(2) These non-GAAP financial measures, and the reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables.
| Key Operating Metrics (3) : | ||||||||||||
| As of December 31, | ||||||||||||
| 2023 | 2022 |
%
Change | ||||||||||
| Active Buyers(4) | 55,458 | 40,664 | 36 | % | ||||||||
| Percentage of Revenue from Existing Accounts(4) | 96 | % | 96 | % | ||||||||
| Accounts with Last Twelve-Months Spend of at Least $50,000(4) | 1,331 | 1,027 | 30 | % | ||||||||
| Active Paying Suppliers(4)(5) | 7,271 | 7,715 | (6 | )% | ||||||||
(3) These key operating metrics are for Marketplace and Supplier Services. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
(4) Amounts shown for Active Buyers, Accounts with Last Twelve-Months Spend of at Least $50,000, and Active Paying Suppliers are as of December 31, 2023 and 2022, and Percentage of Revenue from Existing Accounts is presented for the quarters ended December 31, 2023 and 2022.
(5) Excluding the impact of the exit of the supplies business, Active Paying Suppliers was flat year-over-year.
| Financial Guidance and Outlook: | ||||||||
| Q1 2024 | ||||||||
| (in millions) | ||||||||
| Low | High | |||||||
| Revenue | $ | 118 | $ | 120 | ||||
| Adjusted EBITDA | $ | (9 | ) | $ | (7 | ) | ||
- Expect Q1 2024 revenue growth of 12%-14% year-over-year to $118-$120 million.
- Expect Q1 2024 Adjusted EBITDA loss of $7.0-$9.0 million.
- Expect fiscal 2024 marketplace revenue growth of at least 20% year-over-year and expect supplier services revenue to be down approximately 10% year-over-year driven by the discontinuation of the sale of tools and materials and the wind down of non-core services.
- Expect to be Adjusted EBITDA profitable in the third quarter of 2024. For fiscal 2024, we expect improved operating leverage partly offset by international and enterprise growth investments.
