RealReal Inc (REAL) 2025 Q3 法說會逐字稿

Hello, and welcome to The RealReal Q3 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time.

大家好，歡迎參加The RealReal第三季財報電話會議。（操作說明）另請注意，本次會議正在錄音。如有任何異議，請立即斷開連接。

With that, I would like to turn the call over to Caitlin Howe, Senior Vice President of Finance.

接下來，我將把電話交給財務高級副總裁凱特琳·豪。

Thank you, operator. Joining me today to discuss our results for the period ended September 30, 2025, are Chief Executive Officer and President, Rati Levesque; and Chief Financial Officer, Ajay Gopal.

謝謝接線生。今天與我一起討論截至 2025 年 9 月 30 日的業績的是執行長兼總裁 Rati Levesque 和財務長 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. 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.

在開始之前，我想提醒各位，在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明涉及已知和未知的風險和不確定性。我們的實際結果可能與此類聲明中提出的結果有重大差異。您可以在公司最新的 10-K 表格和隨後的 10-Q 季度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.

今天的報告還將包括一些非GAAP財務指標，包括歷史數據和前瞻性數據。我們在獲利新聞稿中提供了歷史非GAAP財務指標與最可比較GAAP指標的調節表，該新聞稿可在我們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.

現在我想把電話交給 The RealReal 的執行長 Rati Levesque。

Thank you, Caitlin. Good afternoon, everyone, and welcome to The RealReal's third-quarter earnings conference call. Our strong third-quarter results and our full year outlook for GMV of over $2 billion are a testament to our long-term strategy, which has solidified our position as the market leader in luxury resale. We are changing the way people shop, making resale a primary option. 58% of shoppers prefer the secondary market outright and 47% of shoppers now consider resale value before buying something new.

謝謝你，凱特琳。各位下午好，歡迎參加The RealReal第三季財報電話會議。我們強勁的第三季業績以及全年超過 20 億美元的商品交易總額預期，證明了我們的長期策略是正確的，該策略鞏固了我們作為奢侈品二手市場領導者的地位。我們正在改變人們的購物方式，使二手商品成為主要選擇之一。 58%的購物者更傾向於直接在二手市場購買商品，47%的購物者在購買新商品前會考慮其轉售價值。

Resale is no longer reacting to the fashion industry, but driving it. In fact, Vogue use search on The RealReal as a key metric for brand heat in their coverage of the new creative director debuts during the fall fashion shows.

二手市場不再是時尚產業的被動反應，而是引領時尚產業的發展。事實上，《Vogue》在報導秋季時裝週期間新任創意總監的亮相時，會將 The RealReal 上的搜尋量作為衡量品牌熱度的關鍵指標。

Our proprietary data allows us to identify and respond to what buyers want ahead of cycles. Insights from our recent resale report, which analyzes shopping and consignment behaviors across our community of over 40 million members include the following: fine jewelry has been our fastest-growing category. First-time watch buyers increased 46% with heritage brands leading the way.

我們擁有的專有數據使我們能夠在周期到來之前識別並滿足買家的需求。我們最近發布的轉售報告分析了我們超過 4000 萬會員的社區的購物和寄售行為，其中得出的結論包括：高級珠寶是我們成長最快的類別。首次購買手錶的人數增加了 46%，其中傳統品牌引領潮流。

Customers are turning to us for major life milestones, evidenced by search volume up 247% for wedding dresses. In handbags, shoppers are embracing the lived-in look with searches for fair condition handbags up 32%. And finally, rising acceptance of luxury resale is fueling the adoption of second-hand in holiday gifting.

顧客們在人生重大里程碑時刻都向我們尋求幫助，婚紗搜尋量增加了 247%，這便是最好的證明。在手提包領域，購物者開始青睞有使用痕跡的款式，對狀況良好的手提包的搜尋量上升了 32%。最後，人們對奢侈品轉售的接受度不斷提高，也推動了節慶送禮中二手商品的流行。

Turning to Q3 results. We delivered accelerating growth and expanded margins. We set a new record on quarterly GMV with third-quarter GMV of $520 million, up 20% versus Q3 of last year. And we delivered adjusted EBITDA of $9.3 million or 5.4% of total revenue, up 380 basis points year over year. Let's discuss how our three strategic pillars, growth playbook, operational efficiency, and obsess over service are fueling these strong results.

接下來來看看第三季業績。我們實現了加速成長和利潤率提升。第三季 GMV 達到 5.2 億美元，創下季度 GMV 新紀錄，比去年第三季成長 20%。我們實現了調整後 EBITDA 930 萬美元，佔總營收的 5.4%，年增 380 個基點。讓我們來探討一下我們的三大策略支柱、成長策略、營運效率以及對服務的執著是如何推動這些強勁成果的。

Diving into the growth playbook, our sales team is unlocking high-quality supply through data and deep consignor relationships. Q3 2025 was the first full quarter with our new compensation plan rolled out to the entire sales team. The plan's design focuses on value over unit volume.

我們的銷售團隊深入研究成長策略，透過數據和與寄售商的深厚關係，挖掘高品質的供應來源。2025 年第三季是我們向整個銷售團隊全面推行新薪酬方案後的第一個完整季度。該計劃的設計重點在於價值而非單位面積。

In addition, tools like Smart Sales are enabling our sales team to unlock supply using AI and data. Productivity increased with supply value per existing luxury manager up 12% year over year.

此外，像 Smart Sales 這樣的工具正在幫助我們的銷售團隊利用人工智慧和數據來釋放供應潛力。生產力提高，每位現有奢侈品經理的供應價值年增 12%。

Sales team tenure reached an all-time high in Q3 with more than half of the sales team in place for over two years. And we added top talent to the ranks of our sales team, laying the foundation for deeper relationships with our sellers.

第三季銷售團隊的平均任職時間達到歷史最高水平，超過一半的銷售團隊成員在公司工作兩年以上。我們為銷售團隊增添了頂尖人才，為與賣家建立更深層的關係奠定了基礎。

With a total addressable market of over $200 billion of untapped supply in US closets, we see a long runway ahead to drive top-line growth. Through sales, Real Partners, our affiliate program, Real Friends, which is our referral program, and the continued expansion of dropship, we will continue to unlock supply in the coming years.

美國衣櫥市場擁有超過 2000 億美元的潛在供應量，因此我們看到未來將有很大的發展空間來推動營收成長。透過銷售、真正的合作夥伴計劃、我們的聯盟計劃、真正的朋友計劃（我們的推薦計劃）以及代發貨業務的持續擴張，我們將在未來幾年繼續釋放供應能力。

Turning to marketing. Our efforts are focused on scaling our active consignor base and reinforcing our brand authority. In Q3, we grew new and repeat consignors double digits year over year, trailing 12-month active buyers increased to reach an all-time high of over 1 million, and new buyer LTV is trending higher with average order value and 12-month lifetime value expanding.

轉向市場行銷。我們致力於擴大活躍寄售商群體，並鞏固我們的品牌權威性。第三季度，新舊客戶數量年增兩位數，過去 12 個月的活躍買家數量增至歷史新高，超過 100 萬，新買家終身價值 (LTV) 呈上升趨勢，平均訂單價值和 12 個月終身價值均有所增長。

From a strategic perspective, we're focused on attracting flywheelers, or customers who participate in both sides of our marketplace. These flywheelers are 2 to 3 times more valuable and transact with us more frequently, accelerating the network effects of our platform.

從策略角度來看，我們專注於吸引飛輪效應者，也就是那些同時參與我們市場買賣雙方的客戶。這些飛輪效應用戶價值是普通用戶的 2 到 3 倍，並且與我們進行交易的頻率更高，從而加速了我們平台的網路效應。

Looking forward to 2026, we are seeing green shoots in our marketing efforts. Our focus is on pursuing an AI-fueled smart engine to increase our LTV. Our smart prospecting engine aims to enhance targeting of new consignors. Building on our success in social, we are developing a 360-degree presence that combines organic and paid social media to propel brand relevance and digital performance. Early test results are positive.

展望2026年，我們的行銷工作已經初見成效。我們的重點是研發由人工智慧驅動的智慧引擎，以提高客戶終身價值。我們的智慧潛在客戶開發引擎旨在提高新寄售商的精準定位。憑藉我們在社群媒體領域的成功，我們正在打造一個360度全方位的品牌形象，將自然流量和付費社群媒體結合，以提升品牌相關性和數位表現。初步檢測結果呈陽性。

Our retail stores and high-value events work in concert with our marketing and sales team, generating desirable supply and new consignors. In fact, 25% of new consignors come from our stores. Consignors can interact with our in-store experts, gemologists, virologists, and handbag experts who provide specialized valuations that build trust with prospective sellers. We are seeing success with introducing high-value, experiential events in our retail stores.

我們的零售店和高價值活動與我們的行銷和銷售團隊協同合作，產生理想的貨源和新的寄售商。事實上，25% 的新寄售者都來自我們的門市。寄賣者可以與我們店內的專家、寶石學家、病毒學家和手袋專家互動，他們提供專業的估價，從而建立與潛在賣家的信任。我們在零售店中引入高價值的體驗式活動取得了成功。

Q3 set new records. Newport Beach and Tysons Corner unlocked $2.6 million of supply over just a couple of days. We currently have 18 brick-and-mortar locations, and we plan to add one to three stores per year, giving us a 10-year runway of growth from new stores.

第三季創下新紀錄。紐波特海灘和泰森斯角在短短幾天內就釋放了價值 260 萬美元的供應量。我們目前擁有 18 家實體店，並計劃每年新增一到三家門市，這將使我們在未來 10 年內透過開設新店實現成長。

Moving to our next strategic pillar, driving operational efficiencies. Athena, our proprietary AI-enabled product intake process is delivering efficiency and reducing costs while improving speed and accuracy. As of the end of Q3, the Athena intake process touched 27% of all items, and we are on track for 30% to 40% by year-end.

接下來，我們將探討下一個策略支柱－提高營運效率。Athena 是我們自主研發的 AI 賦能產品接收流程，它在提高速度與準確性的同時，也能提高效率、降低成本。截至第三季末，Athena 接收流程已涵蓋 27% 的所有項目，我們預計在年底前達到 30% 至 40%。

Our future vision is to achieve full listing automation and reduce our processing time from 14 days to our goal of 7 days. In the next phase of Athena, we plan to expand into mid- and high-value items with the opportunity to save millions of dollars while delivering superior service and speed for our sellers.

我們未來的願景是實現房源資訊的完全自動化，並將處理時間從 14 天縮短到我們設定的 7 天目標。在 Athena 的下一階段，我們計劃拓展到中高價值商品領域，為賣家提供更優質的服務和更快的速度，幫助他們節省數百萬美元。

Turning to our third strategic pillar. Obsessing over service is the secret sauce that reinforces our deep customer loyalty. In Q3, our customer trust metric increased 8 points year over year. The customer is evolving rapidly, and we are listening. When I think about our strategic vision, I think of us as an adviser to our customers, a real partnership built on trust, transparency, and personalized communication.

接下來，我們來談談第三個策略支柱。對服務的極致追求是我們鞏固顧客忠誠度的秘訣。第三季度，我們的客戶信任度指標較去年同期成長 8 個百分點。客戶需求瞬息萬變，我們正在傾聽。當我思考我們的策略願景時，我認為我們是客戶的顧問，是建立在信任、透明和個人化溝通基礎上的真正合作關係。

By helping our customer manage the luxury assets in their closet, this partnership is not just transactional, but is defined by a deep understanding of our customers' financial motivations, fashion sense, and individual style. We look to accompany them on their journey through the primary and secondary market. Last quarter, we introduced the concept of My Closet through Reconsign, which allows our consignors to resell items they purchased on The RealReal in one click.

透過幫助客戶管理他們衣櫥裡的奢侈品，這種合作關係不僅僅是交易性的，而是建立在對客戶的財務動機、時尚品味和個人風格的深刻理解之上的。我們希望陪伴他們走過一級市場和二級市場。上個季度，我們透過 Reconsign 推出了「我的衣櫥」概念，讓我們的寄售者只需點擊一下即可轉售他們在 The RealReal 上購買的商品。

Looking to the future, My Closet is creating additional customer tools to help catalog closet inventory, enhance access to product insights, and provide personalized advising. We see flywheel behavior becoming the norm as our service moves past simply buying and selling, offering ways to optimize and manage the content of the fashion portfolio.

展望未來，My Closet 正在創建更多客戶工具，以協助整理衣櫥庫存、增強產品資訊擷取管道並提供個人化建議。我們看到，隨著我們的服務不再局限於簡單的買賣，而是提供優化和管理時尚產品組合內容的方法，飛輪效應將成為常態。

In closing, Q3 was a strong quarter. Our performance across all key metrics and the trends we are seeing in the business gives us confidence to raise our full-year guidance. As I reflect in the last year, four quarters of progress since I stepped into the CEO role, I am incredibly proud of The RealReal team and the significant transformation we've achieved. We believe we have proven that our growth playbook works, our model is scalable, and the superior service drives our powerful flywheel.

總之，第三季表現強勁。我們在所有關鍵指標上的表現以及我們在業務中看到的趨勢，讓我們有信心提高全年業績預期。回顧過去一年，也就是我擔任執行長以來的四個季度，我為The RealReal團隊以及我們所取得的重大變革感到無比自豪。我們相信，我們已經證明我們的成長策略是有效的，我們的模式是可擴展的，而卓越的服務驅動著我們強大的飛輪效應。

I want to thank the entire RealReal team for their unwavering commitment to our customers and for executing with excellence this quarter. I couldn't be more excited about where The RealReal is headed. We've built a strong foundation, we're seeing great momentum, and I believe the best is yet to come.

我要感謝 RealReal 團隊全體成員對客戶的堅定承諾，以及本季出色的工作表現。我對The RealReal的未來發展方向感到無比興奮。我們已經打下了堅實的基礎，我們看到了強勁的發展勢頭，我相信最好的還在後頭。

I will now turn the call over to Ajay for a more detailed review of our financial performance.

現在我將把電話交給阿傑，讓他對我們的財務表現進行更詳細的分析。

Thank you, Rati. Good afternoon, everyone. I am pleased to review our financial results for the third quarter, which highlight a period of decisive acceleration and strong execution against our strategic priorities. We delivered robust top-line growth, with GMV increasing 20% and revenue up 17% year over year.

謝謝你，拉蒂。大家下午好。我很高興回顧我們第三季的財務業績，這凸顯了我們在策略重點方面實現了果斷加速和強勁執行的時期。我們實現了強勁的營收成長，GMV年增20%，營收年增17%。

Our approach to unlocking supply and driving efficiency is paying off, with adjusted EBITDA of $9.3 million or 5.4% of total revenue, expanding 380 basis points and free cash flow of $14 million for the quarter.

我們釋放供應潛力、提高效率的方法正在取得成效，本季調整後的 EBITDA 為 930 萬美元，佔總營收的 5.4%，成長了 380 個基點，自由現金流為 1,400 萬美元。

Now turning to our detailed third-quarter results, beginning with the top line. Q3 GMV of $520 million increased 20% compared to last year. Growth was driven roughly evenly by unit volume and higher average selling prices. Q3 revenue of $174 million increased 17% and with consignment revenue up 15% year over year. Direct revenue increased 47% compared to Q3 of 2024, and represented 13% of total revenue in the quarter.

現在來看我們第三季的詳細業績，首先從營收說起。第三季商品交易總額為 5.2 億美元，比去年同期成長 20%。成長主要由銷售成長和平均售價上漲兩方面共同推動。第三季營收達 1.74 億美元，年增 17%，其中寄售收入年增 15%。與 2024 年第三季相比，直接收入成長了 47%，佔該季度總營收的 13%。

Average order value of $584 increased 12% versus last year. Q3 take rate of 37.9% declined 70 basis points year over year due to a mix into higher-value items and categories. Our active buyer base accelerated sequentially. On a trailing 12-month basis, it increased 7% year over year to more than 1 million active buyers, marking a new all-time high.

平均訂單價值為 584 美元，比去年增長了 12%。第三季成交率為 37.9%，年減 70 個基點，原因是商品和品類向高價值商品和品類混合銷售。我們的活躍買家群體逐年成長。以過去 12 個月計算，活躍買家數量年增 7%，超過 100 萬，創歷史新高。

Continuing with our third-quarter results. Third-quarter gross profit of $129 million increased 16% year over year. Gross margin was 74.3% in Q3, which was consistent with Q2 of this year and down 60 basis points compared to the prior-year period due to a higher mix of direct revenue this year.

繼續介紹我們的第三季業績。第三季毛利為1.29億美元，年增16%。第三季毛利率為 74.3%，與今年第二季持平，但較上年同期下降 60 個基點，因為今年直接營收佔比更高。

In the third quarter, consignment gross margin was 89.3%, an improvement of 70 basis points year over year and direct gross margin was 20.9%, an increase of 370 basis points versus prior year.

第三季度，寄售毛利率為 89.3%，年增 70 個基點；直接毛利率為 20.9%，較去年同期成長 370 個基點。

Third quarter operating expenses of $136 million leveraged 620 basis points year over year as a percent of revenue. Excluding stock-based compensation, operating expenses leveraged by 470 basis points, driven by our focus on operating efficiencies, continued gains from AI and automation, and leverage on fixed costs. Third-quarter adjusted EBITDA of $9.3 million or 5.4% of total revenue increased $7 million versus prior year. Adjusted EBITDA margins increased 380 basis points year over year.

第三季營運支出為 1.36 億美元，年減 620 個基點，佔營收的百分比。不計股權激勵，營運費用槓桿率為 470 個基點，這得益於我們對營運效率的關注、人工智慧和自動化帶來的持續收益以及對固定成本的槓桿作用。第三季調整後 EBITDA 為 930 萬美元，佔總營收的 5.4%，比上年同期成長 700 萬美元。調整後 EBITDA 利潤率年增 380 個基點。

We ended the quarter with $123 million in cash, cash equivalents, and restricted cash. Our operating cash flow in the third quarter was $19 million, a $10 million improvement year over year. Free cash flow was $14 million in the third quarter, a $12 million improvement year over year demonstrating our business model's favorable cash dynamics as we grow.

本季末，我們持有現金、現金等價物和受限現金共 1.23 億美元。第三季我們的營運現金流為 1,900 萬美元，比上年同期成長了 1,000 萬美元。第三季自由現金流為 1,400 萬美元，比上年同期成長 1,200 萬美元，這表明隨著我們的成長，我們的商業模式具有良好的現金動態。

As a reminder, we reduced our debt by $6 million through the strategic debt exchange transaction we announced in August. Since the beginning of 2024, we've reduced our total indebtedness by over $86 million while extending our debt maturity profile, reinforcing our commitment to delevering and strengthening our balance sheet.

再次提醒大家，我們透過8月宣布的策略性債務置換交易減少了600萬美元的債務。自 2024 年初以來，我們已將總債務減少了 8,600 多萬美元，同時延長了債務到期期限，從而鞏固了我們去槓桿化和加強資產負債表的承諾。

Capital expenditures on property, plant, and equipment for the third quarter was $6 million, and we continue to anticipate full-year CapEx PP&E, to remain within 2% to 3% of total revenue.

第三季用於購買固定資產的資本支出為 600 萬美元，我們繼續預期全年固定資產資本支出將維持在總收入的 2% 至 3% 以內。

Turning to our P&L outlook for the fourth quarter and full year. We sustained healthy supply trends throughout the third quarter and into the fourth, and are raising our outlook for 2025. Fourth-quarter GMV is expected in the range of $585 million to $595 million, which represents 17% growth compared to the prior-year period at the midpoint of our guidance range. Fourth-quarter revenue is expected in the range of $188 million to $191 million. This reflects 16% growth compared to last year at the midpoint of our guidance range.

接下來，我們展望第四季和全年的損益情況。我們在第三季和第四季保持了健康的供應趨勢，並提高了對 2025 年的預期。預計第四季度 GMV 將在 5.85 億美元至 5.95 億美元之間，以我們預期範圍的中點計算，與去年同期相比成長 17%。預計第四季營收將在 1.88 億美元至 1.91 億美元之間。這相當於我們預期範圍中點數值與去年同期相比成長了 16%。

Fourth-quarter adjusted EBITDA is expected to be between $17.5 million and $18.5 million, approximately 9.5% of total revenue and over 275 basis points of margin expansion year over year at the midpoint of our range.

預計第四季度調整後 EBITDA 將在 1750 萬美元至 1850 萬美元之間，約佔總收入的 9.5%，以我們預測範圍的中點計算，利潤率同比擴張超過 275 個基點。

Moving to our outlook for the full year. We now expect full-year GMV in the range of $2.10 billion to $2.11 billion, up 15% at the midpoint of our guidance range. We expect revenue in the range of $687 million to $690 million, up 15% at the midpoint of our guidance. And we now expect adjusted EBITDA in the range of $37.7 million to $38.7 million, with an adjusted EBITDA margin of 5.5%, reflecting 400 basis points of improvement versus 2024.

接下來，我們展望一下全年情況。我們現在預計GMV全年將在21億美元至21.1億美元之間，比我們預期範圍的中點成長15%。我們預計營收將在 6.87 億美元至 6.9 億美元之間，以我們預期的中位數計算，成長 15%。我們現在預計調整後的 EBITDA 將在 3,770 萬美元至 3,870 萬美元之間，調整後的 EBITDA 利潤率為 5.5%，比 2024 年提高了 400 個基點。

In closing, we believe our third-quarter performance provides compelling evidence that our growth playbook is working to unlock high-quality supply, and our progress on AI initiatives and automation is driving strong unit economics.

最後，我們相信第三季的業績提供了令人信服的證據，證明我們的成長策略正在釋放高品質的供應，而我們在人工智慧計畫和自動化方面取得的進展正在推動強勁的單位經濟效益。

The momentum we are building is clear. As the premier authority in luxury resale, we believe we are poised for sustained profitable growth and consistent cash flow generation. Thank you to the entire RealReal team for your dedication and for driving strong third-quarter results.

我們正在累積的勢頭是顯而易見的。作為奢侈品二手交易領域的權威機構，我們相信我們已做好準備，實現持續獲利成長和穩定的現金流。感謝 RealReal 團隊全體成員的奉獻和努力，使公司第三季業績強勁成長。

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

接下來，我將把電話轉回給接線生進行問答環節。操作員？

(Operator Instructions) Ike Boruchow, Wells Fargo.

（操作說明）艾克·博魯喬夫，富國銀行。

Hey, everyone, can you hear me?

嘿，大家，你們聽得到我說話嗎？

Yeah, we can hear you, Ike.

是的，我們能聽到你說話，艾克。

Great. I have one question and one follow-up. I guess, a solid quarter. I guess I'm more impressed by the GMV growth guide, pretty impressive growth rates you're guiding to. Maybe just could you speak to the confidence you have in that plan, and maybe what are you seeing quarter-to-date that helps inform your targets?

偉大的。我有一個問題和一個後續問題。我想，應該算是不錯的季度吧。我比較欣賞的是GMV成長指南，你們的成長率相當驚人。您能否談談您對該計劃的信心，以及您在本季度迄今為止觀察到的哪些情況有助於您制定目標？

Yes. Hi, Ike. Thank you for the question. As far as our Q4 guide and the confidence in the business, a couple of different things. We're seeing 17% -- I think we guided to about 17% in the midrange on growth rates. As you know, we're a supply-focused business, and we're seeing our growth playbook work.

是的。嗨，艾克。謝謝你的提問。關於我們第四季的業績指引和對業務的信心，有兩個不同的面向。我們看到的是 17%——我認為我們之前給出的成長率中位數預期約為 17%。如您所知，我們是一家以供應為中心的企業，我們看到我們的成長策略正在發揮作用。

We're seeing sales, marketing, retail really coming together, the compensation structure that we launched in Q3 has now accelerated to our entire sales organization, Smart Sales is driving conversion. Our team is really focused on relationships that art and science coming together.

我們看到銷售、行銷和零售真正融合在一起，我們在第三季推出的薪酬結構現在已經推廣到我們整個銷售組織，智慧銷售正在推動轉換率。我們的團隊非常注重藝術與科學的融合。

And then we're seeing some early signs of the referral and affiliate programs. Early results are good as we test our way into that. The AI smart scoring and prospecting to drive new sellers. We're seeing double-digit new seller growth there. I talked a little bit about my -- the high-value pop-up event in my prepared remarks, that's strengthening our relationship with sellers.

然後，我們看到了一些推薦和聯盟計劃的早期跡象。初步結果不錯，我們正在逐步摸索前進。利用人工智慧智慧評分和潛在客戶開發來吸引新賣家。我們看到那裡的新賣家實現了兩位數的成長。我在準備好的演講稿中稍微談到了我的——高價值的快閃活動，該活動正在加強我們與賣家的關係。

So as the market leader is definitely seeing great momentum. The market is shifting. It's great to see more attention to resale as we change the way people shop.

因此，作為市場領導者，該公司無疑展現了強勁的發展勢頭。市場正在改變。隨著人們購物方式的改變，很高興看到二手交易越來越受到關注。

Great. And then just one more question about the growth rates you guys have put up this year are pretty phenomenal. You have to lap that, which is a good problem to have. Are there any guardrails you can maybe put around next year? I mean not looking for anything specific, but how should we think about your algo maybe flow-through rates, Ajay, as you typically will give us?

偉大的。最後還有一個問題，你們今年的成長率真是太驚人了。你必須超越它，這算是個幸福的煩惱。明年可以考慮加裝一些護欄嗎？我的意思是，我不是在尋找什麼具體的東西，但Ajay，我們該如何看待你通常會告訴我們的演算法的流量轉換率呢？

Just some guardrails on how to think about next year and how you plan to lap these robust results.

以下是一些關於如何思考明年以及如何超越這些強勁成果的指導原則。

Yeah. Ike, thanks for the question. We're really pleased with the results we're seeing right now. Q3 was up 20%, we're guiding to 17%. For Q4, the midpoint, you've heard us talk about how we see a growth rate in between high single digits to low double digits as being the right balance, the optimal balance between growing our top line and expanding our EBITDA margins. We continue to think that is the right range for us in the medium term.

是的。艾克，謝謝你的提問。我們對目前所取得的成果非常滿意。第三季成長了 20%，我們預計成長 17%。對於第四季（即季度中點），我們已經談到，我們認為高個位數到低兩位數的成長率是合適的平衡點，是提高營收和擴大 EBITDA 利潤率之間的最佳平衡點。我們仍然認為，從中長期來看，這是適合我們的價格範圍。

That said, I would say, given the momentum we are experiencing today, we think that in the short term, so let's say, first half of 2026, we're probably indexing closer to the high end of that range, so closer to low double-digit growth rates.

也就是說，鑑於我們目前的發展勢頭，我們認為在短期內，比如說到 2026 年上半年，我們的指數可能會更接近該範圍的高端，也就是接近兩位數的低成長率。

Thanks. Thanks, guys.

謝謝。謝謝各位。

Thanks, Ike.

謝謝你，艾克。

Robert Brooks, Northland Securities.

Robert Brooks，北地證券。

Hey, guys. Thanks for taking my questions. Looking back at my notes, I believe you guys began to expand the dropshipping initiatives last quarter in the fine jewelry. So I was curious to hear how that went and maybe looking forward, what are the next milestones to be watching for as dropshipping is further tested and validated before a more full-scale rollout?

嘿，夥計們。謝謝您回答我的問題。回顧我的筆記，我相信你們上個季度開始在高級珠寶領域擴大代發貨業務。所以我很想知道進展如何，展望未來，在更大規模推廣之前，隨著代發貨模式得到進一步測試和驗證，接下來需要關注哪些里程碑？

Yeah. Hi, Bobby, thanks for the question. On direct dropship, this year was really about testing and learning. I've mentioned that in the past and building the capabilities starting with watches, handbags, and more recently, jewelry. At the end of the day, it's really one tactic to bring on incremental supply.

是的。嗨，Bobby，謝謝你的提問。在直接代發貨方面，今年主要是測試和學習的一年。我之前也提到過這一點，我們從手錶、手提包開始，最近又從珠寶開始，逐步建立起這方面的能力。歸根究底，這其實只是增加供應量的策略。

I also see it as a way to onboard international partners in the future. So we do think after testing, learning, tweaking the model, we think it can be a meaningful contribution, but I'd say, in the medium term.

我也將其視為未來引入國際合作夥伴的一種方式。所以我們認為，經過測試、學習和調整模型後，它能夠做出有意義的貢獻，但我想說，這只能在中期內實現。

Got it. That's helpful. And then maybe just stepping back to the revenue growth. It was great this quarter. And as Ike said earlier, it's been great this year.

知道了。那很有幫助。然後或許可以退一步，看看營收成長情況。這個季度很棒。正如艾克之前所說，今年真是太棒了。

And I just wanted to get a sense of like, obviously, you guys are a supply-constrained business, but -- and how much of the supply -- how much of the revenue growth maybe is -- product is your ability to process the supply you have coming in quicker and therefore, getting those -- getting those items on the site quicker versus how much of it is just overall more supply coming through the door?

我只是想了解一下，很明顯，你們的業務受到供應限制，但是——收入增長有多少是因為你們能夠更快地處理到貨的供應，從而更快地將這些商品上架到網站上，又有多少是因為到貨的總量增加了？

Yeah. So thanks, Bobby. I mean, it's really around how much supply is coming through the door. That's really where we're focused. So that's where we talk about the growth playbook.

是的。謝謝你，鮑比。我的意思是，關鍵在於有多少供應品進入市場。這才是我們真正關注的重點。所以，這就是我們討論成長策略的地方。

And again, that's sales, marketing, and retail coming together. We're also seeing some success in social and seeing some green shoots there, and strengthening that relationship with the seller.

這再次體現了銷售、行銷和零售的融合。我們在社群媒體方面也取得了一些成功，看到了一些積極的跡象，並加強了與賣家的關係。

So really focused on the supply side of things. And at the end of the day, the cool thing is, like I mentioned, 58% of shoppers prefer -- are now for the secondary market. And then we're seeing it in the consignor growth numbers, now double-digit consignor growth numbers. So seeing that strong willingness to spend because of the trust we built and because of the strategic moats that we've built along the way.

所以，我們主要關注的是供應方面。最後，最棒的是，正如我所提到的，58% 的購物者現在更喜歡——去二手市場。然後，我們從寄售商成長數據中也看到了這一點，現在寄售商成長率達到了兩位數。因此，我們看到了這種強烈的消費意願，這源自於我們建立的信任以及我們一路走來構築的戰略護城河。

Got it. And then just last question for me is just a year in the seat, you mentioned it in the prepared remarks, Rati, I was just curious if you could speak to the lessons maybe learned so far or stuff that maybe has exceeded expectations? Just curious to get a high-level thought there.

知道了。最後一個問題是關於您上任一年，您在準備好的發言稿中也提到了這一點，Rati，我只是好奇您是否可以談談到目前為止學到的經驗教訓，或者有哪些事情超出了預期？只是好奇想聽聽大家對此的看法。

Yeah, sure. Definitely been an exciting year, and we're definitely seeing the market shift. Like I said, it's great to see more attention to resale, but I think one year ago, we laid out our foundation for our three strategic pillars: profitable growth, operational efficiencies, and obsessing over service. And so we're really seeing that work. I'm proud of the progress that we're making, right?

當然可以。絕對是令人興奮的一年，我們也確實看到了市場的變化。正如我所說，很高興看到大家更加關註二手車銷售，但我認為一年前，我們已經奠定了三大策略支柱的基礎：獲利成長、營運效率和對服務的極致追求。所以我們確實看到了這種效果。我為我們所取得的進步感到自豪，對吧？

The 20% growth, the EBITDA margin of 5% now and expanding. I'd say trust is up 8 points year over year and are active, both sellers and buyers, are accelerating. We also less than a year ago, now talked about Athena and launched Athena, now by the end of the year, it's going to be about 30% to 40% of our inventory.

20% 的成長，目前 EBITDA 利潤率為 5%，並且還在不斷擴大。我認為信任度比去年同期上升了 8 個百分點，買賣雙方的活躍度都在加速提升。不到一年前，我們討論了 Athena，並推出了 Athena，到今年年底，它將占我們庫存的 30% 到 40%。

So really, at the end of the day, continuing to become the trusted advisers to our sellers, enriching that data for the seller experience. And closing $2 billion in GMV in our history. So building that strong foundation, seeing the momentum. And we really do believe the best is yet to come.

所以說，歸根究底，我們的目標是繼續成為賣家的可信賴顧問，豐富賣家體驗的數據。我們公司史上首次實現了20億美元的商品交易總額。所以，打好基礎，看到發展動能。我們真心相信，最好的還在後頭。

Ashley Owens, KeyBanc.

Ashley Owens，KeyBanc。

Hi. Great. Thanks so much for taking our question and congrats as well. So maybe broadly, just to start, I want to ask about the competitive dynamics. I know you've provided some good metrics around your flywheel and acquisition, just curious with secondary and retail becoming a bigger choice among consumers, how are you seeing the competitive environment evolve, particularly around new entrants, supply acquisition and then pricing? And then additionally, have you observed any change in competitive or discounting intensity from peers? Thanks.

你好。偉大的。非常感謝您回答我們的問題，也恭喜您！所以，或許可以先從比較廣泛的角度出發，我想問競爭格局的問題。我知道您已經提供了一些關於飛輪效應和收購的良好指標，只是好奇隨著二手市場和零售通路成為消費者更大的選擇，您如何看待競爭環境的演變，尤其是在新進業者、供應取得和定價方面？此外，您是否觀察到同行之間的競爭或折扣力度有任何變化？謝謝。

Yeah. Thanks, Ashley, for the question. A couple of different things. First, again, the market shift has been great to see, all attention to resale is helpful. The $200 billion TAM is great, and we're able to capitalize on it because we are the market leader. And then really focused on our moat and our strategic moats at the end of the day around expertise, data, our sales team, all the insights that we have, the diverse product offering is really important, and that's how we build trust, right, with our community of now over 40 million members.

是的。謝謝Ashley的提問。兩件事。首先，再次強調，市場轉變令人欣喜，所有對轉售的關注都很有幫助。2000億美元的潛在市場規模非常可觀，而我們能夠充分利用這個市場，因為我們是市場領導者。然後，我們真正專注於我們的護城河和戰略護城河，歸根結底，這些護城河圍繞著專業知識、數據、銷售團隊、我們擁有的所有洞察力、多樣化的產品供應，這非常重要，這就是我們如何與我們現在超過 4000 萬會員的社區建立信任，對吧。

The sales piece, relationships to unlock supply, driven by insights that, again, art and science. The infrastructure and data we built to process one of one item, single-SKU items, is hard to replicate, and at this point, 14, 15 years ahead of the curve. So resale is no longer reacting to the fashion industry, but driving it. And I think, at the end of the day, we're able to capitalize that being the leaders here.

銷售環節，即透過建立關係來釋放供應，而這種關係的驅動力，再次體現了藝術和科學的結合。我們為處理單一 SKU 商品而建置的基礎設施和資料很難複製，而且在這一點上，我們領先業界 14、15 年。因此，二手市場不再是對時尚產業的反應，而是引領時尚產業。我認為，歸根究底，我們能夠利用自己作為領導者的優勢。

Okay. Got it. And then just a follow-up. So for the fourth-quarter EBITDA, could you just help us unpack what's embedded in the bridge, particularly within G&A and other OpEx buckets? And what dynamics do you expect to carry through 4Q, I know often text has been leveraging at a really strong rate for the past several quarters and accelerated with some of the further automation initiatives you've been working on?

好的。知道了。然後還有一個後續問題。那麼，對於第四季度 EBITDA，您能否幫我們分析其中的具體內容，特別是 G&A 和其他營運支出項目？您預計第四季會有哪些發展趨勢？我知道在過去的幾個季度裡，簡訊業務的成長速度非常強勁，而且隨著您一直在推進的一些自動化舉措，這一增長速度還在加快？

So just any color there would be helpful. Thanks.

所以任何顏色都可以。謝謝。

Hi, Ashley. Thanks for the question. Yeah. So on Q4, as it relates to EBITDA, I would say we expect a continuation of our focus on operating efficiencies. You've seen this translate into strong operating expense leverage in Q3. We leveraged -- we saw leverage in our operations in tech line of 370 basis points as well as on SG&A of 150 basis points.

嗨，艾希莉。謝謝你的提問。是的。因此，就第四季度而言，就 EBITDA 而言，我認為我們將繼續專注於提高營運效率。你已經看到，這在第三季轉化為強勁的營運費用槓桿效應。我們利用了槓桿作用——我們在技術線運營中獲得了 370 個基點的槓桿作用，在銷售、一般及行政費用方面獲得了 150 個基點的槓桿作用。

Going forward, ops and tech will continue to be where we see most OpEx leverage coming from, and this is where we bring the power of our AI driven initiatives like a Athena to bare on improving margins. We will also continue to see similar levels in SG&A. We're investing in helping our sales team be more efficient. You heard Rati talk about how the value of supply increased by 12% for existing luxury manager. We think trends like that will continue as we build on these investments and will be a source of leverage for us going forward as well.

展望未來，營運和技術仍將是我們認為營運支出槓桿作用最大的領域，而這正是我們將人工智慧驅動的舉措（例如 Athena）的力量應用於提高利潤率的地方。銷售、管理及行政費用也將繼續維持在類似水準。我們正在加大投入，幫助銷售團隊提高效率。你聽拉蒂說過，現有奢侈品經理的供應價值增加了 12%。我們認為，隨著我們繼續增加這些投資，這樣的趨勢將會持續下去，也將成為我們未來發展的槓桿來源。

Okay. Super helpful color. Thanks. I'll pass it along.

好的。非常實用的顏色。謝謝。我會轉達的。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Hi. Can you hear me?

你好。你聽得到我嗎？

Hi, Marvin, yes.

嗨，馬文，是的。

Hi. Sorry about that. Yes. Good evening. Thanks for taking the questions. Congratulations on the strong results. Maybe you could start, you mentioned half the benefit in AOV coming from units as well as the other half from ASP. So I think that's [6% and 6%] and both improved versus last quarter. So -- just maybe a finer point on each of those.

你好。抱歉。是的。晚安.謝謝您回答問題。恭喜你們取得優異成績。或許你可以先從這裡開始，你提到 AOV 的一半收益來自銷量，另一半來自 ASP。所以我認為這兩個數字都是[6%和6%]，而且都比上個季度有所改善。所以——或許可以對每一項都做一些更細緻的闡述。

With ASP, I think there was a mix benefit there. Was there anything beneficial coming from the tariff side that you call out as well?

我認為，ASP（平均售價）方面存在一些混合優勢。您還提到關稅方面有哪些有利的措施嗎？

And then on the units, would just love to unpack what you think is driving that other than just the fact that it looks like buyers are enjoying the site. But anything you're doing there to drive that or category-wise, that people might be purchasing more of and adding to their baskets.

至於單元房方面，我很想了解除了買家似乎很喜歡這個網站之外，您認為還有哪些因素在推動這一趨勢。但你所做的任何努力，無論是推動產品銷售，還是促進產品類別的發展，都可能促使人們購買更多此類產品並將其添加到購物籃中。

Thanks, Marvin. I'll take this question. We're seeing a healthy balance in how our growth is split into price and unit volume. If you unpack our growth rate in Q3 of 20%, we see a pretty even split. So roughly half of it came from growth in ASP and half of it came from growth in volume.

謝謝你，馬文。我來回答這個問題。我們看到，我們的成長在價格和銷售兩方面都保持著健康的平衡。如果分析我們第三季 20% 的成長率，我們會發現其中各部分佔比相當均衡。因此，大約一半的成長來自平均售價的成長，一半的成長來自銷量的成長。

Going deeper into ASP, this is largely driven by the things we've been focused on and a few that I would highlight, you heard us talk about our new sales compensation plan. That plan rewards our luxury managers for bringing in value over volume, and we're seeing that translate into our mix shifting into higher value items.

深入分析平均售價 (ASP)，這主要受我們一直關注的事項以及我想重點強調的幾項因素的影響，你們也聽到了我們談論的新銷售薪酬計劃。該計劃獎勵那些注重價值而非數量的奢侈品經理，我們看到這正轉化為我們的產品組合向更高價值的產品轉變。

The other thing that's helping on the SP side is our pricing algorithm. So our AI-driven pricing algorithm has been in place for a while, but we've been steadily expanding coverage and expanding it to cover more and more items. And every time we do that, we see how the model, given its precision, is able to capture incremental price on behalf of our sellers.

SP方面另一個有幫助的因素是我們的定價演算法。因此，我們的人工智慧驅動定價演算法已經實施了一段時間，但我們一直在穩步擴大其覆蓋範圍，使其涵蓋越來越多的商品。每次我們這樣做時，我們都會看到，憑藉其精確性，該模型能夠代表我們的賣家獲取增量價格。

The last thing I would point to on that aspect is just how our investments in authentication and building customer trust have allowed us to capitalize on the growing interest in fine jewelry. We've been able to bring in more supply, and we've been able to move that supply very effectively, which gives us -- which obviously changes the mix of our business into higher price items.

最後我想指出的是，我們在鑑定和建立客戶信任方面的投入，使我們能夠利用人們對高級珠寶日益增長的興趣。我們已經能夠引進更多供應，並且能夠非常有效地調配這些供應，這顯然改變了我們業務的組合，使其向更高價格的產品傾斜。

At the end of the day, trends are going to come and go. The beauty of our marketplace is just how quickly we can respond to them and capitalize on the way consumer preferences are shifting.

歸根究底，潮流總會來來去去。我們市場的優勢就在於我們能夠快速回應並利用消費者偏好的變化。

That's great. And my follow-up question, direct revenue, very strong growth, north of a 46% growth about. Could you just unpack that a little bit in this environment as they get paid now, product gaining a lot of traction? Or was it mostly out of policy or vendor contracts? Or was it all across the board?

那太棒了。我的後續問題是，直接收入成長非常強勁，成長率超過 46%。您能否在當前環境下，也就是他們已經獲得報酬、產品廣受認可的情況下，稍微解釋一下這個問題？或主要是出於政策或供應商合約的考量？還是所有地方都這樣？

Yeah. Thanks for that question. Direct revenues were up 47% year on year. But as we've indicated in the past, we expect this to be between 10% to 15% of our total revenues, and it came in at 13%. So right in that range of where we expect it to be.

是的。謝謝你的提問。直接收入年增 47%。但正如我們過去所指出的，我們預計這將占我們總收入的 10% 到 15%，而實際比例為 13%。所以，它正好在我們預期的範圍內。

The outsized growth is really explained by what happened last year as we come a quarter last year where it was a much smaller proportion of our business. So going forward, we would expect this to stay within that range. We feel really good about that revenue stream, to your point on what's behind it. Gross margins have expanded nicely. They were up 370 basis points and 21% in Q3.

這種超常成長實際上是由去年同期的情況造成的，因為去年同期，這項業務在我們業務中所佔的比例要小得多。因此，我們預計未來這一數字將保持在那個範圍內。我們對這筆收入來源感到非常滿意，正如您所指出的，這筆收入背後的原因也讓我們很放心。毛利率已顯著提升。第三季度，它們的漲幅為 370 個基點和 21%。

So we feel good about what's moving through that channel and our ability to drive strong profitable growth through that channel.

因此，我們對該通路的銷售情況以及透過該通路實現強勁獲利成長的能力感到滿意。

Great. Thanks so much, Ajay. Appreciate it.

偉大的。非常感謝你，阿傑。謝謝。

Matt Koranda, ROTH Capital Partners.

Matt Koranda，ROTH Capital Partners。

Yes. Thanks. So it sounds like the luxury managers are getting more efficient at procuring supply, and it sounds like maybe the incentive changes were a big part of helping them with that. Maybe just wanted to hear about the next unlocks ahead for helping the sales team procure more supply as we head into '26? And should we think about that is the main channel of supply growth into '26? Or are there other levers to pull on the retailer marketing side?

是的。謝謝。聽起來奢侈品經理們在採購供應方面效率越來越高，而激勵機制的改變似乎對他們有幫助。或許只是想了解接下來有哪些解鎖措施可以幫助銷售團隊在進入 2026 年之際獲得更多貨源？我們是否應該認為這是 2026 年供應成長的主要管道？或者零售商行銷方面還有其他可以利用的手段嗎？

Yeah. Sure. HI, Matt. Thanks for the question. I want to be really clear, the growth playbook -- we're a supply-focused business, like I said, but the growth playbook and the unlocking supply wasn't just sales, right? It was sales, marketing, and retail coming together, deepening, and strengthening our relationship with sellers. The compensation structure was one tactic.

是的。當然。嗨，馬特。謝謝你的提問。我想明確一點，成長策略——就像我剛才說的，我們是一家以供應為中心的企業，但是成長策略和釋放供應能力不僅僅是銷售，對吧？這是銷售、行銷和零售部門的共同努力，加深並加強了我們與賣家的關係。薪酬結構是其中一種策略。

We've also really been focused on flywheelers in marketing, and they're 2 to 3 times more valuable for us, and that's starting to work. We're getting early days, but I talked a little bit about the referral and affiliate programs, and there's much supply to unlock there, that sales and marketing working together. AI smart scoring and prospecting to bring on new sellers, again, really early days there, and we're testing our way into that, but seeing some green shoots. Success in social or influencer campaigns.

我們也一直非常關注行銷中的飛輪效應，它們對我們來說價值高出 2 到 3 倍，而且這種效應已經開始顯現效果了。我們現在還處於早期階段，但我稍微談到了推薦和聯盟計劃，那裡有很多資源可以挖掘，銷售和行銷可以協同運作。利用人工智慧智慧評分和潛在客戶開發來吸引新賣家，這方面還處於非常早期的階段，我們正在進行測試，但已經看到了一些積極的跡象。在社群媒體或網紅行銷活動中取得成功。

I talked about these high-value events again, and we're seeing just over -- these events are two to three days and bringing in sometimes $1 million, over $1 million over just a couple of days. So it's another way to kind of, like I said, strengthen our relationship with sellers.

我再次談到了這些高價值活動，我們看到這些活動持續兩到三天，有時短短幾天就能帶來 100 萬美元甚至超過 100 萬美元的收入。所以，就像我剛才說的，這是加強我們與賣家關係的另一種方式。

So that, along with resale becoming more mainstream or the market is shifting and the great momentum that we're seeing around, like I mentioned before, 50% of shoppers prefer the secondary market out right now. And almost 50% look to resell pricing before they even buy in the primary market. So all of this gives us a lot of confidence going forward.

因此，隨著二手交易變得越來越主流，市場也在轉變，正如我之前提到的，我們看到二手交易發展勢頭強勁，目前有 50% 的購物者更喜歡在二手市場購物。近 50% 的人在進入一級市場購買之前，都會先查看轉售價格。這一切都讓我們對未來充滿信心。

Okay. Very helpful, Rati. Thank you. And then curious on Athena. Just wondering if you're willing to quantify any of the cost savings that flowed through. I would assume most of the cost savings are flowing through O&T in the third quarter? And then maybe just what's built into the fourth quarter outlook in terms of cost savings on the O&T line?

好的。拉蒂，你幫了我很大的忙。謝謝。然後，我對雅典娜產生了好奇。我想知道您是否願意量化一下由此節省的成本。我估計大部分成本節約都反映在第三季的營運和技術面吧？那麼，在第四季度展望中，營運和技術部門的成本節約計畫究竟包含了哪些內容呢？

Hey, Matt, thanks for the question. You're right. Athena is a key driver behind the efficiencies that we're seeing in operations in tech. We got about 370 basis points of leverage on that line, and most of that is coming from efficiencies in our operations center. When we think about Athena, at the end of Q3, it was processing about 27% of the items.

嘿，馬特，謝謝你的提問。你說得對。Athena 是推動科技營運效率提升的關鍵因素。我們在這條線上獲得了大約 370 個基點的槓桿效應，其中大部分來自於我們營運中心的效率提升。當我們回顧 Athena 時，在第三季末，它處理了大約 27% 的專案。

And we started with introducing the model to primarily lower-value items. We are going to continue to expand on that number. We expect to end the year with Athena touching 30% to 40% of total items. And as it scales, -- and also, as we expanded towards touching mid-value and high-value items, we see us continuing to be a source of productivity for us going forward.

我們首先將此模型應用於價值較低的商品。我們將繼續擴大這個數字。我們預計到年底，Athena 將佔總商品數量的 30% 至 40%。隨著規模的擴大，以及我們向中高價值商品領域拓展，我們預期我們將繼續成為未來生產力的來源。

We think that Athena can save us a couple of dollars per item as we continue rolling it out, and it will take time, but it's a source of leverage going forward.

我們認為，隨著 Athena 的不斷推廣，它可以為我們每件商品節省幾美元，雖然這需要時間，但它是我們未來發展的優勢。

Okay. Very helpfu. I'll leave it there. Thank you.

好的。非常有用。我就說到這兒吧。謝謝。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Hey. Good afternoon. Thanks for taking the questions. Really nice to see the GMV growth notably ahead of the longer-term range you gave of high single-digit to low double-digit, just curious if you could maybe share some perspective on the degree to which this is being driven by a wider consumer acceptance of resale and overall market growth versus relative share gains with the concept. Thanks.

嘿。午安.謝謝您回答問題。很高興看到 GMV 成長明顯超過您之前給出的長期預期（個位數高位到兩位數低位），只是好奇您能否分享一下，這種增長在多大程度上是由消費者對轉售的接受度提高和整體市場增長所驅動，還是由該概念的相對市場份額增長所驅動。謝謝。

Yeah. So thanks, Anna, for the question. When we look at piece apart our growth rate, we can map all of it back to our growth playbook. So this is, like I said, sales, marketing, and retail and some of the tactics that we're working through there. So that's a nice shift.

是的。謝謝安娜的提問。當我們分析成長率的各個組成部分時，我們可以將它們全部與我們的成長策略連結起來。正如我剛才所說，這涉及到銷售、行銷和零售，以及我們正在研究的一些策略。這是個不錯的轉變。

And of course, we have some of the tailwinds around market -- the market shift, right, around shoppers preferring the secondary market. So we do feel like it's both things there.

當然，我們也有一些市場方面的利多因素──市場正在轉變，消費者越來越喜歡二手市場。所以我們覺得兩者兼具。

And then as we obsess over service in our growth playbook and really up-leveling the experience for the consumer, listening to what they need, really thinking about how to create less friction in the experience, making sure that we're being very transparent on pricing and building that trust with the consumer that's -- we're also seeing that directly tie back to our GMV growth as far as more value coming out of each consignor.

然後，當我們專注於成長策略中的服務，真正提升消費者的體驗，傾聽他們的需求，認真思考如何減少體驗中的摩擦，確保定價非常透明，並與消費者建立信任時——我們也看到，這與我們的GMV成長直接相關，因為每個寄售商都能創造更多價值。

Got it. Thanks. And one follow-up on the events or the high-value events you talked about. Maybe you could share what inning are we in, in rolling this out to the fleet? And maybe how many events do you think could be supported per store? Just anything there. Thanks.

知道了。謝謝。還有一點需要跟進，關於您提到的那些事件或高價值事件。您能否分享一下，目前我們在向艦隊推廣這項技術方面進行到第幾輪了？那麼，您認為每家店最多可以支援多少場活動呢？隨便什麼都行。謝謝。

Yeah. So these high-value events, they're a nice way to test the market. As well we're seeing a quarter of our new sellers coming from our retail strategy. And of course, they build the halo trusting -- much more high value coming through there, really early there as far as how many events that we're having right now. And we are testing our way into that as well this year.

是的。所以這些高價值賽事是測試市場的好方法。此外，我們發現四分之一的新賣家都來自我們的零售策略。當然，他們建立起信任的光環——那裡湧現出更多高價值的事物，而且很早就出現了，就我們目前所經歷的事件數量而言。今年我們也在嘗試進入這個領域。

But given the progress that we're seeing and the results there will launch that every month to every major market. And this is a low-cost way for us to bring in incremental supply.

但鑑於我們目前看到的進展和結果，我們將每月向每個主要市場推出該產品。這是我們以低成本增加供應量的一種方式。

Got it. Thanks, guys.

知道了。謝謝各位。

Thanks, Anna.

謝謝你，安娜。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Thanks so much. Can you hear me okay?

非常感謝。你聽得清楚我說話嗎？

Yes.

是的。

Great. I want to follow up on your comments about the operations and technology line. I know you touched on this before, but you just talk about what the right rate of growth just in terms of total dollars off that line because it's been pretty steady 6% growth now for about a year. Is that the right way to think about growth in this line going forward? .

偉大的。我想就您之前關於營運和技術方面的評論做個後續說明。我知道你之前也提到過這一點，但你剛才談到了從總金額來看，合適的成長率是多少，因為一年來一直保持著相當穩定的 6% 的成長率。這種思考方式是否適用於該領域未來的發展？。

Yeah. Thanks for the question. It has been a pretty consistent source of leverage for us, right? In Q2, we got about 310 basis points of leverage; in Q3, 370 basis points of leverage. The bulk of that is coming from the efficiencies we're driving in the op center.

是的。謝謝你的提問。它一直是我們相當穩定的籌碼來源，對吧？第二季度，我們獲得了約 310 個基點的槓桿；第三季度，我們獲得了 370 個基點的槓桿。其中大部分來自於我們在營運中心推行的效率提升。

I think we've got a long runway of opportunities there. Athena is just touching 27% of our items as we continue to scale it. It will continue to be a source of leverage for us.

我認為我們在那裡有很多發展機會。在我們繼續擴大規模的過程中，Athena 目前僅涵蓋了我們 27% 的產品。它將繼續成為我們的籌碼。

I would say when you -- when I go back to the comment we made earlier on focusing the business on getting to 15% to 20% adjusted EBITDA in the medium term, our ops and tech line is going to be a pretty major contributor to that margin expansion.

我想說的是，當我們回到之前提到的，將業務重點放在中期內實現 15% 至 20% 的調整後 EBITDA 時，我們的營運和技術部門將成為利潤率擴張的主要貢獻者。

I guess, maybe if I ask it a different way, like what drives growth in that line? I mean, because the dollars went up sequentially this quarter, I guess, based on the guidance for fourth quarter, dollars were up sequentially again. What -- where are the are you investing there? Like can you just tell us about what drives dollar growth in that line?

我想，或許我換個方式問，比如，是什麼推動了這條產品線的成長？我的意思是，由於本季美元環比增長，我猜，根據對第四季度的預期，美元應該會再次環比增長。什麼？你們在那裡投資的是什麼？您能具體說說是什麼因素推動了該產業的美元成長嗎？

Yeah, yeah. Well, thanks for that clarification. So about two-thirds of that line is tied to our operations. And really, that is driven by unit volume. So while we get more efficient on a per unit basis, at processing items as the business grows, you would expect to see an absolute increase in the dollars going through that particular line.

是啊是啊。謝謝你的解釋。因此，該線路大約三分之二與我們的營運有關。實際上，這主要取決於單位銷售。因此，隨著業務的成長，我們在處理商品方面雖然單位效率更高，但您預計通過該特定生產線的美元絕對值也會增加。

Understood. And I guess, just remind us at this point, Athena can touch what percentage of the assortment of things sold once you scale it to where you envision it to be?

明白了。我想，在這一點上，請提醒我們一下，當您將規模擴大到您設想的程度時，Athena 可以影響到銷售商品種類的多少百分比？

I don't know if we've put an upper limit on it as we think about it. Today, it's touching 27% of the items. We think we will exit the year at 30% to 40%. Theoretically, there's no reason why it couldn't touch all the items as we continue to get better at running it through our models.

仔細想想，我不知道我們是否已經給它設定了上限。如今，它影響了 27% 的商品。我們認為今年年底的比例將達到 30% 至 40%。理論上講，隨著我們不斷改進模型運行方式，它完全有可能影響所有專案。

And then at the end of the day, Jay, we're on track for taking out big multiple dollars in cost per unit in the medium term, and that's really where we're focused.

傑伊，歸根結底，我們預計在中期內大幅降低單位成本，而這才是我們真正關注的重點。

Understood. And then, I guess, can you just update us based on the guidance again for 4Q, it looks like the cash flow for 4Q will be pretty solid. What are your plans for cash uses in the balance sheet going forward?

明白了。那麼，我想請您再次根據第四季的指引向我們更新一下情況，看起來第四季的現金流會相當穩健。接下來，貴公司在資產負債表中的現金用途有何計畫？

Yeah. Thanks for the question. We are a very cash-efficient business. Unlike a traditional retailer, we don't trap any of our cash purchasing inventory in ahead of the season. The primary use of our cash really goes into investments that we make in our fulfillment center. So it's automation tech or it's implementing technology like Athena, where we can get efficiencies out of it.

是的。謝謝你的提問。我們是一家現金流利用效率很高的企業。與傳統零售商不同，我們不會在季前囤積任何現金採購的庫存。我們的現金主要用於對我們物流中心的投資。所以，要嘛是自動化技術，要嘛是像 Athena 這樣的技術的應用，我們可以從中獲得效率。

Q3 was a strong cash performance quarter for us. We generated $19 million in operating cash flow and $14 million in free cash flow. We expect Q4 to be stronger just like you saw last year, and it really showcases how our business model has positive working capital benefits when we grow.

第三季我們的現金流表現強勁。我們產生了 1900 萬美元的營運現金流和 1400 萬美元的自由現金流。我們預計第四季業績將像去年一樣強勁，這充分展現了我們的商業模式在成長時如何帶來正面的營運資本效益。

Got it. Thank you so much.

知道了。太感謝了。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Great. Thank you for taking my question. I wanted to follow up on marketing. It looks like it was a bigger investment this quarter, was hoping if you could just give us more color on what you're seeing there in terms of efficiencies? And then just how we should think about marketing as a percentage of sales, both in Q4 and the medium term.

偉大的。感謝您回答我的問題。我想跟進一下行銷方面的情況。看來本季投資金額更大，能否請您詳細介紹一下您在效率方面看到的情況？那麼，我們該如何看待行銷在銷售額中所佔的百分比呢？無論是在第四季還是在中期內。

Yes. Hi, Mark. I'll start with that question there. Yes, definitely made a little bit more of an investment in marketing to drive some of the growth numbers, the key lever for us in our growth playbook drives new sellers, obviously, brand affinity. You're seeing a couple of one-time costs in that number for Q3.

是的。嗨，馬克。我就先從這個問題開始回答吧。是的，我們確實在行銷方面投入了更多資金來推動一些成長數據，我們成長策略的關鍵槓桿顯然是吸引新賣家和提升品牌親和力。第三季的數據中包含了一些一次性成本。

But. at the end of the day, we see investment opportunities, we take them. We do have a high confidence in the ROI of our spend, and we're seeing validation of that, obviously, in Q3 and then our Q4 guide, but we make sure to always balance growth and profitability.

但是，歸根結底，當我們看到投資機​​會時，我們就會抓住它們。我們對投入的回報率非常有信心，而且顯然在第三季度和第四季度的業績指引中也得到了驗證，但我們始終確保在增長和盈利能力之間取得平衡。

Excellent. Thank you. And separately, any color you can share on customer behavior by age cohort?

出色的。謝謝。另外，能否分享一下依年齡層劃分的客戶行為數據？

We have not shared customer cohort by age. We are seeing strong willingness to spend, like I said, built by the trust that we built over the last 15 years, seeing more fine jewelry, watches, handbags, more higher value come through.

我們尚未公佈按年齡劃分的客戶群資訊。正如我所說，我們看到消費者強烈的消費意願，這源於我們在過去 15 年建立的信任，我們看到更多高檔珠寶、手錶、手提包等高價值商品湧入市場。

We are seeing this newer cohort has a higher LTV. We do see -- we tend to skew younger, more millennials and Gen Z, over half of our customer demographic. And the other way that we cut the data, and I think I've shared this in the past, is looking at our higher-value consignors because we're supply constrained.

我們發現，這群新群體具有更高的終身價值。我們的確發現，我們的客戶群更年輕，千禧世代和 Z 世代佔比超過一半。我們處理資料的另一種方法（我想我以前也分享過）是專注於我們價值更高的寄售商，因為我們的供應受到限制。

We're always looking at the supply and the seller side of things. Seeing more value come in from our higher value and mid-value consignors. So those tiers on the higher end of our loyalty program. And then obviously, like I mentioned, focused on the flywheeler, which is 2 to 3 times more valuable for us.

我們始終關注供應方和賣方兩方面的情況。我們看到來自高價值和中等價值寄售商的更多價值。也就是我們會員計畫中較高等級的那些會員等級。然後，正如我所提到的，我們顯然把重點放在了飛輪上，它對我們來說價值是其他產品的 2 到 3 倍。

And maybe one thing I would add there, as a platform, I think one of the compelling things about The RealReal is how we have cross-generational appeal. We have customers, younger customers that are entering the earning years of their life, and they look at us as an excellent platform for acquiring items. And then that relationship continues to grow and evolve as they age.

我可能還要補充一點，作為一個平台，我認為 The RealReal 最吸引人的地方之一就是我們擁有跨世代的吸引力。我們有許多客戶，其中不乏正值事業起步階段的年輕客戶，他們把我們視為購買商品的絕佳平台。隨著年齡的增長，這種關係也會不斷發展和演變。

Thank you.

謝謝。

That concludes the Q&A session and the call. Thank you for joining. You may now disconnect.

問答環節和通話到此結束。感謝您的參與。您現在可以斷開連線了。