Poshmark Inc (POSH) 2022 Q2 法說會逐字稿

Good day, and welcome to the Poshmark Second Quarter 2022 Earnings Conference Call. Please note, today's conference is being recorded. (Operator Instructions).

大家好，歡迎參加 Poshmark 2022 年第二季財報電話會議。請注意，今天的會議正在錄音。 （操作員指令）。

Thank you. At this time, I will turn the conference over to Christine Chen, Head of Investor Relations for Poshmark.

謝謝。現在，我將把會議交給 Poshmark 投資者關係主管 Christine Chen。

Welcome to Poshmark's Second Quarter 2022 Conference Call. Joining me today are Manish Chandra, our Founder, Chairman and CEO; and Rodrigo Brumana, Chief Financial Officer.

歡迎參加 Poshmark 2022 年第二季電話會議。今天與我一起出席的還有我們的創辦人、董事長兼執行長 Manish Chandra；以及財務長 Rodrigo Brumana。

Please keep in mind that our remarks today include forward-looking statements such as statements related to our financial guidance and key drivers, the impact of COVID-19 on our communities business and strategy, the potential benefits of our marketing and product initiatives and the anticipated return on our investments and their ability to drive growth. Our actual results may differ materially than those expressed or implied in our forward-looking statements. Forward-looking statements involve substantial risks and uncertainties, which are described in today's earnings release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings. Any forward-looking statements we make on this call are based on our beliefs and assumptions as of today, and we don't have any obligation to update them.

請記住，我們今天的言論包括前瞻性陳述，例如與我們的財務指導和關鍵驅動因素有關的陳述、COVID-19 對我們的社區業務和戰略的影響、我們的營銷和產品計劃的潛在好處以及我們投資的預期回報及其推動增長的能力。我們的實際結果可能與我們的前瞻性陳述中所表達或暗示的結果有重大差異。前瞻性陳述涉及重大風險和不確定性，這些風險和不確定性在今天的收益報告和我們向美國證券交易委員會提交的文件中均有描述，包括我們最近的 10-K 表年度報告和後續文件。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，我們沒有義務更新它們。

Also during the call, we'll present GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings release, which you can find on our IR website, along with a replay of this call.

此外，在電話會議中，我們還將介紹 GAAP 和非 GAAP 財務指標。今天的收益報告中包含了非 GAAP 指標與 GAAP 指標的對帳表，您可以在我們的 IR 網站上找到該對帳表，同時還可以找到本次電話會議的重播。

And with that, I'll turn it over to Manish.

現在我將把發言權交給 Manish。

Thanks, Christine. Hello, and welcome, everyone. Thank you for joining us for our second quarter 2022 earnings call. Before we discuss our second quarter results, I want to take a step back to reflect on our mission. When we started Poshmark in 2011, we focused on making selling a superpower by making, selling and buying fashion simple, social and fun by building the world's largest network of shoppable closets and creating a new, more human way to shop online. Our social marketplace is designed to serve everyone, whether you're looking to make money, save money, experiment with new styles or discover new people and brands. We built every aspect of Poshmark to make selling so easy that anyone with a closet and a smartphone could do it.

謝謝，克里斯汀。大家好，歡迎大家。感謝您參加我們的 2022 年第二季財報電話會議。在我們討論第二季的業績之前，我想先回顧一下我們的使命。當我們在 2011 年創立 Poshmark 時，我們致力於透過建立世界上最大的可購物衣櫃網路和創造一種新的、更人性化的線上購物方式，讓時尚的銷售和購買變得簡單、社交和有趣，從而使銷售成為一種超能力。我們的社交市場旨在為所有人服務，無論您是想賺錢、省錢、嘗試新風格還是發現新的人和品牌。我們建立了 Poshmark 的各個方面，使銷售變得如此簡單，任何擁有衣櫃和智慧型手機的人都可以做到。

By empowering everyone to sell fashion directly from their closets, we're transforming shopping online. This has driven our growth for more than a decade. The unique dynamic of Poshmark is that over time, sellers become buyers and buyers become sellers. And by the fifth year, there is over 40% overlap between buyers and sellers. Our community of highly engaged and loyal users is our competitive advantage. And by serving and supporting them, we drove profitability even as we cut down marketing in the first half of 2020.

透過讓每個人都能直接從衣櫃裡出售時尚服裝，我們正在改變網上購物。這推動了我們十多年的成長。 Poshmark 的獨特動態是，隨著時間的推移，賣家變成買家，買家變成賣家。到第五年，買家和賣家之間的重疊度將超過 40%。我們擁有高度參與和忠誠的用戶社區，這是我們的競爭優勢。透過為他們提供服務和支持，即使在 2020 年上半年我們削減了行銷開支，我們仍然提高了盈利能力。

As we mentioned on our last earnings call, we're focused on making Poshmark the #1 destination for sellers by empowering them with the tools and support to grow their businesses and making our marketplace the most trusted destination for buyers.

正如我們在上次財報電話會議上提到的，我們致力於將 Poshmark 打造成賣家的首選目的地，為賣家提供發展業務的工具和支持，並將我們的市場打造成買家最信賴的目的地。

Now let's discuss our second quarter results. We're pleased to report that our second quarter performance exceeded our initial expectations due to our strong focus on execution. We reported a strong quarter despite a tough consumer environment, growing revenues 9% to $89.1 million, beating our expectations for the quarter. Second quarter GMV grew 8% to $483.5 million, while on a 2-year basis, GMV grew by 34% and revenues grew by 33%.

現在讓我們討論一下第二季的業績。我們很高興地報告，由於我們高度重視執行，我們的第二季業績超出了最初的預期。儘管消費環境嚴峻，但我們報告本季業績強勁，營收成長 9%，達到 8,910 萬美元，超出了我們對本季的預期。第二季 GMV 成長 8% 至 4.835 億美元，而兩年來，GMV 成長 34%，營收成長 33%。

Our growth is driven by Poshmark's approach to making buying and selling fashion simple, fun and sustainable. Our users continue to choose Poshmark as a top destination for selling items from their closets and shopping the closets of others. This combined with our boutique sellers, continues to make Poshmark or top destination for fashion, as demonstrated by 14% TTM active buyer growth to a record 8 million in the second quarter. We continue to evolve our marketing strategy to navigate the impact of Apple privacy changes and a volatile macro environment. We're drawing attention to Poshmark as a sustainable fashion destination, particularly for style and value-conscious shoppers who are feeling more constrained due to inflation and as a place to make money from your closet.

我們的成長動力源自於 Poshmark 的經營理念，也就是讓時尚的買賣變得簡單、有趣且永續。我們的用戶繼續選擇 Poshmark 作為出售自己衣櫃裡的物品和購買他人衣櫃裡的物品的首選目的地。加上我們的精品賣家，Poshmark 將繼續成為時尚購物的首選目的地，這一點從第二季度 TTM 活躍買家增長 14% 達到創紀錄的 800 萬可以看出。我們不斷發展我們的行銷策略，以應對 Apple 隱私變化和動盪的宏觀環境的影響。我們將 Poshmark 打造為一個永續時尚目的地，尤其是對於那些因通貨膨脹而感到受到更多限制的注重風格和價值的購物者來說，並將其打造為一個可以透過衣櫃賺錢的地方。

Our April marketing campaign focused on Earth month and storytelling, highlighting secondhand styles and vintage trends. This resonated particularly well with our Gen Z and Millennial customers who are shopping vintage and secondhand for eco-friendly purposes and nostalgia. During the second quarter, shoppers came to Poshmark for their fashion needs and to discover the latest trends while saving money. Our marketplace continues to reflect the lives interest in changing needs of consumers.

我們四月份的行銷活動重點關注地球月和故事敘述，突出二手風格和復古趨勢。這引起了我們的 Z 世代和千禧世代顧客的共鳴，他們出於環保目的和懷舊之情購買古董和二手商品。第二季度，購物者來到 Poshmark 滿足自己的時尚需求，發現最新潮流，同時省錢。我們的市場繼續反映消費者不斷變化的需求。

During the second quarter, luggage and travel bags were up 50% Y-o-Y as shoppers embrace vacation and business travel again. As people return to work, shoppers are turning to resale in their hunt for formal workwear to make their budget stretch further. During the second quarter, blazers and suit jackets grew 61%, and sales of ties were up 45% year-over-year. The evolution of business casual into business comfort is driving a huge spike in sales for comfort sneaker brands like On Running and Hoka. While orders for Birkenstock sandals and flip flops were up 30% Y-o-Y during the quarter. Zara flare jeans and Abercrombie straight leg jeans were up 97% and 64% Y-o-Y in May, demonstrating that we continue to be part of the seismic shift in fashion as silhouette changes to elastic waist, relaxed fits and flared bottoms.

第二季度，由於購物者再次熱衷於度假和商務旅行，行李箱和旅行包的銷量較去年同期成長了 50%。隨著人們重返工作崗位，購物者開始透過轉售來尋找正式的工作服，以進一步節省預算。第二季度，西裝外套和西服外套的銷量年增 61%，領帶的銷量年增 45%。商務休閒裝向商務舒適裝的演變正推動 On Running 和 Hoka 等舒適運動鞋品牌的銷量大幅成長。本季度，Birkenstock 涼鞋和人字拖的訂單年增了 30%。 5 月份，Zara 喇叭牛仔褲和 Abercrombie 直筒牛仔褲的銷量分別同比上漲 97% 和 64%，表明隨著牛仔褲輪廓向鬆緊腰、寬鬆版型和喇叭褲方向轉變，我們繼續成為時尚巨變的一部分。

The power of Poshmark's community makes selling and shopping simple. Social interactions, combined with our marketplace platform, which provide all the tools a seller needs, make selling and shopping simple and fun. Sellers and shoppers and their engagement with our marketplace drove 70% year-over-year growth in social interactions to a record $57.5 billion during TTM Q2 '22. Social interactions range from duration to likes, comments or offers on the platform. This social engagement drives community connection and ultimately conversion as more than 80% of all purchases are preceded by a social interaction, such as a like, comment or offer.

Poshmark 社群的力量讓銷售和購物變得簡單。社交互動與我們的行銷平台相結合，為賣家提供了所需的所有工具，使銷售和購物變得簡單有趣。賣家和購物者及其與我們市場的互動推動了社交互動在 TTM '22 年第二季度同比增長 70%，達到創紀錄的 575 億美元。社交互動的範圍包括持續時間以及平台上的讚、評論或優惠。這種社交參與推動了社區聯繫並最終實現轉化，因為超過 80% 的購買都是在社交互動（例如讚、評論或報價）之後發生的。

Poshmark's social experience and inclusive community is a key differentiator as experienced sellers who are often Posh ambassadors voluntarily reach out to help new sellers and provide mentorship. Poshmark sellers continue to not only share their own inventory but curate inventory from the closets of other sellers.

Poshmark 的社交經驗和包容性社群是一個關鍵的區別因素，因為經驗豐富的賣家通常是 Posh 大使，他們會自願伸出援手來幫助新賣家並提供指導。 Poshmark 賣家不僅繼續分享自己的庫存，還從其他賣家的衣櫃中整理庫存。

After 2 years of lockdowns and virtual events, we have been overjoyed to return to in-person community events, which are an important part of helping our sellers grow their businesses. This important growth activation engine introduces the Poshmark community to new sellers, fosters loyalty and connection at the micro community level and grows our highly engaged user base. These events create one-of-a-kind opportunity for our community to come together to socialize and share success stories and advice on how to build their businesses on Poshmark. We held 87 of these events in the second quarter, up from 35 in the first quarter, attracting community members from across the U.S.

經過兩年的封鎖和虛擬活動後，我們非常高興能夠恢復面對面的社區活動，這是幫助我們的賣家發展業務的重要組成部分。這項重要的成長活化引擎將 Poshmark 社群介紹給新賣家，在微社群層面培養忠誠度和聯繫，並擴大我們高度參與的用戶群。這些活動為我們的社區創造了獨一無二的機會，讓他們聚集在一起進行社交並分享成功案例以及如何在 Poshmark 上建立業務的建議。我們在第二季舉辦了 87 場此類活動，高於第一季的 35 場，吸引了來自美國各地的社區成員。

We're excited to host PoshFest, our fashion and entrepreneurship conference and the biggest event of the year at the end of September. This 2-day event focuses on educating attendees about merchandising, business planning, branding and data to help sellers grow their businesses on Poshmark. As our first PoshFest back in person in 3 years, our community is ecstatic to once again have the opportunity to connect with one another and gain valuable expertise to increase their sales and have an immersive Posh experience.

我們很高興能在九月底舉辦 PoshFest，這是我們的時尚與創業會議，也是今年最大的活動。為期兩天的活動主要致力於向與會者講授商品推銷、商業規劃、品牌推廣和數據，以幫助賣家在 Poshmark 上拓展業務。這是我們三年來第一次親身參加 PoshFest，我們的社群非常高興再次有機會相互聯繫並獲得寶貴的專業知識，以增加銷售額並獲得身臨其境的 Posh 體驗。

Looking at the second half of the year, we continue to focus on growing our core fashion categories by continuing our product innovation to enhance both the seller and buyer experience. Fashion-related categories, apparel, shoes, packs and accessories, which is the core of Poshmark, drives more than 90% of our GMV, and we remain focused on strengthening this core in 2022 to increase our wallet share gains with consumers and drive market share gains and GMV growth. Higher contribution from premium-priced product continues to be one of the factors that drove year-over-year AOV growth during the second quarter of 2022.

展望下半年，我們將繼續致力於發展我們的核心時尚類別，繼續進行產品創新，以增強賣家和買家的體驗。與時尚相關的類別，服裝，鞋子，背包和配件是 Poshmark 的核心，推動了我們 90% 以上的 GMV，我們將繼續專注於在 2022 年加強這一核心，以增加我們在消費者中的錢包份額，並推動市場份額增長和 GMV 增長。高價產品貢獻度增加仍是推動 2022 年第二季 AOV 年成長的因素之一。

We remain committed to growing our market share in premium priced products and have started testing various applications of the technology from our Suede One acquisition to drive innovation in our current authentication processes. We intend to expand our authentication services to price points below 500 by the end of the year.

我們將繼續致力於擴大我們在高價產品的市場份額，並已開始測試我們收購的 Suede One 技術的各種應用，以推動我們當前認證流程的創新。我們打算在今年年底前將我們的認證服務擴展到 500 以下的價格點。

We have a very seller centric marketplace, and seller success and liquidity is where everything starts at Poshmark. Thus, we remain focused on product innovation to give sellers better ways to market, merchandise and sell their listings and new ways for buyers to discover trends and engage with our marketplace to drive conversion. We continue to deliver innovative and easy-to-use solutions that contribute to the long-term growth of our sellers by helping sellers of all sizes easily manage their Poshmark closets and connect with customers in new ways to drive sales.

我們擁有一個以賣家為中心的市場，賣家的成功和流動性是 Poshmark 一切的起點。因此，我們仍然專注於產品創新，為賣家提供更好的行銷、商品和銷售方式，並為買家提供新的方式發現趨勢並參與我們的市場以推動轉換。我們將繼續提供創新且易於使用的解決方案，透過幫助各種規模的賣家輕鬆管理他們的 Poshmark 衣櫃並以新的方式與客戶聯繫以推動銷售，為賣家的長期成長做出貢獻。

In May, we updated My Shoppers, our CRM that we launched in October 2021, which enables sellers to communicate with shoppers who have engaged with their closets and make offers to group of potential buyers. We continue to make these powerful tools available to all our sellers with the focus on making selling simple and accessible to everyone from a seller with a few items in their closet to large resellers with thousands of items. This new version has seen higher adoption by sellers and resulted in an increase in seller offers.

5 月份，我們更新了 2021 年 10 月推出的 CRM“My Shoppers”，它使賣家能夠與關注他們衣櫃的購物者進行溝通，並向潛在買家群體提供報價。我們將繼續向所有賣家提供這些強大的工具，重點是讓每個人都能輕鬆進行銷售，無論是衣櫃裡只有幾件商品的賣家，還是擁有數千件商品的大型經銷商。新版本已獲得更多賣家的採用，並導致賣家報價增加。

In June, we introduced Closet QR codes, making it easy to scan, share view and engage with sellers closets with a quick scan of your phone, which will be particularly useful with the return of in-person events, making it simple for sellers to market their closet to buyers and increase their number of followers. Personal Closet QR codes can be used as an identifier on sellers social media accounts printed on flyer and business cards are included in the packages they ship to buyers. We continue to be excited by the opportunity for brand closets to contribute to the growth of our core fashion categories. Though still small, Brand Closets GMV during the second quarter of 2022 grew 1.5x compared to the first quarter of 2022. We continue to have a strong pipeline of interested brands and retailers.

6 月份，我們推出了衣櫥二維碼，只需用手機快速掃描即可輕鬆掃描、分享視圖並與賣家的衣櫥互動，這在線下活動的回歸中尤為有用，讓賣家可以輕鬆地向買家推銷他們的衣櫥並增加粉絲數量。個人衣櫥二維碼可用作賣家社交媒體帳戶的標識符，印在傳單上，名片也包含在他們發送給買家的包裹中。我們繼續對品牌衣櫥為我們核心時尚類別的成長做出貢獻的機會感到興奮。儘管規模仍然很小，但 2022 年第二季的 Brand Closets GMV 與 2022 年第一季相比成長了 1.5 倍。

During the second quarter, we launched our integration with ChannelAdvisor, another milestone in making it easy for high-volume sellers to sell at Poshmark, providing them with the ability to integrate our marketplace to synchronize product, inventory and order information with other e-commerce platforms.

在第二季度，我們推出了與 ChannelAdvisor 的整合，這是另一個里程碑，使大批量賣家能夠輕鬆地在 Poshmark 上銷售，使他們能夠整合我們的市場，與其他電子商務平台同步產品、庫存和訂單資訊。

As a style destination where shoppers come to discover, follow and shop, product innovation enables us to drive the treasure hunt for fashion. We continue to innovate our Shop by Trends feature and introduced Trend Guidelines in April. This feature allows sellers and buyers to see more details about trending products down to color, brand and keywords. It provides sellers with more ways to strengthen their trend-related listings and drive conversion.

作為購物者前來發現、關注和購物的時尚目的地，產品創新使我們能夠推動時尚尋寶活動。我們繼續創新我們的「按趨勢購物」功能，並於四月推出了「趨勢指南」。此功能允許賣家和買家查看有關流行產品的更多詳細信息，包括顏色、品牌和關鍵字。它為賣家提供了更多方式來加強其與趨勢相關的清單並推動轉換。

At the end of June, we added a new buyer protection banner to help drive trust and confidence with the new buyers. Poshmark offers an amazing protection policy to all buyers, but not all buyers know about this policy, which includes refunding orders that do not match the listing description. Initial test of this new feature have shown an increase in buy now orders, first-time buyers, new use orders and new user GMV.

六月底，我們增加了新的買家保護橫幅，以幫助增強新買家的信任和信心。 Poshmark 為所有買家提供了令人驚嘆的保護政策，但並非所有買家都知道這項政策，其中包括退還與清單描述不符的訂單。此新功能的初步測試顯示，立即購買訂單、首次購買者、新使用訂單和新用戶 GMV 均有所增加。

Looking beyond the core, we view international expansion as a strategic long-term growth opportunity. In May, we celebrated Poshmark Canada's 3-year anniversary. Over the last 3 years, we have built and grown a community of over 4 million users across all provinces and territories in Canada. These secondhand lovers and entrepreneurial sellers have listed close to $1 billion worth of inventory on Poshmark. Over 2.6 billion total social interactions have been made on Poshmark Canada since launch. And our Canadian community has attended over 100 virtual and in-person events.

除了核心業務之外，我們還將國際擴張視為策略性的長期成長機會。五月，我們慶祝了 Poshmark 加拿大成立三週年。在過去的三年裡，我們在加拿大所有省份和地區建立並發展了一個擁有超過 400 萬用戶的社群。這些二手愛好者和創業賣家在 Poshmark 上列出了價值近 10 億美元的庫存。自推出以來，Poshmark Canada 上的社交互動總數已超過 26 億次。我們的加拿大社區已經參加了 100 多場虛擬和現場活動。

During the second quarter, we rolled out Adyen as a new payment service provider in Canada, which enabled us to process payments locally in Canada instead of cross-border to the U.S., which saves in card network, cross-border costs.

第二季度，我們在加拿大推出了Adyen作為新的支付服務提供商，這使我們能夠在加拿大本地處理付款，而不是跨境到美國，從而節省了卡片網路和跨境成本。

For the second half of 2022, the majority of our international investment continues to be focused on driving growth through advertising, community development and shipping innovation to grow our seller base.

2022 年下半年，我們大部分的國際投資將繼續集中在透過廣告、社區發展和航運創新來推動成長，以擴大我們的賣家基礎。

In conclusion, our focus remains becoming the world's leading social marketplace and the #1 destination for sellers around the world. We're focused on what we can control and continue to innovate for the future, so our sellers can succeed. By tapping into our sellers' entrepreneurial spirit, we are positioning ourselves to emerge from any potential economic downturn stronger than ever. We empower millions of sellers to easily turn their closets into shops and connect with customers, resulting in a flexible frictionless marketplace that's ready to meet the ever-changing needs of shoppers.

總之，我們的重點仍然是成為世界領先的社交市場和全球賣家的第一目的地。我們專注於我們能夠控制的事情，並繼續為未來進行創新，以便我們的賣家能夠取得成功。透過挖掘賣家的企業家精神，我們將能夠比以往任何時候都更強大地擺脫任何潛在的經濟衰退。我們幫助數百萬賣家輕鬆地將他們的衣櫃變成商店並與客戶建立聯繫，從而形成一個靈活無摩擦的市場，隨時滿足購物者不斷變化的需求。

We help Poshmark sellers control their destiny through good and challenging economic times by providing them a reliable and supportive lifeline to help them pay their bills, build emergency funds cover college costs and go after their dreams. Our competitive advantage is a loyal community of fashion lovers who believe in our new way of shopping, one that is simple, social, fun and sustainable.

我們為 Poshmark 賣家提供可靠且支援的生命線，幫助他們支付帳單、建立應急基金、支付大學費用並追求他們的夢想，幫助他們在經濟順境和逆境中掌控自己的命運。我們的競爭優勢是擁有一個忠誠的時尚愛好者社區，他們相信我們的新購物方式，簡單、社交、有趣和永續。

Now I'd like to turn it over to Rodrigo to dive deeper into the financials.

現在我想把話題交給羅德里戈，讓他更深入探討財務問題。

Thank you, Manish. As we mentioned on our last call, we overcame tough comps in April and had a strong start to the quarter. In the latter half of the quarter, we experienced anticipated seasonality as consumers shifted their attention from cleaning out closets to preparing for spring and summer vacations, which was more pronounced in June. Despite this seasonality, headwinds for inflation and a slowdown in consumer spending, we still beat our revenue guidance range of $86 million to $88 million.

謝謝你，Manish。正如我們在上次電話會議上提到的那樣，我們克服了 4 月份的艱難挑戰，並在本季度取得了強勁開局。在本季後半段，我們經歷了預期的季節性變化，因為消費者將注意力從清理衣櫃轉移到準備春夏假期，這種變化在 6 月更加明顯。儘管存在季節性、通貨膨脹的阻力和消費者支出放緩等因素，我們的收入仍超過了 8,600 萬至 8,800 萬美元的預期範圍。

In Q2 2022, GMV grew 8% to $483.5 million, up from $449.6 million in the second quarter of 2021 or 34% growth on a 2-year basis despite a tough comparison. Net revenues grew 9% to $89.1 million, up from $81.6 million in the second quarter of 2021 or 33% growth on a 2-year basis. This result was ahead of our guidance of $86 million to $88 million, driven in part by a better-than-expected take rate and a 14% growth in trailing 12-month active buyers to a record 8 million, up from 7 million in the second quarter of 2021. On a 2-year basis, trailing 12-month active buyers grew 32%, thanks to our continued marketing investments in product innovation.

2022 年第二季度，GMV 成長 8% 至 4.835 億美元，高於 2021 年第二季的 4.496 億美元，儘管比較困難，但兩年來成長了 34%。淨收入成長 9% 至 8,910 萬美元，高於 2021 年第二季的 8,160 萬美元，或兩年內成長 33%。這一結果超出了我們 8,600 萬美元至 8,800 萬美元的預期，部分原因是接受率好於預期，過去 12 個月的活躍買家數量增長 14%，達到創紀錄的 800 萬人，高於 2021 年第二季度的 700 萬人。

Our take rate in the second quarter was 18.4%, up slightly from 18.2% from last year, ahead of our expectations for flat year-over-year due to a better-than-expected cancellation rates. That more than offset the pressure from continued mix shift towards orders greater than $15. Mix shift continues to be a take rate headwind as orders less than $15 have a higher take rate due to the flat fee of $2.95.

我們第二季的接受率為 18.4%，略高於去年的 18.2%，由於取消率優於預期，高於我們預期的同比持平。這足以抵消訂單量持續向 15 美元以上轉變所帶來的壓力。混合轉變繼續成為收取率的阻力，因為低於 15 美元的訂單由於固定費用為 2.95 美元而具有更高的收取率。

Cost of revenues of $15 million in the second quarter was 16.8% of revenues, an increase of 17% from the second quarter of 2021. Adjusted gross margin was 83.2% of revenues in the second quarter, down from 84.4% from the second quarter of 2021 due to higher hosting costs and the lapping of a nonrecurring credit in transaction payment processing fees, which was a 40 basis point benefit during the second quarter of 2021.

第二季的營收成本為 1,500 萬美元，佔營收的 16.8%，較 2021 年第二季成長 17%。

Marketing expenses, excluding stock-based compensation, or SBC, of $42.6 million in the second quarter was 47.8% of revenues, up from 38.6% in the second quarter of 2021. This result is in line with our guidance of high 40s. Market increased 35% from $31.5 million in the second quarter of 2021 due to higher CPU, more in-person events and community building initiatives, though CPUs have improved slightly from their peak in January. We remain supportive of our continued investment in marketing to introduce more users to our social experience, which promotes a strong cohort retention and loyalty over time.

第二季的行銷費用（不包括股票薪酬或 SBC）為 4,260 萬美元，佔營收的 47.8%，高於 2021 年第二季的 38.6%。由於 CPU 增加、現場活動增多和社區建設計劃增多，市場較 2021 年第二季的 3,150 萬美元增長了 35%，儘管 CPU 較 1 月份的峰值略有提高。我們依然支持持續對行銷進行投資，以便向更多用戶介紹我們的社交體驗，從而隨著時間的推移提高用戶群的保留率和忠誠度。

Moving to other operating expenses, ops and support, excluding SBC, of $14.6 million in the second quarter was 16.4% of revenues, which is up from 14.9% in the second quarter of 2021 and is slightly better than expected due to lower cancellation rates and a slowdown in hiring in certain areas. R&D excluding SBC of $12.8 million in the second quarter was 14.3% of revenues, up from 11.5% of revenues in the second quarter of 2021. This was due to planned increasing hiring as we have previously discussed, as we continue to invest additional resources across a number of strategic initiatives. R&D was slightly better than expected due to delays in vendor spending and a slowdown in hiring base.

至於其他營運費用，第二季的營運和支援費用（不包括 SBC）為 1,460 萬美元，佔收入的 16.4%，高於 2021 年第二季的 14.9%，並且由於取消率較低和某些地區的招聘放緩，略好於預期。第二季不包括 SBC 的研發費用為 1,280 萬美元，佔營收的 14.3%，高於 2021 年第二季的 11.5%。由於供應商支出延遲和招聘基礎放緩，研發略好於預期。

G&A excluding SBC of $14 million in the second quarter was 15.7% of revenues, up from 11.4% in the second quarter of 2021, primarily due to the ongoing costs of being a public company. Stock-based compensation was $12.1 million in the second quarter, up from $8.1 million in the second quarter of 2021.

第二季不包括 SBC 的 G&A 費用為 1,400 萬美元，佔收入的 15.7%，高於 2021 年第二季的 11.4%，這主要是由於作為上市公司的持續成本。第二季的股票薪酬為 1,210 萬美元，高於 2021 年第二季的 810 萬美元。

Adjusted EBITDA, which excludes SBC, was negative $9.8 million, down from $6.5 million in the second quarter of 2021. Adjusted EBITDA margins were negative 11% compared to an 8% margin in the second quarter of 2021. Compared to last year, the decrease in profitability was primarily driven by investments in marketing, R&D and G&A. However, it's important to note that these numbers were at the midpoint of our guidance of negative $9 million to $11 million. We will continue to focus on balancing marketing efficiency and investing for future growth.

調整後的 EBITDA（不包括 SBC）為負 980 萬美元，低於 2021 年第二季度的 650 萬美元。然而，值得注意的是，這些數字是我們預期的負 900 萬美元至 1,100 萬美元的中間值。我們將繼續致力於平衡行銷效率和未來成長投資。

Operating loss, excluding SBC, was negative $10.8 million in the second quarter with operating margins of negative 12.2%. That compares to $5.7 million with margins of 7% in the second quarter of 2021. Net loss to common shareholders was negative $22.9 million in the second quarter compared to negative $2.5 million in the second quarter of 2021. Cash and cash equivalents were $581.2 million at the end of the second quarter or about $7.41 in cash per share.

第二季不包括 SBC 的營業虧損為負 1,080 萬美元，營業利益率為負 12.2%。相較之下，2021 年第二季的利潤率為 7%，為 570 萬美元。

Moving to the cash flow statement for the 6 months ended in June 30, 2022. Free cash flow was negative $3.5 million compared to $25 million for the 6 months ended June 30, 2021. We are focused on driving growth and continue to optimize our investments in product innovation and marketing to drive GMV growth for the future. We remain confident that our asset-light and high gross margin business model positions us to grow market share. We help our community get more value for their money while meeting their wardrobe needs as they attend more in-person events and travel. And we are a relied-upon destination for consumers who want to supplement their income by unlocking the value in their closets. However, the current macro environment and the unpredictability of consumer spending behavior in the face of inflation leads us to be cautious in our outlook for the third quarter.

轉到截至 2022 年 6 月 30 日的 6 個月的現金流量表。我們堅信，我們的輕資產、高毛利率業務模式將使我們能夠擴大市場份額。我們幫助我們的社區在參加更多現場活動和旅行時獲得更高的性價比，同時滿足他們的服裝需求。對於想要透過挖掘衣櫃價值來增加收入的消費者來說，我們是值得信賴的目的地。然而，當前的宏觀環境以及通膨面前消費者支出行為的不可預測性使得我們對第三季的展望持謹慎態度。

We also continue to navigate changes in the digital advertising landscape and expect IDFA to maintain pressure on CPU rates in the second half of 2022. Given the macro environment that could impact our top line, we have begun evaluating our cost structure in the third quarter and expect to begin rationalizing our spending, which is reflected in our outlook.

我們也將持續關注數位廣告格局的變化，預計 IDFA 將在 2022 年下半年繼續對 CPU 費率施加壓力。

Now on to guidance. Looking to the third quarter, we saw typical seasonality return in July as consumers focused on summer vacations. We remain cautious that inflation may continue to pressure consumer spending. As such, we expect third quarter revenues of $85 million to $87 million, resulting in a growth of 7% to 9%. On a 2-year basis, growth is expected to be 24% to 27%. We expect our third quarter take rate to be slightly higher year-over-year due to lower cancellation rates.

現在開始指導。展望第三季度，由於消費者專注於暑假，我們看到 7 月典型的季節性回歸。我們仍然謹慎，擔心通膨可能繼續給消費者支出帶來壓力。因此，我們預計第三季營收為 8,500 萬美元至 8,700 萬美元，成長 7% 至 9%。以兩年計算，預計成長率為 24% 至 27%。由於取消率較低，我們預計第三季的接受率將比去年同期略高。

We are focused on driving growth while managing our cost structure and expect negative adjusted EBITDA of $9 million to $11 million in the third quarter as we continue to invest in R&D to drive product innovation, G&A to build the infrastructure necessary to evolve as a publicly traded company and marketing to grow our community of users. We expect adjusted gross margin to be down slightly from Q2 2022 due to higher hosting costs and as we lap 120 basis points of a nonrecurring credit in transaction payment processing fees during the third quarter of 2021.

我們專注於在管理成本結構的同時推動成長，預計第三季調整後 EBITDA 將為負 900 萬美元至 1,100 萬美元，因為我們將繼續投資研發來推動產品創新，投資 G&A 來建立作為上市公司發展所需的基礎設施，並投資行銷來擴大我們的用戶社群。我們預計調整後的毛利率將較 2022 年第二季略有下降，原因是託管成本增加，且我們在 2021 年第三季將 120 個基點的非經常性信用計入交易支付處理費中。

Ops and support, excluding SBC, in the third quarter is expected to be 18% of revenues as we continue to invest in customer support and authentication services. R&D excluding SBC in the third quarter is expected to be 16% of revenues as we continue to increase our investment in product innovation to give sellers better ways to market, merchandise and sale their listings in new ways for buyers to discover trends and engaging in our marketplace to drive the conversion.

由於我們繼續對客戶支援和身份驗證服務進行投資，預計第三季的營運和支援（不包括 SBC）將佔收入的 18%。第三季不包括 SBC 的研發費用預計將佔收入的 16%，因為我們將繼續增加對產品創新的投資，為賣家提供更好的方式以新的方式行銷、銷售和銷售他們的商品，以便買家發現趨勢並參與我們的市場以推動轉換。

G&A, excluding SBC, in the third quarter is expected to be 19% of revenues due to the higher cost of being a public company and as we build out finance, accounting and legal teams. We continue to expect marketing, excluding SBC, as a percentage of revenues to be in the high 40s in the third quarter, in fourth quarter as we invest in our brand, diversify our marketing channels and address higher costs in digital advertising.

第三季度，一般及行政費用（不包括 SBC）預計將佔收入的 19%，這是由於作為上市公司的成本較高，以及我們組建了財務、會計和法律團隊。隨著我們對品牌的投資、行銷管道的多樣化以及數位廣告成本的上升，我們繼續預計，第三季和第四季度，不包括 SBC 在內的行銷收入佔總收入的百分比將達到 40% 左右。

We have proved that our platform is sticky. Our cohorts delivered net positive GMV dollar retention over time. With high gross margins and a strong balance sheet, we have the ability and conviction to continue to invest in marketing to accelerate GMV growth for the future. In the near term, these investments will enable us to build our community of sellers and grow active buyers, which will put us in a stronger position in the long run.

我們已經證明我們的平台具有黏性。隨著時間的推移，我們的團隊實現了淨正的 GMV 美元保留率。憑藉高毛利率和強勁的資產負債表，我們有能力和信心繼續投資行銷以加速未來的 GMV 成長。從短期來看，這些投資將使我們能夠建立賣家社群並增加活躍買家，從長遠來看，這將使我們處於更有利的地位。

In closing, consistent to what we have shared in our last earnings call, while we expect that macroeconomic factors could continue to impact consumer behavior in 2022, we are focused on our core business and execution. This includes, first, continuing to enhance our product experience to help our sellers grow their businesses; second, continuing to build our brand with the global consumer; and third, investing in marketing, talent and robust operating mechanisms to improve execution and optimize long-term growth.

最後，與我們在上次財報電話會議上分享的內容一致，雖然我們預期宏觀經濟因素可能會在 2022 年繼續影響消費者行為，但我們專注於我們的核心業務和執行。這包括：首先，繼續增強我們的產品體驗，幫助我們的賣家發展業務；第二，繼續在全球消費者心中打造我們的品牌；第三，投資行銷、人才和強大的營運機制，以提高執行力並優化長期成長。

I'd like to leave you with 2 final thoughts. First, we have started the year putting more focus on our core business and improving our execution mechanisms. As we plan for the second half, we have identified ways to deliver more with less. And during the third quarter, we have begun the focus on cost savings where appropriate, as we previously mentioned. We will continue to explore these cost savings opportunities through the second half of 2022.

最後我想給大家留下兩點想法。首先，我們在新年伊始更加專注於核心業務，並改善執行機制。在規劃下半年時，我們已經找到了用更少的投入實現更多產出的方法。正如我們之前提到的，在第三季度，我們開始將重點放在適當的成本節約上。我們將在 2022 年下半年繼續探索這些成本節約機會。

Second, I'd like to remind you of the strength, uniqueness and the stability of our business. Unlike some of our peers that have seen recent transaction volume retracting to pre-pandemic levels, our business remains strong, growing, and we continue to add users to our sticky platform. We are not seeing big swings or volatility in users and GMV as some of the pure e-commerce peers are seeing. We believe our stability stems from a social aspect of our business that continue to attract and retain users, buyers and sellers, which in turn drives high engagement and stickiness of our cohorts. That fact, coupled with our asset-light model and a strong balance sheet, reaffirms our conviction to continue to invest in product innovation and marketing because our business model is resilient for the current environment and well positioned to benefit from secular trends in resale, sustainable commerce and consumers looking for value and unique looks.

其次，我想提醒大家注意我們業務的實力、獨特性和穩定性。與我們的一些同行不同，他們的近期交易量已回落至疫情前的水平，而我們的業務依然強勁增長，並且我們的黏性平台還在繼續增加用戶。我們並未看到用戶數和商品交易總額（GMV）出現一些純電子商務同業所看到的大幅波動或波動。我們相信，我們的穩定性源自於我們業務的社交方面，它不斷吸引和留住用戶、買家和賣家，從而推動我們群體的高度參與和黏性。這一事實，再加上我們的輕資產模式和強勁的資產負債表，再次堅定了我們繼續投資於產品創新和營銷的信念，因為我們的商業模式對當前環境具有彈性，並且可以從轉售、可持續商業和尋求價值和獨特外觀的消費者的長期趨勢中受益。

Thank you. And I will now turn the call over to the operator so we can take your questions.

謝謝。現在我將把電話轉給接線員，以便我們回答您的問題。

(Operator Instructions) Your first question comes from the line of Lauren Schenk with Morgan Stanley.

（操作員指示）您的第一個問題來自摩根士丹利的 Lauren Schenk。

Great. I guess the 70% increase in engagement year-over-year is obviously an encouraging number. I guess what can you do to better convert that engagement to GMV? Or what levers do you think are potentially the most powerful? And then just one quick follow-up. Just in terms of the macro backdrop assumed in the third quarter guide, are you sort of assuming a stable macro backdrop relative to 2Q or perhaps slightly worse?

偉大的。我認為參與度年增 70% 顯然是一個令人鼓舞的數字。我想問一下，您可以做些什麼來更好地將這種參與度轉化為 GMV 呢？或者您認為哪些槓桿可能最強？然後只需快速跟進一次。僅就第三季指南中假設的宏觀背景而言，您是否假設宏觀背景相對於第二季穩定，或者可能略微惡化？

I'll take the first question, Lauren. This is Manish. In terms of the conversion pieces, some of the core investments we are making on better search, better feed are sort of the core pieces to convert this engagement but also better tools. So some of the work we are doing with My Shoppers, lead sellers to be able to engage with these shoppers and convert them and activate them into final buyers. So that sort of -- the key piece is better search, better feed and ultimately more empowering seller tools that they can use to connect with their shoppers directly. Let me have Rodrigo give a little bit of color on that quarter.

我來回答第一個問題，蘿倫。這是 Manish。就轉換部分而言，我們在更好的搜尋、更好的資訊流方面所做的一些核心投資是轉換這種參與度的核心部分，也是更好的工具。因此，我們透過「我的購物者」計畫所進行的一些工作是讓賣家能夠與這些購物者互動，並將他們轉化成最終買家。所以，關鍵點在於更好的搜尋、更好的回饋，以及最終更強大的賣家工具，他們可以使用這些工具直接與購物者聯繫。讓我讓羅德里戈 (Rodrigo) 對這個方面做一點介紹。

Yes. Look, the question about macro environment, whether that we saw getting worse or not, let me kind of step back and give you the thoughts on the Q3 guidance here. So you see a GMV deceleration from Q3 as it relates to future. And #1 is because we have seen a seasonal year-over-year growth deceleration from Q2 into Q3 over the past 3 years, that started in 2019. #2, June GMV growth slowed down from May, and we saw a typical seasonality returning in July as consumers focused on summer vacations. #3, we remain cautious that inflation may continue to pressure consumer spending. And #4, we also continue to navigate changes in the digital advertising landscape as we expect IDFA to maintain pressure on our revenue growth rates for the third and the fourth quarter, like I said on the call.

是的。關於宏觀環境的問題，我們是否看到情況變得更糟，讓我退一步來看看，並給你關於第三季指引的想法。因此，您將看到從第三季開始 GMV 會減速，這與未來有關。第一個原因是，從 2019 年開始，過去 3 年中，我們看到從第二季度到第三季度的季節性同比增長減速。 #3，我們仍然謹慎，擔心通膨可能繼續給消費者支出帶來壓力。第四，我們也將繼續應對數位廣告格局的變化，因為我們預計 IDFA 將對我們第三季和第四季的營收成長率造成壓力，就像我在電話會議上說的那樣。

And finally, when providing guidance, as usual, we are more conservative than historical performance given the current macroeconomic environment and circumstances. And while our business offers great value proposition for the fashion we believe the consumers are buying fashion as life returns to normalcy. But we are mindful that macroeconomic challenges faced by the community can affect the community, and we have a conservative view in our outlook.

最後，在提供指導時，與往常一樣，考慮到當前的宏觀經濟環境和情況，我們比歷史表現更保守。雖然我們的業務為時尚提供了巨大的價值主張，但我們相信隨著生活恢復正常，消費者會購買時尚。但我們意識到社區面臨的宏觀經濟挑戰會對社區產生影響，因此我們對此持保守的看法。

Your next question comes from the line of Alexandra Steiger with Goldman Sachs.

您的下一個問題來自高盛的亞歷山德拉·斯泰格爾 (Alexandra Steiger)。

Maybe one follow-up on your macro commentary here. Can you maybe share like what you're seeing across the different markets and geos you're operating in over the past few weeks and months in terms of like how your customers but also your sellers engaging with the platform? And then maybe second, just on your pro sellers, I was wondering if you can give us an update on your push to grow your pro seller base and what type of tools and services you're focused on to improve that selling experiences for pro sellers.

也許這裡可以對您的宏觀評論進行一次跟進。您能否分享一下過去幾週和幾個月來您在不同市場和地區看到的情況，例如您的客戶以及賣家如何與該平台互動？然後也許第二，僅關於您的專業賣家，我想知道您是否可以向我們介紹一下您為擴大專業賣家基礎所做的努力，以及您專注於哪些類型的工具和服務來改善專業賣家的銷售體驗。

Sure. So what we're seeing in the United States is -- and then in Canada as well as sort of a return back to, I would say, the comps are closer to 2019 pre-COVID. So we're seeing seasonality and inventory mix shift more to pre-pandemic levels. And we've shared a little bit of that color in the commentary. People are buying more back-to-school clothes. People are buying more luggage for travel. So what we feel is that the world is slowly but surely returning back to normal. And fashion cycles are generally caused for sort of more turns of your closet. So that's sort of a high-level picture that we are seeing. But inflation and other things make us cautious as we look into the future.

當然。因此，我們在美國看到的情況是——然後在加拿大也出現某種回歸，我想說，可比價格更接近 2019 年新冠疫情之前的水平。因此，我們看到季節性和庫存組合更多地轉向大流行前的水平。我們在評論中分享了一點這種色彩。人們正在購買更多的返校服裝。人們購買更多的旅行行李箱。因此，我們感覺到世界正在緩慢但穩定地恢復正常。時尚週期通常是由衣櫃裡的衣物不斷更新所引起的。這就是我們所看到的一幅高層圖景。但通貨膨脹和其他因素使得我們在展望未來時保持謹慎。

When we think a little bit about how do we grow our gross sellers a lot of the investment we are doing is in scaling and connection. So if you think of Poshmark as a social selling platform, a lot of ways our sellers sell is by curation and connection. So we've invested in our bulk sharing tools to make it very easy to share. We also continue to invest in our CRM, our customer relationship tool called My Shoppers, which allows one-on-one connection between the seller but at scale. And we've added and enhanced these tools by adding prepackaged list of customers, giving them easier way to connect with more people at the same time and allowing them to also create some programmatic rules that they can use to program into these tools.

當我們思考如何增加我們的銷售收入時，我們發現我們所做的大量投資都集中在擴大規模和建立聯繫上。因此，如果您將 Poshmark 視為社交銷售平台，我們的賣家銷售的許多方式都是透過策劃和聯繫。因此，我們投資了批量共享工具，以使共享變得非常容易。我們也繼續投資我們的 CRM，即我們的客戶關係工具 My Shoppers，它允許賣家之間進行大規模的一對一聯繫。我們透過添加預先打包的客戶清單來添加和增強這些工具，使他們能夠更輕鬆地同時與更多人聯繫，並允許他們創建一些可用於編程到這些工具中的編程規則。

And finally, we continue to look at new ways in which sellers can reach their shoppers and continue to innovate on that front, again, making that connection process that merchandising cost is both faster but also very efficient. And overall, I think the tools have been received very well.

最後，我們繼續尋找賣家接觸購物者的新方法，並繼續在此方面進行創新，再次使這種連接過程的商品銷售成本既更快又非常有效率。總體而言，我認為這些工具受到了廣泛好評。

The last piece I would emphasize is that the world is getting back to physical. So we have also invested in our physical connections back with our sellers. We've started to host not just smaller events but larger events. We had one of our larger Posh party lives a couple of weeks back in L.A. This is the first large-scale event since the pandemic started actually really since 2019. And we have another one coming up in New York next week. And we're extending key pieces of -- key members of our team to kind of be part of that, and we're seeing a lot of our professional sellers and larger sellers come to these events. And then lastly, our main conference called PoshFest is also going to be in person this year in Houston towards the end of this quarter. So very excited about all of those formats to also help our pro seller community.

我最後要強調的是，世界正在回歸物質化。因此，我們也投資了與賣家的實體聯繫。我們不只開始舉辦小型活動，也開始舉辦大型活動。幾週前，我們在洛杉磯舉辦了一場規模較大的 Posh 派對。我們正在擴大我們團隊的關鍵成員的隊伍，讓他們參與其中，我們看到很多專業賣家和大型賣家都參加了這些活動。最後，我們的主要會議 PoshFest 也將於本季末在休士頓舉行。我對所有這些格式都感到非常興奮，因為它們也能幫助我們的專業賣家社群。

Actually, I'll just add one thing since the question was also related to macro. The same way that Manish is emphasizing the back to normalcy and that was addressing the seasonality in June and July, we also see a stronger start of August, which means back to school and people ending their vacation is also reflecting in our initial numbers as we kind of look through the quarter.

實際上，我只想補充一點，因為這個問題也與巨集有關。正如馬尼什 (Manish) 強調的恢復正常以及 6 月和 7 月的季節性一樣，我們也看到 8 月份的開局更為強勁，這意味著人們重返校園以及結束假期，這也反映在我們整個季度的初步數據中。

Your next question comes from the line of Oliver Chen with Cowen.

您的下一個問題來自 Cowen 的 Oliver Chen。

Regarding the trends that you're seeing in July, I would love to hear if there's continued volatility and how inflation is interplaying there and also on marketing efficiency trends.

關於您在七月看到的趨勢，我很想了解波動性是否持續，通貨膨脹如何相互影響，以及對行銷效率趨勢的影響。

Yes. Look let's talk about the inflation here. First, higher food prices -- higher food and gas prices could be a negative impact on apparel spend overall. However, an inflationary environment could benefit our marketplace, particularly for the more price-sensitive consumer as they search for value. And on the seller side, we offer consumers an easy and empowering way to monetize their closets and make extra cash, potentially offset the next tank of gas. So we help Poshmark sellers control their own destiny in tough economic times and as always.

是的。看看我們這裡的通貨膨脹問題。首先，食品價格上漲－食品和汽油價格上漲可能會對整體服飾支出產生負面影響。然而，通膨環境可能有利於我們的市場，特別是對於尋求價值的對價格更敏感的消費者而言。從賣方角度來說，我們為消費者提供了一種簡單且有效的方式，讓他們將衣櫃變現並賺取額外的現金，甚至有可能抵消下一箱汽油的費用。因此，我們幫助 Poshmark 賣家在困難的經濟時期一如既往地掌控自己的命運。

So -- but we have also a pretty big portfolio here. So it's hard to specifically identify the impact of inflation in terms of whether our assortment is increasing the prices or seeing the price increases because also over time, we see the increase in the average order value as customers look for premium priced products. So it's hard to dissect the impact and, call it, specifically. But you see trends in higher EUV impacting our platform and then you continue to see buyers and sellers kind of looking to Poshmark. So that's one.

所以 — — 但我們這裡也有相當大的投資組合。因此，很難具體確定通貨膨脹的影響，即我們的產品組合是漲價了還是價格上漲了，因為隨著時間的推移，隨著客戶尋找高價產品，我們看到平均訂單價值的增加。因此很難剖析其影響並具體稱其為影響。但您會看到更高的 EUV 趨勢對我們的平台產生了影響，然後您會繼續看到買家和賣家都關注 Poshmark。這就是其中之一。

In terms of marketing efficiency, like I said, we remain cautious just because the IDFA was a step change to the entire industry, not specifically to us here at Poshmark. So we'll take through at least Q4 to kind of fully lap it. But there is a positive sign stemming from when we see CPUs right now compared to the January peak. It shows that we have been starting to kind of circumvent some of the headwinds, not fully. And there was always a question whether we are ever going to come back to the prior levels from IDFA. But we are seeing improvements on the marketing efficiency as we try different channels such as TV, creator content. And also, as Manish said, we're also diverting some of the marketing spend to support the in-person events such as the PoshFest. And we think that there is a lot of value on the community to see each other back again in person. We always measure the activity before and after, and there is always higher user engagement, more sales that come out of it. So from a marketing efficiency standpoint, we are all improving slightly, but to improve year over time.

在行銷效率方面，就像我說的，我們保持謹慎，因為 IDFA 對整個行業來說是一個巨大的改變，而不僅僅是對我們 Poshmark 而言。因此，我們至少需要 Q4 才能完全完成它。但與 1 月的峰值相比，我們現在看到的 CPU 有一個積極的訊號。這顯示我們已經開始避開一些阻力，但還未完全避免。一直存在一個問題，我們是否能夠從 IDFA 回到以前的水平。但隨著我們嘗試電視、創作者內容等不同的管道，我們看到行銷效率的提升。而且正如 Manish 所說，我們還將轉移部分行銷支出來支持 PoshFest 等離線活動。我們認為，再次親自見面對社區來說非常有價值。我們總是會衡量前後的活動，並且總是會有更高的用戶參與度，從而帶來更多的銷售額。因此，從行銷效率的角度來看，我們都在略有改善，但會隨著時間的推移而逐年改善。

Your next question comes from the line of Trevor Young with Barclays.

您的下一個問題來自巴克萊銀行的 Trevor Young。

Rodrigo, back to your commentary about the incremental investment and balancing that versus trying to find cost savings. Is some of that savings just funding some of these new investments? Or should we expect that to flow through to EBITDA at some point maybe in the next year? And then bigger picture, given where you stand with cash on hand, how important is it for you to get back to positive EBITDA sometime next year versus leaning in on spend as maybe some peers are pulling back?

羅德里戈，回到你關於增量投資以及平衡增量投資與試圖節省成本的評論。這些儲蓄中的一部分是否只用於資助這些新投資？或者我們應該預期這會在明年某個時候轉化為 EBITDA？然後從更大的角度來看，考慮到您手頭上的現金狀況，對於您來說，明年某個時候恢復到正的 EBITDA 有多重要，而不是因為一些同行正在撤退而依靠支出？

Yes. Look, in terms of the EBITDA -- so first, in terms of the cost structure, as we look at savings here and there, right now, we are using that to do 2 things: to continue our path and investing in marketing, especially because we are running the business from the long run standpoint. And we continue to support the market investments as long as our lifetime value continues to be very, very positive and which is the issue that we had with the increasing marketing as a percentage of revenue was essentially on the tax side the cost of acquisition increased because of the IDFA. But our cohorts continue to behave well. They continue to return the net positive GMV dollar retention over time.

是的。從 EBITDA 的角度來看，首先，從成本結構的角度來看，當我們考慮各處的節省時，現在，我們用它來做兩件事：繼續我們的道路並投資於營銷，特別是因為我們是從長遠的角度來經營業務的。只要我們的終身價值繼續保持非常非常積極的水平，我們就會繼續支持市場投資，而我們所面臨的問題是，隨著行銷佔收入的百分比不斷增加，稅收方面的問題基本上是由於 IDFA 導致的收購成本增加。但我們的同夥繼續表現良好。隨著時間的推移，他們繼續帶來淨正 GMV 美元保留率。

So with that, we are balanced on containing, let's say, the decrease in profitability but also committed to continue to invest in marketing. And like I said, we are committed to the high 40s at least through the end of the year as we guided marketing Q3 and Q4. Remind me your second part of your question.

因此，我們在控制獲利能力下降的同時，也致力於繼續在行銷方面進行投資。正如我所說的，我們致力於至少在年底前將銷售額提高到 40 多億美元，正如我們對第三季和第四季行銷的指導一樣。請提醒我你問題的第二部分。

Just overall, given where you stand with cash on hand, how important is it to you to get back to positive EBITDA maybe sometime next year versus continuing to lean to not spend, like you said, on marketing and other areas.

總體而言，考慮到您手頭上的現金狀況，對於您來說，在明年某個時候恢復到正的 EBITDA 有多重要，而不是像您所說的那樣，繼續減少在行銷和其他領域的支出。

Yes. Let's not talk about next year, but let's talk about long term. We are committed to run this business towards profitability. There is no question about it. But we are also an emerging company, and we see a tremendous opportunity in the market to acquire users because we know our platform is sticky. We know that when users come they transact, they engage. We saw 57 billion social interactions there. So we want to bring the users here because we know that long term, we will return on that investment.

是的。我們不談明年，只談長遠。我們致力於使這項業務獲利。毫無疑問。但我們也是一家新興公司，我們看到市場上獲取用戶的巨大機會，因為我們知道我們的平台具有黏性。我們知道，當用戶來的時候，他們會進行交易，他們會參與。我們在那裡看到了570億次社交互動。因此，我們希望吸引用戶來這裡，因為我們知道，從長遠來看，我們將獲得投資回報。

So look, we proved that we can be profitable. A couple of quarters ago we show that more than half of our spend is variable. We can be [profit by] any point right now. We can count on the power of our balance sheet, and we can continue to see the positive metrics from the market acquisition. So we think that at this moment, building this company for the long run is more important. And then we know that we can count with our balance sheet in any case, and we know that we can be profitable at any time you want.

所以看，我們證明了我們可以獲利。幾個季度前，我們的數據顯示，超過一半的支出是可變的。我們現在可以從任何一點獲利。我們可以依靠資產負債表的力量，並且可以繼續看到來自市場收購的正面指標。因此我們認為，目前來說，長遠建造這家公司更為重要。然後我們知道，無論如何我們都可以用我們的資產負債表來計算，我們知道我們可以在任何時候獲利。

Your next question comes from the line of Ralph Schackart with William Blair.

您的下一個問題來自威廉布萊爾的拉爾夫沙卡特 (Ralph Schackart)。

First, just on retention, I know it's something that you've talked about historically is a growing focus. Maybe just sort of an update where you are in that process? How are those efforts been trending? And how are you thinking about this opportunity? And then I have a follow-up.

首先，關於保留，我知道這是您在歷史上談論過的並且日益受到關注的問題。也許只是對您目前所處的流程進行的更新？這些努力的趨勢如何？您如何看待這個機會？然後我有一個後續問題。

Okay. So we're talking about retention. We don't talk specifically on the quarter in terms of what is happening in the quarter. So we don't disclose cohort performance on a quarter basis on a full year basis. But that said, this is the unique thing about Posh. Once we acquire a cohort, it delivers that consistent net positive GMV dollar retention. And we continue to see that as we reported the full year. So we will be reporting the full year in a couple of quarters, and we expect that to continue. Our cohorts continue to remain stable. And we see a strong engagement from our users, which is another evidence when we see the 70% growth in social interactions to a record of 57 billion interactions there. So we continue to see it. That's why we are continuing to invest in marketing because the lifetime value from our users is still return on what we invest there.

好的。所以我們談論的是保留。我們不會具體談論本季發生的情況。因此，我們不會按季或全年揭露群組表現。但話雖如此，這正是 Posh 的獨特之處。一旦我們獲得了一群客戶，它就會帶來持續的淨正 GMV 美元保留率。我們在報告全年業績時繼續看到這種情況。因此，我們將在未來幾季內報告全年業績，我們預計這種情況將會持續下去。我們的隊伍繼續保持穩定。我們看到用戶的參與度很高，這是另一個證據，社交互動次數增加了 70%，達到了創紀錄的 570 億次。因此我們繼續看到它。這就是我們繼續投資行銷的原因，因為用戶的終身價值仍然是我們在此投資的回報。

Great. And you kind of referenced the large buyer base on the call. Obviously, 8 million TTM active buyers is a large base. Maybe talk about the opportunity to reengage this customer base, more specifically to grow wallet share with them, especially given the diversity of products and categories that you offer.

偉大的。您在電話中提到了龐大的買家群體。顯然，800萬TTM活躍買家是一個很大的基數。也許可以談談重新吸引這個客戶群的機會，更具體地說，增加他們的錢包份額，特別是考慮到您提供的產品和類別的多樣性。

Yes. Actually, even stepping back a little bit, if you look at, we have 80 million -- more than 80 million (inaudible) users in a couple of million active users -- so in the 8 million active buyers that we talked about. So the way we think about it is we target the inactive users as well. And we believe that the cost to reactivate the user or to retain a user is cheaper than acquiring a new user.

是的。實際上，即使稍微退一步來看，如果你看一下，我們有 8000 萬 - 超過 8000 萬（聽不清楚）用戶，其中有幾百萬活躍用戶 - 也就是我們所說的 800 萬活躍買家。因此我們的想法是，我們也將目標鎖定在不活躍的用戶身上。我們相信重新啟動用戶或留住用戶的成本比獲取新用戶的成本更低。

As I said, we still consider ourselves as an emerging company, but now we are also starting to divert some of the marketing spend from new user acquisition to retention. And there are 3 areas that we kind of use for this reactivation. Number 1 is promotions. We have incentives and giveaways for both buyers and sellers. Number 2 is awareness. We have broad-based campaigns through TV, celebrities and influencers that generate traffic and engagement for new and existing users. That's interesting because the awareness they actually go for both for new user acquisition, but we see pretty good in terms of retention. Finally is search. We have remarketing campaigns through Google Shopping, SEO and paid search there.

正如我所說，我們仍然認為自己是一家新興公司，但現在我們也開始將部分行銷支出從新用戶獲取轉移到保留用戶。我們使用 3 個區域來實現這種重新激活。第一是促銷。我們為買家和賣家提供獎勵和贈品。第二是意識。我們透過電視、名人和有影響力的人物進行廣泛的活動，為新舊用戶帶來流量和參與度。這很有趣，因為他們實際上非常重視新用戶的獲取，但我們發現在保留方面效果相當不錯。最後是搜尋。我們透過 Google Shopping、SEO 和付費搜尋進行再行銷活動。

Your next question comes from the line of Rick Patel with Raymond James.

您的下一個問題來自 Raymond James 的 Rick Patel。

My question is on the outlook for EBITDA. Your new guidance for the third quarter implies roughly the same amount of loss in the second quarter despite the revenue growth being a touch lower at the midpoint. I guess as we think beyond the third quarter, and I know you're not guiding the fourth quarter specifically, but I'm hoping we can have color on the right way to think about things because your comparisons do get a bit tougher but you're also getting more aggressive with cost control. So should we expect EBITDA pressure to be relatively contained as you exit the year? Or is it reasonable to expect a different outcome?

我的問題是關於 EBITDA 的前景。儘管中間值收入增幅略低，但您對第三季的新預期意味著第二季的虧損額大致相同。我想，當我們思考第三季度之後的情況時，我知道您沒有具體指導第四季度，但我希望我們能夠以正確的方式思考問題，因為您的比較確實變得有點困難，但您在成本控制方面也變得更積極了。那麼，我們是否應該預期，到今年年底，EBITDA 壓力將相對受到控制？或是期待不同的結果是合理的嗎？

Well, like you said, you're not guiding beyond Q3. But let me kind of share how to think about it. In Q3, we have just begun our spend rationalization. And as mentioned on the call, the Q3 guidance reflects those cost savings that we are contemplating, but those are not impacting the fourth quarter given it takes time to implement. But given the macroeconomic environment, we are taking the cautious lenses on the revenue guidance, and that flows through the EBITDA. So like you say, with a slightly lower guidance on the revenue that kind of flows through. Again, we are not guiding Q4, but high level, it's not a bad idea just to stick to similar levels as Q3.

嗯，就像你說的，你沒有對第三季之後的情況做出指引。但請讓我分享一下我對此的看法。在第三季度，我們剛開始支出合理化。正如在電話會議中提到的，第三季度的指引反映了我們正在考慮的成本節約，但考慮到實施需要時間，這些成本節約不會對第四季度產生影響。但考慮到宏觀經濟環境，我們對收入指引持謹慎態度，並且這將影響 EBITDA。所以就像你說的，對流入的收入的預期會稍微低一些。再說一次，我們不是指導 Q4，而是指導高水平，堅持與 Q3 類似的水平並不是一個壞主意。

Your next question comes from the line of Ashley Helgans with Jefferies.

您的下一個問題來自 Jefferies 的 Ashley Helgans。

We were curious what you're seeing on the seller side. I'm wondering if you're seeing more people come to the platform as they look the ways to monetize their closet given the weaker macro backdrop. And then also, any update you can give us on the India market.

我們很好奇您在賣方方面看到了什麼。我想知道，在宏觀背景較弱的情況下，您是否看到更多人來到該平台，尋找將衣櫃貨幣化的方法。另外，您能提供我們有關印度市場的任何最新消息嗎？

Sure. Yes. The seller engagement is definitely higher as we've gone into Q3. We're starting to see the sellers starting to come back. I think it's driven by 2 things. Certainly, the inflation and people's desire to make money. But I think it is also -- when you think about what people are facing is that they actually have to rotate their closets. They have to sort of start to refresh that wardrobe. And in so many ways, people are realizing that when they are thinking about the various dimensions of how they engage with fashion, the answer comes back to their closet. And so in many ways, I think we're excited because we believe the future of fashion is in your closet. And that's super exciting to think about both on a seller and a shopper perspective.

當然。是的。進入第三季度，賣家的參與度肯定更高。我們開始看到賣家開始回歸。我認為這是由兩件事推動的。當然，通貨膨脹和人們賺錢的慾望。但我認為，當你想到人們所面臨的問題時，他們實際上必須輪換他們的衣櫃。他們必須開始更新衣櫃了。人們在很多方面都意識到，當他們思考如何從各個方面參與時尚時，答案就在他們的衣櫃裡。因此，從很多方面來說，我認為我們都感到興奮，因為我們相信時尚的未來就在你的衣櫃裡。無論從賣家還是購物者的角度來看這都是非常令人興奮的。

Going back to India, I think we continue to see very good engagement numbers in India. Both India and Australia, I think as the pandemic has receded, we're able to engage more with the community and start to expect that community developing. I think it's going to still take a little bit of time to get the revenue development fully happening, but the community development is starting to happen, and some of the core underlying engagement befits we see are very encouraging in both of those markets.

回到印度，我認為我們繼續看到印度的參與度非常好。我認為，無論是印度還是澳大利亞，隨著疫情的消退，我們都能夠更多地與社區接觸，並開始期待社區的發展。我認為實現收入發展的全面實現仍需要一點時間，但社區發展已經開始發生，而且我們看到這兩個市場中的一些核心潛在參與效益都非常令人鼓舞。

Your next question comes from the line of Anna Andreeva with Needham & Company.

您的下一個問題來自 Needham & Company 的 Anna Andreeva。

Great. A couple of questions from us. You guys mentioned a couple of times taking a look at the expense structure. Can you talk about what specific buckets of opportunity that could entail? And then secondly, just a question on take rate. Looking out longer term, what do you think is the right level there? Do you guys expect that mix shift to above $15 purchase to continue to be a factor? Or are there initiatives in the business to help offset that?

偉大的。我們有幾個問題。你們幾次提到了查看費用結構。您能談談這可能帶來哪些具體的機會嗎？其次，我只想問一下接受率。從長遠來看，您認為那裡的合理水平是多少？你們是否預計混合轉變至 15 美元以上的購買價格將繼續成為一個因素？或者業務中是否存在一些措施來幫助抵消這項影響？

Let me just make a comment, and I'll turn it over to Rodrigo to give more color. The mantra that we're using is quite simple internally. And it's to do less with more impact. And it's really all about prioritization, choosing fewer projects that have higher impact focusing on the core is the approach we are taking to how we are not just thinking about cost but where investments can be the most effective in the business. With that, let me turn it over.

讓我只發表一下評論，然後我會將其交給羅德里戈來提供更多細節。我們使用的咒語在內部非常簡單。並且能夠用更少的投入獲得更大的成效。這實際上關乎優先排序，選擇較少但影響更大的項目並專注於核心項目是我們採取的方法，我們不僅考慮成本，還考慮哪些投資對業務最有效。說了這麼多，讓我來回顧一下。

Yes. With fewer things with higher impact and we have slowed down hiring. We are looking, being very judicious about contractor spend. There are things that are important, but they may not be prudent. And then over here, the organization is actually helping quite a lot in making sure that we are spending on the highest priority. We want to do fewer and more impactful claims.

是的。由於影響較大的事務越來越少，我們放慢了招募速度。我們正在非常審慎地考慮承包商的支出。有些事情很重要，但未必明智。在這裡，該組織實際上提供了很大幫助，確保我們將資金用於最優先的事項。我們希望提出更少但更有影響力的主張。

And your question on the take rate, we do expect the secular trend that we have seen in our business of consumers moving to more premium-priced products might continue. The other thing is, even though we cannot specifically call out but the impact of inflation, even if you do nothing, the value of your closet will increase. And the value of a new pair of jeans if you buy new will go higher, which means at some point, the market and the sellers react.

至於您關於接受率的問題，我們確實預計，我們業務中看到的消費者轉向更高價位產品的長期趨勢可能會持續下去。另一件事是，儘管我們無法具體指出通貨膨脹的影響，但即使你什麼都不做，你的衣櫃的價值也會增加。如果你購買一條新牛仔褲，其價值就會更高，這意味著在某個時候，市場和賣家會做出反應。

So I'm going to say, over time, you should expect a slight pressure on take rate just because of we should expect to see more orders higher than $15 as opposed to the lower than $15. And as a reminder, below $15, we have the $2.95 flat fee. That's why the shift to orders higher than $15 will continue to be a slightly pressure to our take rate over time.

所以我要說的是，隨著時間的推移，你應該預期接受率會略有壓力，因為我們應該預期會看到更多高於 15 美元的訂單，而不是低於 15 美元的訂單。提醒一下，低於 15 美元，我們收取 2.95 美元的固定費用。這就是為什麼轉向高於 15 美元的訂單將會隨著時間的推移繼續對我們的接受率造成輕微壓力。

(Operator Instructions) Your next question comes from the line of Tom Nikic with Wedbush Securities.

（操作員指示）您的下一個問題來自 Wedbush Securities 的 Tom Nikic。

Rodrigo, just at a high level, what needs to happen to get this business profitable again? And I know you say that you can do it. You can be profitable again, anytime you want. But like what is the scenario where like you would be willing to manage the company to profitability again? Is it when the revenue base or the user base grows to a certain level? Is it dependent on the leverage of the marketing expense? And just trying to wrap my head around how the company becomes profitable again.

羅德里戈，從高層次來看，需要做些什麼才能讓這項業務再次獲利？我知道你說你可以做到。只要您願意，隨時都可以再次獲利。但是在什麼樣的情況下您願意管理公司並使其再次獲利呢？是當收入基數或用戶基數成長到一定水準時嗎？它是否依賴行銷費用的槓桿作用？我只是想知道公司如何才能再次獲利。

Yes. Well, as your question was high level, I'm going to give you a high-level answer, which is our focus on the core, focus on growing our user base, which translates to a higher seller base, which translates to a higher buyer base. When you do that at scale, that's kind of how we are going to get the best back to profitability. Obviously, we could anticipate it, we could influence that sooner. It depends on -- again, the large majority of our investment is variable. But it comes back to the focus on the core that we started this year and the mantra that Manish was talking about fewer things with higher impact. And number three, like I said before, some of the investments we're making in infrastructure systems, procedures and operating mechanisms should drive a higher execution.

是的。好吧，由於您的問題層次很高，所以我將給您一個層次較高的答案，那就是我們的重點是核心，重點是擴大我們的用戶群，這意味著更高的賣家群，這意味著更高的買家群。當你大規模地做到這一點時，這就是我們如何最大限度地恢復獲利能力。顯然，我們可以預見它，我們可以更快地影響它。這取決於——再說一次，我們的大部分投資都是可變的。但它又回到了我們今年開始關注的核心問題上，以及 Manish 所說的更少的事情、更大的影響力的口頭禪。第三，正如我之前所說，我們在基礎設施系統、程序和營運機制方面所做的一些投資應該會推動更高的執行力。

Your next question comes from the line of Nick Jones with JMP Securities.

您的下一個問題來自 JMP Securities 的尼克瓊斯 (Nick Jones)。

I guess just one on the expanding authentication below $500 by year-end. I mean how low will you take authentication? And I guess what are the puts and takes as to kind of the incremental cost to what the value of the product is? If it's a handbag that's extremely used, does it still need to be authenticated? I guess can you just expand a little bit on moving below that $500 price point?

我猜到年底只有一項認證會擴展到 500 美元以下。我的意思是您將接受多低的身份驗證？我猜想，增量成本對於產品價值的影響是什麼？如果是使用過多次的包包，還需要認證嗎？我想您能否稍微詳細闡述一下低於 500 美元的價格點的情況？

The strategy we want to take is to really empower the buyers and sellers to participate in it. And we haven't ruled out the possibility of maybe pricing it slightly but -- for lower price points. So that's the strategy we are looking at. We'll have more to talk about. But ultimately, we feel that it is something that both buyers and sellers will feel empowered as we launched it so that they can use it based on their needs and not just sort of what we provide today, which is at $500 and higher, it's a free authentication. And the technology that we acquired with Suede One allows us to have that leverage over time. So that's sort of the high-level thinking. But details will be fine-tuned as we get to the go-to-market strategy there.

我們希望採取的策略是真正讓買家和賣家有權參與其中。我們並沒有排除稍微調整價格的可能性，但會降低價格。這就是我們正在考慮的策略。我們還有很多事情要談。但最終，我們覺得，當我們推出這項服務時，買家和賣家都會感到有力量，他們可以根據自己的需求使用它，而不僅僅是我們今天提供的那種服務，也就是 500 美元及以上的免費認證。我們透過 Suede One 獲得的技術使我們能夠隨著時間的推移掌握這種優勢。這是一種高層次的思考。但隨著我們制定行銷策略，細節將會微調。

Your next question comes from the line of David Bellinger with MKM Partners.

您的下一個問題來自 MKM Partners 的 David Bellinger。

Two quick ones. Just first, following up on the cost controls. Are those aimed more at, call it, longer-term initiatives that might not be significant revenue generators today? Or can we expect to see some type of slower near-term revenue in GMV just given these expense pullbacks and the related follow through? And then secondly, just any comments you can make on the traction you're seeing in some of the newer categories like pet and electronics now that those have been on the platform for some time?

兩個簡單的。首先，跟進成本控制。這些是否更著重於所謂的長期計劃，而這些計劃目前可能無法成為重要的收入來源？或者，考慮到這些費用的減少和相關後續影響，我們是否可以預期 GMV 的短期收入會有所放緩？其次，對於寵物和電子產品等一些較新的類別在平台上出現已有一段時間了，您能對這些類別的吸引力發表什麼評論嗎？

Okay. Look, the cost rationalization that we're doing right now, it should not impact revenue because we are focusing on things that can be deprioritized. And if there is an impact, the impact should be the minimum. And then that has been baked in our Q3 revenue guidance. So again, we are being very judicious here. And we can do that because, again, most of our spend is variable. And #2, we have access to a very strong balance sheet. So we can be very thoughtful about how and when we review our cost structure. And again, we're in the first innings. And Manish, why don't you take that?

好的。你看，我們現在正在進行的成本合理化不應該影響收入，因為我們專注於可以降低優先順序的事情。如果有影響，也應該將影響降到最小。這已納入我們第三季的營收預期。因此，我們再次強調，我們在這方面非常謹慎。我們之所以能夠做到這一點，是因為我們的大部分支出都是可變的。第二，我們擁有非常強勁的資產負債表。因此，我們可以非常認真地考慮如何以及何時審查我們的成本結構。再說一次，我們正處於第一局。那麼 Manish，為什麼不接受這個呢？

On the pets and electronics, we're super encouraged by the contribution. Both are still new, launched just last year. And just as a reminder, our noncore categories represent only 7% of our GMV, but they continue to grow faster than our core fashion categories in the business.

關於寵物和電子產品，我們對捐贈感到非常鼓舞。兩者都是新產品，去年剛推出。需要提醒的是，我們的非核心類別僅佔 GMV 的 7%，但它們的成長速度仍快於我們業務中的核心時尚類別。

At this time, there are no further questions. I'll turn the call over to management for closing remarks.

目前，沒有其他問題。我將把電話轉給管理階層，請他們作結束語。

Thank you, everyone, for joining us, and we'll see you next quarter. Have a wonderful rest of the summer.

感謝大家的加入我們，我們下個季度再見。祝大家有個愉快的夏天。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。