(EBAY) 2023 Q1 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the eBay First Quarter 2023 Earnings Conference Call.

下午好。我叫艾瑪，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 2023 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

John Egbert, Senior Director of Investor Relations, you may begin your conference.

投資者關係高級總監 John Egbert，您可以開始您的會議了。

Good afternoon. Thank you for joining us for eBay's First Quarter 2023 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 our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

下午好。感謝您參加我們的 eBay 2023 年第一季度收益電話會議。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。我們將在電話會議期間提供幻燈片演示以配合我們的評論，可通過 eBay 網站 investors.ebayinc.com 的投資者關係部分獲得。

Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find a 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 organic FX-Neutral year-over-year comparisons, unless indicated otherwise.

在我們開始之前，我會提醒您，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有機 FX-Neutral 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.

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。

You should not rely on any forward-looking statements. All information in this presentation is as of April 26, 2023. We do not intend and undertake no duty to update this information. With that, I'll turn the call over to Jamie.

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 4 月 26 日。我們不打算也不承擔更新此信息的義務。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. I am pleased with our strong performance during the first quarter. We delivered better-than-expected results across our key financial and operating metrics despite continued challenges in the macro environment. Our emphasis on non-new-in-season goods, advancements of our focused category strategy, site-wide innovation for sellers and buyers and investments in trusted experiences have enhanced the durability of our marketplace and kept us on the path to achieving sustainable long-term growth.

謝謝，約翰。大家下午好，感謝您今天加入我們。我對我們在第一季度的強勁表現感到滿意。儘管宏觀環境持續面臨挑戰，但我們在關鍵財務和運營指標方面取得了好於預期的業績。我們對非當季新品的重視、我們重點品類戰略的進步、針對賣家和買家的網站範圍內的創新以及對可信體驗的投資增強了我們市場的持久性，並使我們走上了實現可持續長期發展的道路。長期增長。

We generated over $18.4 billion of gross merchandise volume in Q1, representing a 3-point acceleration in organic year-over-year growth sequentially and over 4% organic growth versus the first quarter of 2019. Revenue eclipsed $2.5 billion and grew 2% organically, outpacing GMV by roughly 5 points, primarily due to contributions from advertising. Our operating margin was 29.6%, and we delivered non-GAAP earnings per share of $1.11, up 5% year-over-year.

我們在第一季度創造了超過 184 億美元的商品總銷量，與 2019 年第一季度相比，有機同比增長連續加速 3 個百分點，有機增長超過 4%。收入超過 25 億美元，有機增長 2%，超過 GMV 大約 5 個百分點，這主要是由於廣告的貢獻。我們的營業利潤率為 29.6%，非 GAAP 每股收益為 1.11 美元，同比增長 5%。

Our financial results provide clear evidence that our strategy is working and driving underlying growth in our business. Our progress is most evident in focused categories, which outgrew the rest of our marketplace by roughly 8 points during Q1 and grew low single digits year-over-year overall. Our largest focused category, motors, parts and accessories, or P&A, accelerated a few points sequentially and was the largest contributor to GMV growth in Q1. Based on the data we are seeing, we believe P&A grew at market rates of growth for this category during the quarter, which is a testament to the results that are possible when we are laser-focused on driving customer satisfaction and awareness in even the largest categories.

我們的財務業績提供了明確的證據，表明我們的戰略正在發揮作用並推動我們業務的潛在增長。我們的進步在重點類別中最為明顯，在第一季度，這些類別比我們市場的其他類別增長了大約 8 個百分點，並且總體同比增長低個位數。我們最大的重點類別，電機、零件和配件，或 P&A，連續加速幾個百分點，是第一季度 GMV 增長的最大貢獻者。根據我們看到的數據，我們認為 P&A 在本季度以該類別的市場增長率增長，這證明了當我們專注於提高客戶滿意度和意識時可能取得的結果，即使是最大的類別。

In February, we launched the eBay Guaranteed Fit program in the U.S., which enables millions of P&A shoppers to buy with confidence knowing their auto parts will fit or they'll receive their money back. We accompanied the launch with a full funnel marketing campaign across TV, streaming video, audio and social channels to drive awareness and consideration of this compelling trust unlock. We're pleased with the initial reception of the Guaranteed Fit program and are excited to extend it to the U.K. and German markets later this year.

2 月，我們在美國推出了 eBay Guaranteed Fit 計劃，讓數百萬 P&A 購物者可以放心購買，因為他們知道他們的汽車零件是合適的，否則他們會收到退款。我們在電視、流媒體視頻、音頻和社交渠道上開展了全面的營銷活動，以推動對這一引人注目的信任解鎖的認識和考慮。我們對 Guaranteed Fit 計劃的初步接受感到高興，並很高興在今年晚些時候將其擴展到英國和德國市場。

We also recently began a major revamp of how shoppers buy tires on eBay. We overhauled our tire installation experience on desktop and mobile web in Q4 and expanded the improved experience to mobile apps in Q1. Now buyers can more easily evaluate installation options as they browse and compare tires that fit their vehicle. Across 5 major markets, buyers can ship tires directly to 1 of over 10,000 local auto shops for installation rather than having to take delivery of these hard-to-transport items. While we are still in the early stages of connecting online sales to offline installations in P&A, these initial launches are already driving a meaningful uplift in the attach rate of installation services to tire purchases.

我們最近還開始對購物者在 eBay 上購買輪胎的方式進行重大改革。我們在第四季度全面改進了桌面和移動網絡上的輪胎安裝體驗，並在第一季度將改進的體驗擴展到移動應用程序。現在，買家可以在瀏覽和比較適合其車輛的輪胎時更輕鬆地評估安裝選項。在 5 個主要市場，買家可以將輪胎直接運送到 10,000 多家當地汽車商店中的 1 家進行安裝，而不必接收這些難以運輸的物品。雖然我們仍處於將在線銷售與 P&A 中的線下安裝相連接的早期階段，但這些初始推出已經顯著提升了安裝服務對輪胎購買的附加率。

Within our focused categories, our eBay Refurbished program also continues to be a standout. In the current economic climate, our range of refurbished goods has proven to be more valuable than ever, and consumers are increasingly aware of the sustainability benefits of purchasing these products. Building off its record holiday quarter, growth in eBay Refurbished GMV accelerated notably during Q1, posting double-digit year-over-year growth. We added dozens of new categories to the program last quarter, including computing and video game peripherals. We also signed up more brands and OEMs in existing categories to sell refurbished inventory directly on eBay.

在我們的重點類別中，我們的 eBay 翻新計劃也繼續脫穎而出。在當前的經濟形勢下，我們的翻新商品系列已被證明比以往任何時候都更有價值，消費者越來越意識到購買這些產品的可持續性優勢。在創紀錄的假日季度之後，eBay 翻新 GMV 的增長在第一季度顯著加快，同比增長達到兩位數。我們在上個季度為該計劃添加了數十個新類別，包括計算和視頻遊戲外圍設備。我們還在現有類別中與更多品牌和原始設備製造商簽約，以直接在 eBay 上銷售翻新庫存。

Additionally, in recent months, we've taken steps to make the onboarding process for small business sellers in the eBay Refurbished program faster and more scalable by automating elements of the sign-up and eligibility check processes. This is important because small business sellers make up the majority of refurbished goods sales on eBay and bring some of our most unique and valuable inventory to the platform.

此外，最近幾個月，我們已採取措施，通過自動化註冊和資格檢查流程的要素，使 eBay 翻新計劃中的小型企業賣家的入職流程更快、更具可擴展性。這很重要，因為小企業賣家佔 eBay 上翻新商品銷售的大部分，並將我們最獨特和最有價值的一些庫存帶到平台上。

Our work to improve the site-wide experience on eBay continued to build momentum in the first quarter. While eBay has operated a core AI platform for years, an upgrade to this platform last year has meaningfully accelerated our AI development philosophy across multiple areas of our organization. In search, we continue to improve retrieval and ranking using state-of-the-art deep learning models and better leveraging the vast amount of structured listing data on our marketplace, which delivers more relevant choices to our buyers. A series of search deployments we made during Q1 led to a measurable uplift in conversion that we estimate would amount to roughly $1 billion in incremental GMV on an annualized basis. This demonstrates the value that a relatively small number of AI-powered enhancements can generate for a marketplace of our scale.

我們改善 eBay 網站體驗的工作在第一季度繼續保持勢頭。雖然 eBay 多年來一直在運營一個核心人工智能平台，但去年對該平台的升級有意義地加速了我們在組織多個領域的人工智能開發理念。在搜索方面，我們繼續使用最先進的深度學習模型改進檢索和排名，並更好地利用我們市場上的大量結構化列表數據，從而為我們的買家提供更多相關選擇。我們在第一季度進行的一系列搜索部署帶來了可衡量的轉化率提升，我們估計每年的 GMV 增量約為 10 億美元。這證明了相對少量的人工智能增強功能可以為我們規模的市場產生價值。

Another key area of foundational improvement is our proprietary computer vision technology. With 1.8 billion live listings and billions more images from historical sales, eBay is one of the few companies in the world training deep neural networks using tens of billions of images directly linked to commercially relevant data elements. Leveraging these assets, our product team recently reengineered our visual similarity models, which has dramatically improved the speed and efficacy of image search on eBay. This change has driven more relevant search results and a substantial increase in adoption, image query volume and purchase behavior. It also enables new features like the See Visually Similar results module we are testing within select subcategories of furniture and home decor.

基礎改進的另一個關鍵領域是我們專有的計算機視覺技術。 eBay 擁有 18 億張實時列表和數十億張歷史銷售圖片，是世界上為數不多的使用與商業相關數據元素直接相關的數百億張圖片來訓練深度神經網絡的公司之一。利用這些資產，我們的產品團隊最近重新設計了我們的視覺相似性模型，極大地提高了 eBay 上圖像搜索的速度和效率。這一變化推動了更相關的搜索結果以及採用率、圖像查詢量和購買行為的大幅增加。它還啟用了一些新功能，例如我們正在家具和家居裝飾的選定子類別中測試的“查看視覺相似結果”模塊。

These capabilities are powerful unlocks in helping eBay buyers discover more of the unique and hard-to-describe items on our marketplace. For example, if you have an antique vase that breaks, you can now just take a picture of the pattern and find an exact match for a potential replacement on eBay. Our advancements in computer vision also have profound implications for the selling experience on eBay. Over the coming quarters, you'll see us testing new experiences harnessing our improved visual and contextual understanding of product images to assist our sellers in listing products.

這些功能是強大的解鎖工具，可幫助 eBay 買家在我們的市場上發現更多獨特且難以描述的商品。例如，如果您有一個破損的古董花瓶，您現在只需拍下該圖案的照片，然後在 eBay 上找到完全匹配的潛在替代品。我們在計算機視覺方面的進步也對 eBay 上的銷售體驗產生了深遠的影響。在接下來的幾個季度中，您將看到我們測試新體驗，利用我們對產品圖像的改進視覺和上下文理解來幫助我們的賣家列出產品。

For instance, sellers will soon be able to pre-populate categories and item specifics from a single photo, enabling them to spend less of their time inputting inventory and more on growing and managing their businesses. eBay is also well positioned to benefit from recent leaps forward in generative AI capabilities. We are in the process of integrating the ChatGPT API into our core listing flow and will soon launch a beta release of a plug-in that enables sellers to automatically generate text for their item description based on known product attributes. Generative AI has a number of exciting use cases outside of descriptions, and we're exploring numerous potential applications across our marketplace that can enable truly magical customer experiences. I'm excited to share more about these initiatives with you over the coming quarters.

例如，賣家很快將能夠從一張照片中預先填充類別和商品細節，使他們能夠花更少的時間輸入庫存，而將更多的時間花在發展和管理他們的業務上。 eBay 也處於有利地位，可以從近期人工智能生成能力的飛躍中獲益。我們正在將 ChatGPT API 集成到我們的核心列表流程中，並將很快推出一個插件的測試版，使賣家能夠根據已知的產品屬性自動為其項目描述生成文本。生成式 AI 在描述之外還有許多令人興奮的用例，我們正在我們的市場中探索大量潛在的應用程序，這些應用程序可以實現真正神奇的客戶體驗。我很高興在未來幾個季度與您分享更多關於這些舉措的信息。

For store sellers, we recently launched a centralized tool, making it more seamless to publish and promote their listings across social media. This new feature is integrated into the Seller Hub and makes it easier to bulk post across several popular social channels with content that is automatically optimized for each medium, including engaging carousels that allow shoppers to browse multiple listings in a single post. Thousands of store sellers have already linked their social accounts to date, and on average, they observed 40% higher click-through rates on content published using this new tool versus what was previously available.

對於商店賣家，我們最近推出了一個集中式工具，可以更加無縫地在社交媒體上發布和推廣他們的列表。這項新功能已集成到賣家中心，可以更輕鬆地在多個流行的社交渠道上批量發布針對每種媒體自動優化的內容，包括允許購物者在單個帖子中瀏覽多個列表的引人入勝的輪播。迄今為止，數以千計的商店賣家已經關聯了他們的社交賬戶，平均而言，他們觀察到使用此新工具發布的內容的點擊率比以前可用的內容高 40%。

Last quarter, we talked to you about the February rollout of our new eBay International Shipping program, which makes it as easy for eBay sellers to ship from Silicon Valley to Sydney as it is to ship to St. Louis. The revamped program is not only making cross-border trade more seamless and cost-effective for sellers and buyers, but it also improves trust through eBay's coordination of the end-to-end shipping process. During Q1, we fully ramped this program to sellers in the U.S. and migrated 100% of listings from our previous global shipping program. While it's early days for the new program, we're already observing a positive impact on customer satisfaction. Over the long term, we believe eBay International Shipping will increase cross-border inventory available to buyers, improve sales velocity and price realization for sellers and ultimately drive incremental GMV.

上個季度，我們與您討論了 2 月份推出的新 eBay 國際運輸計劃，該計劃使 eBay 賣家可以輕鬆地從矽谷運送到悉尼，就像運送到聖路易斯一樣容易。改進後的計劃不僅使跨境貿易對賣家和買家來說更加無縫和更具成本效益，而且還通過 eBay 對端到端運輸流程的協調提高了信任度。在第一季度，我們將該計劃全面推廣到美國的賣家，並從我們之前的全球運輸計劃中遷移了 100% 的列表。雖然新計劃還處於早期階段，但我們已經觀察到對客戶滿意度的積極影響。從長遠來看，我們相信 eBay International Shipping 將增加買家可用的跨境庫存，提高賣家的銷售速度和價格實現，並最終推動增量 GMV。

Now transitioning to advertising. Our advertising business continues to deliver robust growth at scale despite challenges in the broader digital ad market. Strong demand for Promoted Listings drove first-party advertising revenue of $285 million, up 31% or more than 30 points faster than GMV growth for the third straight quarter. Total advertising revenue grew 23% to $317 million. During Q1, over 2 million sellers adopted a single ad product, and we reached more than 750 million live Promoted Listings.

現在過渡到廣告。儘管更廣泛的數字廣告市場面臨挑戰，但我們的廣告業務繼續實現大規模的強勁增長。對 Promoted Listings 的強勁需求推動第一方廣告收入達到 2.85 億美元，連續第三個季度增長 31%，比 GMV 增長快 30 個百分點以上。廣告總收入增長 23% 至 3.17 億美元。第一季度，超過 200 万賣家採用了單一廣告產品，我們達到了超過 7.5 億個實時促銷列表。

Our standard CPA product was once again the largest contributor to advertising growth, benefiting from continued optimization and performance improvement. In Q1, we rolled out a new machine learning model for ranking CPA ads that improved sales philosophy for sellers and conversion for buyers. This ranking model also enables us to evaluate the expected performance of multiple ad products alongside each other rather than making ad-serving decisions in silos. This change will be beneficial as we continue to expand our multiproduct advertising portfolio.

我們的標準 CPA 產品再次成為廣告增長的最大貢獻者，受益於持續的優化和性能改進。在第一季度，我們推出了一種新的機器學習模型來對 CPA 廣告進行排名，改善了賣家的銷售理念和買家的轉化率。這種排名模型還使我們能夠評估多個廣告產品的預期性能，而不是孤立地做出廣告服務決策。隨著我們繼續擴大我們的多產品廣告組合，這一變化將是有益的。

Our emerging Promoted Listings products also continued to scale and grew mid-single digits quarter-over-quarter during the seasonally slower Q1. This growth was led by Promoted Listings Advanced, our cost-per-click format, which benefited from an upgraded relevance model deployed in the quarter as well as the inclusion of CPC ads within more of our existing ad services.

我們新興的 Promoted Listings 產品也繼續擴大規模，並在季節性放緩的第一季度環比增長中個位數。這一增長是由我們的按點擊付費格式 Promoted Listings Advanced 引領的，它受益於本季度部署的升級相關模型以及在我們現有的更多廣告服務中包含 CPC 廣告。

Now let's discuss the impact we're having on the communities we serve. I'm pleased that we continue to make meaningful progress on our key ESG initiatives. Just yesterday, we published our seventh annual Diversity Equity and Inclusion report. This report provides insight into our four strategic objectives: increase representation, cultivate a sense of belonging, engage our communities and allies and build inclusive technology. These objectives help us build a richly diverse, truly equitable and fiercely inclusive place to buy, sell and work.

現在讓我們討論一下我們對我們所服務社區的影響。我很高興我們繼續在關鍵的 ESG 舉措上取得有意義的進展。就在昨天，我們發布了第七份年度多元化公平和包容性報告。這份報告深入探討了我們的四個戰略目標：增加代表性、培養歸屬感、讓我們的社區和盟友參與進來以及建立包容性技術。這些目標幫助我們建立一個豐富多樣、真正公平和極具包容性的買賣和工作場所。

We have seen a steady increase in the number of women and underrepresented minorities in all levels enrolled since 2020, with women representing 42% of our global workforce. I'm also proud to report eBay's gender pay equity is at 100% globally.

自 2020 年以來，我們發現各級入學的女性和代表性不足的少數族裔人數穩步增加，女性占我們全球勞動力的 42%。我也很自豪地報告 eBay 的性別薪酬公平在全球範圍內達到 100%。

The next year I would like to highlight is around reducing our impact on the planet. 2 years ago, we set ambitious long-term science-based targets. In 2022, we reduced Scope 1 and 2 emissions by 7% versus 2021 and by 32% from our baseline in 2019. We also continue to make progress on our Scope 3 reduction goal. Lastly, 91% of our energy now comes from renewable sources and we remain a carbon-neutral company. You can find more details about our sustainability programs in our annual impact report coming out next month.

明年我想強調的是減少我們對地球的影響。 2 年前，我們制定了雄心勃勃的長期科學目標。與 2021 年相比，我們在 2022 年將範圍 1 和範圍 2 的排放量減少了 7%，比 2019 年的基準減少了 32%。我們還在繼續實現我們的範圍 3 減排目標。最後，我們現在 91% 的能源來自可再生資源，我們仍然是一家碳中和公司。您可以在下個月發布的年度影響報告中找到有關我們可持續發展計劃的更多詳細信息。

In addition, we continue to partner with other organizations across the industry to make an even bigger impact on sustainability. Throughout 2022, we partnered with some of our e-commerce peers to encourage the U.S. Postal Service to adopt more innovative and sustainable shipping practices for small businesses. Our efforts culminated in a letter published in February 2023 congratulating USPS for their commitment to exclusively purchasing electric delivery vehicles by 2026. This shift not only helps the environment but also our customers by enabling lower costs and other benefits offered by an all-electric delivery fleet.

此外，我們繼續與業內其他組織合作，對可持續發展產生更大的影響。在整個 2022 年，我們與一些電子商務同行合作，鼓勵美國郵政服務為小型企業採用更具創新性和可持續性的運輸方式。我們的努力在 2023 年 2 月發表的一封信中達到高潮，祝賀 USPS 承諾到 2026 年獨家購買電動送貨車輛。這一轉變不僅有利於環境，而且通過降低全電動送貨車隊的成本和其他好處，也有利於我們的客戶.

Turning to eBay for Charity. The eBay community continues to demonstrate its tremendous generosity, and I'm always impressed by the contributions from this program. In Q1, eBay for Charity raised over $38 million, up 3% year-over-year. During the quarter, the program continued to support important initiatives like a Black History Month sneaker campaign, highlighting Black sneaker designers and influencers. Additionally, during Q1, the eBay Foundation committed $11 million to nonprofit organizations advancing inclusive entrepreneurship. The foundation also supported disaster relief efforts with employee contributions and matching gifts. All of these efforts combined demonstrate our purpose-driven community, and we are honored to be recognized for our progress.

轉向 eBay 做慈善。 eBay 社區繼續展示其巨大的慷慨，我一直對這個計劃的貢獻印象深刻。第一季度，eBay for Charity 籌集了超過 3800 萬美元，同比增長 3%。在本季度，該計劃繼續支持黑人歷史月運動鞋活動等重要舉措，突出黑人運動鞋設計師和有影響力的人。此外，在第一季度，eBay 基金會向推動包容性創業的非營利組織承諾提供 1100 萬美元。該基金會還通過員工捐款和配套禮物來支持救災工作。所有這些努力共同證明了我們以目標為導向的社區，我們很榮幸能夠因我們的進步而得到認可。

Newsweek recognized eBay for our efforts around diversity in the workplace as well as our customer service. Additionally, eBay was once again included in JUST Capital and CNBC's list of America's Most JUST Companies, which measures corporate performance and efforts in areas such as climate change, DE&I and employee wellness. Lastly, we were ranked among some of the top companies on S&P's Global Sustainability Yearbook, which distinguishes companies for their strengths in corporate sustainability.

《新聞周刊》認可 eBay 在工作場所多元化以及客戶服務方面所做的努力。此外，eBay 再次入選 JUST Capital 和 CNBC 的美國最公正公司名單，該名單衡量企業在氣候變化、DE&I 和員工健康等領域的績效和努力。最後，我們在標準普爾全球可持續發展年鑑中名列前茅，該年鑑以公司在企業可持續發展方面的優勢而著稱。

In closing, Q1 was another strong quarter for eBay. We exceeded our quarterly financial commitments while making significant progress against our long-term objectives. Our focused categories grew roughly 8 points faster than the rest of our marketplace, led by an acceleration in the P&A category, which reached market rates of growth in Q1. Our core AI platform has dramatically improved our tech velocity, leading to accelerated innovation in areas like search, computer vision, generative AI and advertising.

最後，第一季度對 eBay 來說又是一個強勁的季度。我們超出了季度財務承諾，同時在實現長期目標方面取得了重大進展。在 P&A 類別的加速推動下，我們的重點類別增長速度比我們市場的其他類別快大約 8 個百分點，該類別在第一季度達到了市場增長率。我們的核心 AI 平台極大地提高了我們的技術速度，從而加速了搜索、計算機視覺、生成 AI 和廣告等領域的創新。

We continue to find more ways to leverage our scale for the benefit of sellers, most recently with our eBay International Shipping program. This initiative is reducing costs, alleviating friction and improving trust for cross-border transactions. And ultimately, we believe it will lead to more of our sellers' unique inventory being made available globally. And we continue to make meaningful progress with our pay equity, representation efforts, charitable contributions made through our platform and our impact on the environment.

我們繼續尋找更多方法來利用我們的規模來造福賣家，最近的一次是我們的 eBay 國際運輸計劃。這一舉措正在降低成本、減少摩擦並提高跨境交易的信任度。最終，我們相信這將導致我們賣家的更多獨特庫存在全球範圍內可用。我們繼續在我們的薪酬公平、代表性工作、通過我們的平台做出的慈善捐款以及我們對環境的影響方面取得有意義的進展。

Lastly, I'd like to thank our talented eBay employees who have been relentlessly focused on raising the bar for innovation and service to our customers. I'm also grateful I was able to meet and personally connect with a number of our sellers during my travel last quarter. Hearing their feedback and seeing the impact eBay is having on their businesses is truly inspiring. Our sellers, along with our enthusiast buyers truly make eBay a more vibrant marketplace and community.

最後，我要感謝我們才華橫溢的 eBay 員工，他們不懈地專注於提高客戶創新和服務的標準。我也很感激在上個季度的旅行中能夠與我們的許多賣家會面並親自聯繫。聽到他們的反饋並看到 eBay 對他們的業務產生的影響真的很鼓舞人心。我們的賣家和熱情的買家真正使 eBay 成為一個更有活力的市場和社區。

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 first 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 second quarter and some additional thoughts on the second half of the year before we begin Q&A. As usual, my comments will reflect year-over-year comparisons on an organic FX-Neutral basis unless I note otherwise.

謝謝你，傑米，感謝大家今天加入我們。我將從第一季度收益演示幻燈片 9 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，在我們開始問答之前，我將提供我們對第二季度的展望以及對今年下半年的一些額外想法。與往常一樣，除非另有說明，否則我的評論將反映在有機 FX-Neutral 基礎上的同比比較。

Overall, I am pleased with our Q1 results as our key financial metrics exceeded expectations despite navigating a challenging macro environment for e-commerce. Gross merchandise volume was down 3% to $18.4 billion, improving 3 points sequentially, while FX was a 3-point headwind to reported year-over-year growth. Revenue was up 2% to approximately $2.5 billion, which outpaced volume by 5 points due primarily to continued momentum within our advertising business.

總的來說，我對我們第一季度的業績感到滿意，因為我們的關鍵財務指標超出了預期，儘管電子商務面臨著充滿挑戰的宏觀環境。商品總交易量下降 3% 至 184 億美元，環比增長 3 個百分點，而外匯對報告的同比增長造成 3 個百分點的不利影響。收入增長 2% 至約 25 億美元，超過銷量 5 個百分點，這主要是由於我們廣告業務的持續增長勢頭。

Non-GAAP operating margin was 29.6%, down 2.8 points year-over-year due to volume deleverage and continued investment in product innovation and full funnel marketing to support our strategic initiatives. We delivered $1.11 of non-GAAP earnings per share, up 5% year-over-year. And we generated $709 million of free cash flow, up 30% year-over-year, while returning $384 million to shareholders through repurchases and dividends. Our Q1 results demonstrate the strength and durability of our scaled global marketplace during periods of economic uncertainty, as well as the meaningful impact our strategic initiatives are having on our long-term growth trajectory.

非 GAAP 營業利潤率為 29.6%，同比下降 2.8 個百分點，原因是去槓桿化以及對產品創新和全渠道營銷的持續投資以支持我們的戰略舉措。我們實現了 1.11 美元的非 GAAP 每股收益，同比增長 5%。我們產生了 7.09 億美元的自由現金流，同比增長 30%，同時通過回購和派息向股東返還了 3.84 億美元。我們第一季度的業績證明了在經濟不確定時期我們規模化的全球市場的實力和持久性，以及我們的戰略舉措對我們的長期增長軌跡產生的重大影響。

Let's take a closer look at our financial performance during the first quarter. Gross merchandise volume of $18.4 billion was down 3% year-over-year on an organic FX-neutral basis or down 2%, including the impact of recent M&A. Organic GMV growth accelerated by 3 points sequentially in Q1, driven by continued outperformance in focused categories, strong initiative delivery within horizontal areas like search and healthy ROI on our marketing investments. The sequential improvement was also aided by the lapping of last year's macro downturn midway through the first quarter.

讓我們仔細看看第一季度的財務表現。在有機外匯中性基礎上，商品總交易量為 184 億美元，同比下降 3% 或下降 2%，包括近期併購的影響。第一季度有機 GMV 增長連續加速 3 個百分點，這得益於重點類別的持續出色表現、搜索等橫向領域的強大主動性交付以及我們營銷投資的健康投資回報率。環比改善也得益於去年第一季度中期的宏觀經濟衰退。

FX represents the 3-point headwind to reported year-over-year GMV growth, which was roughly 0.5 point worse than the implied headwind in our Q1 outlook but an improvement of 3 points versus Q4. As noted last quarter, we estimate onetime factors contributed roughly $100 million to GMV in Q1, which we primarily attribute to CBT sellers keeping stores open during the Lunar New Year. Our focused categories continue to drive underlying growth in our business, a trend that is becoming more visible as macro-related lacking pressures subside. Focused categories outgrew the remainder of our marketplace by roughly 8 points during Q1. In aggregate, focused categories delivered positive low single-digit growth in Q1 as our business accelerated overall.

外匯代表報告的 GMV 同比增長 3 個百分點的不利因素，這比我們第一季度展望中的隱含不利因素差大約 0.5 個百分點，但比第四季度提高了 3 個百分點。正如上個季度所述，我們估計一次性因素為第一季度的 GMV 貢獻了大約 1 億美元，我們主要將其歸因於 CBT 賣家在農曆新年期間保持開店。我們重點關注的類別繼續推動我們業務的潛在增長，隨著宏觀相關的缺乏壓力消退，這一趨勢變得更加明顯。在第一季度，重點類別比我們市場的其餘部分增長了大約 8 個百分點。總的來說，隨著我們的業務整體加速，重點類別在第一季度實現了低個位數的正增長。

Motors parts, accessories, or P&A, was once again the largest contributor to growth in our focus categories. P&A GMV accelerated by a few points sequentially in Q1, climbing to what we believe are market rates of growth for this category in our largest markets. P&A momentum has benefited from multiple quarters of product and fitment investments as well as full funnel marketing aimed at raising awareness and consideration among auto part shoppers.

汽車零件、附件或 P&A 再次成為我們重點類別增長的最大貢獻者。 P&A GMV 在第一季度連續加速幾個百分點，攀升至我們認為該類別在我們最大市場中的市場增長率。 P&A 的發展勢頭得益於多個季度的產品和配件投資，以及旨在提高汽車零部件消費者認知度和考慮度的全漏斗營銷。

Growth in refurbished goods accelerated a healthy double-digit growth in Q1, meaningfully contributing to our focused category outperformance. In support of our luxury categories, we recently leaned into paid, owned and earned media to grow awareness of our authenticity guarantee program with a particular focus on millennials and Gen Z. Although this campaign has just started, it has already improved perceptions of eBay as a trusted place to shop for high ASP items.

翻新商品的增長在第一季度加速了健康的兩位數增長，對我們重點品類的出色表現做出了有意義的貢獻。為了支持我們的奢侈品類別，我們最近轉向付費媒體、自有媒體和免費媒體，以提高我們的真實性保證計劃的知名度，特別關注千禧一代和 Z 世代。雖然這項活動才剛剛開始，但它已經提高了人們對 eBay 的看法購買高 ASP 商品的值得信賴的地方。

Now looking at our business on a geographic basis. U.S. GMV was down 5% organically in Q1, accelerating by roughly 5 points versus the prior quarter, driven by strength in our focused categories and moderating lapping pressures. Diminishing headwinds to global supply chains and overall strength in cross-border trade did favor imports over domestic sales among U.S. buyers in Q1. International GMV declined 1% on an FX-Neutral basis, accelerating by roughly 3 points sequentially, benefiting from robust cross-border trade, particularly within P&A as well as outperformance in our other focused categories. Although key macro indicators like GDP and e-commerce growth remained notably weaker outside of the U.S., business conditions appeared relatively stable quarter-over-quarter internationally.

現在從地域上看我們的業務。美國 GMV 在第一季度有機下降 5%，與上一季度相比下降了約 5 個百分點，這是受我們重點類別的優勢和緩和的重疊壓力的推動。全球供應鏈的逆風減弱和跨境貿易的整體實力在第一季度確實有利於美國買家的進口而不是國內銷售。在外匯中性的基礎上，國際 GMV 下降了 1%，環比加速了大約 3 個百分點，這得益於強勁的跨境貿易，尤其是 P&A 以及我們其他重點類別的出色表現。儘管 GDP 和電子商務增長等關鍵宏觀指標在美國以外仍然明顯疲軟，但國際商業環境環比似乎相對穩定。

Moving to active buyers, 133 million active buyers shopped on eBay during the trailing 12 months ending in March. We had 131 million active buyers, excluding recent M&A and buyers from our Turkey business, where we ceased operations last July. Excluding these impacts, active buyers were down less than 1 million sequentially. We continue to see stabilization in our active buy account driven by buyer reactivation initiatives and particular strength in P&A. In aggregate, new and reactivated buyers showed positive year-over-year growth for the third straight quarter, while new buyer growth was positive for the first time in 8 quarters.

轉向活躍買家，在截至 3 月的過去 12 個月中，有 1.33 億活躍買家在 eBay 上購物。我們有 1.31 億活躍買家，不包括最近的併購和我們去年 7 月停止運營的土耳其業務的買家。排除這些影響，活躍買家環比減少不到 100 萬。我們繼續看到我們的活躍購買賬戶在買家重新激活計劃和 P&A 的特別優勢的推動下穩定下來。總的來說，新買家和重新激活的買家連續第三個季度出現同比正增長，而新買家增長在 8 個季度中首次出現正增長。

Enthusiast buyers remained relatively stable sequentially at 16 million in Q1 as migration patterns between buyer groups continued to modestly improve. Enthusiast buyers make up roughly 70% of GMV on eBay and, on average, spend approximately $3,000 annually.

由於買家群體之間的遷移模式繼續適度改善，狂熱買家在第一季度保持相對穩定，為 1600 萬。熱心買家約佔 eBay GMV 的 70%，平均每年花費約 3,000 美元。

Turning to revenue. Net revenue of $2.5 billion represented organic FX-Neutral growth of 2% year-over-year, accelerating by more than 3 points versus Q4. Total FX-Neutral revenue growth, including M&A, was 3%, while currency was a 2-point headwind to reported growth. Our take rate was 13.6%, down roughly 20 basis points sequentially but up over 80 basis points year-over-year. Excluding the impact of currency, our take rate would have risen quarter-over-quarter as FX represented a headwind of roughly 35 basis points.

談到收入。 25 億美元的淨收入代表同比有機外匯中性增長 2%，比第四季度增長超過 3 個百分點。包括併購在內的外匯中性總收入增長 3%，而匯率對報告的增長造成 2 個百分點的不利影響。我們的接受率為 13.6%，環比下降約 20 個基點，但同比上升超過 80 個基點。排除貨幣的影響，我們的利率將環比上升，因為外匯代表了大約 35 個基點的逆風。

In terms of the drivers of take rate, recent M&A and the rollout of eBay International Shipping program in aggregate contributed roughly 10 basis points to our sequential take rate in Q1. Managed payments was modestly accretive to our sequential take rate, driven by new financial services. Our ads business continues to deliver impressive results and drive revenue in excess of volume growth. Total advertising revenue grew 23% during the quarter, while first-party ads grew 31%, outpacing volume by more than 30 points for the third straight quarter. This delta was driven by optimization and performance improvements within our standard Promoted Listings product, paired with healthy growth in emerging products like advanced and external Promoted Listings.

就採用率的驅動因素而言，最近的併購和 eBay 國際航運計劃的推出總共為我們第一季度的連續採用率貢獻了大約 10 個基點。在新金融服務的推動下，託管支付適度增加了我們的連續採用率。我們的廣告業務繼續取得令人印象深刻的成果，並推動收入超過銷量增長。本季度廣告總收入增長 23%，而第一方廣告增長 31%，連續第三個季度增長超過 30 個百分點。這一增量是由我們標準的 Promoted Listings 產品中的優化和性能改進以及高級和外部 Promoted Listings 等新興產品的健康增長推動的。

Moving to profitability. Non-GAAP operating margin was 29.6% in Q1, down 2.8 points year-over-year. Gross margins were roughly flat year-over-year as modest volume deleverage and roughly 0.5 point of pressure from the rollout of eBay International Shipping were offset by monetization efficiencies. Sales and marketing rose by over 1 point as a percentage of revenue year-over-year in Q1, and we continue to investing in full funnel marketing to support our focused categories. Product development rose by 1.3 points as we continue to hire product and engineering talent to accelerate innovation on the platform.

轉向盈利。第一季度非美國通用會計準則營業利潤率為 29.6%，同比下降 2.8 個百分點。毛利率同比基本持平，因為適度的去槓桿化和推出 eBay International Shipping 帶來的大約 0.5 個點的壓力被貨幣化效率所抵消。第一季度銷售和營銷佔收入的百分比同比增長超過 1 個百分點，我們繼續投資於全漏斗營銷以支持我們的重點類別。隨著我們繼續聘請產品和工程人才以加速平台創新，產品開發增長了 1.3 個百分點。

Our G&A expense rose by roughly 1 point, driven by M&A, higher employee spend and volume deleverage. We generated $1.11 of non-GAAP earnings per share in Q1, up 5% year-over-year, benefiting from a 9% reduction in share count from our repurchases. We delivered GAAP earnings per share of $1.05, aided by a modest recovery in our equity investment portfolio.

在併購、更高的員工支出和去槓桿化的推動下，我們的 G&A 費用上升了大約 1 個百分點。我們在第一季度產生了 1.11 美元的非 GAAP 每股收益，同比增長 5%，這得益於我們回購的股票數量減少了 9%。在我們的股票投資組合適度復甦的幫助下，我們實現了 1.05 美元的 GAAP 每股收益。

Turning to our balance sheet and capital allocation. Free cash flow grew 30% to $709 million in Q1 as beneficial working capital items offset lower cash earnings. Our balance sheet position remains robust as we ended the quarter with cash and nonequity investments of $5 billion and gross debt of $7.7 billion, following a $1.2 billion debt repayment in January. We repurchased roughly $250 million of shares at an average price of approximately $46 during Q1 and have roughly $2.6 billion remaining under our current buyback authorization. We paid a quarterly cash dividend of $134 million in March or $0.25 per share.

轉向我們的資產負債表和資本配置。第一季度自由現金流增長 30% 至 7.09 億美元，因為有益的營運資本項目抵消了較低的現金收益。我們的資產負債表狀況保持穩健，因為我們在 1 月份償還了 12 億美元的債務後，以 50 億美元的現金和非股權投資以及 77 億美元的總債務結束了本季度。我們在第一季度以平均約 46 美元的價格回購了約 2.5 億美元的股票，目前的回購授權還剩餘約 26 億美元。我們在 3 月份支付了 1.34 億美元的季度現金股息或每股 0.25 美元。

Our investment portfolio is detailed on Slide 19 of our earnings presentation. Our equity investments and warrants were valued at over $3.5 billion at the end of the quarter. This represents an increase in value sequentially, driven primarily by the recovery in our Adevinta shares.

我們的投資組合在收益報告的幻燈片 19 中有詳細說明。截至本季度末，我們的股權投資和認股權證價值超過 35 億美元。這代表價值連續增長，主要受我們 Adevinta 股票復甦的推動。

Moving on to our outlook. For the second quarter, we forecast GMV between $17.8 billion and $18.2 billion, representing organic FX-Neutral growth between negative 5% and negative 2% year-over-year. This outlook anticipates an FX headwind to reported GMV growth of over 0.5 point. We expect to generate revenue between $2.47 billion to $2.54 billion, representing organic FX-Neutral growth between 1% and 4% year-over-year. We anticipate non-GAAP operating margin to fall between 26.1% and 26.8% and we forecast non-GAAP earnings per share between $0.96 and $1.01, representing EPS growth between negative 3% and positive 2% year-over-year.

繼續我們的展望。對於第二季度，我們預測 GMV 介於 178 億美元和 182 億美元之間，這意味著與去年同期相比，外匯中性有機增長介於負 5% 和負 2% 之間。這一前景預計，報告的 GMV 增長將超過 0.5 個百分點。我們預計將產生 24.7 億美元至 25.4 億美元的收入，相當於 1% 至 4% 的有機外匯中性增長。我們預計非 GAAP 營業利潤率將下降 26.1% 至 26.8%，我們預計非 GAAP 每股收益將在 0.96 美元至 1.01 美元之間，這意味著每股收益同比增長在負 3% 和正 2% 之間。

On a quarter-over-quarter basis, our Q2 guidance range implies total FX-neutral GMV growth of negative 4% to negative 2%. Given persistent macro challenges around the world, we believe it is prudent to prepare for continued uncertainty. First, we continue to plan our business around the assumption that GMV trends in the second half of 2023 roughly approximate the sequential growth we observed in 2022, excluding the impact of currency, starting from our Q2 spot GMV guidance range.

與上一季度相比，我們的第二季度指導範圍意味著外匯中性 GMV 總額增長負 4% 至負 2%。鑑於世界各地持續存在的宏觀挑戰，我們認為為持續的不確定性做好準備是謹慎的做法。首先，我們繼續圍繞假設 2023 年下半年的 GMV 趨勢大致接近我們在 2022 年觀察到的環比增長（不包括貨幣的影響），從我們的 Q2 現貨 GMV 指導範圍開始規劃我們的業務。

For the full year, we expect to grow total non-GAAP expenses, inclusive cost of revenue, by approximately mid-single digits year-over-year on a spot basis. The majority of this change versus our prior outlook or more than 2 points of the delta is driven by the impact of the weakening U.S. dollar on expenses in foreign currency, which also increases GMV and revenue. The remainder is driven by incremental investments in product and full funnel marketing as we're encouraged by the strong returns on the investments we've seen year-to-date.

對於全年，我們預計非 GAAP 總支出（包括收入成本）按即期計算同比增長約中等個位數。與我們之前的預期相比，這一變化的大部分或超過 2 個點的增量是由美元疲軟對外幣支出的影響驅動的，這也增加了 GMV 和收入。其餘部分是由產品和全漏斗營銷的增量投資推動的，因為我們對今年迄今為止看到的強勁投資回報感到鼓舞。

We continue to expect our take rate to expand organically in 2023, excluding the impact of FX, driven primarily by continued momentum within our advertising business. As we noted last quarter, our expense forecast contemplates onetime impacts from recent M&A and the rollout of eBay International Shipping. These onetime factors in aggregate are expected to represent a year-over-year headwind to operating margin of approximately 100 basis points as compared to our 2022 P&L. Notably, we expect the eBay International Shipping program to generate positive operating profit dollars in 2023 and approach our corporate operating margin percentage by Q4.

我們繼續預計我們的採用率將在 2023 年有機增長，不包括外彙的影響，這主要是由我們廣告業務的持續增長勢頭推動的。正如我們在上個季度指出的那樣，我們的費用預測考慮了近期併購和 eBay International Shipping 推出的一次性影響。與我們的 2022 年損益表相比，這些一次性因素的總和預計將對營業利潤率造成約 100 個基點的同比逆風。值得注意的是，我們預計 eBay 國際航運計劃將在 2023 年產生正的營業利潤美元，並在第四季度接近我們的企業營業利潤率。

The costs for this program have been in line with expectations to date and since they are almost entirely variable, they can be passed through to customer-facing shipping fees with a predictable margin for eBay. Our expense growth forecast is net of more than $100 million of OpEx savings from our structured cost program as we look inward for cost efficiencies in our business. With minimal noise from FX, our other income and expense reported in Q1 should be a reasonable baseline for the remaining quarters of 2023. We continue to estimate our non-GAAP tax rate will remain at 16.5% throughout 2023. Lastly, if foreign currencies were to hold at today's rates, FX would represent a de minimis impact to GMV and a 2- to 3-point headwind for non-GAAP EPS in 2023 as we lap hedging gains from the prior year.

該計劃的成本一直符合迄今為止的預期，並且由於它們幾乎完全可變，因此可以將它們轉嫁給面向客戶的運費，並為 eBay 帶來可預測的利潤。我們的費用增長預測扣除了我們結構化成本計劃節省的超過 1 億美元的運營支出，因為我們在內部尋找業務的成本效率。在外匯噪音最小的情況下，我們在第一季度報告的其他收入和支出應該是 2023 年剩餘季度的合理基準。我們繼續估計我們的非 GAAP 稅率將在整個 2023 年保持在 16.5%。最後，如果外幣是為了保持今天的匯率，外匯對 GMV 的影響微乎其微，對 2023 年非 GAAP 每股收益造成 2 至 3 個百分點的不利影響，因為我們將上一年的對沖收益進行套期保值。

In closing, Q1 was another strong quarter for eBay. We exceeded expectations for GMV, revenue and EPS amid a dynamic global operating environment for e-commerce. Our focused categories continue to drive underlying growth in our business, while horizontal innovation in areas like search and International Shipping supports our marketplace overall. Our disciplined approach to full funnel marketing has fueled growth in new and reactivated buyers and improved awareness and consideration in focused categories.

最後，第一季度對 eBay 來說又是一個強勁的季度。在充滿活力的電子商務全球運營環境中，我們超出了 GMV、收入和每股收益的預期。我們專注的類別繼續推動我們業務的潛在增長，而搜索和國際航運等領域的橫向創新支持我們的整體市場。我們嚴格的全漏斗營銷方法促進了新買家和重新激活買家的增長，並提高了對重點類別的認識和考慮。

Advertising growth continues to be robust as first-party ads outpaced GMV by more than 30 points for the third straight quarter due to continued adoption and optimization gains. We generated $709 million of free cash flow, returned $384 million to shareholders through repurchasing dividends and reduced our net share count sequentially. And importantly, we continue to develop programs that support our communities, and we are making steady progress towards reducing our impact on the planet.

由於持續採用和優化收益，第一方廣告連續第三個季度超過 GMV 超過 30 個百分點，因此廣告增長繼續強勁。我們產生了 7.09 億美元的自由現金流，通過回購股息向股東返還了 3.84 億美元，並連續減少了我們的淨股數。重要的是，我們繼續制定支持我們社區的計劃，並且我們在減少我們對地球的影響方面取得穩步進展。

I would like to thank our employees for their continued focus on operational excellence, which has enabled us to navigate short-term macro challenges while continuing to drive our business towards sustainable, long-term growth. With that, Jamie and I will now take your questions.

我要感謝我們的員工持續專注於卓越運營，這使我們能夠應對短期宏觀挑戰，同時繼續推動我們的業務實現可持續的長期增長。有了這個，傑米和我現在將回答你的問題。

(Operator Instructions)

（操作員說明）

Your first question today comes from the line of Nikhil Devnani with Bernstein.

你今天的第一個問題來自 Nikhil Devnani 與 Bernstein 的對話。

So I had a couple around expenses and margins. On the 2023 expense outlook, looks like that's increased from about 2% growth this year to now mid-single digits. Could you maybe provide some more specifics around what's changed in that outlook and where you now expect to spend a little bit more? And then I had a second question on margins that I'll ask after.

所以我有幾個關於費用和利潤的問題。就 2023 年的支出前景而言，似乎已從今年的約 2% 增長到現在的中等個位數。您能否提供更多有關該前景發生變化以及您現在希望在哪些方面花費更多的細節？然後我有第二個關於利潤率的問題，我會在之後問。

Nikhil, Steve here. Great to speak to you, and thank you for the question. As you are more than aware, we're not fully guiding the full year at this point due to the uncertainty of the current macro environment. But let me give you a little bit of color with regards to the expense commentary that we shared on the call.

尼克爾，這裡是史蒂夫。很高興和你說話，謝謝你的提問。如您所知，由於當前宏觀環境的不確定性，我們目前並未完全指導全年。但是，關於我們在電話會議上分享的費用評論，讓我給你一些顏色。

Last quarter, when we talked to the markets, we talked about targeting total expense growth for 2023 of approximately 2% increase with onetime factors, as we talked about, like M&A and the rollout of eBay International Shipping, contributed a significant amount of that year-over-year expense growth. The mid-single-digit guide that we provided you with today assumes the current weaker U.S. dollar exchange rate that we've seen continues for the remainder of the year.

上個季度，當我們與市場交談時，我們談到了將 2023 年的總費用增長目標定為約 2% 的一次性因素，正如我們所談到的，如併購和 eBay 國際航運的推出，為當年做出了很大貢獻-同比費用增長。我們今天為您提供的中個位數指南假設我們看到的當前美元匯率走軟將在今年剩餘時間持續。

This FX impact accounts for the majority of the delta versus the prior outlook and obviously, we will have corresponding positive impact on both GMV and revenue.

與之前的展望相比，這種外匯影響佔增量的大部分，顯然，我們將對 GMV 和收入產生相應的積極影響。

In addition, the top line performance of the first quarter, we are pleased with the levels of execution that we had during the quarter, is providing us with incremental investment capacity for 2023. And so you're seeing us continue to invest in the business because we're getting such a strong return on investment as we go forward. And this is really aiding towards our drive towards long-term sustainable growth.

此外，第一季度的最高業績，我們對本季度的執行水平感到滿意，為我們提供了 2023 年的增量投資能力。所以你會看到我們繼續投資於該業務因為我們在前進的過程中獲得瞭如此強勁的投資回報。這確實有助於我們實現長期可持續增長。

And maybe just a big picture one on margins as you look out further. Obviously, there's a lot of important reinvestment happening. Business mix, I think, has also changed between M&A, payments, shipping. But you have some tailwinds into the take rate as well. So when you kind of step back, what is the right long-term structure for this business? I mean, should we still think about it as being a low 30s EBIT margin profile or should we approach it differently now?

當你看得更遠時，也許只是一張邊緣的大圖。顯然，有很多重要的再投資正在發生。我認為，業務組合在併購、支付、運輸之間也發生了變化。但是您也對採用率有一些不利因素。那麼當你退後一步時，這項業務的正確長期結構是什麼？我的意思是，我們是否仍應將其視為 30 多歲的低息稅前利潤率概況，還是我們現在應該以不同的方式處理它？

As you can imagine, Nikhil, we haven't guided long-term margins. I think what I would say is I'm very encouraged by the earnings power of eBay, both from ultimately driving improved net earnings and ultimately strong free cash flow coming over the business. The things that we're thinking about as we go in '23, margin will be a function of the underlying GMV momentum, which is ultimately impacted by the macro environment that we operate in.

你可以想像，尼克爾，我們沒有指導長期利潤率。我想我要說的是，我對 eBay 的盈利能力感到非常鼓舞，無論是最終推動淨收益的改善還是最終來自業務的強勁自由現金流。在我們進入 23 年時，我們正在考慮的事情是，利潤率將成為潛在 GMV 勢頭的函數，而這最終會受到我們所處的宏觀環境的影響。

As we've talked about, the impact of recent M&A where we're leaning in on the EIS program, that will drive long-term increases in operating income for eBay will drive about 100 basis points of margin dilution in '23. And as we've said, we're going to continue to lean into the short term and drive operational efficiencies through the structural cost program. And we're well on track and slightly above the $100 million that we laid out for 2023. That enables us, as I said earlier, to reinvest in the business and drive long-term sustainable growth for eBay.

正如我們所談到的，我們傾向於 EIS 計劃的近期併購的影響將推動 eBay 營業收入的長期增長，這將導致 23 年利潤率攤薄約 100 個基點。正如我們所說，我們將繼續傾向於短期並通過結構性成本計劃提高運營效率。我們進展順利，略高於我們為 2023 年制定的 1 億美元。正如我之前所說，這使我們能夠對業務進行再投資，並推動 eBay 的長期可持續增長。

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

你的下一個問題來自高盛的 Eric Sheridan。

And hope everyone on the team is well. I wanted to come back to the comments you made on the focused category marketing spend, and maybe just a multi-parter on that one theme. Can you give us some greater level of granularity of what avenues of deploying those marketing spends are delivering sort of higher versus lower ROIs? And how should we be thinking about how that spend might evolve in the years ahead? And when measuring that spend and trying to look at it from the outside in, what do you think we should be monitoring the most to qualify the sort of return on that spend? Is it enthusiast buyer growth? Is it enthusiast buyer behavior? How should we be thinking about what the return on that spend will be over a multiyear time frame?

並希望團隊中的每個人都好。我想回到你對重點類別營銷支出的評論，也許只是一個主題的多方合作。您能否更詳細地說明部署這些營銷支出的途徑是提供更高還是更低的投資回報率？我們應該如何考慮這種支出在未來幾年可能會如何演變？在衡量該支出並嘗試從外到內查看時，您認為我們最應該監控的是什麼以確定該支出的回報類型？是熱心買家增長嗎？是狂熱的買家行為嗎？我們應該如何考慮在多年的時間框架內該支出的回報是多少？

Yes. Look, the first thing I'd point to, Eric, is the 8-point outperformance of focused categories over the rest of the business. In these areas where we're investing in, we're seeing the right types of growth. When I look at a category like P&A, which is our largest full funnel marketing to date, you look at the results this quarter, where we're at market rates of growth and we're really excited by what we're seeing there.

是的。看，埃里克，我要指出的第一件事是重點類別的表現優於其他業務 8 個百分點。在我們投資的這些領域，我們看到了正確的增長類型。當我看到像 P&A 這樣的類別時，這是我們迄今為止最大的全漏斗營銷，你看看本季度的結果，我們處於市場增長率，我們對在那裡看到的情況感到非常興奮。

I think enthusiast buyers as well in the quarter and active buyers were strong. For the third straight quarter, we had an aggregate new and reactivated buyers growing positively and our new buyer growth was positive for the first time in 8 quarters and let me give you an example of how that ties into marketing. So in P&A, where we've had this large full funnel marketing campaign, new and reactivated buyers actually grew double digits faster than the overall marketplace during the quarter.

我認為本季度的狂熱買家和活躍買家都很強勁。連續第三個季度，我們的新買家和重新激活的買家總數都在積極增長，而我們的新買家增長在 8 個季度中首次出現正增長，讓我舉個例子說明這與營銷有何關係。因此，在 P&A 中，我們開展了這場大型的全漏斗營銷活動，新買家和重新激活的買家實際上在本季度比整體市場增長了兩位數。

So this has been a shift for us that we've been talking about all along, which is moving from just lower funnel optimization to more full funnel, driving long-term consideration, which takes a little bit of time. But the results that we're seeing off of that spend are great and are creating a really healthy business as evidenced by what we're seeing in the focused category outperformance.

因此，這對我們來說一直是一個轉變，我們一直在談論，從較低的漏斗優化轉向更完整的漏斗，推動長期考慮，這需要一點時間。但是我們從這些支出中看到的結果是很好的，並且正在創造一個真正健康的業務，正如我們在重點類別中看到的表現所證明的那樣。

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

你的下一個問題來自摩根大通的 Doug Anmuth。

This is Wes on for Doug. Maybe one for Steve and one for Jamie. I think the gross margins were a little bit of a bigger headwind sequentially this quarter than we were thinking on the EIS rollout. Did you roll it out faster than you had originally anticipated? And how should we think about gross margins as we go through the rest of the year?

這是道格的韋斯。也許一份給史蒂夫，一份給傑米。我認為本季度的毛利率比我們在推出 EIS 時所想的要大一些。你推出它的速度是否比你最初預期的要快？在今年餘下的時間裡，我們應該如何考慮毛利率？

And then maybe one for Jamie a little separately but had been talking a lot around eBay Live and kind of what you're doing in the collectible space. So was just hoping to learn a little bit more about what -- how you're looking to go after the category beyond trading cards and comics looking ahead.

然後也許是 Jamie 的一個單獨的，但一直在談論 eBay Live 以及你在收藏品領域所做的事情。所以只是希望更多地了解什麼——你希望如何超越交易卡和漫畫展望未來的類別。

Yes. Thanks for the question. Steve here. I'll pick up the first question. EIS is -- we fully ramped the program for the existing sellers on our global buying hub this quarter. And we're obviously at the very early stage of the global ramp. In terms of your specific question around gross margins, they are exactly in line with what we'd expected, about a 50 basis point impact on gross margin in the quarter.

是的。謝謝你的問題。史蒂夫在這裡。我會回答第一個問題。 EIS 是——本季度我們在全球採購中心為現有賣家全面推出了該計劃。而且我們顯然處於全球增長的早期階段。就您關於毛利率的具體問題而言，它們完全符合我們的預期，對本季度毛利率的影響約為 50 個基點。

The great thing about this program as you go forward, although it has an impact on gross margins because of the way that we account for EIS, it generates good bottom line momentum for eBay and it's strategically important, and it also gives us the ability to dial up our charges depending on what the costs we incur for the International Shipping. On a longer-term basis, we expect this program to be accretive to overall profit for the year. At the end of the year, as we get to the fourth quarter, it will approach our core margin structure for the overall business.

隨著您的前進，這個計劃的偉大之處在於，雖然它對毛利率有影響，因為我們計算 EIS 的方式，它為 eBay 帶來了良好的底線動力，並且具有戰略重要性，它也使我們能夠根據我們為國際航運產生的費用調高我們的費用。從長遠來看，我們預計該計劃將增加今年的整體利潤。到年底，當我們進入第四季度時，它將接近我們整體業務的核心利潤率結構。

Yes and then on live commerce, this is something we began experimenting with Q2 of last year, hosting a few pilots and experimenting with it throughout Q2. We did expand it into luxury in Q4 with some events for handbags and jewelry. We also created a central hub and discovery entry point for our live commerce events in Q4, which means now users can subscribe to a specific channel or receive updates and notifications of upcoming events.

是的，然後是直播商務，這是我們從去年第二季度開始試驗的東西，主持了一些試點項目，並在整個第二季度進行了試驗。我們確實在第四季度通過一些手袋和珠寶活動將其擴展到奢侈品領域。我們還在第四季度為我們的實時商務活動創建了一個中央樞紐和發現入口點，這意味著現在用戶可以訂閱特定頻道或接收即將發生的活動的更新和通知。

This year, we hosted about 15 eBay Live events with over $500,000 of in-event GMV across collectibles and luxuries. And at the end of March, we started hosting our first short auctions, think like 30 seconds for handbags and collectibles. In general, these are getting [5,000 and 15,000] buyers. We're seeing great engagement from that standpoint so we're going to continue to pilot and learn and experiment with this technology, but exciting initial results thus far.

今年，我們舉辦了大約 15 場 eBay 直播活動，收藏品和奢侈品的活動 GMV 超過 500,000 美元。 3 月底，我們開始舉辦第一場短期拍賣會，比如 30 秒的手袋和收藏品拍賣會。一般來說，這些會吸引 [5,000 和 15,000] 買家。從這個角度來看，我們看到了很大的參與度，因此我們將繼續試驗、學習和試驗這項技術，但迄今為止的初步結果令人興奮。

Your next question comes from the line of Michael Morton with MoffettNathanson.

你的下一個問題來自 Michael Morton 和 MoffettNathanson 的對話。

I was wondering if we could maybe dig a little bit deeper on the spend buckets you're clearly investing in the business and the returns you're seeing there. And also how it could be feeding into the improvement and the decline rate for active buyers? And any color you could give us on the buyer level maybe inflecting, starting to grow going forward?

我想知道我們是否可以更深入地了解您顯然投資於業務的支出桶以及您在那裡看到的回報。以及它如何影響活躍買家的改善和下降率？你能在買家層面給我們的任何顏色都可能會發生變化，開始向前發展嗎？

And then just the second question is there's this macro environment we're all living in. Any changes in behavior you're seeing around your luxury products, trade down, new buyers coming who might have purchased new? Anything around that would be great.

然後是第二個問題，我們都生活在這個宏觀環境中。你看到你的奢侈品行為有什麼變化，降價交易，新買家的到來，他們可能已經購買了新的？任何事情都會很棒。

Steve here. Thank you for the question, Michael. I'll kick off with the first one and then Jamie can pick up the second one, perhaps. Specifically with regards to where the investments are going, as you would expect, it's in terms of identifying what customers want and building the products that delight them and turning them about then to our full funnel approach to marketing and so the investments that we're taking forward is really developing tremendous products on eBay.

史蒂夫在這裡。謝謝你的問題，邁克爾。我將從第一個開始，然後 Jamie 可以拿起第二個，也許吧。特別是關於投資的方向，正如您所期望的那樣，它是在確定客戶想要什麼並構建讓他們滿意的產品並將他們轉向我們的全漏斗營銷方法方面，因此我們正在投資向前發展實際上是在 eBay 上開發大量產品。

In the last couple of years, we've really pivoted our marketing spend to full funnel. And you've seen the fruits of our labor. Think about Jamie's prepared comments around the fact that we're growing at market rates in parts and accessories. We're seeing high double-digit growth with regards to refurbished business for the second quarter on the balance as a result of the investments that we're making.

在過去的幾年裡，我們確實將營銷支出轉向了全漏斗。你已經看到了我們的勞動成果。想想 Jamie 就我們在零件和配件方面以市場速度增長這一事實準備好的評論。由於我們正在進行的投資，我們在第二季度的翻新業務方面看到了兩位數的高增長。

There's obviously a good correlation between our enthusiast buyers and the focused categories that we're going forward with in terms of our frequency coming to eBay and the levels of spend going forward. But what we're delighted with in terms of, again, what we're seeing with the buyers is the reactivation of our NORBs or new or reactivated buyers as we call them at eBay, where they're coming back to our platform as a result of the investments that we're making. Jamie, perhaps you pick up on the luxury question.

就我們進入 eBay 的頻率和未來的支出水平而言，我們的狂熱買家與我們正在推進的重點類別之間顯然存在良好的相關性。但我們再次感到高興的是，我們在買家身上看到的是重新激活我們的 NORBs 或新的或重新激活的買家，我們在 eBay 上稱他們為他們，他們回到我們的平台作為我們正在進行的投資的結果。傑米，也許你注意到了奢侈品問題。

Yes. Just in general, our luxury and fashion focused categories and on aggregate accelerated in line with our business overall. We continue to expand brand coverage on the platform, et cetera. So think about kind of very similar to what I said last quarter, which is some, a little bit of ASP pressure really made up for by the volume that we're seeing on the platform. In general, our shift to non-new-in-season and that focus has really helped us in this environment because people are looking for values. And the ones that they can get on our platform make us much more resilient from that standpoint.

是的。總的來說，我們以奢侈品和時尚為重點的類別和總體加速與我們的整體業務一致。我們繼續擴大平台上的品牌覆蓋範圍等。所以考慮一下與我上個季度所說的非常相似，這是一些，一點點的 ASP 壓力確實被我們在平台上看到的數量所彌補。總的來說，我們向非當季新品的轉變以及這種關注確實在這種環境下幫助了我們，因為人們正在尋找價值。從這個角度來看，他們可以在我們的平台上獲得的東西使我們更有彈性。

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

您的下一個問題來自 Deepak Mathivanan 與 Wolfe Research 的合作。

So first on EIS, we understand the accounting implications on margins, but can you elaborate on what's driving the profitability improvement from this program over the next few quarters? How do you think about kind of the long-term investments that's required to support this initiative?

因此，首先在 EIS 上，我們了解會計對利潤率的影響，但您能否詳細說明是什麼推動了該計劃在未來幾個季度內提高盈利能力？您如何看待支持該計劃所需的長期投資？

And then wanted to go back to the focused categories. It was nice to see that nicely outperform the total growth. But can you provide some color maybe on certain categories kind of on a same-store sales basis so that we can see how some of the categories where you launched these initiatives earlier are currently trending maybe like sneakers, handbags, luxury watches and so on? And then how should we sort of think about the sustainability of the strength in P&A for the next few quarters?

然後想回到重點類別。很高興看到它的表現很好地超過了總增長。但是，您能否在同店銷售的基礎上提供某些類別的一些顏色，以便我們可以了解您較早推出這些計劃的某些類別目前的趨勢如何，例如運動鞋、手提包、奢侈手錶等？那麼我們應該如何考慮未來幾個季度 P&A 實力的可持續性？

No problem, Deepak. So in terms of eBay International Shipping, both got really great strategic benefits but also good sort of financial benefits. So if I take a step back, think about our cross-border trade, which accounts for about 20% of the sales that take place on eBay. And as we came into the eBay International Shipping program, only about 50% of our 1.8 billion listings on the platform are available for global trade.

沒問題，迪帕克。因此，就 eBay International Shipping 而言，兩者都獲得了非常大的戰略利益，同時也獲得了不錯的經濟利益。因此，如果我退後一步，想想我們的跨境貿易，它約佔 eBay 銷售額的 20%。當我們進入 eBay 國際航運計劃時，我們在該平台上的 18 億件商品中只有約 50% 可用於全球貿易。

And so we looked through the lens of how do we increase the level of inventory to the global buyers on eBay? And eBay international Shipping certainly facilitates that. The beauty of the program is that we have gone from an agent to a principal. It gives us much greater control over the overall process. So it enables us to drive greater levels of trust, particularly for our sellers. It enables us, with the size and scale of eBay, to leverage much better contracts in terms of the shippers and it also enables us to pass through any increases in cost through to the shipping program and the sales that go forward.

因此，我們通過鏡頭審視瞭如何提高 eBay 上全球買家的庫存水平？而 eBay 國際航運無疑促進了這一點。該計劃的美妙之處在於我們已經從代理人變成了委託人。它使我們能夠更好地控制整個過程。因此，它使我們能夠提高信任度，尤其是對我們的賣家而言。它使我們能夠以 eBay 的規模和規模，在托運人方面利用更好的合同，它還使我們能夠將成本的任何增加轉嫁到運輸計劃和未來的銷售中。

And so as you said, there's an accounting change because of the agent to principal relationship where we recognize both the gross revenue and the cost. And previously, it was net revenue. But as we said in our prepared comments, it's a good -- it provides good earnings dollars growth for eBay, and we would expect by the fourth quarter for it to mirror the margin profile of the wider business at that point. Jamie, over to you.

正如你所說，由於代理人與委託人的關係，會計發生了變化，我們同時確認總收入和成本。以前，它是淨收入。但正如我們在準備好的評論中所說，這是一件好事——它為 eBay 帶來了良好的盈利美元增長，我們預計到第四季度它會反映當時更廣泛業務的利潤率狀況。傑米，交給你了。

Yes, just on focused categories, I'd say a couple of things. One is, overall, focused categories outperformed the rest of the business by 8 percentage points, so we're definitely seeing the impact of the strategy. A couple of standouts is one we've already talked about it, but motors, parts and accessories hitting market rates of growth for us was really happening kind of sooner than we thought.

是的，就重點類別而言，我會說幾件事。一是總體而言，重點類別比其他業務高出 8 個百分點，因此我們肯定看到了該戰略的影響。幾個突出的是我們已經討論過的，但是電機、零件和配件對我們來說達到市場增長率確實發生得比我們想像的要早。

I talked about luxury already kind of being a stable growth vector for us. And then maybe the other one I'd highlight for you is just refurbished. Our Refurbished business grew double digits in the quarter. That's really coming off of a healthy Q4 where we had our largest week ever with Refurbished and Cyber. And I think that's twofold. One is the value proposition that we provide in that focused category is pretty compelling. And two is we're continuing to invest in bringing new brands, making the process easier for small businesses to come on with their refurbished products and we're backing it up with a great trust guarantee.

我談到奢侈品已經成為我們穩定增長的載體。然後我要為您重點介紹的另一家可能剛剛翻新過。我們的翻新業務在本季度增長了兩位數。這真的來自健康的第四季度，我們在 Refurbished 和 Cyber 方面度過了有史以來最大的一周。我認為這是雙重的。一是我們在該重點類別中提供的價值主張非常引人注目。二是我們將繼續投資引進新品牌，讓小企業更容易使用他們的翻新產品，並且我們以強大的信任保證作為後盾。

On parts and accessories, I'd just say that we actually feel really good about the growth rates that we're seeing there, probably happening even sooner than we thought. We just launched Guaranteed Fit a few months ago. And I've always said these things take a couple of quarters to really have the impact on the consumer in really kind of changing the trust equation, but we're seeing a lot of great movement from that perspective already.

在零件和配件方面，我只想說我們實際上對我們在那裡看到的增長率感覺非常好，可能比我們想像的更快發生。幾個月前，我們剛剛推出了 Guaranteed Fit。我一直說這些事情需要幾個季度才能真正對消費者產生影響，真正改變信任方程式，但從這個角度來看，我們已經看到了很多巨大的變化。

So I talked about the buyers on the platform in P&A. New and reactivated buyers in that category are growing double digits faster than the overall marketplace. So it makes me really excited for the future of what we're going to do in P&A. And just like in other categories, we're not done investing. We'll continue to roll out new innovations that are really relevant for that parts and accessory buyer on eBay.

所以我在P&A講到平台上的買家。該類別中的新買家和重新激活的買家的增長速度比整個市場快兩位數。因此，這讓我對我們將在 P&A 中所做的事情的未來感到非常興奮。就像在其他類別中一樣，我們還沒有完成投資。我們將繼續推出與 eBay 上的零件和配件買家真正相關的新創新。

Your next question comes from the line of Trevor Young with Barclays.

你的下一個問題來自巴克萊銀行的 Trevor Young。

First, just dovetailing on one of the earlier questions on luxury. Just bigger picture, what are like the two or three things that might bring lux buyers and sellers to eBay versus some of the smaller competitor platforms that are focused on that category? Just trying to understand like what helps eBay win.

首先，只是與先前關於奢侈品的一個問題相吻合。從更大的角度來看，與專注於該類別的一些較小的競爭對手平台相比，可能將奢侈品買家和賣家帶到 eBay 的兩三件事是什麼？只是想了解是什麼幫助 eBay 獲勝。

And then on a different category, home and garden, I think it's still 1 of the top 5 on the platform but hasn't really migrated into focused. Is that an opportunity over the next 2 to 3 years to maybe carve out some pockets within, therefore some more curated selection and unique inventory? Or is that just too broad of a category to really drive those enthusiast buyers?

然後在不同的類別，家庭和花園，我認為它仍然是平台上前 5 名之一，但還沒有真正遷移到重點。在接下來的 2 到 3 年內，這是否是一個機會，可以在內部開闢一些口袋，從而獲得更多精選的選擇和獨特的庫存？還是這個類別太寬泛，無法真正吸引那些狂熱的買家？

Yes. So I'd say just first on the benefits of eBay, one is the scale. So when products coming to luxury on eBay, they're available in 190 different markets around the world with 130-plus million buyers from that standpoint. So that's a massive advantage. Now that we have authenticity guarantee across our handbags, it basically takes trust off of the table and makes eBay an amazing destination to buy those items.

是的。所以我首先要說的是 eBay 的好處，一個是規模。因此，當產品在 eBay 上成為奢侈品時，它們可以在全球 190 個不同的市場上買到，從這個角度來看，有 130 多萬買家。所以這是一個巨大的優勢。既然我們的手提包都有真品保證，基本上就可以擺脫信任，使 eBay 成為購買這些物品的絕佳目的地。

The third thing I'd say is we have really competitive fees from that standpoint. So if you're looking to sell those products, it's very attractive. I was talking to one of our sellers in handbags who did a live commerce event with us this past quarter and was just really excited by the results and the buyer demand that we were able to bring to something like that.

我要說的第三件事是，從這個角度來看，我們的費用真的很有競爭力。因此，如果您想銷售這些產品，那將非常有吸引力。我正在與我們的一位手袋賣家交談，他在上個季度與我們一起舉辦了一場現場商務活動，對結果和買家的需求感到非常興奮，因為我們能夠帶來類似的東西。

The other unique benefit that we have on eBay is across categories. So we're bringing in buyers not just from handbag buyers but buyers across other categories on the platform and bringing them into handbags. So for our business, the average handbag buyer who buys a handbag over $500, they're going to spend $2,600 in handbags, but then they're going to end up spending $5,600 in other categories in the platform, and that's a really unique advantage for us on the platform.

我們在 eBay 上的另一個獨特優勢是跨類別。因此，我們不僅吸引手袋買家，還吸引平台上其他類別的買家，並將他們帶入手袋。因此，對於我們的業務而言，購買超過 500 美元手提包的普通手提包買家，他們將在手提包上花費 2,600 美元，但最終他們將在平台的其他類別上花費 5,600 美元，這是一個非常獨特的優勢在平台上為我們。

In terms of your questions on home and garden, I'd go back to what I said at Investor Day, which is we have five categories that are over $10 billion, home and garden being one of them, fashion being another, P&A. And so P&A was the largest one we've taken on to date and we've seen really good results. And I've said that every focused category -- I mean, every category that we have, we believe that we can apply the playbook to over time on the platform.

關於你關於家居和園藝的問題，我會回到我在投資者日所說的，即我們有五個類別超過 100 億美元，家居和園藝是其中之一，時尚是另一個，P&A。所以 P&A 是我們迄今為止進行的最大的一次，我們已經看到了非常好的結果。我已經說過，每個重點類別——我的意思是，我們擁有的每個類別，我們相信我們可以隨著時間的推移在平台上應用劇本。

So we don't like to get ahead of announcing where we're going for competitive reasons. But we believe this playbook and, in fact, is what we're seeing in P&A is applicable to even our largest categories.

因此，出於競爭原因，我們不希望提前宣布我們的發展方向。但我們相信這本劇本，事實上，我們在 P&A 中看到的劇本甚至適用於我們最大的類別。

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

你的下一個問題來自 Lauren Schenk 與摩根士丹利的對話。

Two, if I can. Just one on the expense side. Is there a way that you could help us think about what percentage of your expense base is not denominated in U.S. dollars? I just thought it would be a relatively small portion. And then secondly, it's encouraging to see that new and reactivated customer growth is up. But just given the slight decline in buyers, I mean, consistent with last quarter, does that imply churn? Is that as well? And if so, is that isolated in any specific categories?

兩個，如果可以的話。只有一個在費用方面。您是否可以通過某種方式幫助我們考慮您的費用基數中有多少百分比不是以美元計價的？我只是認為這將是一個相對較小的部分。其次，看到新的和重新激活的客戶增長是令人鼓舞的。但鑑於買家數量略有下降，我的意思是，與上一季度一致，這是否意味著流失？也是這樣嗎？如果是這樣，它是否被隔離在任何特定類別中？

Lauren, I'll pick up the first point. We don't disclose the mix of our sort of currencies. I'd refer you to the overall shape of the business from a global perspective and think about the fact that roughly half of our overall business is generated out of International and half out of the U.S. But we don't specifically disclose the dynamics of that. We obviously talk about the impacts of currency on the overall business, which you can probably triangulate back into. Jamie, would you go to the question.

勞倫，我要談談第一點。我們不會透露我們的貨幣組合。我想從全球的角度向您介紹業務的整體形態，並考慮這樣一個事實，即我們大約一半的業務來自國際，一半來自美國，但我們沒有具體披露其動態.我們顯然討論了貨幣對整體業務的影響，您可能可以對其進行三角測量。傑米，你能回答這個問題嗎？

Yes. Lauren, I would say our active buyer count is exactly where we expected it to be. I've been talking for several quarters about some near-term pressure that we thought we would see based on the macro environment, but that I thought we would see stabilization in the metric, and that's exactly what we're seeing here is that we're acquiring buyers in the right way now. We're building and turning them into enthusiast buyers, and our enthusiast buyers are buying 70% of the GMV on the platform. And so we're excited that we saw kind of a more modest change in stabilization.

是的。勞倫，我想說我們的活躍買家數量正是我們預期的。幾個季度以來，我一直在談論一些我們認為基於宏觀環境會看到的近期壓力，但我認為我們會看到指標趨於穩定，而這正是我們在這裡看到的現在以正確的方式獲得買家。我們正在建設並將他們轉變為狂熱買家，我們的狂熱買家正在購買平台上 70% 的 GMV。因此，我們很高興看到穩定性發生了更溫和的變化。

And the P&A stats that I talked about with buyers is also really encouraging because it shows when we invest, we're actually seeing what we want to see with new and reactivated buyers on the platform. So as things change from that standpoint, we'll continue to update you, but we actually feel really great about what's happening on the buying side.

我與買家討論的 P&A 統計數據也非常令人鼓舞，因為它表明當我們投資時，我們實際上看到了我們希望在平台上與新買家和重新激活的買家看到的內容。因此，隨著事情從這個角度發生變化，我們會繼續為您更新，但實際上我們對購買方發生的事情感到非常高興。

Your next question comes 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 I think you talked about the case for International Shipping to be a profit center by the end of the year. But on the other hand, there are a lot of companies out there that use shipping savings as a promotional tool. So do you think there are opportunities for you to underwrite some of these costs to do the same or maybe come up with tools to aid the seller to run shipping discounts as an incremental way to promote their listings on eBay?

所以我想你談到了國際航運在年底前成為利潤中心的情況。但另一方面，有很多公司將節省運費作為促銷工具。那麼，您認為您是否有機會承擔其中一些成本來做同樣的事情，或者可能想出工具來幫助賣家運行運費折扣，作為在 eBay 上推廣他們的列表的增量方式？

Yes. Look, we've always considered shipping as variable, so we can pass through those expenses to the seller from that standpoint. What we give them is the benefits of scale. So when you look at eBay's scale advantages in being able to work with providers from that standpoint and being able to manage things efficiently. When you buy your label through eBay as an example, you're getting a very good discount versus what you would pay if you just walked in and tried to do those shipments on your own. And so we're going to continue to bring our scale to benefits like this.

是的。你看，我們一直認為運費是可變的，所以我們可以從那個角度將這些費用轉嫁給賣家。我們給他們的是規模效益。因此，當您從這個角度看待 eBay 在能夠與供應商合作並能夠有效管理事物方面的規模優勢時。例如，當您通過 eBay 購買標籤時，您將獲得非常好的折扣，而如果您只是走進去並嘗試自己運送這些貨物，您將獲得非常好的折扣。因此，我們將繼續擴大我們的規模，從而帶來這樣的好處。

This one is really about opening up that inventory. So we wanted to almost be invisible to the seller based in the geography that they're shipping internationally. So the example I talked about is, if I'm sitting in Manhattan, I can ship a product that's actually going to Spain, but it will feel like I'm shipping a product to Albany because we take care of everything in the background. So it's really about that 20% of GMV that we do in cross-border.

這實際上是關於打開該庫存。因此，我們希望基於他們在國際運輸的地理位置對賣家幾乎是隱形的。所以我談到的例子是，如果我坐在曼哈頓，我可以運送一個實際上要運往西班牙的產品，但我會感覺我正在運送一個產品到奧爾巴尼，因為我們在後台處理所有事情。所以這真的是我們在跨境交易中所佔的 GMV 的 20%。

As Steve said, less than half of our inventory is available to go across borders. And this is really about creating that unlock. And it's, frankly, one of the powerful weapons of eBay is because as even a casual seller on the platform, we open up such massive worldwide scale demand for you in 190 different countries. So think about the EIS kind of similar to ads or payments. It's us leveraging our scale for the benefit of our sellers.

正如史蒂夫所說，我們只有不到一半的庫存可以跨境運輸。這實際上是關於創建解鎖。坦率地說，eBay 的強大武器之一是因為即使是平台上的臨時賣家，我們也能在 190 個不同的國家為您提供如此龐大的全球規模需求。所以想想 EIS 有點類似於廣告或支付。這是我們利用我們的規模來為我們的賣家謀利。

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

你的下一個問題來自德意志銀行的 Lee Horowitz。

One on the macro, maybe one on ads if I could. So I guess how, if at all, have you seen consumer patterns shift in the wake of the recent banking crisis? And if there's been any sort of different reaction either more or less pronounced in the U.S. versus international markets, that would be helpful.

一個關於宏觀，如果可以的話，也許一個關於廣告。所以我想，在最近的銀行業危機之後，您是否看到了消費者模式的轉變？如果在美國和國際市場上或多或少有任何不同的反應，那將是有幫助的。

And then maybe on the advertising side of the business. Jim, you talked about growing the number of services in which you were able to place CPC ads as a driver of Promoted Listings Advanced in the quarter. When you think about the path forward from here, how far are you into the journey, would you say, in terms of rolling out CPC-enabled ads across the entire eBay platform? I guess said differently, how much more runway do you see for CPC-enabled ad load growth from here?

然後可能在業務的廣告方面。吉姆，你談到了增加你能夠在本季度將 CPC 廣告作為 Promoted Listings Advanced 的驅動因素的服務數量。當您考慮從這裡開始的前進道路時，您會說在整個 eBay 平台上推出支持 CPC 的廣告方面，您的旅程有多遠？我想換句話說，您認為從這裡開始啟用 CPC 的廣告負載增長還有多少跑道？

Lee, I'll pick up the macro question. Obviously, we've extensively talked about the impacts of macro on our first quarter earnings, the perspectives of the guide for the second. We haven't seen any discernible change in the underlying dynamic macro environment. From a geographical perspective, as you recall, as we came into the end of the first quarter last year and the awful events of the war in Ukraine, Europe started to get impacted sooner than the U.S., particularly because of energy prices and the levels of consumer discretionary spend pressure. Obviously, that's caused some differential in the lapping behaviors we've gone through and start to go through 2023. But no underlying discernible change in the overall macro environment.

李，我來回答宏觀問題。顯然，我們已經廣泛討論了宏觀對我們第一季度收益的影響，以及第二季度指南的觀點。我們還沒有看到潛在的動態宏觀環境有任何明顯的變化。從地域的角度來看，正如你所記得的那樣，當我們進入去年第一季度末以及烏克蘭戰爭的可怕事件時，歐洲開始比美國更早受到影響，特別是因為能源價格和消費者可自由支配的支出壓力。顯然，這導致我們已經經歷並開始經歷 2023 年的研磨行為有所不同。但整體宏觀環境沒有潛在的明顯變化。

Yes. And Lee, what I'd say on the PL Advanced or our CPC-based business is, in Q1, we update (inaudible) our model, training it on CPC-specific data. That helped us present higher-quality impressions and more GMV for the same number of impressions on the site. We also expanded CPC to the second row of ad placements within search results, which was previously only available to CPA. So it's still early in our CPC development. We're excited about these innovations.

是的。 Lee，關於 PL Advanced 或我們基於 CPC 的業務，我要說的是，在第一季度，我們更新（聽不清）我們的模型，在特定於 CPC 的數據上對其進行訓練。這有助於我們在網站上展示相同數量的展示次數時獲得更高質量的展示次數和更多 GMV。我們還將 CPC 擴展到搜索結果中第二行的廣告展示位置，這在以前僅適用於 CPA。所以我們的 CPC 發展還處於早期階段。我們對這些創新感到興奮。

We also built some new technologies this quarter that helped us do better real-time evaluation between CPA and CPC. But what I would say is that we're well on track to the numbers that we outlined at Investor Day. And we think a big component of that in terms of new products is the Product Listings Advanced (sic) [Promoted Listings Advanced] and happy with the continued innovation quarter after quarter to kind of drive towards those targets.

本季度我們還構建了一些新技術，幫助我們在 CPA 和 CPC 之間進行更好的實時評估。但我要說的是，我們正朝著我們在投資者日概述的數字邁進。我們認為，就新產品而言，其中一個重要組成部分是高級產品列表（原文如此）[高級推廣列表]，並且對每個季度持續創新以推動實現這些目標感到滿意。

Operator, can we do one last question, please?

接線員，我們可以問最後一個問題嗎？

Your last question comes from the line of Ygal Arounian with Citigroup.

你的最後一個問題來自花旗集團的 Ygal Arounian。

One more on the advertising side and then maybe I'll just ask about buybacks. So advertising is coming in really nicely ahead of GMV. It looks like it's accelerated nicely ahead of our expectations and obviously, we've got the legacy products and some of the newer products coming on. But has your outlook on the opportunity changed? Is it being pulled forward to a certain extent? Is maybe the macro environment leading to more sellers spending more on advertising to try to drive sales? So any incremental color on kind of what's moving the needle there? And then just on buybacks, expectations or use for the rest of the year, how you guys are thinking about it? Just any other color there.

在廣告方面還有一個問題，然後我可能只會問回購問題。因此，廣告收入確實遠遠領先於 GMV。看起來它的加速速度遠遠超出了我們的預期，而且顯然，我們已經推出了傳統產品和一些新產品。但是你對機會的看法改變了嗎？是不是被拉到一定程度了？也許宏觀環境導致更多賣家在廣告上花費更多以試圖推動銷售？那麼在什麼地方移動針頭的任何增量顏色？然後就今年剩餘時間的回購、預期或使用而言，你們是如何考慮的？那裡只有任何其他顏色。

Yes. Look, advertising once again outpaced volume by 33 percentage points, driven by what we're doing in optimizing product listings across both standard and our more advanced products. We continue to think we have a long runway ahead of us for advertising. And I'd point to a couple of things. One is we continue to see nice quarter-over-quarter growth in our new advertising products. That's External Express and Promoted Listings Advanced.

是的。看，廣告再次超過銷量 33 個百分點，這得益於我們在優化標準產品和更高級產品的產品列表方面所做的工作。我們仍然認為我們在廣告方面還有很長的路要走。我要指出幾件事。一是我們繼續看到新廣告產品環比增長良好。那是高級的外部快速和推薦列表。

The second thing I'd say is that we have a variable model where sellers can set their rates. And we're seeing really good ROAS for our sellers. So when we look at the return on ad spend that they're seeing, once they start using our ad products, their sales are basically seeing a double-digit increase. And more importantly, when you look at the ROAS that they can get on eBay, it's very attractive relative to industry standards.

我要說的第二件事是，我們有一個可變模型，賣家可以在其中設置他們的費率。我們看到我們的賣家的 ROAS 非常好。因此，當我們查看他們看到的廣告支出回報時，一旦他們開始使用我們的廣告產品，他們的銷售額基本上就會出現兩位數的增長。更重要的是，當您查看他們可以在 eBay 上獲得的 ROAS 時，它相對於行業標準非常有吸引力。

So as I said before, we feel like we're on track and executing towards the goals that we laid out. We feel like we're doing a nice job of balancing the buying experience and keeping that incredibly healthy and strong conversion while continuing to drive our ads business. And finally, we're just making the product easier to use. So quarter after quarter, we've built new products. Most recently, we've built a quick setup, a product for our CPC-based product to make that easier to use. And we continue to build up new reporting tools for our advertising sellers. So we're excited by where we are and the potential that's ahead. Steve, do you want to take the next part?

因此，正如我之前所說，我們覺得我們正在朝著我們制定的目標邁進並執行。我們覺得我們在平衡購買體驗和保持令人難以置信的健康和強勁轉化率，同時繼續推動我們的廣告業務方面做得很好。最後，我們只是讓產品更易於使用。所以一個季度又一個季度，我們開發了新產品。最近，我們為基於 CPC 的產品構建了一個快速設置，使其更易於使用。我們繼續為我們的廣告銷售商建立新的報告工具。因此，我們對我們所處的位置和未來的潛力感到興奮。史蒂夫，你想接下一部分嗎？

Yes. What I would say is that our first priority, as we always say, is to invest in the long-term growth of the business through our build, buy, partner framework and because we see that as the best opportunities to drive long-term returns for shareholders. The beauty of the eBay model is because of the strength of the financial model and the strong free cash flow that we gives us the ability to do both in terms of investing in the business and return capital.

是的。我要說的是，正如我們常說的，我們的首要任務是通過我們的構建、購買、合作夥伴框架投資於業務的長期增長，因為我們認為這是推動長期回報的最佳機會為股東。 eBay 模式的美妙之處在於其強大的財務模式和強大的自由現金流，使我們能夠在投資業務和回報資本方面同時進行。

As you know, we returned $250 million to investors through buybacks in the first quarter in addition to the $0.25 dividend. We haven't guided our capital returns for the rest of the year, but we will continue to be balanced and thoughtful about the approach. We have committed to offset dilution, and we'll continue to do that through the year. And then beyond that, we'll be opportunistic in both the timing and magnitude of any further capital returns.

如您所知，除了 0.25 美元的股息外，我們在第一季度通過回購向投資者返還了 2.5 億美元。我們沒有指導今年剩餘時間的資本回報，但我們將繼續對這種方法保持平衡和深思熟慮。我們已承諾抵消稀釋，我們將在今年繼續這樣做。然後除此之外，我們將在任何進一步資本回報的時間和規模上採取機會主義態度。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。