ThredUp Inc (TDUP) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the ThredUp fourth-quarter 2024 earnings conference call. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 ThredUp 2024 年第四季財報電話會議。（操作員指示）

Good afternoon and thank you for joining us on today's conference call to discuss ThredUp's fourth quarter and full year 2024 financial results. With me are James Reinhardt, Thredup's CEO and Co-founder; and Sean Sobers, CFO. We posted our press release and supplemental financial information on our investor relations website at ir.Thredup.com. This call is being webcast on our IR website, and a replay of this call will be available on the site shortly.

下午好，感謝您參加今天的電話會議，討論 ThredUp 第四季和 2024 年全年財務業績。和我一起的是 Thredup 的執行長兼聯合創始人 James Reinhardt；以及財務長 Sean Sobers。我們在投資者關係網站 ir.Thredup.com 上發布了新聞稿和補充財務資訊。本次電話會議正在我們的 IR 網站上進行網路直播，並且該電話會議的重播將很快在網站上提供。

Before we begin, I'd like to remind you that we will make forward-looking statements during the course of this call, including but not limited to statements regarding our earnings guidance for the first fiscal quarter and full year of 2025, future financial performance, market demand, growth prospects, business strategies and plans, investments in AI technologies, our ability to cost effectively attract new buyers, and the effects of potential tariffs, inflation and general economic uncertainty on consumer demand.

在我們開始之前，我想提醒您，我們將在本次電話會議中做出前瞻性陳述，包括但不限於有關我們對 2025 年第一財季和全年盈利預測、未來財務業績、市場需求、增長前景、業務戰略和計劃、對人工智能技術的投資、我們以經濟有效的方式吸引新買家的能力，以及潛在關稅、通貨膨脹和總體經濟不確定性對消費者需求的影響的陳述。

Words such as anticipate, believe, estimate, and expect, as well as similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, involve known and unknown risks and uncertainties, including our ability to effectively deploy new and evolving technologies such as artificial intelligence and machine learning in our offerings and the effects of inflation, increased interest rates, changing consumer habits, and general global economic uncertainty.

預期、相信、估計、期望等詞語以及類似的表達旨在識別前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，涉及已知和未知的風險和不確定性，包括我們在產品中有效部署人工智慧和機器學習等新興技術的能力，以及通貨膨脹、利率上升、消費者習慣改變和全球經濟普遍不確定性的影響。

Our actual results could differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. You can find more information about these risks, uncertainties, and other factors that could affect our operating results on our SEC filings, earnings press release, and supplemental information posted on our IR website. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們的實際結果可能與此類前瞻性陳述表達或暗示的未來績效或結果預測有重大差異。您可以在我們的 SEC 文件、收益新聞稿和 IR 網站上發布的補充資訊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。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

In addition, during the call, we will present certain non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. You can find additional disclosures regarding these non-GAAP measures, including reconciliation of comparable GAAP measures in our earnings press release and supplemental information posted on our IR website.

此外，在電話會議中，我們將介紹某些非公認會計準則財務指標。這些非 GAAP 財務指標應作為 GAAP 指標的補充而非替代或孤立存在。您可以在我們的收益新聞稿和 IR 網站上發布的補充資訊中找到有關這些非 GAAP 指標的更多揭露，包括可比 GAAP 指標的對帳。

Now, I'd like to turn the call over to James.

現在，我想把電話轉給詹姆斯。

Good afternoon everyone. I'm James Reinhart, CEO and Co-founder of ThredUp. Thank you for joining our fourth quarter of 2024 earnings call. Given the completed divestiture of remix in November of 2024, my remarks will focus exclusively on our continuing operations in our US business unless otherwise noted.

大家下午好。我是 James Reinhart，ThredUp 的執行長兼聯合創辦人。感謝您參加我們 2024 年第四季財報電話會議。鑑於 Remix 已於 2024 年 11 月完成剝離，除非另有說明，我的評論將主要集中於我們在美國業務的持續運營。

We are pleased to share ThredUp's financial results for Q4 and our expectations for Q1 and fiscal year 2025. We'll provide an update on growth, gross margins, adjusted the margin expansion, and detail further customer facing improvements across our marketplace. I will then hand it over to Sean Sobers, our Chief Financial Officer, to talk to our fourth quarter of 2024 financials in more detail and provide our outlook for the first quarter and full year 2025. As always, we'll close out today's call with a question-and-answer session.

我們很高興分享 ThredUp 第四季的財務表現以及我們對第一季和 2025 財年的預期。我們將提供有關成長、毛利率和調整後的利潤率擴張的最新信息，並詳細介紹我們整個市場面向客戶的進一步改進。然後，我將把時間交給我們的財務長 Sean Sobers，讓他更詳細地討論我們 2024 年第四季的財務狀況，並提供我們對 2025 年第一季和全年的展望。像往常一樣，我們將以問答環節結束今天的電話會議。

Let me start by saying that we've made substantial progress in re-accelerating growth in the US while maintaining our free cash flow and adjusted EBITDA targets. As we announced in January, our fourth quarter performance was well above our expectations, and that progress has continued into 2025. This was driven by three factors.

首先我要說的是，我們在保持自由現金流和調整後 EBITDA 目標的同時，在美國重新加速成長方面取得了實質進展。正如我們在一月份宣布的那樣，我們第四季的業績遠超預期，而且這種進步將持續到 2025 年。這是由三個因素造成的。

First, our customer acquisition and retention strategy. Customer acquisition remained very strong in Q4, with new customer volume up 32% year over year. Q1 is also shaping up to be one of the strongest acquisition quarters in our history. We expected active buyer growth to inflect positive in Q1 and are pleased to be ahead of our plan at this point in the quarter.

首先，我們的客戶獲取和保留策略。第四季客戶獲取依然強勁，新客戶數量年增 32%。第一季也有望成為我們歷史上最強勁的收購季度之一。我們預計活躍買家的成長將在第一季呈現積極態勢，並且很高興在本季的這個時候能夠提前完成計劃。

Customer retention metrics remain strong quarter to date, with conversion rates from visit to purchase at all-time highs. Despite scaling spends significantly in Q4 and further again in Q1, strong conversion and retention means our paybacks remain in line with our sub one-year goal. We are increasingly confident we can invest more aggressively in growing new buyers while still achieving our free cash flow targets. This is likely to be our approach for the foreseeable future.

本季迄今為止，客戶留任指標依然強勁，從訪問到購買的轉換率創歷史新高。儘管第四季和第一季的支出均大幅增加，但強勁的轉換率和留存率意味著我們的回報仍符合一年以下的目標。我們越來越有信心，我們可以更積極地投資發展新買家，同時仍然實現我們的自由現金流目標。這很可能是我們在可預見的未來所採取的方法。

Second, our sourcing strategy and processing capabilities. With buyer growth accelerating, we are now sourcing, processing, and listing more high-quality apparel than ever. We are no longer stemming the flow of sellers onto our marketplace. Instead, we are scaling up processing capacity across our network to meet the needs of more and more buyers. Fresh listings on ThredUp, which we identify as items under 14 days old, are up 9% quarter to date on a year-to-year basis and continuing to accelerate. Fresh listings remain a key input to buyer growth and retention. We're confident we're meeting the mark so far in 2025.

第二，我們的採購策略和加工能力。隨著買家成長的加速，我們現在採購、加工和列出比以往更多的高品質服裝。我們不再阻止賣家進入我們的市場。相反，我們正在擴大整個網路的處理能力，以滿足越來越多買家的需求。ThredUp 上的新上市商品（我們定義為發佈時間未滿 14 天的商品）本季年增 9%，並且還在繼續加速成長。新鮮上市的商品仍然是買家成長和保留的關鍵因素。我們有信心在 2025 年實現這一目標。

Just as important, this uptick in supply isn't just quote unquote more stuff to chase revenue growth. Rather, this is increasingly more desirable and premium apparel targeted at delighting our core resale market. As we noted on our last call, our premium selling service is now live to 100% of sellers. Top brands from the service include brands like Kate Spade, Veronica Beard, Pinko, and Love Shack Fancy.

同樣重要的是，供應量的增加不僅僅是為了追求收入成長。相反，這是越來越受歡迎且優質的服裝，旨在取悅我們的核心轉售市場。正如我們在上次電話會議中提到的那樣，我們的優質銷售服務現已向 100% 的賣家開放。該服務的頂級品牌包括 Kate Spade、Veronica Beard、Pinko 和 Love Shack Fancy 等品牌。

Average listing prices for items from premium bags are 50% higher than traditional bags. Items coming from premium kits now make up more than 10% of newly listed items, and this has been growing sequentially for three quarters. As a reminder, this service is priced higher at $34.99 per kit with more tools for sellers, longer consignment windows, a salon discounts, and more dedicated customer support. We are continuing to innovate on behalf of sellers, whether you want us to do all the work, you want to do more of it yourself, or somewhere in between. We remain relentless in our pursuit of making product the leading choice to sell second-hand apparel online, expanding our TAM, and at the same time our sustainability impact.

高級包款商品的平均標價比傳統包款高出 50%。目前，來自高級套件的商品佔新上市商品的 10% 以上，且這一比例已連續三個季度增長。提醒一下，這項服務的價格更高，每套 34.99 美元，為賣家提供更多工具、更長的寄售窗口、沙龍折扣和更專門的客戶支援。我們將繼續代表賣家進行創新，無論您是想讓我們完成所有工作，還是想自己做更多工作，或介於兩者之間。我們始終堅持不懈地追求使產品成為在線銷售二手服裝的首選，擴大我們的 TAM，同時提升我們的永續發展影響力。

Third, our generative AI product and technology investments. We continue to believe that AI disproportionately benefits ThredUp relative to other marketplaces and retailers, and that generative AI can significantly enhance the second-hand shopping experience. For years, our dream was to build a second-hand shopping experience that was indistinguishable from shopping new.

第三，我們的生成性人工智慧產品和技術投資。我們仍然相信，與其他市場和零售商相比，人工智慧為 ThredUp 帶來了更多好處，而生成式人工智慧可以顯著增強二手購物體驗。多年來，我們的夢想是打造與新商品購物無異的二手購物體驗。

Advancements in generative AI are inching us closer to that reality in multiple ways: First, our AI search functionality continues to delight customers and drive the conversion rates I mentioned earlier. Since inception, 1.3 million image searches have been performed, and sessions with an image search have an 85% higher conversion rate.

生成式人工智慧的進步正以多種方式使我們更接近這一現實：首先，我們的人工智慧搜尋功能繼續讓客戶滿意並提高我之前提到的轉換率。自成立以來，已進行了 130 萬次圖像搜索，包含圖像搜索的會話的轉換率提高了 85%。

Second, we are using this search technology to generate visual category pivoting, allowing customers to find the exact style of dress or coat or denim that meets their needs, but in a way that feels much more intuitive to how customers shop online. High performing AI generated pivots can draw click through rates north of 15%, well above merchandizing engagement rates without imagery. This is particularly important for new customers who have never shopped second-hand online.

其次，我們正在使用這種搜尋技術來產生視覺類別樞轉，讓顧客能夠找到符合他們需求的連身裙、外套或牛仔布的確切款式，但這種方式對顧客在線購物的方式感覺更加直觀。高性能 AI 產生的樞軸可以吸引超過 15% 的點擊率，遠高於沒有圖像的商品推銷參與率。對於從未在網路上購買過二手商品的新客戶來說，這一點尤其重要。

Third, iterations of our style chat and image search are powering new ways to shop this year. Soon any social feed, board, or archive of style you have will be able to be ingested into ThredUp to help you shop these looks for less second-hand. We will be starting with a deeper Pinterest integration in the weeks ahead and we'll follow up with other social platforms throughout 2025. Linking where you get inspiration in fashion with how you can best find those looks is a linchpin to our strategy. We expect this technology will also empower creators, influencers, and affiliates to curate and showcase our millions of high-quality second-hand items to their audiences.

第三，我們風格聊天和圖像搜尋的迭代將為今年的購物方式提供新的動力。很快，您的任何社交資訊流、公告板或風格檔案都將能夠納入 ThredUp，以幫助您以更低的價格購買二手貨。我們將在未來幾週內開始與 Pinterest 進行更深入的整合，並將在 2025 年期間跟進其他社交平台。將您從哪裡獲得時尚靈感與您如何最好地找到這些外觀聯繫起來是我們策略的關鍵。我們預計這項技術還將使創作者、影響者和附屬機構能夠策劃並向他們的受眾展示我們數百萬件高品質的二手物品。

Finally fourth, we are leveraging AI across our infrastructure. Last quarter, we launched 360-degree high-definition photos, paving the way for AI generated lifestyle imagery on individual product pages. 360-degree photos have increased 30 day sell through rates up to 12%, depending on the category. This quarter, we launched automated digital measurements, increasing the accuracy and shoppability of everything on ThredUp. We should see better measurements translating to improved conversion, lower returns, and increased customer retention.

最後，第四，我們正在整個基礎設施中利用人工智慧。上個季度，我們推出了 360 度高清照片，為在單一產品頁面上使用 AI 生成生活方式圖像鋪平了道路。 360 度照片可將 30 天的銷售率提高 12%，具體比例取決於產品類別。本季度，我們推出了自動數位測量功能，提高了 ThredUp 上所有商品的準確性和可購物性。我們應該看到更好的測量結果轉化為更高的轉換率、更低的退貨率和更高的客戶保留率。

Now turning to the consumer environment. Last week we released early data from our upcoming resale report about the impact that tariffs are having on consumer psychology. Our take is that with tariffs and inflation dominating the national conversation, consumers are concerned about price hikes across retail. In this environment, second-hand could become more attractive for shoppers seeking out affordable, high quality clothing.

現在轉向消費者環境。上週，我們發布了即將發布的轉售報告的早期數據，該報告涉及關稅對消費者心理的影響。我們的看法是，由於關稅和通貨膨脹成為全國討論的焦點，消費者擔心零售價格上漲。在這種環境下，二手服飾對於尋求價格實惠、高品質服裝的購物者來說可能更具吸引力。

According to the data, 51% of consumers pay higher prices due to inflation impact how much they spend on apparel. 62% of consumers say they're concerned that new government policies around tariffs and trade will make apparel more expensive. And 59% of consumers say if new government policies around tariffs and trade make apparel more expensive, they will seek more affordable options like second-hand.

數據顯示，51%的消費者因通膨影響服飾支出而支付更高的價格。 62% 的消費者表示，他們擔心政府有關關稅和貿易的新政策會使服裝價格更高。59% 的消費者表示，如果政府在關稅和貿易方面的新政策導致服裝價格上漲，他們將尋求二手等更實惠的選擇。

Before I turn it over to Sean, I want to do a quick review of the competitive advantages in our business, especially now that we are exclusively focused on the US. Our competitive advantage comes from the compounding effects of three hard problems we've solved.

在交給肖恩之前，我想快速回顧一下我們業務的競爭優勢，特別是現在我們只專注於美國。我們的競爭優勢來自於我們解決的三個難題的複合效應。

First, we've built a name brand reverse logistics supply chain that has created a massive supply advantage in the resale market. Winning the battle for high quality supply continues to be an important part of our defensibility.

首先，我們建立了名牌逆向物流供應鏈，在轉售市場創造了巨大的供應優勢。贏得高品質供應之戰仍然是我們防禦能力的重要組成部分。

Second, we have built world class infrastructure, technology, and software to process single skew apparel at scale. With ongoing innovations and processing technology and AI, we are extending our advantage even further while we grow capacity and reduce costs.

其次，我們建立了世界一流的基礎設施、技術和軟體，以大規模加工單斜服裝。透過不斷創新、處理技術和人工智慧，我們在提高產能和降低成本的同時，進一步擴大了我們的優勢。

Third, we have built a data-driven managed marketplace that connects buyers and sellers on our platform. We ingest millions of data points that combined with the algorithms and models that sit on top of that data, help us improve our acceptance, merchandizing, photography, pricing, and marketing capabilities. The rapid deployment of AI technology to serve customers better comes directly from this long-standing data advantage.

第三，我們建立了一個數據驅動的管理市場，在我們的平台上連結買家和賣家。我們取得數百萬個數據點，結合基於這些數據的演算法和模型，幫助我們提高接受度、商品化、攝影、定價和行銷能力。人工智慧技術的快速部署以更好地服務客戶，直接源自於這一長期存在的數據優勢。

As I've said from our very first public filing, our strategy has been developed with a deeply calculated approach about what it takes to build and sustain competitive advantage over time. We believe that every day our supply advantage increases, our infrastructure and data widen, and the network effects of our marketplace grow.

正如我在第一次公開文件中所說的那樣，我們的策略是經過深思熟慮後製定的，旨在確定如何長期建立和維持競爭優勢。我們相信，我們的供應優勢每天都在增強，我們的基礎設施和數據每天都在擴大，我們市場的網路效應每天都在增強。

Now over to you Sean.

現在輪到你了，肖恩。

Thanks James. I'll begin with an overview of our results and follow up with guidance for the first quarter and the full year. All reported results are from continuing operations unless otherwise noted. Our GAAP financials and a reconciliation between GAAP and non-GAAP are found in our earnings release supplemental financials and our 10-K filing. We are very proud of our Q4 and 2024 results. We delivered our first full year of adjusted profitability and exited the year with a healthy return to growth in Q4.

謝謝詹姆斯。我將首先概述我們的業績，然後介紹第一季和全年的指導。除非另有說明，所有報告的結果均來自持續經營。我們的 GAAP 財務數據以及 GAAP 與非 GAAP 之間的對帳表可在我們的收益發布補充財務數據和 10-K 文件中找到。我們對第四季和 2024 年的業績感到非常自豪。我們首次全年實現調整後獲利，並在第四季度恢復健康成長。

For the fourth quarter, revenue totaled $67.3 million an increase of 9.5% year over year. Our outperformance was driven by investments in marketing and in processing, AI upgrades to the customer experience, renewed focus on our core business following the European divestiture. And post-election pent up demand.

第四季度，總營收為 6,730 萬美元，年增 9.5%。我們的優異表現得益於對行銷和處理的投資、人工智慧對客戶體驗的升級以及在歐洲業務剝離後對核心業務的重新關注。以及選舉後被壓抑的需求。

Active buyers reached 1.3 million, a decline of 6% year over year. Order growth re accelerated to 1.2 million, an increase of 2% year over year. As a reminder, active buyers are the trailing 12-months, and though this number declined, we were very pleased with the new buyer progress we made, including our best Q4 yet. For the fourth quarter of 2024, gross margin was 80.4%, a 290 basis points increase over the same quarter last year as a result of a higher percentage of our sales coming from consignment.

活躍買家達130萬，年減6%。訂單成長再次加速至120萬，較去年同期成長2%。提醒一下，活躍買家是過去 12 個月的，儘管這個數字有所下降，但我們對新買家的進展感到非常滿意，包括我們迄今為止最好的第四季度。2024 年第四季，毛利率為 80.4%，比去年同期增加 290 個基點，原因是我們的銷售額中來自代銷的比例更高。

Adjusted EBITDA was $5 million or 7.4% of revenue for the fourth quarter of 2024. We doubled our adjusted IBBA dollars versus last year, representing an approximate 330 basis points margin improvement as we leveraged our multi-year investment on higher revenue. Our Q4 EBITDA outperformance illustrates how our marketplace model generates powerful margin flow through on incremental revenue.

2024 年第四季調整後 EBITDA 為 500 萬美元，佔營收的 7.4%。與去年相比，我們的調整後 IBBA 美元增加了一倍，這意味著利潤率提高了約 330 個基點，因為我們利用了多年的投資來提高收入。我們第四季的 EBITDA 優異表現說明了我們的市場模式如何透過增量收入產生強大的利潤流。

Turning to the balance sheet, we began the fourth quarter of $57.1 million in cash and investments in our continuing operations of the business and ended the quarter with $52.8 million using $4.2 million in cash. The cash usage included $4 million of working capital adjustments, $2.5 million of CapEx, $1 million of debt repayment, and the final $2 million of cash funding for remix. We spent $2.5 million in CapEx and Q4 for a total of $6.6 million for the year.

談到資產負債表，第四季初，我們的現金和對持續經營業務的投資為 5,710 萬美元，而本季末，我們使用 420 萬美元現金，現金和投資總額為 5,280 萬美元。現金使用包括 400 萬美元的營運資金調整、250 萬美元的資本支出、100 萬美元的債務償還以及最後 200 萬美元的 remix 現金融資。我們在資本支出和第四季花費了 250 萬美元，全年總計 660 萬美元。

In 2025, we continue to expect maintenance levels of approximately $8 million. Next, I'd like to look ahead. We finished 2024 in a position of strength and believe we entered 2025 with stability and confidence. Before we get into guidance, I want to provide a little more context for our outlook.

到 2025 年，我們預計維護費用仍將達到約 800 萬美元。接下來我想展望一下未來。我們在 2024 年取得了強勁成績，並相信我們將以穩定和信心進入 2025 年。在我們給予指導之前，我想為我們的展望提供更多的背景資訊。

First, our priority this year is to accelerate growth while maintaining broadly similar adjusted EBITDA margins versus last year. To do this, we plan to lean into the key drivers of our marketplace flywheel, growing active buyers through marketing and fresh listings through inbound processing. The contribution margins in the low 40% range, we are now able to invest more ad dollars that uphold our long held 12-month payback period. As we spend more on marketing and drive new buyers to the site, we plan to simultaneously invest in inbound processing to bring in a broad selection of fresh, high value items to delight and convert our buyers.

首先，我們今年的首要任務是加速成長，同時維持與去年大致相同的調整後 EBITDA 利潤率。為了實現這一目標，我們計劃依靠市場飛輪的關鍵驅動力，透過行銷增加活躍買家，透過入站處理增加新上市產品。貢獻利潤率在 40% 以下，我們現在可以投入更多的廣告費，以維持我們長期維持的 12 個月投資回收期。隨著我們在行銷上投入更多資金並吸引新買家訪問網站，我們計劃同時投資入站處理，以帶來各種新鮮、高價值的商品來取悅和轉化我們的買家。

Second, we are planning for gross margins to decline slightly in 2025 versus last year and track towards the high end of our long-term target range of 78%. This dynamic is largely the result of the acceleration in new buyer growth that we have planned. Since first time buyers require higher incentives to convert, more new buyers and the customer mix pressures gross margins. However, once a new buyer transitions to a repeat buyer, average discount rates are over 1000 basis points lower.

其次，我們計劃 2025 年的毛利率將比去年略有下降，並接近 78% 的長期目標範圍的高端。這種動態很大程度上是我們計劃加速新買家成長的結果。由於首次購買者需要更高的激勵才能轉變，因此更多的新購買者和客戶組合給毛利率帶來壓力。然而，一旦新買家轉變為回頭客，平均折扣率就會降低 1000 個基點以上。

Third and finally, in 2025, we are planning to reach positive free cash flow on an annual basis, which provides us with a high level of confidence that we can fund the business with our existing cash. Without additional context for guidance for the first quarter, we expect revenue in the range of $67.5 million to $69.5 million representing year to year growth of 6% at the midpoint.

第三，也是最後一點，到 2025 年，我們計劃實現年度正自由現金流，這讓我們有高度信心，可以用現有現金為業務提供資金。在沒有第一季指引的額外背景下，我們預計營收將在 6,750 萬美元至 6,950 萬美元之間，相當於年增 6%。

Gross margin in the range of 77% to 79% of revenue. Adjusted EBITDA of 2.5% to 3.5% of revenue and basic weighted average shares outstanding of approximately 117 million shares. For the full year of 2025, we expect revenue in the range of $270 million to $280 million representing year for year growth of 6% at the midpoint. Gross margin in the range of approximately 77% to 79% of revenue, adjusted EBITDA approximately flat to 2024's 3.3%, and basic weighted average shares outstanding of approximately 122 million shares.

毛利率在收入的77%至79%之間。調整後的 EBITDA 為營收的 2.5% 至 3.5%，基本加權平均流通股數約為 1.17 億股。對於 2025 年全年，我們預計營收將在 2.7 億美元至 2.8 億美元之間，相當於年增 6%。毛利率約為營收的 77% 至 79%，調整後 EBITDA 大致與 2024 年持平，為 3.3%，基本加權平均流通股數約為 1.22 億股。

I would like to note that going forward we plan to moderate share dilution as we reduce stock-based compensation while making our way towards earnings per share. To this point, we expect to reduce stock-based compensation by over 40% in 2025.

我想指出的是，我們計劃在未來減少股票薪酬的同時，適度降低股權稀釋，努力實現每股盈餘。到目前為止，我們預計到 2025 年股票薪酬將減少 40% 以上。

In closing, we are extremely proud of the milestones we achieved in 2024. In 2025, we are confident in our ability to re-accelerate revenue growth, maintain positive adjusted EBITDA, and take the next step in our trajectory and reach positive free cash flow. This progress will be fueled by our multi-year investment in our infrastructure, technology, and software and move us closer to our long-term targets.

最後，我們對 2024 年所取得的里程碑感到非常自豪。2025年，我們有信心重新加速營收成長，維持正的調整後EBITDA，並邁出下一步，實現正的自由現金流。這項進步將得益於我們多年來對基礎設施、技術和軟體的投資，並使我們更接近我們的長期目標。

James and I are now ready to take your questions. Operator, please open the lines.

詹姆斯和我現在準備回答你們的問題。接線員，請接通線路。

(Operator instructions)

（操作員指示）

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey everyone, congrats on the momentum. I guess two questions for me, either for James or Sean. Basically just trying to think about the pacing of, I guess revenue, gross margin, and EBITDA through the year, any other, besides Q1, any other guide points you can kind of your guard rails you can kind of give us as we think about the remainder of the year.

大家好，祝賀你們取得這樣的進展。我想問兩個問題，一個是問詹姆斯，一個是問肖恩。基本上只是想思考一下全年的收入、毛利率和 EBITDA 的節奏，除了第一季之外，當我們考慮今年剩餘時間時，您能給我們任何其他指導點嗎？

And then just a second follow up to that would be just -- it sounds like you got a lot of momentum and Q4 sounded was very strong. Any reason why the business should be so anything quarter to date the shares trying to understand like how you're planning it versus if there's anything you're actually seeing that concerns you.

然後，再問一下，聽起來你獲得了很大的動力，而且第四季的表現聽起來非常強勁。為什麼業務應該如此，任何季度迄今為止的股票都應該試圖了解你是如何計劃的，以及你是否真正看到了任何讓你擔心的事情。

Hey this is Sean. I'll start off with the facing. Think about revenue. It's going to -- the growth is going to accelerate from Q1 to Q2 and Q2 to Q3, Q4 will come back down but still be a grower. And the growth margin rate will be pretty consistent throughout the year by quarter.

嘿，這是肖恩。我先從正面開始。考慮收入。從第一季到第二季度，成長將會加速，從第二季度到第三季度，第四季將會回落，但仍會成長。並且各季度的成長率將保持相當穩定。

EBITDA rate for Q2, similar to Q1, expands into Q3 at its highest for the year, then it comes back down to its lowest rates for Q4 in preparation for basically growing into 2026, but really about processing and bringing inbound goods online.

第二季的 EBITDA 率與第一季度類似，在第三季度達到年內最高水平，然後在第四季度回落至最低水平，為 2026 年的增長做準備，但實際上是為了處理和在線運送入境貨物。

I'll hand over to James on the last piece. Yeah, look, I think Q4 was strong. I think it benefited a little bit from the post-election sort of consumer -- consumers feeling good sort of post-election. So we had a strong holiday, unlike prior holiday periods, and so, I think nice momentum and we have continued to see that momentum into Q1.

我將把最後一部分交給詹姆斯。是的，我認為第四季表現強勁。我認為這在一定程度上受益於選舉後的消費者情緒——消費者在選舉後感覺良好。因此，與以往的假期不同，我們度過了一個強勁的假期，因此，我認為勢頭很好，並且我們在第一季繼續看到這種勢頭。

I just think there's a little bit of uncertainty around. A little bit on the consumer side and then also, this is early in the cycle for us for aggressively investing in marketing, aggressively investing in operations, and I think just we want to see some of these trends play out, but I think consistent with what Sean just said, we expect, Q2 to be, better than Q1 and Q3 to be better than Q2. So I think we're pacing the year as such.

我只是認為存在一些不確定性。從消費者方面來說，這對我們來說還處於積極投資行銷、積極投資營運的周期早期，我認為我們只是想看到其中一些趨勢發揮作用，但我認為與肖恩剛才所說的一致，我們預計第二季度會比第一季度更好，第三季度會比第二季度更好。所以我認為我們正以此方式安排今年的進度。

Great, thanks guys.

太好了，謝謝大家。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thank you and thanks for all the color on the guide. I'm curious, you kind of mentioned it there at the end if you mentioned how much you're going to spend on marketing this year, even in relative terms as it relates to the outlook and then that giant decrease in stock based comp, what's kind of the outlook here for the GAAP income side of the business as we kind of roll this forward and maybe related to that, we haven't talked about kind of capacity utilization in a while, kind of where you are on that journey and and sort of need for CapEx or how you kind of flex in and out of the capacity that you have this year.

謝謝您，也感謝指南上的所有色彩。我很好奇，您在最後提到了這一點，如果您提到今年您將在營銷上花費多少，即使是相對而言，因為它與前景有關，然後股票型薪酬大幅下降，那麼隨著我們推進這一業務，GAAP 收入方面的前景如何？也許與此相關，我們有一段時間沒有談論產能利用率了，您在這一旅程中處於什麼位置，對資本支出的需求，或者您如何靈活地利用今年的產能。

Thanks. Yeah, I think Dylan, maybe I'll start on the capacity piece. We have plenty of capacity at this point in the distribution centers, and I think our turns have been increasing, our ability to pick, the right items to sell at the right price. So I think Dylan, we're in great shape with that. I think we've said historically we wouldn't need any cap back to at least 2027, in any sort of scaled way, and I think that remains to be true, although, potentially even further than that.

謝謝。是的，我想，迪倫，也許我會從容量部分開始。目前，我們的配送中心擁有充足的容量，而且我認為我們的周轉率一直在提高，我們能夠挑選合適的商品，以合適的價格出售。所以我認為，對於迪倫來說，我們在這方面做得很好。我認為，從歷史上看，我們至少在 2027 年之前都不需要任何上限，無論以何種方式，我認為這仍然是正確的，儘管可能甚至比這更遠。

So I think feeling good about the utilization piece and then on the stock-based comp piece, I think we have seen, inflated uses of stock-based comp over the past prior years. I think we very deliberately have chosen to use more cash this year and less shares to really reduce dilution, for equity holders and so that was a conscious decision in the business, and I think you'll see that play out as we prep as we get into the 2026 and we think about, earnings growth and EPS, that's the direction the business is headed, and so we wanted to call out that change in share usage.

因此，我認為對利用率部分以及股票補償部分感覺良好，我認為我們已經看到，過去幾年股票補償的使用量有所膨脹。我認為我們今年非常謹慎地選擇使用更多現金和更少股票，以真正減少股權稀釋，對於股東而言，這是業務上的一個有意識的決定，我認為當我們準備進入 2026 年時，你會看到這一點，我們考慮盈利增長和每股收益，這是業務的發展方向，因此我們想指出股票使用情況的變化。

And Dylan, a number on it to the [FEC] for 2025 is about $14.5 million. And then I think on your last piece all the feed I can give you on marketing is think about it as about 19% of revenue on a quarterly basis throughout the year.

迪倫，2025 年向聯邦選舉委員會提交的撥款數字約為 1,450 萬美元。然後，我認為關於您的最後一篇文章，關於行銷，我能給您的所有資訊是，將其視為全年按季度計算的收入的 19% 左右。

And is that just because you're seeing better returns on that spend? Is that why that kind of ticks up a bit?

這僅僅是因為您看到了這筆支出的更好回報嗎？這就是導致這種情況發生的原因嗎？

Yeah, then we are. We're seeing -- our LTDA ratios really trend towards all-time highs. Q4 was among the best acquisition quarter in Q4 we've had. Q1 continues to trend really positively and so I think it's a combination of just a much better pros experience, all of our new AI search technology is really helping customers find what they want. That's driving positive contribution margins, we're really flowing that back into the business, and I think that's why you'll start to see the progress throughout the year on the growth side.

是的，我們就是這樣的。我們看到——我們的 LTDA 比率確實趨向於歷史最高水準。第四季是我們有史以來收購最好的季度之一。Q1 繼續呈現非常積極的趨勢，所以我認為這不僅僅是更好的專業體驗，我們所有新的 AI 搜尋技術都確實在幫助客戶找到他們想要的東西。這推動了積極的貢獻利潤率，我們確實將其回流到業務中，我認為這就是為什麼你會開始看到全年成長的進步。

Excellent, thanks a lot.

非常好，非常感謝。

Bernie McTernan, Needham and Company.

伯尼‧麥克特南 (Bernie McTernan)，尼德漢姆公司。

Great, thanks for taking the question. I was just hoping you could dive into Image search a little bit more, maybe what's driving that higher conversion. I would love to know what kind of data you're collecting and ultimately why is it better than just traditional word-based search and if you're seeing increased utilization of the product over time.

太好了，謝謝你回答這個問題。我只是希望您能夠更深入地研究圖像搜索，也許這就是推動更高轉換率的原因。我很想知道您收集了哪些類型的數據，以及為什麼它比傳統的基於單字的搜尋更好，以及您是否看到該產品的利用率隨著時間的推移而增加。

Yeah, hey, Bernie, yeah, I mean, I think you know we talked about image search and the conversion rates for that drives, I think it's just a distinction between people really being able to see items, out on the street or items in magazines or, using their Pinterest boards, all of these visual ways that women shop, I think now being able to find exactly those looks combined with the technology on the back end to take, whatever it is that they're snapping or clipping or saving.

是的，嘿，伯尼，是的，我的意思是，我想你知道我們談論了圖像搜索和驅動的轉換率，我認為這只是人們真正能夠在街上或雜誌上看到物品或使用他們的 Pinterest 板之間的區別，所有這些女性購物的視覺方式，我認為現在能夠結合後端技術找到那些外觀，無論他們拍攝、剪輯或保存的是什麼。

It just delivers more relevant results and so you're seeing people then use it more. We hear from customers all the time, I've stopped using the text search. I just upload my images and you guys find exactly what I'm looking for, whether that is a -- we saw a big surge of people using it, with the Academy Awards, right? Like you're just seeing people start to use this as a default way to shop online and I think our technology is helping give them the product that they want in an efficient fashion.

它只是提供更相關的結果，所以你會看到人們更多地使用它。我們一直聽到客戶的聲音，我已經停止使用文字搜尋了。我只需上傳我的圖像，你們就能找到我正在尋找的東西，無論是——我們看到在奧斯卡頒獎典禮上使用它的人激增，對吧？就像您看到人們開始將其作為在線購物的預設方式一樣，我認為我們的技術正在幫助他們以高效的方式獲得他們想要的產品。

Makes sense. Thanks James.

有道理。謝謝詹姆斯。

(Operator instructions)

（操作員指示）

Kunal Madhukar, Water Tower Research.

Kunal Madhukar，水塔研究。

Hi, thanks for taking my question. Question -- and maybe this is something that hasn't truly played out yet, but as we think of the new tariffs that could come into play, one of the things that could potentially happen is that the CPC rate, the cost per click rate, should decline because there's less competitive intensity on the advertising side. As that happens, how are you thinking in terms of maybe, continuing to spend as much on marketing budget and delivering higher growth versus maybe potentially delivering higher EBITDA margins?

你好，謝謝你回答我的問題。問題是——也許這件事還沒有真正發生，但當我們想到可能生效的新關稅時，可能會發生的事情之一是每次點擊費用率（CPC）應該會下降，因為廣告方面的競爭強度較低。在這種情況下，您是想繼續投入盡可能多的行銷預算並實現更高的成長，還是可能實現更高的 EBITDA 利潤率？

Yeah, it's a great question on tariffs. I mean, I think you've sort of hit on one piece, which is advertising rates and how that might change around cost per click, I think we saw the opposite over the last couple of years, whether it was Shein or Temu sort of driving up cost per click rates. I do think that could potentially be a tailwind and the way our systems are designed is if, cost per click comes down and we still feel like the customer quality is there, we will actually spend more money and could drive incremental new buyers.

是的，關於關稅的問題非常好。我的意思是，我認為你已經觸及了一個問題，那就是廣告費率以及它如何改變每次點擊的成本，​​我認為我們在過去幾年中看到了相反的情況，無論是 Shein 還是 Temu 都推高了每次點擊的成本率。我確實認為這可能會成為一種順風，我們的系統設計方式是，如果每次點擊費用下降並且我們仍然覺得客戶品質存在，我們實際上會花更多的錢並可能吸引更多的新買家。

I think the other part of the tariff equation is. If new apparel -- companies that sell new apparel have increased costs, from products that they're making in China or things that they're bringing in from Mexico, anything that increased the cost of new apparel is likely also to provide some modest tailwind to second-hand goods because we don't have exposure to bringing in products from overseas and so, everything that we process and sell product is all here in the US. So, I think in both areas, tariffs can be a net positive for our business.

我認為關稅方程式的另一部分是。如果新服裝——銷售新服裝的公司的成本增加了，無論是他們在中國生產的產品還是從墨西哥進口的產品，任何增加新服裝成本的因素都可能為二手商品提供一些適度的推動力，因為我們沒有接觸過從海外進口的產品，所以我們加工和銷售的所有產品都在美國。因此，我認為在這兩個領域，關稅對我們的業務都是有利的。

That's great. Maybe a follow up to that, especially to the second point. One of the things that really kind of talks about is the pricing algo which in real time kind of adjust to the demand and supply. How flexible is your pricing algo just in case prices start increasing on the new product side?

那太棒了。也許是對此的跟進，特別是第二點。真正要討論的事情之一是定價演算法，它可以即時根據需求和供應進行調整。如果新產品的價格開始上漲，您的定價演算法有多靈活？

Yeah, all the prices on up are dynamic, so we will adjust those prices based on what we're seeing in the market, as well as the demand curve. So we've got over 50,000 brands on the platform, tens of thousands of new listings every day, and those prices are all being dynamically adjusted. So we've actually very well positioned to take advantage of discontinuities and pricing if tariffs make that a reality.

是的，所有價格都是動態的，所以我們會根據市場狀況和需求曲線調整這些價格。因此，我們的平台上有超過 50,000 個品牌，每天有數以萬計的新列表，而且這些價格都在動態調整。因此，如果關稅使之成為現實，我們實際上已經做好了充分的準備來利用不連續性和定價。

Great, thank you so much.

太好了，非常感謝。

Thank you.

謝謝。

There are no further questions at this time. I will not turn the call back to Mr. James Reinhart. Please continue.

目前沒有其他問題。我不會把電話轉回給詹姆斯·萊因哈特先生。請繼續。

Well, thank you all for joining us on this call. I want to particularly thank the ThredUp team for all their hard work over the past couple of quarters. It feels great to be back on track with some strong momentum in the business and exciting opportunities in front of us, and looking forward to all the work that we have ahead of us and what we can invent on behalf of our customers.

好吧，感謝大家參加這次電話會議。我要特別感謝 ThredUp 團隊在過去幾季的辛勤工作。很高興能夠回到正軌，業務發展勢頭強勁，面前還有令人興奮的機遇，我們期待著未來所有的工作以及我們能為客戶創造的成果。

So thank you, everyone. We'll see you next time.

謝謝大家。我們下次再見。

Ladies and gentlemen, this concludes this conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，本次電話會議到此結束。感謝您的參與。您現在可以斷開連線。