eBay Inc (EBAY) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the eBay Q1 2022 Earnings Call. (Operator Instructions) I would now like to turn the conference over to your host, Joe Billante, VP of Investor Relations. Please go ahead.

女士們，先生們，感謝您的支持，歡迎參加 eBay 2022 年第一季度財報電話會議。 （操作員說明）我現在想將會議轉交給您的主持人，投資者關係副總裁 Joe Billante。請繼續。

Good afternoon. Thank you for joining us, and welcome to eBay's earnings release conference call for the first quarter of 2022. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Steve Priest, our Chief Financial Officer. We're providing a slide presentation to accompany Jamie and Steve's commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.

下午好。感謝您加入我們，並歡迎參加 eBay 2022 年第一季度的收益發布電話會議。今天加入我的電話會議是我們的首席執行官 Jamie Iannone；和我們的首席財務官 Steve Priest。我們在電話會議期間提供了一個幻燈片演示，以配合 Jamie 和 Steve 的評論，可通過 eBay 網站investors.ebayinc.com 的投資者關係部分獲得。

Before we begin, I'd like to remind you that during the course of this conference call, we will discuss some non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the slide presentation accompanying this conference call. Additionally, all revenue and GMV growth rates mentioned in Jamie's and Steve's remarks represent FX-neutral year-over-year comparisons unless they indicate otherwise.

在開始之前，我想提醒您，在本次電話會議期間，我們將討論一些與我們的業績相關的非公認會計準則指標。您可以在本次電話會議隨附的幻燈片演示中找到這些措施與最接近的可比 GAAP 措施的對賬。此外，除非另有說明，否則 Jamie 和 Steve 的言論中提到的所有收入和 GMV 增長率均代表外匯中性的同比比較。

In this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties, and our actual results may differ materially from our forecasts for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K and Form 10-Q in our earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of May 4, 2022, and we do not intend and undertake no duty to update this information.

在本次電話會議中，管理層將做出前瞻性陳述，包括但不限於關於我們未來業績和預期財務業績的陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性，由於各種原因，我們的實際結果可能與我們的預測存在重大差異。您可以在我們今天早些時候發布的財報中關於表格 10-K 和表格 10-Q 的最新定期報告中找到有關風險、不確定性和其他可能影響我們經營業績的因素的更多信息。您不應依賴任何前瞻性陳述。本演示文稿中的所有信息截至 2022 年 5 月 4 日，我們不打算也不承擔更新此信息的義務。

With that, let me turn it over to Jamie.

有了這個，讓我把它交給傑米。

Thanks, Joe. Good afternoon, everyone, and thank you for joining us. Before discussing our first quarter results, I want to acknowledge the terrible human tragedy that continues to unfold in Ukraine. This is a very difficult time for many, and I'm proud of how eBay employees and customers have mobilized to support those affected. At our core, eBay exists to help people and communities around the world. This role is fundamental to our purpose and motivates our workforce. In addition to direct and indirect support for refugees and citizens, we will continue policy actions to help customers in the region.

謝謝，喬。大家下午好，感謝您加入我們。在討論我們的第一季度業績之前，我想承認在烏克蘭繼續上演的可怕的人類悲劇。對於許多人來說，這是一個非常艱難的時期，我為 eBay 員工和客戶如何動員起來支持受影響的人感到自豪。在我們的核心，eBay 的存在是為了幫助世界各地的人們和社區。這個角色對我們的目標至關重要，並激勵我們的員工。除了對難民和公民的直接和間接支持外，我們將繼續採取政策行動幫助該地區的客戶。

These events have had a negative impact on consumer health, primarily in European markets. Despite this unexpected headwind, our global results for Q1 were strong.

這些事件對消費者健康產生了負面影響，主要是在歐洲市場。儘管有這種意想不到的逆風，我們第一季度的全球業績依然強勁。

Let me highlight a few achievements from the quarter. Focused category innovation expanded, and these categories continue to grow faster than the rest of the marketplace. 18 million enthusiast buyers continue to shop regularly on eBay, purchasing items over 30 times per year. Sellers are seeing a simpler unified listing experience, and we made several improvements to eBay stores in the quarter. We announced a deal with Klarna to provide more popular payment methods to German buyers, and we started testing the new eBay wallet.

讓我強調一下本季度的一些成就。重點品類創新擴大，這些品類的增長速度繼續快於市場的其他部分。 1800 萬狂熱買家繼續在 eBay 上定期購物，每年購買商品超過 30 次。賣家看到了更簡單的統一列表體驗，我們在本季度對 eBay 商店進行了一些改進。我們宣布與 Klarna 達成協議，為德國買家提供更受歡迎的支付方式，並開始測試新的 eBay 錢包。

Our advertising business grew faster than GMV due to increased optimization and adoption of new products. And finally, we made significant progress on our e-commerce, DE&I and sustainability goals. Sellers and buyers are turning to eBay, and this led to financial results at the high end of our expectations. We delivered over $19.4 billion in GMV and close to $2.5 billion in revenue. We continue to make the long-term investments laid out at Investor Day while achieving a 32% operating margin. And our non-GAAP EPS was $1.05, $0.02 ahead of consensus.

由於優化和採用新產品，我們的廣告業務增長速度快於 GMV。最後，我們在電子商務、DE&I 和可持續發展目標方面取得了重大進展。賣家和買家都在轉向 eBay，這導致財務業績超出我們的預期。我們實現了超過 194 億美元的 GMV 和接近 25 億美元的收入。我們繼續在投資者日進行長期投資，同時實現 32% 的營業利潤率。我們的非公認會計原則每股收益為 1.05 美元，比共識高出 0.02 美元。

Given the challenges our customers are facing around the world, we are pleased with our performance to start the year. Since late February, when the war in Ukraine began, we have seen lower e-commerce traffic, inflation in gas prices and home energy costs and historically low consumer confidence, particularly in the U.K. and Germany. As we look forward to the rest of 2022, we find ourselves in the most dynamic macro environment I have seen since returning to eBay as CEO. We expect more near-term headwinds to e-commerce growth rates this year, and our revised guidance reflects our best year based on recent trends. Steve will go into more detail about our full year expectations later.

鑑於我們的客戶在世界各地面臨的挑戰，我們對年初的表現感到滿意。自 2 月下旬烏克蘭戰爭開始以來，我們看到電子商務流量下降、天然氣價格和家庭能源成本上漲以及消費者信心處於歷史低位，尤其是在英國和德國。當我們展望 2022 年剩餘時間時，我們發現自己處於重返 eBay 擔任 CEO 以來我所見過的最具活力的宏觀環境中。我們預計今年電子商務增長率將面臨更多近期阻力，我們修訂後的指引反映了我們基於近期趨勢的最佳年份。史蒂夫稍後將詳細介紹我們的全年預期。

During these uncertain times, one thing that remains clear is that the tech-led reimagination is improving the underlying health of our business, and we are on track towards our long-term growth targets. One example is in focus categories. The investments in trust, user experience and marketing are driving higher customer satisfaction, leading to faster GMV growth. In Q1, excluding trading cards, focused category GMV grew 9 points faster than the rest of the platform. This growth is on top of last year's stimulus-driven surge, which drove exceptional volume in many high ASP products.

在這些不確定的時期，一件事仍然很清楚，以技術為主導的重新構想正在改善我們業務的基本健康狀況，我們正朝著我們的長期增長目標邁進。一個例子是焦點類別。在信任、用戶體驗和營銷方面的投資正在推動更高的客戶滿意度，從而實現更快的 GMV 增長。在第一季度，不包括集換式卡牌，重點類別 GMV 的增長速度比平台其他部分快 9 個百分點。這一增長是在去年刺激措施推動的激增之上的，後者推動了許多高 ASP 產品的異常銷量。

Despite challenging year-over-year comps, trading cards remains one of our healthiest growth businesses. In the first half of 2021, we saw an unprecedented surge boosted by mobility restrictions and stimulus. Since that time, volume has remained elevated. And in Q1, GMV was more than double the size of pre-pandemic levels.

儘管逐年比較具有挑戰性，但交易卡仍然是我們最健康的增長業務之一。 2021 年上半年，由於出行限制和刺激措施，我們看到了前所未有的激增。從那時起，成交量一直保持高位。在第一季度，GMV 是大流行前水平的兩倍多。

As a leading trading cards platform, we continue to innovate our experience to increase trust between buyers and sellers. In Q1, we launched authenticity guarantee for ungraded cards above $750. Just this week, we expanded authentication to graded cards by signing a strategic partnership with PSA, the global leader in trading card grading and authentication. We expect this partnership will increase customer satisfaction and result in more GMV growth.

作為領先的交易卡平台，我們不斷創新我們的體驗，以增加買賣雙方之間的信任。在第一季度，我們為 750 美元以上的未評級卡推出了真品保證。就在本週，我們通過與交易卡分級和認證的全球領導者 PSA 簽署戰略合作夥伴關係，將認證擴展到分級卡。我們預計這種合作夥伴關係將提高客戶滿意度並帶來更多的 GMV 增長。

We are incredibly excited for the launch of the Vault this quarter, which will transform our Collectibles business. Items in the Vault will be able to securely transfer between sellers and buyers in a matter of seconds without the need to ship or the need to reauthenticate. We see an opportunity to hold up to $3 billion of inventory in our Vault in the next few years, creating significant GMV and revenue growth potential.

我們對本季度推出的 Vault 感到無比興奮，這將改變我們的收藏品業務。保險櫃中的物品將能夠在幾秒鐘內安全地在賣家和買家之間轉移，而無需發貨或重新認證。我們看到了在未來幾年在我們的 Vault 中保存高達 30 億美元庫存的機會，從而創造顯著的 GMV 和收入增長潛力。

Looking beyond Collectibles, we continue to expand coverage of focused categories to more products and markets. Let me share a few examples. At the end of March, we started authenticating high-value handbags in the U.K. and Australia. We also expanded the number of handbag brands covered by our authenticity guarantee and began to authenticate men's bags in the U.S.

除了收藏品，我們繼續將重點類別的覆蓋範圍擴展到更多產品和市場。讓我分享幾個例子。 3 月底，我們開始在英國和澳大利亞認證高價值手袋。我們還擴大了正品保證涵蓋的手袋品牌數量，並開始在美國認證男士包包。

Another focus area in Q1 was eBay Refurbished. After success with certified products direct from manufacturers, we have significantly expanded the program across smart watches, tablets, laptops and desktops. Now buyers can shop from sellers across a wide range of refurbished inventory backed by eBay's moneyback guarantee and warranties. These trusted products contribute to e-commerce, which saves consumers money and reduces carbon emissions.

第一季度的另一個重點領域是 eBay Refurbished。在直接從製造商處獲得認證產品成功後，我們已將計劃顯著擴展至智能手錶、平板電腦、筆記本電腦和台式機。現在，買家可以從 eBay 的退款保證和保修支持的各種翻新庫存中向賣家購物。這些值得信賴的產品有助於電子商務，從而為消費者節省資金並減少碳排放。

The luxury watch category continues to grow at positive double-digit rates on top of last year's strong growth rate. To date, we have authenticated watches over $2,000 across 3 markets. This quarter, we added the ability for buyers to request expert verification for a fee for watches valued between $1,000 and $2,000. This additional service marks an important milestone in our journey to increase trust through authentication. This feature is portable to other categories and markets across the platform and demonstrates the scalability and effectiveness of our playbook.

在去年的強勁增長基礎上，奢侈手錶類別繼續以兩位數的正數增長。迄今為止，我們已經在 3 個市場上驗證了價值超過 2,000 美元的手錶。本季度，我們增加了購買者請求專家驗證的功能，以支付價值在 1,000 美元到 2,000 美元之間的手錶的費用。這項附加服務標誌著我們通過身份驗證增加信任的旅程中的一個重要里程碑。此功能可移植到平台上的其他類別和市場，並展示了我們劇本的可擴展性和有效性。

In our sneakers category, we reintroduced final value fees in the U.S. in January, and growth momentum continued. These fees are lower than most other platforms and customer satisfaction remains near historically high levels. Sneaker GMV is also growing significantly faster than the rest of the business in our international markets. We repeated the successful approach first deployed in the U.S., which includes authentication, influencer partnerships and increased social marketing investments.

在我們的運動鞋類別中，我們於 1 月份在美國重新引入了最終價值費用，並且增長勢頭仍在繼續。這些費用低於大多數其他平台，客戶滿意度仍接近歷史高位。運動鞋 GMV 的增長速度也明顯快於我們國際市場的其他業務。我們重複了最初在美國部署的成功方法，其中包括身份驗證、影響者合作夥伴關係和增加社交營銷投資。

In parts and accessories, supply chain constraints and low vehicle inventory are driving up the price of new and used cars. These trends are driving more consumers to extend the life of their current vehicles. With approximately 0.5 billion P&A listings, we are well positioned to supply all the parts they need. We have been investing in full funnel marketing for parts and accessories since December, and we are starting to see modest gains in initial consideration. This includes partnerships with leading influencers and enthusiasts to showcase our vast inventory selection. A recent example is the eBay Auto Parts Show in New York, where several top influencers showcased that restored in custom vehicles. These do-it-yourself enthusiasts crafted reconcept cars using unique and hard-to-find parts on eBay. This event generated 3 billion media impressions in 1 week, supporting the momentum we are seeing in the P&A category.

在零部件和配件方面，供應鏈限制和車輛庫存低正在推高新車和二手車的價格。這些趨勢正在推動更多消費者延長現有車輛的使用壽命。憑藉大約 5 億個 P&A 清單，我們有能力提供他們需要的所有零件。自 12 月以來，我們一直在對零部件和配件的全渠道營銷進行投資，並且我們開始看到初步考慮的適度收益。這包括與領先的影響者和愛好者合作，展示我們龐大的庫存選擇。最近的一個例子是在紐約舉行的 eBay 汽車零部件展，幾位頂級影響者展示了在定制車輛中修復的產品。這些自己動手的愛好者使用 eBay 上獨特且難以找到的零件製作了重新概念車。該活動在 1 週內產生了 30 億次媒體印象，支持了我們在 P&A 類別中看到的勢頭。

While sellers and buyers love what we are doing in focused categories, we are also making site-wide enhancements to help all sellers grow their business. In Q1, we made several significant changes to further modernize our store's experience. First, our new storefront page provides sellers the ability to tell their story, showcase their brand and increase trust in their business. Second, we optimized SEO for stores to drive more free traffic. Third, we increased the prominence of store inventory and made it easier for enthusiasts to find stores throughout the buyer journey.

雖然賣家和買家都喜歡我們在重點類別中所做的事情，但我們也在整個網站範圍內進行改進，以幫助所有賣家發展他們的業務。在第一季度，我們進行了幾項重大更改，以進一步現代化我們的商店體驗。首先，我們的新店面頁面讓賣家能夠講述他們的故事、展示他們的品牌並增加對他們業務的信任。其次，我們為商店優化了 SEO，以增加更多的免費流量。第三，我們提高了店鋪庫存的顯著性，讓愛好者在整個買家旅程中更容易找到店鋪。

To support sellers and help them grow their buyer base, we also increased the ability for buyers to save sellers for future purchases. Now when buyers purchase items, they are prompted after checkout to save that seller. This has driven a 4x increase in the number of saved sellers to date, which leads to more purchase frequency. New buyers who save a seller in their first 90 days are more than twice as likely to repurchase an item.

為了支持賣家並幫助他們擴大買家群，我們還增加了買家為未來購買而保存賣家的能力。現在，當買家購買商品時，系統會在結賬後提示他們保存該賣家。迄今為止，這使保存的賣家數量增加了 4 倍，從而提高了購買頻率。在前 90 天內拯救賣家的新買家回購商品的可能性是其兩倍多。

More sellers are sending coded coupons to drive repeat purchases. To date, over 7.5 million buyers have purchased an item from a seller funded coupon, equating to approximately $500 million in GMV. To help sellers improve targeting, they can now categorize their buyers in unique groups for customized marketing campaigns.

更多賣家正在發送編碼優惠券以推動重複購買。迄今為止，已有超過 750 萬買家通過賣家資助的優惠券購買了一件商品，相當於大約 5 億美元的 GMV。為了幫助賣家改進定位，他們現在可以將買家分類到獨特的組中，以進行定制的營銷活動。

Our payments platform is enabling new services and reducing transactional friction for sellers and buyers. We signed an agreement with Klarna in early March, bringing 2 popular payment methods, pay upon invoice and installments, to our German buyers. Testing is underway, and we are on track to make it available to all German consumers this quarter.

我們的支付平台正在為買賣雙方提供新服務並減少交易摩擦。我們在 3 月初與 Klarna 簽署了一項協議，為我們的德國買家帶來了 2 種流行的付款方式，即發票付款和分期付款。測試正在進行中，我們有望在本季度向所有德國消費者提供。

We started testing and scaling other payment capabilities in Q1, including the new digital wallet we announced at Investor Day. When sellers earn money, that balance is stored on eBay and readily available for them to purchase items or pay for selling expenses like shipping labels. We will continue to optimize this feature and expand to more customers during the year.

我們在第一季度開始測試和擴展其他支付功能，包括我們在投資者日宣布的新數字錢包。當賣家賺錢時，這些餘額會存儲在 eBay 上，隨時可供他們購買物品或支付運輸標籤等銷售費用。我們將在年內繼續優化此功能並擴展到更多客戶。

Approximately 1 in 5 transactions occurs across borders, and our payments platform is reducing friction on these purchases. In Q1, we started giving buyers the option to pay in their local currency in addition to the currency of the listing. This feature simplifies cross-border trade and also enables incremental payments revenue to fund further innovation.

大約五分之一的交易發生在跨境，我們的支付平台正在減少這些購買的摩擦。在第一季度，我們開始為買家提供除掛牌貨幣外還以當地貨幣支付的選項。此功能簡化了跨境貿易，還可以增加支付收入以資助進一步的創新。

I'm excited by the pace of innovation in payments. After completing the migration last year, we are moving quickly to reduce friction, launch new services and leverage our scale to benefit sellers and buyers.

我對支付創新的步伐感到興奮。去年完成遷移後，我們正在迅速採取行動以減少摩擦、推出新服務並利用我們的規模讓買賣雙方受益。

Another area where innovation is driving growth is our advertising. In Q1, our ads business once again outpaced volume. Ad revenue growth was driven by Promoted Listings, which generated $222 million in revenue, up 2%. This was 19 points faster than GMV, and it has accelerated due to product innovation. Our standard Promoted Listings product, which still drives most of our first-party ad revenue, continues to drive growth through increased adoption and conversion optimization. And we see further runway in the quarters and years ahead.

創新推動增長的另一個領域是我們的廣告。第一季度，我們的廣告業務再次超過銷量。廣告收入增長由促銷列表推動，產生了 2.22 億美元的收入，增長了 2%。這比 GMV 快了 19 個百分點，並且由於產品創新而加速。我們的標準推廣列表產品仍然推動我們的大部分第一方廣告收入，並通過提高采用率和轉化優化繼續推動增長。我們在未來的幾個季度和幾年看到了更多的跑道。

The 3 new products launched last year are early in the growth cycle but are up more than 50% versus Q4. The first product, Promoted Listings Express, is increasing conversion and price realization for auction sellers. A typical auction that leverages this feature is attracting several hundred more buyers per listing.

去年推出的 3 款新產品處於增長周期的早期，但與第四季度相比增長了 50% 以上。第一個產品，Promoted Listings Express，正在提高拍賣賣家的轉化率和價格實現。利用此功能的典型拍賣會在每個列表中吸引數百名買家。

The second product, External Promoted Listings, is now open to our entire global seller base. Similar to standard Promoted Listings, sellers choose the value of their ad spend. We continue to expand the list of affiliate partners in the program to drive more traffic directly to sellers with Promoted Listings.

第二個產品，外部推廣列表，現在對我們的整個全球賣家群開放。與標準推廣列表類似，賣家選擇其廣告支出的價值。我們將繼續擴大該計劃中的聯屬合作夥伴列表，以通過推廣列表直接為賣家帶來更多流量。

The third product, Promoted Listings Advance, while still limited data, has been scaled to more professional sellers. In Q1, we expanded the number of ad groups, providing more bidding capacity and flexibility. This product will take time to reach its full potential, and we see opportunities for significant growth. We are continuing to invest in our advertising platform and expect ad revenue to outpace volume for the foreseeable future.

第三個產品，Promoted Listings Advance，雖然數據仍然有限，但已經擴展到更專業的賣家。在第一季度，我們擴大了廣告組的數量，提供了更多的出價能力和靈活性。該產品需要時間才能充分發揮其潛力，我們看到了顯著增長的機會。我們將繼續投資於我們的廣告平台，並預計在可預見的未來廣告收入將超過銷量。

We continue to make meaningful progress on ESG. Let me share a few highlights. Firstly, on recommerce. In 2021, our platform generated over $4 billion in positive economic impact from the sale of used and refurbished goods. This activity avoided 1.5 million metric tons of carbon emissions, equivalent to taking 300,000 cars off the road for a year. Recommerce on eBay is growing due to our focus on non-new and season categories. Demand for refurbished and used goods is growing in many categories, and we are well positioned to hit the long-term goals I shared with you at Investor Day.

我們繼續在 ESG 方面取得有意義的進展。讓我分享幾個亮點。首先，關於電子商務。 2021 年，我們的平台通過銷售二手商品和翻新商品產生了超過 40 億美元的積極經濟影響。這項活動避免了 150 萬噸碳排放，相當於一年減少 300,000 輛汽車。由於我們專注於非新品和季節類別，eBay 上的電子商務正在增長。許多類別的翻新和二手商品的需求都在增長，我們有能力實現我在投資者日與您分享的長期目標。

Secondly, I'm proud of our team's efforts around DE&I. We are about to publish our sixth annual diversity, equity and inclusion report. This report provides insights into our 4 strategic objectives: increased representation, cultivating a sense of belonging, engaging our communities and building inclusive technology. Aligning and executing on these objectives is how we build a richly diverse, truly equitable and fearlessly inclusive place to sell, buy and work.

其次，我為我們團隊圍繞 DE&I 所做的努力感到自豪。我們即將發布第六份年度多元化、公平和包容性報告。本報告對我們的 4 個戰略目標提供了見解：增加代表性、培養歸屬感、參與我們的社區和建立包容性技術。調整和執行這些目標是我們如何建立一個豐富多樣、真正公平和無畏包容的銷售、購買和工作場所。

The third area of progress I would like to highlight is reducing our impact on the planet. Last year, we set ambitious, long-term, science-based targets. For the full year 2021, we reduced Scope 1 and 2 emissions by 26% versus 2019. For Scope 3, which includes the impact of shipments on our platform, we reduced emissions by 7% versus 2019 despite volume growth. Lastly, 90% of our energy now comes from renewable sources, and we remain a carbon-neutral company. You can find more details about our sustainability programs and our annual impact report later this month.

我想強調的第三個進步領域是減少我們對地球的影響。去年，我們制定了雄心勃勃的、長期的、以科學為基礎的目標。與 2019 年相比，2021 年全年，我們將範圍 1 和範圍 2 的排放量減少了 26%。對於包括出貨量對我們平台的影響在內的範圍 3，儘管銷量有所增長，但與 2019 年相比，我們將排放量減少了 7%。最後，我們現在 90% 的能源來自可再生能源，我們仍然是一家碳中和公司。您可以在本月晚些時候找到有關我們的可持續發展計劃和年度影響報告的更多詳細信息。

I'm always impressed by the generosity of our sellers and buyers. In Q1, eBay for Charity raised over $36 million, up 2%. We recently announced the grand finale of the Power of One charity auction with Warren Buffett. Since launching on eBay over 20 years ago, over $34 million has been raised to support GLIDE, a nationally recognized center for equity. The eBay Foundation, whose mission is to remove systemic barriers to entrepreneurship, committed $11 million to nonprofits in Q1. In addition, during March, over $2.4 million was raised from employee contributions and eBay Foundation matching gifts, many of which went to support Ukrainian relief efforts.

我總是對我們的賣家和買家的慷慨印象深刻。第一季度，eBay for Charity 籌集了超過 3600 萬美元，增長了 2%。我們最近宣布了與沃倫·巴菲特 (Warren Buffett) 共同舉辦的 Power of One 慈善拍賣的壓軸活動。自 20 多年前在 eBay 上推出以來，已經籌集了超過 3400 萬美元來支持 GLIDE，這是一家全國公認的股權中心。 eBay 基金會的使命是消除創業的系統性障礙，在第一季度向非營利組織承諾了 1100 萬美元。此外，在 3 月期間，員工捐款和 eBay 基金會配套禮物籌集了超過 240 萬美元，其中許多用於支持烏克蘭的救援工作。

Across a number of other employee and customer channels, the company has raised millions of dollars for Ukraine-related causes. In several countries, customers contributed to give at checkout campaigns that supported the Red Cross, Nova Ukraine and Save the Children. We are very fortunate to work for a purpose-driven company with a team relentlessly focused on helping people and the scale to deliver meaningful impact to our communities.

通過許多其他員工和客戶渠道，該公司已為烏克蘭相關事業籌集了數百萬美元。在多個國家/地區，客戶在支持紅十字會、新烏克蘭和救助兒童會的結賬活動中捐款。我們很幸運能夠為一家以目標為導向的公司工作，該公司的團隊不懈地致力於幫助人們並擴大規模，為我們的社區帶來有意義的影響。

In closing, Q1 was a strong start to the year. We extended focused category coverage in watches, handbags, trading cards and eBay Refurbished. And we laid the groundwork to launch the Vault this quarter, a game-changing experience for collectors. We released several new features for eBay store sellers like new store fronts and enhanced SEO. And we're encouraging more buyers to save their favorite sellers to drive repeat purchases.

最後，第一季度是今年的強勁開端。我們擴大了手錶、手袋、交易卡和 eBay 翻新產品的重點類別覆蓋範圍。我們為本季度推出 Vault 奠定了基礎，為收藏家帶來了改變遊戲規則的體驗。我們為 eBay 商店賣家發布了幾項新功能，例如新店面和增強的 SEO。我們鼓勵更多買家保存他們最喜歡的賣家，以推動重複購買。

In payments, we launched Klarna for German buyers, started testing a new digital wallet and increased currency payment options for cross-border buyers. Our advertising business is meaningfully outpacing volume growth through optimization and new product innovation. And we are achieving all of this while executing on an ambitious ESG agenda to support our communities and the world we live in.

在支付方面，我們為德國買家推出了 Klarna，開始測試新的數字錢包，並為跨境買家增加了貨幣支付選項。我們的廣告業務通過優化和新產品創新顯著超過了銷量增長。我們正在實現這一切，同時執行雄心勃勃的 ESG 議程，以支持我們的社區和我們生活的世界。

Before I hand it over to Steve, I would like to express my sincere appreciation to our seller and buyer community whose energy and unique inventory make our marketplace truly differentiated in e-commerce. I would also like to thank all of our global employees for their tireless efforts to delight customers and support our communities. Their dedication and focus are improving our underlying business health every day.

在我把它交給史蒂夫之前，我想對我們的賣家和買家社區表示衷心的感謝，他們的活力和獨特的庫存使我們的市場在電子商務中真正與眾不同。我還要感謝我們所有的全球員工為取悅客戶和支持我們的社區所做的不懈努力。他們的奉獻精神和專注每天都在改善我們的基本業務健康。

Lastly, I'm thrilled to welcome Eddie Garcia back to eBay as our new core product leader. His wealth of eBay knowledge and track record of innovation will be great assets to continue to drive the tech-led reimagination.

最後，我很高興歡迎 Eddie Garcia 回到 eBay，成為我們新的核心產品負責人。他豐富的 eBay 知識和創新記錄將成為繼續推動以技術為主導的重新構想的重要資產。

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

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

Thank you, Jamie, and thank you all for joining us today. I'll begin our discussion with financial highlights on Slide 9 of our Q1 earnings presentation. Next, I'll provide a deeper look into key operating and financial metrics, including a discussion of our ongoing macroeconomic and geopolitical developments influencing our business. Finally, I'll share our forward outlook and some closing thoughts before we begin Q&A. Please note, my comments will reflect year-over-year comparisons at constant currency, unless I note otherwise.

謝謝你，傑米，謝謝大家今天加入我們。我將從第一季度收益報告幻燈片 9 中的財務亮點開始我們的討論。接下來，我將深入探討關鍵的運營和財務指標，包括討論影響我們業務的持續宏觀經濟和地緣政治發展。最後，在開始問答之前，我將分享我們的展望和一些結束的想法。請注意，除非我另有說明，否則我的評論將反映按固定貨幣進行的同比比較。

Overall, we delivered strong results in Q1 as GMV, revenue and EPS met or exceeded expectations and performed near the high end of our outlook ranges. Our Q1 results were driven by continued progress against the strategic objectives we outlined at Investor Day, including an expansion in coverage and capabilities of our focused categories and improved technology for our sellers and buyers.

總體而言，我們在第一季度取得了強勁的業績，因為 GMV、收入和每股收益達到或超過了預期，並且表現接近我們展望範圍的高端。我們第一季度的業績是由我們在投資者日概述的戰略目標的持續進展推動的，包括擴大我們重點類別的覆蓋範圍和能力，以及為我們的買賣雙方改進技術。

Our first quarter revenue was down 5% to $2.48 billion, outpacing volume growth by approximately 12 points. Non-GAAP operating margin was 32.4%, up roughly 80 basis points sequentially. We delivered non-GAAP earnings of $1.05 per share, down 2% as compared to a record quarterly EPS result last year. We generated $546 million of free cash flow and returned approximately $1.4 billion to shareholders through repurchases and dividends.

我們第一季度的收入下降 5% 至 24.8 億美元，超過銷量增長約 12 個百分點。非美國通用會計準則營業利潤率為 32.4%，環比增長約 80 個基點。我們的非公認會計原則每股收益為 1.05 美元，與去年創紀錄的季度每股收益相比下降了 2%。我們產生了 5.46 億美元的自由現金流，並通過回購和股息向股東返還了大約 14 億美元。

We achieved these results despite some back-end softness, associated changing macro conditions and the tragic conflict in Ukraine. I'm extremely proud of our team's focus and execution amid these challenging circumstances.

儘管有一些後端疲軟、相關的不斷變化的宏觀條件和烏克蘭的悲慘衝突，我們還是取得了這些成果。在這些充滿挑戰的情況下，我為我們團隊的專注和執行感到非常自豪。

Let's take a closer look at our performance in Q1. Gross merchandise volume declined 17% as we lapped a 7 point sequential acceleration during 2021 and which was driven by global mobility restrictions and U.S. stimulus payments. As compared to our pre-COVID baseline in Q1 of 2019, GMV grew 7%. We were extremely pleased with the pace of growth, innovation and execution with our focused categories during Q1, coming off a record surge in growth in early 2021. Trading card volumes appear to be stabilizing at a quarterly run rate, more than double pre-COVID levels, indicating continued healthy demand in this asset class. Excluding trading cards, year-on-year growth in focused categories outpaced the remainder of our marketplace by approximately 9 points.

讓我們仔細看看我們在第一季度的表現。商品總額下降 17%，因為我們在 2021 年連續加速了 7 個百分點，這是由全球流動性限制和美國刺激支付推動的。與我們在 2019 年第一季度的疫情前基線相比，GMV 增長了 7%。我們對第一季度重點類別的增長、創新和執行速度感到非常滿意，在 2021 年初創下了創紀錄的增長增長。交易卡交易量似乎穩定在季度運行速度上，是 COVID 之前的兩倍多水平，表明該資產類別的需求持續健康。不包括交易卡，重點類別的同比增長超過我們市場的其餘部分約 9 個百分點。

We sustained strong positive growth within our luxury categories compared with last year's stimulus-driven results, including sneakers over $100, where we reintroduced monetization in the U.S. in January. Trading 12-month active buyers were 142 million during the quarter, down roughly 5 million sequentially due to the same lapping dynamics. But importantly, this anticipated decline was skewed towards our low-value buyers. Trends within our high-value groups remained healthy as our 18 million enthusiast buyers spent an average of over $3,000 across 9 categories over the last 12 months. Average spend per enthusiast also rose sequentially and increased low double digits versus 2019.

與去年的刺激驅動結果相比，我們在奢侈品類別中保持強勁的正增長，包括超過 100 美元的運動鞋，我們在 1 月份在美國重新引入了貨幣化。本季度交易 12 個月的活躍買家為 1.42 億，環比下降約 500 萬，原因是相同的重疊動態。但重要的是，這種預期的下降偏向於我們的低價值買家。在過去 12 個月中，我們的 1800 萬狂熱買家在 9 個類別中平均花費超過 3,000 美元，因此我們高價值群體的趨勢保持健康。與 2019 年相比，每位愛好者的平均支出也環比增長，並增長了兩位數的低位。

U.S. GMV grew 17% compared to Q1 of 2019, while international GMV was roughly flat. Similar to prior quarters, our U.S. volume benefited from stronger underlying e-commerce growth, beneficial category mix and earlier launches of focused category initiatives. Meanwhile, our international business has experienced softer economic growth and greater exposure to the supply chain challenges impacting cross-border trade. When we spoke at our March Investor Day, we were beginning to observe modest softness in our European markets during the early weeks of Russia's invasion of Ukraine. But the conflict intensified in the weeks that followed. The headwinds to our business became more pronounced. We estimate the Ukraine war will represent a low single-digit negative impact to our global business in Q1. Notably, these macro headwinds have not impacted our product road map or other strategic initiatives.

與 2019 年第一季度相比，美國 GMV 增長了 17%，而國際 GMV 大致持平。與前幾個季度類似，我們在美國的銷量得益於更強勁的潛在電子商務增長、有利的品類組合以及較早推出的重點品類計劃。與此同時，我們的國際業務經歷了經濟增長放緩，並且更容易受到影響跨境貿易的供應鏈挑戰的影響。當我們在 3 月的投資者日發表講話時，我們開始觀察到在俄羅斯入侵烏克蘭的最初幾週，我們的歐洲市場出現了適度的疲軟。但在接下來的幾週內，衝突愈演愈烈。我們業務的逆風變得更加明顯。我們估計烏克蘭戰爭將對我們第一季度的全球業務產生低個位數的負面影響。值得注意的是，這些宏觀逆風並未影響我們的產品路線圖或其他戰略計劃。

Net revenue during the quarter was $2.48 billion, down 5% with positive contributions from payments and ads, offset by comparisons with last year's extraordinary volume growth. Our transaction take rate increased by over 30 basis points sequentially to 12.1%. Managed payments contributed over 8 points of revenue growth during the quarter as we fully migrated to our proprietary platform, while new initiatives like buyer and seller FX are scaling in line with expectations.

本季度的淨收入為 24.8 億美元，由於支付和廣告的積極貢獻，下降了 5%，但與去年的超常銷量增長相比被抵消了。我們的交易接受率環比增長超過 30 個基點，達到 12.1%。隨著我們完全遷移到我們的專有平台，託管支付在本季度貢獻了超過 8 個點的收入增長，而買方和賣方外匯等新舉措正在按預期進行擴展。

First-party ads primarily Promoted Listings grew 2% during Q1 and outpaced volume by approximately 19 points. This marked an acceleration from roughly 15 points in Q4 as we further optimized our standard Promoted Listings product and recent additions to our ads portfolio grew in scale and adoption.

第一方廣告主要是促銷列表在第一季度增長了 2%，超過了大約 19 個百分點。隨著我們進一步優化我們的標準推廣列表產品以及最近添加到我們的廣告組合中的廣告組合的規模和採用率增長，這標誌著第四季度大約 15 個點的加速。

Turning to margins. We delivered a non-GAAP operating margin of 32.4% in Q1, an increase of more than 80 basis points sequentially. This improvement was driven by lower seasonal spend in sales and marketing, which was offset by volume deleverage as we lapped last year's GMV acceleration.

轉向邊緣。我們在第一季度實現了 32.4% 的非美國通用會計準則營業利潤率，環比增長了 80 多個基點。這種改善是由銷售和營銷的季節性支出減少推動的，這被去年的 GMV 加速所抵消的數量去槓桿所抵消。

During the first quarter, we delivered $1.05 of non-GAAP EPS, down 2% from our record quarterly EPS in Q1 of 2021. The impact of share repurchases and contributions from payments and ads were offset by the lapping of mobility tailwinds. We generated a GAAP loss per share of $2.28 with the delta driven by losses on our investment portfolio amid recent market volatility.

在第一季度，我們實現了 1.05 美元的非公認會計原則每股收益，比 2021 年第一季度創紀錄的季度每股收益下降了 2%。股票回購的影響以及支付和廣告的貢獻被移動順風的影響所抵消。我們產生了每股 2.28 美元的 GAAP 虧損，增量是由於近期市場波動導致我們的投資組合虧損。

We generated $546 million of free cash flow in Q1, down 37% due to lower volume and the lapping of onetime working capital benefits associated with the managed payments migration, partly offset by lower cash taxes. As we discussed at Investor Day, we do expect our cash taxes to rise this year due to the timing of repatriation payments and new federal tax treatment of R&D credits. These dynamics are not muted to eBay, and we expect to revert to a more normalized cash tax rate after 2025.

我們在第一季度產生了 5.46 億美元的自由現金流，下降了 37%，原因是交易量減少以及與託管支付遷移相關的一次性營運資金收益的減少，部分被較低的現金稅所抵消。正如我們在投資者日所討論的那樣，由於遣返付款的時間安排和研發信貸的新聯邦稅收待遇，我們確實預計今年我們的現金稅會增加。這些動態對 eBay 來說並沒有減弱，我們預計在 2025 年之後將恢復到更加正常化的現金稅率。

We ended the quarter with cash and nonequity investments of $6.3 billion and gross debt of $8.3 billion as we paid down $750 million of notes during March. We repurchased $1.25 billion of shares during the quarter at an average price of approximately [$57]. This was in addition to a portion of shares from our Q4 accelerated share repurchase program that settled in early Q1. Additionally, we paid a quarterly cash dividend of $129 million in March, representing $0.22 per share.

我們在本季度結束時的現金和非股權投資為 63 億美元，總債務為 83 億美元，因為我們在 3 月份償還了 7.5 億美元的票據。我們在本季度以大約 [57 美元] 的平均價格回購了 12.5 億美元的股票。這是我們在第一季度初結算的第四季度加速股票回購計劃中的一部分股票的補充。此外，我們在 3 月份支付了 1.29 億美元的季度現金股息，相當於每股 0.22 美元。

Our investments are detailed on Slide 19. Our remaining portfolio is valued at over $5 billion at the end of Q1 after a quarter of significant market volatility. We sold roughly $600 million of Adyen and KakaoBank shares during Q1. We will continue to manage our investment portfolio with the goal of maximizing shareholder value, which includes maintaining our investments when we believe we can generate incremental value for shareholders or monetizing them when we see an opportunity to do so. To that end, we sold Adyen shares during Q1 at an average price more than 7x the strike price of our first tranche.

我們的投資在幻燈片 19 中有詳細說明。在經歷了四分之一的市場大幅波動之後，截至第一季度末，我們剩餘的投資組合價值超過 50 億美元。我們在第一季度出售了大約 6 億美元的 Adyen 和 KakaoBank 股票。我們將繼續管理我們的投資組合，以最大化股東價值為目標，其中包括在我們認為可以為股東創造增量價值時維持我們的投資，或在我們看到機會時將其貨幣化。為此，我們在第一季度以超過第一批執行價格 7 倍的平均價格出售了 Adyen 股票。

Moving to our outlook. Russia and Ukraine have historically made up less than 1% of our global volume, but the war in Ukraine has measurably impacted economic growth and consumer confidence throughout Europe and other parts of the world. This conflict arose as global economies were already contending with inflationary pressures and supply chain challenges. On top of that, rising interest rates may further hinder near-term economic growth, while sanctions related to the war could raise already high fuel prices, additional pressure on consumer spending. We're confident our business will remain resilient in the current environment. We are revising our expectations for the remainder of 2022 to reflect the macro conditions we've observed over the last 2 months. Despite the near-term uncertainty, we continue to invest in our focused categories and other strategic initiatives to achieve the long-term growth targets we outlined at Investor Day.

轉向我們的展望。俄羅斯和烏克蘭歷來占我們全球銷量的不到 1%，但烏克蘭戰爭對整個歐洲和世界其他地區的經濟增長和消費者信心產生了可觀的影響。由於全球經濟已經在應對通脹壓力和供應鏈挑戰，因此出現了這種衝突。最重要的是，利率上升可能會進一步阻礙近期經濟增長，而與戰爭相關的製裁可能會推高已經很高的燃料價格，給消費者支出帶來額外壓力。我們相信我們的業務將在當前環境下保持彈性。我們正在修改對 2022 年剩餘時間的預期，以反映我們在過去 2 個月中觀察到的宏觀狀況。儘管近期存在不確定性，但我們繼續投資於我們的重點類別和其他戰略舉措，以實現我們在投資者日概述的長期增長目標。

For the full year, we are lowering our FX-neutral growth forecast for GMV by approximately 5%. The strengthening U.S. dollar also reduces our spot GMV outlook by roughly $1.3 billion versus our prior guidance. We now expect GMV of between $73.2 billion and $75.2 billion in 2022, representing a decline between 12% and 10%. We forecast revenue of $9.6 billion to $9.9 billion, representing a decline of between 6% and 3%. Our updated forecast operating margin between 29% and 30% as we expect to mitigate some macro-driven volume pressure through cost efficiencies. We forecast non-GAAP earnings per share between $3.90 and $4.10, representing negative 3% to positive 2% growth.

對於全年，我們將 GMV 的外匯中性增長預測下調約 5%。與我們之前的指引相比，美元走強也使我們的現貨 GMV 前景減少了約 13 億美元。我們現在預計 2022 年的 GMV 將在 732 億美元至 752 億美元之間，下降 12% 至 10%。我們預計收入為 96 億美元至 99 億美元，下降 6% 至 3%。我們更新後的預測營業利潤率在 29% 至 30% 之間，因為我們希望通過成本效率來緩解一些宏觀驅動的銷量壓力。我們預測非 GAAP 每股收益在 3.90 美元至 4.10 美元之間，代表負 3% 至正 2% 的增長。

Looking to the second quarter, we expect to generate $18.02 billion to $18.42 billion of GMV, representing a decline between 16% and 14% or between 2% and 4% growth versus Q2 of 2019. We forecast revenue between $2.35 billion and $2.40 billion, representing a decline between 9% and 7%. We anticipate non-GAAP operating margin between 26.5% and 27.5% as we scale our planned investments in product and marketing initiatives. And we project non-GAAP earnings per share between $0.87 and $0.91, representing a decline of between 12% and 8%.

展望第二季度，我們預計將產生 180.2 億美元至 184.2 億美元的 GMV，與 2019 年第二季度相比下降 16% 至 14% 或增長 2% 至 4%。我們預計收入在 23.5 億美元至 24.0 億美元之間，下降了 9% 到 7%。隨著我們擴大對產品和營銷計劃的計劃投資，我們預計非 GAAP 營業利潤率將在 26.5% 至 27.5% 之間。我們預計非 GAAP 每股收益在 0.87 美元至 0.91 美元之間，下降 12% 至 8%。

In closing, Q1 was another strong quarter for eBay. We met or exceeded expectations across all key metrics despite facing a challenging confluence of geopolitical and macroeconomic developments in March. We expanded our coverage and capabilities within focused categories, which are delivering innovative new shopping experiences for our community and fueling positive underlying growth in our business. Advertising and payments initiatives are outpacing volume growth, delivering incremental revenue at healthy margins and helping eBay sellers grow their businesses.

最後，第一季度是 eBay 的又一個強勁季度。儘管在 3 月份面臨地緣政治和宏觀經濟發展的挑戰，我們在所有關鍵指標上都達到或超過了預期。我們在重點類別中擴大了我們的覆蓋範圍和能力，為我們的社區提供創新的新購物體驗，並推動我們業務的積極潛在增長。廣告和支付計劃的增長速度超過了銷量增長，以健康的利潤率帶來了增量收入，並幫助 eBay 賣家發展業務。

Our balanced approach to capital allocation enabled us to invest in strategic initiatives, maintain our best-in-class margins and return more than double our quarterly free cash flow to shareholders. And our focus on recommerce and sustainable accretive business process has enabled us to achieve these results while supporting our people, our purpose and our plan.

我們平衡的資本配置方法使我們能夠投資於戰略計劃，保持我們一流的利潤率，並為股東帶來超過一倍的季度自由現金流回報。我們對電子商務和可持續增值業務流程的關注使我們能夠在支持我們的員工、我們的目標和我們的計劃的同時取得這些成果。

Finally, I'd like to echo Jamie's thanks to our extraordinary eBay employees. Their focus and execution amid the challenges of the last few months has been truly inspiring. We continue to innovate and remain on track to deliver on the product road map we laid out at Investor Day.

最後，我想回應 Jamie 對我們非凡的 eBay 員工的感謝。在過去幾個月的挑戰中，他們的專注和執行確實令人鼓舞。我們繼續創新，並繼續按我們在投資者日制定的產品路線圖交付。

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

有了這個，傑米和我現在會回答你的問題。

(Operator Instructions) Our first question comes from the line of Colin Sebastian from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Colin Sebastian。

Two questions for me. I guess the message here is the tech-led reimagination is on track. But you hit these macro headwinds that depressed volumes in the near term. So with that context, Jamie, I was hoping you could drill down a bit more on growth in enthusiast buyers. And in particular, how do you expand the size of this group, drive more engagement? And if this relies on converting less active buyers into enthusiasts, those that are already on the platform. And I have a follow-up.

我有兩個問題。我想這裡的信息是，以技術為主導的重新構想正在走上正軌。但是你遇到了這些宏觀逆風，在短期內壓低了交易量。因此，在這種情況下，傑米，我希望你能更深入地了解狂熱買家的增長情況。特別是，你如何擴大這個群體的規模，推動更多的參與？如果這依賴於將不太活躍的買家轉化為愛好者，那些已經在平台上的人。我有一個後續行動。

Yes. Thanks for the question, Colin. Absolutely. So when you look at our enthusiast buyers, we have 18 million of them. They drive 70% of our GMV. That group is a very productive group for us. It's -- they shop more than 30 days. They spend over $3,000. And even though some of them are -- moved in and out of mid-value, when you look at our mid-value buyers that we outlined at Investor Day, they're actually of the cumulative lifetime value of most other platforms. So they're also very valuable customers as well.

是的。謝謝你的問題，科林。絕對地。因此，當您查看我們的狂熱買家時，我們有 1800 萬。他們推動了我們 70% 的 GMV。該小組對我們來說是一個非常有成效的小組。這是 - 他們購物超過 30 天。他們花費超過 3,000 美元。即使他們中的一些人 - 進出中等價值，當您查看我們在投資者日概述的中等價值買家時，它們實際上是大多數其他平台的累積生命週期價值。所以他們也是非常有價值的客戶。

So the key things we're doing is, a, driving our focused category strategy. When we look at those enthusiast buyers, 94% of them shop in focus categories. So that's a big opportunity. 25% of them are selling on eBay, and that obviously drives the flywheel of performance. When we look at it versus 2019, it's not just about the numbers, but how do we get that group to buy more. So versus 2019, they're buying double digits more on the platform. And that has to do with getting them to go cross-category, getting them to be more sticky within their focus category or their initial category, and then all of the pieces that we know kind of drive retention.

因此，我們正在做的關鍵事情是，a，推動我們的重點類別戰略。當我們查看那些狂熱的買家時，其中 94% 的人購買的是重點類別。所以這是一個很大的機會。其中 25% 在 eBay 上銷售，這顯然推動了業績的飛輪。當我們將其與 2019 年相比時，這不僅僅是關於數字，而是我們如何讓該群體購買更多。因此，與 2019 年相比，他們在平台上的購買量增加了兩位數。這與讓他們跨類別、讓他們在他們的焦點類別或初始類別中更具粘性有關，然後是我們所知道的所有部分都有助於保留。

The last one I'll just pick up on is it's also tied into our seller strategy. So part of the things that we announced this year -- this quarter with sellers, things like new eBay storefronts, enhancements to the eBay coupons, improvements to SEO. It's all about how to -- it's just not eBay and the platform driving retention of those enthusiast buyers, but how do we put more tools in our sellers' hands so that they can drive the retention of the buyers as well. So feel really good that the strategy is working and the plans are intact.

我要討論的最後一個是它也與我們的賣家策略相關。因此，我們今年宣布的部分內容——本季度與賣家合作，比如新的 eBay 店面、改進 eBay 優惠券、改進 SEO。一切都是關於如何——不僅僅是 eBay 和平台推動了這些狂熱買家的保留，而是我們如何將更多工具放在賣家手中，以便他們也可以推動買家的保留。所以感覺非常好，策略是有效的，計劃是完整的。

That's helpful. And then secondly, maybe for Steve. It looks like guidance for the back half of the year implies somewhat normal sequential seasonality in volume for Q3 and Q4 off of that lower Q2. So I guess this suggests the outlook assumes no improvement or no worsening in the macro environment, if that's the right way to think about it.

這很有幫助。其次，也許是為了史蒂夫。看起來今年下半年的指導意味著第三季度和第四季度的交易量在第二季度較低的情況下出現了一些正常的連續季節性。因此，我想這表明前景假設宏觀環境沒有改善或惡化，如果這是正確的思考方式。

Colin, good to speak to you. As you can imagine, we've been very deliberate in terms of how we've looked at the outlook for the remainder of 2022 based on this base of uncertain and challenged environment. I'd just like to -- you're correct in terms of your assumption as we go forward with regards to seasonality. So just as a reminder, as we talked about at our first -- last earnings call, we do have a half 1 and half 2 underlying story for 2022 as we lap some of the significant tailwinds associated with COVID in 2021 in the first half as we go forward.

科林，很高興和你說話。您可以想像，基於不確定和充滿挑戰的環境，我們在如何看待 2022 年剩餘時間的前景方面非常慎重。我只是想 - 當我們在季節性方面前進時，你的假設是正確的。因此，提醒一下，正如我們在第一次 - 最後一次財報電話會議上所討論的那樣，我們確實有 2022 年 1 月和 2 年的潛在故事，因為我們在 2021 年上半年經歷了一些與 COVID 相關的重大順風作為我們前進。

But we -- despite the -- I suppose, at a macro level, we do see this overall softness driven by the macroeconomic environment, but we still expect the sort of seasonal shape of the GMV as we go forward.

但是我們——儘管——我認為，在宏觀層面上，我們確實看到了宏觀經濟環境推動的整體疲軟，但我們仍然預計 GMV 在我們前進的過程中會出現季節性的形狀。

For our next question, we have Eric Sheridan from Goldman Sachs.

對於我們的下一個問題，我們有來自高盛的 Eric Sheridan。

Two if I can, just following up on Colin and following up on the macro issue. Are you seeing different behaviors in the macro environment between your high-value buyers and low-value buyers? And would that inform any decisions of maybe accelerating some of the investments you want to make in terms of improving the skew of your buyer base as we go through 2022? That would be a sort of question number one. And then secondarily, you pointed out the gap between GMV and ads, which was quite wide. How should we think about that gap between ads outperformance relative to GMV beyond just what you reported in Q1 given against your innovation curve run ads longer term?

如果可以的話，兩個，只是跟進 Colin 並跟進宏觀問題。您是否在宏觀環境中看到高價值買家和低價值買家之間的不同行為？在我們度過 2022 年的過程中，這是否會告知任何可能加速您想要進行的一些投資的決定，以改善您的買家群的偏斜度？那將是第一個問題。其次，您指出了 GMV 和廣告之間的差距，這個差距相當大。除了您在第一季度報告的相對於您的創新曲線長期投放廣告的情況外，我們應該如何考慮廣告表現優於 GMV 之間的差距？

Yes. Thanks, Eric. So look, when we think about the impact macro, it's really across the board. We can look at, obviously, our own traffic and traffic of our competitors. And specifically in Europe or more so in Europe, really coincidental with the war, we saw the impact overall to the business. So there's various movements. I would say last year with the pandemic, we moved some mid-value up into enthusiast buyers as we looked at the segments. But really, it's kind of across the board, everyone's energy prices are going up, more cost of fuel, inflation, et cetera.

是的。謝謝，埃里克。所以看，當我們考慮影響宏觀時，它真的是全面的。顯然，我們可以查看我們自己的流量和競爭對手的流量。特別是在歐洲，或者更多地是在歐洲，真的恰逢戰爭，我們看到了對業務的整體影響。於是就有了各種各樣的動作。我想說的是，去年隨著大流行，我們在查看細分市場時將一些中等價值的買家轉移到了發燒友手中。但實際上，這是全面的，每個人的能源價格都在上漲，燃料成本增加，通貨膨脹等等。

To your second question, we're really happy with the performance of ads being at 19% above GMV this quarter. And we talked about kind of the growth that we're seeing in the new products, although the large part of it is still our core product, which is the Promoted Listing standard. But continue to drive optimization, continue to drive adoption. We're still in kind of the early stages of the new products on advertising.

對於第二個問題，我們對本季度廣告表現比 GMV 高出 19% 感到非常滿意。我們談到了我們在新產品中看到的增長，儘管其中很大一部分仍然是我們的核心產品，即推廣列表標準。但繼續推動優化，繼續推動採用。我們仍處於廣告新產品的早期階段。

For our next question, we have Tom Champion from Piper Sandler.

對於我們的下一個問題，我們有來自 Piper Sandler 的 Tom Champion。

Jamie, maybe you could talk about the focused category growth of 9%. I think it was 15% previously. Can you help us interpret that in terms of ongoing sustainability?

傑米，也許你可以談談 9% 的重點類別增長。我認為之前是 15%。您能幫助我們從持續可持續性的角度來解釋這一點嗎？

Yes. So a couple of things. One is really pleased to see that 9 points faster growth in terms of the focus categories. We are lapping some stimulus from last year in our numbers. So that's certainly a factor. And then over time, Tom, the math would say as we increase our coverage of focus categories, obviously, the delta will decrease just because of the math of more of the numerator being, the denominator as well.

是的。所以有幾件事。很高興看到重點類別的增長速度加快了 9 個百分點。我們從去年的數據中汲取了一些刺激。所以這肯定是一個因素。然後隨著時間的推移，湯姆，數學會說，隨著我們增加關注類別的覆蓋範圍，很明顯，增量會因為更多的分子和分母的數學而減少。

But as we look at this as a multiyear, the strategy that we laid out at Investor Day is right -- is consistent, getting them to grow at or above market growth rates. What I'd say I'm really happy about this quarter is that we're seeing the same type of deviation between focused categories in international that we saw in the U.S. in terms of their outperformance of the rest of the site. So we've been talking for a couple of quarters now about how international was more nascent, and we're starting to see that traction in the focus categories. And we talked about some of the new launches that we're seeing internationally.

但當我們將其視為多年時，我們在投資者日制定的策略是正確的——是一致的，讓他們以或高於市場增長率的速度增長。我想說的是，我對本季度感到非常高興的是，我們在國際重點類別之間看到了與我們在美國看到的相同類型的偏差，因為它們的表現優於該網站的其他部分。所以我們現在已經討論了幾個季度關於國際化如何更加新生的問題，我們開始在焦點類別中看到這種牽引力。我們談到了我們在國際上看到的一些新產品。

For our next question, we have Deepak Mathivanan from Wolfe Research.

對於我們的下一個問題，我們有來自 Wolfe Research 的 Deepak Mathivanan。

Great. Just sticking with the macro discussion. The 5 points lower revision on full year GMV guide, maybe can you elaborate a little bit on what signals you're seeing now to arrive at the 500 basis points reduction? I mean a lot of uncertainty is still kind of ahead of us. So does this revised guide reflect what you're seeing now? Or does this also factor in potential unfavorable trends in the second half? And then how should we think about your expectations for 2023 and 2024 based on the revised 2022 targets?

偉大的。只是堅持宏觀討論。全年 GMV 指南下調 5 個點，也許你能詳細說明一下你現在看到的達到 500 個基點下調的信號嗎？我的意思是很多不確定性仍然擺在我們面前。那麼這份修訂後的指南是否反映了您現在所看到的內容？或者這是否也是下半年潛在不利趨勢的因素？那麼根據修訂後的 2022 年目標，我們應該如何考慮您對 2023 年和 2024 年的預期？

Deepak, I'll pick those up. As I mentioned on the previous question, we've been very thoughtful and deliberate about the '22 guide as we look out for the remainder of the year and really reflecting what we see as ongoing macroeconomic challenges in the overall environment. I think I would pull it down to sort of 3 specific areas as you think and contemplate the guide that we put out.

迪帕克，我會去拿的。正如我在上一個問題中提到的那樣，在我們展望今年剩餘時間並真正反映我們認為整體環境中持續存在的宏觀經濟挑戰時，我們對 '22 指南進行了非常深思熟慮和深思熟慮。我想我會將它歸結為 3 個特定領域，如您所想並考慮我們發布的指南。

First, the continued negative economic impact of the terrible atrocities associated with the war in Ukraine, and our expectation that those negative impacts will continue through 2022. The other is, overall, the continued headwinds from the broader macro environment. You think about things like interest rates, fuel prices, energy costs that's putting an additional pressure on the consumer and their discretionary spend. And we're particularly seeing this in Europe, in a couple of our key markets in the U.K. and Germany, where we're seeing consumer confidence at historic lows.

首先，與烏克蘭戰爭相關的可怕暴行對經濟的持續負面影響，我們預計這些負面影響將持續到 2022 年。另一個是總體而言，來自更廣泛的宏觀環境的持續逆風。您會考慮利率、燃料價格、能源成本等對消費者及其可自由支配支出造成額外壓力的事情。我們在歐洲、英國和德國的幾個主要市場尤其看到了這一點，我們看到消費者信心處於歷史低位。

And then we are also assuming as a third item, the expected continuation of the supply chain disruptions that we've seen for a number of quarters here that continues to put a drag on our international business. So when I think about those 3 areas, that's what we've contemplated when we look in the macro environment, and we went forward to that 2022 guide.

然後我們還假設作為第三項，我們在這裡看到了幾個季度的供應鏈中斷的預期持續，這繼續拖累我們的國際業務。因此，當我考慮這三個領域時，這就是我們在宏觀環境中考慮的內容，我們繼續前進到 2022 年指南。

Beyond 2022, as you recall, we talked to the investor community back in March at our investor event, and we remain confident in our long-term guide. We see these issues as transitory. Our long-term guide contemplated mid-single-digit GMV growth. We remain confident in that. We continue to make the investments for the long-term future. You heard Jamie talk about the momentum that we're seeing in our prepared comments. And so we certainly see that as a longer-term perspective as we navigate these choppy waters in the near term.

您還記得，在 2022 年之後，我們在 3 月份的投資者活動中與投資者社區進行了交談，我們對我們的長期指南仍然充滿信心。我們認為這些問題是暫時的。我們的長期指南考慮了中等個位數的 GMV 增長。我們對此仍然充滿信心。我們將繼續為長期未來進行投資。您聽到 Jamie 談到我們在準備好的評論中看到的勢頭。因此，當我們在短期內駕馭這些波濤洶湧的水域時，我們當然認為這是一個長期的視角。

For our next question, we have Stephen Ju from Credit Suisse.

對於我們的下一個問題，我們請來自瑞士信貸的 Stephen Ju。

So Jamie, your commentary about expanding the authenticated brands and bags is interesting. Sounds like you're not quite done going deeper into the category. And also kind of along with that, can you talk about how parts and accessories rollout proceed? I mean is it going to be a gradual rollout of a category-by-category, a model-by-model basis? And is there a similar opportunity to go deeper into watches as well?

所以 Jamie，你關於擴大認證品牌和包包的評論很有趣。聽起來您還沒有深入了解該類別。此外，你能談談零件和配件的推出是如何進行的嗎？我的意思是，這將是逐個類別、逐個模型的逐步推出嗎？是否也有類似的機會更深入地研究手錶？

And I think also to follow up on Eric's question earlier, I think throughout 2021, you've more than doubled the number of Promoted Listing sellers, but that's still a minority percentage of the total sellers. I get that this is probably not appropriate for everybody, but what can you do to drive greater seller adoption? Is it just a matter of awareness? Is there -- does the product suite needs to be expanded?

而且我認為還要跟進 Eric 早些時候的問題，我認為在整個 2021 年，推廣列表賣家的數量增加了一倍以上，但這仍然只是總賣家的一小部分。我知道這可能並不適合每個人，但是你能做些什麼來推動更多的賣家採用呢？僅僅是意識的問題嗎？是否存在——產品套件是否需要擴展？

Yes. Great question. So first, the way I think about the focused category is it's not like we invest in the category and that we're done. If you look at it, we're still investing in sneakers, which we launched quite some time ago. So we continue to make innovations even in categories that we've launched. The category that you first brought up, handbags, we expanded what we're doing in authentication to the U.K. in a beta this quarter. We also expanded in the U.S. to men's bags this quarter. So now currently authenticating in the U.S., U.K. and Australia. So that will be a continued playbook.

是的。好問題。因此，首先，我對重點類別的看法是，這不像我們投資於該類別並且我們已經完成了。如果你看一下，我們仍在投資運動鞋，這是我們很久以前推出的。因此，即使在我們推出的類別中，我們也會繼續進行創新。您首先提到的手袋類別，我們在本季度的測試版中將我們在認證方面所做的工作擴展到了英國。本季度我們還在美國將業務擴展到男士包袋。所以現在目前在美國、英國和澳大利亞進行認證。所以這將是一個持續的劇本。

I would say the same thing about parts and accessories is, in addition to all the things we're doing around consideration, we're continuing to drive quarter-after-quarter new features, new capabilities for those categories.

我想說的是，關於零件和配件，除了我們正在考慮的所有事情之外，我們還在繼續為這些類別推出一個季度又一個季度的新功能和新功能。

You mentioned watches at the end. That's another category. Even though we launched authentication a couple of quarters back for watches, this quarter, we built a new capability, which is actually allowing buyers to pay for authentication if they want it for watches between $1,000 and $2,000. So it will be a continued evolution of focused categories as we launch new ones and continue to enhance them.

你在最後提到了手錶。那是另一個類別。儘管我們在幾個季度前推出了手錶認證，但本季度，我們建立了一項新功能，如果買家想要 1,000 到 2,000 美元之間的手錶，實際上可以支付認證費用。因此，隨著我們推出新類別並繼續增強它們，這將是重點類別的持續發展。

I'd say a couple of things about the collectibles category. I'm really excited by this quarter. A, our Vault is on track that we talked about at Investor Day and a lot of potential there to save reauthenticating, to save reshipping the products. On Monday, we announced a partnership with PSA. PSA is the most popular grader for trading cards, and now you can have your cards authenticated by PSA, over $2,000. And so like I said before, everything is kind of a continued evolution of enhancements to drive customer satisfaction.

我想說幾件關於收藏品類別的事情。這個季度我真的很興奮。答，我們的 Vault 正走上我們在投資者日討論的軌道上，並且在節省重新認證和重新運送產品方面有很大的潛力。週一，我們宣布與 PSA 建立合作夥伴關係。 PSA 是最受歡迎的交易卡分級機，現在您可以通過 PSA 認證您的卡，超過 2,000 美元。所以就像我之前說的，一切都是為了提高客戶滿意度而不斷發展的增強功能。

On your question on advertising, yes, we feel great. The thing that makes us feel great about the opportunity for more penetration is the ROAs that we continue to see. We have strong ROAS for our sellers. And so it's obviously easiest to get the largest sellers to start using the product and drive that penetration first. But we're, for example, launching a new unified listing experience, which has a great advertising inclusion. This quarter, we announced some optimization tools for our product listing Advanced. And look, it took us 5 years to get the -- to get the standard product to where it is today. So these things do take time to drive adoption, to drive optimization, but we feel like the suite of products that we launched is the right one.

關於你關於廣告的問題，是的，我們感覺很好。讓我們對更多滲透的機會感到高興的是我們繼續看到的 ROA。我們的賣家擁有強大的 ROAS。因此，讓最大的賣家開始使用該產品並首先推動滲透率顯然是最容易的。但是，例如，我們正在推出一種新的統一列表體驗，其中包含大量廣告。本季度，我們為我們的產品列表 Advanced 發布了一些優化工具。看，我們花了 5 年時間才得到 - 讓標準產品達到今天的水平。所以這些東西確實需要時間來推動採用，推動優化，但我們覺得我們推出的產品套件是正確的。

For our next question, we have Ross Sandler from Barclays.

對於我們的下一個問題，我們有來自巴克萊的羅斯桑德勒。

I just had 2 questions. First, can you remind us what cross-border GMV peaked at prepandemic compared to the 20% today? And you mentioned the new payment partnerships and this new wallet potentially getting that going in the future. So how material could that be? And I guess other than like some of the log jam clearing up in China outbound, what else can you do to crank up cross-border? And the second question is you normally have a downtick in 2Q operating margin seasonally. This one is a little bit more pronounced than normal. So just any color on those investment levels? Or is that just from some of the GMV weakness you were talking about previously?

我只有2個問題。首先，您能否提醒我們，與今天的 20% 相比，跨境 GMV 在大流行前達到峰值是多少？你提到了新的支付合作夥伴關係和這個新的錢包可能會在未來實現這一點。那怎麼可能是物質的呢？而且我想除了像在中國出境的一些原木堵塞清理之外，你還能做些什麼來加速跨境？第二個問題是第二季度營業利潤率通常會季節性下降。這個比正常的要明顯一些。那麼這些投資水平有什麼顏色嗎？或者僅僅是因為你之前談到的一些 GMV 弱點？

Ross, I'll pick up the first item on cross-border. We've pretty steadily been -- about 20% of our business has been from a cross-border standpoint as we've gone forward. We haven't sort of seen any major change in that. Obviously, as we've gone through the supply chain challenges that we've been seeing over numerous quarters that we've talked about extensively, that has continued to put some additional pressure on that.

羅斯，我去取第一個跨境項目。我們一直非常穩定——隨著我們的發展，我們大約 20% 的業務是從跨境的角度來看的。我們還沒有看到任何重大變化。顯然，當我們經歷了在我們廣泛討論的許多季度中看到的供應鏈挑戰時，這繼續給它帶來了一些額外的壓力。

Maybe I can just kick off on a few items on payments and then allow Jamie to sort of continue to address other items associated with that. I have to say I've been really taken by the exceptional execution the team has gone through over the last 18 to 24 months with the integration of the whole payments platform, and it gives us a great opportunity to continue to drive value for our shareholders as we go through that, whether that's through faster payouts, buyer/seller FX, higher ASP items that we talked a lot about on our investor event that generates the $300 million as we go forward. The wallet, we're really excited about, and that's something we also talked about at the Investor Day.

也許我可以開始討論一些付款項目，然後讓 Jamie 繼續處理與此相關的其他項目。我不得不說，我真的被團隊在過去 18 到 24 個月內通過整合整個支付平台所經歷的出色執行所吸引，這為我們提供了繼續為股東創造價值的絕佳機會當我們經歷這一切時，無論是通過更快的支付、買方/賣方外匯、更高的 ASP 項目，我們在我們的投資者活動中談到了很多，這些項目在我們前進的過程中產生了 3 億美元。錢包，我們真的很興奮，這也是我們在投資者日也談到的。

Jamie, do you want to just elaborate a little bit more from your perspective?

傑米，你想從你的角度再詳細一點嗎？

Yes, Ross, I'm happy with our pace of innovation. So the Klarna deal that we announced, which we'll be launching this quarter, actually allows us to accept forms of payments, which are very popular in Germany, which we've not been able to accept, primarily pay upon invoice and financing. And so that's one component. Steve talked about the digital wallet, which is in beta now, which obviously helps us with the flywheel, also helps sellers because they can store a balance for their selling costs like shipping, et cetera.

是的，羅斯，我對我們的創新步伐感到滿意。因此，我們宣布的 Klarna 交易（我們將在本季度推出）實際上允許我們接受在德國非常流行但我們無法接受的付款方式，主要是通過發票和融資支付。這是一個組成部分。史蒂夫談到了現在處於測試階段的數字錢包，它顯然可以幫助我們實現飛輪，也可以幫助賣家，因為他們可以為他們的銷售成本（如運費等）存儲餘額。

And then to your question on cross-border trade, we are doing things to help. They're having somewhat of an impact, being able to forward deploy inventory through a partnership that we've done. But our cross-border trade elements, as Steve said, have been roughly steady.

然後對於你關於跨境貿易的問題，我們正在做一些事情來提供幫助。他們正在產生一定的影響，能夠通過我們已經完成的合作夥伴關係來轉發部署庫存。但正如史蒂夫所說，我們的跨境貿易元素大致穩定。

And then just to pick up with your question around sort of Q2 margins, there's naturally an underlying seasonal impact that we sort of go through. But as we talked about on our last earnings call, we did expect Q2 would be our lowest margin for the year based on the phasing of our investments. As you can imagine, we are leaning in based on the macro environment to sort of shorter-term costs, but we are continuing to invest in product, full funnel marketing and making sure that the longer-term strategy stays on track. And so they are some of the dynamics at play with regard to our second quarter margin profile that you've heard about today.

然後只是為了回答你關於第二季度利潤率的問題，我們自然會經歷一個潛在的季節性影響。但正如我們在上次財報電話會議上談到的那樣，根據我們的投資階段，我們確實預計第二季度將是我們今年的最低利潤率。您可以想像，我們正在根據宏觀環境傾向於短期成本，但我們將繼續投資於產品、全渠道營銷，並確保長期戰略保持在正軌上。因此，它們是您今天聽到的關於我們第二季度利潤率概況的一些動態。

Our next question, we have Dan Salmon from BMO Capital Markets.

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

Jamie, you welcomed back Eddie Garcia in your prepared remarks, and that's a change that's happened since we last saw you all at the Investor Day. Could you elaborate maybe a little on the transition from Peter Thomson to him? And is there any new particular direction or the initiatives that you expect Eddie to lead as he takes over responsibility for your product, put a stamp on so to speak?

傑米，你在準備好的講話中歡迎埃迪加西亞回來，這是自從我們上次在投資者日見到你們以來發生的變化。您能否詳細說明一下從彼得湯姆森到他的過渡？當 Eddie 接管你的產品時，是否有任何新的特定方向或倡議，可以這麼說？

Yes. With the departure of Pete and that transition, I went out and tried to find the absolute best product person in the world that I can find. Eddie has a really unique ability. He combines product UX and technology like no other executive that I've met. And importantly, too, he has a decade of background with eBay, which is extremely valuable to come in and really hit the ground running. And he's already started. I think he's on day 8 today, and is doing a great job. So really excited to have him here.

是的。隨著 Pete 的離開和這種轉變，我走出去，試圖找到我能找到的世界上絕對最好的產品人。埃迪有一個非常獨特的能力。他將產品用戶體驗和技術結合在一起，這是我見過的其他高管所沒有的。同樣重要的是，他在 eBay 擁有十年的背景，這對於進入並真正開始運作非常有價值。而且他已經開始了。我認為他今天是第 8 天，並且做得很好。讓他在這裡真的很興奮。

I would say no, nothing changes in terms of the product road map. He's got a great team of leaders underneath him. We have a strong organization, and the road map is very solid for the year. I mean if I just look at payments as an example, this quarter, they announced a deal with Klarna at Investor Day. They're about to launch it. They launched a new capability to do buyer FX, so the buyers could pay in their local currency. They've made enhancements and ramped up stored value, all of that within a single quarter.

我會說不，產品路線圖沒有任何變化。他手下擁有一支優秀的領導團隊。我們有一個強大的組織，今年的路線圖非常穩固。我的意思是，如果我僅以付款為例，本季度，他們在投資者日宣布了與 Klarna 的交易。他們即將推出它。他們推出了一項新功能來做買家外匯，因此買家可以用當地貨幣付款。他們進行了改進並增加了儲值，所有這些都在一個季度內完成。

So I'm happy with our pace of innovation across the board. I'm just thrilled that Eddie could be part of the leadership team and help us push forward on the tech-led reimagination.

因此，我對我們全面創新的步伐感到滿意。我很高興 Eddie 可以成為領導團隊的一員，並幫助我們推進以技術為主導的重新構想。

Our next question comes from the line of Richard Kramer from Arete Research.

我們的下一個問題來自 Arete Research 的 Richard Kramer。

Jamie, you've -- sorry, there's a big echo here. Jamie, you mentioned quite a bit about the focused strategy and laying that out, but still seems to leave eBay vulnerable to vertical sites in specific categories, which have some social commerce or community hosting to engage users. How far might you see stores evolving to allow them to have their own maybe distinct brands or IDs and try to engage users in more ways than simply commerce and buying?

傑米，你 - 抱歉，這裡有一個很大的迴聲。 Jamie，你提到了很多關於重點戰略並進行了闡述，但似乎仍然讓 eBay 容易受到特定類別的垂直網站的攻擊，這些垂直網站有一些社交商務或社區託管來吸引用戶。您會看到商店在多大程度上發展到允許他們擁有自己可能不同的品牌或 ID，並嘗試以更多方式吸引用戶，而不僅僅是商業和購買？

And Steve, I guess, the other question, if you look at the guidance for 6 to 7 points of upside from payments and ads, is that simply lapping the payment saturation or completion? Or do you imply some sort of slowing of ads growth over the course of the year despite all these new formats you mentioned?

史蒂夫，我猜，另一個問題，如果你看一下支付和廣告 6 到 7 個點的上升空間的指導，這僅僅是在支付飽和度或完成度上嗎？或者，儘管您提到了所有這些新格式，您是否暗示今年的廣告增長會有所放緩？

Yes, Richard, great question. I'll take the first one, and Steve should take the second. So absolutely, one of the benefits that eBay has versus any vertical-specific marketplace is our scale, the fact that we can get buyers to buy cross-category, that we can acquire them at a lower cost. And if you look at, let's say, a parts and accessories buyer, they're going to come in and buy $1,200 in parts and accessories but then $1,500 elsewhere on the site.

是的，理查德，很好的問題。我會拿第一個，史蒂夫應該拿第二個。因此，絕對地，eBay 相對於任何垂直市場的優勢之一是我們的規模，即我們可以讓買家跨類別購買，我們可以以更低的成本獲得他們。如果你看看，比方說，一個零件和配件買家，他們會進來購買 1,200 美元的零件和配件，然後在網站上的其他地方購買 1,500 美元。

But we are leaning into the areas that you're talking about. How do we make it easier for buyers and sellers to transact on the marketplace? How do we build retention between them? So I'd point to a couple of things that we've launched in the last few quarters. The first is our new member-to-member messaging system. It's very simple and easy to use. It's chat-like interface, very familiar for a Gen Z customer to interact between a buyer and seller. And that's a huge improvement over the legacy products that we've had out there for a long time.

但我們傾向於你所說的領域。我們如何讓買家和賣家更容易在市場上進行交易？我們如何在他們之間建立保留？所以我要指出我們在過去幾個季度推出的幾件事。第一個是我們新的會員對會員消息系統。它非常簡單易用。它是類似於聊天的界面，對於 Z 世代客戶來說，在買賣雙方之間進行交互非常熟悉。與我們長期以來的傳統產品相比，這是一個巨大的改進。

We've been opening up the ability for couponing and reaching back out to interested buyers on the platform that have transacted with you. And really, the -- as you talk about, stores is really the opportunity to let sellers build a brand and communicate with buyers. So this quarter, we launched all new storefront on -- for our eBay store sellers. We actually improved the ability for them to drive more SEO via their stores in the platform. We've added video into the stores platform. So now you can tell your story about an eBay seller, and that's very appealing.

我們一直在開放優惠券的功能，並在與您進行交易的平台上與感興趣的買家聯繫。真的，正如你所說，商店真的是讓賣家建立品牌並與買家交流的機會。因此，本季度，我們為我們的 eBay 商店賣家推出了所有新店面。我們實際上提高了他們通過他們在平台上的商店推動更多 SEO 的能力。我們已將視頻添加到商店平台中。所以現在你可以講述你關於 eBay 賣家的故事，這非常吸引人。

And we'll continue to build more of those features to improve the interactions between buyers and sellers because it's one of the very unique capabilities of eBay, is that vast army of sellers that we have, helping drive retention in buyers and helping drive engagement there. So great question.

我們將繼續構建更多這些功能以改善買家和賣家之間的互動，因為這是 eBay 非常獨特的功能之一，我們擁有龐大的賣家隊伍，有助於提高買家的保留率並幫助推動那裡的參與度.這麼好的問題。

Steve, do you want to take the second part?

史蒂夫，你想參加第二部分嗎？

Yes. Richard, I think you're talking about the 6 point delta between the FX-neutral GMV and FX-neutral revenue. I'd say there's 3 dynamics at play. Number one, you're right, we're sort of lapping through the completion of managed payments as we've transitioned from '21 to '22. So we see less of a tailwind associated with that. But on the flip side, the other 2 items is the continued momentum with regards to the investments we were making in both payments with some of the items that Jamie talked about earlier in terms of the execution from the team and what's being driven associated with that, and then the continued success in the ads platform. As we mentioned in the first quarter, ads was growing at 19 points faster than GMV. So it's really the combination of those 3 factors that I've talked about that gets the implied guide going forward.

是的。理查德，我認為你說的是外匯中性 GMV 和外匯中性收入之間的 6 點增量。我想說有3個動態在起作用。第一，你是對的，隨著我們從 21 年過渡到 22 年，我們正在完成託管付款。因此，我們看不到與此相關的順風。但另一方面，其他兩項是關於我們在兩筆付款中進行的投資的持續動力，其中一些項目是 Jamie 早些時候談到的團隊執行力以及與之相關的驅動因素，然後在廣告平台上繼續取得成功。正如我們在第一季度提到的，廣告的增長速度比 GMV 快 19 個百分點。因此，正是我所談到的這三個因素的結合，才使隱含的指南向前發展。

For our next question, we have John Blackledge from Cowen.

對於我們的下一個問題，我們有來自 Cowen 的 John Blackledge。

Great. Two questions. First, could you expand a bit on how the trading card segment performed in the first quarter? And how does the launch of the Vault help trading card and overall collection business? And then second, which e-commerce verticals were the biggest headwinds in GMV, perhaps the toughest comps in 1Q and 2Q?

偉大的。兩個問題。首先，您能否詳細介紹一下第一季度交易卡部門的表現？ Vault 的推出對交易卡和整體收藏業務有何幫助？其次，哪些電子商務垂直行業是 GMV 的最大阻力，也許是第一季度和第二季度最艱難的競爭？

Yes. So I'd say on trading cards, what we said in there is that we're obviously lapping kind of the massive stimulus that we saw last year. We're settling out at twice the level of GMV that we were beforehand. And we're really kind of leaning in to fuel the growth in trading cards. So to your question on Vault, the beauty of the Vault is a lot of -- for a lot of collectors, it's not something that they need to have around their house. They want to be able to trade. And you could see trades happening in the middle of the game where the rookie all of a sudden is on fire, and people want to start trading that. That trade becomes really seamless when it sits inside the Vault. It's authenticated on the way in. It doesn't have to be shipped anywhere, validated, et cetera.

是的。所以我會在交易卡上說，我們在那裡所說的是，我們顯然正在重複去年看到的大規模刺激措施。我們的 GMV 水平是之前的兩倍。我們真的有點傾向於推動交易卡的增長。所以對於你關於 Vault 的問題，Vault 的美是很多的——對於很多收藏家來說，這不是他們需要在他們的房子周圍擁有的東西。他們希望能夠進行交易。你可以看到交易發生在比賽中間，新秀突然火了，人們想開始交易。當它位於保險庫內時，這種交易變得非常無縫。它在進入的途中經過身份驗證。它不必運送到任何地方，驗證等等。

And so you could see these billions of dollars of inventory, we could start to drive turns on that on a much more rapid basis. So we're excited by that. We're also excited by the grading partnership that we announced on Monday, which complements what we've been doing for ungraded cards over $750 because it builds more authenticity and trust into what we're doing from a trading cards perspective. So that builds on top of last year's launches that we had like the improved shipping labels, the computer vision that we're working on in that category, et cetera.

因此，您可以看到這些數十億美元的庫存，我們可以開始以更快的速度推動周轉。所以我們對此感到興奮。我們也對周一宣布的分級合作感到興奮，它補充了我們一直在為超過 750 美元的未分級卡所做的工作，因為它從交易卡的角度為我們正在做的事情建立了更多的真實性和信任。因此，這是建立在去年發布的基礎之上的，我們已經改進了運輸標籤，我們在該類別中正在研究的計算機視覺等等。

So really excited by that. When I look at the rest of the categories, watches continues to be strong. We sustained double-digit growth on top of last year's strong growth rate. We've been able to remonetize sneakers and keep the momentum in that category. Strong growth in handbags as well. And we talked about some of those announcements in the business. So across the board, I think we are -- the strategy that we have is working. We're seeing the change in customer satisfaction and the change of the business and the deviation that these categories are able to create. And then we're starting to see that expand internationally.

所以真的很興奮。當我查看其他類別時，手錶仍然很強勁。在去年強勁的增長基礎上，我們保持了兩位數的增長。我們已經能夠通過運動鞋重新獲利並保持該類別的勢頭。手袋的強勁增長也是如此。我們談到了業務中的一些公告。所以總的來說，我認為我們 - 我們的戰略正在發揮作用。我們看到了客戶滿意度的變化、業務的變化以及這些類別能夠產生的偏差。然後我們開始看到它在國際上擴展。

Operator, we've got time for one more.

接線員，我們有時間再來一次。

And for our last question, we will have Justin Post from Bank of America.

對於我們的最後一個問題，我們將請美國銀行的 Justin Post。

Just a couple of questions. There's been a lot of write-downs in the group. And obviously, the e-commerce group is under pressure. You have the advantage of really strong cash flow. How are you thinking about the asset opportunities, bringing things into eBay? And then second, just on the U.S. GMV. It was down quarter-over-quarter, which has happened in the past sometimes. Did you see a slowdown there related to Ukraine as well and -- or gas price is a factor?

只是幾個問題。小組裡有很多記賬。顯然，電子商務集團面臨壓力。您擁有非常強勁的現金流的優勢。您如何看待資產機會，將東西帶入 eBay？其次，就在美國的 GMV 上。季度環比下降，過去有時會發生這種情況。您是否也看到與烏克蘭有關的經濟放緩，或者天然氣價格是一個因素？

Yes. So on the first one, we continue to look at build, buy and partner in those opportunities. We talked about Sneaker Con at the Investor Day and why we did that and how it made sense to accelerate our focus and what we were doing in that category. And we continue to look at opportunities that we think will help push that further in terms of new features, new functionality or new audience. But we do look at it as a build, buy and partner. So a great example is what we announced on Monday, which is a partnership with the most popular grading to really build an opportunity to tie that closely into the best marketplace that exists for trading cards on eBay. So we'll continue to be opportunistic across all of those different elements as we go forward as long as they align with the strategy and we think create value for shareholders.

是的。因此，在第一個方面，我們繼續關注在這些機會中構建、購買和合作。我們在投資者日討論了 Sneaker Con 以及我們這樣做的原因以及加速我們的關注以及我們在該類別中所做的事情的意義。我們繼續尋找機會，我們認為這些機會將有助於在新特性、新功能或新受眾方面進一步推動這一點。但我們確實將其視為構建、購買和合作夥伴。所以一個很好的例子就是我們週一宣布的，這是與最受歡迎的分級合作，真正創造一個機會，將其與 eBay 上現有的最佳交易卡市場緊密聯繫起來。因此，只要它們與戰略保持一致並且我們認為為股東創造價值，我們將繼續在所有這些不同的元素上投機取巧。

On the international versus GMV, I'll start off. And then, Steve, you can jump in. Clearly, a more profound effect in our international business. When I talk to our eBayers in the U.K., they're getting their April energy bills and they are multiple of what they were before. So definitely more of an impact, but definitely an impact across the whole world, including our U.S. business.

關於國際與 GMV，我將開始。然後，史蒂夫，你可以加入。顯然，這對我們的國際業務產生了更深遠的影響。當我與我們在英國的 eBayers 交談時，他們收到了 4 月份的能源賬單，而且是之前的數倍。所以肯定會產生更大的影響，但肯定會影響整個世界，包括我們的美國業務。

Do you want to expand?

你想擴展嗎？

Yes, I'll just give a little bit of extra color. I think when we bifurcate what we've seen between international and the U.S. in terms of consumer sentiment, U.S. and U.K. consumer sentiment is at pretty much historic lows, based on what we've seen. But as you can imagine, some of this is percolated over to the U.S. in terms of inflation going up, higher prices at the pump and also the inflation that's going forward.

是的，我只是給一點額外的顏色。我認為，根據我們所看到的情況，當我們在國際和美國之間看到消費者情緒時，美國和英國的消費者情緒幾乎處於歷史低位。但正如你可以想像的那樣，其中一些已經滲透到美國，因為通脹上升、油價上漲以及未來的通脹。

So the U.S. is not immune to this. It's more -- we saw in the first quarter some deeper penetration challenges in the European business. But I think it's a fair comment Justin that there has been some slowdown. And as we go further forward during 2022, at a macro level, you can sort of see that implied in our guidance and go forward.

所以美國也不能倖免。更重要的是——我們在第一季度看到了歐洲業務的一些更深層次的滲透挑戰。但我認為，賈斯汀的評論有所放緩，這是一個公平的評論。隨著我們在 2022 年進一步向前發展，在宏觀層面上，你可以看到我們的指導暗示並繼續前進。

And ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。