RealReal Inc (REAL) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the RealReal's first-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 RealReal 2025 年第一季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Caitlin Howe, Senior Vice President of Finance. Please go ahead.

現在，我想將會議交給今天的發言人，財務高級副總裁凱特琳·豪 (Caitlin Howe)。請繼續。

Thank you, Operator. Joining me today to discuss our results for the period ended March 31, 2025, our Chief Executive Officer and President, Rati Levesque; and Chief Financial Officer, Ajay Gopal.

謝謝您，接線生。今天與我一起討論截至 2025 年 3 月 31 日的業績的有我們的執行長兼總裁 Rati Levesque；和財務長 Ajay Gopal。

Before we begin, I'd like to remind you that during today's call, we will make forward-looking statements which involve known and unknown risks and uncertainties. Our actual results may differ materially from those suggested in such statements. You can find more information about these risks, uncertainties, and other factors that could affect our operating results in the company's most recent Form 10-K and subsequent quarterly reports on Form 10-Q.

在我們開始之前，我想提醒您，在今天的電話會議中，我們將做出涉及已知和未知風險和不確定性的前瞻性陳述。我們的實際結果可能與這些聲明中所建議的結果有重大差異。您可以在公司最新的 10-K 表和後續季度的 10-Q 表報告中找到有關這些風險、不確定性和其他可能影響我們經營業績的因素的更多資​​訊。

Today's presentation will also include certain non-GAAP financial measures, both historical and forward-looking. We have provided reconciliations for historical non-GAAP financial measures to the most comparable GAAP measures in our earnings press release, which is available on our Investor Relations website.

今天的演示還將包括某些非公認會計準則財務指標，包括歷史指標和前瞻性指標。我們在收益新聞稿中提供了歷史非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬，該新聞稿可在我們的投資者關係網站上查閱。

I would now like to turn the call over to Rati Levesque, Chief Executive Officer of the RealReal.

現在我想將電話轉給 RealReal 執行長 Rati Levesque。

Thank you, Caitlin. Good afternoon, everyone, and welcome to the RealReal's first-quarter earnings conference call. Today, I'm pleased to report strong Q1 results and reaffirm our full year 2025 outlook.

謝謝你，凱特琳。大家下午好，歡迎參加 RealReal 第一季財報電話會議。今天，我很高興地報告強勁的第一季業績，並重申我們對 2025 年全年的展望。

The RealReal founded on trust and authenticity is leading the evolution of luxury resale. Our commitment to expertise and a frictionless experience is changing the way people shop for the better.

以信任和真實性為基礎的 RealReal 正在引領奢侈品轉售的演變。我們致力於提供專業知識和無摩擦體驗，從而改善人們的購物方式。

Before getting into results, I'd like to address what we're seeing in the overall environment. Despite the uncertainties from tariffs and a less predictable backdrop, our performance has been strong and our focus remains steadfast. We occupy a unique position at the intersection of luxury and value. And we source our supply primarily from domestic closets. So there is a potential to realize benefits in the current environment.

在討論結果之前，我想先談談我們在整體環境中看到的情況。儘管關稅和難以預測的背景帶來不確定性，但我們的業績仍然強勁，我們的重點仍然堅定。我們在奢華與價值的交匯處佔據著獨特的地位。我們的貨源主要來自家庭衣櫃。因此，在當前環境下，有可能實現利益。

Our strategy is working, our brand is strong and we have built flexibility into our operation that enables us to effectively navigate a range of conditions. We continue to build on the foundational changes we made to reshape our business. In 2024, we delivered our first ever full year of positive adjusted EBITDA, and we continued this momentum in 2025.

我們的策略正在發揮作用，我們的品牌很強大，而且我們的營運已經建立了靈活性，使我們能夠有效地應對各種情況。我們將繼續在基礎性變革的基礎上重塑我們的業務。2024 年，我們首次全年實現正向調整後 EBITDA，並將在 2025 年延續這一勢頭。

Through our growth playbook, we're generating strong, and importantly, consistent supply growth. We're also driving operational efficiency throughout the organization, building true win-win capabilities that harness the power of AI and automation.

透過我們的成長策略，我們正在實現強勁且重要的持續供應成長。我們也致力於提高整個組織的營運效率，建立利用人工智慧和自動化力量的真正雙贏能力。

For instance, Athena, our AI-enabled product intake process, reduces costs and improves the experience for our buyers and consignors. We are driving results that compound and expand our profitability. We believe the RealReal has a stronger, more profitable, and more sustainable business model today than ever before.

例如，我們的人工智慧產品接收流程 Athena 可以降低成本並改善買家和發貨人的體驗。我們正在努力實現複合和擴大盈利能力的成果。我們相信，RealReal 現今的商業模式比以往任何時候都更強大、更有利可圖、更永續。

We are driving top-line growth by unlocking profitable supply through our multi-channel, frictionless approach to confinement. The elements of our growth playbook, sales, marketing, and stores, came together in the first quarter to drive healthy supply trends.

我們透過多通路、無摩擦的限制方式釋放有利可圖的供應，從而推動營收成長。我們成長策略的要素，銷售、行銷和商店，在第一季共同推動了健康的供應趨勢。

Ajay will review our financial results later in the call, but I'd like to note a few key highlights from the quarter.

Ajay 將在稍後的電話會議中回顧我們的財務業績，但我想指出本季的一些關鍵亮點。

Looking at growth, GMV increased 9% and revenue increased 11% year over year, which aligns with our goal of high single digit to low double digit growth. Active buyers also increased, up 7%, on a trailing 12-month basis. In Q1, average order value was $564, up 5% year over year.

從成長來看，GMV 年成長 9%，營收成長 11%，這符合我們實現高個位數到低兩位數成長的目標。與過去 12 個月相比，活躍買家數量也有所增加，增加了 7%。第一季度，平均訂單價值為 564 美元，年增 5%。

Turning to margins and profitability, gross margin improved 40 basis points year over year after an improvement of 1,100 basis points in Q1 of 2024.

談到利潤率和獲利能力，毛利率繼 2024 年第一季提高 1,100 個基點後，又比去年同期提高了 40 個基點。

Adjusted EBITDA increased to positive $4 million, an increase of $6 million versus Q1 of last year. And we delivered our highest number of new consignors in over two years.

調整後的 EBITDA 增至正 400 萬美元，較去年第一季增加 600 萬美元。我們交付的新托運人數量是兩年多來最多的。

Today, I'll discuss how our three strategic pillars, unlocking supply through our growth playbook, driving operational efficiencies and assessing over service are fueling our strong results and progress. Let's start with the growth playbook.

今天，我將討論我們的三大策略支柱如何透過我們的成長策略釋放供應、提高營運效率以及評估服務來推動我們取得強勁的業績和進步。讓我們從成長劇本開始。

We often mention that we are a supply-focused business as our lifetime sell-through rate is over 90%. Success in executing against our growth playbook relies on driving supply through three key areas, sales, marketing, and our retail stores.

我們經常提到，我們是一家以供應為中心的企業，因為我們的終身銷售率超過 90%。成功執行我們的成長策略依賴於透過三個關鍵領域推動供應，即銷售、行銷和零售店。

Our sales team works alongside our merchandising department to curate our platform's unique assortment. We leverage search and trend data, as well as historical purchase information to identify in-demand brands and categories. Then we mobilize our sales team to proactively pursue it. These capabilities allow the real reel quickly pivot and influence our diverse product mix, as we aim to successfully address changes in customer tastes and behaviors. Notably, our sales team drove strong consigner growth this past quarter as a result of our revamped incentive structure and a focused approach on consigner acquisition.

我們的銷售團隊與我們的商品銷售部門合作，精心策劃我們平台的獨特商品組合。我們利用搜尋和趨勢數據以及歷史購買資訊來識別需求旺盛的品牌和類別。然後我們動員我們的銷售團隊積極地去追求它。這些功能使真實捲軸能夠快速旋轉並影響我們多樣化的產品組合，因為我們的目標是成功應對客戶口味和行為的變化。值得注意的是，由於我們改進了激勵結構並採取了專注於委託人獲取的方法，我們的銷售團隊在過去一個季度推動了委託人數量的強勁增長。

Turning to marketing, our teams are constantly working to reinforce our position as the leader in luxury resale, known for authenticity and expertise. We've worked to drive effectiveness in our marketing investments and through increased focus on social media and influencer partnerships. Our brand awareness increased versus last year.

在行銷方面，我們的團隊不斷努力鞏固我們作為奢侈品轉售領域的領導者地位，以真實性和專業性而聞名。我們致力於提高行銷投資的有效性，並更加重視社群媒體和影響力合作夥伴關係。我們的品牌知名度比去年有所提升。

In addition to awareness, marketing efforts directly drive consigner and buyer engagement and generate leads for our sales and retail teams. For us, stores offer a curated experience and provide consignors with access to our experts for valuations for fine jewelry, and watches.

除了提高知名度之外，行銷工作還直接推動寄售者和買家的參與，並為我們的銷售和零售團隊創造潛在客戶。對我們來說，商店提供精心策劃的體驗，並為寄售者提供與我們的專家進行精美珠寶和手錶估價的機會。

Similar to our approach with the sales team, we measure success in our retail locations through the lens of supply generation and new consignor acquisition. In Q1, stores contributed a quarter of all new consignors. Our stores and sales team are highly integrated, working together on in-store and off-site events, can sign a referral and expert appointment, which drive high value supply.

與我們對銷售團隊採取的方法類似，我們透過供應產生和新托運人獲取的角度來衡量零售店的成功。在第一季度，商店貢獻了所有新發貨人的四分之一。我們的商店和銷售團隊高度整合，共同開展店內和場外活動，可以簽署推薦和專家預約，從而推動高價值供應。

In the first quarter, the elements of our growth playbook combined to unlock supply through enhanced service and new consignment offerings. First, we reduced friction on the consignment process by offering a walk-in on-demand valuation experience in stores. This provides sellers with flexibility, convenience, and access to our experts, resulting in an increase in consignment appointments and higher customer status.

在第一季度，我們的成長策略的各項要素結合起來，透過增強服務和新的寄售服務來釋放供應。首先，我們透過在商店提供隨選估價體驗來減少寄售過程中的摩擦。這為賣家提供了靈活性、便利性和聯繫我們專家的機會，從而增加了寄售預約並提高了客戶地位。

Another area that is driving results is our Real Partners program. Our referral programs focus on building relationships with key partners like stylists, closet organizers, and real estate agents to expand our reach and supply network. These partnerships are crucial for sourcing high-value items and expanding our access to desirable inventory. Our referral programs are now driving over 1 million of incremental supply per month.

另一個取得成果的領域是我們的「真正合作夥伴」計畫。我們的推薦計畫專注於與造型師、衣櫥整理師和房地產經紀人等關鍵合作夥伴建立關係，以擴大我們的覆蓋範圍和供應網絡。這些合作關係對於採購高價值物品和擴大我們獲得理想庫存的管道至關重要。我們的推薦計畫現在每月可帶來超過 100 萬的增量供應。

The next highlight within supply is our Get Paid Now program. Get Paid Now is an offering for consignors on the select list of high-end in-demand brands in just three categories: watches, handbags, and fine jewelry. Through Get Paid Now, we purchase inventory and these sales flow into our direct revenue, which to be clear is an entirely different and significantly more profitable business than it was a year ago.

供應中的下一個亮點是我們的「立即付款」計劃。Get Paid Now 是專為寄售者提供的服務，服務僅限於三個類別的高端熱門品牌：手錶、手袋和高級珠寶。透過 Get Paid Now，我們購買庫存，這些銷售額轉化為我們的直接收入，顯然，這與一年前相比是完全不同的，而且利潤更高。

Today, we re-imagine the direct business, and this revenue is driven by high value supply from consignors and select vendors. Average selling prices for this merchandise we acquire through Get Paid Now is more than 10 times higher than our average selling price.

今天，我們重新構想直接業務，而這筆收入是由托運人和精選供應商的高價值供應所推動的。我們透過 Get Paid Now 獲得的該商品的平均售價比我們的平均售價高出 10 倍以上。

And the final growth playbook initiative I'll highlight today is drop ship. Drop ship continued to evolve throughout the first quarter. Building on our success in watches, we expanded drop ship into handbags. And we are seeing good traction so far. This is an important next step in building new and innovative capabilities to unlock supply.

我今天要強調的最後一個成長策略是直銷。整個第一季度，直運業務持續發展。在手錶領域取得成功的基礎上，我們將直銷業務拓展至手袋領域。到目前為止，我們看到了良好的進展。這是建立新的創新能力以解鎖供應的重要下一步。

Moving to our next strategic pillar, operational efficiencies. We continue to leverage our robust proprietary data and AI capabilities to build trust and improve the customer experience. For years, the RealReal has been a leader in authentication with proprietary tools like Vision and Shield, helping build customer trust. Last year, through increased automation, we reduced processing time by over 10% while keeping headcount steady and supporting top line growth.

轉向我們的下一個策略支柱，營運效率。我們將繼續利用我們強大的專有數據和人工智慧功能來建立信任並改善客戶體驗。多年來，RealReal 一直憑藉 Vision 和 Shield 等專有工具在身分驗證領域處於領先地位，協助建立客戶信任。去年，透過提高自動化程度，我們將處理時間縮短了 10% 以上，同時保持了員工人數穩定並支持了收入成長。

On our last call, I reviewed in detail our new AI enabled product intake process, Athena. This initiative is launched in Q1 of this year. And now, more than 10% of items are processed via Athena. Units managed by Athena are processed faster.

在我們上次通話中，我詳細回顧了我們新的支援人工智慧的產品攝取流程 Athena。該計劃於今年第一季啟動。現在，超過 10% 的物品都是透過 Athena 處理的。Athena 管理的單位處理速度更快。

Early indications are that we can reduce launch to site time significantly, and in this initial phase, we cut processing times by an estimated 20%. Athena is currently focused on ready-to-wear units, and we plan to expand to shoes and handbags later this year. A key differentiator for the RealReal is our expertise in item pricing. Our well-developed approach leverages both human expertise along with data and AI to find optimal market prices for our consignors.

早期跡象表明，我們可以顯著減少發射到現場的時間，並且在初始階段，我們將處理時間縮短了約 20%。Athena 目前專注於成衣部門，我們計劃在今年稍後擴展到鞋子和手袋。RealReal 的一個關鍵差異在於我們在商品定價方面的專業知識。我們完善的方法利用人類專業知識以及數據和人工智慧為我們的托運人找到最佳市場價格。

The algorithms are dynamic and incorporate near real-time signals from internal and external sources, like page views, obsession counts, primary market pricing, and search trends. As of the end of last year, the majority of our units are launched with algorithmic pricing. The next step in our development is applying our AI expertise and increased precision into our discounting cadence. The current rules-based approach to discounting is largely manual, and so we see significant opportunity to apply our powerful pricing algorithms to this use case.

這些演算法是動態的，並結合了來自內部和外部來源的近乎即時的訊號，如頁面瀏覽量、關注度計數、一級市場定價和搜尋趨勢。截至去年年底，我們的大多數單位已採用演算法定價。我們發展的下一步是將我們的人工智慧專業知識和更高的精度應用到我們的折扣節奏中。目前基於規則的折扣方法主要是手動的，因此我們看到將強大的定價演算法應用於此用例的巨大機會。

Early test results indicate that we can drive better balance between price and sell-through using algorithmic discounting. We are leveraging AI and technology to improve speed, reduce human intervention, and drive operational efficiency.

早期測試結果表明，我們可以使用演算法折扣來實現價格和銷售量之間的更好平衡。我們正在利用人工智慧和技術來提高速度、減少人工幹預並提高營運效率。

Turning to our third strategic pillar, obsess over service. We provide best-in-class service to our buyers and consignors. Our modern luxury experience enabled by technology is grounded in expertise, trust, and authenticity. We obsess over service by understanding what type of user experience and feature set our buyers and consignors want from our plow.

談到我們的第三個策略支柱，那就是專注於服務。我們為買家和發貨人提供一流的服務。我們透過科技實現的現代奢華體驗以專業知識、信任和真實性為基礎。我們專注於服務，了解買家和委託人希望從我們的犁中獲得什麼樣的使用者體驗和功能集。

Our members spend a lot of time with us, many clocking more than 40 hours per year on our app. Here are just a few examples of how we're enhancing engagement and fostering a sense of community.

我們的會員花費大量時間與我們在一起，許多人每年在我們的應用程式上花費的時間超過 40 個小時。以下只是我們如何增強參與度和培養社區意識的幾個例子。

In Q1, we added obsession counts, similar to the count of likes or hearts on other platforms. To our product listings, allowing buyers to easily see which items are trending. This creates deeper engagement with the platform, and because each item is unique on our site, creates more urgency and gamification.

在第一季度，我們增加了痴迷計數，類似於其他平台上的喜歡或心的數量。對於我們的產品列表，買家可以輕鬆看到哪些商品正在流行。這使得平台的參與度更高，而且由於我們網站上的每件商品都是獨一無二的，因此創造了更多的緊迫感和遊戲化。

We are also building community through initiatives like our successful Substack Strategy, which provides valuable fashion content and fosters connection among our users and fans. We regularly implement user experience updates to improve navigation and search on our platform, making it easier for buyers to find what they are looking for. And we are enhancing buyer personalization to show the most relevant items, driving faster sell-through and lower discounting.

我們還透過成功的 Substack 策略等措施建立社區，該策略提供有價值的時尚內容並促進用戶和粉絲之間的聯繫。我們定期實施用戶體驗更新，以改善我們平台上的導航和搜索，使買家更容易找到他們想要的東西。我們正在增強買家個人化，以展示最相關的商品，從而加快銷售速度並降低折扣。

In closing, our Q1 was a solid start to the year and we're encouraged by the momentum we're seeing in supply. The RealReal's positioned as the leader in a market with lots of room to scale. I'm excited about the future and right now we are heads down focused on execution for 2025. I'd like to thank the team for their hard work throughout the first quarter. Our unrelenting focus on our strategic pillars are working. And we remain confident in our ability to deliver on our 2025 objectives.

最後，我們的第一季取得了良好的開端，我們對供應方面的勢頭感到鼓舞。RealReal 已將自己定位為具有巨大擴展空間的市場的領導者。我對未來充滿期待，現在我們全心全意專注於 2025 年的執行。我要感謝團隊在整個第一季的辛勤工作。我們對策略支柱的不懈關注正在發揮作用。我們仍然對實現 2025 年目標的能力充滿信心。

With that, I'll turn the call over to Ajay to discuss our operational results and our financial outlook.

說完這些，我將把電話轉給阿賈伊，討論我們的經營業績和財務前景。

Thank you, Rati. In the first quarter, we made further progress executing on our strategic pillars. Our focus on unlocking supply through our growth playbook driving operational efficiencies and obsessing over service resulted in strong top line growth and margin expansion. For the third consecutive quarter, we delivered positive adjusted EBITDA, demonstrating our ability to drive profitable growth. We are laying the foundation for consistent execution and delivering on our 2025 goals.

謝謝你，拉蒂。第一季度，我們在執行策略支柱方面取得了進一步進展。我們專注於透過成長策略來釋放供應，提高營運效率並專注於服務，從而實現強勁的收入成長和利潤率擴張。連續第三個季度，我們實現了正調整後 EBITDA，證明了我們推動獲利成長的能力。我們正在為持續執行和實現2025年目標奠定基礎。

Now, turning to our detailed Q1 results, beginning with top line. Q1 GMV of $490 million increased 9% compared to last year. Our growth playbook initiatives drove strong top line growth and they also recorded our highest new consignor growth in over two years. In Q1, active buyers increased 7% on a trailing 12-month basis to 985,000, demonstrating our reach and leadership position within luxury resale.

現在，讓我們來看看我們詳細的第一季業績，首先從頂線開始。Q1 GMV 為 4.9 億美元，較去年同期成長 9%。我們的成長策略舉措推動了強勁的收入成長，並且還創下了兩年多來最高的新托運人成長記錄。第一季度，活躍買家數量較過去 12 個月增長 7%，達到 985,000 人，彰顯了我們在豪華轉售領域的影響力和領導地位。

Q1 revenue of $160 million increased 11% year over year. Consignment revenue increased 7% and direct revenue increased 61% compared to Q1 of 2024. We expect direct revenue to remain in the range of 10% to 15% of total revenues going forward.

第一季營收 1.6 億美元，年增 11%。與 2024 年第一季相比，寄售收入成長了 7%，直接收入成長了 61%。我們預計未來直接收入將維持在總收入的 10% 至 15% 之間。

I'd like to take a moment to discuss trajectory and enhance unit economics of our reimagined overall direct business.

我想花點時間討論我們重新構想的整體直接業務的發展軌跡和提高單位經濟效益。

As we've highlighted in the past, our direct revenue consists of out of policy returns and select vendor supply. In addition, as Rati mentioned, we launched an offering for consignors aimed at unlocking incremental supply through Get Paid Now. We offer this option on a selective basis on marquee brands and high value categories, and we are enthusiastic about the program's potential to contribute to market share gains over time.

正如我們過去所強調的那樣，我們的直接收入包括保單外的回報和精選的供應商供應。此外，正如 Rati 所提到的，我們為寄售者推出了一項服務，旨在透過 Get Paid Now 解鎖增量供應。我們針對知名品牌和高價值類別選擇性地提供此選項，並且我們對該計劃隨著時間的推移對市場份額增長的潛力充滿熱情。

The profitability profile of our direct revenue has improved dramatically. First-quarter 2025, direct gross margins were 25.5% compared to 3.3% in the first quarter of last year substantial improvement. We're committed to maintaining a disciplined and mentoring strategy focused on sell-through and mod.

我們的直接收入的獲利狀況已大幅改善。2025年第一季直接毛利率為25.5%，較去年第一季的3.3%大幅提升。我們致力於保持以銷售和改裝為重點的紀律和指導策略。

Continuing with our first quarter results. First quarter gross profit of $120 million increased 12% year over year resulting in gross margin of 75% and increase of 40 basis points compared to the prior year. Driven by operational efficiencies in our fulfillment centers and customer support functions.

繼續我們的第一季業績。第一季毛利為 1.2 億美元，年增 12%，毛利率達 75%，比上年增加 40 個基點。由我們的履行中心和客戶支援功能的營運效率所推動。

First quarter operating expenses of $133 million increased 6% year over year. As a percent of total revenue, operating expenses improved by 410 basis points. Excluding stock-based compensation, operating expenses improved by 370 basis points driven by AI-led efficiency efforts, like Athena and smart sales, improvements in marketing ROI, and increased automation.

第一季營運費用為 1.33 億美元，年增 6%。佔總收入的百分比，營運費用改善了 410 個基點。不計股票薪酬，營運費用改善了 370 個基點，這得益於 Athena 和智慧銷售等人工智慧驅動的效率提升、行銷投資回報率的提高以及自動化程度的提高。

First quarter adjusted EBITDA of $4.1 million or 2.6% of total revenue increased $6.4 million versus prior year. Adjusted EBITDA margins increased over 400 basis points here over the year.

第一季調整後的 EBITDA 為 410 萬美元，佔總營收的 2.6%，比去年同期增加了 640 萬美元。調整後的 EBITDA 利潤率全年增加了 400 多個基點。

Operating cash flow for the first quarter was negative $28 million. Due to the timing of incentive payments and working capital seasonality, we expect operating cash flow and free cash flow to be back half-graded. As a reminder, the remaining $27 million stub of our 2025 convertible note will mature in June of this year.

第一季經營現金流為負2800萬美元。由於獎勵支付的時間和營運資本的季節性，我們預計營運現金流和自由現金流將回落一半。提醒一下，我們 2025 年可轉換票據剩餘的 2,700 萬美元將於今年 6 月到期。

We ended the quarter with $154 million in cash, cash equivalents, and restricted cash.

本季末，我們的現金、現金等價物和受限現金為 1.54 億美元。

Turning to guidance. Today, we are reaffirming our full year guidance, which we provided earlier this year.

轉向指導。今天，我們重申今年早些時候提供的全年指導。

We expect full year GMV in the range of $1.96 billion to $1.99 billion for the year, up 8% year over year at the midpoint of our guidance range. We expect revenue in the range of $645 million to $660 million, up 9% year over year at the midpoint of our guidance. We continue to expect adjusted EBITDA in the range of $20 million to $30 million with adjusted EBITDA margin expansion driven by strong top line growth and operating expense leverage.

我們預計全年 GMV 將在 19.6 億美元至 19.9 億美元之間，年增 8%，符合我們的指導範圍中位數。我們預計營收將在 6.45 億美元至 6.6 億美元之間，年增 9%（基於我們的預期中位數）。我們繼續預期調整後的 EBITDA 在 2,000 萬至 3,000 萬美元之間，調整後的 EBITDA 利潤率將因強勁的營收成長和營運費用槓桿而擴大。

In the current environment, our ability to reaffirm our guidance stems from our consistent execution and the inherent flexibility in our marketplace business model. As a resale platform, our supply primarily comes from domestic closets and is therefore unaffected by tariffs. Furthermore, we believe we are well positioned to realize benefits from consumer seeking value in the face of price increases or from customers being more motivated to monetize their closets. We acknowledge the potential for challenges arising from a more uncertain macroeconomic environment and maintain a balanced perspective in our expectations for the rest of the year.

在當前環境下，我們重申指導方針的能力源自於我們一貫的執行力以及我們市場商業模式固有的靈活性。作為轉售平台，我們的供應主要來自國內衣櫃，因此不受關稅的影響。此外，我們相信，我們完全有能力從消費者在價格上漲時尋求價值或從客戶更有動力將衣櫃貨幣化中獲得利益。我們承認更不確定的宏觀經濟環境可能帶來挑戰，並對今年剩餘時間的預期保持平衡。

Moving to our outlook for the second quarter. GMV is expected in the range of $476 million to $486 million, which represents 9% growth compared to prior year at the midpoint of our guidance range. Second quarter revenue is expected in the range of $157 million to $161 million. This reflects 10% growth compared to last year at the midpoint of our guidance range. We continue to expect the direct channel to contribute between 10% and 15% of total revenue.

轉向我們對第二季的展望。預計 GMV 在 4.76 億美元至 4.86 億美元之間，與我們指導範圍的中點相比，與去年相比成長 9%。預計第二季營收將在 1.57 億美元至 1.61 億美元之間。這反映了與去年相比 10% 的成長，處於我們指導範圍的中點。我們仍預期直接通路將貢獻總收入的 10% 至 15%。

Second quarter adjusted EBITDA is expected to be between three and four million, which represents 350 basis points of margin expansion year over year at the midpoint of our range.

預計第二季調整後的 EBITDA 將在三百萬至四百萬之間，以我們預期範圍的中點計算，這意味著利潤率將比去年同期擴大 350 個基點。

To be helpful, I will provide some additional detail regarding the quarterly cadence of 2025. Last year, we were still making changes to the business and saw significant quarterly variation in adjusted EBITDA margin from Q1 through Q3. This year, we expect a more consistent rate across the first three quarters of the year and a typical seasonal step up in both top line volume and adjusted EBITDA margin in Q4.

為了提供幫助，我將提供一些有關 2025 年季度節奏的更多詳細資訊。去年，我們仍在對業務進行調整，從第一季到第三季度，調整後的 EBITDA 利潤率出現了顯著的季度變化。今年，我們預計前三個季度的成長率將更加穩定，第四季度的營業額和調整後的 EBITDA 利潤率將出現典型的季節性成長。

In closing, I am pleased to see the progress our teams made in the first quarter. Our success in unlocking supply and acquiring new consignors gives us confidence that the rail rail is well positioned to deliver on our 2025 objectives.

最後，我很高興看到我們的團隊在第一季的進步。我們在釋放供應和獲得新托運人方面的成功讓我們有信心，鐵路完全有能力實現我們的 2025 年目標。

With that, I will turn the call back over to the operator to begin Q&A. Operator?

說完這些，我將把電話轉回給接線生開始問答。操作員？

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（操作員指示）Ashley Owens，KeyBanc 資本市場。

Great. Thanks so much. So maybe if we could just start on directing, I know you mentioned the meaningful improvements to gross margin there. Could you just provide some context around some of the key drivers and how sustainable the levels are we saw in the quarter? Are the mid-20s kind of a reasonable range for that area of the business or what other levels can you pull to further optimize it?

偉大的。非常感謝。所以也許我們可以開始指導，我知道你提到了那裡毛利率的顯著提高。您能否提供一些關於一些關鍵驅動因素的背景資訊以及我們在本季度看到的水平的可持續性如何？對於該業務領域來說，25% 左右是否是一個合理的範圍，或者您可以拉動哪些其他水平來進一步優化它？

Thank you. Actually, thanks for the question. You know, like we've said in the past our direct revenues are made up of outer policy returns. So these are items that we take back from customers, we agree to take them back, and we, in effect, end up taking title to them. We also have had vendor purchases or select when the purchases of our particular items.

謝謝。實際上，感謝您的提問。你知道，就像我們過去說過的，我們的直接收入是由外部政策回報所構成的。因此，這些是我們從客戶那裡收回的物品，我們同意收回它們，並且實際上我們最終獲得了它們的所有權。我們也進行過供應商採購或選擇何時採購我們的特定商品。

And you heard Rati talk about Get Paid Now, which is an offering that we are that we started scaling last quarter. This is essentially when a consignor chooses to to get paid upfront for an item as opposed to wanting to consign it. These elements really go to the heart of how we've reimagined our direct business, and therefore, made it lot more profitable than it used to be.

您聽到 Rati 談到了 Get Paid Now，這是我們上個季度開始擴展的一項服務。這基本上是指托運人選擇預先獲得物品的付款，而不是想要托運該物品。這些因素確實觸及了我們如何重新構想直接業務的核心，因此，我們的直接業務比以前更有利可圖。

We just reported 25.5% margin on that revenue stream up significantly from last year when it was about 3%. So we feel good about the changes we've made. and we're comfortable that it will continue to in that about 20% margin range, as I would ask you to think about it. There's an element of mix that comes into play depending on which element of direct gets old. That might vary slightly.

我們剛剛報告稱，該收入流的利潤率為 25.5%，較去年的 3% 左右大幅上升。因此，我們對所做的改變感到滿意。而我們確信利潤率將繼續保持在 20% 左右的範圍內，正如我請你們考慮的那樣。混合元素會發揮作用，這取決於直接元素的哪個變舊。這可能會略有不同。

Okay. Great. I appreciate the color there. And then additionally, given the ongoing microcircuit teams, what signals of any are you observing in the consumer behavior quarter today, both on buying and selling? And then additionally, how much visibility would you say you have into future supplies at stands today?

好的。偉大的。我很欣賞那裡的色彩。此外，考慮到正在進行的微電路團隊，您在今天的消費者行為季度中觀察到了哪些購買和銷售訊號？另外，您對今天展台上的未來供應有多少了解？

Hi, Ashley. Thanks for the question. As far as consumer health goes, it's been pretty consistent, I would say. And it's not resilient on the buyer side. We're seeing strength in top of the funnel all the way to conversion. And that's been consistent since Q4 especially, and going into Q2, hence, the guide that we gave for Q2.

你好，阿什利。謝謝你的提問。就消費者健康而言，我想說，它一直相當穩定。而從買方角度來說，它缺乏彈性。我們看到漏斗頂部一直到轉換過程中的力量。尤其是自第四季度以來，這一情況一直保持一致，並進入第二季度，因此，我們給出了第二季度的指導。

The supply side as well, we talk a lot about our growth playbook. The strategy is working. It's all about creating less friction with the consigner, that $200 billion in people's things like reconfine our new stores, on-demand appointments, again that trifecta of sales, marketing, and retail were really working together.

在供應方面，我們也討論了許多有關成長策略的內容。這一策略正在發揮作用。這一切都是為了減少與委託人之間的摩擦，2000 億美元的人們的事情，比如重新限制我們的新店，按需預約，再次，銷售、營銷和零售的三重奏真正地協同工作。

So that strategy, like I said, causes, you know -- is less friction, builds trust with the consumer, and I think we've never seen a more consistent growth pattern in new consignors. So really excited about the results and the highest number of new sellers. growth that we've seen in over two years actually.

所以，正如我所說，這種策略可以減少摩擦，與消費者建立信任，我認為我們從未見過新寄售者出現如此持續的成長模式。所以對於結果和新賣家數量的最高數量感到非常興奮。事實上，我們已經看到了兩年多來的成長。

Great, pass it along. Best of luck for rest of the year.

太好了，傳下去。祝您今年餘下的時間一切順利。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey, good afternoon. I'll go into the direct bucket as well. Just curious, Jay, should there be seasonality in terms of the direct as a percent of total revenue? I think I'm looking at like 12.5% in 1Q. Is there reasons that that should go, you know, up or down over the next several quarters, or that should kind of be consistent?

嘿，下午好。我也會進入直接儲存桶。只是好奇，傑伊，直接收入佔總收入的百分比是否應該有季節性？我認為第一季的成長率會達到 12.5%。在接下來的幾個季度中，是否存在上升或下降的原因，或者是否應該保持一致？

And then it looks like you've got a more profitable channel there, obviously it's not nearly as profitable as consignment. But if you've got like a lever there that maybe wasn't there before, how does that impact your ability to kind of sustain the last year was 74.5% gross margin, like in terms of total gross margin, should we think about that flattening out here based on the channel? So curious your comments on some of that, moving pieces.

然後看起來你在那裡有一個更有利可圖的管道，顯然它並不像寄售那麼有利可圖。但如果你有一個以前可能不存在的槓桿，這會對你維持去年 74.5% 毛利率的能力產生什麼影響？就總毛利率而言，我們是否應該考慮根據通路來平緩這一水平？我很好奇您對其中一些感人片段的評論。

Yeah, absolutely. Thank you for the question, Ike. There's a fair bit to unpack there. So let me try and get to all those points. Starting at the top, we've said that we expect direct to be between 10% to 15% of our total revenues and really that represents somewhere in the realm of 5% to 6% of total GMV, so a pretty small chunk of our business.

是的，絕對是如此。謝謝你的提問，艾克。那裡有相當多的東西需要解開。因此，讓我試著講到所有這些要點。從頂層開始，我們說過，我們預計直接收入將占我們總收入的 10% 到 15%，但實際上這只佔 GMV 的 5% 到 6%，所以只占我們業務的一小部分。

There isn't any reason for there to be inherent seasonality in that percentage. It's going to stay within that range and it really just ends up, depending on the mix of what gets purchased by our buyers, because when you look at it from a bias perspective, they don't really see the difference, nor do they care, right? It's just great supply that they're gonna pick from our shelves. So that's how I would ask you to think about it going forward.

沒有任何理由認為該百分比具有固有的季節性。它會保持在這個範圍內，最終取決於我們的買家購買的產品組合，因為當你從偏見的角度來看時，他們並沒有真正看到差異，也不在乎，對嗎？他們從我們的貨架上挑選的貨品非常豐富。所以我希望你們這樣來思考這個問題。

I think you had a second part of the question around margin impact --

我認為你的問題的第二部分是關於利潤率影響--

Yeah, does it impact your ability to keep expanding the consolidated gross margin based on pushing a little bit further on direct now that you've got like a little bit more special sauce there versus what you had the past couple of years?

是的，與過去幾年相比，現在你們在直銷方面有了更多的特殊優勢，這是否會影響你們繼續擴大綜合毛利率的能力？

Yeah, no, I wouldn't say -- it's too small. And we expect it to be consistent in the 10% to 15% range. So where we are today is where I expect it to be in terms of proportion of the total.

是的，不，我不會這麼說——它太小了。我們預計它將保持在 10% 到 15% 的範圍內。因此，就整體比例而言，我們今天所處的位置正是我所預期的位置。

The other thing I would point out is we are being very selective with our Get Paid Now offering. We were excited about how it represents our ability to capture incremental supply and through that gain market share in the luxury sale space. But we offer it on two select consignors, marquee list of brands.

我想指出的另一件事是，我們對「立即獲得付款」服務非常挑剔。我們很高興它代表了我們獲取增量供應並透過這種方式在奢侈品銷售領域獲得市場份額的能力。但我們向兩個精選寄售商和知名品牌提供它。

And even though the margin, when you look at it through the lens of how it gets accounted for on our financial statements, is different on a like to like basis. We are positioned to make more money, more contribution dollars when we have a know, item going to this channel versus consignment. So I wouldn't expect it to be dilutive or put any pressure on our gross margin rate. It's, you know, it's at the right level and we expect it to stay at this level going forward.

儘管利潤率在財務報表中有所體現，但當你從這個角度來看，利潤率在同類基礎上是不同的。當我們了解物品透過這個管道而不是寄賣時，我們就能賺更多的錢，貢獻更多的錢。因此，我預計它不會稀釋我們的毛利率或對我們的毛利率造成任何壓力。您知道，它處於正確的水平，我們預計它將來會保持在這個水平。

Thank you, Ajay.

謝謝你，阿傑。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Thanks for taking my questions. Maybe I'll just ask about AOV and the components of that. It looks like AOV is doing just fine here. But anything to call out in terms of what you're seeing between UPT and ASD? And then I have a follow up.

偉大的。感謝您回答我的問題。也許我只會詢問 AOV 及其組成部分。看起來 AOV 在這裡做得很好。但是，就您所看到的 UPT 和 ASD 之間有什麼區別而言，有什麼需要指出的嗎？然後我有一個後續行動。

Yeah, hi, Marvin. AOV is up. It's up about 5% year over year and this goes back to what I was saying earlier around the resiliency of the buyer and that trust we built with that side of the marketplace. Sometimes we'll see this inverse reaction between UPG, units per transaction AOV, but it stayed pretty consistent sequentially.

是的，你好，馬文。AOV 已上升。它比去年同期增長了約 5%，這又回到了我之前所說的有關買家的彈性以及我們與市場那邊建立的信任。有時我們會看到 UPG、每筆交易 AOV 單位之間的這種逆反應，但它在連續性上保持相當一致。

I will say that we are seeing higher levels of fine jewelry sales. It's actually branded and unbranded. And so that's the kind of great thing about having a diverse or the advantage of having a diverse marketplace as far as categories go. And if something is out of favor, other things are very much in favor.

我想說的是，我們看到高級珠寶的銷售水平正在提高。它實際上有品牌和無品牌之分。就類別而言，這就是擁有多元化的偉大之處，或者說擁有多元化市場的優勢。如果某件事不受歡迎，其他事情就會很受歡迎。

So we are seeing that with fine jewelry. Handbags are doing especially well right now. We're excited to see both average selling price and average order value consistently up.

我們在精美珠寶上也看到了這一點。手提包現在賣得特別好。我們很高興看到平均售價和平均訂單價值持續上漲。

Great. And I guess I'll have a question also about direct margins. Just between those three channels, Out of Policy, Direct from Vendor, and Get Paid Now, is there a difference in margins between those three channels? I would imagine maybe Get Paid Now is a higher margin just by virtue of the motivation of the consigner or the seller, but we just love a little granularity there.

偉大的。我想我也會對直接利潤有疑問。僅在這三個管道之間，即“超出政策範圍”、“直接從供應商”和“立即獲得付款”，這三個管道之間的利潤率是否存在差異？我可以想像，也許「立即獲得報酬」的利潤更高，只是因為委託人或賣家的動機，但我們只是喜歡這種細粒度的服務。

Yeah, thanks for that question. Yeah, get paid now is the way we built it. If you look at a comparable sort of handbag, I'll give you an example here to illustrate the point. For a bag between $1,500 to $5,000, somebody choosing that alternative would effectively be getting paid about 55% off the expected retail price. A consignor would make closer to 70%s. So think about it as a 15 point differential between the two offerings.

是的，謝謝你的提問。是的，現在就獲得報酬是我們建立它的方式。如果您看一個類似的手提包，我會在這裡舉一個例子來說明這一點。對於價格在 1,500 美元到 5,000 美元之間的包，選擇該替代品的人實際上可以獲得預期零售價的 55% 折扣。發貨人將獲得接近 70% 的利潤。因此，可以將其視為兩個產品之間 15 點的差異。

With that inherent structure, it will yield better margins on a like to like basis. It is still the -- by no means, is it the biggest part of direct. The biggest part of direct really still continues to be our policy returns. And when you think about our policy returns for us, for us it turns out no different from the original sale, because all our items are being resold. So if Enzuma returns something, it's fairly easy for us to just recreate that listing and sell it for more or less the same price. So the model instruction does not vary that much.

憑藉這種固有結構，它將在同類基礎上產生更好的利潤。它仍然是——無論如何，它是直接的最大部分。直接收入的最大部分實際上仍然是我們的政策回報。當您考慮我們的退貨政策時，對我們來說，這與原始銷售沒有什麼不同，因為我們所有的物品都被轉售了。因此，如果 Enzuma 退回某件商品，我們可以輕鬆地重新建立該清單並以大致相同的價格出售。因此模型指令的變化並不大。

Okay, that's great color, thanks.

好的，顏色很棒，謝謝。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場 (Northland Capital Markets)。

Hey, good afternoon, guys. Thanks for taking the question. So you touched on it a couple different times, seeing the biggest growth in new consignors in over two years. So kind of two questions on that first.

嘿，大家下午好。感謝您回答這個問題。您曾多次提到這一點，看到兩年多來新發貨人的數量出現最大增長。首先我想問兩個問題。

Could you maybe give us some context around that to help frame it? Did you add 2,000 new consignors when last year you were only doing 500 new consignors of a quarter, something to that extent. then secondly, what drove this, what's really the primary reason for the new consignors coming on? I know you mentioned a quarter of them came through the retail space. So what else is kind of driving that straight?

您能否為我們提供一些背景資訊來幫助理解這一點？你們是否增加了 2,000 名新托運人，而去年你們每季只有 500 名新托運人，類似這樣的情況？其次，是什麼推動了這個現象，新出貨人加入的主要原因到底是什麼？我知道您提到其中四分之一來自零售領域。那麼還有什麼可以推動這項進程呢？

Yes, I can take that. Hi, Bobby. So a couple different things. Yes, new sellers, very happy with the growth there on a number basis and even the retail value coming through new sellers. We're doing a better job targeting consignors with even higher value items, better products, mid- to high-value products that we want.

是的，我可以接受。你好，鮑比。所以有幾件不同的事情。是的，新賣家對數量成長以及透過新賣家帶來的零售價值成長感到非常高興。我們正在更好地瞄準寄售者，提供我們想要的更高價值的物品、更好的產品、中高價值的產品。

And this, again, goes back to that trifecta sales, marketing, retail really coming together, meeting the seller where they are, building that trust, that community with the seller. We've talked about aligning, for example, the sales comp plan better with the product that we need or better with the consigner acquisition strategy.

這又回到了銷售、行銷、零售三者真正走到一起，在賣家所在地與他們會面，與賣家建立信任、建立社群。例如，我們討論過如何使銷售補償計劃更好地與我們需要的產品或寄售商收購策略相協調。

New retail stores, like you mentioned, is a big chunk or percentage of that. Real partners or real friends, our referral program is working better than ever. We had one in the past, but we really change some of the framework around that to really juice that program.

正如您所提到的，新零售店佔了其中很大一部分或百分比。無論是真正的合作夥伴還是真正的朋友，我們的推薦計畫都比以往更有效。我們過去曾有一個，但我們確實改變了它的一些框架，以真正增強該計劃的效力。

Another big initiative has been re-consigned. We made that way easier for the consigner. So now, consigner coming through the funnel, we know if you bought a handbag six, eight months ago, and we know, Bobby, that you'll be ready to consign it in eight months, right, or whatever your kind of pattern or the behavior has looked like in the past. So we'll target you at that time to reconfine that item.

又一項重大舉措被重新委託。我們讓托運人能夠更輕鬆地完成這項過程。所以現在，寄售者通過渠道，我們知道如果你在六、八個月前買了一個手提包，我們知道，鮑比，你會在八個月後準備寄售它，對吧，或者不管你過去的模式或行為是什麼樣的。因此，屆時我們將針對您重新限制該物品。

So we're seeing many more opportunities come through that channel and I'm really excited about that. There's things like that, smart sales is the last piece I will say. Ao think about tech tools that we're getting better with. So making the sales team able to get more consignors, so they're working on the relationships and the consigner growth versus the administrative tools, right? Getting them to get more appointments in per day and back to meeting the consigner where they are on-demand appointments.

因此，我們看到透過該管道出現了更多的機會，我對此感到非常興奮。還有諸如此類的事情，聰明的銷售是我最後要說的。想想我們正在使用的、正在變得越來越好的科技工具。因此，為了讓銷售團隊能夠獲得更多的寄售人，他們要致力於建立關係和促進寄售人成長，而不是使用管理工具，對嗎？讓他們每天獲得更多的預約，並回到與托運人會面的地方，進行按需預約。

So being able to come into a store and be able to drop off or meet a gemologist same day versus two weeks later. So that on-demand kind of nature has really helped as well. And remember, the pitam is very big. There's lots of opportunity for us and we still have a lot of room to grow, which really gets the team and I very excited.

因此，您可以當天就來到商店並送達或會見寶石學家，而不是等到兩週後。所以這種按需性質確實也有幫助。請記住，皮塔姆非常大。我們面臨很多機會，仍有很大的發展空間，這確實讓我和團隊感到非常興奮。

Fair enough, really helpful there. And then you touched on it a little bit there as well as in the prepared remarks, but it's been specifically called out that partnership programs is helping increase supply. I wanted to just double click on that.

相當公平，確實很有幫助。然後你在準備好的發言中稍微提到了這一點，但明確指出合作計畫有助於增加供應。我只想雙擊它。

And how does that look in real life? Is this partnering with brands or is this partnering with consignors? And maybe it would help to just compare contrasted from how it differs from drop shipping.

那在現實生活中情況是怎麼樣的呢？這是與品牌合作還是與委託人合作？也許只需比較一下它與直接送貨的差異就會有所幫助。

Yeah, so you do it -- yeah, two different programs. I'll talk about partnership or we're calling it the Real Partners Program. And so think about these -- we're always taking a more product-first approach. So this is product that has really great market fit and we're looking at aggregators of that supply.

是的，所以你這樣做——是的，兩個不同的程序。我將談論合作夥伴關係，或者我們稱之為真正的合作夥伴計劃。所以想想這些——我們總是採取產品優先的方法。因此，這是一種非常適合市場的產品，我們正在尋找該供應的聚合器。

So think closet organizers, stylists, people that are working on a national level with consignors that change their closet. They change over to their closet every season, for example.

所以想想衣櫥整理師、造型師，以及在全國範圍內與寄售者合作更換衣櫥的人。例如，他們每個季節都會更換衣櫃。

And so that program, we're really partnering with the stylist closet organizers. They get a percentage of the sale. They're earning a good amount of money and this becomes sustainable for them. And so again, that's that flywheel effect, right?

因此，在該計劃中，我們實際上是與造型師衣櫥整理者合作。他們獲得一定比例的銷售額。他們賺了很多錢，而且這種收入對他們來說已經變得可持續。所以，這就是飛輪效應，對嗎？

So they take that product, they get their clients to consign with us, and then they're selling them new goods as a stylist in the primary market. So that's been really great. We're excited about the potential there, just getting started. We launched that in Q4 and quite happy with the progress.

因此，他們拿著該產品，讓他們的客戶委託給我們，然後他們以造型師的身份在主要市場上向客戶銷售新產品。這真是太棒了。我們對那裡的潛力感到非常興奮，這才剛開始。我們在第四季度推出了該產品，並且對進展非常滿意。

Dropship is different, right? This is a new channel for us. We tested that late last year, I want to say, really got off the ground in October, November of last year. And we're seeing this program have lugs. I think I talked about it in the past, we're optimistic about the performance there. We're more than optimistic now, right?

Dropship 有所不同，對嗎？這對我們來說是一個新管道。我們在去年年底進行了測試，我想說，實際上在去年 10 月、11 月就已經開始測試了。我們發現這個程式有問題。我想我過去談過這個，我們對那裡的表現感到樂觀。我們現在非常樂觀，對嗎？

We're starting to see it actually work. We want to scale it, this going into this year, and actually being, you know, another channel for us to bring in supply over the next few years. And what this is, for those that are unfamiliar, it's a high-value product, really focused on, again, more high-value products, like jewelry, watches, handbags, higher-end ready-to-wear.

我們開始看到它確實發揮作用。我們希望在今年擴大規模，實際上，你知道，這是我們未來幾年引入供應的另一個管道。對於那些不熟悉的人來說，這是一種高價值產品，真正專注於更高價值的產品，如珠寶、手錶、手袋、高端成衣。

But a person will be a vendor, it's more of a B2B play, is able to upload the product directly to the site, will authenticate it post-purchase, and then send it out to the consumer. So it means, again, really great, more great supply for us on the site. We tested it with watches late last year, saw really great progress.

但一個人將成為供應商，這更像是一種 B2B 模式，能夠將產品直接上傳到網站，在購買後進行驗證，然後將其發送給消費者。所以這再次意味著，對我們來說，網站將有更多優質的供應。我們在去年年底用手錶對其進行了測試，看到了非常大的進展。

Again, it's about product, having the right product on the site, when we have the right product on the site, and that's more curated, one of a kind. We see the buyers follow.

再次強調，這與產品有關，在網站上有合適的產品，當我們在網站上有合適的產品時，這是更精心策劃的、獨一無二的。我們看到買家紛紛跟進。

That makes perfect sense. Thank you, guys. I'll turn the queue.

這很有道理。謝謝你們。我會調轉隊列。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Thank you for taking my question. Good afternoon. First for Ajay, wanted to ask on Q1 revenue, how did the mix, the revenue mix in terms of consignment versus direct versus services play out relative to your expectations?

感謝您回答我的問題。午安.首先，對於 Ajay，我想問第一季的收入，相對於您的預期，代銷、直銷和服務的收入組合如何？

And then looking ahead, you're reiterating the revenue guide for the year, but wondering if there's been any changes to the underlying assumptions on the contribution from those pieces given that this Get Paid Now initiative was just beginning to ramp and now you're seeing some positive signals there? So, I'm curious how that's kind of changing, again, your underlying view of the year.

展望未來，您重申了今年的收入指南，但考慮到「立即獲得報酬」計劃才剛開始實施，並且您現在看到了一些積極的信號，您想知道這些部分貢獻的基本假設是否有任何變化？所以，我很好奇這會如何改變你對今年的基本看法。

Thanks for the question, Mark. Maybe starting with Q1 revenue, we reported growth of 11% in revenue against GMV being up 9%. The mix of what comprised that was pretty consistent with where we expected it to be. We've always maintained that direct will be about 10% to 15% of our revenue mix. And we saw that land pretty much in the middle of that range.

謝謝你的提問，馬克。也許從第一季的營收開始，我們報告的營收成長了 11%，而 GMV 成長了 9%。其組成成分與我們預期的非常一致。我們一直認為直接收入將占我們收入結構的 10% 至 15% 左右。我們看到那片土地幾乎位於該範圍的中間。

The Get Paid Now program is not that significant. It's a way for us to get incremental supply. I wouldn't expect it to create any fundamental change in some of the mix of our revenues going forward.

「立即獲得付款」計劃並不那麼重要。這是我們獲得增量供應的一種方式。我預計它不會對我們未來的收入結構產生任何根本性的變化。

Very helpful, thank you. And then last, kind of a bigger picture here. In the prepared remarks, you expressed some optimism regarding how the model has the potential to benefit from the current environment. I tend to agree with that sentiment, but curious if you view this as largely theoretical at this stage, or are you beginning to see some shifts in buyer-seller behavior, or even conversations that your sales team is having with some high-value consignors that would support your confidence in that point?

非常有幫助，謝謝。最後，這裡有一個更大的圖景。在準備好的發言中，您對該模型如何有可能從當前環境中受益表示了一些樂觀。我傾向於同意這種觀點，但我很好奇，您是否認為目前這在很大程度上只是理論上的，或者您是否開始看到買賣雙方行為的一些轉變，或者甚至您的銷售團隊與一些高價值委託人的對話會支持您對這一點的信心？

Yeah, thanks, Mark, for the question. As far as the sentiment, we talk a lot about tariffs and how that could impact our business or any kind of unpredictable backdrop. Most of our supply, all of our supply is brought in from their core business from domestic closet. So we don't see much of an impact there.

是的，謝謝馬克提出這個問題。就情緒而言，我們談論了很多關於關稅以及關稅如何影響我們的業務或任何不可預測的背景。我們的大部分供應，我們所有的供應都是從他們的核心業務——國內衣櫃引進的。因此，我們看不到太大的影響。

On the demand side, what we have seen in the past is the prices go up. We see our pricing also go up. Our algorithms pick that up pretty quickly based on what's happening in the primary market and those kind of tend to follow. Remember the market sets the price.

在需求方面，我們過去看到的是價格上漲。我們發現我們的價格也上漲了。我們的演算法會根據一級市場的情況很快發現這一點，並且往往會遵循這一規律。記住，市場決定價格。

So can it be a tailwind? Maybe. We do believe that we could be a tariff beneficiary, actually. But that said, again, just bigger picture. We built a flexible business model and we've made foundational changes to our business to really help weather many conditions. And so with these kinds of uncertainties, from potential tariffs or whatever that may be, less predictable backdrop, our focus really just remains steadfast on our strategic pillars. So we're optimistic about that.

那麼這能成為順風嗎？或許。事實上，我們確實相信我們可以成為關稅的受益者。但話又說回來，這只是一個更大的圖景。我們建立了靈活的商業模式，並對業務進行了根本性的變革，以真正幫助我們應對多種情況。因此，面對這些不確定性，無論是潛在的關稅還是其他難以預測的背景，我們的重點仍然堅定不移地放在我們的策略支柱上。因此我們對此持樂觀態度。

Yeah. And just to sort of add to that, clearly we think we can benefit from, you know, if we end up in an environment where prices start to go up, in the primary market, think that potentially monetizes people to want to -- sorry, motivates people to want to monetize their closets, so more supply for us.

是的。補充一點，我們顯然認為，如果我們最終處於一個價格開始上漲的環境中，在初級市場，我們可以從中受益，認為這可能會使人們想要將他們的衣櫃貨幣化，從而激勵人們想要將他們的衣櫃貨幣化，這樣我們就有更多的供應。

And we also think our value proposition at the intersection of value and luxury is even more powerful in those circumstances. So we would expect to see more buyers coming to our platform. We're keeping a close eye on these trends and I think we feel really good about how we're positioned to capitalize on them if and when they develop.

我們也認為，在這種情況下，我們在價值和奢華交會處的價值主張更加強大。因此我們希望看到更多買家來到我們的平台。我們正密切關注這些趨勢，我認為，如果這些趨勢發展起來，我們對自己如何利用這些趨勢感到非常滿意。

Thank you.

謝謝。

Jay Sol, UBS.

瑞銀的 Jay Sol。

Great. Thank you so much. I guess, I'm just wondering about the second quarter revenue guidance. I think you talked about 9% at the midpoint. I think it was 11% in Q1 and 14% in Q4.

偉大的。太感謝了。我想，我只是想知道第二季的收入預期。我認為您談論的是中間值 9%。我認為第一季是 11%，第四季是 14%。

I guess what does the guidance assume in terms of sort of macro and the impact of tariffs and all this noise that's out there?

我想，這份指導意見在宏觀層面、關稅影響以及所有這些噪音方面做出了哪些假設？

Yeah, thanks for the question, Jay. I would say on tariffs, just building on what Rati, she said earlier, we're a US-based business. Our supply is already in consign of closets. So we really don't have any direct impact from tariffs. The points I made earlier are we consider those to be like second order effects. And I think in that sense, we are positioned to benefit from any price escalation if they happen from tariffs.

是的，謝謝你的提問，傑伊。關於關稅，我想說的是，基於拉蒂之前所說的，我們是一家美國企業。我們的貨品已在櫃子托運中。因此，我們實際上並沒有受到關稅的任何直接影響。我之前提出的觀點是，我們認為這些就像是二階效應。我認為從這個意義上來說，如果關稅導致價格上漲，我們就可以從中受益。

And just to take it back to your point question on revenue guidance, know, we've, even if you go back last year, you've seen revenue growth outpacing GMV growth, and this was really from laughing changes we made and getting to a more stable take rate. We expect those two to be a lot closer going forward.

回到您關於收入指引的問題，即使回顧去年，我們也看到收入成長超過了 GMV 成長，這實際上是我們做出的改變，並獲得了更穩定的收入率。我們期望他們兩個未來能夠更加親密。

So when you look at our Q2 guidance with GMv at the midpoint being up 9%, revenue at the midpoint being up 9%, That really speaks to the consistency on how we expect those two metrics to track fall going forward.

因此，當您查看我們第二季度的預測時，其中 GMv 中點上漲 9%，收入中點上漲 9%，這確實說明了我們對這兩個指標未來下跌的預期是一致的。

Understood. All right. Thank you so much.

明白了。好的。太感謝了。

Thank you. This concludes our question and answer session and today's conference call. Thank you for participating and you may now disconnect.

謝謝。我們的問答環節和今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。