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

在週四，RH（紐約證券交易所代碼：RH）在其財報電話會議中討論了 2026 財年第一季度的財務結果。完整的會議記錄如下。

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

此內容由 Benzinga API 提供。有關全面的財務數據和會議記錄，請訪問 https://www.benzinga.com/apis/。

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

完整的財報電話會議可在 https://events.q4inc.com/attendee/699105787 獲取。

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 報告 2026 財年第一季度收入為 8.003 億美元，調整後的 EBITDA 利潤率為 7.1%，超出預期。

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 財年的展望，預計收入增長為 4.5% 至 8%，調整後的 EBITDA 利潤率為 14.2% 至 16%，考慮到國際擴張成本。

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，旨在將高端設計與可及性相結合，提供定製和高級選項以擴大市場覆蓋。

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

國際擴張是一個關鍵重點，預計在巴黎、米蘭和倫敦的開店將鞏固 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.

管理層強調了為貿易客户實施忠誠度計劃的戰略決策，以增強品牌與室內設計師的聯繫和互動。

Full Transcript

完整會議記錄

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，歡迎參加 RH 2026 財年第一季度財報電話會議。所有線路已靜音以防止背景噪音。在發言者發言後，將進行問答環節。如果您在此期間想提問，請按電話鍵盤上的星號和數字一。我現在將會議交給 ICR 的 Allyson Malkin。Allyson，請繼續。謝謝大家，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.

感謝您參加我們的 2026 財年第一季度財報電話會議。今天與我一起的是董事長兼首席執行官 Gary Friedman 和首席財務官 Jack Preston。在我們開始之前，我想提醒您，我們今天將做出某些前瞻性聲明，這些聲明在聯邦證券法的意義上是前瞻性的，包括關於我們業務展望和我們今天發佈的新聞稿中提到的其他事項的聲明。

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.

這些前瞻性聲明涉及許多風險和不確定性，可能導致實際結果與預期有重大差異。請參考我們的 SEC 文件以及我們今天發佈的新聞稿，以獲取可能影響我們結果的風險因素的更詳細描述。請注意，這些前瞻性聲明僅反映我們在本次電話會議日期的意見，我們沒有義務根據新信息或未來事件修訂或公開發布這些前瞻性聲明的結果。

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.

在本次電話會議中，我們可能會討論非 GAAP 財務指標，這些指標調整了我們的 GAAP 結果，以消除某些項目的影響。您將在今天的財務結果新聞稿中找到有關這些非 GAAP 財務指標的更多信息以及這些非 GAAP 與 GAAP 指標的對賬。此次電話會議的直播也可在我們網站的投資者關係部分上獲取，現在我將會議交給 Gary。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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.

謝謝你，Allyson。大家好。讓我開始閲讀我們給員工、合作伙伴和股東的信。第一季度收入為 8.003 億美元，調整後的 EBITDA 為 7.1%，儘管由於關税相關的資源問題，積壓訂單和特殊訂單餘額比去年高出約 7500 萬美元，但仍超出了我們第一季度的預期。因此，基於我們超出預期的第一季度結果，我們提高了 2026 財年的展望，並提供以下 2026 財年第二季度展望：收入增長 4.5% 至 8%，調整後的 EBITDA 利潤率為 14.2% 至 16%，調整後的自由現金流為 3 億至 4 億美元。上述展望包括來自國際擴張的開業和啓動成本對調整後 EBITDA 利潤率的約 270 個基點的負面影響。2026 財年第二季度展望：收入增長 0.5% 至 2.5%，調整後的 EBITDA 利潤率為 11.5% 至 13%，上述展望包括來自國際擴張的開業和啓動成本對調整後 EBITDA 利潤率的約 380 個基點的負面影響。在我們所處的經濟環境中，如何從上半年的數字過渡到下半年的數字以實現年度目標，可能會有人問。形成通往另一邊的橋樑有三個部分，支持我們業務從上半年持平加速到下半年增長 12% 的論點。正如我們多次提到的，我們在下面列出了這些部分。我們計劃減少積壓，這將在下半年帶來 4.5 個百分點的貢獻，新店增長貢獻 2.5 個百分點，新概念增長貢獻 5 個百分點，為每個 Estate 奠定全球奢侈品牌的基礎。與那些經受住時間考驗、獲得歷史認可和尊重的結構類似，奢侈品牌的設計和建立也是在極其堅固的基礎上進行的。這兩項工作都被認為是艱難的，在許多情況下是幾乎不可能的。它們總是需要更多的時間和資本，通常由不屈不撓且難以接近的個人和團隊來完成。多年來，您聽我們談論攀登奢侈品山峯，這並不是膽小者所能承受的，因為越往上爬，空氣越稀薄，成功的幾率越小。我們相信，我們即將揭示的工作類似於那些艱難的最後幾步，以及為獲得那些至關重要的呼吸而喘息。

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.

我們相信，巴黎、米蘭和倫敦的 Arch 將成為全球最具沉浸感和啓發性的品牌體驗的基礎，這不僅能贏得歐洲和英國客户的尊重與認可，也能贏得全球客户的認可。它們傳達了一種持久感，展現了一個幾十年來致力於精湛技藝的品牌。最後的基礎性部分是 RH Estates，戈爾巴喬夫先生，拆掉這堵牆——羅納德·里根，我們相信有些人有品位但沒有規模，而有些人有規模卻沒有品位。

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.

全球設計市場在過去半個世紀裏一直對這種分隔感到舒適。這個行業是由排斥與包容所定義的。幾十年來，家居設計的最高層次，Dimitri and Co.精心定製的軟裝，Joseph Duke 無與倫比的定製傢俱，Dennison Lean 的古典宏偉，精細複製的作品，Waterworks 的手工裝置，以及被《建築文摘》評選為有史以來最偉大的室內設計師之一的 Michael Taylor 的標誌性設計，一直被困在隱喻的鐵幕之後。

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.

這道幕布就是封閉的貿易專用展廳網絡。除非你持有專業執照或僱傭守門人，否則你被禁止看到、體驗或購買人類工藝的最佳表達。公眾被留在外面，而一些最優秀的設計和質量仍然隱藏在裏面。近 40 年前，一位前美國總統站在勃蘭登堡門前，望向一個分裂的世界，發出了一個堅定的歷史宣言。

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.

戈爾巴喬夫先生，拆掉這堵牆。今天我們審視奢華家居行業，也提出同樣的問題。隨着 RH Estates 的推出，我們正在消除將品位與規模隔離的障礙。我們正在全球平台上放大世界上最頂尖設計師、工匠和製造商的作品。這不是對質量的妥協，而是對技藝的解放。通過將這些傳奇工作室團結在一起，並在具有建築意義的空間中提升他們的作品，我們為人們提供了一些世界上設計最美、質量最高的經典、現代和當代傢俱。

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.

這些不僅僅是裝飾家居的作品，而是定義家居的作品，但拆掉這堵牆意味着的不僅僅是打開大門。這意味着消除歷史上迫使設計師在我們的規模與貿易專用展廳的無妥協特性之間做出選擇的創意限制。為了賦能設計社區，我們推出了 RH 定製傢俱和 RH 高級軟裝。通過 RH 定製，我們提供前所未有的規模定製水平。

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.

室內設計師和建築師現在可以為衣櫃、餐桌、邊櫃和櫥櫃指定尺寸，以適應他們建築畫布的確切比例。同時，RH 高級軟裝將通過將定製尺寸與客户自己的材料整合到 RH 生態系統中，重新定義邊界。我們賦予設計師創作自由，可以為沙發、組合沙發、椅子、腳凳和牀指定定製尺寸和麪料。

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.

您可以從世界任何地方採購面料。我們提供工作室級別的構造和工藝。品位的規模，我們的批評者會爭辯説，真正的奢華無法規模化。他們錯了。他們未能理解規模化的能力。品位為客户和設計師創造了更高的質量和價值。它有能力，正如其他創新一樣，創造更大的市場，提升我們的生活方式，並通過超越過時的模型來提升人性，在這種模型中，每件作品都是孤立構建的，我們正在以高度規範的批量生產這些精英設計。

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.

規模賦予我們前所未有的槓桿作用，使我們能夠大幅提升原材料的採購、嚴格的質量控制以及顯著的製造和運輸效率。請不要誤解，我們並不是在機械化藝術。複雜的手工雕刻和飾面仍然由世界上最優秀的工匠單獨完成。正因為這種人性化的觸感，每一件作品都保持着獨一無二的傑作。然而，通過整合分散的供應鏈，並在同樣無與倫比的激勵建築平台上展示這些產品，消費者現在可以接觸到以前僅對少數人開放的設計和質量水平。與貿易的新契約。我們認識到，產品的最終表達需要令人難以置信的才華的願景。為了尊重設計社區，我們正在重新定義與專業人士的合作方式。我們推出了一個專為室內設計師、建築師和貿易成員設計的獨家計劃。該計劃確保專業人士因其為消費者創造的巨大價值和美學清晰度而獲得報酬。

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.

我們希望激勵世界上最優秀的人才利用我們的平台構建他們的畫布，創造一個設計大師既可獲得又在各個層面上得到獎勵的共生生態系統。品位與規模之間的隔閡已經結束。幕布已經落下。是時候拆掉那堵牆了。把握今天。加里。接下來，運營商將開放提問環節。

OPERATOR

運營商

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.

此時，如果您想提問，請按電話鍵盤上的星號，然後按數字 1。要撤回您的問題，只需按星號 1。再次感謝您，我們懇請您將問題限制為 1 個及 1 個後續問題，然後返回隊列以進行其他提問。我們將暫停片刻以編制問答名單。您的第一個問題來自 Guggenheim 的 Steve Forbes。請繼續。

Steve Forbes (Equity Analyst)

Steve Forbes（股票分析師）

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，考慮到你剛剛提到的股東信中關於定製化的評論，我很好奇你能否給我們一個高層次的看法。你認為這對品牌的覆蓋範圍意味着什麼？可尋址的市場規模，尤其是在引入新的貿易項目後，市場真正打開了多少。我不知道你是否能為我們提供一些背景，説明你今天是如何看待這個問題的。

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.

這確實在多個層面上打開了市場。我在上個季度的視頻中提到過，傳統經典市場大約佔奢侈品家居市場的 60%。而今天我們在這個市場的滲透率非常低。如果你回顧一下 2014 年的 RH 源書，我想我們有 704 頁，全部是經典的、傳統的。如果你看看我們今天的業務，由於現代風格的演變和擴展，以及當代風格的演變，隨着趨勢的變化，我們的品牌，像許多品牌一樣，很多人都在時尚行業成長，我也是在 Gap 成長起來的。

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，學習建立一個專業品牌，通常會保持在一個非常專注、有限的視角中，以便突破市場。我認為我未能認識到的一件事是，如果你考慮家居行業的更大圖景，趨勢在週期中會提升美學。但其他的東西並不會停止銷售。

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.

它們只是銷售得少一些，因為建築設計是市場的驅動力。因此，當我們回顧並研究我們的歷史時，問自己，看看我們做過的最聰明的事情是什麼，我們錯過了什麼？我們本可以做得更好？我們的看法是，我們可以圍繞三個主要的美學元素來構建我們的業務。

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.

那就是傳統、當代和現代。我們將其稱為莊園、室內和現代。因此，我會説，我不知道，可能在過去的 12 年裏，我們可能放棄了十億美金，甚至更多，當我們評估市場並試圖回去做一些數學推算時。這是其中的一部分。然後我想説，每次你做一些新的事情，雖然不是 100% 增量的。你知道，隨着你擴展市場，無論是擴展產品，還是在滲透率上擴展，通常會有一定程度的增量和一些程度的自我競爭。我們在這裏的看法是，這是我們做過的最具增量性的事情之一。現代風格的增量性很強，但市場非常小。

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.

當我們推出 RH 現代時，世界上現代建築的數量，儘管它在趨勢上，世界也在朝這個方向發展，但仍然只是這個市場的一小部分。這是我對第一部分的看法。第二部分是從美學的角度來看，而不僅僅是從市場的角度、設計和質量的角度來看。RH 莊園在我們看來，是通往奢侈品巔峯的第一步，如果你用這個比喻的話。

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.

這是世界上最高水平的質量和設計。除非你真的在購買稀有古董，但如果你考慮過去五年我們聚集的品牌，以及我們在這段時間內學到的東西，以及我們與莊園一起帶入市場的東西，你們只看到了一個小小的預告。這只是一個設計和質量的層次，消費者是無法獲得的。

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.

我們擁有這些展廳，其中兩個最好的展廳，門並不對公眾開放。門口有一個門鈴。因此，即使你是消費者，走在街上想要進去，你也需要按門鈴，如果沒有預約，或者你不是行業成員，你可能無法進入。所以，這種設計和質量，以及你所擁有的可及性。

When, whenever we develop any product,

每當我們開發任何產品時，

OPERATOR

操作員

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.

我們總是會對產品進行搜索。我們會在所有平台上進行各種視覺搜索，以查看誰可能有類似的東西。因為世界在關注不同的事物，看到不同的事物，理解不同的趨勢，然後嘗試擴展這些東西。我可以告訴你，我們從未有過如此低的命中率與我們現在帶入市場的東西相比。你可以持消極態度，認為，可能沒有人想要這個。

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.

這就是你沒有看到它的原因。不，你沒有看到它，因為我不相信其他人真的能銷售它，因為他們沒有平台，沒有品牌，也沒有能力以我們能夠做到的價值方程來獲取它。我很幸運。這是，我説幸運，不是那麼幸運。我和團隊開玩笑説，這是我，知道我足夠老，曾經是客户的第一個趨勢。當你想到即將到來的下一個趨勢，生態主義的時代，加州風格與 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，這裏有幾種不同的名稱，它們的表現方式各有不同。但你知道，這些巨型趨勢的基礎元素之一就是其中最大的一個。這是一個比現代或我在 RH 的歷史中所涉及的任何趨勢都要更大、更持久的趨勢，對吧。但我當時是客户。我在搬進我位於貝爾維德爾的房子時加入了 RH，那是我一生中住過的第一所房子。

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，這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華室內設計師。我是她在舊金山一套公寓的客户。我在那所房子裏有一張圓形的邁克爾·泰勒餐桌。我有可可·香奈兒沙發的複製品。你知道，我有很多這樣的產品，它們現在都是趨勢。現在，我可能不應該這麼説。你知道，我得小心，因為我的所有競爭對手都在這些電話會議上，他們會等着我出錯，讓他們聽到、看到什麼。

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，我經歷過這個趨勢。所以，在我位於貝爾維德爾的家裏，我有多少來自 formations 的東西，我幾年前買了六七件。我家裏有邁克爾·泰勒的矩形鑽石桌。所以，你知道，我買了兩個。我在公寓裏有圓形的那個。我們一起做的第一件工作是矩形的那個。我知道我在 26、27 年前為它們支付了多少錢。

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，我知道最近它們的售價，因為我們擁有這些業務。我們將帶給市場的價值方程和質量是前所未見的，你知道，我不是輕描淡寫地説這個。我通常不會這樣冒險，但這真的是前所未見的。你試着在線進行視覺搜索，它是找不到的，除非你想去 First Dibs 買一件古董，這也沒問題。

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.

我們無法阻止你購買古董。我必須讓每個人都瞭解我們在目錄後面的東西，對吧？因為如果有人試圖追趕這些商品，那將是個糟糕的日子，因為我們擁有大部分我們帶入市場的知識產權。我的意思是，我們可以，你知道，我們對這本書的百分之多少有專利申請？80%，65% 到 80% 的書。我們應該回去，把所有的加起來。

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。所以我們正在做的事情有很多是我們從未做過的。我們進入市場的方式和我們採購這些商品的方式，我的意思是，製造這些商品的人是從小就開始做這些商品的，製造這些商品的製造商，他們在我們認識他們並開始與他們擴展之前，就已經是這個行業的一部分，為最高端的展廳製造產品。他們也很高興能夠再次製造這種質量的產品，因為他們，你知道，市場是如此分散，但你知道，這個設計和質量的方面是巨大的。然後你還有下一部分，我們要向我們稱之為超級買家的市場開放傢俱。我的意思是，我們有一個非常大的貿易業務。我們為貿易和高端室內設計師及設計公司提供優質服務。你知道，我們的團隊充當後台支持。我們會為他們做設計、渲染和演示。你知道，我們會在交付和安裝等方面儘可能支持他們。

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.

但與此同時，你知道，有一個方面就是認可和補償，我們還沒有做到。團隊開玩笑説，因為每次我去海波因特時，總會有人走過來對我説，你知道，我喜歡你的品牌。哦，我的天啊。請，請，幫助我們賺錢，讓我們在你的品牌上賺錢。你知道，我們還沒有為設計行業提供激勵。

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.

我回想起來，我想，你知道，因為我來自一個有室內設計師的家庭，我有機會看到，知道這有多複雜和困難。你知道，這不僅不透明，而且也不可獲取。你無法看到和購買它。你知道，我只是想，隨着時間的推移，讓高質量的商品變得可用，消費者會推動設計師選擇我們的品牌。

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?

我認為他們確實這樣做了，但與此同時，確實有一些優秀的室內設計師，他們在經營不同的模式。你知道，甚至，我女兒的母親，十天前、兩週前在這裏諮詢我們，給我們提供了高端設計師的見解。她經營一家設計公司，她説，你知道，她説，聽着，我會買 RH 的產品，當然我會買 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嗎？不。你知道，很多時候，我的客户會説，嘿，看看，好吧，在主客廳、主卧室、主餐廳做你的設計。但像家居室和媒體室以及其他所有卧室就用 RH。她説，最後，她説，好吧，我會的。你知道，她説，但我心裏想，我賺不到錢。你知道，室內設計師有一個加價模式，對吧，還有一個按小時計費的模式。

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，他們實際上需要兩者來使業務運作。而且，我認為我們一直沒有像那樣成為一個開放的平台。我認為我們忽視了一個超級客户。我的意思是，他們整天都在買傢俱。這就是他們的職業。所以，當你真正批判性地看待這一點時，似乎不做這件事是沒有道理的。但我認為這裏的時機確實很重要，因為，不僅我們將擁有市場上最高水平的設計和質量，我們還將賦予設計師和消費者，甚至所有設計師，定製的能力，以及使用客户自己的材料的能力，做他們需要或想要做的所有事情，以在最高端進行真正的定製工作。我會説這只是一個開始，對吧？這不是我們唯一會做的事情。是的，有人前幾天問我，嘿，你知道嗎，你們的價格會更高嗎？嗯，是的，它們會更高。

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，質量是大幅度提高的，但這確實是一個巨大的價值，但價格應該更高。這不僅僅是光滑的木材噴塗的表面，或者是有曲線邊緣的現代作品。這是手工打磨、手工雕刻、手工做舊，很多細節都需要做到完美。而且，每一件都是獨一無二的，因為它是手工製作的，製作方式也不同，你知道，所以，你知道，但有人説，哦，你知道，你怎麼知道你不會犯錯？

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.

像現代風格，現代風格沒有手工製作，沒有那種細節水平，沒有那些東西。我們當時有點自負。但是，因為你知道，我們在這裏推出一個獨特的產品，我認為我們提供瞭如此令人難以置信的價值，你知道，但我認為也有機會，因為我們考慮這個問題的時間很長，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，我認為這是我們推出品牌時最聰明、最深思熟慮的方式。你知道，我們在 2000 年開始投資這個，所以現在是 2026 年。我們在 2020 年收購了 Dimitri 和 Joseph Jupe。嗯？2020 年，嗯？2020 年，不是 2000 年。是的，謝謝。是的，2020 年。是的，謝謝。沒那麼久，但你知道，這是一項長期投資。所以，這個，你知道，想想高端設計市場的開啓，你知道，我們沒有做任何事情來降低產品的價值。

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，我們正在製作相同質量的產品，鑽石桌子是用 Michael Taylor 的相同模具製作的。你知道，桌面和一切都是相同的質量。我們提供的表面處理，種類繁多，處於一個完全不同的水平。你會看到，當你看到這本書時。BNC 下週在家嗎？我們説什麼？下週末？下週初？下週初？

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。下週初我們一直在調整，調整，我們有很多最後時刻的想法來改善它，因為我們在處理它時。但你知道，這也花了我們更長的時間，因為它需要不同的思考和紀律，以及構圖和展示，以達到應有的水平。所以，對我們來説，幾周的延遲並不是大問題。

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，我知道我讀了一些分析師的報告，他們説，哦，我的天，它晚了。就像，我不知道，特斯拉曾經準時嗎？你知道，它改變了整個汽車行業。所以，你知道，這不是説，嘿，我在急於平庸。你知道，我們正在努力做一些行業重新定義的大動作，我認為這是其中之一。我認為這是我們做過的最大的一步。在許多層面上，它是根本不同的，並且打開了市場的許多維度。

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.

但它也開啓了可以應用於現代和室內等方面的學習。考慮到我們的市場有多大。當你想到我剛才説的關於我女兒的母親時，她説，是的，客户會説，好吧，做主要房間。然後，你知道，使用我們的年齡來處理其他房間。嗯，這真的很有趣，我們的整個重點是，最初的視角，關鍵部分的視角是因為我們知道這一點。

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.

所以我們説，讓我們贏得主要房間。確保我們獲得主卧室。如果我們獲得主卧室，我們就有足夠的選擇來獲得其他房間。讓我們獲得主餐廳。當你看到我們的一些餐桌時，你會在 first dibs 上看到，起價 250,000 美元的昂貴餐桌，一直到我們現在的價格。你不會找到任何我們質量或設計的東西。是的，我們已經看過所有的。

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.

我們知道在 first dibs 上每一張餐桌，你知道，在每個競爭對手的最高端到最低端。我們花了很多時間研究這個市場。目標是餐廳、主客廳、主卧室。但這些商品也可以以非常酷的方式呈現。你會看到，當它全部呈現時。看起來與今天的 RH 不同，但今天的 RH 看起來也像。你知道，我認為你會看到一個非常大的變化。你知道，你會看到，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，我認為設計界會感到驚訝。我不知道他們有電影院。所以我知道這段話有點長。但你知道，我非常興奮。如果你們想談論房地產的事情，接下來的五個小時我都會很關注。謝謝你，Karen。也許對 Jack 有一個非常簡短的跟進問題。考慮到排隊中的關税退款評論，能否幫我們確認一下指導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，沒有進一步的退款。我的意思是退款開始來了，但沒有，他們已經暫停了一些。你可能在關注一些關於司法部的活動，以及這些事情在法庭上是如何進行的。所以，至於指導，確實沒有反映自由現金流，特別是沒有反映任何進一步的關税退款。謝謝你們。你們的下一個問題來自於 UBS 的 Michael Lasser。

Please go ahead.

請繼續。

Michael Lasser (Equity Analyst)

Michael Lasser（股票分析師）

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。非常感謝你們回答我的問題。我想深入瞭解你們對 RH Estates 在下半年預計貢獻的 500 個基點的看法。這大約是 1 億美元。你們對這個預期的依據是什麼？你們已經提到需要對模型的一些元素或與核心客户的互動方式進行演變，比如貿易。你們認為除了簡單地郵寄一本書並期待消費者上門之外，還需要對客户獲取引擎進行進一步的改進嗎？尤其是在這個競爭對手在社交媒體和其他方式上大力追求消費者的時代。謝謝。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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。他們在過去三年裏一直在這樣做，而我們超越了他們所有人。所以，你知道，當你説，我們郵寄一本書並期待人們上門時，我們為我們的產品建立了地球上最好的、最偉大的實體平台。對吧？所以不要忽視實體平台。你知道，Michael，如果你看我上個季度做的視頻，我提到過，傢俱是最不數字化的行業。你知道，80% 的交易是在商店完成的，20% 是在網上完成的。在奢侈品層面，比例是 95 比 5。所以，你知道，這是一個需要親自看到、觸摸、試穿、感受舒適度和規模的行業，所有這些因素。所以，我的意思是，這本書只是我們整合整個過程的一種小方式。

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，人們期待收到我們的書。這是一個實體的東西。它仍然是合適的。我們也有數字書，但我們只是沒有。你知道，我不相信跟隨很多人追隨的趨勢。我們認為，支付一些陌生人，或者一些影響者去談論我們的產品是極其不真實的。他們對我們一無所知。他們對產品一無所知。他們在這個領域不是專家。你知道，我認為這只是很多噪音。也許這對向青少年推廣美容品牌或其他類似的東西有好處。但這並不影響我購買的東西，你知道，我有很多房子。所以我認為這不會影響我們的客户，否則我們不會成為我們這個領域最大的品牌。我們不會超越所有人。

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，即使你看看上個季度，我們的表現，我的意思是，從兩年或三年的角度來看。兩年內，只有 West Elm 的表現與我們相當。在三年內，我們的表現優於所有人，你知道，West Elm 剛剛有了很好的表現，我認為他們做得很好。你知道，但如果你看看任何購買傢俱的人，你知道，我告訴人們，當你出去時，敲打鍋碗瓢盆，試圖引起注意，做一些不真實的事情，你只是在製造噪音。

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.

你在製造自己的噪音，你知道，你最終會追逐一些事情，並認為它們是相關的，但實際上並不是。你知道，我們嘗試和測試了不同的事情，我們有很多數據支持我們所做的事情，以及我們為什麼這樣做。你知道，沒有人認為我們聰明到能建立我們所建立的商店和畫廊，而這些結果都相當不錯。

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，大家都停止郵寄書籍，而我們仍在郵寄書籍。唯一的區別是，現在在某個時間點，你可以將我們的模型與任何人進行比較，你知道，將其與今天最好的客户進行比較。扣除我們在國際擴張上的投資，扣除我們在建立房地產上的投資，這並不是一些小的介紹，你知道，80 頁的書，五年或七年後你才會得到一家商店。你知道，這是，我們正在進行嚴肅的投資，建立一個與眾不同的平台。所以，是的，在這樣的低迷市場中，我們的模型看起來會不那麼好？

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資的人。他們什麼都不在建設。他們試圖成為優秀的成本控制者。所以，是的，等到這個週期的另一邊，對我們來説，我認為我們將擁有這個行業從未見過的現金生成機器。

Michael Lasser (Equity Analyst)

Michael Lasser（股票分析師）

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。我的後續問題是關於 RH Estates 的利潤率情況。它是否足夠高於傳統業務，以支持你們正在進行的投資，提供對貿易社區的激勵，以及你們可能有的其他計劃，同時還能推動你們在下半年所嵌入的利潤擴張？非常感謝。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗裏德曼（董事長兼首席執行官）

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 的利潤率基於這些商品的質量、獨特性和吸引力。如果你有一定的設計、質量和稀缺性，並且能夠激發需求，那麼利潤率會是多少呢？我認為我們的利潤率是基於競爭性質來決定的，如果市場上有其他人在銷售類似商品，那麼，質量是否有差異？差異有多大，設計有多不同，等等。他們對市場的進入有多大？他們是否有足夠大的平台來影響市場？我們並不是在進行利潤構建來支付某些東西，比如貿易激勵。貿易激勵是一個簡單的模型，我們提供 X，而我們需要一個 X。我們需要一個清單。

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.

在我們這樣的模型中，這個比例是非常小的，因為我們有如此大的槓桿和流動性。你必須考慮我們的模型，甚至可以考慮 estates，因為我們的整個業務模型與其他所有業務都不同，僅僅是因為我們產品的價格點。與大多數銷售傢俱的人相比，我們有顯著更大的槓桿，僅僅是在處理商品、運輸商品、交付商品等方面。我們在室內設計業務中也有巨大的槓桿，因為我們銷售的是高平均訂單，當然，進行這些工作的確需要投資。

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，我們在增量銷售上有如此大的槓桿，再次強調，今天的情況有點掩蓋，因為我們正在進行國際投資，以及在 estates 等方面的投資。但我們有足夠的利潤來覆蓋我們正在做的事情。未來我們將有充足的利潤增長。正如我所説，我們正在關注我們認為這個業務的現金生成模型將會是什麼樣子，因為我們認為這是最重要的指標。

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.

我認為，隨着我們在今年的投資高峰週期過去，我們相信我們的收入將會反彈，這與外部市場的表現無關，除非真的發生了對經濟、通貨膨脹等產生重大影響的戰爭，這將對每個人施加壓力。這些事情會發生。但我們不需要房地產市場的大幅波動來實現增長。我們甚至不需要房地產市場的波動。我並不指望我們剛剛給出的指導會有所改善。市場可能會變得更糟，我會感到驚訝，如果我們沒有超越這些數字。因此， estates 的 5% 的增量增長是非常保守的。

Michael Lasser (Equity Analyst)

邁克爾·拉瑟（股票分析師）

Thank you very much and good luck.

非常感謝，祝好運。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗裏德曼（董事長兼首席執行官）

Thank you.

謝謝。

OPERATOR

操作員

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

您的下一個問題來自摩根士丹利的西門·古特曼。請繼續。

Simeon Gutman (Equity Analyst)

西門·古特曼（股票分析師）

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，傑克。我想跟進兩個項目。首先是 estates 和收入軌跡。然後我的後續問題將是關於資產負債表的。首先關於 estates，你能給我們一個關於產品發佈順序的感覺嗎？我假設這將是持續的。展廳和畫廊中有多少百分比的商品將是 estates？我們應該期待什麼時候完全達到這個比例？然後我們是否應該看到客户存款線有所上升？不僅僅是來自這些積壓訂單，還有來自 estates 的？然後我會等待後續問題。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗裏德曼（董事長兼首席執行官）

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?

你剛才問了多少個問題？很好。西門，我剛在米蘭見到你。我以為你已經問完了所有問題。你可能有。也許，電話上的每個人都應該問你關於 estates 的問題。你是為數不多的在米蘭設立的人之一。但好吧，關於產品進入商店的順序，我們將會在商店中逐步推出。我們什麼時候能達到 60% 的銷售？65%？那是什麼？

Simeon Gutman (Equity Analyst)

西門·古特曼（股票分析師）

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，畫廊中將大約佔 60% 到 65% 的業務，差不多是三分之二的業務。然後下一波是什麼？幾乎每個月都會有。所以每個月我們都會有。因此，十二月將是所有畫廊。我們第二次的 estates 郵寄將在十一月的早期進行。這將是一個相當重要的品類擴展。

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.

所以你會看到我們在接下來的幾年中逐步建立這個品類。然後定製。哦，是的，他們説我們應該期待存款上升嗎？我的意思是，他們跟隨我們的業務，因此隨着收入的增長，需求驅動，客户存款會增加。是的。那麼我將把後續問題分為兩個部分。存款是否應該已經上升，如果這些積壓訂單存在，還是説那已經是存款了。

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.

然後考慮到資產負債表，正如你所説的，業務在改善和轉折，裏面有很多槓桿。資產負債表的現金流問題應該會自行解決。但你能提醒我們一下，關於到 29 歲時實現無債務的路徑，有什麼更新嗎？你們還採取了哪些步驟來實現這一目標？這件事的優先級有多高，相較於讓業務現在讓資產的回收自行發聲，從而推動業務的自然去槓桿化。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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.

我認為我們已經很明確這是一個重要的優先事項。我們已經概述了未來兩年每年出售兩到 250 個資產的計劃。我們剛剛完成了一筆交易，在我們的阿斯彭房地產中，我們將一些物業出售給了我們的合作伙伴，並且我們現在擁有更多的獨立控制權。我們有很多物業可以更快地變現。我們總共控制了多少物業？八個，八個總共。我們現在擁有 100% 的控制權，因此我們不必通過合資企業和合作夥伴關係來變現。你知道，Dave Stanchak 回來了，Dave 知道如何完成交易，無論是購買還是出售。

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.

所以我們還持有合資企業之外的房地產，你知道，還有業務表現、支出，下降的轉折，我想稱之為，或者説這個多重檢查，任何時候都可以插入任何內容，但你知道，支出在下降，銷售將會上升，我們將進行資產出售，自由現金流將會增加。

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，在那段時間裏。所以我再次強調 Gary 所説的，這仍然是一個優先事項。你知道，確切的無債務時間，嗯，這再次是我們的目標，但重要的是在這些舉措上取得進展。這是我們關注的重點。是的，我認為我們在資本市場上有相對創造性的歷史。

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，我們在這之前有過很多好的時機，四年房地產市場下滑之前。所以，你知道，我們的回購時機沒有像其他回購那樣好，關於我們的資本運作。我希望我們能鎖定，但我們沒有。你知道，許多你們工作的銀行告訴我們，哦，不要鎖定。你知道，利率不會上升。

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，突然之間我們經歷了我們一生中最快的利率上升。所以你並不總是能正確把握這些事情。但我的意思是，當我們的股票達到合適的水平時，我們會行使可轉換期權來減少債務並轉移債務嗎？我們有很多方法來處理資產負債表。你知道，在這個水平上不想做任何可轉換債務。但你知道，我們認為我們的股票不會在這個水平上待很久，我們認為它會隨着我們的業務而波動，隨着我們的執行而波動。再説一次，我們正處於週期的另一邊。你知道，我們剛剛經歷了我們有史以來最繁榮的支出期。

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，這發生在疫情後，我們正在建設一些我們有史以來最重要的東西。而且這一切的成本，遠遠超過了我們在疫情前的建設成本。所以，是的，不幸的時機，但無論如何，都是一些短期的事情需要應對。我的意思是，一旦你花了錢，錢就已經花出去了，對吧？你知道，我看着這一點，我説，是的，我的意思是，有些人想關注運營利潤率，你知道，我們將承擔更多的折舊。但你知道，對於想關注那條線的投資者來説，好吧，你知道，關注那條線。也許有些人會比我們好幾百個基點，但我們將專注於 EBITDA 和現金流。

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.

我認為，最聰明的投資者將專注於那條線，你知道，這就是我們能夠在這個行業創造最佳回報的地方。

Simeon Gutman (Equity Analyst)

Simeon Gutman（股票分析師）

Thanks guys. Product looks great. Good luck.

謝謝大家。產品看起來很棒。祝好運。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

Great, thanks.

很好，謝謝。

OPERATOR

操作員

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

您的下一個問題來自 Max Brachlenko，來自 Kitty Cohen。請繼續。

Max Brachlenko (Equity Analyst)

Max Brachlenko（股票分析師）

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，感謝你們。謝謝你們回答我的問題。作為後續，隨着你們在倫敦開業和各州的推廣，退出投資週期後，我們應該如何看待中期的利潤轉折？你們顯然提供了下半年的展望，但我們應該如何看待中期的利潤能力，因為你們開始受益於過去幾年的投資？

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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，我認為我們給出了一個長期展望，我們相信這是正確的展望，並且正確地參考了視頻。時間線。視頻。是的，我們已經把所有這些都列出來了。所以你知道，我們相信再次，我們認為有顯著的利潤擴張，無論房地產市場是否有所改善，僅僅因為週期的原因，以及我們對這些投資的增長預期。是的，我的意思是，如果我們不這樣做，我的意思是，你知道，歐洲和英國的情況甚至比美國更糟。

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，這裏受到戰爭等因素的影響，比美國還要嚴重。但你知道，我們並不是在最理想的時機開放的，從住房和經濟的角度來看也是如此。但好消息是，我從未見過一個經濟體會永遠低迷。我曾經説過，在我的職業生涯中，我從未見過住房市場低迷超過 18 個月。但現在，我們進入了，嗯，我認為今年肯定不會恢復。我們看看 48 個月，是否會進入第五年？也許會，這完全取決於通貨膨脹和利率。

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，但我們，我認為在這個模型中我們會看到很多槓桿，無論如何，我們真的很興奮。談論和構思這些狀態是一回事，努力工作、調整它們又是另一回事，當你看到這一切匯聚在一起，並經歷一個新業務開發結束時的加速學習時，你知道，我認為我們沒有人曾經工作得這麼努力，因為我們正在做一些最重要的畫廊，並在世界上最重要的市場開設，做一些我們在平台和實體方面的最佳工作，從產品和展示的角度來看，我們也在做我們最好的工作。所以，我認為這裏的興奮程度從未如此之高，我們有很多人在這裏工作了很長時間，10 到 20 年，夥計，我認為每個人都非常清楚這個產品是多麼獨特，品牌的定位是多麼獨特。

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，我們很高興看到我們的努力和工作能夠回報併為我們的股東創造收益。我們在這裏都是股東，對吧？每個人都在這個遊戲中都有投入，每個人在這個努力中都有上升的空間，所以是的，

Max Brachlenko (Equity Analyst)

Max Brachlenko（股票分析師）

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，這很有幫助。那麼，Gary，當你們擴大規模並開始在美國開設新原型的畫廊時，你如何看待那裏的單位經濟？你認為你能否產生與過去十年開設的畫廊類似的收入？那麼我們是否應該假設新畫廊因為成本較低，也應該獲得更高的單位利潤？謝謝。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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.

我們是的，嗯，我認為我們會有很好的投資回報。你知道，我們在視頻中為你們展示了複合體和複合體背後的邏輯，對吧，它有點像解構多層次、三層次的畫廊，看看你能去掉什麼？你知道，你在複合體中不需要什麼，你不需要電梯，不需要宏偉的樓梯，不需要緊急出口樓梯。你知道，我認為很多人不知道在所有這些大樓裏有兩個緊急出口樓梯，都是混凝土的，往上走，還有一個巨大的宏偉樓梯，通常有兩個電梯，還有各種各樣的層次。

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，當你在建造一個有屋頂餐廳的建築時，這需要額外的鋼材和更大的基礎來承載負荷，並且需要複雜的機械系統來操作這樣的建築。是的，我們在這裏花了好幾年時間來剖析這一點。我們開始看到疫情後，成本顯著增加，在某些情況下是兩到兩倍半。

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，我們進行了拆解，問自己，嘿，我們如何能擁有一個同樣令人鼓舞和美麗的體驗？我們想出了一個複合體。我認為這將是，我認為人們會認為這是最新、最偉大的實體體驗。在某些方面，它會讓人們覺得我們可能花了更多的錢，因為他們從未見過這樣的東西。它看起來像是你走過的美麗花園，但所有這些區域並不需要空調。你知道，你有最小的照明，花園照明等等，我們把所有的衞生間和廁所集中在一個地方。你知道，我們在建造很多這些建築時，它們有電和小管道以及噴頭。

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，想象一下建造一棟沒有卧室、沒有浴室和廚房的房子，所有真正昂貴的東西都集中在餐廳所在的中心。我認為我們做到了。我認為這些東西真的很聰明，我聽到它們真的很令人興奮。所以我們很高興能揭開它們的面紗。我認為我們的二級市場畫廊，我認為，我們期望一切都能像以前一樣高效，甚至更高效。我認為我們將要開設的所有新畫廊都會更高效，因為我們有更大的產品種類，我們有 estates 和我們有。

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.

如果你考慮一下，我們是如何成長的，你會發現，我們在早期主要通過產品擴展來成長，因為我們沒有資本，然後在我們以實體方式展示這些商品時進行平台擴展，我們談論過的那種提升。所以，是的，我認為，所有這些我們都非常興奮，比如當我們無法談論支出達到峯值時，我們正在建設的一些項目，我們仍然有幾個剩餘的項目，清理工作比我們想要的花費要多一些。只是，我們無法重新設計它們。

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，我認為整個模型將會看起來不同。投資資本的回報率，我認為會回到我們在高峰時的水平。我記得我們曾達到過 75% 的投資資本回報率。是的，我認為我們會達到那種水平。所以，好消息是，我們變得更加聰明，擁有更多的經驗，這些都會反映在結果和經濟效益上。但是，是的，我們有點被困住了。我們在一些昂貴的地方和城市進行建設。

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，我們不能簡單地撤回這些事情，去説，哎呀，我們不應該在世界上最昂貴的城市進行建設，進行一些最複雜的項目，恰好在最昂貴的時刻。我是説。但是好消息是，什麼不會殺死你的，會讓你更強大。對吧。所以我們仍然在這裏。

Max Brachlenko (Equity Analyst)

Max Brachlenko（股票分析師）

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

太好了。感謝你的詳細解答，當然期待在倫敦見面。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

Great. Look forward to seeing you, Max.

很好。期待見到你，Max。

OPERATOR

操作員

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

你的下一個問題來自 Oppenheimer 的 Brian Nagel。請繼續。

Brian Nagel (Equity Analyst)

Brian Nagel（股票分析師）

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。感謝你們接受我的問題。我會簡短一點。我想問的問題是關於指導意見的，你們已經討論過了，預計下半年銷售增長的提升。現在，我們談了很多關於市場的事情。我想問的問題是，當你們今天看待業務時，現有業務需要多大的提升才能實現你們提到的這些新部分，以達到下半年的指導目標。

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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，如果你真的看看積壓訂單和特殊訂單的構建。對吧。我們的業務比反映在收入中的要好。對吧。我們有相當大的餘額。所以，這些餘額現在正在形成，但我們還沒有發貨這些收入，因為我們仍然有過渡性的事情和來自主要資源的影響。我們所有類別中的很多人，仍在趕上。所以，你知道，我們會看到這一點。我的意思是，你必須看看，好的，這看起來是什麼樣子？我們到底在哪裏？它在構建什麼？你知道，你必須考慮到那種即將到來的變化。

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，當你考慮到這一點時，Brian，你知道，我們不需要推動需求就能達到的相當大的數字。我們已經推動了那種需求。對吧。你有一大塊業務將會直接轉移到下半年。這是有道理的。

Brian Nagel (Equity Analyst)

Brian Nagel（股票分析師）

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，這有道理。是的，從概念上講是有道理的。所以我很抱歉，但你有沒有量化那部分？你想用你的術語，Gary。那部分業務將轉移到下半年。那已經在那裏。可以量化嗎，Doug？

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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 萬或 4.5%。

Brian Nagel (Equity Analyst)

Brian Nagel（股票分析師）

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，那現在在需求中。好的，是的，不，這在需求中。我們沒有報告需求，但我們在報告收入。但是，是的，所有這些，7500 萬在我們的賬本上，並且會再次發貨。這是超出正常水平的積壓訂單和特殊訂單。我的意思是，我們總是會圍繞業務進行討論，但這是因為不正常的事情發生，或者需要更多努力的事情，比如資源、運輸影響等等。

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，所謂的，是 Gary 和我在談論的下半年的內容。那是四倍半。好的，這很有幫助。感謝你。

OPERATOR

操作員

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，謝謝你。Bern，你的下一個問題來自 Wells Fargo 的 Zach Fatum。請繼續。Zach，你在嗎？Zach，你的線路是開放的。

Zach Fatum (Equity Analyst)

Zach Fatum（股票分析師）

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，關於米蘭的初步反應和你對市場第一年的預期。現在你在米蘭和巴黎都有畫廊開放，倫敦也即將到來，你對這三個市場的銷售軌跡有什麼修訂的看法？如果你認為紐約是這些市場可能的一個良好基準？

Gary Friedman (Chairman and Chief Executive Officer)

Gary Friedman（董事長兼首席執行官）

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，我認為隨着時間的推移，它們都會成為很好的市場，你知道，我們必須建立品牌，建立客户基礎，發展我們的設計業務，繼續擴展我們的產品線。我之前提到過，第一家是 RH 英格蘭，那是開業時間最長的。儘管在英國的家居市場經濟並不理想，但它的業績還是有所提升，尤其是在距離倫敦兩個小時車程、周圍人不多的商店。所以，這讓我們充滿希望。而且，我們在倫敦的品牌認知度更高，主要有兩個原因。那裏有更多的外籍人士，也有更多曾在紐約生活過並來回往返的人。

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.

更多的人瞭解這個品牌。大家都説同一種語言，等等。所以，我們的品牌認知度顯著提高。我們在科茨沃爾德，英格蘭鄉村開店已經有三年左右了，然後在巴黎剛剛起步，而我們在米蘭也剛剛開業。我們看到的反饋都很不錯。對我們來説，關鍵是建立設計書籍，推動業務發展。所以，我認為隨着這些市場的成熟和增長，我們會對結果感到滿意。但我認為倫敦是所有這一切的加速器。因為每個人都去倫敦。

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.

倫敦是金融中心，如果你要選擇一個地方，那就是倫敦；如果要選擇兩個地方，那就是倫敦和巴黎，或者倫敦和米蘭，雖然原因略有不同。米蘭是家居設計行業的中心，因為有 Salone 和設計周，吸引的不僅是設計師，還有真正的客户。他們會帶着建築師和室內設計師飛來，購物時會關注所有品牌的展品。所以，我認為這三座城市是我們平台的核心。這是建立一個全球品牌的基礎，超越美國。

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.

我想我可以説，有人曾告訴我，他們聽説伯納德·阿爾諾被問到如何在中國建立品牌，他的回答是：在巴黎、倫敦和紐約建立偉大的商店。所以我們反其道而行，加入了米蘭，因為它對我們的行業至關重要。一旦我們在倫敦的業務啓動，我認為整個事情就會進入正軌。我認為倫敦會產生最大的迴響，那裏是我們最為人知的地方，也是我們應該最快增長、實現最大銷量的地方。因為每個人都因各種不同的原因來到倫敦。

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.

你會發現有很多中東客户，他們在倫敦和中東之間生活，甚至在美國，他們瞭解我們的品牌並對我們的品牌有反應。我認為倫敦的迴響會放大米蘭、巴黎以及我們開設的其他畫廊的影響力。

Zach Fatum (Equity Analyst)

扎克·法圖姆（股票分析師）

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.

謝謝你，蓋瑞。給傑克一個快速的問題。我記得你提到第一季度的開業成本大約是 420 個基點，如果真是這樣的話。對於第二季度，你預計倫敦的成本是 380 個基點。你能幫我們澄清一下，哪些成本應該被視為暫時性的，並將在下半年消失，而哪些成本是現在的基礎並將持續存在嗎？

Jack Preston (Chief Financial Officer)

傑克·普雷斯頓（首席財務官）

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.

第一季度的結果是 450 個基點。所以，正好在 420 附近。我們並沒有具體指導每個季度的情況，所以你可以根據 270 的年數據進行一些推算，450 和 380 的平均值如何達到 270，這是一種處理方式。這個差異可以被視為暫時性的，假設我們在下半年會在中間的 1002 左右，而第一季度和第二季度的數字之間的差異是與開業相關的暫時性成本。

Zach Fatum (Equity Analyst)

扎克·法圖姆（股票分析師）

Got it. Thanks for the time.

明白了。謝謝你的時間。

OPERATOR

操作員

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

下一個問題來自傑弗瑞的喬納森·馬塔謝夫斯基。請繼續。

Jonathan Mataszewski (Equity Analyst)

喬納森·馬塔謝夫斯基（股票分析師）

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。謝謝你讓我提問。蓋瑞，我有一個問題。你能分享一下為什麼現在是追求補償貿易客户的忠誠度計劃的合適時機嗎？顯然，你可能在過去考慮過這個轉變，是什麼讓現在成為推出這一計劃的合適時機？如果你能討論一下近年來你的貿易業務相對於終端消費者業務的整體增長趨勢，那將會很有幫助。貿易是否表現優於消費者，而這是提升它的計劃，還是貿易表現不佳，這是改善趨勢的一種方式？非常感謝。對於那些報告貿易的競爭對手，我認為我們在過去三年中表現優於他們。

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，我們有一個非常強大的貿易業務。我們有出色的領導力，優秀的團隊，擁有非常高素質的人，他們深刻理解並踐行我們的價值觀，建立了偉大的組織。是的，這確實是一個超級充電的過程。看，我是那個曾經有一個貿易激勵計劃的人，我在很多人的爭論中把它取消了。但是，當我們轉向會員制時，我只是，我，我，我不知道這是否是正確的決定。現在回想起來，憑藉我今天的智慧，可能不是。那是 2016 年，對吧？是的，10 年前。是的，我只是覺得我當時沒有正確思考這個問題。現在之所以是正確的時機，是因為 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?

因為 Estates 為這個品牌打開了市場的最頂端。沒有其他品牌在設計和質量上達到這個水平。沒有一個在零售層面上。他們可能會告訴你他們有，但他們可能從未進入過我們所收購的這些業務。所以，你知道，我們已經把我們做得非常好的事情進行了放大。所以，你將看到一些你從未見過的東西，並且以一種維度化的方式呈現，這種方式是不存在的。那麼，為什麼你不想把世界上最好的室內設計師引入我們今天所做的事情呢？

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，我們真的更聰明，老實説，你知道，我回頭看，如果我今天説，如果我知道我今天所知道的，我是否會做出同樣的決定，我不會做出同樣的決定。所以我今天更聰明，我知道得更多，知識更多。而且有趣的是，我曾經和一位室內設計師結婚。你知道，肯德爾和我在一起 11 年。所以，你知道，我對她的業務非常瞭解。這幫助我在 RH 的工作中構思該做什麼，坦率地説，這幫助我看到了機會，但我認為我並沒有真正理解市場，並且理解得不夠正確。而且市場也發生了變化，你知道，越來越多的人，你知道，你有增長和財富，對吧？

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.

有越來越多的人有經濟能力使用室內設計師。是的，使用的人更多了。人們對設計和質量的接觸更多了。越來越多的人擁有更好的房子和更好的設計。所以，總之，我們很高興成為倡導者和合作夥伴，開放我們的平台，並以更大的方式支持他們。我認為，今天這對我們的業務來説是一個重要的部分。今天我們的貿易業務是我們業務的重要組成部分。所以這不是一個小部分，但我們認為它可以變得更大。你知道，當人們説，哦，你要讓他們變得更好，你知道，我們需要獲得的提升在增量業務上是非常小的。我的意思是，我們在這個模型上有巨大的流量。謝謝，祝你好運。謝謝。

OPERATOR

操作員

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

這結束了我們的問答環節。現在我將把電話交還給加里·弗裏德曼進行結束語。

Gary Friedman (Chairman and Chief Executive Officer)

加里·弗裏德曼（董事長兼首席執行官）

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。感謝大家的時間和問題，以及今天的對話。我想對我們全國各地、世界各地以及我們這裏的團隊説，我想每個人都知道我們正在做什麼，每個人都知道我們渴望做什麼。我認為這是 RH 歷史上最重要的時刻之一，我對每個人所做的工作感到無比自豪，這個基於我們價值觀和信念建立的組織。

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.

我們的工作將達到一個新的水平。我認為我們的表現將達到一個新的水平，這一切都要歸功於在過去 25 年裏建立這個組織的團隊成員。所以我想感謝每個人，每個人的努力都很重要，併為這個事業做出貢獻，我認為我們很快會感到非常自豪，甚至比我們以往任何時候都更自豪。所以我迫不及待想和你們分享。

OPERATOR

操作員

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

女士們，先生們，這結束了今天的電話會議。感謝大家的參與。你們現在可以斷開連接。

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.

免責聲明： 本轉錄僅供信息參考。雖然我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 備案和官方新聞稿。公司參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改，恕不另行通知。

RH 2026 年第一季度收益電話會議記錄