Q2 2024 1stdibs.Com Inc Earnings Call Transcript
Key Points
- 1stdibs.com Inc (DIBS) delivered GMV and revenue at the high end of guidance and adjusted EBITDA margins above the high end.
- The company reported a return to growth after eight challenging quarters, marking a significant turning point for the business.
- There was a sequential increase in the number of active buyers for the first time since late 2021, with improving conversion for both new and returning buyers.
- The company achieved record high returning buyer conversion rates and double-digit growth in new buyer conversion.
- 1stdibs.com Inc (DIBS) completed a $25.2 million share repurchase program, which is expected to be accretive in the long run.
- The luxury home furnishings industry is still contracting, and the broader online furniture and premium furnishings markets are facing soft demand.
- Average order value and traffic remained headwinds to GMV growth, consistent with recent quarters.
- The number of unique sellers decreased by 5% due to higher churn, primarily initiated by the company.
- The company anticipates temporary intensification of average order value headwinds in the third quarter due to lapping one-time factors from 2023.
- Despite improvements, the company still reported an adjusted EBITDA loss of $1.6 million, although this was an improvement from the previous year.
Everyone, and welcome to 1stdibs.Com second quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions). That's all we need to go through for now. I'd like to hand over the call to Kevin LaBuz. I'm the Head of Investor Relations. You may now begin.
Good morning, and welcome to 1stdibs' earnings call for the quarter ended June 30, 2024. I am Kevin LaBuz, Head of Investor Relations and Corporate Development. Joining me today are Chief Executive Officer, David Rosenblatt, and Chief Financial Officer, Thomas Etergino. David will provide an update on our business, including our strategy and growth opportunities, and Tom will review our second quarter results and third quarter outlook. This call will be available via webcast on our Investor Relations website at investors.1stdibs.com.
Before we begin, please keep in mind that our remarks include forward-looking statements, including but not limited to, statements regarding guidance and
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