eBay Inc (EBAY) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the eBay third quarter 2024 earnings conference call. (Operator Instructions) I'd now like to turn the call over to John Egbert, Vice President of Investor Relations. You may begin.

感謝您的耐心等待，歡迎參加 eBay 2024 年第三季財報電話會議。 （操作員指示）我現在想將電話轉給投資者關係副總裁 John Egbert。你可以開始了。

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

午安.感謝大家參加 eBay 2024 年第三季財報電話會議。今天與我一起參加電話會議的是我們的執行長傑米·伊安諾 (Jamie Iannone) 和我們的財務長史蒂夫·普里斯特 (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。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。

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

此外，除非另有說明，我們準備的評論中提到的所有增長率將反映外匯中性的同比有機比較，所有每股收益金額反映稀釋後每股收益。在本次電話會議期間，管理階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表現的聲明。這些前瞻性陳述涉及已知和未知的風險和不確定性。

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.

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。

All information in this presentation is as of October 30, 2024. We do not intend and undertake no duty to update this information. With that, I'll turn the call over to Jamie.

本簡報中的所有資訊均截至 2024 年 10 月 30 日。這樣，我就把電話轉給傑米。

Thanks, John. Good afternoon, everyone, and thank you all for joining us today. Q3 was another strong quarter for eBay as our gross merchandise volume grew by over 1% to $18.3 billion marking our second straight quarter of positive GMV growth. Revenue increased by more than 3% to $2.58 billion. Non-GAAP operating income grew by 6% and we grew non-GAAP earnings per share by 16% to $1.19.

謝謝，約翰。大家下午好，感謝大家今天加入我們。第三季是 eBay 的另一個強勁季度，我們的商品總量成長了 1% 以上，達到 183 億美元，標誌著我們連續第二季實現 GMV 正成長。營收成長超過 3%，達到 25.8 億美元。非 GAAP 營業收入成長 6%，非 GAAP 每股盈餘成長 16% 至 1.19 美元。

Now let's turn to the key drivers of our Q3 results. Our focused categories continue to deliver relevant experiences to customers and drive growth for our overall marketplace. Focus category GMV grew by nearly 5% in Q3 and outpacing the remainder of our marketplace by approximately five points.

現在讓我們來看看第三季業績的關鍵驅動因素。我們的重點類別持續為客戶提供相關體驗並推動我們整個市場的成長。焦點類別 GMV 在第三季成長了近 5%，比我們市場的其他產品高出約 5 個百分點。

This growth was driven by broad-based momentum across motors, parts and accessories, collectibles, refurbished and our luxury fashion categories. Collectibles had a particularly strong quarter as trading GMV accelerated to double-digit growth in Q3, driven by strength in sports trading cards and collectible card gains both on the eBay platform and through our subsidiary, TCG player.

這一增長是由汽車、零件、收藏品、翻新品和奢華時尚類別的廣泛勢頭推動的。收藏季表現尤其強勁，第三季交易 GMV 加速達到兩位數成長，這得益於 eBay 平台和我們的子公司 TCG Player 上體育交易卡和收藏卡收益的強勁增長。

During Q3, we engaged with collectibles enthusiasts at key industry trade shows including the National Sports Collectors Convention, GenCon, and San Diego Cometa. We expanded our high ASP inventory through monthly marquee auctions and consignment from trusted partners like TSA and ComC. And we continue to scale and evolve the eBay live experience, fueling particular momentum in areas like trading card case break. On top of healthy organic momentum, our recent acquisition of Golden is opening up exciting opportunities in the collectibles world.

第三季度，我們在全國體育收藏家大會、GenCon 和聖地亞哥 Cometa 等重要行業貿易展上與收藏品愛好者進行了交流。我們透過每月的大型拍賣以及來自 TSA 和 ComC 等值得信賴的合作夥伴的寄售來擴大我們的高平均售價庫存。我們持續擴展和發展 eBay 現場體驗，在交易卡盒破解等領域推動特別動能。除了健康的有機發展勢頭之外，我們最近收購了 Golden，這為收藏品世界帶來了令人興奮的機會。

Just last week, Ken Golden and team completed a record sales for Shohei Otani's 50th home run ball which sold for nearly $4.4 million, making it the most valuable baseball ever sold. Auctions for truly one-of-a-kind items like this can generate a lot of awareness for our platform where hobbyists can shop for everything ranging from low ASP ungraded trading cards to some of the world's most valuable collectible items.

就在上週，Ken Golden 和他的團隊以近 440 萬美元的價格售出了 Shohei Otani 的第 50 支本壘打球，創下了拍賣紀錄，成為有史以來最有價值的棒球。像這樣真正獨一無二的物品拍賣可以提高我們平台的知名度，愛好者可以在平台上購買各種物品，從平均售價較低的未分級交易卡到一些世界上最有價值的收藏品。

Fashion is also a critical entry point for us. As nearly one in five new sellers and buyers come to eBay through fashion category. During Q3, we launched a new creative campaign called Things People Love to raise awareness of eBay's value proposition in pre-lube fashion. We focused on driving relevance with key audiences like Gen Z by highlighting eBay's breadth and depth of quality pre-loved inventory backed by truck.

時尚也是我們一個重要的切入點。近五分之一的新賣家和買家透過時尚類別來到 eBay。第三季度，我們發起了一項名為「人們喜愛的事物」的新創意活動，以提高人們對 eBay 在預潤滑時尚方面價值主張的認識。我們透過強調 eBay 卡車支援的優質二手庫存的廣度和深度，專注於提高與 Z 世代等關鍵受眾的相關性。

Our full funnel marketing strategy has been instrumental in driving continued momentum in focused categories and healthier trends in active buyers, which grew nearly 1% to $133 million in Q3. One of the key building blocks underpinning our return to positive GMV growth has been our geo-specific investment, where we leverage our innovation playbook from focused categories to better serve customer needs at the local level.

我們的全漏斗行銷策略有助於推動重點類別的持續發展動能和活躍買家的健康趨勢，第三季成長近 1% 至 1.33 億美元。支撐我們恢復正 GMV 成長的關鍵要素之一是我們針對特定地理位置的投資，我們利用重點類別的創新策略來更好地滿足當地客戶的需求。

While many of these product experience changes benefit all sellers and buyers, we are particularly focused on consumer-to-consumer or C2C sellers for several reasons. C2C sellers bring some of the most unique inventory to eBay and are typically less price sensitive than B2C sellers. C2C sellers accelerate e-commerce as roughly 60% of their GMV comes from used and refurbished items compared to 40% for our marketplace overall.

雖然其中許多產品體驗變化使所有賣家和買家受益，但出於多種原因，我們特別關註消費者對消費者或 C2C 賣家。 C2C 賣家為 eBay 帶來一些最獨特的庫存，並且通常比 B2C 賣家對價格不太敏感。 C2C 賣家加速了電子商務，因為他們的 GMV 大約 60% 來自二手和翻新商品，而我們整個市場的比例為 40%。

Selling on eBay also creates a flywheel effect that stimulates incremental GMV as buyers who sell purchased roughly twice as much on eBay as non-sellers, with most of their incremental spend supporting small businesses. As a reminder, our first major geo-specific initiative launched in Germany in March of 2023. And more than 18 months later, we continue to see significantly higher customer satisfaction or CSAT and improved GMV trends for the overall German market.

在 eBay 上銷售還會產生飛輪效應，刺激 GMV 增量，因為銷售的買家在 eBay 上的購買量大約是非賣家的兩倍，其中大部分增量支出用於支持小型企業。提醒一下，我們的第一個針對特定地理位置的重大舉措於2023 年3 月在德國啟動。所改善。

This past April, we rolled out significant enhancements in the UK for preowned apparel categories. These improvements included simplified tools for selling and new tools to drive demand through enhanced discovery like Explore and Shop the look. Since then, we have observed material improvements to key C2C metrics like CSAT and active sellers alongside a double-digit improvement in C2C GMV growth in pre-owned apparel versus our prior baseline.

今年四月，我們在英國推出了二手服飾類別的重大改進。這些改進包括簡化的銷售工具以及透過增強的發現（例如探索和購買外觀）來推動需求的新工具。從那時起，我們觀察到 CSAT 和活躍賣家等關鍵 C2C 指標有了實質性改善，同時二手服裝的 C2C GMV 增長與我們之前的基準相比也出現了兩位數的增長。

The success of our Germany initiative over the last 1.5 years and similar results in the UK over the last six months gave us the confidence to move forward with a significant expansion of our UK initiative earlier this month. We introduced a suite of new capabilities to upgrade the overall C2C experience in the UK, including a simplified native listing flow, managed shipping, which streamlines the domestic shipping experience and creates a new revenue stream for eBay, improved local pickup and discovery capabilities and eBay balance which allows UK sellers to store their earnings or use them as spendable funds on eBay.

我們在德國的舉措在過去 1.5 年裡取得了成功，而在英國過去六個月也取得了類似的結果，這讓我們有信心在本月初大幅擴展我們的英國舉措。我們引入了一系列新功能來升級英國的整體 C2C 體驗，包括簡化的本地列表流程、託管運輸（簡化國內運輸體驗並為 eBay 創造新的收入來源）、改進的本地提貨和發現功能以及 eBay餘額允許英國賣家儲存其收入或將其用作eBay 上的可支出資金。

We accompanied this future rollout with a full funnel marketing campaign in the UK, which highlights the ease of selling on eBay. We also eliminated final value fees and regulatory operating keys for UK C2C sellers across all categories, excluding motor vehicles. We made this change due to clear evidence that European consumers are more motivated to lift their items online when it's free to sell even when buyer fees are introduced.

為了配合未來的推出，我們在英國進行了完整的漏斗行銷活動，突顯了 eBay 上銷售的便利性。我們也取消了英國所有類別（不包括機動車輛）C2C 賣家的最終價值費用和監管操作密鑰。我們做出這項改變是因為有明確的證據表明，即使引入了買家費用，歐洲消費者也更有動力在免費銷售的情況下在線上取貨。

We believe reducing the friction to sell will unlock a significantly larger total addressable market, or TAM, in C2C. We will initially monetize our UK C2C volume in several ways, including advertising, cross-border fees and our sell-to-buy flywheel. In Q4, we will begin to ramp our managed shipping initiative in the UK We also plan to introduce a buyer-facing fee on UK's C2C transactions during Q1 of 2025.

我們相信，減少銷售摩擦將釋放 C2C 領域更大的整體潛在市場 (TAM)。我們最初將以多種方式將英國 C2C 業務量貨幣化，包括廣告、跨境費用和我們的買賣飛輪。在第四季度，我們將開始在英國加強我們的託管運輸計劃。

Next, I'll walk through some of the major enhancements to the UK experience. One of the most significant changes we launched in October was the horizontal rollout of a simplified native listing flow for UK C2C sellers. This experience dramatically reduces the number of steps and decision points for sellers, offers intelligent pricing recommendations, seamlessly integrates AI-generated descriptions and photo enhancements and better highlights the benefits of advertising.

接下來，我將介紹英國體驗的一些主要改進。我們在 10 月推出的最重要的變化之一是為英國 C2C 賣家橫向推出簡化的本地清單流程。這種體驗大大減少了賣家的步驟和決策點，提供智慧定價建議，無縫整合人工智慧產生的描述和照片增強功能，更好地突出廣告的好處。

Since launch, the simplified flow has notably decreased time to list, improved listing completion rates, increased conversion, sold items and GMV per listing attempt and elevated adoption of Promoted Listings. With managed shipping, we are completely overhauling our shipping experience for C2C sellers in the UK in two phases.

自推出以來，簡化的流程顯著縮短了上市時間，提高了上市完成率，提高了轉換率、每次上市嘗試的銷售商品和 GMV，並提高了促銷上市的採用率。透過託管運輸，我們分兩個階段徹底改造英國 C2C 賣家的運輸體驗。

The first phase completed in early October, extended the simplified shipping experience we first rolled out in preowned apparel to all categories. Within the new native listing flow, UK C2C sellers now see a consolidated list of shipping options based on the estimated package size and weight. And since implementing this change, we have observed a significant reduction in time spent on shipping in a listing flow.

第一階段於 10 月初完成，將我們最初在二手服裝中推出的簡化運輸體驗擴展到所有類別。在新的本地清單流程中，英國 C2C 賣家現在可以看到基於估計包裹尺寸和重量的運送選項綜合清單。自從實施此變更以來，我們發現清單流程中的運輸時間顯著減少。

The second phase of managed shipping radically simplifies the experience and creates a new revenue stream for eBay. Similar to managed payments and eBay international shipping Managed shipping leverages our scale and expertise to create a better experience for customers while generating incremental revenue and operating income dollars. When listing eligible products sellers simply confirm the preselected package size and eBay handles the rest.

託管運輸的第二階段從根本上簡化了體驗，並為 eBay 創造了新的收入來源。與託管支付和 eBay 國際運輸類似，託管運輸利用我們的規模和專業知識為客戶創造更好的體驗，同時產生增量收入和營業收入。在列出符合條件的產品時，賣家只需確認預先選擇的包裝尺寸，然後 eBay 會處理其餘的內容。

Fires received competitive shipping rates and sellers are fully protected against loss or damage. Managed shipping is currently live for C2C pre-owned apparel listing in the UK In Q4, we plan to expand managed shipping horizontally on an opt-out basis, before mandating the program for eligible items listed by UK C2C sellers during Q1 of 2025.

火災獲得有競爭力的運費，賣家得到充分保護，免受損失或損壞。目前，英國C2C 二手服裝上市的託管運輸已上線。該計劃。

In addition to shipping, we launched a number of enhancements to the local pickup experience in the UK As these transactions make up a significant portion of our C2C TAM in this market, we increased local supply by defaulting new C2C listings to offer both pickup and shipping options. We created a new eBay Local landing page and (inaudible) for optimal browsing of nearby inventory.

除了運輸之外，我們還對英國本地提貨體驗進行了多項增強。供應選項。我們創建了一個新的 eBay Local 登陸頁面（聽不清楚），以實現附近庫存的最佳瀏覽。

We also enhance trust, improve post-sale education for shoppers and streamline the in-person payment process. Since launch, we've seen a significant uptick in locally enabled listings in the UK and a double-digit improvement in local C2C volume growth. Lastly, in mid-October, we added the eBay balance feature in the UK

我們也增強信任，改善購物者的售後教育，並簡化當面付款流程。自推出以來，我們看到英國本地上市的數量顯著增加，本地 C2C 交易量增長達到兩位數。最後，在十月中旬，我們在英國添加了 eBay 餘額功能

This gives millions of C2C sellers the flexibility to use their earnings to shop on eBay, promote their listings, purchase shipping labels or withdrawal available funds whenever they wish. With eBay balance, we believe we can further stimulate the cell to buy flywheel and also reduce the cost of payments when sellers spend their earnings on eBay.

這使得數以百萬計的 C2C 賣家可以靈活地使用他們的收入在 eBay 上購物、宣傳他們的商品、購買運輸標籤或隨時提取可用資金。有了eBay餘額，我們相信可以進一步刺激購買飛輪的細胞，同時也可以降低賣家在eBay上花費收入時的支付成本。

Taking a step back by making these changes, we believe we are addressing three of the longest-standing pain points for UK sellers on eBay. These delist the amount of time and effort it takes to create a listing and the complexities involved with shipping. During the first few weeks since the broader UK C2C initiative launch, we've seen more than 20-point increases in new and reactivated listers and sellers and material increases in C2C sold items and GMV.

退一步來說，透過做出這些改變，我們相信我們正在解決 eBay 上英國賣家長期存在的三個痛點。這些消除了創建清單所需的時間和精力以及運輸所涉及的複雜性。自從更廣泛的英國 C2C 計劃推出以來的最初幾週，我們看到新的和重新激活的列表和賣家的數量增長了 20% 以上，C2C 銷售的商品和 GMV 也出現了實質性增長。

We are confident that these changes will not only be great for our community, but also our shareholders. Our strategic focus on C2C should open up a significantly larger TAM in e-commerce by unlocking consumers' closets, basements and garages. Our teams continue to leverage the power of artificial intelligence to deliver magical innovations for our customers.

我們相信，這些變化不僅有利於我們的社區，也有利於我們的股東。我們對 C2C 的策略重點應該透過解鎖消費者的衣櫃、地下室和車庫，在電子商務領域開闢更大的 TAM。我們的團隊繼續利用人工智慧的力量為我們的客戶提供神奇的創新。

In recent months, eBay's core AI team released the second generation of our proprietary Lilium series of large language models, developed in-house using our high-performance supercomputer. Notably, these models have outperformed public benchmarks in eBay specific tasks like description generation, title creation, aspect extraction and pricing predictions. Behind the scenes, these models have already been deployed to accelerate the transformation of selling and buying on eBay, including magical listing.

最近幾個月，eBay 的核心人工智慧團隊發布了我們專有的 Lilium 系列大型語言模型的第二代，該模型是使用我們的高效能超級電腦內部開發的。值得注意的是，這些模型在 eBay 特定任務（如描述生成、標題創建、方面提取和定價預測）中的表現優於公共基準。在幕後，這些模式已經被部署來加速 eBay 上銷售和購買的轉型，包括神奇的上市。

The first phase of our magic listing experience generates high-quality listing descriptions with the push of a button. Approximately 10 million unique sellers have used this feature to date, creating over 100 million listings. Gen AI enhanced listings have also generated several billion dollars of cumulative GMV on eBay. Additionally, more than 1/4 of US mobile app users have access to the next iteration of magic listing and beta.

我們神奇的清單體驗的第一階段只需按一下按鈕即可產生高品質的清單描述。迄今為止，約有 1000 萬獨立賣家使用了此功能，創建了超過 1 億個清單。 Gen AI 增強版清單還在 eBay 上產生了數十億美元的累積 GMV。此外，超過 1/4 的美國行動應用用戶可以存取下一代 Magic Listing 和 Beta 版。

After taking or uploading a photo, this experience leverages computer vision and generative AI to prefill or suggest the title, category, description and other item aspects for listing. CSAT for this beta remains extremely high at roughly 90% as we continue to optimize model performance and efficiency. We are also leveraging Gen AI to enhance our tools for our B2C sellers, we recently introduced the Magical bulk listing tool, which leverages our internal LLM to seamlessly create a large number of pre-populated listings at one.

拍攝或上傳照片後，這種體驗利用電腦視覺和生成式人工智慧來預先填充或建議清單的標題、類別、描述和其他項目方面。隨著我們繼續優化模型性能和效率，此測試版的 CSAT 仍然非常高，約為 90%。我們還利用 Gen AI 來增強我們為 B2C 賣家提供的工具，我們最近推出了 Magical 批量列表工具，該工具利用我們內部的 LLM 一次性無縫創建大量預先填充的列表。

Sellers simply uploads photos in bulk and individual listings are created with category, title and item specifics prefilled where possible. The magical bulk listing tool was launched for all B2C US trading card sellers in Q3 and early feedback has been extremely positive. In Q4, we've also begun to roll out this tool to sellers in other categories.

賣家只需批量上傳照片，然後建立單獨的列表，並在可能的情況下預先填寫類別、標題和商品詳細資訊。這個神奇的大量上市工具於第三季度向所有 B2C 美國交易卡賣家推出，早期回饋非常正面。在第四季度，我們也開始向其他類別的賣家推出此工具。

Turning next to advertising. During Q3, first-party advertising grew 14% and while total ad revenue grew 11% to $408 million and Eclipse 2.2% penetration of GMV. Nearly 3.2 million sellers adopted a single ad product during the quarter, and we ended Q3 with over $1 billion live promoted listings out of more than $2.1 billion total live listings.

接下來轉向廣告。第三季度，第一方廣告成長了 14%，廣告總收入成長了 11%，達到 4.08 億美元，Eclipse 的 GMV 滲透率為 2.2%。本季有近 320 萬賣家採用了單一廣告產品，在第三季結束時，我們的即時促銷清單中價值超過 10 億美元，而即時清單總數超過 21 億美元。

Within the ads portfolio, Promoted Listings were the largest contributor to year-over-year growth led by cost per click ad unit. Promoted offsite ads were the fastest growing among our first-party ads. And during the quarter, we rolled out several performance optimizations and scaled our go-to-market efforts for these ads. Raising awareness, adoption and retention amongst our seller base.

在廣告組合中，推薦清單是逐年成長的最大貢獻者，其中每點擊廣告單元的成本為主導。站外推廣廣告是我們的第一方廣告中成長最快的。在本季度，我們推出了多項效果優化，並擴大了這些廣告的市場推廣力度。提高我們賣家群組的認知度、採用率和留任率。

Promoted stores ads are the most nascent product in our portfolio. But during Q3, we began to gradually ramp these ads through contextually relevant placements at the top of search and on the new order details page. Next, I'd like to discuss our work in payments and financial services, where we continue to expand choice and flexibility for buyers and offer new solutions for sellers to grow their businesses on eBay.

促銷商店廣告是我們產品組合中最新的產品。但在第三季度，我們開始透過搜尋頂部和新訂單詳細資料頁面上的上下文相關展示位置逐步增加這些廣告。接下來，我想討論我們在支付和金融服務方面的工作，我們將繼續擴大買家的選擇和靈活性，並為賣家在 eBay 上發展業務提供新的解決方案。

In Germany, we are expanding our breadth of payment options through our partnership with River T, a German Fintech company offering solutions used by 28 million consumers. We are introducing a monthly invoice payment option through River T, enabling German buyers to pay for multiple purchases on eBay at a later date with no interest or fees if the payment is made on time.

在德國，我們正在透過與德國金融科技公司 River T 的合作擴大支付選擇的範圍，River T 為 2,800 萬消費者提供解決方案。我們正在透過 River T 推出每月發票付款選項，使德國買家能夠日後在 eBay 上支付多次購買的費用，如果按時付款，則無需支付利息或費用。

According to an eBay consumer survey, more than 3/4 of online shoppers in Germany prefer to use invoicing as a payment method for online shopping. So we are pleased to offer another locally relevant payment option for our customers in this region. For small business sellers, we continue to expand the eBay seller capital program through trusted partners.

根據 eBay 消費者調查，超過 3/4 的德國網購消費者更喜歡使用發票作為網購的支付方式。因此，我們很高興為該地區的客戶提供另一種與當地相關的付款方式。對於小型企業賣家，我們繼續透過值得信賴的合作夥伴擴大 eBay 賣家資本計畫。

In July, we launched Business Cash Advance a revenue-based financing solution provided by Liberis. In October, we expanded our partnership with Liberis to offer flexible cash advances to US sellers. This program offers financing for sums of up to $2 million with the flexibility for sellers to tap into capital on demand and a lot more financing over time.

7 月，我們推出了由 Liberis 提供的基於收入的融資解決方案 Business Cash Advance。 10 月份，我們擴大了與 Liberis 的合作夥伴關係，為美國賣家提供靈活的現金預付款。該計劃提供高達 200 萬美元的融資，賣家可以靈活地按需利用資金，並隨著時間的推移獲得更多融資。

I am pleased to share that through these programs with Liberis, we have already enabled thousands of small business sellers access to over $40 million of growth capital. And in aggregate, across all of our seller capital partnership -- we've connected eBay sellers with over $100 million of working capital year-to-date. Next, I'd like to share a few ways we're making an impact in our community. EBay for Charity raised more than $49 million in Q3, up 21% year-over-year.

我很高興與大家分享，透過與 Liberis 合作的這些計劃，我們已經讓數千名小型企業賣家獲得了超過 4000 萬美元的成長資本。總的來說，在我們所有的賣家資本合作關係中，今年迄今為止，我們已經為 eBay 賣家提供了超過 1 億美元的營運資金。接下來，我想分享一些我們對社區產生影響的方法。 eBay for Charity 在第三季籌集了超過 4,900 萬美元，年增 21%。

Additionally, the eBay Foundation awarded nearly $3 million to Grand Teas across the globe who are supporting entrepreneurship for historically excluded groups. I'm always amazed by the generosity of our buyers and sellers, and I'm proud we're able to support important causes around the world. In closing, Q3 was another strong quarter for eBay.

此外，eBay 基金會也向全球支持歷史上被排斥群體創業的 Grand Teas 授予了近 300 萬美元。我總是對買家和賣家的慷慨感到驚訝，我很自豪我們能夠支持世界各地的重要事業。最後，第三季是 eBay 另一個強勁的季度。

We sustained positive GMV growth for the second straight quarter amid a dynamic macro and operating environment, led by nearly 5% growth in our focus categories. The rest of our marketplace was nearly flat for the second consecutive quarter, supported by horizontal innovation and our C2C investments in key geographies. We continue to see strong growth in our first-party ad products across our portfolio and broaden our range of payments and financial service offerings for sellers and buyers.

在充滿活力的宏觀和營運環境中，我們的 GMV 連續第二季保持正成長，其中重點品類成長了近 5%。在橫向創新和我們在關鍵地區的 C2C 投資的支持下，我們市場的其餘部分連續第二季幾乎持平。我們的第一方廣告產品在我們的產品組合中持續強勁成長，並擴大了我們為賣家和買家提供的支付和金融服務範圍。

And importantly, we remain focused on operational discipline alongside our investments in long-term growth initiatives to ensure continued healthy growth in operating income and earnings per share. With that, I'll turn the call over to Steve to provide more details on our financial performance. Steve, over to you.

重要的是，我們仍然專注於營運紀律以及對長期成長計畫的投資，以確保營業收入和每股盈餘持續健康成長。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 fourth quarter and initial thoughts on next year before we begin Q&A. My comments will reflect year-over-year comparison on an organic FX-neutral basis, unless I note otherwise. eBay delivered strong top and bottom line results in Q3 our focused categories, geo-specific investments from (inaudible) initiatives drove a second consecutive quarter of positive GMV growth amid an uneven macroeconomic environment. Gross merchandise volume grew over 1% to $18.3 billion.

謝謝傑米，也謝謝大家今天加入我們。我將從我們收益報告的財務亮點部分開始。接下來，我將更詳細地討論我們的關鍵財務和營運指標。最後，在開始問答之前，我將提供我們對第四季的展望和對明年的初步想法。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同比比較。 eBay 在第三季取得了強勁的營收和利潤業績，在宏觀經濟環境不平衡的情況下，我們的重點類別、來自（聽不清楚）計劃的特定地理投資推動了GMV 連續第二個季度的正增長。商品總額成長超過 1%，達到 183 億美元。

Revenue grew over 3% to $2.58 billion. Non-GAAP operating income grew 6% and to $700 million. We delivered $1.19 of non-GAAP earnings per share, up 16%, and we returned $881 million to shareholders to be reported on dividend. Let's take a closer look at our financial performance during the third quarter. Gross merchandise volume grew over 1% to $18.3 billion on an organic FX-neutral basis. Golden contributed nearly 30 basis points of total FX-neutral volume growth and foreign exchange was a tailwind of nearly 30 basis points of spot growth.

營收成長超過 3%，達到 25.8 億美元。非 GAAP 營業收入成長 6%，達到 7 億美元。我們實現了 1.19 美元的非 GAAP 每股收益，成長了 16%，並向股東返還了 8.81 億美元的股息。讓我們仔細看看第三季的財務表現。在自然匯率中立的基礎上，商品總銷量成長超過 1%，達到 183 億美元。黃金對外匯中性成交量成長貢獻了近 30 個基點，而外匯則推動了現貨成長近 30 個基點。

We continue to face a dynamic macro and consumer spending environment in the quarter. And as we noted on the last earnings call, political news, sporting events and elevated travel in July influenced consumer behavior. Strong execution within our strategic initiatives helped us navigate these headwinds. Focused category GMV grew nearly 5%, approximately five points faster than the remainder of our marketplace.

本季我們持續面臨充滿活力的宏觀和消費者支出環境。正如我們在上次財報電話會議上指出的那樣，政治新聞、體育賽事和 7 月旅行的增加影響了消費者的行為。我們戰略計劃的強有力執行幫助我們克服了這些阻力。重點品類 GMV 成長近 5%，比市場其他產品快約 5 個百分點。

Our momentum in focused categories is broad-based with continued positive growth in P&A, collectibles, refurbished and our luxury categories. The remainder of our marketplace is nearly flat year-over-year for the second straight quarter, driven by craft category shopping, horizontal innovation, geo-specific initiatives and resilient growth in e-commerce.

我們在重點類別上的勢頭基礎廣泛，在 P&A、收藏品、翻新品和奢侈品類別方面持續積極成長。在手工藝品類別購物、橫向創新、針對特定地區的舉措和電子商務的彈性增長的推動下，我們市場的其餘部分連續第二個季度同比幾乎持平。

Moving to our trends on a geographic basis. US GMV grew by nearly one point in the third quarter. Similar to Q2, we saw improved trends in organic traffic in the US and continued momentum in focused categories led by collectibles, refurbished and luxury fashion. International GMV grew by nearly 2% on an FX-neutral basis in Q3, while FX was a 0.5 point tailwind spot growth.

轉向我們在地理基礎上的趨勢。第三季美國GMV成長近1個百分點。與第二季類似，我們看到美國的有機流量趨勢有所改善，並且以收藏品、翻新和奢華時尚為主導的重點類別持續保持成長勢頭。第三季度，在匯率中立的基礎上，國際 GMV 成長了近 2%，而外匯則推動了 0.5 個百分點的現貨成長。

In the UK and Germany, we continue to navigate more challenging macroeconomic conditions and lower consumer confidence while seeing strength in parts and accessories and improved trends in C2C volume. Cross-border trade continues to be an important driver of international GMV growth, led by exports in Greater China and Japan into our major markets.

在英國和德國，我們繼續應對更具挑戰性的宏觀經濟條件和較低的消費者信心，同時看到零件和配件的實力以及 C2C 銷售趨勢的改善。跨境貿易仍然是國際 GMV 成長的重要推動力，其中大中華區和日本對我們主要市場的出口帶動了這一成長。

CBT was also a significant contributor to growth and focused categories, particularly P&L. Next, let's take a look at buyers. Trailing 12 month active buyers grew by nearly 1% to $133 million. Our strategic initiatives and full funnel marketing campaigns help drive continued growth in new and reactivated buyers and improved retention.

CBT 也是成長和重點類別（尤其是損益表）的重要貢獻者。接下來我們就來看看買家。過去 12 個月的活躍買家成長了近 1%，達到 1.33 億美元。我們的策略性舉措和全漏斗行銷活動有助於推動新買家和重新激活的買家的持續成長，並提高保留率。

(inaudible) buyers were stable at roughly $16 million. endpoints as buyer grew slightly year-over-year to just over $3,100. Moving to revenue. In Q3, we grew revenue by over 3% to $2.58 billion, Foreign exchange was a 30 basis point headwind to spot revenue growth.

（聽不清楚）買家穩定在 1600 萬美元左右。買家的端點同比略有增長，略高於 3,100 美元。轉向收入。第三季度，我們的營收成長了 3% 以上，達到 25.8 億美元，外匯對即期營收成長構成了 30 個基點的阻力。

Our take rate was 14.1% and nearly 20 basis points year-over-year. First-party advertising, shipping and financial services all contributed to our take rate expansion, which was slightly offset by the C2C initiatives and an FX headwind of nearly 10 basis points. On a sequential basis, our take rate expanded by over 10 basis points.

我們的採用率為 14.1%，較去年同期上升近 20 個基點。第一方廣告、運輸和金融服務都為我們的利用率擴張做出了貢獻，但這一點被 C2C 舉措和近 10 個基點的外匯逆風略微抵消。環比來看，我們的採用率擴大了 10 個基點以上。

Total advertising revenue grew 11% to $408 million in the third quarter and represented over 2.2% penetration of GMV. First-party ads grew over 14% to $396 million, and we accelerated modestly from Q2 level. Third-party display ads revenue declined nearly 43% year-over-year as we continue to deprecate these legacy ad units. Next, I'll discuss our profitability.

第三季廣告總營收成長 11%，達到 4.08 億美元，佔 GMV 的滲透率超過 2.2%。第一方廣告成長超過 14%，達到 3.96 億美元，與第二季相比略有加速。由於我們繼續棄用這些舊版廣告單元，第三方展示廣告收入較去年同期下降了近 43%。接下來，我將討論我們的獲利能力。

Non-GAAP gross margin was flat year-over-year as a reduction in cost of payments and lower depreciation expenses were roughly offset by traffic acquisition costs, tax-related matters and foreign exchange (inaudible) non-GAAP operating margin expanded by over 80 basis points year-over-year to 27.2% in Q3 driven by operational efficiencies, partly offset by investments in full funnel marketing a foreign exchange headwind of roughly 20 basis points.

非 GAAP 毛利率同比持平，原因是支付成本的降低和折舊費用的降低被流量獲取成本、稅務相關事項和外匯（聽不清）非 GAAP 營業利潤率擴大了 80 以上大致抵消在運營效率的推動下，第三季年增27.2%，部分被全通路行銷投資所抵消，外匯逆風約20 個基點。

Our non-GAAP operating income grew 6% in the quarter, while non-GAAP earnings per share grew 16% to $1.19. On a GAAP basis, we reported earnings per share of $1.29 in Q3. The difference was primarily due to an increase in the value of our investment portfolio, partly offset by stock-based compensation. Turning to our balance sheet and capital allocation.

本季我們的非 GAAP 營業收入成長 6%，非 GAAP 每股盈餘成長 16% 至 1.19 美元。根據 GAAP 計算，我們第三季的每股收益為 1.29 美元。差異主要是由於我們的投資組合價值增加，部分被股票薪酬所抵銷。轉向我們的資產負債表和資本配置。

Our free cash flow for the third quarter was $646 million, down year-over-year due to the timing of cash taxes. Last year, the majority of our cash tax payments delays until Q4 due to California's disaster tax release program. At the end of Q3, we had cash and non-equity investments of $5.8 billion and gross debt of $7.4 billion.

由於現金稅的時間安排，我們第三季的自由現金流為 6.46 億美元，年減。去年，由於加州的災難稅減免計劃，我們的大部分現金稅款支付推遲到第四季度。截至第三季末，我們的現金和非股權投資為 58 億美元，總債務為 74 億美元。

We repurchased $750 million of e-based shares during Q3 at an average price of approximately $57 and had roughly $1.2 billion remaining under our buyback authorization at the end of the period. In addition, we paid a quarterly cash dividend of $131 million in September or $0.27 per share. Shifting to our investment portfolio. Our equity investments and warrants were valued at $3 billion at the end of the quarter with (inaudible) Adyen and G market accounted for the majority of the value. We retained approximately 18% ownership of (inaudible) which is a privatized advent entity, and that ownership is valued at roughly $1.9 billion based on the value as at the close of the transaction.

我們在第三季以約 57 美元的平均價格回購了價值 7.5 億美元的電子股票，截至該期末，我們的回購授權剩餘約 12 億美元。此外，我們在 9 月支付了 1.31 億美元的季度現金股息，即每股 0.27 美元。轉向我們的投資組合。截至本季末，我們的股權投資和認股權證價值為 30 億美元，其中（聽不清楚）Adyen 和 G 市場佔了大部分價值。我們保留了（聽不清楚）大約 18% 的所有權，這是一個私有化的 Advent 實體，根據交易結束時的價值，該所有權的價值約為 19 億美元。

The consortium led by Primera and Blackstone as the option through November 29 to purchase from eBay roughly 10% ownership of the private entity for just over $1 billion. Our adding warrants were valued at approximately $0.5 billion at the end of Q3. On October 15, we met the processing volume milestone necessary to invest the second tranche of our Adyen. We subsequently paid $105 million to exercise the chance for approximately 404,000 shares of Adient stock, which are valued at approximately $602 million based on the company's share price at the time.

由 Primera 和 Blackstone 領導的財團有權在 11 月 29 日之前以略高於 10 億美元的價格從 eBay 購買該私人實體約 10% 的所有權。截至第三季末，我們新增的認股權證價值約為 5 億美元。 10 月 15 日，我們達到了投資第二批 Adyen 所需的處理量里程碑。隨後，我們支付了 1.05 億美元，以行使購買約 404,000 股 Adient 股票的機會，根據當時公司的股價，這些股票的價值約為 6.02 億美元。

Turning to our outlook. We expect to generate GMV between $18.9 billion and $19.3 billion in the fourth quarter, representing FX-neutral growth between flat from 2% year-over-year. We expect Golden to contribute over 30 basis points of GMV growth in the quarter. At current rates, foreign currency would represent a roughly 2-point tailwind to GMV growth in Q4.

轉向我們的展望。我們預計第四季度的 GMV 將在 189 億美元至 193 億美元之間，即匯率中立成長與去年同期持平至 2% 之間。我們預計 Golden 將為本季的 GMV 成長貢獻超過 30 個基點。按照目前的匯率，外幣將對第四季度 GMV 成長產生約 2 個百分點的推動力。

We expect continued momentum in GMV to be driven by multiple strategic initiatives across focused categories, the UK and Germany and horizontal areas. Our outlook also contemplates a challenging operating environment due to persistent economic headwinds and several one-off dynamics in Q4. Specifically, greater consumer attention on US elections a shorter holiday shopping period this year from Hurricane Milton in early October.

我們預計 GMV 的持續成長動能將由跨重點類別、英國和德國以及橫向領域的多項策略舉措推動。我們的前景也考慮到由於持續的經濟逆風和第四季的一些一次性動態，營運環境充滿挑戰。具體來說，自十月初的颶風米爾頓以來，消費者對美國大選的關注度有所提高，今年的假期購物時間也縮短了。

The forecast revenue between $2.53 billion and $2.59 billion in the fourth quarter, representing FX-neutral growth of negative 1% to positive 1%. At current rates, we estimate FX would represent a nearly 30 basis point tailwind to spot revenue growth. We anticipate our UK C2C initiative will modestly benefit total GMV growth in Q4. While certain existing levers like advertising, cross-border fees, and our sell-to-buy flywheel to continue to contribute revenue on UK

預計第四季營收在 25.3 億美元至 25.9 億美元之間，即匯率中性因素下負 1% 至正 1% 的成長。依照目前的匯率，我們估計外匯將對營收成長產生近 30 個基點的推動作用。我們預計我們的英國 C2C 計劃將適度有利於第四季度總 GMV 的成長。雖然廣告、跨境費用和我們的買賣飛輪等某些現有槓桿將繼續為英國貢獻收入

C2C volume. We do not expect material revenue contribution in Q4 from our two major remonetization efforts. Managed shipping, which is ramping starting in Q4 through Q1 of 2025 and biofeed which we plan to introduce in the back half of Q1. We launched our UK initiative in October to provide the best experience for our sellers and buyers and our second largest market ahead of the critical holiday season. We also believe it is the right decision to phase in these new monetization program to give our customers time to adjust to these changes.

C2C 量。我們預計我們的兩項主要再貨幣化工作不會對第四季度的收入做出實質貢獻。管理運輸將從 2025 年第四季開始一直持續到第一季度，而生物飼料我們計劃在第一季後半段推出。我們於 10 月推出了英國計劃，以便在關鍵的假期季節之前為我們的賣家和買家以及我們的第二大市場提供最佳體驗。我們也相信，分階段實施這些新的貨幣化計畫是正確的決定，讓我們的客戶有時間適應這些變化。

For Q4, we forecast non-GAAP operating margin between 26.5% and 27%. In addition to pressure from our UK initiative, expenses related to M&A and integration costs and over 30 basis points of impact to our consolidated operating margin and foreign currency is another 60 basis points of headwind year-over-year.

對於第四季度，我們預測非 GAAP 營運利潤率在 26.5% 至 27% 之間。除了來自我們英國計劃的壓力外，與併購和整合成本相關的費用以及對我們綜合營業利潤率和外幣超過 30 個基點的影響使我們的同比阻力又增加了 60 個基點。

For the full year, this implies 60 to 70 basis points of non-GAAP operating margin expansion. We expect to generate non-GAAP earnings per share between $1.17 and $1.20 a in the fourth quarter, representing year-over-year growth between 9% and 14%. This implies full year non-GAAP EPS growth between 13% and 14%.

對於全年而言，這意味著非 GAAP 營業利潤率將擴大 60 至 70 個基點。我們預計第四季非公認會計準則每股收益將在 1.17 美元至 1.20 美元之間，年增 9% 至 14%。這意味著全年非 GAAP 每股收益將成長 13% 至 14%。

We forecast capital expenditure to be about 4.5% of revenue for the full year, and our non-GAAP tax rate to remain stable at 16.5%. And we continue to expect free cash flow of just under $2 billion for the full year. We are further raising our share repurchase target for 2024 to $3 billion implying $750 million of repurchase during Q4. In addition, our Board declared a quarterly dividend of $0.27 per share for the fourth quarter to be paid in December.

我們預計全年資本支出約為收入的 4.5%，非 GAAP 稅率將穩定在 16.5%。我們仍然預計全年自由現金流將略低於 20 億美元。我們將 2024 年的股票回購目標進一步提高至 30 億美元，這意味著第四季將回購 7.5 億美元。此外，我們的董事會宣布將於 12 月支付第四季每股 0.27 美元的季度股息。

Now I'd like to make a few initial comments on our financial priorities for 2025. We plan to balance the need to reinvest for long-term growth against the near-term top and bottom line performance. Assuming an unchanged macro environment, we are planning our business to run positive FX-neutral GMV and revenue growth. Non-GAAP operating income dollar growth modestly ahead of GMV and high single-digit growth in non-GAAP earnings per share year-over-year.

現在，我想對我們 2025 年的財務優先事項發表一些初步評論。假設宏觀環境不變，我們計劃我們的業務在外匯中性的情況下實現正的 GMV 和收入成長。非 GAAP 營業收入的美元成長小幅領先 GMV，非 GAAP 每股盈餘的年比高個位數成長。

As it pertains to margins, we plan to target the optimal combination of GMV growth and operating margin to maximize operating income dollar growth. There were some unique considerations for 2025, influencing our financial architecture. Similar to eBay International shipping program, a managed shipping initiative in the UK, we recognize revenue on a gross basis.

就利潤率而言，我們計劃以 GMV 成長和營業利潤率的最佳組合為目標，以最大限度地提高營業收入美元成長。 2025 年有一些獨特的考慮因素，影響著我們的財務架構。與 eBay 國際運送計畫（英國的託管運送計畫）類似，我們以總額確認收入。

Our current assumption is that UK managed shipping will pressure our consolidated non-GAAP operating margin by approximately 40 basis points in 2025, while contributing positively to operating income dollars. In closing, Q3 was another strong quarter for eBay. Our GMV grew for a second consecutive quarter. Non-GAAP operating income grew 6% and non-GAAP earnings per share grew 16%.

我們目前的假設是，到 2025 年，英國託管航運將使我們的綜合非 GAAP 營運利潤率下降約 40 個基點，同時對營運收入做出積極貢獻。最後，第三季是 eBay 另一個強勁的季度。我們的 GMV 連續第二季成長。非 GAAP 營業收入成長 6%，非 GAAP 每股盈餘成長 16%。

These results clearly demonstrate that our strategy is working, and we have the right balance between delivering robust standing, reinvesting to drive long-term sustainable growth and delivering healthy capital returns to shareholders. We plan to follow these same principles and build on this year's momentum as we finalize our plans for 2025.

這些結果清楚地表明我們的策略正在發揮作用，並且我們在提供穩健的信譽、再投資以推動長期可持續增長和為股東提供健康的資本回報之間取得了適當的平衡。我們計劃遵循這些相同的原則，並以今年的勢頭為基礎，最終確定 2025 年的計劃。

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)

（操作員說明）

Ygal Arounian, Citigroup.

Ygal Arounian，花旗集團。

I wanted to ask on the e-commerce initiatives seems to be a greater focus here. Maybe first, just on the monetization efforts. How should we think about the catch-up to breakeven on the fees that you're giving up? And do you think that over time, the new monetization model can be more monetizable than the previous one? And how do we think about -- or how do you think about this opportunity and expanding it to the US?

我想問的是，電子商務舉措似乎是這裡更關注的焦點。也許首先是貨幣化的努力。我們應該如何考慮如何彌補您放棄的費用以達到收支平衡？您認為隨著時間的推移，新的獲利模式會比以前的獲利模式更具獲利性嗎？我們如何看待——或者你如何看待這個機會並將其擴展到美國？

And if it works in the UK and is worth in Germany and how could this -- how this could expand to eBay more broadly?

如果它在英國有效並且在德國也有價值，那麼這如何能更廣泛地擴展到 eBay？

Yes. Look, we're launching this from a position of strength. Let me tell you kind of how we're thinking about it. We've delivered positive GMV growth in the past two quarters. And we have strong conviction. We started 1.5 years ago in Germany and saw really strong results there. And our early results in preowned apparel in the UK give us the confidence to move forward.

是的。聽著，我們是從強勢地位發起這項舉措的。讓我告訴你我們是如何考慮的。過去兩個季度，我們的 GMV 實現了正成長。而我們有堅定的信念。 1.5 年前，我們在德國起步，並在那裡取得了非常強勁的成果。我們在英國二手服裝方面的早期成果讓我們有信心繼續前進。

We made the decision to launch this in October one to really take advantage of the holiday period in our second largest market. We believe it's the right decision to phase this in for our sellers and buyers. Because the other thing you've got to remember here, Ygal, is just it's a change to the marketplace, and we want to give sellers and buyers time to adjust their processes. So that's why we're going to ramp up managed shipping through Q4 and Q1.

我們決定在 10 月推出此產品，以真正利用我們第二大市場的假期。我們相信，對於我們的賣家和買家來說，分階段實施這項措施是正確的決定。因為 Ygal，你在這裡必須記住的另一件事是，這只是市場的變化，我們希望給賣家和買家時間來調整他們的流程。這就是為什麼我們要在第四季和第一季加強託管運輸。

And why we decided to introduce the buyer fees in the back half of Q1. So the pressure that you're seeing on revenue in Q4 is primarily a timing dynamic given that ramp of managed shipping over Q4 and through Q1. And then introducing the buyer fee in the back half of Q1. So some of that remonetization lag will likely spill over to Q1. But we believe that these changes are clear -- we believe based on where buyer fees are in the UK, we have the ability to remonetize these moving those fees around.

以及為什麼我們決定在第一季後半段引入買家費用。因此，考慮到第四季度和第一季管理運輸的成長，您在第四季度看到的收入壓力主要是時間動態。然後在Q1後半段引入買家費用。因此，部分再貨幣化滯後可能會蔓延到第一季。但我們相信這些變化是明確的——我們相信，根據英國買家費用的情況，我們有能力將這些費用重新貨幣化。

And remember, it's not just those 2, but it's also advertising. It's the cross-border fees that we charge as well as the cellular Bio flywheel that we see. But the strategic benefits of doing this are really clear. We're going to unlock a significant portion of TAM in our second largest market and ultimately generate long-term growth for eBay and value for our shareholders.

請記住，這不僅僅是這兩個，也是廣告。這是我們收取的跨境費用以及我們看到的蜂窩生物飛輪。但這樣做的戰略利益非常明顯。我們將在我們的第二大市場釋放 TAM 的很大一部分，並最終為 eBay 帶來長期成長並為我們的股東帶來價值。

And as Steve said, Steve gave some preliminary commentary on FY '25. And as we expect to grow GMV and revenue year-on-year, grew operating income modestly faster than GMV and increased our EPS by high single digits year-over-year. To your question on the US, we have no plans to launch free selling in the US US is a different market. from the UK UK buyers and sellers are more open to buyer fees. It's more standard in the market.

正如史蒂夫所說，史蒂夫對 25 財年做出了一些初步評論。由於我們預計 GMV 和收入將同比增長，因此營業收入的成長速度將略快於 GMV，並且我們的每股盈餘將實現高個位數的年成長。關於你關於美國的問題，我們沒有計劃在美國推出免費銷售，美國是一個不同的市場。來自英國 英國買家和賣家對買家費用更加開放。這是市場上比較標準的。

There may be certain aspects of the product experience that streamlined selling that we bring to other markets.

產品體驗的某些方面可能會簡化我們帶到其他市場的銷售。

And like a follow-up on the second gen of LOM. You guys are releasing and some of what you're seeing, you talked about outperforming the public benchmarks. Any way to frame how that's impacting volume growth? Are you seeing it roll through yet? Is there any way to quantify that?

就像第二代 LOM 的後續產品。你們正在發布一些你們所看到的內容，你們談到超越公共基準。有什麼方法可以描述這對銷售成長的影響嗎？你看到它滾動了嗎？有什麼方法可以量化嗎？

Yes, we are. It's been really great to see how sellers and buyers have responded to this. In that new model, we're outperforming the public benchmarks on things like descriptions, titles, aspect we've seen a better job at precision pricing increasing by double digits through these new models that we have on the platform. And what's great about the AI that we're launching is it's having a major impact at scale.

是的，我們是。很高興看到賣家和買家對此有何反應。在這個新模型中，我們在描述、標題等方面都超越了公共基準，透過平台上的這些新模型，我們在精確定價方面取得了更好的成績，提高了兩位數。我們推出的人工智慧的偉大之處在於它能產生大規模的重大影響。

So if I look at it just since we've launched these tools, over 10 million sellers have taken advantage of it, and over 100 million listings have adopted it. And cumulatively, that we've generated several billion dollars of cumulative GMV from Gen AI enhanced listing since launch. And we're still continuing to ramp up, improve the models, expose more and more people to Magic listings.

因此，如果我看看我們推出這些工具以來，已經有超過 1000 萬賣家使用了它，並且有超過 1 億個清單採用了它。自從 Gen AI 增強上市以來，我們已經累積創造了數十億美元的 GMV。我們仍在繼續加強加強模型，讓越來越多的人接觸到萬智牌清單。

So I feel really good about it. The other thing is we saw some demand from our small business and our B2C sellers, to have access to the tools that we have built. So this quarter, we launched Magical Bulk listings. And essentially, what that does is if I'm a business seller, let's say, I've got 25 watches or trading cards that I want to list, I can just upload a couple of photos of each and will, in the background, use our large language model and the product knowledge graph to fill in all the description, title and aspect information for those using that same technology that we built for single listings to do bulk listing.

所以我對此感覺非常好。另一件事是，我們看到了小型企業和 B2C 賣家的一些需求，希望能夠使用我們建立的工具。因此，本季度，我們推出了 Magical Bulk 清單。從本質上講，如果我是商業賣家，我有 25 塊手錶或交易卡想要列出，我只需上傳每張手錶或交易卡的幾張照片，然後在後台，使用我們的大型語言模型和產品知識圖來填寫所有描述、標題和方面信息，以便使用我們為單個列表構建的相同技術來進行批量列表。

So still early stages, but really excited by the performance of what we're seeing in AI.

雖然還處於早期階段，但我們對人工智慧的表現感到非常興奮。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

A couple of questions on that. So first, on focus categories within the positive GMV, is there still room to grow faster there? And what are some of the initiatives that you're most excited about? And then on take rates, maybe I know you can give us a revenue growth, but some of the puts and takes for revenue take rates on GMV next year?

有幾個問題。那麼首先，在 GMV 為正值的重點品類上，是否還有更快成長的空間？您最興奮的舉措是什麼？然後關於獲取率，也許我知道你可以為我們帶來收入成長，但是一些收入的看跌期權和獲取率會影響明年的 GMV 嗎？

Yes. So I'll start with the first one and then Steve will talk about the take rate. So on focused categories, yes, look, another solid quarter. We delivered 5% growth parts and accessories continues to be a big growth driver of our focus categories. But we saw some momentum in other areas, specifically, I would talk about collectibles. We saw double-digit growth in collectibles this quarter.

是的。所以我將從第一個開始，然後史蒂夫將談論採用率。因此，在重點類別上，是的，看，又一個穩定的季度。我們交付的零件和配件成長了 5%，仍然是我們重點類別的重要成長動力。但我們在其他領域看到了一些勢頭，特別是我要談談收藏品。本季我們看到收藏品出現了兩位數的成長。

You've probably been seeing a number of the things that we were doing, but the combination of the work that we're doing with TCGplayer, our Golden, which is Golden provides some of the world's most desirable inventory that's out there on the marketplace. If you're on Golden right now, you see that we're doing Luke Homes and Eric Church are doing -- raising money for the Carolinas, and that's all being driven by our family at Golden.

您可能已經看到了我們正在做的許多事情，但是我們與 TCGplayer 所做的工作相結合，我們的 Golden，即 Golden，提供了市場上一些世界上最理想的庫存。如果你現在在 Golden，你會看到我們正在做 Luke Homes 和 Eric Church 正在做的事情——為卡羅來納州籌集資金，而這一切都是由我們 Golden 家族推動的。

And then when you look at trading cards in particular, we've had this healthy run rate off of it, I said, as double-digit growth. really based on all of the innovations that we've done over time, like my collections, price guides, authentication, but also the grading partnership that we put in place with PSA, where now instead of sending an item in to be graded and describe it on the way into grading and then getting it back and then listing it again on eBay and then having to shift it to the buyer.

然後，當你特別關注交易卡時，我們已經實現了健康的運行率，我說，是兩位數的成長。真正基於我們長期以來所做的所有創新，例如我的系列、價格指南、認證，以及我們與 PSA 建立的分級合作夥伴關係，現在不再需要發送物品進行分級和描述它在進行評級的過程中，然後將其取回，然後在eBay 上再次列出，然後必須將其轉移給買家。

That's all one seamless process now where I just ship it to PSA and it gets sold. So we're really seeing strength across the board in all of our focus categories. Refurbished continues to do well in this marketplace where people are -- consumers are challenged. And our luxury has also been contributing positively to year-over-year growth for the eighth straight quarter.

現在這就是一個無縫流程，我只需將其運送到 PSA，然後就可以出售。因此，我們確實在所有重點類別中看到了全面的優勢。翻新產品在這個消費者面臨挑戰的市場中持續表現良好。我們的奢侈品也連續第八個季度為同比增長做出了積極貢獻。

So the work that we're doing with our new authentication center is there. So we have lots of momentum in our focus categories. We continue to expand the work we've done there. And I'm also just excited because the work that we've done for focused categories by verticals we've been able to apply these geo-specific areas to C2C to great effect.

因此，我們正在利用新的身份驗證中心所做的工作就在那裡。因此，我們在重點類別上有很大的動力。我們繼續擴大我們在那裡所做的工作。我也很興奮，因為我們針對垂直領域的重點類別所做的工作已經能夠將這些特定地理區域應用到 C2C 中，從而取得巨大的效果。

I mean if you look at Germany, for example, we increased our C2C seller CSAT by 20 percentage points. And that's led to a real change in trajectory of our German business versus the prior baseline. So we will continue to push forward with our strategy, and we like what we're seeing.

我的意思是，以德國為例，我們的 C2C 賣家 CSAT 增加了 20 個百分點。這導致我們德國業務的軌跡相對於先前的基線發生了真正的變化。因此，我們將繼續推進我們的策略，我們喜歡我們所看到的。

Good to speak this afternoon. Obviously, we provided a fair bit of color on our 2025 architecture in the prepared remarks and believe this is a really robust financial outlook for 2025 and the continuation of the progress that we've continued to make this year. We're not going to provide any more specific precise guidance around take rate at this point because we're finalizing our budgets. But I can talk to a few factors that you can consider for 2025. The first one is on shipping.

今天下午很高興講話。顯然，我們在準備好的發言中對 2025 年架構進行了相當多的闡述，並相信這是 2025 年真正強勁的財務前景，也是我們今年繼續取得的進展的延續。目前，我們不會就獲取率提供任何更具體、精確的指導，因為我們正在最終確定預算。但我可以談談您在 2025 年可以考慮的幾個因素。

Obviously, Jamie just elaborated on our UK C2C initiative. UK is our second largest market by volume and has a higher C2C penetration in Germany. And while there's this near-term impact on take rate as we eliminated final value fees for sellers we will be monetizing that through the managed shipping, which is ramping now and will continue into the first quarter and the buyer fees, which is planned for the back half of Q1.

顯然，Jamie 剛剛詳細闡述了我們在英國的 C2C 計劃。以交易量計算，英國是我們的第二大市場，在德國的 C2C 滲透率較高。雖然由於我們取消了賣方的最終價值費用，對成交率產生了短期影響，但我們將透過管理運輸（目前正在增加並將持續到第一季）和買方費用（計劃在今年第一季）將其貨幣化。

The second item is really around advertising and financial services. We do expect advertising to continue to grow faster than GMV driven by the momentum in first-party promoted listings and off-site ads and obviously, the improved seller experience that's coming from that. And to a lesser extent, we do expect some incremental revenue associated to financial services as we get into 2025.

第二項其實是圍繞廣告和金融服務。我們確實預期廣告的成長速度將繼續快於 GMV 的成長，這得益於第一方促銷清單和站外廣告的勢頭，顯然，這也帶來了賣家體驗的改善。在較小程度上，我們確實預期進入 2025 年，與金融服務相關的收入將會增加。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Great. Maybe just sticking with the '25 framework, does the '25 frac assume expansion of focus categories next year? And can you remind us some of the larger categories on the platform that have yet to get focused category investment at this point? And then maybe just one on competition. You have a scaled sports-related collectible competitors who have direct relationships with leagues and maybe some supply advantages there, Walmart partnering in the fashion and sneaker vertical.

偉大的。也許只是堅持 '25 框架，'25 frac 是否會假設明年重點類別會擴大？您能否提醒我們平台上一些目前尚未獲得重點品類投資的較大品類？然後也許只是一篇關於競爭的文章。你有一個規模化的與體育相關的收藏品競爭對手，他們與聯盟有直接關係，也許還有一些供應優勢，沃爾瑪在時尚和運動鞋垂直領域合作。

Can you comment at all, would you sort of see some of the most important strategic most in those two categories specifically to fight up competition from some of the larger competitors moving in there.

您能否評論一下，您是否會看到這兩個類別中一些最重要的策略，特別是為了對抗一些較大競爭對手的競爭。

Yes. As you know, Lee, we don't preannounce kind of anything that we're doing on focus categories for competitive reasons. I will say we have five categories that are over $10 billion on eBay, fashion, home and garden, collectibles, electronics and motors, parts and accessories. And so it shows you kind of the breadth of what we have on there.

是的。如你所知，李，我們不會出於競爭原因預先宣布我們在重點類別上所做的任何事情。我想說的是，我們在 eBay 上有五個價值超過 100 億美元的類別：時尚、家居和花園、收藏品、電子和電機、零件和配件。因此，它向您展示了我們所擁有的內容的廣度。

We did purposely take some of the playbook that we've had going against verticals and put it against geos to great effect, and we really like the ROI that we've seen against that. The second thing I would say is that the horizontal investments that we've been making to drive our core categories have been really beneficial.

我們確實特意採用了一些針對垂直領域的策略，並將其針對地理領域取得了巨大的效果，我們真的很喜歡我們所看到的投資報酬率。我要說的第二件事是，我們為推動核心類別的水平投資確實非常有益。

And that's because of all of the generative AI capabilities we've been able to apply, those help both our focus categories but also in our core categories. And it's the second quarter in a row where we've had nearly flat growth in our core categories.

這是因為我們能夠應用所有生成式人工智慧功能，這些功能既有助於我們的重點類別，也有助於我們的核心類別。這是我們的核心類別連續第二季幾乎持平成長。

To your question on collectibles business and competitive positioning, we feel great about the innovation that we're driving quarter after quarter from that standpoint. I mentioned this quarter as a very scaled player in the market. We continue to see double-digit growth in trading cards. We put together a really nice collection of assets -- when you think about from TCGplayer in collectible card games to what we do on eBay to now Golden we sell everything from ungraded trading cards to the highest value products in hobby.

對於您關於收藏品業務和競爭定位的問題，從這個角度來看，我們對我們逐季推動的創新感到非常滿意。我提到本季是市場上規模非常大的參與者。我們繼續看到交易卡的兩位數成長。我們匯集了一系列非常好的資產——從集換式卡牌遊戲中的TCGplayer 到我們在eBay 上所做的事情，再到現在的Golden，我們出售從未分級的集換式卡牌到業餘愛好中最高價值的產品等一切產品。

And that's valuable because collectors are generally looking kind of across that span to do so. and all the innovation that we've been driving in that category with collections, price guides, authentication products that we've launched with this new partnership that we've put in place with collectors. I mean, just think about it, all the things that we've been innovating are the exact things that collectors have asked us to do for years, right?

這很有價值，因為收藏家通常會跨越這個跨度來這樣做。以及我們在該類別中推動的所有創新，包括我們與收藏家建立的新合作夥伴關係推出的系列、價格指南、認證產品。我的意思是，想一想，我們一直在創新的所有事情正是收藏家多年來要求我們做的事情，對吧？

They've asked us to say, make it easy for us to send a card in for grading and sell it on eBay. And now that's really seamless, and the CSAT on that is very, very high. When you look at the innovation that we're driving in eBay Live, we've done more and more case breaks every single quarter and added new capabilities there.

他們要求我們方便地發送卡片進行評分並在 eBay 上出售。現在這確實是無縫的，而且 CSAT 非常非常高。當您查看我們在 eBay Live 中推動的創新時，您會發現我們每個季度都完成了越來越多的案例破案，並在那裡添加了新功能。

We recently added last quarter, the ability to do by spot which is essentially to purchase your favorite team and track that through a case breaks, and we continue to grow it. And the last thing I'd say is that, look, we've had and we still have incredible relationships with top collectible sellers and we've always been a champion of the hobby shop.

我們最近在上個季度添加了按點進行操作的功能，這本質上是購買您最喜歡的球隊並通過案例突破進行跟踪，並且我們將繼續發展它。我要說的最後一件事是，我們已經並且仍然與頂級收藏品賣家保持著令人難以置信的關係，而且我們一直是愛好商店的冠軍。

It's why we did the TCGplayer deal. And we believe in open marketplace where enthusiasts can buy and sell the things that they love.

這就是我們與 TCGplayer 達成交易的原因。我們相信開放的市場，愛好者可以在這裡買賣他們喜歡的東西。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Appreciate the questions. I guess, first, Jamie, given these platform initiatives, I mean, do you think any of these will convert into growth and enthusiast buyers? Or is it really about increasing spending or share of wallet among the existing buyer base? And then the follow-up would be, I guess, Steve, regarding the Q4 one-off factors, could you maybe quantify the impact on growth you're embedding in guidance from those distractions.

感謝您提出的問題。我想，首先，傑米，考慮到這些平台舉措，我的意思是，您認為其中任何一個會轉化為增長和狂熱買家嗎？或者這真的是為了增加現有買家群的支出或錢包份額嗎？然後，我想，史蒂夫，關於第四季度的一次性因素，您是否可以量化您在這些幹擾的指導中嵌入的對成長的影響。

And if we should think about that as maybe potential upside if consumers end up spending at normal levels during the holidays?

如果消費者最終在假期期間支出保持在正常水平，我們是否應該考慮這可能是潛在的好處？

Yes. Great question, Colin. So first off, absolutely, we see that converting into buyers and enthusiast buyers. You'll note that this quarter, we were up 1% in our active buyer count to $133 million and while that's not a core KPI of it is an output of the strategy and the strategic initiatives that we've been driving and a healthy buyer funnel is important to our growth in enthusiast fires.

是的。好問題，科林。因此，首先，我們絕對會看到人們轉變為買家和狂熱買家。您會注意到，本季度，我們的活躍買家數量增長了 1%，達到 1.33 億美元，雖然這不是核心 KPI，但它是我們一直在推動的戰略和戰略舉措以及健康買家的成果漏斗對於我們狂熱之火的成長很重要。

When you look specifically at the C2C initiative that we did in Germany and that we're talking about in the UK, it's great for the buying perspective for a couple of reasons. First is when we convert a buyer into seller, they become at least twice as valuable as a buyer as previously on the platform. And that's really great for buying. The second thing is C2C has really -- I call it the inventory goal on the platform.

當你仔細觀察我們在德國實施的以及我們在英國討論的 C2C 計劃時，你會發現這對於購買角度來說非常有利，原因有幾個。首先，當我們將買家轉變為賣家時，他們的價值至少是平台上買家的兩倍。這真的非常適合購買。第二件事是 C2C 確實有——我稱之為平台上的庫存目標。

In general, they're bringing on things that aren't sold by a B2C seller or buy a small business, think about all the stuff that you have around the house, that's not available from a B2C seller. And so when I look at the overall platform, we're about 40% used to refurbish but in our C2C sellers, it's 60%.

一般來說，他們帶來的東西不是 B2C 賣家出售的，也不是收購小型企業，想想你家裡有的所有東西，這些東西是 B2C 賣家買不到的。因此，當我查看整個平台時，我們大約有 40% 用於翻新，但在我們的 C2C 賣家中，這一比例為 60%。

And so that unique inventory drives demand. It drives demand amid enthusiast buyers who find that part or that card or that thing they couldn't otherwise find on eBay. And the other great thing is that a little over 3/4 of our volume is B2C, but the vast majority of our sellers is C2C.

因此，獨特的庫存會推動需求。它推動了狂熱買家的需求，他們找到了在 eBay 上找不到的零件、卡片或東西。另一個很棒的事情是，我們略多於 3/4 的交易量是 B2C，但我們的絕大多數賣家是 C2C。

And so what you see happening there is that, that flywheel of those C2C buying more from -- once they become buyers, actually, the majority of that new purchasing goes to small businesses and B2C sellers. So B2C sellers win as well from that increased buying activity on the platform. And that's why we really like the synergy of what we're seeing overall.

所以你所看到的情況是，那些 C2C 的飛輪購買了更多的產品——一旦他們成為買家，實際上，大部分新購買都流向了小型企業和 B2C 賣家。因此，B2C 賣家也能從平台上購買活動的增加中獲益。這就是為什麼我們非常喜歡我們所看到的整體協同效應。

It's why when we look at the trends in our German business, they're much healthier than before we made these changes. And we're excited both for what it does for sellers, but importantly, the demand that it drives for buyers. You'll also see across all of our markets, a new marketing campaign that's called Things People Love.

這就是為什麼當我們觀察德國業務的趨勢時，它們比我們做出這些改變之前要健康得多。我們對它為賣家帶來的好處感到興奮，但更重要的是，它為買家帶來的需求。您還將在我們所有的市場中看到一項名為“Things People Love”的新行銷活動。

And I think we had a link in the slide deck to show you some of the creative, but I'm really excited by the storytelling because there's both a buying message in there but also a selling message about unlocking what's in your closet, your garage, your basement, and that's really healthy for us to kind of drive that new initiative, and it's extremely well done, and it tested well. I'm excited for those campaigns.

我認為我們在幻燈片中有一個連結可以向您展示一些創意，但我對講故事感到非常興奮，因為其中既有購買信息，也有關於解鎖您衣櫃、車庫中物品的銷售信息，你的地下室，這對我們推動這項新措施來說確實是健康的，而且做得非常好，並且經過了良好的測試。我對這些活動感到興奮。

Colin, just with regards to our assumptions in the fourth quarter that informed our guide on GMV. First thing I would say, I'm really pleased with the position we're in and achieving another positive growth in the third quarter around GMV, our second consecutive quarter, while we continue to navigate a very dynamic macro environment. It's really a reflection of the investments that we've continued to make in focused categories in UK and Germany and the horizontal areas, which are continuing to drive health on the overall platform.

Colin，只是關於我們在第四季度的假設，這些假設為我們的 GMV 指南提供了資訊。首先我要說的是，我對我們所處的位置感到非常滿意，並在第三季度實現了GMV 的再次正增長，這是我們連續第二個季度，同時我們繼續在一個非常活躍的宏觀環境中航行。這確實反映了我們繼續在英國和德國的重點類別以及橫向領域的投資，這些投資將繼續推動整個平台的健康發展。

And as Jamie talked about, our UK C2C proposition launched on the first of October, ahead of the holidays and we believe that's going to provide a modest boost to the fourth quarter GMV, and we're pleased with the early results so far. Assuming no discernible change in the macro environment, there are a number of one-timers that we've contemplated as we think about the fourth quarter.

正如 Jamie 所說，我們的英國 C2C 計劃在 10 月 1 日假期之前推出，我們相信這將為第四季度的 GMV 帶來適度的提升，而且我們對迄今為止的早期結果感到滿意。假設宏觀環境沒有明顯變化，我們在考慮第四季時考慮了一些一次性的事情。

The first is obviously the upcoming US elections. The second is the shorter holiday season with fewer days between Thanksgiving and Christmas. And in October, we saw the impacts of Hurricane Milton, which impacted demand, particularly in P&A, in shipping and deliveries. So I firmly believe that our guy balances the strong execution that we've seen year-to-date with the ongoing macro environment that we're expecting and a few of those one-offs, but really pleased with the momentum that we're seeing in the business.

第一個顯然是即將到來的美國大選。第二個是假期較短，感恩節和聖誕節之間的日子較少。 10 月份，我們看到了米爾頓颶風的影響，它影響了需求，特別是在 P&A、運輸和交付方面。因此，我堅信，我們的人平衡了我們今年迄今所看到的強勁執行力與我們預期的持續宏觀環境以及其中一些一次性的情況，但對我們的勢頭感到非常滿意在業務中看到。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Really encouraging to see the initial guide for positive GMV growth in '25. I guess, what are the one or two primary things that give you conviction that you've returned back to that sustainable growth area?

看到 25 年 GMV 正成長的初步指南真是令人鼓舞。我想，讓您確信自己已回到永續成長領域的一兩個主要因素是什麼？

Yes. I think a couple of things. One is the momentum that we're seeing across the board in focused categories being at 5% growth here and kind of growing at market rates pretty consistently over the last couple of quarters. Combined with the horizontal work that we've been doing, we've now had two quarters of nearly flat. And these are all kind of building blocks, if you will, of the momentum that we're seeing in the underlying business.

是的。我認為有幾件事。一是我們看到重點類別的整體成長動能為 5%，並且在過去幾季中以市場成長率相當一致地成長。結合我們一直在做的橫向工作，我們現在有兩個季度幾乎持平。如果你願意的話，這些都是我們在基礎業務中看到的勢頭的基石。

I talked a little bit about where we are from a buyer's perspective, but we're happy to see exactly what we thought which was a stabilization and a 1% growth in active buyers. And the other thing is that the investments that we're making in these geos are significant opportunities for expansion in the TAM.

我從買家的角度談了一些我們的處境，但我們很高興看到我們所認為的情況，即活躍買家的穩定和 1% 的成長。另一件事是，我們在這些地區進行的投資是 TAM 擴張的重要機會。

When you look at our opportunity in UK and C2C, we think there's a big opportunity to go after really a massive TAM in terms of what people have sitting in their garages, houses, et cetera, is pretty significant. And what we've seen in the past, what we saw with the UK pre-lube fashion and what we saw in Germany is that we're able to bring on new or reactivated sellers onto the platform and then drive that ultimate buyer flywheel. So it's the combination of the momentum that we're seeing, those elements and the new initiatives that we have in place that give us confidence to put out the commentary there about '25.

當你看到我們在英國和 C2C 的機會時，我們認為有一個很大的機會去追求真正龐大的 TAM，就人們在車庫、房子等中擁有的東西而言，這是相當重要的。我們過去看到的，我們在英國預潤滑時尚以及我們在德國看到的情況是，我們能夠將新的或重新啟動的賣家引入平台，然後驅動最終的買家飛輪。因此，正是我們所看到的勢頭、這些要素以及我們所採取的新舉措的結合，使我們有信心在那裡發表有關「25」的評論。

Great. That's helpful. And then how should we think about the economics of UK managed shipping relative to eBay International shipping? And can you remind us to what extent EIS drove uplift in cross-border transactions.

偉大的。這很有幫助。那麼我們該如何考慮英國託管航運相對於 eBay 國際運送的經濟性呢？您能否提醒我們 EIS 在多大程度上推動了跨境交易的成長？

Yes. It was very helpful for our cross-border trade business, and you see it in some of our cross-border trade numbers -- we had an incremental $400 million listings on the platform that were available to be shipped internationally.

是的。這對我們的跨境貿易業務非常有幫助，你可以在我們的一些跨境貿易數據中看到這一點——我們在平台上增加了 4 億美元的清單，可以進行國際運輸。

When you look at our shipping changes, the first thing we're doing is just simplifying shipping on the platform, and that's pretty significant across our markets. But with minute shipping, it radically simplifies the experience and creates a new revenue stream for eBay. So historically, when I had to -- let's say, you were shipping a blazer to someone. You'd have to go from all the choices and figure out what you're going to list. And then if there were issues, you had to deal with it as a seller, the buyers on C2C items only really had tracking about 40% of the time.

當您查看我們的運輸變化時，我們所做的第一件事就是簡化平台上的運輸，這在我們的市場中非常重要。但透過分鐘送貨，它從根本上簡化了體驗，並為 eBay 創造了新的收入來源。從歷史上看，當我不得不——比方說，你要給某人寄一件西裝外套。你必須從所有的選擇中找出你要列出的內容。如果出現問題，你必須作為賣家來處理，C2C 商品的買家只有 40% 左右的時間真正進行追蹤。

And so through managed shipping, eBay kind of manage all of that for you and really simplifies the experience on the platform. Nearly all buyers will then have tracking information for eligible items. And frankly, this creates a new revenue stream for us, just like with payments and advertising, this is a new opportunity for eBay it's a win from an experience standpoint, it's great on kind of generating operating income for the business. But most importantly, it's another tool that unlocks kind of more TAM in C2C. When we've tested this, this is now live in pre-loss fashion in UK managed shipping.

因此，透過託管運輸，eBay 可以為您管理所有這些，並真正簡化平台上的體驗。幾乎所有買家都會獲得符合條件的商品的追蹤資訊。坦白說，這為我們創造了新的收入來源，就像支付和廣告一樣，這對eBay 來說是一個新的機會，從體驗的角度來看這是一次勝利，這對於為企業創造營業收入來說非常好。但最重要的是，它是另一個可以在 C2C 中解鎖更多 TAM 的工具。當我們對此進行測試時，這現在在英國託管運輸中處於損失前狀態。

Historically, it would have taken 90 seconds to get through that shipping section, and we're seeing sellers get through it in under 30 seconds. And so that's really powerful when you think about just taking friction out of the experience for selling. Steve, maybe you can talk a little bit more to the financial implications on managed shipping.

從歷史上看，完成該運輸部分需要 90 秒，而我們看到賣家在 30 秒內完成了該部分。因此，當您考慮消除銷售體驗中的摩擦時，這確實非常強大。史蒂夫，也許你可以多談談託管運輸的財務影響。

Yes. I think as we talked about extensively last year, there's obviously an accounting change associated with EIS and the same applies to managed shipping because we're leaning in we're taking friction off the platform. We're helping our buyers and sellers, and we become the principal. So we recognize the gross revenues and the cost of shipping. You can imagine as a result of the scale of domestic shipping is accretive to operating income and that's really the focus that we have in terms of operating income dollars. But because it's domestic in nature and has naturally lower operating margins because of the competitive dynamics, it's more dilutive than the IS.

是的。我認為正如我們去年廣泛討論的那樣，顯然存在與 EIS 相關的會計變化，這同樣適用於託管運輸，因為我們傾向於消除平台上的摩擦。我們正在幫助我們的買家和賣家，我們成為委託人。因此，我們確認總收入和運輸成本。你可以想像，由於國內航運的規模會增加營業收入，這確實是我們在營業收入的重點。但由於它本質上是國內企業，而且由於競爭動態，其營業利潤率自然較低，因此它比 IS 的稀釋程度更高。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

When you refer to healthier trends in Germany, is that predominantly a top line comment? Or have you been able to improve the profitability of the German business as well now that you've got more activity taking place on your marketplace over there?

當您提到德國的健康趨勢時，這主要是主要評論嗎？或者，既然您在那裡的市場上發生了更多的活動，您是否也能夠提高德國業務的獲利能力？

Yes, both. When you look at Germany and you look at kind of the trends before we were launching this to where we are now, we're seeing really nice improvement in the business. And you can while we don't break that market out specifically, if you look in the 10-Q, you can see kind of improving revenue trends from that perspective. and exactly what we intended to see is what we're seeing, right, which is that healthier C2C business with a 20% greater CSAT, is driving more new and reactivated sellers on the platform who end up buying more, and that's leading to the healthy trend.

是的，兩者都有。當你看看德國，看看我們推出這項服務之前的趨勢，到目前為止，我們看到業務有了很大的改善。雖然我們沒有具體細分這個市場，但如果您查看 10-Q，您可以從這個角度看到收入趨勢的改善。正是我們想要看到的，正是我們所看到的，對的，C2C 業務更健康，CSAT 提高了20%，正在推動平台上更多新賣家和重新激活的賣家最終購買更多產品，這導致了健康的趨勢。

When Steve talked about this originally, when we launched it, we quantified this as 10 basis points of impact. And we've been able to remonetize that business through things like ads, cross-border trades, and we're seeing exactly the flywheel that I talked about from seller to buyer. So we're really pleased with what we saw and what we continue to see with our C2C business in Germany.

當史蒂夫最初談論這個問題時，當我們推出它時，我們將其量化為 10 個基點的影響。我們已經能夠透過廣告、跨境貿易等方式重新實現該業務的貨幣化，而我們看到的正是我從賣家到買家談到的飛輪。因此，我們對我們在德國的 C2C 業務所看到的以及我們繼續看到的情況感到非常滿意。

We're really happy with the early results from UK pre-loved fashion, and that gave us the conviction that this was a real winning model to take to our second largest market, where there's some unique dynamics around how the sellers and buyers feel about buyer fees, which makes this a really good opportunity for us to go after incremental TAM.

我們對英國二手時尚的早期結果感到非常滿意，這讓我們相信這是一個真正成功的模式，可以帶入我們的第二大市場，那裡的賣家和買家的感受存在一些獨特的動態買家費用，這對我們來說是一個追求增量TAM 的好機會。

Great. And maybe just a follow-up. You've been talking about improved satisfaction scores, which is a helpful indicator. Now that you've got several quarters behind you on very marketplace improvements. Can you maybe frame how much GMV conversion rates have improved since you started on this journey?

偉大的。也許只是後續行動。您一直在談論滿意度分數的提高，這是一個有用的指標。現在，您在市場改進方面已經落後了幾個季度。您能否概括一下自從您開始這趟旅程以來 GMV 轉換率提高了多少？

Yes. Look, you've heard me talk forever about GMV follow CSAT. And I've always said CSATs really the leading indicator there. And if you look case by case, we've seen CSAT increased 20 percentage points in what we did in our early focus categories and look at the trends that we have now on focused categories growing at 5%. I would say the same exact thing happened in Germany, where we had a 20-point increase in CSAT and much, much healthier trends. So what we're doing is not only having an impact on conversion and the health and growth of the business. but it's allowing us to bring on kind of new buyers and new sellers through these efforts, which is helping.

是的。聽著，你已經聽過我一直在談論 GMV 和 CSAT 的關係了。我一直說 CSAT 確實是那裡的領先指標。如果你逐一觀察，我們發現 CSAT 在我們早期的重點類別中增加了 20 個百分點，並且看看我們現在重點類別成長 5% 的趨勢。我想說，德國也發生了同樣的事情，我們的 CSAT 提高了 20 分，趨勢也健康得多。因此，我們所做的不僅對轉換率以及業務的健康和成長產生影響。但這使我們能夠透過這些努力吸引新的買家和新的賣家，這是有幫助的。

The active buyer growth that we're seeing is truly an output of the strategic initiatives that we've been driving and the new and reactivated sellers is not only good for the buying activity, but it's just bringing on more compelling inventory on the platform, which is really good for the long-term health of the business.

我們看到的活躍買家成長確實是我們一直在推動的策略性舉措的成果，新賣家和重新啟動的賣家不僅有利於購買活動，而且只會在平台上帶來更具吸引力的庫存，這對於企業的長期健康確實有好處。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Jamie, perhaps for you. Always a lot of helpful commentary on the business in Europe, but I think China is actually now you're three market by revenue. I'm wondering if you could just give us an update the business and your customer base there? And maybe for Steve, just quickly, any impact from the sunsetting of the MX payment arrangement?

傑米，也許適合你。關於歐洲業務總是有很多有用的評論，但我認為中國實際上現在按收入計算是第三個市場。我想知道您能否向我們介紹您那裡的業務和客戶群的最新情況？也許對 Steve 來說，MX 支付安排的終止有什麼影響嗎？

Yes. So look, our cross-border trade business out of China continues to be strong. It overindexes to focus categories, our business there. And so it's performing well. Specifically, I would call out parts and accessories has been a really good vector for our cross-border trade business. And we've continued to make that easier for buyers and sellers. So with our shipping solutions that we've had, we've helped them forward deploy from that perspective.

是的。所以看，我們在中國以外的跨境貿易業務持續強勁。它過度索引了重點類別，即我們在那裡的業務。所以它表現良好。具體來說，我要指出的是，零件對於我們的跨境貿易業務來說是一個非常好的載體。我們繼續為買家和賣家提供更方便的服務。因此，透過我們現有的運輸解決方案，我們幫助他們從這個角度向前部署。

And we've also just made payments a whole lot easier from that perspective. When you think about our relationship with Amex, we deprecated Amex in August of last year. And as expected, there was no material impact to our business. As the vast majority of our customers on eBay, they use more than one payment option. So most customers that were using Amex were able to migrate to one of our other options like PayPal or Venmo or non-Amex, debit or credit cards.

從這個角度來看，我們也讓支付變得更容易。當你想到我們與美國運通卡的關係時，我們在去年八月就棄用了美國運通卡。正如預期的那樣，我們的業務沒有受到重大影響。身為 eBay 上的絕大多數客戶，他們使用不只一種付款方式。因此，大多數使用 Amex 的客戶都能夠遷移到我們的其他選項之一，例如 PayPal 或 Venmo 或非 Amex、金融卡或信用卡。

And we're continuing to focus on launching new ways to pay Takeda to buyers and sellers. We launched River T this quarter. In Germany, 28 million customers, they are used that invoicing solution. They do like 80 million transactions a month, and it was one of those high demand areas for us to bring on to the platform and so we did. So really pleased between that and the seller cash advance work that we talked about in payments this quarter, really good innovation that we're seeing from that team.

我們將繼續致力於推出向買家和賣家向武田付款的新方式。我們本季推出了 River T。在德國，有 2,800 萬客戶使用該發票解決方案。他們確實喜歡每月 8000 萬筆交易，這是我們引入平台的高需求領域之一，所以我們做到了。我們對本季在付款中討論的賣方現金預付工作感到非常滿意，我們從該團隊看到了非常好的創新。

Operator, can we do one last question, please?

接線員，我們可以做最後一個問題嗎？

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特內森森。

I think probably for Jamie. Following up on Tom's question a bit. Just on the strength that you've seen in parts and accessories, can you break down the key drivers to that for us? Is it the acquisition (inaudible) flowing through the user experience now, I guess, like two years later and improving conversion rate around that? And then the second part is what you talked about China sourced inventory seems to skew towards parts and accessories.

我想可能是為了傑米。繼續湯姆的問題。僅根據您在零件和配件中看到的優勢，您能為我們分解關鍵驅動因素嗎？我猜，是兩年後的用戶體驗中的收購（聽不清楚）並提高了轉換率嗎？第二部分是您所說的中國採購庫存似乎偏向零件和配件。

And it looks like it's most -- is that like -- first question is, is that a big contributor just having more inventory and that helps conversion? And the second one is when you look at it, it appears that a lot of it has been freight forward from what we see all of it is straightforward. Do you feel comfortable that, that inventory is insulated from any political changes beta to even happen next week?

看起來最——是這樣——第一個問題是，一個大的貢獻者是否只是擁有更多的庫存，這有助於轉換？第二個是，當你看它時，從我們所看到的來看，其中很多內容似乎都是直截了當的。您是否感到放心，該庫存不會受到任何下週發生的政治變化測試的影響？

Yes. So look, I think it's hard to say that there's one thing because we've been working on parts and accessories for a couple of years, and we continue to innovate quarter after quarter. What I would tell you is all the work that we've done to increase customer satisfaction there started with the early work that we did in Fitment just in product finders and MyGarage enhancing that whole experience. We now have over 100 million cars in MyGarage, followed by really raising the trust level of what we did with guaranteed fit I was on with a reporter earlier today, and he talked about buying a new front end for his Toyota Sienna and it fit perfectly and it's going to give him 10 more years.

是的。所以看，我認為很難說有一件事，因為我們已經在零件和配件上工作了幾年，我們每個季度都在繼續創新。我要告訴你的是，我們為提高客戶滿意度所做的所有工作都是從我們在 Fitment 中所做的早期工作開始的，只是在產品查找器和 MyGarage 中增強了整個體驗。現在，我們的MyGarage 中擁有超過1 億輛汽車，隨後，我們確實提高了我們所做的事情的信任度，保證適合我今天早些時候與一位記者交談，他談到為他的豐田Sienna 購買一個新的前端，它非常適合這將給他多10年的時間。

That's an example of just making those two products easier for customers to purchase. The point you called out the breadth of inventory plays a huge role in that. We have over $600 million unique listings in the marketplace and really unique inventory across a number of different segments of buyer enthusiasts. And all of the acquisitions the My Fitment has certainly added to the Fitment experience, the work that we've been doing to enhance not just the purchase, but the eventual service.

這是一個讓客戶更容易購買這兩種產品的例子。您指出的庫存廣度在這方面發揮了巨大作用。我們在市場上擁有價值超過 6 億美元的獨特清單，並且在許多不同的買家愛好者群體中擁有真正獨特的庫存。 My Fitment 的所有收購無疑都增加了 Fitment 體驗，我們一直在做的工作不僅是為了增強購買，而且是為了增強最終的服務。

So we launched tire installation a couple of quarters ago, and we launched that first in Germany, and that's been performing well. We just launched parts installations and now you can both buy the part on eBay and have it installed and P&A has really been the largest contributor to growth despite this year despite lapping really strong growth that we have in '23.

因此，我們在幾個季度前推出了輪胎安裝服務，並首先在德國推出，效果良好。我們剛剛推出了零件安裝，現在您可以在 eBay 上購買零件並進行安裝，儘管今年我們的成長確實比 23 年強勁，但 P&A 確實是成長的最大貢獻者。

To your question on the political environment, the majority of our inventory is forward deployed from that perspective. And that's been something that we've been working with our sellers to do to really reduce shipping times and make the overall experience better. So excited by the innovation that we're seeing in P&A, the strength of it and just the continued innovation of making the experience better and better.

對於你關於政治環境的問題，我們的大部分庫存都是從這個角度進行前向部署的。我們一直在與賣家合作，以真正減少運輸時間並改善整體體驗。我們對 P&A 中看到的創新、它的力量以及讓體驗變得越來越好的持續創新感到非常興奮。

This concludes eBay's third quarter 2024 earnings conference call. Thank you for your participation. You may now disconnect.

eBay 2024 年第三季財報電話會議至此結束。感謝您的參與。您現在可以斷開連線。