eBay Inc (EBAY) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon and thank you for standing by.

女士們、先生們，下午好，謝謝你們的支持。

My name is Abby, and I will be your conference operator today.

我叫艾比，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the eBay second quarter 2024 earnings conference call.

此時此刻，我歡迎大家參加 eBay 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

And I would now like to turn the conference over to John Egbert, Vice President of Investor Relations.

現在我想將會議交給投資者關係副總裁約翰‧艾格伯特 (John Egbert)。

You may begin.

你可以開始了。

Good afternoon.

午安.

Thank you all for joining us for eBay second quarter 2024 earnings conference call.

感謝大家參加 eBay 2024 年第二季財報電話會議。

Joining me today on the call are Jamie Iannone our Chief Executive Officer, and Steve Priest, our Chief Financial Officer.

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) 和我們的財務長史蒂夫·普里斯特 (Steve Priest)。

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.

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.

在我們開始之前，我要提醒您，在本次電話會議期間，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。

You can find a reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation.

您可以在我們隨附的幻燈片簡報中找到這些衡量標準與最接近的可比較 GAAP 衡量標準的協調表。

Additionally, all growth rates noted in our prepared remarks will reflect organic FX-neutral year-over-year comparisons and our earnings per share amounts reflect earnings per diluted share unless indicated otherwise.

此外，除非另有說明，我們準備的評論中提到的所有增長率都將反映外匯中性的同比有機比較，我們的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.

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。

These forward-looking statements involve known and unknown risks and uncertainties.

這些前瞻性陳述涉及已知和未知的風險和不確定性。

Our actual results may differ materially from our forecast for a variety of reasons.

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。

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.

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。

You should not rely on any forward-looking statements.

您不應依賴任何前瞻性陳述。

All information in this presentation is as of July 31, 2024.

本簡報中的所有資訊截至 2024 年 7 月 31 日。

We do not intend and undertake no duty to update this information.

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.

謝謝，約翰。

Good afternoon, everyone, and thank you all for joining us today.

大家下午好，感謝大家今天加入我們。

Our strong Q2 results marked a notable step toward our goal of achieving sustainable, profitable growth over the long term.

我們強勁的第二季業績標誌著我們朝著實現長期可持續獲利成長的目標邁出了顯著的一步。

Our gross merchandise volume grew 1% to $18.4 billion in Q2.

第二季我們的商品總額成長了 1%，達到 184 億美元。

Revenue increased 2% to $2.57 billion. Non-gaap

營收成長 2%，達到 25.7 億美元。非公認會計準則

operating margin rose by 1 point to 27.9%.

營業利益率上升 1 個百分點，達到 27.9%。

Our non-GAAP earnings per share rose by approximately 15% to $1.18 and returned over $1.1 billion to shareholders through repurchases and dividends during the quarter.

我們的非 GAAP 每股盈餘成長約 15% 至 1.18 美元，並在本季度透過回購和股息向股東返還超過 11 億美元。

I'm proud of our teams for delivering these results amid continued macroeconomic headwinds, ongoing geopolitical uncertainty, and an evolving regulatory landscape.

我為我們的團隊在持續的宏觀經濟逆風、持續的地緣政治不確定性和不斷變化的監管環境中取得這些成果感到自豪。

Now, let's walk through some of the key drivers of our Q2 results.

現在，讓我們來看看第二季業績的一些關鍵驅動因素。

Focus category GMV grew by over 4% in Q2, outpacing the remainder of our marketplace by approximately 5 points.

第二季度，重點品類 GMV 成長超過 4%，比市場其他產品高出約 5 個百分點。

After motors, parts, and accessories, or P&A, which continued its trend of healthy growth.

繼馬達、零件和配件（P&A）之後，繼續保持健康成長的趨勢。

Collectibles was the second largest contributor to GMV growth among focused categories in Q2.

收藏品是第二季重點類別中 GMV 成長的第二大貢獻者。

In mid May, we closed a series of transactions with Collectors, parent company of PSA and a leading provider of authentication and grading services for collectibles.

5 月中旬，我們與 Collectors 完成了一系列交易，Collectors 是 PSA 的母公司，也是領先的收藏品鑑定和評級服務提供商。

Since then, we've made significant progress toward integrating Goldin, expanding our relationship with PSA, and elevating the eBay (technical difficulty) experience.

從那時起，我們在整合 Goldin、擴大與 PSA 的關係以及提升 eBay（技術難度）體驗方面取得了重大進展。

We support the latest Goldin 100 auction, help drive awareness for the successful global premiere of King of Collectibles Season two on Netflix and the Goldin team began hosting events on eBay Live.

我們支持最新的 Goldin 100 拍賣，幫助提高《收藏品之王》第二季在 Netflix 上成功全球首映的知名度，而 Goldin 團隊開始在 eBay Live 上舉辦活動。

During Q2, we completed the transfer of trading card assets to the PSA bought ahead of schedule.

第二季度，我們提前完成了交易卡資產向購買的PSA的轉移。

And all PSA customers can now easily sell on eBay at the time of greeting without having their cards shipped back to them.

現在，所有 PSA 客戶都可以在問候時輕鬆在 eBay 上進行銷售，而無需將卡片退還給他們。

Since going live in late June, the PSA storefront has already sold tens of thousands of trading cards on eBay.

自 6 月底上線以來，PSA 店面已在 eBay 上售出了數萬張交易卡。

And I'm excited for our companies to jointly drive innovation on behalf of hobbyists for years to come.

我很高興我們的公司能夠在未來幾年內代表愛好者共同推動創新。

ebay refurbished was also a significant contributor to GMV growth and was our fastest growing focused category year over year as our combination of trust, value, and quality continues to resonate with customers.

eBay 翻新商品也是 GMV 成長的重要貢獻者，也是我們逐年成長最快的重點類別，因為我們的信任、價值和品質的結合不斷引起客戶的共鳴。

Our selection of refurbished inventory continues to grow as we expand existing partnerships with OEMs like Dyson, onboard CVT sellers with access to unique items and extend the program to new categories.

隨著我們擴大與戴森等原始設備製造商的現有合作夥伴關係，我們的翻新庫存選擇不斷增加，CVT 賣家可以獲得獨特的商品，並將該計劃擴展到新的類別。

During Q2, we expanded eBay, refurbished to golf club, bringing warranties and hassle-free returns to thousands of previously owned golf clubs from the world's top brands.

在第二季度，我們擴展了 eBay，翻新了高爾夫球桿，為數以千計的世界頂級品牌的舊高爾夫球桿提供保固和無憂退貨。

In June we announced the sustainability collaboration with Seagate, a global leader in data storage solutions.

6 月，我們宣布與全球資料儲存解決方案領導者 Seagate 進行永續發展合作。

We launched Seagate's official storefront on eBay for direct sales of factory recertified hard drives.

我們在 eBay 上推出了希捷官方店面，用於直接銷售工廠重新認證的硬碟。

Not only are these refurbished product at great value for consumers, but this partnership can also eliminate a significant amount of e-waste by extending the product life cycles of quality hard drives.

這些翻新產品不僅對消費者俱有巨大價值，而且這種合作夥伴關係還可以透過延長優質硬碟的產品生命週期來消除大量電子垃圾。

Consumers' desire to shop sustainably has also benefited our luxury focus categories, which delivered positive year-over-year GMV growth for the sixth straight quarter.

消費者永續購物的願望也使我們重點關注的奢侈品類別受益，該類別的 GMV 連續第六個季度實現同比正增長。

As we acquire more sellers with well-priced luxury inventory.

隨著我們獲得更多擁有價格合理的奢侈品庫存的賣家。

We have observed a strong correlation with incremental GMV.

我們觀察到與增量 GMV 有強烈的相關性。

For instance, we saw significant acceleration in cross-border demand after the opening of our Tokyo Authentication Center, which led to a meaningful expansion of our luxury handbag inventory.

例如，在東京認證中心開業後，我們看到跨境需求顯著加速，這導致我們的奢華手袋庫存大幅增加。

We reached a major milestone for our Authenticity Guarantee Program in Q2.

我們在第二季達到了真實性保證計畫的一個重要里程碑。

We authenticated our 10 million item since the inception of the program in 2020.

自 2020 年該計劃啟動以來，我們驗證了 1000 萬件物品的真偽。

A pair of Air Jordan 1 low Lucky green sneakers authenticated in our Las Vegas facility.

一雙 Air Jordan 1 低筒 Lucky 綠色運動鞋在我們的拉斯維加斯工廠進行了認證。

During Q2, we also introduced optional authentication for luxury handbags priced between $200 amd $500 in the US, which enables even more buyers and sellers to enjoy the benefits of our Authenticity Guarantee Program.

在第二季度，我們還為美國售價 200 至 500 美元之間的豪華手袋推出了可選認證，這使更多買家和賣家能夠享受我們的正品保證計劃的好處。

As our value proposition continues to grow, it's been exciting to see how partnerships have enabled eBay to show up in so many culturally relevant moments recently.

隨著我們的價值主張不斷增長，我們很高興看到合作夥伴關係如何使 eBay 最近出現在如此多的文化相關時刻。

These opportunities help us to evolve perceptions of eBay by showcasing our modernized experiences and connect with more enthusiasts shopping in pursuit of their passions.

這些機會幫助我們透過展示我們的現代化體驗來提升對 eBay 的認知，並與更多追求自己熱情的購物愛好者建立聯繫。

Just in the last quarter, La La Anthony and Madeleine client showcase their pre-loved luxury accessories from eBay on the Met Gala red carpet.

就在上個季度，La La Anthony 和 Madeleine 客戶在 Met Gala 紅毯上展示了他們從 eBay 購買的心愛奢華配件。

We saw eBay logos in the context of Lando Norris and Oscar Piastri as the McLaren Formula 1 team took the checkered flag at the Miami Grand Prix.

當麥克拉倫一級方程式車隊在邁阿密大獎賽上奪得方格旗時，我們在蘭多·諾里斯和奧斯卡·皮亞斯特里的背景下看到了 eBay 徽標。

We partnered with Disney to create a customized destination for [Maidenform], enabling us to engage with Star Wars enthusiasts around the world as they explored the more than 1 million Star Wars related collectible products on eBay.

我們與迪士尼合作，為 [Maidenform] 創建了一個客製化目的地，使我們能夠與世界各地的星際大戰愛好者互動，因為他們探索 eBay 上超過 100 萬件星際大戰相關的收藏品。

And in June, eBay returned as the headline sponsor for Love Island in the UK showcasing the power of pre love fashion to millions of households nationwide.

6 月，eBay 再次成為英國愛情島的主要贊助商，向全國數百萬家庭展示了愛情前時尚的力量。

Next, I'd like to update you on some of the geospecific investments we've been making.

接下來，我想向您介紹我們一直在進行的一些特定地理投資的最新情況。

In March of 2023, we repurposed our strategic playbook for focused categories to better serve the needs of German consumers.

2023 年 3 月，我們重新調整了重點類別的策略手冊，以便更好地滿足德國消費者的需求。

This endeavor has reinvigorated our C2C business in Germany and helped us navigate challenging economic conditions in the region.

這項努力重振了我們在德國的 C2C 業務，並幫助我們應對該地區充滿挑戰的經濟狀況。

In Q2, we sustained positive year over year growth in C2C volume in Germany as we lapped the full first quarter of this initiative.

第二季度，我們在德國的 C2C 交易量持續實現年比正成長，因為我們完成了該計劃的整個第一季。

Healthier C2C trends have also supported our B2C business in the German market.

更健康的 C2C 趨勢也支持了我們在德國市場的 B2C 業務。

Unique inventory listed by consumer sellers has led to a healthier customer acquisition funnel.

消費者賣家列出的獨特庫存導致了更健康的客戶獲取管道。

When consumers begin selling, they also purchased twice as much on eBay as non sellers on average with most of that incremental volume benefiting B2C sellers.

當消費者開始銷售時，他們在 eBay 上的平均購買量是非賣家的兩倍，其中大部分增量數量使 B2C 賣家受益。

The success of the German initiative influenced our decision to invest in an improved experience for pre-owned apparel in the UK last quarter.

德國措施的成功影響了我們上季度決定投資改善英國二手服飾的體驗。

These changes, including a new selling flow that makes it considerably easier to list on eBay with image guidance, simpler item aspect collection, and a streamlined shipping module with a focused set of couriers and parameters.

這些變化包括新的銷售流程，透過圖像指導，使在 eBay 上列出商品變得更加容易，更簡單的物品方面收集，以及具有一組集中的快遞員和參數的簡化運輸模組。

For buyers, we introduced optimized vertical browsing pages for fashion and new generative AI powered buying experiences like Shop The Look and Explore.

對於買家，我們推出了優化的時尚垂直瀏覽頁面和新的生成式人工智慧驅動的購買體驗，例如「Shop The Look」和「Explore」。

Although we're only a few months in, we're seeing positive leading indicators in the strategically important category.

儘管才幾個月的時間，但我們在具有重要戰略意義的類別中看到了積極的領先指標。

For users of the new selling flow, we have observed a 20 point increase in CSAT, a material reduction in average listing time and an increase in listings and sold items per seller.

對於新銷售流程的用戶，我們觀察到 CSAT 增加了 20 個百分點，平均上市時間大幅縮短，每個賣家的上市數量和售出商品數量增加。

A growing number of buyers have engaged with our new AI powered fashion shopping features and are eagerly awaiting the enhanced personalization and filtering we plan to bring to shop a look and explore in the coming months.

越來越多的買家已經開始使用我們新的人工智慧時尚購物功能，並熱切地等待我們計劃在未來幾個月內為商店帶來的增強的個人化和過濾功能。

These shopping experiences are emblematic of the overall acceleration in the pace of innovation at eBay.

這些購物體驗象徵著 eBay 創新步伐的整體加速。

Our investments in generative AI and machine learning are simplifying the selling and buying experiences, making our marketplace more efficient and helping us better serve customers at all phases of their shopping journey.

我們在生成式人工智慧和機器學習方面的投資正在簡化銷售和購買體驗，使我們的市場更加高效，並幫助我們在客戶購物旅程的各個階段更好地為客戶提供服務。

To power these experiences, our core AI team is training and fine tuning large language models using eBay's proprietary data to go even more magical innovations for customers.

為了支援這些體驗，我們的核心人工智慧團隊正在使用 eBay 的專有資料來訓練和微調大型語言模型，以便為客戶帶來更多神奇的創新。

In Q2, we entered the high-performance computing realm by deploying our first supercomputer, which gave us the capacity to build and fine tune even larger LLMs on trillions of tokens.

在第二季度，我們透過部署第一台超級電腦進入了高效能運算領域，這使我們有能力在數萬億代幣上建置和微調更大的 LLM。

Based on publicly available performance benchmarks, our supercomputer is on par with some of the top 50 supercomputers in the world in terms of petaflops of computing speed.

根據公開的性能基準，我們的超級電腦在千萬億次運算速度方面與世界前 50 強的一些超級電腦相當。

Our growing AI capabilities are transforming the eBay experience for customers.

我們不斷增強的人工智慧能力正在改變客戶的 eBay 體驗。

For instance, our multi-phase magical listing initiative is helping us solve the long-standing trade-off between listing speed and quality.

例如，我們的多階段神奇上市計畫正在幫助我們解決上市速度和品質之間長期存在的權衡問題。

After fully rolling out generative AI descriptions, we are continuing to test and iterate on the next phase of our magical listing experience, which leverages user uploaded product images, help sellers still in the category title, another item aspects for listing.

在全面推出生成式人工智慧描述後，我們將繼續測試和迭代下一階段的神奇清單體驗，該體驗將利用用戶上傳的產品圖片，幫助仍在類別標題（清單的另一個項目方面）的賣家。

A subset of sellers are testing this experience in beta, and we are leveraging our feedback and expertise to train our models and expand coverage to a broader range of categories.

部分賣家正在測試這種體驗的測試版，我們正在利用我們的回饋和專業知識來訓練我們的模型並將覆蓋範圍擴大到更廣泛的類別。

Sellers CSAT for this beta experience remains extremely positive, and we plan to expand the beta to more sellers during Q3.

此測試版體驗的賣家 CSAT 仍然非常積極，我們計劃在第三季將測試版擴展到更多賣家。

We are also leveraging generative AI. to help sellers improve the quality of their product imagery.

我們也利用生成式人工智慧。幫助賣家提高產品圖片的品質。

In Q2, we rolled out generative AI-powered background enhancements to 100% of iOS and Android users in the US, UK, and Germany.

在第二季度，我們向美國、英國和德國 100% 的 iOS 和 Android 用戶推出了生成式 AI 支援的後台增強功能。

This feature allows sellers to magically overlay their products on top of a variety of visually stunning backdrops.

此功能允許賣家神奇地將他們的產品疊加在各種視覺上令人驚嘆的背景上。

The customer response to this innovation has been outstanding.

客戶對這項創新的反應非常出色。

CSAT for this feature has reached 90% and more than two-thirds of customers who have tried to feature have applied AI generated backgrounds to their listings.

此功能的 CSAT 已達到 90%，超過三分之二嘗試過此功能的客戶已將人工智慧產生的背景應用到其清單中。

Within seconds, sellers can easily staged our camping equipment against a beautiful force backdrop, showcase their used skis atop the snow-capped mountain or display there pre-loved of sandals on a beach at Sunset.

幾秒鐘之內，賣家就可以輕鬆地將我們的露營裝備展示在美麗的背景下，在雪山之巔展示他們用過的滑雪板，或者在日落時的海灘上展示他們心愛的涼鞋。

It's exciting to see the creativity of our selling community as they embrace generative AI tools to make the listings more compelling.

看到我們的銷售社群的創造力令人興奮，因為他們採用生成式人工智慧工具來使清單更具吸引力。

Turning next to advertising.

接下來轉向廣告。

During Q2, the first-party advertising grew 12%, while total ad revenue approached 2.2% penetration of GMV.

第二季度，第一方廣告成長 12%，廣告總收入佔 GMV 的滲透率接近 2.2%。

Approximately 3.1 million sellers adopted a single ad product during Q2, and we ended the quarter with roughly 1 billion live promoted Listings out of our nearly 2.1 billion total listings.

第二季約有 310 萬賣家採用了單一廣告產品，本季結束時，我們在近 21 億的總清單中約有 10 億個即時推廣的清單。

In early July, we launched a complete redesign of our eBay advertising platform, which fundamentally changed how sellers create and manage their ad campaigns and made it simpler than ever to activate our full range of advertising solutions.

7 月初，我們對 eBay 廣告平台進行了徹底的重新設計，這從根本上改變了賣家創建和管理廣告活動的方式，並使啟動我們全方位的廣告解決方案變得比以往更加簡單。

This new interface is now available to all sellers across our major markets.

現在我們主要市場的所有賣家都可以使用這個新介面。

It includes a centralized dashboard, enabling sellers to make data-driven decisions by leveraging near real-time performance metrics, including impressions, clicks, and return on ad spend.

它包括一個集中式儀表板，使賣家能夠利用近乎即時的績效指標（包括展示次數、點擊次數和廣告支出回報率）做出數據驅動的決策。

For the first time, sellers can also see a list of personalized campaign recommendations aimed at helping them to achieve their sales goals, such as adding new keywords to increased listing visibility for lowering bids for keywords that are driving performance.

賣家還第一次可以看到旨在幫助他們實現銷售目標的個人化廣告系列建議列表，例如添加新關鍵字以提高列表可見性，從而降低對提高業績的關鍵字的出價。

Additionally, we've enhanced suggested campaigns to highlight new ad strategies for sellers by identifying emerging marketplace trends relevant to their inventory with prebuilt campaigns fully optimized by AI.

此外，我們還增強了建議的廣告系列，透過利用人工智慧完全優化的預建廣告系列來識別與其庫存相關的新興市場趨勢，從而為賣家突出新的廣告策略。

As part of this redesign, we simplified our first-party advertising portfolio into three distinct solutions that more clearly aligned with the sellers campaign objectives.

作為重新設計的一部分，我們將第一方廣告組合簡化為三個不同的解決方案，更明確地符合賣家的活動目標。

We unified our standard. advanced and express products into a single promoted listing solution serving both fixed price and auction format.

我們統一了標準。將先進和快速的產品整合到單一的促銷清單解決方案中，同時提供固定價格和拍賣形式。

When sellers launch promoted listings campaign, they can pay on a cost per action basis for general placements forced like cost per click pricing for priority placement.

當賣家推出促銷清單活動時，他們可以按每次操作費用支付一般展示位置的費用，例如優先展示位置的每次點擊費用定價。

In addition, promoted offsite ads enables us to tap into a wider audience through off TV channels such as Google.

此外，推廣的站外廣告使我們能夠透過Google等電視外管道吸引更廣泛的受眾。

Promoted offsite uses a dynamic CPC model and automated targeting so users can set of campaigns and just a few clicks after selling a daily budget.

場外推廣使用動態每次點擊費用模型和自動定位，因此用戶可以在銷售每日預算後設定行銷活動，只需點擊幾下即可。

And our newest format promoted stores enable sellers to increase their brand visibility when buyers are browsing or searching for contextually relevant items.

當買家瀏覽或搜尋上下文相關的商品時，我們最新格式的推廣商店使賣家能夠提高其品牌知名度。

Ultimately, we believe the redesigned experience will help more sellers grow their businesses on eBay by broadening the appeal of our full suite of advertising solutions and delivering actionable insights in a more intuitive interface.

最終，我們相信，重新設計的體驗將擴大我們全套廣告解決方案的吸引力，並在更直觀的介面中提供可行的見解，從而幫助更多賣家在 eBay 上發展業務。

Our payments platform continues to be a strategic growth driver for our marketplace more than two years after the completion of our migration.

遷移完成兩年多後，我們的支付平台仍然是我們市場的策略成長驅動力。

In recent years, we have added a breadth of popular and locally relevant payment options to offer even more choice and flexibility during the checkout experience.

近年來，我們增加了一系列流行且與當地相關的付款選項，以便在結帳體驗中提供更多選擇和靈活性。

We were thrilled to launch Venmo as a payment option in the US in Q2.

我們很高興第二季在美國推出 Venmo 作為付款選項。

Enabled us to tap into its more than 90 million engaged users, Venmo, mobile-first checkout experiences and strong adoption among Gen Z and millennial audiences are particularly appealing as we continue to broaden our reach in younger demographics.

Venmo 使我們能夠利用其超過 9000 萬的活躍用戶，行動優先的結帳體驗以及在 Z 世代和千禧一代受眾中的大力採用尤其有吸引力，因為我們不斷擴大在年輕人群中的影響力。

The early results of this partnership are encouraging as a significant portion of our GMV from Venmo is coming from new or reactivated buyers.

此次合作的早期結果令人鼓舞，因為 Venmo 的 GMV 很大一部分來自新買家或重新啟動的買家。

Our research has shown us that timely access to affordable financing is a key enabler for small businesses, which make seller capital a pathway to unlocking more great inventory on eBay.

我們的研究表明，及時獲得負擔得起的融資是小型企業的關鍵推動因素，這使得賣家資金成為在 eBay 上釋放更多優質庫存的途徑。

In July, we expanded our seller capital offering with the launch of business cash advance on eBay, a revenue-based financing solution provided by liberals.

7 月份，我們在 eBay 上推出了商業現金墊款，擴大了我們的賣家資本供應，這是由自由主義者提供的基於收入的融資解決方案。

This product connects eligible US sellers with fast flexible and transparent financing for up to $1 billion in working capital in as little as 24 hours.

該產品為符合條件的美國賣家提供快速、靈活、透明的融資，在短短 24 小時內獲得高達 10 億美元的營運資金。

Sellers can tap into flexible payment schedules that scale with their sales cycle and easily track their payback progress within the seller hub.

賣家可以利用靈活的付款計劃，根據他們的銷售週期進行調整，並在賣家中心輕鬆追蹤他們的回報進度。

In just a few weeks since launch, we've already funded over 1,000 sellers and dispersed millions of dollars of working capital.

在推出後的短短幾週內，我們已經為 1,000 多家賣家提供了資金，並分配了數百萬美元的營運資金。

Now, I'd like to share some highlights around eBay's impact of the company.

現在，我想分享一些關於 eBay 對公司影響的要點。

Last quarter, we published our 2023 impact report, showcasing how the company is creating economic opportunities and promoting a sustainable future.

上季度，我們發布了 2023 年影響報告，展示了公司如何創造經濟機會和促進永續的未來。

We remain on track toward our sustainability goals, reducing our Scope 1 and 2 carbon emissions by 59% compared to our 2019 baseline.

我們繼續朝著永續發展目標邁進，與 2019 年基準相比，範圍 1 和範圍 2 的碳排放量減少了 59%。

We also published our 2024 we commerce report, which analyzes the overall trends and sentiment around e-commerce at a global level.

我們也發布了 2024 年電子商務報告，該報告分析了全球電子商務的整體趨勢和情緒。

The report found that 86% of consumers surveyed have bought or sold pre-loved items and 70% plan to purchase our e-commerce items this year.

報告發現，86% 的受訪消費者購買或出售二手商品，70% 的消費者計劃今年購買我們的電子商務商品。

Younger demographics are especially passionate about the circular economy with more than 90% of millennial and Gen Z sellers saying they value eBay's ability to keep items out of landfills.

年輕族群對循環經濟尤其熱情，超過 90% 的千禧世代和 Z 世代賣家表示，他們重視 eBay 避免物品被掩埋的能力。

And on the topic of e-commerce, what are the highlights of the second quarter was the Rocket Man Resale event.

而在電商話題上，第二季的亮點就是火箭人轉售活動。

A partnership with Elton John, who released personal collection of pre-loved fashion items exclusively on eBay.

與 Elton John 合作，後者在 eBay 上獨家發布了個人收藏的二手時尚單品。

The event kicked off with a pop-up shop in the West Village of New York City, where Elton shared stories about items from his legendary closet during eBay Live Events.

活動在紐約市西村的一家快閃店拉開序幕，艾爾頓在 eBay 現場活動期間分享了他傳奇衣櫃中物品的故事。

Fans around the world were able to pick up pieces of fashion history, ranging from Gucci jackets and Versace robes to customized Prada loafers and vintage concert tiers.

世界各地的粉絲能夠挑選到時尚歷史的單品，從 Gucci 夾克和 Versace 長袍到訂製的 Prada 樂福鞋和復古音樂會禮服。

All proceeds benefited the Elton John AIDS foundation and its mission to be a powerful force in ending the AIDS epidemic.

所有收益都捐給艾爾頓約翰愛滋病基金會及其成為終結愛滋流行的強大力量的使命。

Our broader community also continues to support the cause of most important to them. ebay for charity raised more than$ 47 million last quarter, up 22% year over year.

我們更廣泛的社區也繼續支持對他們來說最重要的事業。 eBay 慈善事業上季度籌集了超過 4,700 萬美元，年增 22%。

Additionally, the eBay Foundation granted nearly $7 million in Q2 to strategic nonprofits, which are addressing and removing barriers to entrepreneurship for historically excluded groups.

此外，eBay 基金會在第二季度向策略性非營利組織撥款近 700 萬美元，這些組織正在解決和消除歷史上被排除在外的群體的創業障礙。

I'm proud to share that eBay was recently recognized by Fortune as one of America's most innovative companies.

我很自豪地告訴大家，eBay 最近被《財星》雜誌評為美國最具創新力的公司之一。

We were also acknowledged by Forbes as one of the best employers for new grads, recognizing companies who offer the best early career opportunities.

我們也被《富比士》評為應屆畢業生最佳雇主之一，表彰那些提供最佳早期職業機會的公司。

In closing, Q2 was another strong quarter for eBay and an important step toward our goal of sustainable long-term growth.

最後，第二季度是 eBay 的另一個強勁季度，也是我們實現永續長期成長目標的重要一步。

Our GMV growth turned positive due to continued momentum and focused categories.

由於持續的成長動能和專注的品類，我們的 GMV 成長轉正。

Investments in geo specific initiatives and horizontal innovation driven by our growing capabilities in artificial intelligence.

我們不斷成長的人工智慧能力推動了對特定地理措施和橫向創新的投資。

Our advertising business continues to deliver robust growth at scale, and we believe our redesigned ads platform will make it simpler to adopt our full range of ad solutions, helping more sellers grow their businesses on eBay.

我們的廣告業務持續大規模強勁成長，我們相信我們重新設計的廣告平台將使我們更輕鬆地採用我們的全方位廣告解決方案，幫助更多賣家在 eBay 上發展業務。

We continue to advance our payments capabilities by introducing new services, expanding our breadth of trusted payment methods and reducing transactional friction.

我們透過推出新服務、擴大可信賴支付方式的廣度並減少交易摩擦，持續提高我們的支付能力。

And we delivered these results while layering disciplined investments for the future, generating double digit earnings per share growth, and delivering compelling capital returns for shareholders.

我們在取得這些成果的同時，為未來進行了嚴格的投資，實現了兩位數的每股盈餘成長，並為股東帶來了引人注目的資本回報。

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

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。

Steve, over to you.

史蒂夫，交給你了。

Thank you, Jamie, and thank you all for joining us today.

謝謝傑米，也謝謝大家今天加入我們。

I'll begin with the financial highlights section of our earnings presentation.

我將從我們收益報告的財務亮點部分開始。

Next, I'll discuss our key financial and operating metrics in greater detail.

接下來，我將更詳細地討論我們的關鍵財務和營運指標。

Finally, I'll provide our outlook for the third quarter and contact on the full year before we begin Q&A.

最後，在開始問答之前，我將提供我們對第三季的展望以及全年的聯繫方式。

My comments will reflect year-over-year comparisons on an organic FX-neutral basis, unless I note otherwise.

除非我另有說明，我的評論將反映在有機外匯中性基礎上的逐年比較。

We exceeded expectations across our key financial metrics in Q2, driven by our execution against strategic initiatives despite an uneven discretionary demand environment in our major markets.

儘管主要市場的可自由支配需求環境不平衡，但由於我們執行策略舉措，我們第二季的主要財務指標超出了預期。

Gross merchandise volume returned to positive growth of 1% to $18.4 billion.

商品總額恢復正成長 1%，達到 184 億美元。

Revenue grew 2% to $2.57 billion. Non-GAAP

營收成長 2%，達到 25.7 億美元。非公認會計準則

operating margin expanded by 1 point to 27.9%.

營業利益率擴大 1 個百分點，達到 27.9%。

We delivered $1 and $0.18 of non-GAAP earnings per share, up nearly 15%, and we returned over $1.1 billion to shareholders through repurchases and dividends.

我們分別實現了 1 美元和 0.18 美元的非 GAAP 每股收益，成長了近 15%，並透過回購和股息向股東返還了超過 11 億美元。

Let's take a closer look at our financial performance during the second quarter.

讓我們仔細看看第二季的財務表現。

On an organic FX-neutral basis, gross merchandise volume grew 1% to $18.4 billion. GMV

在剔除外匯中性因素的基礎上，商品總量成長了 1%，達到 184 億美元。商品交易總額

would still have grown nearly 1% when adjusting for the roughly 50 basis points of impact from favorable Easter timing in 2024.

在調整 2024 年復活節有利時機帶來的約 50 個基點的影響後，仍將成長近 1%。

Acquisition of Goldin contributed nearly 20 basis points for total FX-neutral GMV growth in Q2, after the deal closed on May 16.

5 月 16 日交易結束後，收購高銀為第二季外匯中性 GMV 成長貢獻了近 20 個基點。

In addition, foreign exchange was a headwind of roughly 20 basis points year over year GMV growth on a spot basis.

此外，以現貨計算，外匯交易是 GMV 年成長約 20 個基點的阻力。

Our teams continued to execute against our strategy, including focused category expansion, country-specific investments, and horizontal initiatives.

我們的團隊持續執行我們的策略，包括重點品類擴張、針對特定國家的投資和橫向措施。

The culmination of these efforts over recent quarters, combined with consumers looking for value helped offset continued pressure on discretionary spending across our three largest markets.

近幾季這些努力的成果，加上消費者對價值的追求，幫助抵消了我們三個最大市場的可自由支配支出的持續壓力。

Focused category GMV grew over 4% in aggregate of nearly 5 points faster than the remainder of our marketplace, driven by broad-based momentum as P&A collectibles, refurbished and luxury goods all contributed to growth.

受 P&A 收藏品、翻新品和奢侈品等廣泛勢頭的推動，重點品類 GMV 整體成長超過 4%，比市場其他產品快了近 5 個百分點。

GMV for the rest of our marketplace was nearly flat in Q2, accelerating by more than 1 point in Q1, which reflects the continued progress of our horizontal innovation on geo specific product initiatives.

在第二季我們其他市場的 GMV 幾乎持平，第一季加速超過 1 個百分點，這反映了我們在特定地理產品計劃上橫向創新的持續進展。

Next, I'll walk through our results on a geographic basis.

接下來，我將按地理範圍介紹我們的結果。

US GMV grew by nearly 1 point in Q2.

第二季美國GMV成長近1個百分點。

Both organic traffic and conversion improved in the US has helped us now our gap to US e-commerce market growth.

美國的自然流量和轉換率的改善幫助我們縮小了與美國電子商務市場成長的差距。

Collectibles was a key contributor to US growth, including trading costs, where organic trends have improved in recent quarters, aided by our strategic investments and partnerships.

收藏品是美國成長的關鍵貢獻者，其中包括交易成本，在我們的策略性投資和合作夥伴關係的幫助下，近幾季有機趨勢有所改善。

International GMV grew by over 1% on an FX neutral basis.

在匯率中立的基礎上，國際 GMV 成長超過 1%。

While FX was a 30 basis point headwind to spot growth.

而外匯對經濟成長來說是 30 個基點的逆風。

In the UK, we noted some softness in C2C volumes to start the year.

在英國，我們注意到年初 C2C 交易量出現一些疲軟。

For the new UK digital sales reporting requirements came into effect.

新的英國數位銷售報告要求已生效。

We are working to mitigate this pressure by educating sellers on these reporting rules through initiatives to improve the selling and buying experience in pre-owned apparel, which Jamie touched on earlier.

我們正在努力透過改善二手服裝銷售和購買體驗的舉措，對賣家進行這些報告規則的教育來減輕這種壓力，傑米之前提到過這一點。

In Germany, our focus categories in horizontal investments helped offset prevailing macro headwinds.

在德國，我們的橫向投資重點類別有助於抵消當前的宏觀阻力。

In addition, cross-border trade has been a key driver of international GMV growth in recent quarters.

此外，跨境貿易是近幾季國際GMV成長的主要驅動力。

Greater China and Japan have powered this growth by providing great inventory for buyers across our major markets.

大中華區和日本為我們主要市場的買家提供大量庫存，推動了這一成長。

In fact, our focus category coverage within CBT is even higher than our marketplace overall.

事實上，我們在 CBT 中的重點類別覆蓋率甚至高於我們整個市場的覆蓋率。

In Japan, in particular, has seen it's volume growth accelerate since we opened our authentication center there last year.

特別是在日本，自從我們去年在那裡開設認證中心以來，其銷售成長加速。

Looking forward, we see more opportunities to onboard quality sellers in these regions.

展望未來，我們看到這些地區有更多機會吸引優質賣家。

It makes it easier for them to bring attractive inventory to our marketplace.

這使他們更容易將有吸引力的庫存引入我們的市場。

Moving on to buyers, trailing 12-month active buyers and enthusiasts buyers were once again stable sequentially at approximately 132 million from 16 million, respectively at the end of Q2.

至於買家，過去 12 個月的活躍買家和狂熱買家再次穩定在約 1.32 億，而第二季末為 1,600 萬。

On a year-over-year basis, total active buyer growth was fractionally positive for the first time since early 2021 as new and reactivated buyers remained positive buyer retention continued to gradually improve.

與去年同期相比，活躍買家總數自 2021 年初以來首次出現小幅正增長，因為新買家和重新激活的買家仍然保持正增長，買家保留率繼續逐步提高。

Spend per active buyer was stable, while spend per enthusiast buyer grew slightly year-over-year to just over $3,100.

每個活躍買家的支出保持穩定，而每位狂熱買家的支出較去年同期略有成長，略高於 3,100 美元。

Turning to revenue, we generated revenue of $2.57 billion during the second quarter, up 2% as revenue outpaced volume by roughly 1 point.

談到收入，我們第二季的營收為 25.7 億美元，成長 2%，營收成長約 1 個百分點。

Foreign exchange was a 1 point headwind to spot revenue growth.

外匯對收入成長構成 1 個百分點的阻力。

Our take rate in Q2 was approximately 14%, up more than 20 basis points quarter over quarter, primarily driven by first-party advertising.

我們第二季的轉換率約為 14%，環比成長超過 20 個基點，這主要是由第一方廣告推動的。

On a year-over-year basis, our take rate was roughly flat as tailwinds on first-party ads, eBay international shipping and payments were offset by CTC initiatives and an FX headwind of approximately 10 basis points.

與去年同期相比，我們的採用率大致持平，因為第一方廣告、eBay 國際運輸和支付的順風被 CTC 舉措和大約 10 個基點的外匯逆風所抵消。

Total advertising revenue grew 8% to $398 million in Q2 and represented nearly 2.2% penetration of GMV.

第二季廣告總營收成長 8%，達到 3.98 億美元，佔 GMV 的滲透率接近 2.2%。

First-party ads grew over 12% to $394 million, in line with our expectations.

第一方廣告成長超過 12%，達到 3.94 億美元，符合我們的預期。

As a reminder, we faced lapping dynamics this quarter due to extraordinary growth in first-party ads in Q2 of last year when we released CPC ads deferred revenue as a result of the rollout of Halo attribution.

提醒一下，由於去年第二季第一方廣告的大幅成長，我們在本季面臨著下滑的動態，當時我們因推出 Halo 歸因而發布了 CPC 廣告遞延收入。

In addition, we continue to dedicate our legacy third party display ads in Q2 with revenue declining roughly 49% to nearly $14 million.

此外，我們在第二季繼續致力於傳統的第三方展示廣告，營收下降了約 49% 至近 1,400 萬美元。

Shifting to profitability.

轉向盈利。

Non-GAAP gross margin declined roughly 30 basis points year over year in Q2 due to tax-related matters, including Canadian digital sales tax expenses recognized retroactively in 2022.

由於稅務相關問題，包括 2022 年追溯確認的加拿大數位銷售稅費用，第二季非 GAAP 毛利率年減約 30 個基點。

Traffic acquisition costs associated with the ramping offsite ads and foreign exchange headwinds.

與站外廣告增加和外匯不利因素相關的流量獲取成本。

These headwinds were partly offset by operational efficiencies, including lower cost of payments and lower depreciation expenses.

這些不利因素部分被營運效率所抵消，包括較低的支付成本和較低的折舊費用。

Non-GAAP operating margin was 27.9% in the quarter, improving 1 point year over year as operational efficiencies, including our structural cost program more than offset the higher cost of revenue, a foreign exchange headwind of approximately 40 basis points and reinvestments in our full funnel marketing initiatives.

本季非GAAP 營運利潤率為27.9%，年增1 個百分點，因為營運效率（包括我們的結構性成本計畫）足以抵銷較高的收入成本、約40 個基點的外匯逆風以及我們全部資金的再投資。

As a result, non-GAAP operating income grew 5% year-over-year in Q2 and non-GAAP earnings per share grew by nearly 15% to $1.18. On a GAAP basis, we reported earnings per share of $0.45 in the quarter.

因此，第二季非 GAAP 營業收入年增 5%，非 GAAP 每股盈餘成長近 15% 至 1.18 美元。根據 GAAP 計算，本季每股收益為 0.45 美元。

Next, I'll discuss our balance sheet and capital allocation.

接下來，我將討論我們的資產負債表和資本配置。

Our free cash flow in the second quarter was $278 million down year over year due to the timing of cash tax payments.

由於現金稅繳納時間的原因，我們第二季的自由現金流比去年同期減少了 2.78 億美元。

Last year, the majority of our tax payments were delayed from Q2 to Q4 due to California disaster tax relief programs.

去年，由於加州災難減稅計劃，我們的大部分稅款支付從第二季度推遲到了第四季度。

We ended the second quarter with cash and non-equity investments of $6.3 billion and gross debt of $7.7 billion.

截至第二季末，我們的現金和非股權投資為 63 億美元，總債務為 77 億美元。

As you will see in our 10-Q filing on August 1, we will repay $750 million of principal for our senior fixed rate notes coming June.

正如您將在 8 月 1 日提交的 10-Q 報告中看到的那樣，我們將在 6 月償還高級固定利率票據的 7.5 億美元本金。

We plan to issue up to $450 million of commercial paper to refinance a portion of those notes over the coming weeks.

我們計劃在未來幾週內發行最多 4.5 億美元的商業票據，為部分票據進行再融資。

During Q2, we repurchased $1 billion of eBay shares at an average price of approximately $52.

第二季度，我們以約 52 美元的平均價格回購了價值 10 億美元的 eBay 股票。

We had roughly $1.9 billion remaining under our buyback authorization at the end of the period.

截至期末，我們的回購授權剩餘約 19 億美元。

In addition, we paid a quarterly cash dividend of $135 million in June of $0.27 per share.

此外，我們在 6 月支付了 1.35 億美元的季度現金股息，每股 0.27 美元。

Since the beginning of 2022, we have returned $7.3 billion to shareholders through repurchases and dividends, nearly 150% of cumulative free cash flow over this period.

自 2022 年初以來，我們已透過回購和股利向股東返還 73 億美元，接近這段期間累計自由現金流的 150%。

Turning to our investment portfolio, equity investments and warrants were valued at $2.8 billion at the end of the second quarter.

談到我們的投資組合，第二季末股權投資和認股權證的價值為 28 億美元。

The consortium led by Permira and Blackstone completed our acquisition of Adevinta on May 29.

由 Permira 和 Blackstone 牽頭的財團於 5 月 29 日完成了對 Adevinta 的收購。

We sold approximately $227 million shares and received roughly $2.4 billion in gross proceeds.

我們出售了約 2.27 億美元的股票，獲得了約 24 億美元的總收益。

We incurred over $450 million in cash taxes related to this transaction, which we plan to pay next year.

我們因此交易產生了超過 4.5 億美元的現金稅，我們計劃明年支付。

Following the sale, we hold approximately 177 million shares or 18% ownership of the outstanding equity valued at roughly $1.9 billion as of the closing date.

出售後，我們持有約 1.77 億股，或截至交割日價值約 19 億美元的已發行股本的 18% 所有權。

The consortium has the option through November 29, to purchase from me by roughly 10% ownership at the private entity for just over $1 billion.

該財團可以選擇在 11 月 29 日之前以略高於 10 億美元的價格向我購買該私人實體約 10% 的所有權。

In addition, our investment portfolio includes Adyen warrants valued at nearly $340 million at the end of Q2.

此外，我們的投資組合包括截至第二季末價值近 3.4 億美元的 Adyen 認股權證。

Our Adyen more value is calculated based on several assumptions, including Adyen share price and the profitability of vesting.

我們的 Adyen 更多價值是根據幾個假設計算的，包括 Adyen 股價和歸屬獲利能力。

Our G market investment was valued at roughly $300 million at the end of the quarter.

截至本季末，我們的 G 市場投資價值約為 3 億美元。

Moving to our outlook, we expect to generate GMV between $17.8 billion and $18.2 billion in the third quarter, representing FX-neutral growth between negative 1% and positive 1% year over year.

展望我們的前景，我們預計第三季的 GMV 將在 178 億美元至 182 億美元之間，即匯率中性的同比增長在負 1% 到正 1% 之間。

Total organic FX and growth will be similar as we expect Goldin to contribute over 30 basis points to GMV growth in Q3.

總有機外匯和成長將相似，因為我們預計高銀將為第三季 GMV 成長貢獻超過 30 個基點。

At current rates, foreign currency would represent a 10 basis point headwind to GMV growth.

按照目前的匯率，外匯將阻礙 GMV 成長 10 個基點。

This outlook balances our strong execution year to date against an uncertain economic and regulatory environment.

這一前景平衡了我們今年迄今的強勁執行力與不確定的經濟和監管環境。

We forecast revenue between $2.5 billion and $2.56 billion in the third quarter, representing FX-neutral growth of 1% to 3%.

我們預計第三季營收將在 25 億美元至 25.6 億美元之間，匯率中性因素下成長 1% 至 3%。

We estimate FX would represent more than 0.5 points of headwind to spot revenue growth.

我們估計外匯將對收入成長產生超過 0.5 個百分點的阻力。

We forecast Q3 non-GAAP operating margin between 26.8% and 27.5%, representing year-over-year expansion between 40 basis points and 110 basis points.

我們預計第三季非 GAAP 營運利潤率為 26.8% 至 27.5%，年增 40 個基點至 110 個基點。

This represents a sequential step down in operating margin due to normal seasonality, incremental organic investments and a full quarter of M&A related expenses, including integration costs.

由於正常的季節性、增量有機投資以及整個季度的併購相關費用（包括整合成本），這意味著營業利潤率連續下降。

We expect to generate non-GAAP earnings per share between $1.15 and $1.20 in Q3, representing year-over-year growth between 12% and 17%.

我們預計第三季的非公認會計準則每股收益將在 1.15 美元至 1.20 美元之間，年增 12% 至 17%。

Now shifting to our expectations for the remainder of the year.

現在轉向我們對今年剩餘時間的預期。

Assuming no fundamental change in the macro environment, we expect FX-neutral GMV growth between flat and up 2% year over year in Q4 driven by continued execution and focus categories, gear specific investments, and horizontal product delivery.

假設宏觀環境沒有發生根本性變化，我們預計，在持續執行和重點類別、特定裝備投資和橫向產品交付的推動下，第四季的 GMV 年成長將持平到成長 2%。

At current rates, FX, it represents a tailwind of more than 1 point to spot GMV growth year over year, in Q4.

以目前的匯率計算，第四季 GMV 年成長將有超過 1 個百分點的推動力。

We forecast Q4 revenue to grow modestly faster than GMV on an FX-neutral basis, implying and our growth delta versus Q3.

我們預測，在匯率中性的基礎上，第四季營收的成長速度將略快於 GMV，這意味著我們與第三季相比的成長增量。

Although we expect similar growth in first-party advertising during Q4, we anticipate modest pressure on core take rate from continued investments in C2C initiatives, mix shift towards higher ASP products, and seasonal category mix.

儘管我們預計第四季度第一方廣告將出現類似增長，但我們預計，由於對 C2C 計劃的持續投資、向更高 ASP 產品的組合轉變以及季節性類別組合，核心採用率將面臨適度壓力。

In addition, we estimate FX will be a year-over-year benefit of roughly 30 basis points to spot revenue growth in the quarter due to hedging dynamics.

此外，由於對沖動態，我們預計本季外匯收入將年增約 30 個基點。

We're maintaining our full year outlook for non-GAAP operating margin expansion of between 60 basis points to 100 basis points.

我們維持全年非 GAAP 營業利潤率成長 60 個基點至 100 個基點的預期。

As we have noted throughout the year, where we land in this range is not solely tied to volume outcomes.

正如我們全年所指出的，我們在這個範圍內的位置不僅僅與銷售結果相關。

Our strategic investments in 2024, but big picture to our return to positive GMV growth.

我們在 2024 年進行策略性投資，但總體而言是我們恢復 GMV 正成長。

Given our execution details, we are exploring opportunities for incremental investments to drive durable long-term growth.

鑑於我們的執行細節，我們正在探索增量投資的機會，以推動持久的長期成長。

Additionally, we have absorbed one-time offsets to operating margin in 2024, notably about 20 basis points of headwind from M&A expenses, including integration costs.

此外，我們也吸收了 2024 年營業利潤率的一次性抵消，特別是併購費用（包括整合成本）帶來的約 20 個基點的逆風。

Our forecast for capital expenditure remains unchanged of between 4% to 5% of revenue for the full year.

我們對資本支出的預測保持不變，為全年收入的 4% 至 5%。

In line with our historical average, we expect our non-GAAP tax rate to remain stable at 16.5%.

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%。

We continue to expect free cash flow of just under $2 billion for the full year.

我們仍然預計全年自由現金流將略低於 20 億美元。

Given our robust balance sheet position, we are raising our share repurchase target this year to at least $2.5 billion.

鑑於我們穩健的資產負債表狀況，我們將今年的股票回購目標提高至至少 25 億美元。

In addition, our Board declared a quarterly dividend of $0.27 per share for the third quarter to be paid in September.

此外，我們的董事會宣布將於 9 月支付第三季每股 0.27 美元的季度股息。

Given our strong business performance to date, our outlook for the second half and updated capital allocation plans, we are increasing our forecast for non-GAAP earnings per share growth to between 12% and 14% year over year for 2024.

鑑於我們迄今為止強勁的業務表現、下半年的前景以及更新的資本配置計劃，我們將 2024 年非 GAAP 每股收益同比增長預測提高至 12% 至 14%。

In closing, Q2 was another strong quarter for eBay.

最後，第二季是 eBay 另一個強勁的季度。

Despite the uneven macro backdrop, we achieved positive year-over-year GMV growth earlier than expected and maintained double digit non-GAAP earnings per share growth.

儘管宏觀環境不平衡，我們仍早於預期實現了 GMV 同比正成長，並保持了兩位數的非公認會計準則每股收益成長。

In addition, we monetized a significant portion of our Adevinta stake at an attractive price and increased our full year stock repurchase target.

此外，我們以有吸引力的價格將 Adevinta 股份的很大一部分貨幣化，並提高了全年股票回購目標。

It is a testament to our strong financial model that we are able to deliver healthy, balanced growth while continuing to invest in our business for the long run for cost focus categories, specific geographies, and horizontal initiatives.

我們能夠實現健康、平衡的成長，同時繼續對我們的業務進行長期投資，以實現成本重點類別、特定地區和橫向計劃，這證明了我們強大的財務模式。

With that, Jamie and I we'll now take your questions and thank you.

傑米和我現在將回答您的問題並感謝您。

(Operator Instructions) Nathan seven, Morgan Stanley.

（操作員指示）內森七號，摩根士丹利。

A few quick questions on the advertising side of the business.

關於業務廣告方面的一些簡單問題。

So first off, additionally to hear if you're seeing any green shoots and campaign adoption within the unified ad platform and also smart targeting?

首先，另外想聽聽您是否在統一廣告平台和智慧定位中看到了任何新芽和行銷活動的採用？

And then how should we think about advertising growth in the back half, not because it's a more difficult comp in 2Q?

那麼我們該如何考慮下半年的廣告成長，而不是因為第二季的競爭更加困難？

Thank you.

謝謝。

Yeah, overall, we feel great about the momentum we're seeing in advertising.

是的，總的來說，我們對廣告領域的勢頭感到非常高興。

The new features that we just talked about, Nathan, just rolled out.

Nathan，我們剛剛談到的新功能剛剛推出。

So it's really early in the experience for those.

所以對於那些人來說，現在的體驗還處於早期階段。

We did test them in Australia before rolling them back out to all the other major markets.

我們確實在澳洲對其進行了測試，然後再將其推廣到所有其他主要市場。

When you ask about campaign adoption and other things, what's exciting about this new overhaul is.

當您詢問活動採用情況和其他問題時，這次新的改革令人興奮的是。

First, it gives you a great performance snapshot of all of your campaigns in a redesigned interface.

首先，它在重新設計的介面中為您提供了所有行銷活動的出色績效快照。

But secondarily, we now have daily recommendations for advertisers about things they can do, add keywords, manage their business, changing a campaign to make it better.

但其次，我們現在每天都會向廣告主推薦他們可以做的事情，並添加關鍵字，管理他們的業務，改變廣告系列以使其變得更好。

And we have new types of suggested campaigns as part of this as well.

作為其中的一部分，我們還提供了新類型的建議活動。

Things like trend based suggestions.

例如基於趨勢的建議。

So you're seeing a -- we're seeing on the site, something popping what I've seen around Christmas time or some other event happening type of listings that a seller would have.

所以你會看到——我們在網站上看到，我在聖誕節前後看到的一些東西，或者賣家可能擁有的其他一些事件發生類型的清單。

And we're now doing trend based suggested campaigns all driven by AI.

我們現在正在進行基於趨勢的建議活動，所有活動均由人工智慧驅動。

So we're excited about what we're seeing from the early results, but it's really early stages in this.

因此，我們對從早期結果中看到的結果感到興奮，但這確實還處於早期階段。

In general, though, every time we've made it easier and simpler to adopt our ad products, it's resonating with sellers and help drive the penetration up to what we're seeing today.

不過，總的來說，每次我們讓廣告產品的採用變得更容易、更簡單，都會引起賣家的共鳴，並有助於推動滲透率達到我們今天所看到的水平。

Yeah.

是的。

Hi, Nathan.

嗨，內森。

Despite some of the lapping, we do expect some modest take rate expansion in the second half driven by our 1P ads business, where again we see some modest acceleration as we go forward.

儘管出現了一些下滑，但我們確實預計下半年在我們的 1P 廣告業務的推動下，採用率會出現一些溫和的增長，隨著我們的前進，我們再次看到一些溫和的加速。

Really continuing to drive momentum in the existing products, but also ramp up our promoted offsite products as well.

確實繼續推動現有產品的發展勢頭，但也增加了我們推廣的場外產品。

So pleased with the momentum we're seeing, and that should continue to drive momentum in the back half of the year.

我們對所看到的勢頭感到非常高興，這應該會繼續推動今年下半年的勢頭。

And then one more quick one, now that you have first supercomputer fully online and have made a lot of improvements from the seller side of things.

然後還有一個更快的問題，現在您已經擁有第一台完全在線的超級計算機，並且已經從賣方方面做出了很多改進。

You think over the next 12, 24 months, what are the key friction points you think are really immediately addressable with the help of some of the Gen AI feautures?

您認為在接下來的 12、24 個月內，您認為藉助 Gen AI 的一些功能可以真正立即解決的關鍵摩擦點是什麼？

Yeah, look on the selling side, Nathan, the key is, is I have this -- we have this vision of making it easier, but less than the throw out.

是的，看看銷售方面，內森，關鍵是，我有這個——我們有一個讓事情變得更容易的願景，但又不至於被拋棄。

So making it really seamless to onboard a new listing.

這樣就可以真正無縫地加入新清單。

Any item in your closet, your garage, your home, et cetera, for CVC listing.

您衣櫥、車庫、家中等的任何物品均可用於 CVC 清單。

And so with the computing capability, we have now 2.1 billion listings with 28 years of history of data.

因此，憑藉運算能力，我們現在擁有 21 億個清單，以及 28 年的資料歷史。

We're able to build these really sophisticated models that do a better job predicting when an item is, filling in all the item attributes associated with creating the title, obviously, reading the description since we do that and to be able to do this at scale and very cost effectively because we're using a lot of tools that we built on an internal LLMs or open-source LlMs that we have, which makes us able to train on these massive datasets that we have.

我們能夠建立這些非常複雜的模型，可以更好地預測專案何時出現，填寫與創建標題相關的所有項目屬性，顯然，閱讀描述，因為我們這樣做了，並且能夠在規模化且非常具有成本效益，因為我們使用了許多基於我們擁有的內部法學碩士或開源法學碩士構建的工具，這使我們能夠在我們擁有的這些海量資料集上進行訓練。

And on this proprietary data.

以及這個專有數據。

Similarly, things like enhanced background images now live to 100% of customers make items look better on the platform, make them stand out and you can take it your bed spreader, your desk, your rug, and then put it on this beautiful background and really helps merchandise items from that perspective.

同樣，像增強背景圖像這樣的東西現在可以為100% 的客戶提供，讓物品在平台上看起來更好，讓它們脫穎而出，你可以把它放在你的床鋪、你的桌子、你的地毯上，然後把它放在這個美麗的背景上，從這個角度來看，確實對商品有幫助。

Finally, I'd say we're launching new features on the buy side.

最後，我想說我們正在買方方面推出新功能。

I've talked about Shop the Look, which we continue to scale up, which gives the ability in the fashion category to see outfits together.

我已經談到了“Shop the Look”，我們正在繼續擴大規模，這使得時尚類別能夠一起查看服裝。

And we're testing in the UK market, a feature called Explore, which based on your size, is your style things, you care about things that we know you've bought, we actually feed you information about interesting pre-loved products that are available on eBay.

我們正在英國市場測試一個名為「探索」的功能，該功能會根據您的尺寸、您的風格、您關心的東西以及我們知道您購買過的東西，我們實際上會向您提供有關有趣的二手產品的訊息，這些產品可在 eBay 上購買。

So we're excited by what we've seen to date.

因此，我們對迄今為止所看到的情況感到興奮。

But I'm really excited that these new capabilities.

但我對這些新功能感到非常興奮。

The scale of what we have in terms of the infrastructure will help us to continue to accelerate and drive more innovation.

我們所擁有的基礎設施規模將幫助我們持續加速並推動更多創新。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Maybe first, a follow-up to one of the previous questions.

也許首先，先跟進之前的一個問題。

Specifically updating your thoughts around the growth of advertising longer term.

特別更新您對廣告長期成長的想法。

Are you still thinking that the attach rate or take rate can expand another couple hundred basis points or could even be higher than that as you roll out more capabilities.

您是否仍然認為，隨著您推出更多功能，附加率或獲取率可以再增加幾百個基點，甚至可能更高。

And as GEN AI tools are incremental to what you're probably thinking about a few years ago.

GEN AI 工具是您幾年前可能想到的增量工具。

And then, maybe, Steve, just a clarification on the capital allocation.

然後，史蒂夫，也許只是對資本配置進行澄清。

I guess outside of the incremental buybacks, are you keeping dry powder for additional M&A?

我想除了增量回購之外，您是否還在為額外的併購保留乾粉？

And if so what are some of the areas of interest or focus?

如果是的話，您感興趣或關注的領域是什麼？

Thank you.

謝謝。

Yeah, Colin, overall, we see a long runway for ads growth.

是的，科林，總的來說，我們看到廣告成長還有很長的路要走。

That's both from adoption, from listings penetration, from ad rate optimization, and scaling some of the new products that we have like promoted off-site and promoted stores.

這既來自於採用、來自於清單滲透、來自於廣告費率優化，以及來自於我們在場外和推廣商店中推廣的一些新產品的規模。

So we continue to see a lot of opportunity and we are at 2.2% penetration.

因此，我們繼續看到很多機會，滲透率達到 2.2%。

We said at Investor Day, we see a line of sight to 3%, which we obviously are seeing nice progress to quarter after quarter.

我們在投資者日表示，我們的目標是 3%，顯然我們每季都看到了不錯的進展。

And when you look at the redesign that we just did, it's really about how do we make our advertising products more easier to access and easier for recommendations, et cetera, for existing sellers.

當你看到我們剛剛所做的重新設計時，你會發現，這實際上是關於我們如何使我們的廣告產品更容易為現有賣家提供、更容易獲得推薦等。

But also easier for new sellers to bring in.

但也更容易引進新賣家。

So 3% is not a ceiling for us.

所以3%對我們來說並不是上限。

It's just a line of sight that we've put out there.

這只是我們在那裡放置的一條視線。

And at Investor Day, and we continue to see a long runway of opportunity.

在投資者日，我們繼續看到了漫長的機會。

Steve, do you want to take the second one?

史蒂夫，你想拿第二個嗎？

Yeah, of course, Colin, good to speak to.

是的，當然，科林，很高興與您交談。

As we always said, we focus on a balanced approach to capital allocation.

正如我們常說的，我們注重平衡的資本配置方法。

Our first priority continues to be investing in the long-term growth of the business through the build by partner framework.

我們的首要任務仍然是透過合作夥伴建立框架投資於業務的長期成長。

And you've seen some of the execution, you've seen from the momentum, you've see from the growth that we saw in the second quarter, that we're putting the money to good work.

您已經看到了一些執行情況，您從勢頭中看到了，您從我們在第二季度看到的增長中看到了，我們正在將資金投入到良好的工作中。

I think what's tremendous about our competitive advantage is the balance sheet that eBay have that affords us the ability not only to invest in the business but to continue to get very healthy capital returns to shareholders.

我認為我們的巨大競爭優勢在於 eBay 擁有的資產負債表，它使我們不僅能夠投資業務，而且能夠繼續為股東獲得非常健康的資本回報。

In fact, we've just increased that target after 2024 to at least $2.5 billion in share repurchases.

事實上，我們剛剛將 2024 年後的股票回購目標提高到至少 25 億美元。

In addition to the 8% increase in quarterly dividend that we felt at the last three quarters and over the last couple of years, we continue to demonstrate our continued commitment to returning excess cash to shareholders, and there's no change in our philosophy in doing that.

除了過去三個季度和過去幾年我們感受到的季度股息增加 8% 之外，我們繼續表明我們繼續致力於向股東返還多餘現金，而且我們這樣做的理念沒有改變。

So I'm pleased with where we are, pleased with the balance.

所以我對我們的現狀感到滿意，對平衡感到滿意。

And I think as I said, our balance sheet has a distinct advantage for us here at eBay.

我認為正如我所說，我們的資產負債表對 eBay 來說具有明顯的優勢。

Ygal Arounian, Citigroup.

Ygal Arounian，花旗集團。

Maybe just one on international, you called out some of the headwinds in UK and some of the continuing, I guess, trends from Germany last quarter.

也許只是關於國際方面的一個問題，您指出了英國的一些不利因素以及我認為上季度德國持續出現的一些趨勢。

What are you seeing broadly internationally and what -- what's opportunity there?

您在國際上看到了什麼？

And then just to expand on the AI features so far and understood, there's a lot coming here and a lot of focus there.

然後，為了擴展迄今為止並理解的人工智慧功能，這裡有很多東西，那裡也有很多焦點。

Any way to quantify or think about what the impacts have been so far if you're seeing a tick-up in GMV or any other way to quantify some of the successes you've seen there so far?

如果您看到 GMV 有所上升，有什麼方法可以量化或思考到目前為止所產生的影響，或者有什麼其他方法可以量化您迄今為止所取得的一些成功？

Thanks.

謝謝。

Hey, I'll pick up the first one.

嘿嘿，我就選第一個。

Steve here, good to speak to you.

史蒂夫在這裡，很高興與你交談。

Just in terms of the international dynamics, just as a reminder, the GMV is reflected in the geography where the seller is domiciled.

就國際動態而言，提醒一下，GMV 反映在賣家所在的地理位置。

So specifically talking about the international dynamics that we're seeing, undoubtedly, we continue to see a very uneven and dynamic environment, particularly in Europe, as discussion spend is pressured based on some of the discussions we've had over various quarters.With the investments we're making, particularly in C2C, around the German initiative and more recently in UK pre-loved fashion.

因此，具體談論我們所看到的國際動態，毫無疑問，我們繼續看到一個非常不平衡和動態的環境，特別是在歐洲，因為根據我們在各個季度進行的一些討論，討論支出受到壓力。我們正在進行的投資，特別是在C2C 領域、圍繞德國倡議以及最近在英國二手時尚領域的投資。

That's helping to offset some of those headwinds that we've seen.

這有助於抵消我們所看到的一些不利因素。

But the other element in terms of international, where we continue to see momentum, is in our cross border trade, particularly out of Greater China and Japan.

但就國際而言，我們繼續看到勢頭的另一個因素是我們的跨境貿易，特別是大中華區和日本的跨境貿易。

We've seen a really healthy level of inventory.

我們看到庫存水準非常健康。

There's good focus category penetration coming out of those markets.

這些市場具有良好的焦點類別滲透率。

We've continued to invest and so we talked about last quarter the authentication center that we have built and partnered with in Japan, which has continued to drive a great level of luxury inventory to our US and European customers.

我們繼續投資，因此上個季度我們談到了我們在日本建立並與之合作的認證中心，該中心繼續為我們的美國和歐洲客戶帶來大量的奢侈品庫存。

And so for the second quarter, we did see some sequential improvement in international GMV that grew over 1% on a year-over-year FXN basis, really is a reflection of the momentum and the investments that we're driving forward.

因此，在第二季度，我們確實看到國際 GMV 有所連續改善，與去年同期相比，FXN 成長超過 1%，這確實反映了我們正在推動的勢頭和投資。

Jamie, over to you on your second question.

傑米，現在請你回答第二個問題。

Yeah.

是的。

On AI, we are seeing really good engagement metrics from our customers that are using them.

在人工智慧方面，我們從使用它們的客戶那裡看到了非常好的參與度指標。

And when you look at like for example, the CSAT that we're seeing from them, it's high 90% and above for some of our new products.

例如，當您查看我們從他們那裡看到的 CSAT 時，我們的一些新產品的 CSAT 高達 90% 甚至更高。

And that correlates always with GMV.

這始終與 GMV 相關。

As we drive CSAT, we're able to drive GMV.

當我們提高 CSAT 時，我們就能提高 GMV。

We've made it easier to list C2C in some of our markets in Europe and Germany, we're seeing that translate into CSAT, a 20%-point increase in CSAT in the German market, for example.

我們已經讓 C2C 在歐洲和德國的一些市場上上市變得更加容易，我們看到這轉化為 CSAT，例如，德國市場的 CSAT 增加了 20%。

So we're pleased about what we're seeing.

所以我們對所看到的感到很高興。

What's great about the AI developments is that they're learning algorithms.

人工智慧發展的偉大之處在於它們正在學習演算法。

So they get smarter every single day, week and month that we learn with them, whether that's Explore, Shop the Look, or Magical Listings.

因此，我們與他們一起學習的每一天、每一周、每一月，無論是探索、購買外觀還是神奇列表，他們都會變得更加聰明。

And what we're seeing is increased engagement with them, and it's changing the experience for buying and sellers across so many vectors.

我們看到的是與他們的互動不斷增加，這正在改變眾多領域的買家和賣家的體驗。

It's changing it across search, across advertising, across the recommendations that we're providing on the site.

它正在改變搜尋、廣告、我們在網站上提供的推薦。

It's giving us new tools like Explore.

它為我們提供了像探索這樣的新工具。

And so we'll continue to drive it.

所以我們將繼續推動它。

We continue to see really nice metrics come out of it, and those CSAT changes do lead to much healthier GMV growth.

我們繼續看到它產生了非常好的指標，這些 CSAT 變化確實帶來了更健康的 GMV 成長。

Shweta Khajuria with Wolfe Research.

Shweta Khajuria 與沃爾夫研究公司。

(Operator Instructions)

（操作員說明）

Hearing no response, we will move on to the next question.

沒有聽到任何回應，我們將繼續下一個問題。

(Operator Instructions) Lee Horwitz, Deutsche Bank.

（操作員指示）Lee Horwitz，德意志銀行。

Steve, by end of this year, you guys will have put a lot of work into product and to extend the platform and improve things and brought margin below your typical range.

史蒂夫，到今年年底，你們將在產品、擴展平台和改進方面投入大量工作，並使利潤率低於你們的典型範圍。

When we think about the path forward will appreciate that you still have many growth investments that you want to get behind.

當我們思考前進的道路時，我們會意識到您仍然有許多想要支持的成長投資。

Your product and debt expense will be pretty meaningfully relative to '22.

相對於 22 年，你的產品和債務支出將非常有意義。

So as we look beyond this year, do you think that the investment cycle that we're in has substantial laid the tracks to drive future growth from beyond 2024-2025.

因此，當我們展望今年之後，您是否認為我們所處的投資週期已經為推動 2024 年至 2025 年以後的未來成長奠定了基礎？

And thus, the need for incremental investment is thus much more subdued going forward.

因此，未來增加投資的需求將會更加減弱。

I'm not going to get in this stage with regards to 2025.

關於 2025 年，我不會進入這個階段。

I'd just like to reflect on where we are for 2024.

我只想回顧一下 2024 年我們的處境。

And we're exactly where we expected to be.

我們正處於我們預期的位置。

I think it's a testament to the company when we've continued to guide to 60 basis points to 100 basis points of margin expansion this year.

我認為，今年我們繼續指導利潤率擴張 60 個基點到 100 個基點，這是對公司的證明。

At the same time, continuing to invest in our business and support the focused category momentum, support the geo specific initiatives and the horizontal investments that Jamie has talked about.

同時，繼續投資我們的業務並支持重點類別的勢頭，支持傑米談到的針對特定地理區域的舉措和橫向投資。

As we've been saying all year, we'll continue to invest where we see opportunities to drive long-term sustainable growth, and we'll continue to lean in, and we'll continue to do that in the second half.

正如我們全年所說，我們將繼續在有機會推動長期永續成長的地方進行投資，我們將繼續向前邁進，下半年我們將繼續這樣做。

I think what I'd say is our financial architecture.

我想我要說的是我們的金融架構。

It continues to provide us with that opportunity.

它繼續為我們提供這樣的機會。

And I really am encouraged with the momentum that we see as we have during 2024, and I think it's setting us up well, not only for the second half of this year, but for a longer term, sustainable growth in the future.

我對 2024 年我們所看到的勢頭感到非常鼓舞，我認為這不僅為我們今年下半年的發展奠定了良好的基礎，而且為未來更長期、可持續的增長奠定了良好的基礎。

And then maybe one follow-up on the second half growth algo and all of the products that you guys are bringing to bear for the platform.

然後也許是下半年成長演算法的後續行動以及你們為該平台帶來的所有產品。

You guys obviously have a lot of irons in the fire in terms of improving the platform.

顯然，你們在改進平台方面有很多熱情。

But is there any way to size the incrementality in terms of GMV that you expect from some of these horizontal investments, some of these new focused categories that you expect to see in the second half.

但是，有沒有什麼方法可以衡量您期望從這些橫向投資中獲得的 GMV 增量，以及您預計在下半年看到的一些新的重點類別。

And if not a number, which amongst the broad array of products that you have, do you think holds the most promise in terms of driving meaningful incremental dollars of GMV in the second half and beyond?

如果不是一個數字，那麼您認為在您擁有的眾多產品中，哪一個最有希望在下半年及以後推動 GMV 的有意義的增量？

Thanks so much.

非常感謝。

Yeah, Lee when you think about the horizontal investments that we've been making, they've been really across the board.

是的，李，當你想到我們一直在進行的橫向投資時，你會發現它們確實是全面的。

Think about the work that we're doing in search and recommendation for us.

想想我們在搜尋和推薦方面所做的工作。

We've done some geo specific events -- investments in our C2C business in Germany as well.

我們已經舉辦了一些針對特定地理區域的活動——對德國的 C2C 業務進行了投資。

And so if you look at it for this quarter, we're nearly flat in our core categories, which is really nice growth quarter on quarter in our business over the over the past couple of quarters.

因此，如果你看一下本季的情況，我們的核心類別幾乎持平，在過去的幾個季度中，我們的業務環比成長確實非常好。

So all of those combined are helping support not only our core categories when I say core, I mean categories other than our focus categories, but they also help support our focused categories given that work.

因此，所有這些結合起來不僅有助於支持我們的核心類別（當我說核心時，我指的是我們的重點類別以外的類別），而且它們還有助於支持我們的重點類別（鑑於這項工作）。

So I think about those as complementary.

所以我認為這些是互補的。

When I look at our focus categories, they continue to work really well broadly across the board.

當我審視我們的重點類別時，它們在各方面都繼續發揮著良好的作用。

Luxury was positive for the sixth straight quarter.

奢侈品牌連續第六個季度表現積極。

We saw really nice momentum in our parts and accessories business.

我們看到我們的零件業務發展勢頭非常強勁。

Our collectibles business is trending well.

我們的收藏品業務趨勢良好。

We've normalized at more than twice the runway that we had coming into the pandemic.

我們的正常化速度是疫情爆發時的兩倍以上。

And we continue to innovate there.

我們繼續在那裡創新。

We were at the national, which is the big convention last week talking about adding both magical listings for sellers in our trading card business, which got a great response.

上週我們參加了全國性的大型會議，討論在我們的交易卡業務中為賣家添加兩個神奇的列表，這得到了很好的反響。

We introduced the partnership with PSA this quarter, allowing you to much more simply a great card and then have it sold immediately right there afterwards without having to have it shipped back to you and ship there.

本季度我們推出了與 PSA 的合作夥伴關係，讓您可以更簡單地獲得一張很棒的卡，然後立即將其出售，而無需將其運回給您並運送到那裡。

So across the board, you see our focus categories growing at 4%, even in this macro environment, which we feel good about.

因此，總體而言，即使在我們感覺良好的宏觀環境下，我們的重點類別仍以 4% 的速度成長。

So we see the two of those working together, we see them complementary between the focus categories and the horizontal work.

因此，我們看到兩者一起工作，我們看到它們在重點類別和橫向工作之間互補。

And the combination of those two is leading to the sequential improvement that we're seeing quarter after quarter also.

這兩者的結合導致了我們每個季度都看到的連續改善。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

I wanted to ask about active buyers.

我想詢問活躍買家的情況。

This metric has been flattish for a while now, but it's the base to sustain low to mid-single digit GMV growth.

該指標已經有一段時間持平，但它是維持低至中個位數 GMV 成長的基礎。

As you look forward and active buyers, at least enthusiast buyers probably have to start growing again at some point.

當你期待和活躍的買家時，至少狂熱的買家可能必須在某個時候再次開始成長。

So how do you feel about your ability to improve this metric in the quarters to come.

那麼，您對自己在未來幾季提高這項指標的能力有何看法？

Is there anything investors can look at to get comfortable with your audience growth?

投資者可以透過哪些方面來了解您的受眾成長？

Maybe some incremental color or detail you could provide on how these metrics might be trending within focus categories as a proxy for what's to come going forward?

也許您可以提供一些增量顏色或細節來說明這些指標在焦點類別中的趨勢，作為未來發展的代理？

Thank you.

謝謝。

Yeah, we're exactly where I thought we would be and where we intended to be.

是的，我們正處於我認為我們會達到的位置以及我們想要達到的位置。

Our active buyer count of $132 million was for actually positive on a year-on-year basis for the first time since early 2021.

我們的活躍買家數量為 1.32 億美元，自 2021 年初以來首次年增。

And we've seen consistent improvements in our year-over-year trends over the last couple of years.

在過去的幾年裡，我們看到我們的同比趨勢持續改善。

And that's been driven by growth in new and reactivated buyers and an improvement in our retention year on year.

這是由新買家和重新激活的買家的增長以及我們的保留率逐年提高所推動的。

So I've been saying for a while, and I want to know active buyers are not the core metric we're focused on, but we're pleased that the changes we made to our buyer acquisition strategy are improving our ability to attract and retain active buyers because that does help us drives what we really are driving, which is our enthusiasm by our strategy, which is those people that are shopping on the site that drive 70% of our GMV.

所以我已經說過一段時間了，我想知道活躍買家並不是我們關注的核心指標，但我們很高興我們對買家獲取策略所做的改變正在提高我們吸引和吸引買家的能力。活躍的買家，因為這確實有助於我們推動我們真正推動的目標，這就是我們策略的熱情，即那些在網站上購物的人推動了我們70% 的GMV。

And our enthusiast number is been consistent at 16 million for several quarters.

我們的愛好者數量連續幾季穩定在 1600 萬。

They're buying more and remained healthy with an average annual spend of approximately $3,100 a year.

他們購買的商品越來越多，並且保持健康狀態，年平均支出約為 3,100 美元。

And if you look at some of the stuff that I talked about in the script, whether it's the Met Gala work and fashion that we're doing are sponsoring Love Island or what we're doing in parts and accessories with McLaren, it's really about going out there targeting and bringing enthusiast buyers on the platform and then leveraging the cross-category shopping behavior we get from those buyers, which is really unique to eBay.

如果你看一下我在劇本中談到的一些內容，無論是我們贊助愛情島的 Met Gala 工作和時尚，還是我們與邁凱輪在零件和配件方面所做的事情，這實際上是關於瞄準並吸引熱情的買家進入平台，然後利用我們從這些買家那裡獲得的跨類別購物行為，這對eBay 來說確實是獨一無二的。

So feel great about the traction of where we are about the progress that we're making and the improvements in the underlying metrics that we're seeing.

因此，我們對我們正在取得的進展以及我們所看到的基礎指標的改進所帶來的吸引力感到非常高興。

If I could just ask a follow-up to that, would you say that the trends for the enthusiast buyers are a bit more pronounced, at least within the focus categories?

如果我可以問一個後續問題，您是否會說狂熱買家的趨勢更加明顯，至少在焦點類別內？

Is that a fair statement?

這是一個公平的說法嗎？

when you look at our enthusiast buyers, 90% of them shop and focused categories.

當你觀察我們的狂熱買家時，你會發現 90% 的人都在購物並關注特定類別。

So there's an overlap in and benefit from the focused category work that we're doing.

因此，我們正在進行的重點類別工作存在重疊並從中受益。

But what we see is that when we acquire an enthusiast buyer in a focus category, it supports our core categories as well.

但我們看到的是，當我們在焦點類別中獲得狂熱買家時，它也支持我們的核心類別。

So if a watch buyer comes in and they're going to buy $5,000 in watches on average, but then they're going to spend $5,000 in other categories that crosses focus categories and non-focus categories.

因此，如果手錶買家進來，他們平均會購買 5,000 美元的手錶，但隨後他們會在跨越重點類別和非重點類別的其他類別上花費 5,000 美元。

Similarly, a handbag buyer will come in if they purchased a $500-plus handbag, they'll spend $2,500 in handbags but $5,000 in other categories.

同樣，如果手提包買家購買了 500 美元以上的手提包，他們會在手提包上花費 2,500 美元，但在其他類別上花費 5,000 美元。

So part of why we focus on the enthusiast buyer is not just that 70% number, but it's because of the flywheel effect that it creates for the overall marketplace for focus categories and for our core categories.

因此，我們關注狂熱買家的部分原因不僅僅是 70% 的數字，而是因為它為重點類別和我們的核心類別的整個市場創造了飛輪效應。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Jamie, it seems like there's a lot of conflicting economic signals out there.

傑米，似乎存在著許多相互矛盾的經濟訊號。

I'm just curious in broad strokes, what what you think of the Consumer Health both in the US and and Western Europe.

我只是好奇您對美國和西歐的消費者健康有何看法。

Just curious your core take.

只是好奇你的核心觀點。

And then Steve, maybe for you, can you just take one more cut at the 3Q GMV guide and the growth outlook at flat at the midpoint?

然後史蒂夫，也許對你來說，你能把第三季的 GMV 指南再下調一下，並將成長前景保持在中點嗎？

Looking at the trend over the last six quarters, there's been clear progress, 1% FX neutral result in 2Q.

從過去六個季度的趨勢來看，已經取得了明顯的進展，第二季的外匯中性結果為 1%。

Why would there be a step back in the third quarter?

為什麼第三季會出現倒退？

Thanks, guys.

多謝你們。

Yeah, Tom.

是的，湯姆。

Look, as we've said over the past few quarters, we've seen some shifts in consumer spend driven by the macro environment as cost-conscious consumers are increasingly searching for value.

正如我們在過去幾季所說的那樣，隨著具有成本意識的消費者越來越多地尋求價值，宏觀環境推動了消費者支出的一些變化。

So we're a little bit more resilient from that standpoint.

所以從這個角度來看，我們更有彈性。

I announced last quarter that we've now had 40% of our products are used or refurbished.

我在上個季度宣布，我們現在 40% 的產品都是二手或翻新的。

And those goods have consistently outpaced the sales of brand new goods since the pandemic.

自大流行以來，這些商品的銷售量一直超過全新商品。

So as you can imagine, in some categories are performing better than others in this macro environment, as I mentioned, our luxury category is still positive, has been for six straight quarters.

正如你可以想像的那樣，在這個宏觀環境中，某些類別的表現比其他類別更好，正如我所提到的，我們的奢侈品類別仍然是積極的，並且已經連續六個季度保持積極。

So I think there's more pressure on the less affluent customers in the consumer market.

所以我認為消費市場上不太富裕的客戶面臨更大的壓力。

But our improved customer experience combined with our focus on non-new in season and providing great values in used great values and refurbish, making CTC easier so that when macros challenge, consumers can come on and use the platform to sell products is really helping us compete effectively in this macro environment.

但是，我們改善的客戶體驗，加上我們對非當季非新品的關注，以及在二手高價值和翻新方面提供高價值，使CTC 變得更容易，這樣當宏觀挑戰時，消費者可以上來並使用該平台來銷售產品，這確實對我們有幫助在這種宏觀環境下進行有效競爭。

Steve, you want to take the second one?

史蒂夫，你想拿第二個嗎？

Well, I've been pleased to see the momentum that we've been saying quarter after quarter going forward.

嗯，我很高興看到我們每個季度都在談論的前進勢頭。

And obviously the positive growth we saw in the second quarter, particularly this macro environment.

顯然，我們在第二季度看到了積極的成長，特別是在這個宏觀環境下。

It has continued to be a reflection of the investments that we've been making over the last 18 months or so.

它仍然反映了我們在過去 18 個月左右的時間裡所做的投資。

And the returns that we're seeing on the business.

以及我們在業務上看到的回報。

Obviously, in Easter, we saw some benefits in the second quarter with a 50 basis points tailwind associated with Easter timing.

顯然，在復活節，我們在第二季度看到了一些好處，與復活節時機相關的 50 個基點的順風。

But even having said that, we were approaching about positive GMV growth.

但即便如此，我們還是正在接近 GMV 的正成長。

The environment wherein our continues to be very uneven and dynamic.

我們所處的環境仍然非常不平衡且充滿活力。

And we also have seen some specific one-off impacts as we think about this quarter with elevated year-over-year demand for summer travel, some one-off global sports events, which are making the month-to-month trends a little bit uneven.

我們也看到了一些特定的一次性影響，因為我們認為本季夏季旅行需求逐年增加，一些一次性全球體育賽事，這些都使逐月趨勢有所變化不均勻的。

So as we contemplate the Q3 guide to continue to take that uncertainty into effect and despite the guide that we've put out that balances that perspective.

因此，當我們考慮第三季指南時，儘管我們發布的指南平衡了這一觀點，但仍將繼續考慮這種不確定性。

But overall, I feel like we've had strong execution to date in this continued uncertain economic and regulatory environment.

但總的來說，我覺得到目前為止，在持續不確定的經濟和監管環境中，我們的執行力很強。

I'm really remain encouraged with the momentum we're seeing, and we're confident we're on the path towards long-term sustainable growth.

我對我們所看到的勢頭感到非常鼓舞，我們相信我們正在走向長期可持續增長的道路。

Operator, can we do one last question, please?

接線員，我們可以做最後一個問題嗎？

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

This is Alex Hughes on for Ross.

我是亞歷克斯休斯 (Alex Hughes) 替補羅斯 (Ross)。

So looking at collectibles, news came out earlier this week that one of your trading card power sellers is moving to Fanatics in the next few months.

因此，請看看收藏品，本週早些時候有消息稱，您的交易卡大賣家之一將在未來幾個月內轉向 Fanatics。

Can you just give a little more color as to that situation and if the Goldin deal played a factor?

您能否對這種情況提供更多資訊以及戈爾丁交易是否起到了一定作用？

And then stepping back, collectibles is driving a lot of growth in focused categories.

退一步來說，收藏品正在推動重點類別的大幅成長。

But can you just talk a little bit more about how you're thinking about the opportunity more broadly?

但您能否多談談您如何更廣泛地考慮這個機會？

Yeah, I can talk about any one seller.

是的，我可以談論任何一位賣家。

We have millions of sellers on the platform.

我們的平台上有數百萬賣家。

What I say about collectors, collectibles is that we feel really great about the innovation that we're driving in that business.

關於收藏家和收藏品，我想說的是，我們對我們在該行業推動的創新感到非常高興。

Goldin coming on brings the world's most desirable inventory and collectibles onto the marketplace and new capabilities.

戈爾丁的到來將世界上最令人嚮往的庫存和收藏帶入市場並帶來新的功能。

The reception to Goldin and last week at the National was really amazing to see people chanting.

戈爾丁的招待會和上週在國家音樂節上看到人們高喊口號真是太棒了。

We had over 50 eBay Live events that we held there and the consumer and the hobbyist is really resonating with the steps that we're taking, including bringing in Ken Goldin and his team into the business.

我們在那裡舉辦了超過 50 場 eBay Live 活動，消費者和愛好者對我們正在採取的措施產生了真正的共鳴，包括將 Ken Goldin 和他的團隊引入該業務。

They had a leading show with King of collectibles Season two hitting great records on Netflix streaming.

他們的熱門節目《收藏品之王》第二季在 Netflix 串流媒體上創下了出色記錄。

We supported the Goldin 100 auctions.

我們支持高銀 100 拍賣。

So all great there.

所以那裡一切都很棒。

We're also excited by the partnership with collectors and PSA.

我們也對與收藏家和 PSA 的合作感到興奮。

It really helps solve something that collectors have been asking for for quite some time, which is simplify the process of grading and selling items.

它確實有助於解決收藏家長期以來一直要求的問題，即簡化物品的分級和銷售過程。

So now if you're selling -- sending an item to grade.

因此，現在如果您要銷售，請將商品發送至分級。

Usually that's going to massively increase the value and you're looking to potentially put that in the marketplace.

通常這會大幅增加價值，並且您希望有可能將其投放到市場上。

We've really simplified that through this partnership with PSA and why we're seeing customers really adopt it as we're just making that whole process really friction-free.

透過與 PSA 的合作，我們確實簡化了這一點，以及為什麼我們看到客戶真正採用它，因為我們只是讓整個過程真正無摩擦。

So we know, we've been a leading secondary marketplace for over two decades.

所以我們知道，二十多年來我們一直是領先的二級市場。

Every quarter, we innovate and drive new capabilities.

每個季度我們都會創新並推動新功能。

The last one I would just talk about here is our work in eBay Live.

我要在這裡談論的最後一個是我們在 eBay Live 中的工作。

In Q2, our eBay Live Events grew 50% quarter over quarter.

第二季度，我們的 eBay 現場活動較上季成長 50%。

We started doing case breaks on eBay and our sellers are adopting them and finding it really great to see new capabilities we've built.

我們開始在 eBay 上進行案例分析，我們的賣家正在採用它們，並且發現我們建立的新功能真的很棒。

We launched new features like buy spot directly on the live hub, which is a really great feature for case breaks.

我們推出了新功能，例如直接在即時中心購買現貨，這對於破案來說確實是一個很棒的功能。

And I participate in some of those, and they're just a lot of fun.

我參加了其中的一些活動，它們非常有趣。

And we launched eBay Live in the UK in Q2 as well.

我們也在第二季度在英國推出了 eBay Live。

So we're continuing to see good momentum on that component, which is really also help accelerating these new partnerships and all the work we've done with collections and price guides and new shipping methods over the past quarters and years to really accelerate our collectibles business and I'm encouraging by the stats of what we're seeing.

因此，我們繼續看到該組件的良好勢頭，這確實也有助於加速這些新的合作夥伴關係以及我們在過去幾個季度和幾年中在收藏品和價格指南以及新運輸方式方面所做的所有工作，以真正加速我們的收藏品我對我們所看到的統計數據感到鼓舞。

Ladies and gentlemen, this concludes today's conference call, and we thank you for your participation.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。

You may now disconnect.

您現在可以斷開連線。