ETSY Inc (ETSY) 2017 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Second Quarter 2017 Etsy, Inc.

女士們先生們，美好的一天，歡迎來到 Etsy, Inc. 2017 年第二季度。

Earnings Conference Call.

收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）提醒一下，正在錄製此會議。

I would now like to introduce your host for today's conference, Ms. Jennifer Beugelmans, Vice President.

現在我想介紹一下今天會議的主持人，副總裁 Jennifer Beugelmans 女士。

Ms. Beugelmans, you may begin.

Beugelmans 女士，您可以開始了。

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

謝謝，下午好，歡迎來到 Etsy 第二季度收益電話會議。

Joining me today are Josh Silverman, CEO; and Rachel Glaser, CFO.

今天加入我的是首席執行官 Josh Silverman；和首席財務官 Rachel Glaser。

Before we get started, just to remind you that our remarks today include forward-looking statements relating to our financial performance and results of operations, business strategy, market size, cost-savings initiatives, guidance, mission, product roadmap and potential future growth.

在我們開始之前，提醒您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 is described in our press release today and in our 10-Q filed with the SEC on May 2, 2017, and subsequent reports that we file with the SEC.

前瞻性陳述涉及風險和不確定性，這在我們今天的新聞稿和我們於 2017 年 5 月 2 日向美國證券交易委員會提交的 10-Q 以及我們向美國證券交易委員會提交的後續報告中有所描述。

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'd 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'll turn the call over to Josh.

有了這個，我會把電話轉給喬希。

Josh?

喬什？

Thanks, Jennifer, and good afternoon, everyone.

謝謝，詹妮弗，大家下午好。

Since joining Etsy as CEO in May, I've had the opportunity to immerse myself in the business, review our strategy and operations and speak with employees, sellers, and buyers around the world, and I've come away even more enthusiastic about the opportunity ahead.

自從 5 月加入 Etsy 擔任首席執行官以來，我有機會全身心投入到業務中，回顧我們的戰略和運營，並與世界各地的員工、賣家和買家交談，我對 Etsy 的熱情更加高漲未來的機會。

I'm also really encouraged by the strong progress we've made in only the past 3 months.

我也對我們在過去 3 個月中取得的巨大進步感到非常鼓舞。

Etsy is highly differentiated from any other e-commerce platform.

Etsy 與任何其他電子商務平台高度不同。

We've built a 2-sided marketplace with one of the largest selections of unique goods, a brand that people around the world admire, and a passionate community of 1.8 million active sellers and nearly 31 million active buyers.

我們已經建立了一個雙向市場，擁有最大的獨特商品選擇之一、一個全世界人民都欽佩的品牌，以及一個由 180 萬活躍賣家和近 3100 萬活躍買家組成的熱情社區。

In short, we have an enviable foundation that's allowed us to consistently deliver double-digit GMS and revenue growth for the past several years.

簡而言之，我們擁有令人羨慕的基礎，使我們能夠在過去幾年中始終如一地實現兩位數的 GMS 和收入增長。

Yet I believe we're still in the first inning when it comes to unlocking the full potential of Etsy.

然而，我相信在釋放 Etsy 的全部潛力方面，我們仍處於第一局。

There's been much speculation about the size of the market for Handmade.

人們對 Handmade 的市場規模有很多猜測。

But Handmade is not a purchase occasion nor is it representative of all of our 45 million listings.

但 Handmade 不是購買場合，也不能代表我們所有 4500 萬件商品。

Etsy is about so much more than Handmade.

Etsy 遠不止 Handmade。

Buyers come to us when they want something special, and being the destination for something special is powerful because special can't be commoditized.

當買家想要一些特別的東西時，他們會來找我們，而作為一些特別的東西的目的地是強大的，因為特殊不能商品化。

In a world where mass e-tailers are taking an increasing share of everyday commerce, people search for an alternative to those mass e-tailers when they want to feel that their purchase was special.

在大眾電子零售商在日常商務中所佔份額越來越大的世界中，當人們想要感受到他們的購買是特別的時，他們會尋找這些大眾電子零售商的替代品。

That includes occasions when they're seeking self-expression, when they want to signal that they put a lot of thought and care into a purchase, and when they want to have fun and be inspired.

這包括他們尋求自我表達的場合，當他們想要表明他們在購買時花了很多心思和關心的時候，以及當他們想要玩得開心和受到啟發的時候。

Etsy is uniquely well-positioned to win those occasions.

Etsy 具有獨特的優勢來贏得這些場合。

But how big is the market for special?

但是特殊的市場有多大呢？

We believe the market for special is huge.

我們相信特殊的市場是巨大的。

Etsy shines specifically in 3 types of purchase occasions: celebrations, gifting and style.

Etsy 特別在 3 類購買場合大放異彩：慶典、送禮和時尚。

If you think about it, these types of occasions happen regularly throughout the year.

如果你仔細想想，這些類型的場合一年四季都會經常發生。

These occasions drive purchases across 6 primary categories: clothing and accessories, home and living, jewelry, craft supplies, art and collectibles and paper and party supplies.

這些場合推動了 6 個主要類別的購買：服裝和配飾、家居和生活用品、珠寶、工藝品、藝術品和收藏品以及紙張和派對用品。

Not surprisingly, these are also Etsy's top 6 categories based on GMS.

毫不奇怪，這些也是 Etsy 基於 GMS 的前 6 個類別。

In fact, in the past 12 months, we've sold over $0.5 billion in GMS within each of our top 3 categories: clothing and accessories, home and living, and jewelry.

事實上，在過去的 12 個月裡，我們在前 3 大類別中的每個類別中都售出了超過 5 億美元的 GMS：服裝和配飾、家居和生活用品以及珠寶。

We estimate that these 6 categories in our 6 largest geographic markets represent a $155 billion online market opportunity.

我們估計，我們 6 個最大的地理市場中的這 6 個類別代表著 1550 億美元的在線市場機會。

This estimate grows to $1.3 trillion if you add in offline, which expands our opportunity as dollars continue to migrate from offline to online.

如果加上線下，這一估計將增長到 1.3 萬億美元，隨著美元繼續從線下轉移到線上，這擴大了我們的機會。

Today, we estimate that our share of the online opportunity is approximately 2%.

今天，我們估計我們在在線機會中的份額約為 2%。

Based on this, we are confident we have substantial runway for growth.

基於此，我們相信我們有足夠的增長空間。

So we believe we have a huge untapped opportunity, yet our GMS growth has decelerated sequentially in nearly every quarter for the past 2 years.

因此，我們相信我們有一個巨大的未開發機會，但在過去兩年中，我們的 GMS 增長幾乎每個季度都在連續減速。

What became clear to me in my first 90 days as CEO is that we need to give the core Etsy.com market much more attention.

在我擔任 CEO 的頭 90 天裡，我清楚地意識到，我們需要給予 Etsy.com 核心市場更多的關注。

We need to take a more focused approach and prioritize fast, flawless execution.

我們需要採取更有針對性的方法，優先考慮快速、完美的執行。

To do that, we've set a simple, straightforward strategy.

為此，我們制定了一個簡單、直接的策略。

First and foremost, we will focus on the core Etsy Marketplace in our 6 core geographic markets.

首先，我們將專注於我們 6 個核心地理市場中的核心 Etsy 市場。

Next, we aim to win those occasions when one is looking for something special.

接下來，我們的目標是在人們尋找特別的東西時贏得那些機會。

These are celebrations, gifting and style.

這些是慶祝活動、禮物和風格。

Finally, we will empower our passionate community of 1.8 million sellers to compete and win against mass retailers in those occasions.

最後，我們將授權我們充滿激情的 180 万賣家社區在這些場合與大眾零售商競爭並獲勝。

To do that, we will focus on doing 4 things exceptionally well.

為此，我們將重點做好 4 件事。

First, since our sellers have relatively unknown brands and unbranded items, we'll aim to ensure that the Etsy brand delivers trust and reliability throughout the buying experience.

首先，由於我們的賣家擁有相對不知名的品牌和無品牌商品，我們的目標是確保 Etsy 品牌在整個購買體驗中提供信任和可靠性。

Second, with 45 million items, we must deliver world-class search and discovery technology to surface exactly the right breadth and depth of inventory tailored to each buyer.

其次，對於 4500 萬件商品，我們必須提供世界一流的搜索和發現技術，以準確呈現為每個買家量身定制的正確庫存廣度和深度。

Third, we need outstanding marketing capabilities to amplify the voice and relevance of our sellers and to get buyers coming back more often.

第三，我們需要出色的營銷能力來擴大我們賣家的聲音和相關性，並讓買家更頻繁地回頭客。

And finally, many of our sellers lack time and some may lack business expertise.

最後，我們的許多賣家缺乏時間，有些可能缺乏業務專業知識。

We need to provide them with best-in-class tools and services so they can focus on delighting buyers.

我們需要為他們提供一流的工具和服務，這樣他們才能專注於取悅買家。

We are already working with urgency towards executing against this strategy.

我們已經在緊迫地執行這一戰略。

Upon arriving in May, one of my first tasks was to rationalize the road map to focus exclusively on the projects that have the highest probability of driving growth and delivering value.

5 月到達後，我的首要任務之一是使路線圖合理化，以專注於最有可能推動增長和創造價值的項目。

We made tough choices.

我們做出了艱難的選擇。

In a very fast 3 months, we've doubled down on the initiatives that we believe will drive the most growth in visits and conversion.

在非常快的 3 個月內，我們將我們認為將推動訪問量和轉化率增長最快的舉措加倍投入。

We also worked to create a structure that allows for fast execution.

我們還致力於創建一個允許快速執行的結構。

We reorganized our team to devote significantly more resources to creating the best shopping experience for buyers on Etsy.com and to build world-class tools and services that drives sellers' success.

我們重組了我們的團隊，以投入更多資源為 Etsy.com 上的買家創造最佳購物體驗，並構建世界一流的工具和服務來推動賣家的成功。

In doing so, we streamlined our headcount by approximately 245 positions or 23% of our global workforce compared to year-end 2016 in order to create a more nimble organization and allow for faster decision-making.

為此，與 2016 年底相比，我們精簡了約 245 個職位或占全球員工總數的 23%，以創建一個更靈活的組織並加快決策速度。

We have an incredible amount of talent at Etsy and we've added to this at the leadership level.

我們在 Etsy 擁有數量驚人的人才，並且我們在領導層增加了人才。

This week, we completed the senior management bench with the announcement that Mike Fisher has joined Etsy as our new CTO.

本週，我們宣布邁克·費舍爾 (Mike Fisher) 已加入 Etsy，擔任我們的新首席技術官，完成了高級管理人員的任命。

Mike came on board as a consultant this quarter and he's already proven himself to be an incredibly strong partner.

邁克本季度作為顧問加入，他已經證明自己是一個非常強大的合作夥伴。

His expertise and skill in global platforms will be a great asset as we continue to innovate and focus on meeting the needs of buyers and sellers.

隨著我們不斷創新並專注於滿足買家和賣家的需求，他在全球平台上的專業知識和技能將是一筆巨大的財富。

We also placed an emphasis on rapid product experimentations.

我們還強調快速的產品實驗。

The rate at which we're testing new enhancements, ideas and opportunities has significantly increased compared to prior quarters.

與前幾個季度相比，我們測試新增強功能、想法和機會的速度顯著提高。

We've illustrated this improvement in the slides featured in our webcast.

我們在網絡廣播中的幻燈片中說明了這一改進。

There are many more product improvements in the pipeline.

還有更多的產品改進正在籌備中。

Our progress makes us optimistic that we have stabilized GMS and we believe we are now poised to reaccelerate GMS growth.

我們的進展使我們樂觀地認為我們已經穩定了 GMS，我們相信我們現在準備重新加速 GMS 的增長。

Let's take a look at some of our work and the progress we're making, what I call evidence of the future today.

讓我們來看看我們的一些工作和我們正在取得的進展，我稱之為今天的未來證據。

Our goal on the buyer side of the business is to drive more shopping on Etsy.com, both from existing and from new buyers.

我們在業務買方方面的目標是推動現有和新買家在 Etsy.com 上進行更多購物。

To do this, our product roadmap focuses on improving conversion rate and increasing visits.

為此，我們的產品路線圖側重於提高轉化率和增加訪問量。

First, we're building trust and reliability throughout the buyer experience.

首先，我們在整個買家體驗中建立信任和可靠性。

Trust is essential for any marketplace, but it's even more so for one that's built on original and unbranded goods.

信任對於任何市場都是必不可少的，但對於建立在原創和無品牌商品之上的市場而言更是如此。

Our goal is to bolster trust, not just from the item and in the seller, but in the Etsy brand.

我們的目標是增強信任，不僅是對商品和賣家的信任，也是對 Etsy 品牌的信任。

We quickly identified opportunities to do this and then put initiatives in place that have already begun to show positive results.

我們很快找到了這樣做的機會，然後採取了已經開始顯示積極成果的舉措。

In July, we added our branded Etsy purchase guarantee on our listing pages, and in late June, we boost buyer confidence around payment security with 7 simple words: sellers never see your credit card information.

7 月，我們在我們的列表頁面上添加了我們品牌的 Etsy 購買保證，並在 6 月下旬，我們用 7 個簡單的詞來增強買家對支付安全的信心：賣家永遠不會看到您的信用卡信息。

Both led to improvements in conversion rates.

兩者都導致了轉化率的提高。

Reliability also means providing a world-class friction-free buying experience.

可靠性還意味著提供世界一流的無摩擦購買體驗。

We had some key wins this quarter with the launch of Multi-Shop Checkout, Guest Checkout and Global Express Checkout.

隨著多店結賬、訪客結賬和全球快速結賬的推出，我們在本季度取得了一些關鍵勝利。

The next area of focus is search and discovery.

下一個重點領域是搜索和發現。

With 45 million items, search is the primary tool for helping people to find what they want.

搜索有 4500 萬個項目，是幫助人們找到所需內容的主要工具。

In June, we added a recently viewed reel at the bottom of the search results page that lets buyers more easily relocate items that they've browsed.

6 月，我們在搜索結果頁面底部添加了最近查看的捲軸，讓買家可以更輕鬆地重新定位他們瀏覽過的項目。

This was another conversion rate win.

這是另一個轉化率勝利。

As we look ahead, we believe some of the largest gains from search will come from more sophisticated algorithms that will allow us to deliver more personalized results.

展望未來，我們相信搜索的一些最大收益將來自更複雜的算法，這些算法將使我們能夠提供更個性化的結果。

The technology and talent we obtained through the acquisition of Blackbird is being leveraged extensively to advance our capabilities in search.

我們通過收購 Blackbird 獲得的技術和人才得到廣泛利用，以提高我們的搜索能力。

We recently deployed more engineering resources to search and began leveraging cloud capabilities, which have allowed us to move faster on initiatives that we believe will continue to lift conversion and GMS in the second half of the year.

我們最近部署了更多的工程資源來搜索並開始利用雲功能，這使我們能夠更快地實施我們認為將在下半年繼續提升轉化率和 GMS 的計劃。

We also know that about half of our visitors don't come to Etsy to search for a specific item.

我們還知道，大約一半的訪問者來 Etsy 並不是為了搜索特定商品。

They come simply to browse and be inspired.

他們來這裡只是為了瀏覽和獲得靈感。

So in order to inspire them, we've integrated our merchandising and our product teams so that we can create a more curated and guided experience.

因此，為了激發他們的靈感，我們整合了我們的商品銷售和產品團隊，以便我們可以創造更加精心策劃和指導的體驗。

We've enhanced our homepage and site navigation and began to more prominently highlight trending and complementary items.

我們增強了主頁和站點導航，並開始更加突出地突出趨勢和補充項目。

All of this helps create a more destination feel, one that brings fun and discovery to the shopping experience.

所有這些都有助於營造一種更加目的地的感覺，一種為購物體驗帶來樂趣和發現的感覺。

Looking at our product roadmap and the industry's average conversion rates, we believe that we can grow conversion rate and meaningfully impact GMS and revenue.

查看我們的產品路線圖和行業平均轉化率，我們相信我們可以提高轉化率並對 GMS 和收入產生有意義的影響。

Brand awareness and affinity for Etsy are high, as are our buyer NPS scores.

Etsy 的品牌知名度和親和力很高，我們的買家 NPS 得分也很高。

This gives us great strengths upon which to build.

這給了我們強大的力量來建立。

But we believe that buyers aren't always sure when to think of us, so we need to be in front of buyers at the right moments in time.

但我們相信買家並不總是確定什麼時候會想到我們，因此我們需要在正確的時間出現在買家面前。

Let me give you some examples.

讓我舉幾個例子。

As I stated earlier, we believe our core winnable locations center around celebrations, gifting and style.

正如我之前所說，我們相信我們的核心可取勝地點以慶祝活動、送禮和風格為中心。

We already excel in some of these areas, such as weddings, but we believe we can extend the customer life cycle.

我們已經在其中一些領域表現出色，例如婚禮，但我們相信我們可以延長客戶生命週期。

For example, when someone comes to us for wedding merchandise, we want to do a better job encouraging her to come back when she's furnishing her home, celebrating a birthday or buying a purse for her first day at her new job.

例如，當有人來找我們購買婚禮用品時，我們希望做得更好，鼓勵她在佈置自己的家、慶祝生日或為她新工作的第一天買一個錢包時回來。

We're also working to more effectively promote key holidays and offer curated collections of merchandise on our site throughout the year.

我們還努力更有效地宣傳重要節日，並全年在我們的網站上提供精選商品。

Our Mother's Day campaign had a positive lift to conversion rates.

我們的母親節活動對轉化率產生了積極的提升。

We're currently running a similar campaign with back-to-school merchandise.

我們目前正在針對返校商品開展類似的活動。

We're also working hard on retention and repeat visits.

我們也在努力提高保留率和重複訪問率。

We're in the midst of a migration to a new CRM system that will allow for e-mail communications and push notifications that are more personalized, dynamic and timely.

我們正在遷移到新的 CRM 系統，該系統將允許更加個性化、動態和及時的電子郵件通信和推送通知。

This will enable us to stay top-of-mind for buyers at the right moments so they always think of us when they need something special.

這將使我們能夠在適當的時候成為買家的首選，這樣他們在需要特別的東西時總是會想到我們。

We also see opportunities to bring more buyers to Etsy through SEO optimization and more targeted digital acquisition marketing.

我們還看到了通過 SEO 優化和更有針對性的數字收購營銷為 Etsy 帶來更多買家的機會。

Finally, to be a world-class marketplace, we need to provide our sellers with the tools and services they need to start, manage and scale their businesses.

最後，要成為世界一流的市場，我們需要為我們的賣家提供他們啟動、管理和擴展業務所需的工具和服務。

In addition to driving revenue, our Seller Services play a key role in reducing friction and driving velocity in our markets, which supports GMS growth.

除了增加收入外，我們的賣家服務在減少市場摩擦和提高速度方面發揮著關鍵作用，從而支持 GMS 的增長。

So growth in Seller Services fuels the entire ecosystem.

因此，賣家服務的增長推動了整個生態系統。

Within Seller Services, one of our primary areas of focus is building world-class marketing tools.

在賣家服務中，我們的主要關注領域之一是構建世界一流的營銷工具。

We want to make it easier for our sellers to proactively acquire new buyers, both on and off Etsy, and to build relationships with buyers after they've made a purchase from one of their shops.

我們想讓我們的賣家更容易主動地在 Etsy 內外吸引新買家，並在買家從他們的商店購買商品後與他們建立關係。

To do this, we will continue to invest in tools and services that enable sellers to achieve their goals.

為此，我們將繼續投資於使賣家能夠實現其目標的工具和服務。

This quarter, we've further optimized Promoted Listings and increased the amount of real estate displaying these listings on mobile web, which drove revenue growth.

本季度，我們進一步優化了 Promoted Listings 並增加了在移動網絡上顯示這些列表的房地產數量，從而推動了收入增長。

Demand for Promoted Listings far exceeds supply, so with inventory expansion, we believe there is substantial room to grow our Promoted Listings revenue.

對 Promoted Listings 的需求遠遠超過供應，因此隨著庫存擴張，我們相信我們的 Promoted Listings 收入有很大的增長空間。

We also saw a strong demand for our Google Shopping product, which we believe indicates that Etsy sellers have a strong appetite to fund more marketing options, both on and off our network.

我們還看到對我們的 Google 購物產品的強勁需求，我們認為這表明 Etsy 賣家有強烈的興趣為我們網絡內外的更多營銷選擇提供資金。

Earlier this week, we introduced a new tool that allows sellers to create sales and run promotions in their shops.

本週早些時候，我們推出了一種新工具，允許賣家在他們的商店中創建銷售和促銷活動。

Feedback so far has been positive, and we're excited to iterate and expand testing in the coming weeks and months.

到目前為止，反饋是積極的，我們很高興在未來幾周和幾個月內迭代和擴展測試。

During the second quarter, we launched improvements to our Pattern websites that led to an increase in sign-ups for new trials and subscriptions to Pattern.

在第二季度，我們對我們的 Pattern 網站進行了改進，導致新試用和訂閱 Pattern 的註冊人數增加。

We want to be sure Etsy sellers never lose a sale because they aren't offering convenient payment options.

我們希望確保 Etsy 賣家永遠不會因為沒有提供方便的付款方式而失去一筆交易。

In May, we transitioned all sellers in eligible countries to Etsy Payments.

5 月，我們將符合條件的國家/地區的所有賣家都轉移到了 Etsy Payments。

This seller service was the most significant driver of Seller Service revenue in the quarter.

該賣家服務是本季度賣家服務收入的最重要驅動力。

We will continue to build our Seller Services offering into a differentiated business platform for creative entrepreneurs.

我們將繼續將我們的賣家服務產品打造成為面向創意企業家的差異化商業平台。

In conclusion, we're extremely encouraged by the progress we've made in the past 3 months and by the many more product improvements in the pipeline.

總之，我們對過去 3 個月取得的進展以及管道中的更多產品改進感到非常鼓舞。

We believe that we are well-positioned to bend the GMS growth curve as we implement many of the new initiatives that we have on our roadmap.

我們相信，隨著我們實施路線圖上的許多新舉措，我們有能力扭轉 GMS 增長曲線。

In fact, we believe our third quarter GMS growth will accelerate versus the second quarter, which is an important milestone.

事實上，我們相信我們第三季度的 GMS 增長將比第二季度加速，這是一個重要的里程碑。

We're confident that our nimble, more cost-efficient structure can support the work we need to do to win and as a result, we expect to attack exciting growth opportunities while driving revenue growth at a faster pace than expense growth.

我們相信，我們靈活、更具成本效益的結構可以支持我們為取勝而需要做的工作，因此，我們希望抓住令人興奮的增長機會，同時以比費用增長更快的速度推動收入增長。

With that, I'll turn the call over to Rachel to discuss our second quarter results and financial outlook.

有了這個，我會把電話轉給雷切爾來討論我們第二季度的業績和財務前景。

Thank you, Josh, and hello, everyone.

謝謝你，喬希，大家好。

Before I dive into the financial results for the second quarter, I'd like to echo Josh's excitement about joining Etsy.

在我深入探討第二季度的財務業績之前，我想表達一下 Josh 對加入 Etsy 的興奮之情。

Not only do we have solid fundamentals, including growing GMS in revenue, strong growth profit, positive EBITDA, a large cash balance and no debt, but we also have a highly differentiated value proposition, a beloved brand and a huge market opportunity.

我們不僅擁有堅實的基本面，包括 GMS 的收入增長、強勁的利潤增長、正的 EBITDA、大量現金餘額和無債務，而且我們還擁有高度差異化的價值主張、備受喜愛的品牌和巨大的市場機會。

This gives us an incredible foundation to invest in our growth and make meaningful market share gains.

這為我們投資於我們的增長和取得有意義的市場份額增長提供了令人難以置信的基礎。

In the past 90 days, we have already gotten initiatives underway that are building momentum and delivering results.

在過去的 90 天裡，我們已經採取了正在建立勢頭並取得成果的舉措。

I'm very excited to join the immensely talented team and be a part of Etsy's future.

我很高興能加入這個才華橫溢的團隊並成為 Etsy 未來的一部分。

My remarks today will cover 3 areas.

我今天的發言將涵蓋三個方面。

First, I will update you on our key operating metrics for the quarter.

首先，我將向您介紹本季度的關鍵運營指標。

Second, I will review the financial results, which we covered in our earnings release.

其次，我將回顧我們在收益發布中涵蓋的財務結果。

And finally, I will provide an update on our 2017 financial outlook.

最後，我將提供我們 2017 年財務展望的最新情況。

Unless I say so, all numbers presented are rounded for ease of reference and the comparisons I'll be referring to are on a year-over-year basis unless specifically noted.

除非我這麼說，否則所有顯示的數字都經過四捨五入以便於參考，除非特別說明，否則我將提到的比較是按年進行的。

So let's start with the key operating metrics of GMS first.

因此，讓我們首先從 GMS 的關鍵運營指標開始。

During the second quarter of 2017, Etsy generated $748 million in GMS, up 12%, driven by growth in active sellers and active buyers.

2017 年第二季度，受活躍賣家和活躍買家增長的推動，Etsy 的 GMS 收入達到 7.48 億美元，增長 12%。

GMS from pay channels continue to grow faster than overall GMS.

來自付費渠道的 GMS 繼續比整體 GMS 增長更快。

At the end of the second quarter, Etsy has 31 million active buyers, up 17%.

第二季度末，Etsy 擁有 3100 萬活躍買家，增長 17%。

Also at the end of the second quarter, Etsy had over 1.8 million active sellers, up 11%.

同樣在第二季度末，Etsy 擁有超過 180 萬活躍賣家，增長 11%。

Growth in both active buyers and active sellers demonstrate that our community of buyers and sellers continues to grow at a healthy rate.

活躍買家和活躍賣家的增長表明我們的買家和賣家社區繼續以健康的速度增長。

Additionally, as Etsy sellers become more successful on our platform, our data show that they stay and sell more over time.

此外，隨著 Etsy 賣家在我們平台上變得越來越成功，我們的數據顯示他們會隨著時間的推移留下來並賣出更多。

Roughly 65% of our visits came to us from a mobile device this quarter.

本季度，大約 65% 的訪問來自移動設備。

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

這比去年同期增長了約 100 個基點，並繼續超過台式機的增長率。

Mobile GMS represented 51% of our overall GMS, up 400 basis points, and has grown from approximately 28% in 2013.

移動 GMS 占我們整體 GMS 的 51%，上升 400 個基點，比 2013 年的約 28% 有所增長。

Growth mobile GMS grew 20% year-over-year, demonstrating the impact of the ongoing improvements we have made to our mobile shopping experience.

增長 移動 GMS 同比增長 20%，證明了我們對移動購物體驗不斷改進的影響。

We achieved year-over-year conversion rate improvements across every device from the beginning of 2016 through the first quarter of 2017.

從 2016 年初到 2017 年第一季度，我們在每台設備上實現了同比轉化率提升。

This quarter, our mobile web and mobile Buy on Etsy app conversion rates increased about 10 basis points, but we saw softness in the desktop conversion and, therefore, our aggregate conversion rate declined slightly.

本季度，我們的移動網絡和移動購買 Etsy 應用程序轉化率增加了約 10 個基點，但我們看到桌面轉化率疲軟，因此我們的總轉化率略有下降。

As we continue to make enhancements to the overall shopping experience through search and removing friction from the checkout process, we believe we can drive conversion rate improvements.

隨著我們繼續通過搜索和消除結帳流程中的摩擦來增強整體購物體驗，我們相信我們可以推動轉化率的提高。

Etsy's international revenue grew 37% in the second quarter.

Etsy 第二季度的國際收入增長了 37%。

Percent international GMS was 32%, up 100 basis points compared to last year.

國際 GMS 百分比為 32%，比去年上升 100 個基點。

Net international GMS grew 18%, growing faster than overall GMS growth.

淨國際 GMS 增長 18%，增長速度快於總體 GMS 增長。

With those operational metrics in line, let me now turn to their impact on our financial results.

有了這些運營指標，現在讓我談談它們對我們財務業績的影響。

During the second quarter, total revenue was $102 million, up 19%, driven by growth in Seller Services as well as growth in markets revenue.

第二季度，總收入為 1.02 億美元，增長 19%，這主要受賣家服務和市場收入增長的推動。

Seller Services revenue was up 25% and represented 58% of total revenue.

賣家服務收入增長了 25%，佔總收入的 58%。

Markets revenue grew 12%, primarily due to growth in transaction fee revenue and, to a lesser extent, growth in listing fee revenue.

市場收入增長 12%，主要是由於交易費收入的增長，以及較小程度上的上市費收入增長。

Seller Services growth was primarily driven by revenue growth in Etsy Payments.

賣家服務的增長主要是由 Etsy Payments 的收入增長推動的。

The share of GMS processed through our Etsy Payments platform was 85% in the second quarter, up from 76% in the second quarter of 2016, primarily due to the transition of all sellers in eligible countries to the platform.

第二季度通過我們的 Etsy 支付平台處理的 GMS 份額為 85%，高於 2016 年第二季度的 76%，這主要是由於符合條件的國家/地區的所有賣家都轉向了該平台。

We see additional opportunities to expand the utility and geographic reach of Etsy Payments by adding currency and country.

我們看到了通過添加貨幣和國家來擴大 Etsy 支付的效用和地理範圍的更多機會。

Promoted Listings revenue growth accelerated this quarter, primarily due to optimizing our algorithms and introducing inventory on mobile web.

本季度推薦列表收入增長加快，這主要是由於優化了我們的算法並在移動網絡上引入了庫存。

We believe both of these enhancements will enable us to continue to drive revenue growth in this seller service and we expect that Seller Services revenue will continue to grow faster than markets revenue and GMS during the second half of the year.

我們相信這兩項改進將使我們能夠繼續推動該賣家服務的收入增長，我們預計下半年賣家服務收入的增長速度將繼續快於市場收入和 GMS。

Gross profit for the second quarter was $66 million, up 17% and gross margin was 65%, down 100 basis points due to employee-related expenses and professional fees.

第二季度毛利潤為 6600 萬美元，增長 17%，毛利率為 65%，由於員工相關費用和專業費用下降 100 個基點。

Turning now to operating expenses.

現在轉向運營費用。

Etsy's second quarter operating expenses were $78 million, up 51%.

Etsy 第二季度運營費用為 7800 萬美元，增長 51%。

Total operating expenses as a percent of revenue grew to 76% in the second quarter compared with 60% in the second quarter of 2016 and 56% last quarter.

第二季度總運營費用佔收入的百分比增長至 76%，而 2016 年第二季度為 60%，上一季度為 56%。

The increase in operating expense as a percent of revenue is primarily due to employee-related expenses, including approximately $11 million in restructuring and other exit costs related to the headcount reductions we made in May and June as well as digital acquisition marketing expenses.

營業費用佔收入百分比的增加主要是由於與員工相關的費用，包括約 1100 萬美元的重組和與我們在 5 月和 6 月裁員相關的其他退出成本，以及數字收購營銷費用。

Excluding these charges, total operating expenses would have grown 30% compared to the second quarter of last year and would have been 66% as a percent of revenue.

如果不計入這些費用，總運營費用將比去年第二季度增長 30%，佔收入的比例為 66%。

We expect to realize actual expense savings of $20 million in 2017 and $35 million annualized beginning in 2018 as a result of the headcount reductions and other cost-savings initiatives we've implemented to date.

由於裁員和我們迄今為止實施的其他成本節約舉措，我們預計 2017 年實際費用節省 2000 萬美元，從 2018 年開始每年節省 3500 萬美元。

Headcount has decreased to 877 people as of July 26, 2017 compared with 1,062 as of March 31, 2017.

截至 2017 年 7 月 26 日，員工人數從 2017 年 3 月 31 日的 1,062 人減少至 877 人。

Headcount levels at July 26, 2017, are similar to the first quarter of 2016.

2017 年 7 月 26 日的員工人數水平與 2016 年第一季度相似。

We plan to continue to optimize our infrastructure and overhead expenses while not compromising investment in top line growth.

我們計劃繼續優化我們的基礎設施和管理費用，同時不影響對收入增長的投資。

We're focused on productivity and are investing our resources in areas that we believe will drive the highest growth in the shortest amount of time.

我們專注於生產力，並將我們的資源投資於我們認為將在最短時間內推動最高增長的領域。

And while we will continue to grow headcount, we will do so from a leaner base and a more focused roadmap.

雖然我們將繼續增加員工人數，但我們將從更精簡的基礎和更專注的路線圖開始。

Marketing expenses in the second quarter totaled $28 million, up 60%, representing 27% of total revenue versus 20% last year and 24% last quarter.

第二季度營銷費用總計 2800 萬美元，增長 60%，佔總收入的 27%，而去年同期為 20%，上季度為 24%。

Excluding $2 million in employee-related expenses as a result of the restructuring, marketing as a percent of revenue would have been 25%.

剔除因重組而產生的 200 萬美元員工相關費用，營銷佔收入的百分比為 25%。

We have decided to pause our investment in brand marketing for the remainder of 2017, and a portion of the spend earmarked for brand was reallocated to digital acquisition marketing, which we believe will drive greater returns.

我們已決定在 2017 年剩餘時間暫停對品牌營銷的投資，並將專用於品牌的部分支出重新分配給數字收購營銷，我們相信這將帶來更大的回報。

Product development expenses totaled $22 million, up 84%, representing 21% of total revenue compared to 14% last year.

產品開發費用總計 2200 萬美元，增長 84%，佔總收入的 21%，而去年為 14%。

We prioritize investments in our core Etsy.com market and growth initiatives by eliminating low-priority projects and process and reducing the ratio of product managers to engineers.

我們通過消除低優先級的項目和流程並降低產品經理與工程師的比例，優先投資我們的核心 Etsy.com 市場和增長計劃。

Excluding employee-related expenses of $3 million as a result of the restructuring, product development as a percent of revenue would've been 18%.

扣除因重組而產生的 300 萬美元員工相關費用，產品開發佔收入的百分比為 18%。

G&A expenses totaled $28 million, up about 26%, driven by higher employee-related expenses, including expenses as a result of the restructuring.

G&A 費用總計 2800 萬美元，增長約 26%，原因是與員工相關的費用增加，包括重組產生的費用。

G&A expense represented 28% of revenue in the second quarter, increasing 2% compared to last year.

G&A 費用佔第二季度收入的 28%，比去年增長 2%。

Excluding $5 million in restructuring and other exit costs, G&A as a percent of revenue would have been 23%.

不包括 500 萬美元的重組和其他退出成本，G&A 佔收入的百分比為 23%。

Second quarter net income was $12 million compared with a net loss of $7 million last year, and earnings per share was $0.10 compared with a net loss per share of $0.06 last year.

第二季度淨收入為 1200 萬美元，去年同期為淨虧損 700 萬美元；每股收益為 0.10 美元，去年同期為每股淨虧損 0.06 美元。

Etsy's net income includes a $60 million foreign exchange gain, an income tax benefit of $9 million and interest expense of $2 million related to our Brooklyn headquarters, all primarily noncash.

Etsy 的淨收入包括 6000 萬美元的外匯收益、900 萬美元的所得稅優惠以及與布魯克林總部相關的 200 萬美元利息支出，所有這些主要都是非現金收入。

Non-GAAP adjusted EBITDA was $13 million.

非美國通用會計準則調整後的 EBITDA 為 1300 萬美元。

This resulted in an adjusted EBITDA margin of 12% compared with 16% in the second quarter of 2016.

這導致調整後的 EBITDA 利潤率為 12%，而 2016 年第二季度為 16%。

Headcount reductions initiated in May and June resulted in restructuring and other exit costs in the amount of $11 million, which was reflected in the second quarter.

5 月和 6 月開始的裁員導致了 1100 萬美元的重組和其他退出成本，這反映在第二季度。

As a reminder, restructuring and other exit costs are and an add-back to adjusted EBITDA.

提醒一下，重組和其他退出成本是對調整後 EBITDA 的補充。

During the quarter, we recorded net cash provided by operating activities of $12 million.

本季度，我們錄得經營活動提供的現金淨額為 1200 萬美元。

This compares to $17 million in the second quarter of 2016.

相比之下，2016 年第二季度為 1700 萬美元。

The year-over-year decline in net cash provided by operating activities for the quarter primarily relates to the restructuring and exit costs associated with the actions we took in the second quarter.

本季度經營活動提供的淨現金同比下降主要與我們在第二季度採取的行動相關的重組和退出成本有關。

As of June 30, 2017, we had cash, marketable securities and short-term investments totaling approximately $287 million.

截至 2017 年 6 月 30 日，我們擁有現金、有價證券和短期投資，總額約為 2.87 億美元。

Lastly, let me turn to our updated guidance for 2017.

最後，讓我談談我們 2017 年的最新指南。

We expect GMS growth to be in the range of 12% to 14% year-over-year.

我們預計 GMS 的同比增長率將在 12% 至 14% 之間。

We expect revenue growth to be in the range of 18% to 20% year-over-year and we expect our 2017 adjusted EBITDA margin to be in the range of 16% to 18%.

我們預計收入同比增長將在 18% 至 20% 之間，我們預計 2017 年調整後的 EBITDA 利潤率將在 16% 至 18% 之間。

The key factors impacting revenue and GMS growth in 2017 are accelerated testing and appointment of new features and products focused on Etsy.com, conversion rate gains across mobile and desktop, and growth in Seller Services revenue, which we expect will grow faster than both GMS and markets revenue and will be primarily driven by Promoted Listing and Etsy Payments.

影響 2017 年收入和 GMS 增長的關鍵因素是加速測試和任命以 Etsy.com 為重點的新功能和產品，移動和桌面的轉化率提高，以及賣家服務收入的增長，我們預計其增長速度將超過 GMS和市場收入，將主要由推薦上市和 Etsy 支付驅動。

In addition to the key factors impacting revenue and GMS, we anticipate that the key factor impacting adjusted EBITDA margin in 2017 is increased efficiencies in our operating structure, which are expected to reduce our expected operating expenses by $20 million in 2017, which is $35 million on an annualized basis.

除了影響收入和 GMS 的關鍵因素外，我們預計影響 2017 年調整後 EBITDA 利潤率的關鍵因素是我們運營結構效率的提高，預計這將使我們 2017 年的預期運營費用減少 2000 萬美元，即 3500 萬美元按年計算。

As you update your models, please consider the implied guidance for the second half of this year.

在更新模型時，請考慮今年下半年的隱含指導。

Based on the midpoint of our 2017 GMS guidance, we do not expect GMS growth to decelerate as compared with the first half of the year.

根據我們 2017 年 GMS 指引的中點，我們預計 GMS 增長與上半年相比不會放緩。

Our guidance for revenue growth implies that we continue to expect revenue growth to outpace GMS' growth for the remainder of the year.

我們對收入增長的指引意味著我們繼續預計今年剩餘時間的收入增長將超過 GMS 的增長。

Also, based on the midpoint of our 2017 revenue guidance, revenue growth will accelerate compared to the first half of 2017.

此外，根據我們 2017 年收入指引的中點，與 2017 年上半年相比，收入增長將加快。

Seller Services remains an increasingly important component of our total revenue.

賣家服務仍然是我們總收入中越來越重要的組成部分。

As we add services and help sellers grow their businesses, they will also drive GMS growth.

隨著我們增加服務並幫助賣家發展業務，他們也將推動 GMS 的增長。

Our guidance for adjusted EBITDA margin implies that we expect the second half of the year to be in the range of 20% to 24% compared to the adjusted EBITDA margin in the first half of the year of 11%.

我們對調整後 EBITDA 利潤率的指引意味著我們預計今年下半年的調整後 EBITDA 利潤率將在 20% 至 24% 之間，而上半年調整後的 EBITDA 利潤率為 11%。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Thank you all for joining us today.

感謝大家今天加入我們。

We look forward to speaking to you in the coming days and weeks.

我們期待在未來幾天和幾週內與您交談。

I will now turn the call back over to the operator for Q&A.

我現在將把電話轉回接線員進行問答。

(Operator Instructions) Our first question comes from the line of Mark Kelley of Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的馬克凱利。

First one is just walking through the moving pieces on the marketing initiatives a bit more.

第一個只是更多地瀏覽營銷計劃的活動部分。

You suspended the brand campaign for the moment, redeploying some of that capital elsewhere.

您暫時暫停了品牌宣傳活動，將部分資金重新部署到其他地方。

I think some of the older targets that you had were $1 of investment, needed to return to $1-plus over the next 2 years, even though I think you were hitting that earlier in like 5 quarters.

我認為你的一些較早的目標是 1 美元的投資，需要在未來 2 年內恢復到 1 美元以上，儘管我認為你在大約 5 個季度的早些時候就達到了這一目標。

Is there a change to that thought process there?

那裡的思維過程有變化嗎？

And second, thanks for giving color on the -- what percent of GMS flows through Etsy Payments.

其次，感謝您對 GMS 流經 Etsy Payments 的百分比進行說明。

I'm just curious, did you see any attrition from sellers that didn't want to convert?

我很好奇，您是否看到不想轉換的賣家有任何流失？

And is there a way to think about a normalized active seller growth rate since you had nice growth in the quarter, but curious if maybe that could have been a little bit better if some people churned away?

有沒有一種方法可以考慮正常化的活躍賣家增長率，因為你在本季度有不錯的增長，但很好奇如果有些人流失，情況是否會好一點？

In terms of marketing, our philosophy is really straightforward, which is that when we invest money in marketing dollars, we expect to deliver a positive ROI for the shareholders.

在營銷方面，我們的理念非常簡單，那就是當我們投資營銷資金時，我們希望為股東帶來積極的投資回報率。

I know that sounds obvious, but we work very hard to live that every single day.

我知道這聽起來很明顯，但我們每天都非常努力地過著這樣的生活。

So we do look at how do we make sure that we are doing that as effectively as possible.

所以我們確實在研究如何確保我們盡可能有效地做到這一點。

So the first step in that was really to dive deep into our attribution models and make sure that Rachel and I were very comfortable with the methodology we use to determine ROI, and I think Rachel and I are comfortable with that methodology.

所以第一步真的是深入研究我們的歸因模型，並確保我和雷切爾對我們用來確定投資回報率的方法非常滿意，我認為雷切爾和我對這種方法很滿意。

Second, we look at how can we further optimize our spend and get more return for the amount of money we spend or spend more money with a really good return, and that has to do with both improving our capabilities internally as well as driving better conversion rates from visits to purchase and getting buyers to come back and buy more often.

其次，我們研究如何進一步優化我們的支出並獲得更多的回報我們花的錢或花更多的錢獲得真正好的回報，這與提高我們的內部能力以及推動更好的轉化有關從訪問到購買和吸引買家更頻繁地回來購買的比率。

We're working on all parts of that.

我們正在努力解決所有問題。

In terms of the payments, we feel good about that transition, and I think the roadmap that we did to mandate at Etsy Payments is a roadmap that we would look to follow again and again.

在支付方面，我們對這種轉變感覺良好，我認為我們在 Etsy Payments 上強制執行的路線圖是我們希望一次又一次遵循的路線圖。

First, we'd test it to make sure that by driving people through the Etsy Payments product, they actually have a better experience and buyers convert at a higher rate.

首先，我們將對其進行測試，以確保通過推動人們使用 Etsy Payments 產品，他們實際上擁有更好的體驗，並且買家的轉化率更高。

We began by testing that.

我們從測試開始。

That works very well, and our data was very convincing that this is actually a better experience in the marketplace.

這非常有效，我們的數據非常有說服力，這實際上是一種更好的市場體驗。

Once we had conviction from data, we then mandated it in the markets where Etsy Payments is available, and I'd say that, that transition has gone very, very well.

一旦我們對數據有了信心，我們就會在可以使用 Etsy Payments 的市場強制執行它，我想說的是，這種轉變進行得非常非常順利。

So our sellers have converted.

所以我們的賣家已經轉換了。

We have not seen material attrition and we think that it's a win for both buyers and sellers in the marketplace.

我們沒有看到實質性的消耗，我們認為這對市場上的買賣雙方來說都是雙贏的。

In terms of seller growth, I think the last piece of your question, we feel good about the seller growth we've had.

就賣家增長而言，我認為你的最後一個問題，我們對我們的賣家增長感到滿意。

In particular, it's really about the breadth and depth of inventory that we have on the site and do we have the right inventory matching the demand, and I think we continue to be a great place for creative entrepreneurs to come and grow their business and we're going to keep focusing on that.

特別是，這真的是關於我們在網站上擁有的庫存的廣度和深度，以及我們是否擁有符合需求的合適庫存，我認為我們仍然是創意企業家前來發展業務的好地方，我們將繼續關注這一點。

And our next question comes from the line of Sam Kemp of Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Sam Kemp。

Great.

偉大的。

Maybe a second question on Etsy Payments.

也許是關於 Etsy 支付的第二個問題。

Can you call out the benefit of Etsy Payments being mandated to Seller Services revenue during the quarter, specifically?

您能否具體說明本季度 Etsy 付款對賣家服務收入的好處？

And then, Josh, when you think about Pattern, how do you think about that, longer term?

然後，Josh，當你想到 Pattern 時，你如何看待它，從長遠來看？

Where do you think that, that should go and how big an opportunity you think that could be, both to sellers and to shareholders?

你認為那應該去哪裡，你認為這對賣家和股東來說都是一個多大的機會？

Sure, the first part of your question, can you just give me a little more color, what specifically more would you like to know about payments?

當然，你問題的第一部分，你能不能再給我一點顏色，關於付款你還想知道什麼？

Yes, the actual like revenue dollar or contribution you had appraising that and step-up in terms of Seller Services penetration as a percentage of GMS.

是的，您評估的實際收入或貢獻，以及賣家服務滲透率在 GMS 中所佔的百分比。

So just a little bit of color on how much of that was from the Etsy Payments coming through?

那麼，關於其中有多少來自 Etsy 付款，只是一點點顏色？

So this is Rachel, nice to meet you, Sam, and thank you for that question.

我是雷切爾，很高興見到你，山姆，謝謝你提出這個問題。

We don't -- we haven't been disclosing the amount -- the contribution from our Seller Services by line item.

我們沒有——我們沒有披露金額——我們的賣家服務按項目分列的捐款。

But the primary driver is that -- it is a primary driver of Seller Services revenue and it's the largest component of that, we've said that in the past.

但主要驅動力是——它是賣家服務收入的主要驅動力，而且是其中最大的組成部分，我們過去曾說過。

And I think part of your question was why -- how has that mandate gone, or why have we mandated it?

我認為你的部分問題是為什麼——這項授權是如何消失的，或者我們為什麼要強制執行它？

It's really -- the answer is because it's the best platform for our sellers.

真的 - 答案是因為它是我們賣家的最佳平台。

We consistently see that they get more GMS when they're on Etsy Payments versus the ones that are off.

我們始終看到，與關閉 Etsy 支付相比，他們在使用 Etsy 支付時獲得了更多的 GMS。

And if you look across our Seller Services, we've got shipping and payments of both services that we offer to our sellers, and they're win-win-wins because they remove friction for buyers, which drives more conversion, first and foremost, which creates a better experience for sellers, which then grows the marketplace, which is also good for us.

如果您查看我們的賣家服務，我們會向賣家提供兩種服務的運輸和付款，它們是雙贏的，因為它們消除了買家的摩擦，這首先推動了更多的轉化，這為賣家創造了更好的體驗，然後發展了市場，這對我們也有好處。

So those are both areas that are -- that we think have been very strong.

因此，我們認為這兩個領域都非常強大。

Another area that I would point to is Promoted Listings and then Google Product Ads, where the opportunity for sellers to invest in their own success by funding marketing to promote their ads, both on and off of Etsy, is something that we see a lot of appetite for, and we're very well positioned to help them do that.

我要指出的另一個領域是 Promoted Listings，然後是 Google Product Ads，賣家有機會通過資助營銷來投資自己的成功，以在 Etsy 內外推廣他們的廣告，這是我們經常看到的胃口，我們非常有能力幫助他們做到這一點。

And in fact, it's very synergistic with our -- with work we would do anyway to drive our own performance marketing tools.

事實上，它與我們的 - 與我們無論如何都會做的工作非常協同，以推動我們自己的績效營銷工具。

And so this is really a great area for us to partner with our sellers to help them build their business, and I'm excited for us to continue to invest in that area.

因此，這確實是我們與賣家合作以幫助他們建立業務的一個很好的領域，我很高興我們能繼續在該領域進行投資。

The second part of your question, I'm sorry, can you ask it again?

你問題的第二部分，對不起，你能再問一遍嗎？

I lost it.

我失去了它。

Yes.

是的。

It's just when you think about Pattern, what's the opportunities there?

只是當你想到Pattern的時候，那裡有什麼機會？

How do you want to see the product change, et cetera?

您希望如何查看產品變化等等？

Thank you very much.

非常感謝你。

So Pattern is a great start.

所以 Pattern 是一個很好的開始。

And we have a large and passionate community, 1.8 million creative entrepreneurs, and we have the best platform to serve that particular community.

我們有一個龐大而熱情的社區，有 180 萬創意企業家，我們擁有為該特定社區服務的最佳平台。

And in particular, we have something to offer them that no one else offers, which is the Etsy Marketplace, the #1 place to go for buying unique and special items.

特別是，我們可以為他們提供其他人無法提供的東西，這就是 Etsy Marketplace，這是購買獨特和特殊商品的第一大去處。

And so we attract a large and growing set of sellers, but they want the opportunity to market themselves on Etsy and off Etsy as well, and Pattern is a great way for them to do that.

因此，我們吸引了大量且不斷增長的賣家，但他們希望有機會在 Etsy 和 Etsy 之外推銷自己，而 Pattern 是他們實現這一目標的好方法。

So we launched Pattern not long ago, and just this past quarter, we expanded Pattern by allowing them to include inventory that we allow on the Etsy Marketplace and now also inventory that may not be a fit for the Etsy Marketplace, but nonetheless is something our sellers sell.

所以我們不久前推出了 Pattern，就在上個季度，我們擴展了 Pattern，允許它們包括我們在 Etsy 市場上允許的庫存，現在也包括可能不適合 Etsy 市場的庫存，但仍然是我們的東西賣家賣。

So now they can really use Pattern as a true multichannel platform for all of their sales, and the feedback from our sellers has been really positive.

所以現在他們可以真正使用 Pattern 作為他們所有銷售的真正多渠道平台，並且我們賣家的反饋非常積極。

So we're going to continue to invest to make sure that we give our sellers what they need to help them grow their business.

因此，我們將繼續投資，以確保我們為賣家提供他們發展業務所需的一切。

(Operator Instructions) Our next question comes from the line of James Cakmak of Monness, Crespi, Hardt.

（操作員說明）我們的下一個問題來自 Monness、Crespi、Hardt 的 James Cakmak。

I guess, first question, can you just talk through the guidance -- the upper end of the guidance on the GMS side, 14%, can you -- what are the assumptions going into that?

我想，第一個問題，你能不能談談指導——GMS 方面指導的上限，14%，你能——有什麼假設嗎？

And then secondly, on the gross margin, it was ticked down but at a slower rate than what we saw in the first quarter, but that happened at the same time that Etsy Payments wasn't mandated, just an offset.

其次，在毛利率方面，它有所下降，但速度低於我們在第一季度看到的速度，但這發生在 Etsy Payments 未被強制執行的同時，只是一種抵消。

So can you just help us understand what's going on with the gross margin, and I guess, how we should think about it going forward?

那麼，您能否幫助我們了解毛利率的情況，我想，我們應該如何考慮未來的發展？

James, this is Rachel.

詹姆斯，這是雷切爾。

Nice to talk to you and thank you for your question.

很高興和你交談，謝謝你的問題。

So on GMS, we gave a range that we believe is appropriate for what we are seeing so far this year.

因此，在 GMS 上，我們給出了一個範圍，我們認為該範圍適合我們今年到目前為止所看到的情況。

We're -- we've only -- Josh and I have both only been here in, I think, 10 weeks and 12 weeks, respectively, and Josh has a lot of activity in the early days of getting people focused on the right initiatives, stopping initiatives that we didn't believe were focused on the core Etsy Marketplace and then doing a number of experiments to see which ones were going to have the biggest impact on GMS.

我們——我們只——喬什和我都只在這裡，我想，分別只有 10 周和 12 週，喬什在早期有很多活動讓人們關注正確的事情計劃，停止我們不認為專注於核心 Etsy Marketplace 的計劃，然後進行大量實驗，看看哪些計劃會對 GMS 產生最大影響。

And we'd like to say here that we win some and we learn some, so they -- a lot of them have been wins, but not all of them have been wins.

我們想在這裡說，我們贏得了一些，我們學到了一些，所以他們 - 他們中的很多人都取得了勝利，但並非所有人都取得了勝利。

So it's really early days now, but we've started in June, and in July, have rolled some of these initiatives into the market and we're starting to see that we're getting some real impact.

所以現在還為時過早，但我們已經從 6 月和 7 月開始，將其中一些舉措推向市場，我們開始看到我們正在產生一些真正的影響。

But it's still early.

但現在還早。

So we're comfortable with the guidance we've given for GMS.

因此，我們對我們為 GMS 提供的指導感到滿意。

If you take the top end of that GMS range, it would imply acceleration in the second half of the year and you can do the math there.

如果您採用該 GMS 範圍的頂端，則意味著下半年會加速，您可以在那裡進行計算。

At the midpoint, it implies acceleration in the air.

在中點，它意味著空氣中的加速度。

We're feeling pretty comfortable with those numbers.

我們對這些數字感到很舒服。

So I hope that answers your GMS question.

所以我希望這能回答您的 GMS 問題。

Remind me, what was your gross margin question?

提醒我，你的毛利率問題是什麼？

Yes.

是的。

Basically, the compression in the gross margin slowed from the first quarter to the second quarter, and I was just trying -- but at the same time, you had Etsy Payments becoming mandated, which is a gross margin headwind.

基本上，毛利率的壓縮從第一季度到第二季度有所放緩，我只是在嘗試——但與此同時，Etsy Payments 成為強制性的，這是毛利率的逆風。

So I was just trying to understand the sequential improvement there and then how to think about it as we progress through the year.

所以我只是想了解那裡的連續改進，然後在我們一年中取得進展時如何考慮它。

So gross margin, I think, was down 400 basis points -- oh, sorry, 100 basis points, and that was due primarily to employee-related expenses and professional fees.

因此，我認為毛利率下降了 400 個基點——哦，對不起，100 個基點，這主要是由於與員工相關的費用和專業費用。

It wasn't -- the Etsy Payments in the quarter did not have a headwind on gross margin.

事實並非如此——本季度的 Etsy 支付對毛利率沒有不利影響。

And there's obviously multiple revenue lines that have different margin structures to them, so things like the transaction fees on GMS flow through at very high margins and Payments flows through at a much lower margin, and you've pointed to Payments.

顯然有多個收入線具有不同的利潤率結構，因此 GMS 上的交易費用以非常高的利潤率流過，而支付以低得多的利潤率流過，你已經指出了付款。

But it's also true that things like Promoted Listings flow through at a very high-margin, and so there's obviously a mix going on there.

但同樣真實的是，Promoted Listings 之類的東西以非常高的利潤率流過，所以很明顯那裡正在混合。

But with the EBITDA guidance that Rachel gave you, we're trying to give just what we expect in bottom line growth, which is that we can grow the business and do it profitably.

但是根據雷切爾給你的 EBITDA 指導，我們正試圖給出我們對底線增長的預期，即我們可以發展業務並實現盈利。

And I'll give you 2 other factors on the -- Etsy Payments has a higher margin on some of international transactions, and in addition, we have -- we were able to negotiate with our -- some of our payment centers that helps offset some of the margin compression that we typically see from Etsy Payments.

我會給你另外兩個因素 - Etsy Payments 在一些國際交易中有更高的利潤，此外，我們 - 我們能夠與我們的 - 我們的一些支付中心進行談判，這有助於抵消我們通常從 Etsy Payments 中看到的一些保證金壓縮。

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

在這個時候，我沒有再提出任何問題。

Ladies and gentlemen, this does conclude today's Q&A session and conference.

女士們，先生們，今天的問答環節和會議到此結束。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

You may all disconnect.

你們都可以斷開連接。

Everybody, have a great day.

大家，祝你有美好的一天。