ETSY Inc (ETSY) 2019 Q2 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 Q2 2019 Etsy Inc.

歡迎來到 2019 年第二季度 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。

You may begin.

你可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to Etsy's Q2 conference call.

下午好，歡迎來到 Etsy 的第二季度電話會議。

Joining me today are Josh Silverman, CEO; and Rachel Glaser, Chief Financial Officer.

今天加入我的是首席執行官 Josh Silverman；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 financial guidance and key drivers thereof, anticipated marketing spend and other current and planned investments and their anticipated impact on our future financial results, anticipated product launches and impacts of experiments, including on conversion rates and the 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財務指導及其主要驅動因素相關的前瞻性陳述、預期營銷支出和其他當前和計劃投資及其對我們未來財務業績的預期影響、預期產品發布和實驗的影響，包括對轉換率的影響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-Q filed with the SEC on May 9, 2019, and subsequent reports that we file with the SEC.

前瞻性陳述涉及風險和不確定性，這些在我們的新聞稿、我們於 2019 年 5 月 9 日向 SEC 提交的 10-Q 以及我們向 SEC 提交的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 present both GAAP and non-GAAP financial measures.

同樣在電話會議期間，我們提出了 GAAP 和非 GAAP 財務措施。

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

今天的收益新聞稿中包含非 GAAP 指標與 GAAP 指標的對賬，您可以在我們的投資者關係網站上找到該新聞稿。

A link to the replay of this call will also be available there, and if you'd prefer to access 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，如果您更願意通過電話訪問重播，您也可以在新聞稿中找到該信息。

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

我們製作了幻燈片演示文稿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 to 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。

It's been another encouraging quarter across the board, with continued growth in GMS driven by our portfolio of marketing and product investments.

這是另一個令人鼓舞的季度，在我們的營銷和產品投資組合的推動下，GMS 持續增長。

GMS drove increases in revenue and EBITDA and services revenue was solid, resulting in an overall steady take rate of 16.5%.

GMS 推動了收入的增長，EBITDA 和服務收入穩健，導致整體穩定採用率為 16.5%。

We're making great progress improving our product experience and our marketing capabilities and it's paying off.

我們在改善產品體驗和營銷能力方面取得了巨大進步，並且正在取得回報。

In addition, we have a number of bold new initiatives which we're excited to walk you through, detailing how we expect them to fuel our growth even further.

此外，我們還有許多大膽的新舉措，我們很高興向您介紹這些舉措，詳細說明我們希望它們如何進一步推動我們的發展。

First, let's dive into highlights of our second quarter progress, starting with marketing.

首先，讓我們從營銷開始，深入探討我們第二季度進展的亮點。

We have a full funnel marketing approach, and in 2019, we've been optimizing our investments in every part of the funnel.

我們有一個完整的漏斗營銷方法，在 2019 年，我們一直在優化我們對漏斗每個部分的投資。

In the first quarter, we paused our spend in certain channels in order to test their incrementality and to refine our attribution model.

在第一季度，我們暫停了在某些渠道的支出，以測試它們的增量並完善我們的歸因模型。

As a result of these tests, we entered the second quarter with an optimized portfolio and conviction around some of the new channels we tested.

由於這些測試，我們進入了第二季度，優化了產品組合，並對我們測試的一些新渠道充滿信心。

First, we ramped our spend on Google performance marketing, while maintaining and even increasing ROI, through efficiency and infrastructure improvements; second, we're making progress unlocking potential in social channels.

首先，我們增加了在谷歌績效營銷上的支出，同時通過效率和基礎設施改進來維持甚至提高投資回報率；其次，我們在釋放社交渠道的潛力方面取得了進展。

We found strategies, such as dynamic retargeting, where we are seeing positive returns and are encouraged by our progress.

我們找到了策略，例如動態重新定位，我們看到了積極的回報，並為我們的進步感到鼓舞。

Over time, we believe social channels can become a powerful lever to drive incremental growth.

隨著時間的推移，我們相信社交渠道可以成為推動增量增長的強大槓桿。

Third, we launched a new TV campaign called Belongings, which focuses on buying things that matter to you.

第三，我們發起了一項名為 Belongings 的新電視活動，重點關注購買對您來說很重要的東西。

It aired for 7 weeks on national cable and select digital channels from late April through mid-June.

從 4 月下旬到 6 月中旬，它在國家有線電視和部分數字頻道播出了 7 週。

We're very pleased with the results.

我們對結果非常滿意。

Our market research indicates that visits and purchase intent are significantly higher for customers who were exposed to the ads versus those who were not.

我們的市場研究表明，接觸過廣告的客戶的訪問次數和購買意願明顯高於未接觸過廣告的客戶。

In fact, buyers who visited the site after viewing our ads were 20% more likely to convert to a purchase.

事實上，在看過我們的廣告後訪問該網站的買家轉化為購買的可能性要高 20%。

As expected, we saw a correlated uplift in other channels such as our Google ads during the time the TV campaign was running.

正如預期的那樣，在電視廣告系列投放期間，我們在其他渠道（例如我們的 Google 廣告）中看到了相關的提升。

It's exciting to see this early evidence that TV spend can make our other channels work harder.

看到電視支出可以讓我們的其他渠道更加努力地工作的早期證據令人興奮。

We'll also produce shorter versions of our ads focused on specific categories, such as home furnishings and weddings.

我們還將製作針對特定類別（例如家居裝飾和婚禮）的較短版本的廣告。

In short, it's been a great quarter for our marketing initiatives, and these results further validate our belief in the potential for marketing to drive significant profitable growth as we strengthen our capabilities.

簡而言之，對於我們的營銷計劃來說，這是一個很好的季度，這些結果進一步證實了我們相信，隨著我們能力的增強，營銷有可能推動顯著的利潤增長。

And speaking of strengthening our capabilities, towards the end of the quarter, Etsy's new Chief Marketing Officer, Ryan Scott, joined the company.

談到加強我們的能力，在本季度末，Etsy 的新任首席營銷官 Ryan Scott 加入了公司。

Ryan brings 2 decades of marketing and e-commerce experience to Etsy.

Ryan 為 Etsy 帶來了 2 年的營銷和電子商務經驗。

He's a true master of the craft.

他是真正的技藝大師。

And with just over a month under his belt, Ryan is already adding a ton of value and shares my enthusiasm that we are in the very early days of unlocking the power of marketing to turbocharge Etsy's growth.

僅僅一個多月的時間，Ryan 就已經增加了很多價值，並分享了我的熱情，即我們正處於釋放營銷力量以推動 Etsy 增長的早期階段。

Now let's turn to our product initiatives, which have continued to move the needle.

現在讓我們轉向我們的產品計劃，這些計劃一直在推動著前進。

Our product teams also delivered strong results in Q2.

我們的產品團隊在第二季度也取得了不錯的成績。

As you know, our product development strategy is tightly aligned with our rights to win, which focuses on highlighting our unique inventory, improved search and discovery, strengthening human connections and building a trusted brand.

如您所知，我們的產品開發戰略與我們的製勝權緊密結合，側重於突出我們獨特的庫存、改進搜索和發現、加強人際關係以及建立值得信賴的品牌。

Product experiment velocity expanded to an all-time high, surpassing the record set in Q1.

產品實驗速度擴大到歷史最高水平，超過了第一季度創下的記錄。

We made progress on multiple fronts improving the customer experience, resulting in significant incremental GMS.

我們在改善客戶體驗的多個方面取得了進展，從而顯著提高了 GMS。

For example, in the second quarter, we made meaningful strides in search and discovery, by making the homepage more personalized and dynamic, allowing buyers to more easily pick up where they left off on their most recent shopping mission.

例如，在第二季度，我們通過使主頁更加個性化和動態化，在搜索和發現方面取得了有意義的進步，使買家能夠更輕鬆地從他們停止的地方繼續他們最近的購物任務。

We also made progress improving our mobile app as part of what we expect will be a multiyear effort that will have significant positive impacts on metrics such as frequency.

我們還在改進我們的移動應用程序方面取得了進展，這是我們預計將進行多年努力的一部分，這將對頻率等指標產生重大積極影響。

And as I'll discuss in a moment, all of our focus on shipping is a core work stream connected to building an even more trusted brand.

正如我稍後將討論的那樣，我們對航運的所有關注都是與建立更值得信賴的品牌相關的核心工作流。

I'm encouraged to see that we are rapidly met -- we are able to rapidly scale our product and engineering teams, while maintaining and even accelerating productivity.

我很高興看到我們很快就滿足了——我們能夠快速擴展我們的產品和工程團隊，同時保持甚至提高生產力。

It's a testament to the strength of our product pipeline, the discipline of our development methodology and the caliber of our team.

這證明了我們產品線的實力、我們開發方法的紀律以及我們團隊的能力。

We're encouraged by the progress we made in both marketing and product development in the first half of 2019.

我們對 2019 年上半年在營銷和產品開發方面取得的進展感到鼓舞。

The second half of this year also includes a trio of bold new initiatives that we expect will catalyze additional future growth.

今年下半年還包括三項大膽的新舉措，我們預計這些舉措將促進未來的額外增長。

First is Etsy's new free shipping program; second, we're launching a new unified ad platform called Etsy Ads; and third, we're acquiring Reverb, a 2-sided marketplace very similar to Etsy, in a new category, with a strong strategic fit and robust growth potential.

首先是 Etsy 的新免費送貨計劃；其次，我們推出了一個名為 Etsy Ads 的新統一廣告平台；第三，我們正在收購 Reverb，這是一個與 Etsy 非常相似的雙向市場，屬於一個新類別，具有強大的戰略契合度和強勁的增長潛力。

First, let's discuss our recent news on shipping.

首先，讓我們討論一下最近的航運新聞。

When buyers find an item that they like and don't buy, additional cost of shipping is one of the top 3 most commonly cited reasons.

當買家發現他們喜歡但不購買的商品時，額外的運費是最常提到的 3 大原因之一。

Moreover, in these instances, buyers tell us they are far less likely to come back to Etsy or to promote us to their friends.

此外，在這些情況下，買家告訴我們他們不太可能回到 Etsy 或將我們推薦給他們的朋友。

Buyer expectations have changed regarding shipping, and it's important that Etsy keep up.

買家對運輸的期望已經改變，Etsy 跟上這一點很重要。

Last year, fewer than 30% of listings on Etsy offered free domestic shipping, and a significant number of items had additional shipping prices that buyers perceived to be unreasonably high.

去年，Etsy 上只有不到 30% 的商品提供免費國內送貨服務，而且大量商品的額外運費被買家認為高得離譜。

So on July 9, we rolled out a new program to give sellers the tools, education and support they need to offer free shipping to U.S. buyers on orders of $35 or more.

因此，在 7 月 9 日，我們推出了一項新計劃，為賣家提供他們需要的工具、教育和支持，以向美國買家提供 35 美元或以上訂單的免費送貨服務。

Our central message to sellers is that buyers now expect free shipping.

我們向賣家傳達的核心信息是買家現在期望免費送貨。

We know from our research that buyers are significantly more likely to buy an item that has free shipping as compared to the same item with shipping fees broken out separately.

我們從研究中了解到，與單獨列出運費的同一商品相比，買家更有可能購買免運費的商品。

To help our sellers manage this transition, we created a smart pricing tool, which allows them to easily set up a free shipping guarantee.

為了幫助我們的賣家管理這一轉變，我們創建了一個智能定價工具，使他們能夠輕鬆設置免費送貨保證。

The tool also gives individual sellers the option to incorporate all or a portion of their shipping cost into their item prices to recover costs and to bulk edit their listings accordingly.

該工具還為個人賣家提供了將全部或部分運費納入商品價格的選項，以收回成本並相應地批量編輯他們的列表。

The products with a free shipping guarantee will be prioritized in U.S. search, a key factor we know sellers value deeply.

具有免費送貨保證的產品將優先出現在美國搜索中，這是我們知道賣家非常看重的一個關鍵因素。

Internal data suggests that free shipping for U.S. buyers often leads to higher order values.

內部數據表明，美國買家免運費通常會帶來更高的訂單價值。

We also believe that there is a potential for higher conversion and improved frequency related to better meeting buyer expectations regarding shipping.

我們還認為，與更好地滿足買家對運輸的期望相關的更高轉化率和更高頻率的潛力。

We're excited about the opportunity to make free shipping a core part of the Etsy shopping experience and to enable our sellers to better compete in today's e-commerce landscape.

我們很高興有機會讓免費送貨成為 Etsy 購物體驗的核心部分，並使我們的賣家能夠在當今的電子商務環境中更好地競爭。

Seller adoption has been promising to date, and our plan is to begin actively marketing free shipping to buyers starting in September.

迄今為止，賣家的採用一直很有希望，我們的計劃是從 9 月開始積極向買家推銷免費送貨服務。

Our initial launch is focused on the U.S., our largest market, and the one that has the most established expectation for free shipping.

我們最初的發布重點是美國，這是我們最大的市場，也是對免費送貨期望最高的市場。

But we plan to explore making this available to other core markets in the future.

但我們計劃在未來探索將其用於其他核心市場。

We also plan to address other friction points related to fulfillment, such as establishing a consistent approach to returns and ensuring that delivery date expectations are met.

我們還計劃解決與履行相關的其他摩擦點，例如建立一致的退貨方法並確保滿足交貨日期預期。

I'm also excited to announce that later this month, we will be launching Etsy Ads, a new unified ad platform which is designed to give our sellers more opportunities to gain prominence and drive visits and sales.

我也很高興地宣布，本月晚些時候，我們將推出 Etsy Ads，這是一個新的統一廣告平台，旨在為我們的賣家提供更多機會獲得知名度並推動訪問和銷售。

Today, Etsy offers 2 separate paid advertising products, which help sellers to drive traffic to their shop: Promoted Listings, our on-site advertising product; and Google Shopping, which advertises their products on Google.

今天，Etsy 提供 2 種獨立的付費廣告產品，幫助賣家為他們的商店吸引流量：Promoted Listings，我們的現場廣告產品；和谷歌購物，在谷歌上宣傳他們的產品。

Let me take a moment to explain these 2 products.

讓我花點時間解釋一下這兩種產品。

Starting with Promoted Listings.

從推薦列表開始。

This service has grown approximately 30% or more for each of the past 8 quarters, robust revenue growth for what is now our largest seller service.

這項服務在過去 8 個季度中每個季度都增長了約 30% 或更多，這是我們目前最大的賣家服務的強勁收入增長。

Pro List growth has been primarily driven by the expansion of inventory, meaning Promoted Listings show up in more places on the Etsy site, and to improve algorithms, which deliver the right ad to the right shopper, resulting in more sales.

Pro List 的增長主要是由庫存的擴張推動的，這意味著 Promoted Listings 會出現在 Etsy 網站的更多地方，並改進算法，將正確的廣告投放給正確的購物者，從而帶來更多的銷售額。

Promoted Listings is designed to be extremely easy to use.

Promoted Listings 的設計非常易於使用。

Sellers simply give us a daily budget and we optimize that budget on their behalf, working to ensure that on average, they receive a strong return on ad spend.

賣家只需向我們提供每日預算，我們就會代表他們優化預算，努力確保平均而言，他們在廣告支出上獲得可觀的回報。

Since we know that our sellers are relatively indifferent as to whether the visits they are buying come from on- or off-Etsy, as long as they're high-quality visits, in 2016, we launched a second ad product, Google Shopping.

由於我們知道我們的賣家對他們購買的訪問量是來自 Etsy 網站還是網站外的訪問量相對漠不關心，只要他們是高質量的訪問量，我們在 2016 年推出了第二個廣告產品 Google 購物。

This product allows sellers to give us a budget, which we used to buy PLAs on their behalf, driving traffic from Google directly to their listings.

這個產品允許賣家給我們一個預算，我們用它來代表他們購買 PLA，將流量從谷歌直接吸引到他們的列表。

We also believe that on average, our sellers' gross margin is much higher than our 5% transaction fee.

我們還認為，平均而言，我們賣家的毛利率遠高於我們 5% 的交易費。

In other words, they are able to spend more on a visit from Google than we would and still achieve a strong return on ad spend.

換句話說，與我們相比，他們能夠在 Google 的一次訪問上花費更多，並且仍能獲得可觀的廣告支出回報。

Our research indicates that there are many potential visits we are leaving on the table that our sellers would have happily purchased.

我們的研究表明，我們將許多潛在的訪問留在桌面上，而我們的賣家會很樂意購買這些訪問。

However today, Google Shopping is a completely separate ad buy, meaning that we do not invest any of the unused Pro List budget on Google Shopping.

然而今天，Google 購物是完全獨立的廣告購買，這意味著我們不會在 Google 購物上投入任何未使用的 Pro List 預算。

Our sellers have found it confusing and a bit intimidating to try to manage 2 separate ad programs, and as a result, seller adoption of Google Shopping has been limited.

我們的賣家發現嘗試管理 2 個獨立的廣告程序會讓人感到困惑和有點害怕，因此，賣家對 Google 購物的採用受到限制。

We believe that sellers want a single, simple solution with a single budget, where they tell us how much to spend and we invest that on their behalf, on- and off-Etsy.

我們相信賣家想要一個單一的、簡單的解決方案和單一的預算，他們告訴我們要花多少錢，我們代表他們在 Etsy 內外進行投資。

As we've illustrated on Slide 14, today, we use less than 50% of our sellers' aggregated budget.

正如我們在幻燈片 14 中所示，今天，我們使用的賣家總預算還不到 50%。

In other words, they have more appetite to invest than we have inventory to offer.

換句話說，他們的投資意願超過了我們提供的庫存。

By creating 1 streamlined ad offering, we can optimize our sellers' budgets across both Pro List and Google PLAs, as you can see on the right-hand side of this slide.

通過創建 1 個簡化的廣告產品，我們可以優化賣家在 Pro List 和 Google PLA 中的預算，如您在本幻燈片右側所見。

Etsy Ads will launch later this month.

Etsy Ads 將於本月晚些時候推出。

We aim to utilize more of our sellers' budgets over time, but expect that a portion will remain unutilized, as we continue to optimize sellers' spend with a strong ROAS hurdle as the guidepost.

隨著時間的推移，我們的目標是利用更多賣家的預算，但隨著我們繼續以強大的 ROAS 障礙為指導來優化賣家的支出，預計一部分將保持未使用狀態。

Over time, our goal is for this product to be a growth driver for our sellers and for Etsy.

隨著時間的推移，我們的目標是讓該產品成為我們賣家和 Etsy 的增長動力。

We expect to reduce Etsy spend on performance marketing channels and reallocate those investments to upper and mid-funnel marketing.

我們希望減少 Etsy 在績效營銷渠道上的支出，並將這些投資重新分配給上層和中層渠道營銷。

We believe this will improve brand awareness and consideration, drive more direct traffic to our homepage and our mobile app, as well as increase frequency, reminding consumers why Etsy and when Etsy, a message no individual seller can do on their own, but every seller will benefit from.

我們相信這將提高品牌知名度和考慮度，為我們的主頁和我們的移動應用程序帶來更多直接流量，並增加頻率，提醒消費者為什麼使用 Etsy 以及何時使用 Etsy，這是個人賣家無法獨自完成的信息，但每個賣家將從中受益。

A smarter way for us to be investing.

一種更明智的投資方式。

We believe that Etsy ads will be another popular optional Seller Service, and as its uptake and budget grows, so will Etsy's take rate.

我們相信 Etsy 廣告將成為另一種流行的可選賣家服務，隨著它的採用和預算的增長，Etsy 的採用率也會增加。

It's a great example of how optional Seller Services can help us to deliver excellent value to our sellers and a fair take rate for Etsy, while minimizing mandatory fees.

這是一個很好的例子，說明可選的賣家服務如何幫助我們為賣家提供卓越的價值並為 Etsy 提供公平的接受率，同時最大限度地減少強制性費用。

Our third growth catalyst is our recently announced agreement to acquire Reverb, a privately held marketplace for new, used and vintage music gear.

我們的第三個增長催化劑是我們最近宣布的收購 Reverb 的協議，Reverb 是一個新的、二手的和復古音樂設備的私人市場。

As you've heard me say many times, vibrant, two-sided marketplaces are lightning in a bottle.

正如你多次聽到我說過的那樣，充滿活力的雙向市場就像瓶中的閃電。

There are only a few -- a handful of them at scale, and Reverb is one.

只有少數——其中少數是大規模的，混響就是其中之一。

This transaction is a great strategic fit that firmly aligns with our mission of keeping commerce human.

此次交易非常符合我們保持商業人性化的使命。

Reverb is the Etsy of musical instruments, with significant competitive differentiation, and we see tremendous value and potential in the business.

Reverb 是樂器界的 Etsy，具有顯著的競爭優勢，我們看到了該行業的巨大價值和潛力。

What Reverb's founder, David Kalt, and his team have created in only 6 years is incredible.

Reverb 的創始人 David Kalt 和他的團隊僅用了 6 年的時間就創造出了令人難以置信的東西。

Essentially, a new and special place to buy and sell musical instruments, and I'll bet some of you out there are musicians who are familiar with the platform.

本質上，這是一個買賣樂器的新的和特殊的地方，我敢打賭你們中的一些人是熟悉這個平台的音樂家。

They've been a disruptive force in this space, where used musical instrument sales are now outpacing new.

他們一直是這個領域的一股顛覆性力量，二手樂器的銷量現在已經超過了新樂器。

Reverb has redefined the sector and grown it online.

Reverb 重新定義了該行業並使其在線發展。

Why am I so jazzed, sorry, about this deal?

對不起，為什麼我對這筆交易如此興奮？

It's a great strategic fit and similar business model to Etsy, and the company is in the infancy of its growth.

這與 Etsy 的戰略契合度和商業模式相似，而且該公司正處於發展初期。

We see a number of similarities between the lever of growth for Etsy and Reverb, such as improving search and discovery, making selling and buying easier and building a global brand and user community.

我們看到 Etsy 和 Reverb 的增長槓桿之間有許多相似之處，例如改進搜索和發現、使買賣更容易以及建立全球品牌和用戶社區。

We've -- successfully implementing these types of initiatives at Etsy, and are confident that we can similarly impact Reverb's business.

我們已經——在 Etsy 成功實施了這些類型的計劃，並且有信心我們可以同樣影響 Reverb 的業務。

We'll have more to share with you about this business once the transaction is completed, but since it's still pending regulatory approval and other customary closing conditions, we're keeping our commentary to a minimum today.

交易完成後，我們將與您分享更多關於這項業務的信息，但由於它仍在等待監管部門的批准和其他慣例成交條件，因此我們今天將評論保持在最低限度。

I've never been more excited about what lies ahead for Etsy.

我從未對 Etsy 的未來感到如此興奮。

We have a core business that stands for something different and meaningful, which has never been more relevant and continues to have tremendous potential to unlock further growth, with disciplined investments in marketing and product development.

我們的核心業務代表著與眾不同和有意義的東西，它從未像現在這樣重要，並且繼續具有釋放進一步增長的巨大潛力，在營銷和產品開發方面有紀律的投資。

Overall, we feel good about the ROI and progress on our key marketing channels, including TV, and as we scale our product teams, we continue to see incremental returns there as well.

總體而言，我們對包括電視在內的主要營銷渠道的投資回報率和進展感到滿意，並且隨著我們擴大產品團隊，我們也繼續看到那裡的增量回報。

And we continue to make bold bets that set us up for an even brighter future, and that we believe will have a positive impact on our financials in the near term and long.

我們繼續大膽押注，為我們創造更光明的未來，我們相信這將在短期和長期內對我們的財務狀況產生積極影響。

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。

In the second quarter, GMS grew 23% on a constant-currency basis and 21% on an as-reported basis, an acceleration versus prior quarter and last year, fueled by both increased product development velocity and optimized investment in mature and new marketing channels.

第二季度，GMS 按固定匯率計算增長 23%，按報告計算增長 21%，與上一季度和去年相比有所加速，這得益於產品開發速度的提高以及對成熟和新營銷渠道的優化投資.

Revenue grew 37% year-over-year to $181 million, with growth in both marketplace and services.

隨著市場和服務的增長，收入同比增長 37% 至 1.81 億美元。

And adjusted EBITDA was $40 million, with EBITDA margin expanding 100 basis points to 22% in Q2, as we continue to benefit from robust revenue growth.

調整後的 EBITDA 為 4000 萬美元，第二季度 EBITDA 利潤率擴大 100 個基點至 22%，因為我們繼續受益於強勁的收入增長。

Let me provide a little color on our revenue and adjusted EBITDA results.

讓我為我們的收入和調整後的 EBITDA 結果提供一些顏色。

First, marketplace revenue benefited from 21% GMS growth and the related transaction revenue also benefiting from last year's price increase.

首先，市場收入受益於 21% 的 GMS 增長，相關交易收入也受益於去年的價格上漲。

As a reminder, in the beginning of Q3, we anniversary-ed the increase in our marketplace take rate, which has been a significant driver of marketplace revenue growth over the past year.

提醒一下，在第三季度初，我們慶祝了市場採用率的增長，這是過去一年市場收入增長的重要推動力。

Next, Promoted Listings revenue was the largest factor contributing to growth in services revenue, growing 32% in Q2.

接下來，Promoted Listings 收入是促進服務收入增長的最大因素，第二季度增長了 32%。

As discussed on our last call, in the second quarter of last year, we had a onetime benefit of $2.8 million related to Etsy Shipping Label revenue that did not recur in 2019.

正如我們在上次電話會議上討論的那樣，在去年第二季度，我們獲得了與 Etsy Shipping Label 收入相關的 280 萬美元的一次性收益，該收益在 2019 年沒有再發生。

In addition, some of our development squads shifted focus to work on Etsy Ads, somewhat delaying new product launches that may have had a positive impact on Promoted Listings revenue.

此外，我們的一些開發團隊將重點轉移到 Etsy 廣告上，這在一定程度上推遲了可能對 Promoted Listings 收入產生積極影響的新產品發布。

And a last note on revenue, 24% of active sellers have adopted our Shipping Labels service in the 4 markets where we offer this product, for approximately 430,000 sellers.

關於收入的最後一點是，在我們提供該產品的 4 個市場中，有 24% 的活躍賣家採用了我們的運輸標籤服務，大約有 430,000 名賣家。

This is an increase of approximately 40,000 sellers compared to prior year.

與上一年相比，這增加了約 40,000 名賣家。

Despite this growth, we saw headwind from Shipping Labels revenue as the USPS eliminated one of their rate classes, causing sellers to shift to a lower-margin class.

儘管有這種增長，但我們看到了運輸標籤收入的不利因素，因為 USPS 取消了他們的一個費率等級，導致賣家轉向利潤率較低的等級。

This was effective at the beginning of the year and continued to cause a small year-over-year decrease in Q2.

這在年初是有效的，並繼續導致第二季度同比小幅下降。

Overall, our take rate remained at 16.5%, consistent with prior quarters.

總體而言，我們的採納率保持在 16.5%，與前幾個季度一致。

We were pleased to see incremental efficiency in our marketing spend, as we leveraged data and insights from recent tests.

我們很高興看到我們的營銷支出效率不斷提高，因為我們利用了最近測試的數據和見解。

Both our robust revenue and marketing efficiency helped to drive 100 basis points of improvement to our EBITDA margins to 22%.

我們強勁的收入和營銷效率都有助於將我們的 EBITDA 利潤率提高 100 個基點，達到 22%。

Q2 EBITDA growth is partially offset by incremental expenses running through cost of revenue and G&A.

第二季度 EBITDA 的增長部分被收入成本和 G&A 中的增量支出所抵消。

Cost of revenue increased 29% year-over-year, though gross margin increased by 190 basis points.

收入成本同比增長 29%，但毛利率增長了 190 個基點。

In terms of our migration to Google Cloud, we have migrated a majority of our systems to Google Cloud and usage costs related to the cloud are expensed and recorded in cost of revenue.

就我們向谷歌云的遷移而言，我們已將大部分系統遷移到谷歌云，與雲相關的使用成本已計入費用並記錄在收入成本中。

Cloud expenses were the primary driver of our year-over-year increase, and we expect to leverage the benefit of this spend for product initiatives with a positive impact on GMS growth.

雲支出是我們同比增長的主要驅動力，我們希望利用這一支出的好處進行產品計劃，從而對 GMS 增長產生積極影響。

G&A increases this quarter versus prior year were driven in large part by the impact of the new lease standard adopted at the beginning of the year, resulting in incremental depreciation, primarily noncash.

本季度 G&A 與去年同期相比增加的主要原因是年初採用的新租賃標準的影響，導致增量折舊，主要是非現金折舊。

This will now be included in our G&A expense line and the P&L going forward, and is backed out of EBITDA.

這現在將包含在我們的 G&A 費用線和未來的 P&L 中，並從 EBITDA 中扣除。

Also backed out of EBITDA is $1.2 million of professional expenses primarily related to our pending acquisition of Reverb.

從 EBITDA 中扣除的還有 120 萬美元的專業費用，主要與我們即將收購的 Reverb 有關。

Our flywheel has continued to get stronger as demonstrated by the improvements in our key operating metrics.

正如我們關鍵運營指標的改進所證明的那樣，我們的飛輪繼續變得更強大。

Active buyers accelerated for the seventh consecutive quarter, increasing 19% in Q2 to $43 million.

活躍買家連續第七個季度加速增長，第二季度增長 19% 至 4300 萬美元。

GMS per active buyer on a trailing 12-month basis grew to over $100 for the first time ever, and delivered 5 consecutive quarters of positive growth, evidence that we are continuing to make progress improving frequency.

每個活躍買家的 GMS 在過去 12 個月的基礎上首次增長到超過 100 美元，並連續 5 個季度實現正增長，這證明我們正在繼續取得進展，提高頻率。

It is important to keep in mind that we expect this metric to be positively impacted by our marketing investments such as TV, which has a longer-term payback period and can deliver returns in future quarters.

重要的是要記住，我們預計該指標將受到我們的營銷投資（例如電視）的積極影響，它具有更長的投資回收期，可以在未來幾個季度帶來回報。

Our buyer categories continue to show signs of improvement.

我們的買家類別繼續顯示出改善的跡象。

Habitual buyers, customers who have made 6 or more purchases and spent over $200 in a 12-month period, were again the fastest-growing segment of buyers.

習慣性買家，即在 12 個月內購買了 6 次或更多商品並花費超過 200 美元的顧客，再次成為增長最快的買家群體。

And active sellers increased 18%, driven in large part by growth in international sellers.

活躍賣家增長了 18%，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 on a constant-currency basis, GMS growth was 37%, another strong quarter for international growth driven by our U.S. buyer to international seller, in international domestic trade routes.

在固定匯率的基礎上，GMS 增長了 37%，這是國際國內貿易航線上由我們的美國買家到國際賣家推動的國際增長的又一個強勁季度。

Paid GMS as a percentage of total GMS was 15% in the quarter, contracting from 16% in Q2 2018.

本季度付費 GMS 佔總 GMS 的百分比為 15%，低於 2018 年第二季度的 16%。

We define paid GMS as GMS attributable to our performance marketing efforts, excluding most of our upper funnel investments like TV and digital video.

我們將付費 GMS 定義為可歸因於我們的績效營銷努力的 GMS，不包括我們大部分的上層漏斗投資，如電視和數字視頻。

We believe that more organic traffic is coming directly to Etsy as a result of our TV campaign having a positive impact on Etsy brand awareness.

我們相信，由於我們的電視活動對 Etsy 的品牌知名度產生了積極影響，因此更多的自然流量將直接進入 Etsy。

So those are the highlights of the second quarter financial and operating metrics.

因此，這些是第二季度財務和運營指標的亮點。

Let me take a few minutes to walk you through the financial impact of our free shipping initiative and Etsy Ads.

讓我花幾分鐘時間向您介紹我們的免費送貨計劃和 Etsy 廣告的財務影響。

There are a number of moving parts, and I will do my best to explain the accounting impact of each one.

有許多變動的部分，我會盡力解釋每個部分的會計影響。

Let's start with our free shipping initiative.

讓我們從我們的免費送貨計劃開始。

Our smart pricing tool allows sellers to set up a free shipping guarantee.

我們的智能定價工具允許賣家設置免費送貨保證。

They can then individually choose to incorporate all or a portion of their shipping cost into their item prices to recover costs, and present it to buyers as 1 clear price.

然後，他們可以單獨選擇將全部或部分運費納入商品價格以收回成本，並將其作為 1 個明確的價格呈現給買家。

Slide 22 illustrates how we believe this initiative will drive higher GMS and revenue.

幻燈片 22 說明了我們如何相信這一舉措將推動更高的 GMS 和收入。

First, in our tests, we saw that conversion rate increases for items that are presented with free shipping; second, we observed that average order value increased as buyers buy more from the same shop to reach the $35 minimum required to earn free shipping.

首先，在我們的測試中，我們發現免運費商品的轉化率會提高；其次，我們觀察到，隨著買家從同一家商店購買更多商品以達到獲得免費送貨所需的最低 35 美元，平均訂單價值會增加。

We believe that in the future, these 2 factors will drive positive impact to GMS and revenue.

我們相信，在未來，這兩個因素將對 GMS 和收入產生積極影響。

A third factor to consider is whether sellers will move their shipping price into their item price to recover the cost of shipping.

第三個要考慮的因素是賣家是否會將運費計入商品價格以收回運費。

Last, if the seller transfers less than 100% of the shipping cost into the item price, this could have a neutral to negative impact on revenue and take rate.

最後，如果賣家將不到 100% 的運費轉移到商品價格中，這可能會對收入和成交率產生中性或負面影響。

Sellers were already paying 5% transaction fee on shipping.

賣家已經支付了 5% 的運費。

Any amount less than 100% transfer from shipping to item price will result in a modest contraction to revenue.

從運費到商品價格的任何低於 100% 的轉移都會導致收入適度收縮。

In our tests, we saw that approximately 84% of shipping price was transferred into item price for cost recovery purposes.

在我們的測試中，我們發現大約 84% 的運費被轉換為項目價格以用於成本回收。

Net-net, when taken together, we expect the benefit from increased conversion and AOV will significantly outweigh this small contraction.

Net-net，當綜合考慮時，我們預計增加轉化率和 AOV 帶來的好處將大大超過這一小幅收縮。

In September, we will begin marketing the availability of free shipping to buyers, and we believe the strength of this free shipping method will have a positive impact on frequency and importantly, GMS and revenue growth.

9 月，我們將開始向買家宣傳免費送貨的可用性，我們相信這種免費送貨方式的優勢將對頻率產生積極影響，重要的是，GMS 和收入增長。

Next let me walk you through the financial impact of Etsy Ads.

接下來讓我帶您了解 Etsy Ads 的財務影響。

Currently, sellers could elect to purchase Promoted Listings and/or Google Shopping.

目前，賣家可以選擇購買 Promoted Listings 和/或 Google Shopping。

Promoted Listings is recorded as revenue and Google Shopping is recorded net with seller spend.

Promoted Listings 記錄為收入，Google Shopping 記錄為淨賣家支出。

But beginning in Q3, under the new Etsy Ads platform, the gross amount spent on Google Shopping will instead be recorded as revenue, with a dollar for dollar offset of expense in cost of revenue.

但從第三季度開始，在新的 Etsy Ads 平台下，谷歌購物的總支出將被記錄為收入，收入成本中的費用逐美元抵消。

In the short term, this results in a slight contraction in gross margin, even though gross profit dollars are not impacted.

在短期內，這會導致毛利率略有收縮，儘管毛利潤美元沒有受到影響。

The budget allocated to each of these products were dedicated to these individual channels.

分配給這些產品的預算專門用於這些單獨的渠道。

And if the budget was not utilized, these funds will return to the seller.

如果沒有使用預算，這些資金將返回給賣家。

With Etsy Ads, we will now take a seller's single-budget election and optimize it across 2 products: Promoted Listings and Google Shopping.

借助 Etsy Ads，我們現在將進行賣家的單一預算選擇，並在 2 種產品中對其進行優化：Promoted Listings 和 Google Shopping。

Etsy controls the allocation of their marketing dollars, and this therefore becomes 1 gross revenue stream for Etsy.

Etsy 控制著他們營銷資金的分配，因此這成為 Etsy 的第一大收入來源。

So how does this impact our financials?

那麼這對我們的財務狀況有何影響？

Starting with GMS, the initial impact is neutral.

從 GMS 開始，最初的影響是中性的。

But over time, we expect a positive impact to GMS as our sellers increase their ad budgets and we improve utilization.

但隨著時間的推移，隨著我們的賣家增加他們的廣告預算並且我們提高利用率，我們預計會對 GMS 產生積極影響。

Revenue is also expected to increase with larger budget utilization.

隨著預算利用率的提高，預計收入也會增加。

Since the Google Shopping portion of our Etsy Ads revenue will be a straight path through to cost of revenue, there will be 0 impact to gross profit.

由於我們的 Etsy 廣告收入的 Google 購物部分將直接轉化為收入成本，因此對毛利的影響為零。

Gradually, we expect that our sellers' marketing spend will replace Etsy's performance marketing spend to a great extent.

漸漸地，我們預計我們賣家的營銷支出將在很大程度上取代 Etsy 的績效營銷支出。

This enables us to repurpose that spend to upper funnel marketing channels where Etsy can invest to build brand awareness, something our individual sellers cannot do on their own, but we believe they will greatly benefit from.

這使我們能夠將這筆支出重新用於上層漏斗營銷渠道，Etsy 可以在這些渠道上投資以建立品牌知名度，這是我們的個人賣家無法獨自完成的事情，但我們相信他們將從中受益匪淺。

Over time, we expect Etsy Ads to create a fundamental improvement to our margins, while also enabling sellers to more easily make investments in their own growth.

隨著時間的推移，我們希望 Etsy Ads 能夠從根本上提高我們的利潤率，同時也使賣家能夠更輕鬆地為自身的增長進行投資。

And lastly, on our pending acquisition of Reverb.

最後，關於我們即將收購的 Reverb。

We plan to discuss any specific updates to 2019 financial guidance following the completion of the transaction.

我們計劃在交易完成後討論對 2019 年財務指南的任何具體更新。

Turning to how our overall business trends and these new initiatives impact our 2019 guidance.

轉向我們的整體業務趨勢和這些新舉措如何影響我們的 2019 年指南。

We are raising GMS guidance to 20% to 22% growth, raising revenue guidance to 32% to 34% growth, and taking our outlook for adjusted EBITDA down by 1 point to a range of 22% to 24%.

我們將 GMS 指引上調至 20% 至 22% 的增長，將收入指引上調至 32% 至 34% 的增長，並將調整後 EBITDA 的預期下調 1 個百分點至 22% 至 24% 的範圍。

The increase in our GMS guidance is driven by better-than-expected product development efforts, which has been delivering incremental GMS wins; efficiency in our portfolio of marketing initiatives, including TV; and the GMS benefit of our free shipping guarantee, which we expect will primarily impact the fourth quarter.

我們 GMS 指南的增加是由好於預期的產品開發工作推動的，這些工作一直在增加 GMS 的勝利；我們營銷活動組合的效率，包括電視；以及我們免費送貨保證的 GMS 優勢，我們預計這將主要影響第四季度。

One headwind we are managing is the new state sales tax laws, which are coming online, which among other things in the macro environment, could offset some of the growth we expect in 2019.

我們正在應對的一個不利因素是即將上線的新州銷售稅法，這在宏觀環境中可能會抵消我們預期的 2019 年的部分增長。

Our increased revenue guidance reflects both continued growth in our core business and the revenue benefit of Etsy Ads, which in the near term is primarily related to the additional revenue for our former Google Shopping service.

我們增加的收入指引既反映了我們核心業務的持續增長，也反映了 Etsy Ads 的收入收益，這在短期內主要與我們以前的 Google 購物服務的額外收入有關。

Our guidance implies that in the second half of the year, revenue will grow 28% to 31%, a substantial increase to our run rate as we enter 2020.

我們的指引暗示，在今年下半年，收入將增長 28% 至 31%，隨著我們進入 2020 年，我們的運行率將大幅提高。

Please note that the fourth quarter is generally the high watermark for the year for our ad platform revenue.

請注意，第四季度通常是我們廣告平台收入的年度高點。

Turning to adjusted EBITDA, we have a disciplined approach to making investments, and are comfortable investing for long-term growth, where we have confidence there is a positive return on investment.

談到調整後的 EBITDA，我們有一個嚴格的投資方法，並且樂於為長期增長進行投資，我們有信心獲得積極的投資回報。

We have a great deal of confidence in our current slate of marketing and product initiatives, but some of them have longer-term payback periods.

我們對目前的一系列營銷和產品計劃充滿信心，但其中一些計劃的投資回收期更長。

As the mix of our marketing spend shifts to include increased investment in upper funnel marketing channels, we expect our payback period to lengthen as we go forward.

隨著我們的營銷支出組合轉變為包括增加對上層漏斗營銷渠道的投資，我們預計我們的投資回收期會隨著我們的前進而延長。

We have confidence in the positive return this investment will drive over time.

我們相信隨著時間的推移，這項投資將帶來積極的回報。

Secondly, the majority of incremental revenue associated with Etsy Ads will have no impact to adjusted EBITDA in 2019.

其次，與 Etsy 廣告相關的大部分增量收入不會對 2019 年調整後的 EBITDA 產生影響。

As a result, our take rate will increase, but adjusted EBITDA margins will contract in the short-term.

因此，我們的接受率將上升，但調整後的 EBITDA 利潤率將在短期內收縮。

Over time, we expect the efficiency of this platform and a greater utilization of available ad budgets will be margin-accretive.

隨著時間的推移，我們預計該平台的效率和可用廣告預算的更多利用將增加利潤。

Last, now that we've migrated the majority of our systems operations to the cloud, including our machine learning efforts, we expect a lower percentage of our product development labor will be capitalized and more to be expensed going forward.

最後，既然我們已經將大部分系統操作遷移到雲端，包括我們的機器學習工作，我們預計我們的產品開發勞動力的百分比將被資本化，而未來更多的將被支出。

As a reminder, our long-term target for adjusted EBITDA margins is 30% or higher.

提醒一下，我們調整後的 EBITDA 利潤率的長期目標是 30% 或更高。

We're building on our momentum following another great quarter.

在又一個偉大的季度之後，我們正在鞏固我們的勢頭。

We expect to continue to capitalize on our large market opportunity and leverage our strong financial position to transform the business by delivering sustained growth and expanding margins.

我們希望繼續利用我們巨大的市場機會，並利用我們強大的財務狀況，通過實現持續增長和擴大利潤來實現業務轉型。

Thank you all for your time today.

謝謝大家今天的時間。

We will now take your questions.

我們現在將回答您的問題。

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

（操作員說明）我們的第一個問題來自希思特里與高盛的合作。

Just on Etsy Ads, can you give us a sense as you're obviously dealing with a lot of sellers that have a budget plan around this.

就 Etsy Ads 而言，您能否給我們一種感覺，因為您顯然正在與許多圍繞此制定預算計劃的賣家打交道。

Should we expect that this has the potential for net ad spend at Etsy to be down in some part?

我們是否應該期望這有可能使 Etsy 的淨廣告支出在某些方面下降？

Or is there enough demand across the platform to be able to reinvest all of the offset from sellers?

或者整個平台是否有足夠的需求來重新投資賣家的所有抵消？

And then on the guidance for GFS (sic) [GMS], given the outperformance this quarter relative to expectations as well as the free shipping on the horizon, any reason that we shouldn't expect sort of further upside to the GMS growth over the second half relative to what you guys have guided to?

然後關於 GFS (sic) [GMS] 的指導，鑑於本季度相對於預期的出色表現以及即將到來的免費送貨，任何我們不應該期望 GMS 增長在下半場相對於你們的指導？

Or is there potentially something we're missing in that?

還是我們可能遺漏了什麼？

So I'll take the second question first, and then Josh will take the one on the Etsy Ads spend.

所以我會先回答第二個問題，然後 Josh 會回答關於 Etsy 廣告支出的問題。

So first of all, thank you for your questions, and I would say, we've given our best estimate for GMS for the year, and so we're comfortable with that number.

所以首先，謝謝你的問題，我想說的是，我們已經給出了今年 GMS 的最佳估計，所以我們對這個數字感到滿意。

Baked into there is some conservatism around what we might or might not see from sales tax, so that could be -- we're doing our best estimate of that based on what we've seen thus far.

關於我們可能會或可能不會從銷售稅中看到的內容，存在一些保守主義，所以這可能是——我們正在根據迄今為止所看到的情況做出最好的估計。

We pointed out that, that could be a headwind or other macro factors could be a headwind, so we're doing our best there.

我們指出，這可能是逆風或其他宏觀因素可能是逆風，所以我們正在盡力而為。

And then we are also just launching -- we have not yet launched Etsy Ads, so that is -- we are giving you kind of a debut of that product that's yet to come, so that's a lot -- that's a fairly big unknown to us, and we're just launching our shipping guarantee, the marketing for that doesn't even start until September.

然後我們也剛剛推出——我們還沒有推出 Etsy Ads，所以——我們正在為你展示即將推出的產品，所以很多——這是一個相當大的未知數我們，我們剛剛推出我們的運輸保證，直到 9 月才開始營銷。

So I think there's a -- we're doing our best based on extensive testing and speaking with sellers and -- to give the guidance that we understand we're pretty confident that we've given you good numbers, but there's a few unknowns as we've pointed out.

所以我認為有一個 - 我們正在根據廣泛的測試和與賣家的交談盡我們最大的努力 - 提供我們理解的指導，我們非常有信心我們已經給了你很好的數字，但還有一些未知數正如我們所指出的。

And on Etsy Ads, it's a great question, Heath, and it's complicated, this new program.

在 Etsy Ads 上，這是一個很好的問題，Heath，這個新程序很複雜。

So I'll start with that we're really excited about it.

所以我將從我們對此感到非常興奮開始。

If you ask sellers what they want from Etsy, one of the top things they're going to say is the opportunity to invest more to drive my own growth.

如果你問賣家他們想從 Etsy 得到什麼，他們會說的最重要的事情之一就是有機會進行更多投資以推動我自己的成長。

And so this is -- we think over time, going to make the pie bigger, as it's going to really give sellers the opportunity to invest more to drive their own growth, have more agency, which we think is great, and I think they are going to think is great as well.

所以這是——我們認為隨著時間的推移，要把蛋糕做大，因為這真的會讓賣家有機會投資更多來推動他們自己的增長，擁有更多的代理，我們認為這很好，我認為他們會認為也很棒。

In the near term, it's really important that we are able to put that money to work in a way that drives incremental growth for them and good return on ad spend, and they're going to test and learn their way into the program.

在短期內，我們能夠以推動他們的增量增長和良好的廣告支出回報的方式投入這筆資金，這一點非常重要，他們將測試並學習進入該計劃的方式。

And so we're going to be testing and building out our capabilities, and they're going to be testing and getting more sellers to come into the program and more sellers to take their budget up is something that we want to do over time, and we're optimistic is going to happen.

因此，我們將測試並增強我們的能力，他們將進行測試並讓更多的賣家加入該計劃，讓更多的賣家提高他們的預算，這是我們希望隨著時間的推移做的事情，我們很樂觀。

In the near term, we're going to have to see how it works.

在短期內，我們將不得不看看它是如何運作的。

So we're very optimistic about the program in the medium term.

因此，我們對中期計劃非常樂觀。

It's complicated, and we're going to be navigating it in the months to come.

這很複雜，我們將在未來幾個月內駕馭它。

All that said, I think that the guidance that we've given you for this year is appropriate.

綜上所述，我認為我們今年給你的指導是合適的。

There's a number of puts and takes, and I think it's appropriate.

有很多推拿，我認為這是合適的。

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

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

I guess, just a follow-up on Etsy Ads, why do you think you'll hit the crossover point where the decline in Etsy funded performance marketing will allow you to basically hold or leverage ad spend?

我想，只是 Etsy Ads 的後續行動，為什麼你認為你會達到交叉點，在這個交叉點，Etsy 資助的績效營銷將讓你基本上保持或利用廣告支出？

And I guess as a follow-up, you've asked a lot of your sellers, this 12 months between the higher take rate, now free shipping and now potentially after the increased advertising for Etsy ads.

我想作為後續行動，你已經問過很多賣家，這 12 個月之間是更高的收貨率，現在是免費送貨，現在可能是在增加 Etsy 廣告之後。

What's your sense is the vibrancy of your supply base, maybe their margins and kind of how happy they are with a lot of these changes that are taking place?

您如何看待供應商的活力，也許是他們的利潤率，以及他們對正在發生的許多變化有多滿意？

This is Rachel.

這是雷切爾。

First of all, the vibrancy is robust.

首先，活力是強勁的。

We have 18% active seller growth this quarter up to $2.3 million now.

本季度我們的活躍賣家增長了 18%，目前達到 230 萬美元。

And Josh can speak more about some of the ways we rolled the shipping guarantee out to our sellers, but in rolling it out, we did -- as we did with pricing, we did it very carefully through lots of marketing to them and gauging feedback, free testing and all of that, and that went as we expected it to.

Josh 可以更多地談談我們向賣家推出運輸保證的一些方式，但在推出時，我們做到了——就像我們在定價方面所做的那樣，我們通過對他們的大量營銷和評估反饋非常謹慎地做到了這一點、免費測試和所有這些，一切都按照我們的預期進行。

We would expect the same thing with Etsy Ads.

我們對 Etsy Ads 也有同樣的期待。

We think that Etsy Ads is going to be something that they're very excited about.

我們認為 Etsy Ads 將成為他們非常興奮的事情。

It gives them -- we know from the budgets that they give us, and the amount that we're able to utilize, they have appetite to spend a whole lot more than we are able to spend on their behalf.

它給了他們 - 我們從他們給我們的預算以及我們能夠利用的金額中知道，他們有興趣花費比我們能夠代表他們花費的更多的錢。

And this will put more control in them being able to create growth to their own shops and listings.

這將使他們能夠更好地控制自己的商店和列表的增長。

So we think this is something that they'll be very pleased about.

所以我們認為這是他們會非常高興的事情。

Yes.

是的。

And just to build on that, this is a pioneering new program, and I think that's pretty exciting.

在此基礎上，這是一個開創性的新計劃，我認為這非常令人興奮。

I do expect that the reception from sellers will be on the whole, very positive, because it gives them more agency.

我確實希望賣家的反應總體上是非常積極的，因為這給了他們更多的代理權。

And Etsy is very committed to marketing our sellers.

Etsy 非常致力於營銷我們的賣家。

This gives us a chance to move up the funnel in a way that each individual seller can't.

這使我們有機會以每個賣家無法做到的方式提升漏斗。

So we can do things like even more TV advertising, driving people to homepage, brand awareness of Etsy driving frequency, getting people to download the app.

所以我們可以做更多的事情，比如更多的電視廣告，將人們帶到主頁，提高 Etsy 驅動頻率的品牌知名度，讓人們下載應用程序。

And that results in more organic sales for our sellers, which is great for all of our sellers.

這會為我們的賣家帶來更多的有機銷售，這對我們所有的賣家來說都是好事。

If some of them want to opt in to further fuel their growth, they can through Etsy Ads and it's optional for them to do that, but it allows them to even further fuel their growth.

如果他們中的一些人想選擇加入以進一步推動他們的增長，他們可以通過 Etsy Ads 並且他們可以選擇這樣做，但它允許他們進一步推動他們的增長。

And as I talked about in the script, there's a lot of reasons why they might have more appetite to do that than we do.

正如我在劇本中所說的那樣，有很多原因可以解釋為什麼他們比我們更有興趣這樣做。

Their gross margins, the 5% commission.

他們的毛利率，5%的佣金。

When you run the math on how much we can afford to, for example, buy a Google PLA, there's many circumstances where I think the seller would be ready, willing and able to spend more on that click than we can.

當您計算我們可以負擔多少時，例如，購買 Google PLA，在很多情況下，我認為賣家會準備好、願意並且能夠比我們在點擊上花費更多。

So this really is an opportunity for the sellers to invest in an area that they're best suited to invest.

所以這確實是賣家投資他們最適合投資的領域的機會。

That allows us to reallocate to where we can best use our income statement to their best interest.

這使我們能夠重新分配到我們可以最好地利用我們的損益表來實現他們最大利益的地方。

To your question about when and how we would be moving and reallocating that timing, you know, we're heading into the fourth quarter, and we'll continue to be investing ourselves and having our sellers invest.

關於我們何時以及如何移動和重新分配時間的問題，你知道，我們正在進入第四季度，我們將繼續投資自己並讓我們的賣家投資。

The most important thing is that they get a really good return on ad spend, and we're going to make sure that we stay very close to this, that our sellers get a good return.

最重要的是他們在廣告支出上獲得了非常好的回報，我們將確保我們非常接近這一點，讓我們的賣家獲得良好的回報。

That's what's going to have them liking the program and continuing to invest.

這就是讓他們喜歡這個項目並繼續投資的原因。

So we're going to be continuing to invest with them at least for a period of time to make sure that the returns are really strong.

因此，我們將至少在一段時間內繼續與他們一起投資，以確保回報非常強勁。

And our next question comes from the line of Kunal Madhukar with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Kunal Madhukar。

A quick one on the long-term growth outlook that you have on one of the slides.

快速了解其中一張幻燈片中的長期增長前景。

It still remains at like 16% to 20%.

它仍然保持在 16% 到 20% 左右。

Given free shipping and given that naturally whether it is 84% of the shipping charge that moves into GMS or not, but I was hoping that, that would have -- the 16% to 20% might have inched up more than that?

考慮到免費送貨，並且自然地考慮到是否將 84% 的運費轉移到 GMS 中，但我希望，那會 - 16% 到 20% 可能會比這更多？

And then the propensity to buy that side of the equation and the increased intent to buy, how much would that impact the 16% to 20% target as we kind of think about it?

然後購買等式那一邊的傾向和購買意向的增加，這會對我們考慮的 16% 到 20% 的目標產生多大影響？

Yes, thanks for the question and thanks for your optimism and enthusiasm about the long-term growth, we share that.

是的，感謝您提出問題並感謝您對長期增長的樂觀和熱情，我們同意這一點。

So we gave those long-term targets just in March, and we're not in a habit of updating those on a very, very frequent basis.

所以我們在 3 月份就給出了這些長期目標，而且我們沒有非常非常頻繁地更新這些目標的習慣。

So we gave those just in March.

所以我們在三月份就給了那些。

We're confident.

我們有信心。

We were confident in those targets when we gave them.

當我們給出這些目標時，我們對這些目標充滿信心。

We are very confident in those targets, continue to be very confident in those targets today and we're not updating them at this time.

我們對這些目標非常有信心，今天繼續對這些目標非常有信心，我們現在不會更新它們。

And 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。

We've heard you talk a little bit about educating sellers over time, and then we're kind of seeing some moves that may be for sellers ad.

隨著時間的推移，我們聽說您談到了一些關於對賣家進行教育的話題，然後我們看到了一些可能針對賣家廣告的舉措。

Are there to kind of adapt the kind of behavior you're looking for.

是否可以適應您正在尋找的行為類型。

Are there kind of other opportunities to push sellers in the right direction so you can maybe bypass some of the more tedious education?

是否有其他機會將賣家推向正確的方向，這樣您就可以繞過一些更乏味的教育？

And then a quick follow-up, in whether maybe Prime Day had an outsized impact this year compared to previous years?

然後快速跟進，與往年相比，今年的 Prime Day 是否產生了巨大的影響？

Yes, thanks for the question I really appreciate it.

是的，謝謝你的問題，我真的很感激。

It's our job running a platform to look after the good of the comments.

我們的工作是運行一個平台來照顧評論的好處。

And we just have more data and that gives us an opportunity to gather more data and sometimes have more insight than any individual seller would have, the chance to have on their own.

我們只是擁有更多的數據，這讓我們有機會收集更多的數據，有時比任何個人賣家都有更多的洞察力，這是他們自己擁有的機會。

I do want to say, we do not consider education to be tedious at all.

我確實想說，我們根本不認為教育是乏味的。

We consider it to be absolutely our day job.

我們認為這絕對是我們的日常工作。

It's really important that we take the time and have empathy for the fact that sellers, they really count on us.

非常重要的是，我們要花時間理解賣家，他們真的很依賴我們。

It's a really big part of their life.

這是他們生活中非常重要的一部分。

And we really get that and this is a partnership.

我們真的明白了，這是一種夥伴關係。

And so we work really hard to communicate with them.

因此，我們非常努力地與他們溝通。

So I think the way we've handled shipping, I hope is indicative of how we think about this.

所以我認為我們處理運輸的方式，我希望能表明我們對此的看法。

We've been talking to sellers about free shipping for 2 years, and we've been providing a lot of educational information.

兩年來，我們一直在與賣家討論免費送貨的問題，並且我們一直在提供大量教育信息。

We've been giving them a lot of data and we've been making stronger and stronger strides to encourage our marketplace in the direction that it's gone.

我們一直在為他們提供大量數據，並且我們一直在取得越來越大的進步，以鼓勵我們的市場朝著它消失的方向發展。

So the announcement we just made is the strongest.

所以我們剛剛發布的公告是最強的。

And again, what it -- it's designed to allow our sellers to compete on a level playing field with all the other e-commerce players out there, where when you look around, you see free shipping almost everywhere you go.

再一次，它的目的是讓我們的賣家能夠在公平的競爭環境中與所有其他電子商務參與者競爭，當你環顧四周時，你會發現幾乎到處都是免費送貨。

And so we're just trying to make sure that our sellers get to a level playing field.

因此，我們只是想確保我們的賣家獲得公平的競爭環境。

We do have some courage and conviction because of our role as a marketplace, we get more data than any individual seller has.

由於我們作為市場的角色，我們確實有一些勇氣和信念，我們獲得的數據比任何個人賣家都多。

And that means as a leadership team, sometimes we need to lead and educate and communicate to our sellers and then we'll do some things to help make sure that the whole marketplace gets to where -- what serves our sellers best and we'll keep doing that.

這意味著作為一個領導團隊，有時我們需要領導和教育我們的賣家並與他們溝通，然後我們會做一些事情來幫助確保整個市場到達什麼地方——什麼最能為我們的賣家服務，我們會繼續這樣做。

The second question was Amazon Prime Day.

第二個問題是亞馬遜 Prime Day。

Say that again, I'm sorry.

再說一遍，對不起。

Second question was on Amazon Prime Day?

第二個問題是關於 Amazon Prime Day？

Correct?

正確的？

Yes.

是的。

Just if it had an outsize impact this year compared to previous years.

與往年相比，如果它在今年產生了巨大的影響就好了。

I don't think we're commenting on individual days, but the guidance we've given to the rest of the year we think appropriately incorporates how we see the rest of the year.

我不認為我們是在對個別日子發表評論，但我們對今年餘下時間的指導我們認為適當地包含了我們對今年餘下時間的看法。

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

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

Two questions, please.

請教兩個問題。

One, on the impact on revenue from shipping and Etsy Ads.

第一，關於運輸和 Etsy 廣告對收入的影響。

So can you quantify a little bit the full year guide increase by $12 million at the midpoint?

那麼，您能否量化一下全年指南在中點增加 1200 萬美元？

How should we think about where it's coming from, off that $12 million between the 2?

兩者之間的 1200 萬美元，我們應該如何考慮它的來源？

And then the second, on the seller adoption for the shipping service.

然後是第二個，關於賣家採用運輸服務。

Rachel, I think you mentioned 24%, I may have gotten that wrong.

雷切爾，我想你提到了 24%，我可能弄錯了。

So what percentage of sellers have a -- do you think have adopted right now?

那麼有多少賣家有——你認為現在已經採用了？

And how do you think that grows in the back half once it's fully launched?

您如何看待它在完全啟動後在後半部分的增長？

Do you think it would be 50% of sellers, 70% exiting the year that would be using the free shipping?

你認為 50% 的賣家，70% 的賣家會使用免費送貨嗎？

Great, so I'll take the first, and Rachel, take the second.

太好了，所以我選第一個，雷切爾選第二個。

On the first, your question's really, can we break down the revenue increase?

首先，你的問題真的是，我們可以分解收入增長嗎？

I think, when we're increasing our guidance, how do we break down the components?

我認為，當我們增加我們的指導時，我們如何分解這些組成部分？

And we're not going to give you specifics, but let me try to give you directional and dimensionalize it.

我們不會給你具體細節，但讓我試著給你定向和維度化。

First, we're taking up our GMS guidance and as we pick up our GMS guidance, there's some revenue flow through that just naturally comes from that.

首先，我們正在接受我們的 GMS 指南，當我們接受我們的 GMS 指南時，自然會產生一些收入流。

So that's a component of why we're taking up revenue.

所以這就是我們吸收收入的一個組成部分。

We talk about GMS for just a second.

我們先談談 GMS。

We entered the year giving guidance, and when we entered the year, we had a sense that we were going to make progress on free shipping.

我們進入了提供指導的一年，當我們進入這一年時，我們有一種感覺，我們將在免費送貨方面取得進展。

In fact, I said in every opportunity that this year we will make really material progress on free shipping.

事實上，我一有機會就說過，今年我們將在免費送貨方面取得真正的實質性進展。

We feel really good about the progress that we've made in the first half of the year on product and marketing.

我們對今年上半年在產品和營銷方面取得的進展感到非常滿意。

We think that those teams have done really well, and we've had a chance to test some of our free shipping ideas and do simulations and things like that, and the combination of all of those make us even more confident in the second half of the year, and thus the increase in guide to GMS, which has some revenue impact.

我們認為這些團隊做得非常好，我們有機會測試我們的一些免費送貨想法並進行模擬和類似的事情，所有這些的結合讓我們對下半年更有信心年，因此增加了對 GMS 的指導，這對收入有一定影響。

But the larger piece of increasing our guidance on revenue is Etsy Ads, and there are 2 components to Etsy Ads.

但增加我們收入指導的更大部分是 Etsy 廣告，Etsy 廣告有兩個組成部分。

One is simply a reclassification.

一個是簡單的重新分類。

So Google Shopping did not used to count as revenue, and now it does.

所以穀歌購物過去不計入收入，現在計入了。

So the simple reclassification of Google Shopping from not revenue to revenue has an impact on, obviously on our revenue, but all of that is a straight flow through with no gross margin.

因此，谷歌購物從非收入到收入的簡單重新分類顯然對我們的收入產生了影響，但所有這些都是直接流動的，沒有毛利率。

The second thing is we expect increased seller adoption and increased budget, which will in fact grow revenue, and that is through revenue growth that has real implications for revenue over time.

第二件事是我們預計賣家的採用率會增加，預算也會增加，這實際上會增加收入，而且隨著時間的推移，收入增長會對收入產生真正的影響。

To the extent that that's on the Google Shopping side, that's still a pass-through, but again, over time, we think Etsy Ads has real margin-accretive value to Etsy.

就谷歌購物方面而言，這仍然是一種傳遞，但隨著時間的推移，我們再次認為 Etsy Ads 對 Etsy 具有真正的利潤增值價值。

So before I jump into the second question Shweta, I just want to punctuate the point that the revenue guide that we gave at the midpoint is implied 17.1% take rate, up from the 16.5% take rate that we've seen in the first half of the year.

因此，在我進入第二個問題 Shweta 之前，我只想強調一點，我們在中點給出的收入指南隱含了 17.1% 的採納率，高於我們在上半年看到的 16.5% 的採納率的一年。

So I wanted to make that point that you're rightly capturing the fact that the revenue guide was up a significant increase in our run rate.

所以我想指出的是，你正確地抓住了收入指南顯著提高我們的運行率這一事實。

On the shipping, I just want to make sure I'm clear, I did say that shipping adoption grew to 24% for sellers in the 4 markets that we offer it.

關於運輸，我只是想確保我清楚，我確實說過在我們提供它的 4 個市場中，賣家的運輸採用率增長到 24%。

So it's only offered in 4 markets, and we're talking about Shipping Labels, the product that we offer them as a Seller Service.

所以它只在 4 個市場提供，我們正在談論運輸標籤，這是我們作為賣家服務提供給他們的產品。

That is not 24% adoption of the free shipping guarantee that we've just rolled out.

這不是我們剛剛推出的免費送貨保證的 24%。

We did not give a metric on how much that has been adopted, but we're really pleased that progress is exceeding what we expected -- where we expect it to be at this point.

我們沒有給出已採用多少的指標，但我們真的很高興進展超出了我們的預期——我們目前預期的水平。

And our next question comes from the line of Rick Patel with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rick Patel。

I'm hoping for some color on GMS per active buyer.

我希望每個活躍的買家都能在 GMS 上看到一些顏色。

So good progress there.

那裡進展順利。

Can you provide some granularity on what's driving that growth?

您能否詳細說明是什麼推動了這種增長？

I think Rachel called out frequency, but I'm just curious, are your search results optimizing product pricing as well?

我認為 Rachel 調出了頻率，但我很好奇，您的搜索結果是否也優化了產品定價？

And just curious where the opportunities are and how sustainable the continued increases are?

只是好奇機會在哪里以及持續增長的可持續性如何？

Yes.

是的。

The #1 driver is, while we're seeing visits per visitor does well, and I think TV is helpful to remind people of when to come back to Etsy, sort of more moments in which we're relevant, so that's helpful.

排名第一的驅動因素是，雖然我們看到每個訪客的訪問量都很好，但我認為電視有助於提醒人們何時返回 Etsy，以及更多與我們相關的時刻，所以這很有幫助。

And conversion rate continues to see progress.

轉化率繼續取得進步。

So it turns out that many of the people who shopped on Etsy come back on Etsy, not infrequently.

所以事實證明，許多在 Etsy 上購物的人會再次回到 Etsy，而且這種情況並不少見。

We've just got to get them up in the line to buy.

我們只需要讓他們排隊購買。

And so we continue to see some progress in conversion rate as well, and it's really the combination of those 2 that are driving the GMS per buyer.

因此，我們繼續看到轉化率也取得了一些進展，這確實是推動每個買家 GMS 的這兩個因素的結合。

What I didn't mention is AOV.

我沒有提到的是AOV。

So we've seen less progress to date on average order value.

因此，迄今為止我們在平均訂單價值方面看到的進展較少。

So the increase in GMS per buyer really is a function of people buying more often.

因此，每位買家 GMS 的增加確實是人們購買頻率增加的結果。

So far it's not so much that they're buying more expensive products, although I think that there is a real opportunity for us to move AOV as well over time.

到目前為止，他們購買更昂貴的產品並沒有那麼多，儘管我認為我們確實有機會隨著時間的推移移動 AOV。

And we're excited about the potential there.

我們對那裡的潛力感到興奮。

I'll just add that, we had so much to talk about in this call that we didn't give as much color around which products we were working on that drove the conversion rate increases or the visit increases.

我只想補充一點，我們在這次電話會議中有太多要談的事情，以至於我們沒有就我們正在開發的哪些產品推動了轉化率增加或訪問量增加給出了太多的顏色。

There's a tremendous -- we did talk about a tremendous number of product wins and an increase in velocity of products that we're putting into market.

有一個巨大的 - 我們確實談到了大量的產品獲勝以及我們投放市場的產品速度的提高。

And as we follow-up after this call at various conferences and on one-on-one calls, we can share a little bit more color on progress that we're making on search and other -- the 4 rights to win that Josh laid out.

當我們在各種會議和一對一電話會議之後跟進時，我們可以分享更多關於我們在搜索和其他方面取得的進展的顏色 - Josh 奠定的 4 項獲勝權利出去。

And can you contextualize marketing from a U.S. versus international perspective?

您能否從美國和國際的角度將營銷背景化？

I'm just curious how these cohorts have behaved differently to various marketing initiatives you've tested?

我很好奇這些群體對您測試過的各種營銷活動的表現有何不同？

And how we should think about the opportunity going forward?

我們應該如何考慮未來的機會？

Yes.

是的。

Great question.

很好的問題。

So first, let me break it out into performance marketing and then above the line.

因此，首先，讓我將其分解為績效營銷，然後再進行線上營銷。

In performance marketing, we apply pretty much the same standard all around the world.

在績效營銷中，我們在全球範圍內應用幾乎相同的標準。

So we talked about our sort of ROI threshold of buy to the margin until the next dollar has a marginal return less than our cost of capital.

因此，我們討論了我們的投資回報率門檻，即購買保證金，直到下一美元的邊際回報低於我們的資本成本。

That we do everywhere.

我們無處不在。

Above-the-line marketing, we've really only been testing in the U.S. and so we aren't really able to talk about the impact of above the line marketing outside the U.S. yet.

線上營銷，我們真的只在美國進行過測試，所以我們還不能真正談論美國以外的線上營銷的影響。

We do expect that to change.

我們確實希望這種情況會改變。

But at this time, we've gone with above-the-line marketing in the U.S. Did that answer your question?

但此時，我們在美國進行了線上營銷。這是否回答了您的問題？

Yes, it does.

是的，它確實。

And our next question comes from the line of Maria Ripps with Canaccord.

我們的下一個問題來自 Maria Ripps 與 Canaccord 的對話。

Just a follow-up on frequency.

只是頻率的跟進。

Any incremental color you could share with us on your progress with improving frequency?

您可以與我們分享您在提高頻率方面取得的進展的任何增量顏色嗎？

And then in terms of habitual buyers, can you talk about how long they've been with Etsy on average?

然後就習慣性購買者而言，您能談談他們平均使用 Etsy 的時間有多長嗎？

What are they most responsive to?

他們對什麼最敏感？

And what are some things that you see in their behavior that maybe you can leverage across your broader your broader user base?

您在他們的行為中看到了哪些東西，也許您可以在更廣泛的用戶群中加以利用？

So the metrics that we gave in the call were that our habitual buyers were again, the fastest-growing consumer segment.

因此，我們在電話中給出的指標是，我們的習慣買家再次成為增長最快的消費者群體。

And so -- and those are the buyers that spend $200 or more and visited us 6x -- or make 6 or more purchases, rather, in a 12-month period.

因此——那些花費 200 美元或更多並訪問我們 6 次的買家——或者說在 12 個月內進行了 6 次或更多次購買。

So we're pleased that we're influencing that category through our marketing and product initiatives.

因此，我們很高興通過我們的營銷和產品計劃影響該類別。

The other thing we see is that GMS on a trailing 12-month basis per active buyer, continues to grow.

我們看到的另一件事是，在過去 12 個月的基礎上，每個活躍買家的 GMS 繼續增長。

It grew to over $100 in the quarter for the first time ever.

它在本季度首次增長到超過 100 美元。

And that was the fifth consecutive quarter of growth.

這是連續第五個季度增長。

And when you look at that number on a 2-year stack, it's again, an acceleration.

當你在 2 年的堆棧中查看這個數字時，它又是一個加速。

So that's a proxy for us saying, on average, over a 12-month period, so it smooths out seasonality.

所以這代表我們平均說 12 個月，所以它消除了季節性。

As we have more active buyers, those are buyers that have only come back to us in a 12-month period, that number is growing.

由於我們有更多活躍的買家，這些買家是在 12 個月內才回來找我們的，這個數字還在增長。

And so that to us is one of the metrics to give that shows that frequency is actually having an impact.

因此，對我們來說，這是表明頻率實際上正在產生影響的指標之一。

And in terms of describing the sort of average tenure of habitual buyers or some other characteristics.

並且在描述習慣購買者的平均任期類型或其他一些特徵方面。

First, they tend to not show up as habitual buyers on day 1. They tend to have been with us for more than a year.

首先，他們往往不會在第一天以習慣性買家的身份出現。他們往往已經和我們在一起一年多了。

So what you see is people steadily use us more and more.

所以你看到的是人們越來越多地使用我們。

And what seems to differentiate a habitual buyer versus a not, is that they kind of understand the treasure chest of Etsy.

習慣性購買者與非習慣性購買者的區別似乎在於，他們有點了解 Etsy 的寶庫。

They figure out how to find the best stuff on Etsy, which is we've talked about at length, we want to make that easier.

他們想出瞭如何在 Etsy 上找到最好的東西，這是我們已經詳細討論過的，我們想讓這變得更容易。

And these are the folks who have figured out kind of how to navigate that, and they have their own tips and tricks, so spending time with them, figuring out what those tips and tricks and how to kind of build those into the core experience so everyone can have that experience is part of what we do.

這些人已經找到了解決方法，他們有自己的技巧和竅門，所以花時間和他們在一起，弄清楚這些技巧和竅門是什麼，以及如何將它們融入核心體驗，所以每個人都可以擁有這種體驗，這是我們所做工作的一部分。

But I think, hard to know is, other than that, describing habitual buyers' a little tough.

但我認為，很難知道的是，除此之外，描述習慣性買家有點強硬。

It's not that they're all wedding people, or all baby people, or all home furnishing people.

也不是說都是結婚的人，也不是都是娃的人，也不是都是家居的人。

It turns out that they're pretty diverse in almost every other way, and what I like about that is it suggests that it's not a small niche where it's only 1 or 2 use cases that lead to this behavior.

事實證明，它們在幾乎所有其他方面都非常多樣化，我喜歡的一點是它表明它不是一個小眾市場，只有 1 或 2 個用例會導致這種行為。

There are many different use cases that can lead to this behavior.

有許多不同的用例可以導致這種行為。

We've just got to make it easier for the sort of mass audience to find the treasure chest that the habitual buyers have had the temerity to do.

我們必須讓大眾觀眾更容易找到習慣性購買者冒昧去做的寶箱。

And I think we can -- we get a lot of value there.

我認為我們可以——我們在那裡獲得了很多價值。

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

我們的下一個問題來自 Brian Nowak 與摩根士丹利的對話。

Just to go back to the last question a little bit on new buyer growth.

回到最後一個關於新買家增長的問題。

Rachel, I might have heard it, but my signal was in and out.

雷切爾，我可能聽到了，但我的信號時斷時續。

Did you mention that you might be changing the overall ROI payback, kind of extending the payback that you're applying to the marketing spend going forward?

您是否提到過您可能正在改變整體 ROI 回報，將回報應用於未來的營銷支出？

If that is happening, just talk to us about what's causing that strategic change and how you think about incremental cost of buyers going forward?

如果發生這種情況，請與我們談談是什麼導致了戰略變化，以及您如何看待未來買家的增量成本？

Yes.

是的。

So we talked about -- because we have shifted the mix of our overall spend to include upper funnel marketing, which is television and digital video, those tend to have longer-term payback periods, because we're relying on the frequency of the impression causing people to understand why Etsy and when Etsy.

所以我們談到——因為我們已經改變了整體支出的組合，以包括上層漏斗營銷，即電視和數字視頻，這些往往有更長的投資回收期，因為我們依賴於印象的頻率使人們理解為什麼使用 Etsy 以及何時使用 Etsy。

So that takes longer for that to happen.

所以這需要更長的時間才能發生。

It has more legs to it also.

它也有更多的腿。

But we haven't reduced our ROI hurdle and we have the same expectation of ROI, it's just the payback period shifts out a little bit.

但我們並沒有降低 ROI 的障礙，我們對 ROI 的期望也是一樣的，只是投資回收期稍微偏移了一點。

Got it.

知道了。

And then we go the other half of the equation, so the conversion points, I think it amounts to a few times about kind of, couple of specific examples, we've had kind of conversion wins.

然後我們去等式的另一半，所以轉換點，我認為這相當於幾次，幾個具體的例子，我們已經取得了某種轉換勝利。

I kind of just wanted to ask if you could sort of nail down the 1 or 2 key points of friction you still see on the platform to really drive higher conversion from all these repeat visits?

我只是想問一下，您是否可以確定您仍然在平台上看到的 1 或 2 個關鍵摩擦點，以真正推動所有這些重複訪問帶來更高的轉化率？

And what are the things that you're really watching to drive faster overall GMS per buyer for better conversion?

為了提高每位買家的整體 GMS 以實現更好的轉化，您真正關注的是什麼？

So at the risk of being boring, but I don't mind being boring, because we keep coming back to the same things.

所以冒著無聊的風險，但我不介意無聊，因為我們總是回到同樣的事情上。

Can we really have a great search and discovery experience so people can find the good stuff easily?

我們真的可以擁有出色的搜索和發現體驗，讓人們可以輕鬆找到好東西嗎？

Have we built the trust in the brand so that buying from someone you've never met feels safe?

我們是否建立了對該品牌的信任，以便從您素未謀面的人那裡購買商品感到安全？

It's really those core, can you find it, and do you have the confidence to buy it elements, and what I hope you see is us making really steady progress, sometimes incremental, sometimes more bold in those journeys.

這真的是那些核心，你能找到它嗎，你有信心購買它的元素嗎？我希望你看到的是我們在這些旅程中取得真正穩步的進展，有時是漸進的，有時是更大膽的。

I think the free shipping launch of the past few weeks is an example of us doing something more bold in that direction.

我認為過去幾週推出的免費送貨就是我們在這個方向上做一些更大膽的事情的一個例子。

And our next question comes from the line of Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer 的對話。

I want to dig in a bit more, I guess, around marketing, and how you magnify everything that you've effectively kind of now put in place over the past, call it, 5 quarters.

我想，我想圍繞營銷進行更多挖掘，以及你如何放大你在過去有效地實施的一切，稱之為 5 個季度。

There was, I assume you've done testing around all of the new initiatives, labels, shipping, is there -- when you -- and then big data, right?

有，我假設你已經完成了所有新計劃、標籤、運輸的測試，有沒有——當你——然後是大數據，對嗎？

You kind of moved into the cloud and leveraging all that.

您有點進入雲並利用所有這些。

When you start to see the confidence behind that, deploying more marketing and how to bring it all together.

當你開始看到背後的信心時，部署更多的營銷以及如何將它們整合在一起。

Thanks.

謝謝。

When you say confidence around the marketing, do you mean the return on our marketing spend?

當你說對營銷有信心時，你是指我們營銷支出的回報嗎？

Or I'm sorry, can you...

或者我很抱歉，你能不能...

The increase in marketing spend, you kind of bragged about.

營銷支出的增加，你有點吹噓。

So I think investors have been trying to understand, when you're confident you're going to step on the marketing gas to draw the top line.

所以我認為投資者一直在試圖理解，當你有信心你會踩下營銷油門來劃出頂線時。

Great.

偉大的。

Got it.

知道了。

So look, we spend what we think we can get a really good return on.

所以看，我們花了我們認為可以得到很好回報的東西。

We have a lot of discipline around that, and we're proud of that discipline.

我們對此有很多紀律，我們為這種紀律感到自豪。

So what you're seeing us do right now is take our margins down just a tiny bit, which I think is really good news, because it means we've got a lot of confidence in the marketing initiatives and the product initiatives we've got -- we have right now.

所以你看到我們現在所做的就是將我們的利潤率降低一點點，我認為這確實是個好消息，因為這意味著我們對我們的營銷計劃和產品計劃充滿信心有——我們現在有。

So much so that we're going to spend a little more into them, and we feel really good about that.

如此之多以至於我們要在他們身上多花一點錢，我們對此感覺非常好。

So let me give you a little more color, maybe you'd be interested in that.

所以讓我給你多一點顏色，也許你會對此感興趣。

So for example, in performance marketing, we think that we can have better data feeds, and having better data feeds, we're going to be able to be more effective with folks like Google and some of the social channels.

因此，例如，在績效營銷中，我們認為我們可以擁有更好的數據源，並且擁有更好的數據源，我們將能夠更有效地與像谷歌和一些社交渠道這樣的人打交道。

We think that our bidding strategies can become more nuanced and segmented, and we think that's going to have an impact.

我們認為我們的出價策略可以變得更加細緻和細分，我們認為這會產生影響。

And with our landing pages can get better.

並且我們的著陸頁可以變得更好。

And Ryan, our new CMO, is a real expert and really technical in these areas and by the way, our marketing team's been doing a fantastic job without a CMO for the few months -- the past few months, and I want to call a shout out to that team that's really done a great job in spite of not having a CMO.

我們的新 CMO Ryan 是這些領域的真正專家和技術人員，順便說一下，我們的營銷團隊在沒有 CMO 的情況下做得非常出色，這幾個月 - 過去幾個月，我想打電話給向那個儘管沒有 CMO 但確實做得很好的團隊大聲喊叫。

But with Ryan there, we're even more equipped to go attack those kinds of opportunities that are going to make our marketing -- and the performance channels more effective.

但是有了 Ryan，我們更有能力去抓住那些將使我們的營銷和績效渠道更加有效的機會。

And then in TV, we're pretty new to TV.

然後在電視上，我們對電視還很陌生。

We've been doing this for less than a year.

我們這樣做還不到一年。

And so the size of budget we're putting to TV, relative to folks that have been doing this for a year or less is actually -- I've done a lot of benchmarking of peer companies and were not being that timid, I don't think, for folks that have only been doing it for 1 year.

因此，相對於從事電視行業一年或更短時間的人們而言，我們投入電視的預算規模實際上是——我對同行公司做了很多基準測試，並沒有那麼膽小，我不想想看，對於只做了一年的人來說。

That said, we're optimistic that if it continues to work like it seems to be working so far, you might see us take our TV budget up further in time to come, and we're excited.

也就是說，我們樂觀地認為，如果它繼續像目前看起來那樣有效，您可能會看到我們及時進一步提高電視預算，我們很興奮。

And I will say that the launch of Etsy Ads makes the pie bigger.

我會說 Etsy Ads 的推出讓蛋糕變大了。

This gives us the chance to bring the sellers into the equation, even more and let them to fund some of the performance marketing channel, which they are uniquely well-positioned to do, so we can invest even more above the funnel and make the pie bigger for everyone.

這讓我們有機會讓賣家參與進來，甚至更多，讓他們為一些績效營銷渠道提供資金，他們在這方面處於獨特的有利地位，這樣我們就可以在漏斗上方進行更多投資，做蛋糕對每個人來說都更大。

And Jason, this is a Rachel.

傑森，這是瑞秋。

I'll just add that, Josh mentioned that in his prepared remarks, that we will -- we pulse TV on and off, and TV will pulse back on as we enter the late third quarter into the fourth quarter, so I think we're spending a healthy amount on upper funnel marketing and then on our performance marketing, we don't even give the teams a budget.

我只想補充一點，喬希在他準備好的發言中提到，我們將 - 我們打開和關閉電視，當我們進入第三季度末進入第四季度時，電視將重新打開，所以我認為我們'我們在上層漏斗營銷和績效營銷上投入了大量資金，但我們甚至不給團隊預算。

We've given them an ROI hurdle and they spend as much as they can, up to where that hurdle is.

我們給了他們一個 ROI 障礙，他們會盡可能多地花錢，直到那個障礙所在。

So we feel like we've continued to optimize there so that they can spend more.

所以我們覺得我們在那裡繼續優化，這樣他們就可以花更多的錢。

We continue to test less mature channels, so that we can give them that kind of, sort of like open to buy, to go out and spend up to the ROI hurdle, when we have confidence in the channel.

我們繼續測試不太成熟的渠道，這樣當我們對渠道有信心時，我們可以給他們那種，有點像開放購買，出去消費達到 ROI 障礙。

I think we're -- I consider us to be on a more aggressive side of using marketing as a lever for growth.

我認為我們 - 我認為我們在使用營銷作為增長槓桿方面處於更積極的一面。

Profitable growth, right.

盈利增長，對。

We're super focused on profitable growth.

我們非常專注於盈利增長。

And our next question comes in the line of Marvin Fong with BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Just to drill a little bit more into the Etsy Ads.

只是為了深入了解 Etsy 廣告。

So I understand what you're saying about sellers have better economics so they can spend more than Etsy might otherwise be.

所以我理解你所說的賣家有更好的經濟性，所以他們可以比 Etsy 花更多的錢。

So is it conceivable that they would actually be spending more in aggregate than Etsy's current paid search budget?

那麼是否可以想像，他們實際的總支出會超過 Etsy 當前的付費搜索預算？

It sounds like in the long run, they can probably be spending multiples of what you guys are spending right now.

聽起來從長遠來看，他們的支出可能是你們現在支出的數倍。

And just mechanically, how would that work in that you guys will check to see if that seller has an Etsy Ad budget, and if not, you'll purchase that paid ad yourself, still.

從機械上講，這將如何運作，因為你們將檢查該賣家是否有 Etsy 廣告預算，如果沒有，您仍然會自己購買該付費廣告。

Or how mechanically is that going to work?

或者這將如何機械地工作？

Yes, great question.

是的，很好的問題。

So let me start with a second and then go to the first.

所以讓我從第二個開始，然後轉到第一個。

So mechanically, yes, a seller gives us a budget and then we look at their listings, in their shop, and we work with Google to figure out what would be a reasonable -- a responsible bid to buy a visit on their behalf, and we look at what a good -- what we estimate the conversion rate of that visit would look like, and therefore what would the return on ad spend.

所以機械地，是的，賣家給了我們一個預算，然後我們在他們的商店裡查看他們的清單，我們與穀歌合作找出什麼是合理的 - 一個負責任的出價代表他們購買訪問，並且我們看一下有多好——我們估計這次訪問的轉化率是什麼樣的，因此廣告支出的回報率是多少。

And what we're really trying to do is to back into what do we think their ROAS will be.

我們真正想做的是回到我們認為他們的 ROAS 會是什麼。

And spend as much as we can reasonably spend on their behalf with, well maintaining a good ROAS and we obviously have much more sophisticated tools than any individual seller would be able to have on their own and are landing on the Etsy domain, which has a lot of confidence and performs better on average than landing on the individual sellers' domain.

並儘可能多地代表他們合理地花費，保持良好的 ROAS，我們顯然擁有比任何個人賣家能夠擁有的更複雜的工具，並且正在登陸 Etsy 域，它有比登陸單個賣家的域更有信心並且平均表現更好。

There's real value in that as well.

這也有真正的價值。

So that's how the program works.

這就是程序的工作原理。

And could it be bigger than Etsy's existing performance marketing spend over time?

隨著時間的推移，它會比 Etsy 現有的績效營銷支出更大嗎？

I'd say it's too early to tell.

我會說現在下結論還為時過早。

We're going to come into this in the second half of the year and test and learn our way in.

我們將在今年下半年進入這個領域，並測試和學習我們的方法。

But we think it can drive a lot of value for sellers.

但我們認為它可以為賣家帶來很多價值。

And we're really excited about that.

我們對此感到非常興奮。

And so we're optimistic about the future of this program.

因此，我們對該計劃的未來持樂觀態度。

Great.

偉大的。

And just as a follow-up.

並作為後續行動。

It sounded like you are saying that social retargeting is now ROI positive?

聽起來您是在說社交重新定位現在的投資回報率是積極的？

If that's the case, are you guy -- are you planning on expanding your marketing spend in that channel?

如果是這樣的話，你是不是打算擴大你在那個渠道的營銷支出？

And could you just give us an idea of how big that channel is, maybe relative to TV or some of the other mass channels?

你能告訴我們這個頻道有多大嗎，也許相對於電視或其他一些大眾頻道？

Yes.

是的。

So we did call out that we're finding some tactics within social that we've now figured out how to get ROI positive, with dynamic retargeting being 1. And so you should expect us to use the same methodology, which is the next dollar should still be ROI-positive, and when the next dollar isn't ROI positive, we don't spend that dollar.

所以我們確實呼籲我們正在社交中找到一些策略，我們現在已經弄清楚如何獲得積極的投資回報率，動態重新定位為 1。所以你應該期望我們使用相同的方法，這是下一個美元應該仍然是正投資回報率，當下一美元不是正投資回報率時，我們就不會花那美元。

So as we unearth tactics, we use them.

因此，當我們發掘策略時，我們會使用它們。

Dynamically retargeting means that someone who's been on Etsy and has found a particular product in Etsy, we might have that opportunity if they're also on Facebook too.

動態重新定位意味著那些上過 Etsy 並在 Etsy 上找到了特定產品的人，如果他們也在 Facebook 上，我們可能會有這樣的機會。

So it's only a certain community of people that you can reach so the size of that is smaller than being able to target, for example, everyone on a social channel.

所以你只能接觸到特定的人群，所以它的規模比能夠定位的要小，例如，社交渠道上的每個人。

But we're -- I think it is early days for Etsy's marketing capabilities, and I think that as we invest more in better Martech, I think we can continue to unlock more opportunities to invest and grow.

但我們 - 我認為 Etsy 的營銷能力還處於早期階段，而且我認為隨著我們對更好的 Martech 進行更多投資，我認為我們可以繼續釋放更多投資和增長的機會。

And our next question comes from the line of Elliot Alper with D.A. Davidson.

我們的下一個問題來自 Elliot Alper 和 D.A.戴維森。

Now that you've lapped your price increases last year, how should we, if at all, think about your strategy regarding future price increases?

既然你們已經完成了去年的漲價，我們應該如何（如果有的話）考慮你們關於未來漲價的策略？

And secondly, you touched on this a little bit before, but eBay on its earnings call indicated, GMS growth has negatively impacted by 100 basis points due to online sales taxes.

其次，您之前提到過這一點，但 eBay 在其財報電話會議上表示，由於在線銷售稅，GMS 增長受到了 100 個基點的負面影響。

Are you, if at all, quantifying the impact for you?

如果有的話，您是否量化了對您的影響？

Sure.

當然。

Let's start with the second, then go to the first.

讓我們從第二個開始，然後轉到第一個。

We're not quantifying it, but we think we've appropriately baked it into guidance.

我們沒有對其進行量化，但我們認為我們已將其適當地納入指導。

It is affecting.

它正在影響。

We do see that when we begin to collect state sales taxes, it does affect conversion rate and GMS to some extent, and there's real price elasticity, so with states that higher sales tax, it affects more than states that have lower sales tax.

我們確實看到，當我們開始徵收州銷售稅時，它確實在一定程度上影響了轉換率和 GMS，並且存在真正的價格彈性，因此對於銷售稅較高的州，它比銷售稅較低的州影響更大。

So we're seeing that.

所以我們看到了。

California is coming online soon.

加州即將上線。

That's a big state.

那是一個大國。

So while we're not quantifying it, we are seeing some impact, and we believe, although time will tell, we believe that we've appropriately baked it into the guidance that we've given you.

因此，雖然我們沒有對其進行量化，但我們看到了一些影響，我們相信，雖然時間會證明一切，但我們相信我們已經將其適當地納入我們給您的指導中。

With regard to price increases and take rate, I think that Etsy Ads is a really great example of an optional service we can offer to sellers that delivers a lot of value for them and makes the pie bigger for everyone.

關於價格上漲和採用率，我認為 Etsy Ads 是我們可以為賣家提供的可選服務的一個很好的例子，它可以為他們帶來很多價值，並為每個人做大蛋糕。

So this is an opportunity for us to keep our mandatory fees low, while offering great value-added services that they may or may not choose to opt into, but as they choose to opt into them, the effect is that Etsy's take rate goes up.

因此，這是我們保持低強制性費用的機會，同時提供他們可能會或可能不會選擇加入的巨大增值服務，但當他們選擇加入時，效果是 Etsy 的採用率上升.

And so we're quite excited about Etsy Ads and the future of Etsy Ads.

因此，我們對 Etsy Ads 和 Etsy Ads 的未來感到非常興奮。

And if you look at just taking the midpoint of guidance for the second half of this year, it implies, as Rachel says, that our take rate grows from 16.5% today to 17.1% in the second half of the year and does that in a way that we think sellers are going to really like.

如果你只看今年下半年的指導中點，這意味著，正如 Rachel 所說，我們的採用率將從今天的 16.5% 增長到今年下半年的 17.1%，並且在我們認為賣家會真正喜歡的方式。

They don't have to use Etsy Ads if they don't want to.

如果他們不想，他們不必使用 Etsy Ads。

They're going to get a ton of value from the Etsy platform if they don't use it, but they can get even more value by adopting Etsy Ads, and we like that strategy.

如果他們不使用 Etsy 平台，他們將從中獲得大量價值，但他們可以通過採用 Etsy Ads 獲得更多價值，我們喜歡這種策略。

Thank you.

謝謝你。

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

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone, have a wonderful day.

每個人，祝你有美好的一天。