ETSY Inc (ETSY) 2022 Q4 法說會逐字稿

Hi, everyone, and welcome to Etsy's Fourth Quarter and Full Year 2022 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations. Joining me today are Josh Silverman, CEO; Rachel Glaser, CFO; and Jessica Schmidt, Senior Director of Investor Relations.

大家好，歡迎來到 Etsy 的第四季度和 2022 年全年收益電話會議。我是投資者關係副總裁 Deb Wasser。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；和投資者關係高級總監 Jessica Schmidt。

Today's prepared remarks have been prerecorded. Once we are 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 chat window displayed on your screen. I'll be reading your questions, and we'll try to get to as many as we can.

今天準備好的發言已經預先錄製好了。完成 Josh 和 Rachel 的演示後，我們將轉為現場視頻網絡直播問答環節。可以通過屏幕上顯示的問答聊天窗口提交問題。我會閱讀您的問題，我們會盡可能多地回答。

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business and our operating results as noted in the slide deck posted to our website for your reference. Our actual results may differ materially. Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-Q, and which will be updated in future periodic reports that we file 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、我們的業務和我們的經營業績相關的前瞻性陳述，如我們網站上發布的幻燈片中所述，供您參考。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，其中一些在今天的收益發布和我們最近的 10-Q 表格中有所描述，並將在我們向美國證券交易委員會提交的未來定期報告中更新。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這些陳述的義務。

Also during the call, we'll present both GAAP and non-GAAP financial measures, which are reconciled to GAAP financial measures in today's earnings press release posted to our IR website, along with the replay of this call.

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標，這些指標與今天發佈在我們 IR 網站上的收益新聞稿中的 GAAP 財務指標相一致，同時還會重播此次電話會議。

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

有了這個，我會把它交給喬希。

Thanks, Deb. We're happy to speak with you this evening to share our latest performance and our outlook for the business. Once again, in 2022, our team was able to significantly improve the Etsy customer experience and do so in ways that had a meaningful and demonstratively positive impact on our financial metrics. We believe it's no accident that Etsy's performance has remained healthy in a volatile environment.

謝謝，德布。我們很高興今晚與您交談，分享我們的最新業績和我們對業務的展望。 2022 年，我們的團隊再次能夠顯著改善 Etsy 的客戶體驗，並以對我們的財務指標產生有意義且明顯的積極影響的方式做到這一點。我們認為，Etsy 在動蕩的環境中保持健康的表現絕非偶然。

We're also proud of the continued focus we've had over the past 5 years on profitable growth and cost discipline, which we believe serves us especially well today. Our ability to retain pandemic gains supports our belief in the relevancy of our Right to Win strategy, the focus and discipline of our investment strategy and the resiliency of our business model.

我們也為過去 5 年來持續關注盈利增長和成本控制感到自豪，我們相信這對我們今天特別有用。我們保留大流行收益的能力支持我們相信我們的獲勝戰略的相關性、我們投資戰略的重點和紀律以及我們商業模式的彈性。

The Etsy marketplace ended the year on a high note, with strong holiday performance and accelerating year over 3-year GMS in the fourth quarter. Etsy and our sellers helped make the season bright. GMS grew year-over-year on a currency-neutral basis during Cyber 5. We had particularly strong days on Small Business Saturday and Giving Tuesday, supporting our belief that buyers associate Etsy with shopping small and making a positive impact.

Etsy 市場以高調結束了這一年，假期表現強勁，第四季度的 3 年期 GMS 增速加快。 Etsy 和我們的賣家幫助這個季節變得明亮。在 Cyber 5 期間，GMS 在貨幣中性的基礎上同比增長。我們在小型企業星期六和捐贈星期二的日子特別強勁，支持我們的信念，即買家將 Etsy 與小型購物聯繫起來並產生積極影響。

We pulled out all the stops to help our sellers have the best season possible, which included holiday ad campaigns in the U.S., U.K. and Germany, spotlighting well-crafted items for all budgets, types of people and giftable moments; out-of-home campaigns in the U.K. and Germany; increased seller participation in our annual cyber sales event; educational moments and optimized selling tools; and last, but certainly not least, our new Etsy Purchase Protection program, which enhances peace of mind for buyers and sellers.

我們竭盡全力幫助我們的賣家度過最好的銷售季，其中包括在美國、英國和德國開展的假日廣告活動，重點展示適合所有預算、人群和禮物時刻的精心製作的商品；英國和德國的戶外活動；增加賣家對我們年度網絡銷售活動的參與度；教育時刻和優化的銷售工具；最後但並非最不重要的一點是，我們新的 Etsy 購買保護計劃可以讓買家和賣家更加安心。

This strong fourth quarter enabled us to finish 2022, having delivered consolidated GMS of $13.3 billion, down slightly from the prior year; record revenue of $2.6 billion, up about 10%; and non-GAAP adjusted EBITDA of about $717 million, essentially flat with the prior year as we reinvested most of the Etsy transaction fee increase back into the business. Rachel will, of course, review the financials later on.

這個強勁的第四季度使我們能夠在 2022 年結束，交付了 133 億美元的綜合 GMS，略低於上一年；創紀錄的收入為 26 億美元，增長約 10%；和非 GAAP 調整後的 EBITDA 約為 7.17 億美元，與上一年基本持平，因為我們將大部分 Etsy 交易費用增加重新投資回業務。當然，雷切爾稍後會審查財務狀況。

From a top line perspective, we're now nearly 3x the size we were pre-pandemic, and we've been careful about how we've grown our cost structure, with an eye towards investing in the fewest, most important areas we believe will sustain and continue to grow the business, visible in our profitable growth and strong free cash flow during what was undoubtedly a challenging year for e-commerce at large as well as for Etsy.

從頂線的角度來看，我們現在的規模幾乎是大流行前的 3 倍，而且我們一直對如何增加成本結構保持謹慎，著眼於投資於我們認為最少、最重要的領域將維持並繼續發展業務，這在我們的盈利增長和強勁的自由現金流中可見一斑，這對整個電子商務和 Etsy 來說無疑是充滿挑戰的一年。

I'm truly proud of our performance. And importantly, while we don't have a crystal ball, it's this sustained performance that gives us the conviction to believe that our discipline, focus and the size of our market opportunity sets us up well no matter what business conditions lie ahead.

我真的為我們的表現感到自豪。重要的是，雖然我們沒有水晶球，但正是這種持續的表現讓我們堅信，無論未來的商業環境如何，我們的紀律、重點和市場機會的規模都會讓我們做好準備。

Investment in our core Etsy marketplace have really paid off, and you saw that as we went through 2022, maintaining most of our gains in the face of enormous headwinds. That performance is summed up here. We have nearly twice as many active buyers as we did in 2019. Shoppers are coming to us more frequently and spending more with Etsy, and we're continuing to build the Etsy habit.

對我們的核心 Etsy 市場的投資確實得到了回報，你看到了我們在 2022 年的時候，在巨大的逆風面前保持了我們的大部分收益。此處總結了該性能。我們的活躍買家人數幾乎是 2019 年的兩倍。購物者來我們這裡的頻率更高，在 Etsy 上的消費也更多，我們將繼續養成使用 Etsy 的習慣。

In addition to earning our place in buyers' hearts, we believe we've also deepened our relationship with Etsy sellers. We've seen seller cohorts retain much of the gains achieved during the pandemic, even as the world reopened and e-commerce headwinds increased. Etsy's mission is to keep commerce human, and we believe that these past 2 years have shown that the customer needs we meet are both powerful and enduring and that Etsy offers something different.

除了在買家心中贏得一席之地，我們相信我們還加深了與 Etsy 賣家的關係。我們已經看到賣家群體保留了大流行期間取得的大部分收益，即使世界重新開放並且電子商務逆風增加。 Etsy 的使命是讓商業保持人性化，我們相信過去 2 年表明我們滿足的客戶需求既強大又持久，Etsy 提供了一些不同的東西。

In addition to maintaining our gains, we did, in fact, grow in some very important ways last year. Just a few examples. Strategies to introduce more buyers who identify as men to the joys of Etsy resulted in 22 million male active buyers at year-end, up 124% since 2019 and now at our highest level yet. We reactivated 24 million buyers who lapsed over the prior 12 months, the most ever reactivated in 1 year.

事實上，除了保持我們的收益外，去年我們確實在一些非常重要的方面取得了增長。舉幾個例子。為讓更多男性買家享受 Etsy 帶來的樂趣而採取的策略在年底吸引了 2200 萬男性活躍買家，自 2019 年以來增長了 124%，目前處於我們迄今為止的最高水平。我們重新激活了過去 12 個月內失效的 2400 萬買家，這是 1 年內重新激活的最多的一次。

Germany was a standout performer for Etsy in 2022, with GMS increasing at a healthy double-digit growth rate and now over 4x larger than in 2019. That's pretty remarkable, especially given macroeconomic conditions in that region of the world. We made real progress in our newest core market, India, growing to over 120,000 sellers with approximately 5 million listings, over 30% of which, thanks to our investments in local payment options, are now available to local buyers. We're making important strides as we methodically build the foundation for a vibrant two-sided marketplace.

德國在 2022 年的 Etsy 表現突出，GMS 以兩位數的健康增長率增長，現在比 2019 年增長了 4 倍多。這非常了不起，特別是考慮到世界該地區的宏觀經濟狀況。我們在最新的核心市場印度取得了真正的進展，賣家數量增長到超過 120,000 家，擁有大約 500 萬件物品，其中超過 30% 的物品現在可供當地買家使用，這要歸功於我們對本地支付選項的投資。在有條不紊地為充滿活力的雙向市場奠定基礎的過程中，我們正在取得重大進展。

We believe that these metrics are indicative of just how early we are in expanding our share of wallet in our estimated $2 trillion TAM and our mission to bring the world a true alternative to commoditized shopping.

我們相信，這些指標表明我們在擴大我們估計的 2 萬億美元 TAM 中的錢包份額以及我們為世界帶來商品化購物的真正替代品的使命方面有多早。

I'm also incredibly proud, once again, of how we care for our people, our communities and our planet in 2022. We come to work grateful to be able to support creative entrepreneurs around the world. And as a result, we continue to attract and retain world-class talent. Being part of a community means that when one part is suffering, the rest of us try to step up and offer our support. And even now as we start 2023, Etsy has already stepped up to support sellers impacted by the California floods and, of course, by the devastating earthquakes in Turkey.

我也再次為 2022 年我們如何關心我們的人民、我們的社區和我們的星球感到無比自豪。我們懷著感激的心情來工作，能夠支持世界各地的創意企業家。因此，我們繼續吸引和留住世界一流的人才。成為社區的一份子意味著當一部分人遭受痛苦時，我們其他人會努力挺身而出並提供我們的支持。即使在我們 2023 年開始之際，Etsy 也已經加緊支持受加利福尼亞洪水影響的賣家，當然還有土耳其毀滅性地震的影響。

As you'll see in our soon-to-be-filed 10-K, we continue to make excellent progress on our ESG goals, which remain very well aligned with our business goals. At our core, we believe people want to shop their values, and they want to work where they can make a difference. We know there's so much more we can do to connect our mission to keep commerce human to the impact our marketplaces make in the world. And we see this as an integral driver of growth for our entire house of brands.

正如您將在我們即將提交的 10-K 中看到的那樣，我們在 ESG 目標方面繼續取得出色進展，這些目標與我們的業務目標保持一致。在我們的核心，我們相信人們想要購買他們的價值觀，他們想要在他們可以有所作為的地方工作。我們知道，要將我們保持商業人性化的使命與我們的市場在世界上產生的影響聯繫起來，我們還有很多事情可以做。我們認為這是我們整個品牌家族增長的不可或缺的驅動力。

No Etsy presentation would be complete without our Right to Win slide, the strategy we unveiled in 2019, which remains robust and relevant today. We're confident that this strategy has enabled us to deepen our competitive advantages and gain market share over time and that our disciplined ROI-focused approach to investments in product, marketing, technology and people has and will continue to pay off.

如果沒有我們在 2019 年推出的“獲勝權”幻燈片，Etsy 的演示文稿將是不完整的，該戰略在今天仍然穩健且相關。我們相信，這一戰略使我們能夠隨著時間的推移加深我們的競爭優勢並獲得市場份額，並且我們在產品、營銷、技術和人員方面嚴格的以 ROI 為中心的投資方法已經並將繼續取得回報。

Each year, we pick a select set of customer experiences where we believe we can make material improvements in ways that result in materially better experiences for buyers, more sales for sellers and better returns for investors. Etsy teams, often working in what we call a squad, are tasked with a single customer experience to improve in ways that achieve a specific financial target.

每年，我們都會挑選一組精選的客戶體驗，我們相信我們可以在這些方面進行實質性改進，從而為買家帶來更好的體驗，為賣家帶來更多的銷售，為投資者帶來更好的回報。 Etsy 團隊通常以我們所說的小隊形式工作，其任務是單一客戶體驗，以實現特定財務目標的方式進行改進。

For example, in 2022, we tasked the Etsy Ads team to make ads more relevant for buyers while keeping seller ROAS above our target levels, which drove over $100 million in incremental annualized revenue while improving the experience for our customers. Squads have a great deal of freedom to test fast and learn fast and a strong bias to action. They often push more than one release per week, typically to 50% of Etsy's audience, so we can quickly measure whether that release has demonstrably lifted GMS or moved the target metric.

例如，在 2022 年，我們要求 Etsy Ads 團隊讓廣告與買家更相關，同時將賣家的 ROAS 保持在我們的目標水平之上，這推動了超過 1 億美元的年化收入增量，同時改善了我們客戶的體驗。小隊有很大的自由來快速測試和快速學習，並且有強烈的行動傾向。他們通常每週推送不止一個版本，通常面向 50% 的 Etsy 受眾，因此我們可以快速衡量該版本是否明顯提升了 GMS 或移動了目標指標。

Importantly, we meet monthly to review the progress made by each squad. By doing this across our entire portfolio of work, we're able to understand the degree of payback we're getting or not from our investments, how they're impacting daily performance and adjust our work accordingly to ensure we're moving the ball forward to improve customer experiences and meet our targets.

重要的是，我們每月開會審查每個小隊取得的進展。通過在我們的整個工作組合中執行此操作，我們能夠了解我們從投資中獲得或未獲得的回報程度，它們如何影響日常績效，並相應地調整我們的工作以確保我們取得進展以改善客戶體驗並實現我們的目標。

It's important to note, and as shown on this slide, that our teams work not only on the core buyer and seller experiences, we take the same approach across member services, trust and safety, payments, fulfillment, our martech stack, site performance and enablement and so on. Last year, we said in order to earn a greater share of wallet, we'd centered our Right to Win investments on inspiration, having fun and engaging experiences that keep you coming back for more; efficiency, helping you quickly and easily get in, buy and get out when you already know what you want; and reliability, ensuring a stress-free and dependable purchase. I'm going to run through some very tangible examples of how the approach I've just outlined shows up in our performance.

重要的是要注意，正如這張幻燈片所示，我們的團隊不僅致力於核心買家和賣家體驗，我們在會員服務、信任和安全、支付、履行、我們的營銷技術堆棧、網站性能和啟用等。去年，我們表示，為了贏得更大的錢包份額，我們將“贏取權利”投資的重點放在靈感、有趣和引人入勝的體驗上，讓您回頭再來；效率，幫助您在已經知道自己想要什麼的情況下快速輕鬆地進入、購買和退出；和可靠性，確保無壓力和可靠的購買。我將通過一些非常具體的例子來說明我剛才概述的方法如何在我們的績效中體現出來。

A great example of how we made Etsy more inspirational is with buyer collections, a way for users to organize items into groups, which are easy to share or come back to later. In 2021, we set a goal to increase the number and usability of collections. And that year, 29 million collections were created. In 2022, we shifted focus from creation to display to make collections a more useful part of the buyer journey and to develop ways for our community to inspire each other. Our teams delivered excellent results, including a 20% increase in items being added to collections, a 36% increase in the number of shop follows and a 12% increase in the number of items favored it. All of this makes our work to engage buyers and personalize their experiences even more powerful. In 2023, we plan to focus on making collections more inspiring and shoppable, building new avenues for buyers to discover, save and purchase items as well as to find and follow shops to get targeted sales and personalized updates.

我們如何使 Etsy 更具啟發性的一個很好的例子是買家收藏，這是一種讓用戶將項目組織成組的方式，這些組很容易共享或稍後返回。 2021 年，我們設定了增加收藏數量和可用性的目標。那一年，創建了 2900 萬個集合。 2022 年，我們將重點從創作轉移到展示，以使收藏成為買家旅程中更有用的一部分，並為我們的社區開發相互啟發的方式。我們的團隊取得了出色的成績，包括添加到收藏中的商品數量增加了 20%，店鋪關注數量增加了 36%，喜歡的商品數量增加了 12%。所有這一切使我們在吸引買家和個性化他們的體驗方面的工作更加強大。 2023 年，我們計劃專注於讓產品系列更具啟發性和購物性，為買家建立新的途徑來發現、保存和購買商品，以及尋找和關注商店以獲得有針對性的銷售和個性化更新。

We made the Etsy buying experience more efficient. Improvements in the search experience drove lifts in site-wide conversion rate and average buyer spend. We improved the buyer experience in so many ways. One of my favorite examples from last year was putting an Add to Cart button directly on the search result page based on the insight that some buyers now feel they have enough information on the search result page to buy without needing to visit the detailed listing page. This made the buying experience faster and more convenient for those shoppers while improving conversion rate and hence, driving more sales for our sellers.

我們讓 Etsy 的購買體驗更加高效。搜索體驗的改善推動了整個網站的轉化率和平均買家支出的提升。我們在很多方面改善了買家體驗。去年我最喜歡的一個例子是將“添加到購物車”按鈕直接放在搜索結果頁面上，基於一些買家現在覺得他們在搜索結果頁面上有足夠的信息可以購買而無需訪問詳細列表頁面的洞察力。這使這些購物者的購買體驗更快、更方便，同時提高了轉化率，從而為我們的賣家帶來了更多的銷售額。

Our team is particularly excited about last year's work to improve site performance. For example, we reduced page load times in search, which were cut by nearly one full second. These and other performance wins in 2022 drove nearly $100 million in incremental site-wide GMS, and we made so much progress making the Etsy experience more trusted and reliable. This included our continued efforts to provide more transparency around delivery times and launching clear listing-level return policies. At the end of 2022, over 30% of Etsy listings had a policy of accept returns clearly visible at the listing level, up from less than 10% when we started focusing on clarity of seller return policies in the fall. And Etsy Purchase Protection is already impacting the customer experience. Resolution times for customer issues dropped materially as our customer effort score improved from 70% to nearly 90%.

我們的團隊對去年提高網站性能的工作感到特別興奮。例如，我們減少了搜索中的頁面加載時間，縮短了將近一秒。 2022 年的這些和其他性能勝利推動了近 1 億美元的增量站點範圍 GMS，我們取得瞭如此大的進步，使 Etsy 體驗更加可信和可靠。這包括我們繼續努力提高交貨時間的透明度，並推出明確的上市級退貨政策。到 2022 年底，超過 30% 的 Etsy listing 的接受退貨政策在 listing 級別清晰可見，而當我們在秋季開始關注賣家退貨政策的清晰度時，這一比例還不到 10%。 Etsy 購買保護已經在影響客戶體驗。隨著我們的客戶努力得分從 70% 提高到近 90%，解決客戶問題的時間大幅縮短。

We have an equally disciplined approach to the payback we get on our marketing investments, dollars spent in highly targeted and strategic ways to differentiate our brand, build awareness, attract new buyers, fuel engagement and get buyers coming back. As you know, since 2018, we've leaned more heavily into upper funnel brand strategies through TV and digital video to capture the hearts of millions of global buyers and create a flywheel that elevates the effectiveness of our other marketing channels. As you can see, these efforts have significantly moved the needle on brand awareness and loyalty and, in particular, on purchase intent, a critical leading indicator.

我們對營銷投資的回報採取同樣嚴格的方法，以高度針對性和戰略性的方式花費資金來區分我們的品牌、建立知名度、吸引新買家、推動參與並讓買家回頭。如您所知，自 2018 年以來，我們通過電視和數字視頻更多地依賴於上層漏斗品牌戰略，以抓住數百萬全球買家的心，並創造一個飛輪來提升我們其他營銷渠道的有效性。如您所見，這些努力極大地推動了品牌知名度和忠誠度，尤其是購買意願這一關鍵領先指標。

While we've become a top 10 marketplace in the majority of our core markets, we continue to see so much opportunity to help buyers associate Etsy with more specific purchase occasions throughout the year. And to do so, both among those who already shop Etsy and those who don't.

雖然我們已經成為我們大多數核心市場的前 10 名市場，但我們繼續看到很多機會幫助買家將 Etsy 與全年更具體的購買場合聯繫起來。要做到這一點，無論是已經購買 Etsy 的人還是還沒有購買 Etsy 的人。

We've been getting strong returns from our brand spend in terms of in-period GMS as well as lifetime value of buyers. In addition to top of funnel brand work, we've deepened our investments and elevated effort throughout the funnel. Our team delivered hundreds of millions of dollars in incremental annualized GMS by improving the data feeds to our advertising partners and affiliate channels, improving search engine optimizations. And fun fact, we drove about $100 million in incremental annualized GMS just from improving our e-mail campaigns. We're seeing positive returns from new channels like out-of-home and podcasting. We'll continue to lean into these carefully, testing and measuring ROI before going deeper.

就期間 GMS 和買家的終生價值而言，我們的品牌支出已經獲得了豐厚的回報。除了漏斗品牌工作之外，我們還加深了對整個漏斗的投資和努力。我們的團隊通過改進對我們的廣告合作夥伴和聯屬渠道的數據饋送，改進搜索引擎優化，交付了數億美元的增量年度 GMS。有趣的是，僅通過改進我們的電子郵件活動，我們就增加了大約 1 億美元的年度 GMS。我們看到來自戶外和播客等新渠道的積極回報。在深入研究之前，我們將繼續仔細研究這些，測試和衡量投資回報率。

With all this progress, investors often ask if there's still more opportunity to improve the Etsy marketplace. Absolutely. We believe there are many millions of potential buyers around the world who should be shopping on Etsy but aren't yet, and so much more opportunity to build the Etsy habit for those who already know and love us. For 2023, we've centered our Right to Win strategy and our team's work on these objectives.

隨著所有這些進步，投資者經常會問是否還有更多機會來改善 Etsy 市場。絕對地。我們相信全世界有數百萬潛在買家應該在 Etsy 上購物但還沒有，並且有更多機會為那些已經了解和喜愛我們的人建立 Etsy 習慣。對於 2023 年，我們將我們的“獲勝權”戰略和我們團隊的工作集中在這些目標上。

First, welcoming new buyers to the joy of Etsy. When we think about how we can foster continued growth over the coming years, we see new buyer growth as an important lever. We intend to meet new buyers where they are, in the channels in which they're spending time and help them feel at home, no matter their interests or tastes, the country they come from or how they came to us.

首先，歡迎新買家享受 Etsy 的樂趣。當我們考慮如何在未來幾年促進持續增長時，我們將新買家的增長視為一個重要的槓桿。我們打算在新買家所在的地方，在他們花時間的渠道中結識新買家，並幫助他們有賓至如歸的感覺，無論他們的興趣或品味如何，他們來自哪個國家或如何來到我們這裡。

Second, deepening buyer curiosity and engagement. This is really about how the Etsy experience gets better the more you visit, the more you engage and the more you shop, such as advancing our personalization to delight you with our inventory and our purchase suggestions.

其次，加深買家的好奇心和參與度。這實際上是關於 Etsy 體驗如何隨著您訪問的次數、參與度和購物量的增加而變得更好，例如推進我們的個性化，以讓您滿意我們的庫存和購買建議。

Third, building trust when transacting with us. When you shop on Etsy, you're buying from 1 of 5 million creative entrepreneurs around the world. We want to make sure both new and existing buyers have peace of mind when buying on Etsy. Among other initiatives, we'll build on the foundation of Etsy Purchase Protection to help buyers and sellers have even more confidence in us while we continue to invest in ensuring a trusted and safe platform.

第三，在與我們交易時建立信任。當您在 Etsy 上購物時，您購買的商品來自全球 500 萬創意企業家中的一位。我們希望確保新老買家在 Etsy 上購物時都能安心。在其他舉措中，我們將以 Etsy 購買保護為基礎，幫助買家和賣家對我們更有信心，同時我們繼續投資確保一個值得信賴和安全的平台。

And fourth, being the platform sellers love to sell on, creative entrepreneurs have so much to juggle. We'll keep investing to help them manage their shops as efficiently and effectively as possible so they get the absolute most out of their time and money while delivering the best possible experience to buyers. We have so much on our road map that we're excited to tell you about as we go through 2023.

第四，作為賣家喜歡銷售的平台，創意企業家有很多事情要做。我們將繼續投資，幫助他們盡可能高效地管理他們的商店，以便他們在為買家提供最佳體驗的同時，充分利用他們的時間和金錢。我們的路線圖上有很多內容，我們很高興在 2023 年告訴您。

In 2022, we worked to integrate Depop and Elo7, which joined Reverb and Etsy in our House of Brands. While the performance of each marketplace differed, given their various stages of evolution and specific marketplace dynamics, we're excited to unlock the potential of each. In 2022, Reverb invested in optimizing conversion rate, delivering a more customized experience to different types of music makers and driving international growth. Similar to Etsy, Reverb maintained the vast majority of its pandemic gains in 2022 and continued to meaningfully outpace the musical instrument market on a 3-year basis, yet still represents less than 4% of the total musical instrument market.

2022 年，我們致力於整合 Depop 和 Elo7，後者與 Reverb 和 Etsy 一起加入了我們的品牌之家。雖然每個市場的表現各不相同，但考慮到它們的不同發展階段和特定的市場動態，我們很高興能夠釋放每個市場的潛力。 2022 年，Reverb 投資優化轉化率，為不同類型的音樂製作者提供更加個性化的體驗，並推動國際增長。與 Etsy 類似，Reverb 在 2022 年保持了其大流行病收益的絕大部分，並在 3 年的基礎上繼續顯著超過樂器市場，但仍佔樂器市場總量的不到 4%。

Depop has become a community-powered fashion marketplace to buy and sell unique fashion with approximately 30 million registered users. While reopening, competitive dynamics, exchange rate fluctuations and other factors impacted Depop's 2022 performance, we believe it's still very early days for the resale opportunity. Kruti and her team are focused on reigniting top line growth by improving the core economics of the business, including the reach and relevance of search and discovery, improving the web buyer experience, embedding value signals and establishing trust to transact.

Depop 已成為一個以社區為動力的時尚市場，擁有約 3000 萬註冊用戶，可以買賣獨特的時裝。雖然重新開放、競爭動態、匯率波動和其他因素影響了 Depop 的 2022 年業績，但我們認為轉售機會還處於早期階段。 Kruti 和她的團隊專注於通過提高業務的核心經濟性（包括搜索和發現的範圍和相關性）、改善網絡買家體驗、嵌入價值信號和建立交易信任來重振收入增長。

For Elo7, the easing of the COVID-19 pandemic in Brazil last year led to a resumption of consumer mobility and, therefore, a return to in-person celebration in events, Elo7's sweet spot, and the business began to see some performance improvement. Key areas of investment for Elo7 during 2022 included conversion rate improvements and giving sellers access to faster and more affordable shipping. Elo7 also began testing an online marketing campaign aimed at driving brand awareness as it builds a broader marketing strategy. Similar to Etsy, we believe that Elo7 can expand its consideration set in the mind of Brazilian consumers, becoming a destination they turn to more frequently for more of life's special moments.

對於 Elo7 而言，去年巴西 COVID-19 大流行的緩解導致消費者流動性恢復，因此，在活動中回歸現場慶祝活動，這是 Elo7 的甜蜜點，業務開始看到一些績效改善。 Elo7 在 2022 年的主要投資領域包括提高轉化率和讓賣家獲得更快、更實惠的運輸服務。 Elo7 還開始測試旨在提高品牌知名度的在線營銷活動，因為它建立了更廣泛的營銷策略。與 Etsy 類似，我們相信 Elo7 可以擴大其在巴西消費者心目中的考慮範圍，成為他們在生活中更多特殊時刻更頻繁地轉向的目的地。

Last year, we said it was our aspiration to make Etsy a starting point for your e-commerce journey. I feel even more confident than I did a year ago that this bold statement is the right aspiration for us. In our quest to achieve this, we'll remain hyperfocused on doing something different enough that is better enough and matters often enough to win sustained customer loyalty.

去年，我們曾說過，我們的願望是讓 Etsy 成為您電子商務之旅的起點。與一年前相比，我更加確信這一大膽的聲明是我們的正確願望。在我們實現這一目標的過程中，我們將繼續專注於做一些足夠不同、足夠好、足夠重要的事情，以贏得持續的客戶忠誠度。

I want to thank our incredible global team for all your hard work making our marketplaces better places to sell and shop in 2022 and to our shareholders for your continued support. While the world remains a fairly unpredictable place, we've proven our differentiation and resilience, and that gives us a lot of comfort as we keep our eye on the prize.

我要感謝我們出色的全球團隊所做的所有辛勤工作，使我們的市場在 2022 年成為更好的銷售和購物場所，並感謝我們的股東一直以來的支持。雖然世界仍然是一個相當不可預測的地方，但我們已經證明了我們的差異化和韌性，這給了我們很大的安慰，因為我們一直在關注獎品。

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

有了這個，我會把它交給雷切爾。

Thanks, Josh. And thank you, everyone, for joining us. My commentary today will cover consolidated results for our House of Brands, key drivers of performance and Etsy marketplace stand-alone results, where appropriate.

謝謝，喬希。感謝大家加入我們。我今天的評論將酌情涵蓋我們品牌之家的綜合結果、業績的主要驅動因素和 Etsy 市場的獨立結果。

Fourth quarter consolidated GMS declined 4% year-over-year to $4 billion, nearly flat on a currency-neutral basis. Revenue increased 12.6% year-over-year to $807 million. And we delivered adjusted EBITDA of $227 million, representing a very healthy 28% margin. Foreign exchange headwinds moderated in the fourth quarter to 330 basis points, down from 400 basis points in the third quarter.

第四季度綜合 GMS 同比下降 4% 至 40 億美元，在貨幣中性基礎上幾乎持平。收入同比增長 12.6% 至 8.07 億美元。我們交付了 2.27 億美元的調整後 EBITDA，代表著非常健康的 28% 利潤率。外匯逆風在第四季度從第三季度的 400 個基點降至 330 個基點。

We're pleased that the Etsy Marketplace successfully anniversaried the incredibly strong prior year period, which included pandemic lockdowns and supply chain issues. In addition, we saw some acceleration in Etsy marketplace GMS growth on a year-over 3-year basis, which I'll discuss more in a few minutes. Our 3 subsidiary marketplaces had a tougher time than Etsy, with some weakness in the quarter that weighed on consolidated results.

我們很高興 Etsy Marketplace 成功地度過了上一年令人難以置信的強勁表現，其中包括大流行病封鎖和供應鏈問題。此外，我們看到 Etsy 市場 GMS 的增長比 3 年有所加快，我將在幾分鐘後詳細討論。我們的 3 個附屬市場比 Etsy 經歷了更艱難的時期，本季度的一些疲軟影響了綜合業績。

Drilling into fourth quarter revenue growth, marketplace revenue increased 11% year-over-year, primarily driven by the Etsy Marketplace transaction fee increase from 5% to 6.5%. Services revenue outpaced marketplace growth up 17.7% year-over-year, with consolidated ads revenue increasing 20% year-over-year.

深入研究第四季度的收入增長，市場收入同比增長 11%，這主要是受 Etsy 市場交易費用從 5% 增加到 6.5% 的推動。服務收入同比增長 17.7%，超過市場增長，綜合廣告收入同比增長 20%。

While we had expected to see normal seasonal headwinds for Etsy Ads on higher organic traffic during the fourth quarter, continued product enhancements drove better-than-anticipated performance. This included utilization of neural network embeddings, a type of machine learning advancement to increase ad relevance, which drove more clicks and purchases. We also launched a more visually engaging ad experience with videos on the homepage that increase conversion and return on ad spend for sellers.

雖然我們曾預計第四季度 Etsy Ads 會因有機流量增加而出現正常的季節性逆風，但持續的產品改進推動了好於預期的業績。這包括使用神經網絡嵌入，這是一種提高廣告相關性的機器學習進步，可以推動更多點擊和購買。我們還在主頁上推出了更具視覺吸引力的視頻廣告體驗，可以提高賣家的轉化率和廣告支出回報率。

We delivered another quarter of strong profitability in the fourth quarter, with adjusted EBITDA increasing year-over-year from $219 million to $227 million, driven by the higher revenue. As you can see in the chart on the left, consolidated adjusted EBITDA margin declined on a year-over-year basis in the fourth quarter, primarily due to higher marketing spend and, to a lesser extent, increased G&A expense and product development spend, which drove our margin down to 28.1% from 30.5%.

我們在第四季度又實現了強勁的盈利能力，在收入增加的推動下，調整後的 EBITDA 從 2.19 億美元同比增長至 2.27 億美元。正如您在左側圖表中看到的那樣，第四季度合併調整後的 EBITDA 利潤率同比下降，這主要是由於營銷支出增加，其次是 G&A 費用和產品開發支出增加，這使我們的利潤率從 30.5% 降至 28.1%。

It's important to note that a significant portion of product and marketing investments generally do not see payback in-period, which I will discuss in more detail. As you can see from the chart on the right, we have delivered very strong bottom line profitability over the last 5 years, both in margin percentage and even more importantly in adjusted EBITDA dollars.

重要的是要注意，很大一部分產品和營銷投資通常不會在期限內看到回報，我將對此進行更詳細的討論。正如您在右側圖表中看到的那樣，我們在過去 5 年中實現了非常強勁的底線盈利能力，無論是利潤率還是更重要的調整後 EBITDA 美元。

I'd also like to highlight that since 2017, our capital-light business model and disciplined expense management has allowed us to convert nearly 100% of our EBITDA to free cash flow. And we have used a portion of this cash to repurchase shares to offset dilution resulting from stock-based compensation. During this period, our free cash flow has grown meaningfully, and our share count has remained flat.

我還想強調的是，自 2017 年以來，我們的輕資本業務模式和嚴格的費用管理使我們能夠將近 100% 的 EBITDA 轉化為自由現金流。我們已使用這筆現金的一部分回購股票，以抵消基於股票的薪酬造成的稀釋。在此期間，我們的自由現金流顯著增長，而我們的股票數量保持不變。

Our consolidated product development spend increased 36% year-over-year to $113 million in the fourth quarter, primarily driven by headcount additions for the Etsy marketplace. As a reminder, our product development expense line is where most of our engineers sit and represents the largest portion of our headcount growth since 2020. We ended 2022 with approximately 2,790 employees, an increase of 16% on a consolidated basis compared to 2021.

第四季度，我們的綜合產品開發支出同比增長 36% 至 1.13 億美元，這主要是受 Etsy 市場員工人數增加的推動。提醒一下，我們的產品開發費用線是我們大多數工程師所在的位置，並且代表了自 2020 年以來我們員工人數增長的最大部分。到 2022 年底，我們擁有約 2,790 名員工，與 2021 年相比，綜合增長了 16%。

As you know and can see on the chart on the left, we began to slow hiring as our growth rate slowed in the second quarter of 2022, and we also experienced very strong levels of employee retention. Fourth quarter consolidated headcount was essentially flat to third quarter. For 2022, our revenue per average full-time headcount for Etsy marketplace was $1.4 million, which is well above the approximately $800,000 for the Etsy marketplace in 2019, as we've hired at a pace significantly below our revenue growth rate.

正如您所知並在左側圖表中看到的那樣，隨著 2022 年第二季度我們的增長率放緩，我們開始放慢招聘速度，而且我們的員工保留率也非常高。第四季度的綜合員工人數與第三季度基本持平。 2022 年，我們在 Etsy 市場的平均全職員工收入為 140 萬美元，遠高於 2019 年 Etsy 市場的約 800,000 美元，因為我們的招聘速度大大低於我們的收入增長率。

Josh explained how we carefully measure payback from the product development expense line, which we generally see within about 18 months. In addition, returns per core product headcount also remain in line with the year-ago levels, an indication that we remain efficient even with a significantly larger size of our team. Product development spend as a percentage of revenue was 16% for 2022, which, as you can see on the right, is now similar to our pre-pandemic range and at what we believe is in a healthy range for sustainable growth and profitability.

Josh 解釋了我們如何仔細衡量產品開發費用線的回報，我們通常會在大約 18 個月內看到回報。此外，每個核心產品員工的回報率也與去年同期水平持平，這表明即使我們的團隊規模大幅擴大，我們仍然保持高效。 2022 年產品開發支出佔收入的百分比為 16%，正如您在右側所見，現在與我們大流行前的範圍相似，並且我們認為處於可持續增長和盈利能力的健康範圍內。

During the fourth quarter, we increased our consolidated marketing spend by 20% year-over-year to $245 million, primarily driven by a 29% increase in performance marketing, which represents the majority of our spend. Consolidated brand spend increased 12% year-over-year as we ran new Etsy TV and digital video campaigns in our top 3 core markets during the important holiday selling season.

在第四季度，我們的綜合營銷支出同比增長 20% 至 2.45 億美元，這主要是由於績效營銷增長了 29%，這占我們支出的大部分。綜合品牌支出同比增長 12%，因為我們在重要的假日銷售季期間在我們的前三大核心市場開展了新的 Etsy 電視和數字視頻活動。

The vast majority of our spend across our marketing channels is for the Etsy marketplace but also includes spending for our subsidiary marketplaces. And for those of you who compute a customer acquisition cost from the marketing spend numbers we disclosed, please remember that our attribution models use the lifetime value of a buyer, not just a 30-day view. So some of the return occurs in a later period.

我們營銷渠道的絕大部分支出用於 Etsy 市場，但也包括我們附屬市場的支出。對於那些根據我們披露的營銷支出數字計算客戶獲取成本的人，請記住我們的歸因模型使用的是買家的生命週期價值，而不僅僅是 30 天的視圖。所以一些回報發生在後期。

For the full year, consolidated marketing spend increased only modestly, including increases in both brand and performance spend. And we delivered 40 basis points of leverage in 2022, with our consolidated marketing spend as a percentage of revenue decreasing to 27.7%. We continue to gain efficiencies in marketing. And as you know, our offsite ads revenue offset approximately 35% of Etsy marketplace performance marketing spend, allowing us to put more dollars to work on behalf of our sellers.

全年，綜合營銷支出僅略有增長，包括品牌和績效支出的增長。我們在 2022 年實現了 40 個基點的槓桿作用，我們的綜合營銷支出佔收入的百分比降至 27.7%。我們繼續提高營銷效率。如您所知，我們的場外廣告收入抵消了約 35% 的 Etsy 市場績效營銷支出，使我們能夠為賣家投入更多資金。

For the Etsy marketplace specifically, performance marketing spend drove approximately $2.5 billion in annualized GMS in 2022, up from $2.3 billion in 2021.

具體而言，對於 Etsy 市場，績效營銷支出在 2022 年推動了約 25 億美元的年度 GMS，高於 2021 年的 23 億美元。

Moving to Etsy marketplace performance on a stand-alone basis. During the fourth quarter, Etsy marketplace GMS declined 3.5% year-over-year and was largely flat on a currency-neutral basis. We saw accelerating trends on a year-over 3-year basis and growth on a currency-neutral basis during the all-important Cyber 5, with our December strength being a key factor in delivering GMS at the top end of our guidance. When looking at full year performance trends shown on this slide, it is gratifying that we have far surpassed the 16% to 20% compounded annual growth rate target we set for the Etsy marketplace back in 2019.

在獨立的基礎上轉向 Etsy 市場表現。第四季度，Etsy 市場 GMS 同比下降 3.5%，在貨幣中性基礎上基本持平。在最重要的 Cyber 5 期間，我們看到了 3 年以上的加速趨勢和貨幣中性基礎上的增長，我們 12 月的實力是在我們指導的最高端提供 GMS 的關鍵因素。當查看這張幻燈片上顯示的全年業績趨勢時，令人欣慰的是，我們已經遠遠超過了我們在 2019 年為 Etsy 市場設定的 16% 到 20% 的複合年增長率目標。

From a geographic perspective, 45% of fourth quarter Etsy marketplace GMS was from transactions where either the buyer or the seller or both were outside of the U.S. This GMS was up 5% year-over-year on a currency-neutral basis, driven in part by the continued strength in Germany. Our non-U.S. active buyers reached an all-time high of 34 million in the fourth quarter, continuing to outpace U.S. active buyer growth trends. The strong U.S. dollar drove growth in the U.S. imports for the Etsy marketplace, providing additional support for our non-U.S. sellers.

從地理角度來看，第四季度 45% 的 Etsy 市場 GMS 來自買家或賣家或兩者都在美國境外的交易。在貨幣中性的基礎上，該 GMS 同比增長 5%，推動部分原因是德國的持續實力。我們的非美國活躍買家在第四季度達到 3400 萬的歷史新高，繼續超過美國活躍買家的增長趨勢。強勢美元推動了 Etsy 市場美國進口的增長，為我們的非美國賣家提供了額外的支持。

Moving to category performance. During the fourth quarter, we saw strong trends in apparel and items such as bags, purses and other gifts as well as in paper and party, driven by more in-person holiday gatherings this year. Top-selling items during the holiday included personalized gifts such as custom-named necklaces and jewelry boxes.

轉到類別性能。在第四季度，我們看到服裝和手袋、錢包和其他禮品等物品以及紙張和派對的強勁趨勢，這得益於今年更多的面對面假期聚會。節日期間最暢銷的商品包括個性化禮品，例如定制命名的項鍊和珠寶盒。

This slide shows full year 2022 Etsy marketplace GMS in our top 6 categories representing 86% of total Etsy marketplace GMS in 2022. Toys and games overtook beauty and personal care by a bit to end the year as a top 6 category. We believe our breadth of listings remains an important competitive advantage, allowing the Etsy marketplace to seamlessly respond to shifting consumer demand.

這張幻燈片顯示了我們前 6 個類別中 2022 年全年 Etsy 市場 GMS，佔 2022 年 Etsy 市場 GMS 總量的 86%。玩具和遊戲略微超過美容和個人護理，成為年底的前 6 個類別。我們相信我們的列表廣度仍然是一個重要的競爭優勢，使 Etsy 市場能夠無縫響應不斷變化的消費者需求。

As you saw from our reporting throughout the year, weakness in home and living and craft supplies was generally offset by strength in apparel and paper and party supplies.

正如您從我們全年的報告中看到的那樣，家居、生活和工藝用品的疲軟通常被服裝、紙張和派對用品的強勢所抵消。

We ended the year with 89.4 million active buyers, which was down slightly from the prior year but has held up very well through reopening and other headwinds. Our active buyers have slightly increased on a sequential basis in each of the last 2 quarters. We added 9.5 million new buyers in the fourth quarter. While this figure is down about 6% from the prior year, it grew 51% on a sequential basis from Q3 2022 to Q4 2022. This is a spectacular number, significantly higher than the 44% sequential growth in new buyers in the prior year. On a full year basis, we acquired 55% more new buyers in 2022 than in 2019.

到年底，我們有 8940 萬活躍買家，比上一年略有下降，但在重新開放和其他逆風中保持得很好。在過去的兩個季度中，我們的活躍買家環比略有增加。我們在第四季度增加了 950 萬新買家。雖然這個數字比上一年下降了約 6%，但從 2022 年第三季度到 2022 年第四季度環比增長了 51%。這是一個驚人的數字，大大高於上一年新買家 44% 的環比增長。從全年來看，我們在 2022 年獲得的新買家比 2019 年增加了 55%。

Lapsed buyers are defined as existing Etsy buyers who have not made a purchase in at least a year. In the fourth quarter, we reactivated a record number of lapsed buyers, nearly 9 million. Adding that to our strong performance in the first 3 quarters of 2022, we reactivated a record 24 million buyers for the year, up 24% from 2021 and 87% from 2019. We'll continue to focus on this fertile growth opportunity in 2023.

失效買家被定義為至少一年內沒有購買過的現有 Etsy 買家。在第四季度，我們重新激活了近 900 萬流失買家的記錄。加上我們在 2022 年前三個季度的強勁表現，我們今年重新激活了創紀錄的 2400 萬買家，比 2021 年增長 24%，比 2019 年增長 87%。我們將在 2023 年繼續關注這個肥沃的增長機會。

We ended the quarter with 7.4 million habitual buyers, a 194% increase from the fourth quarter of 2019, and they accounted for 40% of our Etsy marketplace GMS in the fourth quarter of 2022. The largest share of new habitual buyers came from Germany and Australia, a promising testament to our growing brand awareness in these markets.

截至本季度末，我們有 740 萬習慣性買家，比 2019 年第四季度增長 194%，他們佔 2022 年第四季度 Etsy 市場 GMS 的 40%。新習慣性買家的最大份額來自德國和澳大利亞，這是對我們在這些市場中不斷增長的品牌知名度的有力證明。

Our repeat buyer count remained largely unchanged from the prior year at approximately 36 million in 2022 despite the reopening headwinds, with fourth quarter repeat buyer strength coming from Germany and France.

儘管有重新開放的不利因素，但我們的回頭客數量與上一年基本持平，到 2022 年約為 3600 萬，第四季度回頭客的實力來自德國和法國。

As of December 31, we had $1.2 billion in cash, cash equivalents and short- and long-term investments and a $200 million revolver that is currently undrawn. During the fourth quarter, we repurchased $150 million in stock under our $600 million May 2022 Board-authorized repurchase program. Our free cash flow for the quarter was a healthy $286 million, converting 126% of EBITDA to free cash flow. I also want to point out that the capped call relating to our mostly retired 2018 convertible notes will be settled in shares on March 1. As a result, we expect to receive shares valued at approximately $157 million.

截至 12 月 31 日，我們擁有 12 億美元的現金、現金等價物以及短期和長期投資，以及目前未提取的 2 億美元循環存款。在第四季度，我們根據董事會授權的 6 億美元 2022 年 5 月回購計劃回購了 1.5 億美元的股票。我們本季度的自由現金流為 2.86 億美元，將 126% 的 EBITDA 轉化為自由現金流。我還想指出，與我們大部分退休的 2018 年可轉換票據相關的上限贖回將於 3 月 1 日以股票結算。因此，我們預計將收到價值約 1.57 億美元的股票。

Now turning to outlook. So far this quarter, we have continued to see significant volatility in GMS on a week-to-week basis, which led us to bake a fairly broad range of outcomes into our Q1 guidance. In addition, credit card and other third-party data shows that there may be an overall shift in consumer demand to services and household supplies like groceries and away from discretionary categories. With that in mind, we currently estimate our first quarter 2023 consolidated GMS to be approximately $2.95 billion to $3.15 billion, revenue to be about $600 million to $640 million and with an adjusted EBITDA margin of 26% to 27%.

現在轉向展望。本季度到目前為止，我們繼續看到 GMS 每週都出現顯著波動，這導致我們將相當廣泛的結果納入我們的第一季度指導中。此外，信用卡和其他第三方數據顯示，消費者需求可能會從非必需品類別轉向服務和家庭用品（如雜貨）。考慮到這一點，我們目前估計 2023 年第一季度的合併 GMS 約為 29.5 億美元至 31.5 億美元，收入約為 6 億美元至 6.4 億美元，調整後的 EBITDA 利潤率為 26% 至 27%。

As we attempt to look past the first quarter, I'll remind you that last year, we had a very strong January. We started to see rather steep GMS deceleration in the latter half of the first quarter, with this deceleration continuing until about May. In a stable macro environment, the math would suggest a return to GMS growth rates in the teens in the second half of this year. However, the data and information we are seeing so far in 2023 related to consumer spending shifts and pressure from the macro environment makes us very cautious. It is possible that the benefit we would expect from moving beyond the prior year steep comps could be negated by increasing recessionary factors. It's just really tough for us to call right now.

當我們試圖回顧第一季度時，我會提醒你，去年，我們有一個非常強勁的一月份。我們在第一季度後半段開始看到 GMS 出現相當急劇的減速，這種減速一直持續到 5 月左右。在穩定的宏觀環境中，數學表明今年下半年 GMS 增長率將恢復到十幾歲。然而，我們在 2023 年迄今看到的與消費支出變化和宏觀環境壓力相關的數據和信息讓我們非常謹慎。經濟衰退因素的增加可能會抵消我們預期超越前一年陡峭補償所帶來的好處。我們現在真的很難打電話。

So how do we plan in these uncertain times? We do a lot of scenario planning internally, with a forecasting approach that starts with baseline trends from existing buyers and then layers on incremental growth from both new product initiatives and marketing. We also benefit from a marketplace model that operates with minimal capital requirements and relatively few fixed expenses. In fact, the majority of our consolidated expenses are either entirely variable or semi-variable with revenue trends. As I mentioned earlier, we started to meaningfully slow down our pace of hiring in the second quarter of last year, commensurate with the GMS run rate we were experiencing. Now with possible recession looming and the unpredictable way this could impact us, we are maintaining this prudent approach in 2023. We're still hiring but focused on the fewest, most critical roles and tightening our belt significantly in other discretionary areas.

那麼，在這些不確定的時期，我們該如何規劃呢？我們在內部進行了大量情景規劃，採用一種預測方法，從現有買家的基線趨勢開始，然後對新產品計劃和營銷的增量增長進行分層。我們還受益於以最低資本要求和相對較少的固定費用運作的市場模式。事實上，我們的大部分合併費用要么完全可變，要么隨收入趨勢半可變。正如我之前提到的，我們在去年第二季度開始顯著放慢招聘速度，以適應我們經歷的 GMS 運行率。現在，隨著可能的經濟衰退迫在眉睫，以及這可能以不可預測的方式影響我們，我們將在 2023 年保持這種謹慎的做法。我們仍在招聘，但專注於最少、最關鍵的職位，並在其他可自由裁量的領域大幅勒緊褲腰帶。

And as you have heard today, we have a lot in our pipeline that we are excited about. So while there is clearly an opportunity cost associated with this decision, we think it's the right thing to do given the very volatile macro conditions. Etsy's strong acquisition of new buyers and reactivation of lapsed buyers last year are just 2 proof points of the strength of our brand, representative of a through line so to speak, that cuts across volatility that we have seen and may continue to see in 2023. We highly value the agility and resilience of our team in our marketplaces, which have served us so well, enabling us to lean into critical growth investments while also protecting our margins. We believe that, that puts us in a position of relative strength, and it's our goal to do that again in 2023.

正如您今天所聽到的那樣，我們的管道中有很多讓我們感到興奮的東西。因此，儘管這一決定顯然存在機會成本，但我們認為，鑑於非常不穩定的宏觀環境，這是正確的做法。 Etsy 去年對新買家的強勁收購和對流失買家的重新激活只是我們品牌實力的兩個證明點，可以說代表了一條直通線，它跨越了我們已經看到並可能在 2023 年繼續看到的波動。我們高度重視我們團隊在市場中的敏捷性和彈性，它們為我們提供了很好的服務，使我們能夠投入關鍵的增長投資，同時保護我們的利潤。我們相信，這使我們處於相對優勢地位，我們的目標是在 2023 年再次做到這一點。

Being raised in California, I've always loved the saying that you can't stop the waves, but you can learn how to surf. We have proven we know how to surf even through choppy waters, and we hope that gives you as much comfort as it does to us.

在加利福尼亞長大，我一直很喜歡這句話，即你無法阻止海浪，但你可以學習如何衝浪。我們已經證明我們知道如何在波濤洶湧的水域中衝浪，我們希望這能給您帶來和我們一樣的安慰。

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

謝謝大家今天抽出時間，現在我會把電話轉回 Deb 來回答你的問題。

Hi, everyone. Nice to see you all again. Thank you for joining us. I'm going to kick it off right away with some questions. We've got quite a few in the queue. Start with Maria Ripps from Canaccord. This one is going to be for Josh. Investing in search functionality has consistently been a pillar of the Etsy growth strategy. Looking out over the next 2 to 3 years, what are your top investment priorities as it relates to search? With all the recent momentum in AI and large language models, could we see some type of chat-based search functionality integrated into Etsy at some point? And then briefly, how has your image search feature been trending?

大家好。很高興再次見到你們。感謝您加入我們。我將帶著一些問題馬上開始。我們有很多人在排隊。從 Canaccord 的 Maria Ripps 開始。這個是給喬希的。投資搜索功能一直是 Etsy 增長戰略的支柱。展望未來 2 到 3 年，與搜索相關的首要投資重點是什麼？隨著最近人工智能和大型語言模型的發展勢頭，我們能否看到某種基於聊天的搜索功能在某個時候集成到 Etsy 中？然後簡要地介紹一下您的圖片搜索功能的趨勢如何？

Great questions. Thanks very much. So as you said, investing in search and discovery is a very, very core part of Etsy's present and our future. With over 120 million or about 120 million live listings, getting you to the good stuff is really important.

很好的問題。非常感謝。所以正如你所說，投資於搜索和發現是 Etsy 現在和我們未來的一個非常非常核心的部分。擁有超過 1.2 億或大約 1.2 億的實時列表，讓您獲得好東西非常重要。

Looking back at just 2022, the search team launched about 120 developments that were ramped up, meaning experiments that worked that we ramped up. And they -- some examples of those included Etsy Lens, as you referenced; better neural models; XWalk. And when we think about what those did, Etsy Lens is an example of something that allows you to talk with pictures instead of talking with words. So how do you tell the search engine what you want in really new and novel ways? XWalk helps you to process massive amounts of information, and neural models help you to make sense of what people mean, not what they say. And in fact, the neural models we're using use the same kind of underlying algorithms that ChatGPT uses. So we're already using some of the underlying technologies that you're seeing from great innovators like Open AI, and it's having great impact.

回顧僅 2022 年，搜索團隊就啟動了大約 120 個開發項目，這些開發項目正在加速進行，這意味著我們進行的實驗是有效的。他們——其中的一些例子包括 Etsy Lens，正如你所提到的；更好的神經模型； X步行。當我們思考它們的作用時，Etsy Lens 就是一個例子，它可以讓你用圖片說話而不是用文字說話。那麼你如何以真正新穎的方式告訴搜索引擎你想要什麼？ XWalk 幫助您處理大量信息，神經模型幫助您理解人們的意思，而不是他們說的話。事實上，我們使用的神經模型使用與 ChatGPT 使用的相同類型的底層算法。因此，我們已經在使用一些您從 Open AI 等偉大創新者那裡看到的基礎技術，並且產生了巨大的影響。

By the way, the search team is also doing more prosaic things that are having a lot of impact. For example, search results are now getting good enough that we could put a Buy button right on search results and allow people to buy directly from search results without having to go all the way to the listing page, and that's been a great collaboration of our team to figure out exactly what information you need on the search results page in order to give someone the confidence to buy. So we made a ton of progress in 2022 in ways that improve the customer experience and drove the bottom line. We're really excited about our road map in 2023 and beyond.

順便說一句，搜索團隊也在做一些影響很大的平淡無奇的事情。例如，搜索結果現在變得非常好，我們可以在搜索結果上放置一個購買按鈕，讓人們可以直接從搜索結果中購買，而無需一直到列表頁面，這是我們的一次偉大合作團隊在搜索結果頁面上準確找出您需要的信息，以便讓某人有信心購買。因此，我們在 2022 年在改善客戶體驗和提高利潤方面取得了大量進展。我們對 2023 年及以後的路線圖感到非常興奮。

And I would say that similarly, figuring out more novel ways to talk to our search engine, to tell it what you want, so multimodal search through maybe pictures and words is going to be very important. Show me things of the following style that would match well with this couch. And so those kinds of things, I think, open up a huge opportunity for Etsy.

同樣，我會說，想出更多新穎的方式與我們的搜索引擎對話，告訴它你想要什麼，所以通過圖片和文字進行多模式搜索將非常重要。給我看一下與這張沙發很相配的以下款式的東西。因此，我認為，這類事情為 Etsy 帶來了巨大的機遇。

Having multiple objective functions has been very helpful. How do I do something which drives conversion rate but also drives repeat visit rate? Those 2 actually might not be the same in terms of search results. So training our models to solve for more than one thing at one time.

擁有多個目標函數非常有幫助。我如何做一些既能提高轉化率又能提高重複訪問率的事情？就搜索結果而言，這兩個實際上可能不一樣。因此，訓練我們的模型一次解決不止一件事。

Something I'm particularly interested in is how can we get better at quality. Everyone has their own view of what great looks like and what a really good item on Etsy looks like. So how can we start to better anticipate what's right for you? How can we get more personalized so that you see only the best of Etsy as according to you? We have a great road map, and I'm really excited about the work that the team is doing.

我特別感興趣的是我們如何才能提高質量。每個人對什麼是漂亮的東西以及 Etsy 上真正好的商品是什麼樣子都有自己的看法。那麼我們如何開始更好地預測適合您的內容呢？我們怎樣才能變得更加個性化，以便您只看到 Etsy 中最好的部分？我們有一個很好的路線圖，我對團隊所做的工作感到非常興奮。

To your specific question of could we see some kind of chat-like interface, very possibly, yes. I would say that we are constantly testing what's on the frontier. And if it makes our experience better and it does it in a way that's profitable, we're going to do it.

對於您的具體問題，我們能否看到某種類似聊天的界面，很可能是的。我會說我們一直在測試前沿的東西。如果它讓我們的體驗更好，並且以有利可圖的方式做到這一點，我們就會去做。

One other thing I just want to say is every time that search team develops a new model, a new algorithm, we look at how much extra processing power has it used. And therefore, how much extra cost has it added? And how much does it improve conversion rate in the lifetime value of the buyers? And is that profitable to ramp up? And we only ramp up things where the benefit it adds is greater than the cost.

我只想說的另一件事是，每次搜索團隊開發新模型、新算法時，我們都會查看它使用了多少額外的處理能力。因此，它增加了多少額外成本？它在買家的生命週期價值中提高了多少轉化率？增加利潤是否有利可圖？而且我們只會在增加的好處大於成本的情況下增加東西。

Lastly, on your question about Etsy Lens, it's very early days. We're pretty subtle in terms of where we promote it in the search bar because we're just trying to learn how do people use it and make sure that the search result quality that we get is really good. But it's -- I'm very excited by the early results we're seeing, and I think there's a big future in the opportunity to talk in pictures and not just in words.

最後，關於你關於 Etsy Lens 的問題，現在還為時尚早。我們在搜索欄中推廣它的位置非常微妙，因為我們只是想了解人們如何使用它，並確保我們獲得的搜索結果質量非常好。但它 - 我對我們看到的早期結果感到非常興奮，而且我認為有機會用圖片而不是文字來談論的機會很大。

And while we're on that topic, I think there's a lot of opportunities for generative AI. One is in search, no doubt. You might see it in the seller experience in making it easier for sellers to make listings. You might see it in the member services experience in having a better opportunity to get customer support. Our developers may be able to use it to make themselves more productive.

當我們討論這個話題時，我認為生成人工智能有很多機會。毫無疑問，一個正在尋找。您可能會在賣家體驗中看到它使賣家更容易發布商品。您可能會在會員服務體驗中看到它有更好的機會獲得客戶支持。我們的開發人員也許可以使用它來提高自己的工作效率。

So there's lots of opportunity. We have a working group looking at all of it. There's also a lot of potentially adverse consequences. We're of course, also concerned about that. So we're going to be thoughtful. We're going to test our way in. But I'm optimistic that all of these new technologies open up new possibilities to make our experience better for our customers.

所以有很多機會。我們有一個工作組負責所有這些工作。還有很多潛在的不利後果。我們當然也很擔心。所以我們要深思熟慮。我們將測試我們的方式。但我樂觀地認為所有這些新技術都開闢了新的可能性，使我們的客戶體驗更好。

Great. Thanks, Josh. The next one is for you as well is from Jason Helfstein at Oppenheimer. There was a report out about items on your marketplace violating IP. It's probably something we've never paid much attention to since it's not why buyers go to Etsy. But a quick search looks like there could be some counterfeit items. Could you talk about what you are doing about IP violation? Most of us probably don't understand what a violation is. For example, if someone is selling a knit beanie with a Swish logo or the word Nike, is that an IP violation?

偉大的。謝謝，喬希。下一篇也是給你的，來自 Oppenheimer 的 Jason Helfstein。有一份關於您市場上的商品侵犯知識產權的報告。這可能是我們從未關注過的事情，因為這不是買家去 Etsy 的原因。但快速搜索一下，可能會有一些假冒商品。您能談談您在知識產權侵權方面所做的工作嗎？我們大多數人可能不明白什麼是違規行為。例如，如果有人銷售帶有 Swish 標誌或 Nike 字樣的針織帽，這是否侵犯了知識產權？

Thanks a lot for the question. I appreciate it. First, let me say that Etsy is about special. It's about things that are made by hand or vintage items, and so you're absolutely right that it is not what buyers think of for mass-produce items. I also want to state very definitively that trust is the bedrock of our marketplace, and there's no place for counterfeit items in our marketplace, and we work very hard and invest very hard to make sure that we have a clean and safe marketplace. I think we have more skin in the game than most in terms of having trust as the bedrock of our brand because our sellers are 5 million independent largely unbranded sellers. And so they rely on Etsy to be a trusted brand to lift them up, which is why we invest so much in this space.

非常感謝你的提問。我很感激。首先，讓我說 Etsy 很特別。它是關於手工製作的東西或複古物品，所以你是絕對正確的，這不是買家對批量生產物品的看法。我還想非常明確地聲明，信任是我們市場的基石，我們的市場上沒有假冒商品的容身之地，我們非常努力地工作並非常努力地投資以確保我們擁有一個乾淨和安全的市場。我認為，在將信任作為我們品牌的基石方面，我們比大多數人更能參與其中，因為我們的賣家是 500 萬獨立賣家，主要是無品牌賣家。因此，他們依靠 Etsy 這個值得信賴的品牌來提升自己，這就是我們在這個領域投入如此多資金的原因。

Branded items make up a very small and not growing portion of Etsy's traffic and sales. So let me be even more specific about that. When we look at -- we looked at over 800 of the most popular brands in our ecosystem, and we saw that those brands were referenced in low single-digit numbers of our search queries and our sales.

品牌商品在 Etsy 的流量和銷售額中所佔比例非常小，而且沒有增長。所以讓我更具體一點。當我們查看時——我們查看了我們生態系統中 800 多個最受歡迎的品牌，我們發現這些品牌在我們的搜索查詢和銷售額中被引用的數量很少。

I also want to be clear about the fact that the fact that they were referenced in a search by no means, means that they're IP violations. There are many legitimate reasons why a brand might be referenced in a search. It may be a vintage item. It may be fair use, and the questions you were asking were all questions about fair use. If you use a logo on a beanie, is that legit or not? The answer is it's complicated, and it comes to something called fair use that's very difficult to adjudicate. The seller might actually have a license to that brand. They may be referencing. It is fair, for example, to reference that this item is an accessory that would fit. Like this is a handmade phone case that would be compatible with the following branded phone. Or it's legitimate to alter an item, for example, to monogram an item or to take a pair of jeans and paint something hand-painted on that. All of those are legitimate uses. So we believe that many of the times that an item or a search references a brand, it is actually legitimate and not violating.

我還想澄清一個事實，即在搜索中引用它們絕不意味著它們侵犯了知識產權。在搜索中可能會引用一個品牌有很多正當理由。它可能是一個複古項目。可能是合理使用，你問的問題都是關於合理使用的問題。如果您在無簷小便帽上使用徽標，那是否合法？答案是它很複雜，而且它涉及到一種叫做合理使用的東西，很難裁定。賣家實際上可能擁有該品牌的許可。他們可能在引用。例如，提及此項目是適合的配件是公平的。這是一款手工製作的手機殼，可與以下品牌手機兼容。或者改變一件物品是合法的，例如，對一件物品進行字母組合或拿一條牛仔褲並在上面手繪一些東西。所有這些都是合法用途。所以我們相信，很多時候某件商品或某次搜索提及某個品牌時，它實際上是合法的且沒有違規。

That said, we care a lot about making sure that anything that is violating we get off the site. In fact, we invested more than $50 million in 2022 alone on trust and safety efforts, working closely with brands to make sure that it's very easy to identify, report and then we will take down anything that is a violation. One example, we launched a rights holder's portal that makes it very easy for rights holders to register, do searches and report to us anything that's violating so that we can work even more closely with them taking our items down. We're also very transparent in this area. So we've published a transparency report each year, and I would encourage you to go take a look at that, where we talk about the number of reports that we see in our takedown efforts. So we take this very seriously. We care a lot about having a clean and well-lighted store, and we're very proud of our efforts in this space.

也就是說，我們非常關心確保任何違反我們的網站。事實上，僅在 2022 年，我們就在信任和安全方面投入了超過 5000 萬美元，與品牌密切合作，確保很容易識別、報告，然後我們將刪除任何違規行為。舉個例子，我們推出了一個權利持有人的門戶網站，讓權利持有人可以很容易地註冊、進行搜索並向我們報告任何違規行為，這樣我們就可以與他們更密切地合作，將我們的項目下架。我們在這方面也非常透明。因此，我們每年都會發布一份透明度報告，我鼓勵您看一看，我們在其中討論了我們在刪除工作中看到的報告數量。所以我們非常重視這一點。我們非常關心擁有一個乾淨、光線充足的商店，我們為我們在這個領域所做的努力感到非常自豪。

Thanks, Josh. The next one, I'm going to start with Rachel, and I think Josh might want to add on to this one a little bit. It's from Laura Champine of Loop Capital. What was the margin impact in Q4 of Etsy Purchase Protection? And then how do you expect it to impact the first quarter? And then maybe, Josh, we can have -- come back to you, and you can talk about Etsy Purchase Protection a little bit. Rachel?

謝謝，喬希。下一個，我將從 Rachel 開始，我認為 Josh 可能想在這個上添加一點。它來自 Loop Capital 的 Laura Champine。 Etsy 購買保護對第 4 季度的利潤有何影響？那麼您預計它會對第一季度產生怎樣的影響？然後也許，喬什，我們可以 - 回到你身邊，你可以談談 Etsy 購買保護。雷切爾？

Laura, thank you for the question. So we've said in the past that we expected Etsy Purchase Protection to be about a $25 million expense on an annualized basis. We launched Etsy Purchase Protection in early August. So Q4 was our first full quarter of that $25 million that is -- so it's a small portion of the $25 million. We're trending well within that envelope that we had previously quoted. The -- it's really early days yet to see how much GMS lift this might ultimately have, how much increase in trust that this initiative might have. We're not promoting it separately to a large extent. Where we're promoting it is on checkout. There is a reference there, and that comes to us at no extra cost. So I feel -- we feel good about the cost. We didn't break out any margin impact specifically, but I'm giving you a range of magnitude on the impact to our P&L.

勞拉，謝謝你的提問。所以我們過去曾說過，我們預計 Etsy 購買保護每年的支出約為 2500 萬美元。我們在 8 月初推出了 Etsy 購買保護。所以第四季度是我們 2500 萬美元的第一個完整季度 - 所以它只是 2500 萬美元的一小部分。我們在之前引用的信封內趨勢良好。 - 現在還為時過早，看看這最終可能會提升 GMS 多少，該計劃可能會增加多少信任度。我們不會在很大程度上單獨推廣它。我們在結賬時推廣它。那裡有一份參考資料，我們無需支付額外費用。所以我覺得 - 我們對成本感覺很好。我們沒有具體說明任何利潤率影響，但我給你的是對我們損益表影響的範圍。

Josh, did you want to add anything else on Etsy Purchase Protection?

喬希，你想在 Etsy 購買保護上添加任何其他內容嗎？

Yes. Just that when we look at the opportunity in frequency, when we ask people, "Do you intend to come back soon?" And for the people who say they don't intend to come back soon, "Why not?" Etsy Has My Back is a leading indicator, where they aren't confident that Etsy will have their back. And so that's why we think that leaning into trust is so important.

是的。只是當我們頻繁地查看機會時，當我們問人們，“你打算很快回來嗎？”對於那些表示不打算很快回來的人，“為什麼不呢？” Etsy Has My Back 是一個領先指標，表明他們不相信 Etsy 會支持他們。這就是為什麼我們認為依靠信任如此重要。

We're really proud of the fact that, as Rachel said, Etsy Purchase Protection is coming in right around our cost estimates, maybe even a little less. And that suggests that our sellers are doing a great job. They are shipping on time. The item is as described. It is arriving not damaged the vast majority of the time. So we don't have as many chances to prove that we have your back because of the fact that sellers are generally doing a great job.

正如 Rachel 所說，我們真的很自豪，Etsy 購買保護正好在我們的成本估算範圍內，甚至可能更少。這表明我們的賣家做得很好。他們準時發貨。該商品與描述的一樣。它在絕大多數時間都沒有損壞。所以我們沒有那麼多機會證明我們支持你，因為賣家通常做得很好。

But the fact that the time to fix an issue has gone down so dramatically just in the past few months as a result of the Etsy Purchase Protection program, we think, is really powerful. We've gone from days to hours in terms of how long it takes to resolve an issue. And as a customer, that's a great experience. You have an issue, you contact customer support. And in the first contact, it's resolved, we give you a refund, and you move on. We think that over time, it's not like that's a light switch that flips and suddenly your brand is perceived differently. But the next day, you go to coffee with your friends and you say, "Look what happened to me, it was a great experience on Etsy." And over time, you build that brand. So we're very excited about the early performance of the Purchase Protection and want to keep investing in having our customers' back, both buyers and sellers. We think it's really important.

但我們認為，由於 Etsy 購買保護計劃，僅在過去幾個月中，解決問題的時間就大大減少了，這一事實非常強大。就解決問題所需的時間而言，我們已經從幾天縮短到幾小時。作為客戶，這是一次很棒的體驗。你有問題，你聯繫客戶支持。在第一次聯繫中，問題就解決了，我們給你退款，然後你繼續前進。我們認為，隨著時間的推移，這不像是一個電燈開關，突然間你的品牌就會有不同的看法。但第二天，你和朋友去喝咖啡，然後說，“看看我發生了什麼，在 Etsy 上的體驗很棒。”隨著時間的推移，你建立了那個品牌。因此，我們對購買保護的早期表現感到非常興奮，並希望繼續投資以支持我們的客戶，包括買家和賣家。我們認為這真的很重要。

Great. Thanks, both of you. I'm going to start this next one with Rachel, just to give us some stats, and then I'll turn it to Josh a little bit as well. From Lee Horowitz at Deutsche Bank. Now that we are through what is presumably the last COVID comp, should the expectation be that habitual buyers can grow from here? And what do you see as the key areas of product improvement in 2023 that you expect to drive cross-category shopping and habitual buyer growth? Maybe, Rachel, you want to start by just kind of reiterating what we said about habitual buyers.

偉大的。謝謝，你們兩個。我將開始與 Rachel 的下一個，只是為了給我們一些統計數據，然後我也會把它轉向 Josh 一點點。來自德意志銀行的 Lee Horowitz。既然我們已經完成了可能是最後一次 COVID 比較，是否應該期望習慣性買家可以從這裡成長？您認為 2023 年產品改進的哪些關鍵領域有望推動跨品類購物和習慣性購買者的增長？也許，雷切爾，你想先重申一下我們所說的關於習慣性購買者的話。

Yes. So what we said on the call was that habitual buyers is about 8% of our total buyers, represents 40% of our GMS. Actually for the full year in 2022, it represented 44% of our GMS. And just as a reminder, habitual buyers are those buyers that come 6 or more times a year and spend $200 or more in a year. It was a little bit of a step-down, but those buyers are not churning out. They're actually becoming repeat buyers, and I think they follow the same trend line as all of the other headwinds we might experience during reopening, during recession, periods of time where consumers have less discretionary spend. And so it's very reasonable that we'd see some step-down from that. These numbers are significantly higher than they were pre-pandemic when habituals represented only about 5% of our total GMS.

是的。因此，我們在電話會議上所說的是，慣常買家約占我們總買家的 8%，占我們 GMS 的 40%。實際上，在 2022 年全年，它占我們 GMS 的 44%。提醒一下，習慣性買家是指那些每年來 6 次或更多次並且每年花費 200 美元或更多的買家。這有點降級，但這些買家並沒有流失。他們實際上正在成為回頭客，我認為他們遵循與我們在重新開放、經濟衰退期間以及消費者可自由支配支出較少的時期可能遇到的所有其他不利因素相同的趨勢線。因此，我們會看到一些降級是非常合理的。這些數字明顯高於大流行前的數字，當時習慣性行為僅占我們 GMS 總數的 5% 左右。

Josh, do you want to talk a little bit about initiatives focused on habituals and cross-category and all that?

喬希，你想談談專注於習慣和跨類別的舉措嗎？

Sure. Yes, it's a big focus of ours. And so the team is working on it in a couple of ways. Let me start with the product experience, and then I can talk about the marketing experience. In the product experience, we want to make it easy for you to pick up a thread when you're in the middle of a mission and then easy to start a new mission when you're done with the mission that you're on. And so starting to understand an intuit, are you trying to complete emission or start a new one is one path of work the team is working on.

當然。是的，這是我們的一個重點。因此，該團隊正在以多種方式進行研究。先從產品體驗說起，再說說營銷體驗。在產品體驗中，我們希望讓您在任務進行到一半時可以輕鬆地接聽話題，然後在完成當前任務後輕鬆開始新的任務。因此，開始理解一個直覺，你是想完成發射還是開始一個新的發射是團隊正在努力的工作路徑之一。

And then when we think about completing a mission, some of the work we talked about in the call about collections is a good example, where when you're on Etsy, you're thinking, well, maybe I want this or maybe I want that. Maybe you're planning a wedding, what are different ways I could set the table? So you might put all of those into one collection. What are some bridal gowns I might use? You might put that into a different collection. That, by the way, tells us a lot about you that's very interesting. And now you've curated collections that some other buyer might also find very useful. So you've laid breadcrumbs to make it easy for you to come back and you've made it easier for us to get to know you better, and in getting to know you better to become more personalized and to serve other customers as well.

然後當我們考慮完成一項任務時，我們在關於收藏的電話會議中談到的一些工作就是一個很好的例子，當你在 Etsy 上時，你在想，好吧，也許我想要這個或者我想要那。也許您正在籌劃一場婚禮，我可以用哪些不同的方式佈置餐桌？所以你可以把所有這些都放在一個集合中。我可能會使用哪些新娘禮服？您可以將其放入不同的集合中。順便說一下，這告訴了我們很多關於你的事情，非常有趣。現在您已經策劃了一些其他買家可能也會覺得非常有用的收藏。因此，您放置麵包屑是為了讓您更容易回來，您也讓我們更容易更好地了解您，並且在更好地了解您的過程中變得更加個性化並為其他客戶提供服務。

And then picking up the next mission is where things like recommendation algorithms get very important and where our better understanding of things like style and taste concepts that were very difficult to understand, using just technology 5 years ago that are suddenly getting much, much easier to understand, that's where I think the cutting edge is. And we're very optimistic that we can continue to do a much better job understanding your tastes, understanding what our inventory is and matching you with good recommendations.

然後開始下一個任務是推薦算法之類的東西變得非常重要，我們更好地理解風格和品味概念之類的東西，這些東西非常難以理解，僅使用 5 年前的技術突然變得非常容易明白，這就是我認為最前沿的地方。我們非常樂觀地認為，我們可以繼續更好地了解您的口味，了解我們的庫存，並為您提供好的推薦。

We continue to do a good job with singles and nudges as well that continues to be a fruitful area for what are nudges we'd give you, for example, badges in the app, that would be a worthwhile reason to want to come back. Something you added to a collection might have just gone on sale, for example, or a seller or something you added to a collection might have just put something new in her shop.

我們繼續在單身和助推方面做得很好，這仍然是一個富有成果的領域，我們會給你的助推，例如，應用程序中的徽章，這將是一個值得回來的理由。例如，您添加到收藏中的東西可能剛剛開始銷售，或者賣家或您添加到收藏中的東西可能剛剛在她的商店裡放了一些新東西。

So these are all different things we're doing on the site itself. Off the site, we're getting better and better at targeted marketing. So broad scale, we're launching a new television campaign in the next week or 2, and you're going to see us really talk about home, fashion and gifting very explicitly. Etsy is a place to come for home, fashion and gifting. That's not exhaustive. Etsy is about -- even though those are very, very big categories and opportunities, Etsy is about so much more than even those, but trying to plant very specific associations in the minds of the consumer about when they should be thinking about Etsy. Because we know that broad scale, they have a lot of love for the Etsy brand on average. But over the course of the day when a shopping mission comes up, they don't always associate it with Etsy. So that breadcrumb, that clear association is very important. CLC, this most recent campaign really leaned into those 3 purchase occasions, very specifically to try to build that habit.

所以這些都是我們在網站上做的不同的事情。在網站之外，我們在有針對性的營銷方面做得越來越好。規模如此之大，我們將在下週或兩週內推出新的電視宣傳活動，您將看到我們非常明確地真正談論家居、時尚和禮品。 Etsy 是購買家居、時尚和送禮的好去處。這並不詳盡。 Etsy 是關於——儘管這些是非常非常大的類別和機會，但 Etsy 的意義遠不止於此，而是試圖在消費者的腦海中植入非常具體的聯想，讓他們知道什麼時候應該考慮 Etsy。因為我們知道規模如此之大，平均而言，他們對 Etsy 品牌非常喜愛。但在當天出現購物任務時，他們並不總是將其與 Etsy 聯繫在一起。所以那個麵包屑，那個清晰的關聯是非常重要的。 CLC，這個最近的活動真的傾向於這 3 個購買場合，非常具體地試圖養成這種習慣。

And then we're getting even better with things like PLA, with things like SEM non-brand. We're actually seeing some really interesting progress right now with what we call mid-funnel video, for example, YouTube videos of being able to understand who are customers that we might have interacted with before and what's going on in their life. Maybe they're having a wedding, and this would be a good time to show them advertisements about the kinds of wedding offerings that we have. So there's a lot of off-site marketing we're doing as well that I'm very excited about in terms of what that can do to get people who already like us to want to think of us more often and come back more often.

然後我們在 PLA 和 SEM 非品牌等方面做得更好。實際上，我們現在看到了一些非常有趣的進展，我們稱之為漏斗中視頻，例如，YouTube 視頻能夠了解我們之前可能與之互動過的客戶以及他們生活中發生的事情。也許他們正在舉行婚禮，現在是向他們展示我們提供的各種婚禮用品的廣告的好時機。因此，我們也在做很多場外營銷，我很高興能做些什麼來讓那些已經喜歡我們的人想要更頻繁地想到我們並更頻繁地回來。

Okay. Great, Josh. Planning a wedding from my daughter, so all the collections are happening right now. All right, I'm going to go to Rachel. We got a question from Kunal Madhukar from UBS. I want to make sure we clarify something we said on our prerecorded remarks, so this is going to be for Rachel. As you look for teams GMS growth in the second half, how much of that will come from growth in buyer count versus growth in spend per buyer. So I think we want to clarify what we actually said about the second half.

好的。太好了，喬希。計劃我女兒的婚禮，所以所有的系列都在馬上進行。好吧，我要去雷切爾那裡。瑞銀的 Kunal Madhukar 向我們提出了一個問題。我想確保我們澄清了我們在預先錄製的評論中所說的話，所以這將是給雷切爾的。當您尋找下半年團隊 GMS 增長時，其中有多少來自買家數量的增長與每位買家支出的增長。所以我想我們想澄清一下我們對下半場的實際看法。

Yes. So first of all, we didn't give guidance for the full year. So we always -- we've been very cautiously, during unpredictable times, giving one quarter at a time. But we do like to give some sort of tea leaves or some suggestions of what -- how to think about the second half. And so this time, what we said was -- I'm going to quote another CFO, who said on a call last quarter or the quarter before. At that time, he also had the lapping. And you would expect that time with all the lapping, if not for what we're seeing is pretty volatile headwinds right now from reopening, from constrained consumer balance sheets from inflationary pressures and that, what we're seeing is somewhat I -- we call -- characterize as choppy waters. And so that volatility or headwind may actually negate what we would say could be growth in the teens, if not -- just because of the lapping, if not for this headwind that we're getting from the sort of exogenous factors.

是的。所以首先，我們沒有給出全年的指導。所以我們總是——我們一直非常謹慎，在不可預測的時期，一次捐出四分之一。但我們確實喜歡提供一些茶葉或一些關於如何思考下半場的建議。所以這一次，我們所說的是——我要引用另一位首席財務官的話，他在上個季度或前一個季度的電話會議上說。那時，他也有研磨。如果不是因為我們現在看到的是重新開放帶來的相當不穩定的逆風，通脹壓力導致消費者資產負債表受限，那麼你會預料到那段時間，我們看到的是我 - 我們呼——形容波濤洶湧的水域。因此，這種波動或逆風實際上可能會否定我們所說的可能是青少年的增長，如果不是 - 只是因為重疊，如果不是因為我們從那種外生因素中得到的這種逆風。

Okay. Great. Thanks, Rachel. The next one I'm going to give to Josh to talk about a question we got from Ed Yruma at PSC. Can you talk about the drivers of new buyer growth in the Q4. Obviously, that was a good number. How can you lean into the strengths and drive strong new buyer growth again in 2023?

好的。偉大的。謝謝，雷切爾。下一個我要交給 Josh 來談談我們從 PSC 的 Ed Yruma 那裡得到的一個問題。你能談談第四季度新買家增長的驅動因素嗎？顯然，這是一個不錯的數字。您如何才能發揮優勢並在 2023 年再次推動強勁的新買家增長？

Yes. Thanks for the question. So we're proud of our marketing efforts, and we think bringing new buyers to the site, the team did a really good job in the fourth quarter, both in the U.S. and in international. We continue to make gains in the U.S. And we talked about, for example, increasing male buyer penetration and investing more in different channels to do that. We talked about NFL ads in a recent call. We're also doing a better and better job in our marketing on Google and Facebook to be able to speak to male audiences in a more personalized way, and we're seeing that really pay off.

是的。謝謝你的問題。因此，我們為我們的營銷工作感到自豪，我們認為為網站帶來新買家，該團隊在第四季度在美國和國際上都做得非常好。我們繼續在美國取得進展。例如，我們談到了提高男性買家的滲透率並加大對不同渠道的投資來做到這一點。我們在最近的電話中談到了 NFL 廣告。我們在谷歌和 Facebook 上的營銷工作也做得越來越好，以便能夠以更個性化的方式與男性受眾交流，我們看到了真正的回報。

And then internationally, we've been fertilizing some of those fields, and we're starting to see really great results from that. So we've talked about the U.K. a lot. Germany was a great performer in 2022. And in both of those markets now, we have greater than 70% of purchases come from sellers in the same market. So we've got a really vibrant two-sided marketplace. And now in both the U.K. and Germany, we're a top 10 e-commerce site. That's the result of investing for a number of years to lay that foundation. So we're really excited in some of the other core markets we have now and how we can see growth there to continue to bring new buyers onto Etsy as we also continue to invest in the U.S.

然後在國際上，我們一直在為其中一些領域施肥，我們開始從中看到非常好的結果。所以我們經常談論英國。德國在 2022 年表現出色。現在在這兩個市場中，我們有超過 70% 的採購來自同一市場的賣家。所以我們有一個真正充滿活力的雙向市場。現在在英國和德國，我們都是排名前 10 位的電子商務網站。這是多年投資奠定基礎的結果。因此，我們對我們現在擁有的其他一些核心市場感到非常興奮，以及我們如何看到那裡的增長以繼續為 Etsy 帶來新買家，同時我們也繼續在美國投資。

Great. Thanks, Josh. I'm going to move to a question from Rick Patel at Raymond James, concerning our subsidiaries starting with Josh, and then Rachel will come back to you afterwards. Can you expand on the most recent developments, Josh, for Reverb and Depop? And though Elo7, he didn't ask about it, and maybe touch on some new initiatives there. And then, Rachel, I'll circle back with a profit question.

偉大的。謝謝，喬希。我要轉到 Raymond James 的 Rick Patel 的問題，關於我們從 Josh 開始的子公司，然後 Rachel 會再回來找你。 Josh，你能詳細介紹 Reverb 和 Depop 的最新進展嗎？儘管 Elo7，他沒有詢問，也許會談及那裡的一些新舉措。然後，雷切爾，我會回過頭來回答一個利潤問題。

Sure. So let's see, starting with Reverb. Reverb appears to be gaining share versus the musical instrument market, broadly speaking, over time. We feel really good about that. They have a brand that's highly differentiated in the space. Some of the things that they've been working on recently that I think are really cool is partnering directly with brands, so that those brands are launching limited-edition exclusives on the Reverb site. That's really exciting. It can be a channel for the brands over time, and it gives you a reason to want to go to Reverb because there's a lot of only-on-Reverb kinds of things or opportunities for brands to move inventory that didn't sell at really deep discounts. So for those of you who are musicians, keep an eye on Reverb because there's a lot of cool stuff going on there.

當然。那麼讓我們看看，從混響開始。從廣義上講，隨著時間的推移，與樂器市場相比，混響似乎正在獲得份額。我們對此感覺非常好。他們擁有在該領域高度差異化的品牌。他們最近一直在做的一些我認為非常酷的事情是直接與品牌合作，這樣這些品牌就可以在 Reverb 網站上推出限量版獨家產品。這真的很令人興奮。隨著時間的推移，它可以成為品牌的一個渠道，它讓你有理由想要去 Reverb，因為有很多只在 Reverb 上的東西或品牌移動庫存的機會，這些東西並沒有真正銷售深度折扣。因此，對於那些音樂家來說，請留意 Reverb，因為那裡有很多很酷的東西。

Another insight that they've had is that not all of the inventory is priced right because we saw so much inflation through 2021, and supply chain is backing up, and now prices have settled back down again for many items. And sellers may not have gotten the memo, and so they may have items that are priced for what looked like an attractive price 9 months ago that looks very expensive today. And so they're doing a lot on value right now. How do we help coach sellers for what the current price looks like? That's the kind of thing that's really cool that's hard for Etsy to do because we don't have catalog of things for sale that all have SKU numbers. But at Reverb, they do, and they can do more of what is the current market price and help sellers make good decisions there. So that's very exciting.

他們的另一個見解是，並非所有庫存都定價正確，因為我們看到到 2021 年通貨膨脹如此之多，而且供應鏈正在支持，現在許多商品的價格再次回落。賣家可能沒有收到備忘錄，因此他們的商品價格可能在 9 個月前看起來很有吸引力，但在今天看起來非常昂貴。因此，他們現在在價值方面做了大量工作。我們如何幫助指導賣家了解當前價格？這是一種非常酷的東西，但 Etsy 很難做到，因為我們沒有所有有 SKU 編號的待售商品目錄。但在 Reverb，他們做到了，而且他們可以根據當前的市場價格做更多的事情，並幫助賣家在那裡做出正確的決定。所以這非常令人興奮。

At Depop, first, Kruti and the team have done a really good job of accelerating product velocity with using a lot more data to determine which parts of what they're launching are working. So that's really core to the Etsy playbook. We talked about this in our prepared remarks. Having the team broken down into small squads that each work very independently and very urgently to fix a customer problem and measure every launch they do is that actually making the customer experience better in a way that's driving more GMS. So we've been successfully installing that playbook, and velocity of the team at Depop is up substantially.

首先，在 Depop，Kruti 和團隊在加快產品速度方面做得非常好，他們使用更多數據來確定他們推出的產品的哪些部分是有效的。所以這真的是 Etsy 劇本的核心。我們在準備好的評論中談到了這一點。將團隊分解成小團隊，每個團隊都非常獨立且非常緊急地解決客戶問題並衡量他們所做的每一次發布，這實際上以推動更多 GMS 的方式改善了客戶體驗。所以我們已經成功地安裝了該劇本，並且 Depop 團隊的速度大大提高了。

Similar to Reverb, actually, affordability is a big area that they are working on and making sure that sellers are selling items at prices that feel good to buyers. The competitive landscape for Depop is more challenging. Right now, there is a lot of competition in the recycled clothing market. And the U.K. economy has been a headwind. It's no secret that things are tougher and discretionary spending in the U.K. economy is tight. So those have been headwinds for Depop. They are, I think, focused on exactly the right things, with making sure the customer experience continues to be world-class, making sure the brand continues to be a leading brand. Investing also in the U.S. where we're a huge market opportunity, much earlier for Depop, where we see some encouraging trends. And that team will keep focused as we do with all of our brands on profitable growth, doing things that drive profitable growth.

與 Reverb 類似，實際上，負擔能力是他們正在努力的一個重要領域，並確保賣家以買家感覺良好的價格出售商品。 Depop 的競爭格局更具挑戰性。目前，再生服裝市場競爭激烈。英國經濟一直是逆風。眾所周知，英國經濟形勢更加嚴峻，可自由支配的支出吃緊。所以這些都是 Depop 的不利因素。我認為，他們專注於正確的事情，確保客戶體驗繼續保持世界一流，確保品牌繼續成為領先品牌。還在美國投資我們擁有巨大的市場機會，對 Depop 的投資要早得多，我們在那裡看到了一些令人鼓舞的趨勢。該團隊將像我們對所有品牌所做的那樣，繼續專注於盈利增長，做推動盈利增長的事情。

And last but not least, Elo7. Elo7 is more weighted to events and activities than the other Etsy brands. So for example, having quinceañera or having birthday parties or weddings, things like that. And so as they come through COVID in Brazil, we think that's going to provide tailwinds for them to continue driving the Elo7 business in Brazil.

最後但同樣重要的是，Elo7。 Elo7 比其他 Etsy 品牌更重視事件和活動。例如，舉辦 quinceañera 或舉辦生日派對或婚禮，諸如此類。因此，當他們在巴西經歷 COVID 時，我們認為這將為他們繼續推動巴西的 Elo7 業務提供順風。

Rachel, do you want to just touch on the profitability question?

雷切爾，你想談談盈利能力問題嗎？

Yes. Just -- I think the second part of the question was just on getting profitability through those subsidiaries. And first, I just want to remind you that the subsidiaries are 12% or less of our total GMS. So they're very, very small. Reverb is just at about hovering around breakeven. Elo7 is not yet profitable, but they're also too tiny to matter or make any kind of material impact to our overall margins. And Depop, we're investing for growth. It would be really the wrong thing to do to starve them at this point. But I will also say, even if they were all 3 breakeven or better, they would still be dilutive to our margins at this point just because they're also subscale, and so their margins would be lower. And when you factor that into Etsy's very high margins, it just brings them down by a bit.

是的。只是 - 我認為問題的第二部分只是關於通過這些子公司獲得盈利。首先，我只想提醒您，子公司占我們總 GMS 的 12% 或更少。所以它們非常非常小。 Reverb 剛好在收支平衡附近徘徊。 Elo7 尚未盈利，但它們也太小了，無法對我們的整體利潤率產生任何實質性影響。而 Depop，我們正在為增長而投資。在這一點上讓他們挨餓確實是錯誤的做法。但我還要說，即使它們都是 3 個盈虧平衡點或更好，此時它們仍然會稀釋我們的利潤率，因為它們也是規模較小的，因此它們的利潤率會更低。當你將其計入 Etsy 的極高利潤時，它只會讓利潤下降一點。

Thanks, Rachel. I know we're at time, but we're going to squeeze in one more because we want to get to it. We got a question from Sean Dunlop at Morningstar, and it's really just about what we're seeing in India. And can we talk about the early results and the road map from here, Josh, especially getting it to be going from a one-sided marketplace to two-sided?

謝謝，雷切爾。我知道我們時間到了，但我們會再擠一次，因為我們想趕上它。 Morningstar 的肖恩·鄧洛普 (Sean Dunlop) 向我們提出了一個問題，這實際上是關於我們在印度看到的情況。 Josh，我們可以談談這裡的早期結果和路線圖，尤其是讓它從單邊市場轉向雙邊市場嗎？

Yes. We are really excited about the Indian market. It has a wonderful history of artisanship, craftsmanship, handmade, very aligned with the culture of India; and also the priorities of the government, which we think is great. Our ability to lift up and support Indian sellers in their own market, we think, is something that we're very well aligned on, all of us together.

是的。我們對印度市場感到非常興奮。它擁有悠久的手工藝、手工藝、手工製作的歷史，非常符合印度文化；還有政府的優先事項，我們認為這很好。我們認為，我們在自己的市場上提升和支持印度賣家的能力是我們非常一致的，我們所有人都在一起。

We have about 120,000 sellers now in India with about million live listings. So we think that's a really encouraging start. And the big asset we bring is the opportunity for the sellers to export to other markets in a very affordable way. For $0.20, you can open a store in India and sell to the world, and so that's how we've been able to get a good number of sellers and listings. Now we are building the belt-and-suspenders to allow for a buyer experience in India as well. And that requires shipping providers, that requires payments infrastructure. Making sure that we have all the right trust and safety, infrastructure for the Indian culture in the Indian market. And so that's the investment we've been making and the work that we've been doing. We're encouraged by the progress that we're making, and we're very excited about the future.

我們現在在印度有大約 120,000 名賣家，有大約 100 萬個實時列表。所以我們認為這是一個非常令人鼓舞的開始。我們帶來的最大資產是賣家有機會以非常實惠的方式出口到其他市場。只需 0.20 美元，您就可以在印度開一家商店並向全世界銷售，這就是我們能夠獲得大量賣家和列表的方式。現在我們正在打造腰帶和背帶，以便在印度也能提供買家體驗。這需要運輸供應商，需要支付基礎設施。確保我們在印度市場擁有適合印度文化的所有正確的信任和安全基礎設施。這就是我們一直在進行的投資和我們一直在做的工作。我們對我們正在取得的進展感到鼓舞，我們對未來感到非常興奮。

I do want to say we want to invest in India in a sustainable way, and so making sure that we do it in a way that supports organic growth over time and doesn't just flood the market with a lot of investment that either succeeds or fails in a short amount of time, and then if it doesn't work, we pull out with our tail between our legs. How do we sort of bit by bit, step by step invest organically in the market in a way that is very sustainable over the long term and build a great market? So we're excited about that. We think they have a lot to offer the Indian market and excited by the progress we've made.

我確實想說我們希望以可持續的方式在印度投資，因此確保我們以支持隨著時間的推移有機增長的方式進行投資，而不僅僅是用大量成功或成功的投資湧入市場在短時間內失敗，然後如果它不起作用，我們就會夾著尾巴拔出來。我們如何一點一點、一步一步地以一種長期可持續的方式有機地投資於市場，並建立一個偉大的市場？所以我們對此感到興奮。我們認為他們可以為印度市場提供很多東西，並對我們取得的進展感到興奮。

Great. Thanks, Josh. And with that, I'm going to call it. We look forward to seeing everyone on the road back in real life out there soon. Thank you all for joining us.

偉大的。謝謝，喬希。有了這個，我要打電話給它。我們期待很快在現實生活中看到路上的每個人。謝謝大家加入我們。

Thank you.

謝謝。

Thanks, everyone.

感謝大家。