Warby Parker Inc (WRBY) 2024 Q3 法說會逐字稿

Hello, and welcome to today's Warby Parker third-quarter 2024 earnings call. My name is Bailey, and I will be your moderator for today. (Operator Instructions)

大家好，歡迎參加今天的 Warby Parker 2024 年第三季財報電話會議。我叫貝利，我將擔任今天的主持人。（操作員說明）

I'd now like to pass the conference over to our host today, Jaclyn Berkley, Head of Investor Relations. Please go ahead when you're ready.

現在我想將會議交給今天的東道主投資者關係主管 Jaclyn Berkley。準備好後請繼續。

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. Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investors.warbyparker.com.

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尼爾·布盧門撒爾(Neil Blumenthal) 和戴夫·吉爾博亞(Dave Gilboa)，以及高級副總裁兼首席財務官史蒂夫‧米勒(Steve Miller)。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 上取得。

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 November 7, 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. 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.

這些前瞻性陳述是基於截至 2024 年 11 月 7 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陳述的義務。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。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。

And with that, I'll pass it over to Neil to kick us off.

接下來，我將把它交給尼爾來讓我們開始。

Thank you, Jaclyn, and good morning, everyone. We are pleased to deliver Q3 results ahead of our guidance with net revenue of $192.4 million, representing 13.3% growth year over year along with 250 basis points of adjusted EBITDA margin expansion, our highest of the year. Driving these strong results is our team's unwavering commitment to delivering on our mission while taking share in growing sustainably and accelerating growth.

謝謝你，傑克琳，大家早安。我們很高興提前公佈第三季業績，淨收入達到 1.924 億美元，年增 13.3%，調整後 EBITDA 利潤率擴大 250 個基點，創今年最高水準。推動這些強勁成果的是我們團隊堅定不移地致力於履行我們的使命，同時分享可持續成長和加速成長的份額。

We're encouraged by our team's progress against the strategic initiatives we laid out at the beginning of 2024 and believe our year-to-date results, in particular, the momentum in active customers and glasses growth are evidence that our strategy is working.

我們對我們的團隊在 2024 年初制定的戰略舉措方面所取得的進展感到鼓舞，並相信我們今年迄今的業績，特別是活躍客戶和眼鏡增長的勢頭，證明我們的戰略正在發揮作用。

We grow accelerating top line and active customer growth in each month of Q3 and continued to see momentum into October positioning us favorably as we head into our busiest month of the year.

我們在第三季的每個月都在加速實現收入和活躍客戶的成長，並繼續看到十月份的勢頭，使我們在進入一年中最繁忙的月份時處於有利地位。

Based on our third-quarter performance, we are raising our full-year guidance and now expect to deliver approximately 14% to 15% revenue growth and approximately $73 million in adjusted EBITDA. Before Steve provides more detail on that later in the call, Dave and I will review the key drivers of our Q3 performance. Underpinning our Q3 results was our highest active customer growth of the year with strength in both new and returning customers.

根據我們第三季的業績，我們正在提高全年指導，目前預計營收成長約 14% 至 15%，調整後 EBITDA 約 7,300 萬美元。在史蒂夫稍後在電話會議中提供更多詳細資訊之前，戴夫和我將回顧我們第三季業績的關鍵驅動因素。支撐我們第三季業績的是我們今年最高的活躍客戶成長以及新客戶和回頭客的實力。

We ended Q3 with 2.4 million active customers, an increase of 5.6% on a trailing 12-month basis, while average revenue per customer grew 7.5%. As expected, active customer growth has improved each quarter this year, even as we've maintained marketing spend as a consistent percent of revenue. And we anticipate Q4 being our highest active customer growth year over year.

截至第三季度，我們的活躍客戶數量為 240 萬，較過去 12 個月成長 5.6%，而每位客戶的平均收入成長 7.5%。正如預期的那樣，儘管我們保持行銷支出佔收入的比例穩定，但今年每季的活躍客戶成長都有所改善。我們預計第四季是我們年增率最高的活躍客戶。

While our active customer count captures purchases across channels, we're seeing the highest customer growth come from our stores, which we believe remain highly efficient customer acquisition vehicles as they continue to deliver compelling unit economics. Similar to the first half of the year, we've been pleased with the efficiency of our marketing spend and the consistency and customer acquisition costs despite a dynamic media environment. We believe our diversified media model affords us significant flexibility and the ability to stay disciplined while testing channels and marketing messages.

雖然我們的活躍客戶數量捕捉了跨通路的購買量，但我們看到最高的客戶成長來自我們的商店，我們相信商店仍然是高效的客戶獲取工具，因為它們繼續提供引人注目的單位經濟效益。與今年上半年類似，儘管媒體環境充滿活力，但我們對行銷支出的效率以及一致性和客戶獲取成本感到滿意。我們相信，多元化的媒體模式為我們提供了極大的靈活性，並能夠在測試管道和行銷訊息時保持紀律。

For example, to drive greater store awareness, we've tested new creative across linear, streaming, and influencer that focuses on the in-store shopping experience. This not only helps to drive awareness with new customers but also long-time customers who think of Warby Parker as an online-only business. We're also seeing promising results from direct mail campaigns especially as a way to highlight our eye exam capabilities, annual exam reminders, and new store openings.

例如，為了提高商店知名度，我們測試了線性、串流媒體和影響者的新創意，並專注於店內購物體驗。這不僅有助於提高新客戶的認知度，也有助於提高將 Warby Parker 視為純線上業務的老客戶的認知度。我們也看到直效郵件活動取得了可喜的成果，特別是作為強調我們的眼科檢查能力、年度檢查提醒和新店開業的一種方式。

We continue to 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. Complementary to our core marketing efforts, we've made progress in being able to serve even more customers through in-network and out-of-network insurance plans.

我們繼續看到各群體之間保持一致的保留指標和重複購買模式。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%。作為我們核心行銷工作的補充，我們在透過網路內和網路外保險計劃為更多客戶提供服務方面取得了進展。

Earlier this year, we announced an expanded in-network relationship with Versant Health, a wholly owned subsidiary of MetLife. I'm happy to share that the integration is largely complete, bringing millions of additional lives in network with Warby Parker.

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 的網絡內關係。我很高興地告訴大家，整合基本上已經完成，為 Warby Parker 的網路帶來了數百萬人的額外生活。

Given our experience with UnitedHealthcare and other large employer plans, we expect that average revenue per member will expand over a multiyear period as in-network awareness grows and as members realize they can use their benefits at Warby Parker. As a result, we have not incorporated this into our guidance and expect it to be a longer-term tailwind over the next several years.

鑑於我們在 UnitedHealthcare 和其他大型雇主計劃方面的經驗，我們預計，隨著網絡內意識的提高以及會員意識到他們可以在 Warby Parker 享受福利，每位會員的平均收入將在多年內增加。因此，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 to help customers easily locate their in-network insurance coverage and average out-of-network benefits across channels. We launched an updated version of the tool for our retail teams this quarter, making it easier than ever for customers to use their benefits with us.

在我們的網路內保險計劃的同時，我們繼續利用我們的通用資格檢查工具來幫助客戶輕鬆地跨渠道找到他們的網絡內保險範圍和平均網絡外福利。本季我們為零售團隊推出了該工具的更新版本，使客戶比以往任何時候都更容易享受我們的福利。

As a reminder, 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.

提醒一下，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。

Second, we continue to see positive momentum in our glasses business. 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.

其次，我們的眼鏡業務持續呈現正面勢頭。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和考試業務以及我們的產品創新。

In Q3, glasses grew approximately 10% year over year, and we believe our marketing investments within channels like paid social, streaming, and influencer drove an acceleration in single vision glasses, which represent the majority of our prescription eyewear business.

第三季度，眼鏡年增約10%，我們相信，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了單光眼鏡的加速發展，單光眼鏡代表了我們處方眼鏡業務的大部分。

Glasses' growth also continues to benefit from progressive penetration and the adoption of more complex lens types. Progressives overall still only represent approximately 22% of our prescription glasses sold in Q3, and we believe there's a significant opportunity to increase penetration over time. Within the progressives' category, we've 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.

眼鏡的成長也繼續受益於逐漸普及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三季銷售的處方眼鏡的約 22%，我們相信隨著時間的推移，有很大機會提高滲透率。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。

We also continue to expand our lens options to give customers more choice. The ability to customize lens colors, polarization, and anti-reflective coatings as well as 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。定製鏡片顏色、偏光和抗反射塗層的能力以及抗疲勞、藍光和光響應等增強功能極大地提高了每位客戶的平均收入。

On the frame side, our latest consumer insights indicate that customers choose to shop with Warby Parker because of our style and variety, as well as our value proposition and convenient shopping experience. As a style authority, we offer a tighter, more curated assortment than our competitors and focus on building out franchise styles with new sizes, colors, and materials. We are also one of the few retailers to offer extended sizes in the same style.

在框架方面，我們最新的消費者洞察表明，顧客選擇在 Warby Parker 購物是因為我們的風格和品種，以及我們的價值主張和便利的購物體驗。作為時尚權威，我們提供比競爭對手更嚴格、更精心策劃的產品系列，並專注於以新的尺寸、顏色和材料打造特許經營風格。我們也是少數提供相同款式加長尺寸的零售商之一。

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 Super Concentric collection starting at $195. Handcrafted in Italy, this limited-edition release brings a tricolor construction to a selection of our most sought-after shapes.

我們不僅看到客戶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 Super Concentric 系列，起價為 195 美元。這款限量版在義大利手工製作，為我們精選的最受歡迎的形狀帶來了三色結構。

This quarter, we launched our Editions collection, an assortment of frames designed in partnership with seven notable fans, each of whom reimagined their favorite Warby Parker frames. Collaborators included chef and restaurateur, David Chang; actor, writer, and director, Natasha Lyonne; NBA star, Jordan Poole and more. Our launch captured the attention of culturally relevant media outlets like Interview Magazine and garnered some of the highest engagement on our social media channels to date.

本季度，我們推出了 Editions 系列，這是與七位著名粉絲合作設計的各種鏡框，他們每個人都重新設計了他們最喜歡的 Warby Parker 鏡框。合作者包括廚師兼餐廳老闆 David Chang；演員、作家和導演娜塔莎·雷昂 (Natasha Lyonne)； NBA 球星喬丹普爾等。我們的發布吸引了《Interview Magazine》等文化相關媒體的關注，並在我們的社交媒體頻道上獲得了迄今為止最高的參與度。

Just last week, we launched our first ever foldable sunglasses, engineered for pocket-size portability and constructed with stainless steel and premium cellulose acetate. 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.

就在上週，我們推出了首款可折疊太陽眼鏡，專為口袋大小的便攜性而設計，採用不銹鋼和優質醋酸纖維素製成。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。

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

現在我將把它交給戴夫來討論其他成長動力。

Thanks, Neil.

謝謝，尼爾。

The third driver of our Q3 growth was our highly productive store base complemented by an improving e-commerce channel. Our omni-channel experience remains unique in our category, and we continue to benefit in how our channels support one another. Many of our largest and most mature markets like New York, Boston, Dallas, and Chicago continue to see strong retail growth while also delivering some of our highest e-comm year-over-year growth.

我們第三季成長的第三個驅動力是我們高生產力的商店基礎以及不斷完善的電子商務管道。我們的全通路體驗在我們的類別中仍然是獨一無二的，我們繼續受益於我們的管道如何相互支持。我們的許多最大和最成熟的市場，如紐約、波士頓、達拉斯和芝加哥，繼續實現強勁的零售成長，同時也實現了我們最高的電子商務同比增長。

We believe this underscores the meaningful opportunities ahead of us to drive omni-channel growth as we see greater brand awareness in store density benefit overall market growth.

我們相信，這凸顯了我們面前推動全通路成長的有意義的機會，因為我們看到商店密度更高的品牌知名度有利於整體市場成長。

In Q3, we opened 13 new stores, 10 of which were expansions within existing markets, including Seattle, Dallas, Milwaukee, and New York. Three new stores were in new suburban markets including Akron, Ohio; Huntsville, Alabama; and Springfield, Missouri. Over 50% of the major metropolitan areas we operate in only have one store, and we believe we have significant potential to expand our presence in existing markets while also entering new markets.

第三季度，我們開設了 13 家新店，其中 10 家是在現有市場內的擴張，包括西雅圖、達拉斯、密爾瓦基和紐約。三家新店位於俄亥俄州阿克倫等新郊區市場；阿拉巴馬州亨茨維爾；和密蘇裡州斯普林菲爾德。我們經營的 50% 以上的主要大都市地區只有一家商店，我們相信我們有巨大的潛力擴大現有市場的業務，同時進入新市場。

Since Q3 of last year, we've added 42 net new stores and ended the quarter with 269 stores, well below our longer-term 900-plus store potential, which would still represent a small fraction of 45,000 optical shops in the US. Retail revenue increased approximately 20% year over year, driven by new store growth and consistent performance within our existing stores. Steve will go into more detail on this shortly.

自去年第三季以來，我們淨增了42 家新店，本季末門市數量達到269 家，遠低於我們900 多家店的長期潛力，而這仍然只占美國45,000 家眼鏡店的一小部分。受新店成長和現有商店業績穩定的推動，零售收入較去年同期成長約 20%。史蒂夫很快就會對此進行更詳細的介紹。

I want to take a moment to highlight our store teams. We're fortunate to have tenured store leadership teams, approximately 60% of whom have been promoted from within the company. Just last month, we brought together our store leaders, district leaders, optometrists, and more in Dallas for a three-day summit where we focused on planning, training, and team building as we prepare to serve more customers than ever this holiday and FSA season. We believe our ability to grow and retain talent is differentiated within the market and will remain a critical component of our retail strategy going forward.

我想花點時間重點介紹一下我們的商店團隊。我們很幸運擁有終身任職的商店領導團隊，其中約 60% 是從公司內部晉升的。就在上個月，我們在達拉斯召集了商店領導、地區領導、驗光師等，參加了為期三天的峰會，我們的重點是規劃、培訓和團隊建設，準備在這個假期和FSA 服務比以往更多的客戶季節。我們相信，我們培養和留住人才的能力在市場中具有差異化，並將仍然是我們未來零售策略的重要組成部分。

Within our e-commerce channel, revenue increased approximately 1% year over year as we lapped our highest quarterly revenue growth last year. We continue to see positive momentum in our e-commerce channel. As with any period, orders we received at the end of one quarter are recognized as revenue the next quarter upon delivery to the customer.

在我們的電子商務通路中，營收年增約 1%，去年我們實現了最高的季度營收成長。我們繼續看到電子商務管道的積極勢頭。與任何期間一樣，我們在一個季度末收到的訂單在下個季度交付給客戶時確認為收入。

In Q3, we saw e-commerce velocity increase each month with a strong end to the quarter in September that has continued into Q4. A year-over-year growth in ecommerce sales order value in Q3 was up mid-single digits.

在第三季度，我們看到電子商務速度每個月都在成長，九月季度末的強勁勢頭一直持續到第四季度。第三季電子商務銷售訂單價值年增率達到中個位數。

Within our e-com channel, we continue to see an improvement in our single vision glasses business 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 direct glasses purchases, which is partially offset by an ongoing but diminishing headwind from home try-on-driven purchases.

在我們的電子商務管道中，我們繼續看到單光眼鏡業務的改善以及新客戶和回頭客在隱形眼鏡方面的實力。正如我們之前所分享的，整體通路成長受益於直接眼鏡購買的積極變化，這部分被家庭試戴驅動購買帶來的持續但正在減弱的阻力所抵消。

We continue to invest in technologies that enhance and personalize the online customer experience, including leveraging AI to enable faster and more seamless prescription capture and transcription, along with more personalized product recommendations. In Q3, in particular, we focused on personalizing and enhancing the lens shopping experience for our customers and saw promising results.

我們繼續投資於增強和個人化線上客戶體驗的技術，包括利用人工智慧來實現更快、更無縫的處方捕獲和轉錄，以及更個人化的產品推薦。特別是在第三季度，我們專注於為客戶提供個人化和增強的鏡片購物體驗，並取得了可喜的成果。

The fourth and final driver I'll dive into is our effort to scale holistic vision care and expand customer lifetime value. In Q3, contact lens sales grew approximately 35% year over year to almost 11% of revenue which remains well below the 20% industry average. Contact lenses represent a $12 billion segment of the industry, and 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.

我要深入探討的第四個也是最後一個驅動因素是我們努力擴大整體視力照護並擴大客戶終身價值。第三季度，隱形眼鏡銷售額較去年同期成長約 35%，佔營收的比例接近 11%，仍遠低於 20% 的行業平均值。隱形眼鏡佔該行業價值120 億美元的部分，我們計劃繼續發展這部分業務，因為它不僅吸引新客戶，而且考慮到該產品的補貨性質以及他們的傾向，它不僅吸引了新客戶，還吸引了我們的一些最高價值客戶。

In the quarter, eye exams revenue grew approximately 40% year over year to over 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 their prescriptions to Warby Parker, highlighting the opportunity in front of us to broaden awareness of the service and capture more share of this $11 billion segment of the industry. Scaling our holistic vision care customers is a core part of our growth strategy and gives us confidence to continue to invest in customer acquisition.

本季度，眼科檢查收入年增約 40%，佔營收的比例超過 5%，仍遠低於約 15% 的產業平均。如今，我們的大多數客戶仍然在其他地方進行眼科檢查，並將處方帶到Warby Parker，這凸顯了我們面前的機會，可以擴大該服務的知名度，並在這個價值110 億美元的行業領域中佔據更多份額。擴大我們的整體視力保健客戶規模是我們成長策略的核心部分，讓我們有信心繼續投資於客戶獲取。

As we've consistently seen across cohorts, customers who complete an eye exam with us and buy glasses and contacts, spend more with us in their initial purchase than in glasses-only customers and become our highest lifetime value customers over time.

正如我們在各群體中一貫所看到的那樣，與我們一起完成眼科檢查併購買眼鏡和隱形眼鏡的客戶在首次購買時在我們這裡的花費比僅戴眼鏡的客戶要高，並且隨著時間的推移成為我們最高終身價值的客戶。

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 Q3 and we'll continue expanding them in Q4.

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，因此我們在第三季度將這些服務推廣到了幾家新商店，並將在第四季度繼續擴大這些服務。

Scaling our eye exam business, including exam utilization, has had and we believe will continue to have a direct impact on our glasses business. We find that exam stores drive higher sales to non-exam stores. And industry wide, approximately 75% of prescription glasses are purchased at the same location 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。我們發現考試商店為非考試商店帶來了更高的銷售額。在整個行業中，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.

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。

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.

謝謝，尼爾和戴夫。

Revenue for the third quarter came in at $192.4 million, up 13.3% year over year. From a channel perspective, retail revenue increased approximately 20% year over year while e-commerce revenue increased approximately 1% versus Q3 of 2023. As Dave mentioned, our e-commerce channel grew in the mid-single digits on a sales order value basis.

第三季營收為1.924億美元，年增13.3%。從通路角度來看，零售收入較去年同期成長約20%，電商營收較2023年第三季成長約1%。正如戴夫所提到的，我們的電子商務管道以銷售訂單價值為基礎實現了中位數的成長。

Turning to our stores, we added 42 net new stores over the course of the last 12 months, ending the quarter with 269 stores, up from 227 at the end of Q3 2023. Looking at Q3 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. 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.

談到我們的門市，我們在過去 12 個月內淨增了 42 家新店，本季末門市數量為 269 家，高於 2023 年第三季末的 227 家。從第三季零售綜合表現來看，包括新店和開業超過 12 個月的門市，零售生產力較去年同期為 99%。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的每家商店零售額的同比變化。

This metric covers all of our stores including newer stores and stores open 12 months or more. As such, this metric is 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. 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% for wall margin and 20-month paybacks. For stores open more than 12 months, average revenue per store was $2.2 million consistent with the first half of the year and performance was in line with our target 35% full wall margin. Over the course of the past year, we added 45 net new eye exam locations, bringing our stores with eye exam capabilities to 228 stores or 85% of our total fleet.

此指標涵蓋我們所有的商店，包括新店和開業 12 個月或更長時間的商店。因此，該指標受到許多因素的影響，包括逐年開店的時間和組成，以及新店僱用醫生的時間。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% 的牆邊利潤和 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，與上半年一致，業績符合我們 35% 全牆利潤率的目標。去年，我們淨增了 45 個眼科檢查地點，使具備眼科檢查功能的商店數量達到 228 家，占我們總店面數量的 85%。

From a channel mix perspective, retail represented 70% of our overall business, consistent with last quarter and up 365 basis points year over year versus 67% in Q3 2023. From a customer perspective, we finished Q3 with 2.43 million active customers which we believe is more reflective of active households and represents an increase of 5.6% on a trailing 12-month basis. We have been pleased to see sequential improvements in year-over-year active customer growth for the past five quarters as we benefit from the positive returns we are seeing from our marketing investments.

從通路組合的角度來看，零售占我們整體業務的 70%，與上季一致，年增 365 個基點，而 2023 年第三季為 67%。從客戶角度來看，第三季我們的活躍客戶數量為 243 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 5.6%。我們很高興看到過去五個季度活躍客戶同比成長連續改善，因為我們受益於行銷投資的正面回報。

We anticipate Q4 will be our highest year-over-year growth in active customers. We also continue to see strength in average revenue per customer, which came in at $305 in Q3, up 7.5% year over year. This was driven by a few factors including a higher mix of our premium lenses such as progressives, continued wrapping of both contact lens and eye exams sales, and continued uptake of our higher-priced frames.

我們預計第四季度的活躍客戶數量將實現最高的同比增長。我們也繼續看到每位客戶的平均收入強勁，第三季為 305 美元，較去年同期成長 7.5%。這是由幾個因素推動的，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的持續包裝銷售以及我們高價鏡框的持續採用。

As previously noted, we have multiuser 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 2.56 million individuals, which is up 6.2% on a trailing 12-month basis and reflects average revenue per individual of $290, up 6.8%.

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查看我們的客戶，我們為 256 萬人提供服務，比過去 12 年增長了 6.2%月計算，反映出每人平均收入為290 美元，成長6.8%。

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's salaries, store rents, and the depreciation of store buildouts. Our gross margin also includes stock-based compensation expense for our optometrists and optical lab employees.

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

For comparability, I will be speaking to gross margin excluding stock-based compensation. Third-quarter adjusted gross margin was 54.6% compared to 54.8% in the year ago period, down approximately 13 basis points year over year and in line with the color we provided on our last earnings call.

為了方便比較，我將討論不包括股票薪酬的毛利率。第三季調整後毛利率為 54.6%，去年同期為 54.8%，年減約 13 個基點，與我們在上次財報電話會議上提供的顏色一致。

On a year-over-year basis, efficiencies in customer shipping narrowed optical labs, driven by glasses growth, offset the continued strength in contact lenses and eye exams, which have lower gross margin profiles than eyeglasses but over the medium and long term are accretive to gross profit dollars. Within the more fixed portion of our cost of goods, we took advantage of a strong pipeline of candidates and hired more optometrists than our original plan for the quarter. That strategic decision, in addition to occupancy associated with our store rollout, were the primary sources of modesty leverage on a year-over-year basis.

與去年同期相比，在眼鏡成長的推動下，客戶運輸範圍縮小了光學實驗室的效率，抵消了隱形眼鏡和眼科檢查的持續強勁勢頭，這些產品的毛利率低於眼鏡，但從中長期來看會增加至毛利潤美元。在我們的商品成本的更固定部分中，我們利用了強大的候選人管道並聘請了比我們本季度原計劃更多的驗光師。除了與我們的商店推出相關的入住率之外，這項策略決策也是同比槓桿作用的主要來源。

Investing in doctors and holistic vision care is a core part of scaling our holistic vision care offering and a key driver of lifetime value and customer retention over time. On a sequential basis, Q3 gross margin decreased by 150 basis points, reflecting anticipated deleverage in the fixed portion of our cost of goods, driven by increased occupancy from opening 13 new stores and a strong hiring quarter for optometrists as well as from a higher mix of contacts and eye exams, representing the continued growth in these business lines.

投資醫生和整體視力保健是擴大我們整體視力保健服務的核心部分，也是終身價值和客戶保留的關鍵驅動因素。以環比計算，第三季毛利率下降了150 個基點，反映出我們商品成本固定部分的預期去槓桿化，這是由於開設13 家新店的入住率增加、驗光師招聘季度強勁以及更高的產品組合推動的隱形眼鏡和眼科檢查，代表這些業務線的持續成長。

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. Adjusted SG&A excludes noncash costs like stock-based compensation expense. Adjusted SG&A in the third quarter came in at $100.6 million or 52.3% of revenue. This compares to Q3 2023 adjusted SG&A of $93.4 million or 55% of revenue. Within adjusted SG, A marketing spend increased from $19.7 million or 11.6% of revenue to $23.7 million or 12.3% of revenue as we reinvested a portion of our revenue upside into customer acquisition given strong demand signals in September that have continued into Q4.

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。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補償費用。第三季調整後的 SG&A 為 1.006 億美元，佔營收的 52.3%。相比之下，2023 年第三季調整後的 SG&A 為 9,340 萬美元，佔營收的 55%。在調整後的SG 中，A 行銷支出從1,970 萬美元（佔營收的11.6%）增加到2,370 萬美元（佔營收的12.3%），因為考慮到9 月持續到第四季度的強勁需求訊號，我們將部分營收成長再投資於客戶獲取。

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 43.3% to 40%. Total adjusted SG&A was up 7.8% with nonmarketing adjusted SG&A up just 4.5% year over year.

由於非行銷調整後的 SG&A 佔收入的百分比從 43.3% 下降至 40%，嚴格的費用管理和公司費用槓桿抵消了行銷的去槓桿化。調整後的 SG&A 總額年增 7.8%，非行銷調整後的 SG&A 僅年增 4.5%。

Turning now to adjusted EBITDA, in the third quarter, we generated adjusted EBITDA of $17.3 million representing an adjusted EBITDA margin of 9% which compares to adjusted EBITDA of $11 million or 6.5% of revenue in the year ago period. This represents approximately 250 basis points of adjusted EBITDA margin expansion, our highest year to date

現在轉向調整後 EBITDA，第三季調整後 EBITDA 為 1,730 萬美元，調整後 EBITDA 利潤率為 9%，而去年同期調整後 EBITDA 為 1,100 萬美元，佔營收的 6.5%。這意味著調整後 EBITDA 利潤率擴張約 250 個基點，是我們今年迄今為止的最高水平

Turning now to our balance sheet, we were free cash flow positive for the sixth consecutive quarter, generating $13 million in Q3 and ended the quarter with a strong balance sheet position, reflecting approximately $251 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.

現在轉向我們的資產負債表，我們的自由現金流連續第六個季度為正，第三季度產生1,300 萬美元，並在本季度結束時擁有強勁的資產負債表狀況，反映出約2.51 億美元的現金，我們將繼續有針對性地部署這些現金以支持我們的成長和運營。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, based on our strong third-quarter performance and trends in the fourth quarter so far, we're revising our full-year 2024 guidance higher to the following: revenue of $765 million to $768 million, representing approximately 14% to 15% year-over-year growth; adjusted EBITDA of approximately $73 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; and we are still on track to open 40 new stores this year.

現在，基於我們強勁的第三季業績和第四季迄今的趨勢，我們將2024 年全年指引上調至以下預期：營收為7.65 億美元至7.68 億美元，約佔2024 年營收的14% 。調整後 EBITDA 約為 7,300 萬美元（以我們收入範圍的中點計算），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；今年我們仍有望開設 40 家新店。

As it relates to gross margin, we're still guiding to stability and gross margin in the mid-50%s as a percent of revenue. Regarding Q4 gross margin, as a reminder, we typically see a seasonal sequential decline in gross margin from Q3 to Q4, driven by a significant deferral of revenue from the last two weeks of December into Q1 of the following year.

由於它與毛利率相關，我們仍然指導毛利率穩定在收入的 50% 左右。關於第四季的毛利率，提醒一下，我們通常會看到第三季到第四季毛利率出現季節性連續下降，這是由於收入從12 月最後兩週大幅推遲到下一年第一季度所致。

We expect the pattern to look similar to last year where gross margin declined by approximately 100 basis points quarter over quarter. Similar to Q3, we anticipate adjusted EBITDA margin expansion in Q4 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.

我們預計這一模式將與去年相似，去年季度毛利率下降約 100 個基點。與第三季類似，我們預計第四季度調整後的EBITDA 利潤率擴張將由SG&A 內部的槓桿驅動，並得到我們商店和客戶體驗團隊人員配備的持續效率的支持，並在企業支出中實現持續的槓桿作用，同時保持行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 still anticipate stock-based compensation to normalize to a range of 2% to 4% of net revenue next year.

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 年向我們的聯合執行長提供了多年股權授予，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%。

With respect to the fourth quarter, we're guiding to the following: revenue between $184 million and $187 million, which represents growth of approximately 14% to 16% year over year. From a bottom-line perspective, we're guiding to an adjusted EBITDA margin of approximately 7.3% at the midpoint of our range.

對於第四季度，我們的目標是：營收在 1.84 億美元至 1.87 億美元之間，年增約 14% 至 16%。從利潤角度來看，我們預計調整後的 EBITDA 利潤率約為 7.3%，位於我們範圍的中點。

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)

（操作員說明）

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good morning. And thank you for taking our question. In the prepared remarks, you commented a few times about seeing sequential momentum as you move throughout the quarter and into October. Can you elaborate on the drivers of that sequential momentum? How much of that do you attribute to the overall vision care industry versus specific actions that you're taking within your own business? And then separately, can you also provide a little bit more color on how you're thinking about marketing efficiency and marketing spend as you finish out the year and move into 2025? Thank you.

早安.感謝您提出我們的問題。在準備好的發言中，您多次評論說，隨著整個季度和進入 10 月份，您會看到連續的勢頭。能詳細說明一下連續動力的驅動因素嗎？您認為這在多大程度上歸功於整個視力保健行業，而不是您在自己的業務中採取的具體行動？另外，您能否進一步說明您在今年結束並進入 2025 年時如何看待行銷效率和行銷支出？謝謝。

Thanks, Brooke. We saw some softness in July and as we speak to sort of other retailers that seem to be across categories. And since then, we've seen sequential strength building and maintaining. As we sort of are going into Q4, we continue to be disciplined in our marketing efforts as we have increased spend.

謝謝，布魯克。當我們與其他似乎跨類別的零售商交談時，我們在七月看到了一些疲軟的情況。從那時起，我們就看到了力量的連續建立和維持。隨著我們進入第四季度，隨著支出的增加，我們繼續嚴格遵守行銷工作。

And as we think about discipline, that's really focused on our acquisition cost per customer. That's always been our sort of guiding principle as we've deployed marketing dollars since the beginning of the company, how do we ensure that we're deploying the right dollars across the right channels to make sure that we're acquiring the right customers. And we're really happy with our marketing performance and our ability to scale our marketing spends. And we've been able to do that really over the last 1.5 year very effectively, which gives us confidence for the rest of the year and in the future.

當我們考慮紀律時，我們真正關注的是每個客戶的獲取成本。這一直是我們的指導原則，因為我們自公司成立以來就部署了行銷資金，我們如何確保我們在正確的管道上部署正確的資金，以確保我們獲得正確的客戶。我們對我們的行銷業績和擴大行銷支出的能力感到非常滿意。在過去的 1.5 年裡，我們確實非常有效地做到了這一點，這讓我們對今年剩餘時間和未來充滿信心。

And just building off of that, Brooke, in terms of the momentum that we've seen in the business, we really see momentum in a few areas that we've called out. One is active customer growth, and we're pleased to see sequential increases every quarter of the last five quarters in active customer growth, which is a very important metric to us.

布魯克，在此基礎上，就我們在業務中看到的勢頭而言，我們確實在我們指出的一些領域看到了勢頭。一是活躍客戶成長，我們很高興看到過去五個季度每季活躍客戶成長都在連續成長，這對我們來說是一個非常重要的指標。

And as we look ahead to Q4, we certainly expect that quarter to be the strongest for us from an active growth perspective. We've also seen continued velocity in e-commerce, which we called out in some of our prepared remarks, and our stores continue to perform very strongly, certainly in line with the targets that we put out there, 35% overall margins and trending towards 20-month paybacks.

當我們展望第四季度時，從積極成長的角度來看，我們當然預計該季度對我們來說將是最強勁的。我們也看到電子商務的持續發展速度，我們在一些準備好的評論中提到了這一點，並且我們的商店繼續表現非常強勁，當然符合我們在那裡提出的目標，即35% 的整體利潤率和趨勢20 個月即可回收投資。

From a marketing efficiency perspective, just building on what Neil said, we have a very disciplined approach where we want to see marketing spend as a percent of revenue be in the low-teens. You've seen an increase in that year over year from 11.6% Q3 of last year to 12.3% Q3 of this year. I would anticipate seeing that moderately increase in Q4 as we seasonally spend into holiday demand and FSA exploration, but we'll still plan on being within that mid-teens as a percent of revenue. So I wanted to add that additional color.

從行銷效率的角度來看，基於尼爾所說的，我們有一個非常嚴格的方法，我們希望看到行銷支出佔收入的百分比在十幾歲以下。您已經看到年成長，從去年第三季的 11.6% 增加到今年第三季的 12.3%。我預計第四季度會出現適度增長，因為我們季節性地花在假期需求和 FSA 勘探上，但我們仍計劃將佔收入的百分比控制在十幾歲左右。所以我想添加額外的顏色。

Great. Thank you so much. I'll pass it on.

偉大的。太感謝了。我會把它傳遞下去。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi. Good morning, everyone. As you think about changes that are happening with the election -- tariffs. How do you think about tariffs? I think you sourced some components from China. What percent of goods are directly imported, how much from China? And how do you think about adjusting in regard to sourcing and pricing to the consumer?

你好。大家早安。當你想到選舉中正在發生的變化時——關稅。您如何看待關稅？我認為你們從中國採購了一些組件。百分之多少的貨物是直接進口的，有多少是從中國進口的？您如何看待針對消費者的採購和定價的調整？

And then on another note, smart glasses, heard a lot about it lately. What do you see as the opportunity for Warby Parker? Thank you.

另一方面，智慧眼鏡最近聽到了很多關於它的消息。您認為 Warby Parker 的機會是什麼？謝謝。

Thanks, Dana.

謝謝，達納。

We've been planning internally and have experienced sort of navigating this situation before vis-a-vis increased tariffs from China. It's obviously early days and not much known at this time. But over the last five years, we've materially reduced our exposure to Chinese produced goods and we'll continue to do so. And we believe we have the ability to flex even further into other regions and work with our vendors to offset tariffs as much as possible. We've been trending lower in each of the last sort of five years. And this year, we'll be around 20% of COGS. So, we feel very confident in our ability to manage the current environment.

我們一直在進行內部規劃，並在針對中國提高關稅之前經歷過應對這種情況的經驗。顯然這還處於早期階段，目前還不太為人所知。但在過去的五年裡，我們已經大幅減少了對中國產品的接觸，而且我們將繼續這樣做。我們相信，我們有能力進一步向其他地區拓展，並與我們的供應商合作，盡可能抵消關稅。在過去五年中，我們每年都呈現下降趨勢。今年，我們的銷貨成本將達到 20% 左右。因此，我們對自己管理當前環境的能力非常有信心。

And then on smart glasses, we're pretty excited about the potential that smart glasses have to really transform how we engage with technology and enable us to stop staring at our phones all day. And over the last decade plus, we've been in discussions with various companies and researchers that have been working to miniaturize batteries, speakers, cameras, and other hardware components. And all those technologies are advancing but what we believe will be a bigger catalyst for the adoption of smart glasses in the coming years of the opportunity to embed always available AI that can provide context and useful information to the wear in real time. And AI and smart classes are uniquely complementary to each other, given the amount of complexity of information available. And so we've been particularly excited to see how quickly AI capabilities are advancing.

然後在智慧眼鏡方面，我們對智慧眼鏡真正改變我們使用技術的方式並使我們不再整天盯著手機的潛力感到非常興奮。在過去的十多年裡，我們一直在與致力於電池、揚聲器、相機和其他硬體組件小型化的各種公司和研究人員進行討論。所有這些技術都在進步，但我們相信，在未來幾年中，將有機會嵌入始終可用的人工智能，為佩戴者實時提供上下文和有用信息，這將成為智能眼鏡採用的更大催化劑。鑑於可用資訊的複雜性，人工智慧和智慧課程具有獨特的互補性。因此，我們對人工智慧能力的進步感到特別興奮。

But we also know that regardless of how good any of the tech is, any form of the smart glasses still needs to look good on people's faces. Consumers will continue to have a very high bar for the look, feel, and weight of anything they put on their face, and they're only willing to wear prescription glasses, the original wearable because they provide so much utility by enabling sight.

但我們也知道，無論任何技術有多好，任何形式的智慧眼鏡仍然需要在人們的臉上看起來很好。消費者將繼續對戴在臉上的任何東西的外觀、感覺和重量有很高的標準，他們只願意佩戴處方眼鏡（最初的可穿戴設備），因為它們通過使視力提供如此多的實用性。

And so, as we look ahead, we believe that investments that we've made over the last 14-plus years in our brand, design capabilities, distribution across hundreds of stores and our digital properties, our hundreds of doctors, optical lab and supply chain, ability to deliver our best-in-class customer experience in the category enable us to be a very strong partner to large tech companies that have been making sizable investments in AI and some of the hardware components I just mentioned.

因此，展望未來，我們相信過去 14 年多來我們在品牌、設計能力、數百家商店的分銷和數位資產、數百名醫生、光學實驗室和供應方面進行的投資鏈，能夠提供該類別中一流的客戶體驗，使我們能夠成為大型科技公司非常強大的合作夥伴，這些公司一直在人工智慧和我剛才提到的一些硬體組件方面進行了大量投資。

And so, we expect that the next few years will usher in the first wave of smart glasses that are consumer ready for all day wear and believe we have an important role to play in this emerging category.

因此，我們預計未來幾年將迎來第一波適合消費者全天佩戴的智慧眼鏡，並相信我們在這一新興類別中可以發揮重要作用。

Thank you.

謝謝。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, Neil, Dave, and Steve. Regarding the prudent investments in doctors, what will happen longer term as we think about the gross margin modeling? Also, as you think about -- you've had a lot of great momentum in store. I just would love thoughts on if October was fairly volatile and how you see the consumer, and also related to that store traffic, relative to e-commerce traffic, your plus one looked like the complexion was driven by the order value. So we'd love thoughts on modeling that going forward as well. Thank you.

嗨，尼爾、戴夫和史蒂夫。關於對醫生的審慎投資，當我們考慮毛利率模型時，長期會發生什麼？另外，正如你所想，你已經擁有了很多巨大的動力。我只是想思考十月是否相當不穩定，以及您如何看待消費者，以及與商店流量、相對於電子商務流量相關的問題，您的加一看起來像是由訂單價值驅動的。因此，我們也希望對未來的建模有一些想法。謝謝。

Sure. This is Steve. Thanks for the question, Oliver.

當然。這是史蒂夫。謝謝你的提問，奧利佛。

So as we've talked about, we view hiring eye doctors really is a strategic investment in serving and acquiring new customers. Roughly, 75% of all prescription glasses are purchased at the same time and at the same location where an individual got an eye exam. It's why we have increased eye doctor coverage across our fleet, such that 228 of our 269 stores have eye doctors are roughly at 85% coverage.

正如我們所討論的，我們認為聘請眼科醫生確實是服務和獲取新客戶的策略性投資。大約有 75% 的處方眼鏡是在個人進行眼科檢查的同一時間、同一地點購買的。這就是為什麼我們增加了整個車隊的眼科醫生覆蓋率，例如我們 269 家商店中的 228 家擁有眼科醫生，覆蓋率約為 85%。

And so, when we talk about gross margin, we are very comfortable seeing gross margin continue to settle out in the mid-50%s this year. On our Q4 earnings call next year, we'll provide color as to where we expect gross margins to land for next year. As we think about some of the puts and takes within our cost of goods, there's a lot that we put in cost of goods including store rent, the depreciation of store build outs, our eye doctor salaries, which you talked about in addition to all of our product costs like frames, our two optical labs, third party lenses.

因此，當我們談論毛利率時，我們很高興看到今年毛利率繼續穩定在 50% 左右。在明年第四季的財報電話會議上，我們將提供有關明年毛利率預期的資訊。當我們考慮商品成本中的一些投入和支出時，我們在商品成本中投入了很多內容，包括商店租金、商店擴建的折舊、我們的眼科醫生工資，除了您提到的所有費用之外我們的產品成本包括鏡框、我們的兩個光學實驗室、第三方鏡片。

We've been able to manage all of these various factors in our cost of goods such that we've still been able to maintain our mid-50s guidance while we've been scaling to relatively new portions of our business, eye exams, and contacts. As we've talked about eye exams and contacts, both have lowered gross margin profiles but are accretive to gross margin dollars longer term.

我們已經能夠管理我們的商品成本中的所有這些不同因素，因此我們仍然能夠維持 50 年代中期的指導，同時我們一直在擴展到業務、眼科檢查等相對較新的部分，聯絡人。正如我們所討論的眼科檢查和隱形眼鏡，兩者都降低了毛利率，但從長遠來看會增加毛利率。

Eye doctors in particular, which is the category you talked about, is particularly strategic in our ability to serve and acquire the customer. So I would look for us to continue to make opportunistic hires in this area because the earlier that we hire eye doctors, the more we can issue prescriptions, which leads to higher exam generated sales, which is a metric that we're keenly focused on.

特別是眼科醫生，也就是您談到的類別，在我們服務和獲取客戶的能力方面尤其具有戰略意義。因此，我希望我們繼續在這一領域進行機會主義招聘，因為我們越早聘請眼科醫生，我們就越能開出處方，從而導致更高的檢查產生的銷售額，這是我們密切關注的指標。

And then as we think about sort of e-commerce growth, Q3 was the channel's toughest comp from last year as we lapped higher quarterly growth last year, which was the beginning of marketing dollars or comping positive last year. We continue to see positive momentum in our ecommerce channel. And as with any period, orders that we receive at the end of one quarter are recognized as revenue in the next quarter upon delivery to customers.

然後，當我們考慮電子商務的成長時，第三季度是該管道自去年以來最艱難的競爭，因為我們去年的季度成長較高，這是去年行銷資金或競爭正值的開始。我們繼續看到電子商務管道的積極勢頭。與任何時期一樣，我們在一個季度末收到的訂單在交付給客戶後將在下一季確認為收入。

So just as we think about the channel performance, we have seen great momentum and if we look at ecommerce velocity, it increased each month in Q3 with a strong end to the quarter in September and that's continued into Q4. And as we just think about volatility in October, in general, we didn't see that what we did see was continued strength into Q4 that we experienced at the end of Q3.

因此，正如我們考慮通路績效一樣，我們看到了巨大的勢頭，如果我們觀察電子商務速度，它在第三季度每個月都在增長，並在9 月份的季度末表現強勁，並且這種情況一直持續到第四季。當我們只考慮 10 月的波動性時，總的來說，我們並沒有看到我們在第三季末經歷的第四季的持續強勢。

Thank you. Are you encouraged by store traffic? How has that been going and strategies and/or the backdrop for how the consumer is behaving?

謝謝。您對商店客流量感到鼓舞嗎？情境如何？

Yeah. In general, we have been encouraged by traffic and order velocity across both e-com and stores. And yeah, we saw that pick up midway through Q3 and has sustained early into Q4. As Neil just mentioned, it's probably too early for us to call a sustained recovery in the category or pent-up demand. As we look at industry data and speak to peers, there are some data points that have improved and others that have not. But in our business, we're seeing better demand trends, and I believe that our team is doing a great job at driving traffic across channels and expect that we'll continue to outperform category growth of this quarter and for many years to come.

是的。總的來說，我們對電子商務和商店的流量和訂單速度感到鼓舞。是的，我們看到這種情況在第三季中期有所回升，並持續到第四季初期。正如尼爾剛才所提到的，我們現在稱該類別持續復甦或被壓抑的需求可能還為時過早。當我們查看行業數據並與同行交談時，有些數據點有所改善，而其他數據點則沒有。但在我們的業務中，我們看到了更好的需求趨勢，我相信我們的團隊在推動跨通路流量方面做得很好，並預計我們將繼續超越本季和未來許多年的類別成長。

Thanks, Dave, Neil, and Steve. Best regards.

謝謝戴夫、尼爾和史蒂夫。此致。

Mark Altschwager, Baird

馬克·阿爾茨瓦格，貝爾德

Hi. This is Amy Teske on for Mark. Thank you for taking our question. I wanted to ask about gross margin and modest pressure that you saw in the quarter. It sounds like an optometrist hiring was more than expected, but overall gross margin was in line with your expectations. Can you just walk us through the moving pieces that shifted here versus the first half? And if any of those components were different than you expected?

你好。這是馬克的艾米·特斯克。感謝您提出我們的問題。我想問一下您在本季看到的毛利率和適度的壓力。聽起來驗光師的招募量超出了預期，但整體毛利率符合您的預期。您能否向我們介紹一下與上半場相比，這裡發生的變化？如果其中任何組件與您的預期不同？

And then, could you also speak to your perception of the overall health of the optical industry? I know you said different data sources showing different things, but any early thoughts you can provide on your expectations for 2025? Thank you.

那麼您能否談談您對眼鏡產業整體健康狀況的看法？我知道您說過不同的資料來源顯示出不同的情況，但是您可以就您對 2025 年的期望提供一些早期想法嗎？謝謝。

Sure. This is Steve, I'll take the first part of the question as it relates to gross margin.

當然。我是史蒂夫，我將回答問題的第一部分，因為它與毛利率有關。

So gross margin, at 54.6%, really came in in line with our expectations. As we talked about on our last call, we guided folks to really Q3 last year as a reference point in line with where we thought we would end up, we ended up 13 basis points different. If I were to talk about on a sequential basis, the main moving pieces where we saw a shift from Q2 to Q3 really falls into the following categories.

所以毛利率為 54.6%，確實符合我們的預期。正如我們在上次電話會議中談到的那樣，我們引導人們以去年第三季為參考點，與我們認為最終的結果一致，最終結果有 13 個基點的差異。如果我要按順序討論，我們看到從第二季度到第三季度的轉變的主要變化實際上屬於以下幾類。

So one is occupancy expense. We opened up the highest number of new stores in Q3 that we've opened this year. We opened up 13 new stores with a concentration of new stores in urban areas which are moderately higher from an occupancy expense perspective, within New York, in particular.

其中之一是入住費用。第三季我們開設的新店數量是今年以來最多的。我們開設了 13 家新店，新店主要集中在城市地區，從入住費用的角度來看，這些地區的租金較高，尤其是在紐約。

We also continue to see some deleverage from scaling of contacts and eye exams, which are relatively newer businesses. As we discussed earlier, contacts and exams have a lower margin profile but are important in enabling us to serve the customer in a holistic -- way holistic customers to get an eye exam, purchase a pair of glasses and contact, are roughly 1.5 times more valuable at initial purchase and over 2 times more valuable over the course of a year.

我們也繼續看到隱形眼鏡和眼科檢查規模的擴大帶來的一些去槓桿作用，這些都是相對較新的業務。正如我們之前討論的，隱形眼鏡和檢查的利潤率較低，但對於我們能夠為客戶提供整體服務非常重要——整體客戶進行眼科檢查、購買一副眼鏡和隱形眼鏡的比例約為 1.5 倍初次購買時的價值，一年內價值增加2 倍以上。

And lastly, we had a strong hiring season for optometrists. We view an eye exam really in many ways as a gateway to an individual becoming a customer of Warby Parker, and so investments in hiring [OBS] which we believe will pay off in the long term is another important part of the story.

最後，我們的驗光師招募季表現強勁。我們將眼科檢查在許多方面視為個人成為 Warby Parker 客戶的門戶，因此我們相信從長遠來看，僱用 [OBS] 的投資將獲得回報，這是故事的另一個重要部分。

In terms of speaking to the perception of health of the optical industry, I will turn it over to Neil.

至於對眼鏡產業健康度的看法，我會把它交給尼爾。

So as Dave mentioned that it's too early to say if there's been significant change in demand. We continue to manage the business in a way that is not dependent on sort of industry trends for us to grow. We continue to deploy more marketing dollars across more diverse channels to ensure efficiency and drive that traffic to our stores and to our website and apps, and we believe if we continue to control what we can control, if we can continue to deliver (technical difficulty) value, $95 products with everything in included, which is a fraction of the price of what you typically find elsewhere and that goes for all of our products and services and we continue to deliver exceptional customer experiences, that we'll continue to win. We'll continue to gain market share. We'll continue to outperform the market. And that's as true as it is today as it was when we launched in 2010.

正如戴夫所提到的，現在判斷需求是否發生重大變化還為時過早。我們繼續以不依賴行業趨勢的方式管理業務以實現成長。我們繼續在更多樣化的管道上部署更多的行銷資金，以確保效率並推動我們的商店、網站和應用程式的流量，並且我們相信，如果我們繼續控制我們可以控制的內容，如果我們可以繼續交付（技術困難） ）價值95 美元的產品，包含所有內容，這只是您在其他地方通常找到的價格的一小部分，並且適用於我們所有的產品和服務，我們將繼續提供卓越的客戶體驗，我們將繼續贏得勝利。我們將繼續獲得市場份額。我們將繼續跑贏大盤。無論今天或是我們 2010 年推出時都是如此。

Thank you. I'll pass it on.

謝謝。我會把它傳遞下去。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi. Good morning. Thanks for taking my question. I want to ask about the e-commerce business. I know there's a lot of moving pieces in that 1% number. You mentioned the deferral. So maybe just some perspective on how you think about the medium-term growth of the channel. And then curious what you see as you open new stores, if you typically see -- you acquire new customers through those stores, if you typically see those customers come back to the e-commerce channel later in their lifetime. Thank you.

你好。早安.感謝您提出我的問題。我想問一下電商業務。我知道這 1% 的數字中有很多變化。你提到了延期。因此，也許只是您如何看待該管道的中期成長的一些觀點。然後好奇當你開設新商店時你會看到什麼，如果你通常會看到 - 你透過這些商店獲得新客戶，如果你通常會看到這些客戶在生命後期回到電子商務管道。謝謝。

Yeah. So at the beginning of this year, we stated that our goal was to return our e-com channel to growth, and we believe that we're on a strong path to do that. And yeah, while we typically don't comment on channel dynamics as it relates to deferred revenue, we wanted to just call out that the Q3 recognized revenue for e-com doesn't necessarily reflect the momentum that we've seen and continue to see in that channel.

是的。因此，在今年年初，我們表示我們的目標是讓我們的電子商務管道恢復成長，我們相信我們正在實現這一目標。是的，雖然我們通常不會評論與遞延收入相關的管道動態，但我們只想指出，第三季確認的電子商務收入並不一定反映我們已經看到並繼續成長的勢頭。到。

And in particular, we're encouraged by the growth that we're seeing in customers purchasing glasses directly without doing a home try-on and leveraging our best-in-class capabilities and tools like our virtual try on and some of the sophisticated recommendations that we're now offering customers, and we'll continue to do so.

特別是，我們看到越來越多的客戶直接購買眼鏡而無需在家試戴，並利用我們一流的功能和工具（例如虛擬試戴和一些複雜的建議），這讓我們深受鼓舞我們現在正在為客戶提供服務，並且我們將繼續這樣做。

And as a result, we're seeing meaningful positive growth in those customers and also continue to see very strong growth on the contact lens side in the e-com channel. As it relates to customers shopping in stores first and then coming back to e-com, we do see that take place. We find that customers tend to repeat in the channel where they made their first purchase, They tend to have a great experience there and want to replicate that experience. But we do see a fair number of customers after they make their initial purchase in a retail store and go on and make subsequent purchases online.

因此，我們看到這些客戶出現了有意義的積極成長，並且在電子商務管道的隱形眼鏡方面也繼續看到非常強勁的成長。由於它涉及到顧客首先在商店購物然後再回到電子商務，我們確實看到這種情況發生。我們發現，客戶往往會在首次購買的管道中重複購買，他們往往會在那裡獲得良好的體驗，並希望複製這種體驗。但我們確實看到相當多的顧客在零售店進行首次購買後，繼續在網上進行後續購買。

Great. And then maybe just a follow up on the Versant Health partnership, understanding that it's not in the guidance for this year and there's multiyear benefits, but just how to think about potentially the benefits next year and what that typically looks like when you add on a new insurance partner?

偉大的。然後也許只是 Versant Health 合作夥伴關係的後續行動，了解它不在今年的指導中，並且有多年的好處，但只是如何考慮明年的潛在好處以及當你添加一個時通常會是什麼樣子新的保險合作夥伴？

Yeah. So we're excited about this partnership and the number of lives that we've been able to integrate this year and enable a much larger population of our customers to be able to use their in-network benefits with us. What we see is that it takes time for those patients and customers to leverage their benefits, depending on where they are in the purchase cycle, when they need their next eye exam.

是的。因此，我們對這種合作關係以及我們今年能夠整合的生命數量感到興奮，並使更多的客戶能夠與我們一起使用他們的網絡內福利。我們看到的是，這些患者和客戶需要時間才能充分利用他們的好處，這取決於他們處於購買週期的哪個階段以及何時需要進行下一次眼科檢查。

And with our previous integrations, we see that as more time passes from the point of integration, the revenue that we generate per member tends to steadily increase over a multiyear period. And so, we're expecting that to take place with these new [aver] lives as well. And so we're pleased with the integration this year but have yet to benefit meaningfully from those lives and expect that will be a multiyear tail end that we can benefit from starting towards the end of this year.

透過先前的整合，我們發現，隨著整合時間的推移，我們每位會員產生的收入往往會在多年的時間內穩定成長。因此，我們期望這些新的生活也會發生。因此，我們對今年的整合感到滿意，但尚未從這些生活中真正受益，並預計這將是一個多年的尾聲，我們可以從今年年底開始受益。

Great. Thanks so much.

偉大的。非常感謝。

Nick Jones, Citizens JMP.

尼克瓊斯，公民 JMP。

Great. Thank you for taking the questions. Two if I can. First, you know, I think you've kind of communicated plans to open around 40 stores a year. Can you maybe speak to the puts and takes, particularly as you get back bigger? And clearly, you have a playbook that works as you open source? What are the puts and takes and maybe taking that higher or maybe what would make you want to take that lower on an annual basis?

偉大的。感謝您提出問題。如果可以的話，兩個。首先，我認為你們已經傳達了每年開設大約 40 家商店的計劃。您能否談談看跌期權和看跌期權，尤其是當您恢復規模更大時？顯然，您有一本可以像開源一樣工作的劇本嗎？看跌期權和看跌期權是多少，也許會採取更高的水平，或者是什麼讓您想每年採取較低的水平？

And then the second question is around kind of the insurance integrations. Is there anything you can do to kind of accelerate awareness to in-network folks or is that somewhat of the challenge of getting, you know, it's kind of organic as the awareness comes on? Just trying to understand maybe if there's anything in your control that could accelerate awareness for in-network folks. Thanks.

第二個問題是關於保險整合的類型。你能做些什麼來加速對網路內人們的認識嗎？只是想了解您是否可以控制任何東西來提高對網路內人員的意識。謝謝。

Thanks so much for your question. We plan to open at least 40 stores a year sort of going forward and we don't anticipate opening fewer than those. Our stores continue to perform in line with expectations offering for best-in-class metrics, not only within the optical industry but across all retail categories. And so, we're really happy with our store performance and store rollout and that will continue.

非常感謝你的提問。我們計劃今後每年開設至少 40 家商店，我們預計開設的商店數量不會少於這些。我們的商店的表現繼續符合預期，提供一流的指標，不僅在眼鏡行業，而且在所有零售類別中。因此，我們對商店的表現和商店的推出感到非常滿意，並且這種情況將會持續下去。

Vis-a-vis insurance and how might we further raise awareness about in-network options, there's a few ways that we do this. One is through training our teams, given that we have sort of outsized traffic to our stores and site and apps relative to others in the category. But we also tend to partner with our in-network insurance carriers. And we do things such as inviting brokers in for events in our stores, now that we have 270-plus stores across the country.

相對於保險以及我們如何進一步提高對網路內選項的認識，我們有幾種方法可以做到這一點。一是透過培訓我們的團隊，因為相對於該類別中的其他產品，我們的商店、網站和應用程式的流量有點過大。但我們也傾向與網路內保險公司合作。現在我們在全國擁有 270 多家商店，我們也做了一些事情，例如邀請經紀人參加我們商店的活動。

So we'll do in-person events. We tend to get highlighted in a lot of our insurance partners materials as they kind of view us as a preferred partner and frankly a sexy partner with which they use to try to attract new business and something that benefits managers within companies can speak to on how they're providing great benefits to their employees and coworkers.

所以我們將舉辦面對面的活動。我們往往會在許多保險合作夥伴材料中得到強調，因為他們將我們視為首選合作夥伴，坦率地說，我們是一個性感的合作夥伴，他們用來嘗試吸引新業務，並且是有利於公司內部經理可以談論的東西他們為員工和同事提供了巨大的福利。

So it is something that we do think a lot about, and it is a portion -- a focus of our marketing teams.

所以這是我們經常思考的事情，也是我們行銷團隊關注的一部分。

Thank you. This concludes today's question-and-answer session and concludes today's call. Thank you all for your participation. You may now disconnect your lines.

謝謝。今天的問答環節和今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。