eBay Inc. (EBAY) 2026 Q1 法說會逐字稿

Good day, everyone. My name is Megan, and I'll be your conference operator today. At this time, I would like to welcome you to the eBay first-quarter 2026 earnings call. (Operator instructions)

各位好。我的名字是 Megan，今天將擔任本次會議的接線員。此刻，我想歡迎各位參加 eBay 2026 會計年度第一季財報電話會議。（接線員指示）

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

此刻，我想將電話交給投資人關係副總裁 John Egbert。

Good afternoon. Thank you, all, for joining us for eBay's first-quarter 2026 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.

各位午安。感謝各位參加 eBay 2026 會計年度第一季財報電話會議。今天與我一同出席的有我們的執行長 Jamie Iannone，以及財務長 Peggy Alford。我們提供投影片簡報以配合本次電話會議中的說明，簡報可於 eBay 網站的投資人關係專區 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 the reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation.

在開始之前，我提醒各位，本次電話會議中我們將討論若干與公司表現相關的非 GAAP 指標。您可在隨附的投影片簡報中，找到這些指標與最接近之可比 GAAP 指標的調節表。

Additionally, all growth rates noted in our prepared remarks will reflect organic FX-neutral year-over-year comparisons, and all earnings per share amounts reflect earnings per diluted share, unless indicated otherwise. All year-over-year growth rates versus 2025 and are also based on recast financials reflecting our adoption of the new internally developed software accounting guidance in 2026.

此外，我們事先準備的講稿中所提及的所有成長率，均反映以有機（organic）、外匯中性（FX-neutral）的年對年比較；除非另有說明，所有每股盈餘金額均為稀釋後每股盈餘。另，所有相較於 2025 年的年對年成長率亦係以重編財務數字為基礎，該重編反映我們於 2026 年採用新的內部開發軟體會計指引。

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

在本次電話會議中，管理團隊將作出前瞻性陳述，包括但不限於關於我們未來表現與預期財務結果的陳述。這些前瞻性陳述涉及已知與未知的風險與不確定性。由於多種原因，我們的實際結果可能與預測有重大差異。關於可能影響我們營運結果的風險、不確定性及其他因素之更多資訊，請參閱我們最新的 Form 10-K、Form 10-Q 定期報告，以及我們今日稍早發布的財報新聞稿。

You should not rely on any forward-looking statements. All information in this presentation is as of April 29, 2026. We do not intend and undertake no duty to update that information.

您不應依賴任何前瞻性陳述。本簡報中的所有資訊截至 2026 年 4 月 29 日。我們無意且不承擔更新該等資訊之義務。

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

接下來，我把電話交給 Jamie。

Thanks, John. Good afternoon, and thank you, all, for joining us today. I am pleased to report we're off to a very strong start in 2026. Our first-quarter results exceeded our guidance and consensus estimates across the board despite ongoing macroeconomic and geopolitical uncertainty across many of our major markets.

謝謝你，John。各位午安，也感謝各位今天加入我們。我很高興報告，我們在 2026 年有一個非常強勁的開局。儘管我們多個主要市場仍面臨持續的總體經濟與地緣政治不確定性，我們第一季的業績仍全面超越我們的指引與市場一致預期。

During Q1, gross merchandise volume rose by 14% over $22 billion while revenue grew 17% to more than $3 billion. Strong flow-through of this top-line momentum led to 18% year-over-year growth in non-GAAP operating income, which reached over $900 million, and our non-GAAP earnings per share increased by 21% year over year to $1.66. These strong top- and bottom-line results were driven by a broad-based GMV acceleration across all of our major categories alongside improved year-over-year trends across most of our key geographies.

在第一季，商品交易總額（GMV）年增 14% 至超過 220 億美元，營收年增 17% 至超過 30 億美元。這股營收動能帶來強勁的利潤轉化，使非 GAAP 營業利益年增 18% 至超過 9 億美元；非 GAAP 每股盈餘年增 21% 至 1.66 美元。這些強勁的營收與獲利表現，主要來自我們所有主要品類的 GMV 普遍加速成長，以及多數關鍵地區的年對年趨勢改善。

Our most established strategic priorities now make up approximately 70% of our total GMV. This includes focused categories, our consumer-to-consumer or C2C business, and recommerce, which is made up of pre-owned and refurbished items. These priority areas each individually grew faster than overall GMV in Q1. And collectively, they grew in the high-teens year over year, reflecting the impact of our strategic investments over the last several years.

我們最成熟的策略優先事項目前約占總 GMV 的 70%。其中包括聚焦品類、我們的消費者對消費者（C2C）業務，以及再商務（recommerce），其由二手與整新商品構成。這些優先領域在第一季各自的成長速度都快於整體 GMV；合計年對年成長達高十幾個百分點，反映我們過去數年策略性投資所帶來的成效。

Our focus categories continue to build momentum in Q1, with GMV growth accelerating to 24%, reflecting the benefits of our continued investments in trust, product experience improvements, and full funnel marketing.

我們的聚焦品類在第一季持續累積動能，GMV 成長加速至 24%，反映我們持續投資於信任機制、產品體驗改善，以及全漏斗行銷所帶來的效益。

The collectibles category was the largest contributor to GMV growth in Q1, and reflecting broad-based momentum across the category, the 30th anniversary of Pokémon in late February, fueled significant enthusiasm that translated into strong demand on our platform, which we supported through coordinated activations across our core marketplace, eBay Live, TCGplayer, and Goldin.

收藏品品類是第一季 GMV 成長的最大貢獻者。隨著該品類呈現廣泛動能，2 月下旬寶可夢（Pokémon）30 週年引發高度熱潮，轉化為我們平台上的強勁需求；我們透過在核心市集、eBay Live、TCGplayer 與 Goldin 的協同活動來加以支持。

Sports trading card GMV growth accelerated notably in Q1 and was a larger contributor to GMV growth in Pokémon, as we benefited from strong late-season demand for the NFL and NBA as well as 2026 releases for Major League Baseball.

運動集換式卡牌的 GMV 成長在第一季明顯加速，且相較於寶可夢，對 GMV 成長的貢獻更大；我們受惠於 NFL 與 NBA 賽季後段的強勁需求，以及美國職棒大聯盟（MLB）於 2026 年的新品發行。

Outside of trading cards, we observed strong GMV growth across much of our broader collectibles offering, including in right to in areas like collectible coins, toys, action figures, and comic books. We also saw a transitory benefit to GMV growth from gold and silver bullion in response to precious metal prices. But this demand began to normalize in late Q1 as expected and should revert to historical levels in Q2.

除集換式卡牌外，我們也觀察到更廣泛的收藏品供給中多個領域的 GMV 強勁成長，包括收藏硬幣、玩具、可動人偶與漫畫書等。我們也因應貴金屬價格變動，看到金銀條塊帶來對 GMV 成長的短暫助益。不過，如預期般，該需求在第一季末開始正常化，並應在第二季回落至歷史水準。

Within our off-platform marketplaces, TCGplayer growth remained strong, and Goldin growth accelerated as it reached a new quarterly GMV record in Q1. Goldin facilitated several landmark sales during the quarter including a Pokémon Pikachu Illustrator card that's sold for over $16 million, officially becoming the most valuable trading card ever sold at auction.

在我們的平台外市集中，TCGplayer 的成長仍然強勁，而 Goldin 的成長加速，並在第一季創下新的單季 GMV 紀錄。Goldin 在本季促成多筆具里程碑意義的成交，包括一張以超過 1,600 萬美元售出的寶可夢皮卡丘插畫家卡（Pokémon Pikachu Illustrator card），正式成為拍賣史上最昂貴的集換式卡牌。

To further support our trading card enthusiast, we continue to enhance our AI-powered card scanning feature, which recently surpassed 30 million cumulative scans. This tool allows users to scan a single photo to instantly identify card, surfacing historical prices and population data to help enthusiasts trade with confidence. In Q1, we expanded the card scanning feature beyond sports to cover our top five collectible card game genres including Pokémon, Magic: The Gathering, and One Piece.

為了進一步支持集換式卡牌愛好者，我們持續強化 AI 驅動的卡牌掃描功能，近期累計掃描次數已突破 3,000 萬次。該工具讓使用者只需掃描一張照片即可即時辨識卡牌，並呈現歷史價格與存量（population）資料，協助愛好者更有信心地交易。第一季，我們將卡牌掃描功能從運動卡擴展至前五大集換式卡牌遊戲類別，包括寶可夢（Pokémon）、魔法風雲會（Magic: The Gathering）與航海王（One Piece）。

Overall, our continued investments in both on and off platform experiences are deepening engagement with collectibles enthusiasts. Through our innovation across multiple sports, genres, buying formats, and price points, we are further solidifying eBay as a premier global shopping destination for the hobbyist immunity.

整體而言，我們持續投資於平台內與平台外體驗，正加深收藏品愛好者的參與度。透過在多項運動、不同類型、購買形式與價格帶上的創新，我們進一步鞏固 eBay 作為全球頂尖嗜好族群首選購物目的地的地位。

Importantly, the momentum we observed in Q1 extended well beyond collectibles as the remainder of our US business also delivered double-digit GMV growth and outpaced broader e-commerce benchmarks.

重要的是，我們在第一季看到的動能遠不止於收藏品；我們美國業務的其餘部分同樣實現雙位數 GMV 成長，並超越更廣泛的電商基準表現。

Our motors, parts and accessories business, or P&A, delivered its strongest quarter of year-over-year GMV growth since 2021, contributing approximately 2 points of growth to our overall marketplace in Q1. Our guaranteed fit program has meaningfully increased conversion on fitment enabled listings in the US, UK, and German markets, helping fuel the strongest quarter of P&A GMV growth we have seen in several years.

我們的汽車、零件與配件業務（Motors, Parts & Accessories，簡稱 P&A）在第一季繳出自 2021 年以來最強的年對年 GMV 成長，為第一季整體市集約貢獻 2 個百分點的成長。我們的「保證適配」（guaranteed fit）計畫已在美國、英國與德國市場，顯著提升具適配性（fitment）功能之刊登商品的轉換率，推動 P&A 出現我們多年來所見最強的一季 GMV 成長。

Given the success we've seen in our initial markets, we recently expanded guaranteed fit to Australia, helping further solidify our online P&A leadership in this market by giving motors enthusiasts, the confidence to tackle their most complex projects knowing they'll have the right part for the job every time or their money back.

鑑於我們在初始市場看到的成功，我們近期將「保證適配」擴展至澳洲；透過讓汽車愛好者更有信心處理最複雜的專案——因為他們每次都能買到正確零件，否則可退款——進一步鞏固我們在該市場的線上 P&A 領導地位。

We also recently strengthened our P&A value proposition with the acquisition of Eladene Systems, a UK-based software provider for salvage yards. We expect this acquisition to bring more recycled P&A inventory onto the eBay platform, which provides value for cost-conscious consumers and supports the circular economy.

我們也透過收購 Eladene Systems（英國一家為報廢車拆解場提供軟體的供應商）來強化 P&A 的價值主張。我們預期此收購將把更多回收再利用的 P&A 庫存帶到 eBay 平台上，為重視成本的消費者創造價值，並支持循環經濟。

Our acquisition of Caramel a little over a year ago is helping us bring in more comprehensive eBay Motors offering by combining the strength of our scaled P&A business with our nascent but fast-growing vehicles business. We see meaningful opportunities for synergies between these businesses as they are highly complementary. Each vehicle sold on eBay creates a natural opportunity for future engagement in P&A. As buyers return to the marketplace to maintain, repair, and personalize their vehicles.

我們在一年多前收購 Caramel，正協助我們打造更完整的 eBay Motors 產品組合，將我們具規模的 P&A 業務優勢，與仍在起步但快速成長的整車（vehicles）業務結合。我們看到這兩項業務之間存在顯著的協同機會，因為它們高度互補。在 eBay 上售出的每一輛車，都自然帶來未來在 P&A 的互動機會，因為買家會回到市集進行保養、維修與個人化改裝。

In vehicles, our secure fully digital transaction capabilities are driving improvements across the purchase funnel, and we are seeing encouraging traction as we expand from our initial focus on C2C transactions to begin serving small dealerships as well. While it's far earlier in its journey than P&A, vehicles continues to scale month over month and exited Q1 at an annualized GMV run rate in the hundreds of millions of dollars.

在整車業務方面，我們安全且全數位化的交易能力正推動購買漏斗各環節的改善；隨著我們從最初聚焦於 C2C 交易，擴展到開始服務小型經銷商，我們也看到令人鼓舞的進展。雖然整車業務的發展仍遠早於 P&A，但其規模持續逐月擴大，並在第一季結束時的年化 GMV 執行率已達數億美元。

In fashion, we are building on the momentum we initially created by enhancing trust across high ASP categories like watches, handbags, jewelry, sneakers, and streetwear through authenticity guarantee. More recently, we've expanded authenticity guarantee eligibility to a wider selection of pre-loved and luxury apparel, shoes, and accessories for a more complete head-to-toe value proposition for fashion enthusiasts.

在時尚領域，我們正延續最初建立的動能，透過真品保證在手錶、手袋、珠寶、球鞋與街頭服飾等高平均售價（ASP）品類中強化信任。近期，我們也將真品保證的適用範圍擴大至更多二手與奢華服飾、鞋履與配件，為時尚愛好者提供更完整的從頭到腳價值主張。

After diversifying our brand and inventory coverage in the UK and Germany last year, we followed suit in the US during Q1 by expanding authenticity guarantee to more than 70 shoe and fashion accessory brands.

在去年於英國與德國擴大品牌與庫存覆蓋後，我們在第一季也於美國採取同樣作法，將真品保證擴展至超過 70 個鞋類與時尚配件品牌。

++ We've also improved our value proposition for fashion e-commerce by streamlining and calibrating garment sizing across global standards. These changes have simplified the listing process for sellers, removed a major point of friction for buyers, and contributed to a measurable increases in quality views, bought items, and conversion velocity in fashion.

++ 我們也透過精簡並校準符合全球標準的服裝尺碼，提升時尚電商的價值主張。這些變更簡化了賣家的刊登流程，消除了買家的一大摩擦點，並促成時尚品類在優質瀏覽量、購買件數與轉換速度方面出現可衡量的提升。

Our breadth and depth of selection in branded pre-loved fashion inventory is also key to our relevance in the category. Our AI tools like the latest generation of magical listing experience are making it dramatically simpler for sellers to list pre-loved fashion items on eBay, helping drive a mid-teens year-over-year increase in casual fashion listers in Q1.

我們在品牌二手時尚庫存上的廣度與深度，也是我們在該品類保持相關性的關鍵。我們的 AI 工具（例如最新一代的神奇刊登體驗）大幅簡化賣家在 eBay 刊登二手時尚商品的流程，並在第一季帶動休閒時尚刊登者年增達十位數百分比（mid-teens）。

At the same time, we are strengthening our position in fashion by using community to build greater awareness and consideration with enthusiasts. eBay Live is becoming a meaningful driver of GMV in certain fashion categories. And in March, we held our first direct from brand live shopping event with Marks & Spencer in the UK.

同時，我們也透過社群強化在時尚領域的地位，以提升愛好者的認知與考量度。eBay Live 正在某些時尚品類中成為具意義的 GMV 驅動因素。3 月，我們在英國與 Marks & Spencer 舉辦了首場品牌直送的直播購物活動。

Our second annual Vogue Vintage market events in the US and UK were another strong example of how curated events elevate eBay's relevance in prelude fashion. We are consistently showing up at the cultural moments that matter most to fashion enthusiasts, including the Grammys, the Oscars, and Berlin Fashion Week during Q1.

我們在美國與英國舉辦的第二屆年度 Vogue Vintage 市集活動，是策展式活動如何提升 eBay 在二手時尚領域相關性的另一個強勁例證。我們持續出現在對時尚愛好者最重要的文化時刻，包括第一季的葛萊美獎、奧斯卡，以及柏林時裝週。

We've also driven engagement through our sponsorships of the new Saturday Night Live and Love Island: All Stars programming in the UK. Taken together, these efforts are making eBay a more compelling destination for enthusiasts and helped accelerate overall fashion GMV growth in Q1, including healthy double-digit growth across our fashion focused categories in aggregate.

我們也透過在英國贊助新版《週六夜現場》（Saturday Night Live）與《Love Island: All Stars》節目來帶動互動。綜合而言，這些努力讓 eBay 成為更具吸引力的愛好者目的地，並協助加速第一季整體時尚 GMV 成長，其中我們聚焦時尚的品類合計亦呈現健康的雙位數成長。

Our consumer-to-consumer or C2C business remains one of the most important strategic priorities. C2C sellers bring the unique hard-to-find inventory that differentiates eBay and strengthens our position in recommerce. Multiple years of investment have reduced friction and helped reinvigorate growth in a segment that makes up more than one quarter of our total GMV.

我們的消費者對消費者（C2C）業務仍是最重要的策略優先事項之一。C2C 賣家帶來獨特且難以尋得的庫存，這些庫存使 eBay 與眾不同，並強化我們在循環電商（recommerce）中的地位。多年投資已降低摩擦，並協助重新點燃一個占我們總 GMV 超過四分之一之業務分部的成長。

We saw the momentum continue in Q1 as C2C delivered double-digit GMV growth across the US, UK, and Germany, meaningfully outpacing B2C growth in those markets. We believe this momentum reflects the enhanced value proposition for consumer sellers in the markets with reduced transactional friction, driving a healthier sell-to-buy flywheel.

第一季我們看到動能延續，C2C 在美國、英國與德國皆實現雙位數 GMV 成長，且明顯超越這些市場的 B2C 成長。我們認為，這股動能反映出在交易摩擦降低的市場中，消費者賣家的價值主張獲得強化，進而推動更健康的賣出—買入飛輪效應。

In May, we plan to revamp our consumer selling experience in Australia, our fourth-largest market by demand. We will remove selling fees for consumer sellers in Australia and introduce a buyer-facing fee on C2C transactions. While also tailoring our seller segmentation and manage shipping service to cater to local market dynamics. Similar to our C2C initiatives in the UK and Germany, our goal is to reduce friction for casual sellers, increase our supply of differentiated inventory, and ultimately unlock a larger addressable market opportunity.

我們計畫於 5 月在澳洲（以需求計為我們第四大市場）改造消費者賣家銷售體驗。我們將取消澳洲消費者賣家的銷售費用，並在 C2C 交易中引入面向買家的費用。同時也會調整賣家分層（segmentation）與管理式運輸服務，以符合當地市場動態。與我們在英國與德國的 C2C 計畫類似，我們的目標是降低休閒賣家的摩擦、增加差異化庫存供給，並最終釋放更大的可服務市場機會。

Another area where we are seeing strong momentum is eBay Live. In categories where trust storytelling and community are central to the purchase experience, eBay Live gives sellers a powerful way to showcase unique inventory and engage buyers in real time while helping us bring more customers into high-value enthusiast experiences.

我們看到另一個強勁動能的領域是 eBay Live。在信任、故事敘述與社群是購買體驗核心的品類中，eBay Live 讓賣家能以強而有力的方式展示獨特庫存並即時與買家互動，同時也協助我們將更多客戶帶入高價值的愛好者體驗。

Now operating in seven markets globally, eBay Live continues to scale rapidly, with an annual GMV run rate more than 8 times higher year over year in recent weeks. We supported that momentum in Q1 through strong growth in programming across a diverse mix of categories and improved event discovery throughout the eBay mobile app, including the recent addition of an eBay Live button on the bottom navigation for US users on iOS.

eBay Live 目前已在全球七個市場運作，並持續快速擴張；近幾週其年度 GMV 年化運行率（run rate）較去年同期高出逾 8 倍。我們在第一季透過多元品類的節目內容強勁成長，以及在 eBay 行動 App 中改善活動探索（discovery）來支撐這股動能，其中包括近期為美國 iOS 用戶在底部導覽列新增 eBay Live 按鈕。

In Q1, we hosted our first live stream shopping event outside of the holidays as our 48 hours of drops event in the US set a new daily record for eBay Live GMV, with each day outpacing our previous record on Black Friday by 60%.

第一季，我們在美國以「48 小時掉落（drops）」活動，首次在非假期期間舉辦直播購物活動，並創下 eBay Live 單日 GMV 新紀錄；活動的每一天都比我們先前在黑色星期五創下的紀錄高出 60%。

We also saw impressive results internationally where local 24-hour events in the UK and Germany each reached seven-figure daily GMV milestones, proving that our live stream playbook is effectively capturing enthusiast demand across geographies.

我們也在國際市場看到亮眼成果：英國與德國各自的在地 24 小時活動，單日 GMV 皆達到百萬級里程碑，證明我們的直播操作手冊能有效在不同地理區域捕捉愛好者需求。

We continue to leverage our AI capabilities to reimagine core experiences across the marketplace. For sellers, the latest generation of our magical listing experience uses our proprietary models, product knowledge graph, and 30 years of marketplace data to do much of the hard work of creating a listing from guiding sellers on which photos to take to generating key details like titles, categories, item specifics, and pricing.

我們持續運用 AI 能力重新構想市集中的核心體驗。對賣家而言，最新一代的神奇刊登體驗運用我們的專有模型、產品知識圖譜，以及 30 年的市集數據，承擔建立刊登內容的大量繁重工作——從引導賣家該拍哪些照片，到生成標題、類別、商品規格與定價等關鍵細節。

The US rollout of this experience has been one of the most impactful launches we've had in years as it has driven a greater than 50% increase in new listing creation rate, double-digit percentage increases in sold items and GMV per lister, stronger retention, and a material increase in estimated customer lifetime value for these sellers.

這項體驗在美國的推出，是我們多年來最具影響力的上線之一：它帶動新刊登建立率提升超過 50%，每位刊登者的售出件數與 GMV 皆出現雙位數百分比成長，留存更強，並使這些賣家的預估客戶終身價值（LTV）顯著提升。

Based on these compelling results, in the US market, we began expanding this experience to new and reactivated listers in Germany in April, where early AB tests are showing directionally similar uplift on key seller KPIs as the US launch which gives us confidence to extend this experience to more countries and seller segments in the coming months.

基於這些具說服力的成果，在美國市場的基礎上，我們於 4 月開始將此體驗擴展至德國的新賣家與重新活躍的刊登者；早期 A/B 測試在賣家關鍵 KPI 上呈現與美國上線方向一致的提升，讓我們有信心在未來幾個月將此體驗延伸至更多國家與賣家分群。

For buyers, our agentic search beta is creating a more intuitive and conversational way to shop by allowing customers to refine results through natural language and a multi-turn dialogue, much like working with a personal shopper that understands their sizes, styles, and brand preferences.

對買家而言，我們的代理式（agentic）搜尋 beta 版，透過允許客戶以自然語言與多輪對話來精煉結果，打造更直覺、對話式的購物方式，就像與一位了解其尺碼、風格與品牌偏好的私人購物顧問合作。

While still early, we have observed some encouraging learnings from this beta as we're seeing approximately 50% more search engagement in sessions utilizing AI-powered refinements, which is ultimately translating into double-digit percentage increases in purchase behavior.

雖然仍在早期階段，我們已從此 beta 觀察到一些令人鼓舞的學習：在使用 AI 驅動精煉功能的工作階段中，搜尋互動約增加 50%，最終轉化為購買行為的雙位數百分比提升。

These innovations are just two examples of our transition to an AI-native marketplace. By embedding these capabilities into the core of our platform, we are fundamentally changing the pace at which we can remove friction, unlock supply, and drive long-term value for our enthusiasts.

這些創新只是我們轉型為 AI 原生市集的兩個例子。透過將這些能力嵌入平台核心，我們正在從根本上改變消除摩擦、釋放供給，以及為愛好者創造長期價值的速度。

We are also extending the reach of our marketplace through partnerships. Following a successful pilot of eBay inventory and Facebook Marketplace search results last quarter, this integration has transitioned to general availability. eBay inventory is now enabled in the search box for the majority of Facebook Marketplace users in the US, Germany, and France. This integration further enhances the visibility of our differentiated inventory to Facebook's scaled audience, which can drive qualified incremental traffic to our sellers' eBay listings. Our search integration complements our existing presence in the marketplace feed for a subset of users where we continue to iterate on the experience and gather valuable learnings.

我們也透過合作夥伴關係擴大市集觸及。繼上季 eBay 庫存與 Facebook Marketplace 搜尋結果成功試點後，該整合已轉為全面可用（general availability）。目前，在美國、德國與法國，多數 Facebook Marketplace 用戶的搜尋框已啟用 eBay 庫存。此整合進一步提升我們差異化庫存在 Facebook 規模化受眾中的能見度，並可為賣家的 eBay 刊登帶來具資格的增量流量。我們的搜尋整合也補足了我們在部分用戶的 Marketplace 動態（feed）中的既有曝光；我們將持續迭代體驗並收集寶貴學習。

Now, turning to shipping. Shipping solutions are a major focus for us this year as we leverage our scale and expertise to help sellers tap and demand across borders amid an increasingly complex trade policy landscape. In Q1, we continued to scale eBay International shipping in Canada following its Q4 launch, and we expanded access to SpeedPAK for sellers in Germany and six other markets. Our SpeedPAK partnership continues to perform well in Greater China and Japan as these capabilities are becoming increasingly important as cross-border trade grows more complex.

接著談運輸。運輸解決方案是我們今年的重點之一；在貿易政策環境日益複雜之際，我們將運用規模與專業能力，協助賣家掌握跨境需求。第一季，我們在加拿大於第四季上線後持續擴大 eBay International Shipping 的規模，並將 SpeedPAK 的使用權擴展至德國及另外六個市場。我們的 SpeedPAK 合作夥伴關係在大中華區與日本持續表現良好；隨著跨境貿易變得更為複雜，這些能力的重要性也日益提升。

Before concluding my prepared remarks, I'm proud to share that eBay was once again recognized as one of Fortune's most innovative companies. In January, we also released eBay's inaugural climate transition plan, a company-wide road map to reach net-zero greenhouse gas emissions by 2045. This plan reflects how we are well-positioned to drive sustainable commerce at scale and as a result, creating during value for our customers, communities, and the planet.

在結束我預先準備的發言之前，我很自豪地分享 eBay 再次獲選為《Fortune》最具創新力公司之一。1 月，我們也發布 eBay 首份氣候轉型計畫，這是一份全公司範圍的路線圖，目標在 2045 年達成溫室氣體淨零排放。此計畫反映出我們具備以規模推動永續商務的良好條件，並因此為我們的客戶、社群與地球創造持久價值。

In closing, we delivered a very strong start to 2026 with results that exceeded our expectations and reflected broad-based momentum across the marketplace. A few key themes stand out from the quarter.

最後，我們在 2026 年開局即交出非常強勁的成績，成果超出我們的預期，並反映出市場各面向的廣泛動能。本季有幾個關鍵主題特別突出。

First, our strategic priorities are driving the majority of our GMV growth. Focused categories, C2C, and recommerce now represent approximately 70% of our total GMV and continue to gain share through our disciplined execution which enhances our long-term resilience and strengthens the structural growth profile of our marketplace.

第一，我們的策略優先事項正推動我們大部分的 GMV 成長。聚焦品類、C2C 與再商務（recommerce）目前約占我們總 GMV 的 70%，並在我們嚴謹的執行下持續提升市占，這不僅強化我們的長期韌性，也提升了平台結構性成長的輪廓。

Second, our GMV growth is broad-based and extends well beyond any single category. While collectibles continues to outperform, we saw improved trends across all of our major categories, including accelerating GMV growth across eBay Motors, electronics, and fashion. eBay Live continues to scale rapidly across a diverse group of categories, and we're in the early stages of realizing valuable synergies between P&A and vehicles.

第二，我們的 GMV 成長具廣泛性，遠不止於任何單一品類。雖然收藏品仍持續領先，我們也看到所有主要品類的趨勢改善，包括 eBay Motors、電子產品與時尚的 GMV 成長加速。eBay Live 也持續在多元品類中快速擴張，而我們正處於實現 P&A 與車輛之間寶貴協同效益的早期階段。

Third, we are progressing from AI-powered optimizations to building fully AI-native experiences on eBay. We're increasingly embedding AI in the foundational elements of our marketplace to remove friction, unlock supply at scale, and deliver more personalized and relevant products to our customers.

第三，我們正從 AI 驅動的最佳化，邁向在 eBay 打造完全 AI 原生（AI-native）的體驗。我們正日益將 AI 嵌入平台的基礎要素，以降低摩擦、規模化釋放供給，並為客戶提供更個人化且更相關的商品。

While the macroenvironment remains dynamic, as I look toward the balance of 2026, I'm confident in the sustainability of our underlying business trends and the durable foundation we've established to support long-term growth.

儘管總體環境仍然多變，展望 2026 年剩餘期間，我對我們底層業務趨勢的可持續性，以及我們為支持長期成長所建立的穩固基礎充滿信心。

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

接下來，我把電話會議交給 Peggy，請她提供更多關於我們財務表現的細節。Peggy，交給你。

Thank you, Jamie. I'll begin with our financial highlights for the first quarter. GMV grew by 14% to $22.2 billion. Revenue grew 17% to $3.09 billion. Our non-GAAP operating income grew 18% year over year to $907 million. Non-GAAP earnings per share grew 21% year over year to $1.66, and we returned $639 million to shareholders through repurchases and cash dividends.

謝謝你，Jamie。我先從第一季的財務重點開始。GMV 成長 14%，達到 222 億美元。營收成長 17%，達到 30.9 億美元。我們的非 GAAP 營業利益年增 18%，達到 9.07 億美元。非 GAAP 每股盈餘年增 21%，達到 1.66 美元；我們也透過庫藏股回購與現金股利向股東返還 6.39 億美元。

Let's take a closer look at the key drivers of our strong Q1 performance. GMV grew over 14% to $22.2 billion on an organic FX-neutral basis. Foreign exchange provided a tailwind of approximately 400 basis points to spot GMV growth. We saw a broad-based strength this quarter, with year-over-year growth improving sequentially across all our major categories with most contributing positively to GMV growth, led by collectibles, eBay Motors, electronics, and fashion. Focus category GMV grew 24% in the quarter and outpaced the remainder of our marketplace by 15 percentage points.

讓我們更深入看看第一季強勁表現的關鍵驅動因素。以有機、排除匯率影響（FX-neutral）的基礎計算，GMV 成長超過 14%，達到 222 億美元。外匯對即期（spot）GMV 成長提供約 400 個基點的順風。本季呈現廣泛性強勁，所有主要品類的年增率相較前一季均有改善，多數品類對 GMV 成長皆有正向貢獻，主要由收藏品、eBay Motors、電子產品與時尚帶動。聚焦品類 GMV 本季成長 24%，並較平台其餘部分高出 15 個百分點。

Shifting to our major geographies. US GMV growth was particularly strong in Q1, up nearly 27% driven by a broad-based acceleration across categories. Strength extended beyond collectibles, while the remainder of our US business also delivered double-digit GMV growth and outpaced broader e-commerce benchmarks.

接著看我們的主要地理市場。美國 GMV 在第一季的成長特別強勁，年增近 27%，由各品類的廣泛加速所帶動。強勢不僅限於收藏品；我們美國業務的其餘部分也繳出雙位數 GMV 成長，並優於整體電商基準。

Several of our strategic initiatives contributed more meaningfully to growth than prior quarters. eBay Live and C2C were each larger contributors, and exports from the US to our international markets also accelerated, supported by improvements to our eBay International shipping program and a weaker US dollar.

我們的多項策略性計畫對成長的貢獻也比前幾季更為顯著。eBay Live 與 C2C 各自成為更大的貢獻來源；此外，美國出口至國際市場也加速成長，受惠於我們 eBay International Shipping 計畫的改善以及美元走弱。

In addition, our year-over-year growth continued to benefit from lower funnel marketing efficiencies and our Klarna partnership. International GMV growth also accelerated in Q1 and grew over 2% on an organic FX-neutral basis, with foreign exchange providing a tailwind of 770 basis points to spot GMV growth. While macroeconomic conditions remain challenging in our largest international markets, we are investing effectively in areas where we have a right to win.

此外，我們的年增成長也持續受惠於下漏斗（lower funnel）行銷效率與我們與 Klarna 的合作。國際 GMV 成長在第一季同樣加速，以有機、排除匯率影響的基礎計算成長超過 2%，外匯對即期 GMV 成長提供 770 個基點的順風。儘管我們最大的一些國際市場的總體經濟狀況仍具挑戰，我們正有效投資於我們具備勝出優勢的領域。

Focus categories, C2C and eBay Live, each contributed to improved growth in the UK and Germany. We also saw cross-border growth recover across key regions like Greater China and Japan reinforcing the benefits of our investments in shipping solutions, which are making it easier for buyers and sellers to transact globally amid a more complex trade environment.

聚焦品類、C2C 與 eBay Live 各自都促進了英國與德國的成長改善。我們也看到大中華區與日本等關鍵地區的跨境成長回升，進一步印證我們在運輸解決方案上的投資效益；在更複雜的貿易環境下，這些投資正讓買賣雙方更容易進行全球交易。

Next, let's look at our buyer metrics. Our trailing 12-month active buyers grew 1% to nearly 136 million in Q1, including buyers from recently acquired Tise. On an organic basis, active buyers were over 135 million, also up 1% year over year.

接下來看買家指標。我們過去 12 個月（trailing 12-month）的活躍買家在第一季成長 1%，接近 1.36 億人，其中包含近期收購的 Tise 所帶來的買家。以有機口徑計算，活躍買家超過 1.35 億人，同樣年增 1%。

Higher growth was especially strong in the US, accelerating to nearly 6% in the quarter. Enthusiast buyers remained at roughly 16 million, but grew by nearly 2% year over year and spend for enthusiast buyer exceeded $3,400 on a trailing 12-month basis.

較高的成長在美國尤其明顯，本季加速至接近 6%。愛好者買家（enthusiast buyers）維持在約 1,600 萬人，但年增近 2%；以過去 12 個月計算，每位愛好者買家的支出超過 3,400 美元。

In the US market, enthusiast buyers grew even faster at 8% year over year.

在美國市場，愛好者買家的年增更快，達到 8%。

Now, turning to our income statement. We generated revenue of $3.09 billion, up 17% on an organic FX-neutral basis, with foreign exchange providing a tailwind of 260 basis points to spot growth. Our take rate was 13.9% in Q1 and up modestly year over year.

接著看損益表。我們創造 30.9 億美元營收，以有機、排除匯率影響的基礎計算成長 17%，外匯對即期成長提供 260 個基點的順風。我們第一季的抽成率（take rate）為 13.9%，並較去年同期小幅上升。

Tailwinds from advertising, shipping initiatives, and lapping of our UK C2C buyer fee rollout in the prior year were partially offset by rapid growth in eBay Live in ongoing category and ASP mix changes. Additionally, foreign exchange was a headwind of approximately 20 basis points to our reported take rate year over year.

廣告、運輸計畫，以及去年英國 C2C 買家費用上線所形成的比較基期效應（lapping）帶來的順風，部分被 eBay Live 的快速成長所抵銷，後者導致持續的品類與平均售價（ASP）組合變化。此外，外匯對我們年比年報告抽成率造成約 20 個基點的逆風。

Total advertising revenue was $581 million, representing GMV penetration of over 2.6%. First-party ads grew 28% to $555 million. Promoted listings comprised over 1.2 billion of the over 2.5 billion total listings on eBay and 5.2 million sellers adopted at least one promoted listing product during the quarter. In addition, off-platform adds grew 29%, while third-party display ads declined as expected due to our continued deprecation of these legacy ad units.

總廣告營收為 5.81 億美元，GMV 滲透率超過 2.6%。第一方廣告成長 28%，達到 5.55 億美元。推廣刊登（Promoted Listings）在 eBay 超過 25 億筆總刊登中占逾 12 億筆，本季有 520 萬名賣家採用至少一項推廣刊登產品。此外，站外廣告成長 29%；而第三方展示型廣告如預期下滑，原因是我們持續淘汰這些傳統的廣告單元。

Revenue from our shipping programs grew in the double digits during Q1 and is becoming a more significant contributor to our take rate. Our shipping solutions are also strategically important as they leverage eBay's scale and expertise to reduce costs and complexity, improve trust, and increase conversion and overall sales velocity. We intend to further scale our shipping initiatives, including managed shipping solutions for domestic C2C sales and cross-border solutions through EIS and our partnership with SpeedPAK.

我們運輸計畫的營收在第一季以雙位數成長，並正成為抽成率更重要的貢獻來源。我們的運輸解決方案在策略上也很關鍵，因其運用 eBay 的規模與專業來降低成本與複雜度、提升信任、提高轉換率與整體銷售速度。我們計畫進一步擴大運輸計畫規模，包括針對國內 C2C 銷售的託管運輸解決方案，以及透過 EIS 與我們和 SpeedPAK 的合作所提供的跨境解決方案。

Moving to our profitability and earnings. Non-GAAP gross margin was 74.6% in the first quarter, up 1 point year over year driven primarily by lower cost of payments and operational efficiencies. In addition, gross margin benefited from our UK managed shipping program, switching from gross to net revenue recognition on January 1, which I discussed last quarter.

再看獲利能力與盈餘。第一季非 GAAP 毛利率為 74.6%，年增 1 個百分點，主要由較低的支付成本與營運效率提升所帶動。此外，毛利率也受惠於我們英國託管運輸計畫自 1 月 1 日起由總額（gross）改為淨額（net）認列營收，我在上季已提及。

Our non-GAAP operating income grew 18% to $907 million in Q1, reflecting our ability to balance continued investment in our strategic priorities with strong flow-through to earnings.

我們第一季非 GAAP 營業利益成長 18%，達到 9.07 億美元，反映出我們能在持續投資策略優先事項的同時，仍維持強勁的獲利轉化（flow-through）。

Sales and marketing expense increased in the quarter, primarily reflecting higher marketing investment behind strategic priorities like C2C and eBay Live as well as incremental spending to capitalize on favorable returns in lower funnel marketing.

本季銷售與行銷費用增加，主要反映我們在 C2C 與 eBay Live 等策略優先事項上的行銷投資提高，以及為把握下漏斗行銷良好報酬而增加的額外支出。

Transaction losses increased as expected in Q1, reflecting newer shipping programs and customer experience enhancements. We were encouraged to see loss trends improve toward the end of the quarter, and we continue to expect these shipping programs to follow a typical curve with higher losses initially that moderate over time as we learn and optimize.

交易損失在第一季如預期上升，反映較新的運輸計畫與客戶體驗強化措施。我們很高興看到損失趨勢在季末有所改善；我們也仍預期這些運輸計畫將呈現典型曲線：初期損失較高，隨著我們學習與最佳化，將隨時間趨於緩和。

Non-GAAP earnings per share was $1.66, up 21%, and GAAP earnings per share was $1.12.

非 GAAP 每股盈餘為 1.66 美元，成長 21%；GAAP 每股盈餘為 1.12 美元。

Shifting to our balance sheet and capital allocation. We generated free cash flow of $898 million in the first quarter and ended the period with cash and fixed income investments of $5.1 billion and gross debt of $6.7 billion on our balance sheet. Our equity investments and warrants were valued at roughly $770 million.

接著看資產負債表與資本配置。我們第一季產生 8.98 億美元自由現金流，期末資產負債表上的現金與固定收益投資為 51 億美元，總負債為 67 億美元。我們的股權投資與認股權證估值約為 7.7 億美元。

In March, we received approximately $190 million from Aurelia's shareholder distribution. This return of capital reduced the carrying value of our Aurelia investment to approximately $470 million at the end of Q1. We repurchased $500 million of eBay shares in Q1 at an average price of approximately $90 and paid a quarterly cash dividend of $139 million in March or $0.31 per share.

3 月，我們自 Aurelia 的股東分配中收到約 1.9 億美元。這筆資本返還使我們對 Aurelia 投資的帳面價值在第一季末降至約 4.7 億美元。我們在第一季以約 90 美元的平均價格回購 5 億美元的 eBay 股票，並於 3 月支付 1.39 億美元的季度現金股利，或每股 0.31 美元。

Our pending acquisition of Depop is now expected to close by the end of the third quarter of 2026. We have received regulatory clearances for the transaction in the US and Germany, and reviews are in progress and on track in other markets, including the UK and Australia.

我們對 Depop 的待完成收購目前預計將於 2026 年第三季末前完成交割。我們已在美國與德國取得該交易的監管核准，其他市場（包括英國與澳洲）的審查正在進行中且進度如期。

Now turning to our outlook, starting with the second quarter. We expect GMV between $21.3 billion and $21.7 billion, representing total FX-neutral growth between 8% and 10% year over year. Based on current exchange rates, we estimate FX would represent a roughly 100-basis-point tailwind to spot GMV growth. Our Q2 guidance reflects continued broad-based GMV growth within our strategic priorities and incremental contributions from live and vehicles.

接著談我們的展望，先從第二季開始。我們預期 GMV 介於 213 億至 217 億美元，按固定匯率（FX-neutral）計算，年增 8% 至 10%。以目前匯率推估，外匯對即期 GMV 成長約帶來 100 個基點的順風。我們對第二季的指引反映在策略重點範圍內持續的廣泛 GMV 成長，以及來自直播與汽車品類的增量貢獻。

Our guidance also contemplates lapping dynamics from lower funnel marketing efficiencies and our US Klarna partnership which became noticeable growth drivers during Q2 of last year. These factors, combined with gold and silver bullion volume reverting to historical levels in Q2, account for the majority of the implied year-over-year growth deceleration from Q1 to Q2. .

我們的指引也納入了基期因素，包括較低漏斗行銷效率，以及我們在美國與 Klarna 的合作夥伴關係——這些在去年第二季成為明顯的成長驅動因素。此外，第二季金銀金條（bullion）交易量回落至歷史水準。上述因素合計，構成從第一季到第二季所隱含的年增成長放緩之主要原因。.

We forecast revenue to be between $2.97 billion and $3.03 billion in Q2, implying total FX-neutral growth of 8% to 10% year over year. Based on current exchange rates, we estimate FX would represent a roughly 120-basis-point tailwind to spot revenue growth.

我們預估第二季營收介於 29.7 億至 30.3 億美元，意味著按固定匯率計算年增 8% 至 10%。以目前匯率推估，外匯對即期營收成長約帶來 120 個基點的順風。

We expect non-GAAP operating income growth between 6% and 10% year over year in Q2, implying non-GAAP operating margin between 27.6% and 28.1%. Our guidance contemplates a healthy balance between investment and strategic priorities with strong flow-through of operating leverage to the bottom line.

我們預期第二季非 GAAP 營業利益年增 6% 至 10%，意味著非 GAAP 營業利益率介於 27.6% 至 28.1%。我們的指引反映在投資與策略重點之間維持健康平衡，同時營運槓桿對最終獲利有強勁的流入（flow-through）。

We forecast non-GAAP earnings per share between $1.46 and $1.51, representing year-over-year growth between 7% and 11%.

我們預估非 GAAP 每股盈餘介於 1.46 至 1.51 美元，年增 7% 至 11%。

Next, I'll share some updated thoughts on the full year, excluding the impact of the pending Depop acquisition, which I will discuss separately. For 2026, we are now planning our business around year-over-year GMV growth between 7% and 7.5% on an FX-neutral basis. This updated view reflects the strong momentum we are seeing across our business, balanced against more challenging comparisons as we move through the year, including lapping considerations from the prior year and moderation of some of the category-specific tailwinds we have discussed on this call.

接下來我將分享對全年的一些更新看法（不含待完成的 Depop 收購影響；我會另外說明）。對 2026 年而言，我們目前以按固定匯率計算的 GMV 年增 7% 至 7.5% 來規劃業務。這項更新反映我們在整體業務看到的強勁動能，同時也考量到隨著年度推進將面臨更具挑戰性的比較基期，包括前一年基期因素，以及我們在本次電話會議中提到的部分品類特定順風的趨緩。

We continue to expect revenue growth to be in line to slightly ahead of GMV for the full year on an FX-neutral basis as healthy growth in advertising and shipping revenue is expected to be partially offset by mix shifts in our business, including higher growth contributions from live and vehicles.

我們仍預期全年按固定匯率計算的營收成長將與 GMV 大致一致或略為領先，因為廣告與運輸營收的健康成長，預期將被業務組合變化部分抵銷，包括直播與汽車品類較高的成長貢獻。

We are now anticipating non-GAAP operating income growth of between 9% and 11% for the full year, reflecting our stronger GMV and revenue expectations. As we have noted previously, when our business outperforms, we will continue to evaluate opportunities to reinvest a portion of that upside into our strategic priorities to further strengthen our marketplace and drive future growth.

我們目前預期全年非 GAAP 營業利益年增 9% 至 11%，反映我們對 GMV 與營收更強的預期。如先前所述，當我們的業務表現優於預期時，我們將持續評估把部分上行空間再投資於策略重點的機會，以進一步強化我們的市集並推動未來成長。

We continue to expect non-GAAP earnings growth to be relatively in line with non-GAAP operating income in 2026. We anticipate our lower cash balance and higher interest expense would pressure the net interest and other line items year over year, partially offsetting the tailwind from our share repurchases.

我們仍預期 2026 年非 GAAP 盈利成長將與非 GAAP 營業利益大致相當。我們預期較低的現金餘額與較高的利息費用，將使淨利息及其他項目相較去年承壓，並部分抵銷我們股票回購帶來的順風。

We continue to expect a non-GAAP tax rate of 17.5% for the full year which is 1 percentage point higher than our tax rate in 2025. Our capital allocation outlook remains unchanged.

我們仍預期全年非 GAAP 稅率為 17.5%，較 2025 年稅率高 1 個百分點。我們的資本配置展望維持不變。

We forecast capital expenditures to be between 4% and 5% of revenue for 2026. We are targeting roughly $2 billion of share repurchases for the full year.

我們預估 2026 年資本支出將占營收的 4% 至 5%。我們的全年股票回購目標約為 20 億美元。

In addition, our Board declared a quarterly cash dividend of $0.31 per share for the second quarter to be paid in June.

此外，我們董事會宣告第二季每股 0.31 美元的季度現金股利，將於 6 月發放。

As I noted earlier, we expect our pending acquisition of Depop to close by the end of Q3. Given the updated timeline, we expect Depop to contribute approximately 1 percentage point to total FX-neutral GMV growth year over year in 2026.

如我先前提到的，我們預期對 Depop 的待完成收購將於第三季末前完成交割。鑑於更新後的時程，我們預期 Depop 在 2026 年將對按固定匯率計算的總 GMV 年增貢獻約 1 個百分點。

From a profitability perspective, we expect the acquisition would represent a low-single-digit headwind to the 9% to 11% operating income growth we anticipate for the core eBay marketplace, which includes planned investments in Depop and integration costs. We would also expect the Depop acquisition to dilute our non-GAAP earnings per share growth by low-single digits with the EPS impact modestly higher than operating income due to foregone interest income from the cash used for this transaction.

從獲利能力角度來看，我們預期該收購將對我們對核心 eBay 市集所預期的 9% 至 11% 營業利益成長造成低個位數的逆風，其中包含對 Depop 的規劃投資與整合成本。我們也預期 Depop 收購將使我們的非 GAAP 每股盈餘成長被稀釋低個位數；由於本交易使用現金所放棄的利息收入，EPS 的影響將略高於營業利益的影響。

In closing, we're encouraged by our strong start to the year and the broad-based momentum across the business. Our results reflect continued execution within our established strategic priorities and strong returns on our investments in emerging growth vectors like eBay Live and vehicles.

最後，我們對今年強勁的開局以及業務各面向的廣泛動能感到振奮。我們的成果反映在既定策略重點下持續的執行力，以及我們在 eBay Live 與汽車等新興成長向量上的投資帶來的強勁回報。

As we look ahead, we remain committed to balancing disciplined investments in areas that can strengthen our business over time with continued earnings growth and thoughtful capital allocation. Overall, we feel very good about the path ahead and our ability to create long-term value for our shareholders.

展望未來，我們仍致力於在可隨時間強化業務的領域進行有紀律的投資，同時維持持續的獲利成長與審慎的資本配置。整體而言，我們對前方道路以及為股東創造長期價值的能力感到非常有信心。

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

接下來，Jamie 和我將開始回答各位的提問。

(Operator instructions) Nikhil Devnani, Bernstein.

（接線員指示）Nikhil Devnani，Bernstein。

Hey, there. Thank you for taking my question. Jamie, I was hoping you could help bridge the gap between that 6% US buyer growth number and the GMV number, which was much higher than that. What have you seen on order frequency trends relative to ASP growth? And I guess, bigger picture is the funnel for new buyers that are coming to eBay expanding again?

嗨，謝謝讓我提問。Jamie，我希望你能協助說明美國買家成長 6% 這個數字與 GMV 數字（明顯高於此）之間的落差。你們在訂單頻率趨勢相對於 ASP 成長方面看到了什麼？另外，從更宏觀的角度來看，新買家進入 eBay 的漏斗是否又在擴大？

Yeah, it is. And we're encouraged by what we're seeing with our buyers. And we see even more positive signals when you look at the underlying trend. So while global active buyers increased by 1% year over year and enthusiast buyers grew by 2% year over year, that really doesn't tell the whole story. Our US buyer growth has been much stronger at 6% year over year, and US enthusiast buyers grew even faster at 8%.

是的，確實如此。我們對買家端看到的情況感到鼓舞。而且當你看更底層的趨勢時，訊號更為正面。因此，雖然全球活躍買家年增 1%，愛好者買家（enthusiast buyers）年增 2%，但這其實無法完整呈現全貌。我們美國買家年增更強，達 6%，而美國愛好者買家成長更快，達 8%。

We've also talked about our mid-value buyers, Nikhil. And what we've seen is they've also grown year over year every quarter since the beginning of 2023 -- 2024 consistently outpacing our total active buyer growth, which really suggests strong trends beneath the service. That's somewhat counterbalanced by some of the trends that we're seeing in international mitigated by the macro pressure.

Nikhil，我們也談過中價位買家（mid-value buyers）。我們看到的是，自 2023 年初以來，他們每一季都呈現年增——而且在 2024 年持續跑贏我們的整體活躍買家成長，這確實顯示在表面之下存在強勁趨勢。這在某種程度上被我們在國際市場看到的一些趨勢所抵銷，而國際市場又受到總體環境壓力的影響而有所緩和。

So overall, what I would say is I'm actually very pleased with the strength we're seeing across the board, the improvements in buyer count the cohort mix, the engagement and the spend, and it's really balanced. Like when you look at the US GMV, Nikhil, it's balanced between active buyers, sold items, and ASP, which is, I think, a healthy place to be.

所以整體而言，我想說我其實對我們在各方面看到的強勁表現非常滿意：買家數的改善、同群組（cohort）組合、互動度與支出，而且相當均衡。像你看美國 GMV，Nikhil，它在活躍買家、售出件數與 ASP 之間是均衡的，我認為這是一個健康的狀態。

Thanks. And maybe if I could follow up with a question around gross margin and COGS for Peggy. As we think about initiatives like live and all the AI product investments you're making now, how do we think about the puts and takes on COGS over the long term for the business? And any offsets that you might have elsewhere productivity gains or otherwise to counter that as well? Thank you.

謝謝。也許我可以追問 Peggy 一個關於毛利與銷貨成本（COGS）的问题。當我們思考像直播以及你們目前正在進行的各項 AI 產品投資時，長期來看，我們應如何看待這些對公司 COGS 的拉動與抵銷？另外，你們是否在其他地方有任何抵銷因素，例如生產力提升或其他方式來對沖？謝謝。

Thanks for the question. When we look at our Q1 gross margin, what we saw was that it was driven primarily by cost of payment and operational efficiencies. We said it was up 1 point year over year. It benefited from the UK managed shipping program, switching from gross to net accounting at the beginning of the year.

謝謝你的問題。當我們看第一季毛利時，我們看到主要是由支付成本與營運效率所驅動。我們提到毛利年增 1 個百分點。其中受惠於英國的管理式運輸（managed shipping）計畫，在年初從總額（gross）轉為淨額（net）入帳。

And as we look further in the year, we do see that there's going to be some similar puts and takes to the gross margin driver. But what we're really excited about is that we're continuing to see a lot of strength on the top line. And because of the sort of like diverse nature of our growth areas, if you look at live and some of the AI efficiencies that we're seeing, you're going to see some different sort of drivers to gross margin. But all we're seeing is going to benefit both the top line as well as our operating profit dollars as we scale.

而當我們往今年後續季度看，我們確實看到毛利驅動因素會有一些類似的拉動與抵銷。但我們真正感到興奮的是，我們持續在營收端看到很大的強勁動能。由於我們成長領域具有相當多元的特性，如果你看直播以及我們看到的一些 AI 效率提升，你會看到毛利會有一些不同的驅動因素。不過我們所看到的一切，隨著規模擴大，將同時有利於營收端以及我們的營業利益金額。

Thank you, both.

謝謝你們兩位。

Nathan Feather, Morgan Stanley.

Nathan Feather，摩根士丹利。

Hey, everyone. Thanks for taking the question. Broadly, consumer sentiment has weakened a bit over the past two months, although spending seems like it's held strong. How do you think about balancing those inputs as you put together your guidance for the remainder of the year?

各位好，謝謝讓我提問。整體而言，過去兩個月消費者信心稍微走弱，但支出看起來仍維持強勁。你們在制定今年剩餘期間的財測指引時，會如何在這些訊號之間取得平衡？

And just more generally, what have you been seeing in the consumer health over the past few months as gas prices have risen? Thank you.

另外更一般性地問，過去幾個月在油價上升的情況下，你們觀察到消費者健康狀況有什麼變化？謝謝。

Yeah. Look, we continue to see a dynamic global macro environment with the divergence between the US and international.

是的。你看，我們仍然看到全球總體環境充滿變動，美國與國際市場之間出現分歧。

In the US, for our business, consumer demand continues to be resilient so far despite the volatility in trade policy and geopolitics. And strength was really broad-based across the board in Q1 in clean collectibles, motors, and fashion.

在美國，就我們的業務而言，儘管貿易政策與地緣政治波動，迄今消費需求仍具韌性。而第一季在收藏品、汽車零配件與時尚等品類的強勁表現相當全面。

I would say it's a different story in Europe, where it's more challenging as reflected in the consumer confidence and some of the macro data, though the investments we've been making in the region have really helped offset that. And our international year-over-year growth improved from Q4 over to Q1, as did CBT and our other solutions.

我會說歐洲則是另一個故事，挑戰較大，這也反映在消費者信心與部分總體數據上；不過我們在該區域持續投入的投資確實有助於抵銷影響。我們的國際業務年增率從第四季到第一季有所改善，CBT 與其他解決方案亦然。

So we've kind of maintained the status quo or kind of thought about things in the status quo. Our ability to incrementally guide Q2 and raise the year is really based on the confidence of the resilience we're seeing in our marketplace.

因此我們大致維持現狀、以現狀來思考。我們能夠在第二季提供更進一步的指引並上調全年展望，主要是基於我們對市集所展現韌性的信心。

Remember, Nathan, that we're a bit more resilient because even in more challenging times, people turn to eBay to find value and used or refurbished or that perspective. So we feel more well-positioned because of that.

Nathan，請記得，我們相對更具韌性，因為即使在較具挑戰的時期，人們也會轉向 eBay 尋找更高的性價比、二手或整新商品等。因此基於這點，我們覺得自身處於更有利的位置。

Great. That's helpful. And then just given the really strong GMV performance over the past 12 months, on a go-forward basis, if we look at maybe like a two year-over-year to exclude the impact of tougher comps, the any key limitations that would prevent the GMV momentum you're seeing in 2Q from persisting into the back half?

很好，這很有幫助。再者，考量過去 12 個月 GMV 表現非常強勁，往前看，如果我們用兩年年增率來排除更嚴苛的比較基期影響，有沒有任何關鍵限制因素，可能會讓你們在第二季看到的 GMV 動能無法延續到下半年？

We feel really good about the momentum that we're seeing overall. And so Peggy talked about the real kind of divergence that you see between Q2 and Q1 is just due to the number of factors that whether she called out whether that be a bullion or some of lapping dynamics. But what we continue to see is a strong consumer. And more importantly than that, what we see is a great return on the investments that we're making in the business.

我們對目前看到的整體動能感到非常樂觀。Peggy 提到，你看到第二季與第一季之間的差異，主要是由多項因素造成的，不論是她點出的金條（bullion）或一些基期重疊（lapping）因素。但我們持續看到的是消費者依然強勁。更重要的是，我們看到我們在業務上的投資帶來很好的回報。

So when you look this quarter at the focused category growth of 24% and the areas that we've invested in, and we're seeing it really resonate with consumers. And so we feel good about the back half and the strong two-year stack, and we feel great about what we're seeing given the consumer right now, just the underlying growth in the business.

因此，當你看本季我們聚焦品類成長 24%，以及我們投入的領域，我們看到這些確實與消費者產生共鳴。基於此，我們對下半年、以及強勁的兩年疊加成長（two-year stack）感到樂觀；就目前消費者狀況與業務的基本面成長而言，我們對所見到的情況非常有信心。

Great. Thanks, Jamie.

很好，謝謝你，Jamie。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thanks, guys. This is Zach Morrissey on for Ken. I just wanted to double click on this C2C strengths, specifically in the US, obviously it's been a source of strength. I think you said a double-digit GMV growth there. Just curious what you're seeing from a competitive dynamic. I know we're seeing a lot of investments in the space. Vinted appears to be scaling and investing more aggressively in the US. Curious if you're seeing that reflected in any parts of your businesses, or is this kind of contributing to the broader industry kind of secular growth?

謝謝各位。我是代 Ken 提問的 Zach Morrissey。我想再深入追問一下 C2C 的強勢表現，特別是在美國，顯然一直是強項。我記得你們提到那裡 GMV 有雙位數成長。想請教你們在競爭態勢上看到了什麼？我知道我們看到這個領域有很多投資。Vinted 似乎正在美國擴張並更積極投資。想了解你們是否在任何業務環節看到這些反映？或者這是否正在推動整體產業更廣泛的結構性成長？

And then I think you noted on kind of the marketing investments, specifically in C2C, is that something we should kind of expect to continue to be an area focused throughout the course of the year? Thank you.

另外，你們提到行銷投資，特別是在 C2C 上；這是否是我們應該預期今年會持續聚焦的領域？謝謝。

Yeah. Look, we continue to have a very strong C2C business around the globe, and US is amongst our strongest businesses in C2C, and we saw really healthy growth there.

是的。你看，我們在全球的 C2C 業務仍然非常強勁，而美國是我們 C2C 最強的市場之一，我們在那裡看到非常健康的成長。

We've been operating in a very competitive global landscape for fashion e-commerce for years and it has really raised the bar for the customer experience and help unlock the total addressable market that's locked up in closets, attics, basements, and garages.

多年來，我們一直在競爭非常激烈的全球時尚電商環境中營運，這確實提高了客戶體驗的門檻，也有助於釋放原本鎖在衣櫥、閣樓、地下室與車庫中的可觸及市場規模（TAM）。

What we're seeing as we roll out things like magical listing, and we're using AI for listings, which is now up to 500 million listings is we're seeing more listings per lister, great seller metrics because of our ability to kind of unlock all that inventory, and so that's had a meaningful impact on our performance.

隨著我們推出像是 magical listing 這類功能，並將 AI 用於刊登（listing）——目前已涵蓋多達 5 億筆刊登——我們看到每位賣家刊登數增加；也因為我們能夠釋放那些庫存，賣家指標表現很出色，因此對我們的業績帶來了顯著影響。

If you look at just total GMV growth in fashion, it accelerated sequentially in Q1, our fashion-focused categories contributed roughly 1 point of growth to our overall marketplace with luxury growing at healthy double digits. And our improved C2C value proposition has been impactful in fashion and frankly, across the board. And what we've seen is double-digit growth in each of our top three markets by demand in the US, UK, and Germany.

如果只看時尚品類的總 GMV 成長，第一季較前一季加速；我們以時尚為重點的品類約為整體市集貢獻了約 1 個百分點的成長，其中精品（luxury）以健康的雙位數成長。我們改善後的 C2C 價值主張在時尚品類、坦白說在各品類都帶來了影響。我們也看到在美國、英國與德國這三個以需求計的前三大市場，皆呈現雙位數成長。

So overall, we feel really great about the momentum that we're seeing in fashion. And our pending acquisition of Depop indicates that we're really leveraging our built by and partner playbook, just like we did in collectibles to enhance the fashion experience for enthusiasts.

因此整體而言，我們對時尚品類所看到的動能感到非常振奮。而我們即將完成對 Depop 的收購，也顯示我們正運用「自建（build）與合作（partner）」的作戰手冊——就像我們在收藏品品類所做的一樣——來強化發燒友（enthusiast）的時尚體驗。

Peggy, do you want to talk about the full funnel marketing that we're doing?

Peggy，你要不要談談我們正在做的全漏斗行銷？

Sure. So in Q1, we leaned into full funnel investments in support of our strategic priorities and notably in focused categories, C2C and Live.

當然。第一季，我們加大了全漏斗投資，以支持我們的策略優先事項，尤其是在聚焦品類、C2C 與 Live。

Full funnel marketing does remain a really important way for us to support our strategic priorities. It drives awareness and consideration of eBay. We did a number of events and activations during the quarter. And when we think about how we think about it going forward, we continue to see it as a strong lever.

全漏斗行銷仍然是我們支持策略優先事項非常重要的方式。它能提升 eBay 的知名度與考慮度。我們在本季進行了多場活動與行銷啟動（activations）。而在往後的規劃上，我們仍然把它視為一個強而有力的槓桿。

We also do take the opportunity when we have strong GMV performance and strong profitability in the quarter to make sure that we're investing, including in sales and marketing in order to continue that growth ahead. So that's that important balance that will continue to look at, which is sort of that balance between strong flow-through to the bottom line and investing in continued growth from quarter to quarter, sales and marketing being one of those levers.

此外，當我們在某一季有強勁的 GMV 表現與強勁的獲利能力時，我們也會把握機會確保持續投資，包括在銷售與行銷上，以延續並推動後續成長。因此這就是我們會持續關注的重要平衡：一方面讓強勁的業績更多流向最終盈餘（bottom line），另一方面也要持續投資以帶動逐季成長，而銷售與行銷就是其中一個槓桿。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the question. Maybe building on the last answer and sort of asking a two-parter. When you look out over the next 6 to 12 months, what do you guys see as the critical investments to make to maintain and build momentum around the enthusiast buyer part of your business just so that continues to move in sort of a very positive direction? That would be one.

非常感謝讓我提問。我想延續上一題的回答，問兩個部分。第一，展望未來 6 到 12 個月，你們認為為了維持並強化你們業務中「發燒友買家」這一塊的動能，最關鍵需要做的投資是什麼，讓它能持續朝非常正向的方向發展？這是第一個。

And then against the dynamic of what you laid out with respect to marketing, how are you thinking about marketing changes that you're seeing out there across the social media and the search landscape referencing back to kind of ROI you might be able to get as marketing ramps for you guys relative to innovations that are happening across performance marketing more broadly? Thanks so much.

第二，針對你們提到的行銷動態，你們如何看待社群媒體與搜尋生態的變化？回到你們可能取得的 ROI：當你們加大行銷投入時，相較於整體成效型行銷（performance marketing）領域正在發生的創新，你們如何評估這些變化？非常感謝。

Yeah. Eric, we're going to continue to invest in the areas that are really driving kind of healthy growth across the business. We're going to continue to invest in the focus categories.

是的。Eric，我們會持續投資在真正推動整體業務健康成長的領域。我們會持續投資於聚焦品類。

You're obviously seeing the nice return from the investments that we've made there. We're leveraging AI throughout the entire product experience really taking the friction out of the experience, and you're seeing more and more of that with the agentic search beta that we have going on with the incremental improvements in the new magical listing.

你也明顯看到我們在那裡的投資帶來不錯的回報。我們在整個產品體驗中全面運用 AI，真正降低體驗摩擦；你會在我們正在進行的 agentic search beta，以及新版 magical listing 的持續增量改善中，看到越來越多這樣的成果。

We've been investing in live and seeing really nice returns from that. We grew -- we're growing in the last few weeks, 8x year on year in that format, and it's really engaging buyers and sellers in a new and different way.

我們也一直在 Live 上投資，並看到相當不錯的回報。過去幾週，我們在這種形式上的年增成長達到 8 倍，這以一種全新且不同的方式讓買家與賣家更投入互動。

And while a little bit earlier, vehicles as well is going to be kind of another area for us to continue to invest in over the course of this year. But we're really pleased with the ROI that we're seeing off of those investments that we're making.

另外，雖然還稍早一些，車輛相關也會是我們今年持續投資的另一個領域。不過我們對這些投資所帶來的 ROI 感到非常滿意。

When you think about our marketing plan, we've been using a full funnel marketing approach that's been really working well. And you've seen more kind of mid- and lower supported by the upper funnel that we're doing.

當你思考我們的行銷計畫時，我們一直採用全漏斗行銷策略，而且成效非常好。你也看到在我們上層漏斗的支撐下，中層與下層的表現更為突出。

We've been driving really interesting activations across social media. We did -- we're at all the popular events, the Grammys, the Oscars. We're sponsoring Saturday Night Live, to Berlin's Fashion Week driving, all the way down to putting products that are most relevant inside of people's social feed.

我們在社群媒體上推動了非常有意思的啟動活動。我們做了——我們出現在所有熱門活動上，像是葛萊美獎、奧斯卡。我們贊助《週六夜現場》，也到柏林時裝週帶動聲量，一路延伸到把最相關的商品放進人們的社群動態裡。

Facebook is a good example of that. We've got some new tests with them going on in addition to putting the items inside of Facebook Marketplace in the search experience. So we're going to continue to push forward.

Facebook 就是一個很好的例子。除了把商品放進 Facebook Marketplace 的搜尋體驗中，我們也正在和他們進行一些新的測試。所以我們會持續推進。

What's great is that AI is giving us a ton of new capabilities there, Eric. The ability to create creative at incredibly low cost and build a lot more of a test-and-learn infrastructure is really compelling to see the ROI on things like that, that we're getting. It's also helping us in our own marketing and our CRM.

很棒的是，AI 在這方面帶給我們大量新能力，Eric。以極低成本產出創意內容的能力，以及建立更多「測試—學習」的基礎設施，讓我們能看到這類投入的投資報酬率（ROI），這點非常有吸引力。它也在協助我們自身的行銷與 CRM。

Yesterday, I was looking at a personalized glass with a dog -- I was going to put my dog name on it. I forgot about it, and I got an email this morning that said, celebrate with new beer glasses. So AI had kind of written this really compelling subject line and things like that, we're seeing numbers like 40% more engagement.

昨天我在看一個有狗狗圖案的客製玻璃杯——我打算把我家狗的名字印上去。我後來忘了這件事，結果今天早上收到一封電子郵件，主旨寫著「用新的啤酒杯來慶祝」。所以 AI 某種程度上寫出了非常吸引人的主旨之類的內容；我們看到的數據是互動提升了大約 40%。

So what I feel really good to is how our marketing team is embracing those new AI technologies to really kind of speak to the long tail of inventory and opportunities that we have on eBay.

因此，我覺得很有信心的是，我們的行銷團隊正在擁抱這些新的 AI 技術，真正去觸及 eBay 上我們所擁有的長尾庫存與機會。

Thank you so much for the detail.

非常感謝你提供這麼多細節。

Bernie McTernan, Needham.

Bernie McTernan，Needham。

Great. Thanks for taking the questions. I wanted to ask on strategic priorities. The GMV grew from strategic priorities 10%, 25% and then accelerate in 1Q. Is this mostly C2C, or is there -- or is the strength more broad-based?

很好。謝謝你回答問題。我想問一下策略優先事項。來自策略優先事項的 GMV 成長了 10%、25%，並且在第一季加速。這主要是 C2C 嗎？還是——或是這個強勁表現更為廣泛？

And then within C2C, is this primarily being driven by magical listings or any other product you would call out? Thank you.

另外在 C2C 之內，這主要是由 magical listings 推動的嗎？或是還有其他你會特別點名的產品？謝謝。

Yeah. It's really broad-based across the board is what we're seeing in our year-over-year growth across all of our major categories sequentially with the strongest growth in focus categories within collectibles, motors, and fashion. And while US GMV was particularly strong at 27%, we also saw improvements in our international trends.

是的。我們看到的是全面且廣泛的成長：我們所有主要品類的年對年成長都呈現逐季改善，其中成長最強的是我們的重點品類，包括收藏品、汽車與時尚。而且美國 GMV 特別強勁，達到 27%；同時我們也看到國際趨勢有所改善。

When you look at our specific strategic areas you asked about C2C, but focused category, C2C, and recommerce now make up about 70% of total GMV. And individually, they each saw double-digit growth. So that kind of gives you a sense of how broad-based the growth is.

就你問到的特定策略領域來看，你提到 C2C，但重點品類、C2C 與再商務（recommerce）現在合計約占總 GMV 的 70%。而且各自都達到雙位數成長。這大致反映了成長的廣泛性。

The strength that we're seeing in C2C is coming a lot from a, we're doing some really significant and helpful marketing about magical listing and the value proposition that we have there. And we're finding that the KPIs are really fantastic, right? I mean, it's got a customer satisfaction of 95%. We're seeing 50% more listings per lister and more engagement. And it's driving a higher customer lifetime value for the sellers that are using it.

我們在 C2C 看到的強勁動能，很大一部分來自於我們針對 magical listing 以及其價值主張所做的相當重要且有幫助的行銷。我們發現 KPI 非常出色，對吧？它的客戶滿意度達到 95%。我們看到每位刊登者的刊登量增加 50%，互動也更多，並且提升了使用該功能之賣家的客戶終身價值（LTV）。

This is why we're expanding it to new geographies and we'll expand it to additional seller segments over time. But that's really helping us drive that part of the business. But when you look at it, it's really across all of those priorities that we're seeing really nice double-digit growth.

這也是為什麼我們正在把它擴展到新的地理市場，並且會隨時間推進到更多賣家族群。但它確實在幫助我們推動這一部分業務。不過整體來看，在所有這些優先事項上，我們都看到相當不錯的雙位數成長。

Thank you.

謝謝。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

Thanks so much for taking the questions. I wanted to ask about advertising strength in the quarter. It surprised us in terms of the strength that you guys saw. And then can you connect that into just expectations for 2026?

非常感謝你回答問題。我想問本季廣告業務的強勁表現。就你們看到的強度而言，這讓我們感到意外。那你能否把這點連結到對 2026 年的預期？

And then you guys called out the benefits of AI search. Can you guys just speak to that, where are we in the process of making search just more performant? What are the benefits today, and what should we expect going forward? Thank you.

另外你們提到 AI 搜尋的效益。你們能否談談這部分：我們在讓搜尋更高效能（performant）的進程中處於什麼階段？目前的效益是什麼？未來我們應該期待什麼？謝謝。

Yeah. So first on advertising, strong quarter, right? Ads grew 27%, and that was a combination of strong volume growth and the continued monetization of our ads product. So that was mainly driven by our 1P business, which grew 28%. And across the board, our CPA and our CBC products on eBay and our offsite ads all contributed to Q1.

好的。先談廣告：本季表現強勁，對吧？廣告成長 27%，這是強勁的量成長與我們廣告產品持續變現的組合。這主要由我們的 1P 業務帶動，該業務成長 28%。而且整體而言，我們在 eBay 上的 CPA 與 CBC 產品，以及站外廣告，都對第一季有所貢獻。

Looking forward, we continue to expect ads revenue growth for '26 to be healthy. It's really driven by multiple levers, including seller adoption, listings penetration, ad rate optimization, and scaling new products. We're now leveraging AI in our advertising products to increase the yield on the same type of placements while giving sellers a really good kind of ROAs continuing to give sellers are really good ROAs on that.

展望未來，我們仍預期 2026 年的廣告營收成長會維持健康。這主要由多個槓桿驅動，包括賣家採用、刊登滲透率、廣告費率最佳化，以及新產品的擴張。我們現在也在廣告產品中運用 AI，以在相同類型的版位上提高產出（yield），同時讓賣家獲得非常好的 ROAS，持續為賣家提供很好的 ROAS。

So we continue to see advertising revenue outpacing GMV for the foreseeable future, and I'm really pleased by the innovations that are happening there.

因此，在可預見的未來，我們仍看到廣告營收成長將超越 GMV，我也對那裡正在發生的創新感到非常滿意。

Shweta Khajuria, Wolfe.

Shweta Khajuria，Wolfe。

Hi, this is [Andrew Ruff] for Shweta. Thanks for taking the question. I really want to ask about agentic commerce. And I guess start off more broadly. I guess, what are your updated thoughts on agentic commerce and eBay's role in that, particularly as relates to third-party partnerships?

你好，我是代 Shweta 提問的 [Andrew Ruff]。謝謝讓我提問。我想問關於代理式商務（agentic commerce）。我想先從更宏觀的角度開始：你們對代理式商務以及 eBay 在其中的角色有什麼最新看法，特別是與第三方合作夥伴相關的部分？

And then if we think about maybe the terminal state of agentic commerce, and I think it's more agent to agent base, would that be impacting the ad revenue potential? And I guess, is eBay basically okay with making the trade-off for ad revenue for volume growth? Just your thoughts on that would be great. Thanks.

另外，如果我們思考代理式商務的終局狀態，而且我認為會更偏向 agent-to-agent 的模式，這是否會影響廣告營收的潛力？我想問的是，eBay 是否基本上願意在廣告營收與交易量成長之間做取捨？想聽聽你們的看法，謝謝。

Yeah. Look, we see agentic AI as a real structural tailwind for eBay, and it plays right into our core strengths.

是的。你看，我們把代理式 AI 視為 eBay 的一個真正結構性順風，而且它正好契合我們的核心優勢。

First, our innovations leveraging AI are already having a meaningful benefit for our business today. Take magical listing. We've talked about the compelling stats I just mentioned that we're seeing, and sellers have created 0.5 billion listings using our AI tools.

第一，我們運用 AI 的創新，今天已經為我們的業務帶來實質效益。以 magical listing 為例，我們談過剛才提到的那些具吸引力的數據；而賣家已經使用我們的 AI 工具建立了 5 億筆刊登。

And our agentic search beta, which I realize I didn't fully answer that question, so I'll come back to that. But what we've seen there is higher engagement and increased purchase behavior off of that early test. So we're going to continue to bring the latest agentic technologies to eBay to make it easier for sellers to list and for buyers to find the things they love.

另外，我們的代理式搜尋（agentic search）beta——我知道我剛才沒有完全回答那個問題，所以我會再回來補充。但我們在那裡看到的是更高的互動，以及在早期測試中更高的購買行為。因此我們會持續把最新的代理式技術帶到 eBay，讓賣家更容易刊登，也讓買家更容易找到他們喜愛的商品。

Second, eBay offers really unmatched breadth and depth of unique and differentiated inventory. 90% of our $2.5 billion listings are non-new in season where items are more likely to be one of a kind. And in our strategic priority areas, we've optimized the end-to-end experience to make it more seamless and enjoyable for buyers and sellers.

第二，eBay 提供無可匹敵的、獨特且差異化庫存的廣度與深度。我們 25 億筆刊登中有 90% 不是當季新品，這些商品更可能是獨一無二的。而在我們的策略優先領域，我們已最佳化端到端體驗，讓買賣雙方的流程更順暢、更愉悅。

Third and most importantly, what really differentiates eBay is the trust and enablement layer we've built over decades. The capabilities we've built like our global network of authentication centers, our suite of proprietary global shipping solutions, regulatory compliance, guaranteed fit, just to name a few, always provide a trusted experience for everything from a trading card to a designer dress through a vintage car sold across state lines.

第三，也是最重要的，真正讓 eBay 與眾不同的是我們數十年來建立的信任與賦能層（trust and enablement layer）。我們打造的能力，例如全球驗證中心網路、自有的全球運輸解決方案組合、法規遵循、保證合身（guaranteed fit）等，僅舉幾例，始終能為從球員卡到設計師洋裝，乃至跨州交易的古董車，提供可信賴的體驗。

And importantly, all three of these areas are enhanced by our 30 years of proprietary data, which gives us powerful insights that no one else has. So overall, we see AI as a powerful force multiplier for our business, and it's already supporting the accelerated GMV we're seeing today.

而且很重要的是，這三個領域都因我們 30 年的專有數據而更強大，這讓我們擁有其他人沒有的強大洞察。因此整體而言，我們把 AI 視為能大幅放大我們業務的強力乘數效應（force multiplier），而且它已經在支撐我們今天看到的 GMV 加速成長。

When I look specifically at agentic search that you asked about, it's early innings, but there's some encouraging early proof points about the quality of that traffic that's coming over. And even though it's very, very small, what we find is traffic that finds us new buyers that find us via AI. The majority of the time they actually come back directly organically to eBay.

就你問到的代理式搜尋而言，現在還在早期階段，但我們已看到一些令人鼓舞的早期佐證，顯示這些導入流量的品質不錯。即使規模非常、非常小，我們發現透過 AI 找到我們的流量，能帶來新買家；而且多數情況下，他們之後其實會直接以自然流量回到 eBay。

So we're going to continue to test and learn. You see us doing the OpenAI ads pilot. We've expanded our more inventory to Facebook Marketplace as the space evolves.

所以我們將持續測試並從中學習。你們看到我們正在進行 OpenAI 廣告的試點。我們也隨著這個領域的演進，把更多庫存擴展到 Facebook Marketplace。

Tom Champion, Piper Sandler.

Tom Champion，Piper Sandler。

Hi, good afternoon. Jamie, you've made a tremendous amount of progress over the last several years around authenticity and shipping cost for sellers. I'm curious what you think of as the remaining frictions for sellers today. What are you looking to improve from here on out for the seller experience?

嗨，下午好。Jamie，你們在過去幾年在真品保障與賣家運費成本方面取得了非常大的進展。我很好奇你認為目前賣家端還有哪些剩餘的摩擦點。接下來你們希望從哪些方面持續改善賣家體驗？

And then, Peggy, maybe for you, just could you talk a little bit about headcount growth and how you're thinking about that through the year as you incorporate efficiencies from AI? Thank you.

另外，Peggy，也想請你談談人力（headcount）成長，以及在你們把 AI 帶來的效率納入考量後，今年你們對人力規劃的思考方式。謝謝。

Yeah. Look, it's more than just AG. It's really trust across the board that we're looking at. So that's AG, it's guaranteed fit in motors. It's eBay money back guarantee. It's warranties against refurbished. It's secure checkout that we're building in vehicles and on and on.

是的。你看，這不只是 AG 的問題。我們真正關注的是全方位的信任。因此包含 AG、汽車品類的保證適配（guaranteed fit）、eBay 退款保證（money back guarantee）、針對整新商品的保固、我們在車輛等品類打造的安全結帳流程等等。

Having that kind of real trust layer at eBay is incredibly important to us and incredibly important to our consumers, and we're going to continue to invest in that. You just saw us roll out more authentication to 70 clothes and shoes and accessory brands in the US driving that program further and further to really kind of build trust in.

在 eBay 建立這樣一層真正的信任機制，對我們非常重要，對消費者也同樣重要，我們會持續投入。你們剛看到我們在美國把更多驗證服務擴展到 70 個服飾、鞋類與配件品牌，持續推進這個計畫，真正把信任建立起來。

And it's more than just shipping. It's all of the selling services that we provide, whether that's eBay international shipping, which we just expanded into Canada last quarter. It's SpeedPAK which we've been expanding from China and Japan to now Germany and more markets. It's our forward deployment centers. It's really kind of handling all of those kind of end-to-end pieces. That's making it really easy for sellers.

而且不只是運輸。還包括我們提供的所有銷售服務，無論是 eBay 國際運送（international shipping）——我們上季剛擴展到加拿大；或是 SpeedPAK——我們已從中國、日本擴展到德國及更多市場；還有我們的前置部署中心（forward deployment centers）。本質上就是把端到端的各個環節都處理好，讓賣家操作起來非常容易。

We're going to continue to invest in our payments technology to make it easier. We continue to invest in areas like seller financing and other elements that help buyers grow their business with their working capital and helping them with compliance and protections and really being able to make sure that we run an incredibly trusted marketplace there.

我們也會持續投資支付技術，讓流程更簡單。我們也持續投入賣家融資（seller financing）等領域，以及其他能協助買家以營運資金擴大業務的要素，並協助他們合規與提供保障，確保我們能營運一個高度值得信賴的市場。

We're seeing really nice AI efficiency, giving our teams leverage so that we can innovate more on behalf of our seller community. I think it's why we're seeing great response to a lot of the tools that we're building, and our seller CSAT is pretty strong is because of what we're able to provide.

我們看到 AI 帶來非常不錯的效率提升，讓團隊更有槓桿，能為賣家社群做出更多創新。我想這也是為什麼我們打造的許多工具獲得很好的回饋，而賣家 CSAT（客戶滿意度）也相當強勁，因為我們能提供這些能力。

So we're going to continue to invest in that and make eBay that great destination you can only get started, but build a strong business on the platform.

所以我們會持續投入，讓 eBay 成為一個不僅能起步，還能在平台上建立強大事業的絕佳目的地。

Your next question.

下一個問題。

Oh, so sorry. Did you -- was there a second part to that?

噢，抱歉。你剛剛——那個問題還有第二部分嗎？

Yeah.

有。

Peggy, do you want to take that one?

Peggy，你要回答那一題嗎？

Yeah. We're really focused, as Jamie mentioned earlier, about really investing in our strategic priorities in order to do that well and still do what we are very focused on, which is balance our top-line growth and our op income dollar growth, we're looking to create efficiencies in the business so that we can invest in our strategic priorities.

好。我們非常聚焦——如同 Jamie 先前提到的——在策略優先事項上進行投資。同時，我們也非常專注於一件事：在營收成長（top-line growth）與營業利益金額成長（op income dollar growth）之間取得平衡。為了做到這點，我們會在業務中創造效率，讓我們能投資於策略優先事項。

We are seeing that even as we invest significantly in our AI talent capabilities, tech staff, we're able to sort of like maintain that balance and generate more capacity to be able to invest in these areas without pressuring our bottom line. And so that's the balance that we'll continue to take and really try to drive efficiency to create capacity to grow these very strategic initiatives that we're focused on.

我們看到，即使我們在 AI 人才能力與技術人員（tech staff）上大幅投資，我們仍能維持這種平衡，並創造更多產能，讓我們能在不對獲利底線造成壓力的情況下，投入這些領域。因此，這就是我們會持續採取的平衡方式，並努力透過效率提升來創造產能，以推動我們所聚焦的這些高度策略性計畫成長。

Thank you.

謝謝。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

Hey, good evening. Thank you for the question. I wanted to talk about the live shopping. It's something I think e-commerce platforms have tried for almost my whole career. And listening to what you're saying, sounding like it's hitting a real inflection point.

嗨，晚安。謝謝讓我提問。我想談談直播購物（live shopping）。我覺得電商平台幾乎在我整個職涯中都一直在嘗試這件事。而聽你們的說法，感覺它正迎來一個真正的拐點。

I was curious to hear why you think it's gaining so much momentum now. We were at an industry conference, and people were talking about eBay's live commerce momentum. And then this is a long shot, but I would love if you could maybe quantify the impact or your expectations for the enacted GMV growth going forward? Thank you so much.

我很好奇你們為什麼認為它現在能獲得這麼大的動能。我們在一場產業會議上，大家也在談 eBay 直播電商的動能。然後這可能有點難，但我很希望你們能量化一下它的影響，或是你們對未來已實現（enacted）的 GMV 成長的影響/預期？非常感謝。

Yeah. You've seen this be strong in kind of Asian markets, and we're seeing kind of real excitement and momentum with live shopping in our Western markets.

是的。你們已經看到它在亞洲市場表現強勁，而我們也在西方市場看到直播購物帶來的真實興奮感與動能。

After our recent expansion now, eBay Live is available across seven countries. And it's becoming a more meaningful contributor to growth, particularly in our collectibles and fashion categories, that's a big part of -- or that's part of why we see -- saw such strong growth in focused categories.

在我們最近擴張之後，eBay Live 現在已在七個國家上線。它也正成為更有意義的成長貢獻者，特別是在我們的收藏品與時尚品類；這也是我們看到——或說我們之所以看到——聚焦品類出現如此強勁成長的原因之一。

We've been doing pretty meaningful activation around eBay Live. This quarter, we did a 48 hours of drops in the US. And we did the same thing in UK and Germany, where we did 24 hours of drop. And that really helped kind of drive engagement and boost sales with each market reaching a single day milestone as a result. And kind of that gives you a sense of the size and scale of even our newest markets, UK and Germany, saw a seven-figure day on that day.

我們在 eBay Live 上做了相當有力的啟動（activation）活動。本季我們在美國做了 48 小時的 drops。我們也在英國與德國做了同樣的活動，在那裡我們做了 24 小時的 drop。這確實有助於帶動互動並提升銷售，而每個市場也因此達成單日里程碑。這也讓你大致感受到規模：即便是我們最新的市場英國與德國，在那一天也達成了單日七位數的表現。

We continue to scale it by adding new sellers, growing content density, expanding entry points this quarter. We actually put it in the bottom of navigation for all mobile iOS users in the US, helping to increase discoverability.

我們也持續透過新增賣家、提升內容密度、並在本季擴大入口來擴張規模。我們實際上把它放到美國所有行動 iOS 使用者的底部導覽列中，幫助提升可發現性。

And what we're hearing is that buying inventory on eBay is different, right? There's an engagement, there's a community, there is an excitement that comes with it. And many of our sellers are finding that streaming on live, they're able to kind of bring that community together, drive that excitement. And it not only drives new business for them in terms of live, but it's actually driving more visits and buyers to their core business as a result of them seeing them on live.

我們聽到的回饋是：在 eBay 上購買庫存是不一樣的，對吧？它有互動、有社群，也有隨之而來的興奮感。許多賣家發現，透過直播串流，他們能把社群凝聚起來、帶動那種熱度。而且這不僅為他們帶來直播本身的新業務，實際上也因為買家在直播上看到他們，而帶動更多造訪與買家回流到他們的核心業務。

So we feel like great our scale, our global buyer base and the high bar for trust that we have really differentiates us in live commerce. And while it's still early, we believe live can be a meaningful growth factor over time and increasingly important part of how enthusiasts shop on our platform.

因此我們認為，我們的規模、全球買家基礎，以及我們對信任所設下的高標準，確實讓我們在直播電商中具備差異化。雖然仍在早期階段，但我們相信直播長期而言可以成為重要的成長因素，也會愈來愈成為愛好者在我們平台上購物方式中重要的一環。

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

感謝各位參與。今天的電話會議到此結束。各位現在可以掛線。