ETSY Inc (ETSY) 2017 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Etsy First Quarter Financial Results Conference Call.

女士們先生們，美好的一天，歡迎來到 Etsy 第一季度財務業績電話會議。

(Operator Instructions) As a reminder, this conference may be recorded.

（操作員說明）提醒一下，此會議可能會被錄製。

I would now like to turn the conference over to your host, Mr. Gabe Ratcliff.

我現在想把會議轉交給你的東道主 Gabe Ratcliff 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, and good afternoon and welcome to Etsy's First Quarter Earnings Conference Call.

謝謝，下午好，歡迎來到 Etsy 的第一季度收益電話會議。

Joining me today are Chad Dickerson, CEO; Josh Silverman, our newly appointed CEO; Jennifer Beugelmans, VP of IR and FP&A; and Karen Mullane, our Global Corporate Controller and interim CFO.

今天加入我的是首席執行官查德·迪克森 (Chad Dickerson)；我們新任命的首席執行官 Josh Silverman； IR 和 FP&A 副總裁 Jennifer Beugelmans；以及我們的全球企業財務總監兼臨時首席財務官 Karen Mullane。

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, market size, cost-saving initiatives, guidance, mission, product road map and potential future growth.

在我們開始之前，請提醒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、市場規模、成本節約計劃、指導、使命、產品路線圖和潛在未來增長相關的前瞻性陳述。

Our actual results may differ materially.

我們的實際結果可能存在重大差異。

Forward-looking statements involve risks and uncertainties which are described in our press release today and in our 10-Q filed with the SEC today.

前瞻性陳述涉及我們今天的新聞稿和我們今天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 statement 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做出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 prefer to access a replay via phone, you can find that information in our press release as well.

那裡也將提供指向此通話重播的鏈接，如果您更喜歡通過電話訪問重播，您也可以在我們的新聞稿中找到該信息。

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, Gabe, and good afternoon, everyone.

謝謝，Gabe，大家下午好。

Before I begin, I wanted to briefly discuss some important news that we announced with our earnings today.

在開始之前，我想簡要討論一下我們今天公佈的一些重要消息。

After being a leader at Etsy for 9 years, I'll be stepping down as CEO.

在擔任 Etsy 的領導者 9 年後，我將辭去首席執行官一職。

Over the past 12 years, Etsy's achieved tremendous growth and success.

在過去的 12 年裡，Etsy 取得了巨大的發展和成功。

After successfully navigating the challenges of going from a small startup to an established leader and innovator, Etsy is now entering its next phase of growth and development.

在成功應對從一家小型初創公司到成熟的領導者和創新者的挑戰後，Etsy 現在正進入下一增長和發展階段。

The board has decided now is the right time for new leadership to take Etsy forward, and I support the decision.

董事會決定現在是新領導層帶領 Etsy 向前發展的合適時機，我支持這個決定。

Josh Silverman, a member of our Board of Directors since November, will be leading Etsy going forward.

喬希·西爾弗曼 (Josh Silverman) 自 11 月起擔任我們的董事會成員，他將領導 Etsy 向前發展。

With nearly 20 years of product development, marketing and e-commerce experience, Josh has an established track record of leading and growing consumer technology companies and scaling global marketplaces.

Josh 擁有近 20 年的產品開發、營銷和電子商務經驗，在領導和發展消費技術公司以及擴大全球市場方面有著良好的記錄。

I've gotten to know Josh over the past several months and I know Etsy will be in great hands with Josh at the helm.

在過去的幾個月裡，我認識了 Josh，我知道 Etsy 會在 Josh 的掌舵下得到很好的幫助。

Josh is joining us here today, and before Jennifer and I discuss our results for the quarter, I'll turn the call over to Josh for some brief remarks.

Josh 今天加入我們，在 Jennifer 和我討論我們本季度的業績之前，我會把電話轉給 Josh 做一些簡短的評論。

Josh?

喬什？

Thanks, Chad.

謝謝，乍得。

First, I want to thank Chad for his leadership over the past 9 years.

首先，我要感謝查德在過去 9 年中的領導。

He ushered Etsy into a period of high growth, he took us through the IPO and he helped make Etsy into the world-class company and global marketplace it is today.

他帶領 Etsy 進入高速增長期，他帶領我們完成了 IPO，他幫助 Etsy 成為當今世界級的公司和全球市場。

His efforts have laid the foundation for Etsy's future success, and I know he has always been committed to delivering value for all of our stakeholders, from buyers and sellers, to employees and shareholders.

他的努力為 Etsy 未來的成功奠定了基礎，我知道他一直致力於為我們的所有利益相關者（從買家和賣家到員工和股東）創造價值。

When I joined the board in November, I was excited to be part of a company like Etsy, and as a member of the board, I've gained a deep appreciation for the fundamental strength of Etsy's business, Etsy's employees and attractive market opportunities.

當我在 11 月加入董事會時，我很高興能成為像 Etsy 這樣的公司的一員，作為董事會成員，我對 Etsy 業務的基本實力、Etsy 的員工和誘人的市場機會深表讚賞。

Etsy's already accomplished so much over the past 12 years.

在過去的 12 年裡，Etsy 已經取得瞭如此多的成就。

Building a 2-sided marketplace that offers a differentiated value proposition for buyers and a unique opportunity for sellers is difficult to do.

建立一個為買家提供差異化價值主張並為賣家提供獨特機會的雙向市場很難做到。

Etsy has done that, creating a strong technology platform and cultivating powerful loyalty, driven by a robust seller community and offering a broad product inventory.

Etsy 做到了這一點，創建了一個強大的技術平台並培養了強大的忠誠度，由強大的賣家社區驅動並提供廣泛的產品庫存。

We're going to continue to sharpen our focus on raising awareness among new buyers and getting our existing buyers to make more frequent purchases.

我們將繼續更加專注於提高新買家的認知度，並讓現有買家更頻繁地購買。

As we head into our next phase of growth, I want to leverage the many things Etsy has done well thus far, which include a strong core organic Markets business, a thriving Seller Services business and a world-class technology platform.

在我們進入下一個增長階段時，我想利用 Etsy 迄今為止做得很好的許多事情，其中包括強大的核心有機市場業務、蓬勃發展的賣家服務業務和世界一流的技術平台。

And I want to build new muscles where we can do even better, such as delivering a best-in-class buyer experience and improving our marketing capabilities.

我想建立新的力量，讓我們可以做得更好，例如提供一流的買家體驗和提高我們的營銷能力。

Though we have a lot of work to do, we have a great culture and talented employees who I know are up to the challenge.

儘管我們有很多工作要做，但我們擁有良好的文化和才華橫溢的員工，我知道他們能夠迎接挑戰。

Over the coming weeks, I'll be listening and learning from our employees, sellers, buyers and investors and deep-diving into our operating plans, to make sure that we're focusing on the most value-enhancing near- and long-term opportunities.

在接下來的幾周里，我將聽取我們的員工、賣家、買家和投資者的意見並向他們學習，並深入研究我們的運營計劃，以確保我們專注於最具價值提升的近期和長期計劃機會。

I believe that we have significant opportunity to continue to grow and to drive our financial performance.

我相信我們有重要的機會繼續發展並推動我們的財務業績。

I'm energized by the Etsy team's sense of urgency, culture of commitment to our sellers and buyers and drive for operational excellence.

Etsy 團隊的緊迫感、對我們的買賣雙方的承諾文化以及對卓越運營的推動讓我充滿活力。

I'm excited to work with the leadership team to capture Etsy's exciting growth opportunities, and I look forward to providing additional updates next quarter.

我很高興與領導團隊合作，抓住 Etsy 令人興奮的增長機會，我期待著在下個季度提供更多更新。

Now I'll turn the call back to Chad to discuss the first quarter.

現在我會把電話轉回乍得討論第一季度。

Thanks, Josh.

謝謝，喬希。

The first quarter was challenging.

第一季度充滿挑戰。

In February, our average converting visit value, conversion rates and visits came in below our expectations, resulting in GMS well below our forecast for that month.

2 月份，我們的平均轉化訪問價值、轉化率和訪問次數低於我們的預期，導致 GMS 遠低於我們對該月的預測。

While March was better, the 14.2% GMS growth and 18.4% revenue growth we delivered for the quarter were both lower than we expected.

雖然 3 月份表現較好，但本季度 14.2% 的 GMS 增長率和 18.4% 的收入增長率均低於我們的預期。

As difficult as the quarter was, we've already made important progress this year.

儘管這個季度很艱難，但我們今年已經取得了重要進展。

We launched Shop Manager, a centralized hub for sellers to manage their businesses.

我們推出了 Shop Manager，這是一個供賣家管理其業務的集中中心。

We expect Shop Manager to help increase awareness of Etsy services among our sellers.

我們希望 Shop Manager 能夠幫助提高我們賣家對 Etsy 服務的認識。

We launched Etsy Studio, our new craft supplies market, which offers a disruptive online alternative to the historically offline craft shopping experience.

我們推出了 Etsy Studio，這是我們的新手工藝用品市場，它為傳統的線下手工藝品購物體驗提供了一種顛覆性的在線替代方案。

And we began rolling out significant enhancements to product search and discovery.

我們開始推出對產品搜索和發現的重大改進。

These efforts give us confidence in our ability to drive growth going forward.

這些努力使我們對推動未來增長的能力充滿信心。

We're taking steps to ensure our business is set up to support Etsy's next phase of growth.

我們正在採取措施確保我們的業務能夠支持 Etsy 的下一階段增長。

Last year, our COO, Linda Findley Kozlowski, led a realignment of our internal structure which organized our Markets and Seller Services teams under general managers who lead core product and business teams.

去年，我們的首席運營官琳達·芬德利·科茲洛夫斯基 (Linda Findley Kozlowski) 領導了我們內部結構的調整，將我們的市場和賣家服務團隊組織在領導核心產品和業務團隊的總經理之下。

These changes sharpened cross-functional collaboration, increased accountability and led to faster product launches and tests.

這些變化加強了跨職能協作，增強了問責制，並加快了產品發布和測試速度。

With this solid foundation in place, over the past quarter, we looked holistically across the business to identify opportunities to increase our efficiency and to streamline our cost structure.

有了這個堅實的基礎，在過去的一個季度裡，我們從整體上審視了整個業務，以尋找提高效率和簡化成本結構的機會。

As a result of this process, we've identified savings that will be realized through a combination of headcount reductions and a reduction in internal program expenses.

作為這個過程的結果，我們已經確定了將通過裁員和內部計劃支出的組合來實現的節省。

In total, we expect to eliminate approximately 80 positions, which is approximately 8% of the total workforce.

總體而言，我們預計將裁減約 80 個職位，約佔員工總數的 8%。

While decisions like these are never easy, we believe these actions will allow us to drive productivity and invest more in key growth opportunities.

雖然像這樣的決定絕非易事，但我們相信這些行動將使我們能夠提高生產力並在關鍵增長機會上進行更多投資。

Now I'd like to walk you through some of our recent progress and discuss our focus areas in Markets and Seller Services, starting with our Markets.

現在我想向您介紹我們最近的一些進展，並從我們的市場開始討論我們在市場和賣家服務方面的重點領域。

With the Etsy market, there are 2 key differentiators that serve as opportunities to drive growth.

在 Etsy 市場，有兩個關鍵的差異化因素可以作為推動增長的機會。

First, most visits are from organic channels.

首先，大多數訪問來自有機渠道。

While organic traffic is an indicator of strong engagement and brand affinity, we cannot rely on this channel to continue to grow on its own.

雖然有機流量是強大參與度和品牌親和力的指標，但我們不能依靠這個渠道繼續自身增長。

The work we're doing across marketing and product will drive paid traffic and GMS and improve the full product experience to help improve organic traffic performance and conversion.

我們在營銷和產品方面所做的工作將推動付費流量和 GMS，並改善完整的產品體驗，以幫助提高自然流量性能和轉化率。

Given the size of our organic reach, this represents a significant optimization opportunity.

鑑於我們的有機覆蓋面的規模，這代表了一個重要的優化機會。

Second, the Etsy market has more than 45 million listings, with millions of one-of-a-kind items or limited inventory.

其次，Etsy 市場上有超過 4500 萬件商品，其中有數百萬件獨一無二的商品或庫存有限。

This presents one of the most complex tech challenges in e-commerce, which we are uniquely positioned to meet.

這是電子商務中最複雜的技術挑戰之一，而我們具有獨特的優勢來應對這一挑戰。

Here is a significant opportunity to use machine-learning to improve our search and recommendation engines, which we believe will help buyers discover and buy even more items on Etsy, from longtail unique items, to beautiful high-quality everyday goods.

這是使用機器學習改進我們的搜索和推薦引擎的重要機會，我們相信這將幫助買家在 Etsy 上發現和購買更多商品，從長尾獨特商品到精美的優質日常用品。

So here's how we move the needle on these 2 big challenges and opportunities to drive GMS.

因此，這就是我們如何應對這兩個推動 GMS 的重大挑戰和機遇。

The key to our market strategy is bringing new buyers to Etsy and also getting existing buyers to make more frequent purchases.

我們市場策略的關鍵是為 Etsy 帶來新買家，同時讓現有買家更頻繁地購買。

We learned a lot from our first brand campaign, and we plan to continue to refine our marketing plan and approach to both brand and acquisition marketing.

我們從我們的第一個品牌活動中學到了很多東西，我們計劃繼續完善我們的營銷計劃和品牌營銷和收購營銷的方法。

While our marketing is designed to drive buyer interest, creating an engaging and easy-to-use product experience is critical for turning this interest into a transaction.

雖然我們的營銷旨在激發買家的興趣，但創造引人入勝且易於使用的產品體驗對於將這種興趣轉化為交易至關重要。

As such, encouraging conversion will remain a key priority.

因此，鼓勵轉換仍將是一個關鍵優先事項。

We're making product enhancements, particularly within search, that improve the shopping experience.

我們正在改進產品，尤其是在搜索方面，以改善購物體驗。

Over the past 2 years, we've invested in product enhancements and in our mobile capabilities to improve each step of the buyer journey.

在過去的 2 年裡，我們投資於產品增強和我們的移動功能，以改善買家旅程的每一步。

This has resulted in 6 consecutive quarters of conversion rate gains across desktop, mobile web and mobile app as well as a slight narrowing of the gap between mobile visits and mobile GMS.

這導致桌面、移動網絡和移動應用程序的轉化率連續 6 個季度提高，並且移動訪問與移動 GMS 之間的差距略有縮小。

In the first quarter, and for the first time ever, more than half of our GMS came from a mobile device.

在第一季度，有史以來第一次，超過一半的 GMS 來自移動設備。

Building on this work, we see search as a key area where we can augment our capabilities in order to further drive conversion.

在這項工作的基礎上，我們將搜索視為一個關鍵領域，我們可以在其中增強我們的能力以進一步推動轉化。

Many of you have asked about our integration plans for Blackbird Technologies following our acquisition of the machine-learning company last fall.

在我們去年秋天收購機器學習公司之後，你們中的許多人都詢問了我們對 Blackbird Technologies 的整合計劃。

And I'm pleased to report that last week, we initiated our first public test in the Etsy market that leverages their capabilities.

我很高興地報告，上週，我們在 Etsy 市場啟動了我們的第一個公開測試，以利用他們的能力。

We've added new facets and filters to our popular jewelry category, making it easier for buyers to drill down into key subcategories like rings or necklaces, or narrow their search by attributes, such as gemstone or material.

我們為流行的珠寶類別添加了新的方面和過濾器，使買家更容易深入到關鍵子類別，如戒指或項鍊，或按屬性（如寶石或材料）縮小搜索範圍。

We plan to roll out facets and filters across most of our major categories on Etsy by the end of the year.

我們計劃在年底前在 Etsy 上的大部分主要類別中推出分面和過濾器。

We're also using Blackbird's expertise to help surface and recommend relevant items to buyers, especially when one-of-a-kind items are sold out.

我們還利用 Blackbird 的專業知識來幫助向買家展示和推薦相關商品，尤其是當獨一無二的商品售罄時。

We believe these improvements to the search and discovery process will drive sales and conversion and make buyers want to return to our markets.

我們相信這些對搜索和發現流程的改進將推動銷售和轉化，並使買家希望返回我們的市場。

I also wanted to touch on Etsy Studio, which officially launched to the public last week.

我還想談談上周正式向公眾推出的 Etsy Studio。

With nearly 8 million items alongside inspiring shoppable content, we believe that Etsy Studio is a unique offering within a huge industry that 1 study estimates to be over $40 billion in the U.S. alone.

我們相信 Etsy Studio 擁有近 800 萬件商品以及鼓舞人心的可購物內容，是一個巨大行業中獨一無二的產品，一項研究估計僅在美國就超過 400 億美元。

As we continue to nurture and bring more buyers to our markets, we're also making it easier for sellers to start, manage and scale their businesses.

隨著我們繼續培育和吸引更多買家進入我們的市場，我們也讓賣家更容易開始、管理和擴展他們的業務。

Seller Services revenue continues to grow robustly and was up 23.9% year-over-year in the first quarter.

賣家服務收入繼續強勁增長，第一季度同比增長 23.9%。

Getting a seller to her first sale quickly and helping her manage the complexities of her growing business is a top priority.

讓賣家快速完成首次銷售並幫助她管理不斷發展的業務的複雜性是當務之急。

To do this, we're building a comprehensive suite of services and tools that address key pain points that sellers face, and we're creating a platform from which she can run her entire business.

為此，我們正在構建一套全面的服務和工具來解決賣家面臨的主要痛點，我們正在創建一個平台，她可以從中經營她的整個業務。

Over the past few years, we've created a payment platform where Etsy sellers and buyers are able to seamlessly transact.

在過去的幾年裡，我們創建了一個支付平台，Etsy 賣家和買家可以在其中進行無縫交易。

Recently, we rebranded Direct Checkout as Etsy Payments.

最近，我們將 Direct Checkout 更名為 Etsy Payments。

Starting later this month, we'll require that all sellers in eligible countries transition to Etsy Payments.

從本月晚些時候開始，我們將要求符合條件的國家/地區的所有賣家過渡到 Etsy 支付。

We believe Etsy Payments is beneficial for our sellers as buyers are more likely to complete a transaction with sellers who use this service.

我們相信 Etsy Payments 對我們的賣家有利，因為買家更有可能與使用該服務的賣家完成交易。

We've made enhancements that demonstrate our ability to address specific seller needs.

我們進行了改進，以證明我們有能力滿足特定的賣家需求。

Our new Shop Manager tool is a centralized hub where sellers can manage listings and orders and track the effectiveness of their advertising campaigns all in one convenient place.

我們新的 Shop Manager 工具是一個集中的樞紐，賣家可以在一個方便的地方管理列表和訂單並跟踪他們的廣告活動的有效性。

It's also enabled many sellers to discover and take advantage of our entire suite of paid and free services and tools, like Pattern, QuickBooks and Shipping Labels.

它還使許多賣家能夠發現並利用我們全套的付費和免費服務和工具，例如 Pattern、QuickBooks 和 Shipping Labels。

We think Shop Manager has the potential to transform the way sellers think about Etsy.

我們認為 Shop Manager 有可能改變賣家對 Etsy 的看法。

We're not just a place for them to start a shop, but instead, a business platform that will support them no matter where or how they choose to grow their business.

我們不僅僅是他們開店的地方，而是一個商業平台，無論他們選擇在哪里或以何種方式發展業務，都能為他們提供支持。

Ultimately, we believe that our Seller Services strategy will allow us to continue to grow our Seller Services revenue stream and, with Shop Manager, build a platform that grows with our creative entrepreneurs.

最終，我們相信我們的賣家服務戰略將使我們能夠繼續增加我們的賣家服務收入流，並與 Shop Manager 一起構建一個與我們的創意企業家一起成長的平台。

In closing, Etsy has a significant runway for growth, and we're taking important steps to become stronger, more nimble and better equipped to capitalize on our opportunities.

最後，Etsy 有一條重要的增長跑道，我們正在採取重要步驟變得更強大、更靈活、更有能力利用我們的機會。

We're making investments in key areas of our business while maintaining a prudent cost structure and gaining leverage across our operating expenses.

我們正在對我們業務的關鍵領域進行投資，同時保持審慎的成本結構並在我們的運營支出中獲得槓桿作用。

I'm excited about Etsy's future, and I look forward to following its many successes in the quarters and years to come.

我對 Etsy 的未來感到興奮，我期待著在未來幾個季度和幾年內追隨它的許多成功。

With that, I'll turn the call over to Jennifer to walk through our financial results.

有了這個，我會把電話轉給詹妮弗來瀏覽我們的財務結果。

Jennifer?

詹妮弗？

Thanks, Chad, and hello, everyone.

謝謝，查德，大家好。

Just a heads up, the comparisons I'll be referring to are on a year-over-year basis unless specifically noted.

請注意，除非特別說明，否則我將提到的比較是按年進行的。

Let's start with GMS.

讓我們從 GMS 開始。

During the first quarter of 2017, Etsy generated $719 million in GMS, up 14%, driven by growth in active sellers and active buyers.

2017 年第一季度，受活躍賣家和活躍買家增長的推動，Etsy 的 GMS 收入達到 7.19 億美元，增長 14%。

At the end of the first quarter, Etsy had over 1.8 million active sellers, up about 12%.

第一季度末，Etsy 擁有超過 180 萬活躍賣家，增長約 12%。

Also at the end of the first quarter, Etsy had nearly 30 million active buyers, up about 19%.

同樣在第一季度末，Etsy 擁有近 3000 萬活躍買家，增長約 19%。

Both of these metrics demonstrate that our community of buyers and sellers continue to grow at a healthy rate.

這兩個指標都表明我們的買家和賣家社區繼續以健康的速度增長。

Roughly 66% of our business came to us from a mobile device this quarter.

本季度，我們大約 66% 的業務來自移動設備。

This was up approximately 300 basis points and continued to outpace the rate of growth on desktop.

這上升了大約 300 個基點，並繼續超過台式機的增長率。

Mobile GMS represented approximately 51% of our overall GMS, up roughly 400 basis points, and accounted for more than 50% of our overall GMS for the first time.

移動 GMS 約占我們整體 GMS 的 51%，上升了約 400 個基點，並且首次占我們整體 GMS 的 50% 以上。

During the first quarter, conversion rates on desktop, mobile web and mobile app increased for the sixth consecutive quarter, and our aggregate conversion rate across all devices also increased.

第一季度，桌面、移動網絡和移動應用程序的轉化率連續第六個季度上升，我們所有設備的總轉化率也有所上升。

Mobile conversion rate improvements allowed us to slightly narrow the GAAP between mobile visits and mobile GMS.

移動轉化率的提高使我們能夠略微縮小移動訪問和移動 GMS 之間的 GAAP。

That said, because the mobile web visits make up a large portion of our overall visits, they are still a bit of a headwind for us.

也就是說，由於移動網絡訪問占我們總訪問量的很大一部分，因此它們對我們來說仍然有點不利。

This is because mobile web is the lowest converting device.

這是因為移動網絡是轉化率最低的設備。

Since the beginning of 2015, when we made a series of product improvements that enhanced the buyer's journey, you've seen an improvement in our aggregate conversion rate.

自 2015 年初以來，當我們進行了一系列改善買家旅程的產品改進時，您已經看到我們的總轉化率有所提高。

Mobile web conversion improved at a greater rate than desktop and mobile app during 2015.

2015 年，移動網絡轉化率的提高速度高於桌面和移動應用程序。

For your reference, mobile web converts at about 0.5x of desktop, and mobile app converts at about 1.3x desktop.

作為參考，移動網絡的轉化率約為桌面的 0.5 倍，移動應用的轉化率約為桌面的 1.3 倍。

As we continue to make enhancements to the mobile experience, we expect to continue our progress in narrowing the mobile gap.

隨著我們繼續增強移動體驗，我們希望在縮小移動差距方面繼續取得進展。

Etsy's international revenue grew 35% in the first quarter.

Etsy 第一季度的國際收入增長了 35%。

Percent international GMS was 30%, up 180 basis points compared to last year.

國際 GMS 百分比為 30%，與去年相比上升 180 個基點。

International GMS grew approximately 21% and accelerated year-over-year for the fourth consecutive quarter.

國際 GMS 增長約 21%，並連續第四個季度同比加速增長。

During the first quarter, total revenue was $96.9 million, up 18%, driven by growth in Seller Services and, to a lesser extent, growth in Markets revenue.

第一季度，總收入為 9690 萬美元，增長 18%，這主要受賣家服務增長以及市場收入增長的推動。

Seller Services revenue was up 24% and represented 55.7% of total revenue.

賣家服務收入增長了 24%，佔總收入的 55.7%。

Seller Services growth was driven primarily by revenue growth in Etsy Payments, formerly Direct Checkout.

賣家服務的增長主要是由 Etsy Payments（以前稱為 Direct Checkout）的收入增長推動的。

While Promoted Listings revenue was lower than anticipated this quarter, we're refining our algorithms and have recently added additional inventory.

雖然本季度的推薦列表收入低於預期，但我們正在改進我們的算法並且最近增加了額外的庫存。

We believe both of these enhancements will allow us to continue to drive revenue growth in the Seller Service.

我們相信這兩項改進將使我們能夠繼續推動賣家服務的收入增長。

Markets revenue grew 14%, primarily due to growth in transaction fee and, to a lesser extent, growth in listing fee revenue.

市場收入增長 14%，主要是由於交易費用的增長，以及較小程度上的上市費用收入的增長。

Gross profit for the first quarter was $62.2 million, up 15%, and gross margin was 64%, down 170 basis points.

第一季度毛利潤為 6220 萬美元，增長 15%，毛利率為 64%，下降 170 個基點。

During the first quarter, we recognized $1.3 million related to our Google Shopping tool for sellers.

在第一季度，我們確認了與面向賣家的 Google 購物工具相關的 130 萬美元。

However, this revenue is not expected to be significant through the remainder of 2017.

然而，預計這一收入在 2017 年剩餘時間內不會很大。

Last year's gross margin was positively impacted by gift card revenue of $1.7 million.

去年的毛利率受到 170 萬美元的禮品卡收入的積極影響。

Excluding these high-margin revenue items, gross margin would have only decreased marginally compared to last year.

剔除這些高利潤收入項目，毛利率與去年相比只會略有下降。

Turning now to operating expenses.

現在轉向運營費用。

Etsy's first quarter operating expenses were $64.3 million, up about 36%.

Etsy 第一季度運營費用為 6430 萬美元，增長約 36%。

Total operating expenses as a percent of revenue grew to about 66% in the first quarter compared with approximately 58% last year and 63% in the last quarter.

第一季度總運營費用佔收入的百分比增長至約 66%，而去年約為 58%，上一季度為 63%。

The increase in operating expenses as a percent of revenue is primarily due to an increase in employee-related expenses and marketing expenses associated with our brand campaign.

運營費用佔收入百分比的增加主要是由於與我們的品牌活動相關的員工相關費用和營銷費用的增加。

Marketing expenses totaled $23.5 million, up 48%, representing 24% of total revenue versus 19% last year and roughly 28% last quarter.

營銷費用總計 2350 萬美元，增長 48%，佔總收入的 24%，而去年為 19%，上季度約為 28%。

The increase in marketing expenses as a percent of revenue was driven by brand marketing expenses and, to a lesser extent, digital acquisition marketing and higher employee-related expenses.

營銷費用佔收入百分比的增加是由品牌營銷費用推動的，其次是數字收購營銷和更高的員工相關費用。

Digital acquisition marketing expense, which excludes brand-marketing-related spend on digital channels such as YouTube and Facebook, increased 26% year-over-year and continued to generate strong returns for Etsy and a positive ROI based on our global attribution model.

數字收購營銷費用（不包括在 YouTube 和 Facebook 等數字渠道上與品牌營銷相關的支出）同比增長 26%，並繼續為 Etsy 帶來強勁回報，並根據我們的全球歸因模型實現正投資回報率。

Product development expenses totaled $18.1 million, up 48%, representing nearly 19% of total revenue compared to 15% last year.

產品開發費用總計 1810 萬美元，增長 48%，佔總收入的近 19%，而去年這一比例為 15%。

The increase in product development expenses was driven by higher employee-related expenses, including additional expenses resulting from the acquisition of Blackbird Technologies.

產品開發費用的增加是由於與員工相關的費用增加，包括收購 Blackbird Technologies 產生的額外費用。

G&A expenses totaled $22.8 million, up about 19%, driven by higher employee-related expenses and partially offset by lower professional services expenses and stock compensation expense related to the acquisition of ALM.

G&A 費用總計 2280 萬美元，增長約 19%，這是由於與員工相關的費用增加，部分被較低的專業服務費用和與收購 ALM 相關的股票補償費用所抵消。

G&A expense represented 23.5% of revenue in the first quarter and remained flat compared to last year.

G&A 費用佔第一季度收入的 23.5%，與去年持平。

G&A as a percent of revenue has decreased each year since 2014 when it was nearly 27% of revenue, to 23.6% in 2016.

G&A 佔收入的百分比自 2014 年以來逐年下降，當時佔收入的近 27%，2016 年降至 23.6%。

Headcount at the end of the quarter grew to 1,062 people compared with 1,043 as of December 31, 2016.

本季度末的員工人數從 2016 年 12 月 31 日的 1,043 人增至 1,062 人。

During the first quarter, Etsy's net loss was $421,000, and earnings per share were breakeven compared with earnings per share of $0.01 last year.

第一季度，Etsy 的淨虧損為 421,000 美元，與去年每股收益 0.01 美元相比，每股收益實現盈虧平衡。

Etsy's net loss this year includes interest expenses of $2.1 million related to our Brooklyn headquarters, a $2.8 million foreign exchange gain and an income tax benefit of $1.1 million, all primarily noncash.

Etsy 今年的淨虧損包括與布魯克林總部相關的 210 萬美元利息支出、280 萬美元的外匯收益和 110 萬美元的所得稅收益，所有這些都主要是非現金的。

Non-GAAP adjusted EBITDA was $9.7 million.

非美國通用會計準則調整後的 EBITDA 為 970 萬美元。

This resulted in an adjusted EBITDA margin of 10% compared with 18% in the first quarter of 2016.

這導致調整後的 EBITDA 利潤率為 10%，而 2016 年第一季度為 18%。

Adjusted EBITDA this quarter was impacted by higher employee-related expenses and the increase in marketing as a percent of revenue.

本季度調整後的 EBITDA 受到員工相關費用增加以及營銷佔收入百分比增加的影響。

During the quarter, we recorded net cash provided by operating activities of $3.3 million.

本季度，我們錄得經營活動提供的現金淨額為 330 萬美元。

This compares to $2.8 million in the first quarter of 2016.

相比之下，2016 年第一季度為 280 萬美元。

The year-over-year increase in net cash provided by operating activities for the quarter was mainly due to revenue growth.

本季度經營活動提供的現金淨額同比增長主要是由於收入增長。

As of March 31, 2017, we had cash, marketable securities and short-term investments totaling approximately $276 million.

截至 2017 年 3 月 31 日，我們的現金、有價證券和短期投資總額約為 2.76 億美元。

As we noted in our press release, our new management team will be reviewing our guidance.

正如我們在新聞稿中指出的那樣，我們的新管理團隊將審查我們的指南。

Josh, I and the rest of the team will be rolling up our sleeves and reviewing our forecast, and we plan to provide guidance in conjunction with the announcement of our second quarter 2017 results.

Josh、我和團隊的其他成員將捲起袖子審查我們的預測，我們計劃結合 2017 年第二季度業績的公佈提供指導。

Thanks for tuning in today.

感謝您今天收聽。

We look forward to sharing more in the coming quarters.

我們期待在未來幾個季度分享更多內容。

And with that, I'd like to turn the call back over to Valerie to open up for Q&A.

有了這個，我想把電話轉回給瓦萊麗，開始進行問答。

(Operator Instructions) Our first question comes from Heath Terry of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的希思特里。

I was wondering, you've talked a lot about your goals around improving user engagement and frequency.

我想知道，您已經就提高用戶參與度和頻率的目標談了很多。

Can you give us a sense as you progress through the quarter and even now that we're a month into -- just a month further into these initiatives, can you give us a sense of what you're seeing in terms of the strategies, the methodologies that you're putting in place that -- what kind of impact they're having on engagement?

你能否讓我們了解一下你在本季度的進展情況，甚至現在我們已經進入一個月 - 這些舉措再過一個月，你能否讓我們了解一下你在戰略方面看到的情況，您採用的方法——它們對參與有什麼樣的影響？

Are you getting any of the traction that you want out of these investments?

您是否從這些投資中獲得了您想要的牽引力？

Thanks, Heath.

謝謝，希思。

I'll take that one.

我會拿那個。

What we've really been focused on is continuing to improve on conversion, and that really means focusing on the experience on all of our platforms, desktop, mobile web, mobile app.

我們真正關注的是繼續改進轉化率，這實際上意味著關注我們所有平台、桌面、移動網絡、移動應用程序的體驗。

As I said, we've been improving conversion now for 6 straight quarters, and we're really excited about that work because it really demonstrates the overall success of the product work that we're doing.

正如我所說，我們現在已經連續 6 個季度提高了轉化率，我們對這項工作感到非常興奮，因為它確實證明了我們正在做的產品工作的整體成功。

And I think that the team has been focused in exactly the right area.

而且我認為該團隊一直專注於正確的領域。

Hey, guys, this is Josh.

嘿，伙計們，這是喬希。

It's great to meet you all.

很高興見到大家。

And I think the acquisition of Blackbird Technologies is a great example of really driving a lot more conversion.

我認為收購 Blackbird Technologies 是真正推動更多轉化的一個很好的例子。

What you'll hear from me is a term I call the AAA, which is acquisition and activation and activity.

你會從我這裡聽到的是一個我稱之為 AAA 的術語，它是獲取、激活和活動。

Acquisition is the efforts to bring more people, more visits to the site.

收購是為網站帶來更多人、更多訪問量的努力。

Activation is conversion of those visits to buyers.

激活是將這些訪問轉化為買家。

And activity is driving more loyalty so buyers come back again and again.

活動正在推動更高的忠誠度，因此買家一次又一次地回來。

And I think there's good work underway in each of those buckets today.

而且我認為今天每個桶都有很好的工作正在進行。

I'll be laser-focused with my team on each of those and driving the most value we can.

我將與我的團隊一起專注於其中的每一個，並儘可能地創造最大價值。

And I see a lot of opportunity for continued improvement in each of those 3 buckets.

我在這 3 個方面都看到了很多持續改進的機會。

Great.

偉大的。

I guess just one other question.

我想只是另一個問題。

On the efforts to build up local seller communities, you guys have talked a lot in the past about the early traction that you were seeing in the U.K. and some of the other markets.

關於建立本地賣家社區的努力，你們過去曾多次談到你們在英國和其他一些市場看到的早期吸引力。

Any sort of tangible direction that you can give us on sort of either a foreign seller count or intra-country international GMS that would give us a sense of what kind of traction you're seeing in those efforts?

您可以就外國賣家數量或國內國際 GMS 向我們提供任何具體的指導，讓我們了解您在這些努力中看到了什麼樣的牽引力？

So Heath, we're continuing to gain traction in our international strategy.

所以希思，我們將繼續在我們的國際戰略中獲得牽引力。

The international GMS, that buyer and seller in the same country outside the United States, is still the fastest-growing bucket of GMS for us.

國際 GMS，即美國以外同一國家的買家和賣家，仍然是我們增長最快的 GMS 桶。

Our next question comes from Mark Kelley of Citigroup.

我們的下一個問題來自花旗集團的馬克凱利。

Can you just talk a little bit more about March, what you saw there and what you think the difference was relative to the beginning of the quarter?

你能多談談三月份嗎？你在那裡看到了什麼，以及你認為相對於本季度初的差異是什麼？

You noted the brand campaign was showing some results, just curious how much of that $20 million you spent in the quarter and if that had an impact, do you think.

您注意到品牌宣傳活動取得了一些成果，只是想知道您在本季度花費了多少 2000 萬美元，您認為這是否會產生影響。

And then your buyer and seller basis continued to grow nicely, but given the lag in GMS this quarter, just curious if there's a mix shift in the kinds of items that your sellers are listing, if they're lower-priced items.

然後你的買家和賣家基礎繼續良好增長，但考慮到本季度 GMS 的滯後，只是好奇你的賣家列出的商品種類是否有混合變化，如果它們是低價商品。

Thanks, Mark.

謝謝，馬克。

What we saw in March, I think was pretty consistent with what we've heard from what's happening in the macro environment.

我們在 3 月份看到的情況，我認為與我們從宏觀環境中聽到的情況非常一致。

I think we heard a lot of companies had a challenging February.

我想我們聽說很多公司在二月份都充滿挑戰。

So we see March as really largely due to all the product development that we've done and continuing to work on conversion.

因此，我們認為 3 月實際上主要歸功於我們已經完成並繼續致力於轉換的所有產品開發。

And we're really excited about the progress in March.

我們對 3 月份的進展感到非常興奮。

And I would just add, Mark.

我只想補充一點，馬克。

From February's perspective, we're still unpacking how much were macro drivers.

從 2 月的角度來看，我們仍在分析宏觀驅動因素的影響。

As Chad mentioned in his prepared comments, the key drivers for our model, ACVV, visits and conversion, were all below what we expected.

正如乍得在他準備好的評論中提到的那樣，我們模型的關鍵驅動因素、ACVV、訪問量和轉化率都低於我們的預期。

But I think it's a little bit -- we have some data and we talked about, from our brand marketing campaign, but it's a little too early to comment on any impact that, that might be having on buyer and seller growth.

但我認為這有點——我們有一些數據，我們從我們的品牌營銷活動中討論過，但現在評論任何可能對買賣雙方增長產生的影響還為時過早。

Our next question comes from Scott Devitt of Stifel.

我們的下一個問題來自 Stifel 的 Scott Devitt。

I was just wondering if you could talk a bit about the -- just longer-term direction of the company.

我只是想知道你是否可以談談公司的長期發展方向。

The business started to slow in growth, you embarked on a campaign to address it, to drive new buyers and get more purchases from existing buyers, and you've just sort of embarked on that progress and now you're making a management.

業務增長開始放緩，您開展了一項運動來解決這個問題，以吸引新買家並從現有買家那裡獲得更多購買，而您剛剛開始取得進展，現在您正在進行管理。

So I'm just wondering if, Chad, you or Josh, could just talk about whether there are views within the company in terms of maybe the direction that you've taken isn't the right one, and if -- when guidance is updated 3 months from now, if we may hear of modifications in strategy as well?

所以我只是想知道，Chad，你或 Josh，是否可以談談公司內部是否存在關於你所採取的方向可能不正確的觀點，以及是否 - 當指導是從現在起 3 個月後更新，我們是否也可以聽說戰略的修改？

Sure.

當然。

This is Chad speaking.

我是乍得。

I'll hand it off to Josh in a moment.

稍後我會把它交給 Josh。

I think that everyone at Etsy, the board, the company, is really excited about the long-term growth of Etsy.

我認為 Etsy、董事會和公司的每個人都對 Etsy 的長期發展感到非常興奮。

As I said, even as I step aside, I really believe in the long-term growth potential of Etsy.

正如我所說，即使我離職，我也真的相信 Etsy 的長期增長潛力。

So there's really no difference of opinion in that way.

所以在這方面真的沒有意見分歧。

I think Josh is a leader.

我認為喬希是一個領導者。

As I said in my remarks, I think Josh brings a lot of skills to Etsy that are very helpful at this stage in our growth, and I'm really excited about that.

正如我在發言中所說，我認為 Josh 為 Etsy 帶來了很多技能，這些技能在我們成長的這個階段非常有幫助，我對此感到非常興奮。

Josh?

喬什？

Thanks, Chad.

謝謝，乍得。

And just to build on that, Etsy has done something that's really rare and really hard to do, and that's to build a 2-sided marketplace that's really unique.

在此基礎上，Etsy 做了一些非常罕見且很難做到的事情，那就是建立一個真正獨特的雙向市場。

We have a very loyal and passionate group of sellers that offer a really unique set of inventory that's not available anywhere else.

我們有一群非常忠誠和熱情的賣家，他們提供一套真正獨特的庫存，這是其他任何地方都沒有的。

And that's very special and very rare.

這是非常特別和非常罕見的。

That's driven a good amount of organic and direct traffic that comes to etsy.com.

這為 etsy.com 帶來了大量的自然流量和直接流量。

People actually wake up in the morning and type in www.etsy.com.

人們實際上在早上醒來並輸入 www.etsy.com。

Not a lot of e-commerce sites have that.

沒有很多電子商務網站有這個。

Where we have not invested as much historically is in really pouring fuel on the fire with the more traditional marketing levers.

我們歷史上沒有投入那麼多的地方是用更傳統的營銷手段真正火上澆油。

I mean, for the first 8 years of the company, it did no marketing.

我的意思是，在公司成立的前 8 年裡，它沒有進行營銷。

And it's pretty common for a marketplace that is successful, that does earn organic traffic, to be able to significantly accelerate its growth through the addition of marketing.

對於一個成功的市場來說，確實獲得有機流量，能夠通過增加營銷來顯著加速其增長是很常見的。

So when we, as a board, looked at what's going to unlock growth going forward in the future, we looked at acquisition activity and loyalty and said that those are going to be very important levers going forward, and so having leadership that have a lot of experience in that area would be appropriate.

因此，作為董事會，當我們審視什麼將推動未來的增長時，我們審視了收購活動和忠誠度，並表示這些將成為未來非常重要的槓桿，因此領導層有很多在該領域的經驗將是適當的。

Our next question comes from Andrew Bruckner of RBC.

我們的下一個問題來自 RBC 的 Andrew Bruckner。

Two if I could.

如果可以的話，兩個。

I'm wondering if the change to Etsy Payments, do you see anticipate any increase in churn on the seller side from that?

我想知道 Etsy Payments 的變化是否會導致賣家的流失率增加？

And how can that affect take rates going forward?

這將如何影響未來的利率？

And then secondly, now that we've passed the anniversary of Pattern, I'm wondering if you can make any comments in terms of how that has grown the GMS from those specific sellers who were early adopters of Pattern?

其次，既然我們已經過了 Pattern 週年紀念日，我想知道您是否可以就那些早期採用 Pattern 的特定賣家如何發展 GMS 發表任何評論？

I can speak to Etsy Payments.

我可以和 Etsy Payments 談談。

Etsy Payments, which we first started rolling out almost 5 years ago, has become a platform that our sellers really love to use.

我們大約 5 年前首次推出的 Etsy Payments 已經成為我們的賣家非常喜歡使用的平台。

And as I said in my remarks, we've also found that sellers who use Etsy Payments, formerly Direct Checkout, are generally more successful than the ones who don't.

正如我在評論中所說，我們還發現使用 Etsy Payments（以前稱為 Direct Checkout）的賣家通常比不使用 Etsy Payments 的賣家更成功。

So I think Etsy Payments, as we begin to require for sellers, we believe, will make more sellers successful, so we're really, really happy with that.

所以我認為 Etsy Payments，正如我們開始對賣家提出的要求，我們相信，將使更多的賣家成功，所以我們對此非常非常滿意。

And, Andrew, with regards to Pattern, on our last call, we gave you an update about usage and we said roughly 2.5% of our active sellers in 2016 had used Pattern in the 8 months since its launch.

而且，安德魯，關於 Pattern，在我們上次通話中，我們向您提供了有關使用情況的最新信息，我們說 2016 年大約 2.5% 的活躍賣家在推出後的 8 個月內使用過 Pattern。

So I wouldn't consider it a material driver of our GMS at this point in time.

因此，目前我不會將其視為我們 GMS 的重要驅動因素。

Our next question comes from James Cakmak of Monness, Crespi, Hardt.

我們的下一個問題來自 Monness、Crespi、Hardt 的 James Cakmak。

Just one question, please.

請只問一個問題。

Josh, kind of, as you've been a board observer and now CEO, there's been a lot of rumors in the market, and I think you can make that academic argument for Etsy as part of a larger organization.

喬什，有點，因為你一直是董事會觀察員，現在是首席執行官，市場上有很多謠言，我認為你可以為 Etsy 作為一個更大組織的一部分提出學術論點。

But from your standpoint, from where you sit right now, can you just talk about why you think Etsy can derive more value operating independently versus part of a larger organization?

但是從你的角度來看，從你現在所處的位置來看，你能談談為什麼你認為 Etsy 可以獨立運營而不是作為一個更大組織的一部分獲得更多價值嗎？

Sure.

當然。

As a board, we're laser-focused on delivering value for shareholders.

作為董事會，我們專注於為股東創造價值。

And I feel like there's a tremendous market opportunity for Etsy that it has only begun to tap and a very bright future.

而且我覺得 Etsy 有一個巨大的市場機會，它才剛剛開始挖掘和一個非常光明的未來。

So I'm working hard with the team here to make sure that we're entirely focused on the activities that are going to deliver the most value for all of our stakeholders, our sellers, our buyers, our shareholders and our employees, and I'm very enthusiastic about the path forward.

因此，我正在與這裡的團隊一起努力工作，以確保我們完全專注於為我們所有的利益相關者、我們的賣家、我們的買家、我們的股東和我們的員工帶來最大價值的活動，我對前進的道路充滿熱情。

Our next question comes from Tom Forte of Maxim Group.

我們的下一個問題來自 Maxim Group 的 Tom Forte。

So going back to February, is there something you could point to, either from a competitive standpoint or geographic standpoint, to the extent that maybe there is incremental pressure in Europe or something like that?

那麼回到 2 月，從競爭的角度或地理的角度來看，您是否可以指出歐洲或類似的壓力可能會增加？

Or from a counter-standpoint, to the extent that Valentine's Day this year may have been materially weaker than last year, just any comments on anything in February on those bases that may have affected the results?

或者從相反的角度來看，就今年情人節可能比去年實質上較弱的程度而言，對 2 月份可能影響結果的那些基礎上的任何事情有何評論？

Yes.

是的。

So Jennifer, you can speak to this again in terms of the metrics.

詹妮弗，你可以用指標再次討論這個問題。

But we did see, as we said, lower ACVV.

但正如我們所說，我們確實看到了較低的 ACVV。

And as I mentioned, we also saw some macro issues that we've seen elsewhere in the economy.

正如我提到的，我們還看到了我們在經濟其他地方看到的一些宏觀問題。

For example, you all probably heard that Q1 consumer spending growth was lower than it had been since the fourth quarter of 2009 as reported by the U.S. government.

例如，你們可能都聽說過美國政府報告的第一季度消費者支出增長低於 2009 年第四季度以來的水平。

So those are the things that we saw in February.

所以這些就是我們在二月份看到的事情。

Yes, Tom, I mean, as I mentioned previously, we're still analyzing it, but there was just a confluence of external factors that may have had an impact, everything from what Chad was saying, to the macro-political landscape, to tax refunds coming out later than anticipated.

是的，湯姆，我的意思是，正如我之前提到的，我們仍在分析它，但可能產生影響的只是外部因素的匯合，從乍得所說的一切，到宏觀政治格局，再到退稅遲於預期。

But what we did disclose in our prepared remarks is that we did see recovery in March.

但我們在準備好的評論中確實透露，我們確實在 3 月份看到了復甦。

Our next question comes from Darren Aftahi of Roth.

我們的下一個問題來自 Roth 的 Darren Aftahi。

Two, if I may.

兩個，如果可以的話。

Can you just talk a little bit more about where are the areas, specifically, where the 80 headcount reduction will occur?

您能否多談談哪些領域，具體來說，80 人裁員將發生在哪些領域？

And then just following up on the Etsy Payments transition, do you anticipate or are you all concerned about potential pushback from sellers as it pertains to the May 17 deadline for adoption?

然後只是跟進 Etsy Payments 的過渡，你是否預計或者你們是否都擔心賣家可能會在 5 月 17 日的最後期限採用時出現阻力？

Sure.

當然。

So on the headcount reduction, we exercise a really simple philosophy.

因此，在裁員方面，我們運用了一個非常簡單的理念。

We wanted to, as much as possible, shift cost out of G&A in the growth-oriented areas.

我們希望盡可能地將成本從 G&A 轉移到增長導向的領域。

So we really looked at it in those terms.

所以我們真的用這些術語來看待它。

And again, that was on the heels of us realigning our teams and reorganizing our teams to promote more clarity and accountability and speed in the work that they were doing.

再一次，緊接著我們重新調整了我們的團隊並重組了我們的團隊，以提高他們所做工作的清晰度、問責制和速度。

So we think this is the right decision for Etsy in the long term, and I think it focuses on the company much, much more.

所以我們認為從長遠來看，這對 Etsy 來說是正確的決定，而且我認為它更關注公司。

On the Etsy Payments side, again, what we found is that sellers who use Etsy Payments, again, formerly Direct Checkout, are more successful than the sellers who are not.

在 Etsy 支付方面，我們再次發現，使用 Etsy 支付（以前稱為 Direct Checkout）的賣家比不使用 Etsy 支付的賣家更成功。

And since we are so focused on seller success, we believe that more and more sellers will continue to use Etsy Payments, and that would be beneficial for individual sellers and the business overall.

由於我們非常關注賣家的成功，我們相信越來越多的賣家將繼續使用 Etsy Payments，這將有利於個人賣家和整體業務。

Our next question comes from Blake Harper of Loop Capital.

我們的下一個問題來自 Loop Capital 的 Blake Harper。

I want to ask 2 questions.

我想問2個問題。

One, are you able to quantify what the dollar cost savings is of the headcount reductions that you're doing?

第一，你能量化你正在做的裁員所節省的美元成本嗎？

And then secondly, is there any update to the Seller Services pipeline?

其次，賣家服務渠道是否有任何更新？

Or, Josh, maybe could you comment what you think about as you look at the -- kind of the product pipeline or how -- and other ways that you can help your sellers by delivering some of your products to them?

或者，Josh，也許你可以評論一下你在查看產品管道的種類或方式時的想法，以及你可以通過向賣家交付一些產品來幫助他們的其他方式？

Hey, Blake.

嘿，布萊克。

So what we can tell you about the reduction is that it's mostly focused in headcount, as we mentioned in our disclosures, 80 headcount positions, roughly 8% of our workforce.

所以我們可以告訴你的是，裁員主要集中在員工人數上，正如我們在披露中提到的那樣，80 個職位，大約占我們員工總數的 8%。

We'll provide additional details when we update our guidance on our second quarter call.

當我們更新第二季度電話會議的指南時，我們將提供更多詳細信息。

And on Seller Services, Chad and the team have been very focused on that and have done a great job of unlocking value.

在賣家服務方面，查德和團隊一直非常專注於此，並在釋放價值方面做得很好。

We have a pipeline I'm very excited about of continued ways to help sellers to promote and sell their listings on Etsy and in other channels as well.

我們有一個管道，我很高興能繼續幫助賣家在 Etsy 和其他渠道上推廣和銷售他們的列表。

And our last question comes from Sam Kemp of Piper Jaffray.

我們的最後一個問題來自 Piper Jaffray 的 Sam Kemp。

Sorry, if you've already answered these.

抱歉，如果您已經回答了這些問題。

I've been hopping between calls.

我一直在電話之間跳來跳去。

But, Josh, can you outline your thoughts on what you think the appropriate level of marketing investment is for Etsy?

但是，Josh，您能否概述一下您認為適合 Etsy 的營銷投資水平的想法？

It seems like, in general overall, it's always been a little bit underinvested in on the marketing side.

總的來說，似乎在營銷方面的投資總是有點不足。

And then secondly, can you talk about how you philosophically think about third-party channels and the level of control you want to exert over where the actual product is placed?

其次，你能談談你如何從哲學上思考第三方渠道，以及你想對實際產品的放置位置施加的控制水平嗎？

For example, Instagram is making a lot of progress towards making it more of a shopping-direct channel, and I'm just wondering if that's a channel that you are especially interested in participating in?

例如，Instagram 在使其更像是一個直接購物渠道方面取得了很大進展，我只是想知道您是否特別有興趣參與這個渠道？

Yes.

是的。

So to the first question, and I apologize for others, I didn't say this earlier, but I think it's worth noting, Etsy did not do any marketing for the first 8 years of its history, and traditionally, when you have a marketplace vibrant enough and good enough to earn a lot of direct traffic as the Etsy Marketplace does, with the breadth and depth of really terrific inventory from great sellers like Etsy has, that's something that you want to talk about.

所以對於第一個問題，我為其他人道歉，我沒有早點說這個，但我認為值得注意的是，Etsy 在其歷史的前 8 年沒有做任何營銷，傳統上，當你有一個市場足夠有活力，足夠好，可以像 Etsy Marketplace 那樣賺取大量直接流量，像 Etsy 這樣的大賣家提供的庫存廣度和深度都非常好，這就是你想要談論的東西。

And there's a lot of very effective marketing levers that one can pull.

並且有很多非常有效的營銷槓桿可以拉動。

And I think that, quite candidly, we have done some good work in the last few years to start to build those capabilities, but I'm very enthusiastic about the continued upside that we have to invest more, both in marketing dollars and in infrastructure and capabilities to put those marketing dollars to work at very high ROI.

而且我認為，坦率地說，我們在過去幾年中做了一些很好的工作來開始建立這些能力，但我非常熱衷於我們必須在營銷資金和基礎設施方面進行更多投資的持續增長以及以非常高的投資回報率投入這些營銷資金的能力。

So I do think that all 3 areas of the marketing funnel, from acquisition to activation, to activity, have upside, and it's going to be a strong focus.

所以我確實認為營銷漏斗的所有 3 個領域，從獲取到激活，再到活動，都有好處，而且它將成為一個重點。

I'm sorry, the second part of your question, can you -- that's how do I feel about our seller inventory being available not just on Etsy but off Etsy?

對不起，你的問題的第二部分，你能不能——這就是我對我們的賣家庫存不僅在 Etsy 上而且在 Etsy 上可用的感覺？

Is that what you were asking?

那是你問的嗎？

Yes, and especially transaction that occur off the Etsy platform that are populated by the Etsy inventory from Etsy sellers.

是的，尤其是發生在 Etsy 平台之外的交易，這些交易由來自 Etsy 賣家的 Etsy 庫存填充。

Or maybe even just more broadly speaking, how do you think about prioritizing the Etsy direct marketplace versus non-Etsy marketplaces?

或者更廣泛地說，您如何考慮優先考慮 Etsy 直接市場與非 Etsy 市場？

Yes, good question.

是的，好問題。

First, I'd say that our goal is to make sure that our sellers succeed, that they come, they have a great experience on Etsy and then they can grow and scale their business and support their families and thrive.

首先，我要說的是，我們的目標是確保我們的賣家成功，他們來了，他們在 Etsy 上擁有豐富的經驗，然後他們可以發展壯大自己的業務，養家糊口，茁壯成長。

And we think that's a very important mission.

我們認為這是一項非常重要的使命。

We also think that the mission of delivering an outstanding buyer experience on Etsy is very important to us.

我們還認為，在 Etsy 上提供出色的買家體驗的使命對我們來說非常重要。

And etsy.com, our core marketplace and our marketplaces internationally, offer a really unique collection of inventory that you simply won't find anywhere else.

而 etsy.com，我們的核心市場和我們的國際市場，提供了一個真正獨特的庫存集合，您在其他任何地方都找不到。

I do think there's an opportunity to make sure it's very clear to buyers on what occasion should they be thinking about Etsy and making sure that we build the habit so they come and shop at Etsy.

我確實認為有機會確保買家非常清楚他們應該在什麼情況下考慮 Etsy 並確保我們養成習慣以便他們來 Etsy 購物。

And I know they're going to be delighted.

我知道他們會很高興。

I think it's complementary to also support our sellers in making sure that their inventory is available in other channels as well.

我認為支持我們的賣家確保他們的庫存也可以在其他渠道獲得是一種補充。

We live in a multichannel world, we recognize that, and we think we can help our sellers to succeed and help ourselves as well.

我們生活在一個多渠道的世界，我們認識到這一點，我們認為我們可以幫助我們的賣家取得成功，同時也幫助我們自己。

Ladies and gentlemen, this does conclude today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。

You may all disconnect.

你們都可以斷開連接。