ETSY Inc (ETSY) 2023 Q1 法說會逐字稿

Hi, everyone, and welcome to Etsy's First Quarter 2023 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 2023 年第一季度收益電話會議。我是投資者關係和 ESG 參與副總裁 Deb Wasser。今天加入我的是： Josh Silverman，首席執行官；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. The slide deck has also been posted to our website for your reference. 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 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 to as many as we can.

今天準備好的發言已經預先錄製好了。幻燈片也已發佈到我們的網站供您參考。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窗口聊天提交問題。請隨時使用它，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。

Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-K 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.

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-K 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 measures and non-GAAP financial measures, which are reconciled to GAAP financial measures when available in the appendix to today's slide deck posted on our IR website, along with a replay of this call.

同樣在電話會議期間，我們將介紹 GAAP 指標和非 GAAP 財務指標，這些指標與 GAAP 財務指標相一致，在今天發佈在我們 IR 網站上的幻燈片的附錄中提供，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, and good evening, everyone. We're pleased to be reporting another quarter of healthy performance to start the year. Etsy's consolidated GMS was $3.1 billion. Revenue grew nearly 11% to $641 million and our adjusted EBITDA margin was again strong at 26.6%.

謝謝，Deb，大家晚上好。我們很高興報告今年開始的另一個季度的健康業績。 Etsy 的綜合 GMS 為 31 億美元。收入增長近 11% 至 6.41 億美元，我們調整後的 EBITDA 利潤率再次保持強勁，達到 26.6%。

Etsy marketplace GMS was $2.7 billion this past quarter, down about 3% on a currency-neutral basis as we've once again maintained the vast majority of our pandemic gains in the face of stiff macroeconomic headwinds. As Rachel will review, some of the volatility and headwinds the Etsy marketplace experienced in February eased in March, enabling our consolidated GMS to come in above the midpoint of guidance.

上個季度 Etsy 市場 GMS 為 27 億美元，在貨幣中性的基礎上下降了約 3%，因為面對嚴峻的宏觀經濟逆風，我們再次保持了大流行病收益的絕大部分。正如 Rachel 將回顧的那樣，Etsy 市場在 2 月份經歷的一些波動和逆風在 3 月份有所緩解，使我們的綜合 GMS 能夠高於指導的中點。

The Etsy marketplace is starting to see some green shoots in our biometrics we move past pandemic period comparisons, including the first year-over-year increase in active buyers in 5 quarters. In the last few years, we've all faced continued uncertainty, which, frankly, is feeling like the new normal, but despite the ups and downs, Etsy has thrived. I believe this has everything to do with our agility and resilience, both in our business model and the way we run our company. We stand apart because we offer something different, something we believe is evergreen and enduring.

Etsy 市場開始在我們的生物識別技術中看到一些新芽，我們已經超越了大流行時期的比較，包括 5 個季度以來活躍買家的首次同比增長。在過去的幾年裡，我們都面臨著持續的不確定性，坦率地說，這感覺就像是新常態，但儘管有起起落落，Etsy 仍然蓬勃發展。我相信這與我們的敏捷性和應變能力息息相關，無論是在我們的商業模式上還是在我們經營公司的方式上。我們之所以與眾不同，是因為我們提供與眾不同的東西，我們相信這些東西是常青且經久不衰的。

Summing up our core Etsy marketplace plans for 2023, we'll work hard to knock down barriers that have historically made Etsy your once in a while rather than your every day. These barriers can be summarized in 3 main areas: first, buyers too often think of us only for very specific needs or at the end of their shopping journey when they can't find the item somewhere else; second, it simply takes too much time and effort to find the best things among our over 100 million items; and third, buyers worry about the post-purchase experience.

總結我們 2023 年的核心 Etsy 市場計劃，我們將努力消除歷史上讓 Etsy 成為您偶爾而非每天的障礙。這些障礙可以概括為三個主要方面：首先，買家往往只是因為非常具體的需求或在他們的購物旅程結束時在其他地方找不到商品時才會想到我們；第二，在我們的 1 億多件物品中找到最好的東西太費時間和精力了；第三，買家擔心購買後的體驗。

Given our breadth and depth of merchandise, we're confident that we should be more relevant, more often to many more millions of buyers around the world. And if there's anyone who doubts this point, I challenge you to review your recent purchases and search on Etsy to see whether you might have found something similar yet more special and possibly better value if you had purchased it from a creative entrepreneur on Etsy. I bet you'll be surprised how often the answer to that question is yes. As we lessen these barriers to purchasing more frequently, we believe we can earn the right to gain a far greater share of our buyers' wallet, and to reach our aspiration to become the starting point for many more of their e-commerce journeys.

鑑於我們商品的廣度和深度，我們相信我們應該更相關，更經常地與全球更多的數百萬買家聯繫。如果有人懷疑這一點，我建議你回顧一下你最近的購買，並在 Etsy 上搜索，看看如果你是從 Etsy 上的創意企業家那裡購買的，你是否會發現類似但更特別、可能更有價值的東西。我打賭你會驚訝於這個問題的答案經常是肯定的。隨著我們更頻繁地減少這些購買障礙，我們相信我們可以獲得獲得買家錢包更大份額的權利，並實現我們的願望，成為他們更多電子商務之旅的起點。

This year our product roadmap is focused on welcoming new buyers to the joy of Etsy, deepening buyer curiosity and engagement, instilling trust when transacting with us and being a platform sellers love to sell on, where they can most effectively and efficiently grow. We're doubling down on initiatives from our core female buyers, building awareness among male buyers and driving the two-sided marketplace flywheel in more of our 7 core markets. I'm excited to tell you more about some of our plans today.

今年我們的產品路線圖的重點是歡迎新買家享受 Etsy 的樂趣，加深買家的好奇心和參與度，在與我們交易時灌輸信任，並成為賣家喜歡銷售的平台，他們可以在其中最有效地發展。我們正在加倍關注核心女性買家的舉措，在男性買家中建立意識，並在我們 7 個核心市場中的更多市場中推動雙向市場飛輪。今天我很高興能向您詳細介紹我們的一些計劃。

Improvements to search technology are obviously central to this roadmap, and you'll see us invest here in a big way. Many of you asked, "What inning is Etsy in, in making search better?" For the past 6 years I've consistently answered very early innings. We've been at the cutting edge of search technology for the past several years, and while we use large language models today, we couldn't be more excited about the potential of newer large language models and generative AI to further accelerate the transformation of Etsy's user experience. Even with all our enhancements, Etsy search today is still key-word driven and text based and essentially the result is a grid with many thousands of listings. We've gotten better at reading the tea leaves, but it's still a repetitive cycle of query result reformulation. In the future we expect search on Etsy to utilize more natural language and multimodal approaches. Rather than manipulating key words, our search engines will enable us to ask the right question at the right time to show the buyer a curated set of results that can be so much better than it is today.

搜索技術的改進顯然是該路線圖的核心，您會看到我們在這方面進行了大量投資。你們中的許多人問，“Etsy 在改善搜索方面處於哪一局？”在過去的 6 年裡，我一直在非常早的幾局比賽中做出回應。在過去的幾年裡，我們一直處於搜索技術的前沿，雖然我們今天使用大型語言模型，但我們對更新的大型語言模型和生成 AI 進一步加速轉型的潛力感到無比興奮Etsy 的用戶體驗。即使有了我們所有的改進，今天的 Etsy 搜索仍然是關鍵字驅動和基於文本的，基本上結果是一個包含數千個列表的網格。我們在閱讀茶葉方面做得更好了，但它仍然是查詢結果重構的重複循環。在未來，我們希望 Etsy 上的搜索能夠利用更多的自然語言和多模式方法。我們的搜索引擎不是操縱關鍵詞，而是讓我們能夠在正確的時間提出正確的問題，向買家展示一組精選的結果，這些結果可能比現在好得多。

We're investigating additional search engine technologies to identify attributes of an item, multi-label learning models for instant search,

我們正在研究其他搜索引擎技術來識別項目的屬性，用於即時搜索的多標籤學習模型，

graph neural networks and so much more, which will be used in combination with our other search engine technologies. It's our belief that Etsy will benefit from generative AI and other advances in search technology as much or perhaps even more so than others. Why? Think about the way you shop. You don't walk into a store and yell, "Blue, shirt, cotton," the way you search on Etsy today. In a store, you walk in, explain to a salesperson that you're going to a cocktail party at a chic place in Brooklyn and are looking for a shirt to fit the vibe, what do you recommend? And you certainly don't expect the salesperson to show you 90,000 options. They'll show you the best handful of items that match the vibe.

圖神經網絡等等，它們將與我們的其他搜索引擎技術結合使用。我們相信 Etsy 將受益於生成式人工智能和搜索技術的其他進步，與其他公司一樣多，甚至更多。為什麼？想想你購物的方式。你不會像今天在 Etsy 上搜索那樣走進一家商店然後大喊“藍色、襯衫、棉質”。在一家商店裡，您走進去，向銷售人員解釋說您要去布魯克林一個別緻的地方參加雞尾酒會，並且正在尋找一件適合這種氛圍的襯衫，您有什麼推薦的？而且您當然不會指望銷售人員向您展示 90,000 個選項。他們會向您展示與氛圍相匹配的最佳商品。

What if we can bring the human aspect of retail boutiques to e-commerce? What if buyers could tell us what they want in real time and adjust their search results that way? What if they could show us images during the conversation? And particularly intriguing for Etsy, what if buyers could better visualize products that might be similar to but not exactly like the ones initially displayed in response to a search such as, "I like that planter. But do you have it in the shape of a duck and not a cat?" With over 100 million items, chances are, whatever you're imagining is already for sale on Etsy. We'll help you find it more easily.

如果我們可以將零售精品店的人性化方面帶到電子商務中呢？如果買家可以實時告訴我們他們想要什麼並以此方式調整他們的搜索結果會怎樣？如果他們可以在對話中向我們展示圖像會怎麼樣？對於 Etsy 特別有趣的是，如果買家能夠更好地可視化與最初顯示的產品相似但不完全相同的產品以響應搜索，例如“我喜歡那個花盆。但是你有它的形狀嗎？鴨子而不是貓？” Etsy 上有超過 1 億件商品，很可能您想到的任何東西都已在售。我們會幫助您更輕鬆地找到它。

While we're in the early days of thinking through how these advances might impact Etsy, you can imagine how conversational search can help bring the human aspect even further into our marketplace or how visualization can enable more seamless product discovery.

雖然我們還處於思考這些進步如何影響 Etsy 的早期階段，但您可以想像會話搜索如何幫助將人性化的方面進一步帶入我們的市場，或者可視化如何實現更無縫的產品發現。

Summing it up, we're excited. Combining human -- natural human language with progress on search is pretty on brand for Etsy, tying back into welcoming new buyers to the joy of Etsy and deepening buyer curiosity and engagement for those coming back to us. For every buyer, we should be able to show you the very best of Etsy for you.

總結一下，我們很興奮。將人類 - 自然的人類語言與搜索進展相結合對於 Etsy 來說非常適合品牌，重新歡迎新買家享受 Etsy 的樂趣，並加深買家的好奇心和回頭客的參與度。對於每一位買家，我們都應該能夠向您展示 Etsy 最好的一面。

We have the opportunity to be far more curated and organized, to reduce the clutter in order to be the place you come to more often for your head queries and not just your tail queries. To that end, we have 2 very exciting cross-functional initiatives in 2023 that aim to unlock the best of Etsy. The first, we're calling curation at scale. You may be familiar with our Editors' Picks features. Items we select for Editors' Picks have traditionally fueled content for on and off-site merchandising and marketing strategies. These features as well as the Etsy Pick badges we use throughout the site are fueled by a dynamic library of a couple of hundred thousand listings curated by humans, Etsy merchandise experts.

我們有機會更加精心策劃和組織，減少混亂，以便成為您更頻繁地進行頭部查詢而不僅僅是尾部查詢的地方。為此，我們在 2023 年推出了 2 項非常激動人心的跨職能計劃，旨在釋放 Etsy 的最佳功能。首先，我們稱之為大規模策展。您可能熟悉我們的編輯精選功能。我們為編輯精選選擇的項目傳統上為現場和非現場銷售和營銷策略提供了內容。這些功能以及我們在整個網站上使用的 Etsy Pick 徽章是由一個動態庫推動的，該庫包含由 Etsy 商品專家人類策劃的數十萬個列表。

Etsy Pick badged items show meaningfully higher conversion rates than nonbadged items. Why? Because our merch team knows how to select the very best inventory, items with true craftsmanship, those that are well photographed to display key features and are from sellers who adhere to our policies and provide excellent customer service. Our experts also know how to incorporate market trends, localization and diversity of merchandise into the experiences we're creating.

Etsy Pick 帶徽章的商品比無徽章的商品顯示出更高的轉化率。為什麼？因為我們的商品團隊知道如何選擇最好的庫存、真正工藝的商品、照片精美以展示關鍵特徵的商品，以及來自遵守我們的政策並提供優質客戶服務的賣家的商品。我們的專家還知道如何將市場趨勢、本地化和商品多樣性融入我們正在創造的體驗中。

So our search experience and merchandising teams are working together to feed the best of Etsy human curation into our ML and AL (sic) [AI] datasets in a highly scalable way, with a goal to train our algorithms to better detect the quality of items as perceived by humans such that we showcase the best of Etsy in every search. Over time, we believe this and other work streams will help make search more personalized for each type of buyer on Etsy, further identify what quality means for you, enable us to make better recommendations, help buyers move more easily from inspiration to purchase and enhance the brand perception of Etsy. We'll also share insights with sellers on what being the best of Etsy looks like for their type of item. So over time, we can help lift our entire seller community.

因此，我們的搜索體驗和營銷團隊正在共同努力，以高度可擴展的方式將 Etsy 人工精選的最佳內容提供給我們的 ML 和 AL (sic) [AI] 數據集，目的是訓練我們的算法以更好地檢測商品質量正如人們所感知的那樣，我們在每次搜索中都展示了 Etsy 的精華。隨著時間的推移，我們相信這個和其他工作流將有助於使 Etsy 上的每種類型的買家的搜索更加個性化，進一步確定質量對您意味著什麼，使我們能夠提出更好的建議，幫助買家更容易地從靈感轉變為購買並增強Etsy 的品牌認知度。我們還將與賣家分享關於 Etsy 中最適合他們的商品類型的見解。因此，隨著時間的推移，我們可以幫助提升整個賣家社區。

The second area we're working on to unlock the best of Etsy is related to creating shopping experiences that make Etsy feel more organized. To set the stage, it's worth taking a look at our brand awareness data. While Etsy's aided awareness is now quite high, particularly in the U.S., our largest market. When we ask consumers the open-ended question, name the top places to shop for gifts. Only about 11% will name Etsy, and only about 3% name us for home furnishings or for style in spite of these being some of our most popular purchase occasions. This lack of top-of-mind awareness represents a tremendous opportunity for us. We believe we have both the merchandise and a differentiated shopping experience to warrant significantly greater buyer consideration.

我們致力於解鎖 Etsy 最佳功能的第二個領域與創造讓 Etsy 感覺更有條理的購物體驗有關。為了做好準備，值得看看我們的品牌知名度數據。雖然 Etsy 的輔助意識現在相當高，尤其是在我們最大的市場美國。當我們向消費者提出開放式問題時，請指出購買禮品的首選地點。只有大約 11% 的人會提到 Etsy，只有大約 3% 的人會提到我們的家居用品或風格，儘管這些是我們最受歡迎的購買場合。缺乏最重要的意識對我們來說是一個巨大的機會。我們相信我們擁有商品和差異化的購物體驗，可以保證買家考慮更多。

So this year, our product teams will create new pathways or wayfinding to give buyers easy ways to understand our sellers' inventory by surfacing category-specific information and removing friction in the purchase experience in order to surface high-quality items and provide inspiration. For example, a complete-the-look recommendation model is showing early promise to help Home & Living buyers shop more effectively. And in gifting, we're testing new ways to narrow broad gifting missions, such as gift for mom, to filter by a hobby or other interest or in jewelry, one of the most common gifts on Etsy to help a buyer more easily find a specific type of jewelry.

因此，今年，我們的產品團隊將創建新的途徑或尋路方式，通過顯示特定類別的信息並消除購買體驗中的摩擦，讓買家輕鬆了解我們賣家的庫存，從而顯示高質量的商品並提供靈感。例如，外觀完整的推薦模型顯示出早期承諾，可以幫助家居和生活用品買家更有效地購物。在送禮方面，我們正在測試新的方法來縮小廣泛的送禮任務範圍，例如給媽媽的禮物，以根據愛好或其他興趣或珠寶進行篩選，這是 Etsy 上最常見的禮物之一，可幫助買家更輕鬆地找到合適的禮物特定類型的珠寶。

We'll also leverage our marketing channels and campaigns to associate Etsy with specific purchase occasions, starting with Home & Living, Style and gifting. Here are a few of our new TV spots, which seek to raise awareness that Etsy has it for those purchase occasions.

我們還將利用我們的營銷渠道和活動將 Etsy 與特定的購買場合相關聯，從家居與生活、時尚和禮品開始。以下是我們的一些新電視廣告，旨在提高人們對 Etsy 在這些購買場合擁有它的認識。

(presentation)

（推介會）

Moving now to the ways we'll seek to instill more trust when transacting with us, to build that peace of mind when shopping on Etsy. 90% of active buyers believe items on Etsy are unique, high quality and handmade. That said, mass-produced items, which make up a very small percentage of items on Etsy do continue to find their way on to the marketplace. We know it weakens trust when a buyer or a seller encounters one of these items.

現在轉向我們尋求在與我們交易時灌輸更多信任的方式，以在 Etsy 上購物時建立安心。 90% 的活躍買家認為 Etsy 上的商品是獨一無二的、高品質的和手工製作的。也就是說，批量生產的商品在 Etsy 上的商品中所佔比例非常小，但確實會繼續進入市場。我們知道，當買家或賣家遇到這些物品之一時，會削弱信任。

Utilizing state-of-the-art ML and AI technologies, we've been dialing up enforcement of our handmade and other listing policies even more in 2023 to remove items more quickly and accurately.

利用最先進的 ML 和 AI 技術，我們在 2023 年進一步加強了手工製品和其他商品發布政策的執行力度，以更快、更準確地移除商品。

Our 2022 transparency report was published 2 weeks ago. It's a great source of information regarding our efforts to take down listings that violate our policies. We removed 1.9 million listings for violating our policies in 2022, a 16% increase from 2021. This work is never done, but I'm confident that we're taking the right steps to ensure that Etsy remains a safe and trusted place for our communities.

我們的 2022 年透明度報告已於 2 週前發布。這是一個很好的信息來源，可以幫助我們了解我們為刪除違反我們政策的列表所做的努力。我們在 2022 年刪除了 190 萬個違反我們政策的列表，比 2021 年增加了 16%。這項工作從未完成，但我相信我們正在採取正確的步驟，以確保 Etsy 仍然是我們的安全和值得信賴的地方社區。

Another focus for us this year is to improve awareness of Etsy Purchase Protection. So buyers and sellers know when their orders qualify, feel confident in the process and can more easily resolve any issues that arrive. For those buyers familiar with Etsy Purchase Protection, over half are likely to say that Etsy has their back if things go wrong compared to about 30% among buyers who are not familiar with the program.

今年我們的另一個重點是提高人們對 Etsy 購買保護的認識。因此買賣雙方都知道他們的訂單何時符合條件，對流程充滿信心，並且可以更輕鬆地解決出現的任何問題。對於那些熟悉 Etsy 購買保護的買家，超過一半的人可能會說，如果出現問題，Etsy 會支持他們，而在不熟悉該計劃的買家中，這一比例約為 30%。

As we tracked data from this program through the end of last year, we found that prepurchase messaging about Purchase Protection improved conversion rate and our post-purchase e-mails spurred buyer frequency over a 90-day period. We have so much more to do to make sure buyers and sellers know we have their backs and that we consistently keep pace with expectations across the e-commerce landscape.

當我們跟踪該計劃的數據直至去年年底時，我們發現有關購買保護的預購消息提高了轉化率，並且我們的購後電子郵件在 90 天內刺激了買家頻率。我們還有很多工作要做，以確保買家和賣家知道我們有他們的支持，並且我們始終與電子商務領域的期望保持同步。

And while we've also made meaningful progress over the years on the cost and timeliness of shipping, we still see significant opportunity for improvement. In the first quarter, we saw a nice conversion rate win from making it easier for buyers to filter for free shipping items with no minimum purchase requirement. We could do even better on the timeliness of shipping. For example, by continuing to improve the accuracy of how Etsy sellers set their processing or make times versus their actual times, using ML to get even more precise in predicting point-to-point shipping times and prioritizing items and search results located closer to the buyer for time-sensitive purchases.

雖然多年來我們在運輸成本和及時性方面也取得了有意義的進展，但我們仍然看到了重大的改進機會。在第一季度，我們看到了不錯的轉化率，因為買家可以更輕鬆地篩選沒有最低購買要求的免費送貨商品。我們可以在運輸的及時性方面做得更好。例如，通過繼續提高 Etsy 賣家設置處理或製作時間與實際時間的準確性，使用 ML 來更準確地預測點對點運輸時間，並優先考慮距離更近的商品和搜索結果購買時間敏感的買家。

Our job is to create an ecosystem with the right incentives so sellers with the skill and will can be as successful as possible. Last year's transaction fee increase, where most of the incremental revenue was reinvested back into the marketplace, enabled us to increase investments in critical areas such as marketing, customer support and making Etsy more trustworthy.

我們的工作是創建一個具有正確激勵機制的生態系統，以便擁有技能和意志的賣家能夠盡可能地取得成功。去年的交易費用增加，其中大部分增量收入被重新投資回市場，使我們能夠增加對營銷、客戶支持等關鍵領域的投資，並使 Etsy 更值得信賴。

2022 was exactly the right time to do it, when the world was reopening after the pandemic and sellers needed us to step up our efforts to engage and retain buyers. Given that seller growth continues unabated, up about 8% year-over-year, and our future intent to sell metric is consistently high, we believe we're on the right track.

2022 年恰逢其時，當時世界在大流行病後重新開放，賣家需要我們加緊努力來吸引和留住買家。鑑於賣家增長勢頭不減，同比增長約 8%，並且我們未來的銷售意向指標一直很高，我們相信我們走在正確的軌道上。

Yet we know we can do even better. So this year, we've got a jam-packed to-do list, which includes investing in our seller growth suite, education, tools and the personalized insights they need to market their shops, improve their listings and grow sales on Etsy. We'll make it easier than ever to list items and will provide best practices on pricing strategies and discounting.

然而，我們知道我們可以做得更好。所以今年，我們有一個塞滿的待辦事項清單，其中包括投資於我們的賣家成長套件、教育、工具以及他們營銷商店、改善列表和增加 Etsy 銷量所需的個性化見解。我們將使列出商品比以往任何時候都更容易，並將提供有關定價策略和折扣的最佳實踐。

In addition, we've recently started testing a new make an offer feature that will give vintage shop owners the option to receive offers from buyers. Since launch, thousands of sellers have opted into the initial test with more than 1 million eligible listings included so far. And we're also planning our second virtual Etsy Up seller event this month and will try to outdo our wildly popular 2022 event.

此外，我們最近開始測試一項新的報價功能，該功能將使古董店店主可以選擇接收買家的報價。自推出以來，已有數以千計的賣家選擇了初始測試，目前已包含超過 100 萬個符合條件的列表。我們還計劃在本月舉辦第二次虛擬 Etsy Up 賣家活動，並將努力超越我們廣受歡迎的 2022 年活動。

We're proud of our marketing team, which continues to deliver great value, bringing buyers to our marketplace and keeping them coming back. We've never been a growth at all costs company, and I'm confident that our disciplined approach has and will continue to serve us, our communities and our shareholders very well.

我們為我們的營銷團隊感到自豪，他們繼續提供巨大的價值，將買家帶到我們的市場並讓他們回頭。我們從來都不是一家不惜一切代價實現增長的公司，我相信我們的紀律嚴明的方法已經並將繼續為我們、我們的社區和我們的股東提供良好的服務。

This slide shows just a small sampling of our team's creative work across on-site experiences, CRM tools, social media and brand, including digital TV and out-of-home. And we love partnering with style influencers of all shapes and sizes who want to align their brand with ours.

這張幻燈片僅展示了我們團隊在現場體驗、CRM 工具、社交媒體和品牌（包括數字電視和戶外）方面的創造性工作的一小部分。我們喜歡與想要將自己的品牌與我們的品牌保持一致的各種形狀和大小的時尚影響者合作。

For example, Martha Stewart was our first celebrity collections curator in 2023, this time with a twist. Martha will curate not 1, but 20 collections over the year filled with items she deems worthy of her coveted Good Things stamp of approval.

例如，瑪莎·斯圖爾特 (Martha Stewart) 是我們 2023 年的第一位名人收藏策展人，但這次有所不同。 Martha 將在一年中策劃 20 個系列，而不是 1 個，其中包含她認為值得她夢寐以求的 Good Things 認可印章的物品。

Moving to our House of Brands. Reverb and Elo7 kicked off the year with strategies to drive long-term engagement with their respective communities. Reverb has been focused on affordability, helping musicians find good deals through initiatives that have provided solid GMS wins such as showing more instruments with price drops and great value badging.

搬到我們的品牌之家。 Reverb 和 Elo7 以推動與各自社區的長期互動的戰略開啟了這一年。 Reverb 一直專注於可負擔性，通過為 GMS 贏得穩固勝利的舉措幫助音樂家找到划算的交易，例如展示更多降價和超值標記的樂器。

In addition, Reverb has been testing initiatives that could help sellers better understand pricing trends, and we also made it easier for them to engage with budget conscious buyers interested in specific pieces of gear in order to negotiate prices. The Reverb team has had meaningful success with affordability and price discovery initiatives, so we'll be studying some of these for relevance to the Etsy marketplace.

此外，Reverb 一直在測試可以幫助賣家更好地了解定價趨勢的舉措，我們還讓他們更容易與對特定裝備感興趣的精打細算的買家接觸，以便協商價格。 Reverb 團隊在可負擔性和價格發現計劃方面取得了有意義的成功，因此我們將研究其中一些與 Etsy 市場的相關性。

The Elo7 team is making progress in search, such as improving app listing page speed, implementing user search interpretation, such as did you mean interface that automatically corrects misspelled search terms and introducing filtering capabilities to allow narrowing of search by category or other characteristic.

Elo7 團隊正在搜索方面取得進展，例如提高應用程序列表頁面速度、實施用戶搜索解釋，例如自動更正拼寫錯誤的搜索詞的界面以及引入過濾功能以允許按類別或其他特徵縮小搜索範圍。

I'm really excited to report significant progress at Depop, the result of new leadership, new organizational structure, new experimentation tooling and better focus. In just the first quarter of 2023, Depop completed almost as many experiments as in all of 2022. Kruti and her team have not only launched many more experiments, Depop has also improved experimentation metrics and tracking to better align the work with customer outcomes. In fact, Depop's conversion rate is improving, which will be critical to accelerating Depop's GMS.

我非常高興地報告 Depop 取得的重大進展，這是新領導層、新組織結構、新實驗工具和更專注的結果。僅在 2023 年第一季度，Depop 就完成了幾乎與 2022 年全年一樣多的實驗。Kruti 和她的團隊不僅啟動了更多實驗，Depop 還改進了實驗指標和跟踪，以更好地使工作與客戶結果保持一致。事實上，Depop 的轉化率正在提高，這對於加速 Depop 的 GMS 至關重要。

Longer-term efforts to improve product search using machine learning have started to really pay off. We're exposing buyers to more relevant and personalized content to browse and explore and we're making the seller listing process better to improve the quality and quantity of listings. We also launched an exciting new feature called Repop, which enables users to seamlessly relist a Depop purchased item, a good thing for GMS and the planet.

使用機器學習改進產品搜索的長期努力已經開始真正得到回報。我們正在向買家展示更多相關和個性化的內容以供瀏覽和探索，我們正在改進賣家的上市流程，以提高上市的質量和數量。我們還推出了一項名為 Repop 的激動人心的新功能，它使用戶能夠無縫地重新列出 Depop 購買的商品，這對 GMS 和地球來說都是一件好事。

We're testing and leaning into new marketing formats, such as our I got it on Depop social campaign, and we're seeing better returns from digital marketing investments, and sellers are reacting well to the opportunity to boost their listing with adoption picking up steam.

我們正在測試並傾向於採用新的營銷形式，例如我們的 I got it on Depop 社交活動，我們看到數字營銷投資帶來了更好的回報，並且賣家對通過採用率提高來提升其列表的機會反應良好蒸汽。

With economic and geopolitical turbulence continuing to dominate the headlines, it's ever more important for us to find space for the things that bring us joy. Enter Etsy. We're built on joy, whether in the form of discovering that perfect gift for a loved one, talking directly with a maker who can craft an item just for you or turning a long-time hobby into a thriving online business. Our success to date fortifies our long-held belief that as the world shifts towards fewer, more commoditized online brands, the need for Etsy is even greater, and our disciplined investment approach can enable above e-commerce industry growth and best-in-class profitability on average and over time.

隨著經濟和地緣政治動盪繼續佔據頭條新聞，為我們帶來快樂的事物尋找空間對我們來說變得越來越重要。輸入 Etsy。我們建立在快樂的基礎上，無論是為所愛的人發現完美的禮物，直接與可以為您製作物品的製造商交談，還是將長期的愛好變成蓬勃發展的在線業務。我們迄今為止的成功鞏固了我們長期以來的信念，即隨著世界轉向更少、更商品化的在線品牌，對 Etsy 的需求更大，我們有紀律的投資方法可以實現上述電子商務行業的增長和一流的平均和一段時間內的盈利能力。

I want to take a moment to thank our team across our House of Brands for continuing to drive innovation and bring more buyers to our millions of sellers around the globe in ways that are inherently human, special and different. We believe people will crave an alternative to mass-produced products, and we feel well positioned to continue to invest wisely for the future, even in unstable times.

我想花點時間感謝我們品牌之家的團隊繼續推動創新，並以本質上人性化、特殊和不同的方式為全球數百万賣家帶來更多買家。我們相信人們會渴望有一種替代量產產品的選擇，而且我們有能力繼續為未來進行明智的投資，即使是在不穩定的時期。

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

謝謝你的時間。有了這個，我會把它交給雷切爾。

Thanks, Josh, and thank you, everyone, for joining our first quarter earnings call. 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，感謝大家參加我們的第一季度財報電話會議。我今天的評論將涵蓋我們品牌之家的綜合結果、績效的主要驅動因素和 Etsy 市場的獨立結果（如適用）。

First quarter consolidated GMS was $3.1 billion, down 4.6% year-over-year. Revenue increased nearly 11% year-over-year to $641 million, and we delivered adjusted EBITDA of $170 million and added approximately 27% adjusted EBITDA margin, which represents healthy profitability, with EBITDA dollars growing at a 36% CAGR since the first quarter of 2019. FX headwinds continue to moderate again in the first quarter to 200 basis points, down from 330 basis points in the fourth quarter of 2022.

第一季度綜合 GMS 為 31 億美元，同比下降 4.6%。收入同比增長近 11% 至 6.41 億美元，我們實現了 1.7 億美元的調整後 EBITDA，並增加了約 27% 的調整後 EBITDA 利潤率，這代表著健康的盈利能力，EBITDA 美元自第一季度以來以 36% 的複合年增長率增長2019 年第一季度外匯逆風繼續放緩至 200 個基點，低於 2022 年第四季度的 330 個基點。

Digging into consolidated first quarter revenue growth. Marketplace revenue increased over 9% year-over-year primarily driven by the Etsy marketplace transaction fee increase from 5% to 6.5%. Services revenue continued to outpace marketplace growth, up over 14% year-over-year largely due to continued Etsy Ads product enhancements, such as utilizing in-session buyer behavior to further improve ad personalization and incorporating larger format ads into our app.

深入研究第一季度的合併收入增長。市場收入同比增長超過 9%，主要受 Etsy 市場交易費從 5% 增加到 6.5% 的推動。服務收入繼續超過市場增長，同比增長超過 14%，這主要是由於 Etsy Ads 產品的持續改進，例如利用會話中的買家行為進一步改善廣告個性化以及將更大格式的廣告整合到我們的應用程序中。

Etsy Ads' strength and good contribution from Etsy Payments due to the mix of international transactions with higher fees, drove the consolidated take rate to 20.7% ahead of the take rate implied at the midpoint of our guidance.

由於國際交易費用較高，Etsy Ads 的實力和 Etsy Payments 的良好貢獻推動綜合採用率達到 20.7%，高於我們指引中點隱含的採用率。

Consolidated adjusted EBITDA margin declined about 90 basis points versus the prior year, primarily due to the higher cost of revenue and product development spend. During the first quarter, we also had some discrete tax items that benefited G&A. Our subsidiaries continue to represent about a 300 to 400 basis point headwind in our -- to our consolidated adjusted EBITDA margin.

合併調整後的 EBITDA 利潤率比上一年下降了約 90 個基點，這主要是由於收入和產品開發支出的成本增加。在第一季度，我們還有一些有利於 G&A 的離散稅項。我們的子公司繼續代表我們的綜合調整後 EBITDA 利潤率約 300 至 400 個基點的逆風。

Before moving on, our stock-based compensation increased 39% year-over-year due to an 11% increase in consolidated headcount and the significant refresh grants made in March 2022, which were only partially reflected in the prior year period. While the overall March 2022 grants increased as a result of the very tight labor market exiting 2021, our March 2023 grant pool was significantly lower than our March 2022 grant pool, and we believe in line with the current market.

在繼續前進之前，由於綜合員工人數增加 11% 以及 2022 年 3 月發放的大量更新補助金，我們的股票薪酬同比增長 39%，這僅部分反映在去年同期。雖然 2022 年 3 月的總體撥款由於 2021 年勞動力市場非常緊張而增加，但我們 2023 年 3 月的撥款池明顯低於 2022 年 3 月的撥款池，我們認為與當前市場一致。

Our consolidated product development spend increased 30% year-over-year to $116 million, driven in part by the higher headcount. This was partially offset by lower professional services costs. During the quarter, we continued to hire at a modest pace to fill critical roles aligned with our highest priorities, with headcount up a few percentage points sequentially. As a reminder, our product development line is where most of our engineers sit and represents the largest portion of our headcount growth.

我們的綜合產品開發支出同比增長 30% 至 1.16 億美元，部分原因是員工人數增加。這部分被較低的專業服務成本所抵消。在本季度，我們繼續以適度的速度招聘，以填補與我們最優先考慮的關鍵職位相一致的職位，人數連續增加了幾個百分點。提醒一下，我們的產品開發線是我們大多數工程師所在的位置，代表了我們員工人數增長的最大部分。

Product development spend was about 18% of revenue, up from 15% of revenue in the year ago period. We carefully measure value creation per squad, and we continue to see great returns even as we have scaled. Resource allocation is one of the levers we use to drive growth, and we have done that judiciously as we continue to deliver strong profitability.

產品開發支出約佔收入的 18%，高於去年同期的 15%。我們仔細衡量每個小隊的價值創造，即使我們已經擴大規模，我們仍會繼續看到豐厚的回報。資源分配是我們用來推動增長的槓桿之一，我們在繼續提供強勁盈利能力的同時明智地做到了這一點。

The chart on the right of this slide compares revenue growth with headcount growth from 2019 to 2022. You can see that revenue growth has meaningfully outpaced headcount growth well above the peer group average. During the first quarter, consolidated marketing spend increased by 11% year-over-year to $171 million, primarily driven by an 11% increase in our performance marketing spend, which represents the majority of our spend. Investments in brand marketing grew 20% year-over-year as we launched new creative campaigns aligned with our category-focused messaging. We'll leverage that creative investment in future quarters.

本幻燈片右側的圖表比較了 2019 年至 2022 年的收入增長與員工人數增長。您可以看到收入增長明顯超過員工人數增長，遠高於同行平均水平。第一季度，綜合營銷支出同比增長 11% 至 1.71 億美元，這主要是由於我們的績效營銷支出增長了 11%，這占我們支出的大部分。隨著我們推出與我們以品類為中心的信息相一致的新創意活動，品牌營銷投資同比增長 20%。我們將在未來幾個季度利用這項創造性投資。

While total marketing spend was up in absolute dollars year-over-year, it's largely flat at 27% of revenue. By the way, you should also keep an eye out for some fun TV spots where we will be highlighting our search by image feature. As you review our marketing investments, it's important to remember that for Etsy marketplace, we employ a full funnel approach, as shown on Slide 21, targeted to all buyer cohorts, new buyers, those that have lapsed and to keep existing buyers coming back.

雖然總營銷支出按絕對美元計算同比增長，但基本持平，佔收入的 27%。順便說一下，您還應該留意一些有趣的電視節目，我們將在這些節目中突出顯示我們的圖片搜索功能。當您審查我們的營銷投資時，重要的是要記住，對於 Etsy 市場，我們採用了完整的漏斗方法，如幻燈片 21 所示，針對所有買家群體、新買家、已經流失的買家，並讓現有買家回頭。

Brand marketing builds top-of-mind awareness, helping all our other channels work harder. While we have incrementally leaned into brand marketing since 2018, it remains a small portion of overall spend. We leverage paid social media channels, and I would characterize this spend as early days with a lot of future potential. And the majority of spend drives traffic to marketplace listings.

品牌營銷建立了首要意識，幫助我們所有其他渠道更加努力地工作。雖然我們自 2018 年以來逐漸傾向於品牌營銷，但它仍然只佔總支出的一小部分。我們利用付費社交媒體渠道，我將這種支出描述為具有很大未來潛力的早期階段。大部分支出都會推動市場列表的流量。

A few things to note here about our performance investment. First, our attribution models use buyer lifetime value. So some return occurs beyond the first 30-day window and may not be reflected as paid GMS in that quarter. Second, some of that performance marketing investment works like display advertising, driving awareness and traffic to etsy.com but the GMS is attributed to the direct channel rather than to paid. And third, marketing spend is also a revenue driver as more traffic fuels Etsy Ads and Etsy Payments as well as Offsite Ads revenue, which offsets approximately 1/3 of our performance marketing spend.

關於我們的績效投資，這裡有幾點需要注意。首先，我們的歸因模型使用買家生命週期價值。因此，一些回報發生在第一個 30 天窗口之後，可能不會反映為該季度的付費 GMS。其次，一些績效營銷投資起到展示廣告、提高知名度和訪問 etsy.com 的流量等作用，但 GMS 歸因於直接渠道而不是付費渠道。第三，營銷支出也是收入的驅動力，因為更多的流量推動了 Etsy 廣告和 Etsy 支付以及場外廣告收入，這抵消了我們約 1/3 的績效營銷支出。

Here, we continue to get more efficient as we expand channels and geographies. In fact, the Etsy marketplace performance marketing ROI has improved over 40% since 2019. That said, we are still early days gaining efficiencies in our channels as well as the markets where we spend. For example, in 2022, about 20% of paid marketing dollars for the Etsy marketplace were spent beyond our top 2 core markets, the U.S. and the U.K.

在這裡，隨著我們擴展渠道和地域，我們將繼續提高效率。事實上，自 2019 年以來，Etsy 市場績效營銷的投資回報率提高了 40% 以上。也就是說，我們在提高渠道和消費市場效率方面仍處於早期階段。例如，在 2022 年，Etsy 市場約 20% 的付費營銷費用花在了我們的前兩大核心市場美國和英國之外。

Moving to our Etsy marketplace GMS performance. We once again maintained the vast majority of our gains. During the first quarter, GMS declined approximately 5% year-over-year and was down about 3% on a currency-neutral basis. Some of the headwinds we experienced during February eased in March, causing us to deliver results above the midpoint of our guidance.

轉到我們的 Etsy 市場 GMS 性能。我們再次保持了絕大部分的收益。第一季度，GMS 同比下降約 5%，在貨幣中性基礎上下降約 3%。我們在 2 月份遇到的一些不利因素在 3 月份有所緩解，導致我們的業績高於我們的指導中點。

3 main headwinds impacted these results. First, consumer wallet share shifts from goods to services; second, year-over-year declines in some of our larger categories such as Home & Living and craft supplies; and third, pressure on consumer discretionary spending, particularly for lower household income buyers. In fact, our data supports that we have seen an impact from lower tax refunds, the ending of certain tax credits and similar items that pressure the lower household income buyers.

3 個主要不利因素影響了這些結果。首先，消費者錢包份額從商品轉向服務；其次，我們的一些較大類別（例如家居與生活用品和手工藝品）同比下降；第三，消費者可自由支配支出的壓力，尤其是對家庭收入較低的買家而言。事實上，我們的數據支持我們已經看到退稅減少、某些稅收抵免的終止以及類似項目對較低家庭收入的購買者造成壓力的影響。

Double-clicking on categories for a moment. While first quarter GMS trends were weak in Home & Living there were pockets of strength in home improvement and enhancement items. We also saw solid trends in apparel, particularly in items such as tops and tees and hoodies and sweat shirts with personalized and pop culture-related themes as well as in bags and purses and gift [tagged] items.

雙擊類別。雖然第一季度 GMS 趨勢在家居和生活方面疲軟，但在家居裝修和增強項目方面表現強勁。我們還看到了服裝方面的穩固趨勢，尤其是帶有個性化和流行文化相關主題的上衣、T 卹、連帽衫和運動衫等商品，以及手袋和錢包以及禮品 [tagged] 商品。

For comparison purposes, we look at Consumer Edge's U.S. e-commerce retailer data for pure-play competitors in some of our top categories in order to benchmark how we are tracking. For example, in 2 of our largest categories, Home & Living and apparel, we believe we are at least holding our own. Further, despite our tremendous growth over the past few years, when we look at the market size of our top 6 categories compared to Etsy marketplace's Global GMS, we estimate that our aggregate current share is still very small at about 2.5%. So we see significant room to grow.

為了進行比較，我們查看了 Consumer Edge 的美國電子商務零售商數據，了解我們某些頂級類別中的純競爭者，以便對我們的跟踪方式進行基準測試。例如，在我們最大的兩個類別中，家居與生活和服裝，我們相信我們至少擁有自己的產品。此外，儘管我們在過去幾年取得了巨大的增長，但當我們將前 6 大類別的市場規模與 Etsy 市場的全球 GMS 進行比較時，我們估計我們目前的總份額仍然非常小，約為 2.5%。因此，我們看到了巨大的增長空間。

From a geographic perspective, 46% of Etsy marketplace GMS in the first quarter was from transactions where either the buyer or the seller or both were outside of the U.S. GMS, excluding U.S. domestic, was up 3% year-over-year on a constant currency basis, driven in part by the particular strength in Germany and France, partially offset by softer trends in the U.K.

從地理角度來看，第一季度 46% 的 Etsy 市場 GMS 來自買家或賣家或兩者都在美國 GMS 以外的交易，不包括美國國內，同比增長 3%貨幣基礎，部分受到德國和法國特別強勢的推動，部分被英國的疲軟趨勢所抵消

Growth in our non-U.S. active buyers continued to outpace trends in the U.S. as the majority of our active buyers are still in the U.S. In 2023, we remain focused on creating domestic vibrancy in more of our non-U.S. core markets. The Etsy marketplace ended the quarter with 89.9 million active buyers, up slightly year-over-year for the first time since Q4 2021.

我們的非美國活躍買家的增長繼續超過美國的趨勢，因為我們的大多數活躍買家仍在美國。2023 年，我們將繼續專注於在更多非美國核心市場創造國內活力。 Etsy 市場在本季度結束時有 8990 萬活躍買家，這是自 2021 年第四季度以來的首次同比小幅增長。

We're also pleased that buyers who identify as men continue to be a bright spot in active buyer growth with a 6% year-over-year increase. We added 6.7 million new buyers, over 50% above our pre-COVID average quarterly new buyers. We pay a lot of attention to new buyers since those who make a second purchase within the first 6 months are more likely to become habitual buyers.

我們也很高興，男性買家繼續成為活躍買家增長的亮點，同比增長 6%。我們增加了 670 萬新買家，比 COVID 之前的平均季度新買家高出 50% 以上。我們非常關注新買家，因為那些在前 6 個月內進行第二次購買的人更有可能成為習慣性買家。

We reactivated 6 million lapsed buyers, up 21% year-over-year. It's great to see reactivated buyers continue to grow since they have about 35% higher lifetime value than new buyers in their first year on the marketplace. Our active buyer retention rates on a trailing 12-month basis remain above pre-COVID trends. On a quarterly basis, retention trends improved both from the prior year and the prior quarter.

我們重新激活了 600 萬流失的買家，同比增長 21%。很高興看到重新激活的買家繼續增長，因為他們在市場上第一年的生命週期價值比新買家高出約 35%。我們過去 12 個月的活躍買家保留率仍高於 COVID 之前的趨勢。按季度計算，保留趨勢比上一年和上一季度都有所改善。

We ended the quarter with 7 million habitual buyers, up 238% from the first quarter of 2019 but down 10% year-on-year as strong pandemic-related periods rolled out of the trailing 12-month figure. We've seen a year-over-year increase in the number of habitual buyers who identify as men and our habitual buyers accounted for 43% of the first quarter GMS. While there is some degradation coming from habitual buyers moving into the repeat category, all it actually takes is 1 less purchase day or spending $199 instead of $200. It's important to note that very few of these habituals lapsed entirely, and we also saw many buyers graduate from repeats to habituals.

本季度末，我們有 700 萬常客，比 2019 年第一季度增長 238%，但同比下降 10%，因為過去 12 個月的數字與流行病相關的強勁時期結束。我們發現男性慣常買家的數量同比增長，我們的慣常買家佔第一季度 GMS 的 43%。雖然習慣性購買者進入回頭客類別會帶來一些退化，但實際上只需要減少 1 個購買日或花費 199 美元而不是 200 美元。值得注意的是，這些習慣很少完全消失，我們也看到許多買家從重複購買變成習慣。

Repeat buyers remained largely unchanged at approximately $36 million with strong quarterly growth in Germany and France. Our GMS per active buyer on a trailing 12-month basis for the Etsy marketplace was $129 in the first quarter, down 5% on a year-over-year basis and up a strong 30% from the first quarter of 2019. The year-over-year decline is partially due to the fact that non-U.S. buyers, which represent a larger portion of our buyer mix versus the prior year, generally have a lower GMS per buyer than buyers in our more mature U.S. market. Plus, we've also seen some FX headwinds.

回頭客基本保持不變，約為 3600 萬美元，德國和法國的季度增長強勁。我們在 Etsy 市場連續 12 個月的每位活躍買家 GMS 在第一季度為 129 美元，同比下降 5%，比 2019 年第一季度強勁增長 30%。同比下降的部分原因是，與上一年相比，非美國買家在我們的買家組合中所佔比例更大，與我們更成熟的美國市場的買家相比，每個買家的 GMS 通常較低。此外，我們還看到了一些外匯逆風。

As of March 31, we had $1.1 billion in cash, cash equivalents and short- and long-term investments. In March, we entered into a new $400 million revolving credit facility that is currently undrawn. During the first quarter, we repurchased $148 million in stock under our $600 million Board authorized repurchase program as we effectively utilized a portion of our cash to repurchase shares to offset dilution resulting from stock-based compensation.

截至 3 月 31 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。 3 月，我們簽訂了一項新的 4 億美元循環信貸額度，目前尚未提取。在第一季度，我們根據 6 億美元的董事會授權回購計劃回購了 1.48 億美元的股票，因為我們有效地利用了部分現金回購股票，以抵消基於股票的薪酬造成的稀釋。

Our free cash flow this quarter was a healthy $47 million. We are converting nearly 90% of our adjusted EBITDA to free cash flow on a trailing 12-month basis as our marketplace operates with minimal capital requirements.

本季度我們的自由現金流為 4700 萬美元。由於我們的市場以最低資本要求運作，我們將近 90% 的調整後 EBITDA 轉換為過去 12 個月的自由現金流。

Now turning to outlook. We currently estimate our second quarter 2023 consolidated GMS to be approximately $2.85 billion to $3.1 billion, about $3 billion at the midpoint, down approximately 1.8% compared to last year. Given that our year-over-year comps get somewhat easier as we move through the rest of Q2, the midpoint of guidance implies our year-over-year growth rate will improve a bit in the remaining part of the quarter even without any improvement to the macro environment.

現在轉向前景。我們目前估計我們 2023 年第二季度的綜合 GMS 約為 28.5 億美元至 31 億美元，中點約為 30 億美元，比去年下降約 1.8%。鑑於我們在第二季度的剩餘時間裡，我們的同比收入會變得更容易一些，指導的中點意味著我們的同比增長率將在本季度的剩餘時間有所改善，即使沒有任何改善宏觀環境。

We are forecasting revenue of $590 million to $640 million, up about 5% at the midpoint compared to the second quarter of last year, which implies a relatively stable take rate on a sequential basis. We are lapping the transaction fee increase that we made in April of 2022, which impacts our revenue growth rate.

我們預計收入為 5.9 億美元至 6.4 億美元，與去年第二季度相比中點增長約 5%，這意味著連續的收入率相對穩定。我們正在應對 2022 年 4 月交易費用的增加，這會影響我們的收入增長率。

Lastly, we are guiding to an adjusted EBITDA margin of approximately 26%, approximately half of the forecasted sequential margin decline is driven by incremental marketing investment at Depop, including the I got it on Depop campaign, Josh mentioned in the U.K. as well as a hashtag Depop this look campaign on social media in a large U.S. city. We're excited to test and measure our returns here.

最後，我們指導調整後的 EBITDA 利潤率約為 26%，大約一半的預測連續利潤率下降是由 Depop 的增量營銷投資推動的，包括 I got it on Depop 活動，Josh 在英國提到的以及在美國一個大城市的社交媒體上為這個造型打上標籤 Depop 活動。我們很高興在這裡測試和衡量我們的回報。

We also expect higher employee compensation expense. And as a reminder, the discrete tax benefits we saw in the first quarter are not factored into our second quarter guidance.

我們還預計員工薪酬支出會增加。提醒一下，我們在第一季度看到的離散稅收優惠並未計入我們的第二季度指引。

While we continue to strategically add to headcount, as well as annualizing last year's additions, we are seeing consistent productivity from our product and engineering teams. To close, we are very pleased with our progress so far this year. We've seen our Etsy marketplace active buyer trends turn positive. We achieved consistent healthy value creation from our product development investments as our marketing -- that our marketing program delivered positive ROI even as we invested in new campaigns to further capture top-of-mind consideration.

在我們繼續戰略性地增加員工人數以及對去年增加的員工進行年化處理的同時，我們看到我們的產品和工程團隊的生產力始終如一。最後，我們對今年迄今取得的進展感到非常滿意。我們已經看到我們的 Etsy 市場活躍買家趨勢轉為積極。我們通過產品開發投資和營銷實現了持續健康的價值創造——即使我們投資於新活動以進一步吸引人們的首要考慮，我們的營銷計劃也帶來了積極的投資回報率。

Overall, we are thrilled with our strong revenue growth and profitability. Even with a volatile macroeconomic backdrop, we are keeping our eyes on the prize. Thank you all for your time today, and I will now turn the call back to Deb to take your questions.

總體而言，我們對強勁的收入增長和盈利能力感到興奮。即使在動蕩的宏觀經濟背景下，我們仍會密切關注獎品。謝謝大家今天的時間，我現在將把電話轉回 Deb 來回答您的問題。

Hi, everyone. I'm hearing an echo. Are we okay now? Okay. Great. I'm going to kick off the Q&A with the first question going to Josh from Anna Andreeva at Needham. Josh, great to hear about stabilization at core Etsy in March. Can you talk about what you are seeing quarter-to-date? And what is the low versus the high end of the Q2 '23 guide based on?

大家好。我聽到了迴聲。我們現在還好嗎？好的。偉大的。我將開始問答環節，第一個問題將由 Needham 的 Anna Andreeva 向 Josh 提問。喬希，很高興聽到 3 月份核心 Etsy 的穩定性。你能談談你在本季度看到的情況嗎？ Q2 '23 指南的低端與高端是基於什麼？

Yes, happy to. Thanks for the question. The last couple of weeks have been solid, very solid. And so for example, it looks like we're going to have a strong Mother's Day. And if that kind of trend and momentum continues, that would put us at the top end of the guide. But as we've said, it has been volatile. And so if we look back at last year in May on a year over -- versus 2019, we saw a decel in the month of May. It's really hard to tell if 2022 is, in fact, predictive of what we're going to see in 2023. There were a lot of unique events happening in 2022 with reopening, for example, and a shift away from goods and towards services. And that's been the challenge recently as there were a lot of discrete events in 2022. And there were a lot of discrete events in 2021, and there's a lot of discrete events in 2020. So honestly, 2019 is still the last year one can look back at and see it as a sort of "normal year", which makes forecasting over a longer period of time just trickier for us. And we've continued to see some volatility.

是的，很高興。謝謝你的問題。過去幾週一直很穩固，非常穩固。因此，例如，看起來我們將有一個強大的母親節。如果這種趨勢和勢頭繼續下去，那將使我們處於指南的頂端。但正如我們所說，它一直不穩定。因此，如果我們回顧去年 5 月份的一年——與 2019 年相比，我們看到 5 月份出現了減速。實際上，很難說 2022 年是否可以預測我們將在 2023 年看到的情況。2022 年發生了許多獨特的事件，例如重新開放，以及從商品轉向服務。這是最近的挑戰，因為 2022 年有很多離散事件。2021 年有很多離散事件，2020 年有很多離散事件。老實說，2019 年仍然是人們可以看到的最後一年回到過去並將其視為一種“正常年份”，這使得對更長時期的預測對我們來說更加棘手。我們繼續看到一些波動。

We're 2.5x bigger than we were in 2019. We are a much bigger business. And so the idea that all of the sequencing of our quarters would be the same and all of that is possible, but we just don't know yet. So we're encouraged by the trends of the last few weeks, and we're especially encouraged that given everything going on in the macro, we've retained so much of the gain since the pandemic and have so many buyers that keep coming back. So many active buyers, we were able to reactivate buyers, bring in new buyers. We're very encouraged by what we see, particularly as we look out over the medium and long-term for Etsy.

我們比 2019 年擴大了 2.5 倍。我們的業務要大得多。所以我們宿舍的所有順序都是一樣的，所有這些都是可能的，但我們還不知道。因此，我們對過去幾週的趨勢感到鼓舞，尤其感到鼓舞的是，鑑於宏觀上發生的一切，我們保留了大流行以來的大部分收益，並且有如此多的買家不斷回歸.這麼多活躍的買家，我們能夠重新激活買家，帶來新的買家。我們對所看到的情況感到非常鼓舞，尤其是當我們從中長期來看 Etsy 時。

Okay. Great. Thanks, Josh. This next one is from Maria Ripps from Canaccord, and this also is for Josh. How are you thinking about the cadence of brand investments in 2023? And is there any one strategic goal you're more focused on in trying to drive progress of using brand spend in terms of whether it's getting earlier in the consumer awareness or increasing category awareness and so on?

好的。偉大的。謝謝，喬希。下一個來自 Canaccord 的 Maria Ripps，這也是給 Josh 的。您如何看待2023年品牌投資的節奏？是否有任何一個戰略目標是您更專注於嘗試推動使用品牌支出的進展，無論是在更早的消費者意識中還是在提高類別意識等方面？

Yes. We're seeing good returns and success from our brand spend. So we tend to run brand in each of our 4 quarters. We're, I think, going to move to more of a pulsing strategy, but you should expect to see us continue to invest in each of our quarters, and I would expect the investment to be the heaviest in the fourth quarter as usual. But the strategic intent is really Etsy has it. That campaign, Etsy has it, is so important. The fact that Etsy sellers sell billions of dollars of home furnishings, it's our largest category. And when you ask people name 3 places to shop for home furnishings, only 3% of people unprompted will name Etsy. There is a massive opportunity.

是的。我們從品牌支出中看到了良好的回報和成功。因此，我們傾向於在我們的 4 個季度中的每一個季度都經營品牌。我認為，我們將轉向更多的脈衝策略，但你應該期待看到我們繼續在每個季度進行投資，而且我預計第四季度的投資將像往常一樣最重。但戰略意圖是 Etsy 確實有它。 Etsy 認為，該活動非常重要。事實上，Etsy 賣家銷售了數十億美元的家居用品，這是我們最大的類別。當你問人們說出 3 個購買家居用品的地方時，只有 3% 的人會自動提到 Etsy。這是一個巨大的機會。

So I know we've said before, people love Etsy. They just don't know when to think of Etsy. And connecting the dots much more specifically, when you think of home furnishings, think of Etsy. When you think of style, think of Etsy. When you think of gifts, think of Etsy. And I don't want to be confused that, that is exhaustive or that those are the only 3 categories that we would market. Of course, you can buy so many things on Etsy for so many occasions. But we want to start being much more concrete with people because when you just say, come to Etsy for virtually anything, people don't really know what to do with that.

所以我知道我們之前說過，人們喜歡 Etsy。他們只是不知道什麼時候該想起 Etsy。更具體地說，當你想到家居用品時，就會想到 Etsy。當您想到風格時，就會想到 Etsy。當您想到禮物時，就會想到 Etsy。而且我不想混淆，那是詳盡無遺的，或者那些是我們將銷售的唯一 3 個類別。當然，您可以在很多場合在 Etsy 上購買很多東西。但我們希望開始與人們更加具體，因為當你只是說，幾乎任何東西都可以來 Etsy 時，人們真的不知道該怎麼做。

The more specific we can be, I think, there's a tremendous opportunity because we know when they do come to Etsy for home furnishings. When they do come to Etsy for style, when they do come to Etsy for gifts, when they do come to Etsy for pets and babies and all weddings and all of the other things, there's a tremendous experience. There's a tremendous experience. And as I said on the call, look back over the things you've bought in the last 90 days, and I'm willing to bet that there are many times when something you bought, if you went and looked on Etsy, we had something that was more special, great value, and you just didn't think of us.

我認為，我們越具體，機會就越大，因為我們知道他們什麼時候來 Etsy 購買家居用品。當他們真的來到 Etsy 是為了時尚，當他們真的來到 Etsy 是為了買禮物，當他們真的來到 Etsy 是為了寵物和嬰兒以及所有婚禮和所有其他事情時，他們會獲得非常棒的體驗。有一種很棒的體驗。正如我在電話中所說，回顧一下你在過去 90 天裡買的東西，我敢打賭，你買過很多次東西，如果你去看看 Etsy，我們有一些更特別、更有價值的東西，而你只是沒有想到我們。

Okay. Great. Thanks, Josh. The next two I'm going to combine. They're from Kunal Madhukar at UBS, and I'm going to give this to Rachel. Can you talk about trends in habitual repeat buyers as well as composition of new buyers by geography?

好的。偉大的。謝謝，喬希。接下來的兩個我要結合起來。他們來自 UBS 的 Kunal Madhukar，我要把這個交給 Rachel。您能談談習慣性回頭客的趨勢以及新買家的地域構成嗎？

Would love to. Thanks for the question. So first, let's start with active buyers overall being up to $89.9 million. So it's been -- it was positive in the quarter. And then we can shift to new buyers. We added 6.7 million new buyers, which is up 50% versus our pre-COVID levels. We reactivated 6 million buyers, which was up 21%, and those reactivated buyers are very valuable. They spend about 35% -- they have about a 35% higher LTV in the first year after repurchasing versus a new buyer. And then we can talk about active buyers on a trailing 12-month basis, remained above pre-COVID levels. So on a quarterly basis, retention trends improved both on a prior year basis and prior quarter basis.

願意。謝謝你的問題。所以首先，讓我們從活躍買家開始，總金額高達 8990 萬美元。所以它一直 - 本季度是積極的。然後我們可以轉向新買家。我們增加了 670 萬新買家，比 COVID 之前的水平增加了 50%。我們重新激活了 600 萬買家，增長了 21%，這些重新激活的買家非常有價值。他們花費了大約 35%——他們在回購後第一年的 LTV 比新買家高出大約 35%。然後我們可以談論過去 12 個月的活躍買家，仍然高於 COVID 之前的水平。因此，在季度基礎上，保留趨勢在上一年和上一季度的基礎上都有所改善。

And then lastly, and I do want to point out, we did talk about habitual buyers on the call, and I -- so I'm going to give this step, but we didn't have a slide on it. So I'm repeating it, but we did disclose that we had 7 million habitual buyers, which were up about 238% from the prior quarter, which is down about 10% year-over-year. They still represent about 43% of GMS in the quarter.

最後，我確實想指出，我們確實在電話中談到了慣常買家，我——所以我要給出這一步，但我們沒有幻燈片。所以我要重複一遍，但我們確實透露我們有 700 萬習慣性買家，比上一季度增長約 238%，同比下降約 10%。他們在本季度仍佔 GMS 的 43% 左右。

Rach, I think you bet -- that 200% something was probably -- was the year over a 4-year number?

Rach，我想你敢打賭——200% 的東西可能是——這一年超過了 4 年的數字嗎？

Yes.

是的。

That's okay.

沒關係。

Yes, you're right.

你是對的。

Okay. And then the other part of the question was new buyers, U.S. versus non-U.S.

好的。然後問題的另一部分是新買家，美國與非美國。

And the -- we have said that in the past, we haven't disclosed buyer cohorts by geography, but we have said that a greater percentage of our new buyers are coming from outside the U.S. So that's the metric that we've disclosed about that.

而且 - 我們說過，過去我們沒有按地理位置披露買家群體，但我們說過我們的新買家中有更大比例來自美國以外。所以這就是我們披露的指標那。

Perfect. Thanks, Rachel. Well, I have you, I'm going to give you a question from Deepak from Wolfe Research. Can you comment on the inputs behind Q2 EBITDA margin guidance? With the GMS inching closer to positive growth -- positive -- is the deleverage largely driven by planned marketing investments or something else going on? And how do you think about the long-term returns on your investment?

完美的。謝謝，雷切爾。好吧，我有你，我要給你一個來自 Wolfe Research 的 Deepak 的問題。你能評論一下第二季度 EBITDA 利潤率指導背後的投入嗎？隨著 GMS 逐漸接近正增長——正增長——去槓桿化主要是由計劃的營銷投資或其他正在發生的事情驅動的嗎？您如何看待投資的長期回報？

So we guided to 26%, approximately 26% EBITDA margins in the second quarter, and we delivered 26.6% in the first quarter. So there's a slight contraction to margins Q1 versus Q2. About half of that decel is coming from investments we're making in marketing campaigns at Depop, so that's about half of it.

因此，我們將第二季度的 EBITDA 利潤率引導至 26%，約為 26%，我們在第一季度實現了 26.6%。因此，第一季度與第二季度的利潤率略有收縮。大約一半的減速來自我們在 Depop 的營銷活動中進行的投資，所以這大約是一半。

And then the balance of it is coming from the fact that in Q1, we had a discrete tax event that gave us some benefit in Q1 that will not repeat in Q2. And we talked about headcount being up about 11% year-over-year in Q1. We did slow our hiring starting last Q2, and we've kept a slower hiring pace, but we are annualizing the hires that we made, and we've continued to strategically invest in hiring.

然後它的平衡來自這樣一個事實，即在第一季度，我們有一個離散的稅收事件，它在第一季度給我們帶來了一些好處，而這在第二季度不會重複。我們談到第一季度員工人數同比增長約 11%。從去年第二季度開始，我們確實放慢了招聘速度，而且我們一直保持較慢的招聘速度，但我們正在對我們所做的招聘進行年度化，並且我們繼續在戰略上投資於招聘。

We're seeing some growth in our product development line, which is where most of the hires have been made between product and engineers, and we've carefully measured that product development investment for ROI. We're really pleased with the returns we get. Those returns are -- take about an 18-month payback period. So we measure them, but it takes a little time for the return to bear fruit.

我們看到我們的產品開發線有所增長，這是產品和工程師之間進行的大部分招聘，我們已經仔細衡量了產品開發投資的投資回報率。我們對獲得的回報感到非常滿意。這些回報是——大約需要 18 個月的投資回收期。所以我們對它們進行了測量，但是返回結果需要一點時間。

Okay. Great. Thank you, Rachel.

好的。偉大的。謝謝你，雷切爾。

I just want to jump in on that and say, as Rachel talked about, and I know we've talked about a lot. We really think about value creation per squad. And every squad is given -- here's a customer problem to fix and here's a financial metric to measure success. And I think that's been part of the secret sauce of Etsy. We're not afraid to stop doing -- when a squad has gone a little bit and not been able to unlock value, we're not afraid to pivot that squad to other things.

我只想跳進去說，正如雷切爾所說的那樣，我知道我們已經談了很多。我們真正考慮的是每個小隊的價值創造。每個小隊都得到了——這是一個需要解決的客戶問題，這是一個衡量成功的財務指標。我認為這是 Etsy 秘訣的一部分。我們不害怕停止做事——當一支球隊已經走了一點，無法釋放價值時，我們不害怕讓球隊轉向其他事情。

And the team had yet another really strong quarter in the first quarter. So we're really pleased with the value creation we're getting from the team. We know it's making the customer experience better and doing it in a way that shows up in our financial metrics. And we're proud of that and think that this investment right now is a good one for shareholders.

球隊在第一節又打出了一個非常強勁的季度。因此，我們對團隊創造的價值感到非常滿意。我們知道它正在改善客戶體驗，並以一種在我們的財務指標中體現的方式做到這一點。我們為此感到自豪，並認為目前的這項投資對股東來說是一筆好投資。

Great. Thank you both. I'm going to ask a question that came in from a few different people, but I'm going to go to Rachel next from a question from Laura Champine about take rate keeps expanding. Where is the ceiling likely to be for that metric?

偉大的。謝謝你倆。我要問一個來自幾個不同人的問題，但接下來我要從 Laura Champine 提出的關於接受率不斷擴大的問題轉到 Rachel。該指標的上限可能在哪裡？

So the guide we gave for Q2 implies a sort of flat sequential take rate. We have seen growth in take rate coming a lot from Etsy Ads because we keep on making the product better. So we are investing in making the relevancy of a promoted listing as strong as the relevancy of the rest of our listings, and that drives click-through rate up, and we get a lot of -- you see it in the revenue line.

因此，我們為第二季度提供的指南暗示了一種持平的順序採用率。我們已經看到 Etsy Ads 的採用率大幅增長，因為我們不斷改進產品。因此，我們正在投資使推廣列表的相關性與我們其他列表的相關性一樣強，這會提高點擊率，我們得到了很多——你在收入線上看到了。

When Etsy ads goes up and the take rate goes up, as you know, we're also able to invest more in marketing, so it's a nice virtuous flywheel. We also had some benefit from Etsy Payments in the quarter because more of the mix of our GMS is coming internationally where the Etsy Payments fees bear a slightly higher price. So that's another thing that's driving Etsy Payments up. You've heard us talk a lot before about when we do -- when we get a take rate increase, we tend to invest the majority of that incremental revenue back in the marketplace so that it benefits the sellers and it benefits usually the buyer experience and it benefits Etsy.

當 Etsy 廣告上升並且採用率上升時，如你所知，我們也能夠在營銷上投入更多，所以這是一個很好的良性飛輪。我們在本季度也從 Etsy Payments 中獲益，因為我們的 GMS 組合更多來自國際市場，Etsy Payments 費用的價格略高。所以這是推動 Etsy Payments 上漲的另一件事。您之前已經聽過我們多次談論我們什麼時候這樣做——當我們獲得提價時，我們傾向於將大部分增加的收入投資回市場，這樣它有利於賣家，通常也有利於買家的體驗它有利於 Etsy。

So we've been doing exactly as we said. We've been taking a lot of that incremental take rate from the price change that we did last year from growth in Etsy Ads and reinvesting it in things like marketing and more product. And we always follow a philosophy of a fair exchange of value where we can see products or services that benefit our sellers that we feel that there's fees that should go with it. We will consider those things, and that's what we've done in the past, and that's what you're seeing with growth in Etsy Ads.

所以我們一直在按照我們說的去做。我們從去年 Etsy Ads 的增長中所做的價格變化中獲得了很多增量採用率，並將其重新投資於營銷和更多產品等方面。我們始終遵循公平價值交換的理念，在這種理念下，我們可以看到對我們的賣家有利的產品或服務，我們認為應該收取費用。我們會考慮這些事情，這就是我們過去所做的，這就是你在 Etsy Ads 中看到的增長。

Okay. Great. Thanks, Rachel. The next one, I think, is from Tom Forte. It's regarding -- from D.A. Davidson, and it's regarding frequency. That seems to be an area of focus for us, Josh, how much confidence do we have that we can move [any]?

好的。偉大的。謝謝，雷切爾。我認為下一個來自 Tom Forte。它是關於——來自 D.A.戴維森，這是關於頻率的。這似乎是我們關注的一個領域，Josh，我們有多少信心可以移動[任何]？

Yes. So I think it is the question, what gives us confidence. And what gives me confidence, first and foremost, is that we have a great product that meets a really wide variety of purchase occasions. We don't need to go and figure out how to be good at weddings or good at babies or good at home furnishings or good at style or good at pets or good at gifts or good at Mother's Day or other things. Hardly a week goes by when there aren't multiple good purchase occasions to shop on Etsy. So that's the first pillar of strength that gives me confidence.

是的。所以我認為這是一個問題，是什麼給了我們信心。首先讓我充滿信心的是，我們擁有一款出色的產品，可以滿足各種各樣的購買場合。我們不需要去弄清楚如何擅長婚禮、嬰兒、家居裝飾、風格、寵物、禮物、母親節或其他事情。幾乎一周過去了，Etsy 上沒有多個好的購物機會。所以這是給我信心的第一個力量支柱。

So what do we need to do then to unlock it? Well, there's, first, I think, a big consideration challenge. While people love Etsy generally, they don't know when to think of us. And again, 3% of people unaided when you say home furnishings, will name Etsy as a top-of-mind place to go for home furnishings. Similar for style, and these are 2 of our very largest categories. So I won't bore you with all the rest, but if we have such low awareness in our largest categories, gifting is the only one where we get to even 10%, we're only 11% there.

那麼我們需要做什麼才能解鎖呢？嗯，首先，我認為，一個很大的考慮挑戰。雖然人們普遍喜歡 Etsy，但他們不知道什麼時候會想到我們。同樣，當您說到家居用品時，有 3% 的獨立人士會將 Etsy 列為購買家居用品的首選地點。風格相似，這是我們最大的兩個類別。所以我不會讓你厭煩所有其他的，但是如果我們在我們最大的類別中的意識如此之低，那麼禮物是我們唯一達到 10% 的類別，我們只有 11%。

So I think there is an enormous opportunity in simply achieving better top-of-mind consideration. In addition to that, Etsy can feel more organized and more curated and we can convey more trust. So when you think, I want to come to Etsy for home furnishings, knowing that we're going to have easy wayfinding that's going to make it easy, knowing that the best of Etsy, the high-quality stuff pop and come to the top is important and having confidence in the post-purchase experience. And we have really exciting, great plans to tackle each of those.

所以我認為，簡單地實現更好的首要考慮是一個巨大的機會。除此之外，Etsy 讓人感覺更有條理、更有條理，我們可以傳達更多信任。所以當你想的時候，我想來 Etsy 購買家居用品，知道我們將有簡單的尋路方式，這會讓事情變得容易，知道 Etsy 最好的東西，高品質的東西會流行並登上榜首很重要，並且對購買後的體驗有信心。我們有非常令人興奮的偉大計劃來解決每一個問題。

Okay. Great. Thank you. We had a question from Noah Zatzkin at KeyBanc. Josh, can you expand on some of the recent initiatives for the House of Brands, particularly around Depop?

好的。偉大的。謝謝。 KeyBanc 的 Noah Zatzkin 向我們提出了一個問題。 Josh，你能否詳細介紹一下品牌之家最近的一些舉措，尤其是圍繞 Depop 的舉措？

Yes. And again, we're really excited about the progress at Depop, the Kruti and [Raf] and the leadership team there have really been making a lot of progress, and it's very exciting. So we talked in our prepared remarks about the increase in velocity. They are shipping a lot faster now to improve the customer experience, and they're doing it in a way that's highly focused on things that we think are really improving the quality of the experience overall, and it's showing up, as I said in the call, in terms of conversion rate already moving.

是的。再一次，我們對 Depop 的進步感到非常興奮，Kruti 和 [Raf] 以及那裡的領導團隊確實取得了很大進步，這非常令人興奮。因此，我們在準備好的評論中談到了速度的提高。他們現在以更快的速度發貨以改善客戶體驗，而且他們這樣做的方式高度關注我們認為真正提高整體體驗質量的事情，正如我在就已經移動的轉化率而言。

So we're getting you faster to the products you want to buy and there's a big focus right now on affordability. So search and affordability are both big focuses at Depop. I will say on affordability, that's also a big focus on Reverb right now. How do you make sure that sellers are pricing at a price that's attractive to buyers? And in a period where we had supply chain issues a year ago, a lot of sellers have perceptions in mind of what an item might be worth where it's worth less now than it was a year ago. So how do you coach sellers in the right way to make sure that they set the pricing that's attractive and it's going to actually sell.

因此，我們可以讓您更快地找到您想要購買的產品，而且現在的重點是可負擔性。因此，搜索和可負擔性都是 Depop 的重點。我要說的是可負擔性，這也是目前 Reverb 的一大關注點。您如何確保賣家的定價對買家有吸引力？在一年前供應鏈出現問題的時期，許多賣家都認為一件商品現在的價值可能比一年前低。那麼，您如何以正確的方式指導賣家，以確保他們設定的定價具有吸引力並且能夠真正賣出去。

Were able to learn from each other now, and in fact, Etsy is experimenting now with make an offer, and we're excited, allowing vintage sellers to opt in to make an offer, and that's actually based on the learnings we're seeing from Depop and Reverb. So I think the opportunity for us to share learnings in some of these core strategic areas is super exciting.

我們現在能夠互相學習，事實上，Etsy 現在正在嘗試報價，我們很興奮，允許古董賣家選擇報價，這實際上是基於我們所看到的學習來自 Depop 和 Reverb。因此，我認為我們有機會在其中一些核心戰略領域分享經驗教訓是非常令人興奮的。

Okay. Great. Thank you. I'm going to give you another one, Josh, and I know we had a lot of content on this on our call, but I'm going to do it anyway because it's a fun topic from Maria Ripps of Canaccord again. Can you provide us with a little bit more detail on the roadmap for introducing conversational search functionality into Etsy? What are some of the key milestones in the development process? And are you envisioning a broad launch when the tech is ready? How should we think about that?

好的。偉大的。謝謝。 Josh，我要再給你一個，我知道我們在電話會議上有很多關於這個的內容，但我還是要這樣做，因為這又是來自 Canaccord 的 Maria Ripps 的一個有趣話題。您能否向我們提供更多有關將會話搜索功能引入 Etsy 的路線圖的詳細信息？開發過程中的一些關鍵里程碑是什麼？當技術準備就緒時，您是否設想廣泛發布？我們應該如何考慮？

Yes. Great. So first, we're focused on democratizing ML generally at Etsy. So we have been using machine learning, a variety of machine learning techniques at Etsy for some time. We've built a really good infrastructure that allows us to be very agile at this. And we've got talent on the team that know how to use these tools. So now it's really about making sure that we have both the tools and the training and the process so that all of the engineers at Etsy can be using machine learning because it's applicable -- and I'm not speaking about generative AI more narrowly. I'm speaking with different types of machine learning techniques of which gen AI is only one.

是的。偉大的。因此，首先，我們專注於在 Etsy 普遍普及機器學習。所以我們在 Etsy 一直在使用機器學習，各種機器學習技術。我們已經建立了一個非常好的基礎架構，使我們能夠在這方面非常敏捷。我們的團隊中有知道如何使用這些工具的人才。所以現在真正的問題是確保我們擁有工具、培訓和流程，以便 Etsy 的所有工程師都可以使用機器學習，因為它是適用的——我不是在更狹義地談論生成人工智能。我說的是不同類型的機器學習技術，其中 gen AI 只是其中一種。

But it's applicable to so many of our engineers in their daily life to make the customer experience better. I am excited about generative AI in particular. And so we have shifted a few squads to focus specifically on generative AI. When you run a search at Etsy, we already use multiple machine learning techniques. So I don't think generative AI replaces everything we're doing, but it's another tool that will be really powerful. And there are times when having a conversation instead of entering a query and then getting a bunch of search results and then going back and reformulating your query and then getting a bunch of search results, that's not always very satisfying.

但它適用於我們許多工程師在日常生活中，以改善客戶體驗。我尤其對生成式 AI 感到興奮。因此，我們調整了幾個小組，專門專注於生成人工智能。當您在 Etsy 進行搜索時，我們已經使用了多種機器學習技術。所以我不認為生成式 AI 會取代我們正在做的一切，但它是另一種非常強大的工具。有時進行對話而不是輸入查詢，然後獲得一堆搜索結果，然後返回並重新制定查詢，然後獲得一堆搜索結果，這並不總是很令人滿意。

And being able to say, no, I meant more like this. How about this? I'd like something that has this style and have that feel like more of a conversation, I think that can be a better experience a lot of the time. And I think in particular for Etsy where we don't have a catalog, it might be particularly powerful.

能夠說，不，我的意思更像是這樣。這個怎麼樣？我想要一些具有這種風格並且感覺更像是對話的東西，我認為很多時候這可能是一種更好的體驗。我認為特別是對於我們沒有目錄的 Etsy，它可能特別強大。

So we tend not to take a team and tell them go away and come back in a year with a big bang launch. We tend to be very agile and say, "Just start shipping. Just start testing things. What are problems our customers have that this tool is good at solving and come up with ideas and launch them." And if they work, fantastic. If they don't, we roll it back and we keep going. So we've pulled a couple of squads already, and asked them to begin coming up with ideas for where in the search experience they think this can help and then start testing those. So I would expect that we're going to try to move fast, be agile and learn. And I'm sure we won't get it all right at the beginning, but I have a pretty high degree of confidence that over time, this is going to be a powerful accelerator for Etsy.

因此，我們往往不會讓一個團隊告訴他們離開並在一年後回來並進行一次大爆炸。我們傾向於非常敏捷地說，“開始發貨。開始測試東西。我們的客戶遇到什麼問題，這個工具擅長解決並提出想法並啟動它們。”如果它們有效，那就太棒了。如果他們不這樣做，我們將其回滾並繼續前進。所以我們已經召集了幾個小隊，並要求他們開始想出他們認為這可以在搜索體驗中提供幫助的想法，然後開始測試這些想法。所以我希望我們會嘗試快速行動、敏捷和學習。而且我敢肯定我們不會在一開始就一切順利，但我非常有信心隨著時間的推移，這將成為 Etsy 的強大加速器。

Okay. Great. Rachel, I'm going to come to you with a question from John Colantuoni at Jefferies. Last quarter, you provided some color around second half GMS expectations. Can you update us on your outlook for GM for [2022] to 2023.

好的。偉大的。 Rachel，Jefferies 的 John Colantuoni 向您提問。上個季度，您提供了有關下半年 GMS 預期的一些顏色。您能否向我們介紹一下您對通用汽車 [2022] 至 2023 年的展望。

John, thanks for the question. So we haven't given second half guidance at all. In fact, in this quarter, we gave a pretty wide range. So we had negative 6% at the low, and we had 2% at the high, and we've seen some positive growth days. And so we are -- it's volatile. And so we are even having trouble with 1/3 of the quarter behind us, we're having -- it's difficult to be able to give you a precise view on what even the quarter will look like. We've given you the best information we can.

約翰，謝謝你的提問。所以我們根本沒有給出下半年的指導。事實上，在本季度，我們給出了相當廣泛的範圍。所以我們在低點有 6% 的負增長，在高點有 2% 的增長，我們看到了一些正增長的日子。所以我們 - 它是不穩定的。因此，我們甚至有 1/3 的季度落後於我們，我們有 - 很難讓您準確了解本季度的情況。我們已經為您提供了我們所能提供的最佳信息。

So when we extend that out to what the whole second half may look like, it's even a broader range, if you will. So you can see that we could have a case where we plan scenarios where macro conditions worsen, we plan scenarios where macro conditions get better, and you can see that range extending out through the full year. We're really looking forward to a time where we'd be able to give full-year guidance. Right now, it's just too unpredictable for us to be able to say.

因此，當我們將其擴展到整個下半年的樣子時，如果你願意的話，它的範圍甚至更廣。所以你可以看到我們可以有一個案例，我們計劃宏觀條件惡化的情景，我們計劃宏觀條件好轉的情景，你可以看到這個範圍延伸到全年。我們真的很期待能夠提供全年指導的時間。現在，它太不可預測了，我們無法說。

Okay. Great. Thanks, Rachel. Josh, I'm going to turn to you for one from Nick Jones from JMP Securities. In international markets, how should we think about Etsy's ability to drive similar penetration rates as you have today in the U.S.? Is there any structural challenge in these markets, maybe non-English markets, in particular to drive penetration for Etsy?

好的。偉大的。謝謝，雷切爾。喬什，我想請你從 JMP 證券的尼克瓊斯那裡得到一份。在國際市場上，我們應該如何看待 Etsy 推動與今天美國類似的滲透率的能力？這些市場（也許是非英語市場）是否存在任何結構性挑戰，特別是要推動 Etsy 的滲透？

Yes. There's -- in my experience, a lot of markets that do very well, international markets that are really well suited for a two-sided peer-to-peer marketplace like Etsy. The U.K. is the first place I'd point, where our penetration rates are now approaching those of the U.S. And by the way, I think the U.S. is in its early days. Only 1 out of 3 women shopped actively on Etsy in the most recent time we reported that and only 1 out of 10 men, and I think we have an opportunity to grow that a lot. And I think we have an opportunity to grow frequency a lot in the U.S.

是的。根據我的經驗，有很多市場做得很好，國際市場非常適合像 Etsy 這樣的雙向點對點市場。英國是我要指出的第一個地方，我們的滲透率現在正在接近美國。順便說一下，我認為美國還處於早期階段。在我們最近一次報告中，只有三分之一的女性在 Etsy 上積極購物，而男性中只有十分之一，我認為我們有機會大幅增長。我認為我們有機會在美國大幅提高頻率。

That's certainly true in the U.K. But I think it's impressive the progress we've made in the U.K., achieving penetration rates now that are getting to be pretty similar to the U.S. When we then turn to Germany, the next market we looked at was Germany, and we said, what if we lean into Germany. And we do TV marketing a little earlier than we normally would. And the results we've seen in the past year or 2 in Germany are very encouraging. Germany in spite of a lot of macro conditions in that market more broadly, the Etsy German business is doing quite well.

這在英國當然是正確的。但我認為我們在英國取得的進展令人印象深刻，現在實現的滲透率與美國非常相似。當我們轉向德國時，我們關注的下一個市場是德國，我們說，如果我們傾向於德國怎麼辦。而且我們做電視營銷的時間比平時早一點。我們在過去一兩年在德國看到的結果非常令人鼓舞。德國儘管更廣泛的市場存在許多宏觀條件，但 Etsy 德國業務表現良好。

Now we're focused on France. We also have begun investing in India, and we're excited about India as a further afield market. The Western European markets, the North American markets, Canada and Western Europe tend to be the ones that operate the most similar to the U.S., particularly high trust markets where the postal system works well, payments work well and people have a lot of confidence that people they've never met are going to ship a package and it's going to arrive. Those tend to be the ingredients to get to relatively high penetration in a market. So we're certainly focused on some of those Western European markets. But I'm excited about many markets over the world. I think as commerce becomes more commoditized, people are going to crave special. They're going to want to keep commerce human more and more all around the world. And I think Etsy has got what lots of people need.

現在我們專注於法國。我們也開始在印度投資，我們對印度作為一個更遠的市場感到興奮。西歐市場、北美市場、加拿大和西歐往往是運作方式與美國最相似的市場，尤其是郵政系統運作良好、支付運作良好且人們非常有信心的高信任市場他們素未謀面的人要寄出一個包裹，而且包裹很快就會到達。這些往往是在市場上獲得相對較高滲透率的要素。所以我們當然專注於一些西歐市場。但我對世界上的許多市場感到興奮。我認為隨著商業變得更加商品化，人們會渴望特別的東西。他們將希望在世界範圍內讓商業越來越人性化。而且我認為 Etsy 擁有很多人需要的東西。

Well, I have someone slacking me saying that we might have said that stat wrong about women. So it's 3 out of 10 women in the U.S. and yes. Yes. Did Josh say something different folks? I think possibly, but I just want to make sure that's right. U.S. and U.K. Okay, correct. So make sure we had it right. Okay.

好吧，有人偷偷告訴我，我們可能對女性的看法是錯誤的。所以這是美國十分之三的女性，是的。是的。 Josh 說了一些不同的人嗎？我認為可能，但我只是想確保這是正確的。美國和英國 好的，正確的。所以請確保我們做對了。好的。

Next question is for Rachel from Shweta Khajuria at Evercore ISI. Rachel, you've suggested in the past that Etsy might be on a different seasonality now. I assume we mean post pandemic, because the company is bigger. Anything you can comment about that seasonality, whether it's fourth quarter or Q4 to Q1? And how should we think about seasonality and GMS growth for this year?

下一個問題是來自 Evercore ISI 的 Shweta Khajuria 的 Rachel。 Rachel，你過去曾表示 Etsy 現在可能處於不同的季節性。我想我們指的是大流行後，因為公司更大了。關於季節性，你有什麼可以評論的，無論是第四季度還是第四季度到第一季度？我們應該如何考慮今年的季節性和 GMS 增長？

Thanks, Shweta, for the question. I think we were hypothesizing that it could be that we are becoming a more seasonal business because we did see a bigger Q4 and a bigger sequential decline in Q1. The fact is we -- it's hurt -- every single quarter, there seems to be some once in a lifetime event that has happened that -- we've had wars, we've had pandemics. We've had reopenings. We've had massive tax relief. So it's really hard for us to pattern recognize anything right now. But that is what we did see in this Q4 to Q1 was that we had a very significant sized Q4 and a bigger decel Q1 versus Q4 than we've observed in the past, and it could be that with our top-of-mind awareness growing, it's a place for Etsy for -- in a period of time where people are opening up their wallets and shopping for gifts, People think of Etsy more often during that time, and that is becoming more seasonal for us as you see other e-commerce and other retail experiencing.

謝謝，Shweta，提出這個問題。我認為我們假設我們可能正在成為一個更具季節性的業務，因為我們確實看到了更大的第四季度和第一季度更大的環比下降。事實是我們——它受到了傷害——每個季度，似乎一生中都會發生一些事件——我們經歷過戰爭，我們經歷過流行病。我們已經重新開放。我們有大量的稅收減免。所以我們現在真的很難模式識別任何東西。但這就是我們在這個 Q4 到 Q1 中確實看到的是我們有一個非常重要的 Q4 和一個比我們過去觀察到的 Q4 更大的減速 Q1，這可能是我們的首要意識不斷發展，它是 Etsy 的一個地方——在人們打開錢包和購買禮物的時期，人們在那段時間更頻繁地想到 Etsy，並且當你看到其他電子時，這對我們來說變得越來越季節性-商業和其他零售體驗。

Okay. Great. Thanks, Rachel. Josh, given -- this one from Steve Forbes of Guggenheim Partners, given macro-related challenges, can you provide a preview of your Etsy Up event that's coming up soon?

好的。偉大的。謝謝，雷切爾。 Josh，給定——這是來自 Guggenheim Partners 的 Steve Forbes，鑑於與宏觀相關的挑戰，你能否提供即將舉行的 Etsy Up 活動的預覽？

Yes. We were super excited about Etsy Up last year. It was incredibly popular with sellers, so we're going to keep doing it. In general, our goal is to take the sellers with the skill and will to succeed and give them as much agency as possible, as much information as possible so they can be as effective and efficient as possible. So a lot of the focus right now is how do we help them understand what are the next few actions they can take to be more successful? For example, in the recorded part of the call, I talked about quality and how the merchandising team has Etsy Picks, and we're able to identify what looks like high quality to a human and then train machine learning to help identify those items that really seem to represent the best of Etsy and make those most prominent in front of buyers.

是的。去年我們對 Etsy Up 感到非常興奮。它在賣家中非常受歡迎，所以我們將繼續這樣做。總的來說，我們的目標是讓賣家擁有成功的技能和意願，並給予他們盡可能多的代理權和盡可能多的信息，以便他們盡可能有效和高效。所以現在很多焦點是我們如何幫助他們了解接下來他們可以採取哪些行動來取得更大的成功？例如，在電話的錄音部分，我談到了質量以及銷售團隊如何擁有 Etsy Picks，我們能夠識別出對人類來說看起來像高質量的東西，然後訓練機器學習來幫助識別那些物品似乎真的代表了 Etsy 的精華，並使那些在買家面前最突出。

I'm really excited about that initiative. I think there's a lot of upside there and to really elevate the Etsy brand and drive conversion rate. But part of, of course, what we want to do then is take the insights and give those back to the sellers and say, here are the areas where you could focus, maybe you need better photography or you're not hitting some of the service levels that buyers expect. And give those insights back to the seller, so they can use those insights, so they can get more success, drive more conversion rate, get more visibility.

我對這項倡議感到非常興奮。我認為這有很多好處，可以真正提升 Etsy 品牌並提高轉化率。但是，當然，我們接下來要做的部分工作是將洞察力反饋給賣家，然後說，這裡是你可以關注的領域，也許你需要更好的攝影，或者你沒有達到某些目標買家期望的服務水平。並將這些見解反饋給賣家，這樣他們就可以使用這些見解，從而獲得更大的成功，推動更高的轉化率，獲得更多的知名度。

We're -- we've launched a new sell on Etsy app that is going to allow us to have much more rapid releases for sellers. So we can do things like put the right data and dashboards in front of sellers. It's a big focus of ours and a big investment to give them tools and dashboards, offer quality, make an offer, again, how do we help them give them tools so they can think about what's the right pricing. And so all of these are areas that we're really excited about to help, again, give our sellers agencies so they can be as successful as possible.

我們 - 我們已經在 Etsy 應用程序上推出了一個新的銷售，這將使我們能夠為賣家提供更快的發布。因此，我們可以做一些事情，比如將正確的數據和儀表板放在賣家面前。這是我們的一大重點，也是一項巨大的投資，為他們提供工具和儀表板，提供質量，再次提出要約，我們如何幫助他們為他們提供工具，以便他們可以考慮什麼是正確的定價。因此，所有這些都是我們非常高興能夠幫助的領域，再次為我們的賣家代理機構提供幫助，以便他們盡可能取得成功。

Okay. Great. I think that is a great note to end on. So thank you, everyone. Thanks, Josh. Thanks, Rachel, and we'll talk to you all in person and virtually soon -- very soon.

好的。偉大的。我認為這是一個很好的結尾。所以謝謝大家。謝謝，喬希。謝謝，雷切爾，我們很快就會與大家進行面對面的交談——非常快。

Bye, everyone. Thank you.

回見了各位。謝謝。