eBay Inc (EBAY) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the eBay fourth-quarter 2024 earnings conference call. (Operator Instructions) After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持，歡迎參加 eBay 2024 年第四季財報電話會議。（操作員指示）演講者發言結束後，將有一個問答環節。（操作員指令）

I'd now like to turn the call over to John Egbert, Vice President of Investor Relations. You may begin.

現在我想將電話轉給投資者關係副總裁約翰‧艾格伯特 (John Egbert)。你可以開始了。

Good afternoon. Thank you all for joining us for eBay's Fourth Quarter 2024 Earnings Conference Call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Steve Priest, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

午安.感謝大家參加 eBay 2024 年第四季財報電話會議。今天與我一起參加電話會議的還有我們的執行長 Jamie Iannone；以及我們的財務長史蒂夫·普里斯特（Steve Priest）。我們將提供幻燈片簡報來配合我們在電話會議上的評論，您可以透過 eBay 網站 investors.ebayinc.com 的投資者關係部分取得。

Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all growth rates noted in our prepared remarks will reflect organic FX-neutral year over year comparisons, and all earnings per share amounts reflect earnings per diluted share, unless indicated otherwise.

在我們開始之前，我要提醒您，在本次電話會議中，我們將討論與我們績效相關的某些非公認會計準則指標。您可以在我們附帶的幻燈片簡報中找到這些指標與最接近的可比較 GAAP 指標的對帳。此外，除非另有說明，我們準備好的評論中提到的所有增長率都將反映有機外匯中性的同比比較，並且所有每股收益金額都反映每股攤薄收益。

During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from our forecast for a variety of reasons.

在本次電話會議中，管理階層將做出前瞻性陳述，包括但不限於有關我們未來業績和預期財務結果的陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性。由於各種原因，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. You should not rely on any forward-looking statements. All information in this presentation is as of February 26, 2025. We do not intend and undertake no duty to update this information.

您可以在我們最新的 10-K 表、10-Q 表定期報告以及今天早些時候的收益報告中找到有關可能影響我們經營業績的風險、不確定性和其他因素的更多資​​訊。您不應依賴任何前瞻性陳述。本簡報中的所有資訊截至 2025 年 2 月 26 日。我們不打算也不承擔更新此資訊的義務。

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

說完這些，我會把電話轉給傑米。

Thanks, John. Good afternoon, and thank you all for joining us today. Our strong Q4 results capped off a transformative year for eBay. We executed our 2024 plan with precision and took significant steps toward our vision of reinventing the future of e-commerce for enthusiasts.

謝謝，約翰。下午好，感謝大家今天的出席。我們強勁的第四季業績為 eBay 的轉型之年畫上了圓滿的句點。我們精準執行了 2024 年計劃，並朝著為愛好者重塑電子商務未來的願景邁出了重要一步。

I'll begin with some highlights from the full year. We ended 2024 with three consecutive quarters of positive growth in gross merchandise volume despite continued challenges in the global economy. For the full year, GMV grew by more than 1% to $75 billion. Our focused category volume grew 5% in 2024 and accelerated gradually over the course of the year despite increasingly difficult comps.

我首先會講一下全年的一些亮點。儘管全球經濟持續面臨挑戰，但我們在 2024 年底仍連續三個季度實現商品交易總額正成長。全年 GMV 成長逾 1%，達 750 億美元。2024 年，我們重點關注的類別銷量成長了 5%，儘管競爭愈發激烈，但全年銷量仍逐步加速。

The rest of our marketplace for our core categories also stabilized and were nearly flat year over year in 2024, benefiting from our horizontal and geo-specific investments. Building on our success in Germany in 2023, we executed a significant overhaul of our C2C experience in the UK, leading to a notable improvement in GMV trends in Q4.

受益於我們橫向和地理特定的投資，我們核心類別的其餘市場也趨於穩定，到 2024 年與去年相比幾乎持平。基於 2023 年在德國取得成功，我們對英國的 C2C 體驗進行了重大改革，導致第四季度的 GMV 趨勢顯著改善。

2024 was also a transformative year from an innovation standard, as our enhanced core AI platform enabled us to launch our first proprietary large language models, boost productivity in key areas like engineering and customer service and improve the efficacy of search. The majority of our sellers are now using GenAI tools like magical listing, AI-enhanced product backgrounds, and automated social media posting. We also wrote out exciting AI-powered experiences for buyers such as Explore and Shop the Look that enhance Discovery, particularly for long tail inventory.

2024 年也是創新標準的轉型之年，因為我們增強的核心 AI 平台使我們能夠推出首個專有的大型語言模型，提高工程和客戶服務等關鍵領域的生產力並提高搜尋效率。我們的大多數賣家現在都在使用 GenAI 工具，例如神奇清單、AI 增強產品背景和自動社交媒體發布。我們還為買家編寫了令人興奮的人工智慧體驗，例如探索和購物外觀，以增強發現功能，特別是對於長尾庫存。

We balance these disciplined investments in long-term growth initiatives with continued operational efficiency, enabling us to grow non-GAAP operating income by over 4% year over year, while expanding non-GAAP operating margin by 70 basis points.

我們在長期成長計畫的嚴格投資與持續的營運效率之間取得平衡，使我們的非公認會計準則營業收入年增超過 4%，同時非公認會計準則營業利潤率提高 70 個基點。

Lastly, we created significant shareholder value by growing non-GAAP earnings per share by 15% to $4.88 while returning nearly $3.7 billion of cattle through repurchases and dividends.

最後，我們將非公認會計準則每股收益提高 15% 至 4.88 美元，同時透過回購和股息返還近 37 億美元的牛，創造了顯著的股東價值。

I'm proud of our teams for achieving these results and laying the groundwork for us to further accelerate innovation for customers in 2025 while remaining on the path towards sustainable long-term growth.

我為我們的團隊取得這些成果感到自豪，為我們在 2025 年進一步加快客戶創新奠定了基礎，同時仍走在可持續長期成長的道路上。

Now I'll discuss some of the key highlights from Q4 before providing insights into our strategic priorities for 2025. We saw continued top line growth in Q4 as GMV grew by more than 2% to $19.3 billion, an acceleration of over 1 point sequentially. These results were driven by strong execution against our Q4 road map, and solid consumer demand during the shortened holiday shopping season.

現在，我將討論第四季的一些主要亮點，然後再介紹我們 2025 年的策略重點。我們看到第四季營收持續成長，GMV 成長超過 2%，達到 193 億美元，比上一季成長超過 1 個百分點。這些業績得益於我們第四季路線圖的強力執行，以及縮短的假期購物季期間強勁的消費者需求。

Focused categories remained a key driver of overall growth as they accelerated to over 6% GMV growth in Q4. This was nearly 6 points faster than our core categories, which were modestly positive in Q4 after accelerating by 1 point versus Q3.

重點類別仍然是整體成長的主要驅動力，第四季其 GMV 成長率超過 6%。這比我們的核心類別快了近 6 個百分點，核心類別在第四季較第三季加速 1 個百分點後，略有正成長。

Trading cards volume accelerated to healthy double-digit growth, making this category the largest contributor to GMV growth in Q4. We drove significant innovation for trading card enthusiasts in the past year, including rolling out magical bulk listing, expanding our authentication and grading partnership, scaling up eBay Live, and improving our catalog data across multiple sports and genres.

交易卡交易量加速至健康的兩位數成長，使該類別成為第四季 GMV 成長的最大貢獻者。在過去的一年裡，我們為交易卡愛好者推動了重大創新，包括推出神奇的批量列表，擴大我們的認證和評級合作夥伴關係，擴大 eBay Live，以及改進我們的跨多種運動和流派的目錄數據。

We also added consignment through PSA as its customers can start auction and fixed price listings with just a few clicks. Overall, these enhancements position eBay well to capitalize on research and demand for trading cards throughout 2024.

我們還透過 PSA 添加了寄售功能，因為其客戶只需點擊幾下即可開始拍賣和固定價格清單。總體而言，這些增強功能使 eBay 能夠在 2024 年充分利用對交易卡的研究和需求。

Motors and accessories or P&A was also a significant driver of focused category growth as Q4 GMV trends were consistent with prior quarters of 2024. Our growth benefited from continued investment in building our assortment, including connecting with professional sellers in the UK and Germany, sourcing more certified green parks in the US, and expanding our access to private label inventory overseas.

汽車及配件或 P&A 也是重點類別成長的重要驅動力，因為第四季的 GMV 趨勢與 2024 年前幾季一致。我們的成長得益於對產品組合的持續投資，包括與英國和德國的專業賣家建立聯繫、在美國採購更多經過認證的綠色公園以及擴大我們在海外的自有品牌庫存的管道。

On a global basis, our P&A inventory grew by double digits during Q4, and we now have over 700 million live P&A listings on eBay. 2024 marked our second consecutive year of mid-single-digit GMV growth in P&A, our largest focused category. A major driver of this turnaround was reestablishing eBay as a trusted place to shop for auto parts.

在全球範圍內，我們的 P&A 庫存在第四季度實現了兩位數成長，目前 eBay 上有超過 7 億個即時 P&A 清單。 2024 年是我們連續第二年在 P&A（我們最大的重點類別）實現中等個位數的 GMV 成長。這項轉變的主要動力是將 eBay 重新確立為購買汽車零件的可信賴平台。

Earlier this month, we further enhanced the trust equation for millions of auto enthusiasts on eBay with our acquisition of Caramel which enables a secure end-to-end online vehicle purchase experience across all 50 US states.

本月初，我們收購了 Caramel，進一步增強了 eBay 上數百萬汽車愛好者的信任度，這使得 eBay 能夠在美國 50 個州提供安全的端到端線上汽車購買體驗。

Caramel's technology simplifies complexities of a vehicle sale including identity and title verification, ownership transfer, financing, insurance, warranty, and transportation. Starting in Q1, US sellers will be able to list cars, trucks and motorcycles on eBay with Caramel's secure end-to-end checkout solution. We're excited to welcome the Caramel team to eBay, as we transform the level of trust for vehicle purchases on our platform. We believe eBay's scaled audience of auto enthusiasts combined with Caramel's innovative technology enables us to better tap into the estimated $75 billion TAM for collectible cars in the US.

Caramel 的技術簡化了車輛銷售的複雜性，包括身分和所有權驗證、所有權轉移、融資、保險、保固和運輸。從第一季開始，美國賣家將能夠使用 Caramel 的安全端到端結帳解決方案在 eBay 上列出汽車、卡車和摩托車。我們很高興歡迎 Caramel 團隊加入 eBay，我們將改變平台上車輛購買的信任程度。我們相信，eBay 龐大的汽車愛好者受眾加上 Caramel 的創新技術，使我們能夠更好地挖掘美國收藏車預計 750 億美元的潛在市場潛力。

We also expect an improved vehicle transaction experience to drive synergies within other categories, as our average vehicle buyer also spends thousands of dollars annually on P&A and non-motor items across the eBay marketplace.

我們也希望改善汽車交易體驗，從而推動其他類別的協同效應，因為我們的普通汽車買家每年也會在 eBay 市場上的 P&A 和非汽車項目上花費數千美元。

A key lever for driving awareness and consideration with enthusiasts has been telling the eBay story in new and different ways. In Q4, began partnering with a captive influencers across industries to reinforce eBay's position as the trusted marketplace for things people love, including YouTuber, Emma Chamberlain; Olympic Gold Medalist, Chloe Kim; Fashion Designer, Margherita Missoni; and many more. As passionate eBay customers themselves, these cast members are curating personalized storefronts, adding their favorite eBay product. Throughout 2025, you'll see this cast amplify our value proposition to their audiences across various forms of media.

提高愛好者的認知和考慮的關鍵槓桿是透過新穎和不同的方式講述 eBay 故事。在第四季度，開始與各行各業的權威影響者合作，以鞏固 eBay 作為人們喜愛物品值得信賴的市場地位，其中包括 YouTuber 艾瑪·張伯倫 (Emma Chamberlain)；奧運金牌得主 Chloe Kim；時裝設計師，Margherita Missoni；等等。作為 eBay 的熱情客戶，這些演員正在策劃個人化店面，添加他們最喜歡的 eBay 產品。在整個 2025 年，您將看到這些演員透過各種媒體向觀眾擴大我們的價值主張。

In October, we made a significant investment in our second largest market through an overhaul of our C2C value proposition in the UK. We are confident that with these changes, we will capture more of the total addressable market in e-commerce. While it's still early, I'm extremely encouraged by the results we've observed to date. In Q4, we saw a double-digit improvement in C2C GMV growth versus our prelaunch baseline in the UK alongside 20-plus point improvements in C2C first-generation listers, new and reactivated sellers and local pickup GMV.

10月份，我們透過徹底改革英國的C2C價值主張，對我們的第二大市場進行了大量投資。我們相信，透過這些變化，我們將在電子商務領域佔據更多的市場份額。雖然還為時過早，但我們迄今為止觀察到的結果令我感到非常鼓舞。在第四季度，我們看到 C2C GMV 與我們在英國推出前的基線相比實現了兩位數的增長，同時 C2C 第一代上架者、新賣家和重新激活的賣家以及本地提貨 GMV 都提高了 20 多個百分點。

Notably, sales within focus categories and other mid- to high ASP items were the biggest beneficiaries of these changes, lifting our UK C2C ASP overall in Q4.

值得注意的是，重點類別和其他中高 ASP 商品的銷售是這些變化的最大受益者，從而提升了我們第四季度英國 C2C ASP 的整體水平。

Following the removal of seller fees for C2C listing across most our categories in October, we introduced the buyer protection fee for UK C2C transactions earlier this month. This fee allows us to offer the same protection to buyers that they receive when purchasing from business sellers. We rolled out buyer fees progressively over roughly two weeks in February, listening closely to our community to ensure these were transparent and well understood. While we expected some of elasticity following the addition of bioprotection fees, encouragingly, the early results were slightly better than our expectations.

繼 10 月取消了大多數產品類別的 C2C 上市賣家費用後，我們在本月初推出了針對英國 C2C 交易的買家保護費。這筆費用使我們能夠為買家提供與從商業賣家購買時相同的保護。我們在二月大約兩週的時間裡逐步推出了買家費用，密切聽取社區的意見，以確保這些費用透明且易於理解。雖然我們預期增加生物保護費後會出現一定的彈性，但令人鼓舞的是，早期結果略優於我們的預期。

In Q4, we also launched the eBay balance feature to millions of C2C sellers in the UK, which enables them to use their earnings to purchase products on eBay, cover selling needs like shipping and Promoted Listings or withdraw their funds. eBay balance has been well received thus far, and adoption rates have exceeded our expectations. The majority of sellers with an open balance have applied it to their eBay purchases which is also beneficial to our marketplace as it carries zero cost of payments.

在第四季度，我們還向英國數百萬 C2C 賣家推出了 eBay 餘額功能，使他們能夠使用他們的收入在 eBay 上購買產品、滿足運輸和推廣清單等銷售需求或提取他們的資金。 eBay 餘額到目前為止一直受到好評，採用率已經超出了我們的預期。大多數擁有未結餘額的賣家已將其用於 eBay 購買，這也對我們的市場有利，因為它無需支付任何支付成本。

During Q4, we also began to gradually ramp up our managed shipping program for UK C2C sellers, which is live on an opt-out basis with Royal Mail and Everi as our initial carriers. Managed shipping, which is shown to UK customers as simple delivery offer simplicity, lower cost improved transparency and greater protection against loss or damage, while generating incremental revenue and operating income for eBay. We have been listening to our sellers feedback during the ramp phase and are launching multiple enhancements to make this program's value proposition even stronger in the coming months.

在第四季度，我們也開始逐步加強針對英國 C2C 賣家的託管運輸計劃，該計劃以選擇退出的方式實施，皇家郵政和 Everi 是我們的初始承運商。託管運輸向英國客戶展示的是簡單的送貨服務，它提供了簡便性、更低的成本、更高的透明度以及更好的防丟失或損壞保護，同時為 eBay 創造了增量收入和營運收入。在發展階段，我們一直在聽取賣家的回饋，並推出了多項增強功能，以使該計劃的價值主張在未來幾個月內更加強大。

For instance, we recently gave sellers the ability to select which carriers they are comfortable shipping with. We will soon add a free shipping option, with the cost of prepaid labels automatically deducted from sellers' earnings. We are in the process of adding new carriers support bulky and heavier items. And we plan to introduce out-of-home pickup and drop-off capabilities, which many UK customers value due to their convenience, lower cost, privacy, security, and environmental benefits. We will continue to manage shipping throughout Q1 as we add features and fine-tune the program and plan to begin mandating it for UK C2C sellers during Q2.

例如，我們最近允許賣家選擇他們願意使用的運輸承運商。我們很快就會添加免費送貨選項，預付標籤的費用將自動從賣家的收入中扣除。我們正在增加新的承運商來支援大件和較重的物品。我們還計劃推出戶外取貨服務，這項服務因其便利性、低成本、隱私性、安全性和環保性而受到許多英國客戶的青睞。我們將在第一季繼續管理運輸，同時增加功能並微調程序，並計劃在第二季開始強制英國 C2C 賣家使用該程序。

As we look at our UK initiative overall, based on the results and behaviors we're seeing so far, we are even more confident the changes we're making across key parts of the C2C experience will allow us to unlock the sizable market opportunity from the vast array of unique inventory sitting in UK consumers' homes.

當我們全面審視我們在英國的計劃時，根據我們目前看到的結果和行為，我們更加有信心，我們在 C2C 體驗的關鍵部分所做的改變將使我們能夠從英國消費者家中大量的獨特庫存中釋放出巨大的市場機會。

In 2024, we upgraded our GenAI capabilities by increasing our GPU capacity, deploying our first supercomputer, improving our hardware utilization, and developing architectures optimized for LLMs. Our enhanced AI platform enabled us to build and run models approximately 100 times larger than the prior year.

2024 年，我們透過增加 GPU 容量、部署第一台超級電腦、提高硬體利用率以及開發針對 LLM 最佳化的架構來升級我們的 GenAI 功能。我們增強的 AI 平台使我們能夠建立和運行比前一年大約 100 倍的模型。

We leveraged our decades of e-commerce data to build our proprietary [Lillian] models from scratch to accomplish specialized e-commerce task at greater levels of efficiency. We also pretrained leading open source models on our data set to improve their accuracy on specific eBay use cases. By the end of the year, we have launched dozens of customer-facing features powered by LLMs across the buyer and seller experiences, search, payments, marketing, and specific focus categories.

我們利用數十年的電子商務數據從頭開始建立專有的 [Lillian] 模型，以更高的效率完成專業的電子商務任務。我們還在我們的資料集上對領先的開源模型進行了預訓練，以提高它們在特定 eBay 用例上的準確性。今年底，我們已經推出了數十項由 LLM 提供支援的面向客戶的功能，涵蓋買家和賣家體驗、搜尋、支付、行銷和特定重點類別。

In addition to innovating on platform, we've been increasingly focused on meeting customers where they are to drive greater awareness of the breadth and depth of quality inventory on eBay. In January, we became one of the first companies to collaborate with OpenAI's operator, which can direct users to eBay for many of their shopping needs. This agentic approach to commerce could create an entirely new channel for discovery and shopping online. Although it's early days, we anticipate this collaboration could expand the reach of our sellers giving more buyers exposure to eBay's unique and differentiated inventory.

除了在平台上進行創新之外，我們還越來越注重滿足客戶的需求，以提高客戶對 eBay 上優質庫存的廣度和深度的認識。今年 1 月，我們成為首批與 OpenAI 營運商合作的公司之一，該營運商可以將用戶引導至 eBay 滿足他們的許多購物需求。這種代理商的商業方式可以為網路上發現和購物創造一個全新的管道。雖然還處於早期階段，但我們預計此次合作可以擴大我們賣家的覆蓋範圍，讓更多買家接觸到 eBay 獨特且差異化的庫存。

Last month, we also launched the test with Meta in the US, Germany, and France that enable Facebook Marketplace users to browse and purchase eBay listings without leaving the app. eBay sellers should benefit as they gain exposure to Facebook's scaled audience, while marketplace shoppers can discover a broader array of listings from the eBay community.

上個月，我們還在美國、德國和法國與 Meta 合作啟動了測試，讓 Facebook Marketplace 用戶無需離開應用程式即可瀏覽和購買 eBay 清單。 eBay 賣家將受益，因為他們可以接觸到 Facebook 龐大的受眾群體，而市場購物者則可以從 eBay 社群中發現更廣泛的清單。

The checkout experience and post-transaction services are powered by eBay, fully leveraging the on-platform capabilities we've built including protections, like authenticity guarantee. The test initially started with a small percentage of users and a subset of our inventory in these three markets, as our company's focus on optimizing the experience within this new surface for third-party listings.

結帳體驗和交易後服務由 eBay 提供支持，充分利用我們建立的平台功能，包括真實性保證等保護措施。測試最初從這三個市場的一小部分用戶和我們的部分庫存開始，因為我們公司的重點是優化這個新介面上第三方清單的體驗。

As the e-commerce landscape undergoes swift transformation due to rapidly advancing technology, we are focused on positioning eBay at the forefront of emerging shopping paradigms like these. We continue to focus on reducing friction and maximizing the global reach of our sellers' inventory connecting them with more enthusiast buyers around the world.

隨著科技的快速發展，電子商務格局正​​在迅速轉變，我們致力於將 eBay 定位在這些新興購物模式的前沿。我們將繼續致力於減少摩擦並最大限度地擴大我們賣家庫存的全球影響力，將他們與世界各地更多熱情的買家聯繫起來。

Turning next to advertising. During Q4, first-party advertising accelerated to 16% and while ad revenue grew nearly 12% to $445 million, eclipsing 2.3% of GMV. Approximately 3.4 million sellers adopted a single ad product during the quarter, we ended Q4 with more than 1.1 billion live Promoted Listings out of nearly $2.3 billion total listings on eBay.

接下來談談廣告。第四季度，第一方廣告成長 16%，廣告收入成長近 12%，達到 4.45 億美元，超過 GMV 的 2.3%。本季約有 340 萬賣家採用了單一廣告產品，截至第四季度，eBay 上即時推廣商品數量超過 11 億條，總商品價值近 23 億美元。

First-party advertising growth was broad-based across products during Q4. Promoted Listings general ads were the largest contributor to year-over-year growth in Q4 on the back of continued ad rate, algorithm and placements optimization. Adoption of Promoted Listings priority and promoted off-site units also increased as we introduced enhanced capabilities for campaign and budget management.

第四季度，第一方廣告在所有產品中普遍成長。由於廣告費率、演算法和展示位置的持續優化，推廣清單通用廣告成為第四季度同比增長的最大貢獻者。隨著我們引入增強的活動和預算管理功能，採用促銷清單優先順序和促銷場外單位的人數也有所增加。

In Payments and Financial Services, we continue to focus on adding new and locally relevant ways to pay on eBay to expand by our choice, drive conversion, and optimize our payment mix. During Q4, we announced a global strategic partnership with Klarna to offer buy now pay later solutions in the UK and several new European markets, expanding on our successful launch in Germany. We've been extremely pleased with the early results as we've observed average order values on Klarna transactions to be roughly 3% to 4% higher than the average basket size in these markets.

在支付和金融服務方面，我們繼續專注於在 eBay 上增加新的、適合本地的支付方式，以擴大我們的選擇、推動轉換並優化我們的支付組合。在第四季度，我們宣布與 Klarna 建立全球戰略合作夥伴關係，在英國和幾個新的歐洲市場提供先買後付解決方案，擴大我們在德國成功推出的解決方案。我們對早期結果非常滿意，因為我們觀察到 Klarna 交易的平均訂單價值比這些市場的平均購物籃規模高出約 3% 至 4%。

As a pioneer of e-commerce, sustainability continues to be a core part of our purpose as a company. I am pleased to announce that eBay has set a 2045 net zero carbon emissions target that has been recently validated by the science-based targets initiative. I'm also proud that in 2024, we sourced 100% of our energy consumption for eBay controlled offices and data centers from renewable sources, reaching our 2025 renewable energy target one year early.

作為電子商務的先驅，永續發展仍然是我們公司宗旨的核心部分。我很高興地宣布，eBay 已設定了 2045 年淨零碳排放目標，該目標最近已得到科學碳目標倡議的驗證。我還感到自豪的是，到 2024 年，eBay 控制的辦公室和資料中心的能源消耗將 100% 來自再生能源，提前一年實現了 2025 年的可再生能源目標。

Looking forward, our investments across our strategic pillars in 2024 laid a strong foundation for us to build upon in 2025, as we continue to work toward reinventing the future of e-commerce for enthusiasts. In support of the first pillar of our strategy, relevant experiences, we'll continue to innovate within existing focus categories and extend our playbook to new categories.

展望未來，我們在 2024 年對各個策略支柱的投資為我們在 2025 年的發展奠定了堅實的基礎，我們將繼續致力於為愛好者重塑電子商務的未來。為了支持我們策略的第一大支柱—相關體驗，我們將繼續在現有的重點類別中進行創新，並將我們的策略擴展到新的類別。

In Collectibles, we plan to continue innovating on behalf of the hobby by developing new experiences with PSA and realizing more synergies with TCG Player and Golden and meaningfully scaling our eBay Live business as we optimize the experience for enthusiasts.

在收藏品方面，我們計劃繼續代表業餘愛好者進行創新，與 PSA 合作開發新的體驗，與 TCG Player 和 Golden 實現更多協同效應，並在為愛好者優化體驗的同時，大幅擴展我們的 eBay Live 業務。

In P&A, we are focused on automating the application of fitment data on new and existing listings, developing more experiences for do-it-for-me buyers, and expanding our access to well-priced supply in key areas like used in green parts. We'll also invest in our enhanced transaction process for vehicles through Caramel to tap into the significant TAM within collectible cars and drive synergies across our marketplace.

在 P&A 方面，我們專注於自動應用新舊清單中的組裝數據，為「幫我做」的買家開發更多的體驗，並擴大我們在綠色零件等關鍵領域獲得價格合理的供應的管道。我們還將透過 Caramel 投資增強汽車交易流程，以挖掘收藏汽車領域的巨大潛在市場，並推動整個市場的協同效應。

In fashion, we plan to leverage AI to better showcase emerging trends, innovate on explore and Shop the look, and improve merchandising to highlight our sellers vast amount of desirable fashion inventory. We are also focused on improving trust through enhanced consecrating standards and leading our global footprint to tap into new sources of luxury supply.

在時尚方面，我們計劃利用人工智慧來更好地展示新興趨勢，在探索和購買外觀方面進行創新，並改進商品銷售，以突出我們的賣家大量理想的時尚庫存。我們也致力於透過提高奉獻標準來提高信任度，並引領我們的全球足跡挖掘新的奢侈品供應來源。

From a geographic perspective, we'll continue optimizing the C2C experience in the UK and Germany while also investing in significant enhancements to our global buying hub, which serves millions more buyers around the world.

從地理角度來看，我們將繼續優化英國和德國的 C2C 體驗，同時投資大幅增強我們的全球採購中心，為全球數百萬買家提供服務。

Within our second pillar, scalable solutions. We aim to continue driving healthy growth in advertising by increasing seller adoption of Promoted Listings priority and promoted off-site. We plan to continue optimizing Promoted Listings general placements and recommendations. We'll add new capabilities to promoted stores and allow brands to fund these ads for third-party sellers to promote e-commerce.

在我們的第二個支柱中，可擴展的解決方案。我們的目標是透過增加賣家對「推廣清單」優先事項和站外推廣的採用來繼續推動廣告業務的健康成長。我們計劃繼續優化「推廣清單」的常規位置和推薦。我們將為推廣商店添加新功能，並允許品牌為第三方賣家提供這些廣告資金來推廣電子商務。

Within financial services, we'll continue to add more locally relevant payment options, streamline the checkout experience, and optimize our cost of payments. We also plan to scale up our seller capital offering to serve the needs of more small- and medium-sized businesses, which make up the majority of volume on eBay.

在金融服務領域，我們將持續增加更多本地相關的付款選項，簡化結帳體驗，並優化我們的支付成本。我們也計劃擴大賣家資本服務，以滿足更多中小型企業的需求，這些企業佔 eBay 交易量的大多數。

And as it pertains to our third pillar, magical innovation. In 2025, we'll build on our core AI foundations to train and deploy models significantly larger and more sophisticated than what we operated in 2024, including visual and multimodal models. We'll also conduct pre-training and instruction tuning of existing models to distill them to smaller sizes optimized for specific tasks driving improved accuracy, reduced latency, and lower compute costs.

這涉及到我們的第三大支柱，神奇的創新。2025 年，我們將在核心 AI 基礎上訓練和部署比 2024 年運營的模型更大、更複雜的模型，包括視覺和多模式模型。我們還將對現有模型進行預訓練和指令調整，將其提煉為針對特定任務進行最佳化的較小尺寸，從而提高準確性、減少延遲並降低計算成本。

I'm excited to see how our enhanced AI capabilities will continue to improve experiences like magical listing, Shop the look, and explore in 2025. We'll also leverage these models to touch more parts of the consumer experience this year to make it more modern and seamless.

我很高興看到我們增強的 AI 功能將如何在 2025 年繼續改善魔法清單、購物外觀和探索等體驗。今年，我們還將利用這些模型來觸及消費者體驗的更多部分，使其更加現代化和無縫化。

I'm also energized by how much our company has embraced this new technology to change how we work and execute as a company. This year, we are empowering every employee to leverage GenAI tools to fundamentally change the experience on eBay and deliver value to customers. And importantly, we expect these strategic pillars to support continued GMV growth, healthy operating income trends, and robust growth in earnings per share in 2025 to ensure our road map continues to drive significant value for shareholders.

我也對我們公司如此積極地採用這項新技術來改變我們公司的工作和執行方式感到振奮。今年，我們將授權每位員工利用 GenAI 工具從根本上改變 eBay 上的體驗並為客戶帶來價值。重要的是，我們預計這些策略支柱將支持 2025 年 GMV 持續成長、健康的營業收入趨勢和每股盈餘強勁成長，以確保我們的路線圖繼續為股東帶來重大價值。

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

說完這些，我將把電話轉給史蒂夫，讓他提供有關我們財務表現的更多詳細資訊。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 guidance for the first quarter and preliminary outlook for the rest of the year before we begin Q&A. My comments will reflect year-over-year comparisons on an organic FX-neutral basis, unless I note otherwise.

謝謝你，傑米，也謝謝大家今天的到來。我將從我們的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，在我們開始問答環節之前，我將提供第一季的指導以及今年剩餘時間的初步展望。除非我另有說明，我的評論將反映有機外匯中性基礎上的同比比較。

eBay delivered strong results in the fourth quarter as we met or exceed expectations across our key financial metrics. GMV grew over 2% to $19.3 billion. Revenue grew 1% to $2.58 billion. Non-GAAP operating income grew approximately 2% to $698 million. We delivered $1.25 of non-GAAP earnings per share, up over 16% and we returned more than $1 billion to shareholders through repurchasing dividends.

eBay 在第四季度取得了強勁的業績，各項關鍵財務指標均達到或超過了預期。GMV 成長超過 2%，達到 193 億美元。營收成長1%至25.8億美元。非公認會計準則營業收入成長約2%，至6.98億美元。我們實現了每股 1.25 美元的非公認會計準則收益，成長超過 16%，並透過回購股息向股東返還了超過 10 億美元。

Now let's take a closer look at our financial performance during the fourth quarter. Gross merchandise volume grew over 2% and to $19.3 billion on an organic FX-neutral basis. Golden added about 30 basis points to total FX into volume growth, while foreign exchange was 130 basis point tailwind to spot GMV growth.

現在讓我們仔細看看我們第四季的財務表現。剔除外匯影響，商品交易總額成長超過 2%，達到 193 億美元。Golden 為外匯交易量成長貢獻了約 30 個基點，而外匯交易則為現貨 GMV 成長貢獻了 130 個基點的順風。

Our strategic initiatives were instrumental to our GMV growth acceleration throughout 2024. We saw better-than-expected shopping activity late in the holiday season as we benefited from improved AI models with the delivery day estimates and greater visibility of items with fast shipping.

我們的策略性舉措對我們在 2024 年全年的 GMV 成長加速起到了重要作用。受益於改進的人工智慧模型，我們看到假期後期的購物活動好於預期，該模型可以估算交貨日期，並且快速運輸的商品可見度更高。

Focused category GMV grew over 6% in Q4 and outpaced post categories by nearly 6 points. We saw positive growth contributions across trading cards, P&A, luxury, and refurbished. GMV growth across the remainder of our marketplace was modestly positive in the quarter, driven by our horizontal innovation, geo-specific investments, cross-category shopping, and the sell to buy flywheel.

重點類別 GMV 在第四季成長超過 6%，超過貼文類別近 6 個百分點。我們看到了交易卡、P&A、奢侈品和翻新產品的積極成長貢獻。本季度，我們市場其餘部分的 GMV 成長略有正成長，這得益於我們的橫向創新、地理特定投資、跨類別購物以及「賣出買入」飛輪效應。

Shifting to our geographic trends. US GMV grew by 1% in Q4, driven by improved traffic trends and strong late-season holiday demand. Trading cards had another strong quarter, posting the fastest quarterly GMV growth observed since 2021. International GMV grew over 3% on an FX neutral basis in the quarter, while FX was a tailwind to spark GMV growth of 250 basis points.

轉向我們的地理趨勢。受流量趨勢改善和季末假日需求強勁的推動，美國 GMV 第四季成長了 1%。交易卡業務又度過了一個強勁的季度，創下了 2021 年以來最快的季度 GMV 成長。本季度，國際 GMV 在外匯中性基礎上成長超過 3%，而外匯是推動 GMV 成長 250 個基點的順風。

Although underlying macro trends in the UK and Germany remain challenged, we saw resilient demand over the holiday season. As Jamie discussed earlier, the successful launch of our UK initiative, providing an incremental boost to both our C2C and overall volumes. International GMV growth also benefited from strong trends in cross-border trade, especially from Greater China and Japan. Moving on to our trading 12-month biometrics.

儘管英國和德國的基本宏觀趨勢仍然面臨挑戰，但我們看到假期期間需求強勁。正如 Jamie 之前所討論的，我們英國計劃的成功啟動，為我們的 C2C 和整體銷售提供了增量提升。國際 GMV 成長也受惠於跨境貿易的強勁趨勢，尤其是大中華區和日本。接下來是我們的 12 個月交易生物辨識技術。

Active buyers grew over 1% to nearly 134 million in Q4. Our second straight quarter of sequential active buyer growth was driven by steady growth in new and reactivated buyers and improved retention.

第四季活躍買家數量成長超過 1%，達到近 1.34 億。我們連續第二季實現活躍買家成長，這得益於新買家和重新激活買家的穩步增長以及保留率的提高。

Enthusiast buyers remained stable at roughly 16 million, and spend per enthusiast buyers [grew] slightly year over year to more than $3,100.

發燒友級買家數量保持穩定，約 1,600 萬人，每位發燒友級買家的支出較去年同期略有成長，達 3,100 多美元。

Next, let's take a closer look at revenue. We grew revenue by nearly 1% to $2.58 billion in Q4. Spot revenue growth was nearly 30 basis points lower due to foreign exchange headwinds.

接下來，讓我們仔細看看收入。第四季度，我們的營收成長了近 1%，達到 25.8 億美元。由於外匯不利因素，現貨收入成長下降了近 30 個基點。

Our take rate was 13.3% in the fourth quarter, about 40 basis points lower year over year. Our UK C2C initiative was a headwind of approximately 50 basis points as we eliminated final value fees for C2C sellers in October. FX also represented another 20 basis points impact the take rate in the quarter. These headwinds were partly offset by tailwinds from first-party advertising, financial services, and shipping.

我們的第四季接受率為 13.3%，年減約 40 個基點。由於我們在 10 月取消了 C2C 賣家的最終價值費用，我們的英國 C2C 計劃遭遇了大約 50 個基點的阻力。外匯也對本季的利率產生了另外 20 個基點的影響。這些不利因素被第一方廣告、金融服務和航運業的順風部分抵消。

Total advertising revenue grew nearly 12% of $445 million in the quarter, as GMV penetration increased to 23%. First-party ad growth accelerated 16% to $434 million. We further deprecated third-party display ads with revenue declining 54% in Q4 for [less than $12 million].

本季總廣告收入成長近 12%，達到 4.45 億美元，GMV 滲透率上升至 23%。第一方廣告成長率為 16%，達到 4.34 億美元。我們進一步棄用第三方展示廣告，第四季營收下降了 54%。[少於 1200 萬美元]。

Now turning to profitability. Non-GAAP gross margin was approximately flat year over year as a reduction in cost of payments, authentication related costs and lower depreciation expenses were roughly offset by traffic acquisition costs foreign exchange headwinds and tax-related matters.

現在轉向獲利能力。非公認會計準則毛利率與去年同期基本持平，因為支付成本、身份驗證相關成本和折舊費用的減少大致被流量獲取成本、外匯逆風和稅收相關事項所抵消。

Non-GAAP operating margin expanded by over 30 basis points year over year to 27% in the quarter, driven by operational efficiencies and lower transaction losses, partly offset by full funnel marketing and a foreign exchange headwind of 70 basis points.

本季非公認會計準則營業利潤率年增超過 30 個基點至 27%，這得益於營運效率的提高和交易損失的減少，但全通路行銷和 70 個基點的外匯逆風部分抵消了這一影響。

Our non-GAAP operating income grew approximately 2% in Q4 and non-GAAP earnings per share grew over 16% or $1.25. On a GAAP basis, earnings per share was $1.40. Our higher GAAP earnings were primarily due to a onetime tax credit, partly offset by stock-based compensation expense.

我們的非 GAAP 營業收入在第四季度增長了約 2%，非 GAAP 每股收益增長了 16% 以上，即 1.25 美元。根據 GAAP 基礎，每股收益為 1.40 美元。我們的 GAAP 收益較高主要歸因於一次性稅收抵免，部分被股票薪酬費用所抵消。

Next, I'll discuss our balance sheet and capital allocation. We generated free cash flow of $560 million in the quarter and nearly $2 billion for the year, consistent with our guidance.

接下來，我將討論我們的資產負債表和資本配置。我們在本季產生了 5.6 億美元的自由現金流，全年產生了近 20 億美元的自由現金流，與我們的預期一致。

At the end of 2024, we had cash and nonequity investments $7.2 billion and gross debt of $7.4 billion. We repurchased $900 million of eBay shares during Q4 at an average price of nearly $64. In December, our Board authorized an incremental $3 billion under our stock repurchase plan, bringing our total authorization to roughly $3.3 billion at the end of the year. In addition, we paid a quarterly cash dividend of $128 million in December or $0.27 per share.

截至 2024 年底，我們的現金和非股權投資為 72 億美元，總債務為 74 億美元。我們在第四季以平均近 64 美元的價格回購了價值 9 億美元的 eBay 股票。12 月份，董事會根據股票回購計畫批准了增量 30 億美元的回購，使我們年底的總授權金額達到約 33 億美元。此外，我們在 12 月支付了 1.28 億美元的季度現金股息，即每股 0.27 美元。

Next, I'll give an update on our investment portfolio. Our equity investments and warrants are valued at over $1 billion at the end of the quarter. The majority of this value is in Aurelia, with our approximately 8% ownership valued at nearly $900 million. This is our remaining stake after the consortium led by Permira and Blackstone exercised its option in Q4 to purchase roughly 10% of our ownership stake to just over $1 billion.

接下來，我將介紹我們的投資組合的最新情況。截至本季末，我們的股權投資和認股權證價值超過 10 億美元。其中大部分價值在 Aurelia 中，我們持有約 8% 的股份，價值近 9 億美元。這是在 Permira 和 Blackstone 牽頭的財團於第四季度行使其選擇權以略高於 10 億美元的價格收購我們約 10% 的所有權股份之後，我們剩餘的股份。

In Q4, we exited our equity investment in Adyen, realizing roughly $600 million in gross cash proceeds. We no longer hold any warrants in Adyen and the remaining tranches expired at the end of January 2025.

第四季度，我們退出了對 Adyen 的股權投資，實現約 6 億美元的總現金收益。我們不再持有 Adyen 的任何認股權證，剩餘部分將於 2025 年 1 月底到期。

On December 17, we sold our nearly 20% stake in Apollo Korea, the owner of Gmarket and generated over $320 million in gross cash proceeds from the transaction.

12 月 17 日，我們出售了 Gmarket 所有者 Apollo Korea 近 20% 的股份，並從此次交易中獲得了超過 3.2 億美元的總現金收益。

Moving on to our outlook. For the first quarter, we expect GMV between $18.3 million and $18.6 billion, representing FX-neutral growth between flat and 1% year over year. This includes an expected contribution of approximately 30 basis points from Golden.

繼續我們的展望。對於第一季度，我們預計 GMV 在 1830 萬美元至 186 億美元之間，扣除匯率因素，年成長率在持平至 1% 之間。其中包括 Golden 預計約 30 個基點的貢獻。

Prevailing exchange rates, we expect FX to be nearly 140 base points of headwind to GMV growth in Q1. Our guidance assumes continued momentum and focus categories, positive contributions from horizontal innovations, and continued benefits from our UK initiative. However, our outlook is tempered by continued macroeconomic challenges in Germany, the potential impact of tariffs in calendar considerations. We are contemplating a range of outcomes for tariffs in our guidance based on what we can see and forecast.

根據現行匯率，我們預計外匯將對第一季的 GMV 成長造成近 140 個基點的阻力。我們的指導假設持續的動力和重點類別、來自橫向創新的積極貢獻以及來自我們英國計劃的持續利益。然而，我們的前景受到德國持續的宏觀經濟挑戰以及日曆因素中關稅的潛在影響的影響。根據我們所看到和預測的情況，我們正在指導中考慮一系列關稅結果。

We also faced a net headwind of 50 basis points due to lapping the extra leap day in 2024, partly offset by Easter falling in April this year as opposed to March last year. The Easter timing is a benefit this year, as we typically see less shopping activity during the holiday. We expect to generate revenue between $2.52 billion and $2.56 billion in the first quarter, implying negative 1% to positive 1% FX-neutral growth.

由於 2024 年多了一個閏日，我們還面臨 50 個基點的淨逆風，但今年的復活節在 4 月，而非去年的 3 月，這在一定程度上抵消了這一不利影響。今年適逢復活節，這是一個優勢，因為假期期間購物活動通常會較少。我們預計第一季的營收將在 25.2 億美元至 25.6 億美元之間，這意味著外匯中性成長率將為負 1% 至正 1%。

We estimate FX would represent roughly 60 basis points of headwind to spot revenue growth at current rates. The UK C2C initiative [are wearing] on our Q1 take rate on a year-over-year basis as bioprotection fees were rolled out midway through the quarter. Additionally, we plan to begin mandating managed shipping in the UK during Q2 as we implement the enhancements to C2C sellers that Jamie discussed.

我們估計，以目前的匯率計算，外匯將對現貨收入成長造成約 60 個基點的阻力。由於英國 C2C 計劃在本季度中期開始徵收生物保護費，因此對我們第一季的營收率產生了同比影響。此外，我們計劃在第二季開始在英國強制推行管理運輸，同時實施 Jamie 所討論的針對 C2C 賣家的增強功能。

We forecast non-GAAP operating margin between 29% and 29.4% in the first quarter. On a year-over-year basis, we expect ads and financial services to contribute to margins, along with a modest contribution from bioprotection fees. These tailwinds are more than offset by a 70 basis point increase in depreciation expenses and 20 basis points of M&A-related expenses.

我們預測第一季非公認會計準則營業利潤率在 29% 至 29.4% 之間。與去年同期相比，我們預期廣告和金融服務將為利潤做出貢獻，同時生物保護費用也將做出適度貢獻。這些順風因素被折舊費用增加 70 個基點和併購相關費用增加 20 個基點所抵銷。

As a reminder, we extended the useful life of our servers and networking equipment from three to four years in 2024. This change benefited our margins last year but created a headwind for 2025. Based on these assumptions, we forecast non-GAAP earnings per share between $1.32 and $1.36 in the first quarter, representing year over year growth between 6% and 9%.

提醒一下，我們在 2024 年將伺服器和網路設備的使用壽命從三年延長至四年。這一變化使我們去年的利潤率上升了，但卻為 2025 年帶來了阻力。基於這些假設，我們預測第一季非 GAAP 每股收益在 1.32 美元至 1.36 美元之間，年增 6% 至 9%。

Next, I'll share some updated thoughts on the full year. We expect to generate low single-digit GMV growth in 2025 on an FX-neutral basis. Based on current exchange rates, FX will be over 1 point of headwind for full year spot growth. This outlook is balanced against the risks and uncertainties surrounding tariffs and how they could change demand due to consumer elasticity.

接下來，我將分享一些關於全年的最新想法。我們預計，在外匯中性基礎上，2025 年 GMV 將實現低個位數成長。根據當前匯率，外匯將對全年現貨成長造成超過 1 個點的阻力。這種前景與關稅相關的風險和不確定性以及它們如何因消費者彈性而改變需求相平衡。

Our outlook includes a modest volume contribution from vehicles following the Caramel acquisition, although we expect the impact to be immaterial in Q1 and gradually ramp throughout the year. The existing vehicles business on eBay Motors was not included in reported GMV for many years since we did not charge transaction fees.

我們的展望包括收購 Caramel 後汽車銷售將做出適度貢獻，但我們預計其影響在第一季不會很大，並在全年逐漸增大。由於我們不收取交易費用，因此 eBay Motors 上現有的汽車業務多年來並未納入報告的 GMV 中。

However, we will start reporting GMV for vehicle sales executed through Caramel's end-to-end service. For the full year, we expect revenue growth modestly higher than GMV on an FX-neutral basis, with FX creating a 40 basis point headwind to spot growth. Advertising, shipping and financial services are all key drivers of revenue and take rate this year. Once managed shipping is fully ramped, we'd expect our UK C2C take rate to be slightly higher than our run rate prior to Q4 of 2024.

不過，我們將開始報告透過 Caramel 端到端服務執行的汽車銷售的 GMV。就全年而言，我們預計在外匯中性基礎上營收成長將略高於 GMV，外匯將對現貨成長造成 40 個基點的阻力。廣告、航運和金融服務都是今年收入和利率的主要驅動力。一旦管理運輸全面啟動，我們預計英國 C2C 的接受率將略高於 2024 年第四季之前的運作率。

We expect non-GAAP operating income growth relatively in line with revenue on an FX-neutral basis. We estimate FX would represent roughly 50 basis points of tailwind, spot operating income growth at current rates.

我們預計，非公認會計準則下的營業收入成長將與外匯中性基礎上的收入成長相對一致。我們估計，以當前匯率計算，外匯將帶來約 50 個基點的順風即期營業收入成長。

There were several headwinds embedded in this outlook that we expect to impact full year operating margins. First, the servers and networking equipment, depreciation dynamics I called out for Q1 will be a 0.5 point headwind for full year gross and operating margins.

我們預計這一前景中存在一些不利因素，將影響全年營業利潤率。首先，我預測第一季伺服器和網路設備的折舊動態將對全年毛利率和營業利潤率造成 0.5 個百分點的阻力。

Second, based on our updated ramp schedule, UK-managed shipping should negatively impact operating margins by roughly 30 basis points due to gross revenue recognition. We continue to expect positive operating income dollar contribution from this program in 2025.

其次，根據我們更新的船期計劃，由於總收入確認，英國管理的航運將對營業利潤率產生約 30 個基點的負面影響。我們繼續預計該計劃將在 2025 年帶來正的營業收入貢獻。

Third, we estimate nearly 20 basis points of M&A related headwinds. These headwinds are partly offset by an estimated 30-basis point tailwind from FX based on current rates. We forecast capital expenditures to be between 4% and 5% of revenue for the full year. We are significantly increasing our GPU capacity again in 2025. I'm pleased to be able to do so within our historical average budget. We expect our non-GAAP tax rate to remain stable at 16.5%.

第三，我們預期併購相關的阻力將達到近20個基點。根據目前匯率計算，這些不利因素將部分被外匯帶來的約 30 個基點的順風所抵銷。我們預測全年資本支出將佔收入的 4% 至 5%。2025 年，我們將再次大幅提升 GPU 容量。我很高興能夠在我們的歷史平均預算內做到這一點。我們預計非公認會計準則稅率將維持穩定在 16.5%。

As it pertains to free cash flow, we have a number of unique tax considerations in 2025. In addition to our standard tax payments, in Q2 of 2025, we expect to pay net cash taxes of nearly $650 million related to our Adevinta, Aurelia, Adyen, and Gmarket transactions in 2024.

就自由現金流而言，我們在 2025 年有許多獨特的稅收考量。除了標準稅款支付外，我們預計在 2025 年第二季支付與 2024 年 Adevinta、Aurelia、Adyen 和 Gmarket 交易相關的近 6.5 億美元的淨現金稅。

We will also pay the final year of our repatriation tax obligation for $292 million in Q2. Additionally, changes to the tax treatment of R&D expenses represents a headwind of over $100 million in 2025. While these unique items will weigh on reported free cash flow this year, excluding these impacts, normalized free cash flow is expected to be comfortably north of $2 billion. None of these impacts are expected to peak in 2026 with the exception of the R&D headwind, which will be less material as we have built up for the five-year strip of capitalized on assets.

我們還將在第二季支付最後一年的 2.92 億美元遣返稅義務。此外，研發費用稅待遇的變化意味著到 2025 年將帶來超過 1 億美元的不利影響。雖然這些獨特項目將對今年報告的自由現金流造成壓力，但除去這些影響，預計正常化自由現金流將輕鬆超過 20 億美元。預計除研發阻力之外，上述所有影響都不會在 2026 年達到高峰。由於我們已經為五年的資產資本化做好了準備，研發阻力的影響將變得不那麼重要。

On the capital allocation front, we are targeting share repurchases of at least $2 billion in 2025. Our Board also declared a quarterly dividend of $0.29 per share for Q1 of 2025 to be paid in March, an increase of $0.02 from the quarterly dividends paid out in 2024. Based on these assumptions, we still expect non-GAAP earnings per share growth in the high single digits for 2025.

在資本配置方面，我們的目標是到 2025 年回購至少 20 億美元的股票。我們的董事會還宣布，2025 年第一季的季度股息為每股 0.29 美元，將於 3 月支付，比 2024 年的季度股息增加 0.02 美元。基於這些假設，我們仍預期 2025 年非 GAAP 每股盈餘將成長至高個位數。

In closing, eBay delivered strong financial results in 2024, improving our GMV, operating income and EPS growth year over year. We have created a solid foundation for 2025, and our outlook reflects our confidence in eBay's initiatives despite tariff on macro uncertainties and demonstrates our ability to generate sustainable, long-term growth and deliver healthy capital returns and robust earnings for shareholders.

最後，eBay 在 2024 年取得了強勁的財務業績，我們的 GMV、營業收入和 EPS 年成長。我們為2025年奠定了堅實的基礎，我們的展望反映了我們對eBay舉措的信心，儘管存在宏觀不確定性，也證明了我們有能力實現可持續的長期增長，並為股東帶來健康的資本回報和強勁的收益。

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

現在，傑米和我將回答你們的問題。

(Operator Instructions) Michael Morton, MoffettNathanson.

（操作員指示）Michael Morton，MoffettNathanson。

Hey there. Thank you for the question. I'll start with one. I would love if you could size eBay's position and exposure to changes in de minimis shipping. And maybe specifically to China, I know there's a lot of moving parts with that. But from what we see, it appears that most of your large category offerings are already sitting in US warehouses when we look at shipping times. So that would suggest they've gone through proper channels and tariffs. Is that a reasonable assumption? And then I have a follow-up after this.

嘿。感謝您的提問。我就從第一點開始吧。如果您能評估一下 eBay 的地位以及對最低限度運輸變化的影響，我將非常感激。也許具體到中國，我知道這其中有很多活動的部分。但從我們看到的情況來看，從運輸時間來看，你們的大部分大類產品似乎已經存放在美國倉庫了。這顯示他們已經通過了正當管道和關稅。這是一個合理的假設嗎？然後我會對此進行跟進。

Yes. Michael, yes, it is. So if you look at the China to US quarter, that makes up approximately 5% of total GMV for eBay. China overall is a little less than 10% of GMV. But approximately three-fourths of our Greater China volume is forward deployed. So as you said, it's already subject to tariffs.

是的。邁克爾，是的，確實如此。因此，如果你看一下中國至美國這個季度的數據，這約佔 eBay 總 GMV 的 5%。中國整體的 GMV 略低於 10%。但我們大中華區業務量的約四分之三是前瞻性部署的。正如你所說，它已經受到關稅影響。

And of the remainder, about half of that is -- we manage that directly through a program we have called Speed back which obviously can help sellers handle the complexity of tariffs as cost is not the only challenge. So overall, we're planning to do all we can to help sellers and buyers navigate these changes with as little disruption as possible and we feel confident in our diversified global marketplace can help them adapt to changes in tariff policies.

剩下的大約一半是我們透過一個名為 Speed back 的程式直接管理的，這顯然可以幫助賣家處理複雜的關稅，因為成本並不是唯一的挑戰。因此總的來說，我們計劃盡一切努力幫助賣家和買家盡可能少地受到干擾地應對這些變化，我們相信我們多元化的全球市場可以幫助他們適應關稅政策的變化。

That's great. And then another question. You show the ChatGPT operator in the presentation. And there's a view there's a lot of changes coming to the e-commerce discovery funnel. Some retailers are treating this differently. They want to wall off the agents or assistants and others want to open up to them. Would love to know eBay -- you've obviously indicated one thing so far, but how you're thinking about this big picture over the long term as consumer behavior could be shifting?

那太棒了。然後是另一個問題。您在簡報中展示 ChatGPT 操作員。有一種觀點認為電子商務發現管道將會發生許多變化。一些零售商對此有不同的看法。他們想要與經紀人或助理隔絕開來，而其他人則想向他們敞開心扉。很想知道 eBay——到目前為止，您顯然已經指出了一件事，但是由於消費者行為可能會發生變化，您如何從長遠角度考慮這個大局？

Yeah. Look, we were one of the first companies to collaborate with OpenAI on their research preview here. And our feeling is that we're obviously building a lot of great agentic technology on eBay, whether that's in how products are sold with magical listing or how they're bought with Shop the look, explore. But we've really focused on having a differentiated set of inventory, over 2.3 billion listings, and see an opportunity to allow our sellers to get greater exposure to more sets of diverse buyers.

是的。你看，我們是第一批與 OpenAI 合作進行研究預覽的公司之一。我們的感覺是，我們顯然在 eBay 上建立了許多出色的代理技術，無論是如何透過神奇清單銷售產品，還是如何透過 Shop the look, explore 購買產品。但我們真正專注於擁有差異化的庫存，超過 23 億個列表，並看到讓我們的賣家接觸更多不同買家的機會。

So it's why you see us doing the preview with OpenAI. You see the partnership that we've created with Facebook around marketplace is about opening up that inventory. And if you think about what we've been doing for decades in buying Google placement ads or the SEO work that we're doing, that we've done, those have been good sources for us to acquire new buyers into eBay.

這就是我們與 OpenAI 一起進行預覽的原因。您會看到，我們與 Facebook 圍繞市場建立的合作夥伴關係是為了開放庫存。如果您想想我們幾十年來一直在做的事情，例如購買 Google 展示廣告或進行 SEO 工作，這些都是我們為 eBay 吸引新買家的好來源。

So we've been looking at it as another channel, another opportunity, but we've continued to build out all of our own agents and run our own pilots internally as well to just continually improve the shopping experience on eBay.

因此，我們一直將其視為另一個管道、另一個機會，但我們也將繼續建立我們自己的所有代理商，並在內部運行我們自己的試點，以不斷改善 eBay 上的購物體驗。

Thank you.

謝謝。

Lee Horowitz, Deutsche Bank.

德意志銀行的李‧霍洛維茲 (Lee Horowitz)。

Thank so much for the question. Maybe as we look out to 2025 and sort of growth FX-neutral growth, that's maybe no better than where you're exiting 2024. Can you perhaps break things down a little bit more in terms of what you're thinking about in terms of focus category growth next year? Should that continue to improve? Anything as it relates to expected focused category expansion or perhaps maybe step back in the core business around the macro, any help on those moving pieces would be great.

非常感謝您提問。也許，當我們展望 2025 年並看到某種外匯中性成長時，這可能不會比 2024 年的情況更好。您能否更詳細地講講您對明年重點類別成長的想法？這種情況還應該繼續改善嗎？任何與預期重點類別擴展有關的事情，或者可能在宏觀上退出核心業務，對這些活動部件的任何幫助都將非常有用。

Yeah. No, we can see continued momentum in the work that we're doing in focused categories. So if you look back over the last two years, we've had really healthy growth there, 6% last quarter, 5% over the course of the year. In our largest category in PMA, we've had mid-single-digit growth now for two years. So we feel really good about the momentum in the business and what we're seeing and the continued pace of innovation.

是的。不，我們可以看到我們在重點類別中所做的工作持續保持強勁勢頭。所以，如果回顧過去兩年，我們確實實現了健康的成長，上個季度成長了 6%，全年成長了 5%。在我們最大的 PMA 類別中，我們已經連續兩年實現了中等個位數的成長。因此，我們對業務的發展勢頭以及我們所看到的持續創新步伐感到非常滿意。

We're going to continue to invest in existing categories as well as in new categories. You see our core categories have gotten stronger as well over the course of '24. We had a roughly 1 point growth in our core category business. And we see a lot of opportunities in additional work in our focus categories.

我們將繼續對現有類別和新類別進行投資。您可以看到，我們的核心類別在過去 24 年中也變得更加強大。我們的核心類別業務成長了大約1個百分點。我們在重點類別中看到了許多額外的工作機會。

So in fashion, we have the opportunity to go much deeper. I talked about some of that on the call. We added UK fashion to our focus categories, et cetera.

因此在時尚領域，我們有機會走得更深入。我在電話中談到了其中的一些內容。我們將英國時尚添加到我們的重點類別中，等等。

So we still have five categories that are over $10 billion of opportunity. We see a lot of growth. We actually think the non-new in season will grow faster than new in season, and that's what we've been seeing on our platform, which is really great and healthy for us for the long-term growth of the business.

因此，我們仍然有五個類別，價值超過 100 億美元。我們看到了很多的成長。我們實際上認為非當季新品的成長速度將比當季新品更快，這就是我們在平台上看到的情況，這對於我們業務的長期成長來說確實非常好而且很健康。

Okay. And then maybe one follow-up on the Facebook Marketplace partnership. Any more details you can provide as it relates to just the specifics of how it works? Any limiters as to how many listings you guys can maybe show on their marketplace, anything as it relates to sort of revenue share?

好的。然後也許會對 Facebook Marketplace 合作夥伴關係進行一次跟進。您能提供與其運作原理相關的更多細節嗎？你們在自己的市場上可以展示多少個列表，有什麼限制嗎？是否與收入分成有關？

I know you're not going to give the details exactly, but sort of how the economics may work? And anything you're seeing early or you expect to see in terms of relative ASP of what you may sell that marketplace versus sort of ASPs that you get on sort of your core eBay platform?

我知道您不會透露具體細節，但經濟方面是如何運作的呢？您早期看到或期望看到的您在該市場上銷售的商品的相對平均售價與您在核心 eBay 平台上獲得的商品的相對平均售價相比有什麼不同嗎？

Yeah. Look, we think the partnership is great for the eBay seller community as they can benefit from Facebook scaled audience and the large demand that they have. And similar to what I talked about with OpenAI, where we see it as meeting customers where they are and helping our sellers broaden their reach.

是的。看起來，我們認為這種合作對於 eBay 賣家社群來說非常有益，因為他們可以從 Facebook 的規模受眾和巨大的需求中受益。這與我與 OpenAI 討論的內容類似，我們認為它可以在客戶所在的地方與他們會面，並幫助我們的賣家擴大他們的影響力。

So we'll continue to bring a broad array of unique eBay listings there. We feel like it's great because we get all the benefits of the trust for the buyers there. They get the authentic guarantee, the checkout process, and the post-transaction services.

因此，我們將繼續在那裡提供大量獨特的 eBay 清單。我們覺得這很棒，因為我們為那裡的買家獲得了信任的所有好處。他們獲得了正品保證、結帳流程和交易後服務。

On economics, we usually don't comment on specifics of partnerships. But we're excited by the potential. I'd say it's not. We're not just simply buying ads on Marketplace. And it's not an eBay off-site ad product. But I'd also say, look, it's still early days. So we're encouraged by the early learning, but we're gradually scaling up the test and each company is working to optimize the experience.

從經濟角度來看，我們通常不會對合作關係的具體細節發表評論。但我們對其潛力感到非常興奮。我想說不是的。我們不只是單純地在市場上購買廣告。而且它不是eBay站外廣告產品。但我也想說，現在還太早。因此，早期的學習讓我們感到鼓舞，但我們正在逐步擴大測試規模，每家公司都在努力優化體驗。

Great. Thanks so much.

偉大的。非常感謝。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

Thanks so much for taking the question. Maybe two, if I could. First, I'm curious for your take on the overall health of the consumer. There seems to be a bit of a renewed debate among investors on how to interpret the state of the consumer based on sort of income levels and discretionary versus non-discretionary spend. We'd love to get a sense of what you guys are seeing across the platform and across some of your geographies.

非常感謝您回答這個問題。如果可以的話，也許兩個。首先，我很好奇您對消費者整體健康狀況的看法。投資者之間似乎又開始了一些爭論，即如何根據收入水平以及可自由支配的支出和非可自由支配的支出來解讀消費者的狀況。我們很想了解你們在整個平台和某些地區看到的情況。

And then in terms of focused categories, that momentum that you built coming out of 2024, how would you want folks to think about the potential for that momentum to continue? And what are the building blocks of sustained focused category growth that you're most focused on executing on deeper into 2025?

那麼就重點類別而言，您在 2024 年後建立的勢頭，您希望人們如何看待這種勢頭持續下去的潛力？那麼，在 2025 年，您最關注的持續重點類別成長的基石是什麼？

Yeah. I'd say, look, the macro environment continues to be dynamic out us through '24. I'd say demand in the US has been more resilient, with trends in the UK and Germany still relatively weaker amid lower consumer confidence and lower GDP growth there. And I'd just note that we've made significant progress last year despite these trends. And in 2025, we're going to continue to remain nimble.

是的。我想說，宏觀環境將在 2024 年繼續保持活力。我認為美國的需求更具彈性，而英國和德國由於消費者信心較低和 GDP 成長較低，趨勢仍然相對較弱。我想指出的是，儘管存在這些趨勢，但我們去年仍然取得了重大進展。到 2025 年，我們將繼續保持靈活。

I would say the more affluent customers, our luxury businesses continue to perform well, handbag, I talked about collectibles being double-digit growth right now. And so I think it's more of the less affluent consumer who is pressured in this environment.

我想說，顧客越富裕，我們的奢侈品業務就越能繼續表現良好，例如手提包，我談到的收藏品現在都實現了兩位數的成長。所以我認為，在這種環境下，承受壓力的更多的是那些不太富裕的消費者。

When you think about the momentum in 2024 of focus categories, we see us building on a lot of the strengths that we've created and the momentum that we have in 2024 building off of non-new in season. So I talked about collectibles, right? We are just getting started.

當您考慮 2024 年重點類別的發展勢頭時，我們會看到我們正在鞏固我們已經創造的許多優勢，以及我們在 2024 年基於當季非新品所形成的勢頭。所以我談的是收藏品，對嗎？我們才剛開始。

And how we're working with PSA, how we're working with TCG player to take advantage of the opportunities in collectibles and build on the focused strategy that we have there, I'd say ditto for eBay Live and the growth that we're seeing and the new collectible based features we've launched there like case bricks and buy spot, et cetera. We've been recently increasing the exposure of what we've done in eBay Live on the homepage and on our Live hub.

我們如何與 PSA 合作，如何與 TCG 玩家合作，以利用收藏品領域的機會並建立我們在那裡制定的重點策略，我想說 eBay Live 也是如此，我們看到了成長，我們在那裡推出了新的基於收藏品的功能，如盒子磚和購買點等。最近，我們一直在 eBay Live 主頁和 Live 中心增加我們對所做活動的曝光度。

I talked about the work in P&A and we see vehicles as, not only another opportunity to drive growth in the business, but another opportunity to drive synergies with our parts and accessories business, which is one of our largest focused categories, as you know.

我談到了零件和附件業務的工作，我們認為汽車不僅是推動業務成長的另一個機會，而且也是推動與我們的零件和配件業務產生協同效應的另一個機會，正如您所知，零件和附件業務是我們最大的關注類別之一。

And then when I look at fashion, Eric, we do over $10 billion in fashion. And in my opinion, eBay is just starting to innovate on this focused category, right? It wasn't until twlo quarters ago that you could even save your size on eBay, which is a pretty simple feature. And now we're using AI to do things like shop the look and explore, and build great discovery. And what that does is it really shows off the amazing inventory. And you can tell by the size of the category that we have amazing inventory on the platform, and that's what we hear from buyers.

艾瑞克，當我看時尚的時候，我們的時尚業務規模超過 100 億美元。在我看來，eBay 才剛開始針對這個重點類別進行創新，對嗎？直到兩個季度前，您才可以在 eBay 上保存您的尺寸，這是一個非常簡單的功能。現在我們正在使用人工智慧來做一些事情，例如購物、查看、探索以及創造偉大的發現。它確實展示了令人驚嘆的庫存。您可以從類別的規模看出，我們平台上擁有驚人的庫存，這就是我們從買家那裡聽到的。

And so being able to put our playbook against that category is exciting. So I guess I'd just say, I feel really good about the momentum in focused categories, what we're seeing and the road map and the plans that we have for '25 to keep that going.

因此，能夠將我們的劇本運用到這一類別中是令人興奮的。所以我想我只想說，我對重點類別的勢頭感到非常滿意，我們看到的情況以及路線圖和我們為25年制定的計劃可以保持這種勢頭。

Ygal Arounian, Citi.

Ygal Arounian，花旗。

Hey, thanks, guys. First, maybe just on the GMV outlook from 1Q and the full year. Steve, I think you hit on some of the components like autos GMV coming in. But maybe a little bit more color to help, a, just what's happening in the deceleration between 4Q and 1Q? What are you seeing there?

嘿，謝謝大家。首先，可能只是關於第一季和全年的 GMV 前景。史蒂夫，我認為你觸及了一些要素，例如汽車 GMV 的流入。但也許需要更多一些細節來幫助我們，那麼，第四季和第一季之間的減速到底發生了什麼事？你在那看到了什麼？

And then as we work our way through the year, there's an implied acceleration in GMV. Again, I know you gave some of the puts and takes around auto. Is it mostly around autos? Is there a contribution in your guidance from the Facebook Marketplace coming through? Just how do we think about all the puts and takes between now and the end of the year?

然後，隨著我們度過這一年，GMV 會呈現隱性加速成長。再說一次，我知道您給了一些有關汽車的建議。主要是圍繞汽車嗎？您的指導是否對 Facebook Marketplace 有所貢獻？我們究竟該如何看待從現在到年底的所有得失呢？

Hey, Ygal. I'll pick this one up. Good to speak to you. As Jamie alluded to earlier, we are continuing to operate in quite a challenged macro environment, particularly in Europe. And now more recently, we're facing the uncertainty of our US tariffs and de minimis changes.

嘿，伊加爾。我要選這個。很高興和你談話。正如傑米之前提到的，我們繼續在相當充滿挑戰的宏觀環境中運營，特別是在歐洲。最近，我們又面臨美國關稅和最低限度變化的不確定性。

There's three factors I would call out with regards to the Q4 to Q1 decel. First of all, I'd say we did have a particularly strong uptick in demand late in Q4 during the holiday season, which we're coming off the back of.

關於第四季相對於第一季的減速，我想指出三個因素。首先，我想說，在第四季末的假期期間，我們的需求確實出現了特別強勁的成長，而我們只是擺脫這一困境。

Secondly, we are, as I mentioned, to operate in this environment. And we're looking at a number of scenarios, and we've implied some of that in our first quarter guide.

其次，正如我所提到的，我們將在這種環境中開展業務。我們正在研究多種情景，並且我們在第一季指南中暗示了其中的一些。

And then thirdly, there's some calendar timing dynamics. Lapping the leap year in 2024, creates roughly 1 point of headwind for GMV growth for Q1, partly offset by the beneficial timing of Easter.

第三，有一些日曆時間動態。2024 年為閏年，這將為第一季的 GMV 成長帶來約 1 個百分點的阻力，但復活節的有利時機將部分抵銷這一阻力。

In terms of offsetting some of those headwinds, we obviously continue to drive momentum, across focus categories across the geo-specific investments, particularly the likes of the UK and the horizontal innovation that is driving greater trust across the platform and momentum for the rest of the year. Jamie has talked a lot about the focus category momentum.

在抵消部分不利因素方面，我們顯然會繼續推動勢頭，關注跨地理特定投資的重點類別，特別是英國等國家，以及推動整個平台信任度和今年剩餘時間發展勢頭的橫向創新。傑米已經多次談到焦點類別動力。

We're excited about the investments we continue to make in 2025. That sequentially will improve GMV as we go through the year and gave us the confidence to talk about the positive GMV momentum for 2025.

我們對 2025 年繼續進行的投資感到非常興奮。隨著時間的推移，這將逐步提高 GMV，並讓我們有信心談論 2025 年的正面 GMV 勢頭。

Yeah, just to add, we don't see it as the caramel vehicles is what's driving the growth. In Q1, that's going to be relatively immaterial. And in the full year, that's going to be very modest. And I would say the same about Facebook Marketplace. We're excited by the test, but we're not baking in material contributions to the low single-digit color that we put out there.

是的，補充一下，我們並不認為焦糖色是推動成長的動力。在第一季度，這將相對不重要。從全年來看，這項增幅將會非常溫和。我對 Facebook Marketplace 也有同樣的看法。我們對這次測試感到非常興奮，但我們不會對我們推出的低個位數顏色加入材料貢獻。

It's really the strength and underlying momentum of the business that makes us feel good about the rest of the year and what we're doing. And Steve talked about some of the onetime impacts in the calendar, et cetera, in Q1. And overall, we feel like really good momentum off the back of the strategy that we've laid out and the plans that we have for '25.

正是業務的實力和潛在發展勢頭讓我們對今年剩餘的時間和我們正在做的事情感到滿意。史蒂夫談到了第一季日曆等方面的一些一次性影響。整體而言，我們感覺在我們所製定的策略和2025年計畫的支持下，情況非常好。

Okay. Thanks. That's really helpful. My follow-up, maybe back to AI and the primary LLMs, Jamie, that you called out. It sounds like we're seeing benefits both here on, obviously, the platform improvements and then also on the cost side, you call that engineering, customer service. And any way to quantify -- are you able to -- you guys even do that, the benefit that you're seeing from AI, whether it's on the top line or on the margins and what the -- particularly on the margins, maybe what the longer-term opportunity is and cost efficiencies that you could drive here? Thanks.

好的。謝謝。這真的很有幫助。我的後續問題可能是回到人工智慧和您提到的主要法學碩士，Jamie。聽起來我們在這裡看到了好處，顯然是平台的改進，然後在成本方面，你稱之為工程、客戶服務。有什麼方法可以量化——你們能做到嗎——你們甚至能做到這一點，你們從人工智慧中看到的好處，無論是在營業收入還是在利潤上，特別是在利潤上，也許長期機會是什麼，以及你們可以在這裡推動的成本效率是什麼？謝謝。

Yeah. Look, I mean, the level of change we're seeing kind of quarter after quarter is pretty significant. As I mentioned, the models in 2024 or 100x larger than the ones that we're using for '23.

是的。你看，我的意思是，我們看到的每個季度的變化程度都是相當顯著的。正如我所提到的，2024 年的模型將比我們在 23 年使用的模型大 100 倍。

In terms of [quantisizing] the size of how our consumers are using this, over 10 million unique sellers have used our GenAI features to date and they've created well over 100 million listings and that generates several billion dollars of GMV. And it's a product that has 90% customer satisfaction rates in terms of just the selling side.

就我們的消費者使用規模（量化）而言，迄今為止，已有超過 1000 萬獨立賣家使用了我們的 GenAI 功能，他們創建了超過 1 億個列表，並產生了數十億美元的 GMV。而且從銷售方面來看，該產品的客戶滿意度高達 90%。

On the buying side, we continue to roll out new features and enhance things like Shop the look and explore.

在購買方面，我們繼續推出新功能並增強「購物外觀」和「探索」等功能。

As you think about productivity of our models, in 2024, we achieved a 30% improved accuracy on five of our kind of core e-commerce task at an 8x smaller model size, 10 times lower latency. So we've not only kind of been putting more features to change the experience out there, but we've been doing it in a much smarter way with kind of how we're consuming it, et cetera.

當您考慮我們模型的生產力時，到 2024 年，我們在五種核心電子商務任務上的準確率提高了 30%，模型尺寸縮小了 8 倍，延遲降低了 10 倍。因此，我們不僅透過增加更多功能來改變用戶的體驗，而且以更聰明的方式改變用戶的消費方式等等。

So we're really excited by the consumer-facing features. We're excited by how our employees are embracing this across all the areas that you mentioned. And I think we're going to see another step level change in how we leverage AI both for our consumers and internally next year in '25.

因此，我們對面向消費者的功能感到非常興奮。我們很高興看到我們的員工在您提到的所有領域都接受了這一點。我認為，明年，也就是2025年，我們將會看到人工智慧在服務消費者和公司內部方面的另一個重大變化。

Thank you.

謝謝。

Nathan Feather, Morgan Stanley.

摩根士丹利的內森費瑟 (Nathan Feather)。

Hey, everyone. Thanks for the question. Made a lot of interesting feature enhancements in the UK, which seem to be driving some strong retraction. Are there any features or initiatives that are working well, which you could roll out more broadly? And thinking in particular, manage shipping?

嘿，大家好。謝謝你的提問。在英國進行了許多有趣的功能增強，這似乎正在推動一些強有力的回縮。有哪些功能或舉措效果良好，您可以更廣泛地推廣？尤其是思考如何管理運輸？

Yeah. Like the feature that we've rolled out globally, that's working well as magical listing. Across all of our markets, what we're seeing is really great performance from sellers really good satisfaction, et cetera. As it relates to the C2C approach in the UK, we feel really good about what we're doing there. We rolled out the buyer fee, and that's been performing better than our expectations, as I talked about, although it's still early days.

是的。就像我們在全球推出的功能一樣，它就像神奇清單一樣運作良好。在我們所有的市場中，我們看到的是賣家的出色表現、極高的滿意度等等。由於它與英國的 C2C 方法有關，我們對在那裡所做的事情感到非常滿意。我們推出了買家費用，正如我所說，儘管現在還處於早期階段，但其表現比我們的預期要好。

And with manage shipping, we're really focused on how do we create environs where we're making a lot easier for sellers, because they don't have to go through kind of the choice of what services do I want to use and what do I have to choose from, et cetera. And for buyers, we get better tracking.

透過管理運輸，我們真正專注於如何創建方便賣家的環境，因為他們不必經歷選擇我想使用什麼服務、我必須選擇什麼等過程。對於買家，我們可以提供更好的追蹤。

And the early work on this. I mean it's very early days, right? We're just ramping up this business in the UK But what I would say is that we hope to perfect it over time, really get CSAT. And every market is different as it relates to shipping. There's very different dynamics, and there's some unique dynamics in the UK that make it specifically attractive to have managed shipping in that market.

以及這方面的早期工作。我的意思是現在還為時過早，對吧？我們剛剛在英國擴大這項業務，但我想說的是，我們希望隨著時間的推移不斷改進它，並真正獲得 CSAT。每個市場在運輸方面都有所差異。英國的動態非常不同，而且英國的一些獨特動態使得在該市場管理航運特別有吸引力。

So that's really where we're focused on growing that and really how it ties into the overall C2C value proposition that we put together, which so far, is working great. Our UK C2C business is growing double digits faster than it was before these changes and so we're pleased with the results.

因此，這確實是我們專注於發展這一領域，以及它如何與我們制定的整體 C2C 價值主張相結合，到目前為止，這一主張效果很好。我們的英國 C2C 業務比這些變化之前增長了兩位數，因此我們對結果感到滿意。

Great. Thank you.

偉大的。謝謝。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Hi, thanks, guys. Good afternoon. First off, on advertising as a follow-up and the uptick in the penetration rate, is that some of the newer ad formats driving that? And I guess how are you thinking about the longer-term tax rate opportunity?

嗨，謝謝大家。午安.首先，關於後續廣告以及滲透率的上升，是否有一些較新的廣告形式推動了這個趨勢？我想知道您如何看待長期稅率機會？

Yeah. Look, we were really pleased with the growth. We had 16% 1P growth in our ad business in Q4 and 17% overall, and really know it's still the strength of the core platform. So our CPA business, Promoted Listings General was the largest driver in growth in the quarter. And we still think that has a lot of runway and opportunity with optimization, with more seller using it, et cetera.

是的。瞧，我們對於這種成長確實感到滿意。我們的廣告業務在第四季的單價成長率為 16%，整體成長率為 17%，我們確實知道這仍然是核心平台的優勢。因此，我們的 CPA 業務「Promoted Listings General」是本季成長的最大動力。我們仍然認為，透過優化，它將有很大的發展空間和機會，會有更多的賣家使用它，等等。

We continue to see nice growth in our C2C business and our newest products are launching, but they're still not the workhorse that the CPA is, and we continue to put new features out there. I'd probably call out the AI-first dashboard that we launched last year is really helping sellers navigate advertising.

我們的 C2C 業務持續保持良好的成長勢頭，我們的最新產品也即將推出，但它們仍不是像 CPA 那樣的主力產品，而且我們會繼續推出新的功能。我可能會說，我們去年推出的 AI-first 儀表板確實可以幫助賣家導航廣告。

And I think about the same way as listings, right, which is what we're doing is using AI and other technologies to make it really easy to adopt, to manage, for example, C2C-based campaigns on the platform, et cetera, and that's what's been performing well. So we continue to see a lot of runway, a lot of opportunity with advertising and excited both by the existing formats and the optimization and the new ad products that we've launched.

我認為這與清單的方式相同，對吧，我們正在做的是使用人工智慧和其他技術，使其真正易於採用和管理，例如，平台上基於 C2C 的活動等等，這就是表現良好的方法。因此，我們繼續看到大量的發展空間和廣告機會，並對現有的格式以及優化和我們推出的新廣告產品感到興奮。

Okay. And if I could just ask one quick follow-up on the magical listing tools. Does that have a material impact on trading card selection and volumes? And if it did, I guess, would you expect to see a similar tailwind as other categories start to adopt that? Thanks.

好的。我是否可以就神奇的清單工具快速問一個問題。這對交易卡的選擇和數量有實質影響嗎？如果確實如此，我想，隨著其他類別也開始採用這種模式，您是否希望看到類似的順風？謝謝。

Yeah. Look, it's really great for that category because it's kind of seamless. And if you've been paying close attention, it's not just that we've done magical listing in that category, which is great. We've been doing better integrations with our partners like PSA, for example. So now if I list a graded card, we will actually bring over all the data from PSA about kind of the history of that card right into the view item page on eBay.

是的。看，對於這個類別來說它真的很棒因為它有點無縫。如果你一直密切關注的話，你會發現我們不僅僅在這個類別中完成了神奇的列表，這很好。例如，我們一直在與 PSA 等合作夥伴進行更好的整合。所以現在，如果我列出一張分級卡，我們實際上會將 PSA 關於該卡歷史的所有數據直接帶入 eBay 上的查看物品頁面。

A couple of weeks ago, we made it easier to kind of copy and do more research, et cetera, around those cards. We've launched better integrations between PSA and eBay, so that I can now launch auction and fixed price listings right as I've had them graded onto the eBay platform. So I would say, in general, what we're seeing is it was a strong quarter for collectible card games, et cetera, but it really leveraged all of the innovations that we have been driving in trading cards to make that successful.

幾週前，我們使複製這些卡片以及針對這些卡片進行更多研究等變得更加容易。我們已經在 PSA 和 eBay 之間實現了更好的整合，這樣我現在就可以在 eBay 平台上發布已經評級的拍賣和固定價格清單。因此我想說，總體而言，我們看到該季度是集換式卡牌遊戲等表現強勁的一個季度，但它確實充分利用了我們在集換式卡牌領域推動的所有創新，從而取得了成功。

But yes, we feel bullish that as we have expected in that category, we're rolling out continued enhancements to magical listing, which just make it easier and easier to list. And the way I think about it is the average household has $3,000 of items that they could sell online, and less than 20% of that is online. And if we make that incredibly easy through magical listing, we can bring on so much attractive inventory onto the platform.

但是的，我們感到很樂觀，正如我們在該類別中所預期的那樣，我們正在對魔法列表進行持續的增強，這使得列出列表變得越來越容易。我的想法是，普通家庭有價值 3,000 美元的物品可以在網路上銷售，但其中不到 20% 是在網路上銷售的。如果我們透過神奇的清單讓這一切變得非常簡單，我們就可以在平台上帶來大量有吸引力的庫存。

And when we get those buyers to turn into sellers, they become 2 to 2.5x more valuable as buyers on the platform. And they bring really unique inventory to the platform. Think about all the stuff that's used, sitting in people's houses, garages, et cetera, to bring online. And so that's why I'm really excited by the continued advancements that we're making in the progress, the satisfaction that we're getting from customers, and the just reception in general from the seller base.

當我們讓這些買家變成賣家時，他們在平台上的價值就會增加 2 到 2.5 倍。他們為平台帶來了真正獨特的庫存。想想人們家裡、車庫等地方存放的所有用過的東西，它們都被放到網路上了。因此，我對我們不斷取得的進步、從客戶那裡獲得的滿意度以及賣家群體的普遍接受感到非常興奮。

Thank you.

謝謝。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. Just one on the UK and then one on the operating margins. So the UK C2C growth acceleration, how does that map to what you saw in Germany in the first few months? And is the double-digit improvement -- is that kind of now at a new equilibrium? Or should we increase further potentially? And then on the revenue side over there, did that fully catch up to GMV once we have like a full quarter in 2Q, any color on that? And then I'll ask the follow-up next.

偉大的。只有一個關於英國的問題，還有一個關於營業利益率的問題。那麼英國 C2C 成長加速，與您前幾個月在德國看到的情況相比如何？那麼兩位數的改善──現在是否達到了新的平衡？或者我們應該進一步增加潛力？那麼從營收方面來看，第二季的營收是否完全趕上 GMV 了，有什麼具體資訊嗎？然後我會問後續問題。

Yeah, I'll take the first part, and then Steve can talk about what we're seeing on the take rate. So yes, we're really pleased with the improvement that we've seen in the business, and it's similar to what we saw in Germany.

是的，我將講第一部分，然後史蒂夫可以談談我們所看到的接受率。所以是的，我們對業務的改善感到非常高興，這與我們在德國看到的情況類似。

Remember that we launched there, I talked about a 20-point improvement in CSAT. And we're seeing here 20-point improvements in C2C first-gen listers in new and reactivated sellers, in local pickup GMV. So exactly what we intend to see.

記得我們在那裡推出時，我談到了 CSAT 的 20 分提高。我們看到，在新賣家和重新啟用的賣家中，C2C 第一代上架者在本地取貨 GMV 方面提高了 20 個百分點。這正是我們想要看到的。

Your question on fully ramped, what we saw in Germany was even a year post launching, we continue to see that strong momentum in the business. And that's what I expect to see in the UK. We've got a strong CSAT, it's really resonating with customers, et cetera.

您關於全面發展的問題，我們在德國看到的情況甚至是在推出一年後，我們仍然看到業務的強勁勢頭。這正是我希望在英國看到的。我們擁有強大的 CSAT，它確實引起了客戶的共鳴，等等。

Steve, maybe you want to talk about the overall take rate.

史蒂夫，也許你想談談整體接受率。

Yeah. So with regards to the bioprotection fees, we've recently put those in into the UK, and we're still ramping managed shipping as we go through the quarter. And this phasing is creating a temporary headwind for take rate, which obviously is mostly offset by ads and financial services in the guide that we've given.

是的。因此，關於生物保護費用，我們最近已將其納入英國，並且我們在本季度仍在加強管理運輸。這一階段對接受率造成了暫時的阻力，但在我們提供的指南中，這顯然大部分被廣告和金融服務所抵消。

As it pertains to your question about getting back to normalized levels in the full year, we are expecting a take rate expansion in 2025 overall. We'd expect advertising to the biggest driver of that. But as we sort of noticed as we get the full ramp out of the UK initiative with the buyer fees and the managed shipping goes through, we expect our UK C2C take rate to reach a run rate slightly higher than the level prior to the UK initiative.

至於您關於全年恢復正常水準的問題，我們預計 2025 年的整體接受率將會擴大。我們預計廣告是這一領域最大的推動力。但是，我們注意到，隨著英國計劃的全面實施，買家費用和管理運輸的順利進行，我們預計英國 C2C 的收費率將達到略高於英國計劃之前的水平。

Got it. Okay. And then on the op margin guidance for full year, Steve, I think the slide said that op inc will grow in line with revenue, but there was also like 100 bps of like those kind of headwind items around depreciation and a few other things offset by FX. So I guess the question is our op margins, non-GAAP op margins going up? Or are they flat? Like I was just a little confused as to what we were saying in that slide.

知道了。好的。然後關於全年營業利潤率指引，史蒂夫，我認為幻燈片上說營業利潤將與收入同步增長，但也有類似折舊等 100 個基點的不利因素以及一些被外匯抵消的其他因素。所以我想問題是我們的營業利益率、非 GAAP 營業利益率會上升嗎？還是它們是平的？就像我對我們在那張投影片上所說的內容有點困惑一樣。

Yeah. So we continue to target the optimal combination of GMV growth and operating margin to maximize operating income dollar growth. That's the key thing for us. That's our North Star in terms of generating operating income dollar growth. And we're obviously pleased with the progress that we made in 2024.

是的。因此，我們繼續以 GMV 成長和營業利潤率的最佳組合為目標，以最大化營業收入的成長。這對我們來說是關鍵。這就是我們在創造營業收入成長的北極星。我們顯然對 2024 年的進展感到滿意。

As you stated -- as we stated in the outlook, we've got our expectations is that our operating income dollar growth will modestly be ahead of our low single-digit GMV growth for 2025. But it implies the operating margins relatively flat. Despite headwinds of around 70 basis points net, which I outlined earlier, the depreciation around 50 basis points UK managed shipping because we're recognizing that growth about 30 basis points to M&A pressure of 20 bps, offset by some FX goodness of 30 basis points. We'll continue to get the balance right.

正如您所說 - 正如我們在展望中所述，我們預計，到 2025 年，我們的營業收入美元增長將略高於低個位數的 GMV 增長。但這意味著營業利益率相對穩定。儘管面臨我之前概述的約 70 個基點的淨阻力，但英國管理的航運仍貶值了約 50 個基點，因為我們認識到增長約 30 個基點，而併購壓力為 20 個基點，被 30 個基點的一些外匯優勢所抵消。我們將繼續保持適當的平衡。

We're going to continue to reinvest in the business, drive long-term sustainable growth while continuing to deliver robust earnings growth in 2025.

我們將繼續對業務進行再投資，推動長期可持續成長，同時在 2025 年繼續實現強勁的獲利成長。

Thank you.

謝謝。

Nick Jones, Citizens.

尼克瓊斯，公民。

Great. I guess if I could ask maybe a bigger picture question. As we look at all these kind of great innovations and investments you're making around products and focused categories, and kind of tie that to kind of the growth expecting?

偉大的。我想也許我可以問一個更大層次的問題。當我們看到您在產品和重點類別方面所做的所有這些偉大的創新和投資時，我們將其與成長預期聯繫起來嗎？

And then maybe a step further, laying that against kind of the broader backdrop where e-commerce continues to grow. Retail, it is more difficult. Retail is kind of hanging in there. And I guess philosophically, how are you thinking about eBay's position in a world where kind of wallet shares kind of consolidating to the Amazons and Walmarts of the world and then Shopify is enabling a bunch of kind of single product for any companies to come? I guess how do you view e-commerce from here as you're making these investments and where a marketplace like eBay fits in?

然後再進一步，將其置於電子商務持續成長的更廣泛背景下。零售的話就比較難了。零售業還處於困境之中。我想從哲學角度來說，您如何看待 eBay 在當今世界的地位？在這個世界中，錢包份額正在被亞馬遜和沃爾瑪等公司整合，而 Shopify 正在為所有公司提供一系列單一產品？我想問一下，當您進行這些投資時，您如何看待電子商務，以及 eBay 這樣的市場適合於哪裡？

Yeah. Yeah. Good question. So when you look at -- let's start with our focus categories. The whole thesis that we laid out was getting focused categories to grow at e-commerce rates of growth and they have been. So our focus categories are growing 5% in 2024.

是的。是的。好問題。因此，當您查看時—讓我們從重點類別開始。我們提出的整個論點是讓重點類別隨著電子商務的成長而成長，而它們確實做到了。因此，我們的重點類別在 2024 年將成長 5%。

In aggregate, we actually think we picked up share in '24 in our focus categories by a bit. And so we're seeing exactly what we intended to see. When you look at the overall e-commerce numbers to your question, it's important to take into consideration that UK and Germany are our second and third largest markets.

總體而言，我們實際上認為，我們在 24 年重點類別中的份額有所上升。所以我們看到的結果正是我們想要看到的。當你查看問題中的整體電子商務數據時，重要的是要考慮到英國和德國是我們的第二和第三大市場。

And when you look at those e-commerce growth rates over the course of last year, they've been kind of hovering around the 0% range and that's overall e-commerce. So that includes consumable e-commerce which is like grocery pickup, et cetera, is all in those numbers, which has been growing, especially with inflation, and we play more in the discretionary commerce.

當您查看去年電子商務的成長率時，它們一直徘徊在 0% 左右，這是整體電子商務。因此，這包括消費品電子商務，例如雜貨店提貨等，這些數字一直在增長，特別是在通貨膨脹的情況下，我們在非必需商業中發揮更大的作用。

So from a relative perspective in this macro environment, we feel really great about the performance that we're seeing. The past three quarters, we've seen positive GMV growth. But we're only partway through the strategic work that we're doing. And as we get to new focus categories, as we've made improvements in the horizontal experience, leveraging GenAI, we've gone to the point where our core categories are growing as well.

因此，從宏觀環境的相對角度來看，我們對所看到的表現感到非常滿意。過去三個季度，我們看到了 GMV 的正成長。但我們所做的戰略工作才完成了一部分。隨著我們進入新的重點類別，隨著我們利用 GenAI 在橫向體驗方面取得進步，我們的核心類別也不斷成長。

And then we're continuing to invest really around this non-new in season area where we see market share growing potentially even faster than new and season over time. So we're going to continue to launch new areas and new verticals and new categories like I talked about with vehicles and eBay Live. We're unlocking a much bigger TAM opportunity in the UK with what we're doing in C2C. And we feel good about building off the momentum that we have, even in this macro environment.

然後，我們將繼續在這個非當季新品領域進行投資，我們發現該領域的市場份額隨著時間的推移可能比新品和當季新品增長得更快。因此，我們將繼續推出新的領域、新的垂直領域和新的類別，就像我之前談到的車輛和 eBay Live 一樣。透過我們在 C2C 領域的努力，我們正在英國解鎖更大的 TAM 機會。即使在這種宏觀環境下，我們也很高興能夠繼續保持現有的勢頭。

Operator, can we do one last question, please?

接線員，我們可以問最後一個問題嗎？

Stephen Ju, UBS.

瑞銀（UBS）的 Stephen Ju。

Hey, thank you. So Jamie, the slide in your deck about Klarna was interesting. Just wondering if there's an opportunity for you to capture some of the economics that they might be generating because presumably, you're helping them source loans from the activity on eBay. Or should we just view this as a potential accelerant to the GMV growth?

嘿，謝謝你。所以 Jamie，你簡報中有關 Klarna 的幻燈片很有趣。只是想知道您是否有機會捕捉他們可能產生的一些財務效益，因為大概您正在幫助他們從 eBay 上的活動中獲得貸款。或者我們應該將其視為 GMV 成長的潛在加速器？

Yeah. We don't ever comment on specific economics of specific partners. What I'll tell you is that Klarna is actually -- it's a partnership that we announced in Q4 to expand to most of our countries in Europe. And what is nice about it is it's really helping consumers lean into higher ASP products. So when we see the average order value on Klarna, it's three to four times higher than the market average.

是的。我們從不對特定合作夥伴的具體經濟狀況發表評論。我要告訴你的是，Klarna 實際上是——這是我們在第四季度宣布的一項合作夥伴關係，旨在擴展到歐洲大多數國家。它的優點在於它確實可以幫助消費者選擇價格較高的產品。因此，當我們看到 Klarna 上的平均訂單價值時，它比市場平均高出三到四倍。

And it's a continuation of what we've been doing, which is providing more choice to customers, more forms of payment, et cetera. And it's driving -- it's helping us drive incremental GMV on the platform.

這是我們一直以來所做的事情的延續，即為客戶提供更多選擇、更多付款方式等等。它正在推動——它正在幫助我們推動平台上的增量 GMV。

If I take a step back, when I look at what's happening in financial services, it's not just about kind of the economics that we've created by bringing payments on the platform but it's the synergies that we've created with our strategy. So one that I would call out recently is eBay balance. So by bringing payments in-house, that's enabled us on our C2C strategy to basically help those buyers who turn into casual sellers, buy more on the platform.

如果我退後一步來看看金融服務領域正在發生的事情，它不僅僅是我們透過在平台上提供支付而創造的經濟效益，更是我們透過策略創造的協同效應。我最近要提到的一個問題是 eBay 餘額。因此，透過引入內部支付功能，我們可以實施 C2C 策略，從根本上幫助那些轉變為臨時賣家的買家在平台上購買更多商品。

And what we're seeing is that it actually stimulates the flywheel for us. It helps drive more buying behavior. The majority of them are using their eBay balance to purchase back on eBay. And in that example, we end up with a cost of payments of zero. And so it does help us on the expense side as well. And it's another example of how we're leveraging our financial solutions product.

我們看到的是，它實際上刺激了我們的飛輪。它有助於推動更多的購買行為。他們中的大多數人都使用自己的 eBay 餘額在 eBay 上購買。在這個例子中，我們最終的支付成本為零。所以它在費用方面也對我們有幫助。這是我們如何利用金融解決方案產品的另一個例子。

I'll end probably with Seller Capital, another example of what it does is it helps sellers get loans in a few minutes and grow their business on eBay. And I was talking to Angie, who's one of our sellers, she runs a store called Green Go surplus. And around the elections, her business was a little soft as she had to buy a truck for her business.

最後我可能會以賣家資本來結束，它的另一個例子是幫助賣家在幾分鐘內獲得貸款並在 eBay 上發展他們的業務。我和我們的一位賣家安吉 (Angie) 交談過，她經營著一家名為 Green Go residual 的商店。在選舉期間，她的生意有些不景氣，因為她必須買一輛卡車來做生意。

And she filled out -- we work with a partner called Libris, she fills out this form in a couple of minutes and then relatively quickly, has that loan. And she was like, this helped me get through that tough time period of my business. I've already paid off a third of the loan here really quickly. And it's another example of how we're kind of supporting small business on the platform. So excited for the Klarna deal, but also just excited more broadly with the work that's happening with our financial services team.

她填寫了表格——我們與一家名為 Libris 的合作夥伴合作，她在幾分鐘內填寫了這份表格，然後相對較快地獲得了貸款。她說，這幫助我度過了生意上的困難時期。我已經很快就還清了三分之一的貸款。這是我們在這個平台上支援小型企業的另一個例子。我對與 Klarna 的交易感到非常興奮，但更讓我興奮的是我們的金融服務團隊正在進行的工作。

Thanks for the question, Stephen.

謝謝你的提問，史蒂芬。

Thanks.

謝謝。

And this concludes eBay's fourth-quarter 2024 earnings conference call. Thank you for your participation. You may now disconnect.

這就是 eBay 2024 年第四季財報電話會議的結束。感謝您的參與。您現在可以斷開連線。