RealReal Inc (REAL) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Liz, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the RealReal second-quarter 2025 financial results conference call. (Operator Instructions) Thank you. I would now like to turn the call over to Caitlin Howe, Senior Vice President of finance. Please go ahead.

感謝您的支持。我叫 Liz，今天我將擔任您的會議主持人。現在，我歡迎大家參加 RealReal 2025 年第二季財務業績電話會議。（操作員指示）謝謝。現在我想將電話轉給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 June 30, 2025, our Chief Executive Officer and President, Rati Leveque; and Chief Financial Officer, Ajay Gopal. Before we begin, I would 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.

謝謝您，接線生。今天與我一起討論截至 2025 年 6 月 30 日的業績的還有我們的執行長兼總裁 Rati Leveque 和財務長 Ajay Gopal。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。

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.

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 Leveque, Chief Executive Officer of the RealReal.

現在我想將電話轉給 RealReal 執行長 Rati Leveque。

Thank you, Caitlin. Good afternoon, everyone. I'm pleased to review our second-quarter 2025 results. Q2 was a breakout quarter for the RealReal. We demonstrated progress while further validating the success of our strategic roadmap.

謝謝你，凱特琳。大家下午好。我很高興回顧我們 2025 年第二季的業績。第二季是 RealReal 取得突破的一個季度。我們展示了進展，同時也進一步驗證了我們的策略路線圖的成功。

Our strong Q2 performance was highlighted by 14% top line growth, coupled with adjusted EBITDA above expectations. These results were driven by a clear strategic vision, innovative mindset, and unique position in a growing category.

我們第二季的業績表現強勁，營收成長 14%，調整後的 EBITDA 也超乎預期。這些成果是由清晰的策略願景、創新思維和在不斷增長的類別中的獨特地位所推動的。

We are fundamentally changing the way people shop, and we are at a pivotal moment, not just as a company, but as a category leader. Before diving into this quarter's highlights, I'll take a moment to explain more about what changing the way people shop means to us. For the past 14 years, we've been ahead of the curve, making luxury resale desirable and accessible.

我們正在從根本上改變人們的購物方式，我們正處於一個關鍵時刻，不僅作為一家公司，而且作為一個品類領導者。在深入探討本季的亮點之前，我將花點時間進一步解釋改變人們購物方式對我們意味著什麼。在過去的 14 年裡，我們一直走在時代的前沿，讓奢侈品轉售變得令人嚮往且觸手可及。

Now the circular economy is on the rise. We are not only leading the cultural shift in luxury resale, we are also helping to define it. Our operating and consumer expertise and growing brand affinity drives our market leadership.

如今循環經濟正在興起。我們不僅引領奢侈品轉售的文化轉變，我們也幫助定義它。我們的營運和消費者專業知識以及不斷增長的品牌親和力推動了我們的市場領導地位。

Our operating and consumer expertise is showcased in our world-class authentication which has been the cornerstone from day one, creating trust with our customers. Our growth playbook centers on a scalable supply engine and helps us forge enduring relationships with our sellers.

我們的營運和消費者專業知識體現在我們世界級的認證中，這從第一天起就是我們與客戶建立信任的基石。我們的成長策略以可擴展的供應引擎為中心，幫助我們與賣家建立持久的關係。

And our powerful brand attracts customers across the generational spectrum, with 53% of our customers being millennial and Gen Z, all of these are underpinned by our data-driven intelligence from authentication to pricing to our smart sales and smart [process] engines. We are leveraging AI to drive efficiency, scalability, and user engagement.

我們強大的品牌吸引了各世代的客戶，其中 53% 的客戶是千禧世代和 Z 世代，所有這些都由我們的數據驅動智慧支撐，從身份驗證到定價，再到智慧銷售和智慧 [流程] 引擎。我們正在利用人工智慧來提高效率、可擴展性和用戶參與度。

Today's modern consumer is embracing the circular economy and approaching luxury resale as an option of first resort, not last. Our customers view their closet as an investment that retains value. In fact, 47% of our consumers consider the resale value of ready to wear items before making a purchase.

當今的現代消費者正在擁抱循環經濟，並將奢侈品轉售作為首選，而不是最後一個選擇。我們的客戶將他們的衣櫃視為一項保值的投資。事實上，47% 的消費者在購買成衣之前會考慮其轉售價值。

The RealReal helps our sellers unlock that value and allows them to reinvest in other pieces, changing the way they shop on multiple fronts, prioritizing uniqueness, circularity, and financial savvy. This quarter's results affirm our strong brand affinity and cultural relevance, positioning us for sustained growth, improved profitability, and consistent cash flow.

RealReal 幫助我們的賣家釋放該價值並允許他們重新投資於其他產品，從多個方面改變他們的購物方式，優先考慮獨特性、循環性和財務頭腦。本季的業績證實了我們強大的品牌親和力和文化相關性，使我們能夠實現持續成長、提高獲利能力和穩定現金流。

Looking at the numbers for Q2, we delivered record GMV at $504 million and record revenue of $165 million both up 14% year over year. Adjusted EBITDA with $6.8 million a 4.1% margin, which is a substantial beat versus expectations.

從第二季的數據來看，我們的商品交易總額 (GMV) 達到創紀錄的 5.04 億美元，營收達到創紀錄的 1.65 億美元，年比均成長 14%。調整後的 EBITDA 為 680 萬美元，利潤率為 4.1%，大幅超出預期。

This performance was underpinned by record new consigners, double-digit growth for the second quarter in a row, and our highest number of new consigners ever. We're encouraged by this trend, which is continued into Q3 as new consigner growth is a leading indicator for supply.

這一業績得益於創紀錄的新托運人數量、連續第二個季度的兩位數增長以及我們有史以來最多的新托運人數量。我們對這一趨勢感到鼓舞，這一趨勢將持續到第三季度，因為新發貨人的成長是供應的領先指標。

Based on our second-quarter results and the momentum we are seeing in the business, we are raising our full-year outlook. Through strong execution across our strategic pillar, unlocking supply through our growth playbook, driving operational efficiency, and obsessing over service, we are fueling top line momentum and powering our profitability.

根據我們第二季的業績和業務發展勢頭，我們上調了全年預期。透過強有力地執行我們的策略支柱、透過我們的成長策略釋放供應、提高營運效率以及注重服務，我們正在推動營收成長動能並增強獲利能力。

The first pillar, our growth playbook, is focused on three key areas; sales, marketing, and stores. The new sales team compensation plan has been fully implemented and emphasizes retail value rather than simply unit targets. This means we are delivering even more of the goods and brands buyers want.

第一個支柱是我們的成長策略，重點在於三個關鍵領域：銷售、行銷和商店。新的銷售團隊薪酬計劃已全面實施，並強調零售價值而不是簡單的單位目標。這意味著我們將提供更多買家想要的商品和品牌。

The key areas of our growth playbook amplify one another to generate supply. Our season sales team has been collaborating with our store team on experiential pop-up events like the recent event in Newport Beach, which unlocked $800,000 of supply, and another at a Chicago store which brought in $500,000 in a single day. These events generate excitement, brand energy, and incremental high value supply.

我們的成長策略的關鍵領域相互增強，以產生供應。我們的季節性銷售團隊一直與商店團隊合作舉辦體驗式快閃活動，例如最近在紐波特海灘舉辦的活動，該活動釋放了 80 萬美元的供應量，以及在芝加哥商店舉辦的另一場活動，一天就帶來了 50 萬美元的供應量。這些活動激發了人們的熱情、品牌能量以及增量的高價值供應。

We're also making it simpler for those who already know and love us to engage on the platform. Our new reconsign program makes it easy for our existing repeat consigners to add items they've previously bought from us back to their sell lists. This provides a seamless, convenient way to re-engage with our platform, creating a circular loop for luxury assets.

我們也致力於讓那些已經了解並喜愛我們的人更輕鬆地參與這個平台。我們的新轉寄計畫使現有的重複寄售者可以輕鬆地將他們之前從我們這裡購買的物品添加回他們的銷售清單。這提供了一種無縫、便利的方式來重新參與我們的平台，為奢侈品資產創造一個循環。

Reconsign strengthens our supply and is performing well, increasing new opportunities and accelerating the flywheel. On the supply innovation front, we're progressing with our drop ship initiative. Building on the success in watches and handbags, we are expanding drop ships to find jewelry in Q3.

重新委託增強了我們的供應，並且表現良好，增加了新的機會並加速了飛輪的運作。在供應創新方面，我們正在推動直運計畫。基於手錶和手袋的成功，我們將在第三季擴大直銷業務以尋找珠寶。

In the back half of this year, we plan to partner with larger luxury good aggregators and international vendors. While still early days, we are confident in drop ship and its ability to drive incremental supply.

今年下半年，我們計劃與更大的奢侈品聚合商和國際供應商合作。雖然還處於早期階段，但我們對直運及其推動增量供應的能力充滿信心。

Within the second pillar of driving operational efficiency, AI and automation are central to our efficiency gains. Our new product intake process, Athena is now touching approximately 20% of all units, and we are on track to reach 30% to 40% by end of year.

在推動營運效率的第二個支柱中，人工智慧和自動化對於我們提高效率至關重要。我們的新產品攝取流程 Athena 現已涵蓋所有單位的約 20%，我們預計在年底前達到 30% 至 40%。

Our next phase will focus on enabling listing automation, enhancing search through AI, and further reducing manual processes. Through our AI and automation efforts, we are increasing efficiency and accuracy, reducing processing time, and we are on track to cut multiple dollars from our processing cost per unit over the medium term.

我們的下一階段將專注於實現清單自動化，透過人工智慧增強搜索，並進一步減少手動流程。透過我們的人工智慧和自動化努力，我們正在提高效率和準確性，減少處理時間，並且我們預計在中期內將每單位的處理成本降低數美元。

Authentication is a differentiator that sets us apart. We set the industry standard for luxury goods, authentication, and we continue to raise the bar. We actively collaborate with law enforcement and government agencies to address the issue of counterfeiting within luxury. Since our inception, we've kept over [one quarter of a million fakes] off the market.

身分驗證是我們與眾不同的差異化因素。我們為奢侈品和認證制定了行業標準，並且我們不斷提高這個標準。我們積極與執法部門和政府機構合作，解決奢侈品假冒問題。自成立以來，我們已經阻止了超過 [25 萬個假貨] 流入市場。

With proprietary technology like Vision, Shield, and now Athena, we are the definitive authority on what is real as we combine our extensive data, AI capabilities, and authentication expertise. Going forward, we believe Athena will continue to elevate our authentication process, in particular, driving speed and efficiency while reinforcing the rigorous accuracy that defines our approach.

憑藉 Vision、Shield 以及現在的 Athena 等專有技術，我們結合了廣泛的數據、人工智慧能力和身份驗證專業知識，成為判斷真實性的權威。展望未來，我們相信 Athena 將繼續提升我們的身分驗證流程，特別是提高速度和效率，同時加強我們方法的嚴格準確性。

Touching briefly on our third strategic pillar, obsessing over service. Innovation is key as we elevate both the seller and buyer journeys on our platform. During Q2, we made a number of enhancements to our consigner page, all aimed at improving transparency in the consignment process and reinforcing trust with our sellers.

簡要談談我們的第三個策略支柱：專注於服務。當我們提昇平台上賣家和買家的體驗時，創新是關鍵。在第二季度，我們對寄售人頁面進行了許多改進，旨在提高寄售流程的透明度並加強與賣家的信任。

Furthermore, in July, we launched a new price history feed, which is currently in a phased rollout. This provides consigners with simple, timely, and actionable insights to maximize their earnings. We are also building toward an extension of our platform called My Closet, a digital catalog of luxury items allowing sellers to keep up on market insights and luxury managers to give proactive consignment recommendations.

此外，我們在 7 月推出了新的價格歷史記錄，目前正在分階段推出。這為托運人提供了簡單、及時和可操作的見解，以最大化他們的收益。我們也正在建立一個稱為「My Closet」的平台擴展，這是一個奢侈品數位目錄，讓賣家能夠及時了解市場動態，並讓奢侈品經理能夠主動提供寄售建議。

On the buyer side, we are working to elevate the shopping journey. In the coming quarters, we look forward to releasing features like visual and conversational search powered by AI to make it effortless for buyers to discover items they love. Our relentless focus on innovation will help us continue to meet and anticipate the evolving needs of our discerning customers.

在買家方面，我們正在努力提升購物體驗。在接下來的幾個季度中，我們期待發布由人工智慧驅動的視覺和對話搜尋等功能，讓買家輕鬆找到他們喜歡的商品。我們對創新的不懈關注將幫助我們繼續滿足和預測我們挑剔的客戶不斷變化的需求。

In closing, there is a rising tide in luxury resale that we've helped to pioneer. Now we're capitalizing on it and accelerating it. Resale is a smart choice for a luxury-minded consumer, and price increases in the primary market due to tariffs or other factors make our value proposition even more compelling. Our business is fueled by the vast pool of luxury items currently sitting in domestic closets.

最後，我們協助開創了奢侈品轉售的潮流。現在我們正在利用它並加速它的發展。對於追求奢侈品的消費者來說，轉售是一個明智的選擇，而由於關稅或其他因素導致的一級市場價格上漲使我們的價值主張更具吸引力。我們的業務受到目前家庭衣櫥中大量奢侈品的推動。

A large and growing cam of over $200 billion that our growth playbook is designed to effectively tap into. Our disciplined approach to operational execution and unlocking supply, driving efficiency, and obsessing overservice creates a powerful flywheel that fuels our growth.

我們的成長策略旨在有效地利用這個規模超過 2000 億美元的龐大且不斷增長的凸輪。我們對營運執行、解鎖供應、提高效率和過度服務的嚴謹態度創造了強大的飛輪，推動著我們的成長。

We lead with vision, authenticity, and a relentless commitment to excellence. The market is ready, the customer is ready, and we are more ready than ever to embrace the moment and define the next era of luxury resale.

我們以遠見、真誠和對卓越的不懈追求引領潮流。市場已經準備好，客戶已經準備好，我們比以往任何時候都更準備好擁抱時機，定義奢侈品轉售的下一個時代。

With that, I'll turn the call over to Ajay.

說完這些，我將把電話轉給阿傑 (Ajay)。

Thank you, Rati. Good afternoon, everyone. I'm pleased to report our financial results for Q2 2025, which demonstrate the disciplined execution and the effectiveness of our strategy to drive profitable growth. This past quarter, we delivered our highest ever quarterly GMV revenue and new consigners.

謝謝你，拉蒂。大家下午好。我很高興地報告我們 2025 年第二季的財務業績，這證明了我們嚴格的執行以及推動獲利成長的策略的有效性。上個季度，我們實現了有史以來最高的季度 GMV 收入和新委託人數量。

Our results reflect strong performance across the board and validate the strategic investments we are making, positioning us for continued momentum in both growth and efficiency. Now turning to our detailed second-quarter results beginning with the top line.

我們的業績體現了全面的強勁表現，並驗證了我們正在進行的策略性投資，為我們在成長和效率方面持續保持強勁勢頭奠定了基礎。現在從頂線開始介紹我們第二季的詳細業績。

Q2 GMV of $504 million increased 14% compared to last year. This growth was driven primarily by healthy supply, which led to strong growth in units and to a lesser extent from mixing into higher value items. Our active buyer base also expanded, increasing 6% on a trailing 12-month basis to exceed 1 million active buyers.

第二季 GMV 為 5.04 億美元，較去年同期成長 14%。這種增長主要得益於健康的供應，這導致單位數量強勁增長，並且在較小程度上得益於混入更高價值的物品。我們的活躍買家群體也擴大了，在過去 12 個月內成長了 6%，超過 100 萬活躍買家。

Q2 revenue of $165 million increased 14% year over year. Consignment revenue grew 14%, while direct revenue increased 23% compared to Q2 of 2024, and represented 12% of total revenue in the quarter. Continuing with our second-quarter results.

第二季營收 1.65 億美元，年增 14%。與 2024 年第二季相比，代銷收入成長了 14%，直接收入成長了 23%，佔本季總營收的 12%。繼續我們的第二季業績。

Second quarter gross profit of $123 million increased 14% year over year. Gross margin was 74.3% in the quarter, an increase of 20 basis points compared to the prior year. In the second quarter, consignment gross margin was 89.3%, an improvement of 93 basis points year over year. Direct gross margin was 16.2% in the second quarter, within our previously communicated range of 15% to 25%.

第二季毛利1.23億美元，年增14%。本季毛利率為74.3%，較上年同期增加20個基點。第二季度，代銷毛利率為89.3%，年增93個基點。第二季直接毛利率為 16.2%，在我們先前公佈的 15% 至 25% 的範圍內。

Direct gross margin fluctuates quarterly, largely based on the category mix of products sold. For instance, in a quarter when we sell more watches at high price points, direct gross margin may be lower than in a quarter with a higher mix of handbags. Overall, we are pleased with the stability and continued improvements in total gross margin.

直接毛利率每季都會波動，主要取決於所售產品的類別組合。例如，在我們以高價位銷售更多手錶的季度中，直接毛利率可能低於手袋組合較多的季度。總體而言，我們對總毛利率的穩定和持續改善感到滿意。

Second-quarter operating expenses of $133 million approved 690 basis points year over year as a percent of revenue. Excluding stock-based compensation, operating expenses leveraged by 660 basis points, driven by productivity from our sales team, leverage on our fixed costs, and gains from AI and automation in our authentication center operations.

第二季營運費用為 1.33 億美元，佔營收的百分比為 690 個基點。不包括股票薪酬，營運費用上漲了 660 個基點，這得益於我們銷售團隊的生產力、固定成本的槓桿作用以及我們認證中心營運中的人工智慧和自動化帶來的收益。

Second-quarter adjusted EBITDA of $6.8 million, or 4.1% of total revenue increased $8.6 million versus the prior year. Adjusted EBITDA margins increased 530 basis points year over year. Year-to-date, with adjusted EBITDA margin of 3.4% increased 475 basis points this is prior year, primarily due to operating expense leverage.

第二季調整後的 EBITDA 為 680 萬美元，佔總營收的 4.1%，比前一年增加 860 萬美元。調整後的 EBITDA 利潤率年增 530 個基點。年初至今，調整後的 EBITDA 利潤率為 3.4%，比去年同期增加了 475 個基點，主要原因是營業費用槓桿。

We are pleased with the progress we're making in our productivity efforts and expect operating expenses to continue to be a source of leverage moving forward. We are encouraged by our continued progress towards achieving sustained positive free cash flow and strengthening our balance sheet.

我們對在提高生產力方面取得的進展感到滿意，並預計營運費用將繼續成為未來槓桿的來源。我們在實現持續的正自由現金流和加強資產負債表方面不斷取得進展，這令我們感到鼓舞。

We ended the quarter with the $109 million in cash, cash equivalents, and restricted cash. Our operating cash flow in the second quarter was $4 million, a $3 million improvement year over year, and a $25 million improvement quarter over quarter.

本季末，我們的現金、現金等價物和受限現金為 1.09 億美元。我們第二季的營運現金流為 400 萬美元，年增 300 萬美元，季增 2,500 萬美元。

In Q2, actions related to strengthening the balance sheet for the primary drivers of the change in cash balance. During the quarter, we reduced our total debt by $27 million as we paid off the remaining balance of our 2025 convertible notes.

第二季度，與加強資產負債表相關的行動是現金餘額變動的主要驅動因素。在本季度，我們償還了 2025 年可轉換票據的剩餘餘額，從而減少了 2,700 萬美元的總債務。

Since the beginning of 2024, we have reduced our total debt by $80 million. We have also rebalanced our debt maturity cycle and strengthened the balance sheet. Our next maturity is in until 2028. Capital expenditures on property, plant and equipment for the quarter were $8 million, due to the timing of planned investments to upgrade and densify our authentication centers.

自 2024 年初以來，我們已將總債務減少了 8,000 萬美元。我們也重新平衡了債務到期週期並加強了資產負債表。我們的下一個到期日是 2028 年。由於計劃投資的時間用於升級和增強我們的認證中心，本季的財產、廠房和設備的資本支出為 800 萬美元。

We continue to anticipate fuller CapEx PPNE to remain within 2% to 3% of total revenue. Looking ahead, we expect to generate strong positive free cash flows in Q3 and Q4. Similar to last year, we expect free cash flows to outpace adjusted EBITDA in the second half, demonstrating our business model's favorable cash dynamics as we grow.

我們繼續預期更全面的資本支出 PPNE 將維持在總收入的 2% 至 3% 之間。展望未來，我們預計第三季和第四季將產生強勁的正自由現金流。與去年類似，我們預計下半年自由現金流將超過調整後的 EBITDA，這表明隨著我們的發展，我們的業務模式將具有良好的現金動態。

Turning to our P&L outlook for the remainder of the year. We are increasing our full-year guidance, demonstrating our confidence in the trajectory and strategy of the business. We now expect full-year GMV in the range of $2.030 billion to $2.045 billion for the year, up 11% year over year at the midpoint of our guidance range.

談談今年剩餘時間的損益展望。我們正在提高全年業績預期，顯示我們對業務發展軌跡和策略的信心。我們現在預計全年 GMV 將在 20.30 億美元至 20.45 億美元之間，年增 11%，處於我們指引範圍的中點。

We expect a revenue in the range of $667 million to $674 million, up 12% year over year at the midpoint of our guidance. And we now expect adjusted EBITDA in the range of $29 million to $32 million with marginal expansion driven by top line growth and offering expenses leverage.

我們預計營收將在 6.67 億美元至 6.74 億美元之間，年增 12%（基於我們的指導中位數）。我們現在預計調整後的 EBITDA 在 2,900 萬美元至 3,200 萬美元之間，邊際擴張由營收成長和費用槓桿推動。

Moving to our outlook for the third quarter. GMV is expected in the range of $495 million to $502 million, which represents 15% growth compared to the prior year at the midpoint of our guidance range. Third quarter revenue is expected in the range of $167 million to $170 million, this reflects 14% growth compared to last year at the midpoint of our guidance range.

轉向我們對第三季的展望。預計 GMV 在 4.95 億美元至 5.02 億美元之間，與我們指導範圍的中點相比，與去年相比成長 15%。第三季營收預計將在 1.67 億美元至 1.7 億美元之間，與去年同期相比成長 14%，處於我們預期範圍的中點。

We continue to expect direct revenue to remain in the range of 10% to 15% of total revenue. Third-quarter adjusted EBITDA is expected to be between $6.1 million and $7.1 million, approximately 3.9% of total revenue, and over 230 basis points of margin expansion year over year at the midpoint of our range.

我們繼續預計直接收入將保持在總收入的 10% 至 15% 之間。預計第三季調整後的 EBITDA 在 610 萬美元至 710 萬美元之間，約佔總營收的 3.9%，利潤率將比去年同期擴大 230 個基點（按我們預期範圍的中點計算）。

In closing, our second-quarter financial results show the effectiveness of our disciplined approach to unlocking supply, driving efficiency, and obsessing over service. Record GMV and revenue coupled with our improved profitability is stemming from the powerful flywheel effect we've created.

最後，我們的第二季財務表現表明，我們在釋放供應、提高效率和注重服務方面的嚴謹方法是有效的。創紀錄的 GMV 和收入以及我們提高的獲利能力源自於我們創造的強大飛輪效應。

Through our growth playbook, we are confident in our ability to continue driving profitable supply. Additionally, our investment in AI and automation is already yielding efficiency gains and improved human economics, with more to come.

透過我們的成長策略，我們有信心繼續推動獲利供應。此外，我們在人工智慧和自動化方面的投資已經帶來了效率的提高和人類經濟的改善，未來還會有更多成果。

The momentum in our business and our outlook for 2025 signals confidence in our ability to capitalize on the increased consumer interest in luxury resale. We are poised for sustained growth, improved profitability, and consistent cash flow while defining the next era of luxury resale.

我們的業務發展勢頭和對 2025 年的展望表明，我們有信心利用消費者對奢侈品轉售日益增長的興趣。我們已準備好實現持續成長、提高獲利能力和穩定的現金流，同時定義奢侈品轉售的下一個時代。

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) Ike Boruchow, Wells Fargo.

（操作員指示） 艾克·博魯喬夫，富國銀行。

Hey everyone, congrats on the quarter. Two for me, I'll start with the top line, I guess maybe Rati, just really, great revenue beat in the quarter and the guidance is pretty impressive. Just any chance you could comment on kind of the cadence you've seen, over the past couple of months or just something, quarter to date just kind of, it's just, pretty big inflection in the business and would love to get more details on maybe what's underpinning that.

大家好，恭喜本季。對我來說，首先我要說的是營收，我想可能是 Rati，本季的收入確實超出預期，而且預期也相當令人印象深刻。您能否就過去幾個月或本季迄今的業務變化節奏發表評論，這可能是業務的一個相當大的轉折點，我希望能夠獲得更多詳細信息，了解其背後的原因。

Yes, hi, Ike. Thanks for the question. As far as quarter to date is concerned, we are seeing a momentum in the business. You saw a breakout quarter in Q2. We see that, momentum keep pace in Q3 with a slight, if anything, acceleration that is factored into our guidance, but what gives us confidence there is the supply, second quarter of double digit, new seller growth as well, and our growth play that book, those reinvestments they are really working.

是的，你好，艾克。謝謝你的提問。就本季迄今的情況而言，我們看到業務發展勢頭良好。您在第二季度看到了突破。我們看到，第三季度的勢頭保持同步，如果有的話，略有加速，這已計入我們的指導中，但讓我們有信心的是供應，第二季度兩位數的增長，新賣家的增長，以及我們的增長發揮，那些再投資確實在發揮作用。

Got it. And then for Ajay. On the margins, I guess, you, the grosses are kind of starting to flatten out in the mid-70s, but, which makes sense, and the take rate I think was down year over year, because of the, they can -- the buyer shift and the higher AOB product.

知道了。然後是阿傑。從利潤率來看，我猜，總收入在 70 年代中期開始趨於平穩，但這是有道理的，而且我認為收入率同比下降，這是因為買家轉變和更高的 AOB 產品。

Is that just something we should keep in mind going forward, should the take rate, start to go down a little bit as you're getting more AOV customers? Should the gross margin that are reported maybe even start to be down year over year, even though you're generating big growth and better EBITDA, just kind of curious how we should think about the model in the near term going forward?

這是我們今後應該牢記的事嗎？隨著 AOV 客戶的增多，接受率是否應該開始下降一點？即使你實現了大幅增長且 EBITDA 有所提高，報告的毛利率是否可能開始逐年下降，我只是好奇我們應該如何看待未來短期內的模型？

Yeah, thanks for the question, Ike. I think on take grade you nailed it. It's really just to the ties back to the average order value, right? AOBs in Q2 are up 8% and as you said, when we mix into high value items, it has an effect on our take rate as a percentage going down, but clearly high value items bring in a higher gross profit dollars for us. So we'll take them all day long.

是的，謝謝你的提問，艾克。我認為在評分方面你已經成功了。這實際上只是與平均訂單價值的聯繫，對嗎？第二季的 AOB 上漲了 8%，正如您所說，當我們混入高價值商品時，它會對我們的收費率產生影響，因為百分比會下降，但顯然高價值商品為我們帶來了更高的毛利。所以我們會花一整天的時間。

The second part of your question on gross margin, the anchor point for our gross margin is really our consignment gross margins. They were at 89.3%, and showing really healthy growth up 90 per basis point sources year on year.

關於毛利率的問題的第二部分，我們毛利率的基點實際上是我們的寄售毛利率。其成長率達到 89.3%，與去年同期相比成長了 90 個基點，顯示出真正健康的成長動能。

I think you should expect us to be within the 74% to 75% range. Some of it is the mix of consignment versus other direct revenues and shipping revenues, but really I think at the end of the day take rate connects back to consignment gross margin, both of which are really strong.

我認為您應該期望我們處於 74% 到 75% 的範圍內。其中一些是寄售收入與其他直接收入和運輸收入的組合，但實際上我認為最終的收取率與寄售毛利率相關，這兩者都非常強勁。

Got it. Thanks (inaudible)

知道了。謝謝（聽不清楚）

Bobby Brooks, Northland Capital Markets.

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

Hey, good afternoon guys. Thank you for taking my question, and congrats on the strong quarter. In the opening remarks, Rati, I believe you were talking about expanding to, I believe the term was luxury vendors and international consigners. I just wanted to double click on that to understand what those would look like in actuality and maybe help frame the opportunity there for driving more supply?

嘿，大家下午好。感謝您回答我的問題，並祝賀本季業績強勁。拉蒂，在開場白中，我相信您談到了擴展到奢侈品供應商和國際寄售商。我只是想雙擊它來了解它們實際上是什麼樣子，也許有助於建立推動更多供應的機會？

Yes, hi, Bobby, thanks for the question. I was referring to in the prepared remarks our drop ship channel, we're this year is really about testing and learning this area still really early days. We are happy with some of the momentum we're seeing, this year, testing, learning, like I said. But also building the capabilities at the end of the day.

是的，你好，Bobby，謝謝你的提問。我在準備好的發言中提到了我們的直銷管道，我們今年主要在測試和學習這個領域，目前還處於早期階段。正如我所說的，我們對今年看到的一些勢頭感到高興，包括測試和學習。但最終也要建立能力。

So we started with certain categories. We've expanded to find jewelry, watches and handbags as well. But I do believe this could be a growth driver over the next few years, and especially if we're looking at onboarding, international partners as well

因此我們從某些類別開始。我們也擴大了尋找珠寶、手錶和手提包的業務範圍。但我確實相信，這可能是未來幾年的成長動力，特別是如果我們考慮加入國際合作夥伴

Got it. That's helpful. And then I just wanted to know like I wanted to hear more about how you're thinking about the scalability of the sales force. Obviously a few years back you guys made the intentional shift in the hiring process and that's really resulted in improved supply trends, and combine that with the new sales force incentives that's further bolstered it but kind of what I'm getting at is with GMV up 14%, could you give us a sense for how much did the luxury manager head count increased?

知道了。這很有幫助。然後我只是想知道，我想更多地了解您如何看待銷售隊伍的可擴展性。顯然，幾年前，你們在招聘流程上做出了有意的轉變，這確實導致了供應趨勢的改善，再加上新的銷售隊伍激勵措施，進一步增強了供應趨勢，但我想說的是，隨著 GMV 增長 14%，您能否告訴我們奢侈品經理的數量增加了多少？

Yeah, as far as efficiencies go, when we look at the sales, functions, and we look at every variable function this way, whether it's operations, retail locations, or sales organizations, we always really goal them on hitting a certain amount of efficiency.

是的，就效率而言，當我們審視銷售、職能以及每個變數職能時，無論是營運、零售地點或銷售組織，我們始終以達到一定的效率為目標。

So let's say low single digit efficiencies in each of these areas. So we saw the same here on the sales side and a few things drew, kind of really drove that efficiency. So one of them is appointments per day. Talk a lot about that, right?

因此，我們可以說每個領域的效率都處於個位數的低水準。因此，我們在銷售方面也看到了相同的情況，並且有幾件事確實提高了效率。其中之一就是每天的預約。談論這個很多，對吧？

How do we increase their appointments per day, the compensation structure driving, the quality of their appointments versus the quantity of their appointments, things like the reconsign program, the referral program, all of these things drove supply, but also helped us find and see efficiencies in the sales force.

我們如何增加他們每天的預約量、薪酬結構驅動、預約品質與預約數量、重新委託計劃、推薦計劃等，所有這些都推動了供應，同時也幫助我們發現和看到銷售隊伍的效率。

Got it. That's helpful. I'll return back to the queue. Thank you.

知道了。這很有幫助。我會回到隊列。謝謝。

Ashley Owen, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Ashley Owen。

Hi, thanks for taking our questions. So Rati, I think you mentioned in the prepared mark that the quarter had highest new co-signers ever, so I just wanted to dig into that a bit, I know there's been a ton of focus on the sales team, providing them with new (inaudible) apply, but just curious if you've made any tweaks to the approach, anything you're doing differently than in years past to attract new customers, if you saw a strong response to some of the other co-signing tools that you also outlined, and then additionally just higher number of buyers become sellers, anything to kind of highlight there? Thank you.

您好，感謝您回答我們的問題。所以 Rati，我認為您在準備好的標記中提到本季度的新共同簽署人數量是有史以來最高的，所以我想深入探討一下這一點，我知道您非常關注銷售團隊，為他們提供新的（聽不清）應用，但我只是好奇您是否對方法做了任何調整，與過去幾年相比，您做了什麼不同的事情來吸引新客戶，您是否看到買家對您有什麼的不同謝謝。

Yes, thanks, Ashley for the question. Yeah, we are seeing momentum in new consigners 100% as well as supply. A couple of things drove that. Number one was the marketing reinvestment that we made. It's a real full funnel approach, and so really happy with what we're seeing, the efficiency is there in marketing and then we're able to take that money and reinvest it into new sellers and grow.

是的，謝謝 Ashley 提出這個問題。是的，我們看到新發貨人和供應量都呈現 100% 的成長動能。有幾件事導致了這個現象。第一是我們對行銷進行了再投資。這是一種真正的全通路方法，我們對所看到的結果非常滿意，行銷效率很高，然後我們可以利用這些資金將其重新投資於新賣家並實現成長。

The second thing I would say is our growth playbook, right? You've heard me talk about that a lot, that sales marketing and retail really coming together, meeting the customer consigner where they are, and I can give you a couple of examples of that on the sales side.

我想說的第二件事是我們的成長策略，對嗎？您可能已經聽我多次談論過這一點，銷售行銷和零售真正結合在一起，在客戶委託人所在地與他們會面，我可以從銷售方面給您舉幾個例子。

Like I said, It's the compensation structure, the referral program to bring on new sellers, and we made that more rich, but still very much ROI positive. We also introduced something our customers were asking for a reconsigned feature.

就像我說的，這是補償結構，是吸引新賣家的推薦計劃，我們讓它變得更加豐富，但投資回報率仍然非常積極。我們還引入了客戶要求的重新委託功能。

So it had our buyers become consigners, and that flywheel is really important for what we do. On the retail side, a few different things, 25% of our new consigners come from retail, and we're offering now pop-up events.

因此，我們的買家就變成了寄售者，而這個飛輪對我們的工作非常重要。在零售方面，有幾件不同的事情，我們 25% 的新寄售者來自零售業，我們現在提供快閃活動。

I talked about that in my prepared remarks, on-demand appointments. We have three new stores, in market this year, and I'll give you an example, of one, Houston, really happy with the performance over there. We're seeing 92% increase in new sellers in Houston, almost 50% more supply in that market. So just to give you, those are -- those, that's just one of the stores, right? We've got a couple of others, so it gives us confidence, and, going into Q3 as well.

我在準備好的發言中談到了按需預約。今年我們在市場上有三家新店，我給你舉個例子，其中一家在休士頓，我們對那裡的業績非常滿意。我們看到休士頓的新賣家數量增加了 92%，該市場的供應量增加了近 50%。所以只是為了給你，那些是 - 那些，那隻是其中一家商店，對吧？我們還有其他幾個，所以這給了我們信心，也進入了第三季。

Got it. Thank you. Just to follow up, so you touched on Athena a little bit, but would be curious how much of the assortment this has now been rolled out to you and any updates to metrics and the rollout process you're willing to share. I think last quarter it was called out that about 10% of the items are processed through Athena and that you were cutting processing times by 20%.

知道了。謝謝。只是為了跟進，所以您稍微談到了雅典娜，但我很好奇現在已經向您推出了多少種類的產品，以及您願意分享的指標和推出過程的任何更新。我認為上個季度有消息稱大約 10% 的物品是透過 Athena 處理的，並且處理時間縮短了 20%。

Yes. I'll start a, feel free to step in here. So as far as operational leverage and efficiencies, AI is the cornerstone of that, but Athena is also a big one like you said, right now it's at 20% coverage. By the end of the year we'll be close to 40% there, and we're on track for that, but really at the end of the day, the objective is to cut right multiple dollars in cost per unit in the medium term.

是的。我要開始了，歡迎隨意加入。因此，就營運槓桿和效率而言，人工智慧是基石，但正如您所說，雅典娜也是一個重要因素，目前它的覆蓋率為 20%。到今年年底，我們的比例將接近 40%，而且我們正在朝著這個目標努力，但實際上，我們的目標是在中期內將單位成本削減數美元。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Thanks.

謝謝。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Good evening. Thanks for taking the questions. Congrats on the quarter. Yeah, I would just like to kind of touch on this. I don't know if this is like related to terrorists or anything, but, the strength, the AOV was very strong, usually it's seasonally weaker, I think you called out good performance and higher ticket items.

偉大的。晚安.感謝您回答這些問題。恭喜本季取得佳績。是的，我只是想談談這一點。我不知道這是否與恐怖分子或其他什麼有關，但是，實力，AOV 非常強勁，通常它在季節性上較弱，我認為你提到了良好的表現和更高價位的商品。

So, do you think that was at all tied to tariffs, and people trying to maybe get ahead of that, but just and the other side of that question is, if you do get some better pricing that would make transactions more profitable for you, and increase the LTV of customers, would you consider reinvesting some of that into more marketing? You guys have obviously driven some really nice marketing leverage, but just want to get your thoughts on those two aspects of pricing.

那麼，您是否認為這與關稅有關，人們可能試圖領先於關稅，但問題的另一面是，如果您確實獲得了一些更好的定價，從而使交易更有利可圖，並增加了客戶的 LTV，您是否會考慮將其中一部分重新投資於更多的營銷？你們顯然已經發揮了一些非常好的行銷槓桿作用，但我只是想聽聽你們對定價這兩個方面的看法。

Yes, thanks, Marvin. Thanks for the question. As far as performance right now in Q2 performance, I will say, all of the initiatives that we've reinvested in, that I just talked about around marketing, retail sales, all of those tactics and projects directly contribute to the growth. So that's number one, and that's what we believe that, it's driven out of.

是的，謝謝，馬文。謝謝你的提問。就目前第二季的表現而言，我想說，我們重新投資的所有舉措，我剛才談到的有關行銷、零售銷售的舉措，所有這些策略和項目都直接促進了成長。所以這是第一點，也是我們認為它被驅逐出去的原因。

But you brought up tariffs. I do believe we are a tariff beneficiary for many different reasons, right? Our source is the domestic deposit. There's $200 billion trapped in there, and as pricing increases in the primary market, our pricing algorithms follow and we benefit and see pricing increase as well.

但你提到了關稅問題。我確實相信，由於許多不同的原因，我們是關稅的受益者，對嗎？我們的來源是國內存款。其中有 2000 億美元被困其中，隨著一級市場價格上漲，我們的定價演算法也隨之上漲，我們從中受益，也看到價格上漲。

You also brought up average order value, and yes, that's up 8%, about 8% up year over year. And I would say that's half price and that's half volume. And I think that's really important to know, right, as we reinvest in marketing, we're also seeing the volume come through.

您還提到了平均訂單價值，是的，這一數字上漲了 8%，同比增長了約 8%。我想說的是，這是半價，也是半量。我認為了解這一點非常重要，隨著我們對行銷進行重新投資，我們也看到了銷售量的成長。

You also see it in our overall growth rate, right? 14% up year over year, two-thirds of that is volume and a third of that is price. And I think your last question which around, would we invest more in marketing 100%, right.

您也從我們的整體成長率中看到了這一點，對嗎？年增14%，其中三分之二是銷量，三分之一是價格。我認為您的最後一個問題是，我們是否會在行銷方面投入 100% 資金，對嗎？

Gaining more efficiency, which we continue to test there, learn there, we continue to find efficiency and our plan is to continue and then invest their social being, paid social, we're seeing a lot of kind of momentum there as well, and we'll continue to test new channels with this more full funnel approach, like I mentioned before.

獲得更高的效率，我們會繼續在那裡測試，在那裡學習，我們繼續尋找效率，我們的計劃是繼續，然後投資他們的社交，付費社交，我們也看到了很多勢頭，我們將繼續用這種更完整的漏斗方法測試新渠道，就像我之前提到的那樣。

Got it. And if I may, just to build on Ashley's question there, so getting Athena up to 30% or 40% by year end, would that be that you're expanding Athena into other categories, or are you just going to be covering more? I think you've been started with ready to wear, but how exactly is that expansion going to manifest itself?

知道了。如果可以的話，我只是想補充 Ashley 的問題，到年底讓 Athena 達到 30% 或 40%，這是否意味著您將 Athena 擴展到其他類別，還是只是要覆蓋更多？我認為您已經開始推出成衣系列了，但這種擴張究竟會如何反映呢？

Yes, that's exact exactly right, Marvin. It's going to move and cover more categories. That's right.

是的，完全正確，馬文。它將移動並覆蓋更多類別。這是正確的。

Okay --

好的--

Yeah, and Marvin, just to build on that, like, we often talk about Athena as an example of our focus on AI, behind Athena is an artificial intelligence model and really what we're doing is training it, testing it, and making sure that once we're comfortable with we open it to more categories. So we started with ready to wear, and as the model gets more and more accurate with the categories, we will continue to expand it.

是的，馬文，在此基礎上，我們經常以雅典娜為例來說明我們關注的人工智慧，雅典娜背後是一個人工智慧模型，我們真正做的是訓練它、測試它，並確保一旦我們適應了，我們就會將它開放給更多的類別。因此，我們從成衣開始，隨著模型對類別的掌握越來越準確，我們將繼續擴展它。

Yeah, Marvin, and this is Caitlin, just one other thing to add when we talk about the 20%, that's a total items not yet a total value. So we really see this as not only just a one or two quarter to drive operational efficiency, but we see this as a multi-year process to get to being much more efficient on the authentication on the processing of goods.

是的，馬文，這是凱特琳，當我們談論 20% 時，還有一點需要補充，這是總項目數，而不是總價值。因此，我們確實認為這不僅僅是一兩個季度就能提高營運效率的過程，而是一個多年的過程，以提高貨物處理認證的效率。

Perfect. I appreciate all that. Thank you.

完美的。我對此表示感謝。謝謝。

Thanks, Marvin.

謝謝，馬文。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Great. Thank you for taking my question. Congrats on the results. Just to start, Rati you characterize this as breakout performance, guiding to low double digit revenue growth. Just curious with the progress that you're making across, many of these strategic initiatives.

偉大的。感謝您回答我的問題。恭喜取得成果。首先，Rati，您將此描述為突破性的表現，引領低兩位數的收入成長。我只是好奇您在許多策略舉措中取得的進展。

Any update on how you're thinking about the medium-term top line outgo for the platform, I guess what are the factors that would support sustained growth in this, low double digit, low-teens range versus the kind of high single low double that we were talking about entering the year.

您對於該平台中期營業收入支出有何看法？我想，哪些因素能夠支持這種低兩位數、低十幾位數的持續成長，而不是像我們之前所說的那樣，在進入今年時實現高個位數、低雙位數的成長？

Yes, thanks, Mark. I was waiting for that question. I will say that 8% to 12%, you've heard me say over and over high single digit, low double digit growth rate, that's optimal to plan for. I will say it's optimal to run our business on. Could we do better most quarters? Sure, maybe. But our focus is really on profitable growth right now. So I'd say for planning purposes, that's what I would plug in.

是的，謝謝，馬克。我正在等待這個問題。我想說的是，8% 到 12% 的成長率，你們已經聽我反覆說過了，高個位數、低兩位數的成長率，這是最佳的規劃。我想說這是我們開展業務的最佳方式。我們能在大多數季度中做得更好嗎？當然，也許吧。但我們現在真正關注的是獲利成長。所以我想說，出於規劃目的，這就是我要插入的內容。

Fair enough. And then just one on margin Ajay, drove really nice margin leverage here in the second quarter. I guess first maybe help us understand where you outperform the plan, and then as we look at the guidance for Q3 and applied for the back half, I guess it would suggest kind of less year-over-year margin expansion. So just curious, I mean, what would be different or what are you planning different in terms of flow through dynamics in Q3 in the back half versus what we saw in the first half? Thank you.

很公平。然後，僅就利潤率而言，Ajay 在第二季度實現了非常好的利潤率槓桿。我想首先也許可以幫助我們了解你們在哪些方面超越了計劃，然後當我們查看第三季度的指導並應用於下半年時，我想這會表明同比利潤率擴張有所減少。所以只是好奇，我的意思是，與上半年相比，第三季下半年的流通動態方面會有什麼不同，或者您計劃有什麼不同？謝謝。

Yeah --

是的--

Mark, thank you so much for that question. We feel really good about how we are expanding EBITDA margins at the business. We last year -- as a reminder, last year was our first full year of adjusted EBITDA profitability.

馬克，非常感謝你提出這個問題。我們對業務的 EBITDA 利潤率不斷提高感到非常滿意。需要提醒的是，去年是我們調整後 EBITDA 獲利的第一個全年年份。

We ended the year with 1.6%, and if I look at the first half, we've slightly more than double that. We're going to be reporting 3.4% EBITDA margin and our guidance for the full-year 2025 implies 4% to 5% margin for the full year. So very pleased with the progress that we are -- we're seeing there.

我們以 1.6% 的成長率結束了這一年度，而如果我看一下上半年，我們的成長率則略高於這一水準的兩倍。我們的 EBITDA 利潤率將達到 3.4%，而我們對 2025 年全年的預期意味著全年利潤率將達到 4% 至 5%。我們對所看到的進展感到非常高興。

We expect that trajectory to continue, and it's really driven by three things. It's starting with the gross margin where we have very healthy gross margins, 74% to 75%, and we see that translating nicely into as we grow. You heard Rati talk about our focus on [ops] excellence and AI.

我們預計這一趨勢將會持續下去，而這主要由三件事推動。首先從毛利率開始，我們的毛利率非常健康，為 74% 至 75%，我們看到，隨著我們的成長，這一水平將得到很好的轉化。您聽到 Rati 談論了我們對 [ops] 卓越和 AI 的關注。

Those initiatives are delivering good results. You can see that in our OpEx leverage in Q1 and Q2, and we expect that to continue. And finally, just our fixed cost base, we are getting good leverage on our fixed cost base, our investments in products and technology, that too will continue, and I see no structural reason why we can't be a 15% to 20% EBITDA business over the year over the medium term.

這些措施正在取得良好成效。您可以在第一季和第二季的營運支出槓桿中看到這一點，我們預計這種情況將會持續下去。最後，僅就我們的固定成本基礎而言，我們在固定成本基礎、產品和技術方面的投資方面獲得了良好的槓桿作用，這也將繼續下去，我認為沒有任何結構性原因導致我們不能在中期內實現 15% 至 20% 的 EBITDA 業務。

Thank you.

謝謝。

Anna Glaessgen, B. Riley Securities. Please go ahead.

Anna Glaessgen，B. Riley Securities。請繼續。

Hi, good afternoon. Thanks for taking my question. I'd like to circle back on the new consigner growth. I understand, it's just happened in the second quarter, so it's a little early to have seen repeat consigning, but just wondering if there's anything in the data about this recent cohort to suggest that this is a consumer response to tariffs or a response to increased prices in the primary market or anything to suggest that this is more of a one-time surge in nature rather than, a permanent shift in consigner growth? Thanks.

嗨，下午好。感謝您回答我的問題。我想回顧一下新發貨人的成長情況。我明白，這剛剛發生在第二季度，所以現在就看到重複寄售還為時過早，但我只是想知道最近這一群體的數據中是否有任何跡象表明這是消費者對關稅的反應或對一級市場價格上漲的反應，或者有任何跡象表明這更像是一次性的激增，而不是寄售者增長的永久性轉變？謝謝。

Yes, hi, Anna, thanks for the question. We, again -- we're able to kind of directly see that where this new these new sellers are coming from, what projects and initiatives are driving these new consigners. So I mentioned our reconsigned program, a referral program, our reinvestment in marketing. So we do believe that this is not a one-time benefit. This is now the second quarter, right, that we're seeing double digit growth there, and then as far the change in the cohorts.

是的，嗨，安娜，謝謝你的提問。我們再次能夠直接看到這些新賣家來自哪裡，哪些項目和措施正在推動這些新委託人的發展。所以我提到了我們的重新委託計劃、推薦計劃以及我們對行銷的再投資。所以我們確實相信這不是一次性的福利。現在已是第二季度，我們看到了兩位數的成長，群體也發生了變化。

Any changes, I'm not seeing any changes there, they are pretty consistent, mostly Gen Z, millennial, is almost, 55%, high frequency, medium to high income, and they will say they buy and sell often. If anything, I think we're getting better at targeting this group and these cohorts and these flywheelers.

有什麼變化嗎？我沒有看到任何變化，它們相當一致，主要是 Z 世代、千禧世代，幾乎佔 55%，高頻率、中高收入，他們會說他們經常買賣。如果有什麼不同的話，我認為我們在針對這個群體、這些同夥和這些飛輪者方面做得越來越好。

Got it. Thanks. And then turning to the potential benefit from Athena now taking over 30% to 40% of intake. Anything to share on what the potential savings per unit could be. I know you referenced, a couple of dollars per unit, but, anything you can share there incrementally as to what the opportunity could be as that's more fully rolled out?

知道了。謝謝。然後轉向雅典娜帶來的潛在利益，目前雅典娜的攝取量已超過 30% 到 40%。能否分享一下每單位的潛在節省金額。我知道您曾提到每單位幾美元，但是，隨著這項技術更加全面地推出，您能否逐步分享可能帶來的機會？

Yeah, hi, thanks for the question. I can take this one. So Athena today is about touching about 20% of the items, and we expect it to touch 30% to 40% of the of the items by your end. When you look at the impact it's having, I would highlight it as one of the key drivers behind the operating leverage we're seeing on the ops and tech line in Q2, we saw 310 basis points of leverage on that particular line, and we think that Athenas behind that and it will continue to leverage as we go ahead.

是的，嗨，謝謝你的提問。我可以拿這個。因此，Athena 今天將觸及大約 20% 的商品，我們預計它將觸及您最終的 30% 到 40% 的商品。當您看到它產生的影響時，我會強調它是我們在第二季度在營運和技術線上看到的營運槓桿背後的關鍵驅動因素之一，我們看到該特定線上的槓桿率為 310 個基點，我們認為雅典娜是其背後的推動力，並且隨著我們的前進，它將繼續發揮槓桿作用。

Internally, we obviously look at the cost per item. So we look at our op when we look at our operation center, we look at what does it cost for us to process and authenticate each item, and Rati's reference to how we see Athena playing out is really talking about how we believe that we can take out multiple dollars of cost on a per item basis as we scale Athena across our business.

在內部，我們顯然會考慮每件商品的成本。因此，當我們審視我們的營運中心時，我們會審視我們的運營，我們會考慮處理和驗證每件物品的成本，而 Rati 提到的我們如何看待 Athena 的運作，實際上是在談論我們如何相信，隨著我們在整個業務中擴展 Athena，我們可以在每件物品的基礎上節省數美元的成本。

Great. Thanks.

偉大的。謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great. Thank you for taking the question. Can you just talk about the luxury space overall some of the public, European luxury companies have talked about maybe a slowdown in luxury spending at a full price level. Can you talk about the interplay between that trend and how that benefits or just affects the resale market. Thank you.

偉大的。感謝您回答這個問題。您能否談談奢侈品領域的整體情況？一些大眾、歐洲奢侈品公司已經談到全價奢侈品消費可能會放緩。您能談談這種趨勢之間的相互作用以及它如何使轉售市場受益或受到影響嗎？謝謝。

Yes, thanks, Jay for the question. As far as the luxury space, and the slowdown or any kind of impact that we're seeing on resale, that's the interesting thing about our business. It's the diversity of products, the multiple categories, multiple brands, so some things are out of favor, other things are in favor, right? And our pricing algorithms.

是的，謝謝傑伊提出這個問題。就奢侈品領域而言，以及我們看到的轉售放緩或任何影響，這就是我們業務的有趣之處。由於產品的多樣性、多個類別、多個品牌，所以有些東西不受歡迎，而其他東西卻受歡迎，對嗎？以及我們的定價演算法。

So for example, jewelry is really hot right now. We're selling, that really well. We've, updated prices or increased prices on both branded and unbranded. Well, maybe another brand is out of favor and you have to price accordingly.

例如，珠寶現在非常流行。我們的銷量確實很好。我們已經更新或提高了品牌和非品牌產品的價格。好吧，也許另一個品牌不再受歡迎，你必須相應地定價。

So we're seeing both things there. We don't see that having a huge impact on our business. I will say when the luxury space increases, let's say, tariffs do impact their business and they have to increase their prices in the primary market, we usually also increase our prices, so we can benefit from that.

所以我們在那裡看到了這兩件事。我們認為這不會對我們的業務產生巨大影響。我想說的是，當奢侈品領域增加時，比如說，關稅確實影響了他們的業務，他們必須提高一級市場的價格，我們通常也會提高價格，所以我們可以從中受益。

And maybe just to add to that, you hear us talk about the $200 billion TAM that drives our business as a supply driven business, we get excited about the fact that we see about $200 billion of Items that are already in people's closets.

或許只是為了補充這一點，您聽到我們談論 2000 億美元的 TAM，它推動著我們作為供應驅動型企業的業務發展，我們很高興看到人們的衣櫥裡已經有價值約 2000 億美元的商品。

Our growth playbook excels at unlocking that supply and bringing it onto our platform, which is a source of growth for us. So as the primary market goes through its ups and downs, the effect on us is hard to hard to sort of tease it out because we have enough time to go off.

我們的成長策略擅長釋放這種供應並將其帶入我們的平台，這是我們成長的來源。因此，隨著一級市場經歷起伏，對我們的影響很難弄清楚，因為我們有足夠的時間來應對。

Got it. Interesting. Maybe just one more if I could. Just on the direct revenue segment, gross margin, a little bit different from last quarter. Just talk about, what the differences were is that seasonal, and where do you expect the margins in that segment to trend for the second half of the year?

知道了。有趣的。如果可以的話，也許再多一個。僅在直接收入部分，毛利率與上一季略有不同。只需談論一下，差異是什麼，是季節性的，您預計該細分市場的利潤率在下半年會如何變化？

On direct, was that your question? Yeah, yeah.

直接說，這是你的問題嗎？是啊是啊。

Yeah, yeah.

是啊是啊。

Thank you. Thanks for that question. Yeah, directly, we've rebuilt our direct business to be a much more attractive and more profitable part of part of our portfolio today. You've heard us talk about how we expect margins gross margins in that revenue stream to be between 15% to 25%.

謝謝。謝謝你的提問。是的，我們直接重建了我們的直接業務，使其成為我們目前投資組合中更具吸引力、更有利可圖的一部分。您已經聽我們說過，我們預計該收入流的毛利率將在 15% 至 25% 之間。

Which I acknowledge is a pretty wide range, and really it comes back to -- it comes out of the mix of what we sell of the items being sold through that through that revenue stream. For example, when we sell higher priced items like watches or high end jewelry, our percentage margin on those products is going to be lower, but the dollars are very attractive.

我承認，這是一個相當廣泛的範圍，而實際上，它來自我們透過該收入流銷售的商品的組合。例如，當我們銷售手錶或高端珠寶等高價位的商品時，這些產品的利潤率會較低，但價格卻非常有吸引力。

Understood. Got it. Thank you so much.

明白了。知道了。太感謝了。

Bobby Brooks, Northland Capital Markets.

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

Hey guys, thanks for taking the follow-up question. And just, go circling back on Athena. I was just curious, where in your inbound process do you see the most opportunity to cut dollars out? And then feel like it would be helpful to for investors to maybe draw a bridge of how applying Athena to those areas could drive those costs lower? Thank you.

嘿夥計們，感謝你們回答後續問題。然後，繞回雅典娜。我只是好奇，在您的入站流程中，您認為哪個環節最有可能節省開支？然後感覺這是否會對投資者有所幫助，也許可以畫出一條橋樑，說明如何將 Athena 應用於這些領域，從而降低這些成本？謝謝。

Oh, thanks Bobby. Athena, as a project, as we've talked, spoken about, it is really touching the what happens to an item from the moment it arrives in our fulfillment centers till it's made available, right? So think about it as the -- as a project that is driving efficiencies into how we set up an item, how we create that listing, and, just make sure that it's an authentic -- authenticated item.

哦，謝謝鮑比。雅典娜，作為一個項目，正如我們討論過的，它確實觸及了一件物品從到達我們的配送中心直到提供為止的整個過程，對嗎？因此，可以將其視為一個項目，該項目可以提高我們如何設定商品、如何建立清單的效率，並確保它是真實的、經過認證的商品。

That's sort of the core of what Athena is looking at right now. I would, I'd say, as an example of what we're doing in artificial intelligence. You've heard about us talk about how AI is really focused on our core strategic modes, right?

這就是雅典娜目前正在關注的核心問題。我想說，這是我們在人工智慧領域所做工作的一個例子。您聽過我們談論人工智慧如何真正專注於我們的核心策略模式，對嗎？

So it's pretty pervasive, right, when you look at how we acquire supply initiatives like smart sales and smart prospects are driving efficiencies, leveraging our data to make our sales seem more efficient. AI is also driving our pricing, which is at the core of how we help our cost help our sellers find the best value for what they're selling. It's in multiple places, and I think what you're seeing in our OpEx leverage is really a result of how we brought that to bear on the areas where we can make massive differences in our business.

所以它是相當普遍的，對吧，當你看看我們如何獲得供應計劃，例如智慧銷售和智慧潛在客戶正在提高效率，利用我們的數據讓我們的銷售看起來更有效率。人工智慧也在推動我們的定價，這是我們幫助成本控制的核心，可以幫助賣家找到他們所銷售產品的最佳價值。它存在於多個地方，我認為您在我們的營運支出槓桿中所看到的實際上是我們如何將其應用於能夠對我們的業務產生巨大影響的領域的結果。

Appreciate the color.

欣賞色彩。

And at this time I will now turn to call back over to Rati Levesque, CEO for closing remarks.

現在，我將請執行長 Rati Levesque 致最後總結。

Thank you. First of all, I just want to thank you all for your questions, and we appreciate you joining us today. I want to extend our sincere thank you to every member of the RealReal team. These impressive results we've shared today are direct reflection of your hard work and disciplined execution across our strategic pillars.

謝謝。首先，我要感謝大家的提問，也感謝大家今天的參與。我要向 RealReal 團隊的每位成員表達最誠摯的感謝。我們今天分享的這些令人印象深刻的成果直接反映了你們在我們各個戰略支柱上的辛勤工作和嚴謹的執行。

I couldn't be more proud of your dedication to our mission and what we've accomplished together. The moment the momentum we have is real and it's fueled by your commitment to operational excellence, and to defining the next era of luxury resale. Thank you all, and we'll speak to you again soon.

我對於您對我們的使命的奉獻以及我們共同取得的成就感到無比自豪。此刻，我們擁有的動力是真實的，它由您對卓越營運的承諾以及對定義下一個奢侈品轉售時代的承諾所推動。謝謝大家，我們很快會再和你們聯絡。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may not disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您不能斷開連線。