ETSY Inc (ETSY) 2018 Q3 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到 Etsy 2018 年第三季度收益電話會議。

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

（操作員說明）作為提醒，正在錄製此電話會議。

I would now like to introduce your host for today's conference, Ms. Deb Wasser, Etsy's Vice President of Investor Relations.

我現在想介紹今天會議的主持人，Etsy 投資者關係副總裁 Deb Wasser 女士。

You may begin.

你可以開始了。

Thank you.

謝謝你。

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

下午好，歡迎來到 Etsy 第三季度財報電話會議。

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

今天加入我的是我們的首席執行官 Josh Silverman；和我們的首席財務官 Rachel Glaser。

Before we get started, just a reminder that remarks today include forward-looking statements relating to our market opportunity, international growth, the timing of product launches and our cloud migration, the impact of our 4 key initiatives, pricing model, marketing and product investments and cloud migration on future GMS and revenue growth, our holiday plans, our financial guidance and related drivers and our anticipated expenses and their impact on future financial performance.

在我們開始之前，請注意今天的評論包括與我們的市場機會、國際增長、產品發佈時間和我們的雲遷移、我們 4 項關鍵舉措的影響、定價模型、營銷和產品投資相關的前瞻性陳述和雲遷移對未來 GMS 和收入增長的影響、我們的假期計劃、我們的財務指導和相關驅動因素以及我們的預期費用及其對未來財務業績的影響。

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 in Q2 10-Q and any subsequent reports that we file with the SEC.

前瞻性陳述涉及風險和不確定性，這些在我們今天的第 10 季度第二季度新聞稿以及我們向美國證券交易委員會提交的任何後續報告中有所描述。

Any forward-looking statements that we make on this call are based on our beliefs and assumptions today and we don't have any obligation to update them.

我們在此次電話會議上所做的任何前瞻性陳述都是基於我們今天的信念和假設，我們沒有義務更新它們。

Also during the call, we'll present both GAAP and non-GAAP financial measures.

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。

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

今天的收益新聞稿中包含 GAAP 與非 GAAP 指標的對賬，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, and if you prefer to access the replay via phone, you can find that information in the press release as well.

該電話的重播鏈接也將在那裡提供，如果您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're following along with the presentation we have created to highlight our third quarter progress that accompanies our webcast and is posted on our IR website.

最後，為了您的參考，我們希望您關注我們創建的演示文稿，以突出我們第三季度的進展，該演示文稿伴隨我們的網絡廣播發佈在我們的 IR 網站上。

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

有了這個，我會把電話轉給喬希。

Thanks, Deb, and thanks, everyone, for joining us on election day.

謝謝黛布，也謝謝大家在選舉日加入我們。

Etsy's growth accelerated again in the third quarter to nearly 21% on a constant-currency basis.

按固定匯率計算，Etsy 的增長在第三季度再次加速，達到近 21%。

Revenue growth exceeded 41% fueled by the launch of our new pricing structure, and our adjusted EBITDA margins grew to nearly 23%, while we also increased our investments in the business.

在推出新定價結構的推動下，收入增長超過 41%，調整後的 EBITDA 利潤率增長至近 23%，同時我們還增加了對該業務的投資。

Active buyers grew 17% to 37 million worldwide.

全球活躍買家增長了 17%，達到 3700 萬。

This is the fourth consecutive quarter that GMS has grown faster than active buyers, evidence that we are seeing increased buyer activity on the platform, which is a key proxy for improvement in frequency.

這是 GMS 連續第四個季度增長快於活躍買家，證明我們看到平台上的買家活動有所增加，這是頻率提高的關鍵指標。

We grew the number of active sellers by 8%, and GMS per active seller is also increasing.

我們將活躍賣家的數量增加了 8%，每個活躍賣家的 GMS 也在增加。

Two principal levers contributed to our progress this past quarter.

兩個主要槓桿促成了我們在上個季度取得的進展。

The first is our continued product investment focused on improving shopping experience on Etsy.

首先是我們持續的產品投資，專注於改善 Etsy 上的購物體驗。

By making it easier to find and buy the great products available for sale on Etsy, we're doing a better job converting visits into purchases.

通過讓人們更容易在 Etsy 上找到和購買可供銷售的優質產品，我們正在更好地將訪問轉化為購買。

The second lever was our new pricing structure, which enabled us to ramp up investments in marketing, shipping improvements and customer support.

第二個槓桿是我們新的定價結構，它使我們能夠加大對營銷、運輸改進和客戶支持的投資。

Let's look at the product lever first.

我們先來看產品槓桿。

As you know, product investments are prioritized within our 4 key initiatives: search and discovery, customer liability; marketing; and seller tools and services, as shown on Slide 6. We made continued progress in all 4 initiatives, and tonight, I'll highlight examples in 2 of them.

如您所知，產品投資在我們的 4 個關鍵計劃中具有優先級：搜索和發現、客戶責任；營銷;以及賣家工具和服務，如幻燈片 6 所示。我們在所有 4 項計劃中都取得了持續進展，今晚，我將重點介紹其中 2 項計劃的示例。

Starting with search and discovery.

從搜索和發現開始。

An important insight that attracted our focus this quarter is that almost all of the visits coming from a search engine land into a specific item listing page rather than the Etsy homepage or category landing page.

本季度吸引我們關注的一個重要見解是，幾乎所有來自搜索引擎的訪問都進入了特定的商品列表頁面，而不是 Etsy 主頁或類別登陸頁面。

This creates a potential dead end if that particular item was not a precise fit for that buyer on that mission.

如果該特定項目不完全適合執行該任務的買家，這就會造成潛在的死胡同。

It also contributes to buyers having a very narrow view of the product selection available on Etsy.

它還有助於買家對 Etsy 上可用的產品選擇有非常狹隘的看法。

We began to focus on landing page experiences in order to show more product diversity and minimize dead ends.

我們開始關注著陸頁體驗，以展示更多的產品多樣性並最大限度地減少死角。

For example, we began adding item recommendations and notifications on item landing pages.

例如，我們開始在商品著陸頁上添加商品推薦和通知。

We're only just beginning to improve a buyers' entry experience into Etsy, an area where we see a ton of potential.

我們才剛剛開始改善買家進入 Etsy 的體驗，我們在這個領域看到了巨大的潛力。

In trust and reliability, we continue to find ways to remove friction from the purchase path.

在信任和可靠性方面，我們繼續尋找消除購買路徑中摩擦的方法。

For example, our buyer research highlights significant untapped potential for personalization and customization on Etsy.

例如，我們的買家研究強調了 Etsy 上個性化和定制的巨大未開發潛力。

One of the things that makes Etsy so special is that a large percentage of the products in our marketplace can be personalized or customized to a buyer's unique needs.

Etsy 如此特別的原因之一是我們市場上的大部分產品都可以根據買家的獨特需求進行個性化或定制。

A table can be customized to fit a room and shape or dimension.

可以定制桌子以適合房間和形狀或尺寸。

A piece of jewelry can be inscribed with a meaningful message.

一件珠寶可以刻上有意義的信息。

And we've historically done little to highlight this to buyers.

我們歷來很少向買家強調這一點。

In Q3, we began to streamline the purchase flow for orders that are personalized for customers.

在第三季度，我們開始簡化為客戶提供個性化訂單的購買流程。

Again, even this relatively small improvement led to a meaningful conversion rate win, which increases our confidence in the upside from investing to build a strong personalization and customization experience.

同樣，即使是這種相對較小的改進也帶來了有意義的轉化率勝利，這增強了我們對投資建立強大的個性化和定制體驗的好處的信心。

It's exciting to see so many areas of untapped opportunity at Etsy.

很高興看到 Etsy 有這麼多尚未開發的機會。

We continue to diligently prioritize resources on the fewest possible projects that we believe will drive the largest possible impact on GMS.

我們繼續努力將資源優先用於我們認為將對 GMS 產生最大影響的盡可能少的項目。

Our second important lever this quarter was the change to our pricing structure, which helped grow revenue by 41% in the quarter and enabled us to make additional investments in marketing, shipping and customer support, as shown on Slide 10.

本季度我們的第二個重要槓桿是定價結構的變化，這有助於本季度收入增長 41%，並使我們能夠在營銷、運輸和客戶支持方面進行額外投資，如幻燈片 10 所示。

Overall, we feel great about the pricing changes.

總的來說，我們對價格變化感到滿意。

We've seen no significant increase in seller churn.

我們沒有看到賣家流失率顯著增加。

We aren't seeing price increases being passed along to our buyers and we substantially increased our investment in the business.

我們沒有看到價格上漲轉嫁給我們的買家，我們大幅增加了對該業務的投資。

One area that's been underwhelming is seller uptake of our Etsy Plus subscription package.

一個表現平平的領域是賣家對我們的 Etsy Plus 訂閱包的接受程度。

Subscription packages, starting with Etsy Plus, were introduced in July as a way for us to bundle and simplify our offerings for sellers.

從 Etsy Plus 開始的訂閱套餐於 7 月推出，作為我們為賣家捆綁和簡化產品的一種方式。

We've decided to maintain the $10 price on Etsy Plus for the foreseeable future, but we continue to test and learn how bundled offerings can drive value for various types of sellers.

我們已決定在可預見的未來維持 Etsy Plus 10 美元的價格，但我們將繼續測試和了解捆綁產品如何為各類賣家帶來價值。

Our pricing change also contributed to an improvement in buyer lifetime value, or LTV.

我們的定價變化也有助於改善買家生命週期價值 (LTV)。

With a higher LTV, we were able to spend more on performance marketing in Q3, while maintaining our ROI.

有了更高的生命週期價值，我們能夠在第三季度在績效營銷上投入更多，同時保持我們的投資回報率。

We also began to experiment with TV advertising as a new marketing channel.

我們也開始嘗試將電視廣告作為一種新的營銷渠道。

We tested 2 creative advertising campaigns, each in 3 local markets.

我們在 3 個當地市場測試了 2 個創意廣告活動。

The tests were set up to be quantitatively measured, each with a look-alike control market.

這些測試被設置為進行定量測量，每個測試都有一個相似的控制市場。

In addition, we conducted pre- and post-brand awareness research to supplement our quantitative research.

此外，我們還進行了品牌知名度前後的研究，以補充我們的定量研究。

Brand awareness, visits and purchase intent all showed signs of improvement from viewers in our test markets.

品牌知名度、訪問量和購買意願都顯示出我們測試市場中觀眾的改善跡象。

As expected, these first efforts were not ROI positive.

正如預期的那樣，這些最初的努力並不是積極的投資回報率。

However, the results were encouraging enough to justify further testing.

然而，結果令人鼓舞，足以證明進一步測試是合理的。

Our next step is to extend our test to a national media buy, with a top-performing creative campaign, where we can do further channel and creative optimizations.

我們的下一步是將我們的測試擴展到全國媒體購買，通過一個表現最好的創意活動，我們可以在其中進行進一步的渠道和創意優化。

The national campaign test begins this week and will help us to make important investment decisions about 2019.

全國競選測試本週開始，將幫助我們做出關於 2019 年的重要投資決策。

Our creative approach focuses on when to think of Etsy, featuring stories from real life buyers talking about the unique items that they found on Etsy.

我們的創意方法側重於何時想到 Etsy，以現實生活中買家的故事為特色，講述他們在 Etsy 上發現的獨特物品。

We see significant opportunity to expand the brand's relevance and be top of mind more of the time for current and prospective buyers.

我們看到了擴大品牌相關性並在更多時間成為當前和潛在買家的首要考慮的重要機會。

Another important investment area is shipping.

另一個重要的投資領域是航運。

We know that shipping remains one of the top friction points in our marketplace.

我們知道，航運仍然是我們市場中最大的摩擦點之一。

For example, in the third quarter, less than 20% of listings on Etsy offered free shipping, and our research suggests that buyers perceive about half of the items in our marketplace as having high shipping prices.

例如，在第三季度，Etsy 上只有不到 20% 的商品提供免費送貨服務，我們的研究表明，買家認為我們市場上大約一半的商品具有高運費。

This not only impacts conversion rates on those items, but also damages the brand perception of Etsy overall.

這不僅會影響這些項目的轉化率，還會損害 Etsy 的整體品牌認知度。

We are determined to fix this.

我們決心解決這個問題。

Our first step has been to educate sellers about the impact of high shipping prices and ask them to think of shipping as just another component of their cost of goods sold.

我們的第一步是讓賣家了解高運費的影響，並要求他們將運費視為所售商品成本的另一個組成部分。

Next, we're evolving our search algorithms in order to more prominently promote items that have competitively priced shipping.

接下來，我們正在改進我們的搜索算法，以便更突出地推廣具有具有競爭力的運費價格的商品。

We've introduced notifications to sellers whose shipping prices are perceived as too high, tools to help them adjust shipping prices that they so choose.

我們已經向認為運費過高的賣家提供了通知，這些工具可以幫助他們調整自己選擇的運費。

And we launched a holiday sweepstakes for sellers, who offer free shipping.

我們還為提供免費送貨服務的賣家推出了假日抽獎活動。

These efforts are beginning to show results.

這些努力開始顯示出成果。

We're seeing sellers start to lower shipping prices and increase their use of free shipping promotions.

我們看到賣家開始降低運費並增加免費送貨促銷活動的使用。

In addition to the cost of shipping, expected delivery date is also frequently an important factor for buyers, particularly on Etsy.

除了運費，預計交貨日期通常也是買家的一個重要因素，尤其是在 Etsy 上。

Until recently, the only way to know when an item is expected to arrive has been to send a message to the seller.

直到最近，了解商品預計何時送達的唯一方法是向賣家發送消息。

In Q3 we began to roll out the capability for sellers using our shipping label product to display an expected delivery date on their listing.

在第三季度，我們開始為使用我們的運輸標籤產品的賣家推出在他們的清單上顯示預期交貨日期的功能。

There is much to be done to improve the shipping experience on Etsy, and we're excited about the opportunity this presents as we focus and continue to make progress.

要改善 Etsy 上的運輸體驗還有很多工作要做，我們很高興在我們集中精力並繼續取得進展的過程中提供這個機會。

The third quarter was also transformative in the area of customer support.

第三季度在客戶支持領域也發生了變革。

Up until this past year, almost all of our support was handled by e-mail, with an expected response time of 24 hours.

直到去年，我們幾乎所有的支持都是通過電子郵件處理的，預計響應時間為 24 小時。

When we introduced Zendesk earlier this year, we enabled a much improved self-service help center, which has been really well received.

當我們今年早些時候推出 Zendesk 時，我們啟用了一個大大改進的自助服務幫助中心，這非常受歡迎。

And in the third quarter, we transformed our operations by introducing live chat for our sellers; dedicated phone support for both buyers and sellers; and 24/7 service.

在第三季度，我們通過為賣家引入實時聊天來改變我們的運營方式；為買賣雙方提供專門的電話支持；和 24/7 服務。

These enhancements have driven noticeable improvements in customer satisfaction.

這些增強功能顯著提高了客戶滿意度。

This sets us up really well for the holiday season as we ultimately aim for the majority of our customer contacts to be handled in real time, either by live chat or phone.

這讓我們為假期做好了準備，因為我們最終的目標是通過實時聊天或電話實時處理大部分客戶聯繫。

Lastly, we achieved a significant milestone in our cloud migration this quarter, successfully migrating our marketplace, Etsy.com and our mobile applications to the Google Cloud, with minimal disruption to buyers and sellers.

最後，我們在本季度實現了雲遷移的重要里程碑，成功地將我們的市場、Etsy.com 和我們的移動應用程序遷移到谷歌云，對買家和賣家的干擾最小。

This increases our confidence that the migration will be complete by the end of 2019.

這增加了我們對遷移將在 2019 年底完成的信心。

Once fully migrated, we expect to dramatically increase the velocity of experiments and product development, to iterate faster and leverage more complex search and machine learning models with the goal of rapidly innovating, improving search and ultimately driving GMS growth.

完全遷移後，我們希望顯著提高實驗和產品開發的速度，加快迭代速度並利用更複雜的搜索和機器學習模型，以實現快速創新、改進搜索並最終推動 GMS 增長的目標。

In fact, we're beginning to see some of those benefits today based on the systems we have already migrated.

事實上，基於我們已經遷移的系統，我們今天開始看到其中的一些好處。

I'd like to thank our engineering team for their incredible work to get us to this point.

我要感謝我們的工程團隊為讓我們走到今天所做的出色工作。

Turning to Slide 11, the holiday season has kicked off at Etsy.

轉到幻燈片 11，假期已經在 Etsy 拉開序幕。

All of the work we've done throughout 2018 will make Etsy a better place for shopping for the holidays.

我們在整個 2018 年所做的所有工作將使 Etsy 成為更好的假期購物場所。

We're making it easier to find exactly what you're looking for from among our 50 million items, with curated gift guides and discovery pages.

我們通過精選的禮品指南和發現頁面，讓您可以更輕鬆地從我們的 5000 萬件商品中準確找到您想要的東西。

Holiday shopping on Etsy will have less friction than in the past, and we aim to make it more joyful and inspirational.

在 Etsy 上的假日購物將比過去更少摩擦，我們的目標是讓它更加快樂和鼓舞人心。

By bringing magic to the holidays, we hope to make Etsy stand out in buyers' minds as a destination that they should return to throughout the year for other moments in life that deserve a human touch.

通過為假期帶來魔力，我們希望讓 Etsy 在買家心目中脫穎而出，成為他們全年應該返回的目的地，享受生活中其他值得人情味的時刻。

It's also worth noting that Etsy continued to make progress in our international markets during the quarter, particularly in Germany.

還值得注意的是，Etsy 在本季度繼續在我們的國際市場取得進展，尤其是在德國。

Our DaWanda transaction brought meaningful new breadth and depth of inventory to Etsy, helping to make Germany our second largest international market by domestic activity after the U.K. at the end of the quarter.

我們的 DaWanda 交易為 Etsy 帶來了有意義的新庫存廣度和深度，幫助德國在本季度末成為僅次於英國的國內活動第二大國際市場。

Thanks to the successful seller migration as well as the redirection of buyer traffic to Etsy, more than 50% of GMS in Germany is now local buyers purchasing from local sellers, an indication of a market's domestic vibrancy.

由於成功的賣家遷移以及買家流量重定向到 Etsy，德國超過 50% 的 GMS 現在是本地買家從本地賣家那裡購買，這表明市場的國內活力。

When I think about Etsy's growth opportunity, I'm more encouraged than ever that we are just getting started.

當我想到 Etsy 的增長機會時，我比以往任何時候都更加鼓舞，因為我們才剛剛起步。

One of the best aspects of Etsy is the enormous breadth and depth of high-quality products across a large and growing set of categories.

Etsy 最好的方面之一是高質量產品的巨大廣度和深度，涵蓋大量且不斷增長的類別。

And yet, every day, I meet people who love Etsy for just one particular experience, either one category or occasion.

然而，每一天，我都會遇到一些喜歡 Etsy 的人，他們只是因為一種特定的體驗，無論是一種類別還是一種場合。

Just recently, I stopped at my bank, and the bank teller saw that I work for Etsy.

就在最近，我在我的銀行停了下來，銀行出納員看到我在 Etsy 工作。

He began raving about how much he loved Etsy, having planned his entire wedding using items from the site and how meaningful an experience it was for them.

他開始大談自己有多愛 Etsy，他用網站上的物品計劃了整個婚禮，這對他們來說是一次多麼有意義的經歷。

Now his wife is having a baby and expecting in a month.

現在他的妻子生了孩子，一個月後就要懷孕了。

So I asked, "have you been back for baby products?" And he responded, "you sell baby products?

所以我問，“你回來買嬰兒用品了嗎？”他回答說，“你們賣嬰兒用品？

I thought Etsy was just a wedding site?"

我以為 Etsy 只是一個婚禮網站？”

Growing Etsy will continue to be tied to our ability to connect the dots for buyers across various purchase occasions, habits and experiences, so that they think of us more for the special occasions in their lives, when they want their purchase to mean something, to express their sense of identity, to show thoughtfulness or to tell a story.

不斷發展的 Etsy 將繼續與我們在各種購買場合、習慣和經驗中為買家聯繫點的能力聯繫在一起，以便他們在生活中的特殊場合更多地想到我們，當他們希望他們的購買有意義時，表達他們的認同感，表現出深思熟慮或講故事。

We're just starting to do this, and I know we have something truly unique to offer.

我們才剛剛開始這樣做，我知道我們可以提供真正獨特的東西。

We're excited about the progress we've made so far in 2018, our momentum and continued growth opportunity for 2019 and beyond.

我們對 2018 年迄今取得的進展、2019 年及以後的發展勢頭和持續增長機會感到興奮。

I want to thank our employees, who give their heart and soul to growing our marketplace and helping us to support our vibrant community; our Etsy sellers for partnering with us; and our Etsy buyers for shopping with us.

我要感謝我們的員工，他們全心全意地發展我們的市場並幫助我們支持充滿活力的社區；我們的 Etsy 賣家與我們合作；以及我們的 Etsy 買家與我們一起購物。

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。

Solid execution is the theme that best describes Q3.

紮實的執行是最能描述第三季度的主題。

From the first phase of our migration in Google Cloud, to the launch of our price increase, to the smooth integration of DaWanda buyers and sellers to our marketplace, our team is consistently and tenaciously delivering on our goals.

從我們遷移到谷歌云的第一階段，到我們開始提價，再到 DaWanda 買家和賣家順利整合到我們的市場，我們的團隊始終如一地堅持不懈地實現我們的目標。

We do this with a disciplined approach to resource allocation, as evidenced in our strong results this quarter.

正如我們本季度的強勁業績所證明的那樣，我們通過嚴格的資源分配方法來做到這一點。

Q3 was the first quarter that reflects changes to our pricing model; our fourth consecutive quarter of acceleration in active buyers; and our highest quarter of GMS growth in constant currency since Q2 2016.

第三季度是反映我們定價模型變化的第一季度；我們的活躍買家數量連續第四個季度加速增長；以及我們自 2016 年第二季度以來以固定匯率計算的 GMS 最高季度增長。

And we have continued to expand our adjusted EBITDA margins.

我們繼續擴大調整後的 EBITDA 利潤率。

So let me unpack some of the drivers of this performance.

因此，讓我解開這種性能的一些驅動因素。

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。

On Slide 14, we have outlined our key operating metrics.

在幻燈片 14 上，我們概述了我們的關鍵運營指標。

Etsy generated $923 million in GMS in Q3, up 20.4%.

Etsy 第三季度的 GMS 收入為 9.23 億美元，增長 20.4%。

On a currency neutral basis, GMS growth would have been approximately 20.8%, 40 basis points higher.

在貨幣中性的基礎上，GMS 增長率約為 20.8%，高出 40 個基點。

At the end of the third quarter, Etsy has 37 million active buyers, up 17%, and over 2 million active sellers, up 8%.

截至第三季度末，Etsy 擁有 3700 萬活躍買家，增長 17%，超過 200 萬活躍賣家，增長 8%。

GMS from repeat buyers continues to grow and represented 83% of overall GMS.

來自回頭客的 GMS 繼續增長，佔整體 GMS 的 83%。

We continue to see signs that frequency is improving as GMS per active buyer on a trailing 12-month basis was up 2% year-over-year, and accelerated for the fourth consecutive quarter.

我們繼續看到頻率正在提高的跡象，因為在過去 12 個月的基礎上，每個活躍買家的 GMS 同比增長 2%，並且連續第四個季度加速增長。

GMS from paid channels, which is roughly 17% of overall GMS, was up 57% compared to last year.

來自付費渠道的 GMS 大約佔整體 GMS 的 17%，與去年相比增長了 57%。

This was driven primarily by our investments in Google Product Listing Ads and SEM, both of which benefited from incremental spend following the changes to our pricing model.

這主要是由我們對 Google 產品詳情廣告和 SEM 的投資推動的，這兩者都受益於我們定價模型變化後的增量支出。

Global GMS grew 30% year-over-year, largely a result of increased traffic to mobile web and continued improvement to our mobile shopping experience.

全球 GMS 同比增長 30%，這主要是由於移動網絡流量的增加以及我們移動購物體驗的持續改善。

Solid performance on desktop, mobile web and mobile app has led to a year-over-year overall increase in conversion rates for the fourth consecutive quarter.

桌面、移動網絡和移動應用程序的穩健表現導致轉化率連續第四個季度同比整體增長。

Optimization for mobile web and mobile app, on such features as notifications and nudges, created meaningful gains in conversion rate for both those platforms.

針對通知和推送等功能對移動網絡和移動應用程序進行優化，為這兩個平台帶來了顯著的轉化率提升。

International GMS was 35% of total GMS, up 100 basis points compared to last year.

國際 GMS 佔 GMS 總量的 35%，比去年上升 100 個基點。

International GMS grew 26% in Q3 or 27% on a currency neutral basis.

國際 GMS 在第三季度增長了 26%，在貨幣中性的基礎上增長了 27%。

International growth is primarily driven by strong performance in international domestic GMS, which represents GMS from international buyers and sellers in the same country.

國際增長主要是由國際國內 GMS 的強勁表現推動的，國內 GMS 代表來自同一國家/地區的國際買家和賣家的 GMS。

Product initiatives, such as local boost, that gives domestic inventory more prominence in search and our recent referral agreement with DaWanda, were growth drivers for international domestic GMS.

產品計劃，例如本地提升，使國內庫存在搜索中更加突出，以及我們最近與 DaWanda 的推薦協議，是國際國內 GMS 的增長動力。

FX in the first half of the year was a tailwind for us.

今年上半年的外匯對我們來說是順風。

This quarter, it became a headwind to our GMS growth.

本季度，它成為我們 GMS 增長的逆風。

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。

Highlights of our P&L are on Slide 15, and the full details can be found on our third quarter 10-Q, which we plan to file shortly.

我們的 P&L 亮點在幻燈片 15 上，完整的細節可以在我們計劃很快提交的第三季度 10-Q 中找到。

There are a few noteworthy items that I'd like to highlight.

我想強調一些值得注意的項目。

Total revenue was $150 million, up 41%, driven by growth in both marketplace and services revenue.

受市場和服務收入增長的推動，總收入為 1.5 億美元，增長 41%。

Marketplace revenue grew 43%, primarily due to increasing our marketplace transaction fee from 3.5% to 5%, and applying that transaction fee to shipping as well as our 20% GMS growth.

市場收入增長了 43%，主要是由於我們將市場交易費用從 3.5% 提高到 5%，並將該交易費用用於運輸以及我們 20% 的 GMS 增長。

Services revenue was up 37% and represented 25% of total revenue.

服務收入增長了 37%，佔總收入的 25%。

Services revenue growth was driven primarily by growth in Promoted Listings, which saw growth in both click through rates and cost per click as demand continues to outstrip supply.

服務收入的增長主要是由推廣列表的增長推動的，隨著需求繼續超過供應，點擊率和每次點擊成本都有所增長。

This quarter we anniversary-ed the inventory expansion of Promoted Listings on mobile web, which was a material driver of revenue growth over the past year.

本季度，我們對移動網絡上推廣列表的庫存擴張進行了周年紀念，這是過去一年收入增長的重要推動力。

There are multiple levers for further growth of this product focused on increasing utilization of the sellers' budget, improved algorithms to increase conversion rate and CPC, and expanding inventory by opening up new ad units.

該產品的進一步增長有多個槓桿，重點是提高賣家預算的利用率、改進算法以提高轉化率和每次點擊費用，以及通過開設新的廣告單元擴大庫存。

The last point on revenue, as Josh noted, adoption of Etsy Plus has been modest.

關於收入的最後一點，正如 Josh 指出的那樣，Etsy Plus 的採用率一直很低。

And we're evaluating what subscription offerings are of interest and most valuable to our sellers going forward.

我們正在評估哪些訂閱產品對我們的賣家來說是感興趣的，哪些是最有價值的。

And as a reminder, subscription revenue is not a material component of 2018 revenue guidance.

提醒一下，訂閱收入不是 2018 年收入指引的重要組成部分。

Gross profit for the third quarter was $103 million, up 48%.

第三季度毛利潤為 1.03 億美元，增長 48%。

And gross margin was 69%, up 300 basis points compared to the last year.

毛利率為 69%，比去年上升 300 個基點。

Gross margin expansion was primarily due to incremental revenue flow-through from the changes to our pricing model, partially offset by hosting and bandwidth fees related to our planned migration to Google Cloud.

毛利率的增長主要是由於我們定價模型的變化帶來的增量收入流動，部分被與我們計劃遷移到谷歌云相關的託管和帶寬費用所抵消。

Marketing expenses in the third quarter totaled $40 million, up 68% driven by digital acquisition marketing and, to a lesser extent, our TV advertising test.

第三季度的營銷費用總計 4000 萬美元，增長 68%，主要受數字收購營銷的推動，其次是我們的電視廣告測試。

Our goal is to maintain a positive ROI, both on a portfolio basis and for each marginal dollar of digital acquisition marketing spend.

我們的目標是在投資組合的基礎上和數字收購營銷支出的每一美元邊際上保持積極的投資回報率。

Product improvements that increase our conversion rate as well as increases in our take rate have allowed us to spend more, while meeting our ROI hurdle.

產品改進提高了我們的轉化率以及我們的採用率，使我們能夠花費更多，同時滿足我們的投資回報率障礙。

Our local TV campaign test ads design was not ROI positive, but we can extrapolate data to help determine future investments, results were encouraging enough to begin Phase 2 of testing on a national level.

我們當地的電視活動測試廣告設計的投資回報率不高，但我們可以推斷數據以幫助確定未來的投資，結果令人鼓舞，足以開始在全國范圍內進行第二階段測試。

Increases in product development costs were primarily related to increased headcount and other employee-related items, including stock compensation and, to a lesser extent, consulting services.

產品開發成本的增加主要與員工人數增加和其他與員工相關的項目有關，包括股票薪酬和較小程度上的諮詢服務。

We have scaled our recruiting resources; prioritized our efforts on products and engineering needs; retooled our processes to become more nimble; and refined our compensation strategy to ensure we are competitive for the very best talents.

我們擴大了招聘資源；優先考慮產品和工程需求；重組我們的流程以變得更加靈活；並完善我們的薪酬策略，以確保我們在吸引最優秀人才方面具有競爭力。

Our product and engineering resources directly drive GMS growth.

我們的產品和工程資源直接推動 GMS 的發展。

Acceleration in our hiring ramp is a good example of an ROI-positive investment.

我們的招聘速度加快是 ROI 積極投資的一個很好的例子。

Total headcount at the end of the quarter increased to 851 people compared with 789 last year.

本季度末總員工人數從去年的 789 人增至 851 人。

G&A expenses in the third quarter totaled $21 million and declined 6% versus prior year.

第三季度的 G&A 費用總計 2100 萬美元，比上年同期下降 6%。

G&A has decreased to 14% of revenue versus an average of 24% of revenue in 2016.

G&A 已降至收入的 14%，而 2016 年平均為 24%。

G&A decreased due to reduced headcount and restructuring charges last year.

由於去年員工人數減少和重組費用減少，G&A 有所減少。

G&A will grow as our business expands, but we expect to continue to gain leverage over time.

G&A 將隨著我們業務的擴展而增長，但我們希望隨著時間的推移繼續獲得影響力。

Third quarter net income was $19.9 million, with diluted earnings per share of $0.15.

第三季度淨收入為 1990 萬美元，每股攤薄收益為 0.15 美元。

In the quarter, we had a tax benefit of $5.3 million primarily related to stock-based compensation generated from option exercises, which accounted for $0.04 of EPS.

本季度，我們獲得了 530 萬美元的稅收優惠，主要與期權行使產生的基於股票的補償有關，佔 EPS 的 0.04 美元。

There was approximately $0.01 of EPS impact in Q3 related to an executive departure.

第三季度與高管離職相關的每股收益影響約為 0.01 美元。

You can find more information about employee-related costs that are likely to impact Q4 in our 10-Q.

您可以在我們的 10-Q 中找到有關可能影響第四季度的員工相關成本的更多信息。

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 $34 million and grew 49% year-over-year.

調整後的 EBITDA 為 3400 萬美元，同比增長 49%。

Adjusted EBITDA margin was 22.6% expanding 170 basis point compared to last quarter, and also up 120 basis points year-over-year.

調整後的 EBITDA 利潤率為 22.6%，比上一季度擴大 170 個基點，同比也增加 120 個基點。

The details of our balance sheet shown on Slide 16 are also on our filing, but I'd like to highlight a few points.

幻燈片 16 上顯示的資產負債表的詳細信息也在我們的文件中，但我想強調幾點。

As of September 30, 2018, we had cash, marketable securities and short-term investments totaling approximately $584 million.

截至 2018 年 9 月 30 日，我們擁有現金、有價證券和短期投資，總額約為 5.84 億美元。

Also, we recorded net cash provided by operating activities of $97 million in the 9 months ended September 30, 2018, compared to $32 million in the 9 months ended September 30, 2017.

此外，截至 2018 年 9 月 30 日的 9 個月，我們記錄了經營活動提供的淨現金 9700 萬美元，而截至 2017 年 9 月 30 日的 9 個月為 3200 萬美元。

We generated approximately $31 million in cash this quarter.

本季度我們產生了大約 3100 萬美元的現金。

In other words, we generated nearly as much cash in 1 quarter in 2018 as we did in 9 months of 2017.

換句話說，我們在 2018 年 1 個季度產生的現金幾乎與 2017 年 9 個月的現金一樣多。

The strong 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強勁增長，主要是由於收入增長和經營費用的槓桿作用。

As you will have likely noted in today's press release, our Board of Directors has approved a stock repurchase program that will enable the company to repurchase up to $200 million of its common stock.

正如您在今天的新聞稿中可能已經註意到的那樣，我們的董事會已經批准了一項股票回購計劃，該計劃將使公司能夠回購高達 2 億美元的普通股。

Turning now to our outlook on Slide 17.

現在轉向我們對幻燈片 17 的展望。

We currently expect to deliver a strong fourth quarter to close out a great 2018.

我們目前預計第四季度將表現強勁，為 2018 年畫上圓滿的句號。

Full year GMS and revenue growth are moving up to 19% to 20% and 35% to 36%, respectively.

全年 GMS 和收入增長分別上升至 19% 至 20% 和 35% 至 36%。

We currently expect 2018 adjusted EBITDA margin to be 22% to 23%.

我們目前預計 2018 年調整後的 EBITDA 利潤率為 22% 至 23%。

To make the math easier for you, that implies GMS growth of approximately 17% to 20% in the fourth quarter.

為了讓您更容易計算，這意味著 GMS 在第四季度增長了大約 17% 到 20%。

In addition to the outlook provided above, there are a few nuances that you should keep in mind.

除了上面提供的前景之外，您還應該記住一些細微差別。

First, we are now moving our brand marketing experiments from a local market test to a national campaign, and all the incremental spend associated with the campaign will fall in Q4.

首先，我們現在正在將我們的品牌營銷實驗從本地市場測試轉移到全國活動，與活動相關的所有增量支出都將在第四季度下降。

Second, our engineering team has spent significant time and resources on the Google Cloud migration.

其次，我們的工程團隊在谷歌云遷移上投入了大量時間和資源。

It is progressing well.

它進展順利。

And as we said last quarter, we will likely come closer to the high end of our spending range of $10 million to $15 million for 2018.

正如我們上個季度所說，我們可能會更接近 2018 年 1000 萬至 1500 萬美元支出範圍的高端。

We expect approximately $4 million to $5 million of spend to occur in Q4, normally our highest profit quarter.

我們預計第四季度的支出約為 400 萬至 500 萬美元，通常是我們利潤最高的季度。

This implies slightly higher cloud expense going forward than our original estimates.

這意味著未來的雲費用略高於我們最初的估計。

As a reminder, during the migration, we must maintain our existing data centers.

提醒一下，在遷移過程中，我們必須維護我們現有的數據中心。

Third, the impact to our GMS for macro events, such as today's midterm election and ongoing trade relations could create headwinds to GMS growth.

第三，宏觀事件對我們 GMS 的影響，例如今天的中期選舉和持續的貿易關係，可能會對 GMS 增長造成不利影響。

For instance, we did observe temporary dips in GMS during the Kavanaugh hearings and the hurricanes.

例如，在卡瓦諾聽證會和颶風期間，我們確實觀察到了 GMS 的暫時下降。

And lastly, historically, over 30% of our GMS and revenue has been earned at the last quarter of the year.

最後，從歷史上看，我們超過 30% 的 GMS 和收入是在去年最後一個季度獲得的。

The holiday season is an important and special time for consumers, and we believe that Etsy's extraordinary product offering is well-suited to capture hearts and minds of those shoppers.

假期對消費者來說是一個重要而特殊的時期，我們相信 Etsy 的非凡產品非常適合抓住這些購物者的心。

However, we will ride the wave of commerce along with the industry, and our performance could be negatively impacted by macro-spending trends.

然而，我們將與行業一起駕馭商業浪潮，我們的業績可能會受到宏觀消費趨勢的負面影響。

Before I close, we are excited to announce that we will host an Analyst and Investor Day on March 7, 2019 here at our Brooklyn headquarters.

在我結束之前，我們很高興地宣布，我們將於 2019 年 3 月 7 日在布魯克林總部舉辦分析師和投資者日活動。

Keep a look out for more details in the coming months.

請留意未來幾個月的更多詳細信息。

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) And our first question comes from the line of Edward Yruma with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

I guess, first, on a 2-year basis, your guidance for the fourth quarter from GMS growth perspective would indicate a pretty nice acceleration.

我想，首先，在 2 年的基礎上，從 GMS 增長的角度來看，你對第四季度的指導將表明一個相當不錯的加速。

I guess, any specific call-outs, is it symptomatic because it's the holiday period?

我想，任何特定的呼叫，是否因為是假期而有徵兆？

Or is this indicative of a kind of a faster rate of growth overall?

或者這是否表明整體增長率更快？

So I'm sorry, I just want to make sure I'm understanding the question.

所以我很抱歉，我只是想確保我理解這個問題。

You're saying that the 2-year build between 2018 versus 2016 is faster than 2017 to 20 -- sorry, 2018 and 2017?

你是說 2018 年和 2016 年之間的 2 年構建比 2017 年到 20 年更快——抱歉，2018 年和 2017 年？

When I look at the 2-year growth compare of kind of 2Q and 3Q versus what you're implying for 4Q, where you obviously have a much more difficult comparison in 4Q.

當我看一下第二季度和第三季度的 2 年增長比較與你對第四季度的暗示時，你顯然在第四季度有一個更困難的比較。

So I'm just trying to unpack a little bit kind of what's driving that.

所以我只是想解開一些驅動因素。

And is that demand for the holiday season or is that kind of a sign that the business is really accelerating?

這種需求是假期旺季的需求，還是業務真正加速發展的跡象？

I'll start and then maybe Josh wants to jump in.

我會開始，然後也許 Josh 想加入。

So you're seeing our trend, we continue to accelerate GMS quarter-after-quarter on a currency neutral basis.

所以你看到了我們的趨勢，我們繼續在貨幣中性的基礎上逐季加速 GMS。

And we are giving you guidance that would suggest that, that trend is something that we would expect to continue.

我們正在為您提供指導，表明這種趨勢是我們希望繼續下去的趨勢。

There is a range.

有一個範圍。

So in the fourth quarter, the range would be 17% to 20%, yes, compared to a higher comp from last year.

因此，在第四季度，範圍將是 17% 到 20%，是的，與去年的較高比例相比。

At the low end of that range, it wouldn't be acceleration versus Q3.

在該範圍的低端，與 Q3 相比不會加速。

But the -- towards the midpoint or higher, it will continue to follow the trend line that we're seeing so far in 2018.

但是 - 接近中點或更高，它將繼續遵循我們在 2018 年迄今為止看到的趨勢線。

Yes.

是的。

So I mean, I think, you're right.

所以我的意思是，我認為，你是對的。

The comp is tougher this quarter than it has been in the past.

本季度的競爭比過去更加艱難。

And we're giving you guidance to suggest that we think we can maintain growth for the rest of this year.

我們正在為您提供指導，建議我們認為我們可以在今年剩餘時間保持增長。

It's early in the quarter.

現在是本季度初。

Q4 is a really back-weighted quarter, but we think that the product improvements that we are making are having an impact on the customer experience.

第 4 季度確實是一個負權重的季度，但我們認為我們正在進行的產品改進正在對客戶體驗產生影響。

We think the marketing investments that we're making are working.

我們認為我們正在進行的營銷投資正在發揮作用。

And so we're coming into the fourth quarter feeling cautiously optimistic about our ability to sustain our growth.

因此，我們進入第四季度時對我們維持增長的能力持謹慎樂觀的態度。

Great.

偉大的。

And one other follow up, if I may.

如果可以的話，另一個跟進。

You announced the repricing between 1Q and 2Q.

您宣布了 1Q 和 2Q 之間的重新定價。

You had indicated that the adjusted EBITDA margin would remain kind of consistent due to kind of stepped up investment.

您曾表示，由於投資有所增加，調整後的 EBITDA 利潤率將保持穩定。

I guess, what gave you the confidence to kind of flow-through some of the upside?

我想，是什麼讓你有信心突破一些上行空間？

Ed, did we lose you?

埃德，我們失去你了嗎？

Are we still on the phone?

我們還在打電話嗎？

Operator?

操作員？

(technical difficulty)

（技術難度）

Yes.

是的。

Should we answer the question, though?

我們應該回答這個問題嗎？

So the answer to the question is what we said last quarter was that we were flowing through 20% of the incremental revenue.

所以問題的答案是我們上個季度所說的是我們正在流經 20% 的增量收入。

And so just bear in mind, by the way, that the revenue did not launch until 2 weeks into the third quarter.

所以請記住，順便說一句，收入直到第三季度的兩週後才開始。

So this quarter, we're getting a full quarter of that incremental revenue.

所以本季度，我們獲得了增量收入的四分之一。

And in our highest -- certainly, we indicated that typically 30% of our revenue in GMS comes in the fourth quarter.

在我們最高的 - 當然，我們表示通常我們 GMS 收入的 30% 來自第四季度。

So it is a full quarter of the incremental revenue at a -- at the highest revenue quarter, and that's approximately the same flow-through to EBITDA.

因此，這是最高收入季度的增量收入的四分之一，這與 EBITDA 的流量大致相同。

And our next question comes from the line of Mark Mahaney with RBC Capital Markets.

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

This is Shweta for Mark.

這是馬克的 Shweta。

Could you please expand a little bit on the Promoted Listings opportunity?

您能否詳細介紹一下“推薦列表”機會？

I know Rachel talked about it a little bit in her prepared remarks.

我知道雷切爾在她準備好的發言稿中談到了一點。

But in particular, which of the 3 opportunities in Promoted Listings, specifically, either adding sellers to use Promoted Listings or adding inventory or improving the algorithm, do you think offers the most upside in the near to midterm?

但特別是，Promoted Listings 的 3 個機會中的哪一個，特別是添加賣家使用 Promoted Listings 或添加庫存或改進算法，您認為在近期和中期提供最大的上行空間？

Great question, yes.

好問題，是的。

So we've shared that maybe 15%-or-so of sellers are adopting Promoted Listings, but they are disproportionately our largest and most successful sellers.

因此，我們分享了可能有 15% 左右的賣家正在採用 Promoted Listings，但他們不成比例地是我們最大和最成功的賣家。

I think we've also shared that they have given us more budget than we are currently able to spend.

我認為我們還分享了他們給我們的預算超過了我們目前的支出能力。

So one way we've taken advantage of that over the past, call it, 18 months is inventory expansion.

因此，我們過去利用這一點的一種方式，稱之為 18 個月，就是庫存擴張。

And what I mean by that is providing more real estate on Etsy for Promoted Listings.

我的意思是在 Etsy 上為推廣列表提供更多的房地產。

And that's been pretty successful.

這非常成功。

And there's probably still some opportunity to find more real estate that would be available, but we have done a fair amount there and are starting to lap some of that.

並且可能仍然有機會找到更多可用的房地產，但我們已經在那裡做了相當多的工作，並開始利用其中的一些。

An area that I think still has quite a lot of opportunity is to do better on the algorithms we use to pick which Promoted Listing to show to which user at which moment.

我認為仍然有很多機會的一個領域是在我們用來選擇哪個推薦列表在哪個時刻向哪個用戶顯示的算法上做得更好。

And that is rich and robust and full of machine learning where you get better and better and better over time.

那是豐富而強大的，充滿了機器學習，隨著時間的推移，你會變得越來越好。

And I think we are still very early days in terms of the quality of those algorithms.

我認為我們在這些算法的質量方面還處於早期階段。

The other thing that I would point out there is more traffic.

我要指出的另一件事是流量更多。

There's a fourth lever, which is obviously getting more traffic to the website, would drive more Promoted Listings.

還有第四個槓桿，這顯然是為網站帶來更多流量，這將推動更多的推薦列表。

And so we're working hard on that as well.

因此，我們也在為此努力。

And our next question comes from the line of Laura Champine with Loop Capital.

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

It's really on your comments, Josh, on the shipping fees coming down.

喬希，這真的取決於你對運費下降的評論。

Is there any kind of a road map that you can give us?

有什麼路線圖可以給我們嗎？

I'm confident that you're not quite where you'd like to be yet, maybe on percentage of products that offer free shipping or any way you can quantify where Etsy is on the progress on reducing shipping costs to your buyers relative to what your goal is.

我相信你還沒有達到你想要的水平，也許是提供免費送貨的產品的百分比，或者你可以量化 Etsy 在降低買家運輸成本方面取得的進展的任何方式你的目標是。

Yes, thanks for the question.

是的，謝謝你的提問。

So when sellers -- when buyers say they find an item they like on Etsy and they didn't buy it, one of the top reasons was because shipping price was too high.

因此，當賣家 - 當買家說他們在 Etsy 上找到了他們喜歡的商品但他們沒有購買時，其中一個主要原因是運費太高。

And so we know this is a material friction point for us, and I shared a couple numbers.

所以我們知道這對我們來說是一個物質摩擦點，我分享了幾個數字。

I think the one that I find most powerful is that buyers perceive about half of the items on Etsy as having a price that is too high relative to what they expect.

我認為我發現最強大的一個是買家認為 Etsy 上大約一半的商品價格相對於他們的預期來說太高了。

And by the way, what they expect may not be directly related to what the postal service is charging the seller.

順便說一下，他們的期望可能與郵政服務向賣家收取的費用沒有直接關係。

And the sellers have in mind sometimes something very little.

賣家有時會考慮一些非常小的事情。

So what you're seeing is, first, a lot of education from me over the past few quarters, not just me but the whole team to educate sellers more about how to think about shipping prices.

所以你看到的是，首先，在過去的幾個季度裡，我接受了很多教育，不僅僅是我，整個團隊都在教育賣家更多地了解如何考慮運費。

Now what we've started to do is to incorporate that more into our search algorithms, so that we more prominently promote things that buyers perceive have attractive and competitive shipping prices.

現在我們開始做的是將其更多地納入我們的搜索算法，以便我們更突出地推廣買家認為具有吸引力和競爭力的運費的商品。

Sellers pay a lot of attention to where they rank in the search algorithms.

賣家非常關注他們在搜索算法中的排名。

And by the way, we've also recently ramped -- launched some more detailed and more easy-to-understand seller dashboards, so that our sellers can really see what's happening with their search results and what they can do to make that get better.

順便說一句，我們最近還推出了一些更詳細、更易於理解的賣家儀表板，這樣我們的賣家就可以真正了解他們的搜索結果發生了什麼，以及他們可以做些什麼來使搜索結果變得更好.

You're going to see some pretty prominent discussions or promotions for sellers, where their shipping price is perceived to be too high.

你會看到一些非常突出的賣家討論或促銷活動，他們的運費被認為太高了。

We're going to be letting them know that, that's impacting their search.

我們會讓他們知道，這會影響他們的搜索。

And that if they want to become more prominent, they've got to fix that.

而且，如果他們想變得更加突出，就必須解決這個問題。

I think that it needs to be the case that buyers find shipping prices on Etsy to be competitively priced.

我認為買家需要在 Etsy 上找到具有競爭力的運費價格。

And by the way, I don't think this is an area where we win, where we stand out by winning.

順便說一句，我不認為這是我們獲勝的領域，我們通過獲勝脫穎而出的領域。

But it's an area, where we've got to at least meet table stakes.

但這是一個領域，我們必須至少滿足賭注。

And I think that the price of shipping is a table stakes item more and more in e-commerce.

而且我認為運費價格在電子商務中越來越成為一個賭注項目。

I do feel great about the fact that we grew at 20% GMS this quarter while shipping prices were too high, and have been too high for a long time.

我確實對本季度我們以 20% GMS 的速度增長而運輸價格過高並且長期以來一直過高這一事實感到非常高興。

And I think it's been table stakes that shipping prices be low or 0 for quite some time now.

而且我認為，在相當長一段時間內，運費處於低位或 0 已經成為賭注。

So I get really excited when I think about what we can do as we really get after and fix this problem.

因此，當我想到我們真正解決並解決這個問題時我們能做些什麼時，我感到非常興奮。

One thing that I do think is different about Etsy, fundamentally different, is that our items, many, many of our items are not sitting in a warehouse and available to ship tomorrow.

我確實認為 Etsy 與眾不同，根本不同的一件事是，我們的商品，很多很多商品都沒有存放在倉庫中，明天就可以發貨。

And I actually think, in many ways, that's a strength.

我實際上認為，在很多方面，這是一種力量。

They are made for the person who's buying them.

它們是為購買它們的人製作的。

They have the opportunity to be personalized or customized, made-to-order.

他們有機會進行個性化或定制，按訂單生產。

That's special.

那很特別。

That's one of the great things about Etsy.

這是 Etsy 的一大優點。

So we've got to do a better job of communicating.

所以我們必須在溝通方面做得更好。

It's not that everything needs to arrive in 2 days, but we do need to tell the buyer by when they can expect the item.

並不是說所有東西都需要在 2 天內送達，但我們確實需要告訴買家他們什麼時候可以收到貨品。

And then we need to live to that commitment.

然後我們需要履行這一承諾。

And I think that will also be significant forward progress for Etsy.

我認為這也將是 Etsy 的重大進步。

And our next question comes from the line of Thomas Forte with D.A. Davidson.

我們的下一個問題來自 Thomas Forte 和 D.A.戴維森。

So apologies in advance if I'm putting too much emphasis on this.

如果我過分強調這一點，請提前致歉。

But when I think about the Holy Grail for Etsy, I think about your ability to improve repeat usage and, really, frequency getting that consumer to buy twice a year instead of once a year.

但是當我想到 Etsy 的聖杯時，我想到了你提高重複使用的能力，實際上，是讓消費者每年購買兩次而不是一年一次的頻率。

And I think of your efforts to improve search is one of the things you're doing towards that end.

我認為你們改進搜索的努力是你們為此所做的事情之一。

What I was curious is you do a lot of small adjustments that make improvements.

我很好奇的是你做了很多小的調整來改進。

I think you've talked before about 2, 3 basis points improvement in GMS growth.

我想你之前說過 GMS 增長有 2、3 個基點的改善。

So the question I have is how long would it take, or how long might it take, to get that core consumer to buy twice a year?

所以我的問題是，要讓核心消費者每年購買兩次，需要多長時間，或者可能需要多長時間？

And when you get to that level, what does success look like?

當你達到那個水平時，成功是什麼樣子的？

Does success look like a meaningful ramp in GMS growth and then more leverage on your OpEx?

成功看起來像是 GMS 增長的一個有意義的斜坡，然後對您的 OpEx 產生更多影響嗎？

Or do you think it's more gradual?

或者你認為它更漸進？

Yes, great questions.

是的，很好的問題。

I don't think you're putting too much emphasis on it.

我不認為你過分強調它。

I mean, I think it's one of the key things, a huge opportunity for Etsy.

我的意思是，我認為這是關鍵的事情之一，對 Etsy 來說是一個巨大的機會。

And just to pull back for a second, what gets me really excited is what spending time in the inventory of Etsy, looking at so many great products for sale that really are relevant.

稍等片刻，讓我真正興奮的是花時間在 Etsy 的庫存中，看看這麼多真正相關的待售優質產品。

And we've got to do a better job surfacing the good stuff, and surfacing it at the right time for the right buyer.

我們必須更好地展示好東西，並在合適的時間為合適的買家展示它。

That's on us, we've got to do a better job.

這是我們的責任，我們必須做得更好。

And I think we're making real progress.

我認為我們正在取得真正的進展。

But I know that the product is there and it's terrific.

但我知道產品就在那裡，而且非常棒。

The other thing, and that gives me a lot of confidence, is we're not trying to create a whole new use cases that don't currently exist.

另一件事讓我充滿信心，那就是我們不會嘗試創建當前不存在的全新用例。

There are meaningful numbers of people who love us for weddings.

有很多人喜歡我們舉辦婚禮。

There are meaningful number of people, who love us for birthdays.

有很多人在生日時愛我們。

There are meaningful number of people, who love us for decorating their apartments.

有很多人喜歡我們裝飾他們的公寓。

There are meaningful number of people, who love us for getting dressed up and wearing that special dress for the party.

有很多人喜歡我們盛裝打扮並為派對穿上特別的禮服。

There are large communities of people who exist for each of those purchase occasions.

每個購買場合都有大量的人。

We've got to do a better job of stringing them together and telling that story.

我們必須做得更好，將它們串在一起並講述這個故事。

And I do think that, that's a combination of incremental steady progress, where we're making the experience better every time you come and visit, and I do think people notice, and then some more disruptive changes.

我確實認為，這是漸進式穩步進步的結合，每次您來訪時我們都會讓體驗變得更好，我確實認為人們會注意到，然後是一些更具破壞性的變化。

And as we make steady progress in the product starting to disrupt people's understanding about the brand and what it is and when we're relevant at the right time, I think, that's where maybe more high-funnel, above-the-line kinds of marketing can help to reeducate the consumer about all the different times that we are relevant.

隨著我們在產品上取得穩步進展，開始擾亂人們對品牌及其含義的理解，以及我們在正確的時間相關時，我認為，這可能是更多高漏斗、線上類型的地方營銷可以幫助重新教育消費者關於我們相關的所有不同時代。

I think, Tom, the other -- you asked sort of when do we see that happening.

我想，湯姆，另一個——你問的是我們什麼時候會看到這種情況發生。

We can't give you guidance specifically on 2019 or beyond.

我們無法為您提供 2019 年或以後的具體指導。

I think that might be interesting fodder for conversation at the Investor Day that we'll have in spring.

我認為這可能是我們將在春季舉行的投資者日的談話的有趣素材。

But what we did say was that frequency sort of -- the green shoots of improvement in frequency has been starting to show, and that this is the fourth consecutive quarter where GMS, on a trailing 12-month basis for active buyer, has been -- has increased.

但我們確實說的是這種頻率 - 頻率改善的綠芽已經開始顯現，這是 GMS 連續第四個季度，在活躍買家的過去 12 個月的基礎上，已經 - - 增加了。

And so you're seeing all of the things that Josh just described as reasons to believe, and initiatives that we're putting behind it to make it happen are starting to actually show up in the numbers.

因此，您看到了喬什剛剛描述的所有值得相信的事情，以及我們為實現這一目標而採取的舉措開始實際顯示在數字中。

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

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

I hopped on a little late, so if this has been answered, I apologize.

我來晚了一點，所以如果有人回答了這個問題，我深表歉意。

Just 2 things quick, first on the holiday season.

只有兩件事很快，首先是在假期。

Are you guys doing anything strategically different around sellers and discounts and sales beyond kind of trying to rightsize, kind of, nature of shipping?

你們有沒有在戰略上圍繞賣家、折扣和銷售做任何不同的事情，而不是試圖調整運輸的性質？

And then any update on the kind of transition of DaWanda, how that region of your business performed in the quarter?

然後是有關 DaWanda 轉型的最新消息，您所在地區的業務在本季度的表現如何？

Let me take the DaWanda one first, and then maybe Josh can talk about holiday spend.

讓我先看看 DaWanda，然後也許 Josh 可以談談假期消費。

So we said that the migration of DaWanda sellers to Etsy went very well, and the redirect of the DaWanda website to Etsy's website in Germany went very well.

所以我們說DaWanda賣家遷移到Etsy非常順利，DaWanda網站重定向到Etsy在德國的網站非常順利。

We said that Germany is now our second largest international market outside -- with the U.K. being first.

我們說過，德國現在是我們在國外的第二大國際市場——英國是第一大市場。

And then we also said that the vibrancy -- the sign of vibrancy in that Germany market because actually 50% of the transactions are happening between buyers and sellers that are in the German market.

然後我們還說了活力——德國市場活力的標誌，因為實際上 50% 的交易發生在德國市場的買賣雙方之間。

So that's, to us, a sign that you've got a really healthy two-sided marketplace there.

所以，對我們來說，這是一個跡象，表明你在那裡擁有一個真正健康的雙邊市場。

So we -- for all intents and purposes, we felt really pleased with the migration of DaWanda.

所以我們 - 出於所有意圖和目的，我們對 DaWanda 的遷移感到非常高興。

We also said that international was 35% of total GMS.

我們還說過，國際業務佔 GMS 總量的 35%。

I think a year ago -- so it was growing 26% in the quarter, I think 27% on a currency neutral basis.

我想一年前 - 所以它在本季度增長了 26%，我認為在貨幣中性的基礎上增長了 27%。

Germany contributed to that.

德國對此做出了貢獻。

But on its own, without -- and Germany just, on its own, not a significant driver of our overall GMS growth.

但就其自身而言，沒有——德國就其自身而言，並不是我們整體 GMS 增長的重要推動力。

International is growing nicely, but you can use those numbers to figure out what contributions DaWanda made to all of that.

International 增長良好，但您可以使用這些數字來了解 DaWanda 對所有這一切的貢獻。

And in terms of holiday, if I look at the buying experience today versus what it was on January 1 of this year, we've made real improvements.

在假期方面，如果我看看今天的購買體驗與今年 1 月 1 日的購買體驗相比，我們已經取得了真正的進步。

It's easier to find the good stuff, and it's easier to buy things on Etsy.

更容易找到好東西，也更容易在 Etsy 上買東西。

And I think that, that is bearing fruit.

我認為，這正在結出碩果。

As we look at specific holiday preparations, the big strategic decision we made is to try to avoid throwaway work.

當我們審視具體的假期準備工作時，我們做出的重大戰略決策是盡量避免一次性工作。

So we really try to focus on things that would be reusable and valuable throughout all of 2019 and beyond, instead of just one-offs for the holidays.

因此，我們真的試圖專注於在整個 2019 年及以後可重複使用和有價值的東西，而不僅僅是假期的一次性用品。

So some of our big focus areas are around curation and discovery.

因此，我們的一些重點領域是圍繞策展和發現。

So you're seeing already nicely curated sets of Editors' Picks and other things to really highlight and showcase some really great stuff for sale on Etsy.

因此，您已經看到精心策劃的編輯精選集和其他內容，以真正突出和展示一些在 Etsy 上出售的非常棒的東西。

We've improved the recommendations algorithms.

我們改進了推薦算法。

We continue to improve the search algorithms.

我們繼續改進搜索算法。

You will see our sellers are enabled to run cyber sales, so we will enable our sellers to participate in that this year like we did last year.

您會看到我們的賣家能夠進行網絡銷售，因此我們將使我們的賣家能夠像去年一樣參與今年的活動。

We built a better platform to allow for sales to happen with a lot less effort from our staff here at Etsy as well as from the sellers.

我們建立了一個更好的平台，讓我們在 Etsy 的員工和賣家的工作量大大減少，從而實現銷售。

So we think we're going to have a really great holiday experience, and we hope it turns into strong results as we guided for the quarter.

因此，我們認為我們將有一個非常棒的假期體驗，我們希望它能在我們為本季度提供指導時變成強勁的結果。

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

我們的下一個問題來自 Ronald Bookbinder 與 IFS Securities 的合作。

First, I was wondering if I could get a little clarification on shipping.

首先，我想知道我是否可以得到一些關於運輸的澄清。

You guys do negotiate -- Etsy does negotiate shipping fees with the major shippers to get the entrepreneurs the best shipping rates possible.

你們確實在協商——Etsy 確實與主要托運人協商運費，以使企業家獲得盡可能最好的運費。

Is that correct?

那是對的嗎？

And secondly, given your strong cash flow and EBITDA growth, do you think you could increase the debt leverage that you have and even do more share repurchases in the future?

其次，鑑於您強勁的現金流和 EBITDA 增長，您是否認為您可以增加現有的債務槓桿，甚至在未來進行更多的股票回購？

So -- thanks for your question.

所以——謝謝你的問題。

On the shipping, yes, we have carrier relationships in Canada and the U.S. We've got Canada Post, and in the U.S., we have United States Postal Service and FedEx.

在運輸方面，是的，我們在加拿大和美國有承運人關係。我們有加拿大郵政，在美國，我們有美國郵政服務和聯邦快遞。

And we just completed an arrangement with Royal Mail in the U.K. And we've said in the past that we're working close on also a carrier arrangement in Australia.

我們剛剛完成了與英國皇家郵政的安排。我們過去曾說過，我們正在密切合作，也在澳大利亞進行承運人安排。

So those things provide good rates for our sellers.

所以這些東西為我們的賣家提供了很好的價格。

And they can choose, or not, it's not required, to use our shipping label products, which not only gives them access to those preferred rates, but also gives them the ease of being able to easily print a shipping label and have accuracy with what the shipping cost is going to be.

他們可以選擇使用我們的運輸標籤產品，也可以選擇不使用，這不是必需的，這不僅使他們能夠獲得這些首選費率，而且還使他們能夠輕鬆打印運輸標籤並準確無誤運費將是。

So that's sort of a stepping stone to get a more unification on best rates that they can then pass forward to the customer and get things like tracking number so that we can better estimate delivery dates and things like that.

因此，這是獲得更統一的最佳費率的墊腳石，然後他們可以將其傳遞給客戶並獲得諸如跟踪號碼之類的信息，以便我們可以更好地估計交貨日期等。

But we're -- it's early days yet.

但我們 - 現在還為時尚早。

There's still a lot of opportunity on shipping, and that is one of them.

航運仍有很多機會，這就是其中之一。

On the debt leverage, yes, so you can look at our fundamentals and you can see that we have a pretty nice balance sheet, very clean and lots of opportunity to do further capital raise and financing and more to come on that.

在債務槓桿方面，是的，所以你可以看看我們的基本面，你可以看到我們的資產負債表非常好，非常乾淨，有很多機會進行進一步的融資和融資，還有更多的事情要做。

We announced our share buyback today, and we think that's a good use of capital for the moment.

我們今天宣布了股票回購，我們認為目前這是對資本的良好利用。

And we can talk more about balance sheet as we go forward.

隨著我們的前進，我們可以更多地談論資產負債表。

(Operator Instructions) And I am not showing any further questions at this time.

（操作員說明）此時我不會顯示任何進一步的問題。

Thank you all for your time.

謝謝大家的寶貴時間。

Talk to you next quarter.

下個季度再談。

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 today's program, and you may all disconnect.

這確實結束了今天的節目，你們都可以斷開連接。

Everyone, have a wonderful day.

每個人，祝你有美好的一天。