1stDibs Reports Fourth Quarter and Full Year 2024 Financial Results
1stDibs (NASDAQ: DIBS) reported its Q4 and full-year 2024 financial results, showing mixed performance. Q4 revenue increased 9% year-over-year to $22.8 million, with gross profit up 10% to $16.5 million. However, the company recorded a wider Q4 GAAP net loss of $5.2 million compared to $2.9 million in Q4 2023.
For full-year 2024, net revenue grew 4% to $88.3 million, while gross profit increased 6% to $63.4 million. The annual GAAP net loss improved to $18.6 million from $22.7 million in 2023. Key metrics showed positive trends with GMV up 9% to $94.5 million, orders increasing 7% to 37K, and active buyers growing 6% to 64K.
The company maintained strong liquidity with $103.9 million in cash and investments as of December 31, 2024. Management highlighted Q4's highest GMV growth in three years and improved Adjusted EBITDA margins, signaling operational progress despite market challenges.
1stDibs (NASDAQ: DIBS) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. Le entrate del Q4 sono aumentate del 9% rispetto all'anno precedente, raggiungendo i 22,8 milioni di dollari, con un utile lordo cresciuto del 10% a 16,5 milioni di dollari. Tuttavia, l'azienda ha registrato una perdita netta GAAP del Q4 più ampia, pari a 5,2 milioni di dollari, rispetto ai 2,9 milioni di dollari del Q4 2023.
Per l'anno intero 2024, le entrate nette sono cresciute del 4% a 88,3 milioni di dollari, mentre l'utile lordo è aumentato del 6% a 63,4 milioni di dollari. La perdita netta GAAP annuale è migliorata a 18,6 milioni di dollari, rispetto ai 22,7 milioni di dollari del 2023. I principali indicatori hanno mostrato tendenze positive, con il GMV aumentato del 9% a 94,5 milioni di dollari, gli ordini in crescita del 7% a 37K e i compratori attivi aumentati del 6% a 64K.
L'azienda ha mantenuto una forte liquidità con 103,9 milioni di dollari in contante e investimenti al 31 dicembre 2024. La direzione ha evidenziato la crescita del GMV più alta del Q4 negli ultimi tre anni e il miglioramento dei margini EBITDA rettificati, segnalando progressi operativi nonostante le sfide del mercato.
1stDibs (NASDAQ: DIBS) informó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto. Los ingresos del Q4 aumentaron un 9% interanual, alcanzando los 22,8 millones de dólares, con una ganancia bruta que subió un 10% a 16,5 millones de dólares. Sin embargo, la compañía registró una pérdida neta GAAP del Q4 más amplia de 5,2 millones de dólares en comparación con los 2,9 millones de dólares del Q4 2023.
Para el año completo 2024, los ingresos netos crecieron un 4% a 88,3 millones de dólares, mientras que la ganancia bruta aumentó un 6% a 63,4 millones de dólares. La pérdida neta GAAP anual mejoró a 18,6 millones de dólares desde los 22,7 millones de dólares en 2023. Las métricas clave mostraron tendencias positivas, con el GMV aumentando un 9% a 94,5 millones de dólares, los pedidos incrementándose un 7% a 37K, y los compradores activos creciendo un 6% a 64K.
La empresa mantuvo una sólida liquidez con 103,9 millones de dólares en efectivo e inversiones al 31 de diciembre de 2024. La dirección destacó el mayor crecimiento de GMV en el Q4 en tres años y la mejora en los márgenes de EBITDA ajustados, señalando un progreso operativo a pesar de los desafíos del mercado.
1stDibs (NASDAQ: DIBS)는 2024년 4분기 및 전체 연도 재무 결과를 발표하며 혼합된 성과를 보였습니다. 4분기 수익은 전년 대비 9% 증가하여 2,280만 달러에 달했으며, 총 이익은 10% 증가하여 1,650만 달러에 이르렀습니다. 그러나 회사는 2023년 4분기 290만 달러에 비해 520만 달러의 더 큰 GAAP 순손실을 기록했습니다.
2024년 전체 연도의 순수익은 4% 증가하여 8,830만 달러에 이르렀고, 총 이익은 6% 증가하여 6,340만 달러에 도달했습니다. 연간 GAAP 순손실은 2023년의 2,270만 달러에서 1,860만 달러로 개선되었습니다. 주요 지표는 GMV가 9% 증가하여 9,450만 달러에 이르고, 주문이 7% 증가하여 37K, 활성 구매자가 6% 증가하여 64K에 도달하는 등 긍정적인 추세를 보였습니다.
회사는 2024년 12월 31일 기준으로 현금 및 투자로 1억 390만 달러의 강력한 유동성을 유지했습니다. 경영진은 3년 만에 가장 높은 GMV 성장률을 기록한 4분기와 개선된 조정 EBITDA 마진을 강조하며 시장의 도전에도 불구하고 운영상의 진전을 신호했습니다.
1stDibs (NASDAQ: DIBS) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024, montrant une performance mitigée. Le chiffre d'affaires du Q4 a augmenté de 9 % par rapport à l'année précédente, atteignant 22,8 millions de dollars, avec un bénéfice brut en hausse de 10 % à 16,5 millions de dollars. Cependant, l'entreprise a enregistré une perte nette GAAP plus importante de 5,2 millions de dollars par rapport à 2,9 millions de dollars au Q4 2023.
Pour l'année complète 2024, le chiffre d'affaires net a augmenté de 4 % pour atteindre 88,3 millions de dollars, tandis que le bénéfice brut a augmenté de 6 % à 63,4 millions de dollars. La perte nette GAAP annuelle s'est améliorée à 18,6 millions de dollars contre 22,7 millions de dollars en 2023. Les indicateurs clés ont montré des tendances positives, avec un GMV en hausse de 9 % à 94,5 millions de dollars, des commandes augmentant de 7 % à 37K, et des acheteurs actifs en hausse de 6 % à 64K.
L'entreprise a maintenu une forte liquidité avec 103,9 millions de dollars en espèces et investissements au 31 décembre 2024. La direction a souligné la plus forte croissance du GMV au Q4 en trois ans et l'amélioration des marges EBITDA ajustées, signalant des progrès opérationnels malgré les défis du marché.
1stDibs (NASDAQ: DIBS) hat seine Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz im Q4 stieg im Jahresvergleich um 9% auf 22,8 Millionen Dollar, während der Bruttogewinn um 10% auf 16,5 Millionen Dollar zunahm. Das Unternehmen verzeichnete jedoch einen größeren GAAP-Nettoverlust im Q4 von 5,2 Millionen Dollar im Vergleich zu 2,9 Millionen Dollar im Q4 2023.
Für das Gesamtjahr 2024 wuchsen die Nettoumsätze um 4% auf 88,3 Millionen Dollar, während der Bruttogewinn um 6% auf 63,4 Millionen Dollar anstieg. Der jährliche GAAP-Nettoverlust verbesserte sich auf 18,6 Millionen Dollar von 22,7 Millionen Dollar im Jahr 2023. Wichtige Kennzahlen zeigten positive Trends, mit einem Anstieg des GMV um 9% auf 94,5 Millionen Dollar, einer Zunahme der Bestellungen um 7% auf 37K und einem Anstieg der aktiven Käufer um 6% auf 64K.
Das Unternehmen hielt eine starke Liquidität mit 103,9 Millionen Dollar in Bar und Investitionen zum 31. Dezember 2024. Das Management hob das höchste GMV-Wachstum im Q4 in den letzten drei Jahren und die verbesserten bereinigten EBITDA-Margen hervor, was auf betriebliche Fortschritte trotz der Herausforderungen des Marktes hinweist.
- Q4 revenue increased 9% YoY to $22.8M
- Gross margin improved to 72.3% in Q4 2024 from 71.5% in Q4 2023
- Full-year net loss reduced to $18.6M from $22.7M in 2023
- GMV grew 9% to $94.5M, highest growth in three years
- Strong liquidity position with $103.9M cash and investments
- Active buyers increased 6% to 64K
- Q4 GAAP net loss widened to $5.2M from $2.9M YoY
- Q4 Adjusted EBITDA remained negative at -$1.6M
- Full-year revenue growth to 4%
- Continued operating losses with -9.1% Adjusted EBITDA margin
Insights
1stDibs' Q4 results reveal a company at an inflection point, with revenue growth accelerating to 9% year-over-year while maintaining robust gross margins of 72.3%. The widening quarterly net loss ($5.2M vs $2.9M YoY) requires context – it appears against improving annual figures, with full-year losses narrowing to
The balance sheet position is particularly striking. With
The consistent improvement in gross margin (71.9% for 2024 vs 70.3% in 2023) suggests pricing power and operational efficiency within their marketplace model. Meanwhile, management's explicit focus on reducing operating expenses for a second consecutive year is yielding tangible results, with Adjusted EBITDA margins at their strongest levels since the company's public debut.
While still unprofitable, the narrowing annual losses combined with accelerating Q4 revenue growth and improving efficiency metrics create a credible path toward potential breakeven operations if these trends continue.
The operational metrics revealed in 1stDibs' report tell a compelling story about marketplace momentum. The 9% GMV growth to
For marketplace businesses, these interrelated metrics create a virtuous cycle: more buyers attract more sellers with quality inventory, which in turn draws additional buyers. The simultaneous growth across all three measures indicates healthy marketplace dynamics rather than forced growth through unsustainable promotions or margin sacrifices.
The increase in active buyers is particularly noteworthy given the company's focus on the luxury segment, which has a naturally addressable market. The
CEO Rosenblatt's statement about "market share gains" despite a "challenging market" aligns with these metrics. The luxury goods sector has faced headwinds, with consumers becoming more selective in discretionary spending. 1stDibs' ability to grow against this backdrop suggests their curation and marketplace experience are resonating with their target demographic of affluent design enthusiasts.
Fourth Quarter 2024 Financial Highlights
-
Net revenue was
$22.8 million 9% year-over-year.
-
Gross profit was
$16.5 million 10% year-over-year.
-
Gross margin was
72.3% , compared to71.5% in the fourth quarter 2023.
-
GAAP net loss was
$5.2 million $2.9 million
-
Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was
$(1.6) million $(1.7) million
-
Cash, cash equivalents and short-term investments totaled
$103.9 million
Full Year 2024 Financial Highlights
-
Net revenue was
$88.3 million 4% year-over-year.
-
Gross profit was
$63.4 million 6% year-over-year.
-
Gross margin was
71.9% , compared to70.3% in the year ended December 31, 2023.
-
GAAP net loss was
$18.6 million $22.7 million
-
Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin was
$(8.0) million $(13.3) million
"2024 marked a turning point, highlighted by our highest GMV growth in three years in the fourth quarter," said David Rosenblatt, 1stDibs Chief Executive Officer. "Market share gains and a return to revenue growth in 2024 despite a challenging market are clear signals that our strategy is working. We’re excited to continue driving progress in 2025."
Tom Etergino, Chief Financial Officer of 1stDibs said, "We achieved significant progress in 2024, reducing operating expenses for the second consecutive year and delivering our strongest Adjusted EBITDA margins since becoming a public company. As we enter 2025, our focus remains on driving operating leverage and maintaining disciplined expense management."
Other Recent Business Highlights and Fourth Quarter Key Operating Metrics
-
Gross Merchandise Value ("GMV") was
$94.5 million 9% year-over-year.
-
Number of Orders was approximately 37K, an increase of
7% year-over-year.
-
Active Buyers was approximately 64K, an increase of
6% year-over-year.
Financial Guidance and Outlook
The Company’s first quarter 2025 guidance is below.
|
Q1 2025 Guidance |
GMV |
|
Net revenue |
|
Adjusted EBITDA margin (non-GAAP) |
( |
Actual results may differ materially from our Financial Guidance and Outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.
A GAAP reconciliation to our non-GAAP guidance measure (adjusted EBITDA) is not available on a forward-looking basis without unreasonable effort due to the potential variability and uncertainty of expenses that may be incurred in the future. Stock-based compensation expense is impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this press release.
Webcast Information
1stDibs will host a webcast to discuss its fourth quarter and year ended 2024 financial results today at 8:00 a.m. Eastern Time. Investors and participants can access the webcast at the 1stDibs Investor Relations website (investors.1stdibs.com). A replay of the webcast will be available through the same link following the webcast, for one year thereafter.
Disclosure Information
In compliance with disclosure obligations under Regulation FD, 1stDibs announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, company blog posts, public conference calls and webcasts, as well as the investor relations website.
About 1stDibs
1stDibs is a leading online marketplace for connecting design lovers with highly coveted sellers and makers of vintage, antique, and contemporary furniture, home décor, art, jewelry, watches and fashion.
Forward-Looking Statements
This press release contains or references "forward-looking statements" and "forward-looking information" within the meaning of applicable federal and state securities laws (collectively, "forward-looking statements"). Forward-looking statements include statements relating to our financial guidance for the first quarter of 2025 and underlying assumptions; our ability to improve customer engagement and frequency; our ability to align our resources with strategic growth and profitability; and the impact of our marketing efforts. Any statements in this press release, other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans, objectives of management for future operations, long term operating expenses, and expectations for capital requirements, may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as: "accelerate," "anticipate," "believe," "can," "contemplate," "continue," "could," "demand," "estimate," "expand," "expect," "focus," "intend," "may," "might," "objective," "ongoing," "opportunity," "outlook," "plan," "potential," "predict," "progress," "project," "should," "target," "will," "would," or the negative of these terms, or other comparable terminology or similar expressions intended to identify statements about the future.
These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the following: (1) our continued efforts to lay the foundation for future growth; (2) our focus on efficiency and steps to align our expenses to current demand and the impact thereof; (3) our progress towards reaccelarating sustainable growth, reducing our cost, increasing operating leverage, and re-engineering our cost base; (4) the implementation of our stock repurchase program; and (5) our future results of operations and financial position, including our financial guidance and outlook. We cannot guarantee that any forward-looking statement will be accurate. Forward-looking statements are based on current expectations of future events and if these prove to be inaccurate, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to vary materially from those discussed or implied in the forward-looking statements. These risks and uncertainties include but are not limited to the following: (1) our ability to execute our business plan and strategies to achieve our strategic initiatives; (2) our ability to achieve future growth; (3) our ability to enhance GMV growth and shareholder value; (4) our ability to effectively manage costs; (5) our ability to execute our stock repurchase program; (6) our ability to reduce operating costs and realign investment priorities; and (7) macroeconomic conditions or geopolitical events or similar risks, as well as other risks, uncertainties, and other factors discussed in our filings with the Securities and Exchange Commission (the “SEC”), including our Form 10-K for the year ended December 31, 2023 and other periodic reports and filings we make with the SEC. We qualify all of our forward-looking statements by these cautionary statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. These forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, or otherwise, except as required by law.
Key Operating Metrics Definitions
Gross Merchandise Value
We define Gross Merchandise Value ("GMV") as the total dollar value from items sold by our sellers through 1stDibs in a given month, minus cancellations within that month, and excluding shipping and
Number of Orders
We define Number of Orders as the total number of orders placed or reported through the 1stDibs marketplace in a given month, minus cancellations within that month. Our historical performance for Number of Orders may not be indicative of future performance in Number of Orders.
Active Buyers
We define Active Buyers as buyers who have made at least one purchase through our online marketplace during the 12 months ended on the last day of the period presented, net of cancellations. A buyer is identified by a unique email address; thus an Active Buyer could have more than one account if they were to use a separate unique email address to set up each account. We believe this metric reflects scale, engagement and brand awareness, and our ability to convert user activity on our online marketplace into transactions. Our historical performance for Active Buyers may not be indicative of future performance in new Active Buyers.
1STDIBS.COM, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share amounts) |
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
25,964 |
|
|
$ |
37,395 |
|
Short-term investments |
|
77,919 |
|
|
|
101,926 |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
490 |
|
|
|
643 |
|
Prepaid expenses |
|
2,859 |
|
|
|
3,032 |
|
Receivables from payment processors |
|
2,833 |
|
|
|
2,670 |
|
Other current assets |
|
1,799 |
|
|
|
2,214 |
|
Total current assets |
|
111,864 |
|
|
|
147,880 |
|
Restricted cash, non-current |
|
3,657 |
|
|
|
3,580 |
|
Property and equipment, net |
|
3,564 |
|
|
|
3,384 |
|
Operating lease right-of-use assets |
|
19,728 |
|
|
|
19,655 |
|
Goodwill |
|
4,232 |
|
|
|
4,116 |
|
Other assets |
|
2,713 |
|
|
|
2,200 |
|
Total assets |
$ |
145,758 |
|
|
$ |
180,815 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
2,228 |
|
|
$ |
3,580 |
|
Payables due to sellers |
|
8,605 |
|
|
|
6,521 |
|
Accrued expenses |
|
11,475 |
|
|
|
10,883 |
|
Operating lease liabilities, current |
|
4,186 |
|
|
|
3,107 |
|
Other current liabilities |
|
1,965 |
|
|
|
3,618 |
|
Total current liabilities |
|
28,459 |
|
|
|
27,709 |
|
Operating lease liabilities, non-current |
|
17,970 |
|
|
|
18,812 |
|
Other liabilities |
|
24 |
|
|
|
6 |
|
Total liabilities |
|
46,453 |
|
|
|
46,527 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
422 |
|
|
|
407 |
|
Treasury stock, at cost; 6,443,522 and 823,483 shares as of December 31, 2024 and December 31, 2023, respectively |
|
(31,618 |
) |
|
|
(3,496 |
) |
Additional paid-in capital |
|
463,224 |
|
|
|
451,282 |
|
Accumulated deficit |
|
(332,352 |
) |
|
|
(313,719 |
) |
Accumulated other comprehensive income (loss) |
|
(371 |
) |
|
|
(186 |
) |
Total stockholders’ equity |
|
99,305 |
|
|
|
134,288 |
|
Total liabilities and stockholders’ equity |
$ |
145,758 |
|
|
$ |
180,815 |
|
1STDIBS.COM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share amounts) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net revenue |
$ |
22,770 |
|
|
$ |
20,922 |
|
|
$ |
88,257 |
|
|
$ |
84,684 |
|
Cost of revenue |
|
6,311 |
|
|
|
5,967 |
|
|
|
24,831 |
|
|
|
25,111 |
|
Gross profit |
|
16,459 |
|
|
|
14,955 |
|
|
|
63,426 |
|
|
|
59,573 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
10,504 |
|
|
|
8,633 |
|
|
|
38,084 |
|
|
|
36,640 |
|
Technology development |
|
5,479 |
|
|
|
4,445 |
|
|
|
21,165 |
|
|
|
21,644 |
|
General and administrative |
|
6,616 |
|
|
|
6,264 |
|
|
|
27,372 |
|
|
|
28,587 |
|
Provision for transaction losses |
|
837 |
|
|
|
789 |
|
|
|
3,020 |
|
|
|
3,729 |
|
Total operating expenses |
|
23,436 |
|
|
|
20,131 |
|
|
|
89,641 |
|
|
|
90,600 |
|
Loss from operations |
|
(6,977 |
) |
|
|
(5,176 |
) |
|
|
(26,215 |
) |
|
|
(31,027 |
) |
Other income, net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
1,247 |
|
|
|
1,706 |
|
|
|
5,942 |
|
|
|
6,639 |
|
Other, net |
|
556 |
|
|
|
543 |
|
|
|
1,684 |
|
|
|
1,703 |
|
Total other income, net |
|
1,803 |
|
|
|
2,249 |
|
|
|
7,626 |
|
|
|
8,342 |
|
Net loss before income taxes |
|
(5,174 |
) |
|
|
(2,927 |
) |
|
|
(18,589 |
) |
|
|
(22,685 |
) |
Provision for income taxes |
|
(36 |
) |
|
|
(14 |
) |
|
|
(44 |
) |
|
|
(14 |
) |
Net loss |
$ |
(5,210 |
) |
|
$ |
(2,941 |
) |
|
$ |
(18,633 |
) |
|
$ |
(22,699 |
) |
Net loss per share—basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.57 |
) |
Weighted average common shares outstanding—basic and diluted |
|
36,327,939 |
|
|
|
39,953,131 |
|
|
|
37,820,400 |
|
|
|
39,724,697 |
|
1STDIBS.COM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(18,633 |
) |
|
$ |
(22,699 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
1,986 |
|
|
|
2,278 |
|
Stock-based compensation expense |
|
14,776 |
|
|
|
12,363 |
|
Provision for transaction losses, returns and refunds |
|
1,080 |
|
|
|
875 |
|
Amortization of costs to obtain revenue contracts |
|
311 |
|
|
|
326 |
|
Amortization of operating lease right-of-use assets |
|
3,423 |
|
|
|
2,596 |
|
Accretion of discounts and amortization of premiums on short-term investments, net |
|
41 |
|
|
|
(3,390 |
) |
Other, net |
|
(137 |
) |
|
|
(318 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(228 |
) |
|
|
59 |
|
Prepaid expenses and other current assets |
|
44 |
|
|
|
(1,469 |
) |
Receivables from payment processors |
|
(163 |
) |
|
|
(194 |
) |
Other assets |
|
(679 |
) |
|
|
(2,136 |
) |
Accounts payable and accrued expenses |
|
(1,723 |
) |
|
|
578 |
|
Payables due to sellers |
|
2,083 |
|
|
|
(662 |
) |
Operating lease liabilities |
|
(3,259 |
) |
|
|
(2,790 |
) |
Other current liabilities and other liabilities |
|
(1,832 |
) |
|
|
1,027 |
|
Net cash used in operating activities |
|
(2,910 |
) |
|
|
(13,556 |
) |
Cash flows from investing activities: |
|
|
|
||||
Maturities of short-term investments |
|
91,983 |
|
|
|
92,653 |
|
Sales of short-term investments |
|
18,296 |
|
|
|
— |
|
Purchases of short-term investments |
|
(86,368 |
) |
|
|
(191,093 |
) |
Development of internal-use software |
|
(1,304 |
) |
|
|
(1,706 |
) |
Purchases of property and equipment |
|
(618 |
) |
|
|
(88 |
) |
Other, net |
|
302 |
|
|
|
2 |
|
Net cash provided by (used in) investing activities |
|
22,291 |
|
|
|
(100,232 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from exercise of stock options |
|
817 |
|
|
|
353 |
|
Payments for repurchase of common stock |
|
(27,743 |
) |
|
|
(3,374 |
) |
Payments for taxes related to net share settlement of stock-based compensation awards |
|
(3,780 |
) |
|
|
(608 |
) |
Net cash used in financing activities |
|
(30,706 |
) |
|
|
(3,629 |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(29 |
) |
|
|
349 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(11,354 |
) |
|
|
(117,068 |
) |
Cash, cash equivalents, and restricted cash at beginning of the period |
|
40,975 |
|
|
|
158,043 |
|
Cash, cash equivalents, and restricted cash at end of the period |
$ |
29,621 |
|
|
$ |
40,975 |
|
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
In this press release, we provide Adjusted EBITDA, a non-GAAP financial measure that represents our net loss adjusted to exclude: (1) depreciation and amortization; (2) stock-based compensation expense; (3) other income, net; and (4) strategic alternative expenses. We also provide Adjusted EBITDA Margin, a non-GAAP financial measure that presents Adjusted EBITDA divided by net revenue. Below is a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA.
We have included Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures, because they are key measures used by our management team to help us to assess our operating performance and the operating leverage in our business. We also use these measures to analyze our financial results, establish budgets and operational goals for managing our business, and make strategic decisions. We believe that Adjusted EBITDA and Adjusted EBITDA Margin help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses that we exclude from Adjusted EBITDA and Adjusted EBITDA Margin. Accordingly, we believe that these metrics provide useful information to investors and others in understanding and evaluating our results of operations, enhances the overall understanding of our past performance and future prospects, and allows for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making. We also believe that the presentation of these non-GAAP financial measures provides an additional tool for investors to use in comparing our core business and results of operations over multiple periods with other companies in our industry, many of which present similar non-GAAP financial measures to investors, and to analyze our cash performance.
The non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. The non-GAAP financial measures presented should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP. Further, these non-GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. Accordingly, these non-GAAP financial measures should be considered as supplemental in nature, and are not intended, and should not be construed, as a substitute for the related financial information calculated in accordance with GAAP. These limitations of Adjusted EBITDA and Adjusted EBITDA Margin include the following:
- The exclusion of certain recurring, non-cash charges, such as depreciation and amortization of property and equipment. While these are non-cash charges, we may need to replace the assets being depreciated in the future and Adjusted EBITDA does not reflect cash requirements for these replacements or new capital expenditure requirements;
- The exclusion of stock-based compensation expense, which has been a significant recurring expense and will continue to constitute a significant recurring expense for the foreseeable future, as equity awards are expected to continue to be an important component of our compensation strategy;
- The exclusion of other income, net, which includes interest income related to our cash, cash equivalents and short-term investments and realized and unrealized gains and losses on foreign currency exchange;
- The exclusion of strategic alternative expenses in connection with capital return strategies, buy- and sell-side mergers, acquisitions and partnerships which include integration costs, sale of a business or subsidiary, business optimization costs related to revisions of operational objectives and priorities which include restructuring charges, in all cases outside the ordinary course.
Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial performance measures, including net loss and our other GAAP results. The information in the tables below sets forth the non-GAAP financial measures along with the most directly comparable GAAP financial measures.
1STDIBS.COM, INC. Reconciliation of Net Loss to Adjusted EBITDA (Amounts in thousands) (Unaudited) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net loss |
$ |
(5,210 |
) |
|
$ |
(2,941 |
) |
|
$ |
(18,633 |
) |
|
$ |
(22,699 |
) |
Excluding: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
547 |
|
|
|
463 |
|
|
|
1,986 |
|
|
|
2,278 |
|
Stock-based compensation expense |
|
3,768 |
|
|
|
3,023 |
|
|
|
14,776 |
|
|
|
12,363 |
|
Other income, net |
|
(1,803 |
) |
|
|
(2,249 |
) |
|
|
(7,626 |
) |
|
|
(8,342 |
) |
Provision for income taxes |
|
36 |
|
|
|
14 |
|
|
|
44 |
|
|
|
14 |
|
Strategic alternative expenses |
|
1,019 |
|
|
|
(15 |
) |
|
|
1,444 |
|
|
|
3,046 |
|
Adjusted EBITDA (non-GAAP) |
$ |
(1,643 |
) |
|
$ |
(1,705 |
) |
|
$ |
(8,009 |
) |
|
$ |
(13,340 |
) |
Divided by: |
|
|
|
|
|
|
|
||||||||
Net revenue |
$ |
22,770 |
|
|
$ |
20,922 |
|
|
$ |
88,257 |
|
|
$ |
84,684 |
|
Adjusted EBITDA Margin (non-GAAP) |
|
(7.2 |
)% |
|
|
(8.1 |
)% |
|
|
(9.1 |
)% |
|
|
(15.8 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250228227916/en/
Media Contact:
Jennifer Miller
jennifer.miller@1stdibs.com
Investor Relations Contact:
Kevin LaBuz
investors@1stdibs.com
Source: 1stdibs.Com, Inc.
FAQ
What was 1stDibs (DIBS) Q4 2024 revenue growth?
How much cash does 1stDibs (DIBS) have as of December 2024?
What was 1stDibs (DIBS) GMV performance in Q4 2024?
How did 1stDibs (DIBS) full-year 2024 net loss compare to 2023?
What was 1stDibs (DIBS) active buyer growth in Q4 2024?
