ETSY Inc (ETSY) 2022 Q2 法說會逐字稿

Hi, everyone, and welcome to Etsy's Second Quarter 2022 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations and ESG Engagement. And joining me today are Josh Silverman, Chief Executive Officer; Rachel Glaser, Chief Financial Officer; and Jessica Schmidt, Senior Director of Investor Relations.

大家好，歡迎來到 Etsy 的 2022 年第二季度收益電話會議。我是投資者關係和 ESG 參與副總裁 Deb Wasser。今天加入我的還有首席執行官 Josh Silverman； Rachel Glaser，首席財務官；和投資者關係高級總監 Jessica Schmidt。

Today's prepared remarks have been prerecorded. The slide deck has also been posted to our website for your reference. Once we have finished with Josh and Rachel's presentations, we will transition to a live video webcast Q&A session. Questions can be submitted via the Q&A window chat displayed on your screen. Feel free to use it at any time as it will remain open throughout the entire conference call. I'll be reading your questions, and Jessica will help me try to get as many as we can.

今天準備的評論已經預先錄製好了。幻燈片也已發佈到我們的網站以供您參考。完成 Josh 和 Rachel 的演講後，我們將轉入現場視頻網絡直播問答環節。可以通過屏幕上顯示的問答窗口聊天提交問題。您可以隨時使用它，因為它將在整個電話會議期間保持打開狀態。我會閱讀你的問題，傑西卡會幫助我盡可能多地回答問題。

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance and key drivers thereof, the global macroeconomic uncertainty, including the impacts of general market, political, economic and business conditions may have on our business, strategy and operating results, our opportunity, our levers for GMS growth and our plans for investments in our marketplaces and in our member support programs, the potential impact of our strategic marketing and product initiatives and the anticipated return on our investments and their ability to drive growth. Our actual results may differ materially. Forward-looking statements involve risks and uncertainties, which are described in today's earnings release and in our Form 10-Q filed with the SEC on May 5, 2022, and which will be updated in any future periodic report to be filed with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

請記住，我們今天的評論包括與我們的財務指導及其關鍵驅動因素、全球宏觀經濟不確定性相關的前瞻性陳述，包括一般市場、政治、經濟和商業狀況可能對我們的業務、戰略和運營產生的影響結果、我們的機會、我們促進 GMS 增長的槓桿以及我們對我們的市場和我們的會員支持計劃的投資計劃、我們的戰略營銷和產品計劃的潛在影響以及我們的投資的預期回報及其推動增長的能力。我們的實際結果可能存在重大差異。前瞻性陳述涉及風險和不確定性，在今天的收益發布和我們於 2022 年 5 月 5 日提交給 SEC 的 10-Q 表格中進行了描述，並將在未來提交給 SEC 的任何定期報告中進行更新。我們在此次電話會議上所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新它們的義務。

Also during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which you can find on our IR website, along with the replay of this call. As a reminder, our 2021 financial results and KPIs for the second quarter did not include Depop and Elo7, which were acquired in the third quarter of 2021.

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，您可以在我們的 IR 網站上找到該新聞稿以及本次電話會議的重播。提醒一下，我們第二季度的 2021 年財務業績和 KPI 不包括在 2021 年第三季度收購的 Depop 和 Elo7。

With that, I'll turn it over to Josh.

有了這個，我會把它交給喬希。

Thanks, Deb, and good evening, everyone. We continue to experience striking changes in the global economy and consumer behavior this year. And as a result, our forward visibility is not substantially clearer than it was a quarter ago. Consumers have more choices for where to spend their time and money, and disposable income is under more pressure than it's been in a very long time. In spite of these headwinds, we're encouraged by the tens of millions of shoppers that return to Etsy, spending only slightly less with us in the second quarter of 2022 than they did a year ago when choices were far fewer and economic conditions were a lot different.

謝謝，Deb，大家晚上好。今年，我們繼續經歷全球經濟和消費者行為的顯著變化。因此，我們的前瞻性視野並不比四分之一前更加清晰。消費者在將時間和金錢花在哪裡方面有更多選擇，可支配收入面臨的壓力比以往任何時候都大。儘管存在這些不利因素，但數以千萬計的購物者返回 Etsy 讓我們感到鼓舞，他們在 2022 年第二季度在我們這裡的花費僅比一年前少得多，當時選擇少得多且經濟狀況不佳。很多不同。

While markets naturally go through cycles, I'm energized by the agility of the Etsy team, the adaptability of our business model and our ability to deliver solid profitability in a quarter where achieving top line growth was challenging. We have a lot of conviction that not only is e-commerce poised for meaningful growth over the medium term but that each of the 4 Etsy marketplaces has a unique reason to succeed and scale, offering something truly important and different against a sea of sameness. That's why even through a challenging time, we've continued to invest in our people and our businesses, making bold moves that we very much believe will set us up for continued future growth. And we've been able to do this while delivering strong profitability, thanks to the benefit of our discipline, scale and business model.

雖然市場自然會經歷週期，但我對 Etsy 團隊的敏捷性、我們業務模式的適應性以及我們在實現頂線增長具有挑戰性的季度提供穩定盈利能力的能力感到振奮。我們堅信，電子商務不僅有望在中期實現有意義的增長，而且 4 個 Etsy 市場中的每一個都有其成功和擴大規模的獨特理由，在千篇一律的海洋中提供真正重要和不同的東西。這就是為什麼即使在充滿挑戰的時期，我們仍繼續投資於我們的員工和業務，採取大膽的舉措，我們堅信這些舉措將使我們為未來的持續增長做好準備。得益於我們的紀律、規模和商業模式，我們能夠做到這一點，同時提供強大的盈利能力。

The headline for our second quarter results is that despite really meaningful headwinds, we continue to hold the vast majority of our top line pandemic gains while delivering strong profitability. In other words, controlling the things we can control. Our consolidated GMS was $3 billion, basically flat year-over-year, and up 2.6% on a currency-neutral basis. Also, when adjusting for the currency impact, GMS for the Etsy marketplace was down only a few percentage points. Our consolidated revenue grew 10.6%, and adjusted EBITDA margin was 28%.

我們第二季度業績的標題是，儘管存在真正有意義的逆風，但我們繼續保持著我們在大流行病中的大部分收入，同時實現了強勁的盈利能力。換句話說，控制我們可以控制的東西。我們的合併 GMS 為 30 億美元，同比基本持平，在貨幣中性基礎上增長 2.6%。此外，在調整貨幣影響時，Etsy 市場的 GMS 僅下降了幾個百分點。我們的綜合收入增長了 10.6%，調整後的 EBITDA 利潤率為 28%。

Before moving into our operating highlights for the quarter, I wanted to review our recently announced leadership changes with our Chief Product Officer, Kruti Patel Goyal, moving to become CEO of Depop; and Nick Daniel, VP of Product, promoted to fill Kruti's former role.

在進入我們本季度的運營亮點之前，我想回顧一下我們最近宣布的領導層變動，我們的首席產品官 Kruti Patel Goyal 將成為 Depop 的首席執行官；產品副總裁 Nick Daniel 被提拔以填補 Kruti 的前任。

In her 11 years at Etsy, Kruti has led almost every function, including strategy, corporate development, international, trust and safety, and seller services. 4 years ago, I asked her to run our product organization, and she's done a stellar job. She, together with Mike Fisher, our Chief Technology Officer, spearheaded Etsy's product development culture, building focus, customer obsession, agility and accountability into the fabric of our operating rhythms. She's also built an incredibly talented bench of leaders. She is ready to be CEO of a great marketplace brand, and in my opinion, there's no one better positioned to take Depop to the next level. Kruti will move to London next month to join Depop's very talented leadership team.

在 Etsy 的 11 年裡，Kruti 領導了幾乎所有職能，包括戰略、企業發展、國際、信任和安全以及賣家服務。 4 年前，我請她管理我們的產品部門，她做得非常出色。她與我們的首席技術官 Mike Fisher 一起引領 Etsy 的產品開發文化，將重點、客戶至上、敏捷性和責任感融入我們的運營節奏結構。她還建立了一批才華橫溢的領導者。她已經準備好成為一個偉大的市場品牌的首席執行官，在我看來，沒有人能比 Depop 更上一層樓。 Kruti 將於下個月搬到倫敦，加入 Depop 非常有才華的領導團隊。

I'd also like to express my gratitude to Depop's CEO, Maria Raga. Under her leadership, Depop has taken the world by storm and defined itself as a beloved, culturally relevant brand. We wish her the best in her future endeavors.

我還要對 Depop 的首席執行官 Maria Raga 表示感謝。在她的領導下，Depop 風靡全球，並將自己定義為一個深受喜愛的、與文化相關的品牌。我們祝愿她在未來的工作中一切順利。

Nick Daniel joined Etsy 8 years ago and, over the course of his tenure, has led many of the most complex and value-driving product initiatives in our portfolio, for example, the development and growth of Etsy Ads and our off-site advertising program, scaling Etsy's marketing technology capabilities and launching our major push into personalization. Nick has the strategy chops to set a vision, the technical chops to ensure good execution and the leadership chops to attract and develop world-class talent.

尼克丹尼爾 8 年前加入 Etsy，在他的任期內，領導了我們產品組合中許多最複雜和價值驅動的產品計劃，例如 Etsy Ads 的開發和增長以及我們的場外廣告計劃，擴展 Etsy 的營銷技術能力，並啟動我們對個性化的重大推動。尼克擁有設定願景的戰略能力、確保良好執行力的技術能力以及吸引和培養世界級人才的領導能力。

I couldn't be more excited about these changes, and I'm immensely proud of the depth of leadership talent we have at Etsy. We've been intentional about building and strengthening that bench over the years, putting us in a position to make moves like these. It also highlights the career adventure we're able to offer our team and even more now with the addition of Reverb, Depop and Elo7. I believe that's one of the reasons why our engagement remains strong and attrition low even in these more challenging times.

我對這些變化感到無比興奮，我為我們在 Etsy 擁有的領導才能的深度感到非常自豪。多年來，我們一直有意建造和加強替補席，讓我們能夠做出這樣的舉動。它還突出了我們能夠為我們的團隊提供的職業冒險，以及現在添加的 Reverb、Depop 和 Elo7 的更多內容。我相信這就是即使在這些更具挑戰性的時代，我們的參與度仍然很高，而且流失率很低的原因之一。

Nick will now partner with Mike Fisher to lead the teams driving Etsy's Right to Win product development road map. As we've explained on prior calls, this year, we're organized around making Etsy feel more made for you, more efficient and inspirational, making Etsy more reliable and continuing to support our sellers' growth by offering them more agency and scalability. We've directed more product teams towards active buyer growth, accelerated efforts to deepen personalization in the buyer experience, and resequenced road maps to pull forward higher confidence, retention and frequency drivers.

Nick 現在將與 Mike Fisher 合作領導團隊推動 Etsy 的 Right to Win 產品開發路線圖。正如我們在之前的電話會議中所解釋的那樣，今年，我們的組織方式是讓 Etsy 感覺更適合您、更有效率和鼓舞人心，使 Etsy 更可靠，並通過為我們的賣家提供更多代理和可擴展性來繼續支持他們的增長。我們已將更多產品團隊引導至積極的買家增長，加快努力深化買家體驗的個性化，並重新制定路線圖以推動更高的信心、保留率和頻率驅動因素。

Let's start with search. We currently have about 100 million items for sale, an unimaginable selection, and none of it maps to a catalog. Most queries have more than 1,000 relevant search results. We need to get you to the good stuff fast, but each person has their own idea of what the good stuff is. That's why it's so critical that we not only have a world-class search technology but that we marry it with world-class personalization. In this way, we can make Etsy feel truly made for you and, along the way, build a competitively differentiated value proposition.

讓我們從搜索開始。我們目前有大約 1 億件待售物品，這是一個難以想像的選擇，而且沒有一個與目錄對應。大多數查詢有超過 1,000 個相關的搜索結果。我們需要讓你快速找到好東西，但每個人對什麼是好東西都有自己的想法。這就是為什麼我們不僅擁有世界一流的搜索技術而且我們將其與世界一流的個性化結合起來如此重要的原因。通過這種方式，我們可以讓 Etsy 真正為您打造，並在此過程中建立具有競爭力的差異化價值主張。

We used to have only one search engine, which was great at finding search results using text from the listing title but was limited since it needed to find an exact or near exact text match in order to retrieve results, what we've talked about as the semantic gap. Over the past 6 months, we've gotten significantly better at leveraging multiple search engines simultaneously, each with different strengths. For example, some are better at head queries or tail queries or understanding the true meaning of phrases. We then intelligently blend the results, personalizing them with insights from what you've done in the past and, as of very recently, real-time data from the bread crumbs you've left during this particular visit as well.

我們曾經只有一個搜索引擎，它非常擅長使用列表標題中的文本查找搜索結果，但由於它需要找到精確或接近精確的文本匹配來檢索結果，因此受到限制，我們已經討論過語義鴻溝。在過去的 6 個月裡，我們在同時利用多個搜索引擎方面取得了顯著的進步，每個搜索引擎都有不同的優勢。例如，有些人更擅長頭部查詢或尾部查詢或理解短語的真正含義。然後，我們智能地將結果融合在一起，根據您過去所做的事情以及最近您在這次特定訪問期間留下的麵包屑的實時數據對結果進行個性化設置。

The result is more engaging results, driving more purchases and increased browsing activity within the app during the quarter. Not only are our search engines getting demonstrably better, but we continue to enhance our infrastructure with things like multimodal search to enhance future advancements. Better search makes the experience more inspirational and more efficient for the buyer.

結果是更具吸引力的結果，在本季度推動了更多購買並增加了應用程序內的瀏覽活動。不僅我們的搜索引擎明顯變得更好，而且我們繼續通過多模式搜索等方式增強我們的基礎設施，以增強未來的進步。更好的搜索使購買者的體驗更有啟發性和效率。

Speaking of efficiency, we had a major win this quarter with an add to cart button immediately below U.S. search results. Adding add to cart in search results made it easier and faster for buyers to find what they love, thereby creating a faster path to purchase with less distractions. This change drove improvements in conversion rate and average order value, a testament to the fact that we've improved the quality of search and the information provided on the search result page, enough that some people are ready to buy without even needing to visit the seller's listing page.

說到效率，我們在本季度取得了重大勝利，在美國搜索結果的正下方添加了一個“添加到購物車”按鈕。在搜索結果中添加“添加到購物車”可以讓買家更輕鬆、更快捷地找到他們喜歡的商品，從而創造一條更快的購買路徑，減少干擾。這一變化推動了轉化率和平均訂單價值的提高，這證明我們已經提高了搜索質量和搜索結果頁面上提供的信息，足以讓一些人甚至無需訪問賣家的listing頁面。

Last quarter, we mentioned that we have a portfolio of early-stage visual discovery ideas we're testing to learn how we can engage buyers when they don't know what they're looking for and to make Etsy more visual, dynamic and inspirational, again more made for you. In June, we held a live Etsy Market shopping event on our app. In the days leading up to the event, buyers could watch trailer videos for each stream and set in-app reminders. The event featured 20 sellers streaming live from their studios, sharing their stories, process and styling tips. It's a great example of ideas we're testing and iterating on to help sellers reach buyers in new and authentic ways.

上個季度，我們提到我們正在測試一系列早期視覺發現想法，以了解我們如何在買家不知道自己在尋找什麼時吸引他們，並使 Etsy 更具視覺效果、動態和鼓舞人心，再次為您製作。 6 月，我們在我們的應用程序上舉辦了現場 Etsy Market 購物活動。在活動前幾天，買家可以觀看每個流的預告片並設置應用內提醒。該活動有 20 位賣家在他們的工作室進行直播，分享他們的故事、流程和造型技巧。這是我們正在測試和迭代的想法的一個很好的例子，以幫助賣家以新的和真實的方式接觸買家。

Another visual discovery app experience during the quarter focused on helping buyers gain confidence in a purchase decision by highlighting the experience of other buyers, by enabling buyers to leave video reviews. We've just started to collect video reviews and make it easier for buyers to access and engage with this content.

本季度的另一個視覺發現應用程序體驗側重於通過突出其他買家的體驗，讓買家留下視頻評論，幫助買家獲得購買決策的信心。我們剛剛開始收集視頻評論，讓買家更容易訪問和參與這些內容。

And we continue to iterate on the explorer feed to make it even better. We know that reliability has been an important friction point for buyers. If they can trust that the item will arrive on time, undamaged and as described, we believe we can unlock significantly more purchases from each buyer. Fortunately, our sellers generally do a great job delivering quality items at a fair price.

我們將繼續迭代探索者提要以使其變得更好。我們知道，可靠性一直是買家的一個重要摩擦點。如果他們可以相信該物品會按時到達、完好無損且如描述的那樣，我們相信我們可以從每個買家那裡獲得更多的購買。幸運的是，我們的賣家通常以合理的價格提供優質商品。

And we've made major progress improving metrics like on-time arrival over the past 2 years. That's why we couldn't be more excited that our new Etsy Purchase Protection program goes into effect next week. It's going to help make shopping and selling on Etsy far clearer, easier and more reliable. This program will protect sellers and buyers for qualifying orders up to $250 when the item doesn't match the description, arrives damaged or never arrives. Etsy expects to invest approximately $25 million annually to cover refunds at no additional cost to sellers. And the refund process will become clearer, faster and easier for many buyers. You'll see us get louder on these new policies as we go through the rest of the year, building up to the all-important holiday season in Q4.

在過去的 2 年裡，我們在改善準時到達等指標方面取得了重大進展。這就是為什麼我們對新的 Etsy 購買保護計劃將於下週生效感到非常興奮的原因。這將有助於使 Etsy 上的購物和銷售更加清晰、輕鬆和可靠。當商品與描述不符、到達時損壞或從未到達時，該計劃將為符合條件的訂單的賣家和買家提供最高 250 美元的保護。 Etsy 預計每年將投資約 2500 萬美元來支付退款，而不會給賣家帶來額外費用。對於許多買家來說，退款流程將變得更加清晰、快捷和輕鬆。隨著我們度過今年餘下的時間，您會看到我們對這些新政策的呼聲越來越高，為第四季度最重要的假日季節做準備。

And we've been doing more than ever to help our sellers grow. We've created an entirely new, simple and, we believe, very lovable Sell on Etsy mobile app, more maintainable and extensible with improved usability versus our legacy seller app. Key new features include the ability to purchase shipping labels and to receive a heads-up when a repeat buyer is messaging you. We've incorporated new technology to enable the release of more functionality at a faster rate than ever before. Also during the quarter, we incorporated seller feedback into our Star Seller badge, making it more achievable for sellers that provide excellent customer support. We continue to invest to help sellers who have the skill and the will to succeed on Etsy, and we're proud of the results.

我們比以往任何時候都更加努力地幫助我們的賣家成長。我們創建了一個全新的、簡單的、我們相信非常可愛的 Etsy 移動應用程序，與我們的舊版賣家應用程序相比，更易於維護和可擴展，並且可用性更高。主要的新功能包括購買運輸標籤和在重複買家向您發送消息時收到提醒的能力。我們採用了新技術，以比以往更快的速度發布更多功能。同樣在本季度，我們將賣家反饋納入我們的明星賣家徽章，讓提供出色客戶支持的賣家更容易實現。我們繼續投資以幫助有技能和意願在 Etsy 上取得成功的賣家，我們為結果感到自豪。

While we're on the subject of helping our sellers to grow, this quarter, I also want to shine a spotlight on Etsy Ads. Over the years, we've made meaningful improvements to the availability of ads on our marketplace, the relevancy of ads we show to buyers and the tools we offer sellers to manage their spend and how we bid on their behalf. This product has been a win-win-win for our sellers, buyers and Etsy. Etsy Ads revenue has grown 516% over the last 5 years, even faster than Etsy marketplace's 253% GMS growth.

雖然我們的主題是幫助我們的賣家成長，但本季度，我還想重點關注 Etsy Ads。多年來，我們對市場上的廣告可用性、我們向買家展示的廣告的相關性以及我們為賣家提供的工具來管理他們的支出以及我們代表他們出價的方式做出了有意義的改進。該產品對我們的賣家、買家和 Etsy 來說是雙贏的。 Etsy 廣告收入在過去 5 年中增長了 516%，甚至快於 Etsy 市場 253% 的 GMS 增長。

We've continued to close the semantic gap by leveraging new machine learning techniques to capture intrinsic styles and properties, thereby providing more relevant ad inventory for buyers without compromising conversion rate. We also recently expanded Etsy Ads inventory to the home page while maintaining listing relevance consistent with organic search results. Seller budgets are up 80% year-to-date and were maintaining strong ROAS for them as well. We've ramped our investments meaningfully in Etsy Ads as it's an area where we see a long runway for continued growth.

我們繼續通過利用新的機器學習技術來捕捉內在風格和屬性來縮小語義差距，從而在不影響轉化率的情況下為買家提供更相關的廣告資源。我們最近還將 Etsy 廣告庫存擴展到主頁，同時保持與自然搜索結果一致的列表相關性。賣家預算今年迄今增長了 80%，並且也保持了強勁的 ROAS。我們已經有意義地增加了對 Etsy Ads 的投資，因為我們認為該領域的持續增長還有很長的路要走。

As you know, we've been hyper-focused this year on driving engagement and frequency, and one area I'd like to highlight is how we've been working to engage low-frequency buyers. More engaged or habitual users are generally more adept at coming up with ideas and/or finding what they're looking for, which is generally not how a low-frequency buyer experiences Etsy. By making Etsy more accessible, and hence giving novice buyers an experience closer to that of habitual power users, we believe we can unlock significant frequency gains over time, and we've been making encouraging progress.

如您所知，我們今年一直高度關注提高參與度和頻率，我想強調的一個領域是我們一直在努力吸引低頻買家。更多參與或習慣性的用戶通常更善於提出想法和/或找到他們正在尋找的東西，這通常不是低頻購買者體驗 Etsy 的方式。通過讓 Etsy 更易於訪問，從而為新手買家提供更接近於習慣性高級用戶的體驗，我們相信隨著時間的推移，我們可以解鎖顯著的頻率增益，並且我們一直在取得令人鼓舞的進展。

Recent examples of wins include a revamped, more diverse presentation of items above the fold on the home page to generate interest and engagement, and a revamped user interface, prompting signed-out buyers to download the app. Once again, app downloads had impressive growth, up 53% versus last year's second quarter. Our research and experimentation are giving us creative ideas for layouts that work to encourage scrolling by incorporating trending shops, searches and categories, all of which, of course, get far more powerful when combined with the personalization investments discussed earlier. This work is just at its infancy, and we'll continue to tell you more about it as we make additional progress.

最近的成功案例包括在主頁上對首屏項目進行了改進、更多樣化的展示，以產生興趣和參與度，以及改進的用戶界面，促使退出的買家下載該應用程序。應用下載量再一次出現了令人矚目的增長，與去年第二季度相比增長了 53%。我們的研究和實驗為我們提供了創造性的佈局創意，通過結合趨勢商店、搜索和類別來鼓勵滾動，當然，當與前面討論的個性化投資相結合時，所有這些都會變得更加強大。這項工作還處於起步階段，隨著我們取得更多進展，我們將繼續告訴您更多有關它的信息。

Another important vector for our engagement and frequency work is our international efforts. Getting the flywheel turning and additional international markets, we believe, can unlock significant growth. Recall from the last call, the insight that penetration rates in the next 15 markets beyond the U.S. and the U.K. are about 80% lower than those top 2 Etsy markets, a great data point to support our belief in just how early our growth journey really is.

我們參與和頻率工作的另一個重要載體是我們的國際努力。我們相信，獲得飛輪轉向和更多的國際市場可以釋放顯著增長。回想一下上次電話會議的見解，即美國和英國以外的未來 15 個市場的滲透率比前 2 個 Etsy 市場低約 80%，這是一個很好的數據點，支持我們相信我們的增長之旅真正有多早是。

Some recent international wins include the launch of the first version of localized XWalk in all our non-U.S. markets. We're now applying this powerful search engine technology to optimize results to find the perfect listing for our non-U.S. buyers. Our fulfillment team has been hard at work moving the needle on expected delivery date, postal code coverage for non-U.S. orders, and other transparency and confidence-building initiatives. And we recently added another 8 countries to the list of places buyers can buy now and pay later, so making Etsy more made for you and reliable no matter where you are.

最近的一些國際勝利包括在我們所有的非美國市場推出本地化 XWalk 的第一個版本。我們現在正在應用這種強大的搜索引擎技術來優化結果，為我們的非美國買家找到完美的列表。我們的履行團隊一直在努力推動預期交貨日期、非美國訂單的郵政編碼覆蓋範圍以及其他透明度和建立信任舉措。我們最近將另外 8 個國家/地區添加到買家現在可以購買並稍後付款的地方列表中，因此無論您身在何處，Etsy 都更適合您並且更可靠。

Our research shows that one of the top reasons buyers don't shop more often on Etsy is because we aren't top of mind for enough purchase occasions or moments. That's what gives us continued conviction in our marketing efforts, and I'm proud of the agility of our team continuously adapting our strategies and creative to the market environment.

我們的研究表明，買家不經常在 Etsy 上購物的主要原因之一是因為我們沒有在足夠的購買場合或時刻佔據首要位置。這就是我們對營銷工作的持續信念的原因，我為我們團隊的敏捷性感到自豪，他們不斷調整我們的戰略和創造性以適應市場環境。

With macro headwinds continuing to be strong in 2022, our team has modified our very successful Meant for You and Why Buy Boring campaigns to remind people of the many purchase occasions for which Etsy is relevant, that all-important shoulder tap, while leaning into value and affordability, so the what and the why to shop Etsy during these times. The message, in a nutshell, is Etsy has home decor, fashion, jewelry and gifts. It's affordable and better on Etsy.

隨著 2022 年宏觀逆風繼續強勁，我們的團隊修改了我們非常成功的 Meant for You 和 Why Buy Boring 活動，以提醒人們與 Etsy 相關的許多購買場合，最重要的肩膀輕拍，同時傾向於價值和負擔能力，所以在這些時候購買 Etsy 的內容和原因。簡而言之，Etsy 擁有家居裝飾、時尚、珠寶和禮品。它在 Etsy 上更實惠且更好。

We've also incorporated the messaging about extraordinary and affordable into our earned media engagements, our social channels and the marketplace itself. Our team has been really creative during this time, utilizing our CRM tools, app notifications, emails and other on- and off-line techniques to drive buyer engagement and frequency. And we also had some great brand-building earned media during the quarter from tried and true features such as the Etsy Design Awards.

我們還將關於非凡和負擔得起的信息納入我們的贏得媒體參與、我們的社交渠道和市場本身。在此期間，我們的團隊非常有創意，利用我們的 CRM 工具、應用程序通知、電子郵件和其他在線和離線技術來提高買家參與度和頻率。在本季度，我們還通過 Etsy 設計獎等久經考驗的真實功能獲得了一些出色的品牌建設贏得媒體。

Turning to our subsidiary brands. 2022 has been a challenging year for all 3, each of whom faced reopening and other headwinds, similar to those faced by our core marketplace. Current business conditions notwithstanding, we have a lot of conviction that we're in the extremely early days of realizing value from our House of Brands.

轉向我們的附屬品牌。 2022 年對這三個人來說都是充滿挑戰的一年，他們每個人都面臨著重新開放和其他逆風，類似於我們的核心市場所面臨的那些。儘管目前的業務狀況如此，但我們堅信我們正處於從品牌之家實現價值的極早期階段。

Kruti will hit the ground running at Depop in September, where she'll be focused on incorporating our product development culture to increase product velocity, with goals that will sound a lot like what she's accomplished for the Etsy marketplace, highlighting sellers' unique inventory, improving search and discovery, elevating the human connections on the marketplace and making Depop more relevant to more of its target audience and building trust in the brand and, of course, driving ROI-focused marketing investments that deliver results. We believe Depop has fostered one of the most passionate communities in e-commerce, and it has only scratched the surface when it comes to reaching its full potential.

Kruti 將於 9 月在 Depop 開始工作，在那裡她將專注於整合我們的產品開發文化以提高產品速度，其目標聽起來很像她在 Etsy 市場上所取得的成就，突出賣家的獨特庫存，改善搜索和發現，提升市場上的人際關係，使 Depop 與更多目標受眾更相關，並建立對品牌的信任，當然，推動以 ROI 為重點的營銷投資，帶來成果。我們相信，Depop 培育了電子商務中最熱情的社區之一，而在充分發揮其潛力時，它只是觸及了皮毛。

Reverb and Elo7 each have responded to macro challenges with creative approaches designed to set themselves up for future growth. Reverb helped buyers find their perfect instrument with updates to on-site search algorithms, localization enhancements and improved domestic discovery in the U.K. To meet buyer expectations on free shipping and returns, they helped buyers connect with sellers offering customer services like free 2-day shipping and 30-day return policies. In addition, Reverb built SEO-optimized landing pages and drove adoption of My Collection, a feature that helps buyers track the value of their music gear over time.

Reverb 和 Elo7 都以創造性的方法應對宏觀挑戰，旨在為未來的發展做好準備。 Reverb 通過對現場搜索算法的更新、本地化增強和改進的英國國內發現幫助買家找到了完美的工具。為了滿足買家對免費送貨和退貨的期望，他們幫助買家與提供客戶服務的賣家建立聯繫，如免費 2 天送貨和 30 天退貨政策。此外，Reverb 構建了 SEO 優化的登錄頁面，並推動了 My Collection 的採用，該功能可幫助買家跟踪其音樂設備的價值。

Elo7 improved the buyer experience by introducing signals and nudges into the purchasing journey while expanding delivery carrier options for sellers to materially reduce shipping costs, increase speed and improve transparency for buyers. Performance marketing remained an important focus as Elo7 continues to leverage the Etsy playbook for improving spend efficiency.

Elo7 通過在購買過程中引入信號和助推器改善了買家體驗，同時為賣家擴大了送貨承運商的選擇，從而大大降低了運輸成本、提高了速度並提高了買家的透明度。隨著 Elo7 繼續利用 Etsy 劇本來提高支出效率，績效營銷仍然是一個重要的焦點。

Rachel will talk a bit about our business model, which we want to highlight today as one of the key factors that gives us comfort in uncertain times. We see multiple scenarios possible for the remainder of 2022. But even in downside scenarios, we believe we are well positioned to deliver healthy profitability. We'll keep focusing on the things we can control, driving great customer experiences, investing with discipline and care, and helping our team to minimize distractions and focus on getting the job done. It's not an easy time for the world, but we take heart in the fact that our work has purpose, delivering value and economic opportunity for millions of sellers and giving tens of millions of buyers experiences they can't find anywhere else and most of all, the chance to keep commerce human.

Rachel 將談一談我們的商業模式，我們今天想強調它是在不確定時期讓我們感到舒適的關鍵因素之一。我們認為 2022 年剩餘時間可能出現多種情況。但即使在不利的情況下，我們相信我們已做好準備提供健康的盈利能力。我們將繼續專注於我們可以控制的事情，推動出色的客戶體驗，以紀律和謹慎進行投資，並幫助我們的團隊盡量減少分心並專注於完成工作。對於世界來說，這不是一個輕鬆的時期，但我們感到鼓舞的是，我們的工作是有目的的，為數百万賣家提供價值和經濟機會，並為數千萬買家提供他們在其他任何地方都找不到的體驗，最重要的是，保持商業人性化的機會。

Thank you for your time. And with that, I'll turn it over to Rachel.

感謝您的時間。有了這個，我會把它交給雷切爾。

Thanks, Josh, and thank you, everyone, for joining us for our second quarter earnings call. My commentary today will cover consolidated results, key drivers of performance and Etsy marketplace stand-alone results where appropriate. As a reminder, Reverb, Depop and Elo7 are all reflected in our consolidated financial results and KPIs for the second quarter of 2022, but Depop and Elo7 are not included in our second quarter 2021 results.

謝謝喬希，謝謝大家加入我們的第二季度財報電話會議。我今天的評論將在適當的情況下涵蓋綜合結果、績效的關鍵驅動因素和 Etsy 市場獨立結果。提醒一下，Reverb、Depop 和 Elo7 都反映在我們 2022 年第二季度的合併財務業績和 KPI 中，但 Depop 和 Elo7 不包括在我們 2021 年第二季度的業績中。

On a consolidated basis, our second quarter GMS was basically flat year-over-year at $3 billion, while revenue increased 10.6% year-over-year to $585 million, and adjusted EBITDA was $163 million with a 28% margin. The Etsy marketplace transaction fee increase and growth in Etsy Ads drove strong revenue performance, and we delivered adjusted EBITDA margins ahead of our expectations due to disciplined marketing spend and solid profit flow-through. On a currency-neutral basis, GMS increased 2.6% year-over-year as FX was a 300 basis point headwind.

綜合來看，我們第二季度的 GMS 與去年同期基本持平，為 30 億美元，而收入同比增長 10.6% 至 5.85 億美元，調整後的 EBITDA 為 1.63 億美元，利潤率為 28%。 Etsy 市場交易費用的增加和 Etsy 廣告的增長推動了強勁的收入表現，由於嚴格的營銷支出和穩定的利潤流，我們提供了超出預期的調整後 EBITDA 利潤率。在貨幣中性的基礎上，GMS 同比增長 2.6%，因為外匯是 300 個基點的逆風。

The second quarter featured challenging comparisons as our consolidated GMS increased 13% year-over-year in the second quarter of 2021 on top of a 146% expansion in the second quarter of 2020, fueled by the initial broad-based pandemic lockdowns. In contrast, today, we are seeing mobility nearing 2019 levels, a challenging global macroeconomic environment and ongoing geopolitical uncertainties. I'll dive into these factors shortly.

第二季度的比較具有挑戰性，因為我們的綜合 GMS 在 2020 年第二季度增長 146% 的基礎上，在 2021 年第二季度同比增長 13%，這得益於最初的大流行封鎖。相比之下，今天，我們看到流動性接近 2019 年的水平、充滿挑戰的全球宏觀經濟環境和持續的地緣政治不確定性。我將很快深入探討這些因素。

Marketplace revenue increased 11% year-over-year and services revenue expanded 9%. The growth in our marketplace revenue was largely driven by the Etsy marketplace transaction fee increase from 5% to 6.5% effective April 11, as well as a benefit from the inclusion of our acquisitions of Depop and Elo7. Within services revenue, consolidated ads revenue increased 12.1% year-over-year, primarily due to ongoing enhancements to Etsy Ads relevance and click-through rate as well as more ad inventory throughout the buyer experience. Better-than-expected growth of Etsy Ads also drove consolidated take rate to 19.3%, ahead of the take rate implied by our guidance.

市場收入同比增長 11%，服務收入增長 9%。自 4 月 11 日起，Etsy 市場交易費從 5% 提高到 6.5%，以及我們對 Depop 和 Elo7 的收購中受益，推動了我們市場收入的增長。在服務收入中，綜合廣告收入同比增長 12.1%，這主要是由於 Etsy Ads 相關性和點擊率的持續增強以及整個買家體驗中的更多廣告庫存。 Etsy Ads 好於預期的增長也將綜合採納率推高至 19.3%，高於我們指引所暗示的採納率。

Our second quarter consolidated adjusted EBITDA margin was 28%, above our expectations and above the 26% reported last year. The primary driver of the adjusted EBITDA margin improvement was disciplined marketing spend and the continued growth of Etsy Ads. Consolidated EBITDA margins are also impacted by headwinds related to our 2 new lower-margin subsidiaries that were not included in year ago financials. Our 3 subsidiaries were more than a 400 basis point headwind to our consolidated adjusted EBITDA margin, with Depop representing the primary drag.

我們第二季度的合併調整後 EBITDA 利潤率為 28%，高於我們的預期，也高於去年報告的 26%。調整後 EBITDA 利潤率提高的主要驅動力是嚴格的營銷支出和 Etsy Ads 的持續增長。合併 EBITDA 利潤率也受到與我們的 2 家新的低利潤率子公司相關的不利因素的影響，這些子公司未包括在一年前的財務報表中。我們的 3 家子公司對我們的綜合調整後 EBITDA 利潤率造成超過 400 個基點的逆風，其中 Depop 是主要阻力。

We have a lot of conviction that the strategic rationale for acquiring Depop and Elo7 is sound, providing us access to the large resale apparel market and opening up an untapped market opportunity in Brazil. It's also fair to say that given current significant macroeconomic headwinds, both companies have, to date, performed below the financial expectations that we had a year ago. That said, we remain confident in the long-term growth models for each of these businesses and believe it is early days in unlocking that value.

我們堅信收購 Depop 和 Elo7 的戰略理由是合理的，為我們提供了進入大型轉售服裝市場的機會，並在巴西開闢了一個尚未開發的市場機會。公平地說，鑑於當前宏觀經濟面臨重大不利因素，迄今為止，兩家公司的業績都低於我們一年前的財務預期。儘管如此，我們仍然對這些業務的長期增長模式充滿信心，並相信現在釋放這種價值還為時過早。

Other factors contributing to our bottom line results include investments in head count growth and increased compensation, including stock-based compensation, with the largest portion in product development where the majority of our engineers sit. I will dig deeper into head count growth in a moment. In the second quarter, our stock-based compensation increased sequentially due to the annual refresh grants that were priced in March and therefore had a full quarter of impact.

促成我們的底線結果的其他因素包括對員工人數增長和增加薪酬的投資，包括基於股票的薪酬，我們大多數工程師所在的產品開發的最大部分。稍後我將深入探討人數增長。在第二季度，由於 3 月份定價的年度更新補助金，我們基於股票的薪酬連續增加，因此產生了整個季度的影響。

Finally, we had higher cloud computing costs related to greater development activity on a year-over-year basis. As you know, our marketplace operates with minimal capital requirements, and there are relatively few expense items we designate as fixed. These would include our leases, the minimum obligations associated with our cloud computing costs, certain portions of our compensation and our public company costs.

最後，與去年同期相比，我們的雲計算成本更高，這與更多的開發活動有關。如您所知，我們的市場以最低的資本要求運作，我們指定為固定的費用項目相對較少。這些將包括我們的租賃、與我們的雲計算成本相關的最低義務、我們的某些部分薪酬和我們的上市公司成本。

The vast majority of our consolidated expenses are variable or semi-variable. Variable expenses, such as performance marketing, move dynamically with revenue. Semi-variable costs are less dynamic but are those we can moderate by tapering up or down as business demands rise and fall. So for example, we significantly slowed new hiring this past quarter in order to better align with our pace with top line trends. That decision enabled us to invest appropriately in our existing team and stay the course on marketing and other investments while maintaining healthy profit margins.

我們的絕大多數綜合費用是可變或半可變的。可變費用，例如績效營銷，隨著收入動態變化。半可變成本的動態性較小，但我們可以通過隨著業務需求的上升或下降而逐漸增加或減少來緩和這些成本。因此，例如，我們在過去一個季度顯著放慢了新招聘的速度，以便更好地與我們的步伐與頂線趨勢保持一致。這一決定使我們能夠對現有團隊進行適當投資，並在營銷和其他投資方面堅持到底，同時保持健康的利潤率。

Moving to product development. In the second quarter, consolidated product development spend was $102 million, up 65% year-over-year, largely driven by head count growth, including the Depop and Elo7 acquisitions. Our product development expenses as a percentage of revenue moved sharply lower when revenue rose dramatically in 2020 and 2021. Meanwhile, during this time, we hired at a steady pace in order to scale in a more sustainable way. Product development as a percentage of revenue is now at a healthier level of spend, similar to our prepandemic percentage, which we believe is appropriate to enable future growth.

轉向產品開發。第二季度，綜合產品開發支出為 1.02 億美元，同比增長 65%，主要受員工人數增長的推動，包括對 Depop 和 Elo7 的收購。當 2020 年和 2021 年收入大幅增長時，我們的產品開發費用佔收入的百分比大幅下降。同時，在此期間，我們以穩定的速度招聘，以便以更可持續的方式擴大規模。產品開發佔收入的百分比現在處於更健康的支出水平，類似於我們在大流行前的百分比，我們認為這適合實現未來的增長。

On a trailing 12-month basis, revenue per average full-time head count for Etsy marketplace was in excess of $1.1 million, which we estimate to be our peer group average. Our product development resources, including stock-based compensation and cloud computing costs are factored into our measurement of ROI for product investment. So when we add incremental people, we also increase our GMS and revenue targets and maintain our expectation that product investment is ROI positive in the portfolio within about 2 years. We continue to make strategic investments that do not directly generate incremental GMS but help us to scale our business, optimize development capabilities and keep the marketplace safe.

在過去 12 個月的基礎上，Etsy 市場的平均全職員工收入超過 110 萬美元，我們估計這是我們同行的平均水平。我們的產品開發資源（包括基於股票的薪酬和雲計算成本）被納入我們衡量產品投資投資回報率的因素中。因此，當我們增加增量人員時，我們也會增加我們的 GMS 和收入目標，並維持我們的預期，即產品投資在大約 2 年內在產品組合中的投資回報率是正的。我們繼續進行戰略投資，這些投資不會直接產生增量 GMS，但有助於我們擴展業務、優化開發能力並保持市場安全。

During the second quarter, consolidated marketing spend declined 2% from the prior year to $164 million. And as a percentage of revenue, quarterly marketing spend has been relatively consistent overall for a couple of years. Our performance marketing spend declined year-over-year, driven by our improving model and data feed efficiencies, combined with softer consumer demand and weaker Google search trends for our related terms. This was partially offset by a higher LTV related to our transaction fee increase, which allowed us to spend more. Our brand marketing spend increased 4% year-over-year in the second quarter as Etsy was on air in our top 3 core markets, with spending somewhat elevated versus the same time last year.

第二季度，綜合營銷支出較上年下降 2% 至 1.64 億美元。作為收入的百分比，季度營銷支出在幾年內總體上相對穩定。我們的績效營銷支出同比下降，原因是我們改進了模型和數據饋送效率，再加上消費者需求疲軟和谷歌相關術語的搜索趨勢減弱。這被與我們的交易費用增加相關的更高的 LTV 部分抵消，這使我們能夠花費更多。由於 Etsy 在我們的三大核心市場播出，我們的品牌營銷支出在第二季度同比增長 4%，與去年同期相比支出有所增加。

So to summarize, while we modestly pulled back our performance marketing spend during the quarter, the ongoing improvements to our marketing models allowed us to deliver greater profitability with minimal impact to our GMS.

總而言之，雖然我們在本季度適度縮減了績效營銷支出，但我們營銷模式的持續改進使我們能夠在對 GMS 影響最小的情況下提供更大的盈利能力。

Moving to our Etsy marketplace performance metrics. We have maintained the vast majority of our pandemic gains, with GMS increasing 141% on a year over 3-year basis. For context, we delivered $2.6 billion in GMS this quarter compared to $1.1 billion in the second quarter of 2019. It's a nice reminder to also look at how well we are doing today compared with the second quarter of 2020 when we had such a large impact from sales of face masks.

轉向我們的 Etsy 市場績效指標。我們保持了我們在大流行中的大部分收益，GMS 在 3 年的基礎上每年增長 141%。就背景而言，我們本季度交付了 26 億美元的 GMS，而 2019 年第二季度為 11 億美元。與 2020 年第二季度相比，我們今天的表現與我們產生如此大的影響時相比，這是一個很好的提醒來自口罩的銷售。

From a geographic perspective, 44% of Etsy marketplace GMS in the second quarter of 2022 was from transactions where either the buyer or the seller or both were outside the United States. Non-U.S. GMS was up 3% year-over-year on a currency-neutral basis, which was driven in part by strength in Germany, where we've intentionally built our brand over the past few years, offsetting weakness in the U.K., which continues to face difficult comparisons primarily due to strict lockdowns in that country a year ago.

從地理角度來看，2022 年第二季度 44% 的 Etsy 市場 GMS 來自買方或賣方或兩者都在美國境外的交易。非美國在貨幣中性的基礎上，GMS 同比增長 3%，部分原因是德國的實力，過去幾年我們有意在德國建立我們的品牌，抵消了英國的疲軟，英國繼續主要由於一年前該國的嚴格封鎖而面臨艱難的比較。

It's also worth noting that we continue to see that our mobile app share of GMS, which crossed desktop to become the highest GMS contributor in the first quarter of this year, climbed as a percentage of GMS in the second quarter.

還值得注意的是，我們繼續看到我們的移動應用程序在 GMS 中的份額在今年第一季度超越桌面成為 GMS 貢獻者的最高份額，在第二季度佔 GMS 的百分比攀升。

Let me take a moment to unpack the various macro factors impacting the Etsy marketplace. Starting at the top, the Etsy marketplace declined about 6% in this quarter versus prior year, meaning we kept 94% of our GMS in the same quarter a year ago. As a reminder, in the second quarter of 2021, we continued to experience elevated GMS levels related to economic stimulus payments in the U.S., high COVID case counts and low vaccination rates. In contrast, today, we are seeing the mobility indices approach 2019 levels as people continue to spend more time out of their home, leaving less time and money for at-home shopping.

讓我花點時間來解開影響 Etsy 市場的各種宏觀因素。從頂部開始，Etsy 市場在本季度與去年同期相比下降了約 6%，這意味著我們在一年前的同一季度保留了 94% 的 GMS。提醒一下，在 2021 年第二季度，我們繼續經歷與美國經濟刺激支付、高 COVID 病例數和低疫苗接種率相關的 GMS 水平升高。相比之下，今天，我們看到移動性指數接近 2019 年的水平，因為人們繼續花更多的時間離開家，留給在家購物的時間和金錢越來越少。

This slide shows a walk for Etsy marketplace GMS on a year over 3-year view from mid-January through June. Based on third-party data and our own estimates, we believe there has been a very high inverse correlation between Etsy U.S. GMS trends and U.S. retail and recreation mobility trends particularly given our exposure to pandemic-winning categories such as home and living and craft supplies. On this chart, we've estimated that about 75% of our year-to-date declines can be attributed to these factors. We attribute the remainder of the decline to FX pressures, macroeconomic factors impacting consumer discretionary spending, including inflation, as well as the ongoing crisis in Ukraine, which was a supply-side factor for us throughout the second quarter.

這張幻燈片展示了 Etsy 市場 GMS 從 1 月中旬到 6 月的 3 年視圖。根據第三方數據和我們自己的估計，我們認為 Etsy 美國 GMS 趨勢與美國零售和娛樂移動趨勢之間存在非常高的負相關性，特別是考慮到我們接觸到大流行的類別，如家居、生活和工藝用品.在這張圖表上，我們估計今年迄今約 75% 的下降可歸因於這些因素。我們將其餘的下降歸因於外匯壓力、影響非必需消費品支出的宏觀經濟因素，包括通貨膨脹，以及烏克蘭持續的危機，這在整個第二季度對我們來說都是一個供應方面的因素。

Overall, consumers have many more places to spend their money and less disposable income, which has driven week-to-week volatility in our business. Similar to our commentary last quarter, we have only seen a modest impact from inflation on the price of goods on etsy.com as it appears our sellers remain largely hesitant to increase prices and they often offset pricing increases with discounting.

總體而言，消費者有更多的地方花錢和更少的可支配收入，這推動了我們業務的每週波動。與我們上個季度的評論類似，我們只看到通貨膨脹對 etsy.com 商品價格的影響不大，因為我們的賣家似乎在很大程度上仍然對提高價格猶豫不決，而且他們經常通過打折來抵消價格上漲。

Diving a bit deeper into categories, reopening headwinds have specifically pressured the home and living and craft supply categories, which collectively represented over 40% of our second quarter GMS and were meaningful beneficiaries of stay-at-home-related consumer purchasing trends during the pandemic. Trends remain positive in paper and party and apparel categories as consumers continue to shift to in-person events and activities. Demand was also strong for travel-related needs, including luggage tags, travel wallets and fanny packs. Weddings and parties remain bright spots, especially wedding favors, as larger in-person weddings resumed.

更深入地研究類別，重新開放的逆風特別給家庭、生活和手工藝品供應類別帶來了壓力，這些類別合計占我們第二季度 GMS 的 40% 以上，並且是大流行期間與居家相關的消費者購買趨勢的有意義的受益者.隨著消費者繼續轉向面對面的活動和活動，紙張、派對和服裝類別的趨勢仍然積極。與旅行相關的需求也很強勁，包括行李標籤、旅行錢包和腰包。隨著更大的面對面婚禮的恢復，婚禮和派對仍然是亮點，尤其是婚禮禮物。

GMS per active buyer on a trailing 12-month basis for the Etsy marketplace was $136 in the second quarter, down slightly on a sequential basis. On a cohort basis, spend levels for all of our cohorts remain ahead of prepandemic levels as all of our buyer cohorts remain more valuable today than before the pandemic. As an example, we looked at our 2020 cohort, which was first acquired during the pandemic, compared to our 2017 cohort, which is an example of a typical cohort short-term performance prepandemic. Slide 26 shows that our 2020 cohort materially outperforms that earlier cohort in terms of value.

Etsy 市場過去 12 個月的每位活躍買家的 GMS 在第二季度為 136 美元，環比略有下降。在隊列的基礎上，我們所有隊列的支出水平仍然高於大流行前的水平，因為我們所有的買家隊列今天仍然比大流行之前更有價值。例如，我們比較了我們在大流行期間首次獲得的 2020 年隊列，與我們的 2017 年隊列相比，這是典型隊列短期表現前流行病的一個例子。幻燈片 26 顯示，我們的 2020 年隊列在價值方面明顯優於早期隊列。

We also monitor the spending trends by buyer demographic, specifically income level. So far this year, we have seen fairly consistent GMS distribution across income levels, although it has shifted slightly away from lower-income buyers as we continue to lap last year's stimulus check benefits similar to trends we are seeing reported across retail. Encouragingly, our buyer metrics remained largely stable across active, repeat and habitual. We ended the quarter with nearly 8 million habitual buyers, down 2% sequentially and 1% versus last year. These loyal buyers accounted for 46% of our GMS in the second quarter. Habitual buyer growth in core non-U.S. markets was a bright spot, particularly in Germany and Australia. We continue to have a high conviction that moving the needle further on frequency will unlock significantly more value.

我們還按買家人口統計，特別是收入水平監控支出趨勢。今年到目前為止，我們看到 GMS 在不同收入水平上的分佈相當一致，儘管它已經略微偏離了低收入買家，因為我們繼續延續去年的刺激檢查福利，類似於我們在零售業中看到的趨勢。令人鼓舞的是，我們的買家指標在活躍、重複和習慣方面基本保持穩定。我們在本季度末有近 800 萬習慣性買家，環比下降 2%，比去年下降 1%。這些忠實買家在第二季度占我們 GMS 的 46%。核心非美國市場的習慣性買家增長是一個亮點，尤其是在德國和澳大利亞。我們仍然堅信，進一步提高頻率將釋放更多價值。

We added 6.4 million new buyers in the quarter, nearly 50% higher than in prepandemic periods. Still, this was down 20% from the prior year and, as expected, creates a material headwind to our growth. We again reactivated about 5 million lapsed buyers in the second quarter. The composition of our lapsed buyer segment is increasingly compelling. Recently lapsed buyers, those that made their last purchase between 13 and 24 months ago, now represent about 40% of the lapsed buyer total. We believe these buyers are ripe for reactivation with strategic product and marketing investments particularly given our improved CRM tools.

我們在本季度增加了 640 萬新買家，比大流行前時期高出近 50%。儘管如此，這仍比去年下降了 20%，並且正如預期的那樣，對我們的增長造成了重大不利影響。我們在第二季度再次重新激活了大約 500 萬流失的買家。我們流失的買家群體的構成越來越引人注目。最近失效的買家，即在 13 至 24 個月前進行最後一次購買的買家，現在約佔失效買家總數的 40%。我們相信這些買家已經成熟，可以通過戰略產品和營銷投資重新激活，特別是考慮到我們改進的 CRM 工具。

Moving to the balance sheet. As of June 30, we had $1.1 billion in cash, cash equivalents and short and long-term investments and a $200 million revolver that is currently undrawn. During the second quarter, we repurchased $62.2 million in stock under our $250 million December 2020 Board-authorized repurchase program, which we completed in early July. As noted in our 10-Q, in May 2022, the Board authorized a new $600 million repurchase program. Operating cash flow for the quarter was a healthy $125.8 million.

轉移到資產負債表。截至 6 月 30 日，我們擁有 11 億美元的現金、現金等價物以及短期和長期投資，還有 2 億美元的左輪手槍目前未動用。在第二季度，我們在 2020 年 12 月董事會授權的 2.5 億美元回購計劃下回購了 6220 萬美元的股票，該計劃於 7 月初完成。正如我們在 10-Q 中所述，2022 年 5 月，董事會批准了一項新的 6 億美元回購計劃。本季度的經營現金流為健康的 1.258 億美元。

Now turning to the outlook. First, I want to highlight that our guidance assumes currency exchange rates remain unchanged at current levels. As a reminder, in the third quarter of 2021, Etsy reported consolidated GMS growth of 18% on a year-over-year basis and GMS increased 159% from the third quarter in 2019. We currently estimate our third quarter 2022 consolidated GMS to be approximately $2.8 billion to $3 billion, down about 7% to 8% at the midpoint compared to the third quarter of last year and up about 140% compared to the third quarter of 2019. For the Etsy marketplace, this implies a decline of mid- to high single digits. Said another way, at the midpoint of our guidance, we expect to deliver GMS of around $2.9 billion compared to $1.2 billion in the third quarter of 2019, nearly 2.5x larger than before the pandemic.

現在轉向前景。首先，我想強調的是，我們的指導假設貨幣匯率在當前水平上保持不變。提醒一下，在 2021 年第三季度，Etsy 報告合併 GMS 同比增長 18%，GMS 比 2019 年第三季度增長 159%。我們目前估計我們的 2022 年第三季度合併 GMS 為約 28 億至 30 億美元，與去年第三季度相比中點下降約 7% 至 8%，與 2019 年第三季度相比增長約 140%。對於 Etsy 市場，這意味著中期下降到高個位數。換句話說，在我們指導的中點，我們預計將提供約 29 億美元的 GMS，而 2019 年第三季度為 12 億美元，比大流行之前增加了近 2.5 倍。

We are forecasting revenue of $540 million to $575 million, up about 5% at the midpoint compared to the third quarter of last year and up about 180% compared to the third quarter of 2019. Our 2 new subsidiaries also contributed to growth in the third quarter of last year, and we passed the anniversaries of these acquisitions a few weeks ago. We currently expect an adjusted EBITDA margin of approximately 26%, with investment in Etsy Purchase Protection and higher compensation costs related to a full quarter of our now larger employee base being the primary factors in this sequential decline.

我們預計收入為 5.4 億美元至 5.75 億美元，中點比去年第三季度增長約 5%，比 2019 年第三季度增長約 180%。我們的 2 家新子公司也為第三季度的增長做出了貢獻去年的一個季度，幾週前我們就過了這些收購的周年紀念日。我們目前預計調整後的 EBITDA 利潤率約為 26%，對 Etsy 購買保護的投資以及與我們現在更大的員工基礎的整個季度相關的更高薪酬成本是這一連續下降的主要因素。

We are encouraged to see that the year over 3-year deceleration we have experienced in the past 2 quarters has shown signs of slowing significantly over the past 8 to 10 weeks, as you can see on this chart. In our view, it appears the curve has started to flatten. However, we have not yet seen a return to growth on a year-over-year basis nor are we certain that year-over-year growth rates have bottomed given the present macro uncertainty and would therefore recommend you consider these trend lines when you are modeling fourth quarter GMS.

令人鼓舞的是，我們在過去 2 個季度中經歷的 3 年以上的減速在過去 8 到 10 週內顯示出顯著放緩的跡象，正如您在這張圖表中看到的那樣。在我們看來，曲線似乎已經開始變平。但是，鑑於目前的宏觀不確定性，我們尚未看到同比增長恢復，我們也不確定同比增長率是否已經觸底，因此建議您在考慮這些趨勢線時考慮這些趨勢線建模第四季度 GMS。

Recall that in the fourth quarter of 2021, Etsy reported consolidated GMS growth of 17% on a year-over-year basis and GMS increased 154% from the fourth quarter of 2019, very high comp hurdles to be sure. It's also fair to say that we are now more cautious than we were on our last earnings call given continued macro pressures particularly on consumer discretionary spending, the strong correlation between our business and mobility, and the inflation factors described earlier. Unless macroeconomic factors become significantly more volatile, we believe the fourth quarter will track historical holiday seasonality as our largest GMS quarter for the year.

回想一下，在 2021 年第四季度，Etsy 報告的綜合 GMS 同比增長 17%，GMS 與 2019 年第四季度相比增長了 154%，可以肯定的是非常高的競爭障礙。公平地說，鑑於持續的宏觀壓力，尤其是非必需消費品支出、我們的業務與流動性之間的強相關性以及前面描述的通脹因素，我們現在比上次財報電話會議時更加謹慎。除非宏觀經濟因素變得更加不穩定，否則我們認為第四季度將追踪歷史上的假日季節性，成為我們今年最大的 GMS 季度。

Lastly, for your models, we substantially adjusted our hiring plans during the second quarter, which will result in a slower pace of hiring in the second half. However, our second half P&L will reflect the additional head count we have already added.

最後，對於你們的模特，我們在第二季度大幅調整了招聘計劃，這將導致下半年的招聘步伐放緩。但是，我們下半年的損益表將反映我們已經增加的額外人數。

In terms of marketing spend, we generally spend more in marketing in the second half of the year versus the first, in particular leaning into brand marketing during the holiday season. Our performance marketing investment is largely variable with demand, and we continue to set ROI thresholds for our spend that keep the last marginal dollar of spend at or above those thresholds. We currently expect consolidated take rate for the second half of the year to be largely in line with the second quarter.

在營銷支出方面，下半年我們的營銷支出普遍高於上半年，尤其是在假期期間更傾向於品牌營銷。我們的績效營銷投資在很大程度上隨需求而變化，我們繼續為我們的支出設定投資回報率閾值，使最後一美元的支出保持在或高於這些閾值。我們目前預計下半年的綜合利率將與第二季度基本持平。

Thank you all for your time today. And I'll now turn the call back to Deb to take your questions.

謝謝大家今天的時間。我現在將電話轉回給 Deb 來回答你的問題。

Hi, everyone. Good evening. First, I want to start by saying I know there were a couple of issues during the recording being played back. So if you go to our site later this evening, you should be able to find a fully loaded video with all the audio clear. And with that, I will start into the Q&A. Thank you all for submitting the questions. We'll get to as many as we can.

大家好。晚上好。首先，我想首先說我知道在回放錄製過程中存在一些問題。因此，如果您今晚晚些時候訪問我們的網站，您應該能夠找到一個完整加載的視頻，所有音頻都清晰。有了這個，我將開始問答。感謝大家提交問題。我們會盡可能多的。

So I'll start with Ed Yruma from Piper Sandler. Has there been a change in the seller base since you increased fees. I'll start with that one for Josh.

所以我將從 Piper Sandler 的 Ed Yruma 開始。自從您增加費用後，賣家基礎是否發生了變化。我將從 Josh 的那個開始。

Yes. We haven't seen any noticeable change in the seller base that we can track to the change in fees. In fact, I'm happy to report that seller sentiment has rebounded pretty significantly since the fee change went into effect. And I think that's a testament to the fact that we're doing exactly as we said and reinvesting back in the community. So we've got some great TV campaigns going. I think that the purchase protection program is a great testament to the kinds of things we're doing to invest that sellers really care about, so they know we have their back, and buyers care about to bring more buyers back, the refreshed seller app that we've launched and the refresh of the Star Seller badge and lots of other good things. So we're encouraged by that, and we'll keep building.

是的。我們沒有看到賣家基礎有任何明顯的變化，我們可以跟踪費用的變化。事實上，我很高興地報告說，自從費用變更生效以來，賣家的情緒已經顯著反彈。我認為這證明了我們正在按照我們所說的那樣做，並重新投資於社區。因此，我們開展了一些很棒的電視宣傳活動。我認為購買保護計劃很好地證明了我們正在做的那些賣家真正關心的投資，所以他們知道我們有他們的支持，買家關心讓更多買家回來，更新的賣家應用程序我們推出的產品以及明星賣家徽章的更新以及許多其他好東西。所以我們對此感到鼓舞，我們將繼續建設。

Great. Thanks, Josh. Next one came in from Kunal Madhukar from UBS. Given search is such a challenge, how easy or tough it is to scale into different languages and countries?

偉大的。謝謝，喬希。下一位來自瑞銀的 Kunal Madhukar。鑑於搜索是如此的挑戰，擴展到不同的語言和國家是多麼容易或困難？

Great question. The techniques that we use are generally language-agnostic. These are quite advanced machine learning and neural network techniques that work regardless of the language. Of course, it does take work to make the models adapt. We need data, and then the size of the training sets matter. But we have recently expanded many of the techniques into many of our international markets, and we do definitely see gains.

好問題。我們使用的技術通常與語言無關。這些是非常先進的機器學習和神經網絡技術，無論使用哪種語言都可以工作。當然，使模型適應需要工作。我們需要數據，然後訓練集的大小很重要。但我們最近將許多技術擴展到我們的許多國際市場，我們確實看到了收益。

One example we talked about last time was translation engines. I don't mean literal translation from Spanish to English, for example, as I said, but understanding the context of a word. So for example, tiesto in English, mostly people are referring to the DJ, DJ Tiesto. If you're in Spain, the word tiesto actually means flower pots. And so we're using models that are sophisticated enough to understand what you meant, not just what you said. And that can be particularly powerful when we're talking about going from one market to another.

我們上次談到的一個例子是翻譯引擎。例如，正如我所說，我的意思不是從西班牙語到英語的直譯，而是理解一個詞的上下文。所以比如tiesto在英文裡，大部分人都是指DJ，DJ Tiesto。如果你在西班牙，tieto 這個詞實際上是指花盆。所以我們使用的模型足夠複雜，可以理解你的意思，而不僅僅是你所說的。當我們談論從一個市場到另一個市場時，這可能特別強大。

Okay. Great. Thanks, Josh. I'm going to give Kunal another one. While it may be early for the buyers you have added in the past 2 quarters in 2022, is their behavior different from the new buyers you added during COVID? And how has that behavior changed new buyers pre-COVID to today? I think we have that one to go for Josh and then Rachel can add, if you'd like.

好的。偉大的。謝謝，喬希。我要再給Kunal一個。雖然對於您在 2022 年過去兩個季度添加的買家來說可能還為時過早，但他們的行為與您在 COVID 期間添加的新買家有什麼不同嗎？以及這種行為如何將新買家從 COVID 之前改變到今天？我想我們可以為 Josh 準備一個，然後 Rachel 可以添加，如果你願意的話。

Sure. So Rachel showed in her prepared remarks that the cohorts we've acquired since the pandemic actually are more valuable or spending more than the cohort, than what prepandemic cohorts were doing before the pandemic. And that's continued to be true over the past 6 months or so since we've really felt the reopening come on much more strongly. So we're really encouraged by that. And we continue to acquire a lot of new users who are great, new buyers. We are acquiring new buyers not as fast as we were during the peak of the pandemic, that's for sure. But we're still acquiring them faster than we were before we entered the pandemic. We're also reactivating lapsed buyers, and we think there continues to be a big opportunity there.

當然。因此，雷切爾在她準備好的評論中表明，自大流行以來我們獲得的隊列實際上比大流行前隊列在大流行之前所做的更有價值或花費更多。在過去 6 個月左右的時間裡，這種情況繼續存在，因為我們真的感覺到重新開放的勢頭更加強烈。所以我們對此感到非常鼓舞。我們繼續獲得大量新用戶，他們是優秀的新買家。我們獲得新買家的速度沒有疫情高峰期那麼快，這是肯定的。但是我們仍然比我們進入大流行之前更快地獲得它們。我們也在重新激活失效的買家，我們認為那裡仍然存在巨大的機會。

Okay. Great. Rachel, if you're okay with that one, I think -- yes. We'll go to the next one. Okay. The next one is from Ed Yruma from Piper Sandler. Can you talk about the dynamics driving the reduction in GMS per active buyer? Is this a function of mix? Or are you seeing signs of a trade down? That one, I'll give to Rachel.

好的。偉大的。雷切爾，如果你對那個沒意見，我想——是的。我們去下一個。好的。下一個來自 Piper Sandler 的 Ed Yruma。您能談談推動每位活躍買家 GMS 減少的動力嗎？這是混合的功能嗎？還是您看到交易下跌的跡象？那個，我給瑞秋。

Sure. Ed, nice to have you back on the Etsy team here. What we've said on the call was that GMS per trailing 12-month buyer in the quarter was up year-over-year, down slightly sequentially, but it was really down just a bit. GMS per active buyer in the quarter, meaning the actual number of active buyers in the quarter, was basically flat year-over-year. So there's a slight decline in the total number of active buyers on a trailing 12-month basis who were active in Q2, which basically explains the sequential decline on the trailing 12-month number.

當然。 Ed，很高興你回到 Etsy 團隊。我們在電話會議上所說的是，本季度每個過去 12 個月的買家的 GMS 同比上升，環比略有下降，但實際上下降了一點。本季度每位活躍買家的 GMS，即本季度實際活躍買家數量，與去年同期基本持平。因此，在過去 12 個月的基礎上，在第二季度活躍的活躍買家總數略有下降，這基本上解釋了過去 12 個月數字的連續下降。

Then if I can just jump in on that. So if you look at the total number of people who bought in the second quarter and divide the GMS from them by the number of buyers that were active, year-over-year, it's about flat. And we think that's actually really encouraging. In spite of reopening and in spite of inflation and all of the other economic headwinds, the buyers that are buying with us are spending about as much year-over-year, and that's roughly flat. We are seeing a very slight decline in the number of active buyers in Q2 relative to trailing 12-month. And again, no surprise that when people have a lot more options for where to shop and their pocketbooks are tighter, we might see some contraction in the number of active buyers. But actually, all things considered, we're pretty encouraged by how those trends are holding up as well.

然後，如果我可以跳進去。因此，如果您查看第二季度購買的總人數，然後將 GMS 從他們中除以活躍的購買者數量，與去年同期相比，結果基本持平。我們認為這實際上非常令人鼓舞。儘管重新開放，儘管存在通貨膨脹和所有其他經濟逆風，但與我們一起購買的買家的支出與去年同期一樣多，而且大致持平。與過去 12 個月相比，我們看到第二季度的活躍買家數量略有下降。同樣，毫不奇怪，當人們在哪裡購物有更多選擇並且他們的錢包更緊時，我們可能會看到活躍買家的數量有所收縮。但實際上，考慮到所有因素，我們對這些趨勢的持續發展感到非常鼓舞。

Okay. Great. Thanks, Josh and Rachel. Next one is from Rick Patel at Raymond James, also back in the saddle. Can you talk about inflation? Have your sellers begun to pass along higher prices in response to their input costs being up? If not, do you see an opportunity to educate the seller community on driving higher GMS like you did with the merits of offering free shipping in the past? Josh, do you want to start with that one?

好的。偉大的。謝謝，喬希和瑞秋。下一位來自 Raymond James 的 Rick Patel，他也回到了馬鞍上。你能談談通貨膨脹嗎？您的賣家是否開始通過更高的價格來應對他們的投入成本上升？如果沒有，您是否有機會像過去提供免費送貨一樣，教育賣家社區推動更高的 GMS？喬希，你想從那個開始嗎？

Sure. The short answer is no. We are not seeing sellers take up their net prices to account for the higher input prices that they have. And so providing them more education and tools might well be a strategy, and it's certainly something we're taking a hard look at right now. We are also seeing a lot of discounting in the market. Walmart reported yesterday that they've got oversupply, and so they're having to do a lot of discounting. It's moments like that when I continue to be grateful that our model does not require us to spend billions of dollars buying inventory in advance on the hopes that there will be demand for it when it finally arrives, weeks or months later. But nonetheless, there is a lot of discounting in the market.

當然。最簡潔的答案是不。我們沒有看到賣家採用他們的淨價格來解釋他們擁有的更高的投入價格。因此，為他們提供更多的教育和工具很可能是一種策略，這肯定是我們現在正在認真考慮的事情。我們也看到市場上有很多折扣。沃爾瑪昨天報告說他們已經供過於求，所以他們不得不做很多折扣。就在這樣的時刻，我繼續感激我們的模型不需要我們提前花費數十億美元購買庫存，希望在幾週或幾個月後最終到達時會有需求。但儘管如此，市場上有很多折扣。

So here's what we've seen. We've seen over the past 5 years, sellers take their headline list price up by about 9%, now 9% a year in total over 5 years. Item prices have gone up by about 9%. We've also launched a lot of sales and promotion tools that our sellers can use to put things on sale. And our sellers are using those tools, and they're using them with increasing frequency. The result of that is actually that it completely offsets the increase in item prices, meaning that the net item price has been basically flat for 5 straight years.

這就是我們所看到的。在過去的 5 年中，我們已經看到，賣家的標題標價上漲了大約 9%，現在 5 年內每年總共上漲 9%。商品價格上漲了約 9%。我們還推出了許多銷售和促銷工具，我們的賣家可以使用這些工具進行促銷。我們的賣家正在使用這些工具，而且他們使用它們的頻率越來越高。這樣做的結果實際上是完全抵消了項目價格的上漲，這意味著淨項目價格已經連續5年基本持平。

Now our sellers, it also means our sellers are armed with the kinds of tools that they might need in a time like now where there's a lot of heavy discounting and promotion where they can compete for that. And so we're happy that we're giving them tools to be able to compete and win. But it does mean that while many other retailers might be promoting -- might be reporting revenue and GMS numbers that are benefiting from price inflation, our sellers do not appear to be doing that at this time.

現在我們的賣家，這也意味著我們的賣家配備了他們可能需要的各種工具，在現在有大量折扣和促銷活動的時候，他們可以競爭。因此，我們很高興我們為他們提供了能夠競爭和取勝的工具。但這確實意味著，雖然許多其他零售商可能正在宣傳——可能會報告受益於價格上漲的收入和 GMS 數量，但我們的賣家目前似乎沒有這樣做。

Okay. Thanks, Josh. The next one comes from Tom Forte at D.A. Davidson. How should investors think about your staffing levels given comments by your e-commerce peers such as Amazon and Shopify suggesting that they are currently overstaffed for today's level of e-commerce demand, with Shopify going as far as to implement a 10% reduction in force. Josh?

好的。謝謝，喬希。下一個來自 D.A. 的 Tom Forte。戴維森。鑑於您的電子商務同行（例如 Amazon 和 Shopify）的評論表明，對於當今的電子商務需求水平，他們目前人手過多，Shopify 甚至會實施 10% 的裁員，投資者應該如何看待您的人員配備水平.喬什？

Yes. Thanks for the question. I think that our staffing level is just about right. We're in about the right size and shape right now. We feel pretty good about it. And just to give some context, when our revenues more than doubled overnight in the second quarter of 2020 and then stayed at those elevated levels and grew, we did not throw caution to the wind and suddenly go on a massive hiring spree and hire super quickly. There is a certain cadence at which you can interview people well, make sure you're getting high-quality people, make sure that they have a job that's a clearly defined job, that their managers are ready for them, that they're well trained, there's a certain cadence at which we think you can responsibly hire.

是的。謝謝你的問題。我認為我們的人員配備水平剛剛好。我們現在的大小和形狀都差不多。我們對此感覺很好。只是為了給出一些背景，當我們的收入在 2020 年第二季度一夜之間翻了一番以上，然後保持在這些高水平並增長時，我們並沒有拋開謹慎態度，而是突然開始大規模招聘并快速招聘.有一定的節奏，你可以很好地採訪人，確保你得到高素質的人，確保他們有一份明確定義的工作，他們的經理為他們做好準備，他們很好訓練有素，我們認為您可以負責任地僱用一定的節奏。

And so we let revenues lead. And what we said quarter-after-quarter is margins are higher than we like and we are more leveraged than we like. It's just that we can only hire at a certain pace. We also said traffic has also doubled. So every new product release that our team does has twice the impact because we're driving conversion rate on twice the traffic. And so revenues have led head count but head count is caught up, and Rachel showed a slide showing that now product development expense as a percent of revenue is roughly back to where it was before the pandemic. I do want to point out that those numbers include the acquisitions of Elo7 and Depop. Both of those are earlier-stage companies, earlier in their life cycle, so they're not as leveraged as Etsy.

所以我們讓收入領先。我們每個季度都說利潤率比我們喜歡的要高，我們的槓桿比我們喜歡的要高。只是我們只能以一定的速度招聘。我們還說流量也翻了一番。因此，我們團隊所做的每個新產品發布都會產生兩倍的影響，因為我們正在以兩倍的流量推動轉化率。因此，收入領先於人數，但人數卻趕上了，Rachel 展示了一張幻燈片，顯示現在產品開發費用佔收入的百分比大致回到了大流行之前的水平。我確實想指出，這些數字包括對 Elo7 和 Depop 的收購。這兩家公司都是處於早期階段的公司，處於生命週期的早期，因此它們的槓桿率不如 Etsy。

But I think that when we benchmark us to our peers, we look good. And I think especially if you look at the Etsy stand-alone business, we think that we benchmark quite well relative to the peer set. So we're happy that we have been thoughtful and careful as we've gone. We've never been a "growth at all costs" company. We've always been disciplined about investments. But we think we're about the right size and shape right now. So we have slowed hiring as business conditions have slowed. We started to significantly slow hiring in the third quarter. We don't have a hiring freeze. We are still hiring but not at the same pace that we were in the first half of this year, and we think that's appropriate.

但我認為，當我們與同行進行基準測試時，我們看起來不錯。而且我認為，特別是如果您查看 Etsy 獨立業務，我們認為我們的基準相對於同行集相當好。因此，我們很高興我們在離開時一直深思熟慮和謹慎。我們從來都不是一家“不惜一切代價實現增長”的公司。我們一直對投資有紀律。但我們認為我們現在的大小和形狀都合適。因此，隨著商業環境放緩，我們放慢了招聘速度。我們在第三季度開始顯著放緩招聘。我們沒有凍結招聘。我們仍在招聘，但速度不及今年上半年，我們認為這是合適的。

Okay. Great. Next one, I think these 2, I'll give back-to-back for Rachel. First one is related to performance marketing from Lee Horowitz at Deutsche Bank. On the performance marketing spend declines in the quarter, with much of those declines being driven by internal initiatives across your marketing team, how should we think about how performance marketing should evolve for the second half of the year?

好的。偉大的。下一個，我想這兩個，我會背靠背給瑞秋。第一個與德意志銀行的 Lee Horowitz 的績效營銷有關。關於本季度績效營銷支出的下降，其中大部分下降是由營銷團隊的內部舉措推動的，我們應該如何考慮下半年績效營銷應該如何發展？

Thank you for the question. Performance marketing, as we've said many times, for us, varies dynamically with demand. When we did our transaction fee increase, we were able to increase lifetime value. And so our models dynamically adjust to that higher lifetime value. We can spend more and spend deeper into the ROI curve. And on the other hand, when demand is softer, it will dynamically pull back. So we saw both of those things happening in the second quarter where we had some decreased spending because of lower demand and, on the other hand, being able to spend a bit more because of higher LTV. Said another way, we would have spent less had we not had the higher LTV.

感謝你的提問。正如我們多次說過的，對我們而言，績效營銷會隨著需求而動態變化。當我們增加交易費用時，我們能夠增加生命週期價值。因此，我們的模型會動態調整以適應更高的生命週期價值。我們可以花更多錢，更深入地了解投資回報率曲線。另一方面，當需求疲軟時，它會動態回落。因此，我們看到這兩件事都發生在第二季度，由於需求下降，我們的支出有所減少，另一方面，由於 LTV 較高，我們能夠支出更多。換句話說，如果我們沒有更高的 LTV，我們會花更少的錢。

So flash forward, going forward, we have this continued higher lifetime value. We can continue to lean into that ROI curve and we will expect to -- what we said on the call was we would expect to be spending more, and we typically spend more in the second half of the year than we do in the first, a lot of that driven by the seasonality of higher demand as we get toward the second half of the third quarter and into the holiday season in the fourth quarter. And we also said that in addition to performance marketing, we would typically spend more on brand marketing in the fourth quarter also because demand is higher at that time.

所以向前看，向前看，我們有這個持續更高的生命週期價值。我們可以繼續向投資回報率曲線傾斜，我們將期望——我們在電話會議上所說的是，我們預計會花費更多，我們通常在下半年花費比第一年更多，隨著第三季度下半年和第四季度進入假日季節，需求增加的季節性推動了很多需求。我們還表示，除了績效營銷外，我們通常會在第四季度在品牌營銷上投入更多資金，這也是因為當時需求更高。

Thanks, Rachel. And a follow-up, I'll ask one from Anna Andreeva at Needham. How should we think about Etsy brand marketing spend in the second half as you start going against the pullback in marketing in Q3 of '21 and Q4 of '21? Can you also talk about the off-site ads and how that's been trending in line or ahead of expectations?

謝謝，雷切爾。還有一個後續，我會從 Needham 的 Anna Andreeva 那裡問一個。當您開始對抗 21 年第三季度和 21 年第四季度的營銷回落時，我們應該如何看待下半年的 Etsy 品牌營銷支出？您能否也談談場外廣告以及其趨勢如何符合或超出預期？

Thank you, Anna. Let me take the off-site ads question first. Basically, off-site ads is trending in line. It's been about 1 percentage point of take rate improvement more -- give or take a little bit here and there, but we're trending roughly in that same neighborhood.

謝謝你，安娜。讓我先回答站外廣告問題。基本上，場外廣告的趨勢是一致的。接受率提高了大約 1 個百分點 - 在這里和那裡給予或接受一點點，但我們大致在同一個社區趨勢。

On brand marketing, like I said, we typically do spend more on brand marketing in the fourth quarter, so relative -- sequentially relative to the first half of the year. In the second half, we would expect to spend a little bit more on brand marketing year-over-year. I don't think we've given a guide on that specific number, but we aren't necessarily doubling down because we try to make brand marketing as dynamic as we do with performance marketing, meaning when demand is there, we'll spend more.

在品牌營銷方面，就像我說的那樣，我們通常會在第四季度在品牌營銷上花費更多，所以是相對的——相對於今年上半年的順序。下半年，我們預計在品牌營銷上的支出將同比增加一點。我認為我們沒有給出具體數字的指導，但我們不一定會加倍投入，因為我們試圖讓品牌營銷像績效營銷一樣充滿活力，這意味著當有需求時，我們會花費更多的。

We did expand from the U.S. into the U.K. and Germany as well. In the last year, we'll continue with that because we've seen very high ROI on that spend as well as very positive brand marketing results with how well we resonate top of mind in those markets. So we attribute a lot of that to the brand campaigns.

我們確實從美國擴展到英國和德國。去年，我們將繼續這樣做，因為我們看到了非常高的投資回報率以及非常積極的品牌營銷結果，我們在這些市場中引起了人們的共鳴。因此，我們將其中很多歸功於品牌活動。

Great. Thanks, Rachel. Next one, I'll give to Josh from Noah Zatzkin at KeyBanc. Are there any actions you're taking in the near term to improve performance at Depop and/or Elo7? How are you thinking about the long-term opportunity for your House of Brands?

偉大的。謝謝，雷切爾。下一個，我將給 KeyBanc 的 Noah Zatzkin 的 Josh。您在近期內是否採取了任何行動來提高 Depop 和/或 Elo7 的表現？您如何看待品牌之家的長期機會？

Thanks for the question. We continue to think it's early days and that Depop is a great brand with a great community and a great space. So we think that e-commerce is going to continue to be a big and important space. And we think Gen Z is the place to be, and Depop is the choice of Gen Z. So we continue to be excited, and it's early days for Depop. And Elo7 as well, we think Brazil is a really exciting economy, a really exciting market. And having a foothold there, we think, is really important.

謝謝你的問題。我們仍然認為現在還為時尚早，Depop 是一個偉大的品牌，擁有偉大的社區和廣闊的空間。因此，我們認為電子商務將繼續成為一個巨大而重要的空間。我們認為 Z 世代是理想之地，而 Depop 是 Z 世代的選擇。所以我們繼續感到興奮，而 Depop 還處於早期階段。 Elo7 也是如此，我們認為巴西是一個非常令人興奮的經濟體，一個非常令人興奮的市場。我們認為，在那裡立足非常重要。

We made these investments with an eye for the long term, not the short term. And we are absolutely investing to have an impact there. So I think Kruti coming over to Depop brings tremendous know-how. I talked in the call about her 11 years of tenure and almost every role at Etsy. We've also taken Etsy alumni now run the technology team and the product teams and very talented leaders. I think it really speaks to the bench of talent that we have at Etsy that we're able to do this kind of knowledge transfer and talent transfer. But they're hard at work right now on accelerating the velocity and the measurability of the product work that we're doing.

我們進行這些投資時著眼於長期，而不是短期。我們絕對會投資以產生影響。所以我認為 Kruti 加入 Depop 帶來了巨大的專業知識。我在電話中談到了她 11 年的任期以及在 Etsy 的幾乎所有角色。我們還聘請了 Etsy 校友現在管理技術團隊和產品團隊以及非常有才華的領導者。我認為這確實說明了我們在 Etsy 擁有的人才，我們能夠進行這種知識轉移和人才轉移。但他們現在正在努力加快我們正在做的產品工作的速度和可測量性。

One of the core cadences of Etsy that's been so effective is really being able to look at what's truly driving impact in GMS and focus our work on things that are truly unlocking gains. We're building a lot of that into Depop, really working on building performance marketing systems at Depop that can accelerate growth, where we can be more measurable and attribute to ROI there. And so we're encouraged by the work there and then more in search and discovery that we can do.

Etsy 非常有效的核心節奏之一是真正能夠看到 GMS 中真正推動影響的因素，並將我們的工作重點放在真正釋放收益的事情上。我們在 Depop 中構建了很多內容，真正致力於在 Depop 構建可以加速增長的績效營銷系統，在那裡我們可以更加可衡量並歸因於那裡的 ROI。因此，我們對那裡的工作感到鼓舞，然後我們可以做更多的搜索和發現。

And Elo7 also, there's been a really terrific partnership. So for example, they're making a lot of gains right now, getting shipping costs down through negotiations with carriers. They are also seeing real gains with our performance marketing and our ability to help them be more thoughtful about how and where to do their performance marketing. And so we're very encouraged by our opportunity to add value. We think it's early days and we're excited for the future.

Elo7 也有非常棒的合作夥伴關係。例如，他們現在獲得了很多收益，通過與運營商的談判降低了運輸成本。他們也看到了我們的績效營銷以及我們幫助他們更周到地考慮如何以及在哪裡進行績效營銷的能力的真正收益。因此，我們對有機會增加價值感到非常鼓舞。我們認為現在還為時尚早，我們對未來感到興奮。

Okay. Great. I wanted to ask Rachel this one, from Rick Patel at Raymond James. How should we think about lower EBITDA margins in Q3 given the upside you had in Q2? Is there something specific about Q3 or the timing of investments that would cause the downward pressure sequentially?

好的。偉大的。我想問瑞秋這個，來自雷蒙德詹姆斯的里克帕特爾。考慮到第二季度的上漲空間，我們應該如何看待第三季度較低的 EBITDA 利潤率？第三季度或投資時機是否有特定的因素會導致連續下行壓力？

Happy to answer that question. So there's one main reason I can cite that suggests the sequential decline in Q3 margins from the guidance that we gave. And that's because, as I said on the call and as Josh reiterated here, even though we have slowed hiring for the rest of the year, we have been hiring steady as she goes for the last 4 to 6 quarters. And so we have sequentially more head count, full quarter of more head count in the third quarter than we did in the second quarter, including the head count we acquired with the acquisitions of Depop and Elo7.

很高興回答這個問題。因此，我可以引用的一個主要原因表明，我們給出的指導表明第三季度利潤率連續下降。這是因為，正如我在電話會議上所說的那樣，正如喬希在這裡重申的那樣，即使我們在今年剩下的時間裡放慢了招聘速度，但隨著她在過去 4 到 6 個季度的發展，我們一直在穩定招聘。因此，我們的員工人數連續增加，第三季度的員工人數比第二季度的人數增加了整整一個季度，包括我們通過收購 Depop 和 Elo7 獲得的員工人數。

In addition, we try to stay very competitive on our compensation. We do an annual market assessment and we adjust compensation relative to what we learn from that market assessment. And so we've stayed competitive, and higher compensation costs and more people in Q3 versus Q2 drives the primary reason for the deceleration. That's offset by higher flow-through of revenue from a higher transaction fee. We get a full quarter of that in Q3 as well.

此外，我們努力在薪酬方面保持非常有競爭力。我們進行年度市場評估，並根據我們從市場評估中了解到的情況調整薪酬。因此，我們保持了競爭力，第三季度與第二季度相比，更高的薪酬成本和更多的人是減速的主要原因。這被更高的交易費用帶來的更高的收入流動所抵消。我們在第三季度也得到了整整四分之一。

Rachel, also the purchase protection.

雷切爾，也是購買保護。

That's good, and I think we have another question coming up.

這很好，我想我們還有另一個問題要問。

Yes, I was going to ask that one, but go ahead.

是的，我正要問那個，但請繼續。

So we've talked a lot about this purchase buyer -- purchase protection that we've recently just launched. We've talked about that being about a $25 million investment off our P&L on an annualized basis. So we'll be getting a partial quarter of that in Q3 that we did not have in Q2. That is something that has not -- to date, we haven't done a large marketing or promotional push so that buyers better understand that we're offering this purchase protection.

所以我們就這個購買買家談了很多——我們最近剛剛推出的購買保護。我們已經討論過，每年從損益表中投資約 2500 萬美元。因此，我們將在第三季度獲得第二季度沒有的四分之一。這是沒有的——迄今為止，我們還沒有進行大規模的營銷或促銷活動，以便買家更好地了解我們正在提供這種購買保護。

So right now, that's a full expense on our P&L and not necessarily being offset in the near term with GMS. It is something over the long term that as we build trust in our brand that we would expect to see some benefit. That's the reason that we're doing this, a higher trust in the marketplace. We'll remove one of the big friction points we have in repeat frequency and new buyers coming to the site.

所以現在，這是我們損益表的全部費用，不一定在短期內被 GMS 抵消。從長遠來看，當我們建立對品牌的信任時，我們希望看到一些好處。這就是我們這樣做的原因，對市場的更高信任。我們將消除重複頻率和新買家訪問該網站的一大摩擦點。

Yes. That's great, Rachel. I was actually going to follow up with Josh on a question from Naved Khan from Truist about -- just in general about purchase protection and how we see that as a long-term growth driver. I don't know if you want to add anything to that, Josh, but...

是的。太好了，雷切爾。實際上，我打算與 Josh 就 Truist 的 Naved Khan 提出的一個問題進行跟進 - 總的來說是關於購買保護以及我們如何將其視為長期增長驅動力。喬希，我不知道你是否想添加任何東西，但是...

Only that I don't think it's a silver bullet that all of a sudden changes things, but brands that are known to have your back engender loyalty and frequency. And we know that nagging voice in your head of what if it doesn't arrive or what if I don't like it can be a real friction point on Etsy, particularly when you're buying -- the nature of Etsy is you're buying an unbranded product from an unbranded seller. So we think that by backing it with the full faith and trust of Etsy, we can give you the confidence and we think earn more frequency.

只是我不認為突然改變事情是靈丹妙藥，但眾所周知的品牌會產生忠誠度和頻率。而且我們知道，如果它沒有到達，或者我不喜歡它怎麼辦，你腦海中的嘮叨聲音可能是 Etsy 的真正摩擦點，尤其是當你購買時——Etsy 的本質就是你從無品牌賣家那裡重新購買無品牌產品。所以我們認為，通過 Etsy 的完全信任和信任來支持它，我們可以給你信心，我們認為可以獲得更多的頻率。

If you think about the brands that are really famous for this, it didn't happen overnight. It's something you earn and people have an experience and you have their back and they tell their friends and it grows. And fortunately, this is affordable for us because our sellers generally do a great job and people, as a percentage of our total volume, don't have a lot of really bad experiences, which is what makes it feasible for us to step into this gap.

如果您考慮一下真正為此而聞名的品牌，那並不是一夜之間發生的。這是你賺到的東西，人們有經驗，你有他們的支持，他們告訴他們的朋友，它就會增長。幸運的是，這對我們來說是負擔得起的，因為我們的賣家通常做得很好，而且人們，作為我們總銷量的百分比，沒有很多非常糟糕的經歷，這使得我們能夠進入這個領域差距。

Great. We're going to go a couple of minutes over as we -- I mean our prepared remarks were a little bit long. So one is for you, Rachel, on guidance from John Colantuoni from Jefferies. And I'm going to shorten the question a little bit. Can you just sort of talk about the midpoint of the Q3 GMS guidance and what's implied on a sequential basis? I think that would be sort of the core of the question.

偉大的。我們將討論幾分鐘——我的意思是我們準備好的發言有點長。瑞秋，在 Jefferies 的 John Colantuoni 的指導下，有一個適合你。我將稍微縮短這個問題。您能否談談第三季度 GMS 指導的中點以及按順序隱含的內容？我認為這將是問題的核心。

Yes. So it hits 2 of my favorite charts in the slide deck. I'm not sure if you've been able to see them. But on one slide, we did outline the walk for Q2, what we thought the primary drivers of the GMS decline was. And by far, the largest decel was coming from what we call mobility. We're almost at all the way back to the mobility level according to Google's mobility index that we were in Q2 of 2019, well before the pandemic. So people are out. They're dining out. They're shopping online. They are traveling. And that was the biggest decline in what we saw in Q2, and we would expect -- we have no reason to believe at this point that there would be a big difference in that on our Q3 numbers.

是的。所以它擊中了幻燈片中我最喜歡的兩個圖表。我不確定你是否能夠看到它們。但在一張幻燈片上，我們確實概述了第二季度的走勢，我們認為 GMS 下降的主要驅動因素是。到目前為止，最大的減速來自我們所說的流動性。根據谷歌在 2019 年第二季度的移動性指數，我們幾乎完全回到了移動性水平，這在大流行之前。於是人就出來了。他們在外面吃飯。他們在網上購物。他們正在旅行。這是我們在第二季度看到的最大跌幅，我們可以預期 - 我們目前沒有理由相信我們的第三季度數據會有很大差異。

Now the second favorite chart was the Q3, the monthlies that we gave, implying where we are, that we're seeing this flattening between May and June, between June and July. And so at the high end of our guidance, we're basically flat year-over-year on -- year over 3-year, rather, on GMS. And at the low end of the guide, we see a continued slight deceleration but at a slow -- on a softer slope.

現在第二個最喜歡的圖表是第三季度，我們給出的月度，暗示我們在哪裡，我們看到在 5 月和 6 月之間，在 6 月和 7 月之間，這種趨勢趨於平緩。因此，在我們指導的高端，我們基本上與去年同期持平——相比 3 年，更確切地說，在 GMS 上。在指南的低端，我們看到持續的輕微減速，但速度很慢——在較緩的斜坡上。

Great. And I'm going to just take one more from Seth Dunlop (sic) [Sean Dunlop] at Morningstar, and this one, I'll ask Josh to talk about. Are we fully penetrated in terms of ad load now that we've added ads to the home page? What are the future growth opportunities for Etsy Ads?

偉大的。我要再從晨星的塞斯鄧洛普（原文如此）[肖恩鄧洛普]那裡拿一個，這個，我會請喬希談談。既然我們已經將廣告添加到主頁，我們是否在廣告負載方面完全滲透了？ Etsy Ads 未來的增長機會是什麼？

Great question. One thing I'll just say on top of Rachel's question, of course, everything she said, FX is also something of a headwind. It's several percentage points, in fact, of a headwind to GMS, so just something to think about. I think in light of that, even more encouraged by how well we're holding up considering part of this is just FX.

好問題。在 Rachel 的問題之上，我只想說一件事，當然，她所說的一切，FX 也是一種逆風。事實上，這對 GMS 來說是逆風的幾個百分點，所以只是需要考慮一下。我認為有鑑於此，考慮到其中一部分只是 FX，我們的表現更加令人鼓舞。

So the ad load, we're really excited about the continued opportunity for Etsy Ads over time. That team has just done a great job. And when we think about head count and hiring, by the way, we have a tiny group of people, one squad on that for the longest time, and now there's a few squads. But for a business that generates the kind of benefits that it does for the community, the kinds of revenue and profit, it's still a very small team.

因此，隨著時間的推移，我們對 Etsy Ads 的持續機會感到非常興奮。那支球隊剛剛做得很好。順便說一句，當我們考慮人數和招聘時，我們有一小群人，一個小隊在那個時間最長，現在有幾個小隊。但是對於一個能夠為社區帶來收益、收入和利潤的企業來說，它仍然是一個非常小的團隊。

And so the question of ad load, have we covered every surface we could on Etsy? Actually, it's more complicated than it sounds because the answer is it depends on the quality of ads, right? If the quality of ads are as good as organic search results, then you could imagine ad load being very high, right? If the quality of the ad product is much worse than organic, then anywhere you put ads comes at the expense of organic listings, which would be better.

所以關於廣告加載的問題，我們是否覆蓋了 Etsy 上的所有表面？實際上，它比聽起來更複雜，因為答案是它取決於廣告的質量，對吧？如果廣告的質量與自然搜索結果一樣好，那麼您可以想像廣告負載非常高，對吧？如果廣告產品的質量比有機產品質量差得多，那麼您在任何地方放置廣告都會以犧牲有機產品列表為代價，這會更好。

So the relevance of the ads that we serve has gotten dramatically better over time. And as a result, there's less variance. In fact, there's often no variance between the GMS produced by an ad or the GMS produced by inorganic listing. And as the relevance of ads gets better, as sellers -- more sellers take up their budget, that allows us to actually expand ad coverage or ad load even more. They actually go hand-in-hand.

因此，隨著時間的推移，我們所投放的廣告的相關性已經顯著提高。結果，差異較小。事實上，廣告產生的 GMS 與無機上市產生的 GMS 之間通常沒有差異。隨著廣告的相關性變得更好，隨著賣家——更多的賣家佔用他們的預算，這使我們能夠實際擴大廣告覆蓋範圍或增加廣告負載。他們實際上是齊頭並進的。

There was a question asked about seller budgets. Seller budgets are up 80% year-over-year on aggregate. So that I take is a nice testament that sellers are getting good ROAS relative to their expectations and what they want and need from the program. That's an aggregate. But in fact, some sellers still achieve their full daily budget in the first hours of the morning, right? And so there's still room to go on getting more sellers to increase their budget. We still think there's a lot more we can do to make the search engine even more relevant. And as we do those things, we can expand ad coverage or ad load even more.

有一個關於賣家預算的問題。賣家預算總計同比增長 80%。所以我認為這是一個很好的證明，即相對於他們的期望以及他們想要和需要的程序，賣家獲得了良好的 ROAS。那是一個集合體。但事實上，一些賣家仍然會在早上的頭幾個小時完成他們的全部每日預算，對吧？因此，仍有空間讓更多賣家增加預算。我們仍然認為我們可以做更多的事情來使搜索引擎更加相關。當我們做這些事情時，我們可以擴大廣告覆蓋率或廣告負載。

Okay. Great. We went over by a few minutes. So I'd like to thank everybody for your time, and we will talk to you all soon. Thanks, Josh. Thanks, Rachel.

好的。偉大的。我們走了幾分鐘。因此，我要感謝大家抽出寶貴時間，我們很快就會與大家交談。謝謝，喬希。謝謝，雷切爾。

Thank you.

謝謝你。