Warby Parker Inc (WRBY) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Warby Parker 公司 2025 年第三季財報電話會議。我叫貝利，我將擔任今天的主持人。（操作說明）

I'd now like to pass the conference over to Jaclyn Berkley, Vice President of Investor Relations at Warby Parker. Jaclyn, please go ahead.

現在我將把會議交給 Warby Parker 投資者關係副總裁 Jaclyn Berkley。Jaclyn，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 Josh Truppo, Vice President of Financial Planning and Analysis. Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investors.warbyparker.com.

謝謝大家，大家早安。今天和我在一起的是我們的聯合創始人兼聯合首席執行官尼爾·布盧門撒爾和戴夫·吉爾博亞；以及財務規劃和分析副總裁喬什·特魯波。在開始之前，我們有幾點需要提醒。我們的獲利報告和幻燈片簡報可在我們的網站 investors.warbyparker.com 上查看。

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. These forward-looking statements are based on information as of November 6, 2025, and except as required by law, we assume no obligation to publicly update or revise our forward-looking statements.

在本次電話會議和我們的演講中，我們將發表一些前瞻性的評論。由於各種風險和不確定因素，實際結果可能與明示或暗示的結果有重大差異。有關這些風險的更多信息，請查看公司向美國證券交易委員會提交的文件，包括公司最新年度報告（10-K 表格）中題為“風險因素”的部分。這些前瞻性聲明是基於截至 2025 年 11 月 6 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聲明的義務。

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，我們也將討論一些非GAAP財務指標。這些非GAAP財務指標是依照美國GAAP編製的財務績效指標的補充，而非替代。有關我們非GAAP指標與最直接可比較的美國GAAP指標的調節表，請參閱今天早上的新聞稿和我們投資者關係網站上提供的幻燈片。

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

接下來，我將把麥克風交給尼爾，讓他開始今天的節目。

Thank you, Jaclyn, and good morning, everyone. Q3 was a strong quarter on many fronts, reflecting both top line acceleration and significant progress towards our long-term profitability goals. Net revenue grew 15.2% year over year, driven by 20% growth in retail revenue. Adjusted gross margin was 54.2% and adjusted EBITDA grew approximately 50% to $25.7 million, representing an 11.6% adjusted EBITDA margin and 260 basis points of year-over-year expansion, our highest quarterly expansion in the last two years.

謝謝你，傑克琳，大家早安。第三季在許多方面都表現強勁，反映出營收成長加速以及我們在實現長期獲利目標方面取得了重大進展。淨收入年增 15.2%，其中零售收入成長 20%。經調整後的毛利率為 54.2%，經調整後的 EBITDA 成長約 50% 至 2,570 萬美元，經調整後的 EBITDA 利潤率為 11.6%，年成長 260 個基點，這是我們近兩年來最高的季度增幅。

It was also a quarter that reflected shifting consumer trends, particularly within our single vision and contacts customer base, which tends to skew younger, while we have seen more resiliency from our Progressive's customers. We entered the quarter with strong momentum. July and August represented the strongest two-month period of the year before trends moderated in September and have remained consistent. We saw a mix shift within glasses that weighed on average selling price, while contacts growth decelerated as broader consumer sentiment softened.

本季也反映了消費者趨勢的變化，尤其是在我們的單視和隱形眼鏡客戶群中，該群體往往更年輕化，而我們的 Progressive 客戶則表現出更強的韌性。我們帶著強勁的發展勢頭進入了本季。7 月和 8 月是全年表現最強勁的兩個月，之後趨勢在 9 月有所緩和，並保持穩定。我們看到眼鏡市場成分發生了變化，這影響了平均售價，而隨著整體消費者信心減弱，隱形眼鏡的成長速度也放緩了。

Performance remained consistent on a two-year stack basis, even as we lapped an acceleration in growth last year. Volume growth remained healthy, and we delivered adjusted EBITDA profitability ahead of our guidance on lower-than-planned revenue, underscoring the adaptability of our business and our team's strong execution.

從兩年的時間跨度來看，業績保持穩定，儘管去年我們的成長速度有所放緩。銷售成長保持健康，儘管收入低於預期，但我們仍實現了調整後 EBITDA 獲利，這凸顯了我們業務的適應性和團隊的強大執行力。

Based on the trends we've seen since September, we are reaffirming our 2025 adjusted EBITDA outlook and raising our adjusted EBITDA margin expectations, reflecting continued operational discipline and AI-driven productivity gains even as we take a more measured view on revenue given the current macro environment. And as we look beyond 2025, we're incredibly excited about what's next.

根據我們自 9 月以來看到的趨勢，我們重申了 2025 年調整後 EBITDA 預期，並提高了調整後 EBITDA 利潤率預期，這反映了我們持續的營運紀律和人工智慧驅動的生產力提升，儘管鑑於當前的宏觀環境，我們對收入持更加謹慎的態度。展望 2025 年後，我們對未來充滿無比興奮。

We believe we are entering Warby Parker's third act. Our first act was to establish one of the first made-on-the-Internet lifestyle brands. We launched with features in GQ and Vogue and pioneered how to sell glasses online. Our second act was characterized by our expansion into bricks and mortar, becoming the industry's first true omnichannel retailer while entering holistic vision care by providing eye exams and contacts. And now we're entering our third act, defined by innovation through AI.

我們相信，Warby Parker 正步入其發展歷程的第三階段。我們的第一步是創立了最早一批在網路上打造的生活風格品牌之一。我們憑藉在《GQ》和《Vogue》上的專題報導而聲名鵲起，並率先開創了在線銷售眼鏡的先河。我們的第二階段以拓展實體店為特徵，成為業內首家真正的全通路零售商，同時透過提供眼科檢查和隱形眼鏡進入整體視力保健領域。現在我們進入了第三個階段，這個階段的特色是人工智慧帶來的創新。

We plan to leverage AI to develop new products like AI glasses, to enhance our customer and patient experience like our homegrown first true to scale virtual try-on that now encompasses features like glasses eraser and adviser and to drive productivity and accelerate EBITDA expansion. We previously announced that we'll be working with Google to bring intelligent eyewear to market and are excited to share that we're partnering with Samsung as well.

我們計劃利用人工智慧開發人工智慧眼鏡等新產品，以增強客戶和患者的體驗，例如我們自主研發的首個真正大規模的虛擬試戴系統，該系統現在包含眼鏡橡皮擦和顧問等功能，從而提高生產力並加速 EBITDA 的成長。我們先前宣布將與Google合作，把智慧眼鏡推向市場，現在很高興地宣布，我們也將與三星合作。

We believe that Samsung's innovation in hardware and their mobile device ecosystem, combined with Google's leadership in AI and Warby Parker's strength in design, eye care and customer experience unlock enormous potential to create beautifully designed intelligent eyewear that seamlessly integrates into everyday life. We look forward to sharing more details in the coming months.

我們相信，三星在硬體和行動裝置生態系統方面的創新，結合Google在人工智慧領域的領先地位以及 Warby Parker 在設計、護眼和客戶體驗方面的優勢，將釋放出巨大的潛力，創造出設計精美、能夠無縫融入日常生活的智慧眼鏡。我們期待在未來幾個月與大家分享更多細節。

Dave and I just got back from Colorado, where we hosted our annual One Vision Summit. For several days, we brought together over 500 retail leaders and optometrists across our team for strategizing, training and team building. We shared our vision to leverage AI to develop new products, enhance the customer experience and drive productivity. We walked away feeling energized and inspired by their ideas, their camaraderie and their passion for delivering best-in-class customer experiences, which is paramount as we head into our busiest time of the year.

我和戴夫剛從科羅拉多州回來，我們在那裡舉辦了年度「同一個願景高峰會」。在接下來的幾天裡，我們召集了團隊中的 500 多名零售領導者和驗光師，進行策略規劃、培訓和團隊建立。我們分享了利用人工智慧開發新產品、提升客戶體驗和提高生產力的願景。他們的想法、友誼以及對提供一流客戶體驗的熱情，讓我們深受鼓舞，充滿活力，這對於我們即將迎來一年中最繁忙的時期至關重要。

Our retail leaders and doctors typically join Warby Parker because of our track record of innovation and best-in-class technology, and they have grown accustomed to our rapid growth and are the most tech-forward leaders in the category. It's events like our One Vision Summit that makes us more confident than ever in the foundation we're building for the next chapter of Warby Parker. We operate in a large and resilient market with an unmatched value proposition and believe we are well positioned to continue taking market share for many years and decades to come.

我們的零售領導者和醫生通常因為 Warby Parker 的創新記錄和一流的技術而加入該公司，他們已經習慣了我們的快速成長，並且是該領域最具技術前瞻性的領導者。正是像我們的「同一個願景高峰會」這樣的活動，讓我們對我們正在為 Warby Parker 的下一個篇章奠定的基礎比以往任何時候都更加充滿信心。我們身處一個龐大且富有韌性的市場，擁有無可比擬的價值主張，我們相信我們已做好充分準備，在未來許多年乃至幾十年內繼續擴大市場份額。

Our long-term priorities remain unchanged, but our ambitions have only grown. We continue to make meaningful progress in our core business, including achieving significant leverage in our expense base while also investing in AI glasses, an opportunity that will expand our TAM beyond traditional glasses and define the next era of our brand.

我們的長期優先事項保持不變，但我們的雄心壯志卻有增無減。我們在核心業務方面持續取得實質進展，包括大幅降低支出水平，同時投資人工智慧眼鏡，這將使我們的潛在市場規模超越傳統眼鏡，並定義我們品牌的下一個時代。

I'd like to call out a few Q3 highlights that demonstrate our ability to continue on our path of sustainable growth. We delivered our highest glasses volume growth of the year alongside our ninth consecutive quarter of accelerated active customer growth. Retail and especially our eye care business were bright spots with record retail productivity and our largest ever quarter for new store openings, including our first 5 Target shop-in-shops.

我想重點介紹第三季的一些亮點，這些亮點表明我們有能力繼續走上永續發展的道路。我們實現了今年最高的眼鏡銷售成長，同時連續第九個季度活躍客戶數量加速成長。零售業，尤其是眼科護理業務，表現突出，零售生產力創歷史新高，新店開幕數量也創歷史新高，其中包括我們首批 5 家 Target 店中店。

We also completed a major system upgrade in our optical labs to support future growth, faster delivery times and enable us to eventually fulfill AI glasses. We expanded the use of AI across our operations to improve efficiency and empower our teams to spend more time with customers.

我們還完成了光學實驗室的重大系統升級，以支援未來的成長、加快交貨速度，並最終使我們能夠交付人工智慧眼鏡。我們擴大了人工智慧在營運中的應用，以提高效率，並使我們的團隊能夠花更多的時間與客戶交流。

We're confident in our ability to navigate the near-term environment while we embark on our next act, one defined by even more personalized experiences, intelligent eyewear and a relentless focus on profitable and sustainable growth. As we head into our busiest season, our teams are focused on what we can control, delivering the exceptional customer experience and remarkable value that have come to define Warby Parker.

我們有信心應對近期環境的變化，同時開啟新的篇章，新的篇章將以更個性化的體驗、智慧眼鏡以及對盈利和可持續增長的不懈追求為特徵。隨著我們即將進入最繁忙的季節，我們的團隊專注於我們能夠控制的事情，提供卓越的客戶體驗和非凡的價值，這已經成為 Warby Parker 的標誌。

Before Josh walks through our financials and guidance, Dave will recap the drivers of our Q3 performance.

在 Josh 詳細介紹我們的財務狀況和業績展望之前，Dave 將回顧我們第三季業績的驅動因素。

Thanks, Neil. As we move into our next act, we remain excited about the opportunities ahead in our core business. Our Q3 performance demonstrates our commitment to driving sustainable growth and steady progress toward achieving our long-term strategic goals. I will now speak to our four primary growth drivers this quarter, beginning with the drivers behind our ninth consecutive quarter of accelerating active customer growth.

謝謝你，尼爾。展望未來，我們對核心業務的未來機會依然充滿信心。第三季的業績顯示我們致力於推動永續成長，並穩步實現我們的長期策略目標。接下來，我將談談本季我們四大主要成長驅動因素，首先是推動我們連續第九個季度活躍客戶數量加速成長的驅動因素。

We ended Q3 with 2.7 million active customers, an increase of 9.3% on a trailing 12-month basis with average revenue per customer of $320, up 4.8% year over year. Our retail channel remains our primary growth engine, and we continue to see strong customer acquisition through our stores.

第三季末，我們的活躍客戶數量為 270 萬，較過去 12 個月成長 9.3%，每位客戶的平均收入為 320 美元，較過去 4.8%。我們的零售通路仍然是我們的主要成長引擎，我們繼續透過門市獲得強勁的客戶成長。

Our marketing strategy continues to balance disciplined performance marketing with thoughtful investments that build long-term brand awareness. To drive near-term transactions, our flexible media model allows us to allocate capital in real time to where we're seeing the strongest efficiencies, such as streaming and direct mail. To build community and brand affinity at the local level, we continue to host creative localized programs like our book Report series, which brings notable authors like Nighttime Grammy Award winner, Mark Ronson, into our stores for engaging events and conversations with customers.

我們的行銷策略繼續在嚴謹的效果行銷和深思熟慮的投資之間取得平衡，以建立長期的品牌知名度。為了推動近期交易，我們靈活的媒體模式使我們能夠即時將資金分配到效率最高的地方，例如串流媒體和直郵。為了在當地建立社區和品牌親和力，我們不斷舉辦富有創意的在地化項目，例如我們的圖書報道系列活動，邀請像格萊美獎得主馬克·朗森這樣的知名作家來到我們的門店，與顧客進行互動交流。

At the same time, we continue to invest in top-of-the-funnel initiatives, including our three-year partnership with Arch Manning, a glasses wear since age 3 and the Warby Parker customer since middle school. This partnership has allowed us to participate in national linear media and connect with a younger demographic, particularly in key markets across the Southeast.

同時，我們繼續投資於銷售漏斗頂端的舉措，包括我們與 Arch Manning 長達三年的合作關係。 Arch Manning 從 3 歲起就戴眼鏡，從中學起就是 Warby Parker 的顧客。此次合作使我們能夠參與全國性線性媒體，並與更年輕的受眾群體建立聯繫，尤其是在東南部的關鍵市場。

Our It Must Be the Glasses campaign featuring Arch has been a fun way to bring our literary focused brand personality into the sporting world and highlight Arch's authentic connection to our brand. It's been very well received, helping broaden our audience and drive meaningful impressions.

我們以 Arch 為主角的「一定是眼鏡」活動，以有趣的方式將我們以文學為中心的品牌個性帶入體育界，並突出 Arch 與我們品牌的真實聯繫。它受到了很好的反響，有助於擴大我們的受眾群體並產生有意義的影響。

We're pleased to see consistency and stability in our customer acquisition costs even as we've increased our marketing investments. And by sunsetting our Home Try-on program, we will have even more flexibility to invest in awareness driving initiatives like these.

我們很高興看到，即使我們增加了行銷投入，客戶獲取成本仍然保持穩定。透過取消居家試穿計劃，我們將有更大的靈活性來投資此類提高公眾意識的舉措。

Meanwhile, customers utilizing insurance benefits with us continue to grow in Q3 with Versant lives ramping in line with expectations ahead of the typical year-end increase in benefit usage. Insurance customers remain among our highest value cohorts, spending more on initial purchases, selecting progressives at higher rates and returning more frequently. We're continuing to highlight this message in stores and across our creative to increase awareness that customers can use both their in-network and out-of-network benefits at Warby Parker. Finally, we're pleased to report consistent revenue retention metrics across cohorts with revenue retention of approximately 50% over 24 months and over 100% over 48 months, underscoring the loyalty of our customer base.

同時，第三季使用我們保險福利的客戶數量持續成長，Versant 的保費收入也按照預期穩定成長，趕在年底福利使用量通常成長之前。保險客戶仍然是我們最有價值的客戶群之一，他們在首次購買時花費更多，選擇費率更高的漸進式保險，並且更頻繁地再次購買。我們將繼續在門市和創意宣傳中強調這一訊息，以提高顧客對在 Warby Parker 使用其網路內和網路外福利的認識。最後，我們很高興地報告，各組客戶的收入留存率指標均保持穩定，24 個月的收入留存率約為 50%，48 個月的收入留存率超過 100%，這凸顯了我們客戶群的忠誠度。

The next driver of Q3 performance we'll speak to is the acceleration we drove in our glasses business. Glasses grew 13% year over year, up from approximately 10% in the first half of 2025, driven by both healthy unit growth and average selling price.

接下來我們要談的是推動第三季業績成長的另一個因素，那就是我們在眼鏡業務上所取得的加速發展。眼鏡銷量年增 13%，高於 2025 年上半年的約 10%，主要得益於銷量和平均售價的雙雙成長。

In Q3, we launched 5 new collections and continue to expand our lens portfolio. Highlights include our Tortoise Color Block collection starting at $95, which demonstrates our ability to deliver exceptional design at our core price point and the Strato Series starting at $195, featuring elevated Italian construction with etched metal layered between crystal acetates. We also introduced new sun and light responsive lens colors. Newness across both frames and lenses continues to drive customer engagement and repeat purchasing.

第三季度，我們推出了 5 個新系列，並繼續擴大我們的鏡頭產品組合。亮點包括起價 95 美元的 Tortoise Color Block 系列，該系列展現了我們在核心價格點上提供卓越設計的能力；以及起價 195 美元的 Strato 系列，該系列採用高級意大利工藝，在水晶醋酸纖維層之間夾有蝕刻金屬。我們也推出了對陽光和光線有反應的新型鏡片顏色。鏡框和鏡片的不斷推陳出新，持續推動顧客參與度和重複購買率。

We continue to be pleased with how customers have responded to the pricing actions we took earlier this year, primarily in Progressive's and lens add-ons. While we see strong and consistent adoption of lens enhancements and add-ons, our $95 frame styles outperformed relative to higher price points, which impacted average selling price for the quarter. While recent category growth has relied on price increases, we believe our focus on designing stylish products and delivering exceptional value and experiences positions us to grow both market share and customer loyalty over the long term.

我們對客戶對今年稍早採取的價格措施（主要是漸進鏡片和附加鏡片）的回饋感到滿意。雖然我們看到鏡片增強和附加組件得到了強勁而持續的採用，但我們 95 美元的鏡框款式相對於價格更高的款式表現更佳，這影響了本季度的平均售價。雖然近期該品類的成長依賴於價格上漲，但我們相信，我們專注於設計時尚產品並提供卓越的價值和體驗，這使我們能夠在長期內提高市場份額和客戶忠誠度。

The third driver of our Q3 growth was the strength of our highly productive store base. Retail revenue grew 20% year over year, driven by a 16% new store expansion over the same period and continued healthy growth of our stores opened 12 months or more, consistent with the color we've provided on prior calls.

第三季成長的第三個驅動因素是我們高效率的門市網路實力雄厚。零售收入年增 20%，這主要得益於同期新店擴張 16% 以及開業 12 個月或以上的門市持續健康成長，與我們之前電話會議中所描述的情況一致。

In Q3, we opened 15 new stores, including our 300th store at Brookfield Place in Manhattan and our first 5 shop-in-shops at Target. In total, this represented the highest number of openings we've completed in a single quarter.

第三季度，我們開設了 15 家新店，其中包括我們在曼哈頓布魯克菲爾德廣場的第 300 家門市，以及我們在 Target 開設的首批 5 家店中店。總的來說，這是我們在一個季度內完成的開業數量最多的一次。

We opened stores in 12 suburban markets, including in San Diego, California; Arlington, Texas; and Jacksonville, Florida, and we see significant opportunities to continue infilling underpenetrated markets like these. More than half of the major metropolitan areas where we operate still have only one store, giving us a meaningful opportunity to expand within existing markets while continuing to enter new ones.

我們在 12 個郊區市場開設了門市，包括加州聖地牙哥、德州阿靈頓和佛羅裡達州傑克遜維爾，我們看到了繼續填補這些滲透率不足的市場的巨大機會。在我們開展業務的主要都會區中，超過一半的地區仍然只有一家門市，這為我們提供了在現有市場中擴張並繼續進入新市場的重要機會。

A complementary part of our strategy to continue infilling markets is our partnership with Target. We're really pleased with how the first 5 shop-in-shops turned out. Each is a beautifully designed, fully enclosed space that brings the Warby Parker experience to life across several markets in the Midwest and Mid-Atlantic. Looking ahead to next year, you should expect us to open a similar number of locations as we continue testing in-store placement and markets. Our focus remains on ensuring these locations deliver a consistent Warby Parker experience while helping drive brand awareness and reach new customers.

我們持續拓展市場的策略的重要組成部分是與 Target 的合作。我們對前5家店中店的成果非常滿意。每個門市都是設計精美、完全封閉的空間，將 Warby Parker 的體驗帶到美國中西部和大西洋中部地區的多個市場。展望明年，隨著我們繼續測試店內佈局和市場，預計我們將開設類似數量的門市。我們將繼續致力於確保這些門市提供一致的 Warby Parker 體驗，同時協助提升品牌知名度並吸引新客戶。

I want to take a moment to highlight our store teams, many of whom we had the pleasure of seeing last week, as Neil mentioned. We're fortunate to have experienced leaders across our retail organization with roughly 60% of our current store leaders having been promoted into their roles. We believe that our ability to attract, develop and retain great talent sets us apart and remains a key driver of our retail success going forward.

我想藉此機會重點介紹一下我們的門市團隊，正如尼爾所提到的，上週我們有幸見到了他們中的許多人。我們很幸運，零售部門擁有經驗豐富的領導者，目前約有 60% 的門市領導者是從基層晉升上來的。我們相信，我們吸引、培養和留住優秀人才的能力使我們脫穎而出，並將繼續成為我們零售業未來成功的關鍵驅動力。

As we look across our differentiated omnichannel model, 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.

當我們審視我們差異化的全通路模式時，我們也看到了我們密集化策略帶來的明顯好處，即門市數量最多的市場往往擁有最高的電子商務成長，這是由更高的品牌知名度和跨通路的客戶參與度所驅動的。

As we shared on our last call, we're evolving how we serve customers across channels as we expand our physical footprint and invest in AI-driven tools and have decided to sunset our Home Try-on program by the end of the year. Beyond creating a more seamless customer experience, the shift also allows us to streamline our marketing messages. While still early days, we continue to see healthy year-over-year growth in direct e-com frame purchases as the Home Try-on headwind diminishes.

正如我們在上次電話會議上分享的那樣，隨著我們擴大實體店面規模並投資人工智慧驅動的工具，我們正在不斷改進跨渠道為客戶提供服務的方式，並決定在年底前停止我們的居家試穿服務。除了創造更流暢的客戶體驗外，這項轉變還使我們能夠簡化行銷訊息。雖然目前還處於早期階段，但隨著居家試戴帶來的不利影響逐漸減弱，我們繼續看到直接電商鏡框購買量保持健康的同比增長。

We're encouraged by the engagement and conversion we're seeing from AI-powered tools like Advisor, which gives us confidence in our ability to drive the channel long term. Lastly, we continue to expand our holistic vision care offerings as part of our broader strategy to serve all of our customers' needs.

我們對 Advisor 等 AI 驅動工具帶來的參與度和轉換率感到鼓舞，這讓我們對長期推動該管道發展的能力充滿信心。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 Q3 but moderated in the months of September and October. In Q3, contacts grew 21% year over year and represented 11.5% of revenue, consistent with the prior quarter, yet well below the approximately 20% industry mix average, underscoring the significant runway ahead.

第三季度，客戶互動仍然是成長的重要貢獻者，但在 9 月和 10 月有所放緩。第三季度，聯絡人數量年增 21%，佔營收的 11.5%，與上一季持平，但遠低於約 20% 的行業平均水平，凸顯了未來巨大的成長空間。

As part of our ongoing evaluation of how to best serve customers, we made the decision to retire Scout, our private label contacts brand. Scout helped us successfully enter the contacts category, which we've since expanded to include dozens of leading third-party brands that provide customers with more choice, value and convenience. Our decision to sunset offerings like Scout and Home Try-on reflect our focus on aligning with customer preferences and evolving technology while also simplifying operations and positioning us to be more agile with less inventory going forward.

作為我們持續評估如何更好地服務客戶的一部分，我們決定停用我們的自有品牌隱形眼鏡品牌 Scout。Scout 幫助我們成功進入了聯絡人類別，此後我們又擴展到包括數十個領先的第三方品牌，為客戶提供更多選擇、價值和便利。我們決定停止 Scout 和 Home Try-on 等服務，體現了我們專注於與客戶偏好和不斷發展的技術保持一致，同時簡化運營，使我們未來能夠更加靈活地減少庫存。

Eye exams also remain an important driver of growth. We expanded exam capacity across our growing retail footprint. And in Q3, our eye exam business grew 41% year over year to account for 6.5% of total revenue. Eye exams drive traffic, conversion and average revenue per customer, given roughly 75% of glasses industry-wide are purchased at the same location as the exam.

眼科檢查仍然是推動成長的重要因素。我們在不斷擴大的零售業務範圍內增加了考試容量。第三季度，我們的眼科檢查業務年增 41%，佔總收入的 6.5%。眼科檢查能夠帶動客流量、轉換率和每位顧客的平均收入，因為整個行業大約 75% 的眼鏡都是在進行檢查的同一地點購買的。

Today, the majority of our customers still bring prescriptions from external providers, highlighting a significant long-term opportunity to capture more of the vision care journey. We also scaled retinal imaging across more locations, an offering that enhances the clinical experience and reflects our commitment to accessible high-quality vision care.

如今，我們的大多數客戶仍然帶著外部供應商開立的處方，這凸顯了我們在視力保健領域佔據更大市場份額的巨大長期機會。我們也在更多地點推廣了視網膜影像服務，這項服務提升了臨床體驗，也體現了我們對提供便利、高品質的視力保健的承諾。

Alongside the progress we made across the business this quarter, making a positive impact remains at the heart of what we do. Through our People's Project program, we continue to provide free eyeglasses to students in need in more than 40 US cities. With the support of our partners, we're proud to announce that we'll be doubling the number of students served in Baltimore, Newark, New Jersey and Washington, D.C. and expanding our reach in Boston to serve the entire public school district. We plan to distribute an additional 40,000 glasses to students in these communities over the next two years.

儘管本季度我們在業務各個方面都取得了進展，但產生積極影響仍然是我們工作的核心。透過我們的「人民計畫」計劃，我們持續為美國 40 多個城市的貧困學生提供免費眼鏡。在合作夥伴的支持下，我們很自豪地宣布，我們將把在巴爾的摩、新澤西州紐瓦克和華盛頓特區服務的學生人數增加一倍，並將我們在波士頓的服務範圍擴大到整個公立學區。我們計劃在未來兩年內向這些社區的學生額外分發 4 萬副眼鏡。

And now I'll pass it over to Josh Truppo, VP of Financial Planning and Analysis.

現在我將把發言權交給財務規劃與分析副總裁喬許‧特魯波。

Thanks, Neil and Dave. It's my pleasure to join you all today on our third quarter earnings call. I'll begin with a detailed review of our third quarter performance then I'll outline our updated guidance for the full year, including our outlook for the fourth quarter of 2025.

謝謝尼爾和戴夫。很高興今天能和大家一起參加我們的第三季財報電話會議。我將首先詳細回顧我們第三季的業績，然後概述我們更新後的全年業績指引，包括我們對 2025 年第四季的展望。

Starting first with Q3. Revenue for the third quarter came in at $221.7 million, up 15.2% year over year. Retail revenue increased 20.2% year over year with store count up 16.4% and e-commerce revenue up 3.2% year over year. I'd like to add a bit more context around the shape of the quarter.

首先從第三季開始。第三季營收為 2.217 億美元，年增 15.2%。零售收入較去年同期成長 20.2%，其中門市數量成長 16.4%，電子商務營收年增 3.2%。我想再補充一些關於硬幣形狀的背景資訊。

We entered Q3 with strong momentum with July and August marking our strongest two-month stretch of the year before trends began to moderate in September and have remained consistent. During this time, our frame mix shifted towards our entry-level $95 offering and while higher-priced lens modifications and progressives remained strong, this had an overall impact on average selling price for glasses.

第三季開始，我們保持了強勁的成長勢頭，7 月和 8 月是我們今年表現最好的兩個月，之後趨勢在 9 月開始放緩，並一直保持穩定。在此期間，我們的鏡框組合轉向了入門級的 95 美元產品，雖然價格較高的鏡片改裝和漸進鏡片仍然很受歡迎，但這對眼鏡的平均售價產生了整體影響。

Additionally, we saw slower growth in our contacts business amid broader macro dynamics. These factors coincided with stronger year-over-year comparisons given the acceleration we saw last year, though results remained stable on a two-year stack basis.

此外，受宏觀經濟情勢影響，我們的聯絡人業務成長放緩。鑑於去年我們看到的成長勢頭，這些因素與同比數據更為強勁的對比相吻合，儘管從兩年累積數據來看，結果保持穩定。

Looking at customers, we finished Q3 with 2.66 million active customers on a trailing 12-month basis, representing a consistent acceleration in growth to 9.3% year over year. We've now seen sequential improvements in year-over-year active customer growth for the past nine quarters, reflecting the positive returns from both new and existing stores, marketing investments and a range of strategic initiatives.

從客戶來看，我們第三季末的活躍客戶數量為 266 萬（過去 12 個月），年增 9.3%，實現了持續加速成長。在過去的九個季度裡，我們看到活躍客戶數量逐年增長，這反映了新店和現有門市、行銷投資以及一系列策略舉措帶來的正面回報。

Average revenue per customer increased 4.8% year over year on a trailing 12-month basis to $320. This was driven by factors, including our selective price increases in glasses at the end of April, a higher mix of premium lenses like Progressive's and continued growth in both contact lens and eye exam sales, partially offset by the mix shift into lower price point frames we described earlier.

過去 12 個月，每位客戶的平均收入年增 4.8%，達到 320 美元。這主要受多種因素影響，包括我們在 4 月底選擇性地提高了眼鏡價格、增加了漸進鏡片等高端鏡片的銷售比例，以及隱形眼鏡和眼科檢查銷售額的持續增長，但部分被我們之前提到的低價位鏡框的銷售比例下降所抵消。

Progressive's penetration within prescription units increased 30 basis points from 22% in Q3 2024 to 22.3% in Q3 2025. By product, glasses revenue growth accelerated to roughly 13% year over year, with contact lenses up 21% and eye exams up 41% year over year. Contacts increased from 10.9% of revenue in Q3 2024 to 11.5% in Q3 2025. Eye exams increased from 5.3% of revenue in Q3 2024 to 6.5% in Q3 2025.

Progressive 在處方藥領域的滲透率從 2024 年第三季的 22% 成長到 2025 年第三季的 22.3%，增幅為 30 個基點。按產品劃分，眼鏡收入年增約 13%，隱形眼鏡年增 21%，眼科檢查年增 41%。聯繫業務佔收入的比例從 2024 年第三季的 10.9% 增加到 2025 年第三季的 11.5%。眼科檢查收入佔總收入的比例從 2024 年第三季的 5.3% 增加到 2025 年第三季的 6.5%。

From a channel mix perspective, retail represented 73% of our overall business in Q3. We opened 15 new stores in the quarter, ending the period with 313 stores. This represents 44 net new stores opened over the course of the last 12 months. Retail productivity was 103.8% versus the same period last year. As a reminder, we define retail productivity as the year-over-year change in retail sales per store for the average number of stores opened in the period.

從通路組合的角度來看，零售在第三季占我們整體業務的 73%。本季我們新開了 15 家門市，期末門市總數達到 313 家。這意味著在過去 12 個月中淨增了 44 家門市。零售業生產力比去年同期成長了103.8%。提醒一下，我們將零售生產力定義為該時期內平均每家店零售額的年比變化。

We are pleased to be reporting our highest quarterly retail productivity since 2022, which was driven by stronger glasses growth paired with continued momentum in our contacts and exams businesses in stores. For stores that have been opened greater than 12 months, we observed an acceleration in year-over-year growth in Q3.

我們很高興地宣布，自 2022 年以來，我們的季度零售生產力達到了最高水平，這主要得益於眼鏡業務的強勁增長，以及隱形眼鏡和驗光業務在門店的持續增長勢頭。對於開業超過 12 個月的門市，我們觀察到第三季年增速加快。

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.

我們的新店繼續保持強勁的單位經濟效益，符合我們 35% 的四牆毛利率和 20 個月的投資回收期目標。對於開業超過 12 個月的門市，平均每家店的收入為 220 萬美元，業績符合我們 35% 的四牆利潤率目標。

We continue to be pleased with both these new and existing store metrics, which reflect the overall health and productivity of our store fleet. 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 275 stores or 88% of our total fleet. Moving on to gross margin.

我們對新店和現有門市的各項指標都感到滿意，這些指標反映了我們門市整體的健康狀況和生產力。在過去一年中，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門市總數達到 275 家，占我們門市總數的 88%。接下來分析毛利率。

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 expense for our optometrists and optical lab employees. For comparability, I will speak to gross margin, excluding stock-based compensation.

再次提醒，我們的毛利率已包含所有成本，包括鏡框、鏡片、光學實驗室、客戶運費、驗光師工資、店鋪租金和店鋪裝修折舊。我們的毛利也包括支付給驗光師和光學實驗室員工的股權激勵費用。為了方便比較，我將以毛利率為例進行說明，不包括股票選擇權激勵。

Third quarter adjusted gross margin came in at 54.2% compared to 54.6% in the year ago period. The year-over-year decrease was driven by tariff-related headwinds in glasses, sales growth of contact lenses and customer shipping. These impacts were partially offset by the selective price increases in glasses and increased penetration of progressive lenses and other lens enhancements. We were particularly pleased with the margin expansion in our eye exam business, which has become less of a headwind over time as we become more efficient with doctor coverage and utilization.

第三季調整後毛利率為 54.2%，去年同期為 54.6%。年比下降的原因是眼鏡關稅相關的不利因素、隱形眼鏡銷售成長以及客戶出貨量增加。這些影響部分被眼鏡價格的選擇性上漲以及漸進鏡片和其他鏡片增強功能的普及所抵消。我們對眼科檢查業務的利潤率擴張感到特別滿意，隨著我們在醫生覆蓋和利用方面效率的提高，眼科檢查業務的阻力也逐漸減小。

Shifting gears to SG&A. As a reminder, adjusted SG&A excludes noncash costs like stock-based compensation expense. Adjusted SG&A in the third quarter came in at $108 million or 48.7% of revenue. This compares to Q3 2024 adjusted SG&A of $100.6 million or 52.3% of revenue, representing 360 basis points of leverage year over year. Within adjusted SG&A, marketing spend was $29 million or 13.1% of revenue compared to $23.7 million or 12.3% of revenue in Q3 2024.

接下來談談銷售、管理及行政費用。提醒一下，調整後的銷售、一般及行政費用不包括股票選擇權費用等非現金成本。第三季調整後的銷售、一般及行政費用為 1.08 億美元，佔營收的 48.7%。相較之下，2024 年第三季調整後的銷售、一般及行政費用為 1.006 億美元，佔營收的 52.3%，年比槓桿率為 360 個基點。在調整後的銷售、一般及行政費用中，行銷支出為 2,900 萬美元，佔營收的 13.1%，而 2024 年第三季為 2,370 萬美元，佔營收的 12.3%。

With marketing spend in the low teens as a percent of revenue, disciplined expense management drove leverage across our non-marketing adjusted SG&A categories which includes salaries for our stores and customer experience employees and general corporate expenses, including our headquarter salaries and general operating expenses to support the business.

由於行銷支出佔收入的比例只有十幾個百分點，嚴格的費用管理推動了我們非行銷調整後的銷售、一般及行政費用類別的槓桿作用，其中包括我們門市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運營費用。

Non-marketing adjusted SG&A improved by 440 basis points from 40% of revenue in Q3 2024 to 35.6% of revenue in Q3 2025. Non-marketing adjusted SG&A grew just 3% year over year. This reflects our commitment to continued cost discipline and drove flow-through in Q3 above the high end of our guidance range.

經非行銷調整後的銷售、一般及行政費用佔收入的比例從 2024 年第三季的 40% 改善至 2025 年第三季的 35.6%，降幅達 440 個基點。經非行銷調整後的銷售、一般及行政費用年增僅 3%。這反映了我們對持續成本控制的承諾，並推動第三季業績超出預期範圍的上限。

Turning now to adjusted EBITDA. In the third quarter, adjusted EBITDA grew approximately 50% year over year to $25.7 million, representing an adjusted EBITDA margin of 11.6%. This compares to adjusted EBITDA of $17.3 million or 9% of revenue in the year ago period, reflecting expansion of 260 basis points. As discussed, this was driven by non-marketing SG&A leverage.

接下來來看調整後的 EBITDA。第三季度，調整後 EBITDA 年成長約 50%，達到 2,570 萬美元，調整後 EBITDA 利潤率為 11.6%。相較之下，去年同期調整後的 EBITDA 為 1,730 萬美元，佔營收的 9%，成長了 260 個基點。如前所述，這是由非行銷銷售、一般及行政費用槓桿作用所驅動的。

Turning now to our balance sheet. We ended the quarter with a strong cash position of $280 million. While free cash flow during the quarter was impacted by the timing of vendor payments and inventory purchases, we have generated $36 million in free cash flow year-to-date and anticipate full year 2025 will be our third consecutive year of positive and accelerating free cash flow.

現在來看我們的資產負債表。本季末，我們擁有2.8億美元的強勁現金儲備。雖然本季自由現金流受到供應商付款和庫存採購時間的影響，但我們今年迄今已產生 3,600 萬美元的自由現金流，預計 2025 年全年將是我們連續第三年實現正自由現金流並加速成長。

As it relates to capital allocation, we will continue to deploy capital deliberately to support our growth in 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.

在資本配置方面，我們將繼續有意識地部署資本，以支持我們的業務成長。我們還擁有 1.2 億美元的信貸額度，可擴展至 1.75 億美元，除 400 萬美元未償還信用證外，其餘均未動用。

Turning to our outlook for 2025. Starting briefly with an update on tariffs. We've successfully executed the mitigation strategies we outlined on our prior quarterly calls, including supplier diversification, selective price adjustments and disciplined expense management. These actions have offset the impact of tariffs and demonstrate our team's ability to adapt quickly in what remains a dynamic environment. Together, they contributed to incremental flow-through in Q3 and give us confidence to hold our full year adjusted EBITDA guidance.

接下來展望2025年。首先簡單介紹一下關稅方面的最新情況。我們已成功執行了先前季度電話會議上概述的緩解策略，包括供應商多元化、選擇性價格調整和嚴格的費用管理。這些措施抵消了關稅的影響，並展現了我們團隊在不斷變化的環境中快速適應的能力。它們共同促成了第三季利潤的逐步成長，也讓我們有信心維持全年調整後 EBITDA 預期。

Given recent trends and the more uncertain consumer environment, we're taking a more conservative view on top line for the remainder of the year, which assumes that September and October trends persist. We remain committed to delivering adjusted EBITDA dollars in line with our prior outlook and now expect to deliver higher year-over-year adjusted margin expansion on a modestly lower revenue outlook.

鑑於近期的趨勢和更不確定的消費環境，我們對今年剩餘時間的營收預期採取了更保守的看法，假設九月和十月的趨勢能夠持續下去。我們仍致力於實現與先前預期一致的調整後 EBITDA 金額，並且現在預計在收入預期略微下調的情況下，將實現更高的同比調整後利潤率成長。

We now expect net revenue between $871 million and $874 million, representing approximately 13% growth year over year, adjusted EBITDA of $98 million to $101 million, representing an adjusted EBITDA margin of 11.3% to 11.6% and 180 to 210 basis points of year-over-year expansion; 45 new stores, including the 5 Target shop-in-shops that opened in Q3. We continue to expect full year gross margin in the mid-50s, reflecting stability in our ongoing tariff mitigation strategies discussed earlier. Finally, we expect stock-based compensation as a percentage of net revenue to be in the 2% to 4% range for the full year, consistent with our long-term target.

我們現在預計淨收入在 8.71 億美元至 8.74 億美元之間，年增約 13%；調整後 EBITDA 為 9,800 萬美元至 1.01 億美元，調整後 EBITDA 利潤率為 11.3% 至 11.6%，同比增長 180 至 210 家門市的 5 家門店中店。我們仍然預計全年毛利率在 50% 左右，這反映了我們之前討論過的持續關稅緩解策略的穩定性。最後，我們預計全年股票選擇權激勵佔淨收入的比例將在 2% 至 4% 之間，這與我們的長期目標一致。

For Q4 2025, we're guiding to the following: net revenue between $211 million and $214 million, which represents growth of approximately 11% to 12% year over year; adjusted EBITDA of $18 million to $21 million, representing a 9.2% margin at the midpoint of our range or 190 basis points of year over year expansion. Similar to our year-to-date results, we anticipate adjusted EBITDA margin expansion in Q4 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.

對於 2025 年第四季度，我們預計：淨收入在 2.11 億美元至 2.14 億美元之間，同比增長約 11% 至 12%；調整後 EBITDA 為 1800 萬美元至 2100 萬美元，按我們預期範圍的中點計算，利潤率為 9.290 個同比增長 9.290 個。與我們今年迄今的業績類似，我們預計第四季度調整後 EBITDA 利潤率的擴張將主要得益於非營銷 SG&A 費用的槓桿作用，同時，在門店和客戶體驗團隊人員配備方面持續提高效率，並在保持營銷支出穩定的同時，繼續有效控制公司費用，也將為利潤率的提升提供支持。

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

那麼，尼爾、戴夫和我很高興回答你們的問題。接線員，請開通問答線。

(Operator Instructions) Mark Altschwager, Baird.

（操作說明）Mark Altschwager，Baird。

Good morning. Thank you for taking my question. I was hoping you could give a bit more color on this mix shift you're seeing with single-vision versus Progressives. I think you cited relative resiliency with the progressive customer but also called out a mix shift that weighed on ASP. So just want to understand the moving pieces there. And I guess wondering just within that, are you seeing evidence that some of the price increases on the premium lenses might be driving some trade down in the frame selection? Thank you.

早安.感謝您回答我的問題。我希望您能更詳細地談談您觀察到的單光眼鏡和漸進眼鏡之間的這種混合趨勢變化。我認為你提到了進步型顧客的相對韌性，但也指出了影響平均售價的組合變化。所以，我只是想了解其中的各個環節。我想知道的是，您是否看到有證據表明，高端鏡頭價格上漲可能會導致一些消費者降低對鏡框的選擇？謝謝。

Thanks, Mark. As you've heard from a number of other brands and retailers, it's been quite a volatile year, and we've seen meaningful swings with periods of broad strength across consumer cohorts and then other periods when consumer sentiment has taken a dip. And in those weaker periods, it's been younger and low-income consumers who have been most impacted.

謝謝你，馬克。正如你從其他一些品牌和零售商那裡聽到的那樣，今年市場波動很大，我們看到消費者信心經歷了顯著的波動，既有消費者群體普遍強勁增長的時期，也有消費者信心下滑的時期。在經濟疲軟時期，受影響最大的往往是年輕消費者和低收入消費者。

Now as a category, we're more insulated than others because of the needs-based nature of the products and services we offer. And more specifically with Warby Parker, our customer base tends to skew higher income, but we do serve a cohort of younger customers who are increasingly feeling uncertain about their future and are being more selective in their purchasing behavior. And so if you look at this quarter, we entered Q3 with strong momentum. July and August were our strongest two-month stretch of the year before we did see some shift in trends in September.

如今，由於我們提供的產品和服務是基於需求的，因此我們這個行業比其他行業更具隔離性。具體來說，Warby Parker 的客戶群往往收入較高，但我們也服務於一群年輕的客戶，他們越來越對自己的未來感到不確定，並且在購買行為上更加挑剔。因此，如果你看一下本季度，我們會發現我們以強勁的勢頭進入了第三季度。7 月和 8 月是我們一年中業績最好的兩個月，9 月的趨勢出現了一些變化。

And while we've still been driving healthy year-over-year growth and consistency on a two-year growth basis, we've seen a moderation in average order value or basket size in categories that skew younger, like single-vision with more of a shift to $95 frames versus some of our higher price point frames, fewer multiunit orders on the glasses side, and lower quantities of contact lenses per order, including fewer customers purchasing annual supplies. Within our older demographic and our Progressives customers and higher-income consumers, we're seeing consistent behavior. And in the areas that we did take some price earlier this year, including Progressive's and lens treatments, we really haven't seen a shift and continue to see resiliency in that cohort.

雖然我們仍然保持著健康的同比增長和兩年來的持續增長，但我們發現，在以年輕人為主的品類中，平均訂單價值或購物籃大小有所下降，例如單光眼鏡的銷量更多地轉向了 95 美元的鏡框，而不是我們一些價格更高的鏡框；眼鏡方面的多件訂單減少；以及每筆訂單的顧客數量減少，包括購買年度供應的數量減少。在我們年齡較大的群體、Progressives客戶和高收入消費者中，我們看到了一致的行為模式。而在今年早些時候我們確實採取了一些降價措施的領域，包括漸進式隱形眼鏡和鏡片治療，我們並沒有看到任何變化，並且繼續看到該群體展現出韌性。

Very helpful color. Just maybe as a follow-up, just in light of all of these shifts and some of the near-term volatility, I know you're not guiding to 2026, but could you just refresh us on how we should be thinking about the growth algorithm here? Is mid-teens still the right expectation? And how are you thinking about the balance between active customer growth versus rev per customer?

非常實用的顏色。或許可以作為後續問題，鑑於所有這些變化和一些近期波動，我知道您不會預測到 2026 年，但您能否讓我們重新思考我們應該如何看待這裡的成長演算法？十幾歲中期仍然是合適的預期嗎？您如何看待活躍客戶成長與每位客戶收入之間的平衡？

Thanks, Mark. This is Neil chiming in. We're still aligned to our long-term growth algorithm. And if anything, we continue to have more confidence in our ability to expand the EBITDA. And as part of that algorithm, we've always said 100 to 200 basis points of expansion per year. Long-term, we think we're a 20% adjusted EBITDA business.

謝謝你，馬克。我是尼爾，插。我們仍然堅持長期成長策略。而且，我們對擴大 EBITDA 的能力更有信心了。作為該演算法的一部分，我們一直堅持每年擴張 100 到 200 個基點。從長遠來看，我們認為我們是一家調整後 EBITDA 成長率能達到 20% 的企業。

That being said, as you see in the high end of our guide, we're at 210 basis points for this year. We continue to see great leverage across our corporate expenses, including CX. For next year and for the foreseeable future, we anticipate marketing as a percent of revenue staying consistent. So we continue to have faith and confidence in the category and in our customers. We have now come to expect just volatility as I think any operator has over the last few years.

也就是說，正如您在我們指南的高端部分所看到的，今年的利率為 210 個基點。我們繼續在公司各項支出（包括客戶體驗）方面看到巨大的槓桿效應。預計明年及未來一段時間內，行銷費用佔收入的百分比將保持不變。因此，我們對這個品類和我們的客戶依然充滿信心。我們現在已經習慣了市場波動，我想在過去幾年裡，任何營運商都已經習以為常了。

And certainly, our customer is relatively wealthy. And as Dave alluded to, median income above $100,000. As we continue to open stores, they tend to be more in suburban areas. So we still are underpenetrated for that 45-year-old plus customer that buys Progressives. So yes, you should still assume high growth for us next year and beyond.

當然，我們的客戶相對來說比較富有。正如戴夫所暗示的那樣，中位數收入超過 10 萬美元。隨著我們不斷開設新店，新店往往更位於郊區。因此，對於購買 Progressive 保險的 45 歲以上客戶群，我們的滲透率仍然不足。所以，是的，你們仍然應該預期我們明年及以後會保持高速成長。

Oliver Chen, TD Securities.

Oliver Chen，TD證券。

Thank you. Hi, Neil Dave, and Josh. Regarding the mix shift and what you're seeing, does that change the product road map or how you think about marketing and what you're thinking about the composition that you may see within the guidance? And is that still happening? Or is it resting at a point that -- where you have visibility in terms of the ASPs?

謝謝。嗨，尼爾、戴夫和喬許。關於產品組合的變化以及您所觀察到的情況，這是否會改變產品路線圖，或者改變您對行銷的看法，以及您對指導方針中可能出現的產品構成有何看法？這種情況現在還在發生嗎？或者，它停留在這樣一個點上——在這個點上，你對ASP（應用服務提供者）的情況有所了解？

And second, on the AI initiatives, what would you highlight as your favorite ones for driving productivity and scalability that's impacting many parts of the organization? And finally, on the insurance customers and opportunities, what's ahead there in terms of continuing to drive awareness as well as key goals? That would be great. Thank you very much.

其次，關於人工智慧舉措，您認為哪些舉措最能提高生產力和可擴展性，並對組織的許多方面產生影響？最後，關於保險客戶和機遇，在持續提高認知度和實現關鍵目標方面，未來有哪些計畫？那太好了。非常感謝。

Thanks, Oliver. From a product road map perspective, some of this short-term softness that we're seeing with some of our younger customers is really not driving changes for our product road map. We continue to introduce different lens options that we find resonates with both younger and older customers.

謝謝你，奧利佛。從產品路線圖的角度來看，我們看到一些年輕客戶群出現的這種短期疲軟情緒，實際上並沒有推動我們產品路線圖的改變。我們不斷推出不同的鏡片選擇，我們發現這些鏡片能夠引起年輕顧客和年長顧客的共鳴。

So we're very confident in the product road map, and we continue to be able to respond much faster than a lot of our competitors because of the vertical integrated nature of our business. Typically, we'll introduce 15 to 20 collections per year, and we're not beholden to the fashion calendar or the wholesale calendar and can even make adjustments midyear as necessary.

因此，我們對產品路線圖非常有信心，並且由於我們業務的垂直整合特性，我們能夠比許多競爭對手更快地做出反應。通常情況下，我們每年會推出 15 到 20 個系列，我們不受時裝週或批發季的約束，甚至可以根據需要在年中進行調整。

As we think about efficiency gains, thanks to AI, there are a few that we're particularly excited about, whether we're using AI in our eyewear design process and even evaluating technical designs as we leverage AI as part of our customer journey flow and some of the work of our CX teams, as some of our brand and creative teams are leveraging new tools to bring down the cost of content creation, in particular, as we think about photo shoots and a lot of the production costs that go into the sheer number of shoots that we do per year, we're already seeing some savings there. The other thing that I would add is that every corporate team member is using often multiple AI tools per day, and we're finding increased productivity right across our headquarters team.

當我們思考如何利用人工智慧提高效率時，有一些方面讓我們特別興奮，例如我們在眼鏡設計過程中使用人工智慧，甚至在客戶旅程流程和客戶體驗團隊的部分工作中利用人工智慧評估技術設計，以及我們的一些品牌和創意團隊正在利用新工具降低內容創作成本，特別是考慮到我們每年拍攝的大量照片以及由此產生的許多製作成本，我們已經看到了一些節省。我還要補充一點，公司每個團隊成員每天都在使用多種人工智慧工具，我們發現總部團隊的整體生產力都提高了。

I'd also just add that we're increasingly using AI to drive customer engagement and growth, including with features like adviser that we introduced on our app and across our site, where AI is used to recommend glasses based on a user's face shape and features and what we know about them. And we've seen just really strong adoption and increases in conversion and are excited to continue to lean into tools like that.

我還要補充一點，我們正在越來越多地使用人工智慧來推動客戶參與和成長，包括我們在應用程式和網站上推出的顧問等功能，其中人工智慧根據用戶的臉型和特徵以及我們對他們的了解來推薦眼鏡。我們看到了非常強勁的採用率和轉換率提升，並且很高興能夠繼續大力發展這類工具。

And then on the insurance front, we continue to be pleased with the progress that we're making there. This is an area of high growth for us, where we could now offer in-network benefits to more individuals than ever, where we're seeing strong adoption from the newest members of the Versant cohorts that are using their benefits with us. But the vast majority of those members still have not shopped with Warby Parker.

在保險方面，我們對目前的進展感到滿意。這是一個我們高速成長的領域，我們現在可以為比以往任何時候都多的個人提供網路內福利，我們看到 Versant 新成員在使用我們的福利時表現出了強勁的接受度。但絕大多數會員仍然沒有在 Warby Parker 購物。

And so we're spending a bunch of time creating awareness around the fact that we do have these integrations in place. And then longer term, we also have several pilots underway with larger carriers that we're not in network with yet that we'd like to be and are also just making it easier for people to use their out-of-network benefits with us, understanding at the point of sale, what their exact reimbursement will be and making that purchase process as seamless as possible for our customers.

因此，我們花了大量時間來提高人們對我們已經實現這些整合的認識。從長遠來看，我們也與一些我們尚未納入合作網絡的大型航空公司進行了幾個試點項目，我們希望未來能與他們建立合作關係。此外，我們也努力讓人們更容易使用他們的非合作網路福利，讓他們在購買時就能了解特定的報銷金額，並盡可能簡化客戶的購買流程。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

This is Savannah Sommer on for Brooke Roach. Thank you so much for taking our question. You touched on it a bit already on the call, but I wanted to dig into the Target shop-in-shops. With 2025's cohort being open for a few months now, could you discuss how early performance has compared to your initial expectations? And as we think about the planned openings you mentioned for 2026, how are you identifying the right markets for these shop-in-shops particularly in your relation to the broader suburban densification strategy for the core Warby fleet? Thank you so much.

這裡是薩凡納·索默，為您報道布魯克·羅奇。非常感謝您回答我們的問題。你在電話裡已經稍微提過，但我想深入探討 Target 的店中店模式。2025 年學生已經入學幾個月了，您能否談談目前的招生情況與您最初的預期相比如何？當我們思考您提到的 2026 年的開業計劃時，您是如何確定這些店中店的合適市場的，尤其是在您與 Warby 核心車隊更廣泛的郊區密集化戰略的關係方面？太感謝了。

Thanks, Savannah. It is early days in our partnership with Target, and we're excited to report that expectations --our performance are in line with expectations. The 5 shop-in-shops that we've built and opened are beautiful and deliver the same exact Warby experience as in a stand-alone Warby store. We plan to continue at this pace next year as we learn. That's just a philosophy at Warby Parker is to test, learn, expand rapidly.

謝謝你，薩凡納。我們與 Target 的合作尚處於初期階段，我們很高興地報告，我們的表現符合預期。我們建造並開設的 5 家店中店都非常漂亮，能夠提供與獨立 Warby 商店完全相同的購物體驗。我們將在明年繼續保持這個速度，邊學邊做。Warby Parker 的理念就是快速測試、學習和擴張。

One of the things that we're looking at is also just even placement within a store, whether that is in line or on the pad in the center of the store. So we'll continue to learn and grow. One of our core values is learn, grow, repeat. We're very early days overall in our expansion into suburban areas. So we have our pick of the litter, so to speak, as we think about expanding within Target and even within our stand-alone stores as well.

我們正在考慮的其中一點是，商品在商店內的擺放位置，無論是擺放在貨架的側面還是擺放在商店中央的展示台上。所以我們會繼續學習和成長。我們的核心價值之一是學習、成長、重複。我們向郊區擴張的整體階段還非常早期。因此，可以說，我們在考慮在 Target 內部甚至在我們自己的獨立門市進行擴張時，有很多選擇。

Anthony Chukumba, Loop Capital.

安東尼·楚昆巴，Loop Capital。

Good morning. Thank you so much for taking my question. I guess my question is, what are you seeing in terms of optometrist retention and also compensation? How is that in line with (inaudible) and I guess, recruitment as well. So retention, recruitment, and compensation, how is that tracking in line with your expectations? Thank you.

早安.非常感謝您回答我的問題。我想問的是，您認為驗光師的留任率和薪酬狀況如何？這與（聽不清楚）以及我想，與招募也相符嗎？那麼，員工留任率、招募和薪資狀況是否符合您的預期？謝謝。

Thanks, Anthony. While it's generally more challenging to hire eye doctors than folks with different backgrounds, across the board, I think you're probably hearing this from a lot of other companies as well. It's generally an employer's market right now. One of the nice things is that over the last few years, as we've expanded into primary eye care and have been building eye exam suites in all of our new stores and hiring more and more optometrists, our reputation as a great employer for doctors has only grown.

謝謝你，安東尼。雖然總體而言，招聘眼科醫生比招募其他背景的人更具挑戰性，但我認為你可能也會從其他許多公司聽到類似的說法。目前整體上是雇主市場。令人欣慰的是，在過去的幾年裡，隨著我們拓展到初級眼科護理領域，並在所有新店中建造眼科檢查室，以及僱用越來越多的驗光師，我們作為醫生優秀雇主的聲譽也越來越好。

And we hear from our doctors that they love working at Warby Parker because of the culture, because of the technology. One of the -- just as we've developed a lot of our own retail technology, like our own point of sale that we call a Point of Everything, that really empowers our retail advisers. We similarly build software for our optometrists so that way they can focus on clinical care and focus on the patient rather than be bogged down with lots of administrative tasks. So we find that draws a lot of optometrists to come to work at Warby Parker. So we would say at this moment, it's -- while it's never easy, it's never been easier for us to hire and retain great doctors.

我們從醫生那裡了解到，他們喜歡在 Warby Parker 工作，因為這裡的企業文化和技術。其中之一——就像我們開發了很多自己的零售技術一樣，例如我們自己的銷售點系統，我們稱之為“萬物點”，它真正賦予了我們的零售顧問權力。我們同樣為驗光師開發軟體，以便他們能夠專注於臨床護理和患者，而不是被大量的行政任務所困擾。因此，我們發現這吸引了許多驗光師來 Warby Parker 工作。所以我們認為，目前雖然招募和留住優秀醫生並不容易，但對我們來說，這比以往任何時候都更容易。

Dave and I just returned from Denver, where we had our One Vision Summit. Once a year, we bring all of our store leaders together and all of our optometrists, where we focus on the strategy for the next year. We provide learning opportunities, including continuing education for our optometrists. We share best practices. And it is just both a joyful and a productive time, and we just got so much incredible feedback from our doctors about what we're doing as a company and how we continue to invest in them.

戴夫和我剛從丹佛回來，我們在那裡舉行了「同一個願景高峰會」。每年，我們會將所有門市負責人和所有驗光師聚集在一起，重點討論來年的策略。我們提供學習機會，包括為我們的驗光師提供繼續教育。我們分享最佳實踐。這既是一段令人愉快的時光，也是一段富有成效的時光，我們從醫生那裡得到了很多令人難以置信的反饋，他們對我們的公司所做的事情以及我們如何繼續投資於他們表示讚賞。

And even having an event like this that brings together all of our doctors annually, a lot of our competitors, we know have canceled events like this, but we find that it's important. And our doctors also tend to be pretty tech-forward. So they're very excited about some of the advancements that we're making in AI, whether that's from a systems perspective or from a product perspective, which with the eventual launch of AI glasses coming.

即使像我們這樣的年度盛會，將我們所有的醫生聚集在一起，我們也知道許多競爭對手已經取消了類似的活動，但我們認為這很重要。我們的醫生也往往非常注重技術創新。所以他們對我們在人工智慧領域取得的一些進展感到非常興奮，無論是從系統角度還是從產品角度來看，最終人工智慧眼鏡的推出更是如此。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Sorry, I was on mute. This is Brandon Cheatham on for Paul. Hello. Can you all hear me?

抱歉，我剛才靜音了。這是布蘭登·奇瑟姆代替保羅發言。你好。你們都能聽到我說話嗎？

Please go ahead.

請繼續。

This is Brandon Cheatham on for Paul. Sorry about that. I was just wondering how you all are thinking about your active customer growth and sales per customer in fourth quarter. Guidance would seem to imply that at least one of those metrics decelerates. I'm just curious with some of the comments you made on consumers gravitating to your lower-priced frames. If you saw sales per customer roll over in September-October, or if there's maybe a little more pressure on the active customer side? How should we think about that for 4Q?

這是布蘭登·奇瑟姆代替保羅發言。抱歉。我想了解大家對第四季活躍客戶成長和每位客戶銷售額的看法。指導意見似乎暗示，至少其中一項指標增速放緩。我對您之前關於消費者傾向於購買價格較低的鏡框的一些評論感到好奇。如果你發現 9 月至 10 月期間每位客戶的銷售額有所增長，或者活躍客戶方面可能面臨更大的壓力？我們該如何看待第四季的情況？

The primary shift that we saw was in basket size amongst the younger demographic that we serve and single-vision glasses and contact lenses. And just given the uncertainty around the economic environment and what we're hearing from some other brands and retailers, we thought it was prudent just to take a more conservative view into the fourth quarter. We are still seeing strong year-over-year growth and healthy growth in terms of active customers and average revenue per customer, in particular, relative to the rest of the category where we continue to take share. But we just thought it would be prudent to take a more conservative view.

我們看到的主要變化是，在我們服務的年輕群體中，購物籃的商品數量以及單光眼鏡和隱形眼鏡的銷量有所增長。鑑於經濟環境的不確定性，以及我們從其他一些品牌和零售商那裡聽到的情況，我們認為謹慎的做法是，對第四季採取更保守的看法。我們仍然看到強勁的同比成長，活躍客戶和每位客戶的平均收入也實現了健康成長，尤其是在與該類別其他公司相比，我們繼續擴大市場份額。但我們認為採取較保守的做法則較為謹慎。

And I wanted to follow up with future store growth plans. I know you're leaning in a little bit more to existing markets where you only have 1 or 2 stores. Is that something that we can expect from you all going forward? And do you see a different customer response in markets where you already have a couple of stores and then are able to densify that marketplace? Thanks.

我想跟進了解未來的門市發展計劃。我知道你們現在更傾向於那些只有一兩家店的現有市場。我們以後可以期待你們做到這些嗎？在已經擁有幾家門市的市場，當你能夠進一步擴大門市密度時，你是否觀察到不同的顧客反應？謝謝。

Thanks. We tend to be in most major markets, so we are in a period primarily of densification. We generally don't see much difference in customer behavior. But when we add a second or a third store to a market, it just gives us more flexibility from a team perspective, whether that's scheduling or building a cohort of tenured team members that we can promote from within. So the majority of our store managers, whom we call store leaders, are promoted from within, which is great because they understand our systems, they understand our commitment to exceptional customer experiences.

謝謝。我們傾向於進入大多數主要市場，因此我們正處於一個主要的發展密集化時期。我們通常看不到顧客行為有太大改變。但是，當我們在一個市場中增加第二家或第三家門市時，從團隊的角度來看，這會給我們帶來更大的靈活性，無論是安排日程還是建立一群我們可以從內部提拔的資深團隊成員。因此，我們的大多數門市經理（我們稱之為門市領導）都是從內部提拔的，這很好，因為他們了解我們的系統，了解我們對卓越客戶體驗的承諾。

Typically, they've received a bunch of training around optics and opticianry and some of the more technical aspects of selling glasses and delivering eye care and understand the importance of that relationship with our doctors. So that's the real advantage to us having multiple stores in a given market.

通常情況下，他們接受過大量的光學和配鏡方面的培訓，以及銷售眼鏡和提供眼科護理的一些更專業的技術方面的培訓，並且了解與醫生建立關係的重要性。所以，這就是我們在同一市場擁有多家門市的真正優勢。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Good morning. I want to ask about the at-home sunset impact. Just curious if you've seen the impact to e-commerce be in line with your expectations. And has there been any noticeable benefit to the stores business since you've sunset that?

早安.我想了解在家欣賞日落的影響。只是好奇您是否覺得電子商務受到的影響符合您的預期。自從你們停止這項措施以來，門市業務是否有任何明顯的收益？

And then maybe on Scout, just how meaningful is that? Maybe you can help us square up how big it is in terms of sales? And any impact to margins as we see the mix of contact lenses go more towards third-party branded? Thank you.

那麼，對 Scout 來說，這究竟有多重要呢？或許您可以幫我們估算一下它的銷售額到底有多大？隨著隱形眼鏡市場向第三方品牌傾斜，這對利潤率會有什麼影響？謝謝。

So we are constantly evaluating the products and services that we're offering our customers and making sure that we're delivering exceptional value and exceptional experiences. And as part of that evaluation, we decided to sunset both the Home-Try On program and Scout, and we've done so in a thoughtful way over an extended period of time where both the parts of those business have intentionally scaled down over time.

因此，我們不斷評估我們為客戶提供的產品和服務，並確保我們提供卓越的價值和卓越的體驗。作為評估的一部分，我們決定停止「居家試穿」計畫和 Scout 服務，我們經過深思熟慮，在較長一段時間內逐步縮減了這兩項業務的規模。

And if you look at starting with Home-Try On, we've invested in our in-store experiences and also our AI-driven features online like adviser where we are seeing strong benefit and are able to serve those customers that otherwise would have used a Home-Try On in different and better ways and are highlighting the stores nearby more prominently for those customers. We found that the vast majority of people that were ordering Home-Try Ons lived within 30 minutes of a store. And now we can be more directive around where to drive them.

從居家試穿服務來看，我們已經投資了店內體驗以及人工智慧驅動的線上功能，例如顧問服務，這些功能都帶來了顯著的效益，能夠以不同的、更好的方式服務那些原本會使用居家試穿服務的客戶，並更突出地向這些客戶展示附近的門店。我們發現，訂購「居家試穿」服務的絕大多數人居住在距離商店 30 分鐘車程的範圍內。現在我們可以更有針對性地決定把他們送到哪裡。

We're also seeing strong year-over-year growth in direct e-comm glasses purchases. So people ordering glasses without doing a Home-Try On. And that growth has been partially offset by a declining Home-Try On business. But the decision to sunset this program will enable us to get back to higher e-comm growth rates faster over time. We also have to send one less message for customers and can more effectively reallocate those resources to driving customers to the newer parts of our business that are driving higher incremental returns.

我們也看到，眼鏡電商直接銷售量較去年同期成長強勁。所以，人們會直接訂購眼鏡，而無需進行居家試戴。而居家試戴業務的下滑部分抵銷了這一成長。但終止該計劃的決定將使我們能夠隨著時間的推移更快地恢復到更高的電子商務成長率。我們還可以減少向客戶發送的資訊量，從而更有效地將這些資源重新分配到引導客戶專注於我們業務中能夠帶來更高增量回報的新興部分。

And with Scout, it's been a small part of our overall contacts business. It was a really innovative products that we introduced that offered really great value to customers. But we found that in terms of both customer, patient, and doctor preferences that there are third-party brands that people are happy with. And we've found benefits in offering a broad assortment of third-party brands, and don't expect the retirement of Scout to have a material impact on our P&L. I think the nice part about retiring both of these offerings is having less inventory and enabling us to be more nimble going forward.

而 Scout 只是我們整體聯絡業務的一小部分。我們推出的是一款真正具有創新性的產品，為客戶帶來了巨大的價值。但我們發現，無論是顧客、病人或醫生，都對某些第三方品牌感到滿意。我們發現提供各種各樣的第三方品牌是有益的，因此預計 Scout 的停產不會對我們的損益表產生實質影響。我認為停產這兩款產品的好處是可以減少庫存，使我們能夠更靈活地應對未來的挑戰。

Matt Koranda, ROTH Capital.

Matt Koranda，ROTH Capital。

Thanks for taking the question. Just wanted to maybe understand a little bit more about the pricing philosophy here. I guess a lot of competitors have been taking steady price increases each year in the category in some form or another and I guess a lot of the category growth is probably coming from price. But it seems like you guys have been a little bit more selective in the ways that you're taking price. The price gaps probably have widened over the last few years. I guess, why not take more price intentionally to close that gap?

感謝您回答這個問題。我只是想更了解這裡的定價理念。我猜想很多競爭對手每年都在以某種形式穩定地提高該品類的價格，而且我認為該品類的成長很可能很大程度上來自於價格。但你們在定價方面似乎更加謹慎。過去幾年裡，價格差距可能已經擴大了。我想，為什麼不故意提高價格來縮小這個差距呢？

Thanks for your question, Matt. We have seen competitors take price. And when we look at a lot of the growth in the category, it tends to be from price. We view that as less healthy and less sustainable growth, and we're committed to sustainable growth. That's been our philosophy since we launched the company in 2010.

謝謝你的提問，馬特。我們看到競爭對手已經採取了價格策略。當我們觀察該類別中的許多增長時，會發現這往往是價格上漲帶來的。我們認為這種成長方式不夠健康，也不夠永續，而我們致力於永續成長。自2010年公司成立以來，這一直是我們的理念。

And we believe that if we make customers happy, they'll stay with us for years and decades. And we've seen that in our repeat purchase behavior, in our retention now over many years where our cohorts have performed remarkably consistent. And we think that's in large part due to the great customer experience and the incredible value that they get from us.

我們相信，如果我們讓客戶滿意，他們就會與我們保持多年的合作關係。我們從重複購買行為和多年來的客戶留存率中看到了這一點，我們的客戶群表現得非常穩定。我們認為這很大程度上歸功於我們卓越的客戶體驗以及客戶從我們這裡獲得的巨大價值。

So it's something that were highly considered whenever we think about a price increase, one of the things that we're proud of in this quarter, even though we're very disappointed that we missed our bottom end of top line guidance, is that we had healthy customer growth. So you can anticipate that we will continue to grow in a healthy manner next quarter and beyond because we'll continue to treat customers well.

因此，每當我們考慮提價時，這都是我們認真考慮過的問題。本季度，儘管我們未能達到預期的營收目標，但我們引以為傲的一點是，我們的客戶實現了健康的成長。因此，您可以預期，在接下來的一個季度及以後，我們將繼續保持健康的成長勢頭，因為我們將繼續善待客戶。

Our opening price point of $95 with anti-reflective, anti-scratch, single-vision prescription lenses has remained consistent since 2010. Of course, since then, we've also introduced frames at higher price points. We've introduced different lens options, whether it's different tints or high index or other ultrathin options. We've gone beyond our signature progressive and now offer precision progressives. So what you'll see from us in the short and midterm is continue to have more options for our customers to choose from, but we'll ensure that it's always exceptional value, and our hope and intent is that that value gap continues to increase as our competitors raise prices.

自 2010 年以來，我們配備防反射、防刮擦單光處方鏡片的起價一直保持在 95 美元。當然，從那以後，我們也推出了價格更高的鏡框。我們推出了不同的鏡片選擇，無論是不同的顏色、高折射率或其他超薄選項。我們已超越了我們標誌性的漸進式視力，現在提供精密漸進式視力。因此，在短期和中期內，我們將繼續為客戶提供更多選擇，但我們將確保始終提供卓越的價值，我們希望並打算隨著競爭對手提高價格，這種價值差距繼續擴大。

Okay. That makes a lot of sense. Maybe just for my follow-up. Curious to hear a little bit more about AI smart glasses, if you can say anything, just any updated thinking around how new products might be rolled out next year and just any thoughts on the AOV and benefits there?

好的。這很有道理。或許只是為了我的後續跟進。很想多了解一些關於人工智慧智慧眼鏡的信息，如果您能透露一些想法，例如明年新產品的推出方式，以及您對平均訂單價值（AOV）和相關優勢的看法，那就太好了！

We believe we're best positioned to win here because of our brand. We were -- we pioneered lifestyle brand made on the Internet and technology has always been at the heart of Warby Parker. Our stores and our digital experience is second to none in the category. So when introducing a new complex product like AI glasses, having very knowledgeable, tenured, and tech-forward teams that are able to sell this and explain this product to the customer and serve the customer is going to put us in a position to win here.

我們相信，憑藉我們的品牌，我們最有希望贏得這場勝利。我們是－我們是網路生活風格品牌的先驅，科技一直是 Warby Parker 的核心。我們的門市和數位化體驗在同類產品中首屈一指。因此，在推出像 AI 眼鏡這樣複雜的新產品時，擁有知識淵博、經驗豐富且技術領先的團隊，能夠向客戶銷售和解釋該產品，並為客戶提供服務，將使我們處於有利地位，從而贏得市場。

We're very excited about our partners who we engage with on a daily basis at Google and Samsung, two of the most world-class technology innovators on the planet. And we'll have more to share in the coming months, but we're excited about this new product category for us.

我們非常高興能與Google和三星這兩家世界頂尖的科技創新企業進行日常合作。未來幾個月我們將分享更多信息，但我們對這個新的產品類別感到非常興奮。

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

謝謝。今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。