eBay Inc (EBAY) 2025 Q1 法說會逐字稿

Good day, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to the eBay first quarter 2025 earnings call. (Operator Instructions) At this time, I would like to turn the call over to your speaker.

大家好。我叫萊拉 (Leila)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 eBay 2025 年第一季財報電話會議。（操作員指示）現在，我想將電話轉接到您的揚聲器上。

Good afternoon. Thank you all for joining us for eBay's first-quarter 2025 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 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的執行長 Jamie Iannone 和我們的財務長 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.

在我們開始之前，我要提醒您，在本次電話會議期間，我們將討論與我們的績效相關的某些非 GAAP 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。

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.

此外，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均反映每股攤薄收益，除非另有說明。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。

These forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q, and our earnings release from earlier today.

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。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發布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。

You should not rely on any forward-looking statements. All information in this presentation is as of April 30, 2025. We do not intend and undertake no duty to update this information.

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 4 月 30 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.

謝謝，約翰。下午好，感謝大家今天的參加。

We started off 2025 on a strong note as our Q1 results came in ahead of expectations across all key financial metrics despite a dynamic operating environment. Our gross merchandise volume grew by nearly 2% to approximately $18.8 billion, marking our fourth consecutive quarter of positive GMV growth. Revenue increased over 1% to $2.58 billion. Non-GAAP earnings per share grew by 10% to $1.38, and we returned approximately $760 million of capital to shareholders through repurchases and cash dividends.

儘管經營環境充滿活力，但我們第一季的業績在所有關鍵財務指標上均超出預期，因此我們以強勁的勢頭開啟了 2025 年。我們的商品交易總額成長近 2%，達到約 188 億美元，這標誌著我們連續第四個季度實現 GMV 正成長。營收成長超過1%，達到25.8億美元。非公認會計準則每股盈餘成長 10% 至 1.38 美元，我們透過回購和現金分紅向股東返還了約 7.6 億美元的資本。

Before I discuss our Q1 results in greater detail, I'd like to acknowledge the significant developments around cross-border trade since we last spoke with you. Tariffs and changes to certain custom requirements in the US have created significant uncertainty for small businesses, while concerns over escalating prices for imported goods have weighed on consumer confidence.

在我更詳細地討論我們的第一季業績之前，我想先承認一下自我們上次與您交談以來跨境貿易方面取得的重大進展。美國關稅和某些海關要求的變化給小企業帶來了很大的不確定性，而對進口商品價格上漲的擔憂也影響了消費者信心。

As more of these new trade policies are implemented, we are focused on helping sellers and buyers navigate these changes with as little disruption as possible. Our SpeedPAK shipping program manages much of the complexity of international shipping for CBT sellers across several of our largest corridors while ensuring compliance with customs regulations in both origin and destination countries. Items shipped through SpeedPAK also have tariff duties included in the total price at checkout, creating greater transparency for buyers.

隨著越來越多新貿易政策的實施，我們致力於幫助賣家和買家盡可能以最少的干擾來應對這些變化。我們的 SpeedPAK 運輸計劃為我們幾條最大走廊上的 CBT 賣家管理了大部分複雜的國際運輸，同時確保遵守原產國和目的地國家的海關規定。透過 SpeedPAK 運送的物品在結帳時的總價中也包含關稅，從而為買家提供更大的透明度。

For non-SpeedPAK purchases, we are managing expectations for buyers by educating them on the new costs, information requirements and potential delays associated with international shipments. This includes messaging on the view item and checkout pages on eBay as well as localized information pages with up-to-date guidance amid rapidly changing policy.

對於非 SpeedPAK 購買，我們會透過向買家介紹與國際運輸相關的新成本、資訊要求和潛在延誤來管理他們的期望。這包括在 eBay 上的查看商品和結帳頁面上的消息傳遞，以及在快速變化的政策中提供最新指導的本地化資訊頁面。

While our business is not immune to increased costs and friction associated with tariffs, our dynamic global supply and demand is an advantage in this environment. Our extensive selection of pre-loved and non-new in season goods across a variety of categories can also help mitigate the pressure on consumers' discretionary budgets during periods of rising costs. Now let's turn to the key drivers of our Q1 results. Focus category GMV grew by over 6% in Q1 and now makes up more than one-third of our total volume globally.

雖然我們的業務無法免受關稅帶來的成本增加和摩擦的影響，但我們動態的全球供需在這種環境下是一個優勢。我們廣泛選擇的各類二手和非當季新品也可以幫助減輕消費者在成本上漲期間可自由支配的預算壓力。現在讓我們來看看第一季業績的關鍵驅動因素。重點類別 GMV 在第一季成長了 6% 以上，目前占我們全球總交易量的三分之一以上。

Collectibles was the largest contributor to growth for the second straight quarter as year-over-year GMV growth in trading cards accelerated for the ninth straight quarter. This growth was supported by continued innovation on behalf of trading card hobbyists, building on what we believe is the industry's leading value proposition. Our strategic partnership with collectors and its subsidiary, PSA continues to yield benefits for our marketplace.

收藏品連續第二個季度成為成長的最大貢獻者，因為交易卡的 GMV 連續第九個季度同比增長加速。這一增長得益於集換式卡牌愛好者的持續創新，建立在我們認為的行業領先價值主張之上。我們與收藏家及其子公司PSA的策略合作夥伴關係繼續為我們的市場帶來利益。

The PSA storefront on eBay has already sold more than 0.5 million trading cards since PSA launched a seamless integration, enabling its customers to consign cards on eBay in Q3 of last year. In January, we incorporated PSA data directly into the item page for graded trading cards, enabling potential buyers to see the full population of cards at each grade level, allowing them to more easily evaluate their rarity.

自去年第三季 PSA 推出無縫整合功能以來，PSA 在 eBay 上的店面已經售出了超過 50 萬張交易卡，使其客戶能夠在 eBay 上寄售卡片。一月份，我們將 PSA 數據直接整合到分級交易卡的商品頁面中，讓潛在買家能夠看到每個等級的全部卡片，從而更輕鬆地評估卡片的稀有性。

This delivered on a key request from hobbyists and feedback to this change has been extremely positive. At the end of March, we launched an entirely new capability for buyers looking to purchase trading cards on eBay and have them shipped directly to PSA for grading. This saves the buyer time and effort spent on submitting grading paperwork themselves and reduces costs as one shipping leg is eliminated.

這是根據業餘愛好者的關鍵要求而實現的，並且對這一變化的反饋非常積極。三月底，我們為希望在 eBay 上購買交易卡並將其直接運送到 PSA 進行評級的買家推出了一項全新功能。這節省了買家親自提交評級文件的時間和精力，並且由於省去了一次運輸環節而降低了成本。

Grading services from trusted third parties like PSA are a key use case for trading card enthusiasts as grading helps them maximize the value of their collections. Our fashion category generates more than $10 billion of GMV for eBay annually. Over the past year, we've significantly improved the customer experience for luxury fashion, pre-loved apparel and streetwear enthusiasts.

來自 PSA 等值得信賴的第三方的評級服務是交易卡愛好者的關鍵用例，因為評級可以幫助他們最大限度地提高收藏品的價值。我們的時尚類別每年為 eBay 創造超過 100 億美元的 GMV。在過去的一年裡，我們顯著改善了奢華時尚、二手服裝和街頭服飾愛好者的客戶體驗。

We launched AI-powered shopping experiences like Explore and Shop the Look. We expanded our inventory coverage for authenticity guarantee and tapped into new sources of supply in international markets. And we continue to drive consideration of eBay in fashion and reinforce our value proposition of trust and selection through full funnel marketing, including earned media reach through our cast of eBay influencers and partnership with Conde Nast.

我們推出了由人工智慧驅動的購物體驗，例如「探索」和「購物外觀」。我們擴大了真實性保證的庫存覆蓋範圍，並開拓了國際市場的新供應來源。我們將繼續推動 eBay 在時尚領域的關注，並透過全通路行銷強化我們的信任和選擇的價值主張，包括透過我們的 eBay 影響者陣容和與康泰納仕的合作贏得媒體影響力。

In Q1, we launched US pre-loved apparel as a new focus category on eBay as we made significant improvements for sellers and buyers in this category. We continue to increase trust by introducing enhanced condition grading standards for apparel during Q1.

在第一季度，我們推出了美國二手服裝作為 eBay 上的新重點類別，因為我們為該類別的賣家和買家做出了重大改進。我們在第一季引入了更嚴格的服裝狀況分級標準，繼續增強信任。

We recently launched a new AI-powered discovery experience for fashion shoppers in the US and UK, which offers a more immersive and engaging browsing experience. We replaced static browse pages with endless feeds organized by theme or subcategory with dynamic visuals and interactive elements. These feeds progressively load content as users scroll down the page and are flexible in accommodating varying content formats such as autoplay video, curated compositions, eBay live events, promotions and relevant eBay storefronts.

我們最近為美國和英國的時尚購物者推出了新的人工智慧發現體驗，提供更身臨其境、更具吸引力的瀏覽體驗。我們以主題或子類別組織的無盡資訊來源取代了靜態瀏覽頁面，其中包含動態視覺效果和互動元素。當使用者向下捲動頁面時，這些資訊流會逐步載入內容，並且可以靈活地適應各種內容格式，例如自動播放影片、精選作品、eBay 現場活動、促銷和相關的 eBay 店面。

Throughout 2025, you'll see more innovation in fashion as we work towards solidifying our platform as the trusted destination for pre-loved branded fashion products, where customers can truly shop head-to-toe across a breadth of brands and price points. Our geo-specific initiatives are another key building block for growth in 2025, most notably our consumer-to-consumer initiative in the UK.

在整個 2025 年，您將看到時尚領域的更多創新，因為我們致力於鞏固我們的平台作為二手品牌時尚產品值得信賴的目的地的地位，在這裡客戶可以真正從頭到腳購買各種品牌和價位的產品。我們的地理特定舉措是 2025 年成長的另一個關鍵基石，最引人注目的是我們在英國的消費者對消費者舉措。

As a reminder, in Q4, we introduced a suite of new capabilities to upgrade the UK C2C experience, including significantly reducing friction to stimulate consumer selling. This initiative has materially improved our C2C GMV trends versus our prelaunch baseline and has outperformed our internal expectations to date.

提醒一下，在第四季度，我們推出了一系列新功能來升級英國 C2C 體驗，包括大幅減少摩擦以刺激消費者銷售。與推出前的基準相比，這項舉措顯著改善了我們的 C2C GMV 趨勢，迄今為止的表現已經超出了我們的內部預期。

We reached a major milestone in Q1 with the introduction of our UK buyer protection fee in February, which significantly narrowed the initial monetization gap. After introducing buyer-facing fees in the UK, C2C GMV growth and other KPIs have remained significantly higher than their prelaunch baselines. We continue to ramp our managed shipping offering in the UK, which dramatically simplifies shipping for C2C sellers while reducing costs and improving trust for buyers.

隨著我們在 2 月推出英國買家保護費，我們在第一季達到了一個重要的里程碑，這大大縮小了最初的貨幣化差距。在英國推出面向買家的費用後，C2C GMV 成長和其他 KPI 一直明顯高於推出前的基準。我們繼續在英國加強我們的託管運輸服務，這大大簡化了 C2C 賣家的運輸流程，同時降低了成本並提高了買家的信任。

In Q1, we enabled sellers to offer free shipping and added the flexibility for them to select carrier preferences. In Q2, we plan to add pickup and drop-off capabilities that are very popular among UK consumers as well as support for larger bulkier items. In recent weeks, we began to gradually mandate adoption of managed shipping in the UK, starting with new and occasional C2C sellers.

在第一季度，我們允許賣家提供免費送貨服務，並為他們增加了選擇承運商偏好的靈活性。在第二季度，我們計劃增加在英國消費者中非常受歡迎的取貨和送貨功能以及對較大件物品的支援。最近幾週，我們開始逐步強制英國採用託管運輸，首先從新的和偶爾的 C2C 賣家開始。

At full scale, we expect managed shipping to close the remainder of the monetization gap in C2C, drive significant value for customers and create a new source of revenue and operating income for eBay. Our teams continue to leverage artificial intelligence to make our marketplace more efficient and intuitive. At the end of Q1, we rolled out a simplified AI-powered listing flow to all C2C sellers in the US, UK, and Germany, which integrates our magical listing technology and product Knowledge Graph.

我們預計，全面實施託管運輸將彌補 C2C 中剩餘的貨幣化差距，為客戶帶來巨大價值，並為 eBay 創造新的收入和營業收入來源。我們的團隊繼續利用人工智慧使我們的市場更有效率和直覺。在第一季末，我們向美國、英國和德國的所有 C2C 賣家推出了簡化的人工智慧上市流程，該流程整合了我們神奇的上市技術和產品知識圖譜。

Sellers now start their listing with photos and a title, and we leverage generative AI to identify the exact product in our catalog or filling relevant item aspects wherever possible, including the description. This listing flow also includes a more intuitive step-by-step process to review product details, pricing and shipping information before finalizing the listing.

賣家現在開始使用照片和標題來列出他們的產品，我們利用生成人工智慧來識別目錄中的確切產品或盡可能填寫相關的產品方面，包括描述。此清單流程還包括一個更直觀的逐步流程，以便在最終確定清單之前查看產品詳細資訊、定價和運輸資訊。

This new listing tool is resonating well with sellers as customer satisfaction rates are 90% or higher across each market, and it's also having a positive impact on our business. We've observed significant increases in completion rates and new and reactivated listers while meaningfully reducing the average time spent on listing. we've also seen measurable increases in sold items and GMV per listing attempter.

這種新的上市工具得到了賣家的一致好評，因為每個市場的客戶滿意度都達到了 90％ 或更高，它也對我們的業務產生了積極的影響。我們觀察到完成率和新上市者以及重新啟動上市者的數量顯著增加，同時顯著減少了上市所花費的平均時間。我們也看到每個上市嘗試者的售出商品和 GMV 都有顯著增加。

Our Magical bulk listing tool also continues to drive powerful results for B2C sellers after launching in the US for all categories. This tool has more than half the average listing time versus our previous bulk listing tool, giving sellers more time to run their businesses. Magical bulk listing has already emerged as the most commonly used tool for listing sports trading cards, contributing to a significant increase in the average weekly listings in that category.

我們的神奇批量上市工具在美國推出所有類別後，也繼續為 B2C 賣家帶來強勁的業績。與我們之前的大量上市工具相比，此工具的平均上市時間減少了一半以上，讓賣家有更多時間經營業務。神奇批量上市已經成為列出體育交易卡最常用的工具，並有助於顯著增加該類別的平均每週上市數量。

In February, we expanded this tool to B2C sellers in the UK and Germany and have seen similar improvements in average listing times. We're focused on making listing on eBay as simple and as easy as possible because we believe it will unlock a significantly larger total addressable market in recommerce. Advancements like Magical Listing have demonstrated significant progress toward that goal, and we will continue to invest in making listing even more seamless in the quarters ahead. Turning next to advertising.

今年 2 月，我們將此工具擴展到英國和德國的 B2C 賣家，並看到平均上市時間也有類似的改善。我們致力於讓 eBay 上的清單盡可能簡單和容易，因為我們相信它將在再商業化領域中開啟一個更大的總可尋址市場。Magical Listing 等進步已證明我們朝著這一目標取得了重大進展，我們將繼續投資，使未來幾季的上市更加無縫銜接。接下來談談廣告。

In Q1, our first-party advertising revenue grew 14%. Active Promoted Listings increased sequentially and made up over $1.1 billion of the more than 2.3 billion total listings on eBay at the end of Q1. Over 3.7 million sellers adopted a single Promoted Listing product during Q1. Our first-party ad revenue growth remained broad-based during Q1.

第一季度，我們的第一方廣告收入成長了 14%。主動推廣商品數量較上季成長，截至第一季末，在 eBay 超過 23 億個商品總數量中，主動推廣商品價值超過 11 億美元。第一季度，超過 370 萬賣家採用了單一推廣上市產品。我們的第一方廣告收入在第一季依然保持廣泛成長。

Promoted Listings general ads were the largest contributor to year-over-year growth as we launched several optimization to make ads on the View item page more personalized and relevant, driving increased engagement. Promoted off-site ads continue to gain adoption.

推廣清單一般廣告是年成長的最大貢獻者，因為我們推出了幾項優化措施，使查看商品頁面上的廣告更加個人化和相關，從而提高了參與度。推廣的站外廣告繼續受到人們的青睞。

And during Q1, we launched several improvements like automated image optimization technology to maximize impressions for a seller's listings. Promoted Listings Priority ads also contributed to growth as we increased coverage of cost per click units across more of our existing ad services.

在第一季度，我們推出了多項改進，例如自動影像優化技術，以最大限度地提高賣家商品的印象。隨著我們擴大現有廣告服務中每點擊費用單位的覆蓋範圍，推廣清單優先廣告也促進了成長。

Within Payments and Financial Services, we continue to focus on adding new forms of payment on eBay to expand buyer choice, improve conversion, and optimize our payments mix. In April, we expanded our partnership with Klarna to offer buy now, pay later solutions to our US customers. We're seeing encouraging early results with average order values on US Klarna transactions more than 3 times the market average.

在支付和金融服務領域，我們繼續專注於在 eBay 上添加新的支付方式，以擴大買家選擇、提高轉換率並優化我們的支付組合。今年 4 月，我們擴大了與 Klarna 的合作，為美國客戶提供先買後付的解決方案。我們看到了令人鼓舞的早期結果，美國 Klarna 交易的平均訂單價值是市場平均水平的 3 倍以上。

In the UK, adoption of eBay Balance continues to ramp among C2C customers and has already captured a low single-digit share of wallet for UK GMV overall. In addition to carrying zero cost of payments, eBay Balance is driving incremental purchase behavior as it encourages sellers to spend more of their earnings on eBay. We also recently announced the addition of checkout.com as a new payments partner.

在英國，eBay Balance 在 C2C 客戶中的採用率持續上升，並且已經佔據了英國整體 GMV 的低個位數份額。除了零支付成本外，eBay Balance 還鼓勵賣家在 eBay 上花費更多收入，從而推動增量購買行為。我們最近也宣布增加 checkout.com 作為新的支付合作夥伴。

Additional acquiring partners make our payments platform more resilient and enable us to optimize our authorization rates. And importantly, they strengthen our ability to deliver fast, reliable, and frictionless payment experiences to our 134 million customers globally.

額外的收購合作夥伴使我們的支付平台更具彈性，並使我們能夠優化授權率。重要的是，它們增強了我們為全球 1.34 億客戶提供快速、可靠、無摩擦支付體驗的能力。

In closing, in Q1, we delivered our fourth consecutive quarter of positive GMV growth amid ongoing uncertainty in the global economy. Our strategy is working and has put us on a path towards sustainable long-term growth. Today, we also announced some changes to our leadership team. This will be Steve's last earnings call with eBay.

最後，在第一季度，儘管全球經濟持續存在不確定性，我們仍實現了連續第四個季度的 GMV 正成長。我們的策略正在發揮作用，並使我們走上了可持續的長期成長之路。今天，我們也宣布了領導團隊的一些變動。這將是史蒂夫與 eBay 的最後一次財報電話會議。

I want to personally thank Steve as he has been an exceptional partner during a period of significant transformation. His leadership helped guide us through the uncertainty of the pandemic and laid the foundation for the strength and resilience we see in the business today. I am deeply grateful for his contributions and wish him the best.

我要親自感謝史蒂夫，因為他是我們重大轉型時期的傑出合作夥伴。他的領導幫助我們度過了疫情帶來的不確定性，並為我們今天所看到的業務實力和韌性奠定了基礎。我非常感謝他的貢獻並祝他一切順利。

As Steve transitions, we are excited to welcome Peggy Alford as eBay's incoming CFO on May 12. Peggy brings more than 20 years of experience leading finance, operations and global teams in the technology sector. Peggy has a proven track record of building strong organizations and driving operational excellence. Her leadership and expertise will be tremendous assets as we continue to position eBay for the future.

隨著史蒂夫的過渡，我們很高興歡迎 Peggy Alford 於 5 月 12 日出任 eBay 新任財務長。Peggy 擁有 20 多年領導技術領域財務、營運和全球團隊的經驗。佩吉在建立強大的組織和推動卓越營運方面有著良好的記錄。她的領導能力和專業知識將成為我們繼續為 eBay 的未來發展奠定基礎的巨大財富。

In addition to the CFO change, eBay is evolving its leadership structure designed to fuel faster innovation, deepen cross-functional collaboration and position the company for long-term growth in a rapidly evolving digital and AI-powered landscape.

除了財務長的變動之外，eBay 還在改進其領導結構，旨在推動更快的創新、深化跨職能協作，並使公司在快速發展的數位化和人工智慧領域實現長期成長。

We are bringing together product and market teams into a more integrated agile structure designed to enhance speed, alignment and customer centricity across the organization. This new organization will be led by Jordan Sweetnam, Chief Commercial Officer. We are also consolidating engineering into a single organization, reflecting a broader ambition to operate with greater speed and drive operational scale.

我們正在將產品和市場團隊整合到一個更整合的敏捷結構中，旨在提高整個組織的速度、協調性和客戶中心性。這個新組織將由首席商務官喬丹·斯威特納姆 (Jordan Sweetnam) 領導。我們也將工程部門整合為一個組織，體現出以更快速度運作和擴大營運規模的更大抱負。

This new combined engineering and technology organization will be led by Mazen Rawashdeh, our Chief Technology Officer. I want to congratulate both Jordan and Mazen on their expanded roles.

這個新的工程和技術聯合組織將由我們的首席技術長 Mazen Rawashdeh 領導。我要祝賀喬丹和馬讚的職責得到擴大。

As part of this evolution, Eddie Garcia, Chief Product Officer, will be leaving eBay. I am deeply grateful to Eddie for his outstanding partnership and visionary leadership in shaping our product strategy, which has significantly advanced eBay's offerings and customer experience. He has built a world-class team and his legacy positions us well for future success.

作為此次變革的一部分，首席產品長 Eddie Garcia 將離開 eBay。我非常感謝 Eddie 在製定我們的產品策略方面提供的出色合作和富有遠見的領導，這極大地提升了 eBay 的產品和客戶體驗。他組建了一支世界一流的團隊，他的成就為我們未來的成功奠定了基礎。

Before passing to Steve, I want to reiterate my gratitude for his leadership and contributions over the last 4 years.

在將權力移交給史蒂夫之前，我想再次表達我對他過去四年來的領導和貢獻的感激之情。

Thank you, Steve. Over to you.

謝謝你，史蒂夫。交給你了。

Thank you, Jamie. It's been a privilege to serve as eBay's CFO. I am proud of what we've accomplished. I'm incredibly optimistic about eBay's future prospects. I look forward to ensuring a successful transition with Peggy over the coming weeks.

謝謝你，傑米。擔任 eBay 的財務長是我的榮幸。我為我們所取得的成就感到自豪。我對 eBay 的未來前景非常樂觀。我期待在接下來的幾週內與佩吉一起確保順利過渡。

Now turning to our Q1 results. In the first quarter, we exceeded expectations across our key financial metrics. GMV grew nearly 2% to $18.8 billion. Revenue grew over 1% to $2.58 billion. We delivered non-GAAP operating income of $771 million and grew non-GAAP earnings per share by 10% to $1.38.

現在來看看我們的第一季業績。第一季度，我們的主要財務指標超出了預期。GMV 成長近 2%，達到 188 億美元。營收成長超過 1%，達到 25.8 億美元。我們實現了非公認會計準則營業收入 7.71 億美元，非公認會計準則每股收益成長 10% 至 1.38 美元。

In addition, we returned approximately $760 million to shareholders through repurchases and cash dividends. Let's take a closer look at our financial performance during the first quarter. Gross merchandise volume grew nearly 2% to $18.8 billion on an organic FX-neutral basis.

此外，我們也透過回購和現金分紅向股東返還了約7.6億美元。讓我們仔細看看第一季的財務表現。剔除外匯影響，商品交易總額成長近 2%，達到 188 億美元。

We continue to navigate an uneven demand environment with shopping activity more muted in February and improving in March. Golden added roughly 30 basis points to total FX-neutral volume growth in the quarter, while foreign exchange was nearly 130 basis points of headwind to spot GMV growth.

我們持續因應不均衡的需求環境，2 月購物活動較為低迷，3 月有所改善。本季度，Golden 為總外匯中性交易量成長貢獻了約 30 個基點，而外匯則為現貨 GMV 成長帶來了近 130 個基點的阻力。

Our growth rates in Q1 also include a net headwind of 50 basis points due to lapping the extra Leap Day in 2024, partly offset by the timing of Easter. Focus categories were a key driver of GMV, growing over 6% in the quarter with positive growth contributions across trading cards, motors parts and accessories, luxury goods, refurbished and apparel. Moving on to our geographic performance. US GMV grew nearly 0.5 point in the first quarter, driven by focused categories, in particular, our trading cards business.

我們第一季的成長率還包括 50 個基點的淨逆風，這是由於 2024 年閏日重疊造成的，但復活節的時間部分抵消了這一影響。重點類別是 GMV 的主要驅動力，本季成長超過 6%，其中交易卡、汽車零件和配件、奢侈品、翻新商品和服裝均做出了積極的成長貢獻。繼續討論我們的地理表現。第一季度，美國商品交易總額 (GMV) 成長了近 0.5 個百分點，這主要得益於重點類別，尤其是我們的交易卡業務。

As a reminder, we report GMV based on the location of the seller. If we were to look at volume based on the location of the buyer, US growth was slightly higher than our international markets in aggregate. International GMV grew nearly 3% on an FX-neutral basis in the quarter, while FX was nearly 250 basis points of headwind to spot growth. The macro environment in our international markets has been weaker than the US, particularly in Germany and the UK.

提醒一下，我們根據賣家的位置報告 GMV。如果我們根據買家所在地來看交易量，美國的整體成長略高於我們的國際市場。本季度，國際 GMV 在外匯中性基礎上成長了近 3%，而外匯對現貨成長造成了近 250 個基點的阻力。我們的國際市場宏觀環境比美國弱，尤其是德國和英國。

However, the investments we made in C2C in both markets over the last two years have improved our growth trajectories compared to the prior baseline and helped mitigate these market-wide headwinds.

然而，過去兩年我們在兩個市場對 C2C 的投資與先前的基準相比改善了我們的成長軌跡，並有助於緩解整個市場的不利因素。

Shifting to our buyer metrics. Our trailing 12-month active buyers grew over 1% to $134 million in the first quarter. Enthusiast buyers grew roughly 16 million and spend per enthusiast buyer grew slightly year-over-year and remained at over $3,100.

轉向我們的買家指標。我們過去 12 個月的活躍買家在第一季成長了 1% 以上，達到 1.34 億美元。發燒友買家數量增加了約 1,600 萬，平均每位發燒友買家的支出較去年同期略有成長，仍維持在 3,100 美元以上。

Next, I will discuss our revenue and take rate. We reported Q1 revenue of $2.58 billion on an organic FX-neutral basis, representing over 1% growth and an acceleration from Q4. Foreign exchange was a nearly 50 basis point headwind to spot growth. Our take rate was roughly 13.8%, increasing nearly 10 basis points year-over-year. Our UK C2C initiative pressured overall take rate by approximately 30 basis points in Q1, which was offset by advertising and financial services contributions and an FX tailwind of 10 basis points.

接下來我將討論我們的收入和收益率。我們報告稱，第一季營收為 25.8 億美元（以有機匯率中性計算），成長超過 1%，且較第四季有所加速。外匯對現貨經濟成長造成近50個基點的阻力。我們的接受率約為 13.8%，較去年同期成長近 10 個基點。我們在英國的 C2C 計劃在第一季對整體接受率造成了約 30 個基點的壓力，但被廣告和金融服務的貢獻以及 10 個基點的外匯順風所抵消。

Total advertising revenue was $442 million in Q1, representing GMV penetration of nearly 2.4%. In Q1, we included ad revenue generated by off-platform marketplaces like Q10 and TCGPlayer in our total reported advertising revenue for the first time. We've included details on the prior year baseline for comparability. Excluding off-platform ads, total advertising revenue would have grown by 12% to $426 million. First-party ads on the eBay platform grew over 14% to $418 million, while third-party display ads declined by 41% to $8 million as we continue to deprecate these legacy ad units.

第一季廣告總收入為 4.42 億美元，GMV 滲透率接近 2.4%。在第一季度，我們首次將 Q10 和 TCGPlayer 等平台外市場產生的廣告收入納入了我們報告的總廣告收入。為了便於比較，我們提供了上一年基線的詳細資訊。不包括平台外廣告，總廣告收入將成長 12%，達到 4.26 億美元。第一方eBay 平台上的廣告成長超過 14%，達到 4.18 億美元，而第三方展示廣告則下降 41%，至 800 萬美元，因為我們繼續棄用這些傳統廣告單元。

Moving on to profitability. Non-GAAP gross margin declined by over 0.5 point with headwinds from depreciation expense and traffic acquisition costs related to promoted offsite ads, partly offset by cost of payments efficiencies.

邁向盈利。非公認會計準則毛利率下降超過 0.5 個百分點，原因是折舊費用和與推廣場外廣告相關的流量獲取成本帶來不利影響，但部分被支付成本效率所抵銷。

As a reminder, we extended the useful life of our servers and networking equipment in 2024, which benefited our margins last year but created a headwind for 2025. In Q1, this depreciation headwind pressured both gross and operating margins by nearly 70 basis points. Our non-GAAP operating margin was 29.8% in Q1, down 0.5 point. In addition to depreciation, operating margin was pressured by our UK.

提醒一下，我們在 2024 年延長了伺服器和網路設備的使用壽命，這有利於我們去年的利潤率，但為 2025 年帶來了阻力。在第一季度，這種貶值逆風使毛利率和營業利潤率都下降了近 70 個基點。我們第一季的非公認會計準則營業利益率為 29.8%，下降 0.5 個百分點。除了折舊之外，英國也給我們的營業利潤率帶來了壓力。

C2C initiative on a year-over-year basis, partly offset by 40 basis points of foreign exchange tailwind. Our non-GAAP earnings per share grew 10% to $1.38 and GAAP earnings per share grew over 25% to $1.06. The higher GAAP earnings growth rate was primarily due to the lapping of investment losses a year ago, partly offset by a slightly higher GAAP tax rate this quarter.

C2C 措施較去年同期有所成長，但被 40 個基點的外匯順風部分抵銷。我們的非公認會計準則每股收益成長10%，達到1.38美元；公認會計準則每股收益成長超過25%，達到1.06美元。公認會計準則每股收益成長率較高，主要得益於去年同期投資損失的彌補，但本季略微提高的公認會計準則稅率部分抵銷了這一增長。

Shifting to our balance sheet and capital allocation. We generated free cash flow of $644 million in Q1 and held cash and non-equity investments of $6.2 billion at the end of the quarter. After paying down $800 million of senior notes during March, we had gross debt of $6.7 billion on our balance sheet. We repurchased $625 million of eBay shares during the first quarter at an average price of nearly $67. We also paid a quarterly cash dividend of $134 million in March or $0.29 per share.

轉向我們的資產負債表和資本配置。我們在第一季產生了 6.44 億美元的自由現金流，並在本季末持有 62 億美元的現金和非股權投資。在 3 月償還了 8 億美元的優先票據後，我們的資產負債表上的總債務為 67 億美元。我們在第一季以平均近 67 美元的價格回購了價值 6.25 億美元的 eBay 股票。我們還在 3 月支付了 1.34 億美元的季度現金股息，即每股 0.29 美元。

Our equity investments were valued at over $1.1 billion at the end of Q1. The majority of this value is our private stake in RLEA with approximately 8% ownership valued at nearly $900 million. Moving on to our outlook. As Jamie noted earlier, tariffs and other trade policy changes have created significant uncertainty for our sellers and buyers. Quarter-to-date, we have observed healthy volume trends due to strength in our focus categories and what could be a modest pull forward of demand from consumers worried about increased costs and complexity at US customs in the near future.

截至第一季末，我們的股權投資價值超過 11 億美元。該價值的大部分是我們在 RLEA 的私人股份，約佔 8% 的所有權，價值近 9 億美元。繼續我們的展望。正如傑米之前指出的，關稅和其他貿易政策變化給我們的賣家和買家帶來了巨大的不確定性。本季迄今為止，我們觀察到了健康的銷售趨勢，這得益於我們關注的類別的強勁表現，以及消費者擔心近期美國海關成本和複雜性增加可能會適度提振需求。

To account for a variety of scenarios in the remainder of the quarter, we are providing wider-than-usual guidance ranges for Q2. We expect GMV between $18.6 billion and $19.1 billion for the second quarter, representing FX-neutral growth between negative 1% and positive 2% year-over-year. This includes an expected contribution of approximately 20 basis points from Golden and roughly 50 basis points of headwind due to the timing of Easter.

為了考慮本季剩餘時間的各種情況，我們為第二季提供了比平常更廣泛的指導範圍。我們預計第二季的 GMV 將在 186 億美元至 191 億美元之間，扣除匯率因素，年成長將在負 1% 至正 2% 之間。其中包括 Golden 預計貢獻的約 20 個基點，以及復活節時間帶來的約 50 個基點的逆風。

Based on current exchange rates, we estimate FX would represent roughly 180 basis points of tailwind to spot GMV growth. We forecast revenue between $2.59 billion and $2.66 billion in the second quarter, implying negative 1% to positive 2% total FX-neutral growth. Based on current exchange rates, we estimate FX would represent roughly 170 basis points of tailwind to spot revenue growth.

根據當前匯率，我們估計外匯將為現貨 GMV 成長帶來約 180 個基點的順風。我們預測第二季的營收將在 25.9 億美元至 26.6 億美元之間，這意味著整體外匯中性成長率為負 1% 至正 2%。根據當前匯率，我們估計外匯將為現貨收入成長帶來約 170 個基點的順風。

On a sequential basis, we expect take rate to improve, driven by a full quarter of contribution from our UK C2C buyer protection fee and ongoing managed shipping ramp. We expect non-GAAP operating margin to be between 27% and 27.8% in the second quarter.

從環比來看，我們預計接受率將會提高，這得益於我們英國 C2C 買家保護費和持續管理的運輸坡道所帶來的整整一個季​​度的貢獻。我們預計第二季非公認會計準則營業利潤率將在 27% 至 27.8% 之間。

We expect headwinds from managed shipping, the depreciation policy change and M&A-related expenses to be partly offset by an FX tailwind. We forecast non-GAAP earnings per share between $1.24 and $1.31 in the second quarter, representing year-over-year growth between 4% and 11%. Next, I'll share some perspectives on the full year.

我們預計，管理航運、折舊政策變更和併購相關費用帶來的不利因素將被外匯順風部分抵銷。我們預測第二季非公認會計準則每股收益在 1.24 美元至 1.31 美元之間，年增 4% 至 11%。接下來我來分享一些對全年的看法。

Based on the trends we have observed year-to-date, our full year commentary remains unchanged and contemplates a range of scenarios for tariffs and the continuation of an uneven demand environment we have been navigating for many quarters. We are planning our business around these key assumptions for 2025 and investing for the long-term health of our marketplace.

根據我們今年迄今觀察到的趨勢，我們對全年的評論保持不變，並考慮了一系列關稅情景以及我們已經經歷了多個季度的不均衡需求環境的持續。我們正在圍繞這些關鍵假設規劃 2025 年的業務，並為我們市場的長期健康進行投資。

However, more severe outcomes for tariffs or a significant deterioration in the US macro environment would push us toward the lower end of our ranges or make it challenging for us to deliver on these targets. For 2025, we expect to generate low single-digit GMV growth on an FX-neutral basis, driven by our focused categories, geo-specific investments and horizontal initiatives.

然而，如果關稅結果更為嚴重，或美國宏觀環境顯著惡化，我們將面臨區間下限的挑戰，或難以實現這些目標。到 2025 年，我們預計在重點關注的類別、針對特定地理區域的投資和橫向舉措的推動下，GMV 將在匯率中性基礎上實現低個位數成長。

We forecast revenue growth modestly higher than GMV for the full year on an FX-neutral basis, driven by advertising, shipping and financial services. We continue to expect non-GAAP operating income growth to be relatively in line with FX-neutral revenue despite absorbing several unique headwinds to non-GAAP operating margin year-over-year. We forecast capital expenditures to be between 4% and 5% of revenue for the full year and expect our non-GAAP tax rate to remain stable at 16.5%.

我們預測，在廣告、運輸和金融服務的推動下，全年營收成長將略高於 GMV（不計入匯率）。儘管非公認會計準則營業利潤率同比下降面臨一些獨特不利因素，但我們仍預期非公認會計準則營業收入成長將與外匯中性收入成長相對一致。我們預測全年資本支出將佔營收的 4% 至 5%，並預期我們的非 GAAP 稅率將保持穩定在 16.5%。

Our outlook for free cash flow remains unchanged. Recall, we have a number of unique tax considerations, resulting in 2025 tax payments of over $1 billion related to investment sales last year, repatriation tax, and timing of R&D credits. Excluding these unique tax items, normalized free cash flow is expected to be comfortably north of $2 billion. In regards to capital allocation, we are targeting share repurchases of at least $2 billion in 2025 while maintaining the flexibility to lean in opportunistically when appropriate.

我們對自由現金流的展望保持不變。回想一下，我們有許多獨特的稅收考量，導致 2025 年與去年的投資銷售、遣返稅和研發抵免時間相關的稅款超過 10 億美元。除去這些獨特的稅項，預計正常化的自由現金流將輕鬆達到 20 億美元以上。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，同時保持靈活性，以便在適當的時候抓住機會。

Our Board also declared a quarterly dividend of $0.29 per share for Q2 to be paid in June. Based on these assumptions, we still expect our non-GAAP earnings per share growth in the high single digits for 2025. In closing, our teams have done a tremendous job executing on our strategy, leading to a strong start to 2025.

我們的董事會也宣布將於 6 月支付第二季每股 0.29 美元的季度股息。基於這些假設，我們仍預期 2025 年非公認會計準則每股盈餘將達到高個位數成長。最後，我們的團隊在執行策略方面做得非常出色，為 2025 年帶來了良好的開端。

I'm proud of the strong financial foundation we've established together over the last four years as we reorientated the business towards sustainable long-term growth. It's been a true honor to work with such extraordinary people and serve this vibrant community. And I look forward to cheering on eBay's continued success.

我為我們過去四年來共同建立的強大財務基礎感到自豪，我們將業務重新定位為可持續的長期成長。能夠與如此傑出的人才一起工作並為這個充滿活力的社區服務，我感到非常榮幸。我期待為 eBay 的持續成功歡呼。

And with that, Jamie and I will now take your questions.

現在，傑米和我將回答大家的提問。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）高盛的 Eric Sheridan。

Thanks for taking the question. And I'll kick it off by saying thanks to Steve for all the help and always enjoyed all the interactions over the years. So thank you, Steve, and good luck going forward.

感謝您回答這個問題。首先，我要感謝史蒂夫多年來提供的所有幫助，並一直享受與他的互動。所以謝謝你，史蒂夫，祝你未來好運。

In terms of looking out over the full year, I think the main question we're getting from investors right now with respect to the commerce landscape, and I would love to understand how you're thinking about it philosophically or how you factored it into the forward commentary would be how to think about demand elasticity in an environment where pricing might be going up a lot and how elements of prior period experiences might inform the way you brought that either to your commentary for this year or other ranges of probabilistic outcomes you're thinking about as we go through 2025?

就全年展望而言，我認為投資者目前就商業格局向我們提出的主要問題，我很想了解您是如何從哲學角度思考這個問題的，或者您是如何將其納入前瞻性評論的，即在價格可能大幅上漲的環境下如何看待需求彈性，以及前期經驗的要素如何影響您將其納入今年的評論或您在 2025 年所考慮的其他概率結果範圍？

Yeah, Eric, I'll start. This is Jamie. So the macro environment, I think, remains uncertain and difficult to predict, but we've been contending with uneven demand for many quarters, which I think frames our Q1 results and our outlook in an even more positive light.

是的，艾瑞克，我先開始。這是傑米。因此，我認為宏觀環境仍然不確定且難以預測，但我們已經連續多個季度應對不均衡的需求，我認為這將使我們的第一季業績和前景更加樂觀。

I think as it relates to the overall demand elasticity in the macro environment, on a relative basis, we're confident that eBay is in a strong position as our vast global seller base can really leverage the CBT shipping solutions we have and adapt to changes in trade policies, and we expect buyers to gravitate towards our non-new in-season inventory, especially during periods of consumer pressure.

我認為，就宏觀環境下的整體需求彈性而言，相對而言，我們相信 eBay 處於強勢地位，因為我們龐大的全球賣家群體可以真正利用我們擁有的 CBT 運輸解決方案，並適應貿易政策的變化，我們預計買家會傾向於購買我們的非新品當季庫存，尤其是在消費者壓力時期。

To your question about prior periods, it's what we've seen before, which is at times where I think consumers are more uncertain and are looking for a value, eBay tends to be more resilient because of what we have on the marketplace. Over 40% of our goods now are used to refurbish and that business is growing meaningfully faster than new goods on the marketplace.

對於您關於之前時期的問題，這是我們之前看到的情況，我認為在消費者更加不確定並且尋求價值的時候，由於我們在市場上擁有的東西，eBay 往往更有彈性。目前，我們的 40% 以上的商品都用於翻新，而且該業務的成長速度明顯快於市場上的新商品。

Frankly, we also see in prior periods that it's an opportunity for us to acquire new sellers onto the marketplace. because what it does is people are looking for value. They come out of the marketplace and then they may need money to sell things, and eBay is a great environment for that.

坦白說，我們在前期也看到，這是我們吸引新賣家進入市場的一個機會，因為人們正在尋找價值。他們走出市場，然後可能需要錢來出售物品，而 eBay 對此是一個很好的環境。

So last thing I'd say relative to prior periods, and we saw this during COVID is because we have such a vast seller base, we tend to be a bit more -- our sellers tend to be a bit more nimble and adapt to changes a little bit more quickly because there's no kind of variability, they're smaller, they can be a bit more agile, and that's what we've seen in the past.

因此，我要說的最後一件事是，相對於之前的時期，我們在 COVID 期間看到了這一點，因為我們擁有如此龐大的賣家基礎，我們傾向於更加靈活，能夠更快地適應變化，因為沒有任何變化，他們的規模更小，他們可以更敏捷，這就是我們過去所看到的。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Hey, everyone. And first off, Steve, it's been great working with you. So looking forward to what's next. Maybe just a lot of questions, especially on China tariffs and what the impact might be on a sustained basis. I guess, can you provide some color on how big China based exporters are on eBay, at least in terms of the China to US trade route, the potential to maybe shift some demand to inventory from other regions? And then any way to contextualize the potential sourcing risk for non-China-based sellers who still source from that region?

嘿，大家好。首先，史蒂夫，和你一起工作很愉快。非常期待接下來發生的事。也許有很多問題，特別是關於中國關稅以及其持續影響的問題。我想，您能否介紹一下 eBay 上中國出口商的規模，至少就中國到美國的貿易路線而言，是否有可能將部分需求轉移到其他地區的庫存？那麼，有什麼方法可以說明仍從該地區採購的非中國賣家的潛在採購風險嗎？

Yeah. Look, our business is not immune to the increased costs from tariffs and the friction associated but we remain confident in our ability to support our community. Let me size things for you, Nathan, to just help a little bit there. Our Greater China to US quarter makes up about 5% of total GMV for us. And China overall is a little less than 10%. But about three-fourth of that business of the 5% coming from China to the US is forward deployed to the end markets.

是的。看起來，我們的業務無法免受關稅增加和相關摩擦的影響，但我們仍然對我們支持社區的能力充滿信心。內森，讓我來幫你衡量一下，以便提供一點幫助。大中華區至美國季度的銷售額約占我們總 GMV 的 5%。而中國整體的比例略低於10%。但在中國出口至美國的 5% 業務中，約有四分之三被部署至終端市場。

So it's already subject to tariffs and so wouldn't be subject to any changes in de minimis based on the cost of the items. On the other half of the inventory or the one quarter that's not forward deployed, about 50% of that uses a shipping solution that we've helped create, which is called SpeedPAK. And what that does is it really incorporates all of the tariff complexity and customs complexity right into the shipping solution.

因此，它已經受到關稅的影響，因此不會受到基於商品成本的任何最低限度變化的影響。在另一半庫存或未預先部署的四分之一庫存中，約有 50% 使用我們協助創建的運輸解決方案，稱為 SpeedPAK。這樣做的目的是將所有關稅複雜性和海關複雜性都納入運輸解決方案中。

It makes it a lot easier for the seller. And from the buyer perspective, they see full transparency and they're paying for that directly in checkout. And I suspect with incremental changes, we'll see even more sellers. It's been 50% for a while. We'll see even more sellers take advantage of the shipping solutions that we provide. I think overall, on the marketplace level, we do see the benefit of having kind of goods and inventory all over as we do see substitution across the marketplace.

這對賣家來說方便多了。從買家的角度來看，他們看到了完全的透明度，並且可以在結帳時直接付款。我相信隨著漸進式變化，我們會看到更多的賣家。有一段時間它的比例已經是 50% 了。我們將看到更多的賣家利用我們提供的運送解決方案。我認為總體而言，在市場層面，我們確實看到了在各地擁有商品和庫存的好處，因為我們確實看到了整個市場的替代品。

And so that is available for buyers. But we also feel like the tools that we provided the sellers in all of these shipping solutions, et cetera, provide great solutions and buyers can ultimately decide if new corridors seem more attractive to them.

這樣買家就可以使用它了。但我們也覺得，我們在所有這些運輸解決方案等方面為賣家提供的工具提供了很好的解決方案，買家最終可以決定新的運輸方式是否對他們更有吸引力。

Great. That's really helpful. And congrats to encouraging results.

偉大的。這真的很有幫助。並恭喜取得令人鼓舞的成果。

Nikhil Devnani, Bernstein Research.

尼基爾‧德夫納尼（Nikhil Devnani），伯恩斯坦研究公司。

And Steve, thanks for all your help. It's been great working with you. With respect to advertising revenue, are you seeing any impact from tariffs on that portion of the business, particularly from your China-based merchants that maybe buy ads -- and can you also speak broadly to the durability of this revenue stream even through different macro environments? How deep are the auctions such that if one category of sellers might pull back someone else steps in to plug the hole. How should we think about that dynamic?

史蒂夫，謝謝你的幫忙。和你一起工作很愉快。關於廣告收入，您是否看到關稅對這部分業務有任何影響，特別是來自可能購買廣告的中國商家——您能否大致談談即使在不同的宏觀環境下，這一收入來源的持久性？拍賣的深度如何，如果一類賣家退出，其他賣家就會介入填補空缺。我們該如何看待這種動態？

Yes. We have strong demand across the board for our advertising business, and we continue to drive kind of increasing penetration of the user base. Now over 3.7 million sellers have adopted a single ad product, Nikhil, and we have 1.1 billion live Promoted listings out of our nearly 2.3 million. I would say we've seen no material impact on our advertising to date. We've seen strength across the board in our Promoted Listings in general, our CPA product, our CPC-based product.

是的。我們的廣告業務在各方面都有強勁的需求，我們將繼續推動用戶群的滲透率不斷提高。現在，已有超過 370 萬賣家採用了單一廣告產品 Nikhil，在我們的近 230 萬個產品中，有 11 億個是即時推廣產品。我想說，到目前為止，我們的廣告還沒有受到任何實質的影響。我們已經看到了我們的推廣清單、CPA 產品和基於 CPC 的產品的全面優勢。

And I talked a little bit on the call about Promoted Offsite and some of the new innovations that we have there from that perspective. So overall, we're pretty pleased with the performance of advertising and our ad demand is very distributed across a large seller base and a large number of products. So we feel good about the ongoing opportunity that we have in advertising.

我在電話會議上稍微談了一下「場外推廣」以及我們從這個角度進行的一些新創新。整體而言，我們對廣告的效果非常滿意，我們的廣告需求分佈在龐大的賣家群體和大量產品中。因此，我們對廣告領域持續存在的機會感到樂觀。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. I appreciate the opportunity. I guess -- well, first, Steve, also been a pleasure working with you and wishing you all the best. Jamie, first off, a lot of attention, I think, is turning to that concept of Agentic commerce. And you guys are out in front of this a bit with some of the tools you have and partnerships. But I'm curious, in your seat, how you think ultimately consumer stopping behavior changes and the role that an e-commerce marketplace or platform will have if agents are doing more of the searching and buying on behalf of consumers. And then, Steve, maybe on the outlook, I guess I'd --?

偉大的。我很感激有這個機會。我想——首先，史蒂夫，我也很高興與您合作，並祝您一切順利。傑米，首先，我認為很多人的注意力都轉向了代理商務的概念。你們憑藉現有的一些工具和合作關係在這方面處於領先地位。但我很好奇，站在您的立場上，您認為最終消費者的行為會如何變化，如果代理商代表消費者進行更多的搜尋和購買，電子商務市場或平台將發揮什麼作用。然後，史蒂夫，也許就前景而言，我想我--？

Hey, Colin, just real quick, you came across pretty muffled in that, and I want to make sure I get your question right. Can you try again on the question there?

嘿，科林，說得很快，你在那方面表現得相當含糊，我想確保我正確地回答了你的問題。您能再嘗試回答這個問題嗎？

Yes. So hopefully, you can hear me. I'm in transit. But I was just curious in the view on agented commerce and ultimately, how that --

是的。希望你能聽到我的聲音。我正在旅途中。但我只是好奇關於代理商業的觀點，以及最終如何--

Yeah. So I think I roughly got your questions around Agentic commerce. What I'd say is of the pieces that we're building internally already, we feel great about the progress that we're making. So if you look at -- let me take magical listings, for example, over 10 million unique sellers have used that product. to create over 200 million listings, and that's generating several billion dollars of GMV.

是的。所以我想我大致了解了您關於 Agentic commerce 的問題。我想說的是，對於我們內部已經建構的部分，我們對所取得的進展感到非常高興。因此，如果您看一下——讓我以神奇清單為例，超過 1000 萬個獨立賣家已經使用該產品。創建了超過 2 億個列表，並產生了數十億美元的 GMV。

We continue to use agent technology across our marketing, across our customer support et cetera, to really drive efficiencies in how we work. We've launched some new Agentic tools and shop the look. This quarter, I talked about a new discovery platform that we've launched in fashion associated with AI. And we've also announced a number of kind of early tests that we're doing, one with OpenAI around exploring, making our inventory available to more shoppers with the work that they're doing as well as some small tests we haven't really talked about yet that we're testing with our own Agentic technology.

我們繼續在行銷、客戶支援等方面使用代理技術，以真正提高我們的工作效率。我們推出了一些新的 Agentic 工具並購買外觀。本季度，我談到了我們在時尚領域推出的與人工智慧相關的新發現平台。我們還宣布了我們正在進行的一系列早期測試，其中一個是與 OpenAI 合作進行的探索測試，透過他們正在進行的工作讓我們的庫存可供更多購物者使用，另一個是我們正在使用自己的 Agentic 技術進行測試的一些我們還沒有真正談論過的小型測試。

So I think across the board, if you were inside this organization, it's more likely to ask which teams are not leveraging AI or how we're not thinking about it in the customer experience because at this point, it's pretty broad-based in how we think about leveraging the AI capabilities for both our customer experience and in how we work.

因此，我認為，如果你在這個組織內部，你更有可能問哪些團隊沒有利用人工智慧，或者我們沒有在客戶體驗中考慮人工智慧，因為在這一點上，我們在如何利用人工智慧功能來提升客戶體驗和工作方式方面有著廣泛的考慮。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. Just going back to a previous question. So it sounds like the China quarter is 10% for China sellers who are kind of labeled. And then you've got 40% or over 40% secondhand. So that leaves kind of half the GMV US or European or whatever the location of these other sellers may be. Do you have any sense of how much of those sellers' products do get sourced from China?

偉大的。回到之前的問題。因此，聽起來對於有標籤的中國賣家來說，中國區佔 10%。其中 40% 或超過 40% 是二手貨。因此，剩下的 GMV 有一半來自美國或歐洲，或其他賣家所在的任何地方。您是否知道這些賣家的產品有多少來自中國？

I know it's probably a tough thing to figure out, but I'd just be curious if you guys ever looked at that. And then I guess, more broadly, there's always fears about consumer pullback that might happen or may not happen later this year. Your business is quite a bit different than the last time we've had any consumer weakness given the growth of collectibles and not just trading cards, but you've got more luxury, you've got sneakers, you've got a bunch of other larger categories of GMV.

我知道這可能是一個很難弄清楚的事情，但我只是好奇你們是否曾經看過它。然後我想，更廣泛地說，人們總是擔心今年稍後可能會發生或可能不會發生消費者撤退。鑑於收藏品的成長（不僅僅是交易卡），您的業務與上次我們遇到的消費者疲軟時期相比有很大不同，但您擁有更多奢侈品，擁有運動鞋，擁有許多其他更大的 GMV 類別。

So I guess as you guys pencil out these scenarios, how do you see eBay holding up in a recession scenario this time around versus maybe other times in the past when some of these categories were a bit different?

所以我想，當你們描繪出這些情景時，你們認為 eBay 這次在經濟衰退情景下的表現會如何，與過去其他時期相比，當時其中一些類別的情況略有不同？

Hi, Ross. Steve here. I'll pick up the first one, and then I'll flip to Jamie to take the second question. You're right. So as we -- as Jamie reiterated earlier, about 5% of our global GMV goes from the Greater China to the US corridor. Your point about our used and refurbished inventory on the platform is just over 40% of everything we sell, which we see as a real competitive advantage and the strength as consumers are continuing to look for value in this environment.

你好，羅斯。史蒂夫在這裡。我先回答第一個問題，然後翻頁給 Jamie 回答第二個問題。你說得對。正如 Jamie 之前重申的那樣，我們全球 GMV 的約 5% 來自大中華區和美國。您提到的我們平台上的二手和翻新庫存占我們所有銷售產品的 40% 多一點，我們認為這是一個真正的競爭優勢和實力，因為消費者在這種環境下繼續尋找價值。

With regards to other listings across the overall platform, there is additional volume on eBay from US sellers who source products from Greater China. And these sellers would need to navigate tariffs similar to our CBT sellers. And as you can imagine, we have contemplated a number of scenarios as we've sort of thought about our business and continue to plan our business. And this impact has been contemplated as we plan for the various tariff scenarios.

就整個平台上的其他清單而言，eBay 上還有來自從大中華區採購產品的美國賣家的額外數量。這些賣家需要應對與我們的 CBT 賣家類似的關稅。正如您所想的，我們在思考我們的業務並繼續規劃我們的業務時，已經考慮了許多情景。我們在規劃各種關稅方案時已經考慮到了這種影響。

Jamie, with regard to the second question?

傑米，關於第二個問題？

Yeah. Look, what I would say there, Ross, is that we're certainly not immune to impacted consumers when they have kind of less discretionary dollars to spend. But we are advantaged and more resilient because of the inventory that we have on the marketplace. And so consumers tend to come to us when they're looking for value, and that really kind of resonates what we're providing. They come to us looking for used to refurbish. And they're agile in terms of what I said.

是的。羅斯，我想說的是，當消費者可自由支配的資金減少時，我們當然也無法免受其影響。但由於我們在市場上擁有庫存，因此我們具有優勢並且更具彈性。因此，當消費者尋求價值時，他們往往會來找我們，這與我們提供的產品產生了共鳴。他們來找我們尋求翻新。正如我所說，他們很敏捷。

So you can imagine like parts and accessories sellers looking at more salvage opportunities and things like that. The other thing I would say is that as our focus categories have grown, there's often a difference between a higher income buyer and a lower income buyer. So when you look at the strengths of our business, whether you think that's handbags that we have that are coming from Italy or France or trading cards that are predominantly from the US.

因此，你可以想像零件和配件賣家正在尋找更多的回收機會和類似的東西。我想說的另一件事是，隨著我們關注的類別不斷擴大，高收入買家和低收入買家之間往往存在差異。因此，當您看到我們業務的優勢時，無論您認為我們的手袋是來自義大利或法國，還是交易卡主要來自美國。

Not only are they from kind of different sources of where they're manufactured, but importantly, have less of an impact of elasticity versus the consumer. So overall, it's why we're glad that we pivoted to non-new in season five years ago. I think it makes our platform more resilient than otherwise would be. And the things that we've been leaning into have really helped create kind of more diversification, more shipping solution options, et cetera.

它們不僅來自不同的製造來源，更重要的是，對消費者的彈性影響較小。總的來說，我們很高興五年前就轉向了非新賽季。我認為它使我們的平台比其他平台更具彈性。我們所傾向的事情確實有助於創造更多的多樣化、更多的運輸解決方案選擇等等。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

So Jamie, given the mix of preowned and refurb on the platform now, does it make sense to leverage this competitive advantage that you currently have during this time and kind of make a more aggressive push to build top of the funnel and awareness to sort of like gain a permanent competitive edge?

那麼 Jamie，考慮到現在平台上二手車和翻新車的混合情況，利用您目前擁有的這種競爭優勢，並更積極地推動構建渠道頂部和知名度，以獲得永久的競爭優勢，是否有意義？

And then also somewhat related to that, with all these macro shifts, are you seeing any changes in competitive landscape now with maybe some of the subscale players who are previously investing aggressively scaled down that's helping the business now?

然後與此相關的是，隨著所有這些宏觀變化，您是否看到現在競爭格局發生了任何變化，也許一些先前積極投資的次級參與者縮減了規模，這對現在的業務有幫助？

Yeah. Just to make sure I got your question, because of our level of pre-loved you said, and goods on the platform or what did you say?

是的。只是為了確保我明白你的問題，因為你所說的我們對二手貨的喜愛程度，以及平台上的商品，或者你說什麼？

Yeah, preowned and refurb goods on the platform, right.

是的，平台上有二手商品和翻新商品，對的。

Yeah. Yeah. Look, we are leaning in a lot behind that because we do think it's a unique opportunity. We're doing both on the buying side and on the selling side. So if you look at our full funnel marketing, it's not only leaning into kind of the breadth of inventory and the trust that you have on the platform. But for example, in the UK and Germany right now, we're really pushing the sell message of sell on eBay because it's a great time to bring new sellers onto the marketplace.

是的。是的。你看，我們非常支持這一點，因為我們確實認為這是一個獨特的機會。我們既做買方的工作，也做賣方的工作。因此，如果你看一下我們的全通路行銷，它不僅依賴庫存的廣度和你對平台的信任。但例如，目前在英國和德國，我們確實在推動在 eBay 上銷售的訊息，因為這是將新賣家引入市場的好時機。

And what we find is that when we get a buyer to become a casual seller, they end up buying more. So we're definitely leaning in from that perspective on all of the marketing that we're doing. And we believe that there's a significant TAM out there in C2C that we're going after.

我們發現，當我們讓買家成為臨時賣家時，他們最終會購買更多。因此，我們在進行所有行銷活動時肯定會傾向於這個角度。我們相信，我們所追求的 C2C 領域具有巨大的 TAM。

So if you look at the average household, they have $3,000 to $4,000 of inventory that could be sold on eBay, and less than 20% of that is online on the platform. And so the whole vision that we have with magical listing is really making it so simple to unlock all of that inventory onto the platform because we write the description, we fill out all the items specifics.

因此，如果你看一下普通家庭，他們有價值 3,000 至 4,000 美元的庫存可以在 eBay 上出售，而其中不到 20% 是在 eBay 平台上銷售的。因此，我們對神奇清單的整個願景實際上是讓將所有庫存解鎖到平台上變得如此簡單，因為我們編寫了描述，填寫了所有物品的具體資訊。

In fact, the SAP that I talked about on the call is really interesting. Even though the magical listing technology is relatively new in bulk, so we just kind of built this capability to have bulk magical listing. Already, the majority of our listings are coming in for trading cards on that platform. And that's really, really compelling.

事實上，我在電話中談到的 SAP 確實很有趣。儘管批量魔法列表技術相對較新，但我們只是構建了這種功能來實現批量魔法列表。目前，我們的大多數清單都來自該平台上的交易卡。這確實非常引人注目。

And so we're going to continue to push kind of new innovations there. We're leaning into fashion in a big way. We just rolled out a new discovery platform for pre-loved fashion. Think about that as an endless feed now that we've built sizing, and we built styles on the platform. And that's something that we're going to be continuing to lead into 2025.

因此，我們將繼續在那裡推動新的創新。我們正大力推崇時尚。我們剛推出了一個二手時尚商品的全新發現平台。現在我們已經在平台上建立了尺寸和样式，可以將其想像成一個無盡的供給。我們將在 2025 年繼續引領這項進程。

Relative to competition, this is where scale is an advantage. We're able to acquire buyers and leverage them across a lot of different categories. So let's take a watch buyer. If you come in and buy a watch over $500, you'll end up buying $5,000 in watches, but you'll end up buying more than $5,000 across the rest of the categories, which is really compelling as well. We're looking at in our vehicles performance. We just launched this new relationship with Caramel.

相對於競爭，規模就是一種優勢。我們能夠吸引買家並在許多不同類別中利用他們。讓我們以一位手錶買家為例。如果您進來購買價值超過 500 美元的手錶，那麼您最終會購買價值 5,000 美元的手錶，但您最終會購買價值超過 5,000 美元的其他類別的手錶，這也非常引人注目。我們正在關注車輛的性能。我們剛剛與 Caramel 建立了新的合作關係。

And not only we see buyers coming into that, but then those buyers end up buying thousands of dollars. So I do think we benefit from our global scale, from the global supply and demand that we have. And as Steve likes to talk about, we have a strength of our financial model, which gives us the capacity to invest in these time periods to really make sure we're capturing opportunities for eBay.

我們不僅看到買家進入這個市場，而且這些買家最終還購買了價值數千美元的商品。因此我確實認為我們受益於我們的全球規模、全球供應和需求。正如史蒂夫喜歡談論的那樣，我們的財務模型非常強大，這使我們能夠在這些時間段內進行投資，從而真正確保我們能夠為 eBay 抓住機會。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks for taking my questions. I very much appreciate it. How would you characterize -- I mean, your business is very scaled, it is global. So how would you characterize the health of consumer today from your vantage point? And are there any leading indicators that you're seeing across different geographies that you can point to where you think you may have seen some pull forward in demand so far, and there could be some risk or you may not have seen that and you think that consumer generally is healthy. I would love to hear your thoughts.

感謝您回答我的問題。我非常感激。您如何描述—我的意思是，您的業務規模非常大，而且是全球性的。那麼從您的角度來看，您如何描述當今消費者的健康狀況？您是否看到不同地區的一些領先指標，可以指出哪些方面您認為到目前為止可能已經看到需求有所回升，哪些方面可能存在風險，或者您可能還沒有看到這些風險，但您認為消費者總體上是健康的。我很想聽聽你的想法。

Hi, Shweta. It's Steve here. Thank you for the question. It's clear that the macro environment clearly remains uncertain and difficult to predict. But we have been operating in a rather choppy environment for the last number of quarters as we've managed through this. I think I'd carve it in between US and international, demand in the US continues to be more resilient, and we've seen healthy volume trends so far in the second quarter, and that's informed us in terms of how we've thought about the second quarter guide and the color that we've continued to provide for the full year, assuming that there's no discernible change in that underlying environment.

你好，Shweta。我是史蒂夫。謝謝你的提問。顯然，宏觀環境仍然不確定且難以預測。但在過去的幾個季度裡，我們一直在一個相當不穩定的環境中運營，但我們還是設法度過了這個階段。我認為應該將其劃分為美國和國際兩個市場，美國的需求繼續保持強勁，而且到目前為止，我們在第二季度看到了健康的銷量趨勢，這讓我們了解了我們如何看待第二季度的指引以及我們將繼續為全年提供哪些預期，假設這一基本環境沒有明顯變化。

I think as it pertains to Europe and particularly Germany and the UK, leading indicators in the UK like consumer confidence remain depressed. There continue to be concerns over cost of living and inflation, which in our second largest market is obviously quite pertinent.

我認為就歐洲，特別是德國和英國而言，英國的消費者信心等領先指標仍然低迷。人們仍然擔心生活成本和通貨膨脹，這在我們的第二大市場顯然是相當重要的。

And then when I think about Germany, it continues to remain tough. Consumer confidence was impacted by recent elections and geopolitical events. And I think it's fair to say that German consumers are now concerned about the spillover effects of US trade policy and its government is now predicting a third consecutive year of 0 GDP growth.

當我想到德國時，情況依然很艱難。消費者信心受到近期選舉和地緣政治事件的影響。我認為可以公平地說，德國消費者現在擔心美國貿易政策的外溢效應，德國政府現在預測其 GDP 將連續第三年成長為 0。

So that's the general overall dynamic that we're seeing. But having said that, we do continue to execute. And I think it's a real testament to the work the company is doing, the investments that we're driving forward and the fact that we now have four consecutive quarters of positive GMV growth that we continue to do that. And so this continued softness, I suppose, in the overall macro environment is contemplated in the guide, assuming that there's no discernible change in the macro environment.

這就是我們所看到的整體動態。但話雖如此，我們確實會繼續執行。我認為這真正證明了公司正在做的工作、我們正在推動的投資以及我們現在已經連續四個季度實現 GMV 正增長並且我們將繼續保持這種增長的事實。因此，我認為，指南中已經考慮到了整體宏觀環境的持續疲軟，假設宏觀環境沒有明顯變化。

Thanks a lot, Steve. Just a quick follow-up. Given the resiliency of your platform, what are your thoughts on leaning more aggressively on marketing spend to gain greater share?

非常感謝，史蒂夫。只是一個快速的跟進。鑑於您平台的彈性，您認為是否應該更積極地依靠行銷支出來獲得更大的份額？

I think we've continued to get the balance right. We have continued to lean in to drive operational efficiencies across the platform. We're investing for the long-term future of the company and to stimulate the long-term sustainable growth. And I really think about all the cost factors that we have about -- across the company. Marketing is one of them. And I think we've been very effective in those investments over recent quarters.

我認為我們一直在保持正確的平衡。我們將繼續努力提高整個平台的營運效率。我們投資的是公司的長期未來並促進長期可持續成長。我確實考慮了我們整個公司的所有成本因素。行銷就是其中之一。我認為最近幾季我們的投資非常有效。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Jamie, I think you mentioned over 2 billion listings. I think that's up mid-teens year-over-year and maybe that's the second year in a row that it's up that magnitude. I'm just curious what you attribute that to? And maybe any broader implications of that?

傑米，我想你提到了超過 20 億個清單。我認為這一數字比去年同期增長了十幾個百分點，也許這是連續第二年出現如此大的增幅。我只是好奇您認為這是什麼原因造成的？這也許還有更廣泛的涵義嗎？

And then for Steve, wish you the best. It has been great working with you. I wanted to go back to your comments on the linearity of the quarter. I think you said March might have been better than February. And just curious what you'd attribute that to? I don't know if it's just the leap year comp, but just any additional thoughts there would be helpful.

最後，祝史蒂夫一切順利。和你一起工作很愉快。我想回到您對本季線性的評論。我認為您說三月可能比二月更好。我只是好奇您認為這是什麼原因造成的？我不知道這是否只是閏年問題，但任何額外的想法都會有所幫助。

Yes. Thanks for the question, Tom. I'll start on the selling side. Yes, you're correct on 2.3 billion listings. And the majority of that is based on the strength of what we've been seeing from our overall kind of selling experiences. and specifically our seller base.

是的。謝謝你的提問，湯姆。我先從銷售方面開始。是的，您關於 23 億個清單的說法是正確的。其中大部分是基於我們從整體銷售經驗中看到的優勢，特別是我們的賣家群體。

So listings have been growing at double digits on the platform -- since 2023, every quarter, we've been growing the active -- the 12-month active seller count on the platform. And the majority of our sellers by count are C2Cllersalles up about 70% of that. And it's really the work that we've been doing to lean in to make the C2Cueposonger and take out the friction.

因此，自 2023 年以來，平台上的商品數量一直以兩位數的速度增長——每個季度，我們都在增加平台上 12 個月的活躍賣家數量。以數量計算，我們的大多數賣家都是 C2Cllersalles，約佔 70%。我們一直在努力打造 C2Cueposonger 並消除摩擦。

So think about it as the combination of all the work that we're doing in magical listing, and there's a bunch of work around that with how you can much more easily enhance your images, et cetera. It's taking friction out of the shipping experience. In the US, we do that through the eBay international shipping. In China, we do that with our SpeedPAK solutions. In other markets like in UK, we're rolling out managed shipping, which makes it really easy for a C2C seller in that market to be able to ship their goods.

因此，可以將其視為我們在魔法列表中所做的所有工作的組合，並且圍繞它還有大量工作要做，包括如何更輕鬆地增強圖像等等。它消除了運輸過程中的摩擦。在美國，我們透過 eBay 國際運輸來實現這一目標。在中國，我們利用 SpeedPAK 解決方案實現了這一目標。在英國等其他市場，我們正在推出託管運輸服務，這使得該市場的 C2C 賣家能夠非常輕鬆地運送他們的商品。

So by taking all of that friction by leaning into the work that we've done in UK and Germany around our C2C business and the marketing that we're doing really kind of talking about the C2C value proposition for consumers is really resonating, and that's helping us drive sellers on the platform as well as drive the listing count in a really healthy way.

因此，透過依靠我們在英國和德國圍繞 C2C 業務所做的工作以及我們正在進行的營銷來解決所有這些摩擦，我們真正談論的是針對消費者的 C2C 價值主張，這確實引起了共鳴，這有助於我們推動平台上的賣家，並以非常健康的方式推動上市數量。

Steve, maybe you want to talk about the second question?

史蒂夫，也許你想談第二個問題？

Yeah. Tom, good to speak to you. I think it's probably fair to say we saw some uneven demand, particularly as we came into the year. January and February saw some unevenness and a slightly softer environment, particularly in February. And then we've seen healthy momentum during March and April. Not only do we think maybe some of that is a little bit of a pull forward as we talked about in our prepared remarks, but candidly, also the underlying health of the platform.

是的。湯姆，很高興和你交談。我認為可以公平地說，我們看到了一些不均衡的需求，特別是在進入今年以來。一月和二月出現了一些不平衡的情況，環境略微疲軟，尤其是二月。我們在三月和四月看到了健康的動力。正如我們在準備好的演講中所討論的那樣，我們不僅認為其中的一些可能具有一定的推動作用，而且坦率地說，這也關係到平台的潛在健康狀況。

As we talked about the health of the focus category momentum that we saw, 6% up year-over-year and 6% faster than the rest of the platform. And so a little bit of unevenness across the early part of the year, but really pleased with the continued execution that we're seeing from the teams.

正如我們所看到的，重點類別的發展勢頭比去年同期增長了 6%，比平台的其他部分快了 6%。因此，今年年初出現了一些不平衡的情況，但我們對各隊的持續表現感到非常高興。

Nick Jones, JMP Securities.

尼克瓊斯（Nick Jones），JMP證券。

Just curious, as you kind of lean into fashion in 2025, can you speak to maybe your appetite kind of for M&A or buy versus build. There are some kind of private competitors out there. You made acquisitions like PCG player to bolster that category that's been going quite well. So can you maybe talk through kind of appetite for M&A, the funnel and just how you're thinking about that kind of focused category this year?

只是好奇，既然您在 2025 年傾向於時尚，您能否談談您對併購或購買與建設的興趣。那裡有一些私人競爭對手。您透過收購 PCG 玩家等來增強這一表現良好的類別。那麼，您能否談談對併購的興趣、管道以及您對今年這類重點類別的看法？

Yeah. Look, I would say nothing has changed. We think about the build, buy and partner framework that we've had in place for a while, and that served us really well. You brought up TCGPlayer, and I'll just talk about the framework that we've used in trading cards. In that case, we have a partnership with Collectors Universe, which is the owner of PSA.

是的。瞧，我想說什麼都沒改變。我們考慮了已經實施了一段時間的建置、購買和合作夥伴框架，它對我們非常有幫助。您提到了 TCGPlayer，我只想談談我們在交易卡中使用的框架。在這種情況下，我們與 PSA 的所有者 Collectors Universe 建立了合作關係。

And we launched another great new capability there for collectors where now if I buy an ungraded trading card on the platform, I can actually, with one click, send that directly into PSA to be graded, whereas before I would have to wait to get it shipped to me, I would have to then retype in all the information about those cards into the PSA form, send them in, a massive benefit. So that's a partner example just in collectibles.

我們還為收藏家推出了另一項很棒的新功能，現在如果我在平台上購買未評級的交易卡，我只需單擊一下即可將其直接發送到 PSA 進行評級，而之前我必須等待它寄給我，然後我必須將有關這些卡的所有信息重新輸入到 PSA 表格中，然後將其發送，這是一個巨大的好處。這只是收藏品方面的合作夥伴範例。

On the buy side, we have both TCGPlayer, which has been performing very well as well as golden options. And that's really helped us accelerate certain capabilities.

在買方方面，我們擁有表現非常出色的 TCGPlayer 和黃金選擇權。這確實幫助我們加速了某些能力。

And then on the build side, we've obviously built a lot. I talked about magical bulk listings that we're using and how that's driving the majority of business that we have or listings that we have in that category. So we continue to look at opportunities to accelerate our capabilities. We look at in a disciplined way, how do we kind of think about build, buy and partner.

然後在構建方面，我們顯然已經構建了很多。我談到了我們正在使用的神奇批量列表，以及它如何推動我們的大部分業務或該類別的列表。因此，我們將繼續尋找機會來提升我們的能力。我們以一種嚴謹的方式看待我們如何考慮建造、購買和合作。

You mentioned the fashion category. That's an example where we've done interesting things, right? We've done an acquisition in that space with Certilogo, which is a company out of Milan that helps with digital authentication of fashion products. It's -- they're helping build digital product passports with leading brands, which leads to kind of one-click reselling on eBay, which is beneficial. And that's a nice long-term benefits.

您提到了時尚類別。這就是我們做過的有趣的事情的一個例子，對吧？我們在該領域對 Certilogo 進行了收購，這是一家位於米蘭的公司，致力於幫助對時尚產品進行數位認證。他們正在幫助領先品牌建立數位產品護照，從而實現 eBay 上的一鍵轉售，這是非常有益的。這是一個很好的長期利益。

We're partnering with folks like the Vogue and a cast of influencers to really get the message out about the amazing fashion inventory that we have on eBay. You think about influencers like Margarita Masoni or Emma Chamberlain. And so we're applying a similar playbook to all of our categories, which is really focusing on what in the build by partner makes sense for that category and how do we accelerate the transformation.

我們正在與《Vogue》等雜誌和一群有影響力的人士合作，以真正傳播有關我們在 eBay 上擁有的令人驚嘆的時尚庫存的信息。您會想到像瑪格麗塔·馬索尼 (Margarita Masoni) 或艾瑪·張伯倫 (Emma Chamberlain) 這樣的有影響力的人物。因此，我們對所有類別都應用了類似的策略，真正關注的是合作夥伴建立的哪些內容對該類別有意義，以及我們如何加速轉型。

And we're excited by what we're seeing in pre-loved fashion and collectibles and the work that we've done in P&A with the recent acquisition there, and we're going to continue to follow the same exact playbook.

我們對二手時尚和收藏品的所見所聞以及我們在 P&A 最近的收購中所做的工作感到非常興奮，我們將繼續遵循同樣的策略。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

I just want to echo all the good working with you, Steve, and you've always been really helpful. And maybe just to continue kind of on the de minimis thoughts for a second with -- particularly with (inaudible) stepping back materially on marketing spend and I think that it would have one of the largest impacts, if not the largest on the de minimis rules. Is that an opportunity for you guys? Do you think that can be a potential tailwind? And can you talk about if you're seeing any changes in your marketing channels and CPCs or if there's an incremental opportunity there?

我只是想重複一下與你共事的愉快經歷，史蒂夫，你總是能提供很大的幫助。也許只是繼續討論一下最低限度的想法——特別是（聽不清楚）大幅削減行銷支出，我認為這將對最低限度規則產生最大的影響之一，如果不是最大的影響的話。這對你們來說是一個機會嗎？您認為這會成為潛在的順風嗎？您能否談談您的行銷管道和每次點擊費用是否發生了變化，或者是否存在增量機會？

Yeah. We're constantly looking on a daily basis how to maximize the ROI of our marketing spend. I'd say a couple of things. One is we were impacted because they when they came in, spending a significant amount, especially in the US market, because so much of our traffic is organic on the platform.

是的。我們每天都在不斷尋找如何最大限度地提高行銷支出的投資報酬率。我想說幾件事。一是我們受到了影響，因為他們進入時投入了大量資金，尤其是在美國市場，因為我們平台上的流量很大一部分都是有機的。

And so it's really less of an impact on our business. When you look at the products that they're selling, it's a really immaterial GMV overlap. We moved away from the low ASP items a while ago as we strategically focused on non-new in season on focus categories, et cetera. I would say overall, our marketing ROI has been healthy year-to-date, but nothing really to call out other than in addition to the dynamics of the marketplace, we're continuing to find ways to use AI for our marketing as well.

因此，這對我們的業務的影響實際上較小。當你查看他們銷售的產品時，你會發現 GMV 重疊並不重要。我們不久前就放棄了低 ASP 商品，因為我們的策略重點是非當季新品類等。我想說，總體而言，今年迄今為止我們的行銷投資回報率一直很好，但除了市場動態之外，沒有什麼值得注意的，我們還在繼續尋找將人工智慧用於行銷的方法。

So we're starting to incorporate AI into CRM and how we're communicating with our customers in a completely different way. So that's also helping drive the ROI of our marketing spend. And we continue to lean in opportunistically where we think there's an opportunity.

因此，我們開始將 AI 融入 CRM 以及我們以完全不同的方式與客戶溝通。這也有助於提高我們的行銷支出的投資報酬率。只要我們認為有機會，我們就會繼續抓住機會。

Operator, can we do one last question, please? .

接線員，我們可以問最後一個問題嗎？。

Lee Horowitz, Deutsche Bank Research.

德意志銀行研究部 Lee Horowitz。

Great. So maybe following up on Nikhil's question earlier. I guess while you haven't seen any material impact to ad revenue to date, presumably, a lot of your sellers have stocked up and thus, they're not seeing any cost pressures. I guess how are you thinking and contextualizing the risks to advertising revenue going forward in a world where China tariffs, say, remain above 50% and those sellers are going to see some substantial pressure on gross margins if not potentially go out of business?

偉大的。所以也許可以跟進尼基爾之前提出的問題。我想，雖然到目前為止您還沒有看到對廣告收入的任何實質影響，但大概很多賣家已經囤貨了，因此他們沒有看到任何成本壓力。我想，您如何看待和分析未來廣告收入面臨的風險，尤其是在中國關稅仍保持在 50% 以上的背景下，這些賣家的毛利率將面臨巨大壓力，甚至可能倒閉？

We've been really pleased with the continued momentum, Lee, that we've seen on our ads business. We've obviously continued to have multiple levers with multiple products in the ad space. And we've seen momentum and strength from quarter-to-quarter. Q1 was a good reflection of that. And as we always said, we continue to see a path to sort of 3% of GMV across the overall ad side of things.

李，我們對廣告業務持續成長的勢頭感到非常高興。顯然，我們在廣告領域繼續採用多種槓桿和多種產品。我們看到了季度間成長的勢頭和實力。Q1 很好地反映了這一點。正如我們一直所說的那樣，我們繼續看到整體廣告方面的 GMV 達到 3% 左右的趨勢。

We do have a truly global platform, and we've seen success not only through the Greater China sellers, but across our other geographies as well. And so this has been a good revenue vector for us at eBay, and we expect to continue to do that. So I'm pretty comfortable with where we're sitting. And as we talked about contemplating various scenarios, we've contemplated the economics associated with the current environment in the color that we provided for the full year today.

我們確實擁有一個真正的全球平台，我們不僅在大中華區賣家中取得了成功，而且在其他地區也取得了成功。因此，這對 eBay 來說是一個很好的收入來源，我們希望繼續這樣做。所以我對我們的現狀感到很滿意。當我們談論考慮各種情境時，我們已經考慮了與當前環境相關的經濟因素，並以今天為全年提供的顏色進行了說明。

Understood. And Steve, I echo all the comments as well. It's great working with you. Maybe just one follow-up. Just category by category, the color on some of the used good merchandise in the platform and how much -- how defensive maybe the platform may be over time is helpful. But maybe focusing on the collectibles part of your business. We get a lot of questions on that.

明白了。史蒂夫，我也贊同所有的評論。和你一起工作很愉快。也許只需一次後續行動。只需按類別分類，平台上一些二手好商品的顏色以及平台隨著時間的推移可能具有的防禦能力是有幫助的。但也許重點關注的是業務的收藏品部分。我們收到了很多關於此的問題。

I guess, how are you guys thinking about what may happen to that piece of the business through any broader macro softness? Has that business expanded such that it will not be impacted as much as it maybe has been in the past? Just any thoughts on how collectibles may react to a broader consumer slowdown would be helpful.

我想，你們是如何看待更大範圍的宏觀經濟疲軟會對這部分的業務造成什麼影響？該業務是否已經擴展，以至於不會像過去那樣受到太大影響？任何關於收藏品如何應對更廣泛的消費放緩的想法都會有所幫助。

Yeah. Look, we're really pleased with the trading cards growth. It grew healthy double digits year-on-year in Q1 and growth accelerated for the ninth straight quarter. And we just continue to innovate for hobbyists on the platform. The relationship that I talked about before with PSA and making that easier.

是的。看，我們對交易卡的成長感到非常滿意。第一季度，其銷售額年增兩位數，連續第九個季度加速成長。我們只是繼續在平台上為愛好者進行創新。我之前談到了與 PSA 的關係以及如何讓這種關係變得更容易。

The inverse of that is already live today, which is if I get a card graded, it's one click to have that resell on the platform where we're making it really easy. Magical listing has been a huge opportunity for us. eBay Live has been compelling for us in the collectible card space, and we're seeing nice uptake.

與此相反的功能如今已經上線，也就是說，如果我拿到了一張卡，只需點擊一下就可以在平台上轉售，我們讓這一切變得非常簡單。魔法清單對我們來說是一個巨大的機會。 eBay Live 在收藏卡領域對我們來說非常有吸引力，我們看到了良好的成長勢頭。

While it's still early days, we've been enhancing our seller dashboard. We built case break technology into eBay Live, et cetera. And we feel really good about kind of the -- all the investment that we've made to make that business strong. When you look at the overall business, obviously, there's different fluctuations in the business over time.

雖然還處於早期階段，但我們一直在增強我們的賣家儀表板。我們將破案技術融入 eBay Live 等產品中。我們對於為壯大該業務而進行的所有投資感到非常高興。當你觀察整體業務時，顯然，隨著時間的推移，業務會出現不同的波動。

What I feel really good about, Lee, is that the growth in trading card volumes that we've seen in recent quarters has been mostly driven by sold item growth, not just ASP, which signals the recent strength is more sustainable than, for example, the surge we saw in 2001, which was more ASP driven.

李先生，讓我感到高興的是，我們看到最近幾個季度交易卡銷量的增長主要是由銷售量的增長推動的，而不僅僅是平均售價的增長，這表明最近的強勁勢頭比例如 2001 年我們看到的激增更具可持續性，而 2001 年的增長更多是由平均售價驅動的。

So we're going to continue to invest in that category. We feel really good about -- sorry, the surge in 2021 that we saw with ASP. We feel really good about the underlying business, what we've built and the capabilities for collectors and enthusiasts and the new capabilities like eBay Live that we're bringing to that overall category on the platform.

因此我們將繼續對該類別進行投資。我們對 2021 年 ASP 的激增感到非常高興。我們對基礎業務、我們所建立的業務、為收藏家和愛好者提供的功能以及我們為平台上的整個類別帶來的 eBay Live 等新功能感到非常滿意。

Thank you for joining. This concludes today's call. You may now disconnect. -

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。 -