Good morning, everybody. My name is Kelly Buckhorn, and I'm with three-part advisors. Up next is FirstDibs.com. FirstDibs operates an online marketplace for luxury design products worldwide, connecting design lovers with highly coveted sellers and makers of vintage, antique, and contemporary furniture, home decor, art, jewelry, watches, and fashion. FirstDibs.com was incorporated in the year 2000 and is headquartered right here in the city. With us this afternoon is David Rosenblatt, the company's chief executive officer. And so with that, I'll turn it over to David.

Great. Thanks very much. Welcome to First Dibs. We are the world's leading curated digital luxury marketplace for one-of-a-kind extraordinary objects. Our mission is to enrich lives with extraordinary design. We were founded, as Kelly said, in 2000 in the Paris flea market, which is the design district of Paris. The company was moved subsequently to New York, which is where we've been based since. Cumulatively, we have sold over $3 billion worth of product online, and we really do occupy a unique space in the market. And I think there are probably two data point stories to support that. One is our average order value, which by Internet standards is very high. The average price of the items that we sell online is over $2,500, which is more than five times bigger than many other marketplaces that are regarded as luxury. And the second is a story, actually, that I recall from my early days of the company, which is sometime after I started, I got a cold email from Diane von Furstenberg asking me to meet. And at first I thought it must have been a typo. because my background is in tech not in design certainly not in luxury but she reassured me that no in fact she knew who she was reaching out to and she didn't want to talk to me and when I got there I asked her why she wanted to talk to me and she said well yeah other than my own there are only two websites in the world that I truly love one is Amazon and one is yours and I've met the guy who's behind Amazon and I wanted to meet the person behind first dibs so as I mentioned we've been around for over 25 years we were founded in Paris and the company was moved shortly thereafter to New York we've had a couple of key milestones along the way we started out life as a an antiques a marketplace for antiques only and over the years we've added other categories but probably the biggest change in our history was the change in business model. So the founder ran the business for its first 10 years. At the end of that period, Benchmark, the West Coast venture capital firm, invested in us in roughly 2011. And as part of that, I joined the company. After I joined the company, or since I joined the company, we really had three major strategies all initiated at that time. One is we, and most important, we changed the business model from what it had been, which was a listings business, to what it is today, which is an e-commerce business. So think shifting from Craigslist to eBay. The second is, as I mentioned, category expansion. We started out life as a marketplace only for antiques, and we have leveraged the trust that we gained as a byproduct of our first mover advantage in antiques to expand into other categories including jewelry and contemporary design art and fashion and the third is we've globalized the business despite the fact that it was founded in paris after moving the company to the u.s it really became a u.s only marketplace yet the market we're in is fundamentally a global business and in recognition of that we've expanded the business to be global as well. For example, half of our sellers are now outside the U.S. versus almost all of them having been in the U.S. in 2011. I suppose the other major financial milestone is we went public in June of 2021. And yeah, here we are today. Okay, so what is the business it is in many respects a classic two-sided asset light marketplace asset light meaning we don't take inventory similar to other business models that that many people are familiar with like eBay like Etsy and so on our supply side is 6,000 curated and vetted professional sellers of luxury design. Furniture, as I mentioned, art, jewelry, and fashion. Mostly vintage, meaning secondary market, although in each of those verticals we also have primary market sellers as well. I think the two key points on the supply side to understand about us is that all of our sellers are professional sellers, so we don't source from consumers, only businesses, number one. And number two, it's very difficult for a seller to become one on first dibs. They have to apply. They're vetted by our team, both in terms of the reliability of the business and the quality of their inventory. And that aspect of the company is essential to maintaining the buyer trust that is, I think, ultimately our most important asset. The demand side is a combination of consumers who represent about 70, 70% of our demand, and professional buyers, interior designers, who represent the balance, or 30%. And our average buyer skews a little bit older than average on the internet, certainly higher net worth, and are mostly in the U.S., but we have a significant in presence outside the U.S. as well. I mentioned that half our supply is from outside the U.S. On the demand side, roughly 40 percent of our traffic and, you know, around 20 percent of our sales are to buyers outside of the U.S. And as I mentioned, we are asset light, meaning we never hold or touch the inventory. Rather, we connect buyers and sellers and we facilitate orders and And importantly, also conversations and discovery between the two sides. In terms of the numbers, we've done roughly $360 million in GMV gross sales over each of the last two years. And roughly $90 million of revenue. Some of the other numbers on this page that I think are important. One is our gross margin, which is in the mid-70s. Our contribution margin is in the mid-60s, so what that means is we have a very low dependence on paid advertising for demand, but it's inherently a kind of high operating leverage business, so high gross margin, high contribution margin, and low dependence on paid means as we add top line, that translates efficiently and quickly into EBITDA. I mentioned the cumulative GMV number, you know, supported by over a million cumulative orders that we've executed. And probably the one other number that's relevant here is the stock value. So we've got, if you look at the value or you add up the value of all the 2 million, roughly 2 million items that are on the marketplace, that translates into $10 billion worth of So that represents a very attractive and large opportunity. as we increase our efficiency in terms of converting supply into demand. This company started in the Paris flea market. The Paris flea market is a marketplace for vintage and antique furniture. One of our core strategies has been diversifying away from furniture. So I think furniture is very closely associated with our brand. But at the end of the day, I think a big opportunity in front of us is to translate that brand from a furniture-only one into one that represents luxury as a whole. And in recognition of that, we have prioritized adding other verticals. So we've added jewelry. We've added art. We've added fashion. Altogether, those other categories represent now 40% of our GMV. the other benefit of that of course there are probably two other primary benefits one is it increases our tam our available market but also it increases the frequency of purchase on the part of our buyers so furniture is a is a relatively speaking low frequency category however acquiring the luxury furniture buyer is very difficult and those buyers of course by other things as well so part of the idea here is by adding other categories we can extract more LTV more lifetime value from these very difficult but very valuable customers this slide shows just put some meat on the bones or some visuals in terms of the kind of products that we sell and I think it's worth mentioning that there's really no other company that looks like us online. It's very difficult to find these products. It's even harder to find them in an environment that's trustworthy. And we have both. We have a unique concentration of supply in these categories and also uniquely they're sourced from reliable sellers who are vetted. And we have a very strong buyer assurance policy that underlies that. Our trust, as I mentioned, is a key component of the value of the business, and that's probably best exemplified by the fact that we have a very low return rate and an even lower fraud Combined, those two add up to roughly 5 percent, which again is low by any standard, but especially low in these markets. we feel like we have compelling opportunities to grow top line as a function of our product so again you know in consumer internet businesses there are really only two ways to grow demand one is via paid advertising and the other is via product we cut back our paid advertising by 50% towards the end of last year and we believe which the result of which is that 75% of our demand is generated organically. And that's a function of both the quality of our supply and also the quality of our product roadmap. We feel like these four levers that are on this slide are the key ones for growing demand. And, you know, we have already been putting points on the board this year in terms of the impact of our progress against this roadmap. If I had to call out two examples from this slide I would say one is in terms of discovery incorporating natural language search in particular but just improving our search in general meaning finding products on the website and the app is is a great example of something that has kind of a media translation into demand we broadened our capabilities in search in the first quarter, which had the effect of minimizing what are called null search results, or the percentage of queries for which there is no search result, meaning people look for something and don't find something. We reduced it by 24%. And we did that by improving our own ability to recognize what consumers are looking for, and then showing them a broad range of product that corresponds to that and the second is shipping we sell furniture shipping and logistics is a major source of friction in that market we were able to lower parcel freight or parcel costs rather in the first quarter by on average 30 to 40 percent which of course you know shipping is the single biggest source of friction and so the lower we can make that those prices the more readily we can translate that into top-line growth and so we're quite confident that we we've told the street that we expect by the end of the year to resume top-line growth and you know part of that is the fact that we'll be copying our cutback and paid but the other part is because of all all of the content that's on the slide the fact that we're fundamentally making the purchase experience better and with less friction than exists offline and that had existed on first dibs before i've mentioned a bunch of these you know the we're very optimistic uh in general in terms of our future the market we're in is large it's been in a cyclical downturn really since we've been public driven by high interest rates at some point that market growth will resume and you know we will be a better and more efficient company to meet that demand once it returns. We feel like we have the highest trust brand in terms of online luxury out there, full stop. We're a classic two-sided network effect business with increasing returns of scale. So as we get better, the quality of the experience gets better, the quality of the network effect gets stronger. We have a very high operating leverage model. I mentioned 65% contribution margin, 75% gross margin, so that's not going to change. And lastly, you know, I think many companies are optimistic about the impact of AI. I think AI will have a disproportionately positive impact on us as I sort of go through the product roadmap in particular. Each of those areas is the highest impact areas that we're focused on in each of those four areas. wouldn't be possible without AI. And at the simplest level, if one zooms out, furniture and jewelry and art are difficult things to buy for many people if they're not in person and they're not highly educated in this market. And AI in particular, things like image search and being able to superimpose pieces in their, you know, pictures of pieces in their living room and so on, you know, makes it much easier to have the experience be kind of tangible than it was before AI. Okay, last two slides. So in terms of our financial performance, again, as I mentioned, you know, were Q2 was, or sorry, Q1 2026 GMV was around 90 million, revenue 22.4. For the full year, we're kind of, you know, last two years, we've been in the mid 360s for GMV around 90 million for revenue. But the most important number here is the fact that as of Q4 last year, we are now adjusted EBITDA positive, we will continue to be adjusted EBITDA positive, and we will be free cash flow positive for the full year 2026. And that really was enabled by a structural transformation that we undertook in terms of our costs. And that in turn is a function of two things. One, the fact that we've been able to cut back paid advertising really massively actually without having a corresponding impact on top line demand. And then two, we've reallocated our headcount away from sales and marketing in favor of product engineering because the most durable top line growth is created through products rather than through advertising and that's the kind of uh you know that's that's what we're targeting that's it right thank you very much appreciate it yeah uh we did actually good memory um we had a great place uh and the we got quite lucky with that uh it was very well received but you know retail is expensive and operationally complex the building was sold and we were bought out of our contract as it turns out a couple of months before covid so that you know was fortuitous no i mean yeah yeah yeah i i think the disintermediation risk with us is quite low first of all the collection of products that we have doesn't exist anywhere else it's super fragmented on the supply side so it would be very difficult i think to you know for an agent to kind of automate discovery much of the purchase decision has to do with the the identity and the quality of the seller which is again very difficult for ai to determine and uh it's also you know it's a it's a subjective purchase right i mean if you're buying a piece of jewelry or you know beautiful nightstand or something you know piece of lighting like I think that's something that buyers are less likely to outsource to technology and then conversely you know when we think about the benefits of AI to us in each of the four product areas that we're focused on we're going to be able to create a substantially better buyer and seller experience with AI than without it so for example you know the example I gave about search right I mean the way people tend to buy really nice things is by using kind of subjective language, right? I want something that looks like what this famous person has, or I want something that goes well with, you know, this dress, right? And, you know, AI supports search that allows that in a way that wasn't possible before. Shipping is quite complex in our business. Machine learning models are much much better able to predict shipping costs and do it accurately than the non-AI models that existed before. You know, in terms of service, we're in the process of testing an AI agent to automate service queries, right, which allows us to redirect our people in favor of much more complex orders and ultimately provide luxury service, which is what luxury buyers expect. So I think across the board, AI is going to have really a massively kind of leveraging impact on the growth of the business. No, we limit them because we vet and evaluate each of our sellers very rigorously. And we only accept those whose products are at the quality level that our customers demand and whose service level matches the quality of the products they sell. It's about 6,000 is roughly the number of sellers we have. And no, it doesn't change massively. Sure. Thank you. Thank you very much. Appreciate it.