1stdibs.Com Inc (DIBS) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the 1stdibs Q3 2025 earnings call. After today's prepared remarks, we will host a question-and-answer session.

女士們、先生們，感謝各位的到來，歡迎參加 1stdibs 2025 年第三季財報電話會議。在今天的演講結束後，我們將進行問答環節。

(Operator Instructions)

（操作說明）

I will now hand the conference over to Kevin LaBuz, Head of Investor Relations and Corporate Development.

現在我將把會議交給投資者關係和企業發展主管凱文·拉布茲。

Kevin, please go ahead.

凱文，請繼續。

Good morning and welcome to 1stdibs's earnings call for the quarter ended September 30th, 2025.

早安，歡迎參加 1stdibs 截至 2025 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.

我是 Kevin LaBuz，投資者關係和企業發展主管。

Joining me today are Chief Executive Officer, David Rosenblatt and Chief Financial Officer, Thomas Etergino.

今天與我一同出席的有執行長大衛·羅森布拉特和財務長托馬斯·埃特吉諾。

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.

David 將介紹我們公司的最新業務狀況，包括我們的策略和成長機會，Tom 將回顧我們第三季的財務表現和第四季的展望。

This call will be available via webcast on our investor relations website at investors.1stdibs.com.

本次電話會議將透過網路直播在我們的投資者關係網站 investors.1stdibs.com 上提供。

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 and competitive position.

在開始之前，請記住，我們的發言包含前瞻性陳述，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、商業計劃、戰略舉措、商業和經濟趨勢以及競爭地位的陳述。

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.

由於風險和不確定性，包括我們在提交給美國證券交易委員會的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聲明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中所做的任何前瞻性陳述均基於我們截至今日的信念和假設，除法律要求外，我們不承擔更新這些陳述的任何義務。

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.

此外，在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。今天的獲利新聞稿中包含了 GAAP 與非 GAAP 指標的調整表，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錄音回放。

Lastly, please note that all growth comparisons are on a year to year basis unless otherwise noted.

最後請注意，除非另有說明，所有成長比較均以年為單位。

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

現在我將把電話轉交給我們的執行長大衛·羅森布拉特。大衛。

Thanks Kevin, and good morning, everyone.

謝謝凱文，大家早安。

The third quarter was a breakthrough period for efficiency and execution, demonstrating our commitment to financial discipline. We delivered revenue and GMV at the high end of guidance, and critically, disciplined expense management drove adjusted EBITDA margins to negative 1%, a 13 percentage point improvement year over year, well above the high end of guidance and our best as a public company.

第三季在效率和執行力方面取得了突破性進展，體現了我們對財務紀律的承諾。我們實現了預期收入和 GMV 的上限，更重要的是，嚴格的費用管理使調整後的 EBITDA 利潤率降至 -1%，比去年同期改善 13 個百分點，遠高於預期上限，也是我們作為上市公司取得的最佳成績。

We now expect to generate positive adjusted EBITDA in the fourth quarter and for the full year 2026.

我們現在預計在 2026 年第四季和全年將實現正的調整後 EBITDA。

Reflecting this strong financial performance and our clear line of sight to free cash flow generation, our board has authorized a new $12 million share repurchase program.

鑑於公司強勁的財務業績和對自由現金流產生的清晰預期，董事會已批准一項新的 1,200 萬美元股票回購計畫。

Generating free cash flow creates an opportunity to return capital, particularly if we continue to trade at a discount to our assessment of intrinsic value.

產生自由現金流為資本回報創造了機會，尤其是在我們繼續以低於我們評估的內在價值的價格進行交易的情況下。

We are also proving that this efficiency does not come at the expense of market leadership.

我們也正在證明，這種效率並不會以犧牲市場領先地位為代價。

We continue to grow and gain market share even in a tough environment. This combination of operational execution and financial rigor is the story of the quarter.

即使在艱難的市場環境下，我們依然保持成長並不斷擴大市場份額。營運執行力和財務嚴謹性的結合，正是本季的主旋律。

The core of our third quarter effort was to build a more efficient growth engine. We achieved this by realizing a net headcount reduction, new performance marketing efficiencies, and other cost savings totaling $7 million annually, while growing our product development capacity.

我們第三季工作的核心是打造更有效率的成長引擎。我們透過減少淨員工人數、提高績效行銷效率以及其他成本節約措施，每年節省了 700 萬美元，同時提高了產品開發能力，從而實現了這一目標。

We believe that our growth potential is unlocked by investing in product and engineering. Historically, we disrupted this market via technology and we are committed to maintaining that principle. In September, we executed a targeted reduction in overall headcount, not only to save costs but to reallocate capital, shifting headcount away from sales and marketing roles and into technology development.

我們相信，透過投資產品和工程技術，可以釋放我們的成長潛力。從歷史上看，我們透過科技顛覆了這個市場，我們將繼續秉持這項原則。9 月，我們執行了有針對性的裁員計劃，不僅是為了節省成本，也是為了重新分配資金，將人員從銷售和行銷職位轉移到技術開發職位。

The net effect is a strategic shift in our workforce composition. While overall headcount is lower, we are actively increasing our product and engineering team.

最終結果是我們員工組成發生了策略性轉變。雖然員工總數有所減少，但我們正在積極擴充產品和工程團隊。

Our conviction is simple. The most scalable and highest ROI way to meet the core needs of our buyers and sellers is through technology.

我們的信念很簡單。滿足買賣雙方核心需求的最可擴展、投資報酬率最高的方式是透過科技。

This strategic realignment was anchored by the arrival of Bradford Shellhammer in August as our new Chief Product Officer and Chief Marketing Officer. This is not just an efficiency play, it is a growth strategy. We are now primed to modernize our marketing channels, shifting investment towards high engagement formats like social video and personalized communications, driving growth via content and community.

此次策略調整的核心是布拉德福德·謝爾哈默 (Bradford Shellhammer) 於 8 月加入我們，擔任首席產品長兼首席行銷長。這不僅是提高效率的舉措，更是一項成長策略。我們現在已經做好準備，對行銷管道進行現代化改造，將投資轉向社交影片和個人化溝通等高參與度形式，透過內容和社群推動成長。

This marketing reorganization in combination with increasing our product development capacity significantly enhances our operational agility and allows us to deliver richer, more consistent value at every customer interaction.

此次行銷重組，加上我們產品開發能力的提升，顯著增強了我們的營運靈活性，使我們能夠在每一次客戶互動中提供更豐富、更一致的價值。

The focus in the third quarter was on architecture and foundation. We began a deep review of our highest leverage opportunities in 4 core business drivers, fueling new buyer growth, retaining and engaging existing buyers, improving monetization, and ensuring seller success.

第三季的重點是建築和地基。我們開始深入檢視我們在 4 個核心業務驅動因素中最具槓桿效應的機會，以促進新買家成長、留住和吸引現有買家、提高貨幣化水平以及確保賣家成功。

We are currently developing our 2026 product roadmap and are excited to share more details during our fourth quarter earnings call.

我們目前正在製定 2026 年產品路線圖，並將在第四季度財報電話會議上分享更多細節。

Turning to the third quarter, funnel performance demonstrated clear evidence that our product led strategy continues to produce results. Our ongoing optimization efforts drove our 8th consecutive quarter of conversion growth, proving the compounding impact of our continuous product iteration.

進入第三季度，銷售漏斗的表現清楚地表明，我們以產品為主導的策略繼續取得成效。我們持續不斷的優化努力推動了轉換率連續第八個季度成長，證明了我們不斷進行產品迭代所帶來的累積效應。

We also saw AOV strength during the quarter. While we observed a slowdown in traffic, the combination of conversion growth and rising average order value drove GMV acceleration.

本季我們也看到了平均訂單價值（AOV）的成長。雖然我們觀察到流量成長放緩，但轉換率成長和平均訂單價值上升的共同推動了GMV的加速成長。

That success in conversion was driven by specific product initiatives designed to increase buyer trust. Our most significant launch in the third quarter directly targeted a major point of buyer friction pricing.

轉換率的成功得益於旨在提高買家信任度的具體產品措施。我們在第三季推出的最重要產品直接針對買家在定價方面的主要痛點。

Competitive pricing is a key pillar of our product strategy. The objective here is to ensure that the marketplace offers fair and transparent item prices and shipping costs.

具競爭力的定價是我們產品策略的關鍵支柱。這樣做的目的是確保市場提供公平透明的商品價格和運費。

Over the past year, we have built the foundation for this through the full rollout of our machine learning based pricing models across all verticals which bring transparency to a historically opaque market and reinforce buyer trust.

過去一年，我們透過在所有垂直領域全面推廣基於機器學習的定價模型，為此奠定了基礎，這為歷史上不透明的市場帶來了透明度，並增強了買家的信任。

In the third quarter, we introduced the technology to enforce another component of the strategy, price parity.

第三季度，我們引進了這項技術，以實施該策略的另一個組成部分——價格平價。

With tools like Google Lens and browser extensions making it easier than ever for buyers to comparison shop, price inconsistencies between platforms can undermine buyer trust and damage our brand reputation, potentially creating an incentive for buyers to circumvent our platform.

借助 Google Lens 和瀏覽器擴充功能等工具，買家比以往任何時候都更容易進行比價，但平台之間的價格不一致可能會削弱買家的信任，損害我們的品牌聲譽，並可能促使買家繞過我們的平台。

To combat this, we launched the first phase of an automated enforcement mechanism that ensures that items listed on our marketplace are priced at or below their price on competing sites in accordance with our terms of service.

為了應對這種情況，我們啟動了第一階段的自動化執法機制，以確保我們市場上列出的商品價格與競爭網站上的價格持平或低於競爭網站上的價格，並遵守我們的服務條款。

So far, nearly 90% of identified violations have been remedied by sellers. This is a critical step in reinforcing trust, as pilot data showed that items updated to parity saw conversion increases.

到目前為止，已發現的違規行為中近 90% 已由賣家糾正。這是加強信任的關鍵一步，因為試點數據顯示，更新為一致的商品轉換率有所提高。

This initiative moves our policy from soft guidance to consistent automated enforcement, ensuring a more confident and frictionless experience for buyers and driving higher GMV for compliant sellers.

這項措施將我們的政策從溫和的指導轉變為一致的自動化執行，確保買家獲得更自信、更順暢的體驗，並推動合規賣家獲得更高的GMV。

Price parity proves that our team can solve complex problems. To make sure that we can tackle even more ambitious initiatives faster, we are making significant advancements in integrating AI into our product development process.

價格持平證明我們的團隊能夠解決複雜問題。為了確保我們能夠更快地應對更具雄心壯志的計劃，我們正在將人工智慧融入產品開發流程方面取得重大進展。

We view AI as a powerful tool to drive both internal efficiency and customer value. This quarter, our focus was on maximizing employee productivity. Within engineering, we estimate that over 25% of all new code is being written by AI, accelerating our development process.

我們認為人工智慧是提高內部效率和客戶價值的強大工具。本季度，我們的重點是最大限度地提高員工生產力。在工程領域，我們估計超過 25% 的新程式碼是由人工智慧編寫的，這加快了我們的開發進程。

By building AI and our workflows, we are ensuring that our new leaner cost structure maximizes output and product velocity.

透過建構人工智慧和我們的工作流程，我們正在確保我們新的更精簡的成本結構能夠最大限度地提高產量和產品速度。

Beyond engineering efficiency, we are actively incorporating an AI component into every major initiative in our roadmap.

除了提高工程效率之外，我們還在積極地將人工智慧組件融入我們路線圖中的每項重大舉措中。

We also continue to make progress in our advertising program by leveraging our high-quality, high intent audience.

我們透過利用高品質、高意圖的受眾群體，在廣告宣傳方面也持續取得進展。

For our core sponsored listings, the third quarter focused on efficiency, expanding inventory, and optimizing the ad load for better seller visibility. More strategically, we successfully launched our first non-endemic advertiser in late September. This validates the value of our audience, but the revenue opportunity is still nascent and will develop over time.

對於我們的核心贊助商品列表，第三季的重點是提高效率、擴大庫存和優化廣告加載，以提高賣家的曝光度。從策略角度來看，我們在 9 月下旬成功推出了我們的第一個非行業廣告商。這證明了我們受眾的價值，但收入機會仍處於起步階段，需要時間才能發展。

Moving to the health of our supply, the third quarter underscored our commitment to high-quality, high performing inventory. We ended the period with nearly $1.9 million total listings, marking continued growth up 1%.

再來看我們的供應狀況，第三季凸顯了我們對高品質、高績效庫存的承諾。本期結束時，我們的房源總數接近 190 萬美元，實現了 1% 的持續成長。

As anticipated, the number of unique sellers continues to stabilize following our 2024 pricing actions.

正如預期的那樣，在我們採取 2024 年定價措施後，獨立賣家的數量繼續趨於穩定。

We ended the quarter with approximately 5,800 unique sellers, indicating that the major headwind from the essential seller program is now largely behind us.

本季末，我們擁有約 5800 位獨立賣家，這表明必需品賣家計劃帶來的主要不利因素現在已經基本過去。

This disciplined strategic focus resulted in a healthier, more valuable marketplace with the churned cohort having a minimal impact on GMV and listings.

這種有條不紊的策略重點造就了一個更健康、更有價值的市場，流失的客戶群對 GMV 和商品清單的影響微乎其微。

This strategic pruning allows us to reinforce our core value proposition. Our 2025 seller sentiment survey confirmed that 1stdibs is now the primary sales channel for our sellers, surpassing their own showrooms for the first time.

這種策略性精簡使我們能夠強化我們的核心價值主張。我們的 2025 年賣家情緒調查證實，1stdibs 現在是賣家的主要銷售管道，首次超過了自己的展廳。

This finding underscores the platform's growing relevance and reinforces our unique position as the premier essential destination for luxury design.

這項發現凸顯了該平台日益增長的重要性，並鞏固了我們作為首屈一指的奢侈品設計目的地的獨特地位。

Because we have successfully aggregated supply around the highest quality dealers, we expect to be in a strong competitive position when the luxury market rebounds.

由於我們已成功整合了最優質經銷商的供應，因此我們預計在奢侈品市場復甦時將處於強大的競爭地位。

Given the significant product enhancements we have delivered to our dealers, we believe the platform now offers a dramatically higher ROI for our sellers. Our ability to deliver this high ROI is a direct result of sustained investments in marketplace technology.

鑑於我們為經銷商提供的重大產品改進，我們相信該平台現在能為我們的賣家帶來更高的投資報酬率。我們之所以能夠達到如此高的投資報酬率，直接得益於我們對市場技術的持續投入。

To ensure that we can continue to invest in the technology that powers their success, we executed a subscription pricing action on certain seller cohorts on October 1. This marks our first broad-based increase for this segment since 2019.

為了確保我們能夠繼續投資於推動他們成功的技術，我們在 10 月 1 日對某些賣家群體執行了訂閱定價措施。這是自 2019 年以來，該領域首次實現全面成長。

This decision reinforces the status of the platform as an essential sales channel, underpins the platform's long-term sustainability, and provides a tangible tailwind to our recurring revenue.

這項決定鞏固了該平台作為重要銷售管道的地位，為該平台的長期永續發展奠定了基礎，並為我們的經常性收入提供了切實的助力。

In closing, the third quarter was defined by focus and execution. We successfully executed a major strategic realignment, fundamentally redesigning our organization to prioritize high ROI technology investments and further reduce our cost structure. The result, we delivered our best adjusted EBITDA margin as a public company, confirming that this realignment represents a major step forward on our path to profitability.

總之，第三季的特點是專注和執行。我們成功執行了一項重大策略調整，從根本上重新設計了我們的組織，優先考慮高投資報酬率的技術投資，並進一步降低我們的成本結構。最終，我們實現了上市公司以來最佳的調整後 EBITDA 利潤率，證​​實此次重組是我們實現盈利道路上邁出的重要一步。

Our commitment to reaching adjusted EBITDA positive is absolute, and we have maintained this rigor while successfully reallocating capital to technology that will serve as the engine for our future expansion.

我們致力於實現調整後 EBITDA 為正的目標，並且我們一直保持著這種嚴謹的態度，同時成功地將資金重新分配到技術領域，這將成為我們未來擴張的引擎。

We continue to gain market share and we now have the durable financial model needed to capitalize on the next phase of e-commerce growth.

我們不斷擴大市場份額，現在我們擁有了穩健的財務模式，可以充分利用電子商務的下一階段成長。

We have built the foundation. Now we are ready to accelerate.

我們已經打好了基礎。現在我們準備加速前進。

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。現在我將把發言權交給湯姆，讓他來回顧我們第三季的財務表現和第四季的展望。

Thanks, David. Good morning, everyone. A record third quarter margin performance validates the comprehensive effort to improve efficiency that we began in 2022. By protecting and growing our technology investments. We have structurally lowered our operating expenses while enhancing our long-term growth trajectory, setting the stage for sustainable margin expansion in the years ahead.

謝謝你，大衛。各位早安。第三季利潤率創歷史新高，證明了我們從 2022 年開始的全面提高效率的努力是卓有成效的。透過保護和發展我們的技術投資。我們透過結構性地降低營運費用，同時增強長期成長勢頭，為未來幾年可持續的利潤率擴張奠定了基礎。

Our commitment to efficiency is clear. Operating expenses were down 6% year over year and down 10% when excluding severance costs. This reduction is fundamentally changing the profitability curve of this business.

我們對效率的追求是明確的。營運費用較去年同期下降 6%，若不計遣散費，則下降 10%。此次裁員從根本上改變了這項企業的獲利曲線。

third quarter performance confirms we are making good progress on our path to profitability by structurally lowering our break-even point.

第三季業績證實，我們透過結構性地降低損益平衡點，在實現獲利的道路上取得了良好進展。

I will now walk you through the details that support these outcomes.

接下來，我將詳細介紹支持這些結果的依據。

From a funnel perspective, third quarter results validate the effectiveness of our product roadmap. Our ongoing optimization efforts drove our 8th consecutive quarter of conversion growth, which accelerated during a period.

從銷售漏斗的角度來看，第三季的業績驗證了我們產品路線圖的有效性。我們持續不斷的優化努力推動了我們連續第八個季度的轉換率成長，並且在一段時間內加速成長。

AOV also rebounded while we observed a partial offset due to softening traffic growth driven in part by a reduction in performance marketing spending. The combination of conversion growth and AOV rebound drove the GMV acceleration.

AOV 也出現反彈，但我們觀察到，由於效果行銷支出減少導致流量成長放緩，部分抵消了這一反彈。轉換率成長和平均訂單價值反彈共同推動了GMV的加速成長。

GMV was up 5% in the third quarter versus down 2% in the second quarter.

第三季GMV成長5%，而第二季則下降2%。

On-platform average order value of nearly $2700 and median order value of approximately $1300 were both up 10%.

平台平均訂單價值接近 2,700 美元，中位數訂單價值約為 1,300 美元，均成長了 10%。

This dynamic was driven by a slight mixed shift towards higher value orders. In addition, the year ago period also included auction orders which had below average AOBs, creating an easier comparable base.

這種趨勢是由訂單價值略微向高價值訂單傾斜所驅動的。此外，去年同期還包括一些拍賣訂單，這些訂單的 AOB 低於平均水平，從而形成了一個更容易比較的基準。

Returning to funnel trends, traffic softened, driven by lower paid traffic, where we tightened efficiency thresholds and reduced performance marketing spending. We entered the core with over 75% of traffic from organic sources, up 3% points year over year. This organic strength is a key financial advantage, reflecting the power of our brand and a low dependence on performance marketing to drive traffic.

回到流量漏斗趨勢，流量下降，付費流量減少，我們提高了效率門檻，減少了效果行銷支出。我們進入核心階段時，超過 75% 的流量來自自然流量，比去年同期增加了 3 個百分點。這種內在實力是一項關鍵的財務優勢，體現了我們品牌的實力以及對效果行銷引流的低依賴性。

Both our core buyer segments, trade and consumer, grew GMV. This broad-based growth confirms the platform's value proposition, with the trade segment driving slightly stronger growth year over year.

我們的兩個核心買家群體，貿易客戶和消費者，GMV 都實現了成長。這種全面成長證實了該平台的價值主張，其中貿易板塊的同比增長略微強勁。

Vertical performance highlights the diversification of our marketplace. Art, which accounts for a low 10s percentage of total GMV, was the fastest growing vertical, up double-digits. We also saw strong GMV growth in jewelry and vintage and antique furniture.

垂直領域的表現凸顯了我們市場的多元化。藝術類商品在商品交易總額 (GMV) 中所佔比例僅為 10% 左右，但卻是成長最快的垂直領域，實現了兩位數的成長。我們也看到珠寶、復古和古董家具的商品交易總額 (GMV) 實現了強勁成長。

Active buyers totaled approximately 63,200 at quarter end, up 1%.

截至季末，活躍買家總數約為 63,200 人，成長 1%。

Turning to supply, we ended the quarter with approximately 5,800 unique sellers, down 17% as seller count continued to normalize following our 2024 pricing actions. We closed the quarter with nearly $1.9 million listings up 1%.

再來看供應方面，本季末我們擁有約 5800 個獨立賣家，下降了 17%，因為在我們採取 2024 年定價措施後，賣家數量繼續恢復正常。本季末，房源掛牌額接近 190 萬美元，成長 1%。

This outcome shows that the elevated shown from our pricing optimizations were successfully isolated to low impact sellers, resulting in de minimis financial impact in both GMV and listings.

這項結果表明，我們定價優化帶來的價格上漲已成功限制在低影響賣家身上，對 GMV 和商品數量造成的財務影響微乎其微。

Our focus remains on the quality of our supply base.

我們始終將重點放在供應商的品質上。

Moving on to the income statemen. Net revenue was $22 million up 4%. Transaction revenue, which is tied directly to GMV was approximately 75% of total revenue, with subscriptions making up most of the remainder.

接下來來看損益表。淨收入為 2,200 萬美元，成長 4%。與商品交易總額 (GMV) 直接相關的交易收入約佔總收入的 75%，其餘大部分收入來自訂閱。

Take rates declined approximately 40 basis points year over year due primarily to a mixed shift in order value.

由於訂單價值出現混合變化，訂單費率較去年同期下降約 40 個基點。

Gross profit was $16.3 million up 9%, gross profit margins were 74%, up 3% points year over year.

毛利為 1,630 萬美元，年增 9%；毛利率為 74%，較去年同期成長 3 個百分點。

Gross profit margins included a non-recurring insurance recovery related to a prior shipping matter which contributed approximately 1% point to our reported margins. On an adjusted basis, gross profit margins were at the high end of our 71% to 73% guidance range.

毛利率包含一筆與先前運輸事件相關的非經常性保險賠償，這筆賠償對我們報告的毛利率貢獻了約 1 個百分點。經過調整後，毛利率處於我們預期的 71% 至 73% 範圍的高端。

Sales and marketing expenses were $8 million down 13%, excluding severance charges of approximately $800,000. Sales and marketing expenses were down 22%. This outcome is a direct reflection of our continued expense discipline and the strategic realignment we executed in September. We realized savings from lower personnel costs and simultaneously tightened our performance marketing efficiency thresholds.

銷售和行銷費用為 800 萬美元，下降 13%，不包括約 80 萬美元的遣散費。銷售和行銷費用下降了 22%。這一結果直接反映了我們持續的成本控制以及我們在9月實施的策略調整。我們透過降低人員成本實現了節約，同時提高了績效行銷效率門檻。

Sales and marketing as a percentage of revenue was 36%, down from 44% a year ago.

銷售和行銷費用佔收入的 36%，低於一年前的 44%。

Technology development expenses were $5.9 million up 8%, driven by higher headcount related costs due to our annual merit increases awarded in March and additional bonus awards in the quarter.

技術開發費用為 590 萬美元，成長 8%，主要原因是由於 3 月頒發的年度績效加薪和本季額外獎金，導致與人員相關的成本增加。

As a percentage of revenue, technology development was 27%, up from 26% a year ago.

技術開發佔收入的比例為 27%，高於一年前的 26%。

General administrative expenses were $6.4 million down 7%, due primarily to lower headcount related costs.

一般行政費用下降了 640 萬美元，降幅為 7%，主要原因是人員編制相關成本降低。

As a percentage of revenue, general administrative expenses were 29%, down from 32% a year ago.

一般管理費用佔收入的29%，低於一年前的32%。

Lastly, provisions for transaction losses were approximately $790,000 4% of revenue, flat year over year.

最後，交易損失準備金約為 79 萬美元，佔收入的 4%，與前一年持平。

Total operating expenses were $21 million a 6% decrease, excluding severance costs of roughly $800,000. Operating expenses were down 10%.

總營運支出為 2,100 萬美元，下降了 6%，不包括約 80 萬美元的遣散費。營運費用下降了10%。

The strategic realignment executed in September fundamentally changes our profitability equation.

9月份實施的策略調整從根本上改變了我們的獲利模式。

The estimated $7 million in annual savings structurally lowers the revenue level required for us to break even.

預計每年可節省 700 萬美元，這將從根本上降低我們實現收支平衡所需的收入水平。

A reduction in performance marketing spend is the largest component of these savings achieved by raising our efficiency thresholds for new consumer acquisition.

透過提高新客戶獲取效率門檻，我們實現了最大的成本節約，其中最大的節約來源是效果行銷支出的減少。

While this deliberate decision will reduce our paid traffic volume, it confirms our commitment to self-sufficiency.

雖然這項刻意的決定會減少我們的付費流量，但它證實了我們對自給自足的承諾。

We are leveraging this reduction to create a more efficient cost structure that can achieve profitability with minimal reliance on topline growth. Adjusted EBITDA loss was approximately $240,000 compared to a loss of $3 million last year. Adjusted EBITDA margin was a loss of 1% compared to a loss of 14% a year ago.

我們正利用這項削減來創造更有效率的成本結構，從而在最大限度減少對營收成長依賴的情況下實現盈利。調整後的 EBITDA 虧損約為 24 萬美元，而去年同期虧損為 300 萬美元。調整後的 EBITDA 利潤率為虧損 1%，而去年同期虧損為 14%。

Moving on to the balance sheet, we entered the quarter with a strong cash equivalent, and short-term investments position of $93 million.

接下來來看資產負債表，我們本季初擁有強勁的現金等價物和短期投資頭寸，金額達 9,300 萬美元。

We maintain a robust cash position, but our future focus is on free cash flow generation.

我們保持著穩健的現金狀況，但我們未來的重點是創造自由現金流。

Following this quarter's success in cost reduction, we now have a clear line of sight to generating positive adjusted EBITDA and free cash flow. This confidence is why our board has authorized a new $12 million share repurchase program. As we ramp free cash flow generation over time, our financial flexibility increases, allowing us to be opportunistic with capital deployment.

繼本季成本削減取得成功之後，我們現在可以清楚地看到實現正調整 EBITDA 和自由現金流的目標。正是出於這種信心，我們的董事會批准了一項新的 1,200 萬美元股票回購計畫。隨著我們自由現金流的逐步增加，我們的財務靈活性也隨之提高，使我們能夠抓住機會進行資本部署。

Given our belief that our shares are currently trading at a discount to their intrinsic value, this represents an excellent opportunity for shareholder value creation.

鑑於我們認為公司股票目前的交易價格低於其內在價值，這為股東創造價值提供了一個絕佳的機會。

Turning to the outlook, our guidance reflects quarter to date results and our forecast for the remainder of the period. We forecast fourth quarter GMV of $90 million to $96 million down 5% to up 2%. Net revenue of $22.3 million to $23.5 million down 2% to up 3%, and adjusted EBITDA margin of 2% to 5%.

展望未來，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。我們預測第四季 GMV 為 9,000 萬美元至 9,600 萬美元，年減 5% 至年增 2%。淨收入為 2,230 萬美元至 2,350 萬美元，年減 2% 至 3%；調整後 EBITDA 利潤率為 2% 至 5%。

Our GMV guidance reflects continued conversion and AOV growth, a slowdown in traffic due in part to our higher efficiency thresholds in performance marketing. This trade-off is strategic. We are accepting lower traffic and lower near term order volume in exchange for significantly higher margins and better unit economics.

我們的GMV預期反映了轉換率和AOV的持續成長，流量放緩的部分原因是我們在效果行銷方面提高了效率門檻。這種權衡是策略性的。我們接受較低的流量和近期較低的訂單量，以換取更高的利潤率和更好的單位經濟效益。

Our revenue guidance reflects the full quarter benefit of the seller subscription price increase, which took effect on October 1.

我們的營收預期反映了賣家訂閱價格上漲帶來的全部季度收益，該價格上漲於 10 月 1 日生效。

Our adjusted EBITDA margin guidance reflects structural efficiency gains from the lower performance marketing and personnel costs following the September strategic realignment, seasonally higher revenue, and gross profit margins at the high end of our 71% to 73% range. In addition, our fourth quarter expense base reflects a temporary tailwind of approximately $300,000 from the strategic realignment. The immediate savings from the reduction of sales and marketing roles creates a short-term benefit to margins that will moderate as we onboard the product and engineering roles over the next few quarters.

我們調整後的 EBITDA 利潤率預期反映了 9 月策略調整後，績效行銷和人員成本降低帶來的結構性效率提升、季節性收入增加以及毛利率達到我們 71% 至 73% 範圍的高端。此外，我們第四季的支出基數反映了策略調整帶來的約 30 萬美元的暫時性利多。減少銷售和行銷職位帶來的直接節省將為利潤率帶來短期收益，但隨著我們在接下來的幾季逐步引入產品和工程職位，這種收益將會逐漸減少。

In summary, the third quarter was a pivotal period. We continued gaining market share while structurally reducing the revenue needed to break even. The cost reductions we implemented led directly to our best adjusted EBITDA margins as a public company.

總之，第三季是一個關鍵時期。我們在不斷擴大市場份額的同時，從根本上降低了實現收支平衡所需的收入。我們實施的成本削減措施直接使我們作為上市公司實現了最佳的調整後 EBITDA 利潤率。

This gives us high confidence in our outlook. We are tracking to achieve positive adjusted EBITDA and free cash flow in the fourth quarter and for the full year of 2026, assuming a low single-digit revenue growth, a major financial milestone that proves we are successfully building a capital efficient and resilient business model.

這讓我們對前景充滿信心。我們預計在 2026 年第四季和全年實現正的調整後 EBITDA 和自由現金流，假設收入增長為個位數低段，這將是一個重要的財務里程碑，證明我們正在成功建立一個資本高效且具有韌性的商業模式。

We appreciate your continued support and look forward to updating you on our progress in the coming quarters.

感謝您一直以來的支持，我們期待在接下來的幾季向您報告我們的進度。

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

謝謝。現在我將把電話轉交給接線員，由她來回答您的問題。

(Operator Instructions)

（操作說明）

Ralph Schackart, William Blair.

拉爾夫·沙卡特，威廉·布萊爾。

Good morning. Thanks for taking the question. Let me just kind of kick things off. Could you provide a bit more color on the rationale and the benefits you expect from your September strategic realignment? Sounds like you've made some, fairly significant changes here, particularly in performance marketing strategy, but if you sort of outline, the major benefits you expect beyond just, the important sort of movement to a positive EBITDA, then I would follow-up. Thanks.

早安.感謝您回答這個問題。讓我先拋磚引玉。您能否更詳細地說明一下9月份策略調整的理由以及您預期從中獲得的益處？聽起來您在這裡做出了一些相當大的改變，尤其是在效果營銷策略方面，但是如果您能概述一下除了實現正 EBITDA 這一重要轉變之外，您期望獲得的主要好處，那麼我會跟進。謝謝。

Hey Ralph, sure, so this September realignment was really the most recent stage of a process that began 3 years ago in order for us to get to break even, and I think it's worth noting that in total this process has reduced our GMV breakeven by almost $250 million.

嘿，拉爾夫，當然，這次九月份的調整實際上是三年前開始的旨在實現收支平衡的整個過程的最新階段，我認為值得注意的是，這個過程總共使我們的 GMV 收支平衡減少了近 2.5 億美元。

Throughout the process we've really been focused on all parts of our cost structure headcount, performance marketing, which you mentioned, as well as external vendor relationships. The goal for this one was really twofold. First, to achieve adjusted EBITDA profitability in the fourth quarter of this year, and then also to maintain that profitability and also reach positive free cash flow for the full year '26.

在整個過程中，我們一直非常關注成本結構的各個方面，包括人員編制、您提到的績效行銷以及與外部供應商的關係。這次的目標其實有兩個面向。首先，要在今年第四季實現調整後 EBITDA 獲利，然後保持獲利，並在 2026 年全年實現正自由現金流。

And then second, importantly, to reallocate headcount and non-headcount investment from sales and marketing to, higher ROI engineering and product development, and so we're now at a point where roughly 50% of our headcount is in product engineering which I think is a good place to be.

其次，也是非常重要的一點，要將人力和非人力投資從銷售和行銷重新分配到投資回報率更高的工程和產品開發領域，因此我們現在大約 50% 的人力都投入到了產品工程領域，我認為這是一個很好的局面。

Great. It sounds like you had a pricing increase, like you said on October 1. Can you give us a sense of, the order of magnitude there and, how the platform has performed since you, pushed through the price increase?

偉大的。聽起來你們確實漲價了，就像你們在10月1日所說的。您能否大致說明一下價格上漲的幅度，以及自您推動漲價以來，該平台的表現如何？

Alright, what was the second part of the question?

好的，問題的第二部分是什麼？

Just, on the price increase, what the reaction has been from, as a result of pushing them through.

只是，關於價格上漲，以及強行推行這些漲價措施所引起的反應。

Yeah, so I mean in general we try to make sure that our prices, to sellers aligned with the value that we create. We've obviously made a lot of improvements and investments into the platform, since 2019. Yeah, we really haven't meaningfully changed rates, over that time, and so this was a very targeted, com combined subscription increase and also in, at certain price points commission increase.

是的，我的意思是，總的來說，我們會努力確保我們向賣家提供的價格與我們創造的價值相符。自 2019 年以來，我們顯然對該平台進行了許多改進和投資。是的，在那段時間裡，我們實際上並沒有對價格進行實質性的調整，所以這次是針對特定人群的綜合性漲價，包括訂閱費的上漲以及在某些價格點上提高佣金。

The subscription part of it only impacted about 20% of our sellers and you know amounted to roughly a 10% increase on those 20% and we saw no meaningful increase in churn as a result, I think because of the sort of proportionality between value creation and the cost that we charge our sellers.

訂閱部分只影響了我們大約 20% 的賣家，你知道，這 20% 的賣家大約增加了 10%，而且我們沒有看到因此而出現明顯的客戶流失增加，我認為這是因為價值創造與我們向賣家收取的成本之間存在某種比例關係。

Okay, great. Thanks, David.

好的，太好了。謝謝你，大衛。

There are no further questions at this time. This concludes today's call.

目前沒有其他問題了。今天的電話會議到此結束。

Thank you for attending, and you may now disconnect.

感謝您的參與，現在可以斷開連接了。