ETSY Inc (ETSY) 2018 Q1 法說會逐字稿

Good afternoon, and welcome to Etsy's First Quarter Earnings Conference Call.

下午好，歡迎來到 Etsy 的第一季度收益電話會議。

Joining me today are Josh Silverman, CEO; Rachel Glaser, CFO; and Deb Wasser, our new VP of Investor Relations.

今天加入我的是首席執行官 Josh Silverman；雷切爾格拉澤，首席財務官；和我們新任的投資者關係副總裁 Deb Wasser。

Before we get started, just a reminder that our remarks today include forward-looking statements relating to our business strategy, financial guidance and key drivers thereof, including the impact of our focus areas and key initiatives, our investment portfolio and product launch road map and expected impact on future GMS and revenue growth and the expected impact of external headwinds.

在我們開始之前，提醒一下，我們今天的評論包括與我們的業務戰略、財務指導及其主要驅動因素相關的前瞻性陳述，包括我們的重點領域和關鍵舉措的影響、我們的投資組合和產品發布路線圖以及對未來 GMS 和收入增長的預期影響以及外部逆風的預期影響。

Our actual results may differ materially.

我們的實際結果可能存在重大差異。

Forward-looking statements involve risks and uncertainties, which are described in our press release today and in our 10-K filed with the SEC on March 1, 2018, and subsequent reports that we file with the SEC.

前瞻性陳述涉及風險和不確定性，這些風險和不確定性在我們今天的新聞稿和我們於 2018 年 3 月 1 日向 SEC 提交的 10-K 以及我們向 SEC 提交的後續報告中進行了描述。

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

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

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

那裡也將提供指向此通話重播的鏈接。

And if you'd prefer to access a replay via phone, you can find that information in the press release as well.

如果您更願意通過電話訪問重播，您也可以在新聞稿中找到該信息。

Finally, for your reference, we have posted a presentation to our IR website today, highlighting our first quarter progress we will be referencing on our call today.

最後，為了您的參考，我們今天在我們的 IR 網站上發布了一份演示文稿，強調了我們將在今天的電話會議上提到的第一季度進展。

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

有了這個，我會把電話轉給喬希。

Josh?

喬希？

Thank you, Gabe, and good afternoon, everyone.

謝謝 Gabe，大家下午好。

In Q1, we delivered our third sequential quarter of GMS acceleration since embarking on our new strategy.

在第一季度，我們實現了自實施新戰略以來連續第三個季度的 GMS 加速。

We're pleased with the strong progress we've made in that short amount of time through our focus on our 4 key initiatives: improving search and discovery, trust and reliability, marketing capabilities and seller tools and services.

我們很高興我們在這麼短的時間內通過專注於我們的 4 個關鍵舉措取得了巨大進展：改進搜索和發現、信任和可靠性、營銷能力以及賣家工具和服務。

I'm delighted to take you through the highlights of our progress, as shown on Slide 3, and share with you some of the initiatives and pipeline for future quarters.

我很高興向您介紹我們進展的亮點，如幻燈片 3 所示，並與您分享未來幾個季度的一些舉措和計劃。

Last week was my 1-year anniversary with Etsy, and I'm extremely proud of what the team has accomplished.

上周是我在 Etsy 工作一周年紀念日，我為團隊所取得的成就感到非常自豪。

Three quarters ago, on our Q2 2017 earnings call, I stated our aspiration to own special.

三個季度前，在我們 2017 年第二季度的收益電話會議上，我表達了我們擁有特殊資產的願望。

In a world where e-commerce is increasingly commoditized, Etsy provides a differentiated experience where extraordinary goods, handcrafted by creative entrepreneurs all over the world, are made for you.

在電子商務日益商品化的世界中，Etsy 提供了一種差異化的體驗，在這裡，由世界各地的創意企業家手工製作的非凡商品為您量身打造。

At Etsy, we believe that life is full of special moments that deserve imagination and a human touch, moments of gifting, celebration and style.

在 Etsy，我們相信生活充滿了值得想像和人情味的特殊時刻、送禮、慶祝和風格的時刻。

Those moments happen often, a wedding, a first day of school, an important meeting, a birthday or a holiday.

這些時刻經常發生，婚禮、開學第一天、重要會議、生日或假期。

We've been working with focus and speed to bring that vision to life through improved products and user experiences on etsy.com.

我們一直在專注和快速地工作，通過改進 etsy.com 上的產品和用戶體驗，將這一願景變為現實。

Our efforts continue to bear fruit.

我們的努力繼續取得成果。

Featured on Slide 4, Q1 GMS grew 19.8% year-over-year, a 200 basis point acceleration compared to Q4, marking our third consecutive quarter of accelerating growth.

在幻燈片 4 中，第一季度 GMS 同比增長 19.8%，比第四季度加速 200 個基點，標誌著我們連續第三個季度加速增長。

It's worth noting that currency was a tailwind for us in the quarter, and GMS growth would have been 17.6% adjusted for FX, a 110 basis point sequential acceleration in constant currency terms.

值得注意的是，貨幣在本季度對我們有利，GMS 增長經外匯調整後為 17.6%，按固定匯率計算連續加速 110 個基點。

Revenue growth also accelerated to nearly 25% year-over-year, and our adjusted EBITDA margins were approximately 22%.

收入增長也同比加速至近 25%，我們調整後的 EBITDA 利潤率約為 22%。

We believe the cumulative effect of our recent product enhancements are improving the buying and selling experience in a noticeable way and creating a virtuous cycle that will help drive future growth.

我們相信，我們近期產品改進的累積效應正在顯著改善買賣體驗，並創造有助於推動未來增長的良性循環。

Shown on Slide 5, that virtuous cycle is illustrated by, first, a better marketplace experience resulting in buyers searching for and finding the special items they're seeking and having the confidence and the impetus to buy.

如幻燈片 5 所示，這種良性循環首先表現為更好的市場體驗，導致買家搜索並找到他們正在尋找的特殊商品，並有信心和動力購買。

Second, this improved experience leads to a higher conversion rate for new and repeat buyers.

其次，這種改進的體驗可以提高新買家和回頭客的轉化率。

Third, as visitors convert and have a successful shopping experience, those transactions lead to a higher lifetime value or LTV.

第三，隨著訪客轉化並獲得成功的購物體驗，這些交易會帶來更高的終生價值或 LTV。

And fourth, a higher LTV enables us to spend more in marketing to drive more buyers to Etsy.

第四，更高的 LTV 使我們能夠在營銷上花費更多，以吸引更多買家到 Etsy。

While it's still early days and these effects take time to play out, we're encouraged by the signs of progress we are seeing and believe that we have a long runway for growth.

雖然現在還處於早期階段，這些影響需要時間才能顯現出來，但我們對所看到的進展跡象感到鼓舞，並相信我們有很長的增長路要走。

Let me give you some color on what we accomplished in Q1 and what we have planned for the remainder of the year.

讓我簡要介紹一下我們在第一季度取得的成就以及我們在今年剩餘時間裡的計劃。

Rachel will follow with more details on financials and our full year guidance.

Rachel 將提供有關財務和我們全年指導的更多詳細信息。

In our planning for 2018, we created a balanced portfolio of work that focuses resources and investments on 3 categories shown on Slide 6: foundational projects, initiatives that are aimed at having a more immediate impact and a smaller group of projects we consider longer-term bets.

在我們 2018 年的規劃中，我們創建了一個平衡的工作組合，將資源和投資集中在幻燈片 6 中顯示的 3 個類別：基礎項目、旨在產生更直接影響的舉措以及我們認為更長期的一小部分項目賭注。

In Q1, we made progress in each part of the portfolio, with some clear wins that impacted GMS and others that we believe will have a longer-term benefit and help us continue to scale.

在第一季度，我們在投資組合的每個部分都取得了進展，其中一些明顯的勝利影響了 GMS 和其他我們認為將帶來長期利益並幫助我們繼續擴大規模的勝利。

These investments taken together are intended to ensure that, one, we get faster and more efficient as we grow; two, we deliver reliable progress towards our financial and customer commitments in the near term; and three, we continue to focus on longer-term initiatives to position us for growth into the future.

這些投資加在一起旨在確保：第一，我們在發展過程中變得更快、更有效率；第二，我們在近期實現財務和客戶承諾方面取得了可靠進展；第三，我們繼續專注於長期計劃，以使我們為未來的增長做好準備。

Shown on Slide 7, our foundational work addresses 4 primary areas: technical debt, operational efficiency, infrastructure imperatives and privacy.

如幻燈片 7 所示，我們的基礎工作涉及 4 個主要領域：技術債務、運營效率、基礎設施要求和隱私。

First, we think that addressing technical debt will make future development faster and more efficient.

首先，我們認為解決技術債務將使未來的發展更快、更高效。

We were pleased to accomplish a few significant projects in the quarter that eliminated thousands of lines of dead code and improved page load times.

我們很高興在本季度完成了幾個重大項目，這些項目消除了數千行無用代碼並縮短了頁面加載時間。

Second, we made progress improving operational efficiency, and we launched an improved help center that benefits both buyers and sellers.

其次，我們在提高運營效率方面取得了進展，我們推出了一個改進的幫助中心，讓買賣雙方都受益。

We're using Zendesk, a customer service software company which allows us to [deprecate] a homegrown platform that consumed resources and attention from the engineering team.

我們正在使用 Zendesk，這是一家客戶服務軟件公司，它允許我們 [棄用] 一個消耗工程團隊資源和注意力的本土平台。

We are able to deliver a better customer experience, lower costs as more customers are able to access self-service and better agent productivity through improved tooling and processes.

我們能夠提供更好的客戶體驗，降低成本，因為更多的客戶能夠通過改進的工具和流程訪問自助服務和更高的座席生產力。

The new help center is available in all Etsy-supported languages and capitalizes on our existing member operations team and resources.

新的幫助中心以所有 Etsy 支持的語言提供，並利用了我們現有的會員運營團隊和資源。

We also partnered with Square to implement in-person payments, enabling Etsy sellers to sell their products at live venues and allowing us to retire another homegrown product that consumed time and attention from our engineering team.

我們還與 Square 合作實施面對面支付，使 Etsy 賣家能夠在現場銷售他們的產品，並允許我們淘汰另一種耗費我們工程團隊時間和精力的本土產品。

Third, we believe that our infrastructure enhancements are important to facilitating growth.

第三，我們相信我們的基礎設施改進對促進增長很重要。

We made progress and are on track with our migration to Google Cloud, which we expect to enhance our overall infrastructure by providing faster processing speed, improve page load time and more nimble fulfillment of capacity on an as-needed basis.

我們在向 Google Cloud 的遷移方面取得了進展，並且正在步入正軌，我們希望通過提供更快的處理速度、縮短頁面加載時間以及根據需要更靈活地實現容量來增強我們的整體基礎架構。

And fourth, in relation to privacy, we've been preparing for the EU General Data Protection Regulation or GDPR that goes into effect on May 25.

第四，關於隱私，我們一直在為 5 月 25 日生效的歐盟通用數據保護條例或 GDPR 做準備。

A cross-functional team has been updating our systems and policies and notifying our community to help ensure compliance.

一個跨職能團隊一直在更新我們的系統和政策，並通知我們的社區以幫助確保合規性。

Etsy deeply values data privacy and clear transparent policies, and we see effective implementation as an opportunity to further enhance the trust of our community.

Etsy 非常重視數據隱私和清晰透明的政策，我們將有效實施視為進一步增強社區信任的機會。

We're pleased with our progress in these foundational areas and expect that they will provide important efficiencies for the long term by helping our team to focus and our business to scale so we can maintain and even accelerate the product development velocity that is so important for our growth.

我們對我們在這些基礎領域取得的進展感到滿意，並期望它們通過幫助我們的團隊集中精力和擴大業務規模來提供長期的重要效率，這樣我們就可以保持甚至加快產品開發速度，這對我們來說非常重要我們的成長。

Next, let me turn to the biggest part of our portfolio, the work that's expected to have a more immediate impact on growth.

接下來，讓我談談我們投資組合中最大的部分，即預計會對增長產生更直接影響的工作。

This work is aligned with the 4 key initiatives we've discussed on our prior calls, which are shown on Slide 8: search and discovery, trust and reliability, world-class marketing capabilities and seller tools and services.

這項工作與我們在之前的電話會議上討論過的 4 個關鍵舉措保持一致，幻燈片 8 顯示了這些舉措：搜索和發現、信任和可靠性、世界級營銷能力以及賣家工具和服務。

We estimate that over $75 million of annualized GMS will result from enhancements launched in the first quarter focused on these 4 initiatives.

我們估計，第一季度針對這 4 項舉措推出的增強功能將帶來超過 7500 萬美元的年化 GMS。

First, I'll review our progress enhancing search and discovery.

首先，我將回顧我們在增強搜索和發現方面取得的進展。

Our machine learning and visual search capabilities have allowed us to collect more structured data attributes and better categorize in rank listings using Context Specific Ranking, also known as CSR.

我們的機器學習和視覺搜索功能使我們能夠收集更多結構化數據屬性，並使用上下文特定排名（也稱為 CSR）更好地對排名列表進行分類。

A great example of this is shown on Slide 9. A prior search on Etsy for wedding dresses would have prioritized a broad range of items related to wedding dresses, even including hangers and lace.

幻燈片 9 顯示了這方面的一個很好的例子。之前在 Etsy 上搜索婚紗會優先考慮與婚紗相關的廣泛項目，甚至包括衣架和蕾絲。

The bottom photos show the results of our improved CSR capabilities clearly delivering specific wedding dresses.

底部的照片顯示了我們改進的 CSR 能力的結果，清楚地提供了特定的婚紗。

These results are encouraging, yet we're still in the early stages of leveraging our capabilities to their full potential.

這些結果令人鼓舞，但我們仍處於充分利用我們的能力的早期階段。

We continue to enhance search by leveraging CSR to deliver even more relevant search results and expanding CSR through more places in the [user churn].

我們繼續通過利用 CSR 提供更相關的搜索結果並通過 [用戶流失] 中的更多地方擴展 CSR 來增強搜索。

What's even more exciting is that we added CSR to Promoted Listings in order to surface more relevant ads for our buyers and to better utilize our sellers' budgets.

更令人興奮的是，我們將 CSR 添加到 Promoted Listings，以便為我們的買家展示更多相關的廣告並更好地利用賣家的預算。

We know that 90% of purchases occur on the first few pages of search results.

我們知道 90% 的購買發生在搜索結果的前幾頁。

So more effectively ranking items based on their potential to convert is a large opportunity for us.

因此，根據項目的轉化潛力更有效地對項目進行排名對我們來說是一個巨大的機會。

While search and discovery is about finding something you want, our second key initiative, trust and reliability, is about helping to convert that find into a purchase.

雖然搜索和發現是關於找到您想要的東西，但我們的第二個關鍵舉措，即信任和可靠性，是關於幫助將發現轉化為購買。

We believe there's a huge opportunity for continued improvement here as well, with examples of some of our recent initiatives highlighted on Slide 10.

我們相信這裡也有持續改進的巨大機會，幻燈片 10 突出顯示了我們最近的一些舉措的例子。

Our data indicates that there are several reasons why a buyer who finds an item that they like may not be ready to make a purchase.

我們的數據表明，發現自己喜歡的商品的買家可能沒有準備好購買的原因有多種。

First is state of mind.

首先是心態。

Many buyers come to Etsy to browse and seek inspiration.

許多買家來到 Etsy 瀏覽並尋求靈感。

Often, when they find an item they like, they lack a sense of urgency to buy.

通常，當他們找到自己喜歡的商品時，他們缺乏購買的緊迫感。

But when they come back later to make the purchase, they can be disappointed to learn that the item has already been sold, a particular concern on Etsy where so many of our products are one-of-a-kind.

但是當他們稍後回來購買時，他們可能會失望地得知該商品已經售出，這在 Etsy 上尤其令人擔憂，因為我們的許多產品都是獨一無二的。

This insight laid the foundation for our work on scarcity and urgency signals, which is having a big impact.

這種洞察力為我們在稀缺性和緊迫性信號方面的工作奠定了基礎，這產生了巨大的影響。

Second, shipping price and timing are key factors for many shoppers.

其次，運費和時間是許多購物者的關鍵因素。

We're hard at work improving transparency on expected delivery dates, adding shipping options and helping sellers better align their shipping prices with market expectations.

我們正在努力提高預期交貨日期的透明度，增加運輸選項，並幫助賣家更好地使他們的運輸價格與市場預期保持一致。

Third, for buyers who are less familiar with Etsy, we want to give them peace of mind to make a purchase.

第三，對於不太熟悉 Etsy 的買家，我們希望讓他們安心購買。

With initiatives like our structured return policies, our goal is to [align] buyer concerns in order to improve conversions.

通過我們的結構化退貨政策等舉措，我們的目標是 [調整] 買家的顧慮，以提高轉化率。

Lastly, we want to remove as much friction from the checkout process as possible, particularly for shoppers on mobile devices.

最後，我們希望盡可能多地消除結賬過程中的摩擦，尤其是對於移動設備上的購物者。

Initiatives like guest checkout and other checkout optimizations are having a positive impact here.

訪客結賬和其他結賬優化等舉措正在產生積極影響。

In Q1, we saw encouraging signs that our trust and reliability initiatives are improving conversion rate.

在第一季度，我們看到了令人鼓舞的跡象，表明我們的信任和可靠性計劃正在提高轉化率。

There's still a great deal more to do, and our team has a strong backlog of product enhancements on the road map that are focused on these friction points.

還有很多工作要做，我們的團隊在路線圖上積壓了很多產品增強功能，重點放在這些摩擦點上。

Regarding our third key initiative, we're continuing to make progress improving our marketing capabilities.

關於我們的第三個關鍵舉措，我們將繼續在提高營銷能力方面取得進展。

Visit growth is an important driver of GMS.

訪問量增長是 GMS 的重要驅動力。

We've been seeing over 1 billion visits a quarter in recent quarters.

最近幾個季度，我們每個季度的訪問量超過 10 億次。

And in Q1, visits grew approximately 13% compared to the prior year.

在第一季度，與去年相比，訪問量增長了約 13%。

The biggest source of visit growth was direct traffic.

訪問量增長的最大來源是直接流量。

That's people typing www.etsy.com to go directly to our site.

那是人們輸入 www.etsy.com 直接進入我們的網站。

Other drivers of visit growth were improvements in SEO, e-mail marketing and social referral traffic.

訪問增長的其他驅動因素是 SEO、電子郵件營銷和社交推薦流量的改進。

Paid marketing efforts were also a contributor to visit growth.

付費營銷工作也有助於訪問增長。

In Q1, GMS from paid channels, primarily search engine marketing and Google Product Listing Ads, was 16% of overall GMS compared to 12% in Q1 of last year.

在第一季度，來自付費渠道（主要是搜索引擎營銷和谷歌產品詳情廣告）的 GMS 佔整體 GMS 的 16%，而去年第一季度為 12%。

The improvements we've seen in conversion rate make our marketing spend more efficient, allowing us to invest more while maintaining a positive ROI.

我們在轉化率方面看到的改進使我們的營銷支出更有效率，使我們能夠在保持正投資回報率的同時進行更多投資。

Our ability to curate experiences related to the current season or the current event continues to differentiate Etsy in a world where e-commerce is becoming increasingly commoditized.

我們策劃與當前季節或當前活動相關的體驗的能力繼續使 Etsy 在電子商務日益商品化的世界中脫穎而出。

In Q1, and shown on Slide 11, we featured a beautifully curated Valentine's Day experience.

在第 1 季度，如幻燈片 11 所示，我們展示了精心策劃的情人節體驗。

The landing page was framed around the idea of things made with love, which is not just relevant for Valentine's Day but also hits at the heart of what makes Etsy different.

著陸頁圍繞著用愛創造事物的理念，這不僅與情人節相關，而且觸及了 Etsy 與眾不同的核心。

Lastly, regarding our fourth key initiative, we've continued to improve seller tools and services, enabling our sellers to improve their own listings and have an impact on conversion rate and the overall buyer experience.

最後，關於我們的第四個關鍵舉措，我們繼續改進賣家工具和服務，使我們的賣家能夠改進他們自己的列表，並對轉化率和整體買家體驗產生影響。

As shown on Slide 12, the #1 request from sellers continues to be demand for more tools to help them drive traffic and sales.

如幻燈片 12 所示，賣家的第一大要求仍然是需要更多工具來幫助他們推動流量和銷售。

In response to this, we're excited to have launched Targeted Offers in April.

為此，我們很高興在 4 月份推出了 Targeted Offers。

This is a paid marketing tool that enables sellers to send discounts and offers directly to targeted buyers who have previously interacted with their shops by utilizing Etsy e-mails and push notifications.

這是一種付費營銷工具，可讓賣家直接向之前使用 Etsy 電子郵件和推送通知與他們的商店互動過的目標買家發送折扣和優惠。

Early results are encouraging.

早期結果令人鼓舞。

Sellers with an active campaign are seeing a high return on spend.

開展活動的賣家看到了高支出回報。

In order to reduce the amount of time our sellers spend on administrative tasks, during the quarter, we successfully launched our new order management system for sellers, which was designed to help sellers fulfill orders more accurately and better manage their inventory.

為了減少我們的賣家花在管理任務上的時間，在本季度，我們成功地為賣家推出了新的訂單管理系統，旨在幫助賣家更準確地完成訂單並更好地管理他們的庫存。

And our new self-service channel for Etsy customer is more effective, more discoverable, easier to navigate and provides improved content to address the most frequently asked questions.

我們為 Etsy 客戶提供的新自助服務渠道更有效、更容易被發現、更易於導航，並提供改進的內容來解決最常見的問題。

Finally, in addition to our nearer-term investments, we also reserve a meaningful portion of our investment portfolio for longer-term bets.

最後，除了我們的短期投資外，我們還為長期投資保留了相當一部分投資組合。

These projects are more exploratory and imaginative.

這些項目更具探索性和想像力。

We're less certain about their outcomes, and their time lines are longer and evolving.

我們不太確定他們的結果，而且他們的時間線更長且不斷發展。

For example, one of these is work around discovery.

例如，其中之一是圍繞發現工作。

Our machine learning, search and design teams are immersed in inventing what new Etsy experiences could be for less directed visitors seeking inspiration, with the goal of driving increased engagement, time spent and repeat visits.

我們的機器學習、搜索和設計團隊正致力於為尋求靈感的非定向訪問者創造新的 Etsy 體驗，目標是提高參與度、花費的時間和重複訪問。

We plan to continue to invest in areas that are less certain, but that we believe have high potential in order to help ensure we have multiple avenues for future growth.

我們計劃繼續投資於不太確定但我們認為具有巨大潛力的領域，以幫助確保我們有多種途徑實現未來增長。

Q1 set the foundation for what we expect to be successive quarters of new product launches that fuel strong continued GMS and revenue growth.

第一季度為我們預計連續幾個季度的新產品發布奠定了基礎，這些新產品將推動強勁的持續 GMS 和收入增長。

We have a long list of ideas that we think can have a meaningful impact in the near and medium term, and we feel really good about the initiatives underway and our growth trajectory for 2018.

我們有一長串我們認為可以在近期和中期產生有意義影響的想法，我們對正在進行的舉措和我們 2018 年的增長軌跡感到非常滿意。

We're also aware of in managing some headwinds in the external environment, which potentially offset some of the growth we expect.

我們也意識到在管理外部環境中的一些逆風，這可能會抵消我們預期的一些增長。

The EU's GDPR, foreign exchange, changes to VAT and state sales tax laws and the potential for geopolitical events that impact trade are all part of our thinking related to our 2018 guidance.

歐盟的 GDPR、外匯、增值稅和州銷售稅法的變化以及影響貿易的地緣政治事件的可能性都是我們與 2018 年指南相關的思考的一部分。

Rachel will provide more details on this in a moment as we think these considerations are certainly worth factoring into the calculus by which you view our business.

Rachel 稍後會提供更多詳細信息，因為我們認為這些考慮因素肯定值得您在查看我們的業務時考慮在內。

Acknowledging it has been 1 year since I became Etsy's CEO, I want to conclude by highlighting the tremendous progress we've made in charting a new course for the company.

承認我成為 Etsy 的首席執行官已經一年了，我想在結束時強調我們在為公司製定新路線方面取得的巨大進步。

I want to thank everyone who has supported our vibrant community, including our buyers and sellers who make our marketplace special.

我要感謝所有支持我們充滿活力的社區的人，包括使我們的市場與眾不同的買家和賣家。

GMS, revenue and adjusted EBITDA are all on a healthy growth trajectory.

GMS、收入和調整後的 EBITDA 都處於健康的增長軌道上。

In the past year, we successfully reorganized the team and its objectives to focus on fewer things with higher impact to significantly increase the velocity with which we deliver new products, to organize ourselves to be nimble in decision-making and to be results-oriented, holding ourselves accountable for the decisions we make.

在過去的一年裡，我們成功地重組了團隊及其目標，將重點放在更少但影響更大的事情上，從而顯著提高我們交付新產品的速度，使我們能夠靈活地進行決策並以結果為導向，對我們所做的決定負責。

Last year has certainly had its challenges, and I want to sincerely thank our employees who've shown tremendous heart and talent in making our collective success a reality.

去年確實充滿了挑戰，我要衷心感謝我們的員工，他們表現出了極大的熱情和才華，使我們的集體成功成為現實。

We've said in the last 2 calls that our employee attrition rates were higher than we wanted, and I'm pleased to tell you that they are now in line with market levels.

我們在最近 2 次電話中表示，我們的員工流失率高於我們的預期，我很高興地告訴你，他們現在與市場水平一致。

There's a buzz at Etsy.

Etsy 引起了轟動。

We have a culture and a tempo of enthusiasm, energy and passion.

我們擁有熱情、活力和熱情的文化和節奏。

We're excited about the first phase of this journey and even more excited about what is to come.

我們對這一旅程的第一階段感到興奮，對即將到來的事情更加興奮。

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 started the year on a strong note, delivering a highest quarter of GMS growth since Josh and I joined last year.

我們以強勁的勢頭開始了這一年，實現了自 Josh 和我去年加入以來 GMS 增長最快的季度。

We have been investing for long-term growth, balancing our efforts on enhancing the product and experience to drive acceleration and GMS and revenue while also fortifying our infrastructure to optimize operations and to remain efficient and nimble.

我們一直在為長期增長進行投資，平衡我們在增強產品和體驗以推動加速、GMS 和收入方面的努力，同時加強我們的基礎設施以優化運營並保持高效和靈活。

The result is evident in our financial performance, with growth in both top and bottom line results.

結果在我們的財務業績中是顯而易見的，收入和利潤都在增長。

Please refer to Slide 13, which illustrates these Q1 achievements.

請參閱幻燈片 13，其中說明了這些第一季度的成就。

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'll review highlights of our financial results.

其次，我將回顧我們財務業績的亮點。

And finally, I will provide our updated 2018 guidance.

最後，我將提供我們更新的 2018 年指南。

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

除非我另有說明，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。

Starting with key operating metrics.

從關鍵運營指標開始。

Etsy generated $861 million in GMS in Q1, up nearly 20%.

Etsy 第一季度的 GMS 收入為 8.61 億美元，增長近 20%。

As Josh mentioned earlier, on a currency-neutral basis, GMS growth would have been approximately 18%.

正如 Josh 之前提到的，在貨幣中性的基礎上，GMS 的增長率約為 18%。

As international becomes a larger part of our business, we believe that currency fluctuations may have a greater impact, so we think it is helpful to share our results in both U.S. dollars and in constant currency beginning this quarter.

隨著國際業務在我們業務中所佔比例越來越大，我們認為貨幣波動可能會產生更大的影響，因此我們認為從本季度開始以美元和固定匯率分享我們的結果是有幫助的。

At the end of the first quarter, Etsy had nearly 35 million active buyers, up 17%, and nearly 2 million active sellers, up 9%.

第一季度末，Etsy 擁有近 3500 萬活躍買家，增長 17%，活躍賣家近 200 萬，增長 9%。

GMS from repeat buyers is gradually improving and represented approximately 18% of overall GMS and was up 20% compared to last year.

來自回頭客的 GMS 正在逐漸改善，約佔整體 GMS 的 18%，與去年相比增長了 20%。

GMS from paid channels, which was roughly 16% of overall GMS, was up 51% and continued to grow much faster than overall GMS.

來自付費渠道的 GMS 大約佔整體 GMS 的 16%，增長了 51%，並且繼續以比整體 GMS 更快的速度增長。

In Q1, the majority of our marketing spend was related to paid marketing, primarily SEM and Google Product Listing Ads.

在第一季度，我們的大部分營銷支出都與付費營銷有關，主要是 SEM 和 Google 產品詳情廣告。

In addition to our direct dollars at work, we also help our sellers purchase Product Listings Ads using our Google Shopping products, which we estimate drove nearly $23 million of GMS.

除了我們在工作中的直接收入外，我們還幫助我們的賣家使用我們的 Google 購物產品購買產品詳情廣告，我們估計這為 GMS 帶來了近 2300 萬美元的收入。

Mobile GMS was 54% of our overall GMS, up 300 basis points year-over-year, growing from approximately 30% in 2013.

移動 GMS 占我們整體 GMS 的 54%，同比增長 300 個基點，高於 2013 年的約 30%。

Mobile GMS grew 31% year-over-year, largely as a result of increased mobile traffic in line with our industry and, to a lesser extent, continued improvements to our mobile shopping experience.

移動 GMS 同比增長 31%，這主要是由於與我們行業一致的移動流量增加，以及在較小程度上持續改善我們的移動購物體驗。

Our product work to optimize the mobile web interface and improved checkout has led to continued improvements in mobile web conversion rates.

我們的產品致力於優化移動網絡界面和改進結賬功能，從而使移動網絡轉化率不斷提高。

Turning to international.

轉向國際化。

Percent international GMS was 35%, up 300 basis points compared to last year.

國際 GMS 百分比為 35%，與去年相比上升了 300 個基點。

International GMS growth accelerated to 30%, largely driven by currency exchange rates as well as growth in markets where Etsy Payments is not offered, global product work and seller outreach.

國際 GMS 增長加速至 30%，主要受貨幣匯率以及不提供 Etsy 支付的市場增長、全球產品工作和賣家拓展的推動。

On a currency-neutral basis, international GMS would have been 24%.

在貨幣中性的基礎上，國際 GMS 將是 24%。

Similar to our global GMS results, Etsy's international revenue grew faster than international GMS, increasing 42% year-over-year in the first quarter.

與我們的全球 GMS 結果類似，Etsy 的國際收入增長快於國際 GMS，第一季度同比增長 42%。

However, we noticed a slight headwind in international revenue from GMS growth in countries where Etsy Payments isn't available.

但是，我們注意到在 Etsy 支付不可用的國家/地區，GMS 增長帶來的國際收入略有阻力。

This means our revenue per dollar of GMS is lower in those countries.

這意味著我們在這些國家/地區每美元 GMS 的收入較低。

As a reminder, Etsy Payments is available in 36 countries and 12 currencies.

提醒一下，Etsy Payments 支持 36 個國家和 12 種貨幣。

With these operational metrics in mind, let me now turn to some financial performance highlights.

考慮到這些運營指標，現在讓我談談一些財務業績要點。

As you can see on Slide 14, in connection with the adoption of a new revenue recognition standard, we reclassified our revenue category to distinguish marketplace-based fees, essentially fees that are required to do business on the Etsy platform, and services fees, essentially those that are optional value-added services for sellers.

正如您在幻燈片 14 中看到的那樣，在採用新的收入確認標準時，我們對收入類別進行了重新分類，以區分基於市場的費用，主要是在 Etsy 平台上開展業務所需的費用，以及服務費用，主要是那些是賣家可選的增值服務。

In our new categorization, marketplace revenue includes listing fees, our 3.5% transaction fee and our Etsy Payments fees for those sellers in countries in which we offer it.

在我們的新分類中，市場收入包括上市費用、我們 3.5% 的交易費用以及我們在提供該服務的國家/地區為這些賣家收取的 Etsy 支付費用。

All revenue comparisons that I'll be discussing reflect our new revenue presentation.

我將討論的所有收入比較都反映了我們新的收入報告。

As a reminder, during the second quarter of 2018, we will anniversary the mandated use of Etsy Payments for sellers in eligible countries, which has been a significant driver of revenue growth.

提醒一下，在 2018 年第二季度，我們將在符合條件的國家/地區對賣家強制使用 Etsy Payments 進行週年紀念，這一直是收入增長的重要推動力。

Once we wrap the mandate, we expect year-over-year Etsy Payments revenue growth rates to trend more in line with GMS growth in future quarters.

一旦我們完成任務，我們預計 Etsy Payments 收入的同比增長率將與未來幾個季度的 GMS 增長趨勢更加一致。

As shown on Slide 15, total revenue was $121 million, up 25%, driven by growth in marketplace and services revenue.

如幻燈片 15 所示，受市場和服務收入增長的推動，總收入為 1.21 億美元，增長 25%。

Marketplace revenue grew 25%, primarily due to growth in Etsy Payments and, to a lesser extent, growth in transaction fee revenue and listing

市場收入增長 25%，主要是由於 Etsy Payments 的增長，其次是交易費收入和上市的增長

fee revenue.

費收入。

Services revenue was up 35% and represented 27% of total revenue.

服務收入增長了 35%，佔總收入的 27%。

Services revenue growth was driven primarily by growth in Promoted Listings.

服務收入的增長主要是由推薦列表的增長推動的。

One of the drivers of growth for Promoted Listings was enhancing fee rate to CSR on Promoted Listings, which increased the relevance of promoted search results.

Promoted Listings 增長的驅動力之一是提高了對 CSR 的 Promoted Listings 費率，這增加了推薦搜索結果的相關性。

Promoted Listings revenue growth was our fastest-growing Seller Service and accelerated for the fourth consecutive quarter, [which improved quickly].

Promoted Listings 收入增長是我們增長最快的賣家服務，並且連續第四個季度加速增長，[增長迅速]。

Our full P&L is presented in the slide -- in our -- in the tables in our press release and can be found in our first quarter 10-Q, which we plan to file shortly.

我們的完整損益表顯示在我們新聞稿的幻燈片中——我們的——表格中，可以在我們計劃很快提交的第一季度 10-Q 中找到。

There are a few noteworthy items in our OpEx that I will highlight in my discussion here.

我們的 OpEx 中有一些值得注意的項目，我將在此處的討論中重點介紹。

First, marketing expenses in the quarter totaled $26 million, up 12%, representing 22% of total revenue compared to 24% last year.

首先，本季度營銷費用總計 2600 萬美元，增長 12%，佔總收入的 22%，而去年為 24%。

The majority of our marketing spend remains focused on digital acquisition marketing, primarily Google Product Listing Ads and search engine marketing, which generate a positive ROI based on our attribution model.

我們的大部分營銷支出仍然集中在數字收購營銷上，主要是谷歌產品詳情廣告和搜索引擎營銷，它們根據我們的歸因模型產生了積極的投資回報率。

Earlier, Josh described the virtuous cycle of product enhancements that can enable more marketing spend as LTV improves.

早些時候，Josh 描述了產品增強的良性循環，隨著 LTV 的提高，可以增加營銷支出。

This means we expect to invest in marketing spend when we see positive returns.

這意味著我們希望在看到正回報時投資營銷支出。

In other words, when the marginal return on investment for each incremental dollar of spend exceeds our cost of capital.

換句話說，當每增加一美元支出的邊際投資回報超過我們的資本成本時。

Second, G&A expense totaled $19 million in Q1, down about 17% and represented 16% of total revenue compared to 23% last year.

其次，第一季度 G&A 費用總計 1900 萬美元，下降約 17%，佔總收入的 16%，而去年為 23%。

The changes to our organizational structure in 2017 have had a positive impact on G&A expenses.

2017 年我們組織結構的變化對 G&A 費用產生了積極影響。

We expect G&A to grow slower than revenue for the foreseeable future.

我們預計在可預見的未來，G&A 的增長速度將低於收入增長速度。

The operational efficiency initiatives Josh described also enable and contribute to this dynamic and are expected to benefit our back-of-house costs as a percent of revenue over time.

Josh 描述的運營效率計劃也促成並促進了這種動態，預計隨著時間的推移，我們的後台成本佔收入的百分比將受益。

The details of our balance sheet and cash flow are also in our press release, so let me highlight a few points.

我們的資產負債表和現金流的詳細信息也在我們的新聞稿中，所以讓我強調幾點。

We recorded net cash provided by operating activities of $26 million in the first quarter compared to $3 million in the first quarter of 2017.

我們記錄了第一季度經營活動提供的淨現金 2600 萬美元，而 2017 年第一季度為 300 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 leverage in operating 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經營費用槓桿的推動。

In addition, shown on Slide 16, we raised $345 million by issuing 0% interest 5-year convertible senior notes, with a 37.5% premium on the conversion option.

此外，如幻燈片 16 所示，我們通過發行 0% 利率的 5 年期可轉換優先票據籌集了 3.45 億美元，轉換期權溢價 37.5%。

Our capital raise demonstrates a thoughtful strategy to leverage the strength of our balance sheet and strengthen Etsy's ability to make growth investments.

我們的融資展示了一項深思熟慮的戰略，可以利用我們資產負債表的實力並增強 Etsy 進行增長投資的能力。

We will continue to weigh opportunities to invest organically to improve our marketplace, opportunistically pursue strategic partnerships and evaluate return of capital scenarios such as share repurchase.

我們將繼續權衡機會進行有機投資以改善我們的市場，機會主義地尋求戰略合作夥伴關係並評估股票回購等資本回報方案。

In Q1, we repurchased $69 million of common stock or approximately 2.8 million shares.

第一季度，我們回購了 6900 萬美元的普通股或約 280 萬股。

At the end of Q1, we had $21 million remaining from our $100 million share repurchase authorization approved by our board in Q4 of 2017.

在第一季度末，我們董事會在 2017 年第四季度批准的 1 億美元股票回購授權中剩餘 2100 萬美元。

As of March 31, 2018, we had cash, marketable securities and short-term investments totaling approximately $601 million.

截至 2018 年 3 月 31 日，我們擁有現金、有價證券和短期投資，總額約為 6.01 億美元。

Turning to our guidance.

轉向我們的指導。

I'm pleased to report that we are raising our full year 2018 guidance for GMS, revenue and adjusted EBITDA margin.

我很高興地報告，我們正在提高 2018 年全年 GMS、收入和調整後 EBITDA 利潤率的指導。

We expect GMS growth to be 16% to 18% year-over-year, revenue growth to be 22% to 24% year-over-year and adjusted EBITDA margin to be 21% to 23%.

我們預計 GMS 同比增長 16% 至 18%，收入同比增長 22% 至 24%，調整後的 EBITDA 利潤率為 21% 至 23%。

You can see how this revised guidance compares to our prior guidance provided in February on Slide 17.

您可以在幻燈片 17 上看到該修訂指南與我們 2 月份提供的先前指南的對比情況。

There are a few key metrics that we expect to positively impact revenue and GMS growth in 2018.

我們預計有幾個關鍵指標將對 2018 年的收入和 GMS 增長產生積極影響。

These include continued growth in visits, improvements to conversion rates, continued international GMS growth and growth in services revenue fueled by Promoted Listings.

其中包括訪問量的持續增長、轉化率的提高、國際 GMS 的持續增長以及由推薦列表推動的服務收入增長。

Potentially offsetting some of this growth, we believe there could be some downward pressure on GMS and revenue growth from macro events.

我們認為宏觀事件可能會對 GMS 和收入增長造成一些下行壓力，這可能會抵消部分增長。

Let me touch on a few.

讓我談談一些。

While currency fluctuations have been a slight tailwind for us, we want to acknowledge that if exchange rates stay stable, they will be less of a tailwind in the back half of the year.

雖然貨幣波動對我們來說是一個輕微的順風，但我們要承認，如果匯率保持穩定，它們在今年下半年的順風將減少。

The EU's General Data Protection Regulations, which take considerable time and effort, could impact progress on our growth initiatives.

需要花費大量時間和精力的歐盟通用數據保護條例可能會影響我們的增長計劃的進展。

GDPR could also limit our ability to customize and personalize our experience and negatively impact GMS.

GDPR 還可能限制我們定制和個性化體驗的能力，並對 GMS 產生負面影響。

In addition, there are other regulatory changes in motion such as new VAT and U.S. state tax requirements that could decrease conversion rates in the states and geographies in which they are implemented.

此外，還有其他正在實施的監管變化，例如新的增值稅和美國州稅要求，這些變化可能會降低實施這些變化的州和地區的轉換率。

And lastly, midterm elections in the U.S., evolving global trade agreements and possible tariffs and other geopolitical events can create a certain level of distraction for both buyers and sellers, which could impact our market opportunity and GMS growth.

最後，美國的中期選舉、不斷演變的全球貿易協定和可能的關稅以及其他地緣政治事件都會對買賣雙方造成一定程度的干擾，這可能會影響我們的市場機會和大湄公河次區域的增長。

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.

我們預計，影響 2018 年調整後 EBITDA 利潤率的關鍵因素是我們在 2017 年對運營結構所做的更改導致運營費用佔收入的百分比降低。

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。

These expense savings are partially offset by higher expenses related to our planned migration to Google Cloud.

這些費用節省部分被與我們計劃遷移到 Google Cloud 相關的更高費用所抵消。

We expect the migration will take approximately 2 years, and we estimate $10 million to $15 million of incremental expense in 2018.

我們預計遷移大約需要 2 年時間，我們估計 2018 年的增量費用為 1000 萬至 1500 萬美元。

As we make progress on this migration, we will ramp down the number of resources required to support our former data center infrastructure while increasing the amount we pay Google for services.

隨著我們在這次遷移中取得進展，我們將減少支持我們以前的數據中心基礎設施所需的資源數量，同時增加我們向 Google 支付的服務費用。

We expect to reduce capital expenditures related to maintaining our existing data center infrastructure by $4 million to $5 million in 2018 versus 2017.

我們預計 2018 年與 2017 年相比，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。

We believe that the investment in our migration to the cloud creates cost efficiencies that will be realized as we grow.

我們相信，對遷移到雲的投資會帶來成本效益，這將隨著我們的發展而實現。

Before I close, I want to welcome our new Head of Investor Relations, Deb Wasser.

在我結束之前，我想歡迎我們新的投資者關係主管 Deb Wasser。

Deb brings nearly 30 years of Investor Relations experience, having served as the Head of IR for a public technology company and, more recently, leading Edelman's IR practice, where she advised many leading global companies on their Investor Relations strategies.

Deb 擁有近 30 年的投資者關係經驗，曾擔任一家上市科技公司的 IR 主管，最近領導 Edelman 的 IR 實踐，她為許多領先的全球公司提供投資者關係戰略方面的建議。

Together with Gabe Ratcliff, our Senior Manager of IR, we have an amazing in-house IR team to help shape and deliver communications to our shareholder base and sell side analysts.

與我們的 IR 高級經理 Gabe Ratcliff 一起，我們擁有一支出色的內部 IR 團隊，以幫助塑造和向我們的股東基礎和賣方分析師提供溝通。

In closing, as we execute our strategy, invest in our sellers' success and make investments to drive growth, we believe we can capture more of our addressable market opportunities and captivate more buyers by owning special.

最後，當我們執行我們的戰略、投資於我們的賣家的成功並進行投資以推動增長時，我們相信我們可以抓住更多可尋址的市場機會並通過擁有特價來吸引更多的買家。

We are excited about the year ahead, and we look forward to speaking to you in the coming days and weeks.

我們對未來的一年感到興奮，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 Matt Yamamoto from D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Matt Yamamoto。戴維森。

In regards to the EBITDA margin, you suggested in the past that eBay was a good proxy for your long-term margin potential, except for the fact that you got a higher portion of revenue from payments.

關於 EBITDA 利潤率，您過去曾表示，eBay 是您長期利潤率潛力的良好代表，除了您從付款中獲得更高比例的收入這一事實。

That said, could you achieve a long-term adjusted EBITDA margin north of 30%?

也就是說，您能否實現 30% 以上的長期調整後 EBITDA 利潤率？

Matt, this is Rachel.

馬特，這是雷切爾。

So I think what we've said is that our EBITDA margin, there's no reason to think that our margin at scale wouldn't be the same as the marketplace companies or an entire group of peers, and that eBay might be the one exception because of the way that they have their payment platform on another P&L.

所以我認為我們所說的是我們的 EBITDA 利潤率，沒有理由認為我們的規模利潤率與市場公司或整個同行集團不同，而 eBay 可能是一個例外，因為他們在另一個損益表上擁有支付平台的方式。

So -- and I -- we haven't given any firm guidance on what number [might win], but what we said, high 20s and realistic compared to what our peers are reporting.

所以——我——我們還沒有就[可能獲勝]的數字給出任何明確的指導，但我們所說的，與我們的同行報告的相比，高 20s 和現實。

And just as a follow-up on the sales front.

就像銷售方面的後續行動一樣。

If you are successful with your 4 initiatives to drive GMS growth, could you generate a high-teens sales CAGR over the next 3.5 years?

如果您的 4 項舉措成功推動 GMS 增長，您能否在未來 3.5 年內實現十幾歲的銷售額複合年增長率？

Well, we are facing a really big total addressable market.

好吧，我們面臨著一個非常大的潛在市場。

We've talked about if you just take our top 6 categories and you take just our top 6 markets and you look at only the online portion of those, you get to $155 billion, which would suggest that we're at 2%, heading to 3% penetration with a highly-differentiated product.

我們已經討論過，如果你只考慮我們的前 6 個類別，你只考慮我們的前 6 個市場，你只看其中的在線部分，你將達到 1550 億美元，這表明我們處於 2%，標題到 3% 的高度差異化產品滲透率。

So we think that our market opportunity is substantial.

所以我們認為我們的市場機會是巨大的。

We think with this being our third quarter of sequential acceleration, we're demonstrating that we're making progress towards that.

我們認為這是我們連續加速的第三個季度，我們正在證明我們正在朝著這個方向取得進展。

So we feel great about that.

所以我們對此感覺很好。

We feel really excited about that.

我們對此感到非常興奮。

We haven't given any specific long-term guidance, but we feel like the opportunity is big, and we're pleased with the progress we're making on unlocking the potential.

我們沒有給出任何具體的長期指導，但我們覺得機會很大，我們對我們在釋放潛力方面取得的進展感到滿意。

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

我們的下一個問題來自高盛的希思特里。

I was wondering if you could give us a sense -- obviously, really strong growth in Payments this quarter.

我想知道您能否給我們一個感覺——顯然，本季度支付的增長非常強勁。

Wondering if you can give us a sense of sort of what was underlying that, whether it was adoption by consumers or adoption by sellers in terms of what drove that?

想知道您是否可以讓我們了解其背後的原因，無論是消費者採用還是賣家採用是什麼推動了這一點？

And then also, to the extent that we saw the traction that you did in advertising or seller promotion within that platform, is that -- can you give us -- sort of disaggregate that a bit?

然後，就我們看到您在該平台內的廣告或賣家促銷方面所做的牽引力而言，是否 - 您能給我們 - 有點分解嗎？

And how much of that is pricing versus seeing higher levels of volume or seller adoption?

與看到更高水平的銷量或賣家採用率相比，其中有多少是定價？

So, Heath, this is Rachel.

所以，希思，這是雷切爾。

I'll take the first part of that.

我先講第一部分。

On the Etsy Payments side, so you may recall that in May of 2017, that was the first month that we mandated the use of Etsy Payments for all sellers that were in countries where we offer Etsy Payments.

在 Etsy 支付方面，您可能還記得 2017 年 5 月，那是我們強制要求我們提供 Etsy 支付的國家/地區的所有賣家使用 Etsy 支付的第一個月。

So in Q1, you're still seeing the -- we haven't yet anniversaried that mandate, so about 85% of our GMS is now flowing through Etsy Payments and the growth is coming largely from there.

所以在第一季度，你仍然看到——我們還沒有完成這項任務，所以我們大約 85% 的 GMS 現在通過 Etsy Payments 流動，增長主要來自那裡。

In fact, what we did say on this call was that we actually saw growth coming from other countries in which Etsy Payments is not offered.

事實上，我們在這次電話會議上所說的是，我們實際上看到了來自其他不提供 Etsy 支付的國家的增長。

So that was a slight dampening effect in the growth of Etsy Payments.

因此，這對 Etsy Payments 的增長產生了輕微的抑製作用。

It helped our growth margins a little bit because of the higher margins that Etsy Payments has.

由於 Etsy Payments 的利潤率更高，這對我們的利潤率增長有所幫助。

But we're still seeing nice growth.

但我們仍然看到了不錯的增長。

And we'll be anniversarying the Etsy Payments mandate in next week, actually.

事實上，我們將在下周紀念 Etsy 支付授權。

So going forward, we'll be showing that Etsy Payments will grow more in line with GMS.

因此，展望未來，我們將展示 Etsy Payments 的增長將更加符合 GMS。

And on the Pro List side, there's a number of levers that affect Pro List.

在 Pro List 方面，有許多影響 Pro List 的槓桿。

Some of them, the big ones are how many sellers have adopted it and how much budget have they given us to use, on one side.

其中一些，大的一方面是有多少賣家採用了它，他們給了我們多少預算供我們使用。

The other side is how many ads do we show, so how much real estate have we dedicated to the site, and then how good are we at picking the right ad for the right -- for any given visit, which results in higher revenue per page view.

另一方面是我們展示了多少廣告，我們為該網站投入了多少空間，然後我們在為正確的任何給定訪問選擇正確的廣告方面做得有多好，這會帶來更高的每次收入頁面預覽。

And so much of the upside this quarter was driven by improvements in relevance so that we are doing a better job of picking the right ad, which gets higher click-through rates and higher conversion resulting in better sales.

本季度的大部分增長是由相關性的提高推動的，因此我們在選擇合適的廣告方面做得更好，從而獲得更高的點擊率和更高的轉化率，從而帶來更好的銷售。

We do hold ourselves to a high standard in Pro List in terms of delivering good return on investment for our sellers.

在為我們的賣家提供良好的投資回報方面，我們確實在 Pro List 中堅持高標準。

So we make sure that when we're spending their money, we're doing in a way that we feel good is driving incremental sales.

因此，我們確保當我們花他們的錢時，我們正在以一種我們感覺良好的方式來推動增量銷售。

We think there's a long runway to do a better job picking the right ad at the right moment, which drives better yield and is a real win-win for everybody.

我們認為，要在正確的時間更好地選擇正確的廣告，這會帶來更高的收益，對每個人來說都是真正的雙贏，還有很長的路要走。

We're starting on that.

我們正著手於此。

We saw great progress on that this quarter, but there's still a long, long way to get better.

本季度我們在這方面取得了很大進展，但要變得更好還有很長很長的路要走。

(Operator Instructions) Our next question comes from the line of Edward Yruma from KeyBanc Capital Markets.

（操作員說明）我們的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

Two quick ones from me.

我的兩個快速的。

First, on the targeted seller promos -- I know you said that there was some good initial response, I guess, could you quantify the opportunity from an economic perspective relative to Promoted Listings?

首先，關於有針對性的賣家促銷——我知道你說過有一些很好的初步反應，我想，你能從經濟角度量化與促銷列表相關的機會嗎？

And then second, we noticed that you're changing the terms by which sellers pay Etsy, I think, beginning early June.

其次，我們注意到你正在改變賣家支付 Etsy 的條款，我認為，從 6 月初開始。

I guess, kind of what was the driver behind that?

我想，這背後的驅動力是什麼？

And will you receive any economic benefit from the new process?

您會從新工藝中獲得任何經濟利益嗎？

Yes, great.

對，很好。

I'll take the first, maybe, and, Rachel, you take the second?

也許我會選第一個，雷切爾，你選第二個？

Sure.

當然。

Terrific.

了不起。

So the #1 thing sellers ask us is for more tools so that they can drive their own success, and they're ready, willing and able to invest behind that.

因此，賣家要求我們的第一件事是提供更多工具，以便他們能夠推動自己的成功，並且他們已經準備好、願意並且能夠為此進行投資。

So Promoted Listings is one opportunity to do that where they're getting more promotion on etsy.com.

因此，Promoted Listings 是他們在 etsy.com 上獲得更多促銷的機會。

Google Shopping is another opportunity where they can leverage our capabilities to get themselves exposure in Google.

Google 購物是另一個機會，他們可以利用我們的能力讓自己在 Google 中曝光。

This new capability that we just launched this quarter is really about allowing them to reach out to buyers who've interacted with their products before, maybe they favorited a product or they've put it in the cart, but they didn't buy it.

我們本季度剛剛推出的這項新功能實際上是為了讓他們能夠接觸到之前與他們的產品互動過的買家，也許他們喜歡某個產品或者他們已經將它放入購物車，但他們並沒有購買它.

And so this allows the seller to reach out with a targeted offer to that community of buyers.

因此，這使賣家可以向該買家社區提供有針對性的報價。

And we think, over time, the potential for that is meaningful.

我們認為，隨著時間的推移，這方面的潛力是有意義的。

But really, I would think about all of these together as giving sellers more tools to drive their own growth on Etsy, off Etsy and even in places like Google and elsewhere.

但實際上，我會把所有這些放在一起考慮，為賣家提供更多工具來推動他們在 Etsy 上、Etsy 以外，甚至在谷歌和其他地方的增長。

By the way, we did launch not this most recent quarter, but the quarter before, the opportunity for sellers to promote their listings in social channels as well, and there's been good uptake of that.

順便說一下，我們不是在最近一個季度推出的，而是在上個季度推出的，賣家也有機會在社交渠道上推廣他們的商品，並且已經很好地接受了。

So it's one of the most exciting things about Etsy is we've got 1.9 million sellers that are highly motivated to go and evangelize their products in places.

因此，關於 Etsy 最令人興奮的事情之一是我們有 190 万賣家非常積極地去地方宣傳他們的產品。

And the more we do that, the more we drive their growth and the growth of Etsy.

我們做得越多，我們就越能推動他們的發展和 Etsy 的發展。

And the second thing that you asked, the project, we call it the single ledger project.

你問的第二件事，項目，我們稱之為單一分類賬項目。

And just to note that we announced it to our sellers a couple of weeks ago, but we have not yet launched.

請注意，我們在幾週前向我們的賣家宣布了它，但我們尚未推出。

So you may be observing some discussion about that in the seller forums.

因此，您可能會在賣家論壇中觀察到一些關於此的討論。

That project is really -- our sellers spend a lot of time for every hour that they spend working on creating product, they spend an hour just on the administration.

那個項目真的是——我們的賣家在創造產品上花費的每一個小時都花費了大量時間，他們只在管理上花費了一個小時。

So part of this is designed to help them streamline what they do, the administrative part of their job.

因此，其中一部分旨在幫助他們簡化工作，即工作的行政部分。

And yes, there is also an economic benefit to Etsy.

是的，Etsy 也有經濟利益。

What we've done is we've -- we're creating a single bill, basically, so that when we disburse funds to them, we disburse them net of the fees that they owe us, rather than having them be 2 separate transactions.

我們所做的是——我們基本上是在創建一個單一的賬單，這樣當我們向他們支付資金時，我們支付給他們的是扣除他們欠我們的費用，而不是讓他們成為 2 個單獨的交易.

What that does will also save Etsy some of the payment processing fees that are attached to them charging for the fee that they owe us.

這樣做也將節省 Etsy 的一些支付處理費用，這些費用是他們欠我們的費用。

So we do net some economic benefits, but it also has a net benefit to our sellers.

所以我們確實獲得了一些經濟利益，但它也給我們的賣家帶來了淨利益。

So the one thing I'd pile in on there is, our sellers report that for every hour they spend making a product and taking care of customers, they spend an hour on administration and overhead.

所以我要補充的一件事是，我們的賣家報告說，他們在製作產品和照顧客戶上花費的每一個小時，他們都會花一個小時在管理和間接費用上。

So anything we can do to save them time is really important.

因此，我們為節省他們的時間所做的一切都非常重要。

And this is an important streamlining that will make life easier for sellers.

這是一項重要的精簡，將使賣家的生活更輕鬆。

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

我們的下一個問題來自摩根士丹利的 Brian Nowak。

This is Brandon Hoffman on for Brian Nowak.

這是布蘭登霍夫曼替補布萊恩諾瓦克。

So, yes, we had a question on -- where is the current buyer frequency per year at this point and what's being assumed in the guide?

所以，是的，我們有一個問題——目前每年的買家頻率在哪裡，指南中假設了什麼？

Then a follow-up to that, essentially, what would be the driver then to improve that frequency?

然後是後續行動，本質上，提高該頻率的驅動因素是什麼？

So -- thanks for the question.

所以——謝謝你的提問。

So we have -- the metric we've given on buyer frequency actually comes from annual cohort data.

所以我們有——我們給出的關於買家頻率的指標實際上來自年度隊列數據。

And so I think the most quoted metric we've given there is that 60% of our buyers come only one time a year.

因此，我認為我們給出的引用最多的指標是 60% 的買家一年只來一次。

So -- but what we have observed, we have some early encouraging signs from the last 90 days because both new buyers and repeat buyers grew approximately 20% in the quarter.

所以——但據我們觀察，過去 90 天我們有一些早期令人鼓舞的跡象，因為本季度新買家和回頭客都增長了約 20%。

And so we're seeing that as -- and we've only really been at our new strategy since mid- to late May.

因此，我們將其視為 - 自 5 月中旬至下旬以來，我們才真正採用我們的新戰略。

So we're starting to see the cumulative positive effect that those strategies are having on repeat visits and repeat purchases.

因此，我們開始看到這些策略對重複訪問和重複購買產生的累積積極影響。

So it's a little early still to tell what -- we're not going to claim victory on a sequencing number at this point, but we're seeing some encouraging signs that people see as beginning to pick up.

所以現在說什麼還為時過早——我們現在不打算在序列號上取得勝利，但我們看到了一些令人鼓舞的跡象，人們認為這些跡像開始回升。

The good part about that, and Josh spent some time talking about this in his prepared remarks, is that we actually look at our LTV continuously literally every day.

關於這一點的好處是，Josh 在他準備好的發言中花了一些時間談論這一點，就是我們實際上每天都在不斷地查看我們的 LTV。

And the higher the LTV, the more we can spend on buying traffic that we think has a positive ROI.

LTV 越高，我們就可以花更多的錢購買我們認為具有正投資回報率的流量。

So we -- when you get higher frequency, that's one of the ways that we're actually growing lifetime values, so we're encouraged by that.

所以我們 - 當你獲得更高的頻率時，這是我們實際上增加生命週期價值的方式之一，所以我們對此感到鼓舞。

And I think we all feel like it's a huge opportunity for Etsy.

我認為我們都覺得這對 Etsy 來說是一個巨大的機會。

The data that we've shown in the past suggests that people shop on average net -- they visit more than once a year, but they shop on average -- many people buy here once a year.

我們過去顯示的數據表明，人們平均在網上購物——他們每年光顧不止一次，但他們平均購物——很多人每年在這裡購物一次。

And when you look at the broad range of things and occasions where Etsy is relevant, we are relevant for them far more often than that.

當您查看與 Etsy 相關的廣泛事物和場合時，我們與它們的相關性遠不止於此。

We've also talked about how our Net Promoter Score among people who've shopped in the past is very, very high.

我們還談到了過去購物過的人的淨推薦值非常非常高。

So they like us.

所以他們喜歡我們。

We just need to make sure that they know when to think of us.

我們只需要確保他們知道什麼時候想起我們。

And you're seeing us try lots of things like in Valentine's Day promotion that we did, the world of imagination sale was not tied to the season.

你看到我們嘗試了很多事情，比如我們所做的情人節促銷活動，想像世界的銷售與季節無關。

It's just trying to trigger them to think of us in different times of the year.

它只是試圖觸發他們在一年中的不同時間想起我們。

Most importantly, though, if a visit results in a purchase, it means it's a pretty satisfying visit in general.

不過，最重要的是，如果訪問導致購買，這意味著總體而言這是一次非常令人滿意的訪問。

So as we drive conversion rate up, visits are being satisfying, and that means they're more likely to come back more often.

因此，隨著我們提高轉化率，訪問令人滿意，這意味著他們更有可能更頻繁地回來。

So I'd say we're encouraged.

所以我想說我們受到鼓舞。

I'd also reinforc, it's early days.

我也會加強，現在還為時尚早。

It was tens of millions of people who've shopped on Etsy before.

以前曾在 Etsy 上購物過的人有數千萬。

Most of them haven't been back in the past 3 to 6 months.

他們中的大多數人在過去 3 到 6 個月內沒有回來。

And so it takes time for them to come back and feel [an improved] experience and then have that translate into behavior.

因此，他們需要時間回來感受 [改進的] 體驗，然後將其轉化為行為。

But it's also big numbers, so small basis point improvements can have a meaningful impact.

但它也是一個大數字，因此小的基點改進可以產生有意義的影響。

And our next question comes from the line of Ronald Bookbinder from IFS Securities.

我們的下一個問題來自 IFS Securities 的 Ronald Bookbinder。

You guys did a terrific job on your Black Friday special event, which was your first sort of targeted promotional event.

你們在黑色星期五特別活動中做得非常出色，這是你們的第一種有針對性的促銷活動。

Then you did a Valentine's event.

然後你做了一個情人節活動。

You're going to be doing a Mother's Day or you are doing a Mother's Day event.

您將舉辦母親節活動或舉辦母親節活動。

Given that the guidance simply looks like you're passing through the Q1 beat, why shouldn't we expect continued acceleration in revenue going forward at least in Q2?

鑑於該指導看起來就像您正在經歷第一季度的節拍，為什麼我們不應該期望至少在第二季度收入繼續加速增長？

And are you just being conservative as you pass through the beat?

當你通過節拍時，你只是保守嗎？

So -- I'm sorry.

所以我很抱歉。

I'm not quite sure I'm following the pass through the beat, but let me just talk about our guidance for a minute.

我不太確定我是否在跟隨節拍，但讓我先談談我們的指導。

So we're really comfortable with the GMS guidance that we gave because at the midpoint of that guidance, it would imply 17% year-over-year GMS growth.

因此，我們對我們給出的 GMS 指導非常滿意，因為在該指導的中點，這意味著 GMS 同比增長 17%。

Last year, we did 14.2%.

去年，我們做了 14.2%。

So we're pleased with that amount of acceleration.

所以我們對這樣的加速度感到滿意。

And we outlined on the call a number of headwinds that are actually incorporated into that guidance.

我們在電話會議上概述了實際上納入該指南的一些不利因素。

So if not for those headwinds, perhaps the number would have been higher.

因此，如果不是因為這些逆風，也許這個數字會更高。

So we're -- that's the first thing.

所以我們 - 這是第一件事。

And both revenue and EBITDA are also benefiting from that GMS growth.

收入和 EBITDA 也都受益於 GMS 的增長。

So you see the flow-through to EBITDA.

所以你看到了 EBITDA 的流量。

We're hitting nice double-digit numbers, with a 2 in front of them on our EBITDA margins when we never dreamed of getting there over some [small] period of time.

我們的 EBITDA 利潤率達到了不錯的兩位數，在他們前面有一個 2，而我們從未夢想過在一些 [小] 時間段內達到目標。

So I think the implied guidance of acceleration on all 3 numbers maybe -- is there some -- now tell me if I'm misunderstanding part of what your question is.

所以我認為所有 3 個數字的加速的隱含指導可能 - 有一些 - 現在告訴我我是否誤解了你的問題的一部分。

No, no.

不，不。

I think you got it.

我想你明白了。

And so why would you think that the high 20s -- or is that just an interim goal for the EBITDA margin?

那麼，為什麼您會認為 20 多歲——或者這只是 EBITDA 利潤率的臨時目標？

Why will it level out somewhere (inaudible)?

為什麼它會在某處趨於平穩（聽不清）？

I think what we've said is that there's -- we're a marketplace model, and marketplace models are wonderful things.

我認為我們所說的是——我們是一個市場模型，而市場模型是很棒的東西。

If you can get a two-sided marketplace to work, it's lightning in a bottle.

如果你能讓雙向市場發揮作用，那就是瓶中閃電。

It happens very rarely to get supply and demand to meet at scale.

供需大規模滿足的情況很少見。

And there's a couple of things that are great about marketplace models.

市場模型有一些優點。

First, they get better as they get bigger.

首先，隨著它們變大，它們會變得更好。

And second, they scale really nicely.

其次，它們的擴展性非常好。

The economic architecture is great.

經濟建築很棒。

So they tend to have very high margins.

所以他們往往有很高的利潤率。

And we've said that there's no reason to think of us different than other marketplace models.

我們已經說過，沒有理由認為我們與其他市場模式不同。

I don't think we've set sort of medium-term guidance for margins.

我不認為我們已經為利潤率設定了某種中期指導。

But we've said if you're thinking about other good marketplaces at scale, we don't see any reason why we should be any different.

但我們已經說過，如果您正在考慮規模化的其他優秀市場，我們看不出有任何理由讓我們與眾不同。

We've also said repeatedly that our focus is growth, and that when we see good opportunities to invest to drive growth, we're going to take them because that is the most important thing.

我們還反复表示，我們的重點是增長，當我們看到投資推動增長的好機會時，我們會抓住它們，因為這是最重要的事情。

And we feel really good about our growth and about our progress.

我們對自己的成長和進步感到非常滿意。

So this is our third consecutive quarter of sequential acceleration.

所以這是我們連續第三個季度連續加速。

We feel great about that.

我們對此感覺很好。

We've got a long list of ideas that we're working to get to market as quickly as possible that we think can continue to drive growth.

我們有一長串想法，我們正在努力盡快將它們推向市場，我們認為這些想法可以繼續推動增長。

And we feel really good about that.

我們對此感覺非常好。

And we think we've got a really big market opportunity ahead of us.

我們認為我們面前有一個非常大的市場機會。

And at the same time, we're aware of some things, that state sales tax, GDPR, things like that, that we think are real and will have an impact in the second half of the year.

與此同時，我們意識到一些事情，比如州銷售稅、GDPR 之類的事情，我們認為這些事情是真實存在的，並將在今年下半年產生影響。

And when you balance those 2 things, our continued good execution and optimism about our ability to build the business and some known headwinds in the external environment, we still feel good taking guidance up this quarter, and we feel great about that.

當你平衡這兩件事時，我們持續良好的執行和對我們建立業務的能力的樂觀以及外部環境中的一些已知逆風，我們仍然感覺很好接受本季度的指導，我們對此感覺很好。

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

我現在沒有進一步提問。

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

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone, have a great day.

大家，祝你有美好的一天。

Thank you.

謝謝你。