ETSY Inc (ETSY) 2015 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Etsy, Inc.

女士們，先生們，美好的一天，歡迎來到 Etsy, Inc.

first-quarter 2015 financial results conference call.

2015年第一季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference call is being recorded.

提醒一下，今天的電話會議正在錄音中。

I would now like to turn the conference over to Jennifer Buegelmans, Vice President of Investor Relations at Etsy.

我現在想把會議交給 Etsy 投資者關係副總裁 Jennifer Buegelmans。

Please go ahead.

請繼續。

Thank you, and good afternoon.

謝謝，下午好。

And welcome to Etsy's first-quarter earnings conference call.

歡迎參加 Etsy 的第一季度財報電話會議。

Joining me today are Chad Dickerson, CEO, and Kristina Salen, CFO.

今天加入我的還有首席執行官 Chad Dickerson 和首席財務官 Kristina Salen。

Before we get started, just a reminder that our remarks today include forward-looking statements relating to our financial performance and results of operations, business strategy, outlook, mission, and potential future growth.

在我們開始之前，請提醒一下，我們今天的評論包括與我們的財務業績和運營結果、業務戰略、前景、使命和潛在的未來增長有關的前瞻性陳述。

Our actual results may be materially different.

我們的實際結果可能會大不相同。

Forward-looking statements involve risks and uncertainties which are described in our press release and in our final prospectus filed with the SEC on April 16, 2015.

前瞻性陳述涉及我們的新聞稿和我們於 2015 年 4 月 16 日向美國證券交易委員會提交的最終招股說明書中描述的風險和不確定性。

Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we don't have any obligation to update them.

我們在本次電話會議上所做的任何前瞻性陳述均基於我們今天的信念和假設，我們沒有義務對其進行更新。

Also during the call, we'll present both GAAP and non-GAAP financial measures.

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which you can find on our Investor Relations website.

非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，您可以在我們的投資者關係網站上找到該新聞稿。

A link to the replay of this call will also be available there.

該電話的重播鏈接也將在此處提供。

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

有了這個，我會把電話轉給乍得。

Chad?

乍得？

Thanks, Jennifer, and thanks to everyone joining us today for our first-ever financial results conference call.

謝謝詹妮弗，也感謝今天加入我們的第一次財務業績電話會議的所有人。

Before I jump into our first-quarter performance, I want to once again thank our team here at Etsy and our sellers around the world who worked so hard to make our IPO a truly profound moment for our Company and our community.

在我開始我們的第一季度業績之前，我想再次感謝我們在 Etsy 的團隊以及我們在世界各地的賣家，他們辛勤工作，使我們的 IPO 成為我們公司和社區真正意義深遠的時刻。

We have received such positive feedback and we're truly grateful for the support.

我們收到瞭如此積極的反饋，我們非常感謝您的支持。

During the first quarter of 2015, Etsy's GMS was nearly $532 million, and Etsy's revenue growth was nearly 45% year over year.

2015 年第一季度，Etsy 的 GMS 接近 5.32 億美元，Etsy 的收入同比增長近 45%。

We saw our number of active sellers increase approximately 26%, to 1.4 million, and our number of active buyers increase nearly 37%, to 20.8 million, and we continued to expand our mobile presence.

我們看到我們的活躍賣家數量增加了大約 26%，達到 140 萬，我們的活躍買家數量增加了近 37%，達到 2080 萬，我們繼續擴大我們的移動業務。

We believe that our first-quarter results demonstrate that our mission is working.

我們相信我們的第一季度業績表明我們的使命正在發揮作用。

Etsy continues to make progress reimagining commerce to build a more fulfilling and lasting world, connecting creative entrepreneurs with thoughtful consumers and expanding the Etsy economy.

Etsy 繼續在重新構想商業方面取得進展，以建立一個更加充實和持久的世界，將創意企業家與有思想的消費者聯繫起來，並擴大 Etsy 經濟。

As we shared before, we believe we can further our mission by focusing on four areas: making Etsy an everyday experience, building local marketplaces globally, offering high-impact Seller Services, and expanding the Etsy economy.

正如我們之前分享的，我們相信我們可以通過專注於四個領域來推進我們的使命：讓 Etsy 成為一種日常體驗、在全球範圍內建立本地市場、提供高影響力的賣家服務以及擴大 Etsy 經濟。

So before I turn the call over to Kristina to discuss our financial results, let me give you an update on the progress we've made recently in these four areas.

因此，在我將電話轉給 Kristina 討論我們的財務業績之前，讓我向您介紹一下我們最近在這四個領域取得的進展。

First up is our focus on making Etsy an everyday experience.

首先是我們專注於讓 Etsy 成為日常體驗。

This is all about mobile.

這都是關於移動的。

We're leveraging our already strong mobile presence to increase engagement with Etsy buyers and enhance the Etsy seller experience.

我們正在利用我們已經強大的移動業務來增加與 Etsy 買家的互動並增強 Etsy 賣家的體驗。

As of March 31, our mobile apps have been downloaded 25 million times; and we think our beautiful, engaging mobile apps are one of the reasons Etsy narrowed the gap between mobile visits and mobile GMS during the first quarter.

截至 3 月 31 日，我們的移動應用程序已被下載 2500 萬次；我們認為，我們漂亮、引人入勝的移動應用是 Etsy 在第一季度縮小移動訪問與移動 GMS 之間差距的原因之一。

To keep mobile shoppers engaged and increase the number of items viewed in the Etsy app, we added some exciting new features recently.

為了保持移動購物者的參與度並增加在 Etsy 應用程序中查看的商品數量，我們最近添加了一些令人興奮的新功能。

Here are just a few of many I'd like to highlight.

這裡只是我想強調的幾個。

In April, Etsy launched a photo sharing feature in the buyer app.

4 月，Etsy 在買家應用中推出了照片分享功能。

This new feature allows mobile buyers to include a photo of their purchase while they're posting a five-star review on the app and makes it easier for members to share photo inspired reviews of their Etsy purchases with their friends and family across social networks or privately, via e-mail or text.

這項新功能允許移動購買者在他們在應用程序上發布五星級評論時包含他們購買的照片，並使會員更容易在社交網絡上與他們的朋友和家人分享他們的 Etsy 購買的照片靈感評論或私下，通過電子郵件或短信。

Given that 92% of our buyers come to Etsy because our sellers offer items they can't find anywhere else, we believe these visual endorsements may increase buyer engagement and influence purchase decisions by creating a more authentic people-first shopping experience.

鑑於我們 92% 的買家來到 Etsy 是因為我們的賣家提供他們在其他任何地方都找不到的商品，我們相信這些視覺認可可能會通過創造更真實的以人為本的購物體驗來增加買家參與度並影響購買決策。

During the first quarter and the month of April, we made great progress in making it easier for buyers to sign in and check out, when Etsy launched mobile payment options for Apple Pay and Google Wallet and social sign-in through Facebook and Google.

在第一季度和 4 月份，當 Etsy 推出 Apple Pay 和 Google Wallet 的移動支付選項以及通過 Facebook 和 Google 進行社交登錄時，我們在讓買家更容易登錄和結賬方面取得了很大進展。

And we have early indications that these enhancements are gaining traction with our community.

我們有早期跡象表明，這些增強功能正在獲得我們社區的關注。

For example, since launch, nearly 19% of our new member registrations on our iOS buyer app have come through Facebook, and approximately 37% on the Android buyer app have come through Google sign in.

例如，自推出以來，我們 iOS 買家應用程序上近 19% 的新會員註冊來自 Facebook，Android 買家應用程序上約 37% 的新會員註冊來自谷歌登錄。

Likewise, on average, more than 20% of our existing members are using Facebook to sign in to our iOS buyer app and more than 23% are using Google to sign into the Android buyer app.

同樣，平均而言，超過 20% 的現有會員使用 Facebook 登錄我們的 iOS 買家應用程序，超過 23% 的會員使用 Google 登錄 Android 買家應用程序。

As you may have seen, Etsy also just rolled out our Apple Watch app.

您可能已經看到，Etsy 也剛剛推出了我們的 Apple Watch 應用。

It's beautifully designed with extensive functionality, and like our Facebook and Google apps, also enhances our relationships with our partners.

它設計精美，功能豐富，與我們的 Facebook 和 Google 應用程序一樣，也增強了我們與合作夥伴的關係。

We launched this app in conjunction with an Apple promotion, which led to a meaningful increase in downloads on iOS.

我們在 Apple 促銷活動的同時推出了這個應用程序，這導致 iOS 上的下載量顯著增加。

Turning now to building local marketplaces globally.

現在轉向在全球範圍內建立本地市場。

This is about building on Etsy's global foundation by developing local markets in key countries outside the US, where there are early signs of both local buyer and seller activity.

這是通過在美國以外的主要國家/地區開發本地市場來建立 Etsy 的全球基礎，這些國家/地區有當地買賣雙方活動的早期跡象。

Over time, we think our global local strategy will drive international GMS to 50% of our total GMS.

隨著時間的推移，我們認為我們的全球本地戰略將推動國際 GMS 達到我們總 GMS 的 50%。

During the first quarter, Etsy's international GMS was approximately 30% of our total GMS, about flat with last year.

第一季度，Etsy 的國際 GMS 約占我們總 GMS 的 30%，與去年持平。

We think this is due largely to the strength of the US dollar, which Kristina will talk more about.

我們認為這主要是由於美元走強，克里斯蒂娜將對此進行更多討論。

Putting aside the currency impact for now, there are lots of exciting international efforts that I'd like to highlight.

暫時撇開貨幣影響不談，我想強調許多令人興奮的國際努力。

For buyers in the UK, in the first quarter of 2015, growth in purchases from UK sellers was 7-times higher than growth in purchases from US sellers.

對於英國買家而言，2015 年第一季度，來自英國賣家的採購增長是來自美國賣家的採購增長的 7 倍。

This means that the local community is truly connecting in the UK.

這意味著當地社區在英國真正實現了聯繫。

In Canada, we hosted our Canada team captain summit.

在加拿大，我們舉辦了加拿大隊隊長峰會。

33 team captains came together for a weekend to discuss what they need from Etsy.

33 名隊長齊聚一堂，共同討論 Etsy 的需求。

And Etsy provided support on leadership, selling on Etsy, and organizing an upcoming one-day event of pop-up Etsy markets around the country on the same day.

Etsy 提供了領導力支持，在 Etsy 上進行銷售，並在同一天在全國范圍內組織即將舉行的為期一天的 Etsy 彈出式市場活動。

In Australia, Etsy ran a campaign to attract and help on-board new sellers.

在澳大利亞，Etsy 開展了一項活動來吸引和幫助新賣家。

Through this campaign, we partnered with a local advocate of independent creative businesses and a seasoned local Etsy seller to offer new sellers support to launch their Etsy businesses.

通過這次活動，我們與當地一位獨立創意企業的倡導者和一位經驗豐富的當地 Etsy 賣家合作，為新賣家提供支持以啟動他們的 Etsy 業務。

The program attracted 3,000 participants.

該計劃吸引了 3,000 名參與者。

And in France, following our acquisition of ALM, the ALM team has continued to build the platform and they're hard at work taking the success ALM has achieved on desktop to mobile, with the recent launch of a V2 iPhone ALM app and additional new upcoming mobile apps and enhancements to the mobile web design.

在法國，在我們收購 ALM 之後，ALM 團隊繼續構建平台，他們正在努力將 ALM 在桌面到移動設備上取得的成功，最近推出了 V2 iPhone ALM 應用程序和其他新的即將推出的移動應用程序和移動網頁設計的增強功能。

Let's turn now to high-impact Seller Services.

現在讓我們轉向具有影響力的賣家服務。

As we talked about in our IPO road show, Seller Services let Etsy sellers spend more time making, designing or curating the work they enjoy most, and less time on the business task of running their shops.

正如我們在 IPO 路演中談到的那樣，賣家服務讓 Etsy 賣家可以將更多時間用於製作、設計或策劃他們最喜歡的工作，而將更少的時間花在經營商店的業務任務上。

As we've described before, there are three Seller Services that generate revenue for Etsy: Promoted Listings, Direct Checkout and Shipping Labels.

正如我們之前所描述的，為 Etsy 帶來收入的賣家服務有三項：促銷商品、直接結賬和運輸標籤。

Over time, Etsy strives to increase usage of these three Seller Services, expand their geographic reach and launch new ones.

隨著時間的推移，Etsy 努力增加這三項賣家服務的使用，擴大其地理範圍並推出新的服務。

During the first quarter, Seller Services represented approximately 47% of total revenue.

第一季度，賣家服務約佔總收入的 47%。

Recently, we've made several enhancements to the seller experience that I'm excited about.

最近，我們對賣家體驗進行了幾項改進，這讓我很興奮。

In April, Etsy launched calculated shipping for sellers in the United States.

4 月，Etsy 為美國賣家推出了計算運費。

This new feature automates the most time-consuming aspects of determining shipping costs for our sellers.

這項新功能可自動為我們的賣家確定運輸成本中最耗時的方面。

Etsy has already seen 16,000 shops, or 1% of our active sellers, sign up for this feature and that listings using calculated shipping see a 20% increase in international availability.

Etsy 已經看到 16,000 家商店，或我們活躍賣家的 1% 註冊了此功能，並且使用計算運費的列表看到了 20% 的國際可用性增加。

In March, Etsy launched a new listings manager that makes it easier and faster to list items and help sellers with inventory management.

3 月，Etsy 推出了新的列表管理器，可以更輕鬆、更快速地列出商品並幫助賣家進行庫存管理。

One of its most notable characteristics is that it allows for auto renew, so sellers don't have to manually renew a listing when it expires in four months.

它最顯著的特點之一是它允許自動續訂，因此賣家不必在四個月後到期時手動更新列表。

Finally, also in April, Etsy released a redesigned seller handbook.

最後，同樣在 4 月，Etsy 發布了重新設計的賣家手冊。

It now includes better segmented content, better discovery and search functionality, and personalization that is based on seller needs.

它現在包括更好的分段內容、更好的發現和搜索功能，以及基於賣家需求的個性化。

Our educational content is now integrated with FAQ and Help content, is translated into all of our supported languages, and is mobile friendly.

我們的教育內容現在與常見問題解答和幫助內容相集成，被翻譯成我們支持的所有語言，並且適合移動設備使用。

Finally, expanding the Etsy economy, which is all about bringing new members into the Etsy community beyond our current Etsy active sellers and buyers.

最後，擴大 Etsy 經濟，這一切都是為了將新成員帶入 Etsy 社區，而不僅僅是我們當前的 Etsy 活躍賣家和買家。

Etsy has made great progress in wholesale and small-batch manufacturing.

Etsy 在批發和小批量製造方面取得了長足的進步。

I'm really excited about Etsy's wholesale partnership with Whole Foods that we launched in April.

我對 Etsy 與我們在 4 月推出的 Whole Foods 的批發合作感到非常興奮。

Through this program, products from Etsy wholesale sellers are currently being featured in New York area Whole Foods stores.

通過該計劃，Etsy 批發商的產品目前正在紐約地區的 Whole Foods 商店中銷售。

These products are sold in the Whole Body section of the store, on an Etsy and Whole Foods branded display that showcases each makers' unique story.

這些產品在商店的全身部分出售，在 Etsy 和 Whole Foods 品牌展示上展示每個製造商的獨特故事。

Our strategy to expand the Etsy economy also includes our responsible manufacturing program.

我們擴大 Etsy 經濟的戰略還包括我們負責任的製造計劃。

As of March 31, 2015, more than 3,900 sellers had been approved for outside manufacturing, resulting in more than 6,600 partnerships.

截至 2015 年 3 月 31 日，超過 3,900 名賣家已獲准進行外部製造，由此產生了 6,600 多家合作夥伴。

And 85% of those relationships are between sellers and manufacturers in the same country.

這些關係中有 85% 是在同一個國家的賣家和製造商之間。

So we're continuing to collaborate with thought leaders, including small-scale manufacturers, policy makers, Etsy sellers and others, to envision new models of responsible manufacturing.

因此，我們將繼續與思想領袖合作，包括小型製造商、政策制定者、Etsy 賣家和其他人，以設想新的負責任製造模式。

Our four key areas of focus that we've talked about before and have outlined here again, today, are all about building a successful business for the long term.

我們之前討論過並在今天再次概述的四個關鍵領域都是關於建立長期成功的業務。

In another month, Etsy will celebrate its tenth anniversary and we're excited to enter our second decade of reimagining commerce.

再過一個月，Etsy 將慶祝成立十週年，我們很高興進入重新構想商業的第二個十年。

This is a large market opportunity at the convergence of macro trends in employment, commerce, consumption and manufacturing, and Etsy is well positioned.

這是就業、商業、消費和製造業宏觀趨勢融合的巨大市場機會，Etsy 處於有利地位。

Etsy sellers operate in dozens of retail categories.

Etsy 賣家經營數十個零售類別。

We've built a thriving platform business with our Seller Services, and we're connecting previously fragmented networks into the Etsy economy, like offline retailers and responsible manufacturers, in ways that they've never been connected before.

我們已經通過我們的賣家服務建立了一個蓬勃發展的平台業務，我們正在以前所未有的方式將以前分散的網絡連接到 Etsy 經濟中，比如線下零售商和負責任的製造商。

So we're excited about the long-term market opportunity for Etsy and our progress to date.

因此，我們對 Etsy 的長期市場機會以及我們迄今為止取得的進展感到興奮。

We remain focused on creating long-term results for our entire community, including our shareholders.

我們仍然專注於為我們的整個社區（包括我們的股東）創造長期成果。

We appreciate the opportunity today to report our progress and look forward to speaking with you in the quarters, years and decades to come.

我們很高興今天有機會報告我們的進展，並期待在未來的幾個季度、幾年和幾十年內與您交談。

So with that, I'll hand it over to Kristina to go over our financial results in more detail.

因此，我將把它交給克里斯蒂娜，以更詳細地了解我們的財務業績。

Thanks, Chad.

謝謝，乍得。

And hello to everyone joining us today.

大家好，今天加入我們的每一個人。

Just a note, unless I say so, all comparisons I'll be referencing here are on a year-over-year basis.

請注意，除非我這麼說，否則我將在這裡引用的所有比較都是按年進行的。

Let's start with GMS.

讓我們從 GMS 開始。

During the first quarter of 2015, the Etsy marketplace generated $531.9 million in gross merchandise sales, up 28.2%.

2015 年第一季度，Etsy 市場產生了 5.319 億美元的商品銷售總額，增長了 28.2%。

Growth in GMS was driven by 25.8% growth in active sellers and 36.5% growth in active buyers.

GMS 的增長受到活躍賣家增長 25.8% 和活躍買家增長 36.5% 的推動。

At the end of the first quarter, Etsy had 1.4 million active sellers, up from 1.1 million last year and 1.35 million in the fourth quarter of 2014.

第一季度末，Etsy 擁有 140 萬活躍賣家，高於去年的 110 萬和 2014 年第四季度的 135 萬。

As a reminder, an active seller is one who has incurred at least one charge from us in the past 12 months.

提醒一下，活躍賣家是指在過去 12 個月內至少向我們收取了一筆費用的賣家。

Charges include transaction, listing and Seller Services fees.

費用包括交易、上市和賣家服務費用。

Etsy had 20.8 million active buyers at the end of the first quarter, up from 15.3 million last year and 19.8 million in the fourth quarter of 2014.

Etsy 在第一季度末有 2080 萬活躍買家，高於去年的 1530 萬和 2014 年第四季度的 1980 萬。

Also as a reminder, active buyers are those who have made at least one purchase in the last 12 months.

另外提醒一下，活躍買家是在過去 12 個月內至少進行過一次購買的買家。

Etsy's first-quarter results demonstrated our continued progress in narrowing the gap between mobile visits and mobile GMS and highlighted the results of continued improvements in our mobile app offering.

Etsy 的第一季度業績表明我們在縮小移動訪問和移動 GMS 之間的差距方面取得了持續進展，並突出了我們的移動應用程序產品持續改進的結果。

57.7% of our visits came to us from a mobile device.

57.7% 的訪問來自移動設備。

This continued to outpace the rate of growth on desktops and was up 750 basis points year on year, and 270 basis points quarter on quarter.

這繼續超過台式機的增長率，同比增長 750 個基點，環比增長 270 個基點。

41.4% of our GMS came from a mobile device, up 620 basis points year on year, and 440 basis points quarter on quarter.

我們 41.4% 的 GMS 來自移動設備，同比增長 620 個基點，環比增長 440 個基點。

Within Etsy's international business, we're seeing continued significant growth, with international revenue growing 65.3% in the first quarter.

在 Etsy 的國際業務中，我們看到了持續的顯著增長，第一季度國際收入增長了 65.3%。

However, international GMS, as a percentage of total GMS, was 30.5%, flat year on year.

然而，國際GMS佔總GMS的比例為30.5%，與去年同期持平。

We believe that foreign exchange has dampened Etsy's buyer activity outside of the US and it has lowered demand for US dollar-denominated goods.

我們認為外匯抑制了 Etsy 在美國以外的買家活動，並降低了對美元計價商品的需求。

This impacts both overall Etsy GMS growth rates and the percent of GMS that comes from international.

這會影響 Etsy GMS 的整體增長率和來自國際的 GMS 百分比。

For example, growth in GMS from US sellers to international buyers was largely flat in the first quarter and decelerated 22 percentage points from the fourth quarter of 2014.

例如，從美國賣家到國際買家的 GMS 增長在第一季度基本持平，比 2014 年第四季度下降了 22 個百分點。

This is in contrast to what we saw in the first quarter of 2014, when the growth rate of GMS from US sellers to international buyers accelerated quarter over quarter.

這與我們在 2014 年第一季度看到的情況形成鮮明對比，當時 GMS 從美國賣家到國際買家的增長率環比加速。

Turning to revenue, during the first quarter, total revenue was $58.5 million, up 44.4%, driven by growth in marketplace and Seller Services revenue.

談到收入，在市場和賣家服務收入增長的推動下，第一季度總收入為 5850 萬美元，增長 44.4%。

Marketplace revenue grew 27.1%, primarily due to growth in transaction fee revenue, and to a lesser extent, the growth of listing fee revenue.

市場收入增長 27.1%，主要是由於交易費收入的增長，其次是上市費收入的增長。

Seller Services revenue continues to grow faster than GMS, up 72.3%.

賣家服務收入的增長繼續快於 GMS，增長 72.3%。

This growth was primarily due to growth in revenue from Promoted Listings, which continued to benefit from the relaunch of the product late in the third quarter of 2014.

這一增長主要是由於促銷列表收入的增長，該產品繼續受益於 2014 年第三季度末重新推出的產品。

Shipping Labels revenue growth was driven by a combination of increased adoption and enhancements to the product.

Shipping Labels 收入的增長是由產品採用率的提高和產品增強共同推動的。

Direct Checkout revenue growth was driven by increased adoption.

Direct Checkout 收入增長是由採用率增加推動的。

Gross profit for the first quarter was $37.8 million, up 50.5%, and the gross margin was 64.6%, up 260 basis points.

第一季度毛利潤為 3780 萬美元，增長 50.5%，毛利率為 64.6%，增長 260 個基點。

In the first quarter, gross profit grew faster than revenue.

第一季度，毛利增長快於收入。

This was because of the leverage we achieved in the cost of revenue for employee-related and hosting and bandwidth costs.

這是因為我們在與員工相關的收入成本以及託管和帶寬成本方面實現了槓桿作用。

This was also because of growth of Promoted Listings, which is a higher-margin revenue stream, and it outpaced the growth of Direct Checkout, which is a lower-margin revenue stream.

這也是因為促銷列表（Promoted Listings）的增長，這是一種利潤率較高的收入來源，它超過了直接結賬（Direct Checkout）的增長，這是一種利潤率較低的收入來源。

Turning now to operating expenses, Etsy's total first-quarter operating expenses were $42.7 million, up 72.6%.

現在轉向運營費用，Etsy 第一季度的總運營費用為 4270 萬美元，增長 72.6%。

Marketing expenses totaled $12.2 million, up 63.5%, representing 21% of total revenue versus 18% last year.

營銷費用總計 1220 萬美元，增長 63.5%，佔總收入的 21%，而去年為 18%。

The increase in marketing expenses was driven primarily by increased spending on product listing ads and on higher employee-related expenses.

營銷費用的增加主要是由於產品列表廣告支出增加和員工相關費用增加所致。

Product development expenses totaled $10 million, up 24.5%, representing 17% of total revenue versus 20% last year.

產品開發費用總計 1000 萬美元，增長 24.5%，佔總收入的 17%，而去年為 20%。

The increase in product development expenses was driven by higher employee-related expenses.

產品開發費用的增加是由於員工相關費用增加所致。

G&A expenses totaled $20.5 million, up 122%, representing 35% of total revenue versus 23% last year.

G&A 費用總計 2050 萬美元，增長 122%，佔總收入的 35%，而去年為 23%。

The increase in G&A expenses primarily resulted from an increase in employee-related expenses, including incentive-based compensation related to Etsy's second-quarter acquisition of ALM and Etsy's $3.2 million stock contribution to Etsy.

G&A 費用的增加主要是由於員工相關費用的增加，包括與 Etsy 第二季度收購 ALM 相關的基於激勵的薪酬以及 Etsy 對 Etsy 的 320 萬美元股票貢獻。

org in January of 2015.

組織於 2015 年 1 月。

Finally, headcount at the end of the quarter was 717, compared with 685 as of December 31, 2014.

最後，本季度末的員工人數為 717 人，而截至 2014 年 12 月 31 日為 685 人。

Non-GAAP adjusted EBITDA was $6.7 million, up 9.3%.

非公認會計原則調整後的 EBITDA 為 670 萬美元，增長 9.3%。

This resulted in an adjusted EBITDA margin of 11.4%, down 370 basis points.

這導致調整後的 EBITDA 利潤率為 11.4%，下降 370 個基點。

The adjusted EBITDA margin was impacted by the increases in marketing and employee-related expenses that I talked about earlier.

調整後的 EBITDA 利潤率受到我之前談到的營銷和員工相關費用增加的影響。

First-quarter 2015 net loss was $36.6 million, compared with a net loss of $463,000 last year.

2015 年第一季度的淨虧損為 3660 萬美元，而去年的淨虧損為 463,000 美元。

Etsy's net loss increased as a result of non-cash, non-operating expenses related to the revised corporate structure that we implemented on January 1, 2015.

Etsy 的淨虧損增加是由於我們在 2015 年 1 月 1 日實施的與修改後的公司結構相關的非現金、非營業費用。

The updated corporate structure was implemented to more closely align with our global operations and our future expansion plans outside the US.

實施更新的公司結構以更緊密地配合我們的全球業務和我們未來在美國以外的擴張計劃。

There were two non-cash, non-operating expenditures related to this revised corporate structure.

有兩項與修訂後的公司結構相關的非現金、非經營性支出。

The first was a non-cash $10.5 million increase to Etsy's tax provision, which brought Etsy's total tax provision to $10.7 million.

首先是 Etsy 的稅收撥備增加了 1050 萬美元的非現金，這使 Etsy 的稅收撥備總額達到了 1070 萬美元。

The second was a non-cash currency exchange loss of $20.9 million, largely due to an intercompany debt incurred related to the corporate structure.

第二個是 2090 萬美元的非現金匯兌損失，主要是由於與公司結構相關的公司間債務。

During the quarter, we generated approximately $8.9 million in cash from operations, compared with $6.2 million in the first quarter of 2014.

在本季度，我們從運營中產生了大約 890 萬美元的現金，而 2014 年第一季度為 620 萬美元。

And following the successful completion of our initial public offering, as of April 30, 2015, we had cash and marketable securities totaling $293.5 million.

在我們成功完成首次公開募股後，截至 2015 年 4 月 30 日，我們擁有總計 2.935 億美元的現金和有價證券。

To close, I'd like to highlight a few factors we should consider when thinking about Etsy's second quarter of 2015.

最後，我想強調一些我們在考慮 Etsy 2015 年第二季度時應該考慮的因素。

Although we won't be providing quantitative guidance, we will from time to time highlight qualitative factors to keep in mind that could impact a specific quarter.

儘管我們不會提供定量指導，但我們會不時強調可能影響特定季度的定性因素。

For the second quarter of 2015, I'd like to highlight four items.

對於 2015 年第二季度，我想強調四個項目。

First, if the current exchange rates are maintained through the second quarter, then we think it will continue to impact buyer behavior outside of the US, and therefore, Etsy GMS growth.

首先，如果當前匯率在第二季度保持不變，那麼我們認為它將繼續影響美國以外的買家行為，從而影響 Etsy GMS 的增長。

Second, we expect to increase the pace of hiring in the second quarter, compared with both the first quarter of 2015, and the second quarter of 2014.

其次，與 2015 年第一季度和 2014 年第二季度相比，我們預計第二季度的招聘步伐將加快。

And we expect second-quarter hires to be a larger percentage of total 2015 hires than they were in the second quarter of 2014.

我們預計，與 2014 年第二季度相比，第二季度的招聘人數在 2015 年總招聘人數中的比例更大。

Third, in the second quarter, we plan to spend more in absolute dollars on marketing, compared with both the second quarter of 2014, and the first quarter of 2015.

第三，與 2014 年第二季度和 2015 年第一季度相比，我們計劃在第二季度在營銷上投入更多的絕對資金。

Etsy's digital marketing spend will continue to be focused on search engine marketing, particularly GPLAs.

Etsy 的數字營銷支出將繼續專注於搜索引擎營銷，尤其是 GPLA。

In addition, Etsy will continue to ramp e-mail marketing efforts and our affiliate marketing, the latter of which was launched in the first quarter of 2015.

此外，Etsy 將繼續加大電子郵件營銷力度和我們的聯盟營銷，後者於 2015 年第一季度推出。

We also expect to begin our first-ever mobile app ad campaign in the second quarter of 2015.

我們還預計在 2015 年第二季度開始我們的第一個移動應用廣告活動。

Finally, fourth, I'd like to remind everyone that the second quarter of 2015 will include the impact of Etsy's $300,000 cash contribution to Etsy.

最後，第四，我想提醒大家，2015 年第二季度將包括 Etsy 對 Etsy 的 300,000 美元現金捐款的影響。

org as an operating expense, as well as approximately $300,000 in one-time IPO-related expenses, mostly due our listing day seller market, which cannot be deducted from our IPO proceeds.

org 作為一項運營費用，以及大約 300,000 美元的一次性 IPO 相關費用，主要來自我們的上市日賣方市場，這些費用不能從我們的 IPO 收益中扣除。

And with that, I'll thank you for listening, and I'll turn the call back to our operator, Candace, to open it up for questions.

有了這個，我會感謝你的聆聽，我會將電話轉回給我們的接線員 Candace，讓其打開問題。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

And our first question comes from Heath Terry of Goldman Sachs.

我們的第一個問題來自高盛的希思特里。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks.

謝謝。

I guess a couple of things.

我猜有幾件事。

If you could, Kristina, if you could update us on what you're seeing in terms of the ROI Etsy's able to achieve on this increased marketing spend.

如果可以的話，克里斯蒂娜，如果你能告訴我們你所看到的關於 Etsy 能夠在增加的營銷支出上實現的投資回報率方面的情況。

Has it held up the way that you had expected it to?

它是否保持了您預期的方式？

And on the decision to invest in app marketing, when you say you're going to start your first app campaign, is that largely going to be an online campaign, as well?

關於投資應用營銷的決定，當你說你將開始你的第一個應用營銷活動時，這主要是在線營銷活動嗎？

Or do you see branching out into other channels, the way we've seen other app providers do over the last few years?

或者您是否看到像我們在過去幾年看到其他應用程序提供商所做的那樣擴展到其他渠道？

Sure, Heath.

當然，希思。

So your first question was on marketing ROI.

所以你的第一個問題是關於營銷投資回報率。

As we've said previously, our intention is to keep our marketing ROI positive at an aggregate level, at a Company level, and we continue to stick to that in the first quarter and in the second quarter, as well.

正如我們之前所說，我們的目的是在總體層面和公司層面保持我們的營銷投資回報率為正，我們在第一季度和第二季度也將繼續堅持這一點。

To answer your second question, with regard to mobile apps, the first thing that I would say is that we're talking about a relatively smaller dollar percentage -- dollar growth in expenditure, in this line item.

為了回答你的第二個問題，關於移動應用程序，我要說的第一件事是我們談論的是相對較小的美元百分比 - 在這個項目中支出的美元增長。

It's the first time we've ever done it, so we want to see what happens.

這是我們第一次這樣做，所以我們想看看會發生什麼。

It will be on mobile, because it is about downloading mobile app.

它將在移動設備上，因為它是關於下載移動應用程序。

So we don't have any plans to go offline with our mobile app download activity.

因此，我們沒有任何計劃通過我們的移動應用下載活動離線。

Great.

偉大的。

Thank you.

謝謝你。

You're welcome.

別客氣。

Thank you.

謝謝你。

And our next question comes from Brian Nowak of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩諾瓦克。

Your line is now open.

您的線路現已開通。

Thanks.

謝謝。

I have two questions.

我有兩個問題。

First, I want to just go back to the marketing spend.

首先，我想回到營銷支出。

Could you just helps us better understand how many countries are you spending on and advertising now?

您能否幫助我們更好地了解您現在在多少個國家/地區進行廣告投放？

And can you talk to the buying behavior of any of the new buyers that you've been bringing on through the marketing relative to your legacy buyers?

你能談談你通過營銷帶來的任何新買家相對於你的老買家的購買行為嗎？

And then the second one, on Seller Services, you talked about rolling out more Seller Services over time.

然後第二個，關於賣家服務，你談到隨著時間的推移推出更多的賣家服務。

Just run through strategically how you think about evaluating new potential Seller Services and rolling them out to new sellers?

只是戰略性地貫穿您如何看待評估新的潛在賣家服務並將其推廣給新賣家？

I'll take the Seller Services question first.

我將首先回答賣家服務問題。

So first of all, it's important to understand how we think about Seller Services; and we talked about this in our road show and in our S-1.

因此，首先，了解我們如何看待賣家服務很重要；我們在路演和 S-1 中談到了這一點。

Our focus in building Seller Services is really about reducing the amount of time that our sellers spend on administrative tasks, things like inventory management, marketing communications, et cetera, so that they can increase their time on the making task.

我們建立賣家服務的重點實際上是減少賣家花在管理任務上的時間，比如庫存管理、營銷傳播等等，這樣他們就可以增加他們在製作任務上的時間。

And as we talked about in the road show and in the S-1, for every hour our seller spends on creative tasks, spends an hour on business tasks.

正如我們在路演和 S-1 中談到的那樣，我們的賣家在創意任務上花費的每一小時，都會在業務任務上花費一個小時。

We really believe that, looking ahead, there's an opportunity to add more services that save time in those areas like inventory and such -- shipping.

我們真的相信，展望未來，有機會增加更多服務，以節省庫存等領域的時間 - 運輸。

We've seen some progress in this quarter with calculated shipping and some of the other services I talked about.

我們已經看到本季度在計算運費和我談到的其他一些服務方面取得了一些進展。

We're not ready to announce any services today, but you can expect, over the long term and over time, that we build services that help our sellers save time and money.

我們今天還沒有準備好宣布任何服務，但您可以期待，從長遠來看，隨著時間的推移，我們構建的服務可以幫助我們的賣家節省時間和金錢。

And to answer your second question, Brian, as it pertains to which countries we advertise in, I would just remind everyone that our largest marketing expense by a wide, wide margin is GPLAs.

為了回答你的第二個問題，Brian，因為它與我們在哪些國家做廣告有關，我只想提醒大家，我們最大的營銷費用是 GPLA。

And so we advertise and have advertised for some time -- it's not new to 2015 -- in a broad spectrum of countries around the world.

因此，我們在全球範圍廣泛的國家做廣告並且已經做廣告一段時間了——這對 2015 年來說並不新鮮。

But we do focus on the key countries that we've mentioned in the past, being Canada, Australia, UK, France and the rest of Western Europe.

但我們確實專注於我們過去提到的關鍵國家，即加拿大、澳大利亞、英國、法國和西歐其他國家。

Your second question, with regard to repeat purchases, you might remember in the S-1, we focused on a chart that showed historically nearly 75% of our purchases were repeat purchases, repeat buyers.

您的第二個問題，關於重複購買，您可能還記得在 S-1 中，我們關注的圖表顯示歷史上近 75% 的購買是重複購買、重複購買者。

And in 2014, even though we increased our marketing expense by 122% year-on-year, our repeat purchases as a percent of total GMS remained at 75%.

2014 年，儘管我們的營銷費用同比增加了 122%，但我們的重複購買佔總 GMS 的百分比仍保持在 75%。

So that tells us that the buyers that we acquired in 2014 look a lot like the buyers who were already loyal and faithful to the Etsy platform.

所以這告訴我們，我們在 2014 年收購的買家看起來很像那些已經忠於 Etsy 平台的買家。

So we're continuing along that path, as you think about our marketing expense.

因此，當您考慮我們的營銷費用時，我們將繼續沿著這條道路前進。

And just again, to remind everyone, our long-term value model for marketing expenditure is based on two years.

再次提醒大家，我們營銷支出的長期價值模型是基於兩年的。

It's railed to be ROI positive at an aggregate level across the Company.

在整個公司的總體水平上，投資回報率被認為是積極的。

And it assumes that a paid buyer -- or rather, an acquired buyer -- performs differently than an organic buyer.

它假設付費買家——或者更確切地說，被收購的買家——的表現與自然買家不同。

What we've seen thus far, what you might infer from our 2014 performance, is that paid and organic are performing rather similarly.

到目前為止，我們所看到的，你可以從我們 2014 年的表現中推斷出，付費和自然的表現相當相似。

But over time, that could change, as we acquire more buyers with the success of our marketing plan.

但隨著時間的推移，這可能會改變，因為我們通過成功的營銷計劃獲得了更多的買家。

Okay.

好的。

Great.

偉大的。

And then one more follow-up, I guess.

然後還有一個後續，我猜。

I get a lot of questions around fraudulent and/or counterfeit goods.

我收到很多關於欺詐和/或假冒商品的問題。

Could you talk to the way Etsy works to police that and how you think about that, the presence of non-licensed products on the site?

您能否談談 Etsy 的工作方式，以及您對此的看法，以及網站上存在非授權產品的情況？

Thanks.

謝謝。

So first of all, we won't comment on any litigation.

因此，首先，我們不會對任何訴訟發表評論。

But transparency is one of our values, so I want to take some time to answer this question.

但透明度是我們的價值觀之一，所以我想花一些時間來回答這個問題。

So we were really proud when the Electronic Frontier Foundation awarded Etsy four out of five stars for our intellectual property practices.

因此，當電子前沿基金會將 Etsy 的知識產權實踐評為五顆星中的四顆時，我們感到非常自豪。

We ultimately lost a star because we don't issue a transparency report.

我們最終失去了一顆星，因為我們沒有發布透明度報告。

So we've been working on that transparency report for the last few months and we plan to publish that in the future.

因此，過去幾個月我們一直在研究該透明度報告，我們計劃在未來發布該報告。

So based on the work that we've done for the transparency report, we're able to give you today some insights into our great effort and our success in combating IP infringement.

因此，根據我們為透明度報告所做的工作，我們今天能夠為您提供一些關於我們在打擊知識產權侵權方面所做的巨大努力和成功的見解。

So I want to stress three points.

所以我想強調三點。

First, we earn respect by following industry leading best practices and established law.

首先，我們通過遵循行業領先的最佳實踐和既定法律贏得尊重。

The second is that someone on the outside look at our site lacks the context and the background information to determine what's infringing and what's not.

第二個是外部人員在查看我們的網站時缺乏上下文和背景信息來確定哪些是侵權的，哪些不是。

And third, we strive for a balanced approach that takes into account the interest of our sellers and IP owners, and we believe that's working.

第三，我們努力尋求一種平衡的方法，考慮到我們的賣家和知識產權所有者的利益，我們相信這是行之有效的。

We at Etsy partner with major brands to address the problem of infringing articles.

我們 Etsy 與主要品牌合作解決侵權文章的問題。

And in fact, we're often accused of being too aggressive in taking down material posted by sellers.

事實上，我們經常被指責在刪除賣家發布的材料方面過於激進。

So it's important to note that I'm not using the word counterfeit.

所以重要的是要注意我沒有使用假冒這個詞。

People can't even agree on the definition of that term.

人們甚至無法就該術語的定義達成一致。

So to avoid confusion, I'll address the broader issue of items that appear on the Etsy website that appear to misuse intellectual property.

因此，為避免混淆，我將解決出現在 Etsy 網站上似乎濫用知識產權的項目的更廣泛問題。

So now I'll dive deeper into those three points.

所以現在我將深入探討這三點。

The first point about earning respect by following industry leading best practices and establishing an established law.

關於通過遵循行業領先的最佳實踐和製定既定法律來贏得尊重的第一點。

It's certainly true that brand owners complain to us about infringing items appearing on Etsy.

確實，品牌所有者向我們抱怨 Etsy 上出現的侵權商品。

But our experience has been that when we engage in a cooperative and transparent way with brand owners, we enjoy a productive and beneficial relationship and partnership with those brands.

但我們的經驗是，當我們以合作和透明的方式與品牌所有者合作時，我們與這些品牌建立了富有成效和有益的關係和夥伴關係。

Etsy has a dedicated legal support team that responds to proper takedown notices by promptly removing content and providing the Etsy seller an explanation of what happened and the contact information of the notifying party.

Etsy 有一個專門的法律支持團隊，通過迅速刪除內容並向 Etsy 賣家解釋所發生的事情和通知方的聯繫信息來響應適當的刪除通知。

We also terminate accounts of repeat offenders, and we use technology to prevent bad actors from returning to our marketplace.

我們還終止屢犯者的賬戶，並使用技術防止不良行為者重返我們的市場。

All of our practices are based on the Digital Millennium Copyright Act, the Communications Decency Act, the Lanham Act, which governs trademark, the Copyright Act, industry best practices and established case law.

我們所有的做法均基於《數字千年版權法》、《通信規範法》、管轄商標的《蘭哈姆法》、《版權法》、行業最佳做法和既定判例法。

The second point -- and that is, again, that someone on the outside looking at our site lacks the context and background information to determine what is infringing and what is not.

第二點——同樣，外部人員在查看我們的網站時缺乏上下文和背景信息來確定哪些是侵權的，哪些不是。

It's tempting to may judge and jury, but only someone authorized to act on behalf of the IP owner has the legal and business background information to decide if something is problematic and if so, what to do about it.

法官和陪審團很誘人，但只有被授權代表 IP 所有者行事的人才擁有法律和商業背景信息來決定某事是否存在問題，如果存在問題，如何處理。

So some brands may see a specific use as free advertising or fan art or otherwise fair.

因此，一些品牌可能會將特定用途視為免費廣告或粉絲藝術或其他公平。

Others may see it as infringement and ask that it be removed.

其他人可能會將其視為侵權並要求將其刪除。

So to give you an example, several years ago an attorney representing a long-standing children's television show requested that Etsy remove a handful of items.

舉個例子，幾年前，一位代表一個長期存在的兒童電視節目的律師要求 Etsy 刪除一些物品。

She noted that although many Etsy listings made reference to the brand, only a few could damage the brand's reputation, so those she considered infringement.

她指出，雖然 Etsy 的許多商品都提到了該品牌，但只有少數會損害品牌的聲譽，因此她認為這些商品侵權。

The remaining items were fan art and she allowed them to continue to be sold on Etsy.

剩下的物品是粉絲藝術，她允許它們繼續在 Etsy 上出售。

And further, some of the items were over 20 years old and could be legally sold in our vintage category.

此外，其中一些物品已有 20 多年的歷史，可以在我們的複古類別中合法銷售。

So the third point, that we strive for a balanced approach that takes into account the interest of our sellers and the IP owners, and that we believe it's working.

所以第三點，我們努力尋求一種平衡的方法，考慮到我們的賣家和知識產權所有者的利益，並且我們相信它是有效的。

We partner with major brands to address the problem of infringing articles.

我們與主要品牌合作解決侵權文章的問題。

And in fact, as I said earlier, we're often accused of being too aggressive and taking down material posted by sellers.

事實上，正如我之前所說，我們經常被指責過於激進並刪除賣家發布的材料。

So Etsy works with brands to influence the technology that we use to proactively locate, take action and prevent bad actors from returning.

因此，Etsy 與品牌合作，以影響我們用來主動定位、採取行動並防止不良行為者回歸的技術。

And we continually update that technology, because bad actors are always updating their tactics.

我們不斷更新技術，因為不良行為者總是在更新他們的策略。

For security reasons, we can't provide detail onto those systems.

出於安全原因，我們無法提供這些系統的詳細信息。

At the same time, many sellers complain that we go too far in taking down infringing items and closing shops, based on our policies.

同時，許多賣家抱怨我們根據我們的政策在下架侵權商品和關閉商店方面做得太過分了。

So in one blog post that anyone with an Internet connection can access, an Etsy seller here in the US described a frustrating and frightening, confusing account of her back and forth with a rights holder.

因此，在一篇任何有互聯網連接的人都可以訪問的博客文章中，美國的一位 Etsy 賣家描述了一個令人沮喪和可怕的、令人困惑的關於她與權利持有人來回來回的描述。

She spent three weeks going back and forth with a rights holder's in-house council before resolving her issue.

在解決她的問題之前，她花了三週時間與權利人的內部委員會來回討論。

So she advises other Etsy sellers, in this blog post, to be careful with copyright, based on her experience with Etsy enforcing takedown notices from rights holders.

因此，她在這篇博文中建議其他 Etsy 賣家注意版權問題，這是基於她在 Etsy 執行權利持有人下架通知的經驗。

And I want to quote from this blog post.

我想引用這篇博文。

She wrote, "just a couple of weeks ago, one of the members of My Friend Beth had their store shut down for copyright infringement.

她寫道：“就在幾週前，我的朋友貝絲的一名成員因侵犯版權而關閉了他們的商店。

I know others that have had theirs shut down, as well.

我知道也有其他人關閉了他們的服務。

And a few lucky ones have gotten theirs reopened, but that is rare.

一些幸運的人已經重新打開了他們的大門，但這種情況很少見。

One of my members has a friend that got her Etsy shop taken down because the candy she was making infringed on someone's copyrights.

我的一個成員有一個朋友，因為她製作的糖果侵犯了某人的版權，她的 Etsy 商店被取締了。

So if you think this just applies to paper or products like plates, et cetera, it doesn't, it's anything that you make that you use someone else's images for.

因此，如果您認為這僅適用於紙張或印版等產品，則並非如此，而是您使用其他人的圖像製作的任何東西。

She then made an even bigger mistake.

然後她犯了一個更大的錯誤。

She started a new shop under a new name, and Etsy found out and not only shut her shop down, but banned her from Etsy altogether.

她用新名字開了一家新店，Etsy 發現後不僅關閉了她的店，還完全禁止她進入 Etsy。

She cannot even shop on Etsy any more.

她甚至不能再在 Etsy 上購物了。

They don't mess around." That's the end of that quote.

他們不會亂來。”這就是那句話的結尾。

So consistent with our goal of supporting Etsy sellers, we also provide plain English education on intellectual property topics in lots of forms, ranging from blog posts to seller handbook articles and Q&A sessions in our forums.

因此，與我們支持 Etsy 賣家的目標一致，我們還以多種形式提供關於知識產權主題的簡單英語教育，從博客文章到賣家手冊文章和論壇中的問答環節。

So the final note, Etsy's in-house attorneys have participated in working group conversations among service providers and the US Patent and Trademark Office about intellectual property and marketplace liability.

最後一點，Etsy 的內部律師參與了服務提供商和美國專利商標局之間關於知識產權和市場責任的工作組對話。

So we believe, in conclusion, that the facts and the data give us good reason to be proud of the work that we do to combat infringing materials.

因此，總而言之，我們相信事實和數據讓我們有充分的理由為我們在打擊侵權材料方面所做的工作感到自豪。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

And our next question comes from Tom Forte of Brean Capital.

我們的下一個問題來自 Brean Capital 的 Tom Forte。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

I recognize that today, a lot of the international revenue comes from cross (technical difficulties).

我認識到今天，很多國際收入來自交叉（技術困難）。

But wanted to give you (technical difficulties) about your local efforts, how you're driving revenue on a local basis that would be less dependent.

但是想給你（技術困難）關於你在當地的努力，你如何在當地基礎上增加收入，這將減少依賴。

(technical difficulties) and how those efforts will drive revenue that isn't dependent on, or less affected by movements in (technical difficulties).

（技術困難）以及這些努力將如何推動不依賴於或較少受（技術困難）變動影響的收入。

We're sorry, we can't hear the full question.

很抱歉，我們無法聽到完整的問題。

I think the phone's cutting out.

我想電話斷線了。

I apologize for the bad connection.

我為糟糕的連接道歉。

So basically, on international, I recognize that today a lot of your revenue comes from cross-border trade, but I think you have initiatives underway to drive local revenue, so revenue in an international country among a local marketplace.

所以基本上，在國際上，我認識到今天你們的大部分收入來自跨境貿易，但我認為你們正在採取措施來推動當地收入，因此在當地市場中在國際國家獲得收入。

Can you tell us about those initiatives, and when should we expect that revenue to start hitting so you'll be less affected by changes in the US dollar?

你能告訴我們這些舉措嗎？我們應該什麼時候預計收入會開始受到影響，這樣你就不會受到美元變化的影響？

So it's important to note our building local marketplaces globally strategy, which is really about, again, building on the activity in markets where there's relatively balanced buyer and seller activity.

因此，重要的是要注意我們在全球範圍內建立本地市場的戰略，這實際上是再次建立在買賣雙方活動相對平衡的市場上的活動。

So we are seeing momentum, particularly in the UK, as I mentioned earlier.

因此，正如我之前提到的，我們看到了勢頭，尤其是在英國。

We're seeing growth in purchases from UK sellers, domestic activity, seven times higher than the growth in purchases from US sellers to cross-border activity.

我們看到英國賣家的購買增長，國內活動，是美國賣家購買跨境活動的七倍。

So we really think that this means that that local community is really connecting.

所以我們真的認為這意味著當地社區真的是相互聯繫的。

We believe that over time, encouraging this type of local commerce in our priority markets -- Kristina mentioned the UK, Australia, Canada, Western Europe -- that that will be a positive influence on the global success of Etsy.

我們相信，隨著時間的推移，在我們的優先市場（克里斯蒂娜提到英國、澳大利亞、加拿大、西歐）鼓勵這種類型的本地商業，這將對 Etsy 的全球成功產生積極影響。

But we're seeing that early success in the UK.

但我們在英國看到了早期的成功。

And Tom, if I could just add to that -- if I could just add to that, Tom, with a clarifying point.

湯姆，如果我能補充一點——如果我能補充一點的話，湯姆，澄清一點。

It's important to understand that the number of our sellers who list in US dollars, so even on a local for local basis, that can sometimes impact price that buyers, local buyers are seeing.

重要的是要了解我們以美元列出的賣家的數量，因此即使是在當地對當地的基礎上，有時也會影響買家、當地買家看到的價格。

So as it stands today, 92% of our GMS comes from sellers who list in US dollars, even though 30% of our GMS comes from international.

所以就目前而言，我們 92% 的 GMS 來自以美元列出的賣家，儘管我們 30% 的 GMS 來自國際。

And so only 8% of our GMS is coming from sellers who list in local currency.

因此，我們只有 8% 的 GMS 來自以當地貨幣上市的賣家。

One of the opportunities we have over the longer term, which is actually quite a complex technical operation, is to encourage and facilitate more and more sellers listing in their local currency, which also could benefit a more balanced local ecosystem over time.

從長遠來看，我們擁有的機會之一是鼓勵和促進越來越多的賣家以當地貨幣上市，這實際上是一項相當複雜的技術操作，隨著時間的推移，這也可能有利於更加平衡的當地生態系統。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

And our next question comes from Gil Luria of Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Gil Luria。

Your line is now open.

您的線路現已開通。

Yes, thank you very much for taking the questions.

是的，非常感謝您提出問題。

I'll ask a couple up front.

我會提前問幾個。

So first of all, to follow-up the counterfeit, Alibaba and eBay, over the years, have said very similar things in terms of the efforts they put in to getting counterfeit merchandise off the website.

因此，首先，為了跟進仿冒品，阿里巴巴和 eBay 多年來在將仿冒商品從網站上撤下的努力方面都說了非常相似的話。

And yet, the brands and the luxury brands, at least a variety of them, have seemed to crack down on it more and more.

然而，品牌和奢侈品牌，至少其中有各種各樣的品牌，似乎越來越多地打擊它。

And yesterday we saw a new lawsuit against Alibaba.

昨天我們看到了針對阿里巴巴的新訴訟。

They're dealing with their government, in spite the fact they say very similar things about a clear commitment to preventing fraudulent merchandise.

他們正在與他們的政府打交道，儘管他們對防止欺詐商品的明確承諾說了非常相似的話。

So wanted to know why you think that further scrutiny won't impact Etsy going forward?

所以想知道為什麼你認為進一步的審查不會影響 Etsy 的發展？

And the second question about the impact of currency.

第二個問題是關於貨幣的影響。

eBay has a similar issue in terms of when the currency goes -- when the US dollar goes up, it takes away from the purchasing power of European consumers.

eBay 在貨幣何時貶值方面也有類似的問題——當美元升值時，它會削弱歐洲消費者的購買力。

But on the flip side, and what's an offset for them, is that US consumers can then afford to buy more outside the US, their purchasing power goes up.

但另一方面，對他們來說，抵消的是，美國消費者可以在美國以外的地方購買更多商品，他們的購買力就會上升。

Since you have an even higher mix of US consumers that now have more purchasing power vis-a-vis merchandise outside the US, why wouldn't you have an offsetting impact from that?

既然你有更多的美國消費者，他們現在對美國以外的商品有更大的購買力，你為什麼不從中產生抵消性影響呢？

I'll take the first question.

我會回答第一個問題。

As I said in my earlier comments, we're not going to comment on litigation.

正如我在之前的評論中所說，我們不會對訴訟發表評論。

So I'll hand it over to Kristina for the second question.

所以我將把它交給 Kristina 來回答第二個問題。

Sure.

當然。

So from a perspective of US consumers enjoying lower -- relatively lower pricing, I would point you back to the comments that I made on the dollar pricing.

因此，從美國消費者享受較低 - 相對較低的定價的角度來看，我會向你指出我對美元定價所做的評論。

92% of our GMS comes from sellers who list in US dollars.

我們 92% 的 GMS 來自以美元列出的賣家。

Another way to think about that is the majority of our sellers who sell on Etsy, even if they're located outside of the United States, are listing in US dollars.

另一種思考方式是，我們在 Etsy 上銷售的大多數賣家，即使他們位於美國境外，也是以美元上市的。

So as I said before, an opportunity we have is to encourage sellers to list in their local currency, rather than in US dollars, and to facilitate that from a technical perspective.

所以正如我之前所說，我們有一個機會是鼓勵賣家以當地貨幣而不是美元上市，並從技術角度促進這一點。

So when we think about US consumers enjoying a strong dollar, that doesn't play out in the way that our sellers currently list the pricing of their items.

因此，當我們考慮到美國消費者享受強勢美元時，這並沒有以我們的賣家目前列出其商品定價的方式發揮作用。

Wouldn't some sellers just recognize that and with their currency being that much lower, lower the US dollar price, even if that's not done automatically?

一些賣家難道不會意識到這一點，並且在他們的貨幣低得多的情況下，會降低美元價格，即使這不是自動完成的？

We haven't seen that behavior.

我們還沒有看到這種行為。

Again, it's important to understand, too, that the $0.20 listing fee is a $0.20 listing fee no matter where you reside.

同樣，重要的是要了解，無論您居住在哪裡，0.20 美元的掛牌費都是 0.20 美元的掛牌費。

And to a certain extent, a seller outside the United States has dollar exposure in the cost of the listing fee.

並且在一定程度上，美國以外的賣家在掛牌費成本中存在美元敞口。

So we haven't seen the kind of behavior where our sellers might be reacting to fluctuations in currency to change their pricing.

因此，我們還沒有看到我們的賣家可能會對貨幣波動做出反應以改變他們的定價的那種行為。

It's also important to remember, relative to some other marketplaces that perhaps have significantly larger sellers on their platform who sell more commodity type mass manufactured goods, Etsy's sellers are more micro entrepreneurs.

同樣重要的是要記住，相對於其他一些平台上可能有更大的賣家銷售更多商品類型的大規模製成品的市場，Etsy 的賣家更多是微型企業家。

And so adjusting their pricing on an even weekly basis, dependent on currency fluctuations, might not be something in their tool set.

因此，根據貨幣波動，每周平均調整定價，可能不在他們的工具集中。

Got it.

知道了。

Thank you.

謝謝你。

Thank you.

謝謝你。

And I'm showing no further questions at this time.

我現在沒有再提出任何問題。

I'd like to turn the conference back over to Chad Dickerson for any closing remarks.

我想把會議轉回給 Chad Dickerson 做任何閉幕詞。

Great.

偉大的。

I just wanted to thank everyone for joining us on this first earnings call for Etsy, and we look forward to speaking with you next quarter.

我只是想感謝大家加入我們參加 Etsy 的第一次收益電話會議，我們期待在下個季度與您交談。

Thank you.

謝謝你。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。