eBay Inc (EBAY) 2022 Q4 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 Fourth Quarter Earnings Conference Call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。我叫布倫特，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 eBay 第四季度收益電話會議。 （操作員說明）

It is now my pleasure to turn the call over to Mr. John Egbert, Senior Director of Investor Relations. Sir, please go ahead.

現在我很高興將電話轉給投資者關係高級總監 John Egbert 先生。先生，請繼續。

Good afternoon. Thank you for joining us for eBay's Fourth Quarter 2022 Earnings Conference Call. 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。感謝您加入我們的 eBay 2022 年第四季度收益電話會議。今天和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。我們將提供幻燈片演示以配合 Jamie 和 Steve 在通話期間的評論，可通過 eBay 網站 investors.ebayinc.com 的投資者關係部分獲取。

Before we begin, I'd like to remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all growth rates noted in our prepared remarks will reflect FX-neutral year-over-year comparisons, unless indicated otherwise.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將討論與我們的業績相關的某些非 GAAP 指標。您可以在我們隨附的幻燈片演示中找到這些措施與最接近的可比 GAAP 措施的調節。此外，除非另有說明，否則我們準備好的評論中提到的所有增長率都將反映外匯中性的同比比較。

During 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. 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, 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 February 22, 2023, and we do not intend and undertake no duty to update this information.

在本次電話會議期間，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結果的陳述。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、10-Q 表格定期報告和我們今天早些時候發布的收益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均截至 2023 年 2 月 22 日，我們無意且不承擔更新此信息的義務。

With that, I'll turn the call over to Jamie.

有了這個，我會把電話轉給傑米。

Thanks, John. Good afternoon, everyone, and thank you for joining us today. 2022 was a year of consistent execution for eBay as we made significant progress against our long-term objectives. Our focused categories drove underlying growth in our business as we expanded global coverage for our 16 million enthusiast buyers. In motors, parts and accessories or P&A growth accelerated as we improved our Fitment capabilities, increase supply of OEM parts and enhance trust signals for buyers. We extended authentication to new categories like trading cards and fine jewelry and opened authentication centers in several new countries for handbags.

謝謝，約翰。大家下午好，感謝您今天加入我們。 2022 年是 eBay 持續執行的一年，因為我們在實現長期目標方面取得了重大進展。隨著我們擴大對 1600 萬狂熱買家的全球覆蓋範圍，我們的重點類別推動了我們業務的潛在增長。在電機、零件和附件或 P&A 方面，隨著我們提高裝配能力、增加 OEM 零件的供應並增強對買家的信任信號，增長加速。我們將認證擴展到交易卡和高級珠寶等新類別，並在幾個新的國家/地區開設了手袋認證中心。

We opened the Vault to store and digitally transact valuable items, and adoption has grown steadily week over week. We retired legacy technology, simplified the architecture of our core services and improved our tech velocity. Our advertising growth accelerated as we scaled our 3 newer Promoted Listings products, optimize performance and automated more elements of campaigns.

我們打開了 Vault 來存儲貴重物品並進行數字交易，而且採用率每週都在穩步增長。我們淘汰了遺留技術，簡化了我們核心服務的架構並提高了我們的技術速度。隨著我們擴展 3 個新的 Promoted Listings 產品、優化性能和自動化更多活動元素，我們的廣告增長加速。

We expanded our financial services portfolio by adding FX conversion, new forms of payments like Klarna and Afterpay, faster debit card payouts and a digital wallet. And we balanced our investments in innovation with prudent cost discipline to establish a strong foundation for sustainable, profitable growth for many years to come.

我們通過添加外匯兌換、Klarna 和 Afterpay 等新支付方式、更快的借記卡支付和數字錢包擴展了我們的金融服務組合。我們平衡了創新投資與審慎的成本紀律，為未來多年的可持續盈利增長奠定了堅實的基礎。

Now turning to the fourth quarter. We delivered solid results in Q4 as our key financial metrics came in ahead of expectations despite the ongoing macro uncertainty. We generated over $18 billion in GMV and more than $2.5 billion in revenue. We delivered an operating margin of close to 30% while making critical investments in product and marketing to support our long-term growth strategy. Non-GAAP earnings per share for the quarter were $1.07, up 2% year-over-year.

現在轉向第四季度。儘管宏觀不確定性持續存在，但由於我們的關鍵財務指標超出預期，我們在第四季度取得了穩健的業績。我們創造了超過 180 億美元的 GMV 和超過 25 億美元的收入。我們實現了接近 30% 的營業利潤率，同時對產品和營銷進行重要投資以支持我們的長期增長戰略。本季度非 GAAP 每股收益為 1.07 美元，同比增長 2%。

Our focused category strategy was a major component of our strong financial performance during the fourth quarter. Focus categories grew more than 7 points faster than the rest of our marketplace during Q4, which was 2 points faster than the prior quarter. Establishing a game-changing level of trust between sellers and buyers has been an important driver of the momentum in our focus categories.

我們專注的品類戰略是我們第四季度強勁財務業績的重要組成部分。在第四季度，重點類別的增長速度比我們市場的其他類別快 7 個百分點，比上一季度快 2 個百分點。在買賣雙方之間建立改變遊戲規則的信任水平一直是我們關注類別發展勢頭的重要推動力。

Authenticity Guarantee enables trust in our luxury categories like watches, sneakers, handbags and fine jewelry. We have observed notable turnarounds in GMV growth since we launched authentication, improved the product experience and drew awareness to the great inventory in these categories.

正品保證讓我們對手錶、運動鞋、手提包和高級珠寶等奢侈品類別產生信任。自從我們推出身份驗證、改善產品體驗並引起人們對這些類別中大量庫存的認識以來，我們觀察到 GMV 增長出現了顯著轉變。

In aggregate, our luxury-focused categories have grown at roughly double-digit CAGR since Q4 of 2019, proving these investments have been highly effective. We dramatically improved trust in our refurbished offering by introducing warranties and hassle-free returns, which attracted more brand and new categories to our marketplace. Those investments paid dividends in Q4 and with positive year-over-year GMV growth and the biggest sales week ever for refurbished goods during Cyber Week.

總體而言，自 2019 年第四季度以來，我們專注於奢侈品的類別以大約兩位數的複合年增長率增長，證明這些投資非常有效。通過引入保修和無憂退貨，我們極大地提高了人們對我們翻新產品的信任度，這吸引了更多品牌和新品類進入我們的市場。這些投資在第 4 季度帶來了紅利，GMV 同比增長為正，並且在網絡週期間翻新商品創下了有史以來最大的銷售週。

Trust in our motors, parts and accessories category is most reliant on Fitment for ensuring the compatibility of auto parts with a specific vehicle. During the last few months, we have taken major steps forward with our Fitment capabilities. We acquired myFitment in Q3 to help sellers populate their listings with accurate Fitment data, which ensures compatibility for buyers. In Q4, we began making myFitment's technology accessible to all buyers, starting with a pilot group of P&A sellers.

對我們的電機、零件和配件類別的信任最依賴於 Fitment 來確保汽車零件與特定車輛的兼容性。在過去的幾個月裡，我們在裝配能力方面邁出了重要的一步。我們在第三季度收購了 myFitment，以幫助賣家使用準確的配件數據填充他們的列表，從而確保買家的兼容性。在第四季度，我們開始讓所有買家都可以使用 myFitment 的技術，首先是一組 P&A 賣家試點。

Listings enhanced by this technology are seeing a measurable uplift in conversion, and we will expand this program further in 2023.

通過這項技術增強的列表的轉化率有了可觀的提升，我們將在 2023 年進一步擴展該計劃。

Our significant investments in Fitment over the past few years allowed us to launch a prominent fit your vehicle badge in Q4. Similar to the Authenticity Guaranteed logo we show on luxury goods, this badge provides a clear indication of which parts fit your vehicle throughout the buyer journey across search, merchandising, view item and checkout. This is no small feat with over 500 million active P&A listings on eBay and the increasing complexity of vehicles in the marketplace.

我們在過去幾年中對 Fitment 的重大投資使我們能夠在第四季度推出一個突出的適合您的車輛徽章。與我們在奢侈品上展示的正品保證標誌類似，此徽章在買家搜索、推銷、查看商品和結賬的整個過程中清楚地表明哪些零件適合您的車輛。這是一個不小的成就，因為 eBay 上有超過 5 億個活躍的 P&A 列表以及市場上車輛的日益複雜。

These advancements have significantly elevated our capabilities for P&A shoppers, and I'm pleased to share a new program we launched just last week called eBay Guaranteed Fit. This program is the breakthrough for trust in P&A that Authenticity Guarantee is in luxury and warranties are for eBay Refurbished. It provides buyers with assurance that eBay will stand behind them if a part doesn't fit their vehicle. Guaranteed Fit is a huge milestone for the P&A category and the culmination of our multiyear Fitment journey. I'm incredibly proud of our teams for executing the foundational work making this program possible. And I'm looking forward to seeing their continued innovation in the category.

這些進步顯著提高了我們對 P&A 購物者的能力，我很高興與大家分享我們上周剛剛推出的一項名為 eBay Guaranteed Fit 的新計劃。該計劃是對 P&A 信任的突破，真實性保證是奢侈品，保修是針對 eBay 翻新的。它向買家保證，如果零件不適合他們的車輛，eBay 將支持他們。 Guaranteed Fit 是 P&A 類別的一個巨大里程碑，也是我們多年 Fitment 旅程的高潮。我為我們的團隊執行使該計劃成為可能的基礎工作感到無比自豪。我期待看到他們在該類別中的持續創新。

I'm also excited about our team's work in collectibles, which has benefited from a steady cadence of product development and partnerships, including most recently, our live commerce beta. During Q4, we scaled up a number of eBay live events with select sellers, bringing a healthy level of viewers, engagement and GMV to participating sellers. We also introduced the eBay Live hub, where users can subscribe to channels and receive notifications about future events. This hub will serve as a central discovery point as we broaden the availability of live commerce to more sellers and categories this year.

我也對我們團隊在收藏品方面的工作感到興奮，這得益於產品開發和合作夥伴關係的穩定節奏，包括最近的實時商務測試版。在第四季度，我們擴大了與精選賣家的一些 eBay 現場活動，為參與的賣家帶來了健康水平的觀眾、參與度和 GMV。我們還引入了 eBay Live 中心，用戶可以在其中訂閱頻道並接收有關未來事件的通知。隨著今年我們將實時商務的可用性擴展到更多賣家和類別，該中心將作為一個中心發現點。

Our acquisition of TCGplayer has also greatly enhanced our collectibles category. And in Q4, we began developing synergies between our respective marketplaces. In addition to its customer base of nearly 800,000 hobbyists, a major competitive advantage for TCGplayer is its relationship with thousands of local brick-and-mortar hobby shops with many subscribing to its point of sale and channel management solution.

我們對 TCGplayer 的收購也大大增強了我們的收藏品類別。在第四季度，我們開始在各自的市場之間發展協同效應。除了擁有近 800,000 名愛好者的客戶群外，TCGplayer 的一個主要競爭優勢是它與當地數千家實體愛好商店的關係，其中許多人訂閱了其銷售點和渠道管理解決方案。

Due to this software, sellers can now more easily streamline listings and inventory on both TCGplayer and eBay. TCGplayer also further diversified its marketplace by introducing Comics during Q4, which is a natural adjacency to collectible card games. eBay's historical sales data enabled TCGplayer to launch Comics with robust pricing intelligence, which will help us scale this offering. While our integration is in its early days, I'm incredibly excited to see what TCGplayer community will bring to eBay over time.

由於有了這款軟件，賣家現在可以更輕鬆地簡化 TCGplayer 和 eBay 上的列表和庫存。 TCGplayer 還通過在第四季度推出漫畫進一步多元化其市場，這與收藏卡牌遊戲自然相鄰。 eBay 的歷史銷售數據使 TCGplayer 能夠推出具有強大定價情報的漫畫，這將幫助我們擴展此產品。雖然我們的整合還處於早期階段，但我非常高興看到 TCGplayer 社區隨著時間的推移將為 eBay 帶來什麼。

One of the key pillars of our strategy is being the platform of choice for sellers. eBay's scale and global footprint represent key advantages for our platform as we work toward achieving this vision. In 2022, roughly 1/5 of our GMV was facilitated through cross-border trade. Sellers who activate their listings internationally can reach buyers in over 200 countries globally. However, less than half of the inventory in our top 3 markets is currently available for export due to the friction associated with these transactions.

我們戰略的關鍵支柱之一是成為賣家的首選平台。在我們努力實現這一願景的過程中，eBay 的規模和全球足跡代表了我們平台的關鍵優勢。 2022 年，大約 1/5 的 GMV 是通過跨境貿易促成的。在國際範圍內激活其列表的賣家可以接觸到全球 200 多個國家/地區的買家。然而，由於與這些交易相關的摩擦，目前我們前 3 個市場中只有不到一半的庫存可供出口。

To unlock more valuable inventory for global buyers, last fall, we announced a major revamp of our cross-border capabilities with the launch of eBay International Shipping. Under this program, eBay handles any customs forms, coordinates duties with buyers and intermediates returns. Sellers are protected from item-not-received complaints while buyers benefit from greater selection and lower shipping costs. The program is resonating well as we gradually ramp enrollment for sellers, while buyer satisfaction on eBay international shipping transactions reached 80%. Steve will discuss the financial implications of this program, and I'm confident it will increase cross-border inventory and drive incremental GMV for eBay.

為了為全球買家釋放更多有價值的庫存，去年秋天，我們宣布推出 eBay 國際航運，對我們的跨境能力進行重大改造。根據該計劃，eBay 處理任何海關表格，協調與買家和中間人退貨的關稅。賣家可以免受未收到物品的投訴，而買家則可以從更多選擇和更低的運輸成本中受益。隨著我們逐漸增加賣家的註冊人數，該計劃反響良好，同時買家對 eBay 國際航運交易的滿意度達到 80%。史蒂夫將討論該計劃的財務影響，我相信它將增加跨境庫存並推動 eBay 的增量 GMV。

Investments in AI are also improving customer perception of our shipping capabilities. In Q4, we deployed a new machine learning model for estimated delivery date in the U.S. and select international markets, enabling us to make more accurate delivery predictions to buyers. Applying this model in the U.S. reduced the average delivery estimate by 1.5 days for all domestic listings, resulting in a noticeable uplift in conversion.

對人工智能的投資也提高了客戶對我們運輸能力的看法。在第四季度，我們在美國和部分國際市場部署了一個新的機器學習模型來估計交貨日期，使我們能夠為買家做出更準確的交貨預測。在美國應用此模型可將所有國內商品的平均送貨時間縮短 1.5 天，從而顯著提高轉化率。

A separate model deployed for eligible Authenticity Guaranteed products resulted in an average reduction of approximately 2 days for U.S. listings. These rollouts are just the latest example of our ability to leverage AI to make our existing processes more efficient, which will be a continued focus for us in 2023 and beyond.

為符合條件的真實性保證產品部署的單獨模型導緻美國列表平均減少大約 2 天。這些部署只是我們利用 AI 提高現有流程效率的能力的最新示例，這將是我們在 2023 年及以後的持續關注重點。

Moving on to ads. Our marketplace continues to benefit from innovation in our advertising business, which delivered strong growth in Q4 despite headwinds in the.

繼續看廣告。我們的市場繼續受益於我們廣告業務的創新，該業務在第四季度實現了強勁增長，儘管存在不利因素。

Moving on to ads. Our marketplace continues to benefit from innovation in our advertising business, which delivered strong growth in Q4 despite headwinds in the broader digital ad market. Promoted Listings drove first-party ad revenue of $276 million, up 27% or more than 30 points faster than GMV growth. Over 2 million sellers adopted a single ad product in Q4 and we eclipsed $700 million live voted listings.

繼續看廣告。我們的市場繼續受益於我們廣告業務的創新，儘管更廣泛的數字廣告市場面臨逆風，但該業務在第四季度實現了強勁增長。 Promoted Listings 推動第一方廣告收入達到 2.76 億美元，增長 27%，比 GMV 增長快 30 個百分點。超過 200 万賣家在第四季度採用了單一廣告產品，我們超過了 7 億美元的現場投票列表。

Additionally, our total ad revenue is nearing 1.8% penetration of GMV.

此外，我們的廣告總收入接近 GMV 的 1.8%。

Promoted Listing Standard was again the largest contributor to growth, both on a sequential and an annual basis as optimization gains from prior quarters continue to benefit ad rates. In Q4, we also improved our merchandising algorithms to show a greater diversity of products, which improves buyer satisfaction while also preserving relevance and conversion.

Promoted Listing Standard 再次成為增長的最大貢獻者，無論是按順序還是按年度計算，因為前幾個季度的優化收益繼續有利於廣告費率。在第 4 季度，我們還改進了營銷算法以展示更多樣的產品，從而提高買家滿意度，同時保持相關性和轉化率。

Our newer ad products also continued to scale nicely in Q4 and grew more than 20% quarter-over-quarter. Promoted Listings Advanced, our cost-per-click product, continues to be a standout among the new products. Seller adoption of Advanced has grown as we have expanded access and automated more elements of campaign management to make this powerful ad unit easier to use.

我們較新的廣告產品在第四季度也繼續保持良好的增長勢頭，環比增長超過 20%。 Promoted Listings Advanced 是我們按點擊付費的產品，它繼續在新產品中脫穎而出。隨著我們擴大了訪問權限並自動化了更多活動管理元素，使這個功能強大的廣告單元更易於使用，賣家對 Advanced 的採用率有所提高。

In Q4, we launched Quick Setup, a one-click campaign creation solution for sellers, where eBay automates and optimizes the campaign structure, ad groups targeting and keyword bids for CPC advertisers. We also introduced multiuser account access across our full suite of promoted listings, which enables eBay sellers to delegate campaign management to trusted third parties like brands or ad agencies.

在第四季度，我們推出了 Quick Setup，這是一種為賣家提供的一鍵式營銷活動創建解決方案，eBay 為 CPC 廣告商自動化和優化營銷活動結構、廣告組定位和關鍵字出價。我們還在我們的全套促銷列表中引入了多用戶帳戶訪問權限，這使 eBay 賣家能夠將活動管理委託給可信的第三方，如品牌或廣告代理商。

Turning to payments. We continue to roll out additional payment services to support high ASP transactions and improve buyer conversion. During Q4, we introduced split payments in the U.S. for transactions over $1,000, enabling buyers to spread large purchases across 2 credit cards. We've already processed transactions from thousands of buyers at an average order value of over $3,000, and we're excited to expand this offering globally later this year to better support our focus categories.

轉向付款。我們繼續推出額外的支付服務，以支持高 ASP 交易並提高買家轉化率。在第四季度，我們在美國推出了超過 1,000 美元交易的分期付款，使買家能夠將大筆交易分攤到兩張信用卡上。我們已經處理了來自數千名買家的交易，平均訂單價值超過 3,000 美元，我們很高興能在今年晚些時候在全球範圍內擴展此服務，以更好地支持我們的重點類別。

Additionally, building on the success of Afterpay, we recently partnered with Zip to introduce a suite of buy now, pay later options to our Australian buyers. Zip supports purchases of up to $10,000 a extending our ASP coverage in this valuable market. By managing our end-to-end payments process, we are also able to leverage our own proprietary risk models to assess transaction requests across our marketplace.

此外，在 Afterpay 成功的基礎上，我們最近與 Zip 合作，為我們的澳大利亞買家推出一套“先買後付”選項。 Zip 支持最高 10,000 美元的購買，從而擴大了我們在這個重要市場的 ASP 覆蓋範圍。通過管理我們的端到端支付流程，我們還能夠利用我們自己的專有風險模型來評估整個市場的交易請求。

Last year, our risk and protection team rolled out enhanced controls that allowed us to approve transactions that may have otherwise been declined in the past, enabling over $0.5 billion of annualized GMV and reducing potential escalations to customer service.

去年，我們的風險和保護團隊推出了增強的控制措施，使我們能夠批准過去可能被拒絕的交易，從而實現了超過 5 億美元的年度 GMV，並減少了潛在的客戶服務升級。

In connection with risk management, we continue to invest in the security of our marketplace to ensure our capabilities remain world-class. Last week, we announced the acquisition of 3PM Shield, a provider of state-of-the-art marketplace compliance tool. 3PM Shield offers effective solutions for the prevention and identification of counterfeit listings and prohibited items. Combining this technology with our proprietary data, will further enhance the integrity of our marketplace.

在風險管理方面，我們繼續投資於我們市場的安全，以確保我們的能力保持世界一流水平。上週，我們宣布收購最先進的市場合規工具提供商 3PM Shield。 3PM Shield 為預防和識別假冒商品和違禁品提供了有效的解決方案。將這項技術與我們的專有數據相結合，將進一步增強我們市場的完整性。

Before we move on, I'd like to touch on the actions we've taken to sharpen our focus as a company and run our business more efficiently, particularly in light of the uncertain economic environment. Earlier this month, we made the difficult decision to eliminate approximately 500 jobs or roughly 4% of our global employee base.

在我們繼續之前，我想談談我們為加強我們作為一家公司的注意力並更有效地經營我們的業務所採取的行動，特別是在不確定的經濟環境下。本月早些時候，我們做出了一個艱難的決定，裁員約 500 人，約占我們全球員工總數的 4%。

This decision followed a thoughtful review of our organization to ensure our people and roles were aligned with priorities that advance eBay's commitment to long-term sustainable growth. These changes provide additional flexibility for us to invest efficiently and create new roles in high potential areas of our business like new technologies, trusted customer experiences and key markets.

這一決定是在對我們的組織進行深思熟慮的審查之後做出的，以確保我們的人員和角色與推進 eBay 對長期可持續增長承諾的優先事項保持一致。這些變化為我們提供了額外的靈活性，使我們能夠在新技術、值得信賴的客戶體驗和關鍵市場等高潛力業務領域進行有效投資並創造新角色。

There is no easy way to say goodbye to our talented colleagues, their passion and accomplishments over the last few years have helped us get us to where we are today. We are incredibly thankful for their contributions and are committed to supporting them through this difficult transition.

與才華橫溢的同事說再見絕非易事，他們在過去幾年的熱情和成就幫助我們取得了今天的成就。我們非常感謝他們的貢獻，並致力於支持他們度過這個艱難的過渡期。

Next, I'd like to share a few milestones from our ESG efforts last year, starting with recommerce. In 2022, our marketplace generated $4.6 billion in positive economic impact through the sale of pre-loved and refurbished goods. This activity avoided 1.6 million metric tons of carbon emissions and kept 73,000 metric tons of waste from going into landfills.

接下來，我想分享我們去年 ESG 工作的幾個里程碑，首先是電子商務。 2022 年，我們的市場通過銷售舊貨和翻新商品產生了 46 億美元的積極經濟影響。這項活動避免了 160 萬噸碳排放，並避免了 73,000 噸廢物進入垃圾填埋場。

Recommerce continues to provide significant economic benefit for sellers and buyers during these uncertain times. And buying pre-loved items shows no sign of slowing down. In fact, just yesterday, we published our third annual Recommerce Report, which found that 90% of surveyed respondents engaged in recommerce during 2022.

在這些不確定的時期，電子商務繼續為買賣雙方提供顯著的經濟利益。購買二手商品的速度絲毫沒有放緩的跡象。事實上，就在昨天，我們發布了第三份年度電子商務報告，該報告發現 90% 的受訪者在 2022 年從事電子商務。

Cost savings were the most popular motivator for buying pre-loved especially among Gen Z buyers. 64% of whom said it's financial savings as a primary reason for shopping e-commerce and sustainability was the second most important factor with people increasingly turning to pre-loved to help the environment. This positions us well as we continue to pave the way as an industry leader enabling economic empowerment and sustainability through our platform.

節省成本是購買二手房的最常見動機，尤其是在 Z 世代買家中。 64% 的人表示，節省資金是電子商務購物的主要原因，而可持續性是第二重要的因素，人們越來越多地轉向舊愛以幫助保護環境。這使我們處於有利地位，因為我們將繼續作為行業領導者鋪平道路，通過我們的平台實現經濟賦權和可持續發展。

Now let's turn to impact. I'm always amazed by the tremendous generosity of the eBay community. In Q4, eBay for Charity enables sellers and buyers to raise more than $35 million. And for the year, customers raised over $163 million. This represents an all-time high in fund raised through eBay for Charity since we started this program 20 years ago.

現在讓我們轉向影響。我總是對 eBay 社區的巨大慷慨感到驚訝。在第四季度，eBay for Charity 幫助買賣雙方籌集了超過 3500 萬美元的資金。這一年，客戶籌集了超過 1.63 億美元。這是自我們 20 年前啟動該計劃以來通過 eBay for Charity 籌集的資金的歷史新高。

The eBay Foundation granted nearly $23 million in 2022, primarily to nonprofit organizations advancing inclusive entrepreneurship and through our employee matching gift programs. This represents another all-time high for annual foundation grants. I am fortunate to lead a purpose-driven company with a team dedicated to helping communities around the world while protecting our planet.

eBay 基金會在 2022 年撥款近 2300 萬美元，主要用於推動包容性創業的非營利組織，並通過我們的員工匹配禮品計劃。這是年度基金會撥款的又一個歷史新高。我很幸運能夠領導一家以目標為導向的公司，其團隊致力於幫助世界各地的社區，同時保護我們的星球。

For the fourth year in a row, eBay was included in the Dow Jones Sustainability World and North American Indices. We were also included on CDP's A List for 2022, which recognizes companies that are leading the way in environmental transparency and performance on climate change. Additionally, eBay ranks #1 on cross-border commerce Europe's list of the top sustainable marketplaces operating in Europe. Looking to 2023, I'm incredibly excited about the road map ahead of us.

eBay 連續第四年入選道瓊斯可持續發展世界指數和北美指數。我們還被列入 CDP 的 2022 年 A 名單，該名單表彰在環境透明度和氣候變化績效方面處於領先地位的公司。此外，eBay 在歐洲跨境商務排行榜的歐洲頂級可持續市場中排名第一。展望 2023 年，我對擺在我們面前的路線圖感到無比興奮。

Today, I'll offer just a glimpse of a few areas where you should expect to see progress from us this year. We'll continue to innovate for customers in our focus categories and extend to new countries and categories this year. We will continue our work in P&A by expanding the Guaranteed Fit program and fit your vehicle badge globally.

今天，我將簡要介紹今年您應該期望看到我們取得進展的幾個領域。我們將繼續在我們的重點類別中為客戶進行創新，並在今年擴展到新的國家和類別。我們將繼續我們在 P&A 方面的工作，擴大保證適合度計劃並在全球範圍內適合您的車輛徽章。

We'll also grow our tire installation capabilities after we began improving the end-to-end tire shopping experience and broadened our network of installation partners in 5 markets during Q4. We'll ramp assets in the Vault and extend eligibility for more collectible items, while integrations with TCGplayer and KnownOrigin will strengthen our value proposition for collectors. We will also continue to iterate next-gen shopping features like Live commerce to better engage with enthusiasts.

在我們開始改善端到端輪胎購物體驗並在第四季度擴大我們在 5 個市場的安裝合作夥伴網絡之後，我們還將提高輪胎安裝能力。我們將增加 Vault 中的資產並擴大更多收藏品的資格，同時與 TCGplayer 和 KnownOrigin 的集成將加強我們對收藏家的價值主張。我們還將繼續迭代實時商務等下一代購物功能，以更好地吸引愛好者。

And we will further develop the category landing pages we debut for sneakers, watches and handbags in Q4, which offer trending inventory and personalized recommendations powered by machine learning. Sellers across our marketplace will benefit from the expansion of our international shipping program to more markets which will drive incremental GMV as sellers tap into our global demand.

我們將進一步開發我們在第四季度首次推出的運動鞋、手錶和手袋類別登陸頁面，這些頁面提供趨勢庫存和由機器學習提供支持的個性化推薦。我們市場上的賣家將受益於我們將國際運輸計劃擴展到更多市場，隨著賣家利用我們的全球需求，這將推動增量 GMV。

We will continue to scale our advertising offering as we track toward our next $1 billion by 2025. We'll simplify and grow adoption of Promoted Listings Advanced, deliver more AI-driven optimization and further expand our ads portfolio. Finally, just as we have done in focus categories, this year, we will adapt our one-size-fits-all approach to build more relevant and compelling localized experiences in some of our European markets. We will enhance local discoverability, reduce friction through simplified selling experiences offer new local forms of payment and address other market-specific experience gaps in search, language and return policies.

到 2025 年，我們將繼續擴大我們的廣告產品，以實現下一個 10 億美元的目標。我們將簡化和增加 Promoted Listings Advanced 的採用，提供更多人工智能驅動的優化，並進一步擴展我們的廣告組合。最後，正如我們在重點類別中所做的那樣，今年，我們將調整我們的一刀切的方法，在我們的一些歐洲市場建立更相關和更有吸引力的本地化體驗。我們將提高本地可發現性，通過簡化的銷售體驗減少摩擦，提供新的本地支付方式，並解決搜索、語言和退貨政策方面其他市場特定的體驗差距。

In closing, I would like to thank our extraordinary eBay employees for their accomplishments this year. Their unrelenting focus on serving our community has supported our sellers and buyers during these challenging economic times. I'm confident that with our talented eBay team, our strategic vision and a persistent focus on operational excellence we will continue to develop compelling experiences for customers and create long-term value for our shareholders.

最後，我要感謝我們非凡的 eBay 員工今年取得的成就。在這些充滿挑戰的經濟時期，他們不懈地致力於為我們的社區服務，為我們的賣家和買家提供了支持。我相信，憑藉我們才華橫溢的 eBay 團隊、我們的戰略願景和對卓越運營的持續關注，我們將繼續為客戶開發引人入勝的體驗，並為我們的股東創造長期價值。

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，我會把電話轉給史蒂夫，提供更多關於我們財務業績的細節。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 fourth quarter on Slide 9 of our earnings presentation. Next, I'll review our key operating and financial metrics in greater detail. Finally, I'll provide our outlook for the first quarter and some additional color on 2023 before we begin Q&A. As usual, my comments will reflect year-over-year comparisons on an FX-neutral basis, unless I note otherwise.

謝謝你，傑米，感謝大家今天加入我們。我將從第四季度收益演示幻燈片 9 的亮點開始。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，在我們開始問答之前，我將提供我們對第一季度的展望和 2023 年的一些其他顏色。與往常一樣，我的評論將反映在外匯中性基礎上的同比比較，除非我另有說明。

We delivered solid results in Q4 as our key financial metrics exceeded expectations and landed near the high end or above our expected guidance ranges. Gross merchandise volume declined 6% to $18.2 billion, while FX was a 6-point headwind to reported growth. Revenue was down 1% to approximately $2.5 billion, which outpaced volume by 5 points, primarily due to FX and robust growth within our advertising business. Non-GAAP operating margin was 29.9%, down 1.8 points due to volume deleverage and continued investment at the marketing to support the strategic initiatives.

由於我們的關鍵財務指標超出預期並接近高端或高於我們的預期指導範圍，我們在第四季度取得了穩健的業績。商品總交易量下降 6% 至 182 億美元，而外匯對報告的增長造成 6 個百分點的不利影響。收入下降 1% 至約 25 億美元，超過銷量 5 個百分點，這主要是由於外彙和我們廣告業務的強勁增長。非美國通用會計準則營業利潤率為 29.9%，下降 1.8 個百分點，原因是去槓桿化以及為支持戰略計劃而持續進行的營銷投資。

We delivered $1.07 of non-GAAP earnings per share, up 2% year-over-year, and we generated $533 million of free cash flow up 43% year-over-year, while returning $419 million to shareholders through repurchases and dividends. Our Q4 results demonstrate the continued resilience of our marketplace amid economic uncertainty. I'm extremely proud of our teams delivering on their quarterly financial commitments, maintaining prudent cost discipline and executing key deliverables in support of our long-term growth objectives.

我們實現了 1.07 美元的非 GAAP 每股收益，同比增長 2%，我們產生了 5.33 億美元的自由現金流，同比增長 43%，同時通過回購和股息向股東返還 4.19 億美元。我們的第四季度業績表明，在經濟不確定的情況下，我們市場的持續彈性。我為我們的團隊履行季度財務承諾、保持審慎的成本紀律和執行關鍵可交付成果以支持我們的長期增長目標而感到非常自豪。

Let's take a closer look at our financial performance during the fourth quarter. Gross merchandise volume is down 6% year-over-year, decelerating roughly 1 point sequentially. Our business remains resilient despite headwinds from geopolitical uncertainty, inflationary pressures, low consumer confidence and rising interest rates.

讓我們仔細看看我們在第四季度的財務表現。商品總銷量同比下降 6%，環比下降約 1 個百分點。儘管地緣政治不確定性、通脹壓力、消費者信心低迷和利率上升帶來不利因素，但我們的業務仍然保持彈性。

Additionally, FX was a headwind of approximately 6 points of GMV, roughly 0.5 point greater than Q3. Momentum in focused categories continues to drive underlying growth in our business. In aggregate, focused categories outgrew the remainder of our marketplace by over 7 points year-over-year during Q4, roughly 2 points faster than the prior quarter delta.

此外，外匯是 GMV 的大約 6 個百分點的逆風，比第三季度高約 0.5 個百分點。重點類別的發展勢頭繼續推動我們業務的潛在增長。總體而言，重點類別在第四季度同比增長超過我們市場的其餘部分超過 7 個百分點，比上一季度增量快大約 2 個百分點。

Motors Parts and Accessories growth accelerated sequentially and remain the largest contributor to this outperformance and we are excited to see what recent rollouts like fit your vehicle badge and Guaranteed Fit program will do for momentum in this category. Refurbished Goods also contributed positively to growth in Q4 as we continue to expand to new brands and categories.

汽車零部件和配件的增長環比加速，並且仍然是這一出色表現的最大貢獻者，我們很高興看到最近推出的適合您的車輛徽章和保證適合計劃將對該類別的勢頭產生什麼影響。隨著我們繼續擴展到新品牌和類別，翻新商品也為第四季度的增長做出了積極貢獻。

We've also made the onboarding process for third-party sellers more scalable to increase the breadth and depth of refurbished selection on our marketplace. Within our luxury and trading cards categories, we continue to see healthy trends in authenticated item transactions in Q4, which has mitigated the macro-driven ASP pressure observed across these industries in recent months.

我們還使第三方賣家的入職流程更具可擴展性，以增加我們市場上翻新產品選擇的廣度和深度。在我們的奢侈品和交易卡類別中，我們繼續看到第四季度認證商品交易的健康趨勢，這減輕了近幾個月在這些行業觀察到的宏觀驅動的 ASP 壓力。

As you'll recall, we closed the acquisition of TCGplayer at the end of October. The partial quarter of GMV revenue and expenses are included in our financials for Q4. But based on the timing of the deal close, TCGplayer contribution is not material to results.

您可能還記得，我們在 10 月底完成了對 TCGplayer 的收購。 GMV 收入和支出的部分季度包含在我們第四季度的財務數據中。但根據交易完成的時間，TCGplayer 的貢獻對結果並不重要。

Looking at our business on a geographic basis. Our U.S. GMV declined 9% year-over-year in Q4, decelerating by roughly 2 points versus the prior quarter. International GMV declined 4% on an FX-neutral basis, which was stable sequentially. Compared to Q4 of 2019, our total marketplace grew 2%, a deceleration from 6% last quarter. Versus 2019, U.S. GMV rose 12% in Q4 while international GMV was down 5%. Although macro headwinds remain more pronounced in Europe, our focused category strategy continued to drive underlying growth internationally, including positive year-over-year growth in P&A and notable strength in luxury categories during Q4.

從地域上看我們的業務。我們的美國 GMV 在第四季度同比下降 9%，比上一季度下降約 2 個百分點。在外匯中性基礎上，國際 GMV 下降 4%，環比穩定。與 2019 年第四季度相比，我們的總市場增長了 2%，低於上一季度的 6%。與 2019 年相比，美國第四季度 GMV 增長了 12%，而國際 GMV 下降了 5%。儘管歐洲的宏觀逆風仍然更為明顯，但我們的重點類別戰略繼續推動國際基礎增長，包括第四季度 P&A 的同比正增長和奢侈品類別的顯著增長。

Moving to active buyers. 134 million active buyers shopped on eBay during the trailing 12 months. We had 132 million active buyers, excluding our TCGplayer acquisition and buyers from our Turkey business, where we ceased operations in July. Excluding these impacts, active buyers were down roughly $1 million sequentially as a gradual improvement in buyer reactivation over the past few quarters has led to modest stabilization in our active buyer counts.

轉向活躍的買家。在過去的 12 個月裡，有 1.34 億活躍買家在 eBay 上購物。我們有 1.32 億活躍買家，不包括我們收購的 TCGplayer 和我們在 7 月停止運營的土耳其業務的買家。排除這些影響，活躍買家環比下降約 100 萬美元，因為過去幾個季度買家重新激活的情況逐漸改善，導致我們的活躍買家數量適度穩定。

Enthusiast buyers accounted for over 16 million of our active buyers in Q4, down less than 0.5 million sequentially and churn within enthusiasts remains de minimis. The net downward migration of enthusiast, the mid-value group, was also the lowest we observed since we began disclosing these buyer groups as lapping pressure has eased in recent quarters. Average spend per enthusiast rose again sequentially and continue to be healthy at above $3,000 annually.

在第四季度，狂熱買家占我們活躍買家的 1600 萬以上，環比下降不到 50 萬，並且狂熱者的流失率仍然很低。由於近幾個季度研磨壓力有所緩解，中等價值群體的發燒友淨向下遷移也是我們開始披露這些買家群體以來觀察到的最低水平。每個發燒友的平均支出再次連續上升，並繼續保持在每年 3,000 美元以上的健康水平。

Turning to revenue. You'll notice in our Q4 earnings release and upcoming 10-K that we are now presenting a single net revenues line, which better aligns our reporting with how our business is operated. We provided one final quarter of marketing services and other revenue in Slide 12 of our earnings presentation. Today and moving forward, when we refer to take rate, we will be referencing our all-in net revenue divided by GMV.

談到收入。您會在我們的第四季度收益發布和即將發布的 10-K 中註意到，我們現在呈現單一的淨收入線，這可以更好地使我們的報告與我們的業務運營方式保持一致。我們在收益報告的幻燈片 12 中提供了最後一個季度的營銷服務和其他收入。今天和未來，當我們提到 take rate 時，我們將參考我們的總淨收入除以 GMV。

Net revenue was down 1% to over $2.5 billion during the fourth quarter, a 1 point acceleration versus Q3. Our take rate was 13.8% in Q4 at roughly 40 basis points sequentially. Although FX hedge gains were the most significant driver of our sequential take rate increase in Q4, we continue to see healthy contributions in both advertising and payments revenue.

第四季度淨收入下降 1%，超過 25 億美元，比第三季度下降 1 個百分點。我們在第四季度的採用率為 13.8%，環比約為 40 個基點。儘管外匯對沖收益是我們第四季度環比增長的最重要驅動因素，但我們繼續看到廣告和支付收入的健康貢獻。

Our advertising business continues to build momentum. Total ad revenue grew 19% during the quarter. Our third-party ads grew 27%, outpacing volume by more than 30 points for the second straight quarter. This extraordinary result was primarily driven by optimization and performance improvements in our standard promoted listings product. Healthy growth in our newer products, most notably, our cost-per-click ads also contributed meaningfully. Our legacy third-party display ads were weaker in Q4 due to industry-wide headwinds over the holiday. But these ads represent an increasingly smaller portion of our mix.

我們的廣告業務繼續保持增長勢頭。本季度廣告總收入增長了 19%。我們的第三方廣告增長了 27%，連續第二個季度增長超過 30 個百分點。這一非凡的結果主要是由我們標準推廣列表產品的優化和性能改進推動的。我們新產品的健康增長，最值得注意的是，我們的每次點擊費用廣告也做出了有意義的貢獻。由於假期期間整個行業的逆風，我們的傳統第三方展示廣告在第四季度表現較弱。但這些廣告在我們的組合中所佔的比例越來越小。

Managed payments contributed nearly 10 basis points to our sequential take rate expansion, driven by new financial service offerings. These include buyer and seller FX conversion that facilitates cross-border trade, faster debit card payouts and new high SP transaction services supporting our luxury categories. Importantly, both advertising and payments remain on track to meet our multiyear revenue targets we discussed at our Investor Day.

在新金融服務產品的推動下，託管支付為我們的連續採用率擴張貢獻了近 10 個基點。其中包括促進跨境貿易的買賣雙方外匯兌換、更快的借記卡支付以及支持我們的奢侈品類別的新的高 SP 交易服務。重要的是，廣告和支付都有望實現我們在投資者日討論的多年收入目標。

Moving to profitability. Non-GAAP operating margin was 29.9% in Q4, up nearly 1 point sequentially but down 1.8 points year-over-year. Gross margins were down modestly year-over-year due to volume deleverage and authentication costs, partly offset by lower payment processing fees. Sales and marketing rose by over 1 point as a percentage of revenue as we invested in full funnel marketing to support our focused categories. While product development was relatively flat as some onetime impacts offset continued hiring of technical talent. Our G&A expense rose as a percentage of revenue due to charitable contributions and other onetime items.

轉向盈利。第四季度非美國通用會計準則營業利潤率為 29.9%，環比上升近 1 個百分點，但同比下降 1.8 個百分點。由於交易量去槓桿和認證成本，毛利率同比小幅下降，部分被較低的支付處理費用所抵消。由於我們投資於全漏斗營銷以支持我們的重點類別，銷售和營銷佔收入的百分比上升了 1 個百分點以上。雖然產品開發相對平穩，因為一些一次性影響抵消了對技術人才的持續聘用。由於慈善捐款和其他一次性項目，我們的 G&A 費用佔收入的百分比有所上升。

In Q4, we recognized a GAAP charge within G&A expense of $50 million related to pending legal matters. You'll see this adjustments included in our GAAP to non-GAAP reconciliations in the appendix of our earnings presentation. Additional details on this accrual will be provided in our upcoming Form 10-K. We generated $1.07 of non-GAAP earnings per share in Q4, up 2% year-over-year, benefiting from a 12% reduction in share count from our share repurchases. We delivered GAAP earnings per share of $1.23, with the delta being driven by a recovery in our equity investment portfolio.

在第四季度，我們在 G&A 費用中確認了 5000 萬美元與未決法律事務相關的 GAAP 費用。您會在我們的收益報告附錄中看到我們的 GAAP 與非 GAAP 對賬中包含的調整。我們即將推出的 10-K 表格將提供有關此應計費用的更多詳細信息。我們在第四季度產生了 1.07 美元的非 GAAP 每股收益，同比增長 2%，這得益於我們的股票回購減少了 12% 的股票數量。我們實現了 1.23 美元的 GAAP 每股收益，三角洲是由我們的股權投資組合的複蘇推動的。

Turning to our balance sheet and capital allocation. Free cash flow grew 43% to $533 million in Q4, driven primarily by the lapping of cash tax payments on investment sales in the prior year. Our balance sheet position remains strong as we ended the quarter with cash and non-equity investments of $5.9 billion and gross debt of $8.9 billion, following a successful $1.2 billion debt raise in November.

轉向我們的資產負債表和資本配置。第四季度自由現金流增長 43% 至 5.33 億美元，這主要是由於上一年投資銷售的現金稅支付重疊。在 11 月成功籌集 12 億美元的債務之後，我們的資產負債表狀況依然強勁，因為我們在本季度結束時獲得了 59 億美元的現金和非股權投資以及 89 億美元的總債務。

We repurchased roughly $300 million of shares at an average price of approximately $42 during Q4 and have over $2.8 billion remaining under our current authorization. We paid a quarterly cash dividend of $119 million in December or $0.22 per share.

我們在第四季度以平均約 42 美元的價格回購了約 3 億美元的股票，目前我們的授權剩餘超過 28 億美元。我們在 12 月支付了 1.19 億美元的季度現金股息或每股 0.22 美元。

Our investment portfolio is detailed on Slide 20 of our earnings presentation. Our equity investments were valued at approximately $3.4 billion at the end of the fourth quarter. Following the sale of a de minimis number of shares in December to satisfy regulatory requirements, our 404 million Adevinta shares were valued at roughly $2.7 billion. Our Adyen investment value is calculated based on the probability of our remaining warrant tranche vested.

我們的投資組合在收益報告的幻燈片 20 中有詳細說明。截至第四季度末，我們的股權投資價值約為 34 億美元。在去年 12 月為滿足監管要求而出售最低數量的股票後，我們 4.04 億股 Adevinta 股票的價值約為 27 億美元。我們的 Adyen 投資價值是根據我們剩餘認股權證的歸屬概率計算的。

In addition to the acquisitions we completed in 2022, we continue to evaluate inorganic opportunities to accelerate our strategic objectives by our build, buy, partner framework. We closed the acquisition of 3PM Shield last week, which will strengthen trust in our marketplace. They're helping us prevent and detect problematic listings with even greater precision.

除了我們在 2022 年完成的收購之外，我們還繼續評估無機機會，以通過我們的構建、購買和合作夥伴框架來加速我們的戰略目標。我們上週完成了對 3PM Shield 的收購，這將加強對我們市場的信任。他們正在幫助我們更精確地預防和檢測有問題的列表。

Moving on to our outlook. For the first quarter, we forecast GMV between $18 billion and $18.3 billion, representing organic FX-neutral growth between negative 5% and negative 4% year-over-year. This GMV outlook includes an estimated $100 million from onetime benefits already recognized in Q1 and anticipate an FX headwind to reported growth between 2 and 3 points. We expect to generate revenue between $2.46 billion and $2.5 billion, representing organic FX-neutral growth between flat and up 2% year-over-year.

繼續我們的展望。對於第一季度，我們預測 GMV 在 180 億美元到 183 億美元之間，這意味著與去年同期相比，外匯中性有機增長在負 5% 到負 4% 之間。這一 GMV 前景包括來自第一季度已經確認的一次性收益的估計 1 億美元，並預計外匯逆風將報告增長 2 到 3 個百分點。我們預計將產生 24.6 億美元至 25 億美元的收入，這代表有機外匯中性增長介於持平和同比增長 2% 之間。

We anticipate a non-GAAP operating margin between 29.1% and 29.7%, and we forecast non-GAAP earnings per share between $1.05 and $1.09, representing EPS growth between flat and up 3% year-over-year.

我們預計非 GAAP 營業利潤率在 29.1% 至 29.7% 之間，我們預測非 GAAP 每股收益在 1.05 美元至 1.09 美元之間，代表每股收益同比增長 3% 和 3% 之間。

Although we are not providing full year guidance at this time, given the dynamic operating environment, we will share some directional color on how we are currently thinking about 2023. Our baseline expectation is that the external demand environment does not materially improve during the first half of the year as a result of continued macro uncertainty across our largest markets. While we do see potential for an improvement in underlying economic conditions as the year progresses, it is too early to predict the second half recovery, buying out with confidence.

雖然我們目前不提供全年指引，但鑑於動態的經營環境，我們將分享一些關於我們目前對 2023 年的看法的方向性色彩。我們的基線預期是外部需求環境在上半年不會有實質性改善由於我們最大市場的持續宏觀不確定性，今年排名第一。雖然我們確實看到隨著時間的推移基本經濟狀況有改善的潛力，但現在預測下半年復蘇還為時過早，充滿信心地買斷。

As a result, we currently expect our sequential GMV growth beyond Q1 to roughly approximate the seasonality we observed during 2022, excluding the impact of currency. For the full year, we expect to grow total non-GAAP expenses, inclusive of cost of revenue by approximately 2% year-over-year on a spot basis, as we continue to invest in strategic growth initiatives in 2023.

因此，我們目前預計我們在第一季度之後的連續 GMV 增長將大致接近我們在 2022 年觀察到的季節性，不包括貨幣的影響。對於全年，隨著我們在 2023 年繼續投資於戰略增長計劃，我們預計非 GAAP 總支出（包括收入成本）同比增長約 2%。

This forecast contemplates onetime impacts to our P&L from recent M&A and the rollout of the eBay International Shipping program this year. These onetime factors combined are expected to represent a year-over-year headwind for operating margin of approximately 120 basis points versus 2022.

該預測考慮了近期併購和今年推出的 eBay 國際航運計劃對我們損益的一次性影響。與 2022 年相比，這些一次性因素加在一起預計將對營業利潤率造成約 120 個基點的同比逆風。

Our expense growth forecast is also net of roughly $100 million of OpEx savings from our structural cost program as we continue to look inward for cost efficiencies in our business.

我們的費用增長預測還扣除了結構成本計劃節省的大約 1 億美元的運營支出，因為我們繼續向內尋求業務的成本效率。

I'd like to share some additional context on the onetime impact to margin. Over the past year, we accelerated our progress towards several core strategic objectives through the acquisitions of TCGplayer KnownOrigin, myFitment and 3PM Shield. While we are excited about the synergies and long-term growth potential of these assets, layering them into a scale in the marketplace with our level of profitability does present a natural drag on margins in the short term, which will diminish as our integration work progresses.

我想分享一些關於對保證金的一次性影響的額外背景。在過去的一年裡，我們通過收購 TCGplayer KnownOrigin、myFitment 和 3PM Shield 加快了我們在幾個核心戰略目標方面的進展。雖然我們對這些資產的協同效應和長期增長潛力感到興奮，但將它們與我們的盈利水平在市場上分層確實會在短期內自然拖累利潤率，隨著我們整合工作的進展，這種拖累將會減少.

The rollout of eBay International Shipping will improve seller velocity and global availability of unique inventory over the long run. Our role in intermediating shipping and returns in this program will shift us to principal relationship with sellers versus being an agency in our previous global shipping program.

從長遠來看，eBay International Shipping 的推出將提高賣家的速度和獨特庫存的全球可用性。我們在該計劃中充當運輸和退貨中介的角色將使我們轉變為與賣家的主要關係，而不是在我們之前的全球運輸計劃中成為代理。

From an accounting perspective, this means revenue from the new program will be recognized on a gross basis, while the vast majority of expenses are variable and recognize the cost of revenue. While the operating margin headwind from this program will abate as we progressively scale it through 2023, it's primarily variable costs or impact our reported gross margins. We expect this program to generate incremental operating profit this year despite representing a headwind of 30 basis points of gross margin in Q1, rising to 120 basis points in Q4.

從會計的角度來看，這意味著新項目的收入將按總額確認，而絕大多數費用是可變的，並確認為收入成本。雖然隨著我們逐步將其擴展到 2023 年，該計劃對營業利潤率的不利影響將減弱，但這主要是可變成本或影響我們報告的毛利率。儘管第一季度毛利率下降 30 個基點，第四季度上升至 120 個基點，但我們預計該計劃今年將產生增量營業利潤。

Additionally, we expect foreign exchange to represent a headwind of approximately 1% of GMV in 2023 and between 3% to 4% to non-GAAP EPS, following the unwinding of recent U.S. dollar strength. We forecast our non-GAAP tax rate to remain at 16.5% throughout 2023.

此外，隨著近期美元走強的消退，我們預計 2023 年外匯佔 GMV 的比例約為 1%，非 GAAP 每股收益佔 3% 至 4%。我們預測我們的非 GAAP 稅率在整個 2023 年將保持在 16.5%。

On the capital allocation front, I'm pleased to announce our Board recently approved a 14% increase to our quarterly dividend, raising to $0.25 per share in 2023. We continue to target returning approximately 125% of free cash flow to shareholders between 2022 and 2024, and our broader capital allocation priorities remain unchanged.

在資本配置方面，我很高興地宣布，我們的董事會最近批准將我們的季度股息增加 14%，在 2023 年提高到每股 0.25 美元。我們的目標繼續是在 2022 年至2024 年，我們更廣泛的資本配置重點保持不變。

Our fortress balance sheet is a tremendous competitive advantage in this environment that enables us to invest organically in our business, accelerate our strategic objectives with disciplined inorganic investments, while still delivering healthy capital return to shareholders.

我們的堡壘資產負債表是這種環境下的巨大競爭優勢，使我們能夠對我們的業務進行有機投資，通過有紀律的無機投資加速我們的戰略目標，同時仍然為股東提供健康的資本回報。

In the current macro environment, we believe it is prudent to balance the timing and magnitude of share repurchases with our capital needs from quarter-to-quarter. Our first priority is offsetting dilution, and we expect to be opportunistic with regard to larger repurchases.

在當前的宏觀環境下，我們認為平衡股票回購的時間和規模與我們每個季度的資本需求是謹慎的。我們的首要任務是抵消稀釋，我們希望在更大規模的回購方面採取機會主義態度。

In closing, our Q4 results capped off a resilient year for eBay in 2022 as we made meaningful progress towards our long-term strategy despite significant macro uncertainty. We exceeded consensus expectations for GMV, revenue and EPS during Q4. Our focused categories continue to outperform and are driving underlying growth in our business.

最後，我們的第四季度業績為 2022 年 eBay 的彈性年度畫上了句號，因為儘管宏觀不確定性很大，但我們在長期戰略方面取得了有意義的進展。我們超出了第四季度 GMV、收入和每股收益的普遍預期。我們重點關注的類別繼續表現出色，並正在推動我們業務的潛在增長。

Our advertising revenue continues to meaningfully outpace volume growth while payment initiatives continue to scale in line with expectations. We achieved a full year operating margin of 30% despite contending with a more challenging macro environment than we anticipated at the beginning of the year. We generated nearly $2.2 billion in free cash flow in 2022 and returned over $3.6 billion to shareholders through free purchases and dividends, equating to nearly 170% of our free cash flow.

我們的廣告收入繼續顯著超過數量增長，而支付計劃繼續按照預期擴大規模。儘管面臨比我們年初預期更具挑戰性的宏觀環境，但我們實現了 30% 的全年營業利潤率。我們在 2022 年產生了近 22 億美元的自由現金流，並通過免費購買和分紅向股東返還了超過 36 億美元，相當於我們自由現金流的近 170%。

I'm proud that eBay continues to pave the way as an industry leader, enabling economic empowerment and sustainability to our platform. We once again achieved carbon neutrality in 2022 and remain committed to reducing 90% of our carbon emissions from our operations by 2030. I'm incredibly appreciative of our team's focus and execution during 2022 as we delivered on a number of our core strategic objectives despite navigating uncertain macro environment.

我很自豪 eBay 繼續作為行業領導者鋪平道路，為我們的平台實現經濟賦權和可持續性。我們在 2022 年再次實現碳中和，並繼續致力於到 2030 年減少 90% 的運營碳排放量。我非常感謝我們團隊在 2022 年的專注和執行，因為我們實現了一些核心戰略目標，儘管駕馭不確定的宏觀環境。

I'm confident our investments in 2022 enabled us to exit the year stronger than when we entered it, keeping us on a path to sustainable long-term growth.

我相信我們在 2022 年的投資使我們能夠以比進入新一年時更強勁的表現結束這一年，使我們走上可持續的長期增長之路。

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

有了這個，傑米和我現在將回答你的問題。

(Operator Instructions) Your first question is from the line of Colin Sebastian with Baird.

（操作員說明）您的第一個問題來自 Colin Sebastian 與 Baird 的對話。

Great. A couple of questions for me. Maybe, Jamie, at a high level, first off, you seem generally satisfied with the strategic focus on enthusiast buyers and the non-new-in-season segment that you outlined a year ago. But I wonder if you could talk about any ways in which you'd say this strategy has evolved through the year as you plan for the next couple of years. Some of that may be more nuanced, but curious on your views there.

偉大的。問我幾個問題。也許，傑米，在高層次上，首先，你似乎對一年前概述的對狂熱買家和非新季細分市場的戰略重點總體上感到滿意。但我想知道你是否可以談談你認為這一戰略在你計劃未來幾年的一年中已經演變的任何方式。其中一些可能更細微，但對您在那裡的觀點感到好奇。

And then, Steve, I just wanted to drill down a little bit more on the 2023 outlook. I think we understand the GMV perspective and some of the margin impacts. On the take rate, should we assume that, that gap between GMV and revenue growth continues to grow given the increasing contribution of advertising and payments through the year?

然後，史蒂夫，我只想深入了解 2023 年的前景。我認為我們了解 GMV 觀點和一些利潤率影響。關於採用率，我們是否應該假設，鑑於全年廣告和支付的貢獻不斷增加，GMV 與收入增長之間的差距繼續擴大？

Yes. So first on the kind of where we are, we're pleased with the progress that we're seeing. So if you think about focused categories outgrowing the rest of the business by 7 points, the double-digit change that we've seen in customer satisfaction, we took on our largest focus category at the end of last year with parts and accessories, and we're seeing that return to market share growth, which is great. It's a very large business. We outlined that at Investor Day being over $10 billion.

是的。因此，首先關於我們所處的位置，我們對我們所看到的進展感到滿意。因此，如果您考慮重點類別比其他業務增長 7 個百分點，即我們在客戶滿意度方面看到的兩位數變化，我們在去年年底採用了我們最大的重點類別，包括零件和配件，以及我們看到市場份額恢復增長，這很好。這是一項非常大的業務。我們在投資者日概述了超過 100 億美元。

And the shift that we made to non-new-in-season, I think, is really helping us, especially in these challenging economic times. All the work we did and refurbished to build that as a strong category on eBay, now we're seeing -- we had our largest week ever during Cyber Week. And during challenging economic times, people really turn to value. And I think we're leaning into where the consumer is headed.

我認為，我們向非當季新品所做的轉變確實對我們有所幫助，尤其是在這些充滿挑戰的經濟時代。我們所做的所有工作和翻新都是為了在 eBay 上建立一個強大的類別，現在我們看到了——我們在網絡週期間度過了有史以來最大的一周。在充滿挑戰的經濟時期，人們真正轉向價值。我認為我們正在關註消費者的發展方向。

I'd point you to the Recommerce Report, which we put out yesterday, which said 90% of the respondents bought recommerce in 2022. And Gen Z, 64% of them said it was because of the financial value that's provided. So we think we're right in there. We're going to continue to enhance and build on that strategy. We're doing a lot of additional work in artificial intelligence and bringing that not only to our focused categories, but also to our horizontal businesses.

我要向您指出我們昨天發布的 Recommerce 報告，該報告稱 90% 的受訪者在 2022 年購買了 recommerce。Z 世代中，64% 的人表示這是因為所提供的財務價值。所以我們認為我們就在那裡。我們將繼續加強並以此戰略為基礎。我們在人工智能方面做了很多額外的工作，不僅將其用於我們的重點類別，還用於我們的橫向業務。

I talk about the work that we did in search as one example of that. The work that we did in advertising with the merchandising there is a second one. And then you see us continuing to expand what we're doing on the horizontal side. I'd just end with eBay International Shipping. Cross-border trade is now 1 in 5 transactions on eBay. It's one of the unique value propositions that we have, especially for the individual consumer. And we're making that a whole lot easier with what we're doing with eBay International Shipping, and that's another kind of huge opportunity across the board on the horizontal side. So over the course of the year, I'll get into more and more details about it, but we feel really good about the vector that we're on.

我談到我們在搜索方面所做的工作就是一個例子。我們在推銷廣告方面所做的工作是第二個。然後你會看到我們繼續擴展我們在橫向方面所做的事情。我將以 eBay International Shipping 結束。跨境貿易現在佔 eBay 交易的五分之一。這是我們擁有的獨特價值主張之一，尤其是對個人消費者而言。我們正在通過 eBay International Shipping 做的事情讓這一切變得更容易，這是橫向方面全面的另一種巨大機會。所以在這一年中，我將深入了解它的更多細節，但我們對我們所處的方向感覺非常好。

Steve, do you want to take the second part?

史蒂夫，你想參加第二部分嗎？

Yes. Good afternoon, Colin. With regard to ads and payments, first, I'd say, really pleased with the execution from the teams did a tremendous job and we're tracking well towards the direction that we gave at Investor Day in terms of our medium-term targets in terms of payments and ads. We don't give any specific guidance on the call associated with ads and payments for '23. But you should expect them to continue to outpace GMV as they did in 2022. So great execution from the teams and pleased with where we are.

是的。下午好，科林。關於廣告和支付，首先，我要說的是，我對團隊的執行非常滿意，他們做得非常出色，我們正在朝著我們在投資者日給出的中期目標方面很好地跟踪付款和廣告條款。我們不會就與 23 年的廣告和付款相關的電話會議提供任何具體指導。但是你應該期望他們像 2022 年那樣繼續超過 GMV。團隊的執行力非常好，對我們的現狀感到滿意。

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

你的下一個問題來自 Tom Champion 和 Piper Sandler 的台詞。

Steve, maybe a quick one for you. Could you please talk about the GMV growth you've seen internationally, it looks like international FX-neutral exceeded domestic for the second quarter in a row. And I'm just curious if you're kind of surprised by that result. I think you referenced P&A and maybe luxury driving that. And then curious that the $100 million benefit, I believe, to GMV in the guidance. I think there was some reference to that in the guidance.

史蒂夫，也許對你來說是一個快速的。您能否談談您在國際上看到的 GMV 增長，看起來國際外匯中性連續第二個季度超過國內。我只是想知道你是否對這個結果感到驚訝。我想你提到了 P&A，也許是豪華駕駛。然後好奇的是，我相信這 1 億美元對指南中的 GMV 有利。我認為指南中提到了這一點。

Maybe, Jamie, just a quick one for you, if I could. Can you just talk about authenticity and how you feel like you are executing and whether you've turned a corner there? I think most of the recent acquisitions have been centered around authenticity and removing fake goods. How do you feel about your progress there, and how much further do you need to go?

也許，傑米，如果可以的話，給你一個快速的。你能談談真實性嗎？你感覺自己在執行什麼，你是否已經轉過彎了？我認為最近的大部分收購都圍繞著真實性和去除假貨。你覺得你在那裡的進步如何，你還需要走多遠？

Tom, I'll pick up the first one. Obviously, we're seeing different dynamics based on our international business and the U.S. business, based on the macro environment, the dynamic macro environment that we've been operating in. And obviously, some of those challenges were more pronounced than the international business earlier than the U.S., and we called out some color with regards to that as we guided the fourth quarter actually in terms of some of the U.S. softness that we saw in October coming through that.

湯姆，我去拿第一個。顯然，基於我們的國際業務和美國業務，基於宏觀環境，我們一直在其中運營的動態宏觀環境，我們看到了不同的動態。顯然，其中一些挑戰比國際業務更為明顯早於美國，我們就此提出了一些看法，因為我們實際上根據我們在 10 月份看到的美國的一些疲軟來指導第四季度。

The thing I would say is that the execution, our own focused categories, both in Europe and the U.S. is seeing underlying momentum. P&A, for example, we're #1 in a couple of the key markets in Europe, in the U.K. and Germany and #2 in the U.S. And things like P&A, luxury, refurb are seeing good momentum both internationally and in the U.S. Specifically pertaining to the $100 million that we laid out in the prepared comments, this is a specific GMV benefit as a onetime item in Q1, which we do not expect to continue through the year.

我要說的是，在歐洲和美國，我們自己關注的類別的執行正在看到潛在的勢頭。例如，P&A，我們在歐洲、英國和德國的幾個主要市場中排名第一，在美國排名第二。P&A、奢侈品、翻新等產品在國際和美國都有良好的發展勢頭。關於我們在準備好的評論中列出的 1 億美元，這是作為第一季度一次性項目的特定 GMV 收益，我們預計不會持續到今年。

It's most notably around Chinese sellers, keeping their stores open through the Lunar New Year, which is not typical for this time of year. Jamie?

最引人注目的是中國賣家，他們的商店在農曆新年期間一直營業，這在每年的這個時候並不常見。傑米？

Yes, Tom. So on authenticity, we're feeling great about what we're seeing in terms of the impact that it's having on customer satisfaction and the execution of it. If you think about it for those focused categories like luxury handbag, sneakers, watches, authenticity is what provides the game-changing level of trust. That's different in other categories.

是的，湯姆。因此，在真實性方面，我們對我們所看到的對客戶滿意度和執行的影響感到非常滿意。如果您考慮奢侈品手袋、運動鞋、手錶等重點類別，那麼真實性就是提供改變遊戲規則的信任度的因素。這在其他類別中是不同的。

So in refurbished, for example, it's the 2-year warranties and the 30-day hassle-free returns. And then something like P&A, we just launched this week Guaranteed Fit, which is really the game-changing level of trust, which is guaranteeing that, that part is going to fit your product, which is really key.

因此，以翻新產品為例，它提供 2 年保修和 30 天無憂退貨服務。然後是像 P&A 這樣的東西，我們本周剛剛推出了 Guaranteed Fit，這確實是改變遊戲規則的信任水平，它保證了那個部分將適合你的產品，這真的很關鍵。

The acquisition that we did recently with 3PM Shield, it's really a state-of-the-art market compliance capability that they've built using really advanced AI technologies to help keep prohibited items off the platform. And that's really just continuing the theme of building trust on the marketplace and eBay as a trusted place to shop, which has paid massive dividends, giving us a great ROI from the investments that we've made to date. And we feel really good about the progress and where we are.

我們最近對 3PM Shield 進行的收購，確實是他們使用真正先進的 AI 技術構建的最先進的市場合規能力，以幫助將違禁物品排除在平台之外。這實際上只是繼續在市場上建立信任的主題，eBay 作為一個值得信賴的購物場所，它已經支付了大量紅利，使我們從迄今為止的投資中獲得了巨大的投資回報。我們對進展和我們所處的位置感到非常滿意。

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

你的下一個問題來自 Nikhil Devnani 與 Bernstein 的對話。

I had a couple on GMV growth, please. Steve, you mentioned that U.S. softness that you called out in October. Did that persist? Or did you see any kind of changes in trends there better or worse? And then in terms of the 2023 growth framework, thanks for that, but is '22 the right year to use for seasonality given Omicron and just post-COVID dynamics? It feels like you started the year well. Just wondering why GMV would step down in Q2, Q3, especially as you invest in the marketplace as well to make it better.

請給我一些關於 GMV 增長的信息。史蒂夫，你提到了你在 10 月份呼籲的美國的軟弱。那堅持了嗎？或者您是否看到那裡的趨勢發生了任何類型的好轉或壞轉？然後就 2023 年的增長框架而言，謝謝，但是考慮到 Omicron 和後 COVID 動態，22 年是否適合用於季節性？感覺你今年開局不錯。只是想知道為什麼 GMV 會在第二季度、第三季度下降，尤其是當你投資市場並使其變得更好時。

Nikhil, thank you for the questions. First of all, with regards to the fourth quarter and coming in, as we said in our prepared comments, really pleased to see some of the execution particularly in a couple of key focus categories like P&A and refurb continue to sort of be highlights for the fourth quarter as we came through it. We, as we've mentioned, came through towards the top end of the guide.

尼克爾，謝謝你的提問。首先，關於第四季度，正如我們在準備好的評論中所說，非常高興看到一些執行，特別是在 P&A 和翻新等幾個關鍵重點類別中繼續成為亮點我們經歷的第四季度。正如我們所提到的，我們到達了指南的頂端。

And really, we did have less headwind as we'd expected on an exchange rate basis, with the U.S. dollars we went through. But some core strength in a couple of the focus categories as we come through the fourth quarter.

確實，我們確實像我們在匯率基礎上預期的那樣遇到了阻力，我們經歷了美元。但隨著第四季度的到來，幾個重點類別中的一些核心力量。

With regards to the sequencing, we're dealing with an incredibly dynamic macro environment and we wanted to give some color for the investor community as we start to think about 2023. And obviously, the macro dynamic has been challenged during 2022. And so in that directional color, we've given a comprehensive guide for the first quarter. We continue to execute in the underlying business. But based on the uncertainty that we are facing at the moment and the continuation of that macro challenge, we felt it was most prudent just to sort of lay out that sequencing relating to '23.

關於排序，我們正在處理一個令人難以置信的動態宏觀環境，我們希望在我們開始考慮 2023 年時為投資者群體提供一些色彩。顯然，宏觀動態在 2022 年受到了挑戰。所以在這種方向性的顏色，我們已經為第一季度提供了全面的指導。我們繼續執行基礎業務。但基於我們目前面臨的不確定性和宏觀挑戰的持續，我們認為最謹慎的做法是對與 23 年相關的排序進行排序。

Your next question is from the line of Ross Sandler with Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just a quick follow-up to that GMV sequencing answer on that last one. So it doesn't sound like you really ascribe to the theory that consumers may shift some wallet share away from services and back to goods in 2023, which is kind of the opposite of what happened in 2022. So any comment on that?

只是對最後一個 GMV 排序答案的快速跟進。因此，聽起來您並沒有真正歸因於消費者可能會在 2023 年將部分錢包份額從服務轉移回商品的理論，這與 2022 年發生的情況正好相反。那麼對此有何評論？

And then I guess, just what would it take to get back to that GMV framework that you laid out at Analyst Day? Is there anything else in your control that you can see to get those GMV growth rates up to the mid-singles? And then the second question is just we're seeing a lot of inflation around the world, different rates in different countries. You guys have a lot of cross-border corridor. So how is lower inflation in the U.S. potentially than places like the U.K. and Germany impacting your business as far as the cross-border?

然後我想，要回到您在分析師日制定的 GMV 框架需要什麼？在您的控制範圍內，是否還有其他任何東西可以讓這些 GMV 增長率達到中等水平？然後第二個問題是我們看到世界各地通貨膨脹率很高，不同國家的通貨膨脹率不同。你們有很多跨境走廊。那麼美國的通貨膨脹率低於英國和德國等地可能會如何影響您的跨境業務？

Ross, I'll take those. So with regard to the GMV sequencing, we haven't guided to full year. We're just trying to give some directional alignment. We're just trying to plan our business effectively around the dynamic macro environment that we're seeing. Again, put a very comprehensive guide up for the first quarter, really pleased with the execution of the strategy, which is working well, and leaning into the focus categories that we're still to execute.

羅斯，我來拿那些。因此，關於 GMV 排序，我們還沒有指導全年。我們只是想給出一些方向性的對齊。我們只是試圖圍繞我們所看到的動態宏觀環境有效地規劃我們的業務。再次，為第一季度提供一個非常全面的指南，對戰略的執行非常滿意，該戰略運作良好，並傾向於我們仍在執行的重點類別。

We mentioned the fact that we do see as many commentators say, a very, very challenged and uncertain first half of the year. Again, we've just given some direction on alignment about how we think about things as we navigate through 2023. So just providing some color accordingly.

我們提到了一個事實，正如許多評論員所說，我們確實看到今年上半年非常、非常具有挑戰性和不確定性。同樣，我們剛剛給出了一些關於我們如何看待 2023 年的事情的調整方向。所以只是相應地提供一些顏色。

With regards to the Investor Day GMV framework, we're leaning in exactly where we said we would, whether it's luxury, whether it's P&A. Jamie talked extensively about the benefits of authentication impacting the business. And so we are seeing underlying positive growth in our business as we execute the strategy, continue to be fueled by the momentum that we're seeing with payments and ads.

關於投資者日 GMV 框架，我們正朝著我們所說的方向傾斜，無論是奢侈品，還是 P&A。 Jamie 廣泛地談到了身份驗證對業務的好處。因此，隨著我們執行戰略，我們看到業務潛在的正增長，並繼續受到我們在支付和廣告方面看到的勢頭的推動。

In terms of the timing of the GMV framework that we laid out at Investor Day, that's really a function of the potential severity and duration of the macro environment that we're operating in, which will obviously have an indication in terms of the timing of when we get to those longer-term targets.

就我們在投資者日制定的 GMV 框架的時間安排而言，這實際上是我們所處宏觀環境的潛在嚴重性和持續時間的函數，這顯然會在時間安排方面有所指示當我們達到那些長期目標時。

And then finally, with regards to inflation, as you imagine, inflation is impacting a number of our businesses across the U.S. and in Europe. Europe has been more pronounced over recent quarters because of -- particularly because of the energy challenges as we go forward. And in addition, you've got some labor pressure being impacted in Europe as well that's impacting the business.

最後，關於通貨膨脹，正如您想像的那樣，通貨膨脹正在影響我們在美國和歐洲的許多業務。歐洲在最近幾個季度表現得更為明顯，因為——尤其是因為我們在前進過程中面臨的能源挑戰。此外，歐洲的一些勞動力壓力也受到影響，這也影響了業務。

Specifically around eBay, we do have a resilient business. But however, general inflation does have a, I suppose, a mixed impact on our business because we lead into non-new-in-season items, that really just helped impact where consumers are looking for value. And we have a lot of pre-loved and refurbished items on our platform. And that performance in Q4 was a great reflection of that.

特別是在 eBay 周圍，我們確實有一個有彈性的業務。但是，我認為，一般通貨膨脹確實對我們的業務產生了混合影響，因為我們引入了非當季新品，這確實有助於影響消費者尋找價值的地方。我們的平台上有很多二手商品和翻新商品。第四季度的表現很好地反映了這一點。

However, because of the macro challenges, we're not immune to the inflationary pressures on the discretionary consumer spending. So hopefully, that gives you a bit of color in terms of how we think about the business.

然而，由於宏觀挑戰，我們無法免受可自由支配消費支出的通脹壓力。因此，希望這能讓您對我們對業務的看法有所了解。

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

你的下一個問題來自瑞士信貸的 Stephen Ju。

So Jamie, I think we spent quite a bit of time talking through the recommerce opportunity on this call. Now given eBay's history with cataloging, I have to think that having increased parameters on how gently or not gently used the same item may be and how that's described from seller to seller, that's probably creating a unique sorting problem. So can you talk about how you are tapping the opportunity and, ultimately, sort of the correct results to the user?

傑米，我想我們在這次電話會議上花了很多時間討論再商務機會。現在考慮到 eBay 在編目方面的歷史，我不得不認為，增加關於使用同一物品的輕柔程度或輕柔程度以及賣家與賣家之間的描述方式的參數，這可能會產生一個獨特的分類問題。那麼您能談談您是如何抓住機會並最終為用戶提供正確結果的嗎？

Yes, Stephen, I basically would just point you, for example, to parts and accessories, right? What we're doing there is using our knowledge around Fitments and all the investments that we've made over the last couple of quarters and being able to say, if you're looking on the site in parts and accessories, you're going to see these big green check marks that say, Fits Your Vehicle.

是的，斯蒂芬，我基本上只會向您指出零件和配件，對嗎？我們在那裡所做的是利用我們在 Fitments 方面的知識以及我們在過去幾個季度所做的所有投資，並且能夠說，如果你在網站上查看零件和配件，你會去看到這些大的綠色複選標記，上面寫著“適合您的車輛”。

And now with what we've released just last week, we're actually going to say it's guaranteed to fit. Think about that as like authenticity guarantee for vehicles. So we're continuing to, category-by-category, find the best way to improve that search experience. And something like refurbished it's certifying the quality of that refurbishment and saying we're going to stand behind that with a 30-day hassle-free return, eBay money-back guarantees.

現在我們上周剛剛發布的產品，我們實際上要說它保證適合。將其視為車輛的真實性保證。因此，我們將繼續逐個類別地尋找改善搜索體驗的最佳方法。翻新之類的東西證明了翻新的質量，並表示我們將支持 30 天無憂退貨，eBay 退款保證。

So the combination of the great work that our search team does with AI to really drive more relevance on the platform drive better recall in our search results, et cetera, combined with the category-specific work that we're doing to really optimize that experience on a category-by-category basis, is really the intersection of those 2. It's what's working out, I think, so well for us and why we're seeing strong numbers in the strategy and in the focus categories that we've rolled out.

因此，我們的搜索團隊與 AI 所做的出色工作相結合，以真正推動平台上的更多相關性，從而在我們的搜索結果中更好地召回，等等，結合我們正在做的特定類別的工作，以真正優化該體驗在逐個類別的基礎上，實際上是這兩個的交集。我認為，這對我們來說非常有效，也是我們在戰略和我們推出的重點類別中看到強勁數字的原因出去。

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

你的下一個問題來自摩根大通的 Doug Anmuth。

I just want to shift gears and ask about expenses, Steve, and the 2% growth in non-GAAP expenses in '23. If you could just talk about some of the key investments here and puts and takes. And I guess, in particular, how we should be thinking about sales and marketing, assuming that you'll continue to do full funnel marketing on the focus categories.

我只想換檔，問一下費用，史蒂夫，以及 23 年非 GAAP 費用增長 2%。如果你能在這裡談談一些關鍵的投資和投資。我想，特別是，我們應該如何考慮銷售和營銷，假設您將繼續對重點類別進行全漏斗營銷。

I think at a macro level, I would say that we will continue, as we always have been, to lean into the short term to drive operational efficiencies through the likes of the structured cost program, where we're going very deep on the organization. While at the same time, continue to invest for the future for the long-term trajectory and growth of the business.

我認為在宏觀層面上，我會說我們將一如既往地繼續在短期內通過結構化成本計劃等方式提高運營效率，我們將深入研究組織.同時，繼續為未來的長期發展軌跡和業務增長進行投資。

In terms of the investments we'll be making in 2023, is continue the strategic playbook. It's continuing to invest in product that the customers want, continue to invest in trust on the platform and then continue to invest in full funnel marketing in terms of making sure that we get the communication measures out to our customers. The 2% increase in year-over-year non-GAAP expense growth includes the 120 basis points of margin headwinds that we talked about associated with M&A and the eBay International Shipping program, and it's net of $100 million of the structural cost program that we've laid out.

就我們將在 2023 年進行的投資而言，將繼續執行戰略手冊。它繼續投資於客戶想要的產品，繼續投資於平台上的信任，然後繼續投資於全漏斗營銷，以確保我們將溝通措施傳達給客戶。非 GAAP 費用同比增長 2% 包括我們談到的與併購和 eBay 國際航運計劃相關的 120 個基點的利潤逆風，並且扣除了我們提出的 1 億美元結構成本計劃佈置好了。

So if I stand back, we've got a couple of headwinds with those 2 items I've talked about. We're leaning in to drive cost efficiencies, and we're continuing to invest for the future long-term sustainability of the business.

因此，如果我退後一步，我談到的那兩個項目會遇到一些不利因素。我們正在努力提高成本效率，並且我們將繼續投資於業務的未來長期可持續性。

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。

So first, can you give us some color on the growth in focus categories, where you've had the user experience enhancements for a while now, specifically, sneakers and luxury watches and some of those categories? I understand that macro is volatile, but are you seeing sustained share gains in these categories now? Any additional color on recent growth there would be great.

那麼首先，您能否給我們一些關於重點類別增長的顏色，您現在已經有一段時間的用戶體驗增強，特別是運動鞋和奢侈手錶以及其中一些類別？我知道宏觀是不穩定的，但你現在看到這些類別的份額持續增長了嗎？最近增長的任何額外顏色都會很棒。

And then, Steve, can you unpack the 2023 EPS guide for us for a little bit? Clearly, we recognize that there's a lot of uncertainties. But how should we think about sort of the magnitude and cadence of buybacks for this year? And maybe is it fair to use 2022 seasonality also as a proxy for quarterly cadence on EPS as well?

然後，史蒂夫，你能為我們解開 2023 年 EPS 指南嗎？顯然，我們認識到存在很多不確定性。但是我們應該如何考慮今年回購的規模和節奏呢？也許將 2022 年的季節性也用作 EPS 季度節奏的代表是否公平？

Yes. Deepak, let me take the first one. So yes, we're really pleased with what we're seeing with focused categories. It's growing 7 points faster than the rest of the platform. The way to think about that is plus 2% if you look at it on a quarter-over-quarter basis. When you look at our coverage, we're at about 25% across the whole business. If you look at our big 3 markets where we've been focusing, it's about a 28% coverage. So making nice progress there.

是的。迪帕克，讓我拿第一個。所以是的，我們對我們在重點類別中看到的內容感到非常滿意。它的增長速度比平台的其他部分快 7 個百分點。如果按季度環比來看，可以考慮增加 2%。當您查看我們的覆蓋範圍時，我們在整個業務中的覆蓋率約為 25%。如果你看看我們一直關注的三大市場，覆蓋率約為 28%。所以在那裡取得了不錯的進展。

But it's not just about investing in new coverage. It's also about investing in existing categories that are driving the underlying growth in our business and balancing reinvestment there. And we're really pleased. We continue to invest in sneakers we launched 2 years ago, but we're continuing to invest with managed shipping, which we launched in 2022.

但這不僅僅是投資於新的報導。它還涉及對現有類別的投資，這些類別正在推動我們業務的潛在增長並平衡那裡的再投資。我們真的很高興。我們繼續投資於 2 年前推出的運動鞋，但我們將繼續投資我們於 2022 年推出的託管運輸。

We talked on the call about luxury goods having roughly double-digit growth rates over the past couple of years. So we are seeing that market share -- return to market share growth for those businesses, which is really healthy. And I'd say the largest one of which is P&A. And we're really excited by the progress that we're seeing in P&A.

我們在電話中談到奢侈品在過去幾年中的增長率大致為兩位數。因此，我們看到市場份額——這些企業的市場份額恢復增長，這是非常健康的。我想說其中最大的一個是 P&A。我們對在 P&A 中看到的進步感到非常興奮。

On the product side, the work we're doing in Fitment and Guaranteed Fit; and making the catalog available via the apps, the new acquisition with myFitment, further increasing our ability to do there, combined with the marketing that we're doing, in the U.S., we're doing the actual personalities from Car Talk; in the U.K. we're associated with Pimp My Ride. So we're really going after that enthusiast buyer, and it's really working. So I'm really pleased with the performance on focused categories.

在產品方面，我們在 Fitting 和 Guaranteed Fit 方面所做的工作；並通過應用程序提供目錄，與 myFitment 的新收購，進一步提高我們在那裡做的能力，結合我們正在做的營銷，在美國，我們正在做來自 Car Talk 的真實人物；在英國，我們與 Pimp My Ride 有關。所以我們真的在追求那個狂熱的買家，而且它真的很有效。所以我對重點類別的表現非常滿意。

Steve, maybe you want to take the second part?

史蒂夫，也許你想參加第二部分？

Yes. So Deepak, we've obviously given a very comprehensive Q1 guide. And as I mentioned earlier, because of the uncertainty in the dynamic macro environment, we've not given a full year guide at this point. With regard to the seasonality question that you had, that pertains to directional color associated with GMV. And so that's how I would sort of look at that.

是的。所以 Deepak，我們顯然已經提供了非常全面的 Q1 指南。正如我之前提到的，由於動態宏觀環境的不確定性，我們目前還沒有給出全年的指導。關於您遇到的季節性問題，它與 GMV 相關的方向性顏色有關。這就是我的看法。

Specifically thinking about capital returns that we've laid out, just sort of taking a step back, in '22, we returned $3.6 billion to shareholders through dividends and buybacks, which is 170% of free cash flow. As you're thinking about capital returns, we remain committed to the 125% of free cash flow target that we laid out at the investor event between '22 and '24. So we're sort of tracking above that.

具體考慮我們已經制定的資本回報，只是退後一步，在 22 年，我們通過股息和回購向股東返還了 36 億美元，佔自由現金流的 170%。當你考慮資本回報時，我們仍然致力於實現我們在 22 年至 24 年投資者活動中製定的 125% 的自由現金流目標。所以我們在上面進行了跟踪。

And as I think about 2023, our priority really to start with is going to be committed to offsetting dilution in terms of the sort of share count while continuing to balance the capital needs of the business. We have lent in and done a 14% increase in the dividend from $0.22 to $0.25. But for me, our fortress balance sheet continues to be a key competitive advantage in this environment to enable us to continue to invest in the business. So I hope that gives you a little bit of color about how we're thinking about 2023.

在我看來，到 2023 年，我們真正開始的首要任務是致力於抵消股份數量方面的稀釋，同時繼續平衡企業的資本需求。我們藉出股息並將股息從 0.22 美元增加到 0.25 美元，增加了 14%。但對我來說，我們的堡壘資產負債表仍然是這種環境下的關鍵競爭優勢，使我們能夠繼續投資於該業務。所以我希望這能讓你對我們對 2023 年的看法有所了解。

Operator, can we do one last question, please?

接線員，我們可以問最後一個問題嗎？

Your final question comes from Mark Mahaney with Evercore.

你的最後一個問題來自 Evercore 的 Mark Mahaney。

Two questions, please. This advertising continued ramp penetration now to 1.8% of GMV, as you've looked at third-party data points and maybe as you've looked at that penetration within verticals, do you have a better sense of how high that penetration can rise overall? And then secondly, just talk a little bit about you had the step up in focused category marketing spend and just your confidence level that you're getting a good return on that.

請教兩個問題。該廣告的滲透率目前持續上升至 GMV 的 1.8%，正如您查看了第三方數據點，也許當您查看了垂直領域內的滲透率時，您是否對整體滲透率可以提高多高有了更好的認識？其次，談談你在重點類別營銷支出方面的進步，以及你對獲得良好回報的信心水平。

There's a clear deleverage in the model, but there's a lot of noise in there. So just how do you look at that and the proof that that's actually working out for you?

模型中有一個明顯的去槓桿化，但其中有很多噪音。那麼，您如何看待這一點以及這實際上對您有用的證據呢？

Yes. Thanks, Mark. So on the ad side, like we said at Investor Day, we have line of sight to 3%, which we still feel great about. If you look at the performance, Promoted Listing Standard continues to be the workhorse of the product. And we're continuing to drive additional penetration there, hitting 2 million sellers and 700 million listings.

是的。謝謝，馬克。所以在廣告方面，就像我們在投資者日所說的那樣，我們的視線達到 3%，我們仍然感覺很好。如果您查看性能，Promoted Listing Standard 仍然是該產品的主力。我們將繼續推動那裡的進一步滲透，達到 200 万賣家和 7 億個列表。

But we're also excited by our new products. They once again grew 20% quarter-over-quarter and we're making it easier for sellers. I talked about Quick Setup, which makes it much easier to come into the program and use the program. And then we're working on things like multiuser access, which we just launched which enables more flexibility to actually bring in an ad agency to help you manage your ad campaigns. So I feel great about the potential there, growing 30-plus percent over volume and what we're seeing.

但我們也對我們的新產品感到興奮。他們再次環比增長 20%，我們正在讓賣家更容易。我談到了快速設置，這使得進入程序和使用程序變得更加容易。然後我們正在研究諸如多用戶訪問之類的東西，我們剛剛推出它可以更靈活地實際引入廣告代理商來幫助您管理廣告活動。因此，我對那裡的潛力感到非常滿意，比我們所看到的增長了 30% 以上。

On the focused category side, been really happy with the performance of the marketing spend. If you think about it, we've shifted our model from being really kind of lower funnel optimization to doing more full funnel. And that's driving more enthusiast buyers into the platform, and it's allowing the overall spend to work a little bit harder. But at the same time, it's really allowing us to bring buyers in and then leverage them across multiple categories.

在重點類別方面，對營銷支出的表現非常滿意。如果您考慮一下，我們已經將我們的模型從真正的低漏斗優化轉變為進行更完整的漏斗。這正在推動更多的狂熱買家進入該平台，並讓整體支出更加努力地發揮作用。但與此同時，它確實讓我們能夠吸引買家，然後在多個類別中利用他們。

So if you think about like a sneaker buyer, they will come in and buy $450 in sneakers, but then they'll buy $1,900 in other products in other categories. A handbag buyer will buy $2,500, but then spend $5,000 elsewhere. So when you look at the return on marketing spend, usually full funnel has a longer return on it, but we think it's the absolute right spend. We're seeing the right change in consideration and we're really driving, I think, the unique value proposition that we have to offer at eBay.

因此，如果你像運動鞋買家一樣思考，他們會進來購買 450 美元的運動鞋，但隨後他們會購買 1,900 美元的其他類別的其他產品。手提包買家會購買 2,500 美元，但隨後會在其他地方花費 5,000 美元。因此，當您查看營銷支出的回報時，通常全漏斗的回報時間更長，但我們認為這是絕對正確的支出。我們看到了正確的考慮變化，我認為我們確實在推動我們必須在 eBay 提供的獨特價值主張。

So you're going to continue to see, just like we've done in parts, really specific marketing tailored to those enthusiasts with the right full funnel approach because we like the performance of what we're seeing.

所以你將繼續看到，就像我們在部分中所做的那樣，真正針對那些使用正確的全漏斗方法的愛好者量身定制的營銷，因為我們喜歡我們所看到的表現。

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。