ETSY Inc (ETSY) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by.

女士們先生們，美好的一天，感謝你們的支持。

Welcome to the Q1 2019 Etsy, Inc.

歡迎來到 2019 年第一季度 Etsy, Inc.

Earnings Conference Call.

收益電話會議。

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

（操作員說明）作為提醒，正在錄製此電話會議以供重播。

It is now my pleasure to hand the conference over to Deb Wasser, Vice President of Investor Relations.

現在我很高興將會議交給投資者關係副總裁 Deb Wasser。

Ma'am, you may begin.

女士，您可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to Etsy's First Quarter 2019 Earnings Conference Call.

下午好，歡迎來到 Etsy 2019 年第一季度收益電話會議。

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 our remarks today includes forward-looking statements relating to our market opportunity, our financial guidance and key drivers thereof, anticipated marketing spend and other planned investments and their anticipated impact on our future financial results, anticipated product launches and impact of experiments, including on conversion rates, anticipated growth in active buyers and investments and timing of our migration to the cloud and its impact on -- and anticipated impact on our future financial results.

在我們開始之前，提醒一下我們今天的評論包括與我們的市場機會、我們的財務指導及其主要驅動因素、預期營銷支出和其他計劃投資及其對我們未來財務業績的預期影響、預期產品相關的前瞻性陳述實驗的啟動和影響，包括轉換率、活躍買家和投資的預期增長以及我們遷移到雲的時間及其對 - 以及對我們未來財務結果的預期影響。

Our actual results may differ materially.

我們的實際結果可能存在重大差異。

Forward-looking statements involve risks and uncertainties, which are described in our press release, our 10-K filed with the SEC on February 28, 2019, and our 10-Q that we expect to file with the SEC in the coming days.

前瞻性陳述涉及風險和不確定性，這些在我們的新聞稿、我們於 2019 年 2 月 28 日向 SEC 提交的 10-K 以及我們預計在未來幾天向 SEC 提交的 10-Q 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。

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

非 GAAP 指標與 GAAP 指標的對賬包含在今天的收益新聞稿中，您可以在我們的 IR 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。

We've created a short slide presentation to accompany today's opening remarks and recommend you follow along.

我們製作了一個簡短的幻燈片演示來配合今天的開場白，並建議您繼續觀看。

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。

I'll start by touching on Etsy's Q1 results, which you can see on Slide 4. Currency-neutral GMS growth was 21% and approximately 19% on an as-reported basis.

我將首先介紹 Etsy 的第一季度業績，您可以在幻燈片 4 中看到。貨幣中性 GMS 增長率為 21%，在報告基礎上約為 19%。

Revenue growth was 40%, and adjusted EBITDA margins expanded to 29%.

收入增長 40%，調整後的 EBITDA 利潤率擴大至 29%。

Etsy had a solid 2018 and 2019 is off to a similarly strong start, with currency-neutral GMS growth accelerating year-over-year.

Etsy 在 2018 年表現穩健，2019 年開局同樣強勁，貨幣中性 GMS 同比增長加速。

We're particularly pleased with these results given the softness we experienced at the beginning of the quarter and our decision to pause some marketing channels, which we reviewed with you on our last call.

鑑於我們在本季度初經歷的疲軟以及我們決定暫停某些營銷渠道的決定，我們對這些結果感到特別滿意，我們在上次電話會議上與您討論了這一點。

At our Investor Day in March, we outlined 4 strategic imperatives that together define Etsy's right to win, and what we believe form the foundation to unlocking our large market opportunity, which we sized at about $250 billion.

在 3 月份的投資者日，我們概述了 4 項戰略要務，它們共同定義了 Etsy 的獲勝權，以及我們認為構成釋放我們巨大市場機會的基礎，我們的規模約為 2500 億美元。

As a reminder, those are, first, creating a best-in-class search and discovery experience; second, enabling meaningful human connections; and third, building a trusted brand all while; fourth, leveraging our vast global collection of unique items.

提醒一下，這些首先是創造一流的搜索和發現體驗；第二，建立有意義的人際關係；第三，始終打造值得信賴的品牌；第四，利用我們龐大的全球獨特物品系列。

Over the last few months, we've reorganized our product teams to align with these 4 areas, and we're very pleased with the impact we're already seeing from this change.

在過去的幾個月裡，我們重組了我們的產品團隊以與這 4 個領域保持一致，我們對我們已經從這一變化中看到的影響感到非常高興。

We also reduced our marketing investments in certain channels in order to test their incrementality.

我們還減少了對某些渠道的營銷投資，以測試其增量。

We learned a great deal from these tests, which strengthened our confidence in the investments we plan to make for the remainder of 2019, all of which is consistent with our philosophy to stay very disciplined in our investment approach, while aggressively pursuing the areas that we believe can deliver profitable growth.

我們從這些測試中學到了很多，這增強了我們對我們計劃在 2019 年剩餘時間進行的投資的信心，所有這些都符合我們的理念，即在我們的投資方法中保持非常嚴格的紀律，同時積極追求我們認為的領域相信可以實現盈利增長。

We continue to focus on growing the Etsy marketplace in the U.S., and our top 5 other core geographies, a strategy that resulted in domestic vibrancy and particularly strong performance in both the U.K. and Germany.

我們繼續專注於發展美國的 Etsy 市場，以及我們其他前 5 大核心地區，這一戰略帶來了國內活力，尤其是在英國和德國的強勁表現。

Let's dive a bit deeper into some of the areas that impacted our Q1 results, starting with our product initiatives.

讓我們從我們的產品計劃開始，更深入地探討影響我們第一季度業績的一些領域。

Etsy's product development teams are oriented around solving our biggest customer challenges, with cross-functional teams, we call them squads, each assigned to a specific customer mission and business goal.

Etsy 的產品開發團隊以解決我們最大的客戶挑戰為導向，擁有跨職能團隊，我們稱之為團隊，每個團隊都分配給特定的客戶任務和業務目標。

We track experiment velocity, hit rate and win size across our entire portfolio, and we're continuously learning and iterating.

我們跟踪整個產品組合的實驗速度、命中率和獲勝規模，並且我們不斷學習和迭代。

After spending December and January, reorganizing to align with our rights to win, our product teams experiment velocity surged to an all-time high in Q1, largely due to work in February and March, which drove healthy GMS wins.

在經歷了 12 月和 1 月的重組以配合我們獲勝的權利後，我們的產品團隊在第一季度的實驗速度飆升至歷史新高，這主要歸功於 2 月和 3 月的工作，這推動了健康的 GMS 勝利。

Search and discovery continues to represent a key focus area for Etsy.

搜索和發現仍然是 Etsy 的重點關注領域。

With over 60 million items, simple searches on the site often yield an overwhelmingly large set of search results.

擁有超過 6000 萬個項目，在該網站上進行簡單搜索通常會產生大量的搜索結果。

In fact, 1/3 of all searches generate over 10,000 items each and we know that over 80% of purchases via search come from the first page of search results, making it critical that we surface the very best items higher in search.

事實上，所有搜索中有 1/3 每次都會生成超過 10,000 件商品，而且我們知道，通過搜索進行的購買中有 80% 以上來自搜索結果的第一頁，因此我們必須在搜索中將最好的商品顯示在較高位置。

Our goal is to take Etsy's vast sea of listings and make it feel more manageable and curated for buyers.

我們的目標是利用 Etsy 的海量列表，讓買家感覺更易於管理和策劃。

One way we're doing that in 2019 is to form a stronger point of view around quality and give more prominence to items that represent the best of Etsy.

我們在 2019 年這樣做的一種方式是圍繞質量形成更強烈的觀點，並更加突出代表 Etsy 最好的項目。

Historically, our search engine has optimized for conversion rate, giving prominence to lower-priced items that convert more often.

從歷史上看，我們的搜索引擎針對轉化率進行了優化，突出了轉化頻率更高的低價商品。

For example, favoring wedding dress hangers over wedding dresses.

例如，偏愛婚紗衣架而不是婚紗。

By incorporating price, we can train our algorithms to solve for GMS, and as a result, display a wider range of items, giving more appropriate prominence to higher-quality items.

通過結合價格，我們可以訓練我們的算法來解決 GMS，從而顯示更廣泛的項目，更適當地突出更高質量的項目。

In the first quarter, we ran our first test incorporating price into our search ranking algorithm, which resulted in a positive impact on GMS.

在第一季度，我們進行了第一次測試，將價格納入我們的搜索排名算法，這對 GMS 產生了積極影響。

We're encouraged by this early success and believe we are at the very beginning of what will be a fruitful journey to elevate our best value items and sellers.

我們對這一早期成功感到鼓舞，並相信我們正處於提升我們最有價值的商品和賣家的富有成效的旅程的開始。

As a result, improving conversion rate, AOV and most importantly, customer loyalty.

結果，提高了轉化率、AOV，最重要的是，提高了客戶忠誠度。

An important foundation to this work has been our cloud migration, which is enabling us to leverage more sophisticated algorithms via our access to Elastic Compute power.

這項工作的一個重要基礎是我們的雲遷移，這使我們能夠通過訪問 Elastic Compute 功能來利用更複雜的算法。

We're also developing a more localized experience that welcomes buyers and sellers from around the globe.

我們還在開發一種更加本地化的體驗，歡迎來自全球各地的買家和賣家。

And in Q1, we saw some nice wins for international buyers, searching for products in their own market.

在第一季度，我們看到國際買家在他們自己的市場上搜索產品時取得了一些不錯的勝利。

It's amazing how small modifications can punch above their weight.

令人驚奇的是，微小的修改可以超越它們的重量。

For example, one of many localization changes we made in the quarter was a change in the U.K. from the word shipping to delivery to be consistent with the local lexicon.

例如，我們在本季度進行的眾多本地化更改之一是在英國從單詞 shipping 更改為 delivery 以與當地詞典保持一致。

This simple change drove a meaningful increase in conversion.

這個簡單的改變大大提高了轉化率。

On a larger scale, we're embarking on a major initiative to reevaluate how we index our inventory in French and German, which we expect to dramatically improve non-English search in those core geographies.

在更大範圍內，我們正在著手一項重大舉措，以重新評估我們如何用法語和德語為我們的庫存編制索引，我們希望這將顯著改善這些核心地區的非英語搜索。

This is another example of a critical growth initiative, which wouldn't be practical without our cloud migration.

這是關鍵增長計劃的另一個例子，如果沒有我們的雲遷移，這將是不切實際的。

Another area of focus during the quarter was to improve conversion rate by delivering recommendations that better reflect our buyers' style and taste.

本季度的另一個重點領域是通過提供更能反映買家風格和品味的建議來提高轉化率。

Previously, we relied only on a subset of our available data and linear models to inform our recommendations.

以前，我們僅依靠可用數據和線性模型的一個子集來為我們的建議提供信息。

With our cloud capacity kicking in, we're now beginning to enrich recommendations on listing and landing pages by incorporating more information and leveraging more detail about buyers' previous purchases, item views and items they've added to their carts.

隨著我們的雲容量的啟動，我們現在開始通過合併更多信息並利用有關買家之前購買的商品、商品視圖和他們添加到購物車的商品的更多詳細信息來豐富列表和登錄頁面上的建議。

Over time, this can be expanded to personalize further, incorporating things like repeat purchase prediction, image aesthetics, occasions and a vast array of metadata.

隨著時間的推移，這可以擴展到進一步個性化，包括重複購買預測、圖像美學、場合和大量元數據等內容。

We think there's a lot of runway to optimize recommendations in order to yield a richer and more personalized experience, positively impacting conversion rates and customer loyalty.

我們認為有很多方法可以優化推薦，以產生更豐富、更個性化的體驗，從而對轉化率和客戶忠誠度產生積極影響。

We also have significant runway to increase one of the most special parts of Etsy, the human connection.

我們還有重要的跑道來增加 Etsy 最特殊的部分之一，即人際關係。

Transactions that feature a conversation between an Etsy buyer and seller converted 13x the normal rate and a 200% of the typical price.

以 Etsy 買賣雙方之間的對話為特色的交易轉換率為正常價格的 13 倍和典型價格的 200%。

So in the first quarter, we made several improvements to our convo tool, making it easier for buyers to message sellers directly from shop and listing pages, and helping sellers to answer more efficiently.

因此，在第一季度，我們對我們的 Convo 工具進行了多項改進，使買家可以更輕鬆地直接從商店和列表頁面向賣家發送消息，並幫助賣家更有效地回复。

During the first quarter, we also continued to educate our sellers about the importance of shipping prices and practices.

在第一季度，我們還繼續就運費和做法的重要性對我們的賣家進行教育。

Our overarching goal for 2019 is to reset buyers' perception of shipping on Etsy in order to remove friction and encourage buyers to shop on our marketplace more frequently.

我們 2019 年的總體目標是重塑買家對 Etsy 運輸的看法，以消除摩擦並鼓勵買家更頻繁地在我們的市場上購物。

Etsy's transition to the cloud has played a role in nearly every product development example I've mentioned.

Etsy 向雲的過渡在我提到的幾乎每個產品開發示例中都發揮了作用。

The migration is a complex technical undertaking, but I'm happy to report that we are ahead of schedule and the transition has gone smoothly.

遷移是一項複雜的技術工作，但我很高興地向大家報告，我們提前完成了遷移，而且遷移過程很順利。

We're also exploring ways to optimize use -- optimize usage to leverage all the possibilities of efficiency.

我們也在探索優化使用的方法——優化使用以利用所有提高效率的可能性。

I'm especially pleased about the growth that is just beginning to be enabled by our more powerful infrastructure.

我對我們更強大的基礎設施剛剛開始實現的增長感到特別高興。

Now let's turn to marketing.

現在讓我們轉向營銷。

We used Q1 to recalibrate our marketing spend, pulling back from less mature channels, like digital video and television, in order to more closely examine the incrementality of returns from those investments and to refine our attribution models.

我們在第一季度重新調整了我們的營銷支出，從數字視頻和電視等不太成熟的渠道撤出，以便更仔細地檢查這些投資的回報增量並改進我們的歸因模型。

We ran no television advertising in the first quarter, we reduced our non-brand SEM spend and we paused some of our affiliate marketing.

我們在第一季度沒有投放電視廣告，減少了非品牌 SEM 支出，並暫停了一些聯屬網絡營銷。

These tests yielded important insights.

這些測試產生了重要的見解。

Many of those channels were returning greater ROI than we were previously attributing, and some were returning less.

其中許多渠道的投資回報率高於我們之前的預測，而有些渠道的回報率較低。

In the quarter, we've incorporated those learnings into our attribution model, and have resumed some but not all of these less mature channels in the second quarter.

在本季度，我們將這些經驗納入我們的歸因模型，並在第二季度恢復了一些但不是所有這些不太成熟的渠道。

Going forward, you can expect to see our marketing levels elevate again, given the confidence and insights we've gained.

展望未來，鑑於我們獲得的信心和洞察力，您可以期待看到我們的營銷水平再次提升。

In spite of the pullback in marketing spend, Etsy's active buyer count hit 41 million in the first quarter, demonstrating strong growth.

儘管營銷支出有所回落，但 Etsy 的活躍買家數量在第一季度達到了 4100 萬，顯示出強勁的增長。

I believe that Etsy has a significant opportunity to build greater awareness and relevance through higher funnel advertising.

我相信 Etsy 有很大的機會通過更高的渠道廣告來建立更高的知名度和相關性。

Our buyer NPS scores are high, and buyers report that they feel strong advocacy and loyalty towards Etsy.

我們的買家 NPS 得分很高，買家報告說他們對 Etsy 有強烈的擁護和忠誠度。

They just don't know when to think of us.

他們只是不知道什麼時候該想起我們。

Last week, we launched a new TV campaign, which is airing on national cable and some targeted prime time television networks and on selected digital channels.

上週，我們發起了一項新的電視宣傳活動，該活動在國家有線電視和一些有針對性的黃金時段電視網絡以及選定的數字頻道上播出。

Our new moat messaging focuses on buying things that matter to you, highlighting our great merchandise in a way that shows more relevance more often.

我們新的護城河信息側重於購買對您來說重要的東西，以更頻繁地顯示更多相關性的方式突出我們的優質商品。

We believe TV, cable and digital video are all potentially great channels for Etsy to reach broad audiences, further enhancing loyalty to our brand and without a dependency on referral sources, like Google or Facebook.

我們認為，電視、有線電視和數字視頻都是 Etsy 接觸廣泛受眾的潛在好渠道，可以進一步提高對我們品牌的忠誠度，並且無需依賴推薦來源，如穀歌或 Facebook。

Our campaign centers on showing buyers examples of many different relevant purchase occasions, along with the kinds of beautiful high-quality merchandise they can find across a wide range of categories and occasions.

我們的活動重點是向買家展示許多不同的相關購買場合的例子，以及他們可以在各種類別和場合找到的精美優質商品。

As I've said many times, Etsy is committed to being both a great business and a great citizen.

正如我多次說過的，Etsy 致力於成為偉大的企業和偉大的公民。

We believe we can drive strong financial results and improve our impact on the world simultaneously.

我們相信我們可以推動強勁的財務業績，同時改善我們對世界的影響。

And that in fact, these 2 objectives are mutually reinforcing.

事實上，這兩個目標是相輔相成的。

During the quarter, Etsy became the first global e-commerce company to offset 100% of carbon emissions generated by shipping.

在本季度，Etsy 成為第一家抵消 100% 航運產生的碳排放的全球電子商務公司。

We're proud to lead from the front and mobilize the e-commerce industry on behalf of our sellers.

我們很自豪能夠代表我們的賣家走在前線並動員電子商務行業。

Not only is this good for the planet, it's also good for business, with 90% of our buyers saying that environmental sustainability matters to them.

這不僅對地球有好處，對企業也有好處，我們 90% 的買家表示環境可持續性對他們很重要。

In fact, conversion rate increased on our checkout page and we included messaging about our carbon neutrality initiatives.

事實上，我們結帳頁面的轉化率有所提高，並且我們包含了有關我們的碳中和計劃的信息。

In closing, last week marked my 2-year anniversary since joining Etsy, or as we say around here, my etsyversary, and what a journey it's been.

最後，上周是我加入 Etsy 2 週年紀念日，或者正如我們在這裡所說的那樣，我的 etsyversary，這是一段多麼美好的旅程。

I'm so incredibly proud of this team and all of the progress we've made in such a short amount of time.

我為這個團隊以及我們在如此短的時間內取得的所有進步感到無比自豪。

And of course, this was only possible because the underlying business has so much potential with such a strong community of amazing artists and creative entrepreneurs offering something so relevant in today's world of bland and commoditized commerce.

當然，這之所以成為可能，是因為基礎業務具有如此強大的潛力，擁有如此強大的令人驚嘆的藝術家和創意企業家社區，他們提供的東西在當今乏味和商品化的商業世界中如此相關。

And with our clear technology, product and marketing roadmaps, a deep bench of talent, our engaged community and solid financial footing, I firmly believe we can execute on our long-term strategy and deliver sustained growth.

憑藉我們清晰的技術、產品和營銷路線圖、深厚的人才儲備、我們積極參與的社區和穩固的財務基礎，我堅信我們能夠執行我們的長期戰略並實現持續增長。

We're just getting started, capturing the opportunities within our unique two-sided marketplace.

我們才剛剛開始，在我們獨特的雙邊市場中抓住機會。

In short, I've never felt more optimistic about the potential for Etsy than I do today.

簡而言之，我從未像今天這樣對 Etsy 的潛力感到樂觀。

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。

Thanks, Josh.

謝謝，喬希。

We're pleased with our Q1 performance and delivery of both top and bottom line results.

我們對第一季度的業績以及最高和最低業績的交付感到滿意。

First quarter GMS growth was 18.9%.

第一季度 GMS 增長率為 18.9%。

Despite some initial headwinds cited on our last earnings call, strong product launches in the latter half of the quarter contributed to meaningful GMS wins, and we were pleased to see very healthy growth overall for the quarter.

儘管我們在上次財報電話會議上提到了一些最初的不利因素，但本季度後半段強勁的產品發佈為 GMS 贏得了有意義的勝利做出了貢獻，我們很高興看到本季度的整體增長非常健康。

Revenue grew 40% year-over-year to $169.3 million, with growth in both marketplace and services.

隨著市場和服務的增長，收入同比增長 40% 至 1.693 億美元。

Adjusted EBITDA margin expanded 750 basis points to 29% in Q1 as we gained leverage across each of our operating expense lines compared to last year.

調整後的 EBITDA 利潤率在第一季度擴大了 750 個基點，達到 29%，因為與去年相比，我們在每個運營支出項目中都獲得了槓桿作用。

We had a 19% increase in headcount year-over-year.

我們的員工人數同比增長了 19%。

But this increase in resources helped to drive new product wins, which in turn helped GMS growth.

但這種資源的增加有助於推動新產品的贏得，這反過來又有助於 GMS 的增長。

Our high EBITDA margin in the quarter was also helped by our intentional pullback in marketing spend.

我們本季度的高 EBITDA 利潤率也得益於我們有意削減營銷支出。

We successfully improved many of our operational metrics as well.

我們還成功改進了許多運營指標。

Q1 active buyers increased 18% to $41 million.

第一季度活躍買家增加 18% 至 4100 萬美元。

GMS per active buyer on a trailing 12-month basis was up nearly 2%, and has generated growth of 2% or higher for 3 consecutive quarters, evidence that we are continuing to make progress improving frequency.

每個活躍買家的 GMS 在過去 12 個月的基礎上增長了近 2%，並且連續 3 個季度增長了 2% 或更高，這表明我們在提高頻率方面繼續取得進展。

Active sellers increased 13%, driven in large part by growth in international sellers.

活躍賣家增加了 13%，這在很大程度上是受國際賣家增長的推動。

International GMS was 38% of overall GMS in the quarter.

本季度國際 GMS 佔整體 GMS 的 38%。

And at 33%, international GMS growth was the highest we have reported since early 2015.

國際 GMS 增長率為 33%，是我們自 2015 年初以來報告的最高增長率。

While we won't review the P&L in detail shown on Slide 12, I'd like to add a bit more color in 2 areas.

雖然我們不會詳細審查幻燈片 12 中顯示的損益表，但我想在 2 個方面添加更多顏色。

First, on marketing spend.

首先，營銷支出。

In Q1, we pulled back across certain of our channels to digest our learnings from the Q4 spending increase, particularly on less mature channels.

在第一季度，我們撤回了某些渠道，以消化我們從第四季度支出增長中吸取的教訓，尤其是在不太成熟的渠道上。

Despite our pullback in marketing, organic GMS grew in line with overall GMS growth in Q1 and accelerating compared to Q4.

儘管我們在營銷方面有所回落，但有機 GMS 的增長與第一季度的整體 GMS 增長保持一致，並且與第四季度相比有所加速。

GMS from paid channels conversely contracted 500 basis points to 15% of overall GMS compared to last quarter.

與上一季度相比，來自付費渠道的 GMS 相反收縮了 500 個基點，佔整體 GMS 的 15%。

This demonstrates that our marketing investments in prior periods have a multi-quarter impact on growth.

這表明我們前期的營銷投資對增長有多個季度的影響。

Now with more data on the incremental return by channel, we have rebalanced our marketing portfolio, investing across many channels where we have even more confidence, and pulling back on lower-performing channels.

現在有了更多關於渠道增量回報的數據，我們已經重新平衡了我們的營銷組合，投資於我們更有信心的許多渠道，並撤回表現不佳的渠道。

We will continue to test and optimize our channel spend while also leveraging new insights to better target our audience, segmenting buyers by customer type, such as habitual versus repeat, as well as by products category.

我們將繼續測試和優化我們的渠道支出，同時利用新的洞察力更好地瞄准我們的受眾，按客戶類型（例如習慣性與回頭客）以及產品類別對買家進行細分。

One of the less mature channels that shows promise is television and digital video.

顯示出希望的不太成熟的渠道之一是電視和數字視頻。

As Josh mentioned, we have developed a creative campaign that highlights the breadth and depth of products we offer and helps tell an Etsy story.

正如 Josh 提到的，我們開展了一項創意活動，突出了我們提供的產品的廣度和深度，並幫助講述了 Etsy 的故事。

How many special and meaningful moments there are in life, and when to think of Etsy for so many of those moments.

生活中有多少特別而有意義的時刻，以及在這些時刻中什麼時候想起 Etsy。

All of the creative costs for this campaign will be expensed in Q2, and media will be running through most of May and June, so we expect significantly higher marketing expenses in the quarter versus last year and last quarter.

該活動的所有創意成本都將在第二季度支出，媒體將在 5 月和 6 月的大部分時間運行，因此我們預計該季度的營銷費用將比去年和上一季度顯著增加。

The television campaign is structured to maximize both reach and frequency, and we expect the impact from the campaign will build over time, as a large audience is exposed to the ads many times over a 2-month period.

電視活動的結構旨在最大限度地提高覆蓋面和頻率，我們預計該活動的影響將隨著時間的推移而擴大，因為在 2 個月的時間裡，大量觀眾會多次看到廣告。

We will continue to invest in this channel into the second half of the year.

我們將在下半年繼續對該渠道進行投資。

The second area to discuss is our spend on Google Cloud, which includes implementation costs and costs related to cloud usage for growth initiatives.

第二個要討論的領域是我們在谷歌云上的支出，其中包括實施成本和與雲使用相關的增長計劃成本。

We believe this is an investment that will have a positive impact on GMS growth in future years as we leverage the benefit of the Elastic Compute enabled by our cloud infrastructure.

我們相信這項投資將在未來幾年對 GMS 的增長產生積極影響，因為我們利用了我們的雲基礎設施支持的彈性計算的優勢。

We are pleased with the progress of the cloud migration and are ahead of schedule.

我們對雲遷移的進展感到滿意，並且提前完成了。

This has resulted in higher spend than we previously -- than we expected in Q1, primarily due to investments in machine learning growth initiatives, and we are now expecting our full year cloud expenses to be higher than we cited on our last call.

這導致支出高於我們之前的支出——高於我們在第一季度的預期，這主要是由於對機器學習增長計劃的投資，我們現在預計全年的雲支出將高於我們在上次電話會議上提到的支出。

These costs are included in our current guidance.

這些成本包含在我們當前的指南中。

I'll dive a bit deeper into why our cloud costs are running a bit hot for us.

我將更深入地探討為什麼我們的云成本對我們來說有點熱。

First, based on the fantastic work of our engineering team, we are ahead of schedule in migrating our site to the cloud, and expect the migration to be complete in early 2020.

首先，基於我們工程團隊的出色工作，我們提前將站點遷移到雲端，預計遷移將在 2020 年初完成。

Our migration strategy is to lift and shift, meaning that all our capabilities are being transitioned, yet optimization has not yet begun.

我們的遷移策略是提升和轉移，這意味著我們所有的能力都在轉移，但優化還沒有開始。

Second, and most importantly, now that we are in the cloud, we have seen how much pent-up demand and opportunity there is to improve our machine learning capabilities.

其次，也是最重要的，既然我們在雲中，我們已經看到有多少被壓抑的需求和機會來提高我們的機器學習能力。

We see this as a growth investment and have made a conscious choice to invest more into this opportunity.

我們將此視為一項增長投資，並有意識地選擇對這一機會進行更多投資。

We evaluate these cloud costs much like we do our marketing investments with a disciplined ROI lens and the usage is higher than planned, we see the potential for strong returns from these investments.

我們評估這些云成本就像我們使用嚴格的 ROI 鏡頭進行營銷投資一樣，並且使用率高於計劃，我們看到了這些投資帶來豐厚回報的潛力。

Importantly, we will offset these higher-than-planned investments with trade-offs from within our portfolio and as a result, our outlook on EBITDA margins remains unchanged.

重要的是，我們將通過在我們的投資組合中進行權衡來抵消這些高於計劃的投資，因此，我們對 EBITDA 利潤率的展望保持不變。

I'll talk more about our guidance for the year in just a few moments.

稍後我將更多地討論我們今年的指導方針。

I have a few quick accounting notes for your models.

我有一些關於你的模型的快速會計筆記。

As of January 1, 2019, Etsy has adopted the new lease standard and we expect to recognize an additional $8.5 million of depreciation annually, partially offset by decreased interest of approximately $7 million, primarily related to our Brooklyn headquarters.

自 2019 年 1 月 1 日起，Etsy 已採用新的租賃標準，我們預計每年將額外確認 850 萬美元的折舊，部分抵消了約 700 萬美元的利息減少，這主要與我們的布魯克林總部有關。

The impact of this new accounting standard is noncash.

這一新會計準則的影響是非現金的。

Two items related to our balance sheet, which you can find in the appendix of our slide deck.

與我們的資產負債表相關的兩個項目，您可以在我們幻燈片的附錄中找到。

First, we repurchased $27.5 million of our stock in Q1, or approximately 530,000 shares.

首先，我們在第一季度回購了 2750 萬美元的股票，即約 530,000 股。

Also, you will see a significant reduction in accounts receivable as a direct result of our implementation of simplified shop finances, also known as single ledger, for our sellers, which nets Etsy fees against their sales.

此外，您會看到應收賬款顯著減少，這是我們為賣家實施簡化商店財務（也稱為單一分類賬）的直接結果，它從銷售額中扣除 Etsy 費用。

Turning to our 2019 outlook.

轉向我們的 2019 年展望。

We are raising GMS guidance to 18% to 21% growth, driven by product development efforts, which have been delivering incremental GMS wins, as well as confidence in the portfolio of investments we are making in marketing, including our new television campaign.

在產品開發工作的推動下，我們將 GMS 指導提高到 18% 至 21% 的增長，這些工作一直在增加 GMS 的勝利，以及對我們在營銷方面進行的投資組合的信心，包括我們的新電視活動。

We are also raising our revenue guidance to 30% to 32%.

我們還將收入指引提高到 30% 至 32%。

As a reminder, we had a onetime benefit of $2.8 million related to Etsy Shipping Label revenue in the second quarter of 2018 that will not recur in 2019.

提醒一下，我們在 2018 年第二季度獲得了與 Etsy Shipping Label 收入相關的 280 萬美元一次性收益，該收益不會在 2019 年再次出現。

This may be distorting some of your Q2 2019 models.

這可能會扭曲您的某些 Q2 2019 模型。

We are maintaining our EBITDA guidance in the range of 23% to 25%.

我們將 EBITDA 指引維持在 23% 至 25% 的範圍內。

This reflects our confidence in the value of investments we're making in marketing and cloud computing, which we expect to contribute to our strong book growth this year, and also have longer-term benefit for the fiscal year.

這反映了我們對我們在營銷和雲計算方面的投資價值的信心，我們預計這將有助於我們今年強勁的賬面增長，並為本財年帶來長期利益。

As we look at the margin cadence for the rest of the year, we currently expect Q2 and Q3 2019 margins to be significantly lower than Q1 and Q4 margins.

當我們審視今年剩餘時間的利潤率節奏時，我們目前預計 2019 年第二季度和第三季度的利潤率將大大低於第一季度和第四季度的利潤率。

We also want to reiterate our long-term goal to achieve adjusted EBITDA margins of 30% or higher within a 5-year time horizon.

我們還想重申我們的長期目標，即在 5 年的時間範圍內實現 30% 或更高的調整後 EBITDA 利潤率。

In summary, we're very pleased with our strong start to the year.

總而言之，我們對今年的強勁開局感到非常滿意。

We are excited about our ability to grow our marketplace, while simultaneously driving profit margin expansion.

我們對我們發展市場的能力感到興奮，同時推動利潤率擴張。

We are rigorous in allocating resources to those that will produce the highest value.

我們嚴格地將資源分配給那些能產生最高價值的資源。

With a balanced portfolio of strategic investments across product, marketing and optimized infrastructure, we believe we will continue to deliver strong and sustained growth.

憑藉跨產品、營銷和優化基礎設施的平衡戰略投資組合，我們相信我們將繼續實現強勁和持續的增長。

Thank you for all your time today.

謝謝你今天抽空。

We will now take your questions.

我們現在將回答您的問題。

(Operator Instructions) And your first question will come from the line of Kunal Madhukar with Deutsche Bank.

（操作員說明）您的第一個問題將來自德意志銀行的 Kunal Madhukar。

One on the marketing side of things.

一個在營銷方面。

What is the -- what was the specific learning from the TV spend that you guys did last year?

什麼是——你們去年從電視支出中學到的具體知識是什麼？

And how does that translate into the spend -- or the strategy to spend this year?

這如何轉化為支出 - 或者今年的支出策略？

And as a follow-up to that, it would be great to kind of understand, are there specific KPIs that we should be tracking or that you would be disclosing, that can help us understand or better understand the ROI from that spend?

作為後續行動，很高興了解一下，我們是否應該跟踪或您將披露的特定 KPI 是否可以幫助我們了解或更好地了解該支出的投資回報率？

Yes.

是的。

So I'd say we look at 2 things: we look at leading metrics, which are really brand health metrics; and then we look at performance in the nearer-term.

所以我想說我們看兩件事：我們看領先指標，這是真正的品牌健康指標；然後我們看看近期的表現。

So starting with the leading metrics, we -- in measuring brand health, so things like unaided awareness, but also intent to purchase loyalty and advocacy.

因此，從領先指標開始，我們——衡量品牌健康狀況，比如獨立意識，還有購買忠誠度和宣傳的意圖。

And what we've seen is that audiences exposed to the TV campaign see meaningful increases in brand health metric.

我們所看到的是，觀看電視廣告的觀眾看到品牌健康指標顯著增加。

So things like Etsy is relevant to me, Etsy is a place I'd intend to buy, Etsy is a brand that I would recommend to friends.

所以像 Etsy 這樣的東西與我相關，Etsy 是我打算購買的地方，Etsy 是我會推薦給朋友的品牌。

So we think that those are important leading indicators, and we're encouraged with the progress we are seeing.

因此，我們認為這些是重要的領先指標，我們對所看到的進展感到鼓舞。

We also try to track the results on -- in terms of actual purchase behavior.

我們還嘗試根據實際購買行為跟踪結果。

When we ran the geographic tests at the beginning of 2018, those were really designed to be able to measure more precisely growth in quarter.

當我們在 2018 年初進行地理測試時，這些測試實際上是為了能夠更準確地衡量季度增長。

The challenge of doing a test like that is that it's much more expensive to test locally, so you've got to sort of extrapolate what that ROI would have been had you been benefiting from a national buy.

進行這樣的測試的挑戰在於，在本地進行測試的成本要高得多，因此您必須推斷出如果您從全國購買中受益，投資回報率會是多少。

So in the latter part of 2018, we did national buys.

所以在 2018 年下半年，我們進行了全國性收購。

And the benefit is, we get a lot more cost leveraged.

好處是，我們獲得了更多的成本槓桿。

The ROI looked good as best we could measure it.

投資回報率看起來不錯，我們可以衡量它。

We felt encouraged by what we saw.

我們為所見所聞感到鼓舞。

It's obviously harder to measure -- we had a strong year last year, including a strong end to the year last year, and we felt really good about that, we think many of you did as well.

這顯然更難衡量——我們去年表現強勁，包括去年年底的強勁表現，我們對此感覺非常好，我們認為你們中的許多人也是如此。

Parsing out exactly how much of that was due to TV versus other things that were also going well is a combination of art and science.

準確地分析出其中有多少是由於電視和其他同樣進展順利的事情是藝術和科學的結合。

Our combination of art and science resulted in us feeling good enough about it to want to keep going in 2019.

藝術與科學的結合讓我們感覺良好，想要在 2019 年繼續前進。

So we're encouraged by TV.

所以我們受到電視的鼓舞。

We think it can be a great channel, particularly given the position Etsy is in, with a lot of people saying that they really have affection for Etsy, they believe in Etsy, but they're not sure when to think of Etsy.

我們認為它可以成為一個很好的渠道，特別是考慮到 Etsy 所處的位置，很多人說他們真的很喜歡 Etsy，他們相信 Etsy，但他們不確定什麼時候會想到 Etsy。

That's the kind of challenge that higher funnel advertising like TV and digital video can be very well designed to address.

電視和數字視頻等較高渠道的廣告可以通過精心設計來應對這種挑戰。

I'll say one last thing before I stop, which is just we also like the fact that building the core destination of Etsy, with a brand that is not reliant on referral streams, like Google and Facebook and others.

在我停下來之前我要說最後一件事，那就是我們也喜歡這樣一個事實，即建立 Etsy 的核心目的地，其品牌不依賴於推薦流，如穀歌和 Facebook 等。

We think it's great.

我們認為這很棒。

And -- so TV is a channel that can scale very well and continue to build loyalty to us as a destination, and we think that's a worthy objective.

而且 - 所以電視是一個可以很好地擴展並繼續建立對我們作為目的地的忠誠度的渠道，我們認為這是一個有價值的目標。

And then specifically to your question about what KPI should we be looking for, I think the top one is GMS, so we're striving to grow GMS by using as efficiently we can every part in the funnel.

然後具體到你關於我們應該尋找什麼 KPI 的問題，我認為最重要的是 GMS，因此我們正在努力通過盡可能有效地使用漏斗中的每個部分來發展 GMS。

And then we, over time, are trying to also grow frequency, so those are the -- and do this profitably.

然後，隨著時間的推移，我們也在努力提高頻率，所以這些都是——而且這樣做是有利可圖的。

So you can also look to EBITDA as we go.

因此，您也可以隨時查看 EBITDA。

And our next question will come from the line of Maria Ripps with Canaccord Genuity.

我們的下一個問題將來自 Maria Ripps 與 Canaccord Genuity 的合作。

Josh, I wanted to ask you about your international strategy, particularly given a strong buyer and seller additions in the quarter.

喬希，我想問你關於你的國際戰略，特別是考慮到本季度有大量的買家和賣家。

Are there any markets outside of the core 6 and besides India, where you have sufficient buyer and seller liquidity on the platform and -- that may warrant additional investment in the near term to strengthen your operations in those markets?

在核心 6 之外和印度之外，是否有任何市場，您在平台上有足夠的買家和賣家流動性，並且 - 可能需要在短期內進行額外投資以加強您在這些市場的運營？

Yes, great question.

是的，很好的問題。

So I'd start by saying, we're really encouraged by what we're seeing in the U.K. and now Germany as well, where both of those markets are now more than 50% domestic trade.

所以我首先要說，我們對英國和現在的德國所看到的情況感到非常鼓舞，這兩個市場現在都超過 50% 的國內貿易。

So buyers buying in the U.K., more than 50% of their purchases come from sellers in the U.K., and we think that's a really encouraging sign.

因此，在英國購買的買家中，超過 50% 的購買來自英國賣家，我們認為這是一個非常令人鼓舞的跡象。

We'd love to see that repeated in France and Australia and Canada and -- we're growing our presence in India.

我們很樂意看到這種情況在法國、澳大利亞和加拿大重演——我們正在擴大我們在印度的業務。

Although India, I want to point out, we're really focused on an export strategy in India.

儘管印度，我想指出，我們真正專注於印度的出口戰略。

Those are the core markets we're focused on, and I want to be careful about not spreading ourselves too thin with our investment dollars, particularly around the buy side, around things like performance marketing to drive buying activity.

這些是我們關注的核心市場，我想注意不要將我們的投資資金分散得太細，特別是圍繞買方，圍繞績效營銷等推動購買活動的事情。

I do want to take a minute to highlight that a global marketplace is a wonderful thing, and we see a lot of benefits from being global, and there's a great amount of activity happening outside of those core markets that is terrific.

我確實想花點時間強調一下，全球市場是一件很棒的事情，我們看到了全球化帶來的很多好處，而且在那些非常棒的核心市場之外發生了大量活動。

So for example, we're seeing wonderful sellers in Lithuania and the Ukraine that are selling clothing, linen and apparel and bedding among many other kinds of products, but in those categories in particular, we're seeing real vibrancy, and it makes the e-commerce experience much richer to be able to buy these great products at great value all around the world.

因此，例如，我們在立陶宛和烏克蘭看到了出色的賣家，他們銷售服裝、亞麻製品、服裝和床上用品以及許多其他種類的產品，但特別是在這些類別中，我們看到了真正的活力，這使得電子商務體驗更加豐富，能夠在世界各地以超值的價格購買這些優質產品。

Israel, we're seeing wonderful things in a bunch of different categories, including shoes, leather shoes coming out of Israel are really interesting, and I could go on and on.

以色列，我們看到了很多不同類別的美妙事物，包括來自以色列的鞋子、皮鞋真的很有趣，我可以繼續說下去。

Lots of different countries that have specialties in different craft that make the market better.

許多不同的國家/地區在不同的工藝方面具有特色，從而使市場變得更好。

Many times those are export or stronger as an export in those longer-term markets, because it's a great chance to reach a buyer market in big markets like the U.S., the U.K. and Germany.

很多時候，這些產品是出口的，或者作為出口產品在那些長期市場上更強大，因為這是進入美國、英國和德國等大市場的買方市場的絕佳機會。

I'll just add that the -- that trade route, we call it the international domestic trade route, which is an international buyer and seller within the same country, is the fastest-growing trade route.

我只想補充一點——那條貿易路線，我們稱之為國際國內貿易路線，它是同一國家內的國際買家和賣家，是增長最快的貿易路線。

So we're actually seeing real progress on that sort of a local search.

所以我們實際上看到了這種本地搜索的真正進展。

The -- next fastest is actually the U.S. import, meaning that we've got a lot of buyers that are -- that have a high demand for all of that rich product that's coming from all over the world, as Josh described, these fantastic wins coming out of Eastern Europe and so on.

下一個最快的實際上是美國進口，這意味著我們有很多買家 - 他們對來自世界各地的所有豐富產品有很高的需求，正如喬希所描述的，這些非常棒來自東歐的勝利等等。

So building markets like India that'll be a great export market, is very beneficial to the marketplace as well.

因此，建立像印度這樣的巨大出口市場，對市場也非常有利。

And our next question will come from the line of Heath Terry with Goldman Sachs.

我們的下一個問題將來自高盛的希思特里。

I was wondering if you can give us a sense, to the extent that you've continued to make the investments that you have in both technology and marketing.

我想知道您是否可以告訴我們您是否繼續在技術和營銷方面進行投資。

Where are you seeing strength, particularly in customer engagement but also in new customer addition, is there a way to disaggregate the drivers behind those 2 things?

您在哪裡看到優勢，特別是在客戶參與度和新客戶增加方面，有沒有辦法分解這兩件事背後的驅動因素？

What you would attribute to the investments that you're making in marketing, and maybe separately, marketing efficiencies, but also sort of where you're seeing the benefits from the technology spend that you put behind, better search, better personalization.

你會把什麼歸因於你在營銷方面所做的投資，也許單獨地，營銷效率，但也可以歸因於你看到你投入的技術支出帶來的好處，更好的搜索，更好的個性化。

Just really trying to get a sense of the 2 drivers there?

只是真的想了解那裡的 2 個驅動程序？

And to the extent that you're seeing this improvement in marketing ROI, does that -- did you -- any real desire to want to step up the level of marketing spend that you're seeing or change the weight in which of those 2 things you're prioritizing?

就您看到的營銷投資回報率的改善而言，您是否真的希望提高您所看到的營銷支出水平或改變其中 2 個權重你優先考慮的事情？

Yes, sure.

是的，當然。

So in terms of where we are seeing the benefit, let me start with the product side.

因此，就我們看到的好處而言，讓我從產品方面開始。

Most of the gains we've seen on the product side in the near term have been in conversion rate.

近期我們在產品方面看到的大部分收益都體現在轉化率方面。

We're doing a better job of converting visits into purchases, and that's spread across both new buyers and existing buyers.

我們在將訪問轉化為購買方面做得更好，這在新買家和現有買家中都有體現。

So that's where we put most of our energy and that's where we're seeing most of the benefit.

所以這就是我們投入大部分精力的地方，也是我們看到最多收益的地方。

Now if you visit and you find something you like and you actually buy it, that's a pretty good experience.

現在，如果您訪問並找到自己喜歡的東西並實際購買，那將是一次非常好的體驗。

So I think the gains we're seeing in frequency in no small measure, comes from the fact that we're actually delivering a more -- a better experience on the site, which has people coming back more often.

所以我認為我們在頻率上看到的收益在很大程度上來自於我們實際上在網站上提供了更多 - 更好的體驗，這讓人們更頻繁地回來。

In terms of our making more progress on getting new people or engaging existing people, I'd say it's been relatively evenly spread.

就我們在吸引新人或吸引現有人員方面取得更多進展而言，我想說它的分佈相對均勻。

And one of the things that I find very interesting about Etsy is that people, when we talk to buyers who haven't shopped with us for a while, they actually think they have shopped with us for a while, more recently than what our data suggests.

我發現 Etsy 非常有趣的一件事是，當我們與有一段時間沒有在我們這裡購物的買家交談時，他們實際上認為他們已經在我們這裡購物了一段時間，比我們的數據最近建議。

So what they say, they love Etsy.

所以他們說，他們喜歡 Etsy。

And yes, absolutely, I use you guys.

是的，當然，我使用你們。

And you're like, oh, really, your data says you haven't been there in a while.

你就像，哦，真的，你的數據說你有一段時間沒去過那裡了。

I'm like, really?

我想，真的嗎？

I guess, I just haven't thought of it, like, wow, I guess it has been a year, I guess, it has been 2 years.

我想，我只是沒想到，就像，哇，我想已經一年了，我想，已經兩年了。

How time flies.

時光飛逝。

And that's where that shoulder tap of, they like us, they just need that trigger to remind them when to come to us.

這就是拍拍肩膀的地方，他們喜歡我們，他們只需要那個觸發器來提醒他們什麼時候來找我們。

That I think is a really big opportunity, and that's why I'm excited for TV to do some of that reach.

我認為這是一個非常大的機會，這就是為什麼我很高興電視能夠達到這樣的效果。

We've also talked to you about improvements in our e-mail systems, which I think is helpful.

我們還與您討論了我們電子郵件系統的改進，我認為這很有幫助。

Driving more people to the app I think can drive more reengagements.

我認為吸引更多人使用該應用程序可以推動更多的重新參與。

And then using things like retargeting, so that we can remind people that maybe they have a favorited item or left something in their cart.

然後使用重新定位之類的東西，這樣我們就可以提醒人們他們可能有最喜歡的商品或在購物車中留下了一些東西。

Those are all opportunities that we have to drive more reengagement from people that may be we feel are lapsed, even if they don't feel that they're lapsed.

這些都是我們必須推動更多人重新參與的機會，這些人可能是我們覺得自己已經過時了，即使他們不覺得自己已經過時了。

And then I think your -- second part of your question was around, do we plan to take up marketing spend because we have more -- we're more encouraged.

然後我認為你的 - 你問題的第二部分是圍繞我們是否計劃佔用營銷支出，因為我們有更多 - 我們更受鼓舞。

And yes, we do.

是的，我們有。

So you will see marketing spend elevate in the second and third quarters and fourth quarters of this year.

所以你會看到今年第二、第三季度和第四季度的營銷支出有所增加。

And I think you are also starting to ask like can we parse apart how much growth is from certain products versus marketing.

而且我認為您也開始問我們能否解析某些產品與營銷的增長量。

So first point I want to make, we measure those things quite granularly in-house.

所以我想說的第一點是，我們在內部非常精細地衡量這些東西。

At least on certain calls, we've talked about how much our -- collectively our search wins generated in GMS.

至少在某些電話中，我們談到了我們在 GMS 中產生的搜索結果。

We don't disclose those metrics every quarter.

我們不會每個季度都披露這些指標。

But one thing we do talk about every quarter is the percentage of GMS that's coming to us organically.

但是我們每個季度都會談論的一件事是有機地來到我們這裡的 GMS 的百分比。

So this quarter, with our pullback, we are now 85% of our total GMS wins organic, which is a reduction from both the last quarter.

因此，本季度，隨著我們的回調，我們現在有 85% 的 GMS 獲勝是有機的，這比上個季度都有所減少。

And so that is to give you a sense, and we grew GMS 18.9%, and 20.4% on a constant-currency basis, that gives you a sense of growth that's coming partly from investments we made in marketing in the prior quarter but also partly from the product wins that we had in the quarter, because we sort of paused a lot of our marketing spend this quarter, to give you just a feeling for how much GMS is driving our -- how much GMS is coming from our product development efforts.

所以這是為了給你一種感覺，我們的 GMS 在固定匯率基礎上增長了 18.9% 和 20.4%，這讓你感覺到增長部分來自我們上一季度在營銷方面的投資，但也部分來自從我們在本季度取得的產品勝利中，因為我們在本季度暫停了很多營銷支出，讓您了解 GMS 在多大程度上推動了我們 - 有多少 GMS 來自我們的產品開發工作.

Our next question comes from the line of Nick Jones with Citi.

我們的下一個問題來自花旗的尼克瓊斯。

With Amazon moving more towards one-day shipping and shipping kind of wherever you want, and realizing that the products at Etsy are custom and take more time, how is that changing your conversations you're having with your sellers on maybe getting their ship speeds at least closer to what consumers are looking for?

隨著亞馬遜越來越多地轉向一日送貨和送貨到任何地方，並意識到 Etsy 上的產品是定制的並且需要更多時間，這將如何改變您與賣家就可能獲得他們的發貨速度進行的對話至少更接近消費者的需求？

Yes.

是的。

Given the nature of products on Etsy, the idea that they all are available, sitting in a warehouse and waiting to ship is not necessarily a realistic expectation for us.

鑑於 Etsy 上產品的性質，它們都可以買到、放在倉庫裡等待發貨的想法對我們來說不一定是現實的期望。

And so being great at what we're great at and owning and leaning into that, talking about the customization and the personalization and it just being made for you.

因此，在我們擅長的事情上做得很好，擁有並傾向於這一點，談論定制和個性化，它只是為你而做。

And sometimes special takes a little bit of time.

有時特別需要一點時間。

And we're not shy about that.

我們對此並不害羞。

We're not trying to be exactly like Amazon, we're trying to be great at what we are.

我們並不想完全像亞馬遜，我們正在努力做我們現在的樣子。

Now we can do better and so we can do a better job of being clear when buyers can expect items.

現在我們可以做得更好，因此我們可以更好地明確買家何時可以期待物品。

So we call it estimated delivery date and getting sellers to set very accurate estimated delivery dates and then exposing those on the site is something that is an area that you'll see us do more and more on in time, and then things like filter.

所以我們稱之為預計交貨日期，讓賣家設置非常準確的預計交貨日期，然後在網站上公開這些日期，這是一個你會看到我們及時做的越來越多的領域，然後是過濾之類的事情。

So I only want to see things that are available to arrive by X date is something that, over time, you should expect us to see -- you should expect to see from us.

所以我只想看到可以在 X 日期之前到達的東西，隨著時間的推移，你應該期望我們看到——你應該期望從我們這裡看到。

And well, many things on Etsy are made to order and made just for you.

好吧，Etsy 上的許多東西都是為您定制的。

That still means, look, there's 62 million things for sale on Etsy right now.

這仍然意味著，看，現在 Etsy 上有 6200 萬件商品在售。

There are still millions of things that can be shipped right away.

還有數以百萬計的東西可以馬上發貨。

And in fact, Dayna Isom Johnson, our style expert, was on The View just today talking about Mother's Day.

事實上，我們的時尚專家 Dayna Isom Johnson 剛剛在 The View 上談論母親節。

And she was asked a question about Mother's Day gifts, and she pointed to a whole set of print-at-home products we have available for sale.

她被問到有關母親節禮物的問題，她指著我們出售的一整套在家打印的產品。

So you can, for example, buy a custom calligraphy card or a custom calligraphy family tree, which will be sent to you on a digital file within minutes or hours, and then you actually print it in your own home and give it.

因此，例如，您可以購買定制的書法卡片或定制的書法家譜，它們將在幾分鐘或幾小時內以數字文件的形式發送給您，然後您就可以在自己的家中打印並贈送。

So those kinds of products can be available in minutes without even requiring shipping.

因此，這些類型的產品可以在幾分鐘內提供，甚至不需要運輸。

So it's a wide range of products, and we want to make sure that what we do is set buyers' expectations so we can show them just the selection of things that are available to arrive within their timelines.

所以這是一個範圍廣泛的產品，我們希望確保我們所做的是設定買家的期望，這樣我們就可以向他們展示可以在他們的時間表內到達的東西的選擇。

And our next question will come from the line of Shweta Khajuria with RBC Capital Markets.

我們的下一個問題將來自 Shweta Khajuria 與 RBC Capital Markets 的對話。

Two questions, please.

請教兩個問題。

One is, what are some of the initiatives that you are taking to drive domestic business?

一是，你們為推動國內業務採取了哪些舉措？

In international markets, you've called out U.K. and Germany over 50%, and perhaps localizing the French website may help.

在國際市場上，您已經將超過 50% 的客戶稱為英國和德國，也許對法國網站進行本地化可能會有所幫助。

But in English-speaking countries like Australia, could you talk about some of these initiatives you are taking to drive that?

但是在像澳大利亞這樣的英語國家，你能談談你正在採取的一些舉措嗎？

And then second, on targeting market segments.

其次，針對細分市場。

So during your Analyst Day you talked about habitual buyers and frequent buyers.

因此，在您的分析師日期間，您談到了慣常買家和常客。

Could you talk about the strategy that you're implementing now or you plan to implement through the year to drive conversion through your frequent buyers to habitual, or targeting look-alike audiences to drive new customer growth?

您能否談談您現在正在實施的戰略，或者您計劃在今年實施的戰略，以推動通過頻繁購買者向習慣性購買者的轉化，或者針對相似的受眾來推動新客戶增長？

I'll take the second one first, and then Josh will talk about international.

我會先講第二個，然後 Josh 會談談國際。

So our habitual buyers were, again, the fastest-growing segment of buyers that we've talked about in the quarter.

因此，我們的慣常買家再次成為我們在本季度談到的增長最快的買家群體。

So we gave the metric about the GMS per trailing 12 months buyer on the call, but that again accelerates -- that was the third quarter of over 2% growth.

因此，我們在電話會議上給出了每個過去 12 個月的買家的 GMS 指標，但這再次加速——這是第三季度超過 2% 的增長。

So those to us are both indicators of improvements in frequency.

所以對我們來說，這些都是頻率提高的指標。

And we'll continue to refine some of these metrics that we want to disclose that show you how we're making progress on frequency.

我們將繼續完善其中一些我們想要披露的指標，這些指標向您展示我們如何在頻率方面取得進展。

But we feel that we're getting positive signs that both the product efforts that we're making and the marketing efforts that we're investing in are driving those numbers.

但我們覺得我們正在獲得積極的跡象，表明我們正在做出的產品努力和我們正在投資的營銷努力正在推動這些數字。

And on building demand within local markets.

並在當地市場內建立需求。

The majority of our marketing investments are in performance marketing channels like Google PLAs, and that scales really nicely internationally.

我們的大部分營銷投資都在績效營銷渠道，例如 Google PLA，並且在國際上的規模非常大。

So we use the same technology and capabilities to buy PLAs in international markets that we do in U.S. or in our core international markets as we do in the U.S. And we've elevated our investment levels, and have been able to do that in part based on our changing pricing that we did last year, so we were able to invest even more and drive healthy growth.

因此，我們使用相同的技術和能力在國際市場購買 PLA，就像我們在美國或我們在美國的核心國際市場所做的那樣。我們已經提高了投資水平，並且能夠部分基於基於我們去年所做的不斷變化的定價，因此我們能夠進行更多投資並推動健康增長。

We also have corporate communications, PR teams, in these markets and are able to generate a meaningful amount of earned media, which is also really helpful.

我們在這些市場也有企業傳播、公關團隊，能夠產生大量可觀的媒體收入，這也非常有幫助。

And then the other thing I never want us to lose sight of is our sellers themselves who are highly motivated to market themselves and their shop and, along with that, Etsy.

然後我永遠不希望我們忽視的另一件事是我們的賣家自己，他們非常積極地推銷自己和他們的商店，以及 Etsy。

And they do that in informal channels, but they also host things like craft fairs on the weekends, where the Etsy brand is quite prominent.

他們通過非正式渠道這樣做，但他們也在周末舉辦手工藝品展覽會等活動，Etsy 品牌在這些活動中非常突出。

And so we have thousands of seller teams all around the world organizing fairs on weekends and really doing guerrilla marketing that scales really nicely to support themselves and, along with that, Etsy.

因此，我們在世界各地有成千上萬的賣家團隊在周末組織交易會，並真正進行游擊營銷，這種營銷非常好地擴展以支持他們自己，以及 Etsy。

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

我們的下一個問題將來自 Thomas Forte 和 D.A.戴維森。

So with the strong dollar, I had a couple of questions on strong dollar and FX-neutral growth.

因此，對於強勢美元，我有幾個關於強勢美元和外匯中性增長的問題。

So I think Rachel pointed out that the disparity between reported GMS growth and FX-neutral was 510 basis points.

所以我認為雷切爾指出，報告的 GMS 增長與外匯中性增長之間的差異為 510 個基點。

Is that the biggest it's ever been?

這是有史以來最大的嗎？

And then can you remind us what percent of your listings are U.S. dollar-denominated?

然後你能提醒我們你的列表中有多少百分比是美元計價的嗎？

And then to what extent, if at all, does the strong dollar have any negative impact on your operating performance?

那麼強勢美元在多大程度上（如果有的話）對您的經營業績有負面影響嗎？

Or is it just translation as far as translating international currency to U.S. dollars?

或者它只是將國際貨幣換算成美元的換算？

First, I want to clarify, it was 170 basis points of headwind for the difference between our as-reported numbers and our constant currency numbers in the quarter.

首先，我想澄清一下，我們報告的數字與本季度的固定貨幣數字之間的差異是 170 個基點的逆風。

I don't know where -- I'm not sure where you picked up the 500, but it's 170 is the number.

我不知道在哪裡——我不確定你是從哪裡拿到 500 的，但數字是 170。

I thought you said 24% versus 18.9% for GMS growth?

我以為你說 GMS 增長是 24% 而不是 18.9%？

It's 18.9% is as reported and 20.4% (sic) [20.6%].

據報導為 18.9% 和 20.4%（原文如此）[20.6%]。

Sorry, sorry.

實在抱歉。

Yes, sorry, about that.

是的，對不起，關於那個。

Great, I'm glad you asked the question so we clarify if I wasn't articulate on the call.

太好了，我很高興你問了這個問題，所以如果我在電話中沒有表達清楚，我們就澄清一下。

Yes, 20.4% (sic) [20.6%].

是的，20.4%（原文如此）[20.6%]。

Sorry about that.

對於那個很抱歉。

Yes.

是的。

Which probably gives you some indication then that -- so to the rest of your question, obviously, there's just a conversion factor that's just math to convert euros or pounds to dollars.

這可能會給你一些指示——所以對於你的問題的其餘部分，顯然，只有一個轉換因子，它只是將歐元或英鎊轉換為美元的數學運算。

But you're right that there is some level of price elasticity as well.

但你是對的，也有一定程度的價格彈性。

So when the dollar goes up, purchasing power from the U.S. -- and the largest trade route internationally is U.S. buyers buying from abroad.

因此，當美元上漲時，來自美國的購買力——最大的國際貿易路線是美國買家從國外購買。

So when the dollar goes up, U.S. buyers have more purchasing power, when the dollar goes [up], they have less purchasing power.

因此，當美元上漲時，美國買家的購買力更強，而當美元上漲時，他們的購買力就會減弱。

So there is a little bit of price elasticity.

所以有一點價格彈性。

It obviously goes the other way for international markets.

對於國際市場來說，情況顯然是相反的。

And that plays a small role, but the biggest role by far is just the math exercise of converting different currencies back to U.S. dollars as we bring it back.

這起著很小的作用，但迄今為止最大的作用只是在我們將其帶回時將不同貨幣轉換回美元的數學練習。

And the other question was what percent of listings are listed in USD, and I think that's over 80%...

另一個問題是有多少百分比的列表以美元列出，我認為這超過 80%...

85%.

85%。

85%, yes.

85%，是的。

Just another clarification, it was 20.6%, not 20.4% on a constant currency basis.

再次澄清一下，按固定匯率計算，它是 20.6%，而不是 20.4%。

So I just want to make sure we get the right numbers.

所以我只想確保我們得到正確的數字。

And our next question will come from the line of Laura Champine with Loop.

我們的下一個問題將來自 Laura Champine with Loop 的台詞。

First, just a housekeeping thing.

首先，只是家政事務。

I missed your headcount, so if you got that number, that would be great.

我想念你的人數，所以如果你有那個數字，那就太好了。

And then secondly, in your slide deck, you show GMS broken out between new and repeat customers.

其次，在你的幻燈片中，你展示了新客戶和回頭客之間的 GMS。

What's your goal for that mix?

你的目標是什麼？

Would you like to see a greater percentage of your -- a meaningfully greater percentage coming from new customers because that would optimize your GMS?

您是否希望看到更大比例的 - 更有意義的更大比例來自新客戶，因為這會優化您的 GMS？

Or is the focus really just on frequency from repeat customers?

還是真正關注回頭客的頻率？

Laura, so first of all, what I cited was we had a 19% increase in headcount year-over-year, but I didn't get the number.

勞拉，首先，我提到的是我們的員工人數同比增長了 19%，但我沒有得到這個數字。

But I believe it's in our Q, it's 914 at the end of Q1.

但我相信它在我們的 Q 中，在第一季度末是 914。

And then on the new versus repeat, we haven't given a goal, but I do want to clarify one thing about those metrics that I believe I said in the past.

然後關於新的與重複的，我們沒有給出目標，但我確實想澄清一件事，關於我相信我過去說過的那些指標。

Repeat is people that have ever shopped at Etsy from the beginning of all time.

重複是從一開始就在 Etsy 購物的人。

So I think that might be a little bit different than other companies report, meaning some of those customers may not have come to us for several years and others would consider them lapsed.

所以我認為這可能與其他公司報告的有所不同，這意味著其中一些客戶可能已經好幾年沒有來找我們了，而其他人會認為他們已經流失了。

So one thing we've talked about in our Investor Day presentation was to start to create that -- break out that segment of lapsed versus repeat versus new, and that may be a metric that we want to talk to you about going forward because I think those lapsed customers are -- should be marketed too as if they're new.

因此，我們在投資者日的演講中談到的一件事是開始創造——打破失效與重複與新的部分，這可能是我們想與您討論的未來指標，因為我認為那些流失的客戶——也應該像新客戶一樣進行營銷。

And so we're starting to get our attribution models and our targeting set up that we can tell the difference between something that we're calling new versus repeat.

因此，我們開始建立我們的歸因模型和我們的目標設置，我們可以區分我們稱之為新事物與重複事物之間的區別。

But then the crux of the question is, what's your goal?

但問題的關鍵在於，你的目標是什麼？

Where would you like those numbers to be?

你希望這些數字在哪裡？

Or are you satisfied with that?

或者你對此滿意嗎？

I think it's an 83/17 mix, or would you like to see it tilt more new or repeat?

我認為這是一個 83/17 的組合，或者你想看到它傾斜得更新還是重複？

The nice thing is, I don't think they're mutually exclusive at all.

好消息是，我認為它們根本不相互排斥。

So we definitely think there's an opportunity for existing buyers to buy more from us, and we're excited about that and investing behind that.

因此，我們絕對認為現有買家有機會從我們這裡購買更多產品，我們對此感到興奮並為此進行投資。

And we think that a relatively small portion of the available customers out there have shopped on Etsy, and so we want to grow them both.

我們認為現有客戶中只有相對較小的一部分在 Etsy 上購物，因此我們希望同時發展他們。

And I guess just a clarification there, I think that those splits that you're citing is a percentage of GMS coming from new versus repeat, not customer count.

而且我想只是在那裡澄清，我認為你引用的那些分裂是 GMS 的百分比來自新的與重複的，而不是客戶數量。

And our next question will come from the line of Edward Yruma with KeyBanc Capital Markets.

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

I guess first, and I'm sorry if I missed this earlier, but the GMS growth ended up a little bit better than you would've expected.

我猜首先，如果我之前錯過了這一點，我很抱歉，但 GMS 的增長最終比你預期的要好一點。

I know both when you reported 4Q earnings as well as at Analyst Day, there were kind of a litany of potential reasons why GMS might have started off a little softer.

我知道當你報告第四季度收益以及在分析師日時，有很多潛在的原因可以說明 GMS 的開局可能有點疲軟。

I guess, any hindsighting now on why that may have happened?

我想，現在有什麼事後諸葛亮，為什麼會發生這種情況？

And any color on kind of exit trajectory?

出口軌跡上有什麼顏色嗎？

And then second, kind of a bigger picture question, obviously, international continues to be a pretty strong success story.

其次，一個更大的問題，顯然，國際仍然是一個非常強大的成功故事。

Maybe help us understand kind of the level of investment needed going forward in the DaWanda area and kind of how that growth profile should shake out longer term?

也許可以幫助我們了解 DaWanda 地區未來需要的投資水平，以及這種增長模式應該如何長期擺脫困境？

I can start with the Q1 GMS.

我可以從 Q1 GMS 開始。

When we got on the call in February, we had seen, as we've said, some sluggishness in January.

正如我們所說，當我們在 2 月份接聽電話時，我們已經看到 1 月份有些疲軟。

We weren't exactly sure why.

我們不確定為什麼。

We had -- the reasons we cited were potentially some macro headwinds.

我們有 - 我們引用的原因可能是一些宏觀逆風。

We had paused some of our marketing spend and we had kind of reset a new product roadmap that was just sort of getting into gear.

我們暫停了一些營銷支出，並且重新設置了一個剛剛開始的新產品路線圖。

At the time we did the call, we felt it was prudent at that time to be as conservative with what we were seeing and transparent with what we were seeing as we could, and so we laid out for you and we reiterated that at our Investor Day.

在我們打電話的時候，我們覺得當時對我們所看到的事情保持保守和盡可能透明是謹慎的，所以我們為你做了安排，我們在我們的投資者那裡重申了這一點日。

And then we were happy to report that, as we've turned our marketing channels back on with our test complete and they've been, we believe, effective, and we've had some really good product wins in the quarter, that started to take shape in midway through the quarter and as we entered into March, that are delivering incremental GMS, so we [with weren't].

然後我們很高興地報告說，因為我們已經在測試完成後重新啟動了營銷渠道，我們相信它們是有效的，並且我們在本季度取得了一些非常好的產品勝利，這開始了在本季度中期形成，當我們進入 3 月時，它們正在交付增量 GMS，所以我們 [with were't]。

Those hadn't happened yet when we did the last call, so we're pleased with the progress and how we've entered the year.

當我們進行最後一次通話時，這些還沒有發生，所以我們對取得的進展以及我們進入這一年的方式感到滿意。

Yes, the only, yes, color I'd add, first, we intentionally took our foot off the gas with marketing to tune our attribution models, we feel great about that, that's the right decision, and we didn't want anyone to be surprised by that, and that was something we knew.

是的，唯一的，是的，我要添加的顏色，首先，我們故意在市場營銷方面放慢腳步以調整我們的歸因模型，我們對此感覺很好，這是正確的決定，我們不希望任何人對此感到驚訝，這是我們所知道的。

The second thing I would say about January and February, it was sort of -- I would use the word volatile.

關於 1 月和 2 月，我要說的第二件事是——我會使用易變這個詞。

We had generally pretty good weeks, and then all of a sudden, there would be a really weak week, and then generally pretty good weeks, Particularly in February, I think, and I don't know that we'll ever know with certainty, but I think the tax return thing showed up.

我們通常度過了相當不錯的幾週，然後突然間，會有一個非常疲軟的一周，然後通常是相當不錯的幾週，特別是在 2 月，我想，我不知道我們是否會確定地知道，但我認為納稅申報表出現了。

And so it was just a little volatile and given that we had an earnings call, we wanted to make sure that we were as transparent as we could with you.

所以它只是有點波動，鑑於我們有一個收益電話會議，我們想確保我們對你盡可能透明。

We're pleased with how the quarter closed.

我們對本季度的結束方式感到滿意。

And as a result, we're able to take our GMS guidance up and we feel good about that.

因此，我們能夠採用我們的 GMS 指南，我們對此感覺很好。

And with regard to DaWanda investment, there really is not a huge amount of incremental investment.

而大萬達的投資，也確實沒有大額的增量投資。

We've completely absorbed the DaWanda seller base, as many of them as wanted to be absorbed, and the buyers into Etsy.com, and we treat the German market much as we do any other of our top international markets.

我們已經完全吸收了 DaWanda 賣家群，其中有多少想吸收，而買家則進入了 Etsy.com，我們對待德國市場的方式與我們對待其他任何頂級國際市場的方式一樣。

So there's no integration costs or anything that is related to DaWanda investment what to lever.

因此，沒有整合成本或任何與 DaWanda 投資相關的槓桿。

Got it.

知道了。

And just that one last piece.

還有最後一件。

From an exit trajectory perspective, I guess, kind of, did the momentum that you saw at the end of the first quarter carry into what you've seen thus far in the second quarter?

從退出軌蹟的角度來看，我想，你在第一季度末看到的勢頭是否會延續到你在第二季度迄今為止看到的勢頭？

I'd say we've given guidance for the year.

我想說我們已經給出了今年的指導。

We don't give quarterly guidance.

我們不提供季度指導。

So one thing I would say about March is that Easter moves.

所以我要說的關於三月的一件事是複活節移動。

And so looking at kind of the last few weeks of March, there's a lot of inherent volatility based on the date of Easter, so I wouldn't encourage people to focus too much on that.

因此，看看 3 月的最後幾週，根據復活節的日期存在很多固有的波動，所以我不鼓勵人們過分關注這一點。

But we've given updated guidance for the rest of the year.

但我們已經為今年剩餘時間提供了更新的指導。

And our next question will come from the line of Darren Aftahi from Roth Capital.

我們的下一個問題將來自 Roth Capital 的 Darren Aftahi。

This is Dillon on for Darren.

這是 Darren 的 Dillon。

Firstly, you talked about some of the improvements you've made that have seen better conversion on the search and discovery aspect.

首先，您談到了您所做的一些改進，這些改進在搜索和發現方面實現了更好的轉化。

Could you talk a little about anything you might have done during the quarter or year-to-date as far as personalization goes?

就個性化而言，您能否談談您在本季度或今年迄今所做的任何事情？

And then as a quick follow-up, the GMS per trailing 12-month active buyer has been pretty steady at 2%, but it looks to sort of have been stable at around $99.8.

然後作為快速跟進，每個過去 12 個月的活躍買家的 GMS 一直穩定在 2%，但它看起來有點穩定在 99.8 美元左右。

Is there anything in particular you think that could reaccelerate that actual dollar figure going forward?

您認為有什麼特別的事情可以重新加速未來的實際美元數字嗎？

Sure.

當然。

So on the personalization, we're launching more tools to allow sellers to announce and promote the fact that their items are available to be personalized.

因此，在個性化方面，我們推出了更多工具，讓賣家可以宣布和宣傳他們的商品可以進行個性化。

And then to streamline that process so that it's easier for the buyers to say what they want the personalization to be and the seller to incorporate that.

然後簡化該過程，以便買家更容易說出他們想要的個性化內容，並讓賣家將其納入其中。

And so we're excited about the roadmap for that.

因此，我們對此的路線圖感到興奮。

I think many buyers are not aware of the opportunity to personalize and customize on Etsy.

我認為很多買家都沒有意識到在 Etsy 上進行個性化和定制的機會。

And in fact, because you're buying from a person who's making the product, many, many things are actually available to be personalized and customized, and I don't think that -- there's a lot more we can do to make that prominent.

事實上，因為你是從製造產品的人那裡購買的，所以很多很多東西實際上都可以個性化和定制，我不認為 - 我們可以做更多的事情來突出這一點.

So look for that in the coming -- in the years to come.

所以在未來尋找它——在未來的幾年裡。

The second question was around frequency and GMS per active buyer.

第二個問題是關於每個活躍買家的頻率和 GMS。

I think that that's about helping our buyers understand all of the opportunities that there are to shop on Etsy again.

我認為這是為了幫助我們的買家了解再次在 Etsy 上購物的所有機會。

Net Promoter Scores are high, and particularly, if you look at the Net Promoter Score right after the item arrives, which is really kind of the moment of truth, they're really high.

淨推薦值很高，特別是，如果您在商品到達後立即查看淨推薦值，那確實是關鍵時刻，它們真的很高。

So the chances are that they had a good experience last time they bought on Etsy.

因此，他們上次在 Etsy 上購物時可能會有很好的體驗。

So we think the key now is to just let them know some of the other opportunities that are available, and I think TV is a good opportunity to do that.

所以我們認為現在的關鍵是讓他們知道其他一些可用的機會，我認為電視是一個很好的機會。

I was just going to add that basically all of the initiatives we have are focused on improving GMS and improving GMS through repeat frequency.

我只是想補充一點，基本上我們所有的舉措都集中在改進 GMS 和通過重複頻率改進 GMS。

Television is one of the large investments we're making that is very much trying to tell the Etsy story, rather than when we're spending on Google, it's really selling a product or a listing and people come in and they buy one thing and they're gone.

電視是我們正在進行的一項大型投資，它非常努力地講述 Etsy 的故事，而不是當我們在谷歌上花錢時，它實際上是在銷售產品或清單，人們進來他們買了一件東西，然後他們走了。

This is a story that is saying, you come to Etsy for all these meaningful moments in your life.

這是一個故事，說的是，你來到 Etsy 是為了你生命中所有這些有意義的時刻。

So that's one area.

所以這是一個領域。

And then we talked about a lot of the product initiatives.

然後我們討論了很多產品計劃。

An example we gave on the call was really focusing on quality and using -- because of our cloud investment, we're able to run much more sophisticated algorithms to surface -- putting more factors that would surface things of higher quality, and then have those be a lot more -- using a lot more cues and data about what we know about that buyer, and that hopefully that brings people a better experience and gives them -- matches them to a product they want to convert on much faster and much more of the time.

我們在電話會議上給出的一個例子是真正關注質量和使用——由於我們的雲投資，我們能夠運行更複雜的算法來浮出水面——加入更多的因素來展現更高質量的東西，然後這些要多得多——使用更多關於我們對那個買家的了解的線索和數據，希望這能給人們帶來更好的體驗，並給他們——將他們與他們想要更快、更多地轉換的產品相匹配更多的時候。

Those are just a couple of examples where we think we're really going to start to move the needle on frequency.

這些只是我們認為我們真正要開始改變頻率的幾個例子。

And our next question will come from the line of Brian Nowak with Morgan Stanley.

我們的下一個問題將來自 Brian Nowak 與摩根士丹利的對話。

I have 2. Just to kind of go back, so you mentioned a couple nice GMS and product wins throughout the quarter.

我有 2 個。只是有點回去，所以你提到了整個季度的幾個不錯的 GMS 和產品勝利。

Can you just sort of help us understand a little more on what those wins were, sort of what you've changed on the platform and what happened to consumer behavior, whether it's conversion, et cetera?

你能不能幫助我們更多地了解這些勝利是什麼，你在平台上做了什麼改變，消費者行為發生了什麼，是否是轉化，等等？

And how much of the guidance raise sort of linked to those changes?

有多少指導意見與這些變化有關？

And then second one, really strong 18% to 19% organic GMS growth.

然後是第二個，真正強勁的 18% 到 19% 有機 GMS 增長。

The question is, as you sort of think about the year, and then sort of your long-term guidance you laid out at the Analyst Day, how do you think about sort of the durability of high-teens organic growth, and then sort of paid potentially driving you to sustainably low 20s growth?

問題是，當你考慮這一年，然後考慮你在分析師日制定的長期指導時，你如何考慮青少年有機增長的持久性，然後考慮支付可能會推動您實現 20 多歲的可持續低增長？

Yes, so let me start with the first.

是的，讓我從第一個開始。

So we feel good about the product work that was done in the quarter, and I want to pause for 1 second, because I have one other factor heading into Q1 is that we did a fairly big reorganization of our product team to align with our rights to win.

因此，我們對本季度完成的產品工作感覺良好，我想暫停 1 秒鐘，因為進入第一季度的另一個因素是我們對產品團隊進行了相當大的重組，以符合我們的權利贏。

We do believe that strategy needs to drive organization which drives execution.

我們確實相信，戰略需要推動組織，組織才能推動執行。

And so we've aligned our product squads around the very same rights to win that we talked to you about in Investor Day.

因此，我們將我們的產品團隊圍繞著我們在投資者日與您談到的相同的獲勝權利進行了調整。

And so it took a little bit of time for those teams to reform and [start a norm].

因此，這些團隊花了一些時間進行改革和 [開始規範]。

But they hit the ground running and we saw really good wins, particularly in February and March, around those.

但他們開始行動，我們看到了非常好的勝利，特別是在二月和三月，圍繞這些。

So a few of those that I would highlight, Rachel talked about quality and our push on quality.

所以我要強調的一些，雷切爾談到了質量和我們對質量的推動。

Let me click one level deeper and talk about that for a second.

讓我更深入地單擊一個級別並討論一下。

Our search engine has historically used conversion rate as its objective function, meaning, when you type in the search query, it's trying to show you the top 50 things that it thinks you are most likely to buy.

我們的搜索引擎歷來使用轉化率作為其目標函數，這意味著，當您輸入搜索查詢時，它會嘗試向您展示它認為您最有可能購買的前 50 件商品。

There's an inherent bias to low-priced items then because you're much more likely to buy a $20 item than a $200 item.

低價商品存在固有的偏見，因為與 200 美元的商品相比，您更有可能購買 20 美元的商品。

So if you were to use GMS as the objective function instead of conversion rate, you might buy fewer things but of higher value, resulting in higher GMS.

因此，如果您使用 GMS 而不是轉化率作為目標函數，您可能會購買更少但價值更高的東西，從而導致更高的 GMS。

We talked about this as the cushion-to-couch strategy inside the company.

我們將此稱為公司內部的坐墊策略。

People right now buy cushions; how do we get them to not only buy cushions but also buy the couch at a higher stakes?

人們現在購買墊子；我們如何讓他們不僅購買靠墊而且還以更高的賭注購買沙發？

And there was actually some inherent bias built into our search algorithms driving them to the lower priced items.

實際上，我們的搜索算法中存在一些固有的偏見，促使他們搜索價格較低的商品。

That also has implications for the brand.

這對品牌也有影響。

So as we want to elevate the brand and show a broader variety of purchases and purchase occasions, changing the search algorithms to show a wider variety of items we think is helpful.

因此，當我們想要提升品牌並展示更多種類的購買和購買場合時，更改搜索算法以展示我們認為有幫助的更多種類的商品。

But it's new and it's big, so you test one way and then another.

但它是新的，而且很大，所以你測試一種方式，然後再測試另一種方式。

So we've begun to incorporate price into the search algorithm, and we're very encouraged by what we saw from that, showing a wider variety of items, including more higher-priced categories.

所以我們已經開始將價格納入搜索算法，我們從中看到的結果讓我們感到非常鼓舞，展示了更多種類的商品，包括更多價格更高的類別。

And then the net of that was some GMS wins that we think are great.

然後是一些我們認為很棒的 GMS 勝利。

I would say that that's a journey that we'll be on for quite some time.

我會說這是一段我們將持續相當長一段時間的旅程。

Understanding quality and how to determine quality and then surface quality and show signals of quality to the buyers.

了解質量以及如何確定質量，然後表面質量並向買家展示質量信號。

That's going to be great for buyers.

這對買家來說是件好事。

It's also going to be great for sellers.

這對賣家來說也很棒。

And our best sellers having sustainability for them, I think it's going to be good for everybody.

我們的暢銷書具有可持續性，我認為這對每個人都有好處。

We did other things around highlighting quality, like image.

我們圍繞突出質量做了其他事情，比如圖像。

We did some work on showing higher quality, higher resolution images, which worked -- some other wins were around localization in our international markets to make the U.K. site feel more U.K. and the French site feel more French.

我們做了一些工作來展示更高質量、更高分辨率的圖像，這些工作奏效了——其他一些勝利是圍繞我們國際市場的本地化，讓英國網站感覺更英國，法國網站感覺更法國。

The recommendations algorithms got better, and that made a difference, and we've made it easier for people to send convos, buyers to send convos to sellers and we're making it easier for sellers to respond efficiently to those.

推薦算法變得更好，這產生了影響，我們讓人們更容易發送 convos，買家更容易發送 convos 給賣家，我們讓賣家更容易有效地回應這些。

Those were I think some of the biggest things we did to move the product in the quarter.

我認為這些是我們在本季度為推動產品所做的一些最重要的事情。

It's not everything, but it's some of the bigger things.

這不是全部，但它是一些更大的事情。

Let me add a point.

讓我補充一點。

One thing is obviously when we have a product win in Q1, then that has an annual [base] effect, so that product win will keep on winning for us for the rest of the year.

一件事很明顯，當我們在第一季度贏得產品時，就會產生年度 [base] 效應，因此產品獲勝將在今年餘下的時間裡繼續為我們贏得勝利。

So we're just beginning, and those things build on each other, so there's a product roadmap with many things prospectively that will continue to build.

所以我們才剛剛開始，這些東西是相互依存的，所以有一個產品路線圖，其中包含許多未來會繼續構建的東西。

The ones that launch towards the end of the year have fewer weeks with which to contribute, but the ones that win now, which we think there was some significant ones in Q1, have opportunity to keep -- be the gift that keeps on giving, and that's baked into our GMS guidance.

那些在今年年底推出的人可以貢獻的周數更少，但現在獲勝的人，我們認為第一季度有一些重要的人，有機會保留——成為不斷給予的禮物，這已納入我們的 GMS 指南。

And you didn't talk about shipping, we talked about shipping on our last call.

你沒有談論運輸，我們在上次通話中談到了運輸。

We have started to put initiatives in place to educate and communicate with our sellers about the value of treating shipping cost just like it's cost of goods sold rather than breaking it out as a separate cost to -- that their pricing strategy include and contemplate that there's going to be the cost of getting the item from them to the buyer, and we've given them tools that make it very simple for them to be able to calculate what their pricing could change to, to modify how they're displaying that total, the total transaction value.

我們已經開始採取措施來教育我們的賣家並與他們溝通將運輸成本視為銷售商品成本的價值，而不是將其作為單獨的成本分解為 - 他們的定價策略包括並考慮將是將物品從他們手中拿到買家手中的成本，我們為他們提供了工具，使他們能夠非常簡單地計算出他們的定價可能會發生什麼變化，從而修改他們顯示總價的方式, 總交易價值。

And we're starting to see some headway in those initiatives that we've introduced to them.

我們開始看到我們向他們介紹的那些舉措取得了一些進展。

And I think the last part of your question was around sort of sustainable growth rates.

我認為你問題的最後一部分是關於可持續增長率的。

And we laid out in Investor Day, 16% to 20% is a long-term sustainable growth rate over the next 5 years.

我們在投資者日提出，16% 到 20% 是未來 5 年的長期可持續增長率。

We feel good about that, so we think continuing to grow at rates substantially faster than what we think the e-commerce market is going to grow at, is what we laid out there.

我們對此感覺良好，因此我們認為繼續以比我們認為的電子商務市場增長速度快得多的速度增長，這就是我們在那裡的佈局。

We feel good about that.

我們對此感覺很好。

And we think our opportunity to improve the product experience and to find new marketing channels and invest more on our existing marketing channels, we see significant runway in both of those.

我們認為我們有機會改善產品體驗並尋找新的營銷渠道並在我們現有的營銷渠道上進行更多投資，我們在這兩個方面都看到了重要的跑道。

And we think the 2 of those underpinned the growth that we've seen.

我們認為其中兩個支撐了我們所看到的增長。

Now the other factor is obviously macro, and we're in a good macro environment right now, and you're seeing us guide you to the very top end of that range that we put out there.

現在另一個因素顯然是宏觀因素，我們現在處於一個良好的宏觀環境中，你會看到我們引導你到達我們提出的那個範圍的最頂端。

Someday, we will be in not as good of a macro environment, and we might guide you lower in that range, we'll see.

總有一天，我們將處於不太好的宏觀環境中，我們可能會引導您在該範圍內走低，我們拭目以待。

But I'd say that is the other factor that we're always keeping an eye on.

但我想說這是我們一直關注的另一個因素。

Got it, that's very helpful.

明白了，這很有幫助。

And let me just add one more, kind of just come back to begin.

讓我再添加一個，有點回到開始。

So as you lay out that long-term outlook, did you sort of embed annual product wins in that multiyear outlook?

因此，當您制定長期展望時，您是否在多年展望中嵌入了年度產品勝利？

Or are the product wins as we go, are those sort of potential sources of upsides in the way you think about that outlook?

還是產品在我們前進的過程中獲勝，這些是您對前景的看法的潛在上行來源嗎？

We gave guidance with the best visibility we have to what's on our roadmap.

我們以我們對路線圖上的內容的最佳可見性提供了指導。

What we iteratively put testing things all the time and we operate in a continuous deployment, sort of not a waterfall environment, we talked a bit about this in our Investor Day that we've changed the way we -- the throughput with which we develop products.

我們一直迭代地測試東西，我們在持續部署中運行，有點不是瀑布環境，我們在投資者日談到了這一點，我們已經改變了我們的方式——我們開發的吞吐量產品。

They are constantly being tested and we don't know it's going to win.

他們不斷接受考驗，我們不知道它會贏。

In fact, sometimes we ourselves will think that something will win and it's not.

事實上，有時我們自己會認為某件事會贏，但事實並非如此。

So our guidance contemplates what we think we can reasonably count on for growth coming from product development and the growth that we can get from our marketing investments.

因此，我們的指南考慮了我們認為我們可以合理地指望來自產品開發的增長以及我們可以從營銷投資中獲得的增長。

And our next question will come from the line of Ygal Arounian with Wedbush Securities.

我們的下一個問題將來自 Wedbush Securities 的 Ygal Arounian。

So I've been jumping around, so I may have missed some of this, but it sounds like on the marketing kind of step back up in the investment, it's going to be very focused on TV more than anything else.

所以我一直在跳來跳去，所以我可能錯過了其中的一些，但這聽起來像是在營銷方面的投資倒退，它將非常專注於電視而不是其他任何東西。

Is it only TV or are there other things in it as well?

是只有電視還是裡面還有其他東西？

Just thinking about the payback period and ROI for TV, how much of it drives, how much of the incremental spend in TV or the renewed ad campaigns you think drive this growth in 2019 versus 2020 or longer?

想想電視的投資回收期和投資回報率，它在多大程度上推動了電視的增量支出或你認為推動 2019 年與 2020 年或更長時間增長的新廣告活動的多少？

And then if it's successful, would you think about continuing that acceleration in 2020 and beyond?

然後，如果成功，您會考慮在 2020 年及以後繼續加速嗎？

Or should we think about it more as kind of a 2019 type of event?

還是我們應該將其更多地視為一種 2019 年的事件？

Thanks for the opportunity to clarify.

感謝有機會澄清。

So when we talked about pausing some channels, TV was not the only channel we paused.

因此，當我們談到暫停某些頻道時，電視並不是我們暫停的唯一頻道。

We paused many different channels, some for a few weeks, some for longer, depending on how long it took to test the incrementality of that particular channel.

我們暫停了許多不同的頻道，有的暫停了幾週，有的暫停了更長時間，具體取決於測試該特定頻道的增量所花費的時間。

So other channels we paused, for example, were Search Engine Marketing, particularly things that didn't involve the keyword Etsy.

例如，我們暫停的其他渠道是搜索引擎營銷，尤其是不涉及關鍵字 Etsy 的渠道。

We paused investments in social channels would be another example.

我們暫停對社交渠道的投資是另一個例子。

We paused investments in affiliate marketing.

我們暫停了對聯盟營銷的投資。

So we paused many different investments across many different channels to tune our attribution models, because what you can measure pretty well is, did they click on this ad and then did they show up on your site and then did they buy.

所以我們暫停了許多不同渠道的許多不同投資來調整我們的歸因模型，因為你可以很好地衡量他們是否點擊了這個廣告然後他們是否出現在你的網站上然後他們購買了。

What you can't measure is sort of the halo effect of did they come later or did viewing it have an impact, and sometimes you overattribute or underattribute to that.

你無法衡量的是他們後來出現或觀看它是否有影響的某種光環效應，有時你對此過度歸因或歸因不足。

So these on/off tests help us to measure that.

所以這些開/關測試幫助我們衡量這一點。

And sometimes, by the way, those effects can be quite significant.

順便說一句，有時這些影響可能非常顯著。

They can be quite material to your understanding of the return on investment.

它們對於您了解投資回報可能非常重要。

So we've learned a lot.

所以我們學到了很多。

It was good.

這很好。

Something we did not pause was the PLA program.

我們沒有暫停的是解放軍計劃。

So Google Product Listing Ads, which is a mature channel that worked pretty well and we feel like we've got a pretty good understanding of the incrementality there, and so that was -- we invested in that in a pretty sustained way throughout Q1.

所以穀歌產品列表廣告，這是一個運作良好的成熟渠道，我們覺得我們對那裡的增量有了很好的理解，所以那是 - 我們在整個第一季度以相當持續的方式投資。

So now you'll see us keep going with PLAs.

所以現在你會看到我們繼續使用 PLA。

And by the way, we think we can continue to get more efficient as we build better technology and capabilities, even in the PLA program, and then turn on some of those less mature channels that we paused where we gained more confidence, and then there's TV.

順便說一下，我們認為我們可以繼續提高效率，因為我們建立了更好的技術和能力，即使是在 PLA 計劃中，然後打開一些我們暫停的不太成熟的渠道，我們在那裡獲得了更多的信心，然後就是電視。

And depending on how the results go through 2019, we're very openminded to continuing to invest in 2020 and beyond, provided we continue to see encouraging results.

根據 2019 年的結果，我們非常願意在 2020 年及以後繼續投資，前提是我們繼續看到令人鼓舞的結果。

We're not wedded to anything.

我們不拘泥於任何事物。

But what I like about TV is, it seems like it has the potential to be a good fit with the brand positioning that we have today or the brand -- our brand opportunities.

但我喜歡電視的一點是，它似乎有可能很好地適應我們今天的品牌定位或品牌——我們的品牌機會。

And it scales really nicely.

它的擴展性非常好。

If it works well, you can imagine us scaling our spend on that and being able to put even more money to work cost-effectively if we find the return is there.

如果它運作良好，你可以想像我們會擴大我們在這方面的支出，並且如果我們發現回報存在，就能夠投入更多資金以具有成本效益的方式開展工作。

Great, really helpful.

太好了，真的很有幫助。

We're past 1 hour, so I would sneak one last quick one.

我們已經過去 1 小時了，所以我會偷偷最後一小時。

I was going to ask about AOV, and you kind of started to answer it.

我正要問關於 AOV 的問題，而你有點開始回答了。

So on this cushion-to-couch content and how that relates to the GMS proactives buyer growth that you've seen consistently over the past 3 quarters, how much of that increased AOV is in that number?

因此，關於這個從坐墊到沙發的內容，以及它與 GMS 的關係如何積極主動地增加您在過去 3 個季度中看到的買家增長，增加的 AOV 中有多少是在這個數字中？

Or is it mostly frequency right now?

還是現在主要是頻率？

How should we think about the balance between those 2 things you've always seen in the past couple of quarters and going forward?

我們應該如何考慮您在過去幾個季度和未來一直看到的這兩件事之間的平衡？

So I think, prospectively, some of the things we're doing with quality that Josh talked about on the calls will have some impact on AOV.

所以我認為，從前瞻性來看，我們正在做的一些事情，喬希在電話中談到的質量會對 AOV 產生一些影響。

Right now, it's really the frequency that is impacting the growth that you're seeing.

現在，真正影響您所看到的增長的是頻率。

And our last question will come from Marvin Fong with BTIG.

我們的最後一個問題將來自 BTIG 的 Marvin Fong。

Just 2 quick ones, and I apologize that I also came in late, so if this was asked before.

只是 2 個快速的，我很抱歉我也來晚了，所以如果之前有人問過這個問題。

But the 13% growth in the active sellers, that seems to have been quite a bit of acceleration compared to recent quarters?

但是活躍賣家的 13% 增長，與最近幾個季度相比似乎已經加速了很多？

Could you maybe add some color on where -- what geographies that might be driving that?

您能否在哪些地方添加一些顏色 - 哪些地區可能會推動這一點？

Is it international or the U.S.?

是國際的還是美國的？

And then secondly, I have actually observed some outside data that suggested maybe your organic search traffic has been doing well, and I was just wondering if you guys actually have been seeing that, and if so, if that's factoring at all into your guidance or your thinking for the rest of the year.

其次，我實際上觀察到一些外部數據表明您的自然搜索流量可能一直表現良好，我只是想知道你們是否真的看到了這一點，如果是的話，是否將其納入您的指導或你對今年餘下時間的想法。

Great.

偉大的。

Great questions.

很好的問題。

So on the sellers, we were pleased by the growth in sellers.

因此，在賣家方面，我們對賣家的增長感到滿意。

As we said, we're largely demand-constrained more than supply-constrained business, particularly in the U.S. That's less true in international markets, where building more supply across more categories is indeed very helpful.

正如我們所說，我們在很大程度上受需求限製而不是供應受限業務，尤其是在美國。在國際市場上情況並非如此，在更多類別中建立更多供應確實非常有幫助。

And that is disproportionate where the seller growth came from last quarter.

這與上個季度的賣家增長不成比例。

We are definitely adding sellers in the U.S. and we feel great about that, we welcome them into the platform, but disproportionately the growth came in international markets.

我們肯定會在美國增加賣家，我們對此感覺很好，我們歡迎他們加入該平台，但不成比例的增長來自國際市場。

And on the organic search.

以及有機搜索。

So one of the channels that we experimented with for marketing in the first quarter was splitting our SEM buys into what we call brand versus nonbrand.

因此，我們在第一季度嘗試的營銷渠道之一是將我們的 SEM 購買分成我們所說的品牌與非品牌。

And because we suspected that truly some of that SEM that we've been buying is cannibalizing traffic that would've come to us anyway, because they're just clicking on the top links.

因為我們懷疑我們一直在購買的某些 SEM 確實會蠶食本來會來找我們的流量，因為他們只是點擊頂部鏈接。

And so we've gotten some good learnings from that bifurcation of that spend, that some of that nonbrand spend is still very valuable to us, but I think we also realized that we were able to parse out what was truly incremental from what's not.

因此，我們從這種支出的分歧中得到了一些很好的教訓，一些非品牌支出對我們來說仍然非常有價值，但我認為我們也意識到我們能夠從什麼不是真正的增量中解析出什麼。

And during that time where it was paused, we were perhaps seeing higher click-throughs on an SEO result that were previously going to a SEM placement.

在它暫停的那段時間裡，我們可能會看到以前進入 SEM 展示位置的 SEO 結果的點擊率更高。

Also, just to remind you that our organic -- we have a -- we benefit from a huge amount of organic traffic.

此外，只是提醒您我們的有機 - 我們有 - 我們受益於大量的有機流量。

So 85% of our GMS comes to us organically, and about half of that is direct traffic that just types in www.etsy.com.

因此，我們 85% 的 GMS 都是有機地來到我們這裡的，其中大約一半是直接輸入 www.etsy.com 的直接流量。

And so that continues to be when we pulled back on our spend, we saw actually the percentage that was coming to us that way went up just by nature of the fact that we were spending less on marketing, so that's the dynamic that we're seeing in the quarter.

因此，當我們縮減支出時，這種情況仍然存在，我們實際上看到，由於我們在營銷上的支出減少了，所以這種方式的百分比上升了，所以這就是我們的動態在季度中看到。

This concludes our question-and-answer session for today.

今天的問答環節到此結束。

I would now hand the conference back over to Josh Silverman, Chief Executive Officer, for any closing comments or remarks.

我現在將會議交還給首席執行官 Josh Silverman，聽取任何閉幕評論或評論。

Thank you all very much.

非常感謝大家。

We feel great about the first quarter, and I look forward to following up in the months and years to come.

我們對第一季度感覺很好，我期待著在未來的幾個月和幾年裡跟進。

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

女士們，先生們，感謝你們參加今天的會議。

This does conclude our program and we may all disconnect.

這確實結束了我們的計劃，我們可能都會斷開連接。

Everybody, have a wonderful day.

大家，祝你有美好的一天。