1stdibs.Com Inc (DIBS) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is John, and I will be your conference operator for today. At this time, I would like to welcome everyone to the 1stdibs.Com, Inc third quarter 2024 earnings conference call. (Operator Instructions).

謝謝你的支持。我叫約翰，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 1stdibs.Com, Inc 2024 年第三季財報電話會議。（操作員說明）。

I would now like to turn the call over to Kevin LaBuz, Head of Investor Relations and Corporate Development. Please go ahead.

我現在想將電話轉給投資者關係和企業發展主管 Kevin LaBuz。請繼續。

Good morning, and welcome to 1stdibs' earnings call for the quarter ended September 30, 2024.

早安，歡迎參加 1stdibs 截至 2024 年 9 月 30 日的季度財報電話會議。

I'm Kevin LaBuz, Head of Investor Relations and Corporate Development. Joining me today are Chief Executive Officer, David Rosenblatt and Chief Financial Officer, Tom Etergino. David will provide an update on our business, including our strategy and growth opportunities, and Tom will review our third quarter financial results and fourth quarter outlook. This call will be available via webcast on our Investor Relations website at investors.1stdibs.Com.

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 Tom Etergino。大衛將提供我們業務的最新信息，包括我們的戰略和成長機會，湯姆將回顧我們第三季度的財務業績和第四季度的前景。這次電話會議將透過我們的投資者關係網站 Investors.1stdibs.Com 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, 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、策略舉措、業務和經濟趨勢的陳述，包括電子商務成長率、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.

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，我們不承擔任何更新這些陳述的義務，除非法律要求的範圍內。

Additionally, during the call, we will present GAAP and non-GAAP financial measures. 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.

此外，在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。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'll now turn the call over to our CEO, David Rosenblatt. David?

現在我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.

謝謝，凱文。早安，感謝您今天加入我們。

Third quarter results reflect continued improvements across our key focus areas. For the second consecutive quarter, we achieved year-over-year revenue growth accelerating order growth and sequential active buyer growth.

第三季業績反映了我們關鍵重點領域的持續改善。我們連續第二季實現營收年增，訂單成長加速，活躍買家季增。

We achieved this progress despite prolonged softness in the luxury housing market, which is experiencing the largest slump since the mid-1990s. Despite continued conversion gains and accelerating order growth, GMV contracted due to weaker-than-expected average order values, which we see as temporary. We anticipate returning to GMV growth in the fourth quarter, driven by further conversion gains and moderating AOV headwinds.

儘管豪華住宅市場長期疲軟，正經歷 20 世紀 90 年代中期以來最嚴重的衰退，但我們還是取得了這一進展。儘管轉化持續成長且訂單成長加速，但由於平均訂單價值低於預期，GMV 出現收縮，我們認為這是暫時的。我們預計，在轉換率進一步提升和 AOV 不利因素減弱的推動下，第四季 GMV 將恢復成長。

Our adjusted EBITDA margins came in toward the low end of guidance. Relative to the second quarter, margin compression primarily reflects seasonally lower revenue as operating expenses remained flat sequentially.

我們調整後的 EBITDA 利潤率接近指導值的低端。與第二季度相比，利潤率壓縮主要反映了季節性收入的下降，因為營運費用與上一季持平。

In the fourth quarter, we anticipate some additional margin compression due to seasonal increases in performance marketing. While margins will be down year-over-year, we are focused on improving efficiency and positioning the business for sustainable growth.

在第四季度，由於績效行銷的季節性成長，我們預期利潤率會進一步壓縮。雖然利潤率將同比下降，但我們專注於提高效率並為業務的可持續成長做好準備。

Given the muted demand environment, we are focused on lowering the growth threshold required to achieve operating leverage. Our preliminary 2025 plan targets generating operating leverage at mid-single-digit revenue growth.

鑑於需求低迷的環境，我們的重點是降低實現營運槓桿所需的成長門檻。我們的 2025 年初步計畫目標是在營收成長達到中個位數的情況下產生營運槓桿。

Reviewing the third quarter. Increasing conversion remains our operational priority and highest leverage activity. We maintain momentum here. Conversion rates have grown over the past year and growth accelerated again in the third quarter.

回顧第三季。提高轉換率仍然是我們的營運重點和最高槓桿活動。我們在這裡保持勢頭。轉換率在過去一年中有所成長，第三季成長再次加速。

Encouragingly, these gains are broad-based with new and returning buyers, both seeing double-digit improvements. Additionally, returning buyer conversion hit another record high. Conversion wins fueled order growth, which increased to 7%. Continuing with funnel dynamics, traffic headwinds were stable versus the second quarter but AOV was softer than anticipated, depressing GMV.

令人鼓舞的是，這些收益在新買家和回頭客中都有廣泛的基礎，都實現了兩位數的成長。此外，回頭客轉換率再創新高。轉換成功推動了訂單成長，訂單成長至 7%。繼續關注漏斗動態，流量逆風與第二季相比保持穩定，但 AOV 低於預期，壓低了 GMV。

Tom will provide more detail later on, but based on quarter-to-date trends, we believe this dynamic will moderate in the fourth quarter. Order growth in active buyer trends are accelerating at a time when the luxury housing market and high-end furniture sales remain soft.

湯姆稍後將提供更多細節，但根據季度至今的趨勢，我們認為這種動態將在第四季度有所緩和。在豪華住宅市場和高端家具銷售依然疲軟的情況下，活躍買家趨勢的訂單成長正在加速。

According to the National Association of Realtors, US existing home sales are on track for their worst year since 1995 for the second year in a row. This is a cyclical issue, not a structural one. Although calling the timing of a recovery is difficult, demand for luxury homes and high-end furnishings will eventually rebound. When it does, we stand to benefit from our ongoing operational improvements and lower cost structure.

根據全國房地產經紀人協會的數據，美國現房銷售預計將連續第二年遭遇 1995 年以來最糟糕的一年。這是一個週期性問題，而不是結構性問題。儘管很難判斷復甦的時機，但對豪華住宅和高端家具的需求最終將會反彈。當這種情況發生時，我們將從持續的營運改善和更低的成本結構中受益。

However, we strongly believe in creating our own luck and are not waiting around for the market to recover. We demonstrated this in 2022 and 2023 by reducing operating expenses and narrowing our focus. We are demonstrating this today by accelerating our pace of product velocity and reallocating resources from lower return projects to higher return projects.

然而，我們堅信運氣要靠自己創造，而不是坐等市場復甦。我們在 2022 年和 2023 年透過減少營運費用和縮小關注範圍證明了這一點。今天，我們透過加快產品速度並將資源從低迴報項目重新分配到高回報項目來證明這一點。

Regarding product velocity, the number of A/B tests we ran during the quarter grew double digits sequentially and triple digits year-over-year, hitting a new record. Increasing conversion was the primary focus of our tests and we had several notable wins.

在產品速度方面，我們在本季度運行的 A/B 測試數量環比增長了兩位數，同比增長了三位數，創下了新紀錄。提高轉換率是我們測試的主要重點，我們取得了一些顯著的勝利。

One was integrating urgency metrics into our mobile app product detail page, boosting the rate at which buyers placed orders. Another was incorporating pricing guidance into our make offer flow, increasing the number of offers that converted into orders.

其中之一是將緊急度指標整合到我們的行動應用程式產品詳細資訊頁面中，從而提高買家下訂單的速度。另一個是將定價指導納入我們的報價流程中，增加轉化為訂單的報價數量。

Given the highly considered nature of our listings, many orders involve negotiations between buyer and seller because over 40% of orders originate as buyer initiated negotiations optimizing this process is a target-rich opportunity and will be an area of continued experimentation.

鑑於我們清單的高度考慮性質，許多訂單都涉及買家和賣家之間的談判，因為超過40% 的訂單源自買家發起的談判，優化此流程是一個目標豐富的機會，並將成為持續試驗的領域。

Lastly, we launched our first machine learning-based pricing model for furniture, providing stronger, more precise recommendations tailored to maximize conversion. Competitive inventory pricing is one of three focus areas on our product road map. To achieve this, we have a multipronged approach ranging from enforcing price parity policies to incorporating machine learning-based pricing recommendations.

最後，我們推出了第一個基於機器學習的家具定價模型，提供更強大、更精確的客製化建議，以最大限度地提高轉換率。有競爭力的庫存定價是我們產品路線圖上的三個重點領域之一。為了實現這一目標，我們採取了多管齊下的方法，從執行價格平價政策到納入基於機器學習的定價建議。

Despite recent gains, there is significant headroom to increase conversion, grow orders and expand our active buyer base. For example, active buyers and new buyer conversion remain approximately 10% and 30% below their peaks. Given our long runway of opportunities, we expect to meaningfully outperform historical levels over time.

儘管最近取得了一些進展，但在提高轉換率、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。例如，活躍買家和新買家轉換率仍比高峰低約 10% 和 30%。鑑於我們還有很長的機會，我們預計隨著時間的推移，我們的業績將顯著超越歷史水平。

Auctions is another area where we are not sitting still. After a thorough review, we decided to discontinue the future in late September for two reasons. First, auctions was intended to induce sellers to price more competitively. We now have a road map that we believe will accomplish this more effectively and applies to all listings rather than only those in auction.

拍賣是我們並沒有坐以待斃的另一個領域。經過徹底審查後，我們決定在 9 月下旬終止 Future，原因有二。首先，拍賣的目的是促使賣家定價更具競爭力。我們現在有了一個路線圖，我們相信它將更有效地實現這一目標，並適用於所有列表，而不僅僅是拍賣中的列表。

Second, we determined that the resources allocated to the future were not commensurate with its financial contribution and that they would be better deployed elsewhere. Approximately 10% of engineering time was spent working on auctions related projects, but it generated roughly 2% of GMV and 5% of orders. This move reduces complexity, making it faster to build new features, simpler to run tests and easier to maintain existing features.

其次，我們確定分配給未來的資源與其財務貢獻不相稱，最好將它們部署在其他地方。大約 10% 的工程時間花在拍賣相關項目上，但它產生了大約 2% 的 GMV 和 5% 的訂單。這項措施降低了複雜性，從而可以更快地建立新功能、更簡單地運行測試並且更容易維護現有功能。

Supply is another area where we challenged assumptions and took action. After reviewing the initiative, we decided to retire the essential seller program on November 1. Launched in January 2022, the offering provided a subscription-free pricing option.

供應是我們挑戰假設並採取行動的另一個領域。在審查該計劃後，我們決定於 11 月 1 日取消基本賣家計劃。該產品於 2022 年 1 月推出，提供免訂閱定價選項。

This was a great tool for seller acquisition, but the bulk of these sellers did not engage deeply with the platform. Compared to subscription paying sellers, the central seller engagement was materially lower on a number of fronts, including listings, sales and log-ins.

這是獲取賣家的一個很好的工具，但大多數賣家並沒有深入參與該平台。與訂閱付費賣家相比，中央賣家的參與度在許多方面都顯著較低，包括名單、銷售和登入。

From our data, we know that engagement is the precursor to sell our success. For instance, more listings correlates with more sales. As a result, in late 2023, we shifted our seller acquisition strategy and monetization approach to concentrate on fewer, but more highly engaged sellers, retiring the essential seller program is another step in this direction.

根據我們的數據，我們知道參與度是銷售成功的先決條件。例如，更多的清單與更多的銷量相關。因此，在 2023 年末，我們改變了賣家獲取策略和貨幣化方法，以專注於數量更少但參與度更高的賣家，取消基本賣家計劃是朝這個方向邁出的又一步。

Although unique seller count has been volatile due to policy changes, we continue to see steady listings growth and ended the quarter with over 1.8 million listings up 7%. Healthy listings growth should continue in the fourth quarter.

儘管由於政策變化，獨立賣家數量一直在波動，但我們仍然看到掛牌量穩步增長，本季結束時掛牌量超過 180 萬件，增長了 7%。第四季掛牌量應該會繼續健康成長。

We ended the quarter with nearly 7,000 unique sellers, down 13%. As anticipated, seller churn remains elevated as we manage out low-performing sellers. Consistent with previous quarters, the majority of churn was initiated by us due to low engagement or performance. In total, the churn cohort accounted for less than 20 basis points of GMV over the trailing 12 months and under 40 basis points of total listings.

本季結束時，我們有近 7,000 個獨立賣家，下降了 13%。正如預期的那樣，由於我們淘汰了表現不佳的賣家，賣家流失率仍然很高。與前幾季一致，大部分的流失是由我們因為參與度或績效較低而引發。整體而言，流失群體在過去 12 個月的 GMV 中所佔的 GMV 不到 20 個基點，在總上市量中所佔的 GMV 不到 40 個基點。

Churn will be temporarily elevated in the fourth quarter as we retire our essential seller program. This change requires existing essential sellers to upgrade to a monthly subscription plan to remain on the marketplace. Approximately 2,200 unique sellers are affected. We expect the change to modestly increase revenue while reducing operational complexity and we will provide an update on our fourth quarter call.

隨著我們取消基本賣家計劃，客戶流失率將在第四季度暫時上升。這項變更要求現有的基本賣家升級到每月訂閱方案才能留在市場上。大約 2,200 個獨立賣家受到影響。我們預計這項變更將適度增加收入，同時降低營運複雜性，我們將提供第四季度電話會議的最新情況。

Because our path to profitability will be driven by operating leverage, we are focused on ensuring that resources are best deployed to accelerate and sustain growth. Discontinuing auctions and winding down the essential seller program are two examples of this.

由於我們的獲利之路將由營運槓桿驅動，因此我們致力於確保資源得到最佳配置，以加速和維持成長。停止拍賣和結束基本賣家計劃就是兩個例子。

We are also not sitting still with capital allocation. After completing a $25 million share repurchase program in June, we instituted a new $10 million repurchase program in August. We believe that this will be very accretive in the long run given that we are buying back shares at a discount to our assessment of intrinsic value.

我們在資本配置方面也沒有坐以待斃。繼 6 月完成 2,500 萬美元的股票回購計畫後，我們於 8 月啟動了新的 1,000 萬美元的回購計畫。我們相信，從長遠來看，鑑於我們以低於我們對內在價值評估的折扣回購股票，這將非常具有增值作用。

The size of our opportunity, our operational progress and the fact that we are well positioned to capitalize on a market recovery. We are not waiting for external conditions to improve. We are creating opportunities through deliberate action, be it cost reductions, resource allocation or share repurchases.

我們的機會大小、我們的營運進展以及我們處於有利地位以利用市場復甦的事實。我們不會等待外部條件改善。我們正在透過深思熟慮的行動創造機會，無論是降低成本、資源分配或股票回購。

By focusing on what matters most, we have made progress across key metrics. Although it can be hard to measure progress in the market that is contracting, we feel that positive momentum in conversion order growth, active buyers and revenue as well as our continued focus on costs are building a solid foundation to drive results when the market rebounds.

透過專注於最重要的事情，我們在關鍵指標上取得了進展。儘管很難衡量正在收縮的市場的進展，但我們認為轉換訂單成長、活躍買家和收入的積極勢頭以及我們對成本的持續關注正在為市場反彈時推動業績奠定堅實的基礎。

Thank you for your continued support. I will now turn it over to Tom to review our third quarter financial results and fourth 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三季度的財務業績和第四季度的前景。

Thanks, David. We delivered GMV revenue and adjusted EBITDA margins near the low end of our guidance range as stronger-than-anticipated AOV headwinds weighed on GMV growth. As I will detail later on, we see this as a temporary dynamic.

謝謝，大衛。由於強於預期的 AOV 逆風影響了 GMV 成長，我們的 GMV 收入和調整後 EBITDA 利潤率接近指導範圍的低端。正如我稍後將詳細介紹的那樣，我們認為這是暫時的動態。

In contrast, we believe conversion gains and order growth are durable trends. GMV was $84.6 million, down 5%. On a sequential basis, GMV growth rates decelerated approximately 7 percentage points. This was driven by lower-than-anticipated AOV, partially offset by accelerated order growth. Average order value of approximately $2,500 was down 11%. In contrast, median order value of approximately $1,200 was down 3%. The latter is less impacted by fluctuations in high-value orders.

相較之下，我們認為轉換率成長和訂單成長是持久的趨勢。GMV 為 8,460 萬美元，下降 5%。環比來看，GMV 成長率下降了約 7 個百分點。這是由低於預期的平均訂單量推動的，但部分被加速的訂單成長所抵消。平均訂單價值約為 2,500 美元，下降了 11%。相比之下，訂單價值中位數約為 1,200 美元，下降了 3%。後者受大額訂單波動的影響較小。

Two variables drove AOV down. First, we lapped a record quarter for orders over $100,000. Last year, these orders accounted for over 8% of GMV compared to our historical average of 3% to 5%. Second, high-value orders were roughly 2% of GMV this quarter, slightly below typical ranges.

有兩個變數導致 AOV 下降。首先，我們季度訂單金額超過 10 萬美元，創歷史新高。去年，這些訂單佔 GMV 的 8% 以上，而我們的歷史平均值為 3% 至 5%。其次，本季高價值訂單約佔 GMV 的 2%，略低於典型範圍。

While third quarter guidance contemplated the first dynamic, it did not anticipate the second. This combination resulted in a stronger-than-expected average order value headwind weighing on GMV growth. As the third quarter AOV was consistent with July, then GMV growth would have been 4 percentage points higher.

雖然第三季指引考慮了第一個動態，但沒有預見到第二個動態。這種組合導致平均訂單價值強於預期，影響了 GMV 的成長。由於第三季AOV與7月一致，那麼GMV成長將高出4個百分點。

We have not seen any change in inventory makeup, on-site engagement or seller discounts. This, combined with stable median order value trends leads us to believe that both the AOV strength last year and the AOV softness this year are outliers.

我們沒有看到庫存組成、現場參與度或賣家折扣有任何變化。再加上穩定的中位數訂單價值趨勢，我們相信去年的 AOV 強勢和今年的 AOV 疲軟都是異常值。

Additionally, relative to the third quarter, AOV trends improved in October, both on an absolute dollar and year-over-year basis. In contrast to the AOV dynamic, which we view as temporary, we see a long runway for conversion gains. Conversion rates have now increased year-over-year for four straight quarters. In the third quarter, conversion rates increased double digits for both new and returning buyers.

此外，相對於第三季度，10 月份 AOV 趨勢有所改善，無論是以絕對美元計算還是按年計算。與我們認為是暫時的 AOV 動態相反，我們看到轉換效益還有很長的路要走。轉換率現已連續四個季度年增。第三季度，新買家和回頭客的轉換率均成長了兩位數。

Additionally, returning buyer conversion hit a new record. We are confident in our road map and see ample headroom to increase conversion over time. 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.

此外，回頭客轉換率創下新紀錄。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。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有機流量的疲軟。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。

Returning to GMV. Consumer GMV and trade GMV declined at similar rates. Vintage and antique furniture posted GMV growth, while all other verticals declined. In contrast, orders grew in all verticals except art. We ended the quarter with approximately 62,500 active buyers, down 1% year-over-year, but up 2% sequentially.

回到GMV。消費者 GMV 和貿易 GMV 下降幅度相似。復古和古董家具的 GMV 成長，而所有其他垂直行業均下降。相比之下，除藝術之外的所有垂直領域的訂單都在增長。本季末，我們的活躍買家數量約為 62,500 名，年減 1%，但季增 2%。

This was our second straight quarter of sequential growth. Because active buyers are a trailing 12-month metric, it is a lagging indicator. Encouragingly, order growth is a leading indicator of future active buyer growth. Based on quarter-to-date trends, we expect continued order growth in the fourth quarter, which is supportive of further active buyer improvement.

這是我們連續第二個季度實現環比成長。由於活躍買家是一個追蹤 12 個月的指標，因此它是一個滯後指標。令人鼓舞的是，訂單成長是未來活躍買家成長的領先指標。根據季度至今的趨勢，我們預計第四季度訂單將持續成長，這將支持買家積極性的進一步改善。

On the supply side of the marketplace, we experienced steady listings growth, closing the quarter with over 1.8 million listings, up 7%. We ended the quarter with nearly 7,000 unique sellers, down 13%. The decline in the number of unique sellers was due to higher-than-usual churn. The majority of it was initiated by us related to policy changes in late 2023.

在市場供應方面，我們的掛牌數量穩定成長，本季掛牌數量超過 180 萬件，成長 7%。本季結束時，我們有近 7,000 個獨立賣家，下降了 13%。獨立賣家數量下降是因為流失率高於平常。其中大部分是我們發起的，與 2023 年底的政策變化有關。

This churn had a de minimis impact on GMV and listings. We anticipate elevated churn in the fourth quarter due to sunsetting the essential seller program. However, we do not expect this to have a meaningful impact on GMV revenue or listings. Additionally, churn should normalize in the first half of 2025.

這次流失對 GMV 和上市量產生了微乎其微的影響。我們預計，由於基本賣家計劃的取消，第四季度的客戶流失率將會上升。然而，我們預計這不會對 GMV 收入或上市量產生有意義的影響。此外，客戶流失率應該會在 2025 年上半年恢復正常。

Turning to the P&L. Net revenue was $21.2 million, up 3%, marking the second consecutive quarter of year-over-year growth. Transaction revenue, which is tied directly to GMV, was approximately 75% of total revenue with subscriptions making up most of the remainder.

轉向損益表。淨收入為 2,120 萬美元，成長 3%，連續第二季年增。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。

Take rates improved modestly due to a combination of several factors, including a higher proportion of orders below our $25,000 commission rate, growing GMV contribution from low subscription sellers, which carry a higher commission rate and a revised commission rate structure that went into effect late in the fourth quarter of 2023. Gross profit was $15 million, down 1%. Gross profit margins were 71%, down approximately 2 percentage points, primarily driven by higher shipping and payment processing expenses.

由於多種因素的綜合作用，佣金率略有改善，包括佣金率低於25,000 美元的訂單比例較高、低訂閱賣家的GMV 貢獻不斷增加（佣金率較高）以及2019 年晚些時候生效的修訂後的佣金率結構。毛利為 1500 萬美元，下降 1%。毛利率為 71%，下降約 2 個百分點，主要是因為運輸和支付處理費用增加。

Sales and marketing expenses were $9.1 million, up 9%, driven by increased performance marketing investment enabled by new optimizations and improved attribution and headcount-related expenses due to our annual merit increases awarded in March. Sales and marketing as a percentage of revenue was 44%, up from 41% a year ago.

銷售和行銷費用為 910 萬美元，成長 9%，這是由於新的優化帶來的績效行銷投資增加，以及歸因和員工人數相關費用的改善（由於我們 3 月授予的年度績效成長）。銷售和行銷佔收入的比例為 44%，高於一年前的 41%。

Technology development expenses were $5.5 million, up 21%, driven by higher headcount-related costs due to our annual merit increases awarded in March and some selective hiring. As a percentage of revenue, technology development was 26%, up from 22%.

技術開發費用為 550 萬美元，成長 21%，這是由於我們 3 月授予的年度績效加薪和一些選擇性招聘導致與員工人數相關的成本增加。技術開發佔收入的比例從 22% 上升至 26%。

General and administrative expenses were $6.9 million, up 1%, with higher headcount-related expenses due to our annual merit increases awarded in March and higher professional service fees being offset by lower rent expense attributable to the sublease of our former headquarters at 51 Astor Place. As a percentage of revenue, general and administrative expenses were 32%, down from 33%.

一般和行政費用為690 萬美元，增長1%，其中與員工人數相關的費用較高，原因是我們3 月份授予的年度績效加薪，以及較高的專業服務費，但由於轉租了位於51 Astor Place 的前總部，租金費用較低，抵銷了較高的專業服務費。一般及管理費用佔收入的比例為 32%，低於 33%。

Lastly, provision for transaction losses were approximately $950,000 or 4% of revenue, up from 3%, primarily driven by an increase in bad debt expense. Total operating expenses were $22.4 million, up 10% year-over-year, but flat sequentially.

最後，交易損失準備金約為 95 萬美元，佔收入的 4%，高於 3%，這主要是由於壞帳費用增加。總營運費用為 2,240 萬美元，年增 10%，但環比持平。

Adjusted EBITDA loss was $3 million compared to a loss of $1.8 million last year. Adjusted EBITDA margin was a loss of 14% versus a loss of 9% last year due primarily to higher technology development and sales and marketing expenses.

調整後 EBITDA 損失為 300 萬美元，而去年為損失 180 萬美元。調整後 EBITDA 利潤率虧損 14%，而去年則虧損 9%，這主要是由於技術開發以及銷售和行銷費用增加。

Given our June 2023 cost reductions, we are lapping our low watermark for operating expenses this quarter. Looking forward, we remain focused on lowering the revenue growth thresholds required to achieve operating leverage.

鑑於 2023 年 6 月的成本削減，我們本季的營運費用將達到低水位。展望未來，我們仍致力於降低營運槓桿所需的營收成長門檻。

Moving on to the balance sheet. We ended the quarter with a strong cash, cash equivalents and short-term investments position of $109 million. In August, we initiated a new $10 million share repurchase program. During the quarter, we repurchased approximately $900,000 worth of shares. Since launching our first share repurchase program in August 2023, we have repurchased approximately 5.1 million shares for a total of $26.1 million.

繼續看資產負債表。本季結束時，我們擁有 1.09 億美元的強勁現金、現金等價物和短期投資部位。8 月份，我們啟動了一項新的 1,000 萬美元股票回購計畫。本季度，我們回購了價值約 90 萬美元的股票。自 2023 年 8 月啟動首次股票回購計畫以來，我們已回購約 510 萬股股票，總金額為 2,610 萬美元。

Turning to the outlook. Our guidance reflects quarter-to-date results and forecast for the remainder of the period. We forecast fourth quarter GMV of $86 million to $93 million, flat to up 8%. Net revenue of $21.4 million to $22.7 million, up 2% to up 8% and adjusted EBITDA margin loss of 17% to 13%.

轉向前景。我們的指導反映了本季至今的業績以及對該期間剩餘時間的預測。我們預計第四季度 GMV 為 8,600 萬至 9,300 萬美元，持平或成長 8%。淨收入為 2,140 萬美元至 2,270 萬美元，成長 2% 至 8%，調整後 EBITDA 利潤率損失為 17% 至 13%。

Our GMV guidance reflects continued conversion wins and order growth and moderating AOV headwinds. From a macro perspective, our outlook also assumes a continuation of the soft demand environment we have seen throughout 2024 due to prolonged softness in the luxury housing and high-end discretionary markets. It also contemplates a few one-off items, the US election, which creates more competition for attention and mind share and a shorter holiday shopping season.

我們的 GMV 指導反映了持續的轉換勝利和訂單成長以及 AOV 不利因素的緩解。從宏觀角度來看，我們的前景還假設由於豪華住房和高端非必需品市場長期疲軟，我們在 2024 年全年看到的疲軟需求環境將持續。它還考慮了一些一次性項目，即美國大選，這會導致更多的注意力和思想份額競爭以及更短的假期購物季。

Our adjusted EBITDA margin guidance reflects gross margins towards the low end of our recent 71% to 73% range, a sequential increase in operating expenses driven by a seasonal increase in performance marketing. Excluding this increase in performance marketing, we expect operating expenses to be approximately flat sequentially. Our results reflect both the realities of a challenging market and the progress we are making through disciplined execution.

我們調整後的 EBITDA 利潤率指引反映了毛利率接近近期 71% 至 73% 範圍的低端，這是績效行銷季節性成長推動的營運費用的環比增長。排除績效行銷的增加，我們預計營運費用將與上一季基本持平。我們的結果既反映了充滿挑戰的市場的現實，也反映了我們透過嚴格執行所取得的進展。

Despite AOV headwinds, we delivered solid progress across key areas, including active buyers, conversion gains and order growth. These developments show that our strategy is working. As we phase out auction and the Essential seller program, we are concentrating resources on the highest impact projects and strengthening our foundation to benefit from an eventual market rebound. While challenges remain for luxury housing and high-end discretionary, we are gaining market share and are optimistic about our trajectory.

儘管 AOV 面臨阻力，我們在關鍵領域取得了堅實的進展，包括活躍買家、轉換收益和訂單成長。這些進展表明我們的策略正在發揮作用。隨著我們逐步淘汰拍賣和基本賣家計劃，我們正在將資源集中在影響力最大的項目上，並鞏固我們的基礎，以便從最終的市場反彈中受益。儘管豪華住宅和高端非必需品仍然面臨挑戰，但我們正在獲得市場份額，並對我們的發展軌跡感到樂觀。

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.

（操作員說明）Nick Jones，Citizens JMP。

Great. Could you kind of remind us and maybe speak to the AOV headwinds and how we should be thinking kind of a time line to when those will abate or stabilize? And then I have a second question that's kind of big picture.

偉大的。您能否提醒我們一下，也許談談 AOV 的逆風，以及我們應該如何考慮這些逆風何時減弱或穩定的時間線？然後我有第二個問題，這是一個大問題。

Nick, this is Tom. I'll take that one. Yeah, sure. So our AOV headwinds that we experienced in Q3 really were twofold, right? First, last year -- so this year, we were lapping a record quarter for orders over $100,000 from Q3 of 2023, where it represented about 8% of our GMV.

尼克，這是湯姆。我會接受那個。是的，當然。所以我們在第三季經歷的 AOV 逆風確實是雙重的，對嗎？首先是去年，今年我們的訂單金額自 2023 年第三季以來創下了超過 10 萬美元的季度記錄，約占我們 GMV 的 8%。

Typically, that number is about 3% to 5% of our GMV. Additionally, in Q3 of this year, orders over $100,000 represented about 2% of GMV. So they underperformed our normal historic averages. So the combined result of those two things really was a result of what caused our headwinds.

通常，這個數字約為 GMV 的 3% 至 5%。此外，今年第三季度，超過 10 萬美元的訂單約佔 GMV 的 2%。所以他們的表現低於我們正常的歷史平均值。因此，這兩件事的綜合結果確實是造成我們逆風的結果。

Looking into Q4, what we're seeing is that is starting to subside. We saw that October was more normalized from what we've seen in the past and was up from our August and September numbers. So we see that in Q4, we're going to start to see more normalized average order values.

展望第四季度，我們看到這種情況開始消退。我們發現 10 月的情況與過去相比更加正常，並且高於 8 月和 9 月的數據。因此，我們看到在第四季度，我們將開始看到更多標準化的平均訂單值。

Got it. That's helpful. And then some of the residential real estate both companies have kind of reported this quarter and kind of I think the consensus around next year is kind of more muted volumes may be up a little bit, a couple of hundred thousand existing home sales.

知道了。這很有幫助。然後，兩家公司本季度都報告了一些住宅房地產，我認為明年的共識是，成交量可能會略有上升，即數十萬套現有房屋銷售。

Given the correlation of the luxury housing market, do you have any updated thoughts as to kind of the time line to more normalized transaction volumes? And I think with the election over, there's some thoughts that some of the policy may end up being inflationary, which would potentially impact rates.

考慮到豪華住房市場的相關性，您對於交易量更加正常化的時間線有什麼最新的想法嗎？我認為隨著選舉結束，有人認為某些政策最終可能會導致通貨膨脹，這可能會影響利率。

I guess just curious, is that informing maybe why you're revisiting what it takes to drive leverage? Or just any thoughts on kind of the longer-term picture to kind of a more normalized environment given the correlation of luxury housing?

我想只是好奇，這是否說明您為什麼要重新審視如何推動槓桿？或者只是考慮到豪華住房的相關性，對更長期的前景和更正常化的環境有何想法？

Nick, it's David. Thank you for the question. Look, we're not macroeconomic forecasters. So what we try to do, though, is index our performance to the market. The biggest driver certainly is the luxury real estate market. We also look at syndicated credit card data having to do with luxury furnishing.

尼克，這是大衛。謝謝你的提問。看，我們不是宏觀經濟預測者。因此，我們試圖做的是將我們的業績與市場掛鉤。最大的推動力當然是豪華房地產市場。我們也研究與豪華家具相關的聯合信用卡數據。

And we were actually pretty happy with our performance versus market in the last quarter. I mean I think the BFA data said that luxury furnishing spend was down 8%. And compared to that, obviously, orders grew 7%, which was a sequential increase from 5% last quarter.

事實上，我們對上個季度的市場表現非常滿意。我的意思是，我認為 BFA 的數據顯示豪華家具支出下降了 8%。相比之下，顯然訂單增長了 7%，較上季度的 5% 環比增長。

Revenue was up 3% and active buyers grew for the second quarter in a row on a sequential basis. And as Tom said, we think the AOV trend will normalize in the fourth quarter. So looking beyond that, I mean, again, I'm not -- our goal is to try to grow faster than the market and take share.

第二季營收成長 3%，活躍買家連續成長。正如 Tom 所說，我們認為 AOV 趨勢將在第四季度恢復正常。因此，除此之外，我的意思是，我不是——我們的目標是努力比市場成長得更快並佔據份額。

And what our performance says in Q3 is by the metrics that we look at, that happened. And we think the sort of drivers that are causing that won't change next year. And if we get some kind of market recovery, that's a plus, but we're not anticipating one.

我們在第三季的表現是根據我們所關注的指標得出的，這確實發生了。我們認為造成這種情況的驅動因素明年不會改變。如果我們得到某種市場復甦，那是一個優點，但我們並不期待這樣的情況。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Two questions, please. I think, David, you talked about cutting back on or reducing or removing auctions format. Can you just talk about how material you think that is -- could be to the business? How material has it been?

請教兩個問題。我想，大衛，你談到了削減、減少或取消拍賣形式。您能否談談您認為這對業務有多重要？它有多物質？

And then secondly, I think you gave some color commentary on next year revenue growth being mid-single-digit percent. And I guess maybe this is a question for Tom. Is the cost structure is such that mid-single-digit percent allows you to get to EBITDA breakeven for the full year? Or how should we think about what that top line forecast suggests for the bottom line?

其次，我認為您對明年收入成長為中個位數百分比做出了一些色彩評論。我想這也許是湯姆的問題。成本結構是否能讓您全年達到 EBITDA 損益平衡？或者我們應該如何思考頂線預測對底線的影響？

Mark, sure. So the financial impact of auctions is relatively minimal. I think auctions accounted for 5% to 6% of orders and 2% of revenue. And so again, we think we'll -- what we're going to do is remove auctions, what we have done is remove auctions, redeploy those resources and other initiatives focused on pricing and we think we'll -- that's a positive reallocation of capital. Otherwise, we wouldn't have done it. So I don't think the net effect will be negative.

馬克，當然。因此拍賣對財務的影響相對較小。我認為拍賣佔訂單量的 5% 到 6%，佔收入的 2%。因此，我們認為我們會 - 我們要做的是取消拍賣，我們所做的是取消拍賣，重新部署這些資源和其他專注於定價的舉措，我們認為我們會 - 這是積極的資本重新配置。否則，我們就不會這樣做。所以我認為淨效應不會是負面的。

And I think it's important to note, the reason why we're pulling back from it is because the original purpose of introducing more efficient and market-based pricing on the site is better served by other pricing strategies that we have that we feel very good about it.

我認為值得注意的是，我們退出的原因是因為在網站上引入更有效率和基於市場的定價的最初目的可以更好地透過我們擁有的其他定價策略來實現，我們感覺非常好關於它。

And specifically, what we're doing is we're focused on using machine learning to produce price recommendations to both sellers and buyers. We've rolled out our first category recently and we have plans to roll it out to the remaining ones.

具體來說，我們正在做的是專注於使用機器學習向賣家和買家提供價格建議。我們最近推出了第一個類別，並計劃將其推廣到其餘類別。

But we think unlike auctions, which, of course, only impact items in auction, this machine learning-based approach to introducing more rational or market-based pricing impacts all items on the marketplace and therefore, should have a much bigger impact on overall conversion and ultimately growth.

但我們認為，與拍賣不同，拍賣當然只會影響拍賣中的物品，這種基於機器學習的引入更合理或基於市場的定價的方法會影響市場上的所有物品，因此應該對整體轉化產生更大的影響並最終實現成長。

Mark, this is Tom. I'll take the second question. Let me clarify. We were not -- and do not give forward-looking guidance past one quarter, so we were not guiding towards any number for 2025. What we were stating what I was talking about is that we are reviewing the business.

馬克，這是湯姆。我來回答第二個問題。讓我澄清一下。我們沒有——也沒有提供過去一個季度的前瞻性指導，因此我們沒有對 2025 年的任何數字進行指導。我們所說的是我們正在審查業務。

We're always identifying opportunities to improve our efficiency and drive operating leverage. And what we're right now focused on is lowering our revenue growth threshold required to generate further operating leverage. And we're looking at the mid-single digits of revenue growth in order to start showing additional operating leverage. And that's what we're talking about for 2025.

我們始終在尋找提高效率和提高營運槓桿的機會。我們現在的重點是降低產生進一步營運槓桿所需的收入成長門檻。我們正在關注中個位數的收入成長，以便開始顯示額外的營運槓桿。這就是我們談論的 2025 年的目標。

Ralph Schackart, William Blair.

拉爾夫·沙卡特，威廉·布萊爾。

Two questions, if I could. I think you talked about accelerating order growth again in Q4. Just curious, is that a trend you saw, I guess, quarter-to-date that gives you sort of the confidence that, that will continue? And then can you just remind me going back to some of your prior comments about churn normalizing in the first half of 2025? And what are the factors that will help churn normalize?

如果可以的話，有兩個問題。我想您談到了第四季度再次加速訂單成長。只是好奇，我想，您在本季迄今所看到的趨勢是否讓您有信心這種情況將持續下去？那麼您能否提醒我回顧一下您之前關於 2025 年上半年客戶流失正常化的一些評論？哪些因素有助於客戶流失正常化？

Ralph, so on order growth, I think what we had said was that in Q3, we had sequentially accelerating order growth. I don't think we talked about anticipated order growth in Q4. Of course, at the midpoint of guidance in Q4, we do expect GMV to be back to kind of mid-single-digit growth. So I don't know if that was a number that you're referring to. But regardless, no guidance on order growth for Q4, but we did see a sequential increase in order growth in Q3.

拉爾夫，關於訂單成長，我認為我們所說的是，在第三季度，我們的訂單成長連續加速。我認為我們沒有談論第四季度的預期訂單成長。當然，在第四季度指導的中點，我們確實預計 GMV 將恢復到中個位數成長。所以我不知道這是否是您所指的數字。但無論如何，沒有關於第四季度訂單增長的指導，但我們確實看到第三季訂單增長環比增長。

In terms of seller churn, the background to that is roughly two years ago, we launched a program called Essential Seller, which offers sellers a zero subscription fee option. That resulted in a significant increase in the number of sellers.

就賣家流失而言，大約兩年前，我們推出了一個名為 Essential Seller 的計劃，該計劃為賣家提供零訂閱費用選項。這導致賣家數量大幅增加。

But what we learned is those sellers were much less engaged than subscription fee-paying sellers. And so what we have been in the process of doing for the last couple of quarters, but which culmination or is reaching its culmination this quarter is terminating that program and converting the remaining sellers into fee paying -- sub fee-paying sellers. And so that will be over this quarter.

但我們了解到，這些賣家的參與度遠低於付費賣家。因此，我們在過去幾個季度一直在做的事情，但本季的頂峰或即將達到頂峰的就是終止該計劃，並將剩餘的賣家轉變為付費賣家——次級付費賣家。這將在本季結束。

We don't think that, that will impact, as you note, and as we said in the script, a higher-than-average churn number for this quarter. However, in terms of the metrics that ultimately really matter, listings growth and GMV impact and so on, there's really no real impact. Listings grew 7% last quarter.

正如您所指出的，正如我們在腳本中所說，我們認為這不會影響本季高於平均的客戶流失率。然而，就最終真正重要的指標而言，上市成長和 GMV 影響等，實際上並沒有真正的影響。上季掛牌量成長了 7%。

We anticipate something similar this quarter. And both the -- well, primarily the GMV, but also the listings impact will be sub 0.5 percentage point going forward. In terms of churn itself, that will stabilize beginning in the first quarter once we're done fully transitioning the remaining essential sellers on to sub-fee paying packages.

我們預計本季會出現類似情況。嗯，主要是 GMV，還有上市影響，未來都將下降不到 0.5 個百分點。就客戶流失本身而言，一旦我們將剩餘的基本賣家完全過渡到支付次級費用的套餐，客戶流失率將從第一季開始穩定下來。

As there are no further questions at this time, that concludes our Q&A session as well as 1stdibs' earnings conference call. Thank you all for attending today's session and for your participation. You may now disconnect. Have a pleasant day.

由於目前沒有其他問題，我們的問答環節以及 1stdibs 的收益電話會議就到此結束。感謝大家出席今天的會議並參與。您現在可以斷開連線。祝你有愉快的一天。