(EBAY) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Bhavesh, and I'll be your conference operator today. At this time, I would like to welcome everyone to the eBay Q3 2023 Earnings Call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫 Bhavesh，今天我要擔任你們的會議操作員。現在，我歡迎大家參加 eBay 2023 年第三季財報電話會議。 （操作員說明）

I will now hand the call over to Mr. John Egbert Vice President of Investor Relations. You may begin your conference.

我現在將電話轉交給投資人關係副總裁約翰‧艾格伯特先生。您可以開始您的會議了。

Good afternoon. Thank you all for joining us for eBay's Third 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.

午安.感謝大家參加 eBay 2023 年第三季財報電話會議。今天與我一起參加電話會議的是我們的執行長傑米·伊安諾 (Jamie Iannone)；以及我們的財務長 Steve Priest。我們將在電話會議期間提供幻燈片簡報來配合我們的評論，您可以透過 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, and all earnings per share amounts reflect earnings per diluted share unless indicated otherwise.

在我們開始之前，我要提醒您，在本次電話會議中，我們將討論與我們績效相關的某些非公認會計準則衡量指標。您可以在我們隨附的幻燈片簡報中找到這些指標與最接近的可比較 GAAP 指標的對帳。此外，除非另有說明，我們準備的評論中提到的所有增長率都將反映外匯中性的同比有機比較，所有每股收益金額都反映稀釋後每股收益。

During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q and our earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of November 7, 2023. We do not intend and undertake no duty to update this information.

在本次電話會議期間，管理層將做出前瞻性聲明，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有重大差異。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資​​訊。您不應依賴任何前瞻性陳述。本簡報中的所有資訊均截至 2023 年 11 月 7 日。我們不打算也不承擔更新此資訊的義務。

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. Our teams delivered solid results during the third quarter. We generated gross merchandise volume of approximately $18 billion, while revenue grew 4% to $2.5 billion. We delivered non-GAAP earnings per share of $1.03, up 3%, while returning over $780 million of capital to shareholders. We achieved these results despite continued challenges in the global macro environment. Inflationary pressures and rising interest rates continue to weigh on consumer confidence and pressure demand for discretionary goods.

謝謝，約翰。大家下午好，感謝大家今天加入我們。我們的團隊在第三季取得了紮實的成果。我們的商品總量約為 180 億美元，營收成長了 4%，達到 25 億美元。我們實現了非 GAAP 每股盈餘 1.03 美元，成長 3%，同時向股東返還超過 7.8 億美元的資本。儘管全球宏觀環境仍面臨挑戰，我們還是取得了這些成果。通膨壓力和利率上升繼續影響消費者信心，並對非必需品需求造成壓力。

As Steve will discuss in greater detail, we've observed softening consumer trends to date in Q4 and particular challenges in Europe, suggesting we may see a more muted seasonal uptick over the holidays. We are focused on controlling what we can control, being prudent about our costs, leaning in operational efficiencies and continuing to drive innovation for our customers.

正如史蒂夫將更詳細地討論的那樣，我們觀察到第四季度迄今為止的消費者趨勢疲軟以及歐洲的特殊挑戰，這表明我們可能會在假期期間看到更溫和的季節性增長。我們專注於控制我們能控制的事情，謹慎對待我們的成本，提高營運效率並繼續為我們的客戶推動創新。

Last quarter, I discussed our vision of reinventing the future of e-commerce for enthusiasts, which is focused on 3 strategic pillars: relevant experiences, scalable solutions and magical innovation. And I'm pleased that we made meaningful progress against each of these pillars during Q3, which I'll discuss in greater detail.

上個季度，我討論了我們為愛好者重塑電子商務未來的願景，該願景專注於 3 個策略支柱：相關體驗、可擴展的解決方案和神奇的創新。我很高興我們在第三季在每個支柱方面取得了有意義的進展，我將更詳細地討論這些進展。

I'll start with our first pillar, relevant experiences. Our relevant and focused categories continues to drive underlying growth in our business, and we've observed a meaningful improvement in our growth relative to the market in every category we've invested to date. Focus categories grew roughly 7 points faster than the remainder of our marketplace in Q3. Year-to-date, our focus categories have grown at approximately 4% year-over-year.

我將從我們的第一個支柱開始，即相關經驗。我們的相關和重點類別繼續推動我們業務的潛在成長，我們已經觀察到，迄今為止我們投資的每個類別相對於市場的成長都取得了有意義的改善。第三季度，焦點類別的成長速度比市場其他類別快約 7 個百分點。今年迄今為止，我們的重點類別年增約 4%。

For context, we estimate market rates of growth in those same categories were in the low single digits on average during the first half of 2023 as several of these categories are comprised of highly discretionary goods, which have been more acutely impacted by the challenging macro environment.

就背景而言，我們估計2023 年上半年這些相同類別的市場成長率平均為低個位數，因為其中幾個類別由高度可自由支配的商品組成，這些商品受到充滿挑戰的宏觀環境的影響更為嚴重。

We continue to push the envelope of innovation in motors, parts and accessories, or P&A, by developing features that enhance our customer value proposition. These investments have fueled mid-single-digit GMV growth for P&A for 3 consecutive quarters, which is in line with industry growth for this segment of e-commerce in our largest markets.

我們透過開發可增強客戶價值主張的功能，繼續推動馬達、零件和配件 (P&A) 的創新極限。這些投資連續三個季度推動 P&A 的 GMV 實現中個位數成長，這與我們最大市場中電子商務細分市場的產業成長相符。

The eBay Guaranteed Fit program has contributed to this momentum by delivering a game-changing level of trust. This program enables tens of millions of P&A shoppers to buy with confidence knowing their auto parts will fit or they'll receive their money back, which has yielded a measurable uplift in conversion.

eBay 保證適合度計畫透過提供改變遊戲規則的信任度為這一勢頭做出了貢獻。該計劃使數以千萬計的 P&A 購物者放心購買，知道他們的汽車零件適合，否則他們將收到退款，從而顯著提高了轉換率。

Additionally, we have not observed a material impact on product returns as our fitment checks have reduced the likelihood of buyers receiving a part that does not fit their vehicle. Given the success this program has had in the U.S., we were incredibly excited to roll out similar programs in the U.K. and Germany during Q3, where our unaided awareness among P&A shoppers is significantly higher than it is in the U.S.

此外，我們尚未觀察到對產品退貨產生重大影響，因為我們的配件檢查降低了買家收到不適合其車輛的零件的可能性。鑑於該計劃在美國的成功，我們非常高興能夠在第三季度在英國和德國推出類似的計劃，我們在 P&A 購物者中的獨立意識明顯高於美國。

The Guaranteed Fit program is underpinned by multiple years of investment in P&A technology, including our acquisition of myFitment. We have been steadily onboarding sellers into the myFitment toolkit to enhance their P&A listings with more robust fitment data, which improves findability for parts and protects buyers from unnecessary returns.

保證貼合計畫以多年來對 P&A 技術的投資（包括我們對 myFitment 的收購）為基礎。我們一直在穩步讓賣家加入 myFitment 工具包，透過更可靠的配件數據來增強他們的 P&A 列表，從而提高零件的可查找性並保護買家免受不必要的退貨。

By the end of Q3, roughly 2/3 of large U.S. P&A sellers have adopted the toolkit. On average, sellers are observing conversion uplift of double digits or higher for listings enhanced by this toolkit, driving incremental GMV for eBay.

到第三季末，大約 2/3 的美國大型 P&A 賣家已採用該工具包。平均而言，賣家觀察到透過工具包增強的清單的轉換率提升了兩位數或更高，從而推動了 eBay 的 GMV 增量。

In early October, we reached a major milestone with 2 billion pieces of fitment data added to live listings using myFitment's technology. While this is outstanding progress, we continue to invest in simplifying the onboarding process, making it faster to import listings and identifying more vehicle matches for our more than 550 million live P&A listings.

10 月初，我們實現了一個重要的里程碑，使用 myFitment 的技術將 20 億個裝修資料添加到即時清單中。雖然這是一個顯著的進步，但我們將繼續投資簡化入職流程，加快導入清單的速度，並為我們超過 5.5 億個即時 P&A 清單確定更多車輛匹配。

During Q3, we continued to deliver relevant experiences for the collectibles category across a number of areas. We generated over $10 billion in GMV from collectibles over the last 12 months, and more than 1 in 4 eBay buyers purchased at least 1 collectibles item over the past year. These buyers carry some of the highest conversion, repurchase and retention rates on eBay. And they are also among the heaviest cross-category shoppers on our platform, which supports our other categories.

第三季度，我們持續在多個領域為收藏品類別提供相關經驗。在過去 12 個月裡，我們的收藏品創造了超過 100 億美元的 GMV，超過四分之一的 eBay 買家在過去一年中購買了至少 1 件收藏品。這些買家在 eBay 上擁有最高的轉換率、重購率和留任率。他們也是我們平台上最重的跨品類購物者之一，該平台支援我們的其他品類。

Our goal is to remain the world's most loved destination for passionate collectibles enthusiasts, providing access to the most compelling assortment of inventory across multiple categories in a high-trust environment. In service of that vision, during Q3, we launched direct submissions to the eBay vault. This enables any U.S. resident to send in trading cards valued at $250 or higher from their personal collections to the vault, even if they were not purchased on eBay.

我們的目標是繼續成為世界上最受熱情收藏愛好者喜愛的目的地，在高度信任的環境中提供跨多個類別的最引人注目的庫存品種。為了實現這個願景，我們在第三季推出了直接向 eBay 金庫提交的服務。這使得任何美國居民都可以將其個人收藏的價值 250 美元或更高的交易卡發送到保險庫，即使這些卡不是在 eBay 上購買的。

In July, to coincide with the National Sports Collectors Convention, the industry's biggest event, we announced vault enhanced submission, which now enables us to gather large amounts of high-ASP cards in person at tentpole events attended by top collectors. During one weekend at the National alone, we added tens of millions of dollars of assets under management at eBay vault, including a signed Jackie Robinson card valued at approximately $1 million.

7 月，為了配合業界最大的活動——全國體育收藏家大會，我們宣布了金庫增強提交功能，這使我們能夠在頂級收藏家參加的頂級活動中親自收集大量高 ASP 卡片。光是在國家體育場的一個週末，我們就在 eBay 金庫管理下增加了數千萬美元的資產，其中包括一張價值約 100 萬美元的傑基羅賓遜簽名卡。

During Q3, we also wrote out a revamped condition grading system for trading cards, which greatly improves transparency for collectibles in this category. New listings now carry more precise details, including whether a card has been professionally graded and the numerical grade or one of several predefined card conditions. Existing listings will be also migrated to the new standard over the coming months. Sellers have been asking us for this feature for some time, and we believe it will drive improved trust for buyers, better and more consistent price realization for sellers as well as more robust data and insights around individual card values for eBay.

在第三季度，我們還為交易卡編寫了改進的狀況分級系統，這大大提高了該類別收藏品的透明度。新的列表現在包含更精確的詳細信息，包括卡片是否經過專業評級以及數字等級或幾個預定義的卡片條件之一。現有清單也將在未來幾個月內遷移到新標準。一段時間以來，賣家一直要求我們提供此功能，我們相信它將提高買家的信任度，為賣家提供更好、更一致的價格實現，並為eBay 提供有關個人卡價值的更可靠的數據和見解。

In response to our growing community of collectors and enthusiasts, last year, we introduced eBay Live, an interactive live shopping experience within the eBay app. This feature marries eBay's unique scale with an engaging shopping experience that we believe enthusiasts across the collectibles, luxury and fashion categories are increasingly seeking. Buyers can interact with influential sellers and check out in real time without leaving the stream. And sellers have loved this tool as they can move items at scale and increase their sales velocity while listing items as fixed price or as extended auctions.

為了滿足不斷增長的收藏家和愛好者社群的需求，去年，我們推出了 eBay Live，這是 eBay 應用程式中的互動式即時購物體驗。這項功能將 eBay 獨特的規模與引人入勝的購物體驗結合在一起，我們相信收藏品、奢侈品和時尚類別的愛好者正在越來越多地尋求這種體驗。買家無需離開直播即可與有影響力的賣家互動並即時結帳。賣家很喜歡這個工具，因為他們可以大規模移動物品並提高銷售速度，同時以固定價格或延長拍賣的形式列出物品。

EBay Live is currently in beta, but we continue to expand its availability to more sellers and categories.

eBay Live 目前處於測試階段，但我們將繼續將其可用性擴展到更多賣家和類別。

While we've been thoughtful about the pace of onboarding as we fine-tune the beta experience, Q3 market inflection point as we hosted over 1,000 live events saw [our million fire] tune in and grew GMV from eBay Live by 4x quarter-over-quarter.

While we've been thoughtful about the pace of onboarding as we fine-tune the beta experience, Q3 market inflection point as we hosted over 1,000 live events saw [our million fire] tune in and grew GMV from eBay Live by 4x quarter-over -四分之一.

Now let me turn to the second pillar of our evolved strategy, scalable solutions. We're pleased with the progress we're making with our eBay International Shipping program, or eIS, which makes cross-border trade more seamless and cost-effective for sellers and buyers. We continued to scale eIS during Q3 and now have over 400 million live listings from U.S. sellers shippable to international buyers in more than 190 countries.

現在讓我談談我們發展策略的第二個支柱：可擴展的解決方案。我們對 eBay 國際運輸計畫 (eIS) 所取得的進展感到滿意，該計畫使跨境貿易對賣家和買家來說更加無縫且更具成本效益。我們在第三季繼續擴大 eIS 規模，現在有超過 4 億則來自美國賣家的即時清單可運送給 190 多個國家的國際買家。

Sellers have had an overwhelmingly positive reaction to the new program with customer satisfaction rates approximately 30 points higher than the previous global shipping program it replaced. In October, we launched combined shipping for eIS, which allows buyers to order multiple items from an international seller and pay one consolidated shipping fee.

賣家對新計劃反應非常積極，客戶滿意度比其取代的先前的全球運輸計劃高出約 30 個百分點。 10 月份，我們推出了 eIS 合併運輸，買家可以向國際賣家訂購多件商品，並支付一筆合併運費。

Q3 also marked another strong quarter for our advertising business. Total advertising revenue grew 24% to $366 million. First-party ads grew 36% to $345 million or 36 points faster than FX-neutral GMV growth. Over 2.3 million sellers adopted a single ad product during Q3, and we currently have over 850 million live Promoted Listings.

第三季也標誌著我們廣告業務的另一個強勁季度。廣告總收入成長 24%，達到 3.66 億美元。第一方廣告成長 36%，達到 3.45 億美元，比匯率中性 GMV 成長快 36 個百分點。第三季度，超過 230 萬賣家採用了單一廣告產品，目前我們擁有超過 8.5 億個即時促銷清單。

Promoted Listing Standard, our cost per acquisition ad unit, was once again the largest contributor to growth in Q3, driven by continued optimization of placements, ad rate improvements and the recurring benefit of the Halo attribution change we discussed last quarter.

在持續優化展示位置、提高廣告費率以及我們上季度討論的Halo 歸因變化帶來的經常性收益的推動下，我們的每次獲取成本廣告單元「促銷清單標準」再次成為第三季度增長的最大貢獻者。

Promoted Listings Advanced, our cost-per-click product, was the fastest-growing product in our ads portfolio on a year-over-year basis. PL Advanced continues to benefit from the simplifying and automating of core elements of the campaign setup and management processes.

高級清單推廣（Promoted Listings Advanced）是我們的每次點擊費用產品，是我們廣告組合中較去年同期成長最快的產品。 PL Advanced 持續受惠於行銷活動設定和管理流程核心要素的簡化和自動化。

In September, we launched smart targeting for PL Advanced, which makes creating and managing CPC campaigns easier than ever. Previously, these campaigns took a lot of time to set up and manage as sellers have to manually set keywords and manage campaigns individually. Now through smart targeting, eBay uses AI to manage keywords on behalf of sellers and optimize campaigns dynamically, all with just a few clicks to set up.

9 月份，我們推出了 PL Advanced 的智慧定位，這使得建立和管理 CPC 廣告活動比以往更容易。以前，這些廣告活動需要花費大量時間來設定和管理，因為賣家必須手動設定關鍵字並單獨管理廣告活動。現在，透過智慧定位，eBay 使用人工智慧代表賣家管理關鍵字並動態優化行銷活動，只需點擊幾下即可完成設定。

As part of the smart targeting launch, we've also extended CPC ads to the similar items recommendations module when users are viewing another item, using fully automated targeting and bidding technology.

作為智慧定位推出的一部分，我們還使用全自動定位和出價技術，將每次點擊費用廣告擴展到用戶查看其他商品時的類似商品推薦模組。

Moving to our third pillar, Magical Innovations. Last quarter, we discussed our magical listing experience, which represents the biggest transformation of the eBay listing process in our 28-year history. For over 2 decades, 2 of our biggest focuses were at odds with each other: making it a simple and fast as possible to list an item and ensuring listings are rich and comprehensive to maximize sales.

轉向我們的第三個支柱，神奇的創新。上個季度，我們討論了我們神奇的上市體驗，這代表了我們 28 年歷史上 eBay 上市流程的最大轉變。二十多年來，我們最大的兩個關注點相互矛盾：盡可能簡單、快速地列出商品，並確保商品清單豐富而全面，以最大限度地提高銷售量。

Now generative AI allows us to leverage our treasure trove of images and listing data to quickly create compelling listings. Early users have told us these capabilities will unlock more of the inventory in their closets and garages, which could ultimately keep more products out of landfills.

現在，生成式人工智慧使我們能夠利用我們的圖像和清單資料寶庫來快速創建引人注目的清單。早期用戶告訴我們，這些功能將釋放他們壁櫥和車庫中的更多庫存，最終可以將更多產品遠離垃圾掩埋場。

The first phase of our magical listing experience leverages generative AI to instantly populate the item description within the listing flow based on a product's title, category and other aspects. This feature rolled out to 100% of mobile app users in the U.S., U.K. and Germany during Q3.

我們神奇的清單體驗的第一階段利用生成式人工智慧，根據產品的標題、類別和其他方面立即填入清單流程中的項目描述。第三季度，該功能已向美國、英國和德國 100% 的行動應用用戶推出。

In October, we extended the generative AI descriptions to 50% of desktop users in these countries. The first phase of the magical listing experience has been incredibly well received by sellers as usage, adoption, customer satisfaction and content acceptance rates have all been higher than expected.

10 月份，我們將生成式 AI 描述擴展到這些國家 50% 的桌面用戶。第一階段的神奇上市體驗受到了賣家的熱烈歡迎，使用率、採用率、客戶滿意度和內容接受率都高於預期。

As much as sellers have enjoyed the first phase of magical listing, we believe the next iteration will be so simple and easy to use that all of our sellers will love it. This experience will enable sellers to point their camera at an item, take a photo, and eBay does the rest. Behind the scenes, we have powered this experience with our proprietary computer vision technology and generative AI to seamlessly populate the description, category and any other item aspects.

儘管賣家已經享受了神奇清單的第一階段，但我們相信下一階段將如此簡單易用，以至於我們所有的賣家都會喜歡它。這種體驗將使賣家能夠將相機對準商品並拍照，然後 eBay 會完成剩下的工作。在幕後，我們利用專有的電腦視覺技術和生成人工智慧來支援這種體驗，以無縫填充描述、類別和任何其他項目方面。

Our camera-based magical listing experience has been in employee beta for several months and is currently in a limited beta with a number of large sellers. Feedback from our beta sellers has been extremely positive as they found the new experience intuitive and easier to use. We are incredibly excited to bring this experience to more sellers over the coming months.

我們基於攝影機的神奇上市體驗已經在員工測試版中進行了幾個月，目前正在與許多大型賣家進行有限測試。我們的測試版賣家的回饋非常積極，因為他們發現新體驗直觀且更易於使用。我們非常高興能夠在未來幾個月內將這種體驗帶給更多賣家。

As part of our magical listing initiative, we also rolled out a vastly improved background removal tool powered by AI during Q3. Sellers have told us that simpler, cleaner images of their products have a significant impact on conversion. Our enhanced tool has now rolled out to all users in the core listing flow, and sellers have told us they are already noticing significant quality and performance improvements from the revamped tool versus our prior version.

作為我們神奇的列表計劃的一部分，我們還在第三季度推出了由人工智慧支援的大幅改進的背景去除工具。賣家告訴我們，更簡單、更清晰的產品圖片對轉換率有重大影響。我們的增強工具現已向核心清單流程中的所有使用者推出，賣家告訴我們，他們已經注意到改進後的工具與我們先前的版本相比，品質和效能有了顯著的改進。

Overall, I'm incredibly pleased by the progress we are making across all 3 pillars of our strategy. It is particularly encouraging to see how recent advancements in AI and machine learning can help us address more long-standing pain points for sellers and buyers on eBay in efficient and scalable ways.

總的來說，我對我們在策略的所有三大支柱上取得的進展感到非常高興。特別令人鼓舞的是，人工智慧和機器學習的最新進展如何幫助我們以高效且可擴展的方式解決 eBay 上賣家和買家長期存在的痛點。

Next, I'd like to highlight the impact we're having on the communities we serve. In Q3, we released our second annual small business report, which examines the sentiment of our global sellers. Despite macroeconomic uncertainty, eBay sellers are confident they can build their businesses and give back to their communities. In fact, more than half of eBay sellers expect their overall business to grow in the next 12 months, and over 2/3 expect their businesses on eBay to increase over the next 5 years.

接下來，我想強調我們對我們所服務的社區所產生的影響。在第三季度，我們發布了第二份年度小型企業報告，該報告研究了我們全球賣家的情緒。儘管宏觀經濟存在不確定性，但 eBay 賣家仍然相信他們能夠發展自己的業務並回饋社區。事實上，超過一半的 eBay 賣家預計他們的整體業務將在未來 12 個月內成長，超過 2/3 的賣家預計他們在 eBay 上的業務將在未來 5 年內成長。

We also recently announced the winners of our up-and-running grants. This program is currently in its fourth year and provides entrepreneurs with capital to invest in their businesses, along with training and mentorship to help them grow and thrive.

我們最近也宣布了我們的啟動和運行補助金的獲獎者。該計劃目前已進入第四年，為企業家提供投資企業的資金，以及幫助他們成長和繁榮的培訓和指導。

The third quarter also marked the 20th anniversary of eBay for Charity, a program created as a way for people to give back during times of crisis. It has evolved to a global platform supporting countless organizations and causes and raised more than $1.3 billion for nonprofits to date. In Q3 alone, the eBay community raised $40 million, up 16% year-over-year.

第三季也標誌著 eBay 慈善計畫成立 20 週年，該計畫旨在幫助人們在危機時期回饋社會。它已發展成為一個支持無數組織和事業的全球平台，迄今為止已為非營利組織籌集了超過 13 億美元。光是第三季度，eBay 社群就籌集了 4,000 萬美元，年增 16%。

All of these efforts demonstrate our purpose-driven community, and we are honored to be recognized for our progress. We're proud to be ranked on the U.S. News & World Report's inaugural list of Best Companies to Work For. eBay was also recognized as a Top Corporate Philanthropist by the Silicon Valley Business Journal and San Francisco Business Times.

所有這些努力都證明了我們以目標為導向的社區，我們很榮幸我們的進步得到認可。我們很榮幸躋身《美國新聞與世界報道》首屆「最佳雇主」名單。 eBay 也被《矽谷商業雜誌》和《舊金山商業時報》評為頂級企業慈善家。

In closing, I'd like to thank our extraordinary eBay team for delivering another solid quarter and continuing to innovate for our customers. We made significant progress against our long-term objectives during Q3. Our accelerating pace of innovation is fundamentally changing the eBay experience, driving higher customer satisfaction and paving the way for new growth and revenue opportunities.

最後，我要感謝我們出色的 eBay 團隊，他們又交付了一個穩定的季度業績，並繼續為我們的客戶進行創新。第三季度，我們在實現長期目標方面取得了重大進展。我們不斷加快的創新步伐正在從根本上改變 eBay 的體驗，提高客戶滿意度，並為新的成長和收入機會鋪平道路。

As the macro environment remains uncertain, we'll be balanced in how we invest in the future, prioritizing our highest-ROI investments in order to generate long-term shareholder value.

由於宏觀環境仍然不確定，我們將平衡未來的投資方式，優先考慮投資報酬率最高的投資，以產生長期股東價值。

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資訊。史蒂夫，交給你了。

Thank you, Jamie, and thank you all for joining us today. I'll begin with highlights on the third quarter on Slide 11 of our earnings presentation. Next, I'll discuss our key financial and operating metrics in greater detail. Finally, I'll provide our outlook for the fourth quarter and some closing thoughts 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.

謝謝傑米，也謝謝大家今天加入我們。我將首先在我們的收益簡報投影片 11 中重點介紹第三季的情況。接下來，我將更詳細地討論我們的關鍵財務和營運指標。最後，在開始問答之前，我將提供我們對第四季的展望和一些結束語。像往常一樣，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。

Q3 was another solid quarter for eBay as we met or exceeded expectations across all of our key financial metrics despite ongoing uncertainty in the global economy. Gross merchandise volume was down 1% to approximately $18 billion. Revenue grew 4% to $2.5 billion, outpacing volume by 5 points. Non-GAAP operating margin was 26.4%. We delivered $1.03 of non-GAAP earnings per share, and we generated $777 million of free cash flow while returning $783 million to shareholders through repurchasing dividends.

第三季對 eBay 來說又是一個穩健的季度，儘管全球經濟持續存在不確定性，但我們所有關鍵財務指標都達到或超出了預期。商品總額下降 1%，至約 180 億美元。營收成長 4%，達到 25 億美元，成長超過 5 個百分點。非 GAAP 營運利潤率為 26.4%。我們實現了 1.03 美元的非 GAAP 每股收益，產生了 7.77 億美元的自由現金流，同時透過回購股息向股東返還 7.83 億美元。

Let's take a closer look at our financial performance during the third quarter. Gross merchandise volume was down 1% organically to approximately $18 billion or roughly flat year-over-year on a total FX-neutral basis. Foreign exchange represented a nearly 2-point tailwind to reported GMV growth. However, the U.S. dollar appreciation during the quarter created a GMV headwind of more than $100 million versus rates implied in our Q3 outlook.

讓我們仔細看看第三季的財務表現。商品總成交量有機下降 1%，至約 180 億美元，或在總體匯率中性的基礎上與去年同期基本持平。外匯交易對報告的 GMV 成長起到了近 2 個百分點的推動作用。然而，與我們第三季展望中暗示的利率相比，本季美元升值造成了超過 1 億美元的 GMV 阻力。

Focus categories continue to drive underlying momentum in our business, growing roughly 7 points faster than the remainder of our marketplace. P&A was once again the largest contributor to growth and maintained mid-single-digit GMV growth for the third straight quarter, in line with market rate of growth for this segment of e-commerce.

重點品類持續推動我們業務的潛在動力，成長速度比市場其他產品快約 7 個百分點。 P&A 再次成為成長的最大貢獻者，並連續第三個季度保持中等個位數的 GMV 成長，與該電子商務領域的市場成長率一致。

eBay Refurbished was the fastest-growing focus category on a percentage basis, while GMV growth in our luxury focus categories was positive for the third straight quarter as our combination of value and quality has served customers well in the current economic environment.

以百分比計算，eBay 翻新品是成長最快的重點類別，而我們的奢侈品重點類別的GMV 連續第三個季度成長，因為我們的價值和品質相結合，在當前的經濟環境下為客戶提供了良好的服務。

Next, I'll walk through our results on a geographic basis. U.S. GMV was down 2% organically in Q3, an improvement of over 2 points sequentially. On a total FX-neutral basis, U.S. GMV was down 1%. Although the U.S. economy has been more resilient than our other markets, demand for discretionary goods continues to be impacted by the cumulative burden of elevated inflation and the highest interest rates observed in over a decade. U.S. consumers are increasingly seeking value, which has shifted some demand to inventory offered by our CBT sellers.

接下來，我將按地理範圍介紹我們的結果。第三季美國 GMV 有機下降 2%，季減超過 2 個百分點。在整體匯率中立的基礎上，美國 GMV 下降了 1%。儘管美國經濟比其他市場更具彈性，但對非必需品的需求繼續受到通膨上升和十多年來最高利率的累積負擔的影響。美國消費者越來越追求價值，這已將部分需求轉移到我們的 CBT 賣家提供的庫存上。

International GMV was roughly flat on an FX-neutral basis and up nearly 4% as reported. Our international markets continue to experience more severe macroeconomic pressure than the U.S. with the U.K. seeing consistently negative e-commerce growth since early 2022, while Germany has now faced multiple quarters of economic contraction. This pressure has been mitigated by continued strength in cross-border trade, which offset far weaker trends in Europe.

根據報告，國際 GMV 在匯率中立的基礎上大致持平，但成長了近 4%。我們的國際市場持續承受比美國更嚴重的宏觀經濟壓力，英國自 2022 年初以來電子商務持續負成長，而德國目前面臨多個季度的經濟收縮。跨境貿易的持續強勁緩解了這種壓力，抵消了歐洲遠為疲軟的趨勢。

Moving to buyers. Trailing 12-month active buyers was stable quarter-over-quarter at 132 million. On an organic basis, active buyers remained at approximately 131 million for the third straight quarter. Enthusiast buyers also flat sequentially at 16 million. Spend per enthusiast was stable quarter-over-quarter at around $3,000 annually but modestly year-over-year.

轉向買家。過去 12 個月的活躍買家數量較上季穩定在 1.32 億。從有機角度來看，活躍買家連續第三個季度保持在約 1.31 億。狂熱買家也持平於 1600 萬。每位愛好者的支出較上月穩定在每年 3,000 美元左右，但年增幅不大。

Turning to revenue. We generated revenue of $2.5 billion during the third quarter, up 4% organically, outpacing volume by 5 points. Total FX-neutral revenue growth, inclusive of M&A, was 5%, while currency had a de minimis impact to reported growth. Our take rate was 13.9%, down modestly quarter-over-quarter but up nearly 50 basis points year-over-year. The combination of FX and the ad revenue recognition change in Q2 represented a sequential take rate headwind of over 10 basis points in Q3.

轉向收入。第三季我們的營收達到 25 億美元，有機成長 4%，比銷售成長 5 個百分點。包括併購在內的匯率中性總收入成長為 5%，而貨幣對報告成長的影響微乎其微。我們的採用率為 13.9%，環比小幅下降，但較去年同期成長近 50 個基點。外匯和第二季廣告收入確認變化的結合代表第三季度的連續採取率逆風超過 10 個基點。

Advertising was again the largest tailwind to our take rate on a year-over-year basis and also quarter-over-quarter after adjusting for the Q2 accounting change. eBay International Shipping and recent M&A, in aggregate, added 5 basis points to our take rate sequentially. Total advertising revenue grew 24% to $366 million and reached just over 2% penetration of GMV. First-party ads grew 36% to $345 million or roughly 36 points faster than FX-neutral volume.

在根據第二季的會計變化進行調整後，廣告再次成為我們同比和季度環比收入率的最大推動力。 eBay International Shipping 和最近的併購總共讓我們的接受率增加了 5 個基點。廣告總營收成長 24%，達到 3.66 億美元，佔 GMV 的滲透率略高於 2%。第一方廣告成長了 36%，達到 3.45 億美元，比不考慮外匯因素的廣告量快了約 36 個百分點。

As noted last quarter, the revenue deferral release for CPC ads in Q2 created a sequential headwind of $9 million for first-party ad revenue growth in Q3. While we are pleased with the continued robust growth in Promoted Listings, year-over-year growth decelerated slightly as we lack the notable acceleration during the prior year period, which was driven by a series of performance optimizations.

正如上季所指出的，第二季 CPC 廣告收入延期發布給第三季第一方廣告收入成長帶來了 900 萬美元的連續阻力。雖然我們對促銷清單的持續強勁增長感到高興，但由於我們在上一年期間缺乏由一系列性能優化推動的顯著加速，因此同比增長略有放緩。

Our legacy third-party display ads, which have been impacted by a combination of secular and macro headwinds in recent quarters, decelerated further during Q3. In recent months, we have actively deprecated third-party ads in certain circumstances to improve the user experience. First-party ads remain our primary focus as we continue to invest in scaling, optimizing and automating our Promoted Listings portfolio.

我們傳統的第三方展示廣告在最近幾季受到長期和宏觀不利因素的影響，在第三季進一步減速。近幾個月來，我們在某些​​情況下積極棄用第三方廣告，以改善用戶體驗。隨著我們繼續投資於擴展、優化和自動化我們的推薦清單產品組合，第一方廣告仍然是我們的主要關注點。

Financial services had a modestly positive impact on our take rate sequentially as our in-house payments capabilities have advanced in recent quarters. We have identified more opportunities for GMV, revenue and cost optimization. Adyen continues to be an incredibly strategic partner for us in financial services. During Q3, we expanded our usage of Adyen's merchant acquiring services to cover additional forms of payment. This development has positive implications for our Adyen model probability, which I will discuss shortly.

隨著我們的內部支付能力在最近幾季有所進步，金融服務對我們的採用率產生了適度的正面影響。我們發現了更多 GMV、收入和成本優化的機會。 Adyen 仍然是我們在金融服務領域令人難以置信的策略合作夥伴。第三季度，我們擴大了 Adyen 商家收單服務的使用範圍，以涵蓋其他付款方式。這一發展對我們的 Adyen 模型機率有積極的影響，我將很快討論這一點。

Moving to profitability. Non-GAAP operating margin was 26.4% during the quarter, down roughly 2.5 points year-over-year. Roughly 1.1 points of this delta was driven by the combination of recent M&A and the eBay International Shipping program. Foreign exchange also represents a year-over-year headwind of approximately 40 basis points. The remainder of the margin variance was driven by investments in our business and modest volume deleverage.

轉向盈利。本季非 GAAP 營業利益率為 26.4%，較去年同期下降約 2.5 個百分點。這一增量的約 1.1 個百分點是由最近的併購和 eBay 國際運輸計畫共同推動的。外匯也代表著同比約 40 個基點的逆風。其餘的利潤差異是由我們業務的投資和適度的去槓桿化所推動的。

Gross margin was down nearly 90 basis points year-over-year primarily from the ramp of eBay International Shipping. Within our operating expenses, we observed a 1-point increase in product development expense as we invested in product and engineering talent to drive innovation across eBay. Sales and marketing was down modestly as a percentage of revenue year-over-year in Q3 as our investments in full-funnel marketing initiatives were offset by cost efficiencies, including lower spend on coupons and incentives.

毛利率年減近 90 個基點，主要是由於 eBay 國際航運業務的成長。在我們的營運費用中，我們觀察到產品開發費用增加了 1 個百分點，因為我們投資於產品和工程人才以推動整個 eBay 的創新。第三季度，銷售和行銷佔收入的百分比比去年小幅下降，因為我們對全通路行銷計畫的投資被成本效率所抵消，包括優惠券和激勵措施支出的減少。

During the quarter, we also accrued an additional $50 million to G&A expense on a GAAP basis related to pending legal matters. This adjustment is reflected in our non-GAAP reconciliations, while additional details on the accrual will be provided in our 10-Q filing.

在本季度，我們還根據 GAAP 原則額外提列了 5,000 萬美元的與未決法律事務相關的一般管理費用。這項調整反映在我們的非 GAAP 調整表中，而有關應計費用的更多詳細資訊將在我們的 10-Q 備案中提供。

We continue to focus on driving expenses out of the business, which is a crucial part of our path to long-term sustainable growth. And where we do choose to invest, we are able to partially offset that with OpEx savings driven by our structural cost program.

我們繼續專注於減少業務支出，這是我們實現長期可持續成長的重要組成部分。在我們確實選擇投資的地方，我們能夠透過結構性成本計劃推動的營運支出節省來部分抵消這項投資。

Turning to our balance sheet and capital allocation. We generated free cash flow of $777 million in Q3, up 23%. Our balance sheet position remains robust as we ended the quarter with cash and non-equity investments of $5.4 billion and gross debt of $7.7 billion. We repurchased over $650 million of eBay shares at an average price of approximately $44 during Q3 and had $1.7 billion remaining under our current buyback authorization at the quarter end.

轉向我們的資產負債表和資本配置。第三季我們產生了 7.77 億美元的自由現金流，成長 23%。我們的資產負債表狀況依然強勁，本季末我們的現金和非股權投資為 54 億美元，總負債為 77 億美元。第三季度，我們以約 44 美元的平均價格回購了價值超過 6.5 億美元的 eBay 股票，截至本季末，我們目前的回購授權還剩 17 億美元。

We paid a quarterly cash dividend of $132 million in September or $0.25 per share. Since the beginning of 2022, we have returned nearly $5.2 billion to shareholders through repurchasing dividends of roughly 125% of cumulative free cash flow over that period. We generated non-GAAP earnings per share of $1.03 in Q3, up 3% year-over-year, benefiting from a nearly 4% reduction in share count from our repurchase. We delivered GAAP earnings per share of $2.46 with the delta driven by unrealized gains on our equity investment portfolio primarily from Adevinta.

9 月份，我們支付了 1.32 億美元的季度現金股息，即每股 0.25 美元。自 2022 年初以來，我們透過回購股息，向股東返還了近 52 億美元，約佔該期間累計自由現金流的 125%。第三季度，我們的非公認會計準則每股收益為 1.03 美元，年增 3%，這得益於我們回購的股票數量減少了近 4%。我們實現了 GAAP 每股收益 2.46 美元，其中增量是由主要來自 Adevinta 的股權投資組合的未實現收益推動的。

Our investment portfolio is detailed on Slide 21 of our earnings presentation. Our major equity investments and warrants were valued over $4.5 billion at the end of Q3. Our 404 million Adevinta shares were valued at roughly $4 billion at more than $1 billion versus the prior quarter. As we disclosed in late September, we have expressed support for the proposal made by the consortium of investors to Adevinta, under which we would retain a portion of our current holdings. As these discussions are ongoing, we are not in a position to provide any further comments on this transaction or the implications of such a transaction to eBay today.

我們的收益簡報投影片 21 詳細介紹了我們的投資組合。截至第三季末，我們的主要股權投資和認股權證價值超過 45 億美元。我們 4.04 億股 Adevinta 股票的價值約為 40 億美元，較上一季超過 10 億美元。正如我們在 9 月下旬披露的那樣，我們已表示支持投資者財團向 Adevinta 提出的提案，根據該提案，我們將保留部分現有持股。由於這些討論正在進行中，我們今天無法就此交易或此類交易對 eBay 的影響提供任何進一步的評論。

Our Adyen warrants were valued at nearly $200 million at the end of the quarter. As a reminder, our warrant value is calculated based on several assumptions, including adding share price and the probability of our remaining warrant tranches vesting. During Q3, the probability of vesting was positively impacted by an evolution on our usage of Adyen's products and services. The 3 remaining warrant tranches now carry probabilities ranging between 0% and 95%. However, the increase in probability was more than offset by a price decline in Adyen shares during the third quarter.

截至本季末，我們的 Adyen 認股權證價值接近 2 億美元。提醒一下，我們的認股權證價值是根據幾個假設計算的，包括增加股價和我們剩餘認股權證部分歸屬的機率。在第三季度，我們對 Adyen 產品和服務的使用情況的演變對兌現的可能性產生了積極影響。剩下的 3 批認股權證的機率現在在 0% 到 95% 之間。然而，機率的增加被第三季 Adyen 股價的下跌所抵消。

Moving on to our outlook. Although our third quarter volume trends were slightly better than expected, we did observe softening consumer demand in September that carried through October. This macro softness was most pronounced in Europe, particularly in the U.K. and Germany, our second and third largest markets, respectively. We have also seen tapering demand in the U.S. market quarter-to-date. Given these trends, our base-case expectation is a continued pressure on discretionary demand will lead to a relatively muted seasonal uptick in volumes during the holiday season.

繼續我們的展望。儘管我們第三季的銷售趨勢略好於預期，但我們確實觀察到 9 月消費者需求的疲軟一直持續到 10 月。這種宏觀疲軟在歐洲最為明顯，特別是在英國和德國，分別是我們的第二大和第三大市場。我們也看到本季迄今美國市場的需求逐漸減少。鑑於這些趨勢，我們的基本預期是，可自由支配需求的持續壓力將導致假日季節成交量相對溫和的季節性增長。

For the fourth quarter, we expect to generate between $17.9 billion and $18.3 billion of GMV, representing an organic FX-neutral decline of between 4% and 2% year-over-year or spot growth between negative 2% and flat. The strength in U.S. dollar also creates an incremental FX headwind to fourth quarter GMV of roughly $400 million versus our prior guidance on a spot basis. This is on top of more than $100 million FX headwind to Q3 GMV.

我們預計第四季度的 GMV 將在 179 億美元至 183 億美元之間，這意味著，剔除匯率因素後，同比有機下降 4% 至 2%，即期增長為負 2% 至持平。美元走強也為第四季 GMV 帶來了增量阻力，與我們先前的現貨指引相比，其 GMV 約為 4 億美元。這是在第三季 GMV 超過 1 億美元的外匯逆風的基礎上實現的。

On a sequential basis, we estimate FX will represent over a 1-point headwind to GMV growth and nearly 1 point of pressure to revenue growth. We anticipate Q4 revenue between $2.47 billion and $2.53 billion represents organic FX-neutral growth between negative 1% and positive 2% year-over-year. This implies revenue will outpace volume by 3 to 4 points on an organic FX-neutral basis in Q4.

環比來看，我們預計外匯將對 GMV 成長產生超過 1 個百分點的阻力，對收入成長產生近 1 個百分點的壓力。我們預計第四季度的營收將在 24.7 億美元至 25.3 億美元之間，這意味著在不考慮外匯因素的情況下，年比有機成長將在負 1% 到正 2% 之間。這意味著在匯率中性的有機基礎上，第四季的營收將超過成交量 3 至 4 個百分點。

As a reminder, our core take rate is typically down sequentially by 10 to 15 basis points in Q4 due to seasonal ASP and category mix, although this trend has occasionally been masked by payments and ads growth in the recent past.

提醒一下，由於季節性 ASP 和類別組合，我們的核心使用率通常會在第四季度連續下降 10 到 15 個基點，儘管這種趨勢偶爾會被最近的支付和廣告成長所掩蓋。

Given our tempered outlook for Q4 volume and continued uncertainty in the global economy, we believe it is prudent to lean in more heavily into cost efficiencies to protect margins and earnings in this environment. We forecast non-GAAP operating margin between 26.1% and 26.7% during Q4, which would yield margins to the high end of our prior guidance range for the full year.

鑑於我們對第四季度銷售的預期溫和以及全球經濟持續的不確定性，我們認為，在這種環境下，應更加謹慎地依靠成本效率來保護利潤和收益。我們預計第四季度非 GAAP 營業利潤率將在 26.1% 至 26.7% 之間，這將使全年利潤率達到我們先前指導範圍的上限。

We forecast non-GAAP earnings per share between $1 and $1.05, representing EPS growth between negative 6% and negative 2% year-over-year. At current rates, FX would represent a 4-point headwind to year-over-year EPS growth in Q4 as we lap meaningful hedging gains in the prior year period.

我們預測非 GAAP 每股盈餘在 1 美元到 1.05 美元之間，每股盈餘年增在負 6% 到負 2% 之間。以目前的匯率計算，由於我們在去年同期取得了有意義的對沖收益，因此第四季的每股盈餘年增將面臨 4 個百分點的阻力。

Our outlook for free cash flow of just under $2 billion this year remains unchanged. As I noted last quarter, we expect de minimis free cash flow in Q4 due to the delayed timing of cash tax payments in 2023. Our capital expenditures for the full year are expected between 4% and 5%, while our non-GAAP tax rate should remain unchanged at 16.5%.

我們對今年自由現金流略低於 20 億美元的預期保持不變。正如我上季度指出的那樣，由於2023 年現金稅支付時間的延遲，我們預計第四季度的自由現金流將微乎其微。我們全年的資本支出預計在4% 至5% 之間，而我們的非GAAP 稅率應維持在16.5%不變。

In relation to 2024, it is premature to offer specific commentary as we are in the midst of our planning process. We remain committed to find an appropriate balance between growth and profitability to ensure we are positioned to durable financial returns in the years ahead. As such, we plan to grow expenses more slowly than revenue next year as we scale and leverage the investments we've made over the last few years. We will remain good stewards of capital as we continue to target returning 125% of cumulative free cash flow to shareholders through repurchases and dividends through 2024. We will target a certain level of capital returns from quarter-to-quarter while maintaining the flexibility to lean in opportunistically when appropriate.

對於 2024 年，現在提供具體評論還為時過早，因為我們正處於規劃過程中。我們仍然致力於在成長和獲利能力之間找到適當的平衡，以確保我們在未來幾年能夠獲得持久的財務回報。因此，隨著我們擴大和利用過去幾年的投資，我們計劃明年的支出成長速度將慢於收入成長速度。我們將繼續做好資本管家，目標是到 2024 年透過回購和股息將 125% 的累積自由現金流返還給股東。我們將實現每個季度一定水平的資本回報，同時保持精益的靈活性在適當的時候機會主義地。

In closing, our Q3 results highlight the resilience of our marketplace and business model amid continued challenges in the global economy. Our fortress balance sheet and operational discipline have enabled us to adapt to rapidly evolving demand environment while continuing to invest for the future, protecting earnings and delivering meaningful capital return to shareholders. I'm extremely proud of our teams for staying focused on our strategic pillars amid this uncertainty and further laying the groundwork for long-term sustainable growth.

最後，我們第三季的業績突顯了我們的市場和商業模式在全球經濟持續挑戰的情況下的彈性。我們堡壘般的資產負債表和營運紀律使我們能夠適應快速變化的需求環境，同時繼續為未來投資，保護收益並為股東提供有意義的資本回報。我為我們的團隊在這種不確定性中保持專注於我們的策略支柱並進一步為長期可持續成長奠定基礎感到非常自豪。

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

接下來，傑米和我將回答你們的問題。

(Operator Instructions) Our first question comes from the line of Colin Sebastian from Baird.

（操作員說明）我們的第一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

I guess first off, Jamie, there was some discussion at the seller conference a few weeks back about extending focus categories to more verticals. I think home and electronics were a couple of those in discussion. I wonder how quickly we should see focus coverage grow in proportion to total listings. And if that's true, is that something that could drive volume growth through 2024?

我想首先，傑米，幾週前的賣家會議上有一些關於將焦點類別擴展到更多垂直領域的討論。我認為家居和電子產品是討論中的兩個主題。我想知道我們應該以多快的速度看到焦點覆蓋率與總清單的比例增長。如果這是真的，這是否會推動 2024 年銷售成長？

And then, Steve, I just wanted to go back to some of the macro factors you reviewed. And you mentioned, I think, a shift towards CBT. And just hoping you could discuss some of the implications of that shift on revenues and margins.

然後，史蒂夫，我只想回到你回顧的一些宏觀因素。我認為你提到了向 CBT 的轉變。只是希望您能討論這種轉變對收入和利潤率的一些影響。

Yes, Colin, thanks for the question. So as you know with focus categories, we don't preannounce the next categories that we're going into for competitive reasons, et cetera. We do continue to roll out new areas as well as invest back into areas of the business.

是的，科林，謝謝你的提問。如您所知，對於焦點類別，我們不會出於競爭等原因預先宣布我們將進入的下一個類別。我們確實繼續推出新領域並對業務領域進行投資。

So have a look at this quarter. We launched U.K. authentication for jewelry in our U.K. business. We're actually opening up an authentication center in Japan to allow for cross-border trade out of Japan, which is great. We launched -- or expanded in P&A our Guaranteed Fit program. So that had launched just in the U.S. We've seen great results by creating a game-changing level of trust in that category, and we've expanded that now to U.K. and Germany this quarter, and we're excited to see the impact of that on those markets.

那麼看看這個季度吧。我們在英國業務中推出了英國珠寶認證服務。我們實際上正在日本開設一個認證中心，以允許日本以外的跨境貿易，這很棒。我們在 P&A 中啟動或擴展了我們的「保證貼合度」計劃。因此，該項目僅在美國推出。透過在該類別中建立改變遊戲規則的信任水平，我們看到了巨大的成果，本季度我們已將其擴展到英國和德國，我們很高興看到其影響這些市場上的那些。

Our other categories like Refurbished continue to do well. We've seen double-digit growth from that perspective. We launched some new enhancements in trading cards this quarter with the new classification system that we've put in place and new direct submission in the vault. So we're going to continue to balance new focus category opportunities, expansion in other categories like we did with jewelry in the U.K., and like we did recently with streetwear as well as investing back in the focus categories and what's working because we like the ROI of those investments.

我們的其他類別（例如翻新商品）繼續表現良好。從這個角度來看，我們已經看到了兩位數的成長。本季度，我們推出了交易卡的一些新增強功能，包括我們已實施的新分類系統以及在金庫中直接提交的新功能。因此，我們將繼續平衡新的重點類別機會，在其他類別的擴張，就像我們在英國的珠寶方面所做的那樣，就像我們最近在街頭服飾方面所做的那樣，以及重新投資於重點類別和有效的東西，因為我們喜歡這些投資的投資報酬率。

Steve, do you want to take the second part?

史蒂夫，你想看第二部分嗎？

Yes, definitely. Colin, so in terms of the negative on organic FX growth that we saw from a GMV standpoint, there's a number of macro impacts that we are looking at. So the first thing I would say, in September, we observed some softening in consumer demand, which has carried through to October, and that helped imply the guide that we went forward with.

當然是。 Colin，就我們從 GMV 的角度看到的有機外匯成長的負面影響而言，我們正在考慮許多宏觀影響。因此，我要說的第一件事是，在 9 月份，我們觀察到消費者需求有所疲軟，這種情況一直持續到 10 月份，這有助於暗示我們接下來的指導方針。

This has been most pronounced in Europe. A couple of our biggest markets, U.K. is the second largest market and has continued to experience negative e-commerce growth since early '22. Germany, our third largest market, has now faced multiple quarters of economic contraction. And the U.S., as I said, we're starting to see some softness, and we would expect the holiday period to be a little bit more muted.

這在歐洲最為明顯。在我們最大的幾個市場中，英國是第二大市場，自 22 年初以來電子商務持續出現負成長。德國是我們的第三大市場，目前已面臨多個季度的經濟萎縮。而美國，正如我所說，我們開始看到一些疲軟的情況，我們預計假期期間會更加平靜。

So when I look back on the third quarter and the dynamics that are at play, U.S. GMV declined 2% on an FX organic basis and international was roughly flat. The European softness has helped -- been helped by some of the CBT trade that we've seen that has been resilient. Think about consumers looking for value, and the cross-border trade coming out of the Far East has been more resilient.

因此，當我回顧第三季度和正在發揮作用的動態時，美國 GMV 在外匯有機基礎上下降了 2%，而國際市場大致持平。歐洲的疲軟有所幫助——我們看到一些具有彈性的 CBT 貿易也有所幫助。想想尋找價值的消費者，來自遠東的跨國貿易更具彈性。

But as a reminder, for our investor community, the GMV is measured where the seller is domiciled. And so you got softness in Europe. We're lapping through some of that dynamic. But the strength in CBT has helped the international dynamic in Q3.

但提醒一下，對於我們的投資者群體來說，GMV 是根據賣家的住所來衡量的。因此，歐洲市場表現疲軟。我們正在經歷其中的一些動態。但 CBT 的強勢對第三季的國際動態有所幫助。

Our next question comes from the line of Ross Sandler from Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Steve, just to follow-up on that macro comment. As you guys look across different discretionary categories and price points, do you think it's just mostly like the macro conditions you described with the consumer weakening around GDP, et cetera? Or are any of these new competitors like Temu and Shein having an impact at the low end as some of your peers have flagged?

史蒂夫，只是為了跟進宏觀評論。當你們審視不同的可自由支配類別和價格點時，你是否認為這與你所描述的宏觀條件（GDP 周圍的消費者疲軟等）很相似？或者像 Temu 和 Shein 這樣的新競爭對手是否會像您的一些同行所指出的那樣在低端市場產生影響？

And then the second question is, pleasantly surprised and happy to hear about the operating margin increase next year. So can you just flesh that out a little bit for us? Is that a function of lapping some of the International Shipping investments and kind of discrete R&D investments? What other factors might drive that op margin increase next year?

第二個問題是，聽到明年營業利潤率增加感到驚喜和高興。那麼您能為我們具體說明一下嗎？這是部分國際航運投資和離散研發投資的結果嗎？還有哪些因素可能推動明年營運利潤率的成長？

Thanks, Ross. I'll kick off the macro one and then Jamie can add, and then I'll cover the margin question. So from a macro basis, just to reiterate, we did see at a macro level softening in September, seeing that continue through October. We describe Europe has been softer from an overall perspective based on the macro data that we will see.

謝謝，羅斯。我將開始宏觀部分，然後傑米可以添加，然後我將討論邊距問題。因此，從宏觀角度來看，重申一下，我們確實看到 9 月宏觀層面出現疲軟，並且這種情況會持續到 10 月。根據我們將看到的宏觀數據，我們從整體角度描述歐洲較為疲軟。

The U.S., we have continued to see some softness across the board. And it's really a function of discretionary spend as consumer sentiment is down, inflation is up and obviously the impact of interest rates. But Jamie, maybe Ross' question?

在美國，我們繼續看到整體疲軟。這其實是可自由支配支出的函數，因為消費者信心下降，通膨上升，顯然還有利率的影響。但是傑米，也許是羅斯的問題？

Yes. No. I don't think it's, in particular, any specific other competitive thing. Your question on Temu, we have not seen a significant impact from Temu or Shein on our business. When we look at our cross-border trade, as Steve talked about, it continues to remain healthy. We believe that's because of our differentiated strategy and our approach.

是的。不，我不認為這特別是任何其他具體的競爭性事物。你關於 Temu 的問題，我們沒有看到 Temu 或 Shein 對我們的業務產生重大影響。正如史蒂夫所說，當我們審視我們的跨境貿易時，它繼續保持健康。我們相信這是因為我們的差異化策略和方法。

If you remember, we've been talking about this for a while. We've been strategically moving away from low-quality, low-ASP items, and that hasn't been a focus for us for years. I think the other big difference for our platform, Ross, is that we're -- a vast, vast majority of our traffic is organic. So I think as others are implicated by kind of the paid search or other marketing spend out there in the market, we're less so and more resilient just because so much of our traffic is driven organically on the platform.

如果您還記得的話，我們已經討論這個問題有一段時間了。我們一直在策略性地放棄低品質、低平均售價的產品，但這多年來一直不是我們關注的焦點。羅斯，我認為我們平台的另一個重大區別是，我們的絕大多數流量都是有機的。因此，我認為，正如其他人受到市場上付費搜尋或其他行銷支出的影響一樣，我們的影響力較小，而且更具彈性，因為我們的大部分流量是在平台上有機驅動的。

And then with regards to your question, Ross, on '24, obviously, there will be a number of puts and takes that will impact '24. We're in the middle of planning at the moment. The thing I would say is we will continue to be very disciplined and get the balance right between growth and profitability. We've been making various investments over the last few years, which we will continue to leverage and scale as we get into sort of 2024.

然後，關於你的問題，羅斯，關於 24 年，顯然會有一些影響 24 年的事情。我們目前正在計劃中。我想說的是，我們將繼續非常自律，並在成長和獲利能力之間取得正確的平衡。過去幾年我們一直在進行各種投資，到 2024 年我們將繼續利用這些投資並擴大規模。

We are looking at every area of our cost structure. Obviously, in terms of external spending with suppliers, we've been very measured in terms of our approach to the structural cost program this year with the influx of AI that will really help us sort of lean in to support the operation next year and use the benefits of that as we go forward.

我們正在研究成本結構的每個領域。顯然，就供應商的外部支出而言，我們今年對結構性成本計劃的方法非常謹慎，人工智能的湧入將真正幫助我們在某種程度上支持明年的運營並使用當我們前進時，它的好處。

And we can control our cost structure. I mean we are operating in a rather dynamic macro environment. And so we will lean in, as we've said, and make sure that our costs grow more slowly than revenue in 2024.

我們可以控制我們的成本結構。我的意思是我們正在一個相當動態的宏觀環境中運作。因此，正如我們所說，我們將採取措施，確保 2024 年我們的成本成長速度慢於收入成長速度。

Our next question comes from the line of Nikhil Devnani from Bernstein.

我們的下一個問題來自伯恩斯坦的 Nikhil Devnani。

I had a couple, please. Just following up on that operating leverage theme. As you think about prioritizing kind of the highest ROI investments next year, what initiatives are really making that top of that list? And which ones are you maybe more willing to push out a little bit if times get tougher?

我有一對，拜託。只是跟進運營槓桿主題。當您考慮明年優先考慮投資報酬率最高的投資時，哪些舉措真正讓該投資名列前茅？如果情況變得艱難，您可能更願意放棄哪些？

And then on the focus categories, it's kind of nice to hear the market share stability. When you observe what's changed pre and post your improvements, is this a function of conversion rates functionally improving? Or are you also now able to kind of drive better traffic to those focus categories?

然後在重點類別上，很高興聽到市場佔有率的穩定性。當您觀察改進前後發生的變化時，這是否是轉換率功能性提高的函數？或者您現在也能夠為這些重點類別帶來更好的流量？

Yes. So first, on the initiatives, we're still obviously in planning for next year. But I'd say a couple of things. As Steve talked about the cost structure, one of the things we're looking at is how do we leverage AI and technologies so that our costs don't grow as our volume grows.

是的。首先，就舉措而言，我們顯然仍在為明年做計劃。但我想說幾件事。當史蒂夫談到成本結構時，我們正在考慮的事情之一是如何利用人工智慧和技術，以便我們的成本不會隨著產量的增長而增長。

So I'll give you an example of -- one of the areas we've been investing a lot in is our customer support. And so if you look at like our GCX expenses, our customer support expenses, we've been rolling out conversational help bots over the course of the last few quarters, really advancing what we're doing there so that we can focus a lot of our efforts into handling more calls in greater volume with higher customer satisfaction.

所以我會給你一個例子——我們一直在大力投資的領域之一就是我們的客戶支援。因此，如果你看看我們的 GCX 費用、我們的客戶支援費用，我們在過去幾季中一直在推出對話式幫助機器人，真正推進了我們正在做的事情，以便我們可以集中精力我們努力以更高的客戶滿意度處理更多的電話。

As an example, we just launched that as a trial in Germany. We've had that live in some of our English markets. An example of some of the initiatives that we're going to do next year to manage the business and make sure that, as Steve said, we're going after the growth opportunities in the business while being prudent about our expense structure.

舉個例子，我們剛剛在德國啟動了試點。我們已經在一些英國市場上實現了這一點。這是我們明年將採取的一些舉措的例子，這些舉措旨在管理業務，並確保正如史蒂夫所說，我們在追求業務增長機會的同時對我們的費用結構保持謹慎。

When you think about focus categories and what's driving the success there, I would say it's a couple of things. One is that if I look at like for P&A, for example, this is our third quarter of seeing mid-single-digit growth, which is in line with market's. And we're just now launching Guaranteed Fit, which is one of the big value propositions for us in that category to our markets, our second and third largest markets, in U.K. and Germany, where we do have a leading marketing position from that standpoint.

當您考慮重點類別以及推動其成功的因素時，我會說有幾件事。一是，例如，如果我看一下 P&A，我們第三季將實現中個位數成長，這與市場成長一致。我們剛剛推出了Guaranteed Fit，這是我們在該類別中對我們的市場（我們的第二大和第三大市場，英國和德國）的重大價值主張之一，從這個角度來看，我們在這兩個市場確實擁有領先的行銷地位。

And what we're seeing is that the new work that we've been doing in fitment, for example, has really been helpful. I talked about 2 billion new fitment combinations based on myFitment and that our sellers are seeing double-digit increases in their conversion.

例如，我們所看到的是，我們在裝修方面所做的新工作確實很有幫助。我談到了基於 myFitment 的 20 億個新裝修組合，我們的賣家看到其轉換率出現了兩位數的成長。

So to your point, I think we're doing a better job with our full-funnel marketing in each category, acquiring enthusiasts into those categories. And then when we bring them on, we're having a better experience for them in converting them into sales and converting them into repeat buyers because of the changes we've made in trust, because of the changes we've made in experience.

因此，就您的觀點而言，我認為我們在每個類別的全漏斗行銷方面做得更好，吸引了這些類別的愛好者。然後，當我們吸引他們時，我們在將他們轉化為銷售並將他們轉化為回頭客方面為他們提供了更好的體驗，因為我們在信任方面做出了改變，因為我們在體驗方面做出了改變。

I mean think about like our luxury category. This is the third quarter where we're seeing positive growth in luxury even in this market, and you're seeing kind of what's happening and what others are saying. And it's because of the customer value proposition that we're bringing to these categories that we're seeing those results.

我的意思是想想我們的奢侈品類別。這是第三季度，即使在這個市場上，我們也看到了奢侈品的積極增長，你會看到正在發生的事情以及其他人的言論。正是由於我們將客戶價值主張引入這些類別，我們才看到了這些結果。

So we're going to continue to innovate and push forward on that strategy because we like the results that we're seeing and the consumer is responding. And then we're enhancing the focus category work with a lot of site-wide investments. And those site-wide investments not only help us in focus categories, but they help us in our other core categories in the business.

因此，我們將繼續創新並推動該策略，因為我們喜歡我們所看到的結果和消費者的反應。然後，我們透過大量全站投資來加強重點類別工作。這些全站範圍的投資不僅幫助我們在重點類別上，而且還幫助我們在業務的其他核心類別上。

So I'd use the example of magical listing. It certainly helps sell a sneaker faster or a trading card or a watch or a handbag, but it also helps sell a musical instrument faster or a board game or a book or all the things that people sell on eBay because we're taking so much time out of the listing process that we're looking to unlock more of what's in people's closets, garages and basements with this technology. And we think that those investments will help both focus categories and our other core categories on the business.

所以我會使用神奇列表的範例。它當然有助於更快地銷售運動鞋、交易卡、手錶或手提包，但它也有助於更快地銷售樂器、棋盤遊戲、書籍或人們在eBay 上銷售的所有東西，因為我們拿走了太多東西在上市過程中，我們希望透過這項技術解鎖人們壁櫥、車庫和地下室中的更多物品。我們認為這些投資將有助於重點類別和我們其他核心類別的業務。

Our next question comes from the line of Thomas Champion from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Thomas Champion。

Jamie or Steve, I'm wondering if you could just talk a little bit about eIS and how that is performing relative to your expectations around transactions or inventory and how the cost drag is performing and whether you're making progress there. And then maybe, Steve, specifically for you, noticed the buyback uptick this quarter. Can you just walk us through the thought process behind that?

Jamie 或 Steve，我想知道您是否可以簡單談談 eIS，以及相對於您對交易或庫存的預期，它的表現如何，成本拖累如何表現，以及您是否在這方面取得進展。然後，史蒂夫，特別是你，可能注意到本季回購的增加。您能否向我們介紹背後的思考過程？

Yes. Thanks, Thomas. So look, on eIS, we love the success we're seeing in the program. It's making cross-border trade much easier on the program. eBay handles everything for the seller, the customs, the duty forms of buyers. We intermediate the returns and we protect sellers from item-not-received complaints. So we continue to ramp the program over time.

是的。謝謝，托馬斯。所以看，在 eIS 上，我們很高興在該計劃中看到的成功。該計劃使跨境貿易變得更加容易。 eBay 為賣家處理所有事務，包括海關、買家的關稅表格。我們負責調解退貨，並保護賣家免受未收到商品的投訴。因此，我們會隨著時間的推移繼續完善該計劃。

Half of our big 3 inventory is not available, we ship internationally. So we're excited about the goal of this program, which is basically make it super easy for sellers so they don't have to think and we handle all of that cross-border trade for them.

我們的三大庫存有一半缺貨，我們在國際範圍內發貨。因此，我們對該計劃的目標感到很興奮，這基本上是讓賣家變得超級簡單，這樣他們就不必思考，我們會為他們處理所有跨境貿易。

We continued to scale it during Q3. We now have over 400 million live listings. We launched some new features with the program, for example, the ability to combine shipping. So for example, I was with a seller or a buyer, a collectible buyer in Japan of trading cards who's buying trading cards out of the U.S. Now he can buy multiple trading cards, we can combine them in a single shipping invoice, just making the whole eIS program a lot better.

我們在第三季繼續擴大規模。我們現在擁有超過 4 億個即時清單。我們在該程式中推出了一些新功能，例如合併運輸的能力。舉例來說，我和一位賣家或買家在一起，他是日本的集換式卡收藏買家，他從美國購買集換式卡。現在他可以購買多張集換式卡，我們可以將它們合併到一張運輸發票中，只需製作整個eIS程式好多了。

The last thing I'd say is that when I look at the program overall for sellers, it has a 30-point higher customer satisfaction than the previous program that we've had. So all of the work that we did to bring things in-house last year, Steve talked about the financial implications, we're seeing that in CSAT in sellers, and we're seeing them react in terms of what's available internationally.

我要說的最後一件事是，當我從賣家的整體計劃來看時，它的客戶滿意度比我們之前的計劃高出 30 點。因此，我們去年為內部化所做的所有工作，史蒂夫談到了財務影響，我們在賣家的 CSAT 中看到了這一點，我們看到他們對國際上可用的內容做出了反應。

Steve, do you want to handle the second part?

史蒂夫，你想處理第二部分嗎？

Yes. And just to say, Tom, with regard to eIS, really pleased with the momentum, largely in line with our expectations from a financial architecture standpoint. As we said, we expect this program to be accretive to operating profit for this year. And by the year-end, it will be in line with the core margins on the platform. So pleased with what we're seeing.

是的。只是說，Tom 對於 eIS 的發展勢頭非常滿意，這在很大程度上符合我們從金融架構角度的預期。正如我們所說，我們預計該計劃將增加今年的營業利潤。到年底，它將與平台的核心利潤率保持一致。我們對所看到的感到非常滿意。

Specifically, with regards to your question on capital returns, the beauty of the eBay franchise, where we're generating just under $2 billion of free cash flow a year, gives us the ability to invest in the business but continue to drive healthy returns to shareholders. We laid out a path to 125% of free cash flow to shareholders through stock buybacks and dividends cumulatively between '22 and '24. Since the beginning of 2022, we've returned nearly $5.2 billion to shareholders, and we're roughly at 125%. So we're right on track with the commitments that we made.

具體來說，關於你關於資本回報的問題，eBay 特許經營權的美妙之處在於，我們每年產生近20 億美元的自由現金流，這使我們有能力投資該業務，同時繼續為公司帶來健康的回報。股東。我們制定了一條途徑，透過股票回購和股息，在 22 年至 24 年間累計向股東提供 125% 的自由現金流。自 2022 年初以來，我們已向股東返還近 52 億美元，回報率約為 125%。因此，我們正在履行我們所做的承諾。

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

我們的下一個問題來自德意志銀行的 Lee Horowitz。

Two, if I could. So the macro environment is obviously a massive challenge for the business at the moment. But as we look out to next year, can you maybe help us better understand what levers do you think you have at your disposal to perhaps get volumes back to even modest growth if the macro environment proves to be persistently weak in the medium term?

兩個，如果可以的話。因此，目前的宏觀環境顯然對企業來說是一個巨大的挑戰。但當我們展望明年時，您能否幫助我們更好地了解，如果中期宏觀環境持續疲軟，您認為您可以使用哪些槓桿來使銷售恢復到適度增長？

And then just to contextualize some of the comments around slower cost growth into next year are relative to revenue, I think investors would be pleased to hear it. But does this more cautious stance on investment impact in any way the pace at which you think you can roll focus category coverage out over the next 12 to 24 months? Or are those investments already fully baked and the pace shouldn't be impacted in any way?

然後，為了將明年成本成長放緩與收入相關的一些評論結合起來，我認為投資者會很高興聽到這一點。但是，這種對投資更加謹慎的立場是否會對您認為在未來 12 至 24 個月內推出重點類別覆蓋範圍的速度產生任何影響？或者這些投資是否已經完全成熟，進度也不應受到任何影響？

Yes. So I would say a couple of things. One is we're not going to get ahead of ourselves on 2024 and talk about that on this call. We've laid out the strategy that we have for expanding focus categories for the site-wide investments that we're making, and we feel really good about what we're driving and the underlying changes in the business.

是的。所以我想說幾件事。一是我們不會在 2024 年之前在這次電話會議上討論這個問題。我們已經制定了擴大我們正在進行的全站點投資的重點類別的策略，我們對我們正在推動的事情以及業務中的潛在變化感到非常滿意。

On the expenses side, I wouldn't think about it as pulling back in areas that we think will drive growth in the business but more what I talked about earlier, which is finding opportunities to create leverage out of the model. When you think of things like cost of payments, when you think of things like how we're going to use AI to enable our -- the efficiency of the organization, the whole motto here is control what we can control. And that's why we think we've planned for the architecture that Steve laid out, and we're really not going to get ahead of ourselves on anything more from 2024.

在費用方面，我不認為這是我們認為將推動業務成長的領域的縮減，而是我之前談到的更多內容，即尋找從模型中創造槓桿的機會。當你想到支付成本之類的事情時，當你想到我們將如何使用人工智慧來提高組織效率之類的事情時，這裡的整個座右銘是控制我們能控制的東西。這就是為什麼我們認為我們已經規劃了 Steve 制定的架構，並且從 2024 年開始我們真的不會再做任何事情。

But our main goal, and we've been doing this through the structured cost program, is to drive efficiency in the organization without driving the key layers -- the key levers and the innovations that have driven growth on the platform.

但我們的主要目標（我們一直透過結構化成本計劃來實現這一目標）是在不推動關鍵層（推動平台成長的關鍵槓桿和創新）的情況下提高組織效率。

Our next question comes from the line of Michael Morton from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Michael Morton。

If we could start maybe with authentication. For a few quarters now, you've highlighted it as a headwind to gross margins, which makes sense. I'd love to know if this is a line item that we should expect to see some leverage on as we go forward in the future. It's just tricky to think about as we're all like marketplace analysts, right, and literally high incremental margins.

如果我們可以從身份驗證開始。幾個季度以來，您一直強調它是毛利率的不利因素，這是有道理的。我很想知道這是否是一個我們應該期望在未來的發展中看到一些槓桿作用的項目。這很難想像，因為我們都像市場分析師，對吧，而且增量利潤確實很高。

But when you're doing something like authenticating, like if you double the amount of shoes you're authenticating, like the people are touching on it, boxes, it's inventory. So any thoughts there on how we should think about that line item going forward in the next 12, 24 months? You don't need to get too detailed but just the leverage aspect.

但是，當你在做諸如驗證之類的事情時，例如，如果你將要驗證的鞋子數量加倍，就像人們正在觸摸它、盒子一樣，它就是庫存。那麼，對於我們應該如何考慮未來 12、24 個月內該訂單項目的發展，有什麼想法嗎？您不需要了解得太詳細，只需了解槓桿方面即可。

And then just talking about the leverage that you saw in sales and marketing. I understand and appreciate that you have a lot of direct traffic, but so do some other marketplaces that have seen a lot of increased competition across social, in search. So just impressive to see that leverage and would love to -- and I know you guys have invested in full-funnel advertising over the last 12 months to really get your improved product out there. So just to help us understand how you're seeing that leverage when other marketplaces are having such a challenging environment would be great as well.

然後談論您在銷售和行銷中看到的槓桿作用。我理解並讚賞你們擁有大量的直接流量，但其他一些市場的社交和搜尋競爭也日益激烈。看到這種影響力真是令人印象深刻，而且很樂意——而且我知道你們在過去 12 個月裡投資了全通路廣告，以真正將改進的產品推向市場。因此，只要幫助我們了解當其他市場面臨如此充滿挑戰的環境時，您如何看待這種槓桿作用，那就太好了。

Michael, I'll pick up the first one. So we've been really pleased with the levels of trust that we are continuing to build on eBay, particularly focused around our focus categories. And so the first thing I would say is thinking about authentication as a trust metric that's really driving CSAT. And so it's a great return on investment. Because it's not just about the category that one shops in, but also it's about the cross-category shopping that goes away from that.

邁克爾，我來接第一個。因此，我們對在 eBay 上繼續建立的信任水平感到非常滿意，特別是圍繞我們的重點類別。因此，我要說的第一件事是將身份驗證視為真正推動 CSAT 的信任指標。因此，這是一個巨大的投資回報。因為這不僅與人們購物的類別有關，而且還與遠離該類別的跨類別購物有關。

So every consumer that spends about $400 of sneakers on the average buyer spends $2,000 also on the platform. And it's really the fact they get attracted to it. So you should be thinking about this as an investment that we're making and then the requisite return on investment.

因此，每位在運動鞋上花費約 400 美元的消費者在該平台上的平均花費也為 2,000 美元。他們確實被它所吸引。因此，您應該將其視為我們正在進行的一項投資，然後才是必要的投資回報。

The second thing I would say is it's not just about authentication because some people look into eBay and think it's all about authentication. Fitment is the P&A, and warranties are seller refurbished and certified refurbished, which authentication is to watch your sneakers and handbags. And so we're continuing to, a, get scale as we sort of driving this to the overall platform. But also we're getting the benefits of trust and the benefits of cross-category shopping as we go that forward. So it continues to be relatively de minimis. But I would think of it as an overall return on investment.

我要說的第二件事是，這不僅僅是身份驗證，因為有些人研究 eBay 並認為這一切都與身份驗證有關。 Fitment 是 P&A，保固是賣家翻新和認證翻新，認證是看你的運動鞋和手提包。因此，當我們將其推向整個平台時，我們將繼續擴大規模。但隨著我們的前進，我們也獲得了信任的好處和跨品類購物的好處。所以它仍然是相對微不足道的。但我將其視為整體投資回報。

Jamie, do you want to pick up the question with regards to the traffic?

傑米，你想回答有關交通的問題嗎？

Yes. Look, we've shifted our marketing strategy as we've talked about, and we're telling our story in new and different ways. Rather than focus on those large brand campaigns, we've been doing really targeted marketing spend to enthusiasts in our focus categories through this full-funnel approach, using a real full-funnel mid, lower upper. And all of that full funnel makes our lower funnel work harder.

是的。看，正如我們所討論的那樣，我們已經改變了我們的行銷策略，並且我們正在以新的不同方式講述我們的故事。我們並沒有專注於那些大型品牌活動，而是透過這種全漏斗方法，使用真正的全漏斗中下上部，對我們重點類別的愛好者進行真正有針對性的營銷支出。所有這些完整的漏斗使我們的下漏斗更加努力。

We've been doing partnerships with influencers, leveraging social media in better ways. And so the whole shift in our marketing strategy is not to just go after kind of active buyers and a big brand campaign, but really market the value proposition that we have on the platform with a really targeted approach to go after enthusiasts in that category. And that's why I think you're seeing the results that we've talked about in P&A, which is our third quarter of -- in market lines of growth in the mid-single digits is because of the effect of the marketing programs.

我們一直在與有影響力的人建立合作夥伴關係，以更好的方式利用社群媒體。因此，我們行銷策略的整個轉變不僅僅是追求活躍的買家和大型品牌活動，而是真正行銷我們在平台上的價值主張，以真正有針對性的方法來追求該類別的愛好者。這就是為什麼我認為您會看到我們在 P&A 中討論的結果，這是我們第三季度的市場線中個位數的增長是由於營銷計劃的影響。

The only thing I would add is just the size and scale of eBay and the general operational efficiencies we get with this. To Jamie's point on full-funnel marketing, we get to a point where we've got paid, owned and now earned marketing across the board, which really brings additional consumers to eBay. And continue to drive that level of trust on the platform to ultimately drive the underlying GMV momentum.

我唯一要補充的是 eBay 的規模和規模以及我們由此獲得的整體營運效率。對於傑米（Jamie）關於全通路行銷的觀點，我們已經達到了全面付費、擁有和現在贏得行銷的地步，這確實為 eBay 帶來了更多消費者。並持續提高平台上的信任度，最終推動潛在的 GMV 動能。

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

我們的下一個問題來自高盛的艾瑞克謝裡登。

Maybe two, if I could. Going back to the comments on the broader softening of the e-commerce environment. How does that typically show up in your model? When you think about what you've seen in the U.K. or Germany, is it slower buyer growth? Is it less velocity or repeat behavior on the shopping level? Is it basket size? How should we be thinking about the signals you're watching for, for elements of the softening versus what might be a recovery as we move through Q4 and into next year? That would be number one.

如果可以的話，也許兩個。回到對電子商務環境更廣泛的疲軟的評論。這通常如何顯示在您的模型中？當你想想你在英國或德國看到的情況時，買家成長是否會放緩？是購物速度降低還是重複行為？籃子尺寸是多少？當我們進入第四季度並進入明年時，我們應該如何考慮您正在關注的訊號、疲軟因素與可能復甦的因素？那將是第一。

And then when you look about the seller services side of the equation, I know you've made a lot of progress on the ads and payments and shipping, what do you think the biggest friction points still are to continue to solidify the seller services side of the equation for the marketplace, especially if the macro environment does become a little more uncertain and sellers are looking for systems for marketplaces?

然後，當您查看等式的賣家服務方面時，我知道您在廣告、付款和運輸方面取得了很大進展，您認為最大的摩擦點仍然是繼續鞏固賣家服務方面市場的方程式，特別是如果宏觀環境確實變得更加不確定並且賣家正在尋找市場系統的話？

Eric, I'll take the first one. It generally shows up in traffic, as you would imagine. When you think about eBay and consumers looking at discretionary spend and the wallets generally get a little pressured, that's really where it tends to show up.

艾瑞克，我選第一個。正如您所想像的那樣，它通常會出現在流量中。當你想到 eBay 和消費者考慮可自由支配的支出時，錢包通常會受到一點壓力，這確實是它往往會出現的地方。

If I reflect on our business -- and let's not forget, half of eBay's GMV is generated outside the U.S. And if you think about Europe, you think about the likes of the U.K. and Germany, our second and third largest markets, when you look at the data in terms of e-commerce excluding grocery, U.K. was shrinking at 3 points in September. And Germany was down minus 7. And so we're seeing quite a precipitous decline in some of that e-commerce growth out of those couple of key markets. And invariably, as those consumers continue to get pressured in their wallets, it has an ultimate impact on traffic and discretionary spend.

如果我反思我們的業務，我們不要忘記，eBay 的 GMV 有一半是在美國以外產生的。如果你想到歐洲，你就會想到英國和德國等我們的第二大和第三大市場。根據不包括雜貨的電子商務數據，英國9 月萎縮了3 個百分點。德國下降了-7。因此，我們看到這幾個關鍵市場的一些電子商務成長急劇下降。毫無疑問，隨著這些消費者的錢包繼續承受壓力，最終會對流量和可自由支配支出產生影響。

Jamie, in terms of the other item?

傑米，關於其他項目？

Yes. On seller services, Eric, it's really been across the board. If you think about our B2C sellers, it's been a key focus for us for over 3 years now. We started with eBay stores and a lot of innovation that we did when I first got back to eBay. Since then, we've been building out the ad portfolio as we've been talking about each quarter. We continue to enhance our shipping profile and our shipping services.

是的。艾瑞克，在賣家服務方面，確實是全面的。如果您考慮我們的 B2C 賣家，您會發現，三年多來，它一直是我們的重點。我們從 eBay 商店開始，並在我第一次回到 eBay 時做了很多創新。從那時起，我們就按照每季討論的方式來建立廣告組合。我們繼續增強我們的運輸概況和運輸服務。

So one example is like in our P&A category, we now have the ability for a B2C seller to say I have multiple warehouses that I can ship out of, and we'll ship out of the one closest to the buyer to get it faster to the buyer. In our German business, we just launched a more expedited returns process, which helps sellers manage returns in easier ways. eIS is helping them get more global-scale demand. Payments is giving them more payment choices.

例如，在我們的 P&A 類別中，我們現在可以讓 B2C 賣家說我有多個倉庫可以發貨，我們會從離買家最近的倉庫發貨，以便更快地到達買家。在我們的德國業務中，我們剛剛推出了更快速的退貨流程，這可以幫助賣家以更輕鬆的方式管理退貨。 eIS 正在幫助他們獲得更多全球範圍的需求。支付給了他們更多的支付選擇。

So when you think about -- I was just with a seller in Australia who sells tires. And he was like, I love the integration that you guys did with Afterpay because in this economy, a lot of people buying a new set of tires are using the buy now, pay later solutions.

所以，當你想一想時，我剛剛和澳大利亞的一位銷售輪胎的賣家在一起。他說，我喜歡你們與 Afterpay 進行的整合，因為在當前的經濟形勢下，許多購買新輪胎的人都在使用「先買後付」的解決方案。

So I would say it's a combination of all of the things that we've done that are really being great services for B2C. At the same time, we invested a lot in the C2C experience with things like the magical listings, really letting them list with a whole lot more ease.

所以我想說，這是我們所做的所有事情的結合，這些事情確實為 B2C 提供了出色的服務。同時，我們在C2C體驗上投入了大量資金，例如神奇的列表，真正讓他們更輕鬆地列表。

As I've talked about last quarter, the customer satisfaction for a brand-new product there is amongst the highest I've ever seen. And what casual sellers are telling us is this is going to allow them to unlock more inventory because of how easy we're making it. And that's now scaled out to 100% of our business across U.S., U.K. and DE.

正如我上個季度談到的，客戶對全新產品的滿意度是我所見過的最高的。臨時賣家告訴我們，這將使他們能夠釋放更多庫存，因為我們做得很好。現在，我們在美國、英國和德國的業務已擴展到 100%。

So we continue to invest a lot in our sellers. We continue to grow the number of live listings on the platform, and we continue to raise the customer value proposition that we're giving them on eBay.

因此，我們繼續對賣家進行大量投資。我們繼續增加平台上即時清單的數量，並繼續提高我們在 eBay 上為他們提供的客戶價值主張。

Our final question comes from the line of Deepak Mathivanan from Wolfe Research.

我們的最後一個問題來自沃爾夫研究中心的 Deepak Mathivanan。

Jamie, given that consumers are increasingly looking at deal shopping during this holiday season due to macro pressures and inflationary environment, some of the other e-commerce platforms like Etsy are kind of incentivizing sellers to step up discounts and are also doing promos on their own to drive volume. Is that something that eBay can do?

Jamie，由於宏觀壓力和通膨環境，消費者越來越多地在這個假期期間尋求優惠購物，Etsy 等其他一些電子商務平台也在某種程度上激勵賣家加大折扣力度，並且自己也在做促銷活動來驅動音量。這是 eBay 可以做的事情嗎？

Do your buyers react to this? And do you see opportunities to maybe mitigate some of these macro pressures with product initiatives if this kind of persists for a while next year?

您的買家對此有何反應？如果這種情況明年持續一段時間，您是否認為有機會透過產品計劃來減輕一些宏觀壓力？

And then maybe one quick one for Steve. Steve, can you help quantify the cash outflow due to the taxes in 4Q? Is that a constraint to kind of stay on your buyback cadence for 4Q? Or any additional color you can provide there would be great.

然後也許是史蒂夫的一個快速的。史蒂夫，你能幫忙量化一下第四季稅收帶來的現金流出嗎？這是否會限制您第四季的回購節奏？或者您可以提供任何其他顏色，那就太好了。

Yes, Deepak, the only real key finding and promotion stuff we do, we do it in conjunction with our sellers, where they're kind of funding those coupons. And that does work and that's in partnership with our sellers. We sometimes also do that with our external Promoted Listings products that we've been talking about, one of our new ad products. But we really moved away from the couponing that was unhealthy that we did back in 2019. And we have no plans to reintroduce that type of couponing because it wasn't driving the type of ROI that we wanted.

是的，迪帕克，我們所做的唯一真正的關鍵發現和促銷工作，我們與我們的賣家一起做，他們為這些優惠券提供資金。這確實有效，而且是與我們的賣家合作。有時，我們也會使用我們一直在談論的外部推薦清單產品（我們的新廣告產品之一）來做到這一點。但我們確實放棄了 2019 年那種不健康的優惠券。我們沒有計劃重新引入這種類型的優惠券，因為它沒有帶來我們想要的投資回報。

The bigger point for eBay overall has been the shift in strategy to focus on used, non-new and seasoned and refurbished. Because when customers face these inflationary environments, they're continuing to look at eBay for better value. Our refurbished business is up double digits because people are getting like new products for 40% off. Our used business is growing faster than our new business because the demand that people see and the values that they can get on eBay.

整體而言，eBay 更重要的一點是策略的轉變，重點在於二手、非全新、陳舊和翻新產品。因為當客戶面臨這些通貨膨脹環境時，他們會繼續在 eBay 上尋求更高的價值。我們的翻新業務成長了兩位數，因為人們喜歡以 40% 的折扣購買新產品。我們的二手業務比新業務成長得更快，因為人們在 eBay 上看到了需求並獲得了價值。

So we just did a survey and we found that 90% of consumers that responded to the survey said that they purchased pre-loved goods on eBay in the past year. So our play on value is really the new strategy of what we're going after of driving those businesses, and that's what's resonating with our customers.

所以我們剛剛做了一個調查，我們發現受訪的消費者中有90%表示他們在過去的一年裡在eBay上購買二手商品。因此，我們的價值發揮其實是我們推動這些業務的新策略，這也是我們客戶產生共鳴的原因。

Steve, do you want to talk about the cash implications of taxes?

史蒂夫，你想談談稅收對現金的影響嗎？

Yes. Obviously, we talked about the free cash flow dynamics and the timing of the cash payments of '23 impacted by the California state disaster tax relief, which has shifted our cash tax payments to October versus being paid during Q2, Q3, and that's really the reference we are talking about.

是的。顯然，我們討論了受加州救災減稅影響的自由現金流動態和23 年現金支付時間，這將我們的現金稅支付轉移到了10 月，而不是在第二季度、第三季度支付，這確實是我們正在談論的參考。

We don't get into sort of forecasting our buybacks on a quarter-to-quarter basis. Really pleased with the continued momentum we've got on that at around 125%. And that's really an average over the cycle that we talked about. But we're bang on track and happy with where we are.

我們不會按季度預測回購情況。我們對 125% 左右的持續勢頭感到非常滿意。這實際上是我們討論的周期的平均值。但我們正在步入正軌，並對我們目前的處境感到滿意。

Thank you. Ladies and gentlemen, we will conclude today's conference call. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，我們將結束今天的電話會議。感謝您的參與。您現在可以斷開連線。