Q4 2024 1stdibs.Com Inc Earnings Call Transcript
Key Points
- 1stdibs.com Inc (DIBS) exceeded its guidance and achieved its highest GMV growth since 2021, with a 9% increase in the fourth quarter.
- The company successfully reduced operating expenses for the second consecutive year, leading to improved adjusted EBITDA margins.
- 1stdibs.com Inc (DIBS) saw a rebound in average order value, which increased by 2%, and median order value, which increased by 4%.
- The company made significant progress in conversion rates, which have increased year over year for five straight quarters.
- 1stdibs.com Inc (DIBS) repurchased approximately 5.6 million shares in 2024, indicating confidence in the company's intrinsic value and future prospects.
- The luxury home furnishings market remains weak, with US home sales nearing a 30-year low, impacting overall demand.
- Seller churn was elevated due to the retirement of the essential seller program, resulting in a 24% decrease in unique sellers.
- Despite improvements, the company still faces challenges in achieving positive adjusted EBITDA, with a loss of $1.6 million in the fourth quarter.
- Traffic declines continued, although they moderated, with 70% of traffic coming from organic sources and 30% from paid sources.
- The company anticipates continued softness in the luxury housing and high-end discretionary markets, affecting future growth prospects.
Good morning and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the 1stDibs fourth quarter 2024 earnings call. (Operator Instructions)
Thank you. I would now like to turn the call over to Kevin LaBuz, Head of Investor Relations and Corporate Development. Please go ahead.
Good morning and welcome to 1stDibs earnings call for the quarter and year ended December 31, 2024.
I'm 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 fourth quarter financial results and first quarter outlook.
This call will be available via webcast on our investor relations website at investors.1stdibs.com.
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