Warby Parker Inc (WRBY) 2025 Q2 法說會逐字稿

Hello, and welcome to today's Warby Parker second quarter 2025 earnings conference call. My name is Bailey, and I will be your moderator for today. (Operator Instructions)

您好，歡迎參加今天的 Warby Parker 2025 年第二季財報電話會議。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 the conference over to Jaclyn Berkley, Head of Investor Relations, to begin. Please go ahead when you're ready.

現在，我想將會議交給投資者關係主管 Jaclyn Berkley 來開始。準備好後請繼續。

Thank you, and good morning, everyone. Here with me today are Neil Blumenthal and Dave Gilboa, our Co-Founders and Co-CEOs; alongside Steve Miller, Senior Vice President and Chief Financial Officer. Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investors.warbyparker.com.

謝謝大家，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 上找到。

During this call and in our presentation, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled risk factors in the company's latest annual report on Form 10-K.

在本次電話會議和演示中，我們將發表前瞻性的評論。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。有關這些風險的更多信息，請查看該公司的 SEC 文件，包括該公司最新 10-K 表格年度報告中標題為“風險因素”的部分。

These forward-looking statements are based on information as of August 7, 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 US.

這些前瞻性陳述是基於截至 2025 年 8 月 7 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 GAAP 財務指標是根據美國編制的財務績效指標的補充，而不是替代。

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

公認會計準則。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，您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。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. 2025 has already been a busy and eventful year, and we're excited by the progress we're making toward Warby Parker's ambitious near- and long-term objectives. Our team delivered strong results in Q2, growing revenue 14% year-over-year and expanding adjusted EBITDA margin 130 basis points, both above the high end of our guidance, while delivering our eighth straight quarter of accelerating customer growth.

謝謝你，傑克琳，大家早安。 2025 年已經是忙碌而多事的一年，我們對 Warby Parker 雄心勃勃的近期和長期目標所取得的進展感到非常興奮。我們的團隊在第二季度取得了強勁的業績，營收年增 14%，調整後的 EBITDA 利潤率擴大 130 個基點，均高於我們預期的高端，同時連續第八個季度實現了客戶成長加速。

These results reflect the team's disciplined execution and ability to adapt in a dynamic environment like we saw in April, including taking decisive actions to mitigate the impact of tariffs. We continue to lay a strong foundation for long-term growth by investing strategically, driving innovation, and forging key partnerships. In particular, we'd like to highlight some recent milestones that demonstrate progress against key pillars of our strategy to drive sustainable growth while creating positive impact along the way.

這些結果反映了團隊的嚴謹執行力和在四月所見的動態環境中的適應能力，包括採取果斷行動來減輕關稅的影響。我們透過策略投資、推動創新和建立關鍵合作夥伴關係，持續為長期成長奠定堅實的基礎。特別是，我們想強調一些最近的里程碑，這些里程碑表明我們在推動永續成長的策略關鍵支柱方面取得了進展，同時產生了積極影響。

In July, we opened our 300th store at Brookfield Place in Downtown Manhattan. And just a few days ago, we opened our very first Target shop-in-shops in Willowbrook, Illinois, and Bloomington, Minnesota. We're only 1/3 of the way to our long-term opportunity of more than 900 stand-alone stores across North America, underscoring the significant white space ahead.

7 月，我們在曼哈頓下城的布魯克菲爾德廣場開設了第 300 家門市。就在幾天前，我們在伊利諾伊州威洛布魯克和明尼蘇達州布盧明頓開設了第一家 Target 店中店。我們距離在北美開設 900 多家獨立商店的長期目標僅剩三分之一，凸顯了未來巨大的空白。

With additional scale, we are able to serve more customers than ever while having even greater impact. In Q2, we announced that we surpassed 20 million pairs of glasses distributed to people in need through our Buy Pair, Give a Pair program, a powerful reminder of the impact we're having on communities across the world. These milestones also reflect a natural evolution in how we are serving our customers today and in the future, one led by a highly productive store footprint and supported by increasingly personalized AI-driven digital tools and experiences.

隨著規模的擴大，我們能夠服務比以往更多的客戶，同時產生更大的影響。在第二季度，我們宣布透過「買一副，送一副」計畫向有需要的人分發了超過 2000 萬副眼鏡，這有力地提醒了我們我們對世界各地社區的影響。這些里程碑也反映了我們現在和未來為客戶提供服務方式的自然演變，這種演變由高效的門市佈局引領，並由日益個性化的人工智慧驅動的數位工具和體驗提供支援。

We'll speak more to how AI is transforming the way we serve customers later in this call, but we also wanted to highlight how excited we are to be developing devices that will enable our customers to engage AI seamlessly wherever they go. In May, we announced a long-term partnership with Google to develop AI-powered intelligent eyewear designed for all-day use, marking a transformative step for our brand and significantly expanding our TAM beyond traditional glasses.

我們將在稍後的電話會議中詳細討論人工智慧如何改變我們為客戶提供服務的方式，但我們也想強調，我們對開發能夠讓我們的客戶無論走到哪裡都能無縫地使用人工智慧的設備感到非常興奮。今年 5 月，我們宣布與Google建立長期合作夥伴關係，共同開發適合全天使用的人工智慧眼鏡，這標誌著我們品牌邁出了變革性的一步，並顯著擴展了我們 TAM 的範圍，使其超越傳統眼鏡。

We believe glasses are the perfect form factor to leverage AI, enabling the delivery of real-time personalized insights tailored to what the wearer sees and hears as they move through the world. Glasses allow AI to understand the wearer's environment and surface relevant information without forcing someone to pull out their phone or look at a separate screen. Imagine the world's smartest assistant, ready with answers when you need them and invisible when you don't, embedded in a beautifully designed pair of glasses made for all-day wear.

我們相信眼鏡是利用人工智慧的完美形態，能夠根據佩戴者在世界各地移動時所看到和聽到的內容提供即時個人化洞察。眼鏡可以讓人工智慧了解配戴者的環境並顯示相關訊息，而無需強迫人們拿出手機或查看單獨的螢幕。想像世界上最聰明的助手，在您需要時隨時為您提供答案，在您不需要時則隱形，嵌入一副設計精美、適合全天佩戴的眼鏡中。

We're thrilled to partner with Google, an AI innovator renowned for technology that powers lives around the globe. Coupled with Warby Parker's capabilities in product design, eye care, retail operations, customer experience, and tech-enabled innovation, we believe our partnership is uniquely positioned for this rapidly evolving space.

我們很高興能與Google合作，Google是一家以推動全球生活發展的技術而聞名的人工智慧創新者。結合 Warby Parker 在產品設計、眼部護理、零售營運、客戶體驗和技術創新方面的能力，我們相信我們的合作夥伴關係在這個快速發展的領域具有獨特的優勢。

We see tremendous potential in what Warby Parker and Google can achieve together and look forward to sharing more in the coming months. It's been an active and productive first half, and we're pleased with our momentum heading into the rest of the year, which gives us confidence to raise our full-year guidance. Before Steve talks through our financials and guidance, Neil and I will recap the drivers of our Q2 performance.

我們看到了 Warby Parker 和 Google 共同實現的巨大潛力，並期待在未來幾個月分享更多成果。上半年是活躍且富有成效的，我們對今年剩餘時間的勢頭感到滿意，這讓我們有信心提高全年業績預期。在史蒂夫介紹我們的財務狀況和指導意見之前，尼爾和我將回顧我們第二季業績的驅動因素。

I'll start first with our eighth consecutive quarter of accelerating active customer growth. We ended Q2 with 2.6 million active customers, an increase of 9% on a trailing 12-month basis, with average revenue per customer up 4.6%. Our retail channel remains our primary growth engine, and we continue to see strong growth in active customers generated through our stores.

首先，我要說一下我們連續第八個季度加速活躍客戶成長的情況。截至第二季度，我們擁有 260 萬活躍客戶，較過去 12 個月成長 9%，每位客戶平均營收成長 4.6%。我們的零售通路仍然是我們的主要成長引擎，我們繼續看到透過我們的商店產生的活躍客戶強勁成長。

In Q2, we invested across a broad mix of paid media channels to drive brand awareness and acquire new customers. As we shared in February, a key focus this year has been leveraging even more advanced analytics, including media mix modeling to optimize core spend and scale into newer high-potential channels.

在第二季度，我們投資了多種付費媒體管道來提高品牌知名度並吸引新客戶。正如我們在二月所分享的，今年的一個重點是利用更先進的分析技術，包括媒體組合模型來優化核心支出並擴展到新的高潛力管道。

This approach has proven especially valuable in the first half, allowing us to adapt quickly and sustain momentum in a dynamic environment. We're also seeing encouraging results from new streaming and localized campaigns, whether through in-store events or targeted local media aimed at driving awareness for our stores and eye exams.

這種方法在上半年被證明特別有價值，使我們能夠在動態環境中快速適應並保持發展勢頭。我們也看到了新的串流媒體和在地化活動帶來的令人鼓舞的成果，無論是透過店內活動還是有針對性的本地媒體，旨在提高我們商店和眼科檢查的知名度。

Complementary to our core marketing efforts is strong growth within our insurance business, and we're especially encouraged by the continued ramp of Versant Health. Insurance customers are some of our highest value customers, spending more on their initial purchases, selecting progressive lenses at a higher rate, and returning more frequently.

與我們的核心行銷工作相輔相成的是我們的保險業務的強勁成長，而 Versant Health 的持續成長尤其令我們感到鼓舞。保險客戶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。

We believe insurance will remain a long-term tailwind as we drive broader awareness of our in-network and out-of-network benefits. We're pleased to report consistency in our revenue retention metrics across cohorts, with revenue retention rates of approximately 50% over 24-months and over 100% over 48 months.

我們相信，隨著我們提高人們對網路內和網路外福利的認識，保險仍將是長期的順風。我們很高興地報告，我們的收入保留指標在各個群組中保持一致，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%。

And now I'll pass it over to Neil to walk through the remaining drivers.

現在我將把主題交給 Neil，讓他介紹剩下的驅動因素。

Thanks, Dave. Next, we saw strong demand across glasses, supported by ongoing product and lens innovation as well as our continued focus on delivering exceptional value to our customers. Glasses grew approximately 11% year-over-year, with progressives accounting for approximately 23% of prescription units sold. In Q2, we launched five new collections and continue to expand our lens portfolio.

謝謝，戴夫。其次，我們看到眼鏡市場需求強勁，這得益於持續的產品和鏡片創新以及我們持續致力於為客戶提供卓越價值。眼鏡銷量年增約 11%，其中漸進鏡約佔處方眼鏡銷量的 23%。在第二季度，我們推出了五個新系列並繼續擴大我們的鏡頭產品組合。

Highlights include the launch of Transitions XTRActive lenses, the introduction of our kids assortment online, and a collaboration with LA-based streetwear brand, Market Studios, featuring musician and producer Rizza, that generated strong engagement. These initiatives help us reach new audiences while deepening loyalty with existing customers.

亮點包括推出 Transitions XTRActive 鏡片、線上推出兒童系列，以及與洛杉磯街頭服飾品牌 Market Studios 的合作，該合作以音樂家和製作人 Rizza 為特色，引起了強烈的反響。這些措施幫助我們吸引新的受眾，同時加深現有客戶的忠誠度。

As part of our tariff mitigation strategies, we moved forward with a handful of price increases focused on select lens types and add-ons while still preserving our entry-level $95 price point. Overall, these pricing actions had minimal impact to mix and conversion. In some cases, product mix for higher value add-ons and lens treatments trended above our expectations.

作為我們關稅減免策略的一部分，我們針對部分鏡頭類型和附加組件進行了少量價格上調，同時仍保持我們的入門級 95 美元價格點。整體而言，這些定價舉措對組合和轉換的影響微乎其微。在某些情況下，高價值附加產品和鏡片處理產品的組合趨勢超出了我們的預期。

We believe this is evidence of the considerable value gap that still exists in the industry. We aim to offer high-quality products and services at an accessible price point. And we continue to believe that combining design, quality, and service is a key differentiator for our brand. The third driver of our Q2 growth was the strength of our highly productive store base, complemented by continued innovation in our digital experience.

我們認為，這證明該行業仍然存在相當大的價值差距。我們的目標是以可承受的價格提供高品質的產品和服務。我們始終相信，設計、品質和服務的結合是我們品牌的關鍵差異化因素。我們第二季成長的第三個驅動力是我們高效的門市基礎，以及我們數位體驗的持續創新。

Retail revenue grew 19% year-over-year, driven by new store expansion and continued healthy growth of our stores opened 12-months or more, consistent with color we've provided on prior calls. We opened 11 new stores in Q2, entering six new suburban markets and expanding our presence in five existing ones, including areas outside of Boston, Philadelphia, Washington, DC, and Charlotte.

零售收入年增 19%，這得益於新店擴張以及開業 12 個月或更長時間的門市持續健康成長，與我們在之前的電話會議上提供的情況一致。我們在第二季開設了 11 家新店，進入了 6 個新的郊區市場，並擴大了我們在 5 個現有市場的影響力，包括波士頓、費城、華盛頓特區和夏洛特以外的地區。

Looking ahead, we expect the majority of our new store growth to come from building out underpenetrated suburban markets like these. Over 50% of the major metropolitan areas we operate in only have one store, and we believe we have significant potential to expand our presence in existing markets while also entering new markets.

展望未來，我們預計新店成長的大部分將來自於對這些滲透率不足的郊區市場的開發。在我們經營的主要大都會地區中，超過 50% 都只有一家商店，我們相信，我們在擴大現有市場影響力的同時，也具有進入新市場的巨大潛力。

We're also seeing clear benefits from our densification strategy in that markets with the highest number of stores frequently have the highest e-commerce growth, driven by greater brand awareness and customer engagement across channels. Stores opened longer than 12-months averaged $2.2 million in revenue with four-wall margins in line with our target of approximately 35% and newer stores are tracking in line with our targets.

我們也看到了密集化策略帶來的明顯好處，即擁有最多商店的市場往往擁有最高的電子商務成長，這得益於品牌知名度的提高和跨通路客戶參與度的提高。開業時間超過 12 個月的商店平均收入為 220 萬美元，四壁利潤率符合我們約 35% 的目標，而新商店的利潤率也符合我們的目標。

As our physical footprint scales, we're also evolving the way we serve customers across channels. We launched Warby Parker without retail stores during a time when less than 2.5% of glasses were sold online. And our first-of-its-kind home try-on program offered a unique, convenient way for customers to try on five glasses for five days at home, completely free of charge.

隨著我們的實體足跡不斷擴大，我們也不斷改進跨通路為客戶提供服務的方式。我們在沒有零售店的情況下推出了 Warby Parker，當時網路上銷售的眼鏡還不到 2.5%。我們首創的居家試戴計畫為顧客提供了一種獨特、便捷的方式，讓他們可以在家中試戴五副眼鏡，為期五天，而且完全免費。

For many years, and especially during the pandemic, home try-on was a novel way to help customers shop for glasses online. Today, our differentiated in-store experience across 300 locations, combined with increasingly personalized digital tools like our industry-leading first true-to-scale virtual try-on, have transformed the way people engage with our brand and shop for eyewear.

多年來，尤其是在疫情期間，在家試戴是幫助顧客在線購買眼鏡的一種新穎方式。如今，我們遍布 300 個門市的差異化店內體驗，結合日益個性化的數位工具（例如我們行業領先的首個真實比例虛擬試戴），已經改變了人們與我們的品牌互動和購買眼鏡的方式。

The vast majority of recent home try-on customers live within 30 minutes of a Warby Parker store. As we've scaled and home try-on has become a less meaningful driver of our e-commerce business, and as we have seen strong growth from customers directly purchasing glasses online and in our stores, we've decided to sunset the program at the end of this year.

近期在家試穿的顧客絕大多數都住在距離 Warby Parker 商店 30 分鐘路程以內的地方。隨著我們規模的擴大，家庭試戴對我們的電子商務業務的推動作用逐漸減弱，而且我們看到直接在網上和商店購買眼鏡的顧客數量強勁增長，我們決定在今年年底停止該計劃。

We're confident we can serve customers effectively and efficiently through our stores, our leading digital experience, and by leveraging proprietary AI-powered technology. Given home try-on costs are included in our total marketing spend, we'll now be able to reallocate resources toward brand awareness and customer acquisition.

我們相信，我們可以透過我們的商店、領先的數位體驗以及專有的人工智慧技術有效、有效率地為客戶服務。鑑於家庭試穿費用包含在我們的總行銷支出中，我們現在可以重新分配資源，以提高品牌知名度並獲取客戶。

This quarter, we also redesigned our customer experience team structure to reflect the evolution in how we serve customers, given our growing store footprint and the sunset of our home try-on program. Even with this transition, we continue to expect e-commerce growth in the low to mid-single digits this year and believe the channel remains on a path to long-term sustainable growth.

本季度，我們也重新設計了客戶體驗團隊結構，以反映我們為客戶提供服務方式的演變，考慮到我們不斷增長的門市規模和家庭試穿計畫的結束。即使出現這種轉變，我們仍然預計今年電子商務的成長率將達到低至中等個位數，並相信該管道仍將走在長期可持續成長的道路上。

While Q2 growth was at the lower end of this range due to a slower April, we saw a sequential improvement throughout the quarter, which continued through July. As part of our continued investment in the online experience, we launched advisor in Q2, a personalized AI-driven recommendation tool within our app designed to replicate the guided retail experience.

雖然由於 4 月份成長放緩，第二季度的成長處於這一區間的低端，但我們看到整個季度的成長都出現了連續改善，並且這種改善一直持續到 7 月份。作為我們對線上體驗持續投資的一部分，我們在第二季度推出了顧問，這是我們應用程式內個人化的人工智慧驅動推薦工具，旨在複製引導式零售體驗。

Early results are encouraging, and we're seeing strength in AI-powered tools like advisor, partially offset by headwinds from home try-on. Going forward, we believe advisor will play a meaningful role in driving product discovery and conversion. Lastly, we continue to expand our holistic vision care offerings as part of our broader strategy to serve all of our customers' needs.

早期結果令人鼓舞，我們看到顧問等人工智慧工具的優勢，但部分抵消了居家試穿帶來的阻力。展望未來，我們相信顧問將在推動產品發現和轉化方面發揮重要作用。最後，作為我們滿足所有客戶需求的更廣泛策略的一部分，我們將繼續擴大我們的整體視力保健服務。

Contacts remained a healthy contributor to growth in Q2, supported by strong adoption from both new and returning customers. Contacts grew 28% year-over-year and now represents 11.5% of revenue, yet our penetration remains well below the approximately 20% industry average, highlighting the significant runway ahead. Eye exams were another key driver of growth.

在新舊客戶的大力支持下，聯繫人仍然是第二季度成長的健康貢獻者。聯絡人數量年增 28%，目前佔總收入的 11.5%，但我們的滲透率仍遠低於約 20% 的行業平均水平，凸顯了未來的巨大發展空間。眼科檢查是另一個重要的成長驅動力。

We expanded exam capacity across our growing retail footprint. And in Q2, our eye exam business grew 44% year-over-year to account for 6% of total revenue. Eye exams drive traffic, conversion, and average revenue per customer, given roughly 75% of glasses are purchased at the same location as the exam. Today, the majority of our customers still bring prescriptions from external providers, underscoring a significant long-term opportunity to capture more of the vision care journey.

我們在不斷成長的零售業務範圍內擴大了考試能力。第二季度，我們的眼科檢查業務年增 44%，佔總收入的 6%。由於大約 75% 的眼鏡都是在檢查地點購買的，因此眼科檢查可以帶來客流量、轉換率和每位顧客的平均收入。如今，我們的大多數客戶仍然從外部供應商購買處方藥，這凸顯了我們在長期內把握更多視力保健機會的重大機會。

We also continued scaling retinal imaging across more locations, an offering that enhances the clinical experience and reflects our commitment to accessible, high-quality vision care. Our performance this quarter reflects the successful execution of our near-term strategy as well as our team's ability to balance that execution with a focus on our long-term vision.

我們也繼續在更多地點擴大視網膜影像服務，這項服務增強了臨床體驗，並體現了我們對可及性、高品質視力保健的承諾。本季度的業績反映了我們近期策略的成功執行，以及我們的團隊在執行和關注長期願景之間取得平衡的能力。

By strengthening our core business and strategically expanding both access and convenience, we are not only meeting customer demand but also shaping the future of our category. We've laid the groundwork for sustainable growth, and we're poised to lead our business and more broadly, our industry into its next chapter.

透過加強我們的核心業務並策略性地擴大訪問和便利性，我們不僅滿足了客戶的需求，而且還塑造了我們類別的未來。我們已經為永續發展奠定了基礎，並準備好帶領我們的業務甚至更廣泛的行業進入新的篇章。

Before I pass it over to Steve, I want to share a leadership update. After 14 incredible years at Warby Parker, Steve has made the decision to step down from his role as Chief Financial Officer at the end of this quarter to pursue an opportunity outside of the industry. Steve was our inaugural CFO. He started as a team of one and worked tirelessly to build a rigorous strategic financial organization.

在將其交給史蒂夫之前，我想分享一下領導力的最新情況。在 Warby Parker 度過了 14 年輝煌的時光後，史蒂夫決定在本季末辭去財務長一職，去尋找行業之外的機會。史蒂夫是我們的首任財務長。他從一個人的團隊開始，不懈地努力建立了一個嚴謹的策略財務組織。

His leadership has been instrumental in achieving Warby Parker's countless milestones, in particular, our transition to life in the public markets. Steve's deep commitment to the company's success and to his team and our impact efforts has created a strong foundation that will be felt throughout our stores, offices, and optical labs for years to come.

他的領導對於 Warby Parker 實現無數里程碑，特別是向公開市場轉型起到了重要作用。史蒂夫對公司的成功、他的團隊以及我們的影響力的堅定承諾奠定了堅實的基礎，這種承諾將在未來幾年內在我們的商店、辦公室和光學實驗室中得到體現。

He leads our team, operations, and systems in the best place they have ever been. Until a successor is named, Dave will assume the roles of Principal Financial Officer and Principal Accounting Officer on an interim basis. He will work in close partnership with our tenured financial and accounting leadership teams to ensure a seamless transition.

他帶領我們的團隊、營運和系統達到前所未有的最佳狀態。在確定繼任者之前，戴夫將臨時擔任財務長和首席會計官的職位。他將與我們長期任職的財務和會計領導團隊密切合作，確保順利過渡。

And now, Steve, I'll pass it over to you.

現在，史蒂夫，我將把它交給你。

Thanks, Neil and Dave. Before I dive into financials, I want to express a tremendous amount of gratitude to Neil and Dave, our Board, the finance team, and the broader Warby Parker team for giving me the opportunity to be in the arena with you. I'll now be cheering you on, but from another arena. When I joined Warby Parker 14 years ago, we were a small private company with roughly 30 employees, no stores, no factories.

謝謝，尼爾和戴夫。在深入探討財務問題之前，我想向 Neil 和 Dave、我們的董事會、財務團隊以及更廣泛的 Warby Parker 團隊表示衷心的感謝，感謝他們給了我與你們一起在這個舞台上的機會。我現在會為你加油，不過是從另一個舞台。14 年前我加入 Warby Parker 時，我們是一家小型私人公司，大約有 30 名員工，沒有商店，也沒有工廠。

Today, we're operating as a public company at scale with over 300 stores, two optical labs, nearly 4,000 employees, and this is our 16th earnings call. We have our eight core values printed throughout our spaces to remind us what's important. They include phrases like do good, take action and lead with integrity. My favorite is learn, grow, repeat. I plan to carry these with me. Now on to our financials.

如今，我們已是一家規模龐大的上市公司，擁有 300 多家門市、兩家眼鏡實驗室和近 4,000 名員工，這是我們第 16 次財報電話會議。我們在整個空間中印有我們的八個核心價值觀，以提醒我們什麼是重要的。其中包括做好事、採取行動和誠信領導等短語。我最喜歡的是學習、成長、重複。我打算隨身攜帶這些。現在談談我們的財務狀況。

I'll begin with a detailed review of our second quarter performance. Then I'll outline our updated guidance for the full year and our outlook for the third quarter of 2025. Starting first with Q2. We're pleased to deliver both revenue and adjusted EBITDA above the high end of our guidance despite meaningful tariff-related uncertainty throughout the quarter.

我將首先詳細回顧我們第二季的業績。然後，我將概述我們對全年的最新指導以及對 2025 年第三季的展望。首先從 Q2 開始。儘管整個季度存在與關稅相關的重大不確定性，但我們很高興收入和調整後的 EBITDA 都高於我們預期的高端。

These results reflect the flexibility of our model and the team's ability to move quickly. Over the course of the quarter, we made significant and timely adjustments to the business, which contributed to our strong financial performance and highlight the levers we have to drive results in a dynamic environment. Revenue for the second quarter came in at $214.5 million, up 13.9% year-over-year.

這些結果反映了我們模型的靈活性和團隊快速行動的能力。在本季度，我們對業務進行了重大且及時的調整，這有助於我們取得強勁的財務業績，並凸顯了我們在動態環境中推動業績的槓桿作用。第二季營收為 2.145 億美元，年增 13.9%。

Retail revenue increased 19.3% year-over-year, with store count up 16.4% and e-commerce revenue up 2% year-over-year. Looking at customers, we finished Q2 with 2.6 million active customers on a trailing 12-month basis, representing a consistent acceleration in growth to 9% year-over-year. We've now seen sequential improvements in year-over-year active customer growth for the past eight quarters, reflecting the positive returns from both new and existing stores, marketing investments, and a range of strategic initiatives.

零售收入較去年同期成長19.3%，其中門市數量較去年同期成長16.4%，電子商務營收較去年同期成長2%。從客戶角度來看，我們在第二季結束時擁有 260 萬活躍客戶（過去 12 個月），年成長持續加速至 9%。過去八個季度，我們已看到活躍客戶數量同比連續增長，這反映了新店和現有門市、行銷投資和一系列策略舉措帶來的正面回報。

We also continue to see strength in average revenue per customer, which increased 4.6% year-over-year on a trailing 12-month basis to $316. This was driven by factors, including our selective pricing increases in glasses at the end of April, a higher mix of premium lenses like progressives, and continued growth in both contact lens and eye exam sales.

我們也看到每位客戶的平均收入持續保持強勁成長，在過去 12 個月中年增 4.6%，達到 316 美元。推動這一成長的因素包括：4 月底我們選擇性地提高了眼鏡的價格，增加了漸進鏡片等高級鏡片的種類，以及隱形眼鏡和眼科檢查產品的銷量持續增長。

By product, glasses revenue grew roughly 11% year-over-year, and we saw continued strength in our holistic vision care offerings with contact lenses up 28% and eye exams up 44% year-over-year. Contacts increased from 10.2% of revenue in Q2 2024 to 11.5% in Q2 2025. Eye exams increased from 4.8% of revenue in Q2 2024 to 6% in Q2 2025.

按產品劃分，眼鏡收入年增約 11%，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 28%，眼科檢查收入同比增長 44%。聯絡人收入佔比從 2024 年第二季的 10.2% 增加到 2025 年第二季的 11.5%。眼科檢查收入佔比從 2024 年第二季的 4.8% 上升至 2025 年第二季的 6%。

From a channel mix perspective, retail represented approximately 73% of our overall business in Q2. We opened 11 new stores in the quarter, ending the period with 298 stores. This represents 42 net new stores opened over the course of the last 12 months. Retail productivity was 101.7% versus the same period last year.

從通路組合角度來看，零售約占我們第二季整體業務的 73%。本季我們開設了 11 家新店，至此本季末門市總數達到 298 家。這意味著過去 12 個月內新開了 42 家店。零售業生產力與去年同期相比為101.7%。

As a reminder, we define retail productivity as the year-over-year change in retail sales per store for the average number of stores opened in the period. This metric covers all stores and is impacted by factors like opening cadence and doctor hiring. For stores that have been opened greater than 12 months, we observed an acceleration in year-over-year growth in Q2.

提醒一下，我們將零售生產力定義為同一時期內開設的商店平均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。對於開業超過 12 個月的商店，我們觀察到第二季同比增長加速。

Our new stores continue to deliver strong unit economics, performing in line with our target of 35% 4-wall margin 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% 4-wall margins. Overall, we continue to be pleased with the performance, growth, and productivity of our store fleet.

我們的新店繼續提供強勁的單位經濟效益，業績符合我們 35% 的四面牆利潤率和 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。總體而言，我們繼續對門市的業績、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 suite, bringing our total number of stores with eye exam capabilities to 259 stores or 87% of our total fleet. Moving on to gross margin. As a reminder, our gross margin is fully loaded and accounts for a range of costs, including frames, lenses, optical labs, customer shipping, optometrist salaries, store rents, and the depreciation of store build-outs.

在過去的一年裡，幾乎每家新店都配備了眼科檢查套件，使我們擁有眼科檢查功能的門市總數達到 259 家，占我們總門市數量的 87%。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的折舊。

Our gross margin also includes stock-based compensation expense for our optometrists and optical lab employees. For comparability, I will speak to gross margin, excluding stock-based compensation and one-time items in the quarter, including the write-down of inventory related to our home try-on program. Second quarter adjusted gross margin came in at 54.3%, in line with expectations and compared to 56.1% in the year-ago period.

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，我將討論毛利率，不包括本季的股票薪酬和一次性項目，包括與我們的家庭試穿計劃相關的庫存減記。第二季調整後的毛利率為 54.3%，符合預期，去年同期為 56.1%。

The year-over-year decrease was driven by tariff-related headwinds in glasses, sales growth of contact lenses, and increased doctor headcount and store occupancy related to our store count growth. These impacts were partially offset by increased penetration of our higher-priced lenses and frames, as well as the select price increases implemented at the end of April that impacted May and June.

年比下降的原因是眼鏡關稅相關不利因素、隱形眼鏡銷售成長以及與門市數量增長相關的醫生數量和門市入住率增加。這些影響被我們高價鏡片和鏡架滲透率的提高以及 4 月底實施的對 5 月和 6 月產生影響的部分價格上漲所抵消。

Shifting gears to SG&A. As a reminder, adjusted SG&A excludes non-cash costs like stock-based compensation expense. Adjusted SG&A in the second quarter came in at $104.8 million or 48.9% of revenue. This compares to Q2 2024 adjusted SG&A of $98.2 million or 52.2% of revenue, representing 330 basis points of leverage year-over-year.

轉向銷售、一般及行政費用 (SG&A)。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。第二季調整後的銷售、一般及行政費用為 1.048 億美元，佔營收的 48.9%。相較之下，2024 年第二季調整後的銷售、一般及行政費用為 9,820 萬美元，佔營收的 52.2%，年比槓桿率上升 330 個基點。

Within adjusted SG&A, marketing spend was $26 million or 12.1% of revenue compared to $22.4 million or 11.9% of revenue in Q2 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 experience employees and general corporate expenses, including our headquarters salaries and general operating expenses to support the business.

在調整後的銷售、一般及行政費用中，行銷支出為 2,600 萬美元，佔收入的 12.1%，而 2024 年第二季的行銷支出為 2,240 萬美元，佔收入的 11.9%。由於行銷支出佔收入的百分比大致穩定，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體驗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營運費用。

Non-marketing SG&A improved by 360 basis points from 40.3% of revenue in Q2 2024 to 36.7% of revenue in Q2 2025. Non-marketing adjusted SG&A grew just 4% year-over-year. This reflects our commitment to continued cost discipline and drove our higher flow-through in Q2 above the high end of our guidance range. Turning now to adjusted EBITDA.

非行銷銷售、一般及行政費用 (SG&A) 提高了 360 個基點，從 2024 年第二季度佔收入的 40.3% 提高到 2025 年第二季度佔收入的 36.7%。非行銷調整後的銷售、一般及行政費用較去年同期僅成長 4%。這反映了我們對持續成本控制的承諾，並推動我們第二季的流通量高於我們的指導範圍的高端。現在來談談調整後的 EBITDA。

In the second quarter, we generated adjusted EBITDA of $25 million, representing an adjusted EBITDA margin of 11.7%. This compares to adjusted EBITDA of $19.6 million or 10.4% of revenue in the year-ago period, reflecting expansion of 130 basis points. This was driven by significant non-marketing SG&A leverage. Turning now to our balance sheet.

第二季度，我們的調整後 EBITDA 為 2,500 萬美元，調整後 EBITDA 利潤率為 11.7%。相較之下，去年同期調整後的 EBITDA 為 1,960 萬美元，佔營收的 10.4%，擴大了 130 個基點。這是由顯著的非行銷銷售、一般及行政費用槓桿所推動的。現在來看我們的資產負債表。

We generated $24 million in free cash flow in Q2 2025, ending the quarter with a strong cash position of $286 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 $4 million outstanding for letters of credit.

我們在 2025 年第二季產生了 2,400 萬美元的自由現金流，本季末的現金狀況強勁，達到 2.86 億美元。我們將繼續謹慎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，除了 400 萬美元的未償還信用證外，尚未提取。

Turning to our outlook for 2025. Given our strong first-half performance and continued execution across the business, we are updating our full-year guidance, which I'll summarize in just a moment. Let me begin with an update as it relates to tariffs. As we discussed last quarter, we outlined three primary mitigation strategies, including shifting our global supplier mix, selectively raising prices, and closely managing operating expenses, all of which we've now implemented with positive results.

展望 2025 年。鑑於我們上半年的強勁表現和整個業務的持續執行，我們正在更新全年指引，我將在稍後進行總結。首先讓我介紹一下與關稅相關的最新情況。正如我們上個季度所討論的，我們概述了三種主要的緩解策略，包括轉變我們的全球供應商組合、有選擇地提高價格以及密切管理營運費用，所有這些策略現在都已實施並取得了積極的成果。

As tariff rates have evolved, we've continued to adapt our approach, demonstrating our team's ability to respond with agility in near real time. The gross impact of tariffs has moderated since our last call, and that, combined with the actions we've taken, have resulted in incremental EBITDA flow-through in our Q2 results and our raised full-year adjusted EBITDA guidance.

隨著關稅稅率的變化，我們不斷調整我們的方法，展示了我們團隊近乎即時地靈活回應的能力。自上次電話會議以來，關稅的整體影響已經有所緩和，再加上我們採取的行動，導致我們第二季業績中的 EBITDA 流入增加，並提高了全年調整後 EBITDA 指引。

And now I'll provide additional color on our three key strategies spanning gross margin and non-marketing SG&A. First, we continue to shift our sources of supply to optimize our global vendor mix. Our flexible supply chain has allowed us to quickly adapt production in response to changing tariff rates. Based on our latest plan, we now expect China to account for approximately a low teens percentage of our total cost of goods sold by year-end, and we will continue to diversify our country mix to optimize for the most cost-effective outcome.

現在，我將進一步闡述我們的三大關鍵策略，涵蓋毛利率和非行銷銷售、一般及行政費用。首先，我們持續轉變供應來源，以優化我們的全球供應商組合。我們靈活的供應鏈使我們能夠根據不斷變化的關稅稅率快速調整生產。根據我們的最新計劃，我們預計到年底中國將占我們總銷售成本的約百分之十幾，我們將繼續實現國家組合多元化，以優化最具成本效益的結果。

While China tariffs have come down since our May call, rates for the rest of the world have increased, and we continue to make adjustments in response to these changes. Second, we implemented strategic price increases at the end of April on a handful of lens types and add-ons while still preserving our core value proposition.

雖然自從我們五月電話會議以來，中國的關稅已經下降，但世界其他地區的關稅卻有所上漲，我們將繼續根據這些變化進行調整。其次，我們在 4 月底對少數鏡頭類型和附加組件實施了策略性提價，同時仍保留了我們的核心價值主張。

Third, we will remain disciplined on costs while continuing to invest in growth. Through the first two quarters of the year, we've delivered an average of 300 basis points of leverage within non-marketing adjusted SG&A, an area that will continue to be a source of leverage moving forward. At the same time, we've kept marketing spend in the low teens as a percentage of revenue.

第三，我們將嚴格控製成本，同時繼續投資成長。今年前兩個季度，我們在非行銷調整後的銷售、一般及行政費用中實現了平均 300 個基點的槓桿率，這一領域將繼續成為未來槓桿率的來源。同時，我們的行銷支出佔收入的比例一直維持在百分之十幾左右。

As the tariff and general business landscape evolves, we will remain disciplined and continue to reassess and optimize spend. Taking all these factors into account and the acceleration we saw in the business throughout Q2 and into Q3, we are raising our outlook for the full year 2025. We now expect net revenue between $880 million and $888 million, representing approximately 14% to 15% growth year-over-year.

隨著關稅和整體商業格局的變化，我們將保持紀律，繼續重新評估和優化支出。考慮到所有這些因素以及我們在第二季和第三季看到的業務加速，我們上調了對 2025 年全年的展望。我們現在預計淨收入在 8.8 億美元至 8.88 億美元之間，年增約 14% 至 15%。

The high end of our range implies approximately 17% growth in the second half, which is consistent with the acceleration we've seen in the business since May. Adjusted EBITDA of $98 million to $101 million, representing an adjusted EBITDA margin of 11.1% to 11.4% and 170basis points to 190 basis points of year-over-year expansion. 45 new store openings, including the five previously announced shop-in-shops within target stores.

我們的預期高端意味著下半年的成長約為 17%，這與我們自 5 月以來看到的業務加速成長一致。調整後 EBITDA 為 9,800 萬美元至 1.01 億美元，調整後 EBITDA 利潤率為 11.1% 至 11.4%，年增 170 個基點至 190 個基點。開設 45 家新店，包括先前宣布的五家位於目標商店內的店中店。

We are projecting gross margins to remain in the mid-50s, with adjusted gross margin in Q2 as a good reference point for the full year. We're pleased to continue to guide toward gross margin in the mid-50s despite operating in a dynamic tariff environment. Finally, we expect stock-based compensation as a percentage of net revenue to be in the 2% to 4% range for the full year.

我們預計毛利率將保持在 50% 左右，第二季的調整後毛利率可以作為全年的良好參考點。儘管在動態關稅環境下運營，我們仍很高興繼續將毛利率控制在 50% 左右。最後，我們預計全年股票薪酬佔淨收入的百分比將在 2% 至 4% 之間。

For Q3 2025, we're guiding to the following. Net revenue between $223 million and $225 million, which represents growth of approximately 16% to 17% year-over-year; adjusted EBITDA of $24 million to $25.5 million, representing an 11% margin at the mid-point of our range or 210 basis points of year-over-year expansion.

對於 2025 年第三季度，我們給予以下指引。淨收入在 2.23 億美元至 2.25 億美元之間，年增約 16% 至 17%；調整後的 EBITDA 為 2,400 萬美元至 2,550 萬美元，利潤率為我們預期範圍的中間值 11%，或同比增長 210 個基點。

Similar to the first half, we anticipate adjusted EBITDA margin expansion in Q3 will be driven by leverage within non-marketing SG&A, supported by ongoing efficiencies in staffing our store and customer experience teams, and achieving continued leverage in corporate expenses while keeping marketing spend consistent as a percentage of revenue in the low teens.

與上半年類似，我們預計第三季調整後的 EBITDA 利潤率將擴大，這得益於非行銷銷售、一般及行政費用中的槓桿作用，以及門市和客戶體驗團隊人員配備的持續效率，以及在維持行銷支出佔收入百分比在 10% 以下的同時實現公司支出的持續槓桿作用。

Now Dave, I'll pass it back to you.

現在戴夫，我將把它交還給你。

Thanks, Steve, and thank you all for joining us on the call today. I wanted to echo Neil's thoughts and thank Steve for a tremendous 14 years at Warby Parker. We look forward to seeing all that you'll accomplish in this next chapter. With that, Neil, Steve, and I are pleased to take your questions. Operator, please open the line for Q&A.

謝謝，史蒂夫，也謝謝大家今天參加我們的電話會議。我想附和尼爾的想法，並感謝史蒂夫在 Warby Parker 工作了 14 年，做出了巨大的貢獻。我們期待看到您在下一章中所取得的所有成就。尼爾、史蒂夫和我都很高興回答你們的問題。接線員，請打開問答線。

(Operator Instructions) Brooke Roach, Goldman Sachs.

（操作員指示）高盛的布魯克·羅奇。

Neil, Dave, I'd love to hear your thoughts on the latest views of the health of the eye care consumer and your confidence in driving continued sequential growth in this mid- to high teens range on a go-forward basis. And then for Steve, can you just help us a little bit with the magnitude of potential SG&A leverage on a go-forward basis?

尼爾、戴夫，我很想聽聽你們對眼保健消費者健康狀況的最新看法，以及你們對推動這一中高年齡層持續連續增長的信心。那麼對史蒂夫來說，您能否幫助我們稍微了解一下未來潛在的銷售、一般和行政費用槓桿的幅度？

Understood that there's some really nice gains over the course of the next couple of quarters associated with some of these tariff savings actions. But what's the opportunity for that over the next couple of years?

據了解，在接下來的幾個季度中，這些關稅節省措施將帶來一些非常好的收益。但未來幾年內這個機會是什麼？

Thanks, Brooke. We continue to feel fortunate that we operate in a category that is a health need. So while we sell fashion accessory, it's also a health product, as you know. And we do see stability in our customer base, and we see that consistency, whether it's in repeat purchasing or in sort of our product mix. We did see some choppiness earlier in the quarter.

謝謝，布魯克。我們仍然感到幸運，因為我們所經營的行業是健康需求產業。因此，雖然我們銷售時尚配件，但正如您所知，它也是一種保健產品。我們確實看到了客戶群的穩定性，也看到了一致性，無論是在重複購買還是在我們的產品組合方面。我們確實在本季度早些時候看到了一些波動。

As you've heard from many companies, April was challenging. We have sort of recovered and have strong trends now that give us confidence for the remainder of the year. But as we've demonstrated over the last few years that irrespective of the macro environment, we're going to continue to grow at a rapid clip and in a consistent and predictable way by delivering exceptional value and incredible customer experiences.

正如您從許多公司聽到的那樣，四月是充滿挑戰的。我們已經恢復了一點，現在趨勢強勁，這讓我們對今年剩餘的時間充滿信心。但正如我們在過去幾年中所證明的那樣，無論宏觀環境如何，我們都將透過提供卓越的價值和令人難以置信的客戶體驗，繼續以快速、一致且可預測的方式成長。

And one inherent advantage whenever there's a crisis, as a lot of companies face in April, we tend to adapt and move faster than many of our competitors, and that puts us in a competitive -- a better position. So as an example, we were able to quickly roll out select and strategic price increases that have sort of benefited our growth.

正如許多公司在四月面臨的危機一樣，每當出現危機時，我們都會有一個固有的優勢，那就是我們往往比許多競爭對手適應得更快、行動得更快，這使我們處於更有利的競爭地位。舉個例子，我們能夠迅速推出選擇性和策略性的價格上漲，這在某種程度上有利於我們的成長。

Now those have enabled us to still maintain incredible value for our customers, as we saw competitors raise prices higher than we have as they have for the past 15-years. So we think we're actually even offering more value than we did when we first launched in 2010, which again gives us confidence, again, irrespective of how the market is behaving. And now I'll pass it over to Steve.

現在，這些使我們能夠仍然為客戶保持令人難以置信的價值，因為我們看到競爭對手在過去 15 年裡將價格提高得比我們更高。因此，我們認為我們實際上提供的價值甚至比我們在 2010 年首次推出時更高，這再次給了我們信心，無論市場表現如何。現在我將把它交給史蒂夫。

And thanks for your question on leverage from adjusted SG&A, non-marketing adjusted SG&A in particular. So I'll first just by providing a reminder of what is in our adjusted SG&A stack. So for Q2, roughly $105 million in expense $26 million was marketing. The remainder of that is really split into a few categories. It's salaries for our retail store teams, our customer experience teams and then a range of corporate expenses.

感謝您提出有關調整後的銷售、一般和行政費用（SG&A）、特別是非行銷調整後的銷售、一般和行政費用的槓桿率的問題。因此，我首先要提醒大家我們調整後的銷售、一般和行政費用 (SG&A) 堆疊中的內容。因此，第二季的支出約為 1.05 億美元，其中 2,600 萬美元用於行銷。其餘部分實際上分為幾類。這是我們零售店團隊、客戶體驗團隊的薪資，以及一系列公司開支。

As it relates to retail, we continue to make strides to better and more efficiently staff to match staffing in stores with demand that we're seeing from customers. For our customer experience team, we talked specifically this quarter, for example, about a restructuring change that we've made to that team due to the fact that we're able to -- enabling ourselves to better leverage AI technology and increase our level of outsourcing.

就零售業而言，我們將繼續努力，更好、更有效率地配備員工，使商店的人員配備與客戶的需求相符。例如，對於我們的客戶體驗團隊，我們在本季度特別討論了對該團隊進行的重組變革，因為我們能夠更好地利用人工智慧技術並提高我們的外包水準。

That's $1.3 million charge that we've disclosed, and our ability to more efficiently staff customer experience has certainly been a source of leverage. The next category is really corporate expenses. So headquarter salaries, what we pay to our vendors, what we pay to our consultants, and we take a very disciplined approach to how we allocate capital to all of those areas.

我們已經揭露了 130 萬美元的費用，而我們更有效地提供客戶體驗的能力無疑是一種優勢來源。下一類其實是公司費用。因此，總部的工資、我們支付給供應商的工資、我們支付給顧問的工資，我們對如何分配資金在所有這些領域採取非常嚴謹的方法。

Year-to-date, we've seen roughly 300 basis points of leverage from non-marketing SG&A. And on a historical basis, just to set the stage, in 2023, 240 bps of improvement. Last year, 170 bps of improvement. This year, if the trend continues, 300 basis points of improvement. So across those categories, we feel very, very confident that we'll continue to drive adjusted SG&A leverage, which will certainly be a part of our adjusted EBITDA margin story this year and for years to come.

年初至今，我們看到非行銷銷售、一般及行政費用的槓桿率約為 300 個基點。從歷史角度來看，到 2023 年，成長率將達到 240 個基點。去年，改善了 170 個基點。今年，如果這一趨勢持續下去，將實現 300 個基點的改善。因此，在這些類別中，我們非常有信心，我們將繼續推動調整後的銷售、一般和行政費用槓桿，這肯定會成為我們今年和未來幾年調整後的 EBITDA 利潤率的一部分。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團。

Steve, best of luck on your next chapter. As you think about the Google announcement that was made earlier, where are you on the progress there? How do you think about that development, given the importance of those glasses to the overall ecosystem going forward? Tell us a little bit about that. And then with the Target shop-in-shops, I think what is it three days or whatever that you're open.

史蒂夫，祝你下一篇章一切順利。當您想到 Google 早前發布的公告時，您認為進展如何？考慮到這些眼鏡對未來整個生態系統的重要性，您如何看待這項發展？請跟我們簡單介紹一下。然後對於 Target 店中店，我想你們的營業時間是三天還是其他時間。

I know the first five this year, how are you thinking about next year? And just lastly, the price increases that you took selectively, response to that, what are you seeing from the end consumer?

我知道今年的前五名，你對明年有什麼想法？最後，對於您選擇性提高的價格，您從最終消費者那裡看到了什麼反應？

Great. Thanks, Dana. We're really excited to partner with Google for a number of reasons. But first and foremost, because they're the global leader in AI and their deep mind team and broader organization continue to push the boundaries of what the latest Gemini models can do. And we anticipate that smart glasses adoption will dramatically accelerate when consumers are able to use their glasses, not only for photos and audio, but when they become the primary interface with which they engage with AI.

偉大的。謝謝，達娜。由於多種原因，我們非常高興與 Google 合作。但最重要的是，因為他們是人工智慧領域的全球領導者，他們的深度思維團隊和更廣泛的組織不斷突破最新 Gemini 模型的極限。我們預計，當消費者不僅能用智慧眼鏡來拍照和聽音頻，而且智慧眼鏡成為他們與人工智慧互動的主要介面時，智慧眼鏡的普及率將大幅提升。

And we believe that Google has very unique capabilities in terms of how advanced their AI is, not to mention the scaled assets they have from the Android operating system to Gmail, Maps, Search, YouTube, and so much more that will give wearers incredible value when paired with Gemini. And since our founding in 2010, we've been a technology innovator in the optical industry and have designed products that blend fashion, health, and personal identity.

我們相信，Google在人工智慧方面擁有非常獨特的能力，更不用說他們擁有的從 Android 作業系統到 Gmail、地圖、搜尋、YouTube 等規模化的資產，這些資產與 Gemini 搭配使用將為佩戴者帶來難以置信的價值。自 2010 年成立以來，我們一直是光學產業的技術創新者，設計出融合時尚、健康和個人特色的產品。

And by combining that foundation with Google's cutting-edge AI and software, we believe we can unlock entirely new levels of utility while making sure that our glasses wearers continue to look good and feel their best. And so it's we believe this is a massive new opportunity, and we've seen computing evolve from desktops to laptops to phones. And we're incredibly excited that as we enter the AI era, glasses are poised to be the next major computing platform.

透過將該基礎與 Google 的尖端人工智慧和軟體相結合，我們相信我們可以解鎖全新的實用水平，同時確保我們的眼鏡佩戴者繼續保持良好的外觀和最佳的感覺。因此，我們相信這是一個巨大的新機遇，我們已經看到計算從桌上型電腦發展到筆記型電腦再到手機。我們非常高興，隨著我們進入人工智慧時代，眼鏡將成為下一個主要的運算平台。

So it's hard to overstate the size of this potential market opportunity, and we're pleased by the progress that we're making and look forward to sharing more about our product road map and timeline in future calls.

因此，很難誇大這個潛在市場機會的規模，我們對所取得的進展感到高興，並期待在未來的電話會議中分享更多關於我們的產品路線圖和時間表的資訊。

And Dana, just to share a little bit about our target shop-in-shops. It's been great partnering with the target team. They have a great appreciation for brands and for customer experiences, and we've been able to literally design a Warby Parker and club it within target. So you walk into the threshold of the Warby at target, and it feels like any other Warby Parker store.

達娜，我想和大家分享我們的目標店中店的狀況。與目標團隊的合作非常愉快。他們非常重視品牌和客戶體驗，我們能夠真正設計出 Warby Parker 並將其納入目標。因此，當您走進位於 Target 的 Warby 商店時，您會感覺它就像任何其他 Warby Parker 商店一樣。

It's staffed by Warby Parker team members, leveraging Warby Parker technology. And so far, we're on track, and we've gotten a great response that we're excited about. We've been able to leverage and promote sort of internally from Warby to staff the Warby Parker at Target stores. And this has been a strength of ours across the organization.

其員工均為 Warby Parker 團隊成員，利用 Warby Parker 技術。到目前為止，我們的進展一切順利，並得到了令我們興奮的積極反響。我們已經能夠利用和推廣 Warby 的內部資源來為 Target 商店的 Warby Parker 配備員工。這是我們整個組織的優勢。

It's just our great talent pipeline that just having great retention enables us to do, and it's particularly important in our category, as one needs to develop expertise around our product assortment, around prescriptions, around opticianry. So we're able to leverage that for our target shop-in-shop. So the early reception has been very positive.

我們擁有優秀的人才儲備，這使我們能夠做到這一點，這在我們的類別中尤其重要，因為人們需要圍繞我們的產品分類、處方和驗光技術發展專業知識。因此，我們可以利用這一點來實現我們的目標店中店。因此早期的反響非常積極。

The remaining stores will open this month in August. So yes, we're excited. With respect to the selective price increases that we took, overall, well received. We've seen minimal impact to conversion and mix. And in some cases, we actually saw a stronger uptake on higher-value lens upgrades. So as we look across our assortment, again, we're providing greater value in terms of price to quality than we think we have within a competitive landscape for the entire 15 years that we've been in business, as we've seen competitors take price.

其餘門市將於八月本月開幕。是的，我們很興奮。關於我們採取的選擇性提價措施，總體而言，受到了好評。我們發現其對轉換和混合的影響很小。在某些情況下，我們實際上看到了更高價值鏡頭升級的強勁成長。因此，當我們審視我們的產品組合時，我們會發現，我們在價格與品質方面提供的價值比我們認為的要高，因為我們已經經營了整整 15 年，在競爭環境中，我們已經看到競爭對手採取了價格措施。

And this is one of the first times that we've actually increased prices over the last 15 years, whereas a lot of our competitors are increasing prices of frames and lenses on an annual basis. So we continue to hear from our customers just how much value that they get from what our premium products sold at a very accessible price.

這是我們 15 年來第一次真正提高價格，而我們的許多競爭對手每年都在提高鏡框和鏡片的價格。因此，我們不斷聽到客戶反映，我們以非常實惠的價格銷售的優質產品為他們帶來了多大的價值。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Steve, best wishes in your next chapter. So first, I was hoping you could help us understand the drivers to the revenue growth acceleration you're seeing into July. Is that happening across channels? And then how should we think about the contribution from customer growth versus revenue per customer in Q3, Q4? I guess where are you seeing the biggest change in trend there?

史蒂夫，祝你在接下來的篇章中一切順利。首先，我希望您能幫助我們了解七月收入成長加速的驅動因素。這種情況是否跨通路發生？那麼，我們該如何看待第三季和第四季客戶成長與每位客戶收入的貢獻呢？我猜您在哪裡看到了最大的趨勢變化？

Sure. And thank you for the good wishes, Mark. I'm excited to be able to talk more openly about my next opportunity at some point. It's been wonderful working with you and everyone on the call. As it relates to your question around growth that we're seeing across channel. So really starting in May through to July, as Neil called out, we've seen an acceleration in growth across retail and across e-commerce.

當然。謝謝你的祝福，馬克。我很高興能夠在某個時候更公開地談論我的下一個機會。與您以及電話會議中的每個人合作非常愉快。這與您關於我們在各個管道看到的成長的問題有關。正如尼爾所說，從五月到七月，我們看到零售業和電子商務的成長加速。

So we've been pleased to see that it's been an omnichannel lift across the business, in some ways, supported by the pricing changes that we enacted at the end of April that are only reflected in May and June for the quarter, but the positive momentum has really carried through to July. As it relates to how we think about growth from active customers versus average revenue per customer, as Dave called out, we're pleased that this is our eighth consecutive quarter reporting LTM active customer growth up 9%.

因此，我們很高興地看到，從某種程度上來說，這是一個全通路業務的提升，這得益於我們在 4 月底實施的價格調整，雖然該調整僅在 5 月和 6 月體現，但這種積極的勢頭確實延續到了 7 月。正如戴夫所說，至於我們如何看待活躍客戶的成長與每位客戶的平均收入，我們很高興這是我們連續第八個季度報告 LTM 活躍客戶成長率達到 9%。

We continue to see a positive trajectory as it relates to that number, with healthy growth in average revenue per customer. This quarter, that number came in at $316, up 4.6%. On our last call, we talked about there might be a slight rebalancing in how we see the interaction of growth driven by those two numbers, where we might see moderately higher growth driven by average revenue per customer, driven by the small set of price increases we implemented and moderately lower growth from active customers.

我們繼續看到與該數字相關的積極軌跡，即每位客戶的平均收入健康成長。本季度，這一數字達到 316 美元，成長 4.6%。在我們上次電話會議上，我們談到，在我們如何看待這兩個數字推動的增長相互作用方面可能會出現輕微的重新平衡，我們可能會看到由每位客戶的平均收入推動的適度較高的增長，由我們實施的小幅價格上漲推動的適度較高的增長，以及來自活躍客戶的增長適度較低的增長。

But we would still contextualize the path that we're seeing for both active customers and average revenue per customers as positive and strong.

但我們仍然認為，活躍客戶和每位客戶平均收入的成長路徑是積極且強勁的。

And then separately, can you talk a bit more about the Warby advisor you called out in the release this morning? What are the key capabilities? How are consumers interacting with it? And just any thoughts on the impact that could have on conversion and revenue per customer as that rolls out?

然後另外，您能否再多談談您在今天早上的新聞稿中提到的 Warby 顧問？關鍵能力有哪些？消費者如何與之互動？您對這項服務的推出會對轉換率和每位客戶的收入產生什麼影響有什麼看法嗎？

Yes. This is a new feature that we introduced on e-comm that uses AI-driven personalized recommendations that recommends frames based on the users' face shape and features, along with their preferences around different styles and colors, and materials. And the intent here was really to bring the best parts of our retail shopping experience online, where if you walk into one of our stores, one of our expert style advisers can look at that customer, their face shape and contours, ask them a few questions around what they're looking for, and then help provide personalized recommendations.

是的。這是我們在 e-comm 上推出的一項新功能，它使用人工智慧驅動的個人化推薦，根據用戶的臉型和特徵以及他們對不同款式、顏色和材質的偏好推薦鏡框。我們的目的實際上是將我們零售購物體驗的最佳部分帶到線上，如果您走進我們的一家商店，我們的一位專業時尚顧問可以觀察該顧客，了解他們的臉型和輪廓，詢問他們一些關於他們想要什麼的問題，然後幫助提供個性化的建議。

And now we're able to do that online using AI and all the best elements of our virtual try-on experience. And so we introduced that feature in Q2, and we're seeing very strong adoption in terms of engagement and sales. And that gives us confidence to move beyond what has been a big driver of our e-com business historically, our home try-on program.

現在，我們能夠利用人工智慧和虛擬試穿體驗的所有最佳元素在線上實現這一目標。因此，我們在第二季度推出了該功能，我們看到其在參與度和銷售方面的採用率非常高。這使我們有信心超越過去一直是我們電子商務業務主要推動力的「家庭試穿計劃」。

And the new features that we've introduced are driving strong year-over-year growth in direct e-comm glasses purchases that don't involve a home try-on. And now we'll have one less message on our site in our marketing materials, and we can more effectively reallocate those resources to driving customers to the newer parts of our business that are driving higher incremental returns, namely to our 300-plus stores and our AI-driven digital features on our site.

我們推出的新功能正在推動無需在家試戴的直接電子商務眼鏡購買量同比增長強勁。現在，我們網站上的行銷資料中的資訊會少一條，我們可以更有效地重新分配這些資源，以吸引客戶到我們業務中可以帶來更高增量回報的較新部分，即我們網站上的 300 多家商店和人工智慧驅動的數位功能。

Oliver Chen, TD Cowen.

奧利佛陳 (Oliver Chen)，TD Cowen。

Steve, congrats, and it's been wonderful to partner with you. Steve, Dave, and Neil, the Google partnership is really exciting. Would love thoughts on as you see competitive differentiation versus the current offerings in the market. And also your take on the evolution of distribution. I'm sure that you'll do this in a very customer-centric way.

史蒂夫，恭喜你，很高興與你合作。史蒂夫、戴夫和尼爾，與Google的合作確實令人興奮。我很想聽聽您對與市場上現有產品相比的競爭差異的看法。還有您對分銷演變的看法。我相信您會以以客戶為中心的方式來做到這一點。

Second question is on all the progress you're making with insurance and reducing friction, as well as growing awareness. What's ahead there in terms of how you're thinking about the multiyear opportunity and different things that can happen to further enhance that, especially as your awareness grows. And finally, Steve, as we think about contacts and progressives, they're both nice opportunities with different margin complexions.

第二個問題是您在保險、減少摩擦以及提高意識方面取得的所有進展。就您如何看待多年的機會以及可能發生的不同事情來進一步增強這一機會而言，特別是隨著您的意識不斷增強。最後，史蒂夫，當我們考慮聯繫人和進步人士時，它們都是具有不同利潤前景的好機會。

Could you help highlight the longer-term impact there and also your vision for mix, given that they both have nice TAMs as well?

鑑於它們都擁有良好的 TAM，您能否幫助強調那裡的長期影響以及您對混合的看法？

Thanks, Oliver. Yes, we couldn't be more excited to be partnering with Google as we think about creating the future. These AI glasses are being developed for all-day, every-day wear. And what's so powerful about this form factor is that it can see what you see, and you can engage with AI in a different way that's generally possible right now.

謝謝，奧利佛。是的，我們非常高興能夠與 Google 合作，共同創造未來。這些人工智慧眼鏡正在開發中，適合全天佩戴。這種外形的強大之處在於它可以看到你所看到的東西，並且你可以用目前普遍可行的不同方式與人工智慧互動。

And by partnering with somebody with Google, who literally wrote the research on artificial intelligence, which other folks have built their tools, right, we're sort of going to the originator of all of this amazing innovation. And if you think about all of the incredible products that the Google ecosystem has that can be leveraged to make all of our lives better and more productive and enable us to leverage our curiosity in ways that we haven't been able to before, -- frankly, it's something that gets us just incredibly excited and motivated.

透過與Google的某人合作，他確實撰寫了人工智慧研究報告，其他人也建立了他們的工具，對吧，我們在某種程度上成為了所有這些驚人創新的創始人。如果您想想Google生態系統中所有令人難以置信的產品，它們可以讓我們的生活變得更好、更有效率，並使我們能夠以以前無法實現的方式利用我們的好奇心——坦白說，這讓我們感到非常興奮和有動力。

So the key differentiator, we think, is that these are being designed for all-day use and that AI is something that will be incredibly useful. The term that we tend to use is helpfulness. And we can't wait until we're in a position to show you the product and for you to try it. In terms of distribution, this is a device and a category that needs to be eyewear first.

因此，我們認為，關鍵的區別在於，這些產品是為全天候使用而設計的，而且人工智慧將非常有用。我們傾向於使用的術語是「樂於助人」。我們迫不及待地想向您展示產品並讓您試用。從分銷方面來說，這是一個需要先行的設備和類別。

And the same principles that go into selling and shopping for traditional eyeglasses are going to need to be applied for this new wearable device, in that it's unlike other devices or consumer electronics in that it sits on your face. And as we know, we all have different facial features, from different pupillary distances to nose bridges. And we think that we're uniquely positioned to provide an exceptional shopping experience.

銷售和購買傳統眼鏡的相同原則也適用於這種新型可穿戴設備，因為它與其他設備或消費性電子產品不同，它是戴在臉上的。眾所周知，我們每個人都有不同的臉部特徵，從不同的瞳孔距離到鼻樑。我們認為我們擁有獨特的優勢，可以提供卓越的購物體驗。

Our staff is trained in helping everyone find the absolute best pair of glasses for them that best represents their identity. And we think that we're also best positioned to enable people to test and try and demo this new product that will be different from what people have experienced in the past.

我們的員工經過培訓，可以幫助每個人找到最適合他們、最能代表他們身份的眼鏡。我們認為，我們也處於最佳位置，可以讓人們測試、試用和演示這款與人們過去體驗不同的新產品。

So our distribution of now 300 stores, our ability to provide best-in-class primary eye care through eye exams and retinal imaging, our cohort of some of the best opticians and optometrists in the country, the locations of our stores in some of the best streets and malls and lifestyle centers across the country really put us in, we think, an incredible position to help develop and grow this nascent market.

因此，我們認為，我們目前擁有 300 家門市，我們能夠透過眼科檢查和視網膜成像提供一流的初級眼科護理，我們擁有一批全國最優秀的眼鏡商和驗光師，我們的門店位於全國最好的街道、商場和生活中心，這些都讓我們處於一個令人難以置信的位置，可以幫助開發和壯大這個新興市場。

As it relates to insurance, we're seeing significant year-over-year growth in our in-network insurance business and continue to be pleased by the early signs from our Versant MetLife integration. We're seeing the cohorts of our newly integrated Versant members ramp in line or ahead of prior insurance cohorts. And we really view this as a multiyear tailwind.

就保險而言，我們看到網絡內保險業務同比增長顯著，並且繼續對 Versant MetLife 整合的早期跡象感到高興。我們看到，我們新整合的 Versant 成員隊伍的規模正在與先前的保險團隊同步或領先。我們確實將此視為多年的順風。

And if you look at our longest-standing insurance relationships, we continue to see increasing utilization and increasing revenue per member per year, even several years after our initial integrations, and we expect the same with Versant. And we continue to find that our insurance customers spend more in each transaction and repeat more frequently.

如果你看看我們最長久的保險關係，我們會發現即使在我們最初的整合幾年後，利用率仍在不斷提高，每位會員每年的收入也在不斷增加，我們預計 Versant 也會如此。我們不斷發現，我們的保險客戶在每次交易中花費更多，重複的頻率更高。

And so we're eager to make it even easier for people to use their in-network and out-of-network benefits with us so that their dollars go further. And in that vein, we do continue to pilot relationships with other carriers and look forward to unlocking additional relationships over time.

因此，我們渴望讓人們更輕鬆地使用我們的網路內和網路外福利，以便他們的錢發揮更大的作用。本著這項精神，我們將繼續與其他業者試行合作關係，並期待隨著時間的推移建立更多的關係。

And Oliver, regarding your questions about contacts and progressives as long-term tailwinds supporting growth for the business, I'll talk about each one separately. So contacts is a $12 billion market. If you annualize our most recent results, our contact business is order of magnitude, $95 million to $100 million. So just a drop in the bucket is what we have in terms of the broader market share.

奧利佛，關於你關於聯絡人和進步人士作為支持業務成長的長期順風的問題，我將分別討論。因此隱形眼鏡市場規模達 120 億美元。如果將我們最近的業績按年計算，我們的合約業務量級為 9,500 萬美元至 1 億美元。因此，就更廣泛的市場份額而言，我們所擁有的只是滄海一粟。

The typical contact retailer at scale sells roughly 20% of their business mix in the form of contacts. Contacts are just an 11% portion of our mix. And so we see a dramatic opportunity just to continue to take share of this large market and see that proportion of our business mix increase over time. I will also say one of the nice things about the contact lens purchase, it's the most subscription-like purchase of all of the products that we sell.

典型的大規模聯絡人零售商以聯絡人的形式銷售其業務組合的大約 20%。聯絡人僅占我們組合的 11%。因此，我們看到了一個巨大的機會，那就是繼續佔領這個龐大的市場份額，並看到我們的業務組合比例隨著時間的推移而增加。我還要說購買隱形眼鏡的好處之一，它是我們銷售的所有產品中最像訂閱的購買方式。

We have talked about contact lenses having a lower gross margin profile from a percentage perspective. But given the subscription-like nature and the regularity of the purchase, the gross margin dollar profile is certainly very appealing and accretive to our gross margin dollars. Moving to Progressives. We'll also lay out the backdrop from a market size perspective.

我們從百分比角度討論了隱形眼鏡的毛利率較低。但考慮到訂閱的性質和購買的規律性，毛利率狀況肯定非常有吸引力，並且可以增加我們的毛利率。轉向進步主義。我們也將從市場規模的角度闡述背景。

So progressives, trifocals, and bifocals make up roughly 40% of all prescription units sold. Just 23% of our business today is made up of progressives. As a reminder, progressives are our highest priced and highest margin glasses product, and that's certainly been a continued driver of increase in average revenue per customer and an increased driver of our gross margin.

因此，漸進鏡、三焦點鏡和雙焦點鏡約佔所有處方鏡銷售量的 40%。如今，我們只有 23% 的業務來自進步人士。提醒一下，漸進鏡片是我們價格最高、利潤最高的眼鏡產品，這無疑是推動每位客戶平均收入持續成長和毛利率上升的動力。

As a reminder, we'll also say that progressives are largely purchased at retail, given the progressive customer is slightly older, and there's a more complex measurement that needs to be taken called Seg height, which can be taken with more accuracy in-store. And so sales of progressives in-store are higher and will be supported by our continued rollout of retail stores.

提醒一下，我們還要說，漸進鏡片主要是在零售店購買的，因為漸進鏡片的顧客年齡稍大一些，而且需要進行一種更複雜的測量，稱為 Seg 高度，可以在店內更準確地進行測量。因此，店內漸進式產品的銷售量更高，並且將受到我們持續推出的零售店的支持。

So as we open up more stores, that business line will continue to grow. And we certainly see both contacts and progressives as long-term tailwinds supporting growth over the coming years.

因此，隨著我們開設更多商店，該業務線將繼續成長。我們當然認為，聯繫人和進步人士都是未來幾年支持成長的長期順風。

Brandon Cheatham, Citi.

布蘭登‧奇瑟姆，花旗銀行。

This is Brandon Cheatham on for Paul. Steve, I want to add my congratulations. It's been great working with you, and best of luck on the future opportunity. Can you talk a little bit about sunsetting your home try-on program? How much of that is getting reallocated in marketing or elsewhere versus providing potential margin upside in the future? And then just about how much of your direct business is initiated through the home try-on program?

這是布蘭登·奇瑟姆 (Brandon Cheatham) 代替保羅上場。史蒂夫，我想向您表示祝賀。與您合作非常愉快，祝福您未來一切順利。能談談終止家庭試穿計畫的情況嗎？其中有多少被重新分配到行銷或其他方面，以及有多少用於未來提供潛在的利潤成長？那麼，你們的直接業務中有多少是透過家庭試穿計畫開始的呢？

Thanks, Brandon. The day we launched Warby Parker in 2010, GQ published an article calling us the Netflix of eyewear, comparing our home try-on program to the DVDs that Netflix mailed at the time. And just like Netflix has evolved their business model, we've evolved ours over the last 15-years to the point that home try-on is no longer necessary as part of our core offering.

謝謝，布蘭登。2010 年我們推出 Warby Parker 的那天，GQ 發表了一篇文章，稱我們是眼鏡界的 Netflix，並將我們的家庭試戴計劃比作 Netflix 當時郵寄的 DVD。就像 Netflix 不斷改進其商業模式一樣，我們在過去 15 年中也不斷改進自己的商業模式，以至於家庭試穿不再是我們核心服務的必要部分。

And while we're grateful for how much impact our home try-on program has had, we're excited to be entering a new era for the business that's centered around our 300-plus stores and AI-driven personalized digital tools. And really the home try-on program was designed to enable people to try on glasses before we had stores and before technology existed to enable a true-to-scale virtual try-on.

雖然我們很感激我們的家庭試穿計劃產生的巨大影響，但我們很高興進入以 300 多家門市和人工智慧驅動的個人化數位工具為中心的業務新時代。事實上，家庭試戴計畫的設計初衷是讓人們能夠在商店出現之前以及在實現真實比例虛擬試戴的技術出現之前試戴眼鏡。

And now we're frankly able to solve that fitting problem better using our stores and digital capabilities. And we have included our home trialing costs historically as part of our marketing line item. And as we wind down this program, we're excited to be able to reallocate those resources and that capital to awareness-driving activities and customer acquisition that we believe will drive higher returns and that we have evidence of higher ROI.

現在，我們可以利用我們的商店和數位功能來更好地解決這個適合性問題。我們過去一直將家庭試用成本納入我們的行銷項目的一部分。隨著我們結束這個項目，我們很高興能夠將這些資源和資本重新分配到提高知名度的活動和客戶獲取上，我們相信這將帶來更高的回報，我們有證據表明投資回報率更高。

And if you're able to share like when might you be able to go to market with your Google AI glasses? Or when do you anticipate having a prototype ready that you could share with us?

如果您可以分享的話，什麼時候可以將您的 Google AI 眼鏡推向市場？或者您預計什麼時候可以準備好可以與我們分享的原型？

So we're very excited by the progress that we're making. We don't have a timeline to share yet, but we look forward to sharing a lot more in future calls.

因此，我們對所取得的進展感到非常興奮。我們目前還沒有時間表可以分享，但我們期待在未來的電話會議中分享更多資訊。

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

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