1stdibs.Com Inc (DIBS) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to the 1stdibs first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After today's presentation, there will be an opportunity to ask questions. (Operator Instructions).

感謝您的支持，歡迎參加 1stdibs 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。今天的演講結束後，將有機會提問。（操作員指令）。

It is my pleasure to introduce your host, Kevin LaBuz, Head of Industrial Relations and Corporate Development. Sir, you may begin.

我很高興介紹您的主持人，工業關係和企業發展主管 Kevin LaBuz。先生，您可以開始了。

Good morning and welcome to 1stdibs's earnings call for the quarter ended March 31, 2025. I'm Kevin LaBuz, head of investor relations and corporate development. Joining me today are Chief Executive Officer David Rosenblat and Chief Financial Officer, Tom Etergino.

早安，歡迎參加 1stdibs 2025 年 3 月 31 日結束的季度財報電話會議。我是投資者關係和企業發展主管 Kevin LaBuz。今天與我一起出席的還有執行長 David Rosenblat 和財務長 Tom Etergino。

David will provide an update on our business, including our strategy and growth opportunities, and Tom will review the second quarter financial results and second quarter outlook. This call will be available via webcast on our investor relations website at www.investors.1stdibs.com

David 將介紹我們的業務最新情況，包括我們的策略和成長機會，Tom 將回顧第二季的財務表現和第二季的展望。本次電話會議將透過我們的投資者關係網站 www.investors.1stdibs.com 進行網路直播。

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.

在我們開始之前，請記住我們的評論包括前瞻性陳述，包括但不限於有關指導和未來財務表現的陳述。市場需求成長前景商業計劃、策略性舉措。

Business and economic trends, including e-commerce growth rates. International opportunities and competitive position. Our actual results may differ materially from those expressed or implied in these forward-looking statements as a result of risk and uncertainties, including those described in our SEC filings.

商業和經濟趨勢，包括電子商務成長率。國際機會和競爭地位。由於風險和不確定性（包括我們向美國證券交易委員會提交的文件中所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表達或暗示的結果有重大差異。

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.

我們在本次電話會議上所做的任何前瞻性陳述均基於我們今天的信念和假設，除法律要求的範圍外，我們不承擔更新這些陳述的任何義務。

Additionally, during the call, we would present both 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-to-year basis unless otherwise noted.

此外，在電話會議中，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，所有成長比較都是按年進行的。

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

現在我將電話轉給我們的執行長大衛·羅森布拉特 (David Rosenblatt)。

David?

戴維？

Thanks, Kevin. Good morning and thank you for joining us today. The first quarter was marked by solid execution and steady market share gains. GMV and revenue exceeded the midpoint of guidance and adjusted EBITDA margins exceeded the high end. Our product-led growth strategy is delivering a better buyer and seller experience, driving outperformance against our end markets.

謝謝，凱文。早安，感謝您今天加入我們。第一季表現突出，執行力穩健，市佔率穩定成長。GMV 和收入超過了預期中點，調整後的 EBITDA 利潤率超過了預期高端。我們的產品主導型成長策略正在提供更好的買家和賣家體驗，推動我們在終端市場中取得優異表現。

While recent developments have made the landscape more dynamic and less predictable, our focus remains the same, executing on initiatives that are under our control to drive GMV and revenue, improve margins, and gain market share.

儘管最近的發展使得情況變得更加動態和難以預測，但我們的重點保持不變，即執行我們能夠控制的計劃，以推動 GMV 和收入、提高利潤率並獲得市場份額。

The first quarter was another step in this direction. Evolving trade policies and their broader macroeconomic effects have created a tougher demand backdrop for luxury home discretionary spending, impacting results.

第一季我們又朝著這個方向邁出了一步。不斷變化的貿易政策及其更廣泛的宏觀經濟影響為豪宅可自由支配支出創造了更為嚴峻的需求背景，從而影響了業績。

We are relatively well positioned for the new tariff regime. In 2024, 50% of our GMV was from transactions between US sellers and US buyers, and roughly 30% of GMV was from EU or UK sellers to US buyers. In addition, U.S. buyer exposure to China, Canada, and Mexico is less than 1.5% of total GMV and supply exposure to other Asian markets is virtually nil.

我們對新的關稅制度的適應能力相對較強。2024 年，我們 50% 的 GMV 來自美國賣家與美國買家之間的交易，約 30% 的 GMV 來自歐盟或英國賣家與美國買家之間的交易。此外，美國買家對中國、加拿大和墨西哥的接觸不到總 GMV 的 1.5%，而對其他亞洲市場的供應接觸幾乎為零。

Additionally, we have a highly fragmented and diversified supply base with approximately 60% of our listings in the U.S. This means that there is often a local substitute on the marketplace for any imported product.

此外，我們的供應基礎高度分散且多樣化，約有 60% 的產品在美國。這意味著市場上任何進口產品通常都有本地替代品。

Additionally, we don't manufacture or hold inventory. Because most of our listings are secondary, they are shielded from potential increases in raw material costs. However, we expect secondary effects to impact our business. These include a negative wealth effect and dampened appetite for discretionary purchases, in addition to protracted softness in the housing market. This macro uncertainty creates a wide range of potential outcomes.

此外，我們不生產或持有庫存。由於我們的大多數上市產品​​都是次要的，因此它們不會受到原材料成本潛在上漲的影響。然而，我們預期副作用將會影響我們的業務。除了房地產市場長期疲軟之外，這些因素還包括負面財富效應和可自由支配購買慾望減弱。這種宏觀不確定性會產生多種潛在結果。

Turning to first quarter results, we kicked off 2025 by building on the progress of 2024 with tighter focus and accelerated product velocity driving ongoing conversion improvements while maintaining expense discipline. In addition, we continued to gain market share, grow GMV, and expand our active buyer base.

談到第一季的業績，我們在 2024 年的基礎上，以更加緊密的關注和加快的產品速度開啟了 2025 年，推動了持續的轉換改進，同時保持了費用紀律。此外，我們繼續獲得市場份額，增加 GMV，並擴大我們的活躍買家群體。

This is happening against the backdrop of prolonged weakness in the housing market per the National Association of Realtors and a protracted downturn in our end markets per syndicated credit card data.

根據全國房地產經紀人協會的數據，這種情況發生在房地產市場長期疲軟的背景下，而根據聯合信用卡數據，我們的終端市場也長期低迷。

Increasing conversion remains our operational priority and highest leverage activity. The first quarter was the sixth consecutive period of year over year conversion rate growth. Once again, conversion improved for both new and returning buyers.

提高轉換率仍然是我們的營運重點和最高槓桿活動。第一季是轉換率連續第六年同比增長。新買家和回頭客的轉換率再次提高。

Relative to fourth quarter growth rates, conversion gains moderated, and traffic softened, weighing on order growth, which was flat. This was partially offset by growth in on-platform AOV resulting in 3% GMV growth.

相對於第四季的成長率，轉換率成長有所放緩，客流量有所減弱，對訂單成長造成了壓力，訂單成長持平。但平台 AOV 的成長部分抵消了這一影響，導致 GMV 成長了 3%。

Platform improvements are fueling growth and market share gains. Our product development engine is humming, and we're shipping enhancements faster than ever. For example, the number of AB tests we ran during the quarter grew triple digits year over year, hitting a new record.

平台改進正在推動成長和市場份額的成長。我們的產品開發引擎正在嗡嗡作響，我們正在以比以往更快的速度推出增強功能。例如，我們在本季運行的 AB 測試數量同比增長了三位數，創下了新紀錄。

Our 2025 roadmap is focused on creating value for both sides of the marketplace via four themes. These are accelerating organic traffic growth, competitive pricing, funnel optimization, and elevating the level of service we provide.

我們的 2025 年路線圖重點在於透過四個主題為市場雙方創造價值。這些正在加速有機流量成長、競爭性定價、通路優化以及提升我們提供的服務水準。

Building on the progress we made in 2024, we aim to maintain growth and expense discipline while capturing additional market share. We made progress on multiple fronts during the first quarter.

基於我們在 2024 年取得的進展，我們的目標是保持成長和費用紀律，同時佔領更多的市場份額。我們在第一季在多個方面取得了進展。

Let's start with organic traffic, where trends continue to move in the right direction. We returned to organic traffic growth in the 1st quarter, helped by improvements in SEO and direct traffic. These results reflect the impact of our work on site performance, removing low value pages, boosting crawl efficiency, accelerating page load times, and refining SEO landing page content.

讓我們從有機流量開始，趨勢繼續朝著正確的方向發展。由於 SEO 和直接流量的改善，我們在第一季恢復了自然流量成長。這些結果反映了我們的工作對網站效能的影響，刪除了低價值的頁面，提高了抓取效率，加快了頁面載入時間，並改進了 SEO 登陸頁面內容。

In addition, we continue to optimize our email registration process, driving a higher registration rate without negatively impacting lower funnel metrics. Growing the number of registered users expands our email file, providing another direct organic touch point.

此外，我們繼續優化我們的電子郵件註冊流程，以提高註冊率，同時不會對較低的漏斗指標產生負面影響。註冊用戶數量的增加擴大了我們的電子郵件文件，提供了另一個直接的自然接觸點。

Given that over 70% of our traffic is organic, improvements here should drive efficient buyer acquisition. We also maintained our momentum with competitive pricing, where our objective is ensuring that listing and shipping costs are priced in line with the market.

鑑於我們 70% 以上的流量都是自然流量，這方面的改善應該能夠推動有效的買家獲取。我們也透過競爭性定價維持了發展勢頭，我們的目標是確保上市和運輸成本與市場價格一致。

On item pricing, in January, we fully launched our machine learning based pricing model for art. In March, we started testing pricing recommendations for fashion, and this graduated into general availability in April, meaning that all pricing models are currently live in all verticals.

在商品定價方面，1 月我們全面推出了基於機器學習的藝術品定價模型。今年 3 月，我們開始測試時尚產品的定價建議，並在 4 月開始全面推出，這意味著所有定價模式目前已在所有垂直領域上線。

These models leverage our unique transactional database to provide pricing transparency in what is historically an opaque market. Our expectation is that this builds buyer trust and confidence. Additionally, we integrated pricing recommendations into the buyer experience, giving customers more context on pricing.

這些模型利用我們獨特的交易資料庫，在歷史上不透明的市場中提供定價透明度。我們的期望是這能夠建立買家的信任和信心。此外，我們將定價建議融入買家體驗中，為客戶提供更多有關定價的資訊。

In March, we increased the visibility of the first dibs estimate, prominently displaying pricing recommendations to shoppers on product display pages. Testing showed that this led to higher conversion. This move ensures that buyers can quickly and easily access critical information, driving a more informed purchase decision and a better user experience.

3 月份，我們提高了首次購買估價的可見性，在產品展示頁面上向購物者突出顯示了定價建議。測試表明這會帶來更高的轉換率。此舉確保買家能夠快速輕鬆地存取關鍵訊息，從而做出更明智的購買決策並獲得更好的用戶體驗。

With ML-based pricing models fully launched, we are now focused on experimenting with the most impactful ways to surface these recommendations to buyers in improving our accuracy to spur seller adoption.

隨著基於機器學習的定價模式的全面推出，我們現在專注於嘗試最有效的方式，向買家展示這些建議，以提高我們的準確性，從而刺激賣家的採用。

We also made progress with shipping. In March, we rolled out parcel self-service to all sellers, giving them complete control to select the best shipping methods for their business with our seamless integration of calculated shipping rates, shipping labels, and automated tracking.

我們在運輸方面也取得了進展。今年 3 月，我們向所有賣家推出了包裹自助服務，透過無縫整合計算運費、運輸標籤和自動跟踪，讓他們可以完全控制為自己的業務選擇最佳的運輸方式。

This feature also enables buyers to obtain real-time best price shipping quotes, reduces operational complexity, and increases our parcel pre-quote coverage by 5% points to nearly 100%.

此功能還使買家能夠獲得即時最佳價格運輸報價，降低操作複雜性，並將我們的包裹預報價覆蓋率提高 5% 至接近 100%。

Building on the foundation laid over the past two years, we also made strides in reducing friction and streamlining the user experience. We want to make it easier for shoppers to find and buy the perfect item. From discovery through checkout, we saw improvements across the funnel during the first quarter.

在過去兩年奠定的基礎上，我們也在減少摩擦和簡化使用者體驗方面取得了長足的進步。我們希望讓購物者更容易找到並購買完美的商品。從發現到結帳，我們在第一季看到了整個管道的改善。

At the top of the funnel, we made product discovery more intuitive and efficient. These changes are helping users better navigate our categories and connect with relevant items faster, which in turn supports improved engagement and conversion.

在漏斗的頂部，我們使產品發現更加直觀和高效。這些變更有助於用戶更好地瀏覽我們的類別並更快地連接到相關項目，從而支持提高參與度和轉換率。

In the middle of the funnel, we amplify trust signals by more prominently displaying seller standing on product display pages, clearly distinguishing our top tier sellers. The results suggested that reinforcing seller standing helps build buyer confidence and trust earlier in the purchase process.

在漏斗中間，我們透過在產品展示頁面上更突出地顯示賣家排名來放大信任訊號，從而清楚地區分我們的頂級賣家。結果表明，加強賣家地位有助於在購買過程的早期建立買家信心和信任。

Indeed, Platinum seller, our highest ranking, saw the most significant conversion uplift. At the bottom of the funnel, we simplify checkout design, resulting in a smoother user experience and higher checkout completion rates.

事實上，我們排名最高的白金賣家的轉換率提升最為顯著。在漏斗底部，我們簡化了結帳設計，從而帶來更流暢的用戶體驗和更高的結帳完成率。

These winds and many others contributed to our ongoing conversion improvements. Our conversion rate in the first quarter was over 10% higher versus the first quarter of 2023.

這些風和許多其他風促進了我們持續的轉換改進。與 2023 年第一季相比，我們第一季的轉換率高出 10% 以上。

Turning the supply as we navigate through this period of uncertainty, we are becoming more important to sellers. Our 2025 seller sentiment survey showed that first dibs is now the primary sales channel for our sellers, surpassing their own showrooms for the first time.

在我們度過這個不確定的時期時，我們對供應的轉變對賣家來說變得越來越重要。我們的 2025 年賣家情緒調查顯示，優先購買權現在是我們賣家的主要銷售管道，首次超過了自己的展廳。

This marks a meaningful shift from the past four years when showrooms consistently ranked first. It also reflects the progress we've made in deepening seller engagement and delivering value. Consistent with recent quarters, we saw steady listings growth and ended the quarter with over $1.8 million listings, up 5%.

這與過去四年展廳一直排名第一的成績相比，這是一個有意義的轉變。這也反映了我們在深化賣家參與度和提供價值方面的進展。與最近幾季一致，我們看到房源數量穩定成長，本季末房源數量超過 180 萬美元，成長 5%。

Unique seller account remains volatile due to subscription pricing optimizations. We ended the quarter with approximately 5,900 unique sellers, down 23% year over year, but flat sequentially.

由於訂閱定價優化，唯一賣家帳號仍然不穩定。本季結束時，我們擁有約 5,900 名獨立賣家，年減 23%，但環比持平。

Similar to the past few quarters, churn was elevated due to the retirement of our central seller program and pricing changes in the fourth quarter of 2024. In total, the churn cohort accounted for less than 50 basis points of GMV over the trailing 12 months and approximately 50 basis points of total listings.

與過去幾季類似，由於我們的中央賣家計劃的退休以及 2024 年第四季的價格變化，客戶流失率有所上升。總體而言，流失群體在過去 12 個月內佔 GMV 的不到 50 個基點，佔總上市數量的約 50 個基點。

Looking ahead, we expect churn to normalize in the second quarter of 2025 and to see unique seller growth on a sequential basis in the second half of the year. Additionally, we expect continued listings growth through 2025.

展望未來，我們預計客戶流失率將在 2025 年第二季恢復正常，獨立賣家數量將在下半年達到季增。此外，我們預計到 2025 年上市數量將持續成長。

First quarter results demonstrate our ability to execute even amid rising uncertainty. We delivered in line or better performance, strengthened our market position, and made progress on our product roadmap.

第一季的業績證明了即使在不確定性不斷增加的情況下我們也有執行能力。我們實現了一致甚至更好的業績，鞏固了我們的市場地位，並在產品路線圖上取得了進展。

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

感謝您一直以來的支持。現在我將把時間交給湯姆來回顧我們的第一季財務表現和第二季展望。

Thanks David. Our first quarter results all met or exceeded guidance. This performance was fueled by ongoing conversion improvements, higher average order value, and disciplined expense management.

謝謝大衛。我們第一季的業績全部達到或超過了預期。這一業績得益於持續的轉換率提升、更高的平均訂單價值以及嚴格的費用管理。

GMV was $94.7 million up 3%, outperforming our end markets which continued to contract. Lapping a leap year was an approximately 1%-point headwind to GMV growth.

GMV 達 9,470 萬美元，成長 3%，表現優於持續萎縮的終端市場。閏年將對 GMV 成長造成約 1% 的阻力。

On a sequential basis, GMV growth rates decelerated due to softening traffic and moderating conversion improvements, partially offset by higher average order value growth.

與上一季相比，GMV 成長率由於流量疲軟和轉換率改善放緩而有所放緩，但平均訂單價值成長加快部分抵消了這一影響。

On platform average order value of nearly $2600 and median order value of approximately $1250 were both up 4%. AOV growth strengthened sequentially driven by a makeshift away from orders under $1000. In total, these accounted for approximately 44% of total orders in the first quarter, down from 46% a year ago.

平台上的平均訂單價值接近 2,600 美元，中位數訂單價值約為 1,250 美元，均上漲了 4%。由於暫時不再使用 1000 美元以下的訂單，AOV 增長連續增強。總體而言，這些訂單約佔第一季訂單總額的 44%，低於去年同期的 46%。

Going deeper, orders under $1000 decreased 5% year over year, while orders over $1000 grew 4%. There's no other digital marketplace at our scale which has the buyer and seller trust to transact at our price points across multiple verticals. We're able to deliver qualified buyers at prices ranging from under $101 to over $1 million.

具體來說，1000 美元以下的訂單年減了 5%，而 1000 美元以上的訂單則增加了 4%。在我們這個規模上，沒有其他數位市場能夠獲得買家和賣家的信任，以我們的價格在多個垂直領域進行交易。我們能夠以低於 101 美元到超過 100 萬美元的價格向合格買家提供產品。

Returning to funnel transit, traffic softened slightly with improvements to organic traffic being offset by slower paid traffic growth. We entered the quarter with over 70% of traffic from organic sources. Conversion gains moderated versus the fourth quarter but remained healthy. Conversion rates have now increased year over year for 6 straight quarters. Additionally, both new and returning conversion increased.

回到漏斗運輸，流量略有下降，有機流量的改善被付費流量成長放緩所抵消。進入本季度，我們有超過 70% 的流量來自自然來源。與第四季相比，轉換收益有所放緩，但仍保持健康。目前，轉換率已連續 6 個季度年增。此外，新客戶和回頭客的轉換率都有所提高。

Returning to GMV, consumer GMV grew mid-single digits while trade GMV was flat. GMV increased for all verticals except for new and custom furniture. Julian and fashion posted the strongest performance, both going double digits.

回到 GMV，消費者 GMV 成長了中等個位數，而貿易 GMV 持平。除新家具和定製家具外，所有垂直行業的 GMV 均有所增加。朱利安和時尚表現最為強勁，均達到兩位數。

We entered the quarter with approximately 64,800 active buyers up 7% year over year and 1% sequentially. This was the fourth consecutive quarter of sequential growth on an absolute basis. On the supply side of the marketplace, we experienced steady listings growth, ending the quarter with over $1.8 million listings, up 5%.

本季度，我們擁有約 64,800 名活躍買家，較去年同期成長 7%，較上季成長 1%。這是連續第四個季度實現絕對值成長。在市場供應方面，我們經歷了房源數量的穩定成長，本季末房源數量超過 180 萬美元，成長 5%。

We entered the quarter with approximately 5900 unique sellers, down 23% but flat sequentially. As anticipated, Cellour was elevated due to subscription pricing optimizations. However, this had a the minimis impact on GMV and listings.

本季度，我們擁有約 5900 名獨立賣家，下降 23%，但與上一季持平。正如預期的那樣，Cellour 因訂閱定價優化而得到提升。然而，這對 GMV 和清單的影響微乎其微。

We expect Charn to normalize in the second quarter and to see listings grow throughout the year. Turning to the P&L, net revenue is $22.5 million up 2%. Transaction revenue, which is tied directly to GMV, is approximately 75% of total revenue, with subscriptions making up most of the remainder.

我們預計 Charn 將在第二季度恢復正常，並且全年上市數量將有所增長。談到損益表，淨收入為 2,250 萬美元，成長 2%。交易收入與 GMV 直接相關，約佔總收入的 75%，其餘大部分收入來自訂閱收入。

Take rates were down to approximately 30 basis points year over year do primarily do a shift to higher value orders. Gross profit was $16.3 million up 2%. Gross profit margins were 72% flat year over year. Sales and marketing expenses were $9.1 billion down 1%, driven by lower headcount related expenses due to a reduction in force in January, partially offset by increases in performance marketing.

接受率年減至約 30 個基點，主要原因是轉向了更高價值的訂單。毛利為 1,630 萬美元，成長 2%。毛利率與去年同期持平，為72%。銷售和行銷費用為 91 億美元，下降 1%，原因是 1 月裁員導致員工相關費用減少，但績效行銷的成長部分抵消了這一影響。

Sales and marketing as a percentage of revenue was 40%, down from 42% a year ago. Technology development expenses were $5.6 million up 18%, driven by higher headcount related costs due to our annual merit increases awarded in March and some selective hiring.

銷售和行銷佔收入的比例為 40%，低於一年前的 42%。技術開發費用為 560 萬美元，成長 18%，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員工相關成本增加。

As a percentage of revenue, technology development was 25%, up from 21%. General administrative expenses were $7 million down 1% due to lower headcount related costs, lower tax expense, and lower professional services spending, partially offset by higher stock-based compensation due to our annual merit increases awarded in March.

技術開發佔收入的百分比從 21% 上升至 25%。一般行政開支為 700 萬美元，下降 1%，原因是員工相關成本降低、稅費降低以及專業服務支出降低，但因 3 月份年度績效加薪而導致的股票薪酬增加，部分抵消了這一影響。

As a percentage of revenue, general administrative expenses were 31%, down from 32% a year ago. Lastly, provision for transaction losses were approximately $900,000 4% of revenue, up from 2%. In the first quarter, we left a one-time benefit in a year ago period.

一般管理費用佔收入的百分比為 31%，低於一年前的 32%。最後，交易損失準備金約 90 萬美元，佔收入的 4%，高於 2%。在第一季度，我們留下了去年同期的一次性福利。

Looking forward, we expect provision for transaction losses to remain approximately 4% of revenue. Total operating expenses were $22.6 million up 6% year over year. Adjusted EBITDA loss was $1.7 million compared to a loss of $1.8 million last year. Adjusted EBITDA margin was a loss of 8% flat year over year.

展望未來，我們預期交易損失準備金仍將佔營收的4%左右。總營運費用為 2,260 萬美元，年增 6%。調整後的 EBITDA 虧損為 170 萬美元，而去年同期的虧損為 180 萬美元。調整後的 EBITDA 利潤率較去年同期持平，下降 8%。

We remain committed to driving operational leverage by scaling efficiently with roughly 60% of our cost base tied to headcount. Our asset li model enables us to grow revenue without proportional increases in hiring. In 2025, we expect to keep headcount approximately flat.

我們仍然致力於透過有效擴展來推動營運槓桿，大約 60% 的成本基礎與員工人數掛鉤。我們的資產負債模型使我們能夠在不按比例增加招聘的情況下增加收入。到 2025 年，我們預計員工人數將基本保持不變。

Moving onto the balance sheet, we entered the globe with a strong cash equivalent, and short-term investments position of $101 million down $2.9 million sequentially, which includes repurchasing approximately $1.8 million worth of shares.

進入資產負債表後，我們進入全球市場時擁有強勁的現金等價物，短期投資額為 1.01 億美元，比上一季下降 290 萬美元，其中包括回購價值約 180 萬美元的股票。

Since launching our first share buyback in August of 2023, we repurchased approximately 6.9 million shares for a total of $33.4 million. Turning to the outlook, our guidance reflects quarter to date results and our forecast for the remainder of the period. We forecast second quarter GMV of $85 million to $92 million down 7% to up 1%.

自 2023 年 8 月啟動首次股票回購以來，我們已回購約 690 萬股，總計 3,340 萬美元。談到展望，我們的指引反映了本季迄今的業績以及我們對本季剩餘時間的預測。我們預測第二季 GMV 為 8,500 萬美元至 9,200 萬美元，下降 7% 至成長 1%。

Net revenue of $21.2 million to $22.5 million down 5% to up 1%, and adjusted EBITDA margin loss of 14% to 10%. Our GMV guidance reflects steady traffic trends, a softening of conversion in April versus March, which we expect to persist throughout the quarter, and moderating AOV growth. We believe these dynamics reflect increased consumer caution around highly discretionary purchases in the current environment.

淨收入為 2,120 萬美元至 2,250 萬美元，下降 5% 至成長 1%，調整後 EBITDA 利潤率損失 14% 至 10%。我們的 GMV 指導反映了穩定的流量趨勢、4 月與 3 月相比的轉換率下降（我們預計這種情況將持續整個季度）以及 AOV 成長放緩。我們認為，這些動態反映出，在當前環境下，消費者對高度自由支配的購買更加謹慎。

Our adjusted EBITDA of margin guidance reflects gross margins towards the lower end of our 71% to 73% range. A full quarter of higher headcount related costs due to our annual merit increases in March, and provision for transaction losses of approximately 4% of revenue in line with historical levels.

我們調整後的 EBITDA 利潤率指引反映毛利率處於 71% 至 73% 範圍的低階。由於我們三月的年度績效加薪，整個季度的員工相關成本都有所增加，且交易損失準備金約為收入的 4%，與歷史水準一致。

In summary, first quarter results reflected balanced execution. We captured market share, stayed discipline on expenses, and advanced our roadmap. As we move through 2025, we remain committed to managing costs carefully and delivering on the key initiatives that position us for long term success.

綜上所述，第一季的業績反映了均衡的執行。我們佔領了市場份額，嚴格控制開支，並推進了我們的路線圖。邁入 2025 年之際，我們仍將致力於謹慎管理成本，並實施為我們帶來長期成功的關鍵措施。

While we remain mindful of the broader macroeconomic environment, we're confident in our strategy and our ability to deliver value through operational focus on the initiatives under our control. We appreciate your continued support and look forward to updating you on our progress in the coming quarters.

雖然我們仍然關注更廣泛的宏觀經濟環境，但我們對我們的策略以及透過專注於我們控制下的措施的營運來實現價值的能力充滿信心。我們感謝您的持續支持，並期待在未來幾季向您通報我們的進展。

Thank you. I will now turn the call over to the operator to take your questions.

謝謝。我現在將電話轉給接線員來回答您的問題。

Thank Ladies and gentlemen, at this time, we will conduct a question-and-answer session. (Operator Instructions)

謝謝女士們、先生們，現在我們將進行問答環節。（操作員指示）

Our first question comes from the line of Ralph Schackart from William Blair. Please go ahead.

我們的第一個問題來自威廉布萊爾的拉爾夫沙卡特。請繼續。

Morning. Thanks for taking the question. Just on the organic traffic, I think you caught around 70% or so. David talked about, conversion gains up, I think six straight quarters, but sort of moderating lately. Maybe just talk about your ability to keep driving a conversion, and how should we think about that 70% organic traffic rate. It's really strong, obviously, but just your sort of thoughts about that going forward.

早晨。感謝您回答這個問題。僅就自然流量而言，我認為您捕獲了大約 70% 左右。大衛談到，轉換率上漲，我認為已經連續六個季度上漲，但最近有所放緩。也許只是談論您持續推動轉換的能力，以及我們應該如何看待 70% 的自然流量率。顯然，它確實很強大，但這只是你對未來的想法。

Thanks, Ralph. So in order of the funnel starting with traffic, we organic traffic declined for over a year, and so we were happy actually that in Q1 we were able to restore it to growth.

謝謝，拉爾夫。因此，按照從流量開始的漏斗順序，我們的自然流量下降了一年多，因此我們很高興在第一季我們能夠恢復成長。

That's really all product and engineering driven, and we expect to continue that growth for the balance of the year in terms of conversion. I think sort of stepping back more broadly, Q1 was a relatively stable quarter for the business in all respects. We saw a pretty significant drop off in conversion, as we as we said, from in year over year terms from from March to April.

這實際上都是由產品和工程驅動的，我們預計在今年餘下的時間裡，轉換率將繼續保持成長。我認為從更廣泛的角度來看，第一季對於公司各方面來說都是一個相對穩定的季度。正如我們所說，從三月到四月，我們發現轉換率去年同期有顯著下降。

Traffic remained stable. The AOV softened a little bit but was still positive. It really all came from conversion. And if you look at it on a vertical basis, it also all came from consumer furniture. So trade was healthy in the month and you know the other verticals, mostly fashion and jewelry, also grew in the month.

交通保持穩定。AOV 略有下降，但仍為正。這一切確實都源自於轉變。如果從垂直角度來看，這些也全部來自消費家具。因此，本月貿易狀況良好，而且你知道其他垂直行業，主要是時尚和珠寶，本月也有所增長。

So it really is isolated to a drop off in conversion and primarily from the consumer furniture business. We, our approach to it is we feel like we're still focused on the right things. That conversion change is a result of a change in the macros, and you know we're going to continue to again stay focused on the long term value drivers in the business which we made, as you noted, very significant progress on for the balance of the year.

因此，這實際上與轉換率的下降有關，而且主要來自消費家具業務。我們對此的態度是，我們覺得我們仍然專注於正確的事情。這種轉換變化是巨集變化的結果，您知道我們將繼續專注於業務中的長期價值驅動因素，正如您所說，我們在今年餘下時間裡取得了非常重大的進展。

And just one more for me, I think you talked about churn, normalizing in Q2, is that just from lapping some seller programs or any more contacts you get out there. Thank you.

對我來說還有一點，我認為您談到了客戶流失，第二季度的正常化，僅僅是透過一些賣家計劃或您在那裡獲得的更多聯繫。謝謝。

Yes, exactly. So, listings is what we really optimize the business for, and that grew 5% in the first quarter, and that's on course to continue to grow. In terms of churn, we are now past our change in the subscription pricing plan, and we've seen that return to normalized levels and we're also on pace to continue to add new sellers on historical normalized levels as well.

是的，確實如此。因此，清單是我們真正優化業務的目標，第一季成長了 5%，並且有望繼續成長。就客戶流失率而言，我們現在已經完成了訂閱定價計劃的變更，並且已經看到客戶流失率恢復到正常水平，而且我們也在按計劃繼續在歷史正常水平上增加新賣家。

Great, thanks David. (Operator Instructions)

太好了，謝謝大衛。（操作員指示）

Our next question comes from the line of Mark Mahaney from Evercore ISI. Please go ahead.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。請繼續。

Hey, I just want to ask you about active buyers. You've had a couple of quarters now where you've had solid growth and active buyers. Talk about if there are new sources of these buyers and how to think about the continued growth for active buyers, through the through the rest of the year and going forward.

嘿，我只是想問你關於活躍買家的問題。你們已經經歷了幾個季度的穩健成長和活躍買家。討論這些買家是否有新的來源，以及如何考慮在今年剩餘時間及未來活躍買家的持續成長。

Thank you.

謝謝。

Thanks. Mark. So in terms of sources of active buyers, no, I mean, we are improving organic, as I said, but there hasn't been a massive change in the composition of our traffic, pay did soften pay traffic softened in Q1, but again, beyond that, no real change, and I'm sorry, I missed the second question.

謝謝。標記。因此，就活躍買家的來源而言，不，我的意思是，正如我所說，我們正在改善有機增長，但我們的流量組成並沒有發生巨大的變化，付費流量在第一季確實有所減弱，但除此之外，沒有真正的變化，很抱歉，我錯過了第二個問題。

But just how do we think about the growth in active buyers, and I just, because I look at the trends over the last two years where there was the active buyer, the net ads were kind of flattish to even negative, but that seems to have turned in the last three quarters, and you've got three quarters in a row now of nice trends and, active buyer net ads, so I'm just, is that a trend that's reasonably sustainable going forward?

但是，我們如何看待活躍買家的成長呢？我只是因為我觀察了過去兩年的趨勢，活躍買家的淨廣告有點持平甚至為負，但這種情況似乎在過去三個季度有所轉變，現在已經連續三個季度呈現良好的趨勢，活躍買家淨廣告也呈現良好的趨勢，所以我只是想知道，這種趨勢在未來是否能夠合理地持續下去？

So active buyer, the change in active buyers is a direct result of changes in conversion, which of course is our number one focus. So you know it's our ability to continue to grow active buyers will be a function of what happens to conversion. Conversion again we saw a pretty significant change in April versus March, completely macro driven. I mean you can trace it to changes in the macroeconomic environment. And so I think, we, we're going to continue to do the same things that we've done to get us to this point, but also remain vigilant and see how the macro environment changes.

因此，活躍買家的變化是轉換率變化的直接結果，這當然是我們關注的首要問題。所以你知道，我們繼續增加活躍買家的能力將取決於轉換率的變化。我們再次看到 4 月與 3 月相比發生了相當顯著的變化，這完全是由宏觀因素驅動的。我的意思是你可以將其追溯到宏觀經濟環境的變化。因此我認為，我們將繼續做我們已經做過的事情來達到這一點，但也要保持警惕，觀察宏觀環境如何變化。

Okay. Thank.

好的。感謝。

You very much, David.

非常感謝你，大衛。

Thank you. Our last question comes from the line of Nick Jones from Citizens. Please go ahead.

謝謝。我們的最後一個問題來自公民報的尼克瓊斯。請繼續。

Hi, this is, Luke on for Nick. Thanks for taking our questions. I guess first you pointed to market share gains in the quarter. I was wondering if you could just provide a bit more color there and how you sort of size that up. Thanks.

大家好，我是盧克，代替尼克。感謝您回答我們的問題。我想您首先指出的是本季的市場佔有率成長。我想知道您是否可以提供更多顏色以及您如何對其進行評估。謝謝。

Sure, so the way we measure market shares, we look at our own GMV change versus syndicated credit card data for both online furniture and the luxury furniture market, and on both bases, we did grow market share.

當然，我們衡量市場份額的方式是，我們會查看我們自己的 GMV 變化與線上家具和豪華家具市場的聯合信用卡數據，並且在這兩個基礎上，我們的市場份額確實有所增長。

So, and that's been the case for I think now five quarters in a row that we changed over in the first quarter of 24. So again, it's a product we believe of what has gotten us here and you know we're not changing our strategy in terms of product development.

所以，我認為這種情況已經持續了五個季度了，我們在第一季就改變了 24 分的戰績。所以，我們再次相信，這是一款讓我們走到今天的產品，而且您知道，我們不會改變產品開發方面的策略。

Great. And then maybe just a follow up, for the ML pricing models, can you just provide a bit more color there on what you're seeing so far and, in the progress, there? Thank you.

偉大的。然後也許只是一個後續問題，對於 ML 定價模型，您能否提供更多關於您目前所看到的情況以及進展的詳細資訊？謝謝。

Sure, so we've now rolled out as of Q1, we've now rolled out our ML pricing models to all categories in general availability, so we're through with our first round of testing.

當然，從第一季開始我們已經將我們的 ML 定價模型推廣到所有類別，所以我們已經完成了第一輪測試。

What we've seen in terms of seller adoption, which is in the first instance what we're measuring, is that for items priced below $9000 adoption has been extremely high, over 90%. For items priced above $9000 adoption has been relatively low, and we think that's a result of the fact that the higher the price point.

就賣家採用率而言（這也是我們首先衡量的），我們看到價格低於 9000 美元的商品的採用率非常高，超過 90%。對於售價超過 9000 美元的商品，採用率相對較低，我們認為這是因為價格點較高。

The fewer data points that are both in the market and just in terms of our own experience and so it's harder to build models to predict pricing on items that have less throughput that have less volume. We're continuing to work on it like all models, they get a little better each month and each quarter.

就我們自己的經驗而言，市場上的數據點越少，就越難建立模型來預測吞吐量較低、數量較少的商品的價格。我們會像所有模型一樣繼續努力，希望它們每個月、每季都會有所進步。

And we're also applying machine learning to calculating shipping prices for items and routes which historically we have not been able to in advance in order to pre-quote in advance of an order, and you know the result of that should be in an insignificant increase in our what we call pre-quote coverage, so the percent of items that have a pre-quote.

我們也應用機器學習來計算物品和路線的運費，過去我們無法提前計算，以便在訂單之前進行預先報價，你知道這樣做的結果應該是我們所謂的預先報價覆蓋率略有增加，也就是有預先報價的物品的百分比。

And that pre-quo coverage is associated with higher conversion, so that's sort of the next frontier in terms of ML. And then the last priority that we're working on in terms of ML is developing an.ML-based customer service agent.

而且這種預先覆蓋與更高的轉換率有關，因此這可以說是機器學習的下一個前沿。我們在機器學習方面的最後一個優先事項是開發基於機器學習的客戶服務代理。

Appreciate it. Thank You.

非常感謝。謝謝。

Thank you. This concludes our question-and-answer session. Thank you for joining today. You may now disconnect.

謝謝。我們的問答環節到此結束。感謝您今天的加入。您現在可以斷開連線。