eBay Inc (EBAY) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by, and welcome to the eBay Q3 2021 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Joe Billante, VP, Communications and Investor Relations. Please go ahead.

美好的一天，感謝您的支持，歡迎來到 eBay 2021 年第三季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的發言人，傳播和投資者關係副總裁 Joe Billante。請繼續。

Good afternoon. Thank you for joining us, and welcome to eBay's earnings release conference call for the third quarter of 2021. 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 Steve's commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

下午好。感謝您加入我們，歡迎參加 eBay 2021 年第三季度收益發布電話會議。今天和我一起參加電話會議的有我們的首席執行官 Jamie Iannone；和我們的首席財務官 Steve Priest。我們將提供幻燈片演示以配合史蒂夫在電話會議期間的評論，可通過 eBay 網站 investors.ebayinc.com 的投資者關係部分獲取。

Before we begin, I'd like to remind you that during the course of this conference call, we will discuss some non-GAAP measures related to our performance. You can find a reconciliation of these measures to the nearest comparable GAAP measures in the slide presentation accompanying this conference call.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將討論一些與我們的業績相關的非 GAAP 指標。您可以在本次電話會議隨附的幻燈片演示中找到這些措施與最接近的可比 GAAP 措施的調節。

Additionally, all revenue and GMV growth rates mentioned in Jamie's and Steve's remarks represent FX-neutral year-over-year comparisons unless they indicate otherwise.

此外，Jamie 和 Steve 的評論中提到的所有收入和 GMV 增長率均代表外匯中性同比比較，除非另有說明。

In 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, and our actual results may differ materially from our forecast for a variety of reasons.

在本次電話會議中，管理層將做出前瞻性陳述，包括但不限於關於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，我們的實際結果可能因各種原因與我們的預測存在重大差異。

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 and Form 10-Q and our earnings release from earlier today. You should not rely on any forward-looking statements.

您可以在我們最近的 10-K 表格和 10-Q 表格定期報告以及我們今天早些時候發布的收益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信息。您不應依賴任何前瞻性陳述。

All information in this presentation is as of October 27, 2021, and we do not intend and undertake no duty to update this information.

本演示文稿中的所有信息均截至 2021 年 10 月 27 日，我們不打算也不承擔更新此信息的義務。

With that, let me turn it over to Jamie.

有了這個，讓我把它交給傑米。

Thanks, Joe. Good afternoon, everyone, and thank you for joining us. Today, I'll begin the call with key highlights from the third quarter. Then I will share some updates on the progress we are making towards our strategic vision. At the end of my remarks, I will turn the call over to Steve, who will discuss our financial performance and outlook in greater detail.

謝謝，喬。大家下午好，感謝您加入我們。今天，我將以第三季度的主要亮點開始電話會議。然後我將分享一些關於我們在實現戰略願景方面取得的進展的最新情況。在我的發言結束時，我會將電話轉給史蒂夫，他將更詳細地討論我們的財務業績和前景。

Q3 was another strong quarter, driven by our team's relentless focus on sellers and buyers. I'm excited by the positive impact this is having on the underlying health of the business. The changes we are making to the marketplace are improving results today and are also putting us in a better position to deliver sustainable growth. We remain confident in our long-term vision to grow the core, become the seller platform of choice and cultivate lifelong trusted relationships with buyers.

第三季度是另一個強勁的季度，這得益於我們團隊對買賣雙方的不懈關注。我很高興這對企業的基本健康狀況產生了積極影響。我們對市場所做的改變正在改善今天的結果，也使我們能夠更好地實現可持續增長。我們對發展核心、成為首選賣家平台並與買家建立終身信任關係的長期願景充滿信心。

Let me highlight a few achievements from the quarter that brought us one step closer to this vision. Our business delivered better-than-expected revenue and earnings growth on the high end of our guidance. Our strategic playbook continues to improve customer satisfaction and build trust and is leading to faster GMV growth in our focused categories.

讓我重點介紹本季度的一些成就，這些成就使我們離這一願景又近了一步。我們的業務在我們指導的高端實現了好於預期的收入和盈利增長。我們的戰略手冊繼續提高客戶滿意度並建立信任，並導致我們重點類別的 GMV 更快增長。

The managed payments migration, which is nearly complete, is helping sellers and buyers by reducing friction, lowering cost and enabling new capabilities. Our advertising business continues to grow faster than marketplace volume, and our product innovation provides sellers new tools to help them scale their eBay businesses.

即將完成的託管支付遷移正在通過減少摩擦、降低成本和啟用新功能來幫助買賣雙方。我們的廣告業務繼續以比市場容量更快的速度增長，我們的產品創新為賣家提供了新的工具來幫助他們擴展他們的 eBay 業務。

We are also making great strides in our ESG efforts. Recently, we received approval from the Science Based Targets initiative for our multiyear carbon emission reduction goal. And importantly, we announced that eBay will be 100% carbon neutral this year and will remain so going forward. I'm pleased to report that all key business metrics either met or surpassed our expectations in Q3.

我們在 ESG 方面的努力也取得了長足的進步。最近，我們的多年碳減排目標獲得了基於科學的目標倡議的批准。重要的是，我們宣布 eBay 今年將實現 100% 碳中和，並將繼續保持下去。我很高興地報告，所有關鍵業務指標都達到或超過了我們在第三季度的預期。

Revenue overperformed growing 10%, driven by acceleration in the payments migration and Promoted Listings growth. We also delivered $0.90 of non-GAAP EPS at the high end of expectations while increasing technology investments. GMV performed in line with expectations globally, declining 12% versus last year and increasing 9% compared to 2019. Excluding transitory macro impacts, we continue to see modestly positive underlying growth in the business.

在支付遷移加速和推廣列表增長的推動下，收入增長超過 10%。在增加技術投資的同時，我們還交付了 0.90 美元的非 GAAP 每股收益，達到預期的高端。 GMV 在全球範圍內的表現符合預期，與去年相比下降了 12%，與 2019 年相比增長了 9%。排除暫時的宏觀影響，我們繼續看到該業務的潛在積極增長。

Global active sellers remained unchanged at 19 million, and total active buyers were 154 million. Over the past year, we have focused on attracting and retaining high-value buyers by innovating in focused categories and targeting enthusiasts with upper funnel marketing. We have also discontinued legacy couponing that's skewed towards low-value buyers. These actions are resulting in a gradual evolution of our buyer base over time. Compared to the third quarter of 2019, high-value buyers are up 6%.

全球活躍賣家保持在 1900 萬不變，活躍買家總數為 1.54 億。在過去的一年裡，我們專注於通過在重點品類上進行創新並通過上層漏斗營銷瞄準愛好者來吸引和留住高價值買家。我們還停止了向低價值買家傾斜的舊優惠券。隨著時間的推移，這些行動導致我們的買家群逐漸演變。與 2019 年第三季度相比，高價值買家增長了 6%。

Another ongoing transformation of our marketplace is managed payments, which progressed quickly during the quarter. In Q3, we processed over 90% of on-platform GMV and remain on track to finish by the end of this year. I'm thrilled that we are close to migrating all of our global sellers to a next-gen product experience. While we are close to completing the transition, we are only at the beginning of realizing our full payments potential. Owning the entire seller and buyer journey unlocks opportunities to remove friction, improve trust and provide new capabilities to sellers and buyers. We are already starting down this path, and here are a few examples.

我們市場的另一個持續轉型是託管支付，該轉型在本季度進展迅速。在第三季度，我們處理了超過 90% 的平台 GMV，並有望在今年年底前完成。我很高興我們即將將我們所有的全球賣家遷移到下一代產品體驗。雖然我們即將完成過渡，但我們才剛剛開始充分發揮我們的支付潛力。擁有整個買賣雙方的旅程可以釋放機會來消除摩擦，提高信任並為買賣雙方提供新的能力。我們已經開始沿著這條路走下去，這裡有幾個例子。

Last quarter, we effectively eliminated unpaid items on fixed-price transactions and have continued to reduce this issue for best offers. In the U.K., we are paying many sellers as quickly as next business day after buyer payment is confirmed. Based on community feedback, we reduced another pain point for trusted sellers by increasing protection against fraudulent returns by requiring photos and providing return shipping credits.

上個季度，我們有效地消除了固定價格交易中的未付款項目，並繼續減少這一問題以獲得最佳報價。在英國，我們會在確認買家付款後的下一個工作日盡快向許多賣家付款。根據社區反饋，我們通過要求提供照片和提供退貨運費來加強對欺詐性退貨的保護，從而減少了受信任賣家的另一個痛點。

In addition, we continue to improve our stores experience to make eBay the seller platform of choice. We've been increasing our traffic to stores and providing more CRM capabilities to make managing their businesses on eBay easier than ever. Sellers are leveraging these new features to drive repeat purchases. For example, in only 6 months since launch, more than 2.5 million buyers have completed a repeat purchase from a store using our new seller-funded coupon. To further build sellers brands, we are testing video integration on high-traffic pages to help them tell their unique and compelling stories to enthusiast buyers.

此外，我們繼續改善我們的商店體驗，使 eBay 成為首選的賣家平台。我們一直在增加商店的流量並提供更多的 CRM 功能，以便比以往更輕鬆地管理他們在 eBay 上的業務。賣家正在利用這些新功能來推動重複購買。例如，在推出後僅 6 個月內，就有超過 250 萬買家使用我們新的賣家資助優惠券從一家商店完成了重複購買。為了進一步打造賣家品牌，我們正在測試高流量頁面上的視頻集成，以幫助他們向熱心買家講述他們獨特且引人入勝的故事。

Our advertising revenue continues to outpace volume due to Promoted Listings, which drove over $207 million in revenue in Q3, up 9%. We also tested 3 new Promoted Listings products and are starting to offer these features to more sellers.

由於推廣列表，我們的廣告收入繼續超過數量，這在第三季度推動了超過 2.07 億美元的收入，增長了 9%。我們還測試了 3 種新的 Promoted Listings 產品，並開始向更多賣家提供這些功能。

In September, we opened up Promoted Listings Express to more sellers in the U.S., U.K., Germany and Australia. This feature allows sellers to boost visibility of auction listing for a onetime fee regardless of whether the item is sold. Early adopters have seen substantial growth in impressions and clicks.

9 月，我們向美國、英國、德國和澳大利亞的更多賣家開放了 Promoted Listings Express。此功能允許賣家以一次性費用提高拍賣列表的可見性，無論該項目是否已售出。早期採用者已經看到印象和點擊量的大幅增長。

Last month, we invited eligible sellers to try Promoted Listings Advanced, enabling them to create campaigns on a cost-per-click basis with more budget control. In parallel, we launched a suite of tools to create campaigns, monitor performance and optimize returns. We are also providing training and webinars to drive trial and adoption. During Q3, we explored ways to syndicate ads off eBay through external Promoted Listings.

上個月，我們邀請符合條件的賣家試用 Promoted Listings Advanced，使他們能夠以每次點擊費用為基礎創建廣告活動，並提供更多預算控制。與此同時，我們推出了一套工具來創建活動、監控績效和優化回報。我們還提供培訓和網絡研討會以推動試用和採用。在第三季度，我們探索了通過外部推廣列表在 eBay 之外聯合廣告的方法。

Through the eBay partner network, we are testing tools and incentives for affiliates to drive enthusiast buyers to existing promoted listing sellers. We are also experimenting with other forms of seller-funded marketing across various channels. Our new advertising products are in the early days, and we are excited about their long-term potential.

通過 eBay 合作夥伴網絡，我們正在測試附屬機構的工具和激勵措施，以將狂熱買家吸引到現有的推廣上市賣家。我們還在各種渠道嘗試其他形式的賣家資助營銷。我們的新廣告產品處於早期階段，我們對它們的長期潛力感到興奮。

Moving to our focus categories. I'm pleased with the pace of innovation and the positive reaction from our sellers and buyers. Volume from these categories continues to outperform the rest of the marketplace, and we are increasing customer satisfaction by improving trust. As you may recall, when we exited last quarter, we had applied our playbook to approximately 10% of global GMV. We remain on track to expand that to roughly 20% by the end of the year.

轉到我們的重點類別。我對創新的步伐以及我們的賣家和買家的積極反應感到滿意。這些類別的銷量繼續跑贏市場的其他部分，我們正在通過提高信任度來提高客戶滿意度。您可能還記得，當我們上個季度退出時，我們將我們的策略應用到大約 10% 的全球 GMV。我們仍然有望在年底前將這一比例擴大到大約 20%。

Let me walk you through several examples. Our sneakers business in the U.S. continues to grow at healthy double-digit rates. During Q3, we launched authentication in Germany, added 30 more brands to our catalog and improved SEO performance for top sneaker brands. We also leaned further into upper funnel marketing and sponsored key industry events to strengthen our reputation with enthusiasts.

讓我向您介紹幾個示例。我們在美國的運動鞋業務繼續以兩位數的健康速度增長。在第三季度，我們在德國推出了認證，在我們的目錄中增加了 30 個品牌，並提高了頂級運動鞋品牌的 SEO 性能。我們還進一步轉向上層漏斗營銷並贊助重要的行業活動，以加強我們在愛好者中的聲譽。

Starting tomorrow, we will be trialing a new 3D image capability on select sneaker listings. Leveraging AI and machine learning, the experience will allow buyers to interact with a detailed 360-degree view of the actual item they are buying. We're excited about the potential of this new technology, particularly the ability to reinforce buyer confidence at the point of purchase.

從明天開始，我們將在精選的運動鞋列表中試用新的 3D 圖像功能。利用人工智能和機器學習，這種體驗將使買家能夠與他們所購買的實際商品的 360 度詳細視圖進行交互。我們對這項新技術的潛力感到興奮，尤其是在購買時增強買家信心的能力。

Moving to luxury watches. This category is also growing at strong double-digit rates in the U.S. Buyers are finding more inventory on eBay than other marketplaces as many brands have decreased production, and preowned supply is limited on other platforms.

轉向豪華手錶。這一類別在美國也以兩位數的強勁速度增長。買家在 eBay 上發現比其他市場更多的庫存，因為許多品牌已經減少了產量，而且其他平台上的二手供應有限。

Since launching authentication in luxury handbags, growth has accelerated in this category and was positive in Q3, outperforming the total U.S. site by double digits. We are seeing the same high customer satisfaction as other authenticated categories.

自推出奢侈品手袋認證以來，該類別的增長速度加快，並且在第三季度呈正增長，比美國網站的整體表現高出兩位數。我們看到與其他經過身份驗證的類別一樣高的客戶滿意度。

As I've mentioned in the past, part of our strategy is to drive enthusiasts to new trusted experiences and then leverage those buyers across our vast supply in other categories. The average buyer who purchases sneakers and luxury watches, spends approximately $2,000 and $8,000, respectively, in other categories. We are seeing the exact same behavior in our latest focus category.

正如我過去提到的，我們戰略的一部分是推動愛好者獲得新的值得信賴的體驗，然後利用我們在其他類別的大量供應中的這些買家。購買運動鞋和奢侈手錶的買家在其他類別上的平均花費分別約為 2,000 美元和 8,000 美元。我們在最新的焦點類別中看到了完全相同的行為。

Buyers of authenticated handbags are spending over $5,000 outside of handbags. This cross-category benefit for sellers and buyers is a unique advantage for eBay. One of the reasons our growth has improved in luxury categories is the improvement in buyer and seller trust. We recently celebrated the 1-year anniversary of Authenticity Guarantee, having now processed over 1.4 million items across multiple categories. Customer satisfaction has consistently exceeded 90%, and we are operating in 5 countries with a mix of in-house and third-party resources.

購買經過認證的手袋的買家在手袋之外的花費超過 5,000 美元。這種對賣家和買家的跨品類利益是 eBay 的獨特優勢。我們在奢侈品類別中增長有所改善的原因之一是買賣雙方信任度的提高。我們最近慶祝了真品保證 1 週年，現在已經處理了多個類別的超過 140 萬件商品。客戶滿意度一直超過 90%，我們在 5 個國家開展業務，同時擁有內部和第三方資源。

Another focus category that is driving growth in the U.S. is trading cards, which is growing significantly faster than the total marketplace. In late July, we launched new features, including price guides and collections, which allow trading card enthusiasts to view, manage and track the value of their portfolios. To date, close to 4 million cards have been added to customer collections.

推動美國增長的另一個重點類別是交易卡，其增長速度明顯快於整個市場。 7 月下旬，我們推出了包括價格指南和收藏在內的新功能，讓交易卡愛好者可以查看、管理和跟踪其投資組合的價值。迄今為止，已將近 400 萬張卡片添加到客戶收藏中。

In addition, close to 250,000 buyers have used eBay's newly launched Price Guide to visualize the changing value of their favorite trading cards. These features cater to the needs of high-value enthusiasts and are increasing engagement and trust in eBay.

此外，近 250,000 名買家使用 eBay 新推出的價格指南來可視化他們最喜歡的交易卡的價值變化。這些功能迎合了高價值愛好者的需求，並增加了對 eBay 的參與度和信任度。

The next focus category we're applying the innovation playbook to is motors, parts and accessories. Among the changes we are making is to take our entire parts inventory and add it to the eBay Motors app, creating a one-stop shop for vehicles and parts enthusiasts. We are excited by the potential of bringing together one of the world's largest vehicle selections with hundreds of millions of parts in one customized experience. We're exploring further changes to parts and accessories that leverage our strong market position to capture more untapped growth.

我們應用創新手冊的下一個重點類別是電機、零件和配件。我們正在做出的改變之一是獲取我們的全部零件庫存並將其添加到 eBay Motors 應用程序，為汽車和零件愛好者創建一站式商店。我們很高興有可能將世界上最大的汽車選擇之一與數億個零件整合到一種定制體驗中。我們正在探索零部件和配件的進一步變化，以利用我們強大的市場地位來捕捉更多未開發的增長。

ESG remains critical to our business health and to our customers, and I'm pleased to announce that we have reached some significant milestones in our journey toward establishing eBay as the leading sustainability company in e-commerce.

ESG 對我們的業務健康和客戶仍然至關重要，我很高興地宣布，我們在將 eBay 打造成電子商務領域領先的可持續發展公司的過程中已經達到了一些重要的里程碑。

Just 2 weeks ago, we announced that our emission reduction goals were approved by the Science Based Targets initiative. We will reduce Scope 1 and 2 carbon emissions by 90% by 2030. This is the most ambitious designation available and aligned with the Paris agreement.

就在 2 週前，我們宣布我們的減排目標獲得了基於科學的目標倡議的批准。到 2030 年，我們將把範圍 1 和範圍 2 的碳排放量減少 90%。這是目前最雄心勃勃的目標，與巴黎協定保持一致。

Additionally, we will reduce value chain emissions from downstream transportation by 20% in the same time frame. To reduce emissions from good shift using our platform, we will partner with our logistics providers to encourage low-carbon alternatives.

此外，我們將在同一時間段內將下游運輸的價值鏈排放量減少 20%。為了使用我們的平台減少良好轉變帶來的排放，我們將與我們的物流供應商合作，鼓勵低碳替代品。

I'm also proud that eBay will be carbon neutral for our offices and data centers in 2021. We expect to maintain this going forward as we continue efforts to reduce our overall carbon footprint. At eBay, one of our core values is to be for everyone. As part of this focus, supporting our seller community is critically important.

我也感到自豪的是，eBay 將在 2021 年為我們的辦公室和數據中心實現碳中和。我們希望在繼續努力減少整體碳足蹟的同時保持這一點。在 eBay，我們的核心價值觀之一是為每個人服務。作為這一重點的一部分，支持我們的賣家社區至關重要。

Earlier this month, we issued a new report on equitable entrepreneurship, which revealed how selling on eBay helped women during the pandemic. We found that 82% of women who are new to eBay or increased their selling did so because of job loss, reduction of income, illness, loss of child care or some other hardship. This vast majority of women surveyed says the ability to sell on eBay was a benefit during the pandemic, citing the need to earn additional income for themselves or drive revenue for their businesses. I'm proud that our platform can provide flexibility and opportunity to so many during tough times so that they can earn extra income through selling in our marketplace.

本月早些時候，我們發布了一份關於公平創業的新報告，揭示了在大流行期間在 eBay 上銷售如何幫助女性。我們發現，82% 的新加入 eBay 或增加銷量的女性是因為失業、收入減少、疾病、失去兒童保育或其他一些困難而這樣做的。絕大多數接受調查的女性表示，在大流行期間能夠在 eBay 上銷售是一種好處，理由是需要為自己賺取額外收入或為她們的企業增加收入。我很自豪我們的平台可以在困難時期為這麼多人提供靈活性和機會，使他們可以通過在我們的市場上銷售來賺取額外收入。

I'm also inspired by the continuous generosity of sellers and buyers on eBay. During Q3, approximately $35 million was raised through eBay for Charity, up 11%. Additionally, thousands of global employees helped select small businesses to receive grants totaling $3 million from the eBay Foundation. These grants are focused on serving underrepresented entrepreneurs and are used to provide training, coaching and mentorship needed to help their businesses thrive.

eBay 上賣家和買家的持續慷慨也讓我深受鼓舞。在第三季度，通過 eBay 慈善機構籌集了大約 3500 萬美元，增長了 11%。此外，數千名全球員工幫助選定的小型企業從 eBay 基金會獲得總計 300 萬美元的贈款。這些贈款專注於為代表性不足的企業家提供服務，並用於提供幫助他們的企業蓬勃發展所需的培訓、輔導和指導。

In closing, as I mentioned at the start of the call, Q3 was yet another strong quarter. We continue to make progress on our multiyear journey, and it's clear that our strategy is working. Enthusiasts are responding to innovation in our focus categories and are increasingly putting their trust in eBay. Managed payments is on track to complete the migration this year and is driving friction out of the experience while opening up new capabilities for sellers and buyers.

最後，正如我在電話會議開始時提到的那樣，第三季度又是一個強勁的季度。我們在多年的旅程中繼續取得進展，很明顯我們的戰略正在發揮作用。愛好者們對我們重點類別的創新做出反應，並且越來越信任 eBay。託管支付有望在今年完成遷移，並在為買賣雙方開放新功能的同時消除體驗中的摩擦。

Our advertising business is innovating by providing a portfolio of tools our sellers can leverage to build and grow their businesses on eBay. And we're accomplishing all of this while setting and achieving ambitious climate goals and providing a platform where economic opportunity is available to all.

我們的廣告業務正在通過提供一系列工具進行創新，我們的賣家可以利用這些工具在 eBay 上建立和發展他們的業務。我們正在完成所有這一切，同時設定並實現雄心勃勃的氣候目標，並提供一個平台，讓所有人都能獲得經濟機會。

I want to thank our passionate employees who have tirelessly worked to bring our vision and purpose to life. Their dedication to serving sellers and buyers is inspiring. Their relentless execution is driving innovation and making eBay a better marketplace, and I couldn't be prouder to lead this team.

我要感謝我們熱情的員工，他們孜孜不倦地工作，以實現我們的願景和目標。他們為買賣雙方服務的奉獻精神令人鼓舞。他們不懈的執行力正在推動創新並使 eBay 成為一個更好的市場，我為領導這個團隊感到無比自豪。

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

有了這個，我會把電話轉給史蒂夫，提供更多關於我們財務業績的細節。史蒂夫，交給你了。

Thank you, Jamie, and thank you all for joining us today. I'll begin with our Q3 financial highlights on Slide 4 of our presentation. We delivered another strong quarter. Our results met or exceeded expectations across all key metrics, while our year-over-year comparisons reflect the extraordinary growth we experienced last year as a result of the pandemic. These results were underpinned by continued execution against our strategic pillars, including contributions from payments, Promoted Listings and focus categories.

謝謝你，傑米，感謝大家今天加入我們。我將從我們演示文稿的幻燈片 4 上的第三季度財務亮點開始。我們交付了另一個強勁的季度。我們的結果在所有關鍵指標上都達到或超過了預期，而我們的同比比較反映了我們去年因大流行而經歷的非凡增長。這些結果得到了對我們戰略支柱的持續執行的支持，包括來自支付、推薦列表和重點類別的貢獻。

Revenue grew 10% year-over-year on an FX-neutral basis. The transaction revenue grew by double digits for the sixth consecutive quarter, primarily due to contributions from managed payments.

在外匯中性的基礎上，收入同比增長 10%。交易收入連續第六個季度實現兩位數增長，主要得益於託管支付的貢獻。

Non-GAAP EPS was $0.90 per share, and our operating margin was 31.7%. We generated $502 million of free cash flow and returned approximately $2.4 billion to shareholders through share repurchases and cash dividends during Q3. Given the underlying growth in our business and strong free cash flow generation, I'm pleased to announce we've raised our share buyback target for 2021 from $5 billion to $7 billion.

非美國通用會計準則每股收益為 0.90 美元，營業利潤率為 31.7%。我們產生了 5.02 億美元的自由現金流，並在第三季度通過股票回購和現金股息向股東返還了約 24 億美元。鑑於我們業務的潛在增長和強勁的自由現金流產生，我很高興地宣布，我們已將 2021 年的股票回購目標從 50 億美元上調至 70 億美元。

Our pending portfolio transactions remain on track to close within previously communicated time lines. We anticipate the sale of Adevinta shares to Permira will close during Q4, while the Korea deal, which will close early next year or potentially by the end of 2021.

我們未決的投資組合交易仍有望在先前傳達的時間表內完成。我們預計將 Adevinta 股份出售給 Permira 的交易將在第四季度完成，而韓國的交易將在明年初或可能在 2021 年底完成。

Turning to active buyers on Slide 5. We exited Q3 with 154 million active buyers on a trailing 12-month basis, representing a 5% decrease year-over-year. This decline was primarily driven by low-value buyers, a group that makes up more than half of our buyer base but only 5% of GMV. As Jamie mentioned, this ongoing trend is a result of our strategy to prioritize attracting and retaining high-value buyers. We are confident in this approach, but we recognize the reduction in low-value buyers could pressure our rolling 12-month active buyer count in the coming quarters. Compared with Q3 of 2019, low-value buyers are down 7%, while high-value buyers were up 6%.

轉向幻燈片 5 上的活躍買家。我們在過去 12 個月的基礎上有 1.54 億活躍買家退出了第三季度，同比下降 5%。這種下降主要是由低價值買家推動的，該群體占我們買家群的一半以上，但僅佔 GMV 的 5%。正如 Jamie 提到的，這種持續的趨勢是我們優先吸引和留住高價值買家的戰略的結果。我們對這種方法充滿信心，但我們認識到低價值買家的減少可能會在未來幾個季度對我們連續 12 個月的活躍買家數量造成壓力。與 2019 年第三季度相比，低價值買家下降了 7%，而高價值買家則上升了 6%。

Moving to GMV on Slide 6. In Q3, we delivered $19.5 billion of GMV, down 10% year-over-year on a spot basis and down 12% on an FX-neutral basis, in line with our expectations. The macro benefits to our business from mobility were significantly diminished in Q3 as restrictions faded across the globe, where we continue to see modestly positive underlying growth in our business. Compared with Q3 of 2019, GMV grew 9% on an FX-neutral basis. Consistent with prior quarters, our performance by market varied based on a number of factors, including relative mobility and country-specific macroeconomic trends.

轉到幻燈片 6 的 GMV。在第三季度，我們交付了 195 億美元的 GMV，即期同比下降 10%，在外匯中性基礎上下降 12%，符合我們的預期。隨著全球範圍內限制的消退，我們的業務從流動性中獲得的宏觀收益在第三季度顯著減少，我們繼續看到我們業務的潛在積極增長。與 2019 年第三季度相比，在外匯中性的基礎上，GMV 增長了 9%。與前幾個季度一致，我們的市場表現因多種因素而異，包括相對流動性和特定國家/地區的宏觀經濟趨勢。

Internationally, GMV was roughly flat versus Q3 of 2019 on an FX-neutral basis. A number of factors influenced the growth differential between the U.S. and our international markets during the quarter. Mobility is back to pre-COVID levels in many of our largest international markets, diminishing the volume tailwinds we benefited from in prior quarters.

在國際上，在外匯中性的基礎上，GMV 與 2019 年第三季度大致持平。許多因素影響了本季度美國和我們國際市場之間的增長差異。在我們許多最大的國際市場中，流動性已恢復到 COVID 之前的水平，這削弱了我們在前幾個季度從中受益的銷量增長。

Changing consumer behavior, including an uptick in leisure activities and travel, also may have impacted e-commerce growth internationally. Additionally, category mix varies in our international markets, which have lower exposure to certain fast-growing verticals like collectibles, but higher concentration of items from cross-border trade that are more difficult to source amid the ongoing supply chain disruptions.

消費者行為的改變，包括休閒活動和旅行的增加，也可能影響了國際電子商務的增長。此外，我們國際市場的品類組合各不相同，這些市場對某些快速增長的垂直行業（如收藏品）的敞口較低，但在持續的供應鏈中斷的情況下，跨境貿易的商品更加集中，更難以採購。

Finally, our focus category rollouts are more nascent in our international markets. However, as our innovation playbook expands to more categories and countries, we are confident our international growth trajectory will improve.

最後，我們的重點類別推出在我們的國際市場上更為新生。然而，隨著我們的創新計劃擴展到更多類別和國家，我們相信我們的國際增長軌跡將會改善。

In the U.S., GMV grew 22% versus Q3 of 2019. Growth in our domestic marketplace was driven by strong execution against our strategic pillars, more product rollouts within focus categories and steady growth within e-commerce.

在美國，與 2019 年第三季度相比，GMV 增長了 22%。我們國內市場的增長得益於對我們戰略支柱的強有力執行、重點類別中更多產品的推出以及電子商務的穩步增長。

Residential mobility improved in the U.S. but continues to try the European markets, while leisure activities and travel increased in line with normal seasonal trends. Other external factors may be benefiting our U.S. business relative to international markets, including the lingering impact of government stimulus and scarcity benefits and supply chain disruptions. The precise impact of these effects is unclear, but they are likely a net positive contributor to U.S. growth in the near term. In aggregate, there are numerous puts and takes between regions, but we remain encouraged by the modestly positive underlying growth in our business.

美國的住宅流動性有所改善，但繼續嘗試歐洲市場，而休閒活動和旅行的增加符合正常的季節性趨勢。相對於國際市場，其他外部因素可能有利於我們的美國業務，包括政府刺激和稀缺性利益以及供應鏈中斷的揮之不去的影響。這些影響的確切影響尚不清楚，但它們很可能是美國近期經濟增長的淨積極貢獻者。總的來說，地區之間有很多看跌期權，但我們仍然對我們業務溫和積極的潛在增長感到鼓舞。

Turning to revenue on Slide 7. Net revenue for Q3 was $2.5 billion, up 10% year-over-year on an FX-neutral basis and 11% on a spot basis. We delivered $2.4 billion of transaction revenue, also up 11% on an FX-neutral basis. Growth was primarily driven by managed payments, which contributed roughly 20 points of incremental revenue growth during the third quarter. The payments ramp drove an 80 basis point sequential increase in our take rate, which surpassed 12% in quarter 3.

轉向幻燈片 7 的收入。第三季度的淨收入為 25 億美元，在外匯中性基礎上同比增長 10%，在現貨基礎上增長 11%。我們實現了 24 億美元的交易收入，在外匯中性基礎上也增長了 11%。增長主要是由託管支付推動的，它在第三季度貢獻了大約 20 個百分點的增量收入增長。付款的增加使我們的接受率連續增長了 80 個基點，在第三季度超過了 12%。

Moving forward, we expect our sequential take rate increases to moderate as the managed payments rollout is nearly complete.

展望未來，隨著管理支付的推出接近完成，我們預計我們的連續採用率會有所增加。

Within our advertising business, Promoted Listings grew 9% year-over-year, outpacing volume by 21 points. Early adopters of the new Promoted Listing products are seeing significant increases in performance, giving us confidence in the long-term potential for advertising revenue.

在我們的廣告業務中，Promoted Listings 同比增長 9%，超過數量增長 21 個百分點。新 Promoted Listing 產品的早期採用者看到了性能的顯著提高，這讓我們對廣告收入的長期潛力充滿信心。

Marketing services and other revenue declined 7% year-over-year to $151 million driven by the impact of sold item declines and shipping programs and headwinds within third-party advertising. We continue to purposely reduce third-party advertising in favor of Promoted Listings, which delivers superior performance and offer a better experience for both sellers and buyers.

營銷服務和其他收入同比下降 7% 至 1.51 億美元，這是受已售商品數量下降、運輸計劃和第三方廣告逆風的影響。我們繼續有目的地減少第三方廣告，轉而支持 Promoted Listings，後者可提供卓越的性能並為買賣雙方提供更好的體驗。

Moving to expenses on Slide 8. In Q3, we delivered non-GAAP operating margin of approximately 31.7%. This represents the 2.7 point year-over-year decrease primarily driven by lower volume. Our cost of revenue has scaled in line with payments growth due to variable processing costs. This dynamic has pressured gross margins during our transition to managed payments. However, once the transition is complete, we expect gross margins to be more stable. Moreover, the incremental revenue from payments drive significant leverage in our fixed expenses, most notably sales and marketing and G&A.

轉到幻燈片 8 的費用。在第三季度，我們實現了大約 31.7% 的非 GAAP 營業利潤率。這表示同比下降 2.7 個百分點，主要原因是銷量下降。由於可變的處理成本，我們的收入成本隨著支付的增長而擴大。在我們向託管支付過渡期間，這種動態給毛利率帶來了壓力。然而，一旦過渡完成，我們預計毛利率將更加穩定。此外，來自支付的增量收入推動了我們固定支出的顯著槓桿作用，最顯著的是銷售和營銷以及 G&A。

Sales and marketing fell by nearly 4 points as a percentage of revenue year-over-year in Q3. In addition to leverage from payments revenue, sales and marketing was lower due to reduction in coupons and rewards programs that were previously targeted towards low-value buyers.

第三季度銷售和營銷佔收入的百分比同比下降近 4 個百分點。除了來自支付收入的槓桿作用外，由於以前針對低價值買家的優惠券和獎勵計劃減少，銷售和營銷也有所下降。

Product development increased 21% year-over-year as we continue to accelerate product innovation and support our longer-term strategic initiatives within payments, advertising and focus categories. Transaction losses rose as a percentage of revenue by nearly 2 points versus last year due to higher consumer protection losses from the payments transition and the lapping of onetime benefits in the prior year, which were partially offset by the benefits of fee netting.

隨著我們繼續加速產品創新並支持我們在支付、廣告和重點類別中的長期戰略計劃，產品開發同比增長 21%。交易損失佔收入的百分比與去年相比上升了近 2 個百分點，原因是支付過渡帶來的消費者保護損失增加以及上一年一次性福利的重疊，這部分被費用淨額結算的好處所抵消。

Turning to EPS on Slide 9. We delivered $0.90 of non-GAAP EPS in Q3, up 9% year-over-year as ramping contributions from payments and the net benefit of share repurchases more than offset the lapping of COVID-driven volumes a year ago.

轉向幻燈片 9 上的每股收益。我們在第三季度交付了 0.90 美元的非 GAAP 每股收益，同比增長 9%，因為支付的貢獻和股票回購的淨收益超過了 COVID 驅動的年度銷量的重疊前。

GAAP EPS for the quarter was $0.43, roughly 50% lower than last year. The delta was primarily driven by a fair value adjustment on our Adevinta shares, partly offset by gains from other investments.

本季度的 GAAP 每股收益為 0.43 美元，比去年同期下降約 50%。三角洲主要是由我們的 Adevinta 股票的公允價值調整驅動的，部分被其他投資的收益所抵消。

Switching to free cash flow on Slide 10. We delivered another strong quarter of cash generation in Q3 with $502 million of free cash flow, a 4% decline year-over-year. The decline was driven by the timing of working capital and CapEx spend, partly offset by operational efficiencies and the timing of 2020 cash taxes.

切換到幻燈片 10 上的自由現金流。我們在第三季度實現了另一個強勁的現金產生季度，自由現金流為 5.02 億美元，同比下降 4%。下降的原因是營運資本和資本支出的時間安排，部分被運營效率和 2020 年現金稅的時間安排所抵消。

As a reminder, the managed payments transition has yielded meaningful working capital benefits. Through 3 quarters of 2021, this benefit amounted to approximately $300 million.

提醒一下，管理支付轉型已經產生了有意義的營運資本收益。到 2021 年的前三個季度，這一收益約為 3 億美元。

Moving to capital allocation on Slide 11. We ended the quarter with cash and nonequity investments of $5.1 billion and gross debt of $9.1 billion. During the third quarter, we returned approximately $2.4 billion to our shareholders through stock repurchase and dividends. We repurchased approximately 31 million shares to $2.3 billion at an average share price of $72.52.

轉到幻燈片 11 的資本配置。本季度結束時，我們的現金和非股權投資為 51 億美元，總債務為 91 億美元。第三季度，我們通過股票回購和派息向股東返還了約 24 億美元。我們以 72.52 美元的平均股價回購了大約 3100 萬股股票，總值 23 億美元。

We also paid a quarterly dividend of $116 million in September. Given our fortress balance sheet and strong underlying free cash flow, we are updating our share buyback plan for 2021 from $5 billion to $7 billion, which implies approximately $3 billion of repurchases during the fourth quarter.

我們還在 9 月份支付了 1.16 億美元的季度股息。鑑於我們穩固的資產負債表和強勁的潛在自由現金流，我們將 2021 年的股票回購計劃從 50 億美元更新為 70 億美元，這意味著第四季度回購約 30 億美元。

Overall, our capital allocation objectives remain unchanged. We'll preserve financial flexibility to execute on strategy and drive long-term value creation. We aim to drive organic growth in our business, and we'll look for opportunities to supplement that growth with disciplined acquisitions and investments. We will optimize our financial flexibility, access to debt and cost of capital, and we'll continue to deliver meaningful returns to shareholders through share repurchases and dividends.

總體而言，我們的資本配置目標保持不變。我們將保持財務靈活性以執行戰略並推動長期價值創造。我們的目標是推動我們業務的有機增長，我們將尋找機會通過有紀律的收購和投資來補充這種增長。我們將優化我們的財務靈活性、獲得債務的機會和資本成本，我們將繼續通過股票回購和股息為股東提供有意義的回報。

Moving to investments on Slide 12. As a reminder, we received 540 million shares in Adevinta from our Classifieds sale, which closed during June of this year, representing an equity ownership stake of approximately 44%. As a regulatory condition of the Classifieds sale, we committed to reduce our ownership stake in Adevinta to 33% or less over the 18 months following the close of the deal. In July, we agreed to sell approximately 135 million shares to Permira for roughly $2.4 billion. We believe the Permira share sale remains on track to close during Q4, and the 405 million shares that we would retain were worth close to $7 billion at the end of September.

轉到幻燈片 12 上的投資。提醒一下，我們從今年 6 月結束的分類廣告出售中收到了 5.4 億股 Adevinta 股票，佔股權約 44%。作為分類廣告出售的監管條件，我們承諾在交易結束後的 18 個月內將我們在 Adevinta 的所有權股份減少至 33% 或更少。 7 月，我們同意以約 24 億美元的價格向 Permira 出售約 1.35 億股股票。我們相信 Permira 的股票出售仍有望在第四季度完成，而我們將保留的 4.05 億股股票在 9 月底的價值接近 70 億美元。

Turning to Adyen. The warrants we acquired in connection with our strategic partnership during the second quarter of 2018 were valued at $1.4 billion at the end of Q3, an increase of over $300 million quarter-over-quarter. You will find more information on the Adyen warrant in our 10-Q. Our stake in Kakao Bank has appreciated in value following the company's IPO in August. At the end of Q3, our investment was worth approximately $800 million.

轉向亞丁。我們在 2018 年第二季度通過戰略合作夥伴關係獲得的認股權證在第三季度末價值 14 億美元，環比增長超過 3 億美元。您可以在我們的 10-Q 中找到有關 Adyen 權證的更多信息。在該公司 8 月份首次公開募股後，我們持有的 Kakao Bank 股份已經升值。在第三季度末，我們的投資價值約為 8 億美元。

Finally, in June, we announced plans to sell over 80% of our Korea business to E-mart for approximately $3 billion. Upon deal close, we will retain an interest of just under 20% of eBay Korea, which carried an implied value of roughly $800 million at the time of the announcement. We believe the deal remains on track to close by early 2022 with a possibility of closing before the year end. We remain excited about our portfolio of global investments, the potential optionality they provide and the significant value they collectively represent for eBay shareholders.

最後，在 6 月，我們宣布計劃以大約 30 億美元的價格將我們 80% 以上的韓國業務出售給 E-mart。交易完成後，我們將保留 eBay Korea 不到 20% 的權益，在公告發佈時其隱含價值約為 8 億美元。我們認為該交易仍有望在 2022 年初完成，並有可能在年底前完成。我們仍然對我們的全球投資組合、它們提供的潛在選擇權以及它們共同代表 eBay 股東的重要價值感到興奮。

Turning to guidance on Slide 13. For the fourth quarter, we are projecting revenue between $2.57 billion and $2.62 billion, representing growth of 3% to 5% on an FX-neutral basis and approximately 4% to 6% on a spot basis.

轉向幻燈片 13 的指導。對於第四季度，我們預計收入在 25.7 億美元至 26.2 億美元之間，在外匯中性基礎上增長 3% 至 5%，在即期基礎上增長約 4% 至 6%。

Our take rate has risen notably in recent quarters due to contributions from payments and advertising. Although we expect advertising to continue growing faster than volume, we expect the impact from payments on our take rate to moderate as we are nearing completion of our managed payments transition.

由於支付和廣告的貢獻，我們的接受率在最近幾個季度顯著上升。儘管我們預計廣告的增長速度將繼續快於數量，但隨著我們即將完成託管支付過渡，我們預計支付對我們的收入率的影響將有所緩和。

We are raising our 2021 full year outlook for payments revenue from $1.8 billion to $2 billion. Our revenue guidance implies GMV is down low teens on an FX-neutral basis versus last year and up mid- to high single digits compared to Q4 of 2019. Our GMV guidance assumes steady execution against our strategic pillars and continued innovation within focused categories. Our outlook also assumes minimal benefits from macro factors like mobility, stimulus and supply chain impacts. However, we note the macro environment remains dynamic and difficult to predict, with varied impacts from country to country.

我們將 2021 年全年支付收入預期從 18 億美元上調至 20 億美元。我們的收入指引表明，在外匯中性的基礎上，GMV 與去年相比下降了十幾歲，與 2019 年第四季度相比上升了中高個位數。我們的 GMV 指引假設我們的戰略支柱穩步執行，並在重點類別中持續創新。我們的展望還假設流動性、刺激和供應鏈影響等宏觀因素帶來的好處微乎其微。然而，我們注意到宏觀環境仍然是動態的且難以預測，各國的影響各不相同。

We expect non-GAAP EPS of $0.97 to $1.01 per share in Q4, representing a 14% to 19% year-over-year growth. We plan to continue investing in product and technology to deliver better category experiences and improved customer satisfaction. We anticipate our non-GAAP tax rate to between 18% and 19% due to recent outperformance of our U.S. business. We expect our GAAP EPS in the range of $0.72 to $0.76 per share in Q4.

我們預計第四季度非美國通用會計準則每股收益為 0.97 美元至 1.01 美元，同比增長 14% 至 19%。我們計劃繼續投資於產品和技術，以提供更好的類別體驗和更高的客戶滿意度。由於我們美國業務近期的出色表現，我們預計我們的非公認會計原則稅率將在 18% 至 19% 之間。我們預計第四季度的 GAAP 每股收益在 0.72 美元至 0.76 美元之間。

In closing, we delivered strong results in Q3 that met or exceeded the expectations across all key metrics. We continue to execute our strategic vision and grow our core marketplace while maintaining the balance and discipline that will enable us to generate tremendous value for our shareholders for years to come. Managed payments is on track to deliver $2 billion in revenue this year. and our transition is on track for completion by year-end. However, we believe our payments journey is just beginning as this milestone unlocks new opportunities to reduce friction in the marketplace and provide additional financial services.

最後，我們在第三季度取得了強勁的業績，在所有關鍵指標上都達到或超過了預期。我們將繼續執行我們的戰略願景並發展我們的核心市場，同時保持平衡和紀律，這將使我們能夠在未來幾年為我們的股東創造巨大的價值。託管支付有望在今年實現 20 億美元的收入。我們的過渡有望在年底前完成。然而，我們相信我們的支付之旅才剛剛開始，因為這一里程碑開啟了減少市場摩擦和提供額外金融服務的新機會。

Advertising revenue continues to outpace volume, the sellers increasingly leverage our expanded product portfolio to amplify the exposure of their listings. We observed impressive momentum with our focus categories, which are meaningfully outpacing overall volume growth. We are confident we can continue expanding this innovation playbook to more categories and countries in the quarters ahead.

廣告收入繼續超過數量，賣家越來越多地利用我們擴大的產品組合來擴大他們的列表曝光。我們觀察到我們的重點類別令人印象深刻的勢頭，這些類別明顯超過了整體銷量增長。我們有信心在未來幾個季度繼續將這一創新劇本擴展到更多類別和國家。

Our balanced approach to capital allocation has enabled us to reinvest in our business, generating consistently strong free cash flow and deliver attractive returns for shareholders through share repurchases and dividends.

我們平衡的資本配置方法使我們能夠對我們的業務進行再投資，產生持續強勁的自由現金流，並通過股票回購和股息為股東提供有吸引力的回報。

As proud as I am of our numerous business accomplishments, what makes them even more impactful to me is knowing we are achieving these milestones while building sustainable, inclusive and circular economy platform for all. Once again, I'd like to take this opportunity to thank our teams across eBay for their incredible work over the last quarter and their support for our amazing sellers and buyers in the eBay community.

儘管我為我們的眾多業務成就感到自豪，但讓它們對我影響更大的是知道我們正在實現這些里程碑，同時為所有人建立可持續、包容和循環的經濟平台。再次，我想藉此機會感謝我們在 eBay 的團隊在上個季度所做的出色工作，以及他們對我們在 eBay 社區中出色的賣家和買家的支持。

One final note, we are in the midst of a multiyear journey to deliver a tech-led reimagination of eBay. As the impact from macro factors stabilizes, we are reviewing our internal goals for 2022 and beyond. We anticipate showing our longer-term goals and aspirations at an investor event early next year.

最後一點，我們正處於以技術為主導的 eBay 重新構想的多年旅程中。隨著宏觀因素的影響趨於穩定，我們正在審查 2022 年及以後的內部目標。我們預計會在明年初的投資者活動中展示我們的長期目標和抱負。

With that, Jamie and I will now take your questions. Operator, over to you.

有了這個，傑米和我現在將回答你的問題。接線員，交給你了。

(Operator Instructions) We have our first question coming from the line of Edward Yruma with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

I really wanted to click down a little bit on some of the categories that you're reimagining and some of the success you're noting there. Just help us understand maybe the new customers you're growing into the platform. I know you've identified some dollar amount, but just to clarify, are those new customers or is that customers that are participating in those categories? And then as a follow-up, what are the marketing plans to encourage new customer growth in these categories that you reimagined?

我真的很想點擊一下您正在重新構想的一些類別以及您在那裡註意到的一些成功。只是幫助我們了解您正在成長為平台的新客戶。我知道您已經確定了一些金額，但我想澄清一下，這些是新客戶還是參與這些類別的客戶？然後作為後續行動，您重新構想的這些類別中鼓勵新客戶增長的營銷計劃是什麼？

Yes. So I'll take that. So first, on the categories, it really is about both leading into the high-value buyers that are on the platform as well as attracting new buyers in. So if you look at what we're doing in watches and sneakers or this quarter, we announced we're authenticating handbags over $500, it is catering to both. One of the great benefits of eBay is the cross-category nature of shopping. So if we acquire a buyer into a handbag, who buys a handbag over $500, they actually end up spending $5,000 in other categories outside of handbags on the site.

是的。所以我會接受的。因此，首先，在類別方面，它實際上是關於引導平台上的高價值買家以及吸引新買家。所以如果你看看我們在手錶和運動鞋或本季度所做的事情，我們宣布我們將對 500 美元以上的手提包進行身份驗證，它同時滿足這兩種情況。 eBay 的一大優勢是購物的跨類別性質。因此，如果我們吸引一位購買手袋的買家，他購買了超過 500 美元的手袋，他們實際上最終會在網站上手袋以外的其他類別上花費 5,000 美元。

So when we think about acquisition, it's not just acquiring it for that category, it's acquiring it more broadly for eBay. That's one of our significant benefits. Excited because we've expanded categories this quarter. We brought our sneakers authentication program to Germany. We brought watches to the U.K. business, and we launched handbags in the U.S. in terms of that product.

因此，當我們考慮收購時，不僅僅是為那個類別收購它，而是為 eBay 更廣泛地收購它。這是我們的重要優勢之一。很興奮，因為我們在本季度擴大了類別。我們將我們的運動鞋認證程序帶到了德國。我們將手錶帶到了英國業務，並在美國推出了手袋產品。

From Certified Refurbished, we added new brands, Samsung, KitchenAid, Dyson and expanded number of products there, and that's exciting coming into holiday.

從 Certified Refurbished，我們增加了新品牌，Samsung、KitchenAid、Dyson 並增加了產品數量，這令人興奮地進入假期。

On your question on marketing, we've really shifted our marketing. I think traditionally, we've been a mostly lower funnel with some broad-based campaigns on upper funnel really driving into how do we acquire high-value buyers and high-value enthusiasts in specific verticals. So what that means is a whole lot more of upper-funnel marketing, partnerships, leaning in with social media influencers in certain categories and basically going much more broad with our marketing plans to find those buyers where they are.

關於您關於營銷的問題，我們確實改變了營銷方式。我認為傳統上，我們一直是一個較低的漏斗，在較高的漏斗上開展了一些基礎廣泛的活動，真正推動了我們如何在特定的垂直領域獲得高價值買家和高價值愛好者。因此，這意味著更多的上層漏斗營銷、合作夥伴關係、與某些類別的社交媒體影響者合作，以及基本上更廣泛地實施我們的營銷計劃，以找到他們所在的買家。

And I guess the last thing I'd say is we're really focused on the first 90-day experience on eBay. Many times in my career, I've done this, where you really get focused on how do you introduce them to the brand, bring them up the life cycle, make sure that they turn into the high-value buyers that we want to do, and that's going to be a continued focus for us over the coming quarters.

我想我最後要說的是，我們真正專注於 eBay 上的第一個 90 天體驗。在我的職業生涯中，我做過很多次，你真正關注的是如何將他們介紹給品牌，將他們帶入生命週期，確保他們變成我們想要做的高價值買家，這將是我們在未來幾個季度持續關注的重點。

We have our next question coming from the line of Colin Sebastian with Baird.

我們的下一個問題來自 Colin Sebastian 與 Baird 的對話。

Jamie, maybe first on the core marketplace improvements. You obviously focused a lot on category-specific changes, and that's working well. How much effort is there in platform-wide enhancements? And if there are any sort of specific initiatives there, what will be the timing for those?

傑米，也許首先是核心市場改進。您顯然非常關注特定類別的更改，並且效果很好。在全平台增強方面付出了多少努力？如果那裡有任何具體的舉措，那麼這些舉措的時間安排是什麼？

And then, Steve, maybe with respect to the Q4 outlook, just looking at the sequential ramp versus typical seasonality, it's certainly a little light of historical patterns even when eBay could be a net beneficiary from supply chain issues. I know you don't like factoring that into the outlook, but maybe some additional color there would be helpful.

然後，史蒂夫，也許關於第四季度的前景，只看連續上升與典型的季節性，即使 eBay 可能成為供應鏈問題的淨受益者，它肯定也有點歷史模式。我知道您不喜歡將其納入 outlook，但也許一些額外的顏色會有所幫助。

Yes. So thanks for the question, Colin. So we do talk a lot about the vertical expansion and focus category work that we're doing, and we're excited for what's happening there. if you actually step back and look at it, the vast majority of our resources are actually going to site-wide initiatives across the board. And I'd point to a couple.

是的。科林，謝謝你的提問。所以我們確實談論了很多關於我們正在做的垂直擴張和重點類別工作，我們對那裡發生的事情感到興奮。如果你真的退後一步看，我們的絕大多數資源實際上都用於全面的站點範圍的計劃。我會指出一對。

One is, obviously, our ad business and a lot of investment there across the board, especially with the 3 new products that were at the beginning of launching. Obviously, payments, huge initiative. But other areas that we haven't talked a lot about are like eBay stores. So working on a next-gen experience in eBay stores, incorporating video, so allowing sellers to kind of tell their story from that perspective. So there are more CRM tool capabilities so that sellers can be more involved in how we bring buyers back to the platform and drive that repeat business.

很明顯，其中之一是我們的廣告業務和全面的大量投資，尤其是在推出之初的 3 款新產品。顯然，支付，巨大的主動性。但我們還沒有過多討論的其他領域，例如 eBay 商店。因此，致力於在 eBay 商店中打造下一代體驗，結合視頻，讓賣家能夠從那個角度講述他們的故事。因此，有更多的 CRM 工具功能，以便賣家可以更多地參與我們如何將買家帶回平台並推動重複業務。

So the stat I just mentioned earlier about we launched it 6 months ago, but now sellers are funding the coupons to drive buyers back to the site from past buyers or interested buyers, and that's a huge benefit for sellers and a huge benefit for eBay because we're involving them and driving them and already 2.5 million buyers have used that in that time period.

所以我剛才提到的統計數據是我們在 6 個月前推出的，但現在賣家正在為優惠券提供資金，以吸引買家從過去的買家或感興趣的買家那裡回到網站，這對賣家來說是一個巨大的好處，對 eBay 來說也是一個巨大的好處，因為我們讓他們參與進來並推動他們，在那個時期已經有 250 萬買家使用了它。

And so we're also testing a new selling experience. If you're on the site, you'll see that there's a beta out there of a new way to sell. So most of the -- vast majority of investments are going to horizontal. But what I like is it's a complement because some of those horizontal lean into some of the vertical work that we're doing. In the vertical work and focused categories, some of the things that we're building for a given category we're able to use in a number of categories across the site. So the 2 also play together well.

因此，我們也在測試一種新的銷售體驗。如果您在網站上，您會看到那裡有一種新的銷售方式的測試版。所以大部分 - 絕大多數投資都是橫向的。但我喜歡的是它是一種補充，因為其中一些橫向工作與我們正在做的一些縱向工作相輔相成。在垂直工作和重點類別中，我們為給定類別構建的一些東西我們能夠在整個站點的多個類別中使用。所以2人一起玩也很好。

Steve, I'll let you take the second part of the question.

史蒂夫，我會讓你回答問題的第二部分。

Yes. Thank you, Jamie. Colin, I will say we're expecting a steady contribution from the strategic initiatives that Jamie has continued to lay out with the innovation that we're driving across the platform, not only in the focus categories, but also the momentum around sort of payments and ads as we've gone forward.

是的。謝謝你，傑米。 Colin，我要說的是，我們期待 Jamie 繼續通過我們在整個平台上推動的創新制定的戰略計劃做出穩定的貢獻，不僅在重點類別方面，而且在支付方面的勢頭方面和我們前進的廣告。

On a year-over-2 basis, I mean, if you think about and stand back year-over-year, we're obviously lapping the pandemic. On a year-over-2 basis, we're seeing mid- to high single-digit growth compared to Q4 2019.

在一年以上的基礎上，我的意思是，如果你考慮並逐年退後一步，我們顯然正在應對這一流行病。與 2019 年第四季度相比，與 2 年相比，我們看到了中高個位數的增長。

I think there's a few puts and takes there, Colin. So first of all, our holiday perspective around Q4 is embedded in the guide. From a headwind perspective, in the prepared comments we had, we talked about supply chain pressure for cross-border trade that we see on one side. But in terms of a tailwind, obviously, eBay is well known for unique and scarce items, which we do expect to support through the holiday period.

科林，我認為那裡有一些投入和投入。因此，首先，指南中嵌入了我們圍繞第四季度的假期觀點。從逆風的角度來看，在我們準備好的評論中，我們談到了我們看到的一方面的跨境貿易供應鏈壓力。但就順風而言，顯然，eBay 以獨特和稀缺的物品而聞名，我們確實希望在假期期間支持這些物品。

So a few puts and takes, but overall, I'm pleased there'll, we believe, will be continued modestly positive underlying growth on the platform as a result of the initiatives that we're driving forward.

所以一些投入和投入，但總的來說，我很高興，我們相信，由於我們正在推動的舉措，平台上將繼續適度積極的潛在增長。

We have our next question coming from the line of Deepak Mathivanan with Wolfe Research.

我們的下一個問題來自 Deepak Mathivanan 與 Wolfe Research 的合作。

Great. Just 2 quick ones. First, can you elaborate on the new Promoted Listings offerings? I mean, should we expect these offerings to drive adoption among a broader range of sellers? And maybe related to that, can you provide an update on where you currently are in terms of penetration among the seller base for promoted offerings?

偉大的。只有 2 個快速的。首先，您能否詳細說明新的 Promoted Listings 產品？我的意思是，我們是否應該期望這些產品能夠推動更廣泛的賣家採用？也許與此相關，您能否提供有關促銷產品在賣家群中的滲透率的最新信息？

And then a second question, I realize this might be a little bit early, but how should we think about the buybacks for next year? It feels like you have plenty of capacity, but wondering if there is a formula you're thinking about to do it in a more programmatic way after the $7 billion this year.

然後是第二個問題，我意識到這可能有點早，但我們應該如何考慮明年的回購？感覺你有足夠的能力，但想知道在今年 70 億美元之後，你是否正在考慮以更具程序化的方式來做的公式。

Yes. So on the new Promoted Listings offerings, let me just kind of explain this in detail. So the first one, which is Express is really to give us a Promoted Listings product against auctions. So since we launched this product 5 years ago, it's really only applied to fixed price. And so this opens up, a smaller format of the site, a format that has not been open to advertising before. Promoted Listings Express is a CPC-based product, gives sellers the opportunity to drive more velocity, goes after a different type of marketing budget for that perspective and gives us the opportunity to work with a secondary and supplementary advertising format.

是的。因此，關於新的 Promoted Listings 產品，讓我詳細解釋一下。所以第一個，即 Express，實際上是為我們提供針對拍賣的 Promoted Listings 產品。所以自從我們 5 年前推出這個產品以來，它實際上只適用於固定價格。因此，這打開了一個較小格式的網站，一種以前未對廣告開放的格式。 Promoted Listings Express 是一種基於 CPC 的產品，讓賣家有機會提高速度，從不同的角度製定不同類型的營銷預算，並讓我們有機會使用輔助和補充廣告格式。

And the third is off-eBay advertising. And that's using the vast marketing reach that eBay does today, partnering with our sellers to drive advertising as part of that off-eBay outreach to bring existing buyers and new buyers back to the platform.

第三個是 eBay 站外廣告。這就是利用 eBay 今天所做的廣泛營銷範圍，與我們的賣家合作推動廣告作為 eBay 外推廣的一部分，將現有買家和新買家帶回該平台。

What I would say for you is that it's early days on these 3 products. If you look back, we started our ad business 5 years ago, and we've grown to $1 billion now over 5 years. And so we're at the point now where we're testing, we're learning. We've got invited sellers into the program. And just like it took us time to build up the CPA-based program, I think it will take us time here to build up the advertising program.

我想對你說的是，這 3 種產品還處於早期階段。如果你回顧一下，我們 5 年前就開始了我們的廣告業務，現在我們已經在 5 年內增長到 10 億美元。因此，我們現在正處於測試、學習的階段。我們已邀請賣家加入該計劃。就像我們花了時間來建立基於 CPA 的程序一樣，我認為我們在這裡也需要時間來建立廣告程序。

In terms of penetration, we still have a lot of opportunity left, both in terms of the sellers and listings. I believe the last that we shared was that only $400 million of the listings have advertising associated with them. So there's a lot of opportunity for additional penetration.

在滲透方面，我們還有很多機會，無論是賣家還是listing。我相信我們最後分享的是只有 4 億美元的列表有與之相關的廣告。所以有很多機會進行額外的滲透。

I'll let Steve take the second question about how we're thinking about the future.

我將讓史蒂夫回答第二個問題，即我們如何看待未來。

Deepak, so I'm not going to get ahead of myself for 2022. We haven't put the guidance out there, but I'll give a little bit of color in terms of where we are.

Deepak，所以我不會在 2022 年超越自己。我們還沒有發布指南，但我會就我們所處的位置給出一些顏色。

So as we've previously said, reinvestments in the business is our first priority, whether that's built by our partner. But having said that, beyond that, any excess cash that we do have, it continues to drive returns. We'll continue with a disciplined return of capital to shareholders. And this is no different to the past. We've had a strong and consistent history of actually those capital returns. And in 2021, that's been no exception. So think about it as going from $2 billion at the start of the year, lifting that to $5 billion, and most recently on this call, talking about $7 billion.

因此，正如我們之前所說，對業務的再投資是我們的首要任務，無論它是由我們的合作夥伴建立的。但話雖如此，除此之外，我們擁有的任何多餘現金都會繼續推動回報。我們將繼續有紀律地向股東返還資本。而這與過去沒有什麼不同。實際上，我們在這些資本回報方面有著強大而一致的歷史。 2021 年也不例外。所以把它想像成從年初的 20 億美元增加到 50 億美元，最近一次電話會議談到了 70 億美元。

So I think when I stand back and think about eBay as a whole, the balance that we have and the benefits of the franchise is we often have the ability to do both in terms of reinvesting in the business and doing capital returns to our shareholders. So you should expect that philosophy as we go forward.

所以我認為，當我退後一步，將 eBay 作為一個整體來考慮時，我們所擁有的平衡和特許經營權的好處是，我們通常有能力在對業務進行再投資和向股東提供資本回報方面做到這一點。因此，在我們前進的過程中，您應該期待這種理念。

We have our next question coming from the line of Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的 Ross Sandler。

Two questions, one on just U.S. versus international. So it seems like a big reason why your U.S. GMV is way above 3Q '19. I think you said it was like $23 billion or something like that compared to international is a little bit on the IST comp, but also from these focus category initiatives. So what's holding back the same type of uptick for international? Is it structural? Or is it just a timing thing that we should see a ramp up after you kind of roll those out after starting in the U.S.?

兩個問題，一個是關於美國與國際的。因此，這似乎是您的美國 GMV 遠高於 19 年第三季度的一個重要原因。我想你說這大約是 230 億美元或類似的東西，與國際相比有點在 IST comp 上，但也來自這些重點類別計劃。那麼是什麼阻礙了國際市場的同樣類型的上升呢？它是結構性的嗎？或者這只是一個時間問題，在你在美國開始推出這些產品之後我們應該看到一個斜坡？

And then the second question is on how big is eBay Motors these days? I know it's a big category historically. And just can you talk about a little bit about the opportunity there in terms of making that one focus category and merging the parts and the motors?

然後第二個問題是現在 eBay Motors 有多大？我知道這是歷史上的一個大類別。你能談談在製作一個重點類別以及合併零件和電機方面的機會嗎？

Yes. So let me start with the U.S. versus international. First off, let me say, I'm really pleased with the momentum we're seeing in the overall business. We're growing at 9% year-over-2-year basis based on the strategic vision we have. Clearly, different dynamics across the market.

是的。那麼讓我從美國與國際開始。首先，讓我說，我對我們在整體業務中看到的勢頭感到非常滿意。根據我們的戰略願景，我們的年增長率為 9%。顯然，整個市場的動態不同。

So in Q3, our international business was impacted by mobility returning to really pre-COVID level, coupled with an unprecedented snapback in travel and leisure activities in Europe. In addition, as Steve mentioned a little bit earlier, our international cross-border trade sellers were also pressured by supply chain disruptions. That tends to be more in our international segment from a cross-border perspective than in our U.S. segment.

因此，在第三季度，我們的國際業務受到了流動性恢復到 COVID 前水平的影響，再加上歐洲旅遊和休閒活動前所未有的回彈。此外，正如史蒂夫剛才提到的，我們的國際跨境貿易賣家也受到供應鏈中斷的壓力。從跨境角度來看，這往往更多地出現在我們的國際部分，而不是我們的美國部分。

On the other hand, in the U.S., we've seen strong growth driven by momentum in our core business. To your question on the focus categories, it's not a structural change. We actually think the work we're doing applies across the whole globe. It's really a timing thing. So in most of these areas, we actually roll them out in the U.S., get them perfected here and then expand them internationally.

另一方面，在美國，我們看到了核心業務勢頭推動的強勁增長。對於你關於重點類別的問題，這不是結構性變化。我們實際上認為我們正在做的工作適用於整個全球。這真的是一個時間問題。因此，在大多數這些領域，我們實際上是在美國推出它們，在這裡完善它們，然後在國際上擴展它們。

So for example, sneakers is just now launching this quarter in Germany. We launched watches in the U.S. We just started that expansion in the U.K. this quarter. Handbags, we just launched in the U.S. and that hasn't expanded yet. So it's really a timing thing, but we think the playbook that we have is relevant in every single market that we have. Probably with the exception of trading cards and collectibles, that's just so much stronger in the U.S. than it is internationally. But that's a huge U.S. benefit and a lot of the pieces that we're doing there are a key focus for that. But overall, I feel great about the health of the business and our ability to expand those focus categories internationally.

例如，運動鞋本季度剛剛在德國推出。我們在美國推出了手錶。本季度我們才剛剛開始在英國擴張。手提包，我們剛剛在美國推出，尚未擴展。所以這真的是一個時機問題，但我們認為我們擁有的劇本與我們擁有的每個市場都相關。可能除了交易卡和收藏品，這在美國比在國際上要強大得多。但這對美國來說是一個巨大的好處，我們在那裡所做的很多工作都是針對這一點的。但總的來說，我對業務的健康狀況以及我們在國際上擴展這些重點類別的能力感到非常滿意。

On your second question on P&A, we haven't disclosed the size of the business, but I will say that if you just step back and look at the market, we're in a leading position in P&A, especially in U.K. and in Germany. It's a very strong category and a very strong franchise there. And it's a key part of our path that we talked about last quarter of going from 10% of the site to 20% of the site.

關於你關於 P&A 的第二個問題，我們沒有透露業務規模，但我會說，如果你退一步看看市場，我們在 P&A 方面處於領先地位，尤其是在英國和德國。 .這是一個非常強大的類別和非常強大的特許經營權。這是我們上個季度談到的從網站的 10% 到 20% 的路徑的關鍵部分。

It's a strong category for eBay because of the vastness of parts and accessories that we have. We actually do a fairly good job with Fitment. I talked last quarter about the My Garage feature and how we've expanded that internationally, which helps with Fitment. We also recently announced a motorcycle parts finder in that business, and it tends to help and be benefited also from a cross-border trade.

對於 eBay 來說，這是一個強大的類別，因為我們擁有大量的零件和配件。實際上，我們在 Fitment 方面做得相當不錯。我在上個季度談到了“我的車庫”功能以及我們如何在國際上擴展該功能，這有助於 Fitment。我們最近還宣布了該業務的摩托車零件查找器，它往往有助於跨境貿易並從中受益。

To give you a sense of the scale, we've got hundreds of millions of listings in our parts business. And what I'm excited by is one of the first evolutions that we did was take all of that inventory and make it available on our Motors app, which is a dedicated separate app for vehicle enthusiasts, and now you've got vehicles and parts and accessories in a one-stop shop from that perspective. So you'll continue to hear further updates from us about that category. It's our next big category of focus and one where we're coming into it from a position of strength.

為了讓您了解規模，我們的零件業務中有數億個清單。令我興奮的是，我們所做的第一個改進是收集所有庫存，並在我們的 Motors 應用程序上提供它，這是一個專門為汽車愛好者提供的獨立應用程序，現在您已經擁有了車輛和零件從這個角度來看，一站式商店中的配件。因此，您將繼續聽到我們關於該類別的進一步更新。這是我們的下一個重點類別，也是我們從強勢地位進入的領域。

We have our next question coming from the line of Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Two on payments. You've removed a lot of the friction already now that you have 90-plus percent of sellers migrate on to managed payments. Just what's next in terms of improving the experience going forward? And then just curious if you have any preliminary thoughts on some of the managed payments numbers in '22 in terms of revenue and operating income.

兩個關於付款。現在您已經有 90% 以上的賣家遷移到管理付款，您已經消除了很多摩擦。就改善未來體驗而言，下一步是什麼？然後只是好奇您是否對 22 年的一些管理付款數字在收入和營業收入方面有任何初步想法。

Yes. So first, on the friction, the whole idea of bringing commerce and payments together gives us great opportunities to remove friction. So on the selling side, people now only have to set up for a single account and get selling, all of their claims are managed in one place, tons of benefits from there.

是的。因此，首先，關於摩擦，將商業和支付結合在一起的整個想法為我們提供了消除摩擦的絕佳機會。所以在賣方方面，人們現在只需要建立一個賬戶就可以開始銷售，他們所有的索賠都在一個地方管理，從那裡獲得大量的好處。

One of the ones that I'm really excited by is that since I worked at eBay the last time starting in 2001, unpaid items have been on this platform forever. And so now we've eliminated it and fixed price virtually. We're doing so in best offer. And so sellers won't have to face that issue and it takes friction out of the platform.

其中一個讓我真正興奮的是，自從我上次在 eBay 工作是從 2001 年開始，未付款的物品一直在這個平台上。所以現在我們已經消除了它並幾乎固定了價格。我們正在以最好的方式這樣做。這樣賣家就不必面對這個問題，也消除了平台的摩擦。

On the buyers side, it allows us to open up new opportunities for different forms of payments. So clearly, we've already integrated Apple Pay and Google Pay, but we launched a partnership with Afterpay in our Australia business for buy now, pay later. Afterpay is a very strong brand in that market, and that's bringing us new customers. It's already at 10% of our business there. And we're continuing to look at new opportunities for forms of payment for our buyers.

在買方方面，它使我們能夠為不同形式的支付開闢新的機會。很明顯，我們已經整合了 Apple Pay 和 Google Pay，但我們在澳大利亞業務中與 Afterpay 建立了合作夥伴關係，以實現先買後付。 Afterpay 在該市場是一個非常強大的品牌，這為我們帶來了新客戶。它已經占我們那裡業務的 10%。我們將繼續為我們的買家尋找新的付款方式機會。

Secondarily is on the seller financing side. We launched a partnership in the U.K. with YouLend and opening up more opportunities for sellers now that we're processing such a large volume of payments through the business.

其次是在賣方融資方面。我們在英國與 YouLend 建立了合作夥伴關係，並為賣家提供了更多機會，因為我們正在通過該業務處理如此大量的付款。

So like I said in the call, the way I look at it is the migration is complete, but we're just getting started in terms of the opportunity of what we can do with commerce and payments together in a single flow and single experience.

所以就像我在電話中說的那樣，我的看法是遷移已經完成，但就我們可以在單一流程和單一體驗中一起處理商業和支付的機會而言，我們才剛剛開始。

Doug, with regard to your question on payments rollout 2022, too early to talk about 2022. We're not going to guide that at this point. But I did want to reiterate how delighted we are with the progress we've made with over 90% of the platform volume with over 18 million sellers going to the platform now.

道格，關於你關於 2022 年推出付款的問題，現在談論 2022 年還為時過早。我們目前不打算對此進行指導。但我確實想重申，我們對平台銷量超過 90% 的進展感到非常高興，現在有超過 1800 万賣家進入該平台。

We laid out some goals going back a couple of years with regards to $2 billion of incremental revenue and $500 million of OI. We're well on track, margin is in line. So we're very, very happy with where we are.

我們制定了幾年前的一些目標，即 20 億美元的增量收入和 5 億美元的 OI。我們進展順利，保證金符合要求。所以我們對我們所處的位置非常非常滿意。

We have our next question coming from the line of Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

A couple of quick questions. Any impact on auction bid density from the loss of low-quality buyers or any impacts that may have on the marketplace beyond their just percentage of GMV?

幾個簡單的問題。低質量買家的流失對拍賣出價密度有什麼影響，或者對市場的影響是否超出了他們的 GMV 百分比？

And then you recently during the summer started showing buyers, all shipping services offered by sellers, allows them to select carriers and shipping costs and estimated deliveries. It's still early days, but can you talk about what impacts that's happening, if any, on conversion rates?

然後你最近在夏天開始向買家展示賣家提供的所有運輸服務，允許他們選擇承運人和運輸成本以及預計交貨。現在還處於早期階段，但您能否談談這對轉化率產生了什麼影響（如果有的話）？

Yes. So on the first question, on auction bid density, no, we're not seeing any impact from that. Frankly, that format has actually been really strong because of the strength we're seeing in collectibles where it tends to be a more used format. And I'm excited that we're starting to launch express because that will give our auction sellers the ability to drive some more visibility for them and then to have a tool that they haven't been able to use before.

是的。所以關於第一個問題，關於拍賣出價密度，不，我們沒有看到任何影響。坦率地說，這種格式實際上非常強大，因為我們在收藏品中看到的力量往往是一種更常用的格式。我很高興我們開始推出快遞，因為這將使我們的拍賣賣家能夠為他們提高知名度，然後擁有他們以前無法使用的工具。

In terms of the shipping services, this has been a constant march for us. Last year, we expanded in the U.S. to have USPS, UPS and FedEx in there and did the same thing with Royal Mail and Australia Post to greatly exceed the amount of tracking. On the specific shipping test that's going on now, it's kind of too early to tell.

在航運服務方面，這對我們來說一直是一個持續的過程。去年，我們在美國擴展了 USPS、UPS 和 FedEx，並對 Royal Mail 和 Australia Post 做了同樣的事情，大大超過了跟踪量。關於現在正在進行的具體運輸測試，現在下結論還為時過早。

What I would say in general is how to think about this, Brian, is I'm trying to get the whole company focused on how do we make things as simple and as easy to do on the platform. So what we're doing with our new seller flows, with computer vision and trading cards is how do we take all the work out of the listing process. We're trying to do the same type of thing with our sellers and the stores product and making it really easy to get that set up on the platform. And shipping is one of those areas where there's an opportunity to take a lot of the friction out.

布賴恩，我一般要說的是如何思考這個問題，我正在努力讓整個公司專注於我們如何讓平台上的事情變得盡可能簡單和容易。因此，我們在新的賣家流程、計算機視覺和交易卡上所做的就是我們如何將所有工作從上市過程中解脫出來。我們正在嘗試對我們的賣家和商店產品做同樣類型的事情，並使在平台上進行設置變得非常容易。航運是有機會消除大量摩擦的領域之一。

So the new partnerships that we've created, the integrated tracking, the smoother returns process is all part of this evolution of just make the whole platform so much easier to use. And so we'll keep you posted on how these tests roll out, but I'm happy with the progress so far.

因此，我們創建的新合作夥伴關係、集成跟踪、更順暢的退貨流程都是這一演變的一部分，只是讓整個平台更易於使用。因此，我們會隨時向您通報這些測試的開展情況，但我對目前的進展感到滿意。

We have our next question coming from the line of Tom Champion with Piper Sandler.

我們的下一個問題來自 Tom Champion 和 Piper Sandler 的台詞。

Jamie, I'm wondering if you could talk a little bit about bidadoo. Hopefully, I'm pronouncing it right. It looked like you made an investment, but it seems like kind of a B2B or commercial product. How does this fit strategically?

傑米，我想知道你是否可以談談比達杜。希望我的發音是正確的。看起來你進行了一項投資，但它看起來更像是一種 B2B 或商業產品。這在戰略上如何適應？

And then I noticed the C2C GMV was down 13%. I think that was a little below GMV overall. This usually outperforms and just curious what might have driven the result there.

然後我注意到 C2C GMV 下降了 13%。我認為這略低於整體 GMV。這通常表現出色，只是好奇是什麼導致了結果出現。

And Steve, maybe just a quick one for you. Buybacks of $7 billion looks like $3 billion in repurchases this quarter, increased from $5 billion in repurchases last quarter. I'm just curious if the increase in the buyback reflects greater confidence in the fundamentals. Any thoughts on that would be helpful.

史蒂夫，也許對你來說只是一個快速的。本季度 70 億美元的回購看起來像是 30 億美元的回購，高於上一季度的 50 億美元回購。我只是好奇回購的增加是否反映了對基本面的更大信心。對此的任何想法都會有所幫助。

Yes. So on the first one, look, I've been talking since last July about a game-changing level of trust on the platform, and we've been doing that kind of category by category. So the authentication that we've been doing in the luxury categories really takes trust off the table these 2-year warranties that we put in place for Certified Refurbished does the same thing.

是的。所以關於第一個，看，自去年 7 月以來，我一直在談論平台上改變遊戲規則的信任級別，我們一直在按類別進行分類。因此，我們一直在奢侈品類別中進行的認證確實使我們對認證翻新產品實施的這些 2 年保修期的信任從表中消失了。

And eBay actually has a good sized business and industrial business in capital equipment, and bidadoo allows us to put a whole different level of trust in there. They're a long-time seller and partner on eBay and the capabilities that they will bring to that category will help bring a new level of trust and just help buyers and sellers in that category move forward. So that's what I would say on bidadoo.

eBay 實際上在資本設備方面擁有規模龐大的業務和工業業務，而 bidadoo 使我們能夠將完全不同的信任度放在那裡。他們是 eBay 上的長期賣家和合作夥伴，他們為該類別帶來的能力將有助於帶來新的信任水平，並幫助該類別的買家和賣家向前發展。這就是我要在 bidadoo 上說的。

On the C2C, that's really just the lapping of the COVID dynamics that we saw from last year in terms of the number of sellers that came on during that time period and just some of the macro dynamics. What I'd tell you is I'm really happy with the progress and continue to be a huge focus for us is on our C2C selling experience, bringing them on to the platform, making it extremely easy, making that payment sign-up process really simple. And so that's going to continue to be something that we're going to focus on quarter after quarter because as I mentioned in the past, we -- when we talk about high-value buyers, that includes buyers who sell. So by nature, it helps drive them up their buyer cohort curves as well as by bringing that unique inventory. So we're going to continue to push forward there.

在 C2C 上，這實際上只是我們從去年看到的 COVID 動態的重疊，在此期間出現的賣家數量和一些宏觀動態。我要告訴你的是，我對取得的進展感到非常滿意，並繼續非常關注我們的 C2C 銷售體驗，將他們帶到平台上，使其變得非常簡單，使付款註冊流程成為可能真的很簡單。因此，這將繼續成為我們將逐季關注的事情，因為正如我過去提到的那樣，我們——當我們談論高價值買家時，其中包括出售的買家。因此，從本質上講，它有助於推動他們的買家群體曲線上升，並帶來獨特的庫存。所以我們將繼續推進那裡。

And then, Steve, do you want to take the last one?

然後，史蒂夫，你想要最後一個嗎？

Yes. Thanks, Jamie. Tom, I think it's been interesting being at the company about 4 months now. And I think the one thing I would say is just what's really struck me is the durability of the financial model with best-in-class margins, really significant value in the underlying platform and a fortress balance sheet.

是的。謝謝，傑米。湯姆，我認為現在在公司工作大約 4 個月很有趣。而且我認為我要說的一件事是真正讓我印象深刻的是具有一流利潤率的財務模型的持久性，基礎平台和堡壘資產負債表中真正重要的價值。

If you take that and you pair it with the strategy that Jamie has laid out and the momentum that we're going forward with, I think the eBay franchise kind of is pretty misunderstood. And one of the things that we need to do a better job is just really ensuring that the investor community understand a little better.

如果你把它與傑米製定的戰略和我們前進的勢頭結合起來，我認為 eBay 的特許經營權有點被誤解了。我們需要做得更好的一件事就是真正確保投資者群體更好地理解。

And again, your point is well made. The momentum we've shown on the buyback and capital allocation, as you progress through 2021 from the $2 billion to the $5 billion and now the $7 billion is really a sort of a reflection of that in terms of our thought process around balanced and disciplined capital allocation. And getting that balance right between reinvestments in the business to stimulate growth and providing the robust returns to our shareholders.

再一次，你的觀點是正確的。我們在回購和資本配置方面表現出的勢頭，到 2021 年從 20 億美元增長到 50 億美元，現在達到 70 億美元，這實際上反映了我們圍繞平衡和紀律的思維過程資本配置。並在業務再投資以刺激增長和為股東提供豐厚回報之間取得平衡。

We have our next question coming from the line of Stephen Ju with Crédit Suisse.

我們的下一個問題來自 Stephen Ju 與 Crédit Suisse 的對話。

Okay. So Jamie, I think in your prepared remarks, you talked about what sounded like a 3D modeling technology you're using in the sneakers category. So how easy or difficult is this to do? And presumably and hopefully, this is driving higher conversion rates where this is rolled out as you're presenting more information to the buyer. So can you talk about which other categories this actually might be rolled out to?

好的。所以傑米，我想在你準備好的發言中，你談到了你在運動鞋類別中使用的聽起來像是 3D 建模技術。那麼這件事有多容易或多難呢？並且大概並且希望，這會推動更高的轉化率，因為您正在向買家提供更多信息。那麼你能談談這實際上可能會推廣到哪些其他類別嗎？

And I guess as a follow-up to the earlier C2C question, as you get more and more buyers to become sellers over time, are you seeing pretty consistent behavior with the newest batch of converted users versus the earlier cohorts?

而且我想作為早期 C2C 問題的後續行動，隨著時間的推移，越來越多的買家變成賣家，您是否看到最新一批轉化用戶與早期用戶群的行為非常一致？

Yes. So on your first question, it's a very early test in pilot that we're doing. But the idea is we want buyers to be able to see in real detail the actual item that they're going to be buying. And so you're going to see us launching a couple of sneakers in the coming weeks using this. And it's a very early pilot that we're doing with select sellers.

是的。所以關於你的第一個問題，這是我們正在進行的非常早期的試點測試。但我們的想法是，我們希望買家能夠詳細了解他們將要購買的實際商品。所以你會看到我們在未來幾週內使用它推出幾款運動鞋。這是我們與精選賣家進行的非常早期的試點。

But it's all about building trust on the platform. I bought a $4,000 Oboe on the platform last year, and it was great. I could see a lot of images, but the opportunity to really get in there in 3D and see what a pre-loved product looks like is an interesting opportunity.

但這一切都是為了在平台上建立信任。我去年在平台上買了一個 4000 美元的雙簧管，非常棒。我可以看到很多圖像，但真正以 3D 形式進入其中並看到人們喜愛的產品是什麼樣子的機會是一個有趣的機會。

So like I said, it's early, you'll start to see some products that we have using that technology. But what I'm excited by is like the innovation and computer vision, we're using our AI resources and computer vision resources here to do some interesting things that, over time, I think will really change the buying experience on eBay.

所以就像我說的，現在還早，你會開始看到我們使用該技術的一些產品。但令我興奮的是創新和計算機視覺，我們在這裡使用我們的 AI 資源和計算機視覺資源來做一些有趣的事情，隨著時間的推移，我認為這些事情將真正改變 eBay 上的購買體驗。

To your question on C2C, it looks pretty similar to historical behaviors and consistent in terms of them coming on to the platform, continuing to list and then turning into buyers. What I'd say is the other thing is that a lot of our business sellers actually started out as C2C sellers. So it's another reason we lean in there.

對於你關於 C2C 的問題，它看起來與歷史行為非常相似，並且在它們進入平台、繼續列出然後變成買家方面是一致的。我要說的另一件事是，我們的很多商業賣家實際上都是從 C2C 賣家開始的。所以這是我們支持的另一個原因。

I was visiting with a seller up in Seattle, and he started many years ago. He had an extra set of tires, sold them on eBay and then just started to sell a couple more things than tires, now pivoted several times now runs a huge lug nuts business as a business seller with a warehouse and lots of employees. So that's the other kind of key focus for us on C2C is that's how a lot of our B2C sellers actually got their start in the platform.

我拜訪了西雅圖的一位賣家，他很多年前就開始了。他有一套額外的輪胎，在 eBay 上出售，然後開始銷售比輪胎更多的東西，現在轉了好幾次，現在經營著一個巨大的車輪螺母業務，作為一個擁有倉庫和許多員工的企業賣家。因此，我們對 C2C 的另一種關注重點是，我們的許多 B2C 賣家實際上是如何在該平台上起步的。

We have our next question coming from the line of Dan Salmon with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Dan Salmon。

First, Jamie, can you just expand a little bit on the affiliate program that you cited as 1 of the 3 new initiatives for Promoted Listings the opportunity to take it off platform? What are you hoping? Were probably hoping to solve for your sellers with that? And if you could add some color on how significant you think that opportunity could be relative to the $1 billion run rate that you're approaching for the on-site Promoted Listings business?

首先，Jamie，你能否稍微擴展一下聯盟計劃，你將其列為推廣列表的 3 項新舉措之一，有機會將其從平台上撤下？你希望什麼？可能希望以此為您的賣家解決問題？如果你可以添加一些顏色，說明你認為這個機會相對於你為現場推廣列表業務接近的 10 億美元的運行率有多重要？

And then just second for Steve, to what extent, I guess, put simply, will you go to exit low-value buyers? You said you expect the metric to remain under pressure, and the strategy certainly seems sound. But is your goal here to ultimately exit all of those low-value buyers? I'm just hoping you can add some context for the scope of the strategy.

然後僅次於史蒂夫，我想，簡單地說，你會在多大程度上退出低價值買家？你說你預計該指標將繼續承受壓力，而且該策略看起來肯定是合理的。但您的目標是最終退出所有這些低價值買家嗎？我只是希望您可以為該策略的範圍添加一些背景信息。

Yes. So on the first one, the off-eBay advertising product, let me separate that from the affiliate advertising we do. So an affiliate can actually come on to the platform and be an affiliate. But the two definitely work hand-in-hand together. The whole vision there is really connecting enthusiasts to sellers. So being out on the platforms where those enthusiasts are and letting our sellers partake in that advertising by putting really interesting items in front of those enthusiasts of driving that marketing because eBay has been doing this marketing, and when we do it in cooperation with our sellers, it gives us a really broad reach.

是的。因此，關於第一個，即 eBay 外廣告產品，讓我將其與我們所做的附屬廣告分開。因此，附屬公司實際上可以進入該平台並成為附屬公司。但兩者肯定是攜手合作的。整個願景確實是將愛好者與賣家聯繫起來。因此，出現在那些愛好者所在的平台上，讓我們的賣家參與廣告，將真正有趣的物品放在那些推動營銷的愛好者面前，因為 eBay 一直在進行這種營銷，當我們與賣家合作時，它給了我們一個真正廣泛的影響。

For sellers, it gives them another tool as well to take all the great inventory that they have on eBay and put it out in front of sellers in various communities, in different places in search, et cetera, to really drive that traffic to their business on eBay.

對於賣家來說，它還為他們提供了另一種工具，可以將他們在 eBay 上擁有的所有大量庫存展示在各個社區、不同搜索位置等的賣家面前，從而真正為他們的業務帶來流量在易趣上。

I'll let Steve take the second one, and maybe I'll add on a bit.

我會讓史蒂夫拿第二個，也許我會加一點。

Dan, no, it's not about exit, it's about focus. And I think we're constantly thinking about acquisition of buyers and growth on the platform. And really, it's about really changing our strategy and our focus.

丹，不，這不是退出，而是專注。而且我認為我們一直在考慮收購買家和平台上的增長。實際上，這是關於真正改變我們的戰略和重點。

And I sort of just want to reiterate about the value that those buyers bring. So if I think about our top 20 high-value buyers or 20% of our buyers who deliver 75% of our GMV, and those buyers are making 6 different purchases 6 different times a year and over $800 and that buys itself, whereas the low-value buyers were about 50% of our buyers who generate about 5% of our GMV.

我只是想重申這些買家帶來的價值。因此，如果我考慮我們的前 20 名高價值買家或 20% 的買家，他們交付了我們 75% 的 GMV，並且這些買家每年進行 6 次不同的購買，每次 6 次，金額超過 800 美元，而且他們自己購買，而低價值的買家-價值買家約占我們買家的 50%，他們產生了我們約 5% 的 GMV。

So you can obviously see why we're focused on that strategy as we continue to evolve the platform, focused on the enthusiasts, focused on cross-category selling, but it's very, very important that we continue to have a pipeline as we evolve the business and grow it going forward.

所以你可以清楚地看到為什麼我們在繼續發展平台時專注於該策略，專注於發燒友，專注於跨類別銷售，但非常非常重要的是，我們在不斷發展的過程中繼續擁有一個管道業務並繼續發展。

It actually ties in well with your first question, Dan, about the advertising product is how do we make sure we're in those places where we actually going to acquire those high-value enthusiasts and putting our focus and intention, not just around the number of buyers that we have on the platform, but much more focused on how we're turning buyers into high-value enthusiasts and how we're altering our marketing plans so that we're out there actually acquiring them onto the platform because that's what drives the real health of the business is the growth of -- the growth of those high-value buyers and how we're doing and connecting those enthusiasts. So good question because the 2 really tie together.

它實際上與你的第一個問題密切相關，丹，關於廣告產品，我們如何確保我們在那些我們真正要獲得那些高價值愛好者的地方，並把我們的注意力和意圖，而不僅僅是圍繞我們在平台上擁有的買家數量，但更關注我們如何將買家轉變為高價值的愛好者以及我們如何改變我們的營銷計劃以便我們真正將他們吸引到平台上，因為那是推動業務真正健康發展的是這些高價值買家的增長以及我們如何做和聯繫這些愛好者。這麼好的問題，因為這兩者真的很搭。

Thank you. And that concludes the Q&A session for today. Thank you for participating. You may now disconnect.

謝謝你。今天的問答環節到此結束。感謝您的參與。您現在可以斷開連接。