ETSY Inc (ETSY) 2024 Q2 法說會逐字稿

Hi, everyone, and welcome to Etsy's Q2 2024 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations. Today's prepared remarks have been prerecorded. Joining me today are Josh Silverman, CEO, and Rachel Glaser, CFO. Once we are finished with the presentations, we will take questions from our publishing sell side analysts on video.

大家好，歡迎參加 Etsy 2024 年第二季財報電話會議。我是投資者關係副總裁 Deb Wasser。今天準備好的發言稿已預先錄製。今天加入我的是執行長喬許·西爾弗曼 (Josh Silverman) 和財務長雷切爾·格拉澤 (Rachel Glaser)。一旦我們完成演示，我們將透過視訊回答發布賣方分析師的問題。

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business, and our operating results as noted in the slide deck posted to our website for your reference. Our actual results may differ materially.

請記住，我們今天的言論包括與我們的財務指導、業務和經營業績相關的前瞻性陳述，如我們網站上發布的幻燈片所示，供您參考。我們的實際結果可能存在重大差異。

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 may 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可能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 both GAAP and non GAAP financial measures, which are reconciled to GAAP financial measures in today's earnings press release or slide deck posted on our IR website along with the replay of this call.

此外，在電話會議期間，我們還將介紹GAAP 和非GAAP 財務指標，這些指標與今天的收益新聞稿或我們的IR 網站上發布的幻燈片以及本次電話會議的重播中的GAAP 財務指標進行了協調。

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. We're pleased that Etsy's consolidated results came in at the high end or ahead of our guidance. GMS was $2.9 billion, down about 2.1% year-over-year on a consolidated basis. Revenue grew 3% to $648 million and we posted a very healthy adjusted EBITDA margin of approximately 28%.

謝謝，黛布。大家下午好。我們很高興 Etsy 的綜合業績達到了高端或超越了我們的指導。 GMS 為 29 億美元，合併後年減約 2.1%。營收成長 3%，達到 6.48 億美元，調整後 EBITDA 利潤率非常健康，約 28%。

Etsy marketplace GMS was down about 3.2% year-over-year, a 210 basis point improvement from our Q1 performance of negative 5.3%. Etsy marketplace's record high level of approximately 92 million active buyers held up very well in another challenging quarter for our type of goods.

Etsy 市場 GMS 年減約 3.2%，比第一季負 5.3% 的表現提高了 210 個基點。 Etsy 市場約 9,200 萬活躍買家的創紀錄高水準在我們商品類型的另一個充滿挑戰的季度中保持得很好。

While we continue to face stiff macro headwinds, we're making meaningful improvements to the customer experience, which we believe are beginning to inflect the curve along our journey to get Etsy back to growth.

雖然我們繼續面臨嚴峻的宏觀阻力，但我們正在對客戶體驗進行有意義的改進，我們相信這將開始改變我們使 Etsy 恢復成長的旅程的曲線。

We also announced today that Rachel is planning to retire. She's been a strategic partner and a key to the tremendous success Etsy has achieved since 2017. I believe every CFO wants to be measured on results, and Rachel has so much to be proud of in that regard.

我們今天也宣布雷切爾計劃退休。她一直是戰略合作夥伴，也是 Etsy 自 2017 年以來取得巨大成功的關鍵。

Beyond the numbers, Rachel leads with optimism and heart, helping craft our culture and our team's operational excellence. She's built a strong team, and I'm grateful she chose Etsy to serve as the culmination of her impressive career.

除了數字之外，Rachel 還以樂觀和熱情的態度領導我們，幫助打造我們的文化和團隊的卓越營運。她建立了一支強大的團隊，我很感激她選擇 Etsy 作為她令人印象深刻的職業生涯的頂峰。

Our entire community will continue to benefit from the impact she's made. We're going to have some more time together, and we'll stay focused on driving Etsy's success. You'll all have ample time to chat with her over the coming months as we launch a search for her successor, and, of course, we'll share updates with you at the appropriate time.

我們的整個社區將繼續受益於她所產生的影響。我們將有更多的時間在一起，我們將繼續專注於推動 Etsy 的成功。在接下來的幾個月裡，當我們開始尋找她的繼任者時，你們都有充足的時間與她聊天，當然，我們會在適當的時候與你們分享最新消息。

As a reminder, our key focus for 2024 is to continue to build consideration for Etsy to help buyers think of us more often by making it easier to find the best stuff, driving association that there are great deals on Etsy, and making shopping on Etsy more convenient. We're working to make Etsy more of a go-to shopping destination and in particular, to really lean into what makes Etsy different and special.

提醒一下，我們2024 年的重點是繼續提高Etsy 的關注度，讓買家更容易找到最好的東西，推動人們在Etsy 上有超值優惠，並在Etsy 上購物，從而幫助買家更頻繁地想到我們更方便。我們正在努力讓 Etsy 成為一個首選購物目的地，特別是真正了解 Etsy 的與眾不同和特別之處。

And we're making excellent progress in our bold initiatives to do just that. As you know, we've evolved our way of working in 2024 to shift some of our focus from building incrementally better customer experiences to investing in the creation of more big bang, truly engaging experiences and moments on-site and off.

為此，我們的大膽舉措正在取得巨大進展。如您所知，我們已經改進了 2024 年的工作方式，將我們的重點從逐步構建更好的客戶體驗轉向投資於創造更多爆炸性的、真正引人入勝的現場和場外體驗和時刻。

Since 2017, Etsy's operating model has been quite unique and that teams were tasked to bank GMS in a very disciplined way to drive valuable incremental improvements to the customer experience. This worked extremely well for us and, I believe, has been a key contributor to our remarkable success, including being able to maintain a very large part of our extraordinary pandemic gains.

自 2017 年以來，Etsy 的營運模式非常獨特，團隊的任務是以非常嚴格的方式管理 GMS，以推動對客戶體驗進行有價值的漸進式改進。這對我們來說非常有效，而且我相信，這是我們取得巨大成功的關鍵因素，包括能夠維持我們在疫情期間取得的非凡成果的很大一部分。

Given our much larger scale and the increasingly crowded and promotional e-commerce landscape, we're now allocating a significant portion of our efforts to bold, integrated initiatives that combine product improvements and marketing in novel ways. We're working backwards from what great customer experiences look like and are laser-focused on driving buyer engagement, not just conversion.

鑑於我們的規模更大，而且電子商務環境日益擁擠和促銷，我們現在將很大一部分精力用於大膽的綜合舉措，以新穎的方式將產品改進和營銷結合起來。我們正在從卓越的客戶體驗的本質出發，專注於推動買家參與，而​​不僅僅是轉換。

I'm really excited to update you about how this new way of working is driving the success of several key 2024 initiatives, including in gifting, our work to highlight quality on Etsy, plans for our new Etsy Insider Loyalty program, and work to make our Etsy app the center of our customer experience.

我很高興向您介紹這種新的工作方式如何推動 2024 年多項關鍵舉措的成功，包括禮品贈送、我們在 Etsy 上突出質量的工作、我們新的 Etsy 內部忠誠度計劃的計劃以及努力使我們的Etsy 應用程式是我們客戶體驗的中心。

Starting with gifting, which is proving to be a winning theme. Better on-site gifting experiences, combined with clear and engaging marketing initiatives for seasonal and evergreen gifting, and specific campaigns for product innovations, such as our new gift teaser video messages, worked together to deliver excellent second quarter performance in this strategic investment area.

從送禮開始，事實證明這是一個成功的主題。更好的現場禮品體驗，結合針對季節性和常青禮品的清晰且引人入勝的營銷計劃，以及針對產品創新的具體活動（例如我們的新禮品預告視頻信息），共同在這一戰略投資領域實現了出色的第二季業績。

Sitewide GMS for purchases identified as gifts grew 4% on a year-over-year basis and significantly outperformed the overall Etsy marketplace. Further, Etsy's gifting performance surpassed that of the pure play competitors we've been tracking for benchmarking purposes, and our US Mother's Day, Father's Day, and graduation performance meaningfully outpaced the NRF's forecasted performance for these events. Video gift teaser messages weren't our only product innovation in the second quarter.

全站 GMS 中被認定為禮品的購買量年增 4%，明顯優於整個 Etsy 市場。此外，Etsy 的送禮表現超過了我們出於基準測試目的而一直追蹤的純粹競爭對手，而且我們在美國母親節、父親節和畢業典禮上的表現明顯超過了 NRF 對這些活動的預測表現。視訊禮品預告資訊並不是我們第二季唯一的產品創新。

We launched gift lists and reminders, allowing you to track ideas you have for a loved one's special event, and then, of course, reminding you to make the purchase. And new occasion pages, curated for things like anniversaries, birthdays, and so on. In addition to GMS growth, we're utilizing monthly US buyer surveys to gauge the impact of our gifting strategies, and this data shows a significant year-over-year increase in prompted consideration of Etsy for gifts.

我們推出了禮物清單和提醒，讓您可以追蹤您對親人的特殊活動的想法，然後當然會提醒您進行購買。還有新的場合頁面，專為週年紀念日、生日等而策劃。除了 GMS 成長之外，我們還利用每月的美國買家調查來評估我們的禮品策略的影響，該數據顯示，促使考慮 Etsy 贈送禮品的人數逐年顯著增加。

We're also tracking an increase in perceptions that Etsy makes it easy to find a great gift. Of course, gifting initiatives will remain front and center as we move into the all-important holiday season. Moving on to bold initiatives we're making in quality to ensure we highlight the very best of Etsy, differentiating ourselves in a sea of commoditized merchandise.

我們還發現，越來越多的人認為 Etsy 可以輕鬆找到精美禮物。當然，隨著我們進入最重要的節日季節，送禮活動仍將是首要和中心。接下來，我們在品質方面採取了大膽的舉措，以確保我們突出 Etsy 的最佳產品，從而在商品化的商品海洋中脫穎而出。

We stand for keeping commerce human, and we have an enormous conviction that doing this in a way that no one else can is our most important competitive advantage, and that these initiatives represent a tremendous unlock for buyer consideration.

我們主張保持商業人性化，我們堅信以一種其他人無法做到的方式做到這一點是我們最重要的競爭優勢，而這些舉措代表了買家考慮的巨大釋放。

We mentioned on our last call that we're using large language models and GenAI techniques to better understand both the shopping mission you're on, as well as our seller's inventory along these four key focus areas, suppressing and removing items that violate our policy, upranking better quality listings and search and recommendations, and better curating and organizing our marketplace.

我們在上次電話會議中提到，我們正在使用大型語言模型和GenAI 技術來更好地了解您正在進行的購物任務，以及我們的賣家在這四個關鍵重點領域的庫存，從而抑制和刪除違反我們政策的商品，提升更優質的清單、搜尋和推薦的排名，並更好地策劃和組織我們的市場。

I'm extremely proud to report on the fantastic progress our search team is making to move beyond our historical focus on solving for relevancy in search, when you know what you want and can't find it anywhere else, to new initiatives meant to also highlight the best of Etsy and feature the incredible diversity and uniqueness of our sellers' merchandise.

我非常自豪地報告我們的搜尋團隊正在取得的巨大進展，超越了我們歷史上專注於解決搜尋相關性的問題，當您知道自己想要什麼並且在其他地方找不到它時，我們採取了新的舉措突出 Etsy 的精華，並展示我們賣家商品的令人難以置信的多樣性和獨特性。

In the past, our search algorithms ranked each listing individually based on likelihood to convert, which often resulted in buyers seeing far too many similar items rather than a more holistic set. Here's some powerful data. We roughly cut in half the percentage of searches where a high percentage of listings seen on page one are from a single seller.

過去，我們的搜尋演算法會根據轉換的可能性對每個清單進行單獨排名，這通常會導致買家看到太多相似的商品，而不是更全面的集合。這裡有一些強大的數據。如果第一頁上看到的大部分清單來自單一賣家，我們將搜尋百分比大致減少一半。

We reduced the percentage of searches that have two or more listings that may appear identical by over 70%. We're incredibly excited about what this might mean for future visitation, as buyers see a more diverse and higher quality set of listings each time they visit Etsy.

我們將兩個或多個可能看起來相同的清單的搜尋百分比減少了 70% 以上。我們對這對未來的訪問意味著什麼感到非常興奮，因為買家每次訪問 Etsy 時都會看到更多樣化、更高品質的清單。

In addition to helping buyers, these initiatives also support our sellers, given how important it is that we nurture the best of Etsy across our seller base. Our latest search experiments resulted in approximately 70% of shops having more visibility in search, with the share of search impressions from small and medium shops increasing by nearly 30%. Later this summer, we'll empower sellers by giving them more agency and actionable insights than ever before into factors like listing quality and completeness that can impact how they show up in search.

除了幫助買家之外，這些措施還支持我們的賣家，因為我們在賣家群體中培養 Etsy 的最佳人才非常重要。我們最新的搜尋實驗結果顯示，約 70% 的商店在搜尋中的曝光率更高，其中中小型商店的搜尋印象份額增加了近 30%。今年夏天晚些時候，我們將透過為賣家提供比以往更多的代理商和可操作的見解來幫助賣家了解清單品質和完整性等可能影響他們在搜尋中顯示方式的因素。

Connected to this work and to further allow our sellers unique items to shine, we've made some bold changes to our marketplace to reinforce who Etsy is so that everyone who comes to Etsy understands why we're different and special. We know that people love what Etsy represents as a marketplace that offers original items made by real people and that being a place that supports small businesses and offers original goods are Etsy's top drivers for consideration and relevance.

與這項工作相關，為了進一步讓我們的賣家獨特的商品大放異彩，我們對我們的市場進行了一些大膽的改變，以強化Etsy 的形象，以便每個來到Etsy 的人都了解我們為何與眾不同和特別。我們知道，人們喜歡 Etsy 所代表的市場，即提供由真人製作的原創商品的市場，並且支持小型企業並提供原創商品是 Etsy 考慮度和相關性的首要驅動力。

Yet in the past, the label handmade was the default, applied to any listing which wasn't vintage or craft supplied, even while our policies allow for the inclusion of items that were designed or personalized by the seller, but not made with their own hands. This lack of distinction could be confusing for both buyers and sellers.

然而在過去，手工製作的標籤是默認的，適用於任何非復古或工藝品提供的列表，即使我們的政策允許包含由賣家設計或個性化但不是由他們自己製作的物品手。這種缺乏差異可能會讓買家和賣家都感到困惑。

So on July 9th, we announced a series of updates to our listing labels to be clearer about why items belong on Etsy and elevating the role of the seller in the making process. We've labeled virtually all of Etsy's listings along four creativity standards:

因此，7 月 9 日，我們宣布對清單標籤進行一系列更新，以更清楚地說明商品為何屬於 Etsy，並提升賣家在製作過程中的作用。我們幾乎按照四個創意標準對 Etsy 的所有清單進行了標記：

One, physical items made by a seller by hand, or using personal or computerized tools.

一是由賣家手工或使用個人或電腦工具製作的實體商品。

Two, items designed by a seller using their own designs, yet produced by a production partner.

第二，由賣家使用自己的設計設計但由生產合作夥伴生產的商品。

Three, hand-picked items, which can include vintage items, items from nature, and certain collections of items that a seller personally curated for sale.

三是精選物品，包括復古物品、自然物品以及賣家親自策劃出售的某些物品收藏。

And four, items sourced by a seller, specifically in the categories of craft supplies or party supplies, along with items that are personalized by the seller.

第四，賣家採購的物品，特別是工藝品或派對用品類別，以及賣家個人化的物品。

We've already seen lots of love from our sellers related to these new standards, with overall high engagement and positive sentiment in our community spaces. Many sellers even amplified the news and shared the campaign on their social media channels.

我們已經看到許多賣家對這些新標準的熱愛，在我們的社區空間中整體參與度很高，情緒積極。許多賣家甚至放大了這一消息，並在社交媒體頻道上分享了這項活動。

In the spirit of moving boldly as we make these meaningful changes to highlight the quality, diversity, and differentiation of our sellers' most unique inventory, and feature the seller's role in the creation of each item, we simultaneously launched a 360 degree marketing campaign touching owned, earned, and paid channels to reinforce Etsy's quality, originality, and humanity. When you shop many of our competitors, you don't know who or where you're buying from.

本著大膽行動的精神，我們做出了這些有意義的改變，以突出我們賣家最獨特庫存的品質、多樣性和差異化，並突出賣家在每件商品創建中的作用，我們同時推出了360度行銷活動擁有、贏得和付費的管道，以增強 Etsy 的品質、原創性和人性化。當您在我們的許多競爭對手那裡購物時，您不知道從誰或哪裡購買。

With Etsy, the sweater is stitched by Jessica. The glassware is handmade by Chad. And the table is built by Tiffany. Our new social creative tells a deeper story on the role of our sellers and their love for their craft. We've created dozens of assets that range in style based on the audience, platform, and goal. Here's our new hero brand spot for TV, streaming, and YouTube, which shines a spotlight on what makes our sellers so magical.

這件毛衣是由 Jessica 在 Etsy 上縫製的。玻璃器皿是乍得手工製作的。這張桌子是蒂芬妮製作的。我們新的社交創意講述了關於我們的賣家的角色和他們對自己的手藝的熱愛的更深入的故事。我們根據受眾、平台和目標創造了數十種風格各異的資產。這是我們針對電視、串流媒體和 YouTube 的新英雄品牌廣告，它重點關注了我們的賣家為何如此神奇。

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The team and I couldn't be more excited about the changes we've made and how we're telling the world about them. Note that this is just one, albeit large, step in our quality journey, with much more to come. I firmly believe that we will look back at this initiative as one of the most important factors which reignited Etsy's growth.

我和團隊對我們所做的改變以及我們如何向世界講述這些改變感到無比興奮。請注意，這只是我們品質之旅中的第一步，儘管是很大的一步，未來還會有更多的一步。我堅信，回顧這項舉措，我們將把它視為重新點燃 Etsy 成長的最重要因素之一。

We mentioned last quarter that we're making significant investments in our app to engage our existing active buyers, capture more new buyers, and help encourage more engagement and browsing, which we believe will in turn convert into loyalty and sales.

我們在上個季度提到，我們正在對應用程式進行重大投資，以吸引現有的活躍買家，吸引更多新買家，並幫助鼓勵更多的參與和瀏覽，我們相信這將轉化為忠誠度和銷量。

Our app continues to lead both desktop and mobile web in terms of GMS growth and represented about 42% of the GMS in the second quarter, providing an excellent opportunity for low-cost, native traffic acquisition, particularly given it's our highest converting platform. We've launched and are leaning into optimizing our app store position, running paid ads for app downloads, featuring app download prompts on our mobile website, and utilizing our owned channels in CRM.

我們的應用程式在GMS 成長方面繼續領先桌面和行動網絡，在第二季度約佔GMS 的42%，為低成本、原生流量獲取提供了絕佳的機會，特別是考慮到它是我們轉換率最高的平台。我們已經推出並正在努力優化我們的應用程式商店地位，投放用於應用程式下載的付費廣告，在我們的行動網站上提供應用程式下載提示，並利用我們在 CRM 中的自有管道。

We're working to make the Etsy app our marquee customer experience, shifting most buyer usage to the app rather than mobile web or desktop, and drive frequency and engagement with lower intent shoppers who come just looking for ideas and inspiration, while continuing to convert buyers who are on a clear shopping mission.

我們正在努力使Etsy 應用程式成為我們的重要客戶體驗，將大多數買家的使用轉移到應用程式而不是行動網路或桌面，並提高那些只是尋找想法和靈感的低意向購物者的頻率和參與度，同時繼續轉換有明確購物使命的買家。

And speaking of frequency and engagement, I'm excited to unveil some details of our new buyer loyalty program, another bold move for Etsy in 2024. Etsy Insider will be launched invitation-only to a highly targeted group of occasional US buyers in beta form in mid-September.

說到頻率和參與度，我很高興公佈我們新的買家忠誠度計劃的一些細節，這是Etsy 在2024 年的另一項大膽舉措。偶爾買家群體推出。

We've accomplished a lot so far, including many rounds of research and competitive audits to inform our program and rollout. We've focused on developing key benefits for buyers that highlight both the emotional and the rational characteristics of Etsy's unique value proposition and are in the process of finalizing our pricing strategy for launch.

到目前為止，我們已經取得了許多成就，包括多輪研究和競爭性審計，為我們的計劃和推出提供資訊。我們專注於為買家開發關鍵利益，突出 Etsy 獨特價值主張的感性和理性特徵，並且正在最終確定我們的發布定價策略。

Our beta program is buyer fee based and will include free US domestic shipping on millions of items, item discounts, first access merchandise, and more. We'll test, learn, and iterate, and are optimistic that over time, Etsy Insider can be a needle mover, driver of buyer frequency and Etsy love.

我們的測試版計劃以買家付費為基礎，包括數百萬件商品的美國國內免費送貨、商品折扣、首次訪問商品等。我們將進行測試、學習和迭代，並樂觀地認為，隨著時間的推移，Etsy Insider 可以成為推動者、買家頻率和 Etsy 喜愛的推動者。

I've said before that I believe Etsy has more to gain from advances in AI than most of our e-commerce peers, especially given the incredible breadth and uniqueness of our seller's inventory. And we've been investing to unlock this value across almost every area of our business.

我之前說過，我相信 Etsy 比我們大多數電子商務同行能從人工智慧的進步中獲得更多收益，特別是考慮到我們賣家庫存的令人難以置信的廣度和獨特性。我們一直在投資，以在我們業務的幾乎每個領域釋放這一價值。

This slide highlights 20 plus use cases in product development alone. We're fortunate to be building upon a strong base with many years of investment in leading edge ML and data infrastructure talent and systems allowing us to move quickly. A key foundation of the discovery and engagement work I've discussed today has been powered by our investments in AI.

這張投影片重點介紹了僅產品開發中的 20 多個用例。我們很幸運，透過對領先的機器學習和數據基礎設施人才和系統的多年投資，建立了堅實的基礎，使我們能夠快速行動。我今天討論的發現和參與工作的關鍵基礎是我們對人工智慧的投資。

For example, to better curate merchandise to improve the buyer experience and drive GMS, we're making it easier for buyers to find quality listings for mid-price jewelry, known as demi fine, by having human experts determine what jewelry attributes are most important to a buyer's search, think material, gold purity, or hot trends, then utilizing GenAI to infer those attributes to create new search discovery modules and pathways, and incorporate this into on-site experiences such as landing pages.

例如，為了更好地策劃商品以改善買家體驗並推動 GMS，我們讓人類專家確定最重要的珠寶屬性，讓買家更輕鬆地找到中等價格珠寶（稱為「半精品」）的優質商品。根據買家的搜索，考慮材料、黃金純度或熱門趨勢，然後利用GenAI 推斷這些屬性以創建新的搜索發現模組和路徑，並將其合併到登陸頁面等現場體驗中。

While this search is very much in progress, these better on-site shopping experiences, combined with targeted marketing initiatives, such as tailored social media content, CRM efforts, and improved data feed curation for paid and organic search, contributed to a 9% year-over-year increase in GMS for demi fine jewelry in the quarter.

雖然這種搜尋正在取得很大進展，但這些更好的現場購物體驗，再加上有針對性的行銷舉措，例如客製化的社交媒體內容、CRM 工作以及改進的付費和自然搜尋資料來源管理，貢獻了9% 的年增長率-本季半高級珠寶的 GMS 年成長。

I'm really proud of the strides our team is making so far in 2024. We're confident we're working on the areas that will meaningfully impact Etsy in the months and years to come. We're leaning in more than ever to what makes Etsy, Etsy. We're nowhere near being as big or as successful as I believe we can be, nowhere near achieving our full potential. This is inspiring and motivating to us all.

我對我們團隊在 2024 年迄今所取得的進步感到非常自豪 我們相信，我們正在致力於的領域將在未來幾個月乃至數年對 Etsy 產生有意義的影響。我們比以往任何時候都更關注 Etsy 的本質。我們遠遠沒有達到我所相信的規模和成功程度，也遠未充分發揮我們的潛力。這對我們所有人都是鼓舞和激勵的。

I'll now turn the call over to Rachel.

我現在將電話轉給雷切爾。

Thanks, Josh, and thank you for joining our call. My commentary today will cover consolidated financial results, key drivers of performance, and Etsy marketplace standalone results where appropriate. As a reminder, we divested Elo7 on August 10, 2023, so please take that into consideration when you compare year-over-year consolidated results.

謝謝喬希，也謝謝您加入我們的電話會議。我今天的評論將涵蓋綜合財務業績、業績的關鍵驅動因素以及 Etsy 市場的獨立業績（如適用）。謹此提醒，我們已於 2023 年 8 月 10 日剝離了 Elo7，因此在比較同比綜合業績時請考慮到這一點。

Etsy's second quarter 2024 consolidated GMS was $2.9 billion, down approximately 2.1% year-over-year with a 20 basis point FX headwind. Revenue increased by 3% year-over-year to $648 million, and adjusted EBITDA was $179 million, representing a healthy 27.7% margin, up 130 basis points year-over-year and ahead of our guidance. Note that Elo7's divestiture resulted in small headwinds to GMS and revenue growth in the quarter that was modestly accretive to our consolidated adjusted EBITDA margin.

Etsy 2024 年第二季的綜合 GMS 為 29 億美元，年減約 2.1%，匯率不利因素為 20 個基點。營收年增 3%，達到 6.48 億美元，調整後 EBITDA 為 1.79 億美元，利潤率為 27.7%，年成長 130 個基點，高於我們的指引。請注意，Elo7 的剝離對 GMS 和本季的收入成長造成了輕微的阻力，這對我們的綜合調整後 EBITDA 利潤率略有增加。

The Etsy marketplace GMS continued to face ongoing headwinds from tough macroeconomic environment, yet results came in a bit better than we had anticipated, with the $2.5 billion in Etsy marketplace GMS representing a 3.2% decline on a year-over-year basis, and better than the 5.3% decline in the first quarter. In addition, strong Depop performance contributed a nice tailwind to consolidated GMS. I'll cover Etsy marketplace GMS performance in more detail later.

Etsy 市場 GMS 繼續面臨嚴峻的宏觀經濟環境帶來的持續阻力，但結果比我們預期的要好一些，Etsy 市場 GMS 的收入為 25 億美元，同比下降 3.2%，但比我們預期的要好一些。季度下降5.3%。此外，強勁的 Depop 性能為整合 GMS 帶來了良好的推動力。稍後我將更詳細地介紹 Etsy 市場 GMS 性能。

Our consolidated year-over-year revenue growth of 3% can be attributed to solid growth in our marketplace revenue, which increased 3.8% year-over-year, primarily driven by payments and offsite ads. We continued to drive Etsy Payments expansion with penetration of our payments platform now at about 98% of Etsy marketplace GMS.

我們的綜合收入年增 3%，可歸因於我們的市場收入的穩健成長，年增 3.8%，這主要是由支付和站外廣告推動的。我們繼續推動 Etsy Payments 擴張，目前我們的支付平台滲透率約為 Etsy 市場 GMS 的 98%。

We saw a nominal revenue increase from our new seller onboarding fee, which was rolled out in additional regions at the beginning of the second quarter. When combined with stronger trust and safety efforts, this new fee is helping to reduce fraudulent onboarding, protecting both our marketplace and existing sellers.

我們看到新賣家入會費帶來了名義收入的成長，該費用於第二季初在其他地區推出。與更強大的信任和安全措施相結合，這項新費用有助於減少欺詐性入職行為，保護我們的市場和現有賣家。

Consolidated services revenue grew by 1%, led by higher Depop shipping label and ads revenue, as Depop continued to drive shipping label adoption and improve the visibility of boosted ads on their marketplace. For the core Etsy marketplace, ads revenue growth moderated during the quarter as we comped Q2 of 2023, which featured strong growth from significant product optimization efforts.

由於 Depop 繼續推動運輸標籤的採用並提高增強型廣告在其市場上的可見度，在 Depop 運輸標籤和廣告收入增加的帶動下，綜合服務收入增長了 1%。對於核心 Etsy 市場，本季廣告收入成長放緩，與 2023 年第二季相比，顯著的產品優化工作帶來了強勁成長。

Nevertheless, Etsy Ads still saw modest year-over-year take rate expansion as we unlocked value for our sellers by refining our retrieval engines and ranking models to improve ad relevance. All in all, our consolidated take rate improved to 22%, above our guidance of approximately 21.6%, and above the 20.9% reported in the same period last year. This strong performance is primarily the result of previously mentioned marketplace revenue growth.

儘管如此，由於我們透過改進檢索引擎和排名模型來提高廣告相關性，為賣家釋放了價值，Etsy Ads 的採用率仍然出現了同比小幅增長。總而言之，我們的綜合利用率提高至 22%，高於我們約 21.6% 的指引，也高於去年同期報告的 20.9%。這種強勁的表現主要是前面提到的市場收入成長的結果。

Our second quarter consolidated adjusted EBITDA margin was about 28%, ahead of our guidance and up 130 basis points from last year. We gained leverage year-over-year on employee costs and costs of revenue, which was partially offset by a higher level of performance marketing investment this quarter.

我們第二季綜合調整後 EBITDA 利潤率約為 28%，高於我們的指引，比去年上升 130 個基點。我們在員工成本和收入成本方面比去年同期獲得了槓桿作用，但本季績效行銷投資水平較高，部分抵消了這一影響。

Just a quick note, you may have noticed in our PR that our second quarter net income was impacted by a non-income tax expense for digital services tax ruling in Canada, effective the end of June and retroactive to 2022. While this did not have an impact on our adjusted EBITDA results, it did impact our GAAP, G&A, and consolidated net income.

請注意，您可能在我們的 PR 中註意到，我們第二季度的淨利潤受到加拿大數位服務稅裁決的非所得稅費用的影響，該裁決於 6 月底生效並追溯至 2022 年。的EBITDA 業績產生了影響，但它確實影響了我們的GAAP、G&A 和合併淨利潤。

We continued to drive leverage within consolidated product development spend, which decreased 6% year-over-year to $114 million during the second quarter, primarily due to decreased employee compensation expense connected with our 2023 workforce reductions. You can see from the chart on the right that revenue per headcount for the Etsy marketplace continues to grow on a year-over-year basis and remains well above many of our peers, even those of significantly larger size and scale.

我們持續提高綜合產品開發支出的槓桿率，第二季年減 6% 至 1.14 億美元，這主要是由於與 2023 年裁員相關的員工薪資費用減少。從右圖可以看出，Etsy 市場的人均收入持續逐年增長，並且仍然遠高於我們的許多同行，甚至是那些規模和規模明顯更大的同行。

Second quarter consolidated marketing spend increased 10% year-over-year to $183 million. Most of this increase can be attributed to the Etsy marketplace where we leaned into ROI positive channels and expanded into mid-funnel and newer performance channels, particularly within paid social, which is the second largest performance channel behind PLA.

第二季綜合行銷支出較去年同期成長 10%，達到 1.83 億美元。這一成長的大部分可歸因於Etsy 市場，我們傾向於在該市場上投資回報率積極的管道，並擴展到中間漏斗和更新的績效管道，特別是在付費社交領域，這是僅次於PLA 的第二大績效管道。

The chart on the left shows how we have leaned further into paid social in the first half of this year, and we expect this trend will continue in the second half. Keep in mind that we believe that as we shift our mix towards paid social, this will support buyer retention and frequency more than new buyer acquisition, since a lot of our paid social advertising is retargeting existing buyers, and you see that reflected in the buyer metrics I'll outline shortly.

左圖顯示了今年上半年我們如何進一步向付費社交傾斜，我們預計這一趨勢將在下半年繼續下去。請記住，我們相信，當我們將組合轉向付費社交時，這將比新買家獲取更能支持買家保留和頻率，因為我們的許多付費社交廣告正在重新定位現有買家，並且您會看到這反映在買家身上我將很快概述這些指標。

In the second quarter, we also comped a period of lower investment in the prior year when testing across our performance channels temporarily reduced spend. As a reminder, revenue from our offsite ads program offsets more than a third of our performance marketing spend. Consolidated brand spend declined 26% year-over-year and 42% sequentially as we pulled back in this area following our significant Q1 2024 marketing investment to support the launch of Gift Mode.

在第二季度，我們也對上一年投資較低的時期進行了比較，當時我們的績效管道測試暫時減少了支出。提醒一下，我們的站外廣告計畫的收入抵銷了我們效果行銷支出的三分之一以上。繼我們在 2024 年第一季為支持禮品模式的推出而進行大量行銷投資後，我們在這一領域進行了縮減，因此綜合品牌支出同比下降了 26%，環比下降了 42%。

Let's move now to our Etsy marketplace second quarter 2024 GMS and buyer metrics. We believe that the improved year-over-year GMS performance we saw versus our first quarter results can be attributed to two factors. First, about a third of the sequential acceleration can be attributed to tailwinds from the Easter holiday timing shift, which we noted was a headwind to our Q1 results.

現在讓我們來看看 Etsy 市場 2024 年第二季 GMS 和買家指標。我們認為，與第一季業績相比，我們看到的 GMS 業績同比改善可歸因於兩個因素。首先，大約三分之一的連續加速可歸因於復活節假期時間轉變的順風，我們注意到這是我們第一季業績的逆風。

Second, we believe the initiatives we've been investing in this year drove the remaining portion of the sequential improvement, demonstrated in part by stronger Mother's and Father's Day purchases this year, despite ongoing macro pressure on consumer discretionary product spending.

其次，我們認為，我們今年投資的舉措推動了環比改善的剩餘部分，部分原因是今年母親節和父親節的購買量增加，儘管非必需消費品支出持續面臨宏觀壓力。

From a geographic perspective, our GMS, excluding US domestic, declined slightly on a year over year basis, but improved about 120 basis points sequentially. We also saw some improved performance in a few of our categories, which as you may recall were all down on a year-over-year basis in Q1.

從地理角度來看，我們的 GMS（不包括美國國內）同比略有下降，但環比提高了約 120 個基點。我們也看到一些類別的表現有所改善，您可能還記得，第一季這些類別的表現均較去年同期下降。

You can see here that paper and party supplies was flat year-over-year and toys and games grew. In addition, year-over-year trends improved in Q2 2024 versus Q1 2024 in five of six categories. We are pleased to report that Etsy marketplace active buyers of approximately 91.5 million demonstrated continued resilience, growing 1% on a year-over-year basis and remaining roughly flat to the last quarter.

您可以在這裡看到紙張和派對用品同比持平，而玩具和遊戲則有所增長。此外，與 2024 年第一季相比，2024 年第二季六個類別中的五個類別的同比趨勢有所改善。我們很高興地報告，Etsy 市場活躍買家數量約為 9,150 萬，表現出持續的彈性，年增 1%，與上季基本持平。

Drilling down a bit, buyer metrics were a bit of a mixed bag. We reactivated over 6 million lapsed buyers in the quarter, up 8% year-over-year, and we added over 5 million new buyers. And while this metric is down 9% year-over-year, the decline moderated sequentially. Collectively, we added approximately 12 million new and reactivated buyers. Habitual buyers decreased by 3% year-over-year. However, our retention rate of habitual buyers was slightly better on a year-over-year basis.

深入研究一下，買家指標有點魚龍混雜。本季我們重新啟動了超過 600 萬個失效買家，年增 8%，並增加了超過 500 萬新買家。儘管該指標年減 9%，但降幅逐年放緩。我們總共增加了約 1200 萬新買家和重新啟用的買家。習慣性買家較去年同期下降3%。然而，我們的老買家保留率比去年同期略有提高。

Lastly, GMS per active buyer was down 3.2% in the quarter to $124, continuing to show signs of stabilization on a sequential basis. In totality, we believe these metrics continue to indicate that Etsy remains highly relevant to tens of millions of consumers who come to us despite tight discretionary budgets, albeit spending a bit less because we fill a need like no one else.

最後，本季每個活躍買家的 GMS 下降 3.2% 至 124 美元，繼續顯示出環比穩定的跡象。總的來說，我們相信這些指標繼續表明，儘管可自由支配的預算緊張，但Etsy 仍然與數以千萬計的消費者高度相關，儘管我們的支出有所減少，因為我們滿足了與其他人不同的需求。

Depop continues to be a source of growth and opportunity in the re-commerce apparel sector. They delivered very strong year-over-year GMS growth, driven once again by the US market. Depop removed selling fees for sellers based in the US effective July 15 and introduced a small buyer marketplace fee, a change designed to empower sellers to earn more from their wardrobes, offer improved value and choice for buyers, and make it easier for people to take their first steps into secondhand. The evolved fee structure follows similar changes made in the UK market earlier this year.

Depop 仍然是服飾電子商務產業成長與機會的來源。在美國市場的推動下，他們的 GMS 年成長非常強勁。 Depop 自7 月15 日起取消了美國賣家的銷售費用，並引入了小額買家市場費用，這項變更旨在讓賣家能夠從自己的衣櫃中賺取更多收入，為買家提供更高的價值和選擇，並讓人們更容易購買他們邁出了二手的第一步。費用結構的演變遵循了今年稍早英國市場發生的類似變化。

And turning to Reverb, they continue to outpace the performance of the musical instrument sector and gain share by highlighting affordable music gear across the experience. For example, Reverb launched the Reverb Outlet in June, which showcases new and like new music gear sold at discounts of 20% or more from trusted and authorized retailers and brands.

轉向 Reverb，他們繼續超越樂器領域的表現，並透過在整個體驗中強調價格實惠的音樂裝備來獲得份額。例如，Reverb 在 6 月推出了 Reverb Outlet，展示來自值得信賴和授權的零售商和品牌的新和類似新音樂裝備，折扣率為 20% 或更多。

As of June 30th, we had $1.1 billion in cash, cash equivalents, and short and long-term investments. During the second quarter, we repurchased a total of $150 million in stock under our $1 billion June 2023 Board authorized repurchase program of which approximately $416 million remained available as of June 30th. Our capital light business model allowed us to deliver strong free cash flow this quarter of approximately $141 million.

截至 6 月 30 日，我們擁有 11 億美元的現金、現金等價物以及短期和長期投資。在第二季度，我們根據 2023 年 6 月董事會授權的 10 億美元回購計畫回購了總計 1.5 億美元的股票，其中截至 6 月 30 日仍有約 4.16 億美元可用。我們的輕資本業務模式使我們能夠在本季提供約 1.41 億美元的強勁自由現金流。

We also continued to convert approximately 90% of our adjusted EBITDA to free cash flow on a trailing 12-month basis. And you can see here how we have continued our commitment to return a significant portion of our free cash flow to shareholders through share repurchases into 2024.

我們也繼續將過去 12 個月的調整後 EBITDA 的約 90% 轉換為自由現金流。您可以在這裡看到我們如何繼續履行承諾，透過股票回購將大部分自由現金流返還給股東直至 2024 年。

Turning to our outlook. We are pleased to have already seen a modest acceleration in consolidated GMS from the first quarter to the second quarter of 2024, ahead of what we expected in May. Our guidance is that third quarter consolidated GMS will decline in the low single-digit range on a year-over-year basis.

轉向我們的展望。我們很高興地看到，從 2024 年第一季到第二季度，合併後的 GMS 略有加速，超出了我們 5 月的預期。我們的指引是，第三季綜合 GMS 將年減在較低的個位數範圍內。

As you know, consumer discretionary product spending trends remain volatile, with mixed signals about the health of the US consumer. So this guidance is based upon current expectations that the macro conditions which impact our business don't get worse from here. Q3 '24 consolidated take rate is currently estimated to be similar to the second quarter and remain relatively stable for the rest of the year.

如您所知，非必需消費品支出趨勢仍然不穩定，有關美國消費者健康狀況的訊號好壞參半。因此，該指導意見是基於當前的預期，即影響我們業務的宏觀條件不會從現在開始變得更糟。目前估計 24 年第三季的綜合利用率與第二季相似，並在今年剩餘時間內保持相對穩定。

And consolidated adjusted EBITDA margin will be approximately 27%. The sequential pressure on Q3 adjusted EBITDA Margin can primarily be attributed to three factors, a shift in timing of the cost of creative for our new seller-focused brand campaign, which moved from the second quarter into the third quarter. Two, continuing to lead into more exploratory marketing channels for the Etsy marketplace, including unlocking paid social.

綜合調整後 EBITDA 利潤率約 27%。第三季調整後 EBITDA 利潤率的連續壓力主要歸因於三個因素，即我們新的以賣家為中心的品牌活動的創意成本時間的變化，該活動從第二季度轉移到了第三季度。第二，繼續為 Etsy 市場引入更具探索性的行銷管道，包括解鎖付費社交。

And third, some select incremental hiring to support our app investments. We continue to expect that our full year 2024 consolidated adjusted EBITDA margin will be at least at the level of our 2023 performance as seasonal volume and cost efficiencies should benefit our fourth quarter margin this year.

第三，有些人選擇增量招募來支援我們的應用程式投資。我們仍預期 2024 年全年綜合調整後 EBITDA 利潤率將至少達到 2023 年業績水平，因為季節性銷售和成本效率應有利於我們今年第四季的利潤率。

The Etsy marketplace also historically has a larger share of revenue and adjusted EBITDA in Q4 relative to our subsidiaries, who are expected to continue to be about 300 basis points of headwind to the consolidated results.

從歷史上看，相對於我們的子公司，Etsy 市場在第四季度的收入和調整後 EBITDA 中所佔的份額也更大，預計子公司的綜合業績將繼續落後約 300 個基點。

In closing, I want to comment about my plans to retire from Etsy. It has been a privilege, an honor, and a joy to be Etsy's Chief Financial Officer. I could not be prouder of everything we have accomplished over the last seven years. Working alongside this accomplished executive team has been a capstone to my career and I want to especially acknowledge Josh, who for the past seven years has been equal parts partner, mentor, and friend, and who I know will be an important part of my life in the years ahead.

最後，我想談談我從 Etsy 退休的計劃。成為 Etsy 的財務長是一種榮幸、榮幸和快樂。我對過去七年我們所取得的一切感到無比自豪。與這個出色的管理團隊一起工作是我職業生涯的頂峰，我要特別感謝喬什，他在過去七年裡一直是平等的合作夥伴、導師和朋友，我知道他將成為我生活中的重要組成部分在未來的歲月裡。

And perhaps most importantly, enough can't be said about the spectacular finance team we have at Etsy. I truly stand on the shoulders of a world-class organization, and I am confident they will carry on without missing a beat once I have moved on. I'm excited to help identify and transition my responsibilities to a successor.

也許最重要的是，對於 Etsy 擁有的出色的財務團隊，我們無法用言語來形容。我真正站在世界級組織的肩膀上，我相信一旦我繼續前進，他們就會繼續前進，不會錯過任何節拍。我很高興能夠幫助確定我的職責並將其移交給繼任者。

And after that, I'll look forward to continuing Board service, including in my current role on the New York Times Board serving as their audit committee chair. My husband and I are looking forward to more travel and maybe a little more downtime, but be assured I will remain a habitual Etsy buyer and a huge champion of the company.

之後，我將期待繼續為董事會服務，包括目前在紐約時報董事會擔任審計委員會主席。我和我的丈夫期待更多的旅行，也許還有更多的休息時間，但請放心，我將仍然是 Etsy 的習慣買家和該公司的巨大擁護者。

I'm confident Etsy can continue our ambitious strategy for sustainable, profitable growth and advance our mission of keeping commerce human. It's bittersweet to be saying these words, but know my colleagues will deliver outstanding product and experiences for our buyers and sellers.

我相信 Etsy 能夠繼續實現可持續獲利成長的雄心勃勃的策略，並推進我們保持商業人性化的使命。說這些話是苦樂參半的，但我知道我的同事將為我們的買家和賣家提供出色的產品和體驗。

Thank you for your time today. I will now turn the call over to the operator to take your questions.

感謝您今天抽出時間。我現在將把電話轉給接線員回答您的問題。

(Operator Instructions)

（操作員說明）

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Hi, Jason.

嗨，傑森。

So, before I ask the question, I want to say this is probably where our third rodeo, so maybe there'll be a fourth. I think going back to, was it home.com or --

所以，在我問問題之前，我想說這可能是我們第三次牛仔競技表演的地方，所以也許還會有第四次。我想回到 home.com 還是——

Move, you're thinking of Move.

移動，你正在考慮移動。

No, but it probably moves home store, right?

不，但它可能會搬家商店，對嗎？

Yeah.

是的。

Anyway, so it's definitely been a blast over the years.

無論如何，這些年來這絕對是一場爆炸。

Thanks, Jason.

謝謝，傑森。

So, question. So, Josh, I want to dig into the new seller classification program. When do you think you'll be able to tell if ultimately when it improves buyer conversion, which then ultimately presumably gives you confidence to lean more into marketing and kind of just get the flywheel going. So that's just a timing question. Second, any thoughts on getting your sellers to raise their prices? Thanks.

那麼，問題。所以，喬什，我想深入研究新的賣家分類計劃。您認為您什麼時候才能知道最終是否會提高買家轉換率，這最終可能會讓您有信心更多地投入行銷並讓飛輪運轉起來。所以這只是一個時間問題。其次，對於讓賣家提高價格有什麼想法嗎？謝謝。

On the first one, I actually not sure it'll raise conversion. I hope it'll raise frequency. So our search engine right now is really optimized for conversion, which is why we have historically shown you, for example, multiple very similar variants of an item. If the black box algorithm thinks the most likely thing you're going to buy is this, it might show you eight variants of roughly the same thing.

對於第一個，我實際上不確定它會提高轉換率。希望能提高頻率。因此，我們的搜尋引擎現在確實針對轉換進行了最佳化，這就是為什麼我們歷來向您展示某個專案的多個非常相似的變體。如果黑盒子演算法認為您最有可能購買的東西是這個，它可能會向您顯示大致相同的東西的八種變體。

And if that's actually what you wanted for the 2% or 3% of people who are really ready to buy that thing, that was a great experience and drives conversion. But what about the other 97% percent who really weren't necessarily ready to buy? We would be much better served to show them a broader variety of things so that they understand everything we have on offer, whether they're going to buy this session or come back more often.

如果這確實是您想要的 2% 或 3% 真正準備購買該產品的人的需求，那麼這就是一次很棒的體驗並能推動轉換。但另外 97% 的人確實還沒準備好要買呢？我們會更好地向他們展示更多種類的東西，以便他們了解我們所提供的一切，無論他們是要購買這個課程還是更頻繁地回來。

So I think what we're going to end up with now, dramatic improvements in the diversity of items we're showing on Etsy, the diversity of sellers we're showing on Etsy, I think is going to drive a lot more people to say, wow, there's a lot more stuff for sale than I realized, there's more categories of items for sale than I realized, and they're going to come back more often.

所以我認為我們現在最終會得到的結果是，我們在 Etsy 上展示的商品的多樣性、我們在 Etsy 上展示的賣家的多樣性的顯著改善，我認為這將促使更多的人說，哇，待售的東西比我想像的要多得多，待售物品的類別比我想像的要多，而且它們會更頻繁地回來。

That's what I'm really excited about. In terms of getting sellers to raise their prices, we're a marketplace, and sellers set their own prices, and we're not telling them how to price. We do give them market information to help them price. I think the more we can do to emphasize the humanity of Etsy and the Etsy seller, the artisanal craft role that was played, the more we can give the seller her rightful pricing power.

這就是我真正興奮的事情。在讓賣家提高價格方面，我們是一個市場，賣家自己設定價格，我們不會告訴他們如何定價。我們確實向他們提供市場資訊以幫助他們定價。我認為，我們越能強調 Etsy 和 Etsy 賣家的人性以及所扮演的手工藝角色，我們就越能賦予賣家應有的定價權。

And so you should expect to see in Etsy in the quarters to come us doing more and more to center the seller, her role in the making process, things like video of her actually making the thing. So you really understand how artisanal the item is and that I think is going to really support our sellers and their pricing power. And I'm excited about it.

因此，你應該期待在 Etsy 中看到我們在接下來的幾個季度中會越來越多地以賣家為中心，以她在製作過程中的角色為中心，例如她實際製作東西的影片。所以你真正了解了商品的手工程度，我認為這將真正支持我們的賣家及其定價能力。我對此感到很興奮。

And just add a note to the frequency comment you made, because you asked about when it can get the flywheel going again. Increased frequency obviously drives up, what, life-time value. So we can actually get the marketing flywheel go in that way, more frequency is a good thing.

只需在您所做的頻率評論中添加一條註釋，因為您詢問何時可以讓飛輪再次運轉。頻率的增加顯然會提高生命值。所以我們實際上可以讓行銷飛輪以這種方式運轉，更多的頻率是一件好事。

Yeah.

是的。

Thanks, Jason. Operator, next question.

謝謝，傑森。接線員，下一個問題。

Jian Li, Evercore

李健，Evercore

Okay, I think that's me. Sorry, guys. Yeah, first, congrats, Rachel, on a really good run here. I just have a question on the shape of GMS growth recovery through the back half of the year. I guess like a couple of things, like how has macro changed versus three months ago? Has it gotten better or worse versus where you stood three months ago? And why wouldn't we expect GMS recovery to continue sequentially, given that you're leaning more into marketing in Q3 and all these product initiatives in the back half?

好吧，我想那就是我吧。對不起大家。是的，首先，恭喜瑞秋，在這裡表現得非常好。我只是想問一下今年下半年大湄公河次區域經濟成長復甦的情況。我想有幾件事，例如宏觀經濟與三個月前有何變化？與三個月前相比，情況是變得更好了還是更糟了？鑑於您在第三季度更加傾向於行銷以及後半段的所有這些產品計劃，為什麼我們不期望 GMS 恢復繼續下去？

I can start with the macro and that we're seeing -- I'd say it's been sort of tough sledding, pretty volatile. So when we look at external data, we see things going in a positive direction. We see things going in a negative direction. What we've experienced Q1 to Q2, it's probably about the same amount of pressure and the guidance that we gave says we expect about the same for the rest of the year.

我可以從宏觀開始，我們看到的是──我想說，這有點艱難，相當不穩定。因此，當我們查看外部數據時，我們看到事情正在朝著積極的方向發展。我們看到事情正在朝著消極的方向發展。我們從第一季到第二季經歷的壓力可能是相同的，我們給出的指導表明我們預計今年剩餘時間也會有同樣的壓力。

If it were to get worse, that would influence the forecast that we have. There's a lot of other mine chair events that are going on in addition to macro. So we had attempted presidential assassination. We had a pretty volatile -- pretty exciting and volatile democratic competition going on right now. We have Olympics, we have I think Wimbledon, World Cup and one other European soccer going all on the same at the same time and those things in addition to macro tend to influence our -- we've always talked about what we call the CNN effects, so it influenced our outcomes.

如果情況變得更糟，就會影響我們的預測。除了宏觀之外，還有許多其他礦椅活動正在進行中。所以我們試圖刺殺總統。我們現在正在進行一場非常不穩定的、非常令人興奮和不穩定的民主競爭。我們有奧運會，我認為溫布頓、世界盃和另一場歐洲足球比賽同時進行，除了宏觀因素之外，這些事情往往會影響我們——我們總是談論我們所說的 CNN影響，因此它影響了我們的結果。

So we're fighting against those things that go one direction, but in the meantime, we're really planning for a great Q4, particularly with investments in quality, as Josh just talked about, and Gift Mode, which keeps getting better and better with new product launches getting ready for the holiday season. So there's a lot to be excited about, just cautious with this environment.

因此，我們正在與那些單向發展的事情作鬥爭，但與此同時，我們確實正在計劃一個偉大的第四季度，特別是在質量方面的投資，正如喬希剛才談到的，以及禮物模式，它越來越好隨著新產品的推出，為假期做好準備。因此，有很多值得興奮的事情，但要對這種環境保持謹慎。

Okay. Thanks, Jian. Operator, next question.

好的。謝謝，簡。接線員，下一個問題。

Nathan Feather, Morgan Stanley

內森費瑟，摩根士丹利

Hey, everyone, and congrats, Rachel. It's been great working with you.

嘿，大家好，恭喜雷切爾。和你一起工作真是太好了。

Thanks, Nathan.

謝謝，內森。

A few quick questions on the new loyalty program going into beta. So first off, who's the primary customer you're targeting here? Is it primarily that repeat customer that maybe isn't habitual yet, but you think you could bring them over the line? And then can you talk through how you're thinking about pricing that program and the goals for profitability?

關於即將進入測試階段的新忠誠度計劃的幾個簡單問題。首先，您的主要目標客戶是誰？主要是那些可能還不太習慣的回頭客，但你認為你可以把他們帶過來嗎？然後您能否談談您如何考慮該計劃的定價以及盈利目標？

Great question. Yes, so all great questions So the target customer is people who shop only occasionally on Etsy. Think people who shop three or four times a year. And the idea is by having a paid loyalty program, once you're paying, you want to get value out of it.

很好的問題。是的，所有問題都很好。想想每年購物三到四次的人。這個想法是透過付費忠誠度計劃，一旦你付款，你就想從中獲得價值。

So the idea is, can we take those people and turn them into people who every time they're shopping for something, think, let me start on Etsy, start all of my shopping missions on Etsy, or many of my shopping missions on Etsy, we're particularly excited to test what would happen if shipping costs went away. And I want to be clear, Etsy is funding this.

所以我們的想法是，我們能否讓這些人在每次購物時思考，讓我從 Etsy 開始，在 Etsy 上開始我的所有購物任務，或者在 Etsy 上開始我的許多購物任務，我們特別興奮地測試如果運輸成本消失會發生什麼。我想澄清的是，Etsy 正在資助這項工作。

We're not asking the seller to fund this. And obviously the fees we will charge to the buyers will help fund it. But that's going to be a very interesting experiment. And then we're also leaning a lot into emotional rewards. So think deals and drops, special value and new product releases for customers. We think all of this, we can create something very exciting.

我們不會要求賣家為此提供資金。顯然，我們向買家收取的費用將有助於資助它。但這將會是一個非常有趣的實驗。然後我們也非常注重情緒獎勵。因此，請考慮為客戶提供優惠和降價、特殊價值和新產品發布。我們認為所有這一切，我們可以創造一些非常令人興奮的東西。

We don't have specific pricing that we're ready to announce yet, but we're thinking in the range of the cost of a latte per month kind of things. We know people are very value conscious right now. And again, we're not targeting our most loyal, most habitual buyers who already come to Etsy to shop for many, many of their missions. We're targeting more occasional shoppers and seeing if we can upgrade them. So we think something in the range of the cost of a latte is probably about right.

我們還沒有準備好宣布的具體定價，但我們正在考慮每月一杯拿鐵咖啡的成本範圍之類的事情。我們知道人們現在非常注重價值。再說一遍，我們的目標受眾並不是最忠誠、最習慣的買家，他們已經來到 Etsy 進行許多、許多任務的購物。我們的目標是更多偶爾購物的人，看看是否可以升級他們。所以我們認為一杯拿鐵咖啡的價格範圍內的價格可能是合適的。

And just, Josh said it in his prepared remarks, but it's an invitation-only beta right now. So it's a very limited group of people and then we'll learn and iterate from there.

只是，喬許在他準備好的演講中這麼說，但目前這是一個僅限邀請的測試版。所以這是一個非常有限的人群，然後我們將從那裡學習和迭代。

And you asked about profitability. Obviously, everything we do, we want to be profitable in time. I think in the beginning, we're going to test and learn on this one. And I think the program, I would expect the program to evolve.

您也詢問了盈利能力。顯然，我們所做的一切，我們都希望及時獲利。我認為一開始，我們將對此進行測試和學習。我認為該計劃，我希望該計劃能夠繼續發展。

I spent 4.5 years at American Express, which not only runs a massive loyalty program of its own membership rewards, but it partners with Delta and Starwood and so many other loyalty programs in a really deep way. So I've had a chance to look at the loyalty market for a long time.

我在美國運通工作了 4.5 年，該公司不僅經營自己的大規模會員獎勵忠誠度計劃，而且還與達美航空、喜達屋以及許多其他忠誠度計劃進行了深入的合作。所以我有機會長期關注忠誠度市場。

And typically these programs evolve and you learn a lot about how to make the economics work. And I expect we're going to be on a bit of a learning curve here. I'm really excited about that and I'm quite optimistic about what this can be in the future.

通常，這些程序會不斷發展，您會學到很多關於如何使經濟學發揮作用的知識。我預計我們會經歷一段學習曲線。我對此感到非常興奮，並且對未來非常樂觀。

Great, thank you. And yeah, we don't get invited because we're habitual.

太好了謝謝。是的，我們沒有被邀請，因為我們已經習慣了。

It's a de minimis impact to margins in 2024.

這對 2024 年的利潤率影響微乎其微。

Great. And looks like we have the next -- operator, you want to just introduce the next one?

偉大的。看起來我們有下一個 - 操作員，您想介紹下一個嗎？

Shweta Khajuria, Wolfe Research

Shweta Khajuria，沃爾夫研究中心

Hello. Thank you for taking my questions. Rachel, it's sad to see you go and I wish you all the best.

你好。感謝您回答我的問題。雷切爾，看到你離開我很難過，祝你一切順利。

Thank you.

謝謝。

But at least from my side, definitely will miss you. Two questions, please. One is, just at a high level, if you could talk about, Josh, what do you think is the most exciting as you think about all these different initiatives and everything that you're launching for 2025? There is a lot of concern around consumer spend pulling back around competition, et cetera.

但至少從我這邊來說，一定會想念你的。請教兩個問題。一是，從高層次來說，喬希，當您考慮所有這些不同的舉措以及您為 2025 年推出的所有舉措時，您認為最令人興奮的是什麼？人們對消費者支出因競爭而減少等問題有許多擔憂。

So what would you say to those who are doubting that there could be positive growth for next year? And then second is a follow up on the prior question actually, why did you decide on this strategy now on the subscription? And what was the reason for launching it now? Thank you.

那麼，對於那些懷疑明年能否實現正成長的人，您有什麼想說的呢？第二個實際上是對前一個問題的跟進，為什麼您現在決定在訂閱上採用此策略？現在推出它的原因是什麼？謝謝。

Great. Thanks, Shweta, and congrats on your new gig. It's nice to see you. Okay, two questions. The first is economic outlook and what am I excited about and why should we be excited for 2025? I guess I'd start with, if you ask five economists their opinion on 2025, you're going to get six opinions. So we're trying to control what we can control. And we can control having an amazing and highly differentiated customer experience.

偉大的。謝謝，Shweta，恭喜你的新演出。見到你很高興。好的，有兩個問題。首先是經濟前景，我對什麼感到興奮？我想我首先會說，如果你問五位經濟學家對 2025 年的看法，你會得到六種意見。所以我們正在努力控制我們能控制的事情。我們可以控制擁有令人驚嘆且高度差異化的客戶體驗。

So in a world where, it may feel like we're swimming upstream in the economy, I think first we're maintaining our position when swimming upstream. And I think we're getting a lot stronger for it, which is going to position us even better. And most importantly, we're not going to get pulled downstream. We're not going to be part of that race to the bottom. We're leaning into what makes Etsy even more Etsy.

因此，在一個可能感覺我們正在經濟逆流而上的世界裡，我認為首先我們要在逆流而上時保持我們的地位。我認為我們因此變得更加強大，這將使我們處於更好的位置。最重要的是，我們不會被拉向下游。我們不會參與這場逐底競爭。我們正在研究如何讓 Etsy 變得更加 Etsy。

We're leaning into differentiation. And I'm so excited about, if you ask me about the things we're doing in gifting, we're seeing some green shoots here that are really encouraging, the performance in Mother's Day, then Father's Day, then graduation. I'm encouraged that that strategy is showing some encouraging green shoots. I am really excited about the quality work that we're doing.

我們正在傾向於差異化。我很興奮，如果你問我我們在送禮方面所做的事情，我們會看到一些真正令人鼓舞的萌芽，在母親節、父親節和畢業典禮上的表現。令我感到鼓舞的是，該策略正在顯示出一些令人鼓舞的萌芽。我對我們正在做的高品質工作感到非常興奮。

When we say 50% fewer searches have a high preponderance from one seller. 70% fewer searches have multiple items that appear to be largely identical. I think that what that can do to the customer experience over time, we've done a ton in the past to suppress items that violate our policy. Now we're really focused on elevating the highest quality items on Etsy.

當我們說搜尋量減少 50% 時，來自某一賣家的搜尋量就很高。包含多個看起來基本上相同的項目的搜尋減少了 70%。我認為隨著時間的推移，這會對客戶體驗產生影響，我們過去已經做了很多工作來壓制違反我們政策的專案。現在，我們真正專注於提升 Etsy 上最高品質的商品。

Soon, we'll be launching to our sellers a dashboard showing them how we score the quality of their items and the quality of their service level, creating even more of a race to the top for sellers, so they have agency over how to rank higher in search. And that makes the buyer experience only better and better.

很快，我們將向賣家推出一個儀表板，向他們展示我們如何對他們的商品品質和服務品質進行評分，為賣家創造更多的競爭，這樣他們就可以決定如何排名搜尋量更高。這使得買家體驗變得越來越好。

I am super excited about elevating the very best of Etsy, letting our sellers shine, helping our buyers understand the role that the seller made in that process, and really differentiating Etsy. I think it's an exciting path, and I'm really encouraged by the early start we're on right now.

我非常興奮能夠提升 Etsy 的精華，讓我們的賣家大放異彩，幫助我們的買家了解賣家在此過程中所扮演的角色，並真正使 Etsy 脫穎而出。我認為這是一條令人興奮的道路，我們現在的起步讓我深受鼓舞。

And, Shweta, we're not giving 2025 guidance here, so the other part of your question was, do we see growth next year? We did show data on this call that talked about the categories where we see last quarter we were down in every one of our major categories along with many other competitors in each of those verticals. This quarter, we saw improvement in all of those categories except for one and two of them are actually flat and positive. So we're starting to see the green shoots that we want to see in the categories that are most important to us.

Shweta，我們不會在這裡給出 2025 年的指導，所以你問題的另一部分是，我們明年會看到成長嗎？我們確實在這次電話會議上展示了數據，這些數據涉及我們在上個季度看到的每個主要類別以及每個垂直領域的許多其他競爭對手都出現下滑的類別。本季度，我們看到所有這些類別都有所改善，除了其中一兩個類別實際上持平且積極。因此，我們開始在對我們最重要的類別中看到我們希望看到的萌芽。

I think there's a second question from Shweta which was, why loyalty now?

我認為 Shweta 提出的第二個問題是，為什麼現在要忠誠？

Why loyalty now? Consideration is a huge focus for us. People love the experience when they're on Etsy but they only think of us, they only, very often, I think a way to think of Etsy is we're the place to go when you can't find it anywhere else. And we've been amazing at that and we've gotten better and better at that. And you know what? If you want it and you know what you want, we have it at Etsy.

為什麼現在忠誠？考慮因素是我們的一個重點。人們喜歡在 Etsy 上獲得的體驗，但他們只想到我們，他們只是，很多時候，我認為看待 Etsy 的一種方式是，當你在其他地方找不到它時，我們就是你可以去的地方。我們在這方面一直令人驚嘆，而且我們在這方面做得越來越好。你知道嗎？如果您想要並且知道自己想要什麼，我們在 Etsy 上就有。

And we've gotten great at showing you it. And for a few years, there was a period of time when you couldn't find almost anything anywhere else. And we were the beneficiary. Since that time, we've done, I think, a remarkable job replacing almost all of that GMS with other GMS here at Etsy. But we want to move from being the place to go when you can't find it anywhere else at the end of your process to the beginning of your process. We want you to start at Etsy.

我們非常擅長向您展示它。幾年來，有一段時間你在其他地方幾乎找不到任何東西。我們是受益者。我認為，從那時起，我們做了一項了不起的工作，用 Etsy 的其他 GMS 替換了幾乎所有 GMS。但我們希望從流程結束時您在其他任何地方都找不到它時可以去的地方轉變為流程開始時的地方。我們希望您從 Etsy 開始。

I'm planning a wedding. I just had a baby. I'm redecorating my home. At the very beginning, we want you to start on Etsy. And we know we have so much opportunity there. And we've not been great there. We think we have an opportunity to become really great there. And I think that LLMs are going to really help organize this enormous corpus of listings we have to be understandable by humans, help to navigate it and make it a great starting point.

我正在籌辦婚禮。我剛生完小孩。我正在重新裝修我的家。一開始，我們希望您開始使用 Etsy。我們知道那裡有很多機會。我們在那裡的表現並不好。我們認為我們有機會在那裡變得非常偉大。我認為法學碩士將真正幫助組織這個龐大的清單語料庫，我們必須讓人類能夠理解，幫助導航它並使其成為一個很好的起點。

So a loyalty program is a way of saying, hey, join our loyalty program and start your commerce missions. We want you to pay a little bit of money every month. And now that you've made that commitment, we want you to think every time you're buying something online, why don't you start that mission on Etsy? We tested paid and free together.

因此，忠誠度計劃是一種說法，嘿，加入我們的忠誠度計劃並開始您的商業任務。我們希望您每個月支付一點錢。既然您已經做出了這項承諾，我們希望您每次在網路上購買商品時都思考一下，為什麼不在 Etsy 上開始這項使命呢？我們一起測試了付費和免費。

And if you launch them together, they tend to cannibalize. The free tends to cannibalize the paid. So we thought better to start with paid, not saying we would never do a free. I'm saying we're going to evolve. We're going to test. But our consumer research suggested if you're going to test, best to start with a paid program.

如果你一起發射它們，它們往往會互相蠶食。免費的東西往往會蠶食付費的東西。所以我們認為最好從付費開始，而不是說我們永遠不會做免費的。我是說我們會發展。我們要測試一下。但我們的消費者研究建議，如果您要進行測試，最好從付費程序開始。

Great. Thank you. Operator, next question.

偉大的。謝謝。接線員，下一個問題。

John Colantuoni, Jefferies

約翰·科蘭托尼，杰弗里斯

Hi. Thanks for the question. I just wanted to ask one on marketing. So on the performance marketing side, up 31%. I think that's the biggest increase since 2020. Given that that is currently significantly faster than the trajectory of GMS, just talk about what gives you confidence that once you recalibrate the trajectory of performance marketing to better balance growth and profitability, that you won't see a big pullback in GMS. Thanks.

你好。謝謝你的提問。我只是想問一個關於行銷的問題。所以在效果行銷方面，成長了 31%。我認為這是自2020 年以來最大的增幅。 ，您將不會GMS 出現大幅回呼。謝謝。

Can I start with -- first of all, last year in Q2, we did pull back on marketing spend because we were running incrementality tests during that quarter. So the base was sort of not a normal base. So that's one of the reasons for the growth in this year's Q2 marketing -- performance marketing spend. We also spent a bit of time talking about, we've been able to, and we've done this throughout to test our way into two new channels. And we will test for a while until we can optimize to get them ROI positive.

首先，去年第二季度，我們確實縮減了行銷支出，因為我們在該季度進行了增量測試。所以這個基地有點不正常。這就是今年第二季行銷成長的原因之一——績效行銷支出。我們也花了一些時間討論我們已經能夠做到這一點，並且我們一直在這樣做，以測試我們進入兩個新管道的方式。我們將測試一段時間，直到我們可以優化以獲得積極的投資回報率。

And we've been very happy and excited to see that on paid social and paid social video. Those are new channels for us and we've been able to bring them up to be ROI positive. And we showed a chart that shows that they're an increasing percentage of our total performance marketing spend. And that's not instead of PLAs and other existing channels, that's in addition.

我們非常高興和興奮地在付費社交和付費社交影片上看到這一點。這些對我們來說是新管道，我們已經能夠使它們帶來正面的投資報酬率。我們也展示了一個圖表，顯示它們在我們的績效行銷總支出中所佔的比例越來越大。這並不是取代 PLA 和其他現有管道，而是補充。

So we feel confident in those investments as well. And then the other things that we're testing is more markets outside of the US where we've seen really positive growth in some of the -- some of those countries that are non-core to our top six. And so that's -- some of those are in the phase of incubating them and optimizing them to get them ROI positive. And some of them are actually producing at this point. Do you want to take the second part of his question? The second part, John, was how do we have confidence that those are, I guess, not be dilutive to margins over time?

因此，我們對這些投資也充滿信心。然後，我們正在測試的其他事情是美國以外的更多市場，我們在其中一些國家中看到了真正的積極成長，其中一些國家不是我們前六名的核心國家。所以，其中一些正處於孵化和優化階段，以獲得積極的投資回報率。其中一些此時實際上正在生產。你想回答他問題的第二部分嗎？約翰，第二部分是我們如何確信這些不會隨著時間的推移而稀釋利潤？

Yeah, I mean, we always have a lot of discipline on, when we invest a dollar, are we getting a meaningful return back all the way down the marginal return curve? What I'm encouraged by right now is we're starting to make progress on paid social. And I think that's really helpful for us. And it's an area that we want to lean in. And when I talk about going from the place to go after you've looked everywhere else and you already know exactly what you want, that's really a PLA.

是的，我的意思是，當我們投資一美元時，我們總是有很多紀律，我們是否能沿著邊際回報曲線一路獲得有意義的回報？現在令我感到鼓舞的是我們在付費社交方面開始取得進展。我認為這對我們非常有幫助。這是我們想要深入的領域。

I know exactly what I'm looking for and I've searched for it in Google. To a much higher level use case like I'm generally planning a wedding, Meta, YouTube, these places are much better at these very high level generalized use cases. And the better we can get at targeting those users and then having a landing experience that's highly organized that takes you from mid-funnel consideration all the way down to here's the really the few items that make the most sense for you, all the way down to here's what you're going to want to buy, I think that unlocks a whole new opportunity for us.

我確切地知道我在尋找什麼，並且我已經在谷歌中搜尋過它。對於更高級別的用例，例如我通常計劃婚禮、Meta、YouTube，這些地方在這些非常高級別的通用用例方面要好得多。我們就能更好地定位這些用戶，然後擁有高度組織化的登陸體驗，讓您從漏斗中間的考慮一直到這裡真正對您最有意義的幾個項目，一路向下這就是您想要購買的東西，我認為這為我們開啟了一個全新的機會。

So I'm encouraged by the progress we're making in paid social. We're always going to have a strong eye for ROI. The other work that we're doing on quality for example on loyalty, on app centric, is really to make sure that once we've engaged you, we're really pushing to engage you in the app and then get you to come back again and again and build that frequency loop. And that's going to be another big unlock for us.

因此，我對我們在付費社交領域的進展感到鼓舞。我們始終會密切關注投資報酬率。我們在品質方面所做的其他工作，例如忠誠度，以應用程式為中心，是為了確保一旦我們吸引了您，我們就會真正推動您參與應用程序，然後讓您回來一次又一次地構建頻率環。這將是我們的另一個重大解鎖。

And just one last note is that we did reiterate that we expect our full year margins to be at least as high as last year's margins. So we have confidence in the way the marketing dollars are going to flow for the rest of the year for us to be able to achieve those margins.

最後一點是，我們確實重申，我們預計全年利潤率至少與去年的利潤率一樣高。因此，我們對今年剩餘時間的行銷資金流動方式充滿信心，以便我們能夠實現這些利潤。

Great. Okay. Fantastic. Next question, operator.

偉大的。好的。極好的。下一個問題，操作員。

Rick Patel, Raymond James

瑞克·帕特爾，雷蒙德·詹姆斯

Hey, guys. Nice to see you. Rachel, congrats on an amazing career. I'm sad for us, but really happy for you in your next chapter.

大家好。很高興見到你。雷切爾，恭喜你擁有出色的職業生涯。我為我們感到難過，但為你的下一篇章感到高興。

Thanks, Rick.

謝謝，瑞克。

Can you talk about your efforts to emphasize value on the marketplace? So, how are you working with sellers to communicate the importance of offering sharper price points and discounts. And secondly, how do you execute that in terms of making sure you put the right deals in front of the right buyers?

能談談您為強調市場價值所做的努力嗎？那麼，您如何與賣家合作，傳達提供更大幅度的價格點和折扣的重要性。其次，您如何執行以確保將正確的交易呈現在正確的買家面前？

Yeah. So, the efforts we've had in place in the past continue in terms of having a robust toolkit for sellers. So they can put their items on sale. They can offer discount to a returning customer. If you've left an item in checkout, they can offer you a coupon to get you to come back and close. And we see sellers continue to use and adopt those tools.

是的。因此，我們過去所做的努力仍在繼續，為賣家提供強大的工具包。這樣他們就可以出售他們的物品。他們可以為回頭客提供折扣。如果您在結帳時留下了某件商品，他們可以向您提供優惠券，以便您可以返回並關閉。我們看到賣家繼續使用和採用這些工具。

We have, for example, as part of the loyalty program, deals and drops, we're going to be highlighting things that we think are really cool value and really special value. We want to lean more into discovery on Etsy, where we highlight things we think are cool and we don't put all the effort on the buyer to have to have the keyword in mind already and search for it.

例如，作為忠誠度計劃、優惠和折扣的一部分，我們將重點放在我們認為非常酷的價值和非常特殊的價值。我們希望更多地關注 Etsy 上的發現，在這裡我們突出顯示我們認為很酷的東西，並且我們不會把所有的精力都放在買家身上，讓他們必須記住關鍵字並進行搜尋。

But the main thing I want to emphasize in this call is we're investing a lot more in the differentiation of Etsy. Who's the human behind the item and what was her role in the process and really elevating that. And I think there's a big opportunity in our user experience for us in the coming quarters to do a much better job centering the seller and her role.

但我在這次電話會議中想強調的主要事情是，我們正在 Etsy 的差異化方面投入更多資金。誰是該項目背後的人，她在這個過程中扮演了什麼角色，並真正提升了這一點。我認為，在接下來的幾個季度裡，我們的用戶體驗有一個很大的機會，可以更好地以賣家及其角色為中心。

Another good example you might want to do is just -- it was on the prerecord for the demifine.

您可能想要做的另一個很好的例子是——它是在 dedefine 的預記錄中。

Yeah. So, look, if we look at our jewelry category, jewelry under $10 is under a lot of pressure right now. And there was a period of time when malls were closed. And so you couldn't buy jewelry many other places and Etsy sold a lot of jewelry under $10, but jewelry under $10 might have $5 of shipping. It's not obvious that, buying it on Etsy is going to be the place where we're going to shine. And I'm not saying there isn't wonderful jewelry under $10 on Etsy.

是的。所以，如果我們看看我們的珠寶類別，10 美元以下的珠寶現在面臨很大的壓力。有一段時間商場都關門了。因此，您無法在其他許多地方購買珠寶，Etsy 出售許多低於 10 美元的珠寶，但 10 美元以下的珠寶可能需要 5 美元的運費。顯然，在 Etsy 上購買它會成為我們大放異彩的地方。我並不是說 Etsy 上沒有 10 美元以下的精美珠寶。

We have wonderful sellers who sell that. But demifine jewelry of let's say value between $1 and $200, we have amazing value there. And those items are growing quite nicely. For example, engagement rings on Etsy. You can buy a beautiful engagement ring made just for you, often to your specifications, for a price that's a fraction of what you'd pay in the mall.

我們有很棒的賣家出售這些產品。但是，假設珠寶的價值在 1 美元到 200 美元之間，我們在那裡擁有驚人的價值。這些項目成長得相當好。例如，Etsy 上的訂婚戒指。您可以購買一枚專為您訂製的精美訂婚戒指，通常符合您的規格，而價格只是您在商場支付的一小部分。

That's an area where we have real competitive differentiation. We have a real right to win, and we want to make sure that those sellers really get elevated and get a chance to shine. So we're leaning in a lot more there. It's another place actually to talk about LLMs. One of the challenges is we have such a diverse set of inventory there, that getting all of the attributes for all of those items labeled accurately has historically been a challenge for us.

這是我們真正具有競爭優勢的領域。我們擁有真正的獲勝權利，我們希望確保這些賣家真正得到提升並獲得發光的機會。所以我們在這方面投入更多。這是另一個真正談論法學碩士的地方。挑戰之一是我們擁有如此多樣化的庫存，準確標記所有這些物品的所有屬性歷來對我們來說是一個挑戰。

That's a task LLMs are doing quite well. So we've asked LLMs to go after our whole jewelry category and tell us what's the material, what's the carat, what's the weight of it. And it's doing quite a nice job and then allow us to do things like filter. What are the filters a customer would expect? How do we apply those attributes and create a more organized shopping experience starting in jewelry? And we're seeing LLMs there have a very nice effect.

這是法學碩士做得很好的任務。因此，我們要求法學碩士研究我們的整個珠寶類別，並告訴我們材質是什麼，克拉是多少，重量是多少。它做得非常好，然後允許我們做過濾之類的事情。客戶期望的過濾器是什麼？我們如何應用這些屬性並從珠寶開始創造更有條理的購物體驗？我們看到那裡的法學碩士有非常好的效果。

Great, thank you. Operator, next question.

太好了謝謝。接線員，下一個問題。

Chris Kuntarich, UBS

克里斯·昆塔里奇，瑞銀

Great, thanks for taking the question. Could you just talk about sustaining the '23 EBITDA margin for '24? Is this really just a '24 dynamic or is there really a willingness to revisit this against a different backdrop? And then, Josh, can we really zero in on the app?

太好了，感謝您提出問題。您能否談談維持 23 年 24 年的 EBITDA 利潤率？這真的只是 24 年的動態還是真的願意在不同的背景下重新審視這個問題？然後，喬什，我們真的可以將應用程式歸零嗎？

Who's using the app today? How does engagement maybe differ from buyers that were pre-COVID versus new buyers? 42% of GMS is a very material amount. Just any color you can kind of share on that. Thanks.

今天誰在使用該應用程式？新冠疫情前的買家與新買家的參與度有何不同？ 42%的GMS是一個非常重要的數量。您可以分享的任何顏色。謝謝。

So what we love about our model is that we have a very variable cost base relative to our fixed costs. So when we drive much higher GMS and revenue, a large percentage of that flows through to EBITDA. We demonstrated that for many quarters when we were in the peak of our pandemic wins that we were showing tremendous flow-through to the bottom line.

因此，我們喜歡我們的模型的一點是，相對於固定成本，我們的成本基礎非常可變。因此，當我們推動更高的 GMS 和營收時，其中很大一部分會流向 EBITDA。我們證明，在許多季度，當我們處於疫情勝利的巔峰時，我們顯示出巨大的盈利能力。

And since then we've continued to maintain the Etsy standalone margins. Most of the contraction we've seen has come from the addition of our subsidiary. So we've really kept both those things steady, the amount of contraction from our subsidiaries and the amount of Etsy margin. And we've been doing that in spite of flat to down GMS and modest increases in revenue.

從那時起，我們繼續維持 Etsy 的獨立利潤率。我們看到的大部分收縮來自於我們子公司的增加。因此，我們確實保持了這些方面的穩定，即我們子公司的收縮量和 Etsy 的利潤率。儘管 GMS 持平或下降且收入略有增長，但我們一直在這樣做。

So what we expect going into the last part of this year is we expect to see, we have a traditionally higher fourth quarter GMS and revenue because of holiday sales. So that happens against the backdrop of this relatively high variable cost base. So we see higher flow-through to bottom line during that period of time. And we see some things working in our favor versus last year where last year, for instance, we had the sequential from Q3 into Q4 on above-the-line spend, there was a bigger increase than we're expecting this year. Last year, we saw a higher cost of revenue related to fraud that we don't expect to see this year.

因此，我們預計今年下半年我們會看到，由於假日銷售，我們第四季的 GMS 和收入傳統上會更高。因此，這是在相對較高的可變成本基礎的背景下發生的。因此，我們在這段時間內看到了更高的利潤流入。與去年相比，我們看到一些事情對我們有利，例如去年，我們從第三季到第四季的線上支出連續成長，增幅比我們今年的預期更大。去年，我們發現與詐欺相關的收入成本較高，但預計今年不會發生這種情況。

And we've been working really hard on things like that in our trust and safety organization to make sure that we keep those costs as low as possible while also keeping our marketplace safe. So we feel very comfortable about the level of our margins. We are a very productive and very lean organization. We showed a slide in this deck that showed revenue per headcount.

我們在信任和安全組織中一直在努力進行此類工作，以確保我們盡可能降低成本，同時保持市場安全。因此，我們對我們的利潤水平感到非常滿意。我們是一個非常有效率且非常精簡的組織。我們在這個投影片中展示了一張投影片，顯示了每個人的收入。

And when we've been asked in the past about, why not reduce your costs even further to expand margins? We think if we did that, it would be at the cost of GMS and revenue because we are such a lean organization and we manage every single head in our product and engineering organizations for ROI positive results. So we feel pretty good about how we're managing our cost space and the profitability that we're delivering.

當我們過去被問到，為什麼不進一步降低成本以擴大利潤呢？我們認為，如果我們這樣做，就會以 GMS 和收入為代價，因為我們是一個精實組織，我們管理產品和工程組織中的每一個負責人，以獲得積極的投資報酬率結果。因此，我們對如何管理成本空間和所提供的獲利能力感到非常滿意。

Yeah, I mean, we haven't given forward guidance. I don't want to -- we're not going to give forward guidance. This is a team that has always cared about efficiency, has always cared about productivity. Every quarter in every year has been a quarter and a year of efficiency for this team. There's never been a year when we said, screw it, we don't care.

是的，我的意思是，我們還沒有給出前瞻性指導。我不想——我們不會提供前瞻性指導。這是一個一直關心效率、一直關心生產力的團隊。對於這個團隊來說，每年的每個季度都是一個高效率的一個季度和一年。從來沒有哪一年我們會說，管他的，我們不在乎。

And we want to make sure we're investing appropriately for the future. The margins in the core business are 30%. You can't find a marketplace of our size and scale with a margin anywhere close to that. And when you look at revenue per headcount, you've got to start looking at businesses that are multiples of ours, getting all of the fixed cost leverage that they get to get to comps like ours.

我們希望確保我們為未來進行適當的投資。核心業務的利潤率為30%。您找不到像我們這樣規模和利潤率的市場。當你查看人均收入時，你必須開始關注那些是我們的倍數的企業，獲得他們能夠獲得像我們這樣的公司的所有固定成本槓桿。

So I think it's a real testament to how much we have always cared about efficiency. And we want to make sure we're investing appropriately for the very large opportunity that we feel we have. And we're always thinking carefully about how to balance that to make the value grow as much as we possibly can for all of our stakeholders.

所以我認為這真正證明了我們一直以來對效率的重視。我們希望確保我們為我們認為擁有的巨大機會進行適當的投資。我們一直在仔細思考如何平衡這一點，以使我們的所有利益相關者的價值盡可能增長。

Do you want to squeeze in a quick answer to Chris's second question about the app? Who's using it and --

您想快速回答 Chris 關於該應用程式的第二個問題嗎？誰在使用它——

Absolutely. So it's about 42% of our GMS now. It's growing quarter-on-quarter. It's about 45% of our active users that have downloaded the app. But when a user downloads the app, they start visiting us a lot more often, and their lifetime value goes up. In fact, the most lifetime value accretive thing you can do with a user is get them to download the app.

絕對地。所以現在它大約占我們 GMS 的 42%。它正在逐季度增長。大約 45% 的活躍用戶下載了該應用程式。但是，當用戶下載應用程式時，他們會開始更頻繁地訪問我們，並且他們的生命週期價值也會上升。事實上，您可以對用戶做的最能增加終身價值的事情就是讓他們下載應用程式。

It skews a little more young app users, but otherwise, we had thought for a long time that the only people who are willing to use the app are our most habitual users. We've been finding lately that many first-time users are downloading the app before they've even bought anything.

它偏向了更多的年輕應用程式用戶，但除此之外，我們長期以來一直認為唯一願意使用該應用程式的人是我們最習慣的用戶。我們最近發現許多首次用戶在購買任何東西之前就已經下載了該應用程式。

So I think consumer behavior has really changed and we have an opportunity to make the onboarding and the app the first place and the centerpiece of your app experience where historically it's been a place that people have only been wanting to migrate once they've shopped on Etsy several times. I think that's very exciting for us.

因此，我認為消費者行為確實發生​​了變化，我們有機會將引導和應用程式作為應用程式體驗的首要位置和核心，而從歷史上看，這是人們只有在購物後才想遷移的地方埃西好幾次了。我認為這對我們來說非常令人興奮。

Okay, we are almost at time, but I'm going to let operator, let's get one more question in.

好的，我們差不多到時間了，但我要讓接線員再問一個問題。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特內森森。

Perfect. Thank you. Congrats again, Rachel. I hope you enjoy the time. Two quick questions if I can. And one, Rachel, to follow up on your comment about fraud, you've highlighted that as a gross margin headwind, I believe, in the 10-K.

完美的。謝謝。再次祝賀，雷切爾。我希望你享受這段時間。如果可以的話，我可以簡單問兩個問題。其中之一，Rachel，為了跟進您對欺詐的評論，您強調了這一點，我認為，這是 10-K 中的毛利率逆風。

So I was wondering if you could maybe quantify the effectiveness of the onboarding speed bump and how that's been a lift to gross margins and if it's something that we should expect going forward? And then my second question, I think, may be geared more towards Josh.

因此，我想知道您是否可以量化入職減速的有效性，以及這對毛利率的提升有何影響，以及我們是否應該期待未來的發展？我認為我的第二個問題可能更適合喬許。

And that's just talking maybe a little bit about the limiting factors for on-site ads. You've spoken that some sellers try to give you more money than you can allocate. Service revenue growth has decelerated, granted against tough comps. But just trying to think about the opportunity to grow that as a percentage of GMS or if we're at some type of structural limitation to the ad load? Thank you again for those two questions.

這只是談論了一些關於現場廣告的限制因素。您說過，有些賣家試圖給您超出您可以分配的金額。考慮到嚴峻的競爭情勢，服務收入成長已經放緩。但只是想考慮一下將其佔 GMS 的百分比增加的機會，或者我們是否面臨某種類型的廣告負載結構限制？再次感謝您提出這兩個問題。

On the fraud, I think, first I'll say, I don't think we're ever done. And I think all large marketplaces and all businesses that have subscription models or take credit cards in any way, they're all experiencing the same thing. So I think we've done a very effective job of getting our fraud rate, which mostly results in us refunding buyers because a seller has promised to ship something that was fraudulent, but they never ship. Sometimes it results in chargebacks or other things.

關於欺詐，我想，首先我要說的是，我認為我們還沒完成。我認為所有大型市場和所有擁有訂閱模式或以任何方式接受信用卡的企業都在經歷同樣的事情。因此，我認為我們在獲取詐欺率方面做得非常有效，這主要導致我們向買家退款，因為賣家承諾運送欺詐性的商品，但他們從未發貨。有時它會導致退款或其他事情。

So with the rate very high in Q4 of last year, what we learned is that these fraudsters lay in wait for Q4 season and then it becomes rampant. So we're, I think a lot more savvy than we were last year. We've done multiple things. Seller onboarding fee was one of many things and I think it's been honestly helpful. Did we give a stat?

因此，去年第四季的比率非常高，我們了解到這些詐欺者在第四季度就開始等待，然後就變得猖獗。所以我認為我們比去年更精明。我們已經做了很多事情。賣家入會費是眾多因素之一，我認為這確實很有幫助。我們給了統計數據嗎？

I'm sorry, I don't remember on the impact of the seller onboarding. But it's been modestly additive to revenue, but that's not the main reason we did it, it was really to create that speed bump for sellers onboarding but we've done many other things in a whole portfolio of getting very sophisticated in fraud and it's allowed us to reduce the reserves that we put in place for fraud, what -- our fraud forecasts have come down. So we think we're in great shape for Q4 and we're all hands on deck and eyes wide open for what they've been doing.

抱歉，我不記得賣家入職的影響。但這對收入有所增加，但這並不是我們這樣做的主要原因，這實際上是為了為賣家的入職創造減速帶，但我們在整個投資組合中做了許多其他事情，在欺詐方面變得非常複雜，這是允許的我們減少了針對詐欺的準備金，我們的詐欺預測已經下降。因此，我們認為第四季度我們的狀態很好，我們都全力以赴，對他們一直在做的事情睜大眼睛。

And on Etsy Ads, the rate of ad growth slowed, but actually take rate still modestly expanded as a result of Etsy Ads. So I continue to think there's a lot of opportunity in Etsy ads. As we've shared before, most of the sellers big enough to be using Etsy Ads are, some of them are giving us more budget than we can use. Some of them are giving us less budget than we can use. So nudging some of them to give us bigger budget is a lever.

在 Etsy Ads 上，廣告成長速度放緩，但實際上，由於 Etsy Ads，廣告投放率仍略有擴大。所以我仍然認為 Etsy 廣告有很多機會。正如我們之前分享的，大多數規模足夠大、可以使用 Etsy Ads 的賣家，其中一些給我們的預算超出了我們的使用範圍。其中一些給我們的預算比我們可以使用的預算要少。因此，推動他們中的一些人給我們更大的預算是一個槓桿。

The biggest lever continues to be picking the right ad to put in front of the right buyer because that's the win-win-win. It makes the buyer experience better. It keeps the seller ROAS high. And that's something we're always very focused on, making sure the sellers get money, get value for money on this advertising investment.

最大的槓桿仍然是選擇合適的廣告投放在合適的買家面前，因為這是三贏的結果。它使買家體驗更好。它使賣家的廣告支出回報率保持在高水準。這是我們一直非常關注的事情，確保賣家能賺錢，讓廣告投資物有所值。

And obviously it's great for shareholders. So we continue to get better at showing the right ad to the right buyer. And that's where we're going to continue to drive take rate up from the Etsy Ads product. And I think there is still plenty of room for us to continue. Just as our search engine keeps getting better, it's very related to the ads search engine, which is also going to continue to get better.

顯然這對股東來說是件好事。因此，我們不斷改進向合適的買家展示合適的廣告。這就是我們將繼續提高 Etsy Ads 產品的使用率的地方。我認為我們還有足夠的空間繼續前進。正如我們的搜尋引擎不斷變得更好一樣，它與廣告搜尋引擎密切相關，廣告搜尋引擎也將繼續變得更好。

Great, thank you. We went over by a few minutes. So I think we're going to call it.

太好了謝謝。我們走了幾分鐘。所以我想我們會打電話給它。

I just want to close by saying again, Rachel, it's been a wonderful partnership. I know we're not done. We'll continue working together until the next CFO is seated. But as I told you privately, you have left large small shoes to fill. I'm really grateful for it.

最後我想再說一遍，雷切爾，這是一次美妙的合作。我知道我們還沒完成。我們將繼續合作，直到下一任財務長就任為止。但正如我私下告訴你的那樣，你已經留下了大而小的鞋子來填補。我真的很感激。

Thank you. And likewise, it's been just a joy to be here.

謝謝。同樣，來到這裡也很高興。

She'll be here for a while and we'll see you all soon. So thank you all.

她會在這裡待一段時間，我們很快就會見到大家。謝謝大家。

Thank you.

謝謝。

Take care. Good night.

小心。晚安。