ETSY Inc (ETSY) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Etsy's Second Quarter of 2018 Earnings Conference Call.

女士們先生們，美好的一天，歡迎來到 Etsy 2018 年第二季度收益電話會議。

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

（操作員說明）作為提醒，正在錄製此會議。

I'd now like to turn the conference over to Deb Wasser, Vice President of Investor Relations.

我現在想將會議轉交給投資者關係副總裁 Deb Wasser。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，運營商。

Good afternoon, and welcome to Etsy's second quarter earnings conference call.

下午好，歡迎來到 Etsy 第二季度收益電話會議。

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

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

Before we get started, just a reminder that our remarks today include forward-looking statements relating to our business strategy, financial guidance and key drivers thereof, upcoming product launches, investments in marketing and international growth, and the impact of our 4 key initiatives and new pricing model on future GMS and revenue growth.

在我們開始之前，請注意，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、即將推出的產品、營銷和國際增長投資以及我們的 4 項關鍵舉措和影響相關的前瞻性陳述。未來 GMS 和收入增長的新定價模型。

Our actual results may differ materially from the statements made.

我們的實際結果可能與所做的陳述存在重大差異。

Forward-looking statements involve risks and uncertainties, which are described in our press release today and in our 10-Q filed with the SEC on May 9, 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 5 月 9 日向美國證券交易委員會提交的 10-Q 以及我們向美國證券交易委員會提交的後續報告中進行了描述。

Any forward-looking statements that we make on this call are based upon our beliefs and assumptions today, and we don't have any obligations 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 will 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.

那裡也將提供指向此通話重播的鏈接。

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

如果您更喜歡通過電話訪問重播，您也可以在新聞稿中找到該信息。

Finally, for your reference, we hope that you are following along with the presentation that we have created to highlight our second quarter progress.

最後，供您參考，我們希望您關注我們為突出我們第二季度的進展而創建的演示文稿。

It accompanies our webcast, and it's posted separately on our IR website.

它伴隨著我們的網絡廣播，並單獨發佈在我們的 IR 網站上。

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

有了這個，我會把電話轉給喬希。

Thanks, Deb, and good afternoon, everyone.

謝謝，Deb，大家下午好。

Q2 was an exciting quarter marked by strong business performance along with several major announcements and launches.

第二季度是一個令人興奮的季度，其特點是強勁的業務表現以及多項重大公告和發布。

Let's start by diving into the results, highlights of which are shown on Slide 4.

讓我們從深入研究結果開始，幻燈片 4 顯示了其中的亮點。

First, GMS growth was 20.4% year-over-year, a 60 basis point acceleration compared to Q1 and our fourth consecutive quarter of accelerating year-over-year GMS growth.

首先，GMS 同比增長 20.4%，與第一季度相比加速 60 個基點，我們連續第四個季度實現 GMS 同比增長加速。

On a constant-currency basis, GMS accelerated from 17.6% in Q1 to 19.3%.

按固定匯率計算，GMS 從第一季度的 17.6% 加速至 19.3%。

We grew revenue 30% year-over-year, and EBITDA margins remain strong at 21%.

我們的收入同比增長 30%，EBITDA 利潤率保持在 21% 的強勁水平。

Excluding a onetime adjustment related to shipping, revenue growth would have been 27%, our fastest growth rate since the third quarter of 2016.

排除與航運相關的一次性調整，收入增長將達到 27%，這是我們自 2016 年第三季度以來的最快增長率。

Active buyers grew 17% and active sellers grew 8%, indicating that we continue to deliver on our commitment to bring a growing base of buyers to our sellers.

活躍買家增長了 17%，活躍賣家增長了 8%，這表明我們繼續履行我們的承諾，為我們的賣家帶來越來越多的買家。

Our conversion rate increased for the third consecutive quarter, driven most notably by improvements in mobile web, which was our fastest-growing platform by number of visits and conversion rate.

我們的轉化率連續第三個季度增長，最顯著的推動因素是移動網絡的改進，移動網絡是我們在訪問次數和轉化率方面增長最快的平台。

And while it's still early days, we continue to see promising signs that we're making progress improving buyer frequency.

雖然現在還處於早期階段，但我們繼續看到有希望的跡象表明我們在提高買家頻率方面取得了進展。

For example, trailing 12-month GMS per active buyer is up year-over-year for the first time since the fourth quarter of 2016.

例如，自 2016 年第四季度以來，每個活躍買家過去 12 個月的 GMS 首次出現同比增長。

Furthermore, our 60-day repeat purchase rate continued to improve, and the number of buyers that made 4 or more purchases within the last 12 months grew at an accelerating rate.

此外，我們的 60 天重複購買率繼續提高，並且在過去 12 個月內進行 4 次或更多次購買的買家數量正在加速增長。

Our most significant news of the second quarter was, of course, the changes we announced to Etsy's pricing model.

當然，我們第二季度最重要的消息是我們宣布對 Etsy 的定價模式進行的更改。

Over the past 13 years, Etsy has built a vibrant, highly differentiated two-sided marketplace, giving our sellers access to nearly 36 million buyers who value the kind of unique special items that our sellers have to offer.

在過去的 13 年裡，Etsy 建立了一個充滿活力、高度差異化的雙邊市場，使我們的賣家能夠接觸到近 3600 萬買家，他們重視我們的賣家必須提供的那種獨特的特殊商品。

In addition, we provide creative entrepreneurs with services and tools that make Etsy an easy place to start, manage and grow a business.

此外，我們還為創意企業家提供服務和工具，使 Etsy 成為輕鬆啟動、管理和發展業務的場所。

We believe that Etsy's new pricing model, which went into effect in mid-July, will allow us to further expand our marketplace and support our seller community.

我們相信 Etsy 於 7 月中旬生效的新定價模式將使我們能夠進一步擴大我們的市場並支持我們的賣家社區。

We carefully analyzed a range of options for our revised pricing model and waited to demonstrate the strength and growth of our marketplace before making this important change.

我們仔細分析了我們修改後的定價模型的一系列選項，並在做出這一重要改變之前等待展示我們市場的實力和增長。

As outlined on Slide 6, our pricing model changes include an increase to our transaction fees from 3.5% to 5% and applying the transaction fee to the cost of shipping in addition to the cost of the item.

如幻燈片 6 所述，我們的定價模式變化包括將交易費用從 3.5% 增加到 5%，並將交易費用應用於運費以及商品成本。

We believe that 5% is excellent value compared with other channels by which our sellers could acquire customers and sales.

我們認為，與我們的賣家獲得客戶和銷售的其他渠道相比，5% 是非常有價值的。

In addition to the fee changes, we rolled out new monthly seller subscription packages designed to help sellers succeed at each phase of their business life cycle, which we have begun to market to targeted groups of sellers.

除了費用變化外，我們還推出了新的每月賣家訂閱套餐，旨在幫助賣家在其業務生命週期的每個階段取得成功，我們已開始向目標賣家群體推銷這些套餐。

We also began applying a transaction fee to shipping, a standard industry practice in e-commerce.

我們還開始對運輸收取交易費，這是電子商務中的標準行業慣例。

We think this will have the added benefit of incentivizing sellers to appropriately and fairly price shipping relative to the cost of the item, improving the experience for buyers and helping drive conversion and frequency over time.

我們認為這將帶來額外的好處，即激勵賣家相對於商品成本適當和公平地定價運費，改善買家的體驗，並隨著時間的推移幫助推動轉化率和頻率。

I'd also like to point out that we chose to make the changes to the transaction fee and not the listing fee, which remains at $0.20, because the transaction fee is entirely aligned with the success of our sellers, getting paid only when a seller makes a sale.

我還想指出，我們選擇更改交易費而不是上市費，後者仍為 0.20 美元，因為交易費完全與我們賣家的成功掛鉤，只有當賣家成功時才會獲得報酬進行銷售。

This shared success is key to our overall business model.

這種共同的成功是我們整體商業模式的關鍵。

When our sellers succeed, Etsy succeeds.

當我們的賣家成功時，Etsy 也會成功。

We will be increasing our performance marketing budget, testing new marketing channels such as TV advertising, making strategic investments in seller shipping promotions, and improving customer support.

我們將增加績效營銷預算，測試電視廣告等新的營銷渠道，對賣家發貨促銷進行戰略投資，並改善客戶支持。

Some of these investments will be more speculative, and we will continue to take a highly disciplined look at each of our investments through a payback lens, evaluating them against the desired rate of return over time.

其中一些投資將更具投機性，我們將繼續從投資回報的角度對我們的每一項投資進行高度紀律的審視，並根據預期的長期回報率對其進行評估。

As shown on Slide 7, our higher transaction fee is expected to have a direct impact on our customer lifetime value, or LTV.

如幻燈片 7 所示，我們較高的交易費用預計將對我們的客戶生命週期價值或 LTV 產生直接影響。

As LTV increases, we're able to invest more to attract and retain customers while still maintaining a positive ROI.

隨著 LTV 的增加，我們能夠投入更多資金來吸引和留住客戶，同時仍保持正的投資回報率。

We believe that by increasing the transaction fee to 5%, we are better positioned to bring more buyers to Etsy, generating more sales and growing the pie for everyone.

我們相信，通過將交易費用提高到 5%，我們可以更好地為 Etsy 吸引更多買家，從而產生更多銷售額並為每個人做大蛋糕。

While early days, we are pleased with how the roll-out of the pricing changes has gone, and seller feedback has been in line with our expectations.

在早期，我們對價格變化的推出情況感到滿意，賣家的反饋也符合我們的預期。

There have been pockets of discontent regarding the fee increase, but sellers on the whole seem to understand the rationale for the change.

對費用增加有一些不滿，但總體上賣家似乎理解改變的理由。

And so far, there has been almost no perceptible change in seller behavior, such as churn rates or item pricing.

到目前為止，賣家行為幾乎沒有明顯變化，例如客戶流失率或商品定價。

Turning to Slide 8. I'm also pleased to update you on the progress we made in the second quarter, executing on our 4 key growth initiatives.

轉到幻燈片 8。我也很高興向您介紹我們在第二季度取得的進展，執行我們的 4 項關鍵增長計劃。

In search and discovery, we've been working on both personalization and curation.

在搜索和發現方面，我們一直致力於個性化和管理。

First, we're focused on curating diverse sets of high-quality items, especially for visitors coming to Etsy seeking inspiration and without a specific purchase occasion in mind.

首先，我們專注於策劃各種高品質商品，特別是為來到 Etsy 尋求靈感但沒有特定購買場合的訪客。

In Q2, we ran several experiments, surfacing user-generated curated collections which were featured on the home page and within search as well as in our e-mail and social channels.

在第二季度，我們進行了多項實驗，展示了用戶生成的精選收藏，這些收藏在主頁、搜索以及我們的電子郵件和社交渠道中都有特色。

Early results are encouraging, and we've received positive buyer feedback.

早期結果令人鼓舞，我們收到了積極的買家反饋。

We've also been working to personalize the search experience, with results tailored to the individual desires and preferences of each buyer.

我們還一直致力於個性化搜索體驗，根據每位買家的個人需求和偏好量身定制搜索結果。

We believe there's a great deal of opportunity to do better here and we are just beginning.

我們相信這裡有很多機會可以做得更好，而我們才剛剛開始。

For example, for the first time, we began to incorporate a buyer's location as one of the attributes in the machine learning algorithm used to categorize and rank search results.

例如，我們第一次開始將買家的位置作為用於對搜索結果進行分類和排名的機器學習算法的屬性之一。

By serving localized content higher up in the ranking, we better satisfy our buyers' expectations of shipping speed and promote the look and feel of a local marketplace for buyers unfamiliar with Etsy.

通過提供排名靠前的本地化內容，我們可以更好地滿足買家對運輸速度的期望，並為不熟悉 Etsy 的買家提升本地市場的外觀和感覺。

We also observed that tastes and trends are often regional, so location can be an important input for determining relevance.

我們還觀察到品味和趨勢通常是區域性的，因此位置可能是確定相關性的重要輸入。

This launch had a positive impact on conversion rate, and we're excited to continue leveraging our machine learning capabilities to drive more relevant and personalized search results.

此次發布對轉化率產生了積極影響，我們很高興繼續利用我們的機器學習功能來推動更相關和個性化的搜索結果。

In our second key initiative, trust and reliability, we've begun to test ways that buyers can create user profiles to build an identity on Etsy, where they can express themselves and their taste.

在我們的第二個關鍵計劃中，信任和可靠性，我們已經開始測試買家可以創建用戶配置文件以在 Etsy 上建立身份的方式，他們可以在其中表達自己和品味。

We believe user profiles will help connect the community through social interaction, allow for more personalization and give our buyers more reasons to come back.

我們相信用戶資料將有助於通過社交互動連接社區，實現更多個性化，並為我們的買家提供更多回頭客的理由。

And in customer support, we followed our Zendesk help center implementation with expanded availability of live phone support.

在客戶支持方面，我們遵循 Zendesk 幫助中心的實施，擴大了實時電話支持的可用性。

And in the coming months, we'll be testing live chat and applying machine learning to customer queries.

在接下來的幾個月裡，我們將測試實時聊天並將機器學習應用於客戶查詢。

Regarding our third key initiative, we've continued to invest in marketing capabilities to drive new and existing buyers to Etsy.

關於我們的第三個關鍵舉措，我們繼續投資於營銷能力，以推動新老買家來到 Etsy。

As you've heard us say, Etsy's buyer Net Promoter Scores are strong.

正如您聽到我們所說的那樣，Etsy 的買家淨推薦值很高。

We have an amazing selection of products appropriate for a wide of variety of purchase occasions.

我們有適合各種購買場合的驚人產品選擇。

Our opportunity is to expand the brand's relevance, to be top-of-mind more of the time for current and prospective buyers.

我們的機會是擴大品牌的相關性，在更多時間成為當前和潛在買家的首選。

A clear call to action on a more frequent basis to a larger audience could drive both top-of-funnel visits and repeat frequency.

更頻繁地向更多受眾發出明確的行動號召可以推動漏斗頂部訪問和重複頻率。

During the quarter, we made structural improvements to SEO and improved our ability to send more personalized and targeted e-mails to buyers to get them to return more frequently.

在本季度，我們對 SEO 進行了結構性改進，並提高了向買家發送更具個性化和針對性的電子郵件的能力，讓他們更頻繁地回訪。

We've continued to optimize our paid marketing efforts.

我們繼續優化我們的付費營銷工作。

And this optimization, coupled with increasing LTVs, allowed us to put more dollars to work while achieving our desired returns.

這種優化，再加上 LTV 的增加，使我們能夠投入更多資金，同時實現我們期望的回報。

We also will be testing a set of promotions in the second half of the year designed to influence seller behavior in key areas, such as shipping price.

我們還將在今年下半年測試一系列促銷活動，旨在影響賣家在運費等關鍵領域的行為。

Off-line marketing is a potentially large untapped opportunity for Etsy.

線下營銷對 Etsy 來說是一個潛在的巨大未開發機會。

Last week was the premiere of a new NBC prime time, 6-episode crafting competition called Making It, starring Amy Poehler and Nick Offerman.

上周是新的 NBC 黃金時段的首映式，為期 6 集的製作比賽名為 Making It，由艾米·波勒 (Amy Poehler) 和尼克·奧弗曼 (Nick Offerman) 主演。

The show features Etsy's trend expert, Dayna Isom Johnson, and we have ads running in each episode.

該節目以 Etsy 的趨勢專家 Dayna Isom Johnson 為特色，我們在每一集中都有廣告。

In the second half of the year, we'll also experiment with a television campaign.

今年下半年，我們還將嘗試開展電視宣傳活動。

We've produced 2 different creative concepts, and each will be tested in 3 local markets.

我們製作了 2 種不同的創意概念，每一種都將在 3 個當地市場進行測試。

We will evaluate how these campaigns translate to etsy.com visits and purchase behavior and begin to learn whether above-the-line advertising could be a scalable, ROI-positive channel for accelerating growth.

我們將評估這些活動如何轉化為 etsy.com 訪問和購買行為，並開始了解線上廣告是否可以成為一個可擴展的、積極的 ROI 渠道來加速增長。

Our fourth key initiative is providing best-in-class seller tools and services.

我們的第四個關鍵舉措是提供一流的賣家工具和服務。

We continue to design tools to help sellers deliver a better buyer experience, which can help increase their sales while saving them time and providing better support.

我們繼續設計工具來幫助賣家提供更好的買家體驗，這可以幫助他們增加銷售額，同時節省他們的時間並提供更好的支持。

We've also made additional improvements to our Sell on Etsy app, which facilitates a seller's ability to sell and fulfill product.

我們還對我們的 Sell on Etsy 應用程序進行了額外的改進，這有助於賣家銷售和履行產品的能力。

For example, we enabled custom listings, allowing sellers to customize a listing to a particular buyer's request all with a few keystrokes from the seller's mobile device.

例如，我們啟用了自定義列表，允許賣家根據特定買家的要求自定義列表，只需從賣家的移動設備上敲幾下鍵盤即可。

Custom orders are a key differentiator for Etsy, and this update removed a significant amount of friction for sellers.

定制訂單是 Etsy 的一個關鍵差異化因素，此次更新為賣家消除了大量摩擦。

We added a feature so sellers are able to view activity and stats related to Promoted Listings in Google Shopping, which we hope can become a gateway for further adoption of those marketing tools, which in turn can drive GMS.

我們添加了一項功能，以便賣家能夠在 Google 購物中查看與 Promoted Listings 相關的活動和統計數據，我們希望這可以成為進一步採用這些營銷工具的門戶，從而推動 GMS。

As we've discussed, improving shipping is a big priority for us.

正如我們所討論的，改善航運是我們的首要任務。

During the quarter, we began testing an estimated delivery date feature, and we introduced an alert for sellers whose shipping price appeared to be above average, aimed at educating them about pricing strategies.

本季度，我們開始測試預計送達日期功能，並向運費高於平均水平的賣家發出警報，旨在向他們介紹定價策略。

We also made progress on our work to offer Shipping Labels in the U.K. and Australia later this year.

今年晚些時候，我們在英國和澳大利亞提供運輸標籤的工作也取得了進展。

We continued to enhance and improve our marketing services, which allows sellers to invest to grow their own sales.

我們繼續加強和改進我們的營銷服務，使賣家能夠投資以增加自己的銷售額。

This past quarter, we saw a steady increase in adoption of Targeted Offers.

上個季度，我們看到 Targeted Offers 的採用率穩步上升。

This product allows sellers to create sales promotions targeted to buyers based on their search history and shopping behavior.

該產品允許賣家根據買家的搜索歷史和購物行為創建針對買家的促銷活動。

For instance, an item left in cart by a buyer becomes a prime promotional opportunity for a seller at a later date, enabling the seller to target that buyer with a promotional price.

例如，買家留在購物車中的商品日後成為賣家的主要促銷機會，使賣家能夠以促銷價格定位該買家。

We also improved Promoted Listings by refining the bidding algorithm, enabling us to utilize more of a seller's budget.

我們還通過改進出價算法改進了 Promoted Listings，使我們能夠利用更多賣家的預算。

Turning to Slide 9. Etsy is also continuing to focus on international growth.

轉到幻燈片 9。Etsy 還繼續關注國際增長。

We recently announced a referral agreement with DaWanda, a privately held marketplace for gifts and handmade goods based in Germany with significant presence in Poland, Austria and Switzerland.

我們最近宣布了與 DaWanda 的推薦協議，DaWanda 是一家私人控股的禮品和手工製品市場，總部位於德國，在波蘭、奧地利和瑞士有重要業務。

As part of this agreement, DaWanda is encouraging its community of buyers and sellers to migrate to the Etsy platform.

作為該協議的一部分，DaWanda 鼓勵其買家和賣家社區遷移到 Etsy 平台。

The DaWanda site will shut down at the end of August, and all traffic will be redirected to us.

DaWanda 網站將於 8 月底關閉，所有流量將重定向至我們。

DaWanda sellers are able to easily import their shops and listings to Etsy free of charge, and we are investing in key areas to support a successful migration.

DaWanda 賣家可以輕鬆地將他們的商店和列表免費導入 Etsy，我們正在投資關鍵領域以支持成功遷移。

Beyond Germany, we've continued to invest in the growth of our core international markets, which include the U.K., Canada, France and Australia.

在德國之外，我們繼續投資於核心國際市場的增長，其中包括英國、加拿大、法國和澳大利亞。

In Q2, local search enhancements, advances in machine translation, targeted search engine marketing and other product launches all helped to fuel our growth.

在第二季度，本地搜索的增強、機器翻譯的進步、有針對性的搜索引擎營銷和其他產品的發布都有助於推動我們的增長。

Additional international progress has been made exploring opportunities beyond our core markets, such as in India, where we have a small team on the ground to help expand and support our seller community.

我們在探索核心市場以外的機會方面取得了額外的國際進展，例如在印度，我們在當地有一個小團隊來幫助擴大和支持我們的賣家社區。

To conclude, it's been a great first 6 months of 2018, and we're very proud of our team for delivering on our commitments and staying focused on our 4 strategic initiatives while also executing against priority initiatives, like the pricing change and GDPR.

總而言之，2018 年的前 6 個月非常棒，我們為我們的團隊兌現承諾並專注於我們的 4 項戰略舉措，同時執行定價變更和 GDPR 等優先舉措而感到自豪。

We've made steady and significant progress improving our conversion rates and making our extraordinary products easier to find and buy.

我們在提高轉化率和使我們的非凡產品更容易找到和購買方面取得了穩步而重大的進展。

But we're still in early innings, with much more opportunity in both of these areas.

但我們仍處於早期階段，在這兩個領域都有更多機會。

We're excited by the potential to become the habit for buyers when they seek something special.

當買家尋求特別的東西時，我們很高興有可能成為買家的習慣。

And there is meaningful opportunity in other areas as well, such as increasing our average order value through better cross-sell and upsell and improving our shipping experience.

在其他領域也有有意義的機會，例如通過更好的交叉銷售和追加銷售以及改善我們的運輸體驗來提高我們的平均訂單價值。

I'm confident we have the talent, energy and ideas to make it happen.

我相信我們擁有實現這一目標的才能、精力和想法。

Company morale is high, attrition in Q2 was low, and the team has a bounce in our step.

公司士氣高漲，第二季度人員流失率低，團隊在我們的步伐中反彈。

Before I close, I want to highlight our impact report, which will be released soon on our website.

在結束之前，我想強調一下我們的影響報告，該報告將很快在我們的網站上發布。

Staying true to Etsy's mission of keeping commerce human means that we set the bar high and hold ourselves accountable to all of our stakeholders.

忠於 Etsy 保持商業人性化的使命意味著我們設定了高標準並對所有利益相關者負責。

We realize that many are counting on us.

我們意識到許多人都在指望我們。

For sellers, our marketplace serves as a source of economic opportunity and empowerment.

對於賣家而言，我們的市場是經濟機會和賦權的來源。

For employees, we work to provide a diverse and inclusive workplace.

對於員工，我們致力於提供多元化和包容性的工作場所。

And for the benefit of our planet, we want to be mindful of our carbon footprint.

為了地球的利益，我們要注意我們的碳足跡。

It is not a coincidence that while we have moved quickly to improve our business results, accelerating GMS and revenue growth, we simultaneously continued to make progress on our impact strategy.

這並非巧合，雖然我們迅速採取行動改善我們的業務成果，加速 GMS 和收入增長，但我們同時繼續在我們的影響戰略上取得進展。

We've applied the same discipline and focus to each of these success metrics, financial and social, and they have reinforced each other and each contributed to our success.

我們對這些成功指標（財務和社會）中的每一個都應用了相同的紀律和重點，並且它們相互加強並為我們的成功做出了貢獻。

You will note in the report that women make up 50% of our Board of Directors, the majority of our executive team and nearly half of all leadership roles.

您會在報告中註意到，女性在我們的董事會中佔 50%，在我們的執行團隊中佔多數，在所有領導職位中佔近一半。

The diversity within our technology and engineering teams is also far above most benchmarks and increasing.

我們的技術和工程團隊內部的多樣性也遠高於大多數基準並且還在增加。

And we have made continued progress towards reducing our carbon footprint.

我們在減少碳足跡方面取得了持續進展。

We believe we can and should be both a great business and a great corporate citizen, and our results over the past 5 quarters demonstrate continued strong progress on both of these fronts.

我們相信我們能夠而且應該成為一家偉大的企業和偉大的企業公民，我們在過去 5 個季度的業績表明，我們在這兩個方面都取得了持續的強勁進展。

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。

It was a fantastic quarter for Etsy, as our financial and operating results will show.

正如我們的財務和運營結果所顯示的那樣，這對 Etsy 來說是一個美妙的季度。

The second quarter was our highest quarter of GMS growth since Josh and I joined last year and the first quarter with a GMS growth rate above 20% since Q2 2016.

第二季度是自 Josh 和我去年加入以來 GMS 增長率最高的季度，也是自 2016 年第二季度以來 GMS 增長率超過 20% 的第一季度。

We are excited that our team's focus on our 4 key initiatives is having a tangible impact, and our strategy to own special is taking shape.

我們很高興我們的團隊專注於我們的 4 項關鍵舉措正在產生切實的影響，我們擁有特殊產品的戰略正在形成。

Before diving into the financial highlights, let me touch on 2 developments that impacted the business and our resources during the quarter: GDPR and state sales tax.

在深入探討財務亮點之前，讓我談談本季度影響業務和我們資源的 2 個發展：GDPR 和州銷售稅。

During the quarter, we had cross-functional team target work preparing for the EU General Data Protection Regulation, which went into effect on May 25.

在本季度，我們開展了跨職能團隊目標工作，為 5 月 25 日生效的歐盟通用數據保護條例做準備。

Overall, we are pleased with Etsy implementation.

總的來說，我們對 Etsy 的實施感到滿意。

We saw a minor amount of GMS softness in Europe in Q2 as GDPR consumed engineering resources that would otherwise have been pushing forward on our product road map and also because of added friction to buyer experience, factors we expect to continue in the back half of the year.

我們在第二季度看到歐洲的 GMS 出現少量疲軟，因為 GDPR 消耗了工程資源，否則這些資源會在我們的產品路線圖上向前推進，而且由於增加了買家體驗的摩擦，我們預計這些因素將在後半年繼續存在年。

The other event I will call out is the Supreme Court decision in the South Dakota versus Wayfair case, which overturned Quill, a decision that had kept states from taxing purchases made from online sellers who lack a physical presence in the state.

我要指出的另一件事是最高法院在南達科他州訴 Wayfair 案中的裁決，該裁決推翻了 Quill，該裁決使各州免於對在該州沒有實體店的在線賣家的採購徵稅。

It is worth noting that there is a 24-state consortium, including South Dakota, that has provided guidance on a small-business exemption threshold of $100,000 or 200 transactions.

值得注意的是，有一個包括南達科他州在內的 24 個州的財團就 100,000 美元或 200 筆交易的小企業豁免門檻提供了指導。

If the GMS and transaction thresholds were applied to every state, the majority of our GMS would be excluded from state sales tax.

如果 GMS 和交易門檻適用於每個州，我們的大部分 GMS 將被排除在州銷售稅之外。

I'm going to now move into our operating and financial performance, followed by providing our updated 2018 guidance.

我現在將進入我們的運營和財務業績，然後提供我們更新的 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。

I'll start with a review of key operating metrics, some of which are shown on Slide 12.

我將從審查關鍵運營指標開始，其中一些指標顯示在幻燈片 12 上。

Etsy generated $902 million in GMS in Q2, up 20%.

Etsy 在第二季度產生了 9.02 億美元的 GMS，增長 20%。

On a currency-neutral basis, GMS growth would have been approximately 19%.

在貨幣中性的基礎上，GMS 增長將約為 19%。

The direct impact of currency fluctuations was less of a tailwind this quarter, contributing 110 basis points to as-reported GMS growth compared to 220 basis points in Q1.

本季度貨幣波動的直接影響較小，為報告的 GMS 增長貢獻了 110 個基點，而第一季度為 220 個基點。

At the end of the second quarter, Etsy had nearly 36 million active buyers, up 17%, and nearly 2 million active sellers, up 8%.

第二季度末，Etsy 擁有近 3600 萬活躍買家，增長 17%，活躍賣家近 200 萬，增長 8%。

GMS from repeat buyers continues to grow and represented 83% of overall GMS, up 23%, accelerating 200 basis points compared to last quarter.

來自回頭客的 GMS 繼續增長，佔整體 GMS 的 83%，增長 23%，與上一季度相比增長 200 個基點。

Search initiatives, such as Context Specific Ranking and scarcity signals, have made things easier to find and heightened demand.

搜索計劃（例如上下文特定排名和稀缺性信號）使事物更容易找到並增加了需求。

These are having a clear impact on repeat purchases, and our 60-day repeat purchase rate continues to increase.

這些對重複購買產生了明顯的影響，我們的 60 天重複購買率繼續增加。

This quarter, we anniversaried the introduction of both guest checkout and multi-shop checkout, initiatives aimed at reducing friction in the buying process.

本季度，我們推出了訪客結賬和多店結賬功能，旨在減少購買過程中的摩擦。

Over the past year, guest checkout was an important driver of new buyer growth, which we have seen decelerate slightly as we lapped this initiative.

在過去的一年裡，客人結賬是新買家增長的重要推動力，隨著我們實施這一舉措，我們發現這一增長略有放緩。

Multi-shop checkout, which enables buyers to purchase from multiple sellers in one transaction, was a driver of AOV this past year.

多店結賬功能使買家能夠在一次交易中從多個賣家處購買商品，這是過去一年 AOV 的驅動因素。

GMS from paid channels, which was roughly 16% of overall GMS, was up 47% and continued to grow much faster than overall GMS.

來自付費渠道的 GMS 大約佔總體 GMS 的 16%，增長了 47%，並且繼續以比總體 GMS 更快的速度增長。

In Q2, the majority of our marketing spend was related to paid marketing, primarily Google Product Listing Ads and SEM.

在第二季度，我們的大部分營銷支出與付費營銷有關，主要是 Google 產品詳情廣告和 SEM。

In the second half of this year, we will apply a portion of our marketing budget to test off-line marketing on television in addition to other performance marketing channels outside of SEM and Google Product Listing Ads, such as retargeting Instagram and Facebook.

今年下半年，除了 SEM 和 Google Product Listing Ads 之外的其他績效營銷渠道，例如重新定位 Instagram 和 Facebook，我們將使用一部分營銷預算來測試電視上的線下營銷。

Mobile GMS was 55% of overall GMS, up 400 basis points year-over-year.

移動 GMS 佔整體 GMS 的 55%，同比增長 400 個基點。

Mobile GMS grew 32% year-over-year, largely as a result of increased mobile traffic and continued improvements to our mobile shopping experience.

移動 GMS 同比增長 32%，這主要是由於移動流量的增加和我們移動購物體驗的持續改善。

Our product work to optimize the mobile web interface and remove friction from the purchase path has led us to continued improvement in mobile web conversion rate, which grew faster than both desktop conversion and mobile app conversion rates.

我們的產品致力於優化移動網絡界面並消除購買路徑中的摩擦，這使我們的移動網絡轉化率不斷提高，其增長速度快於桌面轉化率和移動應用程序轉化率。

Turning to International.

轉向國際。

Percent International GMS was 34%, up 200 basis points compared to last year.

國際 GMS 百分比為 34%，與去年相比上升了 200 個基點。

International GMS growth was 28% or 24% growth on a currency-neutral basis.

在貨幣中性的基礎上，國際 GMS 增長率為 28% 或 24%。

Our product teams diverted resources in the quarter to focus on GDPR and support the DaWanda migration, so International product development was somewhat lighter than usual.

我們的產品團隊在本季度將資源轉移到專注於 GDPR 並支持 DaWanda 遷移，因此國際產品開發比往常輕一些。

With these operational metrics in mind, let me provide more details on our financial performance.

考慮到這些運營指標，讓我提供有關我們財務業績的更多詳細信息。

All revenue comparisons that I'll be discussing reflect our new revenue presentation, which groups marketplace fees that are acquired as one revenue category, and fees from optional value-added services as the second category.

我將討論的所有收入比較都反映了我們新的收入陳述，它將獲得的市場費用歸為一個收入類別，將來自可選增值服務的費用歸為第二類別。

During the second quarter, we reached the anniversary of the mandated use of Etsy Payments for sellers in eligible countries, which has been a significant driver of revenue growth.

在第二季度，我們迎來了符合條件的國家/地區的賣家必須使用 Etsy Payments 的周年紀念日，這一直是收入增長的重要推動力。

We now expect year-over-year Etsy Payments revenue growth rates to trend more in line with GMS growth in future quarters.

我們現在預計 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 13, total revenue was $132 million, up 30%, driven by growth in both marketplace and services revenue.

如幻燈片 13 所示，受市場和服務收入增長的推動，總收入為 1.32 億美元，增長 30%。

Marketplace revenue grew 21%, primarily due to growth in Etsy Payments and, to a lesser extent, growth in transaction fee revenue and listing fee revenue.

市場收入增長 21%，主要是由於 Etsy 支付的增長，以及在較小程度上，交易費收入和上市費收入的增長。

Services revenue was up 55% and represented 30% of total revenue.

服務收入增長了 55%，佔總收入的 30%。

Services revenue growth was driven primarily by growth in Promoted Listings, which accelerated for the fifth consecutive quarter due to improved click-through rates.

服務收入的增長主要是由推薦列表的增長推動的，由於點擊率的提高，該列表連續第五個季度加速增長。

Services revenue growth was also driven by a onetime $2.8 million adjustment related to Etsy Shipping Labels revenue, representing approximately 11% of growth.

服務收入增長還受到與 Etsy 運輸標籤收入相關的一次性 280 萬美元調整的推動，約佔增長的 11%。

Highlights of our P&L are on Slide 14, the full details of which can be found in our second quarter 10-Q, which we plan to file shortly.

我們的 P&L 亮點在幻燈片 14 上，其全部細節可以在我們計劃很快提交的第二季度 10-Q 中找到。

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

我們的運營費用中有一些值得注意的項目，我將在此處的討論中強調。

First, marketing expenses in the second quarter totaled $29 million, up 5%, representing 22% of total revenue compared to 27% last year.

首先，第二季度營銷費用總計 2900 萬美元，增長 5%，佔總收入的 22%，而去年同期為 27%。

Second, G&A expense, which totaled $22 million in Q2, was down about 24% and represented 16% of total revenue compared to 28% last year.

其次，第二季度總計 2200 萬美元的 G&A 費用下降了約 24%，佔總收入的 16%，而去年為 28%。

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。

As previously stated, we expect G&A to grow slower than revenue for the foreseeable future.

如前所述，我們預計在可預見的未來，G&A 的增長將低於收入的增長。

Headcount at the end of the quarter was 814, higher than overall headcount last quarter as new hires outpaced attrition, which was at the lowest point since 2016.

本季度末的員工人數為 814 人，高於上一季度的總人數，因為新員工人數超過了裁員人數，這是自 2016 年以來的最低點。

Second quarter net income was $3.4 million, with diluted earnings per share of $0.03, impacted by noncash foreign exchange losses of $4.5 million or $0.04 per share.

第二季度淨收入為 340 萬美元，每股攤薄收益為 0.03 美元，受到 450 萬美元或每股 0.04 美元的非現金外匯損失的影響。

Foreign exchange fluctuations on our P&L are primarily related to intercompany balances and, this quarter, drove a noncash loss.

我們損益表的外匯波動主要與公司間餘額有關，本季度導致非現金損失。

Last year, we recorded a tax benefit, primarily due to employee stock option exercises which were unusually high, related in large part to exiting employees following our restructuring.

去年，我們獲得了稅收優惠，這主要是由於員工股票期權的行使率異常高，這在很大程度上與我們重組後離職的員工有關。

Both of these factors contributed to the year-over-year decline in net income and EPS.

這兩個因素都導致淨收入和每股收益同比下降。

Our revenue growth and increased operating efficiencies drove significant growth in adjusted EBITDA this quarter.

我們的收入增長和運營效率的提高推動了本季度調整後 EBITDA 的顯著增長。

Adjusted EBITDA was $27.7 million and grew 118% year-over-year.

調整後的 EBITDA 為 2770 萬美元，同比增長 118%。

Adjusted EBITDA margin was 20.9%, up 840 basis points year-over-year.

調整後的 EBITDA 利潤率為 20.9%，同比增長 840 個基點。

The details of our balance sheet and cash flow are also in our filings, but I'd like to highlight a few points.

我們的資產負債表和現金流量的詳細信息也在我們的文件中，但我想強調幾點。

We recorded net cash provided by operating activities at $67 million in the 6 months ended June 30, 2018, compared to $15 million in the 6 months ended June 30, 2017.

截至 2018 年 6 月 30 日止的 6 個月，我們記錄的經營活動提供的現金淨額為 6700 萬美元，而截至 2017 年 6 月 30 日的六個月為 1500 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 Q2, we repurchased roughly $21 million of our common stock, or approximately 723,000 shares, completing the $100 million share repurchase authorization approved by our board in Q4 of 2017.

在第二季度，我們回購了大約 2100 萬美元的普通股，即約 723,000 股，完成了董事會在 2017 年第四季度批准的 1 億美元的股票回購授權。

Pursuant to the DaWanda referral agreement, we paid approximately $35 million in cash, which is reflected in our Q2 financial results.

根據 DaWanda 推薦協議，我們支付了大約 3500 萬美元的現金，這反映在我們第二季度的財務業績中。

As of June 30, 2018, we had cash, marketable securities and short-term investments totaling approximately $568 million.

截至 2018 年 6 月 30 日，我們擁有現金、有價證券和短期投資總額約為 5.68 億美元。

Turning to our outlook.

轉向我們的前景。

I'll start by addressing how we are thinking about our new pricing model.

我將首先介紹我們如何考慮我們的新定價模型。

When we decided to make this change, we focused on how it would support our sellers and enable further investments across the platform.

當我們決定進行此更改時，我們關注的是它將如何支持我們的賣家並促進跨平台的進一步投資。

Overall, we are reinvesting 80% of our incremental revenue, and the flow-through rate to EBITDA is approximately 20%.

總體而言，我們將 80% 的增量收入進行再投資，EBITDA 的流通率約為 20%。

As long as we see that our investments are producing a rate of return that exceeds our hurdle, we expect to continue to invest for growth.

只要我們看到我們的投資產生的回報率超過了我們的障礙，我們就希望繼續投資以實現增長。

If we aren't satisfied that these investments are delivering value over time, we will end them and deliver more to the bottom line.

如果我們對這些投資隨著時間的推移產生價值不滿意，我們將結束它們並提供更多的利潤。

On a long-term basis, we expect a high flow-through of incremental revenue to EBITDA, but first, we have a lot of growth to lean into.

從長遠來看，我們預計增量收入會大量流入 EBITDA，但首先，我們有很多增長可以依靠。

To give you a bit more color on our investment plans, on Slide 15, you can see some of the items we have already begun working on this quarter.

為了讓您對我們的投資計劃有更多的了解，在幻燈片 15 上，您可以看到我們本季度已經開始著手的一些項目。

We plan to increase performance marketing spend by at least 40% in 2018 to over $110 million, enabled by our new pricing structure and continued optimization of our acquisition model.

我們計劃在 2018 年將績效營銷支出增加至少 40% 至超過 1.1 億美元，這得益於我們新的定價結構和我們收購模式的持續優化。

We are testing off-line marketing and TV advertising to gauge the impact of brand marketing.

我們正在測試線下營銷和電視廣告，以衡量品牌營銷的影響。

The majority of the 2 creative campaigns we produce will be expensed in Q3.

我們製作的 2 個創意活動中的大部分將在第三季度支出。

We are excited to see what this experiment will yield, but it is entirely new territory for Etsy and we will need to evaluate the results before determining whether it's appropriate to incorporate real upside in our projections.

我們很高興看到這個實驗會產生什麼結果，但這對 Etsy 來說是全新的領域，我們需要先評估結果，然後再確定是否適合將真正的上升空間納入我們的預測。

Lastly, our significant improvements to customer support are achieved through an increased level of investment.

最後，我們通過增加投資來顯著改善客戶支持。

Extending to a 24/7 phone support model, implementing live chat and expanding customer support in Dublin for our German and Polish sellers modestly increases our support cost, which we expect will impact gross margin in the short term.

擴展到 24/7 電話支持模式，在都柏林為我們的德國和波蘭賣家實施實時聊天和擴大客戶支持會適度增加我們的支持成本，我們預計這將在短期內影響毛利率。

In addition, we are beta testing premium services, such as dedicated inbound phone support and consultative services, and this investment is factored into our second half cost base.

此外，我們正在對高級服務進行 Beta 測試，例如專門的入站電話支持和諮詢服務，這項投資已計入我們下半年的成本基礎。

Similar to television, these are experiments which we believe will have a positive return in the long term and which are being evaluated to determine if they are wins or not.

與電視類似，這些實驗我們認為從長遠來看會產生積極的回報，並且正在對其進行評估以確定它們是否成功。

In addition to the increased marketing spend, starting this quarter, there are a few nuances that may not be factored into your Etsy models as follows: First, we had higher-than-expected attrition rates in the third quarter of 2017 and our headcount was lower than we planned.

除了增加營銷支出外，從本季度開始，您的 Etsy 模型中可能沒有考慮到以下細微差別：首先，我們在 2017 年第三季度的流失率高於預期，我們的員工人數為低於我們的計劃。

In the first half of 2018, we had lower attrition and have scaled our recruiting efforts.

2018 年上半年，我們的人員流失率較低，並且擴大了招聘力度。

So our headcount is now back on track.

所以我們的員工人數現在回到了正軌。

In other words, your Q3 EBITDA assumptions should factor in our lower-than-planned headcount last year.

換句話說，你的第三季度 EBITDA 假設應該考慮到我們去年低於計劃的員工人數。

Second, our engineering team has spent significant time and resources on the Google Cloud migration, which is progressing well and on plan.

其次，我們的工程團隊在 Google Cloud 遷移上花費了大量時間和資源，該遷移進展順利且按計劃進行。

It is likely that we will come closer to the high end of our spending range of $10 million to $15 million for 2018, and our spend will be weighted more heavily to the back half of the year.

2018 年我們可能會接近 1000 萬至 1500 萬美元支出範圍的高端，我們的支出將更多地集中在下半年。

As a reminder, during the migration, we will maintain our existing data centers for redundancy.

提醒一下，在遷移期間，我們將維護現有的數據中心以實現冗餘。

Finally, as you may know, Q4 is a seasonally higher-margin quarter for us.

最後，正如您所知，第四季度對我們來說是一個季節性的高利潤季度。

With that in mind, I'm pleased to report that we are raising our full year 2018 guidance for GMS to 18% to 20%, as shown on Slide 16.

考慮到這一點，我很高興地報告，我們將 GMS 的 2018 年全年指導提高到 18% 至 20%，如幻燈片 16 所示。

Revenue guidance also moves up to 33% to 35% year-over-year, and we expect our adjusted EBITDA margin to remain 21% to 23% as we are focused on growth investments.

收入指引也同比上升 33% 至 35%，我們預計調整後的 EBITDA 利潤率將保持在 21% 至 23%，因為我們專注於增長投資。

We continue to point to several headwinds that may offset the growth we expect in 2018, such as GDPR, potential churn from our new pricing model, foreign exchange, and various geopolitical events.

我們繼續指出可能抵消我們 2018 年預期增長的幾個不利因素，例如 GDPR、我們新定價模型的潛在流失、外彙和各種地緣政治事件。

For additional factors that may impact our guidance, please refer to our Q2 presentation on our Investor website.

有關可能影響我們指導的其他因素，請參閱我們在投資者網站上的第二季度介紹。

We are pleased with the investments we have made in foundational initiatives and development of our products to drive GMS growth.

我們對我們為推動 GMS 增長而在基礎計劃和產品開發方面所做的投資感到高興。

We expect the changes to our pricing model to unlock significant future value as we reinvest in the seller community and amplify our message to buyers.

隨著我們對賣家社區進行再投資並擴大我們對買家的信息，我們希望定價模型的變化能夠釋放出巨大的未來價值。

We are excited about these changes and look forward to their impact on future quarters.

我們對這些變化感到興奮，並期待它們對未來幾個季度的影響。

Thank you all for your time today.

謝謝大家今天的時間。

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 Heath Terry with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的希思特里。

As we look at the virtuous cycle that you guys have talked about related to the increase in intake rates, can you give us a sense of just sort of how quickly you expect to flow through the marketing line?

當我們審視你們談到的與攝入率增加相關的良性循環時，您能否讓我們了解一下您希望通過營銷線的速度有多快？

I guess you've touched on it, Rachel, in your comments on sort of the marketing guidance.

雷切爾，我想你在對某種營銷指南的評論中已經提到了它。

I guess, how quickly do you think that will impact GMS growth?

我想，您認為這將以多快的速度影響 GMS 的增長？

I know you took numbers up slightly for the -- in your revised guidance, but just kind of curious how much of an impact or how quickly you think that, that impact actually shows up in numbers as we think about the impact of just performance advertising.

我知道您在修訂後的指南中略微提高了數字，但只是有點好奇影響有多大或您認為的速度有多快，當我們考慮效果廣告的影響時，這種影響實際上以數字顯示.

Thanks, Heath, for the question.

謝謝希思提出的問題。

Where it affects us -- the way we think about our performance marketing is for the next dollar we spend, what's the return on that next dollar?

它對我們有何影響——我們對績效營銷的看法是我們花的下一美元，下一美元的回報是什麼？

And so what this allows us to do is push further down that curve.

因此，這使我們能夠做的是進一步推動該曲線。

There's a bunch of, let's say, keywords we were buying or GPLA ads we were investing in before that we're already profitable.

比方說，在我們已經盈利之前，我們購買了很多關鍵字或我們投資的 GPLA 廣告。

So you're already getting those, right.

所以你已經得到了那些，對吧。

It allows us to push a little deeper.

它使我們能夠更深入地推進。

So on the performance marketing side, the forward-looking guidance that Rachel provided already anticipates both the increased investment we'll be making in performance and its impact on GMS.

因此，在績效營銷方面，雷切爾提供的前瞻性指導已經預見到我們將在績效方面增加投資及其對 GMS 的影響。

What we have yet to see is whether these new LTVs make other marketing channels ROI-positive, which have not been the case in the past or which we haven't tested in the past.

我們尚未看到的是，這些新的 LTV 是否會使其他營銷渠道的投資回報率產生積極影響，這在過去並非如此，或者我們過去從未測試過。

So that's going to be an interesting area for us, where they're speculative investments.

所以這對我們來說將是一個有趣的領域，他們在那裡進行投機性投資。

And let me talk for a second about TV in particular, because it gives a bit of a view of how we do things here and how we think about things.

讓我特別談談電視，因為它讓我們了解了我們在這裡如何做事以及我們如何思考事情。

We've never done TV advertising before.

我們以前從未做過電視廣告。

So we don't know how it's going to work.

所以我們不知道它會如何運作。

So we're doing R&D on that in the second half of the year.

因此，我們將在今年下半年對此進行研發。

And the way we're going to do that is we created 2 separate TV campaigns that test 2 different concepts.

我們要做到這一點的方法是我們製作了 2 個獨立的電視廣告來測試 2 個不同的概念。

Each of those campaigns will be tested in 3 local markets.

這些活動中的每一個都將在 3 個當地市場進行測試。

So we'll pick 3 cities that are test cities, and we'll have 3 control cities.

所以我們會選擇 3 個城市作為測試城市，我們將有 3 個控制城市。

And we'll run the TV ads in the test cities, and then we'll be able to measure the impact on visits and purchases and GMS for people in those cities.

我們將在測試城市投放電視廣告，然後我們將能夠衡量對這些城市的人們的訪問和購買以及 GMS 的影響。

Now if you buy a TV ad in a local region, it's about 5x more expensive than doing a national buy.

現在，如果您在當地購買電視廣告，它比在全國購買要貴大約 5 倍。

So we wouldn't expect that, that particular campaign in those cities was necessarily ROI-positive, but we could extrapolate if it were a national buy, would it then be ROI-positive?

所以我們不會期望那些城市的特定活動一定是投資回報率積極的，但我們可以推斷，如果它是全國性的購買，那麼它會是投資回報率積極的嗎？

So by structuring a test using only cities, we get much better data on efficacy, and then we would have to think about how that would scale in the future.

因此，通過僅使用城市構建測試，我們可以獲得更好的功效數據，然後我們將不得不考慮未來如何擴展。

That's how -- that's why we're describing these campaigns as R&D, so we can learn how to put that extra money to work in a way that really grows the pie for everybody.

這就是 - 這就是我們將這些活動描述為研發的原因，因此我們可以學習如何以真正為每個人做蛋糕的方式投入額外的資金。

And I just would add, that means that the guidance we gave just now for GMS really assumes almost no upside from the TV marketing spend that we'll be doing in the second half of the year.

我只想補充一點，這意味著我們剛才為 GMS 提供的指導實際上假設我們將在今年下半年進行的電視營銷支出幾乎沒有任何好處。

If we see that it -- what we extrapolate indicates that it is ROI-positive, has a potential to be ROI-positive, that would be something that we would do more of potentially, and we'd build that into our 2019 guidance.

如果我們看到它 - 我們推斷表明它是 ROI 積極的，有可能成為 ROI 積極的，那將是我們可能會做更多的事情，我們會將其納入我們的 2019 年指南。

I'd say that we have a tolerance to let the payback periods be longer than what we see with SEM and the Google PLA ads, but we'd still be looking for an ROI-positive result, where it's not just pure brand marketing on face.

我想說的是，我們可以容忍投資回收期比我們在 SEM 和 Google PLA 廣告中看到的更長，但我們仍然在尋找投資回報率積極的結果，這不僅僅是純粹的品牌營銷臉。

No, that's really helpful.

不，這真的很有幫助。

And then as you -- realize that it's incredibly early, but curious how you found the seller reaction to the take rate increase relative to what you had expected and planned for.

然後當你 - 意識到這是非常早的時候，但很好奇你如何發現賣家對相對於你的預期和計劃的提價的反應。

With 2 million sellers, if you do a price increase, you would expect some vocal discontent, and we got some, very much in line with what we thought.

有 200 万賣家，如果你提價，你會預料到會有一些口頭上的不滿，而我們得到了一些，這與我們的想法非常一致。

We also had quite a number of sellers coming out and saying that they really supported it and that they've been wanting us to invest more aggressively in marketing for some time, to invest more in tools, to invest more in customer support.

我們也有相當多的賣家站出來表示他們真的支持它，並且他們一直希望我們在一段時間內更積極地投資於營銷，更多地投資於工具，更多地投資於客戶支持。

So I was delighted actually by the number of sellers that really came out and were supportive.

所以我對真正站出來支持的賣家數量感到非常高興。

But I think what really matters is what are they doing.

但我認為真正重要的是他們在做什麼。

And as you said, it's still very much early days, but we've been pleased by the behavior we're seeing, which is we do not see a difference right now in the data, in churn or in pricing as 2 important metrics that we're tracking.

正如您所說，現在還處於早期階段，但我們對所看到的行為感到滿意，我們目前沒有看到數據、客戶流失或定價這兩個重要指標存在差異我們正在跟踪。

Our next question comes from Edward Yruma from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

I guess, first on Promoted Listings, maybe talk a little bit more about the opportunity there.

我想，首先是在 Promoted Listings 上，也許可以多談談那裡的機會。

It seems like we've heard some sellers complaining that you're not completing their budgets.

我們似乎聽到一些賣家抱怨您沒有完成他們的預算。

Sort kind of what inning are you in with implementing Promoted Listings or maybe offering inventory?

在實施推廣列表或提供庫存方面，您處於什麼樣的局？

And then second, you gave some interesting statistics around repeat buyers.

其次，您提供了一些關於回頭客的有趣統計數據。

I guess, you used to give the adage that the majority of customers only bought once a year.

我想，您曾經說過大多數客戶每年只購買一次的格言。

Kind of where are you on that continuum?

你在那個連續體上的哪個位置？

And for your most frequent customers, how often are they buying?

對於您最常來的客戶，他們多久購買一次？

Let me start with the Promoted Listings question.

讓我從“推薦列表”問題開始。

So it's -- you're correct that we will only -- we take a budget from our sellers and we will only spend it if we can get them to a return on ad spend that is in a reasonable range.

所以它 - 你是對的，我們只會 - 我們從我們的賣家那裡獲得預算，並且只有在我們能夠讓他們獲得合理範圍內的廣告支出回報率時我們才會花費它。

And so to some extent, we only utilize a percentage of their budget.

因此在某種程度上，我們只使用了他們預算的一部分。

And we've increased our optimization of our bidding algorithm, and so we've been able to improve that utilization rate.

我們增加了對出價算法的優化，因此我們能夠提高利用率。

So that's good news, number one, and we'll continue to build in more optimization.

所以這是個好消息，第一，我們將繼續進行更多優化。

That click-through rate improves with things like including Context Specific Ranking in the results, because they serve up a much more relevant result even when it isn't a Promoted Listing ad.

點擊率隨著在結果中包含上下文特定排名等內容而提高，因為即使不是推薦列表廣告，它們也會提供更相關的結果。

And so the click-through rate increases, which theoretically increases the demand for that.

因此點擊率增加，理論上增加了對此的需求。

The conversion rate goes up, and we have a nice optimization of the bidding.

轉化率上升，我們對出價進行了很好的優化。

The second thing I'll say is, just to point out, as long as you're asking about Promoted Listings, is that we just anniversaried an inventory -- we increased inventory 1 year ago.

我要說的第二件事是，只要你問的是促銷列表，就是我們剛剛 anniversaried 庫存——我們在 1 年前增加了庫存。

So that anniversary happened in this quarter.

所以那個週年紀念日發生在這個季度。

And so we've continued to see very nice growth rates in Promoted Listings, but we're hitting a place where it's -- on a same-store sales basis, it's going to be harder and harder to continue to get that growth, yet we have not -- the third point I'll make is we've not implemented Promoted Listings inventory everywhere.

因此，我們繼續看到 Promoted Listings 的增長率非常好，但我們正在達到它的位置 - 在同店銷售的基礎上，繼續獲得這種增長會越來越難，但是我們還沒有——我要說的第三點是我們還沒有在所有地方實施推廣列表清單。

So right now, it's in a limited number of places.

所以現在，它在有限的地方。

So for instance, we don't put a Promoted Listings ad on the seller's listing detail page.

因此，例如，我們不會在賣家的列表詳細信息頁面上放置促銷列表廣告。

We don't put them -- they're in very few places today.

我們沒有放置它們——它們今天只存在於很少的地方。

So there is still opportunity for us to expand inventory on Promoted Listings going forward.

因此，我們仍然有機會在未來擴大 Promoted Listings 的庫存。

Josh, you wanted to add?

喬希，你想補充嗎？

Yes.

是的。

So there's kind of 3 things you can do with Promoted Listings.

因此，您可以使用推薦列表做 3 件事。

You can get more sellers to adopt it and give you more budget.

你可以讓更多的賣家採用它並給你更多的預算。

You can make it -- you can add inventory.

你可以做到——你可以添加庫存。

You can put Promoted Listings in more places.

您可以在更多地方放置Promoted Listings。

And then you can improve the algorithms so that you show the right ad at the right time.

然後您可以改進算法，以便在正確的時間展示正確的廣告。

I think that we've said about 15% of sellers have adopted Promoted Listings.

我認為我們已經說過大約 15% 的賣家採用了 Promoted Listings。

They're disproportionately sellers who are high volume and likely to succeed.

他們不成比例地是銷量高且可能成功的賣家。

And so there is still some upward opportunity there for sure, but we've got a good number of sellers who are giving us quite a lot of budget.

所以肯定還有一些向上的機會，但我們有很多賣家給了我們相當多的預算。

And so -- and to your point, yes, they're actually willing to give us a lot more budget than we're able to spend right now.

所以 - 就你的觀點而言，是的，他們實際上願意給我們提供比我們現在能夠花費的更多的預算。

But we want to make sure we're very responsible and we only spend the money in a way that delivers a good return for the sellers.

但我們想確保我們非常負責任，我們只會以能夠為賣家帶來良好回報的方式花錢。

We think that's critical.

我們認為這很關鍵。

So we did expand a lot of inventory last year.

所以去年我們確實擴充了很多存貨。

We are now lapping that, as Rachel pointed out.

正如 Rachel 指出的那樣，我們現在正在考慮這一點。

There may be other opportunities to expand inventory.

可能還有其他擴大庫存的機會。

We'll have to step our way into that thoughtfully on the site.

我們將不得不在網站上深思熟慮地進入這一點。

You could think about Google Shopping as sort of Promoted Listings off site, right.

您可以將 Google 購物視為一種站外促銷列表，對吧。

We don't need to limit ourselves only to inventory on Etsy.

我們不需要將自己局限於 Etsy 上的庫存。

We give -- sellers have the opportunity to give us money to invest on their behalf.

我們給——賣家有機會給我們錢來代表他們進行投資。

We can buy them visits on other sites.

我們可以購買他們在其他網站上的訪問量。

But the third area where I think we're still early is algorithm improvements.

但我認為我們還處於早期階段的第三個領域是算法改進。

The better our search relevance algorithms get for Promoted Listings, the more we show the right ad at the right time, that really uses the inventory we have better.

我們的搜索相關性算法對推薦列表的效果越好，我們就越能在正確的時間展示正確的廣告，從而更好地利用我們擁有的庫存。

And just like I think we are in early days of improving our search algorithms, I think we are in similarly early days -- in fact, we're using very similar technology to power Promoted Listings.

就像我認為我們處於改進搜索算法的早期階段一樣，我認為我們也處於類似的早期階段——事實上，我們正在使用非常相似的技術來支持 Promoted Listings。

And over time, I'm optimistic about our ability to do better there.

隨著時間的推移，我對我們在那裡做得更好的能力感到樂觀。

And Ed...

還有艾德...

Oh, frequency.

哦，頻率。

Sorry, Ed.

對不起，埃德。

Frequency, so the -- we are seeing gains in frequency and we are very encouraged by that.

頻率，所以 - 我們看到頻率有所提高，我們對此感到非常鼓舞。

On a base of 36 million buyers, very small improvements can have meaningful impact.

在 3600 萬買家的基礎上，非常小的改進可以產生有意義的影響。

So I don't think we have updated the sort of stat of 60% of people are shopping once a year.

所以我認為我們沒有更新 60% 的人每年購物一次的統計數據。

I don't think we've published something more recently on that.

我認為我們最近沒有就此發表任何內容。

What I would say is that if you can move that 36 million number a small amount, it makes a pretty big difference for Etsy.

我想說的是，如果你能將 3600 萬這個數字稍微移動一點，那對 Etsy 來說就會有很大的不同。

And over time, we think we could move that number by a meaningful amount.

隨著時間的推移，我們認為我們可以將這個數字移動一個有意義的數量。

And we did say on this call that 83% of our GMS is coming from repeat buyers, which grew 23% year-over-year.

我們在這次電話會議上確實說過，我們 83% 的 GMS 來自回頭客，同比增長 23%。

So you could start to sort of infer from that, that we're starting to get not only more repeat purchase but some repeat frequency green shoots, we're calling them, that's starting to pick up.

所以你可以開始從中推斷出，我們不僅開始獲得更多的重複購買，而且開始獲得一些重複頻率的綠芽，我們稱它們為開始回升。

Our next question comes from Mark Mahaney with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

It's Shweta for Mark.

這是馬克的 Shweta。

A quick question.

一個快速的問題。

You were expecting $75 million of GMS impact from new initiatives that -- the 4 that you talked about.

您期望新計劃對 GMS 產生 7500 萬美元的影響——您談到的 4 個。

If you were to isolate that, like how much do those initiatives have had an impact on conversion rates?

如果你要孤立它，比如這些舉措對轉化率有多大影響？

So I think what we said last quarter was that we had $75 million of experiments that created, on an annualized basis, incremental GMS growth.

因此，我認為我們上個季度所說的是，我們進行了 7500 萬美元的實驗，這些實驗按年率計算，創造了 GMS 的增量增長。

And that was from last quarter's experiments.

那是來自上個季度的實驗。

We didn't give you that number this quarter, but we have given you guidance for GMS, which implies growth in GMS.

本季度我們沒有給你這個數字，但我們給了你 GMS 的指導，這意味著 GMS 的增長。

That comes from our baseline organic growth.

這來自我們的基線有機增長。

So if we all went home and didn't do any more work at all, there'd be a certain amount of GMS we would continue to get.

因此，如果我們都回家並且不再做任何工作，我們將繼續獲得一定數量的 GMS。

There's the initiatives that we've already implemented from 2017 and the first half of 2018 that continue to keep contributing to the GMS growth.

我們從 2017 年和 2018 年上半年開始實施的舉措將繼續為 GMS 的增長做出貢獻。

And then there's initiatives that we're working on for the second half of the year that will contribute incremental GMS this year and, annualized, will continue to give GMS growth next year.

然後是我們正在為今年下半年制定的舉措，這些舉措將在今年貢獻增量 GMS，並且按年化，將在明年繼續推動 GMS 增長。

But we didn't break those numbers out for you on this call.

但我們並沒有在這次電話會議上為你列出這些數字。

Okay, that's helpful.

好的，這很有幫助。

But how would you sort of categorize the impact on conversion rates that you've seen with the improvement on the platform for seller tools as well as search experience and through the year so far?

但是，您如何對賣家工具平台的改進以及搜索體驗以及今年到目前為止對轉化率的影響進行分類？

So the experiments that we've talked about on search and discovery, and trust and reliability, are mainly pushing on the conversion rate metrics.

因此，我們在搜索和發現、信任和可靠性方面討論的實驗主要是推動轉化率指標。

Our initiative that -- when we talk about marketing services, that's mainly pushing on visit growth metrics.

我們的倡議 - 當我們談論營銷服務時，這主要是推動訪問增長指標。

So those are 2 of the 3 metrics that drive GMS.

所以這些是驅動 GMS 的 3 個指標中的 2 個。

And then we've done less on the moving of the needle on average order value, with the exception of the multi-shop checkout which we've talked about, and we've talked about just anniversarying that this quarter as well.

然後我們在平均訂單價值的變化方面做得更少，除了我們已經談到的多店結賬，我們也談到了本季度的周年紀念日。

And that allowed people to put more than one item in cart and check out just once instead of multiple times.

這讓人們可以將不止一件商品放入購物車，然後只結賬一次而不是多次。

And I think Josh even said in his prepared remarks that there's a lot more -- we've delivered on the things that we set out to deliver.

而且我認為 Josh 甚至在他準備好的發言中說，還有很多——我們已經交付了我們打算交付的東西。

So we really worked hard.

所以我們真的很努力。

We've been working hard, and we'll continue to work hard on growing conversion rate and visit growth.

我們一直在努力，我們將繼續努力提高轉化率和訪問量。

And we had less of a focus on that third one, which was average order value.

我們不太關注第三個，即平均訂單價值。

But we see a lot of things on our road map that could impact that third metric.

但我們在路線圖上看到了很多可能影響第三個指標的事情。

But primarily the search and discovery, and trust and reliability initiatives -- and we've given examples of those on our last 4 calls, those are the initiatives that are the things that are impacting conversion rate the most.

但主要是搜索和發現，以及信任和可靠性計劃——我們在最近 4 次電話中給出了這些例子，這些是對轉化率影響最大的計劃。

Our next question comes from Scott McConnell with D.A. Davidson.

我們的下一個問題來自 Scott McConnell 和 D.A.戴維森。

So we think the team's done a really great job of refining Etsy's go-to-market strategy since taking over, including, more recently, the -- with the changing take rate.

因此，我們認為該團隊在接管 Etsy 之後在改進 Etsy 的上市戰略方面做得非常出色，包括最近，隨著採用率的變化。

So you touched on some of the opportunity so far, but what remains for you to continue to refine the go-to-market strategy?

到目前為止，您談到了一些機會，但您還有什麼可以繼續完善上市戰略？

And then how should we think about the potential of those efforts to drive sales growth from today's levels?

那麼，我們應該如何考慮這些努力推動銷售額從今天的水平增長的潛力呢？

So we've talked in the past about our TAM, and we said that the -- just the online segments of our business in our top 6 categories, in our top 6 markets is $155 billion.

因此，我們過去曾談到過我們的 TAM，我們說過，在我們的前 6 大市場中，僅我們業務的在線部分就達到了 1550 億美元。

So here's, I guess, how I would think about it.

所以我想這就是我的想法。

If you were to go shopping for home furnishings -- and we said home furnishings is one of our top 3 categories.

如果您要購買家居用品——我們說家居用品是我們的三大類別之一。

Think of your favorite site and go shopping for home furnishings, then come to Etsy and see if you can find a product that is more interesting and better value.

想一想你最喜歡的網站，去購買家居用品，然後來到 Etsy，看看你是否能找到更有趣、更有價值的產品。

I think if you're willing to invest an hour, you will.

我想如果你願意花一個小時，你會的。

But it takes an hour.

但是需要一個小時。

It's too hard to find that product.

很難找到那種產品。

But we actually have beautiful products.

但我們實際上有漂亮的產品。

Go shopping for jewelry anywhere on any of your favorite sites, then come to Etsy and see if you can find a better, more interesting product that expresses yourself better and is great value.

在您最喜歡的任何網站上的任何地方購買珠寶，然後來到 Etsy，看看您是否能找到更好、更有趣的產品，更好地表達自己並且物有所值。

I think you're going to be delighted by what you find, but it takes a while.

我想你會對你的發現感到高興，但這需要一段時間。

It's too hard.

太難了。

Same for clothing.

服裝也一樣。

If you look at our top categories, if we sold only home furnishings, nobody would be asking us, how big can you be if you're -- if we're only doing $3.5 billion-or-so of sales, right?

如果你看看我們的頂級類別，如果我們只銷售家居用品，沒有人會問我們，如果你 - 如果我們只做 35 億美元左右的銷售額，你能有多大，對吧？

So it's up to us to make it easier to expose that gorgeous product that already exists on our site in these categories that are each, in and of themselves, massive.

因此，我們有責任更輕鬆地在這些類別中展示我們網站上已經存在的華麗產品，這些類別本身就非常龐大。

And then when we do that better job, we've got to communicate that well to the world, starting with our existing buyers.

然後，當我們做得更好時，我們必須從我們現有的買家開始，與世界進行良好的溝通。

Retraining habits on when to think of Etsy and how often to think of Etsy is hard and takes time.

重新培養關於何時想到 Etsy 以及多久想到 Etsy 的習慣是困難且需要時間的。

We've got to retrain 36 million people to think of us more often and understand the breadth and depth of our inventory.

我們必須重新培訓 3600 萬人，讓他們更頻繁地想到我們，並了解我們庫存的廣度和深度。

And then we've got to communicate it to the people who never shopped on Etsy and help them to understand that opportunity as well.

然後我們必須將它傳達給從未在 Etsy 上購物過的人，並幫助他們也了解這個機會。

So I think that there's a lot of opportunity ahead of us.

所以我認為我們面前有很多機會。

I think we're going to have to unlock it kind of as we go.

我認為我們將不得不在進行過程中解鎖它。

I don't know that it's always going to be the smooth, upward trajectory one could wish, but I wouldn't expect that, that will be the case forever into the future.

我不知道它總是會是人們所希望的平穩向上的軌跡，但我不希望如此，未來永遠都是如此。

But I think with patience and perseverance and focus, I think we can continue to see meaningful growth in this platform over time.

但我認為，只要有耐心、毅力和專注，我認為隨著時間的推移，我們可以繼續看到這個平台有意義的增長。

Okay, great.

好，太棒了。

That's really good.

這非常好。

So the second question is on Google's changing their algorithm earlier this year.

所以第二個問題是谷歌今年早些時候改變了他們的算法。

That places more emphasis on mobile.

這更加強調移動。

That's always been a strong area for Etsy, and it sounds like it was really strong this quarter, but to what extent does the algorithm change positively or negatively affect your SEO effort?

這一直是 Etsy 的強勢領域，聽起來本季度真的很強勁，但算法的變化在多大程度上對您的 SEO 工作產生積極或消極影響？

So we gave you some mobile metrics on the call, that mobile's been extremely strong for us.

所以我們在電話中給了你一些移動指標，移動對我們來說非常強大。

It always has been, but mobile continues to grow significantly.

它一直是，但移動繼續顯著增長。

Mobile was 55% of our overall GMS, which -- that's a 400 basis point improvement year-over-year and grew 32% year-over-year.

移動設備占我們整體 GMS 的 55%，同比增長 400 個基點，同比增長 32%。

And we've also focused a lot of our product work on mobile so that we see the mobile conversion rates continue to improve as well.

我們還將我們的很多產品工作重點放在移動設備上，因此我們看到移動設備的轉化率也在不斷提高。

And so it's -- for us, mobile's been a bright spot in a lot of our growth.

所以它 - 對我們來說，移動一直是我們許多增長的亮點。

Our next question comes from Darren Aftahi with Roth Capital Markets.

我們的下一個問題來自 Roth Capital Markets 的 Darren Aftahi。

Just 2, if I may.

如果可以的話，只有 2 個。

Can you talk a little bit more on the retargeting service you guys were offering to sellers and kind of what attach rates you're seeing?

你能多談談你們為賣家提供的重新定位服務以及你們看到的附加率嗎？

And then I guess, where are you in terms of marketing that to your base?

然後我想，在向您的基地營銷方面，您在哪裡？

And then the second question is just -- I know you formally kind of announced it, I think, at the end of the quarter, but just kind of the impact you're seeing 1.5 months in from the DaWanda kind of transition?

然後第二個問題只是——我知道你正式宣布了它，我想，在本季度末，但你從 DaWanda 的過渡中看到了 1.5 個月的影響？

Sure.

當然。

So the first one, we call that Targeted Offers.

所以第一個，我們稱之為有針對性的報價。

So the idea is how do we take people who've already interacted with the seller's shop and let that seller reach out to them with, say, a promotion or an offer to get them to come back and engage more.

所以我們的想法是，我們如何吸引那些已經與賣家的商店互動過的人，讓賣家通過促銷或優惠等方式與他們聯繫，讓他們回來並更多地參與。

And it's early days in that.

現在還處於早期階段。

But I would say we're pleased and achieving the projections that we hoped.

但我會說我們很高興並實現了我們希望的預測。

I don't think we've broken out or given any specific data.

我不認為我們已經爆發或提供任何具體數據。

That's a brand-new product in its first couple of months of its life cycle.

這是生命週期頭幾個月的全新產品。

But over time, we think that one is interesting.

但隨著時間的推移，我們認為其中一個很有趣。

And it's -- also, it's great for buyers.

而且它 - 而且，它對買家來說也很棒。

It's great for growing GMS, and it's a way for sellers to take their destiny into their own hands even more, which we think is important.

這對發展 GMS 非常有用，也是賣家將命運更多地掌握在自己手中的一種方式，我們認為這很重要。

The second question was on DaWanda and that -- DaWanda decided that they would be shutting down operations.

第二個問題是關於 DaWanda 的——DaWanda 決定他們將停止運營。

And so that's just been announced to the market relatively recently.

所以這是最近才向市場宣布的。

So we're -- what we're now doing is trying to make it easy for their sellers to get started on Etsy if they weren't already on Etsy, get their listings up and running.

所以我們——我們現在正在做的是努力讓他們的賣家很容易開始使用 Etsy，如果他們還沒有在 Etsy 上，讓他們的列表啟動並運行。

And so we've created tools for sellers to migrate listings and to make that smooth, and we're pleased with the adoption of those tools and the early results we're seeing in migrating listings over to Etsy.

因此，我們為賣家創建了工具來遷移列表並使其順利進行，我們對這些工具的採用以及我們在將列表遷移到 Etsy 時看到的早期結果感到滿意。

The next step would be for DaWanda to actually cease taking new orders and redirect the buyer traffic to Etsy.

下一步是讓 DaWanda 真正停止接受新訂單並將買家流量重定向到 Etsy。

And until the buyer traffic were redirected, you really wouldn't expect a meaningful impact on GMS.

在重定向買家流量之前，您真的不會期望對 GMS 產生有意義的影響。

And that's not expected until the end of August.

預計到 8 月底才會出現這種情況。

Our next question comes from Laura Champine with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Laura Champine。

Josh, if we focus in on frequency, have you seen much progress in improving existing frequency?

Josh，如果我們關注頻率，您是否看到在改進現有頻率方面取得了很大進展？

And what do you think has been the most effective tool so far in improving that metric?

您認為迄今為止改進該指標的最有效工具是什麼？

We are -- again, it's early days, but we are seeing progress there.

我們 - 再一次，現在還處於早期階段，但我們在那裡看到了進展。

And what we are hearing more and more from buyers, it just feels like a cleaner, more well-organized buying experience.

我們從越來越多的買家那裡聽到，感覺就像是一種更乾淨、更有條理的購買體驗。

It's easier to find the stuff you like, and it's easier to buy it once you find it.

更容易找到你喜歡的東西，一旦找到就更容易購買。

And I know that sounds kind of basic, but basic is good.

我知道這聽起來有點基礎，但基礎很好。

So we're delivering on the basics better.

所以我們在基礎上做得更好。

We're doing more things.

我們正在做更多的事情。

One of the areas that I think there's a big opportunity, in addition to a lot of room to continue to do better on the basics, which I don't want to undersell because I think it's incredibly important, doing a better job on our CRM systems and e-mail, I think, is really important so that we can communicate better to our buyers and remind them of the great things that we have on offer and send them more personalized -- we're now sending much more personalized e-mails than we used to.

我認為有很大機會的領域之一，除了有很大的空間可以繼續在基礎上做得更好，我不想低估這一點，因為我認為這是非常重要的，在我們的 CRM 上做得更好我認為，系統和電子郵件非常重要，這樣我們就可以更好地與買家溝通，提醒他們我們提供的好東西，並向他們發送更加個性化的信息——我們現在正在發送更加個性化的電子郵件-郵件比我們以前。

Things like sales and promotions can be an excuse to come back and check us out during a time of the year when you might not have thought to come to us.

銷售和促銷之類的事情可以成為您在一年中您可能沒有想到來找我們的時候回來查看我們的藉口。

Using retargeting technology, so in performance marketing, how can we find people that are lapsed buyers and speak to them when they're maybe on Google doing a product search, is an opportunity, an area that we don't do a lot of today and I think we can get better at and build traction.

使用重新定位技術，所以在績效營銷中，我們如何找到流失的買家並在他們可能在谷歌上進行產品搜索時與他們交談，這是一個機會，我們今天沒有做很多的領域我認為我們可以做得更好並建立吸引力。

Another thing that we're seeing is there's a fair number of people who come to Etsy just to have fun without a particular buying occasion in mind.

我們看到的另一件事是，有相當多的人來 Etsy 只是為了玩得開心，並沒有考慮特定的購買場合。

How do we allow them to have a great, fun experience and leave some breadcrumbs to come back to?

我們如何讓他們有一個很棒的、有趣的體驗，並留下一些麵包屑讓他們回來？

And so really thinking about activities like favoriting and how do we make favoriting more prominent and more frequent as a way to build a look-book on Etsy, if you will, that you come back to, is something that we've been investing in and seeing some progress on.

因此，真正考慮諸如收藏之類的活動，以及我們如何使收藏更加突出和更頻繁地作為在 Etsy 上構建外觀書的一種方式，如果你願意，你會回來，這是我們一直在投資的東西並看到一些進展。

I'm going to add just 2 more because we talked a lot about it on the call, so it fits right into your question, Laura, that marketing -- our investment in marketing, our investment in shipping, I think, are 2 larger sort of bets that we would make that say getting to be more of a habit and be more top of mind for our potential and existing buyers out there is one thesis that we want to prove out.

我要再添加 2 個，因為我們在電話中談了很多，所以它正好適合你的問題，勞拉，營銷——我認為我們在營銷上的投資，我們在航運上的投資是 2 個更大的我們會打賭說，這會成為一種習慣，成為我們潛在和現有買家的首要考慮因素，這是我們想要證明的一個論點。

We don't know yet if that kind of national brand campaign is going to be effective or not yet, but we -- the thesis is it will.

我們還不知道這種全國品牌活動是否會有效，但我們的論點是它會。

And the second one is shipping, that we've got a lot of friction in the shipping, in the process right now with both shipping prices that are higher than people are accustomed to on other sites, so even some that range to the -- what we would call egregious, and then getting returns.

第二個是運輸，我們在運輸過程中遇到了很多摩擦，在這個過程中，兩個運輸價格都高於人們在其他網站上習慣的價格，所以甚至有些價格範圍 -我們稱之為異乎尋常的東西，然後獲得回報。

So you're buying something on Etsy.

所以你在 Etsy 上買東西。

You don't -- if you're buying clothing on another site, you know you can easily return it, oftentimes for free.

你不需要——如果你在另一個網站上買衣服，你知道你可以很容易地退貨，而且通常是免費的。

So getting the return part of the process, if needed, to also be frictionless are areas where I think we'll improve, remove friction and improve the repeat frequency.

因此，如果需要，讓流程的返回部分也變得無摩擦，我認為我們會改進、消除摩擦並提高重複頻率。

Our next question comes from Ronald Bookbinder with IFS Securities.

我們的下一個問題來自 IFS 證券的 Ronald Bookbinder。

You touched on the sales tax new ruling.

你談到了銷售稅的新規定。

While it doesn't affect the majority of your sales, it does affect some.

雖然它不會影響您的大部分銷售，但它確實會影響一些。

And I was wondering, is this an opportunity for you to create additional Seller Services for the merchants on your sites in handling the sales tax for them?

我想知道，您是否有機會在您的網站上為商家創建額外的賣家服務來為他們處理銷售稅？

Yes.

是的。

Thanks, Ron.

謝謝，羅恩。

Thanks for the question.

謝謝你的問題。

I appreciate it.

我很感激。

So we definitely have our sellers' back, and providing tools that make this easier for them and reducing the burden is something that we think is really important and something that we're investing in.

所以我們肯定會支持我們的賣家，提供工具讓他們更輕鬆地完成這項工作並減輕他們的負擔是我們認為非常重要的事情，也是我們正在投資的事情。

I do want to take a sec.

我想花點時間。

Let's take a look at this consortium of states, just as an example, where it's $100,000 in sales or 200 items sold in any 1 state.

讓我們來看看這個州財團，僅舉個例子，它的銷售額為 100,000 美元或在任何 1 個州售出 200 件商品。

That includes online or off-line sales across any platform.

這包括跨任何平台的在線或離線銷售。

So I would argue that it is impossible for any platform to know and be able to truly comply with precision to that law.

因此，我認為任何平台都不可能知道並能夠真正遵守該法律的精確性。

That's why we think this is bad law.

這就是為什麼我們認為這是糟糕的法律。

No one could apply -- could comply with this law perfectly all the time.

沒有人可以申請——可以一直完美地遵守這一法律。

So we will give our sellers tools and we will do the best of our ability to make this as low friction as we can, but really, we need to work with the federal legislature to try -- and state legislatures to try to get to better law that achieves the needs of the states to collect tax revenue and does it in a way that also encourages innovation and free commerce.

因此，我們將為我們的賣家提供工具，我們將盡最大努力盡可能減少摩擦，但實際上，我們需要與聯邦立法機構合作，嘗試——以及州立法機構，以努力做到更好滿足各州徵收稅收的需要並以鼓勵創新和自由商業的方式進行的法律。

And that's what we're going to work to do.

這就是我們將要做的事情。

What I would point out in the meantime is that this is not an existential threat to Etsy.

與此同時，我要指出的是，這並不是對 Etsy 的生存威脅。

It's friction.

這是摩擦。

It's work.

是工作。

It's not ideal.

這並不理想。

But we're going to have our sellers' back and it's something of a headwind in the near term, and we'll get through it.

但是我們會讓我們的賣家回來，這在短期內是一個逆風，我們會度過難關的。

Okay.

好的。

And secondly, on the television test in the 3 cities, will you be able to have those test results to be able to attack Good Friday/holiday in a meaningful way?

其次，在 3 個城市的電視測試中，您能否獲得這些測試結果，以便能夠以有意義的方式攻擊耶穌受難日/假期？

Or will that still be in a testing period and that will be something that we can use next year in marketing?

或者它是否仍處於測試階段，我們明年可以在營銷中使用它？

So it's actually 6 cities.

所以實際上是6個城市。

So it's 2 3-city tests, and we hope -- we're using a media buying firm that's very quantitative.

所以這是 2 個 3 城市測試，我們希望 - 我們使用的是非常定量的媒體購買公司。

So they -- we set ourselves up with them that we get very good performance metrics where there's only a very slight lag.

所以他們 - 我們與他們建立了聯繫，我們獲得了非常好的性能指標，而只有非常輕微的滯後。

But it takes a little bit of time.

但這需要一點時間。

You have to let it run.

你必須讓它運行。

We're trying to get enough reach and frequency within a period of time to get statistically significant results and be able to draw conclusions from them.

我們試圖在一段時間內獲得足夠的覆蓋面和頻率，以獲得具有統計意義的結果，並能夠從中得出結論。

It's possible that you see such an immediate result, favorable or unfavorable, but you get -- you can make a decision at that point on whether to do more of it on a national basis in time for holiday or not.

你可能會看到這樣一個直接的結果，無論是有利的還是不利的，但你會得到——你可以在那個時候做出決定，決定是否在全國范圍內及時為假期做更多的事情。

But right now, we're very -- we're trying very much to emphasize that this is all experimental, and we're using it to learn and it really will guide our further investment into 2019.

但現在，我們非常——我們非常努力地強調這一切都是實驗性的，我們正在用它來學習，它真的會指導我們對 2019 年的進一步投資。

Thank you.

謝謝你。

I show no further questions.

我沒有進一步的問題。

So I'd like to thank everybody for joining today's conference.

所以我要感謝大家參加今天的會議。

This does conclude the conference, and you may now disconnect.

這確實結束了會議，您現在可以斷開連接。

Have a wonderful day.

祝你有美好的一天。

Thank you very much.

非常感謝你。

Thank you.

謝謝你。