ETSY Inc (ETSY) 2024 Q3 法說會逐字稿

Hi, everyone, and welcome to Etsy's third-quarter 2024 earnings conference Call.

大家好，歡迎參加 Etsy 2024 年第三季財報電話會議。

I'm Deb Wasser, VP of Investor Relations.

我是投資者關係副總裁 Deb Wasser。

Today's prepared remarks have been prerecorded.

今天的準備好的發言已經預先錄製好了。

Joining me today are Josh Silverman, our CEO; and Rachel Glaser, our CFO.

今天與我一起出席的還有我們的執行長 Josh Silverman；以及我們的財務長 Rachel Glaser。

Once we have finished with the presentation, we'll take questions from our publishing sell-side analysts on video.

演示結束後，我們將透過影片回答出版賣方分析師的問題。

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、我們的業務和我們的經營業績相關的前瞻性陳述，如我們網站上發布的供您參考的幻燈片中所述。

Our actual results may differ materially.

我們的實際結果可能會有重大差異。

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.

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 表中有所描述，並將在我們向美國證券交易委員會提交的未來定期報告中更新。

Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

我們在本次電話會議上所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新這些陳述的義務。

Also during the call, we'll present both GAAP 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，在電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標，這些指標與今天的收益新聞稿或我們 IR 網站上發布的幻燈片中的 GAAP 財務指標相協調，同時還會重播本次電話會議。

With that, I'll turn it over to Josh.

說完這些，我將把話題交給喬希 (Josh)。

Thanks, Deb, and good afternoon, everyone.

謝謝，Deb，大家下午好。

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.

儘管 Etsy 市場經歷了一個充滿挑戰的 GMS 季度，但我們仍很高興實現了穩健的綜合收入和利潤，整體表現大致符合我們的預期。

Consolidated GMS was $2.9 billion, down about 4.1% year over year.

合併 GMS 為 29 億美元，年減約 4.1%。

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%.

受益於持續的佣金率擴大，營收成長 4.1% 至 6.62 億美元，我們公佈的調整後 EBITDA 利潤率非常健康，約為 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.

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仍穩定在約 9,100 萬美元。

We maintained strong revenue flow-through and profitability despite continued macro headwinds and multiple mind share events this quarter.

儘管本季宏觀環境持續不利且發生多起分享事件，我們仍維持了強勁的營收流和獲利能力。

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.

我很高興向你們詳細介紹我們如何專注且自律地投資於我們認為真正使 Etsy 與眾不同的事物，以讓我們盡可能快速而強勁地發展。

Earlier this year, we outlined our commitment to driving consideration among our customers centered around highlighting Etsy's quality, value and reliability.

今年早些時候，我們概述了我們致力於推動客戶關注的承諾，重點是強調 Etsy 的品質、價值和可靠性。

We said we'd elevate gifting, prioritize quality and search, foster loyalty, and improve shipping.

我們表示，我們將提升贈送體驗、優先考慮品質和搜尋、培養忠誠度並改善運輸。

Fast forward to today, we've delivered on those goals.

時至今日，我們已經實現了這些目標。

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.

我們創造了更直觀的送禮體驗，增強了我們的搜尋演算法以展示更高品質、更多樣化的列表，推出了 Etsy Insider 測試版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.

這類成就是更大故事的一部分。

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.

當零售業的其他企業似乎都專注於削減價格和提供大幅折扣時，我們卻採取了不同的方法。

We know that our strength lies not in a race to the bottom.

我們知道，我們的力量不在於競相壓價。

It's simply not who we are, it's not who our sellers are.

這根本不是我們的身份，也不是我們的賣家的身份。

Instead, we're choosing a different direction, choosing to double down on the things that make Etsy markedly different and markedly better.

相反，我們選擇了不同的方向，選擇加倍努力，讓 Etsy 變得與眾不同、更優秀。

as the best path to restarting our growth engine.

這是重啟經濟成長引擎的最佳途徑。

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.

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努力比我任職期間的任何一年都要多。

A lot of this work has been foundational in nature.

很多此類工作本質上都是基礎性的。

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.

這一年中，您已經聽到我們談論我們的發展歷程，從歷史上專注於期間轉換和增量 GMS 銀行業務，到將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.

我們改變了僱用、管理和設定員工目標的方式、管理產品開發投資組合的方式、跨團隊運營和衡量成功的方式，以及在 Etsy 平台上部署技術的方式。

We've moved with urgency, taking the steps that we believe are necessary to build a springboard for future growth.

我們迅速採取行動，採取我們認為必要的措施，為未來的發展奠定跳板。

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.

儘管這些舉措有一定的機會成本，但您會在應用程式和搜尋兩個領域開始看到這種轉變。

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.

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其在 Etsy 上的終身支出增加至少 40%，但我們的 GMS 中只有不到一半是透過該應用程式進行交易的。

So there's tons of untapped potential.

因此，還有大量尚未開發的潛力。

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.

我們已責成團隊改進應用程式主頁，以提供更多的螢幕空間來激發新的購物任務，但這樣做不會影響轉換率。

That alone was a big undertaking.

僅此一項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.

正值假期來臨之際，數百萬用戶看到了顯著改善的體驗，所謂的後視鏡印象減少了 33%。

When we show you items influenced by your past shopping missions.

當我們向您展示受您過去的購物任務影響的商品。

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.

相反，我們利用這些空間來提供新鮮、令人興奮的購物靈感，非常適合那些到達時還不清楚自己想要什麼的顧客。

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.

我們還加強了對行動網路存取的干預力度，以確保應用程式下載量的增加，從而促使更多購物者在旅途中下載應用程式。

We're willing to briefly interrupt the shopper's current mission to promote better overall experiences.

我們願意暫時打斷購物者的當前任務，以提供更好的整體體驗。

Initial experiments showed these Boulder prompts led to incremental lifts in app downloads, which we believe is very promising.

初步實驗表明，這些 Boulder 提示導致應用程式下載量逐步提升，我們相信這是非常有希望的。

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.

例如，在一次實驗中，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。

We're also testing and learning with paid ads to drive downloads while we optimize our presence and placement in the App Store.

我們也正在測試和學習使用付費廣告來推動下載量，同時優化我們在 App Store 中的存在和排名。

The other major area where we're building engagement more intentionally is within Search.

我們更有意識地建立參與度的另一個主要領域是搜尋。

We've historically built our algorithms to help buyers find the specific thing that they're looking for.

我們一直以來都建立自己的演算法來幫助買家找到他們正在尋找的特定東西。

Now we're working to also show the wide range of items that we have to offer.

現在我們正在努力展示我們所提供的各種各樣的產品。

To do that, we're taking a three-pronged approach focused on diversity, quality and agency.

為了實現這一目標，我們採取了三管齊下的措施，重點是多樣性、品質和代理機構。

Let's touch on each one, starting with diversity.

讓我們來談談每一個問題，從多元化開始。

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.

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，創造更具啟發性、更具吸引力且更少重複的購物體驗。

As we shared last quarter, we drastically reduced search results that have identical images.

正如我們上個季度所分享的，我們大幅減少了具有相同圖像的搜尋結果。

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.

為了進一步實現結果多樣化，我們擴大了搜尋範圍，不僅包括完全匹配的商品，還包括具有相似圖像的商品。

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.

我們現在發現搜尋結果減少了大約 40%，其中至少四分之一的清單是這樣的，我們正在努力改進。

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.

我們相信，這項工作的影響將是讓我們的買家更了解 Etsy 上種類繁多的產品，進而隨著時間的推移增加考慮和訪問頻率。

On to quality.

注重品質。

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.

今年，我們重新訓練了我們的搜尋演算法，增加了高品質清單的指標，例如符合買家期望的運費、提供退貨政策和商店的客戶服務水準。

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.

我們不僅希望為您配對您可能會購買的商品，還希望提供您可能會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.

我們很高興看到，我們在這些領域進行的實驗似乎導致 4 星和 5 星買家評論的數量增加，而三星評論的數量和買家要求退款的比例則有所減少。

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.

這些都是很好的跡象，表明我們在 Etsy 上提供持續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.

讓這些高品質努力成為現實的關鍵因素是讓賣家能夠更多地決定影響其搜尋排名的因素。

So in late August, we launched the Etsy search visibility page within the seller dashboard.

因此，8 月底，我們在賣家儀表板內推出了 Etsy 搜尋可見性頁面。

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.

這個新頁面提供了賣家可以採取的客製化操作來提高他們在搜尋中的排名，例如列出圖像品質和數量、退貨政策、訊息回應時間和國內清單的運費。

As sellers make these changes, they'll have the ability to track improvements in real time.

當賣家做出這些改變時，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.

此項工作實際行動的一個例子是，自推出以來，賣家已經降低了約 250 萬件商品的運費，以更好地滿足買家的期望。

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%.

事實上，我們已經看到賣家採取我們建議的行動，整體接受度非常好，超出了我們的內部採用目標約 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.

我們的定位是：從當您確切知道自己想要什麼而又無法在其他地方找到它時才會來的地方，轉變為您早期尋求靈感和發現您想要的東西的地方。

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.

出於對突出 Etsy 的與眾不同和獨特之處的關注，我們在 7 月推出了創造力標準，以幫助鞏固我們作為真實人物原創物品市場的地位。

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.

我們將這些創造力標準融入購物體驗中，為每件商品添加描述，以強調賣家在製作或設計該商品時所扮演的角色，並向買家展示他們所看到的東西為什麼屬於 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.

我們花了第三季的大部分時間來提高標籤的準確性，並繼續探索如何在搜尋、發現和新行銷體驗等領域向買家突出展示這些標籤。

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.

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 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.

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，其中展示了真正的 Etsy 賣家在創建他們自己的定製商品的過程中所經歷的過程。

The campaign resonated with buyers.

這項活動引起了買家的共鳴。

Our research shows that supporting small was among the top recalled messages along with themes of originally made and handcrafted goods.

我們的研究表明，支持小型化以及原創製造和手工製作商品的主題是人們最容易回憶起的訊息之一。

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.

這些發現與我們的信念一致：沒有人比 Etsy 和我們的賣家更有能力告訴世界什麼是創造力。

Now, let's talk loyalty.

現在，我們來談談忠誠。

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.

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偶爾購買者加入 Etsy Insider，到目前為止，該應用程式推動了跨平台的大多數註冊。

We're just beginning to glean insights on how to best approach buyers and pique their interest.

我們才剛開始了解如何最好地接觸買家並激起他們的興趣。

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.

我們計劃在過程中不斷改進我們的測試版產品，同時制定一個獨特的 Etsy 獎勵計劃，鼓勵買家首先想到我們並更頻繁地在我們這裡購物。

Our gifting strategy is the gift that keeps on giving with a number of product improvements this quarter.

我們的贈送策略是本季透過一系列產品改進不斷贈送禮物。

We've introduced new ways to browse and discover unique gifts, while tripling the number of gift ideas available to buyers.

我們推出了瀏覽和發現獨特禮品的新方法，同時將可供買家選擇的禮品創意數量增加了兩倍。

We've also increased buyer adoption of existing gifting features.

我們也增加了買家對現有贈送功能的採用。

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.

例如，大約有 110 萬份禮品清單已被創建，130 萬次增量訪問來自那些收到禮品預告然後直接訪問網站的人。

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.

我們也剛開始在美國 20,000 多家商店（包括大型藥局和零售商）推出實體 Etsy 禮品卡。

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.

從今天開始，美國消費者還可以直接從 etsy.com 購買和發送實體賀卡，這是幫助人們在節日來臨之際送出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.

禮品卡在我們的 GMS 中所佔比例不到 1%，而業界估計同業專業零售商的 GMS 佔比為幾個百分點。

So we see significant opportunity here.

因此，我們在這裡看到了巨大的機會。

And naturally, gifting takes center stage in our holiday marketing this season with an amazing lineup of creative content, on site and off.

當然，送禮成為了本季節慶行銷的焦點，我們在現場和場外都推出了一系列令人驚嘆的創意內容。

Turning to our House of Brands.

轉向我們的品牌之家。

Depop has been a stellar top line performer, with GMS growth accelerating on a sequential basis.

Depop 一直是業績表現亮眼的品牌，其 GMS 成長也逐季加速。

In July, the marketplace removed US selling fees and introduced a small buyer marketplace fee following their UK model.

7 月份，該市場取消了美國銷售費，並效仿英國模式引入了小額買家市場費。

This change has made Depop more appealing to sellers increasing listings and giving buyers a wider selection.

這項變更使得 Depop 對賣家更有吸引力，增加了商品列表，並為買家提供了更廣泛的選擇。

Since launch, US listing growth has accelerated by 26 percentage points.

自推出以來，美國上市成長率已加快了 26 個百分點。

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.

8 月份，Depop 在美國開展了有史以來規模最大的行銷活動，向超過 7,000 萬人宣傳免銷售費政策，鞏固了其在美國轉售市場中的份額成長優勢。

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.

在 Reverb 上，美國二手音樂設備的銷售成長持續超過新設備的銷售，而專賣店和獨家音樂設備的銷售額則是年增率達到兩位數。

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.

8 月，Reverb 與世界領先的吉他製造商之一 Fender 合作，在 Reverb 上推出 Fender 認證二手吉他，幫助音樂家直接從值得信賴的品牌購買價格實惠的二手音樂設備。

Reverb continued to focus on operational efficiencies to drive profitability and value-added services for its community.

Reverb 持續專注於提高營運效率，為社區帶來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.

最後，我對我們今年迄今為止所取得的進展感到非常自豪，這些進展使 Etsy 變得更加與眾不同。

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.

當我們努力將精力轉向具有凝聚力和參與感的體驗，重啟長期增長飛輪時，我們獲勝的權利比以往任何時候都更加重要。

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.

當世界其他地方熱衷於折扣和促銷時，我們卻熱衷於讓客戶體驗更好，讓 Etsy 更具 Etsy 性。

In doing so, we make good on our promise to keep commerce human.

透過這樣做，我們兌現了保持商業人性化的承諾。

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.

雖然目前非必需品的潮水已經退去，但我們正在努力確保我們的產品足夠大、足夠堅固，以便隨著潮水的到來能夠賣得更遠、更快。

Thanks, Josh, and thank you for joining our call.

謝謝，喬希，謝謝您加入我們的電話會議。

My commentary today will cover consolidated financial results, key drivers of performance, and Etsy Marketplace stand-alone results where appropriate.

我今天的評論將涵蓋合併財務業績、業績的關鍵驅動因素以及 Etsy Marketplace 獨立業績（如適用）。

As a reminder, we divested Elo7 on August 10, 2023.

提醒一下，我們在 2023 年 8 月 10 日剝離了 Elo7。

So please take that into consideration when you compare year-over-year consolidated results.

因此，當您比較同比合併結果時，請考慮這一點。

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.

Etsy 2024 年第三季合併 GMS 為 29 億美元，受 30 個基點的外匯順風影響，年減約 4.1%。

And Etsy marketplace GMS was down 6% year over year.

Etsy 市場 GMS 較去年同期下降了 6%。

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.

Depop 的強勁表​​現為合併後的 GMS 帶來了良好的收益，並且他們在美國實現了出色的營收成長，在澳洲也表現不佳。

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.

第三季綜合營收年增 4.1% 至 6.62 億美元，調整後 EBITDA 為 1.84 億美元，利潤率達到非常健康的 27.7%，年減 90 個基點，高於我們的預期。

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.

與去年同期相比，我們在員工成本和收入成本方面獲得了槓桿作用，但本季更高水準的綜合行銷支出抵消了這一槓桿作用。

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.

請注意，Elo7 的資產剝離導致本季的 GMS 和營收成長遭遇小幅阻力，但對我們的合併調整後 EBITDA 利潤率卻有小幅成長。

Digging into the consolidated revenue growth, marketplace revenue increased 3.3% year-over-year, primarily driven by payments fee revenue.

深入研究綜合收入成長，市場收入年增 3.3%，主要得益於支付費用收入。

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.

我們繼續推動 Etsy Payments 的擴張，我們的支付平台滲透率目前已達到 Etsy 市場 GMS 的 99% 左右，而去年同期為 93%。

Our new seller setup fee and off-site ads fees also contributed to marketplace revenue expansion.

我們的新賣家設定費和站外廣告費也促進了市場收入的擴大。

In addition, an increase in GMS and resulting transaction fee revenue for the Depop marketplace was a tailwind to our consolidated performance.

此外，GMS 的成長以及由此帶來的 Depop 市場交易費收入也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%.

綜合服務收入成長更快，達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.

對於核心的 Etsy 市場廣告收入表現而言，其同比和環比增長速度加快，這得益於我們在優化代表賣家的競價方式方面取得了重大進展，從而更好地平衡了各個賣家群體的賣家增值，同時保持一致的賣家 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.

我們還在排名模型中加入了更多特徵和多模式嵌入，捕捉清單圖像表示，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.

總而言之，正如您在右側圖表中所看到的，我們 24 年第三季的綜合接受率提高至 22.7%，高於我們預期的約 22%，比去年同期的 20.9% 高出 180 個基點。

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.

這一強勁的同比表現很好地證明了我們如何能夠為賣家創造價值並透過經驗不斷改進，同時以真正雙贏的方式為 Etsy 帶來更多收入和更高的佣金率。

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.

我們很自豪 Etsy 能夠嚴謹地投資 Josh 所描述的大膽舉措，同時在我們的核心 Etsy 市場面臨嚴峻的宏觀經濟時期管理我們的支出。

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，我們繼續在合併產品開發支出中推動槓桿作用，該支出在第三季度同比下降約 6% 至 1.07 億美元，這主要是由於與我們 2023 年裁員相關的員工薪酬費用減少。

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.

您可以從右側的圖表中看到，Etsy 市場的人均收入繼續逐年增長，並且遠高於我們的許多同行，甚至高於那些規模和規模明顯更大的同行。

Third quarter consolidated marketing spend increased 22% year over year to $197 million.

第三季綜合行銷支出較去年同期成長22%至1.97億美元。

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.

除了增加 Etsy Marketplace 績效行銷支出外，Deo 為支持其美國費用變更公告，其支出也比去年大幅增加。

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.

正如我們在上次電話會議上所強調的那樣，我們還擴展了中部管道和較新的績效管道，特別是在付費社交領域，這些管道顯著增加，正如您從此幻燈片右下角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.

我們在全年的測試和學習過程中一直在增加付費社交支出，但它尚未完全成熟和優化。

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.

這項投資與我們在發現和靈感方面的整體努力相一致，為我們的買家解決更普遍的需求，例如您家中最近增添了新生兒，而不是幫助您找到特定的個人化連身衣。

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.

付費社交對我們的買家重新啟動產生了積極的影響，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消費比新買家多 40%。

Consolidated brand spend increased 21% year over year, also connected to Deep ops higher level of spend.

綜合品牌支出年增 21%，這也與 Deep ops 更高水準的支出有關。

As previewed on our last call, Q3 brand spend also includes the creative costs we incurred for our Etsy seller focused campaign.

正如我們上次電話會議所預測的那樣，第三季的品牌支出還包括我們為 Etsy 賣家重點活動所產生的創意成本。

Moving to Etsy marketplace GMS performance and related metrics.

轉向 Etsy 市場 GMS 績效和相關指標。

We had a year-over-year decline in our top categories.

我們的頂級類別銷量較去年同期下滑。

And GMS was down in our US domestic-only trade route as well as non-US trade routes.

在我們美國國內貿易航線以及非美國貿易航線上，GMS 均出現下滑。

We did see some modest growth in our international nondomestic trade route as well as US imports.

我們確實看到國際非國內貿易路線以及美國進口出現了一些小幅成長。

Digging into this performance, there are three primary factors at play.

深入研究這一表現，有三個主要因素在起作用。

First, overall macro conditions, which influence consumers' budgets continue to weigh on the wallet share we are able to win.

首先，影響消費者預算的整體宏觀條件繼續對我們能夠贏得的錢包份額造成壓力。

As you can see from this chart, the percentage of US personal consumption going to discretionary spend continues to decline versus the COVID peaks.

從該圖表中可以看出，與 COVID 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.

其次，本季發生了一些獨立的思想共享事件，我們認為這為我們的業務帶來了額外的阻力。

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（包括歐洲足球賽）、廣受歡迎的奧運會、與美國政治和大選相關的活動以及 9 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.

第三，正如喬希所描述的，我們真正專注於鞏固核心 Etsy 市場，注重商品質量，並確保我們擁有良好的凝聚力體驗，尤其是在應用程式中。

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.

這是我們經營公司方式的重大轉變，它們給會話轉換帶來了一些壓力，並給 GMS 帶來了一些阻力。

That said, we are pleased to have been able to drive some pockets of GMS strength in the quarter.

儘管如此，我們很高興能夠在本季推動 GMS 的一些發展。

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.

我們致力於讓 Etsy 再次成為送禮的目的地，從而實現了整個網站的 GMS 增長，儘管不如第二季度那麼強勁，因為第二季度有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.

為了填補這些空白，我們將繼續致力於推動更多生日和周年紀念日等常青禮品的購買。

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.

我們也看到個人化和客製化商品的表現持續超過整個網站的表現，年成長 4%，這強化了我們的品牌能夠與買家產生共鳴的一種方式。

And in the US, back-to-school merchandise GMS grew 5% year over year.

在美國，返校商品的 GMS 年增了 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.

我們繼續看到 Etsy 市場活躍火災數量呈現復甦態勢，約 9,120 萬美元，與去年同期相比僅略有下降。

We reactivated over 6 million lapse fires in the quarter, up close to 6% year over year.

本季度，我們重新點燃了超過 600 萬起延時火災，較去年同期成長近 6%。

And we added over 5 million new buyers in the quarter, down around 13% per year.

本季我們增加了 500 多萬新買家，年減約 13%。

Habitual buyers decreased by about 5% year over year.

習慣性購買者數量較去年同期減少約 5%。

However, our retention rate of habitual buyers was slightly better on a year-over-year basis.

然而，我們的慣常購買者的保留率與去年同期相比略有改善。

And habitual buyers remain a very healthy 43% of our GMS.

習慣性購買者仍然佔據我們 GMS 的 43% ，這一比例非常健康。

Lastly, GMS per active buyer was down 3.4% in the quarter to $123.

最後，本季每位活躍買家的 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.

根據我們長期以來觀察到的趨勢，每起活躍火災的 GMS 同比下降主要是由於買家訪問我們的頻率有所降低以及每次購買的花費減少。

I want to take a moment to talk about the Etsy seller community.

我想花點時間談談 Etsy 賣家社群。

Our heart goes out to those regions hard hit by recent hurricanes.

我們對近期遭受颶風襲擊的地區深表同情。

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.

按照我們的正常做法，我們調整了他們的結算時間表，向有需要的賣家提供災難補助，延長明星賣家的地位，並主動為他們提供管理或暫停業務的指導。

Our hope is that these steps provide impacted sellers with the flexibility they need to focus on their health and safety.

我們希望這些措施能為受影響的賣家提供所需的靈活性，使他們能夠專注於自己的健康和安全。

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.

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。

We have long asserted that when we lose a seller, we rarely lose a sale given the large amount of substitution available.

我們一直堅稱，當我們失去一個賣家時，由於有大量的替代品可供選擇，我們很少會失去銷售。

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.

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一個有益副產品，包括我們的新賣家設定費和我們正在採取的其他行動，以確保合適的賣家、那些擁有技能並願意在 Etsy 上取得成功的賣家能夠獲勝。

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.

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。

And we also see strong pockets of seller growth such as in Ukraine and other emerging markets.

我們也看到烏克蘭和其他新興市場等賣家成長強勁。

As of September 30, we had $1.2 billion in cash, cash equivalents, and short- and long-term investments.

截至 9 月 30 日，我們擁有 12 億美元現金、現金等價物以及短期和長期投資。

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.

第三季度，我們根據董事會授權的 2023 年 6 月 10 億美元的回購計劃，總計回購了 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.

我們的輕資本業務模式使我們本季實現了強勁的自由現金流，約 2.04 億美元。

We also continued to convert approximately 90% of adjusted EBITDA to free cash flow on a trailing 12-month basis.

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。

Related, our net income was impacted by a noncash foreign currency loss compared to a noncash foreign currency gain in the prior year.

相關的是，與前一年的非現金外幣收益相比，我們的淨收入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.

我們看到我們的股票具有巨大的價值，我們和我們的董事會對我們正在進行的成長計劃充滿信心。

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.

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，這項新的授權將使我們有能力超越我們已經很高的股票回購水準。

And it's worth noting that these repurchases do not come at the expense of important investments in our business.

值得注意的是，這些回購並不會以犧牲我們業務的重要投資為代價。

Turning to our outlook.

轉向我們的展望。

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.

我們預計，第四季度合併 GMS 將與去年同期相比下降低至中等個位數百分比範圍。

We're confident that Etsy is the best we've ever been for holiday gifting, which gives us reason for optimism.

我們確信，Etsy 是我們見過的最好的節日禮品網站，這給了我們一個樂觀的理由。

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.

我們也知道，我們核心市場的消費者面臨著很大的壓力，他們似乎優先考慮在緊張的預算內獲得大幅折扣和價值。

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.

Etsy 將在現場和場外重點展示禮品，並且我們將進行網路銷售，並強調我們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.

話雖如此，我們的品牌代表的是特殊和獨特，而不是廉價的交易。

One other unknown is how the US general election may impact the consumer psyche or holiday spending trends.

另一個未知數是美國大選將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.

目前預計第四季度綜合營收率為 22.3%，高於去年同期的業績，但較 24 年第三季略有下降，這是我們正常的連續季節性趨勢，第四季度的有機 GMS 水準高於我們本季從 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.

合併調整後 EBITDA 利潤率將達到 28% 至 29%，高於 24 年第三季和去年第四季的業績。

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.

調整後 EBITDA 的環比改善可歸因於季節性銷售和成本效率，以及在與買家費用活動相關的第三季支出高於正常水平後，Depop 縮減了績效和品牌行銷支出。

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，就全年而言，按照該指引的中值，我們將經受住一系列嚴峻的宏觀逆風，我們將 GMS 合併到大約個位數的低位，仍然推動著非常可觀的收入增長，所有這些都是因為我們為賣家創造了價值和公平交換，進行了關鍵的投資，我們相信這些投資可以重新點燃未來的增長，並實現了強勁的增長，並實現了經濟至少良好，EBITDA 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.

雖然我們對 GMS 擴展的缺乏感到不滿意，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實現這一點，那麼 Etsy 的未來將會非常光明。

Thank you all for your time today.

感謝大家今天的寶貴時間。

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來回答您的問題。

(Operator Instructions) Nick Jones, JMP Securities.

（操作員指示）尼克瓊斯，JMP證券。

Could you speak to kind of the leverage you're driving in product development?

您能否談談您在產品開發中所扮演的槓桿？

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.

我記得您過去曾指出過，與其他平台相比，您可以用相對較少的員工數量做很多事情。

How do you kind of rank order what you want to invest in particularly as you kind of eye accelerating GMS growth over time.

當您關注 GMS 隨著時間的推移而加速成長時，您會如何對您想要投資的項目進行排序？

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.

當您掌握了大量新技術，並有可能獲得更大的推動力以推動發展時，我們是否應該在某個時候考慮潛在的投資週期。

Yes.

是的。

Thanks, Nick.

謝謝，尼克。

Great question.

好問題。

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.

我們在年初要經歷一個過程，就是討論年底的業績會是怎樣。

We're going through it right now for next year.

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.

我們真正想要提升的客戶體驗是什麼？

And then we have a top-down bottoms-up approach to challenge the team with what are your best ideas.

然後，我們採用自上而下、自下而上的方法，向團隊提出挑戰，看看你們最好的想法是什麼。

And based on the quality of the ideas we decide how many squads to dedicate to those tasks.

根據想法的質量，我們決定派遣多少小隊去完成這些任務。

And as you know, Nick, the unit of work at Etsy is a squad at roughly 8 to 10 people.

如你所知，尼克，Etsy 的工作單位是一個大約由 8 到 10 人組成的小組。

And so those atomic units can operate really quickly.

因此這些原子單元可以非常快速地運作。

The velocity is usually really good.

速度通常非常好。

So we empower them to, hey, you've got to improve this customer experience by this much in those times.

因此，我們授權他們，嘿，你必須在那些時候大幅改善客戶體驗。

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.

您說得對，基於去年的裁員，我們今年在產品開發方面看到了一些優勢，我們一直相信，我們從來都不是一家不惜一切代價追求成長的公司。

We've always believed that scarcity breeds focus and that focus is a great thing.

我們始終相信，稀缺性會孕育出專注，而專注是一件偉大的事。

We also care a lot about the productivity of the team and measuring the productivity of the team.

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.

如您所知，今年我們決定投資一些更基礎的體驗，我們認為這些體驗對於未來幾年的成長至關重要，而不太專注於在本季度實現增量 GMS。

Some examples are adding a Q score to search.

一些例子是添加 Q 分數以進行搜尋。

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.

這是非常基本的事情，我們認為它將推動市場發生巨大的進步，並在未來帶來更多的 GMS 成長，因為賣家知道如何在搜尋中獲得更高的排名。

And we do a better job pairing customers, not just with products they buy with products they love.

我們在為顧客配對產品方面做得更好，不僅僅是為他們提供他們購買的產品和他們喜歡的產品。

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.

因此，我們認為這是一項真正基礎性的投資，但需要多個團隊數月的努力才能做到這一點並使其保持 GMS 中立。

In normal times or in other times, we're really getting to neutral has not been the goal.

無論在正常時期或其他時期，達到中立都不是真正的目標。

Everything has been about incremental.

一切都是漸進的。

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.

我認為在這方面我們今年已經做了很多基礎工作，並且取得了很大進展。

We're well positioned next year to have more of the work from our existing squads be additive.

明年，我們有足夠的能力利用現有隊伍做更多的工作。

The other thing I will say is we are doing some incremental hiring.

我要說的另一件事是，我們正在進行一些增量招募。

We continue to be very cautious about that.

我們對此繼續保持高度謹慎。

But for example, making the app, the premier experience on Etsy, we decided we don't have enough app engineers.

但是，例如，製作應用程序，Etsy 上的首要體驗，我們認為我們沒有足夠的應用程式工程師。

So we are hiring more app engineers.

因此我們正在招募更多的應用工程師。

The other place we're seeing tremendous value, and I think there's so much more value creation for us is machine learning.

我們看到的另一個具有巨大價值的領域是機器學習，我認為它能為我們創造更多的價值。

And so we have opened up more recs to hire some more people in machine learning.

因此，我們開放了更多機會來招募更多機器學習領域的人才。

So we're always working to strike the right balance.

因此我們一直在努力尋找適當的平衡。

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.

我們對投資一向十分嚴謹，但我們將繼續傾向那些我們認為能夠推動真正成長的投資。

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.

補充一點，嚴守投資紀律意味著確保我們在全職員工成本方面實現最佳化。

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.

我們之前談過，我們在美國以外的開發中心，那裡的每位全職員工的成本與我們在美國支付的費用不同，我們試圖平衡負載，不僅要開拓除了美國之外的墨西哥城和都柏林等地的人才獲取渠道，而且那裡的人才市場也有不同的薪酬水平。

So we get to lower the effective cost per FTE.

因此我們可以降低每位全職員工的有效成本。

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，我們始終在關注我們所需人才水平的合理市場價格，並且我們每年都會進行評估，並根據需要進行上調或下調調整，以確保我們的薪酬具有競爭力。

Avi Yruma, Piper.

阿維·尤魯瑪（Avi Yruma），派珀。

Great.

偉大的。

Thanks so much, and great to see you guys.

非常感謝，很高興見到你們。

Good to hear about the progress in search and profitability.

很高興聽到搜尋和獲利方面取得的進展。

A couple from us.

我們中的一對夫婦。

Just curious, any color that you can share what you're seeing in the business quarter to date?

只是好奇，您可以分享迄今為止業務季度所看到的情況嗎？

And what's implied at the low end versus the high end of the GMS guide for the fourth quarter?

那麼，第四季的 GMS 指南的低端和高端分別意味著什麼？

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.

如果我沒記錯的話，去年 10 月開始時比較艱難，但 11 月和 12 月業務有所好轉，而且後來有了漸進式的禮品模式，這應該會有所幫助。

And then just as a follow-up, could you elaborate on the physical Etsy gift card launch this quarter.

然後作為後續問題，您能否詳細介紹本季實體 Etsy 禮品卡的推出情況。

It just sounds pretty interesting.

聽起來很有趣。

Curious how you plan to be marketing that and if any of that upside implied in the guide.

好奇您計劃如何行銷它，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.

好吧，我們不會公佈十月份迄今為止的季度情況。

But I will say that the holiday season this year is later than normal and shorter than normal.

但我要說的是，今年的假期比往年晚，而且比往年還要短。

So we think November and December and particularly mid- to late November and December are going to loom particularly large in the quarter.

因此，我們認為 11 月和 12 月，特別是 11 月中下旬和 12 月將對本季產生特別重要的影響。

It's always the case that they do, but probably even more so in this quarter.

他們總是這麼做，但本季這麼做的可能性可能更大。

Obviously, we have an election going on in the United States.

顯然，美國正在舉行一場選舉。

That's an incredibly distracting mindshare event where lots of people aren't necessarily thinking about shopping in the early part of November.

這是一個非常分散注意力的活動，很多人在十一月初不一定會考慮購物。

So we'll see how that goes.

我們看看情況如何。

Of course, we consider that in the guide, but it's hard to know exactly how that will affect things.

當然，我們在指南中考慮到了這一點，但很難確切知道這將如何影響事情。

We certainly do consider though that we have an election coming up and that we have a shorter we have a shorter Christmas.

我們確實考慮到我們即將迎來一場選舉，而且我們的聖誕節將會更短。

In terms of the gift card it is baked into the guide.

就禮品卡而言，它已包含在指南中。

I think it's, over time, going to be really exciting for Etsy.

我認為，隨著時間的推移，這對 Etsy 來說將會非常令人興奮。

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.

我們正在向與零售商有深厚關係的第三方推銷它，但我認為，建立零售商的知名度和心智份額需要時間。

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.

因此我們認為，正如我們所說的，禮品卡對我們來說可能只佔 GMS 的 1%，甚至可能更少一點，而對於我們的許多同行來說，這個比例是 2 或 3 個百分點。

So we think there could be real upside.

因此我們認為可能會有真正的上行空間。

I doubt it happens all at once.

我懷疑這一切都是一次性發生的。

I bet that's something that builds over a little bit of top.

我敢打賭，這是一件稍微有點頂部的東西。

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.

我只是想快速提醒您有關這方面的會計處理，因為我們只有在兌換禮品卡後才能確認禮品卡的收入。

So in some cases, people will have to get a part and redeemed immediately.

因此在某些情況下，人們必須獲得一部分並立即兌換。

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.

在某些情況下，它會放在辦公桌門的某個地方，需要花費一些時間，然後我們會在一段時間內認識到損壞的情況。

So it's not a straight sales of gift card to hit the P&L directly.

因此，禮品卡的直接銷售並不能直接影響損益。

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.

關於禮品卡我要說的另一件事是，我們發現兌換禮品卡的人往往會購買超過禮品卡價值的商品。

We think that's a great opportunity to bring new people to Etsy.

我們認為這是吸引新人加入 Etsy 的好機會。

We think it's a great opportunity to also gain more frequency.

我們認為這也是獲得更多頻率的好機會。

We also have started testing refund credit.

我們也已經開始測試退款信用。

And in the rare occasion, someone is not happy and they get a refund.

在極少數情況下，如果有人不滿意，他們可以獲得退款。

Sometimes they're happy to get a refund to credit, and that actually drives a lot of incremental purchase behavior, too.

有時他們很樂意獲得退款，這實際上也會推動大量的增量購買行為。

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.

因此我認為禮品卡和一般儲值是 Etsy 未來幾年真正值得投資的領域。

Just one more point to the shorter shopping season.

再說一下購物季變短的問題。

We do have our gift teaser in our gift load.

我們的禮品中確實有禮品預告。

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.

所以我認為這真的有很大幫助，你可以真正買到一些東西，並在聖誕節準時把它送到人們手中，因為他們會收到禮物，即使他們沒有明白禮物的要點。

So we're excited about that.

我們對此感到很興奮。

All right.

好的。

Next question.

下一個問題。

Thanks.

謝謝。

Scott Devitt, Wedbush.

韋德布希的斯科特·德維特。

Hi, everyone.

大家好。

Hope you're doing well.

祝你一切順利。

Just one question.

只有一個問題。

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.

我認為業務復甦的部分成長似乎與 Etsy 賣家表現良好的類別有關。

And so that will take care of itself over time.

所以，隨著時間的推移，這個問題將會自然解決。

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.

然後，你就推動這些舉措，當這些舉措真的發生時，它可能會比現在更有刺激作用。

And you talk a bit about gifting search and shipping, loyalty and app.

您還可以談一些關於禮品搜尋和運輸、忠誠度和應用程式的問題。

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.

如果你看這五個類別，你會發現這五個領域是你正在進行投資以透過不同方式增強消費者體驗的領域，例如，你認為哪一兩個領域真正脫穎而出，可以帶來推動作用。

What I'm most excited normally don't pick amongst your kids, then hedge.

我最興奮的通常不要在你的孩子中挑選，然後進行對沖。

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.

但老實說，最讓我興奮的是考慮，而我最興奮的建立考慮的方式是在網站的體驗本身上。

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.

我認為，除了完成人們現有的購物任務之外，我們還有機會向人們展示更多的東西，以激發他們新的購物任務。

And I think that the advances we're seeing in Gen AI are really, really helpful.

我認為我們在通用人工智慧領域所取得的進展確實非常有用。

For example, it is very common for someone to type in wedding cake topper would be a very common search term on.

例如，有人輸入“婚禮蛋糕裝飾”是很常見的，這將是一個非常常見的搜尋字詞。

It's a cake tower.

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.

然後人工智慧突然明白了，啊哈，蛋糕裝飾與婚禮有關，這個人可能正在籌劃婚禮，這對我們來說是一個有趣的背景，這裡還有另外五件正在籌劃婚禮的人也會想要的流行東西。

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.

因此，框住螢幕空間不僅可以向人們展示蛋糕裝飾物，而且順便說一句，您是否意識到我們還可以製作桌樁、桌面景觀固定（聽不清楚）裝置作為禮物。

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.

如果你正處於購買蛋糕裝飾的混合階段，那麼 Gen AI 甚至可以很好地告訴你，在婚禮策劃的這個階段，還有哪些其他事項特別相關。

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.

我認為，除了現有的購物任務之外，還能激發新的購物任務，這是一個巨大的機會。

It is requiring us to refactor our use of screen real estate.

這要求我們重構對螢幕空間的使用。

So that we can make the real estate available to do that.

這樣我們就可以提供房地產來實現這一點。

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.

舉個例子，在這個假期，我們說在應用程式的主頁上，我們有三分之一的螢幕空間傾向於發現，而不是我們所說的根據你最近做的事情來選擇線索或提出建議。

It took a lot of work to figure out how to consolidate that pick up the thread without a meaningful loss of conversion.

我們花了很多功夫來弄清楚如何鞏固這一線索，而不會造成轉換的重大損失。

It took a fair amount of iteration to get to flat.

經過相當多次的迭代才得以實現。

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.

但是現在我們已經釋放了螢幕空間，我真的很興奮我們可以學會如何利用它來推動更多的購物任務。

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.

隨著時間的推移，我們已經討論了很長時間的考慮以及讓人們在更多的事情上想到我們，而真正實現這一點的地方是在網站上。

And I think we've done a lot of foundational work this year that I'm really excited about.

我認為我們今年已經做了很多基礎工作，對此我感到非常興奮。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Josh, it's encouraging to hear the incremental hiring plans.

喬希，聽到逐步增加的招募計畫令人鼓舞。

When you step back big picture, how do you think about the right margin level for Etsy here?

當您回顧大局時，您如何看待 Etsy 的正確利潤水平？

Is there room to be more aggressive even if it means trading off a bit of margin.

是否有採取更積極措施的空間，即使這意味著犧牲一點利潤。

I feel like we've seen you lean into Depop, and it seems like it's working quite well even in this macro backdrop.

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，它似乎也運行得相當好。

Not that you need to deploy the exact same playbook on seller fees there.

這並不意味著你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，那次經歷是否是正確的啟發，是否意味著權衡利弊，獲得更好的成長前景和更大的利潤池，是否應該重新考慮 Etsy 的利潤結構和投資強度水平。

Yeah.

是的。

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.

我們正在努力擴大企業的市值，並思考如何擴大企業的市值。

And obviously, we care about profitability and free cash flow, but we care a lot about growth.

顯然，我們關心獲利能力和自由現金流，但我們更關心成長。

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.

今年，我們已經在大量基礎項目上進行了投資，我堅信這些項目對於我們未來的成長具有極其重要的作用。

I would like to see those things start to translate into the growth we expect to see.

我希望這些事情能夠轉化為我們期望的成長。

And as we see proof of that, leaning more than -- it may well be that leaning more into hiring could make sense.

正如我們所看到的，傾向於—傾向於招募可能是有意義的。

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.

你知道我們，我們非常注重數據，我們希望看到投資回報率的證據，至少是綠芽，然後在其基礎上進行投資。

I think we're taking a very prudent approach.

我認為我們採取了非常謹慎的做法。

We do have a team that is capable of investing in a fair number of things at the same time.

我們確實有一個能夠同時投資相當多事物的團隊。

But we think a good number, not too many, not too few.

但我們認為這是一個不錯的數字，不會太多，也不會太少。

And so we're going to continue to try to strike the right balance here.

因此，我們將繼續努力取得正確的平衡。

A few quarters ago, people were worried that maybe we were investing too much.

幾個季度前，人們擔心我們可能投資過多。

Now, people are worried that maybe we're not investing enough.

現在，人們擔心我們可能投資不夠。

And so maybe we're or just the reimplant.

所以也許我們只是重新植入。

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，我們如何看待賣家費用中這個問題，以及這是否有任何相關性？

Yeah.

是的。

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.

我的意思是，我想為 Depop 點贊，如果你看一下我們內建的指南，你會發現 Depop 的同比增長率超過 30%。

GMS at Depop growing more than 30% year over year.

Depop 的 GMS 年成長超過 30%。

I will say the US within that for Depop growing substantially faster than 30% year over year.

我想說的是，美國的 Depop 年成長速度大大超過 30%。

I think it's really exciting what's going on there.

我認為那裡發生的事情真的令人興奮。

And I think it's a testament to the leadership of that team has been providing.

我認為這證明了該團隊的領導力。

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.

我認為這也是對我們所投資的投資組合策略的某種驗證，有時它比其他策略更受投資者的歡迎，但我們一直認為轉售服裝轉售是一個很好的行業，現在我們看到了從中得到的一些好處。

And lastly, what we see in the environment right now is it's just exceptionally promotionally driven.

最後，我們目前所看到的環境就是，它極度受促銷驅動。

And Depop is an opportunity to buy brand name clothing at a relatively deep discount because you're buying them secondhand from someone else.

而且 Depop 讓你有機會以相對較大的折扣購買品牌服裝，因為你是從別人那裡購買的二手服裝。

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.

我們認為，在人們如此關注促銷和折扣的市場中，這類產品是真正能成功的產品。

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.

因此，我們對團隊所做的工作和 Depop 的表現感到非常滿意，我認為它與 Etsy House Of Brands 的投資組合相得益彰。

Maria Ripps, Canaccord.

瑪麗亞·里普斯 (Maria Ripps)，Canaccord。

Great.

偉大的。

Thanks so much for taking the questions.

非常感謝您回答這些問題。

So as you approach your first holiday season with gift mode, sort of what are your expectations for the offering?

那麼，當您以禮物模式迎接第一個節日季節時，您對禮物有什麼期望？

And how are you measuring success here?

您如何衡量成功？

Is it sort of in terms of in terms of percent of GMS in terms of the number of active buyers.

這是否與 GMS 中活躍買家數量的百分比有關？

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?

您能否進一步闡述您在行銷方面做了哪些工作來提高該產品的知名度？

Sure.

當然。

So we are measuring it based on absolute GMS.

因此我們是根據絕對 GMS 來測量的。

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.

我們很高興看到，第三季禮品類 GMS 的成長速度顯著快於整體市場，就像第二季一樣。

We think that's some validation that the investments we've been making are showing real benefit.

我們認為，這證明我們所做的投資確實產生了效益。

And so we've launched some great product features that we think set us up to have the best gifting experience this year.

因此，我們推出了一些很棒的產品功能，我們認為這些功能將為我們今年帶來最佳的送禮體驗。

The gift finder has many times more -- 3 times more gift ideas, 5,000 different gift ideas.

禮品查找器擁有的禮品創意多出許多倍——3 倍之多，有 5,000 種不同的禮品創意。

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.

順便說一句，願望清單和禮物預告的採用非常棒，在購物季節較短的時候，禮物預告對於那些在最後一刻送禮的人來說是一件好事，因為他們仍然可以準時收到預告。

So we think the investments we're making are great.

因此我們認為我們所做的投資非常棒。

And you will hear us talk in all of our marketing channels all a lot about gifting in the fourth quarter.

您會聽到我們在所有行銷管道中討論許多有關第四季度的送禮事宜。

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.

我們有一個很棒的線上活動，將在短短幾天內啟動，這個活動的真正重點是看到某人，而您的禮物是一種以我們認為超酷的方式真正看到那個人的表達。

And we think you're going to like.

我們認為您一定會喜歡。

Maria, there's one part of your question.

瑪麗亞，這是你的問題的一部分。

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.

我只是想澄清一下，我提到了禮品模式中的活躍買家，我想我們過去已經談過這個問題了。

We don't track in gift mode if you're a buyer if me.

如果您是買家，我們不會以禮品模式進行追蹤。

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.

我們只是追蹤贈送的 GMS，因為您可以從禮品模式開始，然後實際上可以在網站的其他地方購買禮物。

So just wanted to clarify that.

我只是想澄清這一點。

Our best measure for tracking is if they select this is a gift for somebody else.

我們最好的追蹤方法是看他們是否選擇這是送給別人的禮物。

So engaging with the gift mode is just a part of the funnel, which leads them to other items that they can just exactly.

因此，參與禮品模式只是管道的一部分，它可以引導他們找到他們可以購買的其他物品。

Naved Khan, B. Riley Securities.

Naved Khan，B.Riley Securities。

Hey.

嘿。

It's Ryan on for Naved.

Ryan 代替 Naved 上場。

So I wanted to ask on Etsy Insider and the seller reaction to Etsy Insider and then also initial takeaways.

所以我想在 Etsy Insider 上詢問賣家對 Etsy Insider 的反應，然後再了解初步情況。

Maybe seasonal versus monthly subscription numbers or anything that you can kind of get clarity on?

也許是季節性與每月的訂閱數量或任何您可以弄清楚的東西？

Thanks.

謝謝。

We're very early inning.

我們剛開始這一局。

In fact, I think we're in spring training.

事實上，我認為我們正在進行春訓。

We're not in the first inning.

我們還沒有進入第一局。

We're in like Spring training.

我們就像在進行春訓。

Yeah, we are in the earliest of early days.

是的，我們正處於早期階段。

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.

我認為，它的測試版本已經上線六週了，根據設計，只有有限的人數被邀請參加。

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?

所以我們真正想了解的是——當運費消失時會發生什麼，人們想要訂閱忠誠度計劃的傾向是什麼？

What are the kinds of value props that make people want to subscribe, what are the economics of that look like.

什麼樣的價值主張會吸引人訂閱，其經濟效益又如何。

So we are intentionally limiting the population and the uptake so we can have a sandbox, if you will, to play with that.

因此，我們有意限制人口和吸收量，以便我們可以有一個沙盒來玩這個。

And so we're pleased with how it's launched.

我們對它的推出感到非常滿意。

I think it's pretty beautiful, pretty well presented.

我認為它非常漂亮，呈現得非常好。

And the sellers are mostly concerned that we don't cause their economics to get worse.

而賣家最關心的是我們不會造成他們的經濟狀況惡化。

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.

因此，當我們進行賣家研究和買家研究時，他們都表示，只要這並不意味著賣家必須降低利潤，我們就樂意提供免費送貨。

So for the buyers, interestingly, and this is one of the wonderful things about Etsy that I think is so different than anywhere else.

因此對於買家來說，有趣的是，這是 Etsy 的奇妙之處之一，我認為這與其他地方截然不同。

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.

當我們問買家，您是否想要免費送貨，或者您希望從忠誠度計劃中獲得什麼時，他們說，我想要免費送貨。

That's the thing I want.

這就是我想要的東西。

But I don't want the sellers to have to pay for it.

但我不希望賣家為此付費。

And that's cool.

這很酷。

I don't think people are thinking that on eBay or Amazon or other marketplaces.

我認為 eBay、亞馬遜或其他市場的人們並不這麼認為。

I think it speaks to the real connection between the buyer and the seller.

我認為這反映了買家與賣家之間的真實聯繫。

And the care of the buyer and the seller, so the salary action, I think, has been generally positive.

以及買方和賣方的關心，所以我認為薪資行動總體上是正面的。

And I think it's early days.

我認為現在還為時過早。

This is something -- when we look at loyalty programs that have succeeded.

當我們觀察那些成功的忠誠度計畫時，就會發現這一點。

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.

通常需要花一段時間來解決和弄清楚，並且從一開始他們就經歷了相當大的發展直到真正達到規模。

That's what I would expect for us as well.

我對我們的期望也是如此。

Robert Coolbrith, Evercore.

羅伯特‧庫爾布里斯 (Robert Coolbrith)，Evercore。

Hi, good afternoon.

嗨，下午好。

Thanks for taking the questions.

感謝您回答這些問題。

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.

喬希，我想你剛剛確認了這一點，但我想檢查一下在擴大 Q 分數後，其在 GMS 中的轉換是否保持中性。

And then in a similar vein, any additional color on the scale of the GMS headwind from the changes in mobile app and web.

同樣地，行動應用和網路的變化也會對 GMS 逆風帶來影響。

Would you expect that to be a consistent headwind into Q4?

您是否預計這會成為第四季的持續阻力？

Or do you perhaps refocus a bit on conversion versus downloads and longer-term consideration in Q4?

或者您會在第四季度重新關注轉換率與下載量以及長期考慮？

Thank you.

謝謝。

Yeah.

是的。

So we were able to get the Q score when we launched it in search to be roughly neutral to conversion rate.

因此，當我們在搜尋中推出它時，我們能夠獲得與轉換率大致中性的 Q 分數。

We have been putting more friction in the mobile web experience to drive people to app.

我們在行動網路體驗中增加了更多摩擦，以吸引人們使用應用程式。

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.

我在預先錄製的部分中說過，例如，我們認為，在已登出清單頁面上的插頁式廣告正在推動年度下載量增量 300 萬美元。

There's obviously some cost to conversion rate, but it's not that high.

轉換率顯然會產生一些成本，但並不是那麼高。

We think it's very appropriate and ROI positive to do that.

我們認為這樣做非常合適，而且投資報酬率很高。

So I think the headwinds from the changes that we've made are actually quite modest.

因此我認為我們所做的改變所帶來的阻力其實相當小。

The bigger cost candidly, is opportunity cost.

更大的成本坦白說，就是機會成本。

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.

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 勝利，那麼今年我們的 GMS 降幅可能就會減少幾個百分點。

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.

但無論怎樣，我不認為那將使企業以最強大的方式脫穎而出並實現成長。

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.

我認為，我們所做的事情確實有利於 Etsy 的與眾不同之處，它的特殊之處在於突出質量，Etsy 的獨特性在於展示更多的多樣性，創造屏幕空間，激發更多的新使命，而不僅僅是引導完成使命，您已經知道了，我認為我們在這方面所做的投資是一項巨大的投資，可以為我們未來幾個季度的增長奠定更好的基礎。

So I think it is that opportunity cost that is the bigger piece of the cost we felt this year.

所以我認為機會成本是我們今年感受到的成本中較大的一塊。

Laura Champine, Loop.

勞拉·尚皮恩 (Laura Champine)，Loop。

Laura, you're on mute.

蘿拉，你處於靜音狀態。

Marvin Fong, BTIG.

BTIG 的 Marvin Fong。

Awesome.

驚人的。

Well, thanks for taking my questions.

好吧，感謝您回答我的問題。

I really appreciate it.

我非常感激。

Just two quick ones for me.

我只想問兩個問題。

So you gave the category numbers, which always appreciate that.

所以你給了類別編號，這總是值得讚賞的。

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.

我的意思是，我知道您剛剛給了我們一些完整的數字，但也許——正如我計算的那樣，家庭類別可能有一些小的邊際改善。

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?

但作為一個更廣泛的問題，您是否認為不同類別之間在業務壓力方面有任何不同？

Or am I overreading into that?

或者我對此的解讀過度了？

And then second question, just on the buyback.

第二個問題是關於回購。

You guys are generating north of $700 million, $800 million in free cash flow.

你們正在產生超過 7 億美元、8 億美元的自由現金流。

So kind of similar to the buyback.

這有點類似回購。

What's sort of the appetite here to outrun the free cash flow generation and maybe lever up the balance sheet here.

這裡對超越自由現金流產生以及可能提高資產負債表的興趣是什麼樣的？

Obviously, you guys have called out that you think the stock is undervalued here.

顯然，你們已經表示認為該股票被低估了。

Just any thoughts on how you think about capital structure and deploying the buyback would be paid.

關於如何考慮資本結構和部署回購的任何想法都將得到回報。

Going to take that last one first.

首先要拿最後一個。

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.

我們在電話會議上確實說過，董事會批准了額外的 10 億美元，這確實給了我們更多的靈活性，可以進行甚至高於當前水平的回購，我們一直將約 90% 的自由現金流返還給股東。

And we can do that.

我們能夠做到這一點。

We have the luxury of being able to do that and continue to invest the way we want to in our organic investments.

我們有能力做到這一點，並繼續以我們想要的方式進行有機投資。

So we feel pleased about that.

我們對此感到高興。

The balance sheet is levered up.

資產負債表的槓桿率上升了。

We have three outstanding converts and the first one coming due in the fall of 2026.

我們有三名未完成的皈依者，第一名將於 2026 年秋季到期。

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.

因此，我們要考慮這一點，我們現在不必加大槓桿，就可以更傾向於股票回購。

We're doing pretty ample repurchasing and we have the flexibility to go even beyond what we've been doing currently.

我們正在進行相當充足的回購，並且我們有能力甚至超越目前的做法。

It's a pretty great thing about this business that our capital requirements are so low.

對於這項業務來說，我們的資本要求非常低，這是一件好事。

For many companies, EBITDA still does not translate into free cash flow.

對許多公司來說，EBITDA 仍然無法轉化為自由現金流。

For us, it largely does.

對我們來說，基本上就是這樣的。

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.

因此，這是一家產生大量自由現金流的企業，資產負債表上有 12 億美元，我們認為這已經超出了我們的需要。

So it gives us the flexibility.

因此它為我們提供了靈活性。

And on the category is candidly not a lot interesting, if I'm being very direct, not a lot interesting.

就類別而言，坦白說，沒有什麼太多有趣，如果我非常直接的話，沒有什麼太多有趣。

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.

我覺得我可能在上次電話會議中已經談過這一點，我們繼續看到的一個見解是，哪裡存在著真正的價值。

So for example, in jewelry, we are growing in, what we call, demi fine jewelry.

例如在珠寶領域，我們正在發展所謂的半高級珠寶。

So think like an engagement ring that you're giving to your partner that might cost between $10 and $50.

想像一下，您要送給伴侶的訂婚戒指可能要花費 10 至 50 美元。

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.

在 Etsy 上，您可以找到由金匠專門為您手工製作的真金，其價格相對於您可能擁有的價格非常有吸引力。

And so we're winning in that.

因此我們在這方面取得了勝利。

Jewelry under $20 is under more pressure.

20美元以下的珠寶面臨更大的壓力。

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.

在 Etsy 上購買價值低於 20 美元的商品，您必須支付運費，而去商場購買價值 15 美元的商品則無需支付運費。

So we are seeing pockets within every category.

所以我們在每個類別中都看到了差距。

And value right now in this market is very important.

目前這個市場的價值非常重要。

Cool.

涼爽的。

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

我想我們還要再接收一名乘客，接線生。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

This is Brian Kraska on for Shweta.

這是 Brian Kraska，為 Shweta 報道。

Sorry about that.

很抱歉。

Really nice to see the upside in the take rate, both in Q3 and the guide for Q4.

真的很高興看到第三季和第四季的指導價的接受率都有所上升。

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.

只是好奇，除了您在信中提到的廣告之外，是否還有其他增量驅動因素，以及付款。我們在賣方方面應該考慮什麼，無論是品質評分還是其他舉措，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.

讓我真正興奮的是，我們今年的接受率取得了顯著的成長。

If you look at it through the year, it's like 130 basis points of take rate.

如果你從全年來看，它的利率大約是 130 個基點。

We did that without impacting our sellers' margins.

我們這樣做並沒有影響賣家的利潤。

I think there's often a view that somehow if Etsy's take rate goes up, it must come at the expense of sellers.

我認為人們通常有這樣一種觀點：如果 Etsy 的佣金率上升，那一定是以犧牲賣家利益為代價的。

That's not true, certainly not this year.

事實並非如此，今年肯定不是這樣。

We saw payments coverage go up.

我們看到支付覆蓋率上升了。

That means instead of paying some other third-party payments provider, they're paying Etsy instead and having a better experience.

這意味著他們不需要向其他第三方支付提供者付費，而是向 Etsy 付費，從而獲得更好的體驗。

Our buyers and sellers are both safer when it runs through Etsy Payments, and they're not paying more for that.

當透過 Etsy Payments 付款時，我們的買家和賣家都更安全，而且他們不需要為此支付更多費用。

Etsy Ads just got better.

Etsy 廣告變得更好了。

We're getting better and better at, picking the right ad that a buyer is likely to buy.

我們越來越擅長選擇買家可能購買的正確廣告。

And so our sellers ROAs stayed roughly consistent but Etsy earned more take rate.

因此，我們的賣家 ROA 保持大致一致，但 Etsy 獲得了更高的佣金率。

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.

這對每個人來說都是雙贏的，因為它允許 Etsy 重新投資於業務，而不會對賣家的平均利潤產生負面影響。

The seller onboarding fee is a small component of that as well.

賣家入會費也是其中的一小部分。

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.

我們看到，它在阻止不良行為者方面做得很好，但並沒有阻止那些可能成功的賣家。

So the amount of sales from new sellers has not declined in any meaningful way as a result of that.

因此，新賣家的銷售額並沒有因此出現任何顯著下降。

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.

因此感覺這給市場帶來了很大的摩擦，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.

因此，我們認為今年的接受率成長是健康的。

We think they're sustainable and we feel good about that.

我們認為它們是可持續的，我們對此感到很高興。

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.

我們認為，公平的價值交換仍有機會，Etsy 也將繼續更好地為我們的賣家提供增值服務，幫助他們在不損害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.

我只想快速補充一點，我們在 2024 年制定的付款計劃將在 2025 年實現年度化。

So that because we didn't do them all on the first day of the year.

因為我們沒有在年初一完成所有的事情。

And then OSA just as a definition, is offsite ads.

然後 OSA 只是一個定義，就是場外廣告。

So when we and spend more on our performance marketing, we are able to collect more OSA revenue.

因此，當我們在效果行銷上投入更多時，我們能夠獲得更多的 OSA 收入。

Great.

偉大的。

We are at time.

我們到時了。

Operator, I think we're going to call it the evening.

接線員，我想我們今晚就到此為止了。

Thank you.

謝謝。

Thank you, everybody.

謝謝大家。