On Thursday, RH (NYSE: RH) discussed first-quarter financial results during its earnings call. The full transcript is provided below.

在周四，RH（纽约证券交易所代码：RH）在其财报电话会议中讨论了 2026 财年第一季度的财务结果。完整的会议记录如下。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此内容由 Benzinga API 提供。有关全面的财务数据和会议记录，请访问 https://www.benzinga.com/apis/。

The full earnings call is available at https://events.q4inc.com/attendee/699105787

完整的财报电话会议可在 https://events.q4inc.com/attendee/699105787 获取。

Summary

摘要

RH reported first quarter fiscal 2026 revenues of $800.3 million and an adjusted EBITDA margin of 7.1%, exceeding expectations.

RH 报告 2026 财年第一季度收入为 8.003 亿美元，调整后的 EBITDA 利润率为 7.1%，超出预期。

The company raised its fiscal year 2026 outlook with anticipated revenue growth of 4.5% to 8% and adjusted EBITDA margin of 14.2% to 16%, factoring in international expansion costs.

公司提高了 2026 财年的展望，预计收入增长为 4.5% 至 8%，调整后的 EBITDA 利润率为 14.2% 至 16%，考虑到国际扩张成本。

RH is launching RH Estates, aiming to merge high-end design with accessibility, offering bespoke and couture options to expand its market reach.

RH 正在推出 RH Estates，旨在将高端设计与可及性相结合，提供定制和高级选项以扩大市场覆盖。

International expansion is a key focus, with openings in Paris, Milan, and London expected to solidify RH's global luxury brand status.

国际扩张是一个关键重点，预计在巴黎、米兰和伦敦的开店将巩固 RH 的全球奢侈品牌地位。

Management emphasized the strategic decision to implement a loyalty program for trade clients, enhancing the brand's reach and engagement with interior designers.

管理层强调了为贸易客户实施忠诚度计划的战略决策，以增强品牌与室内设计师的联系和互动。

Full Transcript

完整会议记录

OPERATOR

主持人

Hello and welcome to the RH first quarter fiscal 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the Speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star sending number one on your telephone keypad. I would now like to turn the conference over to Allyson Malkin of ICR. Allyson, please go ahead. Thank you. Good afternoon everyone.

大家好，欢迎参加 RH 2026 财年第一季度财报电话会议。所有线路已静音以防止背景噪音。在发言者发言后，将进行问答环节。如果您在此期间想提问，请按电话键盘上的星号和数字一。我现在将会议交给 ICR 的 Allyson Malkin。Allyson，请继续。谢谢大家，下午好。

Thank you for joining us for our first quarter fiscal 2026 earnings call. Joining me today are Gary Friedman, Chairman and Chief Executive Officer and Jack Preston, Chief Financial Officer. Before we start, I'd like to remind you of our legal disclaimer that we will make certain statements today that are forward looking within the meaning of the federal securities laws, including statements about our outlook of our business and other matters referenced in our press release issued today.

感谢您参加我们的 2026 财年第一季度财报电话会议。今天与我一起的是董事长兼首席执行官 Gary Friedman 和首席财务官 Jack Preston。在我们开始之前，我想提醒您，我们今天将做出某些前瞻性声明，这些声明在联邦证券法的意义上是前瞻性的，包括关于我们业务展望和我们今天发布的新闻稿中提到的其他事项的声明。

These forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings as well as our press release issued today for a more detailed description of the risk factors that may affect our results. Please also note that these forward looking statements reflect our opinions only as of the date of this call and we undertake no obligation to revise or publicly release the results of any revision to these forward looking statements in light of new information or future events.

这些前瞻性声明涉及许多风险和不确定性，可能导致实际结果与预期有重大差异。请参考我们的 SEC 文件以及我们今天发布的新闻稿，以获取可能影响我们结果的风险因素的更详细描述。请注意，这些前瞻性声明仅反映我们在本次电话会议日期的意见，我们没有义务根据新信息或未来事件修订或公开发布这些前瞻性声明的结果。

Also during this call we may discuss non GAAP financial measures which adjust our GAAP results to eliminate the impact of certain items. You will find additional information regarding these non GAAP financial measures and a reconciliation of these non GAAP to GAAP measures in today's financial results press release. A live broadcast of this call is also available on the Investor Relations section of our website@ir.rh.com and now I'd like to turn the call over to Gary.

在本次电话会议中，我们可能会讨论非 GAAP 财务指标，这些指标调整了我们的 GAAP 结果，以消除某些项目的影响。您将在今天的财务结果新闻稿中找到有关这些非 GAAP 财务指标的更多信息以及这些非 GAAP 与 GAAP 指标的对账。此次电话会议的直播也可在我们网站的投资者关系部分上获取，现在我将会议交给 Gary。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

Thank you Allison. Hello everyone. Let me start with a reading of our letter to our people, partners and shareholders. First quarter revenues of 800.3 million and adjusted EBITDA of 7.1% exceeded the high end of our expectations in the first quarter despite back order and special order balances approximately 75 million higher than a year ago, primarily due to tariff related resourcing. As a result of our better than expected first quarter results, we are raising our outlook for fiscal year 2026 and providing the following outlook for the second quarter fiscal year 2026 outlook Revenue growth of 4.5 to 8% Adjusted EBITDA margin of 14.2 to 16% Adjusted free cash flow of 300 to 400 million. The above outlook includes an approximate negative 270 basis point Adjusted EBITDA margin impact from pre opening and startup costs to our international expansion. Second Quarter 2026 Outlook Revenue growth of 0.5% to 2.5% Adjusted EBITDA margin of 11.5% to 13% the above outlook includes an approximate negative 380 basis point Adjusted EBITDA margin impact from pre opening and startup costs to support our international expansion the Bridge from Here to There how many, may ask, in an economic environment like the one we are navigating through, do you get from your half one numbers to your half two numbers necessary to make the year. There are three parts that form the proverbial bridge to the other side, supporting the case for our business to accelerate from flat in half one to up 12% and half two. As we've done many times before, we've listed them below. We plan a backlog reduction that's worth 4.5 percentage points in the second half, new store growth of 2.5 percentage points and new concept growth of 5 points for each estate Building the Foundation for a Global Luxury Brand Similar to structures that stand the test of time, those rewarded with historical recognition and reverence, luxury brands are designed and built in the same fashion on incredibly strong foundations. Both endeavors are considered hard and in many cases impossible. They always require more time and capital and are generally built by unrelenting and unrelatable individuals and teams. You've heard us talk over the years about climbing the luxury mountain, how it's not for the faint of heart as the higher you climb, the air gets thin and the odds become slim. We believe the work we are about to unveil is akin to those difficult last steps and gasping for those vital breaths.

谢谢你，Allyson。大家好。让我开始阅读我们给员工、合作伙伴和股东的信。第一季度收入为 8.003 亿美元，调整后的 EBITDA 为 7.1%，尽管由于关税相关的资源问题，积压订单和特殊订单余额比去年高出约 7500 万美元，但仍超出了我们第一季度的预期。因此，基于我们超出预期的第一季度结果，我们提高了 2026 财年的展望，并提供以下 2026 财年第二季度展望：收入增长 4.5% 至 8%，调整后的 EBITDA 利润率为 14.2% 至 16%，调整后的自由现金流为 3 亿至 4 亿美元。上述展望包括来自国际扩张的开业和启动成本对调整后 EBITDA 利润率的约 270 个基点的负面影响。2026 财年第二季度展望：收入增长 0.5% 至 2.5%，调整后的 EBITDA 利润率为 11.5% 至 13%，上述展望包括来自国际扩张的开业和启动成本对调整后 EBITDA 利润率的约 380 个基点的负面影响。在我们所处的经济环境中，如何从上半年的数字过渡到下半年的数字以实现年度目标，可能会有人问。形成通往另一边的桥梁有三个部分，支持我们业务从上半年持平加速到下半年增长 12% 的论点。正如我们多次提到的，我们在下面列出了这些部分。我们计划减少积压，这将在下半年带来 4.5 个百分点的贡献，新店增长贡献 2.5 个百分点，新概念增长贡献 5 个百分点，为每个 Estate 奠定全球奢侈品牌的基础。与那些经受住时间考验、获得历史认可和尊重的结构类似，奢侈品牌的设计和建立也是在极其坚固的基础上进行的。这两项工作都被认为是艰难的，在许多情况下是几乎不可能的。它们总是需要更多的时间和资本，通常由不屈不挠且难以接近的个人和团队来完成。多年来，您听我们谈论攀登奢侈品山峰，这并不是胆小者所能承受的，因为越往上爬，空气越稀薄，成功的几率越小。我们相信，我们即将揭示的工作类似于那些艰难的最后几步，以及为获得那些至关重要的呼吸而喘息。

We believe the openings of Arch Paris, Milan and London, arguably the three most immersive and inspiring brand experiences anywhere in the world, will form the foundation necessary to earn the respect and recognition of not only the European and UK customer, but a global one. They communicate a sense of permanence, a brand that has been dedicated to crafting their skills over decades. The Last foundational piece RH Estates Mr. Gorbachev, tear down this wall - Ronald Reagan we believe that there are those with taste and no scale and those with scale and no taste.

我们相信，巴黎、米兰和伦敦的 Arch 将成为全球最具沉浸感和启发性的品牌体验的基础，这不仅能赢得欧洲和英国客户的尊重与认可，也能赢得全球客户的认可。它们传达了一种持久感，展现了一个几十年来致力于精湛技艺的品牌。最后的基础性部分是 RH Estates，戈尔巴乔夫先生，拆掉这堵墙——罗纳德·里根，我们相信有些人有品位但没有规模，而有些人有规模却没有品位。

The global design market has spent the last half century comfortable with that division. It is an industry defined by exclusion versus inclusion. For decades, the highest echelon of home design, the masterfully tailored upholstery of Dimitri and Co. The uncompromising bespoke casework of Joseph Duke, the classical grandeur of Dennison Lean, the meticulous reproductions of formations, the artisanal fixtures of Waterworks, and the iconic designs of Michael Taylor, who Architectural Digest named one of the greatest interior designers of all time, has been hidden trapped behind the metaphorical iron curtain.

全球设计市场在过去半个世纪里一直对这种分隔感到舒适。这个行业是由排斥与包容所定义的。几十年来，家居设计的最高层次，Dimitri and Co.精心定制的软装，Joseph Duke 无与伦比的定制家具，Dennison Lean 的古典宏伟，精细复制的作品，Waterworks 的手工装置，以及被《建筑文摘》评选为有史以来最伟大的室内设计师之一的 Michael Taylor 的标志性设计，一直被困在隐喻的铁幕之后。

This curtain is the closed door, trade only showroom network. Unless you hold a professional license or hire a gatekeeper, you are forbidden from seeing, experiencing, or purchasing the finest expressions of human craftsmanship. The public is left outside, while some of the very best design and quality remains hidden inside. Nearly 40 years ago, standing at the Brandenburg Gate, a former American president looked out at a divided world and issued a defiant historic decree.

这道幕布就是封闭的贸易专用展厅网络。除非你持有专业执照或雇佣守门人，否则你被禁止看到、体验或购买人类工艺的最佳表达。公众被留在外面，而一些最优秀的设计和质量仍然隐藏在里面。近 40 年前，一位前美国总统站在勃兰登堡门前，望向一个分裂的世界，发出了一个坚定的历史宣言。

Mr. Gorbachev, tear down this wall. Today we look at the luxury home industry and ask the same. With the launch of RH Estates, we are removing the barriers that have segregated taste from scale. We are amplifying the work of the world's most elite designers, artisans and manufacturers on our global platform. This is not a compromise of quality. It is a liberation of mastery. By uniting these legendary ateliers and elevating their work in architecturally significant spaces, we are providing access to some of the most beautifully designed, highest quality, classic, contemporary and modern furniture in the world.

戈尔巴乔夫先生，拆掉这堵墙。今天我们审视奢华家居行业，也提出同样的问题。随着 RH Estates 的推出，我们正在消除将品位与规模隔离的障碍。我们正在全球平台上放大世界上最顶尖设计师、工匠和制造商的作品。这不是对质量的妥协，而是对技艺的解放。通过将这些传奇工作室团结在一起，并在具有建筑意义的空间中提升他们的作品，我们为人们提供了一些世界上设计最美、质量最高的经典、现代和当代家具。

Pieces that not only furnish a home, those that define it, but tearing down the wall means more than just opening the doors. It means eliminating the creative limitations that have historically forced designers to choose between our scale and the uncompromising specificity of trade only showrooms. To empower the design community, we are introducing RH Bespoke furniture and RH Couture upholstery. With RH Bespoke, we are offering a level of customization never seen before at scale.

这些不仅仅是装饰家居的作品，而是定义家居的作品，但拆掉这堵墙意味着的不仅仅是打开大门。这意味着消除历史上迫使设计师在我们的规模与贸易专用展厅的无妥协特性之间做出选择的创意限制。为了赋能设计社区，我们推出了 RH 定制家具和 RH 高级软装。通过 RH 定制，我们提供前所未有的规模定制水平。

Interior designers and architects can now specify dimensions for dressers, dining tables, sideboards and cabinets to fit the exact proportions of their architectural canvas. Simultaneously, RH Couture upholstery will redefine the boundaries by integrating custom sizing with com customer's own material into the RH ecosystem. We are giving designers the creative freedom to specify custom sizes and fabrics for sofas, sectionals, chairs, ottomans and beds.

室内设计师和建筑师现在可以为衣柜、餐桌、边柜和橱柜指定尺寸，以适应他们建筑画布的确切比例。同时，RH 高级软装将通过将定制尺寸与客户自己的材料整合到 RH 生态系统中，重新定义边界。我们赋予设计师创作自由，可以为沙发、组合沙发、椅子、脚凳和床指定定制尺寸和面料。

You source the fabric from anywhere in the world. We provide the atelier level, construction and craftsmanship. The scale of taste Our critics will argue that true luxury cannot be scaled. They are wrong. They fail to understand the ability to scale. Taste creates higher quality and value for both the customer and the designer. It has the ability, as other innovations have, to create a larger market, enhance the way we Live and elevate humanity by moving past the antiquated model where each piece is built in isolation, we are building these elite designs in highly disciplined batches.

您可以从世界任何地方采购面料。我们提供工作室级别的构造和工艺。品位的规模，我们的批评者会争辩说，真正的奢华无法规模化。他们错了。他们未能理解规模化的能力。品位为客户和设计师创造了更高的质量和价值。它有能力，正如其他创新一样，创造更大的市场，提升我们的生活方式，并通过超越过时的模型来提升人性，在这种模型中，每件作品都是孤立构建的，我们正在以高度规范的批量生产这些精英设计。

Scale gives us unprecedented leverage, allowing for vastly superior sourcing of raw materials, rigorous quality control, and significant manufacturing and transportation efficiencies. Make no mistake, we are not mechanizing art. The intricate hand carvings and finishes are still executed individually by the world's finest artisans. Because of this human touch, every single piece remains a one of a kind masterpiece in its own right. However, by integrating the fragmented supply chain and presenting these products on an equally unrivaled inspiring architectural platform, consumers now have the access to a level of design and quality previously only available to a select few. A new covenant with the trade. We recognize the ultimate expression of our products requires the vision of incredible talent. To honor the design community, we are redefining how we partner with professionals. We are introducing an exclusive program for interior designers, architects and trade members. The program ensures that professionals are compensated for the tremendous value and aesthetic clarity they create for consumers.

规模赋予我们前所未有的杠杆作用，使我们能够大幅提升原材料的采购、严格的质量控制以及显著的制造和运输效率。请不要误解，我们并不是在机械化艺术。复杂的手工雕刻和饰面仍然由世界上最优秀的工匠单独完成。正因为这种人性化的触感，每一件作品都保持着独一无二的杰作。然而，通过整合分散的供应链，并在同样无与伦比的激励建筑平台上展示这些产品，消费者现在可以接触到以前仅对少数人开放的设计和质量水平。与贸易的新契约。我们认识到，产品的最终表达需要令人难以置信的才华的愿景。为了尊重设计社区，我们正在重新定义与专业人士的合作方式。我们推出了一个专为室内设计师、建筑师和贸易成员设计的独家计划。该计划确保专业人士因其为消费者创造的巨大价值和美学清晰度而获得报酬。

We want to incentivize the world's best talent to build their canvases using our platform, creating a symbiotic ecosystem where design mastery is both accessible and rewarded at every level. The separation between taste and scale is over. The curtain has fallen. It's time to tear down that wall. Carpe diem. Gary. Operator will now open the call to questions.

我们希望激励世界上最优秀的人才利用我们的平台构建他们的画布，创造一个设计大师既可获得又在各个层面上得到奖励的共生生态系统。品位与规模之间的隔阂已经结束。幕布已经落下。是时候拆掉那堵墙了。把握今天。加里。接下来，运营商将开放提问环节。

OPERATOR

运营商

At this time, if you would like to ask a question, please press Star, then the number one on your telephone keypad. To withdraw your question, simply press star one. Again, we kindly ask that you limit your questions to 1 and 1, follow up and return to the queue for any additional. We will pause for just a moment to compile the Q and A roster. Your first question comes from the line of Steve Forbes with Guggenheim. Please go ahead.

此时，如果您想提问，请按电话键盘上的星号，然后按数字 1。要撤回您的问题，只需按星号 1。再次感谢您，我们恳请您将问题限制为 1 个及 1 个后续问题，然后返回队列以进行其他提问。我们将暂停片刻以编制问答名单。您的第一个问题来自 Guggenheim 的 Steve Forbes。请继续。

Steve Forbes (Equity Analyst)

Steve Forbes（股票分析师）

Good afternoon, Gary. Jack. Gary, given the commentary around customization within the shareholder letter that you just went through, curious if you can maybe just give us a high level view on. On what you think this really means for the brand's reach. An addressable TAM, you know, especially once you layer in that new trade program like how much of the market really gets opened up. I don't know if there's a way to contextualize it for us on how you're thinking about it today.

下午好，Gary。Jack。Gary，考虑到你刚刚提到的股东信中关于定制化的评论，我很好奇你能否给我们一个高层次的看法。你认为这对品牌的覆盖范围意味着什么？可寻址的市场规模，尤其是在引入新的贸易项目后，市场真正打开了多少。我不知道你是否能为我们提供一些背景，说明你今天是如何看待这个问题的。

Well, it really opens up on multiple levels. So one is, I mentioned on the video last quarter, you know that the traditional classic market represents about 60% of the luxury home market. And today we're just vastly under penetrated in that market. And if you look back, if you looked at an RH source book from 2014, I think we had 704 pages. It was all classic, all traditionally based. If you look at our business today, because of the evolution and the expansion of modern, then the evolution into contemporary, as the trends hit, our brand, like many brands, and many of us grew up in the fashion industry, you know, I grew up the gap.

这确实在多个层面上打开了市场。我在上个季度的视频中提到过，传统经典市场大约占奢侈品家居市场的 60%。而今天我们在这个市场的渗透率非常低。如果你回顾一下 2014 年的 RH 源书，我想我们有 704 页，全部是经典的、传统的。如果你看看我们今天的业务，由于现代风格的演变和扩展，以及当代风格的演变，随着趋势的变化，我们的品牌，像许多品牌一样，很多人都在时尚行业成长，我也是在 Gap 成长起来的。

And so, you know, learning to build a specialty brand, you're generally keeping it in a very focused, kind of limited point of view, so it'll break through the market. And I think one of the things that I fail to kind of recognize, you know, if you think about the bigger picture of the home industry, is that the trends kind of, you know, kind of lift kind of esthetics during cycles. But they. But that. But the other things don't really stop selling.

因此，你知道，学习建立一个专业品牌，通常会保持在一个非常专注、有限的视角中，以便突破市场。我认为我未能认识到的一件事是，如果你考虑家居行业的更大图景，趋势在周期中会提升美学。但其他的东西并不会停止销售。

They just sell kind of less, you know, because the architecture is really the driving force in the market. So, you know, as we went back and just kind of studied, you know, our history and said, look, we're the smartest things we've done, what are the things we, or you think we missed? What could we have done better? You know, our view is that we could build, as I, again, as I outlined in the video, build our business around the three major aesthetic kind of pieces.

它们只是销售得少一些，因为建筑设计是市场的驱动力。因此，当我们回顾并研究我们的历史时，问自己，看看我们做过的最聪明的事情是什么，我们错过了什么？我们本可以做得更好？我们的看法是，我们可以围绕三个主要的美学元素来构建我们的业务。

And that's traditional, contemporary, and modern. And, you know, we'll refer to it as estates, interiors and modern. So, you know, this is, I would say, I don't know, there's maybe a chance that we might have given away over the last 12 years, you know, 10, 12 years, a billion dollars, you know, maybe more, you know, as we assess the market and try to go back and just do the math and try to extrapolate things. So that's. That's one piece. And then, then I say, you know, every time you do something new, I mean, not a. It's not 100% incremental. You know, there's going to be some level of cannibalization as you expand, you know, a market, whether it's you're expanding product, you're expanding physically, you know, in penetration, you know, there's going to generally be some level of incrementality and there's going to be a level of cannibalization. Our view here, this is one of the most incremental things I think we've ever done. Modern was very incremental, but it was a very small market.

那就是传统、当代和现代。我们将其称为庄园、室内和现代。因此，我会说，我不知道，可能在过去的 12 年里，我们可能放弃了十亿美金，甚至更多，当我们评估市场并试图回去做一些数学推算时。这是其中的一部分。然后我想说，每次你做一些新的事情，虽然不是 100% 增量的。你知道，随着你扩展市场，无论是扩展产品，还是在渗透率上扩展，通常会有一定程度的增量和一些程度的自我竞争。我们在这里的看法是，这是我们做过的最具增量性的事情之一。现代风格的增量性很强，但市场非常小。

When we launched RH Modern, the amount of modern architecture in the world, while it was trending and the world was moving in that direction. Still. It's a fragment of the size of this market. That's how I think about the first piece. The second piece is looking at it not just from aesthetic point of view, but really a market point of view, a design and quality point of view. RH Estates is, from our view, the first step up to the top of the luxury mountain, if you use that metaphor.

当我们推出 RH 现代时，世界上现代建筑的数量，尽管它在趋势上，世界也在朝这个方向发展，但仍然只是这个市场的一小部分。这是我对第一部分的看法。第二部分是从美学的角度来看，而不仅仅是从市场的角度、设计和质量的角度来看。RH 庄园在我们看来，是通往奢侈品巅峰的第一步，如果你用这个比喻的话。

It is the highest level of quality and design that exists, you know, in the world. Unless you're really buying rare antiques, you know, but. But if you think about the brands with it that we've aggregated over the last five years and what we've learned over that time, you know, and what we're bringing to market with the States, which you guys have only seen. Just a little teaser. I mean, that's such a little teaser. This is just a level of design and quality that is not available to the consumer.

这是世界上最高水平的质量和设计。除非你真的在购买稀有古董，但如果你考虑过去五年我们聚集的品牌，以及我们在这段时间内学到的东西，以及我们与庄园一起带入市场的东西，你们只看到了一个小小的预告。这只是一个设计和质量的层次，消费者是无法获得的。

We own these showrooms, and one of our very best ones or two of them, the door is not open to the public. There's a doorbell. So even if you're a consumer and you're walking down the street and you want to go in, you ring a doorbell and you may not be able to get in if you don't have an appointment and if you're not, you know, you're not a member of the trade or, you know, and you don't have an appointment. So. So that, that design and quality and then you've got the accessibility.

我们拥有这些展厅，其中两个最好的展厅，门并不对公众开放。门口有一个门铃。因此，即使你是消费者，走在街上想要进去，你也需要按门铃，如果没有预约，或者你不是行业成员，你可能无法进入。所以，这种设计和质量，以及你所拥有的可及性。

When, whenever we develop any product,

每当我们开发任何产品时，

OPERATOR

操作员

we always do searches on the products. We'll do all kinds of visual searches across all platforms, right, to see who might have something like this. Because the world is looking at different things and seeing different things and understanding different trends and then trying to scale things. And I could tell you we've never had such a low hit rate versus what we're bringing in the market. Now. You can take a negative view and go, well, maybe nobody wants that.

我们总是会对产品进行搜索。我们会在所有平台上进行各种视觉搜索，以查看谁可能有类似的东西。因为世界在关注不同的事物，看到不同的事物，理解不同的趋势，然后尝试扩展这些东西。我可以告诉你，我们从未有过如此低的命中率与我们现在带入市场的东西相比。你可以持消极态度，认为，可能没有人想要这个。

That's why you're not seeing it. No, you're not seeing it because nobody, I don't believe anybody else can really sell it because they don't have the platform and they don't have the brand and, and they don't have the ability to source it at a. At a value equation that we can. I have, you know, I've been lucky. And this one, this is, I mean, I say lucky, not so lucky. I joke with the team. This is the first trend that I, you know, I'm old enough that I was the customer of, you know, when you think about the next thing that's coming, the age of eclecticism, the California look with Michael Taylor.

这就是你没有看到它的原因。不，你没有看到它，因为我不相信其他人真的能销售它，因为他们没有平台，没有品牌，也没有能力以我们能够做到的价值方程来获取它。我很幸运。这是，我说幸运，不是那么幸运。我和团队开玩笑说，这是我，知道我足够老，曾经是客户的第一个趋势。当你想到即将到来的下一个趋势，生态主义的时代，加州风格与 Michael Taylor。

You know, there's a few different kind of names that gave it, and they all come through somewhat differently. But you know, the foundational elements of these giant trends that come through this is one of the biggest ones ever. This is, this one was bigger and longer than modern or any trend we've addressed in my history of rh, right. But I was the customer. I joined RH as, as I was moving into my house in Belvedere, which is the first house I ever lived in in my life.

你知道，这里有几种不同的名称，它们的表现方式各有不同。但你知道，这些巨型趋势的基础元素之一就是其中最大的一个。这是一个比现代或我在 RH 的历史中所涉及的任何趋势都要更大、更持久的趋势，对吧。但我当时是客户。我在搬进我位于贝尔维德尔的房子时加入了 RH，那是我一生中住过的第一所房子。

You know, the only house I built in my life. And you know, my, you know, my first wife was a luxury interior designer. You know, I was her client for a condominium in San Francisco. I had the round Michael Taylor dining table in that house. I had reproduction of the Coco Chanel sofa. You know, I had a lot of these different kind of products that are trends. Now, I probably shouldn't say this. You know, some of this stuff I gotta be careful because all of my competitors are on these calls and they're, you know, it's gonna wait for me to slip up and let them, let them hear, see something.

你知道，这是我一生中建造的唯一一所房子。我的第一任妻子是一位奢华室内设计师。我是她在旧金山一套公寓的客户。我在那所房子里有一张圆形的迈克尔·泰勒餐桌。我有可可·香奈儿沙发的复制品。你知道，我有很多这样的产品，它们现在都是趋势。现在，我可能不应该这么说。你知道，我得小心，因为我的所有竞争对手都在这些电话会议上，他们会等着我出错，让他们听到、看到什么。

But, you know, this, I lived through this trend. And so, you know, in, at my house in Belvedere, how many things do I have from formations that I bought six or seven items from formations that I bought years ago. I. I have the Michael Taylor recti, rectangle, rectangle diamond table in, in my house. So, you know, I bought two of them. I had the round one in, in the condo. The first, first job we did together in the rectangle one. I know how much I paid for those 27, 26, 27 years ago.

但是，你知道，我经历过这个趋势。所以，在我位于贝尔维德尔的家里，我有多少来自 formations 的东西，我几年前买了六七件。我家里有迈克尔·泰勒的矩形钻石桌。所以，你知道，我买了两个。我在公寓里有圆形的那个。我们一起做的第一件工作是矩形的那个。我知道我在 26、27 年前为它们支付了多少钱。

And, and I know what the been selling for recently, you know, because we, we own those businesses. And, and the value equation, the quality we're going to bring to the market and the value equation we're going to bring, the market has never been seen before, you know, and I don't say that lightly. I usually never, you know, go out on a limb like this, but never been seen before. And you, you try to do a visual search online, it is not out there unless you want to go in first dibs and buy an antique, which is fine.

而且，我知道最近它们的售价，因为我们拥有这些业务。我们将带给市场的价值方程和质量是前所未见的，你知道，我不是轻描淡写地说这个。我通常不会这样冒险，但这真的是前所未见的。你试着在线进行视觉搜索，它是找不到的，除非你想去 First Dibs 买一件古董，这也没问题。

We can't stop you from buying an antique. I had to read everybody with what we have in the back of our catalog, right? Because if anybody tries to come after any of these goods, it's going to be a bad day because we own the intellectual property on the vast majority of what we're bringing to the market. I mean, we could, you know, we have patent pendings on. What would we say, what percent of this book? 80, 65 to 80% of the book. We should go down and we should go back and just actually add it all up.

我们无法阻止你购买古董。我必须让每个人都了解我们在目录后面的东西，对吧？因为如果有人试图追赶这些商品，那将是个糟糕的日子，因为我们拥有大部分我们带入市场的知识产权。我的意思是，我们可以，你知道，我们对这本书的百分之多少有专利申请？80%，65% 到 80% 的书。我们应该回去，把所有的加起来。

Yeah. So there's just so many things we're doing we've never done before. And the way we're addressing the market and the way we're sourcing these goods, I mean that, you know, the people that are making these goods grew up making these goods, that the manufacturers that are making these, you know, they were part of this, that industry, you know, making for the highest end showrooms before we met them and started to scale with them. And they're also excited to be able to make this quality again, you know, because they're, you know, the market is so fragmented, but it, you know, so, so this, this, the design and quality, you know, aspect of this is, is huge. And then the next piece you have is, we're, you know, we're going to open the market up to what do we call them, super buyers? Furniture. I mean, we, we have a very big trade business. We provide excellent service to the trade and to high end interior designers and design firms. You know, our teams act as a back office. We'll do designs and renderings and presentations for them. You know, we'll support them in any way we can in many times in delivery and installation and.

是的。所以我们正在做的事情有很多是我们从未做过的。我们进入市场的方式和我们采购这些商品的方式，我的意思是，制造这些商品的人是从小就开始做这些商品的，制造这些商品的制造商，他们在我们认识他们并开始与他们扩展之前，就已经是这个行业的一部分，为最高端的展厅制造产品。他们也很高兴能够再次制造这种质量的产品，因为他们，你知道，市场是如此分散，但你知道，这个设计和质量的方面是巨大的。然后你还有下一部分，我们要向我们称之为超级买家的市场开放家具。我的意思是，我们有一个非常大的贸易业务。我们为贸易和高端室内设计师及设计公司提供优质服务。你知道，我们的团队充当后台支持。我们会为他们做设计、渲染和演示。你知道，我们会在交付和安装等方面尽可能支持他们。

But at the same time, you know, there, there is an aspect of just recognition and compensation that, you know, we haven't done. And the team jokes around because every time I go to High Point, you know, someone comes up to me and says, you know, like, I love your brand. Oh my God. And you know, please, please, you know, help us make money, you know, let us make money on your brand. And you know, we haven't offered and incentified the design trade.

但与此同时，你知道，有一个方面就是认可和补偿，我们还没有做到。团队开玩笑说，因为每次我去海波因特时，总会有人走过来对我说，你知道，我喜欢你的品牌。哦，我的天啊。请，请，帮助我们赚钱，让我们在你的品牌上赚钱。你知道，我们还没有为设计行业提供激励。

And I, and I look back and I think, you know, when, because I came from a, you know, family situation that, that had interior designer and I had, I had the insight of looking at, you know, just how complex and difficult that was, you know, and, and it was also, you know, it was, you know, not only was it not transparent, you know, just not accessible. You couldn't get and see it, you couldn't buy it, you know, and I, I just thought, you know, over time just making high quality goods available would, you know, that the consumers would drive designers to our brand.

我回想起来，我想，你知道，因为我来自一个有室内设计师的家庭，我有机会看到，知道这有多复杂和困难。你知道，这不仅不透明，而且也不可获取。你无法看到和购买它。你知道，我只是想，随着时间的推移，让高质量的商品变得可用，消费者会推动设计师选择我们的品牌。

And I think they have, you know, but at the same time, you know, there's really great interior designers that, you know, they're running a different model and you know, even, you know, the mother of my girls, you know, who was here consulting us, what, 10 days ago, two weeks ago, just give us the insight of a, you know, high end designer. She runs a design firm and she said, you know, she said, listen, you know, do I buy our age? Of course I buy rh Do I want to spec that first?

我认为他们确实这样做了，但与此同时，确实有一些优秀的室内设计师，他们在经营不同的模式。你知道，甚至，我女儿的母亲，十天前、两周前在这里咨询我们，给我们提供了高端设计师的见解。她经营一家设计公司，她说，你知道，她说，听着，我会买 RH 的产品，当然我会买 RH。

No. You know, a lot of times, you know, my clients will say, hey, look, okay, do your designs, you know, in the, in the primary living room, in the primary bedroom, in the primary dining room. But, but like do RH for the family room and the media room and all the rest of the bedrooms. And she was saying like, just finally, like, okay, I will. And you know, she said, but I'm thinking to myself, I can't make any money. You know, like they're, you know, interior designers have a markup model, right, and, and a, an hourly model.

我想先指定其他品牌吗？不。你知道，很多时候，我的客户会说，嘿，看看，好吧，在主客厅、主卧室、主餐厅做你的设计。但像家居室和媒体室以及其他所有卧室就用 RH。她说，最后，她说，好吧，我会的。你知道，她说，但我心里想，我赚不到钱。你知道，室内设计师有一个加价模式，对吧，还有一个按小时计费的模式。

But you know, they kind of need both to make the business work. And, and I think we've, you know, we, we just haven't, we haven't been an open platform like that. And I think that, I think we are just overlooking kind of a super customer. I mean they're, they buy furniture all day long. That's, that's what they do for a living. So it kind of doesn't make sense that we're not doing it when you really look at it critically. But I think it really makes sense here too, you know, the timing of this because, you know, not only are we going to have this design and quality that is at the very highest level of the market, we're going to also empower the designers and consumers for that matter, and all of our designers with the ability to customize and the ability to do com and customer's own material and the ability to do all the things that they need or want to do to do truly custom work at the highest end. And I would say this is just the beginning. Right? It's not. And it's not the only thing we'll do. Yeah, Someone asked me the other day, hey, you know, are your prices going to be higher? Well, yeah, they're going to be higher.

但是你知道，他们实际上需要两者来使业务运作。而且，我认为我们一直没有像那样成为一个开放的平台。我认为我们忽视了一个超级客户。我的意思是，他们整天都在买家具。这就是他们的职业。所以，当你真正批判性地看待这一点时，似乎不做这件事是没有道理的。但我认为这里的时机确实很重要，因为，不仅我们将拥有市场上最高水平的设计和质量，我们还将赋予设计师和消费者，甚至所有设计师，定制的能力，以及使用客户自己的材料的能力，做他们需要或想要做的所有事情，以在最高端进行真正的定制工作。我会说这只是一个开始，对吧？这不是我们唯一会做的事情。是的，有人前几天问我，嘿，你知道吗，你们的价格会更高吗？嗯，是的，它们会更高。

I mean the quality is mass massively, you know, higher, but, but it's such a tremendous value and, but the price should be higher. This is not just, you know, kind of smooth wood with this sprayed on finish or you know, a contemporary piece with curved edges. This is hand Patina, hand carved, you know, hand distressed, so many details to get it right. And, and every piece is a one of a kind because of the handwork and, and how it's made and you know, so, you know, but someone said, oh, well, you know, how do you know you're not going to make a mistake?

我的意思是，质量是大幅度提高的，但这确实是一个巨大的价值，但价格应该更高。这不仅仅是光滑的木材喷涂的表面，或者是有曲线边缘的现代作品。这是手工打磨、手工雕刻、手工做旧，很多细节都需要做到完美。而且，每一件都是独一无二的，因为它是手工制作的，制作方式也不同，你知道，所以，你知道，但有人说，哦，你知道，你怎么知道你不会犯错？

Like contemporary, well, contemporary wasn't, didn't have the handwork, didn't have that level of detail, didn't have those things. And we just, you know, we were a bit arrogant at that point in time. So, but, but because, you know, we're out here with a unique product also, you know, I think that we're, we're offering such an incredible value, you know, but I think that there's also an opportunity because of how long we've been thinking about this, working on it.

像现代风格，现代风格没有手工制作，没有那种细节水平，没有那些东西。我们当时有点自负。但是，因为你知道，我们在这里推出一个独特的产品，我认为我们提供了如此令人难以置信的价值，你知道，但我认为也有机会，因为我们考虑这个问题的时间很长，正在努力。

I mean, I think it's the most intelligent, deep thinking launch of a brand we've done. You know, we really started investing in this in 2000, you know, so here we are, you know, 2026. We acquired Dimitri and Joseph Jupe in 2000. 2020, huh? 2020. 2020, not 2000. Yeah. Thank you. Yeah. 2020. Yeah. Thank you. Not that long ago but you know, it's been a long term investment. So this, this, you know, and so many, you know, think about the opening of the high end design market on this and you know, there's nothing that we're doing to value engineer the product.

我的意思是，我认为这是我们推出品牌时最聪明、最深思熟虑的方式。你知道，我们在 2000 年开始投资这个，所以现在是 2026 年。我们在 2020 年收购了 Dimitri 和 Joseph Jupe。嗯？2020 年，嗯？2020 年，不是 2000 年。是的，谢谢。是的，2020 年。是的，谢谢。没那么久，但你知道，这是一项长期投资。所以，这个，你知道，想想高端设计市场的开启，你知道，我们没有做任何事情来降低产品的价值。

I mean, you know, we are making the identical quality, you know, the diamond table is made with the identical molds of Michael Taylor. You know, that, you know, the tops and everything are the same quality. The finishes, you know, that we're offering, the array of finishes is at a whole different level. You're going to see when you see this book. Is BNC at home next week? What are we saying? End of next week? Early following week? Early following?

我的意思是，你知道，我们正在制作相同质量的产品，钻石桌子是用 Michael Taylor 的相同模具制作的。你知道，桌面和一切都是相同的质量。我们提供的表面处理，种类繁多，处于一个完全不同的水平。你会看到，当你看到这本书时。BNC 下周在家吗？我们说什么？下周末？下周初？下周初？

Yeah. Okay. Early following week we kept tweaking it and tweaking it and we had a lot of last minute ideas to kind of make it better as we were working on it. But you know, but it was also it, you know, taken us a little longer because it required, you know, different little level of thought and discipline and you know, compositions and presentation to do it at the level that it deserves to be presented at. And so know, a few weeks late to us, you know, it's not the big deal.

是的。好的。下周初我们一直在调整，调整，我们有很多最后时刻的想法来改善它，因为我们在处理它时。但你知道，这也花了我们更长的时间，因为它需要不同的思考和纪律，以及构图和展示，以达到应有的水平。所以，对我们来说，几周的延迟并不是大问题。

You know, I know I read a couple of analyst reports are going, oh my God, it's late. Like, I don't know, like, was Tesla ever on time? You know, it changed the whole car industry. So, you know, it's not about like, hey, I'm, I'm rushing to mediocrity here. You know, we're trying to make big moves that are, that are industry redefining and I think this is one of them. I think this is, this is the biggest move we've ever made. It is fundamentally different on so many levels and opens up so many dimensions of a market.

你知道，我知道我读了一些分析师的报告，他们说，哦，我的天，它晚了。就像，我不知道，特斯拉曾经准时吗？你知道，它改变了整个汽车行业。所以，你知道，这不是说，嘿，我在急于平庸。你知道，我们正在努力做一些行业重新定义的大动作，我认为这是其中之一。我认为这是我们做过的最大的一步。在许多层面上，它是根本不同的，并且打开了市场的许多维度。

But it also opens up the learning that can be applied to modern and to interiors and so on and so forth. And thinking about how big is our market. When you think about what I just said about my daughter's mother and she said, yeah, customers will say, okay, do the primary rooms. And then, you know, use our age for these other rooms. Well, what's really interesting about that, our whole focus with this, the initial lens, the key part of the lens was because we, we knew that by the way.

但它也开启了可以应用于现代和室内等方面的学习。考虑到我们的市场有多大。当你想到我刚才说的关于我女儿的母亲时，她说，是的，客户会说，好吧，做主要房间。然后，你知道，使用我们的年龄来处理其他房间。嗯，这真的很有趣，我们的整个重点是，最初的视角，关键部分的视角是因为我们知道这一点。

So we said, let's win the primary rooms. Let's make sure we get the primary bedroom. If we get the primary bedroom, we have the assortment to get the other rooms. Let's get the primary dining room. When you see some of the dining tables we have, you go on first dibs and start at $250,000 with expensive dining table and go all the way through it down to the prices we have it at. You won't find anything of our quality, you know, or design. Yeah, we've went through all of it.

所以我们说，让我们赢得主要房间。确保我们获得主卧室。如果我们获得主卧室，我们就有足够的选择来获得其他房间。让我们获得主餐厅。当你看到我们的一些餐桌时，你会在 first dibs 上看到，起价 250,000 美元的昂贵餐桌，一直到我们现在的价格。你不会找到任何我们质量或设计的东西。是的，我们已经看过所有的。

We know every dining table on first dibs, you know, at, at every competitor at the highest ends to down. We spent a lot of time studying this market. The goal is the dining room, the primary living room, the primary bedroom. But these goods can also eclectically be presented in a very cool way. You'll see it when it's all presented. Looks. It looks different than RH today, but it does look like RH today. But I think you'll see a very big move. You know, you're just going to see like, whoa.

我们知道在 first dibs 上每一张餐桌，你知道，在每个竞争对手的最高端到最低端。我们花了很多时间研究这个市场。目标是餐厅、主客厅、主卧室。但这些商品也可以以非常酷的方式呈现。你会看到，当它全部呈现时。看起来与今天的 RH 不同，但今天的 RH 看起来也像。你知道，我认为你会看到一个非常大的变化。你知道，你会看到，哇。

I mean, I think the design community is going to go, whoa. I didn't know they had the cinema. So I know that's a long ramble. But you know, like, I'm so excited. If you guys want to talk for the next five hours about estate. Yeah, you're going to have my attention. Thanks, Karen. And maybe a very quick follow up for Jack. Given the tariff refund commentary in the queue, maybe just help us or confirm whether or not any refunds are included within the guidance.

我的意思是，我认为设计界会感到惊讶。我不知道他们有电影院。所以我知道这段话有点长。但你知道，我非常兴奋。如果你们想谈论房地产的事情，接下来的五个小时我都会很关注。谢谢你，Karen。也许对 Jack 有一个非常简短的跟进问题。考虑到排队中的关税退款评论，能否帮我们确认一下指导中是否包含任何退款。

No, no further refunds. I mean the refund started coming, but there's no, you know, they've been kind of paused. You might be following some of that activity as far as the DOJ and the. And you know, how those, how those are playing out in the courts. So. But as far as the guidance reflects, does not reflect the free cash flow, specifically, does not reflect any further tariff refunds. Thank you both. Your next question comes from the line of Michael Lasser with ubs.

不，没有进一步的退款。我的意思是退款开始来了，但没有，他们已经暂停了一些。你可能在关注一些关于司法部的活动，以及这些事情在法庭上是如何进行的。所以，至于指导，确实没有反映自由现金流，特别是没有反映任何进一步的关税退款。谢谢你们。你们的下一个问题来自于 UBS 的 Michael Lasser。

Please go ahead.

请继续。

Michael Lasser (Equity Analyst)

Michael Lasser（股票分析师）

Good evening. Thank you so much for taking my question. I wanted to dig in on the 500 basis points of contribution that you were expecting from RH Estates in the back half of the year. That's just under $100 million. What is the basis for that expectation? And you've already alluded to the need to evolve some of the elements of the model or the way you interact with core customers, like the trade. Do you think you need to make further changes to your customer acquisition engine beyond the legacy model of just simply mailing out a book and then expecting that the consumer will come, especially in this age where your competitors are going hard after social media and other forms of manners, that they're reaching the consumer. Thank you.

晚上好。非常感谢你们回答我的问题。我想深入了解你们对 RH Estates 在下半年预计贡献的 500 个基点的看法。这大约是 1 亿美元。你们对这个预期的依据是什么？你们已经提到需要对模型的一些元素或与核心客户的互动方式进行演变，比如贸易。你们认为除了简单地邮寄一本书并期待消费者上门之外，还需要对客户获取引擎进行进一步的改进吗？尤其是在这个竞争对手在社交媒体和其他方式上大力追求消费者的时代。谢谢。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

I don't know. They've been doing that the last three years, and we've outperformed all of them. So, you know, I think, you know, when you say, you know, we're mailing a book and expecting people to come, we built the best, the, the greatest physical platform on the planet earth for our kind of products. Right? So don't overlook the physical platform. You know, and you, Michael, if you look at that video I did last quarter, I outlined that, you know, furniture is the least digitized business. You know, 80% done in stores, it's 20% done online. At the luxury level, it's 95. 5. So, you know, this is a business you need to see touch fit in, you know, comfort, scale, all those kind of things. So, I mean, the book is just, you know, it's a small way we, we use it to integrate the whole thing.

我不知道。他们在过去三年里一直在这样做，而我们超越了他们所有人。所以，你知道，当你说，我们邮寄一本书并期待人们上门时，我们为我们的产品建立了地球上最好的、最伟大的实体平台。对吧？所以不要忽视实体平台。你知道，Michael，如果你看我上个季度做的视频，我提到过，家具是最不数字化的行业。你知道，80% 的交易是在商店完成的，20% 是在网上完成的。在奢侈品层面，比例是 95 比 5。所以，你知道，这是一个需要亲自看到、触摸、试穿、感受舒适度和规模的行业，所有这些因素。所以，我的意思是，这本书只是我们整合整个过程的一种小方式。

You know, people look forward to getting our books. You know, it's a, it's a physical thing. It's still fit. We have a digital book, too, but we just don't. You know, I'm just not a believer in following the trends of a lot of people that are following other people. We just think it's massively unauthentic to pay some stranger to, you know, some influencer to go talk about our goods. And they don't know nothing about us. They know nothing about the Product. They're not an expert in the, in the field. And you know, I think, I think that's a lot of noise. You know, maybe it's good for, you know, building beauty brands to teenagers or, you know, other stuff like that. It doesn't affect what I buy, you know, and I have a lot of homes. And so I don't think it affects our customer or we wouldn't be the biggest brand of our kind. We wouldn't have outperformed everybody.

你知道，人们期待收到我们的书。这是一个实体的东西。它仍然是合适的。我们也有数字书，但我们只是没有。你知道，我不相信跟随很多人追随的趋势。我们认为，支付一些陌生人，或者一些影响者去谈论我们的产品是极其不真实的。他们对我们一无所知。他们对产品一无所知。他们在这个领域不是专家。你知道，我认为这只是很多噪音。也许这对向青少年推广美容品牌或其他类似的东西有好处。但这并不影响我购买的东西，你知道，我有很多房子。所以我认为这不会影响我们的客户，否则我们不会成为我们这个领域最大的品牌。我们不会超越所有人。

You know, I mean, even if you look at this last quarter we have, I mean, you look at, look at us at over a two year basis or three year basis. Over two year basis. Only West Elm has performed as well as us on a three year basis. We're better than everybody, you know, and you know, and West Elm just had, you know, great porter and I think they're doing a great job. And you know, but you know, if you look at anybody buying furniture, you know, it's, you know, I tell people when you go out there, bang pots and pans and try to get attention, doing inauthentic things, you're just creating noise.

你知道，我的意思是，即使你看看上个季度，我们的表现，我的意思是，从两年或三年的角度来看。两年内，只有 West Elm 的表现与我们相当。在三年内，我们的表现优于所有人，你知道，West Elm 刚刚有了很好的表现，我认为他们做得很好。你知道，但如果你看看任何购买家具的人，你知道，我告诉人们，当你出去时，敲打锅碗瓢盆，试图引起注意，做一些不真实的事情，你只是在制造噪音。

You're creating your own noise, you know, and you, you wind up, you know, chasing things and thinking that they're relevant when they're not, you know, and you know, we've tried and tested different things and we have a lot of data behind what, you know, what we've done and, you know, and why we're doing what we do. And you know, nobody thought we were smart to build the stores. We did. And the galleries. We did. And those turned out pretty well.

你在制造自己的噪音，你知道，你最终会追逐一些事情，并认为它们是相关的，但实际上并不是。你知道，我们尝试和测试了不同的事情，我们有很多数据支持我们所做的事情，以及我们为什么这样做。你知道，没有人认为我们聪明到能建立我们所建立的商店和画廊，而这些结果都相当不错。

And yeah, everybody stopped mailing books and we're still mailing books. The only difference, like right now, in a point in time, you know, you can put our model against anybody, you know, put it against today's very best customer. Back out our investments in international expansion, you know, back out our investment in building estates, you know, which is not like some little introduction, you know, of a, you know, 80 page book, you know, that, you know, that, you know, five or seven years later you wind up with one store, you know, this is, you know, we're making serious investments to build a platform unlike anybody else, you know, and so, yeah, in a down market like this, are we going to, Is our model not going to look as good?

是的，大家都停止邮寄书籍，而我们仍在邮寄书籍。唯一的区别是，现在在某个时间点，你可以将我们的模型与任何人进行比较，你知道，将其与今天最好的客户进行比较。扣除我们在国际扩张上的投资，扣除我们在建立房地产上的投资，这并不是一些小的介绍，你知道，80 页的书，五年或七年后你才会得到一家商店。你知道，这是，我们正在进行严肃的投资，建立一个与众不同的平台。所以，是的，在这样的低迷市场中，我们的模型看起来会不那么好？

Yeah, yeah, okay. You know, but you're looking at people that aren't even investing. They're not building anything. They're trying to be great cost controllers, you know, so, yeah, just wait till the other side, this cycle for us. And you know, and I think we're going to have a cash generation machine that this industry has never seen.

是的，是的，好吧。你知道，但你看到的是那些甚至不在投资的人。他们什么都不在建设。他们试图成为优秀的成本控制者。所以，是的，等到这个周期的另一边，对我们来说，我认为我们将拥有这个行业从未见过的现金生成机器。

Michael Lasser (Equity Analyst)

Michael Lasser（股票分析师）

Understood. My follow up question is about the margin profile of RH Estates. Is it sufficiently higher than the legacy business in order to fund the investments that you're doing, provide the incentives to the trade community as well as anything else you might have on the horizon and still drive the margin expansion that you embedded in the back half or do you see other building blocks to arrive at the margin expansion that you're expecting? Thank you very much.

明白了。我的后续问题是关于 RH Estates 的利润率情况。它是否足够高于传统业务，以支持你们正在进行的投资，提供对贸易社区的激励，以及你们可能有的其他计划，同时还能推动你们在下半年所嵌入的利润扩张？非常感谢。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗里德曼（董事长兼首席执行官）

States has got its margin profile best based on the quality and exclusivity and desirability of those goods. Right. If, you know, if you've got a level of design and quality and scarcity, you know, and build desire, you know, who knows what the margins will be? I think we determine our margins based on a competitive nature and you know, if there's others selling something in the market, okay, you know, is there a quality differentiation? How big is it, how different is the design, so on and so forth. What access do they have to the market? You know, do they have a big enough platform to matter? You know, all kinds of things like we're not really doing margin building to pay for something like, you know, incentive for the trade. The incentive for the trade. It's a simple model like we give X and we need an X. We need a list of. Yeah.

States 的利润率基于这些商品的质量、独特性和吸引力。如果你有一定的设计、质量和稀缺性，并且能够激发需求，那么利润率会是多少呢？我认为我们的利润率是基于竞争性质来决定的，如果市场上有其他人在销售类似商品，那么，质量是否有差异？差异有多大，设计有多不同，等等。他们对市场的进入有多大？他们是否有足够大的平台来影响市场？我们并不是在进行利润构建来支付某些东西，比如贸易激励。贸易激励是一个简单的模型，我们提供 X，而我们需要一个 X。我们需要一个清单。

And it's so minor, you know, on a model like ours because we have such leverage and flow through, you know, I mean, just you have to think about our model like you know, even think, think about estates on a, you know, our whole business has a different model than everything else just because kind of the price points of our product. Right. Versus most people selling furniture. So we have significantly more leverage, you know, just handling goods, shipping goods, delivering goods, so on and so forth. And we have tremendous leverage in our interior design business because, you know, we're selling, you know, high average orders, you know, and yes, there's an investment to do that work.

在我们这样的模型中，这个比例是非常小的，因为我们有如此大的杠杆和流动性。你必须考虑我们的模型，甚至可以考虑 estates，因为我们的整个业务模型与其他所有业务都不同，仅仅是因为我们产品的价格点。与大多数销售家具的人相比，我们有显著更大的杠杆，仅仅是在处理商品、运输商品、交付商品等方面。我们在室内设计业务中也有巨大的杠杆，因为我们销售的是高平均订单，当然，进行这些工作的确需要投资。

But we, you know, we have such leverage on incremental sales and again, it's a little mask today because, you know, because of the investments we're making, you know, in international and you know, in things like estates and so on and so forth. But yeah, you know, we've got plenty of margin to cover what we're doing. We'll have plenty of margin growth going forward. You know, like I said, you know, we're looking at our, you know, what we believe, you know, the cash generation model of this business is going to look like because we think that's the most important metric.

但是，我们在增量销售上有如此大的杠杆，再次强调，今天的情况有点掩盖，因为我们正在进行国际投资，以及在 estates 等方面的投资。但我们有足够的利润来覆盖我们正在做的事情。未来我们将有充足的利润增长。正如我所说，我们正在关注我们认为这个业务的现金生成模型将会是什么样子，因为我们认为这是最重要的指标。

And I think as we move past the peak investment cycle, you know, this year, and our, you know, we believe our, you know, our top line is going to inflect that kind of irrelevant of what the external market does unless it really, you know, look, if we get into a war that massively impacts, you know, the economy, the inflation, you know, so on and so forth, that's going to, you know, it's going to put pressure on everyone. Work, you know, those things happen. But we don't need a big move in the housing market to grow. We don't even need a move in the housing market. I'm not counting on the, on the, you know, the guidance we just gave everyone. I'm not counting on the market getting any better. The market could get worse and, you know, I'd be surprised if we don't beat those numbers. So a 5% incremental move on estates is really conservative.

我认为，随着我们在今年的投资高峰周期过去，我们相信我们的收入将会反弹，这与外部市场的表现无关，除非真的发生了对经济、通货膨胀等产生重大影响的战争，这将对每个人施加压力。这些事情会发生。但我们不需要房地产市场的大幅波动来实现增长。我们甚至不需要房地产市场的波动。我并不指望我们刚刚给出的指导会有所改善。市场可能会变得更糟，我会感到惊讶，如果我们没有超越这些数字。因此， estates 的 5% 的增量增长是非常保守的。

Michael Lasser (Equity Analyst)

迈克尔·拉瑟（股票分析师）

Thank you very much and good luck.

非常感谢，祝好运。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗里德曼（董事长兼首席执行官）

Thank you.

谢谢。

OPERATOR

操作员

Your next question comes from the line of Simeon Gutman with Morgan Stanley. Please go ahead.

您的下一个问题来自摩根士丹利的西门·古特曼。请继续。

Simeon Gutman (Equity Analyst)

西门·古特曼（股票分析师）

Hi, Gary. Hey, Jack. I want to follow up on two items. First, estates and top line trajectory. And then my follow up will be on the balance sheet. So first on estates, can you give us a sense of sequencing how much of the collection is being launched? I assume it'll be continuous. What percentage of items on floors and galleries will be estates? When should we expect that, that, that fully ramped? And then should we be seeing the customer deposit line pick up a bit? Not just from these back orders, but from estates? And then I'll wait for the follow up.

嗨，加里。嗨，杰克。我想跟进两个项目。首先是 estates 和收入轨迹。然后我的后续问题将是关于资产负债表的。首先关于 estates，你能给我们一个关于产品发布顺序的感觉吗？我假设这将是持续的。展厅和画廊中有多少百分比的商品将是 estates？我们应该期待什么时候完全达到这个比例？然后我们是否应该看到客户存款线有所上升？不仅仅是来自这些积压订单，还有来自 estates 的？然后我会等待后续问题。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗里德曼（董事长兼首席执行官）

How many questions did you just ask here? That was good. Simeon, I just saw you in Milan. I thought you asked me all the questions you might have had. You probably have a. Yeah, maybe, maybe everybody on the phone should ask you questions about estates. You're one of the few people that, that thought, you know, set up in Milan. But okay, so the sequencing of the products coming in stores, we will be kind of terracing in stores. When do we get to like 60% of the sales? 65%. What is that?

你刚才问了多少个问题？很好。西门，我刚在米兰见到你。我以为你已经问完了所有问题。你可能有。也许，电话上的每个人都应该问你关于 estates 的问题。你是为数不多的在米兰设立的人之一。但好吧，关于产品进入商店的顺序，我们将会在商店中逐步推出。我们什么时候能达到 60% 的销售？65%？那是什么？

Simeon Gutman (Equity Analyst)

西门·古特曼（股票分析师）

September? End of September. So end of September will be in the galleries that represent, you know, roughly 60 to 65% of business, you know, roughly two thirds of the business. And then what's the next wave that hits said pretty much every month. Every month. So every month we kind of have. So December will be all galleries. Our, our second mailing of estates will be the early part of November. So and that will be a pretty meaningful expansion of the assortment.

九月？九月底。所以到九月底，画廊中将大约占 60% 到 65% 的业务，差不多是三分之二的业务。然后下一波是什么？几乎每个月都会有。所以每个月我们都会有。因此，十二月将是所有画廊。我们第二次的 estates 邮寄将在十一月的早期进行。这将是一个相当重要的品类扩展。

So you'll, you'll see us building this assortment over the next couple of years. And then the custom. Oh yeah, yeah. They said should we expect deposits to tick up? I mean they follow our business so as revenues grow, demand is driven, the customer deposits take up. Yeah. So then I'll put the follow up, it's part two parts in the follow up. Should the deposits already be ticking up if as these backorders exist or know that that was already on deposits.

所以你会看到我们在接下来的几年中逐步建立这个品类。然后定制。哦，是的，他们说我们应该期待存款上升吗？我的意思是，他们跟随我们的业务，因此随着收入的增长，需求驱动，客户存款会增加。是的。那么我将把后续问题分为两个部分。存款是否应该已经上升，如果这些积压订单存在，还是说那已经是存款了。

And then just thinking about balance sheet like the business improves and inflects as you said Gary, there's a lot of leverage in it. The balance sheet cash flow stuff should resolve itself. But can you remind us, you know this path to getting debt free by 29. What is there an update? What other steps are you taking to get to that? How, how much of a priority is it versus just letting the business now let the estates collection speak for itself and then drive the natural deleverage of the business.

然后考虑到资产负债表，正如你所说的，业务在改善和转折，里面有很多杠杆。资产负债表的现金流问题应该会自行解决。但你能提醒我们一下，关于到 29 岁时实现无债务的路径，有什么更新吗？你们还采取了哪些步骤来实现这一目标？这件事的优先级有多高，相较于让业务现在让资产的回收自行发声，从而推动业务的自然去杠杆化。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

I think we were pretty clear it's a big priority. And you know we outlined asset sales of what, two to 250 a year over the next two years. We just completed a transaction inside our Aspen real estate where you know we sold some properties to our partner and you know sold the property to us and we now have more independent control process. You know a lot of properties that we can monetized more quickly than less quickly. How many properties did we take control of again? Eight or eight. Eight in total. Eight in total. We have 100% control now so you know we don't have to work through you know, JV and a partnership to kind of monetize things. And you know Dave Stanchak is back and Dave knows how to get deals done, you know, buying or selling.

我认为我们已经很明确这是一个重要的优先事项。我们已经概述了未来两年每年出售两到 250 个资产的计划。我们刚刚完成了一笔交易，在我们的阿斯彭房地产中，我们将一些物业出售给了我们的合作伙伴，并且我们现在拥有更多的独立控制权。我们有很多物业可以更快地变现。我们总共控制了多少物业？八个，八个总共。我们现在拥有 100% 的控制权，因此我们不必通过合资企业和合作伙伴关系来变现。你知道，Dave Stanchak 回来了，Dave 知道如何完成交易，无论是购买还是出售。

And so and we were you know holding also have real estate outside of the JV and you know so you know there's that and there's you know the business performance, there's the spending, you know, inflection down in a deflection I guess call it or you know so this multi check at any point of jump in with anything but you know it's really the you know the spending comes down, the sales are going to go up that we'll have asset sales and free cash flow will build.

所以我们还持有合资企业之外的房地产，你知道，还有业务表现、支出，下降的转折，我想称之为，或者说这个多重检查，任何时候都可以插入任何内容，但你知道，支出在下降，销售将会上升，我们将进行资产出售，自由现金流将会增加。

Yeah through that time period. So again I think it's just reiterate what Gary said which is it remains remains a priority. You know, the exact timing of you know being Debt free. I mean, again, it's our, it's our target, it's our goal. But I think importantly just that, that making progress on that, on those initiatives. That's what we're focused on. Yeah, and I think we have a history of, you know, being relatively creative with the capital markets.

是的，在那段时间里。所以我再次强调 Gary 所说的，这仍然是一个优先事项。你知道，确切的无债务时间，嗯，这再次是我们的目标，但重要的是在这些举措上取得进展。这是我们关注的重点。是的，我认为我们在资本市场上有相对创造性的历史。

You know, we've had a lot of good timing, you know, before this, you know, four year downturn of the housing market. So, you know, our buyback wasn't as well timed as maybe our other buybacks and in our, you know, capital approach to it. You know, I wish we would have locked it in, but we didn't. And you know, many, you know, big banks that you guys work for told us, oh no, don't lock it in. You know, it's, you know, interest rates aren't going up.

你知道，我们在这之前有过很多好的时机，四年房地产市场下滑之前。所以，你知道，我们的回购时机没有像其他回购那样好，关于我们的资本运作。我希望我们能锁定，但我们没有。你知道，许多你们工作的银行告诉我们，哦，不要锁定。你知道，利率不会上升。

Oh no, there's one little move and all of a sudden we had the fastest rise of interest rates in the history of our lifetimes. You know, so you don't always get these things right. But I mean, you know, when, when our stock gets to the right levels, would we exercise, you know, convertible options to take down debt and move debt like that? We have so many ways to work the balance sheet to do things. You know, you don't want to do any convertible debt at this level. But you know, we don't think our stock is going to be at this level very long and we think it's going to move, you know, with our business and as we execute and you know, and again, we're, we're kind of on the other side of the cycle. You know, we just, we're in our most prolific spending period of all time.

哦，不，突然之间我们经历了我们一生中最快的利率上升。所以你并不总是能正确把握这些事情。但我的意思是，当我们的股票达到合适的水平时，我们会行使可转换期权来减少债务并转移债务吗？我们有很多方法来处理资产负债表。你知道，在这个水平上不想做任何可转换债务。但你知道，我们认为我们的股票不会在这个水平上待很久，我们认为它会随着我们的业务而波动，随着我们的执行而波动。再说一次，我们正处于周期的另一边。你知道，我们刚刚经历了我们有史以来最繁荣的支出期。

And you know, unfortunately it was, you know, post Covid and we're building some of the most important things we've ever built. And it all costs, you know, a hell of a lot more than know we would have built it pre Covid. So yeah, unfortunate timing, but nonetheless, all, all kind of short term things to navigate around. I mean, you know, once you spend the money, the money's behind you, right? And you know, I, I look at it and I say, yeah, I mean, there's some people that want to focus on operating margin, you know, and we're going to carry a lot more depreciation. But you know, for investors want to focus on that line, all right, you know, focus on that line. Maybe some people are going to be a few hundred basis points better than us, but we're going to be focused on EBITDA and cash flow.

而且不幸的是，这发生在疫情后，我们正在建设一些我们有史以来最重要的东西。而且这一切的成本，远远超过了我们在疫情前的建设成本。所以，是的，不幸的时机，但无论如何，都是一些短期的事情需要应对。我的意思是，一旦你花了钱，钱就已经花出去了，对吧？你知道，我看着这一点，我说，是的，我的意思是，有些人想关注运营利润率，你知道，我们将承担更多的折旧。但你知道，对于想关注那条线的投资者来说，好吧，你知道，关注那条线。也许有些人会比我们好几百个基点，但我们将专注于 EBITDA 和现金流。

And I think you know, smartest investor is going to be focused on that line and you know, and, and that's where we're going to be able to create, I think the best returns in this industry.

我认为，最聪明的投资者将专注于那条线，你知道，这就是我们能够在这个行业创造最佳回报的地方。

Simeon Gutman (Equity Analyst)

Simeon Gutman（股票分析师）

Thanks guys. Product looks great. Good luck.

谢谢大家。产品看起来很棒。祝好运。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

Great, thanks.

很好，谢谢。

OPERATOR

操作员

Your next question comes from the line of Max Brachlenko with Kitty Cohen. Please go ahead.

您的下一个问题来自 Max Brachlenko，来自 Kitty Cohen。请继续。

Max Brachlenko (Equity Analyst)

Max Brachlenko（股票分析师）

Great, Appreciate it. Thanks for taking my question. So as a follow up, as you guys exit the investment cycle following the opening of London and the rollout of states, how should we think about what that margin inflection could look like over the medium term? You've obviously provided a second half outlook, but how should we think about the medium term margin power as you do start to benefit from the investments that you've made over the past few years?

很好，感谢你们。谢谢你们回答我的问题。作为后续，随着你们在伦敦开业和各州的推广，退出投资周期后，我们应该如何看待中期的利润转折？你们显然提供了下半年的展望，但我们应该如何看待中期的利润能力，因为你们开始受益于过去几年的投资？

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

I mean, I think we gave you a longer term outlook and we believe that's, you know, the right outlook and the right to refer to the video. Timeline. Video. Yeah, we've kind of laid all that out. Yeah. So you know, that we, we believe there's again, we think, believe there's meaningful margin expansion as whether or not the housing market gets any better, you know, just because of the cycle and you know, coming around and the growth that we expect from these investments and. Yeah, I mean if we, we don't, I mean we, you know, Europe is, and you know, the UK is in even worse than the US Right.

我的意思是，我认为我们给出了一个长期展望，我们相信这是正确的展望，并且正确地参考了视频。时间线。视频。是的，我们已经把所有这些都列出来了。所以你知道，我们相信再次，我们认为有显著的利润扩张，无论房地产市场是否有所改善，仅仅因为周期的原因，以及我们对这些投资的增长预期。是的，我的意思是，如果我们不这样做，我的意思是，你知道，欧洲和英国的情况甚至比美国更糟。

And you know, it's even getting hit more than the US from the war and stuff like that. But you know, you're talking about. Yeah, we're not, we didn't exactly open at the most optimal time, you know, and from a housing point of view and from an economic point of view. But the good news is I've, I've never seen an economy that stayed down forever. Now I used to say I never saw, you know, housing market that stayed down over, you know, stayed down longer than 18 months in my career. But you know, now we're going into, yeah, we'll definitely probably, yeah, I don't think it's going to recover this year. You know, so we'll see 48 months. You know, will it go into a fifth year? It may, you know, all depends on inflation and interest rates.

你知道，这里受到战争等因素的影响，比美国还要严重。但你知道，我们并不是在最理想的时机开放的，从住房和经济的角度来看也是如此。但好消息是，我从未见过一个经济体会永远低迷。我曾经说过，在我的职业生涯中，我从未见过住房市场低迷超过 18 个月。但现在，我们进入了，嗯，我认为今年肯定不会恢复。我们看看 48 个月，是否会进入第五年？也许会，这完全取决于通货膨胀和利率。

So you know, but, but we, you know, we, I think we're going to see a lot of leverage in this model when you know, either way, I mean, we're just really excited. We can, it's one thing to talk about and conceptualize the states and you know, work on it and work on it and work on it and Tweak it and tweak it and then when you see it all come together and you know, you go through this accelerated learning at the end of a development, you know, of a new business like this and you know, it's just, I don't think any of us have ever worked harder, you know, and because we're doing, you know, some of the most important galleries and opening the most important markets in the world and you know, do doing some of our best work from a platform and physical point of view and we're doing our, you know, best work from a product point of view and presentation point of view. And so, you know, but I don't think there's ever been a higher level of excitement here for, you know, we have a lot of people here that have been a long time, you know, 10 to 20 years and man, like, I don't think, I don't think, I think everybody sees it very clearly just how unique the product is, just how unique the positioning of the brand is.

所以你知道，但我们，我认为在这个模型中我们会看到很多杠杆，无论如何，我们真的很兴奋。谈论和构思这些状态是一回事，努力工作、调整它们又是另一回事，当你看到这一切汇聚在一起，并经历一个新业务开发结束时的加速学习时，你知道，我认为我们没有人曾经工作得这么努力，因为我们正在做一些最重要的画廊，并在世界上最重要的市场开设，做一些我们在平台和实体方面的最佳工作，从产品和展示的角度来看，我们也在做我们最好的工作。所以，我认为这里的兴奋程度从未如此之高，我们有很多人在这里工作了很长时间，10 到 20 年，伙计，我认为每个人都非常清楚这个产品是多么独特，品牌的定位是多么独特。

And so, you know, we're excited to see our efforts and work, you know, pay off and monetize, you know, for, you know, for our shareholders. And you know, we're all shareholders here, right? Everybody's got skin in the game and everybody's got upside, you know, in this effort. So yeah,

所以，你知道，我们很高兴看到我们的努力和工作能够回报并为我们的股东创造收益。我们在这里都是股东，对吧？每个人都在这个游戏中都有投入，每个人在这个努力中都有上升的空间，所以是的，

Max Brachlenko (Equity Analyst)

Max Brachlenko（股票分析师）

got it. That's helpful. And then Gary, as you guys scale and begin to open galleries in the US with the new prototype, how do you think about the unit economics there? Do you think that you can generate similar revenues as the boxes that you've opened, you know, over the past decade? And then should we assume that the new galleries, because they are going to cost less, should get you higher unit margins as well? Thank you.

明白了，这很有帮助。那么，Gary，当你们扩大规模并开始在美国开设新原型的画廊时，你如何看待那里的单位经济？你认为你能否产生与过去十年开设的画廊类似的收入？那么我们是否应该假设新画廊因为成本较低，也应该获得更高的单位利润？谢谢。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

We do, yeah, yeah, we'll have a, you know, I think we're going to have a great return on investment. You know, we laid out for you guys in the video the compound and the logic behind the compound, right, it's kind of disaggregating the, you know, multi level, three level gallery and saying, you know, what can you take out? You know, what don't you need, you know, you don't need in a compound, you don't, you don't need elevators, you don't need a grand staircase, you don't need exit stairwells. You know, I don't think a lot of people know in all these big buildings there's two exit stairwells that are all concrete, you know, going up, there's a giant grand staircase, there's generally two elevators, there's, you Know, all kinds of levels.

我们是的，嗯，我认为我们会有很好的投资回报。你知道，我们在视频中为你们展示了复合体和复合体背后的逻辑，对吧，它有点像解构多层次、三层次的画廊，看看你能去掉什么？你知道，你在复合体中不需要什么，你不需要电梯，不需要宏伟的楼梯，不需要紧急出口楼梯。你知道，我认为很多人不知道在所有这些大楼里有两个紧急出口楼梯，都是混凝土的，往上走，还有一个巨大的宏伟楼梯，通常有两个电梯，还有各种各样的层次。

There's, you know, when you're building a, you know, there's a restaurant on a rooftop, you know, that takes extra steel and bigger foundations carry the load and takes, you know, complex mechanical systems to operate a building like that. And yeah, we spent several years here dissecting that. We started seeing post Covid, you know, the cost became meaningfully more, you know, two to two and a half times at two and a half times more in some cases.

你知道，当你在建造一个有屋顶餐厅的建筑时，这需要额外的钢材和更大的基础来承载负荷，并且需要复杂的机械系统来操作这样的建筑。是的，我们在这里花了好几年时间来剖析这一点。我们开始看到疫情后，成本显著增加，在某些情况下是两到两倍半。

And so, you know, we, you know, we broke it down and said, hey, how can we have an experience that's no less inspiring and beautiful? And we came up with a compound. And I think it's going to be, I think, I think people are going to think it's the newest, greatest physical experience out there. And it, in some ways it's going to look to people like we may have spent more money, right, because they've never seen anything like it. It's going to look like beautiful gardens you're walking through and, you know, but all that area doesn't need to be air conditioned. And, you know, you've got minimal lighting, garden lighting and stuff like that, you know, you know, we're aggregating all the bathrooms and toilets in one place. We, you know, like, you know, we're building a lot of these buildings. You know, they have electric and a small pipe with sprinkler, you know, sprinkler heads.

所以，你知道，我们进行了拆解，问自己，嘿，我们如何能拥有一个同样令人鼓舞和美丽的体验？我们想出了一个复合体。我认为这将是，我认为人们会认为这是最新、最伟大的实体体验。在某些方面，它会让人们觉得我们可能花了更多的钱，因为他们从未见过这样的东西。它看起来像是你走过的美丽花园，但所有这些区域并不需要空调。你知道，你有最小的照明，花园照明等等，我们把所有的卫生间和厕所集中在一个地方。你知道，我们在建造很多这些建筑时，它们有电和小管道以及喷头。

And, you know, it's not, it's like, imagine building a house without bedrooms and without bathrooms and kitchens and all the things that are really expensive and you just aggregate everything in, you know, the center where the restaurant is. You know, I think we've. It's there. I think these things are really smart and I hear it be really exciting. So we're excited to, you know, unveil them. And then I think our, you know, secondary market galleries, I think, you know, it's. We expect everything to be as productive, if not more productive. And I would think all the new things we're going to open are going to be more productive because we've got a bigger assortment and we've got estates and we have.

你知道，想象一下建造一栋没有卧室、没有浴室和厨房的房子，所有真正昂贵的东西都集中在餐厅所在的中心。我认为我们做到了。我认为这些东西真的很聪明，我听到它们真的很令人兴奋。所以我们很高兴能揭开它们的面纱。我认为我们的二级市场画廊，我认为，我们期望一切都能像以前一样高效，甚至更高效。我认为我们将要开设的所有新画廊都会更高效，因为我们有更大的产品种类，我们有 estates 和我们有。

If you think about, you know, how we've grown, you know, we've grown through product expansion, primarily in the early years because we had no capital, and then platform expansion when we presented those goods at a physical level and we, you know, the kind of lifts that we've talked about historically. So, yeah, I think the, you know, all of that we're so excited about, like when we can't talk about going post peak, you know, from a spending point of view, the things that we're going under construction on, we still have a couple of, you know, leftover ones that are, you know, some cleanup that are a little bit more than, you know, that we wanted to spend. Just, you know, we couldn't redesign them.

如果你考虑一下，我们是如何成长的，你会发现，我们在早期主要通过产品扩展来成长，因为我们没有资本，然后在我们以实体方式展示这些商品时进行平台扩展，我们谈论过的那种提升。所以，是的，我认为，所有这些我们都非常兴奋，比如当我们无法谈论支出达到峰值时，我们正在建设的一些项目，我们仍然有几个剩余的项目，清理工作比我们想要的花费要多一些。只是，我们无法重新设计它们。

But yeah, I think the whole model is going to look different. The return on invested capital is, you know, gonna, you know, get back, I think, to the levels we were at in our peak. And I think we were what we hit like 75%, you know, return on invested capital. Yeah. And I think we'll, you know, be at that kind of level and. Yeah. So, yeah, the good news is we've, you know, you know, we're just so much smarter and have so much more experience and, you know, you'll. That'll all be reflected in the outcome and the economics and. But yeah, we got a little stuck. We're building in some expensive places and expensive cities.

但是，是的，我认为整个模型将会看起来不同。投资资本的回报率，我认为会回到我们在高峰时的水平。我记得我们曾达到过 75% 的投资资本回报率。是的，我认为我们会达到那种水平。所以，好消息是，我们变得更加聪明，拥有更多的经验，这些都会反映在结果和经济效益上。但是，是的，我们有点被困住了。我们在一些昂贵的地方和城市进行建设。

Yeah, it's not like we could unwind that those things to go, whoops, you know, let's not build in the most expensive cities in the world, you know, with some of the most complex projects at exactly the most expensive time. You know, I mean. But the good news is what doesn't kill you makes you stronger. Right. So we're still here.

是的，我们不能简单地撤回这些事情，去说，哎呀，我们不应该在世界上最昂贵的城市进行建设，进行一些最复杂的项目，恰好在最昂贵的时刻。我是说。但是好消息是，什么不会杀死你的，会让你更强大。对吧。所以我们仍然在这里。

Max Brachlenko (Equity Analyst)

Max Brachlenko（股票分析师）

That's great. Appreciate all the color and certainly look forward to London.

太好了。感谢你的详细解答，当然期待在伦敦见面。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

Great. Look forward to seeing you, Max.

很好。期待见到你，Max。

OPERATOR

操作员

Your next question comes from the line of Brian Nagel with Oppenheimer. Please go ahead.

你的下一个问题来自 Oppenheimer 的 Brian Nagel。请继续。

Brian Nagel (Equity Analyst)

Brian Nagel（股票分析师）

Hi, good evening. I appreciate you taking my question. I'll keep it short. I guess the question I want to ask is just on the guidance and you've already discussed this a bit, the ramp in sales growth that's expected the second half of this year. Now, we've talked a lot about estates. I guess the way I want to frame the question is as you look at the business today, you know, the piece of business day, I mean, how much, how much of a ramp do you have to have in that existing business in order to achieve with the components? You talked about these new pieces to achieve that guidance for the second half of the year.

嗨，晚上好。感谢你们接受我的问题。我会简短一点。我想问的问题是关于指导意见的，你们已经讨论过了，预计下半年销售增长的提升。现在，我们谈了很多关于市场的事情。我想问的问题是，当你们今天看待业务时，现有业务需要多大的提升才能实现你们提到的这些新部分，以达到下半年的指导目标。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

Well, if you really look at the build of the back orders and special orders, Right. Our business is better then kind of reflected in the revenue. Right. Like we've got pretty big, you know, pretty big balances. So, you know, those balances are being created now, you know, but we're not shipping those revenues, you know, those that we're not shipping that demand yet because of. Yeah, we still have transitional things and impacts from, you know, major resourcing. And, you know, a lot of our people in all categories are, you know, the people are still catching up and, you know, so, you know, we'll just see that. I mean, you have to kind of look at it and say, okay, what does that look like? Where are we really? What is it building to? You know, and you have to think about that flop that's kind of. Kind of coming across.

好吧，如果你真的看看积压订单和特殊订单的构建。对吧。我们的业务比反映在收入中的要好。对吧。我们有相当大的余额。所以，这些余额现在正在形成，但我们还没有发货这些收入，因为我们仍然有过渡性的事情和来自主要资源的影响。我们所有类别中的很多人，仍在赶上。所以，你知道，我们会看到这一点。我的意思是，你必须看看，好的，这看起来是什么样子？我们到底在哪里？它在构建什么？你知道，你必须考虑到那种即将到来的变化。

And, you know, a lot of that, you know, when you think about that, Brian, you know, there's a pretty big number that we, we don't have to drive demand to hit it. It's. We've already driven that demand. Right. And you've got a big chunk of business that's going to just flop over to the second half. That makes sense.

而且，当你考虑到这一点时，Brian，你知道，我们不需要推动需求就能达到的相当大的数字。我们已经推动了那种需求。对吧。你有一大块业务将会直接转移到下半年。这是有道理的。

Brian Nagel (Equity Analyst)

Brian Nagel（股票分析师）

No, it makes. Yeah, conceptually it makes sense. So I apologize, but have you quantified that piece? Would like you to use your term, Gary. The piece of business will flop over to the second half. That's already, that, that's already there. Can be quantified, Doug.

不，这有道理。是的，从概念上讲是有道理的。所以我很抱歉，但你有没有量化那部分？你想用你的术语，Gary。那部分业务将转移到下半年。那已经在那里。可以量化吗，Doug？

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

Yeah, it's in the little table. Yeah. In the letter, it's the 75 million or four and a half percent.

是的，它在小表格中。是的。在信中，是 7500 万或 4.5%。

Brian Nagel (Equity Analyst)

Brian Nagel（股票分析师）

Okay, that's in the demand now. Okay, yeah, no, that's. Yeah, that's in the demand now. We're not reporting demand, you know, but, but, you know, reporting revenues. But, yeah, all that, you know, that's 75 million is, you know, on our books and will ship again. That's back orders and special orders over and above a normal rate. I mean, we always have backward discussions around business, but this is, this is elevated because of unnatural things happening between, you know, or things that are taking more effort, like resourcing, transportation impacts, whatnot.

好的，那现在在需求中。好的，是的，不，这在需求中。我们没有报告需求，但我们在报告收入。但是，是的，所有这些，7500 万在我们的账本上，并且会再次发货。这是超出正常水平的积压订单和特殊订单。我的意思是，我们总是会围绕业务进行讨论，但这是因为不正常的事情发生，或者需要更多努力的事情，比如资源、运输影响等等。

So that, that piece, that elevated piece over sort of normal, quote, unquote, is what Gary and I are talking about for the second half. That's four and a half times. Okay, that's helpful. I appreciate that. Thank you.

所以那部分，超出正常水平的部分，所谓的，是 Gary 和我在谈论的下半年的内容。那是四倍半。好的，这很有帮助。感谢你。

OPERATOR

操作员

Yeah, thank you. Bern, your next question comes from the line of Zach Fatum with Wells Fargo. Please go. Zach, are you on? Zach, your line is open.

是的，谢谢你。Bern，你的下一个问题来自 Wells Fargo 的 Zach Fatum。请继续。Zach，你在吗？Zach，你的线路是开放的。

Zach Fatum (Equity Analyst)

Zach Fatum（股票分析师）

Hey, sorry about that. Good afternoon. So, first question on the initial response from Milan and your expectations for year one in the market. And now that you have galleries open in both Milan and Paris, with London around the corner, any revised thoughts on sales trajectory from the three? And if you think New York is a good benchmark for what those markets could look like?

嘿，抱歉。下午好。首先，关于米兰的初步反应和你对市场第一年的预期。现在你在米兰和巴黎都有画廊开放，伦敦也即将到来，你对这三个市场的销售轨迹有什么修订的看法？如果你认为纽约是这些市场可能的一个良好基准？

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事长兼首席执行官）

Yeah, I mean, look, I think they'll all be great markets over time, you know, and we've got to build the brand and, you know, build the customer base, build our design business, you know, continue to build the pipeline. And you know, I, I think I used before, you know, with the ramp, you know, the first, you know, you know, the first one was RH England. And that's been open the longest. And you know, what that's ramped to in a, you know, not a great economy for the home business in the UK but, you know, in a store that's two hours outside of London with not a lot of people around. So, you know, it gives us high hopes. And in, you know, we have greater brand awareness in London for two reasons. There's a lot more expats, there's a lot more people that have lived in New York and gone back and forth.

是的，我的意思是，我认为随着时间的推移，它们都会成为很好的市场，你知道，我们必须建立品牌，建立客户基础，发展我们的设计业务，继续扩展我们的产品线。我之前提到过，第一家是 RH 英格兰，那是开业时间最长的。尽管在英国的家居市场经济并不理想，但它的业绩还是有所提升，尤其是在距离伦敦两个小时车程、周围人不多的商店。所以，这让我们充满希望。而且，我们在伦敦的品牌认知度更高，主要有两个原因。那里有更多的外籍人士，也有更多曾在纽约生活过并来回往返的人。

A lot more people that know the brand. They, you know, everybody speaks the same language, so on and so forth. So we, you know, meaningfully higher brand awareness. And we've been open out in the, you know, in the Cotswold, the English countryside. Yeah, for, for three or so, you know, and then, you know, kind of just getting started in Paris, you know, and we're, you know, just kind of open in Milan. And we like, we see, we like the responses that we're seeing. And, and you know, the key for us is build the design books and, you know, get the ramps and you know, so I, I think we're going to, you know, as these, as these mature and grow, I think we're going to like the outcome. But I think London, I was just talking to the team about this. You know, London is kind of the accelerator for all of it. Right. Because everybody goes to London.

更多的人了解这个品牌。大家都说同一种语言，等等。所以，我们的品牌认知度显著提高。我们在科茨沃尔德，英格兰乡村开店已经有三年左右了，然后在巴黎刚刚起步，而我们在米兰也刚刚开业。我们看到的反馈都很不错。对我们来说，关键是建立设计书籍，推动业务发展。所以，我认为随着这些市场的成熟和增长，我们会对结果感到满意。但我认为伦敦是所有这一切的加速器。因为每个人都去伦敦。

It's, you know, it is the financial and hub and you know, just, you know, if you were going to be in one place, you'd be in London, and if you were going to be two, you'd be in London and Paris or London, Melania, they're pretty close, but for slightly different reason. Milan is the center of the universe for the home design business because of Salone and Design Week, the eyeballs you can get not just from designers, but from true customers. They come that fly in with their architects and their interior designers and, you know, they're shopping from all the brands at the shows. So, you know, I think it's look, I think those, these three are the core of the platform. These are the three key things. This is the foundation of building a global brand outside of the United States of America. Right.

伦敦是金融中心，如果你要选择一个地方，那就是伦敦；如果要选择两个地方，那就是伦敦和巴黎，或者伦敦和米兰，虽然原因略有不同。米兰是家居设计行业的中心，因为有 Salone 和设计周，吸引的不仅是设计师，还有真正的客户。他们会带着建筑师和室内设计师飞来，购物时会关注所有品牌的展品。所以，我认为这三座城市是我们平台的核心。这是建立一个全球品牌的基础，超越美国。

And I Think I'd say know someone told me once they heard Bernard Arnault was asked the question, how do you build the brand in China? And apparently his response is, you build great stores in Paris, London and New York. And so we've just done it backwards and we threw Milan in there because it's so important for our industry. Right. And so yeah, this is, it's really. Once we get London going, I think the whole thing is like game on. I think London will create the biggest echo, you know, the biggest, you know, it's where we're known the most. It's where we should ramp the fastest, do the most volume. And it, you know, because everybody travels into London for so many different reasons.

我想我可以说，有人曾告诉我，他们听说伯纳德·阿尔诺被问到如何在中国建立品牌，他的回答是：在巴黎、伦敦和纽约建立伟大的商店。所以我们反其道而行，加入了米兰，因为它对我们的行业至关重要。一旦我们在伦敦的业务启动，我认为整个事情就会进入正轨。我认为伦敦会产生最大的回响，那里是我们最为人知的地方，也是我们应该最快增长、实现最大销量的地方。因为每个人都因各种不同的原因来到伦敦。

You've got a huge Middle east, you know, customer there that, you know, lives between London and, you know, in the Middle east and, and the US for that matter, that I think knows our brand and respond to our brand. And I just think the, the echo of London is going to amplify Milan and Paris and every other gallery that we've opened.

你会发现有很多中东客户，他们在伦敦和中东之间生活，甚至在美国，他们了解我们的品牌并对我们的品牌有反应。我认为伦敦的回响会放大米兰、巴黎以及我们开设的其他画廊的影响力。

Zach Fatum (Equity Analyst)

扎克·法图姆（股票分析师）

Thanks for that, Gary. And just quick one for Jack. I think the opening costs in Q1 you said would be about 420 basis points if that ended up being the case. And for Q2 you're guiding, I think 380 basis points for London. Could you just help us out on what, which of those costs should we consider transitory and come out in the second half of the year versus costs there that are, that are now in the base and will persist.

谢谢你，盖瑞。给杰克一个快速的问题。我记得你提到第一季度的开业成本大约是 420 个基点，如果真是这样的话。对于第二季度，你预计伦敦的成本是 380 个基点。你能帮我们澄清一下，哪些成本应该被视为暂时性的，并将在下半年消失，而哪些成本是现在的基础并将持续存在吗？

Jack Preston (Chief Financial Officer)

杰克·普雷斯顿（首席财务官）

Q1 ended up 450. So right, right there with the 420, you know, we're not guiding specifically the quarters, you know, so you got the year at 270. I guess you can back into some math as to a 450 and a 380 and how the average out to a 270 on the year be one way to approach it. And that delta being, you know, transitory being, you know, what, you know, but let's call it mid-1002 in the back half and you know, the delta between that and you know, the numbers for Q1 and Q2 are the transitory sort of pre opening related to the openings.

第一季度的结果是 450 个基点。所以，正好在 420 附近。我们并没有具体指导每个季度的情况，所以你可以根据 270 的年数据进行一些推算，450 和 380 的平均值如何达到 270，这是一种处理方式。这个差异可以被视为暂时性的，假设我们在下半年会在中间的 1002 左右，而第一季度和第二季度的数字之间的差异是与开业相关的暂时性成本。

Zach Fatum (Equity Analyst)

扎克·法图姆（股票分析师）

Got it. Thanks for the time.

明白了。谢谢你的时间。

OPERATOR

操作员

Your next question comes from the line of Jonathan Mataszewski with Jefferies. Please go ahead.

下一个问题来自杰弗瑞的乔纳森·马塔谢夫斯基。请继续。

Jonathan Mataszewski (Equity Analyst)

乔纳森·马塔谢夫斯基（股票分析师）

Oh great. Good evening. Thanks for squeezing me in. Just one question here, Gary. Could you share some context on why now is the right time to pursue, pursue a loyalty program that compensates your trade clients? Presumably you've maybe considered this pivot in the past, what makes now the right time to roll this out? And if you could discuss maybe just the overall growth trend in your trade business in recent years relative to the end consumer business, that would be helpful. Whether trade has been outperforming consumer, and this is the playbook to supercharge it, or has trade been underperforming and this is a way to improve the trend. Thanks so much. Yeah. For those competitors that report trade, I think we've been overperforming the last three years.

哦，太好了。晚上好。谢谢你让我提问。盖瑞，我有一个问题。你能分享一下为什么现在是追求补偿贸易客户的忠诚度计划的合适时机吗？显然，你可能在过去考虑过这个转变，是什么让现在成为推出这一计划的合适时机？如果你能讨论一下近年来你的贸易业务相对于终端消费者业务的整体增长趋势，那将会很有帮助。贸易是否表现优于消费者，而这是提升它的计划，还是贸易表现不佳，这是改善趋势的一种方式？非常感谢。对于那些报告贸易的竞争对手，我认为我们在过去三年中表现优于他们。

So, so, you know, we've got a very strong trade business. We have great leadership, great teams, you know, very high quality people that are, you know, live and breathe our values that built great organizations. And yeah, this, yeah, it becomes a supercharge. Look, I, I'm the guy that we used to have a trade incentive program and I took it out against, you know, a lot of people's debate. And so, but when we were making the move to membership, you know, and I, I just, you know, I, I, you know, I, Is it at the right call or not? I don't know. Probably not now that I reflect on it with the wisdom I have today versus what I felt in. Was that 2016, right? Yeah. 10 years ago. Yeah. I just don't think I was thinking about it correctly. And, and why is now the right time is because of Estates?

所以，你知道，我们有一个非常强大的贸易业务。我们有出色的领导力，优秀的团队，拥有非常高素质的人，他们深刻理解并践行我们的价值观，建立了伟大的组织。是的，这确实是一个超级充电的过程。看，我是那个曾经有一个贸易激励计划的人，我在很多人的争论中把它取消了。但是，当我们转向会员制时，我只是，我，我，我不知道这是否是正确的决定。现在回想起来，凭借我今天的智慧，可能不是。那是 2016 年，对吧？是的，10 年前。是的，我只是觉得我当时没有正确思考这个问题。现在之所以是正确的时机，是因为 Estates。

Because Estates opens up the very top of the market for this brand. No, no other brand has goods at this level of design and quality. No one at the retail level. They may tell you they do. Like, they've probably never been into these businesses that we bought. So, you know, and so we, you know, and we've, you know, we've taken what we do really well and amplified those assortments. So, like, you're going to see things you've never seen before and yet dimensionalized in a way and presented in a way just doesn't exist. So. And why wouldn't you want to open up the best interior designers in the world to, to what we're doing today?

因为 Estates 为这个品牌打开了市场的最顶端。没有其他品牌在设计和质量上达到这个水平。没有一个在零售层面上。他们可能会告诉你他们有，但他们可能从未进入过我们所收购的这些业务。所以，你知道，我们已经把我们做得非常好的事情进行了放大。所以，你将看到一些你从未见过的东西，并且以一种维度化的方式呈现，这种方式是不存在的。那么，为什么你不想把世界上最好的室内设计师引入我们今天所做的事情呢？

I mean, like, we're just smarter, honestly, you know, like, I look back and if I said today, if I, if I knew what I know today, would I have made the same decision to know I would not have made the same decision. So I'm smarter today. I know more today. More knowledge. And, and it's funny because I was, you know, I was married to an interior designer. You know, Kendall and I were together for 11 years. So, you know, and I knew her business pretty well. It helped me Conceptualize what to do at rh, quite frankly, you know, that helped me see the opportunity, but I don't think I really, I don't think I really understood the market and, and correctly. And it's changed too, you know, that, I mean, there's more and more people that, you know, you, you know, you have growth and wealth, right?

我的意思是，我们真的更聪明，老实说，你知道，我回头看，如果我今天说，如果我知道我今天所知道的，我是否会做出同样的决定，我不会做出同样的决定。所以我今天更聪明，我知道得更多，知识更多。而且有趣的是，我曾经和一位室内设计师结婚。你知道，肯德尔和我在一起 11 年。所以，你知道，我对她的业务非常了解。这帮助我在 RH 的工作中构思该做什么，坦率地说，这帮助我看到了机会，但我认为我并没有真正理解市场，并且理解得不够正确。而且市场也发生了变化，你知道，越来越多的人，你知道，你有增长和财富，对吧？

There's, there's more and more people that have the financial ability to use interior designers. Yeah, there's more use. People are more exposed to design and quality. More people are, you know, better houses and better design everywhere. So, so anyway, but yeah, we're happy to be advocates and partners and, you know, open up our platform and, you know, and support them in a greater way. And I, and I think, look, with today, it's a big part of our business. Today our trade business is a big part of our business. So it's not a little part, but we think it could be meaningfully bigger. And you know, when people say, oh, you're going to sanify them, you know, the lift we have to get is very small on incremental business. I mean, we have massive flow through on this model. Thanks and best of luck. Thank you.

有越来越多的人有经济能力使用室内设计师。是的，使用的人更多了。人们对设计和质量的接触更多了。越来越多的人拥有更好的房子和更好的设计。所以，总之，我们很高兴成为倡导者和合作伙伴，开放我们的平台，并以更大的方式支持他们。我认为，今天这对我们的业务来说是一个重要的部分。今天我们的贸易业务是我们业务的重要组成部分。所以这不是一个小部分，但我们认为它可以变得更大。你知道，当人们说，哦，你要让他们变得更好，你知道，我们需要获得的提升在增量业务上是非常小的。我的意思是，我们在这个模型上有巨大的流量。谢谢，祝你好运。谢谢。

OPERATOR

操作员

That concludes our question and answer session. I will now turn the call back to Gary Friedman for closing remarks.

这结束了我们的问答环节。现在我将把电话交还给加里·弗里德曼进行结束语。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗里德曼（董事长兼首席执行官）

Great. Thank you everyone for your time and your questions and for the conversation today. I just want to say to our team across the country, across the world, across our campus here, I think everybody knows what we're working on, everybody knows we're aspiring to do. I think this is one of the most important times in the history of RH, and I couldn't be more proud of the work everyone's doing, the organization that's been built here based on our values and beliefs.

好的。感谢大家的时间和问题，以及今天的对话。我想对我们全国各地、世界各地以及我们这里的团队说，我想每个人都知道我们正在做什么，每个人都知道我们渴望做什么。我认为这是 RH 历史上最重要的时刻之一，我对每个人所做的工作感到无比自豪，这个基于我们价值观和信念建立的组织。

Our work is going to a new level. I think our performance is going to a new level, and it's all because of the team members who have built this thing over the last 25 years that I've been here. So I just want to thank everyone, everybody's effort is important and contributes to this cause, and I think we're going to feel very proud here very soon, even prouder than we've ever felt. So I can't wait to share it with you.

我们的工作将达到一个新的水平。我认为我们的表现将达到一个新的水平，这一切都要归功于在过去 25 年里建立这个组织的团队成员。所以我想感谢每个人，每个人的努力都很重要，并为这个事业做出贡献，我认为我们很快会感到非常自豪，甚至比我们以往任何时候都更自豪。所以我迫不及待想和你们分享。

OPERATOR

操作员

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士们，先生们，这结束了今天的电话会议。感谢大家的参与。你们现在可以断开连接。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免责声明： 本转录仅供信息参考。虽然我们努力确保准确性，但此自动转录可能存在错误或遗漏。有关公司的正式声明和财务信息，请参阅公司的 SEC 备案和官方新闻稿。公司参与者和分析师的声明反映了他们在本次电话会议日期的观点，可能会随时更改，恕不另行通知。

RH 2026 年第一季度收益电话会议记录