Warby Parker Inc (WRBY) 2024 Q4 法說會逐字稿

Hello and welcome to today's Warby Parker fourth quarter 2024 earnings call. My name is Bailey, and I will be your moderator for today. (Operator Instructions) I'd like to pass the call over to Jaclyn Berkley, Head of Investor Relations. So please go ahead when you're ready.

您好，歡迎參加今天的 Warby Parker 2024 年第四季財報電話會議。我叫貝利，今天我將擔任你們的主持人。（操作員指示）我想將電話轉給投資者關係主管 Jaclyn Berkley。所以，當你準備好時請繼續。

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. During this call and in our presentation, we will be making comments of a forward-looking nature.

謝謝大家，早安。今天與我一起出席的還有我們的共同創辦人兼聯合執行長 Neil Blumenthal 和 Dave Gilboa，以及資深副總裁兼財務長 Steve Miller。在我們開始之前，我們有幾點提醒。我們的收益報告和幻燈片演示可在我們的網站 investors.warbyparker.com 上取得。在本次電話會議和演示中，我們將發表一些前瞻性的評論。

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-Ks.

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。有關這些風險的更多信息，請查看公司的 SEC 文件，包括公司最新 10-K 表年度報告中標題為“風險因素”的部分。

These forward-looking statements are based on information as of February 27, 2025, 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 the 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 2025 年 2 月 27 日的信息，除法律要求外，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。這些非公認會計準則財務指標是根據美國公認會計準則編制的財務績效指標的補充，而非替代。您可以在今天早上的新聞稿和我們 IR 網站上的幻燈片中找到我們的非 GAAP 指標與最直接可比較的美國 GAAP 指標的對帳。

And with that, I’ll pass it over to Dave to kick us off.

好了，現在我將把發言權交給戴夫，讓他來開始我們的演講。

Thank you, Jaclyn, and good morning, everyone. In 2024, we set ambitious goals for ourselves and we’re proud to report that our team delivered, punctuated by a strong Q4, our highest revenue growth quarter since 2021. For the full year, we drove revenue growth above 15% and expanded adjusted EBITDA margins by approximately 170 basis points, while making meaningful progress against our long-term strategic initiatives and delivering millions of pairs of glasses to people in need.

謝謝你，傑克琳，大家早安。2024 年，我們為自己設定了雄心勃勃的目標，我們很自豪地報告，我們的團隊實現了目標，其中第四季度表現強勁，創下了自 2021 年以來收入增長最高的季度。全年，我們推動營收成長超過 15%，調整後 EBITDA 利潤率提高約 170 個基點，同時在長期策略計畫方面取得了有意義的進展，並向有需要的人們提供了數百萬副眼鏡。

We achieved our second consecutive year of accelerated revenue growth by opening 41 new stores and maintaining our industry leading unit economics while driving positive e commerce growth for the first time since 2021. This growth was primarily driven by improved customer and glasses growth, which we expect will be the core drivers of our business for years to come. We set out to fuel brand awareness and affinity by investing in marketing spend, and we saw active customer growth accelerate in every quarter last year.

我們連續第二年實現了營收加速成長，開設了 41 家新店，保持了業界領先的單位經濟效益，同時自 2021 年以來首次實現了電子商務正成長。這一成長主要得益於客戶和眼鏡業務的成長，我們預計這將成為未來幾年我們業務的核心驅動力。我們開始透過投資行銷支出來提高品牌知名度和親和力，我們看到去年每季的活躍客戶成長都在加速。

We committed to expanding insurance and our holistic vision care strategy, and we significantly increased in network lives while growing contacts and exams by 36% and 41%, respectively. We accomplished all this while maintaining an unwavering focus on profitable, sustainable growth, resulting in a 40% increase in adjusted EBITDA versus 2023.

我們致力於擴大保險和整體視力保健策略，網路壽命顯著增加，同時接觸人數和檢查人數分別增加了 36% 和 41%。我們在實現所有這些目標的同時，始終堅定不移地專注於盈利和可持續增長，從而使調整後的 EBITDA 與 2023 年相比增長了 40%。

We believe this execution lays a strong foundation for the years ahead and gives us confidence in our 2025 plan as we look to build on this momentum. This month, we celebrated 15 years since our founding when we set out to demonstrate that business and impact can go hand in hand. From day one, we sought to provide vision for all while delivering exceptional customer experiences at great value. And today, that remains at the heart of everything we do.

我們相信，此次執行將為未來幾年奠定堅實的基礎，並讓我們對 2025 年計劃充滿信心，期待繼續保持這一勢頭。本月，我們慶祝了公司成立 15 週年，我們致力於證明業務和影響力可以並行不悖。從第一天起，我們就致力於為所有人提供願景，同時提供具有巨大價值的卓越客戶體驗。如今，這仍然是我們所做的一切的核心。

The Warby Parker of today is who we aspire to be 15 years ago, and we have even more conviction in our vision than ever before. As we think about our next 15 years and beyond, we believe there are tremendous tailwinds in our category. The incidence of myopia continues to rise rapidly, and it’s estimated that by 2050, over half of the world’s population will need corrective vision, presenting both a profound responsibility and tremendous opportunity.

今天的 Warby Parker 正是我們 15 年前所渴望成為的樣子，而且我們比以往任何時候都更加堅信我們的願景。當我們思考未來 15 年及以後時，我們相信我們的產業將面臨巨大的順風。近視發病率持續快速上升，預計到2050年，全球超過一半的人口將需要矯正視力，這不僅意味著重大的責任，也意味著巨大的機會。

And while The US market remains large at an estimated $68 billion, we believe its customers are largely underserved because of structural barriers, limited innovation, complex pricing, and inadequate customer service. Despite lower than usual growth in the optical industry over the last few years, our team has proven that our brand, product assortment, omnichannel offering and value proposition resonate across all market conditions, and we believe we are as well positioned as ever to continue taking share and leading with innovation for years to come.

儘管美國市場規模仍然很大，估計為 680 億美元，但我們認為，由於結構性障礙、創新有限、定價複雜以及客戶服務不足，其客戶在很大程度上沒有得到充分服務。儘管過去幾年光學產業的成長低於正常水平，但我們的團隊已經證明，我們的品牌、產品組合、全通路產品和價值主張在所有市場條件下都能產生共鳴，我們相信，我們一如既往地處於有利地位，能夠在未來幾年繼續佔據市場份額並保持創新領先地位。

In 2025, we plan to sustain and expand the momentum we have built over the last few quarters. We expect to continue to drive strong top line and adjusted EBITDA growth by investing further in customer acquisition, opening more stores than ever, scaling our insurance business, introducing products that offer unbeatable value, and delivering exceptional customer experiences.

2025 年，我們計劃維持並擴大過去幾季所建立的勢頭。我們希望透過進一步投資於客戶獲取、開設比以往更多的門市、擴大我們的保險業務、推出具有無與倫比價值的產品以及提供卓越的客戶體驗，繼續推動強勁的營收和調整後的 EBITDA 成長。

Now, Neil and I will cover our 2025 strategic priorities before Steve goes into more detail on our Q4 and 2024 results and our 2025 financial plan. I’ll start first with marketing spend. We plan to drive more customer-led growth in 2025 by continuing to invest efficiently in both brand awareness and customer acquisition. We believe our strategic marketing investments in 2024 drove growth across several key dimensions, including customers, glasses, retail traffic, and ecom, and these strong results give us confidence to scale marketing spend in 2025 while maintaining it in the low teens as a percent of revenue.

現在，尼爾和我將介紹我們的 2025 年策略重點，然後史蒂夫將更詳細地介紹我們的第四季和 2024 年業績以及我們的 2025 年財務計畫。我首先從行銷支出開始。我們計劃在 2025 年繼續有效投資於品牌知名度和客戶獲取，從而推動更多以客戶為主導的成長。我們相信，我們在 2024 年的策略行銷投資推動了多個關鍵維度的成長，包括客戶、眼鏡、零售流量和電子商務，這些強勁的業績使我們有信心在 2025 年擴大行銷支出，同時將其占收入的比例保持在百分之十幾以下。

Throughout 2024, we were able to invest efficiently across a variety of channels as our team evaluated different messages and tactics. In 2025, we plan to leverage an enhanced data driven media mix model to make real time optimizations. We see significant opportunities to scale spend across channels, and we’re excited to have even more advanced analytics to inform these decisions.

在整個 2024 年，我們的團隊評估了不同的資訊和策略，因此我們能夠透過各種管道進行有效投資。2025年，我們計劃利用增強的數據驅動媒體組合模型進行即時優化。我們看到了跨通路擴大支出的巨大機會，我們很高興擁有更先進的分析技術來為這些決策提供資訊。

Stores remain our largest and most efficient drivers of customer growth. Our 45 openings planned for this year, up from 41 in 2024, skewed towards existing markets, and we believe the additional market density will help drive awareness. One trend we observed throughout 2024 was that ecom growth was highest in many of our largest retail markets, reinforcing our confidence that overall market growth benefits from store density and therefore greater brand awareness.

商店仍然是我們客戶成長的最大、最有效的驅動力。我們今年計劃開設 45 家門市，高於 2024 年的 41 家，主要面向現有市場，我們相信增加的市場密度將有助於提高知名度。我們在 2024 年觀察到的一個趨勢是，電子商務成長在我們許多最大的零售市場中最高，這增強了我們的信心，即整體市場成長受益於商店密度，從而提高品牌知名度。

We continue to find that our happy customers are our best marketing channel, and the more of them we have in the market, the better it is for growth across channels. Last year, we saw encouraging results from more intentional media to drive local store awareness through campaigns that included direct mail and localized digital ads. We will look to do more of that this year. 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. Due in part to these efforts, we drove an improvement in traffic throughout the year, including an acceleration in Q4.

我們不斷發現，滿意的客戶是我們最好的行銷管道，市場上的客戶越多，跨通路的成長就越有利。去年，我們透過包括直效郵件和在地化數位廣告在內的更多有針對性的媒體活動提高了本地商店的知名度，看到了令人鼓舞的成果。今年我們將努力做更多這樣的事。這不僅有助於提高新客戶的認知度，而且有助於提高那些認為 Warby Parker 僅在線上運作的老客戶的認知度。部分由於這些努力，我們推動了全年交通量的改善，包括第四季的加速。

Earned media continues to be a powerful driver of awareness, with 2024 initiatives like our Solar Eclipse campaign and Emma Chamberlain collaboration generating significant press, in store traffic and brand engagement. These high impact moments reinforce the power of our brand and our ability to connect with customers in clever, meaningful ways.

贏得媒體繼續成為提高知名度的強大驅動力，2024 年的計劃（例如我們的日食活動和 Emma Chamberlain 合作活動）產生了顯著的新聞效應、店內流量和品牌參與度。這些具有重大影響的時刻增強了我們品牌的力量以及我們以巧妙、有意義的方式與客戶建立聯繫的能力。

Strong retention and repeat purchasing patterns further validate the power of our brand, with revenue retention rates of approximately 50% over 24 months and greater than 100% over 48 months for our 2020 cohort. Our insurance business serves as a powerful complement to our traditional customer acquisition channels, expanding access to new customers while driving higher value purchases and repeat purchasing. 2024 was a transformative year for our insurance business.

強大的保留率和重複購買模式進一步驗證了我們品牌的力量，對於 2020 年的客戶群而言，24 個月內的收入保留率約為 50%，48 個月內的收入保留率超過 100%。我們的保險業務是傳統客戶獲取管道的強大補充，在擴大新客戶管道的同時，推動更高價值的購買和重複購買。 2024 年是我們保險業務的轉型之年。

With the successful integration of Versant Health, we expanded our in-network coverage to over 30 million lives, unlocking a significant opportunity to serve more customers utilizing their vision care benefits at Warby Parker. We believe this expansion not only strengthens our position in the market but also sets the stage for long term growth as we scale utilization and see average revenue per member increase.

隨著 Versant Health 的成功整合，我們將網路覆蓋範圍擴大到 3,000 多萬人，為更多利用 Warby Parker 視力保健福利的客戶提供服務創造了重要機會。我們相信，此次擴張不僅加強了我們在市場上的地位，而且隨著我們擴大利用率並看到每位會員的平均收入增加，也為長期成長奠定了基礎。

While it is still early days, we are seeing promising trends for Versant members. Utilization is tracking in line with or slightly ahead of prior carrier integrations, and it is already attracting a higher percent of new customers than our non-insurance business. Insurance customers continue to be some of our highest value customers, spending more on their initial purchases, selecting progressive lenses at a higher rate, and returning more frequently. As we move into 2025, we’ll focus on scaling existing integrations while driving greater awareness across their member bases.

雖然現在還處於早期階段，但我們已經看到了 Versant 成員的良好趨勢。利用率與先前的營運商整合持平或略有領先，並且已經比我們的非保險業務吸引了更高比例的新客戶。保險客戶仍然是我們最有價值的客戶之一，他們在首次購買時花費更多，以更高的價格選擇漸進鏡片，回頭率更高。隨著我們邁入 2025 年，我們將專注於擴大現有的集成，同時提高其成員群的認知度。

In parallel, we continue to think there’s an opportunity to educate customers about using their out of network benefits at Warby Parker. Right now, we estimate around 60% of our customers have vision insurance, and 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.

同時，我們仍然認為有機會教育客戶如何使用 Warby Parker 的網路外福利。目前，我們估計約有 60% 的客戶都有視力保險，而且大多數網路外計畫平均為一副眼鏡或隱形眼鏡報銷 100 美元，這意味著這些客戶在 Warby Parker 購買眼鏡時通常無需自掏腰包支付任何費用。

Our next strategic priority is driving further growth in glasses, building on our momentum in both single vision and progressives. In 2024, glasses grew approximately 12% year-over-year, up from 8% the prior year, driven by continued growth in progressives, the expansion of complex lens types and enhancements, as well as an acceleration in single vision lenses, which represent the majority of our prescription eyewear business.

我們的下一個策略重點是推動眼鏡業務的進一步成長，鞏固我們在單光眼鏡和漸進眼鏡領域的發展勢頭。2024 年，眼鏡業務年增約 12%，高於去年的 8%，這得益於漸進鏡片的持續成長、複雜鏡片類型和增強功能的擴展，以及單光鏡片的加速成長，單光鏡片占我們處方眼鏡業務的大部分。

Progressives overall still only represent approximately 22% of our prescription glasses sold in 2024, and we believe there’s a significant opportunity to increase penetration over time. At the same time, it was encouraging to see the acceleration in single vision lenses throughout 2024 and, in particular, in Q4. This year, we’ll look to build upon that momentum by deploying targeted media spend to drive glasses units.

總體而言，漸進式眼鏡仍僅占我們 2024 年售出的處方眼鏡的 22% 左右，我們相信，隨著時間的推移，其滲透率有很大提升空間。同時，令人鼓舞的是，單光鏡片的銷售量在 2024 年全年，尤其是第四季度，呈現加速成長態勢。今年，我們將透過部署有針對性的媒體支出來推動眼鏡業務的發展，從而延續這一勢頭。

As a leader in style and innovation, we plan to introduce nearly 20 frame collections this year. From new styles and colorways to expanding sizing and novel constructions, each collection reflects our commitment to delivering newness and curation to our customers who come to us as a style and variety authority in the industry.

作為風格和創新的領導者，我們計劃今年推出近 20 個鏡框系列。從新款式和新顏色到擴大尺寸和新穎結構，每個系列都體現了我們致力於為客戶提供新穎性和精選性的承諾，我們將我們視為行業內風格和多樣性的權威。

Our direct-to-consumer model paired with our own in-house design team makes us uniquely positioned to gather and react to customer feedback. Because of this, we can offer a tighter, more curated assortment than our competitors and focus on building out franchise styles with new sizes, colors, and materials. As an example, earlier this month, we launched our first ever rimless assortment starting at $195 and available in a variety of lens shapes.

我們的直接面向消費者的模式與我們自己的內部設計團隊相結合，使我們在收集和回應客戶回饋方面具有獨特的優勢。正因為如此，我們可以提供比競爭對手更緊密、更精心挑選的商品，並專注於打造具有新尺寸、顏色和材料的特許經營風格。例如，本月早些時候，我們推出了首款無框眼鏡，起價為 195 美元，有多種鏡片形狀可供選擇。

Our customers frequently requested rimless styles, and we worked diligently to ensure we could introduce this intricate and complex construction that met our quality standards at a price point far below most other retailers and optical shops. Since launching in 2010, we’ve intentionally maintained our $95 price point, which remains a key part of our value proposition and represents the majority of sales today.

我們的客戶經常要求無框款式，我們努力確保我們能夠推出這種符合我們品質標準的複雜結構，並且價格遠低於大多數其他零售商和眼鏡店。自 2010 年推出以來，我們一直有意維持 95 美元的價格點，這仍然是我們價值主張的關鍵部分，並且代表了當今的大部分銷售。

While we intend to continue offering accessible pricing, we plan to expand our $145, $175 and $195 offerings and our recently introduced $125 price point. We also plan to continue expanding our lens options to give customers even more choice in 2025. Last year, we had success expanding our sun lens offerings, introducing the ability to customize polarized lens colors and add anti reflective coatings alongside our core enhancements like anti fatigue, blue light, and light responsive, which contributed to an increase in average revenue per customer.

雖然我們打算繼續提供可承受的價格，但我們計劃擴大 145 美元、175 美元和 195 美元的產品價格以及我們最近推出的 125 美元價格點。我們也計劃在 2025 年繼續擴大鏡頭選擇範圍，為客戶提供更多選擇。去年，我們成功擴展了太陽鏡片產品線，推出了客製化偏光鏡片顏色和添加防反射塗層的功能，以及抗疲勞、藍光和光響應等核心增強功能，這有助於提高每位客戶的平均收入。

Progressives are closely tied to store expansion as Progressive’s penetration is higher in our retail channel and with insurance customers. In addition to being efficient customer acquisition vehicles, our stores are integral to advancing our goal of providing holistic eye care. Consistent with the last couple of years, every new store that we open in 2025 will include eye exam capabilities. Industry wide, approximately 75% of prescription glasses are purchased at the same location an exam takes place.

Progressives 與門市擴張密切相關，因為 Progressive 在我們的零售通路和保險客戶中的滲透率較高。除了作為有效的客戶獲取工具之外，我們的商店對於實現我們提供整體眼部護理的目標也至關重要。與過去幾年一致，我們在 2025 年開設的每家新店都將提供眼科檢查服務。在整個行業中，大約 75% 的處方眼鏡都是在檢查地點購買的。

And now, I’ll turn it over to Neil to talk through our channel and holistic vision care strategies.

現在，我將讓尼爾來談談我們的管道和整體視力保健策略。

Thanks, Dave. For our third 2025 priority, we plan to further invest in scaling our industry leading omnichannel model and delivering exceptional customer experiences. Starting first with retail, where we expect to see the majority of our growth come from in 2025. We ended 2024 with 276 stores, and longer term, we believe we can open more than 900 stores in the US, highlighting a significant opportunity for further penetration of both new and existing markets for years to come, while still representing a small fraction of the approximately 45,000 optical shops in the US.

謝謝，戴夫。對於我們的第三個 2025 年優先事項，我們計劃進一步投資擴展我們行業領先的全通路模式並提供卓越的客戶體驗。首先從零售業開始，我們預計 2025 年我們的大部分成長將來自零售業。截至 2024 年，我們已擁有 276 家門市，從長遠來看，我們相信可以在美國開設 900 多家門市，凸顯了未來幾年進一步滲透新市場和現有市場的重大機遇，同時仍僅占美國約 45,000 家眼鏡店的一小部分。

In 2025, we are set to open more stores than ever before with plans for 45 new locations, including an exciting partnership with Target to open five shop-in-shops in the second half of the year. This initiative reflects our commitment to expanding access and convenience for our customers while testing new ways to engage both existing and new customers.

2025 年，我們計劃開設 45 家新店，數量將超過以往任何時候，其中包括與 Target 建立令人興奮的合作夥伴關係，在下半年開設 5 家店中店。這項措施體現了我們致力於擴大客戶的訪問和便利，同時測試吸引現有客戶和新客戶的新方法。

While still in its early phases, this partnership is incremental and complementary to our broader omnichannel strategy. We know many of our customers already shop at Target for their everyday needs, and the shop-in-shop format provides an opportunity to introduce Warby Parker to even more customers who may not have engaged with us before, while maintaining the exceptional customer experience and strong branding Warby Parker is known for.

雖然仍處於早期階段，但這種合作關係是漸進的，並且是對我們更廣泛的全通路策略的補充。我們知道，許多顧客已經在 Target 購買日常所需，而店中店的形式則為向更多以前可能沒有與我們合作過的客戶介紹 Warby Parker 提供了機會，同時保持了 Warby Parker 聞名的卓越客戶體驗和強大的品牌影響力。

Each Warby Parker at Target shop-in-shop will be staffed by Warby Parker employees and offer products and services consistent with those across our existing channels today. We view this as a longer-term tailwind to our business and a valuable opportunity to test and learn as we explore new ways to expand reach and accessibility, while partnering with a best-in-class retailer like Target.

Target 的每家 Warby Parker 店中店都將配備 Warby Parker 員工，並提供與我們現有管道一致的產品和服務。我們認為這對我們的業務來說是長期的順風，也是一個寶貴的測試和學習機會，因為我們在與 Target 這樣的一流零售商合作的同時，探索擴大覆蓋面和可訪問性的新方法。

We plan to open 40 new standalone stores this year with a continued focus on suburban expansion. The vast majority of these stores are expected to be in existing suburban markets, and we plan to enter nine new markets overall. One advantage of being a digitally native company continues to be that we’re able to open stores in areas where we know our customers live and work.

我們計劃今年開設 40 家新的獨立商店，並繼續專注於郊區擴張。預計這些商店中的絕大多數將位於現有的郊區市場，我們計劃總共進入九個新市場。作為一家數位原生公司，我們的一個優勢是，我們能夠在我們了解客戶生活和工作的地區開設商店。

For new stores, we continue to target 35% four-wall margins and paybacks within 20 months. We remain confident in our store growth strategy given the consistent returns we see across cohorts. As we continue to scale, delivering a consistent, delightful store experience starts with investing in our people. Promoting from within is core to our approach, and our Optician Apprentice program is a prime example. Through this program, we offer retail associates the opportunity to train, upskill, and become certified opticians, and in many cases, provide tuition reimbursement.

對於新店，我們繼續以 35% 的四面牆利潤率和 20 個月內的回報為目標。鑑於我們看到各個群體的一致回報，我們對我們的商店成長策略仍然充滿信心。隨著我們不斷擴大規模，提供一致、令人愉悅的購物體驗首先要從投資我們的員工開始。內部提拔是我們方法的核心，我們的驗光師學徒計畫就是一個很好的例子。透過該計劃，我們為零售員工提供培訓、提陞技能和成為認證驗光師的機會，並在許多情況下提供學費報銷。

We often hold ourselves to a higher standard than even state requirements, ensuring every store is staffed with experts who provide best-in-class service. Through this program, we are not only strengthening our teams but also fostering long term career growth. Since the program’s inception, more than 500 team members have become licensed opticians.

我們經常以比國家要求更高的標準要求自己，確保每家商店都配備提供一流服務的專家。透過這個項目，我們不僅加強了我們的團隊，而且還促進了長期的職業發展。自計劃啟動以來，已有 500 多名團隊成員成為持證驗光師。

Shifting to ecom. In 2025, we are focused on driving continued growth in our e-commerce channel, building upon the momentum we saw in 2024. We anticipate full year e-commerce growth to improve to the mid-single digits, fueled by our investment in enhancing the digital shopping experience for glasses alongside the ongoing growth of our contacts business. A key priority will be introducing the next era of our digital experience that leads with AI and personalization and brings the guided, high touch feel of our retail stores into our online platform.

轉向電子商務。2025 年，我們將專注於推動電子商務通路的持續成長，以鞏固 2024 年的發展動能。我們預計全年電子商務成長率將提高到中等個位數，這得益於我們對提升眼鏡數位購物體驗的投資以及隱形眼鏡業務的持續成長。一個關鍵的優先事項是引入我們數位體驗的下一個時代，該時代以人工智慧和個性化為主導，並將我們零售店的引導式、高接觸式感覺帶入我們的線上平台。

We are designing industry leading tools, including an AI powered recommendation engine that will use facial features and style preferences to provide tailored product suggestions. Rolling out in a few months, our new features are designed to help customers feel confident in their frame selections without needing to do a home try on. By making the shopping journey even more intuitive and engaging, we aim to strengthen conversion and deeper customer engagement.

我們正在設計業界領先的工具，包括一個人工智慧推薦引擎，它將使用臉部特徵和風格偏好來提供客製化的產品建議。我們的新功能將在幾個月內推出，旨在幫助顧客自信地選擇鏡架，而無需在家試戴。透過使購物過程更加直觀和引人入勝，我們的目標是加強轉換率和更深入的客戶參與。

75% of iOS users already engage with our proprietary virtual try on tool, which leverages AI and gives us confidence to further scale this and other AI experiences to drive conversion and help customers find the perfect pair of glasses wherever they choose to do so.

75% 的 iOS 用戶已經使用了我們專有的虛擬試戴工具，該工具利用了人工智慧，讓我們有信心進一步擴展此工具和其他人工智慧體驗，以推動轉化，並幫助客戶在任何地方找到完美的眼鏡。

Finally, we’ll continue to expand our holistic vision care offering, which is attracting new customers and driving higher customer lifetime value. Customers who engage with us across glasses, contacts, and exams not only spend more initially, but continue to increase their spend over time: 1.8 times more in their initial purchase and 2.6 times more after 12 months compared to glasses only customers. The high lifetime value of a holistic vision care customer reinforced our confidence in investing strategically in our holistic vision care products and services, as well as in customer acquisition. In 2024, our contact lens business saw strong growth, increasing 36% year over year to reach approximately 10% of total revenue.

最後，我們將繼續擴大我們的整體視力保健服務，以吸引新客戶並提高客戶終身價值。與我們合作購買眼鏡、隱形眼鏡和檢查的客戶不僅最初花費更多，而且隨著時間的推移他們的花費會不斷增加：與僅購買眼鏡的客戶相比，首次購買時花費增加 1.8 倍，12 個月後增加 2.6 倍。整體視力保健客戶的高終身價值增強了我們對整體視力保健產品和服務以及客戶獲取進行策略性投資的信心。2024年，我們的隱形眼鏡業務強勁成長，年增36%，佔總營收的約10%。

Despite this progress, our penetration remains well below the 20-industry average, representing a significant opportunity. In addition to being a retention driver given the replenishment nature of the product, contacts drive new customer acquisition. Approximately 30% of contact lens customers in 2024 were new to Warby Parker. Not only are we attracting new customers, but we also see many of those customers go on to purchase glasses with an opportunity to expand this further in 2025 and beyond.

儘管取得了這些進展，我們的滲透率仍然遠低於 20 個行業的平均水平，這意味著一個巨大的機會。由於產品的補貨性質，聯絡人除了作為保留驅動因素之外，還能推動新客戶的取得。2024 年，約有 30% 的隱形眼鏡顧客是 Warby Parker 的新顧客。我們不僅吸引了新客戶，而且我們還看到許多新客戶繼續購買眼鏡，並有機會在 2025 年及以後進一步擴大這一範圍。

Another major contributor to growth has been our expanding eye exam business, which grew over 40% year-over-year in 2024 and now accounts for approximately 5% of revenue. Today, the majority of our customers are still getting their eye exams elsewhere and bringing their prescriptions to Warby Parker, highlighting the long-term opportunity.

另一個主要的成長貢獻者是我們不斷擴大的眼科檢查業務，該業務在 2024 年同比增長超過 40%，目前約佔收入的 5%。如今，我們的大多數顧客仍然在其他地方進行眼科檢查，並帶著他們的處方來到 Warby Parker，這凸顯了我們的長期機會。

Innovation remains a key priority within our eye exam business. In 2025, we plan to expand video assisted eye exams, which connect customers with remote doctors. We also plan to roll out retinal imaging to more retail locations, which provides advanced diagnostics without dilation. Early adoption of these services has been strong, which leaves us excited about the potential to enhance the patient experience while driving further growth.

創新仍然是我們眼科檢查業務的首要任務。2025 年，我們計劃擴大視訊輔助眼科檢查服務，讓客戶與遠距醫生建立聯繫。我們還計劃將視網膜成像推廣到更多的零售點，從而提供無需擴張的高級診斷。這些服務的早期採用情況良好，這讓我們對提升患者體驗並推動進一步成長的潛力感到興奮。

And 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, progressive lenses, and contact lenses. We find that exam stores drive higher sales, conversion, and gross margin than non-exam stores, while offering a more seamless experience for our customers and patients. In 2025, our focus is on increasing awareness of our exam offerings and optimizing coverage in high demand locations to maximize efficiency.

隨著我們提供眼科檢查服務的商店數量的增加，我們看到每位顧客的平均收入強勁增長，這主要得益於眼科檢查收入、漸進鏡片和隱形眼鏡。我們發現，檢查商店比非檢查商店具有更高的銷售額、轉換率和毛利率，同時為我們的客戶和患者提供了更無縫的體驗。2025 年，我們的重點是提高考試產品的知名度，並優化高需求地區的覆蓋範圍，以最大限度地提高效率。

And with that, I’ll pass it over to Steve to touch on 2024 performance as well as the financials embedded within our 2025 plan.

接下來，我將把話題交給史蒂夫，讓他談談 2024 年的表現以及我們 2025 年計畫中的財務狀況。

Thanks, Neil and Dave. I’ll begin with a detailed review of our fourth quarter and full year 2024 performance. Then I’ll outline our guidance for the full year and first quarter of 2025. Let’s jump into Q4 and full year results. Revenue for the fourth quarter came in above the high end of our guidance at $190.6 million up 17.8% year-over-year with retail revenue increasing 23.9% year-over-year and e-commerce revenue increasing 5.3% year-over-year.

謝謝，尼爾和戴夫。我將首先詳細回顧我們 2024 年第四季和全年的業績。然後我將概述我們對 2025 年全年和第一季的指導。讓我們來看看第四季和全年的業績。第四季營收高於我們預期的高端，達到 1.906 億美元，年增 17.8%，其中零售收入年增 23.9%，電子商務營收年增 5.3%。

On a full year basis, revenue was $771.3 million up 15.2% year-over-year with retail revenue increasing 21.4% year-over-year and e-commerce increasing 3% year-over-year, its first full year of positive growth since 2021. Starting first with customers, we finished 2024 with 2.51 million active customers, representing an increase of 7.8% on a trailing 12-month basis.

全年營收為 7.713 億美元，年增 15.2%，其中零售收入年增 21.4%，電子商務營收年增 3%，這是自 2021 年以來首次全年實現正成長。從客戶開始，到 2024 年，我們擁有 251 萬活躍客戶，比過去 12 個月成長了 7.8%。

We’ve been pleased to see sequential improvements in year-over-year active customer growth for the past six quarters as we benefit from the positive returns we are seeing from our marketing investments. As Dave mentioned, we anticipate seeing more customer led growth throughout 2025. We also continued to see strength in average revenue per customer, which came in at $307 in 2024, up 6.8% 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 frames.

我們很高興看到過去六個季度活躍客戶數量同比持續成長，這得益於我們從行銷投資中獲得的正面回報。正如戴夫所提到的，我們預計 2025 年將出現更多由客戶主導的成長。我們也持續看到每位客戶的平均收入強勁成長，到 2024 年將達到 307 美元，年增 6.8%。這是由多種因素推動的，包括我們的高級鏡片（如漸進鏡片）的混合度更高，隱形眼鏡和眼科檢查產品的銷售持續增長，以及我們高價位鏡框的持續普及。

By products, glasses grew approximately 15% year-over-year in Q4 2024, up from 7% in Q4 '23 and approximately 12% year-over-year in 2024, up from 8% in 2023. In addition to the acceleration in glasses growth, we saw continued strength in contacts and exams, which grew 30% and 45% year-over-year in Q4, respectively. On a full year basis, contacts grew 36% year-over-year and exams grew 41%.

按產品劃分，2024 年第四季眼鏡銷售額年增約 15%，高於 2023 年第四季的 7%；2024 年眼鏡銷售額年增約 12%，高於 2023 年的 8%。除了眼鏡成長加速之外，我們還看到隱形眼鏡和檢查持續保持強勁成長，第四季分別年增 30% 和 45%。從全年來看，聯繫人數年增 36%，考試人數增加 41%。

Turning to our stores. We added 39 net new stores over the course of the last 12 months, ending the year with 276 store, up from 237 at the end of 2023. This 16.5% increase in our store count compares to retail revenue growth of 21.4% over the same period. So we continue to be pleased with the productivity and growth of our more mature store cohorts. Retail productivity in Q4 was 102.1% versus the same period last year and 101.4% for the full year 2024. 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.

轉向我們的商店。過去 12 個月，我們淨增 39 家新店，年底門市總數為 276 家，高於 2023 年底的 237 家。我們的門市數量增加了 16.5%，而同期零售收入增加了 21.4%。因此，我們繼續對更成熟的商店群體的生產力和成長感到滿意。第四季零售業生產力與去年同期相比為 102.1%，2024 年全年為 101.4%。我們將零售生產力定義為一定時期內平均開設的商店數量對應的每家商店零售額的同比變化。

This metric covers all of our stores, including new 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 opened greater than 12 months, we observed an acceleration in growth year-over-year for both Q4 and the full year.

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，該指標受到多種因素的影響，包括逐年開設新店的時間和組成以及新店聘請醫生的時間。對於開業超過 12 個月的商店，我們觀察到第四季度和全年的同比增長均有所加速。

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 opened more than 12 months, average revenue per store was $2.2 million and performance was in line with our target 35% four-wall margin. Over the course of the past year, we added 42 net new eye exam locations, bringing our stores with eye exam capabilities to 236 stores or 86% of our total fleet.

我們的新店繼續提供強勁的單位經濟效益，其表現符合我們 35% 的四牆利潤率和 20 個月回報的目標。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，業績符合我們 35% 的四壁利潤率目標。在過去的一年裡，我們新增了 42 個眼科檢查點，使我們擁有眼科檢查能力的門市數量達到 236 家，占我們門市總數的 86%。

From a channel mix perspective, retail represented 70% of our overall business, up approximately 360 basis points year over year versus 66% in 2023. Moving on to gross margin. We were pleased to see improvement to gross margin versus 2023. 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 rent and the depreciation of store build outs.

從通路組合的角度來看，零售占我們整體業務的 70%，較去年同期成長約 360 個基點，而 2023 年則為 66%。繼續討論毛利率。我們很高興看到毛利率與 2023 年相比有所提高。提醒一下，我們的毛利率是全額的，並且涵蓋了一系列成本，包括鏡框、鏡片、眼鏡實驗室、客戶運費、驗光師工資、商店租金和商店建築折舊。

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. Fourth quarter adjusted gross margin came in at 54.2% compared to 54% in the year ago period. Full year adjusted gross margin was 55.5% compared to 54.7% in 2023. Starting first with the fourth quarter, the increase in adjusted gross margin was primarily driven by higher glasses growth, including the scaling of higher margin lens types like progressives as well as lower outbound customer shipping costs.

我們的毛利率還包括驗光師和眼鏡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。第四季調整後的毛利率為 54.2%，去年同期為 54%。全年調整後毛利率為 55.5%，而 2023 年為 54.7%。從第四季開始，調整後毛利率的成長主要得益於眼鏡業務的成長，包括漸進鏡片等利潤率較高的鏡片類型的擴大以及客戶出境運輸成本的降低。

For the full year, the increase in adjusted gross margin was also driven by higher glasses growth, customer shipping efficiencies as well as continuing to scale the portion of prescription glasses orders that we fulfill at our two owned optical labs in New York and Nevada. There are many benefits we see from in sourcing orders at our labs, including higher NPS, lower refund rates, faster turnaround times and improved gross margin.

就全年而言，調整後毛利率的成長還得益於眼鏡業務的成長、客戶運輸效率的提高以及我們在紐約和內華達州的兩家自有眼鏡實驗室完成的處方眼鏡訂單份額的持續擴大。我們從實驗室採購訂單中看到了許多好處，包括更高的 NPS、更低的退款率、更快的周轉時間和更高的毛利率。

Offsetting a portion of these accretive factors in both Q4 and the full year was the continued scaling of contact lenses from 9.5% in Q4 '23 to 10.5% in Q4 '24 and from 8.6% in full year '23 to 10.2% full year '24 as a percentage of our total business. Expanding our contacts offering is a core part of scaling our holistic vision care offering and a driver of increasing average revenue per customer. While contact lenses have a lower gross margin percent versus our other product categories, they are accretive to gross profit dollars given their higher purchase frequency and subscription like purchase cycle.

抵銷了第四季度和全年部分增值因素的是隱形眼鏡業務占我們總業務的比例持續擴大，從 23 年第四季的 9.5% 增加到 24 年第四季的 10.5%，從 23 年全年的 8.6% 增加到 24 年全年的 10.2%。擴大我們的隱形眼鏡服務是擴大我們整體視力保健服務的核心部分，也是增加每位客戶平均收入的驅動力。雖然隱形眼鏡的毛利率與我們的其他產品類別相比較低，但由於其購買頻率較高且具有類似訂閱的購買週期，因此可以增加毛利。

Contact lenses represented a $12 billion market and account for almost 20% of the optical market. Within the fixed portion of our cost of goods, store rent was a consistent percent of revenue on a year-over-year basis in Q4 and for the full year. We saw deleverage from optometrist salaries as we hired optometrists for our stores. As of the end of 2024, we operated with 194 stores where we engaged directly with an optometrist and therefore recognized both revenue from exams and expense from optometrist salaries. These 194 stores compared to 150 stores at the end of 2023.

隱形眼鏡市場規模達 120 億美元，佔光學市場的近 20%。在我們的商品成本的固定部分中，商店租金在第四季度和全年的收入佔比與去年同期持平。隨著我們為商店聘請驗光師，我們看到驗光師工資的去槓桿化。截至 2024 年底，我們經營 194 家門市，直接與驗光師合作，因此確認了檢查收入和驗光師薪資支出。截至 2023 年底，共有 194 家門市，而 2023 年底則有 150 家門市。

We expect that our investment in eye exam capabilities in store will benefit us in the long term as it gives us greater control over the customer experience, enables us to recognize exam revenue and results in higher product sales, conversion and gross margin than non-exam stores. 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.

我們預計，店內眼科檢查能力的投資將使我們長期受益，因為它使我們能夠更好地控制客戶體驗，使我們能夠實現檢查收入，並帶來比非檢查店更高的產品銷售、轉換率和毛利率。轉向銷售、一般及行政費用 (SG&A)。提醒一下，我們業務的銷售、一般和行政費用包括三個主要部分：總部的薪資支出、客戶體驗和零售員工的薪資支出、行銷支出（包括我們的家庭試穿計畫）和一般公司管理費用。

Adjusted SG&A excludes noncash costs like stock-based compensation expense. Adjusted SG&A in the fourth quarter came in at $103 million or 54% of revenue. This compares to Q4 2023 adjusted SG&A of $91.4 million or 56.4% of revenue, a decrease of 240 basis points year-over-year. Within adjusted SG&A, marketing spend increased from $20.3 million or 12.5% of revenue to $24.6 million or 12.9% of revenue as we reinvested a portion of our revenue upside into customer acquisition given strong demand signals in the quarter.

調整後的銷售、一般及行政費用不包括股票薪酬費用等非現金成本。第四季調整後的銷售、一般及行政費用為 1.03 億美元，佔營收的 54%。相較之下，2023 年第四季調整後的銷售、一般及行政費用為 9,140 萬美元，佔營收的 56.4%，年減 240 個基點。在調整後的銷售、一般及行政費用中，行銷支出從 2,030 萬美元（佔營收的 12.5%）增加到 2,460 萬美元（佔營收的 12.9%），因為考慮到本季強勁的需求訊號，我們將部分營收成長重新投資於客戶獲取。

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 43.9% to 41.1%, a decrease of 280 basis points year-over-year. Total adjusted SG&A was up 12.8% with non-marketing adjusted SG&A up just 10.4% year-over-year as compared to revenue growth of 17.8% in the quarter. For the full year, on an adjusted basis, SG&A of $405.2 million represented 52.5% of revenue, down 100 basis points from 53.5% in 2023. Non-marketing adjusted SG&A was 40.1% of revenue versus 41.8% in 2023, representing leverage of approximately 170 basis points year-over-year.

行銷去槓桿效應被嚴格的費用管理和企業費用槓桿所抵消，非行銷調整後的銷售、一般和行政費用佔收入的百分比從 43.9% 下降到 41.1%，同比下降了 280 個基點。總調整後的銷售、一般及行政費用 (SG&A) 年比成長 12.8%，非行銷調整後的銷售、一般及行政費用年增 10.4%，而本季營收成長率為 17.8%。全年調整後，銷售、一般及行政費用為 4.052 億美元，佔營收的 52.5%，較 2023 年的 53.5% 下降 100 個基點。非行銷調整後的銷售、一般及行政費用佔收入的 40.1%，而 2023 年為 41.8%，這意味著槓桿率比去年同期上升約 170 個基點。

Turning now to adjusted EBITDA. In the fourth quarter, we generated adjusted EBITDA of $13.8 million representing an adjusted EBITDA margin of 7.3%, which compares to adjusted EBITDA of $9.4 million or 5.8% of revenue in the year ago period. For the full year 2024, we generated adjusted EBITDA of $73.1 million representing an adjusted EBITDA margin of 9.5%, which compares to adjusted EBITDA of $52.4 million or 7.8% of revenue for the full year 2023. This represents margin improvement of approximately 170 basis points, in line with our long-term guidance of adding 100 to 200 basis points of margin improvement per year.

現在來談談調整後的 EBITDA。第四季度，我們的調整後 EBITDA 為 1,380 萬美元，調整後 EBITDA 利潤率為 7.3%，而去年同期的調整後 EBITDA 為 940 萬美元，佔營收的 5.8%。2024 年全年，我們的調整後 EBITDA 為 7,310 萬美元，調整後 EBITDA 利潤率為 9.5%，而 2023 年全年的調整後 EBITDA 為 5,240 萬美元，佔收入的 7.8%。這意味著利潤率提高了約 170 個基點，符合我們每年增加 100 至 200 個基點的利潤率改善的長期指導。

Our adjusted EBITDA margin was partially impacted by media spend in December that contributed to strong growth at the December into January. Turning now to our balance sheet. We generated $35 million in free cash flow in 2024, up from $7 million in 2023 and ended with a strong balance sheet position reflecting approximately $254 million in cash, which we will continue to deploy deliberately to support our growth and operations. We also have a credit facility of $120 million expandable to $175 million that is undrawn other than $4 million outstanding for letters of credit.

我們的調整後 EBITDA 利潤率部分受到 12 月份媒體支出的影響，這促成了 12 月至 1 月份的強勁成長。現在來看我們的資產負債表。我們在 2024 年產生了 3500 萬美元的自由現金流，高於 2023 年的 700 萬美元，並且最終資產負債表狀況強勁，現金約為 2.54 億美元，我們將繼續有意識地部署這些現金來支持我們的成長和營運。我們還擁有 1.2 億美元的信貸額度（可擴展至 1.75 億美元），除 400 萬美元未償還信用證外，尚未提取。

Turning to 2025. Before I get into the specifics of our outlook, I want to point out that we expect the quarterly cadence of our results to look similar to 2024, with Q1 our most profitable quarter and Q4 our least profitable quarter as a portion of late December and FSA related orders are recognized as revenue in Q1 of the following year.

展望2025年。在詳細介紹我們的前景之前，我想指出的是，我們預計季度業績節奏將與 2024 年相似，其中第一季度是我們最賺錢的季度，而第四季度是我們最不賺錢的季度，這是 12 月下旬的一部分，FSA 相關訂單將在次年第一季度確認為收入。

Now to guidance. While we have confidence in our 2025 plan, we’re maintaining a conservative stance on guiding our business given the broader macroeconomic environment. For the full year 2025, we’re guiding to the following: revenue of $878 million to $893 million representing approximately 14% to 16% growth year-over-year. Adjusted EBITDA of $97 million representing an adjusted EBITDA margin of approximately 11% at the midpoint of our revenue range. Gross margin in the mid-50s as a percent of revenue. 45 new store openings, including 5 shop-in-shops with Target. Excluding the Target locations, which are slated to open in the second half of the year, our 40 new stores in 2025 will open with a cadence similar to 2024.

現在來指導一下。雖然我們對 2025 年計畫充滿信心，但考慮到更廣泛的宏觀經濟環境，我們在指導業務方面仍保持保守的立場。對於 2025 年全年，我們的預期如下：營收為 8.78 億美元至 8.93 億美元，年增約 14% 至 16%。調整後的 EBITDA 為 9,700 萬美元，代表調整後的 EBITDA 利潤率約為 11%，處於我們收入範圍的中點。毛利率佔收入的百分比在 50% 左右。新開了 45 家店，其中包括 5 家與 Target 合作的店中店。除計劃於今年下半年開業的 Target 門市外，我們 2025 年的 40 家新店開幕節奏將與 2024 年相似。

We’re guiding gross margin to remain stable in the mid-50s as a percent of revenue, which includes an estimated 20 to 40 basis point headwind from tariffs. As it relates to tariffs, over the past five years, we have strategically diversified our sourcing to reduce tariff exposure, with China representing approximately 20% of our total cost of goods and no exposure to Canada or Mexico.

我們預計毛利率將穩定保持在 50% 左右，其中包括關稅帶來的約 20 至 40 個基點的不利影響。至於關稅，在過去五年中，我們策略性地實現了採購多元化，以降低關稅風險，其中中國約占我們商品總成本的 20%，而加拿大和墨西哥則沒有關稅風險。

We’ve worked with our vendors to mitigate cost increases and will continue to do so and will continue making intelligent decisions around diversifying sources of production globally. As the China tariffs are currently structured, we anticipate a 20 to 40 basis point impact to gross margin and believe we have multiple levers in place to manage a dynamic tariff environment going forward.

我們已經與供應商合作以降低成本增加，並將繼續這樣做，並將繼續在全球範圍內就生產來源多樣化做出明智的決策。鑑於中國目前的關稅結構，我們預計毛利率將受到 20 至 40 個基點的影響，並相信我們已採取多種手段來管理未來動態的關稅環境。

For 2025, we plan to maintain marketing in the low teens as a percent of revenue, and we will continue to maintain a disciplined approach to operating expenses, which we expect will be reflected in non-marketing adjusted SG&A continuing to drop as a percentage of revenue. We remain committed to expanding our adjusted EBITDA margin by approximately 150 basis points this year at the midpoint of our revenue guidance, which equates to $97 million, and we plan to preserve flexibility to either allow incremental revenue to flow through to adjusted EBITDA or to reinvest in the business, including into customer acquisition.

到 2025 年，我們計劃將行銷費用佔收入的比例保持在十幾個百分點以下，並且我們將繼續對營運費用採取嚴格的控制方法，我們預計這將反映在非行銷調整後的銷售、一般和行政費用佔收入的比例繼續下降。我們仍致力於將今年調整後的 EBITDA 利潤率提高約 150 個基點，達到我們收入預期的中點，即 9,700 萬美元，並且我們計劃保持靈活性，要么讓增量收入流入調整後的 EBITDA，要么將其再投資於業務，包括客戶獲取。

We’re forecasting stock-based compensation as a percentage of net revenue to normalize in the 2% to 4% range. For Q1 2025, we’re guiding to the following, which accounts for recent trends that have been impacted by weather: revenue between $223.5 million and $225.5 million, which represents growth of approximately 12% to 13% year-over-year. Normalizing for the extra day due to leap year last year, which contributed roughly $2 million to Q1 revenue. Growth in Q1 2025 is estimated to be roughly 13% to 14%. As a reminder, Q1 of last year also included the benefits of $2 million of incremental revenue deferral, which equates to roughly 100 basis points of growth in Q1 2024.

我們預測股票薪酬佔淨收入的百分比將正常化在 2% 至 4% 的範圍內。對於 2025 年第一季度，我們預計營收將在 2.235 億美元至 2.255 億美元之間，年增約 12% 至 13%，這考慮到了近期受天氣影響的趨勢。由於去年閏年，多出一天，這為第一季的收入貢獻了約 200 萬美元。預計 2025 年第一季的成長率約為 13% 至 14%。提醒一下，去年第一季還包括 200 萬美元增量收入遞延的收益，相當於 2024 年第一季約 100 個基點的成長。

From a bottom-line perspective, in Q1 2025, we’re guiding to adjusted EBITDA of $27 million to $28 million representing a margin of approximately 12% at the midpoint of our range. Thank you again for joining us this morning.

從底線角度來看，在 2025 年第一季度，我們預計調整後的 EBITDA 為 2,700 萬美元至 2,800 萬美元，相當於我們區間中點的利潤率約為 12%。再次感謝您今天早上加入我們。

With that, Neil, Dave and I are pleased to take your questions. Operator, please open the line for Q&A.

尼爾、戴夫和我很樂意回答您的問題。接線員，請打開問答線。

(Operator Instructions)

（操作員指示）

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good morning. Thank you for taking my question. I guess to start off, lots of customer acquisition initiatives in the hopper here with marketing, new stores, you’re announcing the Target partnership. Last year, the revenue growth algo was fairly balanced between customer growth and revenue per customer. Just can you speak a bit more on how you’re thinking about that algo moving forward?

早安.感謝您回答我的問題。我想首先，這裡有很多客戶獲取計劃，包括行銷、新店，您也宣布了與 Target 的合作。去年，收入成長演算法在客戶成長和每位客戶的收入之間相當平衡。您能否再多談談您對該演算法未來發展的看法？

Sure. Thanks, Mark. We have made an intentional effort to invest in customer acquisition across a variety of activities including store openings, our insurance integrations, hiring more doctors, scaling our contact business, investing in additional media dollars. And, we’ve seen the benefit of that over the last few quarters. Q4 was our sixth straight quarter of accelerating active customer growth, and we expect those positive trends will continue.

當然。謝謝，馬克。我們有意透過各種活動來投資客戶獲取，包括開設商店、保險整合、僱用更多醫生、擴大我們的聯繫業務、投資額外的媒體資金。並且，在過去的幾個季度中我們已經看到了它的好處。第四季是我們活躍客戶成長加速的連續第六個季度，我們預期這些正面趨勢將會持續下去。

And we did see more balance, as you noted last year, between customer growth and an average revenue per customer. We expect that for this year and going forward that a significant portion of our growth will come from customer growth and that you’ll see -- continue to see strong active customer growth from us in 2025.

正如您去年指出的那樣，我們確實看到了客戶成長和每位客戶平均收入之間的更多平衡。我們預計，今年及未來，我們成長的很大一部分將來自客戶成長，您將看到—2025 年我們將繼續保持強勁的活躍客戶成長。

Thank you. And then following up on the insurance partnership, the Versant piece, how is that affecting your outlook for customer acquisition in 2025? I think you mentioned in the prepared remarks that it’s tracking similar to or slightly above other carrier integrations. Maybe you could expand on that and just give us a sense of what that maturity curve has looked like in the past and what you’re expecting this time around? Thank you.

謝謝。然後跟進保險合作夥伴關係，Versant 部分，這對您對 2025 年客戶獲取的前景有何影響？我認為您在準備好的評論中提到過，它的追蹤與其他運營商整合類似或略高。也許您可以進一步闡述這一點，讓我們了解過去的成熟度曲線是什麼樣的，以及您對這次的期望是什麼？謝謝。

Yeah. So, what we’ve seen with prior integrations is that once a population is able to use their in-network benefits with us, that the contribution on a per member basis continues to increase over a multiyear period. So there’s an awareness factor where certain populations may not be immediately aware that they can use their in-network benefits with us.

是的。因此，我們從先前的整合中看到，一旦人們能夠使用我們的網路內福利，那麼在多年的時間裡，每個成員的貢獻就會持續增加。因此存在一個意識因素，某些人群可能不會立即意識到他們可以在我們這裡使用他們的網路內福利。

And then there’s the effect of sometimes multiyear cycles between, when people get exams and buy glasses and contacts. And so, what we’ve seen is that the longer that we’ve been integrated with carriers, the more customers and the more revenue they generate from the same population.

有時，人們在接受檢查和購買眼鏡和隱形眼鏡之間會存在多年的周期效應。因此，我們看到的是，我們與營運商整合的時間越長，他們從同一群體中獲得的客戶就越多，收入就越多。

We’re expecting to see that with Versant. I’d say the early trends are positive and are tracking it in line or ahead of what we’ve seen with previous carriers. And so we’re encouraged by the results so far, and we expect that it will drive some performance in 2025 but really look at this as a longer multiyear opportunity.

我們期待在 Versant 上看到這一點。我想說，早期的趨勢是積極的，並且與我們在之前的航空公司看到的趨勢一致或領先。因此，我們對迄今為止的結果感到鼓舞，我們預計它將在 2025 年推動一些業績，但實際上將其視為一個更長期的多年機會。

And Mark, as we’ve discussed, some of the benefits that we see as it relates to insurance customers, from a mix perspective, insurance customers tend to skew newer versus returning, versus the rest of our business. And in addition, insurance is oftentimes just viewed as another source of customer acquisitions. So we believe in the long term, this will help strengthen our ability to acquire customers in a more efficient way. And then some of the economic benefits that we’ve talked about, include, not just newer customers who will come back and repeat purchase, but buying a higher basket of goods where more complex lenses, which cost more like progressives are part of the package.

馬克，正如我們所討論的，我們看到的與保險客戶相關的一些好處，從組合角度來看，與我們的其他業務相比，保險客戶往往是新客戶而不是回頭客。此外，保險常被視為另一種客戶獲取來源。因此，我們相信從長遠來看，這將有助於增強我們以更有效的方式獲取客戶的能力。然後，我們談到的一些經濟效益不僅包括回來重複購買的新客戶，還包括購買更高級的商品，其中包括更複雜的鏡片，這些鏡片的價格更高，例如漸進鏡片。

Thanks again.

再次感謝。

Oliver Chen, TD Cowen.

奧利佛陳 (Oliver Chen)，TD Cowen。

Hi, Neil, David and Steve. Regarding your guidance, what are your thoughts on traffic? We’re still seeing a choiceful consumer and winners and losers in the industry at large. So I would love your thoughts on what’s embedded in terms of traffic. Also, the new store plan sounds exciting. Steve, as we model new stores in the year, what’s the contribution to the total revenue growth that you expect based on productivity rates of new stores?

嗨，尼爾、大衛和史蒂夫。關於您的指導，您對交通有什麼看法？我們仍然看到消費者在選擇，並且整個行業中存在贏家和輸家。因此，我很想聽聽您對交通方面嵌入內容的看法。此外，新店計畫聽起來令人興奮。史蒂夫，當我們在年度新店建模時，您預計新店的生產力對總收入成長的貢獻是多少？

And finally, the Target deal sounds quite exciting. That’s a very customer centric retailer. What are your thoughts in terms of what we should know regarding the margin structure of that and any modeling knowledge we should know about? And also more strategically, why it makes sense, how you’re picking the initial stores and the vision for medium to longer term in terms of possible scenarios? Thank you.

最後，塔吉特的交易聽起來相當令人興奮。這是一家非常以客戶為中心的零售商。您認為我們應該了解哪些關於保證金結構的知識以及哪些建模知識？從策略角度來看，為什麼這是有意義的，您如何選擇最初的商店以及就可能出現的情況而言的中長期願景？謝謝。

Thanks for the questions, Oliver. From a guidance perspective as it relates to traffic, we’ve provided color on this metric over time and will continue to do so. We haven’t embedded a specific guide as it relates to traffic, but in the context of our retail performance and store productivity, we are modeling in, depending on whether you’re looking at the low end or the high end of our range, but let’s stick with the high end. We are modeling a moderate improvement in store productivity that dovetails nicely with our low single digit growth in ecom. We have seen periods of strength for traffic, and we have seen some periods of challenges for traffic overall. The trend line is positive and we’re baking that into our guidance at the high end for the full year.

謝謝你的提問，奧利佛。從與流量相關的指導角度來看，我們已經為該指標提供了長期指導，並將繼續這樣做。我們沒有嵌入與流量相關的具體指南，但在我們的零售業績和商店生產力的背景下，我們正在進行建模，這取決於您關注的是我們的低端還是高端，但讓我們堅持高端。我們正在模擬商店生產力的適度提高，這與我們的電子商務低個位數成長完美契合。我們見證了交通狀況整體強勁的時期，也見證了交通狀況整體面臨挑戰的時期。趨勢線是積極的，我們將其納入全年高端指導中。

As it relates to your questions regarding the Target Partnership, I think Neil and Gabe will talk more about that. But the five stores that we’re opening are in the back half of this year and they are adding a moderate amount of top line and cost into our overall performance for the year. So we view that as negligible. It’s really a five-story test and we expect to see more of the contribution next year versus this year, particularly depending on the degree to which we plan to roll out and expand the partnership.

至於您關於目標合作夥伴關係的問題，我認為 Neil 和 Gabe 會對此進行更多討論。但我們開設的五家門市是在今年下半年，它們為我們今年的整體業績帶來了適度的收入和成本成長。所以我們認為這可以忽略不計。這實際上是一個五層測試，我們預計明年的貢獻將比今年更大，這主要取決於我們計劃推出和擴大合作關係的程度。

And as it relates to any other color on the partnership, we’ll turn it over to Neil and Dave, who can provide a little bit more insight as to why Target and the overall level of excitement that we feel with this test.

至於與合作關係中的任何其他顏色相關的問題，我們將把它交給 Neil 和 Dave，他們可以提供更多關於 Target 的原因以及我們對這次測試的整體興奮程度的見解。

Yeah. Thanks, Steve. Oliver, as you mentioned, Target is renowned for its customer centricity, and we’ve known the team for many years now. And we tend to look at everything through a strategic lens and we love optical puns, but a strategic lens of what’s best for the customer, and Target being guest focused, and sharing that commitment to always doing right by their customers and creating exceptional value and great customer experiences made it a perfect fit for us. Culturally, there’s a lot of alignment around that.

是的。謝謝，史蒂夫。奧利弗，正如你所說，塔吉特以客戶為中心而聞名，我們認識這個團隊已經很多年了。我們傾向於從策略角度看待一切，我們喜歡視覺雙關語，但從策略角度來看什麼對客戶最有利，而 Target 以客戶為中心，並同樣致力於始終為客戶提供正確服務，創造卓越的價值和出色的客戶體驗，這對我們來說是完美的選擇。從文化角度來看，這方面有許多一致性。

So we feel through these shop-in-shops, which will be managed and run by Warby employees will continue to deliver the specialized customer experiences that we’re known for across our typical fleet. So we’re quite excited. We’re going to learn a lot in this first year as we open five stores. So we’re looking forward to this.

因此，我們認為，透過這些由 Warby 員工管理和經營的店中店，我們將繼續提供我們在典型門市中聞名的專業客戶體驗。所以我們非常興奮。我們在第一年開設了五家商店，將會學到很多。所以我們對此充滿期待。

One other thought just on traffic in general for the category, you know, we made a commitment that we’re going to grow irrespective of what’s happening, in the category. And we’re going to do that by continuing to provide great products that people love and that they covet, and that they seek out. We’re going to continue to invest in marketing to acquire those new customers. 2024 was our first full year sort of marketing spend comping positive since 2021. And we saw that drive customers in glasses sales and across our channels. And we’re excited for the year ahead.

關於該類別的整體流量，還有另一個想法，您知道，我們承諾無論該類別發生什麼，我們都會成長。為了實現這一目標，我們將繼續提供人們喜愛、渴望和追求的優質產品。我們將繼續投資行銷來獲取這些新客戶。 2024 年是我們自 2021 年以來首次全年行銷支出正成長。我們發現這推動了眼鏡銷售和我們各個通路的客戶成長。我們對新的一年充滿期待。

As you’ve seen from a lot of retailers, there has been some weather and some traffic challenges in the -- towards the middle of Q1 and you’ll see that in our guide. But we’re confident that we’ll continue to deliver great growth and that healthy growth by drawing in certain amount of customers.

正如您從許多零售商那裡看到的那樣，在第一季中期出現了一些天氣和交通挑戰，您會在我們的指南中看到這些。但我們相信，透過吸引一定數量的客戶，我們將繼續實現巨大的成長和健康的成長。

And then just your last question -- (inaudible)

然後是你的最後一個問題——（聽不清楚）

Yeah. That would be helpful. Thank you. Well, what are your -- any parameters you should, we should think about with these new stores and the nature of them different from prior and/or productivity levels that you expect?

是的。那將會很有幫助。謝謝。那麼，您應該考慮哪些參數，我們應該如何考慮這些新店以及它們與之前的不同性質和/或您期望的生產力水平？

Very consistent productivity levels with what we expect. Our targets are 35% four-wall margins and payback within 20 months, all very similar formats. The majority of our stores will be opened in existing markets versus new markets, so roughly 9 new markets and 16 existing markets. And most of our openings will be suburban as opposed to urban. So very consistent with what you saw last year, and happy to provide more color as part of our callback, but that’s how we describe our new store plan for this year, really pointing to consistency in terms of format, location and economics.

生產力水準與我們預期的非常一致。我們的目標是 35% 的四牆利潤率和 20 個月內的回報，所有格式都非常相似。我們的大部分商店將開設在現有市場而不是新市場，因此大約有 9 個新市場和 16 個現有市場。我們的新店大多位於郊區，而不是市區。與您去年看到的非常一致，並且很高興在我們的回調中提供更多顏色，但這就是我們對今年新店計劃的描述，真正指向格式、位置和經濟方面的一致性。

Thank you very much.

非常感謝。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. I was hoping you could speak to the drivers of non-marketing SG&A expense leverage that’s contributing to the 150 basis points of adjusted EBITDA margin expansion this year. What do those non marketing SG&A opportunities look like on a multiyear basis? And is the 1 to 2 points of adjusted EBITDA margin expansion per year sustainable on a multiyear horizon?

早安，感謝您回答我們的問題。我希望您能談談非行銷銷售、一般及行政費用槓桿的驅動因素，這些因素促成了今年調整後 EBITDA 利潤率擴大 150 個基點。從多年期來看，這些非行銷銷售、一般及行政費用機會是什麼樣的？每年 1 到 2 個點的調整後 EBITDA 利潤率擴張在多年內是否可持續？

Great question. Thanks, Brooke. So yes, the 100 to 200 basis points of margin expansion we believe is sustainable on a multiyear basis. So this past year, 2024, we expanded adjusted EBITDA margin by 170 basis points the year before by 330 basis points. The number that we’re projecting for this year is 150 basis points, right in the middle of the 100 to 200 basis points long term algo that we’ve talked about frequently.

好問題。謝謝，布魯克。所以是的，我們認為 100 到 200 個基點的利潤率擴張在多年基礎上是可持續的。因此，在過去的一年，也就是 2024 年，我們將調整後的 EBITDA 利潤率提高了 170 個基點，而前一年則提高了 330 個基點。我們預計今年的數字是 150 個基點，正好處於我們經常談論的 100 到 200 個基點的長期演算法中間。

If we unpack what’s in non-marketing SG&A, so for now, we’re not planning to see any leverage as it relates to our marketing spend, but the categories of spend in there are salaries across our retail stores, customer experience teams, and headquarters in addition to general corporate expenses that cover the rest of the company, all of the vendors that we pay, all of the third-party consultants that we might use. And we believe that there’s a really strong degree of future leverage that will come from finding efficiencies in each of those categories.

如果我們分析非行銷銷售、一般和行政費用 (SG&A) 中的內容，那麼目前，我們計劃不看到與行銷支出相關的任何槓桿，但其中的支出類別包括我們零售店、客戶體驗團隊和總部的工資，以及涵蓋公司其他部門的一般公司費用、我們支付的所有供應商以及我們可能使用的所有第三方顧問。我們相信，透過提高每個類別的效率，未來將產生巨大的槓桿作用。

So as we continue to staff more efficiently at our retail stores, as we continue to staff more efficiently across our customer experience and customer service teams, and as we certainly continue to leverage what we view as more of a fixed cost within corporate expenses that we’re only adding to on a very selective basis, whether it relates to onboarding a new vendor, or hiring incremental employees for the team. And so I would really describe the sources of leverage within non-marketing SG&A in that order. We certainly plan to benefit from all of that leverage as we hit our 150-basis point target for adjusted EBITDA margin this year.

因此，隨著我們繼續在零售店更有效率地配備人員，隨著我們繼續在客戶體驗和客戶服務團隊更有效率地配備人員，隨著我們當然繼續利用我們認為在公司開支中更多的固定成本，我們只會在非常有選擇性的基礎上增加這些成本，無論是涉及引入新供應商，還是為團隊招聘增量員工。因此，我會按照這個順序來描述非行銷銷售、一般和行政費用中的槓桿來源。當我們今年達到調整後 EBITDA 利潤率 150 個基點的目標時，我們當然計劃從所有這些槓桿中受益。

Great. And then in the prepared remarks, you spoke about AI and personalization investments. The other technology trend in the industry is smart glasses. Can you talk about your strategy here?

偉大的。然後在準備好的演講中，您談到了人工智慧和個人化投資。該行業的另一個技術趨勢是智慧眼鏡。您能在這裡談談您的策略嗎？

Sure. Yeah, we’ve certainly been staying close to the latest movement in wearables and in the smart glasses market. And as hardware components continue to shrink and battery life improves and, most importantly, as real time always on AI, it gets to offer meaningful utility. So where -- in a form factor that looks similar to existing glasses. We expect adoption, will grow quickly and we believe will have an important role to play.

當然。是的，我們一直在關注穿戴式裝置和智慧眼鏡市場的最新動態。隨著硬體組件不斷縮小、電池壽命不斷提高，以及最重要的是，隨著即時人工智慧的出現，它能夠提供有意義的實用性。那麼——其外形看起來與現有的眼鏡相似。我們預計採用率將會快速成長，並且我們相信它將發揮重要作用。

We believe we have highly complementary capabilities and assets to some of the companies that have been investing (inaudible) to bring leading AI models to the market. And just given the strength of our brand, design capabilities, omnichannel distribution, prescription lens supply chain, doctor network, our ability to deliver exceptional customer experiences, we believe puts us in a strong position to enter this space if we choose to do so. And we look forward to sharing more as this market develops.

我們相信，我們的能力和資產與一些一直在投資（聽不清楚）以將領先的人工智慧模型推向市場的公司具有高度互補性。鑑於我們的品牌實力、設計能力、全通路分銷、處方鏡片供應鏈、醫生網絡以及提供卓越客戶體驗的能力，我們相信，如果我們選擇這樣做，我們將處於有利地位進入這一領域。我們期待隨著這個市場的發展分享更多。

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

偉大的。太感謝了。我會傳達它。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good morning, everyone. As you think about the price point architecture and whether it’s the $125, $150, the prices that are being expanded from the $95 and the average revenue per customer, what are you seeing within the different price points? How is it moving along?

大家好，早安。當您考慮價格點架構以及無論是 125 美元、150 美元，還是從 95 美元擴展的價格和每位客戶的平均收入時，您在不同的價格點中看到了什麼？進展如何？

And then with the Target partnership, how do you think of the price points that you’ll be offering there? What’s the square footage of the in-store shop that you’ll have? And how do you think of the ability to scale that? Does it go from potentially from 5 to 20 in the next year? What markers do you have to see to expand it? Thank you.

那麼，與 Target 合作後，您認為您將在那裡提供什麼樣的價格？您的店內商店面積是多少平方英尺？您如何看待這種擴展能力？明年這個數字有可能從 5 增加到 20 嗎？您必須看到什麼標記才能擴展它？謝謝。

Thanks. When we started the company, we were frustrated with consumers walking into an optical shop where the glasses were treated like precious jewelry and glass displays or behind the counter out of reach for hundreds of dollars. And we wanted to provide a seamless shopping experience, but more importantly, be able to provide exceptional value effectively a fourth of the cost. So that’s why we started with $95 right, all in with anti-reflective, anti-scratch prescription lenses.

謝謝。當我們創辦這家公司時，我們感到很沮喪，因為消費者走進眼鏡店時，眼鏡被當作珍貴的珠寶和玻璃展示品，或者被放在櫃檯後面，需要花費數百美元才能買到。我們希望提供無縫的購物體驗，但更重要的是，能夠以四分之一的成本提供卓越的價值。所以，我們一開始就花了 95 美元，全部都用上了防反射、防刮的處方鏡片。

As we’ve expanded our assortment, we follow that same principle on how can we provide exceptional value. And we’ve introduced these new price points at $125, $145, $175, and $195. As we’ve introduced more complex constructions, different materials into our frames, and continuing that promise of exceptional value where comparable quality would cost hundreds of dollars elsewhere.

隨著我們擴大產品種類，我們遵循同樣的原則來提供卓越的價值。我們推出了新的價格點，分別為 125 美元、145 美元、175 美元和 195 美元。由於我們在鏡架中引入了更複雜的結構和不同的材料，並繼續承諾提供卓越的價值，而其他地方同等品質的產品則需要花費數百美元。

So what we found is similar adoption and similar success with these higher price points where customers continue to view us as providing great value and they go on to tell their friends about us. Our customers continue to be our best source of marketing and customer acquisition.

因此，我們發現，這些較高價位的採用率和成功率都相似，客戶繼續認為我們提供了巨大的價值，並繼續向他們的朋友介紹我們。我們的客戶仍然是我們最好的行銷和客戶獲取來源。

As we think of our partnership with Target and launch these first five shop-in-shops, we’re going to have the same assortment that we have in our regular stores and our vertically integrated supply chain enables us, to do that rather easily where we can display frames and manage inventory out of our top of the line optical labs outside of New York and outside of Las Vegas. And we think that those price points will continue to resonate as we’ve seen, thanks to our consumer insights work that we’ve done.

當我們考慮與塔吉特合作並推出這前​​五家店中店時，我們將擁有與我們常規商店相同的商品種類，並且我們的垂直整​​合供應鏈使我們能夠相當輕鬆地做到這一點，我們可以在紐約和拉斯維加斯以外的頂級眼鏡實驗室展示鏡架並管理庫存。我們認為，正如我們所見，這些價格點將繼續產生共鳴，這要歸功於我們所做的消費者洞察工作。

Thank you.

謝謝。

Nick Jones, Citizens.

尼克瓊斯，公民。

Great. Thanks for taking the questions. I guess, could you just talk about how you’re thinking about marketing this year? We’re hearing a lot of other kind of online platforms across commerce, travel, et cetera, talk about deeper integration across social media platforms and other kind of mid funnel opportunities. Could you kind of at a high level discuss how you’re thinking about marketing where you’re kind of seeing opportunities across the various channels?

偉大的。感謝您回答這些問題。我想，您能否談談您對今年的行銷有何看法？我們聽到很多其他類型的線上平台，包括商業、旅遊等，談論跨社交媒體平台和其他類型的中端管道機會的更深層整合。您能否從高層次討論一下您對行銷的看法，以及您在各種管道中看到的機會？

Yeah. We’ve invested in a pretty broad range of media channels and will continue to do so. We, over the years we’ve seen, and including recently over the last few quarters, we’ve seen strong performance from channels ranging from linear TV and direct mail to digital advertising search on social media, and we’ll continue to invest in those assets.

是的。我們已經投資了相當廣泛的媒體管道，並將繼續這樣做。多年來，包括最近幾個季度在內，我們看到從線性電視和直郵到社交媒體上的數位廣告搜尋等管道都表現強勁，我們將繼續投資這些資產。

We believe that, you know, awareness is still kind of a critical aspect that we need to invest against as we open new stores, as we hire new doctors, as we have new capabilities. We still have around 1% market share in a massive category. And we have lots of customers who know us as an online company that sells glasses and aren’t as aware of a lot of our recent capabilities.

我們相信，當我們開設新店、聘請新醫生、擁有新能力時，意識仍然是我們需要投資的關鍵面向。在這個龐大的類別中，我們仍然佔有約 1% 的市場份額。許多客戶只知道我們是一家銷售眼鏡的網路公司，並不了解我們最近的許多業務能力。

And so, we’re creating that awareness around many of our new stores, our eye exam capabilities, our contact lens business, the various lens offerings that we have. And we’re seeing positive results in terms of driving both online traffic and awareness but also using those media channels to drive traffic into stores. Leveraging channels like direct -- localized direct mail, localized social media campaigns. And as we noted, we’ve seen very positive results in driving active customer growth as a result of some of those efforts and we'll continue to invest this year across that broad variety of channels.

因此，我們正在圍繞我們的許多新店、我們的眼科檢查能力、我們的隱形眼鏡業務以及我們提供的各種鏡片產品來提高人們的認識。我們在推動線上流量和知名度以及利用這些媒體管道吸引店內客流方面都看到了積極的成果。利用直接管道－在地化直效郵件、在地化社群媒體活動。正如我們所指出的，透過這些努力，我們在推動活躍客戶成長方面已經看到了非常積極的成果，今年我們將繼續在各種管道上進行投資。

Got it. And then maybe asking a separate question on the kind of target partnership. As we wait to kind of see the first five stores and see how that progresses, is there any sense or any kind of direction you can give us on how to think about the pace of opening a location in Target versus opening a standalone store? Is it about the same timeline? Is it faster or slower? Any color you can kind of help provide there? Thank you.

知道了。然後也許會就目標合作關係的類型提出一個單獨的問題。當我們等待前五家商店開業並觀察其進展時，您能否給我們一些建議或指導，告訴我們如何考慮在 Target 開設分店與開設獨立商店的速度？是同一時間線嗎？是快了還是慢了？您能提供什麼顏色嗎？謝謝。

We’ve developed a lot of this capability in-house where we’re sort of confident that we can move quickly and design spaces that that customers love. And it’s been great partnering with the Target team on this and are confident that we’ll be able to roll out sort of these shop-in-shops in a manner that sort of fits both our strategies.

我們在內部開發了許多此類功能，我們有信心能夠快速行動並設計出客戶喜愛的空間。在這方面與 Target 團隊的合作非常愉快，我們相信我們能夠以符合我們雙方策略的方式推出這些店中店。

Thanks.

謝謝。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, good morning. I was hoping you could expand on a comment on e-commerce growth and awareness being stronger and markets more density. Can you speak more of the halo effect that you see with e-commerce as you open stores or as you get to a point of density in the market? And then just curious how you view the interplay between store growth and e-commerce growth?

嗨，早安。我希望您能就電子商務的成長、意識的增強和市場密度的提高發表進一步的評論。您能否詳細談談當您開設商店或當市場達到一定密度時，您在電子商務中看到的光環效應？我很好奇您如何看待商店成長和電子商務成長之間的相互作用？

There was a time early in our retail journey, our bricks and mortar journey where when we would open a store, a first store, even a second store in a market, and we would see cannibalization of e-commerce sales. And that was really because there was a certain level of awareness and there were folks that wanted to purchase in person but could only sort of shop online. And that sort of reflects the broader market. We think online penetration of the category is roughly 12% or so. So what tended to happen was the stores, those first few stores would increase overall awareness, grow the overall pie, and after a year or two of initial cannibalization, e-commerce would return to growth in that geography.

在我們的零售之旅、實體店之旅的早期，當我們在市場上開設一家商店、第一家商店甚至第二家商店時，我們就會看到電子商務銷售的蠶食。這其實是因為人們已經具備了一定的意識，有些人想親自購買，但只能在網路上購物。這在某種程度上反映了更廣泛的市場。我們認為該類別的線上滲透率約為 12% 左右。因此，通常發生的情況是，最初的幾家商店將提高整體知名度，增加整體份額，經過一兩年的初始蠶食之後，該地區的電子商務將恢復成長。

Now, as we already hit a critical mass of awareness, and these incremental stores can help drive even deeper awareness, and we start to see more and more returning customers as we’ve also introduced sort of these adjacent product categories like contacts and eye exams. That has helped us continue to grow exams as we’ve started continuing to grow our e-commerce channel, right, as we’ve started to open up more and more stores in a given geography.

現在，我們已經達到了認知的臨界點，這些增量商店可以幫助進一步提高認知度，而且隨著我們推出隱形眼鏡和眼科檢查等相關產品類別，我們開始看到越來越多的回頭客。隨著我們開始繼續擴大我們的電子商務管道，隨著我們開始在特定地區開設越來越多的商店，這有助於我們繼續發展考試。

Our locations tend to be centrally located with high visibility, with beautiful facades. We leverage a lot of artwork in our stores, not only on the inside of the stores, but on the facades and those act as great billboards that help drive awareness driving sales for both channels. And, again, the reason why we love being a vertically integrated omni channel brand is that we can create great experiences and seamless experiences as people go back and forth between both channels.

我們的地點往往位於市中心，能見度高，外觀漂亮。我們在商店中運用了大量的藝術品，不僅在商店內部，而且在外牆上，它們充當了很好的廣告牌，有助於提高知名度，從而推動兩個渠道的銷售。而且，我們之所以喜歡成為垂直整合的全通路品牌，是因為我們可以在人們在兩個管道之間來回切換時創造出出色的體驗和無縫的體驗。

The one point just to round out, Janine, I know we’ve talked a little bit about these new stores are very efficient customer acquisition vehicles and so customer mix might skew a little newer at store and a little bit more returning online. So once a market, densifies, i.e. New York is our densest market with 34 stores, we’ll see ecom in New York growing faster than ecom in our e-commerce only markets.

總結一下，Janine，我知道我們已經討論過這些新店是非常有效的客戶獲取工具，因此客戶組合可能會偏向於店內新客戶，而網上回頭客可能會更多一些。因此，一旦市場變得密集，例如紐約是我們最密集的市場，擁有 34 家商店，我們將看到紐約的電子商務成長速度比我們僅限電子商務的市場中的電子商務成長更快。

And part of the reason for that is, the two channels really support each other during the purchase process, but also afterwards when it comes time for a customer to repeat purchase, you’ll see we have a very, very strong revenue retention rate. Our e-commerce channel really helps to support bringing repeat purchasers back to the store given they’ve found a style that they like, they’re comfortable with the purchasing process, and it’s very easy for them to instead of going into the store, go online to make the next purchase.

部分原因是，這兩個管道在購買過程中確實相互支持，當客戶再次購買時，您會發現我們的收入保留率非常高。我們的電子商務管道確實有助於讓回頭客回到商店，因為他們找到了自己喜歡的風格，他們對購買流程感到滿意，而且他們可以輕鬆地在線進行下一次購買，而不必去商店。

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

謝謝。今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。