eBay Inc (EBAY) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the eBay Q4 2021 Earnings Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 eBay 2021 年第四季度財報電話會議。 （操作員說明）

I would now like to hand the conference over your presenter, Vice President, Investor Relations, Joe Billante. Sir, please go ahead.

我現在想把會議交給你的主持人，投資者關係副總裁喬·比蘭特。先生，請繼續。

Good afternoon. Thank you for joining us, and welcome to eBay's earnings release conference call for the fourth 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，並歡迎參加 eBay 2021 年第四季度財報電話會議。今天加入我的電話會議是我們的首席執行官 Jamie Iannone；和我們的首席財務官 Steve Priest。我們將在電話會議期間提供幻燈片演示，以配合史蒂夫的評論，該演示文稿可通過 eBay 網站investors.ebayinc.com 的投資者關係部分獲得。

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 the reconciliation of these measures to the nearest comparable GAAP measures in the slide presentation accompanying this conference call.

在開始之前，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公認會計準則指標。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 措施的對賬。

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

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

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. 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 in our earnings release from earlier today. You should not rely on any forward-looking statements.

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業績的陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性，由於各種原因，我們的實際結果可能與我們的預測存在重大差異。您可以在我們今天早些時候發布的財報中關於表格 10-K 和表格 10-Q 的最新定期報告中找到有關風險、不確定性和其他可能影響我們經營業績的因素的更多信息。您不應依賴任何前瞻性陳述。

All information in this presentation is as of February 23, 2022, and we do not intend and undertake no duty to update this information.

本演示文稿中的所有信息截至 2022 年 2 月 23 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 by sharing highlights since our last earnings call. Then I will focus on the near-term progress we are making towards our strategic vision. And finally, provide a short preview of our Investor Day in 2 weeks. 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，我將首先分享自上次財報電話會議以來的亮點。然後，我將重點關注我們在實現戰略願景方面取得的近期進展。最後，提供兩週後投資者日的簡短預覽。在我的發言結束時，我將把電話轉給史蒂夫，他將更詳細地討論我們的財務業績和前景。

The fourth quarter marked another solid quarter for sellers and buyers on eBay. They benefited from investments in our strategy to drive sustainable growth in our marketplace. We are simplifying the seller and buyer experience, increasing customer satisfaction and improving our underlying growth trajectory.

對於 eBay 上的賣家和買家來說，第四季度是又一個穩健的季度。他們受益於對我們推動市場可持續增長戰略的投資。我們正在簡化買賣雙方的體驗，提高客戶滿意度並改善我們的潛在增長軌跡。

Let me highlight a few achievements from the quarter. We are seeing faster GMV growth in focus categories that now represent approximately 20% of global volume. We successfully completed our multiyear payments transition on time with more customer benefits and with greater financial impact than expected. Our advertising business grew faster than marketplace volume as more sellers adopted new ad products. We delivered revenue growth at the high end of our expectations and earnings growth above guidance. And finally, we continue to execute our ESG agenda. In addition to being carbon-neutral, we made progress on our long-term sustainability targets, and eBay for Charity finished a record-breaking year.

讓我強調一下本季度的一些成就。我們看到焦點類別的 GMV 增長更快，目前約佔全球銷量的 20%。我們成功地按時完成了多年的支付過渡，帶來了更多的客戶利益和比預期更大的財務影響。隨著越來越多的賣家採用新的廣告產品，我們的廣告業務增長速度快於市場銷量。我們實現了高於預期的收入增長和高於預期的盈利增長。最後，我們繼續執行我們的 ESG 議程。除了實現碳中和之外，我們在長期可持續發展目標方面也取得了進展，eBay for Charity 完成了創紀錄的一年。

I'm very pleased with our Q4 financial results. We delivered 5% revenue growth on the back of payments migration and Promoted Listings growth. We also delivered $1.05 of non-GAAP EPS, more than the high end of expectations. For the full year, revenue was up 15%, and non-GAAP EPS was up 21%.

我對我們的第四季度財務業績感到非常滿意。在支付遷移和推廣列表增長的支持下，我們實現了 5% 的收入增長。我們還實現了 1.05 美元的非公認會計原則每股收益，超過了預期的高端。全年收入增長 15%，非公認會計原則每股收益增長 21%。

As proud as I am of our team for delivering these results, I am more excited about eBay's future based on the response from our customers to the strategy we are implementing. This is evident in focused categories. We are delivering best-in-class customer satisfaction, and it is leading to faster GMV growth. In Q4, focus categories grew 15 points faster than the rest of the marketplace.

儘管我為我們的團隊取得這些成果感到自豪，但基於客戶對我們正在實施的戰略的反應，我對 eBay 的未來感到更加興奮。這在重點類別中很明顯。我們提供一流的客戶滿意度，並帶來更快的 GMV 增長。在第四季度，焦點類別的增長速度比市場的其他部分快 15 個百分點。

The next category we are focused on is motors, parts and accessories or P&A for short. This is one of our largest categories globally and is full of enthusiasts who are passionate about what they trade on eBay. Many are very active buyers who shop in multiple categories, with over 60% of the eBay spend coming on products outside P&A.

我們關注的下一個類別是電機、零件和配件或簡稱 P&A。這是我們在全球範圍內最大的類別之一，充滿了對在 eBay 上進行交易充滿熱情的愛好者。許多人是非常活躍的買家，他們在多個類別中購物，超過 60% 的 eBay 支出來自 P&A 以外的產品。

Starting in December, we began investing in top-of-funnel marketing across TV, radio and social sales in partnership with key industry influencers. These ads highlight the valuable choices P&A enthusiasts have on eBay across hundreds of millions of listings. In addition, we implemented monetization changes to higher-priced items and saw an increase in listings during Q4.

從 12 月開始，我們開始與主要的行業影響者合作，投資於電視、廣播和社交銷售的頂級渠道營銷。這些廣告突出了 P&A 愛好者在 eBay 上數以億計的列表中的寶貴選擇。此外，我們對高價商品實施了貨幣化更改，並在第四季度看到了列表的增加。

We are leveraging the scale of our supply in new ways. With input from our P&A sellers, we simplified our global category structure. This makes it easier for buyers to find unique parts from around the world, unlocking more cross-border trade. These initial changes led to modestly better performance in P&A GMV during Q4 relative to the overall business. It's early days, and we plan to make further investments this year to improve our trajectory in this category.

我們正在以新的方式利用我們的供應規模。借助 P&A 銷售人員的意見，我們簡化了全球類別結構。這使買家更容易找到來自世界各地的獨特零件，從而開啟更多的跨境貿易。這些最初的變化導致第四季度 P&A GMV 相對於整體業務的表現略有改善。現在還為時尚早，我們計劃今年進一步投資，以改善我們在這一類別的發展軌跡。

In focus categories where we have been investing for several quarters, we have seen growth sustained at higher levels. Sneakers over $100 continued to grow double digits globally. Our success in the U.S. is being replicated in other major markets. Part of that success is authentication, which is scaled to 5 countries over the past year. And in Q4, we started authenticating cross-border transactions into the U.S.

在我們已經投資了幾個季度的重點類別中，我們看到了更高水平的增長。超過 100 美元的運動鞋在全球範圍內繼續增長兩位數。我們在美國的成功正在其他主要市場複製。成功的部分原因是身份驗證，在過去一年中擴展到 5 個國家。在第四季度，我們開始驗證進入美國的跨境交易。

But we are not stopping there. Last quarter, we acquired Sneaker Con, a leading authenticator with operations in the U.S., U.K., Canada, Australia and Germany. By bringing additional capacity in-house, we increased the scale and flexibility of our operations. We also introduced 3D true view on select listings. This capability increases trust for buyers shopping for unique, high-value pre-owned items.

但我們不會止步於此。上個季度，我們收購了 Sneaker Con，這是一家在美國、英國、加拿大、澳大利亞和德國開展業務的領先認證機構。通過增加內部容量，我們提高了運營的規模和靈活性。我們還在精選列表中引入了 3D 真實視圖。這種能力增加了購買獨特、高價值二手物品的買家的信任。

Given our success in driving customer satisfaction to over 90% and sustained double-digit GMV growth, we have reintroduced monetization in the U.S. for sneakers over $100. The initial customer feedback has been encouraging as sellers continue to benefit from a lower take rate than many other platforms. Sellers are also listing more luxury watches on eBay. We saw a double-digit increase in supply quarter-over-quarter, and total GMV in this category continues to grow at strong double-digit rates in the U.S.

鑑於我們成功地將客戶滿意度提高到 90% 以上，並且 GMV 持續保持兩位數增長，我們在美國重新引入了 100 美元以上運動鞋的貨幣化。最初的客戶反饋令人鼓舞，因為賣家繼續受益於比許多其他平台更低的接受率。賣家也在 eBay 上列出更多的奢侈手錶。我們看到供應量環比出現兩位數增長，這一類別的總 GMV 在美國繼續以強勁的兩位數增長。

In Germany and the U.K., authentication is also leading to higher customer satisfaction.

在德國和英國，身份驗證也提高了客戶滿意度。

In luxury handbags, we saw acceleration in Q4 to positive double-digit growth in the U.S. Based on the success of authenticity guarantee, we are growing the number of brands covered by the program. In addition, we have expanded selection by authenticating cross-border imports from Japan, a key source of unique inventory. And just a few weeks ago, we announced authenticity guarantee for all single ungraded trading cards sold for over $750 in the U.S. We plan to expand this offering to include graded autograph and pass cars sold for more than $250 later this year.

在奢侈品手袋方面，我們看到第四季度在美國加速實現兩位數的正增長。基於真實性保證的成功，我們正在增加該計劃涵蓋的品牌數量。此外，我們通過驗證來自日本的跨境進口產品擴大了選擇範圍，而日本是獨特庫存的主要來源。就在幾週前，我們宣佈為在美國售價超過 750 美元的所有單張未分級交易卡提供真實性保證。我們計劃在今年晚些時候將這一產品擴展到包括售價超過 250 美元的分級簽名和通行證汽車。

As we exited 2021, our Certified Refurbished program had expanded to over 320 brands. This program now includes brands like Microsoft, Dyson, Samsung Galaxy and KitchenAid. And as a reminder, these products are certified by the manufacturer, are like new and are backed by a 2-year warranty and eBay's money back guarantee. Higher trust has increased customer satisfaction and accelerated GMV to positive double-digit rates. Certified Refurbished products from top brands make up a small percentage of the total refurb activity on eBay but are growing significantly faster. This has inspired us to expand further. And in November, we announced eBay Refurbished, a destination for like new products. This expanded experience adds more inventory from top-rated sellers. These trusted sellers are thoroughly vetted to meet rigorous performance standards so buyers can purchase with even greater confidence.

2021 年結束時，我們的認證翻新計劃已擴展到 320 多個品牌。該計劃現在包括微軟、戴森、三星 Galaxy 和 KitchenAid 等品牌。提醒一下，這些產品經過製造商認證，就像新的一樣，並有 2 年保修和 eBay 的退款保證。更高的信任度提高了客戶滿意度，並將 GMV 加速到兩位數的正數。來自頂級品牌的經過認證的翻新產品在 eBay 上的總翻新活動中只佔一小部分，但增長速度明顯更快。這激發了我們進一步擴展的動力。 11 月，我們宣布了 eBay Refurbished，這是一個類似新產品的目的地。這種擴展的體驗增加了來自頂級賣家的更多庫存。這些值得信賴的賣家經過徹底審查，符合嚴格的性能標準，因此買家可以更有信心購買。

In Q4, we saw promising early results from this expansion in mobile phones and plan to extend to tablets, smart watches and laptops this year.

在第四季度，我們看到了這種手機擴張的可喜早期成果，併計劃在今年擴展到平板電腦、智能手錶和筆記本電腦。

In addition to improvements in focus categories, we made a number of changes during Q4 that benefited sellers and buyers across all categories globally. We've started a pilot with our API sellers to add video to their listings. To date, we have seen hundreds of thousands of listings add video content. Buyers get a rich shopping experience on individual item pages and in seller stores. Looking ahead, we plan to enable more sellers to tell their story by adding videos through additional listing flows.

除了重點類別的改進外，我們在第四季度進行了一些改變，使全球所有類別的賣家和買家都受益。我們已經開始與我們的 API 賣家進行試點，以將視頻添加到他們的列表中。迄今為止，我們已經看到數十萬個列表添加了視頻內容。買家在單個商品頁面和賣家商店中獲得豐富的購物體驗。展望未來，我們計劃通過額外的列表流程添加視頻，讓更多賣家講述他們的故事。

Another new growth capability we are scaling for sellers is coded coupons. Since launch, sellers have realized over $350 million in GMV. Over 60,000 sellers have driven repeat purchases from almost 6 million buyers. Buyer trust is essential in a third-party marketplace and is an area of focus for our technology investment.

我們正在為賣家擴展的另一個新的增長能力是編碼優惠券。自推出以來，賣家已經實現了超過 3.5 億美元的 GMV。超過 60,000 名賣家推動了近 600 萬買家的重複購買。買家信任在第三方市場中至關重要，也是我們技術投資的重點領域。

In Q4, we leveraged artificial intelligence to significantly decrease the time to detect and remove counterfeits. In the categories where it has been deployed to date, most listings are renewed before a buyer has a chance to see it. These are a few recent examples of how we are using technology to increase trust while simplifying seller and buyer experiences.

在第四季度，我們利用人工智能顯著縮短了檢測和清除假冒產品的時間。在迄今為止已部署的類別中，大多數列表都會在買家有機會看到之前更新。這些是最近的幾個例子，說明我們如何使用技術來增加信任，同時簡化買賣雙方的體驗。

Moving on to payments. In Q4, we completed the transition to a modern payments platform by migrating all remaining sellers away from the legacy system. This has resulted in a simpler seller experience, lower fees for most sellers, more choice for buyers and better-than-expected financial results. Although this marks the culmination of a major multiyear effort, in reality, this is just the beginning. By managing seller and buyer money flows, we can remove transactional friction and provide more trusted services. We've been systematically eliminating unpaid items, which removed friction for approximately 10 million transactions in 2021. In addition, sellers are being paid faster for weekend sales in most major markets.

繼續付款。在第四季度，我們通過將所有剩餘的賣家從遺留系統中遷移出來，完成了向現代支付平台的過渡。這為賣家帶來了更簡單的體驗，為大多數賣家提供了更低的費用，為買家提供了更多選擇，並且財務業績好於預期。儘管這標誌著多年努力的高潮，但實際上，這僅僅是開始。通過管理買賣雙方的資金流，我們可以消除交易摩擦並提供更值得信賴的服務。我們一直在系統地消除未付款項，從而消除了 2021 年約 1000 萬筆交易的摩擦。此外，賣家在大多數主要市場的周末銷售中獲得更快的付款。

We are also exploring new ways to allow sellers and buyers to benefit from our scale. In the U.S., we recently launched a partnership with Chase Freedom rewards that increases top-of-funnel impressions, driving buyer traffic to eBay. We are excited by the value payments has provided our seller and buyer community, and we see more growth opportunities ahead.

我們也在探索新的方式，讓賣家和買家從我們的規模中受益。在美國，我們最近與 Chase Freedom 獎勵建立了合作夥伴關係，以增加漏斗頂部的展示次數，從而增加 eBay 的買家流量。我們對支付給我們的賣家和買家社區帶來的價值感到興奮，我們看到了更多的增長機會。

Moving to advertising. In Q4, ad revenue growth once again outpaced volume due to Promoted Listings, driving approximately $227 million in revenue, up 4%. Adoption grew at double-digit rates in both the number of sellers and the number of listings promoted. Looking at the full year, our advertising business, including both first-party and third-party ad products, surpassed $1 billion, up 9%. To drive the next growth cycle in advertising, we expanded the rollout of new products to more sellers and markets during the quarter.

轉向廣告。在第四季度，廣告收入的增長再次超過了推廣列表的數量，推動了約 2.27 億美元的收入，增長了 4%。賣家數量和推廣的房源數量均以兩位數的速度增長。縱觀全年，我們的廣告業務（包括第一方和第三方廣告產品）超過 10 億美元，增長 9%。為了推動廣告的下一個增長周期，我們在本季度將新產品的推出範圍擴大到更多的賣家和市場。

PL Express, our auction listings product, was fully launched to all major markets. We also integrated this feature into more listing tools to drive further adoption. For PL Advanced, our cost per click offering, we opened access to AI-driven recommendations for keywords and bid pricing. While this product remains in a limited beta as we optimize the customer experience, we are increasing exposure and streamlining reporting for sellers.

我們的拍賣挂牌產品 PL Express 已全面推向所有主要市場。我們還將此功能集成到更多列表工具中，以推動進一步採用。對於我們的每次點擊成本產品 PL Advanced，我們開放了對關鍵字和競價定價的 AI 驅動建議的訪問。雖然隨著我們優化客戶體驗，該產品仍處於有限的測試階段，但我們正在增加曝光率並簡化賣家的報告。

For external Promoted Listings, we continue to ramp more affiliate traffic through the eBay partner network. We also increased traffic from external paid search to Promoted Listings in European markets. Participating sellers are seeing increased traffic and conversion while maintaining control over ad pricing.

對於外部推廣列表，我們將繼續通過 eBay 合作夥伴網絡增加更多會員流量。我們還增加了從外部付費搜索到歐洲市場推廣列表的流量。參與的賣家看到流量和轉化率增加，同時保持對廣告定價的控制。

We have carefully meted the rollout out of these new products while balancing impacts to our buyer experience. Despite the limited release, new ad products provide a material contribution to Promoted Listings revenue growth in Q4. We expect this to accelerate in the coming quarters as availability and adoption of these new product increases.

我們在平衡對我們買家體驗的影響的同時，仔細考慮了這些新產品的推出。儘管發布有限，但新的廣告產品對第四季度的推廣列表收入增長做出了重大貢獻。隨著這些新產品的可用性和採用率的增加，我們預計這將在未來幾個季度加速。

Another area where we made significant progress last year was in e-commerce. Volume of pre-loved products grew faster than new products in 2021 driven by demand from younger consumers. For the full year, we delivered $2.7 billion of GMV in pre-loved electronics and apparel in the U.S., U.K. and Canada.

去年我們取得重大進展的另一個領域是電子商務。在年輕消費者需求的推動下，2021 年熱銷產品的銷量增長快於新產品。全年，我們在美國、英國和加拿大銷售了 27 億美元的 GMV，用於購買深受喜愛的電子產品和服裝。

In addition to providing customers great value on unique used goods, e-commerce activity also helped to meet our sustainability goals. These purchases reduced carbon emissions by approximately 540,000 metric tons in 2021. eBay is a carbon-neutral company, and I'm thrilled by the recognition we recently received as a sustainability leader in e-commerce.

除了為客戶提供獨特的二手商品價值外，電子商務活動還有助於實現我們的可持續發展目標。這些購買在 2021 年減少了大約 540,000 公噸的碳排放量。eBay 是一家碳中和公司，我很高興我們最近獲得了電子商務可持續發展領導者的認可。

For the third year running, eBay has made the Dow Jones Sustainability World in North American indices, putting us in the top 10% of companies in our industry globally. eBay was also included in Just Capital and CNBC's Just 100 list. This list measures corporate performance and efforts in areas such as climate change, DE&I and employee wellness. When compared to nearly 1,000 companies, eBay ranked 88th overall and fourth in retail when it comes to minimizing our environmental impact. I'm really proud of the progress our team is making here.

eBay 連續第三年在北美指數中進入道瓊斯可持續發展世界，使我們躋身全球行業前 10% 的公司之列。 eBay 還被列入 Just Capital 和 CNBC 的 Just 100 名單。該列表衡量企業在氣候變化、DE&I 和員工健康等領域的績效和努力。與近 1,000 家公司相比，eBay 在最大限度地減少我們對環境的影響方面總體排名第 88 位，零售業排名第四。我為我們團隊在這裡取得的進步感到非常自豪。

The eBay community continues to demonstrate its tremendous generosity. In Q4, eBay for Charity enabled sellers and buyers to raise almost $37 million, up 6%. And for the year, customers raised over $145 million, up 18%, the most raised since we started this program almost 20 years ago.

eBay 社區繼續展示其巨大的慷慨。第四季度，eBay for Charity 幫助賣家和買家籌集了近 3700 萬美元，增長了 6%。這一年，客戶籌集了超過 1.45 億美元，增長了 18%，這是自我們近 20 年前啟動該計劃以來籌集的最高金額。

Lastly, we were honored this year to receive Glassdoor's 2022 Employees' Choice Award. This award reflects anonymous feedback from current and former employees regarding topics such as crew opportunities, culture and values, and diversity inclusion, just to name a few. We are truly honored to be recognized by the people who make eBay the company it is.

最後，我們今年很榮幸獲得 Glassdoor 的 2022 年員工選擇獎。該獎項反映了現任和前任員工對船員機會、文化和價值觀以及多元化包容等主題的匿名反饋，僅舉幾例。我們真的很榮幸得到使 eBay 成為這家公司的人們的認可。

Now I would like to talk about our upcoming Investor Day on March 10. In July of 2020, I outlined a clear vision of a winning strategy for the company. Since that time, we increased our focus on sellers and buyers, accelerated the pace of innovation, simplified the portfolio and revamped the leadership team. We also drove successful multiyear initiatives in payments and advertising, both of which exceeded ambitious targets. This unprecedented level of change in eBay all happened in parallel with a global pandemic that massively disrupted short-term consumer behavior. Their early results have demonstrated that our strategy is working, and the business is stronger than it was before the pandemic. Our focus categories are returning to market rates of growth. High-value buyers are growing, and they are spending more. We are empowering sellers by simplifying their experience, saving them money and providing tools to accelerate their growth.

現在，我想談談即將於 3 月 10 日舉行的投資者日。2020 年 7 月，我為公司製定了一個清晰的製勝戰略願景。從那時起，我們增加了對賣家和買家的關注，加快了創新步伐，簡化了產品組合併重組了領導團隊。我們還在支付和廣告方面推動了成功的多年計劃，這兩項計劃都超出了雄心勃勃的目標。 eBay 發生這種前所未有的變化，這一切都與一場大規模擾亂短期消費者行為的全球大流行同時發生。他們的早期結果表明，我們的戰略正在奏效，並且業務比大流行之前更加強大。我們的重點類別正在恢復市場增長率。高價值買家正在增長，他們的支出也在增加。我們通過簡化他們的體驗、為他們節省資金並提供加速他們增長的工具來增強他們的能力。

Our technology investments are driving a simpler and more sustainable marketplace. And along the way, our investors have been rewarded with strong earnings growth and significant capital returns.

我們的技術投資正在推動一個更簡單、更可持續的市場。在此過程中，我們的投資者獲得了強勁的盈利增長和可觀的資本回報。

Looking ahead, we're excited about the next few years as we build on the momentum we have established. I look forward to introducing you to our world-class leadership team and sharing more about our plans, along with a few new initiatives we will unveil at Investor Day. We have our eyes squarely focused on deepening our relationship with sellers and buyers and building the world's most sustainable marketplace for the eBay community.

展望未來，我們對未來幾年的發展感到興奮，因為我們已經建立了勢頭。我期待著向您介紹我們世界級的領導團隊，並更多地分享我們的計劃，以及我們將在投資者日公佈的一些新舉措。我們一直專注於加深我們與賣家和買家的關係，並為 eBay 社區打造世界上最可持續的市場。

In closing, I would like to sincerely thank our extraordinary employees for an amazing year. They completed a huge payments transition, executed 2 large dispositions and improved the underlying growth of our business. While doing so, they delivered tremendous sustainability results and supported sellers and buyers during these challenging times.

最後，我要衷心感謝我們非凡的員工，感謝他們度過了美好的一年。他們完成了巨大的支付過渡，執行了 2 次大型處置並改善了我們業務的基本增長。在這樣做的同時，他們在這些充滿挑戰的時期交付了巨大的可持續發展成果並為買賣雙方提供了支持。

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，我將把電話轉給史蒂夫，以提供有關我們財務業績的更多細節。史蒂夫，交給你了。

Thank you, Jamie, and thank you all for joining us today. I'll begin with the financial highlights from the quarter and full year on Slide 4 of our investor presentation. Next, I'll walk through key operating and financial metrics in greater detail. Finally, I'll provide our forward outlook and closing thoughts before we begin Q&A. Please note, my comments will reflect year-over-year comparisons at constant currency, unless I note otherwise.

謝謝你，傑米，謝謝大家今天加入我們。我將從投資者演示的幻燈片 4 中的季度和全年財務亮點開始。接下來，我將更詳細地介紹關鍵的運營和財務指標。最後，在開始問答之前，我將提供我們的前瞻性和結束的想法。請注意，除非我另有說明，否則我的評論將反映按固定貨幣進行的同比比較。

Overall, we are pleased with our Q4 results as we met or exceeded expectations across all of our key financial metrics, capping off an exceptional 2021 for eBay. I've been inspired by our team's relentless focus and execution amid uncertain economic and operating conditions throughout the year. Importantly, our performance in 2021 demonstrated the progress we have made towards a return to durable, sustainable growth in the years ahead.

總體而言，我們對第四季度的業績感到滿意，因為我們在所有關鍵財務指標上均達到或超過了預期，為 eBay 的 2021 年劃上句號。在全年不確定的經濟和運營條件下，我們團隊的不懈專注和執行力鼓舞了我。重要的是，我們在 2021 年的表現證明了我們在未來幾年恢復持久、可持續增長方面取得的進展。

Revenue grew 5% to $2.6 billion in Q4, over 15 points faster than volume growth. For 2021, revenue grew 15% to $10.4 billion, up 18 points faster than volume growth. Our non-GAAP operating margin was 31.6% for the quarter. For the full year, we generated approximately $3.5 billion of operating profit at 33.4% margin. Non-GAAP earnings per share grew 24% to $1.05 in Q4. For the full year, EPS grew 21% to $4.02. We generated $2.6 billion of free cash flow in 2021 and returned $7.5 billion to shareholders through repurchases and dividends.

第四季度收入增長 5% 至 26 億美元，比銷量增長快 15 個百分點以上。 2021 年，收入增長 15% 至 104 億美元，比銷量增長快 18 個百分點。我們本季度的非公認會計原則營業利潤率為 31.6%。全年，我們以 33.4% 的利潤率創造了約 35 億美元的營業利潤。第四季度非美國通用會計準則每股收益增長 24% 至 1.05 美元。全年每股收益增長 21% 至 4.02 美元。我們在 2021 年產生了 26 億美元的自由現金流，並通過回購和分紅向股東返還了 75 億美元。

Let's take a deeper look into our key operating and financial metrics. As a reminder, we adjusted our definition of GMV in December following the completion of our payments migration. The change had a modest impact on our historical GMV and active buyer figures, but the impact of the change on year-over-year growth for each metric in Q4 was immaterial.

讓我們更深入地了解我們的關鍵運營和財務指標。提醒一下，在完成支付遷移後，我們在 12 月調整了 GMV 的定義。這一變化對我們的歷史 GMV 和活躍買家數據產生了適度的影響，但這一變化對第四季度每個指標的同比增長的影響並不重要。

Starting with active buyers. We ended 2021 with 147 million active buyers on a trailing 12-month basis, representing a 9% year-over-year decline. The expected decrease in active buyers was primarily driven by low value buyers, which fell 9% versus Q4 of 2019. Growth in high-value buyers over the same period was 3%. Although fewer buyers sold on eBay as compared to prepandemic levels, total high-value buyers were up due to growth in high spending and (inaudible). And importantly, even as mobility restrictions have been lifted, spend for high-value buyer continues to expand at healthy rates.

從活躍的買家開始。在過去的 12 個月中，我們在 2021 年結束時有 1.47 億活躍買家，同比下降 9%。活躍買家的預期減少主要是由低價值買家推動的，與 2019 年第四季度相比下降了 9%。同期高價值買家的增長率為 3%。儘管與大流行前的水平相比，在 eBay 上出售的買家減少了，但由於高支出和（聽不清）的增長，高價值買家的總數有所增加。重要的是，即使出行限制已經解除，高價值買家的消費仍在以健康的速度增長。

Our buyers purchased $20.7 billion of GMV in Q4, which marked an 11% decline and landed near the high end of our outlook. Compared with Q4 of 2019, GMV grew 9% at constant currency, representing a 3-point deceleration sequentially. On a geographic basis, U.S. GMV grew 22% versus Q4 of 2019, while international GMV declined 1% on an FX-neutral basis. Our U.S. and international markets were impacted by softness in overall online shopping activity during the Cyber Five holiday period, but both geographies improved during the remainder of December.

我們的買家在第四季度購買了 207 億美元的 GMV，下降了 11%，接近我們展望的高端。與 2019 年第四季度相比，按固定匯率計算，GMV 增長 9%，環比下降 3 個百分點。從地域上看，美國 GMV 與 2019 年第四季度相比增長了 22%，而在外匯中性的基礎上，國際 GMV 下降了 1%。我們的美國和國際市場受到網絡五假期期間整體在線購物活動疲軟的影響，但兩個地區在 12 月剩餘時間內都有所改善。

Consistent with prior quarters, numerous factors contributed to the growth differential between our U.S. and international markets. Core macroeconomic factors like GDP, retail growth and inflation have been notably stronger in the U.S. than our international markets. Other macro factors like global supply chain disruptions, shipping constraints and other export challenges have had a negative impact on growth in our international markets. These dynamics have particularly impacted sellers involved in cross-border trade, which skew towards non-U.S. markets.

與前幾個季度一致，許多因素導致了我們美國和國際市場之間的增長差異。美國的 GDP、零售增長和通脹等核心宏觀經濟因素明顯強於我們的國際市場。全球供應鏈中斷、航運限制和其他出口挑戰等其他宏觀因素對我們國際市場的增長產生了負面影響。這些動態尤其影響了參與跨境貿易的賣家，這些賣家傾向於非美國市場。

Conversely, our domestic sellers likely benefited from item scarcity due to supply changes. Our domestic GMV has benefited from momentum in collectibles, which is largely a U.S. phenomenon. In addition, high ASP luxury categories are growing faster in the U.S. as the rollout of our innovation playbook is more nascent internationally. However, as our luxury categories build momentum and we roll out product improvements in categories like P&A, which represents a higher share of GMV in international markets, growth outside the U.S. should see greater benefit.

相反，我們的國內賣家可能因供應變化而受益於商品稀缺。我們國內的 GMV 受益於收藏品的發展勢頭，這在很大程度上是美國的現象。此外，隨著我們的創新策略在國際上的推出更加新生，美國高 ASP 奢侈品類別的增長速度更快。然而，隨著我們的奢侈品品類發展勢頭強勁，並且我們在 P&A 等類別中推出產品改進，這在國際市場上的 GMV 份額更高，美國以外的增長應該會看到更大的收益。

Our focus category coverage expanded to approximately 20% of GMV as we made product improvements in P&A and broadened our country footprint in existing luxury categories. Focus categories outpaced growth in other categories by approximately 15 points in Q4, demonstrating the impact of our innovation playbook.

隨著我們在 P&A 方面進行產品改進並擴大我們在現有奢侈品類別中的國家足跡，我們的重點類別覆蓋範圍擴大到 GMV 的約 20%。在第四季度，重點類別的增長速度超過其他類別約 15 個百分點，這表明我們的創新策略的影響力。

Net revenue during the quarter was $2.6 billion, up 5%, while transaction revenue also grew 5%. Under our updated definition of GMV, our transaction take rate of 11.8% was roughly in line with Q3 as we completed the managed payments migration. Managed payments contributed 15 points of revenue growth in Q4 and generated $2 billion of incremental revenue in 2021, meeting our full year target. We remain excited about the potential for managed payments to open up new opportunities in financial services for our sellers and buyers.

本季度的淨收入為 26 億美元，增長 5%，而交易收入也增長了 5%。根據我們更新的 GMV 定義，當我們完成託管支付遷移時，我們 11.8% 的交易接受率與第三季度大致一致。託管支付在第四季度貢獻了 15 個點的收入增長，並在 2021 年創造了 20 億美元的增量收入，達到了我們的全年目標。我們仍然對託管支付為我們的買賣雙方在金融服務領域開闢新機會的潛力感到興奮。

Within our advertising business, Promoted Listings grew 4% during the quarter, outpacing volume by 15 points. As Jamie noted, we are encouraged by the progress of our new ad products, which began to gradually move the needle from Promoted Listings growth during the quarter.

在我們的廣告業務中，Promoted Listings 在本季度增長了 4%，超過了 15 個百分點。正如 Jamie 所指出的，我們對新廣告產品的進展感到鼓舞，這些產品在本季度開始逐漸推動促銷列表的增長。

Moving down the P&L. Our non-GAAP operating margin in Q4 was 31.6%. For the full year, our non-GAAP operating margin was 33.4%, increasing by close to 200 basis points versus 2019. This leverage was particularly notable given the incremental contribution from managed payments, which generates material operating profit, but is dilutive to reporting operating margins.

向下移動損益表。我們在第四季度的非公認會計原則營業利潤率為 31.6%。全年，我們的非美國通用會計準則營業利潤率為 33.4%，與 2019 年相比增加了近 200 個基點。考慮到管理支付的增量貢獻，這種槓桿作用尤其顯著，產生了可觀的營業利潤，但稀釋了報告運營邊距。

Cost of revenue rose by over 4 points as a percentage of revenue in Q4 year-over-year due to the variable payment processing costs from managed payments. With the migration behind us, we expect gross margin to stabilize around the current run rate in the short term with normal seasonal fluctuations from quarter-to-quarter. Our other operating expenses declined by over 4 points in aggregate, roughly offsetting the decline in gross margin as payments revenue post fewer fixed expenses.

由於託管支付的可變支付處理成本，收入成本佔第四季度收入的百分比同比增長超過 4 個百分點。隨著遷移的結束，我們預計毛利率將在短期內穩定在當前運行率附近，季度間波動正常。我們的其他運營費用總共下降了 4 個百分點以上，大致抵消了毛利率的下降，因為支付收入減少了固定費用。

Turning to earnings per share. During the quarter, we delivered $1.05 of non-GAAP EPS, up 24%. Contributions from payments and advertising in conjunction with share repurchases offset the lapping of mobility tailwinds last year. We generated a GAAP loss per share of $1.47 due primarily to mark-to-market losses on our investment portfolio. We generated $372 million of free cash flow in Q4 and ended the year with cash and non-equity investments of $7.3 billion as well as gross debt of $9.1 billion. We repurchased $3 billion of shares during Q4, an average price of approximately $70 per share, with the majority of our buyback executed through accelerated share repurchase programs. Additional ASR details will be available in our 10-K filing. We also paid a quarterly cash dividend of $107 million in December, representing $0.18 per share.

轉向每股收益。本季度，我們實現了 1.05 美元的非公認會計原則每股收益，增長了 24%。支付和廣告以及股票回購的貢獻抵消了去年移動順風的影響。我們產生了每股 1.47 美元的 GAAP 虧損，這主要是由於我們的投資組合的按市值計價虧損。我們在第四季度產生了 3.72 億美元的自由現金流，到年底的現金和非股權投資為 73 億美元，總債務為 91 億美元。我們在第四季度回購了 30 億美元的股票，平均價格約為每股 70 美元，我們的大部分回購都是通過加速股票回購計劃執行的。其他 ASR 詳細信息將在我們的 10-K 文件中提供。我們還在 12 月支付了 1.07 億美元的季度現金股息，相當於每股 0.18 美元。

Our investments are detailed on Slide 13. After closing our Permira and Korea deals, which yielded approximately $5 billion in cash, our remaining investment portfolio was worth over $8 billion in aggregate at the end of Q4. Our remaining Adevinta shares were valued at $5.4 billion. We held approximately $1.1 billion of Adyen shares after exercising our first tranche of warrants during Q4. Including the estimated value of our remaining warrant tranches, our total Adyen investment amounted to $1.5 billion. Our stake in KakaoBank was worth roughly $700 million. And finally, the fair value of our nearly 20% ownership interest in Gmarket in Korea was approximately $700 million.

我們的投資詳見幻燈片 13。在完成我們的 Permira 和韓國交易（產生約 50 億美元現金）後，我們剩餘的投資組合在第四季度末的總價值超過 80 億美元。我們剩餘的 Adevinta 股票價值 54 億美元。在第四季度行使第一批認股權證後，我們持有約 11 億美元的 Adyen 股票。包括我們剩餘認股權證部分的估計價值，我們的 Adyen 總投資為 15 億美元。我們在 KakaoBank 的股份價值約 7 億美元。最後，我們在韓國 Gmarket 近 20% 的所有權權益的公允價值約為 7 億美元。

Moving to our outlook, beginning with the full year on Slide 14. To summarize, 2022 will be the tale of 2 halves. During the first half of the year, we'll lap significant mobility and macro tailwinds from 2021, with margins pressured as we scale investments sequentially. During the second half, we should observe the cleanest year-over-year comps we've encountered since entering the pandemic, revealing the underlying growth and earnings power of our business.

轉向我們的展望，從幻燈片 14 的全年開始。總而言之，2022 年將是兩半的故事。在今年上半年，我們將從 2021 年開始獲得重大的流動性和宏觀順風，隨著我們按順序擴大投資，利潤率將受到壓力。在下半年，我們應該觀察自進入大流行以來我們遇到的最乾淨的同比比較，揭示我們業務的潛在增長和盈利能力。

For the full year, we forecast GMV to decline by 5% to 8% on an FX-neutral basis, with an FX headwind of roughly 200 to 300 basis points to reported growth. We anticipate the GMV decline in the mid-teens on an FX-neutral basis during the first half as we lap a period of significant global mobility restrictions and the U.S. stimulus effects. In the second half, we expect flat to modestly positive GMV growth and anticipate exiting the year growing volume at 2% to 3% in constant currency. Notably, the quarterly phasing of our GMV should more closely approximate prepandemic seasonality moving forward, assuming mobility and macro factors remain relatively stable throughout the year.

對於全年，我們預計在外匯中性的基礎上，GMV 將下降 5% 至 8%，而報告增長的外匯逆風約為 200 至 300 個基點。由於我們經歷了一段嚴重的全球流動性限制和美國刺激效應的時期，我們預計在外匯中性的基礎上，上半年的 GMV 將在 10 歲左右下降。下半年，我們預計 GMV 將持平至適度正增長，並預計以固定匯率計算，全年增長率將達到 2% 至 3%。值得注意的是，假設流動性和宏觀因素全年保持相對穩定，我們的 GMV 的季度階段應該更接近流行前的季節性。

We expect our 2022 take rate to expand by roughly 1 point driven primarily by a full year of managed payments and increased revenue contribution from Promoted Listings as we scale our new products. We forecast 2022 revenue of $10.3 billion to $10.5 billion, representing FX-neutral growth of flat to positive 3%. During the first half, we expect revenues to decline in the low to mid-single digits before reaccelerating in the second half to go in the mid- to high single digits in constant currency.

我們預計我們的 2022 年採用率將增加大約 1 個百分點，這主要是由於我們擴展新產品時全年的託管支付和促銷列表的收入貢獻增加。我們預測 2022 年收入為 103 億美元至 105 億美元，外匯中性增長持平至正 3%。在上半年，我們預計收入將以低到中個位數下降，然後在下半年重新加速，以固定匯率計算在中到高個位數。

As we exit Q4, we expect the relationship between revenue and GMV to tighten as we fully lap the managed payments rollout. We expect non-GAAP operating margin of between 30% and 31% this year. The second quarter should mark the low point for margins during the year as we lap difficult comps and ramp up our pace of investment. Our investments in focus categories last year had a measurable positive impact on growth. Thus, we are doubling down on investments in products and full funnel marketing initiatives in 2022, supporting these categories. We're confident these investments will improve customer satisfaction rates and drive sustainable growth in the years ahead.

隨著我們退出第四季度，我們預計收入和 GMV 之間的關係會隨著我們全面推出託管支付而收緊。我們預計今年非 GAAP 營業利潤率在 30% 至 31% 之間。隨著我們克服困難並加快投資步伐，第二季度應該標誌著今年利潤率的低點。去年，我們對重點類別的投資對增長產生了可衡量的積極影響。因此，我們將在 2022 年加倍投資產品和全渠道營銷計劃，以支持這些類別。我們相信，這些投資將提高客戶滿意度並推動未來幾年的可持續增長。

We forecast non-GAAP EPS of between $4.20 and $4.40 in 2022. During the first half of the year, we expect EPS to be down low single digits year-over-year as we lap last year's outstanding growth and scale investments. However, the midpoint of our outlook implies EPS will grow in the high teens during the second half as GMV turns positive and revenue outpaces volume.

我們預計 2022 年非 GAAP 每股收益將在 4.20 美元至 4.40 美元之間。在今年上半年，我們預計每股收益將同比下降個位數，因為我們超越了去年的出色增長和規模投資。然而，我們展望的中點意味著，隨著 GMV 轉為正數且收入超過銷量，EPS 將在下半年保持高位增長。

Our Board recently increased our share repurchase authorization by $4 billion, bringing our total authorization to approximately $6 billion. We are also raising our quarterly dividend by 22% to $0.22 per share, our third consecutive double-digit raise since establishing our dividend in 2019.

我們的董事會最近將我們的股票回購授權增加了 40 億美元，使我們的總授權達到約 60 億美元。我們還將季度股息提高 22% 至每股 0.22 美元，這是自 2019 年設立股息以來連續第三次實現兩位數增長。

Looking at the first quarter guidance on Slide 15. We forecast revenue between $2.43 billion and $2.48 billion, representing a decline between 5% and 7% at constant currency. We expect our take rate to be roughly stable sequentially, implying GMV is down 17% to 19% year-over-year on an FX-neutral basis. We anticipate non-GAAP operating margins between 31.5% and 32% in Q1, up modestly versus Q4 at the midpoint, but down 5 to 6 points year-over-year as we lap extraordinary volume leverage last year due to COVID. We project non-GAAP EPS between $1.01 and $1.05 in Q1, representing a year-over-year decline of 6% to a decline of 3%.

查看幻燈片 15 的第一季度指引。我們預測收入在 24.3 億美元至 24.8 億美元之間，按固定匯率計算下降 5% 至 7%。我們預計我們的利率環比大致穩定，這意味著在外匯中性的基礎上，GMV 同比下降 17% 至 19%。我們預計第一季度非美國通用會計準則營業利潤率在 31.5% 至 32% 之間，與第四季度的中點相比略有上升，但由於去年由於 COVID 導致我們獲得了非凡的銷量槓桿，因此同比下降 5 至 6 個百分點。我們預計第一季度非 GAAP 每股收益在 1.01 美元至 1.05 美元之間，同比下降 6% 至 3%。

In closing, 2021 was an outstanding year for eBay. We delivered strong Q4 and full year results despite a challenging operating environment, uncertain macro conditions and constantly changing consumer behavior throughout the pandemic. Our focus categories meaningfully outpace overall volume growth due to increased customer satisfaction rates, offering demonstrable proof that our innovation playbook is working.

最後，2021 年對 eBay 來說是傑出的一年。儘管經營環境充滿挑戰、宏觀條件不確定以及在整個大流行期間不斷變化的消費者行為，我們仍實現了強勁的第四季度和全年業績。由於客戶滿意度的提高，我們的重點類別顯著超過了整體銷量增長，這為我們的創新策略正在發揮作用提供了明顯的證據。

We generated $2 billion of revenue from managed payments this year after completing our migration and still see many more opportunities to leverage financial services to reduce friction for sellers and buyers on eBay. We delivered over $1 billion of advertising revenue this year and significantly broadened our ad portfolio to meet the needs of more sellers, helping them grow their businesses on eBay.

在完成遷移後，我們今年從託管支付中獲得了 20 億美元的收入，並且仍然看到更多利用金融服務來減少 eBay 上買賣雙方的摩擦的機會。今年我們實現了超過 10 億美元的廣告收入，並顯著擴大了我們的廣告組合以滿足更多賣家的需求，幫助他們在 eBay 上發展業務。

We've made prudent investments in people, product and technology to support our strategic pillars. We believe these investments will drive durable growth in our marketplace in the years ahead. We grew non-GAAP EPS by 21% on top of strong earnings growth in the prior year, generated $2.6 billion of free cash flow, unlocked billions more from our portfolio divestitures and returned $7.5 billion to shareholders through repurchases and dividends.

我們在人員、產品和技術方面進行了審慎的投資，以支持我們的戰略支柱。我們相信這些投資將在未來幾年推動我們市場的持久增長。在去年強勁的盈利增長基礎上，我們的非公認會計準則每股收益增長了 21%，產生了 26 億美元的自由現金流，從我們的投資組合剝離中釋放了數十億美元，並通過回購和股息向股東返還了 75 億美元。

We are proud to have taken meaningful steps to improve our environmental impact this year by achieving 100% carbon neutrality, setting ambitious science-based targets for the future and the continuous progress we are making as we focus on driving e-commerce and the circular economy as a whole.

我們很自豪今年通過實現 100% 碳中和、為未來設定雄心勃勃的科學目標以及我們在專注於推動電子商務和循環經濟的過程中不斷取得進展，採取了有意義的措施來改善我們的環境影響作為一個整體。

I would like to echo Jamie's thanks to our incredible employee base as their tireless efforts have been instrumental in bringing our strategy to life. To our valued sellers and buyers in the eBay community, your response to our investments in trust and innovation give us conviction that we are on the right path. We are excited to reveal more details about our future road map very soon.

我想回應 Jamie 對我們令人難以置信的員工基礎的感謝，因為他們的不懈努力有助於將我們的戰略變為現實。對於 eBay 社區中我們尊貴的賣家和買家，您對我們在信任和創新方面的投資的回應讓我們堅信我們走在正確的道路上。我們很高興能很快透露有關我們未來路線圖的更多細節。

To the investment community, we appreciate your continued interest and look forward to hosting you at our virtual Investor Day on March 10.

對於投資界，我們感謝您的持續關注，並期待在 3 月 10 日的虛擬投資者日接待您。

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

有了這個，傑米和我現在會回答你的問題。操作員？

(Operator Instructions) Your first question comes from the line of Scott Devitt from Stifel.

（操作員說明）您的第一個問題來自 Stifel 的 Scott Devitt。

I have two. The first, U.S. and international GMV growth rates have been diverging recently, favoring the U.S. for a variety of reasons. And so as we get through to the second half of '22, in which overall GMV improves to flat to modest -- modestly positive and you begin lapping the -- of stimulus and mobility dynamics, supply chain cross-border and differences in the reopening time in various countries, should we assume that U.S. versus international growth dynamics converge, even maybe favoring international due to cross-border? And are there any specific countries you point out in one direction or the other relative the overall growth rate of the business when we get back to that kind of normal period of time again?

我有兩個。首先，美國和國際 GMV 的增長率最近一直在分化，出於各種原因有利於美國。因此，當我們進入 22 年下半年時，整體 GMV 改善至持平至適度——適度積極，你開始了解——刺激和流動性動態、供應鏈跨境和重新開放的差異在不同國家的時間，我們是否應該假設美國與國際增長動態趨同，甚至可能由於跨境而有利於國際？當我們再次回到那種正常的時期時，您是否在一個方向或另一個相對於業務的整體增長率指出了任何特定國家？

And then secondly, I know you just divested a number of businesses, but valuations of companies that could be bolted on to the platform has changed considerably just in the past few months. And I'm curious if the environment change has made you more open to considering acquisitions within the marketplace category.

其次，我知道你剛剛剝離了一些業務，但在過去幾個月裡，可以綁定到平台上的公司的估值發生了很大變化。我很好奇環境變化是否讓您更願意考慮在市場類別中進行收購。

Yes. So Scott, this is Jamie. So on the U.S. versus international, as we talked about last quarter, there's a couple of dynamics that are impacting the differences in the growth rate. First, on the macro side, just different markets, GDP growth, inflation growth, retail growth are different and lower in Europe than what we're seeing in the U.S. We've talked about the supply chain challenges, which have a bigger impact on our international business than on our U.S. business. So in some cases in the U.S., we're favored by it in things like video graphics cards, which are in high demand.

是的。斯科特，這是傑米。因此，正如我們上個季度所討論的那樣，在美國與國際之間，有一些動態正在影響增長率的差異。首先，在宏觀方面，只是市場不同，歐洲的 GDP 增長、通脹增長、零售增長與我們在美國看到的不同，而且更低。我們已經談到了供應鏈挑戰，這些挑戰對歐洲的影響更大我們的國際業務比我們的美國業務。因此，在美國的某些情況下，我們在視頻顯卡等需求量很大的產品中受到它的青睞。

At the same time, we have a strong cross-border trade business, and some of our sellers are impacted by some of the supply chain dynamics and export challenges. And that hits our international segment more than our U.S. segment.

同時，我們擁有強大的跨境貿易業務，我們的一些賣家受到一些供應鏈動態和出口挑戰的影響。這對我們的國際市場的影響超過了我們的美國市場。

The third component is really the focus categories are much more nascent in our international business than in the U.S. So think a category like watches, which has been live for several quarters in the U.S., we just rolled that out to U.K. and Germany this quarter, ditto with some of our other products and focus categories where they're still rolling it off to our international markets. And as we've seen, it takes a few quarters for us to achieve the growth rate levels that we saw in the U.S. But we believe that, that playbook will apply and that will help the convergence that you talked about.

第三個組成部分實際上是我們的國際業務中的重點類別比美國更新生。所以想想像手錶這樣的類別，它在美國已經存在了幾個季度，我們本季度剛剛將其推廣到英國和德國，我們的一些其他產品和重點類別也是如此，他們仍在將其推向我們的國際市場。正如我們所看到的，我們需要幾個季度才能達到我們在美國看到的增長率水平。但我們相信，該劇本將適用，這將有助於您所說的融合。

The last thing is really just the collectible difference between the 2 markets. Trading cards and that whole segment is stronger in the U.S. than it is in international. So it's a long way to say that there's a number of factors that are at play there. But yes, we believe, over time, as the categories roll out, that will drive the convergence as well as some of the macro effects like the supply chain and other pieces change over time.

最後一件事實際上只是兩個市場之間的收藏差異。交易卡和整個細分市場在美國比在國際上更強大。因此，要說其中有許多因素在起作用，還有很長的路要走。但是，是的，我們相信，隨著時間的推移，隨著類別的推出，這將推動融合以及供應鍊和其他部分等一些宏觀影響隨著時間的推移而變化。

On your second question on M&A, yes, we continue to look at M&A as an opportunity to accelerate our tech-led reimagination. We've said we will be opportunistic to look at areas that are asset-light and consistent with our business to drive the strategy that we've laid out. The example I would point to is, most recently, Sneaker Con and that investment with authentication properties and services in 5 different countries enabling us to accelerate even faster what's happening on sneakers, where we've seen really great success. In fact, we think the playbook has worked well enough now that we're actually remonetizing sneakers this quarter for sneakers over $100. So it gives us scale, and it gives us flexibility, and that was the point of the acquisition.

關於併購的第二個問題，是的，我們繼續將併購視為加速我們以技術為主導的重新構想的機會。我們已經說過，我們將機會主義地研究輕資產且與我們的業務一致的領域，以推動我們制定的戰略。我要舉的例子是，最近，Sneaker Con 以及在 5 個不同國家的認證屬性和服務的投資，使我們能夠更快地加速運動鞋上正在發生的事情，我們已經看到了巨大的成功。事實上，我們認為該劇本已經足夠好，因為我們實際上在本季度將 100 美元以上的運動鞋重新貨幣化。所以它給了我們規模，給了我們靈活性，這就是收購的重點。

And your next question comes from the line of Ross Sandler from Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just following up from Scott's question. I think looking at the exit run rate for '22, some investors we talked to, I think, were hoping to see a little bit more than 2% to 3% GMV growth with all the focus category activity and initiatives that you're working on. So I guess why aren't we seeing higher growth once we kind of hit the easier comp period? Are we still cleaning up some of the lower-quality buyers? Anything that you would call out in terms of why that growth rate isn't quite up to the e-commerce averages at the end of '22?

只是跟進斯科特的問題。我認為看看 22 年的退出運行率，我們交談過的一些投資者希望看到 GMV 增長略高於 2% 到 3%上。所以我猜為什麼一旦我們進入更容易的補償期，我們就沒有看到更高的增長？我們還在清理一些低質量的買家嗎？關於為什麼該增長率沒有完全達到 22 年底的電子商務平均水平，您有什麼想說的嗎？

And then, Steve, you mentioned new opportunities in managed payments now that we're 100% covered. Just can you elaborate a little bit on what you guys are going to potentially roll out in payments, that would be great.

然後，史蒂夫，你提到了託管支付的新機會，因為我們已經 100% 覆蓋了。您能否詳細說明一下你們可能會在支付中推出哪些內容，那就太好了。

Ross, Steve here. Thank you for the questions. I think the thing I would say is that we've made a very significant progress in our growth at eBay over the last couple of years. As you recall, prior to the pandemic, as we left 2019, the overall 2019, the business was shrinking, minus 2. We actually exited 2019 at minus 4. And as we've gone through the pandemic, we've made the right investments, we've really driven the tech-led reimagination and really driven our focus category playbook, which is working very, very effectively.

羅斯，史蒂夫在這裡。謝謝你的提問。我想我想說的是，在過去的幾年裡，我們在 eBay 的增長方面取得了非常顯著的進步。您還記得，在大流行之前，當我們離開 2019 年時，整個 2019 年，業務正在萎縮，負 2。我們實際上以負 4 退出 2019 年。隨著我們經歷了大流行，我們做對了投資，我們確實推動了以技術為主導的重新構想，並真正推動了我們的重點類別劇本，該劇本非常非常有效。

As you sort of cycle through the pandemic, as we've said, the second half of the year -- the first half, we obviously are lapping very significant mobility challenges associated with the pandemic last year. As we come through the first half and get into the second half, it is obviously the cleanest comps that we've got from the pandemic. But we've always said over the last couple of years, the tech-led reimagination is a multiyear process. I'm delighted with the progress that we've made. The momentum is working. We're going category by category. And as we said, we're exiting the year in the -- well, our expectations to exit the year at sort of 2% to 3% growth.

正如我們所說，當你在大流行中循環時，今年下半年 - 上半年，我們顯然正在應對與去年大流行相關的非常重大的流動性挑戰。當我們經歷上半場並進入下半場時，這顯然是我們從大流行中獲得的最乾淨的比賽。但在過去的幾年裡，我們總是說，以技術為主導的重新構想是一個多年的過程。我對我們取得的進展感到高興。勢頭正在發揮作用。我們將逐類進行。正如我們所說，我們正在以 2% 到 3% 的增長率退出這一年。

The thing with the focus categories, I'd also like to add, is that those areas that we've lent into are growing at about 15 points higher than the rest of the platform. And so again, it's very, very clear that strategy is working, and it will continue to take some time.

我還想補充一點，重點類別的問題是，我們藉入的那些領域的增長速度比平台的其他部分高出約 15 個百分點。同樣，非常非常清楚戰略正在奏效，而且還需要一些時間。

The second thing I would talk about is obviously on managed payments. Magnificent work by the team. Very proud of what was achieved in 2021. I would describe it as being the end of the beginning. We completed the transition, enabled us to drive a seamless experience for our customers, both from a commerce standpoint and a payments standpoint, gives us the opportunity to eliminate things like UPIs or unpaid items, which is continuing to take friction away from the platform and increase trust.

我要談的第二件事顯然是關於託管支付。團隊的出色工作。為 2021 年取得的成就感到非常自豪。我將其描述為開始的結束。我們完成了過渡，使我們能夠從商業角度和支付角度為我們的客戶提供無縫體驗，讓我們有機會消除 UPI 或未付款項等問題，這些問題正在繼續消除平台和增加信任。

But again, we have opportunities as we go forward. I'm really excited that we have the opportunity to have Julie Loeger, who is leading our payments platform and the initiatives going forward, who will be joining us at our investor event on the 10th of March, who will be sharing with us our longer-term strategy, and I'm looking forward to you dialing in and seeing us on the 10th of March.

但同樣，我們在前進的過程中還有機會。我真的很高興我們有機會請來領導我們的支付平台和未來計劃的 Julie Loeger，她將與我們一起參加 3 月 10 日的投資者活動，她將與我們分享我們的長期長期戰略，我期待您在 3 月 10 日撥入並與我們見面。

Moving on, your next question comes from the line of Stephen Ju from Credit Suisse.

繼續前進，您的下一個問題來自瑞士信貸的 Stephen Ju。

So Jamie, your seller base has always been SMBs and individuals. And it seems like the ad products that seem to be fairly popular with smaller advertisers are those that are doing a lot of that automating of spend for them. So some sellers may be pretty savvy, and they might want to do -- manage the campaigns on their own, but I would imagine more folks would probably rather have eBay do the spending for them. So can you talk about where you may be in terms of simplifying PLAs for your sellers to expand the adoption rate? And expanding on that do-it-for-me theme, can you talk about where you may be in terms of the adoption rate for your external Promoted Listings product?

所以 Jamie，您的賣家群一直是中小企業和個人。似乎在較小的廣告商中相當受歡迎的廣告產品是那些為他們進行大量自動化支出的產品。因此，一些賣家可能非常精明，他們可能想做——自己管理廣告系列，但我想更多的人可能更願意讓 eBay 為他們做支出。那麼，您能否談談在為您的賣家簡化 PLA 以提高采用率方面您可能處於什麼位置？並擴展這個為我做的主題，你能談談你在外部推廣列表產品的採用率方面可能處於什麼位置？

Yes. So thanks for the question. So we agree with you. So we think the benefit of having multiple advertising products is to appeal to not only multiple types of sellers but multiple types of advertising occasions. So we built our first $1 billion business over the last 5 years on a single product, which is a CPA-based product. And we've introduced 3 new products: Express, which is a fixed price, easy-to-understand product; external, which is really just an opt-in product for our external promoter listings, so that one is pretty straightforward: and then Advanced, which is actually a quite sophisticated product for SMBs, ones that are more used to keyword bidding, campaigns, daily budget levels, CPC amounts, et cetera.

是的。所以謝謝你的問題。所以我們同意你的看法。所以我們認為擁有多種廣告產品的好處是不僅可以吸引多種類型的賣家，還可以吸引多種類型的廣告場合。因此，我們在過去 5 年中在單一產品（基於 CPA 的產品）上建立了第一個 10 億美元的業務。我們推出了 3 款新產品： Express，這是一個固定價格、易於理解的產品； external，這實際上只是我們外部推廣列表的可選產品，因此非常簡單：然後是 Advanced，它實際上是針對 SMB 的非常複雜的產品，更習慣於關鍵字競價、活動、日常預算水平、每次點擊費用金額等。

And so what I would say is that we're happy because the CPA-based product, our product that's out there for 5 years, is actually a pretty easy product and a low-risk product, meaning, I only pay when I sell the product from that perspective. But we're also excited that the new products actually round out the portfolio of opportunities to drive advertisement.

所以我想說的是我們很高興，因為基於 CPA 的產品，我們的產品已經存在了 5 年，實際上是一個非常簡單的產品和低風險的產品，也就是說，我只在我賣掉從這個角度看產品。但我們也很高興新產品實際上完善了推動廣告的機會組合。

The Advanced ones like CPC are still in a nascent stage. So we're still in a limited beta with those products. And it's really -- it'll take time just like it did for multi-years with the CPA to build the optimization, to drive trial, to drive adoption, et cetera. But exactly what you said is why we have the portfolio of products. And yes, we continue to look at ways to leverage artificial intelligence and other things to make not only the products easier for sellers to adopt, but also make them more effective in terms of the ROAS or the return on ad spend that we're seeing. Thus far, we've been really pleased with the ROAS that sellers are getting and shows us that there's continued opportunity in our advertising portfolio.

像CPC這樣的高級還處於起步階段。所以我們對這些產品仍處於有限的測試階段。真的 - 就像多年來與 CPA 合作一樣，需要時間來構建優化、推動試驗、推動採用等等。但您所說的正是我們擁有產品組合的原因。是的，我們繼續尋找利用人工智能和其他東西的方法，不僅使產品更容易被賣家採用，而且使它們在 ROAS 或我們看到的廣告支出回報方面更有效.到目前為止，我們對賣家獲得的 ROAS 感到非常滿意，並向我們展示了我們的廣告組合中還有持續的機會。

Your next question comes from the line of John Blackledge from Cowen.

您的下一個問題來自 Cowen 的 John Blackledge。

Two questions. First, on the focus categories based on the current GMV guide. Do you expect the focus categories to sustain that growth differential -- the 15% differential versus non-focus categories in fiscal '22? And then second question on margin/investments. The 1Q '22 op margin is a bit higher than the '22 op margin guide, and you cited some investments. Could you discuss the investment spend that's kind of being phased in throughout '22?

兩個問題。首先，基於當前 GMV 指南的重點類別。您是否期望重點類別能夠維持這種增長差異——22 財年與非重點類別相比 15% 的差異？然後是關於保證金/投資的第二個問題。 22 年第一季度的運營利潤率略高於 22 年的運營利潤率指南，您引用了一些投資。您能否討論一下整個 22 年逐步實施的投資支出？

Yes. So I'll start with the first one, and then, Steve, you can take the margin question. So on the focus category, yes, over time, we will be adding additional focus categories. Our next one is parts and accessories. And that category is a very large category on eBay, one where we come in from a position of strength. Especially in the U.K. and Germany, we have a market-leading position. There are some differences. Trading cards had a very strong year in '21. And so thus far, the category is performing well. But overall, I would say, yes, we think that the focus categories will continue to maintain a significant margin to the rest of the business.

是的。所以我將從第一個開始，然後，史蒂夫，你可以回答邊距問題。所以在焦點類別上，是的，隨著時間的推移，我們將添加額外的焦點類別。我們的下一個是零件和配件。該類別在 eBay 上是一個非常大的類別，我們從實力地位進入該類別。尤其是在英國和德國，我們處於市場領先地位。有一些差異。交易卡在 21 年表現非常強勁。到目前為止，該類別表現良好。但總的來說，我會說，是的，我們認為重點類別將繼續保持對其他業務的可觀利潤。

And frankly, it's why we're excited and why we're investing, to your second question. If I just back up and take sneakers. Sneakers have been declining for 3 years, John, at double digits. We invested in the category. We've built critical specific marketing campaigns. We built an A+ experience that had over 90 customer satisfaction. And what you saw there is that the business really took off. We grew triple digits a year ago, still doing double digits in that business. And in fact, the category is still healthy now that we're actually remonetizing it. So we just reintroduced monetization over $100 for sneakers. And that's part of the investment that we're looking to do in '22 is to continue to roll out this winning formula that we have in the playbook to additional categories.

坦率地說，這就是我們對您的第二個問題感到興奮和投資的原因。如果我只是備份並採取運動鞋。運動鞋已經連續 3 年下降，約翰，以兩位數的速度下降。我們投資了這個類別。我們已經建立了關鍵的特定營銷活動。我們打造了一種 A+ 體驗，讓超過 90 名客戶滿意。你在那裡看到的是，業務真的起飛了。一年前，我們增長了三位數，在該業務中仍然保持兩位數。事實上，由於我們實際上正在對其進行再貨幣化，該類別仍然很健康。因此，我們剛剛為運動鞋重新引入了 100 美元以上的貨幣化功能。這是我們希望在 22 年進行的投資的一部分，即繼續將我們在劇本中的這個成功公式推廣到其他類別。

John, Steve here. So let me just give you a little bit of color on the overall margin position as we've guided the full year margin for 2022 of 30% to 31%. There's a number of items at play here. Number one, we've got volume deleverage that's happening in the overall business as we cycle through the lapping of the pandemic, which is much more significant in the first half, as you can imagine. Secondly, as we sort of lap the payments transition that we went through, that's also a dilutionary effect.

約翰，史蒂夫在這裡。因此，在我們將 2022 年全年利潤率定為 30% 至 31% 的指導下，讓我對整體利潤率頭寸進行一些說明。這裡有許多項目在起作用。第一，隨著我們在大流行的反復中循環，我們在整個業務中都發生了去槓桿化，正如你可以想像的那樣，這在上半年更為重要。其次，當我們經歷了支付過渡時，這也是一種稀釋效應。

On the flip side, we have been doing a lot of work on our operational efficiency and going deep on our cost structure to identify opportunities to take cost out of the business to enable us to go forward with reinvestment.

另一方面，我們一直在提高運營效率並深入研究成本結構，以尋找機會將成本從業務中剔除，從而使我們能夠繼續進行再投資。

And then finally, we have been, as Jamie said, really delighted with the trajectory that we've had with regard to our focus categories. Think about sneakers, think about watches, think about the 15% -- 15-point increase over the core platform. And that's been a result of investments that we have made to really change the tide and turn the tide on the focus category we've had. So we're going to be leaning in to product. We're going to be leaning into full funnel marketing as we go category by category in '22. So it continues to be an investment year as we go forward.

最後，正如 Jamie 所說，我們對我們在重點類別方面的發展軌跡感到非常滿意。想想運動鞋，想想手錶，想想核心平台的 15%——15 個百分點的增長。這是我們為真正改變潮流並扭轉我們所擁有的重點類別所做的投資的結果。所以我們將傾向於產品。隨著我們在 22 年逐類進行，我們將傾向於進行完整的漏斗營銷。因此，隨著我們的前進，這仍然是一個投資年。

Q2 will be the lowest point of the margin for the year when, firstly, we do continue to lap through that significant COVID lapping from last year, but also the phasing of the investments as they start to ramp in the second quarter and ramp through the rest of the year as we go forward. So hopefully, that gives you a little bit of a shape of the macro picture, but also the shape of margin trajectory as we go through 2022.

第二季度將是今年利潤率的最低點，首先，我們確實繼續經歷與去年相比顯著的 COVID 重疊，而且隨著投資在第二季度開始增加並通過今年剩下的時間，我們繼續前進。因此，希望這可以讓您大致了解宏觀圖景，以及我們經歷 2022 年的保證金軌蹟的形狀。

Your next question comes from the line of Eric Sheridan from Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe a multi-parter on buyers that sort of dovetails with some of the questions you've gotten so far. If we were to compartmentalize buyer growth going forward, how should we be thinking about the headwinds you're facing in sort of a post-pandemic environment, elements where you yourself are not choosing buyer growth and where there could be tailwinds to buyer growth from some of the new verticalized experiences you're trying to build out for the platform over the medium to long term? So sort of -- I don't know if there's a way to sort of characterize it that way, but if we were to think about those 3 buckets and elements of headwinds and tailwinds and how it feeds back in to thinking about buyer growth going forward.

也許是買家的多方參與，這與您迄今為止遇到的一些問題相吻合。如果我們要對未來的買家增長進行劃分，我們應該如何考慮您在大流行後環境中面臨的不利因素，您自己沒有選擇買家增長的因素以及可能對買家增長產生不利影響的因素您試圖在中長期內為該平台構建的一些新的垂直化體驗？所以有點——我不知道是否有辦法以這種方式來描述它，但如果我們要考慮這 3 個桶和逆風和順風的元素，以及它如何反饋到考慮買家增長的情況向前。

Yes. So look, on high-value buyers, we've talked about the shift in strategy where back in 2019, we were focused on the total number of active buyers. And I've refocused the organization since last July on this idea of turning buyers into enthusiasts and really focusing on our high-value buyers. High-value buyers, if you look at it, are really made up of 2 groups, buyers who sell and then high-value buyers, buyers who buy over $800 and shop 6 times a year. When we look at high-value buyers in total this quarter, they're up 3% year on 2 year, whereas our low-value buyers are down 9% year on 2 year. So this is a very conscious strategy to not do low ASP couponing and some of the stuff that we were doing.

是的。所以看，關於高價值買家，我們已經談到了戰略的轉變，早在 2019 年，我們就專注於活躍買家的總數。自去年 7 月以來，我已將組織的重點重新集中在將買家轉變為狂熱者並真正關注我們的高價值買家的想法上。高價值買家，如果你看的話，實際上是由 2 組組成的，賣的買家，然後是高價值的買家，買 800 美元以上，一年購物 6 次的買家。當我們查看本季度的高價值買家總數時，他們同比增長 3%，而我們的低價值買家同比下降 9%。所以這是一個非常有意識的策略，不做低 ASP 優惠券和我們正在做的一些事情。

To your question, both of -- these metrics for buyers are trailing 12-metric -- 12-month metric. So what we're seeing is a slight deceleration from the infrequent sellers, and that's something that we had planned to see and will likely see for coming quarters in some time period. But the second group, the enthusiast buyers, is growing. And in fact, their spend is growing more each quarter so that it grew again this quarter. We call those our enthusiast buyers. I've met a lot of these enthusiast buyers, right? They wake up. They grab a cup of coffee, and they open up the eBay app. They shop eBay across multiple categories. And when you look at their spend, it's a very healthy spend level, right, $2,000-plus.

對於您的問題，這兩個買家指標都落後於 12 指標——12 個月指標。因此，我們看到的是罕見賣家的輕微減速，這是我們計劃看到的，並且可能會在未來幾個季度看到。但第二組，狂熱的買家，正在增長。事實上，他們的支出每個季度都在增長，因此本季度再次增長。我們稱這些為我們的狂熱買家。我見過很多這樣的狂熱買家，對吧？他們醒了。他們喝了杯咖啡，然後打開了 eBay 應用程序。他們在多個類別的 eBay 上購物。當您查看他們的支出時，這是一個非常健康的支出水平，對，超過 2,000 美元。

So what we're going to be focused on is things like driving the cross-category shopping nature of those buyers. And so take watches, for example, when we acquire a watch buyer, we'll get them to spend $9,000 in watches, but they'll go on to spend $7,000 in other categories. So we get this multiplier effect on eBay from being able to acquire somebody into a category and having them spend across the vast breadth that we offer.

因此，我們將關注的是推動這些買家的跨類別購物性質。以手錶為例，當我們收購手錶買家時，我們會讓他們在手錶上花費 9,000 美元，但他們會繼續在其他類別上花費 7,000 美元。因此，我們在 eBay 上獲得了這種乘數效應，因為我們能夠將某人吸引到一個類別中，並讓他們在我們提供的廣泛範圍內消費。

So you'll see different patterns over time. We'll continue to see some deceleration from these infrequent sellers. And quarter-to-quarter, we may see some changes in high-value buyers. But overall, when we look at the trajectory of what we're doing is we're making the business a whole lot healthier by focusing on this group, getting to go cross-category and, frankly, acquiring enthusiasts right into our focus categories. That's the strategy that we'll have, and we'll go into more detail on Investor Day on March 10 on that.

因此，隨著時間的推移，您會看到不同的模式。我們將繼續看到這些不常見的賣家出現一些減速。每季度，我們可能會看到高價值買家的一些變化。但總的來說，當我們審視我們正在做的事情的軌跡時，我們通過關注這個群體，開始跨類別，坦率地說，將愛好者吸引到我們的重點類別中，從而使業務變得更加健康。這就是我們將採用的策略，我們將在 3 月 10 日的投資者日對此進行詳細介紹。

Your next question comes from the line of Colin Sebastian from Baird.

您的下一個問題來自 Baird 的 Colin Sebastian。

Maybe two for me as well. A follow-up, Jamie, on the comments around sustainable growth and focus categories. Is P&A the only incremental vertical category change embedded in the guidance for the first half? And beyond easier comps then, does the second half growth outlook include other category enhancements you haven't really talked about yet?

也許兩個對我來說也是如此。 Jamie 跟進有關可持續增長和重點類別的評論。 P&A 是嵌入在上半年指南中的唯一增量垂直類別變化嗎？除了更容易的組合之外，下半年的增長前景是否包括您尚未真正談論的其他類別增強功能？

And then maybe, Steve, secondly, there were some changes to seller pricing announced recently. I wonder if you could perhaps unpack the size of that impact from those changes in the take rate and how that flows through the year in terms of the guidance.

然後也許，史蒂夫，其次，最近宣布的賣家定價有一些變化。我想知道你是否可以從這些變化中解開這種影響的大小，以及在指導方面如何貫穿這一年。

Yes. So as you've seen, Colin, I don't like to talk about where we're going next for competitive reasons and kind of giving away what is our next focus area. So the other one that we've announced is going after parts and accessories next as a large category dominant market leader position and a great opportunity for us. We talked about investment. You're starting to see full funnel marketing from what we're doing in parts and accessories from a leading position as well as a number of product changes like opening up our global category structure to make it easier to do cross-border trade business, putting all of our parts into the vehicles apps, et cetera. And so we'll go into a lot more depth on Investor Day at what we're seeing in the focus categories that we worked on and our path forward, but that's all that we've announced up until this point.

是的。所以正如你所看到的，科林，我不喜歡談論我們下一步的發展方向，因為競爭的原因，並且有點放棄我們的下一個重點領域。因此，我們宣布的另一個目標是緊隨其後的零部件和配件，使其成為大型市場主導地位，對我們來說是一個巨大的機會。我們談到了投資。你開始看到完整的漏斗營銷，從我們在零部件和配件方面的領先地位以及一些產品變化，比如開放我們的全球品類結構，讓跨境貿易業務更容易做，將我們所有的零件放入車輛應用程序等。因此，我們將在投資者日更深入地了解我們在我們工作的重點類別中看到的內容以及我們的前進道路，但這就是我們迄今為止宣布的全部內容。

Colin, thanks for the question. I'll talk about take rate. So just as a reminder, our take rate is ballparked around 12%, but 8 to that final value feed, 3 on payments, 1 on ads. There is a little bit of -- there's a number of items that we're going through as we go through the trajectory of 2022. The first thing is that we're obviously starting to lap payments. And so some of that trajectory that we saw grow significantly as we went through 2021 will plateau off. We're obviously continuing to see some of the ads momentum that Jamie sort of alluded to earlier. And then there's obviously puts and takes in terms of category mix and category pricing as we go forward.

科林，謝謝你的問題。我會談談錄取率。所以提醒一下，我們的接受率約為 12%，但最終價值饋送為 8，支付為 3，廣告為 1。有一點 - 在我們經歷 2022 年的軌跡時，我們正在經歷許多項目。第一件事是我們顯然開始付款。因此，隨著我們經歷 2021 年，我們看到的一些顯著增長的軌跡將趨於平穩。我們顯然會繼續看到 Jamie 早些時候提到的一些廣告勢頭。然後在我們前進的過程中，顯然在類別組合和類別定價方面存在投入和接受。

In the prepared comments, we talked about an incremental 1 point of take rate as we go through 2022, and that's primarily going to be a result of the payments rollout for the full year effect as we go forward.

在準備好的評論中，我們談到了在 2022 年之前增加 1 個點的接受率，這主要是由於我們向前推進的全年支付費用推出的結果。

The other thing I would say is that we continue to drive great value for our sellers. If you think about prior to payments rollout, we actually brought the combined take rate down as a result of going through managed payments. So we still create and offer extremely good value for our sellers as we go forward and eBay being the platform of choice for those great sellers as we go forward.

我要說的另一件事是，我們繼續為我們的賣家創造巨大的價值。如果您在付款推出之前考慮一下，我們實際上通過管理付款降低了綜合收取率。因此，在我們前進的過程中，我們仍然為我們的賣家創造並提供非常好的價值，而在我們前進的過程中，eBay 將成為這些優秀賣家的首選平台。

Yes. A good example of that is in sneakers, right? So I talked about us remonetizing sneakers for sneakers over $100. We're still a great value for buyers and sellers versus other places that they can sell and buy sneakers. So we feel great about that. And that's the feedback that we've gotten from the community. We'll continue to make other smart changes like we did in parts and accessories, in watches and in certain categories constantly with this viewpoint of how do we provide the right value for our sellers on the platform to make sure we're bringing the best inventory on.

是的。運動鞋就是一個很好的例子，對吧？因此，我談到了我們將 100 美元以上的運動鞋重新貨幣化。與其他可以買賣運動鞋的地方相比，我們對買家和賣家來說仍然很有價值。所以我們對此感覺很好。這就是我們從社區獲得的反饋。我們將繼續做出其他明智的改變，就像我們在零件和配件、手錶和某些類別中所做的那樣，我們如何在平台上為我們的賣家提供正確的價值，以確保我們帶來最好的庫存上。

Your next question comes from the line of Edward Yruma from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

Two quick ones for me. I guess, first, to the extent you could talk about it, with some of these changes in the pricing structures as a follow-up to the last question, do you see any adverse impact in terms of the number of sellers or the performance level when you reprice some of these categories tactically? And then as a follow-up to that, as you look across the rest of the portfolio, do you think that there are other opportunities for you to take price given the strong momentum the platform has?

給我兩個快速的。我想，首先，在您可以談論的範圍內，隨著定價結構中的一些變化作為最後一個問題的後續行動，您是否認為對賣家數量或績效水平有任何不利影響當您在戰術上重新定價其中一些類別時？然後作為後續行動，當您查看投資組合的其餘部分時，您是否認為鑑於平台的強勁勢頭，您還有其他機會獲取價格？

Yes. So in general, we obviously studied the elasticity quite a bit. And what I was saying about sneakers is true, which is we're maintaining a double-digit growth in that category. And relative to other places that they can sell their sneakers, we're still very economical and the best value for doing so. So we always look at the elasticity, what's our opportunity to bring more demand. In certain cases, we do, for example, C2C promotions to bring sellers onto the platform in our various markets. But we're kind of rebalanced obviously being a great value for our sellers and our, ultimately, monetization.

是的。所以總的來說，我們顯然對彈性進行了相當多的研究。我所說的關於運動鞋的說法是正確的，那就是我們在該類別中保持兩位數的增長。而且相對於他們可以賣運動鞋的其他地方，我們仍然非常經濟並且這樣做的最佳價值。所以我們總是看彈性，什麼是我們帶來更多需求的機會。在某些情況下，例如，我們會通過 C2C 促銷將賣家帶到我們各個市場的平台上。但我們的重新平衡顯然對我們的賣家和我們最終的貨幣化來說是一個巨大的價值。

I'd probably point you back, Ed, to what Steve said about advertising, which is the main vector for us in terms of driving monetization across the board and increasing the take rate. Other than that, we're really just looking at category by category and making sure that we're competitive.

Ed，我可能會向您指出史蒂夫所說的關於廣告的內容，這是我們推動全面貨幣化和提高獲取率的主要載體。除此之外，我們實際上只是逐個類別地查看並確保我們具有競爭力。

Your next question comes from the line of Tom Champion from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Tom Champion。

Jamie, I'm wondering if you could talk a little bit about the impact on buyer activity from video content and video added to listings. And then, Steve, maybe just a quick one for you. Not to beat a dead horse on managed payments and the take rate, but notice the transaction take rate remained flat quarter-over-quarter. 3Q to 4Q, all else equal, I would think that would go up a little bit. Is that kind of evidence of offering a discount or lower core transaction take rate in some categories or a function of mix? Just curious if you could discuss that result a little bit.

Jamie，我想知道您能否談談視頻內容和添加到列表中的視頻對買家活動的影響。然後，史蒂夫，也許對你來說只是一個快速的。不要在管理支付和收取率上打死馬，但請注意交易收取率與上一季度持平。 3Q 到 4Q，在其他條件相同的情況下，我認為會上升一點。這種證據是在某些類別中提供折扣或較低的核心交易費率還是混合功能？只是好奇你是否可以討論一下這個結果。

Yes, Tom. So on the videos, what I would say it's very, very early days. So we just rolled out the feature. Excited about it from 2 elements, though. One is excited for our eBay store sellers that they can now build a video to tell their story. One of the unique parts of eBay is it's not just a transactional model. So if you look at some of these models, your brand doesn't meet a whole lot. At eBay, we let the seller really build the brand and have access to 160 million buyers. And so that, I think, will be really powerful as more and more sellers adopt it.

是的，湯姆。所以在視頻中，我想說的是非常非常早的日子。所以我們剛剛推出了這個功能。不過，從 2 個元素對它感到興奮。有人為我們的 eBay 商店賣家感到興奮，他們現在可以製作視頻來講述他們的故事。 eBay 的獨特之處之一是它不僅僅是一種交易模式。因此，如果您查看其中一些模型，您的品牌並不能滿足很多需求。在 eBay，我們讓賣家真正打造品牌，並接觸到 1.6 億買家。因此，我認為，隨著越來越多的賣家採用它，它會變得非常強大。

The same thing is true for our listings and bringing video across the platform. One is it just makes the engagement of the platform much more compelling. I think about an oboe I recently bought them a platform of 2 quarters ago from my daughter. It was great, lots of pictures and lots of description, but god, a video and being able to hear it would have been even more compelling. You could think about that in a lot of categories.

我們的列表和跨平台帶來視頻也是如此。一是它只會讓平台的參與度更加引人注目。我想到了一個雙簧管，我最近在 2 個季度前從我女兒那裡買了一個平台。很棒，有很多圖片和很多描述，但是上帝，一個視頻並且能夠聽到它會更加引人注目。您可以在很多類別中考慮這一點。

So it's really early days. We're just adopting it for our API-based sellers and moving into our core listing flows. But we think over the coming quarters and years, it'll be an exciting new element for us on eBay.

所以現在還為時過早。我們只是將它用於我們基於 API 的賣家並進入我們的核心列表流程。但我們認為，在接下來的幾個季度和幾年裡，這將是 eBay 上令人興奮的新元素。

Tom, with regards to the payments take rate, great question. What I'd say is we were essentially complete as we entered the fourth quarter of last year with regards to the payments migration, as we talked about. Fantastic work by the team. And so on the basis of that and the fact that, as you put it, you got a bit of seasonality in there and category mix. So nothing to see there. It's just a function of those 2 items.

湯姆，關於支付率，很好的問題。我想說的是，正如我們所談到的，當我們進入去年第四季度的支付遷移時，我們基本上已經完成了。團隊的出色工作。因此，在此基礎上，正如你所說的那樣，你在那裡有一些季節性和類別組合。所以那裡沒什麼可看的。這只是這兩個項目的功能。

Your next question is from Brian Fitzgerald from Wells Fargo.

您的下一個問題來自富國銀行的 Brian Fitzgerald。

A little bit about growth in preowned, particularly among young buyers and the sustainability push across the company. Just wondering if you could talk a little bit more about the sustainability vision, how that aligns with your younger buyer cohorts, anything you could tell us about kind of brand awareness and association with that sustainability focus among younger users, growth in those younger cohorts.

關於二手車的增長，特別是在年輕買家中，以及整個公司的可持續發展推動力。只是想知道您是否可以更多地談談可持續發展願景，它如何與您的年輕買家群體保持一致，您可以告訴我們任何關於品牌知名度和與年輕用戶關注可持續發展的關聯，這些年輕群體的增長。

Yes. Great. So even really pioneered e-commerce, and I think the strategy we laid out last July of leaning into e-commerce, is leaning into right where the next generation is going. And I'm really happy because not only leading into where Gen Z is, but we're keeping products in circulation, keeping them out of the landfill.

是的。偉大的。因此，即使是真正開創性的電子商務，我認為我們去年 7 月制定的傾向於電子商務的戰略，正朝著下一代的方向發展。我真的很高興，因為不僅可以進入 Z 世代，而且我們還讓產品保持流通，讓它們遠離垃圾填埋場。

We did a survey recently, and 87% of respondents said they had sold preowned goods in the last 12 months. And it's really important to Gen Z because it plays a huge role in their experience. 81% of Gen Z said that buying preowned items has become more common for them in the last year. So we feel great from a business perspective, but also from an ESG perspective.

我們最近做了一項調查，87% 的受訪者表示他們在過去 12 個月內出售過二手商品。這對 Z 世代來說非常重要，因為它在他們的體驗中扮演著重要角色。 81% 的 Z 世代表示，去年購買二手物品對他們來說變得更加普遍。因此，無論從業務角度還是從 ESG 角度來看，我們都感覺很棒。

If you think about what e-commerce does, we just made the Dow Jones Sustainability World in North America indices for the third year in a row. I talked about some of the other recognition that we had as an organization. We've saved hundreds of millions of dollars in terms of emissions, just in apparel and preloved electronics. So from an ESG standpoint, we think ESG is so core to what eBay does, that we should be in every ESG fund. So both from a business and an ESG standpoint, we think we're leaning into a great vector of growth.

如果您考慮一下電子商務的作用，我們剛剛連續第三年在北美髮佈道瓊斯可持續發展世界指數。我談到了我們作為一個組織所獲得的其他一些認可。我們已經在排放方面節省了數億美元，僅在服裝和受歡迎的電子產品方面。因此，從 ESG 的角度來看，我們認為 ESG 對 eBay 的工作至關重要，我們應該在每個 ESG 基金中參與其中。因此，無論從業務角度還是 ESG 角度來看，我們都認為我們正傾向於一個巨大的增長載體。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝你。女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。