ETSY Inc (ETSY) 2024 Q3 法說會逐字稿

Hi, everyone, and welcome to Etsy's third-quarter 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, our CEO; and Rachel Glaser, our CFO. Once we have finished with the presentation, we'll take questions from our publishing sell-side analysts on video.

大家好，歡迎參加 Etsy 2024 年第三季財報電話會議。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。今天加入我的是我們的執行長 Josh Silverman；和我們的財務長 Rachel Glaser。演示結束後，我們將透過影片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.

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。

Our actual results may differ materially. Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-Q and which will be updated in future periodic reports that we file with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

我們的實際結果可能存在重大差異。前瞻性陳述涉及風險和不確定性，其中一些在今天的收益報告和我們最新的 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所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新這些陳述的義務。

Also during the call, we'll present both GAAP and non-GAAP financial measures, which are reconciled to GAAP financial measures in today's earnings press release or in our 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中的GAAP 財務指標進行了協調，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. We're pleased to have delivered solid consolidated revenue and profit despite a challenging GMS quarter for the Etsy marketplace with overall performance roughly in line with our guidance.

謝謝，黛布，大家下午好。儘管 Etsy 市場的 GMS 季度充滿挑戰，但我們仍然很高興能夠實現穩健的綜合收入和利潤，整體業績大致符合我們的指導。

Consolidated GMS was $2.9 billion, down about 4.1% year over year. Revenue grew 4.1% to $662 million, benefiting from continued take rate expansion, and we posted a very healthy adjusted EBITDA margin of approximately 28%. While Etsy marketplace GMS was down about 6% year over year, it's encouraging to see our active buyer levels remain solid at approximately $91 million. We maintained strong revenue flow-through and profitability despite continued macro headwinds and multiple mind share events this quarter.

綜合GMS為29億美元，年減約4.1%。受益於持續的轉換率擴張，營收成長 4.1% 至 6.62 億美元，並且我們公佈了約 28% 的非常健康的調整後 EBITDA 利潤率。雖然 Etsy 市場 GMS 年減約 6%，但令人鼓舞的是我們的活躍買家水準保持穩定在約 9,100 萬美元。儘管本季持續存在宏觀阻力和多次思想分享事件，但我們仍保持強勁的收入流和獲利能力。

I'm excited to tell you more about how we're investing with focus and discipline in the things that we believe truly differentiate Etsy in order to get us growing as quickly and strongly as possible.

我很高興能告訴您更多關於我們如何專注和嚴格地投資於我們相信真正使 Etsy 脫穎而出的事情，以便讓我們盡可能快速、強勁地發展。

Earlier this year, we outlined our commitment to driving consideration among our customers centered around highlighting Etsy's quality, value and reliability. We said we'd elevate gifting, prioritize quality and search, foster loyalty, and improve shipping.

今年早些時候，我們概述了我們致力於提高客戶考慮度的承諾，重點是強調 Etsy 的品質、價值和可靠性。我們說過，我們會提升送禮水平，優先考慮品質和搜索，培養忠誠度，並改善運輸。

Fast forward to today, we've delivered on those goals. We've created a more intuitive gifting experience, enhanced our search algorithms to showcase higher quality and more diverse listings, launched the Etsy Insider beta loyalty program to encourage repeat purchases, and reduced estimated global shipping times and charges on millions of items.

快進到今天，我們已經實現了這些目標。我們創造了更直觀的送禮體驗，增強了搜尋演算法以展示更高品質和更多樣化的列表，推出了Etsy Insider beta 忠誠度計劃以鼓勵重複購買，並減少了數百萬件商品的預計全球運輸時間和費用。

Achievements like these are part of a bigger story. At a time when it feels like everyone else in retail is focused on slashing prices and offering steep discounts, we're approaching things differently. We know that our strength lies not in a race to the bottom. It's simply not who we are, it's not who our sellers are. Instead, we're choosing a different direction, choosing to double down on the things that make Etsy markedly different and markedly better.

這些成就是更大故事的一部分。當零售業的其他人都專注於大幅降價和提供大幅折扣時，我們採取了不同的處理方式。我們知道我們的優勢不在於逐底競爭。這根本不是我們是誰，也不是我們的賣家是誰。相反，我們選擇了一個不同的方向，選擇加倍努力，讓 Etsy 明顯與眾不同、明顯更好。

as the best path to restarting our growth engine. And so far this year, I believe we've done more to holistically improve the customer experience than in any other year in my tenure. A lot of this work has been foundational in nature. Throughout the year, you've heard us talk about our journey to evolve from a historical focus on in-period conversion and incremental GMS banking to infuse engagement and better customer experiences as core metrics of success for our team.

作為重啟我們成長引擎的最佳途徑。今年到目前為止，我相信我們在全面改善客戶體驗方面所做的工作比我任期內的任何其他年份都多。其中許多工作本質上都是基礎性的。在這一年中，您聽到我們談論我們的旅程，從歷史上專注於期間轉換和增量 GMS 銀行業務，到注入參與度和更好的客戶體驗，作為我們團隊成功的核心指標。

We've shifted the ways we hire, manage and goal our people, how we manage our portfolio of product development investments, how we operate and measure success across teams, and how we deploy technology on the Etsy platform. We've moved with urgency, taking the steps that we believe are necessary to build a springboard for future growth.

我們改變了員工招募、管理和目標定位的方式，管理產品開發投資組合的方式，跨團隊運作和衡量成功的方式，以及在 Etsy 平台上部署技術的方式。我們已緊急採取行動，採取了我們認為必要的步驟，為未來的成長奠定了基礎。

Even as there's been some opportunity cost related to these initiatives, two areas where you'll start to see this shift are within our app and search. For the Etsy app, while it's early days, we've started making real progress. getting a buyer to download the app increases their lifetime spend on Etsy by at least 40%, yet less than half of our GMS is transacted on the app. So there's tons of untapped potential. We've tasked our teams with revamping the app homepage to dedicate far more screen real estate to inspiring new shopping missions, but to do so without hurting conversion. That alone was a big undertaking.

儘管這些舉措存在一些機會成本，但您將開始看到這種轉變的兩個領域是我們的應用程式和搜尋。對於 Etsy 應用程序，雖然還處於早期階段，但我們已經開始取得真正的進展。讓買家下載該應用程式可以使他們在 Etsy 上的終身支出增加至少 40%，但我們的 GMS 中只有不到一半是在該應用程式上進行交易的。因此，還有大量未開發的潛力。我們已責成我們的團隊改進應用程式主頁，以投入更多的螢幕空間來激發新的購物任務，但這樣做不會損害轉換率。僅此一點就是一項艱鉅的任務。

And just in time for the holidays, millions of users now see a dramatically improved experience with a 33% reduction in what we call rearview mirror impressions. When we show you items influenced by your past shopping missions. Instead, we're using that real estate to offer fresh, exciting shopping inspiration, perfect for those who arrived without a clear idea of exactly what they're looking for.

正好趕上假期，數百萬用戶現在看到了顯著改善的體驗，我們所說的後視鏡印象減少了 33%。當我們向您展示受您過去的購物任務影響的商品。相反，我們利用該房地產提供新鮮、令人興奮的購物靈感，非常適合那些不清楚自己到底在尋找什麼的人。

We also stepped up efforts to secure incremental app downloads by increasing the rate at which we intervened in the mobile web visits, prompting more shoppers to download the app mid journey. We're willing to briefly interrupt the shopper's current mission to promote better overall experiences. Initial experiments showed these Boulder prompts led to incremental lifts in app downloads, which we believe is very promising.

我們也加強確保增量應用程式下載，提高對行動網路存取的干預速度，促使更多購物者在旅程中下載應用程式。我們願意暫時打斷購物者目前的任務，以促進更好的整體體驗。初步實驗表明，這些 Boulder 提示導致應用程式下載量不斷增加，我們認為這是非常有希望的。

For example, in one experiment, we drove 3 million incremental app downloads from placing a prompt on the signed out listing page on mobile web. We're also testing and learning with paid ads to drive downloads while we optimize our presence and placement in the App Store.

例如，在一項實驗中，我們透過在行動網路上的已登出清單頁面上放置提示，推動了 300 萬次增量應用程式下載。我們也正在測試和學習付費廣告來推動下載，同時優化我們在 App Store 中的展示和展示位置。

The other major area where we're building engagement more intentionally is within Search. We've historically built our algorithms to help buyers find the specific thing that they're looking for. Now we're working to also show the wide range of items that we have to offer. To do that, we're taking a three-pronged approach focused on diversity, quality and agency.

我們更有意地建立參與度的另一個主要領域是搜尋。我們一直以來都建立了演算法來幫助買家找到他們正在尋找的具體商品。現在我們正在努力展示我們提供的各種產品。為此，我們採取三管齊下的方法，重點是多樣性、品質和代理權。

Let's touch on each one, starting with diversity. As you know, our teams are leveraging Gen AI to increase variety and search results, creating a more inspiring and engaging and less repetitive shopping experience.

讓我們從多樣性開始討論每一個。如您所知，我們的團隊正在利用 Gen AI 來增加多樣性和搜尋結果，從而創造更具啟發性、吸引力和更少重複性的購物體驗。

As we shared last quarter, we drastically reduced search results that have identical images. To even further diversify results, we've been casting a wider net to also incorporate items with similar images, not just those that feature exact matches. We're now seeing an approximately 40% reduction in search results where at least a quarter of the listings look like, and we're working to improve from here. We believe the impact of this work will be to better expose our buyers to the incredible breadth of offerings on Etsy, in turn, leading to increased consideration and visit frequency over time.

正如我們上季度分享的那樣，我們大幅減少了具有相同圖像的搜尋結果。為了進一步使結果多樣化，我們一直在撒下更廣泛的網，將具有相似圖像的項目納入其中，而不僅僅是那些具有完全匹配特徵的項目。現在，我們發現搜尋結果減少了大約 40%，其中至少有四分之一的清單是這樣的，我們正在努力從這裡開始改進。我們相信這項工作的影響將是讓我們的買家更好地接觸 Etsy 上令人難以置信的廣泛產品，從而隨著時間的推移增加考慮度和訪問頻率。

On to quality. This year, we retrained our search algorithms, adding indicators of high-caliber listings like having a shipping charge that aligns with buyer expectations, providing return policy, and the shops level of customer service. We want to not just match you with an item you're likely to buy, but with an overall purchase experience you're likely to love.

注重品質。今年，我們重新訓練了搜尋演算法，並添加了高品質清單的指標，例如符合買家期望的運費、提供退貨政策以及商店的客戶服務水準。我們不僅希望為您配對您可能購買的商品，還希望為您提供您可能喜歡的整體購買體驗。

We're encouraged that our experimentation in these areas appears to be leading to an increase in the number of 4- and 5-star buyer reviews and decreases in both the number of reviews that are three stars are lower as well as the rate at which buyers request refunds. These are great signs that we're doing an even better job delivering consistently delightful buying experiences on Etsy, which we believe ought to lead to more purchase frequency and even better word of mouth.

令我們感到鼓舞的是，我們在這些領域的實驗似乎導致了 4 星和 5 星買家評論數量的增加，而三星級評論數量的減少以及買家評論數量的減少。這些都是很好的跡象，表明我們在 Etsy 上提供一致的令人愉快的購買體驗方面做得更好，我們相信這應該會帶來更多的購買頻率和更好的口碑。

A key ingredient to bring these quality efforts to life is giving sellers more agency over what affects their search ranking. So in late August, we launched the Etsy search visibility page within the seller dashboard. This new page features tailored actions sellers can take to improve their position in search, such as listing image quality and quantity, return policies, message response times and shipping charges for domestic listings. As sellers make these changes, they'll have the ability to track improvements in real time.

將這些品質努力付諸實踐的一個關鍵因素是為賣家提供更多的代理權來決定影響其搜尋排名的因素。因此，在 8 月下旬，我們在賣家儀表板中推出了 Etsy 搜尋可見性頁面。這個新頁面提供了賣家可以採取的客製化行動，以提高他們在搜尋中的排名，例如清單影像品質和數量、退貨政策、訊息回應時間和國內清單的運費。當賣家進行這些更改時，他們將能夠即時追蹤改進情況。

In one example of this work in action, since launch, sellers have lowered shipping charges on approximately 2.5 million items to better meet buyer expectations. In fact, we've already seen excellent overall uptake in sellers taking an action that we've suggested, beating our internal adoption target by approximately 60%.

在這項工作的一個例子中，自推出以來，賣家降低了約 250 萬件商品的運費，以更好地滿足買家的期望。事實上，我們已經看到賣家採取了我們建議的行動，整體得到了良好的接受，超出了我們內部採用目標約 60%。

We're positioning ourselves to evolve from being the place you come after you know exactly what you want and haven't been able to find it elsewhere, to also being the place you come early on for inspiration and to discover what you want in the first place. Connected to our focus on highlighting what makes Etsy different and special, in July, we introduced creativity standards to help fortify our position as the marketplace for original items from real people. We pulled these creativity standards through to the shopping experience, adding descriptors for each item to underscore the role the seller played in making or designing that item, and to show buyers why what they're seeing belongs on Etsy.

我們對自己的定位是，從成為您在確切知道自己想要什麼並且在其他地方無法找到它之後來到的地方，轉變為成為您早期尋求靈感並發現您想要的東西的地方。與我們重點關注 Etsy 的與眾不同和特別之處相關，我們在 7 月推出了創意標準，以幫助鞏固我們作為真人原創商品市場的地位。我們將這些創意標準融入購物體驗中，為每件商品添加描述符，以強調賣家在製作或設計該商品時所扮演的角色，並向買家展示為什麼他們所看到的商品屬於 Etsy。

We spent much of the third quarter refining label accuracy and are continuing to explore how to highlight them to buyers in areas like search, discovery and new marketing experiences. This effort involving dozens of product development and marketing staff exemplifies this year's shift towards long-term customer experience improvements, prioritizing fundamental changes that will benefit Etsy in the long run rather than focusing primarily on short-term metrics like conversion rate and GMS.

我們在第三季花了大部分時間來提高標籤的準確性，並繼續探索如何在搜尋、發現和新的行銷體驗等領域向買家突出顯示它們。這項涉及數十名產品開發和行銷人員的努力體現了今年向長期客戶體驗改進的轉變，優先考慮對 Etsy 長期有利的根本性變革，而不是主要關注轉換率和 GMS 等短期指標。

These updates were accompanied by what I consider to be our most profoundly human marketing campaign to date, featuring real Etsy sellers in the throes of creating their bespoke items. The campaign resonated with buyers. Our research shows that supporting small was among the top recalled messages along with themes of originally made and handcrafted goods. These findings align with our belief that there's no one better positioned to tell the world what creativity means than Etsy and our sellers.

這些更新伴隨著我認為是我們迄今為止最深刻的人性化行銷活動，其中真正的 Etsy 賣家正在努力創造他們的定製商品。該活動引起了買家的共鳴。我們的研究表明，支持小商品以及原創和手工製品的主題是最受回憶的訊息之一。這些發現與我們的信念一致，即沒有人比 Etsy 和我們的賣家更能告訴世界創造力的含義。

Now, let's talk loyalty. In mid-September, we began officially inviting a highly targeted group of occasional buyers to join Etsy Insider through e-mail, push and on-site prompts with the app driving the majority of sign-ups across platforms so far.

現在我們來談談忠誠度。 9 月中旬，我們開始透過電子郵件、推播和現場提示正式邀請一群高度針對性的臨時買家加入 Etsy Insider，迄今為止，該應用程式推動了大多數跨平台註冊。

We're just beginning to glean insights on how to best approach buyers and pique their interest. We plan to evolve our beta offering along the way, as we formulate a rewards program that is uniquely Etsy and encourages buyers to think of us first and shop with us more often.

我們剛開始收集有關如何最好地接觸買家並激發他們興趣的見解。我們計劃一路發展我們的測試版產品，制定 Etsy 獨有的獎勵計劃，鼓勵買家首先想到我們並更頻繁地與我們一起購物。

Our gifting strategy is the gift that keeps on giving with a number of product improvements this quarter. We've introduced new ways to browse and discover unique gifts, while tripling the number of gift ideas available to buyers. We've also increased buyer adoption of existing gifting features. For instance, approximately 1.1 million gift lists have been created and 1.3 million incremental visits came from people who received a gift teaser and then went directly to the site.

我們的禮品策略是透過本季的多項產品改進不斷贈送禮品。我們推出了瀏覽和發現獨特禮物的新方法，同時將可供買家選擇的禮物創意數量增加了兩倍。我們也提高了買家對現有禮品功能的採用率。例如，大約已經創建了 110 萬個禮品列表，並且收到禮品預告然後直接訪問該網站的用戶增加了 130 萬次訪問。

We've also just started rolling out physical Etsy gift cards at more than 20,000 stores in the US, including major pharmacies and retailers. And starting today, US consumers can also purchase and ship physical cards directly from etsy.com, another way to help people give the perfect gift as we head into the holidays.

我們也剛開始在美國 20,000 多家商店（包括主要藥局和零售商）推出實體 Etsy 禮品卡。從今天開始，美國消費者還可以直接從 etsy.com 購買和運送實體卡片，這是幫助人們在節日來臨之際贈送完美禮物的另一種方式。

Gift cards represent less than 1% of our GMS compared to industry estimates of a few percent of GMS for peer specialty retailers. So we see significant opportunity here. And naturally, gifting takes center stage in our holiday marketing this season with an amazing lineup of creative content, on site and off.

禮品卡僅占我們 GMS 的不到 1%，而業界估計同業專業零售商的 GMS 只佔幾個百分點。所以我們在這裡看到了巨大的機會。當然，禮物在我們本季的假日行銷中佔據了中心地位，現場和場外都提供了一系列令人驚嘆的創意內容。

Turning to our House of Brands. Depop has been a stellar top line performer, with GMS growth accelerating on a sequential basis. In July, the marketplace removed US selling fees and introduced a small buyer marketplace fee following their UK model. This change has made Depop more appealing to sellers increasing listings and giving buyers a wider selection.

轉向我們的品牌之家。 Depop 的營收表現非常出色，GMS 的成長季比加速。 7 月，該市場取消了美國銷售費用，並按照英國模式引入了小額買家市場費用。這項變更使得 Depop 對賣家更具吸引力，增加了清單並為買家提供了更廣泛的選擇。

Since launch, US listing growth has accelerated by 26 percentage points. And in August, Depop rolled out its biggest ever US marketing campaign amplifying the no selling fees proposition to more than 70 million people building on its position of strength as a market share gainer in US resale.

自推出以來，美國上市成長加速了 26 個百分點。 8 月，Depop 推出了有史以來規模最大的美國行銷活動，向超過 7,000 萬人宣傳免費銷售主張，鞏固了其在美國轉售市場份額獲得者的強勢地位。

On Reverb, used music gear sales growth in the US continues to outpace new gear sales and outlet and exclusive music gear is seeing double-digit year-over-year growth. In August, Reverb partnered with Fender, one of the world's leading guitar manufacturers, to launch Fender certified preowned on Reverb, helping musicians access affordable preowned music gear directly from a trusted brand. Reverb continued to focus on operational efficiencies to drive profitability and value-added services for its community.

在 Reverb 方面，美國的二手音樂裝備銷售成長繼續超過新裝備銷售和銷售，獨家音樂裝備的同比增長達到兩位數。 8 月，Reverb 與世界領先的吉他製造商之一 Fender 合作，在 Reverb 上推出經過 Fender 認證的二手音樂裝備，幫助音樂家直接從值得信賴的品牌獲得價格實惠的二手音樂裝備。 Reverb 繼續專注於營運效率，以提高其社區的獲利能力和增值服務。

In closing, I'm extremely proud of the progress we've made so far this year to make Etsy even more differentiated. Our right to win is more important than ever as we work to restart our long-term growth flywheel by shifting our energy towards cohesive engaging experiences. While the rest of the world is obsessed with discounts and promotions, we're obsessed with making our customer experience even better with making Etsy even more Etsy.

最後，我對今年迄今為止我們在使 Etsy 更加與眾不同方面所取得的進展感到非常自豪。我們的獲勝權利比以往任何時候都更加重要，因為我們致力於透過將精力轉向有凝聚力的參與體驗來重新啟動我們的長期成長飛輪。當世界其他地方沉迷於折扣和促銷時，我們沉迷於透過讓 Etsy 變得更加 Etsy 來改善我們的客戶體驗。

In doing so, we make good on our promise to keep commerce human. While the tide is out right now for discretionary products, we're hard at work ensuring our boat is large and strong, ready to sell even further and faster as the tide comes in.

透過這樣做，我們兌現了保持商業人性化的承諾。雖然目前非必需產品的漲潮已經退去，但我們正在努力確保我們的船又大又堅固，準備好隨著潮水的到來而進一步更快地銷售。

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

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 Marketplace 的獨立業績（如適用）。

As a reminder, we divested Elo7 on August 10, 2023. So please take that into consideration when you compare year-over-year consolidated results. Etsy's third quarter 2024 consolidated GMS was $2.9 billion, down approximately 4.1% year over year with a 30 basis point FX tailwind.

謹此提醒，我們於 2023 年 8 月 10 日剝離了 Elo7。 Etsy 2024 年第三季的綜合 GMS 為 29 億美元，年減約 4.1%，匯率上漲了 30 個基點。

And Etsy marketplace GMS was down 6% year over year. Strong Depop performance contributed a nice benefit to consolidated GMS and as they delivered excellent top line growth in the US and also performed well in Australia.

Etsy 市場 GMS 較去年同期下降 6%。 Depop 的強勁表​​現為合併後的 GMS 帶來了巨大的好處，他們在美國實現了出色的營收成長，在澳洲也表現出色。

Third quarter consolidated revenue increased by 4.1% year over year to $662 million and adjusted EBITDA was $184 million, representing a very healthy 27.7% margin, down 90 basis points year-over-year and ahead of our guidance. We gained leverage year-over-year on employee costs and cost of revenue, which was offset by a higher level of consolidated marketing spend this quarter. Note that Elo7's divestiture resulted in a small headwind to GMS and revenue growth in the quarter, but was modestly accretive to our consolidated adjusted EBITDA margin.

第三季合併營收年增 4.1%，達到 6.62 億美元，調整後 EBITDA 為 1.84 億美元，利潤率為 27.7%，非常健康，年減 90 個基點，高於我們的指引。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，但這被本季更高水準的綜合行銷支出所抵消。請注意，Elo7 的剝離對 GMS 和本季營收成長造成了小幅阻力，但對我們的綜合調整後 EBITDA 利潤率略有增加。

Digging into the consolidated revenue growth, marketplace revenue increased 3.3% year-over-year, primarily driven by payments fee revenue. We continue to drive Etsy Payments expansion with penetration of our payments platform now at about 99% of Etsy marketplace GMS compared to 93% in the corresponding prior year period. Our new seller setup fee and off-site ads fees also contributed to marketplace revenue expansion. In addition, an increase in GMS and resulting transaction fee revenue for the Depop marketplace was a tailwind to our consolidated performance.

深入研究綜合收入成長，市場收入年增 3.3%，主要由支付費用收入推動。我們繼續推動 Etsy Payments 擴張，我們的支付平台目前在 Etsy 市場 GMS 的滲透率約為 99%，而去年同期為 93%。我們的新賣家設定費和站外廣告費也有助於市場收入的擴張。此外，GMS 的成長以及由此產生的 Depop 市場交易費收入對我們的綜合業績起到了推動作用。

The growth in consolidated services revenue was even faster at 6%. For the core Etsy Marketplace ads revenue performance accelerated on a year over year and sequential basis, the result of significant strides made in optimizing how we bid on behalf of our sellers, which resulted in better balancing seller add value across seller segments, all while maintaining consistent seller ROAS. We also incorporated more features and multimodal embedding into our ranking models, capturing listing image representations, which led to an improvement in ads conversion rates.

綜合服務收入的成長更快，達到 6%。對於核心 Etsy Marketplace 廣告收入業績逐年和環比加速，這是我們在優化代表賣家出價的方式方面取得重大進展的結果，從而更好地平衡了各個賣家細分市場的賣家增值，同時保持了一致的賣家廣告支出回報率。我們還將更多功能和多模式嵌入納入我們的排名模型中，捕捉清單影像表示，從而提高了廣告轉換率。

All in all, as you can see in the chart on the right, our consolidated Q3 '24 take rate improved to 22.7%, above our guidance of approximately 22% and and 180 basis points above the 20.9% reported in the same period last year. This strong year-over-year performance is a great demonstration of how we have been able to drive value for our sellers and improved by our experiences, while also delivering more revenue and a higher take rate for Etsy in a truly win-win manner. We are proud that Etsy has been able to invest with discipline in bold initiatives Josh described, while also managing our spend during a challenging macroeconomic time for our core Etsy marketplace.

總而言之，如右圖所示，我們的 24 年第 3 季綜合採用率提高至 22.7%，高於我們約 22% 的指引，比去年同期報告的 20.9% 高出 180 個基點。這一強勁的同比業績很好地證明了我們如何能夠為賣家創造價值並透過我們的經驗進行改進，同時以真正的雙贏方式為 Etsy 帶來更多收入和更高的採用率。我們感到自豪的是，Etsy 能夠在 Josh 描述的大膽舉措中嚴格投資，同時在充滿挑戰的宏觀經濟時期管理我們核心 Etsy 市場的支出。

For example, we continue to drive leverage within consolidated product development spend which decreased approximately 6% year over year to $107 million during the third quarter, primarily due to decreased employee compensation expense connected with our 2023 workforce reductions.

例如，我們持續提高綜合產品開發支出的槓桿率，第三季該支出較去年同期下降約 6% 至 1.07 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。

You can see from the chart on the right that revenue per head count 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.

從右側圖表中您可以看到，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，甚至是那些規模更大的同行。

Third quarter consolidated marketing spend increased 22% year over year to $197 million. In addition to increases in Etsy Marketplace performance marketing spend, Deo had a large step up in its spend versus last year in support of its US fee change announcement. As we highlighted on our last call, we also expanded mid-funnel and newer performance channels, particularly within paid social, which increased meaningfully, as you can see from the chart in the lower right portion of this slide.

第三季綜合行銷支出年增 22%，達到 1.97 億美元。除了 Etsy Marketplace 績效行銷支出增加之外，Deo 的支出較去年大幅增加，以支持其美國費用調整公告。正如我們在上次電話會議中所強調的那樣，我們還擴展了中間管道和更新的績效管道，特別是在付費社交領域，這一管道顯著增加，正如您從這張幻燈片右下部分的圖表中看到的那樣。

We have been increasing our paid social spend throughout the year as we test and learn, but it is not yet fully matured and optimized. This investment is well aligned with our overall push into discovery and inspiration, solving for our buyers more generalized needs, such as the recent addition of a new baby in your family rather than helping you find a specific personalized onesie. Paid social is having a positive impact on our buyer reactivation, which is beneficial since a reactivated buyer spends 40% more with us in the next 12 months than a new buyer.

我們在測試和學習的過程中全年都在增加付費社交支出，但還沒有完全成熟和優化。這項投資與我們對發現和靈感的整體推動非常一致，為我們的買家解決更普遍的需求，例如最近在您的家庭中添加了一個新嬰兒，而不是幫助您找到特定的個性化連體衣。付費社交對我們的買家重新激活產生了積極影響，這是有益的，因為重新激活的買家在未來 12 個月內在我們這裡的花費比新買家多 40%。

Consolidated brand spend increased 21% year over year, also connected to Deep ops higher level of spend. As previewed on our last call, Q3 brand spend also includes the creative costs we incurred for our Etsy seller focused campaign.

綜合品牌支出較去年同期成長 21%，這也與深度營運更高水準的支出有關。正如我們上次電話會議中所預覽的，第三季度的品牌支出還包括我們為 Etsy 賣家聚焦的活動所產生的創意成本。

Moving to Etsy marketplace GMS performance and related metrics. We had a year-over-year decline in our top categories. And GMS was down in our US domestic-only trade route as well as non-US trade routes. We did see some modest growth in our international nondomestic trade route as well as US imports.

轉向 Etsy 市場 GMS 績效和相關指標。我們的頂級類別較去年同期有所下降。 GMS 在我們僅限美國國內的貿易航線以及非美國貿易航線上都出現故障。我們確實看到我們的國際非國內貿易路線以及美國進口略有成長。

Digging into this performance, there are three primary factors at play. First, overall macro conditions, which influence consumers' budgets continue to weigh on the wallet share we are able to win. As you can see from this chart, the percentage of US personal consumption going to discretionary spend continues to decline versus the COVID peaks.

深入研究這種表現，有三個主要因素在起作用。首先，影響消費者預算的整體宏觀條件持續影響我們能夠贏得的錢包份額。從這張圖表可以看出，與新冠疫情高峰相比，美國個人消費中用於可自由支配支出的百分比持續下降。

Second, there were a few discrete mind share events during the quarter, which we believe created additional headwinds for our business. These included general elections in the UK and France, a host of major sporting events, including European football, the highly popular Olympics, events tied to US politics and the general election, and hurricane Helene at the end of September.

其次，本季發生了一些離散的思想分享事件，我們認為這為我們的業務帶來了額外的阻力。其中包括英國和法國的大選、一系列重大體育賽事，包括歐洲足球、廣受歡迎的奧運會、與美國政治和大選相關的活動，以及九月底的颶風海倫。

And third, as Josh described, we've really focused on shoring up the core Etsy marketplace leaning into item quality and making sure we have a great cohesive experience, especially in the app. These are pretty large shifts in how we run the company and they are putting some pressure on in-session conversion and creating some modest headwinds to GMS.

第三，正如 Josh 所描述的，我們真正專注於支援核心 Etsy 市場，注重產品質量，並確保我們擁有良好的凝聚力體驗，尤其是在應用程式中。這些對我們公司的運作方式來說是相當大的轉變，它們給會話中的轉換帶來了一些壓力，並給 GMS 帶來了一些適度的阻力。

That said, we are pleased to have been able to drive some pockets of GMS strength in the quarter. Our focus on making Etsy the destination for gifting again resulted in site-wide GMS growth, albeit not as strong as experienced in the second quarter which featured very important calendar-driven holiday gifting occasions such as Mother's Day and Father's Day.

也就是說，我們很高興能夠在本季推動 GMS 的一些實力。我們致力於使Etsy 再次成為送禮目的地，這導致了整個網站的GMS 增長，儘管不如第二季度那麼強勁，第二季度的特點是非常重要的日曆驅動的節日送禮場合，例如母親節和父親節。

To help fill in such gaps, we will continue to focus on driving more evergreen gift purchases such as for birthdays and anniversaries. We've also seen personalized and customized items continuing to outpace site-wide performance, up 4% year over year, reinforcing one way that our brand can resonate with buyers. And in the US, back-to-school merchandise GMS grew 5% year over year.

為了幫助填補這些空白，我們將繼續致力於推動更多常青禮物的購買，例如生日和週年紀念禮物。我們也看到個人化和客製化商品的表現持續超過全站表現，年成長 4%，這強化了我們的品牌與買家產生共鳴的一種方式。在美國，返校商品 GMS 年增 5%。

We have continued to see resilience in our Etsy Marketplace active fire count, which was approximately $91.2 million taking down only slightly on a year-over-year basis. We reactivated over 6 million lapse fires in the quarter, up close to 6% year over year. And we added over 5 million new buyers in the quarter, down around 13% per year.

我們繼續看到 Etsy 市場活躍火災數量的復原力，約 9,120 萬美元，年比僅略有下降。本季我們重新啟動了超過 600 萬起失效火災，較去年同期成長近 6%。本季新增買家超過 500 萬，每年下降約 13%。

Habitual buyers decreased by about 5% year over year. However, our retention rate of habitual buyers was slightly better on a year-over-year basis. And habitual buyers remain a very healthy 43% of our GMS. Lastly, GMS per active buyer was down 3.4% in the quarter to $123.

習慣性購買者較去年同期減少約5%。然而，我們的老買家保留率比去年同期略有提高。習慣性買家仍然占我們 GMS 的 43%。最後，本季每個活躍買家的 GMS 下降 3.4% 至 123 美元。

In keeping with trends we have been seeing for quite a while, the year-over-year decline in GMS per active fire is predominantly due to buyers visiting us a bit less frequently and spending less per purchasing.

與我們長期以來看到的趨勢一致，每次活躍火災的 GMS 同比下降主要是由於買家訪問我們的頻率有所下降，並且每次購買的支出有所減少。

I want to take a moment to talk about the Etsy seller community. Our heart goes out to those regions hard hit by recent hurricanes. As is our normal course, we have adjusted their billing schedules, offer disaster grants to sellers in need, extended Star seller status as relevant, and proactively provided guidance around managing or taking a break from their businesses. Our hope is that these steps provide impacted sellers with the flexibility they need to focus on their health and safety.

我想花點時間談談 Etsy 賣家社群。我們的心與最近遭受颶風重創的地區同在。按照我們的正常做法，我們調整了他們的帳單時間表，向有需要的賣家提供災難補助金，延長相關的星級賣家資格，並主動提供有關管理或暫停業務的指導。我們希望這些措施能為受影響的賣家提供關注其健康和安全所需的靈活性。

As you may have noticed in our press release, the active seller count for the Etsy marketplace was 6.2 million, down 8.5% versus the prior year and down sequentially. We have long asserted that when we lose a seller, we rarely lose a sale given the large amount of substitution available. In fact, we believe that the decline in our active seller count is actually a helpful byproduct of our focus on quality and stepped-up enforcement actions including our new seller setup fee and other actions we are taking to ensure that the right sellers, those with the skill and will to succeed on Etsy can win.

您可能已經在我們的新聞稿中註意到，Etsy 市場的活躍賣家數量為 620 萬，比上年下降 8.5%，並且環比下降。我們長期以來一直堅稱，當我們失去一個賣家時，鑑於有大量可用的替代品，我們很少會失去一筆銷售。事實上，我們認為，活躍賣家數量的下降實際上是我們注重品質和加強執法行動的有益副產品，包括我們的新賣家設定費以及我們為確保合適的賣家、在Etsy 上取得成功的技能和意願可以獲勝。

To that point, we're very pleased to see a year-over-year increase in the percentage of sellers who made a sale during the third quarter, a metric which has been moving in the right direction this year. And we also see strong pockets of seller growth such as in Ukraine and other emerging markets.

到目前為止，我們非常高興地看到第三季完成銷售的賣家比例年增，這項指標今年一直朝著正確的方向發展。我們也看到烏克蘭和其他新興市場的賣家成長強勁。

As of September 30, we had $1.2 billion in cash, cash equivalents, and short- and long-term investments. During the third quarter, we repurchased a total of $156 million in stock under our $1 billion June 2023 board authorized repurchase program, of which approximately $260 million remained available as of September 30.

截至 9 月 30 日，我們擁有 12 億美元的現金、現金等價物以及短期和長期投資。第三季度，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 1.56 億美元的股票，其中截至 9 月 30 日仍有約 2.6 億美元可用。

Our capital-light business model allowed us to deliver strong free cash flow this quarter of approximately $204 million. We also continued to convert approximately 90% of adjusted EBITDA to free cash flow on a trailing 12-month basis. Related, our net income was impacted by a noncash foreign currency loss compared to a noncash foreign currency gain in the prior year.

我們的輕資本業務模式使我們能夠在本季實現約 2.04 億美元的強勁自由現金流。我們也繼續將過去 12 個月約 90% 的調整後 EBITDA 轉換為自由現金流。與此相關的是，與前一年的非現金外幣收益相比，我們的淨利潤受到非現金外幣損失的影響。

In addition, earlier today, our Board of Directors approved a new stock repurchase program authorizing Etsy to repurchase up to an additional $1 billion of our common stock.

此外，今天早些時候，我們的董事會批准了一項新的股票回購計劃，授權 Etsy 額外回購最多 10 億美元的普通股。

We see significant value in our shares, and we and our Board have confidence in the growth plans we have underway. Given that we have $1.2 billion in cash and generate such strong free cash flow, this new authorization will give us the flexibility to potentially go beyond our already high level of share repurchase. And it's worth noting that these repurchases do not come at the expense of important investments in our business.

我們看到我們的股票具有巨大的價值，我們和董事會對我們正在進行的成長計劃充滿信心。鑑於我們擁有 12 億美元現金並產生如此強勁的自由現金流，這項新授權將為我們提供靈活性，以超越我們已經很高的股票回購水準。值得注意的是，這些回購並不以犧牲我們業務的重要投資為代價。

Turning to our outlook. Our guidance is that fourth quarter consolidated GMS will decline in the low- to mid-single-digit percentage range on a year-over-year basis. We're confident that Etsy is the best we've ever been for holiday gifting, which gives us reason for optimism. We also know there is a lot of pressure on the consumer in our core markets, and they appear to be prioritizing deep discounts and value within tight budgets. Etsy will present gifting front and center, on site and off, and we will be running cyber sales and highlighting our sellers great value and highly differentiated product.

轉向我們的展望。我們的指導意見是，第四季度綜合 GMS 年比將出現低至中個位數的百分比下降。我們相信 Etsy 是我們有史以來最好的節日禮物網站，這讓我們有理由保持樂觀。我們也知道，我們的核心市場的消費者面臨著很大的壓力，他們似乎在緊張的預算內優先考慮大幅折扣和價值。 Etsy 將在現場和場外展示禮品，我們將進行網路銷售，並強調我們的賣家的巨大價值和高度差異化的產品。

With that said, our brand stands for special and unique rather than cheap in deals. One other unknown is how the US general election may impact the consumer psyche or holiday spending trends.

話雖如此，我們的品牌代表著特殊和獨特，而不是廉價的交易。另一個未知數是美國大選可能如何影響消費者心理或假期消費趨勢。

Q4 consolidated take rate is currently estimated to be 22.3%, up versus the prior year result, but a slight step down from Q3 '24, with our normal sequential seasonal trend coming into play with higher levels of organic GMS in the fourth quarter relative to revenue we earned from Etsy ads in the quarter.

第四季的綜合採用率目前預計為22.3%，比上一年的結果有所上升，但比24 年第三季略有下降，我們正常的連續季節性趨勢開始發揮作用，第四季度的有機GMS 水準相對於本季我們從 Etsy 廣告中獲得的收入。

Consolidated adjusted EBITDA margin will be in the range of 28% to 29% ahead of the Q3 '24 and prior year Q4 performance. The sequential improvement in adjusted EBITDA can be attributed to seasonal volume and cost efficiencies as well as Depop scaling back on performance and brand marketing spend after the higher-than-normal Q3 spend tied to the buyer fee campaign.

合併調整後 EBITDA 利潤率將比 2024 年第三季和去年第四季的業績高出 28% 至 29%。調整後 EBITDA 的連續改善可歸因於季節性銷售和成本效率，以及 Depop 在與買家費用活動相關的第三季支出高於正常水平後縮減業績和品牌行銷支出。

So for the full year, using the midpoint of this guidance, we will have withstood a host of stiff macro headwinds, we've consolidated GMS down roughly in the low single digits, still driving very respectable growth in revenue, all as we created value and fair exchange for our sellers made critical investments that we believe can reignite future growth and delivered strong adjusted EBITDA profitability at least as good, if not better, than our commitment for the year.

因此，在全年中，使用本指引的中點，我們將經受住一系列嚴峻的宏觀阻力，我們將GMS 整合到大約低個位數的水平，但仍然推動收入的非常可觀的增長，所有這些都是因為我們創造了價值我們的賣家進行了關鍵的投資和公平交換，我們相信這些投資可以重新點燃未來的增長，並帶來強勁的調整後EBITDA 盈利能力，至少與我們今年的承諾一樣好，甚至更好。

While we're not satisfied with the lack of GMS expansion, we take comfort that if this is what our business can deliver in an extremely challenging period, the future for Etsy will be bright indeed. Thank you all for your time today.

雖然我們對 GMS 擴張的缺乏感到不滿意，但我們感到欣慰的是，如果我們的業務能夠在極具挑戰性的時期提供這種服務，那麼 Etsy 的未來確實會一片光明。感謝大家今天抽出時間。

I will now turn the call over to the operator to take your questions.

我現在將把電話轉給接線員回答您的問題。

(Operator Instructions) Nick Jones, JMP Securities.

（操作員指示）Nick Jones，JMP 證券。

Could you speak to kind of the leverage you're driving in product development? I think you pointed out in the past that you're able to do a lot with kind of a relatively lower headcount to other platforms. How do you kind of rank order what you want to invest in particularly as you kind of eye accelerating GMS growth over time. And should we be thinking about a potential investment cycle at some point as you kind of get your arms around a lot of this new technology and potentially maybe a bigger lift to move the needle more.

您能談談您在產品開發中推動的槓桿作用嗎？我想你過去曾指出，與其他平台相比，你可以用相對較少的人員來做很多事情。您如何對您想要投資的項目進行排序，特別是當您關注隨著時間的推移加速 GMS 成長時。我們是否應該在某個時候考慮潛在的投資週期，因為你會擁抱很多這種新技術，並且可能會有更大的提升來推動發展。

Yes. Thanks, Nick. Great question. And we go through a process at the beginning of the year where we say, what are that well at the end of the year. We're going through it right now for next year.

是的。謝謝，尼克。很好的問題。我們在年初會經歷一個過程，我們會問年底的情況如何。我們現在正在為明年做準備。

What are the customer experiences we really want to uplift that we think are going to translate into more lifetime value, more GMS and more revenue. And then we have a top-down bottoms-up approach to challenge the team with what are your best ideas. And based on the quality of the ideas we decide how many squads to dedicate to those tasks.

我們真正想要提升的客戶體驗是什麼，我們認為這些體驗將轉化為更多的終身價值、更多的 GMS 和更多的收入。然後我們採用自上而下、自下而上的方法來挑戰團隊，告訴他們你最好的想法是什麼。根據想法的質量，我們決定有多少小隊致力於這些任務。

And as you know, Nick, the unit of work at Etsy is a squad at roughly 8 to 10 people. And so those atomic units can operate really quickly. The velocity is usually really good. So we empower them to, hey, you've got to improve this customer experience by this much in those times.

如你所知，Nick，Etsy 的工作單位是一個大約有 8 到 10 人的團隊。因此這些原子單元可以非常快速地運作。速度通常非常好。因此，我們授權他們，嘿，在那個時候，你必須將客戶體驗改善這麼多。

You're right that we are seeing some leverage in product development this year based on the reduction in force that we did last year, we've always believed we've never been a growth at all cost company. We've always believed that scarcity breeds focus and that focus is a great thing. We also care a lot about the productivity of the team and measuring the productivity of the team.

你是對的，基於去年我們減少的人力，我們今年在產品開發方面看到了一些槓桿作用，我們一直相信我們從來都不是一家不惜一切代價實現成長的公司。我們始終相信，稀缺孕育專注，專注是一件偉大的事。我們也非常關心團隊的生產力並衡量團隊的生產力。

This year, as you know, we've decided through the course of the year to invest in some more foundational experiences that we think are really critical to setting up ourselves for growth in the years to come that are not as focused on getting to grinding out incremental GMS in the quarter.

如你所知，今年我們決定在這一年中投資一些更基礎的經驗，我們認為這些經驗對於我們在未來幾年的發展至關重要，而不是專注於磨礪。

Some examples are adding a Q score to search. That's a really foundational thing that we think is going to drive tremendous improvements in the marketplace and leading to a lot more GMS growth in the future as sellers know what they can do to earn a higher spot in search. And we do a better job pairing customers, not just with products they buy with products they love.

一些例子是在搜尋中添加 Q 分數。這是一個非常基本的事情，我們認為它將推動市場的巨大改進，並導致未來 GMS 的更多成長，因為賣家知道他們可以做什麼來在搜尋中贏得更高的位置。我們更好地為客戶配對，而不僅僅是將他們購買的產品與他們喜歡的產品配對。

So we think that's a really foundational investment, but it took months and months of work from multiple squads to be able to do that and have it be GMS neutral. In normal times or in other times, we're really getting to neutral has not been the goal. Everything has been about incremental. I think on this, a lot of the foundational work we've done this year, and I think we've made a lot of progress on that. We're well positioned next year to have more of the work from our existing squads be additive.

因此，我們認為這是一項真正的基礎性投資，但多個團隊需要花費數月的時間才能做到這一點並保持 GMS 中立。在正常時期或其他時期，我們真正的目標並不是達到中立。一切都是漸進的。我認為在這一點上，我們今年做了很多基礎工作，我認為我們在這方面取得了很大進展。明年我們已經做好了充分準備，可以讓現有團隊的更多工作得到補充。

The other thing I will say is we are doing some incremental hiring. We continue to be very cautious about that. But for example, making the app, the premier experience on Etsy, we decided we don't have enough app engineers. So we are hiring more app engineers.

我要說的另一件事是我們正在進行一些增量招募。我們對此仍然非常謹慎。但例如，在製作應用程式（Etsy 上的首要體驗）時，我們發現我們沒有足夠的應用程式工程師。因此，我們正在招募更多的應用程式工程師。

The other place we're seeing tremendous value, and I think there's so much more value creation for us is machine learning. And so we have opened up more recs to hire some more people in machine learning. So we're always working to strike the right balance. We've always been disciplined about our investments, but we'll continue to lean in where we think it's going to drive real growth.

我們看到巨大價值的另一個地方是機器學習，我認為為我們創造更多價值。因此，我們開放了更多的人才庫來僱用更多的機器學習人員。因此，我們始終致力於取得適當的平衡。我們一直對投資嚴格要求，但我們將繼續關注我們認為能夠推動實際成長的領域。

Just to add, being disciplined about investments means trying to make sure we're optimized in terms of the cost of a full-time employee. So we've talked about before that we have a development centers that are outside of the US where the cost per FTE is not the same rate that we're paying in the US and we try to load balance not only open up the aperture of where we can get the talent in places like Mexico City and in Dublin in addition to the United States, but also the talent markets have different compensation levels there. So we get to lower the effective cost per FTE.

補充一點，嚴格投資意味著努力確保我們在全職員工的成本方面得到最佳化。因此，我們之前討論過，我們在美國境外有一個開發中心，每個 FTE 的成本與我們在美國支付的費用不同，我們嘗試負載平衡，不僅打開了除了美國之外，我們還可以在墨西哥城和都柏林等地獲得人才，而那裡的人才市場有不同的薪資水平。因此，我們可以降低每個 FTE 的有效成本。

At the same time, we're always looking at what's the right market price for the level of talent that we need, and we do that assessment every single year and we make adjustments as needed up or down to be able to make sure that we're paying competitively.

同時，我們一直在尋找適合我們所需人才水平的市場價格，我們每年都會進行評估，並根據需要向上或向下進行調整，以確保我們支付具有競爭力的費用。

Avi Yruma, Piper.

阿維·尤魯馬，派珀。

Great. Thanks so much, and great to see you guys. Good to hear about the progress in search and profitability. A couple from us. Just curious, any color that you can share what you're seeing in the business quarter to date?

偉大的。非常感謝，很高興見到你們。很高興聽到搜尋和獲利能力的進展。我們的一對。只是好奇，您可以分享您迄今為止在業務季度中看到的任何顏色嗎？

And what's implied at the low end versus the high end of the GMS guide for the fourth quarter? If I'm not mistaken, last year, October started off tougher, but then the business improved in November and December, but then you have the gift mode that's incremental, which should be helpful. And then just as a follow-up, could you elaborate on the physical Etsy gift card launch this quarter. It just sounds pretty interesting. Curious how you plan to be marketing that and if any of that upside implied in the guide.

第四季 GMS 指南的低端與高端意味著什麼？如果我沒記錯的話，去年 10 月開始比較艱難，但隨後 11 月和 12 月業務有所改善，但隨後你有了增量的禮物模式，這應該會有所幫助。作為後續行動，您能否詳細介紹本季推出的實體 Etsy 禮品卡。聽起來很有趣。很好奇你打算如何行銷它，以及指南中是否暗示了任何好處。

Well, we're not going to give quarter-to-date how has October gone so far. But I will say that the holiday season this year is later than normal and shorter than normal. So we think November and December and particularly mid- to late November and December are going to loom particularly large in the quarter. It's always the case that they do, but probably even more so in this quarter.

好吧，我們不會透露截至目前 10 月的情況。但我要說的是，今年的假期比平常晚，也比平常短。因此，我們認為 11 月和 12 月，特別是 11 月中下旬和 12 月將在本季度顯得尤為重要。他們總是這樣做，但本季可能更是如此。

Obviously, we have an election going on in the United States. That's an incredibly distracting mindshare event where lots of people aren't necessarily thinking about shopping in the early part of November. So we'll see how that goes. Of course, we consider that in the guide, but it's hard to know exactly how that will affect things. We certainly do consider though that we have an election coming up and that we have a shorter we have a shorter Christmas.

顯然，美國正在進行選舉。這是一個令人難以置信的分散注意力的活動，許多人不一定會考慮在 11 月初購物。所以我們會看看情況如何。當然，我們在指南中考慮到了這一點，但很難確切地知道這將如何影響事情。我們當然確實考慮到我們即將舉行選舉，而且我們的聖誕節會更短。

In terms of the gift card it is baked into the guide. I think it's, over time, going to be really exciting for Etsy. We are marketing it to a third party that has deep relationships with the retailers, but building awareness and mind share for retailers, I do think it takes time. So we think that, as we said, gift cards for us or maybe 1% of GMS, maybe even a little bit less and many of our peers, it's 2 or 3 percentage points. So we think there could be real upside. I doubt it happens all at once. I bet that's something that builds over a little bit of top.

就禮品卡而言，它被納入指南中。我認為，隨著時間的推移，Etsy 將會非常興奮。我們正在向與零售商有深厚關係的第三方進行行銷，但為零售商建立意識和思想份額，我確實認為這需要時間。因此，我們認為，正如我們所說，禮品卡對我們來說可能是 GMS 的 1%，甚至可能少一點，而我們的許多同行則為 2 或 3 個百分點。所以我們認為可能會有真正的好處。我懷疑這一切都是同時發生的。我敢打賭這是建立在一點點之上的東西。

And I just want to quickly remind you about the accounting for that because we don't get to recognize revenue from a gift card until the gift card is redeemed. So in some cases, people will have to get a part and redeemed immediately. In some cases, it sits in the desk door somewhere, and it takes time and then we're recognizing the breakage over some period of time. So it's not a straight sales of gift card to hit the P&L directly.

我只是想快速提醒您有關會計處理的信息，因為在兌換禮品卡之前我們無法確認禮品卡的收入。因此在某些情況下，人們必須立即獲得一部分並兌換。在某些情況下，它位於辦公桌門的某個地方，這需要時間，然後我們在一段時間後才能識別出破損情況。所以直接打損益並不是直接銷售禮品卡。

The other thing I'll say about gift cards is that what we do find is people who redeem a gift card tend to buy more than the value of the gift card. We think that's a great opportunity to bring new people to Etsy. We think it's a great opportunity to also gain more frequency. We also have started testing refund credit. And in the rare occasion, someone is not happy and they get a refund.

關於禮品卡，我要說的另一件事是，我們確實發現兌換禮品卡的人往往會購買超過禮品卡價值的商品。我們認為這是一個為 Etsy 帶來新人的絕佳機會。我們認為這是獲得更多頻率的絕佳機會。我們也開始測試退款信用。在極少數情況下，有人不滿意，他們會得到退款。

Sometimes they're happy to get a refund to credit, and that actually drives a lot of incremental purchase behavior, too. So I think there's gift cards and generally stored value is a really interesting place for Etsy to be investing in the years to come as.

有時他們很高興獲得退款，這實際上也推動了許多增量購買行為。因此，我認為禮品卡和儲值卡對 Etsy 來說是未來幾年值得投資的一個非常有趣的領域。

Just one more point to the shorter shopping season. We do have our gift teaser in our gift load. So I think that really helps a lot, where you can actually buy something and still get it to people on time for Christmas because they'll get the gift as or even if they're not getting the gist. So we're excited about that.

還有一點就是購物季的縮短。我們的禮物中確實有禮物預告片。所以我認為這確實有很大幫助，你可以實際購買一些東西，並且仍然可以在聖誕節準時將其送到人們手中，因為他們會收到禮物，即使他們不明白要點。所以我們對此感到興奮。

All right. Next question. Thanks.

好的。下一個問題。謝謝。

Scott Devitt, Wedbush.

史考特‧德維特，韋德布希。

Hi, everyone. Hope you're doing well. Just one question. I think part of the growth in the business recovery seems to be related to just the category at which Etsy sellers do well in. And so that will take care of itself over time. And then you have these initiatives that you're pushing that when that does happen, it can be more stimulative than maybe they are right now.

大家好。希望你一切都好。只有一個問題。我認為業務復甦的部分成長似乎與 Etsy 賣家表現出色的類別有關。然後，您正在推動這些舉措，當這種情況真正發生時，它可能比現在更具刺激性。

And you talk a bit about gifting search and shipping, loyalty and app. If you were to look at those five categories, those are the five areas where you're kind of investing to enhance consumer experience in different ways, like what would be the one or two that really stand out that you think could move the needle.

您還談到了贈送搜尋和運輸、忠誠度和應用程式。如果您要查看這五個類別，您將在這五個領域進行投資，以不同的方式增強消費者體驗，例如您認為真正脫穎而出且可以帶來推動作用的一兩個領域。

What I'm most excited normally don't pick amongst your kids, then hedge. But honestly, the thing I'm most excited about is consideration and the way I'm most excited to build consideration is on the site in the experience itself.

我最興奮的通常不是在你的孩子中挑選，然後對沖。但老實說，我最興奮的是考慮因素，而我最興奮建立考慮因素的方式是在網站上的體驗本身。

I think we have the opportunity to show people a lot more to inspire new shopping missions in addition to fulfilling the shopping mission that they're already on. And I think that the advances we're seeing in Gen AI are really, really helpful. For example, it is very common for someone to type in wedding cake topper would be a very common search term on. It's a cake tower.

我認為我們有機會向人們展示更多東西，除了完成他們已經執行的購物任務之外，激發新的購物任務。我認為我們在 Gen AI 中看到的進步確實非常有幫助。例如，某人輸入婚禮蛋糕禮帽是很常見的，這將是一個非常常見的搜尋字詞。這是一個蛋糕塔。

And Gen AI suddenly can understand, aha, cake topper is related to wedding this person is probably in the process of planning a wedding, that's an interesting context for us to know and here's five other popular things that people planning weddings would also want. And so frame up screen real estate to not just show people cake toppers but say, by the way, did you realize that we also can do table stakes, table scapes stationary (inaudible) rig as gifts. And Gen AI is even good at if you're at the stage of the blending where you're buying the cake topper, what are the other things at that stage of wedding planning that are particularly relevant.

Gen AI 突然明白了，啊哈，蛋糕禮帽與婚禮有關，這個人可能正在籌劃一場婚禮，這是我們需要了解的一個有趣的背景，這裡還有籌劃婚禮的人們也想要的其他五種流行的東西。因此，框架螢幕空間不僅要向人們展示蛋糕裝飾，還要說，順便說一句，您是否意識到我們還可以製作桌樁、桌景固定（聽不清）裝備作為禮物。如果您正處於購買蛋糕裝飾的混合階段，Gen AI 甚至擅長了解在婚禮策劃的該階段還有哪些特別相關的其他事情。

And I think that the opportunity to just spark new shopping missions in addition to the existing missions that you're on, I think, is a huge opportunity. It is requiring us to refactor our use of screen real estate. So that we can make the real estate available to do that.

我認為，除了你正在執行的現有任務之外，還有機會激發新的購物任務，我認為這是一個巨大的機會。它要求我們重構螢幕空間的使用。這樣我們就可以提供可用的房地產來做到這一點。

And so for example, this holiday season, on the app, we said that on the home page, we've got a third more screen real estate leaning into discovery and away from what we call pick up the thread or recommendations based on the thing you most recently did. It took a lot of work to figure out how to consolidate that pick up the thread without a meaningful loss of conversion. It took a fair amount of iteration to get to flat. But now that we've freed up that screen real estate, I'm really excited about how we can learn to use it to drive a lot more shopping missions.

例如，在這個假期，在應用程式上，我們說在主頁上，我們還有第三個螢幕空間，傾向於發現，而不是我們所說的基於事物的線索或推薦你最近這樣做了。我們花了大量的工作來弄清楚如何在不造成有意義的轉換損失的情況下整合該線索。經過相當多的迭代才達到平坦。但現在我們已經釋放了螢幕空間，我對如何學習使用它來推動更多購物任務感到非常興奮。

Over time, we've talked for a long time about consideration and having people think of us for more things, the place to really make that work is on the site. And I think we've done a lot of foundational work this year that I'm really excited about.

隨著時間的推移，我們已經討論了很長時間關於考慮和讓人們考慮我們做更多事情，真正實現這一目標的地方是在網站上。我認為今年我們做了很多基礎工作，我對此感到非常興奮。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Josh, it's encouraging to hear the incremental hiring plans. When you step back big picture, how do you think about the right margin level for Etsy here? Is there room to be more aggressive even if it means trading off a bit of margin. I feel like we've seen you lean into Depop, and it seems like it's working quite well even in this macro backdrop. Not that you need to deploy the exact same playbook on seller fees there.

喬希，聽到增量招聘計劃令人鼓舞。當你退一步看時，你如何看待 Etsy 的正確利潤水平？是否有更激進的空間，即使這意味著犧牲一點利潤。我覺得我們已經看到你傾向於 Depop，而且即使在這種宏觀背景下，它似乎也運作得很好。並不是說您需要在賣家費用上部署完全相同的劇本。

But I'm just wondering if that experience is the right inspiration and to rethink the margin structure for Etsy and the level of investment intensity for Etsy, if it means the trade-off is a better growth profile and a bigger pool of profit dollars down the road.

但我只是想知道這種經歷是否是正確的靈感，並重新考慮 Etsy 的利潤結構和 Etsy 的投資強度水平，這是否意味著權衡是更好的成長狀況和更大的利潤池下降道路。

Yeah. We're trying to grow the market cap of the business and thinking about what is going to grow the market cap of the business. And obviously, we care about profitability and free cash flow, but we care a lot about growth. And this year, we've been investing in a fair number of foundational things that I really believe have been incredibly powerful to position us for future growth.

是的。我們正在努力增加業務的市值，並思考如何增加業務的市值。顯然，我們關心獲利能力和自由現金流，但我們也非常關心成長。今年，我們一直在投資相當多的基礎性事物，我真的相信這些事物對我們未來的成長具有極其強大的作用。

I would like to see those things start to translate into the growth we expect to see. And as we see proof of that, leaning more than -- it may well be that leaning more into hiring could make sense. You know us, we are very data driven, and we like to see proof of ROI, at least green shoots, and then invest behind that.

我希望看到這些事情開始轉化為我們期望看到的成長。正如我們所看到的證據，更傾向於招募很可能是有意義的。您了解我們，我們非常注重數據驅動，我們希望看到投資回報率的證據，至少是綠芽，然後進行投資。

I think we're taking a very prudent approach. We do have a team that is capable of investing in a fair number of things at the same time. But we think a good number, not too many, not too few.

我認為我們正在採取非常謹慎的做法。我們確實擁有一支能夠同時投資相當多事物的團隊。但我們認為數量不錯，不能太多，也不能太少。

And so we're going to continue to try to strike the right balance here. A few quarters ago, people were worried that maybe we were investing too much. Now, people are worried that maybe we're not investing enough. And so maybe we're or just the reimplant.

因此，我們將繼續努力在這方面取得適當的平衡。幾個季度前，人們擔心我們可能投資太多。現在，人們擔心我們可能投資不夠。所以也許我們就是移植者，或只是移植者。

Maybe we're going to --

也許我們會——

There was another question within Nikhil's question, which was about Depop and how we think about that in the seller fees that and if that had any relevance?

Nikhil 的問題中還有另一個問題，是關於 Depop 的，以及我們如何在賣家費用中考慮這一點，以及這是否有任何相關性？

Yeah. I mean I would like to just do a shout out for Depop, I mean, if you look at our guide baked within that, is Depop growing more than 30% year over year. GMS at Depop growing more than 30% year over year. I will say the US within that for Depop growing substantially faster than 30% year over year.

是的。我的意思是，我想為 Depop 大聲疾呼，我的意思是，如果你看看我們的指南，你會發現 Depop 的年增長率是否超過 30%。 Depop 的 GMS 年成長超過 30%。我想說的是美國的 Depop 年成長率超過 30%。

I think it's really exciting what's going on there. And I think it's a testament to the leadership of that team has been providing. I think it is also some validation of the portfolio strategy we've invested in, been more popular sometimes than others with our investors, but gaining exposure to resale apparel resale, which we've always thought is a great sector, we're seeing some benefits from that now.

我認為那裡發生的事情真的很令人興奮。我認為這證明了該團隊所提供的領導力。我認為這也是對我們投資的投資組合策略的一些驗證，有時比其他策略更受投資者歡迎，但我們也看到了轉售服裝轉售的機會，我們一直認為這是一個很好的行業，我們看到現在從中得到一些好處。

And lastly, what we see in the environment right now is it's just exceptionally promotionally driven. And Depop is an opportunity to buy brand name clothing at a relatively deep discount because you're buying them secondhand from someone else. And those kinds of products are the products that we think are really winning in this market where people are so focused on promotions and discounting. So we're really pleased with the work that team is doing and the performance of Depop, and I think it plays into the portfolio that is the Etsy House Of Brands.

最後，我們現在在環境中看到的是，它只是受到異常促銷的驅動。 Depop 是一個以相對較低的折扣購買名牌服裝的機會，因為你是從別人那裡買二手的。我們認為這些類型的產品是在這個人們如此關注促銷和折扣的市場中真正獲勝的產品。因此，我們對團隊正在做的工作和 Depop 的表現感到非常滿意，我認為它融入了 Etsy House Of Brands 的產品組合中。

Maria Ripps, Canaccord.

瑪麗亞·里普斯，Canaccord。

Great. Thanks so much for taking the questions. So as you approach your first holiday season with gift mode, sort of what are your expectations for the offering? And how are you measuring success here? Is it sort of in terms of in terms of percent of GMS in terms of the number of active buyers. And can you maybe expand a little bit more on what you're doing on the sort of on the marketing front to drive awareness of this offering?

偉大的。非常感謝您提出問題。那麼，當您進入第一個使用禮物模式的假期時，您對該產品有何期望？您如何衡量這裡的成功？是按照 GMS 佔活躍買家數量的百分比來計算？您能否進一步擴展一下您在行銷方面所做的工作，以提高對此產品的認知度？

Sure. So we are measuring it based on absolute GMS. We're pleased that in the third quarter, gifting GMS grew substantially faster than the overall marketplace as it did also in the second quarter. We think that's some validation that the investments we've been making are showing real benefit.

當然。所以我們是根據絕對GMS來衡量的。我們很高興看到，第三季送禮 GMS 的成長速度明顯快於整個市場，第二季也是如此。我們認為這證明了我們一直在進行的投資正在顯示出真正的效益。

And so we've launched some great product features that we think set us up to have the best gifting experience this year. The gift finder has many times more -- 3 times more gift ideas, 5,000 different gift ideas. The adoption of wish lists and the gift teaser are great, by the way, at a time when the shopping season is shorter, the gift teaser is a great thing for people who are giving gifts more last minute to still have the teaser arrive on time.

因此，我們推出了一些出色的產品功能，我們認為這些功能將使我們今年獲得最佳的送禮體驗。禮品查找器的數量多了許多倍——多了 3 倍的禮物創意，5,000 種不同的禮品創意。願望清單和禮物預告片的採用很棒，順便說一句，在購物季節較短的時候，禮物預告片對於那些在最後一刻贈送更多禮物以便仍能準時送達的人來說是一件很棒的事情。

So we think the investments we're making are great. And you will hear us talk in all of our marketing channels all a lot about gifting in the fourth quarter. We have a great above-the-line campaign that launches in just a couple of days that really is focused on seeing someone and your gift being an expression of really seeing that person in a way that we think is super cool. And we think you're going to like.

所以我們認為我們正在進行的投資很棒。您會聽到我們在所有行銷管道中大量談論第四季度的送禮問題。我們有一個很棒的線上活動，在短短幾天內就啟動了，它的重點是見到某人，而你的禮物是一種我們認為非常酷的方式真正見到那個人的表達。我們認為您會喜歡的。

Maria, there's one part of your question. I just want to clarify, I mentioned active buyers in gift mode, and I think we've talked about that a little bit in the past. We don't track in gift mode if you're a buyer if me. We're just tracking gifting GMS because you can start out in gift mode and then you can actually buy a gift somewhere else on the site. So just wanted to clarify that.

瑪麗亞，這是你問題的一部分。我只是想澄清一下，我提到了禮物模式下的活躍買家，我想我們過去已經討論過這一點。如果您是我的買家，我們不會在禮品模式下進行追蹤。我們只是追蹤禮品 GMS，因為您可以從禮品模式開始，然後您實際上可以在網站的其他地方購買禮品。所以只是想澄清一下。

Our best measure for tracking is if they select this is a gift for somebody else. So engaging with the gift mode is just a part of the funnel, which leads them to other items that they can just exactly.

我們追蹤的最佳衡量標準是他們是否選擇這是送給其他人的禮物。因此，參與禮物模式只是管道的一部分，這會引導他們找到他們可以找到的其他物品。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Hey. It's Ryan on for Naved. So I wanted to ask on Etsy Insider and the seller reaction to Etsy Insider and then also initial takeaways. Maybe seasonal versus monthly subscription numbers or anything that you can kind of get clarity on? Thanks.

嘿。瑞恩（Ryan）替補納維德（Naved）。所以我想問 Etsy Insider 以及賣家對 Etsy Insider 的反應，以及初步的收穫。也許是季節性訂閱數與每月訂閱數，或者您可以了解的任何內容？謝謝。

We're very early inning. In fact, I think we're in spring training. We're not in the first inning. We're in like Spring training. Yeah, we are in the earliest of early days. It's, I think, been live for six weeks in a beta that by design was only a limited population of people have been invited to.

我們還處於很早的一局。事實上，我認為我們正在進行春訓。我們還沒有進入第一局。我們正在進行春訓。是的，我們正處於早期階段。我認為，它的測試版已經上線了六週，按照設計，只有有限的人被邀請參加。

So we're really trying to learn -- what is the -- what happens when shipping price goes away, what's the propensity to want to subscribe to a loyalty program? What are the kinds of value props that make people want to subscribe, what are the economics of that look like.

所以我們真的在努力了解——當運費消失時會發生什麼，想要訂閱忠誠度計劃的傾向是什麼？什麼樣的價值道具能讓人想要訂閱，其經濟效益如何。

So we are intentionally limiting the population and the uptake so we can have a sandbox, if you will, to play with that. And so we're pleased with how it's launched. I think it's pretty beautiful, pretty well presented. And the sellers are mostly concerned that we don't cause their economics to get worse.

因此，我們有意限制人口和使用量，這樣我們就可以有一個沙箱（如果您願意的話）來玩它。因此，我們對它的推出方式感到滿意。我認為它非常漂亮，呈現得非常好。賣家最關心的是我們不會導致他們的經濟狀況變得更糟。

So when we did our seller research and our buyer research, they both said we'd love free shipping as long as it doesn't mean that sellers have to have lower margins. So for the buyers, interestingly, and this is one of the wonderful things about Etsy that I think is so different than anywhere else. When we said to buyers, do you want free shipping on -- or what do you want out of a loyalty program and they said, I want free shipping. That's the thing I want.

因此，當我們進行賣家研究和買家研究時，他們都表示我們喜歡免費送貨，只要這並不意味著賣家必須降低利潤。因此，對於買家來說，有趣的是，這是 Etsy 的奇妙之處之一，我認為它與其他地方有很大不同。當我們對買家說，你想要免費送貨嗎？這就是我想要的東西。

But I don't want the sellers to have to pay for it. And that's cool. I don't think people are thinking that on eBay or Amazon or other marketplaces. I think it speaks to the real connection between the buyer and the seller. And the care of the buyer and the seller, so the salary action, I think, has been generally positive.

但我不希望賣家為此付費。這很酷。我認為人們在 eBay、亞馬遜或其他市場上不會這麼想。我認為這說明了買家和賣家之間的真正聯繫。以及買方和賣方的關心，因此我認為薪資行動總體上是積極的。

And I think it's early days. This is something -- when we look at loyalty programs that have succeeded. It typically takes a while to work through and figure it out, and they evolved quite a bit from start to the point that they really get scale. That's what I would expect for us as well.

我認為現在還為時過早。當我們審視成功的忠誠度計畫時，這就是一件很了不起的事。通常需要一段時間才能解決並弄清楚，而且從一開始到真正規模化，它們已經發展了相當長的一段時間。這也是我對我們的期望。

Robert Coolbrith, Evercore.

羅伯特·庫布里斯，Evercore。

Hi, good afternoon. Thanks for taking the questions. Josh, I think you just confirmed it earlier, but I wanted to check if the Q score has remained conversion in GMS neutral as you scale that up. And then in a similar vein, any additional color on the scale of the GMS headwind from the changes in mobile app and web. Would you expect that to be a consistent headwind into Q4? Or do you perhaps refocus a bit on conversion versus downloads and longer-term consideration in Q4? Thank you.

嗨，下午好。感謝您提出問題。喬希，我想你剛剛確認了這一點，但我想檢查一下，當你擴大規模時，Q 分數是否仍保持 GMS 中立的轉換。然後，以類似的方式，行動應用程式和網路的變化也會對 GMS 逆風帶來任何額外的影響。您認為這將成為第四季的持續阻力嗎？或者您會在第四季度重新關注轉換與下載以及長期考慮？謝謝。

Yeah. So we were able to get the Q score when we launched it in search to be roughly neutral to conversion rate. We have been putting more friction in the mobile web experience to drive people to app. I said in the prerecorded portion that, for example, like an interstitial on the signed out listing page is driving, we think, an incremental $3 million annualized downloads.

是的。因此，當我們在搜尋中推出它時，我們能夠得到 Q 分數，它對轉換率大致呈中性。我們一直在行動網路體驗方面施加更多阻力，以吸引人們使用應用程式。我在預先錄製的部分中說過，例如，我們認為，退出清單頁面上的插頁式廣告正在推動每年 300 萬美元的增量下載。

There's obviously some cost to conversion rate, but it's not that high. We think it's very appropriate and ROI positive to do that. So I think the headwinds from the changes that we've made are actually quite modest.

顯然，轉換率會產生一些成本，但並沒有那麼高。我們認為這樣做非常合適，而且投資報酬率也很高。因此，我認為我們所做的改變所帶來的阻力實際上相當小。

The bigger cost candidly, is opportunity cost. Had we decided to keep running the business the way we have in prior years and just grind out GMS wins, we probably could have had several percentage points less decline in GMS this year. But towards what end, I don't think that, that would have set the business up in the strongest possible way to differentiate itself and grow.

坦白說，更大的成本是機會成本。如果我們決定繼續以前幾年的方式經營業務，並努力爭取 GMS 的勝利，那麼今年我們的 GMS 下降幅度可能會減少幾個百分點。但我認為，這不會以最強有力的方式使業務脫穎而出並實現成長，這會達到什麼目的。

I think the things we're doing to really lean into what makes Etsy different, what makes it special to highlight the quality, the uniqueness of Etsy to show more diversity, to create screen real estate, to spark more new missions instead of just leading into the mission, you arrived already knowing, I think the investments we're making in that are a great investment to set us up better for growth in future quarters. So I think it is that opportunity cost that is the bigger piece of the cost we felt this year.

我認為我們正在做的事情是為了真正了解 Etsy 的與眾不同之處，突出 Etsy 的品質和獨特性，展示更多多樣性，創造螢幕空間，激發更多新使命，而不僅僅是引領進入使命後，您已經知道，我認為我們在這方面所做的投資是一項偉大的投資，可以讓我們在未來幾季更好地實現成長。所以我認為機會成本是我們今年感受到的成本最大的一部分。

Laura Champine, Loop. Laura, you're on mute.

勞拉‧尚平，《循環》。蘿拉，你處於靜音狀態。

Marvin Fong, BTIG.

馬文·方，BTIG。

Awesome. Well, thanks for taking my questions. I really appreciate it. Just two quick ones for me. So you gave the category numbers, which always appreciate that. I mean I know you just gave us some full numbers here, but maybe there was -- as I calculated, maybe some small marginal improvement in maybe the home category. But just as a broader question, are you seeing anything is different among the different categories in terms of sort of like the pressure on your business? Or am I overreading into that?

驚人的。嗯，謝謝你回答我的問題。我真的很感激。對我來說只有兩個快速的。所以你給了類別編號，他們總是很欣賞這一點。我的意思是，我知道你剛剛在這裡給了我們一些完整的數字，但也許有——正如我計算的那樣，也許在家庭類別中出現了一些小的邊際改進。但作為一個更廣泛的問題，您是否發現不同類別之間有什麼不同，例如您的業務面臨的壓力？還是我過度解讀了？

And then second question, just on the buyback. You guys are generating north of $700 million, $800 million in free cash flow. So kind of similar to the buyback. What's sort of the appetite here to outrun the free cash flow generation and maybe lever up the balance sheet here. Obviously, you guys have called out that you think the stock is undervalued here. Just any thoughts on how you think about capital structure and deploying the buyback would be paid.

然後是第二個問題，關於回購。你們創造了超過 7 億美元、8 億美元的自由現金流。有點類似回購。這裡有什麼樣的胃口來超越自由現金流的產生，並可能提高這裡的資產負債表。顯然，你們已經指出，你們認為該股票被低估了。任何關於如何看待資本結構和部署回購的想法都會得到回報。

Going to take that last one first. And then so we did say in the call that the Board approved the additional $1 billion, and that does give us the flexibility to be more into buying back even above the current levels, which we've been doing about 90% of our free cash flow return to shareholders. And we can do that. We have the luxury of being able to do that and continue to invest the way we want to in our organic investments. So we feel pleased about that.

首先要拿最後一個。然後我們在電話會議中確實說過，董事會批准了額外的 10 億美元，這確實使我們能夠更加靈活地回購甚至高於當前水平的股票，我們已經用了大約 90% 的自由現金流回報股東。我們可以做到。我們有幸能夠做到這一點，並繼續以我們想要的方式進行有機投資。所以我們對此感到高興。

The balance sheet is levered up. We have three outstanding converts and the first one coming due in the fall of 2026. So we want to be thinking about that, and we don't have to lever up right now to be able to be leaning more into share repurchase. We're doing pretty ample repurchasing and we have the flexibility to go even beyond what we've been doing currently.

資產負債表槓桿化。我們有三名未完成的轉換者，第一名將於 2026 年秋季到期。我們正在進行相當充足的回購，並且我們具有靈活性，甚至可以超越我們目前所做的事情。

It's a pretty great thing about this business that our capital requirements are so low. For many companies, EBITDA still does not translate into free cash flow. For us, it largely does. And so this is a business that generates a lot of free cash flow, has $1.2 billion on the balance sheet, which we think is more than we need. So it gives us the flexibility.

對於這項業務來說，我們的資本要求如此之低，這是一件非常好的事情。對於許多公司來說，EBITDA 仍然沒有轉化為自由現金流。對我們來說，很大程度上是這樣。因此，這是一家能夠產生大量自由現金流的企業，資產負債表上有 12 億美元，我們認為這超出了我們的需要。所以它給了我們靈活性。

And on the category is candidly not a lot interesting, if I'm being very direct, not a lot interesting. The one insight, and I think I might have even talked about this in the last call, that we continue to see is where there are pockets of real value.

坦白說，這個類別並不是很有趣，如果我很直接的話，也不是很有趣。我認為我甚至可能在上次電話會議中談到了這一點，我們繼續看到的是存在真正價值的地方。

So for example, in jewelry, we are growing in, what we call, demi fine jewelry. So think like an engagement ring that you're giving to your partner that might cost between $10 and $50. On Etsy, you can find real gold handmade by Goldsmith just for you at a price that's really compelling relative to what you may had them all. And so we're winning in that.

例如，在珠寶領域，我們正在發展所謂的半高級珠寶。因此，可以想像一下您送給伴侶的訂婚戒指，其價格可能在 10 到 50 美元之間。在 Etsy 上，您可以找到由 Goldsmith 專門為您手工製作的真金，其價格相對於您可能擁有的所有黃金來說確實很有吸引力。所以我們在這方面取得了勝利。

Jewelry under $20 is under more pressure. You've got to pay shipping on Etsy for something under $20, where you might be able to go to the mall and buy a $15 something without needing to pay that. So we are seeing pockets within every category. And value right now in this market is very important.

20 美元以下的珠寶面臨更大壓力。在 Etsy 上，你必須為 20 美元以下的商品支付運費，而你可以去商場購買 15 美元的商品，而無需支付運費。所以我們在每個類別中都看到了口袋。目前這個市場的價值非常重要。

Cool. I think we'll take one more in, operator.

涼爽的。我想我們會再招募一名，接線生。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

This is Brian Kraska on for Shweta. Sorry about that. Really nice to see the upside in the take rate, both in Q3 and the guide for Q4. Just was curious if there's any incremental drivers beyond advertising that you called out in the letter, payments as well. anything we should consider on the seller side, either with the quality score or other initiatives and how to think about this.

我是布萊恩‧克拉斯卡 (Brian Kraska)，替補席維塔 (Shweta) 發言。對此感到抱歉。很高興看到第三季和第四季指南的採用率都有所上升。只是很好奇，除了您在信中提到的廣告之外，是否還有任何增量驅動因素，還有付款。我們在賣方方面應該考慮的任何事情，無論是品質分數還是其他舉措，以及如何考慮這一點。

What I'm really excited about is we made significant gains in take rate this year. If you look at it through the year, it's like 130 basis points of take rate. We did that without impacting our sellers' margins. I think there's often a view that somehow if Etsy's take rate goes up, it must come at the expense of sellers. That's not true, certainly not this year.

讓我真正興奮的是，我們今年的採用率取得了顯著的進步。如果你縱觀這一年，你會發現採用率大約是 130 個基點。我們這樣做並沒有影響賣家的利潤。我認為經常有一種觀點認為，如果 Etsy 的成交率上升，必然會以犧牲賣家的利益為代價。這不是真的，今年當然不是。

We saw payments coverage go up. That means instead of paying some other third-party payments provider, they're paying Etsy instead and having a better experience. Our buyers and sellers are both safer when it runs through Etsy Payments, and they're not paying more for that.

我們看到支付覆蓋範圍有所增加。這意味著他們不再向其他第三方支付提供者付款，而是向 Etsy 付款，並獲得更好的體驗。當透過 Etsy Payments 運行時，我們的買家和賣家都更加安全，而且他們不會為此支付更多費用。

Etsy Ads just got better. We're getting better and better at, picking the right ad that a buyer is likely to buy. And so our sellers ROAs stayed roughly consistent but Etsy earned more take rate. That's a win-win for everyone because it allows Etsy to go back and invest more in the business without sellers' margins on average being negatively impacted.

Etsy 廣告變得更好了。我們越來越擅長挑選買家可能會購買的正確廣告。因此，我們的賣家 ROA 大致保持一致，但 Etsy 獲得了更高的轉換率。這對每個人來說都是雙贏，因為它使 Etsy 能夠回去對業務進行更多投資，而賣家的平均利潤不會受到負面影響。

The seller onboarding fee is a small component of that as well. What we're seeing is that it's doing a good job stopping bad actors and it's not stopping sellers that were likely to succeed. So the amount of sales from new sellers has not declined in any meaningful way as a result of that. So it feels like that's been a very healthy amount of friction to add to the marketplace and the OSA is the other component of it.

賣家入會費也是其中的一小部分。我們看到的是，它在阻止不良行為者方面做得很好，但並沒有阻止可能成功的賣家。因此，新賣家的銷售額並沒有因此而出現任何有意義的下降。所以感覺這對市場來說是一個非常健康的摩擦，而 OSA 是其中的另一個組成部分。

So we feel like the take rate gains we've made this year are healthy. We think they're sustainable and we feel good about that. And we think there continues to be opportunity for a fair exchange of value and for Etsy to continue to get better at offering services that add value to our sellers, help them grow their business without coming at expense to their margins.

因此，我們認為今年的採用率成長是健康的。我們認為它們是可持續的，對此我們感覺很好。我們認為，公平價值交換的機會仍然存在，Etsy 將繼續更好地提供為我們的賣家增值的服務，幫助他們在不犧牲利潤的情況下發展業務。

And I'll just add real quickly that the payment schemes we made in 2024, we'll annualize that in 2025. So that because we didn't do them all on the first day of the year. And then OSA just as a definition, is offsite ads. So when we and spend more on our performance marketing, we are able to collect more OSA revenue.

我會快速補充我們在 2024 年制定的付款計劃，我們將在 2025 年將其年度化。 OSA 作為定義，就是站外廣告。因此，當我們在績效行銷上投入更多時，我們就能夠獲得更多的 OSA 收入。

Great. We are at time. Operator, I think we're going to call it the evening.

偉大的。我們正時。接線員，我想我們今晚就到此為止吧。

Thank you.

謝謝。

Thank you, everybody.

謝謝大家。