eBay Inc (EBAY) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to eBay's First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 eBay 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to John Egbert, Vice President of Investor Relations. Thank you. Please go ahead.

我現在想將電話轉給投資者關係副總裁約翰·埃格伯特 (John Egbert)。謝謝。請繼續。

Good afternoon. Thank you all for joining us for eBay's First Quarter 2024 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 2024 年第一季財報電話會議。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.

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。

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 May 1, 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 5 月 1 日。

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

這樣，我就把電話轉給傑米。

Thanks, John. Good afternoon, everyone, and thank you all for joining us today. We delivered strong results in Q1, even as we continue to navigate ongoing challenges in the global economy. Gross merchandise volume was roughly flat at $18.6 billion, while revenue grew more than 2% to $2.56 billion. Our non-GAAP operating margin was 30.3%, non-GAAP earnings per share rose 13% to $1.25, and we returned $638 million to shareholders through repurchases and dividends. I'm incredibly proud of our teams for delivering these results as they remain relentlessly focused on reinventing the future of e-commerce for enthusiasts. And I am pleased that we remain on track for GMV growth to turn positive by Q3 or Q4 of this year.

謝謝，約翰。大家下午好，感謝大家今天加入我們。儘管我們繼續應對全球經濟中持續存在的挑戰，但我們在第一季取得了強勁的業績。商品總銷量大致持平，為 186 億美元，而營收成長超過 2%，達到 25.6 億美元。我們的非 GAAP 營業利潤率為 30.3%，非 GAAP 每股盈餘成長 13%，達到 1.25 美元，我們透過回購和股利向股東返還 6.38 億美元。我為我們的團隊取得這些成果感到無比自豪，因為他們仍然堅持不懈地致力於為愛好者重塑電子商務的未來。我很高興我們仍有望在今年第三季或第四季實現 GMV 成長轉正。

Now let's walk through some of the key drivers of our quarterly results. Focus categories play an important part in delivering relevant experiences to customers on eBay and remained a significant driver of underlying growth on our marketplace during Q1. Overall, focus category GMV grew nearly 5% last quarter, outpacing the remainder of our marketplace by roughly 6 points. Motors parts and accessories, or P&A, was once again the largest contributor to growth among focus categories despite facing headwinds in January due to extreme weather patterns in the U.S. Our teams continue to innovate on the P&A shopping experience, growing awareness, enhancing trust and expanding the great inventory our marketplace has to offer.

現在讓我們來看看季度業績的一些關鍵驅動因素。重點類別在為 eBay 上的客戶提供相關體驗方面發揮著重要作用，並且在第一季仍然是我們市場潛在成長的重要驅動力。整體而言，上季重點品類 GMV 成長了近 5%，比市場其他產品高出約 6 個百分點。汽車零件及配件(P&A) 再次成為焦點類別中成長的最大貢獻者，儘管由於美國極端天氣模式而在一月份面臨阻力。擴大業務範圍我們的市場提供大量庫存。

Fitment is a central component of trust within the P&A category, helping customers understand exactly which of our more than 600 million live listings in this category fit their vehicle. We continue to work closely with large P&A sellers to augment their inventory using the MyFitment tool kit. To date, we have enhanced eligible auto parts with approximately 5 billion pieces of incremental fitment data, and we've continued to see a double-digit increase in conversion on these augmented listings.

配件是 P&A 類別中信任的核心組成部分，可幫助客戶準確了解該類別中 6 億多條即時清單中哪些適合他們的車輛。我們繼續與大型 P&A 賣家密切合作，使用 MyFitment 工具包增加他們的庫存。到目前為止，我們已經透過約 50 億筆增量組裝資料增強了符合條件的汽車零件，並且我們繼續看到這些增強清單的轉換率出現兩位數的成長。

Additionally, last quarter, we redesigned our self-service experience to simplify how sellers onboard, view and publish fitment data for P&A listings. Our updated experience better serves small- and medium-sized businesses, which make up our largest cohort of P&A sellers.

此外，上個季度，我們重新設計了自助服務體驗，以簡化賣家加入、查看和發布 P&A 清單的裝修資料的方式。我們更新的經驗可以更好地為中小型企業服務，他們是我們最大的 P&A 賣家群體。

On the buyer side, we continue to improve our value proposition for mass-market P&A shoppers looking to maintain their vehicles. During Q1, we added a Motors DIY guide page that makes do-it-yourself projects more accessible by integrating expert content for common maintenance jobs alongside eBay listings for the specific parts, tools and materials needed to complete them. Our full-funnel approach to marketing has increased awareness and consideration of eBay as a trusted place to shop for auto parts and accessories. And I'm excited that yesterday, we announced a multiyear partnership with the McLaren Racing Formula 1 team, which means motor sports enthusiasts around the world will see eBay branding on McLaren team race cars starting with the Miami Grand Prix this week.

在買方方面，我們繼續為希望維護車輛的大眾市場 P&A 購物者改進我們的價值主張。在第一季度，我們添加了一個汽車 DIY 指南頁面，透過整合常見維護工作的專家內容以及完成這些工作所需的特定零件、工具和材料的 eBay 列表，使 DIY 項目變得更容易訪問。我們的全通路行銷方法提高了人們對 eBay 作為值得信賴的汽車零件和配件購買場所的認識和考慮。我很高興昨天，我們宣布與麥克拉倫一級方程式賽車隊建立多年合作夥伴關係，這意味著從本週的邁阿密大獎賽開始，世界各地的賽車運動愛好者將在麥克拉倫車隊賽車上看到eBay 品牌識別。

EBay has been a leading player in collectibles for over 2 decades. And in recent years, we've accelerated the pace of innovation in areas like trading cards, which is one of our focus categories. We've rolled out new features like [My Collections], price guides, authentication and grading partnerships, revamped condition standards, live commerce, vault storage and new shipping methods to reduce costs.

二十多年來，eBay 一直是收藏品領域的領導者。近年來，我們加快了交易卡等領域的創新步伐，這是我們的重點類別之一。我們推出了新功能，例如[我的收藏]、價格指南、認證和分級合作夥伴關係、改進的條件標準、即時商務、保險庫儲存和新的運輸方式，以降低成本。

In Q1, we continued to innovate by launching a simplified listing flow for sports trading cards to all U.S. sellers. This experience leverages our proprietary technology to [prefill] the listing with relevant item aspects, provide simpler shipping options and offer smarter pricing recommendations based on the value and the condition of the card. This rollout has resulted in a double-digit percentage reduction in listing time and measurable increases in completed listings and sold items per customer. We are also seeing a more than 20% increase in CSAT for U.S. sports trading card sellers versus our baseline prior to this rollout.

在第一季度，我們繼續創新，向所有美國賣家推出了簡化的體育交易卡上市流程。這種體驗利用我們的專有技術來[預先填充]相關商品資訊的列表，提供更簡單的運輸選項，並根據卡片的價值和狀況提供更聰明的定價建議。此次推出使上市時間減少了兩位數，並顯著增加了已完成的上市和每位客戶的已售商品。我們還發現，與推出先前的基準相比，美國運動交易卡賣家的 CSAT 增加了 20% 以上。

In recent quarters, we've seen improving volume trends in trading cards as many of the new and returning hobbyists who joined eBay during the pandemic remain highly engaged with our platform. With so much enthusiasm in the hobby, it's the perfect time to talk about the definitive agreement we announced a few weeks ago with Collectors, parent company of PSA, which is the gold standard in third-party authentication and grading of trading cards and collectibles.

最近幾個季度，我們看到球星交易卡的交易量趨勢有所改善，因為許多在疫情期間加入 eBay 的新愛好者和回歸愛好者仍然高度參與我們的平台。由於人們對這項愛好如此熱衷，現在正是談論我們幾週前與 PSA 母公司 Collectors 宣布的最終協議的最佳時機，該協議是交易卡和收藏品第三方認證和評級的黃金標準。

EBay and Collectors have entered into 3 separate transactions designed to streamline and improve the overall experience for hobbyists. As part of this deal, I'm incredibly excited to welcome Ken Goldin to eBay. We have agreed to acquire Goldin, a leading U.S.-based auction house for high-value collectibles, which brings together 2 renowned marketplace brands in the trading card hobby. Many of you know Ken from his fantastic series on Netflix, King of Collectibles: The Goldin Touch. Combining Goldin with eBay enhances our respective marketplace offerings by expanding the range of inventory available to eBay customers and opening up an expansive global audience for Goldin sellers. We believe this will enable a more well-rounded collecting experience across price points and service models, complementing our acquisition of TCGplayer and recent partnership with sports trading card company COMC.

eBay 和 Collectors 已達成 3 項獨立交易，旨在簡化和改善愛好者的整體體驗。作為這筆交易的一部分，我非常高興地歡迎 Ken Goldin 加入 eBay。我們已同意收購 Goldin，這是一家美國領先的高價值收藏品拍賣行，該拍賣行匯集了交易卡愛好領域的 2 個知名市場品牌。許多人透過 Netflix 上的精彩影集《收藏品之王：Goldin Touch》認識 Ken。 Goldin 與 eBay 的合併擴大了 eBay 客戶可用的庫存範圍，並為 Goldin 賣家開拓了廣泛的全球受眾，從而增強了我們各自的市場產品。我們相信，這將帶來更全面的跨價位和服務模式的收集體驗，補充我們收購 TCGplayer 以及最近與體育交易卡公司 COMC 的合作關係。

Additionally, eBay has entered into commercial agreements with Collectors and PSA to reduce friction in the authentication and grading of trading cards. We also agreed to divest the eBay vault to PSA. Through a newly branded service offering, our companies plan to launch an integrated program to buy, sell, grade and store trading cards. EBay will become PSA's exclusive marketplace partner for trading cards, enabling hobbyists to more easily list and sell their cars on eBay at the time of grading.

此外，eBay 還與 Collectors 和 PSA 簽訂了商業協議，以減少交易卡認證和評級方面的摩擦。我們也同意將 eBay 金庫剝離給 PSA。透過新的品牌服務，我們的公司計劃推出一個購買、銷售、分級和儲存交易卡的綜合計劃。 eBay 將成為 PSA 交易卡的獨家市場合作夥伴，讓愛好者在評級時更輕鬆地在 eBay 上列出和銷售他們的汽車。

Importantly, these deals enable each company to prioritize what it does best. At eBay, we can focus on enhancing our marketplace and streamlining the buying and selling experience for millions of hobbyists, while collectors can concentrate on its operational expertise in grading, authenticating and securely storing collectibles. There'll be more we can share about our company's joint plans after the deals close, which we expect to occur during Q2, subject to closing conditions.

重要的是，這些交易使每家公司能夠優先考慮自己最擅長的事情。在 eBay，我們可以專注於增強我們的市場並簡化數百萬愛好者的購買和銷售體驗，而收藏家可以專注於其在分級、驗證和安全儲存收藏品方面的營運專業知識。交易結束後，我們將分享更多有關我們公司聯合計劃的信息，我們預計這將在第二季度進行，但須遵守成交條件。

In Q1, we also continued to rapidly innovate on our eBay Live experience, which now spans multiple categories, including collectibles. We expanded coverage to new categories like comics and sports memorabilia. We introduced a revamped auctions experience that makes bidding more seamless and reliable. We enabled viewing on desktop so that buyers can join live events wherever they are shopping. And we dramatically improved the event discoverability on the home page with personalized recommendations. While eBay Live remains in beta, we are extremely excited about continuing to scale this experience throughout the year.

在第一季度，我們也持續快速創新 eBay Live 體驗，現在涵蓋多個類別，包括收藏品。我們將涵蓋範圍擴大到漫畫和體育紀念品等新類別。我們引入了改進的拍賣體驗，使出價更加無縫可靠。我們啟用了在桌面上查看的功能，以便買家無論在哪裡購物都可以參加現場活動。我們透過個人化推薦大大提高了主頁上活動的可發現性。雖然 eBay Live 仍處於測試階段，但我們對全年繼續擴展這種體驗感到非常興奮。

As a pioneer of recommerce, giving pre-owned goods a second life is core to who we are as a company. We reached a major milestone in Q1 as pre-owned and refurbished goods reached 40% of total GMV on our marketplace after consistently outpacing the sales of brand-new goods since the pandemic. In service of that mission, a major priority in 2024 is strengthening our consumer value proposition in pre-owned fashion. Through our multiyear partnership with Love Island in the U.K., we have grown awareness of the sustainability benefits of recommerce and educated consumers on the potential economic savings from shopping for pre-owned items. But there is more we can do to unlock consumers' closets and accelerate the circular economy.

作為再貿易的先驅，賦予二手商品第二次生命是我們公司的核心。我們在第一季達到了一個重要的里程碑，自疫情以來，二手商品和翻新商品的銷量一直超過全新商品的銷量，之後達到了市場總 GMV 的 40%。為了實現這項使命，2024 年的首要任務是加強我們在二手時尚領域的消費者價值主張。透過與英國 Love Island 的多年合作，我們提高了對再商務永續效益的認識，並教育消費者了解購買二手商品可能節省的經濟成本。但我們還可以做更多的事情來打開消費者的衣櫃並加速循環經濟。

To that end, last month, we began to dramatically streamline the buying and selling experiences for pre-owned fashion on eBay, focusing on the U.K. We redesigned our shopping experience from the ground up to reduce friction and better meet the needs of modern fashion consumers. Our initial rollout included a number of features and improvements such as a simplified selling flow, curated item specifics, photo guidance, intelligent pricing suggestions and condensed shipping options.

為此，上個月，我們開始大幅簡化 eBay 上二手時尚的購買和銷售體驗，並專注於英國。我們最初的推出包括許多功能和改進，例如簡化的銷售流程、精選的商品細節、照片指導、智慧定價建議和精簡的運輸選項。

We also eliminated final value fees on pre-owned apparel for C2C sellers in the U.K. and introduced new AI-powered tools to enhance discovery and drive more inspirational shopping behavior on our marketplace. One such feature is explore a new AI-powered shopping feed, enabling users to browse a nearly unlimited list of personalized recommendations based on implicit and explicit interest signals, such as the users' style preferences and sizes. The explore feed updates in real time in response to products that users interact with, while buyers can refine their shopping journey using our visually similar search feature powered by computer vision. Explore is focused on fashion to start, and we plan to expand its capabilities later this year. Explore is currently live for all U.K. users in beta alongside small pilots in other countries as we gather feedback and insights.

我們還取消了英國 C2C 賣家二手服裝的最終價值費用，並引入了新的人工智慧工具來增強發現並推動我們市場上更多鼓舞人心的購物行為。其中一項功能是探索新的人工智慧驅動的購物提要，使用戶能夠根據隱式和顯式的興趣訊號（例如用戶的風格偏好和尺寸）瀏覽幾乎無限的個人化推薦清單。探索來源會即時更新以響應用戶與之互動的產品，而買家可以使用我們由電腦視覺提供支援的視覺相似搜尋功能來完善他們的購物旅程。 Explore 從一開始就專注於時尚，我們計劃在今年稍後擴大其功能。隨著我們收集回饋和見解，Explore 目前已針對所有英國測試版用戶以及其他國家/地區的小型試點用戶推出。

In April, we also rolled out an early version of shop the look, which leverages generative AI to create shoppable content and fashion recommendations. Shop the look showcases a variety of styles such as business casual, Scandinavian minimalism or urban athleisure. Recommended outlets are linked to visually similar products on eBay, drawing from our hundreds of millions of live listings in fashion. Shop the look is live in iOS in the U.S. and U.K., and we will evolve this experience throughout 2024 based on customer feedback, including additional styles, greater diversity of outfits and increased user control over personalization.

在四月份，我們也推出了 shop the Look 的早期版本，它利用生成式人工智慧來創建可購物的內容和時尚推薦。商店的外觀展示了多種風格，如商務休閒、斯堪的納維亞極簡主義或都市運動休閒。推薦的商店與 eBay 上外觀相似的產品相關聯，這些產品來自我們數以億計的即時時尚清單。 Shop the Look 已在美國和英國的 iOS 中上線，我們將在 2024 年根據客戶反饋改進這種體驗，包括增加款式、更加多樣化的服裝以及增強用戶對個性化的控制。

Next, I'd like to go deeper on the transformative power of AI. Last quarter, I talked about the meaningful strides we've taken in establishing eBay as a leader in generative AI for e-commerce. In Q1, we doubled our GPU capacity versus the end of 2023, which enabled our teams to accelerate our training and fine-tuning of foundational large language models to power a number of eBay features and services. In addition to powering consumer-facing features like explore, shop the look, magical listing and background enhancement, we're increasingly leveraging generative AI to change how we work, driving meaningful productivity and efficiency improvements across our organization.

接下來，我想更深入探討人工智慧的變革力量。上個季度，我談到了我們在將 eBay 打造成電子商務生成人工智慧領域的領導者方面所取得的有意義的進展。在第一季度，我們的 GPU 容量比 2023 年底增加了一倍，這使我們的團隊能夠加快基礎大型語言模型的訓練和微調，為許多 eBay 功能和服務提供支援。除了支援探索、購物外觀、神奇清單和背景增強等面向消費者的功能外，我們也越來越多地利用生成式人工智慧來改變我們的工作方式，從而推動整個組織有意義的生產力和效率提高。

A prime example of this is within our Global Customer Experience organization, or GCX. We are in the midst of a multiyear journey to transform our GCX capabilities using technology. Our north star for customer service is not just to reduce cost, but meaningfully improve the quality of interactions. Recently, we implemented generative AI technology that supports our GCX teammates by analyzing incoming communications to create a simple summary of customers' needs and intent. This technology automatically extracts relevant solutions and next steps from an LLM fine-tuned using our comprehensive knowledge base and policy documents. We are now able to present solutions and a clear and concise structure to our GCX team, allowing them to quickly provide customers with the help and support they need, improving the accuracy, consistency and quality of support. With tens of millions of live customer contacts annually, these efficiencies should yield meaningful cost savings for our GCX organization.

一個典型的例子是我們的全球客戶體驗組織 (GCX)。我們正處於利用科技轉變我們的 GCX 能力的多年旅程中。我們的客戶服務北極星不僅僅是降低成本，而是有意義地提高互動品質。最近，我們實施了生成式人工智慧技術，透過分析傳入的通訊來建立客戶需求和意圖的簡單摘要，為我們的 GCX 團隊成員提供支援。該技術使用我們全面的知識庫和政策文檔，自動從法學碩士中提取相關解決方案和後續步驟。我們現在能夠向 GCX 團隊提供解決方案和清晰簡潔的結構，使他們能夠快速為客戶提供所需的幫助和支持，提高支援的準確性、一致性和品質。每年有數千萬的即時客戶聯繫，這些效率應該會為我們的 GCX 組織帶來有意義的成本節省。

Generative AI tools are also improving our developer productivity and accelerating our overall tech velocity. Last year, we made GitHub Copilot available to all of our developers and saw encouraging results. We observed measurable improvements in productivity, along with code acceptance and accuracy. Nearly 3/4 of our developers now use Copilot every day. In parallel, we began building internal tools to streamline our development processes and improve efficiency. We fine-tuned an open-source LLM with eBay's codebase and other internal data to develop a proprietary coding assistant that has been incredibly helpful in labor-intensive areas like code migration and software upkeep. For instance, we estimate these tools can reduce the time required for code migration by as much as 20%.

生成式人工智慧工具還提高了我們的開發人員生產力並加快了我們的整體技術速度。去年，我們向所有開發人員提供了 GitHub Copilot，並看到了令人鼓舞的結果。我們觀察到生產力、程式碼接受度和準確性都有顯著提高。我們近 3/4 的開發人員現在每天都使用 Copilot。同時，我們開始建立內部工具來簡化我們的開發流程並提高效率。我們利用 eBay 的程式碼庫和其他內部資料對開源法學碩士進行了微調，開發了專有的編碼助手，該助手在程式碼遷移和軟體維護等勞動密集領域非常有幫助。例如，我們估計這些工具可以將程式碼遷移所需的時間減少多達 20%。

We also created an internal GPT specifically for developers that answers thousands of questions per week, serving as a knowledge base for our internal documentation. Overall, we're still early in our generative AI productivity journey, but these are just a few examples of proprietary tools we've introduced to our GCX and technology teams that are already yielding tangible benefits.

我們還專門為開發人員創建了一個內部 GPT，每週回答數千個問題，作為我們內部文件的知識庫。總體而言，我們仍處於生成式 AI 生產力之旅的早期階段，但這些只是我們向 GCX 和技術團隊引入的專有工具的幾個示例，這些工具已經產生了切實的效益。

Turning to advertising. Our ads business continued to deliver healthy growth at scale while improving velocity and price realization for our sellers at compelling return on ad spend levels. During Q1, first-party advertising grew 28%, while total ad revenue represented 2.1% of GMV. During the quarter, over 3 million sellers adopted a single ad product, and we ended the quarter with over 950 million live Promoted Listings.

轉向廣告。我們的廣告業務繼續大規模健康成長，同時提高了賣家的速度和價格實現，廣告支出水準獲得了令人矚目的回報。第一季度，第一方廣告成長 28%，廣告總收入佔 GMV 的 2.1%。本季度，超過 300 萬賣家採用了單一廣告產品，本季結束時，我們的即時促銷清單超過 9.5 億。

Our standard cost per acquisition units remain the largest contributor to year-over-year ad revenue growth in Q1, followed by our cost per click advanced product. We are also seeing promising results from some Promoted Listing products in beta. One such product that's continued to gain traction in beta is Offsite Ads. This off-eBay solution enables sellers to more actively participate in extending the reach of their listings through CPC ads placed on external services. This product leverages eBay's decades of advertising technology investment on behalf of those sellers, enabling advanced targeting, campaign management and pricing optimization. We expanded our go-to-market efforts for Offsite Ads towards the end of last year, and this product emerged as a material contributor to first-party ad revenue growth in Q1. We have ambitious road map to further optimize these ad units and increase seller adoption throughout 2024.

我們的標準每次獲取單位成本仍然是第一季廣告收入同比增長的最大貢獻者，其次是我們的每次點擊成本高級產品。我們也看到一些測試版促銷清單產品取得了可喜的成果。站外廣告就是這樣一款在測試版中持續受到關注的產品。這種 eBay 外解決方案使賣家能夠更積極地參與透過在外部服務上放置 CPC 廣告來擴大其清單的覆蓋範圍。該產品代表這些賣家利用 eBay 數十年的廣告技術投資，實現進階定位、活動管理和定價優化。去年年底，我們擴大了站外廣告的市場推廣力度，該產品成為第一季第一方廣告收入成長的重要貢獻者。我們制定了雄心勃勃的路線圖，以進一步優化這些廣告單元並在 2024 年提高賣家的採用率。

Now let's turn to impact. The eBay community continues to impress us with their generosity. Last quarter, eBay for Charity enabled sellers and buyers to raise more than $46 million, up 18% year-over-year. We also recently published our eighth annual diversity, equity and inclusion report. With our purpose of connecting people and building communities to create economic opportunity for all, we know diversity makes us a better and stronger place to work, sell and buy.

現在讓我們轉向影響。 eBay 社群的慷慨繼續給我們留下深刻的印象。上季度，eBay for Charity 幫助賣家和買家籌集了超過 4,600 萬美元，年增 18%。我們最近也發布了第八份年度多元化、公平和包容性報告。我們的宗旨是聯繫人們、建立社區，為所有人創造經濟機會，我們知道多元化使我們成為一個更好、更強大的工作、銷售和購買場所。

Among the highlights from our 2023 DE&I report was the launch of our first-ever inclusion index, which helps us gain a stronger understanding of our employee experience, measure our progress over time and determine how we can better support our employees as a workplace.

我們2023 年DE&I 報告的亮點之一是推出了我們有史以來第一個包容性指數，這有助於我們更深入地了解我們的員工體驗，衡量我們隨著時間的推移所取得的進展，並確定我們如何能夠更好地為工作場所的員工提供支援。

Our Communities of Inclusion, our internal eBay resource groups, also remained an integral part of what we do. In 2023, our 11 COIs hosted more than 360 global events, reaching more than 17,000 attendees during the year. And finally, for the eighth year in a row, we've concluded our gender pay equity study, and I'm proud to report our gender pay ratio remained consistent at just over 100% globally.

我們的包容性社群、我們的內部 eBay 資源小組也仍然是我們工作中不可或缺的一部分。 2023 年，我們的 11 場 COI 舉辦了 360 多場全球活動，全年與會者人數超過 17,000 人。最後，我們連續第八年完成了性別薪資平等研究，我很自豪地報告說，我們的性別薪資比例在全球範圍內始終保持在 100% 以上。

In closing, Q1 marked a strong start to 2024 as we exceeded our financial targets and continued to make progress toward our goal of long-term sustainable GMV growth. Focus categories maintained significant momentum despite ongoing macro pressure on discretionary e-commerce. After many quarters of consistent innovation in focus categories like luxury, P&A, refurbished, sneakers and streetwear, we are bringing our innovation playbook to pre-owned fashion in the U.K. to simplify selling, drive inspirational shopping and promote the circular economy.

最後，第一季標誌著 2024 年的良好開局，我們超額完成了財務目標，並繼續朝著長期可持續 GMV 成長的目標取得進展。儘管非必需品電商面臨持續的宏觀壓力，但重點品類仍保持強勁動能。經過多個季度在奢侈品、P&A、翻新、運動鞋和街頭服飾等重點類別的持續創新後，我們將我們的創新手冊引入英國的二手時裝，以簡化銷售、推動鼓舞人心的購物並促進循環經濟。

Our agreement with Collectors would further strengthen our value proposition for hobbyists as we streamline the process of buying, selling, grading and storing trading cards. And we believe our advancements in generative AI are fundamentally changing the customer experience on eBay, increasing productivity across our organization and ultimately driving more value for shareholders. Our momentum and excelling pace of innovation are a testament to the incredible work of our employees, who continue to execute our strategic road map and service of our customers.

我們與收藏家的協議將進一步加強我們對愛好者的價值主張，因為我們簡化了購買、銷售、分級和儲存交易卡的流程。我們相信，我們在生成式人工智慧方面的進步正在從根本上改變 eBay 上的客戶體驗，提高整個組織的生產力，並最終為股東帶來更多價值。我們的動力和卓越的創新步伐證明了我們員工的出色工作，他們繼續執行我們的策略路線圖和為客戶提供服務。

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 second quarter in context on the full year before we begin Q&A. My comments will reflect FX-neutral year-over-year comparisons, 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，我將結合全年情況提供對第二季的展望。除非我另有說明，我的評論將反映外匯中性的同比比較。

We exceeded expectations across our key financial metrics in Q1 despite an uneven demand environment in our major markets to start the year. Gross merchandise volume was roughly flat at $18.6 billion. Revenue grew more than 2% to $2.56 billion, outpacing volume by over 2 points. Non-GAAP operating margin was 30.3%. We delivered $1.25 of non-GAAP earnings per share, up 13%. And we returned $638 million to shareholders through repurchases and dividends.

儘管年初主要市場的需求環境不平衡，但我們第一季的主要財務指標超出了預期。商品總成交量大致持平，為 186 億美元。營收成長超過 2%，達到 25.6 億美元，增幅超過銷售 2 個百分點。非 GAAP 營業利益率為 30.3%。我們實現了非 GAAP 每股收益 1.25 美元，成長 13%。我們透過回購和股利向股東返還 6.38 億美元。

Let's take a closer look at our financial performance during the first quarter. Gross merchandise volume of $18.6 billion was roughly flat year-over-year, while foreign exchange was a tailwind of nearly 1 point to reported GMV growth. Our teams did a tremendous job executing on our strategy across focus categories, country-specific investments and horizontal initiatives. Our Q1 volume also benefited from an extra day in the quarter due to the leap year. However, we continue to navigate through a tough environment to discretionary e-commerce, particularly in the U.K. and Germany, 2 of our largest markets.

讓我們仔細看看我們第一季的財務表現。商品總交易量為 186 億美元，與去年同期基本持平，而外匯交易對所報告的 GMV 成長起到了近 1 個百分點的推動作用。我們的團隊在執行跨重點類別、特定國家投資和橫向計劃的策略方面做得非常出色。由於閏年，我們第一季的銷售也受惠於該季度額外的一天。然而，我們繼續在艱難的環境中應對全權委託電子商務，特別是在英國和德國這兩個我們最大的市場。

Focus categories GMV grew by nearly 5% in aggregate or roughly 6 points faster than the remainder of our marketplace during the quarter. This continued momentum was driven by positive volume growth in P&A, refurbished, collectibles and luxury goods, reflecting the breadth and resilience of our focus categories.

本季度，重點品類 GMV 整體成長近 5%，比市場其他產品快約 6 個百分點。這種持續的勢頭是由 P&A、翻新品、收藏品和奢侈品的銷售積極增長所推動的，反映了我們重點類別的廣度和彈性。

Next, I'll walk through our results on a geographic basis. U.S. GMV was nearly flat in Q1. As Jamie mentioned, P&A was the largest contributor to growth among focus categories despite the slow start in January caused by severe weather conditions in the U.S. These headwinds slightly offset the solid performance in trading cards where we've seen improving volume trends in recent quarters, which disproportionately benefit our U.S. business.

接下來，我將按地理範圍介紹我們的結果。第一季美國 GMV 幾乎持平。正如Jamie 所提到的，儘管美國惡劣天氣導致1 月開局緩慢，但P&A 仍是焦點類別中成長的最大貢獻者。的銷售趨勢有所改善，這對我們的美國業務尤其有利。

International GMV grew nearly 1% on an FX-neutral basis and increased by nearly 3% as reported due to FX tailwinds. Last quarter, we highlighted the impact of our Germany C2C initiative and overall growth in the region. I am pleased that Germany C2C volume growth remain positive even as we began to lap the rollout of these changes in March of last year.

在匯率中立的基礎上，國際 GMV 成長了近 1%，據報告，由於匯率順風，國際 GMV 成長了近 3%。上季度，我們強調了德國 C2C 計劃的影響以及該地區的整體成長。我很高興德國 C2C 交易量仍保持正成長，儘管我們從去年 3 月就開始關注這些變化的推出。

In the U.K., we did see some softness in C2C volumes during the quarter when the new U.K. digital sales reporting requirements came into effect. We are currently working to educate sellers that many of them actually do not incur taxes for selling pre-owned items. In contrast, our B2C business trends were consistent with recent quarters as we kept pace with our closest market benchmark as reported by the British Retail Consortium.

在英國，當新的英國數位銷售報告要求生效時，我們確實看到本季度 C2C 銷售出現了一些疲軟。我們目前正在努力教育賣家，他們中的許多人實際上不需要因銷售二手商品而納稅。相較之下，我們的 B2C 業務趨勢與最近幾季一致，因為我們與英國零售協會報告的最接近的市場基準保持同步。

Moving on to buyers. Trading 12-month active buyers and enthusiast buyers were both stable sequentially at approximately $132 million and $16 million, respectively, at the end of Q1. Within the quarter, growth in new and reactivated buyers remained positive year-over-year, while buyer retention improved compared to recent quarters. Despite macro headwinds, spend per active and enthusiast buyer both grew slightly compared to a year ago.

轉向買家。截至第一季末，12 個月活躍買家和狂熱買家的交易量均穩定在約 1.32 億美元和 1,600 萬美元左右。本季度內，新買家和重新啟動的買家同比仍保持正增長，而買家保留率與最近幾季相比有所改善。儘管存在宏觀阻力，但與一年前相比，每位活躍和狂熱買家的支出均略有增長。

Turning to revenue. We generated revenue of $2.56 billion during Q1, up over 2%, outpacing volume by over 2 points. Foreign exchange was a headwind of roughly 60 basis points to reported year-over-year revenue growth. Our take rate in the first quarter was over 13.7%, down less than 10 basis points quarter-over-quarter. The sequential decline was primarily driven by FX headwinds, which more than offset the seasonal improvement in core take rate in Q1. On a year-over-year basis, our take rate expanded by nearly 10 basis points driven by tailwinds from first-party advertising, eBay International Shipping and payments, offset by a 20 basis point headwind from FX.

轉向收入。第一季我們的營收達到 25.6 億美元，成長超過 2%，增幅超過銷售額 2 個百分點以上。外匯對報告的年收入成長造成約 60 個基點的阻力。第一季我們的接受率超過 13.7%，季減不到 10 個基點。環比下降主要是由外匯逆風推動的，這遠遠抵消了第一季核心採用率的季節性改善。與去年同期相比，我們的接受率在第一方廣告、eBay 國際運輸和支付的推動下增長了近 10 個基點，但被外匯帶來的 20 個基點的逆風所抵消。

Total advertising revenue grew 20% to $384 million and represented 2.1% penetration of GMV. First-party ads grew 28% to $370 million, nearly 28 points faster than volume. Our legacy third-party display ads remained a headwind to total advertising growth in Q1, with revenue declining 55% to less than $15 million. As discussed in recent quarters, we continue to selectively [duplicate] these noncore ads on certain pages to improve the overall user experience, and they now make up less than 4% of total ad revenue.

廣告總營收成長 20%，達到 3.84 億美元，佔 GMV 的滲透率為 2.1%。第一方廣告成長了 28%，達到 3.7 億美元，比銷售量快了近 28 個百分點。我們傳統的第三方展示廣告仍然是第一季廣告總量成長的阻力，營收下降了 55% 至不到 1,500 萬美元。正如最近幾季所討論的，我們繼續有選擇地在某些頁面上[複製]這些非核心廣告，以改善整體用戶體驗，它們現在佔廣告總收入的比例不到 4%。

Shifting to profitability. Non-GAAP gross margin improved by 60 basis points year-over-year as headwinds from eBay International Shipping, traffic acquisition costs associated with the ramp of Offsite Ads and FX were more than offset by lower depreciation expenses and cost of payments efficiencies. As we discussed last quarter, our depreciation expense in 2024 is impacted by an extension in the accounting useful life of our servers and networking equipment, which primarily will be recognized in cost of revenue. Additional information will be available in our 10-Q filing.

轉向盈利。非 GAAP 毛利率年增了 60 個基點，因為 eBay 國際航運的不利因素、與站外廣告和外匯增長相關的流量獲取成本被較低的折舊費用和支付效率成本所抵消。正如我們上季度討論的那樣，我們 2024 年的折舊費用受到伺服器和網路設備會計使用壽命延長的影響，這主要將在收入成本中確認。更多資訊將在我們的 10-Q 文件中提供。

Non-GAAP operating margin was 30.3% in Q1, improving 70 basis points year-over-year and 360 basis points sequentially. On a year-over-year basis, our operating margins benefited from our workforce reduction in January, the aforementioned accounting change, cost of payment efficiencies and our structural cost program. This leverage was partly offset by a foreign exchange headwind of roughly 70 basis points and reinvestments into sales and marketing to support our full-funnel initiatives.

第一季非 GAAP 營業利潤率為 30.3%，年增 70 個基點，較上季提高 360 個基點。與去年同期相比，我們的營業利潤得益於一月份的勞動力減少、上述會計變更、支付效率成本和我們的結構性成本計劃。這種槓桿作用被大約 70 個基點的外匯逆風以及為支持我們的全通路計劃而對銷售和行銷進行的再投資所部分抵消。

We grew non-GAAP earnings per share by nearly 13% to $1.25 in the first quarter. On a GAAP basis, our earnings per share was $0.85 in Q1. The difference was primarily due to stock-based compensation and a reduction in the value of our equity investment portfolio, largely due to FX movements.

第一季度，我們的非 GAAP 每股盈餘成長了近 13%，達到 1.25 美元。按照 GAAP 計算，我們第一季的每股收益為 0.85 美元。差異主要是由於基於股票的薪酬以及我們的股權投資組合價值的減少（很大程度上是由於外匯波動造成的）。

Next, I'll discuss our balance sheet and capital allocation. Our free cash flow was $472 million in Q1, down year-over-year due to the timing of working capital items. We ended the first quarter with cash and nonequity investments of $4.9 billion and gross debt of $7.7 billion. We repurchased $499 million of eBay shares at an average price of approximately $51 during Q1 and had $2.9 billion remaining under our buyback authorization at the end of the period. In addition, we paid a quarterly cash dividend of $139 million in March or $0.27 per share. Since the beginning of 2022, we have returned $6.2 billion to shareholders through repurchasing dividends of roughly 134% of cumulative free cash flow over that period.

接下來，我將討論我們的資產負債表和資本配置。第一季我們的自由現金流為 4.72 億美元，由於營運資金項目的時間安排而較去年同期下降。截至第一季末，我們的現金和非股權投資為 49 億美元，總債務為 77 億美元。第一季度，我們以約 51 美元的平均價格回購了價值 4.99 億美元的 eBay 股票，截至該季度末，我們的回購授權剩餘 29 億美元。此外，我們在 3 月支付了 1.39 億美元的季度現金股息，即每股 0.27 美元。自 2022 年初以來，我們透過回購股利向股東返還了 62 億美元，約佔同期累積自由現金流的 134%。

Now I'll give an update on our investment portfolio. Our equity investments and warrants were valued at over $5 billion at the end of Q1. Our Adevinta stake was valued at over $4 billion, down over $200 million quarter-on-quarter, primarily due to FX movements.

現在我將介紹我們的投資組合的最新情況。截至第一季末，我們的股權投資和認股權證價值超過 50 億美元。我們的 Adevinta 股份價值超過 40 億美元，環比下降超過 2 億美元，主要是由於外匯波動。

On April 24, the consortium led by Permira and Blackstone received its final regulatory clearance regarding the offer to acquire Adevinta. We expect this transaction to close on May 29, subject to closing conditions. While changes in FX rates impact the value of our stake for quarterly reporting purposes, they do not impact the cash proceeds we expect from the pending deal.

4 月 24 日，由 Permira 和 Blackstone 牽頭的財團獲得了有關收購 Adevinta 的要約的最終監管許可。我們預計本次交易將於 5 月 29 日完成，但須符合成交條件。雖然外匯匯率的變動會影響我們季度報告所持股份的價值，但它們不會影響我們預期從待決交易中獲得的現金收益。

Our Adyen warrants were valued at over $500 million at the end of Q1. Our warrant value is calculated based on several assumptions, including Adyen share price and the probability of vesting.

截至第一季末，我們的 Adyen 認股權證價值超過 5 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。

Turning to our outlook. Our strategy and execution are driving underlying growth in our business. However, the macro environment remains challenging and dynamic. Balancing these factors, we forecast Q2 GMV between $17.8 million and $18.2 billion, representing FX-neutral growth between negative 2% and flat year-over-year. At current rates, FX would represent roughly 0.5 point of headwind to Q2 GMV growth year-over-year and roughly 1 point of headwind quarter-over-quarter.

轉向我們的展望。我們的策略和執行正在推動我們業務的根本成長。然而，宏觀環境仍然充滿挑戰和動態。權衡這些因素，我們預測第二季 GMV 在 1780 萬美元至 182 億美元之間，即匯率中性成長在負 2% 至同比持平之間。以目前的匯率計算，外匯將導致第二季 GMV 年比成長約 0.5 個百分點，較上季約 1 個百分點。

We expect to generate revenue between $2.49 billion and $2.54 billion in Q2, representing FX-neutral growth between negative 1% and positive 1% year-over-year. Our forecast implies revenue will outpace volume by close to 1 point on an FX-neutral basis. We estimate FX will represent more than a 1 point headwind to spot revenue growth in Q2. We expect first-party ad revenue growth to decelerate to low double digits year-over-year in Q2 due to lapping and onetime factors.

我們預計第二季的營收將在 24.9 億美元至 25.4 億美元之間，即匯率中立的年增率在負 1% 到正 1% 之間。我們的預測意味著，在匯率中立的基礎上，營收將超過成交量近 1 個百分點。我們估計，外匯對第二季營收成長的阻力將超過 1 個百分點。我們預計，由於重疊和一次性因素，第二季第一方廣告收入將年增率將放緩至兩位數。

As we discussed last year, a deferral release to CPC ads put forward approximately $9 million of ad revenue into Q2 of 2023. In addition, benefits from our Halo attribution change in Q2 of last year led to extraordinary growth in first-party advertising overall, which will create more challenging year-over-year comparisons for the remainder of this year. However, we do expect a recovery in advertising growth during the second half of 2024 driven by continued adoption and optimization of our first-party ad products.

正如我們去年討論的那樣，CPC 廣告的延期發布預計到2023 年第二季將帶來約900 萬美元的廣告收入。方廣告整體的顯著成長，這將為今年剩餘時間帶來更具挑戰性的同比比較。然而，我們確實預計，在我們第一方廣告產品的持續採用和優化的推動下，廣告成長將在 2024 年下半年出現復甦。

We forecast Q2 non-GAAP operating margin between 26.9% and 27.6% or 35 basis points of year-over-year improvement at the midpoint. This is consistent with historical seasonality, where Q1 is usually the high point for operating margin, followed by a sequential decline in Q2, reflecting both the seasonal decrease in volumes and the ramp-up in product and full-funnel marketing investments.

我們預計第二季非 GAAP 營業利潤率將在 26.9% 至 27.6% 之間，即年增 35 個基點。這與歷史季節性一致，第一季通常是營業利潤率的最高點，隨後第二季度連續下降，反映了銷量的季節性下降以及產品和全通路行銷投資的增加。

We expect to generate non-GAAP earnings per share between $1.10 and $1.15 in the second quarter, representing non-GAAP EPS growth between 6% and 11% year-over-year. Based on current rates, FX would represent a headwind of roughly 2.5 percentage points.

我們預計第二季非 GAAP 每股盈餘將在 1.10 美元至 1.15 美元之間，即非 GAAP 每股盈餘將年增 6% 至 11%。根據目前的匯率，外匯將帶來約 2.5 個百分點的阻力。

Moving to the full year. We continue to plan our business assuming no fundamental change in the macro environment this year. Within this context, we expect our FX-neutral GMV to turn positive in Q3 or Q4. We expect revenue to outpace GMV growth by approximately 2 points for the full year on an FX-neutral basis. In addition, FX represents close to a 1 point expected headwind to total spot revenue growth.

轉至全年。假設今年宏觀環境沒有根本性變化，我們將繼續規劃我們的業務。在此背景下，我們預計外匯中性的 GMV 將在第三季或第四季轉正。我們預計，在匯率中立的基礎上，全年營收將超過 GMV 成長約 2 個百分點。此外，外匯對現貨總收入成長的預期阻力接近 1 個百分點。

We maintain our outlook for non-GAAP operating margin to expand by 60 to 100 basis points for the full year. Where we land in this range could vary based on investment opportunities we see throughout the year, not necessarily our volume trends alone. At current rates, we continue to expect FX to be a year-over-year headwind of roughly 50 basis points to operating margins, which is mostly offset by an expected tailwind of 40 basis points primarily driven by the change in accounting estimate associated with the extension of the useful life of servers and networking equipment.

我們維持全年非 GAAP 營業利潤率成長 60 至 100 個基點的預期。我們在這個範圍內的位置可能會根據我們全年看到的投資機會而有所不同，而不一定是我們的數量趨勢。依照目前的匯率，我們繼續預期外匯對營業利潤率將產生約 50 個基點的同比逆風，這主要被預期的 40 個基點的逆風所抵消，這主要是由與延長伺服器和網路設備的使用壽命。

For the full year, we project capital expenditures to be between 4% and 5% of revenue, in line with our historical average. We expect our non-GAAP tax rate to remain stable at 16.5%. We expect just under $2 billion of free cash flow in 2024 with the majority generated in the second half of the year. As a reminder, our free cash flow has been temporarily pressured in recent years by scheduled repatriation payments and changes to the tax treatment of R&D expenses, which will largely alleviate after 2025. From a timing perspective, our federal cash tax payments will revert to a normal schedule this year with our largest outlay occurring in Q2, leading to a more normalized cadence of free cash flow.

我們預計全年資本支出將佔收入的 4% 至 5%，與我們的歷史平均值一致。我們預計非 GAAP 稅率將穩定在 16.5%。我們預計 2024 年自由現金流將略低於 20 億美元，其中大部分產生於下半年。提醒一下，近年來，由於定期匯回付款和研發費用稅收待遇的變化，我們的自由現金流暫時受到壓力，這種壓力將在2025 年之後很大程度上緩解。聯邦現金稅支付將恢復為今年的日程安排正常，我們最大的支出發生在第二季度，導致自由現金流的節奏更加正常化。

From a capital allocation standpoint, our Board declared a quarterly dividend of $0.27 per share for Q2 to be paid in June. For the full year, we are targeting share repurchases of just over $2 billion. Given our better-than-expected Q1 results and our confidence in our strategy and execution, we are increasing our forecast for non-GAAP earnings per share growth to 9% to 11% year-over-year in 2024.

從資本配置的角度來看，我們的董事會宣布將於 6 月支付第二季每股 0.27 美元的季度股息。我們全年的股票回購目標是略高於 20 億美元。鑑於我們第一季的業績好於預期以及我們對策略和執行的信心，我們將 2024 年非 GAAP 每股收益同比增長的預測提高至 9% 至 11%。

In closing, Q1 was a strong quarter for eBay as we exceeded our outlook across our key financial metrics. Our results highlight the resilience of our marketplace and business model amid persistent challenges in the global economy. We remain on track to achieve positive GMV growth this year in Q3 or Q4, driven by our accelerating pace of innovation across focus categories and horizontal initiatives. In addition, we are laser-focused on further improving our cost discipline and efficiency and expect operating margin expansion this year, even as we make incremental investments to drive sustainable, long-term growth. As a result, we plan to deliver double-digit earnings growth this year at the midpoint of our guidance and exceed our original 3-year target for total capital returns.

最後，第一季對 eBay 來說是一個強勁的季度，因為我們的關鍵財務指標超出了我們的預期。我們的結果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。在我們加快跨重點類別和橫向計劃的創新步伐的推動下，我們仍有望在今年第三季或第四季實現 GMV 正成長。此外，我們將重點放在進一步提高成本控制和效率上，並預計今年的營業利潤率將擴大，同時我們將進行增量投資以推動可持續的長期成長。因此，我們計劃今年在指導中點實現兩位數的獲利成長，並超過我們最初的 3 年總資本回報目標。

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 will come from Nathan Feather from Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Nathan Feather。

So I want to dig in and touch on the margins. The 2Q non-GAAP operating margin is at about 300 basis points at the midpoint. On top of this normal marketing seasonality you see, can you provide some more color on the puts and takes which are driving that? And then with that in mind, how should we think about the cadence of operating margin through the remainder of the year?

所以我想深入挖掘並觸及邊緣。第二季非 GAAP 營運利潤率中位數約為 300 個基點。除了您所看到的正常行銷季節性之外，您能否提供更多關於推動這一趨勢的看跌期權和賣出期權的信息？考慮到這一點，我們該如何考慮今年剩餘時間內營業利潤率的節奏？

Nathan, I'll take that. Steve here. Our Q2 guide implies margin expansion between 0 and 70 basis points year-over-year, depending on where we land in the range. That's really driven by underlying advertising growth efficiency gains, partly offset by some of the investments we've talked about and some FX headwinds that we're seeing. You're right, there's a bit of seasonality that we deal with as we go through the year. The second quarter does generally have sequential contraction. That's in line with the last few years because seasonally, Q1 is our strongest quarter for operating margin due to relatively higher GMV and low expenses.

內森，我會接受的。史蒂夫在這裡。我們的第二季指南意味著利潤率同比將擴大 0 到 70 個基點，具體取決於我們所處的範圍。這實際上是由潛在的廣告成長效率收益所推動的，部分被我們討論過的一些投資和我們看到的一些外匯不利因素所抵消。你是對的，我們在一年中會遇到一些季節性問題。第二季確實普遍出現連續收縮。這與過去幾年的情況一致，因為從季節性角度來看，由於相對較高的 GMV 和較低的費用，第一季是我們營業利潤率最高的季度。

A few of the puts and takes that we're seeing, the first thing I would say is that we continue to lean in, in investment. We see a lot of opportunity for good ROI as we are continuing to be committed to growing GMV in either third or the fourth quarter of next year, and we're seeing benefits associated with that. Secondly, there's a couple of dynamics with regards to advertising. In Q2 of 2023, we saw changes in terms of the Halo attribution, which really sort of saw significant momentum in our first-party ads in the second quarter of 2023. And in addition, we saw some revenue recognition changes in the second quarter, about $9 million that was pulled forward.

我們看到的一些看跌期權，我要說的第一件事是我們繼續加大投資。我們看到了許多獲得良好投資回報率的機會，因為我們將繼續致力於在明年第三季或第四季提高 GMV，並且我們看到了與之相關的好處。其次，廣告方面存在一些動態。在2023 年第二季度，我們看到了Halo 歸因方面的變化，這確實在2023 年第二季度我們的第一方廣告中看到了顯著的勢頭。確認的變化，大約900萬美元提前支付。

So we're sort of dealing with those 2 dynamics. But as you've seen from our prepared remarks, we continue to be confident in the outlook, and we continue to guide margin expansion through 2024 between 60 and 100 basis points as we look forward to going through the rest of the year.

所以我們正在處理這兩種動態。但正如您從我們準備好的發言中看到的那樣，我們仍然對前景充滿信心，並且我們將繼續指導 2024 年利潤率擴張在 60 至 100 個基點之間，我們期待今年剩餘時間的發展。

Our next question comes from Colin Sebastian from Baird.

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

Jamie, I appreciate the review of all the product initiatives in the marketplace. And I guess in the context of the confidence you have in that acceleration in growth in the back half, I guess, which of these innovations are driving the most incremental activity or conversions on the platform? And is that part of that acceleration that you're anticipating?

Jamie，我很欣賞市場上所有產品計劃的審查。我想，在您對下半年成長加速充滿信心的背景下，我想，哪些創新正在推動平台上最多的增量活動或轉換？這是您預期的加速的一部分嗎？

Yes. I'd really say it's threefold, Colin. I'd say first is the focus category work that we're doing. You see us not only kind of expanding what we're doing there, but investing in categories that we've already launched before like what we announced in collectibles with the Collectors and Goldin this quarter, what we're seeing in terms of the growth of luxury, of P&A, refurbished at 5%. So that's probably the first thing I'd say.

是的。我真的想說這是三重的，科林。我想說首先是我們正在做的重點類別工作。你看到我們不僅擴大了我們在那裡所做的事情，而且投資了我們之前已經推出的類別，就像我們本季度與收藏家和戈爾丁宣布的收藏品一樣，我們在增長方面看到了這一點奢侈品、P&A、翻新費 5%。這可能是我要說的第一件事。

The second is just the geo work that we're doing in specific geographies. If you look at the work that we did in Germany on C2C, we continue to see healthy returns from that. We're more than a year from launching that. We launched that in Q1 of last year, and we're continuing to see positive C2C momentum in Germany and healthy metrics and encouraging numbers from our CSAT standpoint. So that's the second.

第二個是我們在特定地區正在進行的地理工作。如果你看看我們在德國在 C2C 所做的工作，我們會繼續從中看到健康的回報。我們距離推出此專案還有一​​年多的時間。我們在去年第一季推出了該服務，從 CSAT 的角度來看，我們繼續看到德國 C2C 的積極勢頭以及健康的指標和令人鼓舞的數字。這是第二個。

And the third I would say is the efforts that we have against our horizontal innovations. So we've talked about things like magical listing, of simplifying the selling flow. We continue to invest in search, in CRM and a number of horizontal initiatives. I'd call out 2 that we talked about this quarter, which are explore and shop the look, new AI capabilities that we're launching first in fashion to really create a new browsing experience. So all 3 of those together is what gives us the confidence in moving forward and how we feel good about what we put out there.

我要說的第三點是我們在橫向創新方面所做的努力。所以我們討論了諸如神奇的清單、簡化銷售流程之類的事情。我們繼續投資於搜尋、CRM 和一些橫向計劃。我想提到我們本季討論的兩個，即探索和購物外觀，我們首先在時尚界推出新的人工智慧功能，以真正創造新的瀏覽體驗。因此，所有這三者共同賦予了我們前進的信心，以及我們對我們所推出的產品的感覺。

Our next question comes from Eric Sheridan from Goldman Sachs.

我們的下一個問題來自高盛的艾瑞克·謝裡丹。

Maybe 2-parter, if I could. In terms of cross-border commerce, what's the current state you're seeing in terms of cross-border and region-wide globally in terms of a driver of GMV dynamics into the business? And have you seen any impact from increased competition from cross-border, especially in areas of the world like Europe? And how would you characterize the state of competitive intensity?

如果可以的話，也許是兩人一起。就跨境商務而言，就業務 GMV 動態的驅動因素而言，您認為全球跨境和區域範圍內的現狀如何？您是否看到跨境競爭加劇帶來的任何影響，尤其是在歐洲等世界地區？您如何描述競爭強度的狀態？

Yes. Look, our cross-border is one of our great strengths as a business. 1 in 5 transactions or about 20% of GMV goes across borders on eBay, and it's very strategic for us in that for sellers, it opens up a very vast demand opportunity. We've talked for a couple of quarters about eBay International Shipping as an example of one of those things. We've talked about our payments team investing in buyer and seller FX to make that more easy and take the friction out for customers.

是的。看，我們的跨國業務是我們作為企業的一大優勢。五分之一的交易或大約 20% 的 GMV 在 eBay 上跨境，這對我們來說非常具有戰略意義，因為對於賣家來說，它開闢了非常巨大的需求機會。我們已經談論了幾個季度的 eBay International Shipping，作為其中的一個例子。我們已經討論過我們的支付團隊投資於買方和賣方外匯，以使這一切變得更加容易並消除客戶的摩擦。

So you take, for example, a look at parts and accessories, which continues to perform well at mid-single digits, one of the largest contributors to that growth is really healthy CBT business. You look at luxury being positive even in this macro environment. And it's in part because of the work we're doing where we launched an authentication center in Japan, and we have great inventory coming out of there.

例如，你看一下零件和配件，它們繼續以中個位數表現良好，這種成長的最大貢獻者之一是真正健康的 CBT 業務。即使在這種宏觀環境下，你也認為奢侈品是正面的。部分原因是我們正在日本建立一個認證中心，我們在那裡擁有大量庫存。

So it's one of the benefits that we have from a global marketplace. We think we're unique from that perspective in terms of what we offer, in terms of the capability for sellers, and we're pleased with what we're seeing in the growth of CBT overall.

所以這是我們從全球市場獲得的好處之一。我們認為，從這個角度來看，我們在提供的產品和為賣家提供的能力方面是獨一無二的，而且我們對 CBT 的整體成長感到滿意。

Our next question comes from Tom Champion from Piper Sandler.

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

Jamie, I'm wondering if you could just talk about your view of the health of the consumer. There doesn't seem to be much consensus out there. And just curious, your view and how that may have changed over the last 90 days.

傑米，我想知道您是否可以談談您對消費者健康的看法。外界似乎沒有太多共識。只是好奇您的觀點以及在過去 90 天內可能發生的變化。

Yes. Tom, thanks for the question. Look, we continue to operate in a really dynamic environment given the macro challenges globally with inflationary pressures and interest rates. We talked about Q1 started off a bit softer because of some of the weather, but then we had a reasonably good tax period. I would say the backdrop remains weaker in Europe than it does in the U.S., where U.S. is in better shape. If you look at e-commerce growth rates in U.K. and Germany this quarter, they're negative, and that's overall, and obviously, we play more in discretionary than consumables.

是的。湯姆，謝謝你的提問。看，鑑於全球通膨壓力和利率等宏觀挑戰，我們繼續在一個真正充滿活力的環境中運作。我們談到，由於天氣原因，第一季開始時有些疲軟，但隨後我們有一個相當不錯的納稅期。我想說，歐洲的背景仍然弱於美國，而美國的情況比較好。如果你看看本季度英國和德國的電子商務成長率，你會發現它們是負的，而且總體而言，顯然，我們在可自由支配商品上的投入比在消耗品上的投入更多。

So I think this is where our model is really winning, right? Our model is working because we have global demand. We've really focused in on non-new-in-season over the last couple of years. And we can provide value in a marketplace like this. We can be a great avenue for selling in terms of consumer demand. And I think it's why we reached the milestone this year or this quarter of now 40% of our inventory is pre-loved or refurbished is because we're seeing strength from the value proposition that we've built, and it's resonating with the consumer.

所以我認為這就是我們的模型真正獲勝的地方，對吧？我們的模式之所以有效，是因為我們有全球需求。在過去的幾年裡，我們確實專注於非當季新品。我們可以在這樣的市場中提供價值。就消費者需求而言，我們可以成為一個很好的銷售管道。我認為這就是為什麼我們今年或本季達到了里程碑，我們的庫存中有 40% 是二手或翻新的，因為我們從我們建立的價值主張中看到了力量，並且它與消費者產生了共鳴。

Our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

It's Bryan Smilek on for Doug. Could you just talk about the velocity of investments across generative AI and any affiliated CapEx needs and then, I guess, on that same line of questioning too, just timing of when you could see revenue uplift from these investments over time?

布萊恩·斯邁萊克 (Bryan Smilek) 替補道格 (Doug)。您能否談談生成式人工智慧的投資速度以及任何相關的資本支出需求，然後，我想，也可以提出同樣的問題，只是隨著時間的推移，您何時可以看到這些投資帶來的收入增長？

Yes. Look, we're really excited by the advancements that we're making in AI. I feel somewhat of a privilege to be able to lead this company because when you think of the breadth of categories, the data that we have for over 20 years, the scale of the size of business, being able to put AI against those is really compelling. So on the consumer-facing side, we continue to see amazing traction with magical listing. It's now -- writes description for 100% of users across native, desktop, mWeb, and we're working on Phase 2 there. We've got that rolled out to a percentage of sellers, which is great.

是的。看，我們對人工智慧領域的進步感到非常興奮。能夠領導這家公司，我感到有點榮幸，因為當你想到品類的廣度、我們20 多年來擁有的數據、業務規模的規模時，能夠將人工智慧與這些相抗衡，這確實是一件令人興奮的事情。因此，在面向消費者的方面，我們繼續看到神奇的上市帶來的驚人吸引力。現在，為 100% 的本機使用者、桌面使用者、行動網路使用者編寫描述，我們正在進行第二階段的工作。我們已經向一定比例的賣家推出了這項服務，這非常棒。

When you look at explore and shop the look, those are 2 features that, starting with fashion, are really bringing a whole new browse experience to eBay. If you think about it, our fashion category on eBay is over $10 billion, and we have amazing inventory and incredible values. But if you wanted to put an outfit together on eBay, the buyer had to do all that work for the last 20 years. And most of them did, and we built a really healthy business. Now we can use AI to basically do all of that hard work for the consumer. And depending on their style, which they tell us or we infer based on their sizing, we can put the right products in front of them directly.

當您查看「探索」和「購買」外觀時，您會發現，從時尚開始，這兩個功能確實為 eBay 帶來了全新的瀏覽體驗。如果你想一想，我們在 eBay 上的時尚類別價值超過 100 億美元，而且我們擁有驚人的庫存和令人難以置信的價值。但如果你想在 eBay 上組裝一套服裝，買家就必須在過去 20 年完成所有這些工作。大多數人都這麼做了，我們建立了一個非常健康的事業。現在我們可以使用人工智慧基本上為消費者完成所有這些艱苦的工作。根據他們告訴我們的風格或我們根據他們的尺寸推斷的風格，我們可以將正確的產品直接放在他們面前。

So we're really excited by the potential of what we're seeing, by the acceptance that we have. When you look at magical listing, 90% of customers that use and accept what we put together, which is fantastic, and also just the interest from our consumers. Steve, maybe you want to talk a little bit about financially?

因此，我們對所看到的潛力和所得到的認可感到非常興奮。當你看到神奇的清單時，90% 的客戶使用並接受我們整合的產品，這太棒了，也正是我們消費者的興趣。史蒂夫，也許你想談談財務上的問題？

Yes, of course. So Bryan, I think there's a couple of things I'd say. First of all, our size, our scale and our financial architecture with eBay with the strength of the balance sheet we have is a distinct advantage for us, particularly as we look to exploit generative AI and the benefits that come from that. With regards to how we're thinking about it from a CapEx and an OpEx standpoint, all of the investment that we've talked about in 2024 from a CapEx standpoint is embedded in the 4% to 5% of revenue, which we've guided for the full year.

是的當然。布萊恩，我想我有幾句話要說。首先，我們的規模、我們的規模、我們與eBay 的財務架構以及我們擁有的資產負債表的實力對我們來說是一個明顯的優勢，特別是當我們希望利用生成式人工智慧以及由此帶來的好處時。關於我們如何從資本支出和營運支出的角度考慮這個問題，我們從資本支出的角度討論的 2024 年所有投資都嵌入了 4% 到 5% 的收入中，我們已經將其納入考慮範圍。指導。

In terms of the OpEx investments associated with generative AI and everything that comes from that, that is contemplated in both our earnings and margin architecture that we've laid out. And in terms of revenue contribution, that's sort of embedded in the work that we've done and is enabling us to put the margin accretion up on the board between 60 and 100 basis points for 2024. And it will also give us benefits, as Jamie has talked about, for years to come as we improve trust and momentum on the overall platform.

就與生成人工智慧相關的營運支出投資以及由此產生的一切而言，我們在我們制定的收益和利潤架構中都考慮到了這一點。就收入貢獻而言，這已經融入我們所做的工作中，使我們能夠在 2024 年將利潤率增加 60 到 100 個基點。 ，未來幾年我們將提高整個平台的信任和動力。

Our next question comes from John Blackledge from TD Cowen.

我們的下一個問題來自 TD Cowen 的 John Blackledge。

On the trading card business, you guys mentioned that trading card volume is up over the last few quarters. Just curious, what's driving the uptick in volume? And would you expect volumes to kind of remain elevated as we get through the year?

關於球星卡業務，你們提到球星卡交易量在過去幾季有所上升。只是好奇，是什麼推動了成交量的上升？您預計今年的銷售量會維持在較高水準嗎？

Yes. Look, we're excited by what we're seeing in trading cards. What we saw is that there was obviously a lot of activity during the pandemic, and we were able to hold on to a lot of customers that we acquired and frankly, a lot of customers that got reactivated or reinterested into the hobby. When you look at collectibles, we've been investing in it over quite some time. We've launched a number of features, whether it's price guides, making it easier, [My Collections] on the marketplace, we've launched new shipping forms, we've introduced authentication in that product, et cetera, and really built the suite of what collectors were asking us to do.

是的。看，我們對交易卡中看到的東西感到興奮。我們看到的是，在大流行期間顯然有很多活動，我們能夠留住我們獲得的許多客戶，坦白說，許多客戶重新激活或重新對這項愛好感興趣。當您查看收藏品時，您會發現我們已經對其進行了相當長的投資。我們推出了許多功能，無論是價格指南、使其變得更容易、市場上的[我的收藏]，我們推出了新的運輸形式，我們在該產品中引入了身份驗證等等，並真正構建了收藏家要求我們做的一系列事情。

And then this quarter, as you saw a few weeks ago, the 3-part agreement that we've developed with Collectors really takes that to the next level. And frankly, this is something that collectors have been asking us to do, which is, hey, we create real value in getting our cards graded. We love selling them on eBay. How could we make that whole process easier? And when you look at the 3 separate deals that we put together, that's exactly what we intended to do with trading cards.

然後，本季度，正如您幾週前看到的那樣，我們與收藏家製定的由三部分組成的協議確實將其提升到了一個新的水平。坦白說，這是收藏家一直要求我們做的事情，也就是說，嘿，我們在對卡片進行評級時創造了真正的價值。我們喜歡在 eBay 上出售它們。我們怎樣才能讓整個過程變得更容易？當您查看我們匯總的 3 個單獨交易時，您會發現這正是我們對交易卡的意圖。

So we're bringing in the Goldin platform, excited to bring Ken and his team in. This is going to bring really unique inventory, frankly, the world's most desirable inventory into the platform. Like they sold a Honus Wagner card for $7 million. It was the third most expensive trading card ever sold. Michael Jordan sneakers that sold for $1.4 million. There's this great book of the [Goldin 100]. And we're just excited to have this new high-touch, white-glove experience available to sellers and to bring a global reach now for Goldin sellers on the marketplace.

因此，我們引入了 Goldin 平台，很高興引入 Ken 和他的團隊。就像他們以 700 萬美元的價格出售了一張霍納斯·瓦格納 (Honus Wagner) 卡。這是有史以​​來第三昂貴的交易卡。邁克爾喬丹 (Michael Jordan) 運動鞋售價 140 萬美元。這本偉大的書是[Goldin 100]。我們很高興能為賣家提供這種全新的高接觸性、白手套體驗，並為市場上的 Goldin 賣家帶來全球影響力。

And then when you look at the commercial agreements, making it easier to buy, sell, trade and grade on the platform through an integrated experience is a great opportunity because clearly, a lot of collectors buy ungraded cards on eBay that they want to get graded or they've just graded a card or they realize the value based on the grade they have that they want to sell it. And so our ability to do this really helps grow the industry. It helps grow the hobby, and it's really what collectors have been asking us to do. So I'm really excited about what it means for the collecting and the future here at eBay.

然後，當你查看商業協議時，透過整合體驗使平台上的購買、銷售、交易和評級變得更加容易，這是一個很好的機會，因為顯然，許多收藏家在eBay 上購買未評級的卡，他們希望獲得評級或他們剛剛對卡片進行了評分，或者他們根據自己的評分意識到了想要出售它的價值。因此，我們這樣做的能力確實有助於產業的發展。它有助於培養這種愛好，這確實是收藏家一直要求我們做的事情。所以我對這對 eBay 的收藏和未來意味著什麼感到非常興奮。

Our next question comes from Richard Kramer from Arete Research.

我們的下一個問題來自 Arete Research 的 Richard Kramer。

A quick question for both of you. Jamie, when you talk about the guidance of take rate expansion, can you talk through how you might mitigate risk of seeing seller defections to other platforms that are doing cheap promotions and also whether you'd anticipate the promotion like you're doing now in the U.K. on used apparel being something that's permanent and that people can get used to? And then, Steve, could you maybe quickly just size the cost savings from the headcount reductions you made at the start of the year and whether that's going to get reinvested? Or is that something that's supporting the margin expansion you mentioned?

問你們倆一個簡單的問題。傑米（Jamie），當您談到採取率擴大的指導時，您能否談談如何降低賣家轉向其他正在進行廉價促銷活動的平台的風險，以及您是否會像現在這樣預期促銷活動英國認為二手服裝是永久性的並且人們可以習慣的？然後，史蒂夫，您能否快速估算年初裁員所節省的成本以及是否會再投資？或者這是支持你提到的利潤擴張的因素嗎？

Yes. Look, the reason that we have such good seller metrics and sellers are so loyal, Richard, is because we let them build a brand on eBay. They build an eBay store, they have a presence, and we bring them a lot of really unique value propositions. We bring them the scale and breadth of global buyers on the marketplace. We bring them all of the capabilities to market and advertise their products really easily. We just -- we've been working the last couple of quarters on this product I talked about with Offsite Ads, which helps them bring traffic back. And so it's really -- those are really, I think, important to sellers. And what we see is really good feedback from doing those.

是的。理查德，你看，我們之所以擁有如此良好的賣家指標並且賣家如此忠誠，是因為我們讓他們在 eBay 上建立了一個品牌。他們建立了 eBay 商店，他們擁有存在，我們為他們帶來了許多真正獨特的價值主張。我們為他們帶來市場上全球買家的規模和廣度。我們將他們的所有功能推向市場，並非常輕鬆地宣傳他們的產品。過去幾季我們一直在研究我與 Offsite Ads 討論過的這個產品，這有助於他們恢復流量。所以我認為這些對賣家來說真的很重要。我們看到這些工作得到了很好的回饋。

And what we're doing in the U.K., U.K. is a unique market for us. We have very strong awareness and we're a leading player in recommerce. But we view the pre-loved fashion category as really a gateway to recommerce. Pre-owned apparel shoppers are really valuable to our business. And what we see is that 30% of our C2C sellers actually sell in pre-owned apparel. So given the strategic nature, we not only looked at what we could do to drive that velocity with the fee structure that we outlined, but we built about 10 different discrete features in that launch, from a streamlined listing flow where there's much simpler shipping options, for example, we simplified item aspects to just the relevant fields, we now offer photo guidance in a really compelling way, including better image removal and background swap, changed the default. So did a lot of things to make the selling process easier while launching explore and shop the look on the buying side to really take advantage of a much more modern experience for shopping for fashion on eBay.

我們在英國所做的事情，英國對我們來說是一個獨特的市場。我們有非常強烈的意識，並且是電子商務領域的領導者。但我們認為，受人喜愛的時尚類別確實是再行銷的門戶。二手服裝購物者對我們的業務確實很有價值。我們看到，30% 的 C2C 賣家實際上銷售二手服裝。因此，考慮到戰略性質，我們不僅考慮瞭如何透過我們概述的費用結構來推動這一速度，而且我們在該發布中構建了大約10 個不同的離散功能，從簡化的列表流程開始，其中有更簡單的運送選項例如，我們將項目方面簡化為相關字段，現在我們以非常引人注目的方式提供照片指導，包括更好的圖像刪除和背景交換，更改了預設設定。因此，我們做了很多事情來簡化銷售流程，同時在買方發起探索和購買外觀，以真正利用在 eBay 上購買時尚產品的更現代的體驗。

Thanks, Jamie. Obviously, we made a difficult decision at the start of the year to go through the reduction in force. From the magnitude of the headcount and the restructuring charges, it's obviously a significant event for us. It was not just about sort of driving cost savings and creating capacity. It was also about sort of driving greater agility, speed in decision-making across the organization, so we can continue to deliver for our customers.

謝謝，傑米。顯然，我們在年初做出了一個艱難的決定，就是進行裁減兵力。從員工數量和重組費用的規模來看，這對我們來說顯然是一件重大事件。這不僅僅是推動成本節約和創造產能。這也是為了提高整個組織決策的靈活性和速度，以便我們能夠繼續為客戶提供服務。

As it pertains to the value of that, that, along with other savings that we continue to drive through operational efficiencies, through our structural cost program that we've been running through for a few years, it is creating the capacity for us to invest back into the business to stimulate sort of customer stickiness and also to drive long-term sustainable growth. It is contemplated in the 60 to 100 basis points of margin expansion that we've laid out for the full year and obviously, a critical part of the earnings momentum that we're expecting to see with double-digit earnings growth at the midpoint of our guide.

因為它涉及到這一點的價值，再加上我們繼續透過營運效率、透過我們已經運行了幾年的結構性成本計劃來實現的其他節省，它正在為我們創造投資能力重新投入業務以刺激客戶粘性並推動長期永續成長。我們預計全年利潤率將擴大 60 至 100 個基點，顯然，這是我們預計在 2020 年中期實現兩位數盈利增長的盈利勢頭的關鍵部分。

Our next question comes from Michael Morton from MoffettNathanson.

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

Just wanted to maybe talk a little bit about what we discussed last quarter as well, and it's the impressive strength you've seen from cross-border, I think with your ability to lower the friction around it and then also places like China opening back up. I'd love to learn a little bit more about the composition of the goods coming cross-border, if it's very representative of the entire focus category platform or eBay more broadly and then the ability to see continued strength from some of the reasons -- regions like China.

只是想談談我們上個季度討論的內容，這是你從跨境看到的令人印象深刻的力量，我認為你有能力減少周圍的摩擦，然後還有像中國這樣的地方重新開放向上。我很想更多地了解跨境商品的組成，如果它能夠代表整個焦點類別平台或更廣泛的 eBay，然後能夠從某些原因中看到持續的優勢——像中國這樣的地區。

Yes. So look, it's been an important strategic area for us. One of the reasons we launched eBay International Shipping was the whole concept that we wanted you to be able to ship a product from LA to Norway, and it would be as easy as shipping it from LA to Chicago. And we built that product, and eBay takes care of all of the hard work and the background of customs, duties, et cetera. And we're seeing really great feedback in terms of the CSAT and the performance that we're getting from our sellers from that perspective. We built a lot of features like buyer and seller FX, so that the buyer can transact in their currency of choice to make that really easy for the -- for both the buyer and for the seller.

是的。所以看，這對我們來說是一個重要的策略領域。我們推出 eBay 國際運輸的原因之一是我們希望您能夠將產品從洛杉磯運送到挪威，並且就像從洛杉磯運送到芝加哥一樣簡單。我們開發了該產品，eBay 負責所有艱苦的工作以及海關、關稅等背景工作。我們從賣家那裡看到了關於 CSAT 的非常好的回饋以及從這個角度來看的表現。我們建立了許多功能，例如買方和賣方外匯，以便買方可以使用他們選擇的貨幣進行交易，這對於買方和賣方來說都非常容易。

When you look at the categories and what we have, it's really across the board. And it's really aligned with our focus category strategy that we have. So whether that's parts and accessories and being able to generate great parts and accessories in different parts of the world and ship them around the world, even to unique parts that may be manufactured in one country that there may be global demand from that perspective.

當您查看類別和我們擁有的產品時，您會發現它確實是全面的。它確實與我們現有的重點類別策略一致。因此，無論是零件和配件，還是能夠在世界不同地區生產優質零件和配件並將其運往世界各地，甚至是在一個國家製造的獨特零件，從這個角度來看，可能存在全球需求。

We talked about handbags being another example in luxury where there's inventory coming out of, for example, Japan. It's a great market for handbags. By putting authentication center there, that now opens up global demand for the great inventory that sits there. And really, when you think about it, there's great inventory in a lot of our categories all across the world. And what we really focus on is how to open that up.

我們談到手袋是奢侈品領域的另一個例子，其中的庫存來自日本等地。這是手袋的一個巨大市場。透過在那裡設立認證中心，現在打開了全球對那裡大量庫存的需求。事實上，當你仔細想想，我們在世界各地的許多類別中都有大量庫存。我們真正關注的是如何打開它。

When you think about the scale of a $73 billion platform where 1 in 5 transactions is going across borders, the scale of that means that it's broad, it's very diverse from that perspective. And we have 2 billion live listings on the platform. So really just about every category on the platform benefits from the work we've done in cross-border and making that simpler and easier for our customers.

當你想到一個價值 730 億美元的平台的規模時，其中五分之一的交易是跨國的，這個規模意味著它很廣泛，從這個角度來看它非常多樣化。我們的平台上有 20 億個即時清單。因此，平台上的幾乎每個類別都受益於我們在跨國方面所做的工作，並使我們的客戶變得更簡單、更容易。

We have no further questions. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

我們沒有其他問題了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。