(EBAY) 2023 Q4 法說會逐字稿

Good afternoon. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the eBay Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to John Egbert, Vice President of Investor Relations. John, you may begin your conference.

午安.我叫克里斯塔，今天我將擔任你們的會議接線生。此刻，我歡迎大家參加 eBay 2023 年第四季財報電話會議。 （操作員指示）我現在想將會議轉交給投資者關係副總裁 John Egbert。約翰，你可以開始你的會議了。

Good afternoon. Thank you all for joining us for eBay's Fourth 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 年第四季財報電話會議。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 FX-neutral year-over-year comparisons and all earnings per share amounts reflect earnings per diluted share, unless indicated otherwise. As we fully lapped the TCGplayer acquisition at the end of October 2023, our organic and total FX-neutral growth rates for Q4 have largely converged.

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標準。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成長率將反映外匯中性的同比比較，所有每股收益金額反映稀釋後每股收益。隨著我們於 2023 年 10 月底完全完成對 TCGplayer 的收購，我們第四季度的有機成長率和外匯中性總體成長率已基本趨同。

During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q and our earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of February 27, 2024. 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 2024 年 2 月 27 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. I'm incredibly proud of the progress we made in 2023 against our vision of reinventing the future of e-commerce for enthusiasts and our goal of returning eBay to long-term sustainable growth. Let's go over a few highlights from the full year.

謝謝，約翰。大家下午好，感謝大家今天加入我們。我對我們在 2023 年的進展感到無比自豪，我們實現了為愛好者重塑電子商務未來的願景，也實現了讓 eBay 恢復長期可持續增長的目標。讓我們回顧一下全年的一些亮點。

First, despite significant macro pressure on discretionary spending across our major markets, we saw organic year-over-year GMV growth improve during each quarter of 2023, resulting in GMV growth down roughly 1% for the full year. Focus category GMV grew by nearly 4%, outpacing the remainder of our business by roughly 7 points and we exited 2023 at approaching 30% penetration. We stabilized our active and enthusiast buyer counts as acquisition, reactivation and retention improved year-over-year.

首先，儘管我們主要市場的可自由支配支出面臨巨大的宏觀壓力，但我們看到 2023 年每個季度 GMV 的有機同比增長有所改善，導致全年 GMV 增長下降約 1%。重點類別 GMV 成長了近 4%，比我們的其他業務成長了約 7 個百分點，到 2023 年，我們的滲透率接近 30%。隨著購買、重新激活和保留率逐年提高，我們穩定了活躍和熱情的買家數量。

Our revenue grew 3% organically to over $10 billion, driven by continued momentum in first-party advertising, expansion of our financial services offerings and the launch of eBay International Shipping. And we made significant investments in tech, talent and marketing to support our strategic pillars, including making meaningful strides towards establishing eBay as a leader in generative AI for e-commerce. These results have demonstrated that we have the right strategy which has put us on a path to building a stronger, more resilient company.

由於第一方廣告的持續成長動能、金融服務產品的擴展以及 eBay International Shipping 的推出，我們的營收有機成長了 3%，達到超過 100 億美元。我們在技術、人才和行銷方面進行了大量投資，以支援我們的策略支柱，包括在將 eBay 打造為電子商務生成人工智慧領域的領導者方面取得有意義的進展。這些結果表明，我們擁有正確的策略，使我們走上了建立更強大、更有彈性的公司的道路。

In service of that goal, last month, we announced significant organizational changes focused on removing layers and simplifying execution in order to better meet the needs of our customers. This involved the difficult but necessary decision to reduce our workforce by approximately 1,000 roles and begin to scale back our alternative workforce contracts. This restructuring better aligns our expenses with the growth of our business and I'm confident it will enable us to accelerate innovation while delivering long-term value for shareholders.

為了實現這一目標，上個月，我們宣布了重大的組織變革，重點是消除層級和簡化執行，以便更好地滿足客戶的需求。這涉及到一個艱難但必要的決定，即減少約 1,000 名員工，並開始縮減我們的替代勞動力合約。此次重組使我們的支出與業務成長更好地保持一致，我相信這將使我們能夠加速創新，同時為股東帶來長期價值。

Now turning to the fourth quarter. We generated $18.6 billion of gross merchandise volume in Q4, nearly flat versus the prior year. Revenue grew 3% to $2.6 billion. Our non-GAAP operating margin was 26.7% and we delivered $1.07 of non-GAAP earnings per share, resulting in $4.24 of EPS for the full year. Our focus category strategy remained a significant driver of underlying growth during Q4. Focus category GMV outpaced the remainder of our marketplace by approximately 6 points, growing roughly 4% for the third straight quarter. Our momentum in Motors, Parts & Accessories, or P&A, continued in the quarter, as volume growth held steady in the mid-single digits.

現在轉向第四季。第四季我們的商品總額為 186 億美元，與去年同期幾乎持平。營收成長 3%，達到 26 億美元。我們的非 GAAP 營業利潤率為 26.7%，非 GAAP 每股收益為 1.07 美元，全年每股收益為 4.24 美元。我們的重點品類策略仍是第四季潛在成長的重要驅動力。焦點品類 GMV 超過市場其他產品約 6 個百分點，連續第三個季度成長約 4%。我們在汽車、零件和配件（P&A）領域的勢頭在本季度繼續保持，銷量增長穩定在中個位數。

Our eBay Guaranteed Fit programs have benefited buyer trust and retention across the U.S., U.K. and Germany, driving incremental GMV within P&A last year. During Q4, we began rolling out multi-warehouse shipping optimization to some of our largest U.S. P&A sellers that collectively manage millions of listings. B2C sellers can activate these tools via eBay APIs, and this enables buyers to see more accurate estimated delivery dates when purchasing from sellers with multiple warehouses, which has driven a measurable uplift in conversion for early adopters.

我們的 eBay 保證適合計劃有利於美國、英國和德國買家的信任和保留，去年推動了 P&A 的 GMV 增量。第四季度，我們開始向一些最大的美國 P&A 賣家推出多倉庫運輸優化，這些賣家共同管理數百萬個清單。 B2C 賣家可以透過 eBay API 啟動這些工具，這使得買家在從擁有多個倉庫的賣家處購買商品時能夠看到更準確的預計交貨日期，從而顯著提高了早期採用者的轉換率。

In 2024, we plan to onboard sellers in other categories to utilize this technology and tighten delivery estimates across eBay more broadly. Our established position in P&A has led to more than 100 million vehicles being saved in the My Garage section of eBay by active customers. In addition to providing better fitment experiences, we are finding more ways to leverage this valuable data to drive utility for our customers. For example, last quarter, we introduced predictive maintenance that offers AI-driven auto part recommendations based on a vehicle's mileage. Features like this help eBay stay top of mind for customers looking for auto parts at a great value.

到 2024 年，我們計劃讓其他類別的賣家利用這項技術，並更廣泛地收緊整個 eBay 的送貨預估。我們在 P&A 中的既定地位導致活躍客戶在 eBay 的「我的車庫」部分保存了超過 1 億輛汽車。除了提供更好的組裝體驗之外，我們還在尋找更多方法來利用這些有價值的數據來為客戶提高實用性。例如，上個季度，我們推出了預測性維護，可根據車輛的行駛里程提供人工智慧驅動的汽車零件建議。此類功能有助於 eBay 在尋找超值汽車零件的客戶中保持領先地位。

The work we've done in the eBay Authenticity Guarantee program has also been a key driver of our focus category momentum and raising the level of trust on the marketplace. In Q4, we launched our eighth authentication center in Tokyo, Japan, our first center focused primarily on cross-border trade. Our Tokyo center is currently authenticating luxury handbags and will expand to other high ASP categories over time. Japan is one of the largest and fastest-growing markets for personal luxury goods in the world, enabling our global buyers to tap into a wealth of inventory from the world's most exclusive brands with complete confidence.

我們在 eBay 真品保證計畫中所做的工作也是我們重點類別發展動能和提高市場信任水準的關鍵驅動力。第四季度，我們在日本東京推出了第八個認證中心，這是我們的第一個主要專注於跨境貿易的中心。我們的東京中心目前正在鑑定奢華手袋，並將隨著時間的推移擴展到其他高 ASP 類別。日本是世界上最大、成長最快的個人奢侈品市場之一，使我們的全球買家能夠充滿信心地利用世界上最獨特品牌的豐富庫存。

Earlier this month, we also expanded the Authenticity Guarantee program to cover loose gemstones. This further extends our product coverage within fine jewelry with authentication from our existing partner, the Gemological Institute of America, a trusted authority for over 9 decades. In addition to expanding focus categories, last year, we made a significant investment in Germany, our third largest country as measured by demand. We adopted a similar approach to our vertical playbook to address the unique needs of German consumers. These changes included language enhancements, improvements to search, SEO and recommendations, shipping and return label improvements and a complete overhaul of the local pickup experience.

本月早些時候，我們還擴大了真品保證計劃以涵蓋裸石。這進一步擴大了我們在高級珠寶領域的產品覆蓋範圍，並獲得了我們現有合作夥伴美國寶石學院的認證，該機構是 9 多年來值得信賴的權威機構。除了擴大重點類別外，去年我們還對德國進行了大量投資，以需求衡量，德國是我們的第三大國家。我們對垂直策略採取了類似的方法來滿足德國消費者的獨特需求。這些變化包括語言增強、搜尋改進、搜尋引擎優化和推薦、運輸和退貨標籤改進以及本地取貨體驗的徹底改革。

In January, we further improved local discovery in Germany by introducing a new map-based browsing experience, which services trending and recently-listed items through an intuitive interface based on what's nearby and easy to pick up. Overall, our initiative in Germany has outperformed our initial expectations. We've observed C2C seller NPS and customer satisfaction both up 20 points or more versus our previous baselines. Our buyer NPS also increased by double digits as buyers who sell returned to positive growth following the initiative launch.

一月份，我們透過引入基於地圖的新瀏覽體驗進一步改善了德國的本地發現，該體驗透過基於附近且易於獲取的內容的直覺介面為趨勢和最近列出的項目提供服務。總體而言，我們在德國的舉措超出了我們最初的預期。我們觀察到 C2C 賣家的 NPS 和客戶滿意度均比我們先前的基準提高了 20 個點或更多。我們的買家 NPS 也成長了兩位數，因為在該計劃推出後，出售的買家恢復了正向成長。

In addition, enhancements made to our QR code technology has helped reduce unpaid items by more than 50% for local pickups. And importantly, C2C volume in Germany returned to positive growth resulting in hundreds of millions of dollars of incremental GMV relative to our prior trajectory. These investments have made our business significantly more resilient to the challenging macro environment in Germany, where overall e-commerce growth has been negative in recent quarters.

此外，我們對二維碼技術的增強已幫助將本地取貨的未付款項減少了 50% 以上。重要的是，德國的 C2C 交易量恢復正成長，導致 GMV 相對於我們先前的軌跡增加了數億美元。這些投資使我們的業務在德國充滿挑戰的宏觀環境中更具彈性，最近幾季德國整體電子商務成長一直為負。

During 2023, we also laid the groundwork to accelerate our capabilities in artificial intelligence and further embed AI throughout the customer experience and our organization. After the first commercial large language models became available from companies like OpenAI and others last year, we immediately found ways to leverage generative AI technology to improve the eBay experience across selling, buying, advertising and marketing. Within a few months, we began fine-tuning open-source LLMs using eBay's proprietary commerce data on our own infrastructure.

2023 年，我們也為加速人工智慧能力奠定了基礎，並進一步將人工智慧嵌入客戶體驗和我們的組織中。去年，OpenAI 等公司推出第一個商業大型語言模式後，我們立即找到了利用生成式 AI 技術來改善 eBay 在銷售、購買、廣告和行銷方面的體驗的方法。幾個月內，我們開始在我們自己的基礎設施上使用 eBay 的專有商業數據來微調開源法學碩士。

These models include a smaller number of parameters and thus operated faster and more cost efficiently than commercial LLMs when operating at scale. But we also found these fine-tuned LLMs could perform as well, or in some cases better, than commercial LLMs across certain dimensions and use cases, such as generating listing descriptions. To support an even more ambitious AI road map for 2024, by the end of Q1, we expect to have doubled our GPU capacity versus the end of last year.

這些模型包含較少數量的參數，因此在大規模運行時比商業法學碩士運行速度更快、更具成本效益。但我們也發現，在某些維度和用例（例如生成清單描述）上，這些經過微調的法學碩士的表現與商業法學碩士一樣好，或者在某些情況下更好。為了支援 2024 年更雄心勃勃的人工智慧路線圖，我們預計到第一季末，我們的 GPU 容量將比去年年底增加一倍。

Importantly, this investment falls within our historical CapEx budget range of 4% to 5% of revenue. This added GPU capacity, combined with our existing infrastructure, allows us to develop LLMs from scratch pre-trained using eBay's nearly 3 decades' worth of e-commerce data. While we'll continue to take a hybrid approach, leveraging both commercial and open-source LMs, we expect more generative AI services to be powered by internal LLMs in 2024, helping make buying and selling on eBay simpler, faster and more magical.

重要的是，這項投資屬於我們歷史上佔收入 4% 至 5% 的資本支出預算範圍。增加的 GPU 容量與我們現有的基礎設施相結合，使我們能夠使用 eBay 近 3 年來的電子商務資料從頭開始開發預訓練的法學碩士。雖然我們將繼續採取混合方法，利用商業和開源LM，但我們預計到2024 年，更多的生成式AI 服務將由內部LLM 提供支持，幫助使eBay 上的買賣變得更簡單、更快、更神奇。

In terms of customer-facing features, we continue to iterate on our magical listing experience that has already been used by millions of sellers, which we believe makes it one of the most widely used gen AI features in e-commerce to date. Generative AI descriptions have rolled out to 100% of users in our top 5 markets. Adoption trends remain healthy. Customer satisfaction continues to be at high levels, as we've expanded outside of English-speaking countries, and content acceptance rates remain above 90% through the full rollout. The next phase of our magical listing experience is currently being tested by up to 5% of C2C sellers on an opt-in basis. This experience is even more seamless, as it leverages our image recognition technology and generative AI to prefill or suggest product titles, categories and other item aspects using photos alone.

在面向客戶的功能方面，我們繼續迭代已經被數百萬賣家使用的神奇清單體驗，我們相信這使其成為迄今為止電子商務中使用最廣泛的一代人工智慧功能之一。生成式 AI 描述已向我們前 5 個市場中 100% 的用戶推出。採用趨勢保持健康。隨著我們向英語國家以外的地區擴展，客戶滿意度仍然保持在較高水平，並且在全面推出期間內容接受率保持在 90% 以上。我們下一階段的神奇上市體驗目前正在由多達 5% 的 C2C 賣家以選擇加入的方式進行測試。這種體驗更加無縫，因為它利用我們的圖像識別技術和生成式人工智慧，僅使用照片來預先填充或建議產品標題、類別和其他項目方面。

We are excited to make this experience available to -- more sellers in Q1 as early feedback from beta users has been incredibly encouraging. I'm also pleased to see the potential benefits our AI tools can have on the billions of listing images across our marketplace, as high-quality products photos can have a significant impact on conversion on eBay. Last quarter, we completed the global rollout of our revamped background removal tool in our listing flows, which leverages AI to effortlessly remove background noise from their product images. This tool has enabled sellers to create cleaner, more professional product images and it has received rave reviews from our customers.

我們很高興能夠在第一季向更多賣家提供這種體驗，因為測試版用戶的早期回饋非常令人鼓舞。我還很高興看到我們的人工智慧工具可以對我們市場上數十億的清單圖像產生潛在的好處，因為高品質的產品照片可以對 eBay 上的轉換產生重大影響。上季度，我們在清單流程中完成了改進的背景去除工具的全球推廣，該工具利用人工智慧輕鬆去除產品圖像中的背景噪音。該工具使賣家能夠創建更清晰、更專業的產品圖片，並獲得了客戶的好評。

Building on top of this, we're now leveraging generative AI to make sellers' product images even more compelling using our new background swap tool. This feature allows sellers to show their products alongside a wide variety of AI-generated backgrounds. For example, you could display a pair of Air Jordan sneakers on a hardwood basketball court or showcase your preowned hiking boots atop a picturesque mountain summit. We are currently testing this feature in beta with 1% of sellers on iOS devices and I'm excited to see more sellers leveraging these tools to enhance their product images and drive conversion.

在此基礎上，我們現在利用生成式人工智慧，使用我們新的背景交換工具使賣家的產品圖像更加引人注目。此功能允許賣家在各種人工智慧生成的背景下展示他們的產品。例如，您可以在硬木籃球場上展示一雙 Air Jordan 運動鞋，或在風景如畫的山頂上展示您的二手登山靴。目前，我們正在測試版中，1% 的賣家使用 iOS 裝置來測試此功能，我很高興看到更多賣家利用這些工具來增強產品影像並提高轉換率。

Now turning to our advertising business, which delivered another strong quarter. Total advertising revenue grew 20% to $393 million, while first-party ads outpaced volume by 30 points. For the full year, we generated over $1.4 billion of total advertising revenue, up roughly 25% for the year or more than double our ad revenue in 2019. Over 2.9 million sellers adopted a single ad product during Q4 and we currently have over 900 million live Promoted Listings. Our standard cost per acquisition product remained the largest contributor to year-over-year ads growth in Q4. But notably, Promoted Listings Advanced, our cost-per-click unit, was the largest contributor to sequential advertising growth.

現在轉向我們的廣告業務，這項業務又實現了強勁的季度業績。廣告總收入成長了 20%，達到 3.93 億美元，而第一方廣告收入成長了 30 個百分點。全年，我們的廣告總收入超過14 億美元，全年增長約25%，是2019 年廣告收入的兩倍多。第四季度超過290 萬賣家採用了單一廣告產品，目前我們擁有超過9 億的廣告產品即時促銷清單。我們的標準每次獲取產品成本仍然是第四季度廣告年增長的最大貢獻者。但值得注意的是，我們的每次點擊費用單位「Promoted Listings Advanced」是廣告持續成長的最大貢獻者。

Our CPC revenue and overall advertiser count benefited from the launch of rule-based campaigns in Q4, which allows sellers to automatically promote new listings based on rules they set for inclusion, such as price range, category, brand or condition. Additionally, during Q4, we launched a 'Top Picks' Carousel for search, which provides a curated set of Promoted Listings ads comprised of hyper-relevant top-selling items from our highest-ranked sellers. Thus far, buyers have been highly engaged with these ads, providing added velocity for our sellers.

我們的每次點擊費用收入和廣告客戶總數受益於第四季度推出的基於規則的活動，該活動允許賣家根據他們設定的納入規則（例如價格範圍、類別、品牌或條件）自動推廣新清單。此外，在第四季度，我們推出了一個用於搜尋的「熱門精選」輪播，它提供了一組精選的促銷清單廣告，其中包含來自我們排名最高的賣家的超相關熱銷商品。到目前為止，買家對這些廣告的參與度很高，為我們的賣家提供了更高的速度。

Next, I'd like to share a few milestones around our sustainability efforts last year, starting with recommerce. Recommerce continues to provide significant value for sellers and buyers during these uncertain times. In 2023, our marketplace generated nearly $4.9 billion in positive economic impact due to sale of pre-loved and refurbished goods. This activity helped avoid approximately 1.6 million metric tons of carbon emissions that would typically be used in producing new goods and kept nearly 70,000 metric tons of waste from going into landfills.

接下來，我想分享去年我們在永續發展方面的一些里程碑，首先是電子商務。在這些不確定的時期，電子商務繼續為賣家和買家提供巨大的價值。 2023 年，由於二手貨和翻新商品的銷售，我們的市場產生了近 49 億美元的正面經濟影響。這項活動幫助避免了大約 160 萬噸通常用於生產新產品的碳排放，並避免了近 70,000 噸廢物進入垃圾掩埋場。

Additionally, eBay remains committed to enabling more green energy on the U.S. electricity grid. As part of these ambitions, we have entered into agreements for 3 offsite renewable energy projects over the past 4 years. Our portion of the latest project is now fully operational and the green energy produced will be roughly equivalent to the annual energy usage at our data center in Salt Lake City. Combined with our other 2 projects, this green energy covers over 40% of our global electricity consumption. And I'm incredibly proud that we source over 90% of our energy consumption for eBay controlled offices and data centers from renewable sources overall and we remain on track to reaching our 100% renewable target by 2025.

此外，eBay 仍致力於在美國電網上提供更多綠色能源。作為這些雄心壯志的一部分，我們在過去 4 年裡簽署了 3 個異地再生能源專案協議。我們最新專案的部分現已全面投入運營，產生的綠色能源將大致相當於我們鹽湖城資料中心的年度能源使用量。與我們的其他 2 個項目結合，這種綠色能源覆蓋了我們全球電力消耗的 40% 以上。我非常自豪的是，我們 eBay 控制的辦公室和資料中心 90% 以上的能源消耗全部來自再生能源，我們仍有望在 2025 年實現 100% 再生能源的目標。

Now let's turn to impact. I'm always amazed by the tremendous generosity of the eBay community. eBay for Charity enabled sellers and buyers to raise more than $43 million in Q4 and nearly $162 million for the full year. The eBay Foundation granted more than $19 million in 2023 to support historically excluded entrepreneurs and through our employee gift-matching program. I'm honored to be a purpose-driven company that supports communities around the world.

現在讓我們轉向影響。我總是對 eBay 社群的巨大慷慨感到驚訝。 eBay for Charity 幫助賣家和買家在第四季度籌集了超過 4,300 萬美元，全年籌集了近 1.62 億美元。 eBay 基金會於 2023 年撥款超過 1,900 萬美元，透過我們的員工禮品配對計畫來支持歷史上被排除在外的創業家。我很榮幸成為一家以目標為導向的公司，為世界各地的社區提供支援。

For the fifth year in a row, eBay was included in the Dow Jones Sustainability World and North American Indices. eBay was also included once again in JUST Capital and CNBC's list of America's Most JUST Companies, which measures corporate performance and efforts in areas such as climate change, DE&I and employee wellness. I'd like to take this opportunity to thank our employees for their incredible work in bringing our strategy to life and their tireless support in our community worldwide amid ongoing challenges in the global economy.

eBay 連續第五年被納入道瓊永續發展世界指數和北美指數。 eBay 也再次被列入 JUST Capital 和 CNBC 的美國最公正公司名單，該名單衡量企業在氣候變遷、DE&I 和員工健康等領域的表現和努力。我想藉此機會感謝我們的員工在將我們的策略付諸實踐方面所做的出色工作，以及在全球經濟面臨持續挑戰的情況下對我們全球社區的不懈支持。

In closing, while we continue to navigate a dynamic operating environment, I'm incredibly optimistic about our road map for 2024. Our teams are better organized for speed, allowing us to be nimble and make critical decisions more quickly. The foundational AI capabilities we developed last year make us well-positioned to unlock the power of our data assets, fundamentally change the customer experience on eBay and drive efficiency across the company in 2024.

最後，在我們繼續應對動態營運環境的同時，我對 2024 年的路線圖非常樂觀。我們的團隊組織得更好，速度更快，使我們能夠更加靈活並更快地做出關鍵決策。我們去年開發的基礎人工智慧功能使我們能夠充分發揮數據資產的力量，從根本上改變 eBay 上的客戶體驗，並在 2024 年提高整個公司的效率。

We will continue to invest in new and existing focus categories while also improving country-specific experiences like we did in Germany last year. We expect continued momentum in first-party advertising, despite lapping outstanding growth in the prior year, while we grow our financial service offerings for customers. And from a financial standpoint, we are in a strong position to expand margins, drive robust earnings growth and deliver healthy capital returns to shareholders in 2024, while still investing in high ROI initiatives to keep us on the path towards sustainable GMV growth.

我們將繼續投資新的和現有的重點類別，同時改善特定國家的體驗，就像我們去年在德國所做的那樣。儘管去年取得了出色的成長，但我們預計第一方廣告將繼續保持成長勢頭，同時我們也將為客戶提供更多的金融服務。從財務角度來看，我們有能力在2024 年擴大利潤、推動強勁的盈利增長並為股東帶來健康的資本回報，同時仍然投資於高投資回報率計劃，使我們走上可持續GMV 增長的道路。

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 the financial highlights section 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 first quarter and the full year and some closing thoughts before we begin Q&A. My comments will reflect year-over-year comparisons on an FX-neutral basis, unless I note otherwise.

謝謝傑米，也謝謝大家今天加入我們。我將從我們收益報告的財務亮點部分開始。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，我將提供第一季和全年的展望以及一些結束語。除非我另有說明，我的評論將反映在外匯中性的基礎上的同比比較。

I'm pleased that we met or exceeded expectations across our key financial metrics in Q4 despite observing a softer demand environment during the early part of the quarter. Gross merchandise volume was nearly flat at $18.6 billion. Revenue grew 3% to nearly $2.6 billion, outpacing volume by over 3 points. Non-GAAP operating margin was 26.7%. We delivered $1.07 of non-GAAP earnings per share and we returned $379 million to shareholders through repurchases and dividends.

我很高興我們在第四季度的關鍵財務指標達到或超出了預期，儘管在本季度初期觀察到需求環境疲軟。商品總成交量幾乎持平，為 186 億美元。營收成長 3%，達到近 26 億美元，增幅超過銷售 3 個百分點。非 GAAP 營業利益率為 26.7%。我們實現了 1.07 美元的非 GAAP 每股收益，並透過回購和股息向股東返還 3.79 億美元。

Let's take a closer look at our financial performance during the fourth quarter. Gross merchandise volume of $18.6 billion was nearly flat year-over-year, while foreign exchange was a tailwind of roughly 2 points to reported GMV growth. As we discussed last quarter, we observed softer demand for discretionary goods during the beginning of Q4 as consumers dealt with elevated inflation and higher interest rates in our key markets. Shoppers were more discerning in their purchase behavior as we approached the holidays and the promotional environment adapted to meet their expectations.

讓我們仔細看看我們第四季度的財務表現。商品總交易量為 186 億美元，與去年同期相比幾乎持平，而外匯交易對報告的 GMV 成長起到了大約 2 個百分點的推動作用。正如我們上季度所討論的，我們觀察到第四季度初對非必需品的需求疲軟，因為消費者應對我們主要市場的通膨上升和利率上升。隨著假期的臨近，購物者的購買行為變得更加挑剔，促銷環境也適應了他們的期望。

However, we started to see our business improve towards the end of November, particularly in the U.S., driven by consumers looking for value to stretch their limited holiday budgets. Additionally, we believe recent product improvements modestly benefited our participation in last-minute holiday shopping. These include an improved accuracy of our estimated delivery dates and product changes we made in Q4 to better highlight listings with faster shipping times.

然而，到 11 月底，我們開始看到我們的業務有所改善，尤其是在美國，這是受到消費者尋求價值以延長有限的假期預算的推動。此外，我們相信最近的產品改進對我們參與最後一刻的假期購物有所幫助。其中包括提高了預計交貨日期的準確性，以及我們在第四季度所做的產品更改，以更好地突出顯示更快的發貨時間的清單。

Focus categories continue to drive underlying momentum in our business, growing roughly 6 points faster than the remainder of our marketplace during the quarter. P&A, Refurbished and Luxury were the top 3 contributors to GMV growth in focus categories. P&A delivered another quarter of mid-single-digit GMV growth as improved trust from programs like Guaranteed Fit and [ground shipment] coverage continued to benefit the overall customer experience.

重點品類持續推動我們業務的潛在動力，本季成長速度比市場其他產品快約 6 個百分點。 P&A、翻新品和奢侈品是重點品類中 GMV 成長的三大貢獻者。 P&A 的 GMV 又實現了一個季度中個位數的成長，因為「保證貼合度」和「地面運輸」覆蓋範圍等計畫的信任度不斷提高，繼續有利於整體客戶體驗。

Next, I'll walk through our results on a geographic basis. U.S. GMV was nearly flat in Q4, an improvement of 1 point sequentially. U.S. consumer demand was notably more resilient relative to our largest international markets, consistent with market benchmarks. The underlying growth was even stronger when we include U.S. buyer spending on cross-border goods. International GMV was down nearly 1% on an FX-neutral basis and up 4% as reported due to FX tailwinds.

接下來，我將按地理範圍介紹我們的結果。美國第四季 GMV 幾乎持平，季減 1 個百分點。與我們最大的國際市場相比，美國消費者的需求明顯更具彈性，這與市場基準一致。當我們納入美國買家在跨境商品上的支出時，潛在成長甚至更為強勁。在匯率中立的基礎上，國際 GMV 下降了近 1%，而據報道，由於匯率順風，國際 GMV 增長了 4%。

While we saw resilient demand in the U.K. and Germany over the holidays, e-commerce market growth in these countries remain challenged. The progress we made in Germany to improve the seller and buyer experiences, particularly within C2C, helped mitigate a tough environment where e-commerce growth has been persistently negative. In the U.K., our GMV growth narrowed the gap to market as consumers continued to look for value during the holidays. We also benefited from the lapping of the Royal Mail strike that impacted results in Q4 of 2022.

儘管我們看到英國和德國在假期期間的需求強勁，但這些國家的電子商務市場成長仍面臨挑戰。我們在德國在改善賣家和買家體驗方面取得的進展，特別是在 C2C 領域，有助於緩解電子商務持續負成長的嚴峻環境。在英國，隨著消費者在假期期間繼續尋找價值，我們的 GMV 成長縮小了與市場的差距。我們也受惠於影響 2022 年第四季業績的皇家郵政罷工。

Moving to buyers. Trailing 12-month active buyers were 132 million at the end of last year, continuing the trend of stabilization in 2023, after a period of post-COVID rationalization in recent years. Enthusiast buyers remained approximately 16 million. Spend for enthusiasts was stable quarter-over-quarter at around $3,000 annually despite continued pressure on discretionary spending across our major geographies.

轉向買家。截至去年底，過去 12 個月的活躍買家數量為 1.32 億，在經歷了近年來新冠疫情後的合理化時期後，到 2023 年將繼續保持穩定趨勢。狂熱買家仍約 1600 萬。儘管我們主要地區的可自由支配支出持續面臨壓力，但愛好者的支出環比穩定在每年 3,000 美元左右。

Turning to revenue. We generated revenue of $2.6 billion during the fourth quarter, up 3%, outpacing volume by over 3 points. Foreign exchange was a headwind of over 1 point to reported year-over-year revenue growth. Our take rate in Q4 was approximately 13.8%, down roughly 10 basis points quarter-over-quarter. The sequential decline was primarily driven by seasonal category and product mix, partly offset by continued momentum in our advertising business and a modest tailwind from FX. On a year-over-year basis, our take rate was roughly flat despite nearly 0.5 points of FX headwind.

轉向收入。第四季我們的營收達到 26 億美元，成長 3%，成長超過 3 個百分點。外匯對報告的年收入成長造成超過 1 個百分點的阻力。第四季的採用率約為 13.8%，季減約 10 個基點。環比下降主要是由季節性類別和產品組合推動的，但部分被我們廣告業務的持續成長勢頭和外匯的溫和推動所抵消。與去年同期相比，儘管外匯逆風接近 0.5 個百分點，但我們的接受率大致持平。

Total advertising revenue grew 20% to $393 million and reached 2.1% penetration of GMV. First-party ads grew 30% to $368 million or 30 points faster than volume. As Jamie discussed earlier, we saw robust seller adoption of Promoted Listings Advanced in Q4, driven by recent innovations like smart targeting and rules-based campaigns.

廣告總營收成長 20%，達到 3.93 億美元，GMV 滲透率達 2.1%。第一方廣告增加了 30%，達到 3.68 億美元，比數量快了 30 個百分點。正如 Jamie 之前討論的那樣，在智能定位和基於規則的營銷活動等最新創新的推動下，我們看到第四季度賣家大力採用高級促銷清單。

Moving to profitability. Non-GAAP operating margin was 26.7% during the quarter, improving 30 basis points sequentially and down roughly 3 points year-over-year. Foreign exchange was a headwind to margins of approximately 150 basis points in Q4 compared to a year ago. The remainder is largely attributable to continued investment in product development and the margin impact of recent M&A. As expected, eBay International Shipping was no longer a drag on our operating margins in Q4. But this program weighed modestly on gross margins year-over-year, as its costs primarily fall within cost of revenue.

轉向盈利。本季非 GAAP 營業利益率為 26.7%，季增 30 個基點，較去年同期下降約 3 個基點。與去年同期相比，第四季外匯交易對利潤率產生了約 150 個基點的不利影響。其餘部分主要歸因於對產品開發的持續投資以及近期併購對利潤率的影響。正如預期的那樣，eBay 國際航運不再拖累我們第四季的營運利潤。但該計劃對毛利率的年比影響不大，因為其成本主要屬於收入成本。

Overall gross margin was down about 60 basis points year-over-year as modest headwinds from eIS were partly offset by efficiencies in cost of payments. Within G&A expense, we recognized a GAAP restructuring charge of $99 million in Q4 relating to our recent organizational changes as well as the GAAP accrual of $15 million related to pending legal matters. You will find more information on adjustments in the GAAP to non-GAAP reconciliations in the appendix of our earnings presentation, while additional details on the legal matters will be provided in our upcoming 10-K.

整體毛利率年減約 60 個基點，因為 eIS 帶來的溫和阻力被支付成本效率部分抵銷。在一般管理費用中，我們在第四季度確認了與我們最近的組織變革相關的 9,900 萬美元的 GAAP 重組費用，以及與未決法律事項相關的 1,500 萬美元的 GAAP 應計費用。您可以在我們收益報告的附錄中找到有關 GAAP 與非 GAAP 調節表調整的更多信息，而有關法律事務的更多詳細信息將在我們即將發布的 10-K 中提供。

We generated non-GAAP earnings per share of $1.07 in Q4, roughly flat year-over-year. On a GAAP basis, our earnings per share was $1.40 for the quarter, driven by unrealized gains in our equity investment portfolio. These gains were partly offset by stock-based compensation on the aforementioned GAAP restructuring charge.

第四季我們的非 GAAP 每股盈餘為 1.07 美元，與去年同期大致持平。以 GAAP 計算，本季每股收益為 1.40 美元，主要得益於股權投資組合未實現收益的推動。這些收益部分被上述 GAAP 重組費用的股票薪酬所抵銷。

Turning to our balance sheet and capital allocation. Our free cash flow was negative $3 million in Q4, consistent with our guidance for de minimis free cash flow, as California's disaster tax relief program for 2023 delayed the majority of our annual cash tax payments until October. We ended the year with cash and nonequity investments of $5.1 billion and gross debt of $7.7 billion. We repurchased $250 million of eBay shares at an average price of approximately $41 during Q4 and had $1.4 billion remaining in our buyback authorization at the end of the quarter. In addition, we paid a quarterly cash dividend of $129 million in December or $0.25 per share. Since the beginning of 2022, we have returned nearly $5.6 billion to shareholders through repurchase and dividends, or roughly 134% of cumulative free cash flow over that period.

轉向我們的資產負債表和資本配置。我們的自由現金流在第四季度為負 300 萬美元，這與我們的最低自由現金流指導一致，因為加州 2023 年的災難稅減免計劃將我們的大部分年度現金稅支付推遲到 10 月。截至年底，我們的現金和非股權投資為 51 億美元，債務總額為 77 億美元。第四季度，我們以約 41 美元的平均價格回購了價值 2.5 億美元的 eBay 股票，截至本季末，我們的回購授權中還剩 14 億美元。此外，我們在 12 月支付了 1.29 億美元的季度現金股息，即每股 0.25 美元。自 2022 年初以來，我們已透過回購和股利向股東返還近 56 億美元，約佔同期累積自由現金流的 134%。

Turning to our investment portfolio. Our equity investments and warrants were valued at over $5 billion at the end of Q4. Our Adevinta stake was valued at nearly $4.5 billion, up nearly $0.5 billion versus Q3. On November 21, a consortium led by Permira and Blackstone announced an offer to acquire Adevinta. This offer is proceeding as expected and we continue to expect it to close in Q2. The public offer period expired on February 9, with 95% of shareholders accepting the offer, which satisfied the requirement of at least 90% acceptance rate. We understand that the consortium is working expeditiously to achieve the remaining regulatory approvals and clearances. Our Adyen warrants were valued at over $360 million at the end of Q4. Our warrant value is calculated based on several assumptions, including Adyen share price and the probability of vesting.

轉向我們的投資組合。截至第四季末，我們的股權投資和認股權證價值超過 50 億美元。我們的 Adevinta 股份價值接近 45 億美元，比第三季增加了近 5 億美元。 11 月 21 日，由 Permira 和 Blackstone 牽頭的財團宣布提出收購 Adevinta 的要約。該要約正在按預期進行，我們繼續預計將在第二季完成。公開要約期已於2月9日到期，95%的股東接受了要約，滿足了至少90%接受率的要求。據我們了解，該財團正在迅速努力以獲得剩餘的監管批准和許可。截至第四季末，我們的 Adyen 認股權證價值超過 3.6 億美元。我們的認股權證價值是根據幾個假設計算的，包括 Adyen 股價和歸屬機率。

Moving to our outlook. We have started the year with relatively uneven demand across our major markets, with the U.K. (inaudible) GDP growth and U.S. retail sales weaker than expected in January. The dynamic nature of the operating environment has been incorporated into our GMV outlook as well as a 1 point boost to GMV growth from the extra leap year day. For the first quarter, we expect between $18.2 billion and $18.5 billion of GMV, representing an FX-neutral decline of 2% to flat year-over-year or a spot GMV decline of 1% to flat. We expect to generate revenue between $2.5 billion and $2.54 billion in Q1, representing FX-neutral growth between flat and 2% year-over-year.

轉向我們的展望。今年伊始，我們主要市場的需求相對不平衡，英國（聽不清楚）GDP 成長和美國 1 月零售銷售弱於預期。營運環境的動態性質已納入我們的 GMV 展望中，並且額外閏年後 GMV 成長將提高 1 個百分點。我們預計第一季的 GMV 將在 182 億美元至 185 億美元之間，即匯率中立時年減 2%，或現貨 GMV 下降 1% 至持平。我們預計第一季的營收將在 25 億美元至 25.4 億美元之間，即匯率中性後年成長率在持平至 2% 之間。

Our forecast implies revenue will outpace volume by over 2 points on an FX-neutral basis, while FX represents close to a 1-point headwind to spot revenue growth. We forecast Q1 non-GAAP operating margin between 29.6% and 30%, marking both a sequential and year-over-year improvement at the midpoint. We expect to generate non-GAAP earnings per share between $1.19 and $1.23 in the first quarter, representing EPS growth between 7% and 11% year-over-year. At current rates, FX would represent a 2-point headwind to year-over-year EPS growth in Q1.

我們的預測意味著，在匯率中立的基礎上，營收成長將超過交易量 2 個百分點以上，而外匯對營收成長的影響接近 1 個百分點。我們預測第一季非 GAAP 營運利潤率在 29.6% 至 30% 之間，這標誌著環比和同比都有所改善。我們預計第一季非公認會計準則每股收益將在 1.19 美元至 1.23 美元之間，每股收益將年增 7% 至 11%。以目前的匯率計算，第一季每股收益年增將受到 2 個百分點的阻力。

Now let me share some thoughts on the full year. Assuming no fundamental change in the macroeconomic environment this year, we expect our FX-neutral GMV growth rate to turn positive in Q3 or Q4 of this year. We expect revenue to outpace GMV growth by about 2 points on an FX-neutral basis. We expect FX to represent close to a 1-point headwind to spot revenue growth. We anticipate our take rate expansion to be primarily driven by continued healthy growth in advertising revenue throughout 2024, although we do face elevated year-over-year comps starting in the second quarter, due to our acceleration in 2023, along with continued secular headwinds within our third-party ads.

現在讓我分享一下全年的一些想法。假設今年宏觀經濟環境沒有發生根本性變化，我們預計今年第三季或第四季的外匯中性GMV成長率將轉正。我們預計，在匯率中立的基礎上，營收將超過 GMV 成長約 2 個百分點。我們預期外匯對營收成長的影響將接近 1 個百分點。我們預計，我們的轉換率擴張將主要由2024 年廣告收入的持續健康成長推動，儘管由於我們在2023 年的加速發展，以及國內持續的長期阻力，從第二季度開始，我們確實面臨著同比增長的局面。我們的第三方廣告。

We expect non-GAAP operating margin to expand by 60 to 100 basis points for the full year, as we balance continued investments in tech, talent and marketing with organizational efficiencies, productivity gains and savings from our ongoing structural cost program.

我們預計全年非 GAAP 營業利潤率將成長 60 至 100 個基點，因為我們將在技術、人才和行銷方面的持續投資與組織效率、生產力提升以及持續結構性成本計劃的節省進行平衡。

Our non-GAAP operating margin outlook includes a net benefit of approximately 40 basis points year-over-year, which is primarily driven by a change in accounting estimate associated with the extension of the useful life of data center equipment. Following an assessment of our servers and networking equipment in December, we determined it was appropriate to extend the accounting useful life from 3 years to 4 years. You can find more information on this policy change in our 10-K filing.

我們的非公認會計準則營業利潤率展望包括同比約 40 個基點的淨收益，這主要是由於與資料中心設備使用壽命延長相關的會計估計變化所致。在 12 月對我們的伺服器和網路設備進行評估後，我們確定將會計使用壽命從 3 年延長到 4 年是合適的。您可以在我們的 10-K 文件中找到有關此政策變更的更多資訊。

Offsetting this benefit is an operating margin headwind of roughly 50 basis points year-over-year due to foreign exchange as we lapped sizable FX hedging gains in 2023. This is on top of the approximately 30 basis point year-over-year operating margin headwind we experienced in 2023 as we lapped even more meaningful hedging gains in 2022.

由於外匯影響，我們在 2023 年實現了可觀的外匯對沖收益，營業利潤率同比下降約 50 個基點，抵消了這一優勢。這是在營業利潤率同比下降約 30 個基點的基礎上實現的我們在2023 年經歷了這種情況，並在2022 年獲得了更有意義的對沖收益。

Our capital expenditures for 2024 are expected to be stable, between 4% and 5% of revenue, while our non-GAAP tax rate should remain unchanged at 16.5%. We expect just under $2 billion of free cash flow in 2024, which contemplates headwinds of $99 million in restructuring charges and $234 million from repatriation tax payments. As a reminder, these repatriation tax payments will remain a temporary headwind to free cash flow through 2025, which is the final year of an 8-year repayment schedule. Details on these tax payments are in the appendix section of our earnings presentation.

我們 2024 年的資本支出預計將保持穩定，佔收入的 4% 至 5%，而我們的非 GAAP 稅率應保持在 16.5% 不變。我們預計 2024 年自由現金流將略低於 20 億美元，其中考慮到 9,900 萬美元的重組費用和 2.34 億美元的匯回稅所帶來的阻力。需要提醒的是，到 2025 年（8 年還款計畫的最後一年），這些匯回稅仍將是自由現金流的暫時阻力。有關這些納稅的詳細資訊請參閱我們收益報告的附錄部分。

For Q1, we have raised our quarterly dividend by $0.02 to $0.27 per share to be paid out in March. And I'm pleased to announce that our Board recently increased our share purchase authorization by $2 billion, bringing our total remaining authorization to approximately $3.4 billion. We are targeting at least $2 billion of share repurchases for the year, though the pacing may fluctuate from quarter-to-quarter. We expect to end 2024 with cumulative repurchases and dividends representing approximately 130% of free cash flow since the beginning of 2022, above our original target of 125% for the period. Given our top line assumptions, margin outlook and healthy capital return expectations, we forecast non-GAAP earnings per share growth of 8% to 10% year-over-year in 2024.

對於第一季度，我們將季度股息提高了 0.02 美元，達到每股 0.27 美元，並將於 3 月支付。我很高興地宣布，我們的董事會最近將股票購買授權增加了 20 億美元，使我們剩餘的授權總額達到約 34 億美元。我們的目標是今年至少回購 20 億美元的股票，儘管步伐可能會因季度而異。我們預計到 2024 年底，累計回購和股利將佔自 2022 年初以來自由現金流的約 130%，高於我們在此期間 125% 的原始目標。考慮到我們的營收假設、利潤率前景和健康的資本回報預期，我們預計 2024 年非 GAAP 每股盈餘將年增 8% 至 10%。

In closing, I'm incredibly proud of our team's execution during 2023. Despite a very challenging macro environment, we saw underlying momentum in our business as GMV trends improved gradually through the year and we delivered non-GAAP earnings per share of $4.24, up 3% for the full year. While we are planning our business around the assumption that the macro environment will continue to be challenging, we remain incredibly confident in our strategy and our plan for 2024.

最後，我對我們團隊在2023 年的執行力感到無比自豪。儘管宏觀環境非常具有挑戰性，但我們看到了業務的潛在動力，因為GMV 趨勢在這一年中逐漸改善，我們實現了非GAAP 每股收益4.24 美元，年增全年3%。雖然我們在宏觀環境將繼續充滿挑戰的假設下規劃我們的業務，但我們對我們的策略和 2024 年計劃仍然充滿信心。

Assuming no further degradation in the environment, we expect our investments in focus categories, local market and C2C initiatives, generative AI and other site-wide improvements, to turn GMV growth positive in Q3 or Q4 of this year. Although we will continue to invest in our strategic pillars, we are committed to striking the right balance between expenses and revenue growth and continue to lean into cost efficiencies to drive 60 to 100 basis points of operating margin expansion in 2024.

假設環境不會進一步惡化，我們預期我們對重點品類、本地市場和 C2C 計畫、生成​​式人工智慧和其他全站改進的投資將在今年第三季或第四季實現 GMV 正成長。儘管我們將繼續投資於我們的策略支柱，但我們致力於在支出和收入成長之間取得適當的平衡，並繼續依靠成本效率，推動 2024 年營業利潤率擴大 60 至 100 個基點。

Our fortress balance sheet enabled us to increase our buybacks and dividends this year, leading to total capital return to shareholders of approximately 130% of cumulative free cash flow from 2022 to 2024. And I'm extremely pleased this financial plan allows us to target non-GAAP EPS growth of between 8% to 10% year-over-year, demonstrating the earnings power of our business.

我們的堡壘資產負債表使我們能夠增加今年的回購和股息，從而使 2022 年至 2024 年股東總資本回報達到累計自由現金流的約 130%。我非常高興這項財務計劃使我們能夠瞄準非-GAAP每股收益年增8%至10%，展現了我們業務的獲利能力。

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

（操作員說明）您的第一個問題來自 Bernstein 的 Nikhil Devnani。

I wanted to ask about GMV growth. Could you provide a bit more context on the potential for positive GMV growth in Q3 or Q4? Is that anchored on the timing of certain product initiatives that should accelerate your growth? Anything on your visibility into the back half would be helpful. And then I had a follow-up on margins as well. Your Q1 outlook is quite strong, close to 30%. But it looks like for the full year, you're anticipating 28% to 28.5%, so just wondering if that delta is due to seasonality or some discretionary investments that you see coming down the line? Anything there would be helpful.

我想問GMV成長情況。您能否提供更多有關第三季或第四季 GMV 正成長潛力的背景資訊？這是否取決於某些能夠加速您成長的產品計劃的時機？任何能讓你看到後半部的東西都會有幫助。然後我也跟進了利潤。您對第一季的前景非常樂觀，接近 30%。但看起來全年的成長率為 28% 到 28.5%，所以想知道這個增量是否是由於季節性或您認為即將發生的一些可自由支配的投資造成的？那裡的任何事情都會有幫助。

Yes. Thanks, Nikhil. I'll cover the GMV one and then I'll ask Steve to talk about margins. So when we looked at the start of the year here, we talked about January having some weather impact. You heard that from other folks as well and improvements kind of since then. You saw January retail sales showed the consumer is a bit stretched. But when we look at the overall plan that we have for the year, we feel really good about the strategy that we're executing on. When you look at focus categories, they continue to outperform the rest of the business.

是的。謝謝，尼基爾。我將介紹 GMV，然後請史蒂夫談談利潤率。因此，當我們回顧今年年初時，我們談到一月份會產生一些天氣影響。您也從其他人那裡聽到了這一點，並且從那時起就取得了一些改進。你看到一月份的零售銷售顯示消費者有點捉襟見肘。但當我們審視今年的整體計畫時，我們對正在執行的策略感到非常滿意。當你觀察重點類別時，你會發現它們的表現繼續優於其他業務。

For FY '23, it was a 4% year-over-year growth or about 7 points ahead of the business. We like what we saw in terms of the investments that we made in Germany and feel really good about the road map that we have in front of us to drive growth in the business in Q3 or Q4, as Steve outlined. I think importantly, when we look at the kind of underlying health of the business, right now, we still have U.K. just under a technical recession, Germany e-commerce growth is still in negative territory, and so we have those impacts from the market. But the underlying business and what's happening in the core, we feel really good about. And that's what makes us confident in being able to drive GMV growth, as we outlined there. Steve, do you want to talk about margins?

23 財年，年增 4%，比業務領先約 7 個百分點。正如史蒂夫所概述的那樣，我們喜歡在德國進行的投資，並且對我們面前的推動第三季或第四季業務成長的路線圖感到非常滿意。我認為重要的是，當我們審視業務的基本健康狀況時，目前，英國仍處於技術性衰退之中，德國電子商務成長仍處於負值區域，因此我們受到市場的影響。但我們對底層業務和核心發生的事情感覺非常好。正如我們在其中概述的那樣，這使我們對推動 GMV 成長充滿信心。史蒂夫，你想談談利潤嗎？

Yes, indeed. Good afternoon, Nikhil. You're correct. Seasonally, Q1 has been our strongest quarter for operating margin. Well, why? Because of the dynamics of the seasonality. A reminder, we have been driving that through a number of cost savings that we've been driving based on recent actions, and also the accounting policy changes that we saw that we discussed in the prepared remarks.

確實是的。下午好，尼基爾。你是對的。從季節性來看，第一季是我們營業利潤率最高的季度。嗯，為什麼？由於季節性的動態。提醒一下，我們一直在根據最近的行動以及我們在準備好的評論中討論的會計政策變化推動的一系列成本節約來推動這一目標。

I am really pleased with the amount of diligence that we've gone through. The teams are leaning into cost efficiencies in the short term, while we continue to invest for the long-term sustainable growth of eBay. And we're pleased to be in a position to, based on no change in the overall macroeconomic environment, to drive between 60 and 100 basis points of margin improvement, which is continuing to fuel the earnings growth that we laid out earlier in the call.

我對我們所付出的努力感到非常滿意。團隊在短期內傾向於提高成本效率，而我們則繼續為 eBay 的長期可持續成長進行投資。我們很高興能夠在整體宏觀經濟環境沒有變化的情況下，推動利潤率提高 60 到 100 個基點，這將繼續推動我們在電話會議早些時候提出的獲利成長。

Your next question comes from the line of Colin Sebastian from Baird.

您的下一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

Good to see the start of performance at the end of Q4. A lot of the changes in e-commerce over the past couple of years. Obviously, customer acquisition costs are going up a lot and there's more competition in the market from global marketplace players. So I was hoping, Jamie, you could talk about maybe the evolution of e-commerce as you see it and the impact of some of those changes on eBay, and if that leads you to any modifications in sort of the focus category strategy? And maybe related to that, with gen AI across the platform and the magical innovations, is there any way to quantify the impact of some of those tests, if not from a volume or revenue perspective, and maybe from listing velocity or engagement levels with sellers or buyers testing the tools? That might be helpful.

很高興看到第四季末開始表現。過去幾年電子商務發生了很多變化。顯然，客戶獲取成本正在大幅上升，全球市場參與者的市場競爭也更加激烈。所以，傑米，我希望您能談談您所看到的電子商務的演變以及其中一些變化對 eBay 的影響，以及這是否會導致您對焦點類別策略進行任何修改？也許與此相關的是，隨著跨平台的人工智慧和神奇的創新，是否有任何方法可以量化其中一些測試的影響，如果不是從數量或收入的角度，也許是從上市速度或與賣家的互動水平或買家測試工具？這可能會有幫助。

Yes. So first, let me talk about kind of the e-commerce piece. Specifically in customer acquisition costs, this is where eBay has a unique advantage. So first, the vast, vast majority of our traffic is organic. People coming to the eBay app or typing in ebay.com, which is a key benefit. The second is our ability to monetize users that we acquire across multiple categories is a huge win for us. So when you look at someone coming in into a single focus category, they end up shopping across categories in the site, usually more than they buy in other categories from that 1 initial acquisition. So our ability to kind of manage the CAC and the CLTV is, I think, much different than others, and that's just based on the scale of what we have.

是的。首先，讓我談談電子商務方面的內容。具體在獲客成本上，這就是eBay具有獨特優勢的地方。首先，我們絕大多數的流量都是有機的。人們造訪 eBay 應用程式或輸入 eBay.com，這是一個關鍵優勢。其次，我們能夠將跨多個類別獲得的用戶貨幣化，這對我們來說是一個巨大的勝利。因此，當您看到有人進入單一焦點類別時，他們最終會在網站上跨類別進行購物，通常比他們在第一次購買時在其他類別中購買的商品要多。因此，我認為，我們管理 CAC 和 CLTV 的能力與其他人有很大不同，而這只是基於我們擁有的規模。

I think our focus on non-new and season is very unique, and our drive towards Refurb, Luxury authentication and the trust we've put on the marketplace, is a real differentiator for us. For example, we've seen the fourth straight quarter now of growth in our Luxury business. Our Refurbished business maintained double-digit growth, all in a somewhat challenging macro environment. So that's unique.

我認為我們對非新品和季節的關注是非常獨特的，我們對翻新、奢侈品認證的推動以及我們對市場的信任，對我們來說是一個真正的差異化因素。例如，我們的奢侈品業務已經連續第四個季度實現成長。我們的翻新業務在充滿挑戰的宏觀環境下保持了兩位數的成長。所以這是獨一無二的。

As we look at the generative AI, it's still early days. I can give you some of the early perspectives, but when I'm having a hard day, I go read the message boards about how consumers feel about these features that they're launching, because they just love it. They love the speed with which it allows them to get more inventory on the site.

當我們審視生成式人工智慧時，它還處於早期階段。我可以給你一些早期的觀點，但是當我度過艱難的一天時，我會閱讀留言板，了解消費者對他們推出的這些功能的感受，因為他們就是喜歡它。他們喜歡它能夠讓他們在網站上獲得更多庫存的速度。

And what we hear is they're going to allot more of their things in their closet and their garage, because we're speeding up the listing process. So today, it's already been used by millions of sellers, our first version of the magical listing process, and over 90% of customers actually take the content that we have and include it in their listing. It has a satisfaction score of 80, which is very high for a brand-new release on the product and continues to get better each day.

我們聽到的是，他們將在衣櫃和車庫中分配更多的東西，因為我們正在加快上市過程。因此，今天，它已經被數百萬賣家使用，這是我們神奇清單流程的第一個版本，超過 90% 的客戶實際上採用了我們擁有的內容並將其包含在他們的清單中。它的滿意度得分為 80，這對於該產品的全新版本來說是非常高的，並且每天都會變得更好。

And then we've had our other products in employee beta and now out to a single percentage point of our customers, things like the enhanced background that I talked about, and I've been around this business for 20 years. There's nothing that moves product like better pictures on the marketplace. It's why we now have larger pictures on our desktop view item, but the quality now of being able to take a picture that you take on your rug or even on your unmade bed, and put it on a beautiful background and make the product look more appealing for sale, we're excited to be able to get features like that out.

然後我們的其他產品已經進入員工測試版，現在我們的客戶只有一個百分點，例如我談到的增強背景，我已經從事這項業務 20 年了。沒有什麼比市場上更好的圖片更能推動產品的發展了。這就是為什麼我們現在在桌面視圖項目上有更大的圖片，但現在能夠拍攝您在地毯上甚至在未整理的床上拍攝的照片，並將其放在美麗的背景上，使產品看起來更漂亮具有吸引力的銷售，我們很高興能夠獲得這樣的功能。

So we'll continue to update you on the progress, but I can tell you that the anecdotal feedback is really good. The quantitative numbers of what we're seeing is helpful and the pace of innovation around AI is exciting.

因此，我們將繼續向您通報進展情況，但我可以告訴您，軼事回饋非常好。我們所看到的定量數據很有幫助，圍繞人工智慧的創新步伐令人興奮。

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

您的下一個問題來自富國銀行的 Ken Gawrelski。

Could you -- I was hoping maybe you could talk a little bit about -- you talked about the, some of the weakness you've seen and continue to see in the macro side, especially in Europe. Could you talk about if there are certain customer segments or even categories that you're seeing better trends or improving trends relative to those that might be still under pressure?

您能否——我希望也許您能談談——您談到了您在宏觀方面已經看到並繼續看到的一些弱點，特別是在歐洲。您能否談談是否有某些客戶群甚至類別您看到了更好的趨勢或相對於那些可能仍面臨壓力的趨勢有所改善？

Yes. What I would say is if you look at both U.K. and Germany, 2 of our largest markets, they're both experiencing a GDP decline. So U.K., which is our second-largest market, entered a technical recession. If you look at the cost of living challenges that are happening over there, that's obviously been a challenge. And the German business has been in recession and is still experiencing negative e-commerce growth from that standpoint.

是的。我想說的是，如果你看看英國和德國這兩個我們最大的市場，你會發現它們都在經歷 GDP 下降。因此，我們的第二大市場英國進入了技術性衰退。如果你看看那裡正在發生的生活成本挑戰，你會發現這顯然是一個挑戰。從這個角度來看，德國商業一直處於衰退之中，電子商務仍在經歷負成長。

But one of the unique values of eBay is that we offer great values on the marketplace. So I think the reason that our Refurbished business, for example, is so strong, our Luxury business is so strong, is that even in challenging times, people are looking for value on the marketplace. And so I would say I'd call out specific areas like that, Refurbished growing double digits, I think, is a sign of the consumer looking for value. Also, the consumer was looking for a lot of value in December, and we really leaned into that across the globe, and that's been a big differentiator for us.

但 eBay 的獨特價值之一是我們在市場上提供巨大的價值。因此，我認為我們的翻新業務、奢侈品業務之所以如此強勁，是因為即使在充滿挑戰的時期，人們也在市場上尋找價值。因此，我想說我會指出這樣的特定領域，我認為翻新產品成長兩位數是消費者尋求價值的標誌。此外，消費者在 12 月正在尋找很多價值，我們確實在全球範圍內關注這一點，這對我們來說是一個很大的差異化因素。

And our Parts & Accessories business continues to perform well. It grew mid-single digits for the fourth straight quarter, and consumers looking for value in what we offer there. So some puts and takes across categories, but those are the ones that I think I would highlight and what we see happening, especially over in Europe.

我們的零件業務繼續表現良好。它連續第四個季度實現中個位數成長，消費者正在尋找我們提供的產品的價值。因此，有些看跌期權和看跌期權是跨類別的，但我想我要強調的是這些，以及我們所看到的正在發生的事情，尤其是在歐洲。

Your next question comes from the line of Justin Post from Bank of America.

您的下一個問題來自美國銀行的賈斯汀·波斯特。

I guess I'll ask about buyers. You talked about your GMV getting back to growth. What will we see with buyers? And what are you seeing within the metrics as far as churn or new activations that give you encouragement right now?

我想我會詢問買家的情況。您談到您的 GMV 恢復成長。我們會在買家身上看到什麼？您在指標中看到哪些流失或新的活化現在帶給您鼓勵？

Yes. Our buyers are exactly where we expected them to be. When you think about our enthusiast buyers, which is what we really track and go after, we said that we would see a stabilization coming off of the COVID time period, and that's what we're exactly seeing. It was roughly flat quarter-over-quarter at $16 million (sic) [16 million]. We've been driving healthy buyer acquisition and buyer retention, especially in our focus categories. Our enthusiast buyers are spending over $3,000, which is essentially like membership level spends when you think about it.

是的。我們的買家正是我們所期望的。當你想到我們的狂熱買家時，這是我們真正跟踪和追求的，我們說我們會看到新冠疫情期間的穩定，而這正是我們所看到的。季度環比大致持平，為 1600 萬美元（原文如此）[1600 萬美元]。我們一直在推動健康的買家獲取和買家保留，特別是在我們的重點類別中。我們的狂熱買家花費超過 3,000 美元，仔細想想，這基本上相當於會員等級的花費。

So our acquisition is healthier year-over-year, our reactivation is healthier year-over-year and our churn is down year-over-year. So we're pleased with what we're seeing on the buyer side. And we're continuing to lead in with new advancements and capabilities for buyers. One I called out on the call is things like we have over 100 million vehicles stored in My Garage and we're using now predictive maintenance to say it's time to change this element for your car. Here's the parts on eBay that fit it exactly. They're backed by Guaranteed Fit. So we continue to build new tools for buyers to activate them onto the site and drive retention, and that's been working very well.

因此，我們的收購同比更加健康，我們的重新激活同比更加健康，我們的客戶流失同比也有所下降。因此，我們對買方所看到的情況感到滿意。我們將繼續為買家提供新的進步和功能。我在電話中提到的一個問題是，我們的車庫中存放著超過 1 億輛汽車，我們現在正在使用預測性維護來表示是時候為您的汽車更改此元素了。以下是 eBay 上與它完全匹配的零件。他們有“Guaranteed Fit”的支持。因此，我們繼續為買家建立新工具，以將他們激活到網站上並提高保留率，而且效果非常好。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

Jamie, I just want to follow up on generative AI. Your comments were pretty interesting on how your large language models from scratch are working better. I was hoping you could talk a little bit more about that, some of the advantages that you're seeing? And then as you're doubling GPUs through '24, maybe Steve, can you talk a little bit about the impact there, just on the product development bucket and how we should think about that in context of the deleverage that we saw last year on that line?

傑米，我只想跟進生成人工智慧。你的評論非常有趣，關於你的大型語言模型如何從頭開始更好地工作。我希望您能多談談您所看到的一些優點？然後，當你在 24 年將 GPU 數量增加一倍時，也許史蒂夫，你能談談對產品開發的影響，以及我們應該如何在去年看到的去槓桿化的背景下考慮這一點那條線？

Yes, Doug, one of the things I'm excited by is that we've had this model of building in a hybrid environment and having an extremely large private cloud, which has allowed us to manage our cost infrastructure even as we've grown to now close to 2 billion listings on the marketplace. But more importantly, the benefit of being able to take our 30 years of really rich data of e-commerce and combine that in a hybrid sense, in some cases, with open source LLMs, in some cases, LLMs that we built, in another case, with commercial L&Ms, makes us able to do those in a really efficient manner, without really massively impacting our cost structure in any meaningful way.

是的，Doug，令我興奮的一件事是，我們已經有了這種在混合環境中構建的模型，並擁有一個非常大的私有雲，這使我們能夠在我們不斷發展的同時管理我們的成本基礎設施截至目前，市場上的商品數量已接近 20 億。但更重要的是，能夠利用我們30 年真正豐富的電子商務數據並將其以混合方式結合起來的好處，在某些情況下，與開源法學碩士，在某些情況下，我們在另一個項目中建立的法學碩士商業 L&M 的案例使我們能夠以真正有效的方式完成這些工作，而不會以任何有意義的方式真正大規模影響我們的成本結構。

Also having good latency in terms of getting it back and also being able to fine-tune the quality of the data of what's coming back from an inference has been important for us. So we've used across the board all different models. We've started, in some cases, with some commercial models and then moved those to open source or internal models, as we refine them and gotten better. And that's been working out really well for us.

此外，在獲取數據方面具有良好的延遲，並且能夠微調從推理中返回的數據的品質對我們來說也很重要。所以我們全面使用了所有不同的模型。在某些情況下，我們已經開始使用一些商業模型，然後隨著我們對其進行改進並變得更好，將它們轉移到開源或內部模型。這對我們來說非常有效。

Like I said earlier to the question about magical listing, when we look at the scale and volume of the millions of listings that we get each day and what consumers are hitting us with, making sure that we have an incredible amount of quality in terms of what's happening with the AI and ease of use. And thus far, really positive feedback from it. The models are working well. And what's great is that the team iterates every single week to make them better. Steve, maybe you just want to cover how we're managing the cost?

就像我之前在關於神奇清單的問題中所說的那樣，當我們查看每天獲得的數百萬清單的規模和數量以及消費者對我們的影響時，確保我們在以下方面擁有令人難以置信的品質：人工智慧和易用性方面發生了什麼。到目前為止，我們得到了非常正面的回饋。這些模型運作良好。很棒的是，團隊每週都會進行迭代以使它們變得更好。史蒂夫，也許您只是想談談我們如何管理成本？

Yes, of course, Jamie. Doug, good to speak to you. As Jamie said, we're really excited about the opportunity to drive further efficiencies and improve productivity across eBay to the AI technology. We're doubling our GPU capacity in the first quarter, which is going to give us a lot of expanded capabilities. Specifically regarding to costs, the costs associated with gen AI, including our GPU [acts] are contemplated in our full year CapEx guidance range, which we laid out, and it's pretty much in line with historical averages. All the OpEx costs are contemplated in our guide. I think it's fair to say our size and scale at eBay is a distinct advantage when it comes to this sort of additional infrastructure investment.

是的，當然，傑米。道格，很高興和你說話。正如 Jamie 所說，我們非常高興有機會利用人工智慧技術進一步提高整個 eBay 的效率和生產力。我們將在第一季將 GPU 容量增加一倍，這將為我們帶來許多擴展的功能。具體到成本方面，與 gen AI 相關的成本，包括我們的 GPU [行為]，都在我們制定的全年資本支出指導範圍內考慮，並且與歷史平均水平非常一致。我們的指南中考慮了所有營運支出成本。我認為可以公平地說，在這種額外的基礎設施投資方面，我們 eBay 的規模具有明顯的優勢。

Doug, the last thing I'd say is that, that refers a lot to how we're using it with our consumers. I would say internally across the organization, we're also pushing very aggressively to drive productivity in the organization. So whether that be all of our engineers now using Copilot tools as they do development; in our customer support centers, we've been using AI to really change the level of engagement we have with customers and the productivity. I call it the success of our employees there, where we summarize contacts from customers to make it easier, summarize initial responses, all the things that we can do, when you think about our scale of over 1 million self-service queries a week, in a customer service perspective, AI is incredibly helpful there. So those are just 2 examples of how we're using it across the board to drive productivity in the organization.

道格，我要說的最後一件事是，這在很大程度上指的是我們如何與消費者一起使用它。我想說的是，在整個組織內部，我們也非常積極地推動提高組織的生產力。那麼，我們現在所有的工程師在開發時是否都使用 Copilot 工具呢？在我們的客戶支援中心，我們一直在使用人工智慧來真正改變我們與客戶的互動水平和生產力。我稱之為我們員工的成功，我們總結了客戶的聯繫方式，讓事情變得更容易，總結了最初的回复，我們可以做的所有事情，當你想到我們每週超過100 萬次自助服務查詢的規模時，從客戶服務的角度來看，人工智慧非常有幫助。這些只是我們如何全面使用它來提高組織生產力的兩個例子。

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

您的下一個問題來自德意志銀行的 Lee Horowitz。

So your U.S. business has stabilized at this point and is presumably set to return to growth sooner than the total. This is obviously happening in the face of U.S. e-commerce competition that has grown increasingly intense with the introduction of low-priced Chinese competitors. Can you maybe spend some time talking about how your strategy of leaning into enthusiasts and enthusiast categories perhaps shields you from this incremental competition? And any update holistically on maybe some of the vertical players in some of your key focus categories and how competition has evolved over the last year?

因此，您的美國業務目前已趨於穩定，並且可能會比整體業務更快恢復成長。這顯然是在美國電商競爭隨著低價中國競爭對手的引入而日益激烈的情況下發生的。您能否花一些時間談談您向愛好者和愛好者類別傾斜的策略如何使您免受這種增量競爭的影響？關於您的一些重點關注類別中的一些垂直參與者以及去年競爭如何演變，有任何全面的更新嗎？

Yes. Specifically on the low price, if you're referring to like the Temu machine, we really haven't seen a significant impact from them on our business. We really have a differentiated strategy with what we're doing with our focus categories and going after non-new and season for the business. And years ago, we really moved away from the low-ASP, low-quality items on our marketplace, and that hasn't been a focus for us for many years now. So I think that's the first key differentiation I'd call out.

是的。具體來說，如果您指的是Temu機器之類的低價，我們確實沒有看到它們對我們的業務產生重大影響。我們確實對我們的重點品類以及追求非新品和季節業務採取了差異化策略。幾年前，我們確實擺脫了市場上低平均售價、低品質的商品，而這多年來一直不是我們關注的焦點。所以我認為這是我要指出的第一個關鍵差異。

The second is that, obviously, some of the competition is spending a lot of money from a marketing standpoint in the marketplace. But one of the great benefits of eBay is just the vast amount of organic traffic we have. The vast part of our traffic either comes directly to the app or types in ebay.com. So we're less reliant on paid from that perspective.

第二個是，顯然，從行銷的角度來看，一些競爭對手花費了大量資金。但 eBay 的最大優點之一就是我們擁有大量的自然流量。我們的大部分流量要么直接進入應用程序，要么輸入 eBay.com。因此，從這個角度來看，我們對付費的依賴程度較低。

The last thing I'd say comes back to kind of the CAC, CLTV question, which is we can have one of the most healthiest CACs out there in the marketplace because of our ability to drive CLTV, really driving by the moves we've made to not be focused on active buyers, but really on acquiring enthusiast buyers or quickly moving new buyers up to become enthusiast buyers, and because of the cross-category shopping nature of the business, allows us to drive that CLTV higher for us.

我要說的最後一件事回到了 CAC、CLTV 問題，即我們可以擁有市場上最健康的 CAC 之一，因為我們有能力推動 CLTV，真正透過我們已經採取的舉措來推動我們的重點不是關注活躍買家，而是真正專注於吸引狂熱買家或快速將新買家提升為狂熱買家，並且由於該業務的跨類別購物性質，使我們能夠提高CLTV。

And then finally, the opportunity to turn them into sellers or to have buyers who sell in the marketplace also helps with that overall equation. And those are really key differentiators for us in business and why we feel really well-positioned on a go-forward basis in the e-commerce landscape.

最後，將他們轉變為賣家或讓買家在市場上銷售的機會也有助於實現整體平衡。這些確實是我們在業務上的關鍵差異化因素，也是我們在電子商務領域的前進基礎上感到真正處於有利地位的原因。

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

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

Jamie, I'm wondering if you could talk a little bit more about the C2C initiative in Germany? And maybe what's the 1 or 2 key features that allowed you to crack the code there in that geography? I know it's been challenged for a while. And then where do you take this next? I mean presumably, does it port to the U.K.? How do you think about it expanding in other geographies?

Jamie，我想知道您是否可以多談談德國的 C2C 計劃？也許讓您能夠破解該地區密碼的 1 或 2 個關鍵功能是什麼？我知道它已經受到挑戰有一段時間了。然後你下一步該把它帶到哪裡呢？我的意思大概是，它會移植到英國嗎？您如何看待它在其他地區的擴張？

Yes. When you think about our focus category strategy of really kind of leaning in on the specific area, driving the CSAT to a whole double-digit level, we essentially applied that to a certain segment of our business in Germany, to our C2C segment. And that's exactly what we're seeing, Tom, is greater than 20-point improvement in NPS in that business, which is really great for us. It's an important business. And what we really focused on was designing around the needs of the buyer. So that's search and SEO improvements specifically around language needs in that market.

是的。當你想到我們的重點品類策略確實傾向於特定領域，將 CSAT 提升到兩位數的水平時，我們基本上將其應用於德國業務的某個部分，即我們的 C2C 部分。 Tom，這正是我們所看到的，該業務的 NPS 提高了 20 多點，這對我們來說真的很棒。這是一項重要的業務。我們真正關注的是圍繞買家的需求進行設計。這就是專門圍繞該市場的語言需求進行的搜尋和搜尋引擎優化改進。

The second was really a focus on local and things like map-based browsing in that market. Given the geography of it, we have more of that type of business in Germany than we do, for example, in our U.S. business and leaning into it. And the third is doing pricing adjustments for our C2C business there, really leaning in to being able to drive buyers who sell and bring more C2C inventory on the marketplace. And that's been working well for us. We've seen double-digit increases in buyers who sell on the platform and a really kind of healthy business there in terms of first-gen listings, that type of thing.

第二個重點是本地市場以及基於地圖的瀏覽等內容。考慮到其地理位置，我們在德國的此類業務比我們在美國的業務要多，並且傾向於這種業務。第三是對我們的 C2C 業務進行定價調整，真正致力於能夠推動買家在市場上銷售並帶來更多的 C2C 庫存。這對我們來說效果很好。我們看到在該平台上銷售的買家數量出現了兩位數的增長，就第一代上市而言，那裡的業務確實非常健康。

So with everything that we do, we look at what's successful, what do we take to other markets and we'll continue to do that and look at that on a go-forward basis. But overall, we feel really good about the metrics that we're seeing in Germany and the health of the business and the strong numbers we're putting up, despite negative e-commerce growth in that marketplace.

因此，在我們所做的一切事情中，我們都會著眼於哪些方面是成功的，哪些是我們帶到其他市場的，我們將繼續這樣做，並在未來的基礎上著眼於這一點。但總體而言，儘管該市場的電子商務出現負成長，但我們對在德國看到的指標、業務的健康狀況以及我們所提供的強勁數據感到非常滿意。

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

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

Two, if I could. Just following up on the opportunities around AI. There's a view in the market that it allows you to run more sophisticated campaigns when you have large SKU offerings for like big e-commerce platforms. So wondering if you're seeing a benefit of that now, or if it's something that's always been a part of your business? And then we haven't seen the filing yet, but for the prior quarters, a lot of strength appears coming from China-based sellers. So just wondering about the moving parts there and the sustainability of that in 2024?

兩個，如果可以的話。只是跟進人工智慧周圍的機會。市場上有一種觀點認為，當您為大型電子商務平台提供大量 SKU 產品時，它可以讓您進行更複雜的行銷活動。那麼想知道您現在是否看到了這樣做的好處，或者它是否一直是您業務的一部分？我們還沒有看到申請，但在前幾個季度，中國賣家似乎表現出了很大的實力。那麼只是想知道那裡的活動部分以及 2024 年的可持續性嗎？

Yes. Look, the expansiveness of our marketplace is what allows us to really go after launching compelling gen AI features. So specifically in Parts & Accessories, for example, we use AI to expand the fitment capabilities of finding what vehicles a part will fit, but now we're using it for things like predictive maintenance and things like that. The vast majority of categories are really relevant for these horizontal innovations, things like magical listings, things like background enhancers, et cetera. So search uses AI, advertising uses AI. So across the board, we're using it in very compelling places. We use it in our marketing to do much more personalized marketing, things like subject lines that can be really tailored based on what's happening on the business.

是的。看，我們市場的廣闊性使我們能夠真正推出引人注目的新一代人工智慧功能。例如，特別是在零件和配件方面，我們使用人工智慧來擴展查找零件適合哪些車輛的組裝能力，但現在我們將其用於預測性維護等類似的事情。絕大多數類別確實與這些橫向創新有關，例如神奇的清單、背景增強器等。所以搜尋使用人工智慧，廣告使用人工智慧。因此，總的來說，我們在非常引人注目的地方使用它。我們在行銷中使用它來進行更個人化的行銷，例如可以根據業務情況進行真正客製化的主題行。

When I think about our CBT business, it remains very strong on the marketplace. So we've built more and more features to make CBT easier for both buyers and sellers. I'd call out the work that we did in payments on buyer and seller FX, really making that seamless. We've talked over the last 2 quarters about eBay International Shipping, with the concept of really opening up the 190 different geographies that we have around the world to our sellers from that perspective. And so it will continue to be a focus. We'll continue to make it easier and easier for buyers and sellers to interact across borders and drive that strategy forward.

當我想到我們的 CBT 業務時，它在市場上仍然非常強勁。因此，我們建立了越來越多的功能，讓買家和賣家都能更輕鬆地進行 CBT。我想強調我們在買方和賣方外匯支付方面所做的工作，確實做到了無縫銜接。過去兩個季度我們一直在討論 eBay 國際運輸，其概念是從這個角度真正向賣家開放我們在全球 190 個不同地區的服務。因此它將繼續成為焦點。我們將繼續讓買家和賣家更輕鬆地進行跨境互動，並推動這項策略向前發展。

Your next question comes from the line of Alexandra Steiger from Goldman Sachs.

您的下一個問題來自高盛 (Goldman Sachs) 的亞歷山德拉·施泰格 (Alexandra Steiger)。

I do want to follow up on some of your macro comments. So how should we think about GMV or revenue per buyer in that context? To what extent do you see customers trading down in certain markets? Or is it more of a function of buyer -- buyers making less purchases over a given period of time? And if that's the case, what are kind of like the key initiatives you're working on to drive purchase frequency on the platform?

我確實想跟進您的一些宏觀評論。那麼在這種情況下我們應該如何考慮 GMV 或每位買家的收入呢？您認為客戶在某些市場的交易量下降到什麼程度？或者這更多的是買家的功能——買家在給定的時間段內購買的商品數量減少了？如果是這樣的話，您正在採取哪些關鍵措施來提高平台上的購買頻率？

Yes. So when you look at it overall, when you talk about something like the U.K. or Germany, where the consumer is more stretched in cost of living challenges, et cetera, we tend to lean into the deals and values on the marketplace. So Refurbished, used. And so it's not really impacting as much the -- their overall business with us, more so in terms of the categories and where they're buying. So I'd probably say, like Refurbished is a good example. Refurbished growth is up double digits. We've talked in the past that macro has pressured the spend and moved some of the enthusiast buyers to mid-value buyers. That's a little bit why we see the enthusiast number flat quarter-on-quarter, but we're pleased with that stability in this environment because it means the eBay value proposition is really resonating for those customers.

是的。因此，當你從整體上看時，當你談論像英國或德國這樣的國家時，消費者在生活成本方面面臨更大的挑戰，等等，我們傾向於市場上的交易和價值。所以翻新過，用過。因此，這並沒有真正影響他們與我們的整體業務，尤其是在類別和購買地點方面。所以我可能會說，翻新就是一個很好的例子。翻新成長呈兩位數成長。我們過去曾說過，宏觀經濟對支出造成壓力，並將一些狂熱買家轉向中等價值買家。這就是為什麼我們看到狂熱者數量環比持平的原因，但我們對這種環境下的穩定性感到滿意，因為這意味著 eBay 的價值主張確實引起了這些客戶的共鳴。

In terms of driving frequency, it's 1 way where we're looking at things like all the programs that we have, whether that's saved seller or stores or the marketing that we put out to our customers, we're now able to use generative AI to make that experience so much richer. The combination of our internal LLMs and the data that we have about what's been happening over the 30-plus years, combined with the ability to really build compelling marketing to those customers, is coming to a whole new level.

就駕駛頻率而言，這是我們查看我們擁有的所有程序之類的事情的一種方式，無論是保存的賣家或商店還是我們向客戶推出的營銷，我們現在能夠使用生成式人工智能讓這種體驗變得更加豐富。我們的內部法學碩士和我們所掌握的 30 多年來所發生的事情的數據相結合，再加上真正為這些客戶建立引人注目的營銷的能力，正在達到一個全新的水平。

And Alexandra, I think we're just at the early stages of what's possible there. And what's exciting at eBay is the canvas that we have to work with. When you think about the number of consumers that have transacted with a given seller on the platform and have saved that seller, when you think about 100 million vehicles being in My Garage, when you think about the sizing data that we have for people for apparel, it gives us the unique ability to drive a lot of frequency on the platform.

亞歷山德拉，我認為我們正處於可能性的早期階段。在 eBay，令人興奮的是我們必須使用的畫布。當您想到在平台上與特定賣家進行交易並保存了該賣家的消費者數量時，當您想到「我的車庫」中有 1 億輛汽車時，當您想到我們為人們提供的服裝尺寸數據時，它賦予我們在平台上驅動大量頻率的獨特能力。

Operator, can we do 1 last question, please?

接線員，我們可以做最後一個問題嗎？

We have no further questions in our queue at this time. And with that, that does conclude today's conference call. Thank you for your participation and you may now disconnect.

目前我們的隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。