ThredUp Inc (TDUP) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the ThredUp first-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Monday, May 5, 2025.

女士們、先生們，下午好，歡迎參加 ThredUp 2025 年第一季財報電話會議。（操作員指示）此通話於 2025 年 5 月 5 日星期一錄製。

I would now like to turn the conference over to Lauren Frasch. Please go ahead.

現在我想將會議交給 Lauren Frasch。請繼續。

Good afternoon, everyone, and thank you for joining us on today's conference call to discuss ThredUp's first-quarter 2025 financial results. With me are James Reinhart, 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.

大家下午好，感謝您參加今天的電話會議，討論 ThredUp 2025 年第一季的財務業績。和我一起的還有 ThredUp 的執行長兼聯合創辦人 James Reinhart 和財務長 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。本次電話會議將在我們的投資者關係網站上進行網路直播，會議重播也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. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our earnings release, the supplemental financial information, and our forms 10-K and 10-Q for more information on these expectations, assumptions, and related risk factors. We undertake no obligation to update any forward-looking statements.

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。此類聲明基於當前的預期和假設，受多種風險和不確定性的影響。實際結果可能存在重大差異。有關這些預期、假設和相關風險因素的更多信息，請參閱我們的收益報告、補充財務資訊以及我們的 10-K 和 10-Q 表格。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release and the supplemental financial information, which are distributed and available to the public through our Investor Relations website located at ir.thredup.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿和補充財務資訊中包含了非 GAAP 與 GAAP 指標的對賬，這些資訊透過我們的投資者關係網站 ir.thredup.com 分發並向公眾開放。

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

現在我想把電話轉給詹姆斯。詹姆斯？

Good afternoon, everyone. I'm James Reinhart, CEO and Co-Founder of ThreadUP. Thank you for joining our first-quarter 2025 earnings call. We are pleased to share ThredUp's financial results for Q1 and to update our expectations for Q2 and fiscal year 2025. I will provide a high-level summary of our improving financial profile but spend the majority of my time commenting on the macro environment and our approach to navigating this unique time for ThredUp.

大家下午好。我是 James Reinhart，ThreadUP 的執行長兼聯合創辦人。感謝您參加我們的 2025 年第一季財報電話會議。我們很高興分享 ThredUp 第一季的財務業績，並更新我們對第二季和 2025 財年的預期。我將對我們不斷改善的財務狀況進行高度概括，但大部分時間我會花在評論宏觀環境以及我們為 ThredUp 度過這段特殊時期的方法。

I will discuss key ongoing innovation in our AI-driven product experience and update you on our evolving graph strategy. I will then hand it over to Sean Sobers, our Chief Financial Officer, to talk through our first quarter of 2025 financials in more detail and provide our outlook for the second quarter and full year of 2025. As always, we'll close out today's call with a question-and-answer session.

我將討論我們人工智慧驅動的產品體驗中正在進行的關鍵創新，並向您介紹我們不斷發展的圖形策略。然後，我將把時間交給我們的財務長 Sean Sobers，讓他更詳細地介紹我們 2025 年第一季的財務狀況，並提供我們對 2025 年第二季和全年的展望。像往常一樣，我們將以問答環節結束今天的電話會議。

First, to the results. We've continued to make meaningful progress re-accelerating growth in our US marketplace after our exit from Europe. Top-line growth accelerated to double digits at 10.5%, at the same time that we achieved adjusted EBITDA of 5.3%, and generated cash of $2.6 million. Active buyer growth turned positive on a trailing 12-month basis and was up 5.7% year over year. But most importantly, new buyers acquired in the quarter were up 95% from Q1 2025 over Q1 2024.

首先，談談結果。退出歐洲後，我們在美國市場重新加速成長，並繼續取得有意義的進展。營業收入成長率加速至兩位數，達到 10.5%，同時，我們的調整後 EBITDA 達到 5.3%，並產生 260 萬美元的現金。過去 12 個月，活躍買家成長率轉為正值，年增 5.7%。但最重要的是，本季獲得的新買家數量比 2024 年第一季增加了 95%。

This positive acquisition trend has continued early in Q2, with April being the strongest new customer acquisition month in our history. Our approach in 2025 is simple: maintain our gross margin and bottom-line efficiency and reinvest incremental dollars we generate back into growing new buyers and sellers in our marketplace. We believe this creates the greatest long-term shareholder value.

這種積極的客戶獲取趨勢在第二季初一直持續，其中 4 月是我們歷史上新客戶獲取最強勁的月份。我們在 2025 年的方針很簡單：保持我們的毛利率和底線效率，並將我們產生的增量資金重新投資於我們市場中不斷增長的新買家和賣家。我們相信這將創造最大的長期股東價值。

Turning to the macro, our financial results in Q1 exceeded our expectations, and we believe this had very little to do with the macro environment. Given the announcements of successive rounds of tariffs and the closure of the de minimis loophole only were made public on April 2 and were to go into effect on May 2 or later, it is hard to observe any directly correlated impact.

從宏觀角度來看，我們第一季的財務表現超出了預期，我們認為這與宏觀環境關係不大。鑑於連續幾輪關稅的公告和最低限度漏洞的關閉都是在4月2日才公佈，並且將於5月2日或之後生效，因此很難觀察到任何直接相關影響。

If our customer base remains resilient while tariffs drive increases in new apparel prices, these changes could add incremental benefit to our current business trajectory for the following three reasons. First, by far the most impactful to ThredUp is the closure of the de minimis loophole. This is a policy change we have been advocating for over the course of the past few years. While we expect tariff-induced disruptions to global trade to normalize over time, we do not anticipate a broad rollback of the de minimis loophole closure.

如果我們的客戶群保持韌性，同時關稅推動新服裝價格上漲，這些變化可能會為我們目前的業務軌跡帶來增量效益，原因如下。首先，迄今為止對 ThredUp 影響最大的是最低限度漏洞的關閉。這是我們過去幾年一直倡導的政策變革。雖然我們預計關稅導致的全球貿易中斷會隨著時間的推移而恢復正常，但我們並不認為最低限度漏洞的堵塞會大規模取消。

Duty-free, ultra-fast fashion that has flooded the US market over the past few years undoubtedly puts some pressure on our price competitiveness. We believe the closure of the de minimis exemption is likely to cause higher prices for these goods and to reduce production volumes, both of which could be a positive for ThredUp.

過去幾年充斥美國市場的免稅超快時尚無疑給我們的價格競爭力帶來了一些壓力。我們認為，取消最低限度豁免可能會導致這些商品價格上漲，並減少產量，這兩點對 ThredUp 來說都是有利的。

Second, the increase in the price of apparel that could result from broad-based tariffs in key overseas manufacturing hubs could be a tailwind. If the price of new clothing goes up because of these tariffs, we believe this enhances the comparative value proposition for consumers who shop for used clothing on ThredUp.

其次，主要海外製造中心廣泛徵收關稅可能導致服裝價格上漲，這可能是好因素。如果新衣服的價格因為這些關稅而上漲，我們相信這會提高在 ThredUp 上購買二手衣服的消費者的比較價值主張。

Third, large ad buyers on Meta and Google, like Shein and Temu, have announced a reduction in their advertising spend, and this should reduce the escalation we have seen in advertising costs. In some cases, we might see customer acquisition advertising costs come down. This is what we've seen in April, though we anticipate markets to efficiently reprice over time.

第三，Meta 和 Google 上的大型廣告買家（如 Shein 和 Temu）已宣布減少廣告支出，這應該會減少我們所看到的廣告成本的上漲。在某些情況下，我們可能會看到客戶獲取廣告成本下降。這是我們在四月看到的情況，儘管我們預計市場會隨著時間的推移有效地重新定價。

Finally, on the macro piece, I would reiterate that our business was accelerating before the trade disruptions were introduced in early April. And while we can't predict the future, we want to underscore our fundamentally improving growth and profit profile, tariffs and de minimis closure aside.

最後，關於宏觀層面，我想重申，在 4 月初貿易中斷之前，我們的業務已經在加速發展。雖然我們無法預測未來，但我們希望強調，撇開關稅和最低限度關閉不談，我們的成長和利潤狀況正在從根本上改善。

Now turning to the product experience. Across the product experience, with our inventory of 4 million-plus items that change every day, we have continued to augment the customer experience with an AI-first mentality. Improving our core search and discovery infrastructure is key to building out the next set of customer-facing product features that make thrifting more joyful.

現在談談產品體驗。在整個產品體驗方面，我們庫存中有超過 400 萬種產品，並且每天都會更新，我們始終以 AI 優先的理念來提升客戶體驗。改善我們的核心搜尋和發現基礎設施是建立下一組面向客戶的產品功能的關鍵，這些功能使節儉變得更加快樂。

Let me give you a few examples of enhancements we've launched in just the past 60 days. First, customers can now effortlessly pivot from items they love to similar styles, shop from any inspiration source, and put together outfits on any conceivable theme. Our expanded discovery tools mean customers rarely, quote, miss their chance to purchase a coveted style.

讓我舉幾個我們在過去 60 天內推出的增強功能的例子。首先，顧客現在可以毫不費力地從他們喜歡的商品轉向類似的款式，從任何靈感來源購物，並根據任何可以想像到的主題搭配服裝。我們擴展的發現工具意味著客戶很少會錯過購買夢寐以求的款式的機會。

When items are sold or held in someone else's cart, a new powerful visual search is just one touch away for items that are just like that item or even better. Sessions where a customer uses our updated shop similar feature have a 64% higher conversion rate as it helps customers discover even more of what they already love.

當物品已售出或放在別人的購物車中時，只需輕輕一按，即可透過強大的全新視覺搜尋找到與該物品類似甚至更好的物品。客戶使用我們更新的類似商店功能的會話轉換率提高了 64%，因為它可以幫助客戶發現更多他們已經喜歡的東西。

Next, we're developing fully personalized pathways for product discovery. ThredUp has benefited from having a personalized item sort for many years, but our recently upgraded personalized sort is created by incorporating data from every user interaction into unique, information-rich customer profiles that we then match against our deep catalog to find the most relevant styles.

接下來，我們正在開發完全個人化的產品發現途徑。ThredUp 多年來一直受益於個人化商品分類，但我們最近升級的個人化分類是透過將每個使用者互動的資料整合到獨特的、資訊豐富的客戶檔案中而創建的，然後我們將其與我們的深度目錄進行匹配以找到最相關的樣式。

Each day, we're serving up many hundreds of thousands of personalized product listing pages powered by our in-house recommendation engine. In addition, updated tooling that launched last month is making discovering brands far, far better. It leverages our massive database of customer interactions to define relationships between the more than 60,000 brands that exist on ThredUp. This technology gives customers easy ways to shop groups of brands that have the same style as the ones they already love.

每天，我們都會在內部推薦引擎的支援下提供數十萬個個人化產品清單頁面。此外，上個月推出的更新工具使品牌發現變得更加便利。它利用我們龐大的客戶互動資料庫來定義 ThredUp 上超過 60,000 個品牌之間的關係。這項技術讓顧客可以輕鬆購買與他們喜愛的品牌風格相同的品牌組合。

Across all the AI-powered discovery initiatives that we've developed over the last year and a half, including visual search, style chat, image search, shop similar, and more, we see encouraging signs that we are reshaping browsing behaviors. Instead of doubling down on well-established and utilitarian e-commerce shopping patterns, we're creating new product discovery paths and augmenting existing ones to help make thrifting our vast catalog feel like shopping at your own personal boutique.

在過去一年半中，我們開發了所有由人工智慧驅動的發現計劃，包括視覺搜尋、風格聊天、圖像搜尋、類似購物等等，我們看到了令人鼓舞的跡象，表明我們正在重塑瀏覽行為。我們並沒有加倍強調成熟和實用的電子商務購物模式，而是創造了新的產品發現路徑並增強了現有的路徑，以幫助您在瀏覽我們龐大的商品目錄時感覺就像在自己的精品店購物一樣。

And finally, beyond optimizing the core product experience, we're launching new ways for customers to shop their favorite styles and trends. In early April, we launched an AI-powered shopping experience for customers to link their social media inspiration from Instagram and elsewhere and receive curated aesthetics, styles, and brands to shop on ThredUp. The shop social feature is currently in beta in the ThredUp iOS app, and we're seeing strong early signals, including nearly four times higher conversion than non-AI searches.

最後，除了優化核心產品體驗之外，我們還推出了新的方式讓顧客購買他們喜歡的款式和潮流。4 月初，我們推出了一項人工智慧購物體驗，讓顧客可以連結來自 Instagram 和其他地方的社交媒體靈感，並獲得精心挑選的美學、風格和品牌，以便在 ThredUp 上購物。商店社交功能目前在 ThredUp iOS 應用中處於測試階段，我們看到了強烈的早期訊號，包括轉換率比非 AI 搜尋高出近四倍。

Now turning to the seller side of our marketplace, we are making substantial investments across the seller experience with our ambition to make ThredUp the default place to sell secondhand clothing online, expanding our TAM and, at the same time, our sustainability impact. Our strategy involves expanding the number of ways customers can sell and the frequency with which they want to sell on ThredUp.

現在轉向我們市場的賣方，我們正在對賣方體驗進行大量投資，我們的目標是使 ThredUp 成為在線銷售二手服裝的預設場所，擴大我們的 TAM，同時增強我們的永續發展影響。我們的策略包括擴大客戶在 ThredUp 上銷售的方式數量以及銷售頻率。

For premium sellers, we are continuing to refine their dashboards and seller tools to make it easy for those with premium items to feel confident selling on ThredUp. Premium continues to grow as a mix of items processed and contribution margins from premium items sold are 60% higher than regular items sold.

對於優質賣家，我們將繼續完善他們的儀表板和賣家工具，以便那些擁有優質商品的賣家能夠自信地在 ThredUp 上銷售。隨著加工商品種類的不斷增加，優質商品的銷售貢獻利潤比一般商品高出 60%。

Our previous selling experience was designed for episodic clean-out kit selling alongside regular buying patterns. We are now innovating to let buying and selling follow a more rhythmic in-out pattern that we think fits with how the modern consumer thinks about circularity. Buy a few items, sell a few items, repeat.

我們之前的銷售經驗是針對偶爾的清理套件銷售以及常規購買模式而設計的。我們現在正在進行創新，讓買賣遵循更有節奏的進出模式，我們認為這符合現代消費者對循環的看法。買幾件物品，賣幾件物品，重複。

Last quarter, we launched the ability for customers to sell items alongside any returns they were making on ThredUp, leveraging not just the shipping, but importantly, the psychology of getting rid of things to make room for new things. Already, 8% of returns now include items for resale, and on average, customers are including nine items in those returns.

上個季度，我們推出了一項服務，允許顧客在 ThredUp 上出售商品的同時，還可以退貨，這不僅利用了運費，更重要的是，還利用了顧客扔掉舊貨、為新貨騰出空間的心理。目前，8% 的退貨商品中包括轉售商品，平均而言，顧客在退貨商品中包括 9 件商品。

And finally, let me turn to resale as a service, or RAS. I wanted to share a more detailed update on our RAS strategy. Over the past year, we've seen the market evolve in ways we think are counterproductive to building scalable, circularity business models. A lot of what's being counted as resale is overstock and customer returns masquerading as secondhand product. This is largely because brands have been unable to scale their take-back and circularity programs and are left with no choice but to fill their shops with other branded product.

最後，讓我來談談轉售即服務（RAS）。我想分享有關我們的 RAS 策略的更詳細更新。在過去的一年裡，我們看到市場正在以我們認為不利於建立可擴展的循環商業模式的方式發展。許多被視為轉售的商品都是積壓庫存和顧客退回的偽裝成二手產品的商品。這主要是因為品牌無法擴大其回收和循環計劃，因此別無選擇，只能在商店中擺滿其他品牌的產品。

In reality, they are paying software, management, and consulting fees for programs that are doing very little to build native circularity into their strategies. In short, we think branded resale is being held back by the lack of sophisticated technology and operations. So we've decided to begin open sourcing our front-end technology and back-end logistics chain to encourage brands to make a bigger impact.

事實上，他們為那些在其策略中建構原生循環作用甚微的專案支付了軟體、管理和諮詢費用。簡而言之，我們認為品牌轉售因缺乏先進的技術和營運而受到阻礙。因此，我們決定開始開源我們的前端技術和後端物流鏈，以鼓勵品牌產生更大的影響。

We believe value for this ecosystem is created in the operations and technology layer to ingest secondhand items at scale and make them available for resale as efficiently as possible. This has never been more relevant than it is today as brands navigate global supply chain disruptions. We're excited to pioneer the next generation of branded resale, pairing free branded resale shops with clean-out programs that significantly reduce barriers to entry for brands and retailers.

我們相信，這個生態系統的價值是在營運和技術層面創造的，以大規模吸收二手物品並盡可能有效地轉售它們。在各大品牌應對全球供應鏈中斷的當下，這一點比以往任何時候都更重要。我們很高興能夠開創下一代品牌轉售，將免費的品牌轉售商店與清理計劃相結合，大大降低品牌和零售商的進入門檻。

We expect that these shops will not just help brands expand inventory listings, they will also be more reflective of the brand's aesthetics with catalog data and imagery, enhanced customization, optional cleaning and repair, and our built-in, ever-improving AI search and discovery technology. Alongside these free resale shops, we are also lowering our usage-based fees on our clean-out programs to support brand loyalty and allow brands to grow their second-hand inventory, ensuring a consistent supply of quality items for sale.

我們預計這些商店不僅能幫助品牌擴大庫存，還能透過目錄資料和圖像、增強的客製化、可選的清潔和維修以及我們內建的、不斷改進的人工智慧搜尋和發現技術更好地反映品牌的美感。除了這些免費轉售商店外，我們還降低了清理計劃的使用費，以支持品牌忠誠度並允許品牌增加二手庫存，確保持續供應優質商品。

We also plan to provide broader marketing support, including new modules on thredup.com to promote branded customer acquisition and retention. We believe branded resale scales better when it's designed with a simplified, performance-based model that aligns revenue sharing and usage-based fees with brand success.

我們還計劃提供更廣泛的行銷支持，包括在 thredup.com 上推出新模組，以促進品牌客戶的獲取和保留。我們相信，當品牌轉售採用簡化的、基於績效的模型，將收入分成和基於使用的費用與品牌成功相結合時，其規模會更好。

Over the long term, as branded resale becomes more prevalent in the industry, we believe the ecosystem will benefit from a powerful, affordable, quote, universal re-commerce layer, akin to what Amazon Web Services has done for cloud services or Shopify has done for small businesses. This can enable any brand to do everything they need across the resale ecosystem. We remain more ambitious than ever as we begin the next chapter of RAS.

從長遠來看，隨著品牌轉售在業界變得越來越普遍，我們相信生態系統將受益於強大、實惠、報價、通用的再商務層，類似於亞馬遜網路服務為雲端服務所做的或 Shopify 為小型企業所做的。這可以使任何品牌在轉售生態系統中做他們需要做的一切。當我們開始 RAS 的下一篇章時，我們比以往任何時候都更加雄心勃勃。

With that, I'll turn it over to Sean to talk through the financials in more detail.

說完這些，我會把話題交給肖恩，讓他更詳細地討論財務狀況。

Thanks, James. I'll begin with an overview of our results and follow up with guidance for the second quarter and full year of 2025. All reported results are from continuing operations unless otherwise noted. I will discuss non-GAAP results throughout my remarks. Our GAAP financials and a reconciliation between our GAAP and non-GAAP measures are found in our earnings release, supplemental financials, and our 10-Q filing.

謝謝，詹姆斯。我將首先概述我們的業績，然後介紹 2025 年第二季和全年的指導。除非另有說明，所有報告的結果均來自持續經營。我將在發言中討論非公認會計準則結果。我們的 GAAP 財務數據以及 GAAP 與非 GAAP 指標之間的對帳可以在我們的收益報告、補充財務數據和 10-Q 文件中查看。

We are extremely proud of our Q1 results. For the first quarter of 2025, revenue totaled $71.3 million, an increase of 10.5% year over year. Our outperformance was driven by the significant investment into marketing and inbound processing we made in order to drive our marketplace flywheel. These investments resulted in our strongest quarter for new buyer acquisition in the company's history, with new buyers up 95% year over year. This performance inflected our total active buyers to growth for the first time in over a year.

我們對第一季的業績感到非常自豪。2025 年第一季度，營收總計 7,130 萬美元，年增 10.5%。我們的優異表現得益於我們為了推動市場飛輪而對行銷和入站處理進行的大量投資。這些投資使我們本季取得了公司歷史上最強勁的新買家獲取業績，新買家數量同比增長了 95%。這一業績使我們的活躍買家總數一年多來首次實現成長。

We finished the quarter with 1.4 million active buyers for the trailing 12 months, up 5.7% over last year, while orders were up 16.1% over last year to 1.4 million. For the first quarter of 2025, gross margin was 79.1%, a 100-basis-point decrease versus the same quarter last year as a result of the strength of our new buyer growth, as new buyers require higher incentives to convert on their first purchase. We called out this dynamic on our last earnings call and continue to expect acquisitions to impact gross margins throughout the year as we plan for robust new customer growth.

截至本季度，我們擁有過去 12 個月的 140 萬活躍買家，比去年同期增長 5.7%，而訂單量比去年同期增長 16.1%，達到 140 萬。2025 年第一季度，毛利率為 79.1%，較去年同期下降 100 個基點，原因是新買家增長強勁，因為新買家需要更高的激勵才能在首次購買時轉換。我們在上次收益電話會議上提到了這種動態，並繼續預計收購將影響全年的毛利率，因為我們計劃實現強勁的新客戶成長。

Adjusted EBITDA was $3.8 million, or 5.3% of revenue, for the first quarter of 2025. We doubled our adjusted EBITDA dollars versus last year, representing a 240-basis-point margin improvement as we leveraged our multi-year investments and benefited from our revenue outperformance. As our momentum accelerated through March, we were unable to spend marketing and processing fast enough, driving our EBITDA beat. The strength of the beat illustrates how our marketplace model generates powerful margin flow through on incremental revenue.

2025 年第一季調整後 EBITDA 為 380 萬美元，佔營收的 5.3%。我們的調整後 EBITDA 與去年相比增加了一倍，利潤率提高了 240 個基點，這得益於我們利用了多年的投資並受益於收入的優異表現。隨著我們的發展勢頭在三月加速，我們無法足夠快地投入行銷和處理，從而推動我們的 EBITDA 成長。這一強勁勢頭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 first quarter with $52.8 million in cash and securities and ended the quarter with $55.4 million, generating $2.6 million in cash. Free-cash flow for the quarter was $3.9 million, a record level of quarterly free cash flow, driven by $5.7 million in cash flow from operations. We spent $1.8 million on CapEx in Q1 and continue to expect maintenance CapEx levels of approximately $8 million in 2025.

談到資產負債表，第一季初我們擁有 5,280 萬美元的現金和證券，而本季末我們擁有 5,540 萬美元，產生了 260 萬美元的現金。本季自由現金流為 390 萬美元，創下季度自由現金流新高，主要得益於 570 萬美元的營運現金流。我們在第一季花費了 180 萬美元的資本支出，並預計 2025 年的維護資本支出水準將達到約 800 萬美元。

Now I'd like to provide a bit of context for our updated guidance. We delivered a significant revenue beat in the first quarter, and we are flowing that through the full-year revenue outlook. Though we remain cautious given the current volatile and uncertain consumer environment, we are pleased to be raising our top-line expectations for the balance of the year to align with the positive trends we are currently seeing in the business.

現在我想為我們更新後的指南提供一些背景資訊。我們在第一季實現了顯著的營收成長，並將這一趨勢貫穿全年營收展望。儘管考慮到當前動盪和不確定的消費環境，我們仍然保持謹慎，但我們很高興提高今年剩餘時間的營收預期，以符合我們目前在業務中看到的積極趨勢。

We also delivered a strong beat on Q1 adjusted EBITDA, which we are flowing through to our raised full-year guide. However, we are maintaining our profitability expectations for the remainder of the year as we continue to focus on driving growth. As we discussed on our last call and demonstrated in Q1, our priority this year is to accelerate our top line. To do this, we will continue to lean into the key drivers of our marketplace flywheel, growing active buyers through marketing, and fresh listings through inbound processing.

我們第一季調整後的 EBITDA 也表現強勁，我們已將此納入上調的全年預期。然而，由於我們將繼續專注於推動成長，我們仍維持今年剩餘時間的獲利預期。正如我們在上次電話會議上討論並在第一季所展示的那樣，我們今年的首要任務是加速我們的營收成長。為了實現這一目標，我們將繼續依靠市場飛輪的關鍵驅動力，透過行銷增加活躍買家，並透過入站處理增加新上市產品。

With contribution margins in the low 40% range and the current ad market becoming less competitive, we see even more opportunity to continue to invest ad dollars that uphold our long-held 12-month payback period. As we spend more on marketing and drive new buyers to the site, they are simultaneously investing in inbound processing to bring in a broad selection of fresh, high-value items to delight and convert our buyers.

由於貢獻利潤率處於 40% 的低位，且目前廣告市場的競爭日益激烈，我們看到了更多機會繼續投資廣告資金，以維持我們長期以來的 12 個月回報期。隨著我們在行銷上投入更多資金並吸引新買家造訪網站，他們也同時投資於入站處理，以帶來各種新鮮、高價值的商品來取悅和轉化我們的買家。

With all this in mind, in the second quarter, we expect revenue in the range of $72.5 million to $74.5 million, representing 10% growth at the midpoint; gross margin in the range of 77% to 79%; adjusted EBITDA of approximately 3.3% of revenue in line with current expectations; and basic weighted average shares outstanding of approximately 119 million shares.

綜合考慮以上因素，我們預計第二季營收將在 77% 至 79% 之間；調整後的 EBITDA 約為營收的 3.3%，與目前預期一致；基本加權平均流通股數約為 1.19 億股。

For the full year of 2025, we now expect revenue in the range of $281 million to $291 million, reflecting 10% growth at the midpoint. This updated view is $11 million above our previous guidance, incorporating our Q1B and a raised outlook for the remainder of the year. Gross margin in the range of 77% to 79%, adjusted EBITDA of approximately 4% of revenue, this reflects our Q1 beat while we are holding our assumptions for the remainder of the year to be broadly similar to our previous outlook, and basic weighted average shares outstanding of approximately 122 million shares.

對於 2025 年全年，我們目前預計營收將在 2.81 億美元至 2.91 億美元之間，中間值成長率為 10%。這一更新後的觀點比我們之前的指導高出 1100 萬美元，其中包括我們對第一季的預期以及對今年剩餘時間的上調預期。毛利率在 77% 至 79% 之間，調整後的 EBITDA 約為營收的 4%，這反映了我們第一季的業績超出預期，同時我們對今年剩餘時間的假設與我們之前的展望大致相同，基本加權平均流通股約為 1.22 億股。

In closing, we are extremely proud of our Q1 performance. The momentum we're seeing in the business provides us with increased confidence in our ability to deliver accelerated revenue growth and reach positive annual free cash flow this year. This progress is being fueled by our near-term investments in marketing and processing and our multi-year investments in our infrastructure, technology, and software, all of which will move us closer to our long-term targets.

最後，我們對第一季的業績感到非常自豪。我們在業務中看到的勢頭使我們對今年實現加速收入成長和實現正年度自由現金流的能力更加有信心。這項進步得益於我們在行銷和加工方面的近期投資以及我們在基礎設施、技術和軟體方面的多年投資，所有這些都將使我們更接近我們的長期目標。

James and I are now ready for your questions. Operator, please open the line.

詹姆斯和我現在準備好回答你們的問題了。接線員，請接通線路。

(Operator Instructions) Ike Boruchow, Wells Fargo.

（操作員指示） 艾克·博魯喬夫，富國銀行。

Congrats, guys. Great performance on the tough take. So I think I have two questions. Maybe, James, just bigger picture for you to start. I guess just to ask, in your opinion, what do you think is driving the buyer and revenue outperformance in a way that maybe you think is sustainable for the rest of the year? I just really want to understand what gives you the confidence. I mean, raising revenue is not something we're seeing anywhere in the space right now. So just kind of what gives you the confidence to underpin that in this highly uncertain environment?

恭喜你們，夥伴們。在艱難的任務中表現出色。所以我想我有兩個問題。詹姆斯，也許這只是為你提供一個更大的視角。我想問一下，您認為是什麼推動了買家和收入的出色表現，並且您認為這種表現在今年剩餘時間內是可持續的？我只是真的想了解是什麼給了你信心。我的意思是，目前我們在該領域任何地方都看不到增加收入的跡象。那麼，是什麼讓您有信心在這種高度不確定的環境中堅持這一點呢？

Yes. I mean, I think if you go back to our Q4 earnings, we were really seeing a new trajectory in the business in Q4. And I think on that call, where we were a little cautious around, hey, is this momentum going to continue into Q1? And we've just continued to see that momentum in the business, specifically around new buyer acquisition, and then the progress we're making on the supply side, continuing to process and operations.

是的。我的意思是，我認為如果你回顧我們第四季度的收益，我們確實看到了第四季度業務的新軌跡。我認為在那次電話會議上，我們有點謹慎，嘿，這種勢頭會持續到第一季嗎？我們不斷看到業務的這種勢頭，特別是在新買家獲取方面，以及我們在供應方面取得的進展，繼續進行加工和營運。

And that's really the two ingredients. And so there's nothing that we look at across the KPIs in the business that suggests that the business isn't continuing to execute at a very high level. And so I think that gives us a lot of confidence across our cohorts, across our operations, across the unit economics. Everything is really fundamentally sound, and I think we're feeling pretty good about the rest of the year.

這確實就是兩種成分。因此，從我們觀察到的業務 KPI 來看，沒有任何跡象表明業務沒有繼續以非常高的水平執行。因此，我認為這讓我們對我們的團隊、我們的營運、我們的單位經濟充滿信心。一切從根本上來說都是健全的，我認為我們對今年剩餘時間的前景非常樂觀。

Got it. And then a quick follow up for Sean. I think you had given us some puts and takes on the remainder of the year and the flow of the year. I guess I just want to double check. Do certain things still apply? Most specifically, are you still expecting Q3 to accelerate from 2Q in revenue? And are you still expecting 3Q to be the high point of the year on EBITDA margin and conversely expecting Q4 to kind of fall back down a bit? Thanks.

知道了。然後快速跟進肖恩的情況。我認為您已經向我們介紹了一些有關今年剩餘時間和全年進程的看法。我只是想再確認一下。某些事情還適用嗎？更具體地說，您是否仍預計第三季的營收將比第二季有所成長？您是否仍預計第三季的 EBITDA 利潤率將達到今年的最高點，而相反，預計第四季的 EBITDA 利潤率將略有下降？謝謝。

So I would say yes on the first one, accelerate revenue from Q2 to Q3. I think with the outperformance in EBITDA in Q1, I would expect Q3 to be more in the 4.5-ish kind of range as far as EBITDA, so slightly down from Q1, and then come back down and dip down to match our full-year guide of around 4% EBITDA.

因此，對於第一個問題，我的答案是肯定的，即從第二季到第三季加速收入。我認為，鑑於第一季 EBITDA 的優異表現，我預計第三季的 EBITDA 將在 4.5 左右，略低於第一季度，然後再回落並下降至符合我們全年 EBITDA 約 4% 的指導水平。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, congratulations on that new customer acquisition. Any demographics surrounding who you're getting in terms of new customers, where they're from, any more color around it? And then in terms of the marketing spend, how do you plan to keep this momentum going? And James, do you feel, given the fact that what's happening with the potential for tariffs, the opportunity for marketing and capturing with the resale opportunity and what you're saying is how you see the rest of the year progressing and what it could mean for 2026. Thank you.

您好，恭喜您獲得新客戶。關於您所獲得的新客戶，有任何人口統計嗎？他們來自哪裡？還有什麼其他資訊嗎？那麼就行銷支出而言，您計劃如何保持這種勢頭？詹姆斯，考慮到關稅的潛在影響、行銷機會和轉售機會，以及您所說的情況，您認為今年剩餘時間的進展如何，以及這對 2026 年意味著什麼？謝謝。

Sure. Hey, Dana. Yes, on the customer side, I think what's been really exciting is to see how efficiently we've been able to drive customers into the funnel. CACs have been as good as they've been in some time, and that's really being driven from just a better product experience. And so we're able to drive sessions efficiently, get people to the site and then it's really the product -- the conversion rate that's really driving a lot of the momentum.

當然。嘿，達娜。是的，從客戶角度來說，我認為真正令人興奮的是看到我們能夠多麼有效地將客戶帶入管道。CAC 一直表現良好，這實際上源自於更好的產品體驗。因此，我們能夠有效地推動會話，讓人們訪問網站，然後才是真正的產品——轉換率，這才是真正推動大量發展勢頭的因素。

And so from a demographics perspective, these are a lot of this -- very similar to customers we've had previously. I would say, consistent with over the past few years, we've definitely moved incrementally up market, Dana, where these are slightly more middle to upper income customers, which was a shift we made coming out of the pandemic. That continues to be true.

因此，從人口統計的角度來看，這些客戶與我們以前的客戶非常相似。我想說，與過去幾年的情況一致，Dana，我們確實在逐步向高端市場邁進，我們的目標客戶是中高收入人群，這是我們在疫情之後做出的轉變。這種情況將持續下去。

As for marketing spend momentum, I think Q1 was very strong. We talked about April being the best acquisition month in our history. And so, we will continue to spend if the paybacks are attractive. Right now, they are attractive. I think Shein and Temu pulling out some of their spend in the US has certainly been a tailwind in the back half of April, and we'll see as tariffs kind of flow through the rest of retail. But if the consumer holds up, I could see it being a tailwind for us on the acquisition side. But we'll sort of have to see how those dynamics unfold. But I think we're feeling good about the growth and efficiency momentum in the business.

至於行銷支出勢頭，我認為第一季非常強勁。我們說四月是我們歷史上最好的收購月份。因此，如果回報具有吸引力，我們將繼續投入。現在，它們很有吸引力。我認為 Shein 和 Temu 撤出在美國部分支出無疑對 4 月下半月產生了順風作用，我們將看到關稅逐漸流向其他零售業。但如果消費者堅持下去，我認為這對我們在收購方面來說是一個順風。但我們必須觀察這些動態如何展開。但我認為我們對業務的成長和效率勢頭感到滿意。

Got it. And then category wise, what performed? What did you see that was most in demand? And is anything changing on the pricing side? Thank you.

知道了。那麼從類別來看，表現如何？您認為最需要什麼？定價方面有變化嗎？謝謝。

Yes, nothing changing specifically on the pricing side. Although the mix of goods, I think as we mentioned with our consignment premium business, the mix of goods is a little bit higher price, but no structural change really on the pricing side. And then dresses continue to be our number-one category, large share of the business. And I think if we got through end of Q1 and into April, I think we had an incredible assortment, the right mix of goods at the right price, combined with all of the search and AI infrastructure. And I think that's a recipe for success. So I think throughout the activities that the business is executing, I think that's what's making it work.

是的，定價方面沒有任何具體變化。儘管商品組合，我認為正如我們在寄售溢價業務中提到的那樣，商品組合的價格略高一些，但定價方面並沒有真正的結構性變化。服裝仍然是我們的第一大類別，佔業務的很大份額。我認為，如果我們度過第一季末並進入四月份，我們將擁有令人難以置信的產品組合，以合適的價格提供合適的商品組合，並結合所有的搜尋和人工智慧基礎設施。我認為這是成功的秘訣。因此，我認為，在企業執行的整個活動中，我認為這就是使其發揮作用的原因。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thank you. James, you've spoken before about kind of the philosophy around marketing spend. I guess to check in, is the idea here, particularly given what you're seeing in this quarter and the outlook, to kind of keep it at this high-teens level and drive leverage, I guess, across the other parts of SG&A? And to that point, can you just walk through some of the leverage that you are seeing now beyond marketing?

謝謝。詹姆斯，您之前談過有關行銷支出的概念。我想檢查一下，這裡的想法是，特別是考慮到您在本季度看到的情況和前景，將其保持在這個十幾歲的水平，並推動槓桿率，我想，在銷售、一般和行政費用的其他部分？說到這一點，您能否簡單介紹一下除了行銷之外您現在看到的一些槓桿作用？

Yes, Dylan, I mean, that is the approach. I mean, I think we -- as we said in the prepared remarks, we really want to take the incremental flow through and invest that back into top-line growth, given the efficiency we're seeing. CACs are good. Paybacks are strong. And so we can put more and more dollars to work. And I think that high teens 20% of revenue mix is probably where we're headed.

是的，迪倫，我的意思是，這就是方法。我的意思是，我認為我們——正如我們在準備好的評論中所說的那樣，考慮到我們所看到的效率，我們確實希望利用增量流量並將其重新投資於營收成長。CAC 很好。回報豐厚。這樣我們就可以投入更多的資金。我認為我們的收入結構很可能達到 20% 左右。

And as our contribution margins have improved over the past few quarters, you're just seeing that the more revenue we generate, the better the business can get at the bottom line, and so we're trying to get that flywheel spinning even faster and then continue to leverage SG&A and everything else below the line. I think that was the recipe in Q1, and we'll do more of that as we move throughout 2025.

隨著我們的貢獻利潤率在過去幾個季度有所提高，您會發現，我們創造的收入越多，業務的底線就越好，因此，我們正試圖讓飛輪旋轉得更快，然後繼續利用銷售、一般和行政費用以及線下的其他一切。我認為這是第一季的方案，我們將在 2025 年採取更多這樣的措施。

And on the AI initiatives, is there anything underway or could you get sharper on pricing and selection through some of these maneuvers?

在人工智慧計畫方面，目前有哪些進展？或者您可以透過這些措施在定價和選擇方面更加精準？

Yes, I mean, I think it's something we have an incredibly talented marketplace optimization team that's looking at pricing and treatment groups every day. So on any given day, we're running half a dozen different large-scale pricing experiments. And so we're really always trying to optimize margins to ThredUp while also delivering incredible value to the buyer and then value to the seller.

是的，我的意思是，我認為我們擁有一支非常有才華的市場優化團隊，他們每天都在關注定價和治療組。因此，在任何一天，我們都會進行六項不同的大規模定價實驗。因此，我們一直在努力優化 ThredUp 的利潤率，同時也為買家和賣家提供難以置信的價值。

So I would say, Dylan, there's a constant optimization there to make the parts of our marketplace work. And I think similar to Q4, we're having success processing the volume of goods that we need, acquiring buyers, delighting those buyers, and getting that flywheel turning. And I think that's the plan in Q2.

所以我想說，迪倫，我們不斷進行最佳化，以確保我們市場的各個部分正常運作。我認為與第四季度類似，我們成功處理了所需的商品量，獲得了買家，取悅了買家，並讓飛輪轉動起來。我認為這是第二季的計劃。

Awesome, and then just quickly, I get why your model is sort of competitively positioned here. But remind me, kind of coming out of COVID, the inflation overhang on your consumer was kind of an issue, right? There was the kind of back to work -- or, sorry, the work hit initially in COVID.

太棒了，然後很快我就明白了為什麼你的模型在這裡具有競爭力。但請提醒我，在擺脫 COVID 之後，通膨對消費者的影響是一個問題，對嗎？有一種重返工作崗位的感覺——或者，抱歉，是新冠疫情最初對工作造成了打擊。

And then kind of even coming out of it, that inflation overhang. If this is an environment where you are seeing inflation spike, how do you kind of work through the puts and takes of that as it relates to your end customer? I guess maybe it's higher income or that inflation would be disparate or not evenly spread across. Any thoughts there would be helpful. Thanks.

然後甚至會出現通膨壓力。如果在這種環境下您看到通貨膨脹飆升，那麼您將如何處理與最終客戶相關的優缺點？我猜可能是因為收入較高，或者通貨膨脹會有所不同或分佈不均。任何想法都會有幫助。謝謝。

Yes, Dylan, I think it's a great pattern match back to what happened in in '22 with inflation. I think what's fundamentally different now is back then, remember, we had very large backlogs. We couldn't process the volume of goods that we needed to maintain the growth rate. And I also think our margins and contribution didn't flow through at the same rate. And so we were really struggling to put the growth ingredients together, whereas I think now we're in a position where incredible supply coming online, processing power. We don't obviously have any of the health risk concerns of having people in our distribution centers.

是的，迪倫，我認為這與 1922 年通貨膨脹的情況非常吻合。我認為現在和當時有根本的不同，記住，我們當時有非常大的積壓訂單。我們無法處理維持成長率所需的貨物數量。而且我還認為我們的利潤和貢獻並沒有以相同的速度流入。因此，我們真的很難將成長因素整合在一起，而我認為現在我們正處於一個令人難以置信的供應和處理能力不斷增強的階段。顯然，我們並不存在因配送中心人員聚集而產生的任何健康風險問題。

And so in a world where you're able to process lots of goods online and the customer's looking for value, I think ThredUp has that value in spades. And so I think we can really delight the customer. And then on top of that, if you add that in other areas, big retailers pulling back on marketing spend, you can combine great inventory selection, great value with very efficient customer acquisition dynamics. And so I think even in a time when consumers are feeling a little bit more pinched, I think relative to everyone else, I think we'll be very well positioned.

因此，在一個可以在線上處理大量商品且客戶尋求價值的世界裡，我認為 ThredUp 具有巨大的價值。所以我認為我們確實可以讓客戶滿意。除此之外，如果你在其他領域增加大型零售商減少行銷支出，你就可以將優秀的庫存選擇、龐大的價值與非常有效的客戶獲取動力結合起來。因此，我認為即使在消費者感到更加拮据的時候，相對於其他所有人，我們仍將處於非常有利的地位。

Bernie McTernan, Needham & Company.

麥克特南 (Bernie McTernan)，Needham & Company。

Just wanted to start on revenue and the guidance. James, the prepared remarks mentioned really no impact on the consumer from the macro environment, but certainly hinted at how the current tariff environment could be supportive for the company and demand trends. Just wanted to double-click in terms of what the macro expectations are that are embedded in the guidance for Q2 in the year.

只是想開始討論收入和指導。詹姆斯，準備好的發言中提到宏觀環境對消費者實際上沒有影響，但肯定暗示了當前的關稅環境如何支持公司和需求趨勢。只是想雙擊今年第二季指引中所包含的宏觀預期。

I'll talk tariffs, and then I'll let Sean talk about the guide in particular, Bernie. I think the announcement came in early April. Many of these things were not set to take effect until just a few days ago. I think there's still a lot of volatility around what's going to be passed through to the customer versus what's going to be eaten by other companies in the apparel space.

我將討論關稅，然後讓肖恩特別討論指南，伯尼。我認為該公告是在四月初發布的。其中許多措施直到幾天前才開始生效。我認為，在服裝領域，哪些產品將傳遞給客戶，哪些產品將被其他公司消化，這兩者之間仍然存在很大的波動。

The short answer is I'm not entirely sure how it will all play out, but one thing I can be sure of is that ThredUp is not specifically directly exposed to tariffs. Our value proposition, which I think is already resonating with customers. At worst, it's the same as it's been. At best, our value proposition relative to others improves. And so I think that's our take for Q2 and for the rest of the year.

簡而言之，我並不完全確定這一切將如何發展，但有一件事我可以肯定，那就是 ThredUp 不會直接受到關稅的影響。我認為我們的價值主張已經引起了客戶的共鳴。最糟糕的情況也和以前一樣。最好的情況是，我們的價值主張相對於其他人而言有所提升。所以我認為這就是我們對第二季以及今年剩餘時間的看法。

Then I think the other piece that gets bundled in there, Bernie, is the de minimis exemption, which I think functions a little bit differently than tariffs, but we think it's something we've been advocating for some time and I think makes us more competitive when the playing field is level.

然後，我認為捆綁在一起的另一個部分是最低限度豁免，伯尼，我認為它的功能與關稅略有不同，但我們認為這是我們一段時間以來一直倡導的事情，我認為在公平的競爭環境中，這會讓我們更具競爭力。

But I'll turn it over to Sean and talk about what's embedded in the guide.

但我會把它交給肖恩並討論指南中的內容。

Yes, Bernie, on the guide, we have no tailwinds related to tariffs, and then we also have no assumption there's a recession or anything like that, too. It's kind of based on everything that we're seeing in the business all the way through yesterday.

是的，伯尼，根據指南，我們沒有與關稅相關的順風，我們也沒有假設會出現經濟衰退或類似情況。它是基於我們昨天在業務中看到的一切。

Understood. And then just to follow up, the press release mentioned how you launched the Shop Social in April. So it's beta right now. Just when should that go more live and what's the early for how consumers are engaging with that and expectations for the kind of demand and engagement it can drive?

明白了。然後，為了跟進，新聞稿中提到了您如何在四月推出 Shop Social。所以它現在處於測試階段。那麼什麼時候應該實現這種功能，消費者早期會如何參與其中，以及對它能帶來什麼樣的需求和參與度的期望是什麼？

Yes, Bernie, I mean, I'm personally super excited by it. I think there's always been a big gap between where customers get their inspiration on social platforms versus how it really feels to shop. And I think this is one of the first products out there that I've seen that really natively pulls them together. And so it's in beta only as we work through some of the user journeys, making sure that everything is buttoned up in the display.

是的，伯尼，我的意思是，我個人對此感到非常興奮。我認為顧客在社群平台上獲得的靈感與實際購物感受之間始終存在很大差距。我認為這是我見過的第一批真正將它們自然地結合在一起的產品之一。因此，它目前處於測試階段，我們正在研究一些用戶旅程，以確保顯示器上的所有內容都已正確顯示。

And so I expected to be out widely to everyone shortly and then really to do more of a marketing push to tell customers that we have it. We've been a little bit subdued in our product marketing around it. But at least the customers that we're talking to and the customers we've been on this journey as we've built it, I think, are very complimentary of the experience. And so I think it's going to be great for ThredUp and great for our customers and should drive strong conversion and order value. So yes, I'm quite bullish on it conceptually.

因此，我希望很快向所有人廣泛宣傳，然後真正進行更多的行銷活動，告訴客戶我們擁有它。我們在產品行銷方面一直有些低調。但我認為，至少我們正在交談的客戶以及在我們建立這趟旅程的過程中遇到的客戶都對這次體驗非常讚賞。因此我認為這對 ThredUp 和我們的客戶來說都是一件好事，並且應該會推動強勁的轉換率和訂單價值。所以是的，從概念上來說我對此非常看好。

Kunal Madhukar, Water Tower Research.

Kunal Madhukar，水塔研究。

Hearing great things about the buyer stat. Wanted to explore the seller side of the business and any trends that you're seeing on the selling side, especially post the tariffs, given consumer confidence has been eroding. So if you could talk about the seller trends, and then I have a follow up.

聽到有關買家統計數據的好消息。想要探索業務的賣方方面以及您在賣方方面看到的任何趨勢，特別是在關稅之後，因為消費者信心一直在下降。因此，如果您可以談談賣家趨勢，那麼我會進行跟進。

On the seller side, we continue to see good momentum across the selling part of our business. We couldn't drive buyer growth without having access to high quality and growing amounts of supply. At the core, the engine is working very well. And then I think where we're spending time is optimizing the various experiences across the seller experience such that it's a great opportunity for sellers in this environment.

在賣方方面，我們繼續看到業務銷售部分的良好勢頭。如果無法獲得高品質和不斷增長的供應量，我們就無法推動買家成長。從本質上講，引擎運作良好。然後我認為我們花時間優化賣家的各種體驗，這對這個環境下的賣家來說是一個很好的機會。

So you're seeing growth in our consignment premium offering, which is coming in with much better contribution margins. We talked about being able to sell in-year returns, and that was a product that was launched just recently and has gotten really fast adoption. Almost 9% now of orders I think are coming back with some items selling. So I think we're continuing to push new and novel ways for sellers to engage because, to meet our buyer growth targets, we really need to make sure that sellers are on the platform. So significant investments there.

因此，您會看到我們的寄售優質服務有所成長，其貢獻利潤率也大幅提高。我們討論了能夠出售年內回報，這是最近剛推出並迅速採用的產品。我認為現在幾乎 9% 的訂單都回來了，而且有些商品已經售出。因此，我認為我們將繼續推動賣家參與的全新方式，因為為了實現我們的買家成長目標，我們確實需要確保賣家在平台上。因此那裡的投資很大。

Great. And then a quick follow up on the average revenue per order, we declined about 5%. Now some of that would definitely be because of discounts that you offer for first-time customers. Is there any pricing pressure or are the prices in general kind of going up?

偉大的。然後快速追蹤每筆訂單的平均收入，我們下降了約 5%。現在，其中一些肯定是因為您為首次顧客提供的折扣。是否存在定價壓力或價格總體上會上漲嗎？

Yes, there's no pricing pressure there. That's just a mix of new buyers versus existing buyers. So new buyers tend to have slightly lower net revenue per order because of the promotion that they get as a new customer. So when you have an explosive growth in new buyers like we experienced in Q1, that's what drags down the average.

是的，那裡沒有定價壓力。這只是新買家與現有買家的混合。因此，由於作為新客戶獲得的促銷，新買家每筆訂單的淨收入往往會略低。因此，當新買家數量像我們在第一季經歷的那樣爆炸式增長時，平均值就會下降。

There are no further questions at this time. I would hand over the call to James Reinhart for closing remarks. Please go ahead.

目前沒有其他問題。我將把發言權交給詹姆斯‧萊因哈特 (James Reinhart)，請他做最後發言。請繼續。

Well, thank you all for joining our call today. Thank you for the good questions. Incredibly exciting time for ThredUp right now, and I look forward to sharing some more progress with you in the future. And I want to end by thanking the ThredUp team. They've been working tremendously hard and living our values every day, especially the ones we have on the secret menu, and for your ambition and commitment to inventing the future of resale. So thanks, everyone. We'll see you next time.

好吧，感謝大家今天參加我們的電話會議。感謝您提出的好問題。現在對 ThredUp 來說是一個令人難以置信的激動人心的時刻，我期待著將來與大家分享更多進展。最後，我要感謝 ThredUp 團隊。他們每天都在努力工作並實踐我們的價值觀，特別是我們秘密菜單上的價值觀，以及您對創造轉售未來的雄心和承諾。謝謝大家。我們下次再見。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。