ETSY Inc (ETSY) 2025 Q3 法說會逐字稿

Hi, everyone, and welcome to Etsy's third quarter 2025 earnings conference call. I'm Deb Wasser, VP of Investor Relations. And joining me today for our prerecording are Josh Silverman, CEO; Kruti Patel Goyal, President and Chief Growth Officer; and Lanny Baker, CFO.

大家好，歡迎參加 Etsy 2025 年第三季財報電話會議。我是投資者關係副總裁黛布·瓦瑟。今天和我一起進行預先錄製的有：執行長 Josh Silverman；總裁兼首席成長長 Kruti Patel Goyal；以及財務長 Lanny Baker。

In addition to our quarterly results, we have some exciting news to review regarding our leadership transition. Once we are finished with the presentation, we will take questions from our publishing sell-side analysts on video.

除了季度業績報告外，我們還有一些關於領導層過渡的令人興奮的消息要和大家分享。演示結束後，我們將透過影片回答出版商賣方分析師提出的問題。

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

請注意，我們今天的業績報告包含有關我們財務指引、業務、經營業績和領導層過渡的前瞻性陳述，詳情請參閱我們網站上發布的幻燈片。我們的實際結果可能與此有重大差異。

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，其中一些風險和不確定性已在今天的收益發布和我們最新的定期報告中進行了描述，並將在我們未來向美國證券交易委員會提交的定期報告中進行更新。我們在本次電話會議中所做的任何前瞻性陳述均基於我們目前的信念和假設，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 a 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，這些指標已在今天發布的盈利新聞稿或我們投資者關係網站上發布的幻燈片中與 GAAP 財務指標進行了核對，同時還將重播本次電話會議。

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

接下來，我將把麥克風交給喬許。

Thanks, Deb. Before we dive into our third quarter results, I want to acknowledge the news we announced earlier today. After 8.5 years as Etsy's CEO, I've decided that this is the right time for me to hand over the leadership baton to the next generation. Therefore, we'll be transitioning over the next few months, and I'll become Executive Chair, while the fabulously talented Kruti Patel Goyal takes the reins as our CEO effective January 1.

謝謝你，黛布。在深入探討第三季業績之前，我想先說明我們今天稍早宣布的消息。在擔任 Etsy 執行長 8.5 年後，我認為現在是我將領導權交接給下一代的合適時機。因此，在接下來的幾個月裡，我們將進行過渡，我將擔任執行主席，而才華橫溢的 Kruti Patel Goyal 將於 1 月 1 日起擔任我們的執行長。

It's been an incredible privilege to lead Etsy through several chapters of evolution and transformation, from the turnaround of 2017 to managing through the hyperscaling of the pandemic to steering us back towards growth again in a more app-centric, discovery centric world. We've adapted and evolved with creativity, agility, urgency and heart, all while keeping our sellers at the center of everything we do.

能夠帶領 Etsy 經歷幾個發展和轉型階段，從 2017 年的扭虧為盈，到應對疫情期間的超大規模擴張，再到在一個更加以應用程序為中心、以發現為中心的世界中引領我們重回增長軌道，這對我來說是一種莫大的榮幸。我們不斷調整和發展，以創造力、敏捷性、緊迫感和真誠，同時始終將賣家放在我們一切工作的中心。

Now in our third decade, Etsy is entering a new phase, one focused on harnessing AI to further personalize and transform the shopping experience in ways that were previously unimaginable. It's an exciting moment and perfect timing, I believe, for fresh perspective and a new leader.

如今，Etsy 已進入第三個十年，正邁入一個新階段，專注於利用人工智慧進一步個人化和改變購物體驗，這是以前無法想像的。我認為，這是一個令人興奮的時刻，也是引入新視角和新領導人的絕佳時機。

As you know, following an incredible two-year run as Depop's CEO reigniting their growth, I asked Kruti to return to Etsy last year as Chief Growth Officer. Kruti has been a key part of Etsy's leadership for over 15 years, and she brings deep knowledge of and passion for our mission, marketplace, customers and community.

如你所知，在擔任 Depop 執行長兩年並成功重振其成長之後，我去年邀請 Kruti 回到 Etsy 擔任首席成長長。Kruti 在 Etsy 的領導階層中扮演著重要角色超過 15 年，她對我們的使命、市場、客戶和社區有著深刻的了解和熱情。

Since coming back and ramping up, she's already made a significant impact on the business, evolving our strategic priorities, redefining how we measure success and shifting how we work. She's also already taken on leadership of many of our day-to-day operations. So it's natural and an exciting next step for her to become Etsy's next CEO. If I was the right person to lead Etsy's last chapter, Kruti is the right person to lead our next. Our Board of Directors has been deeply engaged in our succession planning and wholeheartedly endorses her appointment.

自從回歸並逐步加強工作以來，她已經對公司業務產生了重大影響，推動了我們的策略重點發展，重新定義了我們衡量成功的方式，並改變了我們的工作方式。她也已經承擔起我們許多日常營運的領導工作。因此，對她來說，成為 Etsy 的下一任 CEO 是順理成章且令人興奮的下一步。如果我是帶領 Etsy 走向最後一個篇章的合適人選，那麼 Kruti 就是帶領我們走向下一個篇章的合適人選。我們的董事會一直積極參與繼任計劃，並全心全意地支持她的任命。

I also want to acknowledge Fred Wilson, who's been a part of our growth journey since 2007, first as a Board member and then as Chair. He's been an absolutely incredible Chair, passionate, wise and highly engaged. I couldn't have asked for a better partner, and we're thrilled that he will remain on our Board.

我還要感謝弗雷德·威爾遜，自 2007 年以來，他一直是我們成長歷程的一部分，先是擔任董事會成員，後來擔任董事長。他是一位非常出色的主席，充滿熱情、睿智且高度投入。我再也找不到比他更好的合作夥伴了，我們很高興他將繼續留在董事會。

On a personal note, serving as Etsy's CEO has been the honor of a lifetime. While I'm incredibly proud of the results and the growth we've delivered as a team, what I'll remember most is the impact we've had on the lives of our sellers and buyers and our role in preserving creativity and human connection in a world increasingly shaped by automation and commoditization. And I'll continue to love hearing, I love Etsy every time I hear the Etsy brand mentioned.

就我個人而言，擔任 Etsy 的執行長是我畢生的榮幸。雖然我為我們團隊所取得的成果和發展感到無比自豪，但我最難忘的是我們對賣家和買家生活的影響，以及我們在日益受自動化和商品化影響的世界中，為保持創造力和人與人之間的聯繫所發揮的作用。每次聽到有人提到 Etsy 這個品牌，我都會繼續喜歡聽到「我喜歡 Etsy」。

I've always found purpose in leading through transformation, and I'm excited to make room for new growth, both for Etsy and for myself. Thank you for the trust and confidence you've placed in me. I'm confident Kruti will similarly earn your trust as our next leader.

我一直以來都認為，引領改變是實現目標的關鍵，我很高興能為 Etsy 和我自己創造新的發展空間。感謝您對我的信任與信心。我相信，克魯蒂身為我們的下一任領導人，也同樣會贏得你們的信任。

With that, let's turn to our results. We're making steady progress improving our performance in 2025 with our third quarter results exceeding expectations on all three key financial metrics: GMS, revenue and adjusted EBITDA. I'm pleased to report that GMS for Etsy and Depop combined returned to year-over-year growth, with further sequential improvement expected at the midpoint of our fourth quarter guidance.

接下來，讓我們來看看結果。我們在 2025 年的業績穩步提升，第三季業績在所有三個關鍵財務指標（GMS、收入和調整後 EBITDA）方面均超出預期。我很高興地報告，Etsy 和 Depop 合併後的 GMS 已恢復同比增長，預計在第四季度預期中期將進一步環比改善。

Etsy marketplace results improved sequentially as we continue to see that the customer-centric priorities Kruti has defined are starting to gain traction. GMS improved approximately 300 basis points sequentially to $2.43 billion, down 2.4% year-over-year. In addition to the impact from these initiatives, there were some exogenous factors, which also impacted our results, and Etsy once again proved its resiliency. It gives me tremendous comfort that we benefit from such a dynamic and fundamentally sound business model.

隨著 Kruti 制定的以客戶為中心的優先事項開始取得成效，Etsy 市場的業績也逐週改善。GMS季增約300個基點至24.3億美元，年減2.4%。除了這些措施的影響之外，還有一些外生因素也影響了我們的結果，Etsy 再次證明了其韌性。讓我感到非常欣慰的是，我們受益於這樣一個充滿活力且基本上健全的商業模式。

Depop's third quarter growth accelerated about 400 basis points sequentially, with GMS up 39.4% year-over-year to $292 million. New user growth and improvements to buyer conversion were primarily responsible for 59% year-over-year growth in Depop's US GMS. And while not a meaningful growth driver in the third quarter, Depop launched its largest ever brand campaign targeted at raising awareness in the US. We're really excited that Peter and his team are continuing to build on the foundation that Kruti built at Depop, which has led to the great momentum the business has seen over the past two years.

Depop 第三季較上季成長約 400 個基點，商品交易總額較去年同期成長 39.4% 至 2.92 億美元。Depop 美國 GMS 年成長 59% 的主要原因是新用戶成長和買家轉換率的提高。儘管 Depop 在第三季並未成為重要的成長動力，但它還是推出了有史以來規模最大的品牌宣傳活動，旨在提高其在美國的知名度。我們非常高興 Peter 和他的團隊正在 Kruti 在 Depop 打下的基礎上繼續發展，而正是這個基礎讓 Depop 在過去兩年裡取得了巨大的發展勢頭。

That said, we're all clear eyed that there's significantly more work to do. So I'll turn the call over to Kruti.

儘管如此，我們都清楚地認識到，還有大量工作要做。那我就把電話交給克魯蒂吧。

Thank you, Josh, and good morning, everyone. Since returning to Etsy earlier this year, I've been reminded at every turn that this company is built on something rare in e-commerce today, creativity, human connection and purpose. So it's an incredible honor to be named our next CEO. I'm deeply grateful to our board for their confidence in me and to Josh for his leadership, mentorship and support over so many years. He's led Etsy through extraordinary growth. Our customer base, GMS, revenue, profitability and market cap are all multiples larger than when he started.

謝謝你，喬希，大家早安。今年早些時候重返 Etsy 以來，我時時刻刻感受到這家公司建立在當今電子商務中一些罕見的東西之上：創造力、人際聯繫和目標感。因此，能夠被任命為下一任首席執行官，我感到無比榮幸。我衷心感謝董事會對我的信任，也感謝 Josh 多年來的領導、指導和支持。他帶領 Etsy 實現了非凡的成長。我們的客戶群、GMS、收入、獲利能力和市值都比他剛起步時成長了數倍。

But Etsy isn't just bigger, Etsy is better and well positioned for our next chapter of growth. We'll continue to work closely together through this transition period, and I'm so pleased that Josh will remain a sounding board for our executive team and me as our Executive Chair.

但 Etsy 不僅規模更大，而且更好，為我們下一個成長階段做好了充分準備。我們將繼續在過渡期內密切合作，我很高興 Josh 將繼續擔任我們的執行主席，為我們的執行團隊和我提供建議。

I'll now cover our four strategic priorities, which are working together to deliver tangible value to our customers and support sustainable growth. We're showing up where shoppers find inspiration, matching them with items that feel tailor-made for them, working to deepen loyalty across our community and amplifying what sets us apart, the creativity and authenticity of our sellers. Each priority fuels the next, creating a cycle of discovery, engagement and connection that truly differentiates Etsy.

接下來我將介紹我們的四大策略重點，它們共同努力為我們的客戶創造實際價值，並支持永續成長。我們出現在購物者尋找靈感的地方，為他們匹配感覺像是量身定制的商品，努力加深我們社區的忠誠度，並放大我們與眾不同的地方——我們賣家的創造力和真實性。每個優先事項都會推動下一個優先事項，從而形成一個發現、參與和聯繫的循環，這就是 Etsy 真正與眾不同的地方。

Starting with showing up our shoppers discover. We know today's shopping journey isn't linear. People find inspiration everywhere. To capture this behavior, we're meeting shoppers in more of those moments with content that feels personal and relevant. A great example of how we're capitalizing on the evolving shoppers journey is our partnership with Open AI, which gives us an early foothold in a fast-growing high-intent Discovery channel and helps to create another seamless path from inspiration to purchase.

首先，我們要讓顧客發現我們的購物體驗。我們知道，如今的購物過程並非線性發展。人們可以從生活中各處汲取靈感。為了捕捉這種行為，我們正在更多這樣的時刻透過個人化和相關的內容與購物者互動。我們與 Open AI 的合作就是一個很好的例子，它體現了我們如何利用不斷變化的購物者旅程，這讓我們在快速增長的高意向發現管道中搶佔了先機，並有助於創造從靈感到購買的另一條無縫路徑。

In September, Etsy became the first live partner for their instant checkout feature, allowing users to buy items on Etsy directly through ChatGPT. We now provide a dedicated product feed that enables eligible purchases to be completed seamlessly within the chat experience, processed through Etsy Payments.

9 月，Etsy 成為 ChatGPT 即時結帳功能的首個正式合作夥伴，允許用戶直接透過 ChatGPT 在 Etsy 上購買商品。我們現在提供專門的產品資訊流，使符合條件的購買能夠在聊天體驗中無縫完成，並透過 Etsy Payments 進行處理。

This integration was designed to ensure buyers know its Etsy. When a customer purchases a product through Etsy and ChatGPT, they'll see the Etsy brand mark, information about the human seller and an order confirmation from us. Agentic visits represent a small slice of e-commerce traffic today but they're growing [quickly]. An early analysis suggests that these buyers come to Etsy with higher purchase intent than those from traditional search. And over time, we believe these types of integrations will drive incremental growth and importantly, brand consideration for Etsy.

此次整合旨在確保買家了解這是 Etsy。當顧客透過 Etsy 和 ChatGPT 購買產品時，他們會看到 Etsy 品牌識別、賣家資訊以及我們發送的訂單確認訊息。目前代理商存取在電子商務流量中所佔比例較小，但其成長勢頭強勁。[迅速地]。初步分析表明，這些買家透過 Etsy 進入 Etsy 平台時的購買意願比透過傳統搜尋方式進入 Etsy 的買家更高。我們相信，隨著時間的推移，這類整合將推動 Etsy 的逐步成長，更重要的是，也將提升品牌知名度。

Another example of how we're showing up our shoppers discover is our marketing approach this holiday season. As we've told you, we're significantly reallocating our brand marketing spend away from linear TV into upper funnel channels intended to spark engagement and inspiration such as social video and streaming.

另一個體現我們如何讓顧客發現我們產品的例子，是我們今年假期季節的行銷策略。正如我們之前告訴大家的，我們正在大幅調整品牌行銷支出，將資金從傳統電視轉移到旨在激發參與度和靈感的上層管道，例如社群影片和串流媒體。

You'll see us highlight the many ways people shop, decorate and celebrate, how they're discovering the trends shaping the moment or honoring the traditions at the heart of the season because shopping on Etsy isn't about checking a box. It's about finding something that makes someone feel seen and reminding the world that the most meaningful items come from real people.

你會看到我們重點介紹人們購物、裝飾和慶祝的多種方式，他們如何發現塑造當下潮流的趨勢，或者如何傳承當季的核心傳統，因為在 Etsy 上購物不是為了完成任務。它旨在找到能讓人感到被關注的事物，並提醒世人，最有意義的物品都來自真實的人。

Of course, once we get shoppers' attention, the experience on Etsy has to deliver. We've made strong progress improving the Etsy app. In Q3, App GMS outperformed non-App GMS by 13 percentage points, a meaningful indicator that our work is beginning to pay off.

當然，一旦我們吸引了購物者的注意力，Etsy上的購物體驗就必須令人滿意。我們在改進 Etsy 應用方面取得了顯著進展。第三季度，App GMS 的表現比非 App GMS 高出 13 個百分點，這是一個重要的指標，顯示我們的工作開始取得成效。

This progress reflects a series of thoughtful improvements from a redesigned home screen central hub of what's new and relevant to simpler navigation that helps shoppers reach key features faster to a completely reimagined discovery feed powered by a new recommendations model designed to anticipate what each shopper might love next. Early results are encouraging. Engagement on our app home screen is up significantly, and App-Home GMS grew 20% year-over-year in the third quarter.

這項進展體現了一系列深思熟慮的改進，從重新設計的主螢幕中心樞紐（展示最新和相關內容），到更簡單的導航（幫助購物者更快地找到關鍵功能），再到完全重新構想的發現資訊流（由新的推薦模型驅動，旨在預測每個購物者接下來可能喜歡的內容）。初步結果令人鼓舞。我們應用程式主螢幕的互動量顯著增加，第三季應用程式主螢幕 GMS 年比成長 20%。

Advancements in AI and machine learning power much of this work and are central to how we match shoppers with the right items. Over the past few months, we've made meaningful progress in our machine learning capabilities, particularly in two areas that are core to Etsy's differentiation, buyer understanding and item understanding.

人工智慧和機器學習的進步為這項工作提供了強大的動力，也是我們如何將購物者與合適的商品進行匹配的核心所在。在過去的幾個月裡，我們在機器學習能力方面取得了實質的進展，尤其是在 Etsy 差異化競爭的核心兩個領域：買家理解和商品理解。

In buyer understanding, we've developed new models that more deeply interpret our users' interests through a combination of advanced ML and emerging LLM techniques. These models now power our app discovery feed where they've already driven double-digit increases in engagement metrics and have also demonstrated positive impact in our e-mails and our web homepage experience.

在了解買家方面，我們開發了新的模型，透過結合先進的機器學習和新興的LLM技術，更深入地解讀用戶的興趣。這些模型現在為我們的應用程式發現資訊流提供支持，它們已經推動了參與度指標的兩位數增長，並且也對我們的電子郵件和網站主頁體驗產生了積極的影響。

In item understanding, we've strengthened our ability to extract richer insight from listing images, enhancing how we represent and connect inventory. This improvement has delivered measurable conversion gains across search and ads with further opportunities ahead. Rafe and his team's rapid time to market on these initiatives has been excellent, and we're excited to continue testing and iterating.

在商品理解方面，我們增強了從商品圖片中提取更豐富資訊的能力，從而提升了我們展示和連接庫存的方式。這項改進已在搜尋和廣告方面帶來了可衡量的轉換率提升，未來還有更大的發展空間。Rafe 和他的團隊在這些專案上展現了出色的快速上市能力，我們很高興能夠繼續進行測試和迭代。

Turning to our most valuable customers, starting with our buyers. We see strong opportunity not only to deepen loyalty with our top buyers, but also to nurture customers with the potential to become them by making shopping on Etsy easier and more rewarding. In the near term, we're piloting targeted offers for our most active buyers and launching the latest beta iteration of the Etsy Insider loyalty program.

讓我們把目光轉向我們最寶貴的客戶，首先是我們的買家。我們看到了巨大的機會，不僅可以加深與頂級買家的忠誠度，還可以透過讓在 Etsy 上購物更輕鬆、更有回報來培養有潛力成為頂級買家的客戶。近期，我們將試行最活躍買家的定向優惠，並推出 Etsy Insider 會員忠誠度計畫的最新測試版。

We imagine with our top buyers in mind, so they feel rewarded every time they shop, with shipping discounts and 5% back in Etsy credit on every purchase, all while seeking to deliver sustainable economics for Etsy.

我們始終以頂級買家為中心進行設計，讓他們每次購物都能獲得獎勵，包括運費折扣和每次購買返還 5% 的 Etsy 積分，同時努力為 Etsy 實現可持續的經濟效益。

From my perspective, one of the most important elements to our long-term success will be Etsy's ability to continue to attract creative entrepreneurs and support their ongoing success because their creativity and innovation is what makes the Etsy experience like nowhere else. Since becoming Chief Growth Officer, I've been connecting weekly with many different groups of sellers. And it's clear we can better help them spend less time managing and more time creating.

在我看來，Etsy能否繼續吸引富有創造力的企業家並支持他們的持續成功，是我們長期成功的關鍵因素之一，因為他們的創造力和創新精神使Etsy的體驗獨一無二。自從我擔任首席成長長以來，我每週都會與許多不同的賣家群體進行交流。很明顯，我們可以更好地幫助他們減少管理時間，增加創造時間。

We've launched new AI-powered tools to help sellers generate listing titles and draft buyer messages, two of the most time-consuming parts of running an Etsy shop and improved issue resolution with unleased access to live knowledgeable support. We're pleased to see that our efforts are starting to make an impact. For example, seller satisfaction scores are up more than 10 percentage points from this time last year.

我們推出了全新的人工智慧工具，幫助賣家產生商品標題和撰寫買家訊息，這是經營 Etsy 商店最耗時的兩部分，並透過提供即時專業支持，改進了問題解決方式。我們很高興看到我們的努力開始產生影響。例如，賣家滿意度得分比去年同期提高了 10 個百分點以上。

Finally, we're amplifying our competitive differentiation. The human connection at the heart of our marketplace. It underpins and is intertwined with each of the other three priorities. And while we see abundant opportunities to weave human touch more deeply into every part of the Etsy experience over time, we've started with simple high-impact updates that bring sellers and their stories closer to buyers, like adding richer seller information directly on to listing pages. Early test results show that these changes are helping buyers trust listings faster and make purchase decisions with less friction.

最後，我們將進一步增強我們的競爭優勢。人與人之間的連結是我們市場的核心。它為其他三個優先事項奠定了基礎，並與之交織在一起。雖然我們看到了很多機會，可以隨著時間的推移，將人性化元素更深入地融入 Etsy 體驗的各個方面，但我們首先從一些簡單的、影響深遠的更新入手，讓賣家及其故事與買家更加親近，例如直接在商品詳情頁上添加更豐富的賣家信息。早期測試結果表明，這些改變有助於買家更快地信任房源訊息，並更輕鬆地做出購買決定。

In closing, thank you to our employees, our community and to all of you for your confidence in partnership. I'm excited to take the helm come January. While we've been showing continued improved performance, there is so much more we need to do. You'll hear more from me as I continue to evolve our vision and plans for the business.

最後，感謝我們的員工、我們的社區以及各位對我們合作關係的信任。我很興奮能在明年一月接任領導職務。雖然我們的表現一直在持續提升，但我們還有很多工作要做。隨著我對公司願景和計畫的不斷完善，我會繼續向大家介紹公司的狀況。

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

接下來，我將把電話交給蘭尼。

Thank you, Kruti. When I joined Etsy, I told our investors and analysts how much I have admired Josh's stewardship and transformation of this incredible business. I want to thank Josh for leading the company to where we are today and setting Etsy up for what comes next. And I can speak on behalf of the full executive team that we are incredibly excited to be part of this next phase of our journey with Kruti as the CEO.

謝謝你，克魯蒂。當我加入 Etsy 時，曾向我們的投資者和分析師表示，我非常欽佩 Josh 對這家卓越企業的管理和轉型。我要感謝 Josh 帶領公司走到今天，並為 Etsy 的未來發展奠定了基礎。我可以代表整個管理團隊說，我們非常興奮能夠與 Kruti 一起開啟我們旅程的下一個階段，Kruti 將擔任執行長。

As we review our results, please keep in mind that we completed the sale of Reverb on June 2, and we've provided Reverb's Q3 2024 GMS and revenue so you can more easily separate the impact of that sale from the results of our ongoing business.

在回顧我們的業績時，請記住，我們已於 6 月 2 日完成了 Reverb 的出售，並且我們提供了 Reverb 2024 年第三季度的 GMS 和收入，以便您更容易將該出售的影響與我們持續經營業務的業績區分開來。

Third quarter consolidated GMS was $2.72 billion, which exceeded the top end of our guidance range driven by better-than-expected results at both Etsy and Depop. Excluding Reverb from all periods, consolidated GMS grew 0.9% year-over-year and consolidated revenue grew 6.1% year-over-year to $678 million. Adjusted EBITDA was $172 million in the third quarter representing a consolidated adjusted EBITDA margin of 25.4%. Within that, Etsy Marketplace margin was just shy of 30% for the quarter, and Depop's margin declined sequentially as we began to accelerate brand marketing to expand Depop's opportunity, particularly in the US.

第三季合併後的商品和服務銷售額為 27.2 億美元，超過了我們預期範圍的上限，這主要得益於 Etsy 和 Depop 的業績好於預期。若不計入 Reverb 的所有期間，合併後的 GMS 年增 0.9%，合併後的營收年增 6.1% 至 6.78 億美元。第三季調整後 EBITDA 為 1.72 億美元，合併調整後 EBITDA 利潤率為 25.4%。其中，Etsy Marketplace 本季利潤率略低於 30%，而 Depop 的利潤率則是環比下降，因為我們開始加快品牌行銷，以擴大 Depop 的機會，尤其是在美國。

At Marketplace, GMS was down 2.4% year-over-year in the third quarter and down 3.2% year-to-year on an FX-neutral basis. While we're not satisfied with any decline in Etsy GMS, we are encouraged that year-to-year GMS comparisons continued the momentum established earlier this year and improved by another 300 basis points from Q2 to Q3. Importantly, we believe that initiatives aligned with the four priorities that Kruti described earlier were critical factors contributing to that progress.

在 Marketplace，第三季 GMS 年減 2.4%，以匯率中立計算年減 3.2%。雖然我們對 Etsy GMS 的任何下滑都不滿意，但我們感到鼓舞的是，同比 GMS 比較延續了今年早些時候建立的勢頭，並且從第二季度到第三季度又提高了 300 個基點。重要的是，我們認為與克魯蒂之前描述的四個優先事項一致的舉措是促成這一進展的關鍵因素。

On the tariff and trade lane front, we experienced some pressure on our US import trade route during the quarter. However, sequential improvement in our US domestic trade route helped offset the impact. The expiration of the de minimis exemption at the end of August weighed on performance immediately thereafter, and our business stabilized as we moved through the quarter, resulting in only a modest headwind to quarterly results.

在關稅和貿易管道方面，本季我們的美國進口貿易管道面臨一些壓力。然而，美國國內貿易路線的逐步改善有助於抵消這種影響。8 月底最低限度豁免到期後，業績立即受到影響，但隨著季度的推進，我們的業務趨於穩定，因此對季度業績的影響不大。

While we remain cautious about the potential impact of tariffs and trade restrictions, especially on consumer discretionary expenditures, we are encouraged by Etsy's resilience and responsiveness thus far. We believe we have benefited from the massive amount of inventory in the marketplace and a very high replacement rate on disruptive items.

儘管我們仍然對關稅和貿易限制的潛在影響保持謹慎，尤其是對消費者可自由支配支出的影響，但我們對 Etsy 迄今為止展現出的韌性和應對能力感到鼓舞。我們認為，市場上大量的庫存以及對滯銷商品極高的更換率使我們受益匪淺。

As we've mentioned, we have an abundance of US-based supply including over 60 million active US listings. And we've been highlighting domestic inventory to US buyers for some time. Additionally, our team has been extremely proactive in providing non-US sellers with information, advice and viable alternative solutions to help them continue shipping into the US.

正如我們之前提到的，我們擁有豐富的美國本土房源，包括超過 6,000 萬個活躍的美國房源。我們一直以來都在向美國買家重點推廣國內庫存。此外，我們的團隊一直非常積極主動地為非美國賣家提供資訊、建議和可行的替代解決方案，以幫助他們繼續向美國發貨。

Etsy's active buyer count was 86.6 million on a trailing 12-month basis, down 5% year-over-year and 0.8% lower sequentially. We attracted 4.8 million new buyers in the third quarter and reactivated another 6.6 million lapsed buyers. Combined, new and reactivated buyers totaled 11.4 million for the quarter, a slight improvement compared to the second quarter.

Etsy 過去 12 個月的活躍買家數量為 8,660 萬，年減 5%，季減 0.8%。第三季我們吸引了 480 萬新買家，並重新啟動了 660 萬流失買家。本季新增和​​重新啟用的買家總數為 1,140 萬，比第二季略有成長。

GMS per active buyer was $121 in the third quarter and this trailing 12-month figure has been stable year-to-date. When we look more closely at GMS provider trends, on a month-by-month basis rather than a trailing 12-month basis, we've seen encouraging improvements since April 2025, with higher average item values as well as improving purchase frequency per buyer.

第三季每位活躍買家的商品交易總額為 121 美元，而今年迄今的過去 12 個月的數據一直保持穩定。當我們更仔細地觀察 GMS 提供者的趨勢，按月而不是按過去 12 個月來看，我們發現自 2025 年 4 月以來出現了令人鼓舞的改善，平均商品價值更高，每個買家的購買頻率也有所提高。

Slicing GMS performance according to estimated household income, we saw a favorable year-over-year inflection across all income levels in Q3, with the strongest performance among our highest income buyers, which is consistent with the US consumer spending trends we are all reading about. GMS comparisons across most of our top 6 categories improved sequentially. We saw particular strength in vintage home and living, jewelry above $100, and wedding and engagement rings.

根據估計的家庭收入對 GMS 業績進行細分，我們發現第三季度所有收入水平的業績都出現了同比好轉，其中收入最高的買家表現最為強勁，這與我們都在關注的美國消費者支出趨勢一致。在我們排名前六的類別中，大多數類別的 GMS 對比結果均逐一改善。我們看到復古家居用品、100 美元以上的珠寶以及結婚和訂婚戒指的銷售情況尤其強勁。

Kruti mentioned the great progress we're making with the Etsy app, and I want to underscore the importance and the effects of this focus. In the third quarter, on average, Etsy's app users visited roughly 5 times more often than our non-app users. They viewed 3 times more pages per visit and we're 1.5 times more likely to convert with a purchase.

Kruti提到了我們在Etsy應用程式方面取得的巨大進展，我想強調這一重點的重要性和影響。第三季度，Etsy 應用程式用戶的存取頻率平均比非應用用戶高出約 5 倍。他們每次造訪瀏覽的頁面數量是原來的 3 倍，而且我們促成購買的可能性是原來的 1.5 倍。

As we've said before, the app platform allows us to deliver a more engaging and personalized experience, form stronger, more direct relationships with buyers and increased customer lifetime value. With that in mind, we were pleased to see app downloads grow 9% year-over-year with even faster growth in downloads among new buyers. Mobile app GMS accelerated to mid-single-digit year-over-year growth in the third quarter, and the app's contribution to total GMS increased to 46% compared with just under 45% a quarter ago and 42.8% a year ago.

正如我們之前所說，該應用程式平台使我們能夠提供更具吸引力和個人化的體驗，與買家建立更牢固、更直接的關係，並提高客戶終身價值。考慮到這一點，我們很高興地看到應用程式下載量同比增長了 9%，其中新用戶的下載量增長速度更快。第三季度，行動應用 GMS 年比成長速度加快，達到個位數中段水平，該應用程式對 GMS 總額的貢獻率從上一季的略低於 45% 和去年同期的 42.8% 增至 46%。

Shifting to the seller view. Following stabilization last quarter, active sellers grew 1.7% sequentially in the third quarter leading to a moderation in the year-over-year decline. In fact, both US and international seller counts began growing again on a sequential basis. The number of new sellers who made a sale in the third quarter of 2025 saw strong double-digit year-over-year growth. In addition, the percentage of total sellers with the sale in the last 12 months increased year-over-year. rebounding from the Q1 2024 trough.

切換到賣方視角。繼上季企穩之後，第三季活躍賣家數量較上季成長 1.7%，導致年比降幅有所收窄。事實上，美國和國際賣家數量均開始較上季成長。2025 年第三季完成銷售的新賣家數量實現了強勁的兩位數年增長。此外，過去 12 個月內完成銷售的賣家佔總賣家的比例同比增長，從 2024 年第一季的低潮中反彈。

Moving to revenue performance. Consolidated revenue was $678 million, up 2.4% on a reported basis, which includes Reverb in the prior year period. Services revenue grew 12.7% year-over-year driven by growth in on-site ad revenue at both Etsy and Depop. Etsy Ads delivered another quarter of meaningful growth, supported by model enhancements that optimize seller budget pacing and improved ad quality and relevance while Depop continued to expand its boosted ad offering across the platform.

接下來討論營收表現。合併收入為 6.78 億美元，按報告數據計算成長 2.4%，其中包括去年同期 Reverb 的收入。受 Etsy 和 Depop 網站廣告收入成長的推動，服務收入年增 12.7%。Etsy 廣告業務在又一個季度實現了顯著成長，這得益於模型改進，優化了賣家預算節奏，提高了廣告品質和相關性；同時，Depop 繼續擴大其在平台上的廣告推廣服務。

Marketplace revenue decreased 1.7% year-over-year, largely reflecting the impact of the Reverb divestiture, which removed that contribution from consolidated results. Consolidated third quarter take rate improved to 24.9%, ahead of our guidance and up 90 basis points sequentially. Compared to one year ago, consolidated take rate expanded by 220 basis points, reflecting the divestiture of Reverb and the benefit of the growth in services and ads revenue that I just outlined.

市場收入年減 1.7%，這主要反映了 Reverb 出售的影響，該出售導致 Reverb 的貢獻從合併績效中剔除。第三季綜合成交率提高至 24.9%，高於我們的預期，季增 90 個基點。與一年前相比，綜合抽成率成長了 220 個基點，這反映了 Reverb 的剝離以及我剛才概述的服務和廣告收入成長的好處。

Consolidated product development spend increased by 5.7% year-over-year to $113 million, growing slightly as a percentage of revenue, as shown on the left of this slide and reflecting an increase in the number of dev employees on a year-over-year basis. We continue to be disciplined and focused in our hiring with the majority of our engineering hires this year allocated towards growth initiatives.

綜合產品開發支出年增 5.7% 至 1.13 億美元，佔收入的百分比略有增長，如本投影片左側所示，這反映出開發人員數量同比增長。我們在招募方面繼續保持嚴謹和專注，今年我們招募的大部分工程師都用於發展計畫。

Third quarter consolidated marketing spend increased 6% year-to-year to $208 million, representing 30.7% of revenue. The increase in consolidated marketing spending was driven primarily by incremental brand investment at Depop, Etsy marketplace spend was up only slightly from the prior year.

第三季綜合行銷支出年增 6% 至 2.08 億美元，佔營收的 30.7%。綜合行銷支出增加主要得益於 Depop 品牌投資的增加，而 Etsy 市場支出僅比前一年略有成長。

As shown on the walk on this slide, Etsy's marketplace marketing spend gained leverage year-over-year as a percentage of consolidated revenue, whereas Depop's marketing spend lost some leverage, netting to a slight deleverage on a consolidated basis. Within Etsy marketplace marketing strategies, we remain highly encouraged by our owned marketing channels. E-mail and push notifications, combined with enhancements to our app are allowing us to deepen our direct connections with buyers. And these channels are becoming meaningful high-growth drivers of attributed GMS without an associated investment in external ad spend.

如本投影片所示，Etsy 的行銷支出佔合併收入的比例逐年上升，而 Depop 的行銷支出則有所下降，導致合併後的行銷支出略有下降。在 Etsy 行銷策略中，我們仍然對自有行銷管道充滿信心。電子郵件和推播通知，再加上我們應用程式的改進，使我們能夠加深與買家的直接聯繫。而且，這些管道正在成為可歸因 GMS 的重要高成長驅動因素，而無需在外部廣告支出方面進行相關投資。

We also optimized our paid social portfolio through targeted mix shifts informed by incrementality testing, making us even better able to target higher-value audiences. In addition, we shifted low-funnel efforts to 0 in on new and lapsed by our audiences and expanded mid- and upper funnel investment in high-performing channels like TikTok. Lastly, while competitive spending patterns in the Google PLA auction were helpful during the quarter, we continue to reap the benefits of our own data feed optimizations and advanced PLA segmentation strategies.

我們也透過循序漸進的測試，調整了付費社群廣告組合，從而優化了我們的付費社群廣告投放策略，使我們能夠更好地鎖定更高價值的受眾群體。此外，我們將低漏斗階段的投入降至 0，不再針對新用戶和流失用戶，而是加大了對中漏斗和高漏斗階段在 TikTok 等高績效管道的投資。最後，雖然本季GooglePLA競價中的競爭性支出模式有所幫助，但我們仍然受益於我們自己的數據饋送優化和先進的PLA細分策略。

Turning to our financial position. We generated a very healthy $200 million plus in free cash flow in the quarter and $635 million in the trailing 12 months. We ended the quarter with $1.6 billion in cash and investments and approximately $3 billion in convertible debt. We repurchased 2.1 million shares of Etsy stock at a total cost of roughly $120 million. Taking a longer-term view, you can see in the chart on the right that we've reduced our share count by 17% since December of 2023 through our stock buyback program, delivering significant value to our shareholders.

接下來談談我們的財務狀況。本季我們產生了超過 2 億美元的非常健康的自由現金流，過去 12 個月共產生了 6.35 億美元的自由現金流。本季末，我們擁有16億美元的現金和投資，以及約30億美元的可轉換債券。我們以約 1.2 億美元的總成本回購了 210 萬股 Etsy 股票。從長遠來看，您可以在右側的圖表中看到，自 2023 年 12 月以來，我們透過股票回購計畫減少了 17% 的股份數量，為股東創造了巨大的價值。

Moving to our outlook, which assumes a stable macro environment from where we are now. Although we recognize that there is a higher-than-normal degree of uncertainty about consumer spending into the holiday season, both in the US and overseas, we currently expect Q4 consolidated GMS to be between $3.5 billion and $3.65 billion, which, at the midpoint, would represent further quarter-over-quarter improvement in the apples-to-apples growth rate.

接下來談談我們的展望，我們假設宏觀環境將保持穩定，與目前的情況相比。儘管我們認識到，無論是在美國還是海外，假日季消費者的支出都存在比往常更高的不確定性，但我們目前預計第四季度合併後的商品和服務總額將在 35 億美元至 36.5 億美元之間，其中值將代表環比增長率的進一步提高。

We expect that our Q4 consolidated take rate will be approximately 24.5%, primarily reflecting some seasonality. Consolidated adjusted EBITDA margin will be approximately 24% reflecting stable, strong profitability for the Etsy marketplace paired with a significant sequential increase in brand marketing investment at Depop, which will compress margin performance. This investment in Depop is discretionary and opportunistic arising from our excitement about the scale and growth of the apparel resale market as well as Depop's own very encouraging momentum as the business is now at an annualized run rate of $1 billion plus.

我們預計第四季綜合轉換率約為 24.5%，主要受季節性因素影響。綜合調整後的 EBITDA 利潤率約為 24%，這反映了 Etsy 市場穩定強勁的獲利能力，以及 Depop 品牌行銷投資的大幅環比成長，這將壓縮利潤率表現。我們對 Depop 的這項投資是出於自願和機會主義，源於我們對服裝轉售市場的規模和增長的興奮，以及 Depop 自身非常令人鼓舞的發展勢頭，該業務目前的年化運行率已超過 10 億美元。

Depop's nearly 60% year-over-year GMS growth in the United States is built on top of similarly strong growth in both buyers and sellers, and we see a meaningful opportunity to increase awareness and penetration across a broader demographic range of buyers that are coming into the vintage and resale markets.

Depop 在美國的年交易額年增近 60%，這得益於買家和賣家同樣強勁的成長。我們看到了一個重要的機會，可以提高 Depop 在更廣泛的復古和二手市場買家群體中的知名度和滲透率。

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

感謝大家今天的寶貴時間。現在我將把電話轉交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Maria Ripps, Canaccord.

Maria Ripps，Canaccord。

Kruti, congrats and George, best of luck with the transition. I guess I just wanted to ask about your Open AI partnership. So is this integration available to sort of to all US sellers? And how do you prioritize sort of listings that are included?

Kruti，恭喜你！ George，祝福你過渡期一切順利！我只是想問你們與 OpenAI 的合作情況。那麼，這種整合方式是否適用於所有美國賣家？那麼，您如何確定收錄清單的優先順序呢？

And maybe secondly, can you maybe help us think through sort of the performance fee since Etsy's covering this fee, is it fair to think about this sort of an extension of your offsite ads? Or are there any sort of transaction cost on your end that you will not be incurring sort of to compensate for the additional fee? How should investors think about this?

其次，您能否幫我們考慮一下效果費的問題？既然 Etsy 會承擔這筆費用，那麼將這種費用視為站外廣告的延伸是否合理呢？或者，您這邊是否會承擔任何交易成本，從而彌補額外的費用？投資人應該如何看待這個問題？

Great. Yes, I'm happy to start. Thank you, Maria. First of all, we are incredibly excited about the opportunity for Etsy in a world of agentic commerce. And being the first partner to partner with Open AI, we think, is a demonstration of the fact that we see a ton of opportunity where many others in e-commerce, I think, are feeling the need to play more defense.

偉大的。是的，我很樂意開始。謝謝你，瑪麗亞。首先，我們對 Etsy 在代理型商業世界中的機會感到無比興奮。我們認為，成為第一個與 OpenAI 合作的夥伴，表明我們看到了大量的機會，而許多其他電子商務公司則覺得需要採取更多防禦措施。

For many people in e-commerce, they're selling the exact same product that's for sale in many other places. And it just becomes a game of who can sell it cheaper and ship it faster. An agentic commerce is going to honor that for buyers. Etsy has something genuinely unique and different to offer.

對許多電商從業人員來說，他們銷售的產品與許多其他地方銷售的產品完全相同。最後就變成了誰能賣得更便宜、更快出貨的比賽。代理型商業模式會尊重買家的這一意願。Etsy 確實有一些獨特且與眾不同的商品和服務。

And so we think it's incredibly exciting that this is an opportunity for many consumers to raise consideration of Etsy and a lot of purchase occasions where they may not have thought of Etsy. And for the big model builders, they're interested in really unique pools of data, which Etsy offers unlike most and a really strong engineering culture that can actually keep up with them.

因此，我們認為這是一個令人無比興奮的機會，讓許多消費者有機會在許多他們可能從未想過 Etsy 的情況下，提高對 Etsy 的認知度。對於大型模式建構者而言，他們感興趣的是真正獨特的資料池，而 Etsy 提供的正是大多數平台所不具備的，並且擁有非常強大的工程文化，能夠真正跟上他們的步伐。

And so our ability to be at the front edge of this we think positions us really well to help shape what agentic commerce can be. What kinds of data they're ingesting, how they're presenting it to their buyers, how our brand is presented, for example, which is very important to us. And so being at the table early, we think, is really critical.

因此，我們認為，我們能夠處於這一領域的前沿，這使我們能夠更好地幫助塑造代理型商業的未來。例如，他們正在吸收哪些類型的數據，他們如何向買家展示這些數據，以及我們的品牌是如何被展示的，這對我們來說非常重要。因此，我們認為，儘早參與決策至關重要。

Maria, specifically to your questions, we -- Open AI and the others will scrape Etsy and organically provide Etsy listings as part of their organic experience. But if you want to actually purchase the way that works, we provide a data feed directly to open AI that they consume and the products that are in that data feed, which is the substantial majority of Etsy's products, that actually allows a buyer to actually complete the transaction within Open AI.

Maria，具體針對你的問題，我們——Open AI 和其他團隊將抓取 Etsy 的內容，並將 Etsy 商品清單作為其自然體驗的一部分提供。但如果您想以這種方式購買，我們會直接向 OpenAI 提供資料來源，供他們使用。此資料來源中包含的產品（即 Etsy 的絕大多數產品）實際上允許買家在 OpenAI 中完成交易。

And importantly, that still goes through Etsy's payment rails. So it still shows up as a guest checkout on an Etsy customer, and it's very clear to the customer that they're buying from Etsy. We pay a commission, a success-based transaction fee to Open AI for each of those purchases. And it's not unlike what we would pay to an influencer, for example, or an affiliate. So it's a CPA-based transaction fee.

重要的是，這筆款項仍然要透過 Etsy 的支付系統進行支付。因此，在 Etsy 顧客的結帳頁面上，它仍然顯示為訪客結帳，顧客可以非常清楚地知道他們正在從 Etsy 購買商品。對於每一筆交易，我們都會向 Open AI 支付佣金，也就是基於交易成功的手續費。這和我們付給網紅或聯盟行銷人員的費用很相似。所以這是基於CPA的交易費用。

At this time, we are not passing that through to our sellers. So it's not part of our offsite ads program, and we'll consider as time goes on. how to think about that.

目前，我們不會將此資訊傳遞給我們的賣家。所以它不屬於我們的站外廣告計劃，我們會隨著時間的推移考慮這個問題。

Steve Forbes, Guggenheim.

史蒂夫·福布斯，古根漢。

Congrats all around. Maybe for Kruti and Josh, maybe love to hear maybe from Kruti on this one. Given the recent changes, you mentioned sort of improvements in engagement on the app. I'd love for you maybe to just expand on that, sort of what you've seen on the engagement front, given the changes in screen real estate towards discovery.

恭喜大家！或許對 Kruti 和 Josh 來說，或許很想聽聽 Kruti 對此事的看法。鑑於最近的變化，您提到應用程式的用戶參與度有所提高。我希望你能就此展開談談，考慮到螢幕空間向發現方向的變化，你在用戶參與度方面看到了什麼。

And then curious, any initial thoughts on how the recent learnings are impacting or informing your product development plans for next year as we continue this journey -- this return to growth journey and hopefully continue to see GMS trends improve next year.

那麼，對於最近的學習成果將如何影響或指導您明年的產品開發計劃，您有什麼初步的想法嗎？我們將繼續這段旅程——這段重返成長的旅程，並希望明年 GMS 趨勢能繼續改善。

Sure. I can start that out, and then feel free to add on. So on the app side, as you mentioned, we've made some meaningful investments in reshaping what the home screen looks like. And that's really intended to deliver on that first priority that we talked about, showing up in a way that really enables discovery on Etsy.

當然。我可以先拋磚引玉，然後歡迎大家來補充。所以，正如您所提到的，在應用程式方面，我們已經進行了一些有意義的投資，以重新塑造主螢幕的外觀。這樣做確實是為了實現我們之前討論的首要目標，即以一種能夠真正讓顧客在 Etsy 上發現商品的方式來展示商品。

And so what you've seen is that we've gone from what was essentially trying to guess exactly what it is that you wanted when you first open the app to now giving you multiple windows and doorways into Etsy. And so you'll see that at the top of the home screen with that central hub that we mentioned, where you can not only pick up where you left off last but look at things that are like what you favorited before or items that you added to a collection before.

所以，你們看到的是，我們已經從最初試圖準確猜測你們第一次打開應用程式時想要什麼，發展到現在為你們提供進入 Etsy 的多個視窗和入口。因此，您會在主畫面頂部看到我們提到的那個中心樞紐，您不僅可以從上次離開的地方繼續操作，還可以查看您以前收藏的內容或以前添加到收藏夾中的項目。

And then below that, we've invested in ML to power a much more discovery focused feed items that are really intended to anticipate what else you might like next that you haven't necessarily engaged with in the past. And that's been basically through leveraging new ML models that are really deciphering what interest you as a buyer might have, and then connecting that to what items match those interests. And we're seeing a meaningful uplift in the engagement in the home screen, particularly through that feed. And we're really encouraged by that.

此外，我們還投資了機器學習技術，以支援更注重發現的推播內容，這些內容旨在預測您接下來可能喜歡但過去未必感興趣的東西。這基本上是透過利用新的機器學習模型來實現的，這些模型能夠真正解讀您作為買家可能感興趣的內容，然後將這些內容與符合這些興趣的商品聯繫起來。我們看到主螢幕的互動量顯著提升，尤其是透過訊息流的互動量。我們對此感到非常鼓舞。

How this is playing into our product development plans more broadly? We're really encouraged by the progress that the teams have made very quickly against all the four priorities, the strategic priorities that we've laid out. And we're really encouraged by the early traction that we're seeing from them. We're seeing really great momentum and early indications of growth across metrics.

這對我們的產品開發計畫有何更廣泛的影響？我們對各團隊在實現我們所製定的四項策略重點方面取得的快速進展感到非常鼓舞。我們對他們目前的初步進展感到非常鼓舞。我們看到了非常強勁的成長勢頭，各項指標都出現了早期成長跡象。

And so what that does is that gives us confidence in the priorities that we have set and continuing to deepen our focus in those as we go into next year. Really, these four priorities address accelerating the entire flywheel for us through driving discovery, engagement and connection in ways that we think are going to affect all the metrics that drive our marketplace growth. And so the early traction that we're seeing is encouraging and indicates that we'll continue to invest across these four priorities.

因此，這讓我們對已確定的優先事項充滿信心，並將繼續在明年深化對這些事項的關注。實際上，這四個優先事項旨在透過推動發現、參與和連接，加速整個飛輪的運轉，我們認為這將影響所有推動我們市場成長的指標。因此，我們目前看到的初步進展令人鼓舞，顯示我們將繼續在這四個優先事項上進行投資。

And a couple of nuggets we gave in the call, people who've downloaded and are using our app visit 5 times more often than people that are web only. And in each of those visits on average, they see 3 times as many pages. So they're visiting more often, and their engagement is a lot higher.

我們在電話會議中透露了一些重要資訊：下載並使用我們應用程式的使用者造訪頻率是僅使用網頁使用者的 5 倍。而且，在每次造訪中，他們平均瀏覽的頁面數量是其他人的 3 倍。所以他們的訪問頻率更高了，參與度也更高了。

And as Kruti's talking about that flywheel. That gives us an opportunity to get to know them so much better so that each visit we're able to become a lot more personalized and we've talked for so many years about the consideration opportunity at Etsy. The people think of us for home furnishings or they think of us for clothing or they think of us for gifts. And we want them where we can serve so many of their needs.

克魯蒂正在談論那個飛輪。這讓我們有機會更了解他們，以便每次拜訪都能更加個性化，多年來我們一直在討論在 Etsy 上提供考慮機會的問題。人們想到我們，要嘛是想到我們提供家居用品，要嘛是想到我們提供服裝，要嘛是想到我們提供禮品。我們希望他們待在我們能夠滿足他們許多需求的地方。

And of course, you can buy TV ads saying, think of us for lots of things. But the best way to do it is when you're on Etsy to show you not only the thing you came for, but also to exposure to really cool things, you didn't even think to ask of, so you broaden your understanding of Etsy. And that's the flywheel where we're encouraged by the early results we're seeing from these efforts.

當然，你也可以購買電視廣告，例如「想到我們，就想到我們」。但最好的方法是當你瀏覽 Etsy 時，它不僅會向你展示你想要的東西，還會讓你接觸到一些你甚至沒有想過要問的非常酷的東西，從而拓寬你對 Etsy 的了解。這就是推動我們不斷取得進展的動力所在，我們從這些努力中看到的早期成果令人鼓舞。

I don't want to -- just to say that all of that also is powering our owned media channels. And so the data that we're gathering about those app users when they're visiting much more frequently, when they're looking at many more pages, when they're responding to the ML prompts that we are providing to them is helping us profile them, which is helping us better target our outbound e-mail and push notifications, which are becoming -- quickly becoming a really prominent and very high return marketing channel for Etsy. So the flywheel connects through the marketing as well.

我不想——只是想說，所有這些也都在為我們自己的媒體管道提供支援。因此，當我們收集到這些應用程式使用者存取頻率更高、瀏覽頁面更多、對我們提供的機器學習提示做出回應的資料時，我們就能更好地了解他們的特徵，從而幫助我們更好地定位我們的對外電子郵件和推播通知，這些管道正迅速成為 Etsy 非常突出且回報非常高的行銷管道。所以，飛輪效應也透過行銷得以體現。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Great. And let me add my congrats as well to Kruti and Josh. Josh, you will be missed. But yes, congrats guys. We had a follow-up on the guide for the fourth quarter. So great to hear about the sequential improvement at core Etsy GMS. Are you seeing further improvement here in 4Q, just given the momentum of the initiatives and the easy compares that the business is lapping?

偉大的。我也要向 Kruti 和 Josh 表示祝賀。喬希，我們會想念你的。不過，恭喜你們！我們對第四季度的指南進行了後續跟進。很高興聽到 Etsy GMS 核心功能逐步改進的消息。鑑於各項措施的勢頭以及公司業績與去年同期相比的良好勢頭，您是否認為第四季度會有進一步的改善？

And just curious, talk about maybe how you approach the holiday. Any specific opportunities for the business. We had a shortened holiday last year, which was not a positive, what could Gift Mode due this year? So curious on that.

我很好奇，能不能談談你們是如何度過假期的？有哪些具體的業務發展機會？去年我們的假期縮短了，這不是一件好事，今年的「禮品模式」會帶來什麼影響呢？我對此很好奇。

And then, Kruti, maybe it's early for this question. But Etsy's profitability is some of the highest among the peer set. Just strategically, do you think there's an opportunity to invest more just to reignite growth even faster? Or do you think it's important to preserve profitability?

克魯蒂，或許現在問這個問題還為時過早。但Etsy的獲利能力在同業中名列前茅。從策略角度來看，您認為是否有機會加大投資，從而更快地重振成長？還是你認為保持獲利能力更重要？

Let me talk first about the outlook for the fourth quarter GMS. As we said, the consumer outlook remains uncertain. There's probably a higher degree of uncertainty around the consumer going into this holiday season than there has been for some prior seasons anyway. But our assumption is that could the consumer health stays about where it has been year-to-date into the fourth quarter. So that's sort of underlying macroeconomic consideration.

首先讓我談談第四季GMS的展望。正如我們所說，消費者前景仍然不明朗。與以往幾個假期季節相比，今年消費者的不確定性可能更高。但我們的假設是，消費者健康狀況可能會在第四季度保持與今年迄今大致相同的水平。所以這算是宏觀經濟方面的考量。

When we look at the progress we've made since the start of this year to where we are today, we believe a lot of that progress has reflected -- has been a reflection of the things that we've done on the initiatives that Kruti talked about earlier. And we expect to continue to make that progress into the fourth quarter.

回顧今年以來我們所取得的進展，我們認為，這些進展很大程度上反映了——也反映了我們先前在克魯蒂提到的那些舉措上所做的工作。我們預計這一進展將延續到第四季。

So as you look at the ranges that we've outlined for the fourth quarter, as Josh said in his prepared remarks, at the midpoint of the outlook range, it would equate to a further sequential improvement in the year-over-year growth rate for a consolidated picture as well as for the Etsy business.

因此，正如喬希在準備好的發言稿中所說，當我們審視我們為第四季度製定的範圍時，在展望範圍的中點，就整體情況以及 Etsy 業務而言，同比增速將進一步環比改善。

And we think that's -- we've provided a range at the upper end of the range. It would probably be in a healthier consumer and more progress in our own initiatives and the lower end of the range might mean a little bit more challenging consumer environment. We've really tried to provide you the best picture we have today with what the fourth quarter looks like, and that's what it's put into our outlook.

我們認為——我們已經提供了一個處於範圍上限的範圍。消費者可能會更健康，我們自己的措施也會取得更大進展，而產品系列的低端產品可能意味著消費者環境更具挑戰性。我們已盡力向大家展示我們目前掌握的關於第四季度情況的最佳信息，並將這些信息納入了我們的展望中。

For our holiday season, we've got a really exciting campaign plan that really leaned into the humanity of Etsy. What made Etsy really different than the fact that you are seeing what's special in the other person than recognizing what's meaningful in the other person. It's a really great set of campaigns. That will be reaching people where they consume media now, which is very different than where they have in prior years. So we're really excited about that.

為了迎接節慶季，我們制定了一個非常令人興奮的行銷計劃，真正體現了 Etsy 的人文關懷。Etsy 與其他平台最大的不同之處在於，它讓你看到的是別人身上特別之處，而不是別人身上有意義的東西。這是一系列非常棒的宣傳活動。這將觸達人們現在消費媒體的管道，這與他們往年的消費管道截然不同。所以我們對此感到非常興奮。

And on Gift Mode, in particular, it's really now deeply integrated into search and the core home screen. And so instead of having to go to a separate tab for it, it's really integrated into the core experience. And as we're getting better and better at recommendations with these new ML models, we're also getting even better at finding the perfect gift for you, both through edited and curated gift lists and then ML just for you. So we're super excited about that.

尤其是在禮品模式下，它現在已經真正深度整合到搜尋和核心主螢幕中。因此，用戶無需打開單獨的標籤頁，它已經真正融入核心體驗。隨著我們利用這些新的機器學習模型不斷改進推薦功能，我們也越來越擅長為您找到完美的禮物，這既包括編輯和精選的禮物清單，也包括專門為您生成的機器學習禮物清單。所以我們對此感到非常興奮。

And then on the last part of your question, it is early to comment on the specifics there. But what I will say is that we have seen the profitability of our marketplace is a real strength of our marketplace. And we've always been really disciplined and thoughtful about our investments. And so I would point to Depop as really a great example of where we've been willing to make deeper investments where we think there's a lot of opportunity.

至於你問題的最後一部分，現在評論具體細節還為時過早。但我想說的是，我們已經看到我們市場的獲利能力是我們市場的真正優勢。我們一直以來在投資方面都非常自律和謹慎。因此，我認為 Depop 就是一個很好的例子，它體現了我們願意在我們認為有很多機會的地方進行更深入的投資。

And just to step back and talk about that for a moment. I'm really proud of what we've been able to accomplish at Depop. We went from three years of flat GMS to two years of accelerating growth. And over that time, we nearly doubled the scale of GMS and the number of active users and tripled the number of listings on the platform. And I think all of that goes to show that we've really achieved incredible product market fit. And the growth is not just momentum. It's sustained growth based on that product market fit.

讓我們先退一步，談談這個問題。我為我們在 Depop 所取得的成就感到非常自豪。我們從連續三年GMS持平，轉變為連續兩年加速成長。在此期間，GMS 的規模和活躍用戶數量幾乎翻了一番，平台上的房源數量增加了兩倍。我認為所有這些都表明，我們已經真正實現了產品與市場的完美契合。而且這種成長不僅僅是勢頭。這是基於產品與市場契合度的持續成長。

And so this is really the perfect time to be making that step up in investment against marketing Depop to really increase the exposure that we're giving to people who may not have heard of Depop whom the value proposition is really relevant and will resonate. And so I would just look to that as an example for us of when and where we think there are really great opportunities to invest more. We will absolutely take them. And we continue to see our profitability profile as strength of the business.

因此，現在正是增加對 Depop 行銷投入的最佳時機，以便真正提高 Depop 的曝光度，讓那些可能從未聽說過 Depop 的人了解我們的價值主張，從而引起他們的共鳴。因此，我會把這當作一個例子，讓我們了解何時何地存在真正值得加大投資的絕佳機會。我們一定會接收的。我們仍然認為我們的獲利能力是公司的優勢所在。

Bryan Smilek, JPMorgan.

Bryan Smilek，摩根大通。

Congrats on seeing the good improvement in execution overall. Kruti, as you step into the CEO role, can you just elaborate a bit more on how you strategically are thinking about driving sustained GMS growth here? Is it more of the same execution or leveraging the Depop playbook across product marketing? Or is there just anything else to keep in mind?

恭喜你們在整體執行力方面取得了顯著進步。Kruti，你即將就任CEO，能否詳細說明你如何從策略上考慮推動GMS的持續成長？是沿用先前的執行方式，還是在產品行銷中藉鏡 Depop 的成功經驗？或是有其他需要注意的地方嗎？

You're right. My focus is squarely on delivering robust, sustainable growth, and that has been my focus since the moment I stepped back here at Etsy from Depop. And so one of the nice things about the way that this transition is playing out is that your -- I've had the ability to really lay the groundwork for growth over this last year. So you're already seeing the investments and the changes that we think are going to be really critical to driving growth next year and over time.

你說得對。我始終專注於實現強勁、可持續的成長，自從我從 Depop 回到 Etsy 以來，我的工作重點就一直是這個。因此，這種轉型方式帶來的一個好處是——在過去的一年裡，我有能力真正為發展奠定基礎。所以你們已經看到了我們認為對明年及以後推動成長至關重要的投資和變革。

And so the way that I would think about it is that we stepped back and said, what are the things that we need to do to strengthen the value proposition of Etsy for our both our buyers and our sellers, our entire community. That's what really underpins the four strategic priorities that we've laid out. really driving that flywheel of discovery engagement and connection, all with human connection at the center of what makes Etsy different.

因此，我的想法是，我們退後一步，思考我們需要做些什麼來增強 Etsy 對買家、賣家以及整個社區的價值主張。這正是我們所製定的四大戰略重點的真正基礎。真正推動發現、互動和連結的良性循環，而人與人之間的連結正是 Etsy 與眾不同的核心所在。

And I think we all feel very encouraged by the quick progress that we've made, the quick time to market against any of these priorities and the early traction that we're seeing. We are excited about the traction, but we're far from satisfied with the growth that we're seeing. So there is a ton of potential ahead. And because we see these working, you can expect us to continue to invest in these strategic priorities going into next year.

我認為我們都對我們取得的快速進展、針對這些優先事項的快速上市以及我們看到的早期成效感到非常鼓舞。我們對目前的進展感到興奮，但對目前的成長速度並不滿意。所以未來潛力大。因為我們看到這些措施行之有效，所以您可以期待我們明年繼續加大對這些策略重點的投入。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Just wanted to come back to loyalty and rewards and sort of build on that as a broader conversation piece, what have been your key learnings so far as you rolled out more loyalty on the platform, how do those learnings inform the innovation or iteration of loyalty you're announcing today that looks like it's going into beta this week? And how should we think about the GMS opportunity attached to loyalty over the longer term?

我想回到忠誠度和獎勵的話題，並以此為基礎展開更廣泛的討論。到目前為止，隨著您在平台上推出更多忠誠度計劃，您有哪些主要經驗教訓？這些經驗教訓將如何影響您今天宣布的忠誠度創新或迭代（看起來本週將進入測試階段）？那麼，我們該如何看待與忠誠度相關的長期GMS機會呢？

Sure. I can start on that, and please feel free to add on. So look, at the core of this priority around loyalty is the idea that Etsy should get better and better for our customers as they use it more and more. That's true for buyers and sellers but let's talk about buyers in this case since you asked about the loyalty program. I think there are two main ways that Etsy can feel like that can feel like it's getting better as you use it more. The first is what we were talking about earlier, which is our investments in personalization.

當然。我可以先從這方面入手，歡迎大家補充。所以你看，圍繞忠誠度而採取的這種優先措施的核心理念是，隨著客戶使用 Etsy 的次數越來越多，Etsy 應該變得越來越好，更好地服務於我們的客戶。這對買家和賣家來說都是如此，但既然你問到了會員忠誠度計劃，我們就來談談買家吧。我認為 Etsy 給人的感覺隨著使用次數的增加而變得越來越好，主要有兩種方式。首先是我們之前討論過的，那就是我們在個人化上的投入。

It's really the number 1 way that we can show our buyers that we really understand them that we're paying attention to all of the signals that they give us. And that's informing an experience that feels really tailor-made just for them that we think drives engagement. The ongoing engagement and loyalty over time.

這確實是我們向買家表明我們真正了解他們，並且關注他們發出的所有信號的最佳方式。而這正是為了讓使用者感受到真正量身訂做的體驗，我們認為這能夠提高使用者參與度。持續的參與和長期的忠誠。

Another piece of that is our investment in the Etsy Insider loyalty beta program. And as you noted, we are evolving that program into version 2.0 of our data. What we've learned from the initial version is that the rewards that we offered both drove adoption of the loyalty program and drove a meaningful uplift in frequency of engagement and purchasing. And so that was a really important learning from this first version.

另一部分是我們對 Etsy Insider 忠誠度測試計劃的投資。正如您所指出的，我們正在將該專案發展到​​資料 2.0 版本。我們從最初的版本中了解到，我們提供的獎勵既推動了忠誠度計畫的普及，也顯著提高了參與度和購買頻率。所以，這是我們從第一個版本學到的非常重要的經驗。

What we're changing in this next version is we're really reorienting it to really focus on our more frequent buyers. So again, to that point of making sure it feels like you are recognized and rewarded for the time and investment that you make in Etsy.

在下一個版本中，我們將改變的是，我們將真正重新調整方向，並更加專注於我們的頻繁購買者。所以，再次強調，確保你在 Etsy 上投入的時間和精力能夠得到認可和回報。

And so the changes that we're making are really around the reward structure, so the benefits that you get are benefits that you experience with every purchase. So shipping discounts on every purchase, rewards, anti-credit back on every purchase. And what we're looking for is, again, to see continued adoption, frequency of engagement, frequency of purchasing and over time, renewal rates in that loyalty program. So that's the goal. And as we learn more, we'll share that.

因此，我們正在進行的改變實際上圍繞著獎勵機制，也就是說，您獲得的收益是您每次購買都能體驗到的收益。因此，每次購物均可享有運費折扣、獎勵和退款。我們再次希望看到的是，該忠誠度計劃的持續普及、參與頻率、購買頻率以及隨著時間的推移，續訂率。這就是目標。隨著我們了解更多信息，我們會與大家分享。

I would just say from a -- thinking about the GMS opportunity, I would I would start out by thinking about Etsy generating $120 in GMS per buyer on a 12-month time frame. And our opportunity to increase purchase frequency through rewards and through incentives and then through retention benefits, that's a huge lever for us. We feel like that number -- we know we've got plenty of customers who are spending 5 and 10 times that amount with us in a given year. And we're lining up programs and marketing and communication personalization, all these things to induce more of our customers to think about Etsy earlier on and the leverage point really comes back to that GMS per buyer in the long term.

如果從思考 GMS 的機會來看，我會先考慮 Etsy 在 12 個月的時間範圍內，每個買家能產生 120 美元的 GMS 收益。我們有機會透過獎勵、激勵和留存福利來提高購買頻率，這對我們來說是一個巨大的槓桿。我們覺得這個數字——我們知道我們有很多客戶每年在我們這裡消費的金額是這個數字的 5 倍甚至 10 倍。我們正在製定計劃、行銷和溝通個人化方案，所有這些措施都是為了促使更多客戶更早地考慮 Etsy，而從長遠來看，真正的槓桿點在於每位買家的商品和服務總額 (GMS)。

Youssef Squali, Truist.

Youssef Squali，Truist。

Congrats all around. So maybe first question for Josh or Kruti, and this is really a follow-up to the prior question. But how do you balance the push for traffic from these Gen AI platforms versus maybe direct/mobile, where arguably the value that accrues to Etsy over time is higher.

恭喜大家！所以，或許第一個問題應該問 Josh 或 Kruti，這其實是對前一個問題的後續。但是，如何平衡這些人工智慧平台的流量推動與直接/行動端流量的推動呢？從長遠來看，直接/行動流量對 Etsy 的價值可能更高。

And then, Lanny, can you maybe unpack a little bit more the nature of the investments planned for Depop in Q4, which will compress margins near term? Is this a one quarter type of phenomenon around the holidays? Or is this more structural going forward?

那麼，Lanny，你能否再詳細解釋Depop在第四季度計劃進行的投資的性質？這些投資短期內會壓縮利潤率。這是假日期間每季都會出現的現象嗎？或者，這更多的是未來的結構性問題？

I'm happy to start with the agentic commerce. The great news for Etsy is I don't think that it's a zero-sum game. I don't think it's an or. I think it's an add. I think people are going to shop agentically sometimes. And when they do so, I think the smart agents are not going to say, here's the answer, very rarely is there one right answer. I think they're going to provide a range of choice. They're going to say, for example, this is the cheapest thing you can buy. This is the thing that will arrive the fastest. And this is the thing that's most special or unique.

我很樂意從代理商商業著手。對 Etsy 來說，好消息是我認為這並非一場零和遊戲。我不認為這是一個“或”關係。我覺得這是廣告。我認為人們有時會自主購物。當他們這樣做時，我認為智能代理不會說，這就是答案，因為很少有唯一的正確答案。我認為他們會提供多種選擇。例如，他們會說，這是你能買到的最便宜的東西。這是最快送到的東西。而這正是它最特別、最獨特的地方。

And in that offering, here's a few curated choices, I think disproportionately Etsy is going to be presented and is going to win. And a lot more often than consumers on their own might have bought of Etsy. And in all of those presentations, whether they buy that particular thing from Etsy or not, they're going to be constantly reminding Etsy has something to offer for you.

在這些精選產品中，我認為 Etsy 將會佔據絕對優勢，並且會勝出。而且比一般消費者在 Etsy 上自行購買的次數多得多。在所有這些展示中，無論他們是否從 Etsy 購買了特定的商品，他們都會不斷提醒 Etsy 能為你提供一些東西。

And those customers are also going to go and launch their app. It's going to prompt people to think, Oh, Etsy is so relevant for me so often. And I don't think in any near-term future, people are going to -- most people are going to exclusively shop by agents. So use agents sometimes, and they'll continue to use the app sometimes. And I think it's going to actually be a virtuous cycle that accrues disproportionately to Etsy's benefit.

這些客戶也會去發布他們的應用程式。這會促使人們思考：哦，Etsy 對我來說真的太重要了。而且我認為在不久的將來，大多數人不會只透過經紀人購物。所以有時候會用到代理，而他們有時也會繼續使用應用程式。我認為這實際上將是一個良性循環，而 Etsy 將獲得不成比例的收益。

In terms of the marketing investment, thanks for that question. Kruti said earlier, this is a really big market. We have a strong position. We have a product at Depop and a value proposition that we feel really good about. And it's an opportunity right now to really make this business quite a bit bigger and more valuable in the long term. And we're going after that pretty aggressively.

關於行銷投資方面，謝謝你的提問。克魯蒂之前說過，這是一個非常大的市場。我們擁有強大的地位。我們在 Depop 上有一個產品，並且我們對它的價值主張感到非常滿意。現在正是讓這家企業在長期成長、變得更有價值的好機會。我們正在積極主動地推進這項工作。

The big opportunity for us in the near term, Youssef, is to expand the awareness of this great product and this great service. And so it's a brand campaign. It's not going to be concluded in three months. It will carry over into the first half of next year. It will take some time, frankly, for us to be able to really assess how we're performing, and we're committed to staying with that brand investment through the time that it will take to be sure that we're really expanding awareness to that product. We really like the long-term opportunity here. So it will be -- it will compress margins in this quarter, and we'll continue to make that investment going forward.

尤瑟夫，我們近期面臨的最大機會是擴大人們對這款優秀產品和這項優質服務的認知度。所以這是一場品牌推廣活動。三個月內不可能結束。這種情況將持續到明年上半年。坦白說，我們需要一些時間才能真正評估我們的表現，我們承諾會繼續投資這個品牌，直到確保我們真正擴大了產品的知名度。我們非常看好這裡的長期發展機會。所以情況會是這樣——這將壓縮本季的利潤率，我們將繼續在未來進行這項投資。

Now if things look a lot better than we thought, we might step it up. If it doesn't look like it's going as we expect that we could be very maneuverable on our spending there. But our intention right now given where we are and what we see in this marketplace is to invest there for the longer-term play in that business.

如果情況比我們預想的要好得多，我們可能會加大力度。如果情況看起來不像我們預期的那樣發展，那麼我們就可以在那裡靈活調整支出。但鑑於我們目前的處境和我們對這個市場的觀察，我們目前的意圖是投資於該業務的長期發展。

Over the last couple of years, as we've leaned into the product and improved it and grown users as we -- and they've grown really quickly, that business has demonstrated an ability to deliver very high percentage of incremental revenue growth down to the bottom line. So we know, trust and believe in its long-term profitability, we just really want to change at scale.

在過去幾年裡，隨著我們不斷深入產品開發、改進產品，用戶數量也隨之增長——而且增長速度非常快——這項業務已經證明，它能夠為公司帶來非常高的增量收入增長，最終轉化為利潤。所以我們知道、信任並相信它的長期獲利能力，我們只是真的想大規模地改變現狀。

The cool thing on that is there's a huge opportunity for the core Etsy business in the future, but there is also a huge opportunity in Depop. Can Depop be the Venmo to our PayPal. Depop, I think, we think, can be on its own, a multibillion-dollar asset. And so what you're seeing is us take a discrete amount of investment dollars to invest in marketing. We think it's got a good chance of working. We'll be measured and disciplined about how we track progress there. If it doesn't work, we can turn it off. But we think it's likely to work, and we think there's huge potential for Depop.

這件事的妙處在於，Etsy 的核心業務未來有巨大的發展機遇，而 Depop 也同樣有巨大的發展機會。Depop 能否成為像 Venmo 一樣的 PayPal？我認為，我們認為，Depop 本身就可以成為一項價值數十億美元的資產。所以你看到的是我們拿出一定金額的投資資金投入行銷。我們認為它很有可能會成功。我們將以審慎和嚴謹的態度來追蹤那裡的進展。如果不行，我們可以把它關掉。但我們認為它很可能會成功，而且我們認為 Depop 具有巨大的潛力。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

And Josh, thank you for all the help over the years, and congrats to Kruti as well. I wanted to follow up on the open AI theme. I think there's clearly some benefit that you and other marketplaces can realize in terms of incremental traffic and engagement in GMS. But investors are starting to worry longer term about what this means from a retention and buyer perspective and what it means for direct traffic and core profit pools for businesses like yours with on-site ads. So when you evaluated this partnership, how did you kind of think about the risk/reward longer term of something like this?

喬希，感謝你這些年來的幫助，也恭喜克魯蒂。我想繼續探討開放人工智慧這個主題。我認為，您和其他市場顯然可以透過 GMS 獲得額外的流量和用戶參與度，從而獲得一些好處。但投資人開始擔心，從長遠來看，這會對用戶留存和購買者產生什麼影響，以及對於像您這樣擁有網站廣告的企業而言，這會對直接流量和核心利潤池產生什麼影響。那麼，在評估這項合作關係時，你是如何考慮這種合作的長期風險/回報的呢？

Yeah. I think Etsy is different than a lot of places and that we have a lot of confidence in our value prop. And we have a lot of confidence in the importance of our brand. Etsy is a community of over 5 million unbranded sellers selling unbranded items. And we know that when they set up their own shop and try to market themselves, it's very, very difficult for them to rise above the noise. But the Etsy brand next to their shop really helps to instill confidence in buyers and helps to elevate their product, their shop.

是的。我認為 Etsy 與許多其他平台不同，我們對自己的價值主張非常有信心。我們對自己品牌的重要性充滿信心。Etsy是一個擁有超過500萬無品牌賣家的社區，他們銷售無品牌商品。我們知道，當他們自己開店並嘗試推銷自己時，他們很難在眾多競爭者中脫穎而出。但是，店鋪旁的 Etsy 品牌標誌確實有助於增強買家的信心，並有助於提升他們的產品和商店的形象。

So we know that Etsy as a brand should be pulled through in the agentic experience. And when you're shopping with an agent, you want to see it's this seller powered by Etsy. And we have a lot of confidence in that value prop because we've seen it tested in the real world. So we know it makes sense to pull the Etsy brand through and have the Etsy brand be prominent. It's also been my experience from decades of doing this, the customer behavior changes much more slowly than people think.

所以我們知道，Etsy作為一個品牌應該貫穿整個代理商體驗。當你透過代理商購物時，你會希望看到賣家是由 Etsy 提供支援的。我們對這個價值主張非常有信心，因為我們已經看到它在現實世界中得到了驗證。所以我們知道，推廣 Etsy 品牌並突出 Etsy 品牌是明智之舉。根據我幾十年的經驗，客戶行為的改變速度遠比人們想像的要慢得多。

We will have an app, I believe, for many years to come, and people are going to shop agentically. And both are going to be good and both are going to be complementary. The great news here is that we think Etsy really does genuinely add a lot of value to our sellers and to our buyers. And I think that the agentic commerce is only going to help make that more prominent to customers. and be a real win-win for all of us.

我相信，在未來很多年裡，我們都會擁有一個應用程序，人們也會繼續透過代理商購物。兩者都會很好，而且兩者會相輔相成。好消息是，我們認為 Etsy 確實能為我們的賣家和買家帶來許多價值。我認為，代理型商務只會讓顧客更加意識到這一點，並最終實現我們所有人的雙贏。

The other thing is our position being an early adopter which comes from the fact that we have such a large set of inventory and a strong engineering culture means we're really at the table to help shape what this experience can be. How is it presented to the buyer what do the economics look like? We are really at the table there, and I think that is exactly where you'd want to be in such a titanic shift like this.

另一方面，我們作為早期採用者的地位，源自於我們擁有龐大的庫存和強大的工程文化，這意味著我們真正有機會參與塑造這種體驗。如何向買家展示？經濟效益如何？我們現在真的參與其中了，我認為在這樣一場巨大的變革中，這正是你想要參與其中的位置。

Yes. One other thing that I would add there is if you just like getting into the mindset of the consumer for a moment, it's really important that we are showing up where they are discovering. And this is a really great example of that. I think that we will continue to evolve as shopping behavior evolves.

是的。我還要補充一點，如果你想暫時站在消費者的角度思考問題，那麼我們出現在他們發現商品的地方就顯得特別重要。這就是一個很好的例子。我認為，隨著購物行為的演變，我們也將持續發展。

This is a great example, Josh, we mentioned earlier that the importance of our brand showing up in those moments, both to give buyers trust in the shops that they're looking at. But also every interaction through any channel, including a genic shopping is a reminder of Etsy and the brand so that the next time you're shopping, you're reminded to consider Etsy. So we think that it actually creates a real virtuous cycle whatever channels, shoppers are shopping on.

喬希，這是一個很好的例子。我們之前提到過，在這些時刻，我們的品牌出現非常重要，這不僅能讓買家信任他們正在瀏覽的商店。但透過任何管道進行的每一次互動，包括基因購物，都會提醒您 Etsy 和該品牌，以便您下次購物時能夠想到 Etsy。因此我們認為，無論消費者透過什麼管道購物，這實際上都會創造一個真正的良性循環。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

All right. Josh, we'll certainly miss working with you and Kruti, congrats on the new role. Let's see, maybe just a quick follow-up first on the agentic AI opportunity. And first, do you think -- well, actually, I guess, first of all, I know it's super early, this might just be a very annoying question, but are there any early insights to what you've seen with the partnership so far? Things like convert rates or average selling price, things like that?

好的。Josh，我們一定會想念和你以及Kruti一起工作的日子，祝賀你擔任新職務。嗯，或許先快速跟進一下智慧AI的機會。首先，您認為——嗯，實際上，我想，首先，我知道現在問這個問題還為時過早，這可能是一個非常煩人的問題，但是到目前為止，您對合作關係有什麼初步的了解嗎？例如轉換率或平均售價之類的？

And is there an Etsy Ads -- your offsite ads opportunity with this as well? And then a follow-up question, just with the trends overall getting better here and starting to see some nice progress, and then we've moved away sort of in the house of brands mentality. But just wanted to get updated thoughts on M&A capital allocation. If there's more opportunities is kind of the resale market grow here to kind of tag along with Depop.

另外，Etsy Ads——也就是您的站外廣告機會——是否也包含在內？然後還有一個後續問題，鑑於整體趨勢正在好轉，並且開始看到一些不錯的進展，我們已經逐漸擺脫了品牌之家的思維模式。只是想了解一下關於併購資本配置的最新看法。如果機會更多的話，這裡的二手市場可能會發展壯大，並與 Depop 的發展並行不悖。

I can take the opening, if you can [from there]. So yes, not knowing question at all. We're tracking very closely what's happening with data the data from agentic commerce. So what I'd say is with the partnership, we definitely saw a spike in purchases from that, but off of a very, very small base. And so good growth, but off a very small base.

如果你能，我可以接手這個開局。[從那裡]。所以，是的，完全不知道這個問題。我們正在密切關注來自代理商商務的資料動態。所以我想說的是，透過這次合作，我們確實看到了銷量的激增，但這是基於一個非常非常小的基數。所以成長動能良好，但基數非常小。

The early data is that the traffic coming from agents is higher intent than traffic even that we normally get from search. So the conversion rate is even higher. However, I would again emphasize that it's a very small data set still. And so while we are very optimistic about this over a period of years, it's still very early days.

初步數據顯示，來自代理商的流量比我們通常從搜尋獲得的流量具有更高的意向性。因此轉換率更高。不過，我還是要再次強調，這仍然是一個非常小的資料集。因此，雖然我們對未來幾年的發展前景非常樂觀，但現在還處於非常早期的階段。

And from the capital allocation and your question about M&A and how's the brands. We've got two incredible brands in Etsy and in Depop. And if there were other brands that were similarly interesting and attractive, exciting to us, we might look at them.

還有關於資本配置、併購以及品牌狀況的問題。我們在 Etsy 和 Depop 上都有兩個非常棒的品牌。如果還有其他類似有趣、吸引人、令我們興奮的品牌，我們可能會考慮它們。

But from -- we've been buying back our stock pretty aggressively over the last couple of years with a belief that the brands that we have are -- have tremendous long-term value in them. We've changed the momentum, we believe, at Etsy, and we're not satisfied where we are, but we've made some progress. And we think we've got the plans to get Etsy business into a stronger long-term sustainable growth mode.

但是，過去幾年我們一直在積極回購股票，因為我們相信我們擁有的品牌具有巨大的長期價值。我們相信，我們已經改變了 Etsy 的發展勢頭，雖然我們並不滿足於現狀，但我們確實取得了一些進展。我們認為我們已經制定了計劃，使 Etsy 業務進入更強勁的長期可持續成長模式。

And Depop has got great growth under -- sort of looking back and this really attractive opportunity right now for us to deploy more capital into it. So I guess what I'd wrap it up by saying is we really like our financial resources, and we really like the assets we have, and we're going to keep leaning into them very aggressively right now.

Depop 目前發展勢頭良好——回顧過去，現在對我們來說是一個非常有吸引力的機會，可以向其投入更多資金。所以我想總結一下，我們非常看好我們的財務資源和資產，我們將繼續積極利用這些資源。

Okay. Operator, I think we can get one more in.

好的。操作員，我覺得我們還能再加一個進去。

Robert Coolbrith, Evercore.

Robert Coolbrith，Evercore。

Josh and Kruti, congratulations to both of you on the transition. A couple of questions. So just on the agentic commerce, Kruti, you spoke during the call about the tailwinds you're seeing from improved buyer understanding. Just wanted to ask if you think there's a continued opportunity there in agentic context. Do you think there's going to be a meaningful sort of agent to agent communication and associated optimization opportunity in those channels over time?

Josh 和 Kruti，恭喜你們順利完成過渡。幾個問題。克魯蒂，關於代理商務，你在電話會議中談到了買家理解力提高所帶來的利多因素。我只是想問，你認為在代理語境下，這方面是否還有持續的機會。你認為隨著時間的推移，這些管道中會出現有意義的代理商之間溝通以及相關的優化機會嗎？

And then, Lanny, a quick follow-up. Can you just maybe help us size a bit the exogenous factors, the de minimis impact to the extent you saw over the course of Q3? Thank you.

然後，蘭尼，還有一個簡短的後續問題。您能否幫我們估算外生因素的影響程度，以及您在第三季觀察到的微不足道的影響？謝謝。

Sure. So I can start with -- look, we think there are a lot of exciting possibilities ahead, both what you mentioned and others that we haven't even considered yet. I think our investment and deepening buyer understanding is going to serve us in any of those packs ahead with whatever opportunities present.

當然。所以，我可以先說——你看，我們認為未來有很多令人興奮的可能性，包括你提到的那些，以及我們甚至還沒有考慮到的其他可能性。我認為，我們對買家的投資和加深了解，將使我們在未來的任何競爭中，無論出現什麼機會，都能從中受益。

The team has done a really incredible job moving very quickly to take advantage of these -- the evolving capabilities of AI and LLM to really deepen our buyer understanding in a way that is showing up most prominently right now in terms of the models that we're deploying on site, so in our on-site on app experience, both across search and recommendations.

團隊在利用人工智慧和LLM不斷發展的能力方面做得非常出色，他們迅速行動，真正加深了我們對買家的了解，這一點目前最突出地體現在我們網站上部署的模型中，也就是我們在網站和應用程式上的體驗，包括搜尋和推薦。

And so those are some of the improvements to engagement that I mentioned earlier, especially on the app and some of the improvements to conversion on searching adds that I mentioned in the prerecorded remarks. So we're excited about the possibility that, that deepening buyer understanding opens up, and we'll certainly leverage that as new opportunities come up in channels like agentic search as well.

所以，這些就是我之前提到的一些提升用戶參與度的改進措施，尤其是在應用程式方面；還有一些就是我在預錄演講中提到的提升搜尋廣告轉換率的改進措施。因此，我們對這種加深對買家理解的可能性感到興奮，我們肯定會在代理商搜尋等管​​道出現新的機會時加以利用。

Can I just build on that for just a second. One of the ways that customers are trained right now is to give three keywords or two keywords. And Etsy has just an unusually fast amount of inventory of really neat things that are relevant and people are suddenly being trained to give paragraphs of information and context. And that's going to be exceptionally helpful to us in getting you to the very perfect thing. So we're super excited about that.

我可以就此補充一下嗎？目前培訓客戶的一種方法是提供三個關鍵字或兩個關鍵字。Etsy 的庫存量異常迅速地增長，而且有很多非常酷炫、相關的商品，人們突然被訓練成能夠提供大量的資訊和背景介紹。這對我們幫您找到最適合的產品非常有幫助。所以我們對此感到非常興奮。

On a quick tour of exogenous factors. The foreign currencies were about the same in the third quarter as they were in the second quarter. The competitive dynamic continued to allow us to gain opportunistically some search market share, as we described.

外生因素簡述。第三季外匯匯率與第二季基本持平。正如我們所描述的那樣，競爭格局的持續變化使我們能夠抓住機會，獲得一些搜尋市場份額。

And from a trade and tariff perspective, we've seen the resilience in Etsy marketplace of stronger growth in US domestic with a little bit slower growth in the international imports in the United States right around a couple of weeks of the end of the de minimis exemption we saw a little bit of pause in the marketplace, but that came back and was a very modest headwind for the total quarter.

從貿易和關稅的角度來看，我們看到 Etsy 市場展現了韌性，美國國內市場成長強勁，而美國國際進口成長略有放緩。在最低限度豁免政策結束前後的幾週，我們看到市場出現了一些停滯，但隨後又恢復了，對整個季度的影響非常有限。

Great. All right. We are out of time. Thanks, everyone, for the this morning.

偉大的。好的。我們沒時間了。謝謝大家今天早上的陪伴。

Thank you, all.

謝謝大家。

Thank you.

謝謝。