ThredUp Inc (TDUP) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the ThredUp Q2 2025 earnings call. (Operator Instructions) This call is being recorded on August 4, 2025.

女士們、先生們，下午好，歡迎參加 ThredUp 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 4 日錄製。

And I would now like to turn the conference over to Ms. Lauren Frasch. Thank you. Please go ahead.

現在我想將會議交給勞倫‧弗拉施女士。謝謝。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss ThredUp's second-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.

下午好，感謝您參加今天的電話會議，討論 ThredUp 2025 年第二季的財務表現。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.

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 second-quarter 2025 earnings call. Today, we'll discuss financial results for Q2, and update our expectations for Q3, Q4, and fiscal year 2025. I will provide an update on our thinking about the macro environment, discuss ongoing innovation in our AI-driven product experiences, and end with a refresher on our compounding competitive advantages in the growing resale market. I'll then hand it over to Sean Sobers, our Chief Financial Officer, to talk through our financials in more detail. As always, we'll close out today's call with a question-and-answer session.

大家下午好。我是 James Reinhart，ThredUp 的執行長兼聯合創辦人。感謝您參加我們的 2025 年第二季財報電話會議。今天，我們將討論第二季的財務業績，並更新對第三季、第四季和 2025 財年的預期。我將介紹我們對宏觀環境的最新看法，討論我們在人工智慧驅動的產品體驗方面的持續創新，最後回顧我們在不斷增長的轉售市場中的複合競爭優勢。然後，我將把它交給我們的財務長 Sean Sobers，讓他更詳細地討論我們的財務狀況。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. The second quarter was strong. Revenue growth accelerated to 16.4% year over year. Gross margin landed at 79.5%, and adjusted EBITDA was 3.9%, all of which exceeded our own internal expectations. These results were driven by the underlying fundamentals of strong customer growth and orders in our business. We acquired more new customers in the second quarter than at any other time in our history, with new buyer acquisition up 74% year over year. Active buyers were up 17% year over year, and orders were up 21% year over year.

首先，談談結果。第二季表現強勁。收入增速年增至16.4%。毛利率達到 79.5%，調整後 EBITDA 為 3.9%，均超出了我們自己的內部預期。這些業績是由我們業務中強勁的客戶成長和訂單的基本面所推動的。我們在第二季獲得的新客戶數量比歷史上任何時候都多，新買家數量比去年同期增加了 74%。活躍買家較去年同期成長17%，訂單較去年同期成長21%。

Again, 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 are continuing to do this with success in the third quarter and believe this approach creates the greatest long-term shareholder value.

再次重申，我們在 2025 年的策略很簡單：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。我們將在第三季繼續成功實施這項舉措，並相信這種方法能夠創造最大的長期股東價值。

Turning to the macro, we talked about the impact of tariffs at some length on our last call. Let me reiterate a few points that remain relevant. First and by far the most impactful to ThredUp is the closure of the de minimis loophole. Though the full impact is still uncertain, we believe the closure of the de minimis exemption is likely to cause higher prices for ultra-fast fashion goods and to reduce production volumes, both of which could continue to be positives for ThredUp.

談到宏觀層面，我們在上次電話會議上詳細討論了關稅的影響。讓我重申幾個仍然重要的觀點。首先，也是迄今為止對 ThredUp 影響最大的是最低限度漏洞的堵住。儘管全部影響仍不確定，但我們認為，最低限度豁免的取消可能會導致超快時尚商品價格上漲，並減少產量，這兩者都可能繼續對 ThredUp 產生積極影響。

Second, the increase in the price of new apparel that may result from broad-based tariffs could enhance the comparative value proposition for consumers who are shopping for value on ThredUp. Third, ad markets remain dynamic. As we predicted, the short-term gains we experienced when companies like Shein and Temu aggressively pulling back lasted from mid-April to mid-May before they began spending again. Regardless of how advertising rates trend, we're continuing to see efficiency throughout our funnel, driven by improvements in the ThredUp experience.

其次，大範圍徵收關稅可能導致新服裝價格上漲，這可能會增強在 ThredUp 上尋找價值的消費者的比較價值主張。第三，廣告市場依然活躍。正如我們預測的那樣，當 Shein 和 Temu 等公司大幅撤資時，我們所經歷的短期收益從 4 月中旬持續到 5 月中旬，然後他們才開始再次支出。無論廣告費率趨勢如何，在 ThredUp 體驗改善的推動下，我們整個管道的效率都在不斷提高。

Let’s turn to that. We are now more than 18 months into our AI-led product journey, and positive results continue to compound. It's not as though any one feature is driving the outcome, but rather the whole set of ways that shoppers can now engage on ThredUp is improving. While we've shared some of the individual feature results previously including visual search, style chat, image search, and shop similar, I thought it might be useful to review how the aggregate nature of these improvements is rolling up to create better business fundamentals.

讓我們來討論一下。如今，我們已經踏上了由人工智慧主導的產品之旅 18 個多月，並且積極成果不斷累積。這並不是說任何一個功能都在推動結果，而是購物者現在在 ThredUp 上參與的整個方式都在不斷改進。雖然我們之前已經分享了一些單獨的功能結果，包括視覺搜尋、風格聊天、圖像搜尋和類似商店，但我認為回顧一下這些改進的整體性質如何累積起來以創造更好的業務基礎可能會有所幫助。

Visitor-to-sign-up rates on ThredUp are up 30% year over year, and sign-up-to-purchase rate is up 60%. Combined, this is an 18% improvement in how visitors turn into ThredUp customers. Typically, when you accelerate marketing spend, as we have, and drive more traffic, you get degradation in the funnel. But the work we've done has created the opposite outcome. This is the flywheel we will continue to lean into.

ThredUp 上的訪客註冊率年增 30%，註冊購買率年增 60%。綜合起來，訪客轉換為 ThredUp 顧客的比例提高了 18%。通常，當你像我們一樣增加行銷支出並帶來更多流量時，你的漏斗就會退化。但我們所做的工作卻產生了相反的結果。這是我們將繼續依靠的飛輪。

We continue to invest in new ways to leverage AI technology in the prompt experience. This quarter, we debuted our first AI-generated images on roughly 100,000 individual product pages. These showed how an item might look on a model, what fashion brands and many products can do easily, but we can't given our massive assortment of secondhand SKUs. The results were fascinating. For existing heavy ThredUp buyers, AI model images had modest conversion impact. But for those new to shopping secondhand, it was a big deal.

我們將繼續投資新方法，以在提示體驗中充分利用人工智慧技術。本季度，我們在約 10 萬個獨立產品頁面上首次推出了 AI 生成的圖像。這些展示了一件物品在模特兒身上看起來是什麼樣子，時尚品牌和許多產品可以輕鬆做到這一點，但我們無法提供大量二手 SKU。結果令人著迷。對於現有的 ThredUp 重度買家來說，AI 模型影像的轉換影響適中。但對於那些剛開始購買二手貨的人來說，這是一件大事。

Customer satisfaction with AI model photos have on par with our very best features. We think this is because this is the way the new customers are used to shopping elsewhere. We've taken this feedback and are retooling how the images are created and displayed at further scale and expect to be back in market in the coming quarters. Again, this is in service of our goal to make the experience of shopping secondhand virtually indistinguishable from shopping new products.

客戶對 AI 模型照片的滿意度與我們的最佳功能不相上下。我們認為這是因為新顧客已經習慣了在其他地方購物的方式。我們採納了這些回饋，並正在重新調整影像的創建和顯示方式，以進一步擴大規模，並有望在未來幾季重返市場。再次強調，這是為了實現我們的目標，讓二手購物體驗與新產品購物體驗幾乎沒有差別。

Our social commerce work continues to delight customers with easy ways to shop their inspiration from Instagram and other social media. Our new feature is live on the ThredUp iOS app, and we expect to roll out to more platforms later this year. We believe that enabling customers to seamlessly shop their style inspiration from influencers and creators is a meaningful opportunity for us to drive social proof and capture wallet share. We plan to continue to invest in engineering, design, and data science resources over multiple cycles to nail this experience all the way through the product funnel.

我們的社交商務工作繼續讓客戶感到滿意，他們可以輕鬆地從 Instagram 和其他社交媒體上購買自己喜歡的商品。我們的新功能已在 ThredUp iOS 應用程式上線，我們預計今年稍後將推廣到更多平台。我們相信，讓顧客能夠無縫地從有影響力的人和創作者那裡獲得他們的風格靈感，對於我們推動社會認同和贏得錢包份額是一個有意義的機會。我們計劃在多個週期內繼續投資工程、設計和數據科學資源，以確保在整個產品漏斗中都獲得這種體驗。

Turning to the seller side of our marketplace, we continue to make substantial improvements across the seller experience, with our ambition to make ThredUp the default place to sell second-hand clothing online. Given the top-line growth in Q2 and the expectations for Q3, it will come as no surprise that we set all-time records in requests, receipts, and clean-out kits processed.

談到我們市場的賣方方面，我們繼續對賣方體驗進行實質改進，我們的目標是使 ThredUp 成為在線銷售二手服裝的預設場所。考慮到第二季的營收成長和對第三季的預期，我們在處理的請求、收據和清理工具包方面創下歷史新高也就不足為奇了。

Our strategy involves expanding the number of ways customers can sell and the frequency with which they sell on ThredUp. Premium service kits, with service fees up to $34.99, continue to grow as a mix of kits received, growing 44% quarter over quarter. We are particularly excited by the mix of new sellers joining ThredUp as premium service customers. Roughly a quarter of premium kits are coming from sellers who have never previously sold on the ThredUp.

我們的策略包括擴大客戶在 ThredUp 上銷售的方式數量和銷售頻率。高級服務套件（服務費高達 34.99 美元）在收到的套件組合中繼續增長，環比增長 44%。我們對新賣家加入 ThredUp 作為優質服務客戶感到特別興奮。大約四分之一的優質套件來自之前從未在 ThredUp 上銷售過的賣家。

Earlier this year, we launched the ability to resell items when you're returning a product you bought on ThredUp, and that volume has increased more than 4x quarter over quarter, despite no measurable increase in our overall buyer return rates. We are leveraging our return supply chains to lower selling costs, but more importantly, making it easier for buyers to become sellers on ThredUp.

今年早些時候，我們推出了當您在 ThredUp 上購買產品並退回時可以轉售的功能，儘管我們的整體買家退貨率沒有明顯增加，但該功能的數量卻環比增長了 4 倍以上。我們正在利用我們的退貨供應鏈來降低銷售成本，但更重要的是，讓買家更容易成為 ThredUp 上的賣家。

Let me provide a brief update on Resale-as-a-Service, or RaaS. Our change to an open-source model in our RaaS strategy is in the earliest stages, and we are seeing promising engagement from brands. We have renewed conversations with more than 60 apparel brands after the announcement of our new strategy. Again, we believe value for this ecosystem is created in the operations and technology layer to ingest second-hand items at scale and make them available for resale as efficiently as possible.

讓我簡要介紹一下轉售即服務（RaaS）。我們的 RaaS 策略向開源模式的轉變尚處於早期階段，並且我們看到了品牌的積極參與。我們的新策略公佈後，已與 60 多個服裝品牌重新展開對話。再次，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。

Over the long term, as brand resale becomes more prevalent in the industry, we believe this ecosystem will benefit from a powerful, affordable, quote, universal re-commerce layer, akin to what Amazon Web Services has done for cloud or Shopify has done for small business. This can then enable any brand to do everything they need across the resale ecosystem. We will have more to share in the coming quarters as we launch new brands under this model.

從長遠來看，隨著品牌轉售在業界變得越來越普遍，我們相信這個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運算所做的或 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。隨著我們在此模式下推出新品牌，我們將在未來幾季分享更多資訊。

Before I turn it over to Sean, I want to reiterate three important competitive advantages in our model that are working together to drive the positive momentum you're seeing today.

在將發言權交給肖恩之前，我想重申我們模式中的三個重要競爭優勢，它們共同推動了您今天看到的積極勢頭。

First, the operational infrastructure and supply chain we have invested in over many years is working as well as ever. We've invested over $400 million in infrastructure, software, and data to invent how a managed marketplace can work at scale, from the humble clean-out kit to advanced photography technology, from inbound automation of item identification and measurements to the outbound carousel automation for shipping out unique apparel SKUs tens of thousands of times a day. Our tailored, purpose-built supply chain is unique, and we believe that replicating our success would take many years, significant capital investment, and the creation of a great deal of new intellectual property.

首先，我們多年來投資的營運基礎設施和供應鏈運作良好。我們已在基礎設施、軟體和數據方面投資了超過 4 億美元，以發明如何使託管市場能夠大規模運作，從簡單的清潔工具到先進的攝影技術，從物品識別和測量的入站自動化到每天數萬次運送獨特服裝 SKU 的出站旋轉木馬自動化。我們量身訂製的專用供應鏈是獨一無二的，我們相信複製我們的成功需要很多年的時間、大量的資本投入以及大量新智慧財產權的創造。

Second, the technology investments we've made over many years to build the proprietary resale database and data expertise have enabled us to take advantage of the leaps in AI technology you're seeing today. It is precisely the hundreds of millions of pieces of clothing that we've processed and the vast stores of data about those items that has helped us leverage AI so quickly and expertly to sell more items at better margins.

其次，我們多年來為建立專有轉售資料庫和資料專業知識所做的技術投資使我們能夠利用今天所看到的人工智慧技術的飛躍。正是我們處理的數億件服裝以及有關這些服裝的大量數據，幫助我們如此迅速且熟練地利用人工智慧，以更高的利潤率銷售更多服裝。

Third, as we all know, marketplaces are hard to build and sustain. But when you get the flywheels going, they are very hard to stop. Our innovations on the buyer and seller sides are helping us to weigh both sets of customers, expanding the addressable opportunity while deepening engagement and capturing wallet share. I have said multiple times that ThredUp’s marketplace should uniquely benefit from advances in AI, and I believe we are seeing that come to fruition so far this year.

第三，眾所周知，市場很難建立和維持。但當飛輪轉動起來時，它們就很難停下來。我們在買方和賣方方面的創新有助於我們權衡兩組客戶，擴大可尋址機會，同時深化參與度並贏得錢包份額。我曾多次表示，ThredUp 的市場應該從人工智慧的進步中獲得獨特的好處，我相信今年到目前為止我們已經看到這一點取得成果。

As a parting thought, if you zoom out and ask how to compete with ThredUp over time, we think you will run into a lot more questions than answers. What will it cost to acquire millions of second-hand buyers and sellers? How will you acquire, process, and fulfill the broadest selection of quality second-hand apparel anywhere? Can you price the apparel attractively while maintaining healthy and sustainable unit economics, a feat only possible through advanced automation infrastructure? Will you be able to compete with a well-known and trusted brand backed by superior technology infrastructure and a decade-plus headstart?

最後，如果您放眼未來並詢問如何與 ThredUp 競爭，我們認為您會遇到更多的問題而不是答案。要取得數百萬二手買家和賣家需要花多少錢？您將如何取得、處理和完成最廣泛的優質二手服裝選擇？您能否以具有吸引力的價格出售服裝，同時保持健康和可持續的單位經濟效益？這只有透過先進的自動化基礎設施才能實現？您能否與擁有卓越技術基礎設施和十多年領先優勢的知名且值得信賴的品牌競爭？

These are hard questions to answer, especially while ThredUp is accelerating. In sum, we believe the conditions for our future success are very bright, and we are going to be relentless in executing our playbook.

這些問題很難回答，尤其是在 ThredUp 正在加速發展的情況下。總而言之，我們相信，我們未來成功的條件非常光明，我們將堅持不懈地執行我們的策略。

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 third quarter, fourth quarter, and full year 2025. 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 年第三季、第四季和全年的預測。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 Q2 results, in which we accelerated revenue growth, exceeded our adjusted expectations, and generated cash. In the second quarter of 2025, revenue totaled $77.7 million, an increase of 16.4% year over year. Our outperformance was driven by significant investments into marketing and inbound processing in order to drive our marketplace flywheel. These investments resulted in our second consecutive record quarter of new buyer acquisition, with new buyers up 74% year over year.

我們對第二季的業績感到非常自豪，我們的營收成長加快，超出了調整後的預期，並產生了現金。2025年第二季度，營收總計7,770萬美元，較去年同期成長16.4%。我們的優異表現得益於對行銷和入站處理的大量投資，以推動我們的市場飛輪。這些投資使我們連續第二季創下新買家獲取記錄，新買家數量年增 74%。

We finished the quarter with 1.5 million active buyers for the trailing 12 months, up 16.5% over last year, while orders were up 20.8% to 1.5 million. For the second quarter of 2025, gross margin was 79.5%, a 70-basis-point increase versus the same quarter last year as a result of higher average selling prices due to the rapid growth in our premium supply. This dynamic was slightly offset by new buyer growth, as new buyers require higher incentives to convert on their first purchase.

截至本季度，我們擁有過去 12 個月的 150 萬活躍買家，比去年同期增長 16.5%，而訂單量增長 20.8%，達到 150 萬。2025 年第二季度，毛利率為 79.5%，較去年同期成長 70 個基點，原因是優質產品供應快速成長導致平均售價上漲。新買家的成長稍微抵消了這一動態，因為新買家需要更高的激勵才能在首次購買時轉變購買方式。

Adjusted EBITDA was $3 million, or 3.9% of revenue for the second quarter of 2025. We doubled our adjusted EBITDA dollars versus last year, representing a 170-basis-point margin improvement as we leveraged our multi-year investments and benefited from our revenue outperformance. As our momentum accelerated through May, we were unable to hire fast enough in our processing operation, driving our EBITDA beat.

調整後的 EBITDA 為 300 萬美元，佔 2025 年第二季營收的 3.9%。我們的調整後 EBITDA 與去年相比增加了一倍，利潤率提高了 170 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五月加速，我們無法在加工業務中以足夠快的速度招募員工，從而推動了我們的 EBITDA 成長。

As we've entered Q3 with encouraging momentum, we are spending on marketing and inbound processing earlier in the quarter, which I will further discuss later.

由於我們以令人鼓舞的勢頭進入第三季度，我們在本季度早些時候在營銷和入站處理方面投入了資金，我將在稍後進一步討論。

Turning to the balance sheet, we began the second quarter with $55.4 million in cash and securities and ended the quarter with $56.2 million, generating $800,000 in cash. We spent $3.3 million on CapEx in Q2 and continue to expect maintenance CapEx levels of approximately $8 million in 2025.

談到資產負債表，第二季初我們擁有 5,540 萬美元的現金和證券，季度末我們擁有 5,620 萬美元，產生了 80 萬美元的現金。我們在第二季花費了 330 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, which sounds similar to last quarter. We delivered a significant revenue beat in the second quarter, and we are flowing that through to the full-year revenue outlook. While we remain cautious on the current 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導提供一些背景信息，這聽起來與上個季度類似。我們第二季的營收大幅超出預期，我們將這項預期納入全年營收預期。雖然我們對當前的消費環境保持謹慎，但我們很高興提高今年剩餘時間的營業額預期，以符合我們目前在業務中看到的正面趨勢。

We also delivered a strong beat on Q2 adjusted EBITDA, which we are flowing through to our raised year guide. With contribution margins in the low 40% range and healthy CACs driven by AI improvements in our customer experience and marketing tactics, we see continued opportunity to invest in marketing and inbound processing. As we have increasing confidence in our quarter-to-date momentum, we are making these investments early in the quarter. We expect this timing to drive demand throughout the quarter and beyond and more effectively enable us to flow our incremental event dollars back into our growth drivers.

我們第二季調整後的 EBITDA 也表現強勁，我們正將此納入上調的年度指引中。由於貢獻利潤率處於 40% 的低位，並且透過人工智慧改善客戶體驗和行銷策略，CAC 保持健康，我們看到了在行銷和入站處理方面持續投資的機會。由於我們對本季迄今的發展勢頭越來越有信心，我們在本季初就進行了這些投資。我們預計這一時機將推動整個季度及以後的需求，並更有效地使我們能夠將增量活動資金重新投入到我們的成長動力中。

Therefore, we are maintaining our profitability expectations for the remainder of the year as we continue to focus on driving growth and generating cash.

因此，我們將繼續專注於推動成長和創造現金，維持今年剩餘時間的獲利預期。

With all this in mind, in the third quarter, we now expect revenue in the range of $76 million to $78 million, representing 25% year-over-year growth at the midpoint. Gross margin in the range of 77% to 79%, adjusted EBITDA of approximately 4.5% of revenue in line with our previous expectation, and basic weighted average shares outstanding of approximately 125 million shares.

考慮到所有這些因素，我們目前預計第三季的營收將在 7,600 萬美元至 7,800 萬美元之間，中間值年增 25%。毛利率在 77% 至 79% 之間，調整後的 EBITDA 約為營收的 4.5%，符合我們先前的預期，基本加權平均流通股數約為 1.25 億股。

In the fourth quarter, we expect revenue in the range of $73 million to $75 million, representing 10% year-over-year growth at the midpoint. The sequential stepdown reflects the seasonal slowdown in resale around the holidays. Gross margin in the range of 77% to 79%, adjusted EBITDA of approximately 3% of revenue, in line with our previous expectations, and basic weighted average shares outstanding of approximately 129 million shares.

我們預計第四季營收將在 7,300 萬美元至 7,500 萬美元之間，中位數年增 10%。環比下降反映了假日期間轉售的季節性放緩。毛利率在 77% 至 79% 之間，調整後的 EBITDA 約為營收的 3%，符合我們先前的預期，基本加權平均流通股數約為 1.29 億股。

For the full year of 2025, we now expect revenue in the range of $298 million to $302 million, reflecting 15% year-over-year growth at the midpoint. This updated view is $14 million above our previous guidance, incorporating our Q2 beat and our raised outlook for the remainder of the year. We are narrowing our gross margin range to 78% to 79%, adjusted EBITDA of approximately 4.2% of revenue. This reflects our Q2 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 123 million shares.

對於 2025 年全年，我們目前預計營收將在 2.98 億美元至 3.02 億美元之間，中間值年增 15%。這一更新後的觀點比我們之前的指導高出 1400 萬美元，其中包括我們對第二季度業績的預期以及對今年剩餘時間業績的上調。我們將毛利率範圍縮小至 78% 至 79%，調整後的 EBITDA 約為營收的 4.2%。這反映了我們第二季的業績預期，同時我們對今年剩餘時間的假設與先前的展望大致相同。基本加權平均流通股數約為1.23億股。

In closing, we are extremely proud of our Q2 performance. We accelerated revenue growth, generated cash, and we remain focused on doing the same in Q3. The momentum we're seeing in the business provides us with increased confidence in our ability to deliver on our goals.

最後，我們對第二季的表現感到非常自豪。我們加速了收入成長，產生了現金，我們仍然專注於在第三季做同樣的事情。我們在業務中看到的勢頭使我們對實現目標的能力更有信心。

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)

（操作員指示）

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey everyone, let me add my congrats. Just a couple of quick ones. I guess, first, for James, and then I have a follow-up for Sean. But James, maybe just at a high level, just more detail on what drove this kind of Q2 revenue outperformance and the new buyers. It's just the business has inflected so strongly, and it seems like it happened pretty fast. So just curious the underlying of what you think was the biggest driver there, because there are so many different things you guys are doing right now to improve the business. I'm curious if you could level set that or rank order those for us.

大家好，讓我也向大家表示祝賀。僅舉幾例。我想，首先是針對詹姆斯，然後我會跟進肖恩。但詹姆斯，也許只是從高層次更詳細地說明是什麼推動了第二季營收的超額表現和新買家。只是業務變化太強烈了，而且似乎發生得相當快。所以我很好奇你認為最大的驅動力是什麼，因為您現在正在做很多不同的事情來改善業務。我很好奇您是否可以為我們對其進行級別設定或排序。

Yeah, sure, Ike. Yeah, I mean, I think rank ordering is difficult. What I would say, though, is that we've really got this flywheel working of improved process experience -- put some numbers in the prepared remarks around conversion rates across the product experience. And then our new buyer acquisition continues to be strong really driven by product. So when you combine that with strong operations processing and high-quality supply, what you get is this trifecta of great supply, great product experience, and efficient acquisition.

是的，當然，艾克。是的，我的意思是，我認為排序很難。不過，我想說的是，我們確實讓這個飛輪運轉起來，改善流程體驗——在準備好的評論中列出一些有關整個產品體驗的轉換率的數字。然後，我們的新買家收購繼續強勁，這確實受到產品推動。因此，當您將其與強大的營運處理和高品質的供應相結合時，您將獲得出色的供應、出色的產品體驗和高效的採購這三重優勢。

And what we're seeing is that, as those things continue to get better and better, we're able then to deploy more dollars into the growth flywheel. And I think that's what's driving the momentum in the business. It feels great to be able to see the model really working and to feel like the marketplace is humming on all cylinders.

我們看到的是，隨著這些事情變得越來越好，我們能夠向成長飛輪投入更多的資金。我認為這就是推動業務發展的動力。看到這個模型真正發揮作用，並且感覺市場正在全速運轉，感覺真是太棒了。

I assume you don't want to get into the monthly cadence or anything, but just to see the 16% growth in 2Q when you're guiding to 25% in the third quarter, does the business just sequentially building every month because that has been going on for a while? Just curious if you can help us understand what's going on under the covers.

我猜您不想討論月度節奏或其他什麼，但是當您預計第三季度增長 25% 時，只看到第二季度增長 16%，業務是否只是每個月都在連續增長，因為這種情況已經持續了一段時間了？只是好奇您是否可以幫助我們了解幕後發生的事情。

Yeah, I mean, we're definitely seeing the new buyers that we're acquiring, starting back in Q4 of last year, that momentum continued into Q1 and then, I think, into Q2. And we're seeing it in the first month of Q3. So certainly, you're getting that acceleration. But then you get a normal seasonal slowdown in Q4.

是的，我的意思是，我們確實看到了我們正在獲得的新買家，從去年第四季度開始，這種勢頭持續到了第一季度，然後，我想，也會持續到第二季度。我們在第三季的第一個月就看到了這一點。所以你肯定會獲得這種加速。但第四季會出現正常的季節性放緩。

And, yeah, I think as you all know, when you're driving that many new buyers into the business, as long as you're maintaining strong engagement rates and retention rates, that really does start to compound. And we're seeing that in the numbers for Q3 and Q4.

是的，我想大家都知道，當你吸引這麼多新買家進入你的企業時，只要你保持強大的參與率和保留率，這就會開始產生複合效應。我們在第三季和第四季的數據中看到了這一點。

Great. And then the last one maybe for Sean. I'm not sure if it's for Sean or for you, James, but the drop to 10% in the fourth quarter seems very conservative. Could you maybe just talk about the guardrails you're putting on that? Just because I -- I mean, how many active buyers are you seeing drop off because I assume there's a good amount to get the rev to go from 25% to 10%, So I'm just curious the guardrails that you're putting around the fourth quarter.

偉大的。最後一個也許是給肖恩的。我不確定這對肖恩來說還是對你來說，詹姆斯，但第四季下降到 10% 似乎非常保守。您能否談談您為此設置的護欄？只是因為我——我的意思是，您看到有多少活躍買家減少了，因為我認為有相當多的買家會讓收入從 25% 下降到 10%，所以我只是好奇您在第四季度設置的防護欄。

Yeah, I can just answer since we've been talking about the quarterly cadence. Really for Q4, remember that it is a seasonal downshift in resale, right? That has been true for more than a decade. You see sequential stepdown from Q3 to Q4. And so I think, one, is the seasonal piece.

是的，我可以回答，因為我們一直在討論季度節奏。真的對於第四季來說，請記住這是轉售的季節性下滑，對嗎？十多年來，情況一直如此。您會看到從 Q3 到 Q4 的連續下降。所以我認為，首先是季節性的部分。

I think the second is that we do tend to see marketing rates go up in Q4, and so we tend to pull back a little bit on our own investment just to maintain our payback in LTV and CAC strategy. So we do a little bit of that ourselves.

我認為第二個原因是我們確實傾向於看到第四季度的營銷率上升，因此我們傾向於稍微減少自己的投資，以維持 LTV 和 CAC 策略的回報。所以我們自己也做了一點。

And then the third, to be honest, I think Sean and I are a little uncertain on the macro. Job numbers are weak, housing market is weak, and so I think it's probably smart to be a little conservative around exactly how Q4 is going to play out at this point. But obviously, when we get to properly reporting Q3 and guiding Q4 in November, we'll have more to share. But we think that's the more prudent course.

第三，說實話，我認為肖恩和我對宏觀問題有點不確定。就業數據疲軟，房地產市場疲軟，因此我認為，對於第四季的具體趨勢，目前採取一些保守的態度可能是明智之舉。但顯然，當我們在 11 月正確報告第三季度並指導第四季度時，我們將有更多資訊可以分享。但我們認為這是更謹慎的做法。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

On the gross margin side of things, typically I think there's sort of an inverse relationship between new customers and gross margin, and yet you were able to set records in both this quarter. Just curious about the dynamics there. And you're keeping the wide range go forward, kind of puts and takes on that.

從毛利率方面來看，我通常認為新客戶和毛利率之間存在某種反比關係，但本季你們卻在這兩方面都創下了紀錄。只是好奇那裡的動態。並且您將繼續廣泛地向前邁進，並承擔相應的責任。

And maybe it's a related question but you sort of mentioned some timing on costs as it relates to some of the upside in earnings in the second quarter. Can you just provide maybe some more details as to what those were and how that rolls through the third and fourth quarters?

也許這是一個相關的問題，但您提到了成本的一些時間安排，因為它與第二季收益的一些上行空間有關。您能否提供一些更詳細的信息，說明這些內容是什麼，以及它們在第三季和第四季的進展？

Yeah. Dylan, this is Sean. I think on the gross margin outperformance in Q2, we saw the premium supply piece continue to grow and really drive ASPs. And then you look toward the back half of the year, you’ll see gross margin tick down a little bit. I mean, we still expect premium supply to be there, but we really want to focus on the customer experience. And we've added all the new customers in the first half of the year.

是的。迪倫，這是肖恩。我認為，從第二季毛利率的優異表現來看，我們看到優質供應部分持續成長，並真正推動了平均售價的上漲。然後你看下半年，你會看到毛利率略有下降。我的意思是，我們仍然期望有優質供應，但我們真正想專注的是客戶體驗。我們在今年上半年增加了所有新客戶。

And by that, I mean, we're going to focus on things like pick, pack, and ship which itself rolls into COGS and impacts gross margins to give a better overall customer experience, just to drive it home and really allow those new customers to become second-time purchasers or third-time purchasers and fourth-time purchasers.

我的意思是，我們將專注於挑選、包裝和運輸等環節，這些環節本身就會轉化為銷貨成本並影響毛利率，從而提供更好的整體客戶體驗，真正讓這些新客戶成為第二次購買者、第三次購買者甚至第四次購買者。

And then we don’t spend a lot of time typically talking about supply and we're kind of talking about it here on this call. I'm just curious, as you see the business accelerate, it sounds like you're keeping pace from a supply standpoint and then the processing times, keeping those in check?

我們通常不會花很多時間討論供應問題，但我們在這次電話會議上討論這個問題。我只是好奇，當您看到業務加速發展時，聽起來您從供應的角度和處理時間的角度都保持同步，並控制這些？

Yeah, Dylan. It's James. We continue to see record requests, receipts processed on the supply side. I mean, we're really focused on innovating in the supply chain. We really want to make ThredUp the default place to sell online and make it as easy as possible for anyone to get engaged. And so I think premium has done a very good job of capturing that more premium seller.

是的，迪倫。是詹姆斯。我們繼續看到供應方處理的記錄請求和收據。我的意思是，我們確實專注於供應鏈的創新。我們確實希望將 ThredUp 打造成網路銷售的預設場所，並讓任何人都能盡可能輕鬆地參與其中。所以我認為優質產品在吸引更多優質賣家方面發揮了很好的作用。

We also have our donation program for our customers who are doing a non-financially motivated clean-out and really trying to capture that whole market, Dylan, and it has worked so well so far year to date. And I think we’re going to continue to innovate there as we get into the back half of the year.

我們還為那些進行非財務動機清理並真正試圖佔領整個市場的客戶制定了捐贈計劃，迪倫，到目前為止，該計劃運作良好。我認為，進入下半年，我們將繼續在這方面進行創新。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, congratulations, everyone. As we think about this inflow of new buyers, what are the demographics of those new buyers? How do you think they are different or the same from your core? And is part of this due to the closure of the de minimis? And then what are the category trends? Did they differ at all from first quarter to second quarter? And then I have a follow-up.

嗨，恭喜大家。當我們考慮這些新買家的湧入時，這些新買家的人口統計數據是什麼樣的？您認為它們與您的核心有何不同或相同之處？這是否部分是由於最低限度的關閉造成的？那麼類別趨勢是什麼？第一季和第二季有差別嗎？然後我有一個後續問題。

Hey Dana, it’s James. No, on the new demographic side, there's nothing materially different about this customer compared to prior customers. I think our point of view is that the addressable market for female second-hand shoppers in the US is pretty large. And I think we're now just getting back into -- once we divested Europe, and really aggressively growing our share in that market. So the customers really do look like previous best-case ThredUp customers, and we feel good about that.

嘿，達娜，我是詹姆斯。不，從新的人口統計方面來看，這個客戶與之前的客戶相比並沒有什麼實質的差異。我認為我們的觀點是，美國女性二手購物者的潛在市場相當大。我認為我們現在剛重返歐洲市場，並且正在積極擴大我們在該市場的份額。因此，這些客戶確實與之前最好的 ThredUp 客戶相似，我們對此感到非常高興。

I think from a trend perspective Q1 into Q2, we really did see continued explosion in the number of dresses that we were selling in the springtime and into summer. And that continues to be a winning category for us, and we think opportunity to take even further share even as we move through the year.

我認為從第一季到第二季的趨勢來看，我們確實看到春季和夏季銷售的洋裝數量持續激增。這對我們來說仍然是一個成功的類別，我們認為，隨著時間推移，我們有機會進一步擴大市場份額。

Got it. And then on the marketing spend, can you talk a little about the cadence of marketing spend, how much difference there is quarter by quarter now? And then just on the RaaS, with the change to the open-source model, any further expansion of RaaS and its implications?

知道了。然後關於行銷支出，您能否談談行銷支出的節奏，現在每季的差異有多大？然後就 RaaS 而言，隨著向開源模式的轉變，RaaS 是否會進一步擴展及其影響？

Yeah, I think on the marketing side, other than the seasonal shift in downshift in Q4 when ad rates get really competitive around the holidays. Otherwise, we're really targeting somewhere in the high teens to 20% of revenue on marketing. We're really in growth and acceleration of growth mode, and that has been pretty consistent.

是的，我認為在行銷方面，除了第四季度的季節性轉變之外，在假期期間廣告費率會變得非常具有競爭力。否則，我們真正的目標是將行銷收入的 15% 到 20% 左右。我們確實處於成長和加速成長模式，而且這種成長模式一直相當穩定。

As a reminder, Dana, we're really focused on this LTV-to-CAC ratio being under 1, such that we're paying back under a year. And we've been really relentless on that, so if we can acquire more customers under that construct, we’ll try and lean in. That’s what we’ve been trying to do year to date, and I think that's when you’re starting to see some of that momentum build on the marketing spend.

提醒一下，Dana，我們真正關注的是 LTV 與 CAC 比率低於 1，這樣我們就能在一年內還清貸款。我們對此一直堅持不懈，因此，如果我們能夠在這種構想下獲得更多客戶，我們就會盡力而為。這就是我們今年迄今為止一直在努力做的事情，我認為那時你就會開始看到行銷支出所累積的一些動力。

And I'm sorry, your second part was around?

抱歉，您的第二部分已經完成了嗎？

RaaS open business model.

RaaS開放商業模式。

Yeah. I think -- look, I think we’re just a few months into the new strategy, but I think it is really starting to resonate with the apparel brands that we’re talking to, so more than 60 brands. We’re now back engaged in conversations. And the idea really is that ThredUp is that real scalable partner in town that can help them meet their goals either on takeback programs and building sustainability and circularity into their brand as well as helping them position an assortment of second-hand goods that’s expansive in quality and meet the bids for their customers.

是的。我認為——你看，我認為我們實施新策略才幾個月，但我認為它確實開始與我們正在洽談的服裝品牌產生共鳴，所以超過 60 個品牌。我們現在又開始交談了。而真正的想法是，ThredUp 是城裡真正可擴展的合作夥伴，可以幫助他們實現目標，無論是在回收計劃方面，還是在品牌中建立可持續性和循環性，以及幫助他們定位各種質量廣泛且滿足客戶出價的二手商品方面。

We feel great about this strategy. I think it’s summer, as you know, and so it will take a little while for us to ink some of these deals, but I think we’re feeling good about the strategy shift.

我們對這項策略感到非常滿意。正如你所知，我認為現在是夏天，所以我們需要一點時間來簽署一些協議，但我認為我們對策略轉變感到滿意。

Bobby Brooks, Northland Capital Markets.

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

Hey, good afternoon, guys. Congrats on the great quarter. So on the 1Q call, you guys had discussed that each incremental dollar above your 4% guide would be reinvested into marketing. And that also dovetails with what was said earlier in this call, so I’m just trying to understand what’s underpinning the 3Q guide of 4.5%. I know the 4Q guide is for 3%, so maybe it’s just as simple as, on a full-year basis, you’ll be at that 4% threshold, but I was just hoping for a little bit more color there.

嘿，大家下午好。恭喜本季取得如此出色的成績。因此，在第一季的電話會議上，你們討論過，超過 4% 指導價的每一美元增量都將重新投資於行銷。這也與本次電話會議早些時候所說的內容相吻合，所以我只是想了解 4.5% 這一第三季指引的基礎是什麼。我知道第四季的指導價是 3%，所以也許這只是簡單預測，以全年來看，你會達到 4% 的門檻，但我只是希望能夠更詳細一些。

Yeah, it’s just due to the seasonality of Q4 revenue versus Q3, and I think the full-year guide takes into account the beats from Q1 and Q2, getting into the 4.2%.

是的，這只是由於第四季營收相對於第三季的季節性，我認為全年指南考慮了第一季和第二季的成長，達到 4.2%。

Okay, and so just so that’s really just taking the first-half beats. But anything more on the 3Q because it seems like you guys are investing more heavily upfront, so I’m just kind of surprised that you’d be above that 4% threshold.

好的，所以這只是上半部的節拍。但關於第三季還有什麼消息嗎？因為看起來你們在前期投入了更多資金，所以我有點驚訝你們的成長率會超過 4% 的門檻。

Yeah, I mean, I think we are continuing to invest in marketing, but we also are committed to modest EBITDA expansion over the course of the year. We certainly want to be able to deliver to investors clarity around the business generating free cash flow, the business having a strong margin profile that we can control. And so I think what you're seeing in Q3 and the rest of the year is the growth is strong and we wanted to make sure that it was clear we were dropping some of those dollars to the bottom line, consistent with what we said earlier in the year.

是的，我的意思是，我認為我們會繼續在行銷方面進行投資，但我們也致力於在今年實現適度的 EBITDA 擴張。我們當然希望能夠向投資者清楚地說明，該業務如何產生自由現金流，該業務是否具有我們可以控制的強大利潤率。因此，我認為您在第三季度和今年剩餘時間內看到的是強勁的增長，我們希望確保明確我們將其中一部分資金投入到底線，這與我們今年早些時候所說的一致。

But to emphasize, we’re really growth-oriented at the moment. And I think we’ve been trying to focus on, let's not consume any capital, let's generate cash, let's maintain our gross margin efficiency, our EBITDA efficiency, and then really grow as fast as we can and how the numbers shake out.

但要強調的是，我們目前真正以成長為導向。我認為我們一直在努力集中精力，不消耗任何資本，創造現金，保持毛利率效率、EBITDA 效率，然後儘可能快地增長，並關注數字如何變化。

That's very helpful color. And then the next one was I was just curious to hear a bit more about the supply dynamics and the makeup of what you guys are seeing. So obviously, you guys have three or five different bandwidths on payouts between $5 and $20, $20 and $50, $50 and $100, and so on, with your take rate moving lower as the sale price moves up each band. Could you give us some sense of how much of your business falls under each category?

這是非常有用的顏色。接下來，我只是好奇地想聽聽你們所看到的供應動態和組成。因此很明顯，你們有三到五種不同的支出頻寬，分別為 5 美元到 20 美元、20 美元到 50 美元、50 美元到 100 美元等等，隨著每個頻寬內銷售價格的上漲，你們的佣金率也會降低。您能否告訴我們您的業務有多少屬於每個類別？

We don’t disclose exactly what comes into each band, but we’ve talked about the growth in premium, which has been strong. Those products tend to be in the higher payout amounts, as you mentioned. And the thing to understand is while the rates might be different, the dollars flowing through are strong, right? And so we can take those dollars and invest them back into the business.

我們不會透露每個頻段的具體內容，但我們已經討論了高階頻段的成長，而且成長一直很強勁。正如您所說，這些產品的支付金額往往較高。需要理解的是，儘管利率可能不同，但流入的美元是強勁的，對嗎？這樣我們就可以把這些錢重新投資在業務上。

But I think what we feel like is that the companion premium fees not only is it great for sellers, we think it's a very out of the gate strong product market fit, but it really does help drive buyer acquisition. Buyers are there to find great products and great value, and that premium supply is a part of that. And so we’ve really focused the rates based on maximizing the opportunity for the buyer and the seller and ThredUp all at the same time.

但我認為，我們的感覺是，伴隨的額外費用不僅對賣家有利，我們認為這是一種非常強大的產品市場契合度，但它確實有助於推動買家的收購。買家來這裡是為了尋找優質的產品和巨大的價值，而優質供應就是其中的一部分。因此，我們真正關注的是同時為買家、賣家和 ThredUp 提供最大機會的利率。

Got it. And then just one last one for me. Obviously, your business has clear benefits from the network effect, and those are really starting to take hold. But could just -- and taken into account that you just posted your best quarter in customer acquisitions, could you just maybe discuss the balance between what you're seeing in new people coming to the platform as new suppliers versus people come to the platform as first-time customers? And just the mix of that or maybe long-time customers becoming suppliers or long-term customers becoming -- or long-term suppliers becoming customers vice versa? Just curious to hear about those trends.

知道了。對我來說，還有最後一個。顯然，您的企業從網路效應中獲得了明顯的好處，而這些好處確實開始顯現。但是，考慮到您剛剛公佈了客戶獲取方面最好的一個季度，您能否討論一下作為新供應商來到該平台的新人和作為首次客戶來到該平台的新人之間的平衡？或者只是這些情況的混合，或者可能是長期客戶成為供應商，或者長期客戶成為 - 或者長期供應商成為客戶，反之亦然？只是好奇想了解這些趨勢。

Yeah, I think what you're seeing is -- what we've been saying for some time that I think -- we just really think ThredUp is a marketplace where you're really trying to add the right number of buyers and sellers the right number of sellers to get the market-clearing dynamics to work. You obviously want it to be highly liquid. And I think what you're seeing now is such strong buyer growth in the business and our operational infrastructure has never been stronger or able to feed that buyer mix with high-quality supply.

是的，我認為你所看到的是——我們已經說了一段時間了——我們只是真的認為 ThredUp 是一個市場，你真的試圖增加適當數量的買家和賣家，適當數量的賣家，以使市場清算動態發揮作用。你顯然希望它具有高度的流動性。我認為您現在看到的是業務中買家的強勁增長，我們的營運基礎設施從未如此強大，也從未能夠為買家組合提供高品質的供應。

And so the guardrails as far as buyer growth and seller growth are off. I think we’re acquiring lots of new sellers. The sellers are becoming buyers. I did mention lots of buyers that are coming in, they're are now getting complimentary clean-out kits in their orders and so they're becoming sellers. And so I think you're really starting to see that crossover happen between buyers and sellers. And again, I think that's what builds a really healthy network effect here in the marketplace.

因此，買家成長和賣家成長的護欄就消失了。我認為我們正在吸引大量新賣家。賣家正在變成買家。我確實提到過，很多買家現在在訂單中獲得了免費的清潔套件，因此他們成為了賣家。因此我認為你真的開始看到買家和賣家之間的交叉。而且，我認為這就是在市場上建立真正健康的網路效應的原因。

Bernie McTernan, Needham & Company.

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

I wanted to start on new buyers. Obviously, really strong results during the quarter, but just wanted to get a sense in terms of it seems like there is less competition for new buyers in the first half of the quarter, and then so there is more competition in the second half. How did that play into the new buyer growth and what contemplates for the guide in 3Q and 4Q?

我想開始尋找新買家。顯然，本季的業績確實強勁，但我只是想了解一下，似乎本季上半段新買家的競爭較少，而下半段的競爭則更為激烈。這對新買家的成長有何影響？對第三季和第四季的指導有何考慮？

Hey, Bernie. It’s James. Yeah, as we mentioned on the last call, April was strong. And you did see Temu and Shein and a few others sort of pull back a little bit, but they came back into the market in mid-May. And so a lot of the performance throughout the quarter -- the last couple months of the quarter was really driven by the team doing a wonderful job on the growth side, the product experience continuing to get better. And we’ve continued to see strong momentum into July.

嘿，伯尼。是詹姆斯。是的，正如我們在上次電話會議上提到的，四月表現強勁。你確實看到 Temu、Shein 和其他一些公司略有回落，但他們在 5 月中旬又重返市場。因此，整個季度的許多表現——本季度最後幾個月的表現實際上是由團隊在成長方面所做的出色工作所推動的，產品體驗不斷改善。進入七月份，我們繼續看到強勁勢頭。

So I think a lot of the back half of the year, we expect to see more of the same. And so it remains to be seen and you have some of these guys play and Amazon has made some changes in how they’re spending on Google Shopping. The Trump administration just rolled out de minimis exemption is now not just for Chinese goods, but for all goods coming into the US, so that will have some dynamics around just buying ads and the ad rate itself. I think it’s a pretty dynamic environment, but I am pretty confident that regardless of the macro trends there, we're going to be able to spend and acquire customers at real predictable and strong rates.

因此我認為，今年下半年我們預計會看到更多類似的情況。所以這還有待觀察，其中一些會參與其中，亞馬遜對他們在 Google Shopping 上的支出方式做出了一些改變。川普政府剛推出的最低限度豁免現在不僅適用於中國商品，也適用於所有進入美國的商品，因此這將對購買廣告和廣告費率本身產生一些影響。我認為這是一個相當動態的環境，但我非常有信心，無論宏觀趨勢如何，我們都能夠以真正可預測的強勁速度進行支出並獲得客戶。

Okay. No, that's great. And then I also want to touch on RaaS. Obviously, you mentioned conversations with over 60 brands. What are some -- acknowledging that some are, but other than that, what are some of the bottlenecks for getting those brands over the finish line?

好的。不，那太好了。然後我還想談談 RaaS。顯然，您提到了與 60 多個品牌的對話。有些是什麼——承認有些是，但除此之外，這些品牌跨越終點線還面臨哪些瓶頸？

And like how many new brand partnerships we have to see for it to be a material impact on your supply?

我們需要看到多少新的品牌合作關係才能對您的供應產生實質影響？

Yes. I mean I think it depends on the brand, Bernie. I think for some large brands, they can be impactful right away. But I think from a timing perspective, some of these brands are currently in contracts with others. Some of them are trying to navigate the tariff news and how that's impacting what they're doing.

是的。我的意思是我認為這取決於品牌，伯尼。我認為對於一些大品牌來說，它們可以立即產生影響。但我認為從時間角度來看，其中一些品牌目前正在與其他品牌簽約。他們中的一些人正在試圖了解關稅新聞以及這對他們的工作有何影響。

And so the launch of Resale as a Service brands has never been something that just happens overnight. It does take a little bit of time. But I do think you're going to see some momentum by year-end. Whether that's material, I think, remains to be seen. I don't expect it to be material in '25, but I'm optimistic that it will have a real impact in 2026.

因此，轉售即服務品牌的推出從來都不是一朝一夕就能實現的。這確實需要一點時間。但我確實認為到年底你會看到一些勢頭。我認為這是否重要還有待觀察。我並不認為它會在 2025 年產生實質影響，但我樂觀地認為它會在 2026 年產生真正的影響。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

The AI acceleration has been really, really nice. What do you think the hardest parts of that AI journey have been? And second, as you rank order the financial impact, it sounds like customer acquisition is the highest impact, but how would you rank order the model impact as you see it? Second question is on the new buyer growth rates. What are your thoughts on how that number -- like what kind of long-term growth rates might we expect there?

人工智慧加速確實非常好。您認為人工智慧之旅中最困難的部分是什麼？其次，當您對財務影響進行排序時，聽起來客戶獲取的影響最大，但是您如何對模型影響進行排序？第二個問題是關於新買家成長率。您對這個數字有何看法—例如我們可以預期什麼樣的長期成長率？

It's been extraordinary, but the related question is like one and done or the nature of the new customers relative to existing.

這是非同尋常的，但相關的問題就像一次性完成的事情或新客戶相對於現有客戶的性質。

Oliver, good to hear you. The -- I think on the first one on the hardest part of AI for us is given the breadth of the catalog, right, 4.5 million-plus SKUs changing every day is really nailing product recommendations and filtering using the technology. So even just in the last few weeks, we've been rolling out improvements into how customers are getting the right sorts of product, the items that they should shop with these other items. So I think the hardest thing is really getting the models to work as well as we know they theoretically can, which I think is really exciting because I think similar to whether it's ChatGPT or any of the other services out there, they're getting better every month. And you can see that where we feel like the opportunity to make our experience of shopping on ThredUp better every month through AI.

奧利佛，很高興聽到你的消息。我認為，對我們來說，人工智慧最困難的部分首先是考慮到目錄的廣度，對吧，每天變化的 450 多萬個 SKU 確實需要使用該技術進行產品推薦和過濾。因此，就在過去的幾周里，我們一直在不斷改進如何讓顧客獲得正確的產品，以及他們應該與其他商品一起購買的商品。因此，我認為最困難的事情是讓模型真正發揮我們理論上所知道的那種作用，我認為這真的令人興奮，因為我認為與 ChatGPT 或任何其他服務類似，它們每個月都在變得更好。您可以看到，我們覺得有機會透過人工智慧來改善我們在 ThredUp 上的購物體驗。

So I think that part is exciting and the team is working super hard and -- but these are hard, big problems to solve. I think on the question around like new buyer growth rate, the -- look, I don't expect it to be 95% every quarter or 75% every quarter. There's a real acceleration there that has happened. But I think we feel good about the addressable market. I mean this is a big market in the US, expected to double by 2030.

所以我認為這部分很令人興奮，團隊正在非常努力地工作——但這些都是很難解決的大問題。我認為關於新買家成長率的問題——看，我並不認為它每季都會達到 95% 或 75%。那裡確實出現了加速發展。但我認為我們對潛在市場充滿信心。我的意思是，這是美國的一個巨大的市場，預計到 2030 年將翻倍。

And so there's a lot of women out there that either are casual shop versus secondhand or never shop secondhand. And we think we can go out and acquire those customers at very predictable and large numbers. And so I don't have a steady-state rate for you, but I would say that we have 1.5 million customers. And there's an order of magnitude more customers out there that are not ThredUp customers than are. And so that's sort of how we feel about the opportunity.

因此，有很多女性要么隨意購買二手貨，要么從不購買二手貨。我們認為，我們可以非常可預測地獲得大量客戶。因此，我無法為您提供穩定的利率，但我想說我們有 150 萬客戶。而且，非 ThredUp 客戶的數量比 ThredUp 客戶的數量多得多。這就是我們對這個機會的感受。

And then you had a second -- your other question was in there was on the model -- was on which one? On the --

然後你有第二個問題──你的另一個問題是在模型上──是哪一個？在--

Yes, linking AI to financial modeling, like how (inaudible) some of that?

是的，將人工智慧與金融模型連結起來，例如（聽不清楚）其中的一些？

Yes. I think you sort of suggested that on the customer acquisition piece was the top of the list. I would agree with that. I think it has helped us really drive conversion throughout the funnel, make our ad spend more effective. I would say, though, that the other piece is, if you shop ThredUp today, you just -- the experience feels more elevated, and I think we're working further to even elevate the shopping experience.

是的。我認為您暗示客戶獲取部分是最重要的。我同意這一點。我認為它確實幫助我們推動了整個管道的轉化，使我們的廣告支出更加有效。不過，我想說的是，另一方面，如果你今天在 ThredUp 購物，你會感覺——體驗更加高級，而且我認為我們正在進一步努力提升購物體驗。

And so I think the work that we've done improving the crispness of the images, some of the work we've done with on model photography, the merchandising has improved. A lot of that stuff has really elevated, the shopping journey, and we hear that from customers that ThredUp just feels like a more elevated experience than it was a couple of years ago. And I think that's drawing more customers into the fold and increasing kind of people's feeling of how the site is and what it means to shop there.

所以我認為我們在提高影像清晰度方面所做的工作，以及我們在模特兒攝影方面所做的一些工作，都使商品推銷得到了改善。很多東西確實提升了購物體驗，我們從顧客那裡聽說，ThredUp 的體驗比幾年前更高端。我認為這會吸引更多的顧客，並增強人們對該網站以及在那裡購物的意義的感受。

Okay. And James, you've been a visionary within the sector. What are your thoughts about consolidation going forward or how you see the next leg of innovation over the longer term? And how might that juxtapose with how you think about CapEx and what investment needs or options you may have in the future?

好的。詹姆斯，您是這個領域的一位有遠見的人。您對未來的整合有何看法？或者您如何看待長期下一階段的創新？這與您對資本支出的看法以及未來可能有的投資需求或選擇有何不同？

I mean I don't have a crystal ball on how the market is going to play out. But I -- look, I think the market is big. I think it's growing. I don't think that this is something that is a fad that people are going to wake up someday a couple of years from now and say, I'm never going to shop secondhand again. And so I think this is a structural shift.

我的意思是，我沒有水晶球可以預測市場將如何發展。但我——看，我認為市場很大。我認為它正在增長。我不認為這只是一時的熱潮，人們幾年後某一天醒來後會說，我再也不會買二手貨了。所以我認為這是一種結構性轉變。

I think similar to how off-price spent 20, 30 years really shifting how consumers shop and behave. I think secondhand is on a similar journey. So I do think there'll be big companies created. ThredUp, I hope, will be one of them, and we'll sort of see what happens. But I think that generally speaking, the fact that the market is big and the structural shift would suggest that there'll be some big companies.

我認為折扣店花了 20 到 30 年的時間真正改變了消費者的購物和行為。我認為二手貨也有類似的經驗。所以我確實認為會出現大公司。我希望 ThredUp 能成為其中之一，我們拭目以待吧。但我認為，整體來說，市場規模大、結構性轉變意味著會出現一些大公司。

Okay. Last one on customer acquisition costs. There are a lot of puts and takes and different forces here. What's changed the most in your perspective there framework? Or maybe not much has changed, but just the tactics around you have?

好的。最後一個是關於客戶獲取成本。這裡有很多的投入和產出以及不同的力量。從您的角度來看，框架中最大的變化是什麼？或者也許並沒有發生太大的變化，只是你周圍的策略發生了變化？

I love any thoughts on shifts or -- and how -- what that may imply for the future on the customer acquisition costs.

我喜歡任何關於轉變的想法，或者——以及這對未來客戶獲取成本可能意味著什麼。

Yes. I mean, we've seen some change on CPMs, I think, on Meta and on Google, which I think are consistent with some of the changes with how big ad buyers like Temu or Shein are moving in and out of the market. But by far, the biggest driver has been the conversion rate. And so conversion rates, right, when they go up, significantly, like it changes all the math in a pretty dramatic way. And so our CACs have come down commensurate with our improvements in the product experience.

是的。我的意思是，我認為我們已經看到 Meta 和 Google 上的 CPM 發生了一些變化，我認為這與 Temu 或 Shein 等大型廣告買家進出市場的方式的一些變化是一致的。但到目前為止，最大的驅動力是轉換率。所以，當轉換率大幅上升時，所有的數學計算都會發生顯著的變化。因此，我們的 CAC 也隨著產品體驗的改善而下降。

That has allowed us to spend more money. And by spending more money, we're actually able to optimize the funnel even more. And so you really do have this virtuous cycle driven by the product experience.

這使得我們可以花更多的錢。透過投入更多資金，我們實際上能夠進一步優化管道。因此，你確實擁有由產品體驗驅動的良性循環。

And there are no further questions at this time. I will now hand the call back to Mr. James Reinhard for any closing remarks.

目前沒有其他問題。現在我將把發言權交還給詹姆斯·萊因哈德先生，請他做最後發言。

Well, thank you all for joining us on this call. We're really excited about the momentum in the business. And I want to send a big thank you to the ThredUp team that I think has done an incredible job continuing to do the really hard work to serve customers. So thank you all, and thank you to the team, and we'll see you next time.

好吧，感謝大家參加這次電話會議。我們對業務的發展勢頭感到非常興奮。我要向 ThredUp 團隊表達衷心的感謝，我認為他們做得非常出色，繼續努力為客戶提供服務。謝謝大家，也謝謝團隊，我們下次見。

Thank you. And this concludes today's call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。