• Silver-tier churn: Elevated churn among silver subscribers persists despite improvements in buyer verification and lead quality, and the company will delay aggressive customer acquisition until the issue is resolved.
• Revenue and ARPU: Premium gold and platinum subscribers now contribute upwards of 75% of total revenue, while ARPU historically grows at 5% to 10% through price increases and tier upgrades.
• EBITDA margin outlook: Full-year standalone EBITDA margins are guided at 33% (plus or minus 1% to 2%), though quarterly fluctuations will continue due to seasonality and new investments.
• Core growth drivers: The core marketplace generates 90% of revenue and the vast majority of profit, whereas AI and SaaS-enabled initiatives such as Bizom will take time to become significant contributors.