1stdibs.Com Inc (DIBS) 2024 Q2 法說會逐字稿

Everyone, and welcome to 1stdibs.Com second quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions). That's all we need to go through for now. I'd like to hand over the call to Kevin LaBuz. I'm the Head of Investor Relations. You may now begin.

大家好，歡迎參加 1stdibs.Com 2024 年第二季財報電話會議。請注意，此通話正在錄音。（操作員說明）。這就是我們現在需要經歷的一切。我想將電話轉接給凱文·拉布茲 (Kevin LaBuz)。我是投資人關係主管。你現在可以開始了。

Good morning, and welcome to 1stdibs' earnings call for the quarter ended June 30, 2024. I am Kevin LaBuz, Head of Investor Relations and Corporate Development. Joining me today are Chief Executive Officer, David Rosenblatt, and Chief Financial Officer, Thomas Etergino. David will provide an update on our business, including our strategy and growth opportunities, and Tom will review our second quarter results and third quarter outlook. This call will be available via webcast on our Investor Relations website at investors.1stdibs.com.

早安，歡迎參加 1stdibs 截至 2024 年 6 月 30 日的季度財報電話會議。我是凱文‧拉布茲 (Kevin LaBuz)，投資人關係與企業發展主管。今天與我一起出席的有執行長 David Rosenblatt 和財務長 Thomas Etergino。大衛將提供我們業務的最新信息，包括我們的策略和成長機會，湯姆將回顧我們第二季的業績和第三季的前景。本次電話會議將透過我們的投資者關係網站 Investors.1stdibs.com 上的網路直播進行。

Before we begin, please keep in mind that our remarks include forward-looking statements, including but not limited to, statements regarding guidance and future financial performance, market demand, growth prospects business plans, strategic initiatives, business and economic trends, including e-commerce growth rates and our potential responses to them, international opportunities and competitive position.

在我們開始之前，請記住，我們的言論包括前瞻性陳述，包括但不限於有關指導和未來財務業績、市場需求、成長前景業務計劃、戰略舉措、業務和經濟趨勢的陳述，包括電子-商業成長率以及我們對它們的潛在反應、國際機會和競爭地位。

Our actual results may differ materially from those expressed or implied in these forward-looking statements as a result of risks and uncertainties, including those described in our SEC filings. Any forward-looking statements that we make on this call are based on our beliefs and assumptions as of today, and we disclaim any obligation to update them except to the extent required by law. Additionally, during the call, we'll present GAAP and non-GAAP financial measures.

由於風險和不確定性，包括我們向 SEC 文件中描述的風險和不確定性，我們的實際結果可能與這些前瞻性陳述中明示或暗示的結果有重大差異。我們在本次電話會議中所做的任何前瞻性陳述均基於我們截至目前的信念和假設，除法律要求的範圍外，我們不承擔任何更新這些陳述的義務。此外，在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, which you can find on our Investor Relations website, along with the replay of this call. Lastly, please note that all growth comparisons are on a year-over-year basis, unless otherwise noted.

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對賬，您可以在我們的投資者關係網站上找到該新聞稿以及本次電話會議的重播。最後，請注意，除非另有說明，所有成長比較均以同比進行。

I will now turn the call over to our CEO, David Rosenblatt. David?

我現在將把電話轉給我們的執行長 David Rosenblatt。大衛？

Thanks, Kevin. Good morning and thank you for joining us today. In the second quarter, we delivered GMV and revenue at the high end of guidance and adjusted EBITDA margins above the high end. Moreover, we are pleased to report a return to growth after eight challenging quarters, marking a significant turning point for the business.

謝謝，凱文。早安，感謝您今天加入我們。第二季度，我們的 GMV 和收入達到了指導值的上限，調整後的 EBITDA 利潤率也高於指導值的上限。此外，我們很高興地報告，在經歷了八個充滿挑戰的季度後，公司恢復了成長，這標誌著業務的重大轉折點。

In addition, we recorded a number of positive developments over the past quarter, a sequential increase in the number of active buyers for the first time since late 2021, improving conversion for both new and returning buyers, accelerating order growth and ongoing adjusted EBITDA margin improvements. Growing GMV and revenue at a time when syndicated credit card data shows that the broader online furniture and premium furnishings markets are contracting is validation that our strategy is working. It also shows that cost reductions have not come at the expense of growth.

此外，我們在過去一個季度取得了許多積極的進展，活躍買家數量自2021 年底以來首次連續增長，新買家和回訪買家的轉換率均有所提高，訂單增長加速，調整後的EBITDA 利潤率持續改善。當聯合信用卡數據顯示更廣泛的線上家具和高檔家具市場正在萎縮之際，GMV 和收入不斷增長，這證明我們的策略正在發揮作用。它還表明成本降低並沒有以犧牲成長為代價。

The actions we took in 2022 and 2023 to lay the groundwork for future financial success, streamlining operations, reengineering costs, and narrowing our focus to the highest ROI opportunities continue to pay off. Increasing conversion is our highest leverage activity, and we are pleased to report the third consecutive quarter of conversion rate growth. Returning buyer conversion hit a record high, and new buyer conversion grew double digits.

我們在 2022 年和 2023 年採取的行動為未來的財務成功奠定了基礎，精簡了運營，重新設計了成本，並將我們的注意力集中在最高投資回報率的機會上，這些行動繼續得到回報。提高轉換率是我們最高的槓桿活動，我們很高興地報告連續第三個季度的轉換率成長。回頭客轉換率創歷史新高，新買家轉換率成長兩位數。

Even with this progress, there is significant headroom to increase conversion, grow orders and expand our active buyer base. We are optimistic for three reasons. First, conversion rates in the second quarter were approximately 20% below their peak at the height of the pandemic e-commerce boom. Over time, we believe that conversion can exceed this high watermark. Achieving record returning buyer conversion rates in the second quarter offers an early proof point.

即使取得了這一進展，在提高轉換率、增加訂單和擴大我們的活躍買家基礎方面仍有巨大的空間。我們出於三個原因感到樂觀。首先，第二季的轉換率比疫情期間電子商務熱潮最高峰時的高峰低了約 20%。隨著時間的推移，我們相信轉換率可以超過這個高水位線。第二季實現創紀錄的回頭客轉換率提供了一個早期的證據。

Second, US luxury home sales are still more than 10% below pre-pandemic levels according to data from Redfin. Because home sales are a trigger for furniture purchases, we expect to benefit as the luxury housing market recovers in the future. Third, approximately two thirds of our GMV is furniture, a category which saw a substantial demand pull forward during the pandemic. However, furniture is a durable good with a replacement cycle.

其次，根據 Redfin 的數據，美國豪宅銷售仍比疫情前水準低 10% 以上。由於房屋銷售是家具購買的觸發因素，我們預計隨著未來豪華住房市場的復甦，我們將受益。第三，我們的商品交易總額中約三分之二是家具，這一類別在疫情期間需求大幅增加。然而，家具是耐用品，有更換週期。

While purchases can be deferred, they cannot be deferred indefinitely. As we move further away from the pandemic boom, we expect demand to build. We are improving performance in spite of the fact that the market has not recovered yet. The improvements we are making to the business in this period of soft demand position us well to maximize growth when the market recovers.

雖然購買可以推遲，但不能無限期推遲。隨著我們遠離大流行病的繁榮，我們預計需求將會增加。儘管市場尚未復甦，但我們正在改善業績。我們在需求疲軟時期對業務所做的改進使我們能夠在市場復甦時實現最大程度的成長。

Growth rates improved in the second quarter with both GMV and revenue inflecting positively. Orders grew 5%, helped by continued conversion improvements and increased performance marketing investments as targeting optimizations and higher conversion enabled us to increase investment while maintaining efficiency thresholds. Average order value and traffic remained headwinds to GMV growth consistent with recent quarters. We expect further conversion gains and order growth in the third quarter. However, we anticipate that average order value headwinds will temporarily intensify due largely to lapping onetime factors from 2023 that Tom will detail.

第二季成長率有所改善，GMV 和收入均出現正面變化。訂單成長了 5%，這得益於持續的轉換率提高和績效行銷投資的增加，因為目標優化和更高的轉換率使我們能夠在保持效率閾值的同時增加投資。平均訂單價值和流量仍然阻礙 GMV 成長，與最近幾季一致。我們預計第三季將進一步實現轉換收益和訂單成長。然而，我們預計平均訂單價值的不利因素將暫時加劇，這主要是由於湯姆將詳細介紹的 2023 年以來的一次性因素。

Returning to funnel dynamics, traffic headwinds were stable sequentially with performance marketing optimizations and higher performance marketing investment offsetting softer organic traffic. We ended the quarter with approximately 70% of traffic from organic sources and 30% from paid. Our performance demonstrates that our revamped AB testing program and accelerated product velocity are velocity are paying dividends. The number of tests we ran in the second quarter grew over 150%, a record high, helping drive order growth and conversion improvements.

回到漏斗動態，流量逆風連續穩定，效果行銷優化和更高的效果行銷投資抵消了疲軟的自然流量。本季結束時，我們約 70% 的流量來自自然來源，30% 來自付費流量。我們的表現表明，我們改進的 AB 測試計劃和加快的產品速度正在帶來紅利。我們在第二季進行的測試數量增加了 150% 以上，創歷史新高，有助於推動訂單成長和轉換率提高。

Our product road map is focused on these three areas: personalized and frictionless buying, competitive inventory pricing and scalability. We made progress in all three areas during this quarter. For example, we scored our largest AB test win since revamping our program in mid-2023. In May, we expanded the 1stdibs promise and tested promoting it more prominently. This resulted in higher checkout entry and checkout completion rates, ultimately generating more orders.

我們的產品路線圖專注於這三個領域：個人化和無摩擦的購買、有競爭力的庫存定價和可擴展性。本季度我們在所有三個領域都取得了進展。例如，我們取得了自 2023 年中期改進計畫以來最大的 AB 測試勝利。5 月份，我們擴大了 1stdibs 承諾，並測試了更突出地推廣它。這導致了更高的結帳進入率和結帳完成率，最終產生更多訂單。

We also made progress giving sellers actionable insights to drive conversion. In April, we introduced our seller recommendations page and listing optimization score features. The goal of these is to provide sellers with tactics to increase sell through based on our proprietary analytics and first-party transactional data. These recommendations include actions like add to sale, add automated offers, lower list price, and add to auction.

我們也取得了進展，為賣家提供了可操作的見解以推動轉換。四月份，我們推出了賣家推薦頁面和清單優化評分功能。這些的目標是根據我們的專有分析和第一方交易數據為賣家提供增加銷售的策略。這些建議包括添加到銷售、添加自動報價、降低標價和添加到拍賣等操作。

To increase visibility, engagement, and adoption of our recommendations, we created a centralized recommendations page in the seller dashboard with an individual optimization score for each seller to prioritize recommended actions based on estimated conversion uplift. Early results have been encouraging with sellers who increased their account-level optimization score seeing an increase in conversion on average.

為了提高建議的可見度、參與度和採用率，我們在賣家儀表板中創建了一個集中的建議頁面，其中為每個賣家提供了單獨的優化分數，以便根據估計的轉換提升來優先考慮建議的操作。早期結果令人鼓舞，提高帳戶層級優化得分的賣家平均轉換率有所提高。

We also made progress on our makeover flow, which represents a potentially rich vein to tap. Given the highly considered nature of our listings, many orders involve negotiations between buyer and seller. In fact, over 40% of orders originate as buyer-initiated negotiations. In June, we completed our first make offer test. Our objective was to make this process more seamless, ultimately driving more orders and higher conversion.

我們在改造流程方面也取得了進展，這代表著潛在的豐富資源可供挖掘。鑑於我們的清單經過高度考慮，許多訂單都涉及買家和賣家之間的談判。事實上，超過 40% 的訂單源自於買方發起的談判。六月，我們完成了第一次報價測驗。我們的目標是使這個過程更加無縫，最終推動更多訂單和更高的轉換率。

Based on our learnings from the June test, we have four additional make offer tests slated for the coming months. Conversion is a game of incremental improvements that compound and snowball over time. We believe our snowball is starting to gain momentum. We also scored a large infrastructure win. While we are constantly iterating on our buyer and seller experience, we are also committed to maintaining a stable, scalable infrastructure.

根據我們從六月測試中獲得的經驗，我們計劃在未來幾個月進行四個額外的報價測試。轉換是一種漸進式改進的遊戲，隨著時間的推移，這種改進會不斷複合和滾雪球。我們相信我們的雪球正在開始累積動力。我們也取得了基礎設施的重大勝利。在我們不斷迭代買家和賣家體驗的同時，我們也致力於維護穩定、可擴展的基礎設施。

During the quarter, our engineering team upgraded our routing infrastructure, which increased site speed and reduced error rates. Our pre/post analysis suggests a double-digit latency improvement for our product and search and browse pages, making the site more performant.

在本季度，我們的工程團隊升級了我們的路由基礎設施，從而提高了站點速度並降低了錯誤率。我們的前/後分析表明，我們的產品、搜尋和瀏覽頁面的延遲時間得到了兩位數的改善，從而使網站的效能更高。

Over time, we expect to see this translate into higher organic traffic, conversion improvements and more orders. The net effect of these wins is that we exited the quarter with a better buyer experience, a better seller experience and better performing infrastructure.

隨著時間的推移，我們預計這將轉化為更高的自然流量、轉換率提高和更多訂單。這些勝利的最終效果是，我們在本季結束時獲得了更好的買家體驗、賣家體驗和表現更好的基礎設施。

Turning to supply, we continue to see consistent listing growth, ending the quarter with over 1.8 million listings, up 6%. As expected, we saw an uptick in the number of churned sellers due to our new pricing structure and inventory minimum requirements.

談到供應，我們繼續看到掛牌量持續成長，本季末掛牌量超過 180 萬套，成長 6%。正如預期的那樣，由於我們新的定價結構和庫存最低要求，流失的賣家數量有所增加。

This is a result of our decision in the fourth quarter of 2023 to revise our seller acquisition and monetization approach to focus on sellers with higher engagement. We are seeing this shift pay off in the form of higher take rates. We ended the quarter with approximately 7,450 unique sellers, down 5%. The majority of churn was initiated by us due to low engagement or performance on behalf of sellers we churned. In total, the churn cohort only accounted for approximately 50 basis points of GMV over the trailing 12 months and less than 2% of listings.

這是我們在 2023 年第四季決定修改賣家取得和貨幣化方法以重點關注參與度較高的賣家的結果。我們看到這種轉變以更高的採用率形式得到回報。本季結束時，我們的獨立賣家數量約為 7,450 名，下降了 5%。大多數的流失都是由我們發起的，因為我們流失的賣家參與度或表現較低。總的來說，流失群體在過去 12 個月內僅佔 GMV 約 50 個基點，佔上市量的不到 2%。

While we anticipate some volatility in unique seller count through 2024 as we lap inventory minimums and pricing changes, we expect continued listing growth. We also made significant strides on the capital allocation front, completing our $25.2 million share repurchase program in June. We believe that this will be accretive in the long run given the size of our opportunity, the fact that we are well positioned to capitalize on a market recovery and that we executed the program at a discount to our assessment of intrinsic value.

雖然我們預計到 2024 年，隨著庫存最低限度和價格變化，獨特賣家數量會出現一些波動，但我們預計掛牌量將持續成長。我們在資本配置方面也取得了重大進展，於 6 月完成了 2,520 萬美元的股票回購計畫。我們相信，考慮到我們機會的規模、我們處於有利地位以利用市場復甦以及我們以低於我們內在價值評估的折扣執行該計劃的事實，從長遠來看，這將是增值的。

While the luxury home furnishings industry is still contracting, we are hopeful that the worst of the down cycle for this market segment is now behind us. As a leader in our category, we expect to benefit disproportionately when market growth resumes. Our roadmap is focused squarely on this. The progress we have made on conversion, orders, and top-line growth signify that our roadmap and strategy are bearing fruit.

儘管豪華家居產業仍在萎縮，但我們希望該細分市場最糟糕的下行週期已經過去。作為我們類別的領導者，我們預計當市場恢復成長時將獲得不成比例的受益。我們的路線圖正是集中於此。我們在轉換、訂單和營收成長方面取得的進展表明我們的路線圖和策略正在取得成果。

Given the operating leverage in our model, returning to growth was the first step towards profitability. Our mission now is to accelerate and sustain growth, improve margins and ultimately generate growing free cash flow. While this will play out over years, we are encouraged by recent progress.

考慮到我們模型中的營運槓桿，恢復成長是實現獲利的第一步。我們現在的使命是加速和維持成長、提高利潤率並最終產生不斷增長的自由現金流。雖然這將持續多年，但我們對最近的進展感到鼓舞。

Thank you for your continued support. I will now turn it over to Tom to review our second quarter financial results and third quarter outlook.

感謝您一直以來的支持。我現在將把它交給湯姆來審查我們第二季度的財務業績和第三季的前景。

Thanks, David. We delivered GMV and revenue at the high end of guidance and adjusted EBITDA margins above the high end. We also returned to top line growth for the first time in two years. GMV was $91.5 million up 2% with growth rates increasing seven percentage points sequentially. While we continue to see soft demand for luxury home goods and syndicated data suggests that the broader online furniture and premium furnishings markets are contracting, we believe that the worst of the down cycle is now behind us.

謝謝，大衛。我們的 GMV 和收入達到指導值的上限，調整後的 EBITDA 利潤率也高於指導值的上限。我們還兩年來首次恢復了營收成長。GMV 為 9,150 萬美元，成長 2%，成長率比上一季增加 7 個百分點。儘管我們繼續看到對豪華家居用品的需求疲軟，而且聯合數據表明更廣泛的線上家具和高檔家具市場正在萎縮，但我們相信，下行週期最糟糕的時期已經過去。

GMV growth was propelled by double-digit conversion gains offset by continued traffic and average order value headwinds. Encouragingly, this was our second consecutive quarter where conversion increased for both new and returning buyers and the third consecutive quarter of overall conversion growth. Going deeper, returning buyer conversion hit a record high and new buyer conversion grew double digit year-over-year. We are confident in our roadmap and see ample headroom to increase conversion rates over time. This confidence is bolstered by the recent success of our AB tests and newly launched product enhancements.

兩位數的轉換收益推動了 GMV 的成長，但被持續的流量和平均訂單價值不利因素所抵消。令人鼓舞的是，這是我們連續第二季新買家和回頭客的轉換率均有所增加，整體轉換率連續第三季成長。進一步來看，回頭客轉換率創下歷史新高，新買家轉換率較去年同期成長兩位數。我們對我們的路線圖充滿信心，並看到隨著時間的推移，有足夠的空間來提高轉換率。最近我們 AB 測試的成功和新推出的產品增強增強了這種信心。

Average order value of approximately $2,700 was down 3%. Median order value of approximately $1,200 was down 2%. Similar to the first quarter, we saw a slight mix shift to orders under $2,000 Lastly, orders over $100,000 accounted for approximately 4% of GMV, in line with our historical range of 3% to 5%. Consumer GMV and Trade GMV grew at similar rates, with Trade returning to growth for the first time since mid-twenty 2022.

平均訂單價值約為 2,700 美元，下降了 3%。訂單中位數價值約為 1,200 美元，下降了 2%。與第一季類似，我們看到訂單數量略有轉向 2,000 美元以下的訂單。消費者 GMV 和貿易 GMV 增速相似，其中貿易自 2022 年 20 世紀中期以來首次恢復成長。

Turning to verticals, art, fashion and vintage and antique furniture all posted GMV growth. We ended the quarter with approximately 61,200 active buyers, down 6% year-over-year, but up 1% sequentially. Because active buyers are a trailing 12-month metric, they are a lagging indicator. However, we see order growth as a leading indicator of future active buyer growth. On this front, we expect continued order growth in the third quarter based on quarter-to-date trends.

轉向垂直行業，藝術、時尚、復古和古董家具均實現了 GMV 成長。本季末，我們的活躍買家數量約為 61,200 名，年減 6%，但季增 1%。由於活躍買家是追蹤 12 個月的指標，因此它們是一個落後指標。然而，我們將訂單成長視為未來活躍買家成長的領先指標。在這方面，根據季度至今的趨勢，我們預計第三季訂單將持續成長。

On the supply side of the marketplace, we closed the quarter with approximately 7,450 unique sellers down 5%. However, we experienced steady listings growth ending the quarter with over 1.8 million listings, up 6%. The decline in the number of unique sellers was due to higher than usual churn. The majority of it initiated by us related to recent policy changes. This churn had a de minimis impact on GMV and listings.

在市場供應方面，本季末，獨立賣家數量約為 7,450 名，下降了 5%。然而，本季末，我們的掛牌量穩定成長，掛牌量超過 180 萬套，成長 6%。獨立賣家數量下降是因為流失率高於平常。我們發起的大部分活動都與最近的政策變化有關。這次流失對 GMV 和上市量產生了微乎其微的影響。

While we anticipate some volatility to unique seller counts in 2024 as we cycle through the introduction of inventory minimums, changes to commissions and the launch of monthly minimum subscription fees, we expect persistent listings growth throughout the year.

雖然我們預計 2024 年，隨著我們引入最低庫存、調整佣金和推出每月最低訂閱費，獨特賣家數量會出現一些波動，但我們預計全年掛牌量將持續成長。

Turning to the P&L, net revenue was $22.2 million up 6% marking the first quarter of revenue growth since early 2022. Transaction revenue, which is tied directly to GMV, was approximately 75% of total revenue with subscriptions making up most of the remainder. Take rates improved modestly due to a combination of several factors including higher proportion of orders below our $25,000 commission break, growing GMV contribution from essential sellers, which carry a higher commission rate and a revised commission break structure that went into effect late in the fourth quarter of 2023.

就損益表而言，淨收入為 2,220 萬美元，成長 6%，這是自 2022 年初以來第一季的營收成長。交易收入與 GMV 直接相關，約佔總收入的 75%，訂閱收入佔其餘收入的大部分。由於多種因素的綜合作用，佣金率略有改善，其中包括低於25,000 美元佣金折扣的訂單比例較高、主要賣家的GMV 貢獻不斷增加（這些賣家的佣金率較高）以及第四季度末生效的修訂後的佣金折扣結構2023 年。

Gross profit was $15.9 million up 9%, driven by revenue growth and cost reductions. Gross profit margins were 72%, up approximately two percentage points primarily driven by lower headcount related expenses as a result of our restructuring initiatives, partially offset by the impact of the annual merit increases awarded in March. Sales and marketing expenses were $9.3 million down 5%, driven by lower headcount related expenses as a result of our restructuring initiatives, partially offset by higher performance marketing investment and the impact of the annual merit increases awarded in March. Sales and marketing as a percentage of revenue was 42%, down from 47% a year ago.

受收入成長和成本降低的推動，毛利為 1,590 萬美元，成長 9%。毛利率為 72%，上升了約兩個百分點，主要是由於我們的重組舉措導致人員相關費用減少，但部分被 3 月份年度績效增長的影響所抵消。銷售和行銷費用為 930 萬美元，下降 5%，這是由於我們的重組舉措導致員工人數相關費用減少，但部分被更高的績效行銷投資和 3 月份獎勵的年度績效增長的影響所抵消。銷售和行銷佔收入的比例為 42%，低於一年前的 47%。

Technology development expenses were $5.5 million down 21%, driven by lower headcount related costs as a result of our restructuring initiatives, partially offset by the impact of the annual merit increases awarded in March. As a percentage of revenue, technology development was 24%, down from 33%. General and administrative expenses were $6.9 million down 8%, driven primarily by lower rent expense attributable to the sublease of our former headquarters at 51 Astor Place and lower insurance costs, partially offset by the impact of the annual merit increase awarded in March and severance expenses. As a percentage of revenue, general administrative expenses were 31%, down from 36%.

技術開發費用為 550 萬美元，下降 21%，這是由於我們的重組舉措導致人員相關成本減少，部分被 3 月份年度績效增長的影響所抵消。技術開發佔收入的比例為 24%，低於 33%。一般及行政費用為690 萬美元，下降8%，主要是由於轉租位於Astor Place 51 號的前總部而導致的租金費用下降以及保險費用的下降，部分被3 月份年度績效增長和遣散費的影響所抵消。一般管理費用佔收入的比例為 31%，低於 36%。

Lastly, provision for transaction losses were approximately $800,000, 4% of revenue flat year-over-year. We continue to manage operating expenses with discipline. Total operating expenses were $22.4 million down 10%, reflecting the benefit of cost reductions. Adjusted EBITDA was a loss of $1.6 million compared to a loss of $4.6 million last year. Adjusted EBITDA margin was a loss of 7% versus a loss of 22% last year due to savings from cost reductions and a return to revenue growth. This was our best result as a public company for adjusted EBITDA dollars and margins.

最後，交易損失撥備約 80 萬美元，佔營收的 4%，與去年同期持平。我們繼續嚴格管理營運費用。總營運費用為 2,240 萬美元，下降 10%，反映了成本削減的好處。調整後 EBITDA 虧損 160 萬美元，而去年虧損 460 萬美元。由於成本削減和收入成長恢復，調整後的 EBITDA 利潤率下降了 7%，而去年為 22%。這是我們作為一家上市公司調整後 EBITDA 美元和利潤率的最佳業績。

During the second quarter, adjusted EBITDA benefited by approximately $250,000 and favorable one-time items regarding our lease and the conclusion of a sales tax audit. Moving on to the balance sheet, we ended the quarter with a strong cash, cash equivalents, and short-term investments position of $111 million. The sequential decline was largely driven by our share repurchase program. During the quarter, we repurchased $19 million of shares, upsizing and completing the program. Since inception in August of 2023, we repurchased approximately 4.9 million shares for a total of $25.2 million.

在第二季度，調整後的 EBITDA 受益於約 250,000 美元以及有關我們的租賃和銷售稅審計結論的一次性優惠項目。轉向資產負債表，本季結束時，我們擁有 1.11 億美元的強勁現金、現金等價物和短期投資部位。環比下降主要是由我們的股票回購計劃推動的。本季度，我們回購了 1,900 萬美元的股票，擴大規模並完成了該計劃。自 2023 年 8 月成立以來，我們回購了約 490 萬股股票，總價值為 2,520 萬美元。

Turning to the outlook. Our guidance reflects quarter to date results and our forecast for the remainder of the period. We forecast third quarter GMV of $84 million to $91 million down 6% to up 2%, net revenue of $20.8 million to $22.1 million up 1% to up 7%, and adjusted EBITDA margin loss of minus 15% to minus 10%.

轉向前景。我們的指導反映了本季迄今的業績以及我們對該期間剩餘時間的預測。我們預計第三季GMV 為8,400 萬美元至9,100 萬美元，下降6% 至成長2%，淨收入為2,080 萬美元至2,210 萬美元，成長1% 至成長7%，調整後EBITDA 利潤率損失為負15% 至負10%。

Our GMV guidance reflects typical seasonal softness. Historically, we see GMV decline by approximately 2% to 4% in the third quarter versus the second quarter. While we expect to see continued conversion rate improvements and order growth, we also anticipate a temporary intensification of average order value headwinds as we lap a record quarter for high-value sales.

我們的 GMV 指導反映了典型的季節性疲軟。從歷史上看，我們預計第三季的 GMV 將較第二季下降約 2% 至 4%。雖然我們預期轉換率將持續提高，訂單也會成長，但隨著高價值銷售創紀錄的季度成長，我們也預期平均訂單價值的不利因素將暫時加劇。

In the third of 2023, we had a record 8% of GMV from orders over $100,000 including a handbag that sold for over $1 million and several high value jewelry purchases. Historically, orders over $100,000 account for 3% to 5% of total GMV. We expect these pressures to be one time in nature and to normalize in the fourth quarter. Our revenue guidance reflects modest take rate expansion due to a number of factors, including updated commission tiers, a higher mix of orders under our commission break, a higher mix of GMV from our essential sellers and instituting a minimum monthly subscription fee for new sellers.

2023 年 3 月，我們的 GMV 創紀錄地有 8% 來自超過 10 萬美元的訂單，其中包括售價超過 100 萬美元的手袋和幾件高價值珠寶購買。從歷史上看，超過 10 萬美元的訂單佔總 GMV 的 3% 至 5%。我們預計這些壓力將是一次性的，並在第四季度恢復正常。我們的收入指引反映了由於多種因素導致的適度擴張，包括更新的佣金等級、佣金折扣下的訂單組合更高、我們的重要賣家的 GMV 組合更高以及為新賣家製定最低每月訂閱費。

Lastly, adjusted EBITDA margin guidance reflects gross margins in the range of 71% to 73%, lower revenue on a sequential basis due to the aforementioned seasonality and temporary AOV headwinds, and that sequentially we expect operating expenses to increase modestly due to planned hiring and backfilling open roles and mailing our semi-annual catalog. However, we are expecting minimal net headcount growth in 2024.

最後，調整後的EBITDA 利潤率指引反映了毛利率在71% 至73% 的範圍內，由於上述季節性和臨時AOV 不利因素，收入環比下降，而且我們預計由於計劃的招聘和招聘，營運費用將適度增加。然而，我們預期 2024 年淨員工人數將成長極小。

Lastly, as a reminder, during the second quarter, adjusted EBITDA benefited from approximately $250,000 in favorable one-time items regarding our lease and the conclusion of a sales tax audit. Over the past few years, we have improved monetization, expanded gross margins and meaningfully reduced our operating expenses.

最後，提醒一下，在第二季度，調整後的 EBITDA 受益於與我們的租賃相關的一次性優惠項目和銷售稅審計結論的約 25 萬美元。在過去幾年中，我們提高了貨幣化水平，擴大了毛利率，並顯著降低了營運費用。

This quarter marks another significant milestone as we resumed growth. This quarter represented the third consecutive quarter of conversion rate growth, a return to year-over-year order growth and quarter-over-quarter active buyer growth, and our best adjusted EBITDA margins as a public company. These developments show that our strategy is working.

本季標誌著我們恢復成長的另一個重要里程碑。本季代表著轉換率連續第三個季度成長、訂單年增和活躍買家環比成長恢復，以及我們作為上市公司的最佳調整後 EBITDA 利潤率。這些進展表明我們的策略正在發揮作用。

We are making meaningful progress and are committed to driving further improvements. While challenges remain for the luxury home goods and high-end discretionary market, we are gaining market share and are optimistic about our trajectory. There's still work to be done, but our team's dedication gives us confidence in our ability to deliver sustained growth and profitability in the future.

我們正在取得有意義的進展，並致力於推動進一步改進。儘管豪華家居用品和高端非必需品市場仍然面臨挑戰，但我們正在獲得市場份額，並對我們的發展前景感到樂觀。雖然仍有工作要做，但我們團隊的奉獻精神讓我們對未來持續成長和獲利能力充滿信心。

We appreciate your continued support and look forward to updating you on our progress in the coming quarters. Thank you. I will now turn the call over to the operator to take your questions.

我們感謝您的持續支持，並期待向您通報我們在未來幾季的最新進展。謝謝。我現在將把電話轉給接線員回答您的問題。

(Operator Instructions) Nick Jones, Citizens JMP Group.

（操作員說明）Nick Jones，Citizens JMP Group。

Hi. This is Luke on for Nick. Thanks for taking our questions. I guess, first, it was a really solid quarter. You returned to GMV growth and saw what seems to be positive trends across various business metrics. I know you mentioned some seasonality in AOV headwinds, but could you just provide some additional color on what went into the 3Q guide, particularly given such a solid 2Q you just had? Thanks.

你好。這是尼克的盧克。感謝您回答我們的問題。我想，首先，這是一個非常穩定的季度。您回到了 GMV 成長，發現各種業務指標似乎都呈現出正面的趨勢。我知道您提到了 AOV 逆風中的一些季節性因素，但您能否就第三季度指南中的內容提供一些額外的信息，特別是考慮到您剛剛擁有如此堅實的第二季度？謝謝。

Hey, it's David. Thank you for that. We were happy with the second quarter, and we're actually happy with our prognosis for the third quarter as well. What's going on in the third quarter in GMV is that we're comping a quarter last year with an unusually high cluster of high average order value orders. So we typically average around 3% to 5% of our orders at $100,000 plus, and this quarter last year, roughly or GMV, roughly 8% of our GMV was $100,000 plus We don't expect that to continue past the third quarter and outside of that, at the midpoint of guidance, we're still projecting that orders will grow, active buyers will grow, and revenue will grow.

嘿，這是大衛。謝謝你。我們對第二季感到滿意，實際上我們對第三季的預測也感到滿意。第三季 GMV 的情況是，與去年一個季度相比，我們發現了異常高的高平均訂單價值訂單群集。因此，我們通常平均有3% 到5% 的訂單價格在100,000 美元以上，而去年這個季度，大約GMV 大約有8% 的GMV 在100,000 美元以上，我們預計這種情況不會持續到第三季度及以後其中，在指導的中點，我們仍然預測訂單將會成長，活躍買家將會成長，收入將會成長。

Makes sense. And then active buyers stabilized a bit in 2Q. It grew sequentially. Is that a trend we can kind of expect to continue going forward or should we still expect some choppiness near term?

有道理。然後活躍買家在第二季略有穩定。它依次增長。我們可以預期這種趨勢會繼續向前發展，還是我們仍然應該預期短期內會出現一些波動？

Yes, this is Tom. I'll take that. So, yes, active buyers did grow sequentially 1%. Kind of reminding you that's a trailing 12-month metric. So it is a lagging indicator. Order growth, which is a leading indicator of active buyer growth, we saw 5% year over year and yes, to answer your question, we do expect to see continued order growth in third quarter, which would convert into active buyer growth.

是的，這是湯姆。我會接受的。所以，是的，活躍買家確實比去年同期成長了 1%。有點提醒您這是一個過去 12 個月的指標。所以它是一個落後指標。訂單成長是活躍買家成長的領先指標，我們看到年增 5%，是的，為了回答你的問題，我們確實預計第三季訂單將持續成長，這將轉化為活躍買家的成長。

Okay. And maybe if I can just fit one more in on macro. I understand that there are still some pressures, but you mentioned last call that demand metrics were recovering across the board. Is that still the case? And what are your expectations for the back half of this year, particularly given the increased likelihood of rate cuts? Thanks.

好的。也許我可以在宏觀上再加一個。我知道仍然存在一些壓力，但您在上次電話會議中提到需求指標正在全面恢復。現在還是這樣嗎？您對今年下半年的預期是什麼，特別是考慮到降息的可能性增加？謝謝。

Yes, I mean, I think the macros based on the syndicated data that we saw for last quarter said that our core market for luxury furnishings was down mid to high single digits and compared to that, on an order basis, we were up 5% and, of course, we were up also on a GMV basis. So, we do feel pretty good that we're outperforming a weak market right now. As we look forward, again, I'm not a macro economist. I mean, if interest rates go down that should be a positive driver for us, right, because it should stimulate more activity in the real estate market. Tom, I don't know if you have anything to add on that.

是的，我的意思是，我認為基於我們上季度看到的聯合數據的宏觀數據表明，我們的豪華家具核心市場下降了中高個位數，相比之下，按訂單計算，我們增長了5 %當然，我們的 GMV 也有所成長。因此，我們確實感覺很好，因為我們目前的表現優於疲軟的市場。當我們展望未來時，我再次強調，我不是宏觀經濟學家。我的意思是，如果利率下降，這對我們來說應該是一個積極的推動因素，對吧，因為它應該刺激房地產市場的更多活動。湯姆，我不知道你是否還有什麼要補充的。

No, I think you covered it.

不，我想你已經涵蓋了。

Great. Thank you.

偉大的。謝謝。

As of right now, we don't have any raised questions on the screen. We are now closing the Q&A session. And we'd like to thank everyone for attending today's call. You may now disconnect and have a wonderful day.

截至目前，螢幕上沒有任何提出的問題。我們現在結束問答環節。我們要感謝大家參加今天的電話會議。您現在可以斷開連接並度過美好的一天。