eBay Inc (EBAY) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the eBay Second Quarter 2022 Earnings Call. (Operator Instructions) Thank you.

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 eBay 2022 年第二季度財報電話會議。 （操作員說明）謝謝。

It's now my pleasure to turn today's call over to Mr. Joe Billante, Vice President of Investor Relations. Sir, please go ahead.

現在，我很高興將今天的電話轉交給投資者關係副總裁 Joe Billante 先生。先生，請繼續。

Good afternoon. Thank you for joining us, and welcome to eBay's earnings release conference call for the second quarter of 2022. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Steve Priest, our Chief Financial Officer. We're providing a slide presentation to accompany Jamie's and Steve's commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

下午好。感謝您加入我們，並歡迎參加 eBay 2022 年第二季度財報電話會議。今天與我一起參加電話會議的是我們的首席執行官 Jamie Iannone；和我們的首席財務官 Steve Priest。我們在電話會議期間提供了一個幻燈片演示，以配合 Jamie 和 Steve 的評論，可通過 eBay 網站investors.ebayinc.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 will discuss some non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the slide presentation accompanying this conference call. Additionally, all revenue and GMV growth rates mentioned in Jamie's and Steve's remarks represent FX-neutral year-over-year comparisons, unless they indicate otherwise.

在開始之前，我想提醒您，在本次電話會議期間，我們將討論一些與我們的業績相關的非公認會計準則指標。您可以在本次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。此外，除非另有說明，否則 Jamie 和 Steve 的言論中提到的所有收入和 GMV 增長率均代表外匯中性的同比比較。

In this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties, and our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K and Form 10-Q and our earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of August 3, 2022, and we do not intend and undertake no duty to update this information.

在本次電話會議中，管理層將做出前瞻性陳述，包括但不限於關於我們未來業績和預期財務業績的陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性，由於各種原因，我們的實際結果可能與我們的預測存在重大差異。您可以在我們最近的 10-K 表格和 10-Q 表格定期報告以及我們今天早些時候發布的收益報告中找到有關可能影響我們經營業績的風險、不確定性和其他因素的更多信息。您不應依賴任何前瞻性陳述。本演示文稿中的所有信息截至 2022 年 8 月 3 日，我們不打算也不承擔更新此信息的義務。

With that, let me turn it over to Jamie.

有了這個，讓我把它交給傑米。

Thanks, Joe. Good afternoon, everyone, and thank you for joining us. Earlier this year, during our Investor Day, we updated you on the progress of our tech-led reimagination and outlined our vision for the future. I'm really excited about the pace at which our challenger teams are delivering against that plan.

謝謝，喬。大家下午好，感謝您加入我們。今年早些時候，在我們的投資者日期間，我們向您介紹了我們以技術為主導的重新構想的進展情況，並概述了我們對未來的願景。我對我們的挑戰者團隊按照該計劃交付的速度感到非常興奮。

Our focus category playbook is working. Enthusiast buyers are spending more, and advertising and payments continue to grow. This quarter, we launched several key innovations in line with our long-term objectives. These ongoing efforts have put eBay in a stronger position today than it was when we entered the pandemic.

我們的重點類別劇本正在發揮作用。狂熱的買家花費更多，廣告和支付繼續增長。本季度，我們根據我們的長期目標推出了幾項關鍵創新。與我們進入大流行時相比，這些持續的努力使 eBay 今天處於更有利的地位。

I'm pleased to say that during the second quarter, we delivered better than expected financial results across the board. We delivered over $18.5 billion in GMV and over $2.4 billion in revenue. We continue to invest in marketing and product while achieving close to 29% operating margin, and our non-GAAP EPS was $0.99.

我很高興地說，在第二季度，我們全面交付了好於預期的財務業績。我們實現了超過 185 億美元的 GMV 和超過 24 億美元的收入。我們繼續投資於營銷和產品，同時實現接近 29% 的營業利潤率，我們的非公認會計原則每股收益為 0.99 美元。

Our focus category, payments and advertising initiatives, helped offset the impact of the war in Ukraine, rising inflation and a more uncertain macro environment. Looking ahead, we remain on track to deliver on our full year commitments, and we'll continue to invest and manage towards sustainable long-term growth. Later in the call, Steve will go into more detail about our outlook.

我們的重點類別、支付和廣告計劃幫助抵消了烏克蘭戰爭、通脹上升和更加不確定的宏觀環境的影響。展望未來，我們仍有望兌現全年承諾，我們將繼續投資和管理以實現可持續的長期增長。稍後在電話會議中，史蒂夫將更詳細地介紹我們的前景。

One of the most important pillars of our long-term plan is our focus category strategy. Investments in trust, product experience and marketing are increasing customer satisfaction, leading to faster volume growth. Last quarter, excluding trading cards, focus category's GMV grew 9 points faster than the rest of the platform. Trading cards are lower than last year's stimulus-fueled results, but volume remains robust at more than double pre-pandemic levels.

我們長期計劃中最重要的支柱之一是我們的重點類別戰略。對信任、產品體驗和營銷的投資正在提高客戶滿意度，從而實現更快的銷量增長。上個季度，不包括交易卡，焦點類別的 GMV 增長速度比平台其他部分快 9 個百分點。交易卡低於去年的刺激結果，但交易量仍然強勁，是大流行前水平的兩倍多。

We are seeing significant outperformance in focus categories globally, although the U.S. is higher than international. The primary reasons for the difference are the timing of launches and category mix by market.

儘管美國的表現高於國際，但我們在全球範圍內看到了重點類別的顯著表現。造成差異的主要原因是按市場劃分的發佈時間和類別組合。

In markets where we've implemented these changes, customer satisfaction remains at or near best-in-class levels. The vast majority of our enthusiast buyers shop in focus categories and their spending levels remain above $3,000 per year. We continue to see cross-category shopping activity consistent with data we shared during Investor Day in March.

在我們實施這些變革的市場中，客戶滿意度保持在或接近一流水平。我們絕大多數的狂熱買家都在重點類別購物，他們的消費水平保持在每年 3,000 美元以上。我們繼續看到跨類別的購物活動與我們在 3 月投資者日期間分享的數據一致。

One of our largest focus categories is parts and accessories, which is one of the highest buyer NPS scores on the platform. We know from experience how crucial trust is, and fitment is one of the best enablers of trust. To ensure every buyer finds the perfect part to fit their vehicle, we are enhancing all of the AI that powers search, merchandising and advertising.

我們最大的關注類別之一是零件和配件，這是平台上買家 NPS 得分最高的類別之一。我們從經驗中知道信任是多麼重要，而裝修是信任的最佳促成因素之一。為了確保每個買家都能找到適合他們車輛的完美部件，我們正在增強所有為搜索、推銷和廣告提供動力的人工智能。

In addition, we have rolled out more ways for P&A enthusiasts to discover the wide range of inventory on eBay. In our international markets, we have added over 100,000 fitment-based browse pages last quarter alone. We also expanded our supply of OEM and certified green parts. To drive demand to our huge supply of P&A inventory, we continue to invest in full-funnel marketing. Initial consideration is showing encouraging early signs, and we see further opportunity to attract more enthusiasts.

此外，我們為 P&A 愛好者推出了更多方式來發現 eBay 上的各種庫存。在我們的國際市場，僅上個季度我們就增加了超過 100,000 個基於裝修的瀏覽頁面。我們還擴大了 OEM 和經過認證的綠色零件的供應。為了推動對我們龐大的 P&A 庫存供應的需求，我們繼續投資於全渠道營銷。初步考慮顯示出令人鼓舞的早期跡象，我們看到了吸引更多愛好者的進一步機會。

Across other focus categories, we took several steps over the past quarter to expand coverage. To enhance our leadership position in trading cards, we expanded authentication services to a wider range of graded items. In addition, we rolled out a new feature where enthusiasts can now use the popular [My Collections] tool to track a broader set of inventory, including sports trading cards.

在其他重點類別中，我們在過去一個季度採取了幾個步驟來擴大覆蓋範圍。為了加強我們在交易卡領域的領先地位，我們將認證服務擴展到更廣泛的分級項目。此外，我們推出了一項新功能，愛好者現在可以使用流行的 [我的收藏] 工具來跟踪更廣泛的庫存，包括體育交易卡。

In eBay Refurbished, we added more trusted sellers and expanded categories in the program. These included headphones, audio, gaming consoles and smart home devices. Refurbished products are growing faster than new products in the same category, in part due to increased customer satisfaction.

在 eBay Refurbished 中，我們在計劃中添加了更多值得信賴的賣家並擴展了類別。其中包括耳機、音頻、遊戲機和智能家居設備。翻新產品的增長速度快於同一類別的新產品，部分原因是客戶滿意度提高。

And in sneakers, we added more products to our catalog, which now includes the top 40 brands across our 4 largest markets. This expansion reduces friction in selling and buying experiences. We also started authenticating handbags in Germany and handbag accessories such as wallets in the U.S.

在運動鞋方面，我們將更多產品添加到我們的目錄中，現在包括我們 4 個最大市場的前 40 個品牌。這種擴展減少了買賣體驗中的摩擦。我們還開始在德國鑑定手袋，在美國開始鑑定錢包等手袋配件。

The next focus category where we are innovating and changing the customer experience is jewelry. Recently, we launched authentication for eligible new and preowned jewelry items over $500. We are partnering with GIA, the Gemological Institute of America, who bring 90 years of experience to our partnership. Like other focus categories, we will improve the product experience, increase customer satisfaction and change how we market to jewelry enthusiasts over time. I am pleased with the near-term progress in focus categories, and we remain on track to expand coverage and drive growth back towards market rates.

我們創新和改變客戶體驗的下一個重點類別是珠寶。最近，我們推出了對 500 美元以上符合條件的新珠寶和二手珠寶商品的認證。我們正在與美國寶石學院 GIA 合作，他們為我們的合作帶來了 90 年的經驗。與其他重點類別一樣，隨著時間的推移，我們將改善產品體驗、提高客戶滿意度並改變我們向珠寶愛好者推銷的方式。我對焦點類別的近期進展感到高興，我們仍有望擴大覆蓋範圍並將增長推回市場利率。

Equally important is evolving our capabilities to attract the next generation of enthusiast buyers. In Q2, we took several steps toward that objective. In June, we marked an important milestone with the opening of the eBay vault. This state-of-the-art facility enables a new format for sellers and buyers to trade and build their collections in real time. The vault is initially accepting graded authenticated trading cards above $500 and will expand to more products over time. Sellers are taking advantage of an initial year of free storage and no selling fees for vault sales. This innovation will help us transform many product categories.

同樣重要的是提高我們吸引下一代發燒友買家的能力。在第二季度，我們朝著這個目標邁出了幾步。 6 月，我們標誌著一個重要的里程碑，即 eBay 保險庫的開放。這個最先進的設施為賣家和買家提供了一種新的格式，可以實時交易和建立他們的收藏品。該保險庫最初接受 500 美元以上的分級認證交易卡，並將隨著時間的推移擴展到更多產品。賣家可以利用第一年的免費存儲和保險庫銷售的銷售費用。這項創新將幫助我們轉變許多產品類別。

One reason that we're excited to launch the vault is because it can enable real-time transactions for physical or digital goods. This intersection is nascent, the one that collectibles enthusiasts are increasingly exploring. This is part of the rationale behind our second quarter acquisition of KnownOrigin. KnownOrigin is an NFT platform that enables artisan collectors to create, buy and resell NFTs via blockchain-supported transactions. Their team is highly talented and has extensive technical experience in this rapidly evolving space. They were one of the early pioneers of NFTs and are a perfect fit to make eBay the destination to collect and trade.

我們很高興推出保險庫的一個原因是它可以實現實物或數字商品的實時交易。這個交叉點是新生的，收藏品愛好者越來越多地探索這個交叉點。這是我們第二季度收購 KnownOrigin 背後的部分原因。 KnownOrigin 是一個 NFT 平台，使工匠收藏家能夠通過區塊鏈支持的交易創建、購買和轉售 NFT。他們的團隊才華橫溢，在這個快速發展的領域擁有豐富的技術經驗。他們是 NFT 的早期先驅之一，非常適合使 eBay 成為收集和交易的目的地。

In the second quarter, we also began to experiment with live commerce. Although Western market adoption of live shopping remains low, we are optimizing our user experience ahead of this emerging trend. Early pilots have seen users engage, on average, for 15 minutes at a time, with approximately 1/4 of them interacting directly with the event. We will continue to optimize this capability in future quarters. The vault, NFTs and live commerce were all long-term strategic opportunities that we mentioned at Investor Day, and I'm pleased that in a few short months, we are already making progress in these areas.

第二季度，我們也開始嘗試直播電商。儘管西方市場對實時購物的採用率仍然很低，但我們正在優化我們的用戶體驗，以應對這一新興趨勢。早期的試點已經看到用戶平均每次參與 15 分鐘，其中大約 1/4 直接與事件互動。我們將在未來幾個季度繼續優化此功能。金庫、NFT 和實時商業都是我們在投資者日提到的長期戰略機遇，我很高興在短短幾個月內，我們已經在這些領域取得了進展。

Customers are also seeing rapid improvements in payments capabilities where we continue to build out new services for sellers and buyers. For example, we rolled out additional forms of payment popular with German buyers, especially Gen Z. Through our partnership with Klarna, consumers can now pay upon invoice or in installments. We also expanded our Buyer FX program, which allows eBay buyers to purchase in the currency of their choice. Recently, we expanded this global service from 8 currencies to over 30 currencies. To date, we have seen over 60% adoption on related transactions. These new services are reducing transactional friction for sellers and buyers while delivering incremental revenue to eBay.

客戶也看到了支付能力的快速改進，我們繼續為賣家和買家構建新的服務。例如，我們推出了受德國買家特別是 Z 世代歡迎的其他付款方式。通過我們與 Klarna 的合作，消費者現在可以按發票或分期付款。我們還擴展了買家外匯計劃，允許 eBay 買家以他們選擇的貨幣進行購買。最近，我們將此全球服務從 8 種貨幣擴展到 30 多種貨幣。迄今為止，我們已經看到超過 60% 的相關交易採用。這些新服務正在減少買賣雙方的交易摩擦，同時為 eBay 帶來增量收入。

Advertising is also driving growth through innovation. Despite the macro environment, ad rates and adoption continue to grow due to the high return on ad spend that sellers experience on eBay. In Q2, our ads business accelerated faster than volume and delivered revenue that was nearly 1.5% of GMV.

廣告也通過創新推動增長。儘管存在宏觀環境，但由於賣家在 eBay 上體驗到的高廣告支出回報，廣告費率和採用率繼續增長。在第二季度，我們的廣告業務增速快於銷量，實現的收入接近 GMV 的 1.5%。

Promoted Listings drove first-party ad revenue to $232 million, up 6%. This was 20 points faster than GMV growth. Our largest product, Standard Promoted Listings, grew in the quarter due to conversion optimization and pricing changes. Our 3 newer advertising products that we launched last year grew almost 30% versus Q1. The largest contributor was Promoted Listings Advanced, which saw increased seller adoption and exposure. Our advertising business remains on track with the long-term goals we outlined at Investor Day, and we anticipate that Promoted Listings will return to double-digit growth in the coming quarters.

推廣列表推動第一方廣告收入達到 2.32 億美元，增長 6%。這比 GMV 增長快 20 個百分點。由於轉換優化和定價變化，我們最大的產品標準促銷列表在本季度有所增長。我們去年推出的 3 款較新的廣告產品與第一季度相比增長了近 30%。最大的貢獻者是Promoted Listings Advanced，它增加了賣家的採用率和曝光率。我們的廣告業務繼續朝著我們在投資者日概述的長期目標前進，我們預計促銷列表將在未來幾個季度恢復兩位數的增長。

ESG is a major focus for the eBay team. And during the quarter, we made steady progress on our commitments in this space. E-commerce continues to be a huge volume driver on eBay. As we've shared before, non-new-in-season inventory is driving the vast majority of volume on the platform. In particular, demand for refurbished and used goods is growing in many categories. And we are well positioned to hit our long-term recommerce goals.

ESG 是 eBay 團隊的主要關注點。在本季度，我們在這一領域的承諾取得了穩步進展。電子商務仍然是 eBay 的巨大銷量驅動力。正如我們之前分享的那樣，非季節性庫存推動了平台上的絕大多數交易量。特別是對翻新和二手商品的需求在許多類別中都在增長。我們有能力實現我們的長期電子商務目標。

eBay has a tremendous impact on the economy beyond our own results. As mentioned in our most recent Impact Report, in the U.S. alone, eBay supports more than 1 million jobs. The vast majority of these jobs come from small and micro business entrepreneurs selling on the platform. Another meaningful economic impact comes from the generosity of our community. eBay for Charity allows sellers and buyers to make a positive difference in the world. During the quarter, eBay for Charity raised nearly $56 million, up 52% year-over-year. And Q2 marked the Finale Power of One Charity Auction with Warren Buffett, raising over $19 million. Over almost 2 decades, these auctions have raised more than $53 million for GLIDE, a nationally recognized center for equity. I'm truly inspired by the continued generosity powered by our marketplace.

eBay 對經濟的巨大影響超出了我們自身的結果。正如我們最近的影響報告所述，僅在美國，eBay 就支持超過 100 萬個工作崗位。這些工作絕大多數來自在平台上銷售的小微企業主。另一個有意義的經濟影響來自我們社區的慷慨。 eBay for Charity 允許賣家和買家對世界產生積極影響。本季度，eBay for Charity 籌集了近 5600 萬美元，同比增長 52%。第二季度與沃倫·巴菲特（Warren Buffett）進行了一場慈善拍賣的壓軸活動，籌集了超過 1900 萬美元。在近 2 年的時間裡，這些拍賣為全國公認的股權中心 GLIDE 籌集了超過 5300 萬美元。我真的受到我們市場的持續慷慨的啟發。

Finally, the team and I are honored to have received multiple prestigious awards this quarter. We were recognized as one of LinkedIn's top companies in retail, and we received 3 Women's Choice Awards in the consumer Internet category: Best Companies for Diversity, Best Companies for Women and Best Companies for Millennials. I am proud to be in a team that focuses so heavily on the impact we are making in the lives of our employees, our customers and our communities.

最後，我和團隊很榮幸在本季度獲得了多項享有盛譽的獎項。我們被公認為 LinkedIn 的頂級零售公司之一，並在消費者互聯網類別中獲得了 3 項女性選擇獎：多元化最佳公司、女性最佳公司和千禧一代最佳公司。我很自豪能加入一個如此專注於我們對員工、客戶和社區生活產生的影響的團隊。

In closing, Q2 was a strong quarter for eBay. We delivered better-than-expected short-term results while marking several important milestones towards our long-term vision. GMV, revenue and EPS for Q2 all exceeded consensus estimates. Focus categories outperformed the rest of the marketplace by 9 points, excluding trading cars. We maintained high NPS scores from enthusiast buyers who spend more per buyer.

最後，第二季度對 eBay 來說是一個強勁的季度。我們取得了好於預期的短期業績，同時標誌著我們實現長期願景的幾個重要里程碑。第二季度的 GMV、收入和每股收益均超出市場普遍預期。焦點類別的表現比其他市場高出 9 個百分點，不包括交易汽車。我們保持了狂熱買家的高 NPS 分數，他們每個買家的花費更高。

Coverage extended to more refurbished products and new categories like jewelry. We launched the eBay vault, a game-changing capability that will enable the future of collecting. We acquired KnownOrigin to accelerate our connections between physical and digital.

覆蓋範圍擴大到更多翻新產品和珠寶等新類別。我們推出了 eBay 保險庫，這是一項改變遊戲規則的功能，它將開啟收藏的未來。我們收購了 KnownOrigin 以加速我們在物理和數字之間的聯繫。

Our payments team scaled our Buyer FX capabilities, further simplifying cross-currency transactions and rolled out Klarna to German customers. Our advertising business accelerated faster than volume, putting Promoted Listings on a trajectory to a double-digit growth in the coming quarters. And eBay for Charity raised nearly $56 million, including a record-breaking Power of One Auction with Warren Buffett.

我們的支付團隊擴展了我們的買方外彙能力，進一步簡化了跨貨幣交易，並向德國客戶推出了 Klarna。我們的廣告業務增長速度快於數量，在接下來的幾個季度中，Promoted Listings 有望實現兩位數的增長。 eBay for Charity 籌集了近 5600 萬美元，其中包括與沃倫·巴菲特 (Warren Buffett) 進行的破紀錄的 Power of One 拍賣。

Before I hand over to Steve, I want to thank our amazing team who has continued to work hard innovating and exceptional experience for our customers around the world. They are delivering high-quality products and technologies that are translating into higher NPS scores and driving long-term growth for the company. To our sellers, thank you for continuing to partner with us. Your feedback is extremely valuable and helps us create trusted, reliable and frictionless experiences.

在我移交給史蒂夫之前，我要感謝我們出色的團隊，他們一直在努力為全球客戶提供創新和卓越的體驗。他們正在提供高質量的產品和技術，這些產品和技術正在轉化為更高的 NPS 分數並推動公司的長期增長。對於我們的賣家，感謝您繼續與我們合作。您的反饋非常寶貴，有助於我們創造值得信賴、可靠且順暢的體驗。

With that, I'll turn the call over to Steve to provide more details on our financial performance. Steve, over to you.

有了這個，我將把電話轉給史蒂夫，以提供有關我們財務業績的更多細節。史蒂夫，交給你了。

Thank you, Jamie, and thank you all for joining us today. I'll begin our discussion with highlights from the second quarter on Slide 10 of our earnings presentation. Next, I'll review our key operating and financial metrics in greater detail. Finally, I'll show our outlook for the remainder of the year and add some closing thoughts before we begin Q&A. As usual, my comments will reflect year-over-year comparisons on an FX-neutral basis, unless I announce otherwise.

謝謝你，傑米，謝謝大家今天加入我們。我將在我們收益報告的幻燈片 10 中以第二季度的亮點開始我們的討論。接下來，我將更詳細地回顧我們的關鍵運營和財務指標。最後，我將展示我們對今年剩餘時間的展望，並在開始問答之前添加一些結束的想法。像往常一樣，除非我另行宣布，否則我的評論將反映在外匯中性基礎上的同比比較。

Overall, I'm incredibly proud of our teams for delivering strong results amid some of the most challenging macroeconomic conditions in recent memory. Our Q2 GMV revenue and non-GAAP EPS each exceeded expectations and topped the high end of our guidance range.

總體而言，我為我們的團隊在近期記憶中一些最具挑戰性的宏觀經濟條件下取得的強勁業績感到無比自豪。我們的第二季度 GMV 收入和非公認會計原則每股收益均超出預期，並超過了我們指導範圍的高端。

Our second quarter revenue was down 6% to over $2.4 billion, outpacing volume growth by approximately 8 points due to contributions from payments and advertising. Non-GAAP operating margin was 28.7%, down nearly 4 points sequentially due to volume deleverage and the seasonality of marketing spend. We delivered non-GAAP earnings of $0.99 per share, in line with the prior year. And we generated $466 million of free cash flow and returned over $1.4 billion to shareholders through share repurchases and dividends during the quarter. Our strong Q2 results are a testament to the focus and dedication of our employees and the durability of our marketplace and financial model during periods of macro uncertainty.

由於支付和廣告的貢獻，我們第二季度的收入下降了 6% 至超過 24 億美元，超過銷量增長約 8 個百分點。非 GAAP 營業利潤率為 28.7%，由於去槓桿和營銷支出的季節性，環比下降近 4 個百分點。我們實現了每股 0.99 美元的非公認會計原則收益，與上一年持平。我們在本季度產生了 4.66 億美元的自由現金流，並通過股票回購和股息向股東返還了超過 14 億美元。我們強勁的第二季度業績證明了我們員工的專注和奉獻精神，以及我們的市場和財務模型在宏觀不確定時期的持久性。

Let's take a closer look at the drivers of our financial performance in Q2. Gross merchandise volume declined 14% as we lapped the elevated mobility restrictions in 2021. We also contended with a more challenging macro environment this year due to the conflict in Ukraine, ongoing supply chain challenges and rising inflation across our major markets. In spite of these headwinds, we saw volumes remain relatively stable as we progressed through the quarter, with GMV growing 5% versus our pre-COVID baseline in Q2 of 2019.

讓我們仔細看看我們第二季度財務業績的驅動因素。由於我們在 2021 年克服了更高的流動性限制，商品總銷量下降了 14%。由於烏克蘭的衝突、持續的供應鏈挑戰以及我們主要市場的通脹上升，我們今年還應對了更具挑戰性的宏觀環境。儘管存在這些不利因素，但隨著我們整個季度的進展，我們看到交易量保持相對穩定，與 2019 年第二季度我們在 COVID 之前的基線相比，GMV 增長了 5%。

We continue to scale our investments in long-term growth initiatives and observe proof points demonstrating our strategy is working. Excluding trading cards, focus categories outpaced the remainder of our marketplace by 9 points, driven by the continued evolution of the product experience on eBay and growing awareness of our seller's unique high-quality inventory.

我們繼續擴大對長期增長計劃的投資，並觀察證明我們的戰略正在發揮作用的證據。不包括交易卡在內，重點類別比我們市場的其餘部分高出 9 個百分點，這是由於 eBay 上產品體驗的持續發展以及對我們賣家獨特的高質量庫存的認識不斷提高。

Moving to active buyers. Trailing 12-month active buyers were 138 million during the quarter, down roughly 4 million sequentially due to the lapping of mobility restrictions during 2021. We announced the wind-down of our Turkey business in June, which contributed nearly 4 million active buyers in Q1. These buyers would gradually roll off our total count over the next few quarters. Excluding Turkey, active buyers would have been 135 million in Q2. Importantly, disclosure will not materially impact our financials moving forward.

轉向活躍的買家。本季度過去 12 個月的活躍買家為 1.38 億，環比減少約 400 萬，原因是 2021 年出行限制解除。我們在 6 月宣布結束土耳其業務，該業務在第一季度貢獻了近 400 萬活躍買家.這些買家將在接下來的幾個季度中逐漸減少我們的總數。不包括土耳其，第二季度的活躍買家將達到 1.35 億。重要的是，披露不會對我們未來的財務狀況產生重大影響。

Enthusiast buyers made up approximately 17 million of our active buyers in Q2. As we noted at Investor Day, we expected some movement between the enthusiasts and mid-value buyer groups in 2022 due to the lapping of elevated spending from mobility restrictions and stimulus last year.

熱心買家在我們第二季度的活躍買家中約佔 1700 萬。正如我們在投資者日所指出的那樣，由於去年流動性限制和刺激措施導致支出增加，我們預計 2022 年愛好者和中等價值買家群體之間會出現一些變動。

Notably, over 99% of last quarter's enthusiasts continue to be active buyers on eBay. Of those buyers migrating downward, the vast majority remains in our mid-value group, only between $200 and $800 per year. And importantly, average spend among enthusiast buyers grew sequentially and remains over $3,000 annually, up double digits versus 2019, demonstrating the robust demand among this lower group of eBay shoppers.

值得注意的是，上一季度超過 99% 的愛好者仍然是 eBay 上的活躍買家。在那些向下遷移的買家中，絕大多數仍然在我們的中等價值群體中，每年僅在 200 美元到 800 美元之間。重要的是，狂熱買家的平均支出環比增長，每年保持在 3,000 美元以上，與 2019 年相比增長了兩位數，這表明這部分 eBay 購物者的需求強勁。

Looking at our business on a geographic basis. U.S. GMV grew 15% compared to Q2 of 2019, while international GMV was down 3% over the same time period. The growth differential between our U.S. and international markets was exacerbated by recent macro and geopolitical developments as our European markets have been more meaningfully impacted given their proximity to Ukraine.

在地理基礎上查看我們的業務。與 2019 年第二季度相比，美國 GMV 增長了 15%，而同期國際 GMV 下降了 3%。最近的宏觀和地緣政治發展加劇了我們美國和國際市場之間的增長差異，因為我們的歐洲市場由於靠近烏克蘭而受到更有意義的影響。

The U.S. also benefited from stronger economic growth, leading up to the Ukraine conflict, while our international markets were more exposed to the supply chain challenges impacting cross-border trade. Encouragingly, our focus categories are outperforming the rest of the marketplace on a global basis, demonstrating our innovation playbook is working across regions, although the level of outperformance is slightly higher in the U.S. due to the timing of launches and the relative category mix.

美國也受益於更強勁的經濟增長，導致烏克蘭衝突，而我們的國際市場更容易受到影響跨境貿易的供應鏈挑戰的影響。令人鼓舞的是，我們的重點類別在全球範圍內的表現優於其他市場，這表明我們的創新策略正在跨地區發揮作用，儘管由於推出時間和相對類別組合，美國的表現水平略高。

Turning to revenue. Net revenue in Q2 was over $2.4 billion, down 6% due to the lapping of mobility restrictions last year and the intensifying macro headwinds over the last few months. However, revenue outpaced GMV growth at roughly 8 points due to positive contributions from payments and advertising. As a result, our transaction take rate increased to 12.4% versus 12.1% in Q1.

轉向收入。第二季度的淨收入超過 24 億美元，下降了 6%，原因是去年出行限制的實施以及過去幾個月不斷加劇的宏觀逆風。然而，由於支付和廣告的積極貢獻，收入超過 GMV 增長約 8 個百分點。結果，我們的交易接受率從第一季度的 12.1% 增加到 12.4%。

Total advertising revenue grew 4%, while first-party ads grew 6%, outpacing volume by approximately 20 points. This represents an acceleration versus Q1, driven by continued optimization of our Standard Promoted Listings product, the growing scale, adoption and sophistication of our newer ad products and healthy returns on ad spend across our portfolio. We are extremely pleased with the momentum in our ads business and expect Promoted Listings revenue to return to double-digit growth in the coming quarters.

總廣告收入增長 4%，而第一方廣告增長 6%，超過銷量約 20 個百分點。這代表了與第一季度相比的加速，這是由於我們的標準推廣列表產品的持續優化、我們新廣告產品的規模、採用和復雜性的增長以及我們整個產品組合的廣告支出的健康回報。我們對廣告業務的發展勢頭感到非常滿意，並預計促銷列表收入將在未來幾個季度恢復兩位數的增長。

Managed payments contributed roughly 4 points of revenue growth during the quarter. Payments revenue remained comfortably above a $2 billion run rate despite recent volume pressure as new services like Buyer and Seller FX are scaled in line with expectations. These new payment services remain on track to achieve the $300 million revenue target we discussed at our Investor Day.

託管支付在本季度貢獻了大約 4 個百分點的收入增長。儘管最近出現了交易量壓力，但由於買方和賣方外匯等新服務的規模符合預期，支付收入仍輕鬆高於 20 億美元。這些新的支付服務仍有望實現我們在投資者日討論的 3 億美元收入目標。

Moving to profitability. Our non-GAAP operating margin was approximately 28.7% in Q2, down roughly 4 points sequentially, primarily driven by top line deleverage and the advancement of our full-funnel marketing strategy. We also continue to invest in product innovation, supporting our focus categories and horizontal marketplace improvements. Our G&A expense includes exit costs related to the wind-down of our Turkey business, which offset lower employee-related costs in the quarter.

轉向盈利。我們第二季度的非美國通用會計準則營業利潤率約為 28.7%，環比下降約 4 個百分點，主要受頂線去槓桿和全渠道營銷戰略推進的推動。我們還繼續投資於產品創新，支持我們的重點類別和橫向市場改進。我們的 G&A 費用包括與土耳其業務關閉相關的退出成本，這抵消了本季度較低的員工相關成本。

We delivered $0.99 of non-GAAP EPS in Q2, which was in line with our prior year and above our outlook for the quarter. The lapping of COVID-driven volume tailwinds in the prior year was offset by cost efficiencies, better-than-expected volume and the net benefit of share repurchases during the quarter. A portion of the EPS upside was driven by the timing of our expense run. We continue to invest in our long-term plan despite the short-term macro uncertainty. We generated a GAAP loss per share of $0.96, primarily driven by losses in our investment portfolio due to ongoing market volatility.

我們在第二季度實現了 0.99 美元的非公認會計原則每股收益，這與我們上一年的業績一致，並且高於我們對該季度的展望。上一年因 COVID-19 推動的銷量順風被成本效率、好於預期的銷量和本季度股票回購的淨收益所抵消。每股收益的一部分上漲是由我們的支出時間驅動的。儘管存在短期宏觀不確定性，我們仍繼續投資於我們的長期計劃。我們產生了每股 0.96 美元的 GAAP 虧損，主要是由於市場持續波動導致我們的投資組合虧損。

Turning to capital allocation. We generated $466 million of free cash flow in Q2 by nearly 50% due to the lapping of onetime working capital benefits associated with the managed payments migration and lower volume versus the prior year. We ended the quarter with cash and non-equity investments of $4.5 billion, along with gross debt of $7.7 billion after redeeming $605 million of notes during the second quarter.

轉向資本配置。我們在第二季度產生了 4.66 億美元的自由現金流，增長了近 50%，這是由於與託管支付遷移相關的一次性營運資金收益的減少以及與上一年相比較低的數量。在第二季度贖回了 6.05 億美元的票據後，我們以 45 億美元的現金和非股權投資以及 77 億美元的總債務結束了本季度。

We repurchased $1.3 billion of shares at an average price of approximately $51 during Q2 and have more than $3.4 billion remaining under our current authorization. We also paid a quarterly cash dividend of $121 million in June or $0.22 per share. Our repurchase have reduced outstanding shares by roughly $45 million over the last 2 quarters net of dilution. Despite the dynamic macro environment, we remain balanced and disciplined in our approach to capital allocation. The launch of the eBay vault, our investments in Funko, the acquisition of KnownOrigin and our PSA authentication partnership are a few recent examples of our build, buy, partner framework, helping us accomplish strategic objectives.

我們在第二季度以約 51 美元的平均價格回購了 13 億美元的股票，在我們目前的授權下剩餘超過 34 億美元。我們還在 6 月份支付了 1.21 億美元或每股 0.22 美元的季度現金股息。在過去的兩個季度中，我們的回購使流通股減少了大約 4500 萬美元（扣除稀釋後）。儘管宏觀環境充滿活力，但我們在資本配置方法上保持平衡和自律。 eBay Vault 的推出、我們對 Funko 的投資、對 KnownOrigin 的收購以及我們的 PSA 認證合作夥伴關係是我們構建、購買、合作夥伴框架的一些最新示例，它們幫助我們實現了戰略目標。

Our investment portfolio is detailed on Slide 20. Equity investment stakes were valued at approximately $4 billion at the end of Q2. We sold roughly $370 million in aggregate of Kakao Bank and Adyen shares during the second quarter, while market volatility impacted the value of our remaining stake. We'll continue to manage our investment portfolio with an intent of maximizing shareholder value. You'll see additional detail on our share sales and remaining investment holdings in our 10-Q.

我們的投資組合詳見幻燈片 20。截至第二季度末，股權投資價值約為 40 億美元。我們在第二季度總共出售了大約 3.7 億美元的 Kakao Bank 和 Adyen 股票，而市場波動影響了我們剩餘股份的價值。我們將繼續管理我們的投資組合，以實現股東價值最大化。您將在我們的 10-Q 中看到有關我們股票銷售和剩餘投資持股的更多詳細信息。

Moving on to our outlook. Our business has remained resilient in recent months despite escalating macro headwinds, but the operating environment remains dynamic and difficult to predict. The spread of COVID variants, persistent supply chain issues, elevated inflation and the impact of rising interest rates will likely wear on consumers' discretionary spend for some time. The duration and severity of the economic impact from the Ukraine war and related sanctions are even more challenging to anticipate.

繼續我們的展望。儘管宏觀逆風不斷升級，但我們的業務在最近幾個月一直保持彈性，但經營環境仍然充滿活力且難以預測。 COVID 變種的傳播、持續的供應鏈問題、通脹上升以及利率上升的影響可能會在一段時間內影響消費者的可自由支配支出。烏克蘭戰爭和相關製裁對經濟影響的持續時間和嚴重程度更難以預測。

Given our outperformance in Q2 and relatively stable volume trends as we progress through the quarter, we are maintaining our outlook for an FX-neutral GMV decline between 12% and 10% for the full year. While we land in that range, we'll likely be determined by whether the current macro headwinds hold steady, intensify or subside.

鑑於我們在第二季度的出色表現以及隨著我們整個季度的進展相對穩定的銷量趨勢，我們維持對全年外匯中性 GMV 下降 12% 至 10% 的展望。雖然我們落在該範圍內，但我們可能會取決於當前的宏觀逆風是否保持穩定、加劇或消退。

Additionally, recent currency movements relate to an incremental FX headwind of roughly $500 million to 2022 GMV versus our prior outlook. On a spot basis, our guidance translates to full year GMV between $72.7 million to $74.7 billion. Our hedging program should help us mitigate the incremental FX impact to revenue, operating income and EPS.

此外，與我們之前的展望相比，近期的貨幣走勢與 2022 年 GMV 增加約 5 億美元的外匯逆風有關。在現貨基礎上，我們的指導轉化為全年 GMV 在 7270 萬美元至 747 億美元之間。我們的對沖計劃應有助於我們減輕外匯對收入、營業收入和每股收益的增量影響。

Our revenue outlook for 2022 remains unchanged of between $9.6 billion and $9.9 billion, represents an FX-neutral decline of between 6% and 3% or 6 or 7 points faster than volume growth. We also maintain our non-GAAP operating margin target of between 29% and 30% for the full year. We now expect non-GAAP EPS of between $3.95 and $4.10, raising the low end of our prior range by $0.05.

我們對 2022 年的收入前景保持不變，在 96 億美元至 99 億美元之間，外匯中性下降 6% 至 3%，或比銷量增長快 6 或 7 個百分點。我們還將全年的非公認會計原則營業利潤率目標維持在 29% 至 30% 之間。我們現在預計非 GAAP 每股收益在 3.95 美元至 4.10 美元之間，將我們之前區間的低端提高 0.05 美元。

Looking to Q3 guidance. We actually generate between $17 billion and $17.6 billion of GMV, representing an FX-neutral decline of between 9% and 6%. We anticipate revenue between $2.29 billion and $2.37 billion or a decline of between 5% and 2%. We forecast a non-GAAP operating margin of between 27% and 28% as we continue to invest in our marketing and product experience initiatives to support focus categories and horizontal marketplace innovation. We expect to deliver non-GAAP earnings per share of between $0.89 and $0.95, representing growth of negative 1% and positive 6%.

期待第三季度的指導。我們實際上產生了 170 億美元至 176 億美元的 GMV，即外匯中性下降了 9% 至 6%。我們預計收入在 22.9 億美元至 23.7 億美元之間，或下降 5% 至 2%。隨著我們繼續投資於我們的營銷和產品體驗計劃以支持重點類別和橫向市場創新，我們預計非 GAAP 營業利潤率將在 27% 至 28% 之間。我們預計非 GAAP 每股收益將在 0.89 美元至 0.95 美元之間，分別代表負 1% 和正 6% 的增長。

In closing, Q2 was a strong quarter for eBay. We exceeded expectations across all key financial metrics despite facing challenging macro headwinds in recent months. Our fortress balance sheet and durable financial model put us in a fortunate position to continue investing in long-term growth initiatives while delivering robust earnings and free cash flow amidst an uncertain macro environment.

最後，第二季度對 eBay 來說是一個強勁的季度。儘管近幾個月面臨嚴峻的宏觀逆風，但我們在所有關鍵財務指標上都超出了預期。我們堅固的資產負債表和持久的財務模型使我們有幸繼續投資於長期增長計劃，同時在不確定的宏觀環境中提供強勁的收益和自由現金流。

eBay's track record of shareholder-friendly capital allocation continued as we returned over $1.4 billion through share repurchases and cash dividends this quarter. Our advertising and payments teams continue to innovate with new services and capabilities, which are driving revenue in excess of volume growth at healthy incremental margins.

eBay 在本季度通過股票回購和現金股息返還了超過 14 億美元的股東友好型資本分配記錄。我們的廣告和支付團隊繼續通過新的服務和功能進行創新，從而以健康的增量利潤率推動收入超過銷量增長。

And I'm particularly proud of our team's focus and financial discipline, which has enabled us to remain on track to reach our ambitious impact goals and carbon reduction targets during this period of economic uncertainty. Fostering sustainable business practices and enabling equitable inclusive entrepreneurship have never been more important than they are today. Finally, I want to express my sincere gratitude to our dedicated eBay employees for continuously striving to deliver a better future for our customers, our global community and our planet.

我為我們團隊的專注和財務紀律感到特別自豪，這使我們能夠在這個經濟不確定的時期繼續實現我們雄心勃勃的影響目標和碳減排目標。促進可持續的商業實踐和實現公平的包容性創業從未像今天這樣重要。最後，我要衷心感謝我們敬業的 eBay 員工，他們不斷努力為我們的客戶、我們的全球社區和我們的星球創造更美好的未來。

With that, Jamie and I will now take your questions.

有了這個，傑米和我現在會回答你的問題。

(Operator Instructions) Your first question is from the line of Ross Sandler with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的羅斯桑德勒。

Just maybe start with the macro. I guess this one is for Steve. So your full year GMV growth, ex FX, hasn't changed from the last quarterly call despite what looks like fairly meaningful deterioration for consumers in Germany and U.K. from what we heard from a lot of other companies.

只是也許從宏開始。我猜這個是給史蒂夫的。因此，您的全年 GMV 增長（不含外匯）與上一季度的電話會議相比並沒有改變，儘管從我們從許多其他公司那裡聽到的情況來看，德國和英國的消費者看起來相當有意義的惡化。

So maybe could you just help us with what you saw in terms of linearity throughout 2Q? What you're seeing thus far in 3Q? What you baked into the second half GMV growth? And then a question we often get from folks is, how much of your GMV is discretionary versus what would be considered maybe nondiscretionary? Any help with that would be great.

那麼，也許您能幫助我們了解您在整個 2Q 中看到的線性度嗎？到目前為止，您在第三季度看到了什麼？您對下半年 GMV 增長的看法是什麼？然後我們經常從人們那裡得到的一個問題是，你的 GMV 中有多少是可自由支配的，而哪些被認為是非自由支配的？任何幫助都會很棒。

Yes. I'll take that one. First of all, I wanted to say how pleased I am with both the results and the execution of eBay during the second quarter, as I stated in the prepared comments. As you would imagine, as we look to the rest of the year, we've been very thoughtful about the guide and obviously take into account of the current environment.

是的。我會拿那個。首先，正如我在準備好的評論中所述，我想說的是，我對 eBay 第二季度的結果和執行感到非常滿意。正如您想像的那樣，當我們展望今年餘下的時間時，我們對指南進行了非常周到的考慮，並且顯然考慮到了當前的環境。

As I think about it, there's 3 significant considerations that we've taken into account and expect to continue throughout the rest of 2022. The first being the impact of the war in Ukraine, which has a disproportionate impact on the European business because of the proximity to Ukraine and the pressure on energy prices. Secondly, the supply chain constraints, which are having an impact on our cross-border trade. And again, we expect those to prevail through the rest of the year. And then thirdly, just really thinking about the broader macro backdrop where we're seeing elevated inflation, rising interest rates, which are having associated impacts on consumer discretionary spend that are all putting pressure.

在我看來，我們已經考慮了 3 個重要的考慮因素，並預計將在 2022 年剩餘時間內繼續考慮。首先是烏克蘭戰爭的影響，它對歐洲業務產生了不成比例的影響，因為靠近烏克蘭和能源價格的壓力。其次，供應鏈的限制，這對我們的跨境貿易產生了影響。再一次，我們預計這些將在今年剩下的時間裡佔上風。第三，真正考慮更廣泛的宏觀背景，我們看到通脹上升、利率上升，這些都對消費者可自由支配的支出產生了相關影響，這些都給我們帶來了壓力。

As we consider that, we've put a broader range than we ordinarily would do in the second half of the year to take account of those 3 significant items. And ultimately, we land within our guidance range will be determined how that macro environment and those macro headwinds evolve over the second half, whether they hold steady, whether they intensify or indeed whether they subside.

當我們考慮到這一點時，我們已經比我們通常在下半年做的更廣泛的範圍來考慮這三個重要項目。最終，我們是否落在我們的指導範圍內，將取決於宏觀環境和這些宏觀逆風在下半年如何演變，它們是否保持穩定、是否加劇或是否確實消退。

With regards to the specific areas sort of GMV, we obviously have a very global and significant business across the globe. We don't have grocery and we have no material FMCG. And so there's a broad base of countries. So I wouldn't point to any specific area that would stand out for me. Perhaps, Jamie, if you've got anything that you'd like to add.

關於特定領域的 GMV，我們顯然在全球擁有非常全球化和重要的業務。我們沒有雜貨店，也沒有快速消費品。所以有廣泛的國家基礎。所以我不會指出任何對我來說突出的特定領域。也許，傑米，如果你有什麼想補充的。

Yes. I mean -- yes, I think it's hard to differentiate discretionary versus nondiscretionary. I think if you go back to Investor Day, you'll see that we had 5 -- we have 5 big areas over $10 billion. So obviously, when times are tough, people trade down, and that's where kind of our Refurb is helping out, et cetera. So hard to kind of pull that out. But I would say, as Steve said, it's -- we don't have grocery or material FMCG on the site.

是的。我的意思是——是的，我認為很難區分可自由裁量的和非可自由支配的。我想如果你回到投資者日，你會看到我們有 5 個——我們有 5 個超過 100 億美元的大領域。所以很明顯，當形勢嚴峻時，人們會降價，這就是我們的翻新產品可以提供幫助的地方，等等。很難把它拉出來。但我想說，正如史蒂夫所說，我們在網站上沒有雜貨或快速消費品。

Your next question is from the line of Nikhil Devnani with Bernstein.

您的下一個問題來自 Nikhil Devnani 和 Bernstein 的觀點。

Nice to see the Q2 margin beat. Can you just talk about what got better in the quarter versus your expectations? Was there any delay of certain investments that are now taking place in the third quarter? Or did you realize incremental efficiency gains there? And then as a second question, how are you thinking about focus category growth going forward relative to the rest of the GMV base?

很高興看到第二季度的利潤增長。您能否談談本季度與您的預期相比有所改善的地方？現在在第三季度進行的某些投資是否有任何延遲？或者您是否意識到那裡的效率提升？然後作為第二個問題，相對於 GMV 基礎的其他部分，您如何看待重點類別的增長？

Nikhil, I'll pick up the first part, and then Jamie perhaps can pick up the second. With regard to the second quarter, as you would anticipate, we continue to lean in, in terms of operational efficiencies in the short term while we do continue to invest for the long term to drive that long-term sustainable growth that we talked about at our investor event back in March.

Nikhil，我來接第一部分，然後 Jamie 或許可以接第二部分。關於第二季度，正如您所預料的那樣，我們將繼續在短期內提高運營效率，同時繼續進行長期投資，以推動我們在我們三月份的投資者活動。

Candidly, it's really an effect of timing. We had expected some incremental ramp of expenditure as we went through those investments in the second quarter. Some of that will ramp in the third quarter. And that's why you've seen us hold our full year margin guidance intact for the full year.

坦率地說，這確實是時間的影響。當我們在第二季度進行這些投資時，我們曾預計支出會增加一些。其中一些將在第三季度增加。這就是為什麼您看到我們全年保持全年利潤率指導不變的原因。

Jamie, perhaps you'd like to cover the focus categories question.

Jamie，也許您想介紹一下重點類別問題。

Yes. Look, we're pleased with the outperformance of focus categories being 9 points above the rest of the business. Importantly, we're continuing to invest. We rolled out jewelry this quarter with a partnership with GIA for jewelry over $500. We expanded what we're doing in handbags, launching that in Germany; bringing accessories, things like wallets into the U.S.; expanded Refurb to additional categories, headphones, audio, gaming console, smart home devices. So we're continuing to invest in our focus categories.

是的。看，我們很高興焦點類別的表現比其他業務高出 9 個百分點。重要的是，我們將繼續投資。本季度，我們與 GIA 合作推出了價值超過 500 美元的珠寶首飾。我們擴展了我們在手袋方面的業務，在德國推出；將錢包等配飾帶入美國；將 Refurb 擴展到其他類別、耳機、音頻、遊戲機、智能家居設備。因此，我們將繼續投資於我們的重點類別。

As I've always said, it's not a one and done. I mean if you think about the launch of vault and the incremental authentication that we've launched in collectibles, that was a category we started on as a focus category more than a year ago. So we're going to continue to innovate both on the existing ones that are there and launch new ones like we did with jewelry this quarter.

正如我一直說的那樣，這不是一勞永逸的。我的意思是，如果你考慮一下保險庫的推出和我們在收藏品中推出的增量認證，那是我們一年多前開始作為重點類別的一個類別。因此，我們將繼續對現有的產品進行創新，並推出新的產品，就像我們本季度對珠寶所做的那樣。

Your next question is from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

I just want to follow up on focus categories and ask about the vault, which recently launched. I know it's early, but just curious how consumer reaction has been so far and what engagement has looked like and just how you're thinking about kind of monetization there going forward.

我只想關注焦點類別並詢問最近推出的保險庫。我知道現在還為時過早，但只是好奇到目前為止消費者的反應如何，參與度如何，以及您如何看待未來的貨幣化。

Yes. So it's early days, as you said, but we're excited by the initial feedback from the early customers. So it's having the intended impact, which is giving them a frictionless way to buy and sell on the platform to encourage sellers to use it because, obviously, there's a first-mover advantage. We think once the product is in the vault, it's unlikely to move to a different vault or there can be withdrawal. So we reduced fees through the end of the year on things like storage and selling fees in order to encourage adoption. And we're kind of right on track with where we thought. We're going to continue to innovate, add more categories and add more products over time, but a good early start to the program.

是的。正如你所說，現在還處於早期階段，但我們對早期客戶的初步反饋感到興奮。因此，它產生了預期的影響，這為他們提供了一種在平台上進行買賣的無摩擦方式，以鼓勵賣家使用它，因為顯然有先發優勢。我們認為，一旦產品進入保險庫，就不太可能轉移到其他保險庫，或者可能會被撤回。因此，我們在年底前降低了存儲和銷售費用等費用，以鼓勵採用。我們在某種程度上走上了我們認為的正確軌道。隨著時間的推移，我們將繼續創新，添加更多類別並添加更多產品，但該計劃是一個良好的早期開始。

Your next question is from the line of Colin Sebastian with Baird.

您的下一個問題來自 Colin Sebastian 和 Baird。

Good, of course, to see the progress here on the platform. Jim, I know you've been asked this before, but just reflecting on the past quarter or last few months, do you think the marketplace is benefiting all from consumers trading down a bit just given the pressures on the pocketbook right now sort of that countercyclical benefit?

好的，當然，在平台上看到這裡的進展。吉姆，我知道你以前被問過這個問題，但回顧過去一個季度或過去幾個月，你認為市場正在從消費者交易中受益，只是考慮到現在的錢包壓力有點像這樣逆週期收益？

And then, Steve, you mentioned growing awareness on the platform. And I'm just curious how you're evaluating that. Is there data you're looking at in things like traffic to the site or other signals that might not yet be showing up in volume monetization that we might expect to see down the line a bit?

然後，史蒂夫，你提到了平台上的知名度不斷提高。我只是好奇你是如何評價的。您是否正在查看網站流量或其他可能尚未出現在我們可能期望看到的量貨幣化的信號的數據？

Yes. So on the first one on the kind of countercyclical, I'm really happy we refocused the strategy towards non-new-in-season 2.5 years ago because it is -- we're leaning into opportunities of where the consumer can be and makes the platform more resilient. So we are seeing strength in things like our Refurbished category where consumers can trade down. And frankly, just the value of eBay of having non-new-in-season makes the platform a little bit more resilient.

是的。因此，在第一個關於逆週期的問題上，我真的很高興我們在 2.5 年前將戰略重點重新轉向了非季節性新品，因為它是——我們正在尋找消費者可以和製造的機會平台更具彈性。因此，我們在翻新類產品中看到了優勢，消費者可以在這些產品中進行降價交易。坦率地說，僅僅是 eBay 的非當季新品的價值使得該平台更具彈性。

Over time, as well, selling is important in tough times for consumers because, as I've said all along, they've got $4,000 of stuff in the house that they could sell, and they -- less than 20% of that is online. So we're essentially working to kind of lean into both. On your question on awareness around our spend, we do look at everything, buyers traffic and seller. But one thing we measure pretty religiously is kind of initial consideration of what we're doing. So what you see us do is shift from doing a lot of lower funnel to more full-funnel marketing.

隨著時間的推移，銷售對於消費者來說在困難時期也很重要，因為正如我一直所說的那樣，他們的房子裡有 4,000 美元的東西可以出售，而他們——其中不到 20% 是在線的。因此，我們基本上正在努力向兩者傾斜。關於您關於我們支出意識的問題，我們確實會查看所有內容，買家流量和賣家。但是我們非常虔誠地衡量的一件事是對我們正在做的事情的初步考慮。所以你看到我們做的是從做很多低漏斗營銷轉向更全漏斗營銷。

I think about us being at the New York Parts Show, what we're doing in collectibles with the MLB All-Star Games. Next week, you'll see us launch a program in the U.K. with Pimp My Ride, which is really focused on our parts and accessories and being where enthusiasts are. And what we're really doing there is focusing on eBay and initial consideration set and really talking about the value propositions that we're building through focus categories. And what I'd say is we're excited about the initial results and the early movements in ICS in the campaigns that we're running.

我想我們正在紐約零件展上，我們在 MLB 全明星賽的收藏品中所做的事情。下週，您將看到我們在英國推出 Pimp My Ride 計劃，該計劃真正專注於我們的零件和配件以及成為發燒友所在的地方。我們在那裡真正做的是專注於 eBay 和初始考慮集，並真正談論我們通過重點類別建立的價值主張。我想說的是，我們對我們正在運行的活動中 ICS 的初步結果和早期運動感到興奮。

Your next question is from the line of Stephen Ju with Credit Suisse.

您的下一個問題來自瑞士信貸的 Stephen Ju。

So Jamie, trading cards have -- obviously we received all the investor attention perhaps within collectibles, but is there anything you can highlight in terms of other potential collectibles categories where you can start bringing the higher focus and perhaps the vault offering, maybe stamps or coins or comic books or other things and what the potential size of some of those other categories might be?

所以 Jamie，交易卡 - 顯然我們在收藏品中得到了所有投資者的關注，但是在其他潛在的收藏品類別方面，你有什麼可以強調的，你可以開始帶來更高的關注，也許是金庫產品，可能是郵票或硬幣或漫畫書或其他東西，以及其他一些類別的潛在規模可能是多少？

And I guess, secondarily, on KnownOrigin, I guess, granted this is definitely one for the mid- to longer term, but it's our understanding that there have been platforms out there that allow for trading of digital goods, primarily probably more with video game and in-game items. And those have been in existence for some time, and this seems to have been an area where eBay has really never felt the need to participate. So why is now the right time to enter this vertical?

其次，我想，在 KnownOrigin 上，我想，這絕對是一個中長期的，但據我們了解，已經有平台允許數字商品交易，主要可能更多是與視頻遊戲和遊戲內物品。這些已經存在了一段時間，而這似乎是 eBay 從未真正感到需要參與的領域。那麼為什麼現在是進入這個垂直領域的合適時機呢？

Yes. So I'd say a couple of things. First, on the collectibles business, yes, we've leaned in a lot to trading cards because of the opportunity that we see in that market. But if you go back to Investor Day, where we size the collectibles business, it's over a $10 billion category. So there's lots of different elements in there and, frankly, lots of different elements geographically. So there's things stronger in our U.K. and German business, where trading cards is more of a U.S. phenomenon from that perspective because collecting is interesting regionally, although there is a good amount of cross-border trading when it comes to collectibles. So we're going to continue to invest in collectibles and broadly as a category.

是的。所以我想說兩句。首先，在收藏品業務上，是的，由於我們在該市場看到的機會，我們已經大量傾向於交易卡。但如果你回到投資者日，我們在此評估收藏品業務，它的類別超過 100 億美元。所以那裡有很多不同的元素，坦率地說，有很多不同的地理元素。因此，我們的英國和德國業務更強大，從這個角度來看，交易卡在美國更像是一種現象，因為收集在區域上很有趣，儘管在收藏品方面有大量的跨境交易。因此，我們將繼續投資收藏品，並廣泛地作為一個類別進行投資。

On KnownOrigin, it's really -- a key part of that is the talent that we're bringing in. If you look at the team there, they're really the founding -- some of the founding pioneers in the early work around NFTs and digital. And so bringing that directly into eBay, I think, really helps us as we think about the intersection of physical and digital, some of the pieces that Jordan outlined at Investor Day because eBay has been always the place where people go to collect things. And so being able to figure out how to bring them on to the platform, I think, is a key advantage. I'd say it's really early days, but I think we found a great amazing team that we're integrating into the business.

在 KnownOrigin 上，這真的是——其中一個關鍵部分是我們引進的人才。如果你看看那裡的團隊，他們真的是創始者——一些早期圍繞 NFT 工作的創始先驅和數字的。因此，我認為，將其直接引入 eBay 確實有助於我們思考實體和數字的交叉點，喬丹在投資者日概述的一些作品，因為 eBay 一直是人們收集東西的地方。因此，我認為能夠弄清楚如何將它們帶到平台上是一個關鍵優勢。我想說這真的很早，但我認為我們找到了一個很棒的團隊，我們正在將其整合到業務中。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Going back to the Analyst Day, you guys talked about the ability to continue to sort of innovate around the marketing platform for yourselves over the medium to long term. Any update on how you're thinking about advertising solutions continuing to innovate and change on the platform for sellers? And how we should be thinking about investments versus the cadence of rollout of some of those potential products in the quarters ahead?

回到分析師日，你們談到了在中長期內繼續圍繞自己的營銷平台進行創新的能力。關於您如何看待廣告解決方案在賣家平台上繼續創新和改變的任何更新？以及我們應該如何考慮投資與未來幾個季度推出一些潛在產品的節奏？

Yes. And I assume when you mean advertising solutions, you mean what we're doing to bring traffic to the site, not the advertising product on the site. So on the marketing side, yes, we've absolutely been doing a shift both kind of moving more towards mid-funnel, going after more paid social younger demographics in terms of what we're doing with TikTok and those types of programs. And we've been enhancing what we're doing from a marketing perspective, rolling out a new marketing technology, we call it user experience platform, to help us be much more efficient with that.

是的。我假設當您指的是廣告解決方案時，您的意思是我們正在為網站帶來流量，而不是網站上的廣告產品。因此，在營銷方面，是的，我們絕對一直在進行轉變，無論是更多地轉向中間渠道，就我們對 TikTok 和那些類型的程序所做的事情而言，追求更多付費的社交年輕群體。我們一直在從營銷的角度增強我們正在做的事情，推出一種新的營銷技術，我們稱之為用戶體驗平台，以幫助我們提高效率。

As it relates to specifically to sellers, I'd point to 2 things. First is the investments that we're making in external Promoted Listings. So having sellers that are in our Promoted Listings product, be able to generate specific traffic to their business. And then the second thing is all the work that we've done over the last probably 18 months around eBay stores, about letting them build the brand in the marketplace, about letting them incorporate videos into their experience, around letting them spend coupons to interested or repeat buyers in the platform because we see this twofold. One is being able to drive traffic there but also helping them drive their repeat business on eBay, which is why we've been making those investments. Also, we think it's really critical to our second pillar being the seller platform of choice. So we're going to continue to push forward on those types of innovations on behalf of our sellers.

由於它與賣家特別相關，我要指出兩件事。首先是我們對外部推廣列表的投資。因此，我們的推廣列表產品中的賣家能夠為他們的業務產生特定的流量。第二件事是我們在過去大概 18 個月裡圍繞 eBay 商店所做的所有工作，關於讓他們在市場上建立品牌，讓他們將視頻融入他們的體驗，讓他們將優惠券用於感興趣或在平台上重複購買者，因為我們看到了這一點。一個是能夠在那裡增加流量，同時也幫助他們在 eBay 上推動他們的重複業務，這就是我們一直在進行這些投資的原因。此外，我們認為這對於我們的第二個支柱成為首選賣家平台非常重要。因此，我們將代表我們的賣家繼續推進這些類型的創新。

Your next question is from the line of Tom Champion with Piper Sandler.

您的下一個問題來自 Tom Champion 和 Piper Sandler。

Jamie, it sounds like you're seeing steady spend out of the active buyers. Just curious how you grade your ability to migrate mid-tier buyers more into the active category. And then, Steve, to cherrypick one macro factor, curious if you could talk about the recent decline in gas prices and maybe any moderation in inflation. Curious if you're seeing any demand elasticities here as potentially inflation moderates in some areas.

傑米，聽起來您看到活躍買家的支出穩定。只是好奇您如何評價您將中級買家更多地遷移到活躍類別的能力。然後，史蒂夫，挑選一個宏觀因素，很好奇你是否可以談論最近天然氣價格的下降以及通貨膨脹的任何緩和。好奇您是否在這裡看到任何需求彈性，因為某些地區可能會出現通脹放緩。

Yes. So we're excited by what we're seeing in terms of spend per buyer. So we -- if you look at -- versus 2019, our spend per buyer for enthusiast buyers are actually up double digits. And that ties right into what we're doing from a focus category strategy. The second thing that we're really focused on is that multiplier effect that we talked about at Investor Day, the fact that watches buyer will come in and spend $8,000 in watches but $9,000 in the rest of the site, a parts buyer will buy $500 but then buys $700 outside of that. And that helps us drive the strategy around what we -- what we're going after with enthusiast buyers and spend per buyer. It's also why we changed our marketing programs to be much more targeted at acquiring enthusiast buyers.

是的。因此，我們對每個買家的支出感到興奮。因此，如果您看一下，與 2019 年相比，我們為發燒友購買的每位買家的支出實際上增長了兩位數。這與我們從重點類別戰略中所做的事情直接相關。我們真正關注的第二件事是我們在投資者日談到的乘數效應，事實上手錶買家會進來並花費 8,000 美元購買手錶，但在網站的其他部分花費 9,000 美元，零件買家將購買 500 美元但隨後在此之外購買了 700 美元。這有助於我們圍繞我們的戰略——我們追求狂熱的買家和每位買家的消費。這也是為什麼我們改變了我們的營銷計劃，以更加專注於吸引狂熱的買家。

Steve, do you want to cover the second one?

史蒂夫，你想報導第二個嗎？

Yes. Of course. Tom, Nice to speak to you. What I would say is we are a truly global business with size and scale, Tom. And obviously as we think about the impact of cross-border that I've talked about, particularly our [growth to] Chinese, think about Europe being more significantly here with energy prices, particularly associated with gas prices going up. And so your point about slightly moderating gas prices perhaps over here, a lot of choppiness on inflation. We're not seeing anything in particular would identify any changes to what we've laid out.

是的。當然。湯姆，很高興與你交談。我想說的是，湯姆，我們是一家真正具有規模和規模的全球企業。很明顯，當我們考慮到我談到的跨境影響，特別是我們對中國人的（增長）影響時，考慮到歐洲在能源價格方面的影響更大，尤其是與天然氣價格上漲有關。所以你關於稍微緩和天然氣價格的觀點可能在這裡，通貨膨脹有很多波動。我們沒有看到任何特別的東西可以識別出我們已經佈局的任何變化。

Yes. I'd just add that when I talk to our eBayers in Germany and U.K., they get their gas bills twice a year, in some cases, once a year. And definitely, there's the impact there of that. And I think that's part of why we see a bigger impact on our European business than we -- in our international business than we do in the Americas.

是的。我只想補充一點，當我與我們在德國和英國的 eBay 用戶交談時，他們每年會收到兩次煤氣費，在某些情況下，一年一次。毫無疑問，這會產生影響。我認為這就是為什麼我們認為我們的歐洲業務比我們對我們的國際業務的影響比我們在美洲的影響更大的部分原因。

Your next question is from the line of Lauren Schenk with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Lauren Schenk。

Great. I just wanted to ask about the marketing point in the quarter was sort of higher than, I think, we were all expecting. Just how do I marry that with maybe the weaker-than-expected customer net adds as well and then how you're thinking about marketing somewhat broadly in the back half of the year. Is that somewhere that you would pull back if the macro does deteriorate further?

偉大的。我只是想問一下本季度的營銷點有點高於我認為我們所有人的預期。我如何將這一點與可能弱於預期的客戶網絡增加相結合，然後你如何在今年下半年更廣泛地考慮營銷。如果宏觀進一步惡化，您會在某個地方撤回嗎？

Lauren, I'll pick that one up. It's really a function of seasonality when you sort of look at where we are. And I think I'd bifurcate the 2. One is the marketing spend, which is a function of season by quarter. And then secondly, when I think about buyers, it's a trailing 12-month metric. Obviously, we're lapping through the pandemic from last year. We're dealing with a sort of greater macro environment. So we bifurcate the 2 issues. And so there's nothing specific that I'd point to in terms of the linkage between the 2 areas.

勞倫，我去拿那個。當你看看我們所處的位置時，這實際上是季節性的函數。而且我認為我會將 2 分為兩部分。一個是營銷支出，它是逐季變化的函數。其次，當我考慮買家時，這是一個過去 12 個月的指標。顯然，我們正在經歷去年的大流行。我們正在處理一種更大的宏觀環境。因此，我們將這兩個問題分開。因此，就這兩個領域之間的聯繫而言，我沒有具體指出任何內容。

Your next question comes from Justin Post with Bank of America.

您的下一個問題來自美國銀行的 Justin Post。

The revenues are definitely 4 points better than GMV in the Q3 guidance. How do you think about that differential as payments ramps up towards 100%? And can you maintain a nice differential there looking forward after 3Q?

在第三季度的指引中，收入絕對比 GMV 高 4 個百分點。您如何看待隨著支付率上升到 100% 的差異？您能否在第三季度之後保持良好的差異？

And then the second question -- just hedging looks like it's helping a little bit this year. How much is it helping? It might be in some disclosure, I didn't see. And is that going to be helpful in '23? Or is there a time frame that we should be thinking about hedging helping you?

然後是第二個問題——只是對沖今年似乎有點幫助。它有多大幫助？它可能在某些披露中，我沒有看到。這對 23 年會有幫助嗎？或者是否有一個我們應該考慮對沖幫助您的時間框架？

Justin, I'll pick those up. So I'm really pleased with the level of execution that we've seen both in terms of our ads business and payments business. And so as Jamie alluded to in his prepared comments, we're seeing a 20% delta between advertising and volume in the second quarter. And the payments team has done a tremendous job executing items like Buyer FX, additional forms of payments that continue to add potential for the revenue side to eBay.

賈斯汀，我會去拿的。因此，我對我們在廣告業務和支付業務方面看到的執行水平感到非常滿意。正如傑米在他準備好的評論中提到的那樣，我們看到第二季度的廣告和銷量之間存在 20% 的差異。支付團隊在執行買家外匯等項目方面做得非常出色，這些額外的支付形式繼續為 eBay 增加收入方面的潛力。

We are sort of lapping through as we're coming off the back of the payments migration that was completed in quarter 4 last year. So we are seeing some of the upside around that. But if I reflect on the second quarter, we had about an 8-point delta between GMV and revenue pretty much split evenly between advertising and payments, a little bit more pressure going forward as we see lap through that dynamic.

我們正在經歷去年第 4 季度完成的支付遷移，因此我們正在經歷一些困難。所以我們看到了這方面的一些好處。但是，如果我回顧第二季度，我們在 GMV 和收入之間有大約 8 個百分點的差異，廣告和支付之間幾乎平均分配，隨著我們看到這種動態，未來的壓力會更大一些。

With regards to your questions around hedging, the team did a very nice job of obviously hedging OI and EPS. Our GMV, obviously, is unhedged. And we are seeing pressure because of the strength of the dollar versus sterling and euro over recent months. And that's why you've seen an implied $500 million impact on our GMV guide at a spot rate as we've gone forward. But the teams diligently work at hedging OI and EPS as we go forward. And we go quarter by quarter, year by year. I make sure that we get the balance right as we do that.

關於你關於對沖的問題，團隊在對沖 OI 和 EPS 方面做得非常好。顯然，我們的 GMV 沒有對沖。由於最近幾個月美元兌英鎊和歐元走強，我們看到了壓力。這就是為什麼在我們前進的過程中，我們以即期匯率計算對我們的 GMV 指南產生了 5 億美元的隱含影響。但在我們前進的過程中，團隊努力對沖 OI 和 EPS。我們一個季度一個季度，一年一年地去。我確保我們在這樣做時取得了正確的平衡。

Your next question is from the line of Deepak Mathivanan with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Zach on for Deepak. Just curious on your ad business. You saw some reacceleration in the quarter. Just curious for an update on some of these newer product initiatives, Express and Advanced. Kind of can you just give us an update there in terms of adoption? Is this kind of a key driver of the reacceleration? Or is it just still kind of broader adoption of the Standard Promoted Listings product?

這是迪帕克的紮克。只是對您的廣告業務感到好奇。您在本季度看到了一些重新加速。只是對這些新產品計劃 Express 和 Advanced 的更新感到好奇。你能告訴我們關於採用的最新情況嗎？這是再加速的關鍵驅動因素嗎？還是只是標準促銷列表產品的更廣泛採用？

And then second, on the kind of monetization of some of your investments. Just curious for how you're thinking about the Adevinta stake here. You've been kind of monetizing some of the other assets over the past couple of quarters. I know a good chunk of it is kind of locked up until end of next year, but just kind of any updated thoughts and philosophy around Adevinta, specifically.

其次，關於你的一些投資的貨幣化。只是好奇你如何看待這裡的 Adevinta 股份。在過去的幾個季度中，您一直在將其他一些資產貨幣化。我知道其中很大一部分都被鎖定到明年年底，但特別是關於 Adevinta 的任何更新的想法和哲學。

Yes. So first, on the ad business, Zach, we tend to provide really good rollouts for our sellers. So there's still a lot of penetration opportunity in our Promoted Listings Standard product and driving incremental adoption for more sellers across more listings, et cetera. But we're pleased this quarter to really start seeing some traction in our newest products.

是的。因此，首先，在廣告業務方面，Zach，我們傾向於為我們的賣家提供非常好的推廣。因此，我們的推廣商品標準產品仍有很多滲透機會，並推動更多賣家在更多商品等中逐步採用。但我們很高興本季度真正開始看到我們最新產品的一些吸引力。

As I talked about on the call, our newest products are up 30% quarter-on-quarter, which is great to see. This will lead to Promoted Listings that's double digit in the coming quarters. And I just -- of the 3 new products, I'd highlight Advanced, I think, as a significant opportunity for us because of the monetization that it provides and because we still have a good ways to go in terms of driving adoption on the platform.

正如我在電話會議上所說，我們最新的產品環比增長了 30%，這很高興。這將導致未來幾個季度的推廣列表達到兩位數。我只是 - 在 3 種新產品中，我認為 Advanced 對我們來說是一個重要的機會，因為它提供了貨幣化，而且我們在推動採用平台。

I'd just say it's a continual dial and crank in terms of optimizing the buyer experience, the tools that we have and the algorithms to make sure that we're not degrading the buyer experience, we're enhancing it, and continue to provide a return on ad sales. But I'm happy to see the 1.5% penetration we got to this quarter. And like I said, the future quarters should allow us to drive double-digit growth.

我只想說，在優化買家體驗、我們擁有的工具和算法方面，這是一個持續不斷的調整，以確保我們不會降低買家體驗，我們正在增強它，並繼續提供廣告銷售的回報。但我很高興看到本季度達到 1.5% 的滲透率。就像我說的，未來幾個季度應該讓我們能夠推動兩位數的增長。

Steve, do you want to take the second one on...

史蒂夫，你要不要拿第二個...

Absolutely. So we continue to be very balanced and thoughtful about capital allocation. We've got a long track record of creating and maximizing long-term shareholder value as we've gone through that. As you're probably aware, in the second quarter, we divested some of our holdings in Adyen and Kakao.

絕對地。因此，我們繼續對資本配置保持非常平衡和深思熟慮。我們在創造和最大化長期股東價值方面有著悠久的記錄，因為我們已經經歷了這些。您可能知道，在第二季度，我們剝離了我們在 Adyen 和 Kakao 的部分股份。

Specifically, with regards to your question around Adevinta, we have 33% stake. Indeed, 25% of that is tied up until later in 2023. We continue to reflect on our investments, whether we believe we can generate incremental value in the short term by selling them or holding on for a little longer to continue to drive that shareholder value. So we reflect on all of our investments. We'll be very diligent about how we think about it to ultimately drive long-term shareholder returns.

具體來說，關於您關於 Adevinta 的問題，我們擁有 33% 的股份。事實上，其中 25% 的投資要到 2023 年晚些時候才能完成。我們會繼續反思我們的投資，無論我們是否相信我們可以通過出售它們或持有更長的時間來在短期內產生增量價值以繼續推動該股東價值。因此，我們會反思我們所有的投資。我們將非常努力地思考如何最終推動長期股東回報。

Your next question comes from the line of John Blackledge with Cowen.

您的下一個問題來自 John Blackledge 與 Cowen 的對話。

Two questions. First, on eBay Live, could you kind of discuss the early learnings engagement and how we should think about this program ramping as we head towards the fourth quarter and the holiday season?

兩個問題。首先，在 eBay Live 上，您能否討論一下早期學習的參與，以及我們應該如何看待這個計劃在我們走向第四季度和假日季節時逐漸增加？

And then secondly, a follow-up on advertising. You've mentioned Promoted Listings reaccelerating to 10%-plus growth. Any update there on timing for when it gets back to double digits?

其次，廣告的後續行動。您提到促銷列表重新加速到 10% 以上的增長。關於何時恢復兩位數的時間有任何更新嗎？

Yes. So on eBay Live, our live shopping pilot, I would say it's early, John. We're kind of in the test phase of that. And it's really about learning about how eBay engages the best way to get customers engaged. I would say from our early test that we're excited by what we saw, both in terms of the time people were engaged, to engage 15 minutes in a video, especially with today's attention span of consumers, and the interaction. We had a quarter of people like interacting with the experience. So we feel really good about what it can be.

是的。所以在我們的現場購物試點 eBay Live 上，我想說現在還早，約翰。我們正處於測試階段。這實際上是關於了解 eBay 如何以最佳方式吸引客戶參與。我想說，從我們早期的測試中，我們對我們所看到的感到興奮，無論是在人們參與的時間方面，還是在視頻中參與 15 分鐘，尤其是在當今消費者的注意力跨度和互動方面。我們有四分之一的人喜歡與體驗互動。所以我們對它可以做什麼感覺非常好。

As you've seen from a macro standpoint, it's had a lot more traction in the Asia region than it has here. It's still much more of a nascent technology, but fits in well with some of the categories like some of the other products that we have. So I'd just say very early testing and learning at this stage.

正如您從宏觀角度所看到的，它在亞洲地區的吸引力比在這里大得多。它仍然更像是一項新興技術，但與我們擁有的其他一些產品等某些類別非常吻合。所以我只想說在這個階段非常早期的測試和學習。

On advertising, what we talked about is getting to a double-digit growth in the coming quarters, and we feel comfortable about our plans to do that, really on the strength of our core product and standard and on the growth that we're seeing out of our new products.

在廣告方面，我們談到的是在未來幾個季度實現兩位數的增長，我們對實現這一目標的計劃感到滿意，這實際上是基於我們的核心產品和標準的實力以及我們所看到的增長出我們的新產品。

Your next question is from the line of Lee Horowitz with Deutsche Bank.

您的下一個問題來自德意志銀行的 Lee Horowitz。

You guys laid out, I think, some helpful and ambitious long-term targets for GMV growth at your Analyst Day. I guess how do you think about how the current macro environment impacts the timing by which you guys look to achieve these goals? And then maybe on parts and accessories specifically, can you provide any update on how the playbook is rolling out across this category? Have you started to see the return on investment, whereby you're getting accelerated growth across these categories given what you've done over the last couple of quarters in parts and accessories?

我認為，你們在分析師日為 GMV 增長制定了一些有用且雄心勃勃的長期目標。我想您如何看待當前的宏觀環境如何影響你們實現這些目標的時機？然後也許特別是在零件和配件方面，您能否提供有關該劇本如何在該類別中推出的任何更新？您是否開始看到投資回報，鑑於您在過去幾個季度在零件和配件方面所做的工作，您在這些類別中獲得了加速增長？

Lee, I'll take the longer-term plan question. We obviously updated the market at our Investor Day back in March, and our long-term guidance remains unchanged. We are continuing to execute, whether it's through the focus category playbook, ads, payments, building, broader trust on the platform and driving CSAT. So I'm really pleased what we've been seeing quarter after quarter and the levels of execution that we're seeing with the team.

李，我會回答長期計劃的問題。我們顯然在 3 月份的投資者日更新了市場，我們的長期指導保持不變。我們將繼續執行，無論是通過重點類別劇本、廣告、支付、建立、更廣泛的平台信任和推動 CSAT。所以我真的很高興我們一個季度又一個季度看到的情況以及我們在團隊中看到的執行水平。

Undoubtedly, we are navigating a particularly challenging macro environment, which we believe is transitory. And so the way that we think about this is a duration and the severity of the current macro environment will really point to the timing of the medium-term proportion in GMV, but we continue to be very aligned and confident about the long-term trajectory that we laid out on our Investor Day.

毫無疑問，我們正在應對一個特別具有挑戰性的宏觀環境，我們認為這是暫時的。因此，我們認為這是一個持續時間，當前宏觀環境的嚴重性將真正指向 GMV 中中期比例的時機，但我們仍然對長期軌跡非常一致和充滿信心我們在投資者日制定的。

Specifically to do with parts and accessories, Jamie?

專門與零件和配件有關，傑米？

Yes. We're really pleased with what we're seeing in terms of the rollouts on parts and accessories, I'd say both from a marketing standpoint. So we're getting aggressive in our key markets about driving an initial consideration set. I talked earlier about some of the stuff we're doing with sponsorship of Pimp My Ride.

是的。從營銷的角度來看，我們對零件和配件的推出感到非常滿意。因此，我們在關鍵市場上越來越積極地推動最初的考慮因素。我之前談到了我們通過贊助 Pimp My Ride 所做的一些事情。

We did the same thing with eBay Auto Parts Show in New York. Those types of things led to 3 billion media impressions for us from that standpoint. And as I talked about, really going after that enthusiasts, leaning into things like -- I was just out in our European markets, and there, certified green parts are incredibly important and we continue to add more of that supply onto the marketplace.

我們在紐約的 eBay Auto Parts Show 上做了同樣的事情。從這個角度來看，這些類型的事情為我們帶來了 30 億次媒體印象。正如我所說，真正追求那些愛好者，傾向於像 - 我剛剛進入我們的歐洲市場，在那裡，經過認證的綠色部件非常重要，我們繼續將更多的供應添加到市場上。

And then secondarily, I'd just say on the product side, improvements in fitment, improvements in the organization of the inventory and the collaboration is important. We enhance some of the AI that powers our search and our merchandising and our advertising really around this idea of fitment and how to make sure that we have 100% trust in the fitment on the product. So we're excited about what we're seeing and the results, the movement that we're seeing in initial consideration set. And we're not going to be done. This is going to be a category that we're going to continue to innovate on quarter after quarter.

其次，我只想說在產品方面，裝修的改進，庫存組織和協作的改進很重要。我們增強了一些人工智能，這些人工智能為我們的搜索、推銷和廣告提供動力，真正圍繞著這種裝修理念，以及如何確保我們對產品的裝修有 100% 的信任。所以我們對我們所看到的和結果感到興奮，我們在最初的考慮中看到的運動。而且我們不會完成。這將是一個我們將在一個季度又一個季度繼續創新的類別。

Your final question comes from the line of Richard Kramer with Arete Research.

您的最後一個問題來自於 Arete Research 的 Richard Kramer。

Jamie, my question is as follows. I'm a little surprised by the comparisons to 2019. I guess my question is, are you looking back at the pandemic period and thinking that some of the changes that we saw in consumer behavior are now getting reversed? And given how much you've talked about focus categories, should investors expect a further retreat from general merchandise, especially given how difficult the economic backdrop is?

傑米，我的問題如下。與 2019 年的比較讓我有點驚訝。我想我的問題是，您是否回顧大流行期間並認為我們在消費者行為中看到的一些變化現在正在逆轉？鑑於您對重點類別的討論程度，投資者是否應該期望從一般商品中進一步撤退，特別是考慮到經濟背景有多困難？

And maybe one quick one for Steve. Could you reflect a little bit on the cost base and the execution culture at eBay? We've seen the live shopping is still in beta. Off-site ads are still in beta. It seems like things are taking time to get out to full general availability. Is it something that you think is requiring more investment in the short term and it's worth it just to make sure that you actually get some of these new initiatives up and running?

也許是給史蒂夫的一個快速的。您能否談談 eBay 的成本基礎和執行文化？我們已經看到現場購物仍處於測試階段。場外廣告仍處於測試階段。似乎事情需要時間才能完全普及。您認為這是否需要在短期內進行更多投資，是否值得僅僅為了確保您真正啟動並運行其中一些新舉措？

Yes. So on the first one, part of the reason why we look at '19 is just the massive acceleration that we saw over the COVID time period and kind of comparing the pre and post with the massive restriction and mobility and the stimulus that was there in the market. Obviously, we believe we're definitely coming out of the pandemic much stronger than we came into it. And our strategy is working.

是的。因此，在第一個方面，我們查看 19 年的部分原因只是我們在 COVID 時間段內看到的巨大加速，以及將前後的巨大限制和流動性以及那裡的刺激進行比較市場。顯然，我們相信我們從大流行中走出來的能力肯定比進入大流行時要強大得多。我們的策略正在奏效。

To your question on focus categories, our focus category strategy is really focused on non-new-in-season. So we've kind of really moved away from new-in-season. You can still obviously buy it on the site, and we have that product. But we're leaning into where eBay is strong.

對於您關於焦點類別的問題，我們的焦點類別策略確實專注於非當季新品。所以我們真的遠離了新賽季。您顯然仍然可以在網站上購買它，而且我們有該產品。但我們傾向於 eBay 的強項。

If I go back to the Investor Day, it's a $1.1 trillion TAM growing to $1.4 trillion. And we think given the tougher economic times right now, our strategy of where we're focusing from that category standpoint is exactly where we need to be, and it's frankly a strength for eBay. Do you want to take the third one, Steve?

如果我回到投資者日，這是一個 1.1 萬億美元的 TAM 增長到 1.4 萬億美元。我們認為，鑑於目前經濟形勢嚴峻，我們從該類別的角度關注的戰略正是我們需要的，坦率地說，這對 eBay 來說是一個優勢。你想拿第三個嗎，史蒂夫？

Yes. Richard, I'd make a few comments. First of all, I think on a broader cost structure, the teams have been incredibly diligent, particularly as we cycle through this macro environment. And that creates capacity for us to invest in the long term. And everybody at eBay is looking through that lens.

是的。理查德，我會發表一些評論。首先，我認為在更廣泛的成本結構上，團隊非常勤奮，特別是當我們在這個宏觀環境中循環時。這為我們創造了長期投資的能力。 eBay 的每個人都在看這個鏡頭。

Secondly, I really believe the pace of innovation is moving much quicker than it was pre-pandemic. We talked about the speed of innovation and focus categories and what we're doing there. Think about the execution in payments and the say/do ratio that we talked about at Investor Day and then the growth that we see in our advertising business.

其次，我真的相信創新的步伐比大流行前要快得多。我們談到了創新和重點類別的速度以及我們在那裡所做的事情。想想我們在投資者日討論的付款執行和發言/執行比率，然後是我們在廣告業務中看到的增長。

Thirdly, I would say that I'm delighted that Eddie Garcia is back at eBay, heading the product organization and bringing his wealth of experience, years of experience to the team to really drive best-in-class products for us here. So we remain very optimistic about the future ahead of us, and I'm really pleased with the execution of the team.

第三，我很高興 Eddie Garcia 回到 eBay，領導產品組織，並將他豐富的經驗和多年的經驗帶給團隊，真正為我們這裡提供一流的產品。所以我們對未來仍然非常樂觀，我對團隊的執行力感到非常滿意。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝您的參與。今天的電話會議到此結束。您現在可以斷開連接。