated shopping experience. Since our founding, we've pioneered ideas, designed products and developed technologies that help people see. We design and sell prescription glasses starting at $95 and offer a range of convenient and affordable vision care products and services like eye exams and contacts across our more than 150 retail stores, our website and our apps.

我們在 2010 年創立了 Warby Parker，因為我們是受挫的消費者，對眼鏡價格高昂且不透明以及過時的購物體驗感到沮喪。自成立以來，我們不斷開拓創意、設計產品並開發技術，幫助人們重見光明。我們設計和銷售處方眼鏡，起價為 95 美元，並在我們的 150 多家零售店、我們的網站和我們的應用程序中提供一系列方便且價格合理的視力保健產品和服務，例如眼科檢查和隱形眼鏡。

By selling directly to our customers and cutting out the middleman, we are able to deliver exceptional value and remarkable customer service while maintaining high gross margins. This is best reflected in our Net Promoter Score, which has remained above 80 throughout our history, and we've not seen similar customer satisfaction industry-wide. We believe that the large incumbent players which make up half of the total market are structurally disadvantaged. And the other half of the market, independent optical shops and optometric practices, are not well positioned to make the financial and technological investment required to innovate and create the exceptional customer experiences consumers now expect.

通過直接向我們的客戶銷售並省去中間商，我們能夠在保持高毛利率的同時提供卓越的價值和卓越的客戶服務。這在我們的淨推薦值中得到了最好的體現，在我們的歷史中一直保持在 80 以上，而且我們在整個行業範圍內從未見過類似的客戶滿意度。我們認為，佔整個市場一半的大型老牌企業在結構上處於不利地位。而市場的另一半，獨立的眼鏡店和驗光店，則無法進行創新所需的金融和技術投資，並創造消費者現在期望的卓越客戶體驗。

Happy customers fuel our growth. We ended the quarter with 2.15 million active customers, an increase of 23% versus last year and still a fraction of the nearly 200 million adults in the U.S. using some form of vision correction. Our direct-to-consumer model not only enables us to better serve our customers but also helps us manage crises like a pandemic. Our omnichannel approach enabled us to grow last year, thanks to our robust e-commerce presence. And our vertical integration has allowed us to avoid inventory shortages and long lead times encountered by other brands and retailers.

滿意的客戶推動我們的成長。本季度結束時，我們擁有 215 萬活躍客戶，比去年增長 23%，但仍占美國近 2 億成年人使用某種形式的視力矯正的一小部分。我們的直接面向消費者的模式不僅使我們能夠更好地為客戶服務，而且還幫助我們應對流行病等危機。由於我們強大的電子商務業務，我們的全渠道方法使我們去年實現了增長。我們的垂直整合使我們能夠避免其他品牌和零售商遇到的庫存短缺和交貨時間長的問題。

Of course, our ability to serve our customers is dependent on a highly engaged team, and Team Warby is deeply committed to providing vision to all. In Q3, we publicly launched the Warby Parker Impact Foundation, which we created to accelerate the work of our buy a pair give a pair program. Warby Parker was incredibly proud to authorize up to 1% of the company's outstanding shares for future grants to the foundation or other like-minded charitable organizations.

當然，我們為客戶提供服務的能力取決於高度敬業的團隊，而 Warby 團隊堅定地致力於為所有人提供願景。在第三季度，我們公開啟動了 Warby Parker Impact Foundation，我們創建該基金會是為了加快我們的“買一對送一對”計劃的工作。 Warby Parker 非常自豪地授權高達 1% 的公司流通股用於未來向基金會或其他志同道合的慈善組織的贈款。

And our work providing glasses to those in need is having a dramatic impact. We are excited to share the results of a 3-year clinical study highlighting the impact of our free glasses distribution program in Baltimore City Public Schools.

我們為有需要的人提供眼鏡的工作產生了巨大的影響。我們很高興分享一項為期 3 年的臨床研究結果，該研究強調了我們在巴爾的摩市公立學校免費分發眼鏡計劃的影響。

In September, JAMA Ophthalmology published a study from Johns Hopkins University investigating the effect glasses have on a student's performance in school. Overall, gains for students who received glasses were equivalent to adding 2 to 4 months of education onto the school year. And for students in the lowest quartile or those participating in special education, wearing glasses had an impact that equated to 4 to 6 months of additional learning. The study proved what we'd seen firsthand through our buy a pair give a pair program in U.S. schools that a single pair of glasses can significantly improve a child's ability to learn and succeed in school.

9 月，JAMA Ophthalmology 發表了約翰霍普金斯大學的一項研究，調查眼鏡對學生在校表現的影響。總體而言，戴眼鏡的學生的收穫相當於在學年中增加 2 至 4 個月的教育時間。對於處於最低四分位數或參加特殊教育的學生，戴眼鏡的影響相當於 4 到 6 個月的額外學習時間。該研究證明了我們在美國學校的“買一副送一副”計劃中親眼所見，一副眼鏡可以顯著提高孩子的學習能力並在學校取得成功。

Our focus on mission and our stakeholder-centric ethos are just 2 of the reasons we're excited and proud to come to work each day. In every decision we make, we take our customers, employees, the community, our partners, our shareholders, and the environment into account. And across our corporate, customer experience, optical lab and retail teams, we recruit and retain highly engaged, highly motivated individuals who are excited to connect their work back to our mission. We view this focus on impact as a form of long-termism.

我們對使命的關注和我們以利益相關者為中心的精神只是我們每天上班感到興奮和自豪的兩個原因。在我們做出的每個決定中，我們都會將客戶、員工、社區、合作夥伴、股東和環境考慮在內。在我們的企業、客戶體驗、光學實驗室和零售團隊中，我們招募並留住高度敬業、積極進取的個人，他們很高興將他們的工作與我們的使命聯繫起來。我們將這種對影響力的關注視為一種長期主義。

One of the examples that brings us to life was our approach to store closures in 2020. At the start of the pandemic, we were one of the first national retailers to close all of our stores because it was the right thing to do to protect our employees and our customers. Not only was it the right thing to do from a safety perspective, it was also the right business decision. Fast-forwarding to today, we believe we aren't facing the same labor shortages that many retailers are facing because of our employer brand and the goodwill we fostered over the years.

使我們栩栩如生的例子之一是我們在 2020 年關閉商店的方法。在大流行開始時，我們是第一批關閉所有商店的全國零售商之一，因為這是保護我們的正確做法員工和我們的客戶。從安全角度來看，這不僅是正確的做法，也是正確的商業決策。快進到今天，由於我們的雇主品牌和我們多年來培養的商譽，我們相信我們不會面臨許多零售商所面臨的勞動力短缺問題。

Our long-term approach to building Warby Parker can best be described as one of sustainable growth. This is a phrase you'll be hearing from us a lot. And by that we mean our focus on scaling our business and compounding high growth rates, not just for the next couple of quarters or years but for many years and decades to come, is the philosophy we use to guide our strategic investments that we believe will lead to meaningful long-term growth, profitability and impact. As we look to Warby Parker's future, we could not be more excited.

我們建立 Warby Parker 的長期方法可以最好地描述為可持續增長之一。您會經常從我們這裡聽到這句話。我們的意思是，我們專注於擴大我們的業務和實現高複合增長率，不僅是在接下來的幾個季度或幾年，而且是在未來的許多年和幾十年，這是我們用來指導我們相信會的戰略投資的理念導致有意義的長期增長、盈利能力和影響。當我們展望 Warby Parker 的未來時，我們無比興奮。

And now I'll pass it over to my co-CEO and co-founder, Dave, to walk through some of the growth strategies we'll leverage in Q4 and beyond.

現在，我將把它轉交給我的聯合首席執行官兼聯合創始人戴夫，介紹我們將在第四季度及以後利用的一些增長戰略。

Thanks, Neil. I'd like to echo your sentiments in thanking our incredible team and also share a heartfelt thank you to all of our stakeholders who have supported us in our journey. And to our new shareholders and those whom we are meeting for the first time on today's call, thank you for joining. We're so glad you're here.

謝謝，尼爾。我想表達您對我們令人難以置信的團隊的感謝，並衷心感謝所有在我們的旅程中支持我們的利益相關者。對於我們的新股東和我們在今天的電話會議上第一次見面的人，感謝您的加入。我們很高興你在這裡。

With that in mind and as we focus on achieving sustainable growth and look to increase our 1% market share in the US, we're focused on 4 distinct but complementary growth strategies. First, scaling our omnichannel experience by expanding our retail footprint and driving innovation through our website, apps and integrated digital experience. Second, expanding our core glasses business while deepening our penetration of progressive lenses. Third, evolving into a holistic vision care company as we scale contact lenses, eye exams and telehealth services. And fourth, driving brand awareness using a strategic mix of organic and paid initiatives to amplify our reach.

考慮到這一點，並且當我們專注於實現可持續增長並希望增加我們在美國 1% 的市場份額時，我們專注於 4 種截然不同但互補的增長戰略。首先，通過我們的網站、應用程序和集成數字體驗擴大我們的零售足跡並推動創新，從而擴展我們的全渠道體驗。第二，擴大我們的核心眼鏡業務，同時深化我們對漸進鏡片的滲透。第三，隨著我們擴大隱形眼鏡、眼科檢查和遠程醫療服務的規模，發展成為一家全面的視力保健公司。第四，通過有機和付費計劃的戰略組合來提高品牌知名度，以擴大我們的影響力。

I'm excited to share a few milestones we achieved against each of these 4 growth strategies during the quarter. Starting with scaling our omnichannel experience. We designed Warby Parker from the ground up as a true omnichannel brand, and we're excited to continue to scale both our store footprint and leading digital offerings. We opened 9 new stores in the quarter and entered 5 new markets, including San Antonio, Texas; Tucson, Arizona; and Princeton, New Jersey, bringing year-to-date openings to 28.

我很高興能分享我們在本季度針對這 4 項增長戰略中的每一項取得的一些里程碑。從擴展我們的全渠道體驗開始。我們從頭開始將 Warby Parker 設計為一個真正的全渠道品牌，我們很高興能夠繼續擴大我們的門店足跡和領先的數字產品。我們在本季度開設了 9 家新店並進入了 5 個新市場，包括德克薩斯州聖安東尼奧；亞利桑那州圖森；和新澤西州普林斯頓，年初至今的空缺數量達到 28 個。

We're on track to open 35 stores this year, the most stores we've ever opened in a year, which will bring our store count to 161. This is still just a fraction of the 41,000 optical shops that exist in the U.S. today. As a reminder, we commissioned a third-party study that concluded we can expand our footprint to over 900 stores at the same productivity based on our current customer and product profile. So significant whitespace remains for our retail expansion.

我們有望在今年開設 35 家門店，這是我們一年中開設的門店數量最多的一年，這將使我們的門店數量達到 161 家。這仍然只是當今美國 41,000 家眼鏡店的一小部分.提醒一下，我們委託進行了一項第三方研究，該研究得出的結論是，根據我們當前的客戶和產品概況，我們可以以相同的生產力將我們的足跡擴大到 900 多家商店。因此，我們的零售擴張仍有大量空白。

With our unaided brand awareness at just 13% today, we deliberately designed our stores to serve as billboards and have found them to be highly effective in driving brand awareness, new customer acquisition and in serving our existing customer base. Our stores are also highly productive. We have historically targeted and continue to target average sales per square foot of $2,900, 4-wall margins of 35% and payback in under 20 months. And we expect our stores to generate significant free cash flow over time.

今天我們的獨立品牌知名度僅為 13%，我們特意將我們的商店設計成廣告牌，並發現它們在提高品牌知名度、新客戶獲取和服務我們現有客戶群方面非常有效。我們的商店也非常高效。我們過去的目標是每平方英尺平均銷售額 2,900 美元，4 層牆利潤率 35%，並在 20 個月內收回投資。我們預計我們的商店會隨著時間的推移產生大量的自由現金流。

Our stores serve as an integral complement to our website and apps in creating a holistic and seamless omnichannel customer experience. We describe ourselves as customer-focused but channel-agnostic. A customer journey that starts in a store can end with a purchase online and vice versa, and more than 70% of our customers interact with our website or mobile app before placing an order. We've also seen the adoption of digital tools like our virtual try-on increasing significantly for customers purchasing both online and in-store.

我們的商店是我們網站和應用程序不可或缺的補充，可打造全面無縫的全渠道客戶體驗。我們將自己描述為以客戶為中心但與渠道無關。從商店開始的客戶旅程可以在線購買結束，反之亦然，我們超過 70% 的客戶在下訂單前與我們的網站或移動應用程序進行了交互。我們還看到，在線上和店內購物的客戶越來越多地採用虛擬試穿等數字工具。

Next, I'll talk about our efforts to expand our core glasses business. We introduced new frame styles, sizes, lens offerings and more through the release of over 20 eyewear collections each year. To highlight 2 from this quarter. In August, we launched our fall core collection and traveled to one of our people's project schools to photograph the collection on teachers who have done immeasurable good for their students and their communities in the face of the pandemic challenges. In September, we launched our Tortoise Collage collection. Each hand-finished frame features 4 distinct tortoise acetate spliced together, a complex intricate design and construction that is completely new to the industry.

接下來，我將談談我們為擴大核心眼鏡業務所做的努力。我們通過每年發布 20 多個眼鏡系列推出新的鏡框樣式、尺寸、鏡片產品等。從本季度突出顯示 2。 8 月，我們推出了秋季核心系列，並前往我們的一所人民項目學校，為教師拍攝系列照片，這些教師在面對大流行挑戰時為學生和社區做出了不可估量的貢獻。 9 月，我們推出了 Tortoise Collage 系列。每個手工完成的鏡框都有 4 個不同的龜甲紋醋酸纖維拼接在一起，複雜複雜的設計和構造在業內是全新的。

We also continue to make significant strides in scaling our Progressives business, and we have seen Progressives make up a larger percentage of our overall unit mix each quarter since we reopened stores in 2020. Progressives make up nearly half of the optical market but less than 20% of our optical business. As we tackle this whitespace in front of us, we expect we will continue to see gross margin leverage since Progressives are a higher-margin product category.

我們還繼續在擴大 Progressives 業務方面取得重大進展，自 2020 年重新開店以來，我們發現 Progressives 每個季度在我們整體單位組合中所佔的比例都在增加。Progressives 佔光學市場的近一半，但不到 20我們光學業務的百分比。當我們解決擺在我們面前的這個空白時，我們預計我們將繼續看到毛利率槓桿，因為 Progressives 是一種利潤率更高的產品類別。

To support the expansion of our glasses business, we were thrilled to open our second optical lab in the U.S. this quarter and welcome our new team members to our Las Vegas facility. We opened our first optical lab in Sloatsburg, New York, in 2017, which has expanded to a 52,000 square foot facility with a team of more than 120. We believe that the opening of our new 69,000 square foot Las Vegas facility will give us the power to increase our production and shipping capabilities, scale our in-house manufacturing processes and more efficiently serve our West Coast customers. Thank you to all of our team members who have supported this important milestone and a big welcome to all of our new team members in Las Vegas.

為了支持我們眼鏡業務的擴展，我們很高興本季度在美國開設了我們的第二個光學實驗室，並歡迎我們的新團隊成員來到我們的拉斯維加斯工廠。我們於 2017 年在紐約 Sloatsburg 開設了我們的第一個光學實驗室，該實驗室已擴展到 52,000 平方英尺的設施，擁有超過 120 人的團隊。我們相信，我們新的 69,000 平方英尺的拉斯維加斯設施的開放將使我們有能力提高我們的生產和運輸能力，擴大我們的內部製造流程，並更有效地為我們的西海岸客戶提供服務。感謝所有支持這一重要里程碑的團隊成員，並熱烈歡迎我們在拉斯維加斯的所有新團隊成員。

The deliberate investments we've made in our supply chain and in-house optical labs enable us to maintain the highest-quality standards and exceed customer delivery expectations while also more effectively navigating challenging and dynamic environments like the one we're seeing today. Orders produced and shipped from our own labs have faster turnaround times, lower return rates, higher margins and result in higher NPS scores. Operating these labs also gives us additional control and flexibility of our inventory, which we believe will continue to insulate us from some of the supply chain and inventory challenges impacting other companies.

我們對供應鍊和內部光學實驗室進行的有意投資使我們能夠保持最高質量標準並超越客戶交付期望，同時更有效地應對當今充滿挑戰和動態的環境。從我們自己的實驗室生產和發貨的訂單具有更快的周轉時間、更低的退貨率、更高的利潤率和更高的 NPS 分數。運營這些實驗室還為我們提供了額外的庫存控制和靈活性，我們相信這將繼續使我們免受影響其他公司的一些供應鍊和庫存挑戰。

We also feel fortunate that we sell small and lightweight products. Given the high value-to-weight ratio, we have predominantly used air freight for international shipments of our inventory throughout the company's history. As a result, we have not been impacted by the global cargo shipping backlog and have not had to meaningfully change our transportation methods.

我們也很幸運能夠銷售小巧輕便的產品。鑑於高價值重量比，在公司歷史上，我們主要使用空運來進行庫存的國際運輸。因此，我們沒有受到全球貨運積壓的影響，也不必對我們的運輸方式進行有意義的改變。

As it relates to expanding and scaling our holistic vision care offering, historically, the vast majority of our customers have gone to a non-Warby Parker doctor to get their prescription and then have come to us to buy glasses. And the 30% plus of our customers who wear contacts regularly have gone somewhere else to purchase those. We're investing heavily to reduce these friction points to offer a holistic and seamless vision care experience for all of our customers and patients.

由於涉及擴大和擴大我們的整體視力保健服務，從歷史上看，我們的絕大多數客戶都去非 Warby Parker 醫生那裡開處方，然後來我們這裡購買眼鏡。我們經常佩戴隱形眼鏡的客戶中有 30% 以上已經去其他地方購買了。我們正在大力投資以減少這些摩擦點，為我們所有的客戶和患者提供全面、無縫的視力保健體驗。

We saw strong customer response to our contact lens offering throughout the quarter. Today, the U.S. contact lens market is over $5 billion annually and roughly 42 million people in the U.S. wear contact lenses, with 70% of them purchasing contacts at least 2 times per year.

整個季度，我們看到客戶對我們的隱形眼鏡產品反應強烈。如今，美國隱形眼鏡市場每年超過 50 億美元，美國約有 4200 萬人佩戴隱形眼鏡，其中 70% 的人每年至少購買隱形眼鏡 2 次。

Many optical retailers see 20% or more of their business made up from contacts. For us, this is still a new part of our business. Last year was the first full year we offered contacts to our customers, and today, contacts make up only 5% of our business. As we look to the future, we see a significant opportunity to scale this part of our business both to attract new customers to Warby Parker and to sell contacts to our existing glasses customers.

許多眼鏡零售商看到 20% 或更多的業務來自聯繫人。對我們來說，這仍然是我們業務的新部分。去年是我們向客戶提供聯繫人的第一個完整年度，而今天，聯繫人僅占我們業務的 5%。展望未來，我們看到了擴大這部分業務的重要機會，既可以吸引新客戶到 Warby Parker，也可以向我們現有的眼鏡客戶銷售聯繫人。

We also see significant opportunities in scaling our eye exam and vision testing offerings. The U.S. eye exam market is over $6 billion annually. Many optical retailers see 10% to 15% of their business coming from exam revenue and the majority of their sales coming from exam customers. For us, both of these percentages are quite small.

我們還看到了擴大我們的眼科檢查和視力測試產品的重要機會。美國眼科檢查市場每年超過 60 億美元。許多眼鏡零售商認為他們 10% 到 15% 的業務來自考試收入，而大部分銷售額來自考試客戶。對我們來說，這兩個百分比都非常小。

We now have 99 stores with doctors where customers can get a comprehensive eye exam up from 49 stores with doctors as of Q3 2019, and we expect this number to grow significantly in the coming quarters and years.

截至 2019 年第三季度，我們現在有 99 家有醫生的商店，顧客可以在那裡進行全面的眼科檢查，而 49 家有醫生的商店有醫生，我們預計這個數字在未來幾個季度和幾年內會顯著增長。

We're also investing heavily into telehealth and are excited by its potential to increase access to vision tests across our customer base. This quarter, we introduced a virtual vision test, an app that makes it significantly easier and faster to renew glasses and contacts prescriptions from home. Since launching in July, we've seen the number of vision tests performed via telehealth nearly double with limited promotion, and we plan to introduce new features to continue to enhance the customer experience in the coming months.

我們還大力投資遠程醫療，並對其在我們的客戶群中增加視力測試的潛力感到興奮。本季度，我們推出了虛擬視力測試，這款應用程序可以讓在家更新眼鏡和隱形眼鏡處方變得更加容易和快捷。自 7 月推出以來，我們發現通過遠程醫療進行的視力測試數量幾乎翻了一番，而促銷活動有限，我們計劃在未來幾個月推出新功能以繼續提升客戶體驗。

And now onto our fourth growth strategy, driving brand awareness. We've leveraged a number of approaches to increase brand awareness and attract new customers, from unique collaborations and partnerships to creative TV campaigns, to ensure every one of our customers has a remarkable customer experience. Our customers have been and remain our best marketing channel. To this day, more than half of our customers still learn about us via word of mouth.

現在進入我們的第四個增長戰略，提高品牌知名度。我們利用多種方法來提高品牌知名度和吸引新客戶，從獨特的合作和夥伴關係到創意電視活動，以確保我們的每一位客戶都擁有卓越的客戶體驗。我們的客戶一直是並且仍然是我們最好的營銷渠道。時至今日，我們一半以上的客戶仍然通過口耳相傳了解我們。

Throughout the quarter, we successfully executed on several initiatives to drive awareness and growth, resulting in growth in orders from new customers and an increase in average order value. In response to the Delta variant and potential shifts in consumer behavior, as a result, we moderated paid marketing spend throughout Q3. Even so, we ended the third quarter with 2.15 million active customers, an increase of 23% versus last year.

在整個季度中，我們成功地執行了幾項舉措來提高知名度和增長，從而導致新客戶訂單的增長和平均訂單價值的增加。因此，為了應對 Delta 變體和消費者行為的潛在變化，我們在整個第三季度調整了付費營銷支出。即便如此，我們在第三季度末擁有 215 萬活躍客戶，比去年增長 23%。

One of our core values is to pursue new and creative ideas. We love creating fun and engaging collaborations with interesting partners. In this quarter, we were thrilled to partner with Searchlight Pictures to celebrate Wes Anderson's newest film, The French Dispatch. Readers, writers, film lovers and more were invited to an experiential pop-up in SoHo where there were lines around the block throughout the opening weekend.

我們的核心價值觀之一是追求新的創意。我們喜歡與有趣的合作夥伴創造有趣且引人入勝的合作。在本季度，我們很高興與 Searchlight Pictures 合作慶祝韋斯·安德森的最新電影《法國特派》。讀者、作家、電影愛好者和更多人被邀請到 SoHo 的體驗式快閃店，整個開幕週末整個街區都排起了長隊。

What gets us excited is that each of these initiatives will help us both attract new customers and make our existing customers more valuable.

讓我們興奮的是，這些舉措中的每一項都將幫助我們吸引新客戶並使我們現有的客戶更有價值。

Now I'll hand it over to Steve to review our Q3 financial results and outlook for fiscal 2021.

現在我將把它交給史蒂夫來審查我們第三季度的財務業績和 2021 財年的展望。

Thanks, Neil and Dave. I wanted to start by sharing just how excited I am to welcome all of you to our first earnings call. As you know, the company went public through a direct listing roughly 6 weeks ago, and we couldn't have done that without the support of all of our team members, customers, partners and investors, both existing and new.

謝謝，尼爾和戴夫。首先，我想分享一下我是多麼興奮地歡迎大家參加我們的第一次財報電話會議。如您所知，公司大約在 6 週前通過直接上市上市，如果沒有我們所有團隊成員、客戶、合作夥伴和投資者（包括現有和新投資者）的支持，我們不可能做到這一點。

I also wanted to thank all the sell-side analysts covering our stock who've taken the time to get to know the company, dig into our numbers and share their perspectives on the business. As Dave and Neil mentioned earlier, The Vision Council measures the size of the optical market at roughly $42 billion, including prescription and non-prescription glasses, contact lenses and eye exams. And Warby Parker counts for just 1% of this market, representing tremendous room for growth ahead.

我還要感謝所有關注我們股票的賣方分析師，他們花時間了解公司、深入研究我們的數據並分享他們對業務的看法。正如 Dave 和 Neil 之前提到的，視力委員會估計光學市場的規模約為 420 億美元，包括處方和非處方眼鏡、隱形眼鏡和眼科檢查。而 Warby Parker 僅佔該市場的 1%，代表著未來巨大的增長空間。

I'll start by talking about top line trends. We're very happy with the top line momentum we're seeing, measured by revenue and customer growth. We've seen continued top line growth throughout each quarter this year, and we're very pleased to report strong top line growth for Q3 2021 as well. In these remarks, I'll make comparisons where relevant to periods in 2020 and 2019 to address top line and bottom line trends versus periods pre-pandemic in 2019 and versus the same period last year.

我將從談論頂線趨勢開始。我們對我們看到的營收增長勢頭感到非常滿意，以收入和客戶增長來衡量。我們已經看到今年每個季度的收入持續增長，我們很高興地報告 2021 年第三季度的收入增長也很強勁。在這些評論中，我將對 2020 年和 2019 年相關時期進行比較，以解決與 2019 年大流行前時期和去年同期相比的頂線和底線趨勢。

For Q3 2021, revenue came in at $137.4 million, up 32% over last year and up 45% versus Q3 2019. Active customers increased to 2.15 million, up 23% versus last year. This growth in top line was driven by a number of factors, including a consistent replenishment cycle of our core prescription glasses offering as well as impressive progress in our contact lens business, which still only represents 5% of our business overall.

2021 年第三季度，收入為 1.374 億美元，比去年增長 32%，比 2019 年第三季度增長 45%。活躍客戶增加到 215 萬，比去年增長 23%。收入的增長受到多種因素的推動，包括我們核心處方眼鏡產品的持續補貨週期以及我們隱形眼鏡業務取得的令人矚目的進展，該業務仍僅占我們整體業務的 5%。

We're also happy to report continued increases in average revenue per customer. We generated $242 in average revenue per customer on an LTM basis as of September 30, 2021. This represents a 14% increase over $213 measured as of the end of the same period last year. This growth in average revenue per customer illustrates our ability to execute on our holistic Vision Care strategy, where we are evolving from a glasses only company to one that meets the holistic vision care needs of all of our customers. And as we do so, we believe our customers will become even more loyal over time. Customers that purchase exams, contacts and glasses from us generate roughly 2.2x the revenue after 1 year from initial purchase than glasses only customers, and yet holistic vision care purchasers continue to represent less than 1% of our active customers, underscoring the continued long-term upside here.

我們也很高興地報告每個客戶的平均收入持續增長。截至 2021 年 9 月 30 日，我們在 LTM 的基礎上為每位客戶創造了 242 美元的平均收入。這比去年同期末的 213 美元增長了 14%。每個客戶平均收入的增長說明了我們執行整體視力保健戰略的能力，我們正在從一家只提供眼鏡的公司發展成為滿足所有客戶整體視力保健需求的公司。當我們這樣做時，我們相信隨著時間的推移，我們的客戶會變得更加忠誠。從我們這裡購買檢查、隱形眼鏡和眼鏡的客戶在首次購買後 1 年後產生的收入大約是僅眼鏡客戶的 2.2 倍，但整體視力保健購買者仍然占我們活躍客戶的不到 1%，突顯出持續的長期-術語上行在這裡。

As Neil and David said, we very much view ourselves as an omnichannel brand. Customer journeys are nuanced and complex. Purchases that start online might end up in store and vice versa. And given that, we strive to make customer experiences as seamless as possible across our stores, website and apps.

正如尼爾和大衛所說，我們非常認為自己是一個全渠道品牌。客戶旅程微妙而復雜。從網上開始的購買可能會在商店結束，反之亦然。鑑於此，我們努力讓我們的商店、網站和應用程序中的客戶體驗盡可能無縫。

For Q3 '21, e-commerce represented 42% of our overall business versus 63% in 2020 and 34% in 2019. Today, our e-commerce mix from a channel perspective still remains moderately elevated versus 2019. E-commerce grew at 102% in Q3 of last year. Compared to that period, e-commerce is down 11% year-over-year, but up 80% versus 2019, representing a 2-year CAGR of 34%.

對於 21 年第三季度，電子商務占我們整體業務的 42%，而 2020 年為 63%，2019 年為 34%。今天，從渠道的角度來看，我們的電子商務組合與 2019 年相比仍保持適度增長。電子商務增長了 102去年第三季度的百分比。與同期相比，電子商務同比下降 11%，但與 2019 年相比增長 80%，兩年復合年增長率為 34%。

We're very pleased with our retail store performance. We've seen a strong recovery at our existing stores since the onset of the pandemic and new stores are performing in line with the targets we've outlined, including revenue per selling square foot, 4-wall margin and payback.

我們對零售店的表現非常滿意。自大流行開始以來，我們已經看到現有商店的強勁復甦，新商店的表現符合我們概述的目標，包括每銷售平方英尺的收入、4 牆利潤率和投資回報。

We finished the quarter with 154 stores versus 123 stores opened the same time last year, representing 31 new stores opened over the period. We opened 9 new stores in Q3 '21 and 28 stores so far this year. We're on track to open 35 new stores this year, and we feel confident that our new store pipeline is stronger than ever.

我們在本季度末開設了 154 家門店，而去年同期開設了 123 家門店，相當於在此期間開設了 31 家新門店。今年到目前為止，我們在 21 年第三季度新開了 9 家門店，新開了 28 家門店。今年我們有望開設 35 家新店，我們相信我們的新店渠道比以往任何時候都更強大。

Next, I'll shift gears to gross margin. Our gross margin is fully loaded and accounts for a range of costs, including frames, lenses, optical labs, customer shipping, eye doctors, store rent and the depreciation of store build-outs. As we talk about gross margin, we'll continue to try and lay out the puts and takes that are reflected in changes to gross margin.

接下來，我將轉向毛利率。我們的毛利率是滿載的，並且考慮了一系列成本，包括鏡架、鏡片、光學實驗室、客戶運輸、眼科醫生、商店租金和商店擴建的折舊。當我們談論毛利率時，我們將繼續嘗試列出反映在毛利率變化中的看跌期權和看跌期權。

As we discussed at our Investor Day in September, we expect our gross margins to fluctuate between quarters as a result of various puts and takes, which include seasonality and product mix. But on an annual basis, we've seen consistency of strong gross margins of 58% to 60%.

正如我們在 9 月份的投資者日討論的那樣，我們預計我們的毛利率會因各種看跌期權而在季度之間波動，其中包括季節性和產品組合。但按年度計算，我們看到了 58% 至 60% 的強勁毛利率。

We have some costs and benefits impacting comparability, which I'll reference, as well as a number of operating factors to bear in mind that reflect changes in gross margin. Gross margin for Q3 2021 came in at 58%. This compares to 61.5% for the same quarter in 2020 and 60% in Q3 2019. The Q3 2021 cost of goods sold includes stock compensation expense associated with our direct listing of 70 basis points related to our optometrists and optical lab employees.

我們有一些影響可比性的成本和收益，我將參考這些成本和收益，以及一些需要牢記的反映毛利率變化的運營因素。 2021 年第三季度的毛利率為 58%。相比之下，2020 年同一季度為 61.5%，2019 年第三季度為 60%。2021 年第三季度的商品銷售成本包括與我們直接列出與我們的驗光師和光學實驗室員工相關的 70 個基點相關的股票補償費用。

Excluding this, gross margin totaled 58.7%. In addition, Q3 2020 benefited from a tariff rebate of approximately 0.9% of revenue. With regards to the various operational puts and takes to gross margin, increased contact lens penetration accounted for the majority of the decrease we saw during the quarter. We saw contact lenses accelerate as a percentage of our business mix as we've driven brand awareness around that product offering.

剔除此因素，毛利率總計為 58.7%。此外，2020 年第三季度受益於約佔收入 0.9% 的關稅退稅。關於各種運營投入和毛利率，隱形眼鏡滲透率的增加占我們在本季度看到的下降的大部分。隨著我們圍繞該產品提升品牌知名度，我們看到隱形眼鏡在我們業務組合中所佔的百分比有所增加。

As David mentioned, contacts are $5 billion-plus market and represent approximately 5% of our business today versus just 2% of our business for the full year 2020. Contact lenses have a lower margin profile than our core glasses offering, but also have a higher purchase frequency that elevates gross margin dollars, particularly given the subscription-like nature of this product line.

正如 David 提到的，隱形眼鏡市場價值超過 50 億美元，約占我們今天業務的 5%，而 2020 年全年僅占我們業務的 2%。隱形眼鏡的利潤率低於我們的核心眼鏡產品，但也有更高的購買頻率提高了毛利率美元，特別是考慮到該產品線的類似訂閱的性質。

We also saw moderate increases in the cost of air freight. We have little exposure to ocean freight trends as we use air for most of the products we directly purchase from overseas. Our product is lightweight and low volume, so these product costs make up a small minority of our overall costs. It's also worth noting the impact of product mix on margin.

我們還看到空運成本適度增加。我們很少接觸海運趨勢，因為我們直接從海外購買的大部分產品都使用空運。我們的產品重量輕，體積小，因此這些產品成本只占我們總成本的一小部分。同樣值得注意的是產品組合對利潤率的影響。

In Q3 2021, we were pleased to see sales of nonprescription sunglasses return to pre-pandemic levels of 10% plus of our business. During 2020, we saw sales of this product line drop to half of pre-pandemic levels. Given sunglasses had moderately lower margins, this ultimately elevated gross margin in Q3 2020. We also opened our second optical lab in Las Vegas this quarter.

2021 年第三季度，我們很高興看到非處方太陽鏡的銷售額恢復到大流行前的水平，占我們業務的 10% 以上。 2020 年，我們看到該產品線的銷售額下降到大流行前水平的一半。鑑於太陽鏡的利潤率略低，這最終提高了 2020 年第三季度的毛利率。本季度我們還在拉斯維加斯開設了第二家光學實驗室。

As this new optical lab ramps to 100% operating capacity, we expect that it will continue to have a moderate drag on gross margin until the lab reaches scale in the latter part of next year. Once online, similar to results we've sold our first optical lab in Sloatsburg, we expect to more efficiently serve our West Coast customers, resulting in higher NPS, lower refund rates, faster turnaround time and improved gross margin overall.

隨著這個新的光學實驗室的運營能力達到 100%，我們預計它將繼續適度拖累毛利率，直到該實驗室在明年下半年達到規模。上線後，與我們在 Sloatsburg 出售第一個光學實驗室的結果類似，我們希望更有效地為我們的西海岸客戶提供服務，從而提高 NPS、降低退款率、縮短周轉時間並提高整體毛利率。

Next, we'd like to provide more visibility into SG&A for the quarter. The 3 main components of our SG&A line include salary expense for our headquarters, customer experience and retail employees, marketing spend, which includes our Home Try-On program and general corporate overhead expenses.

接下來，我們希望提供本季度 SG&A 的更多可見性。我們 SG&A 系列的 3 個主要組成部分包括總部的工資支出、客戶體驗和零售員工、營銷支出，其中包括我們的家庭試穿計劃和一般公司管理費用。

First, we had a number of unique expenses associated with our direct listing recorded in SG&A. During the quarter, we recognized stock-based compensation expense of $65 million, transaction costs of $24 million and a cost of $7.8 million, reflecting the start of our stock donations for charitable purposes to nonprofit organizations, including the Warby Parker Impact Foundation.

首先，我們在 SG&A 中記錄了一些與直接上市相關的獨特費用。本季度，我們確認了 6500 萬美元的股票補償費用、2400 萬美元的交易成本和 780 萬美元的成本，反映了我們開始為慈善目的向非營利組織（包括 Warby Parker Impact Foundation）捐贈股票。

As we expressed in connection with our long-term model, we expect to see leverage across our SG&A spend as the driver of incremental adjusted EBITDA margin over time. In line with this framework, we maintained a very focused approach that enabled us to make continued investments in the business while generating leverage.

正如我們在長期模型中所表達的那樣，我們希望看到我們的 SG&A 支出的槓桿作用隨著時間的推移成為增量調整後 EBITDA 利潤率的驅動因素。根據這個框架，我們保持了一種非常專注的方法，使我們能夠在產生影響力的同時繼續對業務進行投資。

Excluding stock compensation expense and the onetime costs associated with our direct listing, we saw SG&A as a percent of revenue improve nearly 6 full points from 60.5% to 54.6%. This improvement was driven by 2 main factors. First, a thoughtful approach to hiring, making sure that incremental hires have clear alignment to supporting growth and infrastructure; and second is a disciplined deployment of marketing dollars.

排除股票補償費用和與直接上市相關的一次性成本，我們看到 SG&A 佔收入的百分比從 60.5% 提高了近 6 個百分點至 54.6%。這種改進是由兩個主要因素推動的。首先，一種深思熟慮的招聘方法，確保增量招聘與支持增長和基礎設施明確一致；其次是有紀律地部署營銷資金。

As it relates to marketing, we maintain a highly flexible model with the only committed spend largely around linear TV during competitive periods due to a range of factors, including uncertainty in the broader economic environment as it related to COVID and some elevation of media rates that we wanted to see settle, we maintained a conservative approach to the deployment of marketing spend as we leverage the flexibility of our model.

在營銷方面，我們保持高度靈活的模式，由於一系列因素，包括在更廣泛的經濟環境中與 COVID 相關的不確定性以及媒體費率的一些提升，在競爭期間唯一承諾的支出主要圍繞線性電視我們希望看到解決，我們在利用模型的靈活性時對營銷支出的部署保持保守的方法。

In addition, we saw expense for our Home Try-On program decrease as the mix between e-commerce and stores has normalized closer to pre-pandemic levels. We were extremely pleased with our top line performance given our marketing spend growth was just mid-single digits year-over-year in Q3.

此外，隨著電子商務和商店之間的組合已經正常化，接近大流行前的水平，我們看到家庭試穿計劃的費用有所減少。鑑於我們在第三季度的營銷支出同比增長僅為中個位數，我們對我們的收入表現感到非常滿意。

As we look ahead to Q4, we plan to redeploy some of those dollars from Q3 into Q4 as we drive brand awareness and demand during the holiday season and year-end expiration of flexible spending.

展望第四季度，我們計劃將部分美元從第三季度重新部署到第四季度，因為我們會在假期和年底靈活支出到期期間提高品牌知名度和需求。

As it relates to adjusted EBITDA, we saw an expansion of adjusted EBITDA margin in the quarter versus the same period in 2020 and 2019. We generated adjusted EBITDA margin of 8.1% in the quarter versus 5.2% last year and 6.7% in 2019. This adjusted EBITDA margin is really a reflection of maintaining strong growth while continuing to see leverage in SG&A, as just described.

由於與調整後的 EBITDA 相關，與 2020 年和 2019 年同期相比，我們看到本季度調整後的 EBITDA 利潤率有所擴大。我們在本季度產生的調整後 EBITDA 利潤率為 8.1%，而去年和 2019 年分別為 5.2% 和 6.7%。調整後的 EBITDA 利潤率實際上反映了在保持強勁增長的同時繼續看到 SG&A 的槓桿作用，正如剛才所描述的那樣。

We finished the quarter with a strong balance sheet, reflecting $266 million in cash, which we'll continue to deploy to make deliberate investments in both growth and infrastructure.

我們以強勁的資產負債表結束了本季度，反映了 2.66 億美元的現金，我們將繼續部署這些現金，以對增長和基礎設施進行有意識的投資。

Turning to our outlook for the remainder of the year. For the full year 2021, we now expect net revenue to be in the range of $539.5 million to $542 million, representing growth of 37% to 38% versus 2020 and growth of 46% versus 2019. Adjusted EBITDA margin of approximately 4% to 5%, in line with prior guidance, and we are on track to open 35 stores this year, which will bring our store count to 161.

談談我們對今年剩餘時間的展望。對於 2021 年全年，我們現在預計淨收入將在 5.395 億美元至 5.42 億美元之間，與 2020 年相比增長 37% 至 38%，與 2019 年相比增長 46%。調整後的 EBITDA 利潤率約為 4% 至 5 %，與之前的指導一致，我們有望在今年開設 35 家門店，這將使我們的門店數量達到 161 家。

As we look ahead, it's important to note that there are a number of unknowns related to the macro environment. As such, we continue to be thoughtful and prudent in setting our financial outlook for the balance of the year. Let me give you some color on the assumptions embedded within our guidance.

展望未來，重要的是要注意存在許多與宏觀環境相關的未知因素。因此，我們在設定今年餘下時間的財務展望時繼續深思熟慮和審慎。讓我給你一些關於我們指南中嵌入的假設的顏色。

As it relates to top line, we observed moderately higher seasonal demand during the month of December, due in part to customer usage of health and flexible spending benefits in the final weeks of the year. Given we recognize revenue upon delivery of product to the customer, we recognize revenue in Q1 for most orders placed in the final week of the year. From a seasonality perspective, Q4 is generally our lowest margin quarter as we make several investments to support the important holiday selling season. These investments include marketing to support and generate customer demand, investments in shipping as we expedite orders to meet holiday timing, increasing store staffing to accommodate higher traffic and extended store hours and increasing our customer experience staffing to support higher demand as well as elevated call volume related to flexible spending benefit questions.

就收入而言，我們觀察到 12 月份的季節性需求適度增加，部分原因是客戶在一年的最後幾週使用健康和靈活的支出福利。鑑於我們在向客戶交付產品時確認收入，我們在第一季度確認了一年中最後一周下達的大多數訂單的收入。從季節性的角度來看，第四季度通常是我們利潤率最低的季度，因為我們進行了幾項投資來支持重要的假日銷售季節。這些投資包括營銷以支持和產生客戶需求，在我們加快訂單以滿足假期時間時對運輸進行投資，增加商店人員配備以適應更高的客流量和延長商店營業時間，以及增加我們的客戶體驗人員配備以支持更高的需求以及增加的呼叫量與靈活支出福利問題有關。

For additional context, this demand from December continues into January and Q1, which sets the stage for growth for the full year. Lastly, to be helpful, ahead of our direct listing, we provided a framework for 2022 net revenue growth and adjusted EBITDA margin improvement. We look forward to providing our formal 2022 outlook with our fourth quarter call in March.

對於其他背景，這種需求從 12 月開始一直持續到 1 月和第一季度，這為全年的增長奠定了基礎。最後，為了提供幫助，在我們直接上市之前，我們提供了 2022 年淨收入增長和調整後 EBITDA 利潤率改善的框架。我們期待在 3 月份的第四季度電話會議中提供正式的 2022 年展望。

In closing, we've built our business model with a focus on generating sustainable growth while driving incremental profitability of 1 to 2 points of adjusted EBITDA margin each year until we reach our long-term adjusted EBITDA margin target of 20% plus. We couldn't be more excited about what lies ahead. Thank you for welcoming us to the public markets. We're thrilled to be here. And with that, I'm excited to open the call up to Q&A.

最後，我們建立了我們的商業模式，重點是實現可持續增長，同時推動每年調整後 EBITDA 利潤率增加 1 到 2 個百分點的盈利能力，直到我們達到 20% 以上的長期調整後 EBITDA 利潤率目標。我們對即將發生的事情感到無比興奮。感謝您歡迎我們來到公開市場。我們很高興來到這裡。有了這個，我很高興打開問答環節。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Oliver Chen at Cowen.

我們的第一個問題來自 Cowen 的 Oliver Chen。

Congrats on your first public call. Neil and David, we see telehealth at Cowen as a big opportunity. What are some of the key aspects in your road map there and your competitive advantages as you think about employing technology and embracing this holistic vision care model? I would also love your thoughts on sustainability as it applies to your supply chain. You have a comprehensive impact report. Warby is one of our top ESG ideas. So I would love your thoughts around that as well.

恭喜您完成了第一次公開通話。 Neil 和 David，我們認為 Cowen 的遠程醫療是一個巨大的機會。當您考慮採用技術和採用這種整體視力保健模式時，您的路線圖中有哪些關鍵方面以及您的競爭優勢？我也很喜歡您對可持續發展的看法，因為它適用於您的供應鏈。你有一份全面的影響報告。 Warby 是我們最重要的 ESG 理念之一。所以我也很喜歡你的想法。

Great. Well, thanks, Oliver, for joining and for the questions. I'll tackle the telehealth piece and then hand it to Neil to talk about sustainability. And we are extremely excited about the prospect of leveraging telehealth to make it easier, faster, cheaper for our customers and patients to renew prescriptions and increase access to eye doctors.

偉大的。好吧，謝謝 Oliver 的加入和提問。我將解決遠程醫療問題，然後將其交給尼爾討論可持續性。我們對利用遠程醫療使我們的客戶和患者更容易、更快、更便宜地更新處方和增加獲得眼科醫生的機會的前景感到非常興奮。

And this quarter, we introduced our Virtual Vision Test, which is an app that you can download, do a vision test from home in just a few minutes and an ophthalmologist who is licensed in your state can write a prescription remotely. We're seeing a very positive response from our customers with limited promotion so far and really I feel like we're in the top of the first inning. And if there's been any silver lining from the pandemic, it's that a lot of the barriers to telehealth adoption have been lowered, both from a consumer adoption standpoint and from a regulatory standpoint.

本季度，我們推出了我們的虛擬視力測試，這是一款您可以下載的應用程序，只需幾分鐘即可在家中進行視力測試，並且在您所在州獲得許可的眼科醫生可以遠程開處方。到目前為止，我們的客戶對促銷活動的反應非常積極，我真的覺得我們在第一局中處於領先地位。如果大流行有任何一線希望，那就是從消費者採用的角度和監管的角度來看，採用遠程醫療的許多障礙已經降低。

And so we're excited to continue to invest in this area and some of the near-term items that we have are going to make it easier for our customers to use one vision test to renew both glasses and contacts prescriptions, be able to scan their contacts box to make it even easier and faster for our customers and patients to renew their contact prescriptions.

因此，我們很高興繼續在這一領域進行投資，我們擁有的一些近期項目將使我們的客戶更容易使用一次視力測試來更新眼鏡和接觸處方，能夠掃描他們的聯繫方式讓我們的客戶和患者更容易和更快地更新他們的接觸處方。

With respect to ESG, you did mention our impact report, and I would encourage everyone to take a look if they haven't already at warbyparker.com/impact-report. But since 2018, we've been publishing a thorough annual impact report based on the GRI framework and recently also started providing a SASB summary. And we think that's critical to be transparent in our efforts to make the world a better place and for us to create lasting impact.

關於 ESG，您確實提到了我們的影響報告，如果還沒有訪問過 warbyparker.com/impact-report，我會鼓勵大家看看。但自 2018 年以來，我們一直在發布基於 GRI 框架的全面年度影響報告，最近還開始提供 SASB 摘要。我們認為，在我們努力使世界變得更美好並創造持久影響的過程中保持透明至關重要。

And one of the ways that really impacts our business, besides making us feel good at night as leaders, is that it helps us recruit and retain the absolute best talent. And we have talent across the U.S. and Canada, but we also have talent based where our frame factories are based that are constantly monitoring our factories with respect to social practices, but also ensuring that we're actively measuring carbon emissions and working with our social innovation team to purchase the best carbon offset available.

真正影響我們業務的方式之一，除了讓我們作為領導者在晚上感覺良好之外，還在於它幫助我們招募和留住絕對最優秀的人才。我們在美國和加拿大都有人才，但我們在框架工廠所在的地方也有人才，他們不斷監測我們工廠的社會實踐，同時確保我們積極測量碳排放並與我們的社會合作創新團隊購買可用的最佳碳補償。

We'll continue to explore ways to reduce water use and reduce carbon emissions. One of the nice things about opening up our second optical lab facility in Las Vegas, as we did in Q3, is that the more control that we have and the further that we vertically integrate, the more that we can do to reduce carbon emissions, and it's something that we're really excited about.

我們將繼續探索減少用水和減少碳排放的方法。正如我們在第三季度所做的那樣，在拉斯維加斯開設我們的第二個光學實驗室設施的好處之一是，我們擁有的控制權越多，我們垂直整合的程度越深，我們在減少碳排放方面所能做的就越多，這是我們非常興奮的事情。

But perhaps the thing that we're best known for is providing a pair of glasses for every pair that we sell. And in the early days of Warby Parker, we thought, should we commit to a percent of revenue or a percent of profits? And we thought that was important to focus on impact, right? The pair of glasses on someone's face dramatically changes their ability to learn, their ability to work. And as we saw with this Johns Hopkins University study, there is no better intervention in school than providing a pair of glasses, not extending the school day, not providing private tutoring, not providing computers in classrooms, giving a pair of glasses effectively extends the school year by 2 to 4 months, and we're super proud to have provided over 8 million pairs of glasses to people in need around the world, in the U.S. And with 1 billion people in need of glasses that don't currently have access, we think that this is solvable and we're going to lead the charge in solving this large intractable problem. Thanks, Oliver.

但也許我們最出名的是為我們售出的每一副眼鏡提供一副眼鏡。在 Warby Parker 的早期，我們想過，我們應該承諾收入的百分比還是利潤的百分比？我們認為關注影響很重要，對嗎？某人臉上的一副眼鏡極大地改變了他們的學習能力和工作能力。正如我們在約翰霍普金斯大學的這項研究中看到的那樣，沒有比提供一副眼鏡、不延長上課時間、不提供私人輔導、不在教室裡提供電腦、提供一副眼鏡有效地延長上學時間更好的干預措施了。學年縮短 2 到 4 個月，我們非常自豪地為世界各地有需要的人提供了超過 800 萬副眼鏡，在美國有 10 億人需要眼鏡，但目前無法獲得，我們認為這是可以解決的，我們將帶頭解決這個棘手的大問題。謝謝，奧利弗。

The next question comes from the line of Paul Lejuez at Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Curious if you can share what your customer growth expectations are for 4Q and if that's something that you will be sharing with us in the future? And then just second, as you look to bring more doctors on staff and open stores with doctors in them, where are you sourcing the majority from? Are they coming from schools or fresh out of schools? Are they coming from places, other retailers that may have closed up shop? Or are they sort of independents that decide to come work for you and shut down their own practice?

想知道您是否可以分享您對第四季度客戶增長的預期，以及您將來是否會與我們分享這些內容？其次，當你希望招募更多的醫生並開設有醫生的商店時，你從哪裡採購大部分醫生？他們是來自學校還是剛從學校畢業？他們是來自其他可能已經關門的零售商嗎？或者他們是決定來為您工作並關閉自己的診所的獨立人士？

Great. Thanks so much for the question, Paul. I'll answer the first part of the question, and then we'll kick it over to Neil to answer the second part.

偉大的。保羅，非常感謝你提出這個問題。我將回答問題的第一部分，然後我們將把它交給 Neil 來回答第二部分。

In terms of providing guidance around active customers, we don't project active customers that we express externally to investors and analysts. As you think about our model, the way that we have talked about growth, it's really a function of 2 factors. One is consistent growth in terms of average revenue per customer, which you've seen has increased to $242 or 14% year-over-year, and our active customer growth is up 23% year-over-year.

在圍繞活躍客戶提供指導方面，我們不會預測我們對外向投資者和分析師表達的活躍客戶。當您考慮我們的模型時，我們談論增長的方式實際上是兩個因素的函數。一是每位客戶的平均收入持續增長，您已經看到它已增加到 242 美元或同比增長 14%，我們的活躍客戶增長同比增長 23%。

The way that we have built our model is very consistent around how we think about customer economics and customer growth and growth in AOD. And what we will do is just draw your attention to the consistency that we've seen on a historical basis and the sustainable growth around those metrics as opposed to giving you a fixed active customer number for the next quarter.

我們建立模型的方式與我們對客戶經濟和客戶增長以及 AOD 增長的看法非常一致。我們要做的只是提請您注意我們在歷史基礎上看到的一致性以及圍繞這些指標的可持續增長，而不是為您提供下一季度固定的活躍客戶數量。

And with respect to our hiring and retention of optometrists. As we mentioned, we now have 99 stores with eye doctors, that's up from 49 stores in Q3 of 2019. We have found that we've become a preferred employer of optometrists, and that's because of the work environment. Our stores are fun, our team members are friendly and warm, our stores and our eye exam suites are beautiful and new and use the latest technology. We invest a lot to ensure that our optometrists are focused on clinical care rather than administrative tasks. And then even the location of our stores tend to be in close proximity to where our eye doctors live.

關於我們聘用和保留驗光師。正如我們提到的，我們現在有 99 家商店有眼科醫生，高於 2019 年第三季度的 49 家商店。我們發現我們已經成為驗光師的首選雇主，這是因為工作環境。我們的商店很有趣，我們的團隊成員友好而熱情，我們的商店和我們的眼科檢查室美麗而新穎，並使用最新技術。我們投入大量資金以確保我們的驗光師專注於臨床護理而不是行政任務。然後甚至我們商店的位置也往往靠近我們的眼科醫生居住的地方。

And I forgot what the detail was but there was a study that came out not too long ago that showed that actually, commuting time is the biggest indicator of happiness. But we tend to hire eye doctors that have several years of experience, up and coming from other optical retailers or optometric practices. We do see some shifts happening in the industry in that more and more graduates of optometry school are graduating with increased debt loads versus perhaps a decade or 2 ago, and that's making it difficult for recent graduates to buy into private practices, for example. So more and more are looking to work at a stable employer like Warby Parker.

我忘記了細節是什麼，但不久前有一項研究表明，通勤時間實際上是幸福感的最大指標。但我們傾向於聘請具有多年經驗的眼科醫生，他們來自其他眼鏡零售商或驗光診所。我們確實看到該行業正在發生一些變化，與 10 或 2 年前相比，越來越多的驗光學校畢業生畢業時債務負擔增加，這使得最近的畢業生很難購買私人診所，例如。因此，越來越多的人希望在像 Warby Parker 這樣穩定的雇主那里工作。

We've also found that we've earned a lot of goodwill within the optometric community because of our racial equity strategy. Last year, we laid out a plan to increase black representation in the field of optometry. Less than 3% of optometrists in America are black, and we want to change that. We're working with other groups to increase awareness about the field of optometry and sponsor career fairs at historically black colleges and universities and have created scholarships for black students at the New England College of Optometry. Thanks again for your question.

我們還發現，由於我們的種族平等戰略，我們在驗光界贏得了很多善意。去年，我們制定了一項計劃，以增加黑人在驗光領域的代表性。在美國，只有不到 3% 的驗光師是黑人，我們希望改變這一狀況。我們正在與其他團體合作，以提高人們對驗光領域的認識，並贊助歷史悠久的黑人學院和大學的招聘會，並為新英格蘭驗光學院的黑人學生設立獎學金。再次感謝您的提問。

The next question comes from the line of Brooke Roach at Goldman Sachs.

下一個問題來自高盛的布魯克羅奇。

Today's call really highlighted the momentum that you have across the business and in particular, in some of those newer emerging product categories such as contact lenses, progressives and sunglasses. I was hoping you could provide a little bit more detail about how you expect each of those categories to trend maybe through the remainder of 2021 and 2022 and then the puts and takes on the margin impact that you're anticipating as a result of those changes.

今天的電話會議確實突出了您在整個企業中的勢頭，尤其是在一些較新的新興產品類別中，例如隱形眼鏡、漸進鏡片和太陽鏡。我希望您能提供更多詳細信息，說明您期望這些類別中的每一個可能在 2021 年和 2022 年的剩餘時間裡如何發展，然後看跌期權和承擔這些變化對您預期的利潤率的影響.

Sure. Thanks for the thoughtful questions, Brooke. We'll talk a little bit about product mix. Our 3 core categories of products are eyeglasses, contact lenses and eye exams. We're predominantly a glasses only business today. And as you heard in the remarks, we've made some remarkable strides as it relates to increases in our contact lens business.

當然。感謝您提出深思熟慮的問題，布魯克。我們將稍微談談產品組合。我們的 3 個核心產品類別是眼鏡、隱形眼鏡和眼科檢查。我們今天主要是眼鏡業務。正如您在評論中聽到的那樣，我們在隱形眼鏡業務的增長方面取得了一些顯著進步。

As it relates to progressives, what we do know is that we continue to be highly under-penetrated versus the rest of our optical peers. Progressives make up approximately 45% of all prescription eyeglasses sold in the U.S. today, and that's still just 20% of our business. Eye exams also a minority of our business today, make up less than 3% of our business and almost 10% to 15% of the typical optical retailer sales.

由於它與進步有關，我們所知道的是，與其他光學同行相比，我們的滲透率仍然很低。如今，漸進鏡片約占美國銷售的所有處方眼鏡的 45%，而這仍僅占我們業務的 20%。今天，眼科檢查也是我們業務的一小部分，占我們業務的不到 3%，幾乎佔典型眼鏡零售商銷售額的 10% 到 15%。

So we actually view our growth drivers around those 3 product lines for next year as tremendous, particularly when we talk about the attach rate of turning a customer from a glasses only customer into a holistic vision care customer that is purchasing a pair of glasses, contact lenses and an eye exam. We found that the value of those customers after a year from initial purchase are over 2x more valuable than that of a glasses only customer.

因此，我們實際上認為明年這 3 條產品線的增長動力是巨大的，特別是當我們談論將客戶從只戴眼鏡的客戶轉變為購買一副眼鏡的整體視力保健客戶的附加率時，請聯繫鏡片和眼科檢查。我們發現，這些客戶在初次購買一年後的價值比只戴眼鏡的客戶高出 2 倍以上。

So we will continue to focus on evolving into a holistic vision care company that really relies upon growing each of those 3 product lines. And what we do here is make sure that folks understand the amount of white space that is ahead of us and the starting point for us versus the remainder of the industry. We do anticipate growth in eyeglasses, contact lenses and exams. We do not provide guidance around product mix for those 3 categories.

因此，我們將繼續專注於發展成為一家真正依賴於這 3 條產品線的發展的整體視力保健公司。我們在這裡所做的是確保人們了解我們面前的空白空間數量以及我們與行業其他公司的起點。我們確實預計眼鏡、隱形眼鏡和檢查會有所增長。我們不提供有關這 3 個類別的產品組合的指導。

As it relates to gross margin. As a reminder, we have what we like to refer to as a fully loaded gross margin line. So we include in there, just as a reminder, frames, lenses, customer shipping, consumables, store rent, the depreciation of store build-outs, eye doctor costs. And so as we talk about some of the fluctuations in our gross margin, what we want to do is make sure that we're providing the broad picture of what's in gross margin. And then we're relevant, as we've done this quarter and as we'll continue to do is provide color on the puts and takes and what has resulted in some of the changes that you'll see on our financial statements.

因為它與毛利率有關。提醒一下，我們有所謂的滿載毛利率線。所以我們在那裡包括，作為提醒，框架，鏡片，客戶運輸，消耗品，商店租金，商店擴建的折舊，眼科醫生費用。因此，當我們談論毛利率的一些波動時，我們要做的是確保我們提供毛利率的總體情況。然後我們是相關的，正如我們本季度所做的那樣，我們將繼續做的是提供看跌期權的顏色以及導致您將在我們的財務報表中看到的一些變化的原因。

In the context of this quarter, gross margin in Q3 of last year, as a reminder, the pandemic year was 61.5%. Gross margin this year in the face of our financial statements, 58%. We did have onetime stock comp expense related to our direct listing. We record stock comp expense for our eye doctors and optical lab employees within cost of sales. And so if not for that expenditure, gross margin would have been at 58.7%.

在本季度的背景下，作為提醒，去年第三季度的毛利率為 61.5%。面對我們的財務報表，今年的毛利率為 58%。我們確實有與直接上市相關的一次性股票補償費用。我們在銷售成本中記錄眼科醫生和光學實驗室員工的股票補償費用。因此，如果沒有這筆支出，毛利率將達到 58.7%。

On the back end comparable quarter, we also called out a unique tariff rebate that we received that accounted for roughly 0.9 points of revenue. So there were some one-timers in the quarter that we wanted to call out. And then as we talk about some of the operational factors that impacted the change, the biggest one really is contact lenses, accounting for the majority of the change in gross margin percentage.

在後端可比季度，我們還提出了一項獨特的關稅回扣，我們收到的回扣約佔收入的 0.9 個百分點。因此，我們想召集本季度的一些一次性人員。然後當我們談論影響變化的一些運營因素時，最大的因素確實是隱形眼鏡，佔毛利率變化的大部分。

As a reminder, contact lenses have a moderately lower gross margin than eyeglasses, but they have a much higher repeat frequency rate, repeat purchase rate, and that product line amplifies our gross margin dollars. And so we wanted to call that out as the biggest change from a percentage perspective, but really as a positive because it helps us propel our Holistic Vision Care strategy.

提醒一下，隱形眼鏡的毛利率略低於眼鏡，但它們的重複頻率、重複購買率要高得多，而且該產品線會放大我們的毛利率。因此，從百分比的角度來看，我們想稱這是最大的變化，但實際上是積極的，因為它有助於我們推動我們的整體視力保健戰略。

The next factor that we talk about is just a shift in product mix. We saw nonprescription sun drop to roughly half of our typical product mix in the back comparable quarter of the period that we're discussing. And we saw that product line recover to roughly 10% of the product mix in Q3 this year.

我們談論的下一個因素只是產品組合的轉變。在我們正在討論的那個時期的後可比季度，我們看到非處方防曬霜下降到我們典型產品組合的大約一半。我們看到該產品線在今年第三季度恢復到產品組合的大約 10%。

Nonprescription sunglasses have a moderately lower gross margin, thus, moderately reducing gross margin this quarter and elevating gross margin in the comparable quarter. In addition, we saw some very moderate increases in air freight. As a reminder, our products that we received from overseas. Eyeglass frames is very low weight, low volume and accounts for a minority of our overall cost of sales. But I did want to call out in the context of some of the supply chain disruptions that the world is experiencing, we feel that we're largely insulated and in the context of airfreight, have just seen a very moderate increase that has had a very minor impact on our gross margin.

非處方太陽鏡的毛利率略低，因此，本季度的毛利率略有下降，可比季度的毛利率有所上升。此外，我們看到空運有一些非常溫和的增長。提醒一下，我們從海外收到的產品。眼鏡框重量很輕，體積小，只占我們總銷售成本的一小部分。但我確實想在世界正在經歷的一些供應鏈中斷的背景下大聲疾呼，我們覺得我們在很大程度上是絕緣的，並且在空運的背景下，剛剛看到非常溫和的增長，已經有一個非常對我們的毛利率影響較小。

And last is we're excited that we continue with our path towards vertical integration. We opened up our second optical lab in Las Vegas, and it'll take some time for that ramp to scale. We expect that lab to reach full scale by the latter part of next year. We opened up a similar facility in early 2017, and the ramp that we're now seeing in Vegas really nears the ramp that we saw with that New York facility. And so I wanted to address your question on gross margin, realizing that there are lots of different puts and takes in there. But given this is our first earnings call, we wanted to make sure that we set the stage, painted the picture and then provided some detail behind some of the fluctuations.

最後，我們很高興我們繼續走上垂直整合的道路。我們在拉斯維加斯開設了我們的第二個光學實驗室，要擴大規模還需要一些時間。我們預計該實驗室將在明年下半年達到全面規模。我們在 2017 年初開設了一個類似的設施，我們現在在拉斯維加斯看到的坡道非常接近我們在紐約設施中看到的坡道。所以我想解決你關於毛利率的問題，意識到那裡有很多不同的看跌期權和收益。但鑑於這是我們的第一次財報電話會議，我們希望確保我們做好了準備，描繪了畫面，然後提供了一些波動背後的一些細節。

The next question comes from the line of Mark Mahaney at Evercore ISI.

下一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. Two questions. I think you discussed the point that you haven't seen some of the employee shortage issues or employee wage inflation issues of other companies, perhaps because of the strength of your brand. Can you just double-click on that a little bit? This is not unprecedented, but it's a pretty glaring market in terms of wage inflation kind of across the board. So just spend a little bit more time on how you're able to avoid some of those challenges?

好的。兩個問題。我想你討論過你沒有看到其他公司的一些員工短缺問題或員工工資膨脹問題，也許是因為你的品牌實力。你能稍微雙擊一下嗎？這並非史無前例，但就全面的工資通脹而言，這是一個相當明顯的市場。那麼多花點時間研究如何避免其中的一些挑戰？

And then, Steve, could you talk a little bit more about the gross margin outlook? You're right in the middle of this kind of long-term gross margin range. You talked about a bunch of puts and takes. And I guess, I would think about the mix shift of your products would make you sort of rise above that gross margin range. So I guess, talk to the negative. Like what are the factors that would actually cause your gross margins to, over the next several years, to actually go below that range? Like hypothetically, what would cause that?

然後，史蒂夫，你能多談談毛利率前景嗎？你正處於這種長期毛利率範圍的中間。你談到了一堆看跌期權。而且我想，我會考慮你的產品組合轉變會讓你有點超過毛利率範圍。所以我想，談談消極的。在接下來的幾年裡，實際上會導致您的毛利率實際低於該範圍的因素是什麼？就像假設的那樣，會導致什麼？

Sure. Thanks for your question. With respect to our team and our stores and in our optical lab, we have not seen shortages from a hiring or a retention standpoint.

當然。謝謝你的問題。關於我們的團隊和我們的商店以及我們的光學實驗室，從招聘或保留的角度來看，我們沒有看到短缺。

Similarly, we haven't seen major wage pressures now that may be due to the fact of where we started and the fact that it's important to us to pay fair and appropriate wages to all team members at Warby Parker and to create a culture where people can learn and grow and drive where we've seen labor shortages is not at Warby Parker, but at times at the stores adjacent to us. That sometimes make traffic to centers, for example, a little less predictable. And it's one of the reasons why we pulled back marketing a bit in Q3 is just with the increase in COVID, right?

同樣，我們現在還沒有看到重大的工資壓力，這可能是由於我們的起點以及向 Warby Parker 的所有團隊成員支付公平和適當的工資以及創造一種員工文化對我們來說很重要的事實。可以學習、成長和開車的地方我們已經看到勞動力短缺不是在 Warby Parker，而是有時在我們附近的商店。例如，這有時會使到中心的交通更難預測。這是我們在第三季度略微縮減營銷的原因之一，只是因為 COVID 的增加，對吧？

There was less predictability and more uncertainty. And we continue to see some uncertainty, and we continue to see a little less predictability in traffic patterns to our stores, particularly urban stores that are reliant on office workers or tourism, for example, as those patterns have not returned to the same level of consistency as we saw pre pandemic.

可預測性降低，不確定性增加。我們繼續看到一些不確定性，我們繼續看到我們商店的客流量模式的可預測性有所降低，特別是依賴辦公室工作人員或旅遊業的城市商店，例如，因為這些模式還沒有恢復到相同水平我們在大流行前看到的一致性。

That being said, our urban stores continue to perform well and continue to improve versus last year and sort of the -- in the depth of the pandemic. But we don't foresee any labor shortages or wage challenges going forward out of our stores.

話雖這麼說，我們的城市商店繼續表現良好，並且與去年相比繼續有所改善，並且在大流行的深度。但我們預計未來我們的商店不會出現任何勞動力短缺或工資挑戰。

And Mark, on your second point as it relates to gross margins. So Q3, we were close to the middle of the annual range that we've guided towards. As a reminder, the annual long-term guidance that we provided around gross margin is to be in the range of 58% to 60% on an annual basis, not on a quarterly basis. We know that there will be some fluctuations on a quarterly basis, particularly given how certain product lines perform. And we've certainly seen this quarter. We've seen this in previous quarters.

馬克，關於你的第二點，因為它與毛利率有關。所以第三季度，我們接近我們指導的年度範圍的中間值。提醒一下，我們提供的有關毛利率的年度長期指導是按年計算在 58% 至 60% 的範圍內，而不是按季度計算。我們知道每個季度都會有一些波動，特別是考慮到某些產品線的表現。我們當然已經看到了這個季度。我們在前幾個季度已經看到了這一點。

But if you look at the consistency in our gross margin line, it's really been within that 58% to 60% zone. In terms of talking about some of the questions you asked, about the risk to gross margin. I would say one of the risks is really just around product mix. So our 3 core products have different gross margin profiles, glasses, contacts and eye exams. And so hypothetically, we could see something similar to what we saw this quarter, where a product line really takes off much faster than anticipated and becomes a larger mix of our overall product mix, i.e., contact lenses as a percentage of eyewear, eyeglasses, contacts and eye exams that we sell. So that is certainly one factor.

但如果你看看我們毛利率的一致性，它確實在 58% 到 60% 的區域內。在談論您提出的一些問題時，關於毛利率的風險。我會說其中一個風險實際上只是圍繞產品組合。因此，我們的 3 種核心產品具有不同的毛利率概況：眼鏡、隱形眼鏡和眼科檢查。因此，假設我們可以看到與本季度類似的情況，產品線的起飛速度確實比預期快得多，並且成為我們整體產品組合的更大組合，即隱形眼鏡佔眼鏡、眼鏡、我們銷售的隱形眼鏡和眼科檢查。所以這當然是一個因素。

Another factor would really be on the cost side. So we in-source and outsource optical lab services, and we built on optical lab. We've now built another we feel that having our own vertically integrated optical lab infrastructure really helps mitigate some of the external pressures that we might feel.

另一個因素實際上是在成本方面。所以我們內包和外包光學實驗室服務，我們建立在光學實驗室的基礎上。我們現在已經建立了另一個我們認為擁有我們自己的垂直整合光學實驗室基礎設施確實有助於減輕我們可能感受到的一些外部壓力。

In addition to that, we work with a network of third-party labs throughout the U.S., and we have long-term contracts that are very defined and include pricing really at the product level, and we feel we have very, very good visibility into that component of our pricing architecture. Another customer shipping costs. Again, we've done a very thoughtful job of negotiating long-term shipping rates with various carriers, some national, some on a regional basis.

除此之外，我們與遍布美國的第三方實驗室網絡合作，我們有非常明確的長期合同，包括真正在產品層面的定價，我們覺得我們對我們定價架構的那個組成部分。另客戶運費。同樣，我們在與各種承運商（一些是全國性的，一些是區域性的）就長期運費進行談判方面做了非常周到的工作。

And the last component to talk about. And as a retailer, there is a level of fixed cost that we sign up for when we negotiate leases. But I would say we have a best-in-class real estate development team with a tremendously experienced type of real estate. And all of the deals that we put in place, the feedback that we continue to get before we sign a single deal is that the rent per square foot and the level of concession is based on what we bring to the retail environment are best-in-class.

最後一個要談的組成部分。作為零售商，我們在談判租約時會簽署一定程度的固定成本。但我要說的是，我們擁有一流的房地產開發團隊，擁有豐富的房地產經驗。我們實施的所有交易，在我們簽署單一交易之前不斷得到的反饋是，每平方英尺的租金和優惠程度是基於我們為零售環境帶來的最好的-班級。

And so there are always going to be risks and challenges, but what we've done is trying to figure out what we can clearly control and what we can, we'll go to the extent of vertically integrating like building an optical app and where we rely on third parties, the way we mitigate and manage that is just through long-term sales and supply contracts.

所以總會有風險和挑戰，但我們所做的是試圖弄清楚我們可以清楚地控制什麼以及我們可以控制什麼，我們將達到垂直整合的程度，比如構建光學應用程序，以及在哪裡我們依賴第三方，我們減輕和管理的方式只是通過長期銷售和供應合同。

And Mark, this is Neil again. It just dawned on me another reason why I believe we're not facing the same labor shortages as other retailers, and that's sort of how we've managed the pandemic in America, and putting the health and safety of our team members ahead.

馬克，這又是尼爾。這讓我明白了我相信我們沒有像其他零售商那樣面臨勞動力短缺的另一個原因，這就是我們在美國應對大流行的方式，並將我們團隊成員的健康和安全放在首位。

One of the first things that we did was engage with epidemiologists and infectious disease experts and hiring folks that have been on the White House COVID task force, for example, to advise us on best practices. And when we're making hires today, and Dave and I are still part of the interview process for every store manager that we hire because we know that those stores are so critical to our long-term success, and it's important to create the proper culture around performance. That when we're speaking to the store managers that we're hiring, they're excited to come to Warby Parker because they had a really difficult last 18 months and did not necessarily feel as supported by their corporate teams as they would have expected. I mean they have heard at Warby Parker that the field teams get the support that they need to be successful.

我們做的第一件事就是與流行病學家和傳染病專家接觸，並聘請曾在白宮 COVID 特別工作組工作過的人，例如，就最佳做法向我們提供建議。當我們今天招聘時，Dave 和我仍然是我們聘用的每一位門店經理的面試過程的一部分，因為我們知道這些門店對我們的長期成功至關重要，並且創造合適的人選非常重要圍繞績效的文化。當我們與我們正在招聘的商店經理交談時，他們很高興來到 Warby Parker，因為他們在過去的 18 個月裡過得很艱難，而且不一定會像他們預期的那樣得到公司團隊的支持.我的意思是他們在 Warby Parker 聽說現場團隊獲得了成功所需的支持。

The next question comes from the line of Mark Altschwager from Baird.

下一個問題來自 Baird 的 Mark Altschwager。

This is Sarah Goldberg on for Mark. And congrats on your first quarter. And I wanted to dig in a little bit further on the margin guide for the full year. Q3 came in nicely ahead of your guide from late September, 4% to 5%. So you're holding the full year guide, which implies a little bit more cost pressure in Q4 than we had previously anticipated. Can you speak to some of the puts and takes here? And maybe how that breaks down between gross margin and SG&A?

這是馬克的莎拉戈德堡。祝賀你的第一個季度。我想進一步深入了解全年的利潤率指南。從 9 月下旬開始，第三季度的表現遠遠領先於您的指南，增長 4% 至 5%。所以你持有全年指南，這意味著第四季度的成本壓力比我們之前預期的要大一些。你能和這裡的一些 puts 和 takes 談談嗎？也許這在毛利率和 SG&A 之間是如何分解的？

Yes, for sure, for sure. So on an annual basis, I'll just start with gross margin. We're still maintaining our long-term guidance for the full year of being in the 58% to 60% zone. As it relates to some of the other puts and takes, it's worth spending a little bit of time talking about some of the seasonal patterns we see in buying towards the end of the year.

是的，當然，當然。因此，每年，我將從毛利率開始。我們仍然維持全年處於 58% 至 60% 區域的長期指導。由於它涉及到其他一些看跌期權，因此值得花一點時間來談談我們在年底購買時看到的一些季節性模式。

And what we experienced is some increased demand during the holiday season and increased demand with the expiration of Flex spend. And there were 2 expirations of Flex spend. There's sort of the big one, which is December 31, and there's another one, March 15 of the following year. And what we do to prepare for this demand is we make certain investments ahead of the curve, which I'll talk about in a moment. But the demand that we drive the latter 2 weeks of December, the last week in December in particular, we generate revenue from those orders into January.

我們所經歷的是假期期間需求增加以及彈性支出到期後需求增加。 Flex 支出有 2 次到期。有一個比較大的日期，是 12 月 31 日，還有一個是次年的 3 月 15 日。我們為滿足這一需求所做的準備是提前進行某些投資，我稍後會談到這一點。但是我們推動 12 月後兩週，特別是 12 月的最後一周的需求，我們從這些訂單到 1 月產生了收入。

So there was a revenue deferral aspect where the investments we're making to staff up our retail stores, staff up our optical lab, expedite orders to customers, so that they get them in time for the holiday, staff up our customer experience team to deal with questions on the phone as it relates to flex spend and invest in marketing, a lot of those investments really bear fruit in January and into Q1.

所以有一個收入遞延方面，我們正在投資增加我們的零售店，配備我們的光學實驗室，加快向客戶下訂單，以便他們在假期前及時收到，配備我們的客戶體驗團隊以在電話上處理與彈性支出和營銷投資相關的問題，其中很多投資在 1 月份和第一季度真正取得了成果。

And so I just wanted to call that out. We've typically seen moderately less profit in Q4 of every single year since inception than we do in the other quarters. It certainly was true last year. It was true the year before, and we're projecting consistency as it relates to that number.

所以我只想說出來。自成立以來，我們通常看到每年第四季度的利潤都比其他季度少。去年確實如此。前一年確實如此，我們預測與該數字相關的一致性。

Also as we put together our financial model as a general rule, given that there is still some level of uncertainty in the area as it relates to the pandemic, we do want to be prudent and conservative where appropriate in projecting our business and our costs. So we feel very confident simply maintaining the adjusted EBITDA margin target that we gave.

此外，當我們將我們的財務模型作為一般規則整合時，鑑於該領域仍存在一定程度的不確定性，因為它與大流行有關，我們確實希望在適當的情況下謹慎和保守地預測我們的業務和我們的成本。因此，我們非常有信心維持我們給出的調整後的 EBITDA 利潤率目標。

And as we think about where that puts us as a starting point for next year, reiterating the incremental 1 to 2 points of adjusted EBITDA margin that we'll plan to add on top of that. So I hope that helps provide some additional color as to how we're thinking about the quarter and adjusted EBITDA in particular.

當我們考慮將我們作為明年起點的地方時，重申我們計劃在此基礎上增加 1 到 2 個調整後 EBITDA 利潤率。因此，我希望這有助於提供一些額外的顏色，說明我們如何考慮本季度，特別是調整後的 EBITDA。

The next question comes from the line of Dana Telsey from Telsey Advisory Group.

下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Congratulations on the nice first quarter out of the box. As you think about the lab opportunity, obviously now opening second lab in Las Vegas, what percent of products do you see targeted to come from the labs? Are there higher margins or returns on products from the lab? I mean higher margin returns from those? And what percent of capacity can you produce in the profit implications from it?

祝賀第一季度開箱即用。當您考慮實驗室機會時，顯然現在正在拉斯維加斯開設第二個實驗室，您認為有多少百分比的產品有針對性地來自實驗室？實驗室產品是否有更高的利潤或回報？我的意思是那些更高的利潤率回報？在從中產生的利潤影響中，您可以生產多少百分比的產能？

Thanks, Dana. And we're incredibly excited to have opened our second lab in Las Vegas. We've seen really meaningful benefits of operating our lab in Sloatsburg over the last few years. And we do see that glasses that are produced in our own labs have faster turnaround times, higher quality, higher Net Promoter Scores and higher margins. And so we are excited to send more, a higher percentage of our orders through our own optical labs over time.

謝謝，達娜。我們非常高興能夠在拉斯維加斯開設我們的第二個實驗室。在過去的幾年裡，我們已經看到在 Sloatsburg 運營我們的實驗室的真正有意義的好處。我們確實看到，在我們自己的實驗室生產的眼鏡具有更快的周轉時間、更高的質量、更高的淨推薦值和更高的利潤率。因此，隨著時間的推移，我們很高興能夠通過我們自己的光學實驗室發送更多、更高比例的訂單。

Today, we're already producing more than half of the glasses that we ship out to customers through our own labs, and we see substantial opportunity to increase that percentage. And both scale, our operations at Sloatsburg in addition to our Las Vegas facility, which is already well ahead of schedule and producing over 1,000 pairs of glasses per day.

今天，我們已經生產了一半以上通過我們自己的實驗室運送給客戶的眼鏡，而且我們看到了提高這一比例的巨大機會。無論規模大小，我們在 Sloatsburg 的業務以及我們在拉斯維加斯的工廠都已經大大提前，每天生產超過 1,000 副眼鏡。

Just a follow-up. On the doctors in your stores, the attachment rate would you see from those sales as you add more doctors, do you see the attachment rate on sales being higher for multiple purchases? Or anything in terms of attracting those optical customers who go to existing doctors to your stores?

只是一個跟進。關於您商店中的醫生，當您添加更多醫生時，您會從這些銷售中看到依戀率，您是否看到多次購買的銷售依戀率更高？或者在吸引那些去看現有醫生的眼鏡顧客到你的商店方面有什麼？

So the optical attach rate in the industry is quite high. We see that roughly 70% of prescription eyewear is purchased at the same place where the individual got the eye exam. As you think about our model, we employ eye doctors directly. We also have an independent OD model, where we can't employ directly yet, where we'll lease some incremental space next door as part of our store, call it, 250 square feet. And that eye doctor is an independent practitioner.

所以業界的光學貼附率是相當高的。我們看到大約 70% 的處方眼鏡是在個人接受眼科檢查的同一地點購買的。當您考慮我們的模式時，我們直接聘請眼科醫生。我們還有一個獨立的 OD 模型，我們還不能直接僱傭，我們將在隔壁租一些增量空間作為我們商店的一部分，稱之為 250 平方英尺。那個眼科醫生是一個獨立的醫生。

So for eye exams from those independent practitioners, we don't have visibility into the attach rate. We do hope that the client or customer after getting that exam walks over to Warby and gets a pair of glasses. For the eye doctors that we do employ, where we can employ them, we do have visibility into that data. And I can indicate that our attach rate is at or above the industry benchmark that I just mentioned.

因此，對於那些獨立從業者的眼科檢查，我們無法了解附加率。我們確實希望客戶或客戶在完成檢查後走到 Warby 並配一副眼鏡。對於我們確實僱用的眼科醫生，在我們可以僱用他們的地方，我們確實可以看到這些數據。我可以表明我們的附加率等於或高於我剛才提到的行業基準。

Great. Well, I think that was the last question. So thank you all for the great questions today, and thank you to everyone who joined us for our first earnings call.

偉大的。好吧，我認為這是最後一個問題。因此，感謝大家今天提出的重要問題，並感謝所有參加我們第一次財報電話會議的人。

We are incredibly excited for the quarters and years to come. If you have any additional questions or follow-ups, please feel free to reach out to Tina or our Investor Relations inbox at investors@warbyparker, and we look forward to seeing you all again soon.

我們對未來的季度和年份感到非常興奮。如果您有任何其他問題或後續行動，請隨時聯繫蒂娜或通過 investors@warbyparker 聯繫我們的投資者關係收件箱，我們期待很快再次見到你們。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。