ETSY Inc (ETSY) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Q4 2017 Etsy, Inc.

女士們先生們，美好的一天，歡迎來到 2017 年第四季度 Etsy, Inc.

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 turn the call over to Head of Investor Relations, Ms. Jennifer Beugelmans.

我現在想把電話轉給投資者關係主管 Jennifer Beugelmans 女士。

Please go ahead.

請繼續。

Thank you, Andrew.

謝謝你，安德魯。

Good afternoon, and welcome to Etsy's Fourth Quarter and Full Year 2017 Earnings Conference Call.

下午好，歡迎來到 Etsy 2017 年第四季度和全年收益電話會議。

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 a reminder that our remarks today include forward-looking statements relating to our outlook, business strategy, market size, financial guidance and key drivers thereof, our ability to execute on our strategy to own special purchase occasions, the impact of our key initiatives, our product roadmap and potential future growth.

在我們開始之前，提醒一下我們今天的評論包括與我們的前景、業務戰略、市場規模、財務指導及其主要驅動因素、我們執行我們的戰略以擁有特殊購買場合的能力、影響我們的主要舉措、我們的產品路線圖和潛在的未來增長。

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, our 10-Q filed with the SEC November 8, 2017, and our 2017 10-K that we expect to file with the SEC in the coming days.

前瞻性陳述涉及風險和不確定性，這些在我們的新聞稿、我們於 2017 年 11 月 8 日向美國證券交易委員會提交的 10-Q 以及我們預計將在未來幾天向美國證券交易委員會提交的 2017 年 10-K 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。

Finally, for your reference, we have posted 2 presentations to our IR website today.

最後，為了您的參考，我們今天在我們的 IR 網站上發布了 2 個演示文稿。

We have a short deck that highlights our fourth quarter progress, and which we'll be referencing on our call today, and an updated, more robust deck that shares additional details about our story.

我們有一個簡短的平台，突出了我們第四季度的進展，我們將在今天的電話會議上引用它，還有一個更新的、更強大的平台，可以分享有關我們故事的更多細節。

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。

Today, I want to recap the important progress we made in 2017, and specifically highlight our execution in the second half of the year.

今天，我想回顧一下我們在2017年取得的重要進展，並特別強調我們在下半年的執行力。

I'll also talk about the strength we saw during the holiday season and walk you through our core areas of focus for 2018.

我還將談談我們在假期期間看到的優勢，並帶您了解我們 2018 年的核心重點領域。

We're excited to continue building on our momentum and demonstrating that we can drive growth through innovation and focused execution.

我們很高興繼續鞏固我們的勢頭，並證明我們可以通過創新和專注的執行來推動增長。

In a sea of sameness, Etsy stands for something special and the world needs that now more than ever.

在千篇一律的海洋中，Etsy 代表著一些特別的東西，而這個世界現在比以往任何時候都更需要它。

In fact, we estimate that our total market opportunity is over $155 billion, and this estimate encompasses just the online portion of our top 6 GMS categories in our core 6 geographies.

事實上，我們估計我們的總市場機會超過 1550 億美元，這一估計僅包括我們核心 6 個地理區域中前 6 個 GMS 類別的在線部分。

We believe we have a long runway for growth, and we're acting with urgency to move faster.

我們相信我們有很長的增長跑道，我們正在緊急行動以加快步伐。

On our last 2 calls, we said our efforts to unlock this growth would focus on 4 key initiatives: trust and reliability, search and discovery, marketing capabilities, and best-in-class tools and services for our sellers.

在我們最近的 2 次電話會議上，我們表示我們為釋放這種增長所做的努力將集中在 4 個關鍵舉措上：信任和可靠性、搜索和發現、營銷能力以及為我們的賣家提供的一流工具和服務。

We exceeded guidance on every metric in 2017.

我們在 2017 年的每個指標都超出了指導。

In Q4, and as shown on Slide 4, GMS grew 17.8%, a 460-basis point acceleration compared to Q3.

在第四季度，如幻燈片 4 所示，GMS 增長了 17.8%，與第三季度相比增長了 460 個基點。

Revenue growth also accelerated to nearly 23.6%, and our adjusted EBITDA margins of 25.6% were the highest we've ever reported.

收入增長也加速至近 23.6%，我們調整後的 EBITDA 利潤率為 25.6%，是我們報告過的最高水平。

Ultimately, what this performance really means is that we have materially improved the buyer experience, helped our sellers have a great holiday season, and have begun to demonstrate that our efforts are bending the curve on GMS growth.

最終，這一表現真正意味著我們已經從實質上改善了買家體驗，幫助我們的賣家度過了一個愉快的假期，並開始證明我們的努力正在扭轉 GMS 增長的曲線。

We've accomplished a lot since last May.

自去年五月以來，我們取得了很多成就。

Slide 5 features some highlights in 2017.

幻燈片 5 展示了 2017 年的一些亮點。

First, we enhanced our leadership team by bringing on Rachel as CFO; Mike Fisher as CTO; and many other key leaders across the company.

首先，我們通過聘請 Rachel 擔任首席財務官來加強我們的領導團隊； Mike Fisher 擔任首席技術官；以及整個公司的許多其他主要領導。

They joined a talented team and together, are leading the charge to create a better shopping experience for Etsy buyers and to drive sales growth for Etsy sellers.

他們加入了一個才華橫溢的團隊，共同領導為 Etsy 買家創造更好的購物體驗並推動 Etsy 賣家的銷售增長。

Second, we outlined our strategy to gain market share and began executing on our 4 key initiatives that we believe we need to conquer in order to win.

其次，我們概述了獲得市場份額的戰略，並開始執行我們認為需要征服才能獲勝的 4 項關鍵舉措。

And with this greater focus, and a streamlined organizational structure, we dramatically accelerated the velocity of our product and marketing enhancements.

通過更加專注和精簡的組織結構，我們大大加快了產品和營銷改進的速度。

Within trust and reliability, we bolstered trust in both our platform and in the Etsy brand.

在信任和可靠性方面，我們增強了對我們平台和 Etsy 品牌的信任。

This means that we removed friction from the buying experience and improved our relationship with our buyers.

這意味著我們消除了購買體驗中的摩擦並改善了我們與買家的關係。

Throughout the second half of 2017, you've heard us speak about a variety of enhancements we've launched, including 7 simple words, multi-shop checkout and Best Seller Badges, which have helped Etsy offer an easier, more reliable and more compelling buying experience from start to finish.

在整個 2017 年下半年，您已經聽到我們談論了我們推出的各種增強功能，包括 7 個簡單的單詞、多商店結賬和暢銷書徽章，這些幫助 Etsy 提供了更簡單、更可靠和更具吸引力的產品從頭到尾的購買體驗。

Within search and discovery, we remained focused on helping buyers find exactly what they want from among the more than 50 million special items in our marketplace.

在搜索和發現方面，我們始終專注於幫助買家從我們市場上超過 5000 萬種特殊商品中準確找到他們想要的東西。

Our goal is to help those buyers who arrived knowing exactly what they're looking for, and also to delight those just seeking fun, inspiration and serendipity.

我們的目標是幫助那些來到這裡的買家確切地知道他們在尋找什麼，同時也讓那些只是尋求樂趣、靈感和意外收穫的人感到高興。

New developments in AI and machine learning offer the potential for step function improvements in our ability to deliver these experiences.

人工智能和機器學習的新發展為我們提供這些體驗的能力提供了階躍函數改進的潛力。

And while we believe we've made meaningful progress in these areas over the past few quarters, we're still in the very early stages of leveraging these capabilities to their full potential.

雖然我們相信過去幾個季度我們在這些領域取得了有意義的進展，但我們仍處於充分利用這些能力的早期階段。

For example, in the fourth quarter, we continue to build on our context-specific search ranking, or CSR foundation, by applying its power to our market pages, which led to conversion rate in GMS wins.

例如，在第四季度，我們通過將其力量應用於我們的市場頁面，繼續建立我們的特定上下文搜索排名或 CSR 基礎，從而提高了 GMS 獲勝的轉化率。

We also created personalized recommendations on the homepage for each buyer, and improved recommendations based on items placed in their cart.

我們還在主頁上為每個買家創建了個性化推薦，並根據他們購物車中的商品改進了推薦。

In 2017, we made steady progress improving our marketing capabilities, our third initiative.

2017年，我們穩步提升營銷能力，這是我們的第三項舉措。

We brought new buyers to the marketplace and continued to engage with existing buyers.

我們為市場帶來了新買家，並繼續與現有買家互動。

In fact, during Q4, paid GMS attributable to our marketing efforts grew 45%, and the marketing team, in collaboration with our product team, utilized our recently launched sales and promotions tool to curate and market our first-ever site-wide sales during Labor Day and Cyber Week, events which generated incremental GMS, but more importantly, helped to increase relevance with our buyers.

事實上，在第四季度，由於我們的營銷工作，付費 GMS 增長了 45%，並且營銷團隊與我們的產品團隊合作，利用我們最近推出的銷售和促銷工具來策劃和營銷我們有史以來第一次全站銷售勞動節和網絡週這些活動產生了增量 GMS，但更重要的是，有助於提高與我們買家的相關性。

The improvements we make deeper in the funnel, for example, by improving conversion rate, or buyer LTV, also help us to generate higher returns per visit.

我們在漏斗中進行的更深入的改進，例如，通過提高轉化率或買家 LTV，也有助於我們產生更高的每次訪問回報。

So improvements in our marketing capabilities and improvements in our buyer experience can create a virtuous cycle.

因此，我們營銷能力的提高和買家體驗的改善可以創造一個良性循環。

Within our fourth initiative, seller tools and services, we worked hard in 2017 to provide sellers with best-in-class resources to help them start, manage and scale their businesses.

在我們的第四項舉措中，賣家工具和服務，我們在 2017 年努力工作，為賣家提供一流的資源，幫助他們開始、管理和擴展他們的業務。

We're listening closely to what our sellers are telling us they want and we're laser focused on executing a product strategy to deliver what they need to succeed.

我們正在密切傾聽我們的賣家告訴我們他們想要什麼，我們非常專注於執行產品戰略以提供他們成功所需的東西。

It's worth pausing for a moment to show how our work in 2017 helped our sellers win during the important holiday season.

值得暫停片刻來展示我們在 2017 年的工作如何幫助我們的賣家在重要的假期期間獲勝。

As I mentioned, we built a tool that allowed our sellers to offer discounts and sales during the fourth quarter and we organized a Cyber Week sale that positioned Etsy to compete more effectively during those key shopping days.

正如我所提到的，我們構建了一個工具，允許我們的賣家在第四季度提供折扣和銷售，並且我們組織了網絡週促銷活動，使 Etsy 能夠在那些關鍵的購物日更有效地競爭。

With regard to shipping, shipping price and timing have become a deciding factor for many shoppers.

關於運費，運費和時間已成為許多購物者的決定性因素。

In the past, because of insufficient transparency, unexpected shipping dates, the holiday season has been shorter for Etsy than most other e-tailers.

過去，由於透明度不足、出貨日期意外，Etsy 的假期比大多數其他電子零售商都短。

So we launched a tool that gives buyers the ability to filter items that were ready to ship within 1 to 3 days and items offering free shipping.

因此，我們推出了一款工具，讓買家能夠篩選可在 1 到 3 天內發貨的商品和提供免費送貨服務的商品。

In addition, we launched a holiday gift guide, which helped to inspire shoppers, and a gift wrap tool that allowed sellers to ship wrapped gifts directly to gift recipients, saving buyers more time.

此外，我們推出了有助於激發購物者靈感的節日禮物指南，以及允許賣家將包裝好的禮物直接運送給禮物接收者的禮品包裝工具，從而為買家節省了更多時間。

There's still much work to do to improve the shipping experience on Etsy, and this will be an area of strong focus in 2018.

要改善 Etsy 上的運輸體驗，還有很多工作要做，這將是 2018 年的重點領域。

However, we believe the work we did this holiday season, while not material to our quarterly results, laid important groundwork for improving our shipping experience as well as the overall buying experience for all gifting occasions.

然而，我們相信我們在這個假期所做的工作雖然對我們的季度業績沒有實質性影響，但卻為改善我們的運輸體驗以及所有送禮場合的整體購買體驗奠定了重要基礎。

We're excited about the long runway for continued growth that we believe is still ahead of us.

我們對我們認為仍然領先於我們的持續增長的漫長跑道感到興奮。

Since May 2017, we launched approximately 350 product enhancements, with more than 20% having a measurably positive impact on GMS.

自 2017 年 5 月以來，我們推出了大約 350 項產品增強功能，其中超過 20% 對 GMS 產生了可衡量的積極影響。

These wins are not just financial wins.

這些勝利不僅僅是經濟上的勝利。

We believe they're laying the foundation for a better shopping experience and reflect the progress we've made in building a culture of excellence.

我們相信它們為更好的購物體驗奠定了基礎，並反映了我們在打造卓越文化方面取得的進步。

We feel confident that we can continue to launch product enhancements at a rapid pace and improve the overall buyer and seller experience in ways that positively impact GMS.

我們有信心能夠繼續快速推出產品增強功能，並以對 GMS 產生積極影響的方式改善買賣雙方的整體體驗。

We're proud of the work we've accomplished in a relatively short period of time, and believe we've begun to bend the curve on GMS growth, our most important metric.

我們為在相對較短的時間內完成的工作感到自豪，並相信我們已經開始扭轉 GMS 增長曲線，這是我們最重要的指標。

One thing I admire about marketplace models is that they get better as they get bigger.

我欽佩市場模型的一件事是它們隨著規模的擴大而變得更好。

And with Etsy, we believe we have much more room to grow.

有了 Etsy，我們相信我們有更大的發展空間。

The table is set for 2018, and we've entered the year on strong footing, with a clear strategy and a product roadmap that we believe will support the long-term success of Etsy and our sellers.

表格定於 2018 年，我們已經在堅實的基礎上進入了這一年，有了明確的戰略和產品路線圖，我們相信這將支持 Etsy 和我們的賣家的長期成功。

Now let me provide more color on our plans and product roadmaps for 2018.

現在讓我為 2018 年的計劃和產品路線圖提供更多顏色。

We will continue to execute on our strategy to own special purchase occasions throughout the year, grow our Etsy.com marketplace in our 6 core geographies through focusing on our 4 key initiatives.

我們將繼續執行我們的戰略，在全年擁有特殊的購買場合，通過專注於我們的 4 個關鍵舉措，在我們的 6 個核心地區發展我們的 Etsy.com 市場。

In 2018, our product roadmap tracks our 4 key initiatives.

2018 年，我們的產品路線圖跟踪了我們的 4 項關鍵舉措。

We expect that many of our new products and features will deliver steady and reliable improvements to the buyer and seller experience, while several are bolder events that could move the needle more, but are more experimental and less predictable.

我們希望我們的許多新產品和功能能夠為買家和賣家的體驗帶來穩定可靠的改進，而其中一些是更大膽的事件，可能會帶來更大的變化，但更具實驗性，更難預測。

Let me briefly touch on each of our 4 key initiatives, starting with trust and reliability.

讓我簡要介紹一下我們的 4 項關鍵舉措，首先是信任和可靠性。

In 2018, we plan to make it easier to shop for and find unique items by making the buying process better and more transparent.

2018 年，我們計劃讓購買流程變得更好、更透明，讓購買和尋找獨特商品變得更容易。

We will focus on bolstering Etsy's reputation and track record as a reliable and safe place to shop by making clear how each seller handles returns and exchanges, and by clarifying expectations around shipping.

我們將通過明確每個賣家如何處理退貨和換貨，以及澄清對運輸的期望，專注於提升 Etsy 作為可靠和安全購物場所的聲譽和記錄。

We also plan to collect more structured data from our sellers in order to provide buyers with the information they need to make a better purchase decision.

我們還計劃從我們的賣家那裡收集更多的結構化數據，以便為買家提供他們做出更好的購買決定所需的信息。

We believe that success in these launches and others will remove friction from the browsing and buying experience, helping to convert views into purchases.

我們相信，這些發布和其他發布的成功將消除瀏覽和購買體驗中的摩擦，有助於將瀏覽轉化為購買。

But first, shoppers need to be able to find items they love from within our vast marketplace of over 50 million items for sale.

但首先，購物者需要能夠在我們擁有超過 5000 萬件待售商品的龐大市場中找到他們喜歡的商品。

Hence, our second pillar, search and discovery.

因此，我們的第二個支柱，搜索和發現。

In 2018, our focus here will remain on leveraging advances in artificial intelligence and machine learning and combining it with our expertise in human curation, in order to create unique discovery experiences that help buyers find exactly what they're looking for, inspire their imaginations and elevate the browsing experience to make it more intuitive, more fruitful, and more fun.

2018 年，我們的重點仍將是利用人工智能和機器學習的進步，並將其與我們在人工策劃方面的專業知識相結合，以創造獨特的發現體驗，幫助買家準確找到他們正在尋找的東西，激發他們的想像力和提升瀏覽體驗，使其更直觀、更豐富、更有趣。

We also want to take the complexity out of sifting through millions of special items to help buyers land on that one item that is special for her.

我們還希望消除篩選數百萬種特殊商品的複雜性，以幫助買家找到對她來說特別的商品。

For example, we plan to continue to optimize listings to provide buyers with the information they need to make better purchase decisions.

例如，我們計劃繼續優化列表，為買家提供做出更好購買決策所需的信息。

And by leveraging our machine learning and AI capabilities, we will continue to gather data from browsing activity and transactions to deliver timely recommendations and make a more personalized search experience.

通過利用我們的機器學習和人工智能功能，我們將繼續從瀏覽活動和交易中收集數據，以提供及時的建議並提供更加個性化的搜索體驗。

We believe our efforts in this area will help buyers discover items that fit their unique styles, drive conversion rates and support GMS growth.

我們相信我們在這一領域的努力將幫助買家發現適合他們獨特風格的商品，提高轉化率並支持 GMS 的增長。

Our third initiative is building world-class marketing capabilities.

我們的第三項舉措是打造世界一流的營銷能力。

In 2018, we plan to focus on bringing buyers to Etsy and getting them to return more frequently.

2018 年，我們計劃專注於將買家帶到 Etsy 並讓他們更頻繁地回訪。

We believe we can do a better job of integrating our performance marketing efforts with the marketing efforts of our sellers in order to drive traffic and growth that benefits both Etsy and our sellers.

我們相信我們可以做得更好，將我們的績效營銷努力與我們賣家的營銷努力相結合，以推動流量和增長，使 Etsy 和我們的賣家都受益。

For example, our goal is to leverage more sophisticated automated solutions for product listing ads and to scale our marketing investments.

例如，我們的目標是利用更複雜的產品列表廣告自動化解決方案並擴大我們的營銷投資。

We plan to leverage our new e-mail platform in order to send more personalized and targeted e-mails and push notifications to buyers to give them a reason to come back to Etsy more frequently.

我們計劃利用我們新的電子郵件平台向買家發送更具個性化和針對性的電子郵件和推送通知，讓他們有理由更頻繁地回到 Etsy。

And to get buyers engaged and excited about coming to our site, we intend to utilize the Etsy community more, to curate the shopping experience and make it more engaging.

為了讓買家對訪問我們的網站感興趣並感到興奮，我們打算更多地利用 Etsy 社區來策劃購物體驗並使其更具吸引力。

Our fourth strategic initiative is to provide best-in-class seller tools and services.

我們的第四個戰略舉措是提供一流的賣家工具和服務。

We know that our sellers want to grow their sales, and it's our job to give them the tools and services they need to be successful.

我們知道我們的賣家希望增加銷售額，我們的工作是為他們提供成功所需的工具和服務。

In 2018, we plan to enhance existing products and launch new capabilities tailored to seller needs at key stages in their journey.

2018 年，我們計劃改進現有產品並推出新功能，以滿足賣家在旅程關鍵階段的需求。

We aim to give sellers meaningful marketplace insights, expanded marketing and brand-building capabilities and opportunities to improve the Etsy buyer experience.

我們的目標是為賣家提供有意義的市場洞察力、擴展的營銷和品牌建設能力以及改善 Etsy 買家體驗的機會。

Etsy sellers want to attract more buyers, improve customer satisfaction and grow a loyal fan base.

Etsy 賣家希望吸引更多買家、提高客戶滿意度並發展忠實粉絲群。

We expect to help guide seller marketing decisions through powerful analytics, improve Etsy's shipping and order management tools and offer capabilities for building lasting buyer relationships.

我們希望通過強大的分析幫助指導賣家的營銷決策，改進 Etsy 的運輸和訂單管理工具，並提供建立持久買家關係的能力。

In 2018, our goal is to give our sellers more control over their business growth than ever before.

2018 年，我們的目標是讓我們的賣家比以往任何時候都更能控制他們的業務增長。

By the end of the year, we'll know we've been successful in executing across these initiatives if we've made progress addressing key buyer and seller opportunities shown on Slide 6. So, at the end of 2018, we'll be asking ourselves: first, have we encouraged more buyers to come to Etsy and shop for special items?

到今年年底，如果我們在解決幻燈片 6 中顯示的關鍵買家和賣家機會方面取得了進展，我們就會知道我們已經成功執行了這些計劃。因此，到 2018 年底，我們將問問我們自己：首先，我們是否鼓勵了更多的買家來到 Etsy 購買特殊商品？

Second, have we made the browsing experience better?

第二，我們是否讓瀏覽體驗變得更好了？

Is it easier for our buyers to search for and find exactly what they're looking for?

我們的買家是否更容易搜索並準確找到他們想要的東西？

And have we created urgency for shoppers to buy now?

我們是否讓購物者產生了立即購買的緊迫感？

And lastly, have all of these culminated in driving GMS growth up for our sellers?

最後，所有這些是否最終推動了我們賣家的 GMS 增長？

We're encouraged by our execution so far across our 4 key initiatives and believe we are well-positioned to make significant headway in 2018.

到目前為止，我們對 4 項關鍵舉措的執行情況感到鼓舞，並相信我們已準備好在 2018 年取得重大進展。

In closing, we're excited about the progress we made in 2017.

最後，我們對 2017 年取得的進展感到興奮。

As I mentioned in my opening remarks, Etsy stands for something special in a sea of sameness.

正如我在開場白中提到的，Etsy 代表著千篇一律的海洋中的一些特別之處。

I'm grateful to Etsy sellers for partnering with us, Etsy buyers for shopping with us, and our employees for all their hard work in helping to support our vibrant community.

我感謝 Etsy 賣家與我們合作，感謝 Etsy 買家與我們一起購物，感謝我們的員工為支持我們充滿活力的社區所做的所有辛勤工作。

And with that, I'll turn the call over to Rachel.

有了這個，我會把電話轉給雷切爾。

Thank you, Josh, and hello, everyone.

謝謝你，喬希，大家好。

We ended the year on a strong note, delivering one of our best-ever holiday seasons for our sellers and over $1 billion in GMS in Q4.

我們以強勁的勢頭結束了這一年，為我們的賣家帶來了有史以來最好的假期之一，第四季度的 GMS 銷售額超過 10 億美元。

This quarter, we accelerated both U.S. domestic and international GMS growth sequentially, accelerated revenue growth sequentially and posted our highest-ever adjusted EBITDA margins as a public company.

本季度，我們連續加速了美國國內和國際 GMS 的增長，連續加速了收入增長，並公佈了我們作為上市公司有史以來最高的調整後 EBITDA 利潤率。

This provides a solid foundation from which to continue to execute on our strategy and improve the platform for Etsy sellers and buyers.

這為繼續執行我們的戰略並為 Etsy 賣家和買家改進平台提供了堅實的基礎。

Please refer to Slide 7, which illustrates these 2017 achievements.

請參閱幻燈片 7，其中展示了這些 2017 年的成就。

My remarks today will cover 4 areas: first, I will update you on our key operating metrics for the fourth quarter; second, I'll give you a quick recap of our latest 4-year cohort data; third, I will review the financial results; and finally, I will provide 2018 guidance.

我今天的講話將涵蓋四個方面：首先，我將向您介紹我們第四季度的關鍵運營指標；其次，我將快速回顧一下我們最新的 4 年隊列數據；第三，我將審查財務結果；最後，我將提供 2018 年的指導。

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.

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，我將提到的比較是按年進行的。

Let's start with key operating metrics with GMS first.

讓我們先從 GMS 的關鍵運營指標開始。

During the fourth quarter of 2017, Etsy generated $1 billion in GMS, up 17.8%, and representing our first-ever $1 billion quarter.

2017 年第四季度，Etsy 產生了 10 億美元的 GMS，增長 17.8%，這是我們有史以來第一個 10 億美元的季度。

At the end of the fourth quarter, Etsy had 33.4 million active buyers, up 17%, and over 1.9 million active sellers, up 11%.

第四季度末，Etsy 擁有 3340 萬活躍買家，增長 17%，超過 190 萬活躍賣家，增長 11%。

Growth in both active buyers and active sellers demonstrate that our vibrant, 2-sided marketplace continues to grow at a healthy rate, and we're particularly pleased that the total GMS grew even faster than active sellers, signifying an increase in average GMS per seller.

活躍買家和活躍賣家的增長表明我們充滿活力的雙向市場繼續以健康的速度增長，我們特別高興的是總 GMS 的增長速度甚至快於活躍賣家，這表明每個賣家的平均 GMS 有所增加.

Our efforts to accelerate GMS in the past few quarters were primarily focused on growing visits and conversion rate.

我們在過去幾個季度加速 GMS 的努力主要集中在增加訪問量和轉化率上。

Let's take a look at visit growth first.

我們先來看看訪問增長。

Mobile web continues to be a large part of our growth story as a significant driver of both GMS and visits in the quarter.

作為本季度 GMS 和訪問量的重要推動力，移動網絡繼續成為我們增長故事的重要組成部分。

Mobile web visits were approximately 46% of overall visits this quarter, and roughly 67% of our visits came to us from a mobile web or app device this quarter.

本季度移動網絡訪問量約佔總訪問量的 46%，本季度約 67% 的訪問量來自移動網絡或應用程序設備。

This was up 200 basis points year-over-year and continues to outpace the rate of growth on desktop.

這比去年同期增長了 200 個基點，並且繼續超過台式機的增長率。

The vast majority of our visits came to us from organic searches.

我們的絕大多數訪問來自有機搜索。

However, our paid marketing efforts have also contributed to visit growth in recent quarters.

然而，我們的付費營銷努力也促進了最近幾個季度的訪問量增長。

In addition to our paid channels, we are also focused on providing tools for our sellers to drive visit growth through their own efforts.

除了我們的付費渠道，我們還專注於為我們的賣家提供工具，通過他們自己的努力來推動訪問量的增長。

For example, we believe the social media tool we launched last quarter will eventually help drive referral traffic from social channels.

例如，我們相信我們上個季度推出的社交媒體工具最終將有助於推動來自社交渠道的推薦流量。

Mobile GMS grew 27% year-over-year, increasing as a percentage of total GMS to approximately 52%, up from approximately 49% last year.

移動 GMS 同比增長 27%，佔總 GMS 的百分比從去年的約 49% 增加到約 52%。

Growth in mobile GMS was driven in part by several product launches, including the introduction of scarcity badges and nudges, which leverage our unique inventory, and nudge buyers along the shopping journey, improvements to listing pages, and the implementation of Guest Checkout on mobile web.

移動 GMS 的增長在一定程度上是由幾款產品的發布推動的，包括引入稀缺徽章和推動，利用我們獨特的庫存，推動買家在購物過程中，改進列表頁面，以及在移動網絡上實施訪客結帳.

We have also seen success in improving conversion rates.

我們在提高轉化率方面也取得了成功。

Mobile web traffic converts at about 1/2 the rate of desktop traffic, and during the fourth quarter, we saw improvements in desktop and mobile web conversion rate versus prior year.

移動網絡流量的轉化率約為桌面流量的 1/2，在第四季度，我們看到桌面和移動網絡的轉化率與去年同期相比有所提高。

This strength allowed us to move our aggregate conversion rate up this quarter despite softness in our mobile app conversion rate.

儘管我們的移動應用程序轉化率疲軟，但這種優勢使我們能夠在本季度提高總轉化率。

Several product launches impacted aggregate conversion rate.

一些產品的發布影響了總轉化率。

For example, our efforts to enhance search and discovery were particularly helped by context-specific search ranking, which improved the relevancy of search results for each individual shopper.

例如，我們在增強搜索和發現方面所做的努力得到了特定於上下文的搜索排名的特別幫助，這提高了每個購物者搜索結果的相關性。

AOV has remained relatively stable in the past couple of years and improved modestly in 2017 compared to 2016.

AOV 在過去幾年保持相對穩定，2017 年與 2016 年相比略有改善。

Following the launch of multi-shop checkout in early 2017, the number of items sold per transaction grew slightly.

繼 2017 年初推出多店結賬後，每筆交易售出的商品數量略有增長。

User recommendations on the homepage and buyer nudges that create urgency signals also contributed.

主頁上的用戶推薦和製造緊急信號的買家推動也做出了貢獻。

Turning to international GMS.

轉向國際 GMS。

For 2017, we achieved our first billion-dollar year, with slightly over $1 billion in international GMS.

2017 年，我們實現了第一個十億美元的年度，國際 GMS 略高於 10 億美元。

As a reminder, international GMS is defined as any transaction in which the buyer or the seller is not in the U.S. In the fourth quarter, percent international GMS grew 300 basis points to 33%.

提醒一下，國際 GMS 定義為買賣雙方不在美國的任何交易。第四季度，國際 GMS 百分比增長了 300 個基點，達到 33%。

International GMS growth accelerated to 28% and continued to grow faster than overall GMS.

國際 GMS 增長加速至 28%，並繼續以高於整體 GMS 的速度增長。

The strength in our international business was driven by healthy activity between international buyers and sellers as well as a strong contribution from U.S. buyers making purchases from international sellers.

我們國際業務的實力是由國際買家和賣家之間的健康活動以及美國買家從國際賣家那裡購買的強大貢獻推動的。

In the fourth quarter, we also narrowed the conversion rate gap for our core international geographies versus the U.S. We believe that closing this conversion rate gap represents a large potential growth opportunity.

在第四季度，我們還縮小了核心國際地區與美國的轉化率差距。我們認為，縮小這一轉化率差距代表著巨大的潛在增長機會。

We are also leveraging our technology to drive international growth.

我們還利用我們的技術推動國際增長。

Our international progress was supported by several product launches and initiatives, including broader local search boosts, context-specific search ranking and an increase in local listing inventory.

我們的國際進步得到了多項產品發布和舉措的支持，包括更廣泛的本地搜索提升、特定於上下文的搜索排名和本地列表庫存的增加。

Overall, this contributed to strong new buyer growth and higher conversion rate.

總體而言，這有助於強勁的新買家增長和更高的轉化率。

On an annual basis, we shared data about the health of our marketplace and the loyalty of our sellers and buyers.

我們每年都會分享有關市場健康狀況以及買賣雙方忠誠度的數據。

The full update can be found in our 2017 10-K, which will be filed in the next few days, but I will share some brief highlights here.

完整的更新可以在我們的 2017 年 10-K 中找到，它將在未來幾天提交，但我將在這里分享一些簡短的亮點。

For the 2014 seller cohort, 32% of 2014 active sellers remained active in 2017, and their average GMS in 2017 was approximately 3x higher than it was in 2014.

對於 2014 年的賣家群體，32% 的 2014 年活躍賣家在 2017 年仍然活躍，他們 2017 年的平均 GMS 比 2014 年高出約 3 倍。

In our 2013 seller cohort data, 32% of the sellers were also still active in 2016, and their average GMS was nearly 4x higher than it was in 2013.

在我們 2013 年的賣家隊列數據中，32% 的賣家在 2016 年仍然活躍，他們的平均 GMS 比 2013 年高出近 4 倍。

Our 2014 buyer cohort behaved similarly to our 2013 cohort, with 39% of our 2014 active buyers remaining active through 2017, compared with 41% for the 2013 cohort who remained active through 2016.

我們 2014 年買家群體的行為與 2013 年群體相似，2014 年活躍買家中有 39% 一直活躍到 2017 年，而 2013 年群體中有 41% 一直活躍到 2016 年。

The average annual GMS was $169 for our 2014 cohort and $174 for our 2013 cohort.

2014 年隊列的平均年度 GMS 為 169 美元，2013 年隊列為 174 美元。

Keep in mind that during 2013, we began to scale our digital marketing efforts.

請記住，在 2013 年期間，我們開始擴大我們的數字營銷工作。

Our model assumes that buyers from these paid channels behave differently and generally worse than buyers who come to us through organic channels.

我們的模型假設來自這些付費渠道的買家的行為與通過有機渠道來找我們的買家不同，而且通常更差。

This suggests that we're doing a good job of acquiring high-value sticky buyers to look more similar to organic buyers.

這表明我們在吸引高價值的粘性買家方面做得很好，看起來更像有機買家。

In 2017, GMS from new buyers represented approximately 19% of overall GMS, decreased slightly compared to last year.

2017 年，來自新買家的 GMS 約佔整體 GMS 的 19%，與去年相比略有下降。

As we bring new buyers to Etsy, we believe that increasing purchase frequency has the potential to generate an ecosystem that accelerates growth.

當我們為 Etsy 帶來新的買家時，我們相信增加購買頻率有可能產生一個加速增長的生態系統。

Buyers with higher frequency can be more valuable to Etsy, and their lifetime value could allow us to invest more to acquire them.

購買頻率更高的買家對 Etsy 來說更有價值，他們的生命週期價值可以讓我們投入更多資金來收購他們。

We measure frequency in purchase days, and the percent of buyers who made purchases on multiple days in 2017 was approximately 40%, more or less flat compared to 2016.

我們以購買天數衡量頻率，2017 年多天購買的買家百分比約為 40%，與 2016 年相比基本持平。

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

考慮到這些運營指標，現在讓我談談它們對我們財務業績的影響。

During the fourth quarter, total revenue was $136.3 million, up approximately 24%.

第四季度，總收入為 1.363 億美元，增長約 24%。

Revenue growth accelerated for the third consecutive quarter, driven by both growth in Seller Services and, to a lesser extent, marketplace revenue.

收入連續第三個季度加速增長，這主要得益於賣家服務的增長以及市場收入的增長（在較小程度上）。

Etsy's international revenue grew 42% in the fourth quarter, led by greater adoption of Seller Services and GMS growth.

Etsy 的國際收入在第四季度增長了 42%，這主要得益於賣家服務的更多采用和 GMS 的增長。

Seller Services revenue was up 33% and represented 60% of total revenue.

賣家服務收入增長了 33%，佔總收入的 60%。

Marketplace revenue accelerated to 16%, primarily due to growth and transaction fee revenue and, to a lesser extent, growth in listing fee revenue.

市場收入加速增長至 16%，這主要是由於交易費用收入的增長，以及在較小程度上的上市費用收入的增長。

As we saw in the third quarter, our marketplace revenue growth was a bit slower than our overall GMS growth, mainly due to the free listings promotions we ran to stimulate local inventory in our international markets.

正如我們在第三季度看到的那樣，我們的市場收入增長略低於我們的整體 GMS 增長，這主要是由於我們為刺激國際市場的本地庫存而進行的免費上市促銷。

Despite this, marketplace revenue growth accelerated sequentially for the first time since Q2 2016.

儘管如此，市場收入增長自 2016 年第二季度以來首次連續加速。

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

賣家服務收入的增長主要是由 Etsy 支付和推廣列表的增長推動的。

While we now have broad coverage for payments, we continue to see incremental opportunities to expand utility and geographic reach of Etsy Payments by adding more currencies and countries.

雖然我們現在的支付覆蓋範圍很廣，但我們繼續看到通過添加更多貨幣和國家來擴大 Etsy 支付的效用和地理範圍的增量機會。

Promoted Listings was our fastest-growing Seller Service, and revenue growth accelerated for the third quarter in a row due to improved click-through rates and more available inventory on the platform.

Promoted Listings 是我們增長最快的賣家服務，由於點擊率的提高和平台上可用庫存的增加，收入連續第三個季度加速增長。

We expect Seller Services revenue, driven largely by Promoted Listings, to continue to grow faster than marketplace revenue and GMS through 2018.

我們預計賣家服務收入的增長主要由 Promoted Listings 推動，到 2018 年，其增長速度將繼續快於市場收入和 GMS。

Next, I'd like to discuss the usage of our Seller Services shown on Slide 8, which we disclose annually.

接下來，我想討論幻燈片 8 中顯示的我們每年披露的賣家服務的使用情況。

During 2017, approximately 54% of our active sellers used at least 1 Seller Service compared with 52% last year.

2017 年，我們約 54% 的活躍賣家至少使用了一項賣家服務，而去年這一比例為 52%。

Approximately 50% of our active sellers used Etsy Payments, compared with 46% last year, and approximately 85% of our GMS was processed through Etsy Payments compared with 78% in 2016.

我們約有 50% 的活躍賣家使用 Etsy Payments，而去年這一比例為 46%，我們約 85% 的 GMS 是通過 Etsy Payments 處理的，而 2016 年這一比例為 78%。

As a reminder, during May 2017, we transitioned nearly all eligible sellers to Etsy Payments because we believe it is the best way to transact on our platform.

提醒一下，在 2017 年 5 月期間，我們將幾乎所有符合條件的賣家都轉移到了 Etsy 支付，因為我們相信這是在我們平台上進行交易的最佳方式。

Approximately 15% of our active sellers used Promoted Listings, compared with 16% last year.

大約 15% 的活躍賣家使用 Promoted Listings，而去年這一比例為 16%。

Although Promoted Listings' usage ticked down a bit, revenue continued to grow robustly, driven both by higher click-through rates and new inventory.

儘管 Promoted Listings 的使用率略有下降，但在更高的點擊率和新庫存的推動下，收入繼續強勁增長。

In fact, active sellers grew 11% in 2017 versus 2016.

事實上，2017 年活躍賣家比 2016 年增長了 11%。

So on an absolute basis, Promoted Listings usage by actual sellers was up approximately 4%.

因此，在絕對基礎上，實際賣家對 Promoted Listings 的使用增加了大約 4%。

As a product, Promoted Listings requires that our sellers be ROI positive in aggregate, and we're working on ways to better educate sellers on the value that this product can create for their businesses.

作為一種產品，Promoted Listings 要求我們的賣家總體上實現正投資回報率，我們正在研究如何更好地教育賣家該產品可以為他們的業務創造的價值。

Approximately 28% of our active sellers in the U.S. and Canada, where we offer Shipping Labels, used that service compared with 26% last year.

在我們提供運輸標籤的美國和加拿大，大約 28% 的活躍賣家使用了該服務，而去年這一比例為 26%。

As Josh mentioned, there is much more we can do to improve shipping and as we continue to drive growth in our Shipping Labels Seller Service, we will think about expanding the geographic reach or adding more delivery options.

正如 Josh 提到的，我們可以做更多的事情來改善運輸，並且隨著我們繼續推動運輸標籤賣家服務的增長，我們將考慮擴大地理範圍或增加更多交付選項。

And finally, 2.5% of our active sellers use Pattern, which was flat compared to last year.

最後，我們有 2.5% 的活躍賣家使用 Pattern，與去年持平。

Within our strategy, one of our initiatives is to provide best-in-class seller tools and services and we're encouraged by the increase in the percent of active sellers that used at least 1 Seller Services in 2017 compared to last year.

在我們的戰略中，我們的一項舉措是提供一流的賣家工具和服務，與去年相比，2017 年至少使用一項賣家服務的活躍賣家百分比有所增加，這讓我們感到鼓舞。

In the fourth quarter, we ran an Etsy-funded seller promotion that incentivized sellers to use Google Shopping.

第四季度，我們開展了一項由 Etsy 資助的賣家促銷活動，鼓勵賣家使用 Google 購物。

The cost of this incentive was reported as contra-revenue in our other revenue line.

這項激勵措施的成本在我們的其他收入項目中被報告為抵銷收入。

We recorded $28 million in GMS, generated from people shopping, up 43% this quarter compared to the third quarter.

與第三季度相比，本季度我們記錄了 2800 萬美元的 GMS，這是由人們購物產生的。

This contra-revenue is the primary reason for the negative $300,000 in other revenue.

這種相反的收入是其他收入為負 300,000 美元的主要原因。

Gross profit for the fourth quarter was $92 million, up 26%, and gross margin was 68%, up 110 basis points.

第四季度毛利潤為 9200 萬美元，增長 26%，毛利率為 68%，增長 110 個基點。

Gross margin expanded primarily because of the lower fees we negotiated with one of our third-party payment processors.

毛利率的增長主要是因為我們與第三方支付處理商之一協商的費用較低。

Turning now to operating expenses.

現在轉向運營費用。

Etsy's fourth quarter operating expenses were $74 million, up only 6%, and represented 54% of total revenue, down from 63% last year.

Etsy 第四季度的運營費用為 7400 萬美元，僅增長 6%，佔總收入的 54%，低於去年的 63%。

Marketing expenses in the fourth quarter totaled $35 million, up 14%, representing 25.4% of total revenue compared to 27.6% last year.

第四季度營銷費用總計 3500 萬美元，增長 14%，佔總收入的 25.4%，而去年同期為 27.6%。

The majority of our marketing spend is related to digital acquisition marketing, but also includes the expenses related to our marketing and communication staff, whose efforts are focused on PR, e-mail and social media, amongst other things.

我們的大部分營銷支出與數字收購營銷有關，但也包括與我們的營銷和傳播人員相關的費用，他們的工作重點是公關、電子郵件和社交媒體等。

Our digital marketing spend is primarily on Google Product Listing Ads and search engine marketing and continues to generate a positive ROI based on our attribution model.

我們的數字營銷支出主要用於 Google 產品詳情廣告和搜索引擎營銷，並根據我們的歸因模型繼續產生積極的投資回報率。

During 2017, we achieved a payback period of 1 quarter, an improvement compared to our 2-quarter payback in 2016, and well ahead of our 8-quarter payback model.

2017 年，我們實現了 1 個季度的投資回收期，與 2016 年的 2 個季度投資回收期相比有所改善，並且遠遠領先於我們的 8 個季度投資回收期模型。

While we have an attribution model that we believe adequately captures appropriate buyer lifetime value, we're in the process of assessing other inputs, like synergies, between our efforts and those of our sellers and a behavior of buyers on the platform.

雖然我們有一個我們認為可以充分捕捉適當的買家生命週期價值的歸因模型，但我們正在評估其他投入，例如我們的努力與賣家的努力以及平台上買家的行為之間的協同作用。

Product development expenses totaled $18 million in the fourth quarter, up 10%, representing 13% of total revenue compared to 15% last year.

第四季度產品開發費用總計 1800 萬美元，增長 10%，佔總收入的 13%，而去年同期為 15%。

G&A expenses totaled $18 million in the fourth quarter, down about 19%, representing 13% of total revenue compared to 21% last year.

第四季度 G&A 費用總計 1800 萬美元，下降約 19%，佔總收入的 13%，而去年為 21%。

Headcount at the end of the quarter decreased to 744 people compared with 1,043 last year.

本季度末的員工人數從去年的 1,043 人減少到 744 人。

We have a number of product and engineering roles to fill, and we have added recruiters to more rapidly fill these critical positions.

我們有許多產品和工程職位需要填補，我們增加了招聘人員以更快地填補這些關鍵職位。

Fourth quarter net income was $45 million compared with a net loss of $21 million last year.

第四季度淨收入為 4500 萬美元，而去年淨虧損為 2100 萬美元。

Diluted earnings per share was $0.36 compared with a net loss per share of $0.19 last year.

每股攤薄收益為 0.36 美元，而去年每股淨虧損為 0.19 美元。

Operating income, which excludes benefits from FX, taxes and net interest expense, was $18 million in the fourth quarter.

第四季度營業收入為 1800 萬美元，不包括外匯收益、稅收和淨利息支出。

Next, I'd like to update you on the impact of the recent U.S. tax reform legislation on our business.

接下來，我想向您介紹最近美國稅改立法對我們業務的影響。

In fourth quarter results, we recorded a tax benefit for the impact of the new legislation of approximately $26 million, which was primarily driven by the downward adjustment of our deferred tax liabilities.

在第四季度的業績中，我們因新立法的影響而獲得了約 2600 萬美元的稅收優惠，這主要是由於我們的遞延稅負債下調所致。

This adjustment is the result of the reduction in the U.S. statutory corporate tax rate from 35% to 21%.

此調整是美國法定公司稅率從 35% 降至 21% 的結果。

Non-GAAP adjusted EBITDA was $35 million.

非美國通用會計準則調整後的 EBITDA 為 3500 萬美元。

This resulted in an adjusted EBITDA margin of 25.6% compared with last year's adjusted EBITDA margin of 13.9%.

這導致調整後的 EBITDA 利潤率為 25.6%，而去年調整後的 EBITDA 利潤率為 13.9%。

Adjusted EBITDA performance this quarter was driven by revenue growth and lower employee-related expenses, including voluntary attrition that we expect to backfill.

本季度調整後的 EBITDA 業績受到收入增長和員工相關費用減少的推動，包括我們預計會回填的自願減員。

Approximately $1.3 million of adjusted EBITDA year-over-year was due to voluntary attrition.

約 130 萬美元的調整後 EBITDA 同比增長是由於自願減員。

During the quarter, we recorded net cash provided by operating activities of $35 million.

本季度，我們錄得經營活動提供的現金淨額為 3500 萬美元。

This compares to $20.1 million in the fourth quarter of 2016.

相比之下，2016 年第四季度為 2010 萬美元。

The year-over-year increase in net cash provided by operating activities for the quarter was primarily driven by revenue growth and savings in employee-related expenses.

本季度經營活動提供的淨現金同比增長主要受收入增長和員工相關費用節省的推動。

During the quarter, we repurchased 586,000 shares, which have been retired for a total cost of approximately $10.3 million.

本季度，我們回購了 586,000 股股票，這些股票已退役，總成本約為 1,030 萬美元。

As of December 31, 2017, we had cash, marketable securities and short-term investment totaling approximately $341 million, an increase of $58 million compared to December 31, 2016, driven by improved operating income.

截至 2017 年 12 月 31 日，我們擁有現金、有價證券和短期投資總計約 3.41 億美元，較 2016 年 12 月 31 日增加 5800 萬美元，這主要得益於營業收入的改善。

Now let me walk you through our 2018 guidance as shown on Slide 9. We expect GMS growth to be in the range of 14% to 16% year-over-year; revenue growth to be in the range of 21% to 23% year-over-year; and we expect our 2018 adjusted EBITDA margin to be in the range of 20% to 22%.

現在讓我向您介紹我們 2018 年的指導，如幻燈片 9 所示。我們預計 GMS 同比增長將在 14% 至 16% 之間；收入同比增長 21% 至 23%；我們預計 2018 年調整後的 EBITDA 利潤率將在 20% 至 22% 之間。

The key factors impacting revenue and GMS growth in 2018 are: first, continued visit growth; second, conversion rate growth, which we expect to benefit from product launches focused on enhancing the buying experience.

影響 2018 年收入和 GMS 增長的關鍵因素是：第一，訪問量持續增長；其次，轉化率增長，我們預計這將受益於專注於提升購買體驗的產品發布。

We also expect continued growth in international GMS and expect it to grow faster than overall GMS driven by global product enhancements and international domestic marketplace activity.

我們還預計國際 GMS 將繼續增長，並預計在全球產品改進和國際國內市場活動的推動下，它的增長速度將快於整體 GMS。

Finally, our outlook includes continued Seller Services revenue growth, which we expect to grow at a faster pace than the marketplace revenue growth.

最後，我們的前景包括賣家服務收入的持續增長，我們預計其增長速度將快於市場收入增長。

We expect Promoted Listings to be the primary driver of Seller Services revenue growth in 2018.

我們預計 Promoted Listings 將成為 2018 年賣家服務收入增長的主要驅動力。

In addition to the key factors impacting revenue and GMS, we anticipate that the key factors impacting adjusted EBITDA margin in 2018 are lower operating expense as a percent of revenue from changes we made to our operating structure in 2017, which created approximately $35 million in annualized savings.

除了影響收入和 GMS 的關鍵因素外，我們預計影響 2018 年調整後 EBITDA 利潤率的關鍵因素是運營費用佔收入的百分比較低，因為我們在 2017 年對運營結構進行了調整，這創造了約 3500 萬美元的年化收入儲蓄。

We expect to gain the most leverage in G&A, followed by product development.

我們希望在 G&A 中獲得最大的影響力，其次是產品開發。

We will partially offset these expense savings with expenses related to our planned migration to Google Cloud.

我們將用計劃遷移到 Google Cloud 的相關費用來部分抵消這些費用節省。

We initiated this migration in Q4 and we expect it to take approximately 2 years to complete.

我們在第 4 季度啟動了此遷移，預計大約需要 2 年時間才能完成。

We expect to spend approximately $10 million to $15 million in 2018 related to this migration.

我們預計 2018 年將花費大約 1000 萬至 1500 萬美元用於此遷移。

Throughout the first few phases of the migration, we will maintain some of our existing data center infrastructure to ensure reliability of our platform.

在遷移的前幾個階段，我們將維護一些現有的數據中心基礎設施，以確保我們平台的可靠性。

So this [class] won't completely go away this year.

所以這個 [class] 今年不會完全消失。

That said, compared with 2017, we expect to reduce capital expenditures related to maintaining our existing data center infrastructure by $4 million to $5 million in 2018.

也就是說，與 2017 年相比，我們預計 2018 年與維護現有數據中心基礎設施相關的資本支出將減少 400 萬至 500 萬美元。

Once we have fully migrated to the cloud, we expect our total cash cost will decrease compared to our stand-alone data center infrastructure.

一旦我們完全遷移到雲端，我們預計與我們的獨立數據中心基礎設施相比，我們的總現金成本將會降低。

In 2017, both the increase in our stock price and our actions to reduce headcount triggered option exercises, which led to a tax benefit for Etsy and created a net operating loss in 2017 that we can carry forward to partially offset our 2018 tax liability.

2017 年，我們的股價上漲和我們減少員工人數的行動觸發了期權行使，這為 Etsy 帶來了稅收優惠，並在 2017 年造成了淨運營虧損，我們可以將其結轉以部分抵消 2018 年的納稅義務。

We expect to pay less than $3 million in cash taxes in 2018, slightly more than what we paid in 2017.

我們預計 2018 年支付的現金稅將少於 300 萬美元，略高於 2017 年支付的金額。

Overall, we believe that tax reform legislation positively impacts net income in 2018.

總體而言，我們認為稅改立法對 2018 年的淨收入產生積極影響。

In conclusion, we are excited about the year ahead and are looking forward to supporting the success of our sellers with new product enhancements that make the shopping experience on Etsy even more fun for our buyers.

總之，我們對未來的一年感到興奮，並期待通過新產品增強來支持我們的賣家取得成功，讓我們的買家在 Etsy 上的購物體驗更加有趣。

As we continue to execute, we think we can grow the pie for everyone and we look forward to updating you on our progress throughout the year.

隨著我們繼續執行，我們認為我們可以為每個人做大蛋糕，我們期待著向您介紹我們全年的進展情況。

Before we open the line to questions, I want to thank and acknowledge Jennifer Beugelmans, our VP of Investor Relations, who will be leaving Etsy early next month.

在我們開始提問之前，我要感謝並感謝我們的投資者關係副總裁 Jennifer Beugelmans，她將於下月初離開 Etsy。

Jennifer has been a superb steward of our Investor Relations strategy at Etsy, and she has had a significant impact on our business overall.

Jennifer 一直是 Etsy 投資者關係戰略的出色管家，她對我們的整體業務產生了重大影響。

On behalf of everyone here at Etsy, we thank Jennifer for all her contributions and wish her the best in her next chapter.

我們代表 Etsy 的每一個人，感謝 Jennifer 所做的所有貢獻，並祝愿她在下一章一切順利。

With that, we would now like to open the line for questions.

有了這個，我們現在想打開問題熱線。

(Operator Instructions) And our first question comes from the line of Heath Terry with Goldman Sachs.

（操作員說明）我們的第一個問題來自希思特里與高盛的合作。

Josh, wondering if you could help unpack for us a little bit the drivers behind the GMS acceleration?

Josh，想知道你是否可以幫助我們解開 GMS 加速背後的驅動因素？

I know you guys provided some level of detail, but I'm particularly interested in how much you feel like some of the technology improvements that you guys made, particularly around AI and machine learning as well as search functionality, contributed to the acceleration?

我知道你們提供了一定程度的細節，但我特別感興趣的是你們覺得你們所做的一些技術改進，特別是圍繞人工智能和機器學習以及搜索功能，對加速有多大貢獻？

And then as we look at initiatives like the Google ad spend, partnerships with your sellers on the platform, how much of an impact do you feel like that can have, particularly outside of the holiday season, I guess, just in terms of scale?

然後，當我們查看 Google 廣告支出、與您在平台上的賣家的合作夥伴關係等舉措時，您認為這會產生多大的影響，尤其是在假期之外，我想，就規模而言？

If you can provide any color there, that would be helpful.

如果您可以在那裡提供任何顏色，那將會很有幫助。

Heath, on the first one, we made progress in improving the buyer experience that I think did have a material impact on the fourth quarter.

Heath，首先，我們在改善買家體驗方面取得了進展，我認為這對第四季度產生了實質性影響。

If you think about what we need to do for buyers: first, when they come to the site, are we helping them to find things that they like and are excited to buy?

如果您考慮一下我們需要為買家做些什麼：首先，當他們來到網站時，我們是否正在幫助他們找到他們喜歡並興奮購買的東西？

And improvements in our search algorithms using machine learning and AI, particularly things like context-specific search, helped materially to improve the buying experience.

我們使用機器學習和人工智能改進了搜索算法，尤其是特定上下文搜索之類的東西，這極大地幫助改善了購買體驗。

So more people are finding something they like.

所以越來越多的人正在尋找他們喜歡的東西。

Next, are they actually converting that into a purchase?

接下來，他們真的將其轉化為購買嗎？

And we've made progress in removing friction from the buyer funnel so that they did.

我們在消除買家漏斗中的摩擦方面取得了進展，因此他們做到了。

If you think about reasons why someone finds something they like and don't buy, the #1 reason they state is they're just not ready to buy yet.

如果你想一想為什麼有人發現他們喜歡但不買的原因，他們說的第一大原因是他們還沒有準備好購買。

So by providing more signals like Best Seller Badges or there's only one of these items left, we provide more urgency for buyers, and that's in response to something we've heard from buyers actually, that they say, "I'm not ready to go to buy," and then they come back 2 weeks later and are disappointed to find that, that item is already sold.

因此，通過提供更多信號，例如 Best Seller Badges 或這些商品中只剩下一件，我們為買家提供了更多的緊迫感，這是對我們實際上從買家那裡聽到的一些事情的回應，他們說，“我還沒準備好去買”，然後他們在 2 週後回來，失望地發現該商品已經售出。

Recognizing that many of our items are one-of-a-kind, providing more of those signals to buyers is helping to drive urgency and therefore, conversion rate.

認識到我們的許多商品都是獨一無二的，向買家提供更多此類信號有助於提高緊迫感，從而提高轉化率。

We also did things like improved transparency of shipping and other things that really helped to provide better information to buyers so that they can make a better-informed buying decision and buy with more confidence.

我們還做了一些事情，例如提高運輸透明度和其他真正有助於向買家提供更好信息的事情，以便他們可以做出更明智的購買決定並更有信心地購買。

Improving our return policies is another example.

改進我們的退貨政策是另一個例子。

Because it's the fourth quarter, the holiday season looms large.

因為現在是第四季度，所以假日季節迫在眉睫。

We also did some things that are very holiday-season specific this year, so most e-commerce sites in the holiday season are running cyber sales, and in the past, we have not.

今年我們還做了一些非常適合假期的事情，所以假期期間大多數電子商務網站都在進行網絡銷售，而在過去，我們沒有。

So this year, we ran a cyber sale, and that puts us on equal footing with all of the other e-commerce players.

所以今年，我們進行了網絡銷售，這使我們與所有其他電子商務參與者處於平等地位。

So people coming to Etsy expecting to find deals do, in fact, find deals.

因此，來到 Etsy 希望找到交易的人實際上確實找到了交易。

And sales and promotions and some of the other things we did like what are items that are available to be shipped on short notice, helped to put us on equal footing in the holiday season.

銷售和促銷以及我們所做的其他一些事情，比如可以在短時間內發貨的物品，幫助我們在假期里處於平等的地位。

So I'd say a couple of things we did were important for the holiday season and then a number of things we did were important for all-year-round.

所以我想說我們做的一些事情對假期很重要，然後我們做的一些事情對全年都很重要。

You asked specifically around buyer acquisition and paid marketing, and we're also making progress there.

你特別詢問了買家獲取和付費營銷，我們也在這方面取得了進展。

So there's a number of levers we have to improve that in our marketing capability: One is the sophistication of our bidding algorithms, and those are improving.

因此，我們必須通過多種手段來提高我們的營銷能力：一個是我們的投標算法的複雜性，並且這些算法正在改進。

And as our bidding algorithms get better, we can get better ROI with the same spend or spend more and maintain our ROI.

隨著我們的出價算法變得更好，我們可以用相同的支出獲得更好的投資回報率，或者花更多的錢來維持我們的投資回報率。

It's also true that as things like conversion rate and buyer LTV go up, you can actually invest more and maintain good ROI.

的確，隨著轉化率和買家 LTV 等因素的上升，您實際上可以投入更多並保持良好的投資回報率。

So there's a virtuous cycle there.

所以那裡有一個良性循環。

What I'd point to in our paid marketing in general, and I think this gets to your second question, is what we're very focused on is the marginal return of the next dollar spent.

在我們的付費營銷中，我要指出的是，我認為這就是你的第二個問題，我們非常關注的是下一個花費的美元的邊際回報。

So we're always looking at, for the next dollar we spend in performance marketing: are we delivering a good ROI that delivers good value to our shareholders?

因此，對於我們在績效營銷上花費的下一美元，我們一直在關注：我們是否提供了良好的投資回報率，為我們的股東帶來了良好的價值？

We're making progress there, but we think there's still more room to go in improving our capabilities to allow us to invest more profitably.

我們正在這方面取得進展，但我們認為在提高我們的能力以使我們能夠進行更有利可圖的投資方面還有更大的空間。

I don't foresee step function increases in those investments.

我預計這些投資不會增加階躍函數。

I think we're going to make steady progress, but we're going to keep our eye on the prize and to the extent that we can invest in a way that delivers really good returns for shareholders, we're going to do that.

我認為我們將取得穩步進展，但我們將密切關注獎品，並且在我們能夠以為股東帶來真正良好回報的方式進行投資的範圍內，我們將這樣做。

And our next question comes from the line of Dylan Haber with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Dylan Haber。

Given the success you've seen with the Labor Day and holiday sales, what additional seasonal sales, if any, would you plan on adding in 2018?

鑑於您在勞動節和假日銷售方面取得的成功，您打算在 2018 年增加哪些額外的季節性銷售（如果有）？

And how frequently should we expect to see these platform-wide sales initiatives on Etsy?

我們應該多久在 Etsy 上看到這些全平台的銷售計劃？

That's something that we're going to test and learn.

這是我們要測試和學習的東西。

I think sales are tried and true tool of retail that have worked for the past couple hundred years.

我認為銷售是過去幾百年來行之有效的零售業可靠工具。

And what we are not is a discounter that's always in the business of discount.

我們不是一家始終從事折扣業務的折扣店。

However, many great retailers run occasional sales and promotions, and what I find I like about that for Etsy is it's a reason for buyers to think about us again and discover that we're relevant more often throughout the year.

然而，許多偉大的零售商偶爾會進行銷售和促銷活動，我發現我喜歡 Etsy 的一點是，這是買家再次考慮我們並發現我們全年更相關的原因。

We have over 30 million buyers, and they have had very positive experiences on Etsy in general.

我們有超過 3000 萬買家，他們在 Etsy 上的總體體驗非常積極。

The Net Promoter Scores are very high.

淨推薦值非常高。

But we need to retrain their habits to have them think about us more often.

但是我們需要重新訓練他們的習慣，讓他們更頻繁地想到我們。

And sales and promotions is one tool we have to give them an excuse or rationale to come back more often and try us for other times here when they might not always.

銷售和促銷是一種工具，我們必須給他們一個藉口或理由，讓他們更頻繁地回來，並在他們可能不總是這樣的其他時間嘗試我們。

So there's obvious seasonal periods when that could make sense: Christmas or the holiday season is one; Valentine's Day is another.

所以有明顯的季節性時期是有意義的：聖誕節或假期是其中之一；情人節是另一回事。

And then there might be things during the year that we could do that are unique to Etsy that nobody else is doing, and you should keep an eye out for that.

然後，在這一年中，我們可能會做一些其他人沒有做過的 Etsy 獨有的事情，你應該留意這一點。

We are paying a lot of attention, though, to the fact that they need to happen at an appropriate cadence, so we're not a discount site by nature, which we aren't.

不過，我們非常關注它們需要以適當的節奏發生的事實，因此我們本質上不是折扣網站，而我們不是。

And our next question comes from the line of Edward Yruma with KeyBanc.

我們的下一個問題來自 Edward Yruma 與 KeyBanc 的對話。

This is Matt on for Ed.

這是埃德的馬特。

So we think it's fair to say that sellers and employees push back, at least initially, on a lot of changes that you guys put in place the past year, but given the past year was so successful, do you see any increased enthusiasm from your sellers to try new things?

因此，我們認為可以公平地說，至少在最初，賣家和員工反對你們在過去一年中進行的許多改變，但鑑於過去一年如此成功，你們是否看到你們的熱情增加了？賣家嘗試新事物？

And if you do see some momentum with sellers, how do you view your take rate level moving forward?

如果你確實看到賣家有一些勢頭，你如何看待你的接受率水平向前發展？

We're focused on growing the pie for everyone, and GMS is the best measure for how big the pie is for everyone.

我們專注於為每個人做大蛋糕，而 GMS 是衡量每個人的蛋糕有多大的最佳衡量標準。

And so that's what we do.

這就是我們所做的。

As a platform, our job is to make the experience better for all of our buyers and sellers.

作為一個平台，我們的工作是為所有買家和賣家提供更好的體驗。

On any given day, there will be individual winners and losers because that's the nature of the marketplace.

在任何一天，都會有個別的贏家和輸家，因為這是市場的本質。

Is the product that particular seller is selling, is it in fashion or not?

特定賣家銷售的產品是否時尚？

How is it resonating with the marketplace?

它如何與市場產生共鳴？

That's up to each of our sellers.

這取決於我們每個賣家。

We've got to create the best platform we can to give all of them the best chance to compete and win.

我們必須創造我們所能創造的最好的平台，給他們所有人最好的競爭和獲勝機會。

And we're seeing a lot of progress in that and we are really excited about that.

我們在這方面看到了很多進展，我們對此感到非常興奮。

As we continue to focus on driving value for everyone, we'll look at what levers make the platform better and make the platform even healthier.

隨著我們繼續專注於為每個人創造價值，我們將研究哪些槓桿可以讓平台變得更好，讓平台更健康。

That's always going to be the thing that we focus on.

這將永遠是我們關注的事情。

Then we can think about the right share of value, and as we're driving more value for others, what's the right share for us.

然後我們可以考慮正確的價值份額，當我們為他人創造更多價值時，什麼是對我們來說正確的份額。

But the main thing is how do we make the pie bigger.

但最主要的是我們如何把蛋糕做大。

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

我們的下一個問題來自 Sam Kemp 與 Piper Jaffray 的對話。

So, Josh, last quarter you talked about planning on rolling out a new user experience or new user interface sometime in the second half of 2018.

所以，Josh，上個季度你談到計劃在 2018 年下半年的某個時候推出新的用戶體驗或新的用戶界面。

I was wondering, can you give us an update on the direction that you're thinking that, that's going to go and what the users can kind of experience outside of just the changes that you're already making inside search and recommendations?

我想知道，您能否向我們介紹一下您正在考慮的方向的最新進展，以及除了您已經在內部搜索和推薦中做出的更改之外，用戶可以體驗到什麼？

And then Rachel, there's a lot going on at the margin line in your guidance right now.

然後雷切爾，現在在你的指導中有很多事情發生在邊緣線上。

But if I'm normalizing for the restructuring benefit and adding back the $15 million for the cloud transition costs, it looks like at the high-end of your guidance range, you're looking for somewhere around on the range of 350 basis points of kind of, if you will, core margin expansion.

但是，如果我對重組收益進行標準化，並為雲過渡成本增加 1500 萬美元，那麼它看起來像是在你的指導範圍的高端，你正在尋找 350 個基點範圍內的某個地方如果你願意的話，有點像核心利潤率擴張。

Can you just talk about what the driving components are there, whether it's the renegotiated lower Etsy Payments cost or the higher mix of paid Seller Services or just kind of foregone operating expense growth?

你能談談那裡的驅動因素是什麼嗎，無論是重新協商的較低的 Etsy 支付成本，還是更高的付費賣家服務組合，或者只是放棄的運營費用增長？

Sure, I'll take the first, and then Rachel will take the second.

當然，我會拿第一個，然後雷切爾會拿第二個。

So I don't recall specifically talking about a brand-new UI, but I think maybe what you're referring to -- we've got a very balanced portfolio of product roadmap initiatives for 2018 that I'm really excited about.

所以我不記得具體談論過全新的用戶界面，但我想也許你指的是什麼——我們有一個非常平衡的 2018 年產品路線圖計劃組合，我真的很興奮。

And here's how I think about those.

這就是我對這些的看法。

We want to study cadence of things that we have high confidence are going to improve the buyer and seller experience, and we feel like we've got a really robust roadmap of ideas to do that.

我們想研究我們非常有信心將改善買賣雙方體驗的事情的節奏，我們覺得我們已經有了一個非常強大的想法路線圖來做到這一點。

These are things that are perhaps best practices already used in other parts of the web that we haven't yet adopted or things that we think have a high likelihood to succeed across each search and discovery and trust and reliability, et cetera.

這些可能是我們尚未採用的網絡其他部分已經使用的最佳實踐，或者我們認為很有可能在每次搜索和發現以及信任和可靠性等方面取得成功的事情。

And we've got a good pipeline of those.

我們有一個很好的渠道。

We also want to make sure that we're stretching ourselves and we're thinking about bolder, bigger bets, that we have less confidence will work, but will move the needle if they work.

我們還想確保我們正在伸展自己，我們正在考慮更大膽、更大的賭注，我們不太有信心會奏效，但如果他們奏效，我們會做出改變。

And having a good portfolio that encompasses both of those in the right levels is how we're thinking about 2018.

我們對 2018 年的看法是，擁有一個包含正確水平的兩者的良好投資組合。

I do think what's important for us, and what you'll hear me come back to again and again, is velocity.

我確實認為對我們來說重要的是速度，你會聽到我一次又一次地回來。

The more we can ship product enhancements, the quicker we learn and the quicker things get better.

我們交付的產品增強功能越多，我們學習的速度就越快，事情也就越快變得更好。

So we feel great about the fact that, since May, we've launched more than 350 product and marketing enhancements, and this idea that we go quickly from idea to testing and market and improving the experience for our customers and generating more learnings, is really important and something that we continue to focus on.

因此，自 5 月以來，我們推出了 350 多項產品和營銷增強功能，我們對此感到非常高興，我們迅速從想法到測試和市場，改善客戶體驗並產生更多知識，這一想法是非常重要，也是我們繼續關注的事情。

On the -- Sam, on the margin question, so let me see if I can break it down for you.

關於-- Sam，關於保證金問題，讓我看看是否可以為您分解。

So first, we talked about annualized savings of about $35 million, and then that is offset, by some expense increase while we're migrating to the cloud, because we'll have some fuel expense during that 2-year period of time that the migration happens.

因此，首先，我們談到了每年約 3500 萬美元的節省，然後這被我們遷移到雲端時增加的一些費用所抵消，因為在這 2 年的時間裡我們會有一些燃料費用發生遷移。

The third component we gave is that we did have a slightly lower cost in headcounts in the fourth quarter because of higher attrition.

我們給出的第三個組成部分是，由於人員流失率較高，我們在第四季度的員工人數成本確實略有下降。

And we put a number on that of about $1.3 million of favorable impact in the fourth quarter.

我們在第四季度給出了大約 130 萬美元的有利影響。

So we're sort of guiding you to add that back when you're thinking about our margins.

所以當你考慮我們的利潤時，我們有點引導你把它加回來。

And then we have, of course, higher GMS and roughly -- continued GMS and revenue growth in our guidance, and you're seeing a higher flow through of that to EBITDA as we scale our business.

然後，當然，我們有更高的 GMS 和粗略的 - 在我們的指導中持續的 GMS 和收入增長，並且隨著我們擴展業務，您會看到更高的流量通過 EBITDA。

So we've taken cost out in 2017.

所以我們在 2017 年扣除了成本。

But those fixed costs are growing at a slower rate in 2018.

但這些固定成本在 2018 年的增長速度有所放緩。

And our next question comes from the line of Matt Yamamoto with D.A. Davidson.

我們的下一個問題來自 Matt Yamamoto 和 D.A.戴維森。

How should we think about your long-term margin potential?

我們應該如何考慮您的長期利潤潛力？

When Etsy first went public, prior management suggested a long-term adjusted EBITDA margin target in the high teens and low-20s.

當 Etsy 首次上市時，之前的管理層建議將長期調整後的 EBITDA 利潤率目標定在十幾歲和二十多歲之間。

One of your strengths since taking over the helm has been to do more with less.

自接任掌舵以來，您的優勢之一就是事半功倍。

How does that translate into your long-term margin potential?

這如何轉化為您的長期利潤潛力？

So marketplace businesses are wonderful businesses.

所以市場業務是很棒的業務。

They are really hard to build, and if you can build them, they have wonderful economic architectures.

它們真的很難建造，如果你能建造它們，它們就會擁有美妙的經濟架構。

And I see no reason why our margin potential won't look like other good marketplaces over time.

隨著時間的推移，我看不出我們的利潤潛力與其他優秀市場不同的原因。

We're very focused on growing the pie for everyone.

我們非常專注於為每個人做蛋糕。

And so our directive is to grow.

所以我們的指令是成長。

It's not always true that throwing more money at the problem makes it better.

投入更多的錢解決問題並不總是能讓事情變得更好。

So what you've seen us do is focus on doing fewer things better in order to move faster and with more focus and in order to deliver more growth.

所以你看到我們所做的是專注於做更少的事情更好，以便更快地移動，更專注，以實現更多的增長。

And that's what we said several months ago, and I hope that we're starting to deliver proof now that we meant it.

這就是我們幾個月前所說的，我希望我們現在開始提供證據證明我們是認真的。

This is really about growth.

這真的是關於成長。

And as we grow, we do think the margins will look very attractive and in line with other marketplace companies.

隨著我們的成長，我們確實認為利潤率看起來非常有吸引力並且與其他市場公司一致。

And our next question comes from the line of Darren Aftahi with Roth Capital Partners.

我們的下一個問題來自 Darren Aftahi 與 Roth Capital Partners 的對話。

This is Dillon on for Darren.

這是 Darren 的 Dillon。

I was wondering if you could talk a little bit to some of the new seller tools that you might be implementing, sort of the roadmap as to when those could go live.

我想知道你是否可以談談你可能正在實施的一些新的賣家工具，比如關於這些工具何時可以上線的路線圖。

And do they go live for all sellers?

他們會為所有賣家上線嗎？

Or do you test them across certain markets first?

還是先在特定市場測試它們？

And then as it relates to some of the margins, is there room to increase the marketing spend if you see traction in digital acquisition or paid marketing efforts like you talked about through those e-mail initiatives?

然後，由於它涉及到一些利潤率，如果您看到數字收購或付費營銷活動的吸引力，就像您通過這些電子郵件計劃談到的那樣，是否有增加營銷支出的空間？

Yes.

是的。

So on the first one, look, I don't have anything to announce right now, specifically around the seller marketing roadmap or our seller tools roadmap.

所以關於第一個，我現在沒有什麼要宣布的，特別是關於賣家營銷路線圖或我們的賣家工具路線圖。

But what I will say is, sellers are looking for ways to understand, manage, and grow their business.

但我要說的是，賣家正在尋找了解、管理和發展業務的方法。

And so you should expect to see us focus on tools that help them do exactly that.

因此，您應該期望看到我們專注於幫助他們做到這一點的工具。

I talked about in my prepared remarks, for example, analytics that can help them get a better understanding of what's actually driving their business.

例如，我在準備好的發言中談到了可以幫助他們更好地了解實際推動業務發展的分析。

One of the things that our sellers really want is the opportunity to invest behind their own growth.

我們的賣家真正想要的一件事是有機會投資於他們自己的成長。

And so Rachel talked about our Google Shopping initiative and how we're really -- we ran some promotions to help them understand the value of Google Shopping.

因此，雷切爾談到了我們的 Google 購物計劃以及我們的真實情況 - 我們開展了一些促銷活動以幫助他們了解 Google 購物的價值。

This is a great way that they can invest in us driving traffic to their listings, so they leverage our experience with paid marketing and all of our great marketing capabilities in a way that puts more control directly in their hands.

這是他們可以投資於我們為他們的列表增加流量的好方法，因此他們可以利用我們在付費營銷方面的經驗和我們所有強大的營銷能力，從而將更多的控制權直接交到他們手中。

And those kinds of things, I think, are very exciting.

我認為，這些事情非常令人興奮。

Our sellers really like them and it helps them to drive their success.

我們的賣家非常喜歡它們，這有助於他們取得成功。

We're going to continue to invest behind it.

我們將繼續對其進行投資。

And then, I guess, the second part of the question, one of the things we said in the call was that we achieved a 1-quarter payback on our marketing spend, which would imply that we could be spending more.

然後，我想，問題的第二部分，我們在電話中說的一件事是我們實現了 1 個季度的營銷支出回報，這意味著我們可以支出更多。

So we're constantly -- and it indicates, as we said, that we've really optimized our bidding.

所以我們一直在——正如我們所說，這表明我們已經真正優化了我們的出價。

And so we're looking at ways to be able to deploy our capital on even higher -- continued higher ROI marketing initiatives.

因此，我們正在尋找能夠將我們的資金部署到更高——持續更高的投資回報率營銷計劃上的方法。

However, we are also looking at the synergies between ourselves and our sellers.

然而，我們也在關注我們自己和我們的賣家之間的協同效應。

So we have an attractive community of almost 2 million sellers that also can use their own muscle and their networks to drive social traffic, for instance, and we've given them tools to be able to do just that.

因此，我們擁有一個由近 200 万賣家組成的有吸引力的社區，例如，他們也可以利用自己的力量和網絡來推動社交流量，並且我們為他們提供了能夠做到這一點的工具。

So there's a combination of paid and free methods of marketing that we're trying to deploy in equal measure.

因此，我們正在嘗試以同等方式部署付費和免費營銷方法的組合。

And ladies and gentlemen, that does conclude our Q&A session for today.

女士們先生們，今天的問答環節到此結束。

With that said, thank you for participating in today's conference.

話雖如此，感謝您參加今天的會議。

That concludes the program and you may all disconnect.

程序到此結束，你們都可以斷開連接。

Everyone have a wonderful day.

每個人都有美好的一天。