Warby Parker Inc (WRBY) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to the Warby Parker second quarter 2024 earnings call. My name is Seb and I will be the operator for your call today. (Operator Instructions)

大家好，歡迎參加 Warby Parker 2024 年第二季財報電話會議。我的名字是 Seb，我將擔任您今天通話的接線員。（操作員說明）

I will now hand the floor over to Jaclyn Berkley to begin. Please go ahead.

我現在將請賈克琳·柏克萊開始。請繼續。

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，大家早安。今天與我在一起的有我們的聯合創始人兼聯合首席執行官 Neil Blumenthal 和 Dave Gilboa，以及高級副總裁兼財務長 Steve Miller。

Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investor.warbyparker.com. During this call and in our presentation, we will be making comments of 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 company's latest annual report on Form 10-K.

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 Investor.warbyparker.com 上取得。在本次電話會議和演示中，我們將發表前瞻性評論。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有重大差異。有關其中一些風險的更多信息，請查看該公司向 SEC 提交的文件，包括該公司最新 10-K 表格年度報告中標題為“風險因素”的部分。

These forward-looking statements are based on information as of August 8, 2024, and except as required by law, we assume no obligation to publicly update or revise our forward-looking statements. 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 US GAAP.

這些前瞻性陳述是基於截至 2024 年 8 月 8 日的信息，除非法律要求，否則我們不承擔公開更新或修改我們的前瞻性聲明的義務。此外，我們也將討論某些非公認會計準則財務指標。這些非公認會計原則財務指標是根據美國公認會計原則編制的財務績效指標的補充，而不是替代方案。

A reconciliation of our non-GAAP measures to the most directly comparable US GAAP measures can be found in this morning's press release and our slide deck available on our IR website.

我們的非公認會計準則衡量標準與最直接可比較的美國公認會計準則衡量標準的調節可以在今天上午的新聞稿和我們的投資者關係網站上的幻燈片中找到。

With that, I'll pass it over to Dave to kick us off.

接下來，我將把它交給戴夫來讓我們開始。

Thank you, Jaclyn, and good morning, everyone. We're pleased to share that our team executed another strong quarter in Q2 delivering net revenue and adjusted EBITDA ahead of the high end of our guidance, while making strong progress against our key long-term strategic initiatives.

謝謝你，傑克琳，大家早安。我們很高興地告訴大家，我們的團隊在第二季度再次表現強勁，實現了淨收入和調整後的 EBITDA，領先於我們指導的上限，同時在我們的關鍵長期戰略計劃方面取得了強勁進展。

On a year-over-year basis, we grew net revenue 13.3% to $188.2 million and improved gross margin 140 basis points to approximately 56%. We also grew adjusted EBITDA nearly 40% to $19.6 million, representing a 10.4% margin and generated $14 million of free cash flow in the quarter.

與去年同期相比，我們的淨收入成長了 13.3%，達到 1.882 億美元，毛利率提高了 140 個基點，達到約 56%。我們的調整後 EBITDA 也成長了近 40%，達到 1,960 萬美元，利潤率為 10.4%，並在本季度產生了 1,400 萬美元的自由現金流。

When we introduced our 2024 plan, we called out three notable differences that we expected this year relative to the previous couple of years. The first was increased marketing spend to drive an acceleration in customer growth. The second was returning our e-commerce channel to positive growth. And the third was to significantly expand our insurance offering.

當我們介紹 2024 年計畫時，我們指出了今年預計與前幾年相比的三個顯著差異。首先是增加行銷支出以推動客戶成長加速。第二個是讓我們的電子商務通路恢復正成長。第三是大幅擴大我們的保險產品範圍。

Halfway through the year, we feel great about our progress against these goals and are happy to report our fourth consecutive quarter of improving active customer growth, our highest quarterly e-commerce growth since Q1 of 2021 and progress on our insurance expansion which we will speak to shortly.

今年過半，我們對實現這些目標所取得的進展感到非常高興，並很高興地報告我們連續第四個季度的活躍客戶增長有所改善、我們自2021 年第一季以來最高的季度電子商務增長以及我們將在保險擴張方面取得的進展到不久。

Amidst the challenging consumer and optical backdrop, our Q2 performance indicates we're continuing to take share and drive consumer demand. Importantly, our results also demonstrate our ongoing commitment to driving sustainable growth, as we continue investing in customer acquisition and brand building while expanding both adjusted EBITDA and free cash flow.

在充滿挑戰的消費者和光學背景下，我們第二季的業績顯示我們將繼續佔據市場份額並推動消費者需求。重要的是，我們的業績也證明了我們對推動永續成長的持續承諾，我們繼續投資於客戶獲取和品牌建設，同時擴大調整後的 EBITDA 和自由現金流。

Based on our second quarter performance, we are raising our full year guidance for both net revenue and adjusted EBITDA and now expect to deliver $72.5 million in adjusted EBITDA at the midpoint of our guidance which represents 170 basis points of margin expansion.

根據我們第二季的業績，我們提高了淨收入和調整後 EBITDA 的全年指引，目前預計調整後 EBITDA 的中位數將達到 7,250 萬美元，這意味著利潤率擴張了 170 個基點。

Before Steve provides more detail on that later in the call, Neil and I will review the key drivers of our Q2 results. First, we continue to see positive momentum in our glasses business with an acceleration in growth versus Q2 of last year. We attribute the improvement in glasses growth to many of our core strategic investments including marketing, expanding our store fleet and our exam business and our product innovation.

在史蒂夫稍後在電話會議中提供更多詳細資訊之前，尼爾和我將回顧第二季業績的關鍵驅動因素。首先，我們的眼鏡業務持續呈現正面勢頭，與去年第二季相比成長加速。我們將眼鏡成長的改善歸功於我們的許多核心策略投資，包括行銷、擴大我們的門市數量、我們的考試業務以及我們的產品創新。

Given that glasses are our highest margin product, improved glasses growth is also an important driver of gross margin expansion in the quarter. On a year-over-year basis, we drove an acceleration in the growth of single-vision glasses which represent the majority of our prescription glasses business driven by our marketing investments within channels like paid social, streaming and influencer which cater to our single-vision customer.

鑑於眼鏡是我們利潤率最高的產品，眼鏡成長的改善也是本季毛利率擴張的重要驅動力。與去年同期相比，我們推動了單光眼鏡的加速成長，單光眼鏡代表了我們處方眼鏡業務的大部分，這是由我們在付費社交、串流媒體和影響者等管道的營銷投資推動的，這些管道迎合了我們的單光眼鏡願景客戶。

Glasses growth also continues to benefit from progressive penetration and the adoption of more complex lens types. Progressives overall still only represent 23% of our prescription glasses sold in Q2, and we believe there's a significant opportunity to increase penetration over time.

眼鏡的成長也繼續受益於滲透率的不斷提高和更複雜鏡片類型的採用。總體而言，漸進式眼鏡僅占我們第二季度銷售的處方眼鏡的 23%，我們相信隨著時間的推移，有很大的機會提高滲透率。

Within the progressive category, we have seen strong uptake of precision progressives, which start at $395, including frames, lenses and coatings, and offer customers better visual quality and comfort at a fraction of the price of what similar products often cost elsewhere. While we expect progressives' penetration to remain higher in our stores than in e-com, we only recently launched precision progressives online this quarter to provide a more seamless experience for our customers.

在漸進鏡片類別中，我們看到了精密漸進鏡片的廣泛採用，起價為395 美元，包括鏡框、鏡片和鍍膜，可為客戶提供更好的視覺品質和舒適度，而價格僅為其他地方類似產品的一小部分。雖然我們預計累進卡在我們商店的滲透率仍將高於電子商務，但我們本季最近才在網路上推出了精準累進卡，以便為客戶提供更無縫的體驗。

We also continue to expand our lens options to give customers more choice. Within our sun business, we recently introduced the option to add polarized and custom lens colors to non-prescription sunglasses and the ability to add additional anti-reflective coatings to prescription sunglasses. Options like these, in addition to lens enhancements like anti-fatigue, blue light and light-responsive, have contributed nicely to average revenue per customer.

我們也持續擴大鏡頭選擇，為客戶提供更多選擇。在我們的太陽眼鏡業務中，我們最近推出了為非處方太陽眼鏡添加偏光和客製化鏡片顏色的選項，以及為處方太陽眼鏡添加額外抗反射塗層的功能。除了抗疲勞、藍光和光響應等鏡片增強功能之外，諸如此類的選項也為每位客戶的平均收入做出了巨大貢獻。

We're not only seeing customers buy more complex lens types, we're also seeing them select higher-priced frames with more complex constructions like those in our recently launched Italian-made diamond cut collection starting at $195. While the response to our new frames across multiple price points has been very positive, the majority of our frames are still sold at our accessible, all-inclusive $95 price point.

我們不僅看到顧客購買更複雜的鏡片類型，還看到他們選擇價格更高、結構更複雜的鏡框，例如我們最近推出的起價 195 美元的意大利製造鑽石切割系列中的鏡框。雖然我們的新鏡架在多個價位上的反應非常積極，但我們的大多數鏡架仍以 95 美元的全包價格點出售。

The second key driver of our strong Q2 results was active customer growth, which has now improved for four consecutive quarters. Similar to Q1, we've been scaling our media spend across a variety of channels, and we've been pleased with the efficiencies we're seeing, while maintaining marketing in the low-double digits as a percent of revenue. We believe our diversified media model affords us significant flexibility, including the ability to stay disciplined, while leaning into certain channels where we're seeing strong results.

我們第二季強勁業績的第二個關鍵驅動因素是活躍的客戶成長，目前已連續四個季度有所改善。與第一季類似，我們一直在各種管道上擴大媒體支出，我們對所看到的效率感到滿意，同時將行銷佔收入的百分比保持在低兩位數。我們相信，我們的多元化媒體模式為我們提供了巨大的靈活性，包括保持紀律的能力，同時傾向於我們看到強勁成果的某些管道。

Looking ahead at the remainder of the year, we'll continue testing and scaling certain channels to drive store and exam awareness, as these are the top reasons that customers who are aware of Warby Parker have not yet shopped with us. Direct mail has shown promising results in this regard to complement our broader linear search, streaming and influencer spend.

展望今年剩餘時間，我們將繼續測試和擴展某些管道，以提高商店和考試意識，因為這些是了解 Warby Parker 的客戶尚未在我們這裡購物的主要原因。直郵在這方面已經顯示出有希望的結果，以補充我們更廣泛的線性搜尋、串流媒體和影響者支出。

As a result of our strategic investments in marketing and new stores, we ended Q2 with 2.4 million active customers, an increase of 4.5% on a trailing 12-month basis, while average revenue per customer grew 8.8%. We anticipate seeing active customer growth continue to inflect upwards throughout the year. We know once we acquire a customer and deliver an exceptional Warby Parker experience, we see consistent retention metrics and repeat purchasing patterns across cohorts. For the most recent cohort, we had a revenue retention rate of roughly 50% over 24 months and roughly 100% over 48 months.

由於我們在行銷和新店方面進行策略性投資，第二季末我們的活躍客戶數量達到 240 萬，較過去 12 個月增長了 4.5%，而每位客戶的平均收入增長了 8.8%。我們預計全年活躍客戶成長將繼續向上。我們知道，一旦我們獲得了客戶並提供了卓越的 Warby Parker 體驗，我們就會看到一致的保留指標和跨群體的重複購買模式。對於最近的隊列，我們在 24 個月內的收入保留率約為 50%，在 48 個月內的收入保留率約為 100%。

Complementary to our core marketing efforts, we're excited to be able to serve even more customers through in-network and out-of-network insurance plans. Earlier this year, we announced an expanded in-network relationship with Versant Health, a wholly-owned subsidiary of MetLife, which, once fully integrated, will bring millions of additional lives in network with Warby Parker.

作為我們核心行銷工作的補充，我們很高興能夠透過網路內和網路外保險計劃為更多客戶提供服務。今年早些時候，我們宣布擴大與大都會人壽全資子公司 Versant Health 的網絡內合作關係，一旦完全整合，將為 Warby Parker 的網絡帶來數以百萬計的額外生命。

Our integration with Versant Health is expected to be complete before our busy period at the end of the year. Given the time it takes for in-network awareness to grow and for customers to realize they can use their benefits at Warby Parker, we have not incorporated this into our guidance and expect it to be a longer-term tailwind over the next several years.

我們與 Versant Health 的整合預計將在年底繁忙時期之前完成。考慮到網路內意識的成長以及客戶意識到他們可以在 Warby Parker 享受其優勢需要時間，我們尚未將其納入我們的指導中，並預計它將成為未來幾年的長期推動力。

In parallel to our in-network insurance initiatives, we continue to leverage our universal eligibility check tool in stores and online to help customers easily locate their in-network insurance coverage and average out-of-network benefits. Most out-of-network plans cover an average of $100 reimbursement for a pair of glasses or contacts, meaning that these customers often pay $0 out of pocket for their eyewear purchase at Warby Parker.

在我們的網絡內保險計劃的同時，我們繼續在商店和網上利用我們的通用資格檢查工具，幫助客戶輕鬆找到他們的網絡內保險範圍和平均網絡外福利。大多數網路外計畫平均為一副眼鏡或隱形眼鏡提供 100 美元的報銷，這意味著這些客戶在 Warby Parker 購買眼鏡時通常需要自掏腰包 0 美元。

And now, I'll pass it over to Neil to talk about additional growth drivers.

現在，我將把它交給尼爾來討論其他成長動力。

Thanks, Dave. The third driver of our Q2 growth was our highly productive store base, complemented by an improving e-commerce channel. Retail revenue increased approximately 18% year-over-year, coupled with e-commerce growth of over 4% year-over-year, the channel's highest quarter growth since Q1 2021.Since Q2 of last year, we've added 39 net new stores, including 11 in Q2.

謝謝，戴夫。第二季成長的第三個驅動力是我們高生產力的商店基礎，並輔以不斷改進的電子商務管道。零售收入年增約 18%，電子商務年增超過 4%，這是該通路自 2021 年第一季以來的最高季度增長。第二季有11 家。

Five new stores were in new markets, including Savannah, Georgia; Wilmington, North Carolina; and Thousand Oaks, California. Six new stores were expansions within existing markets, including D.C. Pittsburgh and New York City. With an ending store count of 256 in Q2, we still have a long runway before reaching our longer-term 900-plus store potential which would still represent a small fraction of the 45,000 optical shops in the US.

五家新店位於新市場，包括喬治亞州薩凡納；北卡羅來納州威爾明頓；和加州千橡市。六家新店是在現有市場內的擴張，包括華盛頓特區匹茲堡和紐約市。第二季末門市數量為 256 家，要達到 900 多家門市的長期潛力，我們還有很長的路要走，而這仍然只占美國 45,000 家眼鏡店的一小部分。

Within our e-commerce channel, we saw an improvement in our single-vision glasses business consistent with Q1, as well as strength in contact lenses from both new and returning customers. As we've shared previously, overall channel growth is benefiting from a positive inflection in glasses purchases which is partially offset by an ongoing, but diminishing headwind from our Home Try-On program. What's been particularly encouraging to see is that e-commerce growth was highest in many of our largest and most mature markets like New York, Chicago and Dallas where we also continue to see strong retail growth.

在我們的電子商務管道中，我們看到單光眼鏡業務與第一季一致，以及新客戶和回頭客的隱形眼鏡業務都有所改善。正如我們之前分享的，整體通路成長受益於眼鏡購買量的積極變化，但我們的家庭試戴計劃持續但正在減弱的阻力部分抵消了這一變化。特別令人鼓舞的是，在我們許多最大和最成熟的市場（例如紐約、芝加哥和達拉斯），電子商務成長最快，零售業也持續強勁成長。

We believe this underscores the meaningful opportunities ahead of us to drive omni-channel growth as we both infill existing markets and expand to new markets as we see overall market growth benefit from greater brand awareness and store density. Our omni-channel experience remains unique in our category and we continue to invest in technologies that enhance and personalize the online customer experience.

我們相信，這突顯了我們面臨著推動全通路成長的重大機遇，因為我們看到整體市場成長受益於更高的品牌知名度和商店密度，因此我們既填補了現有市場，又拓展了新市場。我們的全通路體驗在我們的類別中仍然是獨一無二的，我們繼續投資於增強和個人化線上客戶體驗的技術。

In Q2, we piloted two features within our award-winning Virtual Try-On tool which enables customers to try on all of our eyeglasses and sunglasses on their digital devices with life-like accuracy. One of these features is called glasses eraser. Many of our customers have strong prescriptions requiring them to keep their glasses on to be able to see when looking at screens including seeing themselves when using our Virtual Try-On. Glasses eraser uses computer vision and generative AI to digitally erase the glasses users wear on their face enabling them to virtually try on new glasses while keeping their current pair on.

在第二季度，我們在屢獲殊榮的虛擬試戴工具中試用了兩項功能，使客戶能夠在數位裝置上以逼真的準確性試戴我們所有的眼鏡和太陽眼鏡。這些功能之一稱為眼鏡橡皮擦。我們的許多客戶都有強烈的處方要求他們在看螢幕時必須戴上眼鏡才能看清楚，包括在使用我們的虛擬試戴時看到自己。眼鏡橡皮擦使用電腦視覺和生成人工智慧以數位方式擦除使用者戴在臉上的眼鏡，使他們能夠在保留當前眼鏡的同時虛擬地試戴新眼鏡。

The second feature is an AI-powered styling tool that makes frame recommendations for our users. It's like a virtual stylist at your fingertips. After testing throughout Q2, both of these features are now live in our iOS app. We also continue to invest in leading retail tools to enhance the customer experience while making our team more productive. Team Warby's commitment to leveraging data and technology is one of the reasons we're able to continue exceeding customer expectations.

第二個功能是人工智慧驅動的造型工具，可以為使用者推薦鏡框。它就像您觸手可及的虛擬造型師。經過第二季的測試後，這兩項功能現已在我們的 iOS 應用程式中上線。我們也持續投資領先的零售工具，以增強客戶體驗，同時提高我們團隊的工作效率。Warby 團隊致力於利用數據和技術，這是我們能夠持續超越客戶期望的原因之一。

The fourth and final growth strategy I'll dive into this quarter is our effort to scale holistic vision care and drive higher customer lifetime value. In Q2, contact lens sales grew approximately 45% year-over-year to a little over 10% of revenue which remains well below the 20% industry average. We plan to continue growing this portion of our business as it not only attracts new customers, but also some of our highest-value customers given the replenishment nature of the product and their propensity to go on to purchase glasses.

本季我將深入探討的第四個也是最後一個成長策略是我們努力擴大整體視力保健並推動更高的客戶終身價值。第二季度，隱形眼鏡銷售額年增約 45%，略高於營收的 10%，仍遠低於 20% 的行業平均值。我們計劃繼續發展這部分業務，因為它不僅吸引新客戶，而且考慮到產品的補貨性質以及他們繼續購買眼鏡的傾向，還吸引了我們的一些最高價值客戶。

In the quarter eye exam revenue grew approximately 40% year-over-year to approximately 5% of revenue, which remains well below the approximately 15% industry average. Today, the majority of our customers still get their eye exams elsewhere and bring your prescriptions to Warby Parker, highlighting the opportunity in front of us to broaden awareness of this service and capture more share of the $11 billion segment of the industry.

本季眼科檢查收入年增約 40%，佔營收約 5%，仍遠低於約 15% 的同業平均。如今，我們的大多數客戶仍然在其他地方進行眼科檢查，並將您的處方帶到Warby Parker，這凸顯了我們面前的機會，可以擴大這項服務的知名度，並在價值110 億美元的行業領域中佔據更多份額。

In quarters past, we referenced our commitment to delivering best-in-class patient experiences by piloting technologies like video-assisted eye exams and retinal imaging. Our patients continue to provide great feedback about these services, so we rolled them out to several new stores throughout Q2 and we'll continue expanding them in Q3.

在過去的幾個季度中，我們承諾透過視訊輔助眼科檢查和視網膜成像等試點技術來提供一流的患者體驗。我們的患者繼續對這些服務提供良好的反饋，因此我們在第二季度將這些服務推廣到了幾家新商店，並將在第三季度繼續擴大這些服務。

Scaling our eye exam business including exam utilization has had and will continue to have a direct impact on our glasses business. We find that exam stores drive higher sales than non-exam stores and industry-wide approximately 75% of prescription glasses are purchased at the same location as an eye exam takes place.

擴大我們的眼科檢查業務（包括檢查利用率）已經並將繼續對我們的眼鏡業務產生直接影響。我們發現，檢查商店的銷售額高於非檢查商店，並且全行業大約 75% 的處方眼鏡是在進行眼科檢查的同一地點購買的。

As we've increased the number of stores offering eye exams, we've seen strong growth in average revenue per customer driven by eye exam revenue, a higher penetration of progressive lenses and contact lenses. Similarly, as we've added doctors to stores that previously did not have coverage, we see a top line benefit as we not only capture the exam revenue, but also the glasses purchased post-exam.

隨著我們增加提供眼科檢查的商店數量，我們看到在眼科檢查收入、漸進鏡片和隱形眼鏡滲透率的提高的推動下，每位顧客的平均收入強勁增長。同樣，當我們向以前沒有保險的商店增加醫生時，我們看到了頂線收益，因為我們不僅獲得了檢查收入，還獲得了檢查後購買的眼鏡。

When we launched Warby Parker, we committed to building a business that can scale while doing good, and delivering on these four growth strategies has enabled us to have an even greater impact. This quarter we finalized plans to expand our Pupils Project initiative to two new cities; Austin, Texas; and Las Vegas, Nevada.

當我們推出 Warby Parker 時，我們致力於打造一家能夠在做好事的同時擴大規模的企業，而實施這四項成長策略使我們能夠產生更大的影響。本季度，我們最終確定了將學生專案計劃擴展到兩個新城市的計劃；德州奧斯汀；和內華達州拉斯維加斯。

Through this school-based vision program, we work with local organizations and government agencies to give free vision screenings, eye exams and glasses to school children in the US.

透過這個以學校為基礎的視力計劃，我們與當地組織和政府機構合作，為美國的學童提供免費視力篩檢、眼科檢查和眼鏡。

For many of whom this is their first pair. Since we launched the program, we've distributed more than 240,000 pairs of glasses to students. We fulfill Pupils Project orders out of our optical lab in Las Vegas. So the team there is particularly excited to impact students in their own community. It's initiatives like these that continue to attract exceptional talent and motivate the team every day.

對許多人來說，這是他們的第一雙。自啟動該計劃以來，我們已向學生分發了超過 240,000 副眼鏡。我們在拉斯維加斯的光學實驗室履行學生專案訂單。因此，那裡的團隊特別高興能夠影響自己社區的學生。正是這樣的舉措不斷吸引傑出人才並每天激勵團隊。

And now, I'll turn it over to Steve to review the details of our financial performance.

現在，我將把它交給史蒂夫來審查我們財務表現的細節。

Thanks, Neil and Dave. Revenue for the second quarter came in at $188.2 million, up 13.3% year-over-year. From a channel perspective, retail revenue increased 17.8% year-over-year, while e-commerce revenue increased 4.4% versus Q2 of 2023.

謝謝，尼爾和戴夫。第二季營收為 1.882 億美元，年增 13.3%。從通路角度來看，零售收入年增17.8%，電商營收較2023年第二季成長4.4%。

Turning to our stores, we added 39 net new stores over the course of the last 12 months, ending the quarter with 256 stores, up from 217 at the end of Q2 2023. Looking at Q2 retail performance on a blended basis including both new stores and stores open greater than 12 months, retail productivity was 99% as compared to the same period last year.

談到我們的門市，我們在過去 12 個月內淨增了 39 家新店，本季末門市數量為 256 家，高於 2023 年第二季末的 217 家。從第二季零售表現來看，包括新店和開業超過 12 個月的商店，零售生產力與去年同期相比為 99%。

As a reminder we define retail productivity as the year-over-year change in retail sales per store for the average number of stores open in the period including our new store openings. As is the case in most quarters, we see this metric fluctuate throughout the quarter as it can be impacted by a number of factors including the timing and composition of store openings year-over-year, as well as the timing of doctor hiring for new stores.

提醒一下，我們將零售生產率定義為該期間平均開業商店數量（包括新店開業）每家商店零售額的同比變化。與大多數季度的情況一樣，我們認為這一指標在整個季度都會波動，因為它可能受到許多因素的影響，包括同比開店的時間和組成，以及為新店聘請醫生的時間。

For stores that have been open greater than 12 months, we continue to observe strong year-over-year growth. Our new stores continue to deliver strong unit economics, performing in line with our target of 35% four-wall margins and 20-month paybacks. For stores open more than 12 months, average revenue per store was $2.2 million, consistent with Q1 and performance was in line with our target 35% four-wall adjusted EBITDA margins.

對於開業時間超過 12 個月的商店，我們繼續觀察到強勁的同比增長。我們的新店繼續提供強勁的單位經濟效益，符合我們 35% 的四牆利潤率和 20 個月投資回收期的目標。對於開業超過 12 個月的商店，每家商店的平均收入為 220 萬美元，與第一季一致，業績符合我們 35% 四牆調整後 EBITDA 利潤率的目標。

Over the course of the past year, we added 46 net new eye exam locations bringing our stores with eye exam capabilities to 215 stores or 84% of our total fleet. From a channel mix perspective for the second quarter, retail represented 69% of our overall business consistent with Q1 of this year and up 260 basis points versus 67% in Q2 2023.

去年，我們淨增了 46 個眼科檢查地點，使具備眼科檢查功能的商店達到 215 家，占我們總店面數量的 84%。從第二季的通路組合角度來看，零售占我們整體業務的 69%，與今年第一季一致，比 2023 年第二季的 67% 成長了 260 個基點。

From a customer perspective, we finished Q2 with 2.39 million active customers, which we believe is more reflective of active households and represents an increase of 4.5% on a trailing 12-month basis. We've been pleased to see sequential improvements in year-over-year active customer growth for the past four quarters as we've now fully anniversaried periods that were impacted by reduced marketing spend.

從客戶角度來看，我們第二季的活躍客戶數量為 239 萬，我們認為這更能反映活躍家庭的情況，較過去 12 個月增加了 4.5%。我們很高興看到過去四個季度活躍客戶同比成長連續改善，因為我們現在已經度過了受行銷支出減少影響的周年紀念日。

Looking ahead, we anticipate seeing this metric continue to inflect upward throughout the year. We also continued to see strength in average revenue per customer, which came in at $302 in Q2, up 8.8% year-over-year. This was driven by a few factors including a higher mix of our premium lenses such as progressives continued ramping of both contact lens and eye exam sales and continued uptake of our higher-priced frame price points.

展望未來，我們預計這項指標將全年持續上升。我們也繼續看到每位客戶的平均收入強勁，第二季為 302 美元，年增 8.8%。這是由多種因素推動的，包括我們的優質鏡片（例如漸進鏡片）的增加、隱形眼鏡和眼科檢查銷量的持續增長以及我們高價鏡框價格點的持續採用。

As previously noted, we have multi-user accounts in which one person in the household places an order on behalf of others. And if we look at our customers on an individual basis, we serve 2.52 million individuals, which is up 5.5% on a trailing 12-month basis and reflects average revenue per individual of $286, up 7.8%.

如前所述，我們擁有多用戶帳戶，其中家庭中的一個人代表其他人下訂單。如果我們以個人為基礎來觀察我們的客戶，我們為 252 萬人提供服務，在過去 12 個月的基礎上增長了 5.5%，反映出每人的平均收入為 286 美元，增長了 7.8%。

Moving on to gross margin, as a reminder our gross margin is fully loaded and accounts for a range of costs, including frames, lenses, optical labs, customer shipping, optometrist salaries, store rents and the depreciation of store build-outs.

說到毛利率，提醒一下，我們的毛利率是滿載的，並考慮了一系列成本，包括鏡架、鏡片、光學實驗室、客戶運輸、驗光師工資、商店租金和商店擴建的折舊。

Our gross margin also includes stock-based compensation expense for our optometrists and optical lab employees. For comparability, I will be speaking to gross margin excluding stock-based compensation.

我們的毛利率還包括驗光師和光學實驗室員工的股票薪資費用。為了方便比較，我將討論不包括股票薪酬的毛利率。

Second quarter adjusted gross margin came in at 56.1%, compared to 54.7% in the year-ago period up approximately 140 basis points year-over-year. We're pleased to report that gross profit dollars increased 16% year-over-year in Q2, our second consecutive quarter reflecting the benefit of revenue growth paired with gross margin expansion.

第二季調整後毛利率為 56.1%，較上年同期的 54.7% 上升約 140 個基點。我們很高興地報告，第二季毛利年增 16%，這是我們連續第二季反映了營收成長和毛利率擴張的好處。

The increase in gross margin was driven by continued growth in our glasses business, which is our highest gross margin product category, lower outbound customer shipping cost as a percent of revenue and efficiencies in our owned optical laboratories.

毛利率的成長是由於我們的眼鏡業務的持續成長（這是我們毛利率最高的產品類別）、較低的出境客戶運輸成本佔收入的百分比以及我們自有光學實驗室的效率所推動的。

As expected, we saw stability within the fixed portion of our cost of goods including retail occupancy, as we've continued to scale our store base partially offsetting gross margin leverage in Q2 were continued strength in contact lenses and eye exams which have lower gross margin profiles than eyeglasses.

正如預期的那樣，我們看到包括零售佔用在內的商品成本的固定部分保持穩定，因為我們繼續擴大商店規模，部分抵消了第二季度的毛利率槓桿，而毛利率較低的隱形眼鏡和眼科檢查的持續強勢輪廓比眼鏡。

But over the medium and long-term are accretive to gross profit dollars which were up 16% year-over-year in Q2 as previously noted; and higher optometrist salaries as the number of stores offering eye exams grew.

但從中長期來看，毛利會增加，如前所述，第二季年增 16%；隨著提供眼科檢查的商店數量的增加，驗光師的薪水也隨之提高。

Expanding our contacts offering is a core part of scaling our holistic vision care offering and the key driver of growing average revenue per customer. In addition, contact lenses have a higher purchase frequency and subscription-like purchase cycle.

擴大我們的隱形眼鏡產品是擴大我們整體視力保健產品的核心部分，也是增加每位客戶平均收入的關鍵驅動力。此外，隱形眼鏡具有較高的購買頻率和訂閱式購買週期。

Shifting gears to SG&A. As a reminder, SG&A for our business includes three main components: salary expense for our headquarters, customer experience and retail employees; marketing spend including our Home Try-On program; and general corporate overhead expenses.

轉向 SG&A。提醒一下，我們業務的SG&A包括三個主要組成部分：總部、客戶體驗和零售員工的薪資費用；行銷支出，包括我們的家庭試穿計畫；以及一般公司管理費用。

Adjusted SG&A excludes non-cash costs, like stock-based compensation expense. Adjusted SG&A in the second quarter came in at $98.2 million or 52.2% of revenue. This compares to Q2 2023 adjusted SG&A of $86.8 million or 52.2% of revenue.

調整後的銷售及管理費用不包括非現金成本，例如以股票為基礎的薪酬費用。第二季調整後的 SG&A 為 9,820 萬美元，佔營收的 52.2%。相比之下，2023 年第二季調整後的 SG&A 為 8,680 萬美元，佔營收的 52.2%。

Within adjusted SG&A marketing spend increased from $18.2 million or 11% of revenue to $22.4 million or 11.9% of revenue. The deleverage from marketing was offset by disciplined expense management and leverage in corporate expenses as non-marketing adjusted SG&A declined as a percent of revenue from 41.2% to 40.3%.

調整後的 SG&A 行銷支出從 1,820 萬美元（佔收入的 11%）增加到 2,240 萬美元（佔收入的 11.9%）。由於非行銷調整後的 SG&A 佔收入的百分比從 41.2% 下降至 40.3%，嚴格的費用管理和公司費用槓桿抵消了行銷的去槓桿化。

Turning now to adjusted EBITDA, in the second quarter we generated adjusted EBITDA of $19.6 million, representing an adjusted EBITDA margin of 10.4% which compares to adjusted EBITDA of $14.2 million or 8.5% of revenue in the year-ago period. This represents approximately 190 basis points of adjusted EBITDA margin expansion.

現在轉向調整後 EBITDA，第二季調整後 EBITDA 為 1,960 萬美元，調整後 EBITDA 利潤率為 10.4%，而去年同期調整後 EBITDA 為 1,420 萬美元，佔營收的 8.5%。這意味著調整後的 EBITDA 利潤率擴大了約 190 個基點。

Turning now to our balance sheet, we were free cash flow positive for the fifth consecutive quarter, generating $14 million in Q2 and ended with a strong balance sheet position reflecting approximately $238 million in cash which we will continue to deploy deliberately to support our growth and operations. We also have an undrawn credit facility of $120 million that we can increase to $175 million.

Turning now to our balance sheet, we were free cash flow positive for the fifth consecutive quarter, generating $14 million in Q2 and ended with a strong balance sheet position reflecting approximately $238 million in cash which we will continue to deploy deliberately to support our growth and營運.我們還有 1.2 億美元的未提領信貸額度，可以增加至 1.75 億美元。

Now to our outlook, Warby Parker operates in a durable category providing healthcare products and services and our team is encouraged by the momentum we're seeing year-to-date. That being said, we are maintaining a conservative stance on guiding our business given the broader macroeconomic environment.

現在就我們的前景而言，Warby Parker 經營的是提供醫療保健產品和服務的耐用類別，我們的團隊對今年迄今為止所看到的勢頭感到鼓舞。話雖如此，鑑於更廣泛的宏觀經濟環境，我們在指導業務方面仍保持保守立場。

Given our performance in Q2, we're revising our full year 2024 guidance higher to the following. Revenue of $757 million to $762 million, representing approximately 13% to 14% year-over-year growth; adjusted EBITDA of $72.5 million at the midpoint of our revenue range which equates to an adjusted EBITDA margin of 9.5% or approximately 170 basis points of year-over-year expansion; stability in gross margin in the mid-50s as a percent of revenue; and 40 new store openings.

鑑於我們在第二季的表現，我們將 2024 年全年指引上調至以下水準。營收為7.57億美元至7.62億美元，年增約13%至14%；調整後 EBITDA 為 7,250 萬美元，處於我們收入範圍的中點，相當於調整後 EBITDA 利潤率為 9.5%，或較去年同期擴張約 170 個基點；毛利率佔收入的比例穩定在 50 年代中期；以及 40 家新店開幕。

We anticipate adjusted EBITDA margin expansion over the remainder of the year will be driven by leverage within SG&A supported by ongoing efficiencies in staffing our store and customer experience teams and achieving continued leverage in corporate expenses, while keeping marketing spend consistent as a percent of revenue in the low-teens.

我們預計，今年剩餘時間調整後的EBITDA 利潤率擴張將由SG&A 內部的槓桿推動，這得益於我們商店和客戶體驗團隊人員配備的持續效率以及實現企業支出的持續槓桿，同時保持營銷支出佔收入的百分比一致。

We're still forecasting stock-based compensation as a percentage of net revenue in 2024 to be approximately 6% compared with 10.5% in 2023. Stock-based compensation for both periods is above our long-term forecast as a result of the multi-year equity grants to our Co-CEOs in 2021. We're still forecasting stock-based compensation as a percentage of net revenue in 2024 to be approximately 6% compared with 10.5% in 2023.

我們仍預測 2024 年股票薪酬佔淨收入的比例約為 6%，而 2023 年為 10.5%。由於 2021 年授予我們的聯合執行長多年股權，這兩個時期的股票薪酬都高於我們的長期預測。我們仍預測 2024 年股票薪酬佔淨收入的比例約為 6%，而 2023 年為 10.5%。

Stock-based compensation for both periods is above our long-term forecast as a result of the multi-year equity grants to our Co-CEO's in 2021. We still anticipate stock-based compensation to normalize to a range of 2% to 4% of net revenue next year.

由於 2021 年授予我們的聯合執行長多年股權，這兩個時期的股票薪酬都高於我們的長期預測。我們仍預期明年以股票為基礎的薪酬將正常化至淨收入的 2% 至 4%。

For Q3 2024, we're guiding to the following: revenue between $188 million and $190 million, which represents growth of approximately 11% to 12% year-over-year. From a bottom-line perspective in Q3, we're guiding to adjusted EBITDA of approximately $17 million, representing a margin of approximately 9% at the midpoint of our range.

對於 2024 年第三季度，我們的目標是：營收在 1.88 億美元至 1.9 億美元之間，年增約 11% 至 12%。從第三季的利潤角度來看，我們預計調整後 EBITDA 約為 1700 萬美元，相當於我們範圍中位數的約 9% 的利潤率。

Given our outperformance in Q2, we now expect Q3 adjusted EBITDA to be lower than Q2 consistent with the shape of last year, while we still expect to expand adjusted EBITDA margin by approximately 250 basis points year-over-year.

鑑於我們在第二季度的優異表現，我們現在預計第三季度調整後 EBITDA 將低於第二季度，與去年的情況一致，同時我們仍預計調整後 EBITDA 利潤率將同比擴大約 250 個基點。

Thank you again for joining us this morning. With that, Neil, Dave, and I are pleased to take your questions. Operator, please open the line for Q&A.

再次感謝您今天早上加入我們。尼爾、戴夫和我很高興回答你們的問題。接線員，請開通問答線。

(Operator Instructions) Mark Altschwager, Baird.

（操作說明）Mark Altschwager，Baird。

Good morning. Thank you for taking my questions. I guess first Neil, Dave, it would be great to hear your views on the health of the broader industry where we are in the replenishment cycle? And then Steve on the guide you're guiding to Q3 revenue that's slightly above Q2 but margins that are about 140 basis points lower than Q2. I was hoping you could just walk us through the puts and takes there? Thank you.

早安.感謝您回答我的問題。我想首先尼爾，戴夫，很高興聽到您對我們處於補貨週期的更廣泛行業的健康狀況的看法？然後史蒂夫在指南中指出，您指導的第三季度收入略高於第二季度，但利潤率比第二季度低約 140 個基點。我希望你能帶我們了解看跌期權和看跌期權嗎？謝謝。

Thanks Mark. So, on the industry demand side, we've yet to see signs of pent-up demand in the category and haven't seen a major change in trend this year. Now, given that our business sits at the intersection of consumer products, fashion, and healthcare, we're subject to two largely independent macro forces the first being overall consumer discretionary spending and the second being essential eye health-related activities.

謝謝馬克。所以，在產業需求方面，我們還沒有看到該品類需求被壓抑的跡象，今年也沒有看到趨勢有重大變化。現在，鑑於我們的業務處於消費品、時尚和醫療保健的交叉點，我們受到兩個基本上獨立的宏觀力量的影響，第一個是整體消費者可自由支配支出，第二個是與眼睛健康相關的基本活動。

And on the discretionary spending side, we're certainly not immune to the challenges that many companies are experiencing, but we do benefit from the fact that in spite of our low prices, we serve mainly high-income consumers with a median household income north of $100,000 who seem to be in better shape than lower income households. And those customers continue to opt into some of our higher-priced items, resulting in higher average revenue per customer as we discussed.

在可自由支配支出方面，我們當然不能倖免於許多公司正在經歷的挑戰，但我們確實受益於這樣一個事實：儘管我們的價格低廉，但我們主要為家庭收入中位數北部的高收入消費者提供服務10 萬美元的人似乎比低收入家庭的狀況更好。正如我們所討論的，這些客戶繼續選擇我們的一些價格較高的產品，從而導致每個客戶的平均收入更高。

On the eye health side, we benefit from serving essential eye health-related conditions including when people's prescriptions change. Here we've yet to see a significant shift in patterns and have not seen meaningful differences in the category trends year-to-date. And so overall, this results in us continuing to see more intentional traffic a smaller percentage of shoppers that are carrying bags from other stores nearby.

在眼睛健康方面，我們受益於提供與眼睛健康相關的基本疾病，包括當人們的處方發生變化時。在這裡，我們尚未看到模式的重大轉變，也沒有看到今年迄今為止類別趨勢的有意義的差異。總體而言，這導致我們繼續看到更多有意客流量，而攜帶附近其他的商店購物袋的購物者比例較小。

A higher percentage of our patients and customers are beginning their journey with an -- and with Warby Parker as their only kind of shopping visit. But we also do know that if some of that discretionary spending in our category is put off long enough it does turn into required health-related spend.

我們有更高比例的患者和客戶從 Warby Parker 開始他們的旅程，並將 Warby Parker 作為他們唯一的購物方式。但我們也確實知道，如果我們類別中的一些可自由支配支出推遲足夠長的時間，它確實會變成必需的與健康相關的支出。

So, at some point, we are expecting category demand to increase, but are not counting on that this year and believe we can hit our guidance targets without an improvement in category demand.

因此，在某個時候，我們預期品類需求會增加，但今年不會指望這一點，並相信我們可以在品類需求沒有改善的情況下實現我們的指導目標。

Hi Mark. This is Steve. Thanks for your question as it relates to Q3. So I'll unpack a little bit of what went into our projections for Q3. As a reminder, we are comping top line off of our strongest growth last year where we were up a little north of 14% year-over-year. But turning to gross margin, we've seen two consecutive quarters of gross margin expansion.

嗨馬克。這是史蒂夫。感謝您提出與 Q3 相關的問題。因此，我將解釋一下我們對第三季的預測的一些內容。提醒一下，我們的營收較去年成長最為強勁，年成長略高於 14%。但談到毛利率，我們已經看到毛利率連續兩季成長。

We're projecting that, that moderates in Q3 and I would point you toward the midpoint of our mid-50s range as it relates to gross margin and would point to Q3 of last year as a good reference point. So we're not planning for the same level of expansion that we've seen to-date and would point you towards really the mid-50s in Q3 of last year as reference points.

我們預計，第三季的成長將放緩，我會向您指出 50 年代中期範圍的中點，因為它與毛利率相關，並會指出去年第三季作為一個很好的參考點。因此，我們並沒有計劃實現迄今為止所看到的相同水平的擴張，並且會向您指出去年第三季的 50 年代中期作為參考點。

As it relates to marketing, stepping down the income statement within SG&A, we're planning for marketing spend really consistent as a percent of revenue with what you saw in Q2 in the low-teens as a percent of revenue with really Q2 as a good reference point.

由於它與行銷相關，因此減少了 SG&A 內的損益表，我們計劃行銷支出佔收入的百分比與您在第二季度看到的收入百分比保持一致，第二季度確實是一個很好的表現參考點。

And SG&A spend ex-marketing as a percent of revenue as we called out came in at roughly 40.3% and we're projecting a similar level of spend for SG&A ex-marketing. And so that's how we unpack the quarter, consistent gross margin as opposed to an expansion and then real leverage coming from SG&A ex-marketing with consistent marketing spend as a percent of revenue.

正如我們所說，行銷前的 SG&A 支出佔收入的百分比約為 40.3%，我們預期行銷前的 SG&A 支出水準類似。這就是我們如何分析本季的情況，毛利率保持穩定，而不是擴張，然後來自銷售、管理及行政費用（SG&A）前行銷的實際槓桿作用，行銷支出佔收入的百分比保持一致。

That’s very helpful. Thank you.

這非常有幫助。謝謝。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, Neil, Dave and Steve. You've been bucking the trends as peers or others in the industry have been seeing weakness and ending Q2 in some weaker commentary. I would love your thoughts on that. It sounds like a lot of innovation is taking hold.

嗨，尼爾、戴夫和史蒂夫。你們一直在逆勢而行，因為同行或業內其他人已經看到了疲軟，並以一些較弱的評論結束了第二季度。我很想聽聽你對此的想法。聽起來很多創新都在生根。

Also as you mentioned, contacts and exams and the big opportunities going forward there, what are you doing to drive that awareness factor and initiatives to distinguish yourself and drive differentiation?

另外，正如您所提到的，接觸、考試以及未來的巨大機遇，您正在採取哪些措施來推動這種意識因素和舉措，以脫穎而出並推動差異化？

Also the optical lab efficiencies have been encouraging. Do you expect those to continue? What inning are you in with making some nice benefits there as well? Thank you.

光學實驗室的效率也令人鼓舞。您希望這些繼續嗎？您在第幾局也取得了一些不錯的成績？謝謝。

Thanks Oliver. This is Neil. What we're continuing to see is payoffs from our increased investment in marketing. So we've gone back to sort of our pre-pandemic strategy of diversifying across multiple channels. We have a lot of creative output out in the market and that's paying off to attract new customers and of course engage existing customers as well.

謝謝奧利佛。這是尼爾.我們繼續看到的是我們增加行銷投資的回報。因此，我們又回到了大流行前的跨多個管道多元化策略。我們在市場上有很多創意成果，這在吸引新客戶方面得到了回報，當然也吸引了現有客戶。

And this is all on the backdrop of a much larger sort of network of stores that -- many of which have been sort of built and opened in the last couple of years that continue to ramp. So we're sort of taking advantage of increased awareness and of course just increased access through our larger footprint.

這一切都是在一個更大的商店網絡的背景下進行的，其中許多商店是在過去幾年中建成和開業的，並且仍在不斷擴大。因此，我們在某種程度上利用了意識的提高，當然也只是透過我們更大的足跡增加了存取權限。

We continue to invest in innovation as we mentioned. We're really excited about this latest feature our glasses eraser that makes our Virtual Try-On, which was already sort of best-in-class and sort of the first to have a true-to-scale Virtual Try-On now enables people to use that tool while wearing their existing glasses because we know many of our customers can't see without their existing glasses.

正如我們所提到的，我們繼續投資於創新。我們對眼鏡橡皮擦的最新功能感到非常興奮，它使我們的虛擬試戴已經是同類中最好的，並且是第一個擁有真實規模虛擬試戴的功能，現在可以讓人們在佩戴現有眼鏡時使用該工具，因為我們知道許多客戶在沒有現有眼鏡的情況下看不到東西。

So it's tools like this that constantly enhance the customer experience that make our returning customers want to come back to us. And our customers tell their friends and family about us. From a contracts perspective, we continue to see good productivity there. These are some of our highest-value customers and we have existing customers that have been shopping with us for a while that then learn that we offer contacts and start buying from us and then new to Warby Parker contacts that then end up going to buy glasses.

因此，正是這樣的工具不斷增強客戶體驗，讓我們的回頭客想要回到我們身邊。我們的客戶向他們的朋友和家人介紹我們。從合約的角度來看，我們繼續看到那裡的良好生產力。這些是我們一些最高價值的客戶，我們的現有客戶已經在我們這裡購物了一段時間，然後了解到我們提供隱形眼鏡並開始從我們這裡購買，然後是Warby Parker 隱形眼鏡的新客戶，最終會購買眼鏡。

And I think what we find is that our customers are just finding it really easy to purchase with us and are continually surprised by the exceptional value and that creates this customer acquisition flywheel given the added investment with marketing. From an optical lab perspective, we continue to scale our two optical labs. As in the past we find when we do things ourselves, we do it faster at higher quality and at lower cost. So it's been great to see leverage from our sort of investments in those two optical labs.

我認為我們發現，我們的客戶發現在我們這裡購買真的很容易，並且不斷對我們的卓越價值感到驚訝，並且考慮到營銷方面的額外投資，這創造了這種客戶獲取飛輪。從光學實驗室的角度來看，我們繼續擴大我們的兩個光學實驗室的規模。與過去一樣，我們發現，當我們自己做事時，我們可以以更高的品質和更低的成本更快地完成工作。因此，很高興看到我們對這兩個光學實驗室的投資發揮了作用。

Great. Thank you.

偉大的。謝謝。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi, good morning. A question for Steve on the gross margin. So I understand you're kind of positioning them right – for the back half of the year right in the middle of that mid-50s guidance. But can you help us think about the range of outcomes if we continue to see single-vision glasses outperform and then maybe some of the other drivers? What could the upside case look like both for the back half of the year? And then how are you thinking longer term about where gross margins could settle if we continue to see that growth in single-vision glasses? Thank you.

嗨，早安。問史蒂夫一個關於毛利率的問題。所以我知道你們對它們的定位是正確的——在今年下半年，也就是 50 年代中期的指導中。但是，您能否幫助我們考慮一下，如果我們繼續看到單光眼鏡表現出色，然後可能還有其他一些驅動因素，會產生什麼樣的結果？今年下半年的上行狀況會是什麼樣子？那麼，如果我們繼續看到單光眼鏡的成長，您如何長期考慮毛利率可能會穩定在哪裡？謝謝。

Yes sure. There are a number of puts and takes within gross margin. And the easiest way to think about the main factors impacting margin would just be product mix. We've seen a lot of strength in glasses growth Q1 and Q2 and that certainly helped gross margin inflect upward.

是的，當然。毛利率內有許多賣權和賣出選擇權。考慮影響利潤率的主要因素的最簡單方法就是產品組合。我們看到第一季和第二季眼鏡成長強勁，無疑有助於毛利率的上升。

In Q2 we saw meaningful efficiencies in our optical lab network which we just talked about and very strong efficiencies with shipping and mix of shipping carriers that we chose to work with during the quarter. As we think about the back half of this year we are seeing continued strength in eye exams and contacts.

在第二季度，我們看到我們剛剛談到的光學實驗室網路顯著提高了效率，並且我們在本季度選擇合作的運輸和運輸承運商組合也實現了非常高的效率。回顧今年下半年，我們看到眼科檢查和隱形眼鏡的持續強勁成長。

And so we're creating the space to continue to see those two offerings ramp significantly in the back half of this year. And we are taking a conservative stance as it relates to projecting glasses growth. So there could be some upside to gross margin as it relates to glasses growth coming in higher than anticipated.

因此，我們正在創造空間，以便繼續看到這兩種產品在今年下半年大幅成長。我們在預測眼鏡增長方面採取保守立場。因此，毛利率可能會上升，因為這與眼鏡增長高於預期有關。

For the full year, we are still projecting really the mid-50s, the midpoint of that range. And based on the relative mix of the business in terms of glasses, contacts and exams that really represents where we've embedded potential upside.

對於全年，我們的預測仍然是 50 年代中期，即該範圍的中點。基於眼鏡、隱形眼鏡和檢查方面業務的相對組合，這真正代表了我們的潛在優勢。

Perfect. Thanks for all the color. Best of luck.

完美的。感謝所有的顏色。祝你好運。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Thanks a lot. Curious now that you've added all these doctors how that's sort of showing up in the model. And I don't know if the way to do that is to think about kind of the industry rule of thumb that 80% of glasses happen with an exam. Maybe how that relates to your business and if there's some lag effect as those doctors ramp? And kind of a related question any update on where the penetration rates are from sort of the major categories progressives, exams, contacts versus where you were kind of at the direct listing? Thanks.

多謝。現在很好奇您已經添加了所有這些醫生，這在模型中是如何顯示的。我不知道做到這一點的方法是否是考慮一種行業經驗法則，即 80% 的配鏡是透過檢查進行的。也許這與您的業務有何關係？還有一個相關的問題，關於主要類別進步、考試、聯絡人的滲透率與您在直接清單中的滲透率的最新情況？謝謝。

So on the eye care front we continue to hire more and more optometrists and continue to be a preferred place of employment for our eye doctors, given the location of our stores, given the design of the stores, given the new and cutting-edge equipment and technology that we use especially those that enable our doctors to focus on clinical care rather than administrative tasks. And we are at the early innings of our sort of journey into eye care.

因此，在眼部護理方面，考慮到我們商店的位置、商店的設計以及新的尖端設備，我們繼續僱用越來越多的驗光師，並繼續成為我們眼科醫生的首選就業地點我們使用的技術，特別是那些使我們的醫生能夠專注於臨床護理而不是行政任務的技術。我們正處於眼保健之旅的早期階段。

We still find that many of our customers and general public don't realize that we offer eye exams, so it's something that we continue to focus on. It's just raising awareness about this offering. We still – only a small fraction of our customers are purchasing Warby Parker glasses and contacts with a prescription that we've given them after an eye exam.

我們仍然發現許多客戶和公眾沒有意識到我們提供眼科檢查，因此我們繼續關注這一點。這只是提高了人們對該產品的認識。我們仍然——只有一小部分客戶使用我們在眼科檢查後開立的處方購買 Warby Parker 眼鏡和隱形眼鏡。

We expect that to ramp but this is a multi-year and really a mid and long-range strategy for us to eventually get to the 15% of revenue that most optical retailers get through exam revenue. And we still see in the market yes, that 75% to 80% of customers are buying glasses where they got their eye exam. And again, we're just a fraction of that. So we see this as early innings and this will be a continued tailwind for us for the next decade as we continue to raise awareness about our exam offering as we continue to expand our sort of, exam availability in stores.

我們預計這一比例將會上升，但這是一個多年的、真正的中長期策略，我們最終將達到大多數眼鏡零售商透過考試收入獲得的 15% 的收入。我們仍然在市場上看到，75% 到 80% 的顧客在進行視力檢查時購買眼鏡。再說一次，我們只是其中的一小部分。因此，我們認為這只是早期階段，這將是我們未來十年的持續推動力，因為我們將繼續提高人們對我們的考試產品的認識，同時我們將繼續擴大我們在商店中的考試可用性。

So it's something that we're really excited about. Every new store we open has at least one exam lane and we continue to make investments in that business expanding video-assisted eye exams, for example, that will enable us to continue to scale in the years ahead.

所以這是我們非常興奮的事情。我們開設的每一家新店都至少有一條檢查通道，我們將繼續對該業務進行投資，擴大視訊輔助眼科檢查，例如，這將使我們能夠在未來幾年繼續擴大規模。

And to your question about opportunity to expand contacts and exams and where we are in that journey so as we talked about contacts make up roughly 10% of our business. For a more mature optical retailer with a large network of stores that number is closer to 20%. In terms of eye exam, that makes up roughly 5% of our business. We've talked about that number being 15% for national optical retailers.

至於你關於擴大聯繫和考試的機會以及我們在這過程中所處位置的問題，正如我們所說，聯繫約占我們業務的 10%。對於擁有大型商店網路的更成熟的眼鏡零售商來說，這個數字接近 20%。就眼科檢查而言，大約占我們業務的 5%。我們討論過全國性眼鏡零售商的數字為 15%。

In terms of our market share of these particular categories within the optical industry very early innings. We've got about 0.5% of the $12 billion contacts market and under 0.5% of the roughly $11 billion eye exam market. Not to mention prescription glasses which is our largest category and our most profitable category that still represents just 12 -- just 2% market share if you look at our glasses business versus that of the prescription glasses market at large.

就我們在光學產業這些特定類別的市場份額而言，還處於早期階段。我們在 120 億美元的隱形眼鏡市場中佔有約 0.5% 的份額，在約 110 億美元的眼科檢查市場中佔有不到 0.5% 的份額。更不用說處方眼鏡了，它是我們最大的類別，也是我們最賺錢的類別，如果你看看我們的眼鏡業務與整個處方眼鏡市場的情況，它仍然只佔12%——只有2% 的市場份額。

Thank you. Curious if I could squeeze one with kind of that -- I know that you have to grow some awareness of these newer offerings in the, sort of, more medium-term. But any thoughts as to kind of the marketing leverage when you might start being able to kind of utilize the retail channel to take down some of your marketing spend from a timing standpoint?

謝謝。很好奇我是否可以用這種方式來擠一擠——我知道你必須在更中期的情況下提高對這些新產品的認識。但是，當您開始能夠利用零售通路從時間角度減少部分行銷支出時，您對行銷槓桿有什麼想法嗎？

We don't anticipate sort of lowering marketing from where it is today. If anything we might invest more in the coming months and years. We think that we can continue to expand EBITDA, while maintaining or even investing more in marketing as we gain increased leverage over other corporate expenses and other SG&A.

我們預計行銷不會比現在下降。如果有的話，我們可能會在未來幾個月和幾年內進行更多投資。我們認為，我們可以繼續擴大 EBITDA，同時保持甚至更多地投資於行銷，因為我們對其他公司開支和其他 SG&A 的槓桿作用有所增加。

Okay. Thank you very much.

好的。非常感謝。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning and thank you for taking our questions. I was hoping to get your thoughts on the sustainability of the strong revenue per customer trends that you've been seeing in recent quarters. Are you seeing any signs of price sensitivity in the customer or any changes to basket size or AUR as you've moved into the back half of this year?

早安，感謝您回答我們的問題。我希望了解您對最近幾季看到的強勁的每客戶收入趨勢的可持續性的看法。隨著今年下半年的到來，您是否發現客戶有任何價格敏感的跡象，或者購物籃規模或 AUR 是否有任何變化？

Thanks, Brooke. We continue to see very encouraging trends in terms of the average revenue per customer that we're seeing. And it's coming from a combination of factors including; increased adoption of some of our newer products like precision progressives that come in at a higher price point; a higher percentage of our customers who are not only buying glasses from us but are starting their journey with an exam and as patients have a very high attach rate to buy other products from us; an increasing percentage of our customers who are buying glasses and contacts and often buying annual supply of contacts which tend to be kind of high dollar purchases.

謝謝，布魯克。就我們所看到的每位客戶的平均收入而言，我們繼續看到非常令人鼓舞的趨勢。它來自多種因素，包括：更多地採用我們的一些新產品，例如價格較高的精密漸進式產品；更高比例的客戶不僅從我們這裡購買眼鏡，而且從檢查開始他們的旅程，並且患者從我們這裡購買其他產品的附加率非常高；越來越多的客戶購買眼鏡和隱形眼鏡，並且經常每年購買隱形眼鏡，這往往是高價購買。

And so we see a lot of runway ahead as a higher percentage of our customers move from being glasses-only to purchasing multiple products and services from us.

因此，隨著越來越多的客戶從只戴眼鏡轉向從我們這裡購買多種產品和服務，我們看到還有很長的路要走。

And in general, as we've introduced some higher price point items, whether those are new frame collections or different lens offerings. We price them at significant value relative to where people can buy comparable products, the price points that people can buy comparable products elsewhere and our customers tend to appreciate that value. And so, we haven't seen any price resistance as we've introduced products at a multitude of price points.

總的來說，我們推出了一些價格較高的產品，無論是新的鏡框系列還是不同的鏡片產品。相對於人們可以在其他地方購買同類產品的價格點，我們以顯著的價格對它們進行定價，並且我們的客戶往往會欣賞這種價值。因此，我們沒有看到任何價格阻力，因為我們推出了多種價位的產品。

That's very helpful. As a follow-up, can you elaborate on the current maturation trends that you're seeing within your store fleet today? How are sales in each cohort maturing relative to your prior expectations? What four-wall EBITDA trends are you seeing by cohort today? And what are the biggest levers of profitability improvement from here?

這非常有幫助。作為後續行動，您能否詳細說明您目前在商店隊伍中看到的成熟趨勢？相對於您先前的預期，每個族群的銷售成熟度如何？您今天看到的四面牆 EBITDA 趨勢是什麼？提高獲利能力的最大槓桿是什麼？

The biggest -- this is Neil, Brooke. The biggest opportunity for continued sort of expansion of profitability is really leverage over SG&A in our corporate expenses. Our stores continue to be very profitable. We continue to see payback periods at our targets of 20 months. We continue to see four-wall margin at our target at 35%. We're finding new stores maturing at similar rates of previous cohorts. So we're finding consistent performance from our retail replication strategy.

最大的——這是尼爾，布魯克。持續擴大獲利能力的最大機會實際上是我們公司開支中對銷售、管理和行政費用的槓桿作用。我們的商店仍然非常有利可圖。我們的投資回收期目標仍是 20 個月。我們繼續看到四牆利潤率達到 35% 的目標。我們發現新商店的成熟速度與之前的同類商店相似。因此，我們從零售複製策略中發現了一致的性能。

And so, that's why you'll continue to see us open -- we're on track to open 40 stores this year, and we'll continue to do that in the years ahead.

因此，這就是為什麼您會繼續看到我們開業——我們今年預計將開設 40 家商店，並且我們將在未來幾年繼續這樣做。

And then, just adding a little bit more color as it relates to the store-specific P&L, as we've talked about from a product mix perspective, our stores SKU more progressive than online. Progressive glasses are our highest priced and highest gross margin products. And so, as we think of the leverage within the store P&L we'd really point to gross margin, driven by progressives.

然後，只需添加更多與特定商店損益相關的顏色，正如我們從產品組合的角度討論的那樣，我們的商店 SKU 比線上商店更先進。漸進眼鏡是我們價格最高、毛利率最高的產品。因此，當我們考慮商店損益表中的槓桿時，我們實際上會指出由進步驅動的毛利率。

The second is really the biggest controllable expense within the store, which is labor management. And every single quarter, every single year, we develop more sophisticated tools and labor management models just to make sure that we're optimizing staffing within the stores.

第二個確實是店內最大的可控費用，就是人工管理。每個季度、每年，我們都會開發更複雜的工具和勞動力管理模型，以確保我們優化商店內的人員配置。

Lastly, I'll talk a little bit about eye exams. As we mentioned earlier on the call, about 75% to 80% of all prescription glasses are bought at the same time and at the same store where there was an eye doctor. We have seen that stores that have eye doctors are moderately higher from a top line perspective, but also amplify our ability to sell more complex lenses, if there's a doctor in the store who can talk to the customer about those lenses, and that includes photochromic lenses, blue light lenses, anti-fatigue lenses, all of which are accretive to margins.

最後，我要談談眼科檢查。正如我們之前在電話中提到的，大約 75% 到 80% 的處方眼鏡是在同一時間、在有眼科醫生的同一家商店購買的。我們已經看到，從收入的角度來看，擁有眼科醫生的商店的收入略高，但如果商店裡有醫生可以與顧客談論這些鏡片（包括光致變色鏡片），那麼也會增強我們銷售更複雜鏡片的能力。

Thanks so much. I'll pass it on.

非常感謝。我會把它傳遞下去。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

(technical difficulty) Sorry, about that. So there's been a lot of talk in the market now around consumer health. I wonder, outside of the broader industry trends, could you provide any color on how you're thinking about the health of the consumer? And then also, can you provide any color on how sales have trended throughout the quarter?

（技術難度）抱歉，關於這一點。因此，現在市場上有許多關於消費者健康的討論。我想知道，除了更廣泛的行業趨勢之外，您能否提供一些關於您如何看待消費者健康的資訊？另外，您能否提供有關整個季度銷售趨勢的任何資訊？

Sure. We've been living through the last few years of choppiness and sort of fear, that the consumer environment is going to worsen. It's been frankly a roller coaster for every operator, the last few years. And it's unfortunately, become the norm and it's just been the environment that we're now accustomed to and realize that we have to continue to manage through.

當然。過去幾年我們一直生活在動盪和恐懼之中，擔心消費環境將會惡化。坦白說，過去幾年對於每個營運商來說都是一次過山車。不幸的是，這已成為常態，這只是我們現在習慣的環境，並意識到我們必須繼續應對。

So the way that we manage through is, continuing to provide exceptional value, so that we have more customers coming to us from competitors in the space where they can get the same, if not better quality for a fraction of the price. How do we bring those offerings closer to them to make it more convenient? By opening up more stores, by ensuring that our website and our apps are sort of best-in-class and available and by increasing our marketing, to raise awareness that we're the place to go to save money and to have a delightful customer experience.

因此，我們的管理方式是，繼續提供卓越的價值，以便我們有更多的客戶從競爭對手那裡來到我們這裡，他們可以以低廉的價格獲得相同的、甚至更好的品質。我們如何讓這些產品更貼近他們，讓他們更方便？透過開設更多商店，透過確保我們的網站和應用程式是一流的且可用的，並透過加強我們的行銷，提高人們對我們是省錢和擁有令人愉快的客戶的地方的認識經驗。

So, as we look to the future, we're going to continue to do what we do which is deliver great value, create great customer experiences and market to folks, so that way we can grow in these more dynamic and potentially challenging environment.

因此，當我們展望未來時，我們將繼續做我們所做的事情，即提供巨大的價值，為人們創造良好的客戶體驗和市場，這樣我們就可以在這些更具活力和潛在挑戰的環境中成長。

Thank you.

謝謝。

So in that case, this now concludes the conference call, as well as the Q&A session. Thank you all very much for joining.

因此，在這種情況下，電話會議以及問答環節現在就結束了。非常感謝大家的加入。