1stdibs.Com, Inc. (NASDAQ:DIBS) Q4 2023 Earnings Conference Call February 28, 2024 8:00 AM ET

Company Participants

Kevin LaBuz - Head of Investor Relations and Corporate Development.

David Rosenblatt - Chief Executive Officer and Director

Tom Etergino - Chief Financial Officer

Conference Call Participants

Ralph Schackart - William Blair

Operator

Good morning and thank you for standing by. Welcome to 1stDibs’ Q4 2023 Earnings Conference Call. [Operator Instructions]. 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.

Kevin LaBuz

Good morning, and welcome to 1stDibs earnings call for the quarter and year ended December 31, 2023. I'm Kevin LaBuz, Head of Investor Relations and Corporate Development. Joining me today our Chief Executive Officer, David Rosenblatt; and Chief Financial Officer, Tom Etergino. David will provide an update of 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.

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, 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. Throughout 2023, we laid the groundwork for future success. While there is no denying that high-end furniture demand has been under pressure for the past two years, we have used this period to reorganize our business. We have undertaken rigorous efforts to optimize our operations, re-engineer our cost structure, and focus our efforts on a narrower set of priorities, laying a strong foundation for future growth and profitability. Encouragingly, we are starting to see tangible results. For example, in the fourth quarter, conversion rates increased for the first time since late 2021. In many respects, 2023 was a continuation of the efforts we started in the second half of 2022 to recalibrate our expenses, reprioritize our roadmap, reduce our cash burn, and accelerate our path to profitability.