ETSY Inc (ETSY) 2023 Q2 法說會逐字稿

Hi, everyone and welcome to Etsy's Second Quarter 2023 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations. And joining me today are Josh Silverman, Chief Executive Officer; Rachel Glaser, our Chief Financial Officer; and Jessica Schmidt, Senior Director of Investor Relations. Today's prepared remarks have been prerecorded.

大家好，歡迎參加 Etsy 2023 年第二季度收益電話會議。我是投資者關係副總裁 Deb Wasser。今天加入我的是首席執行官喬什·西爾弗曼 (Josh Silverman)； Rachel Glaser，我們的首席財務官；傑西卡·施密特，投資者關係高級總監。今天準備好的發言稿已預先錄製。

This 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 to try to get to as many as we can.

該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，我們將過渡到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開放狀態。我將閱讀您的問題，傑西卡將幫助我盡可能多地回答您的問題。

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

前瞻性陳述涉及風險和不確定性，其中一些在今天的收益報告和我們最新的 10-Q 表格中進行了描述，並將在我們向 SEC 提交的未來定期報告中進行更新。我們在本次電話會議中做出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 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 website, along with the replay of this call.

此外，在電話會議期間，我們還將介紹GAAP 衡量標準和非GAAP 財務衡量標準（這些衡量標準與我們網站上今天發布的幻燈片的附錄中提供的GAAP 財務衡量標準一致），以及本次電話會議的重播。

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 afternoon, everyone. Etsy's results landed in line with our expectations. Consolidated GMS was $3 billion, about flat to last year. Revenue grew 7.5% to $629 million, and our adjusted EBITDA margin was again strong at 26.4%.

謝謝，黛布。大家下午好。 Etsy 的結果符合我們的預期。綜合 GMS 為 30 億美元，與去年持平。收入增長 7.5%，達到 6.29 億美元，調整後的 EBITDA 利潤率再次強勁，達到 26.4%。

GMS for the Etsy marketplace was about $2.6 billion this past quarter, about flat with the prior year. Digging deeper, we've seen many of our key metrics trending positively again. Our negative year-over-year growth rate improved sequentially. And even more important, GMS grew year-over-year in May and June and in July as well.

上個季度，Etsy 市場的 GMS 約為 26 億美元，與上年持平。深入挖掘後，我們發現許多關鍵指標再次呈現積極趨勢。我們的同比負增長率連續改善。更重要的是，GMS 在 5 月、6 月以及 7 月均同比增長。

Quarterly active buyers reached $91 million, an all-time high. And when adding new and reactivated buyers together, we saw healthy growth in buyer additions on a year-over-year basis.

季度活躍買家達到 9100 萬美元，創歷史新高。當添加新買家和重新激活的買家時，我們看到買家數量逐年健康增長。

Additional green shoots included GMS growth outside of the U.S., improvement in trends in important categories and early signs of stabilization in our GMS per buyer and habitual buyer metrics. Overall, this performance is quite encouraging, especially given the tremendous gains we've maintained from our pandemic growth and the stiff headwinds we've continued to face in consumer discretionary spending.

其他的萌芽包括美國以外的 GMS 增長、重要類別趨勢的改善以及我們的 GMS 每個買家和習慣買家指標穩定的早期跡象。總體而言，這一表現相當令人鼓舞，特別是考慮到我們從大流行病增長中保持的巨大收益以及我們在消費者可自由支配支出方面繼續面臨的嚴峻阻力。

Economic cycles are just that, cyclical. The Etsy brand stands for something different in a sea of sameness, and I believe we've proven our resiliency. I'm confident that we're well set up for future growth as we continue to move through this cycle.

經濟周期就是這樣，週期性的。 Etsy 品牌在千篇一律的海洋中代表著不同的東西，我相信我們已經證明了我們的彈性。我相信，隨著我們繼續經歷這個週期，我們已經為未來的增長做好了充分的準備。

On our last call, we explained that Etsy's 2023 product road map is focused on welcoming new buyers to the joy of Etsy, elevating the best of Etsy to keep buyers coming back, instilling trust when transacting with us and being the platform sellers love to sell on. As we progress through the year, we continue to prioritize our investments to ensure that we're funding the biggest, boldest and most impactful initiatives on our road map to make our marketplace even more organized, curated and reliable.

在上次電話會議中，我們解釋說，Etsy 的2023 年產品路線圖的重點是歡迎新買家享受Etsy 的樂趣，提升Etsy 的最佳品質以留住買家，在與我們進行交易時灌輸信任，並成為賣家喜歡銷售的平台在。隨著這一年的進展，我們繼續優先考慮我們的投資，以確保我們為路線圖上最大、最大膽和最具影響力的舉措提供資金，使我們的市場更加有組織、有策劃和可靠。

Regardless of whether you're new to the Etsy experience or a habitual buyer we know we have so much more opportunity to gain your mind and wallet share.

無論您是 Etsy 的新手還是老買家，我們都知道我們有更多的機會贏得您的關注和錢包份額。

We've made so much progress improving the relevance of our search results, our ability to find what you meant compared to what you searched for. We've explained some examples of these search technologies in prior calls, which are featured in this slide. The next frontier is to better identify the quality of each listing so that from this relevant result set, we bring the very best of Etsy to the top. Our data shows that high-quality listings attract a higher value buyer than our average listings, attract more repeat and habitual buyers. And most importantly, they often convert over 2x better than other listings.

我們在提高搜索結果的相關性以及與您搜索的內容相比找到您的意思的能力方面取得了很大進展。我們在之前的通話中解釋了這些搜索技術的一些示例，這些示例在本幻燈片中進行了介紹。下一個前沿是更好地識別每個列表的質量，以便從這個相關結果集中，我們將 Etsy 的最佳內容推向頂部。我們的數據顯示，高質量的列表比我們的平均列表吸引更高價值的買家，吸引更多的回頭客和習慣性買家。最重要的是，它們的轉化率通常比其他列表高出 2 倍以上。

We have a lot of opportunity here, and I couldn't be more excited about some of the progress we're already making, starting with our work in organization and curation. With over 115 million items for sale on Etsy and our average search result yielding well over 1,000 listings, this incredible abundance continues to not only be one of Etsy's greatest strengths, but also one of our greatest challenges and where we have so much potential. Our product teams are helping buyers more easily navigate the breadth and depth of our sellers' inventory, leveraging the latest AI advances to improve our discovery and inspiration experiences while surfacing the very best of Etsy. These latest technologies, combined with training and guidance from our own talented team, is making the superhuman possible in terms of organizing and curating at scale, which I believe can unlock an enormous amount of growth in the years to come.

我們在這裡有很多機會，我對我們已經取得的一些進展感到非常興奮，首先是我們在組織和策劃方面的工作。 Etsy 上有超過1.15 億件商品在售，我們的平均搜索結果遠遠超過1,000 個列表，這種令人難以置信的豐富不僅是Etsy 的最大優勢之一，也是我們最大的挑戰之一，也是我們擁有巨大潛力的地方。我們的產品團隊正在幫助買家更輕鬆地瀏覽賣家庫存的廣度和深度，利用最新的人工智能進步來改善我們的發現和靈感體驗，同時展示 Etsy 的最佳產品。這些最新技術，加上我們自己才華橫溢的團隊的培訓和指導，使大規模組織和策劃方面的超人成為可能，我相信這可以在未來幾年實現巨大的增長。

One great example. Over the past quarter, we've more than doubled the size of our best of Etsy library, which is curated by expert merchandisers based on the visual appeal, uniqueness and apparent craftsmanship of an item. We're now using this library to train our ML models to better predict the quality of items as perceived by humans. We're seeing encouraging results from our first iterations on these models, and I'm optimistic that this work will have a material impact, helping us to surface the best of Etsy in every search.

一個很好的例子。在過去的一個季度中，我們將 Etsy 最佳圖庫的規模擴大了一倍多，該庫由專家營銷人員根據商品的視覺吸引力、獨特性和明顯工藝進行策劃。我們現在使用這個庫來訓練我們的機器學習模型，以更好地預測人類感知的物品質量。我們在這些模型的第一次迭代中看到了令人鼓舞的結果，我樂觀地認為這項工作將產生實質性影響，幫助我們在每次搜索中展示 Etsy 的最佳內容。

Finding the good stuff also comes to light in 2 other second quarter product launches; as does our focus on highlighting Home & Living, style and gifting purchase occasions.

尋找好東西也出現在第二季度的另外兩個產品發布中；我們同樣注重強調家居與生活、風格和送禮購買場合。

First, we launched a curated Shop the Look in Home & Living on our homepage, which drove higher conversion rate.

首先，我們在主頁上推出了“Shop the Look in Home & Living”，這提高了轉化率。

Second, buyer participation in our new Etsy wedding registry showed strong and steady growth from the May launch through the end of June, not only has this initiative driven buzz for Etsy through earned and social media, about 14% of registry GMS has come from new buyers, and we're seeing higher than average order value from items purchased. Since the success of that launch, we fast-tracked our expansion to more categories, including a baby registry, which will be live this month.

其次，從5 月推出到6 月底，買家對我們新的Etsy 婚禮登記的參與度顯示出強勁而穩定的增長，這一舉措不僅通過免費媒體和社交媒體為Etsy 帶來了轟動，大約14%的登記GMS 來自新的婚禮登記。買家，我們發現所購買商品的訂單價值高於平均水平。自從該發布取得成功後，我們迅速擴展到更多類別，包括將於本月上線的嬰兒登記處。

In addition to solving for a buyer's tastes and preferences, we're also working on several compelling initiatives to better highlight specific Etsy seller merchandise, which fits an individual buyer's budget. We're starting to elevate great deals on Etsy, such as through prominent on-site promotional merchandising on our home page.

除了滿足買家的品味和偏好之外，我們還致力於實施幾項引人注目的舉措，以更好地突出適合個人買家預算的特定 Etsy 賣家商品。我們開始在 Etsy 上提升超值優惠，例如通過主頁上突出的現場促銷商品。

And we're developing a new feature on the Etsy app, which will help buyers find deals for items in which they've already shown an interest. There's no question this is a very promotional environment. So our team is pulling out all the stops to help Etsy sellers compete and win.

我們正在 Etsy 應用程序上開發一項新功能，該功能將幫助買家找到他們已經表現出興趣的商品的優惠。毫無疑問，這是一個非常有利於促銷的環境。因此，我們的團隊正在竭盡全力幫助 Etsy 賣家競爭並獲勝。

Etsy has been on a journey to make shopping and selling in our marketplace more joyful and more reliable than ever before. We're doing this by focusing on quality, doubling down on enforcement and up-leveling customer support. Specific to our trust and safety work, advances in ML capabilities have enabled our enforcement models to detect an increasing number of policy violations, which, combined with human know-how, is starting to have a meaningful impact on the buyer and seller experience.

Etsy 一直致力於讓我們的市場上的購物和銷售比以往任何時候都更加快樂和可靠。我們通過關注質量、加倍執行和提升客戶支持來做到這一點。具體到我們的信任和安全工作，機器學習功能的進步使我們的執行模型能夠檢測到越來越多的政策違規行為，這與人類的專業知識相結合，開始對買家和賣家的體驗產生有意義的影響。

Since Etsy Purchase Protection was launched about a year ago, we've reduced the issue resolution time for cases by approximately 85%, dramatically streamlining the service experience on the rare occasion that something goes wrong, demonstrating to buyers and sellers that we have their backs in these key moments. The opportunity now is to ensure that more of our customers know about this, which is why you'll see us embed even more purchase protection messaging and customer touch points. We've got a lot of conviction that we can increase both frequency and AOV as we build consumer confidence in Etsy.

自大約一年前推出 Etsy 購買保護以來，我們已將案例的問題解決時間縮短了約 85%，極大地簡化了極少數情況下出現問題的服務體驗，向買家和賣家表明我們對他們有支持在這些關鍵時刻。現在的機會是確保更多的客戶了解這一點，這就是為什麼您會看到我們嵌入更多的購買保護消息和客戶接觸點。我們堅信，在建立消費者對 Etsy 的信心時，我們可以提高頻率和 AOV。

We're always focused on helping our sellers grow and thrive. Towards this end, we're investing in our seller growth suite, a group of programs designed to give sellers personalized insights in the tools they need to grow their business in a sustainable way. One area I'm really excited about, we're running tests of a new price discovery functionality, utilizing buyer demand data to help sellers think about how to price their items and when or how they might best use promotions as part of their mix.

我們始終致力於幫助我們的賣家成長和繁榮。為此，我們正在投資我們的賣家增長套件，這是一組旨在為賣家提供以可持續方式發展業務所需工具的個性化見解的計劃。我非常興奮的一個領域是，我們正在對一種新的價格發現功能進行測試，利用買家需求數據來幫助賣家思考如何為其商品定價，以及何時或如何最好地使用促銷作為其組合的一部分。

Our recently launched Make An Offer program currently focused on U.S. vintage sellers is another example of our investments to help sellers price their items appropriately, an especially challenging task in a world where items don't have MSRPs. And as we improve the seller experience, this, in turn, enhances the buyer experience. As items on Etsy are priced appropriately, we facilitate better matches between our buyers and our sellers.

我們最近推出的“報價”計劃目前主要針對美國古董賣家，這是我們投資幫助賣家適當定價其商品的另一個例子，在商品沒有建議零售價的世界中，這是一項特別具有挑戰性的任務。當我們改善賣家體驗時，這反過來又會增強買家體驗。由於 Etsy 上的商品定價合理，我們可以促進買家和賣家之間更好的匹配。

During the second quarter, we held our annual engineering week designed for our engineers to connect, share ideas, learn new skills and technologies. Of course, much of the focus was on the myriad ways we can continue to harness AI and ML technologies in almost every customer touch point, with the potential to further transform buyer-facing experiences like enhancing search and recommendations, seller tools like streamlining the listing process and assisting with answering customer queries, improving fraud detection and trust and safety models, et cetera. The opportunities are nearly endless.

在第二季度，我們舉辦了年度工程週，旨在讓我們的工程師相互聯繫、分享想法、學習新技能和技術。當然，重點是我們可以繼續在幾乎每個客戶接觸點利用人工智能和機器學習技術的多種方式，有可能進一步改變面向買家的體驗，例如增強搜索和推薦，以及簡化列表等賣家工具處理並協助回答客戶查詢、改進欺詐檢測以及信任和安全模型等。機會幾乎是無窮無盡的。

But all of this innovation also takes time and effort and relies on our relatively small but mighty team of ML experts, talent that is obviously in high demand.

但所有這些創新也需要時間和精力，並且依賴於我們相對較小但強大的機器學習專家團隊，這些人才顯然需求量很大。

Historically, all new ML models have been created by this team of highly specialized data scientists. And the full process of creating a new model, from cleaning and organizing the data to training and testing the model, then putting it into production, could take as long as 4 months. That's why we kicked off a major initiative over a year ago we call Democratizing ML with the goal to streamline and automate much of this work so that virtually any Etsy engineer can deploy their own ML models in a matter of days instead of months. And I'm thrilled to report that we're starting to see the first prototypes from this effort come live now.

從歷史上看，所有新的機器學習模型都是由這個高度專業化的數據科學家團隊創建的。而創建新模型的整個過程，從清理和組織數據，到訓練和測試模型，再到投入生產，可能需要長達 4 個月的時間。這就是為什麼我們在一年前啟動了一項名為“民主化ML”的重大舉措，目標是簡化和自動化大部分工作，以便幾乎所有Etsy 工程師都可以在幾天而不是幾個月的時間內部署自己的ML 模型。我很高興地告訴大家，我們現在開始看到這項工作的第一個原型投入使用。

For example, if you're on the Etsy team working on buyer recommendations, you can now use a drag-and-drop modeling tool to create a brand-new recommendations module without needing our ML team to build that model for you. It's a great example of the kind of longer-term infrastructure investments we've been making that we believe will pay very significant dividends over the medium term as we work to get even faster and more efficient as we scale.

例如，如果您在 Etsy 團隊中從事買家推薦工作，您現在可以使用拖放建模工具來創建全新的推薦模塊，而無需我們的 ML 團隊為您構建該模型。這是我們一直在進行的長期基礎設施投資的一個很好的例子，我們相信這些投資將在中期內帶來非常可觀的紅利，因為我們致力於隨著規模的擴大而變得更快、更高效。

Turning to marketing. We've released a new creator collab with the award-winning artist entrepreneur John Legend, featuring handcrafted home decor and wardrobe staples produced in partnership with female sellers from the Etsy Uplift initiative and other underrepresented communities. To date, we've seen this collection deliver above average order value and strong awareness, engagement and frequency.

轉向營銷。我們與屢獲殊榮的藝術家企業家John Legend 發布了一款新的創作者合作作品，其中包括與來自Etsy Uplift 計劃和其他代表性不足社區的女性賣家合作生產的手工家居裝飾和衣櫃必備單品。迄今為止，我們已經看到該系列提供了高於平均水平的訂單價值以及強大的認知度、參與度和頻率。

The fifth annual Etsy Design Awards has once again created wonderful buzz for Etsy this year with the winners handpicked by Sarah Jessica Parker and Etsy's Dana Isom Johnson. And early indications are that our Etsy has it campaigns in the U.S., U.K. and Germany that emphasize Home & Living, style and gifting are performing well in driving brand association for these purchase occasions.

第五屆年度 Etsy 設計獎今年再次為 Etsy 掀起軒然大波，獲獎者由 Sarah Jessica Parker 和 Etsy 的 Dana Isom Johnson 精心挑選。早期跡象表明，我們的 Etsy 在美國、英國和德國開展了強調家居與生活、風格和禮品的活動，在推動這些購買場合的品牌聯想方面表現良好。

While GMS per buyer has shown early signs of stabilization, taking this metric to new heights is a top priority for us. With over 1/4 of our GMS coming from buyers who purchased again within 14 days of their prior purchase, one way we can influence this metric is to bring buyers back to the platform faster for their next purchase. We're leaning into this work in the second half of 2023, including leveraging post-purchase touch points, better outreach and promotional campaigns and improvements to seller-funded offers. Given all Etsy has to offer, we're highly confident that we can make Etsy a place where buyers want to shop with us much more than our average of 3 purchase days and spend significantly more than $128 per year.

雖然每位買家的 GMS 已顯示出穩定的早期跡象，但將該指標提升到新的高度是我們的首要任務。我們超過 1/4 的 GMS 來自於上次購買後 14 天內再次購買的買家，我們影響此指標的一種方法是讓買家更快地返回平台進行下一次購買。我們將在 2023 年下半年開展這項工作，包括利用購買後接觸點、更好的外展和促銷活動以及改進賣家資助的優惠。考慮到 Etsy 所提供的一切，我們非常有信心能夠讓 Etsy 成為買家願意在我們這裡購物的次數遠遠超過我們平均 3 天購買時間且每年花費遠遠超過 128 美元的地方。

Moving to our House of Brands. Two weeks ago, we announced an agreement to sell our Brazil-based handmade goods marketplace Elo7 to Enjoei, a Brazilian company, which operates an online marketplace for clothes and furniture. Our House of Brands philosophy has been to operate stand-alone marketplaces that together, accelerate value creation for each brand and Etsy, Inc. We evaluate each company's performance on a case-by-case basis. And given Elo7's performance over the past 2 years due in part to the unique macroeconomic conditions in Brazil as well as their small scale, it became clear that we needed a different approach for that business. We considered various alternatives and determined that the best opportunity to sustain the marketplace and its thousands of sellers would be for Elo7 to join forces with a local like-minded marketplace. The transaction is expected to close shortly, and Rachel will review its financial implications in a moment.

搬到我們的品牌之家。兩週前，我們宣布達成協議，將巴西手工品市場 Elo7 出售給巴西公司 Enjoei，該公司經營服裝和家具在線市場。我們的 House of Brands 理念是運營獨立市場，共同加速每個品牌和 Etsy, Inc. 的價值創造。我們根據具體情況評估每個公司的業績。鑑於 Elo7 在過去兩年中的表現，部分原因在於巴西獨特的宏觀經濟條件以及規模較小，很明顯，我們需要針對該業務採取不同的方法。我們考慮了各種替代方案，並確定維持市場及其數千名賣家的最佳機會是 Elo7 與當地志同道合的市場聯手。該交易預計將很快完成，雷切爾將稍後審查其財務影響。

We remain committed to doing what is best for our remaining marketplaces, and we'll invest with discipline in compelling long-term growth plans that further our global scale and shared mission.

我們仍然致力於為我們剩餘的市場做最好的事情，我們將嚴格投資於令人信服的長期增長計劃，以進一步擴大我們的全球規模和共同使命。

The Depop team is starting to see very encouraging signs of success, transforming the business by narrowing their focus and improving operations to reignite growth. In the second quarter, Depop delivered both GMS and revenue growth on a year-over-year basis. U.S. GMS growth accelerated by over 25 percentage points since the end of 2022, where we believe Depop is taking share. We believe this performance is a direct result of improvements in the customer experience and marketing efficiency powered to a significant degree by Depop CEO Kruti Patel Goyal's more streamlined focus, organizational structure and processes.

Depop 團隊開始看到非常令人鼓舞的成功跡象，他們通過縮小關注範圍和改善運營來實現業務轉型，以重燃增長。第二季度，Depop 實現了 GMS 和收入同比增長。自 2022 年底以來，美國 GMS 增長加速超過 25 個百分點，我們相信 Depop 正在搶占份額。我們相信，這一業績是客戶體驗和營銷效率改善的直接結果，這在很大程度上得益於 Depop 首席執行官 Kruti Patel Goyal 更加精簡的重點、組織結構和流程。

Product development velocity has remained strong, and the Depop team has been leveraging deep expertise from the Etsy core marketplace to great effect. Some examples are shown on the slide, including new personalized buyer recommendations, greater search relevance and new make an offer capabilities. Depop also expanded its performance marketing data feeds to additional listings, driving a strong increase in paid marketing contribution.

產品開發速度仍然強勁，Depop 團隊一直在利用 Etsy 核心市場的深厚專業知識，取得了巨大的效果。幻燈片上顯示了一些示例，包括新的個性化買家推薦、更大的搜索相關性和新的報價功能。 Depop 還將其績效營銷數據源擴展到更多列表，推動付費營銷貢獻的強勁增長。

Depop is building a playbook for community-driven marketing, such as branded events, pop-up shops and influencer marketing. We're seeing really encouraging signs that the business is recapturing its mojo with significant opportunity to scale and drive improved profitability over time.

Depop 正在為社區驅動的營銷制定劇本，例如品牌活動、快閃店和影響力營銷。我們看到了令人鼓舞的跡象，表明該業務正在重新奪回魔力，並有機會隨著時間的推移擴大規模並提高盈利能力。

Although macroeconomic factors are pressuring consumer discretionary spend, Reverb has continued to outperform the musical instruments sector overall. Similar to Depop, Reverb has increased its product experiment velocity to more quickly deliver better buyer and seller experiences with its best quarter ever in terms of the number of product wins. Reverb's focus on affordability and helping musicians find good deals has continued.

儘管宏觀經濟因素給消費者可自由支配支出帶來壓力，但 Reverb 的整體表現繼續優於樂器行業。與 Depop 類似，Reverb 提高了產品實驗速度，以更快地提供更好的買家和賣家體驗，並且在產品獲勝數量方面創下了有史以來最好的季度記錄。 Reverb 繼續關注價格實惠和幫助音樂家找到划算的交易。

For example, we launched new offer and negotiation tools, making it easier for buyers to save money on a wide range of gear.

例如，我們推出了新的報價和談判工具，使買家更容易在各種裝備上省錢。

Over the last few years, Etsy has gone from a period where we grew tremendously with so many tailwinds at our back to a period of stiff headwinds and uncertain macroeconomic conditions. While we're cautiously optimistic for the near term, the macroeconomic climate remains challenging, at least for the moment. Consumers continue to make very tough choices on where and how to spend their money, and we're fighting hard to help our sellers get their share.

在過去的幾年裡，Etsy 經歷了一個在諸多有利因素的支持下實現巨大增長的時期，現在卻進入了一個充滿逆風和不確定的宏觀經濟狀況的時期。儘管我們對近期持謹慎樂觀態度，但宏觀經濟環境仍然充滿挑戰，至少目前如此。消費者繼續在花錢的地點和方式上做出非常艱難的選擇，我們正在努力幫助我們的賣家獲得他們的份額。

We're up for the challenge. We have an energized world-class team who are all in on helping our sellers and Etsy grow. We couldn't be more proud that our already high employee engagement score increased 3% from last year and is now 6% above the industry benchmark. We're acting with focus, speed and boldness in our work to reignite GMS growth in the second half of 2023 and beyond. In fact, you'll see us making some big moves so that Etsy is even more special and a better place to shop for the holidays this year.

我們已做好迎接挑戰的準備。我們擁有一支充滿活力的世界級團隊，他們全力幫助我們的賣家和 Etsy 成長。我們感到無比自豪的是，我們本已很高的員工敬業度得分比去年提高了 3%，現在比行業基準高出 6%。我們正在專注、快速、大膽地開展工作，以期在 2023 年下半年及以後重燃 GMS 的增長。事實上，您會看到我們採取了一些重大舉措，使 Etsy 更加特別，成為今年假期購物的更好場所。

Building on our Etsy has it theme, this year, we're working to better connect our brand and on-site experiences to become your gifting accomplice. In other words, helping our buyers to be gifting heroes. Buyers will see some new AI-assisted ways to find crafted, quality gifts for the loved ones at great value with even more confidence that these gifts will arrive on time. Our goal will be to help buyers gift better in 2023. We continue to believe that we're doing something truly important and different and are in the very early days of unpacking Etsy's enormous potential.

今年，我們以 Etsy has it 主題為基礎，致力於更好地將我們的品牌和現場體驗聯繫起來，成為您的送禮幫手。換句話說，幫助我們的買家成為送禮英雄。買家將看到一些新的人工智能輔助方式，為親人找到物超所值、精心製作、優質的禮物，並且更加相信這些禮物會準時送達。我們的目標是在 2023 年幫助買家更好地送禮。我們仍然相信，我們正在做一些真正重要且與眾不同的事情，並且正處於釋放 Etsy 巨大潛力的早期階段。

Thank you for your time, and I'll now turn the call over to Rachel.

感謝您抽出時間，我現在將把電話轉給雷切爾。

Thanks, Josh. And thank you, everyone, for joining our second 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，喬什。感謝大家參加我們的第二季度財報電話會議。我今天的評論將涵蓋我們品牌之家的綜合業績、業績的關鍵驅動因素以及 Etsy Marketplace 的獨立業績（如適用）。

Last quarter, I commented that one of the things I'm most proud of is Etsy's ability to navigate through choppy waters. And our second quarter performance further demonstrated the resiliency of our business, the benefit of our capital-light, highly profitable business model and our team's strong execution.

上個季度，我評論說，我最引以為傲的事情之一是 Etsy 在波濤洶湧的水域中航行的能力。我們第二季度的業績進一步證明了我們業務的彈性、輕資本、高利潤業務模式的優勢以及我們團隊強大的執行力。

We delivered strong second quarter consolidated GMS of $3 billion, roughly flat year-over-year. Revenue increased 7.5% year-over-year to $629 million, and adjusted EBITDA was $166 million with a healthy 26.4% adjusted EBITDA margin. We are pleased to have delivered strong profitability through this challenging business cycle while also investing in future growth. It's worth noting that our adjusted EBITDA has grown at a 43% CAGR since the second quarter of 2019.

第二季度我們實現了 30 億美元的強勁綜合 GMS，與去年同期基本持平。收入同比增長 7.5%，達到 6.29 億美元，調整後 EBITDA 為 1.66 億美元，調整後 EBITDA 利潤率為 26.4%。我們很高興在這個充滿挑戰的商業周期中實現了強勁的盈利能力，同時也投資於未來的增長。值得注意的是，自 2019 年第二季度以來，我們的調整後 EBITDA 複合年增長率為 43%。

While year-over-year consolidated GMS growth remained negative in April, trends turned positive in May and June, driven primarily by strong Etsy Marketplace growth in several of our international markets and continued growth in active buyers. FX headwinds softened to 20 basis points, down from 200 basis points in the first quarter. GMS for our 3 subsidiaries was largely flat in the second quarter, driven by a return to year-over-year GMS growth at Depop, which was offset by some softness at Reverb and Elo7.

雖然 4 月份的綜合 GMS 同比增長仍然為負，但 5 月和 6 月的趨勢轉為正值，這主要是由我們幾個國際市場的 Etsy Marketplace 強勁增長以及活躍買家的持續增長推動的。外匯不利因素從第一季度的 200 個基點減弱至 20 個基點。我們 3 家子公司的 GMS 在第二季度基本持平，這得益於 Depop 的 GMS 恢復同比增長，但 Reverb 和 Elo7 的一些疲軟抵消了這一增長。

Our solid revenue growth can be attributed to continued growth in our marketplace revenue, which increased 3% year-over-year. In addition to the impact of the Etsy Marketplace transaction fee change that we fully lapped during the quarter, marketplace revenue also benefited from a mix shift to more international transactions that often yield higher payments fees and some positive contribution from our subsidiaries. While a smaller percentage of revenue overall, services revenue was our standout growth driver in the quarter, with a 21% year-over-year increase, the highest growth rate in this component since Q4 of '21. Etsy Ads was the key driver here due to continued product optimization. For example, we utilize multiple retrieval systems to increase the relevance of paid ads, including integrating XWalk, our real-time retrieval engine. These enhancements allowed us to show more ads in our search results without negatively impacting conversion rate.

我們收入的穩健增長可歸因於我們市場收入的持續增長，同比增長 3%。除了我們在本季度完全接受的Etsy Marketplace 交易費用變化的影響之外，市場收入還受益於向更多國際交易的混合轉變，這些交易通常會產生更高的支付費用以及我們子公司的一些積極貢獻。雖然服務收入佔整體收入的比例較小，但它是我們本季度最突出的增長動力，同比增長 21%，是自 21 年第四季度以來該部分的最高增長率。由於持續的產品優化，Etsy Ads 是這裡的關鍵驅動力。例如，我們利用多個檢索系統來提高付費廣告的相關性，包括集成我們的實時檢索引擎 XWalk。這些增強功能使我們能夠在搜索結果中展示更多廣告，而不會對轉化率產生負面影響。

These contributions drove consolidated take rate to 20.9%, modestly ahead of the take rate implied at the midpoint of our quarterly guidance. We are pleased with the strength of our profitability and the returns we are getting on our investments in both product development and marketing. Q2 was another excellent quarter for returns in both areas. And you'll see that even as we have gained further leverage in marketing, we are leaning a little bit more into product development, where we see very strong value creation, productivity and velocity as we have scaled.

這些貢獻將綜合轉化率推至 20.9%，略高於我們季度指導中點所隱含的轉化率。我們對我們的盈利能力以及在產品開發和營銷方面的投資所獲得的回報感到滿意。第二季度在這兩個領域都是回報出色的季度。你會發現，即使我們在營銷方面獲得了進一步的影響力，我們也更加傾向於產品開發，隨著我們規模的擴大，我們看到了非常強大的價值創造、生產力和速度。

We believe the investments we are making will continue to be drivers of long-term growth and differentiation as we unpack the significant opportunity ahead. And as I just alluded to, our consolidated product development spend increased 19% year-over-year to $122 million in the second quarter. Meanwhile, for the Etsy Marketplace, product launches increased over 50% year-over-year, a great sign that we're getting bolder and faster despite getting bigger.

我們相信，隨著我們釋放未來的重大機遇，我們正在進行的投資將繼續成為長期增長和差異化的驅動力。正如我剛才提到的，第二季度我們的綜合產品開發支出同比增長 19%，達到 1.22 億美元。與此同時，對於 Etsy Marketplace，產品發布量同比增長超過 50%，這是一個很好的跡象，表明儘管規模不斷擴大，但我們的步伐卻越來越大膽、越來越快。

We continuously realign resources to focus our talent on the areas we believe will have the highest yield, which is why we have some of the highest revenue per headcount amongst our peer set. We have strong conviction that our teams are working on the true, vital few to enable 2023 and 2024 growth.

我們不斷重新調整資源，將我們的人才集中在我們認為產量最高的領域，這就是為什麼我們在同行中擁有最高的人均收入。我們堅信，我們的團隊正在致力於真正、至關重要的少數工作，以實現 2023 年和 2024 年的增長。

Our consolidated marketing spend increased 1% year-over-year to $166 million, driven by a 1% year-over-year increase in consolidated brand spend. We leaned into our Etsy has it campaigns in our top 3 markets, highlighting Home & Living, style and gifting purchase occasions. Our performance marketing spend was largely flat to last year as we ran incrementality tests on our ROI models and selectively pulled back on performance marketing spend in several key channels. Overall, we gained leverage on our marketing spend in the second quarter, with marketing as a percentage of revenue decreasing 160 basis points year-over-year to 26%.

在綜合品牌支出同比增長 1% 的推動下，我們的綜合營銷支出同比增長 1%，達到 1.66 億美元。我們在三大市場中開展了 Etsy has it 活動，重點關注家居與生活、時尚和禮品購買場合。我們的績效營銷支出與去年基本持平，因為我們對投資回報率模型進行了增量測試，並有選擇地減少了幾個關鍵渠道的績效營銷支出。總體而言，第二季度我們的營銷支出有所增加，營銷佔收入的百分比同比下降 160 個基點至 26%。

While we primarily utilize ROI model to drive our marketing spend, we understand investors' focus on LTV to CAC and thought we could use this opportunity to provide our view of how you should think about this metric, specifically for the Etsy marketplace.

雖然我們主要利用ROI 模型來推動我們的營銷支出，但我們了解投資者對LTV 到CAC 的關注，並認為我們可以利用這個機會提供我們的觀點，告訴您應該如何考慮這一指標，特別是針對Etsy市場。

Let's start with CAC. Many of you have concluded that the rate of growth of our total Etsy marketplace marketing spend has outpaced our new buyer growth. That is correct. In fact, from 2019 to 2022, blended new buyer customer acquisition cost increased about 50% after accounting for off-site ads revenue. Effectively, offsite ads revenue offsets a portion of our performance marketing spend. And as such, OSA revenue is important when considering your CAC calculations, and we've seen that omitting this factor leads to incorrect conclusions.

讓我們從 CAC 開始。你們中的許多人都得出結論，我們的 Etsy 市場營銷支出總額的增長率已經超過了新買家的增長率。那是對的。事實上，從 2019 年到 2022 年，在計入站外廣告收入後，混合型新買家獲客成本增加了約 50%。實際上，站外廣告收入抵消了我們效果營銷支出的一部分。因此，在考慮 CAC 計算時，OSA 收入非常重要，我們發現忽略此因素會導致錯誤的結論。

And then moving to LTV. The Etsy marketplaces customer and lifetime value also increased about 50% over the same period, which allowed us to spend deeper while maintaining very strong efficiencies. This very impressive increase in LTV was driven by a higher GMS per active buyer, transaction fee increases, Etsy Ads growth and Etsy Payments expansion. The stability in our CAC to LTV reflects our long-stated philosophy of investing to a marginal ROI threshold that we establish for all of our marketing spend worldwide.

然後轉向 LTV。同期，Etsy 市場的客戶價值和生命週期價值也增加了約 50%，這使我們能夠在保持非常高的效率的同時加大支出。 LTV 這一令人印象深刻的增長是由每個活躍買家的 GMS 提高、交易費用增加、Etsy 廣告增長和 Etsy Payments 擴張推動的。我們的 CAC 與 LTV 的穩定性反映了我們長期以來的理念，即投資於我們為全球所有營銷支出建立的邊際投資回報率閾值。

So what do we mean when we say that we have maintained very strong efficiencies? We think this slide should help clarify our view. While our blended LTV to CAC has held steady, our performance marketing ROI has increased over 40% since 2019 due to the following: successful expansion of our paid marketing to new channels and more countries, which drove an increase in paid GMS and which we believe has contributed to significant non-U.S. GMS growth; and as our buyer mix evolved, we increased the amount of performance marketing spend that goes to retaining and reactivating buyers and encouraging purchase frequency.

那麼，當我們說我們保持了非常高的效率時，我們的意思是什麼？我們認為這張幻燈片應該有助於澄清我們的觀點。雖然我們的混合生命週期價值(LTV) 與CAC 保持穩定，但自2019 年以來，我們的效果營銷投資回報率(ROI) 增長了40% 以上，原因如下：我們的付費營銷成功擴展到新渠道和更多國家，這推動了付費GMS 的增長，我們相信這一點為大湄公河次區域以外地區的顯著增長做出了貢獻；隨著我們的買家組合的發展，我們增加了績效營銷支出，用於留住和重新激活買家以及鼓勵購買頻率。

We have worked hard to maintain the gains we achieved during the pandemic period as well as through reopening and challenging macro conditions. Given our healthy buyer retention rate as well as the significant retention of our GMS and scale of Etsy, we believe this investment has been well made. And as a reminder, our LTV models assume that the majority of the payback comes within the first 30 days after acquisition, but there is a tail on the investment, which drives future retention and frequency, which is the L in lifetime value.

我們努力保持在大流行期間以及通過重新開放和挑戰宏觀條件所取得的成果。鑑於我們健康的買家保留率以及 GMS 的顯著保留和 Etsy 的規模，我們相信這項投資做得很好。提醒一下，我們的 LTV 模型假設大部分投資回收期在收購後的前 30 天內，但投資有一個尾巴，它會推動未來的保留率和頻率，即生命週期價值中的 L。

In connection with that, we also have significantly expanded our brand investments during this period, which, as we have reported, moved brand awareness up materially in our core markets, contributing to Etsy now being more of a household name than we were several years ago.

與此相關的是，我們在此期間還大幅擴大了品牌投資，正如我們所報告的那樣，這極大地提高了我們核心市場的品牌知名度，使 Etsy 比幾年前更加家喻戶曉。 。

In summary, we feel great about the returns our marketing spend has generated, and we will continue to invest with discipline and focus as the marketplace scales in the future.

總之，我們對營銷支出所產生的回報感到非常滿意，隨著未來市場的規模擴大，我們將繼續嚴格、專注地進行投資。

Moving now to our review of Etsy marketplace GMS and buyer metrics. During the second quarter, Etsy marketplace GMS was nearly flat year-over-year, declining just 0.7% to $2.6 billion. While we continue to experience week-to-week volatility, year-over-year growth trends turned positive during the quarter. These results can be attributed to several factors, including easier year-ago comparisons, positive order growth, moderating FX headwinds and healthy growth in select international markets.

現在我們來回顧一下 Etsy 市場 GMS 和買家指標。第二季度，Etsy 市場 GMS 同比幾乎持平，僅下降 0.7%，至 26 億美元。儘管我們繼續經歷每週的波動，但本季度同比增長趨勢轉為積極。這些結果可歸因於多種因素，包括與去年同期相比更容易、訂單積極增長、外匯逆風緩和以及特定國際市場的健康增長。

We also saw our average order values remain largely unchanged on a year-over-year basis. Data suggest that Etsy marketplace GMS remains pressured by consumer wallet share shifts from goods to services and headwinds to consumer discretionary spending, particularly for lower household incomes. When using U.S. Census average household income data by ZIP Code, we have seen a clear delineation of GMS trends between buyers with income above $100,000, where we experienced meaningful GMS growth; and lows below that level, where we continue to see declines.

我們還發現，我們的平均訂單價值同比基本保持不變。數據顯示，Etsy 市場 GMS 仍然面臨消費者錢包份額從商品轉向服務以及消費者可自由支配支出（尤其是家庭收入較低）的不利因素的壓力。當使用按郵政編碼劃分的美國人口普查平均家庭收入數據時，我們發現收入超過 100,000 美元的買家之間的 GMS 趨勢有清晰的劃分，其中我們經歷了有意義的 GMS 增長；以及低於該水平的低點，我們將繼續看到下跌。

This slide shows a monthly view of Etsy Marketplace performance, where we've seen an encouraging trajectory towards positive GMS growth since the beginning of the year despite the stiff macro headwinds. In fact, the Etsy marketplace's GMS was marginally positive year-over-year in July, making our third consecutive month of growth.

這張幻燈片顯示了 Etsy Marketplace 表現的月度視圖，儘管宏觀經濟面臨嚴峻阻力，但自今年年初以來，我們看到了 GMS 積極增長的令人鼓舞的軌跡。事實上，Etsy 市場的 GMS 7 月份同比略有增長，這是我們連續第三個月增長。

From a geographic perspective, 47% of Etsy marketplace GMS in the second quarter was from transactions where either the buyer or the seller or both are outside of the U.S. GMS, excluding U.S. domestic, returned to positive year-over-year trends, increasing 5% in the second quarter. While we had a modest year-over-year decline in the U.K., we reported year-over-year growth in some of our core markets, including Germany and France. We also saw strength in select noncore Western European countries, an encouraging testament to our growing awareness in these markets particularly as we have carefully expand our performance marketing with limited, very targeted spend and improve our overall search and discovery capabilities in those markets.

從地域角度來看，第二季度 Etsy 市場 GMS 的 47% 來自買家或賣家或雙方均在美國 GMS 之外（不包括美國國內）的交易，同比恢復了積極趨勢，增加了 5第二季度的%。儘管我們在英國的銷售額同比略有下降，但我們的一些核心市場（包括德國和法國）同比增長。我們還看到了選定的非核心西歐國家的實力，這令人鼓舞地證明了我們在這些市場中的意識不斷增強，特別是因為我們以有限的、非常有針對性的支出謹慎地擴大了我們的效果營銷，並提高了我們在這些市場中的整體搜索和發現能力。

We are pleased to report that year-over-year GMS trends improved sequentially in 3 of our top categories: Home & Living, apparel and craft supplies, as shown on the left side of this slide. We also had year-over-year growth in horizontal categories, such as gifts and personalized items, with Etsy being a great Mother's and Father's Day destination.

我們很高興地報告，我們的 3 個頂級類別的 GMS 趨勢逐年改善：家居與生活、服裝和工藝用品，如本幻燈片左側所示。我們在禮品和個性化商品等橫向類別上也實現了同比增長，Etsy 成為了母親節和父親節的絕佳目的地。

We remain extremely excited about our long-term ability to gain market share in our top categories as well as improve awareness of Etsy for specific purchase occasions where we have so much great and unique merchandise to offer.

我們仍然對我們長期能夠在頂級品類中獲得市場份額以及提高 Etsy 在特定購買場合的認知度感到非常興奮，在這些場合我們可以提供如此多優質且獨特的商品。

The Etsy Marketplace ended the second quarter with a new all-time high of 90.6 million active buyers, and our positive year-over-year growth rate accelerated sequentially to 3% from 1% in the first quarter. 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. We also continue to see strength at active buyers who identify as men, which increased 8% year-over-year.

Etsy Marketplace 第二季度末的活躍買家數量創下歷史新高，達到 9060 萬，我們的同比正增長率從第一季度的 1% 連續加速至 3%。我們的非美國活躍買家的增長速度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。我們還繼續看到男性活躍買家的力量，同比增長 8% 。

While our GMS per active buyer on a trailing 12-month basis for the Etsy marketplace declined 6% year-over-year to $128 in the second quarter, we are seeing early signs of stabilization on a sequential basis, as you can see from the chart. Overall, our GMS per buyer has held up fairly well, up 28% since the second quarter of 2019. And we continue to maintain nearly all of our pandemic gains. We remain optimistic in our ability to once again inflect GMS per buyer over the long term, both in the U.S. and internationally.

儘管第二季度 Etsy 市場每位活躍買家的 GMS 同比下降 6% 至 128 美元，但我們看到了環比穩定的早期跡象，正如您從圖表。總體而言，我們的每位買家的 GMS 保持得相當不錯，自 2019 年第二季度以來增長了 28%。而且我們繼續保持幾乎所有的疫情收益。我們對長期影響美國和國際買家的 GMS 的能力保持樂觀。

We added 6 million new buyers in the second quarter, which is over 40% higher than the average number of new buyers we acquired on a quarterly basis in pre-pandemic periods. We also saw the negative year-over-year new buyer trend moderate to 3% in the second quarter compared to a 6% year-over-year decline in the first quarter. We reactivated nearly 6 million lapsed buyers, up 21% year-over-year. Overall, we've done a really good job of keeping our active buyers engaged. In fact, our active buyers retention rate on a trailing 12-month basis remained above pre-COVID levels. On a quarterly basis, retention trends improved from both the prior year and prior quarter.

第二季度我們新增了 600 萬新買家，比疫情前每個季度新增買家的平均數量高出 40% 以上。我們還發現，第二季度新買家同比下降趨勢放緩至 3%，而第一季度則同比下降 6%。我們重新激活了近 600 萬流失買家，同比增長 21%。總的來說，我們在保持活躍買家的參與度方面做得非常好。事實上，我們過去 12 個月的活躍買家保留率仍高於新冠疫情爆發前的水平。按季度來看，保留趨勢比去年和上季度都有所改善。

We ended the quarter with 7 million habitual buyers, up 218% from the second quarter of 2019, but down 9% year-over-year. Encouragingly, our habitual buyers were largely flat on a sequential basis as the strong pandemic-related periods fully rolled out of the trailing 12-month figure. Germany, France and several noncore Western European markets experienced strong habitual buyer growth.

截至本季度末，我們的習慣買家數量為 700 萬，比 2019 年第二季度增長 218%，但同比下降 9%。令人鼓舞的是，隨著大流行相關時期的強勁表現完全超出了過去 12 個月的數據，我們的慣常買家環比基本持平。德國、法國和幾個非核心西歐市場的習慣性買家增長強勁。

We also saw a year-over-year increase in the number of habitual buyers who identify as men.

我們還發現，男性習慣性買家的數量逐年增加。

Continuing the trend we previously reported, the vast majority of the year-over-year decline in individual buyers can be attributed to buyers moving into the repeat purchase category, with very few of these buyers lapsing entirely. Strong performance in Western Europe also contributed to a 2% year-over-year increase in repeat buyers.

延續我們之前報導的趨勢，個人買家同比下降的絕大多數可歸因於買家進入重複購買類別，其中很少有買家完全消失。西歐的強勁表現也促使回頭客同比增長 2%。

Before moving to the balance sheet, we recorded a noncash impairment charge of $68 million to the long-lived tangible and intangible assets related to Elo7. This impairment charge was fully offset by tax benefits related to Elo7, which netted to a neutral impact to our quarterly net income and earnings per share. As of June 30, we had $1.2 billion in cash, cash equivalents and short- and long-term investments. During the second quarter, we repurchased $39 million in stock under our $600 million May 2022 Board authorized repurchase program, of which approximately $114 million remained available as of June 30. On June 14, the Board authorized a new $1 billion share repurchase program. Our free cash flow this quarter was a healthy $128 million. We continue to convert nearly 90% of our adjusted EBITDA to free cash flow on a trailing 12-month basis as our marketplace operates with minimal cash requirements.

在進入資產負債表之前，我們對與 Elo7 相關的長期有形和無形資產記錄了 6800 萬美元的非現金減值費用。這項減值費用完全被 Elo7 相關的稅收優惠所抵消，這對我們的季度淨利潤和每股收益產生了中性影響。截至 6 月 30 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。第二季度，我們根據2022 年5 月董事會授權的6 億美元回購計劃回購了3900 萬美元的股票，其中截至6 月30 日仍有約1.14 億美元可用。6 月14 日，董事會授權了一項新的10 億美元股票回購計劃。本季度我們的自由現金流為 1.28 億美元。由於我們的市場以最低的現金需求運營，我們繼續將近 90% 的調整後 EBITDA 轉換為過去 12 個月的自由現金流。

Now turning to our outlook. We expect to complete the Elo7 divestiture shortly, so that business is only included in our guidance for half of the quarter. As a reminder, Elo7 reported $70 million in GMS for all of 2022, so 0.5% of our consolidated total GMS. Elo7 represented less than a 50-basis-point headwind to our consolidated adjusted EBITDA margin last year.

現在轉向我們的展望。我們預計將很快完成 Elo7 剝離，因此該業務僅包含在我們本季度一半的指導中。提醒一下，Elo7 報告 2022 年全年的 GMS 為 7000 萬美元，占我們綜合 GMS 總額的 0.5%。 Elo7 對我們去年綜合調整後 EBITDA 利潤率的影響不到 50 個基點。

We currently estimate our third quarter 2023 consolidated GMS to be approximately $2.95 billion to $3.1 billion, about $3.03 billion at the midpoint, up slightly compared to last year. External factors we're keeping an eye on for the third quarter include those that could influence consumer discretionary spending, including wind down of previously high levels of consumer savings, potential negative impact from the resumption of student loan payments this fall and discontinuation of child tax credits. On the plus side, we are reading all the same data you are about the potential for a soft blending for the U.S. economy. So given the continued uncertainty, we're forecasting the midpoint of our guidance to land with a slightly positive year-over-year performance, similar to what we delivered in July.

我們目前預計 2023 年第三季度合併 GMS 約為 29.5 億美元至 31 億美元，中間值約為 30.3 億美元，比去年略有增長。我們在第三季度密切關注的外部因素包括那些可能影響消費者可自由支配支出的因素，包括之前高水平的消費者儲蓄的減少、今年秋季恢復學生貸款支付的潛在負面影響以及停止徵收兒童稅學分。從好的方面來看，我們正在閱讀與您有關美國經濟軟混合潛力的所有相同數據。因此，考慮到持續的不確定性，我們預測我們的指導中點將實現略為積極的同比表現，與我們 7 月份的情況類似。

We are forecasting revenue of $610 million to $645 million, up nearly 6% at the midpoint compared to the third quarter of last year. The implied take rate for the third quarter is down slightly sequentially, and please keep in mind that we sometimes see seasonal pressure on our fourth quarter take rate. We currently expect another very strong margin quarter for Q3 with an adjusted EBITDA margin of 27% to 28%. It's quite encouraging to be guiding to a slightly positive GMS at the midpoint of our guidance with another sequential improvement in our GMS trend line currently anticipated for the third quarter. We aren't economists, so it's hard to predict how the macro environment fares from here. But as Josh highlighted, we have an impressive pipeline of product and marketing initiatives where we continue to see strong value creation and return on investment and strongly believe we are on the right path to reaccelerate growth.

我們預計收入為 6.1 億美元至 6.45 億美元，與去年第三季度相比中值增長近 6%。第三季度的隱含採用率比上一季度略有下降，請記住，我們有時會看到第四季度的採用率受到季節性壓力。我們目前預計第三季度的利潤率將再次非常強勁，調整後的 EBITDA 利潤率為 27% 至 28%。令人鼓舞的是，在我們指導的中點，我們的 GMS 略有積極，目前預計第三季度的 GMS 趨勢線將再次連續改善。我們不是經濟學家，因此很難預測宏觀環境將如何發展。但正如喬希強調的那樣，我們擁有令人印象深刻的產品和營銷計劃，我們繼續看到強勁的價值創造和投資回報，並堅信我們正走在重新加速增長的正確道路上。

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

感謝大家今天抽出寶貴的時間，我現在將把電話轉回給黛布，回答你們的問題。

Hi, everyone. Good evening. Thank you for joining us. I'm going to dive right into Q&A. First one, I'm going to give to Josh from Mike Morton at MoffettNathanson. Looking beyond domestic buyer growth, can you discuss Etsy's expectations for the biggest contributors to GMS growth in 2023 and 2024? For example, do you see this from improved curation, international expansion or recovery in the softer category such as Home & Living?

大家好。晚上好。感謝您加入我們。我將直接進入問答環節。第一個，我將送給 MoffettNathanson 的 Mike Morton 的 Josh。除了國內買家增長之外，您能否討論一下 Etsy 對 2023 年和 2024 年 GMS 增長最大貢獻者的預期？例如，您是否從家居與生活等軟類別的策展改進、國際擴張或複蘇中看到了這一點？

Thanks for the question. Happy to take it. First, I don't want to look beyond domestic buyer growth without talking about domestic buyer growth for a second because I do think it's important. We're happy about the fact that we have the highest ever level of active buyers of this quarter. And we think it's early days. We think we have a lot of opportunity both domestically and international. As we've said many times before, most people who identify as women in the United States have still -- have not shopped on Etsy in the last 12 months. Only about 1 in 10 people who identify as men have shopped on Etsy in the last 12 months in the United States. And so we think there continues to be a big opportunity to continue to grow active buyers in the United States, both new buyers and reactivating that pool of 100 million lapsed buyers, and we saw great evidence of that in this quarter.

謝謝你的提問。很高興接受它。首先，我不想只關注國內買家的增長，而不談論國內買家的增長，因為我確實認為這很重要。我們很高興本季度的活躍買家數量達到歷史最高水平。我們認為現在還為時過早。我們認為我們在國內和國際上都有很多機會。正如我們之前多次說過的，大多數美國女性在過去 12 個月內仍然沒有在 Etsy 上購物。在過去 12 個月裡，美國祇有大約十分之一的男性在 Etsy 上購物過。因此，我們認為美國仍然存在繼續增加活躍買家的巨大機會，包括新買家和重新激活 1 億流失買家，我們在本季度看到了這方面的有力證據。

And as you say, there is a very big opportunity for Etsy to grow internationally, and we're seeing very promising signs of that again this quarter. So Etsy just began to buy Google PLAs in markets outside of the U.S. -- outside of the U.K., Germany and our core markets recently, and we're seeing that we're able to do that in an ROI-positive way immediately. The Etsy site has translated into many languages, and it turns out there's demand for Etsy products in many parts of Western Europe, for example. And so we're able to grow in a pretty cost-efficient way in those markets, and those markets collectively can be very big -- can have the GDP of the United States. For example, the 15 markets beyond our core have a population that's even larger than the U.S. and GDP equal to the U.S. So we're very encouraged by that.

正如您所說，Etsy 有很大的國際發展機會，本季度我們再次看到了非常有希望的跡象。因此，Etsy 最近開始在美國以外的市場（英國、德國和我們的核心市場之外）購買 Google PLA，我們看到我們能夠立即以積極的投資回報率方式做到這一點。 Etsy 網站已翻譯成多種語言，例如，西歐許多地區都對 Etsy 產品有需求。因此，我們能夠在這些市場中以相當具有成本效益的方式實現增長，而這些市場加起來可能會非常大——可以達到美國的GDP。例如，我們核心以外的 15 個市場的人口數量甚至比美國還多，GDP 與美國持平，因此我們對此感到非常鼓舞。

In addition to that, I think there's a very meaningful opportunity for us to do even more with the traffic that we have to drive GMS per active buyer, to drive conversion rate up, and I see lots of opportunities to do that. I talked in the call about quality in the recorded part of the call about quality, and I'm really excited about this next chapter for Etsy. We've done so much over the past 6 years to do a better job with relevancy, to understand what you meant, not just what you've said in your keyword and to give you search results that are relevant.

除此之外，我認為我們有一個非常有意義的機會，可以利用流量做更多的事情，我們必須提高每個活躍買家的GMS，以提高轉化率，而且我看到了很多這樣做的機會。我在電話會議的錄音部分談到了質量問題，我對 Etsy 的下一章感到非常興奮。在過去 6 年裡，我們做了很多工作，以更好地提高相關性，理解您的意思，而不僅僅是您在關鍵字中所說的內容，並為您提供相關的搜索結果。

It is still the case that most of the time, we have thousands of search results to choose from. And finding the ones that are the most visually appealing that you're most likely to like, the ones that feel are priced appropriately and the ones that deliver really great service quality, and of course, doing ever better at making sure that we can enforce all of our policies in a really scalable way, all of that means we're serving only the highest quality things to you, which is going to, I think, do a lot to make a more delightful experience, to drive conversion rate up, to drive frequency up, to even further enhance the appeal of the Etsy brand.

大多數時候，我們仍然有數千個搜索結果可供選擇。並找到您最有可能喜歡的最具視覺吸引力的服務、感覺價格合理的服務以及提供真正優質服務質量的服務，當然，在確保我們能夠執行的方面做得更好我們所有的政策都以一種真正可擴展的方式，所有這一切意味著我們只為您提供最高質量的東西，我認為，這將有助於創造更愉快的體驗，提高轉化率，推動頻率上升，進一步增強Etsy 品牌的吸引力。

I talked in the recorded part about pricing and the tools that we have to do, to help our sellers come up with the right price. I think that's another example of where we can really help to improve the conversion rate of the site and make our sellers be more successful.

我在錄音部分談到了定價以及我們必須使用的工具，以幫助我們的賣家提出合適的價格。我認為這是我們真正可以幫助提高網站轉化率並使我們的賣家更加成功的另一個例子。

And then things like promotions. We're investing even more in tooling to help sellers run the right promotions at the right time in the right way. That's more important now than ever. We want to make sure that our sellers can compete and win. If you go look at the homepage of Etsy right now, you're going to see some big, bold banners around items that are running promotions right now. That's new. We haven't done something that bold in the past. I think it's appropriate in fitting with the times. I think there's a lot of levers we can pull that will continue to drive conversion rate, drive the quality of the experience.

然後就是促銷之類的事情。我們在工具上投入更多資金，以幫助賣家在正確的時間以正確的方式開展正確的促銷活動。現在這比以往任何時候都更加重要。我們希望確保我們的賣家能夠競爭並獲勝。如果您現在查看 Etsy 的主頁，您會看到一些大而大膽的橫幅圍繞著正在促銷的商品。這是新的。我們過去沒有做過這麼大膽的事情。我認為這是符合時代要求的。我認為我們可以利用很多手段來繼續提高轉化率，提高體驗質量。

One more that I want to talk about is curation. When you look at the Etsy search results page right now, you'll often see many variants of the same thing, many similar versions of the same thing. We can do a better job of organizing those and collapsing those into a set of things that are different and showing you just the very best of each of a set of very different items.

我還想談一談策展。當您現在查看 Etsy 搜索結果頁面時，您經常會看到同一事物的許多變體，同一事物的許多相似版本。我們可以更好地組織這些內容並將它們分解為一組不同的內容，並向您展示一組非常不同的內容中每一個內容的最佳部分。

And I think that can also do a lot to drive conversion rate, reception of quality and a better customer experience in time. So I'm really excited about our road map. And we've got a lot underway right now that I think can really help to even further improve and differentiate Etsy.

我認為這對於提高轉化率、質量接收和更好的客戶體驗也有很大幫助。所以我對我們的路線圖感到非常興奮。我們現在正在進行很多工作，我認為這些工作確實有助於進一步改進 Etsy 並使其脫穎而出。

Okay. Great. Next one is from Laura Champine at Loop. I'm going to give this one to Rachel. What do you expect to be the ceiling on total take rate now that Elo7 is being divested and the rate seems to be naturally climbing on an organic basis?

好的。偉大的。下一篇來自 Loop 的 Laura Champine。我要把這個送給雷切爾。既然 Elo7 正在被剝離，並且該比率似乎在有機基礎上自然攀升，您預計總採用率的上限是多少？

Laura, thank you for the question. We've never said anything about a ceiling on take rate. But you're right, we have actually been able to improve take rate almost every single year since this management team has been in place. And we've done that in part from transaction fee increases and in part from offering expanded services that naturally bring the take rate up.

勞拉，謝謝你的提問。我們從未說過任何關於接受率上限的事情。但你是對的，自從這個管理團隊就位以來，我們實際上幾乎每年都能夠提高采用率。我們做到這一點的部分原因是交易費用的增加，部分原因是提供擴展的服務，這自然會提高使用率。

Etsy Ads, for instance, was not even a new service in the past couple of years or a transaction fee increase. It was just a continuation of optimization of that particular product, where we keep making the search results better on a sponsored ad, which increases click-through rate and therefore increases our ability to drive incremental revenue.

例如，Etsy Ads 在過去幾年中甚至不是一項新服務，也不是交易費用的增加。這只是該特定產品優化的延續，我們不斷提高讚助廣告的搜索結果，從而提高點擊率，從而提高我們增加收入的能力。

So we haven't fixed a price on a ceiling on take rate, and I'm not going to do so here. I will say we are neither the highest take rate for marketplaces nor at the lowest take rate for marketplaces, and we really always stick to our credo of a fair exchange of value. So where we see there are products or needs or services that will benefit our sellers and we can provide a service that will -- or a product that will benefit them, we will charge a fair fee for that. And we feel that all boats rise in that scenario, and we see lots of opportunities to do so.

因此，我們還沒有確定接受率的上限，我也不會在這裡這樣做。我想說的是，我們既不是市場採用率最高的，也不是市場採用率最低的，我們始終堅持公平價值交換的信條。因此，如果我們看到某些產品、需求或服務將使我們的賣家受益，並且我們可以提供一項對他們有利的服務，或者一種對他們有利的產品，我們將為此收取公平的費用。我們覺得在這種情況下所有的船都會崛起，而且我們看到了很多這樣做的機會。

Thank you, Rachel. I'm going to move to the next one from Tom Forte at D.A. Davidson, and this is going to be for Josh. Can you provide an update on your M&A strategy? And why was it the right time to divest Elo7? We've had quite a few questions about that and also related to our House of Brands strategy going forward. I think I'll end the question there, and if you can just address those kind of 2 factors of it, would be great. Thanks, Josh.

謝謝你，雷切爾。我要轉到 D.A. 湯姆·福特 (Tom Forte) 的下一篇文章。戴維森，這將是給喬什的。您能否介紹一下您的併購策略的最新情況？為什麼現在是剝離 Elo7 的最佳時機？我們對此有很多疑問，也與我們未來的品牌之家戰略有關。我想我的問題就到此結束了，如果你能解決其中的兩個因素，那就太好了。謝謝，喬什。

Sure. So we look at each of our acquisitions on a stand-alone basis, and we have a thesis. And so we bought Elo7 with a thesis, which is that when coming out of the pandemic, we would see real tailwinds to Elo7's growth. Elo7's merchandise centers a lot around events and activities that happen offline, things like birthday parties, Kinzinetas, weddings, et cetera. And it's now been 2 years since we've come through the pandemic, and we've not seen the growth rates that we've expected from the Elo7 business. I think it's a good team doing good work, but they've faced quite a lot of headwinds.

當然。因此，我們在獨立的基礎上審視每一項收購，並得出了一個論點。因此，我們購買 Elo7 的初衷是，當疫情結束時，我們將看到 Elo7 增長的真正推動力。 Elo7 的商品主要圍繞線下發生的事件和活動，例如生日聚會、Kinzinetas、婚禮等。現在距離我們度過疫情已經過去兩年了，我們還沒有看到 Elo7 業務的增長速度。我認為這是一支優秀的團隊，做得很好，但他們也面臨著很多阻力。

And so the thesis hasn't played out. We haven't seen what we've expected, and we thought that this is the time to call it. And I think that's part of taking risks. We're prepared to take calculated risks, thoughtful risk as a business, but we also want to be clear on and call it when we see it, acknowledge when it didn't work out and move on. We're really excited about the opportunities in our core. We're seeing great progress. Depop is doing fantastic things. Reverb, we think, continues to gain share in its industry. And we want to keep our focus, and so that's what we're going to do.

所以這篇論文還沒有完成。我們還沒有看到我們所期望的情況，我們認為現在是時候結束了。我認為這是冒險的一部分。作為一家企業，我們準備承擔經過計算的風險、深思熟慮的風險，但我們也希望在看到問題時明確並立即採取行動，在失敗時承認並繼續前進。我們對我們核心的機會感到非常興奮。我們看到了巨大的進步。 Depop 正在做一些很棒的事情。我們認為，Reverb 在其行業中的份額繼續增加。我們想要保持專注，所以這就是我們要做的。

Okay. Great. Thank you. I'm going to give this next one to Josh. Hold on a second. Give me one second. Okay. Actually, for Rachel on a couple of guidance questions. The high -- It's from Lee Horowitz at Deutsche Bank. The high end of guidance suggests quarter-over-quarter growth of 40 basis points. In the past, back to school demand has supported growth in the low to mid-single-digit range. Why is it that you are no longer replicating past seasonality? Is it the continued pressure from the macro environment?

好的。偉大的。謝謝。我要把下一篇交給喬希。稍等一下。給我一秒鐘。好的。事實上，雷切爾有幾個指導性問題。高潮——來自德意志銀行的李·霍洛維茨。指導上限表明季度環比增長 40 個基點。過去，返校需求支撐了中低個位數的增長。為什麼你們不再复製過去的季節性？是宏觀環境的持續壓力嗎？

So thank you for the question. We -- let's talk about what's implied in the guidance that we gave. The midpoint of the guidance is about 0.7% growth -- 0.5% growth, rather. And that implies that the conditions that we have seen today, as far as macro headwinds, remain roughly the same. They don't get better, they don't get worse. At the high end of the guidance, we would assume that macro headwinds improve so that we are able to hit the high end of the range. And the low end of the range, we would say that they would slightly worsen.

謝謝你的提問。我們——讓我們談談我們提供的指導中隱含的內容。該指引的中點約為 0.7% 的增長——更準確地說是 0.5% 的增長。這意味著我們今天所看到的情況，就宏觀阻力而言，仍然大致相同。他們不會變得更好，也不會變得更糟。在指導的高端，我們假設宏觀阻力有所改善，以便我們能夠達到指導範圍的高端。在該範圍的低端，我們會說它們會稍微惡化。

It's still a very volatile market. We don't actually have our crystal ball to say we'll get more or less volatile. So we do -- the guidance does imply that August and September are sequentially a little bit worse than July. We do think we stand to get a fair share of the back-to-school and Labor Day market. We've been, as Josh talked about, leaning much more into promotional opportunities, similar to all e-commerce retailers and more so than Etsy has really ever done before. And we're very excited to be able to talk about back-to-school as an occasion for which you can find many, many special things that people will be shopping for at this point of time.

這仍然是一個非常不穩定的市場。我們實際上並沒有水晶球來預測我們會或多或少地波動。所以我們確實認為——指導確實意味著 8 月和 9 月的情況比 7 月要差一些。我們確實認為我們將在返校和勞動節市場中獲得公平的份額。正如 Josh 所說，我們更加註重促銷機會，與所有電子商務零售商類似，而且比 Etsy 以前所做的更多。我們非常高興能夠談論返校節這一場合，您可以在這個場合找到人們此時會購買的許多特別的東西。

There was a -- thank you, Rachel. There was actually another question related to guidance that was from Curtis Nagle at BofA. And it was really about -- we already answered the part about the midpoint and where it was hitting in terms of macro factors. But there was another one about whether our product categories had any impact, how we were thinking about product categories in the guidance. Did you want to answer that one as well?

有一個——謝謝你，雷切爾。實際上還有一個與指導相關的問題來自美國銀行的柯蒂斯·內格爾（Curtis Nagle）。這實際上是關於——我們已經回答了有關中點以及它在宏觀因素方面的影響的部分。但還有一個問題是我們的產品類別是否有任何影響，我們如何考慮指南中的產品類別。您也想回答這個問題嗎？

Well, what are the things that we've said -- we did talk about is that some of our horizontal categories, so specifically gifting and occasions are actually growing quite nicely. And so while we do see headwinds from some of our larger categories like Home & Living, and those have continued to be a little bit under pressure, some of the other categories are actually starting to see sequential improvement. And a category like gifting when we're heading into holiday, we feel pretty strong opportunity for growth.

好吧，我們已經說過了——我們確實談到了我們的一些橫向類別，特別是禮物和場合實際上增長得相當好。因此，雖然我們確實看到家居與生活等一些較大類別的逆風，並且這些類別繼續承受著一點壓力，但其他一些類別實際上開始看到連續的改善。當我們進入假期時，像送禮這樣的類別，我們感覺有很大的增長機會。

Thanks, Rachel. All right. Josh, I want to give you the next one from Maria Ripps at Canaccord. Recently, there have been reports of some sellers taking issue with the company's reserve system and its process for withholding and distributing funds. Can you first refresh us on what that policy is around payment reserves and why it's important to the overall health of the marketplace? And maybe comment on how you are addressing this cohort of sellers who are unhappy with the current policy.

謝謝，雷切爾。好的。喬希，我想給你下一篇來自 Canaccord 的瑪麗亞·里普斯 (Maria Ripps) 的文章。最近，有報導稱一些賣家對該公司的準備金制度及其扣留和分配資金的流程提出質疑。您能否首先向我們介紹一下有關付款準備金的政策以及為什麼它對市場的整體健康如此重要？也許還可以評論一下您如何應對這群對當前政策不滿意的賣家。

Yes. Thanks for the question. So Etsy has an unusually generous payment policy relative to most marketplaces. And that historically, when a buyer buys an item, 100% of that money is transferred to the seller right away. We take it on faith that the seller is going to ship the item to the buyer. And the good news is the vast majority of the time, that happens. But things do go wrong, and sometimes, for example, seller sales really ramp faster than they can deliver on, and things go wrong. And Etsy, of course, steps in to the gap in those times to make sure that the buyer has held whole, so that the Etsy brand is a great brand and other sellers' reputations are not hurt by that.

是的。謝謝你的提問。因此，與大多數市場相比，Etsy 的支付政策異常慷慨。從歷史上看，當買家購買一件商品時，100% 的錢會立即轉移給賣家。我們相信賣方會將商品運送給買方。好消息是，絕大多數情況下，這種情況都會發生。但事情確實會出錯，有時，例如，賣家的銷售增長速度確實比他們交付的速度快，結果就會出錯。當然，Etsy 會填補這個空白，確保買家保持完整，這樣 Etsy 品牌就是一個偉大的品牌，其他賣家的聲譽也不會因此受到損害。

So it's really important for the overall health of the marketplace that we can always stand behind every single sale and buyers have a lot of confidence that Etsy will always have their back. As part of that then in 2021 we introduced a payment reserve, where a very small number of sellers that are high risk, perceived to be high risk, predicted to be high risk, we withhold some of the payment from those sellers.

因此，對於市場的整體健康發展來說，我們始終能夠為每一次銷售提供支持，而且買家非常有信心 Etsy 將始終為他們提供支持，這一點非常重要。作為其中的一部分，我們在 2021 年引入了付款準備金，對於極少數高風險、被認為是高風險、預計是高風險的賣家，我們會扣留這些賣家的部分付款。

And we continue to iterate. We continue to learn on that program, how do we make the models more precise, how do we withhold the smallest amount that we need to and how do we communicate better with sellers about what the thresholds are, why they're in that program and not. And so we just announced yesterday some improvements in being even clearer with sellers about why they're in the program. We announced actually we're going to be reducing the amount we're holding from the vast majority of sellers.

我們繼續迭代。我們繼續學習該計劃，如何使模型更加精確，如何保留所需的最小金額，以及如何與賣家更好地溝通閾值是什麼，為什麼他們參與該計劃以及不是。因此，我們昨天剛剛宣布了一些改進，以便讓賣家更清楚地了解他們參與該計劃的原因。實際上，我們宣布我們將減少對絕大多數賣家的持有量。

So we continue to listen. We continue to learn. We continue to work together with sellers and buyers to make sure that the marketplace stays safe. And just to put some dimension around this, it's in the low single digits of sellers that are in reserve right now. 70% of those sellers have less than $50 in payment reserve. And I don't want to -- we recognize for every seller being in payment reserve is -- can be a hardship. So we want to do it only when necessary, only the mount one necessary, and we want to be communicating as well as we can with the sellers and get them out of reserve as quickly as possible. And so we're working hard to make sure all those improvements happen.

所以我們繼續傾聽。我們繼續學習。我們將繼續與賣家和買家合作，確保市場安全。為了說明這一點，目前儲備的賣家數量僅為個位數。其中 70% 的賣家的付款準備金不足 50 美元。我不想——我們認識到，對於每個賣家來說，支付準備金可能會是一種困難。因此，我們只想在必要時才這樣做，只有必要時才這樣做，並且我們希望與賣家進行盡可能好的溝通，並儘快讓他們擺脫儲備。因此，我們正在努力確保所有這些改進都能實現。

Okay. Great. Thank you, Josh. One from Ed Yruma at Piper Sandler. Can you talk about inflation, if any, observed on the marketplace? Does the pricing tool help sellers understand when they have pricing power? And could this help drive GMS? I'll give that one to Josh.

好的。偉大的。謝謝你，喬什。一張來自 Piper Sandler 的 Ed Yruma。您能談談市場上觀察到的通貨膨脹（如果有的話）嗎？定價工具是否可以幫助賣家了解他們何時擁有定價權？這有助於推動 GMS 發展嗎？我會把那個給喬希。

Sure. Thanks for the question. Yes, we see a lot of opportunity, and I think we've talked for a few years about how helping sellers set better pricing is a big opportunity. And it's one that we hadn't yet leaned into, but we want to. Now we really are. So we've kicked off a couple of squads focused on what we call sustainable pricing, and there's really 2 separate areas that we're focused on.

當然。謝謝你的提問。是的，我們看到了很多機會，而且我認為我們已經討論了幾年如何幫助賣家製定更好的定價是一個巨大的機會。這是我們還沒有嘗試過的一個，但我們想嘗試一下。現在我們真的是了。因此，我們成立了幾個小組，專注於所謂的可持續定價，我們實際上專注於兩個不同的領域。

The first part is how do we help sellers get the right data so they can set the right price for their listing at the start. And so we can share with them, for example, data about items that appear to be similar to theirs and what has been the final selling price for those items. And we showed a screenshot of an example of a test of that, that we're going to be launching. We'll see. We'll iterate and learn exactly how to do that, how to give sellers the right context. But probably, there are some sellers that are really underpricing and some sellers that are really overpricing and some that are getting it just right. But in our market, there are no MSRPs, right? Every item is unique and made by the seller. And so it's, I think, particularly helpful to be able to give sellers context.

第一部分是我們如何幫助賣家獲得正確的數據，以便他們可以在一開始就為其列表設定正確的價格。例如，我們可以與他們分享與他們的產品相似的商品的數據以及這些商品的最終售價。我們展示了我們將要啟動的測試示例的屏幕截圖。我們拭目以待。我們將迭代並準確學習如何做到這一點，如何為賣家提供正確的背景。但可能有些賣家定價確實偏低，有些賣家定價確實過高，還有一些賣家定價恰到好處。但在我們的市場上，沒有建議零售價，對吧？每件商品都是獨一無二的，並且由賣家製作。因此，我認為能夠為賣家提供背景信息特別有幫助。

The second piece is having set your initial price appropriately when, how and if should you use promotions. And I think a lot of sellers are just winging it, and so we're doing a lot of research to see when do promotions pay off and when do they not. For example, is a 10% promotion worth it? Maybe a 10% promotion isn't enough to get a seller to buy, so you're just kind of wasting that sale, if you will. So giving them more insight about when it makes sense and what doesn't make sense to use promotion and how much promotion may make sense. I think that's also an opportunity for us to gather a lot of insights that we get through the marketplace and then share those insights back. So sellers, it's always up to sellers what they want to do, but we give them the insights so they can make better informed decisions that build their business better.

第二部分是適當設置您的初始價格，何時、如何以及是否應該使用促銷。我認為很多賣家只是即興發揮，因此我們正在進行大量研究，看看促銷活動何時會帶來回報，何時不會。例如，10% 的促銷值得嗎？也許 10% 的促銷不足以讓賣家購買，所以如果你願意的話，你只是在浪費這筆交易。因此，讓他們更深入地了解何時使用促銷有意義、什麼沒有意義，以及促銷多少才有意義。我認為這對我們來說也是一個機會，可以收集我們通過市場獲得的大量見解，然後分享這些見解。因此，對於賣家來說，他們想做什麼始終取決於賣家，但我們為他們提供見解，以便他們能夠做出更明智的決策，從而更好地發展他們的業務。

Okay. Great. Rachel, I want to give you one from Shweta Khajuria from Evercore. Just to clarify the guidance comment that you made. Does the guidance assume August worse than July and September worse than August? She was just following up on that, and I think that's an important one we want to clarify.

好的。偉大的。雷切爾，我想給你一份來自 Evercore 的 Shweta Khajuria 的作品。只是為了澄清您提出的指導意見。該指導是否假設 8 月比 7 月更差，9 月比 8 月更差？她只是在跟進此事，我認為這是我們想要澄清的一個重要問題。

Yes. So first of all, the midpoint of our guidance is actually 0.7%, not 0.5%. So I want to clarify that first and foremost.

是的。首先，我們指導的中點實際上是 0.7%，而不是 0.5%。所以我想首先澄清這一點。

Second, we don't guide to the months. So we don't guide to August or September individually. My comment was meant to say at the low point of our guidance, it would imply some decel. July was positive, as we said several times in our call. It would imply some decel in August and September.

其次，我們不指導月份。所以我們不會單獨指導八月或九月。我的評論的意思是說，在我們指導的最低點，這將意味著一些減速。正如我們在電話中多次說過的那樣，七月是積極的。這意味著八月和九月會有一些減速。

Thank you, Rachel. That's perfect. And then I'm going to give another one from Shweta since I have her right here. This one i'm going to give to Rachel also. Etsy ads once again drove revenue growth and take rate expansion. Where do you see the clear growth opportunity? Is it driving relevance, ad load, more sellers, something else? And maybe Josh wants to comment on that one, too. It's an exciting one. So Rachel you go first.

謝謝你，雷切爾。那很完美。然後我會再給 Shweta 一份，因為她就在我這裡。我也要把這個送給 Rachel。 Etsy 廣告再次推動了收入增長和占用率擴張。您在哪裡看到明顯的增長機會？它是否會推動相關性、廣告負載、更多賣家，還是其他什麼？也許喬什也想對此發表評論。這是一件令人興奮的事情。所以雷切爾你先走。

Thanks for the question, Shweta. Yes, we've continued to be able to grow Etsy ads, I want to say, organically, but it's not without a lot of hard work from a lot of release. Smart machine learning engineers making the algorithm better and better better retrievable engines. And because we are able to make the ad results so relevant to a buyer's query, we're able to increase the CPC, which increases our revenue and also at the same time, maintaining the ROAS for our sellers. And as you know, we get a lot of budget from our sellers, and we don't spend it if we can't give them a certain amount -- a minimum amount of ROAS.So the more that we can match a buyer's query to a seller's product, the more of that budget we can utilize. So we see some continued growth and opportunity for Etsy Ads.

謝謝你的提問，Shweta。是的，我想說的是，我們繼續能夠有機地增長 Etsy 廣告，但這並非沒有經過大量發布的大量艱苦工作。聰明的機器學習工程師讓算法越來越好，可檢索引擎也越來越好。由於我們能夠使廣告結果與買家的查詢如此相關，因此我們能夠提高每次點擊費用，從而增加我們的收入，同時維持賣家的廣告支出回報率。如您所知，我們從賣家那裡獲得了大量預算，如果我們不能給他們一定的金額（最低 ROAS 金額），我們就不會花掉這些預算。因此，我們可以匹配買家的查詢越多對於賣家的產品，我們可以利用的預算越多。因此，我們看到了 Etsy Ads 的持續增長和機遇。

I will remind you that we do see Etsy -- our take rate actually, it's softer in the fourth quarter. We called that out on the call. And that's because Etsy Ads, even though it's the gift that keeps on giving relative to the growth we usually see in GMS in the fourth quarter, is lower. So that's the one thing to think about is the seasonality of that product.

我要提醒你的是，我們確實看到了 Etsy——我們的採用率實際上在第四季度有所下降。我們在電話中指出了這一點。這是因為，儘管 Etsy Ads 相對於我們通常在第四季度看到的 GMS 增長而言是持續給予的禮物，但它的水平較低。因此，需要考慮的一件事是該產品的季節性。

Okay. Great. Did you want to add anything, Josh? Or are you good? Okay. Fabulous. And I'll go to the -- one for both of you from Ygal Arounian from Citi. I'll start with Rachel. Are you able to quantify the AI and ML investments? What they are and how they're impacting margins? And then perhaps connected to that, I'm going to have Josh talk a little bit about the benefits we're seeing from Gen AI and whether it's helping develop better product development velocity. And do you have any proof points yet that the AR tools are driving GMS growth? And sort of for both of your questions. Rachel, do you want to start? And then...

好的。偉大的。喬什，你想補充什麼嗎？或者說你還好嗎？好的。極好。我會去——花旗銀行的 Ygal Arounian 為你們倆準備的。我將從雷切爾開始。您能夠量化人工智能和機器學習的投資嗎？它們是什麼以及它們如何影響利潤？也許與此相關的是，我將讓 Josh 談談我們從 Gen AI 中看到的好處，以及它是否有助於提高產品開發速度。您是否有任何證據表明 AR 工具正在推動 GMS 的增長？對於你的兩個問題都是如此。雷切爾，你想開始嗎？進而...

Sure. Great. Thanks, Ygal. We've been doing machine learning at Etsy for a very long time. So we have a lot of talent at the company that is in machine learning, and that's already embedded into our cost base. And one of the things that we are focused on is doing what Josh described as democratizing ML so that many people throughout the company can leverage the suite of tools for machine learning and AI and do their own -- leverage that capability and that technology themselves without having to sort of ask for that service from a separate group.

當然。偉大的。謝謝，伊加爾。我們在 Etsy 從事機器學習工作已經很長時間了。因此，我們公司在機器學習方面擁有很多人才，並且這些人才已經融入到我們的成本基礎中。我們重點關注的事情之一就是做Josh 所說的“使ML 民主化”，以便整個公司的許多人都可以利用機器學習和人工智能的工具套件並做自己的事情——利用這種能力和技術，而無需自己動手。不得不從一個單獨的小組請求這項服務。

So that means that our entire installed base of engineers and maybe even others, like people in my finance organization, will be able to really leverage the capabilities there without having to hire armies of people to go do machine learning for us.

因此，這意味著我們整個安裝的工程師基礎，甚至其他人，比如我的財務組織中的人員，將能夠真正利用那裡的功能，而無需僱用大量人員為我們進行機器學習。

We've also been leveraging the investments that other companies, many of them are existing partners have invested already in machine learning. And so we're doing a lot of beta testing and experimentation with other companies. And at the moment, that is coming at a very low cost to us. We would imagine that at some point, there will be some kind of license fee arrangement. But we are -- typically, we do not invest in anything unless we see a high ROI for that investment. So if we decide to license different tools that are out there or to invest in our own workforce to be able to lean more heavily into machine learning and large language models, that would be because we see significant GMS opportunities from doing so. And as you know, we measure everything pretty carefully. We expect about an 18-month return on those investments and that things exact same way we would measure any kind of AI -- new product development as well.

我們還一直在利用其他公司的投資，其中許多是現有合作夥伴已經在機器學習方面進行的投資。因此，我們正在與其他公司進行大量的測試和實驗。目前，這對我們來說成本非常低。我們可以想像，在某個時候，將會有某種許可費安排。但我們通常不會投資任何東西，除非我們看到該投資的投資回報率很高。因此，如果我們決定授權現有的不同工具，或者投資於我們自己的員工隊伍，以便能夠更深入地研究機器學習和大型語言模型，那是因為我們從中看到了巨大的 GMS 機會。如您所知，我們非常仔細地衡量一切。我們預計這些投資將在 18 個月內獲得回報，並且與我們衡量任何類型的人工智能（新產品開發）的方式完全相同。

And then on how Gen AI might affect the customer, I would talk about internal and external customers for that. So there's a set of productivity potential benefits that come from Gen AI, for example, for our software developers. And I'm really pleased by the data we shared in this earnings call about just how much velocity continues to improve in spite of getting better. Velocity per squad continues to get better, and we're really excited about the value creation per squad we're seeing right now.

然後關於 Gen AI 可能如何影響客戶，我會討論內部和外部客戶。因此，Gen AI 可以為我們的軟件開發人員帶來一系列潛在的生產力優勢。我對我們在本次財報電話會議中分享的數據感到非常高興，這些數據表明儘管情況有所改善，但速度仍在繼續提高。每支球隊的速度持續提高，我們對現在看到的每支球隊的價值創造感到非常興奮。

So we continue to focus on making Etsy more efficient and more nimble even as we get bigger. Gen AI, things like CoPilot are going to be another tool to help with that. I would caution, I don't think we're testing, and we're leaning in and we're excited about it, and I think it's going to be helpful, but it's not the only thing. It's not a silver bullet. We're actually constantly looking at how can we streamline our processes, how can we be more agile and how can we get more productivity and more value creation out of every squad.

因此，即使我們規模不斷擴大，我們仍會繼續致力於讓 Etsy 變得更加高效、更加靈活。 Gen AI、CoPilot 之類的東西將成為另一個幫助實現這一目標的工具。我要提醒一下，我不認為我們正在測試，我們正在努力，我們對此感到興奮，我認為這會有所幫助，但這不是唯一的事情。這不是靈丹妙藥。實際上，我們一直在研究如何簡化流程、如何變得更加敏捷以及如何從每個團隊中獲得更高的生產力和更多的價值創造。

I do think that the way that we measure value creation per squad in this company is part of our secret sauce. We've always been obsessed with that. I think it can be a tool that can really help our sellers. So for example, answering queries from buyers. Can it help to auto generate some suggested responses? But the seller is still going to want to look at that, put eyes on that before they send it. So it will be helpful for them, and we want to help sellers every way that we can, help them auto generate listings over time, things like that. Yes, maybe. It could be good again if it helps sellers save time, that's great. We wouldn't want to do anything that makes the site look homogenous or boring, though, so we're going to be very careful about that. And more listings doesn't necessarily translate into more sales for Etsy. So if it's useful for sellers, we'll lean in.

我確實認為，我們衡量公司每個團隊價值創造的方式是我們秘密武器的一部分。我們一直對此著迷。我認為它可以成為一個真正可以幫助我們賣家的工具。例如，回答買家的詢問。它可以幫助自動生成一些建議的回复嗎？但賣家仍然會想看一下，在發送之前先看一下。所以這對他們很有幫助，我們希望盡我們所能幫助賣家，幫助他們隨著時間的推移自動生成列表，諸如此類。也許吧。如果能幫助賣家節省時間那就太好了。不過，我們不想做任何讓網站看起來同質或無聊的事情，所以我們會對此非常小心。對於 Etsy 來說，更多的商品列表並不一定意味著更多的銷售額。因此，如果它對賣家有用，我們會予以支持。

For buyers, the idea that the search experience can become more conversational, I think, can be a very big deal for Etsy, and maybe more for Etsy than for most people. I talked to 2 earnings calls ago now about how you don't walk into a store and shout, "Dress blue, linen," to a sales agent. You actually have a conversation with them that has more context. And I think that's especially important in a place like Etsy, where we've got 115 million listings to choose from and no catalog. So the idea that it can be conversational, I think, can give a lot of context and really help.

對於買家來說，我認為搜索體驗可以變得更具對話性，這對於 Etsy 來說可能是一件非常重要的事情，而且對於 Etsy 來說可能比大多數人更重要。我在兩次財報電話會議上談到瞭如何不要走進一家商店並對銷售代理大喊“穿藍色亞麻布衣服”。實際上，您與他們進行了有更多背景的對話。我認為這對於像 Etsy 這樣的地方尤其重要，我們有 1.15 億個列表可供選擇，而且沒有目錄。因此，我認為，它可以是對話式的，可以提供很多背景信息，並且確實有幫助。

And I think a lot of the technology behind that is becoming a self-problem. What's going to be longer is the consumer adoption curve. What do customers expect when they enter something into a search bar? And how do they get used to interacting with chatbots? And what's the UI look like? And that's something that I think we're going to need to -- we're testing a lot right now. What do people expect? How do they like to interact with things? And in my experience now, having a few decades of consumer technology leadership, the consumer adoption curve is often the long pole in the tent, but I think over time, can yield really big gains for us.

我認為這背後的很多技術正在成為一個自我問題。消費者採用曲線將會更長。當客戶在搜索欄中輸入內容時，他們期望什麼？他們如何習慣與聊天機器人互動？用戶界面是什麼樣的？我認為這是我們需要做的——我們現在正在進行大量測試。人們期望什麼？他們喜歡如何與事物互動？根據我現在的經驗，擁有幾十年的消費者技術領先地位，消費者採用曲線通常是帳篷中的長桿，但我認為隨著時間的推移，可以為我們帶來真正巨大的收益。

Great. Thanks, Josh. I'm going to give one from Alexandra Steiger from Goldman Sachs, and I think I'll give this one to Josh. In terms of GMS per buyer, how should we think about declines in that metric? And can you talk about what you're seeing at the cohort level that gives you confidence that you can actually return to positive GMS provider growth once macro conditions normalize?

偉大的。謝謝，喬什。我將把高盛的亞歷山德拉·施泰格 (Alexandra Steiger) 的一份送給喬什 (Josh)。就每位買家的 GMS 而言，我們應該如何看待該指標的下降？您能否談談您在群體層面所看到的情況，這些情況讓您相信，一旦宏觀條件正常化，您實際上可以恢復 GMS 提供商的正增長？

Yes. Great. Thanks for the question. So let me talk about GMS per buyer in the U.S. and international. In the United States -- well, around the world, when the pandemic happened, most places you could shop, shut down or were out of stock, and Etsy had enormous tailwinds. And during that time, in the U.S., we saw GMS per active buyer grow by over 30%.

是的。偉大的。謝謝你的提問。讓我談談美國和國際買家的 GMS。在美國——嗯，在世界各地，當大流行發生時，大多數你可以購物的地方都關門了，或者缺貨了，而 Etsy 有著巨大的推動力。在此期間，在美國，我們發現每位活躍買家的 GMS 增長了 30% 以上。

Since that time, there's been an onslaught of competition. There's been inflation and all the other things everyone knows about, and yet the GMS proactive buyer in the U.S. has stayed almost exactly the same. We've held almost all of those gains. The declines we're seeing in GMS proactive buyer are that we're growing faster in international than we are in the U.S., and we've seen a little bit of pullback in GMS per active buyer in international.

從那時起，競爭就開始了。通貨膨脹和其他所有人都知道的事情發生了，但美國的 GMS 主動買家幾乎保持不變。我們幾乎持有所有這些收益。我們看到 GMS 主動買家數量的下降是因為我們在國際市場的增長速度比在美國更快，並且我們看到 GMS 每個活躍買家在國際市場的數量略有回落。

I'm not mad about us growing faster in international. There's a lot of opportunity in international. There's a lot of buyers to be added in international. And the fact that we've done such a good job maintaining a GMS per active buyer in the U.S. in spite of these headwinds, in spite of all the new competition says, wow, people came to Etsy and they loved it and it was something really different. And now with a lot fewer dollars to spend and a lot more places to spend it, they are continuing to come back and spend in roughly the same amounts today as they were back then. As a platform from which to drive further growth, I take a lot of optimism, excitement, confidence from that.

我並不因為我們在國際上發展得更快而生氣。國際上有很多機會。國際上還有很多買家需要添加。事實上，儘管有這些逆風，儘管有所有新的競爭，但我們在美國為每位活躍買家維護GMS 方面做得非常好，他們說，哇，人們來到Etsy，他們喜歡它，這真是太棒了。真的不一樣。現在，隨著花的錢少了很多，花的地方也多了，他們會繼續回來，現在的消費金額與那時大致相同。作為一個推動進一步發展的平台，我從中獲得了很多樂觀、興奮和信心。

I talked at I think the first question about all the things we think we can do to grow and drive even more from there. But I take that as very encouraging. Rachel talked in her part of the call about the difference we're seeing between households over 100,000 and households under 100,000. And we see this not just in Etsy results, but all around that it does seem like for households under 100,000. They're just under enormous pressure right now and having to make very, very difficult trade-offs in life. And if it's not something that's absolutely essential, then people are having a hard time prioritizing that, and we may be feeling some of that. We're still getting a pretty good amount of GMS proactive buyer from people under 100,000 considering the times we're in.

我在我認為第一個問題上談到了我們認為我們可以做的所有事情，以實現增長並從那裡推動更多。但我認為這非常令人鼓舞。 Rachel 在電話會議中談到了我們所看到的 10 萬以上家庭和 10 萬以下家庭之間的差異。我們不僅在 Etsy 的結果中看到了這一點，而且在 10 萬以下的家庭中也確實看到了這一點。他們現在承受著巨大的壓力，不得不在生活中做出非常非常困難的權衡。如果這不是絕對必要的事情，那麼人們就很難優先考慮它，而我們可能會感受到其中的一些。考慮到我們所處的時代，我們仍然從 100,000 人以下的人群中獲得相當多的 GMS 主動買家。

But I would say cycles are cycles. And now being over 50, having lived through a few cycles myself, cycles are that. They come and they go, and we are in a tougher part of the cycle. And at a time we're in a tougher part of the cycle, and we are still maintaining the GMS gain to the pandemic and putting up EBITDA margins in the core of 30% feels like a pretty good business if this is what bad times look like, and I'm very optimistic that there's much better times to come.

但我想說的是，週期就是周期。現在我已經五十多歲了，我自己也經歷過幾個週期，週期就是這樣。他們來了又走，我們正處於這個週期中更艱難的階段。目前我們正處於週期中最艱難的階段，我們仍然保持大流行病帶來的GMS 收益，並將EBITDA 利潤率保持在30% 的核心，如果這就是糟糕時期的情況，這感覺像是一項相當不錯的業務。就像，我非常樂觀地認為未來會有更好的時光。

Great. Thanks, Josh. I'm going to just slip in one more for Rachel from Nick Jones at JMP Securities. The press release indicated there will be more investments in noncore markets and performance marketing in particular. How are you thinking about the pace at which Etsy can capture share in Europe? Can any success in North America and U.K. help accelerate the pace at which you can win active buyers in the European -- rest of Europe?

偉大的。謝謝，喬什。我將再從 JMP 證券公司的 Nick Jones 那里為 Rachel 提供一份。新聞稿表明，將在非核心市場，特別是效果營銷方面進行更多投資。您如何看待 Etsy 在歐洲搶占市場份額的速度？在北美和英國取得的成功能否幫助您加快贏得歐洲（歐洲其他地區）活躍買家的步伐？

I really -- we're super excited about what's going on internationally, and what we said on the call was that we've seen growth in non-U.S. markets up 5%. And we've been able to invest profitably in our core markets with performance marketing and within the U.K. and Germany with brand marketing as well. We've also been investing with performance marketing in our noncore markets. And we're seeing this lovely yield from that spend, where we're getting lots of visits in GMS coming from some of these noncore, especially Western European markets.

我真的——我們對國際上正在發生的事情感到非常興奮，我們在電話會議上表示，我們看到非美國市場增長了 5%。我們已經能夠通過效果營銷在我們的核心市場以及通過品牌營銷在英國和德國進行有利可圖的投資。我們還一直在非核心市場投資績效營銷。我們看到這筆支出帶來了可觀的收益，我們在大湄公河次區域獲得了大量來自非核心市場（尤其是西歐市場）的訪問量。

So look, we'll stay tuned for that. We'll talk more about it. It's a nonhuman intervention kind of things, so we're able to spend there with a fairly light lift and with good ROI on our adjustment.

所以看，我們將繼續關注這一點。我們會詳細討論它。這是一種非人類干預的事情，所以我們能夠在那裡度過相當輕鬆的時光，並且在我們的調整中獲得良好的投資回報率。

Okay. Great. Thank you, Rachel. I think we went over by a few minutes, so we're going to end it there. Thank you all for your time and attention, and we'll talk to you very soon.

好的。偉大的。謝謝你，雷切爾。我想我們已經過去了幾分鐘，所以我們就到此結束。感謝大家的時間和關注，我們很快就會與您聯繫。