eBay Inc (EBAY) 2025 Q3 法說會逐字稿

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

大家好。我叫萊拉，今天我將擔任你們的會議接線生。此時此刻，我謹代表 eBay 宣布 2025 年第三季財報電話會議正式召開。（操作說明）

At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.

此時，我想把電話交給投資人關係副總裁約翰‧艾格伯特。

Good afternoon. Thank you all for joining us for eBay's third-quarter 2025 earnings conference call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Peggy Alford, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

午安.感謝各位參加 eBay 2025 年第三季財報電話會議。今天與我一起參加電話會議的有我們的執行長 Jamie Iannone 和我們的財務長 Peggy Alford。我們將在電話會議期間提供幻燈片演示文稿，以配合我們的評論，該演示文稿可透過 eBay 網站投資者關係部分 investors.ebayinc.com 取得。

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

在會議開始之前，我要提醒各位，在本次電話會議期間，我們將討論一些與我們績效相關的非GAAP指標。您可以在我們的配套投影片簡報中找到這些指標與最接近的可比較 GAAP 指標的對照表。此外，除非另有說明，我們在準備的發言稿中提到的所有增長率均反映按匯率不變的同比比較，所有每股收益金額均反映稀釋後每股收益。

During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties.

在本次電話會議中，管理階層將發表前瞻性聲明，包括但不限於有關我們未來業績和預期財務結果的聲明。這些前瞻性陳述涉及已知和未知的風險和不確定性。

Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q and our earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of October 29, 2025. We do not intend and undertake no duty to update this information.

由於各種原因，我們的實際結果可能與預測結果有重大差異。您可以在我們最新的 10-K 表格、10-Q 表格定期報告以及今天早些時候發布的收益報告中找到有關風險、不確定性和其他可能影響我們經營業績的因素的更多資​​訊。您不應依賴任何前瞻性陳述。本簡報中的所有資訊截至 2025 年 10 月 29 日。我們不打算也不承擔更新此資訊的義務。

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

接下來，我會把電話交給傑米。

Thanks, John. Good afternoon and thank you all for joining us today. I'm pleased to report we delivered better-than-expected results across our key financial metrics in Q3. Our gross merchandise volume grew 8% to $20.1 billion. Revenue increased by over 8% to $2.82 billion, and our non-GAAP earnings per share grew over 14% year-over-year to $1.36. We achieved these strong top and bottom line results amid continued macroeconomic challenges across our international markets and increased headwinds for cross-border trade into the US.

謝謝你，約翰。下午好，感謝各位今天蒞臨。我很高興地報告，我們在第三季各項關鍵財務指標均取得了超出預期的成績。我們的商品交易總額增加了 8%，達到 201 億美元。營收成長超過 8%，達到 28.2 億美元；非 GAAP 每股盈餘較去年同期成長超過 14%，達到 1.36 美元。儘管國際市場持續面臨宏觀經濟挑戰，跨境貿易進入美國也面臨越來越大的阻力，但我們仍然取得如此強勁的營收和利潤表現。

Now let's go deeper into the key drivers behind our strong Q3 performance. Focus category GMV growth accelerated to over 15% in Q3, outpacing the remainder of our marketplace by roughly 11 percentage-points. This growth was broad-based as all of our focus categories grew positively year-over-year with most accelerating sequentially. Although we expect the level of growth in focus categories to normalize in the near future, our momentum speaks to the level of innovation we've driven for customers and the increased likelihood that enthusiasts consider eBay when shopping in these categories.

現在讓我們深入探討第三季強勁業績背後的關鍵驅動因素。第三季度，重點品類 GMV 成長加速至 15% 以上，比我們市場的其他品類成長快了約 11 個百分點。這一增長是全面性的，我們所有重點類別都實現了同比增長，其中大多數類別環比增長加速。儘管我們預計重點類別的成長水平將在不久的將來趨於正常，但我們的發展勢頭表明我們為客戶帶來的創新水平，以及愛好者在購買這些類別的商品時更有可能考慮 eBay。

Within our focus categories, collectibles was the largest contributor to growth, driven by another quarter of accelerating year-over-year GMV growth in both collectible card games and sports trading cards. Our off-platform marketplaces, TCGplayer and Goldin also saw GMV accelerate sequentially. Pokemon GMV grew in the triple digits year-over-year for the third straight quarter, benefiting from a strong product release cadence. We believe our continued momentum in trading cards is a direct result of the trust and innovation we've driven for hobbyists in recent years with features like My Collection, AI-powered listing tools, authentication and grading, consignment partnerships and integrated PSA population data.

在我們重點關注的類別中，收藏品是成長的最大貢獻者，這得益於收藏卡遊戲和體育交易卡的GMV同比增速連續第二個季度加速增長。我們的場外交易平台 TCGplayer 和 Goldin 的 GMV 也實現了環比成長。寶可夢遊戲商品交易總額連續第三個季度年增三位數，這得益於強勁的產品發布節奏。我們相信，我們在交易卡領域的持續發展勢頭，直接源於我們近年來透過「我的收藏」、人工智慧驅動的商品上架工具、鑑定和評級、寄售合作關係以及整合的 PSA 人口數據等功能，為業餘愛好者帶來的信任和創新。

We've added new ways to buy and connect with other enthusiasts through eBay Live. We've also benefited from a consistent drumbeat of activations at major tentpole events like New York Comic Con and the National Card Collectors Convention, where we had our biggest presence ever this year. While we do not expect GMV growth in this category to be linear every quarter, particularly as we face more challenging comps starting in Q4, we are confident in a long runway for secular growth in trading cards.

我們透過 eBay Live 新增了購買和與其他愛好者交流的新方式。我們也受益於在紐約動漫展和全國卡片收藏家大會等大型活動中持續不斷的推廣活動，今年我們在全國卡片收藏家大會上的參與度達到了歷史最高水平。雖然我們預計該類別的 GMV 成長不會每季都呈線性成長，尤其是在第四季開始面臨更具挑戰性的同店銷售競爭的情況下，但我們對交易卡的長期成長充滿信心。

Motor parts and accessories, or P&A, was our second largest contributor to GMV growth in Q3, generating more than 1 point for the overall marketplace. The introduction of easy and free returns in the US continued to build upon our trusted value proposition in P&A, while the cost and return rates for this program are well within our forecasted ranges. We continue to expand choice and selection in key inventory segments such as salvage and used parts, which help consumers find value at a time when many are stretched financially. Overall, we have over 750 million live P&A listings, which enables us to offer the largest online selection of unique auto parts and accessories in most of our major markets.

汽車零件及配件（P&A）是第三季 GMV 成長的第二大貢獻者，為整個市場貢獻了超過 1 個百分點。在美國推出的便捷免費退貨政策進一步鞏固了我們在產品與應用領域值得信賴的價值主張，同時該計劃的成本和退貨率也完全在我們預測的範圍內。我們不斷擴大關鍵庫存領域的選擇範圍，例如殘次品和二手零件，這有助於消費者在經濟拮据的時候找到物有所值的產品。總體而言，我們擁有超過 7.5 億個即時 P&A 商品訊息，這使我們能夠在大多數主要市場中提供最大的線上獨特汽車零件和配件選擇。

Fashion was another notable driver of GMV growth in Q3, led by our luxury, streetwear and preloved apparel focus categories. In Q3, we reinforced our commitment to the circular economy through a collaboration with Marks & Spencer, one of the UK's most iconic retail brands. UK consumers can now drop off used clothing at Marks & Spencer stores and give those items a second life through resale on eBay. The program keeps quality fashion in circulation by repairing, cleaning and reselling wearable items and responsibly recycling the rest. We're excited by the potential of this partnership to unlock more preloved clothing on eBay, extend the lifespan of high-quality products and raise awareness of our growing role in driving the circular economy.

第三季度，時尚是推動 GMV 成長的另一個顯著因素，其中奢侈品、街頭服飾和二手服飾等重點品類表現突出。第三季度，我們透過與英國最具代表性的零售品牌之一瑪莎百貨的合作，加強了我們對循環經濟的承諾。英國消費者現在可以將舊衣服送到瑪莎百貨商店，並透過在 eBay 上轉售，讓這些衣物獲得第二次生命。該計劃透過修理、清潔和轉售可穿戴物品，並負責任地回收其餘物品，使優質時尚產品得以流通。我們對此次合作的潛力感到興奮，它有望在 eBay 上推出更多二手服裝，延長優質產品的使用壽命，並提高人們對我們在推動循環經濟方面日益增長的作用的認識。

In September, we expanded our authenticity guarantee program in the UK to cover 70 luxury and premium brands in apparel, shoes and accessories, building upon our existing offerings in sneakers, watches, handbags and fine jewelry. This makes the UK our first market where luxury items can be authenticated from head to toe, reducing buyer friction and unlocking more high-value transactions across premium brands.

9 月，我們擴大了在英國的真品保證計劃，涵蓋了 70 個奢侈和高端品牌的服裝、鞋履和配飾，此前我們已在運動鞋、手錶、手提包和高級珠寶領域提供此類服務。這使得英國成為我們第一個可以對奢侈品進行從頭到腳鑑定的市場，從而減少買家的摩擦，並促進高端品牌的更多高價值交易。

eBay Live continues to build momentum with consistent quarter-over-quarter growth across every major key performance indicator we track, including viewers, watch time, sold items and GMV. In recent weeks, eBay Live's annual GMV run rate was up approximately 5 times year-over-year. We've created more personalized entry points into eBay Live across our homepage, search and view item pages, making it easier for our scaled buyer base to discover and join live shopping events that speak directly to their passions.

eBay Live 持續保持成長勢頭，我們追蹤的各項主要關鍵績效指標均實現了季度環比持續增長，包括觀眾人數、觀看時長、售出商品數量和 GMV。最近幾週，eBay Live 的年度 GMV 運行率比去年同期增長了約 5 倍。我們在首頁、搜尋和查看商品頁面上創建了更多個人化的 eBay Live 入口，使我們龐大的買家群體更容易發現並參與直接符合他們興趣的即時購物活動。

In Q3, we hosted some incredible eBay Live shopping events in the US. The Backstreet Boys joined Paradise Card Breaks at the eBay Open in Las Vegas. We had Milwaukee Bucks superstar, Giannis Antetokounmpo and his brothers joined Ken, Goldin for a memorable event at the National. Ken also teamed up with Logan Paul for a high-end sports card box break, which drew approximately 20,000 viewers over a multi-hour stream.

第三季度，我們在美國舉辦了一些非常精彩的 eBay Live 購物活動。後街男孩參加了在拉斯維加斯舉行的 eBay 公開賽，並與 Paradise Card Breaks 進行了互動。我們邀請到了密爾瓦基公鹿隊的超級巨星揚尼斯·安特托昆博和他的兄弟們，與肯·戈爾丁一起參加了在國家體育館舉行的一場令人難忘的活動。Ken 還與 Logan Paul 合作進行了高端體育卡盒拆封活動，在長達數小時的直播中吸引了約 20,000 名觀眾。

eBay Live is also gaining strong traction in the UK following its formal launch in May at Comic Con London. Since then, we've seen a consistent cadence of exciting live shopping events from a Love Island Charity Auction stream and eBay's Endless Runway event at London Fashion Week to Pokemon weekend and new channels for toys and memorabilia. In September, SharkNinja also hosted our first refurbished appliance sales event with great success. It's exciting to see how quickly eBay Live is building cultural relevance and meaningful engagement with enthusiasts across the UK.

eBay Live 在英國也獲得了強勁的發展勢頭，自 5 月在倫敦動漫展上正式推出以來，該服務一直備受關注。從那以後，我們看到了一系列令人興奮的現場購物活動，從《愛情島》慈善拍賣直播和 eBay 在倫敦時裝週舉辦的「無盡T台」活動，到寶可夢週末以及玩具和紀念品的新頻道。9 月，SharkNinja 也成功舉辦了第一屆翻新家電銷售活動。令人興奮的是，eBay Live 正在迅速建立與英國各地愛好者之間的文化關聯和有意義的互動。

Overall, we're thrilled by the response we're seeing from sellers and buyers on eBay Live and see significant potential for live commerce to become a strategic growth vector for our marketplace.

總的來說，我們對 eBay Live 上賣家和買家的反應感到非常興奮，並看到了即時交易成為我們市場策略成長方向的巨大潛力。

Improvements to our consumer-to-consumer or C2C value proposition in key geographies represent another strategic growth vector for our business. One year after we launched our UK C2C initiative, we continue to see compelling results. In the first half of 2025, we saw UK C2C GMV growth remain well above our prelaunch baseline as we introduced a buyer-facing fee and ramped adoption of our managed shipping program, which streamlines the shipping process, reduces cost and improves trust.

在重點地區改善我們的消費者對消費者（C2C）價值主張，代表我們業務的另一個策略成長方向。在我們推出英國 C2C 計畫一年後，我們繼續看到令人矚目的成果。2025 年上半年，我們看到英國 C2C GMV 成長遠高於我們推出前的基準，因為我們引入了面向買家的費用，並加快了我們管理式運輸計劃的採用，該計劃簡化了運輸流程，降低了成本，提高了信任度。

In Q3, we introduced additional C2C changes, including faster payouts for long-tenured sellers, greater transparency into all-in pricing when sellers are listing items and negotiating offers and more competitive terms for items priced below GBP20. As a result, we saw UK customer satisfaction improve notably alongside accelerating year-over-year GMV growth during the quarter. We recently added shipping support for bulky and heavy items through DHL, and we exited Q3 with the majority of UK C2C transactions utilizing our managed shipping program, which is now mandated for all eligible items.

第三季度，我們推出了更多 C2C 變更，包括加快長期賣家的付款速度，提高賣家在列出商品和協商報價時的全包價格透明度，以及為價格低於 20 英鎊的商品提供更具競爭力的條款。因此，我們看到英國客戶滿意度在本季顯著提高，同時GMV年成長也加快。我們最近透過 DHL 增加了對大件和重型物品的運輸支持，第三季末，英國大部分 C2C 交易都採用了我們的管理式運輸計劃，該計劃現在已成為所有符合條件的物品的強制性要求。

Earlier this month, we closed the acquisition of Tise, a leading social marketplace in the Nordics focused on pre-loved fashion and lifestyle goods. Tise has built a highly engaged Gen Z and millennial community and a strong track record in social community-led commerce. This acquisition strengthens our leadership in the circular economy, increases our presence in the Nordic markets and accelerates our work to make consumer selling more seamless, trusted and scalable. I'm excited to welcome the Tise team to eBay, and I look forward to our teams learning from each other as we drive innovation for fashion enthusiasts and accelerate the circular economy.

本月初，我們完成了對 Tise 的收購，Tise 是北歐領先的社交市場，專注於二手時尚和生活風格商品。Tise 已經建立了一個高度活躍的 Z 世代和千禧世代社區，並在社交社區主導的商業領域擁有良好的業績記錄。此次收購鞏固了我們在循環經濟領域的領先地位，擴大了我們在北歐市場的份額，並加快了我們使消費者銷售更加順暢、值得信賴和可擴展的工作。我很高興歡迎 Tise 團隊加入 eBay，並期待我們的團隊互相學習，共同推動時尚愛好者的創新，加速循環經濟發展。

Our years of investment in artificial intelligence have enabled us to leverage our scale and three decades of commercially relevant data and insights to transform the eBay experience for customers. In recent years, we've utilized generative AI to dramatically improve the selling experience on eBay through progressive iterations of our magical listing technology. In addition to selling, we've been testing a variety of agentic experiences in search and shopping to learn how buyers and sellers engage with AI at different phases of the customer journey. This includes both on eBay agentic experiences like our AI shopping agent pilot and third-party agents from companies like OpenAI.

多年來我們對人工智慧的投資使我們能夠利用自身規模和三十年來累積的商業相關數據和洞察力，來改變 eBay 的客戶體驗。近年來，我們利用生成式人工智慧，透過不斷迭代我們神奇的商品刊登技術，大大改善了 eBay 上的銷售體驗。除了銷售之外，我們還在搜尋和購物中測試了各種代理體驗，以了解買家和賣家在客戶旅程的不同階段如何與人工智慧互動。這包括 eBay 上的代理商體驗（例如我們的 AI 購物代理商試點專案）以及來自 OpenAI 等公司的第三方代理商。

Our AI shopping agent has given buyers a new way to shop across our inventory with personalized product picks and expert guidance based on their individual shopping preferences. As the pilot has progressed, we've significantly improved the underlying technology powering the experience. For example, we were able to build hyper-optimized large language models in-house that perform specific shopping agent tasks at lower latency and for significantly reduced cost versus commercial models.

我們的人工智慧購物助理為買家提供了一種全新的購物方式，可以根據他們的個人購物偏好提供個人化的產品推薦和專家指導，讓他們能夠瀏覽我們所有的庫存商品。隨著試點計畫的推進，我們顯著改善了支撐該體驗的底層技術。例如，我們能夠自主建立高度最佳化的大型語言模型，與商業模型相比，這些模型能夠以更低的延遲和顯著降低的成本執行特定的購物代理任務。

With these learnings and efficiency improvements, we're now poised to gradually bring agentic capabilities into the core of eBay's business through the main search experience over the coming quarters. Our early learnings have also guided the development of our unified agentic commerce platform, which integrates our hybrid cloud infrastructure, large language model ecosystem, our model context protocol server and other agentic protocols with our proprietary data layer.

憑藉這些經驗和效率提升，我們現在準備在接下來的幾個季度裡，透過主要的搜尋體驗，逐步將代理功能引入 eBay 業務的核心。我們早期的經驗也指導了我們統一代理商務平台的開發，該平台將我們的混合雲基礎設施、大型語言模型生態系統、模型上下文協定伺服器和其他代理協定與我們專有的資料層整合在一起。

This platform enables a fully connected experience between eBay agents and generalized third-party agents from companies like OpenAI, which allows us to service the most personalized and relevant products to shoppers in real time based on our 30 years of listings, pricings, transactions and behavior signals. We believe this platform will enable us to deliver more personalized, seamless and trusted experiences for eBay buyers regardless of where they started their shopping journey. With these capabilities now in place, we are well positioned to continue improving the on-eBay experience with agentic tools, touching more of the end-to-end shopping journey, but also connect to compelling third-party agentic experiences.

該平台實現了 eBay 代理商與 OpenAI 等公司的通用第三方代理商之間的完全互聯體驗，使我們能夠根據 30 年的商品清單、定價、交易和行為訊號，即時為購物者提供最個人化和最相關的產品。我們相信，無論 eBay 買家從哪裡開始購物之旅，這個平台都將使我們能夠為他們提供更個人化、無縫且值得信賴的體驗。憑藉這些能力，我們能夠更好地利用代理商工具繼續改善 eBay 上的購物體驗，涵蓋更多端到端的購物流程，同時也能與引人入勝的第三方代理體驗連結。

I'm also excited to see how easy and seamless it is to shop on eBay using the iPhone camera after our recent integration into Apple's visual intelligence feature in iOS 26. Now when a user takes a photo or screenshot of a product they like to shop for online, they can quickly surface relevant listings on eBay, helping more iOS users discover our breadth and depth of unique inventory through an intuitive experience. iPhone users can also take advantage of a great new feature for auctions after we launched live activities functionality on iOS in September, which gives bidders real-time updates directly on their phone's lock screen during the final 10 minutes of an eBay auction. This engaging feature has seen click-through rates more than 4 times higher than our standard push notifications for auction listings, helping ensure buyers never miss a chance to bid on their next great eBay find.

我也很興奮地看到，在我們最近將 iPhone 相機整合到 iOS 26 的 Apple 視覺智慧功能之後，使用 iPhone 相機在 eBay 上購物是多麼輕鬆便捷。現在，當用戶拍攝或截圖他們想在網上購買的商品時，他們可以快速在 eBay 上找到相關的商品列表，從而幫助更多 iOS 用戶透過直覺的體驗發現我們豐富多樣的獨特庫存。此外，iPhone 用戶還可以體驗一項強大的全新拍賣功能：我們在 9 月為 iOS 系統推出了即時活動功能，在 eBay 拍賣的最後 10 分鐘，競標者可以直接在手機鎖定螢幕上即時查看拍賣動態。這項引人入勝的功能點擊率比我們標準的拍賣商品推播通知高出 4 倍以上，有助於確保買家不會錯過競標一個 eBay 心儀商品的機會。

Connections between buyers and sellers have always been at the heart of eBay's marketplace. And now we're using AI to make those interactions faster and easier to manage. In Q3, we rolled out an AI assistant for member-to-member messaging across the US, UK and Australia. This tool takes information from the listing details to provide immediate high-quality suggested answers to buyer inquiries, enabling quicker responses. Sellers have told us this feature has been extremely helpful in answering buyer questions promptly, giving them more time to list items and grow their businesses on eBay.

買家和賣家之間的聯繫一直是 eBay 市場的核心。現在我們正在利用人工智慧來加快這些互動速度，並使其更容易管理。第三季度，我們在美國、英國和澳洲推出了會員間訊息傳遞的 AI 助理。該工具從商品詳情中提取信息，為買家的詢問提供即時的高品質建議答案，從而實現更快的回應。賣家告訴我們，這項功能對於及時回答買家問題非常有幫助，讓他們有更多時間上架商品，並在 eBay 上發展業務。

Within member-to-member messaging, we've also rolled out a fully integrated offers experience directly into the messaging flow for customers in the US, Germany and Australia. This means buyers and sellers can now negotiate offers, view their full offer history and execute counter offers without ever leaving the conversation thread, reducing friction and driving improved sales velocity. With each successive quarter, AI is becoming more embedded throughout the eBay experience. As we build on this progress, we believe AI will continue to make eBay simpler, more personal and more connected for every user.

在會員間訊息傳遞方面，我們也為美國、德國和澳洲的客戶推出了完全整合的優惠體驗，直接將其融入訊息傳遞流程中。這意味著買賣雙方現在可以協商報價、查看完整的報價歷史記錄並執行還價，而無需離開對話線程，從而減少摩擦並提高銷售速度。隨著每季的推進，人工智慧正越來越深入 eBay 的用戶體驗。隨著我們不斷取得進展，我們相信人工智慧將繼續使 eBay 對每位使用者而言更簡單、更個人化、更緊密地連結在一起。

Moving to advertising. In Q3, first-party advertising revenue on the eBay platform grew nearly 23%, driven by broad-based growth across our ads portfolio. Active Promoted Listings comprised nearly 1.2 billion of more than 2.4 billion total listings on eBay, while over 4.4 million sellers adopted at least a single Promoted Listings product during the quarter. Promoted Listings general ads were the largest contributor to the year-over-year ad revenue growth in Q3, followed by PL Priority placements, Promoted Offsite ads and Promoted Stores units.

接下來是廣告部分。第三季度，eBay 平台的第一方廣告收入成長了近 23%，這主要得益於我們廣告組合的全面成長。在 eBay 上超過 24 億個商品清單中，活躍推廣商品清單佔比近 12 億個；同時，超過 440 萬賣家在本季度至少採用了一種推廣商品清單產品。第三季度，推廣名單一般廣告對廣告收入年增率貢獻最大，其次是PL優先展示位、站外推廣廣告和推廣店舖單位。

We continue to leverage our proprietary AI capabilities to enhance advertising performance. For instance, we recently launched a new multimodal embedding model on view item pages to deliver more relevant recommendations to buyers. This model led to a measurable uplift in Promoted Listings revenue by leveraging the listings imagery in addition to its title and other listings details to surface higher-quality recommendations.

我們將繼續利用我們專有的AI技術來提升廣告效果。例如，我們最近在商品詳情頁上推出了新的多模態嵌入模型，以便為買家提供更相關的推薦。該模型利用房源圖片以及標題和其他房源詳情來展示更高品質的推薦，從而顯著提高了推廣房源的收入。

In Financial Services, we reached a major milestone for our Seller Capital program in Q3. Since the inception of this program in 2021, more than $1 billion in growth capital has been dispersed to eBay sellers across the US, UK and Germany through our financing partners, including more than $200 million through the first three quarters of 2025. Many sellers have told us this additional working capital has made a significant difference in their ability to invest in inventory, people and technology to grow their businesses on eBay.

在金融服務領域，我們的賣方資本計畫在第三季取得了重大的里程碑進展。自 2021 年該計畫啟動以來，透過我們的融資合作夥伴，已向美國、英國和德國的 eBay 賣家發放了超過 10 億美元的成長資金，其中包括到 2025 年前三個季度發放的超過 2 億美元。許多賣家告訴我們，這筆額外的營運資金大大提高了他們在 eBay 上投資庫存、人員和技術的能力，從而發展了他們的業務。

Turning next to our shipping initiatives, which have become a critical strategic imperative in today's increasingly complex environment for cross-border trade. The recent elimination of the de minimis exemption for imports under $800 has created incremental cost and friction for cross-border trade into the US. To help our sellers and buyers navigate these challenges, we meaningfully accelerated our multiyear product road map for shipping solutions.

接下來談談我們的航運舉措，在當今日益複雜的跨境貿易環境中，航運已成為一項至關重要的戰略要務。最近取消了對價值低於 800 美元的進口商品的最低限額豁免，這為跨境進入美國的貿易帶來了額外的成本和摩擦。為了幫助我們的賣家和買家應對這些挑戰，我們大幅加快了多年期物流解決方案產品路線圖的推進。

In October, we launched eBay International Shipping in Canada, our third largest quarter for US imports after Greater China and Japan. This rollout brings the best parts of the US program to both business and consumer sellers in Canada, along with additional capabilities like delivery duties paid functionality and automated application of country of origin data.

10 月，我們在加拿大推出了 eBay 國際運輸服務，這是我們繼大中華區和日本之後，美國進口業務的第三大季度。此次推廣將美國計畫的精華部分帶給加拿大的企業和消費者賣家，並增加了諸如完稅交貨功能和原產國數據自動應用等額外功能。

In Q4, we also began enabling business sellers in Germany to access SpeedPAK, an end-to-end cross-border shipping solution offered through a joint venture, which is already available to sellers in Greater China and Japan. SpeedPAK automates customs documentation and tariff calculations, helping sellers manage new trade requirements with greater efficiency. By simplifying compliance and improving delivery time predictability, SpeedPAK strengthens the resilience of cross-border trade on eBay and ensures buyers continue to receive a reliable shopping experience with transparent duties.

第四季度，我們也開始讓德國的企業賣家能夠使用 SpeedPAK，這是一種透過合資企業提供的端到端跨境運輸解決方案，目前大中華區和日本的賣家已經可以使用該解決方案。SpeedPAK 可自動處理海關文件和關稅運算，協助賣家更有效率地管理新的貿易要求。SpeedPAK 透過簡化合規流程和提高交貨時間的可預測性，增強了 eBay 跨境貿易的韌性，並確保買家繼續獲得可靠的購物體驗和透明的關稅。

As we advance our strategic initiatives, we're equally focused on fostering the culture and talent that makes this progress possible. I'm proud that our dedication to building an inclusive workplace environment continues to be recognized externally. eBay has been named one of Forbes America's Best Employers for Company Culture, one of Time World's Best Companies and one of Newsweek America's Greatest Companies for 2025. These acknowledgments reaffirm our efforts to foster a positive, high-performing culture that attracts and retains some of the best talent in the industry.

在推動策略舉措的同時，我們也同樣注重培養使這些進展成為可能的文化和人才。我為我們致力於打造包容性工作場所環境的努力持續獲得外界認可而感到自豪。 eBay 被《富比士》評為美國最佳企業文化雇主之一，並被《時代》雜誌評為全球最佳公司之一，並被《新聞周刊》評為 2025 年美國最偉大公司之一。這些認可再次肯定了我們為營造積極向上、高效卓越的企業文化所做的努力，這種文化能夠吸引並留住業內一些最優秀的人才。

In closing, Q3 was another strong quarter for eBay, underscoring the momentum in our strategy and the resilience of our marketplace. Our focused categories continue to drive significant growth for our overall marketplace, driven by continued innovation, trusted experiences and increased selection for enthusiasts worldwide. Our agentic commerce platform opens up entirely new opportunities for eBay by enabling connectivity between on eBay and third-party agents to facilitate personalized conversational shopping experiences that bring eBay's unique inventory and trust to wherever buyers begin their search. AI also continues to make selling on eBay more seamless and efficient from our magical listing technology to our new member-to-member messaging tools that help sellers manage buyer inquiries in real time.

綜上所述，第三季度對 eBay 而言又是強勁的一個季度，凸顯了我們策略的勢頭和我們市場的韌性。我們重點關注的品類持續推動著我們整體市場的顯著成長，這得益於持續的創新、值得信賴的體驗以及為全球愛好者提供的更多選擇。我們的代理商務平台為 eBay 開闢了全新的機遇，它實現了 eBay 與第三方代理商之間的連接，從而促進了個性化的對話式購物體驗，將 eBay 獨特的庫存和信譽帶到買家開始搜索的任何地方。從我們神奇的商品刊登技術到幫助賣家即時管理買家諮詢的全新會員間訊息工具，人工智慧也持續讓在 eBay 上銷售商品變得更加順暢高效。

I'm incredibly excited about our expansion of eBay Live into new European markets, which builds upon the tremendous momentum we're seeing in the US as we bring live community-driven commerce to more enthusiasts.

我非常興奮地看到 eBay Live 擴展到新的歐洲市場，這建立在我們在美國看到的巨大發展勢頭之上，我們將實時社區驅動的商務活動帶給更多愛好者。

Lastly, our investments in global shipping services are not only helping us support sellers in the current environment, but are accelerating our road map to make cross-border trade more frictionless, which can drive more velocity for consumers and small businesses around the world.

最後，我們對全球航運服務的投資不僅有助於我們在當前環境下支持賣家，而且還在加速我們實現跨境貿易更加順暢的路線圖，這可以為世界各地的消費者和小型企業帶來更大的便利。

Together, these investments keep eBay well positioned for continued long-term sustainable growth as we reinvent the future of e-commerce for enthusiasts.

這些投資將使 eBay 保持良好的發展勢頭，為愛好者重塑電子商務的未來，從而實現持續的長期永續成長。

With that, I'll turn the call over to Peggy, who will provide more details on our financial performance and outlook. Peggy, over to you.

接下來，我將把電話交給佩吉，她將詳細介紹我們的財務表現和前景。佩吉，該你了。

Thank you, Jamie. I will begin with the financial highlights of the third quarter. GMV grew 8% to $20.1 billion. Revenue grew over 8% to $2.82 billion. Our non-GAAP operating income grew 9% year-over-year to $764 million. Non-GAAP earnings per share grew over 14% year-over-year to $1.36, and we returned approximately $760 million to shareholders through repurchases and cash dividends.

謝謝你，傑米。我將首先介紹第三季的財務亮點。GMV成長8%，達201億美元。營收成長超過 8%，達到 28.2 億美元。我們的非GAAP營業收入年增9%，達到7.64億美元。非GAAP每股盈餘年增超過14%，達到1.36美元，我們透過股票回購和現金分紅向股東返還了約7.6億美元。

Let's take a closer look at our financial and operating metrics for the third quarter. GMV grew 8% to $20.1 billion on an FX-neutral basis, accelerating by roughly 4 points sequentially. Our growth in Q3 was primarily attributable to our focus categories and overall strength in the US market, partially offset by a relatively more challenging macro environment internationally and changes to US trade policy, including the elimination of de minimis exemption globally in late August. Foreign exchange provided a tailwind of approximately 180 basis points to spot GMV growth. Focus categories grew over 15% in Q3 with all focus categories contributing to our total growth from collectibles to P&A, luxury, refurbished, apparel and sneakers. In our US market, GMV growth accelerated to nearly 13%, driven by broad-based strength across categories and by increases in both sold items and average selling price.

讓我們仔細看一下第三季的財務和營運指標。以匯率中立計算，GMV成長8%至201億美元，季增約4個百分點。第三季的成長主要歸功於我們的重點品類和美國市場的整體強勁表現，但部分被相對更具挑戰性的國際宏觀環境和美國貿易政策的變化所抵消，其中包括8月下旬在全球範圍內取消最低限度豁免。外匯匯率對現貨 GMV 成長提供了約 180 個基點的順風。第三季重點品類成長超過 15%，所有重點類別均對我們的整體成長做出了貢獻，涵蓋收藏品、P&A、奢侈品、翻新產品、服裝和運動鞋等。在美國市場，GMV 成長加速至近 13%，這得益於各品類的全面強勁成長以及商品銷售和平均售價的上漲。

In addition to overall strength in the US market, our GMV growth continued to benefit from tailwinds like our Klarna partnership and efficiency and lower funnel marketing spend. Because GMV is reported based on the location of the seller, the delta between US and international GMV growth was also influenced by demand shifting toward domestic sellers due to tariffs. International GMV grew nearly 4% on an FX-neutral basis with foreign exchange providing a tailwind of 350 basis points to spot growth. Despite facing relatively more challenging macroeconomic conditions outside of the US in Q3, our international GMV growth also improved sequentially.

除了美國市場的整體強勁表現外，我們的 GMV 成長也持續受益於 Klarna 合作、效率提升以及更低的行銷漏斗支出等利多因素。由於 GMV 是根據賣家所在地報告的，因此美國和國際 GMV 成長之間的差異也受到關稅導致需求轉向國內賣家的影響。國際商品交易總額以匯率中立計算成長近 4%，外匯匯率為現貨成長提供了 350 個基點的順風。儘管第三季美國以外的宏觀經濟環境相對更具挑戰性，但我們的國際GMV成長也較上季有所改善。

Recent enhancements to our C2C value proposition in the UK contributed to an overall acceleration in UK volume growth. Our cross-border business was resilient in the third quarter. However, we saw a deceleration in year-over-year volume growth starting in September in key markets importing into the US after the removal of the de minimis exemption.

近期我們在英國對 C2C 價值主張的改進，促進了英國整體銷售的成長。第三季度，我們的跨國業務展現了韌性。然而，在取消最低限度豁免後，從 9 月開始，我們看到對美進口的主要市場的同比銷量增長放緩。

Shifting to our buyer metrics. Our trailing 12-month active buyers were over 134 million in Q3, up 1% year-over-year. Enthusiast buyers remained stable at roughly $16 million, while spend per enthusiast buyer grew year-over-year to over $3,200 on a trailing 12-month basis.

轉向買家指標。第三季度，我們過去 12 個月的活躍買家超過 1.34 億，年增 1%。發燒友買家的消費額保持穩定，約 1,600 萬美元，而每位發燒友買家的消費額在過去 12 個月內同比增長至超過 3,200 美元。

Moving on to our income statement. Revenue grew over 8% to $2.82 billion on an FX-neutral basis in Q3, while foreign exchange was a tailwind of over 120 basis points to spot growth. Our take rate was 14% in Q3 as continued strength in advertising was partially offset by several headwinds. As sellers and buyers adjust to the new trade policies, we are seeing an uptick in returned and canceled orders, which led to a roughly 10 basis points headwind to our Q3 take rate as these transactions are included in GMV, but not revenue. Our average selling price was also increased in recent quarters, mostly driven by category mix shift, which also pressured our take rate.

接下來來看損益表。第三季度，以匯率中立計算，營收成長超過 8%，達到 28.2 億美元，而外匯匯率對現貨成長起到了超過 120 個基點的推動作用。第三季我們的轉換率為 14%，廣告業務的持續強勁成長被一些不利因素部分抵銷。隨著賣家和買家適應新的貿易政策，我們看到退貨和取消訂單的數量增加，這導致我們第三季的成交率下降了約 10 個基點，因為這些交易計入了商品交易總額 (GMV)，但沒有計入收入。在最近幾季，我們的平均售價也有所上漲，這主要是由於品類組合的變化，這也對我們的漲價率造成了壓力。

In addition, UK C2C represented a modest year-over-year headwind as we continue to scale our managed shipping initiative during Q3. Lastly, foreign exchange was a headwind of nearly 10 basis points to our take rate year-over-year.

此外，由於我們在第三季繼續擴大我們的管理式運輸計劃，英國 C2C 業務比去年同期出現了一定的不利影響。最後，外匯波動對我們的年比收益率造成了近 10 個基點的不利影響。

Total advertising revenue was $525 million, representing GMV penetration of 2.6%. Within the eBay platform, first-party ads grew nearly 23% to $496 million. We continue to deprecate legacy third-party display ads, which declined by 40% to $7 million. Off-platform ads grew 32%, reaching $22 million.

廣告總收入為 5.25 億美元，GMV 滲透率為 2.6%。在 eBay 平台上，第一方廣告收入成長了近 23%，達到 4.96 億美元。我們繼續逐步淘汰傳統的第三方展示廣告，其收入下降了 40%，至 700 萬美元。平台外廣告成長了 32%，達到 2,200 萬美元。

Non-GAAP gross margin of 71.6% declined by over 80 basis points year-over-year due to expected headwinds from managed shipping, traffic acquisition costs related to promoted off-site ads, depreciation expenses and foreign exchange. These factors were partially offset by tax-related tailwinds as we lapped onetime expenses a year ago and continued cost of payment efficiencies in the quarter. Our non-GAAP operating margin was 27.1%, down 10 basis points year-over-year, including a foreign exchange headwind of 10 basis points.

由於預期管理式運輸、與推廣站外廣告相關的流量取得成本、折舊費用和外匯等不利因素，非GAAP毛利率為71.6%，較去年同期下降超過80個基點。這些因素部分被稅收相關的利多因素所抵消，因為我們已在一年前結清了一次性支出，並且本季度持續提高了支付效率。我們的非GAAP營業利益率為27.1%，較去年同期下降10個基點，其中包括10個基點的匯率不利影響。

Marketing and operating efficiencies generated leverage in the quarter, which was partially offset by product development expenses. As we noted last quarter, given the recent strength in our business, we are reinvesting a portion of top line upside in order to accelerate our strategic initiatives, including eBay Live, shipping solutions and vehicles. We are also expanding our global employee footprint in order to optimize our location strategy and to comply with US data transfer policies.

本季度行銷和營運效率的提高帶來了槓桿效應，但部分被產品開發費用所抵消。正如我們上個季度所指出的，鑑於我們業務近期的強勁表現，我們將把部分營收成長收益再投資，以加速我們的策略舉措，包括 eBay Live、運輸解決方案和車輛。為了優化我們的選址策略並遵守美國的資料傳輸政策，我們也正在擴大我們的全球員工規模。

Non-GAAP earnings per share was $1.36, up over 14% year-over-year, and GAAP earnings per share from continuing operations was $1.28, down 1% year-over-year as we lapped investment gains in Q3 of last year.

非GAAP每股收益為1.36美元，年成長超過14%；持續經營業務的GAAP每股收益為1.28美元，年減1%，因為我們抵銷了去年第三季的投資收益。

Turning to our balance sheet and capital allocation. We generated free cash flow of $803 million in Q3 and ended the quarter with cash and non-equity investments of $5.3 billion and gross debt of $6.8 billion on our balance sheet.

接下來來看看我們的資產負債表和資本配置。第三季度，我們產生了 8.03 億美元的自由現金流，季度末資產負債表上的現金和非股權投資為 53 億美元，總債務為 68 億美元。

Our equity investments were valued at over $900 million. We repurchased $625 million of eBay shares in Q3 at an average price of nearly $88 and paid a quarterly cash dividend of $132 million in September or $0.29 per share.

我們的股權投資價值超過9億美元。我們在第三季以平均每股近 88 美元的價格回購了價值 6.25 億美元的 eBay 股票，並在 9 月支付了 1.32 億美元的季度現金股息，即每股 0.29 美元。

Moving on to our outlook. For the fourth quarter, we expect GMV between $20.5 billion and $20.9 billion, representing FX-neutral growth between 4% and 6% year-over-year. Based on current exchange rates, we estimate FX would represent roughly 180 basis points of tailwind to spot GMV growth. Our guidance reflects a continuation of the durable growth trends we've observed in recent quarters, driven by our momentum in focused categories and other strategic initiatives.

接下來談談我們的展望。我們預計第四季度 GMV 將在 205 億美元至 209 億美元之間，按匯率中性計算，年增 4% 至 6%。根據目前的匯率，我們估計外匯波動將為現貨GMV成長帶來約180個基點的利多。我們的業績指引反映了我們近幾個季度以來觀察到的持續成長趨勢的延續，這得益於我們在重點領域的成長勢頭和其他策略舉措。

Additionally, as commodity prices for precious metals have appreciated in recent months, we've observed a notable acceleration in demand for bullion and collectible coins on eBay, which may be a less durable trend. Our acquisition of Tise is also expected to contribute roughly 10 basis points to total FX-neutral GMV growth in Q4. These tailwinds are expected to be offset by a few lapping dynamics. In Q4 of last year, we observed exceptional GMV growth in trading cards due to a strong release calendar. We also saw a double-digit improvement in UK C2C volume growth and better-than-expected holiday season demand overall. This year, we will also face a full quarter of impact from the removal of global de minimis exemption versus a single month of impact in Q3. We expect the net of these headwinds to lead to a modest deceleration in GMV growth during Q4.

此外，由於近幾個月來貴金屬商品價格上漲，我們觀察到 eBay 上對金銀條塊和收藏幣的需求明顯加速成長，但這可能並非持久的趨勢。預計我們對 Tise 的收購也將為第四季度總的按匯率不變的 GMV 成長貢獻約 10 個基點。預計這些順風將被一些疊浪動力學所抵消。去年第四季度，由於強勁的發行計劃，我們觀察到集換式卡牌的GMV實現了異常增長。我們也看到英國 C2C 交易量成長達到兩位數，假日季整體需求也好於預期。今年，我們將面臨取消全球最低限度豁免帶來的整整一個季​​度的影響，而第三季的影響僅為一個月。我們預計這些不利因素綜合起來將導致第四季度 GMV 成長略有放緩。

We forecast revenue to be between $2.83 billion and $2.89 billion, implying FX-neutral growth of 8% to 10% year-over-year. Based on current exchange rates, we estimate FX would represent roughly 190 basis points of tailwind to spot revenue growth. Our guidance implies year-over-year take rate expansion primarily due to our remonetization of UK C2C volume and first-party advertising growth, partially offset by mix shift and headwinds related to trade policy.

我們預測營收將在 28.3 億美元至 28.9 億美元之間，這意味著按匯率不變計算，年增 8% 至 10%。根據目前的匯率，我們估計外匯波動將為現貨收入成長帶來約 190 個基點的利多。我們的預期表明，同比成交率將有所提高，這主要得益於英國 C2C 業務量的重新盈利和第一方廣告的增長，但部分被產品組合變化和貿易政策相關的不利因素所抵消。

As I noted for GMV, we expect a full quarter impact from the de minimis change to apply incremental pressure on our core take rate, advertising and financial services monetization. On a sequential basis, take rate is expected to be modestly lower due to these factors as well as normal Q4 seasonality attributable to category and ASP mix over the holidays.

正如我之前在 GMV 方面指出的那樣，我們預計最低限度變更將對我們的核心佣金率、廣告和金融服務貨幣化產生整整一個季​​度的影響，從而帶來逐步的壓力。從環比來看，由於這些因素以及假期期間品類和平均售價組合的正常第四季度季節性因素，預計成交率將略有下降。

We expect non-GAAP operating margin between 25.8% and 26.3% in Q4, representing non-GAAP operating income growth between 5% and 9% as reported. The year-over-year decrease in operating margin is primarily due to continued investment in our strategic initiatives as we reinvest a portion of our top line strength in order to drive medium- to long-term growth.

我們預計第四季度非GAAP營業利潤率將在25.8%至26.3%之間，這意味著報告的非GAAP營業收入將成長5%至9%。營業利益率年減主要是由於我們持續投資於策略舉措，將部分營收優勢再投資於此，以推動中長期成長。

We forecast non-GAAP earnings per share between $1.31 and $1.36 in Q4, representing year-over-year growth between 5% and 9%. We expect net interest income to become a headwind to year-over-year earnings growth in Q4 given prevailing interest rates and our lower cash balance. We forecast capital expenditure to be between 4% and 5% of revenue for the full year and our non-GAAP tax rate to remain stable at 16.5%.

我們預測第四季非GAAP每股收益在1.31美元至1.36美元之間，年增5%至9%。鑑於目前的利率水準和我們較低的現金餘額，我們預期第四季淨利息收入將成為年比獲利成長的不利因素。我們預計全年資本支出將佔營收的 4% 至 5%，非 GAAP 稅率將維持穩定在 16.5%。

We expect reported free cash flow of approximately $1.5 billion for this year, including a headwind of $935 million from the unique tax items we paid this past Q2. On a normalized basis, free cash flow is expected to be roughly $2.5 billion for 2025.

我們預計今年報告的自由現金流約為 15 億美元，其中包括因我們在第二季度支付的特殊稅項而產生的 9.35 億美元的不利影響。以正常水準計算，預計 2025 年自由現金流約為 25 億美元。

Lastly, we continue to plan on repurchasing approximately $2.5 billion of our shares for the full year. In addition, our Board declared a quarterly cash dividend of $0.29 per share for the fourth quarter to be paid in December.

最後，我們仍計劃在全年回購約 25 億美元的股票。此外，董事會宣布派發第四季現金股息，每股0.29美元，將於12月支付。

Next, I'll share a few preliminary thoughts on 2026. We are planning our business around a third consecutive year of positive FX-neutral GMV and revenue growth, reflecting our confidence in our initiatives and a continuation of the strong underlying momentum from this year. However, we are also mindful of several notable lapping dynamics in 2026. These include exceptionally high growth in trading cards and more recently, in bullion and coins and unexpectedly strong marketing efficiency. In aggregate, we estimate these factors could represent a lapping consideration of approximately 2 points of GMV growth for the full year in 2026.

接下來，我將分享一些關於 2026 年的初步想法。我們正圍繞著連續第三年實現匯率中性GMV和收入正增長來規劃業務，這反映了我們對自身舉措的信心，以及對今年強勁增長勢頭的延續。然而，我們也注意到 2026 年的一些值得注意的圈速變化。其中包括交易卡的異常高速成長，以及最近貴金屬和硬幣的異常高速成長，還有出乎意料的強勁行銷效率。總體而言，我們估計這些因素可能會對 2026 年全年 GMV 成長產生約 2 個百分點的影響。

In addition, we expect to face incremental headwinds from annualizing breakage associated with the global de minimis changes. If the current level of impact remains stable throughout 2026, it would result in a headwind to FX-neutral GMV growth of approximately 1 point. We expect the gap between GMV and revenue growth to be relatively narrow in 2026 as continued healthy growth in first-party advertising revenue is expected to be partially offset by pressure on cross-border sellers and a higher mix of GMV from emerging businesses like Vehicles and eBay Live next year, which have lower average take rates.

此外，我們預計，隨著全球微量變化帶來的年度破損率上升，我們將面臨日益不利的影響。如果目前的影響水準在 2026 年保持穩定，那麼外匯中性 GMV 成長將受到約 1 個百分點的不利影響。我們預計，到 2026 年，GMV 與收入成長之間的差距將相對較小，因為第一方廣告收入的持續健康成長預計將被跨境賣家面臨的壓力以及明年新興業務（如車輛和 eBay Live）GMV 佔比的增加所部分抵消，而這些業務的平均佣金率較低。

With regards to profitability, as we finalize our planning decisions, we'll maintain our focus on targeting the optimal combination of GMV growth and operating margin to maximize operating income dollar growth over the medium to long term. We expect to face a few modest headwinds in 2026 below the operating income line. Our lower cash balance and the expected slope of interest rates would pressure our net interest income year-over-year. And we are reevaluating our non-GAAP tax rate in 2026 and beyond, which may result in a modest increase partially due to the US tax dynamics.

關於獲利能力，在最終確定規劃決策時，我們將繼續專注於實現 GMV 成長和營業利潤率的最佳組合，以在中長期內最大限度地提高營業收入美元成長。我們預期 2026 年營業收入方面將面臨一些輕微的不利因素。我們較低的現金餘額和預期的利率走勢將對我們的淨利息收入造成同比壓力。我們正在重新評估 2026 年及以後的非 GAAP 稅率，這可能會導致稅率小幅上升，部分原因是美國稅收政策的變化。

Finally, a few observations on capital allocation. We expect to return approximately $3 billion of cash to shareholders through share repurchases and cash dividends in 2025, which would amount to over $12 billion of capital returns to shareholders from 2022 to 2025. Over the last few years, we were pleased to monetize several equity investments at attractive valuations, including Adevinta, Adyen and Gmarket. These asset sales enabled us to return significantly more capital to shareholders than our normalized free cash flow. Going forward, our framework for capital allocation has not changed. Our priority remains organic investment in the business to drive sustainable growth, and we will continue to evaluate inorganic opportunities to accelerate our road map.

最後，關於資本配置，我想提出幾點看法。我們預計在 2025 年透過股票回購和現金分紅向股東返還約 30 億美元的現金，這將使 2022 年至 2025 年期間向股東返還的資本總額超過 120 億美元。過去幾年，我們很高興能夠以有吸引力的估值將幾項股權投資變現，包括 Adevinta、Adyen 和 Gmarket。這些資產出售使我們能夠向股東返還比正常自由現金流多得多的資金。展望未來，我們的資本配置架構不會改變。我們仍將優先考慮對業務進行有機投資以推動永續成長，並將繼續評估非有機成長機會以加速我們的發展路線圖。

With regard to excess capital, we will continue to lean into returns to shareholders. Given our remaining investment portfolio, we do expect that free cash flow from our core business will be the primary source for capital returns in 2026 and beyond. In a normal year, we plan to target repurchases and cash dividends totaling between 90% to 100% of normalized free cash flow, absent organic or inorganic needs for that capital.

對於盈餘資本，我們將繼續專注於向股東返還回報。鑑於我們剩餘的投資組合，我們預計核心業務的自由現金流將是 2026 年及以後資本回報的主要來源。在正常年份，我們計劃將回購和現金分紅的總額設定為正常自由現金流的 90% 至 100%，前提是沒有內生性或外延性資本需求。

In closing, we believe our strong Q3 results and Q4 guidance reflect the momentum we are seeing in our business. Our strategy is working, and we believe much of our growth is sustainable. We are taking advantage of the strength in our business this year and making incremental investments in focus categories, C2C, eBay Live, shipping, vehicles, Gen AI and other areas, which will help drive balanced top line and bottom line growth over the medium to long term.

最後，我們相信，我們強勁的第三季業績和第四季預期反映了我們業務目前的發展勢頭。我們的策略正在奏效，我們相信我們的大部分成長都是可持續的。今年，我們將充分利用業務優勢，逐步增加對重點類別、C2C、eBay Live、物流、汽車、人工智慧等領域的投資，這將有助於在中長期內推動營收和利潤的均衡成長。

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

接下來，我和傑米將回答大家的問題。

We will now begin Q&A. (Operator Instructions)

現在開始問答環節。（操作說明）

Scott Devitt, Wedbush Securities.

斯科特‧德維特，韋德布希證券公司。

Thanks for taking my question. It's been impressive to see the business growing at the rate that it is again. And we're kind of entering this new moment in time. And so I just wanted to zoom out for a minute. When you look back on the history of the Internet, Google Search and then the transition to mobile were significant developments that caused seismic change. And so we're kind of here again with AI. You talk a bit about some of the features, functionality that you're integrating into the into the platform and how you're attempting to use ChatGPT and otherwise.

謝謝您回答我的問題。看到公司再次以這樣的速度成長，真是令人印象深刻。我們正步入一個新的時代。所以我想暫時把視角拉遠一點。回顧網路的歷史，Google搜尋以及隨後向行動端的過渡都是意義重大的發展，帶來了翻天覆地的變化。所以，我們現在又回到了人工智慧這個話題。您談到了一些您正在整合到平台中的特性和功能，以及您如何嘗試使用 ChatGPT 等。

And I'm just curious, as you plan for the changes that AI is going to bring to the business, what do you think are the two, three, four most significant changes that you're anticipating in the way that eBay is going to be connecting with buyers and sellers as well as the approach to advertising in coming years?

我很好奇，當您規劃人工智慧將為業務帶來的變革時，您認為未來幾年 eBay 在連接買家和賣家以及廣告方式方面最預計會發生哪些兩到四個最重要的變化？

Yeah. Thanks for the question, Scott. So, look, I think in a number of ways. I think one of the biggest opportunities for us being really focused on non-new in season and used supply is to really be that unlocker of supply for consumers across the world. And so when you think about what's sitting in garages, closets, people's houses, the ability to leverage AI to make that almost instantaneous to list is a vision of ours that we've been progressing towards magical listing and is going well. And what I hear from consumers is, oh my God, if it's that easy to list, I have so much stuff that I could sell on the platform. So that's a big opportunity for us.

是的。謝謝你的提問，斯科特。所以，你看，我認為有很多面向。我認為，我們真正專注於非新品當季和二手貨供應的最大機會之一，就是真正成為全球消費者的供應釋放者。因此，想想車庫、壁櫥、人們家裡都堆疊些什麼，利用人工智慧幾乎瞬間就能將這些物品列出來，這是我們一直以來努力實現的願景，我們一直在朝著神奇的物品列表方向前進，而且進展順利。我從消費者那裡聽到的是，哦我的天哪，如果上架商品這麼容易，那我有很多東西都可以在這個平台上賣了。所以這對我們來說是一個絕佳的機會。

I think the second is how it's transforming how people shop and the level of discovery that we can give them on the platform. When I look at what we're doing now with having so much rich data of 30 years of data of what's happening with our consumers in the marketplace, being able to leverage that in a way that really kind of delights the user and gives them an ideal experience, I think, is another huge benefit. How it changes recommendations, how it changes search, how it changes discovery on the platform is probably the second area that I'm most excited by.

我認為第二點是它如何改變人們的購物方式，以及我們可以在平台上為他們提供的發現水平。當我看到我們現在擁有如此豐富的數據，包括 30 年來市場上消費者的動態數據，並且能夠以某種方式利用這些數據來真正取悅用戶並為他們提供理想的體驗時，我認為這是另一個巨大的優勢。它如何改變推薦、如何改變搜尋、如何改變平台上的發現方式，這大概是我最興奮的第二個面向。

And then the last one I would say is really kind of the pace of innovation of the company leveraging AI. And you're seeing that this quarter as we announced a new visual camera intelligence with Apple in the camera phone as we bring new capabilities to save sellers time like in our member-to-member messaging that we're launching here, the work that we're doing in our own shopping assistant, we have a screenshot of some of that type of stuff that you're seeing in the slides that we put together, giving more relevant recommendations to our buyers on the view item pages.

最後一點，我想說的是公司利用人工智慧進行創新的速度。本季度，我們與蘋果合作，在手機相機中推出了全新的視覺相機智慧技術，並帶來了新的功能來節省賣家的時間，例如我們即將推出的會員間訊息功能，以及我們在自己的購物助理方面所做的工作。我們在幻燈片中展示了一些此類功能的截圖，這些功能旨在為買家在商品詳情頁上提供更相關的推薦。

You talked about advertising. Even what we announced this quarter, where we're taking a multimodal approach to our advertising performance provides more high-quality recommendations.

你談到了廣告。即使是我們本季宣布的，我們採用多模式方法來提升廣告效果，也能提供更多高品質的推薦。

So, I'd say every quarter, AI is becoming more embedded throughout our experience. I feel privileged to be in a situation where we've got a technology infrastructure that really blends a hybrid cloud infrastructure, our own LLMs that we've been building on, agentic protocols and 30 years of data, bringing that all together to kind of bring those simpler, more seamless and more magical experiences to life for customers.

所以，我認為每個季度，人工智慧都在越來越深入地融入我們的體驗中。我感到非常榮幸，我們擁有一個真正融合了混合雲基礎設施、我們自己構建的LLM、代理協議和30年數據的技術基礎設施，將所有這些結合起來，為客戶帶來更簡單、更無縫、更神奇的體驗。

Thanks, Jamie.

謝謝你，傑米。

Nikhil Devnani, Bernstein Research.

Nikhil Devnani，伯恩斯坦研究公司。

Hi, thank you for taking my question. I wanted to ask about margins. You've had really strong growth this quarter and again, in the guide, but it doesn't seem to be flowing through the margin upside to the same degree. So could you please elaborate on where some of the incremental investments are right now? It's noticeable that product development has been ramping for the last couple of quarters. Should we be looking at this as a pull forward of certain fixed costs that would otherwise have happened in 2026 because you can now? Or are there also other more variable and persistent expenses that we need to take into account as we think about margins next year? Thank you.

您好，感謝您回答我的問題。我想問一下利潤率的問題。本季你們的成長非常強勁，業績指引中也有所體現，但利潤率似乎並沒有相應提高。那麼，您能否詳細說明一下目前新增投資的去向呢？值得注意的是，近幾個季度以來，產品研發一直在加速。我們是否應該將此視為提前支付某些原本應在 2026 年發生的固定成本，因為現在可以提前支付了？或者，在考慮明年的利潤率時，是否還有其他更不穩定和持續性的費用需要考慮？謝謝。

Sure. Thank you for the question. So when we think about margins, we're really trying to balance driving long-term growth and then returning and flowing through upside to the bottom line. I'm very pleased with the 9% operating profit growth that we achieved in Q3 and this momentum that we continue to see in the business. Our non-GAAP operating margin in Q3 was 27.1%, and that included an FX headwind of 10 basis points, and we did generate operating leverage in the quarter.

當然。謝謝你的提問。所以當我們考慮利潤率時，我們實際上是在努力平衡推動長期成長和將收益轉化為利潤之間的關係。我對我們第三季度實現的 9% 的營業利潤成長以及我們在業務中持續看到的這種成長勢頭感到非常滿意。第三季我們的非GAAP營業利潤率為27.1%，其中包括10個基點的匯率不利影響，而且我們在本季確實實現了營運槓桿效應。

In terms of some of the expense lines, sales and marketing expense was up 2% year-over-year and flat quarter-over-quarter. and this was due to marketing efficiencies. Product development expenses that you mentioned, we actually did take some of the upside, and we were investing in product development against some of our very strategic initiatives, including eBay Live, our shipping solutions where we pulled forward our CBT road map to really help sellers navigate the changes in the trade policies and then really looking at more investment in our vehicles business as well. And we believe this strategy is working and will primarily benefit our growth next year and beyond.

就部分費用項目而言，銷售和行銷費用較去年同期成長2%，較上季持平，主要是由於行銷效率的提升。您提到的產品開發費用，我們確實從中獲得了一些收益，並且我們投資於產品開發，以支持我們的一些非常具有戰略意義的舉措，包括 eBay Live、我們的運輸解決方案（我們提前實施了 CBT 路線圖，以真正幫助賣家應對貿易政策的變化），以及真正考慮對我們的汽車業務進行更多投資。我們相信這項策略行之有效，並將主要有利於我們明年及以後的發展。

Our G&A expenses were up about 4% year-over-year and down 40 basis points as a percentage of revenue, and this was driven by lower employee-related spend. And then lastly, transaction losses were up 19%. A lot of it had to do with our higher consumer protection losses that were due to the ramp of the UK managed shipping program as well as some unfavorable fluctuations in buyer and seller fraud. This is an area that fluctuates quarter-by-quarter, but nothing really concerning in the trends.

我們的一般及行政費用年增約 4%，佔收入的百分比下降了 40 個基點，這是由於與員工相關的支出減少所致。最後，交易損失上升了 19%。很大程度上是因為我們消費者保護損失增加，這是由於英國管理運輸計劃的推進以及買賣雙方詐欺行為的一些不利波動所造成的。這個領域每季都會有所波動，但整體趨勢並沒有什麼令人擔憂的地方。

So, overall, we will continue to focus on ensuring that we're balancing top line growth and margin flow-through and trying to really get this balance right as we think about it going forward.

因此，總的來說，我們將繼續專注於確保營收成長和利潤率的平衡，並努力在未來思考這個問題時真正做到這種平衡。

If I could just follow up there. Do some of the investment this year ease the burden on next year? Or is there just a long list of things you want to go after as you think about the product road map?

如果我能跟進一下就好了。今年的部分投資能否減輕明年的負擔？或者，在製定產品路線圖時，你是否列出了一長串想要實現的目標？

We will continue to invest in our priority areas as we look into Q4 and next year. We're pretty early in the planning cycle. And so we'll definitely provide more commentary as we get more information about how we want to invest in getting that balance right between top line and bottom line. But you can be assured that, that's what we'll be focused on.

展望第四季和明年，我們將繼續加大對重點領域的投資。我們目前還處於規劃週期的早期階段。因此，隨著我們獲得更多關於如何投資以在營收和利潤之間取得平衡的信息，我們一定會提供更多評論。但您可以放心，我們將把重點放在這上面。

Thank you.

謝謝。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Everyone, thanks so much for taking the question and really impressive growth this quarter. I guess just two on my end. First, given how quickly the marketplace has accelerated, how are you thinking about the portions that might be more temporary to this year and the portions that are more durable for 2026?

感謝大家回答這個問題，本季的成長確實令人印象深刻。我這邊應該只有兩個。首先，鑑於市場發展如此迅速，您認為哪些部分可能只是今年的暫時現象，哪些部分會持續到 2026 年？

And then looking forward to next year, what are the key kind of one or two opportunities that you think could be the most incremental to continue the sustained improvement? Thank you.

展望明年，您認為有哪些關鍵的一兩個機會最能促進持續改善？謝謝。

Yes. So good to hear from you, Nathan. So look, I think the strength that we see was really broad-based in Q3, both in our focus categories and in our core categories. And it's really for us the culmination of years of investment, and that's helped us fuel consistent market share gains.

是的。很高興收到你的來信，內森。所以你看，我認為我們在第三季看到的強勁勢頭是全面性的，無論是在我們的重點類別還是核心類別中都是如此。對我們來說，這確實是多年投資的成果，也幫助我們實現了市場份額的持續成長。

When we look at the first half of this year, we actually think we picked up 2 points of segment share gains in our focus categories. And you saw the strength across core and across our focus categories.

回顧今年上半年，我們認為我們在重點類別中實際獲得了 2 個百分點的市佔率成長。你們也看到了我們在核心業務和重點業務領域的強勁表現。

In terms of the durability, we did see some GMV upside from what we would characterize as transitory factors, which we discussed in our prepared remarks. But we do believe the majority of our growth was durable in nature. And overall, we're confident our strategy is working, and we're leaning in towards a path of sustainable growth.

就持久性而言，我們確實看到 GMV 因一些我們認為是暫時性的因素而有所上升，我們在準備好的發言稿中對此進行了討論。但我們相信，我們的大部分成長本質上是可持續的。總的來說，我們對自身的策略充滿信心，並正朝著永續發展的道路邁進。

And as we think about growth vectors, I think it's a continuation of the areas that you've seen, the acceleration that we're seeing in focus categories. We've added fashion as our newest focus category, and we're seeing continued momentum there. We're going to continue to invest in the horizontal areas that we've been going after across selling search, leveraging AI, new discovering experiences, which we think will help focus categories and core categories. And we're excited about some of our newest areas of growth, particularly eBay Live.

當我們思考成長方向時，我認為這是您所看到的領域的延續，也是我們在重點領域看到的加速成長。我們已將時尚作為我們最新的重點類別，我們看到該類別的發展勢頭持續強勁。我們將繼續投資於我們一直在努力拓展的橫向領域，包括銷售搜尋、利用人工智慧、新的發現體驗，我們認為這將有助於聚焦類別和核心品類。我們對我們的一些最新成長領域感到興奮，特別是 eBay Live。

I talked about the growth we're seeing, which is a 5 times greater run rate than we saw a year ago. And we're just launching some new geographies there in UK and Germany as well as our vehicles business. We're in the early phase of growth there, but the early customer satisfaction and feedback from our sellers and buyers is that the new secure checkout proposition is really resonating with them. And we're seeing great activity and purchases, multistate purchases that are now leveraging our financing, our insurance, our warranty, our transportation, title verification, that end-to-end process, which is pretty exciting. So those are the growth vectors that I would point out to you.

我談到了我們所看到的成長，其成長速度是去年同期的 5 倍。我們正計劃在英國和德國推出一些新的業務區域，以及我們的汽車業務。我們目前還處於成長的早期階段，但從賣家和買家的早期回饋來看，新的安全結帳方案確實引起了他們的共鳴。我們看到了許多交易活動和採購，包括跨州採購，這些採購現在都利用了我們的融資、保險、保固、運輸、產權驗證等一站式服務，這真是令人興奮。所以，以上就是我想指出的成長方向。

Okay, thank you.

好的，謝謝。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Great. Jamie, maybe I'll ask a couple of questions for you. So, first, how do you -- how are you currently strategically approaching partnerships with AI assistants and agents? Obviously, it seems like a lot of things are happening fast in e-commerce on the agent side. Are there any technical constraints or any other things that you would call out as a potential constraint for you?

偉大的。傑米，或許我可以問你幾個問題。首先，您目前是如何策略性地與人工智慧助理和代理商建立合作關係的？顯然，電子商務代理方面似乎有很多事情正在快速發展。您認為在技術上是否有任何限制，或者有其他任何可能構成潛在限制的因素？

And then second question, staying on the AI topic, how should we think about the areas where you would be deploying the advancements that we are seeing with LLMs and other AI tools in 2026 into the eBay platform to improve the buyer experience. Anything you can share there would be great.

第二個問題，仍然圍繞著人工智慧這個話題，我們應該如何考慮在 2026 年將 LLM 和其他人工智慧工具的進步應用到 eBay 平台，以改善買家體驗？如果你能分享一些訊息，那就太好了。

Yes. Great. Thanks for the question, Deepak. So, look, on the -- working with agentic partners, like we've seen on the selling side, where it's really helped us improve our experience, we're excited that our early work for buyers with agentic shopping and discovery really opens up new ways to explore eBay's inventory.

是的。偉大的。謝謝你的提問，迪帕克。所以，你看，在與代理商合作夥伴方面，就像我們在銷售方面看到的那樣，它確實幫助我們改善了體驗，我們很高興我們早期為買家提供的代理購物和發現服務，真正開闢了探索 eBay 庫存的新途徑。

So for now for more than a year, we've been testing a variety of agentic experiences to learn how buyers and sellers engage at different phases of the journey. We've called that our AI shopping assistant that's been live and making improvements month after month to really kind of fine-tune the experience there.

因此，一年多來，我們一直在測試各種代理商體驗，以了解買家和賣家在交易過程的不同階段是如何互動的。我們稱之為人工智慧購物助手，它已經上線運行，並且每個月都在不斷改進，以真正優化用戶體驗。

And that's all led us to build what we call the unified agentic commerce platform. Think about that as taking our hybrid cloud infrastructure, the LLM ecosystem that we've built, including these models that we've been fine-tuning over time, along with our MCP servers and driving that, leveraging the LLMs that we've built with these Agentic protocols, combining eBay's 30 years of data and our rich history of what's happening with our customers.

這一切促使我們建構了我們稱為統一代理商務平台的平台。可以這樣理解：我們將混合雲基礎設施、我們構建的 LLM 生態系統（包括我們不斷改進的這些模型）與我們的 MCP 伺服器結合起來，利用我們用 Agentic 協議構建的 LLM，結合 eBay 30 年的數據和我們豐富的客戶動態歷史。

That now puts us -- and this is more to your second question, Deepak. That now puts us more in a really in an enviable position from a technology standpoint to experiment and innovate and really leverage the insights that we've had and that we've gained by doing that work.

現在我們——這與你的第二個問題有關，迪帕克。從技術角度來看，這使我們處於一個非常有利的地位，可以進行試驗和創新，並真正利用我們已經獲得和透過這項工作獲得的見解。

When I think about eBay as it relates to agentic commerce, clearly, we're working on bringing agentic commerce to our buyers on the platform, allowing them to search via natural language searches, et cetera. You'll see an example of that in the slides that we put forth together, if you're not in that test case of how we're using that to give them more variability and discovery opportunities as well.

當我想到 eBay 與代理商商務的關係時，很明顯，我們正在努力將代理商商務帶給平台上的買家，讓他們能夠透過自然語言搜尋等方式進行搜尋。如果您還沒有參與我們利用這種方法為他們提供更多變化和發現機會的測試案例，您可以在我們一起提供的幻燈片中看到一個例子。

But as we think about our inventory, look, we think we've got really unique inventory because we're focused on non-new in season and used and refurbished across both C2C and B2C sellers and have 2.4 billion listings. Secondarily, when you think about eBay's inventory, it's generally more what I would say is a consider purchase rather than a commodity type of thing that you're just kind of refilling. And the third is that our focus category strategy over the last couple of years has really allowed us to apply services and value around the transaction. Think about authenticity guarantee, guaranteed fit, warranties on refurbish, one-click rating, what we're doing in international, et cetera.

但當我們思考我們的庫存時，我們認為我們的庫存非常獨特，因為我們專注於非全新當季商品以及 C2C 和 B2C 賣家銷售的二手和翻新商品，並且擁有 24 億個商品清單。其次，當你考慮 eBay 的庫存時，它通常更像是值得考慮購買的商品，而不是那種需要不斷補充庫存的商品。第三，過去幾年我們專注於特定品類的策略，確實讓我們能夠圍繞交易提供服務和價值。想想正品保證、合身保證、翻新保固、一鍵評分、我們在國際上所做的工作等等。

So, all of those, I think, gives us the experience of a really unique set of inventory, which is why we fine-tune and trained our LLMs to be able to search and discover that inventory and collect all those into an MPC -- or sorry, an MCP server that really leverages that data and insights.

所以，我認為所有這些因素都讓我們擁有了一套非常獨特的庫存經驗，這就是為什麼我們對 LLM 進行微調和訓練，使其能夠搜索和發現該庫存，並將所有這些庫存收集到 MPC（或者抱歉，是 MCP 伺服器）中，從而真正利用這些數據和見解。

So overall, we're going to continue to do the type of thing that we showed in that -- in the slides there, which is allow agentic technologies to be used on the platform to discover inventory, to improve how our sellers surface inventory on the platform, to improve how recommendations show up on the platform by leveraging AI agentic technologies. And we also now have the technology that we can really have this collaboration between third-party agents and first-party agents on our own platform.

總的來說，我們將繼續做我們在幻燈片中展示的那種事情，即允許在平台上使用智能代理技術來發現庫存，改進賣家在平台上展示庫存的方式，並通過利用人工智能智能代理技術來改進平台上的推薦內容。我們現在也擁有了這樣的技術，可以在我們自己的平台上真正實現第三方代理商和第一方代理商之間的合作。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Hi, this is Andrew on for Shweta. I just want to focus a little bit on trading cards. So how should we think about the sustainability of growth within the category? And what type of signals or metrics could we use to kind of evaluate the success of the category? Thanks.

大家好，我是Andrew，替Shweta來。我只想稍微關心一下集換式卡牌遊戲。那我們該如何看待該品類成長的可持續性呢？那麼，我們可以使用哪些類型的訊號或指標來評估該類別的成功程度呢？謝謝。

Yes. Thanks for the question, Andrew. Look, as it relates to trading cards, we see a long runway of growth for trading cards. We believe most of the recent growth has been driven by the trust and the innovation that we've driven for hobbyists over the last several years. Think about all the things we've introduced, Andrew, like My Collection, magical listings, bulk listing capabilities, our partnership with PSA on grading and authentication and on vault storage.

是的。謝謝你的提問，安德魯。你看，就集換式卡牌而言，我們看到集換式卡牌還有很長的成長空間。我們相信，近期的成長主要得益於過去幾年我們為業餘愛好者帶來的信任和創新。安德魯，想想我們推出的所有功能，例如“我的收藏”、神奇的商品列表、批量商品列表功能、我們與 PSA 在評級和鑑定方面的合作以及保險庫存儲。

So I've always said that our trading card business is not linear. It's going to ebb and flow based on the popularity of whether it's new releases or collaborations or new rookie classes or chase cards. And we won't always be firing on all cylinders like we are now with all the sports leagues, NFL, NBA, MLB as well as Pokemon and Magic really having strong years. But what we see today is really a healthy balance between new buyers, sold items and ASP contributing to that growth. And that's what gives us the confidence in the durability of our GMV run rate moving forward, even if the year-over-year growth decelerates in the coming quarters.

所以我一直都說，我們的集換式卡牌業務並非線性發展。它的漲跌將取決於新產品發布、聯名合作、新秀卡或限量卡的受歡迎程度。我們不可能一直像現在這樣火力全開，所有運動聯盟，包括 NFL、NBA、MLB 以及寶可夢和萬智牌，都取得了非常強勁的成績。但我們今天看到的，是新買家、已售商品和平均售價之間健康的平衡，這些因素共同促進了成長。正因如此，我們才對未來GMV運行率的可持續性充滿信心，即使未來幾季年增速放緩。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

Hey, sorry about that. Thanks for the question. One big picture one and then maybe one more near-term financial. When we look at the strategy that you deployed with the trading cards, what seems to be really successful was the ability to reduce friction. I like walk through all the steps, but we know how that played out through the business. And a question we get a lot from investors recently is how big can your vehicles business be? And like when we look at what Caramel does and what you've done with prior focus categories, it was pretty effective and it's obvious that the cars come at high ASPs and it's going to be booked as GMV. So how should we think about this flowing through the model over the next year and any implications for take rates that could move one way or another we might not have thought through?

嘿，真抱歉。謝謝你的提問。先做一個宏觀層面的分析，然後再做一個短期財務分析。當我們審視您在交易卡方面所採取的策略時，真正取得成功的似乎是減少摩擦的能力。我喜歡一步一步地走完所有步驟，但我們都知道這在業務中是如何實現的。最近投資人常問我們一個問題：你們的汽車業務規模能有多大？當我們看看 Caramel 的做法以及你之前在重點類別中所做的工作時，你會發現它非常有效，而且很明顯，這些汽車的平均售價很高，而且它們將被預訂為 GMV。那麼，我們應該如何看待這一趨勢在未來一年內如何影響模型，以及它可能對成交率產生的任何我們可能沒有考慮到的影響？

And then just a near-term one, I think you rolled out halo attribution in the US and like other North American markets starting in 2026. And I think you had a lot of success with that in other countries around the ad product. So wondering what the expectations are there to drive ads and the take rate. Thank you so much.

就近期而言，我認為你們在美國和其他北美市場推出了光環歸因分析，從 2026 年開始。我認為你們在其他國家的廣告產品方面取得了巨大的成功。所以我想知道，對於推動廣告投放和提高轉換率，各方的預期目標是什麼？太感謝了。

Yes. Look, you're right on the vehicles experience, it really is about making it a seamless experience end-to-end, like we've done in trading cards and in other categories. And what we saw in Caramel was really this opportunity for sellers and buyers where we handle everything for them. So identity, title verification, the transfer of ownership, payments, financing, insurance, warranty and transportation because a lot of these cars go across state lines, for example.

是的。你看，你說得對，車輛體驗確實需要做到無縫銜接，就像我們在集換式卡牌和其他類別中所做的那樣。我們在 Caramel 看到的，確實是一個為賣家和買家提供的機會，我們可以為他們處理一切。因此，身分、所有權核實、所有權轉移、付款、融資、保險、保固和運輸等問題都需要考慮，因為許多這類汽車都需要跨州運輸。

So where we're focused is really in the collectible car market, which is about a $75 billion addressable market of the $1 trillion-plus used car market that's out there. And we're excited by it because, a, it's really resonating with customers. We're seeing great activity that's really leveraging this end-to-end platform. So we just had a 2015 Rolls-Royce Ghost sold for $113,000, and it uses our secure purchase, our DMV services actually uses our buyer financing, et cetera, ranging all the way to a school bus from 2008 that was converted into an RV that's sold for $31,000 for a seller in California and a buyer in Missouri. And again, using that full end-to-end suite of services. So it kind of speaks to the opportunity that we have in vehicles.

因此，我們真正關注的是收藏車市場，這是一個價值約 750 億美元的潛在市場，而二手車市場的總規模超過 1 兆美元。我們對此感到興奮，因為，首先，它真的引起了顧客的共鳴。我們看到很多活動都在充分利用這個端到端平台。我們剛剛售出了一輛 2015 年的勞斯萊斯幻影，售價 113,000 美元，這得益於我們的安全購買流程；我們的 DMV 服務實際上使用了我們的買家融資服務等等；此外，我們還售出了一輛 2008 年的校車，這輛校車被改裝成了房車，售價 31,000 美元，賣家在加州，買家在加州。再次強調，要使用完整的端對端服務套件。所以這在某種程度上說明了我們在汽車領域所擁有的機會。

I think the other reason we're excited by it is because of the synergies and overlap we see with our parts and accessories business. Since we are going after this collectible car market, it's really congruent with those that want to restore, fix up older and collectible cars. And it tends to be enthusiasts that are into parts and accessories are also really into these collectible vehicles. So we think there's really nice synergies from both the buyer and the seller base there.

我認為我們對此感到興奮的另一個原因是，我們看到了它與我們的零件和配件業務之間的協同效應和重疊之處。因為我們瞄準的是收藏車市場，所以這與想要修復、翻新老式收藏車的人的需求非常契合。而且，對汽車零件和配件感興趣的人往往也對這些收藏級車輛情有獨鍾。所以我們認為買賣雙方都能從中獲得很好的綜效。

Peggy, maybe you want to touch a little bit on the higher ASP of vehicles and the impact of that on take rate?

佩吉，或許你可以稍微談談車輛平均售價上漲及其對成交率的影響？

Sure. Absolutely. So we're really excited about this long-term opportunity in vehicles and what secure purchase unlocks. Vehicle volume has seen significant growth quarter-over-quarter since we launched early this year. But the contribution to total volume is still very modest as we expected.

當然。絕對地。因此，我們對汽車領域的這一長期機會以及安全購車所帶來的變革感到非常興奮。自今年年初推出以來，車輛銷量每季都實現了顯著成長。但正如我們預期的那樣，其對總銷量的貢獻仍然非常有限。

We estimate that Caramel's effective take rate will fall to the low to mid-single-digit range when including both the buy side and the sell-side monetization. But the revenue contribution also so far this year has been immaterial. And so I don't expect that it would have any material impact to your models for the rest of this year or next year.

我們估計，如果將買方和賣方的貨幣化都考慮在內，Caramel 的有效分成率將降至個位數低到中段。但就今年迄今的營收貢獻而言，也微不足道。因此，我預計這不會對你們今年剩餘時間或明年的模型產生任何實質影響。

And look, on the ads attribution change, we think the new halo attribution better aligns the value of our CPA ads with the velocity that we provide to sellers. And I think it helps better calibrate the return on ad spend levels between CPA and CPC.

而且，關於廣告歸因的變化，我們認為新的光環歸因能更好地將我們 CPA 廣告的價值與我們為賣家提供的速度相匹配。我認為這有助於更好地校準每次轉換費用 (CPA) 和每次點擊費用 (CPC) 之間的廣告支出回報率。

You're right, Michael, this is something that we released back in Germany in February of this year, expanded in the June time frame to other key markets across the European region. And then we announced today, we plan to roll that to US and Canada in the new year. And this was really based on the learnings that we saw from other markets where those learnings said that what we saw from sellers was they can certainly adjust and adopt their bids as a result of these changes. But the net effect of the attribution change was positive for our ads monetization in Germany.

你說得對，邁克爾，這是我們今年二月在德國推出的產品，並在六月擴展到了歐洲其他主要市場。今天我們宣布，計劃在新的一年將這項服務推廣到美國和加拿大。這實際上是基於我們從其他市場獲得的經驗，這些經驗表明，我們從賣家那裡了解到，他們當然可以根據這些變化調整和採用他們的出價。但歸因方式的改變對我們在德國的廣告變現產生了正面影響。

And importantly, we're very focused on the ROAS levels for our sellers, and our ROAS levels remain healthy for our sellers, and they continue to adopt our CPA ads. So that's why we've extended it now to the US and Canadian markets.

更重要的是，我們非常關注賣家的 ROAS 水平，我們的 ROAS 水平一直保持良好，賣家也繼續採用我們的 CPA 廣告。所以，這就是我們將其擴展到美國和加拿大市場的原因。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Hi, good afternoon. Jamie, it looks like engaged buyers spend increased and your listings count has made tremendous progress over the last couple of years. I think it was $2.4 billion this quarter. And I guess the question is, when do you think this better inventory and maybe personalization features translate into more active buyers and enthusiast buyers? I'd be curious your view on that.

嗨，下午好。Jamie，看起來活躍買家的消費額有所增加，你的房源數量在過去幾年也取得了巨大的進步。我認為本季是24億美元。我想問的是，您認為更好的庫存管理以及個人化功能何時才能轉化為更多活躍買家和發燒友買家？我很想聽聽你的看法。

And then maybe just any update for us on the Facebook Marketplace partnership. Thank you.

然後，您能否提供我們關於 Facebook Marketplace 合作關係的最新進展？謝謝。

Yeah. Look, on the buyer side, our trailing 12-month active buyers grew by 1% to 134 million in Q3. As you say, top of the funnel is important for us, but we are very focused on driving active buyers to become enthusiast buyers. And what we're seeing there is that we've seen consistent, albeit gradual improvements in our year-over-year growth rate for enthusiasts over the past three years. We've seen GMV per enthusiast buyer grow. In Q3, it was over $3,200 annually and continue to grow year-over-year.

是的。從買方角度來看，過去 12 個月的活躍買家數量在第三季增加了 1%，達到 1.34 億。正如你所說，銷售漏斗的頂端對我們來說很重要，但我們更專注於將活躍買家轉化為忠實買家。我們看到，在過去三年裡，愛好者群體的年增長率雖然是逐步提高的，但總體上還是持續改善的。我們看到，每位狂熱買家的商品交易總額 (GMV) 都在成長。第三季度，該項指標已超過每年 3,200 美元，並持續年增。

And what we also see is despite the fact that we're in a challenging environment -- macro environment in Europe, and that's part of our buyer growth, we really don't see our enthusiast buyers churn on the marketplace. If anything, because of the macro, they may move to mid- values. But our mid-value buyers, which is the cohort just below enthusiasts have been growing year-over-year every quarter since the beginning of 2024. So we're continuing to invest in full funnel marketing across the board. We think that, obviously, that has a longer payback for buyers than just pure kind of lower funnel spend, but we think it's the right mix of marketing that we're doing across the board.

我們也看到，儘管我們身處充滿挑戰的環境——歐洲的宏觀環境，而這正是我們買家成長的部分原因，但我們並沒有看到我們忠實的買家在市場上流失。如果有什麼變化的話，那就是由於宏觀經濟的影響，它們可能會向中間值靠攏。但自 2024 年初以來，我們的中等價值買家（即僅次於發燒友的群體）每季都在逐年成長。因此，我們將繼續全面投資於全通路行銷。我們認為，顯然，這種方式對買家來說回報週期比單純的漏斗底部支出要長，但我們認為這是我們目前在各個方面所採用的正確的行銷組合。

As it relates to Facebook Marketplace, we continue to be optimistic about the long-term potential of our partnership there. Both companies are working together to optimize the experience. And during Q3, we continued to scale that test and improve the integrated checkout experience, which was important for us to kind of get that right. And we believe it's great for our seller community because as we expose their listings to Facebook scaled audience, that's great for Facebook Marketplace users as they discover the breadth and obviously great for our sellers on the platform. So we're going to continue to scale that test and work on every piece of the funnel. Every time we've worked on it, we've seen pretty significant and great improvements, which has been great to see.

至於 Facebook Marketplace，我們仍然對我們與該平台的長期合作潛力持樂觀態度。兩家公司正在攜手合作，以優化用戶體驗。在第三季度，我們繼續擴大測試規模，並改善整合結帳體驗，這對我們來說非常重要，因為我們需要把這件事做好。我們相信這對我們的賣家群體來說是件好事，因為當我們把他們的商品資訊展示給 Facebook 龐大的受眾群體時，這對 Facebook Marketplace 用戶來說是件好事，因為他們可以藉此發現商品的廣度，顯然對我們平台上的賣家來說也是件好事。因此，我們將繼續擴大測試規模，並完善銷售漏斗的每個環節。每次我們進行改進，都會看到非常顯著的進步，這令人非常欣慰。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Thanks so much for taking questions. I wanted to ask about one of the pieces you gave for 2026 in terms of the narrowing of revenue and GMV, and it sounds like some pressure on advertising. Can you guys just unpack that and help us understand kind of what exactly that means?

非常感謝您回答問題。我想問一下您之前提到的 2026 年收入和 GMV 收窄的問題，聽起來廣告業會面臨一些壓力。你們能不能解釋一下，幫我們理解一下這到底是什麼意思？

And then magical listings has really made the seller process easier. Can you guys just help us understand how that manifests back into GMV? What happens on the sell side as you guys do get that long tail of listings? And how do you guys really optimize that? Thank you.

神奇的商品清單功能確實讓賣家的銷售流程變得更輕鬆。你們能不能幫我們解釋一下，這最終是如何體現在GMV上的？當你們收到大量待售房源時，賣方那邊會發生什麼事？你們是如何真正優化這一點的？謝謝。

Yes. So let me start with the magical listings point, and then we'll talk a little bit about the advertising of the pieces. So what we see with magical listings is really kind of an unlock of more inventory when sellers are starting to use it. So it helps them spend less time creating listings and more time growing their business. So over 10 million sellers have used our magical listings tool. I think we're up to over 300 million items have been augmented, leveraging AI.

是的。那麼，就讓我們先從神奇的商品清單這一點開始，然後再談談商品的廣告宣傳。所以我們看到，當賣家開始使用神奇商品清單時，它實際上解鎖了更多的庫存。這樣可以幫助他們減少創造商品資訊的時間，把更多的時間投入在業務發展中。已有超過1000萬賣家使用過我們神奇的商品刊登工具。我認為我們已經利用人工智慧技術增強了超過 3 億件物品的功能。

And so it's really about driving more velocity in selling and driving our overall CSAT experience in selling. Think about that as listing completion rates, listings per lister, et cetera, which all help us perform really well. And we're not just focusing on the listing experience, right? It's we're helping them create better pictures to help them sell more. We're actually using AI to figure out if you're putting a promoted offsite together, how do we -- which pictures do we use and how to alter all of that to kind of help you drive sell-through, et cetera.

因此，關鍵在於提高銷售速度，並提升我們在銷售方面的整體客戶滿意度體驗。想想看，這和房源完成率、每個房源發布者的房源數量等等都有關係，這些都會幫助我們取得非常好的業績。我們不僅僅關注房源展示體驗，對吧？我們幫助他們製作更好的圖片，從而幫助他們賣出更多產品。我們實際上正在使用人工智慧來確定，如果您正在建立一個推廣的外部網站，我們應該如何使用圖片以及如何更改所有這些內容，以幫助您提高銷售額等等。

And what's great about eBay is we have a large base of C2C sellers, and they're bringing really unique items on the platform. And so if you look at the average household, we think they have $3,000 to $4,000 of items that could be on eBay and less than 20% of that is on eBay today. So it's really about unlocking all of that inventory by making it so easy with magical listings.

eBay 的優勢在於我們擁有龐大的 C2C 賣家群體，他們為平台帶來了許多非常獨特的商品。因此，如果你看一下普通家庭，我們認為他們有價值 3000 到 4000 美元的物品可以在 eBay 上出售，但如今只有不到 20% 的物品在 eBay 上出售。所以，關鍵在於透過神奇的商品清單功能，讓所有庫存變得如此簡單，從而解鎖所有庫存。

I think on advertising, the comments we were making were more about Q4 versus Q3, where we saw strong ad growth in Q3 due to our strong volume growth and ads adoption, and we expect our 1P ads to normalize to the low to mid-teens growth in Q4 was the comment that we're making about advertising. But when you look at the ROAS that we're providing to sellers, when you look at the experience that we're providing, we feel really good about the trajectory of our advertising portfolio and opportunities.

我認為，關於廣告方面，我們發表的評論更多是關於第四季與第三季的對比。第三季度，由於銷售量和廣告採用率的強勁成長，我們看到了強勁的廣告成長。我們預計，第四季度我們的 1P 廣告成長將恢復正常，達到 10% 到 25% 的成長水準。這是我們對廣告方面發表的評論。但是，當你看到我們為賣家提供的廣告支出回報率，當你看到我們提供的體驗時，我們對廣告組合和機會的發展軌跡感到非常滿意。

And then, Andrew, in terms of your question around the narrowing of GMV versus revenue that we commented on in 2026, we do expect the gap between GMV and revenue growth to be relatively narrow in 2026, and this is driven from our continued healthy growth in first-party advertising, which is partially offset by two things: one, fewer imports into the US by CBT sellers, which slightly pressures our advertising and financial services monetization. And then we are seeing -- we expect to see a higher mix of GMV from our emerging businesses like vehicles and eBay Live that have a lower average take rate. So that's what's driving that.

然後，Andrew，關於你提到的 2026 年 GMV 與收入差距縮小的問題，我們預計 2026 年 GMV 與收入增長之間的差距將相對較小，這主要得益於我們第一方廣告的持續健康增長，但這一增長部分被以下兩點所抵消：一是 CBT 賣家向美國進口的產品減少，這稍微影響了我們的廣告和金融服務貨幣化。然後我們看到——我們預計新興業務（如汽車和 eBay Live）的 GMV 佔比會更高，而這些業務的平均成交率較低。這就是背後的驅動因素。

Thank you.

謝謝。

Operator, can we do one last question, please?

接線員，我們可以問最後一個問題嗎？

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

Hey, thanks guys for squeezing me in. I guess just to look at the 2026 guidance, maybe a little bit more closely and the commentary on positive GMV growth. And Pat, you gave the kind of 3 points of headwind impact. Can you maybe elaborate a little bit more on what positive means and kind of where you feel like you fall in that trajectory. We've spent the better part of an hour talking about a lot of the improvements you guys have made. Jamie, you've called a lot of the growth durable. So I think just helping investors kind of feel sort of frame where we land in that positive. I know it's early.

嘿，謝謝各位擠出時間讓我來。我想我們應該更仔細地看看 2026 年的業績指引以及關於 GMV 正面成長的評論。派特，你提到了逆風帶來的3點影響。您能否再詳細解釋一下「正面」的含義，以及您覺得自己在這個過程中處於什麼位置？我們花了將近一個小時討論你們所做的許多改進。傑米，你把很多成長都稱為持久成長。所以我認為，幫助投資人感受到我們最終走向正面局面的框架至關重要。我知道現在還早。

And then on the de minimis impacts, Clearly, that's gotten bigger. Any way to frame in a little bit more detail what you're seeing there? Thanks.

至於微不足道的影響，顯然，影響已經擴大了。能否更詳細地描述一下你所看到的東西？謝謝。

Sure. So we are early in our planning process, which is why we sort of provided only high-level remarks on our preliminary commentary for next year. We have the holiday ahead of us, and so it would be premature to talk too much about how we're thinking about it specifically. We do expect our strategic initiatives to remain the core driver of our growth, namely, as we've talked about, focused categories, geographic initiatives, horizontal innovation, we're super excited about what we know eBay Live and vehicles will contribute given the incremental investments and focus that we had this year.

當然。所以我們目前還處於規劃過程的早期階段，因此我們只對明年的初步評論提供了一些高層次的評論。假期將至，所以現在談論我們對假期的具體想法還為時過早。我們預計我們的策略舉措仍將是我們成長的核心驅動力，正如我們之前所討論的，重點類別、地域舉措、橫向創新，鑑於我們今年的增量投資和重點投入，我們對 eBay Live 和汽車業務將做出的貢獻感到非常興奮。

We've pointed out some of the lapping dynamics that we're expecting. Some of those are, as you were asking, related to the tariff announcements where we do expect to see a full annualized amount from the one month we saw in Q3 and the full quarter that we'll have in Q4. And our expectations in terms of that 1 point was really annualizing a similar trend to what we're currently seeing.

我們已經指出了一些我們預期的圈速變化趨勢。正如您所問，其中一些與關稅公告有關，我們預計第三季一個月的數據和第四季的完整季度數據將達到年度總額。而我們先前對這 1 個百分點的預期，實際上是按照與我們目前所看到的類似的趨勢進行年度化計算的。

Yes. And on your question on de minimis, Ygal, so we did observe breakage related to tariffs in Q3, particularly after de minimis exemption was removed for the rest of the world in late August. So that subjected a significant amount of imports to tariffs for the first time. And sellers in Japan and Canada were amongst the most impacted.

是的。Ygal，關於你提出的「最低限度」問題，我們確實觀察到第三季與關稅相關的違約情況，尤其是在 8 月下旬取消對世界其他地區的最低​​限度豁免之後。因此，大量進口商品首次被徵收關稅。日本和加拿大的賣家受到的影響最為嚴重。

What we've really focused on is supporting our customers, which is why we're accelerating our product road map for cross-border shipping services. So we talked earlier about eBay International Shipping in Canada. That's our third largest corridor into the US and really giving them a solution similar to what we brought to US sellers. And that's launched and is performing well. We're extending SpeedPAK, which we've talked about for China, then we extended it Japan. We're expanding SpeedPAK to our German sellers. And these tools help sellers manage the friction and the complexity associated with the changes while providing buyers price transparency.

我們真正關注的是為客戶提供支持，因此我們正在加快跨境運輸服務的產品路線圖。我們之前討論過eBay在加拿大的國際運輸問題。這是我們進入美國的第三大通道，我們確實為他們提供了類似於我們為美國賣家提供的解決方案。該產品已經上線，並且運作良好。我們正在擴展 SpeedPAK，之前我們在中國討論過 SpeedPAK，後來又在日本進行了擴展。我們將把 SpeedPAK 服務擴展到我們的德國賣家。這些工具可以幫助賣家應對變化帶來的摩擦和複雜性，同時為買家提供價格透明度。

So, overall, we feel confident our marketplace is well suited to help sellers and buyers navigate these challenges. Peggy talked about some of the lapping dynamics for next year from that. But one of the benefits we have is our diversified supply of domestic and cross-border inventory is an advantage in this environment, while also our non-new in-season used and refurbished inventory can help consumers find value as well.

因此，總的來說，我們相信我們的市場平台能夠很好地幫助賣家和買家應對這些挑戰。佩吉談到了明年的一些圈速動態。但我們的優勢之一是，我們多元化的國內和跨境庫存供應在這種環境下具有優勢，同時，我們的非全新當季二手和翻新庫存也可以幫助消費者找到價值。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

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

感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線了。