eBay Inc (EBAY) 2022 Q3 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 Third Quarter 2022 Earnings Conference Call. (Operator Instructions)

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 年第三季度收益電話會議。 （操作員說明）

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

現在，我很高興將電話轉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 third 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，歡迎參加 eBay 2022 年第三季度財報電話會議。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 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 November 2, 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 11 月 2 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. Q3 was a strong quarter for the company despite a challenging macro environment. Significant headwinds from inflation, higher energy costs and rising interest rates have impacted discretionary income, and consumer confidence is near record lows in several markets. Our focus on non-new-in-season categories has made the platform more resilient against these headwinds.

謝謝，喬。大家下午好，感謝您加入我們。儘管宏觀環境充滿挑戰，但第三季度對該公司來說是一個強勁的季度。通脹、能源成本上漲和利率上升帶來的重大不利因素影響了可自由支配收入，多個市場的消費者信心接近歷史低點。我們對非當季新品類別的關注使該平台對這些逆風更具彈性。

In the quarter, we continued to execute the tech-led re-imagination, and we delivered on our near-term commitments. Focus categories narrowed their gap to market growth rates through higher customer satisfaction, increased trust and more effective marketing. And once again, enthusiast buyers spent more on the platform. This playbook is having a positive impact on GMV in the U.S. and internationally.

在本季度，我們繼續執行以技術為主導的重新構想，並兌現了我們的近期承諾。重點類別通過提高客戶滿意度、增加信任和更有效的營銷來縮小與市場增長率的差距。再一次，狂熱的買家在平台上花費了更多。這本劇本對美國和國際上的 GMV 產生了積極影響。

Site-wide technology investments created a more seamless customer experience, leading to improved conversion rates across the platform. Our advertising business accelerated due to increased seller adoption and the optimization of our ad products. And new payment capabilities removed transactional friction while adding incremental revenue.

站點範圍的技術投資創造了更加無縫的客戶體驗，從而提高了整個平台的轉化率。由於賣家採用率增加和廣告產品優化，我們的廣告業務加速發展。新的支付功能消除了交易摩擦，同時增加了收入。

The execution of our strategy is strengthening our competitive position, which drove better-than-expected financial outcomes in the third quarter. We delivered over $17.7 billion in GMV and almost $2.4 billion in revenue. We invested in marketing and product while delivering close to 29% operating margin. And our non-GAAP EPS was $1 per share, up double digits versus last year.

我們戰略的執行正在加強我們的競爭地位，這推動了第三季度好於預期的財務業績。我們實現了超過 177 億美元的 GMV 和近 24 億美元的收入。我們在營銷和產品方面進行了投資，同時實現了接近 29% 的營業利潤率。我們的非公認會計原則每股收益為 1 美元，與去年相比增長了兩位數。

Before I get into more highlights from the quarter, I want to take a step back and look where we are in our long-term journey. As you may recall, heading into the pandemic, volume was declining. Since that time, we have invested in game-changing product experiences and adjusted our approach to marketing. And this has resulted in an improvement in GMV compared to pre-pandemic levels.

在我了解本季度的更多亮點之前，我想退後一步，看看我們在長期旅程中所處的位置。您可能還記得，進入大流行期間，交易量正在下降。從那時起，我們就投資於改變遊戲規則的產品體驗並調整我們的營銷方式。與大流行前的水平相比，這導致 GMV 有所改善。

Specifically, focus categories, excluding trading cards, are up over 20% since 2019 due to improvements in customer satisfaction, trust, product experience and marketing. Trading cards has more than doubled in that time due to market dynamics and the impact of our innovations. And the rest of the platform has improved from declining low single digits to flat based on site-wide product improvements and the benefits of cross-category shopping.

具體而言，由於客戶滿意度、信任度、產品體驗和營銷方面的改善，自 2019 年以來，不包括交易卡在內的重點類別增長了 20% 以上。由於市場動態和我們創新的影響，交易卡在那段時間增加了一倍以上。基於網站範圍內的產品改進和跨品類購物的好處，平台的其餘部分已經從下降的個位數下降到持平。

Taking a closer look at Q3 volume, excluding trading cards, focus categories grew over 7 points faster than the rest of the platform compared to last year. Multiple quarters of improvements in parts and accessories, collectibles, luxury goods and refurbished products are driving better relative GMV performance.

仔細觀察第三季度的交易量，不包括交易卡，與去年相比，重點類別的增長速度比平台的其他部分快了 7 個百分點。零件和配件、收藏品、奢侈品和翻新產品的多個季度改進正在推動更好的相對 GMV 表現。

Motors parts and accessories is the largest category we have invested in to date, and it is nearing market rates of growth. Investments in marketing over multiple quarters have increased consideration with enthusiasts, expanding the top of the funnel. Most recently, we sponsored an automotive makeover show with MTV U.K. We also kicked off the eBay Motors Parts of America tour, showcasing bespoke car builds using parts found on eBay. Hundreds of thousands of attendees have joined these events to date, and social marketing support for the tour has driven more than 500 million impressions.

汽車零部件和配件是我們迄今為止投資的最大類別，並且接近市場增長率。多個季度的營銷投資增加了愛好者的考慮，擴大了漏斗的頂部。最近，我們與 MTV U.K. 贊助了一場汽車改造秀。我們還啟動了 eBay Motors Parts of America 巡迴演出，展示了使用在 eBay 上找到的零件定制的汽車製造。迄今為止，已有數十萬參加者參加了這些活動，而對巡迴演出的社會營銷支持已經推動了超過 5 億次展示。

The key to unlocking trust for parts and accessories enthusiasts is fitment. Over the last several quarters, we made significant progress on the foundational work needed to innovate the P&A experience. This included modernizing our taxonomy to align our business globally and open up new cross-border trade opportunities. We also integrated fitment-based technologies into search, merchandising and advertising recommendations. Now we're able to make fitment more pervasive throughout the end-to-end experience.

配件和配件愛好者釋放信任的關鍵是配件。在過去幾個季度中，我們在創新 P&A 體驗所需的基礎工作方面取得了重大進展。這包括對我們的分類進行現代化改造，以使我們的業務在全球範圍內保持一致，並開闢新的跨境貿易機會。我們還將基於裝修的技術集成到搜索、推銷和廣告推薦中。現在，我們能夠讓裝修在整個端到端體驗中更加普遍。

We have started adding highly visible trust signals throughout the buyer journey in the U.S. and Canada. We also are reducing the number of steps it takes to find parts, and we've expanded the adoption of My Garage, leading to more personalized shopping on every visit. We will continue to invest in trust to deliver even higher customer satisfaction in the coming quarters.

我們已經開始在美國和加拿大的整個買家旅程中添加高度可見的信任信號。我們還減少了查找零件所需的步驟，並且我們擴大了 My Garage 的採用範圍，從而在每次訪問時實現更加個性化的購物。我們將繼續投資於信任，以在未來幾個季度提供更高的客戶滿意度。

In addition, we are working on increasing the quality and quantity of supply in parts and accessories. We recently acquired myFitment, which helps P&A sellers improve listing quality and grow conversion. We are also directly engaging sellers to add more in-demand parts inventory, including certified green parts, OEM, salvage and [high ASP] products, keeping our global supply over 500 million live listings.

此外，我們正在努力提高零部件和配件的供應質量和數量。我們最近收購了 myFitment，它可以幫助 P&A 賣家提高上市質量並提高轉化率。我們還直接與賣家聯繫，以增加更多的需求零件庫存，包括經過認證的綠色零件、OEM、打撈和 [高 ASP] 產品，使我們的全球供應量超過 5 億個實時列表。

Collectibles is another focus category where sellers and buyers are responding positively to recent innovation. One of the best examples of this is trading cards, where GMV trends remained steady at a trajectory more than double pre-pandemic levels. In June, we launched the eBay Vault, a seamless end-to-end physical and digital experience and have initially opened it for trading cards. The Vault provides a number of benefits, including instant transfer, authentication, insurance, affordable shipping and tax-free storage. The combination of these features gives enthusiasts an unprecedented level of control to grow the value of their collections.

收藏品是賣家和買家對最近的創新做出積極反應的另一個重點類別。最好的例子之一是交易卡，其中 GMV 趨勢保持穩定在大流行前水平的兩倍以上。 6 月，我們推出了 eBay Vault，這是一種無縫的端到端實體和數字體驗，並最初為交易卡開放。 Vault 提供了許多好處，包括即時傳輸、身份驗證、保險、負擔得起的運輸和免稅存儲。這些功能的結合為愛好者提供了前所未有的控制水平，以增加他們的收藏價值。

During Q3, we expanded eligibility for Vault items, and we are seeing continued momentum week-over-week and are encouraged by the effectiveness of events and accelerating early adoption. While the Vault is in its early days, demand is increasing, and more enthusiasts are preloading their inventory into the Vault to enable faster trading.

在第三季度，我們擴大了 Vault 項目的資格，並且我們看到一周一周的持續勢頭，並且對活動的有效性和加速早期採用感到鼓舞。雖然 Vault 處於早期階段，但需求正在增加，更多的愛好者正在將他們的庫存預加載到 Vault 中以實現更快的交易。

In addition to innovation, we are marketing our trading cards business across multiple channels. For example, in Q3, we expanded our presence at New York Comic Con to showcase the eBay Vault and continued live commerce pilots, highlighting brands like Funko and MetaZoo.

除了創新之外，我們還跨多個渠道營銷我們的交易卡業務。例如，在第三季度，我們擴大了在紐約動漫展上的影響力，展示了 eBay Vault 和持續的現場商業試點，突出了 Funko 和 MetaZoo 等品牌。

Another important investment for our trading card business is the acquisition of TCGplayer, a trusted marketplace for collectible card game enthusiasts that operates a leading technology platform. I am pleased that we were able to close this transaction earlier this week ahead of schedule. TCGplayer brings strategic omnichannel capabilities, popular with trading card sellers, including inventory management tools, order fulfillment and card optimization. I'm excited to see what we can do together to delight our sellers and buyers over time.

我們交易卡業務的另一項重要投資是收購 TCGplayer，這是一個值得收藏的卡牌遊戲愛好者信賴的市場，運營著一個領先的技術平台。我很高興我們能夠在本週早些時候提前完成這筆交易。 TCGplayer 帶來了廣受交易卡賣家歡迎的戰略全渠道功能，包括庫存管理工具、訂單履行和卡優化。我很高興看到隨著時間的推移我們可以一起做些什麼來取悅我們的賣家和買家。

In luxury categories, quarter after quarter of innovation has led to higher customer satisfaction and faster GMV growth. This has been true in watches, handbags and sneakers since the introduction of authentication, resulting in higher GMV in every country where we've launched to date. In Q3, we began authenticating jewelry above $500 in the U.S. and are seeing similar results as other focus categories with initial customer satisfaction rates for jewelry buyers over 90%.

在奢侈品類別中，一個季度又一個季度的創新帶來了更高的客戶滿意度和更快的 GMV 增長。自從引入認證以來，手錶、手袋和運動鞋都是如此，導致迄今為止我們推出的每個國家/地區的 GMV 都更高。在第三季度，我們開始在美國驗證 500 美元以上的珠寶，並看到與其他重點類別類似的結果，珠寶買家的初始客戶滿意度超過 90%。

Focus category is not the only area where we are investing to drive GMV. Significant site-wide initiatives that impact all sellers and buyers are driving volume benefits across all categories. Multiple quarters of technology investment drove site-wide conversion improvements in Q3.

焦點類別並不是我們投資推動 GMV 的唯一領域。影響所有賣家和買家的重大站點範圍內的舉措正在推動所有類別的銷量收益。多個季度的技術投資推動了第三季度網站範圍內的轉化率提高。

For example, in search, we leveraged new deep learning models to better understand purchase intent, leading to increased conversion at the top of search. In addition, search recall has materially improved for low and well searches, enabling buyers to discover more relevant inventory. These capabilities have rolled out to English and German-speaking markets, adding more than $0.5 billion in GMV annually.

例如，在搜索中，我們利用新的深度學習模型來更好地了解購買意圖，從而提高搜索頂部的轉化率。此外，對於低搜索量和良好搜索量，搜索召回率得到了顯著改善，使買家能夠發現更多相關的廣告資源。這些功能已推廣到英語和德語市場，每年增加超過 5 億美元的 GMV。

SEO improvements are driving better growth across the platform. In focus categories like sneakers, we have built a more modern browsing experience, which is driving benefits to our SEO traffic. We also optimized our site to allow significantly more items to show up on search engines, increasing visibility to our newest and best performing listings. For sellers, we have been making investments over several quarters to modernize our technology stack. And I'm excited to announce that we recently completed the migration of all desktop sellers to a single unified listing experience globally. This transition eliminates multiple legacy tools and enables faster innovation, particularly as we invest in new focus category listing experiences.

SEO 改進正在推動整個平台的更好增長。在運動鞋等重點類別中，我們建立了更現代的瀏覽體驗，這為我們的 SEO 流量帶來了好處。我們還優化了我們的網站，以允許更多的商品出現在搜索引擎上，從而提高我們最新和性能最佳的商品信息的可見度。對於賣家來說，我們已經在幾個季度內進行了投資，以使我們的技術堆棧現代化。我很高興地宣布，我們最近完成了將所有桌面賣家遷移到全球單一統一的上市體驗。這種轉變消除了多種遺留工具並實現了更快的創新，特別是在我們投資新的焦點類別列表體驗時。

There are a number of benefits sellers are already seeing in the new platform. For example, when listing an item, sellers are receiving better price guidance recommendations that are driving conversion in multiple categories. And sellers can now directly upload videos that can showcase items, highlight unique details or answer commonly asked questions. Sellers are also benefiting from multiple quarters of innovation and advertising.

賣家已經在新平台中看到了許多好處。例如，在列出商品時，賣家會收到更好的價格指導建議，從而推動多個類別的轉化。賣家現在可以直接上傳可以展示商品、突出獨特細節或回答常見問題的視頻。賣家也從多個季度的創新和廣告中受益。

Higher return on ad spend is leading to increased adoption of Promoted Listings and higher ad rates. In Q3, first-party ad revenue was $249 million, up 27% year-over-year. This was more than 30 points faster than GMV, keeping us on track toward our long-term advertising targets despite volume headwinds from the macro environment. Investments in AI have resulted in improved search algorithm performance and more accurate ad rate recommendations that are increasing conversion. This is one factor driving up adoption of Standard Promoted Listings. In Q3, almost 2 million sellers adopted at least 1 ad product, and our coverage has expanded to over 600 million listings.

更高的廣告支出回報率導致推廣列表的採用率增加和廣告費率提高。第三季度，第一方廣告收入為 2.49 億美元，同比增長 27%。這比 GMV 快了 30 多個點，儘管宏觀環境存在大量逆風，但我們仍朝著我們的長期廣告目標邁進。對人工智能的投資提高了搜索算法的性能和更準確的廣告率建議，從而提高了轉化率。這是推動採用標準促銷列表的因素之一。在第三季度，近 200 万賣家至少採用了一種廣告產品，我們的覆蓋範圍已擴大到超過 6 億個列表。

Our newer ad products are also driving faster growth, which once again grew double digits quarter-over-quarter. For Promoted Listings Advanced, we expanded availability in search. We also improved the broad match experience and upgraded our recommendation tools, allowing sellers to further optimize their campaigns. Payments capabilities are increasing trust between sellers and buyers by removing transactional friction. The buyer FX experience that we've released earlier this year is resonating with customers.

我們更新的廣告產品也推動了更快的增長，再次環比增長兩位數。對於Promoted Listings Advanced，我們擴大了搜索範圍。我們還改進了廣泛匹配體驗併升級了我們的推薦工具，使賣家能夠進一步優化他們的活動。通過消除交易摩擦，支付能力正在增加買賣雙方之間的信任。我們今年早些時候發布的買方外匯體驗引起了客戶的共鳴。

Close to 70% are adopting it for cross-currency transactions, allowing them to pay in their local currency. We also expanded Klarna availability to buyers engaged in cross-border transactions on our German site. Lastly, our risk team improves checkout conversion by accepting more purchase transactions while maintaining low loss levels.

近 70% 的人將其用於跨幣種交易，允許他們以當地貨幣支付。我們還將 Klarna 的可用性擴展到在我們的德國網站上從事跨境交易的買家。最後，我們的風險團隊通過在保持低損失水平的同時接受更多購買交易來提高結賬轉化率。

In addition to removing friction for buyers, we are adding more services for sellers. Recently, we announced that sellers can request on-demand payouts to a debit card and receive funds within 30 minutes or less for a fee. New payment services are delivering better customer outcomes, and the pace of innovation has put us on track to deliver $300 million in incremental revenue by 2024.

除了為買家消除摩擦外，我們還為賣家增加了更多服務。最近，我們宣布賣家可以通過借記卡請求按需付款並在 30 分鐘或更短的時間內收取費用，但需要付費。新的支付服務正在提供更好的客戶成果，創新的步伐使我們有望在 2024 年之前實現 3 億美元的增量收入。

As consumers in our major markets face persistent inflation, higher interest rates and rising home energy costs, they are increasingly turning to eBay for better value. This is leading to growth in GMV of used and refurbished goods. In fact, in a recent survey, we found that more than 3/4 of sellers use eBay to sell pre-owned goods. Recently, we expanded our efforts to support sustainable commerce with a new seller education offering on eBay Academy. Launched across our major markets, our new course teaches sellers how to assess their current practices and understand how eBay can help them operate more sustainably. Sellers are contributing positively to global communities in other ways.

由於我們主要市場的消費者面臨持續的通貨膨脹、更高的利率和不斷上漲的家庭能源成本，他們越來越多地轉向 eBay 尋求更高的價值。這導致二手和翻新商品的 GMV 增長。事實上，在最近的一項調查中，我們發現超過 3/4 的賣家使用 eBay 銷售二手商品。最近，我們在 eBay 學院推出了新的賣家教育課程，擴大了支持可持續商業的力度。我們的新課程在我們的主要市場推出，教賣家如何評估他們當前的做法並了解 eBay 如何幫助他們更可持續地運營。賣家正在以其他方式為全球社區做出積極貢獻。

During the third quarter, we raised more than $33 million through eBay for Charity. In addition, the eBay Foundation issued grants to 50 nonprofit organizations that support inclusive entrepreneurship in communities around the world. These purpose-driven efforts help us drive economic opportunity for all.

在第三季度，我們通過 eBay 為慈善機構籌集了超過 3300 萬美元。此外，eBay 基金會還向 50 家支持全球社區包容性創業的非營利組織發放了贈款。這些以目的為導向的努力幫助我們為所有人創造經濟機會。

Finally, we're excited to announce that tomorrow, we will be publishing our inaugural small business report. This report highlights our progress towards becoming a seller platform of choice. I've spoken to you in the past about how eBay creates access for entrepreneurs. And through our recent small business survey, we found that 7 out of 10 sellers say that eBay help them start their business. We are proud to partner with our sellers, helping them get up and running on our marketplace and providing the tools they need to build scale and grow their business. Sellers recognize these efforts with over half of all sellers surveyed strongly agreeing that eBay helped their small business grow.

最後，我們很高興地宣布，明天我們將發布我們的首份小型企業報告。本報告重點介紹了我們在成為首選賣家平台方面取得的進展。我過去曾與您談過 eBay 如何為企業家創建訪問權限。通過我們最近的小型企業調查，我們發現十分之七的賣家表示 eBay 幫助他們開展業務。我們很自豪能與我們的賣家合作，幫助他們在我們的市場上啟動和運行，並為他們提供建立規模和發展業務所需的工具。賣家認可這些努力，超過一半的受訪賣家強烈同意 eBay 幫助他們的小企業發展。

As a third-party marketplace, eBay only wins when our sellers win. And we have earned trust from our seller community over time. In this report, 95% of sellers surveyed say they rely on eBay for their business with almost 1/3 saying their small business would not exist without eBay. This data helps to reinforce that the investments we are making reflect the role we play in creating and growing small businesses around the world.

作為第三方市場，eBay 只有在我們的賣家獲勝時才能獲勝。隨著時間的推移，我們贏得了賣家社區的信任。在這份報告中，95% 的受訪賣家表示他們依賴 eBay 開展業務，近 1/3 的賣家表示，如果沒有 eBay，他們的小型企業將不復存在。這些數據有助於強化我們所做的投資反映了我們在全球創建和發展小型企業方面所發揮的作用。

Having just come off a number of large seller events in our major markets, we continue to be inspired by our seller community, and we are proud to play a key role in helping our customers navigate these challenging economic times. All of this couldn't be possible without our talented and dedicated teams who work so hard to innovate on behalf of our customers. Thank you to the eBay team for all you do every day for our community.

剛剛在我們的主要市場舉辦了一些大型賣家活動，我們繼續受到賣家社區的啟發，我們很自豪能夠在幫助我們的客戶度過這些充滿挑戰的經濟時代方面發揮關鍵作用。如果沒有我們才華橫溢且敬業的團隊代表我們的客戶努力創新，所有這一切都是不可能的。感謝 eBay 團隊每天為我們的社區所做的一切。

In closing, the resiliency of our platform yielded better-than-expected quarterly results despite a challenging macro backdrop. Focus categories grew over 7 points faster than the rest of the platform and maintained higher levels of customer satisfaction. We acquired TCGplayer and myFitment to better serve enthusiasts in 2 of our largest focus categories.

最後，儘管宏觀背景充滿挑戰，但我們平台的彈性產生了好於預期的季度業績。焦點類別的增長速度比平台其他類別快 7 個百分點，並保持更高水平的客戶滿意度。我們收購了 TCGplayer 和 myFitment，以便更好地服務於我們最大的兩個重點類別的愛好者。

Site-wide improvements in search, SEO and selling improved conversion rates. Advertising growth accelerated while delivering high returns on ad spend for our sellers. Payments innovation enabled more services and further reduced transactional friction, and we continue to support our small business sellers, helped raise $33 million for charity and drove close to $1 billion in economic impact through e-commerce. All of these accomplishments contributed towards our long-term, tech-led re-imagination of eBay.

搜索、搜索引擎優化和銷售方面的全站改進提高了轉化率。廣告增長加速，同時為我們的賣家帶來了高額的廣告支出回報。支付創新實現了更多服務並進一步減少了交易摩擦，我們繼續支持我們的小企業賣家，幫助為慈善事業籌集了 3300 萬美元，並通過電子商務產生了近 10 億美元的經濟影響。所有這些成就都促成了我們以技術為主導的對 eBay 的長期重新構想。

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 with highlights from the third quarter on Slide 9 of our earnings presentation. Next, I'll walk through our key operating and financial metrics in greater detail. Finally, I'll provide our outlook for the fourth quarter with 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。我將從我們收益報告幻燈片 9 中第三季度的亮點開始。接下來，我將更詳細地介紹我們的關鍵運營和財務指標。最後，在開始問答之前，我將提供我們對第四季度的展望以及一些結束的想法。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 pleased with our third quarter results as we made significant progress against our long-term objectives while efficiently navigating the challenging short-term macro environment. Our GMV revenue and non-GAAP EPS each came in above expectations and surpassed the high end of our guidance ranges.

總體而言，我對我們的第三季度業績感到滿意，因為我們在實現長期目標方面取得了重大進展，同時有效地應對了具有挑戰性的短期宏觀環境。我們的 GMV 收入和非公認會計原則每股收益均高於預期，並超過了我們指導範圍的高端。

Gross merchandise volume declined 5%, improving nearly 9 points sequentially. Revenue was down 2% to approximately $2.4 billion, outpacing volume by nearly 4 points, primarily due to continued momentum within our advertising business.

商品總量下降 5%，環比增長近 9 個百分點。收入下降 2% 至約 24 億美元，超過銷量近 4 個百分點，這主要是由於我們廣告業務的持續發展勢頭。

Non-GAAP operating margin is 28.9%, up modestly quarter-over-quarter as we continue to invest in our strategic pillars. We delivered $1 of non-GAAP earnings per share of 11% over the prior year. And we generated $633 million of free cash flow, while returning $421 million to shareholders through repurchasing dividends. Our Q3 results highlight the strength of our scaled marketplace, durability of our financial model and impact of our tech-led re-imagination on eBay's underlying growth trajectory.

非美國通用會計準則營業利潤率為 28.9%，環比小幅增長，因為我們繼續投資於我們的戰略支柱。我們提供了 1 美元的非 GAAP 每股收益，比上一年增長了 11%。我們產生了 6.33 億美元的自由現金流，同時通過回購股息向股東返還了 4.21 億美元。我們的第三季度業績突出了我們規模化市場的實力、我們財務模型的持久性以及我們以技術為主導的重新想像對 eBay 潛在增長軌蹟的影響。

Let's take a closer look at the drivers of our financial performance during the third quarter. Gross merchandise volume was down 5% year-over-year, but accelerated nearly 9 points sequentially as easier comps offset the tougher macro environment in Q3. The war in Ukraine, inflationary pressures and rising interest rates continue to wear on consumer confidence and demand for discretionary goods. In addition, recent currency volatility widened the FX headwind to our reported GMV growth to approximately 6 points in Q3 compared to roughly 4 points in the prior quarter.

讓我們仔細看看第三季度財務業績的驅動因素。商品總銷量同比下降 5%，但環比增長近 9 個百分點，因為更容易的商品抵消了第三季度更嚴峻的宏觀環境。烏克蘭戰爭、通脹壓力和利率上升繼續影響消費者信心和對可自由支配商品的需求。此外，最近的貨幣波動擴大了我們報告的 GMV 增長的外匯逆風，第三季度約為 6 個百分點，而上一季度約為 4 個百分點。

Despite these headwinds, our business remains resilient and markedly healthier than when we entered the pandemic, boosted by returns from our investments with focus category and site-wide innovation across the eBay platform.

儘管存在這些不利因素，但我們的業務仍然具有彈性，並且比我們進入大流行時明顯更健康，這得益於我們對重點類別和整個 eBay 平台的全站點創新的投資回報。

Our focus on non-new-in-season goods have multiple benefits. It aligns us with the fastest-growing portion of our TAM and extends the life of products. It also makes our marketplace more durable during periods of economic turbulence. Preowned, refurbished, open box and vintage goods are attractive alternatives to brand new items of value orientating buyer. eBay scale global demand for these goods, provides supplemental income to seller, which can mitigate the burden of the rising cost of living.

我們專注於非當季新品有多重好處。它使我們與 TAM 中增長最快的部分保持一致，並延長了產品的使用壽命。它還使我們的市場在經濟動盪時期更加持久。二手貨、翻新貨、開箱貨和古董貨是價值導向買家的全新商品的有吸引力的替代品。 eBay 擴大了對這些商品的全球需求，為賣家提供了補充收入，這可以減輕生活成本上漲的負擔。

Preowned and refurbished goods alone make up over 1/3 of our GMV, and are growing significantly faster than brand new goods on eBay in recent years. Brand disparity has become more pronounced since the onset of macro weakness observed. GMV from the used and refurb goods has maintained double-digit growth versus 2019 since the start of the pandemic, even if demand for discretionary goods has been pressured in recent quarters.

僅二手和翻新商品就占我們 GMV 的 1/3 以上，並且近年來在 eBay 上的增長速度明顯快於全新商品。自觀察到宏觀疲軟開始以來，品牌差異變得更加明顯。自大流行開始以來，二手和翻新商品的 GMV 與 2019 年相比保持了兩位數的增長，即使最近幾個季度對非必需品的需求受到壓力。

Our focus category strategy continue to drive underlying growth in our business during Q3. Excluding trading cards, focus category GMV outpaced the remainder of our marketplace by over 7 points year-over-year, has increased more than 20% versus 2019. In aggregate, our marketplace grew 6% versus Q3 of 2019, primarily driven by faster growth in focus category, but also supported by relatively stable volume in other categories.

我們的重點類別戰略在第三季度繼續推動我們業務的潛在增長。不包括交易卡，重點類別 GMV 同比增長超過 7 個百分點，與 2019 年相比增長了 20% 以上。總體而言，我們的市場與 2019 年第三季度相比增長了 6%，主要受更快增長的推動在焦點品類中，也有其他品類相對穩定的成交量支撐。

It's important to note we've been seeing compelling evidence that other categories are benefiting from our strategy as well. Higher customer satisfaction and focus categories raises trust across the eBay platform. [We see actual] engage in cross-category shopping provide a multiplier effect for our business.

值得注意的是，我們已經看到令人信服的證據表明其他類別也從我們的戰略中受益。更高的客戶滿意度和重點類別提高了整個 eBay 平台的信任度。 [我們看到實際] 從事跨品類購物為我們的業務提供了乘數效應。

The site-wide product improvements have alleviated friction to sellers and buyers across our marketplace. Even amidst the challenging macro environment, our GMV and other categories in Q3 was roughly flat versus the same period in 2019.

網站範圍內的產品改進減輕了我們市場上買賣雙方的摩擦。即使在充滿挑戰的宏觀環境中，我們在第三季度的 GMV 和其他類別與 2019 年同期大致持平。

Looking at our business on a geographic basis. Our U.S. GMV grew 17% compared to Q3 of 2019, or more than 2 points faster than Q2, aided by slightly easier comps. International GMV was down 3% over the same period, roughly in line with Q2.

在地理基礎上查看我們的業務。與 2019 年第三季度相比，我們的美國 GMV 增長了 17%，或比第二季度快 2 個百分點以上，這得益於稍微輕鬆的組合。同期國際 GMV 下降 3%，與第二季度基本持平。

Although the macro headwinds I outlined earlier are weighing on the most global economies, the effects are more pronounced in Europe through September. Consumer confidence remains near historic lows across most of our largest markets. European consumers remain even more cautious as they face significant energy price hikes. The labor strikes accompanied by rising cost of living also threaten the near-term outlook.

儘管我之前概述的宏觀逆風正在對大多數全球經濟體造成壓力，但截至 9 月，其影響在歐洲更為明顯。我們大部分最大市場的消費者信心仍接近歷史低點。歐洲消費者在面臨能源價格大幅上漲時更加謹慎。伴隨著生活成本上升的勞工罷工也威脅著近期前景。

Despite these headwinds, growth in focus category volume modestly outpaced other categories internationally in Q3. eBay's strong value proposition and past successes end up taking countercyclical leap for our products, contributed to this delta. However, the economic situation in Europe has also fueled strength in other categories, which now is a relative growth gap in Q3. For example, demand for home energy products in Germany has temporarily surged as consumers cope with rising utility prices and the uncertainty of energy availability at the heavy winter months.

儘管存在這些不利因素，但第三季度重點類別數量的增長仍略高於國際其他類別。 eBay 強大的價值主張和過去的成功最終為我們的產品帶來了逆週期飛躍，促成了這一增量。然而，歐洲的經濟形勢也推動了其他類別的增長，目前這是第三季度的相對增長差距。例如，由於消費者應對公用事業價格上漲和嚴冬月份能源供應的不確定性，德國對家用能源產品的需求暫時激增。

Moving to active buyers. 135 million active buyers shopped on eBay during the trailing 12 months, including 2 million buyers from our Turkish business, where we ceased operations in July. Active buyers, excluding Türkiye, were down 2 million quarter-over-quarter, a more modest step down in prior quarters.

轉向活躍的買家。在過去的 12 個月中，有 1.35 億活躍買家在 eBay 上購物，其中 200 萬買家來自我們在 7 月停止運營的土耳其業務。不包括 Türkiye 在內的活躍買家環比減少了 200 萬，與前幾個季度相比下降幅度較小。

Notably, up to 90% of our buyers, who churned in Q3 were low-value buyers. Enthusiast buyers accounted for approximately 17 million of our active buyers in Q3. Downward migration between the enthusiast and mid-value buyer groups decelerated as lapping headwind. Macro pressure may continue to cause migration between buyer groups in the short term. An average spend per user grew sequentially and continues to be healthy at over $3,000 per year, up double digits versus 2019.

值得注意的是，在第三季度流失的買家中，高達 90% 是低價值買家。熱心買家占我們第三季度活躍買家的約 1700 萬。狂熱者和中等價值買家群體之間的向下遷移因逆風而減速。短期內宏觀壓力或將繼續導致買家群體間的遷移。每位用戶的平均支出連續增長，並繼續保持健康，每年超過 3,000 美元，與 2019 年相比增長了兩位數。

Turning to revenue. Net revenue was down 2% to approximately $2.4 billion during the third quarter, an acceleration of nearly 5 points compared to Q2. Our transaction take rate was 12.8% due to this, an increase of nearly 40 basis points sequentially and close to 100 basis points versus the prior year.

轉向收入。第三季度淨收入下降 2% 至約 24 億美元，與第二季度相比增長近 5 個百分點。因此，我們的交易接受率為 12.8%，環比增長近 40 個基點，與去年相比接近 100 個基點。

Advertising was the primary driver of our take rate increase, both sequentially and year-over-year. Recent foreign currency volatility was also a significant driver of the increase versus Q2 as we reported GMV growth is more impacted by FX headwinds than revenue due to our hedging practices.

廣告是我們採用率增長的主要驅動力，無論是環比還是同比。最近的外匯波動也是與第二季度相比增長的一個重要驅動因素，因為我們報告說，由於我們的對沖做法，GMV 增長受外匯逆風的影響比收入的影響更大。

Total advertising revenue grew 22% during the quarter, while first-party ads grew 27%, outpacing volume by more than 30 points. This marked an acceleration of more than 10 points versus the GMV data in Q2 as both Promoted Listings and total ads reflect the double-digit growth we have anticipated.

本季度總廣告收入增長 22%，而第一方廣告增長 27%，超過銷量 30 個百分點。這標誌著與第二季度的 GMV 數據相比加速了 10 多個百分點，因為促銷列表和總廣告都反映了我們預期的兩位數增長。

This strong result was primarily driven by continued optimization of our Standard Promoted Listings product, along with ramping contributions from our newer ad products, which continue to grow adoption and evolve their capabilities.

這一強勁的結果主要是由於我們的標準促銷列表產品的持續優化，以及我們新的廣告產品的貢獻不斷增加，這些產品的採用率和功能不斷提高。

Although our ad growth benefited from some onetime changes and a significant portfolio expansion this year, we are pleased that our ad business remains on track to roughly double by 2025, despite a tougher macro environment that we have contemplated back in March. As expected, advertising surpassed managed payments as a primary driver of our take rate growth and the payment migration is nearly complete in Q3 of last year. Payments contributed roughly 10 basis points of our sequential take rate increase due to the ramp of new payment services. We are pleased these additional services remain on track to meet the $300 million target that we (inaudible) invest that.

儘管我們的廣告增長受益於今年的一些一次性變化和重大的投資組合擴張，但我們很高興我們的廣告業務仍有望在 2025 年之前翻一番，儘管我們在 3 月份就已經考慮到更嚴峻的宏觀環境。正如預期的那樣，廣告超過了託管支付，成為我們收取率增長的主要驅動力，支付遷移在去年第三季度幾乎完成。由於新支付服務的增加，支付對我們的連續收取率增長貢獻了大約 10 個基點。我們很高興這些額外的服務能夠繼續實現我們（聽不清）投資的 3 億美元目標。

Moving to profitability. Non-GAAP operating margin was approximately 28.9% in Q3, up nearly 30 basis points sequentially, but down close to 3 points year-over-year. Gross margins were roughly in line with the prior year, while sales and marketing and product development were notable areas of investment as we continue to invest in our focus categories and site-wide product improvements.

轉向盈利。第三季度非美國通用會計準則營業利潤率約為 28.9%，環比增長近 30 個基點，但同比下降近 3 個基點。毛利率與上一年基本持平，而銷售和營銷以及產品開發是值得注意的投資領域，因為我們繼續投資於我們的重點類別和全站產品改進。

We delivered $1 of non-GAAP EPS in Q3, up 11% which is ahead of expectations due to volume upsizing cost efficiency. We generated a GAAP loss per share of $0.13, primarily driven by losses on our investment portfolio due to ongoing market volatility.

我們在第三季度實現了 1 美元的非公認會計原則每股收益，增長了 11%，這超出了預期，原因是提高了銷量並提高了成本效率。我們產生了每股 0.13 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 our balance sheet and capital allocation. Free cash flow grew 26% to $633 million in Q3, largely due to the timing of working capital items. Our balance sheet position remains strong as we ended the quarter with cash and non-equity investments of $4.8 billion and gross debt of $7.7 billion.

轉向我們的資產負債表和資本配置。第三季度自由現金流增長 26% 至 6.33 億美元，主要是由於營運資金項目的時間安排。在本季度結束時，我們的資產負債表狀況仍然強勁，現金和非股權投資為 48 億美元，總債務為 77 億美元。

We repurchased roughly $300 million of shares at an average price of approximately $44 during Q3, and have more than $3.1 billion remaining into our current authorization. We paid a quarterly cash dividend of $120 million in September, or $0.22 per share. Year-to-date, we've returned over $3.2 billion to shareholders through repurchasing dividends, or roughly double our free cash flow. Although our share repurchases are elevated during the first half of the year due to our excess cash position, our capital allocation philosophy remains unchanged.

我們在第三季度以約 44 美元的平均價格回購了約 3 億美元的股票，目前授權剩餘超過 31 億美元。我們在 9 月份支付了 1.2 億美元的季度現金股息，即每股 0.22 美元。年初至今，我們通過回購股息向股東返還了超過 32 億美元，或者說我們的自由現金流大約翻了一番。儘管由於我們的現金頭寸過剩，我們的股票回購在今年上半年有所增加，但我們的資本配置理念保持不變。

Earlier this week, we closed our acquisition of TCGplayer ahead of schedule for a total consideration of up to $295 million in cash. We are excited to have the team on board and expect them to accelerate innovation in our collectibles category.

本週早些時候，我們提前完成了對 TCGplayer 的收購，總對價高達 2.95 億美元現金。我們很高興有團隊加入，並期望他們加速我們收藏品類別的創新。

Our investment portfolio is detailed on Slide 19 of our investor presentation. Our equity investment stake provided approximately $3 billion at the end of Q3. Our $405 million Adevinta shares was valued at roughly $2.4 billion. We sold the remainder of the Adyen shares acquired through the first tranche of warrants for approximately $120 million in Q3. Our remaining Adyen investment is calculated based on the estimated value of our remaining warrant tranches. As always, we continue to manage our investment portfolio with the goal of maximizing shareholder value.

我們的投資組合在我們投資者介紹的幻燈片 19 中有詳細說明。截至第三季度末，我們的股權投資提供了大約 30 億美元。我們價值 4.05 億美元的 Adevinta 股票價值約為 24 億美元。我們在第三季度以約 1.2 億美元的價格出售了通過第一批認股權證獲得的剩餘 Adyen 股份。我們剩餘的 Adyen 投資是根據我們剩餘認股權證部分的估計值計算的。與往常一樣，我們將繼續以最大化股東價值為目標來管理我們的投資組合。

Moving on to our outlook. Despite our resilient performance in Q3, the macro environment remains dynamic and difficult to predict. Consumer confidence remains near historic lows across our major markets, while the effects of the energy crisis in Europe may worsen as temperatures fall during the fourth quarter. Recent and upcoming Royal Mail strikes in the U.K. and other industry workforce disruptions across the region has incremental risk during the holiday. And despite the relative strength of the U.S. consumer through September, prolonged exposure to decades-high inflation appears to be softening demand domestically as well.

繼續我們的展望。儘管我們在第三季度表現強勁，但宏觀環境仍然充滿活力且難以預測。我們主要市場的消費者信心仍接近歷史低點，而隨著第四季度氣溫下降，歐洲能源危機的影響可能會惡化。英國最近和即將到來的皇家郵政罷工以及該地區其他行業的勞動力中斷在假期期間增加了風險。儘管美國消費者在 9 月份表現相對強勁，但長期暴露於數十年的高通脹似乎也在削弱國內需求。

In October, growth in our U.S. volume slowed by several points versus our 2019 data. In addition, recent declines in the euro and sterling led to an incremental FX headwind of approximately $300 million in Q4 GMV versus our prior outlook. Our hedging program should mitigate much of the incremental FX impact to revenue, operating income and EPS within the fourth quarter.

10 月，與我們 2019 年的數據相比，我們在美國的銷量增長放緩了幾個百分點。此外，近期歐元和英鎊的下跌導致第四季度 GMV 與我們之前的預期相比增加了約 3 億美元的外匯逆風。我們的對沖計劃應能在第四季度內減輕大部分外匯對收入、營業收入和每股收益的增量影響。

For Q4, we now expect to generate between $17.5 billion and $18.1 billion of GMV, representing an FX-neutral decline between 9% and 6% with an FX headwind to spot growth of roughly 7 points. We anticipate revenue between $2.42 billion and $2.5 billion, equating to a decline between 4% and 1% year-over-year.

對於第四季度，我們現在預計將產生 175 億美元至 181 億美元的 GMV，即外匯中性下降 9% 至 6%，外匯逆風預計增長約 7 個百分點。我們預計收入在 24.2 億美元至 25 億美元之間，相當於同比下降 4% 至 1%。

We forecasted non-GAAP operating margin between 29.7% to 30.3%. We expect to deliver non-GAAP earnings per share between $1.03 and $1.09, which were negative 2% and positive 4% year-over-year growth. For the duration of severity of the current macro headwinds remain as certain, recent trends suggest it's increasingly likely that will represent a meaningful headwind to our business well into the coming year.

我們預測非 GAAP 營業利潤率在 29.7% 至 30.3% 之間。我們預計非 GAAP 每股收益將在 1.03 美元至 1.09 美元之間，分別為負 2% 和正 4% 的同比增長。在當前宏觀逆風的嚴重程度仍然確定的情況下，最近的趨勢表明，在來年很可能對我們的業務構成有意義的逆風。

Additionally, if the strength of the U.S. dollar is a hold at today's rates, FX would represent an estimated headwind of 3 points to year-over-year GMV growth 2022. We would also face a 5- to 6-point headwind in non-GAAP earnings per share next year.

此外，如果美元的強勢保持在今天的匯率水平，那麼 2022 年的 GMV 同比增長預計將面臨 3 個百分點的逆風。我們還將面臨 5 到 6 個百分點的逆風。明年的GAAP每股收益。

In closing, Q3 was another strong quarter for eBay. We exceeded expectations for GMV, revenue and EPS, despite an increasingly challenging macro environment. Our marketplace remains resilient in the face of inflationary pressures. And our non-new-in-season focus enables to offer consumers low-cost alternatives to brand new products. Our advertising business accelerated meaningfully, while new payment services are scaling in line with expectations, providing incremental capacity for investments.

最後，第三季度是 eBay 的又一個強勁季度。儘管宏觀環境越來越具有挑戰性，但我們對 GMV、收入和每股收益的預期都超出了預期。面對通脹壓力，我們的市場仍然保持彈性。我們的非當季新品重點能夠為消費者提供全新產品的低成本替代品。我們的廣告業務顯著加速，而新的支付服務正在按預期擴展，為投資提供了增量能力。

Our fortress balance sheet, differentiated scale and durable financial model enable us to mitigate the margin impact of recent macro pressure, protect investments in our core strategic initiatives and generate healthy earnings and cash flow. And we've returned roughly double our free cash flow to shareholders through repurchasing dividends this year, alongside inorganic investments to accelerate our strategy.

我們的堡壘資產負債表、差異化的規模和持久的財務模式使我們能夠減輕近期宏觀壓力對利潤率的影響，保護對我們核心戰略計劃的投資，並產生健康的收益和現金流。今年，我們通過回購股息，以及加速我們戰略的無機投資，向股東返還了大約兩倍的自由現金流。

Finally, I'm incredibly appreciative of how our employees have maintained their focus and support of our community during this challenging time. With that, Jamie and I will now take your questions.

最後，我非常感謝我們的員工在這個充滿挑戰的時期如何保持對社區的關注和支持。有了這個，傑米和我現在會回答你的問題。

(Operator Instructions) Your first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

I know you talked about doing more full funnel marketing in the focus categories. Just curious about some of the results that you're seeing there, and then how you've expanded those efforts more materially to some other categories as well. And if you could just comment on the buyback as well, a smaller number than what we've seen in recent quarters, if there's any commentary you can add there.

我知道您談到在重點類別中進行更完整的漏斗營銷。只是好奇您在那裡看到的一些結果，以及您如何將這些努力更實質性地擴展到其他一些類別。如果你也可以對回購發表評論，數量比我們最近幾個季度看到的要少，如果有任何評論，你可以在那裡添加。

Yes. Doug, I'll take the first one. So part of our strategy and the shift on our marketing was really to approach this full funnel marketing and move away from just kind of lower funnel optimization. And that's worked out really well for us. So if you look, for example, at P&A, we're seeing good strength in P&A. We're approaching market growth rates and what we're doing there.

是的。道格，我要第一個。因此，我們戰略的一部分和我們營銷的轉變實際上是接近這種完整的漏斗營銷，並擺脫只是一種較低的漏斗優化。這對我們來說效果很好。因此，例如，如果您看一下 P&A，我們會看到 P&A 的強大實力。我們正在接近市場增長率以及我們在那裡所做的事情。

And importantly, we're driving consideration. And that whole strategy has really been around, not just going after buyers, but going after enthusiast buyers. It's why you see us in the parts shows, sponsoring like I talked about, the U.K. MTV reboot, it's really aimed at that. And so we started that playbook with sneakers and some of our luxury, and it worked well. We've been expanding it to P&A. And so we're continuing to look at it because what we're seeing is it changes initial consideration for those categories.

重要的是，我們正在推動考慮。整個戰略確實存在，不僅是針對買家，而且是針對狂熱的買家。這就是為什麼你會在部分節目中看到我們，像我所說的那樣贊助英國 MTV 重啟，它真的是針對這個的。所以我們從運動鞋和我們的一些奢侈品開始了這個劇本，而且效果很好。我們一直在將其擴展到 P&A。所以我們會繼續關注它，因為我們看到的是它改變了對這些類別的初步考慮。

And then we get the multiplier effect that I talked about at Investor Day, plus it makes the lower funnel work harder, work easier with the support of the upper funnel. Steve, do you want to take the one on buyback?

然後我們得到了我在投資者日談到的乘數效應，加上它使下漏斗更努力地工作，在上漏斗的支持下更容易工作。史蒂夫，你想回購那個嗎？

Yes, of course, Doug. Yes, we continue to demonstrate our commitment to returning excess cash to shareholders. We've been doing this extensively over the last number of years, and we'll continue to do so. I wouldn't be looking at this on a quarter-to-quarter basis.

是的，當然，道格。是的，我們繼續展示我們向股東返還多餘現金的承諾。在過去的幾年裡，我們一直在廣泛地這樣做，我們將繼續這樣做。我不會按季度來看這個。

In fact, if you look year-to-date, we're tracking well ahead of the targets we laid out at our Investor Day, where we committed to return 125% of the free cash flow. Year-to-date, we've returned $3.2 billion or 200% of our free cash flow. So buybacks and dividends will continue to be a core component of value creation for our shareholders and completely where we are.

實際上，如果您查看年初至今，我們的追踪遠遠超過了我們在投資者日制定的目標，我們承諾返還 125% 的自由現金流。年初至今，我們已經返還了 32 億美元或 200% 的自由現金流。因此，回購和股息將繼續成為我們股東創造價值的核心組成部分，而且完全是我們所處的位置。

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

您的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. First, curious what is embedded in the guidance in terms of the macro environment changing Q4 versus Q3? Are you willing to give us some sense of the bottom end of the range versus the top of the range, and maybe some elements of how macroeconomic volatility might push you in one direction or another as you look out over the next couple of months?

也許2，如果可以的話。首先，想知道第四季度和第三季度宏觀環境變化方面的指導內容是什麼？您是否願意讓我們了解一下區間的底部與區間的頂部，以及在接下來的幾個月中，宏觀經濟波動可能如何將您推向一個或另一個方向的一些因素？

And then looking beyond just 1 quarter forward. If the macroeconomic activity did become more volatile, how should we be thinking about those investments that you want to make next year? Whether it's enthusiast buyer growth or focus categories that are most investments where you're willing to make them irrespective of the margin impact in a downward economic activity environment versus elements of where you can pull on levers to sort of manage margin outcomes if the overall volumes were to slow?

然後再向前看 1 個季度。如果宏觀經濟活動確實變得更加不穩定，我們應該如何考慮您明年想要進行的那些投資？無論是狂熱買家增長還是重點類別，您都願意在經濟活動下行環境中進行的大多數投資，而不管在經濟活動下行環境中的利潤率影響，還是您可以利用槓桿來管理利潤率結果的要素（如果整體交易量）要慢嗎？

Eric, it's Steve, I'll pick this up. So as you would imagine, we've taken a very balanced and thoughtful approach to our Q4 guide. It's an incredibly dynamic macro environment that we're navigating through. So there's a number of factors that I'd highlight. The first one would be the underlying consumer environment. That obviously continues to be pressured. We've seen that for several quarters in Europe. And in October, in line with the prepared comments, we began to see U.S. consumer demand start to weaken.

埃里克，我是史蒂夫，我來接這個。正如您想像的那樣，我們對第四季度指南採取了非常平衡和深思熟慮的方法。這是我們正在瀏覽的令人難以置信的動態宏觀環境。因此，我要強調許多因素。第一個是潛在的消費者環境。這顯然繼續受到壓力。我們已經在歐洲看到了幾個季度。 10 月，根據準備好的評論，我們開始看到美國消費者需求開始減弱。

Secondly, we do expect further energy challenges as we enter the winter. And we're also facing labor challenges in Europe, particularly the Royal Mail, who are -- got a series of strikes in the U.K. And then thirdly, we are seeing the impact of currency. The U.S. is obviously particularly strong against the euro and sterling, which is impacting both our forecast and our reported results.

其次，隨著我們進入冬季，我們確實預計會有更多的能源挑戰。我們還面臨歐洲的勞工挑戰，特別是皇家郵政，他們在英國遭到了一系列罷工。第三，我們看到了貨幣的影響。美國對歐元和英鎊的匯率顯然特別強勁，這影響了我們的預測和我們報告的結果。

So what I would say in terms of the fourth quarter, given the uncertainty of this environment, we have purposely given a wider range of potential outcomes. But really the -- where we ultimately land in the quarter will be a function of the macro environment and how that goes forward.

因此，鑑於這種環境的不確定性，我在第四季度要說的是，我們故意給出了更廣泛的潛在結果。但實際上 - 我們最終在本季度登陸的位置將取決於宏觀環境以及如何發展。

Specifically, as we think going forward in terms of investment, I think that's the beauty of the eBay architecture and the durability of our financial model. We've continued to lean in, in the short term to drive operational effectiveness as we think about our business. And that sort of manifests itself in cost savings as we go through. Secondly, the business continues to be fueled by the ad strength that we saw in the third quarter and the momentum that we're seeing and the investments that we're making in payments.

具體來說，當我們認為在投資方面向前發展時，我認為這就是 eBay 架構的美妙之處和我們財務模型的持久性。在考慮我們的業務時，我們在短期內繼續努力提高運營效率。在我們經歷的過程中，這種方式體現在成本節約上。其次，我們在第三季度看到的廣告實力、我們看到的勢頭以及我們在支付方面的投資繼續推動業務發展。

As we think about going forward, we will continue to invest in the core business, and we will protect that as we navigate the forthcoming quarters to continue to drive for the strategy and protect the long-term growth of the enterprise. That's what we've done for the last few quarters, and it's what we'll continue to do, and our financial architecture enables us to do that.

在我們考慮未來的過程中，我們將繼續投資於核心業務，並在未來幾個季度中保護這一點，繼續推動戰略並保護企業的長期增長。這就是我們過去幾個季度所做的事情，也是我們將繼續做的事情，我們的財務架構使我們能夠做到這一點。

Your next question is from Colin Sebastian with Baird.

您的下一個問題來自與 Baird 的 Colin Sebastian。

I guess first off, I want to go back to the comment, I think, Jamie, you made it around cross-category shopping from focus over to non-focus categories. I was hoping you could dig into that a little bit more with respect to how large an impact that's having, and if that's something that will pick up speed in coming quarters.

我想首先，我想回到評論，我想，傑米，你是圍繞從重點到非重點類別的跨類別購物做的。我希望你能更深入地了解它所產生的影響有多大，以及這是否會在未來幾個季度加快速度。

And then maybe regarding the October trends in the U.S., does that suggest that some of the resiliency of the platform in non-new-in-season that you mentioned in Europe that maybe that's not as applicable in the U.S. market? Or is it just a matter of timing with respect to when these geographies are weakening?

然後也許關於美國 10 月份的趨勢，這是否表明您在歐洲提到的平台在非季節性新品中的一些彈性可能不適用於美國市場？還是這些地區何時減弱只是時間問題？

Yes. So first thing I'd say is that we are seeing strength in our refurbished and used. It's about 1/3 of our GMV, and that's up double digits versus 2019, so in terms of the consumer reacting to the challenging economic times. In terms of the cross category that we laid out in March, we continue to see that. And the metrics are very helpful as we think about the caps we can afford to pay and how we leverage our focus categories across the business.

是的。所以我要說的第一件事是，我們看到了翻新和使用過的力量。這大約是我們 GMV 的 1/3，與 2019 年相比增長了兩位數，因此就消費者對充滿挑戰的經濟時代的反應而言。就我們在 3 月份制定的跨類別而言，我們繼續看到這一點。當我們考慮我們可以支付的上限以及我們如何在整個業務中利用我們的重點類別時，這些指標非常有用。

So if I take the example of a sneakers buyer, an average buyer who buys a $100 pair of sneakers, they'll spend about $500 on sneakers, but $1,900 outside of sneakers and other categories. If I look at that number for handbags, we just expanded what we're doing in handbag authentication, a buyer who buys over $500, they'll spend $2,500 in handbags, but $5,000 in the other categories.

因此，如果我以運動鞋購買者為例，即購買 100 美元運動鞋的普通買家，他們將在運動鞋上花費約 500 美元，但在運動鞋和其他類別之外的花費為 1,900 美元。如果我看一下手袋的這個數字，我們只是擴大了我們在手袋認證方面所做的工作，購買超過 500 美元的買家，他們將在手袋上花費 2,500 美元，但在其他類別中花費 5,000 美元。

So that is really key for us when you think about our strategy that we laid out at Investor Day with really driving focus categories. Part of the propping up of non-focus, in addition to the horizontal work that we're doing, is the impact of the cross-category shopping when we bring a buyer into focus categories. So we're doing more and more programs to help make that available to buyers and accelerate that, but we feel really good about the stats of what we're seeing there.

因此，當您考慮我們在投資者日制定的真正推動重點類別的戰略時，這對我們來說真的很關鍵。除了我們正在做的橫向工作之外，非焦點的部分支撐是當我們將買家帶入焦點類別時跨類別購物的影響。因此，我們正在做越來越多的計劃來幫助向買家提供並加快這一進程，但我們對我們在那裡看到的統計數據感覺非常好。

Colin, I'll pick up the other one. Specifically your question about the U.S. as we get into the fourth quarter and the holiday season. It's pretty broad-based. I continue to be pleased to see the delta between our focus category penetration and momentum versus non-focus categories based on the investments that we're making. But as we look forward, as we look into October, it's pretty broad-based across all the categories that we have on the platform.

科林，我去接另一個。當我們進入第四季度和假日季節時，特別是您對美國的問題。它的基礎相當廣泛。我仍然很高興看到我們的重點類別滲透率和動量與基於我們正在進行的投資的非重點類別之間的差異。但正如我們展望的那樣，當我們展望 10 月份時，它的基礎非常廣泛，涵蓋了我們在平台上擁有的所有類別。

One of the things I would say, on an international basis, we are seeing some non-focus category momentum in Germany, in particular, as the German community continue to be concerned about energy availability as we get into the winter, and we're seeing pockets of non-focus category inventory get some momentum on the platform. But overall, I think all this is a reflection of the broader macroeconomic climate that we're operating within.

我想說的一件事是，在國際範圍內，我們在德國看到了一些非重點類別的勢頭，特別是當我們進入冬季時，德國社區繼續關注能源供應，我們正在看到非重點類別庫存的口袋在平台上獲得了一些動力。但總的來說，我認為這一切都反映了我們所處的更廣泛的宏觀經濟環境。

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 can you talk about generally cross-border activity, I guess, on the back of the stronger U.S. dollar versus almost all other global currencies? And I know there's a natural hedge there, but are there certain larger corridors or categories which might be giving you an outsized headwind or a tailwind?

那麼，我想，在美元兌幾乎所有其他全球貨幣走強的背景下，你能談談一般的跨境活動嗎？而且我知道那裡有一個天然的對沖，但是否有某些更大的走廊或類別可能會給你帶來巨大的逆風或順風？

Yes. So a couple of things I'd say. One is there's been some easing of the supply chain as demand has come down, which has certainly helped from that perspective of our sellers. Obviously, currency differences make an impact in terms of certain corridors are stronger depending on the strength of any given currency. But we're leaning into the opportunities in cross-border trade. And I'd highlight 2 specific things.

是的。所以我想說幾件事。一是隨著需求下降，供應鏈有所放鬆，從我們賣家的角度來看，這肯定有所幫助。顯然，貨幣差異對某些走廊的影響會更大，具體取決於任何給定貨幣的強度。但我們正在尋找跨境貿易的機會。我要強調兩件具體的事情。

One is that we've actually, with the rollout of buyer effects, made it easier in terms of currency choice for the buyer to buy in their local currency or in their -- in the currency of the seller. And we've seen a 70% adoption of that, and it's been performing well. We expanded that now into 38 currencies.

一個是，隨著買方效應的推出，我們實際上使買方在貨幣選擇方面更容易以當地貨幣或賣方貨幣購買。我們已經看到了 70% 的採用率，並且一直表現良好。我們現在將其擴展到 38 種貨幣。

The other thing that we're doing is making it easier starting with our U.S. business to do exports and execute exports on the business. So we've had a global shipping program for quite some time to make it easier.

我們正在做的另一件事是讓我們更容易從我們的美國業務開始進行出口和執行業務出口。因此，我們已經制定了一個全球運輸計劃，以使其更容易。

But the new enhancements that we're making or attempting to make it as easier to ship from Northern California to Southern California as shipping an international product off to Central America and really taking the friction out of that for our sellers. So those are the things that I would highlight in terms of the focus of what we're doing on a cross-border business.

但是我們正在或試圖使從北加州運送到南加州變得更容易的新改進，就像將國際產品運送到中美洲並真正為我們的賣家消除摩擦一樣。因此，就我們在跨境業務上所做的工作重點而言，這些是我要強調的事情。

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。

Great. And apologies if this was asked before. Sorry, I was jumping around a few calls. I know you called out the outperformance of focus categories versus the rest. That's encouraging to see trends in the right direction. But can you give additional color on what the growth is on some of the larger focus categories inside that generic term? With some of them now kind of a few months under the new experience, how do you feel about these efforts helping with sustainable long-term growth in them?

偉大的。如果之前有人問過這個問題，我們深表歉意。抱歉，我正在跳過幾個電話。我知道您指出重點類別的表現優於其他類別。看到正確方向的趨勢令人鼓舞。但是，您能否就該通用術語中一些較大的重點類別的增長情況提供額外的顏色？他們中的一些人現在已經有了幾個月的新體驗，您如何看待這些有助於他們實現可持續長期增長的努力？

And then maybe a second question. Can you also provide some additional color on how currency weighs on your margins? Is there a sort of a framework to think about how some of the key currencies like euro maybe on a sensitivity basis could weigh on percentage of margin points?

然後也許是第二個問題。您能否提供一些關於貨幣如何影響您的利潤的額外顏色？是否有一種框架來考慮一些主要貨幣（如歐元）在敏感性基礎上如何影響保證金點的百分比？

Yes. So first on focus categories, we're pretty pleased with the performance that we're seeing across the board. I'd highlight a couple of things. First of all, our trading cards business continues to be at twice the volume it was coming into the pandemic. When I look at parts and accessories, the work that we're doing around fitment and specifically around driving initial consideration is helping us move towards market rates of growth there. And as we highlighted at our Investor Day, it's a huge category over $10 billion of GMV.

是的。因此，首先在焦點類別上，我們對我們全面看到的表現感到非常滿意。我要強調幾件事。首先，我們的交易卡業務繼續是大流行時的兩倍。當我查看零件和配件時，我們圍繞裝配，特別是圍繞推動初步考慮所做的工作正在幫助我們朝著那裡的市場增長率邁進。正如我們在投資者日強調的那樣，這是一個超過 100 億美元 GMV 的巨大類別。

The other thing that I would highlight is that as we've expanded the playbook from the U.S. to international, we're seeing the same type of impact that we saw in the international markets as we saw in U.S. So If I look at our luxury categories, this is sneakers, watches and handbags, we're seeing double-digit year-over-year growth in those categories internationally and higher customer satisfaction, similar to what we saw in our U.S. market.

我要強調的另一件事是，隨著我們將劇本從美國擴展到國際市場，我們看到的影響與我們在美國看到的在國際市場上看到的影響相同。所以如果我看看我們的奢侈品類別，這是運動鞋、手錶和手袋，我們看到這些類別在國際上實現了兩位數的同比增長和更高的客戶滿意度，類似於我們在美國市場看到的情況。

So we're continuing to lean in. You saw our recent announcement of jewelry and authenticating jewelry over $500. That's led to customer satisfaction over 90%. And we're going to continue to push forward and roll out additional categories and continue to improve in the focus categories that we've already launched. Steve, do you want to take the currency?

所以我們繼續努力。您看到了我們最近宣布的珠寶和鑑定價值超過 500 美元的珠寶。這導致客戶滿意度超過 90%。我們將繼續推進和推出更多類別，並繼續改進我們已經推出的重點類別。史蒂夫，你想拿錢嗎？

Yes. Deepak, first on the highlights on the short term. We have a great track record here at eBay of managing FX volatility. The teams do a really nice job. And that, obviously, GMV is an operational metric that is not -- that continues to be exposed and is not insulated from changes in exchange. But quarter-to-quarter, we continue to hedge ROI, revenue and EPS. And so the quarter-to-quarter impacts are rather de minimis.

是的。迪帕克，首先是短期的亮點。我們在 eBay 在管理外匯波動方面有著良好的記錄。團隊做得非常好。而且，顯然，GMV 是一個運營指標，它不會繼續暴露出來，並且不會與交換的變化隔離開來。但按季度，我們繼續對沖投資回報率、收入和每股收益。因此，季度對季度的影響相當微乎其微。

What we've called out today is about the longer term. So if the U.S. dollar remains in a strong position it is today, and that continues through 2023, there is a natural challenge that you would incur as you get into '23 because it's much further out from a hedging standpoint. And we would expect that headwind to be approximately 3 points on GMV and between 5 and 6 points to EPS, which obviously, from that perspective, because product is going to be revenue, would have an implication on margins. And really, that's a reflection of if the U.S. dollar remained at its current state versus the euro and sterling.

我們今天所說的是長期的。因此，如果美元今天仍然處於強勢地位，並且這種情況一直持續到 2023 年，那麼當你進入 23 年時，你會自然而然地面臨挑戰，因為從對沖的角度來看，這要遠得多。我們預計 GMV 的逆風約為 3 點，EPS 為 5 到 6 點，從這個角度來看，由於產品將成為收入，這顯然會對利潤率產生影響。實際上，這反映了美元兌歐元和英鎊是否保持在當前狀態。

Your next question is from the line of Curtis Nagle with Bank of America.

您的下一個問題來自美國銀行的 Curtis Nagle。

So I wanted to dig a little bit more into the strong advertising numbers in the quarter. And I guess just what drove the incremental improvement from 2Q, right? So you guys have rolled out a number of initiatives like the Promoted Listing Advanced and a few other things. Did that pick up more?

因此，我想更深入地了解本季度強勁的廣告數據。我猜是什麼推動了第二季度的增量改進，對吧？因此，你們已經推出了一些舉措，例如高級推廣列表和其他一些東西。是不是多了點？

Or was it perhaps sellers -- maybe trying to get a little bit more visibility through your platform in a retail backdrop that's just a little more competitive and a little bit more promotional. What's driven that improvement?

或者可能是賣家 - 可能試圖在零售背景下通過您的平台獲得更多的知名度，這只是更具競爭力和更多的促銷活動。是什麼推動了這種改進？

Yes. So look, we're really pleased with the performance of the ads revenue, up 27% year-on-year on an FX-neutral basis. I'd say the reaccelerated growth is really driven by 2 factors. One is just the optimization of our Promoted Listing Standard that improved search algorithm performance. And we created more accurate ad rate recommendations that helped us increase conversion. And the second is just the ongoing contribution from our new ad products.

是的。所以看，我們對廣告收入的表現非常滿意，在外匯中性的基礎上同比增長 27%。我想說重新加速的增長實際上是由兩個因素驅動的。一是優化了我們的推廣列表標準，提高了搜索算法的性能。我們創建了更準確的廣告費率建議，幫助我們提高了轉化率。第二個是我們新廣告產品的持續貢獻。

Our 3 new products contributed double digits quarter-on-quarter. So certainly, in Q3, it had some onetime step-ups from the product optimization and from that portfolio expansion of 3 new products, the external, advanced and our other products. But when I think about it, the thing that makes me bullish on our product is when I think about the ROAS, we're still having a really healthy ROAS.

我們的 3 款新產品環比貢獻了兩位數。因此，可以肯定的是，在第三季度，它從產品優化和 3 種新產品（外部產品、高級產品和我們的其他產品）的產品組合擴展中獲得了一些一次性提升。但是當我想到它時，讓我看好我們產品的事情是當我想到 ROAS 時，我們仍然擁有一個非常健康的 ROAS。

And so the benefit of -- to our sellers is -- continues to be healthy. So we're on track to meet our stated goals of doubling our ads business by 2025.

因此——對我們的賣家來說——的好處是——繼續保持健康。因此，我們有望實現到 2025 年廣告業務翻番的既定目標。

Your next question is from the line of Youssef Squali with Truist.

您的下一個問題來自於 Truist 的 Youssef Squali。

Two questions for me, please. One, at Analyst Day, you guys presented some targets. I think it was mid-single-digit GMV growth in 2023, 2024, and total margin expansion of about 100 bps 2022 to 2024. I know a lot happened since then already. Just wanted to get a sense from you guys, sitting where you sit right now on the back of this performance, if you think those targets are still achievable.

請教我兩個問題。一，在分析師日，你們提出了一些目標。我認為這是 2023 年和 2024 年的中個位數 GMV 增長，以及 2022 年至 2024 年的總利潤率增長約 100 個基點。我知道從那時起已經發生了很多事情。只是想從你們那裡得到一個感覺，如果你們認為這些目標仍然可以實現，那麼你們就坐在你們現在的位置上。

And second, on the M&A, I was wondering, Jamie, maybe if you guys have any interest in expanding further into the use of luxury apparel maybe through M&A, just given some depressed valuations for some of the players that we've seen out there. I think through the acquisition of TCG, you guys now have some fulfillment -- order fulfillment capabilities. Wondering if doing the same thing in luxury apparel could be attractive to you.

其次，關於併購，我想知道，傑米，也許你們是否有興趣通過併購進一步擴展奢侈品服裝的使用，只是因為我們看到的一些參與者的估值有些低迷在那裡.我認為通過收購 TCG，你們現在有了一些履行——訂單履行能力。想知道在奢侈服裝中做同樣的事情是否對你有吸引力。

Youssef, I'll pick up the first one. We remain confident in the long-term goals that we laid out at our investor event back in March. The strategy is clearly working. We're coming out of the pandemic in a much stronger position than we went into it. GMV has continued to be fueled in our focus categories by the investments we continue to make. The payments entity within our enterprise has continued to deliver. And we're well on track for the $300 million that we laid out back in March.

優素福，我會拿起第一個。我們對我們在三月份的投資者活動中製定的長期目標仍然充滿信心。該策略顯然正在奏效。我們從疫情中走出來的位置比我們進入它時要強大得多。通過我們繼續進行的投資，GMV 繼續在我們的重點類別中得到推動。我們企業內的支付實體繼續交付。我們在 3 月份投入的 3 億美元的計劃進展順利。

And as you've heard from our prepared remarks, our advertising business is moving very strongly. So I'm very encouraged by the investments we're making in the long-term strategy and how that's getting executed.

正如您從我們準備好的講話中所聽到的那樣，我們的廣告業務發展勢頭非常強勁。因此，我對我們在長期戰略中所做的投資以及如何執行感到非常鼓舞。

The timing of the delivery of the goals that we laid out is really going to be a function of the macro environment in which we're operating in. It's very, very clear in terms of the severity of the headwinds that are going through, it's likely to continue to impact us in 2023. As we've talked about, we expect that to sort of go into the next year. But really, it's around that severity and duration, that will imply the timing of when we get to those long-term targets that we continue to be confident in.

我們制定的目標的交付時間實際上將取決於我們所處的宏觀環境。就正在經歷的逆風的嚴重性而言，非常非常清楚，它是可能會在 2023 年繼續影響我們。正如我們已經談到的，我們預計這種情況會持續到明年。但實際上，圍繞這種嚴重性和持續時間，這將意味著我們何時達到我們仍然有信心的那些長期目標。

And let me just take the M&A one. Yes, M&A has been and will continue to be a key part of our strategy. I've talked about the build, buy, partner framework that we have. And as you noted, TCGplayer was really about helping us in a core category of collectibles and specifically in collectible trading cards, giving us new capabilities and tools and access to local hobby shops.

讓我來看看併購。是的，併購一直是並將繼續是我們戰略的關鍵部分。我已經談到了我們擁有的構建、購買、合作夥伴框架。正如您所提到的，TCGplayer 確實是在幫助我們處理核心收藏品類別，特別是收藏集換式卡牌，為我們提供新的功能和工具，以及訪問當地的愛好商店。

I'd also point to myFitment, which I've talked for 2 quarters now about the importance of fitment, building trust in the parts and accessories category, and so excited by that one. So you should expect us to continue to look at key areas such as vertical expansion or boosting our core strategy, tech and talent and then opportunities to expand our overall capabilities. Always doing it in the framework that I've outlined, the build, buy, partner that we think has the best return for shareholders.

我還要指出 myFitment，我已經談了兩個季度了，關於裝修的重要性，建立對零件和配件類別的信任，並且對此感到非常興奮。因此，您應該期望我們繼續關注關鍵領域，例如垂直擴張或提升我們的核心戰略、技術和人才，然後有機會擴大我們的整體能力。始終在我概述的框架內進行，我們認為構建、購買、合作夥伴可以為股東帶來最佳回報。

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, how are the enthusiast buyers holding up in the current macro environment? Have you noticed any changes sequentially, call it, 3Q versus 2Q or versus 1Q?

兩個問題。首先，發燒友買家在當前宏觀環境下的表現如何？您是否注意到任何順序變化，稱之為 3Q 與 2Q 或 1Q？

And then second question, kind of a follow-up on the advertising business. Should we think that the ads will grow through these challenging macro headwinds in 4Q and into '23, similar to the strength that we saw in the third quarter?

然後是第二個問題，關於廣告業務的跟進。我們是否應該認為廣告將在第四季度和 23 年這些具有挑戰性的宏觀逆風中增長，類似於我們在第三季度看到的實力？

Yes. So on enthusiast buyers, in Q3, we had 17 million enthusiast buyers, which was relatively flat to Q2. And so the way you think about that is we're no longer facing the tough lapping from our comps related to the COVID dynamics. But we do expect some pressure on that count in the coming quarters as a result of the current macro environment. But when we look at it, the vast majority of enthusiasts remain active buyers. It's just a movement between mid-value and enthusiast buyers.

是的。因此，在發燒友買家方面，在第三季度，我們有 1700 萬發燒友買家，與第二季度相對持平。因此，您的想法是，我們不再面臨與 COVID 動態相關的比賽的艱難挑戰。但我們確實預計，由於當前的宏觀環境，未來幾個季度這一數字將面臨一些壓力。但是當我們看它時，絕大多數愛好者仍然是活躍的買家。這只是中等價值和狂熱買家之間的運動。

And for us, enthusiast buyers is a very healthy spend. If you think about the average spend of that being $3,000 a year, that's up to like membership level spend. So over the next few years, we expect enthusiast buyers to continue to grow and spend more as we continue to execute on our strategy. As I talked about, their spend is up double digits versus '19, so really healthy.

對我們來說，狂熱的買家是一個非常健康的消費。如果您考慮每年 3,000 美元的平均支出，這取決於會員級別的支出。因此，在接下來的幾年中，隨著我們繼續執行我們的戰略，我們預計發燒友買家將繼續增長並花費更多。正如我所說，他們的支出與 19 年相比增長了兩位數，非常健康。

So the other thing I'd say on the ad business is we don't expect it to be linear quarter-to-quarter. But we've been enhancing and adding new products. I talked about the quarter-over-quarter growth that we're seeing in our new products. So we're on track to $2 billion. As I said, there were some onetime step-up things that we saw in Q3. But overall, our ROAS is healthy.

所以我要說的關於廣告業務的另一件事是，我們預計它不會按季度呈線性增長。但我們一直在增強和添加新產品。我談到了我們在新產品中看到的季度環比增長。因此，我們有望達到 20 億美元。正如我所說，我們在第三季度看到了一些一次性的升級。但總的來說，我們的 ROAS 是健康的。

I mentioned the statistics on the call that we now have 2 million sellers who have purchased at least 1 ad product in their listing, which is healthy. So we feel right on track with the goals that we outlined back in Investor Day.

我提到了電話會議上的統計數據，我們現在有 200 万賣家在他們的列表中購買了至少 1 個廣告產品，這是健康的。因此，我們認為我們在投資者日概述的目標是正確的。

Your next question is from the line of Richard Kramer with Arete Research.

您的下一個問題來自 Arete Research 的 Richard Kramer。

Sorry, I was on mute. Jamie, in your recent FT interview, you basically raised the white flag about talking about in-season, new in-season goods and not competing with some of the bigger players. Can you give us a sense of what proportion of GMV these still represent as you're transitioning the business to the enthusiast-focus category as you mentioned?

對不起，我靜音了。傑米，在你最近的英國《金融時報》採訪中，你基本上舉起了白旗，談論當季新品，而不是與一些更大的球員競爭。您能否告訴我們在您將業務轉變為您提到的以發燒友為重點的類別時，這些仍然佔多少比例？

And then also just to dig in a little bit on the algo changes you made that led to the acceleration in advertising. Can you quantify or track what sort of GMV resulted from the incremental $40 million your sellers would have invested in ads this quarter? Are you able to directly see that, that advertising investment that gets made is lifting GMV in some material way?

然後還只是深入了解您所做的導致廣告加速的算法更改。您能否量化或跟踪您的賣家本季度在廣告上投資的 4000 萬美元增加了什麼樣的 GMV？您是否能夠直接看到，所做的廣告投資正在以某種實質性的方式提升 GMV？

Yes. So on the first question, when we think about the non-new-in-season, it represents about 90% of what we sell on the platform. So that's both used and refurbished and think N minus 1 last year's fashion, white label goods, all of those types of things. So the majority of what we sell is actually in the non-new-in-season business that we have on the platform.

是的。所以關於第一個問題，當我們考慮非當季新品時，它代表了我們在平台上銷售的大約 90%。所以這既是二手的，也是翻新的，想想去年的時尚，白標商品，所有這些類型的東西都是 N 減 1。所以我們銷售的大部分實際上是我們在平台上擁有的非季節性業務。

The stat that I talked about earlier is that 1/3 of our business is -- about 1/3 of our GMV is used and refurbished. And that's actually accelerating faster given the ties that we see.

我之前談到的統計數據是，我們 1/3 的業務是 -- 大約 1/3 的 GMV 被使用和翻新。鑑於我們看到的關係，這實際上加速得更快。

In terms of the advertising money that our sellers are spending, the majority of what we collect is via our CPA-based program, which is Promoted Listing Standard, which is a direct attribution program. So as we're able to drive incremental sales for them, we monetize that. So we've added the new products, like the CPC-based products in Promoted Listings Advanced. But what we're doing from a CPA standpoint has a direct tie to GMV.

就我們的賣家花費的廣告資金而言，我們收集的大部分資金是通過我們基於 CPA 的計劃，即推廣上市標準，這是一個直接歸因計劃。因此，當我們能夠為他們推動增量銷售時，我們就會將其貨幣化。因此，我們添加了新產品，例如Promoted Listings Advanced 中基於CPC 的產品。但從 CPA 的角度來看，我們所做的與 GMV 直接相關。

I would say the same is true for our seller program, which is partnering with our sellers to drive external traffic to their listings on eBay, which, as I said before, sellers are seeing a really good ROAS on our platform, especially relative to other places that they can market their products.

我想說的是，我們的賣家計劃也是如此，它與我們的賣家合作，為他們在 eBay 上的列錶帶來外部流量，正如我之前所說，賣家在我們的平台上看到了非常好的 ROAS，尤其是相對於其他平台他們可以推銷他們的產品的地方。

Operator, we have time for one more.

接線員，我們有時間再來一次。

Your final question comes from the line of Sean Dunlop with Morningstar.

您的最後一個問題來自 Sean Dunlop 與 Morningstar 的對話。

Great. So a lot of my questions have been asked, but just trying to think a little bit about GMV sensitivity and potential consumer trade down. So for the 3P marketplaces, it can sometimes be a little bit tougher for us to see. But I'm wondering if you could indicate how much pricing sellers have taken on the eBay platform even if that's just truly ASP, and if that potentially improves the eBay value proposition on a relative basis.

偉大的。所以我的很多問題都被問到了，但只是想稍微考慮一下 GMV 敏感性和潛在的消費者交易下降。因此，對於 3P 市場，我們有時會更難看到它。但我想知道你是否可以指出賣家在 eBay 平台上採取了多少定價，即使這只是真正的 ASP，以及這是否有可能在相對基礎上改善 eBay 的價值主張。

And then my second question would be about 32% of GMV from used and refurb goods that you talked about, Jamie. I'm just curious how that held up in the last big downturn maybe in 2007 to 2009. I appreciate it.

然後我的第二個問題是你談到的二手和翻新商品中大約 32% 的 GMV，Jamie。我只是好奇這在 2007 年到 2009 年的上一次大衰退中是如何保持的。我很感激。

Yes. So I'd say in general, we're not immune to the macro impact. And so Steve talked earlier in his remarks about we think there'll be likely meaningful headwinds into '23. But we do have a more resilient business model because of the shift in focus of moving towards non-new-in-season and refurbished. And so that 32% is growing faster than the rest of the site.

是的。所以我想說，總的來說，我們不能免受宏觀影響。因此，史蒂夫早些時候在他的講話中談到，我們認為 23 年可能會有有意義的逆風。但我們確實有一個更具彈性的商業模式，因為重點轉向非季節性和翻新。所以這 32% 的增長速度超過了網站的其他部分。

And I would just say, in general, value is a key tent-pole for our buyers on the site, and we're continuing to push it. From some perspective, I think this is a double win for us because we've been pushing e-commerce, [e-market] et cetera, as part of our massive ESG efforts that we have on the platform and really being the pioneers of re-commerce and saving products from the landfill, et cetera. And now where consumers want to value, we're seeing a real willingness to purchase there.

我只想說，總的來說，價值是我們網站上買家的關鍵支柱，我們將繼續推動它。從某種角度來看，我認為這對我們來說是雙贏，因為我們一直在推動電子商務，[e-market] 等等，這是我們在平台上進行的大規模 ESG 努力的一部分，並且真正成為了垃圾填埋場的再貿易和保存產品等。現在，在消費者想要看重的地方，我們看到了真正的購買意願。

The last thing I'd say is that Gen Z is much more inclined to buy pre-owned and pre-loved goods, and so we're leaning into that trend. So it's great to see that from the value standpoint. It's also great in terms of the ESG impact that it has in the business. I'd like to say that ESG is so core to eBay that we should be in every ESG fund because of the importance of it and the role we play in re-commerce. But that's how I would kind of characterize where we are today, and I think what we'll see into the coming quarters.

我要說的最後一件事是 Z 世代更傾向於購買二手和二手商品，因此我們傾向於這種趨勢。所以很高興從價值的角度看到這一點。就其對業務的 ESG 影響而言，它也很棒。我想說的是，ESG 對 eBay 來說是如此的核心，我們應該在每個 ESG 基金中都參與其中，因為它的重要性以及我們在電子商務中所扮演的角色。但這就是我如何描述我們今天所處的位置，我認為我們將在未來幾個季度看到什麼。

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

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。