ThredUp Inc. (TDUP) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I'll be your conference operator today. At this time, I would like to welcome everyone to the ThredUp first quarter 2026 earnings call. (Operator Instructions)

您好，感謝各位稍候。我的名字是 Tiffany，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 ThredUp 2026 會計年度第一季財報電話會議。（接線員指示）

Lauren Frasch, Investor Relations.

Lauren Frasch，投資人關係。

Good afternoon, and thank you for joining us on today's conference call to discuss ThredUp's financial results. With me are James Reinhart, ThredUp's, CEO and co-founder; and Sean Sober, CFO. We posted our press release and supplemental financial information on our investor relations website at ir.thredUp.com.

各位下午好，感謝各位參加今天的電話會議，一同討論 ThredUp 的財務結果。與我一同出席的有 ThredUp 執行長暨共同創辦人 James Reinhart，以及財務長 Sean Sober。我們已將新聞稿與補充財務資訊發布於投資人關係網站 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. 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.

本次電話會議將於我們的投資人關係網站進行網路直播，會後不久也將於網站提供重播。在開始之前，我想提醒各位，我們在本次電話會議過程中將作出前瞻性陳述。此類陳述係基於目前的預期與假設，並可能受到多項風險與不確定性影響。

Actual results can 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 responses. We undertake no obligation to update any forward-looking statements.

實際結果可能出現重大差異。關於這些預期、假設及相關回應的更多資訊，請參閱我們的財報新聞稿、補充財務資訊，以及 Form 10-K 與 Form 10-Q。我們不承擔更新任何前瞻性陳述之義務。

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，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。非 GAAP 與 GAAP 指標之調節表已收錄於今日的財報新聞稿與補充財務資訊中，並已透過我們的投資人關係網站（ir.thredup.com）對外發布且可供大眾查閱。

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

現在，我想把電話交給 James。James。

Good afternoon, everyone. I'm James Reinhardt, CEO and co-founder of ThredUp.

各位下午好。我是 ThredUp 執行長暨共同創辦人 James Reinhardt。

Thank you for joining our first-quarter 2026 earnings call. Today, I'll review our Q1 results, discuss what drove performance in the quarter and share how we're focused for the balance of the year. I'll then hand it over to Sean Sobers, our Chief Financial Officer, to walk through the financials in more detail and provide our outlook for Q2 and the full year. As always, we'll close with a question-and-answer session.

感謝各位參加我們 2026 年第一季財報電話會議。今天我將回顧第一季業績、說明本季表現的驅動因素，並分享我們在今年剩餘期間的工作重點。接著我會把時間交給我們的財務長 Sean Sobers，請他更詳細說明財務狀況，並提供第二季與全年展望。照例，我們最後將進行問答環節。

First to the results. In the first quarter, revenue grew 14.6% year-over-year to $81.7 million, while gross margin was 79.2% and adjusted EBITDA was 3.4% of revenue. We grew our cash balance by $1.3 million. Active buyers on a trailing 12-month basis grew 25% year-over-year and new buyer acquisition remained strong. March was the best month in our history. All of these metrics exceeded our expectations.

先看業績。在第一季，營收年增 14.6% 至 8,170 萬美元；毛利率為 79.2%；調整後 EBITDA 為營收的 3.4%。我們的現金餘額增加 130 萬美元。以過去 12 個月為基礎的活躍買家數年增 25%，新買家獲取仍維持強勁。3 月是我們公司史上表現最佳的月份。上述所有指標均超出我們的預期。

However, as we move through Q2, we think it's worth acknowledging that the macro environment remains uncertain. Relative to prior quarters, we do see an incrementally discerning consumer as gas prices remain high and inflation proves to be sticky. We've observed this mainly through average selling prices and conversion rates being slightly lower since early March. Prices are off roughly 3% and conversion rates for existing customers lower by about 5%.

然而，隨著我們進入第二季，我們認為有必要承認總體環境仍充滿不確定性。相較於前幾季，我們確實看到消費者變得更為審慎，因為油價仍處高檔且通膨黏著性偏高。我們主要從平均售價與轉換率自 3 月初以來略為走低觀察到此現象。價格約下滑 3%，既有客戶的轉換率約降低 5%。

Nevertheless, overall demand has remained resilient year-to-date, with continued growth in new buyers and strong sell-through driven by existing buyers. That demand, combined with improved marketing efficiency, has supported strong unit economics and has given us confidence in our growth plan for 2026 and how our business leverages and expands margins over time.

儘管如此，今年以來整體需求仍具韌性，新買家持續成長，且既有買家帶動的售罄率（sell-through）表現強勁。這股需求，加上行銷效率提升，支撐了強勁的單位經濟效益，並讓我們對 2026 年的成長計畫，以及我們的業務如何隨時間推進而運用並擴大利潤率，充滿信心。

As we move through 2026, our priorities are focused in three areas. Continuing to grow and retain high-value buyers, developing AI technology that helps customers discover and shop across our vast marketplace, and scaling high-quality supply from a diverse group of sellers.

展望 2026 年，我們的優先事項聚焦於三個面向：持續成長並留住高價值買家；開發 AI 技術，協助客戶在我們龐大的市集中探索與購物；以及從多元賣家群體擴大高品質供給。

In Q1, we continue to improve how customers discover, shop, and sell across startups. With millions of unique items, helping customers find the right item quickly is critical to conversion and retention. On that note, I'm excited to share that we now have our first agentic product experience live for a segment of customers.

在第一季，我們持續改善客戶在 ThredUp 上的探索、購物與銷售體驗。由於平台上有數百萬件獨特商品，協助客戶快速找到合適商品，對提升轉換與留存至關重要。基於此，我很高興分享：我們已針對部分客戶上線了第一個具代理（agentic）的產品體驗。

We start by assigning an agent or a team of agents to each customer. The agents consume event feeds across all platforms, web, mobile web, native, and channels, e-mail, push, SMS, and use reinforcement learning to enable personalized browsing at the individual customer level. No two customer journeys are the same.

我們首先為每位客戶指派一個代理或一組代理。這些代理會吸收跨所有平台的事件資料流，包括網頁、行動網頁、原生 App，以及各種渠道（電子郵件、推播、簡訊），並運用強化學習在單一客戶層級實現個人化瀏覽。每位客戶的旅程都不相同。

Ultimately, we're working towards a customer experience that will dynamically change everything you see on ThreadUp based on your clickstream data in real time. This is the true promise of agentic commerce. Second, we are now aggregating exact match items into an improved customer experience, starting with our highest volume category, dresses.

最終，我們正朝向一種客戶體驗邁進：根據您的點擊流（clickstream）資料即時動態調整您在 ThredUp 上看到的一切。這正是代理式商務（agentic commerce）的真正承諾。第二，我們正在把「完全相符」的商品彙整成更佳的客戶體驗，並從我們交易量最高的品類——洋裝——開始。

Let me explain. This means a customer who is shopping for a dress might now see options on that product page to buy this dress in a different color or a different size or a different quality standard, all without having to navigate to another product page.

我來解釋一下。這表示，正在選購洋裝的客戶，現在可能會在該商品頁面看到選項，可購買同款不同顏色、不同尺寸或不同品相標準的洋裝，而無需再跳轉到另一個商品頁面。

While this is standard in e-commerce, no scaled resale company has been able to replicate this experience across thousands of brands and category SKUs. We think this is a foundational improvement in the resale shopping journey, and ThredUp is uniquely able to do this given our data and vast catalog of photography.

雖然這在電商中屬於標準做法，但尚無任何具規模的轉售公司能在數千個品牌與品類 SKU 之間複製這種體驗。我們認為這是轉售購物旅程的一項基礎性改善，而 ThredUp 憑藉我們的資料與龐大的商品攝影目錄，具備獨特能力做到這一點。

This experience is particularly relevant for newer customers and amplifies our broader acquisition strategy as we bring more and more first-time second-hand shoppers to our site. We plan to slowly roll this out to more customers and more categories in the coming quarters.

這項體驗對新客戶尤其重要，並能放大我們更廣泛的獲客策略，因為我們正把越來越多首次購買二手商品的消費者帶到我們網站。我們計畫在未來幾季逐步推廣給更多客戶並擴展到更多品類。

Third, with the ongoing success of our AI product development cycles and elevated conversion rates, we are unlocking scale in new channels. Our spend on Meta is up 100% year-over-year in Q1, delivering some of the highest LTV-to-CAC ratios we've seen. Pinterest is similarly up 94%.

第三，隨著我們 AI 產品開發週期持續成功且轉換率提升，我們正在新渠道上解鎖規模化成長。第一季我們在 Meta 的投放支出年增 100%，帶來我們所見過最高水準之一的 LTV 對 CAC 比率。Pinterest 的投放同樣年增 94%。

This has reduced spend on Google, where we tend to see acquisition costs be lower and churn higher. This evolution is consistent with our goal of increasing early customer retention and expanding LTVs over time and exemplifies how a thread of benefits from advanced and generative AI technology.

這也降低了我們在 Google 的支出；在 Google 上我們通常看到獲客成本較低但流失率較高。這樣的演進符合我們提升早期客戶留存、並隨時間擴大 LTV 的目標，也展現了先進與生成式 AI 技術所帶來的一連串效益。

Turning to supply, each year, our annual resale report has become the industry's go-to resource for understanding where the second-hand market is headed. And this year's edition, which we published last month, identified supply as a defining constraint for the next phase of growth.

接著談供給。每年我們發布的年度轉售報告，已成為業界用來理解二手市場走向的首要資源。而我們上個月發布的今年版本指出：供給將是下一階段成長的關鍵限制因素。

With US online resale already growing more than three times faster than the broader retail environment, we believe the key to unlocking the next phase of market value isn't demand, it's aggregating more high-quality supply online.

由於美國線上轉售的成長速度已超過整體零售環境的三倍以上，我們相信，解鎖下一階段市場價值的關鍵不在需求，而在於把更多高品質供給彙聚到線上。

Let me anchor that in what we're actually seeing on the supply side of our own marketplace. Our seven-day sell-through rate, which we view as the best proxy for overall demand, is up more than 15% year-over-year, alongside continued strong growth in listings. Listings are up 17% year-over-year in Q1.

我用我們自家市集供給端的實際觀察來說明。我們的 7 日售罄率（我們視其為整體需求的最佳替代指標）年增超過 15%，同時刊登量仍持續強勁成長。第一季刊登量年增 17%。

The net of these performance indicators is that we need more sellers and more supply to satisfy the growing awareness and demand from buyers on our marketplace. We are moving swiftly to do so. In Q1, we made a deliberate investment in new seller acquisition of our total kit requests in the quarter, 48% came from sellers who were new to ThreadUp.

綜合這些績效指標，我們需要更多賣家與更多供給，才能滿足我們市集中買家日益提升的認知度與需求。我們正迅速採取行動。第一季，我們有意加大新賣家獲取的投資；本季所有套件（kit）申請中，有 48% 來自 ThredUp 的新賣家。

New seller kit requests grew 90% year-over-year. Overall, this was one of the largest surges in new sellers in ThreadUp's history, driven by TikTok shop activation, on-site promotion, and targeted seller campaigns. With so many new supplier initiatives in motion, we've renewed our focus on onboarding, seller education and segmentation with particular attention to TikTok Shop, where we just recently launched premium bags.

新賣家套件申請年增 90%。整體而言，這是 ThredUp 歷史上新賣家成長幅度最大的浪潮之一，主要由 TikTok Shop 啟動、站內促銷與精準賣家活動所帶動。隨著多項新的供應商計畫同步推進，我們重新聚焦於上線導入、賣家教育與分群，並特別關注 TikTok Shop；我們近期也在該平台上線了高端包款。

In addition, we're increasing inbound processing faster than planned to capitalize on this influx of new sellers and build on the momentum we saw in Q1. The long-term picture is clear. A larger seller base, improved supply quality, and more aggressive processing should create a faster-growing, more liquid, more profitable marketplace.

此外，我們正以超出原先規劃的速度提升入庫處理量，以把握這波新賣家湧入並延續第一季的動能。長期方向很清楚：更大的賣家基礎、更佳的供給品質，以及更積極的處理能力，應能打造一個成長更快、流動性更高、獲利能力更強的市集。

Now, let me turn to other areas of opportunity in our business. Our direct listings data remains promising as we've maintained our goal of growing 10% week-over-week while continuing to launch new features that deliver the highest quality buyer and seller experience.

接下來，我談談我們業務中的其他機會領域。我們的直售刊登（direct listings）數據仍令人鼓舞；我們維持每週成長 10% 的目標，同時持續推出新功能，以提供最高品質的買家與賣家體驗。

First, using our vast data set, we're launching a suite of improved seller pricing tools to help items sell more quickly. Second, leveraging the customer data we have accumulated over the years, we're finalizing the rollout of a relisting tool that allows our core marketplace buyer to resell their previously purchased items with one click or make their entire purchase closet shoppable.

第一，運用我們龐大的資料集，我們將推出一套升級的賣家定價工具，協助商品更快售出。第二，運用我們多年累積的客戶資料，我們正完成一項重新上架（relisting）工具的全面推出，讓核心市集買家可一鍵轉售先前購買的商品，或讓其整個購買衣櫥變得可供他人選購。

This relisting feature is a powerful and unique asset, given we've sold over 100 million items. That ostensibly could be made available to others with one click. We think about this as lean back selling, and it's more consistent with our approach to serving casual sellers, first professionals looking to run a small business.

這項重新上架功能是一項強大且獨特的資產，因為我們已售出超過 1 億件商品。理論上，這可以透過一鍵提供給其他人使用。我們將其視為「躺著賣」（lean back selling），而且這更符合我們服務休閒型賣家、以及首先是希望經營小型生意的專業賣家的方式。

Finally, we are improving seller verification and training so that we reduce potential for fraud, eliminate subpar listings, and build more trust in our marketplace over time. On the Resale as a Service, or RaaS, front, we've landed several new apparel brand partners that will be launching resale experiences with us in the coming quarters.

最後，我們正在改善賣家驗證與培訓，以降低潛在詐欺、淘汰品質不佳的刊登內容，並隨時間推進在我們的市集中建立更多信任。在「轉售即服務」（Resale as a Service，或 RaaS）方面，我們已簽下數個新的服飾品牌合作夥伴，將在未來幾個季度與我們一起推出轉售體驗。

We've also deepened engagement with existing clients. A standout example was reformation's in-store trading event in New York City, which went viral on TikTok, a playbook we're now replicating across the entire partner base.

我們也加深了與既有客戶的互動。一個突出的例子是 Reformation 在紐約市門市舉辦的以物易物活動，該活動在 TikTok 上爆紅，而我們現在正把這套作法複製到整個合作夥伴基礎。

Earth Month was a particularly strong activation period with Land's End, Madewell, and Abercrombie all running RAS campaigns that drove meaningful engagement. As we look ahead, we remain focused on executing our growth plan amidst an ever-changing consumer environment.

地球月是一段特別強勁的推廣期，Land's End、Madewell 與 Abercrombie 都推出了 RAS 活動，帶來了具實質意義的互動。展望未來，在不斷變化的消費環境中，我們仍專注於執行我們的成長計畫。

Our priority is building a marketplace that delivers clear value to buyers and compelling monetization and convenience for sellers. We are confident our focus on conversion, retention and supply quality on top of our strong unit economics will position us to deliver durable compounding performance overtime.

我們的優先事項是打造一個能為買家提供明確價值、並為賣家帶來具吸引力的變現能力與便利性的市集。我們相信，在強勁的單位經濟效益之上，聚焦於轉換率、留存率與供給品質，將使我們能隨時間推進交付可持續的複利式表現。

With that, I'll turn it over to Sean to walk through the financials in more detail and provide our outlook for Q2 and the full year.

接下來，我把時間交給 Sean，請他更詳細地說明財務表現，並提供我們對第二季與全年展望。

Thanks, James. I'll begin with an overview of our results and follow-up with guidance for the second quarter and full year of 2026. I will discuss non-GAAP results throughout my remarks. We are extremely proud of our Q1 results in which we exceeded our internal expectations for revenue, gross margins and adjusted EBITDA.

謝謝，James。我將先概述我們的業績，接著提供 2026 年第二季與全年的指引。我在發言中將全程討論非 GAAP 結果。我們對第一季的成果感到非常自豪：營收、毛利率與調整後 EBITDA 都超出我們的內部預期。

For the first quarter of 2026, revenue totaled $81.7 million, an increase of 14.6% year-over-year. Our performance was driven by investments into new buyer acquisition, continued LTV to CAC efficiencies and inbound processing that drove our marketplace flywheel.

2026 年第一季，營收合計 8,170 萬美元，年增 14.6%。我們的表現來自於對新買家獲取的投資、持續提升 LTV 對 CAC 的效率，以及入庫處理（inbound processing）推動了我們市集的飛輪效應。

These drivers resulted in another strong quarter for new buyer acquisition, including a record month in March. We finished the quarter with a record 1.7 million active buyers for the trailing 12 months, up 25% over last year, while we had 1.6 million orders in the first quarter, up 19.3%.

這些驅動因素帶來了另一個新買家獲取的強勁季度，其中 3 月更創下單月紀錄。我們以過去 12 個月計的活躍買家數在季末達到創紀錄的 170 萬人，較去年成長 25%；同時第一季訂單數為 160 萬筆，年增 19.3%。

For the first quarter of 2026, gross margin was 79.2%, a 10 basis point increase versus the same quarter last year as a result of higher AFPs. For the first quarter of 2026, GAAP net loss was $6.5 million compared to GAAP net loss of $5.2 million in the same quarter last year.

2026 年第一季毛利率為 79.2%，較去年同期提高 10 個基點，主要因為 AFP 較高。2026 年第一季 GAAP 淨損為 650 萬美元，去年同期 GAAP 淨損為 520 萬美元。

Adjusted EBITDA was $2.7 million or 0.4% of revenue for the first quarter of 2026, out-forming our internal expectations. Our Q1 result represented a 190 basis point decline over last year. This year, with more confidence in our growth trajectory, we invested in our drivers earlier in the quarter, resulting in better top-line results and more moderate EBITDA this year.

2026 年第一季調整後 EBITDA 為 270 萬美元，約占營收的 0.4%，表現優於我們的內部預期。我們第一季的結果較去年下降 190 個基點。今年由於我們對成長軌跡更有信心，我們在季度較早時就投入到各項驅動因素上，因此帶來更好的營收表現，但今年的 EBITDA 相對較為溫和。

From here, we expect to methodically expand EBITDA year-over-year in 2026. Turning to the balance sheet, we began the quarter with $53.1 million in cash and securities and ended the quarter with $54.4 million. We invested $4.1 million in CapEx and generated $1.3 million in cash in Q1. We continue to expect similar levels of CapEx in 2026 as last year.

從現在起，我們預期在 2026 年將有步驟地逐年擴大 EBITDA。再看資產負債表，我們以 5,310 萬美元的現金與有價證券開始本季，並以 5,440 萬美元結束本季。我們投入 410 萬美元資本支出（CapEx），並在第一季產生 130 萬美元現金。我們仍預期 2026 年的 CapEx 水準與去年相近。

Now, I'd like to turn to guidance. As James mentioned earlier, we are seeing indications of a more selective consumer. As a result, we are maintaining our revenue and EBITDA margin expectations for the balance of the year, while flowing through our Q1 outperformance. Nevertheless, we remain confident in driving strong performance in the things within our control.

接下來我想談指引。如 James 先前提到的，我們看到消費者變得更為挑選的跡象。因此，在反映第一季優於預期表現的同時，我們維持今年剩餘期間的營收與 EBITDA 利潤率預期不變。儘管如此，我們仍有信心在我們可控的事項上推動強勁表現。

In the second quarter, we expect revenue in the range of $89 million to $91 million, representing 16% year-over-year growth at the midpoint, gross margin in the range of 78.5% to 79.5%, adjusted EBITDA of approximately 5.2% of revenue and basic weighted average shares outstanding of approximately 130 million shares.

第二季，我們預期營收介於 8,900 萬至 9,100 萬美元，以中位數計年增 16%；毛利率介於 78.5% 至 79.5%；調整後 EBITDA 約為營收的 5.2%；基本加權平均流通股數約為 1.30 億股。

For the full year of '26, we expect revenue in the range of $351.2 million to $356.2 million, reflecting 14% year-over-year growth at the midpoint, raising our gross margin expectation in the range of 78.5% to 79.5%. Adjusted EBITDA of approximately 6.1% of revenue, representing approximately 170 basis point expansion versus last year and basic weighted average shares outstanding of approximately 131 million shares.

2026 全年，我們預期營收介於 3.512 億至 3.562 億美元，以中位數計年增 14%；並將毛利率預期上調至 78.5% 至 79.5% 的區間。調整後 EBITDA 約為營收的 6.1%，相較去年約擴張 170 個基點；基本加權平均流通股數約為 1.31 億股。

As we emphasized on our last call, we continue to plan to flow any incremental dollars above our guide back into growth-driving opportunities in processing and marketing. This year, we remain confident in the fundamentals of our marketplace, flywheel, and operational consistency and our strategy as we pursue predictable growth, expanding profits, and accelerating cash flow.

正如我們在上次電話會議中強調的，我們仍計畫將任何高於指引的增量資金回投到能驅動成長的機會上，包括處理能力與行銷。今年，我們對市集基本面、飛輪效應、營運一致性以及我們的策略仍具信心，並在追求可預測的成長、擴大利潤與加速現金流的同時持續推進。

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

James 和我現在準備好回答各位的問題。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Boruchow, Wells Fargo.

Boruchow，富國銀行（Wells Fargo）。

Hey, good afternoon, guys. Two from me. The first one is, I mean, so the Q1, very strong, understand maintaining expectations, Q2 to Q4. But James, can maybe you were trying to elaborate, you mentioned the consumer being more selective, but demand resilient.

嗨，各位下午好。我有兩個問題。第一個是，我的意思是，第一季非常強勁，也理解你們維持對第二季到第四季的預期。但 James，你能否再多說明一下：你提到消費者變得更挑選，但需求仍具韌性。

I mean, there's been a lot of things that have occurred, gas, the macro. Can you kind of square those two dynamics, how you're thinking about the rest of the year, maybe when do you start to see. The consumer behaviors start to change, did it coincide with the CNN effect or gas prices going up? Just to elaborate more on that would probably be helpful.

我的意思是，發生了很多事情，油價、總體環境。你能否把這兩個動態對照說明一下，你們如何看待今年剩餘時間？也許你們何時開始看到消費者行為開始改變？是否與 CNN 效應或油價上升同時發生？如果能再多闡述一些，應該會很有幫助。

Yeah, sure. Hey, Ike, it's James.

好的，當然。嗨，Ike，我是 James。

Yeah, I mean, look, the business has remained strong. I mean, I think Q1 was a good quarter, exceeded expectations, top, bottom line, gross margins expanded. So I think we're feeling very good about the business. April has been good quarter to date. So I think everything generally is going in the right direction. I think we wanted to give folks the building blocks of what we saw on ASPs and what we saw on conversion rates because it does track, I think.

是的，我的意思是，你看，業務一直維持強勁。我認為第一季是個不錯的季度，營收端、獲利端都超出預期，毛利率也擴張。所以我覺得我們對業務狀況非常有信心。到目前為止，4 月表現也不錯。所以整體而言，一切都朝著正確方向前進。我想我們希望向大家提供我們在 ASP 與轉換率上看到的構成要素，因為我認為它確實是相互呼應的。

The war in Iran and elevated oil prices and gas prices, which we just think on the margin is making the consumer a little bit more picky, a little bit more discerning. And we're seeing it in ASPs and conversion rate. Now, having said that, we've flowed those dynamics through the P&L through the rest of the year. And I think the business remains strong even with those dynamics at play in April.

伊朗戰爭以及偏高的油價與汽油價格，我們認為在邊際上會讓消費者變得更挑剔、更謹慎。我們在 ASP 與轉換率上看到了這點。話雖如此，我們已將這些動態在今年剩餘期間反映到損益表中。而且我認為即便 4 月存在這些因素，業務仍然強勁。

But I think there's just enough out there, Ike, that we want to. Be thoughtful about what the rest of the year guide looks like, but yeah, I mean, we're feeling great about where we stitched on or anything.

但我認為外部仍有足夠多的不確定性，Ike，所以我們希望……對今年剩餘期間的指引保持審慎。不過，是的，我的意思是，我們對目前的狀況感覺很好，關於我們如何把它串起來或其他任何事情。

No, I think it is key to understand that we didn't flow through that ASP and conversion items that we saw in April through the full guidance outlook.

不，我認為關鍵在於理解：我們並沒有把 4 月看到的 ASP 與轉換率項目完全納入到全年指引展望中。

And then I guess just to follow-up on the ASP, I think you said co-ordinated with like download singles. Is that kind of the expectation the rest of the year that your ASP or AOB, however you would define it, should remain under pressure? Are you expecting a bounce back in the back half?

那我再追問一下 ASP。我想你說它與下載單件（download singles）之類的情況相一致。那這是否就是你們對今年剩餘時間的預期：你們的 ASP 或 AOB（不論你們如何定義）將持續承壓？你們是否預期下半年會反彈？

Yeah, right now I think it's off about 3%, consistent with beginning of March, sort of when we started to see this. Yeah, that's been the guide for the rest of the year, but I think depending on. How things materialize with oil prices, with inflation. I could see a scenario where it bounces back, timing it at a little unclear. But I still think that the unit margins, the contribution margins, top-line, EBITDA are all strong, even with ASBs being off a little bit.

是的，目前大約下降 3%，與 3 月初一致，也就是我們開始看到這種情況的時間點。是的，這就是我們對今年剩餘時間的指引；但我認為取決於油價、通膨等因素如何發展，我可以想像會有反彈的情境，只是時間點有點不明朗。不過我仍認為，即使 ASP 稍微下滑，單位毛利、貢獻毛利、營收與 EBITDA 都依然強勁。

Yeah, and our assumption isn't there isn't a recovery in the guidance numbers.

是的，而且我們的假設並不是指引數字裡沒有復甦。

Matt Koranda, Roth Capital.

Matt Koranda，Roth Capital。

Hey, guys. I guess maybe just following up on that line of questioning, just wanted to hear you unpack sort of the trend that you're seeing in the business in April and how you kind of built the guide for the second quarter.

嗨，各位。我想可能只是延續剛才那條提問脈絡，想請你們再拆解一下你們在 4 月看到的業務趨勢，以及你們是如何建立第二季的指引的。

I guess you said reduced conversion, ASP pressure in April. The guide for second quarter sales is an acceleration relative to the first quarter, so just maybe square those for us, if you can help out there.

我想你們提到 4 月轉換率下降、ASP（平均售價）承壓。但第二季銷售指引相較第一季是加速的，所以如果可以的話，能否幫我們把這兩點對起來？

Yeah, Matt, it's James. Yeah, I mean, April has been strong and I think the guide reflects 16% growth in Q2 and we flowed through the Q1 beat into the full year at 14%. So again, I think business remains strong and resilient, but we have to acknowledge that ASPs are a little less than we anticipated.

是的，Matt，我是 James。是的，我的意思是，4 月表現一直很強勁，我認為指引反映了第二季 16% 的成長，而我們也把第一季超預期的部分帶入全年，全年成長為 14%。所以再說一次，我認為業務仍然強勁且具韌性，但我們必須承認 ASP 比我們原先預期的略低。

I think had ASPs not come down a little bit and conversion rate not come down a little bit, and again, we attribute this to the macro, my guess is numbers would be coming up for both the quarter and the year, but I think at this point, it's better to be a little bit more cautious and see how the quarter unfolds.

我認為如果 ASP 沒有稍微下滑、轉換率也沒有稍微下滑——而且我們再次把這歸因於總體環境——我猜無論是本季或全年，數字都會上修。但我認為在這個時間點，稍微保守一點、看看本季如何發展會比較好。

But again, I think both of those dynamics are at play, a slightly more discerning consumer, at the same time, us really operating and executing the business at a high level. Both those things can be true, Matt, I guess, is the answer.

但再說一次，我認為這兩個動態同時存在：一方面消費者變得更挑剔一些；同時我們在營運與執行上仍然維持高水準。Matt，我想答案就是這兩件事可以同時為真。

Okay. All right. That's helpful. Thanks, James. And then I guess maybe on the supply front, just wanted to hear a bit more. It sounds like the signal is the macro disruption we're seeing might even be driving more supply to your marketplace. Just wanted to hear a little bit about.

好的。好，這很有幫助。謝謝你，James。然後我想在供給端再問一下，想多聽一些。聽起來訊號是，我們看到的總體環境擾動甚至可能把更多供給推向你們的市集。想請你再多談一點。

The incremental supply that you're seeing turn on and maybe in the context also if you have any of the third-party initiative that you have going on.

你們看到新增供給開始啟動的情況，以及也請放在你們正在推動的任何第三方計畫的脈絡下談談。

Yeah, I mean, we saw a huge surge in new sellers coming out of the platform in Q1. It was almost 1,000 basis points improvement year-over-year matter on new sellers. So it was a conscious effort to really invest in getting the supply engine going, and I think we're seeing the success of that. I think anytime you're onboarding that many new people, there definitely adds more work to the team around how do we improve the messaging, how do we improve the education, onboarding of all these new sellers.

是的，我的意思是，我們在第一季看到平台上的新賣家大幅激增。新賣家年增改善了將近 1,000 個基點。所以這是我們有意識地投入、真正把供給引擎帶動起來的結果，我認為我們正在看到這項投入的成效。我認為任何時候你在導入這麼多新的人，團隊在如何改善訊息傳遞、如何改善教育與這些新賣家的上線導入方面，確實會增加更多工作量。

So we're spending a little bit more time on that than we were 90 days ago. But to me, I think it speaks to the strength of the marketplace model in any economic climate, and I think we feel very good about how these suppliers. From a cohort basis become repeat the buyers over time and really fuel the business back after '26 and into '27.

所以我們在這上面花的時間比 90 天前多一些。但對我來說，我認為這反映了市集模式在任何經濟環境下的強韌性，而且我認為我們對這些供應商的表現感到非常好。從分群（cohort）的角度來看，他們會隨時間成為重複買家，並在 26 年之後、進入 27 年時真正為業務提供動能。

Okay, very encouraging.

好的，非常令人鼓舞。

Dylan Carden, William Blair.

Dylan Carden，William Blair。

Appreciate it. Is this the first time that you spent to acquire sellers? Just need to start there.

謝謝。這是你們第一次花錢去獲取賣家嗎？我想先從這裡開始。

Yeah, Dylan, we are spending some dollars testing kind of the methods and the way that we acquire sellers. The work we did on TikTok, as an example, we are working with some creators and some influencers on an affiliate basis. And so, yes, we're sort of kicking off a real methodical approach there. And I think what we've learned actually is that there is room.

是的，Dylan，我們確實在投入一些資金，測試我們獲取賣家的方法與途徑。以我們在 TikTok 上做的工作為例，我們正以聯盟（affiliate）方式與一些創作者和網紅合作。所以，是的，我們正在啟動一個真正有系統的方法論。我認為我們實際學到的是，確實有空間。

To really grow sellers through some basic paid marketing, and we were sort of embarking on that journey now. The effects of that, Dylan, are that not only are you able to really expand the seller base, but those sellers that you acquire actually convert at pretty good rates into buyers and also the quality of the.

透過一些基本的付費行銷來大幅成長賣家，而我們現在正踏上這段旅程。Dylan，這樣做的效果是，你不僅能真正擴大賣家基礎，而且你獲取的那些賣家其實也會以相當不錯的比率轉換成買家，同時你帶進平台的賣家品質也很高。

Sellers that you bring on the platform, they're good to actually help drive improvements in buyer conversion rates and buyer LTVs. And so there's actually a nice recipe in there to spend some money acquiring sellers that makes both sides of the marketplace spin faster. So sorry, long answer to your question, but I think there's real opportunity here for us to do this in a methodical way.

他們確實能幫助推動買家轉換率與買家 LTV（終身價值）的提升。所以在這裡其實有一個很好的配方：花一些錢獲取賣家，能讓市集兩端的飛輪轉得更快。抱歉，回答有點長，但我認為我們確實有很大的機會以有系統的方式來做這件事。

No, that's perfect. Root of the question, I mean, it's because you levered marketing, albeit, monitoring it still. I mean, it's part of the idea, you sort of walk through some of the efficiencies that you're seeing, which you've spoken to before, is part of this sort of re-allocation. Because you're seeing some of these greater efficiencies in acquiring either buyers or sellers. Is that one way to think about it?

不，這很完美。我問這個問題的根本原因是，你們槓桿了行銷費用，雖然仍在監控。我是說，這是否也是這種重新配置的一部分？因為你們看到在獲取買家或賣家方面有更高的效率——你們之前也談過——可以這樣理解嗎？

Yeah. And for the last couple of years, I've said, when we do want to start turning on or turning some of our attention to acquiring sellers, we have very effective ways to do that, right? Evolving some of the messaging across these platforms, changing the incentive mix.

是的。而且過去幾年我一直說，當我們想開始啟動、或把部分注意力轉向獲取賣家時，我們有非常有效的方法可以做到，對吧？例如在這些平台上調整訊息傳遞、改變激勵組合。

And so everything that I've said over the last few years around how we would do this is exactly what we're doing today. And I think it's playing out very similar to how we thought, which. Is there are very compelling ways to acquire sellers beyond just the organic reach that we have today.

所以我過去幾年談到我們會如何做的所有事情，正是我們今天在做的。我認為實際發展也非常接近我們的預期，也就是：除了我們目前的自然觸及之外，還有非常有吸引力的方法可以獲取賣家。

And those methods can be very creative to the business both by expanding the overall seller base and also converting those sellers into buyers, right? We do really see it as an acceleration of the flywheel.

而且這些方法對業務可以非常具創造性：一方面擴大整體賣家基礎，另一方面也把這些賣家轉換成買家，對吧？我們確實把它視為飛輪加速。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Hi, good afternoon, everyone. As you think about the prices being lost and conversion were a little bit lower, was it consistent throughout the quarter or is that just the end of the quarter in the month of March? And then with the uptick in new customers, what are their demographics? Is there any regional age, income level? What are you seeing there?

嗨，大家午安。當你們在思考價格下滑、轉換率略低時，這在整個季度中是一致的嗎？還是只發生在季度末、也就是 3 月？另外，隨著新客戶增加，他們的人口統計特徵是什麼？有沒有地區、年齡、收入水準等差異？你們看到的是什麼？

Thank you.

謝謝。

Hey, Dana.

嗨，Dana。

Interestingly, the pricing piece, we really did start to see some of the conversion headwind and some of the price decrease start to happen beginning of March, which is very consistent with the war in Iran. And so it's hard to say it's perfectly correlated, but we did start to see it then.

有趣的是，價格這一塊，我們確實是在 3 月初開始看到一些轉換率逆風以及一些價格下降，這與伊朗戰爭的時間點非常一致。所以很難說是完全相關，但我們確實是在那時開始看到。

But what I would say is it really didn't normalize. So we're now operating in that environment for the past 60 days. And so we've been able to correct where necessary around the types of goods that we're putting on promotion, right, how we're thinking about sell-through and marketing and curation. And so I would just sort of emphasize, we've sort of digested these.

但我想說的是，它其實沒有恢復正常。所以我們現在已經在那樣的環境下運作了過去 60 天。因此我們也能在必要之處做出調整，例如我們把哪些商品拿去做促銷、我們如何思考售罄率（sell-through）、行銷與選品策展（curation）。所以我想強調的是，我們已經消化了這些。

Things, both the pricing and the conversion rate, and have changed the way that we're operating the business to meet the customer where they are. But yeah, it does point to some correlation with elevated oil prices and consumer sentiment. And then your second question around the customers.

事情——包括價格與轉換率——並且改變了我們營運業務的方式，以在客戶所在的位置與他們對接。但確實，這指向與油價上升及消費者信心之間的一些相關性。然後你第二個問題是關於客戶。

Yeah, the buyer mix, I think, I mentioned it in the prepared remarks, Dana, but the buyer, we're trying to spend more dollars on Meta, more dollars on Pinterest, fewer dollars on Google, primarily because of the mix of customers that we're able to acquire. The Meta and Pinterest customer, they have better LTVs. Their caps are slightly elevated, but the LTVs more than offset them.

是的，買家組合方面，Dana，我在準備好的講稿裡有提到：我們正嘗試在 Meta 上多花一些錢、在 Pinterest 上多花一些錢、在 Google 上少花一些錢，主要是因為我們能獲取到的客戶組合不同。Meta 和 Pinterest 的客戶有更好的 LTV。他們的 CAC（獲客成本）略高，但 LTV 足以抵消。

And so as we start to have more and more of our customer new customer flow come from those channels, we actually see the predictive LTVs be higher, and I think that speaks to the ability for us to compound these cohorts over time. So I actually think we're feeling pretty good about the customer acquisition mix and strategy and feeling good about the ability to digest the pricing and conversion fees we've seen since the beginning of March.

因此，當我們越來越多的新客戶流量來自這些渠道時，我們實際看到預測的 LTV 更高，我認為這反映了我們能隨時間複利累積這些分群（cohort）的能力。所以我其實對客戶獲取的組合與策略感覺相當不錯，也對我們能消化自 3 月初以來看到的價格與轉換率壓力感到有信心。

Got it. And just one last thing. You talked about the inbound processing being faster than planned. How much faster was it? And where do you go from here?

了解。最後一個問題：你們提到入庫處理（inbound processing）比計畫更快。到底快了多少？接下來你們要怎麼做？

Thank you.

謝謝。

Yeah, I mean, I think with all of the growth in buyers, active buyers being up, new buyer acquisition. What we're seeing in the dynamics is that all of our data suggests that the buyers that we have could buy more and eat up more supply, and so I think our approach now is to turn on all the afterburner jets to process as much as possible.

是的，我的意思是，隨著買家成長、活躍買家上升、新買家獲取增加，我們在動態上看到的是：我們所有數據都顯示，我們現有的買家其實還可以買更多、也能消化更多供給。因此我認為我們現在的做法是把所有加力燃燒器都打開，盡可能處理更多。

Getting the cohort sizes, the purchase behavior. So I actually think it's a wonderful moment in time, Dana, where we can point to if we process more goods, the business flywheel should go faster, given the pent-up demand from this large buyer cohort. So I think it's a nice place to be in where we're able to fly our customers efficiently, the LTDs are good, and really we just need more supply online, and that's what we're doing.

取得各同類群組（cohort）的規模與購買行為。因此我其實認為，Dana，這是一個很棒的時間點：在這個龐大買家同類群組的被壓抑需求帶動下，只要我們處理更多商品，業務飛輪就應該轉得更快。所以我覺得我們現在的位置很好：我們能有效率地服務客戶，LTD（終身價值）表現良好，而我們真正需要的就是讓更多供給上線，這正是我們正在做的事。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

Hey, good afternoon, team.

嗨，大家下午好，團隊。

Thank you for taking my question. So I just wanted to start on -- you started to see those headwinds in the pricing conversion in March, but at the same time, you had the best month in your history of buyer acquisition, which seems really impressive. So -- but also, like, if.

謝謝你們回答我的問題。我想先從這裡開始——你們在 3 月開始看到定價轉換率（pricing conversion）的逆風，但同時你們又創下公司史上買家獲取（buyer acquisition）最佳月份，這看起來非常令人印象深刻。所以——但也同時，像是，如果。

I was hearing something was having pricing conversion headwinds of the month. I wouldn't think they would have the best month acquiring customers in the history. So I just wanted to hear a little bit more on that dynamic and what you, what do you think you guys did to drive that great performance?

我聽到你們說這個月有定價轉換率的逆風，我不會以為在這種情況下還能創下史上最佳的客戶獲取月份。所以我想多聽你們談談這個動態，以及你們認為你們做了什麼來推動這麼好的表現？

Yeah, hey, Bobby, it's James. Yeah, I mean, again, I think both these things can be true. I think it shows actually like the underlying strength of the business, which is even in a world where conversion rates might be a little bit softer.

對，嗨 Bobby，我是 James。是的，我的意思是，我認為這兩件事確實可以同時成立。我覺得這其實顯示了業務的底層強度：即使在轉換率可能稍微偏弱的環境下。

The fundamental conversion rate in the business remains strong. If you're going to go back to last year, remember, we spent multiple quarters driving conversion rates way up. And so right now, we're seeing a little bit of a pullback, we think because of the macro environment in there, but they're still very strong. And that conversion rate probably is translating into the new buyer growth.

公司的基本轉換率仍然很強。如果你回到去年，記得我們花了好幾個季度把轉換率大幅拉升。所以現在我們看到一些回落，我們認為是因為宏觀環境的影響，但它們仍然非常強。而這個轉換率很可能正在轉化為新買家成長。

Like just to give you like an example, I think new buyers in Q1 were up 27% year-over-year and CACs were down more than double-digit percentage. And so again, like we're executing at a high level and I think if we not had this ASP headwind, if we not had this conversion rate headwind, I'm guessing numbers would be going up. And so we just want to acknowledge that those headwinds are real, but we're navigating through them.

舉個例子，Q1 的新買家年增 27%，而 CAC（客戶獲取成本）下降了超過兩位數百分比。所以再一次，我們的執行水準很高；我想如果沒有這個 ASP（平均售價）逆風、如果沒有這個轉換率逆風，我猜數字會更往上。我們只是想承認這些逆風是真實存在的，但我們正在穿越並應對它們。

Absolutely. Appreciate that call. And then just wanted to hear a little bit more of an update on how that supply channel through the TikTok shop ended up looking, because I know it was like 100,000 bags in one month, and then you kind of had to go through that. So I was just curious of, like, any insights of, like, was it a high-quality supply? And it seems like that's a channel you're looking to tap a little bit more going forward, just more there.

完全理解，謝謝你的說明。接著我想再聽一點關於 TikTok shop 那個供給渠道的最新進展，因為我知道曾經一個月有 100,000 個包進來，然後你們需要消化處理。所以我想了解一些洞見：例如那是不是高品質供給？而且看起來這是你們未來想更深入開發的渠道，想再多聽一些。

Yeah, on TikTok, I would say that the TikTok shop bags that have come in, that we've been able to process, so far, they're very similar to other new suppliers, basic suppliers that are coming in, which is to say that new suppliers, Bobby, they're always a little worse than existing suppliers, right? Because you need to sort of get up the learning curve on ThredUp. And so I think it's a huge opportunity for us to lean into TikTok to scale.

對，關於 TikTok，我會說目前進來、而且我們已經能處理的 TikTok shop 包，整體上跟其他新供應商、一般供應商很相似。也就是說，新供應商通常都會比既有供應商差一點，對吧？因為他們需要在 ThredUp 上爬升學習曲線。所以我認為這對我們來說是個很大的機會，可以更用力投入 TikTok 來擴大規模。

Again, I think we need to improve onboarding and some of the education to get all of these sellers to perform the way our large cohort of existing buyers have performed. But I actually feel great about the channel.

同樣地，我認為我們需要改善上線導入（onboarding）以及一些教育訓練，讓這些賣家能像我們龐大的既有買家同類群組那樣表現。但我其實對這個渠道感覺非常好。

In fact, we just launched on TikTok in the last couple of weeks our premium kits for sale, which is, again, a new opportunity for us to scale premium bags further. So again, I feel great about the channel and we just need to keep. Educating these sellers to come on the platform, but this cohort, it looks to be promising.

事實上，我們在過去幾週剛在 TikTok 上推出高級套件（premium kits）販售，這同樣是我們擴大高級包（premium bags）規模的新機會。所以我對這個渠道很有信心；我們只需要持續教育這些賣家加入平台，而這個同類群組看起來很有前景。

That's really helpful. And then just last one for me, it was great to see, again, like on the buyer acquisition, just maybe a little bit more on what incentives you guys, you feel you're doing that's driving that really good acquisition.

這很有幫助。最後一個問題：很高興再次看到買家獲取的表現；能否再多談一點你們覺得有哪些激勵或作法，正在推動這麼好的獲取成效？

Is it just the better marketing channels going, leaning more into Meta and Pinterest and kind of leading away. From Google or is it kind of a lot of tailwinds from the rebrand last year, just wanted to dive a little bit more of what levers you think are really working and pushing those new buyers?

是因為更好的行銷渠道組合，例如更偏向 Meta 和 Pinterest、並逐步遠離 Google？還是因為去年品牌重塑（rebrand）帶來很多順風？我想更深入了解你們認為哪些槓桿真的在發揮作用、推動這些新買家？

Yeah, I think the channel mix is a big piece of it. We really kicked off work to improve how we advertised on Meta and how we advertised on Pinterest in a real material way about a year ago. And we've just been methodically growing those channels.

對，我認為渠道組合是很大的一部分。我們大約一年前就啟動了工作，實質性地改善我們在 Meta 上的投放方式，以及在 Pinterest 上的投放方式。之後我們就有系統地、循序漸進地擴大這些渠道。

And now we're seeing historically low tax for us on Meta. So we're able to put more dollars to work there. And so the combination of just a better product experience on the site, as well as better targeting and efficiency, I think has put together a pretty good recipe.

而現在我們在 Meta 上看到對我們而言歷史低位的 TAC（流量獲取成本/廣告成本率），因此我們能把更多預算投入那裡。所以，網站上更好的產品體驗，加上更好的定向與效率，我認為共同形成了一個相當不錯的配方。

And so we're trying to lean more into those channels, Pinterest and Meta, in particular, going forward. But I think and if we can continue to do that, continue to scale spend, move dollars away from Google PMax, I think you'll start to really see those cohorts come even better than they are today.

因此往後我們會更傾向加碼這些渠道，特別是 Pinterest 和 Meta。但我認為，如果我們能持續這麼做、持續擴大投放、把預算從 Google PMax 轉移出來，我想你會開始看到那些同類群組的表現比今天更好。

Oliver Chen, TD Cohen.

Oliver Chen，TD Cohen。

Hi, James and Sean. As we look ahead, order frequency relative to all the momentum and active buyer, what should we know there in terms of what you're seeing? And second, as you articulated regarding ASP and conversion rates, do you expect that to be.

嗨，James 和 Sean。展望未來，關於訂單頻率（order frequency）相對於目前的動能與活躍買家（active buyer），我們應該了解你們觀察到什麼？第二，關於你們提到的 ASP 與轉換率，你們預期那會。

Pretty noisy and or get worse, or what's incorporated in your guidance, which is usually conservative. And thirdly, on reinforcement learning, which you featured early, a lot of those models are based on the action reward models in terms of how you're defining that.

相當雜訊很大、或甚至變得更糟嗎？或者你們在指引（guidance）中納入了哪些假設——你們的指引通常偏保守。第三，關於你們前面提到的強化學習（reinforcement learning），很多模型是基於行動—回饋（action-reward）模型，取決於你們如何定義它。

What's happening in the reinforcement learning in terms of the agent versus the reward, and how does that optimize in terms of being adaptive, and what should we pay attention to in the models as you continue to invest in that experience, which sounds like you're scaling personalization in a new way.

在強化學習方面，就代理（agent）相對於回饋（reward）而言目前發生了什麼？它如何以自適應方式進行最佳化？以及當你們持續投資這個體驗時——聽起來你們正在用新的方式擴大個人化——我們應該在模型上關注哪些重點？

Thank you.

謝謝。

Yeah, hey, Oliver, why don't I handle the reinforcement learning piece and then I'll kick it back to Sean on kind of the guidance piece. Yeah, I mean, I think this is pretty exciting times for us to have this first product experience in market with an Agentic engine. And yeah, every time the agent is going out and an agent or team of agents, right, because I think you think about this as.

對，嗨 Oliver，不如我先回答強化學習的部分，然後再交給 Sean 談指引的部分。是的，我的意思是，對我們來說，能把這個具代理性（Agentic）的引擎作為第一個產品體驗推向市場，這是一段相當令人興奮的時期。是的，每一次代理在外部運行——一個代理或一組代理，對吧？因為我認為你可以把它想成。

Multiple clients going out there, we're getting better data around how the customer is browsing, what they're adding to cart, what they're removing to cart, what they're clicking on, time on these individual items. And the model is then taking that data and flowing through what is most likely to predict an actual conversion rate at the end of all of this flow.

多個客戶端在外面運行——我們會取得更好的數據，了解客戶如何瀏覽、加到購物車什麼、從購物車移除什麼、點擊了什麼、在各個單品上的停留時間。然後模型會把這些數據納入，推導出在整個流程結束時最可能預測實際轉換率的結果。

And so it is actually working in real time to pull this information. And if you look at sort of the underlying. Fundamentals of this, it's pretty exciting stuff because typically those models have a real lag in them. You're going back and you're doing this more in e-mail marketing or push marketing.

因此它其實是在即時運作，去抓取這些資訊。如果你看這背後的基本原理，這相當令人興奮，因為通常這類模型會有明顯的延遲；你會回頭用在電子郵件行銷或推播行銷上。

In this experience, it's actually changing what the customer is seeing, as they're navigating the site. And for a traditional retailer, this is actually not as hard to do because you have a limited catalog, right, you have ski depth.

但在這個體驗中，它會在客戶瀏覽網站的同時，改變客戶所看到的內容。對傳統零售商而言，這其實沒那麼難，因為你的目錄有限，對吧？你有 SKU 深度。

For secondhand, when you've got hundreds of thousands of new items coming online every week, you actually need a much more robust dynamic engine to be able to do this. I think that's where the team has built something, I think, that's really pretty special.

但對二手市場而言，每週有數十萬件新商品上線，你就需要一個更強健的動態引擎才能做到這件事。我認為團隊打造的東西非常特別。

And so we're seeing conversion rates from that be strong, and we're looking forward to rolling out to more customers and more categories over time. We started with dresses, that's our biggest category, but lots of wood to the chop.

因此我們看到由此帶來的轉換率表現很強，我們也期待隨時間推進，擴大到更多客戶與更多品類。我們從洋裝開始，因為那是我們最大的品類，但還有很多事情要做。

And on the ASPs and conversion from a plan perspective or a guidance perspective, we looked at what we were seeing at the end of March and all the way through April that James talked about on the prepared remarks and really baked that into the guidance as we go forward, so you see that in the 2026 Q2 and full-year outlook.

至於從計畫或指引角度來看 ASP 與轉換率，我們檢視了 3 月底以及一路到 4 月、James 在事先準備的發言中提到的情況，並把這些因素納入未來的指引中，所以你會在 2026 年 Q2 與全年展望裡看到。

And then that last piece on frequency, we are seeing actually incremental frequency over, so one of the things we talked about on the last call was making some product decisions around the free shipping threshold and how customers engage and really focusing on frequency over just having average order value be the anchor.

接著談到最後一點——頻率，我們其實看到頻率在邊際上提升。所以我們在上次電話會議中談到的一件事，是圍繞免運門檻做一些產品決策，以及客戶如何互動，並且真正把重點放在頻率上，而不只是把平均訂單金額當作錨點。

And I will tell you that we are seeing frequency go up. If you look at the data on a trailing 12-month basis, you can see revenue per order being slightly lower, but you can actually see orders per buyer actually going up. I think you're going to continue to see that trend through the rest of 2026.

我可以告訴你，我們確實看到頻率在上升。如果你看過去12個月（trailing 12-month）的數據，你會看到每筆訂單的營收略低一些，但你其實可以看到每位買家的訂單數在上升。我認為你會在2026年剩餘時間持續看到這個趨勢。

And I think if you roll that trend forward into '27, that order frequency number is a much bigger driver of revenue growth than revenue per order, given how much customers are shopping on Friday. So we think those dynamics are really positive. I think the team's done a great job calibrating revenue per order and frequency.

而且我認為如果把這個趨勢延伸到2027年，考量到客戶在週五購物的程度，那個訂單頻率的數字會比每筆訂單營收更能驅動營收成長。所以我們認為這些動態非常正面。我覺得團隊在校準每筆訂單營收與頻率方面做得很好。

Okay. And as you've done this for decades, supply has always been very important, but it feels like your machinery has heightened that importance, given your success with. Buyers, but what's different now because supply has always been critical, but has there been a step change?

好的。你們做了幾十年，供給一直都非常重要，但感覺你們的機器化流程讓這件事的重要性更提高了，考量到你們在買家端的成功。不過供給一直都很關鍵，現在有沒有出現某種階躍式的變化？

And lastly, on the mix, your customer experience has gotten better through AI too and premiumization has been a factor. Like, how is that interplaying with perhaps reinforcement learning or what we should understand about the CX?

最後，關於組合（mix），你們的客戶體驗也透過AI變得更好，而高端化（premiumization）也是一個因素。這和可能的強化學習之間是如何互相影響的？或是我們應該如何理解你們的CX？

Yeah, I mean, I think on supply, I think we've always adopted the point of view that the supply that we're getting could satisfy sort of buyers and demand on the marketplace. I think what we've seen over the last probably 15 months through the launch of our premium service and then just recently the launch of direct selling, we're seeing that incremental innovation in the supply channels.

是的，我的意思是，談到供給，我覺得我們一直採取的觀點是：我們取得的供給可以在市場上滿足買家與需求。我想我們在過去大概15個月看到的是，透過推出我們的高端服務（premium service），以及最近推出的直售（direct selling），我們看到供給渠道出現了增量式的創新。

Really can drive outsized growth among both sellers and buyers, that there are fundamentally pockets of sellers and pockets of the market that we were not addressing. And I would say premium and even just above premium were areas that I don't think ThredUp was really known for, but I think we're slowly becoming much more relevant to customers that have that premium mix of goods.

這確實能在賣家與買家兩端帶來超額成長；因為本質上存在一些賣家群體與市場區塊是我們過去沒有觸及到的。我會說，高端（premium）甚至略高於高端的區域，並不是我認為ThredUp過去為人所知的領域，但我覺得我們正逐步對擁有高端商品組合的客戶變得更具相關性。

And I think similarly with direct selling, customers, ThredUp really didn't have an option for that. Customer who wanted to sell their own item and recover as much as possible, that is changing. And so I think our point of view is seller innovation can drive expansion of the addressable market and make the business grow faster, and I think that's why we're innovating.

同樣地，直售也是如此。過去ThredUp其實沒有提供這樣的選項給客戶——也就是想要自己賣出物品、並盡可能回收最多價值的客戶——這正在改變。所以我們的觀點是：賣家端的創新可以推動可服務市場（addressable market）的擴張，讓業務成長更快，而這也是我們持續創新的原因。

As for reinforcement learning with respect to supply, like it's sort of, it's CBD, we're not using agents yet to do much on the supply side, so there's no sort of RL to comment on.

至於供給端的強化學習（reinforcement learning），這部分還在早期（有點像CBD），我們目前還沒有用代理（agents）在供給端做太多事情，所以沒有什麼RL可以評論。

On the virtual circle, lastly, James, as you really see these TAMs kind of innovate or get bigger, do you anticipate needing different capabilities or supply chain or kind of your test as it goes because you're broadening in relevance? I'm not sure if that means something different for how you handle or authenticate over a longer-term.

最後談到這個正向循環（virtual circle），James，當你看到這些TAM（總可服務市場）在創新或變大時，你是否預期需要不同的能力、供應鏈，或在你們擴大相關性時調整測試方式？我不確定這是否意味著你們在更長期的處理或驗證（authenticate）方式上會有所不同。

Yeah, I don't see any like material, no pun intended, kind of change in how we do supply handling. But I think what we've done, Oliver, so far is we've built real defensibility, unique assets to price and scale items that are $25, $26, $27, and we're leveraging that entire supply chain and innovation to do more.

是的，我不認為我們在供給處理方式上會有任何重大的——無意雙關——變化。但我想我們到目前為止所做的，Oliver，是建立了真正的護城河與獨特資產，能夠為25、26、27美元的商品定價並規模化處理，而我們正在利用整個供應鏈與創新能力去做更多事情。

And again, our thesis all along with that we could build. Competitive advantage in supply chain, in data with our marketplace. And then from there, it's continuing to incrementally expand how we serve buyers and sellers.

而且再次強調，我們一路以來的論點是：我們可以在供應鏈、在數據、以及在我們的市場平台上建立競爭優勢。然後從那裡開始，持續以增量方式擴展我們服務買家與賣家的方式。

And I think we're just showing that we can do that. We can still really drive growth among our core basic everyday sellers, but also attract different segments, whether that's through premium or direct selling. And I think it just speaks to the power of the business model to really compound year after year.

我認為我們正在證明我們能做到。我們仍然可以在核心、基本的日常賣家中強力推動成長，同時也能吸引不同的細分族群，不論是透過高端（premium）或直售（direct selling）。我覺得這也說明了這個商業模式的力量，能夠年復一年地真正複利成長。

Bernie McTernan, Needham & Company.

Bernie McTernan，Needham & Company。

Great. Thanks for taking the question. I want to touch on supply or keep that thread going. James, what metrics do you track internally to make sure you have enough supply on the platform and just where are those metrics now versus where you want them to be? And I have a follow-up.

很好。謝謝讓我提問。我想談談供給，或延續這條主線。James，你們內部追蹤哪些指標來確保平台上有足夠的供給？這些指標目前的位置相較於你們希望達到的水準如何？我還有一個追問。

Yeah, Bernie, we track actually. Two things, one is items per buyer. So from a broad selection perspective, how many items are listed and what's the availability as we look at the distribution of buyers and distribution of items. I think that metric flipped in Q1 where it said, you've got so much incremental buyer demand, you actually don't have quite as many items per buyer as you would need.

是的，Bernie，我們其實追蹤兩件事。第一是每位買家的商品數（items per buyer）。從廣泛選擇的角度來看，有多少商品上架，以及當我們看買家分布與商品分布時的可得性。我認為這個指標在第一季出現反轉，顯示你有這麼多新增的買家需求，但每位買家的商品數其實沒有多到足以滿足需求。

And so I think that speaks to the improvements in the platform and the amount of buyer growth. All of a sudden the warning light went on of like, hey, you actually could benefit from more and more supply to meet the demands of these buyers.

所以我認為這反映了平台的改善以及買家成長的幅度。突然之間警示燈亮起：嘿，你其實可以從更多、更多的供給中受益，以滿足這些買家的需求。

That's one, it's items per buyer. The second burning is we actually look at like the quality of the item. We think about it internally as a hanger score, but it's actually like the quality and score of items per buyer. And what we saw was.

這是第一個——每位買家的商品數。第二個，Bernie，我們其實會看商品的品質。我們內部把它想成衣架分數（hanger score），但實際上是每位買家所對應的商品品質與分數。我們看到的是。

You could still drive more and more high-quality hangar score items, primarily through the mix of premium to delight that segment of buyers. That led to us launching premium bags on TikTok, like as an example. And so both of those indicators would suggest that the relationship between supply and buyers is healthy.

你仍然可以推動更多、更多高品質、衣架分數高的商品，主要是透過提高高端（premium）占比來取悅那一群買家。這也促使我們在TikTok上推出高端袋（premium bags），作為一個例子。所以這兩個指標都顯示供給與買家之間的關係是健康的。

But that the marketplace today is currently slightly underserved relative to where it was six months ago. And I think to Dana's question, that's why we're more aggressively investing and ramping supply.

但相較於六個月前，今天的市場平台目前略顯供給不足。我認為回到Dana的問題，這就是為什麼我們更積極地投資並加速拉升供給。

That makes a lot of sense. And then I wanted to ask on the ASP headwind. Is this just consumers trading down or is it any specific action that you guys are taking on pricing to cause this headwind?

這很合理。接著我想問ASP（平均售價）的逆風。這只是消費者在降級消費（trading down），還是你們在定價上採取了任何特定行動而造成這個逆風？

Yeah, Bernie, I think that is the question, right? I mean, I think from the face of it looks like the consumer is being a little bit more discerning. And so I think what we're trying to figure out over the next 60 days, 90 days is there something we can be doing to have that flip back more quickly, right? Is there something we can do about how we promote or curate or merchandise?

是的，Bernie，我想這就是問題所在，對吧？我的意思是，表面上看起來消費者變得更挑剔一些。所以我們接下來60天、90天想要釐清的是：我們是否能做些什麼讓它更快反轉？對吧？我們在促銷、策展（curate）或商品陳列（merchandise）方式上，有沒有什麼可以做的？

But we think today, it's mostly the consumer being a little bit more discerning, and that's why we flowed it through the rest of the year. I think if ASPs were back up, as I said earlier, back up 3%, 3.5%, my guess is that the numbers would be higher for Q2 and for the year. And so I think we just have to digest this and keep operating at a high level, and I think we'll be in great shape.

但我們認為目前主要是消費者變得更挑剔一些，這也是為什麼我們把這個情況延續到今年剩餘時間的預期中。我想如果ASP回升——如我先前所說——回升3%、3.5%，我猜第二季以及全年數字都會更高。所以我認為我們只能消化這個狀況、持續以高水準營運，我相信我們會處於非常好的狀態。

That concludes our question-and-answer session. I will now turn the call back over to James Reinhart for closing remarks.

我們的問答環節到此結束。接下來我會把電話交回給James Reinhart做結語。

Well, thank you all for joining us today. Especially grateful to the ThredUp team for your continued hard work and just the relentless pursuit of solutions to make the lives of all of our buyers and all of our sellers happy.

好的，感謝各位今天加入我們。也特別感謝ThredUp團隊持續的努力，以及不懈地追求解決方案，讓我們所有買家與所有賣家的生活更愉快。

So thank you all. Look forward to seeing you on our next call. Cheers.

所以謝謝大家。期待在下一次電話會議再見。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。