ETSY Inc (ETSY) 2015 Q2 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Etsy second-quarter 2015 financial results conference call.

女士們先生們，美好的一天，歡迎來到 Etsy 2015 年第二季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，這次會議正在錄製中。

I would now like to introduce your host for today's conference, Jennifer Buegelmans, VP of Investor Relations.

我現在想介紹今天會議的主持人，投資者關係副總裁 Jennifer Buegelmans。

Ma'am, please begin.

女士，請開始。

Thanks, Operator and good afternoon, everyone.

謝謝接線員，大家下午好。

Welcome to Etsy's second-quarter earnings conference call.

歡迎來到 Etsy 第二季度收益電話會議。

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

今天加入我的是首席執行官查德·迪克森 (Chad Dickerson) 和首席財務官克里斯蒂娜·薩倫 (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 operation, business strategy, outlook, mission and potential future growth.

在我們開始之前，請提醒我們，我們今天的評論包括與我們的財務業績和經營業績、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大不相同。

Forward-looking statements involve risks and uncertainties which are described in our press release and in our 10-Q filed with the SEC on May 22, 2015.

前瞻性陳述涉及我們的新聞稿和 2015 年 5 月 22 日向美國證券交易委員會提交的 10-Q 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.

我們在此次電話會議上所做的任何前瞻性陳述都是基於我們今天的信念和假設，我們沒有義務更新它們。

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.

今天的收益新聞稿中包含非 GAAP 指標與 GAAP 指標的對賬，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 and if you would prefer to access a replay via phone, you can find that information in the press release, as well.

該電話的重播鏈接也將在那裡提供，如果您希望通過電話訪問重播，您也可以在新聞稿中找到該信息。

With that, I will 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.

謝謝 Jennifer，也感謝今天加入我們的每一個人。

We are eager to talk to you about the progress we made at Etsy in the second quarter.

我們渴望與您談談我們在第二季度在 Etsy 取得的進展。

Our second quarter 2015 results demonstrate the strength of our overall business.

我們 2015 年第二季度的業績證明了我們整體業務的實力。

This quarter, Etsy achieved growth in our key metrics.

本季度，Etsy 在我們的關鍵指標上實現了增長。

GMS is up nearly 25% and Etsy's revenue growth was approximately 44% year-over-year.

GMS 增長近 25%，Etsy 的收入同比增長約 44%。

We saw our number of active sellers increase approximately 25% to 1.5 million and our number of active buyers increase approximately 32% to 21.7 million.

我們看到活躍賣家的數量增加了約 25% 至 150 萬，活躍買家的數量增加了約 32% 至 2170 萬。

We also continue to expand our mobile presence and saw 60% of our visits and 43% of our GMS come to us through a mobile device in the second quarter.

我們還繼續擴大我們的移動業務，第二季度我們有 60% 的訪問量和 43% 的 GMS 通過移動設備訪問我們。

There is a lot we can be proud of this quarter, but at the same time we recognize that we must make continued investments in both mobile and growth in international markets.

本季度我們可以為很多事情感到自豪，但與此同時，我們認識到我們必須繼續投資於移動和國際市場的增長。

As we have shared before, we are focused on four key 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那樣，我們專注於四個關鍵領域；讓 Etsy 成為一種日常體驗，在全球範圍內建立本地市場，提供具有高影響力的賣家服務並擴展 Etsy 經濟。

Let me give you an update on the progress that we have made recently in these areas.

讓我向您介紹一下我們最近在這些領域取得的進展。

First up, is our focus on making Etsy an everyday experience which is all about mobile.

首先，我們專注於讓 Etsy 成為一種與移動相關的日常體驗。

We have talked to you before about how we are leveraging our already strong mobile presence to increase engagement with Etsy buyers and enhance the Etsy seller experience.

我們之前已經與您討論過我們如何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 June 30, our mobile apps have been downloaded nearly 28 million times, compared with approximately 25 million as of March 31.

截至 6 月 30 日，我們的移動應用已被下載近 2800 萬次，而截至 3 月 31 日，下載量約為 2500 萬次。

We continue to make progress on mobile and we still have lots of opportunity to improve by launching new products and enhancements.

我們在移動領域不斷取得進步，我們仍然有很多機會通過推出新產品和增強功能來改進。

We're focused on creating a seamless experience on Etsy in order to attract new buyers to our platform, encourage engagement and support relationships between buyers and sellers.

我們專注於在 Etsy 上創造無縫體驗，以吸引新買家到我們的平台，鼓勵買家和賣家之間的參與和支持關係。

To do this, we continue to introduce exciting new features and I would like to highlight a few of these launches for you now.

為此，我們將繼續推出激動人心的新功能，現在我想為您重點介紹其中的一些新功能。

Just last week, we introduced an important update to search on desktop and mobile web.

就在上週，我們對桌面和移動網絡上的搜索進行了重要更新。

This update, which we call exploratory search, can now help buyers more easily find the items they're looking for on Etsy.

我們稱之為探索性搜索的這一更新現在可以幫助買家更輕鬆地在 Etsy 上找到他們正在尋找的商品。

One of Etsy's key advantages is that we have more than 30 million unique items that buyers can't find anywhere else.

Etsy 的主要優勢之一是我們擁有超過 3000 萬種買家在其他任何地方都找不到的獨特商品。

With no product SKUs, we're continually working on ways to improve our search capabilities and drive engagement across the marketplace, building on our deep technology expertise and capabilities with big data.

在沒有產品 SKU 的情況下，我們一直致力於提高我們的搜索能力並推動整個市場的參與，建立在我們深厚的技術專長和大數據能力的基礎上。

Put simply, exploratory search makes search results, navigation and browsing more intuitive to buyers allowing them to more easily browse by category such as home or wedding, feature or product type.

簡而言之，探索性搜索使搜索結果、導航和瀏覽對買家而言更加直觀，使他們能夠更輕鬆地按類別（例如家居或婚禮、功能或產品類型）進行瀏覽。

While still early, we are encouraged by the results of the tests we have run so far, which has shown increased engagement on both desktop and mobile.

雖然還早，但我們對迄今為止運行的測試結果感到鼓舞，這表明在桌面和移動設備上的參與度都有所提高。

In our experiments, we saw more than a 10% overall increase in key search engagement metrics, like listing click rates, with an even more pronounced effect on mobile web.

在我們的實驗中，我們發現關鍵搜索參與度指標總體增加了 10% 以上，例如列表點擊率，對移動網絡的影響更為明顯。

Speaking of engagement, we know that our mobile apps offer a better shopping experience than mobile web, so we're taking advantage of two key technologies that drive usage from the lower converting mobile web experience to higher converting mobile apps, Google app indexing and deep linking.

說到參與度，我們知道我們的移動應用程序提供比移動網絡更好的購物體驗，因此我們正在利用兩項關鍵技術來推動從較低轉化率的移動網絡體驗到更高轉化率的移動應用程序的使用，谷歌應用索引和深度鏈接。

As many of you may have already heard, we were early adopters of Google app indexing and we work closely with Google during 2014 and we continue to improve app indexing our own throughout this year.

你們中的許多人可能已經聽說，我們是 Google 應用索引的早期採用者，我們在 2014 年與穀歌密切合作，並在今年繼續改進我們自己的應用索引。

App indexing means that users running organic Google searches on mobile web on their phones will go directly into the Etsy Android App when clicking on search results.

應用索引意味著用戶在手機上的移動網絡上運行有機谷歌搜索時，點擊搜索結果時將直接進入 Etsy Android 應用程序。

We also launched our own deep linking efforts late in the first quarter.

我們還在第一季度末推出了自己的深度鏈接工作。

Deep linking seamlessly and automatically transitions buyers with our mobile app from the mobile web experience to the mobile app when they encounter Etsy links anywhere.

當購買者在任何地方遇到 Etsy 鏈接時，深度鏈接會自動無縫地將使用我們移動應用程序的買家從移動網絡體驗轉移到移動應用程序。

Both Google app indexing and deep linking quickly take Etsy buyers using mobile web to the best and most productive experience for them, our mobile apps.

Google 應用索引和深度鏈接都可以迅速將使用移動網絡的 Etsy 買家帶到我們的移動應用中，為他們提供最佳和最高效的體驗。

Last quarter, we also told you that we planned to launch our first ever app download campaign to support both our paid efforts and discovery of the Etsy app in organic app store searches, we revamped the buy on Etsy app store listing.

上個季度，我們還告訴您，我們計劃啟動我們的第一個應用程序下載活動，以支持我們的付費工作和在有機應用程序商店搜索中發現 Etsy 應用程序，我們修改了 Etsy 應用程序商店列表中的購買。

This work is enabling us to optimize the presence and relevancy of our app, encourage downloads in both the iOS and Android app stores and improve our category and search rankings.

這項工作使我們能夠優化應用程序的存在和相關性，鼓勵在 iOS 和 Android 應用程序商店中下載，並提高我們的類別和搜索排名。

We're already seeing results in the US app stores only weeks after making these changes.

在進行這些更改僅數週後，我們就已經在美國的應用商店中看到了結果。

For example, in the US iOS app store, we recently ranked in the top 10 for 18 of our target key words compared with just eight before the revamp.

例如，在美國 iOS 應用商店中，我們最近有 18 個目標關鍵詞進入前 10 名，而改版前只有 8 個。

In the US Google Play store, we recently ranked in the top 10 for five key words verses only ranking for the keyword Etsy, previously.

在美國 Google Play 商店中，我們最近在五個關鍵詞排名中排名前 10，而之前僅針對關鍵詞 Etsy 排名。

We intend to localize this work to our key global markets.

我們打算將這項工作本地化到我們的主要全球市場。

We believe we can continue to drive app downloads and usage building on our already strong foundation.

我們相信我們可以在我們已經強大的基礎上繼續推動應用程序下載和使用。

Turning now to building local marketplaces globally, we are focused on building 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 and where we can generate strong network effects.

現在轉向在全球範圍內建立本地市場，我們專注於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/地區存在本地買家和賣家活動的早期跡象，並且我們可以在這些國家/地區產生強大的網絡效應。

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

在第二季度，Etsy 的國際 GMS 約占我們總 GMS 的 30%，比去年有所下降，與第一季度持平。

While we think we are continuing to face headwinds created by the strong US dollar, we also think we can improve our performance by continuing to invest in the strategies that have led to early successes.

雖然我們認為我們將繼續面臨強勢美元造成的不利因素，但我們也認為我們可以通過繼續投資於已取得早期成功的戰略來改善我們的業績。

For example, this quarter, we once again saw strength in the UK market as we continued to roll out additional localization efforts.

例如，本季度，隨著我們繼續推出額外的本地化工作，我們再次看到英國市場的強勁勢頭。

We saw a greater than 76% year-over-year increase in purchases by UK buyers and UK sellers.

我們看到英國買家和英國賣家的購買量同比增長超過 76%。

This growth rate was nearly five times the rate of growth for goods imported into the UK this quarter.

這一增長率幾乎是本季度英國進口商品增長率的五倍。

We intend to apply the same types of localization efforts in our core international markets because we believe these activities attract sellers to Etsy, stimulate the local marketplace by connecting local sellers to buyers and expand Etsy's brand awareness.

我們打算在我們的核心國際市場應用相同類型的本地化工作，因為我們相信這些活動會吸引賣家到 Etsy，通過將本地賣家與買家聯繫起來來刺激本地市場，並擴大 Etsy 的品牌知名度。

Let's turn now to high-impact seller services.

現在讓我們轉向具有高影響力的賣家服務。

As we've talked about before, seller services let Etsy sellers spend more time doing the work they enjoy most; making, designing and curating and less time on the administrative task of running their shops.

正如我們之前談到的，賣家服務讓 Etsy 賣家可以花更多時間做他們最喜歡的工作；製作、設計和策劃，花在經營商店的行政任務上的時間更少。

Currently, we provide three seller services that generate revenue for Etsy; promoted listings, direct checkout and shipping labels.

目前，我們提供三種為 Etsy 帶來收入的賣家服務；促銷列表、直接結帳和運輸標籤。

Overtime, Etsy's goal is to increase usage of these three seller services, expand their geographic reach and launch new ones.

隨著時間的推移，Etsy 的目標是增加這三項賣家服務的使用，擴大其地理範圍並推出新服務。

During the second quarter, seller services represented approximately 49% of total revenue.

第二季度，賣家服務約佔總收入的 49%。

I'd like to highlight one enhancement added to promoted listings that demonstrates how we can help our sellers market their shops on Etsy.

我想強調一項添加到促銷列表中的增強功能，它展示了我們如何幫助我們的賣家在 Etsy 上營銷他們的商店。

This feature is called search term analytics and allows sellers to use promoted listings to see the search terms shoppers used that led to the seller's promoted listing being shown.

此功能稱為搜索詞分析，允許賣家使用促銷列表來查看購物者使用的搜索詞，這些搜索詞導致賣家的促銷列表被顯示。

We are also providing sellers with the search terms that generate higher clicks and orders than average.

我們還為賣家提供產生比平均水平更高的點擊次數和訂單的搜索詞。

We believe this feature will help sellers learn more about what brings buyers to their shops.

我們相信此功能將幫助賣家更多地了解是什麼吸引買家光顧他們的商店。

Finally, I want to update you on our progress expanding the Etsy economy.

最後，我想向您介紹我們在擴展 Etsy 經濟方面取得的最新進展。

While the projects and pilot programs that we are highlighting are small, they provide a path forward to bring new members into the Etsy community beyond our current active sellers and buyers.

雖然我們強調的項目和試點計劃規模很小，但它們提供了一條前進的道路，可以將新成員帶入 Etsy 社區，超越我們目前活躍的賣家和買家。

In July, we launched a pilot program in partnership with Lionsgate to allow sellers to create and sell licensed items based on the Divergent series Insurgent movie.

7 月，我們與 Lionsgate 合作推出了一項試點計劃，允許賣家根據 Divergent 系列 Insurgent 電影製作和銷售授權商品。

11 sellers were selected to participate in the pilot in conjunction with a home entertainment release of the movie last month.

上個月，11 位賣家被選中參與試點，同時電影在家庭娛樂中上映。

The feedback we received from Lionsgate is that this partnership is a wonderful way for the entrepreneurs who sell on Etsy to create merchandise that is inspired by fans and made for fans.

我們從 Lionsgate 收到的反饋是，對於在 Etsy 上銷售的企業家來說，這種合作關係是一種絕妙的方式，可以創造出受粉絲啟發並為粉絲製作的商品。

We believe that partnerships like this demonstrate our strong relationships with brands and we look forward to exploring other opportunities like this in the future.

我們相信，像這樣的合作夥伴關係證明了我們與品牌的牢固關係，我們期待在未來探索其他類似的機會。

Before I turn the call over to Kristina, I want to acknowledge another significant milestone that we reached this past quarter, our 10-year anniversary.

在我把電話轉給克里斯蒂娜之前，我想承認我們在上個季度達到了另一個重要里程碑，即我們成立 10 週年。

Etsy was born out of a simple idea that an online marketplace should exist to connect creative entrepreneurs with buyers in search of unique goods.

Etsy 的誕生源於一個簡單的想法，即應該存在一個在線市場，將創意企業家與尋找獨特商品的買家聯繫起來。

As we have continued to execute on our mission to reimagine commerce, Etsy has come to represent a powerful alternative to traditional commerce and a different people-centered model for doing business.

隨著我們繼續執行重新構想商業的使命，Etsy 已經成為傳統商業的強大替代品和一種不同的以人為本的商業模式。

We're continuing to build for the long-term and we believe that Etsy will continue to have a positive impact on our global community in the years and decades ahead.

我們將繼續為長期建設，我們相信 Etsy 將在未來幾年和幾十年繼續對我們的全球社區產生積極影響。

To celebrate our 10th year, in mid-June, we organized a mass volunteer mobilization event for Etsy employees.

為慶祝我們成立 10 週年，6 月中旬，我們為 Etsy 員工組織了一次大規模志願者動員活動。

And in total, Etsy employees volunteered over 600 hours Company-wide.

Etsy 員工在全公司範圍內總共志願服務了 600 多個小時。

We're proud of the positive impact Etsy employees have had on our global community over the past 10 years.

我們為 Etsy 員工在過去 10 年中對我們的全球社區產生的積極影響感到自豪。

We remain focused on creating positive and sustainable results for our entire community including our shareholders.

我們仍然專注於為包括我們的股東在內的整個社區創造積極和可持續的成果。

We believe our four key areas of focus; making Etsy an everyday experience, building local marketplaces globally, offering high-impact seller services and expanding the Etsy economy will allow us to build a successful business and community for the long-term.

我們相信我們關注的四個關鍵領域；讓 Etsy 成為一種日常體驗、在全球範圍內建立本地市場、提供具有高影響力的賣家服務並擴大 Etsy 經濟將使我們能夠建立一個長期成功的企業和社區。

We appreciate the opportunity today to report our progress.

我們很高興今天有機會報告我們的進展。

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

有了這個，我會把它交給 Kristina 來更詳細地檢查我們的財務結果。

Thanks, Chad.

謝謝，乍得。

Hello to everyone joining us today.

大家好今天加入我們。

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

請注意，除非我這麼說，否則我將在這裡談論的所有比較都是按年進行的。

So let's start with GMS.

那麼讓我們從 GMS 開始吧。

During the second quarter of 2015, the Etsy marketplace generated $546.2 million in GMS, up 24.6%.

2015 年第二季度，Etsy 市場產生了 5.462 億美元的 GMS，增長 24.6%。

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

GMS 的增長是由活躍賣家和活躍買家的增長推動的。

At the end of the second quarter, Etsy had 1.5 million active sellers, up 24.6% from 1.2 million last year.

截至第二季度末，Etsy 擁有 150 萬活躍賣家，比去年的 120 萬增長了 24.6%。

And 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過一筆費用的賣家。

Also at the end of the second quarter, Etsy had 21.7 million active buyers, up 31.6% from 16.5 million last year.

同樣在第二季度末，Etsy 擁有 2170 萬活躍買家，比去年的 1650 萬增長了 31.6%。

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

另請注意，活躍買家是指在過去 12 個月內至少購買過一次商品的買家。

Etsy's second quarter results demonstrate our continued year over year progress in narrowing the gap between mobile visits and mobile GMS and highlighted the results of continued improvements in our mobile app offerings.

Etsy 第二季度的業績表明我們在縮小移動訪問和移動 GMS 之間的差距方面持續取得同比進展，並突出了我們移動應用程序產品持續改進的結果。

Approximately 60% of our visits came to us from a mobile device.

大約 60% 的訪問來自移動設備。

This continued to outpace the rate of growth on desktop and was up 700 basis points year-over-year and 100 basis points quarter-over-quarter.

這繼續超過台式機的增長率，同比增長 700 個基點，環比增長 100 個基點。

About 43% of our GMS came from a mobile device, also up 700 basis points year-over-year, but flat quarter-over-quarter.

我們約 43% 的 GMS 來自移動設備，也同比增長 700 個基點，但環比持平。

Etsy's international business continued to expand with international revenue growing 57.5% in the second quarter.

Etsy 的國際業務繼續擴張，第二季度國際收入增長 57.5%。

However, percent international GMS declined to 30.2% in the second quarter of 2015 from 30.9% last year and was roughly flat quarter-over-quarter.

然而，國際 GMS 百分比從去年的 30.9% 下降到 2015 年第二季度的 30.2%，環比基本持平。

As a reminder, percent year national GMS is the percent of GMS from transactions where either the billing address of the Etsy seller or the shipping address of the Etsy buyer is outside of the United States.

提醒一下，國家 GMS 百分比是指 Etsy 賣家的賬單地址或 Etsy 買家的送貨地址在美國境外的交易中 GMS 的百分比。

We continue to believe that we can grow percent international GMS over time to represent 50% of our total GMS.

我們仍然相信，隨著時間的推移，我們可以將國際 GMS 的百分比增加到占我們總 GMS 的 50%。

However, currency exchange rates have continued to effect Etsy's GMS growth in two ways that impact both overall GMS growth rates and percent international GMS.

然而，貨幣匯率繼續以兩種方式影響 Etsy 的 GMS 增長，這兩種方式會影響總體 GMS 增長率和國際 GMS 百分比。

The first way, currency exchange rate fluctuations have a direct impact on the translation of our non-US dollar denominated GMS.

第一種方式，貨幣匯率波動對我們非美元計價的GMS的折算有直接的影響。

Approximately 9% of our GMS is from items that are listed in non-US dollars.

我們大約 9% 的 GMS 來自以非美元列出的項目。

And as a result, these items are subject to the impact of currency exchange rate fluctuations.

因此，這些項目會受到貨幣匯率波動的影響。

On a currency neutral basis, GMS growth in the second quarter would have been 1.9 percentage points higher, or 26.5% growth, compared to the 24.6% growth we reported.

在匯率中性的基礎上，與我們報告的 24.6% 的增長率相比，第二季度 GMS 的增長率將高出 1.9 個百分點，即 26.5%。

And the second way, we believe currency exchange rate fluctuations have an indirect impact on buyer behavior, as well.

第二種方式，我們認為貨幣匯率波動也會對買家行為產生間接影響。

We believe local currencies in key international markets continue to dampen the demand for US dollar-denominated goods.

我們認為主要國際市場的當地貨幣繼續抑制對美元計價商品的需求。

For example, during the second quarter, GMS from international buyers purchasing from US sellers declined approximately 6% year-over-year.

例如，在第二季度，國際買家向美國賣家採購的 GMS 同比下降約 6%。

This compares with approximately 43%, 23%, and 0.3% year-over-year growth in the third quarter of 2014, the fourth quarter of 2014, and the first quarter of 2015, respectively.

相比之下，2014 年第三季度、2014 年第四季度和 2015 年第一季度的同比增長率分別約為 43%、23% 和 0.3%。

In contrast, excluding our French subsidiary ALM, GMS from international buyers making purchases from sellers in their own country grew more than 50% year-on-year during the second quarter.

相比之下，不包括我們的法國子公司 ALM，國際買家從本國賣家那裡購買的 GMS 在第二季度同比增長了 50% 以上。

While this segment represents just a small percentage of our overall GMS, we are encouraged by this growth, which significantly outpaced the growth of our overall GMS this quarter.

雖然這部分只占我們整體 GMS 的一小部分，但我們對這一增長感到鼓舞，它大大超過了本季度我們整體 GMS 的增長。

Based on the direct impact of currency translation of our non-US dollar denominated GMS and our assumptions surrounding the indirect impact of currency exchange rates on buyer behavior outside of the US, we believe that we saw low-single digit drag on our overall GMS growth rate in the second quarter.

基於我們非美元計價的 GMS 的貨幣換算的直接影響以及我們圍繞貨幣匯率對美國以外買家行為的間接影響的假設，我們認為我們看到了對我們整體 GMS 增長的低個位數拖累第二季度的利率。

Turning to revenue, during the second quarter, total revenue was $61.4 million, up 44.4%, driven by the growth in seller services revenue, and to a lesser extent, growth in marketplace revenue.

談到收入，在第二季度，總收入為 6140 萬美元，增長 44.4%，受賣家服務收入增長的推動，以及在較小程度上受市場收入增長的推動。

Marketplace revenue grew 23% primarily due to the growth in transaction fee revenue, and to a lesser extent, growth in listing fee revenue.

市場收入增長 23% 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 79.5%.

賣家服務收入的增長速度繼續快於 GMS，增長 79.5%。

This growth was primarily due to growth in revenue from promoted listings which continue 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商品的收入增長，這些商品繼續受益於 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, enhancements to the products and an increase in the overall number of orders shipped.

運輸標籤收入的增長是由採用率的提高、產品的改進以及發貨訂單總數的增加共同推動的。

Direct checkout revenue growth was driven by increased adoption and GMS growth overall.

直接結賬收入的增長是由採用率的提高和 GMS 的整體增長推動的。

Gross profit for the second quarter was $39.5 million, up 56.8% and the growth margin was 64.3%, up 510 basis points.

第二季度毛利潤為 3950 萬美元，增長 56.8%，增長率為 64.3%，增長 510 個基點。

Similar to the first quarter, in the second quarter, gross profit grew faster than revenue.

與一季度類似，二季度毛利增速快於營收增速。

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取得了槓桿作用。

This was also because of the growth of promoted listings, which you may recall, is a higher margin revenue stream and which outpaced the growth of direct checkout, which as you may recall, is a lower margin revenue stream.

這也是因為促銷列表的增長，您可能還記得，這是一個利潤率較高的收入來源，並且超過了直接結帳的增長，您可能還記得，這是一個較低利潤率的收入來源。

Turning now to operating expenses, Etsy's total second quarter operating expenses were $43.2 million, up 49.3%.

現在轉向運營費用，Etsy 第二季度的總運營費用為 4320 萬美元，增長 49.3%。

Marketing expenses totaled $15.5 million, up 77.3%, representing 25% of total revenue verses 21% last year and 21% in the last quarter.

營銷費用總計 1550 萬美元，增長 77.3%，佔總收入的 25%，而去年和上一季度分別為 21% 和 21%。

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

營銷費用的增加繼續主要受到谷歌產品列表廣告支出增加和員工相關費用增加的推動。

As a reminder, we have a measured and balanced marketing strategy.

提醒一下，我們有一個衡量和平衡的營銷策略。

We make conservative assumptions about how paid traffic will perform compared with organic traffic and we remain committed to achieving positive ROI at the aggregate Company level on our marketing spend.

我們對付費流量與自然流量相比的表現做了保守的假設，我們仍然致力於在公司層面的營銷支出上實現積極的投資回報率。

Finally of note in our marketing expenses in the second quarter, we're approximately $300,000 in IPO-related marketing expenses that were not deductible from our IPO proceeds and that we disclosed in our last quarter.

最後值得注意的是，在我們第二季度的營銷費用中，與 IPO 相關的營銷費用約為 300,000 美元，這些費用不能從我們的 IPO 收益中扣除，並且我們在上一季度披露了這一點。

Product development expenses totaled $10.1 million, up 14.6% year-on-year, representing 16% of total revenue verses 21% last year and 17% last quarter.

產品開發費用總計 1010 萬美元，同比增長 14.6%，佔總收入的 16%，而去年和上季度分別為 21% 和 17%。

The increase in product development expenses was driven by higher employee-related expenses as we continue to grow product and engineering staff.

隨著我們繼續增加產品和工程人員，與員工相關的費用增加推動了產品開發費用的增加。

G&A expenses totaled $17.6 million, up 54.7%, representing 29% of total revenue verses 27% last year and 35% last quarter.

G&A 費用總計 1760 萬美元，增長 54.7%，佔總收入的 29%，而去年和上季度分別為 27% 和 35%。

The increase in G&A expenses primarily resulted from an increase in employee-related expenses and the one time $300,000 cash contribution we made to Etsy.org in the second quarter.

G&A 費用的增加主要是由於與員工相關的費用增加以及我們在第二季度向 Etsy.org 一次性捐贈了 300,000 美元現金。

Headcount at the end of the quarter was 757, compared with 717 as of March 31, 2015, and 685 as of December 31, 2014.

本季度末員工人數為 757 人，截至 2015 年 3 月 31 日為 717 人，截至 2014 年 12 月 31 日為 685 人。

Non-GAAP adjusted EBITDA was $4.1 million, up 18.3%.

非美國通用會計準則調整後的 EBITDA 為 410 萬美元，增長 18.3%。

This resulted in an adjusted EBITDA margin of 6.6%, down 150 basis points year-over-year.

這導致調整後的 EBITDA 利潤率為 6.6%，同比下降 150 個基點。

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

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

Second quarter 2015 net loss was $6.4 million, compared with a net loss of $3.2 million last year.

2015 年第二季度淨虧損為 640 萬美元，而去年淨虧損為 320 萬美元。

Last quarter, we discussed two non-cash, non-operating expenditures: inter-Company debt and our tax provision.

上個季度，我們討論了兩項非現金、非經營性支出：公司間債務和我們的稅收撥備。

Both of these related to the revised corporate structure we implemented on January 1, of this year.

這兩者都與我們在今年 1 月 1 日實施的修訂後的公司結構有關。

As a reminder, the revised corporate structure was implemented to more closely align with our global operations and future expansion plans outside the US.

提醒一下，實施修訂後的公司結構是為了更緊密地配合我們的全球業務和未來在美國以外的擴張計劃。

This quarter Etsy's net loss was again impacted by these same factors.

本季度 Etsy 的淨虧損再次受到這些相同因素的影響。

Regarding the inter-Company debt, net loss was actually favorably impacted by a $5.8 million non-cash, non-operating currency exchange gain.

關於公司間債務，淨虧損實際上受到 580 萬美元的非現金、非經營性貨幣匯兌收益的有利影響。

This compares to a currency exchange loss of $20.9 million last quarter.

相比之下，上一季度匯兌損失為 2090 萬美元。

However, largely offsetting this non-cash non-operating gain, we recorded a $4.9 million tax provision, of which $2 million was non-cash.

然而，在很大程度上抵消了這一非現金非經營收益，我們記錄了 490 萬美元的稅收撥備，其中 200 萬美元是非現金。

This compares with a $10.7 million tax provision last quarter.

相比之下，上個季度的稅收撥備為 1070 萬美元。

We expect that in absolute dollars, the first quarter tax provision of $10.7 million will be the highest of 2015.

我們預計，以絕對美元計算，第一季度 1070 萬美元的稅收撥備將是 2015 年的最高水平。

During the quarter, we generated $4.7 million in cash from operations compared with $700,000 in the second quarter of 2014.

本季度，我們從運營中產生了 470 萬美元的現金，而 2014 年第二季度為 700,000 美元。

As of June 30, 2015, following the successful completion of our initial public offering, we had cash and marketable securities totaling $268.2 million.

截至 2015 年 6 月 30 日，在我們成功完成首次公開募股後，我們擁有總計 2.682 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 third quarter of 2015.

最後，我想強調幾個我們在考慮 Etsy 2015 年第三季度時應該考慮的因素。

Although we won't be providing quantitative guidance, we will continue from time to time to 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，但我們會不時繼續強調定性因素，以牢記可能影響特定季度的因素。

For the third quarter of 2015, I'd like to highlight four items, most of which we've discussed previously.

對於 2015 年第三季度，我想強調四個項目，其中大部分我們之前已經討論過。

First, just like we conveyed in the first quarter of 2015, if currency exchange rates remain at current levels, GMS growth related to goods that are listed in non US dollars will be directly and negatively impacted by currency translation.

首先，就像我們在 2015 年第一季度傳達的那樣，如果貨幣匯率保持在當前水平，與以非美元列出的商品相關的 GMS 增長將受到貨幣換算的直接負面影響。

We also believe that currency exchange rates would continue to have an indirect impact on GMS growth by affecting behavior of buyers outside the US and dampening their demand for US dollar-denominated goods.

我們還認為，貨幣匯率將影響美國以外買家的行為並抑制他們對美元計價商品的需求，從而繼續對 GMS 增長產生間接影響。

Second, similar to what we conveyed in the first and second quarters, we plan to spend more on marketing in absolute dollars in the third quarter, compared with both the second quarter of 2015 and the third quarter of 2014.

其次，與我們在第一季度和第二季度傳達的信息類似，與 2015 年第二季度和 2014 年第三季度相比，我們計劃在第三季度投入更多的絕對美元營銷費用。

Etsy's digital marketing spend will continue to be focused on search engine marketing, primarily Google product listing ads.

Etsy 的數字營銷支出將繼續專注於搜索引擎營銷，主要是谷歌產品列表廣告。

I think it's important to remind everyone that while we are deliberately increasing our marketing spend, unique to an internet e-commerce Company of our size, we have spent relatively few dollars on marketing historically.

我認為重要的是要提醒大家，雖然我們有意增加營銷支出，這對於我們這種規模的互聯網電子商務公司來說是獨一無二的，但從歷史上看，我們在營銷上的支出相對較少。

In fact, even today, roughly 90% of our traffic comes to us directly from organic sources.

事實上，即使在今天，我們仍有大約 90% 的流量直接來自有機來源。

Third, also similar to the second quarter, we expect to increase the pace of hiring in the third quarter compared with both the second quarter of 2015 and the third quarter of 2014.

第三，與第二季度類似，我們預計第三季度的招聘速度將比 2015 年第二季度和 2014 年第三季度有所加快。

As a reminder, our hiring tends to increase as we move throughout the year and it's also increasing year-over-year to support the anticipated needs of the business.

提醒一下，隨著我們全年的變動，我們的招聘人數往往會增加，而且為了支持業務的預期需求，招聘人數也在逐年增加。

And finally, we'd like to remind investors that by the end of third quarter 2015, we'll mark the anniversary of the full relaunch of promoted listings, which has been the biggest driver of seller services year-over-year revenue growth this year.

最後，我們想提醒投資者，到 2015 年第三季度末，我們將迎來全面重新推出促銷商品的周年紀念日，這是今年賣家服務收入同比增長的最大推動力年。

As we approach this anniversary, we would expect promoted listing revenue growth to decelerate.

隨著我們臨近這個週年紀念日，我們預計推廣上市收入增長將放緩。

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

有了這個，我會感謝你的傾聽，我會把電話轉回我們的接線員 Liz，打開它來提問。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Heath Terry with Goldman Sachs.

我們的第一個問題來自希思特里與高盛的合作。

Your line is now open.

您的線路現已開通。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks.

謝謝。

You have talked a good bit in the past about the effectiveness of the initial investments that you have been making in marketing and I was wondering if you could just give us a bit of an update on where the ROI that you are seeing there is falling.

您過去曾多次談到您在營銷方面所做的初始投資的有效性，我想知道您是否可以向我們介紹一下您所看到的投資回報率下降的最新情況。

You mentioned the incredibly strong organic traffic that you're seeing.

您提到了您所看到的令人難以置信的強大有機流量。

Wondering where the rest of that is coming from and how those efforts are shaping up relative to your expectations?

想知道其餘的來自哪里以及這些努力相對於您的期望如何形成？

Great.

偉大的。

Hi, Heath.

嗨，希思。

So as you point out, organic traffic continues to be a significant percentage, 90% of our traffic.

因此，正如您指出的那樣，有機流量仍然佔很大比例，占我們流量的 90%。

And that is a high-class problem, so to speak, and very different from most of the e-commerce companies that are out there.

可以說，這是一個高級問題，與大多數電子商務公司截然不同。

When we look at the GMS spend that's generated from organic traffic, I think it is safe to assume that that also represents the vast majority of GMS.

當我們查看自然流量產生的 GMS 支出時，我認為可以安全地假設這也代表了 GMS 的絕大部分。

Pay GMS, the GMS that is generated from these direct marketing efforts is growing faster than organic GMS, a multiple of organic GMS, which we take as a positive sign of the returns of our unmarketing dollars.

付費 GMS，這些直接營銷工作產生的 GMS 比有機 GMS 增長更快，有機 GMS 是有機 GMS 的倍數，我們將其視為非營銷資金回報的積極信號。

One of the things that I would remind everyone of is prior to 2014, we hardly marketed at all.

我要提醒大家的一件事是在 2014 年之前，我們幾乎沒有營銷。

Indeed, the percentage that we spent on marketing as a percent of revenue was in the low teens.

事實上，我們在營銷上的支出佔收入的百分比只有十幾歲。

Beginning in 2014, we started to amplify that.

從 2014 年開始，我們開始擴大這一點。

In reality, the growth rate of our marketing spend is decelerating from a triple digit percentage growth in 2014.

實際上，我們的營銷支出增長率與 2014 年的三位數百分比增長率相比有所下降。

That being said, we continue to apply the conservative attribution model that we use to allocate every single marketing dollar that we spend.

話雖這麼說，我們繼續應用我們用來分配我們花費的每一筆營銷費用的保守歸因模型。

That assumes that paid traffic has lower returns than organic traffic.

這假設付費流量的回報低於有機流量。

It assumes a very conservative two-year return rate and that's conservative because historically, we have been much more successful in retaining our buyers over the long-term.

它假設了一個非常保守的兩年回報率，這是保守的，因為從歷史上看，我們在長期留住買家方面要成功得多。

And it forces marketing spend to be ROI positive at the aggregate level for the Company, meaning that our total marketing dollars are ROI positive even if in one country we might be breaking it even or slightly negative.

並且它迫使營銷支出在公司的總體水平上為正投資回報率，這意味著我們的總營銷資金為正投資回報率，即使在一個國家我們可能收支平衡或略微為負。

So all of that rigor has been maintained with the increase in marketing spend both in this quarter, in last quarter and will continue to maintain it in future quarters.

因此，隨著本季度和上個季度營銷支出的增加，所有這些嚴謹性都得到了保持，並將在未來幾個季度繼續保持下去。

Great.

偉大的。

Thank you.

謝謝你。

That's really helpful.

這真的很有幫助。

One more.

多一個。

Given the growth that you are seeing in seller services, can you update us a bit on the breakdown of mix there between direct checkout and product listings and shipping?

鑑於您在賣家服務方面看到的增長，您能否向我們介紹一下直接結賬、產品列表和運輸之間的組合細分情況？

Sure, well I will repeat what we have said in the past.

當然，我會重複我們過去說過的話。

We aren't breaking it down between the three specifically.

我們並沒有具體地在三者之間進行分解。

We'll likely provide annual updates in terms of penetration.

我們可能會提供滲透方面的年度更新。

Okay.

好的。

But the information that was given in the past with regard to the breakdown remains.

但過去提供的有關故障的信息仍然存在。

Shipping labels is the smallest because it's booked net.

運輸標籤是最小的，因為它是淨預訂的。

Direct checkout and promoted listings are very similar in terms of their contribution to overall seller services revenue.

直接結賬和推廣列表在對整體賣家服務收入的貢獻方面非常相似。

Okay.

好的。

Great.

偉大的。

Thanks, Kristina.

謝謝，克里斯蒂娜。

You bet.

你打賭。

Our next question comes from the line of Brian Nowak with Morgan Stanley.

我們的下一個問題來自 Brian Nowak 與摩根士丹利的對話。

Your line is open.

你的線路是開放的。

Thanks for taking my questions.

感謝您回答我的問題。

I have two.

我有兩個。

The first one on the buyer growth, I think this sequential absolute buyer growth is around 860,000 was the fewest we have seen.

第一個關於買家增長，我認為這個連續的絕對買家增長約為 860,000，是我們見過的最少的。

Understanding that you are committed to generating positive ROI and kind of remained disciplined on the marketing spend, can you just talk to us about how you think about accelerating this buyer growth going forward?

了解您致力於產生積極的投資回報率並且在營銷支出方面保持紀律，您能否與我們談談您如何考慮加速這種買家增長？

Or is that not something that we should think about in the model in the near future?

或者這不是我們應該在不久的將來在模型中考慮的事情嗎？

I have one followup.

我有一個跟進。

Thanks, Brian.

謝謝，布萊恩。

So your question is should we think about accelerating our active buyer growth and you are specifically linking that back to marketing.

所以你的問題是我們是否應該考慮加速活躍買家的增長，你特別將其與營銷聯繫起來。

I think it is important to remember -- again, I will reiterate the point of our majority GMS coming from organic, the vast, vast majority.

我認為重要的是要記住——我將再次重申我們大多數 GMS 來自有機的觀點，絕大多數。

As we think about active buyers, we are thinking about activating or increasing the engagement of our existing buyers and then, yes, bringing on new buyers through paid acquisition.

當我們考慮活躍買家時，我們正在考慮激活或增加現有買家的參與度，然後，是的，通過付費收購吸引新買家。

So when we think about the active buyer growth rate number, we don't have as an explicit goal to accelerate active buyer growth.

因此，當我們考慮活躍買家增長率數字時，我們並沒有將加速活躍買家增長作為明確目標。

What we are focused on is increasing the engagement of our existing buyers and bringing in high-quality new buyers which fits that ROI matrix that I leave out.

我們關注的是增加現有買家的參與度，並引進符合我遺漏的 ROI 矩陣的高質量新買家。

But what I would also highlight is it is important to think about our active buyer activity from quarter-to-quarter in terms of seasonality.

但我還要強調的是，重要的是要從季節性的角度考慮我們每個季度的活躍買家活動。

So historically, if you look at third quarter and fourth quarter, those tend to be, I guess for obvious reasons given holidays, tend to be more active from an active buyer perspective whether it is an existing buyer and her level of engagement or new buyer acquisition.

所以從歷史上看，如果你看第三季度和第四季度，我想由於假期的明顯原因，從活躍買家的角度來看，無論是現有買家和她的參與度還是新買家，這些往往更加活躍獲得。

Great.

偉大的。

Then as followup, I appreciate the color again on the international buyers purchasing from US sellers down 6%.

然後作為後續，我再次欣賞國際買家從美國賣家那裡購買的顏色下降了 6%。

What percentage of international GMS is that at this point?

此時國際 GMS 的百分比是多少？

How fast did that grow in Q2 2014?

2014 年第二季度增長速度有多快？

Thanks.

謝謝。

Sure.

當然。

We haven't disclosed the breakdown of all of the buckets.

我們還沒有透露所有桶的細目。

But what I would say just to give some more color on that point is that our largest bucket of GMS by far is US buyer to US seller.

但我想說的只是為了在這一點上提供更多的顏色是我們迄今為止最大的 GMS 桶是美國買家對美國賣家。

Intuitively, it makes sense.

直覺上，這是有道理的。

Our largest community is buyers, 21.7 million active buyers.

我們最大的社區是買家，有 2170 萬活躍買家。

We have disclosed in the past the majority of them are US based.

我們過去曾披露過，其中大部分是美國公司。

Then we look at our seller community, 1.5 million active sellers, and we disclose that the majority of them are US based.

然後我們看看我們的賣家社區，有 150 萬活躍賣家，我們透露他們中的大多數來自美國。

Put that together and US seller to US buyer is the vast majority of our GMS.

綜上所述，美國賣家對美國買家是我們 GMS 的絕大部分。

If you look at the smallest bucket, the smallest bucket of the five that we look at, is international seller to international buyer in the same country.

如果您查看最小的桶，我們看到的五個桶中最小的桶是同一國家/地區的國際賣家對國際買家。

That's the piece that we are really trying to grow with our build local market places globally.

這就是我們真正想要通過在全球範圍內建立本地市場來發展的部分。

It is the smallest by far and it is growing the fastest.

它是迄今為止最小的，但增長最快。

So we are very encouraged by the growth rate that we are seeing as signs that our international strategy is working.

因此，我們對增長率感到非常鼓舞，我們將其視為我們的國際戰略正在發揮作用的跡象。

But all the other buckets, whether it is US seller to international buyer, international seller to US buyer, they all are small relative to the big bucket of US buyer to US seller.

但所有其他的桶，無論是美國賣家對國際買家，國際賣家對美國買家，相對於美國買家對美國賣家的大桶來說都是小的。

And then to answer your last question, second quarter 2014 growth rate of the metric that you referenced, was in line with the fourth quarter range, similar to fourth quarter and third quarter.

然後回答你的最後一個問題，你引用的指標 2014 年第二季度的增長率與第四季度的範圍一致，類似於第四季度和第三季度。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Our next question comes from the line of Gil Luria with Wedbush Securities.

我們的下一個問題來自 Gil Luria 與 Wedbush Securities 的對話。

Your line is now open.

您的線路現已開通。

Thank you.

謝謝你。

I wanted to followup on that question.

我想跟進那個問題。

You were very helpful giving us the growth rates for international to international and international from the US.

您為我們提供了國際到國際和美國國際的增長率，這對我們很有幫助。

Would you mind giving us though the complements?

你介意給我們補充嗎？

So US to US and US buyer from international seller?

那麼美國對美國和美國買家從國際賣家？

No, I am sorry Gil, we are not breaking out all of the individual growth rates of the five buckets of GMS.

不，我很抱歉吉爾，我們沒有打破 GMS 五桶的所有個體增長率。

We are breaking out that US seller to international buyer to highlight that indirect impact, to try to give some color around what we think that indirect impact is on our overall GMS growth rate and to help investors better understand how to think about the impact of FX going forward.

我們將美國賣家與國際買家分開，以強調間接影響，試圖圍繞我們認為間接影響對我們整體 GMS 增長率的影響給出一些顏色，並幫助投資者更好地理解如何考慮外彙的影響往前走。

Got it.

知道了。

Thank you.

謝謝你。

You're welcome.

別客氣。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Tom Forte with Brean Capital.

我們的下一個問題來自 Tom Forte 與 Brean Capital 的合作。

Your line is now open.

您的線路現已開通。

Can I ask you a couple questions on some initiatives you launched during the quarter and what they might mean to the business near-term and longer-term?

我能否就您在本季度推出的一些計劃問您幾個問題，以及它們對近期和長期業務可能意味著什麼？

The first is you launched a crowd funding effort and then wanted to see where you are on your small batch manufacturing certification for lack of a better way of putting it?

首先是您發起了一項眾籌活動，然後想看看您在小批量製造認證方面的進展情況，因為沒有更好的方式來證明這一點？

Basically giving your sellers the opportunity to work with small batch manufacturers that you have certified as a way to expand their businesses?

基本上讓您的賣家有機會與您已認證的小批量製造商合作，以此作為擴展他們業務的一種方式？

And then I had a followup question after that.

然後我有一個後續問題。

Sure.

當然。

Thanks, Tom.

謝謝，湯姆。

So starting with the crowd funding fund on Etsy initiative, that initiative is so incredibly early at this point that we don't have specific results to report.

因此，從 Etsy 倡議的眾籌基金開始，該倡議在這一點上非常早，我們沒有具體的結果要報告。

Very much a pilot program but something that we are watching really closely.

這是一個試點項目，但我們正在密切關注。

The second question around responsible manufacturing, at this point, we have 4,700 sellers in that program and 7,900 manufacturers.

關於負責任製造的第二個問題，在這一點上，我們在該計劃中有 4,700 名賣家和 7,900 名製造商。

And it's important to know that 85% of those relationships are between sellers and manufacturers in the same country.

重要的是要知道，這些關係中有 85% 是在同一國家/地區的賣家和製造商之間。

So our manufacturing program is largely a local phenomenon when it comes to country.

因此，就國家而言，我們的製造計劃在很大程度上是一種地方現象。

Great.

偉大的。

And then I recognize that a lot of your advertising efforts have been focused on product listing ads in Google, but you are starting to see more and more social networks like Pinterest launch buy buttons and I would think you are a natural to leverage that opportunity.

然後我意識到你的很多廣告努力都集中在谷歌的產品列表廣告上，但你開始看到越來越多的社交網絡，如 Pinterest 啟動購買按鈕，我認為你很自然地利用了這個機會。

How should we think about Etsy's ability to leverage those buy buttons on a go-forward basis?

我們應該如何考慮 Etsy 在前進的基礎上利用這些購買按鈕的能力？

Sure.

當然。

We see buy buttons as a great potential advertising channel for our sellers and we have been talking to all the major platforms, learning about what possible integrations might look like.

我們將購買按鈕視為我們賣家的一個巨大的潛在廣告渠道，我們一直在與所有主要平台交談，了解可能的集成方式。

I think the buy button ecosystem at large is still very early and everyone has kind of a different standard.

我認為整個購買按鈕生態系統還很早，每個人都有不同的標準。

One of the things that we are trying to figure out is when we look at Etsy, one of the most important aspects of Etsy is the person to person connection.

我們試圖弄清楚的一件事是，當我們看 Etsy 時，Etsy 最重要的方面之一就是人與人之間的聯繫。

And we find that many of our transactions on Etsy involve conversations between the buyer and seller.

我們發現我們在 Etsy 上的許多交易都涉及買賣雙方之間的對話。

So that's something that buy buttons really don't make possible.

所以這是買按鈕真的不可能做到的事情。

So it's something we are thinking about.

所以這是我們正在考慮的事情。

We did run a pilot test with Tumblr where you could buy within Tumblr that generates a conversion, but it was a fairly small pilot.

我們確實在 Tumblr 上進行了試點測試，您可以在 Tumblr 中購買並產生轉化，但這是一個相當小的試點。

But it is something that we are watching really closely and continuing to talk to the various platform partners.

但這是我們正在密切關注並繼續與各個平台合作夥伴交談的事情。

But overall, we think it's a great opportunity potentially for our sellers.

但總的來說，我們認為這對我們的賣家來說是一個潛在的好機會。

Great.

偉大的。

Thank you very much.

非常感謝。

I'm showing no further questions on the phone lines at this time.

此時我不會在電話線上顯示更多問題。

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

女士們，先生們，感謝你們參加今天的會議。

This concludes the program and you may now disconnect.

程序到此結束，您現在可以斷開連接了。

Everyone have a great day.

每個人都有美好的一天。