1stdibs.Com, Inc. (NASDAQ:DIBS) Q2 2023 Earnings Conference Call August 9, 2023 8:00 AM ET

Company Participants

Kevin LaBuz - Head-Investor Relations & Corporate Development

David Rosenblatt - Chief Executive Officer

Thomas Etergino - Chief Financial Officer

Conference Call Participants

Mark Mahaney - Evercore ISI

Ralph Schackart - William Blair

Trevor Young - Barclays

Steven McDermott - Bank of America

Operator

Good day, and thank you for standing by. Welcome to the 1stdibs.com Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Again, please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Kevin LaBuz, Head of Investor Relations and Corporate Development. Please go ahead.

Kevin LaBuz

Good morning, and welcome to 1stDibs earnings call for the quarter ended June 30, 2023. I'm Kevin LaBuz, Head of Investor Relations and Corporate Development. Joining me today are Chief Executive Officer, David Rosenblatt; and Chief Financial Officer, Tom Etergino. 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.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 future financial performance, market demand, growth prospects, business plans, strategic initiatives, evaluation of alternatives, business and economic trends, including e-commerce growth rates and 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 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. David?

David Rosenblatt

Thanks, Kevin. Good morning, and thank you for joining us today. We delivered second quarter GMV and revenue at the midpoint of guidance and EBITDA margins above the high end. 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 headcount by approximately 20%.