ETSY Inc (ETSY) 2023 Q3 法說會逐字稿

Hi, everyone and welcome to Etsy's Third 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.

大家好，歡迎參加 Etsy 2023 年第三季財報電話會議。我是投資者關係副總裁 Deb Wasser。今天加入我的是執行長喬許·西爾弗曼 (Josh Silverman)； Rachel Glaser，我們的財務長；傑西卡·施密特，投資者關係高級總監。

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. I'll be reading question from covering sell-side analysts and Jessica will help me and try to get me to as many as we can.

今天準備好的發言稿已預先錄製。幻燈片也已發佈到我們的網站上，供您參考。完成 Josh 和 Rachel 的演示後，我們將過渡到現場視訊網路直播問答環節。我將閱讀來自賣方分析師的問題，傑西卡將幫助我並盡力讓我接觸到盡可能多的人。

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.

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。

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.

我們在本次電話會議中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.

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IR 網站上今天發布的幻燈片的附錄中提供的GAAP 財務衡量標準進行了協調，並將重播本次電話會議。

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 afternoon, everyone. Before we begin, the last few weeks of conflict in the Middle East have been devastating for impacted communities and beyond. Etsy has taken actions that can most directly and immediately help our sellers who live in the impacted region. Including covering their existing balances as of October 31, which represents a contribution of about $1 million, and we're providing additional resources to help sellers manage their shops during this incredibly difficult time.

謝謝，黛布，大家下午好。在我們開始之前，中東過去幾週的衝突對受影響的社區及其他地區造成了毀滅性的打擊。 Etsy 已採取行動，可以最直接、立即幫助生活在受影響地區的賣家。包括涵蓋截至 10 月 31 日的現有餘額，即捐款約 100 萬美元，我們將提供額外資源來幫助賣家在這個極其困難的時期管理他們的商店。

Turning to our results. Etsy performed in line with expectations for modest top line growth and strong profitability continued. Consolidated GMS was $3 billion, up 1.2% compared to last year, Revenue grew 7% to $636 million, and our adjusted EBITDA margin was again very strong at 28.6%.

轉向我們的結果。 Etsy 的表現符合收入溫和成長的預期，且獲利能力持續強勁。合併 GMS 為 30 億美元，比去年成長 1.2%，營收成長 7%，達到 6.36 億美元，調整後的 EBITDA 利潤率再次非常強勁，達到 28.6%。

As you all know, there's been significant pressure on consumer discretionary product spending as high inflation, elevated interest in mortgage rates splurges on Yolo experiences and declining savings balances have meant that there's little left over for many consumers after paying for food, gas, rent and child care. These issues are magnified for lower-income buyers and we feel the impact on the Etsy marketplace.

眾所周知，由於高通膨、Yolo 體驗上的抵押貸款利率上升以及儲蓄餘額下降，非必需消費品支出面臨著巨大壓力，這意味著許多消費者在支付食品、天然氣、租金和生活費後所剩無幾。兒童保育。對於低收入買家來說，這些問題會被放大，我們感受到了對 Etsy 市場的影響。

We're also experiencing an increasingly competitive retail environment with a very heavy emphasis on deep discounting and in some cases, competitors investing at potentially unsustainable levels in marketing and promotions. While the headwinds we're facing at this moment in the cycle are undeniable, I'm pleased that once again, performance green shoots for the Etsy marketplace were evident in the third quarter.

我們也面臨競爭日益激烈的零售環境，非常重視大幅折扣，在某些情況下，競爭對手在行銷和促銷方面的投資可能無法持續。雖然我們目前在周期中面臨的阻力是不可否認的，但我很高興 Etsy 市場的業績在第三季再次顯現出明顯的新芽。

GMS grew about 1% versus the prior year and the prior quarter. We hit another new record of inactive buyers now at $92 million with slight growth in U.S. active buyers as well. And buyer additions were up over 6% year-over-year. On a sequential basis, we reported accelerated international growth and improving trend in GMS per buyer and flat performance in habitual buyers.

GMS 與去年和上一季相比成長了約 1%。我們的不活躍買家數量再創新高，達到 9,200 萬美元，美國活躍買家數也略有成長。買家數量較去年同期成長超過 6%。環比來看，我們報告稱，國際成長加速，每位買家的 GMS 呈改善趨勢，而習慣買家的表現則持平。

In this very challenging environment, it's more important than ever that we bring our A game, competing hard to win our share of consumers' wallets and we are .We believe that overall, we're at least holding our market share gains and that our product and marketing investments are making a difference for buyers and sellers. We've been laser focused all year on knocking down barriers that stop buyers from shopping or shopping more often on Etsy. We know that buyers turn to Etsy most often for low-risk items, but we believe our opportunity is so much larger than that. Because we know that Etsy can offer high-quality merchandise at a great value in a way that is both reliable and convenient.

在這個充滿挑戰的環境中，比以往任何時候都更重要的是，我們要拿出最好的表現，努力競爭以贏得消費者錢包的份額，我們相信，總體而言，我們至少保持著我們的市場佔有率成長，我們的產品和行銷投資正在為買家和賣家帶來改變。我們一整年都致力於消除阻礙買家在 Etsy 上購物或更頻繁購物的障礙。我們知道買家最常轉向 Etsy 購買低風險商品，但我們相信我們的機會遠不止於此。因為我們知道 Etsy 可以以可靠且方便的方式提供物超所值的優質商品。

We've been hard at work to break down brand barriers so that buyers will think to shop with us even more often. Across a wider range of purchase occasions, leading to significantly improved consideration beyond just those low-risk items and ultimately, market share gains. Throughout 2023, we've moved boldly and with great urgency to address these areas, making strong progress in order to deliver a significantly better experience we can shout from the rooftops this holiday season. I'll explain each area further.

我們一直在努力打破品牌壁壘，以便買家會更頻繁地在我們這裡購物。在更廣泛的購買場合中，除了那些低風險的商品之外，顯著提高了考慮因素，並最終提高了市場份額。在整個 2023 年，我們採取了大膽且緊迫的行動來解決這些問題，取得了巨大進展，以便在這個假期期間提供更好的體驗。我將進一步解釋每個區域。

With over 120 million items for sale, we've got millions of beautifully crafted items we believe are perfect for almost any person or occasion. Our opportunity is to organize and curate the experience to help get you to the very best of Etsy quickly and easily. We're moving beyond relevance to the next frontier of search focused on better identifying the quality of each Etsy listing, utilizing humans and ML technology so that from a highly relevant result set, we bring the very best of Etsy to the top, personalized to what we understand of your tastes and preferences.

我們有超過 1.2 億件待售商品，其中有數百萬件製作精美的商品，我們相信它們幾乎適合任何人或場合。我們的機會是組織和策劃體驗，幫助您快速、輕鬆地充分利用 Etsy。我們正在超越相關性，進入下一個搜尋前沿，專注於更好地識別每個Etsy 清單的質量，利用人類和機器學習技術，以便從高度相關的結果集中，我們將Etsy 的最佳內容帶到頂部，個人化到我們對您的品味和偏好的了解。

For example, from the start of the year, we're tracking to a ninefold increase in the number of human-curated listings on Etsy to over 1.5 million listings by year-end. We're also utilizing ML models designed to determine the visual appeal of items and incorporating that information into our search algorithms.

例如，從今年年初開始，我們發現 Etsy 上人工策劃的清單數量增加了九倍，到年底將超過 150 萬個清單。我們還利用旨在確定商品視覺吸引力的機器學習模型，並將這些資訊納入我們的搜尋演算法中。

Frankly, our timing on this work is important. With more competition than ever, offering low quality same as everyone else, mass manufactured merchandise. There's also a huge opportunity to evolve the Etsy experience so that we show buyers a more diverse set of options when they search for open-ended head query items such as back-to-school.

坦白說，我們進行這項工作的時機很重要。競爭比以往任何時候都更加激烈，提供與其他人相同的低品質、大量生產的商品。還有一個巨大的機會來發展 Etsy 的體驗，以便我們在買家搜尋開放式頭部查詢項目（例如返校）時向他們展示更多樣化的選項。

On the left of this slide, you can see an example of how a search for back-to-school items looks on Etsy. We generally show multiple very similar versions of customized pencils, stickers, lawn signs and so on, all mixed together. This is suboptimal as it offers buyers only a few main ideas on the first page of search and requires a ton of cognitive load to distinguish between virtually identical items.

在這張投影片的左側，您可以看到在 Etsy 上搜尋返校商品的範例。我們通常會展示多個非常相似的客製化鉛筆、貼紙、草坪標誌等版本，所有這些都混合在一起。這是次優的，因為它在搜尋的第一頁上只為買家提供了一些主要想法，並且需要大量的認知負荷來區分幾乎相同的商品。

We've recently launched a variety of experiments with the help of Gen AI to evolve these types of head query searches. As we move into 2024, when a buyer searches for broad queries, we expect to be able to show a far more diverse and compelling set of ideas, all beautifully curated by organizing search results into a number of ideas for you that are truly different and helping to elevate the very best items within each of these ideas, we can take a lot of the hard work out of finding exactly the perfect item. And help build frequency as we highlight the wide range of merchandise available on Etsy.

我們最近在 Gen AI 的幫助下啟動了各種實驗，以發展這些類型的頭部查詢搜尋。進入 2024 年，當買家搜尋廣泛的查詢時，我們希望能夠展示更加多樣化和引人注目的想法，所有這些想法都透過將搜尋結果組織為許多真正不同且適合您的想法而精心策劃。幫助提升每個想法中最好的產品，我們可以省去很多艱苦的工作來找到完美的產品。當我們重點介紹 Etsy 上提供的各種商品時，有助於提高頻率。

Another critical part of highlighting the good stuff and leading into our competitive differentiation is doing a better job than ever to enforce our Etsy seller house rules. In the race to the bottom of commoditized commerce, it's never been more important that Etsy stands apart showcasing items that meet our policies and stand for keeping commerce human.

突出好東西並帶來競爭優勢的另一個關鍵部分是比以往更好地執行我們的 Etsy 賣家規則。在商品化商業的競爭中，Etsy 脫穎而出，展示符合我們政策並代表商業人性化的商品，這一點從未如此重要。

Handmade policy takedowns are up over 120% for the third quarter. I'm also pleased to say that in just a few months of work, we've nearly cut in half the percentage of visits where a buyer comes across a violating listing based on our constant sampling of the marketplace. So while buyers don't come to Etsy looking for mass manufactured merchandise. It's critical we do an ever better job elevating the best of Etsy to keep Etsy special in the minds of our buyers and sellers.

第三季手工製作的政策取消量增加了 120% 以上。我還很高興地說，在短短幾個月的工作中，根據我們對市場的不斷抽樣，我們幾乎將買家遇到違規清單的訪問百分比減少了一半。因此，雖然買家不會來 Etsy 尋找大量生產的商品。至關重要的是，我們要做得更好，提升 Etsy 的優勢，讓 Etsy 在買家和賣家心目中保持獨特地位。

We're all aware of what an incredibly promotional environment this is. We pivoted our road map this year to invest significant resources into highlighting the great value Etsy sellers can offer. Many consumers don't realize how cost effective it can be to buy directly from the maker even when buying something produced just for you or in very small lots. Because there are not layers of distributors and middlemen taking markups along the way. But our sellers don't have pricing departments, giving them insights into things like how best to price each item and how or when to use promotions. So we need to be the ones to provide those insights and be their advocates.

我們都知道這是一個多麼令人難以置信的促銷環境。今年我們調整了路線圖，投入大量資源強調 Etsy 賣家可以提供的巨大價值。許多消費者沒有意識到直接從製造商購買產品有多划算，即使是購買專為您生產或小批量生產的產品。因為一路上沒有層層分銷商和中間商收取加價。但我們的賣家沒有定價部門，無法讓他們深入了解如何最好地為每件商品定價以及如何或何時使用促銷活動。因此，我們需要成為提供這些見解並成為其倡導者的人。

We're helping sellers by providing information so that they can set their own appropriate and sustainable prices and offer promotions that make sense. During the quarter, we began initial limited testing of new features such as a pricing optimizer that provides real-time information on market prices for similar items and a cost recovery insight feature for heavy users of sales and offers.

我們透過提供資訊來幫助賣家，以便他們能夠設定自己合適且可持續的價格，並提供有意義的促銷活動。在本季度，我們開始對新功能進行初步有限測試，例如提供類似商品市場價格即時資訊的定價優化器，以及為銷售和報價重度用戶提供成本回收洞察功能。

We've also improved the way that sellers can put items on sale, and provided insights that will help them understand how to use those sales in a way that can drive GMS. We continue to elevate seller funded sales using a series of evergreen promotional content throughout the quarter. Such as our best of home at 40% off sale. Five Star gifts under $30, back-to-school basics under $50 and so on.

我們也改進了賣家銷售商品的方式，並提供了見解，幫助他們了解如何利用這些銷售來推動 GMS。我們在整個季度繼續使用一系列常青促銷內容來提高賣家資助的銷售額。例如我們最好的家居產品可享 40% 的折扣。 30 美元以下的五星級禮物、50 美元以下的返校基本款等等。

Seller sales, coupons and urgency signals drove well over $100 million in incremental GMS during the quarter. We told you on our last call that we would pull out all the stops to help Etsy sellers compete and win. And in September, we ran an Etsy-funded 48-hour promotion in North America and Europe. The sale impacted GMS had a positive ROI and created a nice bump in reactivation of lapsed buyers. Buyers loved our Get 5 promotion. In fact, we saw an increase in average order value during the sale period as buyers spent more than the $25 minimum needed to use the coupon. We'll continue to test and optimize new marketing approaches, including Etsy-funded offers in a disciplined and ROI-focused way.

本季度，賣家銷售額、優惠券和緊急訊號推動 GMS 增量遠遠超過 1 億美元。我們在上次通話中告訴您，我們將竭盡全力幫助 Etsy 賣家競爭並獲勝。 9 月份，我們在北美和歐洲開展了由 Etsy 資助的 48 小時促銷活動。此次銷售使 GMS 獲得了積極的投資回報率，並大大提高了流失買家的重新活躍度。買家喜歡我們的 Get 5 促銷活動。事實上，我們發現促銷期間平均訂單價值增加，因為買家花費超過了使用優惠券所需的最低 25 美元。我們將繼續測試和優化新的行銷方法，包括以嚴格的、注重投資回報率的方式提供 Etsy 資助的優惠。

If buyers are unsure whether an item will arrive on time, if they lack confidence in the fit or quality or if they're unsure if someone will have their back when something goes wrong, it provides a lot of friction, causing shoppers to buy on Etsy less often. The good news is we've made so much progress against these metrics in the recent past. As you can see on this slide, which represents our greatest hits in improving reliability and convenience. We've driven a tremendous increase in coverage for estimated delivery dates, better tracking of packages, big improvements in on-time delivery and transparent return policies and information. But perception is not kept pace with reality, and we need to close that gap. We know that generally, buyers have a great experience on Etsy. So in addition to doing this work, we need to disrupt buyer perceptions even further so that they can see Etsy as a convenient and trusted place to shop. And we'll do that in a big way this holiday season, as I'll explain in a moment.

如果買家不確定商品是否會按時到達，如果他們對合身或品質缺乏信心，或者如果他們不確定出現問題時是否有人會提供支持，這會帶來很大的摩擦，導致購物者購買Etsy 頻率較低。好消息是，我們最近在這些指標方面取得了巨大進展。正如您在這張投影片上看到的，它代表了我們在提高可靠性和便利性方面取得的最大成就。我們大大提高了預計交貨日期的覆蓋範圍、更好地追蹤包裹、準時交貨以及透明的退貨政策和資訊方面的巨大改進。但認知與現實並不一致，我們需要縮小這一差距。我們知道，一般來說，買家在 Etsy 上有很好的體驗。因此，除了進行這項工作之外，我們還需要進一步顛覆買家的看法，以便他們將 Etsy 視為一個方便且值得信賴的購物場所。我們將在這個假期大力開展這方面的工作，我稍後將對此進行解釋。

Only 12% of buyers will name Etsy top of mind as the place to shop for gifts. And association levels are much lower for other major categories like home and living and style. We believe our efforts to improve quality, value and reliability will significantly improve consideration for Etsy starting in these important categories and purchase occasions.

只有 12% 的買家會將 Etsy 作為購買禮品的首選地點。而家居、生活和風格等其他主要類別的關聯度則低得多。我們相信，我們在提高品質、價值和可靠性方面的努力將顯著提高 Etsy 在這些重要類別和購買場合的考慮度。

Our Etsy hazard campaign is an important component given direct messaging and call to action alongside a significant amount of on-site product work, such as our new wedding, baby and gift registries, new home and living category pages and more. Building this type of brand association to help buyers and potential buyers understand the when and why of Etsy is a long-term play, and I'm confident that a powerful combination of better on-site experiences and off-site amplification can build Etsy's consideration over time.

我們的 Etsy 危害活動是一個重要的組成部分，除了大量的現場產品工作外，還提供直接訊息和號召性用語，例如我們的新婚禮、嬰兒和禮品登記、新家居和生活類別頁面等。建立這種類型的品牌關聯，幫助買家和潛在買家了解 Etsy 的出現時間和原因是一項長期工作，我相信更好的現場體驗和場外放大的強大組合可以建立 Etsy 的關注度隨著時間的推移。

It's game time for holiday. And thanks to all the work I've just described, I think our offering is the most compelling we've ever had, and we're ready to win. Our message in this holiday season is that will make you a gifting hero, helping you find the exact right quality gift at a great value for the special people in your life. All while supporting independent makers.

假期的遊戲時間到了。感謝我剛才描述的所有工作，我認為我們的產品是我們有史以來最引人注目的，我們已經準備好獲勝。我們在這個節日傳達的訊息是，這將使您成為送禮英雄，幫助您為您生命中特別的人找到物超所值的優質禮物。同時支持獨立製造商。

No one has a better opportunity to own gifting than Etsy and what better time than the holiday season. So here are some of our new initiatives.

沒有人比 Etsy 擁有更好的機會擁有禮物，還有什麼比假期更好的時機。以下是我們的一些新舉措。

First, we've launched a new and improved curated gift finder now available in our app and featured more prominently on mobile web.

首先，我們推出了一個新的和改進的精選禮物查找器，現在可以在我們的應用程式中使用，並且在行動網路上更加突出。

Second, our new deals tab replaces our updates tab in our app, making it easier to find personalized deals and amazing gifts at an affordable price.

其次，我們的新優惠選項卡取代了應用程式中的更新選項卡，使您可以更輕鬆地以實惠的價格找到個人化優惠和精美禮物。

And third, we'll continue to selectively test Etsy-funded offers with an eye to optimizing our return on investment.

第三，我們將繼續選擇性地測試 Etsy 資助的產品，並專注於優化我們的投資回報。

And last, but certainly not least, we couldn't be more excited about our holiday plans to market in the U.S. that Etsy gifts will be delivered on time or your money back. Our estimated delivery date performance and Etsy purchase protection program enable us to stand behind purchases and work to disrupt buyer perceptions.

最後但同樣重要的是，我們對在美國行銷的假期計劃感到非常興奮，Etsy 禮物將按時送達，否則退款。我們的預計交貨日期表現和 Etsy 購買保護計劃使我們能夠支持購買並努力顛覆買家的看法。

Here is one of our new TV campaigns all of which aim to disrupt buyer perceptions of Etsy this holiday season.

這是我們新的電視廣告活動之一，所有這些活動的目的都是為了在這個假期期間擾亂買家對 Etsy 的看法。

(presentation)

（推介會）

Shifting to our subsidiaries. Depop had a great quarter. GMS and revenue both grew double digits on a year-over-year basis with growth in active buyers sparked by strong new buyer growth in the U.S.

轉移到我們的子公司。 Depop 這個季度表現出色。 GMS 和營收年比均實現兩位數成長，美國新買家的強勁成長帶動了活躍買家的成長。

Depop's success can be attributed to compelling product and marketing investments, which have accelerated growth alongside an increasing flywheel impact from higher transaction velocity and improved user experience. We're continuing to broaden Depop's appeal to feel more accessible to a wider audience, emphasizing value even more in the buyer experience while further streamlining the seller experience.

Depop 的成功可歸因於引人注目的產品和行銷投資，這些投資加速了成長，同時更高的交易速度和改善的用戶體驗帶來了越來越大的飛輪影響。我們將繼續擴大 Depop 的吸引力，讓其更容易被更廣泛的受眾所接受，更加強調買家體驗的價值，同時進一步簡化賣家體驗。

While Reverb's GMS was down modestly in Q3, the business outperformed the musical instrument industry while also improving take rate and growing revenue compared to Q3 of 2022. Reverb enhanced the buyer experience by expanding search and category filters, improved negotiation tools and increased the prominence of promotions and price drops to help buyers more easily find the perfect piece of gear for their budget.

儘管Reverb 的GMS 在第三季度略有下降，但該業務的表現優於樂器行業，同時與2022 年第三季度相比，還提高了接受率並增加了收入。 Reverb 通過擴大搜索和類別過濾器、改進談判工具以及提高買家的知名度來增強買家體驗。促銷和降價可幫助買家更輕鬆地找到適合其預算的完美裝備。

There's no doubt that this is an incredibly challenging environment for spending on consumer discretionary items. It's therefore important to acknowledge that the volatile macro climate is going to make it challenging for us to grow this quarter. While there are many things we can't control, there's still a lot we can. So we are obsessively focused on those.

毫無疑問，對於非必需消費品的支出來說，這是一個極具挑戰性的環境。因此，重要的是要承認，不穩定的宏觀環境將使我們本季的成長面臨挑戰。雖然有很多事情我們無法控制，但仍有許多事情我們可以控制。所以我們非常關注這些。

All of us at Etsy feel a great responsibility to deliver profitable growth. Growth for our millions of sellers, for our shareholders and for all of our stakeholders. Our team is working passionately and with the highest level of urgency. And I'm more excited about our current road map and the progress we've made this year than at any time in my tenure.

Etsy 的所有人都肩負著實現獲利成長的重大責任。為了我們數以百萬計的賣家、我們的股東和所有利害關係人的成長。我們的團隊正在充滿熱情、高度緊迫地工作。我對我們目前的路線圖以及我們今年的進展比我任期內的任何時候都感到更加興奮。

We're confident we're working on areas that will positively impact Etsy in the months and years ahead. We believe our TAM is enormous. Our market share remains small. Our value proposition is highly differentiated, and we're solving for something no one else is. keeping commerce human. We're keeping our eye on the prize and look forward to getting back to strong growth again as we move through this cycle.

我們相信，我們正在致力於在未來幾個月乃至數年對 Etsy 產生積極影響的領域。我們相信我們的 TAM 是巨大的。我們的市佔率仍然很小。我們的價值主張高度差異化，我們正在解決其他人無法解決的問題。讓商業保持人性化。我們正在密切關注獎項，並期待在經歷這個週期時再次恢復強勁增長。

Thanks for your time. I'll now turn the call over to Rachel.

謝謝你的時間。我現在將電話轉給雷切爾。

Thanks, Josh. And thank you, everyone, for joining our third quarter call. My commentary today will cover consolidated results, key drivers of performance and Etsy Marketplace stand-alone results where appropriate.

謝謝，喬許。感謝大家參加我們的第三季電話會議。我今天的評論將涵蓋綜合業績、業績的關鍵驅動因素以及 Etsy Marketplace 的獨立業績（如適用）。

As a reminder, Reverb, Depop and ELo7 were all reflected in our consolidated financial results and KPIs for the third quarter 2022 with Elo7 divested on August 10, 2023.

提醒一下，Reverb、Depop 和 ELo7 都已反映在我們 2022 年第三季的合併財務業績和 KPI 中，其中 Elo7 已於 2023 年 8 月 10 日剝離。

Etsy delivered $3 billion in consolidated GMS, which increased 1.2% year-over-year, our first positive GMS growth quarter since Q1 '22. Revenue increased 7% year-over-year to $636 million, and adjusted EBITDA was $182 million, up nearly 9% from the third quarter of last year.

Etsy 交付了 30 億美元的綜合 GMS，年增 1.2%，這是自 22 年第一季以來我們第一個 GMS 正成長季度。營收年增7%，達6.36億美元，調整後的EBITDA為1.82億美元，比去年第三季成長近9%。

Note that Elo7's mid-quarter divestiture resulted in small headwinds to both GMS and revenue and was modestly accretive to adjusted EBITDA margin.

請注意，Elo7 的季度中期剝離對 GMS 和收入造成了小幅阻力，但對調整後的 EBITDA 利潤率略有增加。

Given the volatile macroeconomic landscape that continues to impact consumer discretionary product spending, we believe these results demonstrate the underlying strength of our brand and consumer relevance.

鑑於不穩定的宏觀經濟情勢持續影響消費者非必需品支出，我們相信這些結果證明了我們品牌和消費者相關性的潛在優勢。

Our year-over-year consolidated GMS growth was positive each month of the quarter, driven by strong Etsy Marketplace growth in several of our top international markets and continued active buyer expansion as well as meaningful acceleration at Depop that outpaced consolidated growth.

在我們幾個頂級國際市場的Etsy Marketplace 強勁增長、持續活躍的買家擴張以及Depop 的顯著加速（超過了綜合增長）的推動下，我們本季度每個月的綜合GMS 同比增長均呈正值。

The FX headwinds that impacted our business in the prior 7 quarters reversed in the third quarter providing a 130 basis point tailwind.

前 7 個季度影響我們業務的外匯逆風在第三季度被逆轉，帶來了 130 個基點的順風。

GMS for our subsidiaries increased in the third quarter, driven by the strong growth at Depop I just mentioned and partially offset by softness at Reverb.

我們子公司的 GMS 在第三季有所成長，這得益於我剛才提到的 Depop 的強勁成長，但部分被 Reverb 的疲軟所抵消。

Within our consolidated year-over-year revenue growth of 7%, consolidated marketplace revenue grew 4% due to an increase in the volume of GMS, including growth in payment speeds for Etsy, primarily driven by a mix shift to more international transactions that yield higher fees, growth in subsidiary payment fees as well as growth in revenue from offsite ads.

在我們的綜合收入同比增長 7% 的情況下，由於 GMS 數量的增加，綜合市場收入增長了 4%，其中包括 Etsy 支付速度的增長，這主要是由於向更多國際交易的混合轉變所推動的更高的費用、附屬支付費用的成長以及站外廣告收入的成長。

Services revenue remained a standout contributor to growth, increasing 16% year-over-year. Etsy Ads was the primary driver of this strength as we optimized our XWalk functionality to better value potential listing conversion and pricing into our ads ranking system. Allowing us to show more ads in our search results without negatively impacting our conversion rate.

服務收入仍然是成長的主要貢獻者，年增 16%。 Etsy Ads 是這項優勢的主要驅動力，因為我們優化了 XWalk 功能，以更好地評估潛在的清單轉換和定價到我們的廣告排名系統中。讓我們在搜尋結果中顯示更多廣告，而不會對我們的轉換率產生負面影響。

We delivered a consolidated take rate of 20.9%, in line with the prior quarter and modestly above the take rate implied at the midpoint of our quarterly guidance. Even while continuing to invest in product and marketing, our consolidated EBITDA margin expanded 40 basis points year-over-year to a very strong 28.6% above the high end of our guidance and our highest level since the fourth quarter of 2021. This strength was driven in part by leverage in product development spend.

我們的綜合採用率為 20.9%，與上一季持平，略高於我們季度指導中點所隱含的採用率。即使在繼續投資產品和行銷的同時，我們的綜合 EBITDA 利潤率仍同比增長 40 個基點，比我們的指導上限高出 28.6%，也是 2021 年第四季以來的最高水準。部分原因是產品開發支出的槓桿作用。

Our subsidiaries represented about a 300 to 400 basis point headwind to our consolidated adjusted EBITDA margin in the third quarter. We are very pleased with our ability to continue to balance disciplined ROI-focused investments and strong profitability.

我們的子公司第三季的綜合調整後 EBITDA 利潤率下降了約 300 至 400 個基點。我們對能夠持續平衡注重投資回報率的嚴格投資和強勁的獲利能力感到非常滿意。

We are pleased with the excellent returns on our product development spend this quarter, Etsy Marketplace product initiatives delivered approximately 40% more product launches than in the prior year with very healthy win rates.

我們對本季產品開發支出的出色回報感到高興，Etsy Marketplace 產品計劃的產品發布量比上一年增加了約 40%，並且贏得率非常高。

Looking at the quarter's product development spend, we reported a 5% year-over-year increase to $114 million in the third quarter, gaining 30 basis points of leverage year-over-year partially due to lower employee comp and professional services costs.

從本季的產品開發支出來看，我們報告第三季年增 5%，達到 1.14 億美元，槓桿較去年增加 30 個基點，部分原因是員工薪資和專業服務成本下降。

Our consolidated head count declined year-over-year due to the Elo7 divestiture, although we increased our core Etsy head count a bit as we usually do this time of year to invest in important growth initiatives. Particularly those that highlight Etsy's offering of high-quality merchandise with great value and convenience for buyers.

由於 Elo7 剝離，我們的綜合員工人數同比下降，儘管我們像每年這個時候投資重要增長計劃一樣增加了核心 Etsy 員工人數。特別是那些強調 Etsy 為買家提供高價值和便利的高品質商品的商品。

On a trailing 12-month basis, Etsy Marketplace revenue per average full-time head count for the third quarter was about $1.3 million, well above the approximately $800,000 for the Etsy Marketplace in full year 2019 and some of the highest amongst our peer group.

根據過去 12 個月的數據，Etsy Marketplace 第三季的平均全職員工收入約為 130 萬美元，遠高於 Etsy Marketplace 2019 年全年的約 80 萬美元，也是我們同業中最高的。

Third quarter consolidated marketing spend increased 9% year-over-year to $161 million. While the increased competitive environment drove CPCs up, we continue to execute against our disciplined ROI-focused strategy. Our consolidated performance marketing spend increased 16% year-over-year as we expanded Etsy marketplace spending in several channels.

第三季綜合行銷支出年增 9%，達到 1.61 億美元。雖然競爭環境的加劇推高了每次點擊費用，但我們仍繼續執行嚴格的以投資回報率為中心的策略。隨著我們在多個管道擴大 Etsy 市場支出，我們的綜合績效行銷支出年增 16%。

We've also been making significant progress scaling paid social which, as a proportion of our total marketing mix is now approaching a similar level to our peers. Our consolidated brand spend decreased 4% year-over-year as we pulled back a bit to run incrementality tests in select Etsy markets.

我們在擴展付費社交方面也取得了重大進展，付費社交在我們總行銷組合中所佔的比例現已接近與同業相似的水平。我們的綜合品牌支出年減了 4%，因為我們縮減了一些規模，在特定的 Etsy 市場進行增量測試。

During the quarter, we were on air in our top 3 core markets and tested TV advertising in Austria and Switzerland. Our site-wide promotional event drove incremental GMS and was funded with a small amount of marketing dollars delivering positive ROI. During the quarter, revenue from off-site ads offset approximately 35% of our Etsy Marketplace performance marketing spend.

本季度，我們在三大核心市場進行了播出，並在奧地利和瑞士測試了電視廣告。我們的全站促銷活動推動了 GMS 的成長，並獲得了少量行銷資金，從而實現了積極的投資回報。本季，站外廣告收入抵銷了我們 Etsy Marketplace 成效行銷支出的約 35%。

Moving to our Etsy marketplace GMS and buyer metrics. During the third quarter, Etsy marketplace GMS increased 1% year-over-year to $2.7 billion. This increase was driven by a higher number of orders in FX tailwind and healthy growth in select international markets. Q3 GMS was relatively stable with modest year-over-year growth in each month of the quarter.

轉向我們的 Etsy 市場 GMS 和買家指標。第三季度，Etsy 市場 GMS 年增 1%，達到 27 億美元。這一增長是由外匯順風訂單數量增加以及特定國際市場的健康成長所推動的。第三季 GMS 相對穩定，該季度每個月年比均出現小幅成長。

While our GMS trends began to soften in late August, our increased marketing investments supported our positive growth through September. However, towards the end of September and through October, similar to overall U.S. e-commerce trends, our GMS growth turned slightly negative as the consumer discretionary product spending headwinds worsened.

雖然我們的 GMS 趨勢在 8 月下旬開始疲軟，但我們增加的行銷投資支持了我們整個 9 月的積極成長。然而，到 9 月底和整個 10 月，與美國整體電子商務趨勢類似，隨著非必需消費品支出逆風惡化，我們的 GMS 成長略有下降。

While we are pleased that our business returned to modest growth, we experienced the following key headwinds, macroeconomic challenges that pressured consumer discretionary product spending, particularly for lower household incomes and a higher competitive retail environment focused on deep discounting. Using U.S. census average household income data by ZIP Code, our estimates support continued GMS pressures from buyers with household incomes under $100,000, whereas GMS from our buyers with household incomes over $100,000 increased.

雖然我們很高興我們的業務恢復了適度增長，但我們經歷了以下主要阻力，宏觀經濟挑戰給非必需消費品支出帶來壓力，特別是家庭收入較低和以深度折扣為重點的競爭激烈的零售環境。使用按郵遞區號劃分的美國人口普查平均家庭收入數據，我們的估計支持家庭收入低於 100,000 美元的買家持續面臨的 GMS 壓力，而家庭收入超過 100,000 美元的買家的 GMS 有所增加。

Further, while representing a small segment of our buyer base and U.S. households in general, we estimate that GMS from our buyers in the top decile of household income increased over 20% year-over-year in the third quarter, a positive indicator that Etsy's overall growth can improve as macro conditions stabilize over time.

此外，雖然代表了我們買家群體和美國家庭的一小部分，但我們估計，家庭收入最高十分之一的買家的 GMS 在第三季度同比增長了 20% 以上，這是 Etsy 的積極指標隨著宏觀環境隨著時間的推移趨於穩定，整體成長可能會有所改善。

International markets continue to represent a bright spot for Etsy with GMS, excluding U.S. domestic, up 7% in the third quarter, led by a return to positive growth in the U.K. as well as healthy growth in Germany and France. We also saw strength in other noncore countries such as Switzerland and Austria.

國際市場繼續成為 Etsy 的亮點，不包括美國國內市場，第三季成長 7%，其中英國恢復正成長，德國和法國健康成長。我們也看到了瑞士和奧地利等其他非核心國家的實力。

In this economy, we are seeing that mass merchants who sell essentials and whose brands stand for low prices and deep discounts are generally gaining e-commerce share broadly at the expense of most others.

在當前經濟情勢下，我們看到，銷售必需品、品牌代表低價和大幅折扣的大眾商家通常會以犧牲大多數其他商家的利益為代價，廣泛獲得電子商務份額。

So in order to drill down to Etsy's performance on a category adjusted basis, on this slide, we compared Etsy marketplace GMS generated from our U.S. buyers versus consumer Edge's U.S. e-commerce retailer data for pure-play competitors in some of our largest categories. Encouragingly, this data supports the notion that we are gaining share compared to our pure-play competitors.

因此，為了深入了解Etsy 在類別調整的基礎上的表現，在這張幻燈片中，我們將美國買家生成的Etsy 市場GMS 與消費者Edge 的美國電子商務零售商數據進行了比較，以了解我們一些最大類別的純競爭對手。令人鼓舞的是，這些數據支持了這樣一個觀點：與我們的純競爭對手相比，我們正在獲得市場份額。

Further, external credit card data we have studied indicates that even when including the largest mass merchants, we are holding our share of e-commerce on a category adjusted basis, even in this incredibly pressured and discount-oriented moment in the cycle.

此外，我們研究的外部信用卡數據表明，即使包括最大的大眾商家，我們仍然在類別調整的基礎上持有我們的電子商務份額，即使是在周期中這個壓力巨大且以折扣為導向的時刻。

As we look ahead, we're confident that Etsy has a significant opportunity to gain meaningful share in all of our top categories and beyond as we expand buyer consideration for Etsy and macro factors improve. Given our estimate that Etsy Marketplace's global GMS is only about 2.5% of the TAM for all of our relevant categories in aggregate, we continue to see a significant room to be a net share gainer in e-commerce over time.

展望未來，我們相信，隨著我們擴大買家對 Etsy 的考慮以及宏觀因素的改善，Etsy 有很大機會在我們所有頂級類別及其他類別中獲得有意義的份額。根據我們的估計，Etsy Marketplace 的全球 GMS 僅占我們所有相關類別 TAM 總量的 2.5% 左右，因此我們仍然認為，隨著時間的推移，Etsy Marketplace 的淨份額增長空間將很大。

It's also encouraging that Etsy Marketplace's active buyers grew year-over-year for the third consecutive quarter to a new all-time high of $92 million with growth accelerating sequentially to a 4% increase from 3% in Q2. U.S. active buyer trends turned modestly positive for the first time in 7 quarters, International active buyer growth remains strong, and we had a 9% increase in active buyers who identify as men.

同樣令人鼓舞的是，Etsy Marketplace 的活躍買家連續第三個季度同比增長，達到 9,200 萬美元的歷史新高，增速從第二季的 3% 連續加速至 4%。美國活躍買家趨勢 7 個季度以來首次出現溫和增長，國際活躍買家增長依然強勁，男性活躍買家增長了 9%。

We added 6 million Etsy Marketplace new buyers in the third quarter, which was over 40% above our pre-COVID average quarterly new buyer additions, yet down 4% year-over-year. We reactivated 6 million lapsed buyers, up 19% year-over-year, with the vast majority of these reactivated buyers in the U.S.

第三季度，我們在 Etsy Marketplace 上增加了 600 萬新買家，比新冠疫情前平均季度新買家增加量高出 40% 以上，但同比下降 4%。我們重新啟動了 600 萬個失效買家，年增 19%，其中絕大多數重新啟用的買家來自美國。

Our retention rates improved from the prior year and remain above pre-pandemic levels on a trailing 12-month basis, providing further evidence that our investments over the past few years have enhanced overall buyer engagement.

我們的保留率較上年有所提高，並且在過去 12 個月內保持在大流行前的水平之上，這進一步證明我們過去幾年的投資提高了整體買家參與度。

Our number of habitual buyers was largely unchanged on a sequential basis at $7 million, an encouraging sign of continued stabilization in this metric. These loyal buyers accounted for 44% of our third quarter GMS which increased slightly from the prior quarter. It's important to note that we retained a slightly larger portion of our prior year habitual buyers in the third quarter than in the second quarter.

我們的習慣性買家數量環比基本保持不變，為 700 萬美元，這是這項指標持續穩定的令人鼓舞的跡象。這些忠實買家占我們第三季 GMS 的 44%，比上一季略有增加。值得注意的是，第三季我們保留的去年習慣買家的比例略高於第二季。

Our number of repeat buyers grew 3% year-over-year to nearly $37 million, also driven by the previously mentioned markets. Encouragingly, we upgraded more prior year active and lapsed buyers to repeat buyers in the third quarter than in any of the last 6 quarters.

我們的回頭客數量年增 3%，達到近 3700 萬美元，這也是受到前面提到的市場的推動。令人鼓舞的是，我們在第三季將去年活躍和流失的買家升級為回頭客，數量比過去 6 個季度中的任何一個季度都要多。

GMS per active buyer on a trailing 12-month basis for the Etsy marketplace continued to stabilize sequentially but declined 6% year-over-year to $127 in the third quarter. Overall, our GMS per buyer is 25% higher than the third quarter of 2019.

Etsy 市場過去 12 個月的每位活躍買家 GMS 繼續穩定，但第三季年減 6% 至 127 美元。總體而言，我們的每位買家 GMS 比 2019 年第三季高出 25%。

As of September 30, we had $1.1 billion in cash, cash equivalents and short- and long-term investments. During the third quarter, we repurchased a total of $297 million in stock under our 2 board authorized repurchase programs, which together totaled $1.6 billion. So far, in all of 2023, we have repurchased $484 million of our stock or 5.5 million shares and our 2022 $600 million authorization is now complete.

截至 9 月 30 日，我們擁有 11 億美元的現金、現金等價物以及短期和長期投資。第三季度，我們根據兩次董事會授權的回購計畫回購了總計 2.97 億美元的股票，總計 16 億美元。到目前為止，2023 年全年，我們已回購價值 4.84 億美元的股票或 550 萬股股票，2022 年 6 億美元的授權現已完成。

Our free cash flow this quarter was a strong $208 million. We continued to convert approximately 90% of our adjusted EBITDA to free cash flow on a trailing 12-month basis as our marketplace operates with minimal capital requirements.

本季我們的自由現金流高達 2.08 億美元。由於我們的市場以最低的資本要求運營，我們繼續將過去 12 個月的調整後 EBITDA 的約 90% 轉換為自由現金流。

Now turning to our outlook. We are working vigorously to deliver growth this holiday season, yet we anticipate that it will be challenging to do so given a multitude of headwinds. These include many of those discussed today, such as pressure on consumer discretionary product spending, fairly cautious external forecast about the holiday season and Etsy's category mix.

現在轉向我們的展望。我們正在積極努力，以實現這個假期的成長，但我們預計，鑑於許多不利因素，實現這一目標將具有挑戰性。其中包括今天討論的許多內容，例如非必需消費品支出的壓力、對假日季節相當謹慎的外部預測以及 Etsy 的品類組合。

In addition, we are seeing a highly competitive landscape for advertising with some competitors investing without an eye to ROI. To be clear, this is not a game we will play. Etsy's performance marketing spending models dynamically adjust pulling back when we reach marginal return thresholds. So higher CPCs could naturally reduce our spend for paid traffic.

此外，我們也看到廣告領域競爭激烈，有些競爭對手在投資時不考慮投資報酬率。要先明確的是，這不是我們要玩的遊戲。當我們達到邊際報酬門檻時，Etsy 的績效行銷支出模型會動態調整回撤。因此，較高的每次點擊費用自然會減少我們在付費流量上的支出。

And of course, the world is now unfortunately faced with yet another significant geopolitical conflict, which could have implications for consumer spending. We believe some of these factors contributed to a deceleration in our Etsy Marketplace year-over-year trend line, particularly in the U.S., starting at the end of September and extending into a slightly negative trend line lasting through October.

當然，不幸的是，世界現在正面臨另一場重大的地緣政治衝突，這可能會對消費者支出產生影響。我們認為，其中一些因素導致我們的 Etsy Marketplace 同比趨勢線減速，特別是在美國，從 9 月底開始，一直延伸到持續到 10 月的輕微負趨勢線。

Last, a reminder that our guidance no longer includes Elo7 and represents a slight decrease in the top line. So please factor that into your models. With a month of negative year-over-year trends and limited visibility to help consumers will behave this upcoming holiday season, we're doing our best to land the plane with our guidance, which has always been our goal.

最後，提醒我們，我們的指導不再包括 Elo7，這意味著收入略有下降。因此，請將其納入您的模型中。由於一個月的同比趨勢呈現負面趨勢，而且能見度有限，無法幫助消費者在即將到來的假期季節做出正確行為，我們正在盡最大努力在我們的指導下讓飛機著陸，這一直是我們的目標。

Our current expectation is that consolidated Q4 GMS would decline in the low single-digit range on a year-over-year basis. However, if trends worsen, that could become a mid-single-digit decline. And if trends improve, GMS could be flat or even slightly up year-over-year.

我們目前的預期是，第四季綜合 GMS 年減幅度將在較低的個位數範圍內。然而，如果趨勢惡化，下降幅度可能會達到中個位數。如果趨勢改善，GMS 可能會比去年同期持平甚至略有上升。

Obviously, with 2/3 of the quarter left to go and the all-important holiday shopping season having barely begun, it's tough to call it right now. We anticipate Q4 take rate to be approximately 20.8%, down slightly on a sequential basis due to normal seasonality. So you can use that to estimate our revenue range for the quarter.

顯然，本季還剩 2/3，最重要的假期購物季才剛開始，現在還很難判斷。我們預計第四季度的利用率約為 20.8%，由於正常的季節性因素，將比去年同期略有下降。因此，您可以使用它來估計我們本季的收入範圍。

Recent expansion of Etsy Payments into new international markets is not expected to impact take rate in Q4 and will likely represent a modest increase for 2024. We are guiding to a consolidated adjusted EBITDA margin of 26% to 27% with seasonally higher marketing spend being the primary driver of the sequential decline, although, of course, consolidated EBITDA dollars are expected to be up sequentially.

Etsy Payments 最近向新國際市場的擴張預計不會影響第四季度的使用率，並且可能會在2024 年出現小幅增長。我們預計綜合調整後EBITDA 利潤率為26% 至27%，季節性較高的行銷支出是當然，綜合 EBITDA 美元預計將連續上升，但這是連續下降的主要推動因素。

We plan to increase investments in performance marketing both in the U.S. and internationally, will run select Etsy-funded promotions and invest in a powerful combination of brand visibility that includes TV, digital video, out of home, audio and more.

我們計劃在美國和國際上增加對效果行銷的投資，將開展由 Etsy 資助的精選促銷活動，並投資於品牌知名度的強大組合，包括電視、數位視訊、戶外、音訊等。

I'm super excited for our new mission impossible themed holiday creative, which is a great gifting call to action turning in an impossible and stressful gifting mission into a Tom Cruise level heroic moment.

我對我們新的不可能的任務主題假期創意感到非常興奮，這是一個偉大的禮物號召性用語，將一個不可能且充滿壓力的禮物任務變成了湯姆·克魯斯級別的英雄時刻。

With our subsidiaries expected to represent about a 300 basis point headwind to adjusted EBITDA margin in the fourth quarter, the core Etsy Marketplace margin implied in our guidance, approaches our previously provided long-term target of 30%.

由於我們的子公司預計第四季度調整後 EBITDA 利潤率將出現約 300 個基點的逆風，我們的指導中隱含的核心 Etsy Marketplace 利潤率接近我們先前提供的 30% 的長期目標。

In fact, on a full year basis for the Etsy Marketplace, we expect to finish the year just a bit shy of being a Rule of 40 company, which many see as best-in-class performance.

事實上，從 Etsy Marketplace 全年的情況來看，我們預計今年的業績將略低於成為 40 強公司的標準，許多人認為這是一流的表現。

Thank you all for your time. I'll close by encouraging you all to check out our new gifting and deals features for your holiday shopping.

感謝大家抽出寶貴的時間。最後，我鼓勵大家查看我們新的禮品和優惠功能，以方便您的假期購物。

Deb will now moderate our Q&A session.

黛布現在將主持我們的問答環節。

Okay. Hi, everyone. Happy to be here this evening, and we're going to take your questions. We've got a bunch in queue, so I'm going to dive right in from Lee Horowitz at Deutsche Bank.

好的。大家好。很高興今晚來到這裡，我們將回答您的問題。我們已經有很多人在排隊了，所以我要直接從德意志銀行的 Lee Horowitz 開始。

Josh, you were able to impressively reaccelerate growth at Etsy when you landed the company back in 2017. And the environment was much different than it is today, but what are the learnings from that initial time? And how can you apply that to getting Etsy growing from here?

Josh，當您在 2017 年登陸 Etsy 時，您在 Etsy 上取得了令人印象深刻的重新加速增長。當時的環境與今天有很大不同，但從最初的時候學到了什麼？如何應用這一點讓 Etsy 不斷成長？

Yes. Thanks, Lee. I appreciate the question. When I arrived in 2017, we had a lot of opportunity to improve our operations and our execution. And a few principles: one, picking a few things and focusing on them, moving really fast and making sure that every single dollar we spent worked hard to drive growth.

是的。謝謝，李。我很欣賞這個問題。當我 2017 年到達時，我們有很多機會來改善我們的營運和執行力。還有一些原則：第一，選擇一些事情並專注於它們，快速行動並確保我們花的每一塊錢都努力推動成長。

And I think we continue to get even better at those things. When I look at the progress we've made this year, when I look at how much we've executed, over the course of this year and how good our shopping experience is going to be this fourth quarter versus what it was last fourth quarter. I'm incredibly proud of what this relatively small team has done. So we stay very focused. We stay very urgent, and we work hard to make sure every dollar is working really hard.

我認為我們在這些方面會繼續做得更好。當我看到我們今年取得的進展時，當我看到我們在這一年中執行了多少，以及我們第四季度的購物體驗與上個第四季相比會有多好時。我對這個相對較小的團隊所做的事情感到非常自豪。所以我們保持非常專注。我們保持非常緊迫的態度，並努力確保每一塊錢都真正發揮作用。

This is the toughest macro I've run this business in by far. And in spite of that, we think we have gained share against our pure plays. And even when you put mass discounters in we think we're at least holding share within our categories. So even in this tough environment, I think we're more than holding our own. And I think that's because the team is executing with a ton of focus and with a ton of urgency, and we feel a huge responsibility to be driving growth for our sellers, for our shareholders, for everyone, and we're going to keep driving super hard to do that. Appreciate the question.

這是迄今為止我經營過的這項業務中最艱難的宏觀。儘管如此，我們認為我們已經通過純粹的遊戲贏得了份額。即使你把大規模折扣店納入其中，我們也認為我們至少在我們的類別中佔有份額。因此，即使在這種艱難的環境下，我認為我們也能堅持住自己的立場。我認為這是因為團隊正在高度專注和緊迫地執行，我們感到有巨大的責任來推動我們的賣家、我們的股東、每個人的成長，我們將繼續推動超級難做到這一點。感謝這個問題。

Great. Thanks, Josh. From Migalaronian at Citi, and it's a connected question. There remains growing concern from investors on the competitive environment in e-commerce you touched on it last quarter, but are you seeing anything different from here, particularly from the newer Chinese entrants?

偉大的。謝謝，喬許。來自花旗銀行的 Migalaronian，這是一個相關的問題。投資者對您上季度提到的電子商務競爭環境仍然越來越擔憂，但您是否看到了與此不同的地方，特別是來自中國新進入者的情況？

Not if I'd seen anything different, but there's no question that Temu and Sean are having an impact in the market. You don't get that big that fast without taking share from many people. And I think we and most players in e-commerce have had some impact.

如果我看到什麼不同的話就不會了，但毫無疑問 Temu 和 Sean 對市場產生了影響。如果你不從很多人那裡獲取份額，你就不可能這麼快發展得那麼大。我認為我們和大多數電子商務參與者都產生了一些影響。

And the other thing that is happening is they're spending a large amount of money on marketing, not clear that they're using ROI thresholds to do that. And so I think those 2 players are almost single-handedly having an impact on the cost of advertising, particularly in some paid channels in Google and in Meta.

正在發生的另一件事是他們在行銷上花費了大量資金，但不清楚他們是否使用投資回報率閾值來做到這一點。因此，我認為這兩位參與者幾乎單槍匹馬地對廣告成本產生影響，特別是在 Google 和 Meta 的一些付費管道中。

We are the opposite of temu. If I had to think about what is the polar opposite of Etsy, I'd probably get pretty close to temu. And so continuing to focus on the incredible quality of the merchandise for sale on Etsy at affordable prices delivered really reliably I think the more people experience super cheap and super disposable, the more they crave something different and something better, and that's us.

我們是temu的對立面。如果我必須思考 Etsy 的對立面是什麼，我可能會非常接近 temu。因此，繼續關注Etsy 上以實惠的價格出售的令人難以置信的商品質量，並真正可靠地交付，我認為越多的人體驗到超級便宜和超級一次性，他們就越渴望不同的東西和更好的東西，這就是我們。

And even as they invest a lot in certain marketing channels, we have other channels we can invest in. We are not going to drive a race to the bottom. We're not going to invest unprofitably. But we are, for example, shifting some spend to TV. So if we can't invest as much in some paid marketing channels, there's other channels we can invest and we're going to keep competing, and I believe can keep winning over time.

即使他們在某些行銷管道上投入了大量資金，我們也有其他可以投資的管道。我們不會推動逐底競爭。我們不會進行無利可圖的投資。但例如，我們正在將一些支出轉移到電視上。因此，如果我們不能在某些付費行銷管道上投入那麼多，我們可以投資其他管道，我們將繼續競爭，我相信隨著時間的推移，我們可以繼續獲勝。

I just had just a couple of notes just to what Josh said. And just to reemphasize, Etsy is a very differentiated marketplace where we have a human being on the other end of every transaction.

我只是對喬希所說的話做了一些筆記。再次強調一下，Etsy 是一個非常差異化的市場，每筆交易的另一端都有專人負責。

This is a marketplace that is -- we're creating economic empowerment. Most of them -- most of our sellers are women and they're handcrafting these items oftentimes customized or personalized to the buyer specification in a sustainable way.

這是一個我們正在創造經濟賦權的市場。他們中的大多數 - 我們的大多數賣家都是女性，他們手工製作這些物品，通常以可持續的方式根據買家的規格進行定製或個性化。

So to underscore Josh's point about being the opposite of some of the new mass merchant entrants, these are things that we really care about and matter to many of our buyers.

因此，為了強調喬希關於與一些新的大眾商家進入者相反的觀點，這些是我們真正關心的事情，並且對我們的許多買家來說很重要。

And the next question is also connected from Mike Morton at Moffett Nathanson.

下一個問題也是來自 Moffett Nathanson 的 Mike Morton。

During the quarter, there were some announcements to Etsy sellers from the trust and safety team about keeping Etsy special through doubling down on enforcement, adding more human reviews. And improving the integrity. We've observed a difference in recent weeks, and we were wondering if you could speak to any impacts it could have on GMS and how you would size the impact of the stepped-up enforcement. That Josh, that's for you.

本季度，信任和安全團隊向 Etsy 賣家發布了一些公告，要求透過加倍執法力度、增加更多人工審核來維持 Etsy 的特殊性。並提高誠信度。最近幾週我們觀察到了差異，我們想知道您是否可以談談它可能對 GMS 產生的任何影響，以及您如何衡量加強執法的影響。那個喬什，就是給你的。

Yes. So thanks for noticing. First, we're investing about $50 million in enforcement throughout our policies this year. We've hired a lot of people, and we also have been investing a lot in machine learning and machine learning is really helping us to be able to identify among the 120 million listings on Etsy, those that may not conform with our policy. Takedowns are up 140% year-over-year. And we've really been focusing on what percentage of buyers come across 1 listing or more that doesn't comply with our policies.

是的。所以感謝您的關注。首先，我們今年將投資約 5,000 萬美元用於整個政策的執行。我們僱用了很多人，並且在機器學習方面投入了大量資金，機器學習確實幫助我們能夠在 Etsy 上的 1.2 億個清單中識別出那些可能不符合我們政策的清單。刪除量年增 140%。我們一直在關注遇到 1 個或更多不符合我們政策的清單的買家所佔的百分比。

So the fact that something exists on Etsy doesn't mean that it's seen. But what percentage of buyers will see a violating view we've cut that number in half in just the past 4 months. So I'm glad you're noticing, I think it is very noticeable and we think there's even more we can do. I'm also proud to say that we are seeing no deleterious effect to GMS from that. People don't come to Etsy wanting mass-produced product, and we're finding that as we do even more to suppress those listings on the site, the site experience only gets better. We only get more differentiated.

因此，Etsy 上存在某些內容並不意味著它已被看到。但是，有多少比例的買家會看到違規觀點，我們在過去 4 個月內將這一數字減少了一半。所以我很高興你注意到了，我認為這是非常引人注目的，我們認為我們可以做更多的事情。我還可以自豪地說，我們沒有看到這對 GMS 產生有害影響。人們來到 Etsy 並不是想要大量生產的產品，而且我們發現，當我們採取更多措施來抑制網站上的這些清單時，網站體驗只會變得更好。我們只會變得更加與眾不同。

Great. The next one I'm going to give to Rachel is from Anna Andreeva at Needham.

偉大的。我要送 Rachel 的下一篇是 Needham 的 Anna Andreeva。

Product development line item leveraged for the first time in several quarters. What drove that? And how should we think about the growth in that line item in the fourth quarter and into 2024.

產品開發項目在幾個季度中首次被利用。是什麼推動了這一點？我們應該如何看待第四季度和 2024 年該專案的成長。

Yes, I think that the top line is that we're adding product development people that are, in fact, were investing in them for growth. They are actually driving more GMS and revenue than the cost to have them in our overall cost base.

是的，我認為最重要的是，我們正在增加產品開發人員，事實上，他們正在對他們進行投資以實現成長。實際上，它們帶來的 GMS 和收入超過了將它們納入我們整體成本基礎的成本。

So the biggest driver of product development costs coming down was employee compensation. A technical answer to it is also that we divested ourselves of Elo7. So there's a chunk of cost that came out of the product development line and because Elo7 was not profitable, you would have expected that cost to be higher than the amount of revenue they were generating.

因此，產品開發成本下降的最大動力是員工薪酬。從技術上來說，我們也放棄了 Elo7。因此，產品開發線產生了很大一部分成本，而且由於 Elo7 沒有盈利，您可能會預計該成本會高於他們產生的收入。

And then just a reminder that we really -- we measure our product development investment with an eye on ROI just like we do with marketing, and we invest in areas where we believe they're going to drive incremental GMS and they are, and we talked about how product development velocity increased -- the product -- number of product launches actually increased 40% this last quarter. So it's just a great demonstration of how we're getting return on the investment in product.

然後提醒一下，我們確實- 我們會著眼於投資回報率來衡量我們的產品開發投資，就像我們在營銷方面所做的那樣，我們投資於我們相信將推動增量GMS 的領域，而且確實如此，我們談到了產品開發速度如何提高——產品——上個季度產品發布數量實際上增加了 40%。因此，這很好地展示了我們如何獲得產品投資回報。

And then there's 2 questions that I would say are very connected, one from Shweta Kajaria at ISI Evercore and one from Maria Ripps at Canaccord.

然後有兩個問題我認為是密切相關的，一個來自 ISI Evercore 的 Shweta Kajaria，另一個來自 Canaccord 的 Maria Ripps。

Really asking for some initial thoughts on 2024 in terms of marketing and product spend, how we balance growth and profitability, could we expect to see any margin expansion? How are we thinking about next year's macro? It's sort of a loaded question around all of the things for 2024 from multiple analysts.

真的想問一下 2024 年在行銷和產品支出方面的一些初步想法，我們如何平衡成長和獲利能力，我們能期望看到任何利潤率擴張嗎？我們如何看待明年的宏觀經濟？這是多位分析師圍繞 2024 年所有事情提出的一個充滿爭議的問題。

So I think I would start maybe with Josh and then Rachel, I think you'll have a lot to say or whichever one of you want to go first because I think there's probably both room for both of you here. Josh?

所以我想我可能會先從喬許開始，然後是瑞秋，我想你們會有很多話要說，或者你們中的任何一個想先發言，因為我認為這裡可能有你們倆的空間。喬許？

Well, we haven't given 2024 guidance yet. But what I would say is we are always thoughtful about balancing growth and profitability. You have never seen us be a growth at all cost company or throw discipline to the wind. You've never seen us try to buy market share indiscriminately. So when -- I just was speaking about competition from some of the Chinese recent competitors. And if they drive costs up in the auction too much in performance marketing, let's say, we'll go to other channels. But we're not willing to bid higher than a keyword is worth.

嗯，我們還沒有給 2024 年的指導。但我想說的是，我們始終考慮平衡成長和獲利能力。您從未見過我們成為一家不惜一切代價成長的公司，也從未見過我們將紀律拋在腦後。你從未見過我們不加區別地試圖購買市場份額。所以當我剛剛談到來自中國最近的一些競爭對手的競爭時。如果他們在效果行銷中將拍賣成本推高太多，那麼我們就會轉向其他管道。但我們不願意出價高於關鍵字的價值。

We also measure, as you well know, our product development and what value have they created our team, each squad in terms of additional GMS, additional revenue or cost savings. And I'm really proud of the team and how they're delivering. We talked about launches being up 40% year-over-year, but productivity is very high. We feel great urgency to be giving everything we can give right now to help our sellers grow at this time to deliver even more value to our buyers and even more value to our shareholders.

如您所知，我們還衡量我們的產品開發以及他們為我們的團隊、每個小隊在額外 GMS、額外收入或成本節省方面創造的價值。我對這個團隊以及他們的表現感到非常自豪。我們談到發布量年增 40%，但生產力非常高。我們感到非常緊迫，需要立即提供我們所能提供的一切來幫助我們的賣家在此時成長，為我們的買家提供更多的價值，為我們的股東提供更多的價值。

And so the team is acting with great urgency and we are thoughtful and careful about hiring. We are thoughtful and careful about the investment we make in R&D to make sure that it is delivering it is driving growth. And we're going to keep doing that. When we see opportunities to invest to grow, we'll take them, but we're always going to do it with discipline and care.

因此，團隊的行動非常緊迫，我們在招募時也是深思熟慮且謹慎的。我們對研發投資進行深思熟慮和謹慎，以確保其能夠推動成長。我們將繼續這樣做。當我們看到投資成長的機會時，我們會抓住它們，但我們總是會以紀律和謹慎的態度去做。

And I can just add just a couple of notes on -- first on the marketing point, we have been able to scale additional marketing channels. One of them is paid social. So we've gotten a number of paid social campaigns to work, and we've gradually increased our level of investment in paid social as a channel so that we're just about at the same level as many of our peers in that space.

我可以添加一些註釋——首先是行銷點，我們已經能夠擴展額外的行銷管道。其中之一是付費社交。因此，我們已經開展了許多付費社交活動，並且逐漸增加了對付費社交管道的投資水平，以便我們與該領域的許多同行處於同一水平。

We've also been able to scale CRM, where we've got really effective targeted e-mails going to our buyers. And we have also been able to scale internationally. So we're bringing in many new and reactivated buyers internationally. We talked about being in 3 markets, but also testing television in Austria and Switzerland in this last quarter. All of those are campaigns that reach our marginal ROI threshold.

我們還能夠擴展 CRM，從而向買家發送真正有效的針對性電子郵件。我們也能夠在國際上擴展規模。因此，我們在國際上引進了許多新的和重新激活的買家。我們談到了在三個市場的情況，但也在上個季度在奧地利和瑞士測試了電視。所有這些活動都達到了我們的邊際投資報酬率閾值。

On the product side, and Josh will probably talk about this more, but we have really been able to leverage machine learning to make all of our engineers more productive and more efficient so we can develop and produce faster, bringing -- decreasing the payback period on our product investment. So we're always -- we're never really done optimizing. We've been able to work down cost on our Google Cloud investment considerably as we've leaned into that platform first for our cloud computing costs. And so that all gets baked into our ROI calculations on product development spend.

在產品方面，喬許可能會更多地談論這一點，但我們確實能夠利用機器學習來提高所有工程師的生產力和效率，這樣我們就可以更快地開發和生產，從而縮短投資回收期關於我們的產品投資。所以我們始終——我們從未真正完成優化。我們已經能夠大幅降低 Google Cloud 投資成本，因為我們首先傾向於使用該平台來降低雲端運算成本。因此，所有這些都會納入我們對產品開發支出的投資報酬率計算中。

Great. And since we were on the topic of marketing, and you touched on this, but I'll just ask the specific question we got asked from Saranjeet cheema. I hope I said that right, at D.A. Davidson. And I'll give this to Josh.

偉大的。由於我們討論的是行銷主題，而您也談到了這一點，但我只想問 Saranjeet cheema 向我們提出的具體問題。我希望我在 D.A. 說得對。戴維森。我會把這個給喬希。

Can you give your current thoughts on advertising, including your efforts on linear TV, OTT and digital advertising, including TikTok. We've touched on it, but I might as well ask that.

您能否談談您目前對廣告的想法，包括您在線性電視、OTT 和數位廣告（包括 TikTok）方面所做的努力。我們已經談過這個問題，但我不妨問一下。

Yes. Great. Great question. So if you look at Etsy back since 2017, and 2017 and 2018 really we're focused on performance marketing. We've gotten a lot better at performance marketing. We've got a lot more sophisticated there. Then we started moving up the funnel, we moved into social, social video and then TV above the line.

是的。偉大的。很好的問題。因此，如果你回顧 2017 年以來的 Etsy，以及 2017 年和 2018 年，我們確實專注於成效行銷。我們在效果行銷方面取得了很大進展。我們那裡有更複雜的東西。然後我們開始向上移動，我們進入社交、社交視頻，然後是線上電視。

We are getting a lot more sophisticated at TV, and we're now -- the affordability of OTT has been a bit of a challenge for us. The CPMs are just so much higher than linear that you've seen us mostly invest in linear are starting to crack the code on being able to pay for OTT and get enough value out of it to have the ROIs really work.

我們在電視領域變得越來越成熟，現在 OTT 的承受能力對我們來說是一個挑戰。 CPM 遠高於線性，以至於您已經看到我們主要投資線性，並開始破解能夠支付 OTT 的程式碼，並從中獲得足夠的價值，以使投資回報率真正發揮作用。

Obviously, with OTT, you get more targetability and some other benefits, trackability as well. So really excited there. But mid-funnel is also an area we're really working on using things like YouTube and paid social video to find people who are planning a wedding, let's say, or having a baby. The opportunity to build consideration when you don't necessarily have a specific product that they're already looking for, but when you think that they're in the market generally for things is an area where I think there's a lot of opportunity for us to continue to get better. We are investing. We are seeing gains. And we have started, for example, insourcing more creative there.

顯然，透過 OTT，您可以獲得更多的針對性和其他一些好處，以及可追蹤性。那裡真的很興奮。但中間漏斗也是我們真正致力於使用 YouTube 和付費社交影片等工具來尋找正在籌備婚禮或生孩子的人的領域。當你不一定有他們正在尋找的特定產品，但當你認為他們在市場上普遍存在時，就有機會建立考慮，我認為我們有很多機會繼續變得更好。我們正在投資。我們看到了收穫。例如，我們已經開始在那裡外包更多的創意。

So head count has grown a little bit, but actually, we're paying less agency fees. And when we in-source more of our creative, we can make content for mid-funnel really fast and really cheap, and that allows us to have more targeted content that's more of the moment.

所以人數增加了一點，但實際上，我們支付的代理費減少了。當我們內源更多的創意時，我們可以非常快速且非常便宜地製作漏斗中間的內容，這使我們能夠擁有更具針對性的、更具當下性的內容。

So it's those kinds of capabilities and muscles we keep building that I think is getting us to be a better and better full funnel marketer.

因此，我認為正是我們不斷培養的這些能力和力量使我們成為越來越好的全漏斗行銷人員。

Another thing I'll just say about marketing and we're above the funnel that can help a lot is Etsy is now a brand many people are familiar with. If you walk around in the United States or U.K. and say, have you heard of Etsy? Most people will say, yes. If you ask the next question, what do you think of Etsy, almost everyone you talk to is going to say the same 3 things. It's the same 3 words, I love Etsy. Great. But they think they know us already and they have a set of opinions that we need to disrupt, for example, it must cost more because it's made just for me. And in this very highly promotional environment, when a lot of people are looking for deals, they don't necessarily associate Etsy with deals. Now Etsy is never going to be a blue light special bargain basement place. That's not our brand. But with 120 million things for sale, we do have millions of items that our sellers want to put on sale at really attractive prices. And so disrupting people's understanding of Etsy by saying actually not only is a beautiful product, but you can afford it, and it's priced well is disruptive.

我要說的另一件事是關於行銷，我們在管道之上可以提供很多幫助，那就是 Etsy 現在是一個很多人都熟悉的品牌。如果您在美國或英國走來走去並說，您聽說過 Etsy 嗎？大多數人會說，是的。如果你問下一個問題，你對 Etsy 有何看法，幾乎所有與你交談過的人都會說同樣的三件事。還是這三個字，我愛 Etsy。偉大的。但他們認為他們已經了解我們了，他們有一套我們需要顛覆的觀點，例如，它必須花費更多，因為它是專門為我製作的。在這個促銷非常強大的環境中，當許多人尋找優惠時，他們並不一定會將 Etsy 與優惠聯繫起來。現在，Etsy 永遠不會成為一個藍光特價地下室的地方。那不是我們的品牌。但隨著 1.2 億件待售商品，我們的賣家確實希望以極具吸引力的價格出售數百萬件商品。因此，透過說「實際上不僅是一個漂亮的產品，而且你買得起它，而且價格合理」來擾亂人們對 Etsy 的理解，這是顛覆性的。

I'm really excited about arrives on time or your money back. That isn't a totally novel claim. But it's novel for Etsy. People don't realize how reliable Etsy sellers are at delivering on time. And I think that kind of thing is actually disruptive to, "Oh, I didn't realize Etsy could do that". And so those kinds of disruptive claims is how we're thinking a lot about how we're messaging above the line right now.

我對準時到達或退款感到非常興奮。這並不是一個全新的主張。但這對 Etsy 來說是新穎的。人們沒有意識到 Etsy 賣家在按時交貨方面有多麼可靠。我認為這種事情實際上具有破壞性，「哦，我沒有意識到 Etsy 可以做到這一點」。因此，這些類型的破壞性主張是我們現在對如何在線上傳遞訊息的大量思考的方式。

Okay. Great. Thanks, Josh. We have several questions about promotions, so I'm going to combine them. One is from Eddie Roma at Piper Sandler, and one is from Nathan Feather at Morgan Stanley, but it's basically getting at how do we think our Q3 promotions went, the Etsy funded promotions? And how do we think about those more as a go-forward marketing strategy? I think we could start with Josh on that one.

好的。偉大的。謝謝，喬許。我們有幾個關於促銷的問題，所以我要把它們合併起來。一位來自 Piper Sandler 的 Eddie Roma，一位來自摩根士丹利的 Nathan Feather，但它基本上是關於我們如何看待我們第三季度的促銷活動，即 Etsy 資助的促銷活動？我們如何將這些更多地視為一種前進的行銷策略？我想我們可以從喬許開始。

Great. So the Q3 promotion was just $5 off of spend $25 or more and you get $5 off were great. We saw a nice little bump in GMS and buyers really liked it, sellers loved it and it was ROI-positive. It was a relatively small investment, and it worked terrific.

偉大的。因此，第三季的促銷活動只需消費 25 美元或以上即可享受 5 美元的折扣，而且您還可以獲得 5 美元的折扣，這真是太棒了。我們看到 GMS 有了一個不錯的小進步，買家真的很喜歡它，賣家也很喜歡它，而且它的投資回報率很高。這是一項相對較小的投資，但效果非常好。

Then in October, we ran $10 off 40 didn't work as well. It was not ROI positive. It pulled forward sales as much as it increased sales, didn't drive as much incremental lift. I could go a lot deeper into how did it work in one market versus another and one category versus another with new buyers for laps buyers. But the point is we're learning. And this is a tool we'll have in our toolkit. I would expect we'll do more in the fourth quarter as we continue to test and learn with an eye towards testing and learning. The investments are something we put an ROI threshold on like anything else we do.

然後到了 10 月份，我們以 40 美元減 10 美元的價格，效果並不好。投資報酬率並不樂觀。它對銷售額的推動與銷售額的成長一樣多，但並沒有帶來那麼多的增量提升。我可以更深入地了解它在一個市場與另一個市場、一個類別與另一個類別的新買家和圈買家中的運作方式。但重點是我們正在學習。這是我們工具包中的一個工具。我預計我們將在第四季度做得更多，因為我們將繼續測試和學習，並專注於測試和學習。就像我們所做的其他事情一樣，我們對這些投資設定了投資報酬率門檻。

But the vast majority of promotions on Etsy are seller funded. It's when sellers put things on sale. And the new deals tab in our app, for example, I'm really excited about. It just launched. It's very early days, but buyers seemed excited that there is a deals tab. One place I can go to find deals just for me. and maybe something they didn't think or associate with Etsy.

但 Etsy 上的絕大多數促銷活動都是由賣家資助的。這是賣家出售商品的時候。例如，我們應用程式中的新交易選項卡讓我非常興奮。它剛剛推出。現在還處於早期階段，但買家似乎對交易選項卡感到興奮。我可以去一個地方找到適合我的優惠。也許是他們沒有想到或與 Etsy 沒有聯繫的東西。

So I think we have a lot of sellers who want to put things on sale. We can do a better job and we really are focused right now in giving them insights on how, when and for how much should they put things on sale. And then us highlighting those things. That's going to be most of how promotions continue to work. But if Etsy can be the icing on the cake with some Etsy funded things and make that a good investment, we're going to keep testing, and I'm optimistic that, that's going to be a lever in our toolkit.

所以我認為我們有很多賣家想要出售商品。我們可以做得更好，我們現在真正專注於為他們提供有關如何、何時以及應以多少價格出售商品的見解。然後我們強調這些事情。這將是促銷活動繼續發揮作用的大部分方式。但如果 Etsy 能夠成為 Etsy 資助的一些東西的錦上添花，並使之成為一筆不錯的投資，我們將繼續進行測試，我樂觀地認為，這將成為我們工具包中的一個槓桿。

Great. I like the icing on the cake. That's great. Rick -- next question comes from Rick Patel at Raymond James, Rachel. I'm going to give this one to you. .

偉大的。我喜歡錦上添花。那太棒了。瑞克——下一個問題來自雷蒙德詹姆斯雷切爾公司的里克帕特爾。我要把這個給你。 。

Can you expand on new buyer ads? How much is coming from the U.S. versus international? And anything around categories and how people are spending when the new buyers come in?

您可以擴展新的買家廣告嗎？來自美國和國際的比例是多少？當新買家進來時，有關品類的資訊以及人們如何消費？

Sure. So first of all, we love our growth internationally, and we said up 7%. And so we're seeing that we're opening up new markets, which is fantastic. We've certainly seen a lot of new buyer growth coming from international, but we've also seen a material amount of growth coming from -- for new buyers coming from the U.S. So really in both places that we haven't disclosed the breakdown of new buyers by geography. So that's as much as I can say there.

當然。首先，我們喜歡我們在國際上的成長，我們說成長了 7%。因此，我們看到我們正在開拓新市場，這真是太棒了。我們當然看到了很多來自國際的新買家增長，但我們也看到了來自美國的新買家的大量增長。所以實際上在這兩個地方我們都沒有透露具體情況按地理位置劃分的新買家數量。我能說的就這麼多了。

And no, we don't really see any category differences by geographic market. It's sort of a universal appetite for all of our major categories along for tail of categories across all of the geographies.

不，我們確實沒有看到按地理市場劃分的任何類別差異。這是對我們所有主要類別以及所有地區的尾部類別的普遍興趣。

Great. There are 2 questions about sort of areas of interest that we have for investment. One is from Ashley Owens at Key and the other one is from Nick Jones at JMP, and I'll basically read a version of the combined question, which is for Josh.

偉大的。關於我們感興趣的投資領域有兩個問題。一個來自 Key 的 Ashley Owens，另一個來自 JMP 的 Nick Jones，我基本上會閱讀針對 Josh 的組合問題的一個版本。

As you look out over the next couple of years, what are your priorities in terms of investments in mark-for-the-market place for buyers and sellers in search in other tools? And how do you see those types of investments inflecting frequency over time. I think that's really the net result of the question.

展望未來幾年，對於買家和賣家在其他工具搜尋中的市場定位投資，您的優先事項是什麼？您如何看待這些類型的投資隨時間變化的頻率。我認為這確實是這個問題的最終結果。

Great. So thank you for the questions. We think we are in the early days of unpacking Etsy's opportunity. We think that we can gain a lot of share in our categories versus e-commerce and through both adding new buyers and frequency. And there's 4 things we're really focused on right now. It's quality, value, reliability and consideration.

偉大的。謝謝你的提問。我們認為我們正處於發掘 Etsy 機會的早期階段。我們認為，與電子商務相比，透過增加新買家和頻率，我們可以在我們的類別中獲得更多份額。我們現在真正關注的有四件事。它是品質、價值、可靠性和考慮因素。

Starting with quality, value and reliability. We've made a ton of progress on relevance. So whatever you enter in the search engine, we do a pretty good job of understanding what you meant in finding a set of results that are relevant to what you meant, maybe not what you said. But giving you a diverse set of ideas, what are the 5 or 10 best ideas for that provided it's a relatively generic thing like gift for mom or whatnot. Giving you a really good, compelling diverse set of ideas and then picking the few best examples within each of those ideas is a big focus. I think we have a ton of opportunity to do better.

從品質、價值和可靠性開始。我們在相關性方面取得了很大進展。因此，無論您在搜尋引擎中輸入什麼，我們都能很好地理解您的意思，找到一組與您的意思相關（也許不是您所說的內容）的結果。但給你一系列不同的想法，如果是相對通用的東西，例如給媽媽的禮物之類的，那麼 5 或 10 個最好的想法是什麼。為你提供一套非常好的、引人注目的多樣化想法，然後在每個想法中挑選幾個最好的例子是一個重點。我認為我們有很多機會可以做得更好。

So we don't just match you with the product you're likely to buy. It's a product you're going to love. And in the process, we show you the breadth of the kinds of things Etsy can do for you. I think there's a ton of opportunity. And as we do that, we will get a lot more frequency.

因此，我們不僅僅為您配對您可能購買的產品。這是您一定會喜歡的產品。在此過程中，我們向您展示 Etsy 可以為您做的事情的廣度。我認為有很多機會。當我們這樣做時，我們會獲得更多的頻率。

In terms of value, people assume that if mass produced somewhere and lots of hundred thousand, it's going to be cheap and it is. But it turns out that if somebody makes it just for you and there aren't 3 markups along the way, that also can be affordable and can be special. And so highlighting the fact that you're getting great value on Etsy is something that is a big focus, helping our sellers price well, use promotions well. That's a big focus.

就價值而言，人們認為如果在某個地方大規模生產數十萬件，它就會很便宜，事實確實如此。但事實證明，如果有人專為你製作，並且一路上沒有 3 個加價，那麼它也可以是負擔得起的，而且可以是特別的。因此，強調您在 Etsy 上獲得巨大價值這一事實是一個重點，可以幫助我們的賣家合理定價，充分利用促銷活動。這是一個很大的焦點。

And then on reliability, we've made so much progress on making sure items arrive on time. making sure there's clear return policies, making sure it's easy to fix things on the rare occasion that something goes wrong. We now need buyers to understand all the progress we've made, and we can continue to do better, make delivery windows shorter without losing the special nature of Etsy.

然後在可靠性方面，我們在確保物品按時到達方面取得了巨大進展。確保有明確的退貨政策，確保在極少數情況下出現問題時可以輕鬆修復。我們現在需要買家了解我們所取得的所有進展，並且我們可以繼續做得更好，縮短交貨時間，同時又不失去 Etsy 的特殊性。

So a lot we think we can continue to do on reliability. As we do better on quality, value and reliability we then need consumers to understand that we need to disrupt their consideration of Etsy so that we're in their consideration set a lot more of the time. And again, with only 3% of people, if you say, name a place to shop for home furnishings, only 3% of people can name Etsy, you say, name a place to shop for gifts, only 12% of people are naming Etsy. We think there's enormous opportunity there.

因此，我們認為我們可以在可靠性方面繼續做很多事情。當我們在品質、價值和可靠性方面做得更好時，我們需要消費者明白，我們需要擾亂他們對 Etsy 的考慮，以便我們在他們的考慮範圍內有更多的時間。再說一次，只有3% 的人，如果你說，說出一個買家居用品的地方，只有3% 的人能說出Etsy，你說，說出一個買禮物的地方，只有12% 的人會說出埃齊。我們認為那裡存在著巨大的機會。

Okay. Great. I'm going to jump to a question from Trevor Young and his team at Barclays. And it's related to our seller growth.

好的。偉大的。我將直接回答特雷弗楊（Trevor Young）和他在巴克萊銀行的團隊提出的問題。這與我們賣家的成長有關。

So you've seen -- we've added over 1 million active sellers in the last 3 quarters. Can you talk about the levers that drive that strong growth? And Josh, I'll give that one to you.

如您所見，我們在過去 3 個季度增加了超過 100 萬活躍賣家。能談談推動強勁成長的槓桿嗎？喬什，我會把那個給你。

I'd say that's the other side of a tough macro, we candidly haven't done anything different to acquire 1 million sellers. Nothing. It's just -- I think it's a tougher time. A lot of people are learning -- are wanting to make some extra money, and Etsy is a fantastic place. If you make things and you want to sell them, there's no place like Etsy. And so I think it's just a testament to the great value that we offer to our sellers.

我想說，這是艱難宏觀的另一面，坦白說，我們沒有採取任何不同的措施來獲得 100 萬賣家。沒有什麼。只是——我認為這是一個更艱難的時期。很多人都在學習——想要賺點外快，而 Etsy 是一個很棒的地方。如果您生產東西並想出售它們，那麼 Etsy 是最好的選擇。所以我認為這證明了我們為賣家提供的巨大價值。

Great. And the next one is for Rachel from Ana andriva at Needham. Question on take rate.

偉大的。下一篇是為來自尼達姆的 Ana andriva 的 Rachel 寫的。關於採納率的問題。

You mentioned there could be an opportunity to still raise some of the fee structure at more Etsy and the subsidiaries. What is the sensitivity towards additional raises from the seller community.

您提到，更多 Etsy 及其子公司可能仍有機會提高部分費用結構。對賣家社群額外加薪的敏感度如何？

We strive hard to make sure that if there's any changes to fee structure that we are providing value back to sellers that they can actually feel and not just value to sellers, But it's good for the buyers too. There's really 3 or 4 ways to expand take rate. One of them would be to expand services we already offer. So for instance, Etsy Ads is a service we provide and we've continued to improve the efficacy of that product, and it allows us to grow the revenue from that product. Etsy Payments is another example of that, where we just talked about launching more Etsy Payments markets and that expands fees from Etsy Payments. Also benefit to the sellers in those markets.

我們努力確保，如果費用結構發生任何變化，我們將為賣家提供他們真正能感受到的價值，而不僅僅是對賣家有價值，對買家也有好處。實際上有 3 或 4 種方法可以提高轉換率。其中之一是擴大我們已經提供的服務。例如，Etsy Ads 是我們提供的一項服務，我們不斷提高該產品的功效，它使我們能夠增加該產品的收入。 Etsy Payments 是另一個例子，我們剛剛談到推出更多 Etsy Payments 市場並擴大 Etsy Payments 的費用。也有利於這些市場的賣家。

Another way to expand take rate would be to offer new services. So you can -- we have nothing specific to announce on our call today, but I mean you can look at other marketplaces and you can see a lot of services that Etsy does not currently provide and those might be services that are beneficial to our sellers that we could consider investing in.

擴大採用率的另一種方法是提供新服務。所以你可以——我們今天的電話會議上沒有什麼具體要宣布的，但我的意思是你可以看看其他市場，你可以看到 Etsy 目前不提供的很多服務，這些服務可能對我們的賣家有利我們可以考慮投資。

And then there's straight pricing increases, and you've seen us do that a couple of times. And again, we would never just make a -- or we have never made just a wholesale change to our pricing, but we would do it in conjunction for -- to answer this question, what can -- why would we be -- how would we be investing that incremental revenue derived from a higher price? And we think hard about that. So you've seen us, if you go back over time, you've seen us been able to increase our marketing investment because we've taken lifetime value up and we can continue to invest or dollars and still have a high -- achieve our marginal ROI thresholds.

然後價格直接上漲，你已經看到我們這樣做過幾次了。再說一遍，我們永遠不會只是對我們的定價進行大規模的改變，但我們會結合這樣做來回答這個問題，我們可以做什麼——為什麼我們會——如何我們是否會將因價格上漲而帶來的增量收入進行投資？我們認真思考這一點。所以你已經看到了我們，如果你回顧過去，你會看到我們能夠增加我們的營銷投資，因為我們已經提高了終身價值，我們可以繼續投資或美元，並且仍然有很高的成就我們的邊際投資回報率閾值。

And in turn, you've seen as we've done that, not only has marketing increased, but so has GMS. So it's been a virtuous circle that we've really appreciated. So we need to answer that question for ourselves. what way could we put those dollars to work that will be beneficial to the overall marketplace. And that's how we look at it.

反過來，您已經看到，當我們這樣做時，不僅行銷增加了，GMS 也增加了。所以這是一個我們非常欣賞的良性循環。所以我們需要自己回答這個問題。我們如何將這些資金投入對整個市場有利的工作？我們就是這樣看待它的。

Okay. Great. We had a question in from Andy Roma at Piper Sandler, and it's really about the financials of Depop, which I want to ask Rachel. But I first want to ask Josh sort of what we're seeing in the business there, talk about the financial performance just in general of Depop and what do we think is attributing their growth? And then Rachel, maybe you can add on how we think about their EBITDA margin drag.

好的。偉大的。 Piper Sandler 的 Andy Roma 向我們提出了一個問題，實際上是關於 Depop 的財務狀況，我想問 Rachel。但我首先想問 Josh 我們在該業務中看到了什麼，談談 Depop 的整體財務業績，以及我們認為是什麼推動了他們的成長？然後 Rachel，也許你可以補充我們如何看待他們的 EBITDA 利潤率拖累。

I mean Depop had a great quarter. Depop is doing great. And particularly in the U.S. Depop is doing fantastic in the U.S. right now. And again, I think this is the other side of a tough macro is Depop is a way to get very affordable clothes that doesn't have a negative impact on the environment. And that's very popular right now. And so Depop is no question benefiting from that. I also think the management team we put in place and the specific programs they're executing are working, the marketing programs that are executing are working.

我的意思是 Depop 度過了一個很棒的季度。 Depop 做得很好。尤其是在美國，Depop 目前在美國表現出色。再說一次，我認為這是一個艱難的宏觀的另一面，Depop 是一種獲得非常實惠的衣服的方法，而且不會對環境產生負面影響。這現在很流行。因此 Depop 毫無疑問會從中受益。我還認為我們組建的管理團隊以及他們正在執行的具體計劃正在發揮作用，正在執行的行銷計劃正在發揮作用。

So it is the benefit of a portfolio as we hoped when we bought that company, that having a portfolio allows you to benefit from different sectors of the economy at different times, and that's what we're seeing.

因此，正如我們在購買該公司時所希望的那樣，投資組合的好處是，擁有投資組合可以讓您在不同時間從不同的經濟部門中受益，這就是我們所看到的。

Yes, Rachel, did you want to add anything there on that?

是的，雷切爾，你想對此添加什麼嗎？

Yes. The only thing I'd add is that when we talked about our guidance, we said that we expect in the fourth quarter, our subsidiaries to be about a 300 basis point contraction to our overall margins. That's down from the 300 to 400 basis points that we have been talking about previously. Due in part from the divestiture of Elo7 but also strong growth at Depop.

是的。我唯一要補充的是，當我們談到我們的指導時，我們說我們預計第四季度我們的子公司的整體利潤率將收縮約 300 個基點。這低於我們之前討論的 300 至 400 個基點。部分原因是 Elo7 的剝離，但 Depop 的強勁成長也是如此。

Okay. And then, Rachel, while I have you, a question from Laura Champine at Luke.

好的。然後，雷切爾，請聽聽盧克大學勞拉·尚平 (Laura Champine) 的提問。

Is the Q4 GMS outlook in line with the quarter-to-date trend. I assume what she means through October. If so, what do you attribute a slowdown from the pace of Q3? And then she had asked us a connected question separately, which was, is it -- is it really coming from Etsy getting crowded out by other advertisers who may lack a hurdle rate to in their investments. that's one.

第四季 GMS 展望是否符合本季迄今的趨勢？我猜想她的意思是到十月為止。如果是這樣，您認為第三季成長放緩的原因是什麼？然後她分別問了我們一個相關的問題，那就是，這真的是因為 Etsy 被其他可能缺乏投資門檻的廣告商排擠了嗎？那是一個。

So I think that's a yes [end]. So with the -- just to reiterate the guidance we gave, we said that we grew every single month of Q3, but we started to see some softness towards the end of September, and that continued into October, where we started to see slightly negative trends. The guidance we gave reflects that softness in October, and we said that would -- we would expect about low single-digit declines for the fourth quarter.

所以我認為這是肯定的[結束]。因此，為了重申我們給予的指導，我們說第三季度的每個月都在增長，但我們在9 月底開始看到一些疲軟，這種情況一直持續到10 月份，我們開始看到輕微的負面影響趨勢。我們給出的指引反映了 10 月的疲軟情況，我們預計第四季將出現低個位數的下降。

If the macro were to worsen, and we have a long list of macro that I think everyone is familiar with, but we're seeing decrease in consumer discretionary product spending. And I can double-click on that for a second. If it worsens, we would be -- maybe that would shift to mid-single-digit declines. But if it improves, we could be flat to even positive.

如果宏觀經濟惡化，我們有一長串我想每個人都熟悉的宏觀經濟清單，但我們看到非必需消費品支出減少。我可以雙擊它一秒鐘。如果情況惡化，我們可能會出現中等個位數的下降。但如果情況有所改善，我們可能持平甚至積極。

The double click on the decreases in consumer discretionary product spending is to just point out what we've seen, and I'm sure you've all seen the economic data is that we've seen actually growth in spending in services and we've seen stability and some growth in goods from durable goods. But the nondurable goods, which is where Etsy primarily is and particularly nondurable discretionary goods is the piece that's really under pressure and is receiving a lot of the headwinds from the macro. The increases in spend in nondurable goods is primarily in essentials and items that are heavily discounted. So we're really in the sweet spot of the eye of the storm, I would say.

雙擊非必需消費品支出的減少只是為了指出我們所看到的情況，我相信你們都看到了經濟數據，我們看到了服務支出的實際增長，而且我們」我們看到耐用品的穩定和一些增長。但非耐用品（Etsy 的主要業務），尤其是非耐用非必需品，才是真正面臨壓力的部分，並且受到宏觀經濟的許多阻力。非耐久財支出的增加主要是必需品和大幅折扣的商品。所以我想說，我們確實處於風暴眼的最佳位置。

On top of that, we are seeing a lot of competitive pressure on advertising spend as the CPCs go up. Our model is dynamically pull back, and we just naturally spend less, which obviously would point to bringing in less -- acquiring less traffic less buyers.

最重要的是，隨著每次點擊費用的上升，我們看到廣告支出面臨很大的競爭壓力。我們的模式是動態回檔的，我們自然會減少支出，這顯然意味著引進更少——獲得更少的流量，更少的買家。

The only thing I'd add there is everything Rachel talked about is GMS. So the GMS guide is down low single digits. Take rate is actually up year-over-year. You'll notice in our guide. And so a low single-digit GMS would still be roughly flat, maybe even slightly positive revenue for the quarter.

我唯一要補充的是 Rachel 所說的一切都是 GMS。因此，GMS 指南下降了低個位數。採取率實際上逐年上升。您會在我們的指南中註意到。因此，低個位數的 GMS 仍將大致持平，甚至可能略微為正的季度收入。

With very healthy margins. .

利潤率非常健康。 。

That's a good way to end. We are out of time. So thank you, everybody, for your time, and we will be talking to you all as we go through the quarter and shop on Etsy for all your gifting needs.

這是一個很好的結束方式。我們沒時間了。謝謝大家抽出寶貴的時間，我們將在本季度與大家交談，並在 Etsy 上購物，滿足您所有的禮物需求。

Thank you.

謝謝。

Thank you.

謝謝。