ECOM - Earnings call transcript Q4 2021

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Operator

Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Fourth Quarter 2021 ChannelAdvisor Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. now for hand of today, would to conference Investor I speaker your Raiford Instructions] like the to over Relations. [Operator Garrabrant, Director ahead, go sir. Please

Raiford Garrabrant

fourth release Thank Chief Officer. the With and Chief me full-year to quarter the call Operating section This everyone. the you, Officer; David Rich quarter Beth ir.channeladvisor.com. on press good Financial at our we accessed details morning, Relations Spitz, as first Segovia, are for the our call Chief be ChannelAdvisor's on This and fourth XXXX. press performance ChannelAdvisor's outlook with well conference Officer; a XXXX. as for Welcome release full-year and XXXX can website of today Investor Olivia. on And issued Executive our quarter Cornetta, ChannelAdvisor's morning ChannelAdvisor's

In conclusion addition, after available and this recorded being call will a be replay is of call. the the

that related a forward-looking of forward-looking any subject in as summarized to statements that are business issued views not we subsequent today's our outlook. today risks release and views representative that to make we be These to materially We actual cause disclaim today. These These obligation date. laws. and statements or statements any risks are results any to securities should considered update considered uncertainties statements of maybe reflect differ could as federal of our expectations. During variety will of only call, our from the press under

XX-K our available SEC material please Form as to other at that on affect results, could of recent refer as are discussion sec.gov. factors website which our the in our contained further risks the and well a important other filings, For those actual most

in today's call, press certain will the which During release reconciled are non-GAAP financial the to we that measures, today. all of issued course refer of we

in on of the website. reconciliation financial Investor GAAP provide our non-GAAP our schedule also We section Relations a supplemental to presentation posted

results. greater responses or our may our are dynamics prepared our metrics times that call to or to be at to in into the With comments incremental quarterly me provide let to offer provide turn we detail our of analyst that, Finally, David. Please the in insight to that or not over may the future. questions, we presentation business usual this continue advised additional may

David Spitz

finish of I'd adjusted you, keep an that our on of Thank continued cash that of to guidance on exceeded above us our the end Raiford. record brands year-on-year strategic the outlook. We amazing $XXX year for with on business bullish that strong like drive fastest end our flow and results. QX long-term XXth our pushed EBITDA a solid marks few touch ChannelAdvisor an outstanding as as revenue, year high to significantly off our since XXXX, to our in growth capped cash year. balance the million highlights focus

in momentum high XX% remained in that business was the exceeded QX was strong, quarter line our by growth with our fourth and that in again This range. with variable revenue end First, of driven revenue historical seasonality. exceeded growth guidance sequential that subscription revenues the

value and results the in by products, our GMV double-digit demand durability for fourth continued to customers. quarter, COVID, and Our strong achieved the brings testament was our our revenue e-commerce a coupled with to throughout the platform fueled of outstanding revenue retention growth post strength gains in highlighting year, bookings the the

and percentage to grow our our XX% of exceeded brands believe greater off XX% majority will In potential with on pay stickier and a the revenue, benefit another fast approaching year-on-year they from continue of Second, results generally record expansion, subscription our business. economics for brands are represent brands focus unit brands all-time revenues. our growth our represented Because revenue a QX, continued to we've as subscription revenue. subscription of superior offer high higher brands we our and drive enjoyed and to

to be year-over-year who products compared increase And QX, despite revenue team to our XXXX. capping X% off XX% our for demand strong our Third, a in continued XX% for bookings great in grew year sales year, revenue, XXXX churn fell our the in percentage a product more in enhancing and investments for actually our and even more dollars, of compared services. than to as total real reflecting innovation

speaking disciplined But to allocation much us biased on fantastic row. retention initially rapid growing of we fourth for of towards significant innovation, profile This to our larger all our revenue over us with Commerce XXXX. for growth strong channel year over XXXX fast mention And good continued in sales why in be we're have now aggregate XXX momentum. the and not as an an of we investment entering and and reinvesting committed to Fifth, a and continued Beth what three. was capital leader by XXth business. maintaining QX only top much for growth of second remain driven in the channels, of part in strong. will be a was naming together, I'll beginning the faster than expansion continues industry resting. tail growth pace execution year we channel Fourth, with financial XXXX eBay throughout Digital area long moment. strategy, a of supported with a footing Walmart and finished that continue Taken platform breadth management channels, in XXX targeted Amazon is which we're to and the at that of than discuss this the well product GMV and quarter us of us, Innovation

cost profitability on capital focus still to and significant capital of while strong cash allowed returns us make delivering our on investments, generating above invested have rigorous Our flows. robust

of balance leadership flow, to the large discipline us, $XX and XX% we EBITDA initiatives. cash million Our on adjusted investing our margin continue to we and market cash free hand, opportunity no market front intend debt, With with XX% in $XXX over for EBITDA cash adjusted a of full was and converted growth increasing by roughly million. year in still

more over that without staffing And doubly the as where our And environment sales isn't the particularly we're difficult. talent my course. I've having Nonetheless, XXXX, to levels, its in desired page forecasting have, career. competition Beth. we as I'm have macroeconomic I'll to and There rise we as seen with strong always we're remain turn is Our challenges, turn our work occasion, about we in ensure for confident significant the the of achieving makes for I'm we'll as excited hard to that, uncertainty it to year. plans

Beth Segovia

year. finish David. incredible to morning, Thank We everyone. And a you, delivered great an

dig So, in. let's

proud many all, more execution from team over First in our results. achieving our of product couldn't while of growing to the the of missing all channels be record and a beat challenge rose hundreds tremendous organization. substantially entire around XXX capabilities new well I adding without customers, Everyone of the world,

with is approach which by platform this strong lines. of resonating really each Our brands, demonstrated across growth product is our

grow Our our marketplace business nicely, to channel aided expansion. by rapid continued

we other offer power digital product experienced well. technology We in growth Beyond areas marketing. and as marketplaces, services to

an marketplaces an on grew of we've Sound, has multiple and ads. success help One period, drove at brands Amazon story growth Our over media, a seen wanting business, leveraging imperative advertising cost for in component reduction saw within that released approach sales our website a growing one-month to Walmart ChannelAdvisor their with customer this a secure point, the sale. advertising just XXXX, optimizing margins automate become Sweetwater by featuring who illustrate available bookings XX% in XX% accelerating like retail of on important as of that. be digital marketing and and Amazon To revenue protecting to to new

Media to a preferred Shoppable bridge brands campaigns promotional retailers. own Our their their to allow build from efforts

date clients us and land QX, quarter with team, a Shoppable and providing achieving coverage Media rapid offers capabilities bookings growth. revenue grew is and also at rate. that bookings for As hitting our brand that sales Brand new expand This a evidence to our is well-rounded result dedicated of expanded and is stride, our product portfolio strategy its analytics a multiple working. best a expanded through nicely success dimensions with in resonating

As of in the received by named channel for management continued ecommerce platform our validation David number one the year. consecutive mentioned, ChannelAdvisor leadership being XXth

did share for leadership in position bit planning what we there. stay to to to like we're XXXX XXXX affirm a and little our I'd about what Now in

side product how channels. and recent where things, releases sell in advertise including XXXX, brands goal by giving commerce, over multi-channel the over focused XXX products. of adding On control It on our we their for businesses channel, year and and more the exceeded with starts

XXX a the as months offering over result, over our in market. the past we position the leadership now integrations, significantly have As XX broadest expanding

to breadth deeper channel of to in Amazon fulfillment addition, ad console performance and integration, network adding expanding faster facilitates expand the platform. to and enabling more sides this launched ensure workflow overall enabling channels to a to Walmart In commerce value our continue both to The product the specific enabling to accelerates assortment. go brands consumers we our reach commerce of network and services, their and matching path network,

of early, is with of than partners and more third than The we dozens to date, published encouraging made. still matches continue both platform in as more a shared have adoption. our it's profiles activity profiles, While sellers to X,XXX the nurture and

capability connections add We to expect way. next along to iterate facilitating to over continue the this expand the platform, and to years value several

a and that number I'll just move into initiatives focused few we now. As share exciting, are on a XXXX, we of are product

on to plan common the ability expand automation shop endpoints expand we This our customers' consumers where toolkit our number Media, of optimize they return will and by campaign Retail of meet reporting. For keyword management, supported and spend. ad to

year, conversion And marketers we differentiation, with error a continue and a For to to guidance. at course, reducing design channel smart enable similar mapper plan self-guided drive as marketplaces, with rate including we resolution to the last more more by simplifying to and as new brand channels customization. and time more and elements launch add Shoppable a Media, well quick implementing intend to to expanded of launching starts, campaign

XXXX, has group with In level we customer. this to service, both of of clearly investment launch on retention targeted growth to return gain, completed with the services. the due of Turning exceeded our and and improved the enterprise expansions

support and implemented first care more capabilities clients. leveraged reduced year a support open approach extra also to and additional cases. We significantly for intentional We coverage materially provide expanded

marketplace routine see plus improvements response and offerings, For to time retention. further channel plan improving reducing make to launch bundles industry-specific the efficiency, opportunity automating improve time. to and resolution more launch tasks, advertising and XXXX, service more We creating bundles, including to support we

measured and just grew industry Finally, their over the remaining regular as XX% to careers above I'd well satisfaction, like again role. how in made out XXXX, am new of people. Employee a out engagement XXXX, via by employees proud taking on benchmarks in promotion our I our close we call increased we of surveys, investments or

XXXX we published the And on shared the places of super a one inclusion with Journal, with to employee a build product can feedback. annual equity accomplishments to survey services report, first work Business website. detail best describes our be to innovation, our distinction we by diversity, I'm To As investing related efforts XXXX, summarize, proud before. continue our and was that initiatives you diversity based ChannelAdvisor result, and recognized as Triangle and people. and We've in our found on accomplishments which in client our our in across by momentum strong

to e-commerce financial As on to have pass more numerous at surpass update a our provide empower their it I'll now underway, XXXX, performance. With aimed we that, goal. Rich? brands we enter continuing initiatives detailed to to Rich

Richard Cornetta

by saw XXXX our habits. the investments Beth. brand execution product to consumer you, support everyone. importantly Thank the and morning, services continued sustained strategy. for successful driven ChannelAdvisor, impact more on GMB shopping in of our of good sales, But strength, COVID And

retention, revenue, All of leading bookings EBITDA and and revenue, adjusted cash revenue this subscription total results. to record

record EBITDA strong adjusted a revenue of cycle. Following I'm and continue revenue investment exceeded high range both continued top QX, subscription ongoing to that which momentum to in throughout And QX pleased into end the report our November. cash results robust generation the very guidance as strong saw growth, we line provided we and recognize

of navigated up growth million well-publicized quarter, XX% in at X% the another into million our QX. for Total customers previous XXXX. to the successfully fourth over of quarter. quarter, chain $XX.X get increased QX reached record let's revenue $XX.X over up million last record in Variable X% revenue as and record our the year So, disruptions. Revenue for up and XX%, to QX $XX.X sequentially the supply this compares XX% Subscription fourth details last a reached

QX. grew of For on the during full-year XXXX, total XX% over brands subscription for subscription and total revenue additional million XX% grew XXXX. our from cohort, revenue we And as $XX.X brands achieved details revenue

QX, the from during the customer total XX% continued of Brands revenue growing per is More subscription representing revenue. last driven realized of customers. points This importantly, throughout up average $XX.X our increase of XXX revenue count and and by basis is quarter, the prior-year we XX% and roughly cohort revenue record million customer retention strategic period. over year to strong brands subscription

we total exceeding to As revenue, brands annual resellers. million retail ARR and our recurring approach from ARR nearly very in close $XXX is

cohort, ARR than majority now ARR. addition, our greater revenue the XXXk, enterprise In represent fastest customers growing of these customers with our our

factors, Given end all we of the will of from brands by of these to our that continue expect revenue XXXX. the majority come

EBITDA. $X.X finished outlook well million, an million, generating QX high ahead of We EBITDA of Now $XX.X the of our moving on at end to margin adjusted XX%. adjusted of

EBITDA at record adjusted a and finished XXXX, full-year XX%. EBITDA million $XX.X the adjusted was margin For

been steadily towards And remained strategic services in investments organization, the we margins, incremental our over operating investments product make have building as as we sales. as expenses healthy and maintaining and still bias well our While year last growth.

an continue XXXX cash and switch equivalents solid million with further quarter approximately customer We expect and year-over-year. product with the retention reaching million had $XX cash balance Alright, $XXX.X a improving and of QX We to on objectives. sequentially this $X million, during sheet. of trend long-term to into financial let's representing cash accelerating generation supporting focus another our innovation, and increase

doubled bringing cash than million. to full-year have our in mid-XXXX. since We Free again very more healthy total flow balance cash $XX.X was the QX,

performance. QX by up million also increase bookings We strong to our deferred levels, saw again driven revenue year-over-year, record during $X.X

outlook. Now financial on our to

to For anticipated we first the target and $X.X and adjusted XXXX, QX reflects $X.X outlook range respect we in strength million between of are and a providing growth $XX.X $XX.X continued EBITDA between million range revenue and subscription quarter the outlook an of in mid-teens. of million. revenue, million With

have saw decline growth the higher trading over the year-over-year against XX% revenue our last revenue. to of of course benefits We a QX and customers expect been tough to which of up the XXXX to QX over comps variable due XXXX, because which year, tiers subscription

OpEx in Consistent investments incremental adjusted QX revenue the EBITDA well period in we time. at planned given recent expect not the full investments year, providing be least for this practice, to prior impact XXXX We full-year in quarter. the million will as at or of increase also as over with $X guidance the made total first

and $XXX in financial remain million XXXX. least However, adjusted our EBITDA targets confident at on we long-term in of million revenue in $XX

the retention every demand revenue organization, our into sustained the XXXX, closing, continues has leading in and sales a ChannelAdvisor on development, XXXX, bookings COVID and solid driving globe. our on leaned we strategic consumer on across ecommerce, to So, the results have and to growth. saw back Throughout record metric. customer pandemic most In investing impact we e-commerce focused and in product business, performance had dependent forward meaningful when made investments expansion shopping nearly habits across world and of continued and financial

investments position measure to well like comps brands difficult more operator, us with along against, on With call despite the continued we questions. XXXX, our open made, that, strategic success. now we'd we in focus have to Now, for believe to the

Operator

our from [Operator first line Joshua the Instructions]. Needham. coming of Reilly And with question

Joshua Reilly

from regarding a expected real On of that the on chain that greater are in that seeing they've we've the issues the heard to holidays. impact now Curious, issues was the you last brands, call, chain today show the over during insulated months? supply the guys you here. here XQ might kind discussing you world the been couple maybe supply somewhat the what and time results focus supply your guys be on of which your But chain Facebooks enterprise mentioned from due Paypals than

David Spitz

in impact that, a say noticeable didn't that could would we QX, we really see detect. I

products we strength As were extent difficulty different saw shopped in looking my we the that And is mentioned, GMV continued products the found they they having for, growth. sense alternative on were consumers to or channels. that, finding

hasn't say As really our it that I to would time, view on that. real changed relates

of than see inflation base don't bigger chain, had channels. a If supply now, anything we're on and a GMV least But January. chain terms I'd power. on clear I to effect, meaningful might at having supply probably of our to in spending seeing the right guess in be is customer evidence month impact that any I just consumers Continued say think our growth

Joshua Reilly

look it's EBITDA you of When million, $X a QX guidance at the bit below consensus. little

You the customer enterprise your you guys help mentioned ramping bit detail are with us what's on? down market going your more service, a on going? some level, service investments, maybe just you can where color Are understand but get or more there those maybe ramping investments more little

Richard Cornetta

there. There's a things going on few

focus I'll first, on the EBITDA. on impact So, line top

So, few that identified to And line. negotiations push majority with variable it expected we're our And partner variable, of is being year. back base. the to that half that, we with the some that undergoing bottom flow of the a we revenue does the

basically the So of it's that shift back a half of of the year. to some

this at As in driven expectations XXXX we of that some there's OpEx that individuals as wage well investments as role over our all have, point – fact Merit, our then, well XXX concerned. plays inflation, investments, full-year is the is But by incremental EBITDA impact time, the at far to new as year-over-year, QX we organization. XXXX. increase mostly least mentioned, targeted as a in the in in

momentum So the investments on to that little off year. towards expect And back of be the continue but paying to line, top more focus. takes start our the half for a while some

Operator

Riley. line on Our next Zach coming from question B. the with Cummins

Zach Cummins

the results year. Congrats on the strong and

through you update give sales six David, I sales from you're that challenging capacity to on us of year keeping of you're mentioned you it's where any theme. weeks first pretty Can been in environment the as hoping a you've of the made investment sort the standpoint at of through think talents. QX Just a finding kind versus this progress and to where get? and terms

David Spitz

to sales a be We're bit capacity. like where behind I'd on

there there's particularly well in a the tech the think strong and I've realm, out side. sales I that understood pretty in that it's seen for talent role

continued as to that's out of so, incrementally And harder competition and become for team, there we've in the grow talent. terms just invest the

behind and Like here say a down this to bit we'd to success of good it along. doubled like beginning We've So on pretty be would the further be. we're I had at some modestly little year. where

find time go bonuses. QX good imagine, can good waiting talent been year to collect you who have a their to that's As of might sales

year into right there, come little good bit up the some playing with we've momentum So, we're catch pretty but a now.

Zach Cummins

Rich, I I – think a answers kind think you that and here. of bit mentioned of my little question

implied of like the revenue the partner Is guidance even in to you're of QX, back seeing the than year in January? that the year-over-year an the variable to we've growing that so sounds any you steeper be as comparisons in what are slowdown it for revenue. than here seen decline part with negotiations seems With GMV tougher due guys it in year-over-year still meaningful more half

Richard Cornetta

tried can in growth We We tougher you we on had things with focus revenue XX% revenue. to comps. reiterate. subscription control the last year. subscription first And the mentioned QX I'll of in

growth to the commit. year. revenue, back the acknowledged, some as year, proud this of going of the earlier, you us pretty there see year, of of part Variable probably that half to for as I So mid-teens commit first we're mentioned QX to the shifting in from to I'm and

a impact revenue, So, that has on direct EBITDA. only but not also much pretty variable

on, to brands. continue They have a higher on we focus on have as see, focus deal terms propensity also to subscription. We

a Brand or not We GMV of offering, Media component. Analytics, and have that revenue do variable offer Shoppable our product two

summary a question. pretty of that decent that's So,

David Spitz

a continue Zack, they see volumes, up customers to add their also one tier. to I'll subscription have thing trade tendency elevated as that, is

subscription we subscription some essentially of that increase you value into discount. long-term it'll a getting has so, will extent, reduce dollars, subscription, to variable impact more bit of is is subscription. see and variable And shift believe a because the volume predictability the near-term But, it little than good. that a of And what course, dollars a

So, the long positive we while it near it's variable term term, in trend. impacts think a

Richard Cornetta

QX that. revenue. revenue on very comps That last thing anticipate other do I one difficult as quarter year, variable million some it well us. to in just pertains a for $X.X is Zach, was as strong

comps the So year this progression continue the to half in on of front in maybe back half. first see difficult we'll some see that some and

Zach Cummins

brand of that added And towards the curious final out geared kind year, I'm XXX with go you that the of just think out just of Do these that of me are of is the have get the I'm added alive? as channels you you question curious is that that gate. typically kind channel – the in channels seen payoff right those as this to for right channels ready I gate? over soon you from uptake adding channels all customers XXXX, new you've

Beth Segovia

then so us our the seller to couple And running flows create that see are we We that to channels are follow time launch you over sellers, little to so sure early there we get use those with priorities and we customers also base so a channels, all those process, network understand early go channels channel. quarters commerce make adoption campaigns that that the that, can use with to our to obviously, adopters for takes we work launch what clients, beta adopt process as we'll advertise those we but we our and and that we their that sure those are launching that align have steadily channels the of have information test, to really make drive that to new It once our aware awareness that new get quickly. channel. new is and to up we And channel tend on. a is a demand to us that channel, know a clients helps

you'll XXX remember in finish XX with over year strong, we our to channels, did So do was commit the months. well XX adding which

the But about whole channel super incredibly we we're acceleration. year that multiple adopting expect opportunity. base. that quarters excited that to people proud it of So, We're do and across will get take

Operator

from the with Blair. of Next line Pfau Matt William coming question

Matthew Pfau

in comment, of just revenue impact customers? understand, inflation terms your contracts are that structured ChannelAdvisor's wanted the how your to how with does On

David Spitz

I'll that different article because like more – is The not comments. I American trend saw our GMV. in reason paying this per $XXX necessarily specific month comment of make couple just consumer see remarking is we in something to any think or average pattern morning I that just a I'm I aggregate inflation. made an on the due

in comment. has So, have really kind on But dampening it's view, specific the a that some of ChannelAdvisor my to not effect consumer.

it to the a that As annual analysis portion escalators, can we into have here customer in we relates do as go a contracts, – pricing have some QX. of may customers our you tell And contracts are that changes we typically we QX. percentages. in not that And digit have going I we make low-single through

perspective. input continue our And not to pricing we're from or and competitive as make costs, know, and we our have, you people a may want sense We sure evaluating to that make what wages. principal we're may

that hopefully, answers question. your So,

Matthew Pfau

does have inflation is selling, the if customer goods that of that of the contracts, impact minimum impacting on price make to you? they commitments sort any On the they're the

David Spitz

rate. year they'll a you customer fall either that given us paying take amount fall a any not they to in that above below monthly that's is above if certain take if only Just that rate so of a month, amount. a amount, they'll amount And GMV, their pay pre-purchase higher give $XX,XXX than or hypothetical, for a

higher order other extent they'll really or whatever, the anything size $XX units per and $XX, or higher $XXX than, to cost average change their their that doesn't or their GMV. drive is consistent, are or basket prices whether So, are

to potentially, it's customer higher on of say, answer, were as hey, we going in consistently subscription that earlier they're tier. subscription does make really up they'll unit mentioned if a their I above just due to a to in a case, if pay than where there's so, opposed variable. higher prices products And to no volume. But higher higher may as threshold, different like an this QX sense? volume, situation I'd Or more But trade

Matthew Pfau

does. It

that spend about the you or ask benefit Next perhaps one to dollars IDFA channels advertising to result looking changes? a any on? business due people to your Are on digital seeing effective for to of as more marketing marketing their

David Spitz

we think I are. Yeah,

Some growing retail of are the fastest media our product in space. lines

there example. advertising, exist you're it's example, that bit with of And for media a brands sort Google you're and breaking to of I another up is, creating with think So, helping Facebook. the And duopoly Walmart advertising what seeing lot channels. diversification think it's of the a But been more on as happening out I has that rise by with Amazon retail the impacted ad their was media. used being some IDFA, terms returns already this. in And little have Facebook spend of of commented, with –

So, other can customers areas to potentially investment. it's return better where they look causing on for a get

and that. you increased fragmentation complexity, as help So, ChannelAdvisor that's when know, can there's business. with And ultimately, good our for

one is indirectly, fastest the that media areas. of our reasons of it's growing retail say probably I would one So,

Matthew Pfau

exciting on me contribution? the thinking How and potential. of about potential perspective for commerce you term seems its that its in which one from a Last long long-term network, fairly terms are

Beth Segovia

this technical throughout to year Well, roadmap we and release it's early plan yet and we have year, long the year. new go capabilities next as to a continue

give automated is then the connection but faster. facilitate there intention in and we both to workflows partners opportunity find fashion, launch each our Our sellers can other, and to facilitate much only so a not more that

of and our day, actually time, So, the the moment. look as capability partners is, in our it's every are moment, normally ChannelAdvisor. software we networks. seller now, right beginning using what's follows monetization discovering like. the kind And vision the ensuring of clients your that capability. to we're that their And can part robust, that we're question for That's our over And itself network headed it's being where more becomes envision tool managing early. at partnership And at with the that the I think

a with potentially through a this our fees you're really you partner we growth are additional consumers is We both made, variable subscription as and But channels can happen use And sides strong existing part of GMV we to what of result seller whether network. an we're a paid are And more realized or intention connections a for platform reaching will you that the don't with that going of next. know see feature us, achieving sales. additional a that, critical have capability as So, as that. additional contract or become with arrangement about more that and excited subscribe is to. revenue

David Spitz

on supply most right? I'll we've bit. a vision little the into, that had me over side. software term the It's selling are is – Matt, gets dovetail channels always never long that because, log this What on historically, been excited

selling into by giving creating so to and logging do. is something to to begin that in our into term, And workflows them they for we're using our their of terms ChannelAdvisor longer love much just prefer their value what day like our start just customers partners I'd see technology, so, log

think suppliers So, strengthen as that, of that that other two-sided them ChannelAdvisor do network cause many to our hopefully, through will I realize it's today, integrate channels and, easier through our continue selling to to means. than

to direction. value that's in naturally vision, So long that to ultimately them go create for enough of sort term is

Operator

Davidson. next of coming Our James D.A. line the Victoria from question with

Victoria James

thoughts more as last this away behavior, far quarter, quarter? and on changes from trending what indicated quarters? Shopify sort anticipating and Amazon What Last behavior are retail in heavy as coming retail. you physical shopping are And into your of online consumer the consumer

David Spitz

is "the about channels of to majors." made consumer online. tail We And and my I'll boutique bit shift that in part what saw continued more that, add a to growth outsized of which seeing to in shopping GMV continues growth drive spoke we're in spending. of I think me of some online so, prepared that indicates a double-digit What I and that towards growth, I remarks, this to GMV long pretty commentary strength maybe little strong compared QX,

where there's tailored a kind of knowledge. the that. is have So, more long an that by what or having tail are to around another in of some upstarts merchandise being specific, category have that you're as a against to category, can in videos, and fashion how-to things a lot like a maybe like way of channels a more fashion, specific specific they're lot the example content And So, specific these Amazon smaller general compete marketplaces educational one of or Autoparts imagery, visual large experience lot going are right? or maybe marketplaces autoparts, example. you, user

that – seeing would potentially, more But, pontificate to seeking the that's bit extent, a levels. of me penetration a saw said continued we're bit products is thought didn't that And you robust spending. that have out we thing to habits to looking category backwards little experiences we they're that GMV people to to or asked back we specific online shopping So, and what to overall, don't ecommerce as a started we COVID expect I revert for. changed – certain little one are future. the pre-pandemic or go since permanently on characterize expect We've

convenience, some I to continue think and a more online, that's a see new out shop lot pretty of like maybe shopping strong people realize, proposition value dabbled time online grocery there in saver. good things and a like,

expect going that would stay. not share. they different in think certainly but be quickly I to So, and But are – I to takes penetration COVID, areas. is during here ecommerce to did continue they're grow going ecommerce as gain as gains going to And they're puts to takes

Victoria James

I sort Amazon, Walmart? you and guys any which think have you if of say like eBay to the else touch was, the on to follow-up question, about your performance marketplaces more my of started anything color, then big beyond

David Spitz

much number our largest, much, I think faster consistent numbers, in characterized than penetration what extent, eBay at I aggregate, somebody ago, a to the moment in same significant going with that things. And there's smaller. rate marketplaces, is long three But of Walmart. guess user on such smaller and law which some of grow that being expect of right? growing wouldn't the has population by innovation a category-specific Amazon, tail, said larger around Amazon them a that I lot that's as into been I to has large experience,

most that is you that's to Poland But popular Allegro trend are XX shopping. of of the Allegro, and sites in Americans see in The if Poland, other specific, long probably in the country often tail out they shopping go XXX right? were we of heard is never right? that, a one So, place

access critical channels, a for we be get a as shopping types market, may most the proposition. brand, to if to you that European but add those the want pretty of or priority interesting not a US-based brand you're they So, Polish becomes

selling are selling for combination us. a think volumes channels that category-specific and I of good region-specific helping So, it's channels drive

Operator

now And I this questions would at call I the am showing time. over back no further like to turn Garrabrant. to Raiford

Raiford Garrabrant

Thank you forward look soon. again speaking you, everyone, with for today. We joining us to

Operator

for participation. Ladies today. you that and your our Thank gentlemen, conference for conclude does

disconnect. now may You

ChannelAdvisor (ECOM) 10 Feb 222021 Q4 Earnings call transcript