Warby Parker Inc (WRBY) 2025 Q1 法說會逐字稿

Hello and thank you for your patience. Today's Warby Parker first quarter 2025 earnings call will begin in just a few moments' time. Today's call will be hosted by Jaclyn Berkley, Vice President of Investor Relations (Operator Instructions)

您好，感謝您的耐心。今天的 Warby Parker 2025 年第一季財報電話會議即將展開。今天的電話會議將由投資者關係副總裁 Jaclyn Berkley 主持（操作員指示）

Hello and welcome to today's Warby Parker first-quarter 2025 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 2025 年第一季財報電話會議。我叫貝利，今天我將擔任你們的主持人。（操作員指示）

I'd now like to pass a conference over to Jaclyn Berkley, Vice President of Investor Relations. Please go ahead when you're ready.

現在，我想將會議交給投資者關係副總裁 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.

謝謝大家，早安。今天和我一起在場的是我們的聯合創始人兼聯合首席執行官 Neil Blumenthal 和 Dave Gilboa；與高級副總裁兼首席財務官史蒂夫·米勒 (Steve Miller) 一起。

Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investors.warbyparker.com. During this call and in our presentation, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties.

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 上找到。在本次電話會議和演示中，我們將發表前瞻性的評論。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。

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. These forward-looking statements are based on information as of May 8, 2025, and except as required by law, we assume no obligation to publicly update or revise our forward-looking statements.

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 表格年度報告中標題為“風險因素”的部分。這些前瞻性陳述是基於截至 2025 年 5 月 8 日的信息，除法律要求外，我們不承擔公開更新或修改前瞻性陳述的義務。

Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with 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.

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依照美國公認會計準則編製的財務績效指標的補充，而非替代。在今天早上的新聞稿和我們投資者關係網站上的幻燈片中可以找到我們的非公認會計準則指標與最直接可比較的美國公認會計準則指標的對帳表。

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

接下來，我將把時間交給 Neil，由他來啟動我們。

Thanks, Jaclyn, and thank you all for joining us today. Our team delivered a strong start to 2025, driven by continued progress against Warby Parker's strategic priorities. We grew revenue 12% year over year, reflecting consistency in our two-year stack growth and delivered profitability above guidance with an adjusted EBITDA margin of 13.1%, marking nearly 200 basis points of year over year expansion.

謝謝，賈克琳，也謝謝大家今天加入我們。在 Warby Parker 策略重點不斷取得進展的推動下，我們的團隊在 2025 年取得了良好的開端。我們的營收年增了 12%，反映了我們兩年來堆疊成長的一致性，並且實現了高於預期的獲利能力，調整後的 EBITDA 利潤率為 13.1%，年成長近 200 個基點。

We also reached a significant milestone by achieving our first quarter of positive GAAP net income as a public company. This start to the year provides a solid foundation as we execute on our strategic initiatives for the remainder of the year and beyond.

作為一家上市公司，我們第一季實現了正的 GAAP 淨收入，這也標誌著我們達到了一個重要的里程碑。今年的開局為我們實施今年剩餘時間及以後的戰略舉措奠定了堅實的基礎。

Key to this is our continued focus on customers, both customer experience and customer acquisition. We are pleased to have delivered seven straight quarters of accelerating active customer growth, and we intend to build off this momentum while continuing to benefit from strong retention, high value repeat purchasing, and the power of our brand.

關鍵在於我們持續專注於客戶，包括客戶體驗和客戶獲取。我們很高興連續七個季度實現了活躍客戶加速成長，我們打算繼續保持這一勢頭，同時繼續受益於強大的保留率、高價值的重複購買以及我們品牌的力量。

Looking at the remainder of the year, we plan to continue investing in marketing in the low-teens as a percent of revenue while leveraging sophisticated analytics to optimize media spend. As some other advertisers pull back, we intend to capitalize on opportunities while keeping a close eye on demand signals and adjusting spend accordingly.

展望今年剩餘時間，我們計劃繼續將行銷投資維持在收入的百分之十幾以下，同時利用複雜的分析技術來優化媒體支出。隨著其他一些廣告商撤退，我們打算利用機會，同時密切注意需求訊號並相應地調整支出。

We're pleased with the trends we are seeing with in-network insurance customers, and our version integration continues to ramp in line to slightly ahead of expectations. We'll also continue to lead with product innovation. So far this year, we've launched seven collections, including our first rimless collection.

我們對網路內保險客戶的趨勢感到滿意，我們的版本整合繼續按預期成長，略高於預期。我們也將繼續引領產品創新。今年到目前為止，我們已經推出了七個系列，包括我們的第一個無框系列。

Reacting to customer demand, we also introduced a new premium light responsive lens which is exceeding expectations. We plan to drive further expansion in glasses and progressive growth by expanding exams coverage, designing and launching new frame collections, and introducing lens enhancements.

為了滿足客戶的需求，我們也推出了超乎預期的新型優質光響應鏡頭。我們計劃透過擴大考試覆蓋範圍、設計和推出新的鏡架系列以及引入鏡片增強功能來推動眼鏡的進一步擴張和漸進式增長。

We believe glass' growth will complement continued rapid growth from contacts and exams, and that our holistic range of products and services allows us to attract new customers and significantly increase their lifetime value. And finally, we'll further invest in scaling our industry leading omnichannel model while delivering exceptional experiences.

我們相信，玻璃的成長將補充接觸和檢查的持續快速成長，並且我們全面的產品和服務使我們能夠吸引新客戶並顯著提高他們的終身價值。最後，我們將進一步投資擴展我們領先業界的全通路模式，同時提供卓越的體驗。

Our real estate and store teams opened more stores this quarter than in any prior Q1, a strong start to a year in which we expect to open more stores than ever. New stores are performing in line with our expectations while driving new customer acquisition and compelling returns.

我們的房地產和門市團隊本季開設的門市數量比以往任何第一季都要多，這為今年開了個好頭，我們預計今年開設的門市數量將比以往任何時候都要多。新店的表現符合我們的預期，同時推動了新客戶的獲取和可觀的回報。

We are on track to open to 45 new stores this year, including our previously announced shop-in shops with Target, which will open in the second half of 2025. You'll also see us continue to innovate and invest in our online experience, which drove accelerated growth in our e-commerce channel in Q1.

我們計劃今年開設 45 家新店，其中包括我們先前宣布的與 Target 合作的店內店，該店將於 2025 年下半年開業。您還會看到我們繼續創新並投資於我們的線上體驗，這推動了我們第一季電子商務管道的加速成長。

We are excited about early test results from our new AI powered personalization features which will roll out more broadly later this year. Steve and I also want to share the decisive actions we've already taken to mitigate the impact of higher tariffs. Before Steve discusses our financial performance and guidance in more detail.

我們對新的人工智慧個人化功能的早期測試結果感到非常興奮，該功能將於今年稍後更廣泛地推出。史蒂夫和我還想分享我們為減輕提高關稅的影響而已經採取的果斷行動。在史蒂夫更詳細地討論我們的財務表現和指導之前。

We faced dynamic environments like this before, and each time we've proven our team's ability to adapt with speed and agility, whether it was managing through tariffs in 2019, the COVID-19 pandemic starting in 2020 or the recalibration of our cost structure in the years that followed. Our omnichannel model is resilient and has emerged stronger and more efficient each time.

我們以前也面臨過類似的動態環境，每次我們都證明了我們團隊快速、靈活地適應的能力，無論是 2019 年的關稅管理、2020 年開始的 COVID-19 疫情，還是隨後幾年成本結構的重新調整。我們的全通路模式具有彈性，每次都變得更強大和更有效率。

We are confident in the playbook that we're already leveraging as well as the tenure team that we have in place to execute it. As we look ahead, we have three main priorities. One, to continue to serve our customers by delivering both exceptional value and service. Two, to continue investing in growth and executing on our strategic initiatives. And three, to actively mitigate the impact of tariffs and maintain a strong financial profile.

我們對我們已經在利用的劇本以及我們執行劇本的任期團隊充滿信心。展望未來，我們有三個主要優先事項。一是持續為客戶提供卓越的價值和服務。二、繼續投資成長並執行我們的策略舉措。三是積極減輕關稅影響，維持強勁的財務狀況。

Let me walk you through our plan to do so as well as the progress we've made today. I'll start first with the adjustments we've already made to our supply chain, demonstrating its flexibility as well as the depth of our vendor relationships. For background, we operate a global diversified supply chain designed to optimize costs and speed while maintaining strict quality standards.

讓我向您介紹我們的計劃以及我們今天的進展。我將首先介紹我們已經對供應鏈做出的調整，以展示其靈活性以及我們與供應商關係的深度。背景是，我們經營一條全球多元化供應鏈，旨在優化成本和速度，同時保持嚴格的品質標準。

Over the past several years, we've significantly enhanced our capabilities by expanding our supplier base and geographic reach while investing in our own US optical labs. As input costs shift or disruptions arise, we're well equipped to make rapid adjustments, and we've done so in recent weeks.

在過去的幾年中，我們透過擴大供應商基礎和地理覆蓋範圍以及投資我們自己的美國光學實驗室，顯著增強了我們的能力。當投入成本發生變化或出現中斷時，我們有能力做出快速調整，而我們在最近幾週已經這樣做了。

As we've shared last quarter, approximately 20% of our COGS originate from China and meaningfully in the past five years. More recently, we've accelerated this work, which we estimate will reduce our China sourcing by over 5% to less than 10% of COGS by year end.

正如我們上個季度所分享的，我們約 20% 的銷貨成本來自中國，並且在過去五年中增長顯著。最近，我們加快了這項工作，預計到年底，這將使我們在中國的採購成本減少 5% 以上，至 10% 以下。

Every pair of Warby Parker glasses and sunglasses is designed in-house at our New York headquarters. We produce frames in various countries across Asia and Europe and purchase lenses from partners in Asia and the US. We've reallocated frame production away from our Chinese partners to other trusted partners in Europe and Asia and have a healthy balance of frame inventory in place.

每一副 Warby Parker 眼鏡和太陽眼鏡都是在我們紐約總部內部設計的。我們在亞洲和歐洲的各個國家生產鏡架，並從亞洲和美國的合作夥伴處採購鏡片。我們已將鏡框生產從中國合作夥伴重新分配給歐洲和亞洲其他值得信賴的合作夥伴，並維持鏡框庫存的健康平衡。

Many of our more complex lens types are purchased in real time, giving us the flexibility to shift production across a global network. We've already moved a significant portion of our land sourcing out of China, primarily to US partners. The speed and efficiency of this transition reflects the strength of our supplier relationships.

我們的許多更複雜的鏡頭類型都是即時購買的，這使我們能夠靈活地在全球網路中轉移生產。我們已經將很大一部分土地採購轉移出中國，主要轉移給美國合作夥伴。這種轉變的速度和效率反映了我們與供應商關係的強大性。

In short, we've dramatically accelerated a multi-year supply chain diversification strategy that was already underway. Our vertically integrated direct-to-consumer model gives us enhanced control and visibility, and our long-standing vendor relationships, many over a decade enable the speed and agility that continue to serve us well.

簡而言之，我們大大加快了已經在進行的多年供應鏈多元化策略。我們的垂直整​​合直接面向消費者的模式使我們擁有了更強的控制力和視覺性，而我們與供應商的長期合作關係（超過十年）使我們的速度和靈活性繼續為我們服務。

And now I'll turn it to Dave to cover off on the remainder of our plan.

現在我將把話題轉到戴夫身上，讓他介紹我們計劃的剩餘部分。

Thanks, Neil. The second prong of our mitigation strategy is making selective price adjustments while still ensuring we deliver exceptional value to our customers. From day one, Warby Parker was built on the belief that buying glasses should be seamless, affordable and fun. As frustrated consumers ourselves, we questioned why quality eyewear was exorbitantly expensive with opaque pricing, and we set out to change that paradigm.

謝謝，尼爾。我們的緩解策略的第二個方面是選擇性地調整價格，同時確保為客戶提供卓越的價值。從第一天起，Warby Parker 就秉持著這樣的信念：購買眼鏡應該是無縫、實惠且有趣的。身為一個感到沮喪的消費者，我們質疑為什麼優質眼鏡的價格如此昂貴且定價不透明，我們著手改變這種模式。

Our pricing model reflects that philosophy, delivering exceptional value without the hidden markups. Our entry price of $95 includes premium acetate frames and prescription polycarbonate lenses with anti-scratch, anti-reflective and anti-smudge coatings, features that are often treated as add-ons and upsells elsewhere.

我們的定價模式體現了這個理念，提供卓越的價值，且不包含隱藏的加價。我們的入門價格為 95 美元，包括優質醋酸纖維鏡框和具有防刮、防反射和防污塗層的處方聚碳酸酯鏡片，這些功能通常在其他地方被視為附加功能和追加銷售。

Over the years, we have expanded our assortment while maintaining our commitment to accessible and transparent pricing. We've introduced additional lens types and lens enhancements like progressives, blue light filtering, anti-fatigue and light responsive, as well as premium frame collections using a range of materials and more complex constructions at higher price points, including $125, $175 and $195.

多年來，我們不斷擴大產品種類，同時堅持提供價格透明、方便的原則。我們推出了更多鏡片類型和鏡片增強功能，如漸進鏡片、藍光過濾鏡片、抗疲勞鏡片和光響應鏡片，以及使用多種材料和更複雜結構以更高價格出售的高級鏡架系列，價格分別為 125 美元、175 美元和 195 美元。

Our customers have responded positively to these additions with no signs of price resistance, which has resulted in steady increases in average revenue per customer. While much of the industry has relied on price increases to offset soft unit volumes over the last several years, we've taken a more customer centric approach and have rarely raised like for like prices.

我們的客戶對這些新增功能做出了積極的反應，沒有價格抵制的跡象，這導致每位客戶的平均收入穩定成長。儘管在過去幾年中，大部分行業都依靠提高價格來抵消銷售疲軟的影響，但我們採取了更以客戶為中心的方式，很少提高同類價格。

As a result, we believe our value gap today is even wider than when we started the company. Our $95 single vision prescription glasses are the same price as when we launched in 2010 compared to hundreds of dollars elsewhere, and our highest price point items like our $395 precision progressives, rival products that often retail for well over $1,000.

因此，我們認為我們今天的價值差距比我們創辦公司時更大。我們的 95 美元單光處方眼鏡與我們 2010 年推出時的價格相同，而其他產品的價格則高達數百美元，而我們最高價位的產品，例如 395 美元的精密漸進鏡片，其競爭對手的產品零售價往往遠超 1,000 美元。

So while we don't take price increases lightly, a component of our tariff mitigation plan is to make targeted and strategic price adjustments to a subset of our products where the new prices still enable us to offer exceptional value relative to comparable offerings elsewhere.

因此，雖然我們不會輕視價格上漲，但我們的關稅緩解計劃的一部分是對我們的部分產品進行有針對性的策略性價格調整，新價格仍然使我們能夠提供相對於其他地方同類產品而言卓越的價值。

At the end of April, we rolled out a handful of targeted price increases across some of our lens types and accessories while maintaining pricing across most products and services, including our entry $95 price point. In aggregate, we estimate that these changes will reflect the low single-digit price increase across our glasses business.

四月底，我們對部分鏡頭類型和配件進行了有針對性的漲價，同時維持大多數產品和服務的價格，包括入門級的 95 美元價格點。總體而言，我們估計這些變化將反映出我們眼鏡業務的低個位數價格上漲。

While it's still early days, we are seeing promising signs from a conversion and product mix standpoint in line or ahead of our expectations. Importantly, our pricing model is built to support flexibility, enabling customers to select options across multiple dimensions, including frame style, lens type and enhancements. This optionality allows us to make future price adjustments as needed while still delivering compelling value and continuing to grow our market share.

雖然現在還處於早期階段，但從轉換和產品組合的角度來看，我們看到了符合或超越我們預期的良好跡象。重要的是，我們的定價模式具有靈活性，使客戶能夠從多個維度進行選擇，包括鏡框樣式、鏡片類型和增強功能。這種可選性使我們能夠根據需要調整未來的價格，同時仍提供引人注目的價值並繼續擴大我們的市場份額。

The third prong of our mitigation efforts are strategic expense reductions. Looking ahead, we will be taking an even more disciplined approach to expense management. We're planning to preserve investments in marketing and other growth driving initiatives while taking a strategic approach to reducing other corporate expenses.

我們的緩解措施的第三個方面是策略性削減開支。展望未來，我們將採取更嚴謹的費用管理方法。我們計劃保留對行銷和其他成長驅動計畫的投資，同時採取策略性方法削減其他公司開支。

These efforts are helped by the realization of meaningful productivity gains from our use of AI and automation, which is helping us operate more efficiently. Overall, we're tightening our operating expense management without compromising our long-term priorities.

這些努力得益於我們利用人工智慧和自動化實現了有意義的生產力提升，這有助於我們更有效率地運作。總體而言，我們正在加強營運費用管理，但不會損害我們的長期優先事項。

Before I hand it over to Steve, I want to thank our team for their swift and decisive action. Our ability to move quickly and deliberately has been and will continue to be a competitive advantage. This type of environment actually presents an opportunity for Warby Parker. We operate in a resilient and defensive consumer category, one that provides essential products and services has grown through economic cycles and presents significant white space.

在將權力移交給史蒂夫之前，我想感謝我們團隊迅速而果斷的行動。我們快速而謹慎地採取行動的能力一直是並將繼續成為我們的競爭優勢。這樣的環境其實為Warby Parker帶來了機會。我們經營的是一個具有彈性和防禦性的消費者類別，該類別提供必需的產品和服務，在經濟週期中不斷增長，並呈現出巨大的空白。

Our brand speaks to both value conscious and design-driven consumers with a median household income of over $100,000 and we benefit from trade down dynamics when times are uncertain. We have consistently outperformed through challenging periods in the past and believe we're well positioned to continue gaining share and expanding profitability with many levers in place to drive growth.

我們的品牌面向注重價值和設計驅動的消費者，他們的家庭平均收入超過 10 萬美元，當市場情況不確定時，我們會從降價趨勢中受益。在過去充滿挑戰的時期，我們始終表現出色，並相信我們已做好準備，透過多種手段推動成長，繼續獲得市場份額並擴大獲利能力。

Our strong balance sheet gives us the flexibility to keep investing and to act opportunistically when the time is right, and our vertically integrated direct to consumer model gives us unique advantages, control over our supply chain, real-time visibility into consumer behavior and a nimble mindset that's built to move quickly.

我們強大的資產負債表使我們能夠靈活地繼續投資並在時機成熟時採取機會行動，而我們垂直整合的直接面向消費者的模式為我們提供了獨特的優勢、對供應鏈的控制、對消費者行為的實時可見性以及快速行動的敏捷思維。

And with that, I'll pass it over to Steve to review Q1, as well as our outlook for the remainder of the year.

說完這些，我將交給史蒂夫回顧第一季度，以及我們對今年剩餘時間的展望。

Thanks, Neil, and Dave. I'll begin with a detailed review of our first quarter performance. Then I'll outline our updated guidance for the full year and our outlook for the second quarter of 2025, reflecting the current operating environment, including tariff impacts and our mitigation plans.

謝謝，尼爾和戴夫。我將首先詳細回顧我們第一季的業績。然後，我將概述我們對全年的最新指導以及對 2025 年第二季的展望，反映當前的營運環境，包括關稅影響和我們的緩解計劃。

Starting first with Q1. Revenue for the first quarter came in at $223.8 million, up 11.9% year over year. As a reminder, the prior year period included an extra day of revenue due to the leap year of roughly $2 million and we are lapping our second highest quarterly growth last year, which was up 16.3% year over year. Retail revenue increased 14.8% year over year and e-commerce revenue increased 5.5% year over year, its highest quarterly growth since 2021.

首先從 Q1 開始。第一季營收為 2.238 億美元，年增 11.9%。提醒一下，由於閏年，去年同期的收入增加了一天，約為 200 萬美元，而去年我們的季度增長率為第二高，同比增長 16.3%。零售收入較去年同期成長14.8%，電商營收年增5.5%，為2021年以來最高季增幅。

Now looking at customers. We finished Q1 with 2.57 million active customers on a trailing 12-month basis, representing a consistent acceleration in growth to 8.7% year over year. We've seen sequential improvements in year over year active customer growth for the past seven quarters, reflecting the positive returns from our marketing investments and strategic initiatives.

現在看著顧客。我們在第一季結束時擁有 257 萬活躍客戶（基於過去 12 個月的數據），年成長持續加速至 8.7%。過去七個季度，我們的活躍客戶數量逐年增長，這反映了我們的行銷投資和策略舉措帶來的正面回報。

We also continue to see strength in average revenue per customer, which increased 4.8% year over year on a trailing 12 month basis to $310. This was driven by factors including a higher mix of premium lenses like progressives, continued growth in both contact lens and eye exam sales and uptake of our higher priced frame collections.

我們也看到每位客戶的平均收入持續保持強勁，在過去 12 個月內年增 4.8%，達到 310 美元。推動這一增長的因素包括漸進鏡片等高端鏡片的混合比例更高、隱形眼鏡和眼科檢查銷售額的持續增長以及我們高價位鏡框系列的普及。

By products, glass's revenue grew 9.1% year over year, and we saw continued strength in our holistic vision care offerings, with contact lens revenue growing 25.1% and eyecare growing approximately 40% year over year. Contact increased from 9.2% of revenue in Q1 '24 to 10.3% in Q1' 25. Eye care increased from 4.7% of revenue in Q1 '24 to 5.8% in Q1 '25.

按產品劃分，玻璃收入年增 9.1%，我們的整體視力保健產品持續保持強勁勢頭，其中隱形眼鏡收入同比增長 25.1%，眼部護理收入同比增長約 40%。聯繫佔收入的比例從 24 年第一季的 9.2% 上升至 25 年第一季的 10.3%。眼部護理收入佔比從 24 年第一季的 4.7% 上升至 25 年第一季的 5.8%。

Turning to our stores. We opened 11 new stores in the quarter, our highest number ever for Q1, ending the period with 287 stores. This represents 42 net new stores opened over the course of the last 12 months. Retail productivity was 99.8% versus the same period last year.

轉向我們的商店。我們在本季開設了 11 家新店，這是我們第一季以來開設的新店數量，本季結束時，我們的門市總數達到 287 家。這意味著過去 12 個月內新開了 42 家店。零售生產力與去年同期相比為99.8%。

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. This metric covers all stores and is impacted by factors like opening cadence and doctor hiring.

提醒一下，我們將零售生產力定義為同一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。該指標涵蓋所有商店，並受開業節奏和醫生招聘等因素的影響。

For stores that have been opened greater than 12 months, we observed strong year over year growth in Q1, in spite of the weather disruptions and closures throughout the first part of the quarter. Our new stores continue to deliver strong unit economics, performing in line with our target of 35% for wall margin and 20-month paybacks.

對於開業超過 12 個月的商店，儘管本季前半段受到天氣幹擾和關閉的影響，我們仍觀察到第一季的同比增長強勁。我們的新店繼續實現強勁的單位經濟效益，業績符合我們 35% 的牆面利潤率和 20 個月回報期的目標。

For stores opened more than 12 months, average revenue per store was $2.2 million and our performance was in line with our target 35% for wall margin. Overall, we continue to be pleased with the performance, growth and productivity of our fleets.

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，我們的業績符合 35% 的牆面利潤目標。總體而言，我們繼續對船隊的表現、成長和生產力感到滿意。

Over the course of the past year, nearly every new store included an eye exam suites, bringing our total number of stores with eye exam capabilities to 247 stores or 86% of our total fleet. From a channel mix perspective, retail represented approximately 70% of our overall business in Q1, consistent with recent quarters.

在過去的一年裡，幾乎每家新店都配備了眼科檢查室，使我們擁有眼科檢查能力的商店總數達到 247 家，占我們總門市數量的 86%。從通路組合的角度來看，零售占我們第一季整體業務的約 70%，與最近幾季的情況一致。

Moving on to gross margin. As a reminder, our gross margin is fully loaded and accounts for a range of costs including frames, lenses, optical labs, customer shipping, optometrist salaries, store rents and the depreciation of store buildouts. Our gross margin also includes stock-based compensation expenses for our optometrists and optical lab employees.

繼續討論毛利率。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。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。

For comparability, I will speak to gross margin excluding stock-based compensation. First quarter adjusted gross margin came in at 56.4% compared to 56.9% in the year ago period. The modest year over year decrease was primarily driven by the continued scaling of contact lenses and fixed cost deleverage from new store openings.

為了方便比較，我將討論不包括股票薪酬的毛利率。第一季調整後毛利率為 56.4%，去年同期為 56.9%。與去年同期相比，銷售額小幅下降主要是由於隱形眼鏡銷售持續擴大以及新店開業帶來的固定成本去槓桿。

These factors were partially offset by increased penetration of our higher priced frames and lenses and lower outbound customer shipping costs as a percent of revenue.

這些因素被我們高價鏡架和鏡片滲透率的提高以及佔收入百分比的出站客戶運輸成本的降低部分抵消。

Shifting gears to S&NA. As a reminder, adjusted SG&A excludes non-cash costs like stock-based compensation expense. Adjusted S&NA in the first quarter came in at $110.3 million or 49.3% of revenue. This compares to Q1 2024 adjusted SG&A of $103.4 million or 51.7% of revenue, representing 240 basis points of leverage year over year.

轉向 S&NA。提醒一下，調整後的銷售、一般和行政費用不包括股票薪酬費用等非現金成本。第一季調整後的 S&NA 為 1.103 億美元，佔營收的 49.3%。相較之下，2024 年第一季調整後的銷售、一般及行政費用為 1.034 億美元，佔營收的 51.7%，年比槓桿率上升 240 個基點。

Within adjusted SG&A marketing spend was $27.9 million or 12.5% of revenue compared to $24.9 million or 12.4% of revenue in Q1 2024. With roughly consistent marketing spend as a percent of revenue, disciplined expense management drove leverage across our non-marketing adjusted SG&A categories, which include salaries for our stores and customer service employees and general corporate expenses, including our headquarters salaries and general operating expenses to support the business.

調整後的銷售、一般及行政費用 (SG&A) 行銷支出為 2,790 萬美元，佔營收的 12.5%，而 2024 年第一季的行銷支出為 2,490 萬美元，佔營收的 12.4%。由於行銷支出佔收入的百分比大致保持不變，嚴格的費用管理推動了我們非行銷調整後的銷售、一般和行政費用類別的槓桿作用，其中包括我們商店和客戶服務員工的工資以及一般公司費用，包括我們總部的工資和支持業務的一般運營費用。

Non-marketing adjusted S&NA declined by 250 basis points from 39.3% of revenue in Q1 2024 to 36.8% of revenue in Q1 2025. This reflects our commitment to continued cost discipline and drove our higher flow through in Q1 above the high end of our guidance range.

非行銷調整後的 S&NA 下降了 250 個基點，從 2024 年第一季的營收的 39.3% 下降到 2025 年第一季的營收的 36.8%。這反映了我們對持續成本控制的承諾，並推動我們第一季的流通量高於我們的指導範圍的高端。

Turning now to adjust to the EBITDA. In the first quarter, we generated adjusted EBITDA of $29.2 million, representing an adjusted EBITDA margin of 13.1%. This compares to adjusted EBITDA of $22.4 million or 11.2% of revenue in the year ago period, reflecting expansion of 190 basis points. This result was driven by relative gross margin stability paired with significant non-marketing SG&A leverage.

現在來調整 EBITDA。第一季度，我們的調整後 EBITDA 為 2,920 萬美元，調整後 EBITDA 利潤率為 13.1%。相較之下，去年同期調整後的 EBITDA 為 2,240 萬美元，佔營收的 11.2%，擴大了 190 個基點。這一結果是由相對的毛利率穩定性與顯著的非行銷銷售、一般及行政費用槓桿共同推動的。

Turning now to our balance sheet. We generated $13.2 million in free cash flow in Q1 2025 and ended the quarter with a strong cash position of $265 million. We will continue to deploy capital 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 $2 million outstanding for letters of credit.

現在來看我們的資產負債表。我們在 2025 年第一季產生了 1,320 萬美元的自由現金流，並在本季末擁有 2.65 億美元的強勁現金狀況。我們將繼續有意識地部署資本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 200 萬美元未償還信用證外，尚未提取。

Turning to our outlook for 2025. We recognize that we continue to operate in a very dynamic macro environment concerning both global trade policies as well as the potential impact on consumer sentiment. We're paying close attention to how these factors may evolve, and we have confidence in our ability to remain flexible and make adjustments as needed.

展望 2025 年。我們認識到，我們繼續在一個非常動態的宏觀環境中運營，這既涉及全球貿易政策，也涉及對消費者情緒的潛在影響。我們密切注意這些因素可能如何演變，我們有信心保持靈活性並根據需要做出調整。

Our guidance reflects both our response to these external factors, including tariffs, and a generally more conservative outlook due to increased uncertainty around consumer spending the remainder of the year.

我們的指引既反映了我們對關稅等外部因素的反應，也反映了由於今年剩餘時間消費者支出不確定性增加而普遍更為保守的前景。

Let me specifically address the estimated impact of tariffs, assuming the current increased tariff rates of 145% for China and 10% for the rest of the world. As we just discussed, we have reduced our exposure to China over the last five years and have accelerated our efforts to do so in this environment.

讓我具體談談關稅的預期影響，假設目前中國關稅稅率提高至145%，世界其他國家關稅稅率提高至10%。正如我們剛才討論的，過去五年來，我們減少了對中國的敞口，並且在目前的環境下加快了這項努力。

As of our last earnings call, we disclosed that China made up roughly 20% of our total cost of goods sold. At that time, we expected the incremental 10% tariff announced then to account for 20 to 40 basis points of gross margin deleverage for 2025, which factored in moderate geographic shifting of suppliers and savings from negotiating cost sharing with our vendors.

截至我們上次的收益電話會議，我們揭露中國市場約占我們總銷售成本的 20%。當時，我們預計，當時宣布的 10% 增量關稅將導致 2025 年毛利率去槓桿 20 至 40 個基點，其中考慮到了供應商適度的地理轉移以及與供應商協商分攤成本所節省的成本。

This equaled approximately $3 million. Given that the total incremental increase on most China source goods now stands at 145%, we have accelerated and expanded our mitigation efforts, as Neil and Dave shared.

這相當於約 300 萬美元。鑑於目前大多數中國產商品的總增量增幅已達到 145%，正如 Neil 和 Dave 所分享的，我們已經加快並擴大了緩解措施。

Assuming current tariff rates hold for the remainder of the year, we estimate that the gross impact to our business in 2025, before considering the extensive mitigation actions taken to date would be roughly $45 million to $50 million.

假設目前的關稅稅率在今年剩餘時間內保持不變，我們估計，在考慮迄今為止採取的廣泛緩解措施之前，2025 年對我們業務的總體影響約為 4500 萬至 5000 萬美元。

Due to our actions to date across multiple areas of the business and our plan for the remainder of the year, we believe we will mitigate the substantial majority, if not all of the potential $45 million to $50 million exposure.

由於我們迄今為止在業務的多個領域採取的行動以及我們對今年剩餘時間的計劃，我們相信我們將減輕絕大多數（如果不是全部）潛在的 4500 萬至 5000 萬美元的風險敞口。

The actions we've taken fall into three main categories one, shifting sources of supply and realigning our vendor mix globally. Two, implementing strategic pricing changes without disrupting our core value proposition. And three, reducing operating expenses to support profitability and to ensure continued cost discipline.

我們採取的行動主要分為三類：第一，轉移供應來源和重新調整全球供應商組合。二、在不破壞我們的核心價值主張的情況下實施策略性定價變化。第三，降低營運費用以支持獲利能力並確保持續的成本控制。

We continue to maintain a very disciplined approach to managing operating expenses as evidenced in Q1 to support our profitability goals in light of the current environment, we have slowed the pace of hiring, reduced discretionary expenses across a range of categories, and are diligently managing our operating costs, such as continued labor optimization across our stores, including eye doctors and our customer experience team.

正如第一季所證明的那樣，我們繼續保持非常嚴謹的營運費用管理方法，為了在當前環境下支持我們的獲利目標，我們放慢了招募速度，減少了一系列類別的可自由支配的開支，並努力管理我們的營運成本，例如繼續優化我們各個門市的勞動力，包括眼科醫生和我們的客戶體驗團隊。

Importantly, we have largely maintained our planned marketing investment and are still planning for marketing spend in the low-teens as a percent of revenue for the full year, reflecting our confidence in the efficiency of our marketing programs and their role in driving longer term growth.

重要的是，我們基本上維持了計劃中的行銷投資，並且仍計劃將全年行銷支出佔收入的比例保持在十幾個百分點以下，這反映了我們對行銷計劃的效率及其在推動長期成長方面的作用的信心。

And as a result of these proactive measures, we have dramatically reduced our COGS exposure to China, and we estimate that by year end, depending on where tariffs land, we expect to decrease our exposure by as much as half or from approximately 20% to less than 10%.

由於採取了這些積極措施，我們大幅降低了對中國的銷貨成本敞口，我們估計，到年底，根據關稅的實施地點，我們預計敞口將減少一半，即從約 20% 降至不到 10%。

Taking all these factors into account, the macroeconomic backdrop, the tariff impact and our mitigation efforts and our operational adjustments, we are providing the following updated outlook for the full year 2025. Net revenue between $869 million and $886 million representing approximately 13% to 15% growth year over year.

考慮到所有這些因素，包括宏觀經濟背景、關稅影響以及我們的緩解措施和營運調整，我們對 2025 年全年做出了以下更新的展望。淨收入在 8.69 億美元至 8.86 億美元之間，年增約 13% 至 15%。

Adjusted EBITDA of $91 million to $97 million, representing adjusted EBITDA margin of approximately 10.5% to 11%. We are committed to delivering at least 100 basis points of year over year margin expansion within our long-term guidance range and up to our original guidance of approximately 11% or 150 basis points of year over year expansion.

調整後的 EBITDA 為 9,100 萬美元至 9,700 萬美元，調整後的 EBITDA 利潤率約為 10.5% 至 11%。我們致力於在長期指導範圍內實現利潤率同比至少增長 100 個基點，並達到我們最初指導的約 11% 或 150 個基點的同比增長。

45 new store openings, including the five previously announced shop-in shops within Target stores slated to open in the second half of the year. As a reminder, our previous guidance range of revenue growth of approximately 14% to 16% year over year reflected a continuation of the trends we observed in the second half of 2024 and early Q1.

開設 45 家新店，包括先前宣布的 5 家塔吉特店內店，計劃於下半年開業。提醒一下，我們先前的營收成長預期範圍約為年增 14% 至 16%，這反映了我們在 2024 年下半年和第一季初觀察到的趨勢的延續。

It assumed customer-led growth paired with the moderation and average revenue per customer, a full year of additional in-network [lives] and mid single digit growth in e-commerce. Our updated range of 13% to 15% growth reflects a moderately more conservative outlook for the second half of the year, with the midpoint of the range representing a continuation of recent trends versus our original guidance, we're projecting a modest acceleration in average revenue per customer given our pricing actions.

它假設以客戶為主導的成長與適度和每位客戶的平均收入相結合，全年增加網路內[生活]和電子商務的中等個位數成長。我們更新後的 13% 至 15% 的成長範圍反映了對下半年較保守的展望，該範圍的中點代表了近期趨勢的延續，與我們最初的指導相比，考慮到我們的定價行動，我們預計每位客戶的平均收入將適度加速。

Our updated range now assumes a modest reduction to store productivity as well as our e-commerce channel growing low to mid single-digits. Our store openings have been on track, including our Target shop-in shops, and we continue to see encouraging results from our vertical integration.

我們更新後的範圍現在假設商店生產力適度下降，並且我們的電子商務管道以低到中等個位數增長。我們的新店開幕工作進展順利，包括 Target 店內店，而且我們的垂直整​​合工作也持續取得令人鼓舞的成果。

As it relates to gross margin, given the impact of tariffs and our mitigation efforts to date, we're projecting a potential impact to gross margin of approximately 200 to 300 basis points for full year 2025. We continue to expect stock-based compensation as a percentage of net revenue to normalize in the 2% to 4% range for the full year.

至於毛利率，考慮到關稅的影響以及我們迄今為止的緩解措施，我們預計 2025 年全年毛利率的潛在影響約為 200 至 300 個基點。我們繼續預計，全年股票薪酬佔淨收入的百分比將正常化在 2% 至 4% 的範圍內。

For Q2 2025, we're guiding to the following. Net revenue between $211 million and $214 million which represents growth of approximately 12% to 14% year over year, adjusted EBITDA of $20 million to $22 million, representing approximately 10% margin at the midpoint.

對於 2025 年第二季度，我們將採取以下指導措施。淨收入在 2.11 億美元至 2.14 億美元之間，年增約 12% 至 14%，調整後 EBITDA 為 2,000 萬美元至 2,200 萬美元，中間值利潤率約為 10%。

This range contemplates the mitigation efforts that are already underway, which we expect to continue to phase in over the course of the year. We'll provide updates on our progress during each quarterly call. Thank you again for joining us this morning.

這個範圍考慮了已經在進行的緩解措施，我們預計這些措施將在今年內繼續分階段實施。我們將在每個季度電話會議上更新我們的進度。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，請開通問答專線。

(Operator Instructions) Mark Altschwager, Baird.

（操作員指示）Mark Altschwager，Baird。

Good morning. Thank you for taking my question. I guess first we was hoping you could give a little bit more color on the change in your revenue outlook for the year and what's driving that slight downward revision. What's the change in consumer behavior that you've seen recently here and what is incorporated in that related to the price increases specifically? Thank you.

早安.感謝您回答我的問題。我想首先我們希望您能更詳細地說明今年收入前景的變化，以及導致收入略微下調的原因。您最近看到這裡的消費者行為發生了哪些變化？其中與價格上漲具體有哪些關係？謝謝。

Great. Thanks, Mark. I can start him, and Steve can provide a little more color on the specific guidance, but I think at a high level we're taking just a more cautious and conservative approach to guidance for the rest of the year given that we know that consumers have a lot on their minds these days with unusually high volatility in terms of news cycles and financial markets and eroding customer sentiment and confidence.

偉大的。謝謝，馬克。我可以開始，史蒂夫可以對具體指導提供更多細節，但我認為，在高層，我們對今年剩餘時間的指導採取了更謹慎和保守的態度，因為我們知道消費者最近有很多事情要考慮，新聞週期和金融市場的波動性異常高，削弱了消費者的情緒和信心。

And what we found during COVID and kind of other periods of uncertainty and low consumer confidence that you know that can impact chopping behavior and to create more volatility in traffic and that doesn't necessarily mean that our customers would go elsewhere, but there is some potential for the elongation and in the purchase cycle.

我們在新冠疫情以及其他不確定和消費者信心低迷的時期發現，這可能會影響消費者的購物行為，並導致客流量波動加劇，這並不一定意味著我們的客戶會去其他地方，但購買週期可能會延長。

And so, we've seen relatively consistent consumer behavior over the last few months, but they want to build in some conservatism just given the potential risk to the broader economy.

因此，我們看到過去幾個月消費者行為相對一致，但考慮到整體經濟面臨的潛在風險，他們希望建立一些保守主義。

Yeah. That's exactly right. And at a high level, we think given some of the uncertainty still evident in the macro environment, we thought that it would be prudent just to maintain a conservative position on how we project the rest of the year. So we made a moderate change to how we're projecting full year growth.

是的。完全正確。從高層次來看，我們認為，鑑於宏觀環境中仍然存在一些不確定性，我們認為今年剩餘時間的預測保持保守立場是明智之舉。因此，我們對全年成長預測做了適度調整。

Originally, we were projecting up 14% to 16%. We took that down a notch to 13% to 15% and at the midpoint of our guidance, we wanted to be very transparent to call out that that represents really a continuation of recent trends that we're seeing in the business, which implies the high end would imply an increase or acceleration in some of the recent trends that we're seeing at the low end deceleration.

最初，我們預計漲幅為 14% 至 16%。我們將這一數字下調至 13% 至 15%，在我們指導的中點，我們希望非常透明地指出，這實際上代表了我們在業務中看到的近期趨勢的延續，這意味著高端將意味著我們在低端減速時看到的一些近期趨勢的增加或加速。

So we try to set up an architecture that just provides transparency into the current velocity of the business, bearing in mind that we are operating in a more uncertain environment. And so, we wanted to take that as an opportunity to notch our projections moderately more conservative.

因此，我們嘗試建立一種架構，使業務的當前速度透明化，同時牢記我們是在更不確定的環境中運作的。因此，我們希望藉此機會使我們的預測更加保守。

Thank you. And then the follow up, appreciate all the detail on tariffs. In light of the changes in the mitigation playbook, anything else we should consider regarding the shape of the year from a gross margin, EBITDA margin perspective?

謝謝。然後是後續問題，感謝您提供有關關稅的所有細節。鑑於緩解策略的變化，從毛利率、EBITDA 利潤率的角度來看，我們還應該考慮今年的情況嗎？

And then bigger picture, the margin guide, EBITDA margin guide, now a bit below the 100 to 200 basis point annual target at the midpoint. So quite reassuring given what you're dealing with on tariffs, but we think beyond 2025, is that still the right framework? Thank you.

然後從更大的角度來看，利潤率指南、EBITDA 利潤率指南現在略低於中間點的 100 至 200 個基點的年度目標。考慮到你們在關稅問題上所採取的措施，這讓人相當放心，但我們認為，2025 年以後，這仍然是正確的框架嗎？謝謝。

So the shape of the year from an EBITDA perspective, if we look at what our EBITDA pattern last year, Q1 was the highest and Q4 was the lowest, and it was roughly a step down from Q1 to Q2 to Q3 to Q4. I would anticipate the shape of this year to look not dissimilar, but there might be more parity in the middle of the year, given some of the changes that were in the process of phasing in as it relates to tariff mitigation.

因此，從 EBITDA 的角度來看，如果我們看去年的 EBITDA 模式，第一季最高，第四季最低，並且從第一季到第二季、第三季、第四季大致呈下降趨勢。我預計今年的情況不會有太大不同，但考慮到與關稅減免有關的一些正在逐步實施的變化，今年年中可能會出現更多的平價。

But I think it would be safe to say that same pattern of highest margin -- first quarter, lowest margin on a relative basis from an EBITDA perspective final quarter of the year would still hold for our business as we thought through all of the mitigation actions that we're taking again, which involves strategically shifting our vendor mix across the globe.

但我認為可以肯定地說，當我們仔細考慮了我們再次採取的所有緩解措施（包括策略性地改變我們在全球範圍內的供應商組合）後，我們的業務仍然會保持同樣的最高利潤率（第一季），從 EBITDA 角度來看，最後一個季度的利潤率相對較低。

Number two, taking very selective price increases across our glasses business and three, maintaining a very disciplined approach to operating spend, which you saw reflect very positively in our Q1 financials where we had a higher degree of flow through from managing non-marketing SG&A in particular.

第二，我們對眼鏡業務採取了非常有選擇性的價格上漲；第三，對營運支出保持非常嚴謹的態度，這一點您在我們的第一季度財務報告中得到了非常積極的體現，特別是從管理非營銷銷售、一般及行政費用中獲得了更高的流轉金額。

We feel very confident still being within range of our long term adjusted margin improvement, which is up 100 to 200 basis points a year. Our original guidance called for up 150 basis points. We're ranging that now at up 100 to 150 basis points, depending on a range of factors including where tariffs ultimately land. So that element of our long-term guidance is certainly intact.

我們非常有信心，我們的長期調整利潤率仍在改善範圍內，即每年增長 100 至 200 個基點。我們最初的指導是上調 150 個基點。目前，我們將其範圍上調了 100 至 150 個基點，具體取決於一系列因素，包括關稅的最終落點。因此，我們的長期指導的這一要素肯定是完好無損的。

And as it relates to gross margin beyond 2025 toward the end of this year, once some of the dust is settled around all of these trade actions that are in the process of being worked out, we'll provide updated perspective on where gross margin we believe will settle.

由於它與今年年底前 2025 年以後的毛利率有關，一旦正在製定的所有這些貿易行動的一些塵埃落定，我們將提供最新的觀點，說明我們認為毛利率將穩定在何處。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

Hi, Neil, Dave, and Steve. We're seeing so much market and financial volatility. Are you seeing a similar amount in relation to your customer traffic and your thoughts on consumer confidence so far? And as we think about the e-commerce guidance. What's happening there with traffic relative to conversion and any details you can share? Thank you.

嗨，尼爾、戴夫和史蒂夫。我們看到瞭如此多的市場和金融波動。到目前為止，您是否看到與客戶流量和消費者信心相關的類似數字？當我們考慮電子商務指導時。那裡的流量與轉換率有何關係？您可以分享一些詳細資訊嗎？謝謝。

Thanks, Oliver. This is Neil. We are seeing pockets of strength and pockets of volatility as pertains to customer behavior. As we look at Q1, some of the pockets of volatility were from typical causes like weather. We actually lost more operational hours due to weather in Q1 this year than last year, was actually up 68%, so significant.

謝謝，奧利佛。這是尼爾。我們看到客戶行為既有強勢表現，也有波動性表現。回顧第一季度，我們發現一些波動是由天氣等典型原因造成的。事實上，今年第一季我們因天氣原因損失的營運時間比去年同期更多，實際上增加了 68%，非常顯著。

And when there have been announcements out of Washington, we've also seen at times changes in traffic patterns and customer behavior. That being said, we tend to be a benefactor of disruption in the markets because of our value proposition, right?

當華盛頓發佈公告時，我們有時也會看到交通模式和客戶行為的改變。話雖如此，由於我們的價值主張，我們往往會成為市場混亂的受益者，對嗎？

Most of our customers are coming from more expensive optical shops, whether those are chains or independents, and when there are drops in consumer sentiment that just puts us in an even greater sort of competitive positioning.

我們的顧客大多來自價格較高的眼鏡店，無論是連鎖店或獨立店，當消費者情緒下降時，我們的競爭地位就會更加激烈。

So we are confident that we'll continue to emerge stronger from the current environment just as we did during COVID and during other times of volatility, but in general, we're seeing consumer traffic hold up and conversion and consumer behavior hold as well.

因此，我們有信心，我們將在當前環境中繼續變得更加強大，就像我們在 COVID 和其他動盪時期所做的那樣，但總的來說，我們看到消費者流量保持穩定，轉換率和消費者行為也保持穩定。

And then as it relates to e-com, we continue to be pleased with the progress that we're seeing in serving customers across channels and having digital capabilities that are unique in the category. And as a result, we saw the highest quarterly growth in Q1 since 2021.

然後，就電子商務而言，我們對我們在跨通路為客戶提供服務和擁有同類產品中獨一無二的數位化能力方面所取得的進展感到高興。因此，我們在第一季實現了 2021 年以來最高的季度成長率。

And continue to benefit from strength in our contact lens business that is primarily online and a lot of our newer tools that make it easy for people to purchase classes without having to do a home try on. So leveraging our virtual try on capabilities and increasingly AI driven recommendations. And so, continue to see both traffic and conversion head in the direction that we'd like to see.

我們將繼續受益於主要在線的隱形眼鏡業務的優勢以及我們的許多新工具，這些新工具使人們可以輕鬆購買課程，而無需在家試戴。因此，利用我們的虛擬試穿功能和越來越多的人工智慧驅動的建議。因此，我們將繼續看到流量和轉換率朝著我們希望的方向發展。

Okay. Thanks. The follow up, Target is very exciting. So we'd love your thoughts on how you thought about the stores and the locations that you're choosing and these key hurdles that you'll be looking for in terms of goals nearer and longer term and how that will impact the model longer term. Thank you.

好的。謝謝。後續，Target 非常令人興奮。因此，我們很想聽聽您對所選的商店和地點的看法，以及您在近期和長期目標方面要尋找的這些關鍵障礙，以及這些障礙將如何影響長期模型。謝謝。

Sure. Well, we're super excited about our partnership with Target. We're in the process of designing our stores, and we're going to learn a lot of this initial cohort of five stores that are strategically positioned. As we think about opening stores across a range of dimensions, such as store design, hiring, our assortment, this strategy is really going to be a continuation of what we do every single day.

當然。嗯，我們對與 Target 的合作感到非常興奮。我們正在設計我們的商店，我們將從這五家具有策略定位的初始商店中了解很多資訊。當我們考慮從商店設計、招聘、商品分類等各個方面開設商店時，這個策略實際上將成為我們日常工作的延續。

There are going to be aspects that are actually easier in that like the formats are going to be very consistent but feel just like any other Warby store. So that could make a roll out easier, for example, for our store design team. The stores are going to be staffed with Warby employees in markets where we already are present, like the point-of-sale that we're using in Warby.

有些方面實際上會更容易，例如格式會非常一致，但感覺就像其他 Warby 商店一樣。例如，這可以讓我們的商店設計團隊更輕鬆地推出產品。在我們已經進入的市場中，商店將配備 Warby 員工，例如我們在 Warby 使用的銷售點。

So it's the same training protocols and systems that our team has grown to love and that enables us to provide these exceptional experiences. So we're excited. We're going to learn a lot in the first five stores, and that will help us grow going forward. We view this as complimentary to our standalone store growth and be evaluated similar to a new store to expands the overall white space and access to a broader set of consumers.

因此，我們的團隊越來越喜歡相同的培訓協議和系統，這使我們能夠提供這些非凡的體驗。所以我們很興奮。我們將在前五家商店學到很多東西，這將有助於我們未來的發展。我們認為這是對我們獨立門市成長的補充，其評估方式與新店類似，以擴大整體空白區域並接觸更廣泛的消費者。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Hi. Good morning. This is Savannah Sommer on for Brooke Roach. Thank you so much for taking our question. Can you discuss what you've been seeing in regards to marketing spend efficiency? Should you see increased efficiency on that line item? How much, if any? Should we expect to drop to the bottom line for the full year? Thank you.

你好。早安.這是薩凡納·索默 (Savannah Sommer)，代替布魯克·羅奇 (Brooke Roach)。非常感謝您回答我們的問題。您能談談您在行銷支出效率方面所看到的情況嗎？您是否應該看到該專案的效率有所提升？如果有的話，多少錢？我們是否應該預期全年利潤會下降？謝謝。

So yeah, we continue to be pleased with the efficiency of our marketing investments and we've seen consistency in our acquisition costs as we've ramped up spend over the last couple of years and we have seen some fluctuation in media pricing with costs rising on some platforms.

是的，我們對我們的行銷投資效率仍然感到滿意，而且隨著過去幾年支出的增加，我們的收購成本保持穩定，而且我們看到媒體定價出現一些波動，一些平台的成本有所上升。

We've been able to find efficiency on other platforms and that just underscores the fluid and diversified media mix that our team employees to optimize spend, ranging from more traditional channels like TV and direct mail to real-time options across digital, channels to working closely with creators on bespoke content, and increasingly we're using AI based models and sophisticated methods to allocate and analyze spend.

我們已經能夠在其他平台上找到效率，這恰恰強調了我們團隊員工為優化支出而採用的流暢和多樣化的媒體組合，從電視和直郵等更傳統的渠道到跨數字渠道的實時選項，再到與創作者密切合作定制內容，而且我們越來越多地使用基於人工智能的模型和復雜的方法來分配和分析支出。

We also have the advantage of the direct consumer brand, that we have access to so much real-time data around what's working and what's not so that we can optimize and we are hearing that in light of tariffs in the current environment that some advertisers are calling back on spend.

我們還擁有直接面向消費者的品牌優勢，我們可以獲得大量即時數據，了解哪些有效、哪些無效，以便進行最佳化。我們聽說，鑑於當前環境下的關稅，一些廣告商正在削減支出。

And so, we are opportunistically looking for areas that that we can lean in and continue to highlight our our differentiated value proposition and are increasingly spending time through paid media, promoting not only our e-com business but also our nearly 300 stores. And in the current environment, we are also really focused on highlighting our advantage pricing and value proposition, given that the rest of the category has and will continue to take price more than we have.

因此，我們正在機會主義地尋找可以依靠的領域，繼續強調我們的差異化價值主張，並越來越多地花時間透過付費媒體，不僅推廣我們的電子商務業務，還推廣我們近 300 家商店。在當前環境下，我們也真正專注於突出我們的優勢定價和價值主張，因為同類產品中的其他產品的價格已經並且將繼續高於我們。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi. Good morning. Thanks for taking my questions. I was hoping you could just comment on what you're seeing out of your insurance paying customers versus your non-insurance customers. And then can you update us on the penetration of customers who have insurance versus those who use it at Warby Parker and maybe elaborate on some of the initiatives you're working on to bridge that gap. Thank you.

你好。早安.感謝您回答我的問題。我希望您能評論一下您對保險付費客戶和非保險付費客戶的看法。然後，您能否向我們介紹在 Warby Parker 擁有保險的顧客與使用保險的顧客的滲透率，並詳細說明您為縮小這一差距正在採取的一些舉措。謝謝。

So we continue to be pleased with the progress. We're in making it easier for customers to use their insurance benefits with us and are seeing positive early signs from our vertical integration. The vast majority of those members still haven't used their benefits with us and we've used all of these partnerships as multi-year tailwinds that will ramp over time rather than a step function increase at the time of integration.

因此，我們繼續對進展感到滿意。我們正在努力讓客戶更輕鬆地使用我們的保險福利，並從我們的垂直整​​合中看到了積極的早期跡象。絕大多數成員仍未使用我們的福利，我們將所有這些合作夥伴關係視為多年的順風，這些順風將隨著時間的推移而逐漸增強，而不是在整合時逐步增加。

And we see for our longest standing insurance relationships that utilization continues to increase over many years, alongside increasing revenue per member per year. And we expect that that same behavior, with the person and we're seeing early positive signs there.

我們發現，從我們最長久的保險合作關係來看，利用率多年來持續成長，同時每位會員每年的收入也在增加。我們期望人們也表現出同樣的行為，我們已經看到了早期的正面跡象。

We continue to find that our insurance customers spend more with us in each transaction and also repeat more frequently. So people like using their benefits and they know that they can get even more value coming to Warby Parker than going other places.

我們不斷發現，我們的保險客戶在每次交易中花費更多，重複的頻率也更高。因此人們喜歡利用他們的福利，並且他們知道與去其他地方相比，來到 Warby Parker 可以獲得更大的價值。

And it's still an area where we're under penetrated relative to the rest of the category and remains a really big opportunity for us, but we're pleased with the progress that we've made especially over the last couple of years.

相對於其他類別，我們在這個領域的滲透率仍然較低，這對我們來說仍然是一個巨大的機遇，但我們對過去幾年的進展感到滿意。

David Yu, Evercore ISI.

David Yu，Evercore ISI。

Thank you. Two for me, please. Could you please break down the expected sources of leverage in EBITDA, especially with regard to gross margin and SG&A in the second half, and how might these be impacted by tariffs and demand trends.

謝謝。請給我兩份。您能否細分一下 EBITDA 中預期的槓桿來源，特別是下半年的毛利率和銷售、一般及行政費用 (SG&A)，以及這些可能如何受到關稅和需求趨勢的影響。

And then number two, can you also quantify each of the tariff mitigation buckets among supply chain reallocation, selected pricing and expense control? Thank you.

第二，您能否量化供應鏈重新分配、選定定價和費用控制中的每個關稅減免措施？謝謝。

Yeah, sure. Starting with the first question in terms of sources of leverage across our P&L. If you look at Q1 for a good example, we saw very moderate deleverage in gross margin year-over-year from 56.9% to 56.4%. And yet we increased EBITDA margin by 190 basis points, largely by maintaining a very disciplined approach to the non-marketing elements within SG&A.

是的，當然。第一個問題是關於我們的損益表中的槓桿來源。以第一季為例，我們發現毛利率年減幅度非常小，從 56.9% 降至 56.4%。然而，我們將 EBITDA 利潤率提高了 190 個基點，這主要是透過對銷售、一般和行政費用 (SG&A) 中的非行銷要素採取非常嚴謹的方法來實現的。

Marketing spend as a percent of revenue which is within SG&A was really flat at roughly 12.5% in both periods. And so that 190 basis points of leverage was really concentrated within our non-marketing SG&A elements. We're planning for significant leverage to continue to come from non-marketing SG&A.

行銷支出佔銷售、一般及行政費用 (SG&A) 內收入的百分比在兩個期間內基本持平，約為 12.5%。因此，190 個基點的槓桿實際上集中在我們的非行銷銷售、一般及行政費用要素。我們計劃繼續從非行銷銷售、一般及行政費用中獲取巨大槓桿。

And as we unpack what is in that category, if we think about Q1 of this year as a frame of reference, roughly 25% of that is marketing spend, 75% are the non-marketing elements which include salaries for our store employees, salaries for our customer experience employees and then all of our corporate expenses including HQ salaries and all of the dollars that we deploy toward vendors.

當我們分析該類別中的內容時，如果我們以今年第一季為參考框架，其中約 25％ 是行銷支出，75％ 是非行銷元素，其中包括我們商店員工的工資、客戶體驗員工的工資，然後是我們所有的公司費用，包括總部工資和我們部署給供應商的所有資金。

And so, we'll continue to make sure that we're driving cost savings and leverage from those elements within our SG&A cost stack. In addition to that, in response to this tariff environment, there are two actions that we're taking that will directly impact gross profit to the positive to offset some of the impacts that we expect to continue to see from carrots in the short term, and that is one shifting our vendor makes globally and two, very selected price increases.

因此，我們將繼續確保節省成本，並充分利用銷售、一般和行政費用 (SG&A) 成本系統中的這些要素。除此之外，為了應對這種關稅環境，我們正在採取兩項措施，這將直接對毛利產生積極影響，以抵消我們預計短期內將繼續看到的胡蘿蔔帶來的一些影響，一是在全球範圍內轉移我們的供應商，二是選擇性提價。

We have not broken out the specific mitigation associated with each of our actions. So from price increases, from reorienting our supply chain across the globe and from operating expense reductions, but we have communicated that in aggregate we plan to mitigate all if not [$50 million] in tariff exposures at the current 145% China rate and 10% rest of world that persists for now. If those rates change and we're optimistic that they will, we'll continue to evolve our plans just to take into account the reality of the current new environment.

我們尚未詳細說明與每項行動相關的具體緩解措施。因此，透過提高價格、重新調整我們在全球的供應鏈以及削減營運費用，但我們已經表示，總的來說，我們計劃按目前中國 145% 的稅率和世界其他地區 10% 的稅率減輕所有（如果不是 [5000 萬美元]）的關稅風險，目前這一稅率仍然有效。如果這些利率發生變化，而且我們樂觀地認為它們會發生變化，我們將繼續改進我們的計劃，以考慮到當前新環境的現實。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thanks. I guess that answers my question. The language around success and mitigating tariffs, I guess you kind of answered it. I am curious kind of what you're seeing is the countervailing force as far as the repurchase cycle. I know you're less exposed to managed care. That's part of the strategy which seems to be recovering faster, but how do you think about the latent demand for this category this year?

謝謝。我想這回答了我的問題。關於成功和減輕關稅的語言，我想你已經回答了這個問題。我很好奇，就回購週期而言，您所看到的抵銷力量是什麼。我知道你很少接觸管理式醫療。這是策略的一部分，似乎正在更快地恢復，但您如何看待今年這一類別的潛在需求？

So thanks for the question. We're seeing similar trends as we have over the past few years in customer behavior. One of the things that we're very focused on is controlling what we can control. So as an example of that as we think about tariff mitigation like we know that tariffs are likely going to shift. So how do we construct systems that are adaptable?

感謝您的提問。我們看到的客戶行為趨勢與過去幾年類似。我們非常關注的事情之一是控制我們能夠控制的事情。舉個例子，當我們考慮降低關稅時，我們知道關稅可能會改變。那我們要如何建構適應性強的系統？

And what we mean by that is how can we quickly strategically change pricing in a selective way when that makes sense. How can we strategically shift aspects of our supply chain when that makes sense, and we view speed as a competitive advantage as this is in line with our belief that we have to control what we can control.

我們的意思是，當價格合理時，我們如何快速、選擇性地改變價格。當有意義時，我們如何策略性地轉變我們的供應鏈的各個方面，我們將速度視為一種競爭優勢，因為這符合我們的信念，即我們必須控制我們能夠控制的東西。

And when it comes to the consumer, if we continue to deliver best in class service, if we continue to provide incredible value and we think that the value that we're providing, that price equality ratio is actually only increasing as we look at competitors raising prices, that we're going to see consistent to improve repurchase cycles relative to the category. So we continue to see strong AOV, strong conversion, and we've continued to demonstrate category growth, irrespective of what's happening in the market at large.

對於消費者而言，如果我們繼續提供一流的服務，如果我們繼續提供令人難以置信的價值，並且我們認為我們所提供的價值，那麼價格平等比率實際上只會隨著競爭對手提高價格而增加，我們將看到相對於該類別的回購週期持續改善。因此，無論整個市場發生什麼，我們都繼續看到強勁的 AOV、強勁的轉換率，並且我們繼續展示類別成長。

And price -- I mean, take care of aside for a second, you mentioned there or you mentioned the prepared remarks that you haven't really taken price on the opening for the entry level offering since founding. I mean, is price a broader opportunity here? I know that you sort of introduced newer pricing with newer launches, but is there kind of a ex-tariff price opportunity in this model more broadly. Thanks.

還有價格——我的意思是，暫時把問題放在一邊，您在那裡提到過，或者您在準備好的評論中提到過，自創立以來，您還沒有真正考慮過入門級產品的開盤價格。我的意思是，這裡的價格是否是一個更廣泛的機會？我知道你們在新產品發佈時引入了新的定價，但從更廣泛的意義上來說，這種模式是否存在不含關稅的價格機會？謝謝。

Yeah. We do believe so, but we're also conscious that we operate in an industry that has historically taken price liberally at every opportunity, and that's continued in this current environment and frankly that's created a price umbrella that has enabled us to offer better value and take market share since we launched and we plan to continue to do that for many years to come.

是的。我們確實相信這一點，但我們也意​​識到，我們所處的行業歷來會抓住一切機會自由定價，這種情況在當前環境下仍然延續，坦率地說，這創造了一個價格保護傘，使我們能夠自推出以來提供更好的價值並佔領市場份額，我們計劃在未來許多年繼續這樣做。

And really our focus has been on building long-term sustainable growth and in order to do that, the most important factors are building consumer trust around our brand and ensuring that our customers are delighted and offering exceptional value and great pricing is a core part of that customer promise and we don't plan to deviate from that approach.

我們的重點一直是建立長期可持續成長，為了做到這一點，最重要的因素是建立消費者對我們品牌的信任，確保我們的客戶感到滿意，提供卓越的價值和優惠的價格是我們對客戶承諾的核心部分，我們不打算偏離這種方法。

But that said, there is a very big umbrella here and we found that when we do introduce higher price point products, our customers are willing to spend more with us, and we tend to primarily serve high-income customers. And so, as we launch products like precision progressive starting at $395, we've seen a very strong uptake and lots of customer satisfaction comes from those products.

但話雖如此，這裡有一個很大的保護傘，我們發現，當我們推出更高價位的產品時，我們的客戶願意在我們這裡花更多的錢，而且我們傾向於主要服務於高收入客戶。因此，當我們推出諸如起價 395 美元的精密漸進式產品時，我們看到了非常強勁的銷量，並且這些產品帶來了許多客戶滿意度。

And so, in this environment where some of our input costs are going up. We have selectively adjusted pricing on some of our products and we're seeing positive early signals in terms of customer response. And so, we do you believe that there's more opportunity over time to introduce products at a variety of price points and I think you'll see us continue to drive increases in average revenue per customer for many years to come.

因此，在這種環境下，我們的一些投入成本正在上升。我們選擇性地調整了部分產品的價格，從客戶反應來看，我們看到了正面的早期訊號。因此，我們確實相信，隨著時間的推移，我們將有更多機會推出各種價位的產品，而且我認為，您會看到我們在未來許多年內繼續推動每位客戶平均收入的成長。

Dylan, I was just adding on Dave's comments. Just as context, we've selectively taken price actions like this very rarely. The last time that we did something like this was at the end of 2021, where we rolled out a small handful of price increases across two thinner lens types which we increased pricing for by roughly $10 and a prescription sun lens where we increased pricing by $20.

迪倫，我只是補充戴夫的評論。如背景所示，我們很少有選擇地採取這樣的價格行動。我們上次做類似的事情是在 2021 年底，當時我們對兩種較薄的鏡片進行了少量提價，將價格提高了約 10 美元，並對一種處方太陽鏡片進行了提價，將價格提高了 20 美元。

The handful of changes that we're making here are a little broader but not much and certainly informed by what we've done in the past. We'll continue to really focus on price through offering new products and seeing price evolve through mix, but selectively we've done this before and the process that we went through here was certainly informed by some of the results and success of the actions that we have taken on a selective basis in the past and we're expecting a similar type of trajectory for these increases as well.

我們在這裡所做的一些改變範圍比較廣，但不是很多，而且肯定是基於我們過去所做的事情而做出的。我們將繼續透過提供新產品和觀察價格透過產品組合的變化來真正關注價格，但我們以前有選擇地做過這件事，我們在這裡經歷的過程肯定受到了我們過去有選擇地採取的一些行動結果和成功的影響，我們預計這些增長也會有類似的軌跡。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Hi. this is Paul Nawalany on for Anna. Thanks for taking our question. I'm curious if you could speak to the consumer behavior of the new cohorts you're seeing given the acceleration in active customers if that's mostly coming from existing markets or new ones.

你好。我是 Paul Nawalany，代表 Anna 報到。感謝您回答我們的問題。我很好奇，您是否可以談談在活躍客戶數量加速成長的情況下，您所看到的新群體的消費者行為，他們主要來自現有市場還是新市場。

And then secondly, I'm curious if you could confirm whether you've seen an acceleration in March versus February that's generally maintained into April and if you've seen any evidence of a pull forward in consumer demand. Thank you.

其次，我很好奇您是否可以確認 3 月份相對於 2 月份的增長是否加速，並且這種加速在 4 月份基本保持，以及您是否看到任何消費者需求提前增長的證據。謝謝。

Sure. Thanks for your question. We're seeing very consistent consumer behavior across new and existing cohorts as we continue to expand across the US and we have lots of opportunity. There's 45,000 optical shops in the US. Most of our new stores have been in existing markets just because we're now in all the large markets.

當然。謝謝你的提問。隨著我們繼續在美國擴張，我們看到新舊群體的消費者行為非常一致，我們有很多機會。美國有 45,000 家眼鏡店。我們的大多數新店都位於現有市場，因為我們現在已經進入了所有大型市場。

And again, where we tend to gain market share is from optical shops that are charging often 2 to 3 to 4 times as much as we are. So the beauty of having this large market is having these 45,000 optical shops across the US, it's just we have a massive opportunity in front of us, and we still think that we're in the first innings here.

而且，我們往往從那些收費是我們 2 到 3 到 4 倍的眼鏡店獲得市場份額。因此，擁有這個龐大市場的美妙之處在於，全美有 45,000 家眼鏡店，我們面前有一個巨大的機遇，我們仍然認為我們處於第一階段。

And then as it relates to March and in color on April, so March was our strongest month in Q1. And so, we did finish the quarter on a very strong note. As it relates to April, we saw pockets of variability the first part of April and then we've finished April with a very strong exit rate that has continued into May. And so, that's how we would describe the color of the end of the quarter heading into the current environment in which we find ourselves now.

然後，由於它與三月和四月有關，因此三月是我們第一季最強勁的月份。因此，我們確實以非常強勁的成績結束了本季。就四月而言，我們在四月初看到了一些變化，然後在四月底我們以非常強勁的退出率結束了這一過程，並且這種趨勢一直持續到五月。這就是我們在當前環境下對本季末色彩的描述。

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

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