eBay Inc (EBAY) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the eBay Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

女士們先生們，感謝你們的支持。我叫布倫特，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 eBay 2023 年第二季度收益電話會議。 （操作員說明）

Thank you. It is now my pleasure to turn the call over to the Vice President of Investor Relations, Mr. John Egbert. Sir, please go ahead.

謝謝。現在我很高興將電話轉給投資者關係副總裁約翰·埃格伯特先生。先生，請繼續。

Good afternoon. Thank you all for joining us for eBay's Second 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。感謝大家參加 eBay 2023 年第二季度收益電話會議。今天與我一起參加電話會議的是我們的首席執行官傑米·伊安諾 (Jamie Iannone)；以及我們的首席財務官 Steve Priest。我們將在電話會議期間提供幻燈片演示來配合我們的評論，您可以通過 eBay 網站 Investors.ebayinc.com 的投資者關係部分獲取該演示。

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 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 organic FX-neutral year-over-year comparisons unless indicated otherwise.

在我們開始之前，我要提醒您，在本次電話會議中，我們將討論與我們業績相關的某些非公認會計準則衡量標準。您可以在我們隨附的幻燈片演示中找到這些指標與最接近的可比 GAAP 指標的對賬。此外，除非另有說明，我們準備好的評論中提到的所有增長率都將反映有機的外匯中性同比比較。

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聲明，包括但不限於有關我們未來業績和預期財務業績的聲明。這些前瞻性陳述涉及已知和未知的風險和不確定性。由於多種原因，我們的實際結果可能與我們的預測存在重大差異。您可以在我們最新的表格 10-K、表格 10-Q 定期報告以及今天早些時候發布的收益報告中找到有關風險、不確定性和其他可能影響我們經營業績的因素的更多信息。

You should not rely on any forward-looking statements. All information in this presentation is as of July 26, 2023. We do not intend and undertake no duty to update this information.

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 7 月 26 日。我們不打算也不承擔更新此信息的義務。

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

這樣，我就把電話轉給傑米。

Thanks, John. Good afternoon, everyone, and thank you all for joining us today. We delivered another solid quarter in Q2, exceeding expectations across all key metrics while investing in a disciplined manner to support our long-term objectives.

謝謝，約翰。大家下午好，感謝大家今天加入我們。我們在第二季度又實現了穩健的季度業績，所有關鍵指標都超出了預期，同時以嚴格的方式進行投資以支持我們的長期目標。

Before I jump into the details around our second quarter results, I'd like to discuss the evolution of our strategy. Three years ago, I articulated our ambition of becoming the best global marketplace to buy and sell through a tech-led re-imagination of eBay. This would help us realize the enormous untapped potential of this company and put it firmly on a path to sustainable long-term growth.

在詳細介紹第二季度業績之前，我想先討論一下我們戰略的演變。三年前，我闡述了我們的雄心：通過技術主導的 eBay 重新構想，成為全球最佳的買賣市場。這將幫助我們認識到該公司尚未開發的巨大潛力，並使其堅定地走上可持續長期增長的道路。

Since then, we've renewed our focus on products where we are uniquely positioned to offer meaningful choices and value for our customers. We've accelerated innovation to adapt to the changing needs of buyers and developed world-class shopping experiences in our focus categories. And we've changed our marketing strategy to support these experiences, pivoting to a full funnel approach aimed at attracting and retaining enthusiast buyers. These accomplishments make it a logical time to embark on the next phase of our journey.

從那時起，我們重新關注我們具有獨特定位的產品，為客戶提供有意義的選擇和價值。我們加快創新，以適應買家不斷變化的需求，並在我們的重點品類中開發世界一流的購物體驗。我們已經改變了營銷策略來支持這些體驗，轉向旨在吸引和留住狂熱買家的全漏斗方法。這些成就使得現在是我們踏上下一階段旅程的合理時機。

The foundational work of our tech-led re-imagination will continue, including our prioritization of non-new [in-season] products, expansion of focus categories in ads and payments initiatives. And now we're raising the bar for innovation and have set our sights on an even more ambitious vision which is reinventing the future of e-commerce for enthusiasts only at eBay.

我們以技術為主導的重新構想的基礎工作將繼續進行，包括我們優先考慮非新的[當季]產品、擴大廣告和支付計劃的重點類別。現在，我們正在提高創新標準，並著眼於一個更加雄心勃勃的願景，即為 eBay 的愛好者重塑電子商務的未來。

We will achieve this vision in the coming years by focusing on 3 key pillars: relevant experiences, scalable solutions and magical innovation. Let's start with our first pillar, relevant experiences. This means we are solving the specific and ever-changing needs of our customers across all shopping occasions.

我們將在未來幾年通過關註三個關鍵支柱來實現這一願景：相關經驗、可擴展的解決方案和神奇的創新。讓我們從第一個支柱開始，即相關經驗。這意味著我們正在解決客戶在所有購物場合的特定且不斷變化的需求。

Through our focus category strategy, we've proven that when we build relevant experiences, we can dramatically improve customer satisfaction which translates into faster GMV growth. While we'll continue to understand customer needs and innovate at the category level, we will leverage the new tools, capabilities and technologies we have developed over the last few years to enhance more elements of the site-wide experience.

通過我們的重點品類策略，我們已經證明，當我們構建相關體驗時，我們可以顯著提高客戶滿意度，從而轉化為更快的 GMV 增長。我們將繼續了解客戶需求並在品類層面進行創新，同時我們將利用過去幾年開發的新工具、功能和技術來增強全站體驗的更多元素。

This includes developing a more relevant, consistent experience for the next generation of online shoppers through a comprehensive overhaul of our user experience and design rolled out in phases over the course of 2023 and beyond. This evolution will result in simpler, more personalized browsing experiences that will inspire people to sell, shop and connect with their community on eBay.

這包括通過在 2023 年及以後分階段推出的用戶體驗和設計的全面改革，為下一代在線購物者開發更相關、更一致的體驗。這種演變將帶來更簡單、更個性化的瀏覽體驗，從而激發人們在 eBay 上銷售、購物並與社區建立聯繫。

This initiative is a cross-collaborative effort between design, product, core AI, search, engineering and other key stakeholders to ensure our modernized shopping experience is powered by intelligent computing at scale. Enabled by artificial intelligence, we will fine-tune the breadth of inventory and other aspects of the shopping journey to cater to the varying needs of new buyers, infrequent shoppers and eBay enthusiasts.

該計劃是設計、產品、核心人工智能、搜索、工程和其他主要利益相關者之間的交叉協作，以確保我們的現代化購物體驗由大規模智能計算提供支持。在人工智能的支持下，我們將微調庫存的廣度和購物旅程的其他方面，以滿足新買家、不常購物者和 eBay 愛好者的不同需求。

We believe these innovations will increase our ability to bend cohort curves, drive higher lifetime values and ultimately grow enthusiasts and average spend per buyer.

我們相信，這些創新將提高我們改變群體曲線的能力，推動更高的終身價值，並最終增加愛好者和每個買家的平均支出。

We began rolling out these changes to consumers in recent months, starting with testing a more modern and intuitive view item page, which is the most visited page on eBay.

近幾個月來，我們開始向消費者推出這些變化，首先測試了一個更現代、更直觀的查看商品頁面，這是 eBay 上訪問量最大的頁面。

The updated page offers a streamlined appearance, larger and higher resolution images and an optimized information hierarchy. Early tests indicate a measurable uplift in GMV versus our existing design.

更新後的頁面提供了精簡的外觀、更大、更高分辨率的圖像以及優化的信息層次結構。早期測試表明，與我們現有的設計相比，GMV 有了可測量的提升。

Over the next few quarters, you will see a continued evolution of the look, feel and experience of our marketplace, including updates to view item, our header, homepage, search results and other landing pages.

在接下來的幾個季度中，您將看到我們市場的外觀、感覺和體驗的持續發展，包括查看項目、我們的標題、主頁、搜索結果和其他登陸頁面的更新。

Alongside this work, we're investing in new capabilities for search, where relevance is also critical. We're investing in technologies like deep learning and visual similarity to improve ranking and retrieval, reducing queries with low or no results to see if there's more of our amazing inventory for customers.

除了這項工作之外，我們還投資了新的搜索功能，其中相關性也至關重要。我們正在投資深度學習和視覺相似性等技術，以提高排名和檢索，減少結果較低或沒有結果的查詢，看看是否有更多令人驚嘆的庫存可供客戶使用。

Now let's turn to our second pillar, scalable solutions. Combined with improving relevance, our scale is a powerful asset. As we discussed at our Investor Day last year, eBay has 5 categories that each generate more than $10 billion annually in GMV, making up more than 80% of volume on our marketplace in aggregate.

現在讓我們轉向第二個支柱，可擴展的解決方案。結合不斷提高的相關性，我們的規模是一項強大的資產。正如我們在去年的投資者日討論的那樣，eBay 有 5 個類別，每個類別每年的 GMV 超過 100 億美元，占我們市場總交易量的 80% 以上。

Our global footprint across 190 markets and density of supply and demand across major trade corridors are tremendous advantages in cross-border trade, and our proprietary data assets are powered by tens of billions of cumulative transactions and commercially relevant product information and images accumulated over our nearly 28-year history.

我們遍布全球 190 個市場的足跡以及主要貿易走廊的供需密度在跨境貿易中具有巨大優勢，我們的專有數據資產由數百億的累計交易以及近幾年來積累的商業相關產品信息和圖像提供支持。已有28年曆史。

Our scale enabled us to launch a proprietary managed payment solution capable of processing more than $70 billion in annualized volume in less than 2 years. It also allowed us to build our nearly $1.3 billion advertising business driven by Promoted Listings, which help our sellers drive greater velocity and price realization for their inventory.

我們的規模使我們能夠推出專有的託管支付解決方案，能夠在不到 2 年內處理超過 700 億美元的年交易量。它還使我們能夠建立由促銷列表驅動的近 13 億美元的廣告業務，這有助於我們的賣家提高庫存的速度和價格實現。

Ads and payments have dramatically enhanced our financial architecture. But now we are widening the scope of scalable solutions on eBay to develop a broader suite of value-added services. Our payments infrastructure makes it possible for us to launch new financial services like FX conversion, alternative payment options and seller financing partnerships informed by transactions on eBay.

廣告和支付極大地增強了我們的財務架構。但現在我們正在擴大 eBay 上可擴展解決方案的範圍，以開發更廣泛的增值服務套件。我們的支付基礎設施使我們能夠推出新的金融服務，例如外匯兌換、替代支付選項以及基於 eBay 交易的賣家融資合作夥伴關係。

We're also investing in improved in-house risk modeling to alleviate transactional friction for sellers and buyers on eBay, which has led to measurable uplift in conversion and hundreds of millions of dollars of incremental GMV during the first half of 2023 alone. Our scale and cross-border capabilities allowed us to launch the eBay international shipping program earlier this year.

我們還投資改進內部風險模型，以減輕 eBay 賣家和買家的交易摩擦，這導致轉化率顯著提升，僅在 2023 年上半年就實現了數億美元的 GMV 增量。我們的規模和跨境能力使我們能夠在今年早些時候啟動 eBay 國際運輸計劃。

This program simplifies paperwork, lowers cost for buyers, streamlines returns and enables sellers to tap into our global demand. While this program is still ramping up in the U.S., we are seeing positive proof points in the number of listings migrated, increased exportability of new listings as well as conversion, delivery times and operational costs in line with our expectations.

該計劃簡化了文書工作，降低了買家的成本，簡化了退貨流程，並使賣家能夠利用我們的全球需求。雖然該計劃仍在美國繼續推進，但我們在遷移的列表數量、新列表的出口能力以及轉換、交付時間和運營成本方面看到了積極的證據，這些都符合我們的預期。

The cross-category nature of eBay makes our investments in individual focus categories more scalable to other areas. This is because technology and capabilities that are developed for one category can be adapted quickly and seamlessly to others.

eBay 的跨類別性質使我們在個別重點類別上的投資更容易擴展到其他領域。這是因為為某一類別開發的技術和功能可以快速、無縫地適應其他類別。

For instance, eBay's Authenticity Guarantee program has enabled us to rapidly transform trust across new categories and countries, from watches to sneakers, handbags, jewelry and trading cards. Now it's faster and more cost-efficient to launch authentication for a new category like we did this quarter with streetwear. We believe only eBay is in a position to bring hyper relevant experiences like these to customers at scale across this breadth of categories.

例如，eBay 的正品保證計劃使我們能夠快速轉變對新類別和國家/地區的信任，從手錶到運動鞋、手提包、珠寶和交易卡。現在，為新類別推出認證變得更快、更具成本效益，就像我們本季度針對街頭服飾所做的那樣。我們相信，只有 eBay 能夠為跨類別的客戶大規模提供此類高度相關的體驗。

Lastly, our third pillar is magical innovations. The foundational work we've accomplished over the past 3 years has set us up for a new phase of innovation. Our teams are focused on thinking bigger and moving faster as we build game-changing features and functionality for customers to keep eBay at the forefront of e-commerce.

最後，我們的第三個支柱是神奇的創新。我們在過去三年中完成的基礎工作為我們進入了創新的新階段。我們的團隊在為客戶構建改變遊戲規則的特性和功能時專注於思考更大、行動更快，以保持 eBay 處於電子商務的最前沿。

Our improved tech velocity has allowed us to launch and rapidly iterate on exciting features like live commerce. Other examples include the ability to instantly buy and sell trading cards in the eBay vault and our improved computer vision capabilities that streamline buying and selling on eBay.

我們提高的技術速度使我們能夠推出并快速迭代實時商務等令人興奮的功能。其他示例包括在 eBay 金庫中即時買賣交易卡的能力，以及我們改進的計算機視覺功能，可簡化 eBay 上的買賣流程。

Over the next few quarters and years, we expect advancements in artificial intelligence, including Generative AI to impact nearly every aspect of our organization, driving meaningful efficiency and productivity improvements. More importantly, they enable truly compelling customer-facing experiences that I'm confident our customers will love, such as the Magical Listing experience I'm excited to discuss with you shortly.

在接下來的幾個季度和幾年裡，我們預計人工智能（包括生成式人工智能）的進步將影響我們組織的幾乎各個方面，推動有意義的效率和生產力提高。更重要的是，它們實現了真正引人注目的面向客戶的體驗，我相信我們的客戶會喜歡這些體驗，例如我很高興很快與您討論的神奇列表體驗。

You will continue to hear us talk about the progress of our evolved strategy and how we're delivering on the three pillars of relevant experiences, scalable solutions and magical innovation. This work is all in service of our plan to reinvent the future of e-commerce for enthusiasts only at eBay.

您將繼續聽到我們談論我們不斷發展的戰略的進展，以及我們如何實現相關經驗、可擴展的解決方案和神奇創新這三大支柱。這項工作完全是為了我們為 eBay 愛好者重塑電子商務未來的計劃。

As I've mentioned, these efforts are already underway, and we've begun delivering these innovative features and functionality to eBay customers.

正如我所提到的，這些努力已經在進行中，我們已經開始向 eBay 客戶提供這些創新的特性和功能。

Now let me turn to the second quarter. We delivered better-than-expected results across the board in Q2 despite continued macro uncertainty. Gross merchandise volume was over $18.2 billion while revenue grew 5% to $2.54 billion and outpaced GMV growth by roughly 6 points, and we delivered non-GAAP earnings per share of $1.03, up 5%.

現在讓我談談第二季度。儘管宏觀不確定性持續存在，但我們第二季度的業績全面好於預期。商品總銷量超過 182 億美元，收入增長 5%，達到 25.4 億美元，超過 GMV 增長約 6 個百分點，非 GAAP 每股收益為 1.03 美元，增長 5%。

Our improving growth trends continue to be led by our focused categories, which grew roughly 7 points faster than the remainder of our marketplace during Q2. This outperformance continues to be led by motors, parts and accessories or P&A where GMV grew mid-single digits year-over-year for the second straight quarter, which we believe is in line with market rates of growth for this segment of e-commerce.

我們不斷改善的增長趨勢繼續由我們的重點類別引領，該類別在第二季度的增長速度比市場其他類別快約 7 個百分點。這種優異表現繼續由電機、零部件和配件或 P&A 引領，其中 GMV 連續第二個季度同比增長中個位數，我們認為這與該電子商務領域的市場增長率相符。

We also extended our focus category coverage through new launches and category expansions during the quarter. In early June, we launched Authenticity Guarantee for streetwear in the U.S. and are now authenticating new and pre-owned streetwear items from 20 trusted brands, including Kith, Off-White, Palace and Supreme. In July, we expanded eligible streetwear to mass appeal brands like Adidas, Jordan and Nike. And later this year, we'll expand coverage to luxury brands, including Gucci, Prada, and Louis Vuitton. This marks our entry into authenticated apparel, a category that has strong overlap with our passionate community of sneaker enthusiasts, adding another layer of trust when they shop.

我們還通過在本季度推出新產品和擴展品類來擴大我們的重點品類覆蓋範圍。 6 月初，我們在美國推出了街頭服飾正品保證，目前正在對來自 20 個值得信賴的品牌（包括 Kith、Off-White、Palace 和 Supreme）的新款和二手街頭服飾進行真偽鑑定。 7 月，我們將符合條件的街頭服飾範圍擴大到了阿迪達斯、喬丹和耐克等大眾品牌。今年晚些時候，我們將把覆蓋範圍擴大到奢侈品牌，包括 Gucci、Prada 和 Louis Vuitton。這標誌著我們進入了正品服裝領域，這一類別與我們熱情的運動鞋愛好者群體有很強的重疊性，在他們購物時增加了另一層信任。

In April, we launched a Certified by Brand program, which we also expect to facilitate more e-commerce in the luxury space. There are already more than 20 brands participating in this program. offering new and certified preowned inventory across the watch, jewelry and handbag categories.

四月份，我們啟動了品牌認證計劃，我們也希望該計劃能夠促進奢侈品領域更多的電子商務。已有超過20個品牌參與該計劃。提供手錶、珠寶和手袋類別的全新且經過認證的二手庫存。

Listings from this program will show a direct-from-brand or brand-authorized seller badge, bringing an enhanced level of trust to these listings similar to visual trust signals for Authenticity Guarantee.

該計劃中的列表將顯示直接來自品牌或品牌授權的賣家徽章，從而增強對這些列表的信任度，類似於真實性保證的視覺信任信號。

Brands benefit from eBay's scale demand, gain access to consumer and pricing insights while being able to maintain control of their brand equity and image online. eBay shoppers will benefit from these brands' unique inventory and enhanced trust as these products will include certifications and/or warranties from the brands themselves.

品牌受益於 eBay 的規模需求，獲得消費者和定價洞察，同時能夠保持對其品牌資產和在線形象的控制。 eBay 購物者將受益於這些品牌獨特的庫存和增強的信任，因為這些產品將包含品牌本身的認證和/或保修。

Our expertise in fashion is further extended by our recently closed acquisition of Certilogo, a provider of AI-powered authentication for apparel. Certilogo empowers brands and designers to manage the life cycle of their garments, protect their customers from counterfeits and encourages e-commerce via QR codes that serve as digital product passports.

我們最近完成了對 Certilogo（一家人工智能服裝認證提供商）的收購，進一步擴展了我們在時尚領域的專業知識。 Certilogo 使品牌和設計師能夠管理其服裝的生命週期，保護客戶免受假冒產品的侵害，並鼓勵通過充當數字產品護照的二維碼進行電子商務。

While we are just beginning to explore the synergies between our companies, Certilogo already works with a number of leading global fashion brands, and we are incredibly excited to leverage this technology to accelerate the circular economy.

雖然我們剛剛開始探索公司之間的協同效應，但 Certilogo 已經與許多領先的全球時尚品牌合作，我們非常高興能夠利用這項技術來加速循環經濟。

Next, I'd like to discuss the groundbreaking work our team is doing with artificial intelligence. In particular, I'm excited to announce that this quarter, we're ramping up a new feature we've been calling Magical Listing, which will make it significantly easier for sellers to list their inventory.

接下來，我想討論一下我們團隊在人工智能方面所做的開創性工作。特別是，我很高興地宣布，本季度我們將推出一項稱為“神奇列表”的新功能，這將使賣家更輕鬆地列出他們的庫存。

One of the biggest challenges to operating a listings-based marketplace is the burden on sellers to fill in descriptions and item aspects for their products. In May, we launched the first version of our Magical Listing experience, which dramatically reduces this friction for our sellers via AI-generated item descriptions.

運營基於列表的市場的最大挑戰之一是賣家填寫產品描述和項目方面的負擔。五月，我們推出了神奇列表體驗的第一個版本，通過人工智能生成的商品描述極大地減少了賣家的這種摩擦。

We integrated Azure's open AI API into our core listing flow. And now sellers can choose to have detailed product information instantly populated by Generative AI based on the product's title, category and any item aspects that have been input.

我們將 Azure 的開放 AI API 集成到我們的核心列表流程中。現在，賣家可以選擇通過生成人工智能根據產品的標題、類別和已輸入的任何項目方面立即填充詳細的產品信息。

During the quarter, we ramped this beta feature to more than 50% of iOS and Android users in the U.S. and expect to reach 100% in the coming weeks. Early signals have been extremely positive. Approximately 30% of users have tried the feature at least once, and we've observed acceptance rates of over 90% for AI-generated descriptions, including those with edits.

在本季度，我們向美國 50% 以上的 iOS 和 Android 用戶推出了此測試版功能，預計在未來幾週內將達到 100%。早期信號非常積極。大約 30% 的用戶至少嘗試過該功能一次，我們觀察到人工智能生成的描述（包括經過編輯的描述）的接受率超過 90%。

Customer satisfaction is over 80% thus far, which is among the highest CSAT for any new feature launched in recent memory. Sellers have told us that this feature will unlock more of the unique inventory in their closets. And on average, we are seeing description lengths double when Gen AI is used.

迄今為止，客戶滿意度超過 80%，這是近期推出的所有新功能中 CSAT 最高的之一。賣家告訴我們，此功能將解鎖他們衣櫃中更多獨特的庫存。平均而言，當使用 Gen AI 時，我們看到描述長度增加了一倍。

But we are just getting started. The next iteration of our Magical Listing will leverage our improved image recognition capabilities to provide flows with the option of a more seamless camera-based listing.

但我們才剛剛開始。我們神奇列表的下一次迭代將利用我們改進的圖像識別功能為流程提供更加無縫的基於相機的列表選項。

Sellers can utilize their smartphone camera or existing photos to start a listing. And based on our visual understanding of the products, the eBay app can pre-populate the title, category, description and item specifics wherever possible. We have been testing this tool with our employees for several weeks, and we're incredibly excited to launch in public beta in the coming months.

賣家可以利用他們的智能手機相機或現有照片來開始列表。根據我們對產品的視覺理解，eBay 應用程序可以盡可能預先填充標題、類別、描述和商品詳細信息。我們已經與員工一起測試這個工具幾週了，我們非常高興能在未來幾個月內推出公開測試版。

The advent of Generative AI has sparked an explosion of creativity at eBay among our product and engineering teams who have conceptualized new and innovative shopping experiences that can be rapidly deployed onto the site. Two compelling examples that launched in July are the Shop by Upgrade and engine code lookup features that went from concept to production in the eBay Motors app in just a few weeks.

生成式人工智能的出現激發了 eBay 產品和工程團隊的創造力爆發，他們提出了可以快速部署到網站上的全新創新購物體驗的概念。 7 月推出的兩個引人注目的例子是按升級購買和引擎代碼查找功能，這些功能在 eBay Motors 應用程序中從概念到生產僅用了幾週時間。

Shop by Upgrade uses Generative AI to help customers discover the most relevant fitment-enabled upgrade options for their vehicles, which are personalized based on a specific user's preferences. Engine code lookup offers specific P&A products available on eBay that can address the root cause of hard-to-decipher error codes, aiding them in identifying and fixing the source of the problem.

Shop by Upgrade 使用生成式 AI 來幫助客戶發現與其車輛最相關的支持配件的升級選項，這些選項是根據特定用戶的偏好進行個性化的。引擎代碼查找提供 eBay 上提供的特定 P&A 產品，可以解決難以破譯的錯誤代碼的根本原因，幫助他們識別和修復問題的根源。

I'm thrilled to see how quickly our teams are moving with this technology at their disposal and look forward to more of these experiences launching in pilots in the months ahead.

我很高興看到我們的團隊能夠如此迅速地利用這項技術，並期待在未來幾個月內推出更多此類體驗。

Turning next to our advertising business, which continues to build impressive momentum. We reached a major milestone in Q2 as advertising revenue reached 2% penetration of GMV. Total ads grew 35% while first-party ad revenue grew roughly 50 points faster than GMV.

接下來談談我們的廣告業務，該業務繼續保持令人印象深刻的勢頭。我們在第二季度達到了一個重要里程碑，廣告收入佔 GMV 的滲透率達到 2%。廣告總數增長了 35%，而第一方廣告收入的增長速度比 GMV 快約 50 個百分點。

Over 2.1 million sellers adopted a single ad product in Q2, while we reached more than 800 million live promoted listings. Promoted Listings Standard, our CPA product was again the largest contributor to growth in Q2, driven by attribution enhancements, continued optimization and ad rate improvements. At the end of March, we adjusted our attribution methodology for CPA ads, expanding the definition of what constitutes a qualified sale. This change, referred to as a halo attribution in the industry, enabled us to more efficiently optimize our ads as we capture a more complete picture of the downstream sales driven by promoted listings. While sellers maintain the full flexibility to adjust their bidding behavior after this change, halo attribution had a net positive impact on our ad business in Q2.

第二季度，超過 210 万賣家採用了單一廣告產品，而我們的實時推廣列表數量超過 8 億。在歸因增強、持續優化和廣告費率提高的推動下，我們的 CPA 產品在推廣列表標準中再次成為第二季度增長的最大貢獻者。 3 月底，我們調整了 CPA 廣告的歸因方法，擴大了合格銷售的定義。這一變化在行業中被稱為光環歸因，使我們能夠更有效地優化廣告，因為我們可以更全面地了解促銷列表驅動的下游銷售。雖然賣家在這一變化後保持了調整出價行為的充分靈活性，但光環歸因對我們第二季度的廣告業務產生了淨積極影響。

During the quarter, we also introduced a new way to rank ads on search which leverages our in-house AI capabilities to optimize CPA placements for both conversion and ad rate. Additionally, we improved our precision in calculating trending and suggested ad rates and made it easier to adopt dynamic bidding, both contributed to a modest lift in Q2 ad rate.

在本季度，我們還推出了一種在搜索上對廣告進行排名的新方法，該方法利用我們內部的人工智能功能來優化每次轉化費用（CPA）的展示位置，以提高轉化率和廣告率。此外，我們提高了計算趨勢和建議廣告費率的精確度，並使動態出價的採用變得更加容易，這兩者都有助於第二季度廣告費率的小幅提升。

Our emerging Promoted Listings products also scaled nicely in Q2, growing more than 30% quarter-over-quarter. Promoted Listings Advanced, our CPC product was the largest contributor. Advanced recently exited beta into general release as we have simplified the process of creating and managing campaigns, increased the visibility of CPC ads on eBay and demonstrated healthy return on ad spend levels to sellers.

我們新興的促銷列表產品在第二季度也取得了良好的增長，環比增長超過 30%。高級推廣列表中，我們的 CPC 產品是最大的貢獻者。 Advanced 最近退出測試版進入正式版本，因為我們簡化了創建和管理營銷活動的流程，提高了 eBay 上每次點擊費用廣告的可見度，並向賣家展示了良好的廣告支出水平回報。

During Q2, we introduced suggested campaigns for Advanced, which provide a one-click activation experience by offering customized keywords, bid and ad group structures for B2C sellers across 5 major markets. These campaigns were pushed out to sellers on a monthly cadence and can drive further adoption of CPC ads.

在第二季度，我們推出了高級建議活動，通過為 5 個主要市場的 B2C 賣家提供定制關鍵字、出價和廣告組結構，提供一鍵激活體驗。這些活動每月向賣家推送一次，可以推動 CPC 廣告的進一步採用。

Now let's discuss the impact we're having on the communities we serve. Last quarter, we published our annual impact report, which recognizes the progress we've made to our environmental and social goals. As a pioneer of e-commerce, we are committed to helping sellers earn extra cash selling pre-loved items and helping buyers find items of value while promoting a healthier planet and economy.

現在讓我們討論一下我們對我們所服務的社區產生的影響。上季度，我們發布了年度影響報告，認可了我們在實現環境和社會目標方面取得的進展。作為電子商務的先驅，我們致力於幫助賣家通過銷售二手商品賺取額外現金，並幫助買家找到有價值的商品，同時促進更健康的地球和經濟。

I'm proud that we continue to make important strides to our own climate goals while leading sustainability throughout our company culture and philanthropic efforts. Additionally, we will soon publish our first ever U.K. social impact report, which takes a closer look at the programs we're delivering for hundreds of underserved entrepreneurs, social enterprises and charities in the U.K.

我感到自豪的是，我們在實現自己的氣候目標方面繼續取得重要進展，同時在整個公司文化和慈善事業中引領可持續發展。此外，我們很快將發布第一份英國社會影響報告，該報告將仔細研究我們為英國數百名服務不足的企業家、社會企業和慈善機構提供的計劃。

This includes programs like eBay for Change, which supports social entrepreneurs and creates jobs in marginalized and vulnerable communities. Another program with considerable impact is eBay for Charity which raised more than $38 million during the quarter. And I'm excited to announce that Engage for Good, a nonprofit organization dedicated to supporting the practice of cause marketing recognized eBay for Charity as a 2023 charity checkout champion.

這包括 eBay for Change 等項目，該項目支持社會企業家並為邊緣化和弱勢社區創造就業機會。另一個具有相當大影響力的項目是 eBay for Charity，該項目在本季度籌集了超過 3800 萬美元。我很高興地宣布，Engage for Good（一家致力於支持公益營銷實踐的非營利組織）將 eBay for Charity 評為 2023 年慈善結帳冠軍。

In closing, I would like to thank our incredible employees for another strong quarter of execution and for continuing to bring our strategic vision to life. I have never been more confident that we are on the right path to unlocking our enormous untapped potential and reinventing the future of e-commerce for enthusiasts only at eBay.

最後，我要感謝我們出色的員工，感謝他們在另一個季度的強勁執行力，並繼續將我們的戰略願景變為現實。我從未如此有信心，我們正走在正確的道路上，釋放我們巨大的未開發潛力，並為 eBay 的愛好者重塑電子商務的未來。

Our focus on relevant experiences, scalable solutions and magical innovations will greatly benefit our loyal community of sellers and buyers in the quarters and years ahead as well as better cater to the needs of the next generation of online shoppers.

我們對相關體驗、可擴展解決方案和神奇創新的關注將在未來幾個季度和幾年內極大地惠及我們忠誠的賣家和買家社區，並更好地滿足下一代在線購物者的需求。

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

這樣，我會將電話轉給史蒂夫，以提供有關我們財務業績的更多詳細信息。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 second quarter on Slide 10 of our earnings presentation. Next, I'll review our key financial and operating metrics in greater detail. Finally, I'll provide our outlook for the third quarter and offer some additional commentary on the remainder of the year before we begin Q&A.

謝謝杰米，也謝謝大家今天加入我們。我將首先介紹我們收益演示幻燈片 10 中第二季度的亮點。接下來，我將更詳細地回顧我們的關鍵財務和運營指標。最後，在我們開始問答之前，我將提供對第三季度的展望，並對今年剩餘時間提供一些額外的評論。

As usual, my comments will reflect the year-over-year comparisons on an organic FX-neutral basis unless I note otherwise. We delivered solid results in Q2 as our GMV, revenue and EPS exceeded expectations and came in at or above the high end of our guidance ranges despite ongoing macroeconomic uncertainty.

與往常一樣，除非我另有說明，否則我的評論將反映在有機外匯中性基礎上的同比比較。儘管宏觀經濟持續存在不確定性，但我們在第二季度取得了穩健的業績，因為我們的 GMV、收入和每股收益超出了預期，並且達到或高於我們指導範圍的上限。

Gross merchandise volume was down 1% to $18.2 billion, an improvement from down 3% in Q1. Revenue was up 5% to $2.54 billion, which outpaced volume by 6 points, driven by accelerating growth within our advertising business. Non-GAAP operating margin is 26.9%, down roughly 1.7 points year-over-year, primarily due to the impact of eBay international shipping ramp and recent M&A.

商品總銷量下降 1%，至 182 億美元，較第一季度下降 3% 有所改善。在廣告業務加速增長的推動下，收入增長 5%，達到 25.4 億美元，比銷量高出 6 個百分點。非 GAAP 營業利潤率為 26.9%，同比下降約 1.7 個百分點，主要是由於 eBay 國際航運增長和近期併購的影響。

We delivered $1.03 in non-GAAP earnings per share, up 5% year-over-year. And we generated $492 million of free cash flow while returning $383 million to shareholders through repurchases and dividends. Let's take a closer look at the key drivers of our financial performance during the second quarter.

我們實現了非 GAAP 每股收益 1.03 美元，同比增長 5%。我們產生了 4.92 億美元的自由現金流，同時通過回購和股息向股東返還 3.83 億美元。讓我們仔細看看第二季度財務業績的主要驅動因素。

Gross merchandise volume was down 1% to $18.2 billion, an improvement from down 3% in Q1 due to continued momentum within focused categories and a notable acceleration in cross-border trading. Foreign exchange represented a 1 point headwind to reported GMV growth in Q2.

由於重點品類的持續增長勢頭以及跨境貿易的顯著加速，商品總成交量下降 1%，至 182 億美元，較第一季度下降 3% 有所改善。外匯對第二季度報告的 GMV 增長產生了 1 個百分點的阻力。

GMV growth in our focus categories accelerated modestly and outpaced the remainder of our marketplace by roughly 7 points during the second quarter. We launched a new focus category in U.S. streetwear, extended trading cards to Canada and broadened our inventory coverage in sneakers, handbags and jewelery which drove a sequential increase in GMV coverage.

第二季度，我們重點品類的 GMV 增長小幅加速，比市場其他產品增長約 7 個百分點。我們在美國街頭服飾推出了新的重點品類，將交易卡擴展到加拿大，並擴大了運動鞋、手袋和珠寶的庫存覆蓋範圍，這推動了 GMV 覆蓋範圍的連續增長。

P&A was once again the largest contributor to GMV growth among focused categories, growing in the mid-single digits year-over-year in line with estimated market growth in this segment of e-commerce. eBay Refurbished maintained healthy double-digit growth in Q2 and was the second largest contributor to focus category outperformance as consumers continue to turn to eBay for value in the current economic climate.

P&A 再次成為重點品類中 GMV 增長的最大貢獻者，同比增長達到中個位數，與該電子商務領域的預計市場增長一致。 eBay 翻新業務在第二季度保持了兩位數的健康增長，並且是焦點類別表現出色的第二大貢獻者，因為消費者在當前的經濟環境下繼續轉向 eBay 尋求價值。

Next, looking at our business on a geographic basis. U.S. GMV was down 4% organically in Q2, as domestic buyers continue to favor imports due to diminishing headwinds within global supply chains that benefited cross-border trade.

接下來，從地理角度來審視我們的業務。美國第二季度 GMV 有機下降 4%，原因是全球供應鏈內的不利因素減少，有利於跨境貿易，國內買家繼續青睞進口產品。

International GMV grew 1% on an FX-neutral basis, accelerating by roughly 2 points sequentially. Although e-commerce growth remains weaker outside of the U.S. amidst heightened macro challenges, international GMV benefited from a sequential acceleration in volume from cross-border trading.

在匯率中性的基礎上，國際 GMV 增長 1%，環比加速約 2 個百分點。儘管由於宏觀挑戰加劇，美國以外地區的電子商務增長依然疲弱，但國際 GMV 受益於跨境交易量的連續加速。

Moving to active buyers. 132 million active buyers shop on eBay during the trailing 12 months ending in June, down 1 million quarter-over-quarter. Excluding M&A and buyers from our Turkey business, where we've ceased operations in July of last year, we had 131 million active buyers, roughly flat versus Q1. As we lap the Turkey closure this month, this factor will no longer be a headwind to reported active buyers next quarter.

轉向活躍買家。截至 6 月的過去 12 個月內，有 1.32 億活躍買家在 eBay 上購物，環比減少 100 萬。不包括去年 7 月停止運營的土耳其業務的併購和買家，我們有 1.31 億活躍買家，與第一季度基本持平。隨著本月土耳其關閉，這一因素將不再成為下季度活躍買家的不利因素。

The continued stabilization of our buyer count was driven by the four straight quarters of positive year-over-year growth in new and reactivated buyers, which was again led by double-digit growth in buyers from P&A. In isolation, new buyers grew year-over-year for the second straight quarter, while growth by our churn has steadily improved throughout 2023.

我們的買家數量持續穩定是由新買家和重新激活的買家連續四個季度同比正增長推動的，其中 P&A 買家的兩位數增長再次帶動了這一增長。單獨來看，新買家連續第二個季度同比增長，而我們的客戶流失率在 2023 年全年穩步改善。

Enthusiast buyers was stable at 16 million in Q2, as net migration patterns improved slightly quarter-over-quarter. Spend per enthusiast grew modestly year-over-year, averaging roughly $3,000 annually.

第二季度狂熱買家穩定在 1600 萬，淨移民模式環比略有改善。每個愛好者的支出逐年小幅增長，平均每年約為 3,000 美元。

Turning to revenue. We generated net revenue of $2.54 billion in Q2, up 5%, an acceleration of roughly 3 points versus Q1. Total FX-neutral revenue growth, inclusive of M&A, was 6% while currency was a 1 point headwind to reported growth. Our take rate was 13.9% in Q2, more than 30 basis points sequentially and up nearly 90 basis points year-over-year.

轉向收入。第二季度我們的淨收入為 25.4 億美元，增長 5%，比第一季度增長約 3 個百分點。包括併購在內的外匯中性總收入增長為 6%，而貨幣對報告的增長有 1 個百分點的阻力。第二季度我們的接受率為 13.9%，比上一季度增加了 30 個基點，同比增加了近 90 個基點。

Advertising revenue was the largest driver of our take rate growth, both sequentially and year-over-year. eBay international shipping and recent M&A in aggregate contributed nearly 10 basis points to our Q2 take rate sequentially, while new payment services contributed roughly 2 basis points.

無論是環比還是同比增長，廣告收入都是我們觀看率增長的最大推動力。 eBay 國際運輸和最近的併購總共為我們第二季度的採用率貢獻了近 10 個基點，而新的支付服務貢獻了大約 2 個基點。

Foreign exchange represented a sequential headwind of approximately 10 basis points to take rate in the second quarter. Our advertising business accelerated notably in Q2 as total ad revenue grew 35%, a 12-point acceleration versus Q1. First-party ads grew 49% or roughly 50 points faster than volume as the GMV delta widened by 17 points sequentially.

外匯交易在第二季度對利率產生了約 10 個基點的連續阻力。我們的廣告業務在第二季度顯著加速，廣告總收入增長了 35%，比第一季度增長了 12 個百分點。隨著 GMV 增量環比擴大 17 個百分點，第一方廣告的增長速度比銷量快 49%，即大約 50 個百分點。

However, roughly 4 points of this gap were related to a one-time accounting adjustment of deferred revenue on cost per click ad fees following the halo attribution change Jamie discussed earlier. The deferral release brought forward approximately $9 million of ad revenue to Q2, which we will lap in Q3.

然而，這一差距中大約有 4 個百分點與 Jamie 之前討論的光環歸因變更後對每次點擊廣告費用的遞延收入進行的一次性會計調整有關。延期發佈為第二季度帶來了約 900 萬美元的廣告收入，我們將在第三季度完成該收入。

The outstanding results within our ads business were driven by continued optimization of promoted listings standards and the expansion of our emerging products like advanced and external promoted listings. As we lap one-time factors like our ad portfolio expansion, recent product optimization wins, halo attribution and the one-time accounting change, we do expect the GMV delta to narrow from current levels. However, we still anticipate advertising revenue will outpace GMV for the foreseeable future.

我們廣告業務的出色業績得益於推廣列表標準的持續優化以及高級和外部推廣列表等新興產品的擴展。當我們考慮諸如廣告組合擴張、近期產品優化成果、光環歸因和一次性會計變更等一次性因素時，我們確實預計 GMV 增量將從當前水平縮小。然而，我們仍然預計在可預見的未來，廣告收入將超過 GMV。

Moving to profitability. Non-GAAP operating margin was 26.9% in Q2, down 1.7 points year-over-year. Roughly 1.5 points of this delta is due to the combination of eBay international shipping and recent M&A, while FX also represented a modest year-over-year headwind.

轉向盈利。第二季度非 GAAP 運營利潤率為 26.9%，同比下降 1.7 個百分點。這一增量的大約 1.5 個百分點是由於 eBay 國際航運和最近的併購的結合，而外匯也代表了溫和的同比逆風。

Gross margin was down roughly 80 basis points year-over-year, primarily due to a 1 point headwind from the progressive ramp of eBay international shipping which was partly offset by an increase in take rate driven by ads and other monetization efficiencies.

毛利率同比下降約 80 個基點，主要是由於 eBay 國際運輸的逐步增長帶來了 1 個百分點的阻力，但廣告和其他貨幣化效率推動的採用率增加部分抵消了這一阻力。

Sales and marketing as a percentage of revenue was down nearly 80 basis points year-over-year in Q2 as our continued investment in full funnel marketing initiatives was offset by leverage on monetization efficiencies and lower spend on coupons and incentives.

第二季度，銷售和營銷佔收入的百分比同比下降了近 80 個基點，因為我們對全渠道營銷計劃的持續投資被貨幣化效率的槓桿作用以及優惠券和激勵措施的支出減少所抵消。

Product development rose by 1.1 points as we continue to invest in product and engineering talent to accelerate innovation across the platform. Our G&A expense rose by roughly 60 basis points, driven by M&A and higher employee spend.

由於我們繼續投資於產品和工程人才以加速整個平台的創新，產品開發增長了 1.1 個百分點。在併購和員工支出增加的推動下，我們的一般管理費用增加了約 60 個基點。

We generated non-GAAP earnings per share of $1.03 in Q2, up 5% year-over-year, benefiting from a 4% net reduction in share count from our repurchases. We delivered GAAP earnings per share of $0.32 with the delta primarily driven by unrealized losses on our equity investment portfolio.

第二季度，我們的非公認會計準則每股收益為 1.03 美元，同比增長 5%，受益於我們回購的股票數量淨減少 4%。我們的 GAAP 每股收益為 0.32 美元，其增量主要是由我們的股權投資組合的未實現損失推動的。

Turning to our balance sheet and capital allocation. We generated free cash flow of $492 million in Q2, up 6%. Our balance sheet position remains robust, and we ended the quarter with cash and non-equity investments of $5.3 billion and gross debt of $7.7 million. We repurchased roughly $250 million in shares at an average price of approximately $44 during Q2 and have roughly $2.3 billion remaining under our current buyback authorization.

轉向我們的資產負債表和資本配置。第二季度我們產生了 4.92 億美元的自由現金流，增長 6%。我們的資產負債表狀況依然強勁，本季度結束時，我們的現金和非股權投資為 53 億美元，總債務為 770 萬美元。第二季度，我們以約 44 美元的平均價格回購了約 2.5 億美元的股票，目前的回購授權剩餘約 23 億美元。

We paid a quarterly cash dividend of $133 million in June or $0.25 per share. Our investment portfolio is detailed on Slide 20 of our earnings presentation. Our major equity investments and warrants were valued at over $3.4 billion at the end of Q2. This represents a decrease of approximately $200 million sequentially, driven primarily by the recent share price decline in Adevinta.

6 月份，我們支付了 1.33 億美元的季度現金股息，即每股 0.25 美元。我們的收益演示幻燈片 20 詳細介紹了我們的投資組合。截至第二季度末，我們的主要股權投資和認股權證價值超過 34 億美元。這意味著比上一季度減少了約 2 億美元，這主要是由於 Adevinta 近期股價下跌所致。

Moving on to our outlook. For the third quarter, we forecast GMV between $17.6 billion and $18 billion, representing organic FX-neutral growth between negative 4% and negative 1% year-over-year. We expect revenue between $2.46 billion and $2.52 billion, representing organic FX-neutral growth between 2% and 4% year-over-year.

繼續我們的展望。對於第三季度，我們預測 GMV 在 176 億美元至 180 億美元之間，即剔除匯率因素後有機同比增長在負 4% 到負 1% 之間。我們預計收入將在 24.6 億美元至 25.2 億美元之間，扣除外匯中性因素後的有機同比增長將在 2% 至 4% 之間。

We anticipate non-GAAP operating margin to fall between 25.8% and 26.5%, and we forecast non-GAAP earnings per share between $0.96 and $1.01 representing EPS growth between negative 4% and positive 1% year-over-year.

我們預計非 GAAP 運營利潤率將下降 25.8% 至 26.5%，非 GAAP 每股收益將在 0.96 美元至 1.01 美元之間，每股收益同比增長將在負 4% 到正 1% 之間。

We are currently planning our business around the assumption of total FX-neutral GMV growth between negative 2% and negative 1% year-over-year for the full year of 2023. We expect revenue to outpace GMV by approximately 4.5 points for the full year on a spot basis.

目前，我們正在圍繞 2023 年全年外匯中性 GMV 同比增長在負 2% 至負 1% 之間的假設來規劃我們的業務。我們預計全年收入將超過 GMV 約 4.5 個百分點現場進行。

Although FX-neutral revenue growth should continue to outpace GMV by mid-single digits during the second half, at current FX rates, our year-over-year growth in spot revenue and GMV would converge in Q4 as we lap significant FX hedging gains in the prior year period.

儘管下半年的外匯中性收入增長應繼續超過 GMV 中個位數，但按照目前的匯率計算，我們的現貨收入和 GMV 的同比增長將在第四季度趨於一致，因為我們在 2019 年取得了顯著的外匯對沖收益。上一年期間。

We are now planning for full year 2023 non-GAAP operating margins between 27% and 27.4%. Our margin assumptions contemplate a year-over-year headwind of roughly 1 point from the combination of recent M&A and the eBay international shipping program.

我們目前計劃 2023 年全年非 GAAP 營業利潤率在 27% 至 27.4% 之間。我們的利潤率假設考慮到，由於最近的併購和 eBay 國際運輸計劃的結合，同比下降約 1 個百分點。

However, we do expect the operating margin impact from EIS to abate by the fourth quarter. Our margin assumptions imply more than $100 million of OpEx savings from our structured cost program in 2023, which will be redeployed into strategic objectives.

然而，我們確實預計 EIS 對營業利潤率的影響將在第四季度減弱。我們的利潤率假設意味著 2023 年我們的結構化成本計劃將節省超過 1 億美元的運營支出，這些支出將重新部署到戰略目標中。

If foreign currencies follow the current rates, FX would represent a tailwind of roughly 0.5 point to GMV growth for the full year in 2023. However, FX would represent roughly 0.5 point headwind to operating margin for 2023 with approximately 2 points of impact during Q4 alone due to hedging gains in the prior year period. FX also represents more than a 2-point headwind to non-GAAP EPS for the full year.

如果外幣遵循當前匯率，外匯將對 2023 年全年 GMV 增長產生約 0.5 個百分點的順風。然而，外匯將對 2023 年營業利潤率產生約 0.5 個百分點的逆風，僅在第四季度就產生約 2 個百分點的影響由於去年同期的套期保值收益。與全年非公認會計原則每股收益相比，外匯也存在超過 2 個百分點的阻力。

Lastly, for the full year, we expect to generate just under $2 billion in free cash flow. Due to California state disaster tax relief, the majority of our cash tax payments scheduled for 2023 have been deferred and will be paid in October.

最後，我們預計全年將產生略低於 20 億美元的自由現金流。由於加利福尼亞州災難稅減免，我們計劃於 2023 年支付的大部分現金稅款已被推遲，並將於 10 月支付。

As such, we expect the bulk of our remaining 2023 free cash flow to be recognized in Q3. We estimate our non-GAAP tax rate will remain unchanged at 16.5% throughout the rest of 2023. Our capital expenditures for the full year are still estimated to be between 4% to 6% of revenue.

因此，我們預計 2023 年剩餘自由現金流的大部分將在第三季度得到確認。我們預計，在 2023 年剩餘時間內，我們的非 GAAP 稅率將保持在 16.5% 不變。我們全年的資本支出預計仍將佔收入的 4% 至 6% 之間。

In closing, Q2 was another strong quarter for eBay as we delivered against our quarterly financial commitments and made significant progress on our long-term strategic objectives. Focus categories expanded in coverage and positively influenced growth for the marketplace overall. Our advertising business is driving robust growth at scale as first-party ads meaningfully accelerated relative to GMV. We continue to invest in product and full funnel marketing initiatives in a disciplined manner laying the foundation for sustainable growth, and we generated $492 million of free cash flow, returned $383 million to shareholders through repurchases and dividends and have returned roughly 130% of free cash flow to shareholders over the last 18 months.

最後，第二季度是 eBay 的又一個強勁季度，我們兌現了季度財務承諾，並在長期戰略目標方面取得了重大進展。重點品類的覆蓋範圍不斷擴大，並對整個市場的增長產生了積極影響。我們的廣告業務正在推動規模的強勁增長，因為第一方廣告相對於 GMV 顯著加速。我們繼續以嚴格的方式投資於產品和全渠道營銷計劃，為可持續增長奠定基礎，我們產生了 4.92 億美元的自由現金流，通過回購和股息向股東返還了 3.83 億美元，並返還了大約 130% 的自由現金過去 18 個月流向股東。

I continue to be inspired by the accelerating pace of innovation at eBay as we reinvent the future of e-commerce for enthusiasts. With that, Jamie and I will now take your questions.

當我們為愛好者重塑電子商務的未來時，eBay 不斷加快的創新步伐繼續給我帶來啟發。接下來，傑米和我將回答你們的問題。

(Operator Instructions) Your first question is from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Eric Sheridan。

Maybe bridging the strategy to potential impact for the P&L. When you think about the 3 pillars you laid out that you're investing behind over the medium to long term, how should we think either collectively or individually of those pillars as drivers of either buyer growth, continued ramp in spend per buyer and/or potentially amplifying ROI on the platform over the medium to long term?

也許可以將策略與損益表的潛在影響聯繫起來。當您考慮您所列出的中長期投資的三大支柱時，我們應該如何集體或單獨地將這些支柱視為買家增長、每位買家支出持續增長和/或從中長期來看，是否有可能擴大平台的投資回報率？

Yes. Look, we're excited about the evolution of our strategy here with reinventing the future of e-commerce for enthusiasts. When you look at the pillars, Eric, first on relevant experiences, we've had a lot of success with this to date, right? Our focus categories have been about creating relevant experiences in specific categories and we've seen a CSAT change, a GMV change, et cetera.

是的。看，我們對我們的戰略演變感到興奮，為愛好者重塑電子商務的未來。埃里克，當你看支柱時，首先是相關經驗，迄今為止我們在這方面已經取得了很多成功，對嗎？我們的重點類別是在特定類別中創造相關體驗，我們已經看到了 CSAT 變化、GMV 變化等等。

And so we're expanding this now to kind of every site-wide experience that we have on the site, including a new design for Gen Z shoppers, including going to every e-mail, every notification. And frankly, new technology and tools enable us to do that. And so we feel really great about that and the impact on customer satisfaction and on GMV.

因此，我們現在正在將其擴展到網站上的每一種全網站體驗，包括針對 Z 世代購物者的新設計，包括查看每封電子郵件、每條通知。坦率地說，新技術和工具使我們能夠做到這一點。因此，我們對此及其對客戶滿意度和 GMV 的影響感到非常高興。

On the scalable solutions, think about all the foundational work that we've done in payments and really being able to take that to the next level with things like financial services and building on that or eBay International Services.

在可擴展的解決方案上，想想我們在支付方面所做的所有基礎工作，以及真正能夠通過金融服務和在此基礎上構建的 eBay 國際服務將其提升到一個新的水平。

When you combine the scale of eBay in 100 countries with the GMV that we do, we're able to roll out programs like the EIS, eBay International Shipping, and open up that opportunity for our sellers and just drive a lot more cross-border trade and a lot easier experience for our sellers.

當你將 eBay 在 100 個國家/地區的規模與我們的 GMV 結合起來時，我們就能夠推出 EIS、eBay 國際運輸等計劃，並為我們的賣家提供機會，推動更多的跨境賣家為我們的賣家提供貿易和更輕鬆的體驗。

And then think of magical innovations is really raising the bar on the experience that we're going to have on the site. I talked about some of the new AI products that we're launching. I mean, these are products that are out the gate having over 80% customer satisfaction, having sellers tell us this is going to unlock more inventory because you're making it so easy to list on the platform, products like live commerce.

然後想想神奇的創新確實提高了我們在網站上的體驗標準。我談到了我們正在推出的一些新的人工智能產品。我的意思是，這些產品已經推出，客戶滿意度超過 80%，賣家告訴我們這將釋放更多庫存，因為你可以輕鬆地在平台上列出諸如實時商務之類的產品。

We've now done over 300 live commerce and sellers and buyers are getting really engaged in that. And so that opportunity for us is to drive that customer lifetime value for a buyer as well as attract those new buyers on the platform. What I'm excited by is really the intersection of a couple of these.

我們現在已經開展了 300 多個直播商務活動，賣家和買家都在真正參與其中。因此，我們的機會是提高買家的客戶終身價值，並吸引平台上的新買家。讓我興奮的是這兩者的交叉點。

When you think about the intersection of relevant experiences combined with scalable solutions, only eBay can provide that, and that's why we think we're going to be able to reinvent the future of e-commerce in a really uniquely eBay way.

當您考慮相關體驗與可擴展解決方案的結合時，只有 eBay 可以提供這一點，這就是為什麼我們認為我們將能夠以 eBay 獨特的方式重塑電子商務的未來。

Eric, if you think about the financial architecture in terms of linked to the P&L, you're seeing us continue to invest. The underlying business, as we're moving forward is in a very healthy space. We're seeing great momentum not only with the focus categories, but also the monetization initiatives and the strength on the horizontal platform.

埃里克，如果您考慮與損益表相關的財務架構，您會看到我們繼續投資。隨著我們前進，基礎業務處於一個非常健康的空間。我們不僅看到了重點類別的強勁勢頭，還看到了貨幣化舉措和橫向平台的實力。

And so we continue to invest to drive the momentum in the underlying business. We remain committed to the architecture that we put out back at our Investor Day last year with the sorts of mid-single-digit GMV growth and the P&L architecture that comes off the back of that. The timing of that, as we always said, will be a function of the macro environment that we continue to operate in. So hopefully, that covers the question for you from the link between strategy and architecture.

因此，我們繼續投資以推動基礎業務的發展勢頭。我們仍然致力於去年投資者日推出的架構，其中包括中等個位數的 GMV 增長以及由此產生的損益架構。正如我們常說的，這一時機將取決於我們繼續運營的宏觀環境。因此，希望這能夠從戰略與架構之間的聯繫中為您解答問題。

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

你的下一個問題來自尼基爾·​​迪瓦尼（Nikhil Divani）和伯恩斯坦（Bernstein）。

My first one is on margins. I think the operating margin has kind of stepped down this year, and that's continuing to the back half as well. Can you just talk about the primary factors that are weighing on that and the degree to which they are temporary versus structural?

我的第一個是在邊緣。我認為今年的營業利潤率有所下降，並且這種情況也持續到下半年。您能否談談影響這一問題的主要因素以及這些因素是暫時性的還是結構性的？

I know you're not guiding to '24 yet, but when you think about next year, what are the levers that would allow you to improve from this kind of 26% margin level?

我知道您還沒有準備好迎接 24 世紀的到來，但是當您考慮明年時，有哪些槓桿可以讓您從這種 26% 的利潤率水平得到提高？

Let me give you a little bit of color on the year-over-year margin. Obviously, we have seen some modest deleverage associated with the current macro environment, which obviously reflected in our full year GMV commentary, and that's bringing a lot of pressure on margins.

讓我給大家介紹一下同比利潤率。顯然，我們已經看到了與當前宏觀環境相關的一些適度的去槓桿化，這明顯反映在我們的全年 GMV 評論中，這給利潤率帶來了很大的壓力。

I would refer probably to 4 discrete items that have impacted 2023. Firstly, we've talked about eBay international shipping. This is both strategically important for us as we open up the aperture across 132 million buyers across 190 countries and gives us a great opportunity to drive more commerce through eBay and, at the same time, drive accretive operating profit dollars. As a reminder for you all, we are now the principal in that relationship versus an agent and, therefore, the accounting treatment has impacted our margins in '23.

我可能會提到影響 2023 年的 4 個離散項目。首先，我們討論了 eBay 國際運輸。這對我們來說具有重要的戰略意義，因為我們向 190 個國家/地區的 1.32 億買家打開了大門，也為我們提供了一個絕佳的機會，可以通過 eBay 推動更多的商業活動，同時推動營業利潤的增長。提醒大家，我們現在是這種關係中的委託人而不是代理人，因此，會計處理影響了我們 23 年的利潤。

The second item will be around M&A. We have been more acquisitive of late to drive sustainable long-term growth in the business. And as I mentioned in our prepared remarks, we would expect EIS and M&A together to be a 1 point headwind to margins in '23.

第二個項目將圍繞併購。我們最近更加積極地收購，以推動業務的可持續長期增長。正如我在準備好的發言中提到的，我們預計 EIS 和併購將共同成為 23 年利潤率的 1 個百分點的阻力。

The third element, which is slightly nuanced is the FX fluctuations and lapping that we have seen or will see through the second half of the year. We did benefit from significant hedging gains in the fourth quarter of 2022, which we will ultimately lap. And in totality, that will equate to 0.5 point of FX-driven margin dilution for the full year and 2 points in quarter 4 alone.

第三個因素略有細微差別，是我們在今年下半年已經看到或將看到的外匯波動和波動。我們確實受益於 2022 年第四季度的顯著對沖收益，我們最終將實現這一目標。總的來說，這將相當於全年外匯驅動的利潤率稀釋 0.5 個百分點，僅第四季度就稀釋 2 個百分點。

And then finally, obviously, the reinvestments in our business. We are seeing focused category momentum, 7 points of growth over the core platform, horizontal investments in search and buyer and seller experience are driving dividends. And obviously, the investments in our monetization initiatives like payments and ads is bearing fruit.

最後，顯然是對我們業務的再投資。我們看到了集中的品類勢頭、核心平台增長了 7 個百分點、搜索和買家和賣家體驗方面的橫向投資正在推動股息。顯然，我們對支付和廣告等貨幣化計劃的投資正在取得成果。

And so as I think about margins for 2023, we have some unique items, as I've said, such as eBay International Shipping, the M&A and the FX fluctuations we've talked about. But we've also been investing in the business because we feel very confident about the trajectory of the business and how it's driving long-term sustainable growth.

因此，當我考慮 2023 年的利潤率時，正如我所說，我們有一些獨特的項目，例如 eBay 國際航運、併購和我們討論過的外匯波動。但我們也一直在投資該業務，因為我們對該業務的發展軌跡及其如何推動長期可持續增長充滿信心。

I think that as it pertains to 2024, I'm not going to get ahead of myself. We've given you a lot of color for the third quarter. We've added some color for the full year. We are -- remain committed, as I mentioned to Eric, to the medium-term goals that we've put out at our investor event.

我認為，就 2024 年而言，我不會超前。我們為您提供了第三季度的豐富內容。我們為全年增添了一些色彩。正如我向埃里克提到的那樣，我們仍然致力於我們在投資者活動中提出的中期目標。

This will really -- the timing will be the function of the duration and severity of the macro headwinds we're currently facing. And obviously, we'll give additional color for '24 in the quarters ahead.

這實際上是——時間將取決於我們目前面臨的宏觀逆風的持續時間和嚴重程度。顯然，我們將在未來幾個季度為 '24 提供更多色彩。

And you alluded to that Investor Day GMV framework, which kind of assumed the non-focus categories would be flat. I guess what's the strategy in your playbook to ensure that those non-focus verticals also remain stable going forward?

您提到了投資者日 GMV 框架，該框架假設非焦點類別將持平。我想您的劇本中採取了什麼策略來確保那些非重點垂直領域也保持穩定發展？

First of all, our strategy when we go back to it in terms of relevant experiences on the site, we're doing a lot of work outside of just the work that we're doing in focus categories. In fact, the majority of our investment is going there. So if you think about the magical listing experience, that's going to help unlock C2C inventory across every category on the site.

首先，當我們回到網站上的相關體驗時，我們的策略是，除了我們在重點類別中所做的工作之外，我們還做了很多工作。事實上，我們的大部分投資都流向了那裡。因此，如果您考慮神奇的列表體驗，這將有助於解鎖網站上每個類別的 C2C 庫存。

The second thing I would say is that when you think about our model and what we laid out, we have a real multiplier effect on our buyers. So as we continue to roll out focus categories and as we're seeing success there, that actually helps lift all tides across the eBay marketplace.

我要說的第二件事是，當你考慮我們的模式和我們的佈局時，我們對買家產生了真正的乘數效應。因此，當我們繼續推出重點類別並看到成功時，這實際上有助於推動 eBay 市場的所有潮流。

So take a sneakers buyer. The average sneaker buyer comes in and buys sneakers over $100, they're going to spend $400 in sneakers but then $2,000 on the rest of the platform outside of that. And that nature really allows us to help grow the overall marketplace, including our non-focus categories.

以運動鞋買家為例。運動鞋買家平均會購買超過 100 美元的運動鞋，他們會在運動鞋上花費 400 美元，然後在平台之外的其他產品上花費 2,000 美元。這種性質確實使我們能夠幫助發展整個市場，包括我們的非重點類別。

The last thing I'd say is when you think about things like the scalable solutions that we're building, take eBay international shipping, that's going to help every category. That's going to help focus categories like handbags coming out of Japan, et cetera, but it's also going to help our non-focus categories.

我要說的最後一件事是，當你想到我們正在構建的可擴展解決方案之類的事情時，以 eBay 國際運輸為例，這將對每個類別都有幫助。這將有助於關注來自日本的手袋等重點類別，但也將有助於我們的非重點類別。

And when you think about cross-border trade on the platform, it's really 1 in 5 transactions or 20%. So it [shows] you a lot of opportunity, both in our focus category work and the non-focus category work, and we feel committed and confident in our ability to get those to fly in the medium term.

當你考慮平台上的跨境貿易時，你會發現這實際上是五分之一的交易，即 20%。因此，它向您展示了很多機會，無論是在我們的重點類別工作還是非重點類別工作中，我們對我們在中期內讓這些項目得以實現的能力充滿信心和決心。

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

您的下一個問題來自邁克爾·莫頓 (Michael Morton) 和莫菲特·內桑森 (MoffettNathanson)。

I would like to maybe start off with EIS being deployed in the U.S. currently. If we could talk about any contributions you're seeing at this point to U.S. GMV. And maybe some color on timing and kind of contribution expectations going forward would be great because it seems like it's a program that you're very excited about.

我想先從目前在美國部署的 EIS 開始。我們可以談談您目前看到的對美國 GMV 的任何貢獻嗎？也許對時間安排和未來的貢獻期望進行一些說明會很棒，因為這似乎是一個讓您非常興奮的計劃。

And then a second question, we've talked about the full funnel marketing spend in the past, and you've mentioned millennials and Gen Z and the active buyer numbers have been improving. I was -- would love to dig down on those cohorts maybe a bit or if you could kind of bucket the strength you're seeing in active buyers. Are you having some effectiveness in converting the millennials and Gen Z who have maybe grown up in a different era of interacting with marketplaces?

第二個問題，我們過去討論過全漏斗營銷支出，您也提到了千禧一代和 Z 世代，活躍買家數量一直在增加。我很想深入研究一下這些群體，或者你是否可以挖掘一下你在活躍買家中看到的力量。您是否能夠有效地改變可能在與市場互動的不同時代長大的千禧一代和 Z 世代？

Yes. Okay. So first, let me talk about eBay international shipping. So the whole program makes cross-border shipping and selling much easier. So eBay handles the custom forms, we handle the duties. We handle the immediate returns. And sellers are protected from things like item not received claims on the platform. So we're in the process of basically rolling this out.

是的。好的。首先，讓我談談 eBay 國際運輸。因此整個計劃使跨境運輸和銷售變得更加容易。因此，eBay 處理自定義表格，我們負責職責。我們處理即時退貨。賣家可以免受諸如平台上未收到物品索賠之類的問題的影響。所以我們基本上正在推出這個項目。

Most sellers are adopting it. And while it's early days for the new program, we're seeing a really positive reception from sellers in terms of shippable listings, the conversion that we're seeing, et cetera.

大多數賣家都在採用它。雖然新計劃還處於早期階段，但我們看到賣家在可發貨列表、我們所看到的轉換等方面都收到了非常積極的反響。

Why we're excited by it is because 20% of the business on eBay is cross-border, but less than half of our big 3 inventory is available to be shipped internationally. So opening up that inventory, we think, is a unique advantage for eBay and a unique value proposition for our sellers on the marketplace.

我們之所以對此感到興奮，是因為 eBay 上 20% 的業務是跨境的，但我們三大庫存中只有不到一半可以進行國際運輸。因此，我們認為，開放庫存對於 eBay 來說是一個獨特的優勢，對於我們在市場上的賣家來說也是一個獨特的價值主張。

When you think about the full funnel marketing that we're doing and that shift, we're really seeing it pay off in terms of our buyer strategy. So this quarter, we saw, once again, new or reactivated buyers was positive for the fourth straight quarter. Our new buyer growth was positive for the second quarter. And take a category like P&A where we've been doing full funnel marketing, really targeting on enthusiasts, there, we're seeing that new and reactivated buyer growth being double digits faster than the rest of the platform.

當你想到我們正在做的全漏斗營銷和這種轉變時，我們確實看到它在我們的買家策略方面得到了回報。因此，本季度，我們再次看到新買家或重新激活的買家連續第四個季度表現積極。第二季度我們的新買家增長是積極的。以 P&A 等類別為例，我們一直在進行全漏斗營銷，真正針對愛好者，我們發現新買家和重新激活的買家增長速度比平台其他部分快兩位數。

So we feel really good that the investments that we're making are driving the right buyer outcomes. They're exactly where we expect them to be and where I've been talking that they would be. And when you look at it, categories like what we're doing in sneakers. This quarter, we just launched Authenticity Guarantee for streetwear, which is a great kind of Gen Z younger consumer category. We're in the middle of sponsoring fashion island -- sorry, Love Island in the U.K., which is kind of currently on air right now, sponsored by our eBay U.K. business, also bringing in a different type of cohort.

因此，我們感到非常高興，因為我們所做的投資正在推動正確的買家結果。它們正是我們所期望的，也是我一直在談論的。當你看它時，你會發現這些類別就像我們在運動鞋領域所做的那樣。本季度，我們剛剛推出了針對街頭服飾的正品保證，這是 Z 世代年輕消費類別的一個很好的選擇。我們正在讚助時尚島——抱歉，英國的愛情島，目前正在播出，由我們的 eBay 英國業務贊助，也引入了不同類型的群體。

So we feel really good that the strategy is working. We're bringing in the enthusiast buyers that we want and that we're seeing a great payoff out of the full funnel marketing approach.

所以我們對這個策略正在發揮作用感到非常高興。我們正在引進我們想要的狂熱買家，並且我們看到全漏斗營銷方法帶來了巨大的回報。

Your next question is from the line of Ken Gawrelski with Wells Fargo.

您的下一個問題來自富國銀行的 Ken Gawrelski。

A couple of more kind of macro and competitive questions, please. First, could you just speak to where we are in the evolution of the consumer preference for goods versus services? Have you seen a normalization of that trend? And has there been any benefit yet in results?

請再問一些宏觀和競爭性的問題。首先，您能否談談消費者對商品與服務的偏好的演變？您是否看到了這種趨勢的正常化？結果有什麼好處嗎？

And then the second one, could you just speak about the competitive environment, especially in the kind of the lower end of the market, maybe where we've seen in the market where there have been some aggressive moves by China drop shippers. Anything you could touch on there, any impact you may be seeing and what actions you might be taking to combat those efforts?

第二個問題，您能否談談競爭環境，特別是在低端市場，也許我們在市場上看到中國直運商採取了一些激進的舉措。您可以觸及其中的任何內容，您可能看到的任何影響以及您可能會採取哪些行動來對抗這些努力？

Yes. So look, on the first one, clearly, inflation and rising [interest rates] are impacting discretionary demand. I think what makes our platform more resilient is that consumers can come here and find amazing values. So if you think about the refurbished category, which has been a focus category of ours, that grew double digits year-over-year and was the second largest contributor towards our focus category outperformance.

是的。因此，從第一個方面看，很明顯，通貨膨脹和上升的[利率]正在影響可自由支配的需求。我認為讓我們的平台更具彈性的是消費者可以來到這裡並找到驚人的價值。因此，如果你考慮一下翻新類別，它一直是我們的重點類別，它同比增長了兩位數，並且是我們重點類別表現出色的第二大貢獻者。

In general, on the platform, we're seeing used growing faster than new. And that's what's great about eBay on the buy side. On the sell side, it is also a place to make extra income. And so we're really leaning into what we're doing on a C2C standpoint, including the new Magical Listing rollout because tougher economic times are an opportunity for us to bring more sellers onto the marketplace.

總的來說，在該平台上，我們看到舊貨的增長速度快於新貨的增長速度。這就是 eBay 在買方方面的偉大之處。在賣方方面，這也是賺取額外收入的地方。因此，我們確實傾向於從 C2C 的角度做我們正在做的事情，包括推出新的 Magical Listing，因為經濟困難時期是我們將更多賣家引入市場的機會。

When you think about the kind of a lower ASP market or the cross-border trade, as you mentioned, we noted that this quarter, we're actually seeing some strength in the cross-border trade of our business. That has to do with supply chain easing up and there being an opportunity for those sellers to export items in.

當您考慮較低的平均售價市場或跨境貿易時，正如您提到的，我們注意到本季度，我們實際上看到了我們業務的跨境貿易的一些優勢。這與供應鏈的放鬆以及這些賣家有機會出口商品有關。

And so we're actually seeing good health in what we're doing from a cross-border trade business. We've been doing a lot to enable that and make it easier. I talked about eBay international shipping, but we've also been rolling out new capabilities and payments over the past couple of quarters. with buyer and seller FX to make the payments process of that easier.

因此，我們實際上看到跨境貿易業務的健康狀況。我們一直在做很多事情來實現這一點並使其變得更容易。我談到了 eBay 國際運輸，但我們在過去幾個季度也推出了新的功能和支付方式。與買方和賣方外匯合作，使付款過程更加容易。

And we've been working on with some of our sellers to do forward deploying of our inventory which has just helped kind of ease some of that supply chain pressure. So overall, we feel really good about the values that people are getting from this [CBT] and the initiatives that we're investing in to make it easier for our sellers to export items throughout the globe.

我們一直在與一些賣家合作，提前部署我們的庫存，這在一定程度上有助於緩解供應鏈壓力。因此，總的來說，我們對人們從 [CBT] 中獲得的價值以及我們為使我們的賣家更容易在全球範圍內出口商品而投資的舉措感到非常滿意。

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

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

Two quick ones from us. First, can you add additional color on the factors driving strong trends in the first-party ads business? Are sellers also seeing additional performance gains or is this primarily driven by expansion in ad load in some of the areas of the website? And then second, on M&A, Steve, you alluded to kind of being acquisitive, how should we think about the appetite over the next few quarters? Are there any specific areas where you think there are additional opportunities?

我們的兩個快的。首先，您能否對推動第一方廣告業務強勁趨勢的因素進行補充說明？賣家是否也看到了額外的性能提升，或者這主要是由於網站某些區域的廣告負載擴大所致？其次，關於併購，史蒂夫，您提到了某種收購行為，我們應該如何考慮未來幾個季度的胃口？您認為有哪些特定領域存在額外機會？

Yes. So our first-party ads is really a success based on the execution of the team and what we're seeing in terms of return on ad spend. So this quarter, we grew 49% year-on-year.

是的。因此，根據團隊的執行力以及我們所看到的廣告支出回報率，我們的第一方廣告確實取得了成功。所以本季度，我們同比增長了 49%。

Some of that is due to some one-time factors. Steve talked about the accounting change that we've had. We also talked about the halo attribution that we rolled out for sellers. But in general, it's really based on the success of the products and the innovation that we're seeing.

其中一些是由於一些一次性因素造成的。史蒂夫談到了我們的會計變更。我們還討論了我們為賣家推出的光環歸因。但總的來說，它實際上是基於產品的成功和我們所看到的創新。

So if you look at our Promoted Listing Standard, it continues to be the workhorse of our advertising portfolio where we're driving more optimization and more relevance. And secondarily, when you look at our new products, they once again grew 30% quarter-over-quarter. They're the -- key one being Promoted Listings in Advanced. And the team continues to innovate to make it easier for sellers.

因此，如果您查看我們的推薦列表標準，它仍然是我們廣告組合的主力，我們正在推動更多優化和更多相關性。其次，當你看看我們的新產品時，它們再次環比增長了 30%。它們是高級列表中的關鍵之一。該團隊不斷創新，讓賣家更輕鬆。

So this quarter, we launched a feature called suggested campaign which makes it easier for sellers to add Promoted Listings Advanced to the work that they're already doing in advertising. And as we talked about, we now have 2.1 million sellers using the product and 800 million listings.

因此，本季度，我們推出了一項名為“建議活動”的功能，該功能使賣家可以更輕鬆地將“Promoted Listings Advanced”添加到他們已經在廣告中所做的工作中。正如我們所說，我們現在有 210 万賣家使用該產品和 8 億個列表。

So we feel great about the growth that we're seeing there. As Steve commented, some of that gap will narrow because of some of these onetime factors, but we see revenue continuing to pace out GMV because of the success of what we're doing in ads. Steve, maybe you want to take the second one?

因此，我們對在那裡看到的增長感到非常高興。正如史蒂夫評論的那樣，由於其中一些一次性因素，部分差距將會縮小，但由於我們在廣告方面所做的成功，我們看到收入繼續超過 GMV。史蒂夫，也許你想拿第二個？

Yes. So we've been very thoughtful and considerate as we've looked to M&A, it's really to structurally improve the core marketplace. And so if you think about where we've [launched in], my shipment is really helping fuel and support the growth in parts and accessories, our biggest focus category.

是的。因此，當我們考慮併購時，我們非常深思熟慮，這實際上是為了從結構上改善核心市場。因此，如果您考慮一下我們[推出]的地方，我的發貨確實有助於推動和支持零件和配件的增長，這是我們最關注的類別。

We recently launched in the TCG Player, which is supporting our trading card business. And Certilogo, which is the most recent acquisition really supporting our fashion category. So we've been very, very thoughtful about the entities that we lean into and partner with or we ultimately buy to really support the long-term sustainable growth of the platform, and we'll continue to be thoughtful. And as a group, we look at each potential acquisition on its merits and make the best decisions to drive long-term sustainable growth and shareholder value.

我們最近推出了 TCG 播放器，它支持我們的集換式卡牌業務。還有 Certilogo，這是最近收購的真正支持我們時尚類別的項目。因此，我們對我們所關注、合作或最終購買的實體進行了非常非常深思熟慮，以真正支持該平台的長期可持續增長，並且我們將繼續深思熟慮。作為一個團隊，我們會根據每項潛在收購的優點來考慮，並做出最佳決策，以推動長期可持續增長和股東價值。

Yes. And I'd just add, if you look at Certilogo as an example, it's a perfect acquisition for eBay. They have great relationships with brands. They're driving this ability to have these unique QR codes to make sure that products are authentic, and it's leading into a trend that we're seeing, frankly, two trends. One is the younger Gen Z consumer caring more about sustainability and preloved and what happens with garments.

是的。我想補充一點，如果你以 Certilogo 為例，它對 eBay 來說是一次完美的收購。他們與品牌有著良好的關係。他們正在推動這種擁有獨特二維碼的能力，以確保產品是正品，並且它正在引領一種趨勢，坦率地說，有兩種趨勢。其中之一是年輕的 Z 世代消費者更關心可持續性、二手貨以及服裝的變化。

And frankly, governments and regulators, especially in Europe, making sure that products don't go into the landfill, but they get a second and third and fourth life, which drives consistently right into the strategy that we've been talking about as the pioneers of e-commerce and driving the circular economy and driving the benefits for the overall planet.

坦率地說，政府和監管機構，特別是在歐洲，確保產品不會進入垃圾填埋場，但它們會獲得第二次、第三次和第四次生命，這始終如一地推動我們一直在談論的戰略電子商務的先驅，推動循環經濟，為整個地球帶來福祉。

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

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

We were positively surprised by international GMV growth this quarter while domestic was maybe a little bit lower. Just curious, any context or one-timers to consider here?

我們對本季度國際 GMV 的增長感到非常驚訝，而國內的 GMV 增長可能會稍低一些。只是好奇，這裡有什麼背景或一次性需要考慮嗎？

And Jamie, I'm curious with the marketplace essentially flat year-over-year for the first half, would it be reasonable to expect GMV to return to positive growth in '24.

Jamie，我很好奇上半年市場同比基本持平，預計 GMV 在 24 年恢復正增長是否合理。

Maybe for Steve. It's a more reserved year for buybacks. Any reason why you wouldn't monetize the Adevinta stake to bridge the gap between the current period and maybe a return to GMV growth? Any comments on those would be really helpful.

也許對於史蒂夫來說。今年是回購更為保守的一年。您有什麼理由不將 Adevinta 股份貨幣化，以彌補當前時期與 GMV 增長回歸之間的差距？對這些的任何評論都會非常有幫助。

Tom, I'll pick up the first one and the third. I'll let Jamie comment on the second. So the first one with regards to international versus U.S. GMV dynamics, there's a couple of items that are worth reflecting on. As a reminder for you all, the GMV is reflected on the geography where the seller is domiciled, i.e., where the sale takes place.

湯姆，我來接第一個和第三個。我會讓傑米評論第二個問題。因此，第一個關於國際與美國 GMV 動態的問題，有幾個項目值得反思。提醒大家的是，GMV 反映在賣家的住所（即銷售發生地）的地理位置上。

So first, it's associated with lapping dynamics. If you recall, Europe, in particular, got hit harder as we sort of went through the awful events of the war in Ukraine and the economic fallout associated with that. And they got hurt earlier, and we started to lap through that versus the U.S. in the first half of 2022.

首先，它與研磨動力學有關。如果你還記得的話，歐洲尤其受到了更嚴重的打擊，因為我們經歷了烏克蘭戰爭的可怕事件以及與之相關的經濟影響。他們早些時候受傷了，我們在 2022 年上半年對陣美國隊的比賽中開始經歷這一點。

Secondly, we saw the supply chain challenges that we're also lapping and the easing of those supply chains, particularly for our cross-border business that Jamie talked about earlier is helping drive international GMV momentum as we have an increase in cross-border trade, obviously fueled by some of the benefit from eBay international shipping.

其次，我們看到了我們正在應對的供應鏈挑戰以及這些供應鏈的緩解，特別是傑米之前談到的跨境業務，隨著我們跨境貿易的增加，這有助於推動國際 GMV 勢頭，顯然是受到 eBay 國際運輸的一些好處的推動。

The one thing I would say on the overall GMV basis, I continue to be very enthused by the overall level of momentum because we're leaning not only to focus category in the U.S. but also internationally, and those investments are bearing fruit across all of our geographies. Jamie, do you want to just touch on the other question before I talk about capital...

就整體 GMV 而言，我要說的一件事是，我仍然對整體勢頭感到非常興奮，因為我們不僅傾向於關注美國市場，而且還關注國際市場，這些投資在所有領域都取得了成果。我們的地理位置。傑米，在我談論資本之前，你想先談談另一個問題嗎？

Yes. Look, I think the momentum we're seeing is a reflection of the strategy that we have laid out and seeing it working. So if you think about focus categories, which was our largest one that we've -- we took on P&A, which was our largest one that we've taken on to date, having that grow mid-single digits, the category over $10 billion and be at market rates of growth speaks to the fact that we know how to roll out this playbook and make it successful.

是的。聽著，我認為我們所看到的勢頭反映了我們已經制定的戰略並看到它正在發揮作用。因此，如果你考慮一下焦點類別，這是我們最大的類別，我們選擇了 P&A，這是我們迄今為止最大的類別，該類別的增長達到中個位數，該類別超過 10 美元億美元並達到市場增長率，這說明我們知道如何推出這一策略並使其取得成功。

And frankly, we're continuing to invest back into categories that we've already launched because of the return that we're seeing. We feel good about things like what we're seeing in refurb with the double-digit growth, et cetera, the success that we're seeing in ads and payments.

坦率地說，由於我們看到了回報，我們將繼續投資於我們已經推出的類別。我們對翻新業務的兩位數增長以及廣告和支付方面的成功感到滿意。

So we're really happy with the momentum that we have there. As Steve talked about, we'll kind of deal through the macro pieces. But we're continuing to invest behind the strategy because we feel like it's working and the investments are really paying off for the customer and for shareholders.

因此，我們對目前的勢頭感到非常滿意。正如史蒂夫所說，我們將通過宏觀部分進行處理。但我們將繼續對該戰略進行投資，因為我們覺得它正在發揮作用，而且這些投資確實為客戶和股東帶來了回報。

Tom, specifically pertaining to your question on capital returns, we remain committed to the return of 125% of free cash flow as we talked about to shareholders through stock buybacks and dividends between '22 and '24. As I look over the last 18 months, we've returned $4.4 billion to shareholders, which is 130% of free cash flow. Specifically around certain assets that we hold, I'm not going to share any specific details on any of our specific investment stakes, but it will continue to be our priority as it's always been to drive a disciplined approach and to maximize shareholder value through the investment portfolio.

湯姆，特別是關於你關於資本回報的問題，正如我們在 22 年至 24 年間通過股票回購和股息與股東討論的那樣，我們仍然致力於回報 125% 的自由現金流。回顧過去 18 個月，我們向股東返還了 44 億美元，相當於自由現金流的 130%。特別是圍繞我們持有的某些資產，我不會分享有關我們任何具體投資股權的任何具體細節，但這將繼續是我們的首要任務，因為它始終是推動嚴格的方法並通過以下方式實現股東價值最大化：投資組合。

Operator, can we do one final question, please?

接線員，我們可以做最後一個問題嗎？

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

你的最後一個問題來自摩根大通的道格·安穆斯 (Doug Anmuth)。

It's Wes on for Doug. Just a quick question on P&A. Outperformance has been solid, but just kind of curious what you're seeing on the supply side there or if you feel like you're constrained on any front on P&A.

韋斯替補道格。只是一個關於 P&A 的簡單問題。表現一直很穩定，但只是有點好奇你在供應方面看到了什麼，或者你是否覺得自己在 P&A 方面受到了限制。

Yes. No, Wes, we're seeing good supply from our sellers in that category. I mean if you look overall in the business, supply is in great shape. We did.9 billion listings on the platform. We have over 500 million in P&A. The key for us has really been helping sellers make sense of -- I mean helping buyers make sense of all that inventory.

是的。不，韋斯，我們看到該類別的賣家供應充足。我的意思是，如果你觀察整個行業，就會發現供應狀況良好。我們在這個平台上上市了 90 億美元。我們的 P&A 金額超過 5 億。對我們來說，關鍵實際上是幫助賣家理解——我的意思是幫助買家理解所有庫存。

And as we roll out the new fitment changes, as we've rolled out guaranteed fitment, we're finding that the experience is just so much easier for all of our segments of key buyers, whether they're now using the My Garage feature on the site. We just launched these 2 new AI features which enable us to make the buying experience so much better.

當我們推出新的裝修變更時，當我們推出有保證的裝修時，我們發現，對於我們所有的主要買家群體來說，無論他們現在是否使用“我的車庫”功能，體驗都變得更加容易在網站上。我們剛剛推出了這兩項新的人工智能功能，使我們能夠改善購買體驗。

Once we know your car, we can tell you, here's the key upgrades to do. We can help you with things like your engine codes. And look, this is the second quarter of mid-single-digit growth, which we believe is at market rates of growth. And so we're feeling great about that.

一旦我們了解了您的汽車，我們就可以告訴您，這是需要進行的關鍵升級。我們可以幫助您解決諸如發動機代碼之類的問題。看，這是第二季度實現中個位數增長，我們認為這是按市場增長率計算的。所以我們對此感覺很好。

As I said, our buyers in P&A are growing double digits faster than the rest of the markets when you look at our new and reactivated buyers. So we're pleased with what we're seeing. We're continuing to invest and roll out new features and new capabilities. We're seeing particular strength in CBT right now. But overall, really pleased with what we're seeing in our motors P&A, and frankly, across our focus category portfolio.

正如我所說，當你看看我們的新買家和重新激活的買家時，我們在 P&A 的買家的增長速度比其他市場快兩位數。所以我們對所看到的感到滿意。我們將繼續投資並推出新特性和新功能。我們現在看到 CBT 的特別優勢。但總的來說，我們對我們在電機 P&A 中看到的情況非常滿意，坦率地說，對我們的重點類別產品組合也很滿意。

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

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