Q2 2023 1stdibs.Com Inc Earnings Call

August 9, 2023

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Good day, and thank you for standing by welcome to the first Dibs dotcom.

Second quarter 2023 earnings conference call at this time, all participants are in a listen only mode. After the Speakers' presentation. There would be a question and answer session to ask a question. During the session you will need to press star one on your telephone you will then hear an automated messages bites in your.

Hans just raised to withdraw your question. Please press star one wanted again, please be advised so today's conference is being recorded I would now like to hand, the conference over to your speaker today, Kevin Lapides head of Investor Relations and corporate development. Please go ahead.

Good morning, and welcome to first Data's earnings call for the quarter ended June 30th 2023.

I'm, Kevin Lebow's head of Investor Relations and corporate development.

Joining me today are Chief Executive Officer, David Rosenblatt, and Chief Financial Officer, Tom Edgar Gino.

David will provide an update on our business, including our strategy and growth opportunities.

And Tom will review, our second quarter financial results and third quarter outlook.

This call will be available via webcast on our Investor Relations website at investors Dot first dibs dot com.

Before we begin.

Please keep in mind that our remarks include forward looking statements.

Including but not limited to statements regarding guidance and future financial performance.

Market demand.

Growth prospects.

Plans.

Strategic initiatives evaluation of alternatives.

And economic trends, including e-commerce growth rates at our potential responses to them.

International opportunities and competitive position.

Our actual results may differ materially from those expressed or implied in these forward looking statements as a result of risks and uncertainties, including those described in our SEC filings.

Any forward looking statements that we make on this call are based on our beliefs and assumptions as of today and.

And we disclaim any obligation to update them, except to the extent required by law.

Additionally, during the call, we'll present GAAP and non-GAAP financial measures.

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

Which you can find on our Investor Relations website, along with the replay of this call.

Lastly, please note that all growth comparisons are on a year over year basis, unless otherwise noted.

I'll now turn the call over to our CEO David Rosenblatt.

Yeah.

Thanks, Kevin Good morning, and thank you for joining us today.

We delivered second quarter, <unk> and revenue at the midpoint of guidance and EBITDA margins above the high end exclude.

Excluding onetime restructuring costs operating expenses were down 14%, reflecting our commitment to align expenses to demand.

In addition at the end of the quarter, we made the difficult decision to reduce head count by approximately 20% importantly, second quarter results do not include any material benefit from the June restructuring these will be realized starting in the third quarter.

Over the past year, we've taken multiple steps to reengineer, our cost structure, including actively managing head count, reducing non head count related operating expenses and divesting design manager.

Over this period, we have reduced expenses by more than $25 million on an annualized basis.

We are also committed to re accelerating growth while it is encouraging that year over year <unk> declines moderated sequentially and that we expect further improvement in the third quarter growth rates are below where we would like them to be.

We are working hard to change this.

But expect that significant improvements will take time to materialize.

There is no question that we face headwinds most importantly, a continued decline in demand in the luxury housing market. For example, luxury housing sales were down 24% year over year in the second quarter. According to data from redfin.

Despite this softness many other indicators of marketplace health remains strong organic traffic mix increased supply growth remained brisk seller churn remained low we expanded into two new international markets and we revamped our AB testing framework, allowing for faster product.

Velocity all seeds for future success.

In contrast, the GMB growth expense management is completely under our control and we've taken decisive action here at the end of the second quarter, we made the difficult decision to reduce head count by approximately 20% and eliminate approximately $4 5 million and non head count expense.

<unk>, which Tom will elaborate on shortly.

At the end of July employee head count was down by 37% versus the second quarter of 2022.

We don't believe that fewer resources results in a smaller opportunity we reorganized the business to maximize our ability to scale in an efficient manner.

As part of the reorganization, we have focused our product and engineering teams on the areas with the highest ROI potential.

Personalized and frictionless buying competitive inventory pricing and scalability. These.

These priorities address the biggest constraints to growth.

The June restructuring substantially reduces our cash burn and accelerates our path to profitability.

Although growth rates are not where we would like them to be signals like increasing organic traffic mix and steady double digit listings growth give us confidence in the future.

Inherently asset light online marketplaces, our businesses with high potential for operating leverage when we return to growth, we expect to generate strong incremental flow through and margin expansion.

Turning to the quarter, we continued to see a discrepancy between the demand side and the supply sides of the marketplace consistent.

Consistent with recent trends conversion headwinds and lower <unk> drove GMP declines on a sequential basis the improvement in year over year <unk> growth was driven by more moderate.

And conversion declines, partially offset by a modest slowdown in traffic growth.

In contrast supply remains robust we've seen consistent double digit growth of listings since the first quarter of 2021.

One new dynamic this quarter with the consumer CMV, which accounts for approximately two thirds of our total outperformed the company average for the first time in two years.

Meanwhile, trade slowed due to prolonged softness in the luxury housing market.

Overall traffic grew modestly with organic growth, partially offset by fewer paid sessions as we continued to pull back on our least efficient performance marketing channels.

We're seeing persistent growth in our organic traffic mix, which reached nearly 80% of total up several percentage points sequentially and year over year.

This is being driven by the combination of continued strength in lower performance marketing spend.

Having millions of pages with expert created content has attracted many millions of links throughout our 20 plus years of operation.

Through our unique content and back links we've built strong domain authority, enabling a high mix of organic traffic.

Moving to operations, improving conversion, particularly for new buyers is our largest lever and top priority to accomplish this we're focused on personalized and frictionless buying and competitive inventory pricing to.

To aid these efforts, we revamped our AB testing framework, allowing us to create and run tests more efficiently.

We've already seen an uptick in test velocity and currently have a number of tests in market to improve the checkout experience grow mobile app usage and increased engagement with our product detail pages.

Moving on we continue to make progress on our strategic initiatives.

Once again localized marketplaces in France, and Germany posted strong traffic and order growth sessions from German and French IP addresses grew over 200%.

Furthermore, SCO traffic grew over 175%.

Orders from French and German Ip's grew 25% year over year accelerating five percentage points from the first quarter.

We launched a number of new international product features over the past few months first to accelerate the growth of highly sought after Italian supply, we localized our seller tools for Italian speakers in late May.

Second at the end of the quarter, we launched the localized buyer facing marketplace in Italian.

Lastly, we launched our Spanish site in late July rarely.

Relative to our French and German sites launching in the Italian and Spanish localized experiences was faster and cheaper as we applied learnings and leveraged upfront infrastructure work from 2022.

Auction orders grew 32% accounting for over 6% of total orders up from approximately 4% a year ago.

<unk> continue to have a sell through rate that is roughly twice as high as the marketplace overall.

During the quarter.

Our product development effort focused on supply quality and pricing. For example, we had notable success with our May No reserve auction and we plan to increase the frequency of this type of auction moving forward.

Turning to supply seller and listing growth remained robust we ended the quarter with over 8800 seller accounts up over 40% and seller churn near record lows.

Additionally, listings grew 19% to nearly $1 7 million items, we have seen steady listings growth over the past few years.

In addition to our conversion projects plans to Reaccelerate growth and cost savings initiatives. We have also undertaken a strategic review process over the past year as part of this process, we evaluated multiple alternatives, including buy and sell side M&A capital return strategies and partnership.

<unk>.

After a comprehensive review, we have decided that our best path forward at this point is to supplement our existing plans to reaccelerate growth and drive efficiency with a share repurchase of up to $20 million.

I'd like to take a moment to walk through our underlying beliefs and assumptions regarding this decision.

First we see a large secular growth opportunity ahead, while the last year has been challenging as the industry confronts a softer luxury real estate market. Our expectation is that luxury E. Commerce will resume growth in consumer behavior will continue to shift towards digital.

The leader in our category, we will benefit disproportionately from this resumption of growth.

Second scale is critical for online marketplaces.

The market is large and we are the digital leader in our industry e-commerce adoption of our categories and price points lags behind other categories.

While there is more work to do our product roadmap is focused squarely on gaining scale.

Additionally, as opportunities arise, we will continue to evaluate both buy and sell side M&A opportunities management and the board are always open to inorganic means of maximizing shareholder value.

Third we believe our current valuation is low relative to the strength of our brand our long term market opportunity and our intrinsic value.

Over the past 20 years, we have developed a number of attributes that are valuable and difficult to replicate including aggregating a fragmented offline supply base building a trusted brand that provides buyers with the confidence required to transact online at high <unk> and cultivating a deep well of unique.

Expert content, resulting in strong SCO domain authority and high organic traffic mix. These are durable competitive advantages.

Fourth and last we believe that we have ample cash on our balance sheet to achieve profitability with a cushion give.

Given the discrepancy between our current valuation and our assessment of our intrinsic value. We believe it is accretive to use a portion of our surplus cash to repurchase shares.

In closing, we are committed to maintaining expense discipline accelerating growth achieving profitability and enhancing shareholder value in the second quarter. We took decisive action and made significant progress in cutting costs substantially reducing cash burn and shortening the ramp to profitability.

We have more work to do to Reaccelerate growth.

Softness in the luxury housing market is weighing on demand today, the prerequisites for a successful online marketplace growing supply high organic traffic and more localized buying experiences are all in place.

I'll now turn it over to Tom to review, our second quarter financial results and third quarter outlook.

Thanks, David.

Before discussing second quarter results, our third quarter guidance I'd like to touch on our recent cost savings initiatives on June 28, we made the difficult decision to reduce our head count by approximately 20%.

We also took a number of steps to reduce non head count expenses. In total these actions are expected to save approximately $12 $5 million on annualized basis.

Approximately two thirds of these savings are head count related while the remaining one third our non head count related including aggressively renegotiating vendor contracts and reducing certain marketing activities.

We expect the majority of these head count related savings in technology development, and sales and marketing, while non headcount related savings will be centered on general administrative and sales and marketing.

These are the latest in a series of measures, we have taken to manage expenses and drive efficiency.

Over the past year.

Significantly reduced employee head count.

Our largest single expense.

At the end of July head count was 37% lower compared to the second quarter of 2022.

This has been driven by head count reductions in June 2023, and September 2022, coupled with limiting backfill for attrition restricting hiring for two critical roles and drastically reducing the number of open positions.

We pulled back on performance marketing and increased our efficiency threshold to better align expenses with demand.

<unk> annualized savings of over $4 5 million.

We streamlined our business and strengthen our balance sheet by selling design manager for $14 $8 million in June 2022, recognizing a $9 $7 million gain on sale and we just continued supporting our NFC business.

These actions substantially reduce our cash burn and accelerate our path to profitability. We have a number of other cost savings work streams open most notably work to sublease, Our New York City Office, and we'll remain vigilant around expense management moving forward. We're focused on scalability. So we can layer on meaningful incremental JMP.

And revenue without proportionately, increasing our operating expenses. Indeed part of our reorganization is an increased focus on leveraging automation and AI to allow us to scale efficiently.

Turning to second quarter results, we delivered GMP and revenue at the midpoint of guidance and adjusted EBITDA margins above the high end.

JMP was $89 $8 million down 14% due to soft demand for luxury homegoods on a sequential basis growth rates improved three percentage points.

Conversion remained a headwind, particularly for new buyers more than offsetting continued traffic growth. In addition, the mix shift to orders under $1000 continues to weigh on GMP. These orders accounted for 45% of total orders in the quarter up from 42% a year ago.

Consumer outperformed trade with consumer <unk> outpacing the company average for the first time in two years.

Turning to trade a slowdown in the luxury housing market continues to weigh on demand.

We're hearing from designers that active projects are taking longer to complete and that some clients are pulling back due to economic uncertainty and rising cost for materials and labor.

Julie remains our top performing vertical jewelry mix increased three percentage points to 23%.

There appears to be a bifurcation in demand between in home verticals like vintage and antique furniture, and art, which are seeing below company average growth in out of home verticals like Julie which are outperforming.

Spanning multiple verticals is a strategic advantage of ours.

We entered the quarter with approximately 65000 active buyers down 6%. We expect this metric to remain choppy near term as we manage through a period of soft luxury home good demand.

On the supply side of the marketplace, we closed the quarter with over 8800 seller accounts up over 40%. Additionally, there are now nearly $1 7 million listings on the marketplace up 19%.

Although demand has been volatile over the past few years, we've seen steady double digit listings growth increasing.

Supply improves marketplace liquidity drives traffic and deepens research results, creating new opportunities for buyers and sellers to transact.

Turning to the P&L net revenue was $29 million down 15% adjust.

Adjusting for the sale of design manager on a pro forma basis net revenue was down approximately 12%.

Given the June 2022 divestiture. This is the last period, one design manager will impact the year over year comparison on a quarterly basis.

Transaction revenue, which is tied directly to <unk> was roughly 70% of revenue with subscriptions, making up most of the remainder.

Take rates improved modestly sequentially due in part to growing GMP contribution from our central sellers, which carry a higher commission rate.

Gross profit was $14 6 million down 12%.

Gross profit margins were 70% up from 68% a year ago due to lower shipping expenses and lower operational head count related expenses.

Sales and marketing expenses were $9 $8 million down, 13%, driven primarily by lower performance marketing spend.

Consistent with recent quarters, we've pulled back on performance marketing and increased our efficiency threshold to better align expenses with demand.

Excluding restructuring expenses of $800000 sales and marketing expenses were down 20%.

Sales and marketing as a percentage of revenue was 47% up from 46% a year ago.

Excluding restructuring expenses sales and marketing was 43% of revenue.

Technology development expenses were $6 $9 million up 5%.

Excluding restructuring expenses of approximately $1 million technology development expenses were down 11% driven by lower head count related costs as a percentage of revenue technology development was 33% up from 27%.

Excluding restructuring expenses technology development was 28% of revenue.

General and administrative expenses were $7 5 million flat year over year with nominal decreases in professional services and liability insurance costs offsetting small increases in head count related expenses.

General and administrative restructuring expenses were immaterial as a percentage of revenue general and administrative expenses were 36% up from 31%.

Lastly, provision for transaction losses were $900000, 4% of revenue down from 6% driven by a decrease in damage claims in summary, total operating expenses were $25 million down 7%. However, this figure includes approximately $1 9 million and restructuring expenses of which the majority was severance excuse me these ones.

Im charges operating expenses in the second quarter were $23 2 million compared to $26 9 million a year ago, representing a 14% year over year decline it's.

It's important to note that these figures do not include any material benefit from our June restructuring, which are expected to yield annualized cost savings of approximately $12 $5 million, we will start realizing these benefits in the third quarter.

Adjusted EBITDA loss was $4 $6 million compared to a loss of $6 $1 million last year. Adjusted EBITDA margin was a loss of 22% versus a loss of 25% last year due to savings from expense management, partially offset by lower revenue.

Moving onto the balance sheet, we ended the quarter with a strong cash cash equivalents and short term investment position of $145 9 million.

<unk> interest income increased to approximately $1 $6 million up from approximately $180000 a year ago.

Turning to the outlook our guidance reflects our quarter to date results and our forecast for the remainder of the period, we forecast third quarter GMP of $85 million to $92 million down 14% to 7%.

Net revenue of $20 1 million to $21 $3 million down, 12% to 6% and adjusted EBITDA margin loss of 17% to 12%, including benefits from our recent restructuring.

Our <unk> guidance reflects a number of converging factors, including shifting consumer behavior ongoing economic uncertainty softness in the luxury housing market continued conversion headwinds and lower average order values.

Turning to adjusted EBITDA margin guidance reflects savings from our second quarter head count reduction and ongoing expense management.

In summary over the past year, we have taken numerous measures to reengineer, our cost structure delivering on our commitment to align expenses with demand. This will substantially reduce our cash burn and accelerate our path to profitability when revenue growth resumes, we expect to benefit from our leaner cost structure.

Thank you for your time I will now turn the call over to the operator to take your questions.

As a reminder to ask a question. Please press star one one on your telephone and wait for your name to be announced.

To withdraw your question. Please press star one one again, please standby, while we compile the Q&A roster.

The first question comes from Mark Mahaney with Evercore. Your line is open.

Okay. Thanks wanted to ask two questions one on jewelry and one on performance marketing spend.

Julie could you just remind us how big of a category that is for you as a whole and within jewelry. It sounds like that's the segment that sort of holding up best in for logical reasons related to luxury home sales et cetera kind of dampening. The other segments are there particular parts within jewelry that youre seeing.

More consistent robust growth and then switching over to performance marketing, David what's the as you've kind of.

It kind of leaned into it leaned in and out over the last year and a half.

Do you have any big.

Learnings.

<unk>.

Let me kind of set you up for when growth recovers when luxury homes sales start to recover in those categories.

Recover.

How you would want to utilize performance marketing I guess I'm, just asking broadly about lessons learned about the performance marketing experiment. Thank you.

Hey, Mark good morning.

So you are correct that jewelry is our best performing vertical.

Now roughly 23% of total GMB and obviously has increased its share over.

The last two years and did again this quarter.

Within jewelry.

We sell both contemporary and also a state or secondary market jewelry.

I'd say, probably the biggest driver of jewelry performance has been strength and high average order value orders.

But it's been very resilient actually over the last four years and even in the beginning of Covid when everything else was not growing it grew so.

As a large category and there are a lot of things like about it it's fragmented on the supply and the demand side. There is no natural incumbent marketplace.

Shipping costs and sort of all the friction associated with shipping and returns as.

Is much lower obviously than it is a furniture and it works well with our brand.

In terms of performance marketing I mean, I would say generally.

<unk> gotten a lot tighter in terms of reducing our payback thresholds.

What have we learned I think.

I don't know Im not sure that.

I'm not sure that there is any sort of single insight.

Other than the fact then.

Recognition of the environment, both in terms of the importance of getting to breakeven and also in terms of really understanding our ltvs of acquired customers.

Just getting a lot tighter and I think when the market resumes its growth.

We will be able to apply that discipline as we test new channels.

<unk> started ramping spend up again.

Thank you David.

Please standby for our next question.

The next question comes from Ralph <unk> with William Blair. Your line is open.

Good morning, Thanks for taking the question David on the call today, and I think in the release you talked about laying the groundwork for re accelerating growth obviously, the macros out of your control, but maybe if you could sort of highlight or spotlight.

Factors that you're really focused on that are within your control.

Is it to position you've heard that re accelerating growth would indeed, the macro returns to a more favorable situation. Thanks.

Yes, I mean look the number one thing that we've been focused on and we continue to stay focused on is conversion.

If you look at the quarter traffic.

Traffic was fairly resilient, especially on organic traffic, which continued to grow at a healthy rate.

Average order values decline.

But at the same time in the long run I think the single biggest driver in where we get the most leverage in terms of performance both top and bottom line is from conversion and specifically new buyer conversion. So everything we're doing from strategic initiatives like auctions in international and figuring out new ways to grow supply.

All the way to the most micro.

Kind of a b test driven product feature enhancements.

Is geared towards conversion what is encouraging to us is that we saw year over year declines in conversion moderate in the second quarter, which was the fourth quarter in a row that we saw that.

And we do think that that is attributable to many of the experiments that we've been running.

Over that period of time and.

We're continuing to get tighter and tighter on that and the <unk>.

Head count reduction that we did.

I don't think materially impacts our ability to continue with that kind of test and learn approach and in fact, if anything it's made us to be more disciplined in terms of prioritizing the projects that are likely to have the biggest impact.

Great. Thanks.

Please standby for the next question.

The next question comes from Nick Jones with JMP Securities. Your line is open.

Hi, This is Luke on for Nick today.

So average order value has improved sequentially for two consecutive quarters is this a trend we can expect to continue on the back half of this year and then maybe more broadly speaking how should we think about <unk> levels heading into next year. Thank you.

<unk> was down 6% sequentially, sorry year over year in Q2, which as you know did improve sequentially, but again I just want to be clear it did decline on a year over year basis.

We think that that is a reflection of the macros.

Because we've seen that in every price here.

It's been compounded or.

Depending how you think about it or sort of added to by the growth in auctions auctions has a lower <unk> than the rest of the marketplace and is now 6% or was 6% in Q2 of our total order volume up from 4% a year ago.

But that said we will of course, we always welcome <unk> orders.

It's not a lower <unk> is not we don't view necessarily as a negative primarily because conversion rate and <unk> are inversely correlated and.

The lower the AAV the bigger the Tam as well.

And so there are offsetting benefits to a lower <unk>.

And at the end of the day the way our marketplace works.

We've added the cellar level sellers have the ability to lift whatever they like.

And our goal is to help sellers list those items at prices that are as fair as possible and help buyers interpret that pricing to more easily discover compelling value. So there is nothing in that that says we're optimizing for <unk>, while we're optimizing for is conversion and order volume growth.

And then we sort of trust that because of the strength of our brand and the market that we're in and the types of sellers and buyers. We have that will result, as it has in a substantial volume of high OE orders, but we're not in the business of trying to drive up.

Great. Thank you.

Please standby for the next question.

The next question comes from Trevor Young with Barclays. Your line is open.

Great. Thanks, just in light of the most recent round of cost savings and pulling forward the path to profitability I appreciate you're not giving 2004 guide yet, but maybe help frame a scenario in which 24 is a year in which you turn EBITDA positive is it a macro recovery.

What needs to go right to have 24 be profitable.

Tom I'm wondering if you take that yes, great. Thanks for the question.

Youre right. We don't we don't really give guidance past one quarter, but what I can say is that over the past year. Like you mentioned, we've taken a number of steps to reengineer our cost structure.

Including actively managing our head count we reduced our non head count related operating expenses.

In fact, we divested ourselves in Q2 of last year of design messenger.

And we do see as we reduced our expenses by more than $25 million on an annualized basis.

Over the last 12 months and what that has effectively done is lowered our GMB breakeven by approximately $200 million.

So the actions that we've taken have substantially reduced our cash burn.

And have accelerated our path to profitability.

We're not going to give like an exact number or timeframe, but but the actions we have taken have significantly reduced.

The amount of <unk>, we need to get to that breakeven.

Thanks, Tom.

Please standby.

The next question and Thats a reminder to ask a question. Please press star one one on your telephone and wait for your name to be announced.

The next question comes from Steven Mcdermott with Bank of America. Your line is open.

Hi, This is Nick on for Curtis Nagle.

Clarify I believe you said the annualized savings are around $12 5 million from June .

So do you mind, just breaking that down line by line.

And the <unk> guidance fully reflect that annualized call Scott. Thank you.

Sure. So this is Tom.

Yes, the opex trends.

We had.

Cost savings most of the cost savings are in Tech Dev.

The half that we're that we're going to see over time.

Our in Tech Dev.

And in sales and marketing.

But a significant amount as well in G&A from non head count related expenses.

With a smaller amount being in.

And cost of revenue.

Sure.

The.

The actual numbers.

That we'll see.

I would just say that the lion's share of those cost savings are again really in tech Dev, we're going to be the largest.

And then and then over time sales and marketing and G&A.

I don't think we gave a breakdown.

Sure.

No that's perfect. Thank you.

I show no further questions at this time.

This concludes today's conference call. Thank you for participating you may now disconnect.

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Q2 2023 1stdibs.Com Inc Earnings Call

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