eBay Inc (EBAY) 2008 Q4 法說會逐字稿

Good day, everyone.

今天是個好日子。

Welcome to eBay's fourth quarter and year end 2008 earnings results conference call.

歡迎參加 eBay 的 2008 年第四季度和年終收益結果電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time, I would like to turn the conference over to Mark Rowen, VP of Investor Relations.

此時，我想將會議轉交給投資者關係副總裁 Mark Rowen。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線員。

Good afternoon.

下午好。

Thank you for joining us, and welcome to eBay's earnings release conference call for the fourth quarter and full year of 2008.

感謝您加入我們，並歡迎參加 eBay 2008 年第四季度和全年財報電話會議。

Joining me on today's call are: John Donahoe, our President and Chief Executive Officer, and Bob Swan, our Chief Financial Officer.

和我一起參加今天的電話會議的有：我們的總裁兼首席執行官 John Donahoe 和我們的首席財務官 Bob Swan。

We are providing a slide presentation to accompany Bob's commentary during the call.

我們將在電話會議期間提供幻燈片演示，以配合 Bob 的評論。

This conference call is also being broadcast on the internet and both the presentation and call are available through the Investor Relations section of the eBay website at investor.eBay.com.

本次電話會議也在互聯網上播出，演示文稿和電話會議均可通過 eBay 網站investor.eBay.com 的投資者關係部分獲得。

Before we begin I'd like to remind you that during the course of this conference call we'll discuss some nonGAAP measures in talking about our Company's performance.

在開始之前，我想提醒您，在本次電話會議期間，我們將討論一些非 GAAP 措施來談論我們公司的業績。

You can find the reconciliation of those measure to the nearest comparable GAAP measures in the slide presentation accompanying the conference call.

您可以在電話會議隨附的幻燈片演示中找到這些措施與最接近的可比 GAAP 措施的對賬。

In addition, Management may make forward-looking statements relating to our future performance that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties including those relating to the Company's ability to grow its businesses user base and user activity.

此外，管理層可能會根據我們當前的預期、預測和假設就我們的未來業績做出前瞻性陳述，並涉及風險和不確定性，包括與公司發展其業務用戶群和用戶活動的能力有關的風險和不確定性。

Our actual results may differ materially from those discussed in this call for a variety of reasons including but not limited to: the impact of recent global economic events and the global economic downturn, foreign exchange rate fluctuations, changes in political business and economic conditions, our ability to profitably expand our business model to new types of merchandise and sellers, the impact and integration of recent and future acquisitions, our increasing need to grow revenues from users in established markets, an increasingly competitive environment for our businesses, the complexity of managing a growing company with a broad range of businesses, our need to manage regulatory tax, IP and litigation risks including risks specific to PayPal and the financial industry and risks specific to Skype technology and to the VoIP industry, and our need to upgrade our technology and customer service infrastructure at reasonable cost while adding new features and maintaining site stability.

由於多種原因，我們的實際結果可能與本次電話會議中討論的結果存在重大差異，包括但不限於：近期全球經濟事件和全球經濟低迷的影響、外匯匯率波動、政治商業和經濟狀況的變化、我們的將我們的商業模式盈利地擴展到新型商品和賣家的能力、近期和未來收購的影響和整合、我們日益需要從成熟市場的用戶那裡增加收入、我們的業務競爭日益激烈的環境、管理業務範圍廣泛的成長型公司，我們需要管理監管稅收、知識產權和訴訟風險，包括特定於 PayPal 和金融行業的風險以及特定於 Skype 技術和 VoIP 行業的風險，以及我們需要升級我們的技術和客戶以合理的成本提供服務基礎設施，同時添加新功能並維護站點穩定性是的。

You can find more information about factors that could affect our operating results in our most recent annual report on our Form 10K and our subsequent quarterly reports on form 10Q available at investor.eBay.com.

您可以在我們最近的 10K 表格年度報告和我們隨後的 10Q 表格季度報告中找到有關可能影響我們經營業績的因素的更多信息，請訪問investor.eBay.com。

You should not unduly rely on any forward-looking statements and we assume no obligation to update them.

您不應過分依賴任何前瞻性陳述，我們不承擔更新這些陳述的義務。

All information in the presentation is as of January 21, 2009, and we do not intend and undertake no duty to update this presentation.

演示文稿中的所有信息截至 2009 年 1 月 21 日，我們不打算也不承擔更新此演示文稿的義務。

And now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thank you, Mark.

謝謝你，馬克。

And good afternoon, everyone, and welcome to our Q4 earnings call.

大家下午好，歡迎參加我們的第四季度財報電話會議。

Today I'll talk about our results from both the Q4 and annual perspective.

今天我將從第四季度和年度的角度來談談我們的業績。

I'll then outline our key priorities for the coming year before turning it over to Bob for more details on the quarter and our Q1 '09 outlook.

然後，我將概述我們來年的主要優先事項，然後將其交給鮑勃，以了解有關本季度的更多詳細信息和我們 09 年第一季度的展望。

Let's start with a quick look at our Q4 results.

讓我們先快速瀏覽一下我們的第四季度業績。

Clearly we've been operating in an almost unprecedented external environment.

顯然，我們一直在一個幾乎前所未有的外部環境中運作。

You are all aware of the news that we've been reading.

你們都知道我們一直在閱讀的新聞。

This was an extremely difficult holiday season where consumer spending dropped dramatically while retail sales experienced the biggest decline in decades.

這是一個極其艱難的假日季節，消費者支出急劇下降，而零售額則經歷了幾十年來的最大跌幅。

And even e-commerce saw negative growth for the first time.

甚至電子商務也首次出現負增長。

There's no doubt that eBay was impacted by the macro economy, and our fourth results reflect this.

毫無疑問，eBay 受到了宏觀經濟的影響，我們的第四個結果反映了這一點。

Our revenue for the quarter was down about 7% to just over $2 billion, nonGAAP EPS was down about 9% to $0.41.

我們本季度的收入下降了約 7% 至略高於 20 億美元，非公認會計原則每股收益下降了約 9% 至 0.41 美元。

This is eBay's first negative year over year quarter.

這是 eBay 第一個同比負增長的季度。

We are not happy about that.

我們對此並不高興。

However, our Q4 revenue is within the quarterly guidance we set and our EPS is at the high end.

但是，我們的第四季度收入在我們設定的季度指導範圍內，我們的每股收益處於高端。

We knew the holiday season would be extremely challenging and we managed our business with a prudent mix of operating discipline and competitiveness.

我們知道假期將是極具挑戰性的，我們以謹慎的經營紀律和競爭力來管理我們的業務。

We fought for our sellers and buyers.

我們為我們的賣家和買家而戰。

Our focus was helping our sellers compete in a brutal competitive environment and offered great deals for buyers on eBay, while continuing to grow PayPal and the rest of our portfolio faster than e-commerce, and we achieved these goals.

我們的重點是幫助我們的賣家在殘酷的競爭環境中競爭，並在 eBay 上為買家提供超值優惠，同時繼續以比電子商務更快的速度發展 PayPal 和我們的其他產品組合，我們實現了這些目標。

Let me provide a couple of examples.

讓我舉幾個例子。

On eBay our highest rated sellers, those rated AAAA and above, grew their businesses 17% in the fourth quarter, once again demonstrating that sellers who deliver the best deals and a great shopping experience are growing their businesses on eBay.

在 eBay 上，我們評級最高的賣家（評級為 AAAA 及以上的賣家）在第四季度的業務增長了 17%，再次表明提供最優惠價格和出色購物體驗的賣家正在 eBay 上發展業務。

PayPal merchant services, total payment volume grew 35% in Q4 despite slowing e-commerce growth.

儘管電子商務增長放緩，但 PayPal 商家服務的總支付量在第四季度增長了 35%。

And classifieds continued to thrive in this tough economic victim.

在這個艱難的經濟受害者中，分類廣告繼續蓬勃發展。

To summarize, Q4 created unique challenges, but we executed well in a difficult environment.

總而言之，第四季度創造了獨特的挑戰，但我們在困難的環境中表現良好。

Now let me turn to the full year.

現在讓我談談全年。

Overall our annual financial results met the initial guidance we set at the beginning of the year.

總體而言，我們的年度財務業績符合我們在年初設定的初步指導。

And we accomplished this in a year where we embrace a tremendous amount of fundamental change and in a year where the external market deteriorated significantly.

我們在經歷了巨大的根本性變化的一年以及外部市場顯著惡化的一年中實現了這一目標。

Our performance for the full year not only reflects the strength of our portfolio but also the operating discipline and strategic clarity and focus with which have our Management Team is leading the Company going forward.

我們全年的業績不僅反映了我們投資組合的實力，還反映了我們的管理團隊領導公司前進的運營紀律、戰略清晰度和重點。

When I was named CEO at the beginning of last year I said that we were a strong Company with a great portfolio of assets.

去年年初我被任命為 CEO 時，我說我們是一家實力雄厚的公司，擁有豐富的資產組合。

I also said that our user experience on eBay had not kept up and we needed to make some fundamental changes to that business.

我還說過，我們在 eBay 上的用戶體驗沒有跟上，我們需要對該業務進行一些根本性的改變。

And so I set three clear priorities.

所以我設定了三個明確的優先事項。

First, make eBay safer and easier to use.

首先，讓 eBay 更安全、更易於使用。

Second, improve value and selection by combining fixed price with auctions in a uniquely eBay way.

其次，通過以獨特的 eBay 方式將固定價格與拍賣相結合，提高價值和選擇。

And third, extend PayPals leadership position both on and off eBay.

第三，擴大 PayPal 在 eBay 內外的領導地位。

At the beginning of the year I said that we would move aggressively in 2008 and exit the year a stronger Company, but that achieving our priorities would take time.

年初我曾說過，我們將在 2008 年大舉進軍，並在 2008 年成為更強大的公司，但實現我們的優先事項需要時間。

So let me recap how we did.

所以讓我回顧一下我們是怎麼做的。

We made more fundamental changes to our core eBay business than any point in our history, most of which we implemented in the second half of the year.

我們對核心 eBay 業務做出的根本性改變比我們歷史上任何時候都多，其中大部分是在下半年實施的。

Many of these changes were overdue and were things that our sellers had been asking for and our buyers had come to expect.

其中許多更改都已過期，並且是我們的賣家一直在要求的，而我們的買家也已經開始期待了。

And today eBay is safer and easier to use than a year ago.

今天的 eBay 比一年前更安全、更易於使用。

Our pricing is more competitive, our success is more aligned with that of our sellers and the fixed price at auction are becoming more balanced.

我們的定價更具競爭力，我們的成功與我們的賣家更加一致，拍賣的固定價格也變得更加平衡。

Let me be clear.

讓我說清楚。

We still have a lot of work to do.

我們還有很多工作要做。

We are evolving a large and complex marketplace and the significant structural changes we made in 2008 provide the necessary foundation for us to continue moving aggressively ahead to accelerate growth in our core business.

我們正在發展一個龐大而復雜的市場，我們在 2008 年做出的重大結構性變化為我們繼續積極推進以加速核心業務的增長提供了必要的基礎。

We also continue to expand the number of ways we connect buyers and sellers.

我們還繼續擴大連接買家和賣家的方式。

We have momentum in advertising, classifieds and StubHub.

我們在廣告、分類廣告和 StubHub 方面勢頭強勁。

For the full year text and graphical advertising revenue was up 139%.

全年文字和圖形廣告收入增長了 139%。

StubHub was up 54% and classifieds grew 57%.

StubHub 增長了 54%，分類廣告增長了 57%。

These alternative e-commerce formats are increasingly giving us profitable, scalable and more diverse ways to monetize our traffic and connect buyers and sellers.

這些替代的電子商務形式越來越多地為我們提供了盈利、可擴展和更多樣化的方式來貨幣化我們的流量並連接買家和賣家。

Collectively our alternative formats delivered over $1 billion in revenue in 2008.

2008 年，我們的替代格式共同帶來了超過 10 億美元的收入。

We've also strengthened PayPal both on and off eBay.

我們還加強了 eBay 內外的 PayPal。

PayPal increased its penetration on eBay by nine points during 2008 to 63%.

PayPal 在 2008 年將其在 eBay 的滲透率提高了 9 個百分點，達到 63%。

And we significantly expanded market share off eBay during the year.

我們在這一年中顯著擴大了 eBay 以外的市場份額。

And we reached two important milestones for eBay during 2008.

我們在 2008 年達到了 eBay 的兩個重要里程碑。

For the first time PayPal's TPV off eBay exceeded volume on eBay, and PayPal merchant services business is now a $1 billion business, up 45% year over year.

PayPal 在 eBay 上的 TPV 首次超過 eBay 上的交易量，PayPal 商家服務業務現在是 10 億美元的業務，同比增長 45%。

We also made two acquisitions that strengthened PayPal during the year which I'll elaborate more on in a minute.

在這一年裡，我們還進行了兩次收購，加強了 PayPal，我將在一分鐘內詳細說明。

Skype had a terrific year.

Skype 度過了美好的一年。

Revenues of $551 million were up 44% and registered users reached $405 million, up 47%.

收入 5.51 億美元，增長 44%，註冊用戶達到 4.05 億美元，增長 47%。

Skype user metrics improved significantly during the year.

Skype 用戶指標在這一年顯著改善。

As I said many times, Skype is a great stand-alone business and more and more people around the world are discovering the power of Skype as a communications school.

正如我多次說過的，Skype 是一個偉大的獨立企業，世界各地越來越多的人正在發現 Skype 作為通信學校的力量。

I love the Skype anecdote that Vice President Biden and his wife, Jill, shared earlier this week on Oprah.

我喜歡副總統拜登和他的妻子吉爾本週早些時候在奧普拉分享的 Skype 軼事。

Using Skype on their laptop the Bidens chatted live by video with their son who was in Iraq while the Bidens were back stage on election night.

拜登夫婦在他們的筆記本電腦上使用 Skype 通過視頻與他們在伊拉克的兒子實時聊天，而拜登夫婦在選舉之夜在後台。

What a fabulous example of how Skype helps family share important moments together regardless of where they are in the world.

Skype 如何幫助家人一起分享重要時刻，無論他們身在何處，這真是一個絕妙的例子。

Now across our portfolio technology is increase single a key enabler of our growth.

現在，在我們的投資組合技術中，增加單一是我們增長的關鍵推動力。

And we invested more in our eBay and PayPal technology platforms in 2008 than ever before.

2008 年，我們在 eBay 和 PayPal 技術平台上的投資比以往任何時候都多。

We also significantly strengthened our portfolio through the acquisitions of Fraud Sciences, Bill Me Later, DBA and BilBasen.

我們還通過收購 Fraud Sciences、Bill Me Later、DBA 和 BilBasen 顯著增強了我們的產品組合。

Fraud Sciences enhances PayPal's risk management capabilities.

Fraud Sciences 增強了 PayPal 的風險管理能力。

Bill Me Later further extends our leadership position in payments, and DBA and BilBasen, the top sites in Denmark, broaden our global leadership in online classifieds.

Bill Me Later 進一步擴大了我們在支付領域的領導地位，丹麥頂級網站 DBA 和 BilBasen 擴大了我們在在線分類廣告方面的全球領導地位。

Now while strategically investing $1.6 billion in our portfolio through these acquisitions, we also maintained a healthy balance sheet, ending the year with more than $3 billion in cash.

現在，在通過這些收購戰略性地向我們的投資組合投資 16 億美元的同時，我們還保持了健康的資產負債表，年底現金超過 30 億美元。

Organizationally we strengthened our Management Team and drove greater operating discipline across our Company.

在組織上，我們加強了我們的管理團隊，並在整個公司推動了更嚴格的運營紀律。

As the economy began to turn we took decisive action early and quick to the simplify our organization and reduce our global workforce by approximately 10%.

隨著經濟開始好轉，我們及早迅速採取了果斷行動，以簡化我們的組織並將我們的全球勞動力減少約 10%。

As a result we are entering 2009 with a prudent cost structure.

因此，我們以審慎的成本結構進入 2009 年。

And last but not least, we met our financial commitments to you.

最後但同樣重要的是，我們履行了對您的財務承諾。

Simply put, we did what we said we would do.

簡而言之，我們做了我們說過要做的事情。

We delivered double-digit revenue and earnings growth and generated $2.3 billion in free cash flow while maintaining a healthy balance sheet.

我們實現了兩位數的收入和盈利增長，並產生了 23 億美元的自由現金流，同時保持了健康的資產負債表。

All in all we played a pretty decent game when most playbooks failed.

總而言之，當大多數劇本都失敗時，我們玩得相當不錯。

That's not to say we're content.

這並不是說我們滿足。

We are aware of the challenges we face and I am intent on continuing to address these.

我們意識到我們面臨的挑戰，我打算繼續解決這些問題。

But we also have significant opportunities and I'm confident about our companies future.

但我們也有重要的機會，我對我們公司的未來充滿信心。

We have exited 2008 a stronger Company.

我們已經退出了 2008 年更強大的公司。

Our portfolio is more diversified than ever and we are more effectively monetizing our platforms in a greater variety of ways.

我們的產品組合比以往任何時候都更加多樣化，並且我們正在以更多樣化的方式更有效地通過我們的平台獲利。

And I'll remind you that we have proven business models that have significant growth opportunities.

我會提醒你，我們已經證明了具有重大增長機會的商業模式。

We still have a lot of work to do in our core eBay business.

在我們的核心 eBay 業務上，我們還有很多工作要做。

Our priorities are on making eBay safer and easier to use and improving value and selection remain consistent for 2009.

我們的首要任務是讓 eBay 更安全、更易於使用，並在 2009 年保持一致的價值和選擇。

We are making the necessary changes, tough changes, and we are doing so with focus and conviction.

我們正在做出必要的改變，艱難的改變，我們這樣做是帶著專注和信念的。

At the same time we have a powerful portfolio, one that I frankly believe is not fully credited in the value of the Company.

同時，我們擁有強大的投資組合，坦率地說，我認為它並沒有完全體現在公司的價值中。

And during 2009 PayPal, Bill Me Later, advertising, classifieds, StubHubs and our other businesses will continue to contribute more revenue, more earnings and more opportunities as we grow, scale and diversify the ways in which we connect buyers and sellers and monetize traffic.

在 2009 年期間，隨著我們連接買家和賣家以及將流量貨幣化的方式的發展、規模和多樣化，PayPal、Bill Me Later、廣告、分類廣告、StubHubs 和我們的其他業務將繼續貢獻更多的收入、更多的收入和更多的機會。

We are the global e-commerce leader and we intend to maintain and extend that position.

我們是全球電子商務領導者，我們打算保持並擴大這一地位。

The macro economic environment will continue to be extremely challenging in 2009, and we plan conservatively.

2009 年宏觀經濟環境仍將充滿挑戰，我們保守規劃。

But tough times create opportunities for strong companies to get stronger and we intend to do just that in 2009.

但艱難時期為強大的公司創造了變得更強大的機會，我們打算在 2009 年做到這一點。

Now we'll turn it over to Bob for more details on the quarter and our financial outlook for Q1 '09.

現在我們將把它交給鮑勃，以了解有關該季度的更多詳細信息以及我們對 09 年第一季度的財務展望。

Thanks, John.

謝謝，約翰。

First I'll review our Q4 and full year 2008 financial performance in some detail and then I'll discuss guidance for the first quarter of 2009.

首先，我將詳細回顧我們的第四季度和 2008 年全年財務業績，然後我將討論 2009 年第一季度的指導。

During my discussion I'll reference our earnings slides presentation that accompanies the webcast.

在我的討論中，我將參考網絡廣播隨附的收益幻燈片演示文稿。

All growth rates mentioned in my prepared remarks represent year over year comparisons unless I clarify otherwise.

除非我另有說明，否則我準備好的評論中提到的所有增長率都代表逐年比較。

Overall our revenue is down 7%, nonGAAP earnings were down 9%, and we generated $525 million in free cash flow during the quarter.

總體而言，我們的收入下降了 7%，non-GAAP 收益下降了 9%，並且我們在本季度產生了 5.25 億美元的自由現金流。

Q4 financial results were impacted by a difficult economic environment coupled with a strengthening US dollar.

第四季度財務業績受到艱難的經濟環境和美元走強的影響。

Through belt tightening we were able to deliver at the high-end of our EPS guidance range despite the fact that the revenue came in at the low end.

儘管收入處於低端，但通過收緊腰帶，我們仍能實現每股收益指導範圍的高端。

2008 overall was a good year financially, strong revenue growth, stronger EPS growth and excellent free cash flow.

2008 年總體上是財務狀況良好的一年，強勁的收入增長、強勁的每股收益增長和出色的自由現金流。

We had a strong first half with revenue and EPS up 22% and 25% respectively, but the second half proved to be extremely challenging as global e-commerce slowed, the dollar strengthened considerably and interest rates declined.

我們上半年表現強勁，收入和每股收益分別增長 22% 和 25%，但隨著全球電子商務放緩、美元大幅走強和利率下降，下半年被證明極具挑戰性。

Let's take a closer look at our Q4 results.

讓我們仔細看看我們的第四季度業績。

Our combined businesses generated net revenues of $2 billion in the fourth quarter, a 7% decrease.

我們合併後的業務在第四季度產生了 20 億美元的淨收入，下降了 7%。

Organic revenue excluding acquisitions and foreign exchange was down 3%, and couponing spend reduced revenue growth by an additional three points.

不包括收購和外彙的有機收入下降了 3%，優惠券支出使收入增長額外降低了 3 個百分點。

Revenue was negatively impacted throughout the quarter by weakness in the economy as well as a much stronger US dollar.

由於經濟疲軟和美元走強，整個季度的收入都受到了負面影響。

Despite the tough economic environment, PayPal merchant services, classified, advertising and Skype delivered strong growth.

儘管經濟環境艱難，PayPal 商家服務、分類、廣告和 Skype 仍實現了強勁增長。

NonGAAP EPS was $0.41 in the quarter, a 9% decrease.

本季度非公認會計準則每股收益為 0.41 美元，下降 9%。

Excluding the impact of the strengthening dollar our EPS increased 7%.

排除美元走強的影響，我們的每股收益增長了 7%。

Tight cost controls offset the impact of lower volume and higher coupon expense.

嚴格的成本控制抵消了數量減少和優惠券費用增加的影響。

Our operating margin for the quarter what 32.8%.

我們本季度的營業利潤率為 32.8%。

We generated free cash flow of $525 million CapEx as a percent of revenues came in at 8%.

我們產生了 5.25 億美元資本支出的自由現金流，佔收入的 8%。

Return on invested capital decreased to 26.6% on a trailing 12-month basis.

過去 12 個月的投資資本回報率下降至 26.6%。

The decline was primarily attributable to an increase in invested capital due to the acquisitions of Bill Me Later and DBA, BilBasen in the quarter.

下降的主要原因是本季度收購 Bill Me Later 和 DBA、BilBasen 導致投資資本增加。

Now let's take a look at our segment results.

現在讓我們看看我們的細分結果。

Overall our marketplaces businesses segment achieved net revenues of $1.3 billion, a 16% decrease.

總體而言，我們的市場業務部門實現了 13 億美元的淨收入，下降了 16%。

Excluding the impact of currency, revenues were down 10%.

排除貨幣影響，收入下降了 10%。

Transaction revenue decreased 18%, while marketing services revenues stayed flat.

交易收入下降 18%，而營銷服務收入持平。

The year over year change in transaction revenues was primarily driven by declining ASPs, a strengthening dollar, as well as our coupon campaign and seller discounts which are recorded as contra revenue.

交易收入的同比變化主要是由於平均售價下降、美元走強以及我們的優惠券活動和賣家折扣被記錄為對沖收入。

Marketing services continued to become a bigger component of the marketplaces revenue and as we expand our formats and methods of monetization on the site.

營銷服務繼續成為市場收入的更大組成部分，並且隨著我們在網站上擴展我們的格式和貨幣化方法。

Classifieds grew 48%, text and graphical advertising were up 47%, Shopping.com declined 50%, as rule changes made by search engines last summer disrupted shopping traffic.

分類廣告增長了 48%，文本和圖形廣告增長了 47%，Shopping.com 下降了 50%，原因是去年夏天搜索引擎做出的規則更改擾亂了購物流量。

A couple of quick highlights on operational metrics for marketplaces.

關於市場運營指標的幾個快速亮點。

Active user growth came in at 5% on a trailing 12-month basis excluding China and Taiwan.

不包括中國大陸和台灣地區，過去 12 個月的活躍用戶增長率為 5%。

Sold items were up 3% in the quarter.

本季度售出的商品增長了 3%。

GMV on a geographic basis had USX vehicles down 9% and international flat on an FX neutral basis.

在地理基礎上，USX 車輛的 GMV 下降了 9%，在外匯中性的基礎上，國際持平。

We remain encouraged by our progress in the fixed price format which accounted for 49% of GMV in the quarter and continued to perform better than the market.

我們仍然對我們在固定價格格式方面取得的進展感到鼓舞，該格式佔本季度 GMV 的 49%，並且繼續表現優於市場。

Now let's turn to our payments business.

現在讓我們轉向我們的支付業務。

PayPal posted a strong quarter and now represents 31% of company-wide revenues.

PayPal 公佈了強勁的季度業績，目前占公司總收入的 31%。

Total revenue came in at $623 million, an increase -- an 11% increase.

總收入為 6.23 億美元，增長了 11%。

Total payment volume was $16 billion, an increase of 14%.

支付總額為 160 億美元，增長 14%。

PPV increased by 13% in the US while growing by 15% internationally.

PPV 在美國增長了 13%，而在國際上增長了 15%。

PayPal continues to move towards ubiquity on the web, to increase penetration on eBay and an increase single expanded footprint beyond eBay.

PayPal 繼續朝著網絡上無處不在的方向發展，以增加在 eBay 上的滲透率，並在 eBay 之外增加單一的擴展足跡。

PayPal extended its international presence with 45% of revenues coming from outside the US.

PayPal 擴大了其國際業務，其中 45% 的收入來自美國以外。

In key operating metrics, global active PayPal accounts grew to $70 million, an increase of 23%.

在關鍵運營指標中，全球活躍的 PayPal 賬戶增長到 7000 萬美元，增長了 23%。

On eBay, PayPals global penetration rate of addressable GMV increased to 63%.

在 eBay 上，PayPal 的可尋址 GMV 全球滲透率提高到 63%。

Beyond the eBay platform PayPal merchant services business posted a strong quarter despite the difficult economic environment.

儘管經濟環境艱難，但 eBay 平台之外的 PayPal 商家服務業務季度表現強勁。

Merchant services recorded $8.3 billion of global PPV in the quarter representing 35% growth and accounting for 52% of total TPV.

商戶服務在本季度錄得 83 億美元的全球 PPV，增長 35%，佔總 TPV 的 52%。

PayPals global take rate came in at 3.78% in the third quarter while transaction margins were 61%.

貝寶第三季度的全球接受率為 3.78%，而交易利潤率為 61%。

I'd also like to discuss some key operating metrics for our latest acquisition, Bill Me Later, a leading online transactional credit provider.

我還想討論我們最新收購的 Bill Me Later 的一些關鍵運營指標，這是一家領先的在線交易信貸提供商。

This strategic addition to our portfolio strengthens and extends PayPals leadership position and online payments.

我們產品組合的這一戰略性補充加強並擴展了 PayPal 的領導地位和在線支付。

Our portfolio balance at year end was $570 million.

我們年底的投資組合餘額為 5.7 億美元。

BMLs unique transactional based credit decisioning model enables the business to adapt to the changing economic environment while earning a higher than industry average risk adjusted margin.

BML 獨特的基於交易的信用決策模型使企業能夠適應不斷變化的經濟環境，同時獲得高於行業平均風險調整後的利潤率。

In a tough credit climate, the BML team has been tightening their credit decision model.

在嚴峻的信貸環境下，BML 團隊一直在收緊他們的信貸決策模型。

As expected net charge-offs as a percent of receivables have increased moderately, but the increase is much less than other credit issuers and in line with our expectations.

正如預期的那樣，淨沖銷占應收賬款的百分比適度增加，但增幅遠低於其他信貸發行人，符合我們的預期。

We continue to make progress with the integration of Bill Me Later and PayPal.

我們繼續在 Bill Me Later 和 PayPal 的集成方面取得進展。

We terminated BMLs high cost financing facility and replaced it with eBay's lower cost to borrowing.

我們終止了 BML 的高成本融資機制，並用 eBay 的較低借貸成本取而代之。

Cross promotional efforts with the BML and PayPal customers is progressing as expected and we've begun integrating our risk management and sales function as well.

與 BML 和 PayPal 客戶的交叉促銷工作正在按預期進行，我們也開始整合我們的風險管理和銷售功能。

The acquisition is off to a great start.

此次收購有了一個良好的開端。

Now let's turn to our communications business.

現在讓我們轉向我們的通信業務。

Skype posted total revenue of $145 million in the quarter, an increase of 26%.

Skype 本季度總收入為 1.45 億美元，增長 26%。

Excluding currency translation, Skype revenue accelerated five points in the quarter.

剔除貨幣換算，本季度 Skype 收入增長了 5 個百分點。

Total registered users grew to an impressive 405 million, represented an increase of 47%.

註冊用戶總數增長到令人印象深刻的 4.05 億，增長了 47%。

Skype to Skype minutes increased to more than 20 billion in the quarter, represent 72% growth.

Skype 到 Skype 的分鐘數在本季度增加到超過 200 億，增長了 72%。

Skype out increased by 61% to 2.6 billion minutes.

Skype out 增加了 61%，達到 26 億分鐘。

The team at Skype continues to invest and grow the business while maintaining attractive margins.

Skype 團隊繼續投資和發展業務，同時保持可觀的利潤。

Overall Skype had an extremely good year with strong user metrics and increasing global footprint, recording over $550 million in revenue and segment margins of approximately 21%.

總體而言，Skype 的一年非常好，用戶指標強勁，全球足跡不斷擴大，收入超過 5.5 億美元，細分市場利潤率約為 21%。

Now let me touch briefly on ink level operating expenses and cash position before I discuss guidance.

現在讓我在討論指導之前簡要介紹一下墨水水平的運營費用和現金狀況。

We recorded $668 million of nonGAAP operating income and nonGAAP net income of $524 million.

我們記錄了 6.68 億美元的非公認會計原則營業收入和 5.24 億美元的非公認會計原則淨收入。

Sales and marketing as a percent of revenue decreased by 300 basis points, largely due to investments in buyer loyalty and retention, much of which gets recorded as contra revenue instead of being expensed as sales and marketing.

銷售和營銷佔收入的百分比下降了 300 個基點，主要是由於對買家忠誠度和保留率的投資，其中大部分被記錄為對沖收入，而不是作為銷售和營銷費用。

Product development came in 30 basis points higher than last year while G&A was 80 basis points lower.

產品開發比去年高出 30 個基點，而 G&A 則低 80 個基點。

We now have a separate line item for provision for losses which includes a number of items including: transaction losses and marketplaces and PayPal, consumer protection guarantees, and BML loan losses.

我們現在有一個單獨的項目損失準備金，其中包括許多項目，包括：交易損失和市場和 PayPal、消費者保護擔保和 BML 貸款損失。

Cash and cash equivalents were $3.2 billion at year end.

截至年底，現金和現金等價物為 32 億美元。

Of this, $300 million was held in the US.

其中，3億美元存放在美國。

Net cash was $2.2 billion as we drew down $1 billion on our line of credit to finance the BML acquisition.

淨現金為 22 億美元，因為我們從信貸額度中提取了 10 億美元來為 BML 收購提供資金。

We had $840 million remaining on our credit facility at the end of the year.

到年底，我們的信貸額度還剩 8.4 億美元。

Before we get to the outlook for 2009 I'd like to put the full year 2008 in context.

在我們展望 2009 年之前，我想先將 2008 年全年放在上下文中。

Overall it was a strong year for us.

總的來說，這對我們來說是強勁的一年。

We delivered $8.5 billion in revenues, an 11% increase, $1.71 of EPS, a 12% increase, and we generated $2.3 billion of free cash flow during the course of the year.

我們實現了 85 億美元的收入，增長了 11%，每股收益 1.71 美元，增長了 12%，我們在這一年中產生了 23 億美元的自由現金流。

We delivered solid operating margins of 32% with segment margins flat or better across all three of our business segments for the year.

我們全年實現了 32% 的穩健營業利潤率，所有三個業務部門的部門利潤率持平或更高。

It was a year where we embarked on a series of bold actions to improve the competitiveness of our core eBay business: expanding selection, making the site safer and easier to use and improving the value of deals on the site.

這一年，我們採取了一系列大膽的行動來提高我們核心 eBay 業務的競爭力：擴大選擇範圍、使網站更安全、更易於使用以及提高網站交易的價值。

John captured this earlier in his remarks.

約翰早些時候在他的講話中抓住了這一點。

We've demonstrated some good progress, but lots of work remains to be done.

我們已經取得了一些良好的進展，但仍有許多工作要做。

We also continue to expand the ways we connect our community of users across our portfolio of businesses.

我們還將繼續擴展在我們的業務組合中連接用戶社區的方式。

And as a result we have an increase single diverse portfolio of businesses and revenue stream.

因此，我們擁有越來越多的單一多元化業務組合和收入流。

Over the last three years we've virtually doubled the size of the Company, expanded our global footprint with 54% of our business coming from outside the US, and diversified our revenue stream with about 45% of revenues coming from non-eBay transaction revenue.

在過去三年中，我們幾乎將公司規模擴大了一倍，擴大了我們的全球業務，54% 的業務來自美國以外，並使我們的收入來源多樣化，約 45% 的收入來自非 eBay 交易收入.

Our recent acquisition of Bill Me Later and DBA, BilBasen will allow to us continue to extend the way we connect buyers and sellers.

我們最近收購了 Bill Me Later 和 DBA，BilBasen 將使我們能夠繼續擴展我們連接買家和賣家的方式。

We have lots of work to do, but believe we end 2008 with a stronger and healthier portfolio of businesses well-positioned to deal with extremely turbulent economic times.

我們有很多工作要做，但相信我們將在 2008 年結束時擁有更強大、更健康的業務組合，這些業務組合能夠很好地應對極其動蕩的經濟時代。

Let me put some context around our guidance.

讓我為我們的指導提供一些背景信息。

Historically we've given full-year guidance on our Q1 call and will not be doing so today.

從歷史上看，我們在第一季度電話會議上給出了全年指導，今天不會這樣做。

The uncertain and unprecedented economic environment, coupled with the volatile currency movement, make it difficult to provide any meaningful outlook beyond the first quarter.

不確定和前所未有的經濟環境，加上波動的貨幣走勢，使得很難在第一季度之後提供任何有意義的前景。

So let me turn to our first quarter nonGAAP guidance.

因此，讓我轉向我們的第一季度非公認會計準則指導。

In Q1 we expect to generate revenues of $1.8 billion to $2.05 billion and nonGAAP EPS of $0.32 to $0.34.

在第一季度，我們預計將產生 18 億至 20.5 億美元的收入和 0.32 至 0.34 美元的非公認會計原則每股收益。

GAAP EPS is expected to be in the range of $0.21 to $0.23.

GAAP EPS 預計在 0.21 美元至 0.23 美元之間。

Our guidance reflects tight cost controls against a backdrop of weaker consumer spending, along with a negative impact from foreign exchange and lower interest rates, both of which had a significant impact on our business.

我們的指引反映了在消費者支出疲軟的背景下嚴格的成本控制，以及外彙和較低利率的負面影響，這兩者都對我們的業務產生了重大影響。

The midpoint of our guidance is down about 12% over the first quarter of 2008.

我們指導的中點比 2008 年第一季度下降了約 12%。

The biggest driver of this decline is a stronger US dollar which will cost us approximately 10-points of growth in the quarter.

這種下降的最大驅動因素是美元走強，這將使我們在本季度損失大約 10 個百分點的增長。

Our EPS at $0.32 to $0.34 is down 22% year on year.

我們的每股收益為 0.32 美元至 0.34 美元，同比下降 22%。

The stronger dollar, lower interest rates, and dilution from our recent acquisitions will cost us approximately $0.11 in the quarter.

美元走強、利率下降以及我們最近收購的稀釋將使我們在本季度損失約 0.11 美元。

After adjusting for these factors, tight cost controls will offset the impact from volume declines, mix and investments in our higher growth businesses.

在對這些因素進行調整後，嚴格的成本控制將抵消銷量下降、組合和對我們較高增長業務的投資的影響。

Without trying to predict where currencies and interest rates will be throughout the year, I've highlighted the impact these factor will have on the business, along with the dilution from acquisitions, assuming rates remain at their current levels.

在沒有試圖預測全年貨幣和利率的位置的情況下，我強調了這些因素將對業務產生的影響，以及收購帶來的稀釋，假設利率保持在當前水平。

The combined impact on the full year would be more than $600 million in revenue and $0.30 or more to EPS.

對全年的綜合影響將超過 6 億美元的收入和 0.30 美元或更多的每股收益。

Our challenge in this environment is to focus on what we can control, which means we will manage cost diligently as we seek a clear picture on the economy and the overall growth rate of the business.

在這種環境下，我們面臨的挑戰是專注於我們可以控制的事情，這意味著我們將努力管理成本，同時尋求對經濟和業務整體增長率的清晰了解。

At the same time we'll continue to invest in the higher growth businesses within our portfolio.

與此同時，我們將繼續投資於我們投資組合中的高增長業務。

In summary as John said we are clear about the challenges and opportunities we have in front of us.

總之，正如約翰所說，我們清楚擺在我們面前的挑戰和機遇。

We are clear on what needs to be done in order to accelerate future growth in our eBay business, and I believe our best -- we have our best people in place to focus on our most difficult challenges.

我們很清楚需要做些什麼來加速我們 eBay 業務的未來增長，我相信我們是最好的——我們擁有最優秀的人員來專注於我們最困難的挑戰。

We will focus on growing and strengthening our portfolio by extending our leadership position to meet commerce online payments and online communications.

我們將通過擴大我們的領導地位來滿足商業在線支付和在線通信的需求，專注於發展和加強我們的產品組合。

We believe the financial architecture of our plan will allow to us invest in and continue to make the necessary changes to our business, while still delivering strong top line, bottom line and free cash flow to our shareholders.

我們相信，我們計劃的財務架構將使我們能夠投資並繼續對我們的業務做出必要的改變，同時仍然為我們的股東提供強勁的收入、利潤和自由現金流。

And now we'd be happy to answer your questions.

現在我們很樂意回答您的問題。

Operator?

操作員？

Thank you.

謝謝你。

(Operator Instructions) We'll hear first from Doug Anmuth with Barclay's Capital.

（操作員說明）我們將首先收到來自巴克萊資本的 Doug Anmuth 的消息。

Great.

偉大的。

Thank you for taking my question.

謝謝你接受我的問題。

A couple of things.

有幾件事。

First, I was hoping you could give some color on conversion rates and ASPs in terms of I assume the declines there that you have in previous quarters.

首先，我希望您可以根據我假設您在前幾個季度的下降情況對轉換率和 ASP 給出一些顏色。

And then secondly, can you comment on the increased emphasis that you guys have put recently on largest merchants and in particular the buy.com relationship and how other similar ones have gone so far?

其次，您能否評論一下你們最近對最大商家特別是buy.com 關係的日益重視，以及迄今為止其他類似的關係如何？

Do you expect the platform to continue to move in this direction, and what does this mean overtime for some of the smaller sellers on eBay?

您是否期望該平台繼續朝這個方向發展，這對 eBay 上的一些小賣家來說意味著什麼？

Thank you.

謝謝你。

Hey, Doug, let me tackle the first one and then have John address the second one.

嘿，道格，讓我解決第一個問題，然後讓約翰解決第二個問題。

What we indicated for the quarter is our sold items grew by about 3%.

我們在本季度表示的是我們的已售商品增長了約 3%。

And that's a function of the equation you've seen throughout the year with strong listings growth, but having an impact on conversion rates, so conversion rates did come down.

這是您全年看到的等式的函數，列表數量強勁增長，但對轉化率有影響，因此轉化率確實下降了。

GMV and our core business, excluding vehicles, was down 4%, excluding the effect of currencies.

剔除貨幣影響，GMV 和我們的核心業務（不包括汽車）下降了 4%。

The difference is the seven-point decline in ASPs during the quarter, as we saw consumers continue to trade down and also we continue to serve up the great deals on eBay in a more effective and efficient manner with our new search platform.

不同之處在於本季度 ASP 下降了 7 個百分點，因為我們看到消費者繼續下降，而且我們繼續通過我們的新搜索平台以更有效和高效的方式在 eBay 上提供優惠。

And, Doug, on your second question on the larger merchants, here's how we view it.

而且，道格，關於你關於大商家的第二個問題，我們是這樣看待它的。

Let me just say right up front, we are still committed to individual small sellers.

讓我先說一下，我們仍然致力於個別小賣家。

So that, creating opportunity for them to sell on eBay, is as true today as it was five years ago.

因此，為他們創造在 eBay 上銷售的機會，在今天和五年前一樣真實。

That said, what sellers have been telling us for years, the most successful sellers that have been scaling their businesses say that eBay is a very hard platform to scale on, and at some point they reach a point where the way we operate is challenging for them.

也就是說，賣家多年來一直在告訴我們的是，那些一直在擴展業務的最成功的賣家都表示，eBay 是一個非常難以擴展的平台，並且在某些時候，他們達到了我們運營方式面臨挑戰的地步他們。

And so we are evolving our platform to make it easier for larger merchants to upload high volumes of inventory on eBay.

因此，我們正在改進我們的平台，以使大型商家更容易在 eBay 上上傳大量庫存。

And we are also trying to make it easier to move deep volume on eBay.

我們也在努力讓在 eBay 上轉移深度交易變得更容易。

One of the encouraging things we saw in the fourth quarter was, you may have seen our deal of the day promotions.

我們在第四季度看到的令人鼓舞的事情之一是，您可能已經看到了我們的當日促銷活動。

And we had several examples where sellers came in and said, we are going to offer an extraordinary deal on a given item.

我們有幾個例子，賣家進來說，我們將為給定的商品提供非凡的交易。

And we had sellers that were moving 5,000, 6,000, 7,000 items within 24-hour period of time.

我們有賣家在 24 小時內運送 5,000、6,000、7,000 件商品。

So we don't view it as either or.

所以我們不認為它是非此即彼。

Our ambition is to have the most diverse selection and the most flexible platform so that both small sellers and large sellers can compete and drive good values and deals for buyers.

我們的目標是擁有最多樣化的選擇和最靈活的平台，以便小賣家和大賣家都可以競爭並為買家帶來良好的價值和交易。

Operator, we'll take the next question.

接線員，我們將回答下一個問題。

If we could ask the callers to limit themselves to one question, so more people get a chance to ask questions, we'd appreciate it.

如果我們可以要求呼叫者將自己限制在一個問題上，以便更多人有機會提問，我們將不勝感激。

Thank you.

謝謝你。

We'll move next to Scott Devitt with Stifel Nicolaus.

我們將和 Stifel Nicolaus 一起搬到 Scott Devitt 旁邊。

I'll limit it to one.

我將其限制為一個。

In reference to Skype, in the slide you noted that the revenue accelerated by 500 basis points on an organic basis, and so now it's on a run rate of north of $600 million in revenue and segment margins of above $120 million.

關於 Skype，您在幻燈片中指出，收入有機增長了 500 個基點，因此現在它的收入運行率超過 6 億美元，部門利潤率超過 1.2 億美元。

So I was wonder if you could just update us on your thoughts or plans in terms of creating shareholder value with Skype.

因此，我想知道您是否可以向我們介紹您在使用 Skype 創造股東價值方面的想法或計劃。

Thanks.

謝謝。

Thanks, Scott.

謝謝，斯科特。

I said from the beginning, I said a year ago, Skype is a great stand-alone business and that I was uncertain of the synergies between Skype and the other parts of our portfolio.

我從一開始就說過，一年前我說過，Skype 是一個偉大的獨立業務，我不確定 Skype 與我們產品組合的其他部分之間的協同作用。

And today I still think it's a great stand-alone business, and as you referenced, I think we've done a great job on really strengthening this business this year.

今天我仍然認為這是一個偉大的獨立業務，正如你所提到的，我認為我們今年在真正加強這項業務方面做得很好。

I think Josh Silverman and his team who I put in really March or April have had a very positive impact on this business.

我認為我在 3 月或 4 月投入的 Josh Silverman 和他的團隊對這項業務產生了非常積極的影響。

Skype to Skype minutes last Q4 were growing at 26%.

去年第四季度，Skype 到 Skype 的分鐘數增長了 26%。

Today they are growing at 72%.

今天，它們以 72% 的速度增長。

Primarily because more and more users are adopting this product in tough economic times, a free product has a lot of traction.

主要是因為越來越多的用戶在經濟困難時期採用該產品，免費產品具有很大的吸引力。

Skypeout minutes have gone from 7% last Q4 to 61% growth this Q4 and as we said it's a $600 million run rate with 20% margin.

Skypeout 分鐘數從去年第四季度的 7% 增長到今年第四季度的 61%，正如我們所說，這是 6 億美元的運行率，利潤率為 20%。

So there is no doubt this is a great stand-alone business that's getting stronger.

因此，毫無疑問，這是一個越來越強大的獨立業務。

I think we are now confident that the synergies between Skype and the other parts of our portfolio are minimal.

我認為我們現在確信 Skype 與我們產品組合的其他部分之間的協同作用微乎其微。

So we are going to continue to run and operate the business.

因此，我們將繼續經營和經營業務。

It's not a distraction currently and at such time when we have further announcement to that we'll let you know.

這不是目前的分心，當我們有進一步的公告時，我們會通知您。

But for now we are very pleased of the momentum of the business and it's not a distraction.

但就目前而言，我們對業務的發展勢頭感到非常滿意，這不會讓人分心。

Thank you, next question, please.

謝謝，請下一個問題。

Our next question will come from James Mitchell with Goldman Sachs.

我們的下一個問題將來自高盛的詹姆斯米切爾。

Mr.

先生。

Mitchell, your line is open.

米切爾，你的線是開放的。

You may be on mute.

您可能處於靜音狀態。

Hearing no response, on to our next question, Mark Mahaney with Citi.

沒有聽到任何回應，繼續我們的下一個問題，花旗的 Mark Mahaney。

Great.

偉大的。

Thanks.

謝謝。

Wanted to ask about product development priorities in the marketplace side.

想詢問市場方面的產品開發優先事項。

John, you've done a lot of changes -- or eBay has done a lot of changes targeting both buyers and sellers.

約翰，你做了很多改變——或者 eBay 做了很多針對買家和賣家的改變。

If you think about 2009 could you just tick off what you would now view as the top three priorities in terms of improvements you want to make?

如果您考慮一下 2009 年，您是否可以勾選您現在認為的三大優先事項，即您想要進行的改進？

Thank you.

謝謝你。

Sure, Mark, thanks.

當然，馬克，謝謝。

So I'm pleased with the progress we made in 2008.

所以我對我們在 2008 年取得的進展感到高興。

I'm frustrated it hasn't yet translated into enhanced revenue and GMV growth, but at the beginning of the year we laid out three priorities, and let me just comment on each.

我很沮喪它還沒有轉化為增加的收入和 GMV 的增長，但在今年年初，我們提出了三個優先事項，讓我對每一個進行評論。

I said that eBay's competitive position hadn't kept up, and that we needed to focus first on safety or trust.

我說 eBay 的競爭地位沒有跟上，我們需要首先關注安全或信任。

And so a year ago we had no incentives for sellers to provide a safe and good service experience.

所以一年前，我們沒有激勵賣家提供安全和良好的服務體驗。

Today we have DSRs and sellers discounts tied to DSRs and there is evidence that it's clearly a safer place to shop as evidenced by the high growth rates of high DSR sellers, but we still have more room to go.

今天，我們有 DSR 和與 DSR 相關的賣家折扣，有證據表明，這顯然是一個更安全的購物場所，高 DSR 賣家的高增長率證明了這一點，但我們仍有更大的發展空間。

I said we want to make it easier.

我說我們想讓它變得更容易。

A year ago we only had pictures on two-thirds of the listings on eBay.

一年前，我們在 eBay 上只有三分之二的商品有圖片。

And today gallery, as an example, is now over 95%, but we still need to make it easier.

以今天的畫廊為例，現在已經超過 95%，但我們仍然需要讓它變得更容易。

And then on value and selection this is the one we made the most fundamental or structural changes.

然後在價值和選擇上，這是我們做出的最基本或結構性的改變。

And a year ago you remember we were still using a fundamentally auction approach to both auctions and fixed price on eBay.

一年前，您還記得我們仍然在 eBay 上對拍賣和固定價格使用基本拍賣方法。

So we treated all listings the same.

因此，我們對所有列表都一視同仁。

Time ending soonest was our search approach on all listings and we priced both fixed price and auctions exactly the same across all categories.

最快結束時間是我們對所有列表的搜索方法，我們對所有類別的固定價格和拍賣定價都完全相同。

And 12 short months later, we've made -- we've rebalanced pricing overall above auctions and fixed price and then we fundamentally changed how we approached fixed price, so that we can now optimize auctions and fixed price, namely we cut fixed price insertion fees to almost zero.

短短 12 個月後，我們已經做出了——我們重新平衡了拍賣和固定價格之上的整體定價，然後我們從根本上改變了我們接近固定價格的方式，以便我們現在可以優化拍賣和固定價格，即我們降低固定價格插入費用幾乎為零。

We made them category based, and we've gone in Q4 to popularity sort for fixed price item.

我們使它們基於類別，並且我們已經在第四季度對固定價格項目進行了人氣排序。

So I think, I would characterize what we've done in 2008 as sort of making some of the necessary structural changes that provide the foundation for going forward.

所以我認為，我會將我們在 2008 年所做的描述為進行一些必要的結構性改變，為前進奠定基礎。

If I were to take each of those areas for 2009 in trust or making it safer, we will continue to build on what we've done, but leverage the increased PayPal penetration and look for ways to provide enhanced guarantees.

如果我在 2009 年相信這些領域中的每一個或使其更安全，我們將繼續在我們所做的工作的基礎上再接再厲，但利用 PayPal 不斷提高的滲透率並尋找提供增強保證的方法。

And when people have problems our resolutions will be easier and more effective.

當人們遇到問題時，我們的解決方案會更容易、更有效。

On making it easier to use I feel we made a good start on search in 2008, but I think we can make it even easier to shop on eBay in 2009 through enhanced search where we'll get better and better.

關於使其更易於使用，我覺得我們在 2008 年的搜索方面取得了良好的開端，但我認為我們可以通過增強搜索讓 2009 年在 eBay 上購物變得更加容易，我們會變得越來越好。

And then on driving value and selection through that balancing auctions and fixed price in a uniquely eBay way, in 2008 we sort of got the fundamentals I described earlier in terms of pricing and search.

然後以獨特的 eBay 方式通過平衡拍賣和固定價格來推動價值和選擇，在 2008 年，我們在定價和搜索方面獲得了我之前描述的基本原理。

In 2009 I think you can look to see a more cohesive user experience that creatively blends auctions and fixed price in different categories and different ways as we compete throughout the year.

在 2009 年，我認為你會看到一種更具凝聚力的用戶體驗，在我們全年競爭的過程中，它創造性地將不同類別和不同方式的拍賣和固定價格融合在一起。

So I'm as frustrated as anyone that the changes we made in '08 did not lead to more immediate results, but I think it sets us up to go after the key priorities in 2009 and continue this what will be multi-year path we're on.

因此，我和任何人一樣感到沮喪的是，我們在 08 年所做的改變並沒有帶來更直接的結果，但我認為這讓我們能夠在 2009 年追求關鍵優先事項並繼續這條我們將多年的道路'上。

Thank you, John.

謝謝你，約翰。

Next question, please.

下一個問題，請。

And next we'll move to Steve Weinstein with Pacific Crest.

接下來，我們將轉向 Pacific Crest 的 Steve Weinstein。

Thank you.

謝謝你。

So as you mentioned you shifted some of your promotional strategy more toward couponing and trying to drive repeat purchase.

因此，正如您所提到的，您將一些促銷策略更多地轉向優惠券並試圖推動重複購買。

I'm wondering what we should expect here for Q1 and the rest of 2009, or if you going to shift the balance back to a kind of more traditional kind of marketing and other type of methods?

我想知道我們對第一季度和 2009 年剩餘時間的期望是什麼，或者您是否打算將平衡轉移回一種更傳統的營銷和其他類型的方法？

Steve, I feel like we made good progress in 2008.

史蒂夫，我覺得我們在 2008 年取得了不錯的進展。

And frankly, given our penetration and scale in our more mature market, the competitive gain going forward is not going to be adding the incremental new user.

坦率地說，鑑於我們在更成熟的市場中的滲透率和規模，未來的競爭優勢不會是增加新增用戶。

It's going to be can we translate the strong user base we've got and large number of users and grow a share of wallet.

這將是我們能否轉化我們擁有的強大用戶群和大量用戶並增加錢包份額。

And so as you've highlighted we fairly significantly shifted our marketing mix in '08 more towards more loyalty based and frequency based marketing.

正如您所強調的那樣，我們在 08 年將我們的營銷組合相當顯著地轉變為更多基於忠誠度和基於頻率的營銷。

I think we learned a lot in couponing and on loyalty.

我認為我們在優惠券和忠誠度方面學到了很多東西。

Frankly that's helped us fight for our sellers in Q4.

坦率地說，這幫助我們在第四季度為我們的賣家而戰。

It was more a competitive fight against the discounts off buy retailers we are providing.

這更像是一場與我們提供的購買零售商折扣的競爭。

And in '09 I think we've, Q1 and the rest of '09 we will continue to build on that.

在 09 年，我認為我們已經、Q1 和 09 年的其餘時間我們將繼續在此基礎上再接再厲。

And it's interesting, I'm pleased you see our active user growth with 5%, I wish that were higher, but that's some indication that active rates are going up a little bit.

有趣的是，我很高興你看到我們的活躍用戶增長了 5%，我希望這個數字更高，但這表明活躍率正在上升一點。

Our sold volume growth was 3% many I wish it were higher, but it's higher than e-commerce growth rates.

我們的銷量增長了 3%，我希望它更高，但它高於電子商務的增長率。

And so we are going to continue to try to drive more frequency with our buyers and get them to shop more and more across categories.

因此，我們將繼續努力提高與買家的頻率，讓他們越來越多地跨類別購物。

And I think we are just building our muscles really in those areas will be continue to build on the progress in '08 and drive it hard in '09, in what will be a very challenging competitive environment.

而且我認為我們只是在這些領域真正鍛煉我們的肌肉，將繼續在 08 年取得進展，並在 09 年努力推進，這將是一個非常具有挑戰性的競爭環境。

Thank you, that's helpful.

謝謝，這很有幫助。

Steve, the only thing I would add is, while strategically we will continued to as I think in '08 the year over year impact was fairly significant, because we hadn't done that kind of loyalty retention based marketing in 2007.

史蒂夫，我唯一要補充的是，雖然在戰略上我們將繼續按照我認為的 08 年的同比影響相當顯著，因為我們在 2007 年還沒有進行那種基於忠誠度保留的營銷。

As we think about 2009 as the year over year impact we don't imagine it will be like it was in 2008, obviously as we get to a more normalized level.

當我們將 2009 年視為年復一年的影響時，我們不認為它會像 2008 年那樣，顯然隨著我們達到一個更加正常化的水平。

Let me just add one more thing to build on.

讓我再添加一件事。

Our IM efforts, we didn't talk a lot about in '08 our internet marketing efforts but we continue to be the -- I believe the largest purchaser of key words and continue to achieve efficiencies and productivity in our effectiveness, both to generate new users through IM, but also to generate repeat usage.

我們的 IM 努力，我們在 08 年沒有過多談論我們的網絡營銷努力，但我們仍然是——我相信最大的關鍵詞購買者，並繼續在我們的有效性中實現效率和生產力，兩者都可以產生新的用戶通過IM，還能產生重複使用。

So I think we continue to be the best in the world at that.

所以我認為我們在這方面仍然是世界上最好的。

Next question, please.

下一個問題，請。

(Operator Instructions) Next, we'll hear from Jeffrey Lindsay with Sanford Bernstein.

（操作員說明）接下來，我們將聽取 Jeffrey Lindsay 和 Sanford Bernstein 的來信。

Thank you for taking my question.

謝謝你接受我的問題。

It looks like the related net charge off rate is going up.

看起來相關的淨沖銷率正在上升。

Could I ask how the Company managed BML and will the net charge off ratio be allowed to rise above the credit card industry average going forward?

請問公司是如何管理BML的，未來是否允許淨沖銷率高於信用卡行業平均水平？

And as a point of qualification is BML offered overseas?

作為資格點，BML 是否在海外提供？

Thank you.

謝謝你。

Let me take the second one first.

讓我先拿第二個。

On overseas, no.

在海外，沒有。

It's not offered.

它不提供。

Our ambitions -- the ambitions of the PayPal and the Bill Me Later team are to take that functionality and competency overseas, but that's not where we are today.

我們的抱負——PayPal 和 Bill Me Later 團隊的抱負是將這種功能和能力帶到海外，但這不是我們今天的樣子。

In terms of, Steve, the net charge-offs, it did grow, what we don't know about the net charge-offs on a competitive basis is how the others will come in when they report their Q4 results.

就史蒂夫而言，淨沖銷確實增長了，我們不知道在競爭基礎上的淨沖銷是其他人在報告第四季度業績時將如何進入。

So we're not exactly sure how we rack and stack vis-a-vis competition, but ours did trend up as we expected.

因此，我們並不確定我們如何在競爭中進行堆疊和堆疊，但我們的趨勢確實如我們預期的那樣上升。

What the team has done is they have tightened their credit decisioning modeling through the course of Q3 and Q4 to mitigate the impact of potential of higher losses.

該團隊所做的是，他們在第三季度和第四季度收緊了信貸決策模型，以減輕潛在更高損失的影響。

And that's one -- that's their secret sauce, and that's what they are great at, and they have great risk management processes to ensure that in issuing transactional credit, as opposed to a line of credit, transactional credit, they can manage risk in a much more effective ways than the rest of the industry.

這就是他們的秘訣，這就是他們擅長的，他們有很好的風險管理流程，以確保在發行交易信用時，與信用額度、交易信用相反，他們可以在比其他行業更有效的方法。

In terms of the net charge-offs itself, a couple of things different about the Bill Me Later model vis-a-vis the industry.

就淨沖銷本身而言，Bill Me Later 模型與行業相比有一些不同之處。

And that is their customer balance tends to turn more frequently and therefore their denominator isn't nearly as high.

那就是他們的客戶餘額往往會更頻繁地轉變，因此他們的分母幾乎沒有那麼高。

Therefore all else equal, net charge-offs has attend a tendency to be a bit higher than industry.

因此，在所有其他條件相同的情況下，淨沖銷已出現比行業略高的趨勢。

And secondly, in terms of balance transfers that the industry benefits from when they get somebody to switch credit card usage is in the denominator of the competitive landscape and that's not a function of the BML model.

其次，就餘額轉移而言，當他們讓某人轉換信用卡使用時，行業會從中受益，這是競爭格局的分母，這不是 BML 模型的功能。

So all else equal we expect that rate to be a little bit higher than industry just in terms of how its measured.

因此，在其他條件相同的情況下，我們預計僅就其衡量方式而言，該比率會略高於行業。

Our team continues to manage that very effectively with their credit decisioning model.

我們的團隊繼續通過他們的信用決策模型非常有效地管理這一點。

Next question, please, operator.

下一個問題，請接線員。

Our next question will come from Christa Quarles with Thomas Weisel.

我們的下一個問題將來自 Christa Quarles 和 Thomas Weisel。

Hi.

你好。

Just curious your hiring of [Chris Pain].

只是好奇你僱用 [Chris Pain]。

One of our views is part of the issue on the site is its really a search problem, and I was wondering if you could highlight any specific product development that you expect to come out of that.

我們的一個觀點是該網站上的問題的一部分是它確實是一個搜索問題，我想知道您是否可以突出顯示您期望從中產生的任何特定產品開發。

And just one quick housekeeping item I was wondering if you could give us vehicle sales on a domestic and international split?

只是一個快速的家政項目，我想知道你是否可以給我們提供國內和國際分開的汽車銷售？

Thanks.

謝謝。

So thanks, Christa.

所以謝謝，克里斯塔。

As you noted, we bought a small search company in December and [Chris Pain] is the founder.

正如你所提到的，我們在 12 月收購了一家小型搜索公司，而 [Chris Pain] 是創始人。

We picked up Chris and a handful of other topnotch search engineers that not only have a deep background in search but also brought some technologies that we think will enhance our search capabilities.

我們聘請了 Chris 和其他一些頂尖的搜索工程師，他們不僅在搜索方面擁有深厚的背景，而且還帶來了一些我們認為會增強我們搜索能力的技術。

So we are very excited about them joining our team and we think they will help us accelerate our progress in search.

因此，我們對他們加入我們的團隊感到非常興奮，我們認為他們將幫助我們加快搜索進程。

The way I feel about as I step back on search, one of the real opportunities we have is we have the close transaction data that no one else has online, and between eBay and PayPal that's a real potential advantage.

當我退出搜索時，我的感覺是，我們擁有的真正機會之一是我們擁有其他人在網上沒有的密切交易數據，而在 eBay 和 PayPal 之間，這是一個真正的潛在優勢。

Frankly, 18 months ago we weren't even collecting that data, that closed transaction data, there's no way we could use it in search.

坦率地說，18 個月前，我們甚至沒有收集那些數據，那些已關閉的交易數據，我們無法在搜索中使用它。

So I feel like search is stronger today than it was a year ago and it will be stronger, a lot stronger a year from now than it is today.

所以我覺得今天的搜索比一年前更強大，而且會更強大，一年後比今天強大得多。

And our current search team I think enhanced by Chris and his team are going to make good progress.

我認為由 Chris 和他的團隊增強的我們目前的搜索團隊將會取得良好的進展。

Again, in '08 it was kind of a year of some heavy lifting and fundamentals.

再一次，在 08 年，這是一些繁重的工作和基本面的一年。

We launched a new search platform.

我們推出了一個新的搜索平台。

We went to best match search for the first time.

我們第一次進行了最佳匹配搜索。

So for the first time we incorporated seller quality in search results.

因此，我們第一次將賣家質量納入搜索結果。

We improved the search and recallability.

我們改進了搜索和召回率。

We went to popularity or relevant space search in Q4 and fixed price, but we are still learning.

我們在第四季度進行了人氣或相關空間搜索並固定價格，但我們仍在學習。

And I think in '09 we will build on those fundamentals, and I think it is absolutely we have opportunity to continue to improve the search experience on eBay and it's a journey that will probably never ends, but I think you'll see some real nice progress in '09.

我認為在 09 年我們將在這些基礎上再接再厲，我認為我們絕對有機會繼續改善 eBay 上的搜索體驗，這是一個可能永遠不會結束的旅程，但我認為你會看到一些真實的09 年取得了不錯的進展。

Christa, as it relates to the vehicles question, just probably worth just highlighting we made a change in kind of how we disclose GMV for us this quarter where we gave you GMV and without vehicles on its own and GMV vehicles.

克里斯塔，因為它與車輛問題有關，可能值得強調的是，我們在本季度為我們披露 GMV 的方式做出了改變，我們為您提供了 GMV，並且沒有自己的車輛和 GMV 車輛。

And the reason we did that is because they are such different businesses.

我們這樣做的原因是因為它們是不同的業務。

And the way we manage things and the way we'll present you on a go-forward basis is GMV ex vehicles and GMV with vehicles.

我們管理事物的方式以及我們將向您展示的方式是 GMV ex Vehicles 和 GMV with Vehicles。

Secondly, as it relates to vehicles itself, GMV was down about 30% in the quarter on an FX neutral basis.

其次，由於與車輛本身有關，在外匯中性的基礎上，本季度 GMV 下降了約 30%。

It was down about 24%.

它下降了約 24%。

Revenues performed better than GMV on a global basis because we continue to monetize that platform in different ways and GMV becomes increase single less relevant.

在全球範圍內，收入的表現優於 GMV，因為我們繼續以不同的方式將該平台貨幣化，而 GMV 變得越來越不相關。

We do not plan on breaking out global vehicles by geography, by US and international.

我們不打算按地理、美國和國際劃分全球車輛。

So you are going to have to use your historical relationships to try to get that split if that's important for you.

因此，如果這對您很重要，您將不得不利用您的歷史關係來嘗試獲得這種分裂。

Okay.

好的。

Thanks.

謝謝。

Next question, please, operator?

請問下一個問題，接線員？

(Operator Instructions) We'll hear next form Ben Schachter with UBS.

（操作員說明）我們將聽取瑞銀集團的下一位 Ben Schachter 的發言。

Given the uncertainty around the macro in your common fund cost control, can you help us understand what your internal target operating margins are for '09, and any change to any of the long-term operating targets among the various businesses?

鑑於您的共同基金成本控制的宏觀不確定性，您能否幫助我們了解您 09 年的內部目標營業利潤率是多少，以及各個業務之間的任何長期經營目標有何變化？

Thanks.

謝謝。

Yes.

是的。

I'll tell you, what we are trying to do to manage the business in this rather volatile environment, and I'll do it in the context of our first quarter guidance.

我會告訴你，我們正在努力在這個相當不穩定的環境中管理業務，我將在第一季度指導的背景下這樣做。

So bear with me a second, because I think it's important to kind of explain while we couldn't provide full clarity for our outlook for the year, maybe explain how we are running the business.

所以請耐心等待，因為我認為解釋一下很重要，雖然我們無法完全清楚地說明我們今年的前景，也許可以解釋一下我們是如何經營業務的。

Last year's [fourth] quarter we generated $0.42 of earnings per share, and I highlighted the three areas: how FX, how interest rates, and how the acquisitions that we did are going to impact EPS in the first quarter of this year, which is a minus $0.11.

去年[第四]季度，我們產生了每股 0.42 美元的收益，我強調了三個領域：外匯、利率以及我們所做的收購將如何影響今年第一季度的每股收益，即負 0.11 美元。

So we kind of start on January 1st with $0.31 of earnings.

所以我們從 1 月 1 日開始，收益為 0.31 美元。

And we are going to grow earnings to $0.33 in the quarter.

我們將在本季度將收益增加到 0.33 美元。

And how we are going to do that in a fairly cloudy economic environment is focus intently on the things that we can control.

在相當多雲的經濟環境中，我們將如何做到這一點，就是專注於我們可以控制的事情。

And the relationship we are trying to drive is to make sure that our cost control and productivity that we generate more than offsets the impact of declines in volume and the change in mix in our business.

我們正在努力推動的關係是確保我們產生的成本控制和生產力能夠抵消數量下降和業務組合變化的影響。

That relationship net/net will generate a few pennies of EPS this quarter, best we can tell based on the range of volume that we guided to.

這種關係淨/淨將在本季度產生幾美分的每股收益，我們可以根據我們指導的交易量範圍來判斷。

That's how we'll manage the business through the course of the year.

這就是我們全年管理業務的方式。

It's not necessarily targeting an operating margin rate for the Company, nor is it necessarily targeting operating margin rates by business unit.

它不一定針對公司的營業利潤率，也不一定針對業務部門的營業利潤率。

I will say that the implications of FX on our business will have an impact on our operating margin rates in first quarter and we expect to have an impact on full year.

我會說，外匯對我們業務的影響將對我們第一季度的營業利潤率產生影響，我們預計會對全年產生影響。

Next question, please.

下一個問題，請。

Our next question will come from Justin Post with Merrill Lynch.

我們的下一個問題將來自美林公司的賈斯汀·波斯特。

Thank you.

謝謝你。

It looks like you've taken a lot of initiatives to really improve the seller profiles which will presumably help the buyers have better experiences.

看起來您已經採取了很多舉措來真正改善賣家資料，這可能會幫助買家獲得更好的體驗。

I'm just wondering what you're thinking is if you have more and larger sellers and reduce the number of total sellers, what that could do for long-term take rates and how you see that affecting your margins?

我只是想知道你在想什麼，如果你有更多更大的賣家並減少總賣家的數量，這會對長期收取率有什麼影響，你認為這會如何影響你的利潤？

Or do you really think that will have no net long-term effect?

或者你真的認為這不會產生長期的淨影響嗎？

Just what your thoughts are as the seller mix changes.

當賣家組合發生變化時，你的想法是什麼。

Well, the first thing I'd say, Justin, is we have no, I have no stated goals to shift our seller mix.

好吧，賈斯汀，我要說的第一件事是我們沒有，我沒有明確的目標來改變我們的賣家組合。

As I said earlier our goal -- we think we've made it too difficult for larger sellers to sell on eBay, we historically are trying to make it easier.

正如我之前所說，我們的目標——我們認為我們已經讓大賣家在 eBay 上銷售變得太困難了，我們歷來試圖讓它變得更容易。

But at the end of the day we are trying to create an opportunity where all sellers can compete for buyers business and offer the best deal and the best service, and there are many examples where some of the absolute best deals on eBay and the best service comes from smaller sellers.

但歸根結底，我們正在努力創造一個機會，讓所有賣家都可以競爭買家業務並提供最優惠的交易和最好的服務，並且有很多例子表明 eBay 上的一些絕對最優惠的交易和最好的服務來自較小的賣家。

So I want to be clear on that.

所以我想明確一點。

With respect to the impact on margin, I don't think we see it any fundamental shift in margin.

關於對利潤率的影響，我認為我們沒有看到利潤率有任何根本性的變化。

We've shifted our pricing in '08 to where we are somewhat indifferent between format, auction and fixed price, stores and core, and we have begun moving towards category based pricing.

我們已經將 08 年的定價轉變為我們在格式、拍賣和固定價格、商店和核心之間有點漠不關心，並且我們已經開始轉向基於類別的定價。

So that I think we are making some of the fundamental changes that allowed sellers to compete and win on eBay.

因此，我認為我們正在做出一些根本性的改變，使賣家能夠在 eBay 上競爭並取勝。

Anything you can add to that, Bob?

有什麼可以添加的嗎，鮑勃？

Justin, the only thing I would say is, as a marketplace manager where we don't control the whole end to end experience and we don't have warehouses and we don't have inventory we try to use incentives to ensure that sellers, or particularly power sellers, are doing -- are creating a great experience for buyers.

賈斯汀，我唯一想說的是，作為市場經理，我們無法控制整個端到端體驗，我們沒有倉庫，也沒有庫存，我們試圖使用激勵措施來確保賣家，或者特別是電力賣家，正在為買家創造良好的體驗。

And from that we believe we can accelerate velocity of trade on the site.

由此我們相信我們可以加快網站上的交易速度。

To the extent that the power sellers continue to dramatically improve their service levels, over the long haul we would expect to provide higher power seller discounts which impact our take rate.

如果電力銷售商繼續顯著提高他們的服務水平，從長遠來看，我們預計會提供更高的電力銷售商折扣，這會影響我們的收取率。

And we believe that that is a great trade-off to make to continue to provide great service for buyers, who are power sellers discounts are a little bit higher, experiences of buyers is just that much better and is a result while take rate may be lower, velocity of trade on the site is higher.

我們相信這是一個很好的權衡，可以繼續為買家提供優質服務，他們是電力賣家，折扣更高一些，買家的體驗要好得多，結果是成交率可能是越低，網站上的交易速度越高。

So I think that over the long haul that would be a lower take rate that we would feel great about because the experience we are providing is just that much better.

所以我認為從長遠來看，這將是一個較低的接受率，我們會感覺很好，因為我們提供的體驗要好得多。

Great.

偉大的。

Thank you.

謝謝你。

Next question, please, operator.

下一個問題，請接線員。

And our next question comes from Youssef Squali with Jefferies & Company.

我們的下一個問題來自 Jefferies & Company 的 Youssef Squali。

Thank you very much.

非常感謝。

John, I want to go back to something you said earlier, something to the effect that your [perform] of assets and you cannot fairly credited in the value of the Company.

約翰，我想回到你之前所說的內容，大意是你的資產 [表現] 和你不能公平地記入公司的價值。

I guess an issue in that statement is some of the parts kind of remained a theoretic exercise until investors feel that you are potentially serious about doing something in that vein.

我想該聲明中的一個問題是，在投資者認為您可能認真對待以這種方式做某事之前，某些部分仍然是一種理論練習。

So considering the trend your depiction for '09, is there a point where a more drastic measure and I'm not talking just about a spinoff of PayPal, but just a recap of the whole business, the alternative formats business is doing great, PayPal seems to be doing very well, the core business seems to be now maturing.

因此，考慮到您對 09 年的描述趨勢，是否有更嚴厲的措施，我不是在談論 PayPal 的分拆，而是對整個業務的回顧，替代格式業務做得很好，PayPal似乎做得很好，核心業務現在似乎正在成熟。

Is there a point where a recap becomes a must if shareholders are to make money on the stock?

如果股東要在股票上賺錢，是否有必要進行回顧？

Thanks for the question, Youssef, because I know it's on a lot of people's minds.

謝謝你的問題，優素福，因為我知道很多人都在想這個問題。

Look, here's how we are thinking about it.

看，這就是我們的想法。

We have a great portfolio.

我們有一個很棒的投資組合。

And I completely agree as I said earlier we are not getting credit for it.

我完全同意，正如我之前所說，我們並沒有因此而獲得榮譽。

And believe me, Bob and I regularly look at our portfolio to -- with objectivity.

相信我，鮑勃和我經常客觀地看待我們的投資組合。

Here's what we see.

這就是我們所看到的。

We are continuing to drive success in our business in each of the units as well as trying to drive synergies and we still see strong synergies between eBay and PayPal.

我們將繼續推動每個部門的業務取得成功，並努力推動協同效應，我們仍然看到 eBay 和 PayPal 之間的強大協同效應。

And in particular we see the synergies around eBay provides new users to PayPal in essence for free and that continues to be the case.

特別是，我們看到圍繞 eBay 的協同效應為 PayPal 提供了新用戶，本質上是免費的，而且情況仍然如此。

That's still a little bit less than half of PayPals new users.

這仍然比 PayPal 新用戶的一半少一點。

Penetration on eBay is still only 63%.

eBay 上的滲透率仍然只有 63%。

Now we had a greater [grain] of penetration in '08 based on eBay than we had in the last five years.

現在，我們在 08 年基於 eBay 獲得了比過去五年更大的滲透率。

That's not a coincidence.

這不是巧合。

We drove that penetration hard and we anticipate similar gains in '09 and that's real synergy, and frankly PayPal is making eBay safer and a more effective marketplace.

我們努力推動了這種滲透，我們預計 09 年會有類似的收益，這是真正的協同作用，坦率地說，PayPal 正在使 eBay 變得更安全、更有效的市場。

I have to add more importantly being part of eBay does not constrain PayPals growth.

我必須更重要地補充一點，加入 eBay 並不會限制 PayPal 的增長。

Quite the opposite.

恰恰相反。

Our acquisition of Bill Me Later is a great example of where we leveraged eBay's balance sheet to make a strategic acquisition or an acquisition that is quite strategic to PayPal.

我們對 Bill Me Later 的收購是我們利用 eBay 的資產負債表進行戰略性收購或對 PayPal 具有相當戰略意義的收購的一個很好的例子。

So our intent is to continue to drive these synergies and continue to realize value from them, if and when those synergies would run their course we would reevaluate it then.

因此，我們的意圖是繼續推動這些協同效應並繼續從中實現價值，如果這些協同效應發揮作用，我們將重新評估它。

But I think for now we feel quite good about those synergies and obviously the synergies between the alternative ecommerce formats in eBay and PayPal continue to be strong.

但我認為目前我們對這些協同作用感覺很好，顯然 eBay 和 PayPal 中的替代電子商務格式之間的協同作用繼續強勁。

Operator, we have time for one last question.

接線員，我們有時間回答最後一個問題。

Thank you.

謝謝你。

We'll move to Imran Khan with JPMorgan.

我們將與摩根大通一起搬到 Imran Khan。

Yes, hi, thank you for taking my question.

是的，你好，謝謝你提出我的問題。

A question for John.

約翰的問題。

John, if you look at your fixed price as a percentage GMV improved 300 basis points implying that your auction business declining at a faster pace.

約翰，如果您將固定價格視為百分比 GMV 提高了 300 個基點，這意味著您的拍賣業務以更快的速度下滑。

So the question is do you think that the consumer appetite for auction related businesses has higher friction has reduced significantly?

那麼問題來了，您認為消費者對拍賣相關業務的胃口有較高的摩擦力是否已顯著降低？

And if so, do you think it's going to headwind even if the economy recovers for eBay to grow its marketplace business?

如果是這樣，即使經濟復甦，eBay 會發展其市場業務，你認為這是否會逆風？

Thank you.

謝謝你。

Thanks, Imran.

謝謝，伊姆蘭。

Let me tell you how we think about it and how we are looking at it.

讓我告訴你我們如何看待它以及我們如何看待它。

If you step back we are still in very early days in e-commerce, right?

如果您退後一步，我們仍處於電子商務的早期階段，對吧？

E-commerce is today only 5% of off-line retail, and frankly I can see that doubling or tripling in the next five to 10 years, because you think about what e-commerce should be it should be a lot hive than 5% of all retail, so it's a large market with lots of long-term growth potential.

電子商務今天只佔線下零售的 5%，坦率地說，我可以看到未來五到 10 年翻一番或三倍，因為你想想電子商務應該是什麼，應該比 5% 多很多在所有零售業中，這是一個具有很大長期增長潛力的大市場。

But like all markets customer needs evolve over time, and what it takes to compete and win tomorrow is not necessarily what it took to compete and win yesterday.

但就像所有市場一樣，客戶需求隨著時間的推移而變化，明天競爭和獲勝所需要的不一定是昨天競爭和獲勝所需要的。

So we are the global leader, right?

所以我們是全球領導者，對吧？

We have a leadership position and we are the only one with a very strong global footprint, but we have to evolve our business model overtime to compete and win.

我們處於領先地位，並且我們是唯一一家在全球範圍內擁有強大影響力的公司，但我們必須加班加點地發展我們的商業模式才能競爭並取勝。

And at the end of the day customers are my only compass, so we are aren't pushing auction versus fixed price.

歸根結底，客戶是我唯一的指南針，所以我們不會推動拍賣而不是固定價格。

We are trying to offer customers choice.

我們正在努力為客戶提供選擇。

And three years ago auctions were 70% what have we did and fixed price 30%.

三年前，拍賣是我們所做的 70%，固定價格是 30%。

As you heard Bob say earlier today, it's now 50/50.

正如你今天早些時候聽到 Bob 所說，現在是 50/50。

And frankly I'm not certain what it's going to be three years from now.

坦率地說，我不確定三年後會怎樣。

But what we are doing is we understand where the web is going and e-commerce is going and the kind of innovations we need to do, and so our strategy is two fold.

但是我們正在做的是我們了解網絡的發展方向和電子商務的發展方向以及我們需要做的創新類型，因此我們的戰略是雙重的。

One evolve the eBay marketplace so that we have a more unique blend of auctions and fixed price and we are frankly somewhat indifferent to the format.

一個發展 eBay 市場，以便我們擁有更獨特的拍賣和固定價格組合，坦率地說，我們對這種格式有些漠不關心。

And then secondly we understand that there are going to be a growing number of ways to connect buyers and sellers, and so these alternative e-commerce formats, be they classifieds, be it advertising, be it StubHub, are simply other ways to connect buyers and sellers.

其次，我們了解到連接買家和賣家的方式將會越來越多，因此這些替代電子商務格式，無論是分類廣告、廣告還是 StubHub，都只是連接買家的其他方式和賣家。

So we want to build the strongest portfolio of formats and monetization approaches so that we can continue our leadership position in ecommerce over the next three to five to 10 years.

因此，我們希望建立最強大的格式和貨幣化方法組合，以便我們能夠在未來 3 到 5 到 10 年繼續保持我們在電子商務領域的領先地位。

E-commerce.

電子商務。

And so frankly the key -- the three or four key themes or principals.

坦率地說，關鍵是三四個關鍵主題或原則。

One, the best deals online, two, the widest selection, and three, offering buyers and sellers choice whether they trade, auctions on eBay, fixed price on eBay, through classifieds or through ads.

一是網上最優惠的交易，二是最廣泛的選擇，三是為買賣雙方提供交易、eBay 拍賣、eBay 上的固定價格、分類廣告或廣告選擇。

And we are building the foundation that will allow to us compete and win over the next three to five to 10 years as this market continues to grow.

隨著這個市場的持續增長，我們正在建立基礎，使我們能夠在未來三到五年到十年內競爭並贏得勝利。

Great.

偉大的。

Thank you.

謝謝你。

Alright.

好吧。

Thank you, everyone, for joining us and we will catch up with you throughout the quarter.

謝謝大家加入我們，我們將在整個季度與您保持聯繫。

That does conclude today's conference.

今天的會議到此結束。

We do thank you for your participation.

我們非常感謝您的參與。

Have a great day.

祝你有美好的一天。