ETSY Inc (ETSY) 2019 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Etsy third quarter conference call.

女士們先生們，下午好，歡迎來到 Etsy 第三季度電話會議。

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

（操作員說明）提醒一下，正在錄製此會議。

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

我現在想將會議轉交給投資者關係副總裁 Deb Wasser 女士。

Thank you.

謝謝你。

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

下午好，歡迎來到 Etsy 2019 年第三季度收益電話會議。

Joining me today are Josh Silverman, CEO; Rachel Glaser, CFO; and [Gabe] Ratcliff, our Senior Manager of Investor Relations.

今天加入我的是首席執行官 Josh Silverman；雷切爾格拉澤，首席財務官； [Gabe] Ratcliff，我們的投資者關係高級經理。

Before we get started, just a reminder that our remarks today include forward-looking statements related to our financial guidance and key drivers thereof, anticipated impact of our strategy, marketing and product initiatives and product development philosophy on conversion rates and our future financial results, including GMS and revenue growth, and improvements to our recent initiatives and the anticipated benefits of our recent acquisition of Reverb.

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，我們的戰略、營銷和產品計劃的預期影響以及產品開發理念對轉化率和我們未來財務結果的影響，包括 GMS 和收入增長，以及我們近期舉措的改進以及我們最近收購 Reverb 的預期收益。

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 August 2, 2019, and subsequent reports that we file with the SEC.

前瞻性陳述涉及我們的新聞稿、我們於 2019 年 8 月 2 日向 SEC 提交的 10-Q 以及我們向 SEC 提交的後續報告中描述的風險和不確定性。

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

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

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

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of 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've created a slide presentation to accompany today's opening remarks and recommend you follow along.

我們創建了一個幻燈片演示來配合今天的開場白，並建議您繼續觀看。

Note that much of today's discussion will focus on Etsy's results, excluding the 6 weeks' impact of our recent acquisition of Reverb, unless we specify otherwise.

請注意，今天的大部分討論將集中在 Etsy 的結果上，不包括我們最近收購 Reverb 的 6 週影響，除非我們另有說明。

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。

Q3 was another eventful quarter with improving underlying fundamentals, coupled with transformative updates to the business, which we believe laid the foundation for strong growth into the future.

第三季度是另一個多事之秋，基本面有所改善，加上業務的變革性更新，我們認為這為未來的強勁增長奠定了基礎。

Etsy's currency-neutral GMS growth was approximately 23%, another quarter of sequential acceleration, and our overall take rate expanded 60 basis points to 17.1%.

Etsy 的貨幣中性 GMS 增長率約為 23%，又是連續加速的四分之一，我們的總體接受率擴大了 60 個基點，達到 17.1%。

This resulted in revenue growth of 28% with healthy adjusted EBITDA margins of 22%.

這導致收入增長 28%，調整後的 EBITDA 利潤率為 22%。

It's extremely rare to see a company in our sector with such strong sustained revenue growth while simultaneously delivering such solid profitability.

在我們的行業中，很少有一家公司能夠實現如此強勁的持續收入增長，同時實現如此穩健的盈利能力。

We believe that this is continued evidence of the strength of our fundamentals, our execution and our two-sided marketplace model.

我們相信，這繼續證明了我們的基本面、執行力和雙向市場模型的實力。

When talking with many of you, we're often asked how much more runway Etsy has to grow.

在與你們中的許多人交談時，我們經常被問到 Etsy 還需要增長多少跑道。

In 2017, our team reorganized to prioritize fast execution, streamlining and focusing on the areas of the business that have the highest probability of driving GMS growth.

2017 年，我們的團隊進行了重組，優先考慮快速執行、精簡併專注於最有可能推動 GMS 增長的業務領域。

In 2016, our product development velocity was delivering approximately 200 experiments per year.

2016 年，我們的產品開發速度為每年進行大約 200 次實驗。

We're now iterating much faster, shipping an average of about 100 experiments per month in 2019, more than 5x Etsy's 2016 velocity, with only about 6% more headcount.

我們現在的迭代速度要快得多，2019 年平均每月進行約 100 次實驗，是 Etsy 2016 年速度的 5 倍多，員工人數僅增加約 6%。

We continue to focus on what our buyers need and have a long road map of ideas that are, in turn, delivering incremental GMS and growth for our sellers.

我們繼續關注買家的需求，並製定了長期的想法路線圖，這些想法反過來又為我們的賣家提供增量 GMS 和增長。

So let's dive into some of those initiatives.

因此，讓我們深入探討其中的一些舉措。

Etsy's collection of unique items is the foundation of our right to win.

Etsy 收集的獨特物品是我們獲勝的基礎。

As of September 30, we had over 2.4 million sellers offering over 63 million items, the vast majority of which are unique or one-of-a-kind.

截至 9 月 30 日，我們有超過 240 万賣家提供超過 6300 萬件商品，其中絕大多數是獨一無二的。

In Q3, we launched variation photos, enabling buyers to visualize color or design variations without requiring a separate listing for each variation.

在第三季度，我們推出了變體照片，使買家能夠直觀地看到顏色或設計變體，而無需為每個變體單獨列出。

And we launched a tool that makes it easy for sellers to adopt this feature.

我們推出了一個工具，讓賣家可以輕鬆採用此功能。

This initiative simplifies the buying experience, making it easy to find exactly the right item designed just for your taste.

這一舉措簡化了購買體驗，讓您輕鬆找到適合您品味的商品。

And over time, as we drive penetration of variation photos, we believe it will have a positive impact on conversion rate as well.

隨著時間的推移，隨著我們推動變體照片的普及，我們相信它也會對轉化率產生積極影響。

Search and discovery is our second right to win.

搜索和發現是我們獲勝的第二項權利。

As you know, those 63 million items I just mentioned don't have SKU numbers or a map to a catalog, making Etsy's search challenge different from others in e-commerce.

如您所知，我剛才提到的那 6300 萬件商品沒有 SKU 編號或目錄映射，這使得 Etsy 的搜索挑戰與電子商務中的其他搜索挑戰不同。

Over time, we've seen our improvement in search unlock significant value as a key component of Etsy's competitive advantage.

隨著時間的推移，我們已經看到我們在搜索方面的改進釋放出巨大的價值，成為 Etsy 競爭優勢的關鍵組成部分。

Following about 9 months of iterative development, in August, we launched our next evolution of our search capabilities.

經過大約 9 個月的迭代開發，我們於 8 月推出了搜索功能的下一次演進。

We've upgraded our context-specific search ranking algorithms from linear to nonlinear models, which now leverage a deeper understanding of the relationship between items, attributes and users.

我們已將特定上下文搜索排名算法從線性模型升級為非線性模型，現在可以更深入地了解項目、屬性和用戶之間的關係。

We believe that as we continue to iterate on this new, even more sophisticated, modeling approach, our algorithms will learn and deliver a more personalized shopping experience, showing results more specifically tailored to each individual buyer's tastes and preferences.

我們相信，隨著我們繼續迭代這種新的、甚至更複雜的建模方法，我們的算法將學習並提供更加個性化的購物體驗，顯示更符合每個買家品味和偏好的結果。

We've already seen a meaningful impact to conversion rates with our first launch of this new model and think that's just the beginning.

我們已經看到首次推出這種新模式對轉化率產生了重大影響，我們認為這僅僅是個開始。

Similar to our prior CSO work, we expect to apply these search model improvements to other areas of the business, like Promoted Listings, in order to increase the relevance of ad results and drive more revenue.

與我們之前的 CSO 工作類似，我們希望將這些搜索模型改進應用到業務的其他領域，例如 Promoted Listings，以提高廣告結果的相關性並增加收入。

This new approach would not have been possible without our move to the cloud and demonstrates that we are still in the very early days of unlocking meaningful improvements to search.

如果我們沒有遷移到雲端，這種新方法是不可能實現的，並且表明我們仍處於解鎖有意義的搜索改進的早期階段。

We continued to make progress in leveraging human connections, our next right to win.

我們在利用人際關係方面繼續取得進展，這是我們下一個獲勝的權利。

We believe that fostering and elevating the quality of human connections on our platform will enable us to drive buyer engagement, loyalty, purchase frequency and continued to differentiate Etsy from other e-commerce platforms.

我們相信，在我們的平台上培養和提升人際關係的質量將使我們能夠提高買家的參與度、忠誠度、購買頻率，並繼續將 Etsy 與其他電子商務平台區分開來。

In the third quarter, we did work to rebrand our conversation tool to Etsy Messages, transforming the look and feel of the interface from an e-mail-like platform to a chat-like experience, enabling faster interactions that are more focused on shopping.

在第三季度，我們確實努力將我們的對話工具重新命名為 Etsy Messages，將界面的外觀和感覺從類似電子郵件的平台轉變為類似聊天的體驗，從而實現更專注於購物的更快交互。

Since our Buy on Etsy app is the method with which our most loyal buyers shop on Etsy, we see investments here as a way to deepen the connection between buyers and sellers.

由於我們的 Buy on Etsy 應用程序是我們最忠實的買家在 Etsy 上購物的方式，因此我們將此處的投資視為加深買家和賣家之間聯繫的一種方式。

2019 has been a big year for improving the app, continuing to create a more rewarding and engaging experience tailored to our best buyers.

2019 年是改進應用程序的重要一年，繼續為我們的最佳買家量身定制更有價值和更具吸引力的體驗。

We've improved the buyer onboarding experience, the home screen feed, search drop-down menus, recommendations, cart modifications and a host of other changes that will enable us to more proactively market the app in 2020.

我們改進了買家入職體驗、主屏幕提要、搜索下拉菜單、推薦、購物車修改和許多其他更改，這些更改將使我們能夠在 2020 年更積極地推銷該應用程序。

Next, some of our work on human connections laid the foundation for building a brand that inspires trust across a buyer's journey, our final right to win.

接下來，我們在人際關係方面的一些工作為建立一個品牌奠定了基礎，該品牌在買家的旅程中激發了信任，這是我們最終獲勝的權利。

Another area where we hit some important milestones during the quarter is our work on reviews.

我們在本季度達到一些重要里程碑的另一個領域是我們的審查工作。

Our data shows that the conversion rate for an item with multiple reviews is significantly higher than the listing with no reviews, and only about 15% of purchases on Etsy result in a review.

我們的數據顯示，有多個評論的商品的轉化率明顯高於沒有評論的列表，並且在 Etsy 上只有大約 15% 的購買會產生評論。

So in Q3, we kicked off a significant track of work focused on this area.

因此，在第三季度，我們啟動了專注於這一領域的重要工作。

First, we made major changes to the listing page, expanding the available real estate and making reviews more prominent.

首先，我們對列表頁面進行了重大更改，擴大了可用空間並使評論更加突出。

Second, we elevated reviews that were more helpful for buyers.

其次，我們提高了對買家更有幫助的評論。

For example, reviews with more text and those that included buyer photos were elevated over reviews with a star rating and no text.

例如，帶有更多文字和包含買家照片的評論比帶有星級且沒有文字的評論高。

And third, we're finding ways to encourage buyers to write more reviews.

第三，我們正在尋找鼓勵買家撰寫更多評論的方法。

These initial changes to our reviews experience made in Q3 are already expected to yield meaningful incremental GMS, and we have many more improvements in the pipeline.

我們在第 3 季度對審核體驗所做的這些初步更改預計會產生有意義的增量 GMS，並且我們在管道中還有更多改進。

We introduced 2 big bets on our last call, which we kicked off in Q3.

我們在第三季度開始的最後一次通話中引入了 2 個大賭注。

Our free shipping initiative, giving sellers tools to offer free shipping to buyers who spend $35 or more in their shop was the first of these.

我們的免費送貨計劃，為賣家提供工具，為在他們的商店中花費 35 美元或更多的買家提供免費送貨服務，這是其中的第一個。

We've just started making free shipping the norm on Etsy rather than the exception.

我們剛剛開始讓免費送貨成為 Etsy 上的常態，而不是例外。

Let's run through some of the highlights of where we are in adoption and impact.

讓我們回顧一下我們在採用和影響方面的一些亮點。

At the time we launched our free shipping initiative in July, only about 24% of items were available to ship for free to the U.S. By the end of the third quarter, this number had increased to slightly over 60%.

當我們在 7 月份推出免費送貨計劃時，只有大約 24% 的商品可以免費送貨到美國。到第三季度末，這個數字增加到略高於 60%。

Importantly, 74% of Etsy's total U.S. listing views feature items eligible for free shipping to the U.S.

重要的是，Etsy 在美國的總瀏覽量中有 74% 的商品符合免費送貨到美國的條件。

For buyers, our #1 lens for evaluating the success of this initiative is, are we driving a better overall experience?

對於買家而言，我們評估該計劃成功與否的第一視角是，我們是否在推動更好的整體體驗？

And early indications are encouraging.

早期跡象令人鼓舞。

We're making progress but with plenty more to be done.

我們正在取得進展，但還有很多工作要做。

Encouragingly, we've seen that the purchases per visit have increased as a result of the free shipping initiative.

令人鼓舞的是，我們發現由於免費送貨計劃，每次訪問的購買量有所增加。

In addition, our recent buyer surveys show improved sentiment around shipping and buyers report higher future intent around visiting, shopping and adding more to their cart.

此外，我們最近的買家調查顯示，人們對運輸的看法有所改善，而且買家報告說，他們未來對參觀、購物和添加更多商品的意願更高。

Interestingly, habitual buyers, our most loyal buyers, are the segment that have reacted most positively to our free shipping initiative, showing improved conversion rates.

有趣的是，我們最忠實的老買家是對我們的免費送貨計劃反應最積極的部分，顯示出更高的轉化率。

For sellers who offer the free shipping guarantee, our data shows that on average, their GMS is disproportionately up from the prior year, and they are seeing an increase in their upsell rate, in other words, the number of items per transaction has improved for these sellers.

對於提供免費送貨保證的賣家，我們的數據顯示，平均而言，他們的 GMS 比上一年高出不成比例，而且他們的追加銷售率也在增加，換句話說，每筆交易的商品數量增加了這些賣家。

As a headwind, we see that sellers are absorbing more of the shipping price than we expected or that buyers likely value rather than passing those costs along to buyers.

作為不利因素，我們看到賣家承擔的運費比我們預期的要多，或者買家可能更看重而不是將這些成本轉嫁給買家。

For instance, sellers with many or most of their listings under $35, sellers with expensive or heavy items and international sellers are having a hard time figuring out how to incorporate shipping costs into their item prices.

例如，許多或大部分商品價格低於 35 美元的賣家、昂貴或重型商品的賣家以及國際賣家都很難弄清楚如何將運費納入商品價格。

So a week ago, we launched a tool to help sellers with items under $35, and in 2020 we expect to launch a tool to help international sellers individually implement their preferred pricing strategies.

所以一周前，我們推出了一個工具來幫助賣家銷售低於 35 美元的商品，我們預計在 2020 年推出一個工具來幫助國際賣家單獨實施他們喜歡的定價策略。

We also continue to provide educational materials to help our sellers to build out price and display their inventory in ways that maximize the benefit of the free shipping guarantee.

我們還繼續提供教育材料，以幫助我們的賣家製定價格並以最大限度地利用免費送貨保證的方式展示他們的庫存。

Now that penetration is high, we can begin to market free shipping to our buyers.

現在滲透率很高，我們可以開始向我們的買家推銷免費送貨服務。

In mid-September, we launched our first campaign focused on elevating buyer awareness of free shipping, leveraging all of our owned channels as well as our online ads and TV campaigns.

9 月中旬，我們發起了第一個活動，重點是提高買家對免費送貨的認識，利用我們所有的自有渠道以及我們的在線廣告和電視活動。

We're incredibly excited about the potential for free shipping to unlock future growth and loyalty as awareness builds over time.

我們對免費送貨的潛力感到非常興奮，因為隨著時間的推移意識的建立，它可以釋放未來的增長和忠誠度。

In addition to the free shipping initiative, we're very focused on expanding the shipping solutions we offer sellers to ensure that they get the best rates and improve their efficiency.

除了免費送貨計劃外，我們還非常專注於擴展我們為賣家提供的運輸解決方案，以確保他們獲得最優惠的價格並提高他們的效率。

This quarter, we've added Pitney Bowes, uShip and ChitChats, 3 new solutions to help sellers save even more time and money throughout the fulfillment process.

本季度，我們添加了 Pitney Bowes、uShip 和 ChitChats 這 3 個新解決方案，以幫助賣家在整個履行過程中節省更多時間和金錢。

Overall, we're very encouraged by the progress we've made with our shipping initiatives and believe we are well on track to unlock significant value for both buyers and sellers to this program.

總的來說，我們對我們在運輸計劃方面取得的進展感到非常鼓舞，並相信我們正在順利地為該計劃的買賣雙方釋放重要價值。

We also recognize that it's early days with much more to do.

我們還認識到，現在還有很多工作要做。

I know it's a bit complicated with many puts and takes.

我知道有很多 puts 和 takes 有點複雜。

Rachel will talk more specifically about these in a moment.

雷切爾稍後會更具體地談論這些。

Our second big bet launched in the third quarter was Etsy Ads, which streamlines our 2 ad products, Promoted Listings and Google Shopping, to 1 unified ad platform.

我們在第三季度推出的第二個大賭注是 Etsy Ads，它將我們的 2 個廣告產品（Promoted Listings 和 Google Shopping）簡化為一個統一的廣告平台。

Rather than having our sellers manage 2 buckets, Etsy Ads optimizes a single daily budget across all advertising channels.

Etsy Ads 不是讓我們的賣家管理 2 個桶，而是優化所有廣告渠道的單一每日預算。

This enables us to utilize a higher percent of the seller's budget election and improve their return on investment.

這使我們能夠利用更高百分比的賣方預算選擇並提高他們的投資回報率。

Our Etsy Ads initiative is taking place in 3 distinct phases.

我們的 Etsy Ads 計劃分三個不同的階段進行。

The first phase, migration of existing sellers into the new platform, is complete.

第一階段，即現有賣家遷移到新平台，已經完成。

We are pleased with this first phase as we saw a minimal budget churn, and the vast majority of sellers have continued to participate in the program.

我們對第一階段感到滿意，因為我們看到預算變動最小，而且絕大多數賣家繼續參與該計劃。

We're making progress improving the rollouts in Google Shopping to match the levels of Promoted Listings, and as a result, we're seeing meaningful progress improving the aggregate return of the program, which is fundamental to our ability to scale Etsy Ads over time.

我們正在改進 Google 購物中的推出以匹配促銷列表的水平，因此，我們看到有意義的進展提高了該計劃的總回報，這對於我們隨著時間的推移擴展 Etsy 廣告的能力至關重要.

As ROAS improves, we'll expand to the second phase, which is to help sellers grow their budgets with positive returns.

隨著 ROAS 的提高，我們將擴展到第二階段，即幫助賣家增加預算並獲得正回報。

Our data indicates that many sellers are already earning very strong returns for each dollar invested, and yet, their budgets are too low.

我們的數據表明，許多賣家已經從每一美元的投資中獲得了非常可觀的回報，但他們的預算卻太低了。

We see opportunities for them to invest more with attractive results, and our goal is to help them understand this and raise their budgets as a result.

我們看到他們有機會進行更多投資並取得有吸引力的結果，我們的目標是幫助他們了解這一點並因此提高預算。

The third phase is to add new sellers to Etsy Ads.

第三階段是向 Etsy Ads 添加新賣家。

Our research indicates that a lot of sellers are at a stage of maturity where they are ready for Etsy Ads, but have not yet adopted it, which, in turn, is limiting their growth.

我們的研究表明，許多賣家正處於成熟階段，他們已準備好使用 Etsy Ads，但尚未採用它，這反過來又限制了他們的增長。

We'll look to communicate the Etsy Ads value proposition for this population and expect adoption to grow over time.

我們將著眼於為這一人群傳達 Etsy Ads 的價值主張，並期望採用率會隨著時間的推移而增長。

These last 2 phases could take the better part of 2020 and beyond, and we will communicate progress as we go.

這最後兩個階段可能會在 2020 年及以後的大部分時間裡進行，我們將在此過程中交流進展情況。

As budgets and adoption increase, we're able to divert more of our marketing dollars to upper funnel channels that promote the Etsy brand to the benefit of all of our sellers.

隨著預算和採用率的增加，我們能夠將更多的營銷資金轉移到推廣 Etsy 品牌的上層渠道，讓我們所有的賣家受益。

Top-of-mind awareness, intent to visit and intent to purchase are metrics we measure every month.

最重要的認知度、訪問意向和購買意向是我們每個月衡量的指標。

Our investment in brand marketing, campaigns on television and digital video are moving the needle on these metrics.

我們在品牌營銷、電視活動和數字視頻方面的投資正在推動這些指標的發展。

With Etsy Ads, we expect to further accelerate this shift over time as sellers drive more of the incremental performance marketing spend on the marketplace.

借助 Etsy Ads，隨著賣家在市場上推動更多的增量績效營銷支出，我們預計隨著時間的推移進一步加速這種轉變。

Earlier this month, we implemented a new shop analytics interface that gives sellers much clearer visibility to how their dollars are performing and clear attribution for what traffic is from Etsy versus the results of their own investment.

本月早些時候，我們實施了一個新的商店分析界面，讓賣家更清楚地了解他們的美元表現如何，並清楚地了解哪些流量來自 Etsy 與他們自己的投資結果。

The new shop analytics feature gives visibility to visits, conversion rate, orders and revenue, details on traffic sources that show sellers where their buyers are coming from by channel, and improved listing performance metrics detailing sources of traffic and success metrics by channel.

新的商店分析功能提供了訪問量、轉化率、訂單和收入的可見性，流量來源的詳細信息（按渠道向賣家顯示他們的買家來自何處），以及改進的列表性能指標（按渠道詳細說明流量來源和成功指標）。

At a glance, sellers are now able to know the next 1 or 2 actions they can take to be more successful.

一目了然，賣家現在能夠知道接下來他們可以採取的 1 或 2 個行動來取得更大的成功。

This work is essential and helps to raise all boats, which, in turn, improves the health of the whole marketplace.

這項工作至關重要，有助於提升所有船隻，進而改善整個市場的健康狀況。

Early results are encouraging.

早期結果令人鼓舞。

It's an incredibly simple, effective platform for sellers to use.

這是供賣家使用的極其簡單、有效的平台。

We're confident it will benefit the many sellers seeking to drive their growth as well as have a positive impact to Etsy's overall growth and profitability.

我們相信，這將使許多尋求推動增長的賣家受益，並對 Etsy 的整體增長和盈利能力產生積極影響。

We're very excited for the holiday season.

我們對假期感到非常興奮。

With our product development improvements, multichannel marketing campaigns and free shipping initiatives, we believe we've again made Etsy a meaningfully better place to shop for the holidays.

通過我們的產品開發改進、多渠道營銷活動和免費送貨計劃，我們相信我們再次使 Etsy 成為一個更有意義的節日購物場所。

Our new brand campaign's TV spots will run through the holiday season and connect with those who want their gift-giving and celebrations to feel special.

我們新的品牌活動的電視廣告將貫穿整個假期，並與那些希望送禮和慶祝活動感覺特別的人聯繫起來。

We aim to drive frequency during the busiest shopping period of the year by standing out in buyers' minds as the destination for unique products, made especially for you by a creative entrepreneur from a brand you can trust.

我們的目標是通過在買家心目中脫穎而出作為獨特產品的目的地，在一年中最繁忙的購物期間提高頻率，這些產品由您可以信賴的品牌的創意企業家特別為您製作。

In addition to our own marketing investments, NBC has released dates for the second season of Making It, a reality competition celebrating the joy of making and creativity, starring Amy Poehler and Nick Offerman.

除了我們自己的營銷投資外，NBC 還發布了 Making It 第二季的日期，這是一場慶祝製作和創造力樂趣的真人秀比賽，由艾米·波勒 (Amy Poehler) 和尼克·奧弗曼 (Nick Offerman) 主演。

The show premieres December 2 and features Etsy's resident trend expert Dayna Isom Johnson as a judge.

該節目於 12 月 2 日首播，由 Etsy 的常駐趨勢專家 Dayna Isom Johnson 擔任評委。

We're excited for the exposure and hope you'll tune in.

我們很高興曝光，希望您能收看。

We're currently developing a strong 2020 product road map to continue to deepen and strengthen Etsy's right to win.

我們目前正在製定強大的 2020 產品路線圖，以繼續深化和加強 Etsy 的製勝權。

Coupled with our bold initiatives and improved marketing capabilities, we expect the transfer of momentum into next year and set ourselves up for great 2020 and beyond.

再加上我們大膽的舉措和改進的營銷能力，我們預計勢頭將轉移到明年，並為 2020 年及以後的輝煌做好準備。

I'm excited to share that Kruti Patel Goyal, who many of you met our March Investor Day, has been named Chief Product Officer.

我很高興與大家分享 Kruti Patel Goyal，你們中的許多人在我們的 3 月投資者日見過面，已被任命為首席產品官。

Kruti's deep knowledge and proven leadership have made a tremendous impact on our ability to meaningfully improve the experience for buyers and sellers on Etsy.

Kruti 的淵博知識和久經考驗的領導能力對我們有效改善 Etsy 買賣雙方體驗的能力產生了巨大影響。

Lastly, there's a lot of excitement with Reverb.

最後，Reverb 令人興奮。

We're already showing best practices across the business, specifically in product development and marketing.

我們已經展示了整個企業的最佳實踐，特別是在產品開發和營銷方面。

I firmly believe we have the tools in place to continue to execute our long-term growth strategy, driving further value for our stakeholders.

我堅信我們擁有適當的工具來繼續執行我們的長期增長戰略，為我們的利益相關者帶來更多價值。

Thank you to our team for all the progress you've made so far this year.

感謝我們的團隊今年迄今取得的所有進展。

And with that, I'll turn the call over to Rachel.

有了這個，我會把電話轉給雷切爾。

Thanks, Josh, and good evening, everyone.

謝謝，喬希，大家晚上好。

Before I begin, please note that unless I say otherwise, all comparisons I'll be referencing here are for the Etsy Marketplace only, excluding Reverb.

在開始之前，請注意，除非我另有說明，否則我將在此處引用的所有比較僅針對 Etsy Marketplace，不包括 Reverb。

Our disciplined investments in product, marketing and technology have enabled steady growth of our marketplace and another quarter of strong results.

我們在產品、營銷和技術方面的嚴格投資使我們的市場穩步增長，並取得了另外四分之一的強勁業績。

In this third quarter, GMS accelerated on a currency-neutral basis to approximately 23% driven by continued execution in our product portfolio and improvements in marketing spend efficiency.

在第三季度，在我們產品組合的持續執行和營銷支出效率的提高的推動下，GMS 在貨幣中性的基礎上加速增長至約 23%。

Revenue grew 28% year-over-year and take rate expanded 60 basis points sequentially driven by both marketplace and services revenue.

收入同比增長 28%，在市場和服務收入的推動下，利率環比擴大 60 個基點。

Adjusted EBITDA margin was 21.9% or $42 million as we continue to deliver solid revenue growth and gain OpEx leverage.

調整後的 EBITDA 利潤率為 21.9% 或 4200 萬美元，因為我們繼續實現穩健的收入增長並獲得運營支出槓桿。

Let me give you more detail on our financial performance, beginning with more color on our free shipping and Etsy Ads initiatives.

讓我向您詳細介紹我們的財務業績，首先是我們的免費送貨和 Etsy 廣告計劃的更多顏色。

First, on free shipping.

首先，免費送貨。

Since launching our new seller tool on July 9, we've been educating our sellers on the benefit of offering free shipping to buyers and how they can easily incorporate the cost of shipping into their item price if they determine it's right for their business.

自 7 月 9 日推出我們的新賣家工具以來，我們一直在教育我們的賣家向買家提供免費送貨的好處，以及如果他們認為適合他們的業務，他們可以如何輕鬆地將運費納入他們的商品價格。

The initial impact of free shipping has resulted in lower prices for buyers.

免費送貨的最初影響是為買家帶來了更低的價格。

Also, since June, the percentage of GMS with free or eligible for free shipping in the U.S. more than doubled to 81%.

此外，自 6 月以來，在美國免費或符合免費送貨條件的 GMS 的百分比翻了一番多，達到 81%。

And in Q3, over half of our U.S. and global GMS shipped for free, up from 32% only 1 quarter ago.

在第三季度，超過一半的美國和全球 GMS 免費發貨，高於 1 個季度前的 32%。

As Josh mentioned, we are seeing more purchases per visit, increases to in-cart conversion rate, and improved buyer sentiment, which we expect will have a beneficial impact to our business.

正如 Josh 提到的，我們看到每次訪問的購買量增加，購物車轉化率提高，買家情緒改善，我們預計這將對我們的業務產生有利影響。

We are pleased with that result and expect to see further benefit as consumers understand that the shipping experience on Etsy has improved considerably.

我們對這一結果感到滿意，並希望看到更多的好處，因為消費者了解到 Etsy 上的運輸體驗已大大改善。

There are, however, a few offsets to this.

然而，對此有一些抵消。

First, as I mentioned last quarter, in our prelaunch tests, we observed sellers moving about 84% of the cost of shipping into their item price, resulting in a modest contraction to revenue.

首先，正如我上個季度提到的，在我們的預發布測試中，我們觀察到賣家將大約 84% 的運輸成本轉移到他們的商品價格中，導致收入適度收縮。

In practice, this transfer rate has been much lower.

實際上，這個傳輸率要低得多。

On average, as of the end of Q3, we have seen sellers move approximately 60% of the shipping cost into item price.

平均而言，截至第三季度末，我們看到賣家將大約 60% 的運費計入商品價格。

Our data shows this is being driven by various circumstances, mostly within groups of sellers with very high-priced items and also sellers with items under $35.

我們的數據顯示，這是由各種情況驅動的，主要是在商品價格非常高的賣家群體中，以及商品價格低於 35 美元的賣家群體中。

The 40% of shipping cost that is not transferred to item price results in about a 100 basis points contraction to GMS with an associated negative impact to revenue and EBITDA.

未轉移到商品價格的 40% 的運輸成本導致 GMS 收縮約 100 個基點，並對收入和 EBITDA 產生相關的負面影響。

The 60% of GMS that is transferred from the shipping cost into the item price is dilutive to take rate because it creates incremental GMS without incremental revenue as we were already charging a 5% transaction fee on shipping.

從運費轉移到商品價格的 GMS 的 60% 稀釋了費率，因為它創造了增量 GMS 而沒有增量收入，因為我們已經對運費收取 5% 的交易費用。

We're hard at work educating sellers on how they use our tools to recover costs and that setting prices is generally about recovering all of their costs, including shipping costs.

我們正在努力教育賣家如何使用我們的工具來收回成本，而設定價格通常是為了收回他們的所有成本，包括運費。

A second headwind to the free shipping initiative relates to search ranking.

免費送貨計劃的第二個不利因素與搜索排名有關。

We have used search ranking as a key incentive for sellers to adopt the free shipping guarantee.

我們使用搜索排名作為賣家採用免費送貨保證的主要激勵因素。

As expected, this has had the effect of pushing a large number of relevant listings off the first page of U.S. search results.

正如預期的那樣，這產生了將大量相關列表推離美國搜索結果首頁的效果。

With slightly over 60% of items listed as free shipping eligible.

略高於 60% 的商品符合免運費條件。

This means 40% of items are not given first page placement, even if our search algorithms might have previously ranked them higher.

這意味著 40% 的項目沒有放在首頁位置，即使我們的搜索算法之前可能將它們排名更高。

This has a negative impact to conversion rate.

這對轉化率有負面影響。

Etsy Ads was another large initiative launched in Q3.

Etsy Ads 是第三季度推出的另一項大型計劃。

We've migrated sellers who use Promoted Listings and/or Google Shopping to our new ad platform.

我們已將使用 Promoted Listings 和/或 Google Shopping 的賣家遷移到我們的新廣告平台。

We have achieved this first phase with no material churn in aggregate budgets.

我們已經實現了第一階段，總預算沒有發生重大變動。

We're actively working to optimize returns for our sellers to improve the return on ad spend, and in turn, facilitate Phase 2, which is to grow sellers' budgets and utilization and, in time, drive an increase in advertising for the marketplace overall.

我們正在積極努力為我們的賣家優化回報，以提高廣告支出回報率，進而促進第 2 階段，即增加賣家的預算和利用率，並及時推動整個市場的廣告增長.

During the initial phase, we've identified a group of sellers that have had very high return on ad spend that are capped out by their budget elections.

在初始階段，我們確定了一組廣告支出回報率非常高的賣家，但他們的預算選擇卻超出了上限。

We're beginning to educate these sellers on why we think they can expand their budgets while still maintaining attractive returns.

我們開始對這些賣家進行教育，讓他們了解為什麼我們認為他們可以在擴大預算的同時仍保持有吸引力的回報。

For the balance of sellers, we have a set of initiatives designed to improve their rollouts and we have developed a clear road map, in partnership with Google, which has already produced meaningful gains.

對於賣家的平衡，我們有一系列旨在改善他們的推出的舉措，並且我們與穀歌合作制定了清晰的路線圖，這已經產生了有意義的收益。

Overall, in Q3, Etsy Ads, including both the former standalone versions of Promoted Listings and Google Shopping, was a significant driver of revenue growth.

總體而言，在第三季度，Etsy 廣告（包括之前獨立版本的 Promoted Listings 和 Google Shopping）是收入增長的重要推動力。

Promoted Listings increased over 30% again, and Google Shopping contributed $3.7 million, which carries an associated offset in cost of revenue.

Promoted Listings 再次增加了 30% 以上，Google 購物貢獻了 370 萬美元，這抵消了相關的收入成本。

Moving to another area of focus for Etsy, our own marketing spend.

轉向 Etsy 的另一個重點領域，即我們自己的營銷支出。

In Q3, marketing expense grew 17% year-over-year to $46.2 million, contracting as a percentage of revenue both sequentially and year-over-year.

在第三季度，營銷費用同比增長 17% 至 4620 萬美元，佔收入的百分比環比和同比均有所下降。

In the third quarter, we invested $28.1 million in performance marketing, an increase of only 5% year-over-year.

第三季度，我們在績效營銷方面投入了 2810 萬美元，同比僅增長 5%。

Our marketing spend continued to drive strong visit growth.

我們的營銷支出繼續推動訪問量的強勁增長。

And according to Comscore, unique visits in the U.S. increased multiples faster than other marketplaces.

根據 Comscore 的數據，美國的獨立訪問量增長速度快於其他市場。

The balance of our marketing budget reflects our investment in CRM initiatives including e-mail and social display and our investment in upper funnel marketing.

我們的營銷預算餘額反映了我們對 CRM 計劃的投資，包括電子郵件和社交展示以及我們對上層漏斗營銷的投資。

In late Q3, we resumed our brand marketing campaign on television and digital video, and this campaign will run through most of Q4.

在第三季度末，我們恢復了在電視和數字視頻上的品牌營銷活動，該活動將貫穿第四季度的大部分時間。

The efficacy of our marketing spend is demonstrated in several metrics as shown on Slide 22.

我們的營銷支出的功效在幻燈片 22 中顯示的幾個指標中得到了證明。

First, we acquired 4.2 million new buyers in Q3 and delivered 15.6% of our overall GMS.

首先，我們在第三季度獲得了 420 萬新買家，交付了我們整體 GMS 的 15.6%。

Active buyers, those who made at least 1 purchase in the past 12 months, grew 19% again this quarter.

活躍買家，即在過去 12 個月內至少購買過 1 次商品的買家，本季度再次增長了 19%。

GMS per active buyer on a trailing 12-month basis increased for the sixth consecutive quarter by nearly 2% in the third quarter and nearly 4% on a 2-year basis.

在過去 12 個月的基礎上，每個活躍買家的 GMS 在第三季度連續第六個季度增長近 2%，在 2 年的基礎上增長近 4%。

Taken together, these metrics reflect the fact that our marketing investments are moving the needle on both new and repeat purchase behavior.

總而言之，這些指標反映了一個事實，即我們的營銷投資正在推動新的和重複的購買行為。

Second, let's double-click on some indicators of improvement in frequency.

其次，讓我們雙擊一些頻率提高的指標。

Habitual buyers, those buyers that purchased 6 or more times in a year and spend more than $200 in a year, grew 24% this quarter, and are, again, our fastest-growing buyer segment.

習慣性買家，即一年內購買 6 次或更多次且一年內花費超過 200 美元的買家，本季度增長了 24%，再次成為我們增長最快的買家群體。

Third, we also observed that our more recent cohorts have had very strong retention rates.

第三，我們還觀察到我們最近的隊列具有非常高的保留率。

A typical cohort curve would decay over time, however, our cohort curves show the most -- that most recent cohorts are retaining as strongly as the prior year cohort.

典型的隊列曲線會隨著時間的推移而衰減，但是，我們的隊列曲線顯示最多——最近的隊列與前一年的隊列保持一樣強烈。

We believe this is a further proof point that our brand ads and investments in social are indeed providing that tap on the shoulder to remind buyers why Etsy and when Etsy.

我們相信這是一個進一步的證據，表明我們的品牌廣告和社交投資確實提供了拍拍肩膀的機會，以提醒買家為什麼使用 Etsy 以及何時使用 Etsy。

Fourth, organic GMS as a percent of total GMS expanded to 86%.

第四，有機 GMS 佔總 GMS 的百分比擴大到 86%。

Our investment in brand marketing, on television and digital video, drives more direct traffic to the site and gives buyer a broader view of Etsy.

我們在品牌營銷、電視和數字視頻方面的投資為網站帶來了更多直接流量，並為買家提供了更廣闊的 Etsy 視野。

We are very focused on the ROI of our marketing investments, even with our brand campaigns, which are typically more difficult to quantify and measure.

我們非常關注營銷投資的投資回報率，即使我們的品牌活動通常更難以量化和衡量。

We are continually optimizing our bidding algorithms, refining our attribution models based on insights we yield from testing and revising our model as product improvements positively impact lifetime value of a customer.

我們不斷優化我們的競價算法，根據我們從測試和修改模型中獲得的見解改進我們的歸因模型，因為產品改進對客戶的生命週期價值產生積極影響。

We believe that we are investing appropriately for long-term growth.

我們相信我們正在為長期增長進行適當的投資。

A few of our key operating metrics further demonstrate the impact of our product and marketing investments.

我們的一些關鍵運營指標進一步證明了我們的產品和營銷投資的影響。

Etsy generated just over $1.1 billion in GMS in Q3, up 23% on a currency-neutral basis, driven by approximately 19% growth in both active buyers and active sellers.

Etsy 在第三季度產生了略高於 11 億美元的 GMS，在貨幣中性基礎上增長了 23%，這主要得益於活躍買家和活躍賣家均增長了約 19%。

As shown on this slide, U.S. buyer GMS grew 21% in Q3 and has accelerated for 2 consecutive quarters.

如這張幻燈片所示，美國買家 GMS 在第三季度增長了 21%，並且已經連續兩個季度加速增長。

This includes all U.S. buyers who bought from a U.S. seller or an international seller.

這包括從美國賣家或國際賣家處購買的所有美國買家。

This is approximately 100 basis points higher compared to the prior quarter.

這比上一季度高出約 100 個基點。

We believe this growth in U.S. domestic demand is related to our investment in upper funnel marketing, which, for now, is only happening in the U.S.

我們認為美國國內需求的增長與我們對上層漏斗營銷的投資有關，目前這種情況只發生在美國。

International GMS continued to perform quite well, representing 38% of overall GMS, and delivering 31% growth.

國際 GMS 繼續表現良好，佔整體 GMS 的 38%，並實現了 31% 的增長。

In the third quarter, we fully anniversary-ed the DaWanda transaction and continued to see two-sided vibrancy in the German domestic market.

在第三季度，我們對 DaWanda 交易進行了全面紀念，並繼續看到德國國內市場的雙向活力。

Moving now to our financial metrics.

現在轉到我們的財務指標。

Etsy revenue was $192 million, up 28%, driven by marketplace revenue and services revenue, which includes a partial quarter of Etsy Ads.

Etsy 收入為 1.92 億美元，增長 28%，受市場收入和服務收入的推動，其中包括部分四分之一的 Etsy Ads。

As a reminder, in the beginning of Q3, we anniversary-ed the increase to our transaction fee, which was a significant driver of marketplace revenue growth over the past year.

提醒一下，在第三季度初，我們慶祝了交易費用的增加，這是過去一年市場收入增長的重要推動力。

Positive revenue increased 38% driven primarily by variable cost related to Etsy Payments.

主要受與 Etsy 支付相關的可變成本推動，正收入增長了 38%。

Our ongoing investment in Google Cloud usage and a partial quarter of the Google Shopping offset related to Etsy Ads were also drivers.

我們對谷歌云使用的持續投資以及與 Etsy 廣告相關的部分四分之一的谷歌購物抵消也是推動因素。

We expect to leverage the benefit of both cloud usage and Google Shopping to drive GMS growth to Etsy.

我們希望利用雲使用和 Google 購物的優勢來推動 Etsy 的 GMS 增長。

As we mentioned on our last call, in the middle of this year, we revised our approach to capitalizing product development cost to align with our iterative product development environment, which creates smaller tranches of product development spend on a more frequent basis, resulting in less capitalization.

正如我們在上次電話會議中提到的那樣，在今年年中，我們修改了將產品開發成本資本化的方法，以適應我們的迭代產品開發環境，這會更頻繁地產生更小的產品開發支出，從而減少資本化。

We want to make sure you are clear about this impact that this change has had to our profitability this year, given the additional cost flowing through the P&L.

考慮到損益表中的額外成本，我們希望確保您清楚這一變化對我們今年的盈利能力產生的影響。

Our original guidance assumed capitalization of about 14% of product development costs, and the revised approach means only about 7% will be capitalized for the year.

我們最初的指引假設產品開發成本的資本化率約為 14%，而修訂後的方法意味著今年只有約 7% 的資本化。

This results in approximately $7 million to $8 million more expense flowing through the P&L in the back half of 2019, a contraction of about 100 basis points to EBITDA margin for the full year.

這導致 2019 年下半年流經損益表的費用增加約 700 萬至 800 萬美元，全年 EBITDA 利潤率收縮約 100 個基點。

Note that this change is neutral to free cash flow.

請注意，此變化對自由現金流量是中性的。

We included this in our August guidance, but we are restating it here for clarity.

我們將其包含在我們 8 月份的指南中，但為清楚起見，我們在此重申。

Moving to the consolidated balance sheet.

轉到合併資產負債表。

During the quarter, we issued $650 million of 7-year convertible senior notes.

本季度，我們發行了 6.5 億美元的 7 年期可轉換優先票據。

The transaction has favorable economic terms with a 1/8 coupon and a 47.5% premium.

該交易具有優惠的經濟條件，息票率為 1/8，溢價為 47.5%。

We used some of the proceeds to purchase a capped call, extending our premium to 150% of our closing stock price on September 18 or $148.63 per share.

我們使用部分收益購買了有上限的看漲期權，將我們的溢價擴大至 9 月 18 日收盤價的 150% 或每股 148.63 美元。

We also used about $124.5 million for a concurrent share repurchase.

我們還使用了大約 1.245 億美元用於同步股票回購。

Net cash to our balance sheet was $439 million and our current cash balance as of September 30 was $672 million.

我們資產負債表的淨現金為 4.39 億美元，截至 9 月 30 日，我們的當前現金餘額為 6.72 億美元。

We have an existing share repurchase authorization from our Board and repurchased approximately $3 million of our stock in Q3 against that authorization.

我們已獲得董事會的現有股票回購授權，並根據該授權在第三季度回購了大約 300 萬美元的股票。

Our capital structure provides for good liquidity and flexibility to pursue opportunities for investment.

我們的資本結構為尋求投資機會提供了良好的流動性和靈活性。

We generated solid operating cash flow, which was $47 million in Q3 and $128 million year-to-date.

我們產生了穩定的運營現金流，第三季度為 4700 萬美元，今年迄今為 1.28 億美元。

Before moving to our outlook, let me share a few notes on Reverb, the acquisition we closed on August 15.

在談到我們的展望之前，讓我分享一些關於我們在 8 月 15 日完成的收購 Reverb 的注意事項。

Earlier today, we filed pro forma-condensed combined statements of income for 2018 and the 6 months ended June 30, 2019, giving effect of the acquisition as if it has occurred January 1, 2018.

今天早些時候，我們提交了 2018 年和截至 2019 年 6 月 30 日的 6 個月的備考簡明合併損益表，使收購生效，就好像它發生在 2018 年 1 月 1 日一樣。

These filings should be helpful as you reflect the addition of Reverb into your financial models.

當您將 Reverb 添加到您的財務模型中時，這些文件應該會有所幫助。

For the 45 days of the third quarter that Reverb has been part of Etsy's enterprise, they delivered $77 million in GMS and $6 million in revenue.

在 Reverb 成為 Etsy 企業一部分的第三季度的 45 天裡，他們交付了 7700 萬美元的 GMS 和 600 萬美元的收入。

Their marketplace had nearly 600,000 active buyers and 155,000 active sellers.

他們的市場有近 600,000 名活躍買家和 155,000 名活躍賣家。

Approximately 17% of their GMS is international.

大約 17% 的 GMS 是國際性的。

More detail on the financials for the 45-day subperiod can be found in our 10-Q, which we will file soon.

有關 45 天子時期財務狀況的更多詳細信息，請參閱我們將很快提交的 10-Q。

We think this is a great early-stage business with significant competitive advantages and a similar business model to Etsy.

我們認為這是一個偉大的早期業務，具有顯著的競爭優勢和與 Etsy 類似的商業模式。

Turning to our outlook.

轉向我們的前景。

We are raising guidance for 2019 GMS growth to 25% to 26%, approximately $4.9 billion to $5 billion; and revenue growth to 34% to 35%, approximately $809 million to $815 million.

我們將 2019 年 GMS 增長的指引上調至 25% 至 26%，約為 49 億至 50 億美元；收入增長 34% 至 35%，約為 8.09 億美元至 8.15 億美元。

Note that we expect Reverb to contribute approximately 5% to 6% to GMS growth and 2% to 3% to revenue growth.

請注意，我們預計 Reverb 將為 GMS 增長貢獻約 5% 至 6%，為收入增長貢獻 2% 至 3%。

Our adjusted EBITDA margin guidance is now 22% to 23% or $183 million at the midpoint, reflecting about a $2 million headwind due to Reverb, which has adopted Etsy's benefits program and aligned with Etsy's capitalization guidelines for internal development, which drives slightly higher expense to the P&L.

我們調整後的 EBITDA 利潤率指引現在為 22% 至 23% 或中點 1.83 億美元，反映了 Reverb 帶來的約 200 萬美元的逆風，Reverb 採用了 Etsy 的福利計劃並與 Etsy 的內部開發資本化指南保持一致，這導致費用略高到損益表。

We expect Reverb to reach EBITDA breakeven exiting 2020.

我們預計 Reverb 將在 2020 年實現 EBITDA 收支平衡。

Note also that Etsy's take rate is 17.1% versus 7.9% for Reverb with a blended take rate of 16.4%.

另請注意，Etsy 的採用率為 17.1%，而 Reverb 的採用率為 7.9%，混合採用率為 16.4%。

Included in our guidance is an adjustment for what we see as a moderately stronger headwind from marketplace sales taxes.

我們的指引中包括對市場銷售稅帶來的適度逆風的調整。

On October 1, 11 states initiated marketplace sales tax laws, including 2 of the largest states, Texas and California.

10 月 1 日，11 個州啟動了市場銷售稅法，其中包括德克薩斯州和加利福尼亞州這兩個最大的州。

Based on what we have observed in October, we now estimate an additional 100 basis points headwind versus what we expected when we issued August 2019 guidance.

根據我們在 10 月份觀察到的情況，與我們在 2019 年 8 月發布指南時的預期相比，我們現在估計還有 100 個基點的逆風。

The sales tax effect is a little more pronounced for Reverb due to higher item prices and higher percentage of U.S. exposure.

由於較高的商品價格和較高的美國風險敞口百分比，銷售稅對 Reverb 的影響更為明顯。

The impact of sales tax, combined with the discrete headwinds I cited on our free shipping initiatives, mean that Etsy's stand-alone GMS and revenue will likely come in at the lower end of our prior guidance range.

銷售稅的影響，再加上我在免費送貨計劃中提到的不利因素，意味著 Etsy 的獨立 GMS 和收入可能會處於我們先前指導範圍的低端。

We are pleased with our performance for 2019, which includes strong growth in our core business, good progress in our key new initiatives plus strategic acquisitions.

我們對 2019 年的業績感到滿意，其中包括核心業務的強勁增長、關鍵新舉措的良好進展以及戰略收購。

We love our two-sided marketplace model and now we have another one in Reverb.

我們喜歡我們的雙向市場模型，現在我們在 Reverb 中有了另一個。

We sustained growth faster than the e-commerce sector while expanding profitably.

我們在盈利擴張的同時，保持了比電子商務行業更快的增長速度。

You can find e-commerce businesses growing the top line faster than Etsy or you can find businesses that have margins higher than Etsy's, but it's incredibly rare to find both robust top line growth and attractive margins.

你會發現電子商務企業的收入增長速度比 Etsy 快，或者你會發現利潤率高於 Etsy 的企業，但同時發現強勁的收入增長和有吸引力的利潤率的企業非常罕見。

Etsy is one of the very few that is achieving that, and that is truly special.

Etsy 是為數不多的實現這一目標的公司之一，這確實很特別。

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) Your first question comes from the line of Kunal Madhukar with Deutsche Bank.

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

There's a question we've been getting from a number of investors regarding Etsy Ads and how that is kind of working out.

我們從許多投資者那裡得到了一個關於 Etsy Ads 的問題，以及它是如何運作的。

So the question is, what has been the seller reaction to the change, especially as some of our channel checks have suggested that some sellers could be cutting back on their ad budgets as they wait to see how their ROIs are changing under the new model?

所以問題是，賣家對這一變化有何反應，尤其是我們的一些渠道調查表明，一些賣家可能會削減廣告預算，因為他們正在等待觀察新模式下投資回報率的變化情況？

And as a follow-up, has the initiative resulted in even modest cuts in Etsy's direct spend on PLAs to-date?

作為後續行動，該舉措是否導致 Etsy 迄今為止在 PLA 上的直接支出有所削減？

Great question.

很好的問題。

Thanks, Kunal.

謝謝，庫納爾。

On the first question, we're really pleased with the -- what we see in the seller so far.

關於第一個問題，我們對目前在賣家身上看到的情況感到非常滿意。

So as Rachel mentioned, we've seen no material churn in seller budgets and no material churn in seller adoption.

因此，正如 Rachel 提到的那樣，我們沒有看到賣家預算發生重大變化，賣家採用也沒有發生重大變化。

So that's really good news and consistent with what we had hoped.

所以這真是個好消息，與我們所希望的一致。

Sellers are largely taking a wait-and-see approach, and we want to make sure that we're sensitive and respectful to that.

賣家主要採取觀望態度，我們希望確保我們對此保持敏感和尊重。

So we want to make sure that we take budget utilization up slowly, only as we're able to deliver good returns to them.

因此，我們希望確保我們緩慢地提高預算利用率，只有當我們能夠為他們提供良好的回報時。

And you saw that.

你看到了。

Rachel shared the Google spend number in Q3 of $3.6 million, which shows that we are stepping our way into it -- in the part of the third quarter for which Etsy Ads was live.

雷切爾分享了谷歌在第三季度的支出數字 360 萬美元，這表明我們正在逐步實現這一目標——在 Etsy Ads 上線的第三季度部分。

Your second question, which is how does that impact our overall marketing spend?

你的第二個問題，這對我們的整體營銷支出有何影響？

That's a great question and let me take you through that a little bit.

這是一個很好的問題，讓我帶您了解一下。

So first, we believe that Etsy Ads is foundational to our future and grows the pie of marketing spend in a really powerful and really important way.

因此，首先，我們相信 Etsy Ads 是我們未來的基礎，並以一種非常強大和非常重要的方式擴大營銷支出。

So we want to make sure we get it right in that.

所以我們要確保我們在這方面做對了。

And a part of that means pulling back on our own PLA spend to provide an incentive for sellers to adopt Etsy Ads.

其中一部分意味著減少我們自己的 PLA 支出，以激勵賣家採用 Etsy Ads。

It's really important that we do that.

我們這樣做非常重要。

Now we also recognize that our own PLA spend is highly efficient.

現在我們也認識到我們自己的 PLA 支出是高效的。

So what that means is that we're leaving profitable growth opportunities on the table because we want to make sure our sellers are incented to lean into to Etsy Ads.

所以這意味著我們將盈利性增長機會留在桌面上，因為我們想確保我們的賣家有動力依賴 Etsy Ads。

At the same time, we're really excited about television advertising as a profitable form of growth for Etsy.

與此同時，我們對電視廣告作為 Etsy 的一種盈利增長形式感到非常興奮。

And we think now is the right time for us to be doing that because both when you look at our brand opportunities and our brand challenges, television is an effective channel to go and attack those.

我們認為現在是我們這樣做的正確時機，因為當你審視我們的品牌機會和品牌挑戰時，電視是一個有效的渠道來攻擊這些機會。

And also, because as we're asking sellers to invest in Etsy Ads, it makes sense that we are investing in upper funnel and television as well.

而且，因為我們要求賣家投資 Etsy Ads，所以我們也投資於上層漏斗和電視是有道理的。

We also recognize that TV has a longer payback period.

我們還認識到電視的投資回收期更長。

We're really encouraged by the results we're seeing, but it takes a little longer to pay back than what we see with Google PLAs.

我們對所看到的結果感到非常鼓舞，但與我們在 Google PLA 上看到的相比，它需要更長的時間才能收回成本。

So if you net that out, we might be pulling back from PLAs or leaving some profitable growth on the table in the near term and investing in TV in ways that we think are really great for the long-term health of the business and really important for the business, but might lead to some growth and profit trade-offs in the very near term.

因此，如果您將其排除在外，我們可能會在短期內退出 PLA 或保留一些盈利增長，並以我們認為對業務的長期健康發展非常有利且非常重要的方式投資電視對業務而言，但可能會在短期內導致一些增長和利潤權衡。

Your next question comes from the line of Heath Terry with Goldman Sachs.

你的下一個問題來自高盛的希思特里。

Was wondering if you could dig a little bit more into obviously improving trends in buyer frequency.

想知道您是否可以更深入地了解買家頻率明顯改善的趨勢。

And just if you could dig and maybe disaggregate for us some of the actual functional things that are driving that for you in terms of personalization, search, marketing spend.

如果你能挖掘並可能為我們分解一些在個性化、搜索、營銷支出方面為你驅動的實際功能性事物。

And then just how we should think about that improvement relative to the guidance that you're giving us for deceleration in the core business growth in the fourth quarter, what's offsetting that piece of it?

然後我們應該如何考慮相對於您為第四季度核心業務增長減速提供的指導的改善，是什麼抵消了這一部分？

So just sort of help us understand the counterbalances between those 2 things.

所以只是幫助我們理解這兩件事之間的平衡。

I'd really appreciate it.

我真的很感激。

Heath, it's Rachel.

希思，我是雷切爾。

Thanks for the question.

謝謝你的問題。

Let me just start with the second part of your question first and then maybe Josh can talk a bit about the product improvements that have been driving what we see is frequency gains.

讓我先從你問題的第二部分開始，然後也許 Josh 可以談談產品改進，這些改進一直在推動我們所看到的頻率提升。

We pointed at 2 specific things that we think are headwinds that you're -- I guess, you're backing into what you see as deceleration in the fourth quarter.

我們指出了兩件我們認為是不利因素的具體事情——我猜，你在第四季度回到了你認為的減速狀態。

Of course, we haven't given fourth quarter guidance but one of those things is marketplace sales taxes that we see as creating an additional 100 basis point headwind to what we had guided to at the beginning of the year.

當然，我們還沒有給出第四季度的指引，但其中之一就是市場銷售稅，我們認為這對我們年初的指引造成了額外 100 個基點的逆風。

We -- there are certainly macro factors that will -- that are not something that we can control.

我們——當然會有一些宏觀因素——這不是我們可以控制的。

We think we've appropriately forecasted that now, but that's one of the items that is causing a little bit of progression in Q4.

我們認為我們現在已經適當地預測了這一點，但這是導致第四季度取得一些進展的項目之一。

The other item that we talked about relates to the free shipping initiative that we see because we -- one of the levers that we have to incentivize sellers to increasingly adopt free shipping, we've pushed some of the really good search results off to a second page or further, and that causes a decrease in conversion.

我們談到的另一個項目與我們看到的免費送貨計劃有關，因為我們 - 我們必須激勵賣家越來越多地採用免費送貨的槓桿之一，我們已經將一些非常好的搜索結果推到第二頁或更遠，這會導致轉化率下降。

So that search ranking is something of a headwind for us.

因此，搜索排名對我們來說是一個逆風。

And overall, our expectations on GMS growth had been higher.

總體而言，我們對 GMS 增長的預期更高。

We thought more of the shipping cost was going to transfer into the item price than we're seeing today, which means, from the original forecast we gave, that GMS is a little softer because that transfer isn't happening.

我們認為，與我們今天看到的相比，更多的運費將轉移到商品價格中，這意味著，從我們最初給出的預測來看，GMS 會稍微軟一些，因為這種轉移沒有發生。

So those are the -- I think they're not substantive a business softness, but they're 2 discrete items that are causing some headwinds in the fourth quarter.

所以那些 - 我認為它們並不是實質性的業務疲軟，但它們是兩個獨立的項目，在第四季度造成了一些不利因素。

Yes.

是的。

The other thing I'd point out about those 2 items is that there are headwinds that last a year and then you lap them.

關於這兩個項目，我要指出的另一件事是，逆風會持續一年，然後你就會超越它們。

So these are not existential or fundamental changes to the business.

因此，這些不是業務的存在性或根本性變化。

What we've seen with state sales tax in the past is it's a headwind that lasts a year and then you lap.

我們過去在州銷售稅方面看到的是，它是一個持續一年的逆風，然後你就完蛋了。

So we're kind of 1 month into that, let's say.

所以我們大概有 1 個月的時間，比方說。

And the same thing with the -- what Rachel talked about with free shipping.

同樣的事情——雷切爾談到的免費送貨。

Sellers are choosing to absorb more of the cost than we thought or pass along more savings to buyers than we expected.

賣家選擇承擔比我們想像的更多的成本，或者將比我們預期的更多的節省轉嫁給買家。

It does make the marketplace even more competitive over time, and that's a headwind for 1 year and then you lap it.

隨著時間的推移，它確實使市場更具競爭力，而且這是 1 年的逆風，然後你就克服了它。

So I think it's important to kind of have that context.

所以我認為擁有這種背景很重要。

In terms of frequency.

在頻率方面。

We're really encouraged that what we're seeing is, first, GMS per active buyer overall is rising, and that's great.

我們真的很受鼓舞，因為我們看到的是，首先，每個活躍買家的 GMS 總體上正在上升，這很好。

But I'm particularly excited that we're seeing the greatest strength among habitual buyers.

但令我感到特別興奮的是，我們看到了習慣性購買者的最大力量。

So you've seen us talk about, for several quarters now, that habitual buyers are our fastest-growing segment.

所以你已經看到我們談論了幾個季度以來，習慣性買家是我們增長最快的部分。

And then what that means is the people that know us best and love us best are -- is the group that's growing the fastest.

然後這意味著最了解我們和最愛我們的人是 - 是增長最快的群體。

We think that Etsy can be a habit for a whole bunch of people.

我們認為 Etsy 可以成為一大群人的習慣。

And it's about getting out there and telling the story of just the great breadth and depth of items that exist on Etsy.

它是關於走出去講述 Etsy 上存在的項目的廣度和深度的故事。

And I think we're doing a better job than ever of telling that story.

我認為我們在講述這個故事方面比以往任何時候都做得更好。

I do think it's early days.

我認為現在還為時尚早。

I think there's a lot more to do there.

我認為還有很多事情要做。

But I'm encouraged by the results that we're seeing.

但我對我們看到的結果感到鼓舞。

Your next question comes from Edward Yruma with KeyBanc Capital Markets.

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

I know lots of puts and takes with all of the changes.

我知道很多變化。

But I guess -- and I know you tend not to comment on intra-quarter trends, but any sense as to how GMS changed once you started advertising, free shipping or layering it in?

但我想——而且我知道你傾向於不評論季度內趨勢，但你對 GMS 在你開始做廣告、免費送貨或分層後發生了怎樣的變化有任何感覺嗎？

And then, I guess, second, Rachel, I just want to clarify a point you made.

然後，我想，第二，雷切爾，我只想澄清你提出的一個觀點。

I think you said that Reverb was a $2 million headwind.

我想你說過 Reverb 是一個 200 萬美元的逆風。

Was that on its kind of as-acquired basis and really for the entirety you're going to own it for the year?

那是在收購的基礎上，真的是你今年要擁有它的全部嗎？

Or is that just for, I think, some benefit changes you'd indicated?

或者我認為這只是為了您指出的一些福利變化？

Just trying to kind of strip that out and understand maybe the core Etsy gross margin.

只是想把它剝離出來，了解 Etsy 的核心毛利率。

I can take the first, maybe you take the second.

我可以拿第一個，也許你拿第二個。

So yes, an interesting insight, and I alluded to this a little bit in the script.

所以是的，一個有趣的見解，我在劇本中提到了一點。

But how are people reacting so far to free shipping?

但到目前為止，人們對免費送貨的反應如何？

Well, we're seeing the strongest positive reaction in 2 populations: our habitual buyers and people that are brand-new to Etsy.

好吧，我們在兩個人群中看到了最強烈的積極反應：我們的習慣買家和 Etsy 的新用戶。

So let's start with habitual buyers.

因此，讓我們從習慣性購買者開始。

These are the people who know us and love us the most.

他們是最了解我們、最愛我們的人。

And there was a thesis that maybe they think differently about shipping cost on Etsy.

有一個論點說，也許他們對 Etsy 上的運費有不同的看法。

They hold us to a different standard.

他們用不同的標準來衡量我們。

And that does not appear to be the case.

而事實似乎並非如此。

The fact that people who know us and love us the most are people that are having the most positive reaction to free shipping as measured by increases in GMS, speaks to the fact that there is more goodness here, even for people who know us.

根據 GMS 的增加，最了解我們和最愛我們的人是對免費送貨反應最積極的人，這說明這裡有更多的好處，即使對於了解我們的人也是如此。

They really appreciate free shipping.

他們非常感謝免費送貨。

And for people that are brand-new to Etsy, their first-ever experience with Etsy is free shipping, and that's having a positive experience.

對於 Etsy 的新用戶來說，他們對 Etsy 的第一次體驗是免費送貨，這是一種積極的體驗。

We're seeing that show up in GMS, in conversion rate per visit and things like that.

我們看到它出現在 GMS 中，每次訪問的轉化率等等。

So what population is left then?

那麼剩下的人口是多少？

It's the people who visit Etsy only occasionally.

這些人只是偶爾訪問 Etsy。

And they are the ones where we've seen the least gain so far about free shipping.

到目前為止，它們是我們在免費送貨方面看到的最少的地方。

And I think that's natural because they have an experience of Etsy that we have high shipping costs.

我認為這很自然，因為他們有 Etsy 的經驗，我們的運費很高。

And they're not paying that much attention to us, and we only are few weeks in the talking about the fact that now free shipping is much more common on Etsy.

他們並沒有那麼關注我們，我們才幾週就開始談論現在免費送貨在 Etsy 上更為普遍的事實。

And so that's going to take time.

所以這需要時間。

I think that's really natural to expect that changing perception takes a meaningful amount of time and we're just in the very first inning of that.

我認為期望改變觀念需要大量時間是很自然的，而我們才剛剛開始。

I'll take the second question.

我來回答第二個問題。

And I think maybe, Ed, you are also ask about Etsy Ads and initial seller uptake on Etsy Ads.

我想也許，埃德，你也問過 Etsy 廣告和 Etsy 廣告的初始賣家接受度。

So on the second question related to Reverb's margin contraction, there's 2 things, one of which is sort of it will be a permanent, and that's their capitalization of internal development.

因此，關於與 Reverb 的利潤率收縮相關的第二個問題，有兩件事，其中一件是永久性的，那就是他們內部開發的資本化。

We expected them to have a similar iterative product development culture like we have at Etsy which we -- and now that they're part of Etsy, materiality levels go lower so that it will be less that we capitalize it more than we expense at the P&L.

我們希望他們擁有與我們在 Etsy 類似的迭代產品開發文化，而我們 - 現在他們是 Etsy 的一部分，重要性水平會降低，因此我們對其資本化的投入將少於我們在盈虧。

And applying that philosophy to Reverb was an immediate hit to the -- to EBITDA.

將這一理念應用於 Reverb 立即對 EBITDA 產生了影響。

It's neutral to free cash flow.

它對自由現金流是中性的。

But that philosophy will -- that's what will carry through to next year and the year after.

但這種理念將會——這將延續到明年和後年。

So you would expect that to compress margins on an ongoing basis.

所以你會期望這會持續壓縮利潤率。

The other piece, which is we -- well, and the other piece is their benefits program, which also would be a permanent increase to their total comp cost because we've put them on Etsy benefits now.

另一部分是我們 - 好吧，另一部分是他們的福利計劃，這也將永久增加他們的總補償成本，因為我們現在已經讓他們享受 Etsy 福利。

What we did say was that we expect Reverb to be breakeven as we exit 2020 so you could model that into your run rate for your future modeling.

我們確實說過，我們希望 Reverb 在 2020 年結束時實現收支平衡，因此您可以將其建模到您未來建模的運行率中。

And regarding Etsy Ads, Josh talked a fair bit about it.

關於 Etsy Ads，Josh 談了很多。

It's very, very early days in the Etsy Ads program.

Etsy 廣告計劃還處於非常非常早的階段。

We've seen overall -- I think one of the best metrics that we observed is that there's been minimal budget churn.

我們總體上看到了——我認為我們觀察到的最好的指標之一是預算變動最小。

So that means sellers that matter most are keeping their budgets in and now we're looking at sellers that are getting very high returns that have capped their budget to demonstrate to them that they can actually spend more profitably.

因此，這意味著最重要的賣家正在保持預算，現在我們正在尋找獲得非常高回報的賣家，這些賣家已經限制了他們的預算，以向他們證明他們實際上可以花更多的錢來獲利。

And then for the rest of the population, to optimize the ROAS they're getting today to help improve that and then enable them to be able to spend more of their budget with confidence.

然後對於其他人來說，優化他們今天獲得的 ROAS 以幫助改善它，然後使他們能夠自信地花費更多的預算。

Yes.

是的。

Overall, I think the seller reaction is just what we expected, which is I think that they're waiting to see how the returns are going to be.

總的來說，我認為賣家的反應正是我們所期望的，我認為他們正在等待觀察回報情況。

It's sort of a show-me kind of thing, and it's very much in line with what we would expect.

這是一種展示給我看的東西，它非常符合我們的預期。

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

你的下一個問題來自加拿大皇家銀行資本市場的 Shweta Khajuria。

Could you please give a little bit more color on the guidance, the organic guidance?

能否請您在指導、有機指導上多加一點色彩？

So there's 100 basis points impact from the tax and then 100 basis points from the shipping initiative.

因此，稅收有 100 個基點的影響，然後航運計劃有 100 個基點的影響。

But just if you could discuss what gives you conviction that, that could improve?

但如果你能討論是什麼讓你相信，那會有所改善嗎？

So for example, maybe you do show search results for those who are not offering free shipping because conversion is better and it impacts GMS, but you offset it with something else.

因此，例如，也許您確實為那些不提供免費送貨的人顯示搜索結果，因為轉換更好並且它會影響 GMS，但您用其他東西抵消了它。

Or that international tool that you are planning to launch in 2020 for international sellers, can you talk about what gives you conviction that there could be a greater transition from 60% today to probably 80% in the future that could help GMS growth?

或者你計劃在 2020 年為國際賣家推出的那個國際工具，你能談談是什麼讓你相信未來可能會有更大的轉變，從今天的 60% 到可能有助於 GMS 增長的 80%？

Yes.

是的。

Absolutely.

絕對地。

So if you're speaking about the long -- just so I'm clear, Shweta.

所以如果你說的是長期——那麼我很清楚，Shweta。

Are you speaking about conviction around penetration rates of free shipping over time getting from 60% or something higher?

你是說隨著時間的推移，免費送貨的滲透率會從 60% 或更高的水平上升嗎？

Or you're -- or I just want to make sure I get it right.

或者你是——或者我只是想確保我做對了。

Yes, yes.

是的是的。

You're expecting 100 basis points of headwind based on the guidance, the organic guidance that are [around] 20%.

根據指導，你預計會有 100 個基點的逆風，有機指導是 [大約] 20%。

And some of it is 100 basis points from the lower-than-expected conversion from the search results as well as the 40% penetration so far because some international sellers may not have adapted it yet or people who have heavy items may not have.

其中一些是 100 個基點來自搜索結果的轉化率低於預期以及到目前為止 40% 的滲透率，因為一些國際賣家可能還沒有適應它，或者那些擁有重物的人可能還沒有適應。

So what gives you conviction that there's more upside there in addition to habitual buyers also continuing to adopt and the nonhabitual also continuing to adopt this?

那麼，是什麼讓您確信除了習慣性購買者也繼續採用並且非習慣性購買者也繼續採用它之外，還有更多的好處呢？

Got it.

知道了。

Yes.

是的。

So there's discrete populations and we've really worked hard to the segment who is having what issues and concerns.

所以有離散的人群，我們真的很努力地解決有什麼問題和疑慮的部分。

And so we talked about a couple in the script.

所以我們在劇本中談到了一對夫婦。

For example, people who have items under $35.

例如，商品低於 35 美元的人。

And that's complicated, right?

這很複雜，對吧？

I have an item that's $20 and so if you buy only one of them, it doesn't have free shipping; but if you buy 2, it does.

我有一件 20 美元的商品，所以如果您只購買其中一件，則不提供免費送貨服務；但如果你買 2 個，它確實如此。

How should I think about incorporating shipping cost into the item price if there's a chance you might get free shipping and a chance you might not.

如果您有可能獲得免費送貨而有可能得不到，我應該如何考慮將運費納入商品價格。

So we've just launched a tool to help sellers think about that, that uses things like historically how many -- what percentage of your people buy more than one item.

所以我們剛剛推出了一個工具來幫助賣家考慮這個問題，它使用了歷史上有多少——你的人購買不止一件商品的百分比。

We're doing similar things with international sellers.

我們正在與國際賣家做類似的事情。

And so we're going to do the best we can to educate sellers and give them tools so that they can make good choices.

因此，我們將盡最大努力教育賣家並為他們提供工具，以便他們做出正確的選擇。

And why do I say good choices?

為什麼我說好的選擇？

Because they seem to be absorbing more of the shipping cost than we think buyers value.

因為他們承擔的運費似乎比我們認為買家認為的要多。

Meaning that there wasn't an indication before that buyers thought that things on Etsy were too expensive.

這意味著之前沒有跡象表明買家認為 Etsy 上的東西太貴了。

And so we're going to do everything we can to give them tools and education.

因此，我們將竭盡所能為他們提供工具和教育。

But -- and I expect that, that will improve over time.

但是——我預計，隨著時間的推移，情況會有所改善。

However, let's say it doesn't.

但是，假設它沒有。

It's a 1-year headwind and then you lap it and it passes and the result of it is that the Etsy marketplace is even more competitive.

這是 1 年的逆風，然後你繞過它，它過去了，結果是 Etsy 市場更具競爭力。

So ultimately, we do a lot to give tools and education and training to our sellers.

所以最終，我們做了很多工作來為我們的賣家提供工具、教育和培訓。

Ultimately, their pricing strategy is theirs.

最終，他們的定價策略是他們的。

And in either case, we'll make progress and things improve this year or we lap it and/or we continue on in 10 months.

在任何一種情況下，我們都會在今年取得進展並且情況有所改善，或者我們會超越它和/或我們在 10 個月後繼續前進。

And I'll just add just to that.

我只會補充一點。

Our search algorithms are composite of many factors that go into them.

我們的搜索算法由許多因素組成。

Right now, free shipping, is weighted more heavily and it pushes the listings that are not free shipping or free eligible to a lower page.

現在，免費送貨的權重更高，它將不免費送貨或符合免費條件的列表推到較低的頁面。

But we have, going forward, a lot of other ways to incentivize sellers to adopt.

但是，展望未來，我們有很多其他方法來激勵賣家採用。

There's a lot of things that we can do to that free shipping -- sorry, to the search algorithm composite.

我們可以為免費送貨做很多事情——抱歉，搜索算法組合。

So over time, we could play around with that, I call it, a cocktail of ingredients that go into that search result, and we will.

所以隨著時間的推移，我們可以嘗試一下，我稱之為進入搜索結果的混合成分，我們會的。

So we test everything at Etsy.

所以我們在 Etsy 測試所有內容。

And going forward, we'll be experimenting with that as well.

展望未來，我們也將對此進行試驗。

The other point I would make is that we only started marketing to buyers that Etsy is a place to think about for free shipping in September.

我要說的另一點是，我們只是開始向買家宣傳 Etsy 是一個可以考慮在 9 月份免費送貨的地方。

And so the more that buyer -- and we said 70% of listing views today are offering free shipping.

所以買家越多——我們說今天 70% 的列表視圖提供免費送貨。

So that the more buyers understand and resonate that Etsy is a place where you can get free shipping, like you can on most e-commerce sites, the more that becomes an incentive for sellers as well.

因此，越來越多的買家理解並認同 Etsy 是一個可以免費送貨的地方，就像在大多數電子商務網站上一樣，這也就越能激勵賣家。

So over time, that's a little bit of a nice virtuous ecosystem that we expect to happen.

所以隨著時間的推移，這是一個我們期望發生的良好良性生態系統。

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

你的下一個問題來自花旗的尼克瓊斯。

And one, it's kind of search and discovery.

第一，這是一種搜索和發現。

This has been an area for improvement that gets mentioned kind of each quarter.

這是每個季度都會提到的一個需要改進的領域。

Then we see things like Promoted Listings and free shipping impacting search results.

然後我們會看到諸如促銷列表和免費送貨之類的東西影響搜索結果。

And then I guess, on the other side, I imagine maybe some infrequent buyers come to the site, looking for maybe more random or eclectic things.

然後我想，另一方面，我想可能會有一些不常來的買家來這個網站，尋找更隨意或不拘一格的東西。

So how should we think about how you balance making Etsy a place where buyers could come and find things that maybe they're not quite sure that they want or they're looking for something that's really unique versus really providing kind of a tailored or curated experience.

那麼我們應該如何考慮如何平衡讓 Etsy 成為一個買家可以來找他們可能不太確定自己想要的東西或者他們正在尋找真正獨特的東西與真正提供定製或策劃的東西的地方經驗。

It seems like that's a challenge.

這似乎是一個挑戰。

Well, I think we're up for the challenge and we're making great progress.

好吧，我認為我們已經準備好迎接挑戰並且我們正在取得很大的進步。

So I think to what I read in the second part of your question, there's a treasure hunt versus the targeted search, which we think about a lot.

所以我認為我在你問題的第二部分讀到的內容是尋寶與有針對性的搜索，我們考慮了很多。

There are people who show up in a state of mind that's just I want to be inspired and there's people who show up with a very specific purchase occasion.

有些人出現的心態就是我想受到啟發，有些人出現在一個非常具體的購買場合。

And we have a lot of science we apply to that.

我們有很多科學應用於此。

Things like, for example, what's a head query versus what's a tale query?

例如，什麼是 head 查詢與什麼是 tale 查詢？

And you respond to those very differently in terms of the breadth and diversity of search results that we offer.

就我們提供的搜索結果的廣度和多樣性而言，您對這些的反應截然不同。

So we're -- I think we have a fantastic team.

所以我們 - 我認為我們擁有一支出色的團隊。

We're applying a lot of science to get ever better.

我們正在應用大量科學來變得更好。

To your second question, though, about things like Promoted Listings and using -- saying that only free shipping items will be on the first page of search results, we make balanced trade-offs for the best interest of the business.

不過，對於你的第二個問題，關於促銷列表和使用 - 說只有免費送貨商品才會出現在搜索結果的第一頁上，我們會為企業的最大利益做出平衡的權衡。

And we think that it makes sense for the business that we set an expectation that buyers will often find free shipping on Etsy.

我們認為，我們設定買家經常會在 Etsy 上免費送貨的期望對企業來說是有意義的。

We think that is absolutely the right thing to do for the business and for the long-term health of the brand, and therefore all of our sellers.

我們認為這對企業和品牌的長期健康來說絕對是正確的做法，因此對我們所有的賣家也是如此。

And in order to do that, we have a set of carrots and sticks at our disposal to encourage sellers to adopt that.

為了做到這一點，我們有一套胡蘿蔔加大棒可供使用，以鼓勵賣家採用它。

What shows up on the first page of search results is one of those.

顯示在搜索結果第一頁上的就是其中之一。

So we decided that we're going to reserve the first page of search results for things that offer free shipping for -- at the moment.

因此，我們決定暫時將搜索結果的第一頁保留在提供免費送貨的商品上。

And that's had a meaningful impact on seller adoption.

這對賣家的採用產生了有意義的影響。

What it may take to get the next sellers to adopt might be different, helping them think about their specific needs around items under $35 or international items or heavy items, for example.

讓下一個賣家採用的方法可能會有所不同，例如，幫助他們考慮 35 美元以下商品或國際商品或重型商品的具體需求。

It might be different than using the first page of search results.

它可能不同於使用搜索結果的第一頁。

But I think what matters is that we -- we're very much building this business for the fundamental strength of the business over the medium term and the long term.

但我認為重要的是我們 - 我們正在為中期和長期的業務基本實力而建立這項業務。

And we think we're doing that in a right way in a very data-driven way.

我們認為我們正在以一種非常數據驅動的方式以正確的方式做到這一點。

And we feel good about where we are.

我們對自己所處的位置感覺良好。

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

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

Can you talk about the opportunities to improve margins at Reverb?

您能談談提高 Reverb 利潤率的機會嗎？

Right off the bat, your filings show that the transaction fee there is about 3.5%.

馬上，您的文件顯示那裡的交易費約為 3.5%。

So curious if there's any plans near term to make that comparable to Etsy's?

很好奇近期是否有任何計劃使其與 Etsy 的相媲美？

And as we think about the long term, are there any structural reasons while margins there can be comparable with Etsy's?

當我們從長遠考慮時，是否有任何結構性原因可以使利潤率與 Etsy 相媲美？

Yes.

是的。

I don't want to comment on things like transaction fees right now.

我現在不想評論交易費用之類的事情。

What I would say is that we think that there's a lot of commonality between their two-sided marketplace model and our two-sided marketplace model.

我要說的是，我們認為他們的雙邊市場模型和我們的雙邊市場模型之間有很多共同點。

And we think there's a whole lot in common between the way we run our 2 businesses.

我們認為我們經營這兩家公司的方式有很多共同點。

And so the same kind of things we thought about it in terms of how to drive more customer value, a better buying experience, a better selling experience, driving more marketing and then having a fair exchange of value.

因此，我們在如何推動更多客戶價值、更好的購買體驗、更好的銷售體驗、推動更多營銷以及公平的價值交換方面考慮了同樣的事情。

Those are the kinds of things that I know that the team at Reverb are going to think hard about.

我知道 Reverb 的團隊會認真考慮這些事情。

But to your fundamental question of margin structure over time, it's another two-sided marketplace, a lot like Etsy, and we think those are great business models, and over time, share pretty similar economic characteristics.

但對於你的利潤結構隨著時間推移的基本問題，它是另一個雙向市場，很像 Etsy，我們認為這些都是很好的商業模式，並且隨著時間的推移，它們具有非常相似的經濟特徵。

And let me be a little more specific on take rate.

讓我更具體地談談接受率。

We told you what the blended take rate is for Reverb plus Etsy, is about 16.4%, and we expect that is a good -- a good number to think -- to use going forward for the time being.

我們告訴過你 Reverb 和 Etsy 的混合採用率是多少，大約是 16.4%，我們預計這是一個很好的——一個值得思考的好數字——暫時可以使用。

And can you also talk about your outlook for the upcoming holiday season?

您能否也談談您對即將到來的假期的展望？

So we have a much tighter shopping window between Thanksgiving and Christmas this year versus last.

因此，與去年相比，今年感恩節和聖誕節之間的購物窗口要緊得多。

So just curious if there's anything you're doing differently versus last year in terms of just the timing of marketing or conveying the importance of fast shipping to your sellers.

所以很好奇，在營銷時機或向賣家傳達快速發貨的重要性方面，與去年相比，您是否有任何不同之處。

So one thing that we've done was we were -- we've been on television with our ad campaign since the beginning of the quarter.

因此，我們所做的一件事是——自本季度初以來，我們一直在電視上宣傳我們的廣告活動。

Last year, we started it later.

去年，我們開始得晚了。

So there's more reach and frequency that we'll be accumulating over the quarter versus what we had done last year.

因此，與去年相比，我們將在本季度積累更多的覆蓋面和頻率。

The other thing, when we think about the shorter time between Thanksgiving and Christmas, and Etsy typically has a shorter buying season anyway because we do have a longer lead time for ordering things that are going to be made and customized for you.

另一件事，當我們想到感恩節和聖誕節之間的時間更短時，Etsy 通常有更短的購買季節，因為我們確實有更長的交貨時間來訂購將為您製作和定制的東西。

Yes, that might be a headwind.

是的，這可能是一個逆風。

Right now, we expect we'd probably experience similar to what other e-commerce companies would experience with that and we don't know.

現在，我們預計我們可能會經歷與其他電子商務公司類似的經歷，但我們不知道。

The last time that short window happened was a long time ago for us.

上一次那個短暫的窗口發生對我們來說是很久以前的事了。

It's, I think, 2012.

我認為是 2012 年。

And so we were a pretty young, immature company at that time.

所以我們當時是一家非常年輕、不成熟的公司。

So we don't know how heavily that could impact us.

所以我們不知道這會對我們產生多大的影響。

So I think we've got our quarter forecasted properly, but it sounds like that could be a potential downside.

所以我認為我們已經正確預測了我們的季度，但聽起來這可能是一個潛在的不利因素。

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

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

It is also on the Reverb take rate.

它也在 Reverb take rate 上。

I mean that 7.8%, I think, compares to your own 17.1%.

我的意思是 7.8%，我認為，與你自己的 17.1% 相比。

Is that gap mostly just the rate charge?

這個差距主要是利率收費嗎？

Or did services make up a very significant portion of that gap as well?

還是服務也彌補了這一差距的很大一部分？

And are those services things that you would expect to add to Reverb's portfolio of products in a hurry?

那些服務是您希望快速添加到 Reverb 產品組合中的東西嗎？

Yes, it's a great question.

是的，這是一個很好的問題。

So Reverb was very intentionally modeled after Etsy.

所以 Reverb 是有意模仿 Etsy 的。

And so their fee structure reflects that.

因此，他們的費用結構反映了這一點。

So there's a 3.5% transaction fee.

所以有 3.5% 的交易費。

They don't call it Promoted Listings, they call it bump.

他們不稱其為 Promoted Listings，而是稱其為 bump。

But they have a set of optional features and a couple of mandatory fees that look a lot like Etsy.

但它們有一組可選功能和一些看起來很像 Etsy 的強制性費用。

So I don't want to comment on their take rate.

所以我不想評論他們的接受率。

It will be up to that team to think about how to make sure that we're doing the right value exchange and building value.

該團隊將考慮如何確保我們進行正確的價值交換和建立價值。

But I would say is that we think there's a lot of commonality in terms of how we can drive a great customer experience and, over time, make sure we get the value exchange right as part of that.

但我要說的是，我們認為在我們如何推動良好的客戶體驗方面有很多共性，並且隨著時間的推移，確保我們將價值交換作為其中的一部分。

And we're excited about the future.

我們對未來感到興奮。

Your next question comes from Jeff (sic) [Jason] Helfstein with Oppenheimer.

你的下一個問題來自 Jeff (sic) [Jason] Helfstein 和 Oppenheimer。

Great color in the slides.

幻燈片中的色彩很棒。

That was appreciably more info.

那是相當多的信息。

Can we just go over to some numbers?

我們可以再看一些數字嗎？

So even if we take the Reverb revenue that you disclosed for this quarter, I don't know how seasonal that business is.

因此，即使我們採用您披露的本季度 Reverb 收入，我也不知道該業務的季節性如何。

Well, let's just say we guess it's like $12 million to $14 million in the fourth quarter for a full quarter.

好吧，我們只是說我們猜測整個季度的第四季度大約是 1200 萬到 1400 萬美元。

And then you've got consolidation of Etsy Ads, which you said was about $4 million.

然後你得到了 Etsy Ads 的合併，你說這大約是 400 萬美元。

Would you be willing to tell us what that was last year?

你願意告訴我們去年是什麼嗎？

Otherwise if we kind of guess, call it, $6 million this year, but again, don't know seasonality, would that imply that you're cutting organic revenue about 3% to 4% versus last guidance?

否則，如果我們有點猜測，稱之為今年 600 萬美元，但同樣，不知道季節性，這是否意味著您將有機收入削減約 3% 至 4% 與上次指導相比？

So that's the question.

這就是問題所在。

However you can help would be appreciated.

但是，如果您能提供幫助，我們將不勝感激。

And then in the deck, when you talked about the larger than previously expected impact from sales tax, which you talked about, are you also seeing something on international because we did notice that international was 36% of GMS.

然後在甲板上，當你談到銷售稅的影響比你之前預期的要大時，你是否也在國際上看到了一些東西，因為我們確實注意到國際佔 GMS 的 36%。

It was 38% last quarter.

上個季度為 38%。

Obviously, Reverb impacts that, right, because it's mostly U.S. or OUS, and just anything different you're seeing internationally.

顯然，Reverb 影響了這一點，對，因為它主要是美國或 OUS，以及您在國際上看到的任何不同之處。

Jason, I think the operator blended -- just married you and Jim together or something.

傑森，我認為接線員混合了——只是把你和吉姆結婚了之類的。

Thanks for your question.

謝謝你的問題。

Honestly, I'm not sure I can precisely answer the first question because I didn't follow it up.

老實說，我不確定我能否準確回答第一個問題，因為我沒有跟進。

And maybe in a follow-up call, we can get closer to the answer.

也許在後續電話中，我們可以更接近答案。

I would just remind you, I think you were just doubling the revenue we've got for Reverb, the 45 days of revenue we had for Reverb and doubling that for the fourth quarter.

我只想提醒你，我認為你只是將我們從 Reverb 獲得的收入翻了一番，我們從 Reverb 獲得的 45 天收入和第四季度的收入翻了一番。

But remember, the fourth quarter would be bigger for them seasonally, too.

但請記住，第四季度對他們來說季節性也會更大。

So that would be one way to think about that.

所以這將是一種思考方式。

On the -- I know there is more to your question but I kind of lost the plot a little bit.

關於 - 我知道你的問題還有更多，但我有點迷失了情節。

So let's take that on a follow-up.

因此，讓我們採取後續行動。

And then on the international versus domestic, one thing is, remember, I think we had increase in U.S. demand.

然後關於國際與國內，一件事是，記住，我認為我們的美國需求有所增加。

I tried to buy that out with the U.S. buyer GMS number because the U.S. is -- demand is helped by a pretty robust television campaign that we're only running in the U.S. right now.

我試圖用美國買家 GMS 號碼購買它，因為美國 - 需求受到我們目前僅在美國運行的非常強大的電視活動的幫助。

So that would be partly, when you're looking at it from that perspective, that would be something that would be impacting international versus U.S. And you're absolutely right that Reverb is a much lower percentage international versus U.S. than Etsy is.

所以這在一定程度上是，當你從那個角度來看它時，這將影響國際與美國的對比。你是絕對正確的，Reverb 在國際上與美國的比例遠低於 Etsy。

I didn't 100% follow either.

我也沒有100%關注。

But I guess, I would add is color that we gave you -- we tried to give you what -- roughly what percentage of GMS and revenue in our guidance you could attribute to Reverb to try to really help.

但我想，我想補充的是我們給你的顏色——我們試圖給你什麼——在我們的指導中，你可以歸因於 Reverb 的 GMS 和收入的大致百分比，以試圖真正提供幫助。

The other thing I would add that I think might help is that, we think that the third quarter take rate is going to be very indicative of the fourth quarter take rate.

我要補充的另一件事，我認為可能有幫助的是，我們認為第三季度的採用率將非常能說明第四季度的採用率。

And so if you think about where our take rates are, we said that GMS, we feel really good about our vision for the fourth quarter.

因此，如果您考慮我們的採用率在哪裡，我們說 GMS，我們對第四季度的願景感到非常滿意。

We think we're doing a lot of things that are working great, and that there are 2 very discrete headwinds, that state sales tax is about 100 basis point headwind, and we think that the sellers absorbing more of the cost of free shipping is about another 100 basis points of GMS headwind.

我們認為我們正在做的很多事情都很好，而且有兩個非常不同的逆風，州銷售稅大約是 100 個基點的逆風，我們認為賣家承擔更多的免費送貨成本是GMS 逆風再上漲約 100 個基點。

So if you think there's maybe 200 basis points of GMS headwind that we're signaling, and you think that take rates are going to stay pretty consistent, hopefully that helps.

因此，如果您認為我們發出的 GMS 逆風可能有 200 個基點，並且您認為利率將保持相當一致，希望這會有所幫助。

Okay.

好的。

So maybe then just ask a follow-up that maybe you talk about.

所以也許只是問一個你可能談論過的後續問題。

So given there's always questions about power sellers versus long-tail Etsy Ads and everyone's got different checks and et cetera, clearly, you're making a big bet on the long tail and kind of the medium to smaller seller with Etsy Ads.

因此，鑑於總是存在關於強力賣家與長尾 Etsy 廣告的問題，並且每個人都有不同的支票等等，很明顯，你在長尾和 Etsy 廣告的中小型賣家上下了很大的賭注。

Can you just maybe talk about how long you expect that to play out?

你能談談你希望它能持續多久嗎？

Again, you're seeing puts and takes right now between maybe happy versus unhappy power sellers.

再一次，你現在看到了可能是快樂的賣家和不快樂的賣家之間的買賣。

But at what point like you see it like additive?

但是在什麼時候你看到它像添加劑？

Maybe that's a...

也許那是一個...

Etsy Ads?

易趣廣告？

Yes.

是的。

Yes, and that's a good way to ask it.

是的，這是一個很好的詢問方式。

Look, I mean I think the seller reaction has been pretty good, and I hope we don't -- I hope I don't mis-signal that.

看，我的意思是我認為賣家的反應非常好，我希望我們不會——我希望我不會發出錯誤的信號。

We always try to be muted in these calls.

我們總是試圖在這些電話中保持靜音。

But the seller reaction has been good.

但賣家反應很好。

So -- and the evidence of that is that -- as Rachel said, budget churn has been immaterial as part of this program.

所以 - 證據是 - 正如雷切爾所說，作為該計劃的一部分，預算流失並不重要。

So sellers are waiting and seeing.

所以賣家在觀望。

They're not pulling their budgets.

他們沒有縮減預算。

They're not doubling down on their budgets.

他們沒有加倍預算。

They're basically keeping their budgets the same.

他們基本上保持預算不變。

And they're going to see how much more of their budget we're going to use and what they get for it.

他們將看到我們將使用多少預算以及他們從中得到什麼。

And by the way, when a seller spends a dollar, it takes about 30 days to see the results of that flow through the model.

順便說一句，當賣家花費一美元時，大約需要 30 天才能看到該模型流經的結果。

So I think what you should expect is we're going to grow to scale this program over time.

所以我認為你應該期待的是我們將隨著時間的推移擴大這個項目的規模。

We're not going to step function it because I think that's more than what our sellers want or would be prepared to absorb.

我們不會逐步實現它，因為我認為這超出了我們的賣家想要或準備吸收的範圍。

So you're going to see the scale over a period of time that's going to go well beyond 2020.

所以你會看到一段時間內的規模，這將遠遠超過 2020 年。

But certainly, I think we're going to make material progress through 2020 but it will scale.

但可以肯定的是，我認為我們將在 2020 年之前取得實質性進展，但它會擴大規模。

I think to the point I made earlier, you'll probably see us lean into TV and upper funnel and pull back a little bit from performance marketing even ahead of Etsy Ads, because we think we need to pull back on performance marketing a little bit to help encourage sellers and lean into TV, if that makes sense.

我認為就我之前提出的觀點而言，您可能會看到我們傾向於電視和上層漏斗，甚至在 Etsy Ads 之前從績效營銷中撤退一點，因為我們認為我們需要稍微撤退績效營銷以幫助鼓勵賣家並在有意義的情況下轉向電視。

The next question comes from the line of Mark Kelley with Nomura.

下一個問題來自 Mark Kelley 與 Nomura 的對話。

I just kind of want to follow up on the puts and takes, the 100 basis points headwind from sellers absorbing too much of the shipping cost and the 100 basis points from the sales tax issue.

我只是想跟進看跌期權，賣家吸收過多運費的 100 個基點逆風和銷售稅問題帶來的 100 個基點。

Is it safe to say that -- and this is just a Q3 question, not about your outlook.

可以這麼說嗎——這只是一個第三季度的問題，與你的前景無關。

Is it safe to say that your upper funnel marketing campaign drove about 300 basis points of reacceleration given where you guys shake out?

可以肯定地說，你們的上層漏斗營銷活動推動了大約 300 個基點的再加速，因為你們在哪裡擺脫困境？

And if so, did that kind of play out to your expectations?

如果是這樣，那是否達到了您的期望？

And the second one is, is there any more color you can provide on what kind of changes you need to make to Google Shopping ads?

第二個問題是，對於需要對 Google 購物廣告進行哪些更改，您是否可以提供更多顏色？

I know you said you were working with Google, but any more color there would be really helpful.

我知道你說過你在與穀歌合作，但如果有更多的顏色會很有幫助。

Yes.

是的。

So on the first one, I don't think we're prepared to sort of give that level of specificity on TV.

所以關於第一個，我認為我們不准備在電視上提供那種程度的特異性。

What I would say is we feel good about the TV campaigns.

我要說的是，我們對電視宣傳活動感覺良好。

We feel like they're delivering just in line with what we'd hoped.

我們覺得他們的交付與我們希望的一致。

So we feel good about that.

所以我們對此感覺很好。

In terms of both the actual impact on traffic and sales, which we have ways to estimate and approximate and triangulate, and we feel good about as well as what we're seeing in brand sentiment.

就對流量和銷售的實際影響而言，我們有辦法估計、近似和三角測量，我們感覺良好，以及我們在品牌情緒中看到的。

So if you look at the population who have seen the ads and the population who have not seen the ads, and you look at things like awareness, consideration and intent, we're seeing meaningful lift among the population who have seen the TV ads, and that's -- we feel good about that.

因此，如果你看看看過廣告的人群和沒看過廣告的人群，看看意識、考慮和意圖等因素，我們會發現看過電視廣告的人群有了顯著的提升，那就是——我們對此感覺很好。

So as I said a minute ago, in terms of how you attribute the math, what might make it a little tricky this quarter is you saw us pull back on performance spend maybe a little harder than we might have left some good spend on the table because that's important for driving Etsy Ads, and you've seen us lean into TV, which we feel good about and has a longer payback period.

所以正如我一分鐘前所說，就你如何歸因於數學而言，本季度可能會有點棘手的是你看到我們縮減績效支出可能比我們可能留下一些好的支出更難因為這對於推動 Etsy 廣告很重要，而且你已經看到我們傾向於電視，我們對此感覺良好並且回報期更長。

And so both of those things need to net out.

因此，這兩件事都需要解決。

And the second question...

而第二個問題...

Any more detail on how we can improve return on ad spend for our sellers?

關於我們如何為賣家提高廣告支出回報率的更多詳細信息？

Oh, yes.

哦是的。

Yes.

是的。

So we're early days of working together with Google and Google Shopping, and we're really encouraged by the progress we've already seen on that.

因此，我們與 Google 和 Google Shopping 的合作還處於早期階段，我們對在這方面已經取得的進展感到非常鼓舞。

So you get a sense that, that program has been relatively small in the past and we think it can be much, much bigger.

所以你會感覺到，該計劃過去相對較小，我們認為它可以大得多。

And that's grounds for really great partnership with Google, who have been great partners.

這就是與穀歌建立真正良好合作夥伴關係的基礎，谷歌一直是很好的合作夥伴。

So things like how we set up campaign structure, bidding strategy, what kind of targeting data Google are able to use and things like that, there's a lot of optimization that we can do together to make that campaign perform even better.

因此，諸如我們如何設置活動結構、競價策略、谷歌能夠使用什麼樣的定位數據等等，我們可以一起做很多優化，使活動表現得更好。

And it's performing well.

而且它的表現很好。

Just better and better performance is always helpful, and we're really pleased by the progress we've seen.

越來越好的性能總是有幫助的，我們對我們所看到的進步感到非常高興。

One latter note I would add to that is -- I'm just repeating what we said on the call.

我要補充的最後一點是——我只是重複我們在電話會議上所說的話。

But there's a significant group of sellers that are getting a significant return on their ad spend and they've elected to sort of limit the amount of budget that they're willing to spend.

但是有相當多的賣家從他們的廣告支出中獲得了可觀的回報，他們選擇在某種程度上限制他們願意花費的預算金額。

So part of the job is on us to demonstrate to them that they are leaving money on the table by not spending more.

因此，我們的部分工作是向他們證明，他們沒有花更多的錢就把錢留在了桌面上。

So that's easier said than done.

所以說起來容易做起來難。

I think that we're working hard on giving them the analytics and the insights that we have, because we can see it, so that they can make those decisions.

我認為我們正在努力為他們提供我們所擁有的分析和見解，因為我們可以看到它，以便他們可以做出這些決定。

And there are no further questions at this time.

目前沒有其他問題。

Thank you all for your time.

謝謝大家的寶貴時間。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。

You may all disconnect.

你們都可以斷開連接。