1stdibs.Com, Inc. (NASDAQ:DIBS) Q1 2022 Results Conference Call May 11, 2022 5:00 PM ET

Company Participants

Kevin LaBuz - Head, IR and Corporate Development

David Rosenblatt - CEO

Tom Etergino - CFO

Conference Call Participants

Ralph Schackart - William Blair

Justin Post - Bank of America Merrill Lynch

Ross Sandler - Barclays

Spencer Tan - Evercore ISI

Kevin LaBuz

Good evening, and welcome to 1stDibs earnings call for the quarter ended March 31, 2020. I'm Kevin LaBuz, Head of Investor Relations and Corporate Development.

Joining me today are CEO, David Rosenblatt; and CFO, Tom Etergino. David will provide an update on our business, including our strategy and growth opportunities, and Tom will review our first quarter financial results and second 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 and business plans. Our actual results may differ materially.

Forward-looking statements involve risks and uncertainties, which are 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. Additionally, during the call, we'll present GAAP and non-GAAP financial measures.

A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which you can find on our Investor Relations website along with a 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 Rosenblatt

Thanks, Kevin. Good evening, and thank you for joining us today. In the first quarter, we delivered results near the high end of guidance, while laying the foundation for future growth. Once again, our trade business posted strong results and continues to have great momentum. In contrast, consumer GMV declined modestly year-over-year due to lower new buyer conversion, a trend that's continued into the second quarter.

In 2020 and 2021, pandemic-related lockdowns and other restrictions shifted consumer spending online. As the world reopens, the pendulum is swinging back in the other direction, with consumers spending more in categories like travel and restaurants. Traffic and top-of-funnel engagement metrics remain strong, but new buyer conversion headwinds resulting from rising macro uncertainty and economic reopening have reduced our GMV growth outlook for the second quarter relative to our previous expectations.