ETSY Inc (ETSY) 2025 Q1 法說會逐字稿

Hi, everyone, and welcome to Etsy's first-quarter 2025 earnings conference call. I'm Deb Wasser, VP of Investor Relations. And joining me today in Brooklyn are Josh Silverman, CEO; and Lanny Baker, CFO.

大家好，歡迎參加 Etsy 2025 年第一季財報電話會議。我是投資者關係副總裁 Deb Wasser。今天與我一起在布魯克林的還有首席執行官喬希·西爾弗曼 (Josh Silverman) 和首席財務官蘭尼·貝克 (Lanny Baker)。

Today's prepared remarks have been pre-recorded, including comments from our new President and Chief Growth Officer, Kruti Patel Goyal. Once we are finished with the presentation, Josh and Lanny will take questions from our publishing sell-side analysts on video.

今天的準備好的演講已經預先錄製，包括我們新總裁兼首席成長長 Kruti Patel Goyal 的評論。演示結束後，Josh 和 Lanny 將透過影片回答我們出版賣方分析師的提問。

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

請記住，我們今天的言論包括與我們的財務指導、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。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 periodic report, and which will be updated in future periodic reports that we file with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

前瞻性陳述涉及風險和不確定性，其中一些在今天的收益報告和我們最近的定期報告中進行了描述，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。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 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，並重播本次電話會議。

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

說完這些，我就把麥克風交給喬希 (Josh)。

Thanks, Deb, and good morning, everyone. Thank you for joining us. As we're navigating our business through fairly unprecedented and incredibly dynamic times, I feel grateful to be part of the team here at Etsy, where our marketplaces support entrepreneurial sellers whose products resonate with and are truly loved by consumers, offer differentiated and non-commoditized merchandise, feature remarkably responsive and diverse supply, which has demonstrated powerful resiliency over multiple major global economic and supply chain shocks in recent years, where best-in-class talent comes to work every day, drawn by our positive impact helping to drive success for creative entrepreneurs, and who are working with urgency to get us back to growth, and where we have the security of an extremely strong financial foundation.

謝謝，Deb，大家早安。感謝您加入我們。當我們的業務正經歷著前所未有且極具活力的時期時，我很榮幸能夠成為 Etsy團隊的一員，我們的市場支持創業賣家，他們的產品能夠引起消費者的共鳴並受到消費者的真正喜愛，提供差異化和非商品化的商品，具有反應迅速且多樣化的供應，在近年來多次重大全球經濟和供應鏈衝擊中表現出強大的韌性，一流的人才每天來

Etsy has a strong track record of navigating turbulent macroeconomic conditions, and we're confident in our ability to keep adapting. We're staying nimble and leaning into our strengths so we can provide a global haven for self-expression, even in uncertain times.

Etsy 在應對動盪的宏觀經濟條件方面有著良好的記錄，我們對自己繼續適應的能力充滿信心。我們保持靈活並發揮我們的優勢，以便即使在不確定的時期，我們也可以提供自我表達的全球避風港。

I also feel fortunate to have our new leadership team in place, including Rafe Colburn, who rejoins the Etsy Marketplace as CTO after two years of helping Depop achieve tremendous success. We believe that we have a deep bench of seasoned pros who can lead with confidence.

我也很幸運我們的新領導團隊已經到位，其中包括 Rafe Colburn，他在幫助 Depop 取得巨大成功兩年後重新加入 Etsy 市場擔任首席技術長。我們相信，我們擁有一群經驗豐富的專業人士，他們可以充滿信心地領導我們。

Moving to our first quarter 2025 results, Etsy's performance was in line with the outlook we shared in February, and we came in a bit ahead on take rate and adjusted EBITDA. Lanny will explain the results in more detail a bit later.

談到我們 2025 年第一季的業績，Etsy 的表現與我們在 2 月分享的展望一致，並且在接受率和調整後的 EBITDA 方面略有領先。稍後 Lanny 將更詳細地解釋結果。

I'll spend most of my time today reviewing the progress we're making on our journey to reignite core Etsy Marketplace growth, followed by Kruti, who will share early insights on how she's thinking about Etsy's go-forward opportunities.

今天我將花大部分時間回顧我們在重新點燃 Etsy 市場核心成長的旅程中所取得的進展，隨後 Kruti 將分享她對 Etsy 未來機會的看法。

Our teams are executing a balanced portfolio of product investments to drive in-year GMS improvement and materially evolve the overall Etsy customer experience. We believe these efforts are beginning to fuel a stronger customer relationship flywheel, powered by new experiences that capture more and better data, which feeds advanced artificial intelligence and machine learning to deliver deeper personalization to drive buyer engagement and frequency over time.

我們的團隊正在執行均衡的產品投資組合，以推動年度 GMS 改進並實質改善整體 Etsy 客戶體驗。我們相信，這些努力正開始為更強大的客戶關係飛輪提供動力，這種飛輪由捕捉更多更好數據的新體驗所驅動，為先進的人工智能和機器學習提供信息，以提供更深層次的個性化，從而推動買家的參與度和頻率。

Stepping through the spokes of the flywheel, first, we're working to evolve our app services to be more browsable. Our new Shop tab makes it easier than ever to browse and navigate more than a dozen categories and to shop by key purchase occasions, such as gifting and weddings, even and especially if you arrive not knowing exactly what you're looking for. I'd encourage you to check out these experiences.

首先，我們正在努力改進我們的應用服務，使其更易於瀏覽。我們新的「商店」標籤讓您可以比以往更輕鬆地瀏覽和導航十幾個類別，並按主要購買場合（例如送禮和婚禮）進行購物，即使您到達時並不確切知道要尋找什麼。我鼓勵你去看看這些經驗。

Last year's gifting initiatives showed us just how much buyers respond to curation, such as our gift ideas and lists, a learning that directly shaped current efforts to supercharge overall discovery on Etsy. On April 9, we launched a new discovery-centric shopping experience, which you may have seen featured at the recent Google Cloud Next Conference. This experience leverages what we call algotorial curation, a powerful blend of AI-driven scalability and the know-how of our world-class merchandising team.

去年的送禮活動向我們展示了買家對禮品策劃（例如我們的禮品創意和清單）的回應程度，這項經驗直接影響了目前為增強 Etsy 的整體發現而做出的努力。4 月 9 日，我們推出了以發現為中心的全新購物體驗，您可能已經在最近的 Google Cloud Next 大會上看到過該體驗。這種體驗利用了我們所謂的演算法策展，這是人工智慧驅動的可擴展性和我們世界一流的行銷團隊的專業知識的強大結合。

Etsy experts spot the latest trends and find high-quality, relevant items. Then our engineers use machine learning to scale the collection's listings. And finally, LLMs help align the aesthetic cohesiveness of the collection so that it includes a variety of products and meets our standards for quality listings, benefiting from last year's quality efforts. Now millions of buyers can see beautiful, scroll-friendly collections tailored to trends, styles, and occasions, showing the world of possibilities on Etsy.

Etsy 專家發現最新趨勢並找到高品質、相關的商品。然後我們的工程師使用機器學習來擴展收藏清單。最後，由於去年的品質努力，法學碩士 (LLM) 有助於協調系列的美學凝聚力，使其包含各種產品並符合我們的品質清單標準。現在，數百萬買家可以看到根據趨勢、風格和場合定制的精美、滾動友好的系列，向 Etsy 世界展示了無限的可能性。

Recent AI advances enabled us to build an experience where the trends a shopper sees and the items that appear highest for them within each curated collection are based upon their individual activity, including purchased and viewed items. We're just getting started creating truly personalized browsing and discovery journeys and believe it will be genuinely game-changing for Etsy.

最近的人工智慧進步使我們能夠建立一種體驗，其中購物者看到的趨勢以及在每個精選系列中出現次數最多的商品都基於他們的個人活動，包括購買和查看的商品。我們剛開始創建真正個人化的瀏覽和發現旅程，並相信這將真正改變 Etsy 的遊戲規則。

I'm excited to tell you about the real progress we're making on our mobile app. In the first quarter, buyer conversion rate on the app increased year over year, and the app GMS significantly outperformed non-app GMS. In fact, the app reached an all-time high of 44.5% of total Etsy Marketplace GMS.

我很高興地告訴您我們在行動應用程式方面取得的真正進展。第一季度，應用端買家轉換率年增，應用端GMS表現明顯優於非應用端GMS。事實上，該應用程式佔據了 Etsy 市場 GMS 總量的 44.5%，創下了歷史新高。

We saw an upward year-over-year trend in monthly active users and increases in app downloads for first-time users. And the app's more browsable design means we're collecting more and better insights into customers' interests, inclinations, tastes, and habits, all of which can be fed into smarter, more powerful LLMs to generate even more engaging and personalized experiences over time.

我們發現每月活躍用戶數呈現年上升趨勢，首次用戶的應用程式下載量也呈現增加趨勢。應用程式更具瀏覽性的設計意味著我們可以收集更多、更好的有關客戶興趣、傾向、品味和習慣的見解，所有這些都可以輸入到更聰明、更強大的 LLM 中，從而隨著時間的推移產生更具吸引力和個性化的體驗。

Second, alongside our browsable content, we've made significant improvements in how we get to know our customers. Previously, we only looked at organic search data to power our search models. Now we're working to also incorporate ad and recommendation data. This is already giving us about a third more data so far this year compared to our previous siloed approach. This is leading to deeper insights, better model training, and closer ML team collaboration.

其次，除了可瀏覽的內容之外，我們在了解客戶的方式上也取得了重大進展。以前，我們僅查看有機搜尋數據來支持我們的搜尋模型。現在我們正在努力整合廣告和推薦數據。與我們之前的孤立方法相比，今年到目前為止，這已經為我們提供了大約三分之一的數據。這將帶來更深入的洞察、更好的模型訓練以及更緊密的機器學習團隊合作。

We're also improving our ability to recognize individual shoppers, even if they haven't signed in. We're better connecting the dots between first and third-party data to more accurately predict buyer LTV and tailor engagement and retention strategies for different segments. This will help us create an Etsy that will ultimately feel like your personal boutique every time you visit us.

我們也正在提高識別個人購物者的能力，即使他們沒有登入。我們更好地將第一方數據和第三方數據連接起來，以更準確地預測買家 LTV，並針對不同細分市場量身定制參與度和保留策略。這將幫助我們創建一個 Etsy，讓您每次訪問我們時都感覺像是您的個人精品店。

We're already seeing signs of success here. Our personalized homepages get nearly double the engagement of non-personalized homepages. And with the help of machine learning, during the first quarter, we increased the share of personalized email and push notifications by over 10 percentage points, with A/B tests confirming a clear lift in engagement compared to prior, more generic content. We also conducted our first ever testing of GenAI-created personalized marketing copy in Q1. And are optimistic that this can unlock significant gains in the quarters to come.

我們已經看到了成功的跡象。我們的個人化主頁的參與度幾乎是非個人化主頁的兩倍。在機器學習的幫助下，在第一季度，我們將個人化電子郵件和推播通知的份額提高了 10 個百分點以上，A/B 測試證實，與之前較為通用的內容相比，參與度明顯提升。我們也在第一季首次對 GenAI 創建的個人化行銷文案進行了測試。並樂觀地認為這將在未來幾季帶來顯著的成長。

We also had some other wins in the quarter to further fuel the flywheel. For example, we enabled Etsy experiences within third-party AI-based shopping platforms, including participating in the research preview of OpenAI's Operator and enabling in-app purchase in Microsoft Copilot. We believe that being selected as early research partners for both of these top agentic AI products is indicative of our unique and compelling offering, which is quite exciting, as they potentially become more prevalent in helping people to shop.

本季我們也取得了一些其他勝利，進一步推動了飛輪的發展。例如，我們在第三方基於 AI 的購物平台中啟用了 Etsy 體驗，包括參與 OpenAI Operator 的研究預覽以及在 Microsoft Copilot 中啟用應用程式內購買。我們相信，被選為這兩種頂級代理 AI 產品的早期研究合作夥伴，表明我們的產品獨特且引人注目，這非常令人興奮，因為它們有可能在幫助人們購物方面變得更加普遍。

We're encouraged by the trends we're seeing in terms of increased user engagement, outperforming GMS on the app, and stronger contributions from owned marketing channels, such as push notifications and other more personalized strategies, as well as in paid social. Much of the progress we're making is just the tip of the iceberg of what we're creating in terms of new customer experiences. And we expect these to stack over time and support future growth.

我們看到的趨勢令我們感到鼓舞，包括用戶參與度提高、應用程式上的 GMS 表現優於 GMS，以及自有行銷管道（如推播通知和其他更個人化的策略以及付費社交）的貢獻更大。就新客戶體驗而言，我們所取得的進展大多只是冰山一角。我們預計這些因素會隨著時間的推移而累積並支持未來的成長。

I want to take a few moments, particularly with global tariff regulation still in flux, to revisit what makes Etsy unique and special. First, sellers in our marketplace include over 5 million creative micro-entrepreneurs from around the world. Most are solo entrepreneurs working from their home, with 90% sourcing their supplies domestically.

我想花點時間，特別是在全球關稅法規仍在不斷變化的情況下，重新審視 Etsy 的獨特之處。首先，我們市場上的賣家包括來自世界各地的 500 多萬創意微型企業家。大多數企業家都是在家工作的個體企業家，其中 90％ 在國內採購物資。

Second, the diversity of listings on Etsy is massive, with more than 100 million items touching well over 100 retail subcategories. And historically, we've seen high replacement rates. If one item isn't available, something similar very likely is, meaning that if there are bottlenecks in one part of the world, we have sellers elsewhere who can fill the gaps. For example, right now, there are more than 60 million items available to ship from US sellers alone, with thousands of sellers in every state.

其次，Etsy 上的商品種類繁多，有超過 1 億件商品，涉及 100 多個零售子類別。從歷史上看，我們的替代率很高。如果某種商品缺貨，那麼很可能就會有類似的商品，這意味著如果世界某個地方出現供應瓶頸，我們其他地方的賣家可以填補這一空白。例如，目前，光是美國賣家就可以運送超過 6,000 萬件商品，每個州都有數千名賣家。

And third, our business model has been especially resilient in times like these. We don't manufacture, hold, or price inventory. And sellers' pricing on Etsy has been relatively stable over time, even during times of major price volatility elsewhere. Our model has proven its strength, both operationally and financially, time and time again.

第三，我們的商業模式在這樣的時期特別有彈性。我們不生產、持有或定價庫存。並且，即使在其他地區價格大幅波動的時期，Etsy 上賣家的定價也相對穩定。我們的模式已經一次又一次地證明了其在營運和財務方面的優勢。

To specifically address the shifting tariff landscape, we established a small operational task force focused on creative solutions for our community so that the remainder of our team can keep their eye on the prize, working to get Etsy's GMS growing again.

為了專門應對不斷變化的關稅形勢，我們成立了一個小型營運工作小組，專注於為我們的社區提供創造性的解決方案，以便我們團隊的其他成員能夠專注於目標，並努力讓 Etsy 的 GMS 再次成長。

This slide highlights how recent actions we've taken, including easier local search and filtering for buyers, and ongoing education and policy support for sellers. We are, of course, monitoring the ricochet impact of higher global tariffs on consumer spending in our core markets, particularly with regard to the cost of items people purchase every day and how this may impact demand for consumer discretionary items.

這張投影片重點介紹了我們最近採取的行動，包括為買家提供更便捷的本地搜尋和篩選，以及為賣家提供持續的教育和政策支援。當然，我們正在監測全球關稅上調對我們核心市場消費者支出的連鎖影響，特別是對人們日常購買商品的成本以及這可能如何影響非必需消費品的需求。

On to our subsidiaries, starting with Depop. With Kruti transitioned into her role as Etsy's President and Chief Growth Officer, Depop's Chief Marketing Officer, Peter Semple, is stepping in as interim CEO. A thoughtful and strategic leader, Peter is the right person to guide the business while we continue our Depop CEO search.

說到我們的子公司，首先是 Depop。隨著 Kruti 轉任 Etsy 總裁兼首席成長官，Depop 行銷長 Peter Semple 將擔任臨時執行長。彼得是一位深思熟慮且具有戰略眼光的領導者，在我們繼續尋找 Depop 執行長的同時，他是指導業務的合適人選。

Depop once again delivered very strong top line growth with its best GMS quarterly performance since we acquired the business in 2021 and setting a record for seller acquisition. The US was again a key driver where Depop remains the fastest growing online resale apparel platform.

Depop 再次實現了非常強勁的營收成長，取得了自 2021 年我們收購該業務以來最好的 GMS 季度業績，並創下了賣家收購記錄。美國再次成為 Depop 成長最快的線上轉售服裝平台的關鍵驅動力。

As you saw from our recent announcement, we've made the decision to divest Reverb from our portfolio. During the last five-plus years, Reverb's done a fantastic job cementing the brand as the online destination for secondhand musical gear. We're excited for them to embark on this next chapter with great new partners who are deeply ingrained in the musical instruments sector. This transaction will enable us to further focus on driving growth for Etsy and Depop.

正如您從我們最近的公告中看到的，我們決定將 Reverb 從我們的投資組合中剝離。在過去五年多的時間裡，Reverb 出色地鞏固了其作為二手音樂設備在線購買目的地的品牌地位。我們很高興他們能與在樂器領域根基深厚的優秀新夥伴一起開啟新的篇章。這項交易將使我們能夠進一步專注於推動 Etsy 和 Depop 的成長。

In closing, Etsy's mission to keep commerce human has never been more relevant. The work we do matters and has impact on millions of creative entrepreneurs around the world. We are laser focused on making Etsy the starting point for special.

最後，Etsy 的使命是讓商業變得人性化，這一點從未像現在這樣重要。我們所做的工作意義重大，並對全球數百萬創意企業家產生影響。我們致力於讓 Etsy 成為一個特殊的起點。

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

說完這些，我就把它交給 Kruti。

Thank you, Josh. I'm really excited to be back at Etsy and to have the chance to speak with you all today. I've been fortunate to have been part of Etsy's growth and evolution over the last 14 years, wearing many hats across the company during that time, from leading trust and safety, to heading our seller business, to serving as Chief Product Officer, and most recently as CEO of Depop.

謝謝你，喬希。我很高興回到 Etsy 並有機會與大家交談。在過去 14 年裡，我有幸成為 Etsy 成長和發展的一部分，在公司擔任過許多職務，從領導信任和安全，到主管我們的賣家業務，再到擔任首席產品官，最近還擔任 Depop 的首席執行官。

At Depop, we've built an app-first experience with more than 90% of our sales happening in app that serves our customers from inspiration to purchase. To do this, we've prioritized investing in a recommendation engine that reflects our deep understanding of our buyers' tastes and preferences, helping them better discover and explore their individual style.

在 Depop，我們打造了以應用程式為先的體驗，90% 以上的銷售都是透過應用程式進行的，為客戶提供從靈感到購買的全方位服務。為了實現這一目標，我們優先投資於推薦引擎，以反映我們對買家品味和偏好的深刻理解，幫助他們更好地發現和探索他們的個人風格。

And for sellers, we focused on making it simpler and more efficient for them to list and sell, powered by our machine learning capabilities. Collectively, this work has led to a more engaging, more effective experience on both sides of the marketplace, deepening our connection with our community, powering Depop's growth and the circular fashion economy. The success of this work is clear in the increases you see here in our active users, their engagement with our app, and ultimately in our GMS growth.

對於賣家，我們專注於利用機器學習功能讓他們更簡單、更有效率地列出和銷售商品。總的來說，這項工作為市場雙方帶來了更具吸引力、更有效的體驗，加深了我們與社區的聯繫，推動了 Depop 的發展和循環時尚經濟。這項工作的成功顯而易見，體現在我們的活躍用戶數量、他們對我們應用的參與度以及最終的 GMS 成長。

My time at Depop has only deepened my appreciation for what makes a marketplace so special. It's dynamic, adaptable, and can empower real people while delivering real economic opportunity. And as Josh mentioned, a marketplace like Etsy is also uniquely suited for a world where customer behavior is shifting faster than ever.

我在 Depop 的工作經驗讓我更加深刻地體會到是什麼讓這個市場如此特別。它充滿活力、適應性強，能夠賦予真正的人民權力，同時提供真正的經濟機會。正如 Josh 所提到的，像 Etsy 這樣的市場也特別適合當今客戶行為瞬息萬變的世界。

Over the past few months, I've immersed myself in the business and reconnected with our teams, quickly getting up to speed on our investments, strategy, and operations. And looking ahead to the remainder of 2025 and beyond, I believe our biggest opportunities will come from our ability to give shoppers more compelling reasons to choose Etsy over competitors, rooted in our differentiation, and to build a more personalized, more delightful shopping experience that strengthens our relationship with our buyers and deepens our partnership with our sellers.

在過去的幾個月裡，我全心投入業務並與我們的團隊重新建立了聯繫，迅速了解我們的投資、策略和營運。展望 2025 年剩餘時間及以後，我相信我們最大的機會將來自於我們能夠為購物者提供更有說服力的理由選擇 Etsy 而不是競爭對手，這種理由植根於我們的差異化，並建立更加個性化、更愉快的購物體驗，從而加強我們與買家的關係並深化與賣家的伙伴關係。

Because we all know, when they win, we win. We know there's meaningful work ahead of us to realize this potential and reignite growth, and I'm excited to bring a fresh perspective as we build on the magic that makes Etsy so special.

因為我們都知道，他們贏了，我們就贏了。我們知道，要實現這一潛力並重新激發成長，我們還有很多有意義的工作要做，我很高興在我們建立 Etsy 如此特別的魔力的同時，帶來新的視角。

With that, I'll hand it over to Lanny to cover the financial results.

說完這些，我將把財務結果交給蘭尼 (Lanny)。

Thanks, Kruti. It's a pleasure to connect with you all today. While the first quarter was challenging, GMS was consistent with our expectations, and we delivered a small beat on take rate and adjusted EBITDA margin.

謝謝，克魯蒂。我很高興今天能與大家聯繫。儘管第一季充滿挑戰，但 GMS 符合我們的預期，且我們的接受率和調整後的 EBITDA 利潤率略有超出。

After the end of the quarter, we announced the sale of Reverb, our musical instruments marketplace, for $105 million in an all-cash transaction that values the business at a mid-teens multiple of trailing 12-month adjusted EBITDA. We took a non-cash impairment charge of $102 million associated with that anticipated transaction, which is reflected in first-quarter 2025 net loss.

本季結束後，我們宣布以 1.05 億美元全現金交易出售我們的樂器市場 Reverb，該交易對該業務的估值為過去 12 個月調整後 EBITDA 的十幾倍。我們承擔了與該預期交易相關的 1.02 億美元的非現金減損費用，這反映在 2025 年第一季的淨虧損中。

First-quarter 2025 consolidated GMS was $2.8 billion, down approximately 6.5% year over year, with FX representing an 80 basis point headwind versus prior year. Etsy Marketplace GMS was down 8.9% and down 8.1% on a currency neutral basis.

2025 年第一季合併 GMS 為 28 億美元，年減約 6.5%，其中外匯影響較上年下降 80 個基點。Etsy Marketplace GMS 下跌 8.9%，以貨幣中性計算下跌 8.1%。

Meanwhile, Depop continued to deliver very healthy growth in buyers, sellers, and GMS, which benefited consolidated Q1 results. And Reverb's year-to-year GMS performance was similar to that of the core Etsy Marketplace during the first quarter.

同時，Depop 在買家、賣家和 GMS 方面繼續保持非常健康的成長，這對第一季的綜合業績有利。Reverb 的同比 GMS 表現與第一季核心 Etsy Marketplace 的表現相似。

Despite the GMS decline, first-quarter consolidated revenue increased by approximately 1% year over year to $651 million Breaking that down, Marketplace revenue decreased 1.8% year over year, reflecting the decline in GMS, partially offset by increases in payments revenue at Etsy and Depop, as well as seller setup fees, which we raised to $29 for new sellers in the US. Services revenue grew 7.7% year over year with strong growth in onsite ads revenue at both Etsy and Depop.

儘管 GMS 下降，但第一季綜合營收年增約 1%，達到 6.51 億美元。細分來看，市場收入年減 1.8%，反映了 GMS 的下降，但部分被 Etsy 和 Depop 支付收入的增加以及賣家設定費的增加所抵消，我們將美國新賣家的設定費提高到 29 美元。服務營收年增 7.7%，Etsy 和 Depop 的現場廣告收入均強勁成長。

Adjusted EBITDA was $171 million for the first quarter, representing a 26.3% margin, up 30 basis points year over year, and ahead of our guidance. The primary factor behind that expansion in adjusted EBITDA margin was leverage in G&A, where we saw a reduction in [bad] debt, non-income tax expense, and other costs in the quarter. This was partially offset by modest deleverage in cost of revenue due to slightly higher cloud costs related to ML and search development, as well as the cost of free shipping associated with our Shopper Loyalty beta program.

第一季調整後的 EBITDA 為 1.71 億美元，利潤率為 26.3%，較去年同期成長 30 個基點，高於我們的預期。調整後 EBITDA 利潤率擴大的主要因素是 G&A 中的槓桿作用，我們看到本季壞帳、非所得稅費用和其他成本有所減少。由於與機器學習和搜尋開發相關的雲端成本略高，以及與我們的購物者忠誠度測試計劃相關的免費送貨成本，導致收入成本適度去槓桿，部分抵消了這一影響。

Etsy continues to realize a healthy take rate, reflecting the significant value we deliver to participants in our marketplaces. Consolidated Q1 2025 take rate improved to 23.3%, with the increments shown here producing take rate expansion beyond our guidance of approximately 23%, and an increase of 170 basis points over the 21.6% take rate reported in the same period last year.

Etsy 繼續實現健康的收費率，反映了我們為市場參與者提供的巨大價值。2025 年第一季合併接受率提高至 23.3%，此處顯示的增量使接受率擴大至超出我們預期的約 23%，並且比去年同期報告的 21.6% 接受率增加了 170 個基點。

Consolidated product development spending was up slightly year over year to $111 million and remained flat as a percentage of revenue. We've increased our product development headcount modestly from a year ago, with consolidated revenue per head continuing to expand on a trailing 12-month basis.

綜合產品開發支出較去年同期略有成長，達到 1.11 億美元，佔營收的百分比保持不變。與一年前相比，我們的產品開發人員數量略有增加，過去 12 個月的人均綜合收入持續成長。

First-quarter consolidated marketing spend decreased 1% year over year to $189 million. We reduced brand spend coming off last year's debut of the Etsy Marketplace's new gifting experiences, and we increased performance marketing spend year to year with a growing emphasis on social media channels.

第一季綜合行銷支出年減 1% 至 1.89 億美元。自從去年 Etsy Marketplace 推出新的禮品體驗以來，我們減少了品牌支出，並且逐年增加了績效行銷支出，並且越來越重視社群媒體管道。

Our ROIs in paid social are not as high today as what we achieve in search and PLA. However, we're making steady gains in efficiency and Etsy Marketplace GMS from paid social increased meaningfully in the quarter. This progress enables us to underwrite greater social investment for Etsy, without fueling the buyer engagement flywheel via social as Josh described earlier.

目前，我們在付費社交方面的投資報酬率不如在搜尋和 PLA 方面取得的那麼高。然而，我們的效率正在穩步提高，並且本季來自付費社交的 Etsy Marketplace GMS 顯著增加。這項進展使我們能夠為 Etsy 承保更大的社交投資，而無需像 Josh 之前描述的那樣透過社交來推動買家參與飛輪。

Turning to Etsy Marketplace GMS performance and active buyer metrics, we anticipated a challenging first quarter as we worked through the impact of last year's shift in resources and strategy, coupled with ongoing external pressure on consumer discretionary spending. As a result, the Etsy Marketplace's year over year GMS performance in Q1 is similar to that of the fourth quarter. US buyer GMS represented about 75% of first quarter Etsy Marketplace GMS, with both US buyer GMS and non-US buyer GMS performing similarly to Q4 of last year, when removing the FX impact from the latter figure.

談到 Etsy Marketplace GMS 表現和活躍買家指標，我們預計第一季將充滿挑戰，因為我們要克服去年資源和策略轉變的影響，再加上消費者可自由支配支出持續面臨的外部壓力。因此，Etsy Marketplace 第一季的 GMS 年比表現與第四季相似。美國買家 GMS 約佔第一季 Etsy 市場 GMS 的 75%，在剔除外匯影響後，美國買家 GMS 和非美國買家 GMS 的表現均與去年第四季相似。

While GMS in each of our top six categories declined year over year, based on data from Consumer Edge, we believe we performed in line with or slightly better than our pure play peers in four of those categories. We also benefited from Etsy's strengthened positioning as a great place to shop for gifts, with gifting GMS outperforming non-gifting GMS in the quarter.

雖然我們前六大類別的 GMS 年比均有所下降，但根據 Consumer Edge 的數據，我們認為，我們在其中四個類別中的表現與純業務同行持平或略好。我們也受惠於 Etsy 作為禮品購物好去處這一強化定位，本季禮品類 GMS 的表現優於非禮品類 GMS。

Product and marketing efforts to enhance Etsy's gifting experience provided a tailwind during the Valentine's Day shopping period, and Mother's Day in the UK was another gifting bright spot with year over year growth in GMS. Etsy Marketplace active buyer metrics remain muted during the quarter, with continued strength in buyer reactivation and year over year declines in all other metrics.

為提升 Etsy 的送禮體驗而進行的產品和行銷努力在情人節購物期間帶來了順風，而英國的母親節是另一個送禮亮點，GMS 同比增長。Etsy Marketplace 活躍買家指標在本季依然低迷，買家重新啟用持續保持強勁，而其他所有指標均較去年同期下降。

GMS per buyer, now at $120, declined 3.5% year over year, similar to the trend in recent quarters. Frequency continues to be the driver of the decline in GMS per buyer. As well as a target of our product and marketing initiatives. We generated $35 million of free cash flow in the quarter, as seasonally higher fourth quarter payables led to greater first quarter cash outflows.

每位買家的平均商品價格目前為 120 美元，年減 3.5%，與最近幾季的趨勢類似。頻率仍然是導致每位買家 GMS 下降的因素。這也是我們的產品和行銷計劃的目標。由於第四季度應付款季節性增加導致第一季現金流出增加，我們在本季產生了 3,500 萬美元的自由現金流。

For the trailing 12 month period, our free cash flow was a very healthy $685 million. During the first quarter, we allocated $189 million to repurchase of Etsy's shares. With nearly $1 billion in cash at the end of the period, and expecting continued strong free cash flow generation, we believe we have the financial flexibility to continue to share our purchases, to manage our debt balance and make ongoing investments in the business.

在過去的 12 個月中，我們的自由現金流非常健康，達到 6.85 億美元。第一季度，我們撥款 1.89 億美元回購 Etsy 的股票。期末現金接近 10 億美元，並預計將繼續產生強勁的自由現金流，我們相信我們擁有財務靈活性，可以繼續分享我們的購買，管理我們的債務餘額並對業務進行持續投資。

Before I move to our outlook, we thought it would be helpful to provide additional context on Etsy's Marketplace trade lanes and how tariffs may impact our business. At present, Etsy's direct tariff exposure appears to be relatively low, given that just over 1% of GMS comes from US imports of items purchased from sellers in China. And our sellers tell us they primarily source their supply locally.

在介紹我們的展望之前，我們認為提供有關 Etsy 的 Marketplace 貿易通道的更多背景資訊以及關稅可能如何影響我們的業務會有所幫助。目前，Etsy 的直接關稅風險似乎相對較低，因為只有略高於 1% 的 GMS 來自美國從中國賣家購買的進口商品。我們的賣家告訴我們，他們主要從當地購買貨源。

In fact, the majority of Etsy Marketplace GMS comes from local within country commerce. And we saw the benefit of this advantage during the pandemic and supply chain bottlenecks that impacted international trade a few years ago. The current trade search situation is highly fluid, and it's challenging to confidently predict when and where specific tariffs will go into effect or how those tariffs may impact demand more broadly.

事實上，Etsy Marketplace GMS 的大部分來自於國內本地貿易。幾年前，在影響國際貿易的疫情和供應鏈瓶頸期間，我們看到了這種優勢的好處。目前的貿易搜尋情況非常不穩定，很難準確預測特定關稅何時何地生效，或者這些關稅將如何更廣泛地影響需求。

Additionally, potential changes to the de minimis exceptions could be important, given that the substantial majority of our GMS comes from items priced under the $800 exemption threshold. Currently, there's no formal process to collect and remit tariffs for these items, and it's unclear how long it might take the United States government to establish such a process, or how that might ultimately influence US consumers' willingness to purchase goods impacted by the change.

此外，考慮到我們絕大多數的 GMS 都來自價格低於 800 美元豁免門檻的商品，對最低限度例外情況的潛在變化可能很重要。目前，尚無針對這些商品徵收和免除關稅的正式程序，也不清楚美國政府需要多長時間才能建立這樣的程序，或者這最終將如何影響美國消費者購買受此變化影響的商品的意願。

Against that backdrop, the good news is that we believe there is inherent strength and diversity provided by the Etsy Marketplace's global seller base and robust trade lanes. In fact, within our top categories, there are active listings from sellers in over 100 countries. And as Josh mentioned, we've historically seen a very high replacement factor come into play when one country or region is impacted.

在這樣的背景下，好消息是我們相信 Etsy Marketplace 的全球賣家群體和強大的貿易管道具有內在的優勢和多樣性。事實上，在我們的頂級類別中，有來自 100 多個國家/地區的賣家的活躍清單。正如喬希所提到的，從歷史上看，當一個國家或地區受到影響時，替代因素就會非常高。

As this pie chart shows, about half of GMS comes from US buyers purchasing from US sellers, or strictly domestic GMS. About a quarter or so of our GMS comes from buyers in the US purchasing from sellers outside the US, or from US sellers shipping items to buyers outside the United States. Imports into the US represent the vast majority of this slice of the pie. And within that, no single country's US import GMS comprises more than 4% of total Etsy Marketplace GMS, with a very high level of country diversity.

正如該餅圖所示，大約一半的 GMS 來自美國買家從美國賣家購買，或嚴格來說是國內的 GMS。我們的 GMS 中約有四分之一來自美國買家從美國以外的賣家購買商品，或來自美國賣家將商品運送給美國以外的買家。美國的進口量佔了這一份額的絕大部分。其中，沒有一個國家的美國進口 GMS 佔 Etsy 市場 GMS 總量的 4% 以上，國家多樣性非常高。

The remaining quarter or so of GMS comes from transactions in which both the buyer and the seller are based internationally. Note that specific tariffs are not really in play for Depop, given a very small percentage of GMS coming from US cross-border trade. There are quite a few unknowns for how tariffs may impact our business beyond the trade lane implications and whether the de minimis exemption will be removed beyond China. These include competitive pricing, impacts to peer supply chains, and other competitive factors, some of which could prove to be tailwinds for us.

剩餘的四分之一左右的 GMS 交易來自買方和賣方均位於國際的交易。請注意，由於 GMS 中只有很小一部分來自美國跨境貿易，因此特定關稅對 Depop 來說實際上並不適用。除了貿易航線影響之外，關稅將如何影響我們的業務，以及最低限度豁免是否會在中國以外取消，還有許多未知數。其中包括競爭性定價、對同業供應鏈的影響以及其他競爭因素，其中一些可能對我們來說是順風。

That said, a key consideration is the degree to which higher tariffs may impact consumer demand, impacting overall expenditures and discretionary wallet share.

儘管如此，一個關鍵的考慮因素是提高關稅可能對消費者需求、整體支出和可自由支配的錢包份額產生多大程度的影響。

Turning to our outlook, note that it does not include the impact of the Reverb transaction, which we expect will close in coming months. This guidance assumes macro conditions, which have been challenging for us for a while, remain roughly consistent for the remainder of the quarter.

談到我們的展望，請注意，它不包括 Reverb 交易的影響，我們預計該交易將在未來幾個月內完成。該指引假設宏觀條件（一段時間以來對我們來說一直充滿挑戰）在本季剩餘時間內保持大致一致。

Starting with GMS, we currently anticipate that second-quarter consolidated GMS will decline at a rate similar to, to potentially slightly better than the year-over-year percentage decline experienced in the first quarter. We continue to be encouraged that the product and marketing strategies we have been pursuing, and which are showing the progress described today, can drive improved Etsy Marketplace GMS as we move through 2025 and beyond.

從 GMS 開始，我們目前預計第二季合併 GMS 的下降速度將與第一季的年減速度相似，甚至可能略好於第一季的年減速度。我們繼續感到鼓舞的是，我們一直在追求的產品和行銷策略以及今天所描述的進展可以推動 Etsy Marketplace GMS 在 2025 年及以後的改進。

We expect that Q2 2025 consolidated take rate will be similar to that of the first quarter, and that consolidated adjusted EBITDA margin will be approximately 25% for Q2, reflecting higher year over year marketing spend, as well as higher year over year people costs associated with annual compensation increases and hiring. We take comfort in the inherent strength, resilience, and diversity of Etsy's business, and we intend to remain nimble in the event that conditions change materially. Thank you all for your time today.

我們預計 2025 年第二季的綜合利潤率將與第一季相似，第二季的綜合調整後 EBITDA 利潤率將約為 25%，這反映了同比更高的行銷支出，以及與年度薪資成長和招聘相關的同比更高的人力成本。我們對 Etsy 業務固有的實力、彈性和多樣性感到欣慰，並且我們打算在情況發生重大變化時保持靈活。感謝大家今天的寶貴時間。

I'll now turn the call over to the operator for Q&A.

我現在將電話轉給接線員進行問答。

(Operator Instructions)

（操作員指示）

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Hello, can you hear me?

你好，你聽得到我說話嗎？

Hey, Shweta, yep, we can hear you.

嘿，Shweta，是的，我們能聽到你的聲音。

Okay, thanks, Josh and Lanny. I guess my question is on outlook. So first is on the full-year outlook in the prior quarter, your outlook included -- and Kruti, I'm sorry, your outlook included -- improving GMS trends through the year. So could you please update your thoughts on that?

好的，謝謝 Josh 和 Lanny。我想我的問題是關於展望。首先是上一季的全年展望，包括您的展望——Kruti，對不起，包括您的展望——全年改善 GMS 趨勢。那麼，您能否更新一下您的想法呢？

And then second question is on the second-quarter EBITDA margin guide, is it fair to assume that you are now leaning in more on social media platforms with marketing spend? And is that in any way driven by what you're seeing with APAC-based advertisers perhaps pulling back and you're leaning into that opportunity? Thanks a lot.

第二個問題是關於第二季度 EBITDA 利潤率指南，是否可以合理地假設您現在更傾向於在社群媒體平台上投入行銷支出？這是否在某種程度上是由於您看到亞太地區的廣告商可能正在撤退，而您正傾向於抓住這個機會？多謝。

Thanks, Shweta. Sure, as we look at the course of this year, it's important to set the kind of macroeconomic backdrop. The macroeconomic backdrop has been challenging for Etsy for a considerable period of time. And our outlook right now anticipates that there's no major change, that things on the macro front stay relatively consistent with where they are today.

謝謝，Shweta。當然，當我們回顧今年的進程時，了解宏觀經濟背景非常重要。相當長一段時間以來，宏觀經濟背景對 Etsy 來說一直充滿挑戰。我們目前的展望是，預計不會發生重大變化，宏觀情況將與目前保持相對一致。

Now, as we look across the course of this year, we've said previously, and again today, we feel encouraged about our ability to improve growth over the course of the year. That's built on a few factors.

現在，當我們回顧今年的歷程時，我們之前曾說過，今天再次說過，我們對我們在今年提高成長的能力感到鼓舞。這是基於幾個因素的。

First of all, the product and marketing work that we've been doing will stack and accumulate as we go through the year. So work that we're doing on the app and on the gifting experience and on personalization in our product, those benefits we're starting to see today, those will continue throughout the year. That gives us some encouragement.

首先，我們一直在進行的產品和行銷工作將會隨著時間的推移而不斷累積。因此，我們在應用程式、贈送體驗和產品個人化方面所做的工作，以及我們今天開始看到的那些好處，將持續一整年。這給了我們一些鼓勵。

On the marketing side, improvements in social marketing performance, the repeat re-engagement work that we're doing to bring back reactivating prior lapse buyers, showing very good progress. We grew the number of reactivated buyers this quarter by over 6 million, and those typically have a much higher LTV in the next 12 months after we reactivate them. So those kinds of pieces of progress are incorporated in our view for the full year.

在行銷方面，社交行銷績效的提高，我們正在進行的重複重新參與工作，以重新激活先前流失的買家，顯示出非常好的進展。本季度，重新啟動的買家數量增加了 600 多萬，這些買家在我們重新啟動他們之後的未來 12 個月內通常會擁有更高的 LTV。因此，我們認為全年都會取得這些進展。

Now, the macroeconomic environment could change, and it's hard to call that at this point in time, but we're focusing on the things that we can control in our product, in our marketing, and feel really good about their ability to contribute as we go throughout this year.

現在，宏觀經濟環境可能會發生變化，目前很難預測，但我們專注於我們能夠控制的產品和行銷方面的事情，並且對他們在今年全年做出的貢獻能力感到非常滿意。

On the second-quarter margin target that we shared today, you're right. We will see some deleverage on the marketing line. Last year in the second quarter was kind of a low ebb in our marketing spending as a percentage of revenue. And so that makes a little bit of a tougher comp in the second quarter of 2025.

關於我們今天分享的第二季利潤率目標，您說得對。我們將看到行銷線上的一些去槓桿現象。去年第二季度，我們的行銷支出佔收入的比例處於低點。因此，這會使 2025 年第二季的競爭變得更加艱難。

And you asked specifically about paid social. We are making some really encouraging progress there. So we mentioned in our prepared remarks that a higher percentage of our performance marketing spend was in paid social. We think that's really encouraging in terms of meeting buyers where they are. We're learning how to use paid social better. We're also learning how to use the full funnel of paid social better. So not just bottom of the funnel, but how can mid funnel really help to power bottom of funnel? So we're encouraged by that.

您特別詢問了付費社交的問題。我們在那裡取得了一些真正令人鼓舞的進展。因此，我們在準備好的發言中提到，我們的績效行銷支出中很大一部分用於付費社交。我們認為這對於在當地與買家會面確實令人鼓舞。我們正在學習如何更好地利用付費社交。我們也正在學習如何更好地利用付費社交的全部管道。那麼，不僅僅是漏斗底部，漏斗中部如何真正幫助推動漏斗底部？所以我們對此感到鼓舞。

I think another piece of your question was, is our leaning into paid social related to Temu and Shein pulling out of Google. So from what we understand, they've pulled out of the Google auction in April. We have actually not seen our CPCs decrease in the month of April.

我認為你的另一個問題是，我們傾向於付費社交是否與 Temu 和 Shein 退出谷歌有關。據我們了解，他們已於 4 月退出 Google 拍賣。事實上，四月我們的每次點擊費用並沒有下降。

And it's important to remember that actually Walmart and Amazon along with Target and eBay are the largest people we compete with for our PLA share. And so it's not just Temu and Shein and there's a lot of moving pieces to CPCs. So it's sort of hard to parse any one factor.

重要的是要記住，實際上沃爾瑪、亞馬遜以及塔吉特和 eBay 是我們爭奪 PLA 份額的最大競爭對手。因此，這不僅僅是 Temu 和 Shein，CPC 還有很多活動部件。因此，分析任何一個因素都很困難。

Nonetheless, we continue to develop better martech to get more efficient and in particular to learn how to leverage paid social better. And we're really encouraged by that.

儘管如此，我們仍在繼續開發更好的行銷技術，以提高效率，特別是學習如何更好地利用付費社交。我們對此感到非常鼓舞。

Bryan Smilek, JPMorgan.

摩根大通的布萊恩‧史邁利克。

Great, thanks for taking the questions. Really good to see the progress across the social commerce initiatives this quarter, especially on the app. Just curious what's next on the app product roadmap. You mentioned for Depop, right? The app is 90% plus of GMS. So just curious where the app can go in your view as a percent of GMS over time.

太好了，感謝您回答這些問題。很高興看到本季度社交商務計劃取得進展，尤其是在應用程式方面。只是好奇應用程式產品路線圖的下一步是什麼。您有提到 Depop，對嗎？該應用程式佔 GMS 的 90% 以上。所以我只是好奇，在您看來，隨著時間的推移，該應用程式的 GMS 百分比會如何變化。

Thank you. Yeah, great. So first our highest ever quarter of GMS to the app, 44.5%. We're continuing to see real penetration there. A lot of our efforts to drive people from mobile web to the app appear to be showing some progress. So we're really encouraged by that.

謝謝。是的，很棒。因此，我們首先要說的是，該應用程式的 GMS 佔比達到了歷史最高水平，達到了 44.5%。我們繼續看到那裡的真正滲透。我們為吸引人們從行動網路轉向應用程式所做的許多努力似乎取得了一些進展。所以我們對此感到非常鼓舞。

I think there will always be a role for certainly the desktop because some people just want a larger format when they're looking at particularly like a piece of furniture or something that's maybe a bigger investment. Mobile web over time, we'd love to see mobile web become a much smaller share and the app become a much larger share. And we're really encouraged by that.

我認為桌面永遠都會有其作用，因為有些人在考慮購買一件家具或一些可能需要更大投資的東西時，會想要更大的尺寸。隨著時間的推移，我們希望看到行動網路所佔的份額變得更小，而應用程式所佔的份額變得更大。我們對此感到非常鼓舞。

And I would encourage folks on this call to pull out the app and try it. And I think what you will see, it is a much better shopping experience today than it was even six months ago. And in particular, if you arrive on Etsy without having a very specific idea of what you want to buy, we've been talking about being more browsable. There is a lot more browsable surface on Etsy where we are just showing you inspiration. In my opinion, it's pretty cool. It's pretty fun. And I would encourage you to try it.

我鼓勵參加此次電話會議的各位拿出該應用程式並嘗試一下。我想你會發現，今天的購物體驗比六個月前好得多。特別是，如果你來到 Etsy 時還不清楚自己想買什麼，那麼我們一直在談論如何提高瀏覽便利性。Etsy 上還有更多可瀏覽的內容，我們只是在那裡向您展示靈感。在我看來，這非常酷。很有趣。我鼓勵你嘗試。

The next step for us is it's still the browsable experiences we're showing you are still largely one size fits all. Here is really cool trends that you will see in the marketplace that most people find very interesting with very cool product in each of those trends that most people find very interesting. That's that algotorial content that we talked about.

對我們來說，下一步仍然是向您展示可瀏覽的體驗，基本上還是千篇一律的。您會在市場上看到一些非常酷的趨勢，大多數人會覺得它們非常有趣，而且每個趨勢中都有非常酷的產品，大多數人會覺得它們非常有趣。這就是我們所談論的演算法內容。

The next step for us is to become highly personalized in that. So now how can we pick which are the trends that you are most likely to like? And even within that, which are the items within those trends that you're most likely to like even based on just the behavior you've exhibited in this same session. And most of that is work yet to come that we are highly focused on right now. And a lot of the work we're doing to create more browsable surfaces, a lot of the idea there is to learn more about your tastes and preferences.

我們的下一步是實現高度個人化。那麼現在我們要如何選擇您最喜歡哪些趨勢呢？即使在其中，即使僅基於您在同一會話中表現出的行為，您最有可能喜歡這些趨勢中的哪些項目。其中大部分工作尚未完成，我們現在高度關注。我們所做的大量工作是為了創造更多可瀏覽的介面，其中許多想法是為了更多地了解你的品味和偏好。

As long as we're highly reliant on you giving us a very specific keyword, I'm looking for exactly this, we actually won't learn that much about you. So now we're creating a lot of these discovery surfaces that are giving us a lot more data about who you are that are going to enable us to take Etsy, this vast superstore of everything and turn it into what feels like a boutique created just for you. That's what I want. That's what we want the app to become.

只要我們高度依賴您給我們一個非常具體的關鍵字（我正在尋找這個關鍵字），我們實際上就不會了解太多關於您的資訊。所以現在我們正在創建許多這樣的發現介面，它們為我們提供更多關於您是誰的數據，使我們能夠將 Etsy 這個包羅萬象的大型超市變成一個專為您打造的精品店。這就是我想要的。這就是我們想要的應用程式。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi there. Thank you for taking my question. Josh, if we look at active buyer trends for the core Etsy platform and the habitual buyers, the decline looks like it's been a bit sharper over the last couple of quarters. And based on the guidance on GMS, sounds like that might be continuing into Q2 as well. It's coincided with a sharper decline in active sellers as well year on year.

你好呀。感謝您回答我的問題。喬希，如果我們看看核心 Etsy 平台和習慣性買家的活躍買家趨勢，就會發現過去幾季的下降趨勢似乎更加明顯。而根據 GMS 的指導，聽起來這種情況可能也會持續到第二季​​。同時，活躍賣家數量也較去年同期大幅下降。

I know there have been efforts to clean up listings on the marketplace and in recent quarters. Is there any concern that this is driving a loss of conversion events and pressuring some of the network effects that you typically would want to see in a marketplace like this? Thank you.

我知道最近幾季我們一直在努力清理市場上的房源。是否有人擔心這會導致轉換事件的損失，並對您通常希望在這樣的市場中看到的一些網路效應施加壓力？謝謝。

So I just want to clarify, your question is, do we have any concern that the decline in active sellers is related to or driving, causing the decline in active buyers? Is that the question?

所以我只想澄清一下，你的問題是，我們是否擔心活躍賣家數量的下降與活躍買家數量的下降有關或導致活躍買家數量的下降？這是問題嗎？

Yes.

是的。

The short answer is no. We do not have a concern that, that's true. We think that the decline in active sellers is an intended consequence of us putting a $29 new shop setup fee. And just to give context, the number of new sellers coming onto the platform had been growing and growing and growing for quite some time. Many, many of those sellers did not have the skill or will to ever become successful sellers on Etsy. And yet they were taking up space for other sellers that did demonstrate the skill and will.

簡短的回答是「否」。我們並不擔心這一點，這是事實。我們認為，活躍賣家數量的下降是我們收取 29 美元新店設定費的預期結果。僅舉個例子，進入該平台的新賣家數量已經持續增長了一段時間。許多賣家既不具備技能，也沒有意願在 Etsy 上取得成功。然而，他們卻佔據了其他展現出技能和意願的賣家的空間。

So by putting some intended friction in the form of a $29 new shop setup fee, we are still letting the sellers that have the skill and will come through, but have done a lot of work to mitigate the number of sellers that weren't going to succeed.

因此，透過以 29 美元的新店設定費的形式設置一些有意的摩擦，我們仍然讓擁有技能並能夠成功的賣家成功，但也做了很多工作來減少無法成功的賣家的數量。

What we see is that the number of sellers succeeding in making a sale is substantially up. The retention of active sellers is up. So the sellers on the platform are much more likely to be succeeding. And we've created a playing field for them that I think is healthier. And that is all intended.

我們看到，成功完成銷售的賣家數量大幅增加。活躍賣家的留才率上升了。因此，該平台上的賣家更有可能獲得成功。我們為他們創造了一個我認為更健康的競爭環境。這一切都是有意為之。

So we are very comfortable with the path we're on with active sellers. We want to make sure that we're serving the active sellers that have both the skill and the will to truly contribute to the platform. Active buyer decline, it's down about 3.4% this quarter. We believe that is due to macro, that people just have a little less money to spend.

因此，我們對與活躍賣家合作的方式感到非常滿意。我們希望確保我們服務的是那些既有技能又有意願為平台做出真正貢獻的活躍賣家。活躍買家減少，本季下降約3.4%。我們認為這是宏觀因素造成的，人們的可支配收入減少了一點。

The good news is when we talk to our buyers, they love Etsy. So it's not that they've quit Etsy or churned from Etsy. They just haven't bought something in the last 365 days. And so we're working hard to make sure that we are leaning into the things that most differentiate Etsy.

好消息是，當我們與買家交談時，他們很喜歡 Etsy。所以，這並不意味著他們已經退出 Etsy 或從 Etsy 流失。他們只是在過去 365 天裡沒有買過東西。因此，我們正在努力確保我們能夠專注於最能體現 Etsy 特色的事情。

So it may not be the cheapest place to buy something. It may not be the place that ships the fastest, but we have things that are really compelling and really different from everyone else. And we want to make sure we lean into that. We want to make sure that we show Etsy's highly personalized. So we're showing you the things that you are most likely to love, and we're doing that on the app. And those are the things we think drive buyer love and buyer engagement over time.

因此它可能不是購買東西最便宜的地方。它可能不是發貨速度最快的地方，但我們的產品確實引人注目，而且與其他地方的產品截然不同。我們希望確保我們能夠做到這一點。我們希望確保展現 Etsy 的高度個人化。因此，我們會在應用程式上向您展示您最可能喜歡的事物。我們認為，隨著時間的推移，這些因素會推動買家的喜愛和參與。

I'll conclude just by saying that, well, active buyers are down slightly this quarter, and we are certainly disappointed by that and working with urgency to get that number up. They are still very near the all-time high that they were at the peak of the pandemic. So we more than doubled the number of active buyers at a time when people had really few, if any, alternatives and had to shop on Etsy.

最後我想說的是，本季活躍買家數量略有下降，我們對此感到非常失望，並緊急努力提高這一數字。它們仍非常接近疫情高峰時期的歷史最高水準。因此，當人們幾乎沒有其他選擇，不得不在 Etsy 上購物時，我們的活躍買家數量增加了一倍以上。

The vast majority of those people are still shopping on Etsy and have still shopped on Etsy even the last 365 days. Total active buyers is down, I think, 6% or 8% from our all-time high during peak pandemic times. We're working now with focus, with urgency to give those people more opportunity to come back more often. So now we grow again from this base.

這些人中的絕大多數仍在 Etsy 上購物，甚至在過去 365 天仍在 Etsy 上購物。我認為，活躍買家總數比疫情高峰時期的歷史最高水準下降了 6% 或 8%。我們現在正集中精力、緊急努力，為這些人提供更多機會，讓他們更頻繁地回來。所以現在我們在這個基礎上再次成長。

Can I just jump in with just a little nit, if that's okay? The percentage of sellers who made a sale is up. Just want to clarify that. And then those new sellers, percentage of new sellers who are making a sale within the first 90 days is also up. I just want to clarify that.

如果可以的話，我能不能只說一點小問題？完成銷售的賣家比例上升了。我只是想澄清一下。然後，那些新賣家，在前 90 天內完成銷售的新賣家的百分比也在上升。我只是想澄清這一點。

Yeah. I'm just going to say on the habitual buyer point, the vast majority of the habitual buyers are still buying frequently on Etsy. There's a threshold there of a number of transactions or a dollar value of transactions that somebody can go below, but the numbers that you're seeing on habitual buyers, I think are reflecting not them leaving Etsy. It's just this broader consumer dynamic around purchase. Consumer discretionary spending is being reflected in that number.

是的。我只想說，關於習慣性買家，絕大多數習慣性買家仍然在 Etsy 上頻繁購買。交易數量或交易金額有一個門檻，有人可以低於這個門檻，但你看到的習慣性買家的數字，我認為反映的並不是他們離開 Etsy。這只是圍繞著購買的更廣泛的消費者動態。該數字反映了消費者可自由支配的支出。

It's also stable as a percentage of GMS. It's about 42%.

作為 GMS 的百分比，它也是穩定的。大約是42%。

Okay, next question.

好的，下一個問題。

Bernard McTernan, Needham.

伯納德·麥克特南，尼德姆。

Great. Good morning. Thanks for taking the question. Just wanted to touch on the take rate guidance for 2Q. It's flat sequentially. Normally we see sequential improvement throughout the year. So just any puts and takes you can provide there would be very helpful. Thank you.

偉大的。早安.感謝您回答這個問題。只是想談談第二季的接受率指引。其連續性保持平穩。通常情況下，我們會看到全年出現連續的改善。因此，您提供的任何資訊都將非常有幫助。謝謝。

As you look at the take rate of the course this year, we're lapping a couple dynamics that have helped us grow the take rate year over year. The listing, the introduction of the new seller fee is one of them. And we've made some really strong progress on Etsy ads and its contribution to the take rate over the last year. That's reflecting work that we've done to improve relevance and improve our ability to utilize the budgets that sellers are telling us they're willing to spend to get that visibility on Etsy. And we've been able to do that while keeping the seller return on ad spend really consistent.

從今年課程的參加率來看，我們正在採取一些動態措施，這些措施幫助我們逐年提高參加率。上市後，引進新的賣家費用就是其中之一。在過去的一年裡，我們在 Etsy 廣告及其對營收率的貢獻方面取得了一些非常顯著的進展。這反映了我們為提高相關性和提高利用賣家所願意花費的預算的能力所做的工作，以便在 Etsy 上獲得知名度。並且我們能夠做到這一點，同時保持賣家的廣告支出回報率真正穩定。

And so as we look at the rest of this year, we've made some really good strides. And our outlook is that we'll keep things pretty consistent across the rest of this year, lapping a couple of those price-related, service-related increments that have been benefiting take rate over the last few quarters.

因此，回顧今年剩餘時間，我們確實取得了一些很好的進展。我們的展望是，今年剩餘時間內我們將保持相當穩定的情況，並涵蓋過去幾季中一直有利於提高接受率的一些價格相關、服務相關的增量。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Good morning. Thank you for the question. I wanted to follow up maybe Lanny on the gross margin headwind from free shipping. And also you do talk about ML and search development.

早安.謝謝你的提問。我想跟進一下 Lanny 關於免費送貨對毛利率造成的不利影響。您也確實談到了機器學習和搜尋開發。

Just wondering if you can maybe quantify that. It's our fault for not really listening to, I guess, last quarter when we got maybe a little overly excited on gross margins because of what you talked about, like the abundance of sellers bringing some of the potentially bad ones down.

只是想知道您是否可以量化這一點。我想，這是我們的錯，因為我們上個季度沒有真正聽取您的意見，當時我們對毛利率可能有點過於興奮，因為您談到了大量的賣家，從而壓低了一些潛在的不良賣家的毛利率。

So anything you can quantify on some of the gross margin headwinds, maybe how big shipping could grow into being a gross margin headwind would be really helpful. Thank you.

因此，如果您能夠量化一些毛利率阻力，那麼航運規模如何能夠發展成為毛利率阻力，將會非常有幫助。謝謝。

Sure. As we look at the -- you're right, in this quarter, the gross margin year-to-year comparison, the two factors that created a little bit of de-leverage there were higher processing costs, service -- compute costs for search and for machine learning. And we'll continue to lean into that over the course of this year. So there could be a little bit of de-leverage from those search and machine learning costs over the course of the year. It's not dramatic, but it's important to the product experience that we're delivering.

當然。正如我們所看到的——您說得對，在本季度，與去年同期的毛利率相比，造成一點去槓桿的兩個因素是更高的處理成本、服務——搜尋和機器學習的計算成本。今年我們將繼續致力於此。因此，今年搜尋和機器學習成本可能會略有下降。這並不引人注目，但對於我們提供的產品體驗來說卻很重要。

On the loyalty front, that was a similar increment to the cost of revenue this quarter, similar to the impact from the search and machine learning that I just talked about. And we'll manage that program. It is in beta test right now. We're continuing to learn about retention, about its impact, which so far has been really encouraging on purchase frequency and helping us identify who our best customers are, what they're, how far we can go in servicing them and driving loyalty through that kind of a program.

在忠誠度方面，這與本季的收入成本有類似的成長，類似於我剛才談到的搜尋和機器學習的影響。我們將管理該計劃。目前正處於 Beta 測試階段。我們正在繼續了解客戶保留率及其影響，到目前為止，這對提高購買頻率非常有幫助，並幫助我們確定誰是我們的最佳客戶，他們是什麼，我們可以為他們提供多大程度的服務，並透過這種計劃提高客戶忠誠度。

So we'll continue to manage that program over the course of the year. It'll be a bit of a headwind for us over the course of the year. I don't expect that it will grow dramatically from where it is in this quarter.

因此我們將在今年繼續管理該計劃。在今年，這對我們來說會是一個小小的阻力。我並不認為它會在本季的基礎上大幅成長。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you. Good morning, everyone. Appreciate it. First, I want to thank you for all the data on the cross-border side, maybe correcting some of our information there. So I appreciate that, Deb.

謝謝。大家早安。非常感謝。首先，我要感謝您提供跨境的所有數據，也許可以修正我們在那裡的一些資訊。所以我很感激，黛布。

Got you, Ken.

明白了，肯。

Two quick questions, please. First, I hear everything you're saying, and it seems like as prices start to rise, certainly imports into the US across the board, you seem well-positioned. I guess, how do I juxtapose that with your constant currency GMS guide for 2Q showing some moderation, right? Some further decline relative to 1Q? That's question one.

請問兩個簡單問題。首先，我聽到了您所說的一切，而且似乎隨著價格開始上漲，當然進口到美國的商品也全面增加，您似乎處於有利地位。我想，我該如何將其與您第二季的恆定貨幣 GMS 指南並列，以顯示某種緩和，對嗎？相對於第一季會進一步下降嗎？這是第一個問題。

And the second one is more medium term is, as you think about driving more buyer frequency, greater buyer frequency, could you just talk about the kind of path to get to there from a lot of the engagement efforts you have now may have some depressing effects or impacts on conversion in the short term. Could you just talk us through, maybe Josh, how we should think about the path throughout the year?

第二個是中期目標，當您考慮提高買家頻率、增加買家頻率時，您能否談談實現這一目標的途徑，您現在所做的許多參與努力可能會在短期內對轉換產生一些負面影響或影響。喬希，您能否向我們講解一下，我們該如何思考全年的路線？

Great. Sure. As we think about the trade lanes, US imports in the United States have held up really well. They've been fairly strong through the first part of this year. We've seen greater softness in our international markets.

偉大的。當然。當我們考慮貿易航線時，美國進口量在美國一直保持良好。今年上半年他們的表現相當強勁。我們發現國際市場更加疲軟。

And I think that's local macro-economic conditions in those international markets is softer for sure than in the United States right now. So that's reflected in our second quarter, a little bit softer, just international to international trade lanes than in the United States. More so that than a tariff related cross border dynamic.

我認為這些國際市場的當地宏觀經濟狀況肯定比目前美國更為疲軟。因此，這反映在我們第二季度，國際到國際貿易航線比美國稍微疲軟。這比與關稅相關的跨境動態更為重要。

And one more thing I'll say about the second quarter is just the comp versus last year is tough because of holiday date shifts. So flat is actually slightly up. If you think about the date shifts, if we were to stay flat Q1 to Q2, it would still be actually really slightly up if you think about the date shift.

關於第二季度，我還想說的一點是，由於假期日期的變化，與去年同期相比，業績表現不佳。因此，持平實際上略有上升。如果您考慮日期變化，如果我們將第一季到第二季保持平穩，那麼如果您考慮日期變化，它實際上仍然會略有上升。

Easter being a big dynamic there, a little bit shorter shopping period into the Mother's Day this year than last year. And that creates a bit of a headwind in the second quarter relative to the first quarter.

復活節在那裡非常活躍，今年母親節的購物期比去年略短一些。與第一季相比，這給第二季度帶來了一些阻力。

And the tailwind from last year. So yeah, to the question about how to think about how this stuff stacks through the year, this is the second part of your question. There's really three things we're super focused on, making sure that we have the very best quality items that we are surfacing.

還有去年的順風。是的，對於如何思考這些東西在一年中如何堆積的問題，這是問題的第二部分。我們真正關注的是三件事，確保我們推出的產品具有最優質的品質。

The ones that most differentiate Etsy and are most likely to delight you. Making sure we do it in a super personalized way. So it's the ones that you love, not just the ones that generally people would love. And third, we do it in the app. So we own your attention and have a more direct relationship with you.

那些最能體現 Etsy 特色並最有可能讓您滿意的商品。確保我們以超級個人化的方式做到這一點。所以它是你喜歡的，而不僅僅是一般人會喜歡的。第三，我們在應用程式中進行此操作。因此，我們吸引了您的注意力並與您建立了更直接的關係。

And we did a lot of work towards the end of last year to lay some important infrastructure for that. So we had to rebuild our search engine in a way that had a quality score. Now we have that quality score. Now we're just making that quality score a lot better. We're doing things to really leverage that quality score.

我們在去年年底做了很多工作，為此奠定了一些重要的基礎設施。因此，我們必須以具有品質得分的方式重建我們的搜尋引擎。現在我們有了質量分數。現在我們只是在大幅提高品質得分。我們正在採取措施來真正利用該品質分數。

We needed to free up a lot of screen real estate that we could use for these more browsable surfaces. And we're putting friction in the mobile web to drive you to the app. These are all investments that we think are terrific investments that will pay off in spades in the medium term but might have some near-term headwinds.

我們需要釋放大量的螢幕空間，以便用於這些更易於瀏覽的表面。我們在行動網路上添加了摩擦力來吸引您使用該應用程式。我們認為這些都是非常好的投資，將在中期帶來豐厚的回報，但短期內可能會遇到一些阻力。

The good news is we did a lot of that work towards the end of last year. We continue to do some of it now, but we've laid a lot of that infrastructure. And so now the opportunity is, how do we make that quality score a lot richer and a lot more robust? How do we let our sellers know what actions they can take in order to boost their quality score?

好消息是我們在去年年底已經做了很多這樣的工作。我們現在繼續做其中的一些工作，但我們已經鋪設了許多基礎設施。那麼現在的機會是，我們要如何讓品質分數更加豐富、更加穩健？我們如何讓賣家知道他們可以採取什麼行動來提高他們的品質分數？

So this quarter, we made the quality score more robust with more elements to it. And we made it not a binary score, but a dynamic sliding score. And we've already seen the percentage of purchases with low reviews go down significantly as a result of that. And we've added more feedback to sellers on what are the top actions they can take to move their quality score. So we're starting to really figure out ways to leverage that quality score. We talked about some of the new browsable surfaces, particularly in the app.

因此本季度，我們增加了更多元素，使品質分數更加穩健。我們不再將其設計為二元分數，而是採用動態滑動分數。我們已經看到，低評價的購買比例因此大幅下降。我們也向賣家提供了更多回饋，告訴他們可採取哪些最佳措施來提高品質分數。因此，我們開始真正尋找利用品質分數的方法。我們討論了一些新的可瀏覽介面，特別是在應用程式中。

And again, I would encourage you to go try it. I think it's pretty cool. I really do think it's pretty cool. But there's still things that are one-size-fits-all cool. And now we're gathering more data to start to be able to personalize those. And we're starting to see some real traction in terms of being able to drive more people to the app.

我再次鼓勵你去嘗試。我認為這很酷。我確實認為這很酷。但仍然有一些很酷的東西可以通用。現在我們正在收集更多數據，以便開始實現個人化。我們開始看到在吸引更多人使用該應用程式方面取得的一些真正的進展。

So yes, there will continue to be trade-offs and there will continue to be some things we do that create some headwinds, not just tailwinds. But a lot of the work we have now is how do we now optimize these brand-new things we've just launched and use them in order to drive growth. And I'm encouraged that, I think we're going to see more progress on that front.

所以，是的，我們將繼續存在權衡，我們所做的事情將繼續帶來一些阻力，而不僅僅是阻力。但我們現在的許多工作是如何優化我們剛推出的這些全新產品並利用它們來推動成長。我很高興，我認為我們將在這方面看到更多進展。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Hey, Josh. Thanks for taking the questions. So two questions for me. First, as pricing increases due to tariffs and perhaps some supply chain challenges come up in potentially other retail platforms and e-commerce marketplaces, do you see opportunities to leverage the made in USA and maybe even pricing competitiveness under the new world on Etsy platform to perhaps create more awareness, stop other funnel traffic and maybe build on new user base? Can you talk a little bit about how you're thinking about the opportunities there?

嘿，喬希。感謝您回答這些問題。所以我有兩個問題。首先，隨著關稅導致價格上漲，以及其他零售平台和電子商務市場可能出現的一些供應鏈挑戰，您是否看到機會利用美國製造，甚至在 Etsy 平台的新世界下的價格競爭力來提高知名度，阻止其他通路流量並建立新的用戶群？您能否稍微談談您對那裡的機會有何看法？

And then Lanny, second one, can you give us an update on perhaps Etsy's current category mix so that we can get some good color on your potential exposure to what pockets of discretionary spending Etsy has exposure to? Thank you very much.

然後是 Lanny，第二個問題，您能否向我們介紹一下 Etsy 當前的類別組合的最新情況，以便我們能夠更好地了解您對 Etsy 所接觸的可自由支配支出領域的潛在影響？非常感謝。

Sure. Thanks for the questions. So on the first one, we can and are leaning into the opportunity that Etsy's relative value may get better, particularly against sites who have a lot of their products made in China. Those prices may go up a lot and Etsy's relative value proposition could get significantly better in that case.

當然。感謝您的提問。因此，就第一個問題而言，我們可以並且正在傾向於 Etsy 的相對價值可能會變得更好，特別是與那些許多產品都在中國製造的網站相比。這些價格可能會大幅上漲，在這種情況下，Etsy 的相對價值主張可能會變得更好。

So we already today have launched on Etsy the opportunity to buy domestically. So filters for domestic only, feature highlights of sellers that are domestic sellers, easy browse paths, and we're working on all kinds of different ways. How do we make the UI make it very easy for people to shop locally?

因此，我們今天已經在 Etsy 上推出了國內採購的機會。因此，僅針對國內的過濾器、國內賣家的特色亮點、便捷的瀏覽路徑，我們正在研究各種不同的方式。我們如何讓使用者介面讓人們能夠輕鬆地在本地購物？

And I want to point out not just in the US where of course that matters, but in Canada, there's a lot of focus on that right now. And in various markets in Europe, there's a lot of focus on that right now. And guess what? We have a lot of sellers in Canada. We have a lot of sellers in the UK. We have a lot of sellers in Germany. There's a number of markets outside of the US where we also can offer people the opportunity to shop domestically. Certainly, that's true in the US where we have a really robust assortment.

我想指出的是，這不僅在美國很重要，在加拿大，現在也非常關注這一點。目前，歐洲的各個市場都對此給予了極大的關注。你猜怎麼著？我們在加拿大有很多賣家。我們在英國有很多賣家。我們在德國有很多賣家。在美國以外的許多市場中，我們也可以為人們提供在國內購物的機會。確實如此，在美國我們擁有非常豐富的產品種類。

So we're not waiting. We're already working on promoting that opportunity. If the relative value, we're still very early in terms of what's actually going to happen with these tariffs and what is the relative pricing going to be, but there may be opportunities to lean in even more aggressively in marketing, depending on how big the price differences are. So we're going to be paying incredibly close attention to this as I'm sure you'd expect and having a real bias to action around all of it.

所以我們不再等待。我們已經在努力推廣這個機會。如果是相對價值，那麼對於這些關稅的實際影響以及相對定價，我們還處於非常早期的階段，但可能有機會在行銷方面採取更積極的行動，這取決於價格差異有多大。因此，正如我確信您所期望的那樣，我們將密切關注此事，並積極採取行動。

I do think we are much better positioned than many to be able to not have the kinds of price shocks that many other people will have. And the countervailing factor is if we see inflation, if we see a drop in consumer confidence, that's not good for Etsy. So it's really hard for us to know right now how those two things will balance out.

我確實認為，我們比許多人更有能力避免遭受許多其他人會遇到的價格衝擊。而抵銷因素是，如果我們看到通貨膨脹，如果我們看到消費者信心下降，這對 Etsy 來說不是好事。因此，我們現在真的很難知道這兩件事將如何平衡。

And from a category perspective, our mix hasn't changed from where it was last year. The top six categories remain our top categories. That includes home and living, apparel, craft supplies.

從類別角度來看，我們的產品組合與去年相比沒有變化。前六個類別仍然是我們的首要類別。其中包括家居和生活用品、服裝、工藝品。

And when we look at those top categories in our top six categories, and we compare our performance in the most recent 90 days to what our pure play competitors look like from third-party data. In four of those six categories, we performed a little bit better.

當我們查看前六大類別中的頂級類別時，我們會將最近 90 天的表現與第三方數據中我們的純競爭對手的表現進行比較。在這六個類別中的四個類別中，我們的表現略好一些。

Now we're still down year to year and we're not satisfied with that, but we are pleased that things like the efforts we have on gifting and around personalization and the personalization not only of the product experience, but also the personalization in some of the categories of the items that you can purchase on Etsy are advantages that are helping us outperform others in the marketplace.

現在我們的業績仍然逐年下降，我們對此並不滿意，但我們很高興看到我們在禮品和個性化方面所做的努力，以及不僅產品體驗的個性化，以及您可以在 Etsy 上購買的某些類別商品的個性化，這些優勢幫助我們在市場上勝過其他公司。

So the categories where we did a little bit better than what we would deem to be the competitive set include home and living, our biggest category. Jewelry was another one that was quite strong or comparatively strong. Craft supplies, paper, and those kinds of goods. So the mix overall hasn't changed, but I think our product work over top of that mix is giving us some relative performance.

因此，在家居和生活用品這一類別中，我們表現比我們認為的競爭對手更好一些，這是我們最大的類別。珠寶是另一種相當堅固或比較堅固的物品。工藝品、紙張以及諸如此類的商品。因此，整體組合沒有改變，但我認為我們在此組合基礎上的產品工作為我們帶來了一些相對的性能。

Sorry, if I can pull up for just a sec. I just want to say we unfortunately are living in a world with more and more macro shocks, be they global pandemics or trade wars or actually kinetic wars. And through all of this, the Etsy Marketplace has been remarkably resilient.

抱歉，如果我可以停下來一秒鐘的話。我只想說，不幸的是，我們生活在一個宏觀衝擊越來越多的世界，無論是全球流行病、貿易戰或動能戰爭。在經歷這一切之後，Etsy 市場展現了驚人的韌性。

And I think that is a real benefit of our model and something we care about a ton and I hope investors are paying attention to and caring about as well.

我認為這是我們模型的真正優勢，也是我們非常關心的事情，我希望投資人也能關注和關心。

The only thing I was going to add, just whether there is a slide with the pie chart of our categories in the back of the deck. Next question.

我唯一想補充的是，在簡報的後面是否有一張包含我們類別餅圖的幻燈片。下一個問題。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Hey, hey guys, good morning. To, maybe first just expanding on the macro stuff with the minimus changes coming through in a few days here. And how you think about the puts and takes. There should be some tailwinds, but I think there's some potential headwinds for you guys also. Just want to understand those.

嘿，嘿，大家早安。或許，首先只是擴展宏觀的東西，幾天後就會出現微小的變化。以及您如何看待投入和產出。應該會有一些順風，但我認為對你們來說也有一些潛在的逆風。只是想了解這些。

Then Josh, still really early, maybe too early to ask this question, but just with the AI shopping experiences that you talk about with OpenAI and with Copilot, how do you see that and envision that change in e-commerce over the next few years? How does that change for Etsy? Maybe even things down to how that might potentially change Etsy ads and marketing approach. Love to hear your thoughts on that.

那麼 Josh，現在問這個問題可能還為時過早，但就您與 OpenAI 和 Copilot 談論的 AI 購物體驗而言，您如何看待並預見未來幾年電子商務的變化？這對 Etsy 來說有何變化？甚至可能深入到這可能會改變 Etsy 的廣告和行銷方式。很高興聽到你對此的想法。

Yeah, great. I love it. Okay, on the first one, if the current state of play, and it could be different by 3:00 PM, but the current state of play is that de minimis exemptions will remain at least for a while for every country except China.

是的，很棒。我喜歡它。好的，關於第一個問題，如果按照目前的情況，到下午 3 點可能會有所不同，但目前的情況是，除中國外，所有國家的最低限度豁免至少還會保留一段時間。

So in China, they will remove the de minimis exemptions and they'll remain everywhere else. That's a best case scenario for Etsy. We have roughly 1% of product on Etsy is Americans buying from China. I want to point out those are vetted sellers that comply with our policies. There are some in China who actually really legit belong on Etsy.

因此，中國將取消最低限度豁免，但在其他地方仍將保留這項規定。這對 Etsy 來說是最好的情況。Etsy 上大約有 1% 的產品是美國人從中國購買的。我想指出的是，這些都是經過審查並遵守我們政策的賣家。在中國，確實有一些人真正屬於 Etsy。

But if the prices there become unaffordable for that 1% of GMS, we think there'd be an extremely high replacement rate of buying from somewhere else. So we think we would not have any material impact from de minimis going away for China. That's not true of almost all of our competitors. They may see their prices go up a lot. That would be good for Etsy, at least the first order effect would be good for Etsy.

但如果那裡的價格對於那 1% 的 GMS 來說變得難以承受，我們認為從其他地方購買的替代率會非常高。因此我們認為，最低限度的取消不會對中國產生任何實質影響。但幾乎​​我們所有的競爭對手都不是這樣的。他們可能會看到價格大幅上漲。這對 Etsy 來說是好事，至少一階效應對 Etsy 來說是好事。

Similarly, so far, de minimis exemptions will remain at least for a time from Europe. And most of the US imports are coming from European countries and Canada. So the maintenance of de minimis is helpful for us there.

同樣，到目前為止，歐洲的最低限度豁免至少還會保留一段時間。美國大部分進口產品來自歐洲國家和加拿大。因此，維持最低限度對我們有幫助。

Should de minimis go away all around the world, my concerns are actually more about the speed of parcel trade more than the price of parcel trade because it could create just very long backlogs to import any product from anywhere. And Americans are buying really cool product from Germans, from Brits, from Turkish people, from Ukrainians.

如果全球範圍內的最低限度貿易都取消了，我實際上更擔心的是包裹貿易的速度而不是包裹貿易的價格，因為這可能會導致從任何地方進口任何產品的積壓時間非常長。美國人正在從德國人、英國人、土耳其人和烏克蘭人那裡購買非常酷的產品。

And right now, hats off to the Ukrainian Postal Service. Those folks are incredible. In the midst of a war, most of our Ukrainian sellers are able to ship a package from Ukraine to the US in seven days. And the prices are really good. And the craftsmanship is really good. So I'd hate to see that take two weeks or three weeks, which if you had to inspect those parcels -- by the way, that's not economically rational to inspect a parcel that's only worth $50 that might owe $4 or $5 of tariff. It doesn't really make sense to inspect all of that.

現在，我們向烏克蘭郵政服務致敬。那些人真是令人難以置信。在戰爭期間，我們的大多數烏克蘭賣家能夠在七天內將包裹從烏克蘭運送到美國。而且價格確實很優惠。而且工藝確實很好。因此，我不希望看到這花費兩週或三週的時間，如果你必須檢查這些包裹——順便說一句，檢查一個僅價值 50 美元且可能欠 4 美元或 5 美元關稅的包裹在經濟上是不合理的。檢查所有這些確實沒有任何意義。

So we need data infrastructure that's going to allow for the ability to more seamlessly figure out how much is owed, who owes the money, et cetera. And building that data infrastructure, I think will take some time. So hopefully if we are going to remove or modify de minimis, we do it in a way that allows for it to be efficient and us to use good data.

因此，我們需要資料基礎設施，以便能夠更無縫地找出欠款金額、誰欠錢等等。我認為建立資料基礎設施需要一些時間。因此，如果我們要刪除或修改最低限度，我們希望以一種高效的方式進行，並使用良好的數據。

The second question, which is what happens in a world of agentic shopping? I think that's really good for Etsy because I hope what an agent would do, a smart agent, is it's going to go out and it's going to say, here is the cheapest thing you want to buy this thing. Here's the cheapest thing that can arrive the fastest. And here's an alternative that might be customized or personalized for you that is more artisanal, that's going to be more unique.

第二個問題，在代理商購物的世界會發生什麼事？我認為這對 Etsy 來說真的很好，因為我希望代理商、聰明的代理商會出去告訴您，這是您想要購買的最便宜的東西。這是最便宜且能最快到達的東西。這裡有一個替代方案，可以為您定製或個性化，更具手工性，更加獨特。

And in that world where I believe and hope agents are going to want to offer some level of choice, I think Etsy is very often going to be a meaningful choice. What those agents should discover is they can visit 20 sites and what they're actually finding is the exact same product made in the exact same factory and just fulfilled through 1 of 20 different supply chains. And then there's Etsy, where we actually have something different. And I hope the agents will help customers to understand that and that'll be good for us.

我相信並希望代理商能夠提供一定程度的選擇，我認為 Etsy 通常是一個有意義的選擇。這些代理商應該發現，他們可以訪問 20 個站點，而他們實際上發現的是完全相同的產品，在完全相同的工廠生產，並且只是透過 20 個不同的供應鏈中的 1 個完成。然後還有 Etsy，我們實際上有一些不同的東西。我希望代理商能夠幫助客戶理解這一點，這對我們有好處。

I think it's interesting and encouraging that all of the large GenAI providers are very interested in partnering with Etsy. We have great access and great relationships engineer to engineer with those companies. Several of them have featured Etsy in their keynote addresses recently.

我認為所有大型 GenAI 提供者都非常有興趣與 Etsy 合作，這很有趣也很令人鼓舞。我們與這些公司有著良好的聯繫和工程師關係。他們中的一些人最近在主題演講中提到了 Etsy。

And I think that speaks to the fact that we have a really unique data set that is different. And those companies are always thinking, where is the unique pools of data? Etsy has a really unique set of data. We also have a really good engineering team and really competent engineering culture that's able to partner with those companies in a pretty sophisticated way.

我認為這說明我們擁有真正獨特的數據集。這些公司總是在思考，獨特的資料池在哪裡？Etsy 擁有一組非常獨特的數據。我們也擁有一支非常優秀的工程團隊和非常稱職的工程文化，能夠以相當複雜的方式與這些公司合作。

So we want to be on our front foot on all of this. And I think these evolutions over time can be very good for Etsy.

因此，我們希望在這一切方面佔據先機。我認為隨著時間的推移，這些演變對 Etsy 來說非常有利。

Operator, we're going to have to end it right there. We're just about at time and I don't want to take the next one, we'll run over. So we're going to end it there. Thank you all so much.

接線員，我們必須就此結束這一切。我們差不多到了時間，我不想坐下一班，我們會趕過去。所以我們就到此結束吧。非常感謝大家。

Thank you all.

謝謝大家。