ETSY Inc (ETSY) 2025 Q2 法說會逐字稿

Hi, everyone, and welcome to Etsy's second quarter 2025 earnings conference call. I'm Deb Wasser, VP of Investor Relations, and joining me today for our pre-recording are Josh Silverman, CEO; Lanny Baker, our CFO; and Kriti Patel Goyle, President and Chief Growth Officer. Once we are finished with the presentation, Josh and Lanny will take questions from our publishing cell site analysts on video. 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.

大家好，歡迎參加 Etsy 2025 年第二季財報電話會議。我是投資者關係副總裁 Deb Wasser，今天與我一起進行預錄的還有執行長 Josh Silverman、財務長 Lanny Baker 和總裁兼首席成長長 Kriti Patel Goyle。演示結束後，Josh 和 Lanny 將透過影片回答我們的出版基地台分析師提出的問題。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，如發佈在我們網站上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. 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 and our slide deck posted on our IR website along with the replay of this call. With that, I'll turn it over to Josh.

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。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，我們不承擔更新這些陳述的義務。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和我們 IR 網站上發布的幻燈片中的 GAAP 財務指標以及本次電話會議的重播相協調。說完這些，我就把麥克風交給喬希 (Josh)。

Thanks, Deb, and thank you all for joining us. I'm pleased to review our second quarter 2025 results, which exceeded top line expectations with adjusted EBITDA margin in line with guidance. Lanny will detail the financials shortly. I'll focus on performance drivers, and then Kruti will put further definition around our key near-term growth initiatives.

謝謝，Deb，也謝謝大家加入我們。我很高興回顧我們 2025 年第二季的業績，該業績超出了預期，調整後的 EBITDA 利潤率符合指引。Lanny 很快就會詳細介紹財務狀況。我將重點放在績效驅動因素，然後 Kruti 將進一步明確我們近期的關鍵成長計畫。

I'm really encouraged that our performance in the quarter is directly related to the strategic shift we made midway through last year. As you may recall, we changed our ways of working, challenging ourselves to make Etsy a more delightful place to shop and not just to buy. We sent our teams on elevating the holistic customer experience, a concept best illustrated by our customer relationship flywheel.

我很高興看到我們本季的業績與我們去年年中所做的策略轉變直接相關。您可能還記得，我們​​改變了工作方式，挑戰自己，讓 Etsy 成為一個更令人愉快的購物場所，而不僅僅是購買的地方。我們派出團隊致力於提升整體客戶體驗，我們的客戶關係飛輪最能體現這個概念。

By creating more intuitive, browsable app-first services, built on a foundation of more robust customer insights, we can understand our customers' interests more deeply. This, in turn, fuels the powerful LLMs essential for building a truly made-for-you shopping journey, a recommendation-driven approach that proved highly effective at Depop and which Kruti will detail further.

透過創造更直覺、更易於瀏覽的應用程式優先服務，並以更強大的客戶洞察為基礎，我們可以更深入地了解客戶的興趣。這反過來又為打造真正為您量身定制的購物之旅所必需的強大 LLM 提供了動力，這種推薦驅動的方法在 Depop 中被證明非常有效，Kruti 將進一步詳細介紹。

Today, we're seeing early promising signals that our flywheel is gaining speed. We're fueling re-engagement through product improvements and owned marketing channels, helped with discovery on-site, complemented by increased paid social investment where people discover offsite. These focused efforts combined with external factors like favorable competitive dynamics and paid search and relatively stable consumer spending, helped the Etsy marketplace deliver a quarter that exceeded our prior expectations, with GMS down 5.4% year-over-year, a notable improvement from the prior quarter.

今天，我們看到了早期令人鼓舞的訊號，顯示我們的飛輪正在加速運轉。我們透過產品改進和自有行銷管道來推動重新參與，幫助現場發現，並輔以人們在場外發現的付費社交投資。這些專注的努力，加上有利的競爭態勢、付費搜尋和相對穩定的消費者支出等外部因素，幫助 Etsy 市場本季度的業績超出了我們之前的預期，GMS 同比下降 5.4%，較上一季有顯著改善。

And while we're of course not satisfied with the year-over-year decline, we do believe this sets us back on a path to growth. Complementing this, Depop reported an excellent quarter, with GMS growth accelerating to 35% year-over-year, reaching an annualized run rate of $1 billion in GMS. In the US, GMS grew 54% year-over-year, positioning Depop as the fastest growing player in this large online fashion resale market and by a wide margin. Now in Q3, we've started to build on this momentum with accelerated marketing investments geared towards driving awareness across an even bigger audience through more diverse channels and community-led programs.

雖然我們當然對同比下降感到不滿意，但我們確實相信這會讓我們重新回到成長的道路上。除此之外，Depop 報告了一個出色的季度，GMS 成長率年增 35%，GMS 的年化運行率達到 10 億美元。在美國，GMS 年成長 54%，使 Depop 成為這個龐大的線上時尚轉售市場中成長最快的參與者，並且遙遙領先。現在，在第三季度，我們開始利用這一勢頭，加快行銷投資，旨在透過更多樣化的管道和社群主導的計畫來提高更大受眾的認知度。

As we embark on Depop's next chapter of growth, I'm pleased to announce that Peter Semple, previously the company's Chief Marketing Officer and acting CEO, has been appointed the permanent Depop CEO. Peter is an exceptional leader who deeply understands the Depop brand, customers, and needs of the business, and has a passion for the Depop community.

在我們開啟 Depop 的下一個發展篇章之際，我很高興地宣布，前公司首席行銷長兼代理執行長 Peter Semple 已被任命為 Depop 的永久執行長。Peter 是一位傑出的領導者，他深刻地理解 Depop 品牌、客戶和業務需求，並對 Depop 社群充滿熱情。

Moving back to Etsy. The app is key to our flywheel. Today, it's not just different than a year ago, it's markedly better, more intuitive, more inspiring, and a lot more browsable. With the introduction of multiple new features, you can see by simply opening the app home page.

回到 Etsy。該應用程式是我們飛輪的關鍵。今天，它不僅與一年前有所不同，而且明顯更好、更直觀、更鼓舞人心，而且更易於瀏覽。多項新功能的推出，只需開啟應用程式主頁即可看到。

We're tracking user perceptions of our work in real time. And during the quarter, survey results indicated an increase in app visit satisfaction across all buyer frequency segments with shoppers reporting greater ease of browsing. Equally encouraging, data indicates a jump in buyers who say, I'm loving every second of my visit on Etsy today, and more buyers agree that we're consistently showing high-quality items.

我們正在即時追蹤用戶對我們工作的看法。本季的調查結果顯示，所有買家頻率細分中的應用程式存取滿意度都有所提高，購物者報告瀏覽更加便捷。同樣令人鼓舞的是，數據顯示，表示「我很享受今天在 Etsy 上的每一秒」的買家數量激增，而且更多買家同意我們一直在展示高品質的商品。

As the app user experience and consumer perception have improved, app GMS has outpaced non-app GMS growing year-over-year in the second quarter and rising to almost 45% of total GMS.

隨著應用程式使用者體驗和消費者認知的改善，第二季應用 GMS 的年成長率已超過非應用 GMS，佔 GMS 總量的近 45%。

We believe these indicators show we're moving in the right direction as we aim to make the Etsy app a source for discovery and inspiration early, not just at the end of your journey when you're ready to buy. And there's more to come. Our pre-holiday product development roadmap includes improved app navigation, better buyer-seller conversations, more informed browsing, and substantially improved matching models to pick the best content for you.

我們相信這些指標表明我們正朝著正確的方向前進，因為我們的目標是讓 Etsy 應用程式成為早期發現和靈感的源泉，而不僅僅是在您準備購買時才出現在旅程的末尾。未來還會有更多。我們的假期前產品開發路線圖包括改進的應用程式導航、更好的買家與賣家對話、更明智的瀏覽以及大幅改進的匹配模型，以便為您挑選最佳內容。

In addition to making our experience more browsable, we're harnessing what we learn about our buyers, proving we get them by delivering more personalized content via owned marketing channels, including email and push notifications, which are becoming increasingly powerful drivers of customer connectivity.

除了讓我們的體驗更具瀏覽性之外，我們還利用我們對買家的了解，透過自有行銷管道（包括電子郵件和推播通知）提供更個人化的內容來證明我們吸引了他們，這些管道正成為客戶連接的越來越強大的驅動力。

In the second quarter, we grew attributed GMS from these channels by a third year-over-year, driven by higher open rates, which we achieved by including more personalized content in our messages. In Q2, about 40% of our email and push communications were personalized. And by year end, we're targeting to have nearly every one of these communications tailored to each buyer, which we believe will add fuel to our organic flywheel over time.

在第二季度，我們透過這些管道獲得的 GMS 年比增長了三分之一，這得益於更高的開啟率，而我們透過在訊息中加入更多個人化內容實現了這一目標。在第二季度，我們約有 40% 的電子郵件和推播通訊實現了個人化。到今年年底，我們的目標是讓幾乎每一個溝通方式都針對每個買家進行量身定制，我們相信，隨著時間的推移，這將為我們的有機飛輪增添動力。

When it comes to agentic shopping, as you've heard me say before, we believe Etsy is uniquely positioned to benefit due to our seller's massive set of unique and highly differentiated inventory. While still very early days, we're actively engaged to best position Etsy as a winner in agentic shopping. Third-party data points to that opportunity.

說到代理商購物，正如您之前聽我說過的那樣，我們相信 Etsy 具有獨特的優勢，因為我們的賣家擁有大量獨特且高度差異化的庫存。雖然還處於早期階段，但我們正在積極致力於使 Etsy 成為代理購物領域的贏家。第三方數據表明了這個機會。

A recent report shows, while overall volume is small, Etsy is already one of the top retail e-commerce recipients of agentic chatbot traffic. And in another proof point of how we're viewed in the space, we were featured in Apple's 2025 Worldwide Developers Conference as part of an update to visual intelligence, which builds on Apple Intelligence to help users do more with what they see across their iPhones. By seamlessly integrating into this experience, Etsy makes it easier than ever for users to discover and shop for unique handcrafted items.

最近的一份報告顯示，雖然整體交易量很小，但 Etsy 已經成為代理聊天機器人流量最大的零售電子商務接收者之一。另一個證明我們在該領域如何被看待的證明點是，我們作為視覺智慧更新的一部分出現在蘋果 2025 年全球開發者大會上，該大會以 Apple Intelligence 為基礎，幫助用戶利用他們在 iPhone 上看到的內容做更多的事情。透過無縫整合這種體驗，Etsy 讓使用者比以往更輕鬆地發現和購買獨特的手工製品。

In closing, we're encouraged by our recent performance and working with urgency and a clear vision to get back to where we believe we belong, an e-commerce market-share gainer. With that, I'll hand it to Kruti to detail our near-term priorities.

最後，我們對最近的表現感到鼓舞，並迫切地、有清晰的願景地努力回到我們認為屬於我們的位置，即電子商務市場份額的獲得者。有了這些，我會把我們近期的優先事項交給 Kruti 來詳細說明。

Thank you, Josh, and good morning, everyone. Since stepping into my new role as Chief Growth Officer, I've had the unique opportunity to re-immerse myself in the Etsy platform and experience with a fresh perspective from my time-leading Depop to develop our approach to tackling the opportunity ahead.

謝謝你，喬希，大家早安。自從我擔任首席成長長的新職位以來，我有了獨特的機會重新沉浸在 Etsy 平台中，並以我當時領先的 Depop 的全新視角體驗，以製定我們應對未來機遇的方法。

My focus has been on translating these observations into actionable priorities to set us on a clear path to sustained growth. We believe that there is immense opportunity ahead that can be unlocked by addressing the needs of our customers across multiple touchpoints in their journeys.

我的重點是將這些觀察轉化為可行的優先事項，以使我們走上持續成長的明確道路。我們相信，透過滿足客戶旅程中多個接觸點的需求，我們可以釋放巨大的機會。

To achieve this, we've reoriented our customer-facing teams from product development and marketing to customer support and trust and safety, to work in Lockstep, aligned around four shared priorities to improve the customer experience.

為了實現這一目標，我們將面向客戶的團隊從產品開發和行銷轉向客戶支援、信任和安全，以 Lockstep 的方式開展工作，圍繞著四個共同的優先事項來改善客戶體驗。

These four priorities are: showing up where shoppers discover on and off Etsy, matching shoppers with the right inventory through even better machine learning, retaining and rewarding our most valuable customers, and further amplifying the human connection you can only find on Etsy. Let's start with how we're showing up for our customers discover. We want shoppers to engage with Etsy naturally across all the places they spend time: social platforms, mobile apps, search engines, and AI tools.

這四個優先事項是：出現在購物者在 Etsy 內外發現的地方，透過更好的機器學習為購物者匹配合適的庫存，留住和獎勵我們最有價值的客戶，並進一步擴大您只能在 Etsy 上找到的人際關係。讓我們先從我們如何向客戶展示發現開始。我們希望購物者能夠在他們所花時間的所有地方自然地與 Etsy 互動：社交平台、行動應用程式、搜尋引擎和 AI 工具。

As just one tangible example of our efforts. While brand media has worked very well for Etsy in terms of driving top-of-mind awareness, we've made meaningful shifts in our brand media mix. By the four quarter of this year, we'll dial down our linear cable TV investment to an estimated low-single digit portion of our US brand media spend. It was about one-third of that spend in Q4 2024.

這只是我們努力的具體例子。雖然品牌媒體在提升 Etsy 的知名度方面發揮了很好的作用，但我們在品牌媒體組合方面做出了有意義的轉變。到今年第四季度，我們將把有線電視的投資減少到占美國品牌媒體支出的低比例約個位數。這約佔 2024 年第四季支出的三分之一。

And we have dramatically shifted to OTT, audio, digital video, and other streaming platforms, which will represent about 65% of our Q4 brand spend, up from about 40% a year ago.

我們已大幅轉向 OTT、音訊、數位視訊和其他串流媒體平台，這些平台將占我們第四季度品牌支出的 65% 左右，高於一年前的 40% 左右。

We've also meaningfully increased our use of partnerships and influencers to build awareness and credibility. As Josh covered, these efforts go hand in hand with our work to build a better app experience. So that when we reach buyers, they land on an engaging intuitive shopping experience that both inspires and enables them to browse and explore.

我們也大力加強了與合作夥伴和有影響力人士的合作，以提升知名度和信譽。正如 Josh 所說，這些努力與我們打造更好的應用體驗的工作並行不悖。這樣，當我們接觸到買家時，他們就會獲得引人入勝的直覺購物體驗，這種體驗既能激發他們的靈感，又能讓他們瀏覽和探索。

We're also focused on advancing our machine-learning models. While our greatest asset is our seller's vast collection of over 100 million listings inspired by their creativity, it also presents our biggest challenge in terms of delivering search results and recommendations that show we truly understand our buyers' tastes and needs.

我們也致力於改進我們的機器學習模型。雖然我們最大的資產是我們的賣家透過他們的創造力所收集的超過 1 億個列表，但它也給我們帶來了最大的挑戰，即提供搜尋結果和建議，以表明我們真正了解買家的品味和需求。

As our CTO, Rafe Colburn has rejoined the business, he's observed that while our previous search ranking models were trailblazing in many ways and did an excellent job organizing our inventory, they're not the right fit for where the future of personalized shopping experiences are headed. And the power of today's technologies make what was previously impossible, possible. So we're retooling our ranking platform to more effectively leverage capabilities of LLMs in generative AI allowing us to understand our listings, users, and their activity much more deeply as we work to deliver better search results. And we're creating more diverse and engaging recommendations by scoring items across a very broad range of interests and clustering them to capture non-obvious connections to encourage discovery.

隨著我們的技術長 Rafe Colburn 重新加入公司，他發現，雖然我們先前的搜尋排名模型在許多方面都具有開創性，並且在組織我們的庫存方面做得非常出色，但它們並不適合未來個人化購物體驗的發展方向。當今科技的力量使以前不可能的事成為可能。因此，我們正在重新調整我們的排名平台，以更有效地利用 LLM 在生成 AI 方面的能力，使我們能夠更深入地了解我們的清單、用戶及其活動，從而努力提供更好的搜尋結果。我們透過對廣泛興趣範圍內的項目進行評分並對其進行聚類以捕捉不明顯的聯繫來鼓勵發現，從而創建更加多樣化和引人入勝的推薦。

We believe these investments will help us get significantly better at matching and predicting buyers' interests over time.

我們相信，這些投資將幫助我們更好地匹配和預測買家的興趣。

This approach has proven very successful at Depop. As sales have steadily increased, buyer recommendations have become a significant driver of growth, with the share of purchases from recommendations doubling since the end of 2022.

事實證明，這種方法在 Depop 非常成功。隨著銷量穩定成長，買家推薦已成為成長的重要驅動力，自 2022 年底以來，透過推薦購買的份額翻了一番。

This creates a virtuous cycle. The more buyers discover items they love, the more insights we gain to improve our recommendations models. Ultimately, this positions Depop today, not just as a place to find an item, but as a source for inspiration and discovery.

這就形成了一個良性循環。買家發現他們喜歡的商品越多，我們獲得的洞察力就越多，從而改進我們的推薦模式。最終，這使得 Depop 不再只是一個尋找物品的地方，而是一個靈感和發現的來源。

We want shoppers on Etsy to feel this sense of delight every time they visit, by not only matching them with the perfect item, but also by surprising them with unexpected special finds throughout their journey.

我們希望 Etsy 上的購物者每次造訪時都能感受到這種喜悅，不僅能為他們找到完美的商品，還能在整個購物過程中為他們帶來意想不到的驚喜。

Our third focus is on retaining and rewarding our most valuable customers, both buyers and sellers. They contribute the most to Etsy's success, and by recognizing and incentivizing them, we aim to foster stronger loyalty.

我們的第三個重點是留住和獎勵我們最有價值的客戶，包括買家和賣家。他們對 Etsy 的成功做出了最大的貢獻，透過認可和激勵他們，我們旨在培養更強的忠誠度。

For buyers, we're developing a portfolio of tactics that will allow us to build experiences that resonate with different buyer segments. Those new to Etsy are repeat buyers, and of course, habitual and already most loyal customers. The portfolio will likely include reward programs, targeted offers, nudges, and more.

對於買家，我們正在製定一系列策略，以便我們打造能夠引起不同買家群體共鳴的體驗。Etsy 的新顧客都是回頭客，當然，也是習慣性顧客和最忠實的顧客。該產品組合可能包括獎勵計劃、有針對性的優惠、推動等。

As a first step, we're evolving our Etsy insider beta loyalty program, which has shown excellent results at driving frequency and consideration, yet didn't provide scalable economics in its V1 iteration.

作為第一步，我們正在改進我們的 Etsy 內部測試版忠誠度計劃，該計劃在推動頻率和考慮方面表現出色，但在其 V1 迭代中並未提供可擴展的經濟效益。

So by this holiday season, we'll launch a V2 program to an expanded buyer set, including our top buyers, enabling us to test and iterate on a refreshed set of rewards and benefits. We also see a significant opportunity to recognize and reward our most committed sellers by evolving our offerings depending on where a seller is in her business journey with Etsy.

因此，到這個假期，我們將向擴大的買家群體（包括我們的頂級買家）推出 V2 計劃，使我們能夠測試和迭代更新的獎勵和福利。我們也看到了一個重要的機會，即根據賣家在 Etsy 的業務歷程中所處的位置來改進我們的產品，以表彰和獎勵我們最忠誠的賣家。

This year, we've already launched foundational improvements in tooling, including to our shop manager dashboard to better and more quickly serve seller needs.

今年，我們已經對工具進行了基礎性改進，包括對我們的店舖經理儀表板進行改進，以便更好、更快地滿足賣家的需求。

In the coming months, we'll roll out AI-enabled tools to boost efficiency, all-in service of empowering our sellers to focus more on creating or curating goods, delighting our customers, and growing their businesses on Etsy.

在接下來的幾個月裡，我們將推出支援人工智慧的工具來提高效率，全力幫助我們的賣家更加專注於創造或策劃商品、取悅我們的客戶以及發展他們在 Etsy 上的業務。

And finally, true to our mission, we're re-entering around what truly sets Etsy apart: seller creativity, human connection, and meaningful experiences. As a marketplace, we enable transactions, but as Etsy, the experience shouldn't feel transactional. What makes Etsy stand apart from other e-commerce platforms is the genuine connection shoppers can make with the real people behind the products they're buying, discovering the stories, creativity, and passion of our makers, understanding not just what they're purchasing, but who made it and why it matters. So while most marketplaces push sellers into the background, we have the opportunity to bring sellers to the forefront.

最後，忠於我們的使命，我們重新審視 Etsy 的真正與眾不同之處：賣家創造力、人際關係和有意義的體驗。作為一個市場，我們支持交易，但作為 Etsy，體驗不應該讓人感覺是交易性的。Etsy 與其他電子商務平台的不同之處在於，購物者可以與他們所購買產品背後的真實人物建立真正的聯繫，發現我們的製造商的故事、創造力和熱情，不僅了解他們購買的是什麼，還了解是誰製造的以及為什麼它重要。因此，雖然大多數市場都將賣家推到幕後，但我們有機會將賣家推到前台。

We're finding ways to better highlight the sellers behind the items and create more seamless connections between them and buyers throughout the shopping journey: from the listing page to the custom order process and direct conversations. Unprompted awareness, customer satisfaction and engagement scores will be some of the success measures we'll be tracking along the way.

我們正在尋找更好地突出商品背後賣家的方法，並在整個購物過程中在賣家和買家之間建立更無縫的聯繫：從清單頁面到客製化訂單流程和直接對話。自發意識、客戶滿意度和參與分數將是我們一路追蹤的成功衡量標準。

I am so excited by what we're doing to demonstrate Etsy's value and potential by focusing on these four priorities.

我對我們透過關注這四個優先事項來展示 Etsy 的價值和潛力所做的工作感到非常興奮。

And with that, I'll turn it over to Lanny.

說完這些，我就把麥克風交給蘭尼。

Thanks Kruti, and hello, everyone. It's a pleasure to connect with you today. We're encouraged by Etsy's second quarter performance, which reflects traction in key investment areas as well as a strong execution in a dynamic environment.

謝謝 Kruti，大家好。我很高興今天能與您聯繫。Etsy 第二季的表現令我們感到鼓舞，這反映了關鍵投資領域的吸引力以及在動態環境中的強勁執行力。

And as we'll get to in a few moments, we expect continued improvement in growth comparisons in the second half of the year. As we review our results today, please keep in mind that we completed the sale of Reverb on June 2.

我們稍後會看到，我們預計今年下半年的成長對比將繼續改善。當我們今天回顧我們的結果時，請記住我們在 6 月 2 日完成了 Reverb 的銷售。

As a result, our reported 2Q results include two months of Reverb contribution in 2025 versus a full-quarter contribution last year. In our press release and slides, we have provided Reverb's historical GMS and revenue so you can more easily understand the impact of the sale and separate that from the results of our ongoing business.

因此，我們報告的第二季業績包括 2025 年兩個月的 Reverb 貢獻，而去年則包括整個季度的貢獻。在我們的新聞稿和幻燈片中，我們提供了 Reverb 的歷史 GMS 和收入，以便您可以更輕鬆地了解此次出售的影響，並將其與我們正在進行的業務的結果區分開來。

Second quarter of 2025 consolidated GMS was $2.8 billion down 4.8% year-over-year on an as-reported basis. Excluding Reverb from all periods, second quarter 2025 GMS was approximately $2.7 billion, down 2.6% year-over-year. This compares to a 6.2% decline in consolidated GMS in the first quarter of 2025 when calculated on the same basis, excluding Reverb.

2025 年第二季合併 GMS 為 28 億美元，以報告計算年減 4.8%。不包括所有時期的 Reverb，2025 年第二季的 GMS 約為 27 億美元，年減 2.6%。相較之下，如果以相同基礎計算（不包括 Reverb），2025 年第一季合併 GMS 則下降了 6.2%。

The improved second quarter consolidated GMS comparison reflects healthier trends at Etsy and acceleration in GMS growth at Depop as well as favorable foreign currency comparisons. Consolidated revenue increased by approximately 4% to $673 million, and adjusted EBITA was $169 million representing a 25.1% margin.

第二季合併 GMS 比較的改善反映了 Etsy 的更健康趨勢和 Depop 的 GMS 成長加速以及有利的外匯比較。綜合營收成長約 4% 至 6.73 億美元，調整後 EBITA 為 1.69 億美元，利潤率為 25.1%。

The absence of Reverb in the final month of the quarter represented a minor benefit to the adjusted EBITDA margin for Q2. Turning the focus to Etsy Marketplace second quarter GMS. After a softer start to the quarter, which was magnified by a shift in Easter timing, we saw more favorable GMS trends across the remainder of the quarter. For the full quarter, Etsy GMS was down 5.4% year-over-year, 3.5 percentage points better than the Q1 GMS comparison. FX provided a 90-basis-point benefit to GMS in Q2. And on a currency-neutral basis, Etsy's GMS was down 6.3% year-over-year in Q2 compared to down 8.1% in Q1.

本季最後一個月 Reverb 的缺席對第二季的調整後 EBITDA 利潤率來說略有好處。將焦點轉向 Etsy Marketplace 第二季 GMS。本季開局較為疲軟，受復活節時間變化的影響，這一趨勢進一步加劇，但本季剩餘時間 GMS 趨勢更加有利。整個季度，Etsy GMS 年減 5.4%，比第一季 GMS 年減 3.5 個百分點。FX 在第二季為 GMS 帶來了 90 個基點的收益。以貨幣中性計算，Etsy 的第二季 GMS 年比下降 6.3%，而第一季則下降 8.1%。

As Kruti mentioned, strengthening the retention and loyalty of our best customers, both buyers and sellers, is a top priority. Trailing 12-month active buyers in the Etsy marketplace stood at $87.3 million at the quarter's end, down 4.6% year-over-year and 1.3% sequentially.

正如 Kruti 所提到的，加強我們最佳客戶（包括買家和賣家）的保留率和忠誠度是重中之重。截至本季末，Etsy 市場過去 12 個月的活躍買家數量為 8,730 萬美元，年減 4.6%，季減 1.3%。

Because it looks backward across a year, this is a bit of a lagged indicator. And an inflection from our new product and marketing investments may take a few quarters to materialize.

因為它回顧了一年前的情況，所以這是一個有點落後的指標。我們的新產品和行銷投資所帶來的變化可能需要幾個季度才能實現。

We reactivated 6.5 million buyers in the second quarter, up 2.8% year-over-year. We added 4.8 million new buyers in the quarter, and our trailing 12-month number of habitual buyers was 6.1 million at the quarter's end.

我們在第二季重新啟動了 650 萬買家，年增 2.8%。本季我們增加了 480 萬新買家，截至本季末，我們過去 12 個月的慣常買家數量為 610 萬。

Trailing 12-month GMS per buyer was $120 showing signs of stabilization as the measure held steady sequentially while still pacing 2.9% lower year-over-year.

過去 12 個月每位買家的 GMS 為 120 美元，顯示出穩定的跡象，因為該指標環比保持穩定，但同比仍下降 2.9%。

Monthly GMS provider trends strengthened over the course of the quarter, inflecting into positive year-over-year comparisons in May and June, even on an FX-adjusted basis.

本季度，每月 GMS 供應商趨勢有所加強，即使在外匯調整後，5 月和 6 月也呈現同比正成長。

As Josh highlighted, our app was a bright spot this quarter. Downloads remained strong. Monthly active users were 7% higher than a year ago, and app GMS grew year-over-year in the quarter. The proportion of Etsy GMS generated on the app increased to 44.8%, 3 percentage points higher than a year ago.

正如 Josh 所強調的，我們的應用程式是本季的一大亮點。下載量依然強。本季度，每月活躍用戶比去年同期成長了 7%，應用程式 GMS 年比成長。Etsy GMS 在應用程式上產生的比例上升至 44.8%，比一年前高出 3 個百分點。

We're focused on expanding the Etsy app because of the highly personalized and direct customer relationships it creates.

我們專注於擴展 Etsy 應用程序，因為它可以創建高度個人化和直接的客戶關係。

GMS comparisons in most of our top six categories improved on a sequential basis yet remained down versus last year. Third-party data from Consumer Edge indicates that we performed in line with, or better than our pure play US peers in five out of the top six categories. We saw bright spots in gifting, personalized items, weddings, and vintage items, each outperforming site-wide GMS.

我們前六大類別中的大多數類別的 GMS 比較均比上一季有所改善，但與去年相比仍有所下降。來自 Consumer Edge 的第三方數據表明，在前六個類別中的五個類別中，我們的表現與美國純業務同行持平，甚至更好。我們在禮品、個人化物品、婚禮和古董物品方面看到了亮點，它們的表現都優於全站 GMS。

Etsy Marketplace active seller count, also a trailing 12-month figure, was flat sequentially at 5.4 million. Importantly, we're bringing onboard sellers more likely to be successful on Etsy. A higher percentage of current active sellers have made a sale in the last 12 months versus before we introduced the onboarding fee. And the number of new sellers who made a sale in the second quarter grew year-over-year.

Etsy Marketplace 活躍賣家數量也是過去 12 個月的數據，環比持平，為 540 萬。重要的是，我們正在吸引更有可能在 Etsy 上取得成功的賣家。與我們引入入會費之前相比，過去 12 個月內，當前活躍賣家中完成銷售的比例更高。第二季完成銷售的新賣家數量年增。

Moving on to consolidated revenue, which was split about 70%, 30% between marketplace and services.

談到合併收入，其中約 70% 來自市場，30% 來自服務。

Marketplace revenue decreased 0.5% year-over-year, primarily reflecting the decline in GMS, offset by growth in both Etsy and Depop payments revenue.

市場收入年減 0.5%，主要反映了 GMS 的下降，但被 Etsy 和 Depop 支付收入的成長所抵消。

Services revenue grew 15.3% year-over-year with very strong growth in on-site ads revenue at both Etsy and Depop. Etsy ads delivered notable value through improved relevancy, serving better quality of ads for sellers, which we were able to monetize accordingly.

服務收入年增 15.3%，Etsy 和 Depop 的現場廣告收入均實現強勁成長。Etsy 廣告透過提高相關性實現了顯著的價值，為賣家提供了更高品質的廣告，我們能夠據此實現盈利。

Consolidated Q2 ‘25 take rate improved to 24%, meaningfully ahead of our guidance. Take rate expanded 200 basis points over the 22% reported in the same period last year, driven primarily by the factors I just outlined and aided by a slight tailwind from the divestiture of Reverb, which was a lower take rate business.

2025 年第二季合併接受率提高至 24%，大大超出我們的預期。接受率比去年同期的 22% 擴大了 200 個基點，這主要受到我剛才概述的因素的推動，並得益於剝離接受率較低的業務 Reverb 帶來的輕微順風。

Consolidated product development spend declined by 2.3% year-over-year to $112 million, gaining leverage as a percentage of revenue. The primary source of leverage came from stock-based compensation costs, which declined year-over-year.

綜合產品開發支出較去年同期下降 2.3% 至 1.12 億美元，佔收入的百分比上升。槓桿的主要來源是股票薪酬成本，該成本較去年同期下降。

For the Etsy marketplace, our team's velocity, as well as experimentation GMS win size, are back in line with or ahead of where we were this time last year.

對於 Etsy 市場，我們團隊的速度以及實驗 GMS 獲勝規模已恢復到與去年同期相同或更高的水平。

Second quarter consolidated marketing spend increased 16% year-over-year to $212 million, representing 31.5% of revenue, primarily due to increased performance marketing spend versus the prior year, including search-engine marketing, PLA, and paid social. While deeper marketing spend reduced the margin flow through from our revenue beat, we believe this was a sensible and opportunistic investment in our future.

第二季綜合行銷支出年增 16% 至 2.12 億美元，佔營收的 31.5%，主要由於績效行銷支出較上年同期增加，包括搜尋引擎行銷、PLA 和付費社群。雖然更大的行銷支出減少了我們收入帶來的利潤流，但我們相信這是對我們未來的明智且機會主義的投資。

Allow me to explain. First, competitive spending patterns in the Google PLA markets were helpful to the Etsy marketplace during the second quarter. While CPCs were relatively stable, we gained a higher click share in auctions to drive more productive spend, and we leaned into investments in an ROI positive way. We believe we caught some momentum from this dynamic, but that's only part of the story.

請容許我解釋一下。首先，Google PLA 市場中的競爭性支出模式在第二季對 Etsy 市場有所幫助。雖然每次點擊費用相對穩定，但我們在拍賣中獲得了更高的點擊份額，從而推動了更有成效的支出，並且我們傾向於以投資回報率積極的方式進行投資。我們相信我們從這種動態中獲得了一定的動力，但這只是故事的一部分。

During the quarter, we successfully implemented a new segmentation tactic to optimize Google Shopping listings. This approach allowed us to prioritize listings with more click history and higher investment returns. Thus providing Google with a stronger performance signal, which resulted in significant lifts to both GMS and revenue.

在本季度，我們成功實施了新的細分策略來優化 Google 購物清單。這種方法使我們能夠優先考慮點擊歷史更多、投資回報更高的清單。從而為Google提供更強大的效能訊號，從而顯著提升 GMS 和收入。

Will continue expanding this segmentation tactic in the United States and are also testing it in the UK.

將繼續在美國擴大這一細分策略，並在英國進行測試。

Second, we continued to lean in to paid social and sharpening our efficiency in this channel with Etsy Marketplace, attributed GMS from paid social increasing meaningfully in the quarter. As Kruti stated earlier, making Etsy more visible in all the places where shoppers discover products, particularly on social platforms, is a core strategic imperative.

其次，我們繼續傾向付費社交，並透過 Etsy Marketplace 提高該管道的效率，這歸因於本季來自付費社交的 GMS 大幅成長。正如 Kruti 之前所說，讓 Etsy 在購物者發現產品的所有地方（尤其是在社交平台上）更加引人注目是一項核心戰略要務。

The progress we are making enables us to underwrite greater paid social investment for Etsy with partners such as Pinterest, Meta, and TikTok. We also accelerated our creator collective spend by nearly 50% sequentially in Q2, primarily directed at influencer marketing.

我們所取得的進展使我們能夠與 Pinterest、Meta 和 TikTok 等合作夥伴一起為 Etsy 承保更大的付費社交投資。我們也在第二季將創作者集體支出較上季增加了近 50%，主要用於影響力行銷。

And third, owned marketing channels including email and push, that allow us to deepen our direct connections with buyers, are becoming meaningful high-growth drivers of attributed GMS without an associated investment in external ad spend. We believe these direct and personalized interactions with our customers will have a multiplier effect over time, helping boost loyalty, retention, and lifetime values among the buyers we attract.

第三，包括電子郵件和推播在內的自有行銷管道使我們能夠加深與買家的直接聯繫，這些管道正在成為歸因 GMS 有意義的高成長驅動力，而無需進行相關的外部廣告支出投資。我們相信，這些與客戶的直接和個人化互動將隨著時間的推移產生乘數效應，有助於提高我們吸引的買家的忠誠度、保留率和終身價值。

Turning to our financial position, we generated $90 million in free cash flow in the quarter and $635 million in the trailing 12 months. We ended the quarter with $1.5 billion in short- and long-term cash and approximately $3 billion in convertible debt, including the $700 million issued in June.

談到我們的財務狀況，我們在本季度產生了 9,000 萬美元的自由現金流，在過去 12 個月中產生了 6.35 億美元的自由現金流。本季末，我們擁有 15 億美元的短期和長期現金以及約 30 億美元的可轉換債務，其中包括 6 月發行的 7 億美元。

We were pleased with the execution and attractive terms secured in that transaction, which provides added financial flexibility to manage upcoming convertible maturities. We repurchased a total of $335 million or 6.4 million shares of Etsy's stock in the quarter, including the $150 million repurchased in connection with the transaction.

我們對這筆交易的執行情況和優惠條款感到滿意，這為管理即將到來的可轉換債券到期提供了額外的財務靈活性。我們在本季回購了總計價值 3.35 億美元或 640 萬股 Etsy 股票，其中包括與交易相關的 1.5 億美元回購。

Our leadership and Board have conviction in Etsy's future and the value of our shares. With expectations for continued healthy free cash flow generation, we're confident in Etsy's financial flexibility to continue to share our purchases, manage our debt balance, and make ongoing investments in the business.

我們的領導階層和董事會對 Etsy 的未來和我們股票的價值充滿信心。由於預期自由現金流將繼續健康地產生，我們對 Etsy 的財務靈活性充滿信心，相信它能夠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。

Moving to our outlook. We're pleased to see compounding impacts from our product and marketing investments as we head into the second half of the year. And the accumulating benefit of these initiatives underpins today's outlook.

轉向我們的展望。隨著下半年的到來，我們很高興看到我們的產品和行銷投資產生了複合效應。這些措施的累積效益支撐了今天的前景。

In contrast to recent practice, we're providing a specific dollar range for GMS guidance. And this reflects our view of a relatively stable macroeconomic environment as well as the desire to provide outlook clarity through the Reverb divestiture, which muddles year-over-year comparisons.

與最近的做法不同，我們為 GMS 指導提供了一個具體的美元範圍。這反映了我們對相對穩定的宏觀經濟環境的看法，以及希望透過 Reverb 資產剝離來提供清晰的前景，而這會使同比比較變得混亂。

We currently expect Q3 consolidated GMS to be between $2.6 billion and $2.7 billion, which at the midpoint would represent further quarter-over-quarter improvement in the apples-to-apples growth rate. We expect that Q3 consolidated take rate will be approximately 24.5%. And consolidated adjusted EBITDA margin will be approximately 25%.

我們目前預計第三季合併 GMS 將在 26 億美元至 27 億美元之間，以中間值計算，這將代表同比成長率將進一步環比提高。我們預計第三季綜合接受率約為 24.5%。合併調整後的EBITDA利潤率約為25%。

Our margin guidance reflects sequential expansion and strong profitability for the core Etsy business where we are managing adjusted EBITDA margins to the high-20% range.

我們的利潤率指引反映了核心 Etsy 業務的連續擴張和強勁盈利能力，我們將調整後的 EBITDA 利潤率控制在 20% 的高點。

This is consistent with what we've delivered in the past yet is now being paired with accelerated investments at Depop. We're really encouraged by our progress and we're optimistic that disciplined and strategic investments at both Etsy and Depop to marketplaces which offer consumers something truly different, will drive sustained long-term growth and shareholder value.

這與我們過去所做的一致，但現在正與 Depop 的加速投資相結合。我們對我們的進步感到非常鼓舞，我們樂觀地認為，Etsy 和 Depop 對為消費者提供真正不同產品的市場進行的嚴格和策略性投資將推動持續的長期成長和股東價值。

Thank you for all your time today. I will now turn the call over to the operator for Q&A.

感謝您今天抽出時間。我現在將把電話轉給接線員進行問答。

(Operator Instructions) John Colantuoni, Jeffereys.

（操作員指示）John Colantuoni，Jeffereys。

Great. Thanks for taking my questions. So it looks like the sequential improvement in Etsy's GMS trajectory resulted from moderating declines in buyer spend. You talk a bit about what helped drive improved spending and help explain why you're able to deliver that spending improvement despite habitual buyers continuing to moderate. And second question, Lanny, this is probably for you. You're talking to managing the Etsy marketplace to a high-20s% EBITDA margin, which is below the 30%-plus margin you've talked to in the past. Talk about what's driving the margin compression in your core business and whether high-20s% represents a near term or longer term target for operating that business. Thanks.

偉大的。感謝您回答我的問題。因此，Etsy 的 GMS 軌蹟的連續改善似乎是由於買家支出的下降速度減緩所致。您稍微談了一下推動支出改善的因素，並解釋了為什麼儘管習慣性購買者繼續減少支出，您仍然能夠實現支出改善。第二個問題，蘭尼，這可能是為你準備的。您正在討論將 Etsy 市場管理到 20% 以上的 EBITDA 利潤率，這低於您過去談到的 30% 以上的利潤率。談談是什麼導致了您的核心業務利潤率的壓縮，以及 20% 以上的利潤率是否代表了該業務運營的短期或長期目標。謝謝。

I'll have to take the first one. So, we are pleased with the progress we made in the quarter. As you pointed out, there's some real sequential improvement in GMS versus the first quarter. And what I'm particularly encouraged by is that it's really very directly related to the strategic priorities we've been talking about and leading into. There's four particular things we did. We drove this quarter that were helpful that I'll describe. And then there's a couple of things that were external factors that were also helpful. First, we were successful in driving more Etsy buyers to use the app and to make that app experience even more delightful. So monthly active users are up 7% year-over-year, and the app is now noticeably more browsable. So as Kruti talks about becoming a starting place for inspiration and not just an ending point when you are ready to buy, we're seeing some encouraging green shoots there.

我得選第一個。因此，我們對本季取得的進展感到滿意。正如您所指出的，與第一季相比，GMS 確實出現了一些連續改善。令我特別受鼓舞的是，這與我們一直在討論和引導的策略重點確實直接相關。我們做了四件特別的事。我們本季的駕駛體驗很有幫助，我將進行描述。還有一些外在因素也有幫助。首先，我們成功地吸引更多 Etsy 買家使用該應用程序，並使該應用程式體驗更加愉快。因此，每月活躍用戶年增 7%，且該應用程式的瀏覽體驗明顯更好。因此，正如 Kruti 所說的，要成為靈感的起點，而不僅僅是購買時的終點，我們在那裡看到了一些令人鼓舞的綠芽。

The second thing is that we have made real progress with our own channels, particular push and email. Getting our current buyers to come back and visit more often. That is largely driven through making those messages a lot more personalized. The third area we're making progress is leading into paid social, where we want to be, where people are discovering and seeking inspiration in the first place in places like Instagram and YouTube, Pinterest, TikTok are areas where we think we've been under penetrated in the past and we are closing that gap, and we're really encouraged by that. Fourth is PLA and I'll talk about some external competitive dynamics in a second.

第二件事是我們在自己的管道方面取得了真正的進展，特別是推送和電子郵件。讓我們現有的買家更頻繁地回來參觀。這主要是透過使這些資訊更加個人化來實現的。我們正在取得進展的第三個領域是進軍付費社交，我們希望人們首先在 Instagram、YouTube、Pinterest、TikTok 等平台上發現和尋求靈感，我們認為這些領域過去滲透不足，而我們正在縮小這一差距，我們對此感到非常鼓舞。第四是 PLA，稍後我將討論一些外部競爭動態。

But in addition to that, we've made some Martech investments that are really bearing fruit, in particular, being able to prioritize in the Google PLA auction, listings that we have history around that we know are likely to deliver high ROI. And that's a structural improvement in our PLA program that we think is very sustainable.

但除此之外，我們還進行了一些真正取得成果的 Martech 投資，特別是能夠在 Google PLA 拍賣中優先考慮那些我們有歷史的列表，我們知道這些列表可能會帶來高投資回報率。這是我們 PLA 計劃的結構性改進，我們認為它非常永續。

In addition to those four areas of progress, there were a couple of external things that helped as well. In particular, there were a few periods of time when some combination of Amazon, Temu, and Shein pulled out of the Google auction. That was a small tailwind. And consumer spend stabilized after what was a very volatile April. Consumer spend stabilized in May and June, and that was helpful. What we're particularly encouraged by is that these trends have largely sustained. And I think that's why we have a guide for the third quarter that shows sustained continued progress.

除了這四個領域的進步之外，還有一些外部因素也起到了幫助作用。特別是，有一段時間，亞馬遜、Temu 和 Shein 等一些公司退出了谷歌拍賣。那是一股小小的順風。經過動盪的四月之後，消費者支出已趨於穩定。五月和六月消費者支出趨於穩定，這是有幫助的。令我們特別鼓舞的是，這些趨勢基本上得以持續。我認為這就是為什麼我們有第三季指南來顯示持續的進展。

John, with respect to the Etsy EBITDA margins, there's no big change in our outlook for the profitability of Etsy. We are managing to the high 20s%, the very high 20s%, and, as we look into the third quarter, we're anticipating a step up in Etsy core margins in the third quarter from where they've been in the second quarter. We are investing in the near term in the app experience in paid social, in the machine learning that will drive Etsy core marketplace back into a position of GMS, stronger GMS growth, and revenue growth over the long term. And that revenue growth, as we've shown in the past, when the Etsy Marketplace is driving growth, the incremental profitability of the marketplace model is really, really attractive. So no big change there. We're going to continue to manage it well while making investments that will drive the long-term growth of Etsy.

約翰，就 Etsy EBITDA 利潤率而言，我們對 Etsy 獲利能力的展望沒有太大變化。我們的目標是達到 20% 的高位，20% 的非常高的水平，展望第三季度，我們預計 Etsy 核心利潤率在第三季度將比第二季度有所上升。我們近期將在付費社交應用體驗和機器學習方面進行投資，這將推動 Etsy 核心市場重返 GMS 的地位，實現更強勁的 GMS 成長以及長期收入成長。正如我們過去所展示的，當 Etsy 市場推動成長時，市場模式的增量獲利能力確實非常有吸引力。所以沒有什麼大的改變。我們將繼續妥善管理它，同時進行投資以推動 Etsy 的長期成長。

Thanks so much, appreciate it.

非常感謝，感激不盡。

Thanks, John. One thing I would just add is I hope that this management team has demonstrated tremendous discipline and focus on ROI every dollar we spend. Whether it be on people or in marketing, we're super focused on that. And what we've always said is we don't manage to a target, numeric target. We always look at what confidence do we have in the return on investment. And when we think there is an opportunity to grow more by investing, we'll take it. If we're not confident that we're getting a good return, we'll deliver those dollars to the bottom line.

謝謝，約翰。我想補充一點，我希望這個管理團隊能表現出極大的紀律性，並專注於我們花費的每一美元的投資報酬率。無論是在人員方面還是在行銷方面，我們都非常關注這一點。我們總是說我們沒有達到目標，數字目標。我們始終關注我們對投資回報有多大的信心。當我們認為有機會透過投資獲得更多成長時，我們就會抓住它。如果我們不確定是否能獲得良好的回報，我們就會把這些錢投入到獲利中。

Thanks John.

謝謝約翰。

Very clear.

非常清楚。

We’re going to take the next one.

我們將採取下一個行動。

Chris Kuntarich, UBS.

瑞銀的克里斯·昆塔里奇。

Great, thanks for taking the question here. Maybe just on the app side of things, you called outgrowth here. I think, it's somewhere in the neighborhood of about 1% growth, sort of implying that this growth is being funded from the core business. So how should we think about where we're at today as more users shifting from a web-based solution to an app-based solution? And the evolution and the steps that are going to need to unravel here to this being a new source of incremental growth.

太好了，感謝您在這裡提出這個問題。也許只是從應用程式方面來看，你稱之為過度成長。我認為，成長率大約在 1% 左右，這意味著這種成長是由核心業務資助的。那麼，當越來越多的用戶從基於網路的解決方案轉向基於應用程式的解決方案時，我們應該如何看待我們今天所處的位置？而這裡需要解開的演變和步驟將成為增量成長的新來源。

Yeah, what our data suggests is that when we get a buyer to adopt the app, we see their lifetime value go up and we've gained confidence that that's causal, not correlated. And it makes sense, right? The fact that Etsy's right there in your pocket, whenever you have a spare moment, you can pull it out. What we're starting to fight for now is time and inspiration. That when you're waiting for the subway or there's a commercial on TV, you pull out your app and we want you to go to Etsy and spend that time just being immersed in all of the different things that you can find on Etsy.

是的，我們的數據表明，當我們讓買家採用該應用程式時，我們會看到他們的終身價值上升，我們相信這是因果關係，而不是相關性。這是有道理的，對吧？事實上，Etsy 就在您的口袋裡，只要您有空閒時間，就可以將其取出。我們現在開始爭取的是時間和靈感。當您在等地鐵或電視上播放廣告時，您會拿出您的應用程序，我們希望您前往 Etsy，並花時間沉浸在您可以在 Etsy 上找到的所有不同事物中。

One of the things we've talked about for some time is that buyers come to Etsy for one specific need and too often we just meet that need, and we show them things very related to that need. What we miss in that opportunity then is the chance to show them other things they didn't ask for that might spark their next inspiration or help consideration for other needs in their life. You came for home furnishings, but we also have pet products or baby products, right?

我們討論過的一個問題是，買家來到 Etsy 是為了一個特定的需求，而我們往往只是滿足這個需求，並向他們展示與這個需求非常相關的東西。那麼，我們錯失的機會是向他們展示他們沒有要求的其他事物，而這些事物可能會激發他們的下一個靈感或幫助他們考慮生活中的其他需求。您來這裡是為了購買家居用品，但我們也有寵物用品或嬰兒用品，對嗎？

So what you're seeing in the Etsy app today, and I'd really encourage everyone like, pull out the app. Look at the home screen, you're going to see a lot more screen real estate dedicated to surprising and delighting you with really cool stuff you didn't necessarily ask for. And we think by getting people in the habit of coming to the app, we see that we can engage them more often in more things. So we have been taking some of our mobile web screen real estate and dedicating it to pushing people to use the app. And we're seeing that drive benefit.

所以，正如您今天在 Etsy 應用程式中看到的，我真的鼓勵每個人都使用該應用程式。看看主螢幕，你會看到更多的螢幕空間，專門用來帶給你驚喜和快樂，其中包含一些你不一定需要的非常酷的東西。我們認為，透過讓人們養成使用應用程式的習慣，我們可以讓他們更頻繁地參與更多的事情。因此，我們一直在利用部分行動網路螢幕空間來推動人們使用該應用程式。我們看到了這種驅動力帶來的好處。

We always do it with an eye towards LTV, we're not reckless about it. But it is going to provide some friction to our mobile web GMS in the spirit of driving more buyers to adopt the app. We're also using push channels and email channels and other things to drive people to the app. And those three channels is most of what's driving more growth in app users. We are also learning how to do paid-app marketing more.

我們做事總是著眼於 LTV，我們不會對此掉以輕心。但本著推動更多買家採用該應用程式的精神，這將為我們的行動網路 GMS 帶來一些摩擦。我們也使用推播管道、電子郵件管道和其他方式來吸引人們使用該應用程式。這三個管道是推動應用程式用戶成長的主要動力。我們也在學習如何更多地進行付費應用程式行銷。

Our paid-app spend is up somewhat year-over-year and our paid-app growth is up somewhat year-over-year. That is still the smaller portion of what's driving app growth. But it is something we're investing in and leaning into. The main point though is that we really want the app to be the hero, the centerpiece of most people's customer experience because we think that's where the flywheel really works the best. You come to the app, we see what you engage with, we learn more about you, and we become even more personalized with every visit.

我們的付費應用支出較去年同期增加，付費應用成長率較去年同期也有所增加。這仍然是推動應用程式成長的較小部分。但這是我們正在投資並傾向於做的事情。但重點是，我們真的希望應用程式成為英雄，成為大多數人客戶體驗的核心，因為我們認為這是飛輪真正發揮最佳作用的地方。您使用該應用程序，我們會看到您參與的活動，我們會更多地了解您，並且每次訪問我們都會提供更個性化的服務。

Great, thank you.

太好了，謝謝。

Great. Thanks, Chris.

偉大的。謝謝，克里斯。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Hey guys, thanks for taking the question. This is Noah on for Anna. Just a quick question on demand from the various household income cohort. So is the higher end still relatively resilient for you guys and what are you seeing with the lower end consumer in terms of the demand profile there? And just kind of a follow up. Can you talk about what drove that inflection you mentioned in GMS, in May and June and then what should we think of the initiatives resonating? Thanks.

嘿夥計們，謝謝你們回答這個問題。這是諾亞為安娜表演的。這只是針對不同家庭收入群體提出的簡短問題。那麼對你們來說，高端市場是否仍然相對具有彈性？就低端消費者的需求狀況而言，您看到了什麼？這只是一種後續行動。您能否談談是什麼導致了您在 5 月和 6 月大湄公河次區域高峰會上提到的轉變？我們該如何看待這些舉措的共鳴？謝謝。

I think, with respect to the consumer backdrop, we've seen a slightly healthier consumer spend across all the different cohorts. Yes, the higher income households are a little bit healthier and stronger, sequentially than lower. But not -- but both are better and they're not a dramatic difference between the two right now.

我認為，就消費者背景而言，我們看到所有不同群體的消費者支出都略有改善。是的，收入較高的家庭比收入較低的家庭更健康、更強壯。但事實並非如此——但兩者都更好，而且目前兩者之間並沒有太大的差異。

We have not seen any big shifts in spending across those related to tariffs or trade announcements that have happened. And so the general read is the consumer that we're seeing looks a little bit better, slightly better than it was perhaps three months ago, with the higher income households a little bit healthier within that. In terms of the step up in our comparisons year-to-year in the second quarter versus where they were in the first quarter, it's really the things that Josh talked about earlier. It's the momentum in our mobile app, it's the things we're doing in, paid social.

我們尚未看到與關稅或貿易公告相關的支出有任何重大變化。因此，整體來看，我們看到的消費者狀況比三個月前稍微好一點，其中高收入家庭的健康狀況稍微好一點。就我們第二季與第一季相比的同比變化而言，這確實是喬希之前談到的事情。這是我們行動應用程式的發展勢頭，也是我們在付費社交領域所做的事情。

It's progress we're making in our own media channels to push and notify and email people and bring them back into the business which you're seeing show up in some stabilization in GMS per buyer. The work that we're doing, we leaned into opportunistically, some dislocation in the paid search marketplace to bump up Etsy's visibility. And on top of that, as I described, we had some real successes with some segmentation of PLAs that helped us improve the efficiency of the spending that we were doing there. So all the things we've talked about really kind of added up to what we would -- what we consider that like sustainable, accruing, building momentum that's coming from initiatives that we're undertaking against the background that's relatively stable from where it was.

我們在自己的媒體管道上取得了進展，向人們推播、通知和發送電子郵件，並讓他們重新回到業務中，您會看到每個買家的 GMS 有所穩定。我們所做的工作，是抓住機會，利用付費搜尋市場的一些混亂局面來提高 Etsy 的知名度。除此之外，正如我所描述的，我們在對 PLA 進行一些細分方面取得了一些真正的成功，這有助於我們提高在那裡進行的支出效率。因此，我們所談論的所有內容實際上都體現了我們的理念——我們認為，這是可持續的、不斷積累的、不斷增強的勢頭，它來自於我們在相對穩定的背景下採取的舉措。

All right. Thanks, Noah. Next question.

好的。謝謝，諾亞。下一個問題。

(Operator Instructions) Marvin Fong, BTIG.

（操作員指示）Marvin Fong，BTIG。

Good morning. Thanks for taking my questions. So we'd love to hear some more about the personalized communication. So it's stepped up. It's still only 40%, I think you talked about, getting that to almost everywhere by the end of the year. Would love to just kind of understand what that lift you’re seeing is in neither conversion nor GMS? And just kind of talk about how that will roll out. Like what more features can you add as part of your roadmap for that in the coming years? And then just on payments, very nice growth there, I think it was up compared to down GMS. And just recognizing you're just about entirely penetrated on a geographic basis. Just would love to understand what drove that growth with the new products or international business, whatever that might have been would be great. Thank you.

早安.感謝您回答我的問題。因此，我們很想聽到更多有關個人化溝通的資訊。因此，它已經加強了。我認為您談到了到今年年底覆蓋幾乎所有地方，但目前只達到 40%。我很想了解您所看到的提昇在轉換率和 GMS 方面有何不同？並討論如何實現這一目標。例如，在未來幾年內，您還可以在路線圖中增加哪些功能？然後僅在支付方面，那裡的增長非常好，我認為與 GMS 下降相比，它是上升的。並且認識到您幾乎已經完全從地理上滲透了。只是想了解是什麼推動了新產品或國際業務的成長，無論是什麼，都很好。謝謝。

Yeah, great. I'm so excited to talk about personalization. Thank you for that question. So what drove the gains in our push and email notifications this quarter was more personalized things like more personalized titles and more personalized content. And you can imagine if you have an LLM write a title that's made just for you, it's going to feel more compelling. Also things like what time of day is the best time of day for you to receive this, we're making real gains in those, and that is exciting. But the thing that's going to matter the most is are we actually pushing view content that feels like we really know you, we really get you. And there, I would say we are early days with a ton of opportunity to do better. Etsy's personalization today is still largely Based on listing-to-listing personalization, people who looked at this listing also tend to like these listings.

是的，很棒。我很高興談論個性化。謝謝你的提問。因此，本季推動我們的推播和電子郵件通知成長的是更個人化的內容，例如更個人化的標題和更個人化的內容。你可以想像，如果你擁有法學碩士學位，並為你寫一個專門的標題，它會更有吸引力。此外，諸如一天中什麼時間最適合接收這些資訊等問題，我們在這些方面也取得了真正的進展，這是令人興奮的。但最重要的是，我們是否真正地推播讓您感覺我們真正了解您、真正理解您的觀看內容。我想說，我們處於早期階段，有很多機會可以做得更好。Etsy 的個人化如今仍然很大程度上基於清單到清單的個人化，瀏覽此清單的人也傾向於喜歡這些清單。

And where the state of the art now has moved, and again, with the power of GenAI, with the power of LLMs, you can start to say, what kind of person is Marvin Fong? What do we know about him and where would we map him in the entire universe of buyers? And where would we map all of our listings in the entire universe of our listings? And we can make much more non-obvious connections that will really delight, where we feel like we really know you. And those connections might be things that feel like they're tailor-made for you, but maybe in an entirely different category that you've not shopped before. And that's something that we can both deliver to you in push, through things like email and push to get you back onto the site.

現在，隨著技術水平的提高，以及 GenAI 和法學碩士 (LLM) 的強大力量，你可以開始問，Marvin Fong 是什麼樣的人？我們對他了解多少？我們該如何將他定位在整個買家群體中？那麼，在整個清單範圍內，我們應該把所有清單映射到哪裡呢？我們可以建立更多不明顯的聯繫，這真的會讓我們感到高興，讓我們覺得我們真的了解你。這些聯繫可能感覺像是為您量身定制的，但可能屬於您以前從未購買過的完全不同的類別。我們可以透過電子郵件和推播等方式向您推送這些訊息，讓您返回網站。

Even more importantly, every visit, we want the site itself, the content you're finding on the home screen, for example, to become more and more personalized. So the home screen today has a lot of really cool browsable content. I'd recommend, please go check it out. I think you'll see there's a lot of really great, really, high-quality stuff you can really get lost in. But what you'll find is when you come back again and again, it doesn't really show that it knows you and that it's getting better every visit. That is something that we think we can get a lot better at, and we are in a big hurry to do that. And I think Rafe coming back from Depop with a lot of experience there and a lot of focus on how to drive that, we think that could be very important for us in the future.

更重要的是，每次造訪時，我們都希望網站本身（例如您在主螢幕上找到的內容）變得越來越個人化。所以今天的主畫面上有很多非常酷的可瀏覽內容。我建議你去看看。我想你會發現有很多真正精彩、真正高品質的東西會讓你沉浸其中。但你會發現，當你一次又一次回來時，它並沒有真正表現出它了解你，而且每次來訪它都會變得更好。我們認為我們可以在這方面做得更好，而且我們非常急於做到這一點。我認為 Rafe 從 Depop 回來後積累了豐富的經驗，並且非常注重如何推動這一進程，我們認為這對我們未來非常重要。

On the payment front, there was a -- you're right, it was a small benefit in this quarter. We're getting pretty close to the end of the road of getting our sellers to adopt and use Etsy payments, which we think is a nice value proposition for them. It simplifies their lives, it consolidates everything with Etsy, it means one less vendor for them. It's a cost that they were carrying anyway and we can provide our trust and safety and account management for them when they're on our payments platform better than when they're not. So we're pretty much to the end of the road. There are a couple more countries where we will have a little bit of benefit going forward. But we're really pleased with the way that payments has gone. And as I said, it's part of the value proposition we delivered to keep our sellers in a really strong loyal relationship with Etsy.

在支付方面，您說得對，這是本季的一筆小福利。我們已經接近讓賣家採用和使用 Etsy 付款的階段了，我們認為這對他們來說是一個很好的價值主張。它簡化了他們的生活，將所有東西都與 Etsy 整合在一起，這意味著他們少了一個供應商。無論如何，這都是他們必須承擔的成本，當他們使用我們的支付平台時，我們可以為他們提供比不使用時更好的信任、安全和帳戶管理。所以我們差不多已經走到了路的盡頭。未來我們還會在另外幾個國家獲得一些好處。但我們對付款方式感到非常滿意。正如我所說，這是我們提供的價值主張的一部分，目的是讓我們的賣家與 Etsy 保持真正牢固的忠誠關係。

Great. Thank you. Okay, go to the next one, operator.

偉大的。謝謝。好的，接線員，請轉到下一個。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Hey everyone, really encouraging traction in the quarter. I want to talk a little bit about the increased marketing spend in 2Q in the back half. Can you help us frame how much of that is attributable to the Etsy marketplace versus Depop? And then on the social media -- social marketing spend, there's been a lot of investments in there in 2024. How should we think about the ROAS gap, if any, relative to more traditional performance spend, something like Google Shopping and how that's evolved over the past six quarters? Thank you.

大家好，本季的進展確實令人鼓舞。我想稍微談談下半年第二季增加的行銷支出。您能否幫助我們分析這其中有多少是由於 Etsy 市場而不是 Depop 造成的？然後在社群媒體——社群行銷支出方面，2024 年將會有大量投資。如果有的話，我們應該如何看待 ROAS 差距，相對於更傳統的績效支出，例如 Google Shopping，以及這種差距在過去六個季度是如何演變的？謝謝。

Sure, great. So we are starting in Q3 to really accelerate our investment in in Depop. So I'd expect our Q3 guide incorporates an accelerated investment in Depop. In Q2, I would say that the investment between Depop and the core Etsy Marketplace was more of a -- more normalized. So the step up in marketing spend, in Q2, was a function of really two things. One, there were some weeks when Amazon, Temu, or Shein, some combination of them pulled out of the Google Auction, either partially or almost entirely. And in fact, I think there were a few weeks when all three of them were out of the auction. And the way that our performance marketing systems work, they're highly automated.

當然，太好了。因此，我們從第三季開始真正加快對 Depop 的投資。因此，我預計我們的第三季指南將包含對 Depop 的加速投資。在第二季度，我想說 Depop 和核心 Etsy Marketplace 之間的投資更加正常化。因此，第二季度行銷支出的增加實際上由兩件事引起。首先，有幾週，亞馬遜、Temu 或 Shein 等公司部分或幾乎全部退出了谷歌拍賣。事實上，我認為有幾週的時間他們三人都沒有參加拍賣。我們的績效行銷系統的工作方式是高度自動化的。

And so we just naturally, if there's a visit we can buy profitably and it's available, we will buy it. So our marketing spend just expanded to fill that space. What we saw was that our CPCs during that period were roughly constant, but our ad coverage, we were getting more visibility on Google. And that was helpful, and that was profitable for Etsy. So there was some stepped up marketing spend as a result of that. I also want to add that we just made our Martech better for Google. And so we're able to invest more profitably in Google. What our Martech team is rewarded by is pushing up the ROI curve in general. How do they create better technology so that we get better ROI across our spend.

因此，如果購買某個訪問能帶來利潤，有空位，我們自然就會購買。因此，我們的行銷支出就擴大了，以填補這一空白。我們發現，那段時期我們的每次點擊費用大致保持不變，但我們的廣告覆蓋率，以及我們在 Google 上的知名度卻提高了。這很有幫助，而且對 Etsy 有利可圖。因此，行銷支出增加。我還想補充一點，我們剛剛為 Google 改進了我們的 Martech。因此，我們能夠對谷歌進行更有利可圖的投資。我們的 Martech 團隊所獲得的回報是整體上推高了投資報酬率曲線。他們如何創造更好的技術，以便我們在支出中獲得更好的投資報酬率。

And they made some progress there as well. And then in paid social, we're making progress. We -- the way we always work is we have an R&D budget where we test in new channels. And once we figure out how to unlock performance in that channel, we will naturally scale to the point where we meet our own ROI threshold. And we're making progress in some of the paid social areas as well. So we're seeing a little bit of elevated spend in those areas. That's good news. That means we're diversifying our marketing spend even further. And in particular, we're showing up earlier where people are just starting to discover and seek inspiration. And when we talk about Etsy building consideration, which is our big challenge in the US and in the UK, this is the perfect way for Etsy to, I think, really do more to build consideration earlier in people's journeys.

他們在那裡也取得了一些進展。在付費社交方面，我們正在取得進展。我們－我們一貫的工作方式是，我們有研發預算，可以在新通路進行測試。一旦我們弄清楚如何釋放該通路的效能，我們就會自然地擴展到滿足我們自己的投資報酬率門檻的程度。我們在一些付費社交領域也取得了進展。因此，我們看到這些領域的支出略有增加。這是個好消息。這意味著我們將進一步實現行銷支出的多樣化。特別是，我們更早出現在人們剛開始發現和尋求靈感的時候。當我們談論 Etsy 建立考慮時，這是我們在美國和英國面臨的巨大挑戰，我認為這是 Etsy 的完美方式，可以在人們的旅程早期真正做更多的事情來建立考慮。

Nathan, with respect to the Depop spending, the one thing I just add is that -- and that business is at a much earlier stage of development. So the marketing spending that we're doing there that Josh talked about that we step up, it's really more around driving awareness than it is near-term conversion driving spend. So we're -- we have a confidence that that investment will generate returns for us, user growth and GMS growth for Depop down the road, but it won't be quite as quick. I don't anticipate in terms of the responsiveness on the top line to the spending that we're doing to drive awareness.

內森，關於 Depop 支出，我只想補充一點，這項業務還處於早期發展階段。因此，正如喬希所說，我們加大行銷支出，實際上更多的是為了提高知名度，而不是為了短期轉換率。因此，我們有信心這項投資將為我們帶來回報，為 Depop 帶來用戶成長和 GMS 成長，但不會那麼快。就我們為提高知名度而投入的資金而言，我預計收入不會有太大的提升。

Yeah.

是的。

We're super excited about Depop. And well, Etsy has high awareness in the US and the UK and a couple of other markets, and the opportunity for Etsy is to build consideration.

我們對 Depop 感到非常興奮。而且，Etsy 在美國、英國和其他幾個市場都擁有很高的知名度，Etsy 的機會在於贏得關注。

One of the things we're so encouraged about with Depop is it's growing very well, especially in the US. But awareness is still quite low across many parts of the population. And that, we think, is a fantastic opportunity as we grow awareness, we think we can see really strong growth. The payback period may not be as fast, but we think it's there's a lot of opportunity. The TAM is very big, and we still see a lot of runway for Depop.

Depop 讓我們感到鼓舞的一件事是它發展得非常好，尤其是在美國。但許多民眾的認識仍然很低。我們認為，這是一個絕佳的機會，隨著我們意識的增強，我們認為我們可以看到真正強勁的成長。回報期可能不會那麼快，但我們認為有很多機會。TAM 非常大，我們仍然看到 Depop 有很大的發展空間。

Okay, cool. Thanks, Nathan. Let's go to the next one.

好的，很酷。謝謝，內森。我們繼續下一個吧。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Thanks for the questions. First one, just as you've shifted squads at the start of the year back to more near-term GMS wins, can you size any of those early GMS wins both in terms of 2Q as well as what's baked in for 3Q? And then relatedly, how much of the hundreds of millions that was kind of foregone last year, do you think you can claw back by later in the year or into next year?

偉大的。謝謝你的提問。首先，正如您在年初將球隊重新調整為更短期的 GMS 勝利一樣，您能否從第二季度以及第三季度的角度來衡量這些早期的 GMS 勝利？那麼，與此相關的是，您認為去年損失的數億美元中有多少可以在今年稍後或明年收回？

What we said was that shift cost us several hundred million of opportunity cost. And I -- as we look to the tail end of this year, I think we'll be able to recover that cost and begin as we look further out to get the real stacking benefit of having made those changes. You can see that stacking benefit coming through and things like the app and the progress we're making on machine learning and elsewhere.

我們說的是，這項轉變讓我們損失了數億美元的機會成本。而我——當我們展望今年年底時，我認為我們將能夠收回這些成本，並開始展望未來，以獲得這些變化帶來的真正累積效益。您可以看到堆疊效益的實現以及應用程式和我們在機器學習和其他方面取得的進展。

Or in terms of the short-term momentum, as we said, the velocity of our teams in terms of the experiments that they're launching each week, each day, and the size of the wins that we're seeing, is back in very historically consistent ranges that we've seen before. So I think, we're back in that game at a large size. We're not going to break out the individual size of those. We've enumerated some of the bigger, successes, the PLA segmentation was a big one. And ongoing progress in improving our efficacy on paid social is another area where those teams are iterating quickly and producing really exciting short-term win results.

或者就短期勢頭而言，正如我們所說，我們的團隊每週、每天進行的實驗的速度以及我們所看到的勝利的規模，都回到了我們以前見過的非常一致的歷史範圍內。所以我認為，我們又以更大的規模重返這場遊戲。我們不會公佈這些個體的具體規模。我們列舉了一些較大的成功案例，其中 PLA 細分是其中之一。我們在付費社交方面的效率不斷提高，這是這些團隊快速迭代並產生真正令人興奮的短期勝利結果的另一個領域。

Great, thank you.

太好了，謝謝。

Naved Khan, B. Riley.

納維德汗，B.萊利。

Great. Thank you very much. So could you talk talked about expanding the Etsy Insider benefits? How much should you be thinking about, the cost of those benefits, would it be funded, self-funded, or are you thinking about changing the pricing and the offering? Just give us your thoughts on that. And then in terms of just the mobile GMS, it's great to see the numbers here. I'm trying to figure out how much of that is driven by new app downloads that have happened over the -- let’s call it trailing 12 months versus improving conversions with the mobile app users. If you can pass that out, that would be great. Thank you.

偉大的。非常感謝。那麼你能談談擴大 Etsy Insider 的福利嗎？您應該考慮多少，這些福利的成本是多少，是資金資助、自籌資金，還是考慮改變定價和產品？請告訴我們您對此的想法。就行動 GMS 而言，很高興看到這裡的數字。我想弄清楚其中有多少是由過去 12 個月內新應用程式的下載推動的，有多少是由行動應用程式用戶的轉換率提高所推動的。如果你能將其傳遞出去，那就太好了。謝謝。

Right. And the first one. With Etsy Insider, we're acting very typically Etsy. We tend to not like throw caution to the wind and do a big launch and just hope for the best. We tend to test and learn. And so we're testing and learning. And what we've discovered in the first version of Etsy Insider is we're really encouraged actually by the impact it's having on consideration and frequency. People who subscribe to the program are coming back to Etsy a lot more often. We're seeing real incremental gains in their purchase activity.

正確的。還有第一個。透過 Etsy Insider，我們的行為非常典型地體現了 Etsy 的風格。我們往往不喜歡不顧一切地進行大規模發布並只希望獲得最好的結果。我們傾向於測驗和學習。因此我們正在測試和學習。我們在 Etsy Insider 的第一個版本中發現，它對考慮和頻率的影響確實讓我們感到鼓舞。訂閱該計劃的人會更頻繁地回到 Etsy。我們看到他們的購買活動確實有了增量成長。

The next thing we've got to figure out is how do we do that under an economic architecture that works. And how do we do it in a way that that can serve all of our customers, including our already most loyal customers, where we think there's a big opportunity to get oftentimes the place to get the most incremental activity is from the people who already know you and use you the most. And so we have already been bearing a little bit of cost for Etsy Insider in these last couple of quarters and it has not been material to our margins, because we're careful about how we test and learn things.

接下來我們要弄清楚的是如何在一個有效的經濟架構下做到這一點。我們如何做到這一點，以便能夠服務於我們所有的客戶，包括我們已經最忠誠的客戶，我們認為這是一個很大的機會，往往從那些已經了解你並且最常使用你的人那裡獲得最多的增量活動。因此，在過去的幾個季度中，我們已經為 Etsy Insider 承擔了一點成本，但這對我們的利潤率並不重要，因為我們對測試和學習的方式非常謹慎。

We think we have a new version of the program that can lean into things people care about, like free shipping on millions of listings, but do that with a few more guardrails that can actually provide a ton of benefit but also manage the cost a little bit better. And expand through things like rewards on every purchase in some really exciting ways and make that available to even our best customers.

我們認為，我們有一個新版本的計劃，可以關注人們關心的事情，例如數百萬個物品的免費送貨，但要做到這一點，需要更多的保護措施，這些保護措施實際上可以提供大量的好處，但也可以更好地管理成本。並透過一些真正令人興奮的方式，對每次購買進行獎勵等，將其擴展到我們最好的客戶。

And one of the things Kruti talked about is really leaning into retaining and rewarding our best buyers and sellers. And we want to make sure Etsy Insider is really fit for purpose to serve our best buyers. And so I'm really encouraged by this next iteration. Like everything, we're going to be careful, we're going to test it and learn it. And when we look at rewards programs or loyalty programs that succeed and scale, what I observe is most of them, you iterate and incubate over a period of time. And then you figure out how to make it all work, and then it scales. And most of the most successful programs have followed that trajectory. I'm encouraged by the path that we're on.

Kruti 談到的事情之一就是真正傾向於留住和獎勵我們最好的買家和賣家。我們希望確保 Etsy Insider 真正適合我們的最佳買家。因此我對下一次迭代感到非常鼓舞。就像所有事情一樣，我們會小心謹慎，我們會測試它並學習它。當我們觀察成功且可擴展的獎勵計劃或忠誠度計劃時，我觀察到大多數計劃都會在一段時間內進行迭代和孵化。然後你弄清楚如何讓一切正常運轉，然後它就可以擴展。大多數最成功的項目都遵循了這一軌跡。我對我們所走的路感到鼓舞。

And on the app, I think the key message on the app is that, as Josh said, it's a better experience. It's more personalized. It allows the different surfaces in it that allow us to communicate at a much richer, very targeted level. And there's a different use case for the app that is just that habitual shopping starting out inspiration on the app that. We think is really essential to the long-term positioning of Etsy in the mines and in the wallets of our customers. And so in the long term, the Etsy app, we think is a better, more productive platform for our consumer relationships for all those reasons.

至於應用程序，我認為應用程式的關鍵訊息是，正如喬希所說，它是一種更好的體驗。它更加個性化。它允許不同的表面讓我們在更豐富、更有針對性的層面上進行溝通。該應用程式還有一個不同的用例，那就是習慣性購物從應用程式上獲得靈感。我們認為這對於 Etsy 在礦場和客戶錢包中的長期定位至關重要。因此，從長遠來看，出於所有這些原因，我們認為 Etsy 應用程式對於我們與消費者的關係來說是一個更好、更有效率的平台。

In the near term, while we're driving people into it in their first arrival, they're going to be spending a little bit less than those who have already adopted the app -- sort of in the course of a quarter as you think about timing there. So right now, we're driving growth in app users. Those new app users are not spending as much as the established app users. So -- but in the long term, as we get more and more users in the app, we think we have a great opportunity there to drive GMS per buyer and more loyalty and more retention.

短期內，當我們吸引首次使用這款應用程式的人時，他們的花費會比那些已經採用這款應用程式的人少一點——按照你考慮的時間，大概在一個季度內。因此，現在我們正在推動應用程式用戶的成長。這些新應用程式用戶的消費金額不如舊應用程式用戶多。所以——但從長遠來看，隨著我們應用程式的用戶越來越多，我們認為我們有很好的機會來提高每個買家的 GMS 以及更高的忠誠度和更高的保留率。

Thank you.

謝謝。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks. Two quick questions. So I guess, Lanny, have we reached the point where it is worth leaning into app acquisition on an incremental basis? And then number two, can you just be a little more specific with the guide we're getting a bunch of questions. Are you expecting pro-forma marketplace GMS ex Depop to improve on a year to year basis in 3Q versus 2Q? And can you maybe give us like 100 basis points, 200 basis points, just a little more help, thanks.

謝謝。兩個簡單的問題。所以我想，蘭尼，我們是否已經達到了值得逐步進行應用程式收購的程度？第二，您能否更具體地介紹指南，我們收到了許多問題。您是否預計第三季（不包括 Depop）的市場 GMS 會比第二季有年比改善？您能否再給我們 100 個基點、200 個基點之類的協助，謝謝。

Sure, on the -- let's see, the first question, remind me?

當然，讓我們看看第一個問題，提醒我？

Leaning into like we -- at that point it's really worth it.

像我們一樣傾向這一點真的很值得。

I would say is we are going to continue to lean more in, but I don't think you're going to see us like go from 0 to 60 overnight. It'll be gradual. We'll test, we'll iterate, we'll learn. The vast majority, I think, of the app downloads are still going to come organically, and that's how we'd really prefer, to drive as much as we can. But yes, we will be leaning in there. But no big like acquisition campaign that will really change financials expenses.

我想說的是，我們將繼續加大投入，但我不認為我們一夜之間就能從 0 躍升至 60。這將是漸進的。我們將進行測試、迭代、學習。我認為，絕大多數應用程式的下載量仍將自然增加，這也是我們真正希望看到的，盡可能地推動下載量。但是是的，我們會傾向於那裡。但沒有像收購活動那樣的大規模行動能真正改變財務支出。

Percentage in our marketing.

在我們的行銷中所佔的百分比。

Yeah, it's a very small percentage of our marketing day. But yes, we like the LTVs that we're seeing there. And then on the outlook, I think the way to frame it is at the midpoint of our outlook for the third quarter, the year-to-year GMS comparisons would improve from on an apples-to-apples basis, down about 2.6% in the second quarter to down about 1.9% in the third quarter. And that's with -- that's better comparisons on both Etsy and continued very strong momentum on Depop, which is growing a lot faster and a growing portion. So there's kind of a makeshift issue and a benefit there as well.

是的，這只占我們行銷日的很小一部分。但是的，我們喜歡我們在那裡看到的 LTV。然後就前景而言，我認為，在我們對第三季度前景的中點，同比 GMS 比較將從第二季度的下降約 2.6% 改善到第三季度的下降約 1.9%。這是與 Etsy 和 Depop 的更好比較，Depop 繼續保持強勁勢頭，成長速度更快，份額也越來越大。因此，這既是一種權宜之計，也是一種好處。

Okay. Thank you.

好的。謝謝。

Thank you. Great, thanks. We want to get to one more if we can?

謝謝。太好了，謝謝。如果可以的話，我們還想再去一次嗎？

Michael.

麥可。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Thank you. Good morning. I wanted to talk a little bit, slide 8, you talk about Etsy as being the top recipient of agentic chatbot traffic. And a question we get a lot from investors is how are this -- how's this new source of traffic behaving once it lands on site? Are you seeing greater intent, higher conversion, maybe less browsing? I know we're really early days, but just anything you can comment when you isolate that behavior? And then while we're on the thread of AI, another investor question is what opportunities -- Josh, you talked about this in the 1Q prepared remarks, but maybe a little bit more on AI copy and how that is making paid social a better source for you for traffic due to the fact that you might have had some structural limitations due to like depth of product, right? You have like a handmade product where there's only 20 of them. You can't huge campaign on paid social. But now if the barriers to entry come down, is this helping to unlock paid social for you?

謝謝。早安.我想談一點，投影片 8，您談到 Etsy 是代理聊天機器人流量的最大接收者。我們經常從投資者那裡聽到的一個問題是，這個新的流量來源一旦進入網站會如何表現？您是否看到了更大的意圖、更高的轉換率，或許是更少的瀏覽量？我知道我們還處於早期階段，但是當您隔離該行為時，您能評論一下嗎？然後，當我們討論人工智慧時，另一個投資者的問題是，有哪些機會——喬希，你在第一季度的準備好的發言中談到了這一點，但也許更多地談談人工智慧複製以及它如何使付費社交成為更好的流量來源，因為由於產品深度等原因，你可能有一些結構性限制，對嗎？你擁有的就像一件手工製作的產品，只有 20 件。您無法在付費社交上進行大規模活動。但現在，如果進入門檻降低，這是否有助於為您解鎖付費社交？

Yeah, great. Okay. Thank you. I'm glad we get -- I get to talk about these. Agentic shopping, so we quote a similar web study which said that Etsy is one of the top recipients today of chatbots shopping traffic. What I'd say is that the traffic numbers are still so small that it's really hard to parse it out and talk in any -- with any confidence about things like conversion rate.

是的，很棒。好的。謝謝。我很高興我們能夠——談論這些。代理商購物，因此我們引用了一項類似的網路研究，該研究表明 Etsy 是當今聊天機器人購物流量的最大接收者之一。我想說的是，流量數字仍然很小，很難對其進行分析，也很難對轉換率等問題進行任何有信心的討論。

But when I really pull back, I think, Etsy is really well positioned to be a winner in this. And the reason is that when you give your agent a mission, it's going to want to come back to you with a few choices. And what that -- what the agent is going to discover is that that same SKU is being sold in 100 different places, and it's going to help you pick the place that sells at the cheapest and ships at the fastest. And then it's going to want to provide you alternatives. And the reason why the big model builders are so interested in working closely with Etsy is, I think, primarily two reasons.

但當我真正退一步思考時，我認為 Etsy 確實處於有利地位，有望成為贏家。原因是，當你給你的代理商一個任務時，它會帶著一些選擇回來找你。代理商會發現，同一個 SKU 在 100 個不同的地方銷售，這將幫助您選擇銷售最便宜、運輸最快的地方。然後它會為您提供替代方案。我認為，大型模型製造商如此熱衷於與 Etsy 密切合作主要有兩個原因。

First, we have a really unique corpus of stuff for sale. And that's very rare. Everyone else is largely selling versions of the same thing. Etsy actually has something unique to offer. And I think agents are going to be able to surface to customers more often, hey, here's something you can buy that's going to be fast and cheap, but you might also want to consider Etsy, where it can be personalized just for you, where it's going to feel more special and unique. I think they can help to surface that kind of content, particularly if we are there helping them to think that through and having a seat at the table, which we're fortunate to be invited to have a seat at the table at many of these. The second reason is we have a strong engineering culture. And our engineers can really partner engineer to engineer with some of this really top talent and other companies and keep up with them. And I think that's been really important, and I'm grateful to our wonderful engineering team for doing that.

首先，我們擁有一系列真正獨特的商品可供出售。這種情況非常罕見。其他人基本上都在銷售同一產品的不同版本。Etsy 確實提供了一些獨特的東西。我認為代理商將能夠更頻繁地向客戶展示，嘿，這是你可以買到的東西，既快捷又便宜，但你可能還想考慮 Etsy，在那裡它可以為你個性化，在那裡它會感覺更特別和獨特。我認為他們可以幫助浮現這類內容，特別是如果我們在那裡幫助他們思考並參與其中，我們很幸運地被邀請參與其中的許多會議。第二個原因是我們擁有強大的工程文化。我們的工程師可以與一些頂尖人才和其他公司進行真正的工程師合作，並跟上他們的步伐。我認為這非常重要，我感謝我們出色的工程團隊這樣做。

To your second question around paid social, GenAI can be very helpful for that. And your point around personalizing the copy is one important piece of that. Another important piece, Michael, and what you talked about is like we are incredibly broad, but not very deep. You can't usually sell a hundred or a thousand of anything. Because our sellers sold out by that time. So what we need is a landing experience that said you were generally interested in this. Here is a range of inventory on Etsy that meets your need. And being able to understand the consumer's mindset and then generate on the fly a really personalized landing experience is an important part of that. GenAI is going to help us enormously to do that.

對於您關於付費社交的第二個問題，GenAI 可以對此提供很大幫助。您對個人化副本的觀點是其中一個重要的部分。另一個重要部分，邁克爾，你談到的是，我們的範圍非常廣泛，但深度卻不夠。通常，任何東西你都賣不出去一百或一千件。因為那時我們的賣家已經賣完了。因此，我們需要的是一次著陸體驗，表明您對此普遍感興趣。Etsy 上有一系列可滿足您需求的庫存。其中很重要的一點是能夠理解消費者的心態，然後即時創造出真正個人化的著陸體驗。GenAI 將極大地幫助我們實現這一目標。

And so we're really excited to go from what today are going to feel like very rudimentary listing to listing. This is a listing, here's other listings like that, to understanding really the context of oh, you're in a wedding mode, and here's where in the process of the wedding you are, and here's a range of inventory to delight you. That's a kind of new frontier GenAI is only beginning to unlock that's just going to, I think, accrue particularly to Etsy's advantage.

因此，我們真的很高興能夠從今天感覺非常基本的清單轉變為清單。這是一個列表，這裡還有其他類似的列表，以便真正了解您正處於婚禮模式的背景，這裡是您在婚禮過程中所處的位置，這裡有一系列讓您滿意的庫存。我認為，這是 GenAI 剛開始探索的一種新領域，它將為 Etsy 帶來特別的優勢。

Great. Thank you. And Mike, thanks for the question. We are at time. Operator?

偉大的。謝謝。麥克，謝謝你的提問。我們正處於時間。操作員？

Thank you all.

謝謝大家。

There are no further questions at this time. I'll turn the call over to Deb for any closing remarks.

目前沒有其他問題。我將把電話轉給 Deb 做最後的總結發言。

All right, we're good. Thank you. We'll talk to you all soon.

好的，我們很好。謝謝。我們很快會和你們交談。

Thanks for your time.

感謝您的時間。

Thank you.

謝謝。