ETSY Inc (ETSY) 2025 Q4 法說會逐字稿

Hi, everyone, and welcome to Etsy's fourth quarter and full year 2025 earnings conference call. I'm Deb Wasser, VP of Investor Relations. Today's prepared remarks have been prerecorded. It's my pleasure to introduce Kruti Patel Goyal for her first call as CEO, and of course, to have our CFO, Lanny Baker here as well. Once we are finished with the presentation, Kruti and Lanny will take questions from our publishing sell-side analysts on video.

大家好，歡迎參加 Etsy 2025 年第四季及全年財報電話會議。我是投資者關係副總裁黛布·瓦瑟。今天的講話內容已預先錄製。我很高興向大家介紹 Kruti Patel Goyal，這是她作為執行長的首次亮相，當然，我們的財務長 Lanny Baker 也出席了本次活動。演示結束後，Kruti 和 Lanny 將透過視訊回答我們出版商賣方分析師的問題。

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business and our operating results, as noted in the slide deck posted to our website for your reference. Our actual results may differ materially. Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-Q and which will be updated in future periodic reports that we file with the SEC.

請注意，我們今天的發言包含有關我們財務指引、業務和經營業績的前瞻性陳述，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。前瞻性聲明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報告和我們最新的 10-Q 表格中描述，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更新。

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

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。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，同時還將提供本次電話會議的回放。

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

接下來，我將把麥克風交給克魯蒂。

Thanks, Deb, and hello, everyone. I'm excited to be here with you today, 50 days into my role as Etsy's new CEO. This morning, I want to primarily focus on three things: what we're doing to improve the performance of our core marketplace, why I'm confident in these actions, and what you can expect as we go forward. But first, I'll take a few minutes to review yesterday's announcement of the definitive agreement we signed to sell Depop to eBay for $1.2 billion in cash.

謝謝黛布，大家好。今天是我擔任 Etsy 新任 CEO 的第 50 天，我非常興奮能在這裡與大家見面。今天上午，我想主要關註三件事：我們正在採取哪些措施來改善我們核心市場的表現，我為什麼對這些措施充滿信心，以及你們可以期待我們未來會取得哪些進展。但首先，我將花幾分鐘時間回顧昨天我們簽署的最終協議，該協議將 Depop 以 12 億美元現金出售給 eBay。

This transaction will allow us to focus exclusively on the compelling opportunity we see in front of us to grow the Etsy marketplace in ways that matter most to our buyers and sellers. We believe it's a great outcome for Etsy's shareholders and a positive next step for all involved.

這筆交易將使我們能夠專注於眼前的重大機遇，以對我們的買家和賣家而言最重要的方式發展 Etsy 市場。我們認為這對 Etsy 的股東來說是一個很好的結果，對所有相關方來說也是積極的下一步。

Of course, it's also a bittersweet moment for me personally given my time as Depop CEO. I am incredibly proud of what the Depop team has built, a truly differentiated brand new product grounded in clear purpose and strong community. We've been proud to support Depop's evolution, helping it reach the next generation of shoppers and become the fastest-growing fashion resale marketplace in the US. And we believe that eBay's desire to invest in Depop will further strengthen its position in the circular economy. Lanny will cover more specifics on the transaction a bit later. Now back to Etsy.

當然，考慮到我曾擔任 Depop 執行長的經歷，對我個人而言，這也是一個苦樂參半的時刻。我為 Depop 團隊所取得的成就感到無比自豪，他們打造了一款真正與眾不同的全新產品，目標明確，社群強大。我們很榮幸能夠支持 Depop 的發展，幫助它吸引下一代購物者，並成為美國成長最快的時尚二手交易市場。我們相信，eBay 對 Depop 的投資意願將進一步鞏固其在循環經濟領域的地位。蘭尼稍後會詳細介紹這筆交易的更多細節。現在回到Etsy。

When I returned last year as Chief Growth Officer, I conducted a deep diagnostic of the business to better understand the root causes of recent growth challenges and where our biggest opportunities are. I spent time speaking directly with buyers and sellers, listening closely to our teams, and pressure testing what I was hearing with customer research, data insights, and trend analysis.

去年我以首席成長長的身份回歸時，我對公司進行了深入的診斷，以更好地了解近期成長挑戰的根本原因以及我們最大的機會在哪裡。我花時間直接與買家和賣家交談，認真傾聽我們團隊的意見，並透過客戶研究、數據洞察和趨勢分析來檢驗我所聽到的內容。

The number one takeaway for me was that Etsy's value proposition for buyers and sellers remains differentiated and deeply resonant. At the same time, the diagnostic made clear that we hadn't translated that strength consistently through our customer experience. For instance, we saw that buyer appreciation for what makes Etsy special remains high, but perceptions of differentiation have softened over time.

對我來說，最重要的收穫是 Etsy 為買家和賣家提供的價值主張仍然獨樹一幟，並且引起了強烈的共鳴。同時，診斷結果清楚地表明，我們並沒有一致地將這種優勢轉化為客戶體驗。例如，我們發現買家對 Etsy 的獨特之處的欣賞程度仍然很高，但隨著時間的推移，人們對差異化的看法有所減弱。

As our sellers' inventory has grown significantly in both scale and breadth, we haven't reliably help buyers understand what they're seeing, why it belongs on Etsy or how to find the right item for their intent. That clarified a major opportunity. If we get better at how we match buyers to the right items and make the human story behind our sellers more visible, we can turn our scale back into an advantage and reassert what makes Etsy distinct.

隨著賣家庫存規模和範圍的顯著增長，我們未能可靠地幫助買家理解他們所看到的商品，為什麼這些商品會出現在 Etsy 上，或者如何找到符合他們需求的合適商品。這揭示了一個重要的機會。如果我們能更好地將買家與合適的商品搭配起來，並讓賣家背後的故事更加引人注目，我們就能將規模優勢轉化為優勢，並重新確立 Etsy 的獨特之處。

As another example, we've seen our buyer demographics aging with older users growing faster than younger ones. Our research shows that's not an appeal problem, it's a presence gap. Hence, our work to improve our app and shift our marketing mix to more intentionally engage and acquire younger shoppers. We've been weighted toward lower funnel moments, showing up once a buyer already has something specific in mind. The opportunity is to move earlier and in some cases, before a mission even begins using inspirational content to spark shopping journeys, not just respond to them in the places and formats where discovery increasingly happens, especially for younger buyers.

再舉一個例子，我們發現買家群體正在老化，老年用戶成長速度比年輕用戶更快。我們的研究表明，這不是吸引力問題，而是市場佔有率差距。因此，我們致力於改進我們的應用程序，並調整我們的行銷組合，以更有針對性地吸引和獲取年輕購物者。我們一直傾向於在銷售漏斗的底部階段出現，也就是在買家已經有了具體想法之後才出現。機會在於更早採取行動，在某些情況下，甚至在購物任務開始之前，利用鼓舞人心的內容來激發購物之旅，而不僅僅是在消費者越來越多地發現商品的地方和形式中對他們做出回應，尤其對於年輕買家而言更是如此。

On top of that, frequency and retention, even among our most valuable buyers have not been where we want them to be. We've become much more effective at closing a transaction but under-invested in creating reasons to return. Optimizing for conversion alone isn't enough. Long-term growth requires making Etsy a destination for inspiration, discovery, and ongoing engagement. Finally, it was clear that as Etsy grew, a disproportionate share of our investment went toward improving core e-commerce table stakes, things like conversion, price competitiveness, reliability, and shipping.

此外，即使是我們最有價值的買家，其購買頻率和留存率也沒有達到我們預期的水平。我們在促成交易方面效率大大提高，但在創造客戶再次光顧的理由方面投入不足。僅僅優化轉換率是不夠的。長期發展需要將 Etsy 打造成一個激發靈感、發現新事物和持續互動的平台。最後，很明顯，隨著 Etsy 的發展，我們投入的資金中有相當一部分用於改善電子商務的核心基本要素，例如轉換率、價格競爭力、可靠性和運輸。

Those investments were necessary but not sufficient. And we didn't invest enough in the aspects of Etsy that make Etsy feel special and different. I believe that trade-off helped us compete more effectively on fundamentals, but it has also limited our ability to fully capture demand for unique, meaningful commerce and unlock more of the e-commerce TAM.

這些投資是必要的，但還不夠。我們對 Etsy 中那些使其顯得特別和與眾不同的方面投入不足。我認為這種權衡幫助我們在基本面方面更有效地參與競爭，但也限制了我們充分滿足對獨特、有意義的商業需求以及釋放更多電子商務潛在市場的能力。

These learnings directly shape the strategic priorities we introduced last spring, designed to turn Etsy's strengths into more durable long-term growth. As a reminder, these four priorities are: showing up earlier in the shopping journey, increasingly meeting customers at the start of their missions wherever they begin; working to get much better at using machine learning to match buyers with the right items, mirroring their interests and their intent so we can turn the abundance of our marketplace into a clear advantage; deepening loyalty with our most valuable customers, so they feel seen, appreciated, and genuinely valued; and leaning into the human connection that differentiates Etsy so shoppers experience the stories, creativity and passion that make every item and every purchase feels special.

這些經驗直接影響了我們去年春天推出的策略重點，旨在將 Etsy 的優勢轉化為更持久的長期成長。再次提醒，這四個優先事項是：更早地出現在購物旅程中，無論顧客從何處開始購物，都要盡可能多地在他們購物之初就與他們互動；努力更好地利用機器學習技術，將買家與合適的商品進行匹配，反映他們的興趣和意圖，從而將我們欣賞市場的豐富性轉化為明顯的優勢；加深與最有價值的忠誠度，讓他們感受到最有價值的客戶的獨特人性化聯繫，讓購物者體驗到每一件商品和每一次購買背後的故事、創意和熱情，讓它們都顯得特別。

Alongside these priorities, we've made important changes to how we operate to drive clearer focus and better execution. At a high level, we've reorganized the company around customer outcomes rather than functional silos. We consolidated product and engineering so that teams own end-to-end experiences and can move faster and with clear accountability.

除了這些優先事項之外，我們還對營運方式進行了重要調整，以實現更清晰的重點和更好的執行。從宏觀層面來說，我們已經圍繞著客戶成果而不是職能孤島對公司進行了重組。我們整合了產品和工程部門，使團隊能夠擁有端到端的體驗，從而更快地採取行動，並明確責任。

We unified the teams responsible for trust and safety and customer support under one leader, protecting our community while delivering fast, thoughtful help when it matters most. And we realigned marketing from a channel-first model to a customer first one with teams anchored to outcomes like frequency, trust, and lifetime value rather than optimizing individual channels in isolation.

我們將負責信任與安全以及客戶支援的團隊整合到一個領導下，在最需要的時候提供快速、周到的幫助，同時保護我們的社區。我們將行銷策略從通路優先模式調整為客戶優先模式，團隊的工作重點放在頻率、信任度和終身價值等結果上，而不是孤立地優化單一管道。

The result is an organization with clear ownership of customer outcomes and fewer handoffs, built to move faster and execute more consistently against our priorities. That increased focus and execution is beginning to show up in our results. Our goal last year was to return our core marketplace to growth, and we achieved that in the fourth quarter. While we still have work ahead, the trajectory is clearly improving.

最終打造出一個對客戶成果擁有明確責任、減少交接環節的組織，能夠更快地行動，更持續地朝著我們的優先事項邁進。這種專注和執行力的提升已經開始體現在我們的業績上。我們去年的目標是使核心市場恢復成長，我們在第四季度實現了這一目標。雖然我們還有很多工作要做，但發展軌跡顯然正在改善。

From the first to the fourth quarter of last year, Etsy's marketplace GMS comparisons improved by 9 percentage points. And Q4 US buyer GMS grew for the first time in four years.

從去年第一季到第四季度，Etsy 市場 GMS 比較數據提高了 9 個百分點。美國第四季買家GMS實現了四年來的首次成長。

As Lanny will cover in more detail, our consolidated Q4 performance met or exceeded our expectations across the board. We delivered record revenue and we did so while continuing to invest for growth at both Etsy and Depop, all while maintaining very healthy profitability. This performance reinforces our confidence that the changes we've made so far are working and that we are headed in the right direction.

正如蘭尼將要詳細介紹的那樣，我們第四季度的綜合業績全面達到或超過了我們的預期。我們實現了創紀錄的收入，同時也繼續投資 Etsy 和 Depop 以實現成長，並保持了非常健康的獲利能力。這一表現增強了我們的信心，證明我們迄今為止所做的改變是有效的，我們正朝著正確的方向前進。

For example, the work we've done on our app is making it our most personalized and engaging platform with year-over-year GMS growth accelerating to 6.6% in Q4 and homepage clicks per visit increasing 14% year over year and GMS share continuing to grow.

例如，我們對應用程式所做的工作使其成為我們最個性化和最具吸引力的平台，第四季度 GMS 同比增長加速至 6.6%，首頁每次訪問點擊量同比增長 14%，GMS 份額持續增長。

Our personalized own marketing programs are doing a better job engaging buyers with push and email clicks up more than 25% while message volumes stayed disciplined. And satisfaction with our customer support is improving for both buyers and sellers with particularly strong gains on the seller side, up 15.5% since last year. These are all indicators that we are on the right track, which is why we're doubling down on our priorities for 2026. We have a clear plan to drive more visits, better engagement, higher conversion, and spend and healthier retention.

我們個人化的自有行銷計畫在吸引買家方面做得更好，推播和電子郵件點擊量增加了 25% 以上，而資訊量保持穩定。買家和賣家對我們客戶支援的滿意度都在提高，尤其是賣家方面的提升尤為顯著，比去年增長了 15.5%。這些都顯示我們走在正確的道路上，因此我們將加倍努力，推進 2026 年的各項優先事項。我們制定了明確的計劃，旨在提高訪問量、提升用戶參與度、提高轉換率和消費額，並實現更健康的用戶留存率。

What matters now is continued discipline and execution quarter after quarter. When we do that well, we feel confident that those investments will compound into the kind of sustainable growth we all believe Etsy is capable of, growth rooted in Etsy's differentiation and unique value to our customers.

現在重要的是每個季度都要保持紀律和執行。如果我們能做好這一點，我們相信這些投資將會帶來可持續的成長，而我們都相信 Etsy 有能力實現這種成長，這種成長植根於 Etsy 的差異化優勢以及我們為客戶創造的獨特價值。

Etsy began with a simple belief that technology should empower creative entrepreneurs, not replace them. Just over 20 years later, we're at an inflection point, one where the power of AI technology has the potential to make commerce on Etsy more human than ever, enhancing our differentiation and strengthening our unique customer value. On the seller side, AI is already helping to automate routine tasks. So sellers can spend more time on what only humans can do, creating, designing and connecting with customers around the globe.

Etsy 的創立源自於一個簡單的信念：科技應該賦能創意創業家，而不是取代他們。僅僅 20 多年後，我們正處於一個轉折點，人工智慧技術的力量有可能使 Etsy 上的商業比以往任何時候都更加人性化，從而增強我們的差異化優勢，並強化我們獨特的客戶價值。在賣家方面，人工智慧已經開始幫助實現日常任務的自動化。這樣，賣家就可以把更多的時間花在只有人類才能做的事情上，例如創造、設計和與全球客戶建立聯繫。

On the buyer side, it's making discovery easier and more relevant, helping Etsy show up in more of the moments where inspiration begins. At the same time, AI-powered and Agentic shopping presents meaningful opportunities for the unique items on Etsy to shine. These tools offer deeper insights into our listings, enabling our sellers' items to starkly stand out against the sea of personal undifferentiated mass produced goods. So we're moving fast to stay at the forefront of this inflection point.

對買家而言，這使得發現商品變得更容易、更相關，幫助 Etsy 在更多靈感迸發的時刻出現。同時，人工智慧驅動的智慧購物為 Etsy 上的獨特商品提供了脫穎而出的重要機會。這些工具能夠更深入地了解我們的商品訊息，使賣家的商品能夠在大批千篇一律的個人化批量生產商品中脫穎而出。因此，我們正在快速行動，力爭在這個轉折點上保持領先地位。

Since our last call, we've expanded our Agentic shopping partnerships, adding integrations with Microsoft Copilot and Google as well as an Agentic payments agreement with Stripe. While still a very small part of our overall traffic in GMS, agentic traffic to Etsy in Q4 was about 15 times what it was last year, underscoring just how rapidly this channel is emerging. And early indicators support our hypothesis that agentic discovery can be additive to our ecosystem.

自上次通話以來，我們擴大了 Agentic 購物合作夥伴關係，增加了與 Microsoft Copilot 和 Google 的集成，以及與 Stripe 的 Agentic 付款協議。儘管代理商流量在 GMS 的整體流量中所佔比例仍然很小，但第四季度 Etsy 的代理商流量大約是去年同期的 15 倍，這凸顯了該通路的崛起速度之快。早期跡象表明，我們的假設是，自主發現可以對我們的生態系統產生積極影響。

Using ChatGPT as an example, we're seeing evidence that in addition to bringing new buyers to Etsy, a meaningful share of buyers engaging through ChatGPT have a prior relationship with us, including lapsed buyers, indicating that agentic shopping could be a great unlock for retention and better lifetime value. Orders originating from ChatGPT also tend to skew higher value compared to some of our more mature acquisition channels.

以 ChatGPT 為例，我們看到有證據表明，除了為 Etsy 帶來新買家外，透過 ChatGPT 參與互動的買家中，相當一部分人與我們之前就存在聯繫，包括流失的買家，這表明代理購物可以極大地提高客戶留存率和終身價值。與一些較成熟的獲客管道相比，來自 ChatGPT 的訂單價值往往更高。

And in addition to instant checkout sales, we're seeing strong engagement with listings on Etsy resulting from ChatGPT discovery. There's a lot on our AI and agentic commerce road map. With these important partnerships as well as through the development of product experiences on Etsy and we'll keep you informed of our progress.

除了即時結帳銷售外，我們還看到 ChatGPT 的發現帶來了 Etsy 商品清單的強烈互動。我們的人工智慧和智慧商務路線圖上有很多內容。我們將透過這些重要的合作關係以及在 Etsy 上開發產品體驗，隨時向您通報我們的進度。

Wrapping up, I want to be clear about what you should expect from me. We have more work to do to return Etsy to sustained durable growth. My intention is to earn your confidence over time with clear priorities and transparency about what we're learning along the way. At the same time, we'll continue to shape Etsy's longer-term direction by leaning into what makes this marketplace truly distinctive: human creativity and meaningful connection.

最後，我想明確說明你們應該對我抱持什麼樣的期望。我們還有更多工作要做，才能讓 Etsy 恢復持續穩定的成長。我的目標是透過明確的優先事項和對我們一路走來所學到的東西保持透明，逐步贏得您的信任。同時，我們將繼續發揮 Etsy 的真正獨特之處——人類的創造力和有意義的聯繫——來塑造 Etsy 的長期發展方向。

I've been a part of two significant Etsy turnarounds already. First, starting in 2018 as Chief Product Officer, when we began to significantly up-level our shopping experiences that enable tremendous growth. And more recently running Depop, where we identified and deepen the platform's core differentiation and value proposition through improved personalization and discovery.

我已經參與過兩次 Etsy 的重大扭虧為盈。首先，從 2018 年擔任首席產品長開始，我們開始大幅提升購物體驗，從而實現了巨大的成長。最近，我們經營了 Depop，透過改進個人化和發現功能，我們確定並深化了該平台的核心差異化和價值主張。

In both cases, the biggest unlock wasn't a single bold idea or strategic initiative. It was sharp focus and strong execution, pinpointing what matters most to customers and building the operating discipline to deliver consistently. That's the muscle we've been strengthening to deliver another turnaround, one which propels Etsy to our next great chapter.

在這兩種情況下，最大的突破都不是某個大膽的想法或策略舉措。它擁有清晰的定位和強大的執行力，精準地掌握了客戶最關心的問題，並建立了持續交付的營運紀律。這就是我們一直在加強的實力，以實現另一個的扭轉局面，推動 Etsy 邁向下一個偉大的篇章。

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

這樣，我就把麥克風交給蘭尼了。

Thank you, Kruti. We have a lot of ground to cover today, so I'll dive right in. As we review our results, please keep in mind that we completed the sale of Reverb on June 2. We've provided Reverb's GMS and revenue for Q4 2025, so you can separate the impact of that sale from the results of our ongoing business.

謝謝你，克魯蒂。今天我們要講的內容很多，所以我這就直接切入正題。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。我們提供了 Reverb 2025 年第四季的商品交易總額和收入，以便您可以將此次出售的影響與我們持續經營的業績區分開來。

Fourth quarter consolidated GMS was $3.6 billion, up 2.4% year over year, excluding Reverb. This was above the midpoint of our guidance range and up 1.3% year over year on a currency-neutral basis. Consolidated revenue was $882 million, up 6.6%, excluding Reverb, a new quarterly record.

第四季合併後的商品和服務銷售額為 36 億美元，較去年同期成長 2.4%（不包括 Reverb）。這高於我們預期範圍的中點，以固定匯率計算年增 1.3%。不計 Reverb 的收入，合併收入為 8.82 億美元，成長 6.6%，創下新的季度紀錄。

Adjusted EBITDA was $222 million, representing a consolidated adjusted EBITDA margin of 25.2%. Our decision to accelerate brand marketing investment at Depop was the largest factor behind the year-to-year contraction in consolidated adjusted EBITDA margin. Etsy Marketplace, adjusted EBITDA margin was slightly above 30% in the fourth quarter, our high point for the year, though slightly lower year over year, primarily due to higher cost of revenue as well as higher G&A expense.

經調整後的 EBITDA 為 2.22 億美元，合併經調整後的 EBITDA 利潤率為 25.2%。我們決定加快對 Depop 品牌行銷的投資，這是導致合併調整後 EBITDA 利潤率年減的最大因素。Etsy Marketplace 第四季調整後 EBITDA 利潤率略高於 30%，為全年最高點，但年比略有下降，主要原因是收入成本和一般及行政費用較高。

Etsy Marketplace GMS was up 0.1% year over year in the fourth quarter, our first positive comparison since Q3 2023. On a currency-neutral basis, Etsy GMS was down 1% year-to-year, which is a 220 basis point improvement from the third quarter's currency-neutral comparison and extends the positive momentum established earlier in 2025.

Etsy Marketplace GMS 在第四季年增 0.1%，這是我們自 2023 年第三季以來首次實現正成長。以固定匯率計算，Etsy GMS 年減 1%，比第三季的固定匯率比較改善了 220 個基點，延續了 2025 年初建立的正面動能。

While several factors have contributed to that sequential improvement, including easier comparisons, FX tailwinds, and beneficial competitive dynamics in the US PLA auctions, we believe that progress on the four priorities Kruti described earlier is also contributing to better marketplace results. Notably, our trailing 12-month active buyer count in the United States increased slightly from Q3 to Q4 and US buyer GMS grew 0.3% year over year, marking the first quarter positive growth in four years.

儘管有多種因素促成了這一循序漸進的改進，包括更容易的比較、外匯利好以及美國PLA拍賣中有利的競爭動態，但我們認為，克魯蒂之前描述的四個優先事項的進展也有助於更好的市場結果。值得注意的是，過去 12 個月在美國的活躍買家數量從第三季到第四季略有增加，美國買家 GMS 年增 0.3%，這是四年來首次實現季度正增長。

In the details of Q4, we see further validation of the notion that when Etsy leans into its strongest points of differentiation, we win with GMS strength concentrated in areas where we already stand apart. Etsy buyer engagement skewed toward personalized and sentiment-driven items with personalized gifts, artisanal finds, and milestone categories resonating the most with buyers.

從第四季度的詳細資訊中，我們進一步驗證了這樣一種觀點：當 Etsy 發揮其最強的差異化優勢時，我們就能憑藉 GMS 的優勢在我們已經脫穎而出的領域取得成功。Etsy 買家的參與度偏向於個人化和情感驅動的商品，其中個人化禮品、手工製品和里程碑類商品最能引起買家的共鳴。

Home and Living, our largest category returned to positive year-over-year GMS growth led by strength in high average order value subcategories where Etsy has high-quality differentiated items, such as vintage home decor, rugs, and lighting. Mobile app downloads grew 4% year-to-year and GMS growth continued to accelerate in Q4.

家居生活是我們最大的類別，在平均訂單價值較高的子類別中，Etsy 擁有高品質的差異化商品，例如復古家居裝飾、地毯和燈具，該類別的商品數量較多，因此其 GMS 恢復了同比增長。行動應用程式下載量年增 4%，GMS 成長在第四季持續加速。

App users consistently visit more often, engage more deeply and convert at higher rates than non-app users on average. And the app's contribution to total GMS reached 46% in Q4. That's 5 percentage points higher than at the end of 2023. Importantly, as Kruti discussed, our app strategy is central to showing up earlier in the shopping journey, particularly with younger buyers. More broadly, Etsy Marketplace customer metrics are also beginning to move in a healthier direction.

與非應用程式使用者相比，應用程式使用者平均存取頻率更高、互動更深入、轉換率更高。該應用在第四季度對 GMS 總貢獻率達到 46%。這比 2023 年底高出 5 個百分點。重要的是，正如 Kruti 所討論的那樣，我們的應用程式策略對於更早出現在購物旅程中至關重要，尤其是對於年輕的買家而言。更廣泛地說，Etsy Marketplace 的客戶指標也開始朝著更健康的方向發展。

The year-to-year rate of decline in active buyers improved for the first time in over a year with active buyers largely flat sequentially at $86.5 million. Our active buyer base benefited from improved acquisition and reactivation. We added 6.8 million new buyers and reactivated 10.4 million lapsed buyers for a combined total of 17.2 million gross additions, which is up 2.7% year over year and growing again for the first time in over two years. We had 5.9 million habitual buyers, down 8.6% year to year, though the sequential quarter-to-quarter decline was a more modest 1.4%.

活躍買家數量年減率一年多來首次改善，活躍買家數量較上季基本持平，為 8,650 萬美元。我們的活躍買家群受益於客戶獲取和啟動能力的提升。我們新增了 680 萬新買家，並重新啟動了 1,040 萬失效買家，總計新增 1,720 萬買家，年增 2.7%，這是兩年多來首次再次成長。我們有 590 萬固定買家，年減 8.6%，但季減幅度較為溫和，為 1.4%。

Trailing 12-month GMS per active buyer was $121, marking the third consecutive quarter of stable to improving trends and moving above the trough that we hit in the first quarter of 2025. The stabilization in GMS per buyer continues to be driven by higher average order value, while purchase frequency remained slightly lower than a year ago.

過去 12 個月每位活躍買家的 GMS 為 121 美元，連續第三個季度保持穩定或改善的趨勢，並超過了我們在 2025 年第一季達到的低谷。每位買家的 GMS 趨於穩定，主要得益於平均訂單價值的提高，而購買頻率則略低於一年前。

On the seller side, we've begun to see healthier trends as well. We ended the period with 5.6 million active sellers, up 1.5% sequentially, reflecting an increase in both US and international sellers. Additionally, the retention of active sellers improved throughout the year.

在賣家方面，我們也開始看到一些更健康的趨勢。本期末，活躍賣家數量達到 560 萬，季增 1.5%，反映出美國賣家和國際賣家數量的成長。此外，活躍賣家的留存率在全年都有所提高。

Turning to Depop, we delivered another quarter of excellent growth, with Q4 2025 GMS, up nearly 38% year over year to a new record of $300 million. In the US, which is Depop's largest market, GMS grew 60% year over year. We saw initial wins from our surge marketing investment including Depop's Taste recognizes Taste campaign with US brand awareness accelerating even at this early stage of investment. I'll take a couple of minutes to provide additional information about our agreement to sell Depop to eBay.

再來看 Depop，我們又實現了一個季度的出色成長，2025 年第四季 GMS 年成長近 38%，創下 3 億美元的新紀錄。在美國（Depop 最大的市場），GMS 年比成長了 60%。我們從加大行銷投入中看到了初步成效，包括 Depop 的「品味相通」活動，即使在投資的早期階段，美國品牌知名度也在加速提升。我將花幾分鐘時間提供一些關於我們把 Depop 賣給 eBay 的協議的補充資訊。

The sale is currently expected to close in the second quarter of 2026, subject to regulatory approval and certain closing conditions. The cash consideration to Etsy is to be paid at closing. And in keeping with our capital allocation approach, we plan to use the proceeds of the transaction for general corporate purposes, continued share repurchases and investment in the Etsy marketplace.

該交易目前預計將於 2026 年第二季完成，但需獲得監管部門批准並滿足某些成交條件。支付給 Etsy 的現金對價將在交易完成時支付。依照我們的資本配置方針，我們計劃將交易所得款項用於一般公司用途、繼續回購股票以及投資 Etsy 市場。

Etsy will continue to own and operate Depop through the completion of the transaction. However, Depop will be classified as a discontinued operation, and its results will be separated from those of Etsy's continuing operations in our future financial statements. For historical reference, we've provided Etsy standalone GMS and revenue in the appendix to today's slides.

交易完成後，Etsy 將繼續擁有並經營 Depop。然而，Depop 將被歸類為終止經營業務，其業績將在我們未來的財務報表中與 Etsy 的持續經營業務分開列示。為了方便歷史參考，我們在今天投影片的附錄中提供了 Etsy 的獨立 GMS 和收入數據。

For the full year 2025, Depop generated $1.1 billion in GMS and $187 million in revenue. Depop's lower take rate and negative adjusted EBITDA margins represented a drag of 80 basis points on our consolidated take rate and 350 basis points to consolidated adjusted EBITDA margins in 2025. With the excellent offer presented to us by eBay and in light of the significant opportunity we see at Etsy, we made the decision to sell Depop and fully prioritize our core marketplace. We believe that obtaining a strong value for Depop now and focusing on Etsy, where we believe we can achieve a higher rate of return on invested capital will best enable us to maximize shareholder value in the long term.

2025 年全年，Depop 的商品交易總額 (GMS) 為 11 億美元，營收為 1.87 億美元。Depop 較低的佣金率和負的調整後 EBITDA 利潤率導致我們 2025 年的合併佣金率下降了 80 個基點，合併調整後 EBITDA 利潤率下降了 350 個基點。鑑於 eBay 向我們提出的優厚條件，以及我們看到的 Etsy 的巨大發展機遇，我們決定出售 Depop，並將全部精力投入到我們的核心市場。我們認為，現在為 Depop 爭取到較高的價值，然後專注於 Etsy（我們相信在 Etsy 上可以實現更高的投資回報率），這將最有利於我們在長期內實現股東價值最大化。

Circling back to fourth quarter consolidated financial performance. Services revenue grew 9.9% year over year, while Marketplace revenue grew 0.8%. Consolidated fourth quarter take rate was 24.5%, in line with our guidance. Compared to one year ago, take rate expanded by 170 basis points. As outlined on the slide, the year-over-year consolidated take rate expansion reflects a step-up from the deeper divestiture, continued momentum in on-site advertising across Etsy and Depop and broader gains at Depop overall.

讓我們回到第四季綜合財務業績。服務收入較去年同期成長 9.9%，而市場收入較去年同期成長 0.8%。第四季綜合轉換率為 24.5%，與我們的預期一致。與一年前相比，成交率上升了170個基點。如同幻燈片所述，同比綜合佣金率的成長反映了更深層的資產剝離帶來的進步、Etsy 和 Depop 網站廣告的持續成長動能以及 Depop 整體的更廣泛收益。

Turning to fourth quarter operating expenses. I'll start with product development, where spend was largely flat as a percentage of revenue. Higher employee costs were offset by leverage in other areas. In marketing, the increase in brand spending at Depop shows up as a key driver of the deleverage you see in our consolidated marketing line. At the same time, the Etsy marketplace delivered meaningful year-over-year leverage on the marketing front.

接下來來看看第四季的營運費用。我先從產品開發說起，這方面的支出佔收入的比例基本上持平。員工成本的增加被其他領域的槓桿作用所抵消。在行銷方面，Depop 品牌支出的增加是導致我們整合行銷線槓桿效應減弱的關鍵驅動因素。同時，Etsy 市場在行銷方面實現了顯著的同比增長。

That improvement is reflective of targeted shifts in portfolio mix and efficiency, cornerstones of our priorities. We leaned into favorable paid search dynamics, shifted linear TV spending towards OTT, YouTube, and TikTok and targeted our paid social spend to new and lapsed buyers to drive incrementality and higher returns.

這項改善反映了我們在投資組合構成和效率方面所做的有針對性的調整，而這正是我們工作的首要任務。我們充分利用了付費搜尋的有利動態，將線性電視支出轉向 OTT、YouTube 和 TikTok，並將付費社交支出瞄準新用戶和流失用戶，以推動增量和更高的回報。

Our investment into TikTok has been very effective, both from an ROI perspective and also in targeting younger consumers. Last and definitely not least, we continue to drive stronger retention and engagement via our highly personalized owned marketing channels which delivered meaningful incremental GMS and reinforced the effectiveness of these levers when used alongside paid channels. We plan to further these efforts with an expansion of new marketing channels in 2026.

我們對 TikTok 的投資非常有效，無論從投資報酬率的角度來看，還是在吸引年輕消費者方面都是如此。最後，也是非常重要的一點，我們繼續透過高度個人化的自有行銷管道來推動更強大的用戶留存率和參與度，這些管道帶來了有意義的增量 GMS，並鞏固了這些手段與付費管道結合使用時的有效性。我們計劃在 2026 年透過拓展新的行銷管道來進一步推進這些工作。

As of December 31, Etsy held $1.8 billion in cash, cash equivalents and short and long-term investments. In 2025, we generated $735 million in adjusted EBITDA converting approximately 87% of that to free cash flow and returning more than 100% of free cash flow to shareholders through share repurchases. During the fourth quarter, Etsy repurchased a total of $133 million in stock, bringing total share repurchases for the year to $777 million, which reduced the outstanding share count by approximately 14.4 million shares over the course of the year.

截至 12 月 31 日，Etsy 持有 18 億美元的現金、現金等價物以及短期和長期投資。2025 年，我們實現了 7.35 億美元的調整後 EBITDA，其中約 87% 轉化為自由現金流，並透過股票回購將超過 100% 的自由現金流返還給股東。第四季度，Etsy 回購了價值 1.33 億美元的股票，使全年股票回購總額達到 7.77 億美元，全年流通股數量減少了約 1,440 萬股。

Now for our outlook. As we've described, we believe that the priorities we've been executing against are beginning to turn the Etsy marketplace in the right direction. As we enter 2026, we have a focused set of product and marketing initiatives in flight and several early indicators of progress. However, we expect that the full impact of these efforts will take time to translate into stronger sustainable growth. And all of this is reflected in the outlook we are providing today.

現在談談我們的展望。正如我們所描述的，我們相信我們一直在執行的各項優先事項正在開始引導 Etsy 市場朝著正確的方向發展。進入 2026 年，我們有一系列重點產品和行銷計劃正在實施，並且已經出現了一些早期進展跡象。然而，我們預計這些努力的全部影響需要時間才能轉化為更強勁的永續成長。所有這些都體現在我們今天所提供的展望中。

With the anticipated sale of Depop and its classification as discontinued operations in our financials as of January 1, 2026, the guidance we're providing today relates only to continuing operations or in other words, the core Etsy marketplace. We currently anticipate that first quarter 2026 GMS will be in the range of $2.38 billion to $2.43 billion, representing year-over-year growth of approximately 2% to 4% for the quarter.

由於預計 Depop 將於 2026 年 1 月 1 日出售，並在我們的財務報表中被歸類為終止經營業務，因此我們今天提供的指導僅與持續經營業務有關，或者換句話說，與 Etsy 的核心市場有關。我們目前預計 2026 年第一季 GMS 將在 23.8 億美元至 24.3 億美元之間，年增約 2% 至 4%。

The anticipated step-up in Etsy GMS growth in Q1 2026 reflects the contribution of our four priority areas as well as the effect of strong FX tailwinds and comparing against a particularly weak start to 2025. We expect the first quarter of 2026 take rate to be approximately 25.5%, and adjusted EBITDA margin between 28% and 30%.

預計 Etsy GMS 在 2026 年第一季的成長將有所提升，這反映了我們四個優先領域的貢獻，以及強勁的外匯利好因素的影響，並與 2025 年特別疲軟的開局進行了比較。我們預計 2026 年第一季的轉換率約為 25.5%，調整後的 EBITDA 利潤率在 28% 至 30% 之間。

Looking beyond the first quarter, with a singular focus on the Etsy business, growing confidence in our operating priorities and ongoing stabilization in customer metrics, we feel more comfortable to provide high-level commentary for the year.

展望第一季之後，我們專注於 Etsy 業務，對我們的營運重點越來越有信心，客戶指標也持續趨於穩定，因此我們更有信心對今年的情況進行高層次的評論。

We've improved the Etsy Marketplace's annual GMS performance from down 6% in 2024 to down 4% last year, and we expect to further improve our performance this year, achieving slight growth for 2026 with positive year-over-year GMS comparisons in each quarter of the year. We currently anticipate that Q1 2026 GMS growth may be the strongest of the year due to currency tailwinds that are likely to moderate and comparisons that get less favorable beyond the first quarter.

我們已將 Etsy Marketplace 的年度 GMS 業績從 2024 年的下降 6% 改善至去年的下降 4%，我們預計今年的業績將進一步改善，2026 年將實現小幅增長，並且每年的每個季度 GMS 都將實現同比正增長。我們目前預計，由於匯率利多因素可能會減弱，以及第一季之後比較基數不再有利，2026 年第一季 GMS 成長可能是全年最強勁的。

We expect that full year take rate and adjusted EBITDA margin will be roughly consistent with the first quarter view. We've assumed that macroeconomic conditions, particularly those impacting consumer discretionary spending remained stable relative to where they are at present.

我們預計全年轉換率和調整後 EBITDA 利潤率將與第一季的預期大致一致。我們假設宏觀經濟狀況，特別是影響消費者可自由支配支出的宏觀經濟狀況，相對於目前的狀況保持穩定。

Thank you all for your time today. We'll now take your questions.

感謝各位今天抽出時間。現在開始回答各位的問題。

(Operator Instructions) Trevor Young, Barclays.

（操作說明）特雷弗·楊，巴克萊銀行。

I guess starting with the improvement in gross buyer adds, the reactivated buyers accelerating and the declines in new buyers kind of improving meaningfully. I appreciate some of that as comparison dynamics, but could you maybe unpack a little bit what changed in 4Q? And similarly, some of the actions that you alluded to here in 1Q that are driving an improvement? And just relatedly, like how durable will this improvement be?

我想，首先是新增買家總數有所改善，重新啟動的買家數量加速成長，而新買家數量的下降趨勢也得到了顯著改善。我理解其中的一些比較分析，但您能否詳細解釋一下第四季度發生了哪些變化？同樣地，您在第一季提到的那些推動業績改善的措施中，有哪些也發揮了作用？另外，這種改進能持續多久呢？

Sure. Thanks for the question. Remember that the trailing 12-month buyer account is a trailing 12-month buyer view. So part of what we're looking at is trends from 12 and even 24 months ago in those comparisons. But over that period of time, we have been investing in the product experience.

當然。謝謝你的提問。請記住，過去 12 個月的買家帳戶是過去 12 個月的買家視圖。因此，我們部分研究的內容是比較 12 個月甚至 24 個月前的趨勢。但在此期間，我們一直在投資提升產品體驗。

We've been investing in driving our app usage. We've been investing in our personalized marketing. We've been investing in the social media channel. And I think what you're seeing in those comparisons gradually getting better is the cumulative effect of all of those investments, all those product moves and marketing moves that we made. And so in our outlook and sort of where we are today, we think that those trends are sustainable. They've been building gradually over time.

我們一直在加大投入，以提高應用程式的使用率。我們一直在加大對個人化行銷的投入。我們一直在投資社群媒體管道。我認為，你從這些對比中看到的逐漸改善，是我們所有投資、所有產品措施和行銷措施的累積效應。因此，就我們目前的情況而言，我們認為這些趨勢是可持續的。它們是一個逐漸發展起來的過程。

I think on specifics with your questions around reactivated buyers, we found the social media channels to be particularly effective for us in reactivating, reaching back out to buyers who have had great experiences with Etsy in the past. I haven't had Etsy top of mind for consideration as much as we want them to be and using social media to get them at that moment where they're just starting their journeys and reactivate them and bring them back in. Then we try to follow up with bringing them into our app experience where we really get that strongly personalized opportunity to reach out to them through our owned media channels and keep in front of them with product suggestions, with shopping, mission recommendations that are really what, in the long term, we believe, can help drive frequency and retention.

關於您提出的關於重新啟動買家的具體問題，我們發現社群媒體管道對於重新啟動、聯繫過去在 Etsy 有良好體驗的買家來說特別有效。我一直沒有像我們希望的那樣，把 Etsy 放在首位，也沒有像我們希望的那樣利用社交媒體，在他們剛開始購物之旅的時候吸引他們，重新激活他們，讓他們重新回來。然後，我們嘗試將他們引入我們的應用程式體驗，在那裡我們真正有機會透過我們自己的媒體管道與他們進行高度個人化的溝通，並透過產品建議、購物推薦、任務推薦等方式與他們保持聯繫。我們相信，從長遠來看，這些才是真正有助於提高使用者存取頻率和留存率的措施。

Bryan Smilek, JPMorgan.

Bryan Smilek，摩根大通。

Good to see the GMS improvements. Can you just talk about the key drivers of sustaining GMS growth each quarter through 2026. And I think, like more importantly, too, how are you driving better marketplace dynamics more across sellers and buyers as well into 2026?

很高興看到GMS的改進。能否談談到 2026 年每季維持 GMS 成長的關鍵驅動因素？而且我認為，更重要的是，您如何推動賣家和買家之間在 2026 年實現更好的市場動態？

And conversely, Lanny, I know you mentioned positive growth each quarter in 2026. 1Q could be the high point. Can you just elaborate a bit more on when we'll start to see some of these product and marketing flywheels start to impact GMS growth deeper throughout -- beyond 1Q?

反過來，蘭尼，我知道你提到 2026 年每季都會實現正成長。第一季可能是巔峰。您能否詳細說明一下，我們何時才能看到這些產品和行銷飛輪效應開始對 GMS 成長產生更深遠的影響——在第一季之後？

Sure. There's a lot to go through that.

當然。有很多事情需要經歷。

Yes. Let me start with the drivers of durable GMS growth. What you heard us say in the prepared remarks is that our entire strategy or the four strategic priorities that we shared are designed to work as a system to really improve the entire ecosystem to do exactly that, to drive durable growth. So we're focused on discovery, matching, loyalty. and differentiation to drive visits, engagement, conversion, and retention. And so I would really urge everybody to think about these priorities as a system that works together rather than one thing that's going to work -- one thing that's going to contribute more than any other.

是的。首先，我想談談推動GMS持續成長的因素。正如我們在事先準備好的演講稿中所說，我們的整個策略或我們分享的四個策略重點旨在作為一個系統運作，真正改善整個生態系統，從而推動永續成長。因此，我們專注於發現、匹配、忠誠度和差異化，以推動訪問量、參與度、轉換率和留存率。因此，我真心希望大家把這些優先事項看作一個協同運作的系統，而不是某個單一因素就能奏效──某個因素會比其他任何因素都做出更大的貢獻。

Then when you dig into that, as Lanny was saying, where we've been seeing the most traction and impact so far has been really in these first two priorities around discovery and matching. And the places that there's -- so showing up where shoppers discover, making Etsy a place, a destination for discovery through greater personalization driven by machine learning-driven matching.

然後，當你深入研究時，正如蘭尼所說，我們目前為止看到的最大進展和影響，實際上都集中在發現和匹配這兩個優先事項上。而且，在購物者發現的地方出現，讓 Etsy 成為一個透過機器學習驅動的配對實現更個性化的發現目的地。

And there, I think it's really critical to understand that we're really leveraging the capabilities, new capabilities of AI and the advancement in LLMs to really do things that were very, very much harder to do in the past, really deeply understand our inventory, which is incredibly unique and broad-based, much more deeply understand our buyers, their interest and their taste and match that with a stronger understanding more quickly of their intent to deliver a much more personalized content, really at every touch point off Etsy and on Etsy.

我認為，真正至關重要的是要理解，我們正在利用人工智慧的新功能和生命週期管理 (LLM) 的進步，來真正做一些過去非常非常困難的事情，比如深入了解我們極其獨特且廣泛的庫存，更深入地了解我們的買家、他們的興趣和品味，並更快地將這些信息與他們更深刻的理解相匹配，從而在 Etsy 接觸內更加個人化的內容。

And so where we're seeing that show up the most right now is in our app and in our owned marketing channels, right? So in our app, what you've seen us do is really make the home screen experience much more discovery focused. We've really redesigned that experience to give you more windows and doorways into Etsy based on what we know about you. and create an entire discovery feed that is much more personalized to your interest in taste. And we're seeing that work really well with app home screen, clicks up over 14% year over year.

因此，我們目前最明顯地看到這種情況出現在我們的應用程式和我們自有的行銷管道中，對吧？所以，在我們的應用程式中，您已經看到我們所做的，是真正讓主螢幕體驗更加註重發現。我們徹底重新設計了使用者體驗，根據我們對您的了解，為您提供更多進入 Etsy 的視窗和途徑，並創建了一個更個性化的發現頁面，以滿足您的品味需求。我們發現這種方式在應用主螢幕方面效果非常好，點擊量較去年同期成長超過 14%。

And then in our owned marketing channels, what you've seen is we've made the recommendations that get you to come back to Etsy much more personalized. And not only have we done that, we've increased the coverage of those personalized recommendations so that our push notifications and emails have gone from less than a quarter of them being personalized to now over three quarter of them being personalized.

然後，在我們自己的行銷管道中，您已經看到，我們向您推薦的商品和服務更加個人化，從而吸引您再次光顧 Etsy。我們不僅做到了這一點，還擴大了這些個人化推薦的覆蓋範圍，使我們的推播通知和電子郵件的個人化程度從不到四分之一提高到現在的超過四分之三。

And all of that is driven by the advancements and investments that we've made in our machine learning-driven models. And so these are really durable sources of growth that we expect to continue to invest in and build on.

這一切都得益於我們在機器學習驅動模型方面所取得的進步和投入。因此，這些都是真正持久的成長來源，我們預期將繼續投資並加以發展。

Now loyalty and human connection are two areas that we're earlier on in our journey with and they're areas where we're starting to see encouraging signs, but I would expect those to build more over time. And particularly, you asked about the seller and buyer ecosystem. Loyalty is a really great place to think about that. We talk about recognizing, retaining and rewarding our very best customers.

忠誠度和人際關係是我們目前還處於起步階段的兩個領域，我們開始在這兩個領域看到一些令人鼓舞的跡象，但我認為隨著時間的推移，這些方面會發展得更好。您特別詢問了賣家和買家生態系統方面的問題。忠誠度確實是一個很好的思考這個問題的角度。我們談論的是如何認可、留住和獎勵我們最優秀的客戶。

And that really is about, for the first time for us, focusing on both the buyers and sellers who disproportionately contribute to our marketplace and our marketplace growth. And so that's something that we're really early -- that's new for us, and we're earlier on in the journey, but we're really encouraged by, and we're really excited about.

而這確實是我們第一次真正關注那些對我們的市場和市場成長做出不成比例貢獻的買家和賣家。所以，這方面我們還處於非常早期的階段——這對我們來說是全新的，我們還處於旅程的早期階段，但我們對此感到非常鼓舞，也感到非常興奮。

And I think as you take those four priorities, and Kruti talked about connecting them to engagement and conversion and retention, I think you could also then think about where they come into our financial model. And the financial model is really -- it's a number of buyers, the average order value and the purchase frequency.

我認為，當你考慮這四個優先事項時，Kruti 談到如何將它們與參與度、轉換率和留存率聯繫起來，我認為你也可以思考它們在我們的財務模型中扮演什麼角色。而財務模型實際上是——買家數量、平均訂單價值和購買頻率。

And as you had a question about like the longer-term durable kind of growth, We've, I think, stabilized the number of buyers. You've seen US buyers grow sequentially quarter over quarter. The grand total is down about 100,000 quarter to quarter. We're still down year-to-year by 3%-plus. So there's some way to go to get to the total buyer count growing year-to-year, but we're stable.

至於您提到的長期可持續成長的問題，我認為我們已經穩定了買家數量。你已經看到美國買家數量逐季增加。總數比上一季減少了約 10 萬。我們目前的業績仍比去年同期下降了3%以上。因此，要實現買家總數逐年成長還有一段路要走，但我們目前情況穩定。

Average order value has been stronger. Average order value has been up with inflation, with probably some tariff input, certainly, FX input has lifted the average order value and on frequency, we're also stable, still down a little bit year-to-year, but all things that Kruti just described are the efforts that we're undertaking to start to turn that frequency level as well.

平均訂單價值表現較強。平均訂單價值隨著通貨膨脹而上漲，部分可能是關稅因素，當然，外匯因素也推高了平均訂單價值。至於交易頻率，我們也保持穩定，雖然同比略有下降，但克魯蒂剛才描述的所有措施，正是我們正在努力扭轉交易頻率水平的。

So where the growth formula really comes together is where there is growth across each of those. We've gone from shrinkage across each of those to stability across two and growth on one, and we're working for the other.

因此，成長公式真正發揮作用的地方在於，每個方面都實現了成長。我們已經從這三個領域的萎縮，轉變為其中兩個領域的穩定和其中一個領域的成長，我們正在努力實現另一個領域的成長。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

Thank you for the question. A lot of really exciting things about the fundamentals this quarter. I wanted to ask Kruti about the traffic coming from the AI platforms and how these consumers are behaving, what it means for Etsy's relationship with these consumers. And it's the number one investor question regarding marketplaces. And it's -- what does it mean for on-site ads and on-site ads are sold on a cost per click basis and as consumers get smarter, or better answers faster, there's the -- it could lead to compression in the funnel.

謝謝你的提問。本季基本面方面有很多令人興奮的變化。我想問 Kruti 關於來自人工智慧平台的流量以及這些消費者的行為，這對 Etsy 與這些消費者的關係意味著什麼。這是投資人對市場平台最關心的問題。而這對於網站廣告又意味著什麼？網站廣告是按點擊付費的，隨著消費者變得越來越聰明，或更快找到更好的答案，這可能會導致銷售漏斗的壓縮。

And Etsy is really leading everybody in your adoption of working with these platforms, you're pretty much first for everything. So I know it's early, but we would love to learn what you're seeing with this consumer behavior. And then are we wrong in thinking that it could be risk to the on-site ads business? And if so, maybe some levers to offset any type of headwinds to on-site ads would be great.

Etsy 在推廣使用這些平台方面確實領先於所有人，你幾乎在所有方面都是第一名。我知道現在下結論還為時過早，但我們很想了解您對這種消費者行為的觀察。那麼，我們認為這可能會對網站廣告業務構成風險，這種想法錯了嗎？如果是這樣，或許可以採取一些措施來抵消網站廣告可能遇到的任何不利因素，那就太好了。

Yes, it's a great question. You're right. It's the one that lots of people are talking about. And we are really excited to be proactive early movers in this space. The first thing I would say, touching on a point that you made is that it is still very, very early days in agentic platforms as they relate to commerce.

是的，這是一個很好的問題。你說得對。這是很多人都在談論的那件事。我們非常高興能夠成為這個領域的積極先行者。首先，我想談談你剛才提到的一點，那就是代理平台與商業的關聯還處於非常非常早期的階段。

I will say that we are seeing really encouraging signs that support our hypothesis that agentic can be a really valuable and incremental discovery channel for a business like Etsy. So while it's early days, we're seeing really significant increases growth in agentic traffic, we're seeing 15x what we saw last year at this time, but it's still very, very, very small. So less than 1% of our total traffic. So what that tells us is that consumers are interested in engaging and find some value in this platform. Second, we're seeing that -- or find some value in agentic search.

我想說，我們看到了一些非常令人鼓舞的跡象，這些跡象支持我們的假設，即代理商可以成為像 Etsy 這樣的企業非常有價值且具有增量性的發現管道。雖然現在還處於早期階段，但我們看到代理流量確實出現了顯著增長，是去年同期的 15 倍，但這仍然非常、非常、非常小。所以只占我們總流量的不到 1%。這說明消費者有興趣參與互動，並且認為這個平台很有價值。其次，我們看到──或者說在智慧搜尋中發現了一些價值。

The second thing that we're seeing is early signals that these are really valuable customers. So higher intent, higher average order value, we're seeing engagement across both new and existing buyers, which tells us it can be both an acquisition channel and a reengagement and retention channel for us. But most importantly, what we're seeing is a lot of great flow-through. And what I mean by that is that we see a lot of that traffic that's where people are discovering Etsy items on agentic platforms flowing through to Etsy where they continue to look more and then transact. And this makes sense to us, right?

我們看到的第二點是，早期跡象顯示這些都是非常有價值的客戶。因此，更高的購買意願、更高的平均訂單價值，我們看到新舊買家的參與度都在提高，這告訴我們，它既可以成為我們的獲客管道，也可以成為我們的重新互動和留存管道。但最重要的是，我們看到的是大量的良好流通。我的意思是，我們看到很多流量來自代理商平台，人們在那裡發現了 Etsy 商品，然後這些流量會流向 Etsy，在那裡他們會繼續瀏覽更多商品，然後進行交易。這對我們來說很有道理，對吧？

Because shopping doesn't happen in all one flavor. When you're looking to buy something and you've got a very simple set of criteria around purchasing it, it's just about price or just about speed and the items are largely replaceable, giving the ability to purchase that to a third party, it's really easy to see how you do that. But the items on Etsy are higher consideration higher value in terms of meaning.

因為購物並非只有一種口味。當你想買東西，並且購買標準非常簡單，只考慮價格或速度，而且這些物品大多是可替換的，這使得你可以從第三方購買，很容易理解你是如何做到這一點的。但就意義而言，Etsy上的商品更具價值，也更受重視。

And what that means is that you tend to want to, firstly, when you're buying a gift for your mom for Mother's Day, you're more likely to want to dig in and see more about that item, understand the story behind it before you make that purchase. And so that flow-through that we're seeing, I think, is a really good indication that, that hypothesis is true.

這意味著，首先，當你為母親節為媽媽買禮物時，你往往會更想深入了解這件商品，了解它背後的故事，然後再購買。因此，我認為我們看到的這種流通現象，很好地表明了這個假設是正確的。

Now you mentioned being early movers. And we think this is really, really important. The world is moving quickly. and we don't think you win by sitting on the sidelines. Being an early participant, and this means a couple of things. We're able to really -- in partnership with these platforms help shape the experience in ways that we think is really helpful to buyers being able -- shoppers being able to understand what differentiates the products that they're going to be seeing on different platforms.

你剛才提到了搶佔先機。我們認為這真的非常重要。世界瞬息萬變，袖手旁觀顯然無法贏得勝利。作為早期參與者，這意味著兩件事。我們能夠與這些平台合作，真正地幫助塑造用戶體驗，我們認為這真的有助於買家——購物者——了解他們在不同平台上看到的商品之間的差異。

We think that really plays to Etsy's strengths because of the differentiation of our inventory, the fact that everything has a story behind it comes from a real person. And second, it allows us to be in their really early observing and learning from shopper behavior. And this is what I think is so critically important. One of the priorities that I stated, the strategic priorities for the long term that we have is showing up where shoppers discover.

我們認為這充分發揮了 Etsy 的優勢，因為我們的庫存各不相同，而且每件商品背後都有一個故事，都來自真實的人。其次，它使我們能夠很早就觀察和了解購物者的行為。而我認為這才是至關重要的。我提出的優先事項之一，也是我們長期策略重點，就是出現在購物者能夠發現的地方。

So as we see this new emerging discovery platform, it is really critical for us to be there with these shoppers, learning and evolving with them as their behavior evolves.

因此，當我們看到這種新興的發現平台時，對我們來說，與這些購物者一起出現，隨著他們的行為不斷變化而學習和發展，就顯得至關重要。

Yes. And I think to the question about -- sort of the last pair of question is about what do we do with Etsy Ads while this sort of transition and learning period is going on?

是的。我認為最後一個問題是——在這個過渡和學習期間，我們應該如何處理 Etsy 廣告？

First, I'd go back to something we've said many times, which is right now, we are recognizing only a very small portion of what our sellers have said they would be willing to spend to on advertising to win incremental GMS. And it's on Etsy and our machine learning and our match and our ad system to do a better job of delivering customers to those folks who are willing to advertise to be at the top of the stack in the search results. So there's more opportunity for us to continue to optimize the Etsy Ads performance internally.

首先，我想重申我們多次說過的一點，那就是目前我們只實現了賣家願意在廣告上投入的一小部分資金，以贏得額外的GMS。Etsy 依靠我們的機器學習、配對功能和廣告系統，才能更好地將客戶引流給那些願意在搜尋結果中排名靠前的商家。因此，我們有更多機會繼續在內部優化 Etsy 廣告的成效。

Secondly, as Kruti indicated, the behavior that we're seeing in the agentic shopping world is a combination of sometimes, hey, this convenience of being able to check out right in the midst of the agentic experience, that's wonderful. Other times, like Kruti just said, hey, that's a great idea. I hadn't really thought of that. Let me go to that source and learn more about that high considered purchase. And that bringing them on to the Etsy product services where our ads model is designed to help them navigate that journey to what arguably will be the best fit in products for them.

其次，正如 Kruti 所指出的，我們在代理商購物領域看到的行為是這樣的：有時，嘿，能夠在代理商體驗過程中直接結帳的便利性真是太棒了。有時候，就像克魯蒂剛才說的那樣，嘿，這真是個好主意。我之前真沒想過這個問題。讓我去查閱相關資料，以了解更多關於這筆經過深思熟慮的購買的資訊。這樣就能引導他們進入 Etsy 產品服務，而我們的廣告模式則旨在幫助他們找到最適合他們的產品。

The third thing I would say is that it's really interesting to see at a relatively early stage of the development of the agentic world, the people who operate those models starting to include advertising and trying to figure out how to bring advertising into their ecosystem. And I think that as we think about the paid search world, sort of inclusion of an advertising-driven component of the search world, has been really favorable for Etsy over time. So I think there are on-site things that we can do. There are interface things that we can do. And then there's sort of structural ecosystem things that are evolving right now.

第三點我想說的是，在代理世界發展的相對早期階段，看到這些模型的經營者開始將廣告納入其中，並試圖弄清楚如何將廣告引入他們的生態系統，這真的很有趣。我認為，當我們思考付費搜尋領域時，將廣告驅動的搜尋成分納入其中，從長遠來看，對 Etsy 來說確實非常有利。所以我認為我們可以在現場做一些事情。我們可以做一些介面方面的工作。此外，還有一些結構性的生態係因素正在演變。

It's very early days, but we feel like we're about a very defensible position with Etsy advertising product.

現在還處於非常早期的階段，但我們感覺我們在 Etsy 廣告產品方面佔據了非常穩固的地位。

There's one other thing that I just want to add on here, which is a lot of the focus is on agentic commerce like commerce that's happening on those platforms. What we're talking about in addition to the commerce is agentic discovery.

我還要補充一點，那就是很多關注點都集中在代理商務上，例如在這些平台上發生的商務活動。除了商業之外，我們還要討論智能發現。

And then the third piece that we're not talking about here is agentic capabilities. And those capabilities are not proprietary or owned by those platforms. There are capabilities that any company can use. And so I think a lot of what we are thinking about where we're spending our energy today is on applying those advancements and capabilities to the experience on Etsy across the platform.

然後，我們這裡沒有討論的第三個面向是代理能力。而且這些功能並非這些平台專有或擁有的。有些能力是任何公司都可以利用的。因此，我認為我們現在正在思考的許多事情，就是將我們今天投入的精力，應用到 Etsy 平台的使用者體驗中。

So we've talked a lot about how we're using ML to power much more personalized user-aware recommendations. We're also using that to make our selling experience much better, much more efficient so that our sellers can spend their time doing what only they can do and really enhancing and amplifying the differentiation of Etsy and using it behind the scenes to make how we operate more effective, to make our support and trust and safety better, to make how we all operate day-to-day much more effective and efficient.

我們已經多次討論過如何利用機器學習來提供更個人化、更貼近使用者的推薦。我們也利用這一點來改善我們的銷售體驗，使其更加高效，以便我們的賣家可以將時間花在他們唯一能做的事情上，真正增強和擴大 Etsy 的差異化優勢，並在幕後利用這一點來提高我們的營運效率，改善我們的支援、信任和安全，使我們所有人的日常營運更加高效。

And I think that's a really big part of the agentic story and maybe one that we should be talking about more.

我認為這在代理故事中是一個非常重要的部分，也許我們應該更多地討論這個問題。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Congrats on the progress. A couple of questions around buyer acquisition. First, can you talk about the commentary around acquiring younger buyers, which channels do you see as having the biggest opportunity? And what are you going to do differently in 2026 to capture that?

恭喜你取得進展。關於買家獲取，我有幾個問題。首先，您能否談談關於吸引年輕消費者的評論，您認為哪些管道擁有最大的機會？那麼，為了在2026年實現這個目標，你打算做出哪些改變呢？

And as a follow-up, how much room do you see to reengage lapsed buyers? You touched on social being an effective tool there, but just curious how big that opportunity is.

其次，您認為還有多少空間可以重新吸引那些流失的買家？您提到了社群媒體在這方面是一個有效的工具，但我很好奇這個機會到底有多大。

Sure. On the second point on lapsed buyers, I think there are over 100 million lapsed buyers of Etsy. And remember that about 50% of our buyers buy one time a year and so the opportunity to bring people back two times a year, that really starts to feed in not just the frequency numbers, but that actually will feed quickly into the buyer count numbers. So those are some levers that we're pulling there. You had a really specific question about where we're getting younger -- how we're going after younger audiences.

當然。關於流失買家的第二點，我認為 Etsy 的流失買家超過 1 億。請記住，大約 50% 的買家每年只購買一次，因此，如果能讓人們一年購買兩次，這不僅會提高購買頻率，而且實際上會迅速提高買家數量。所以，這些就是我們正在採取的一些措施。你提出了一個非常具體的問題，關於我們如何吸引年輕受眾——我們如何爭取年輕受眾。

Kruti, in her prepared remarks, talked about the importance of the mobile app for engaging with them. The demographics of Depop are quite a bit younger, and the GMS mix of Depop is 90% mobile app. And so we know from first-hand experience that the mobile app really is where that customer base is. So the mobile is really key to this. But there are also the social channels that we're using much -- we're really working to use the social channels to introduce Etsy more frequently to that younger bio demographic.

克魯蒂在事先準備好的演講稿中談到了行動應用程式對於與用戶互動的重要性。Depop 的用戶群相對年輕，Depop 的 GMS 組合中 90% 是行動應用。因此，我們從親身經歷中得知，行動應用程式才是真正的客戶群所在。所以行動裝置在這方面至關重要。但我們也經常使用社交管道——我們正在努力利用社交管道更頻繁地向更年輕的生物群體介紹 Etsy。

This quarter, we -- frankly, we doubled the amount of spending that we do on TikTok to go after that audience from last quarter. And what was terrific about that is we were able to double the spending while keeping the return on spending as good or in line with where it was last quarter. It's hard to -- sometimes it's hard to take a channel like that and spend that much more into it and not have or at least for a short run, your efficiency -- lose some efficiency. That's -- and the buyers that are coming through that channel are younger. That's true, at Pinterest, that's true, of some of the other social platforms.

坦白說，本季我們在 TikTok 上的支出比上一季翻了一番，目的是為了吸引目標受眾。最棒的是，我們能夠在支出翻倍的同時，保持支出報酬率與上個季度一樣好或持平。有時很難——很難接受這樣一個管道，投入更多資金，而不降低效率，或至少在短期內降低效率。也就是說，透過該管道購買商品的買家更年輕。Pinterest確實如此，其他一些社群平台也是如此。

And so I think social will be, along with the app, are probably the two biggest levers. On Agentic is -- the numbers are so small that it doesn't make a difference today in terms of shifting the demographics. But those are the places in particular where we're focused. And we'll do more there in 2026.

所以我認為社群媒體和應用程式可能會成為兩大最重要的槓桿。關於 Agentic 的問題是——數量太少，以至於今天在改變人口結構方面不會產生任何影響。但這些正是我們重點關注的地區。2026年，我們將在那裡開展更多工作。

Yes. I want to also just add to that and zooming out for a second. We talked about how this isn't an appeal gap, it's a presence gap. And so the channels that we show up on really matters. The other thing that I would add is I think there's an opportunity to really leverage our sellers and leverage influencers to really speak more directly to those younger buyers.

是的。我還要補充一點，並且稍微縮小一下視角。我們討論過，這不是吸引力差距，而是存在感差距。因此，我們出現在哪些管道上至關重要。我還要補充一點，我認為我們有機會真正利用我們的賣家和有影響力的人，更直接地與年輕買家溝通。

And the content matters as well. So this is where we're focusing on more discovery-oriented content also really matters. So I just wanted to add on that it's both where we're present and what we're showing and making sure that it's more personalized and relevant to this audience. But we're really excited about all these efforts.

內容也很重要。所以，我們更加重視以發現為導向的內容，這一點也至關重要。所以我想補充一點，這既包括我們身處何處，也包括我們展示什麼，我們要確保這些內容更加個人化，與觀眾更加相關。但我們對所有這些努力都感到非常興奮。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Appreciate it. Could you talk -- maybe two, please, if I may. First, maybe reframing the Agentic discussion. It seems to me that maybe this is a race for search and discovery on site versus in the agent, right? You have unstructured data, unstructured listings, how are you -- how do you make sure that the on-site or on app experience for search and discovery is ultimately better than the offsite, meaning the agentic search can externally can find the item faster or better than you can.

謝謝。你們能說兩句話嗎？如果可以的話。首先，或許應該重新建構關於能動性的討論。在我看來，這或許是一場關於網站搜尋和發現與在代理商中搜尋和發現的競賽，對嗎？您擁有非結構化資料和非結構化列表，您如何確保網站或應用程式內的搜尋和發現體驗最終優於站外搜索，也就是說，外部代理搜尋能否比您更快或更好地找到商品？

And then one second one too, and I realize that there's only maybe so much you can say about this, but cash uses. I mean, $1.2 billion relative to your market cap is very substantial. You're already well capitalized. How should we think about the opportunities to effectively use that cash that's coming in. And is there any kind of timeframe you can give us as to when you might maybe give us a little bit more color on cash uses.

然後還有第二個，我意識到關於這一點可能只能說這麼多，但現金的用途。我的意思是，相對於你的市值來說，12億美元是一筆非常可觀的數目。你已經擁有充足的資金。我們該如何看待有效利用這筆流入資金的機會？您能否告知我們大概的時間範圍，以便我們更詳細地了解現金的用途？

Thanks for the question, Ken. I'll take the first one, and Lanny you can take the second. I think this is exactly the right question. the insight and the data that we have should enable us to always offer a much richer and better experience when you know that you want something that Etsy can offer. And this is exactly one of the reasons that I think Agentic can be a really great discovery platform.

謝謝你的提問，肯。我拿第一個，蘭尼，你拿第二個。我認為這正是我們需要問的問題。我們掌握的洞察力和數據應該能夠讓我們始終為您提供更豐富、更優質的體驗，尤其是在您想要購買 Etsy 能夠提供的商品時。而這正是我認為 Agentic 可以成為一個非常優秀的發現平台的原因之一。

But what makes it such an appealing platform right now is they've really tapped into this conversational interface that allows us to get much deeper and richer insight into intent. And so when you look at what we are doing at Etsy, our first step is leveraging AI capabilities to pull that deeper understanding of our buyers' interests and of our inventory and to get signals of intent. But then the next step is to bring that same kind of interface to be able to capture even richer understanding of intent. And as we do that as we progress there, we should be able to do that much more effectively because we have more data points.

但正是因為他們真正利用了這種對話式介面，讓我們更深入、更豐富地了解使用者的意圖，才使得這個平台如此吸引人。因此，當你了解我們在 Etsy 所做的事情時，你會發現我們的第一步是利用人工智慧功能，更深入地了解買家的興趣和庫存情況，並獲取意向信號。但下一步是引入同樣的介面，以便能夠更深入地了解意圖。隨著我們在這方面取得進展，我們應該能夠更有效地做到這一點，因為我們有更多的數據點。

I think for people who don't know what they're looking for or don't know they're looking for something that is available on Etsy. These third-party platforms are great to understand the world of your options, and that's where us providing really rich insight into our inventory and what buyers care about in that inventory is really important in the near term. It's a great question, and I think the right one.

我認為對於那些不知道自己想要什麼，或者不知道自己想要的東西在 Etsy 上有售的人來說，這或許是個不錯的選擇。這些第三方平台對於了解您的選擇範圍非常有幫助，因此，在短期內，我們提供有關庫存以及買家關心哪些方面的深入見解非常重要。這是一個很好的問題，我認為也是個恰當的問題。

And from a capital allocation standpoint, I think we start out with the thought that we have $1.8 billion in cash and $3 billion of debt and $650 million of free cash flow per year. And those are the those are like the raw materials of how we think about returning cash to shareholders and managing what's on our balance sheet. Now with the addition of proceeds from Depop, that will refactor that whole equation.

從資本配置的角度來看，我認為我們首先要考慮的是，我們擁有 18 億美元的現金、30 億美元的債務以及每年 6.5 億美元的自由現金流。這些就像是我們如何思考向股東返還現金以及如何管理資產負債表的原料。現在，加上 Depop 的收益，整個情況將徹底改變。

What you've seen over the last couple of years is Etsy say, we can invest in the business through the P&L, and there aren't big acquisitions that we have thought of, there aren't big sort of capital outlays that we have been making. And so with the excess cash that we have relative to the future needs that we see from the balance sheet perspective, we've been returning that really aggressively to shareholders.

過去幾年，大家看到的是 Etsy 表示，我們可以透過損益表對業務進行投資，我們沒有考慮過進行大規模收購，也沒有進行過大規模的資本支出。因此，相對於我們從資產負債表角度預見的未來需求而言，我們擁有的剩餘現金，我們一直積極地返還給股東。

I don't -- I think the amount by which the share count has come down over the last one, two, or three years is pretty striking. And that speaks to the sort of inherent profitability, scalability and capital-light nature of the core Etsy business. And that those things all remain.

我不這麼認為——我認為在過去一兩年甚至三年裡，股票數量的下降幅度相當驚人。這體現了 Etsy 核心業務固有的獲利能力、可擴展性和輕資本特性。而這些事情依然存在。

So as we're looking forward, I think you should expect us to run that same set of analysis, look at the cash that we hold, look at the right amount of leverage on the business, looking at returning excess cash to shareholders. And if there were to become an attractive investment opportunity that we looked at and said, hey, that is going to be a really high return on capital, we'd be open to that.

展望未來，我認為你們應該期待我們進行同樣的分析，看看我們持有的現金，看看企業合適的槓桿水平，看看如何將多餘的現金回饋給股東。如果出現一個有吸引力的投資機會，我們考察後認為，嘿，這將帶來非常高的資本回報，我們將對此持開放態度。

But right now, the best returns that we see are investing internally in the Etsy business, and we'll continue to do that. It generates a lot of cash and where there's excess cash flow, return that.

但就目前而言，我們看到的最佳回報是對 Etsy 業務進行內部投資，我們將繼續這樣做。它能產生大量現金流，如果有多餘的現金流，就把多餘的現金流回饋出去。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

So now that you don't have to decide between allocating marketing between Depop and the core marketplace, how does that impact your strategy and outlook for '26 and beyond and maybe kind of connect that back to the prior question around new customer acquisition, reactivation, and investment in technology, LLM, et cetera.

既然你不必在 Depop 和核心市場之間分配行銷資源，那麼這對你 2026 年及以後的策略和展望有何影響？或許可以把這和先前關於新客戶獲取、重新激活以及對技術、LLM 等的投資的問題聯繫起來。

Let me start and say, I think it's really important to point out that while similar in nature, the conditions around Depop and the condition around Etsy are quite different. Depop had and has a tremendous product experience, the best in the business. It did not have the level of awareness across all the different audience opportunities that we saw that we thought it needed and we thought it could benefit from.

首先我想說的是，我認為非常重要的一點是，雖然 Depop 和 Etsy 的性質相似，但它們的營運環境卻截然不同。Depop過去和現在都擁有非常出色的產品體驗，是業界最好的。我們認為，它在所有不同的受眾群體中並沒有達到應有的知名度，我們認為，如果能夠提高知名度，它將受益匪淺。

And so when you want to drive awareness, the brand activity and is exactly what I think we believe one should do. And the early results from that are really encouraging. We are expanding the awareness of that product.

因此，當你想要提高品牌知名度時，品牌活動正是我認為我們應該做的。初步結果令人鼓舞。我們正在擴大該產品的知名度。

Etsy's situation is quite different. Awareness of Etsy is very, very high. Most people have heard of Etsy, most people have bought on Etsy. The product experience, you've heard us talk about, is not where we think it should be in terms of personalization, in terms of retention, in terms of rewards for loyalty, in terms of discovery, all of those things.

Etsy的情況則截然不同。Etsy的知名度非常非常高。大多數人都聽說過Etsy，大多數人都在Etsy上買過東西。正如我們之前提到的，產品體驗在個人化、用戶留存、忠誠度獎勵、產品發現等各方面都還沒有達到我們預期的水平。

And so the comparison is Etsy, the investment need is more on the product side. Now we spent over $400 million last year in product development, improving that. We have some early indications of the progress and the fruits of that investment. And we will continue -- that's a lot of money to invest in that product experience.

因此，與 Etsy 相比，Etsy 的投資需求更體現在產品方面。去年我們投入了超過 4 億美元用於產品研發，以改善產品性能。我們已經初步看到了這項投資的進展和成果。我們將繼續投入大量資金來提升產品體驗。

We will continue to invest in that, and we think we will continue to make progress on that product experience. So I don't think it's -- I was -- it's not -- I don't think it's currently an accurate idea to say, well, because they spend money on Depop marketing, now they're going to spend money on Etsy marketing. That just doesn't really follow.

我們將繼續加大投入，我們相信我們會在產品體驗方面不斷取得進步。所以我不認為——我以前認為——現在認為——我認為目前來說，因為Depop在營銷上投入了資金，所以他們也會在Etsy上投入資金進行營銷，這種說法並不准確。這根本說不通。

And I think the Etsy business is a position where we're making really strong product investments that are starting to bear fruit this whole opportunity around agentic and our internal use of ML is a whole new frontier for us to continue to move investments into that area. And right now, we feel like we're able to do that within the margin outlook that we gave to and being able to deliver this sort of combination of improving sustainable, durable growth with healthy EBITDA margins as we do that.

我認為 Etsy 業務目前處於一個有利地位，我們正在進行非常強大的產品投資，這些投資開始結出果實。圍繞著代理的整個機會以及我們在內部使用機器學習，對我們來說是一個全新的領域，我們將繼續向該領域投入投資。目前，我們感覺我們能夠在既定的利潤率預期範圍內做到這一點，並且能夠在實現這一目標的同時，兼顧可持續的、持久的增長和健康的 EBITDA 利潤率。

Deepak Mathivanan, Cantor.

Deepak Mathivanan，坎托爾。

Great. Just wanted to ask a follow-up to Ken's question. Kruti, can you talk about the learnings from the traffic you're seeing from agents as it pertains to potentially building the experience on Etsy with the native and conversational experiences? What signals are you watching to integrate AI native experiences in the platform? And also broadly, how should we think about Etsy's technical approach here using our own models built on top of open source to power the business logic or perhaps using all those like Gemini and GPT models?

偉大的。我想就 Ken 的問題再問一個後續問題。Kruti，你能談談你從代理商那裡獲得的流量經驗，以及這些經驗對於在 Etsy 上建立原生和對話式體驗的潛在意義嗎？您正在關注哪些訊號，以便在平台中整合 AI 原生體驗？此外，從更廣泛的角度來看，我們應該如何看待 Etsy 的技術方法？是使用我們自己基於開源建立的模型來驅動業務邏輯，還是使用像 Gemini 和 GPT 模型這樣的模型？

Some of the early signals that we're seeing, like I said, are really related to these channels as strong discovery channel. So higher intent, higher order value, really good engagement, really good flow-through. And so those are the biggest learnings that we're seeing that there is interest and excitement about the differentiation of our inventory as people discover it in the context of other inventory.

正如我所說，我們看到的一些早期訊號確實與這些管道作為強大的發現管道有關。因此，更高的購買意願、更高的訂單價值、非常好的參與度和非常好的轉換率。因此，我們看到的最大收穫是，當人們在與其他庫存的比較中發現我們的庫存差異化時，他們對我們的庫存差異化表現出了興趣和興奮。

So that's where the greatest learnings are, which they think a little bit of a different category than the learnings are more generally from these AI platforms around the value of conversational interfaces to really more deeply understand intent. And those are things that we're playing with across all parts of the experience.

所以，最大的收穫就在這裡，他們認為這與從這些人工智慧平台中獲得的關於對話介面價值的更普遍的收穫略有不同，後者能夠更深入地理解意圖。這些都是我們在體驗的各個方面都在嘗試的東西。

And really the deepest learnings are coming from those on-site experiences rather than off-site experiences.

而且，真正最深刻的學習往往來自於現場經驗，而非非現場經驗。

I would just add one -- one thing we're learning with our partners is that the consumers who engage with Agentic shopping come back and do more agentic shopping. So there's some -- there's like implicit satisfaction in that I think these services are delivering. The implicit part is that their increased usage after they try it once, they come back a second time after they do it two times, they keep coming back. It's -- the early indications are also that this is an experience that is working really well for customers.

我只想補充一點——我們從合作夥伴那裡了解到，參與代理式購物的消費者會再次進行代理式購物。所以，從這些服務正在發揮作用這一點上，我能感受到一些——某種程度上的滿足感。隱含的意思是，他們在嘗試一次後會增加使用量，嘗試兩次後會再次回來，然後就會一直回來。初步跡象表明，這種體驗對顧客來說效果非常好。

That's one of the reasons why when we see that from our partners, we're also really convinced that we can use Agentic on Etsy to improve our experiences. And as we bring those things that Kruti's been talking to light, it will help us with retention and help us with our own product experience.

這也是為什麼當我們看到合作夥伴這樣做時，我們也深信我們可以在 Etsy 上使用 Agentic 來改善我們的體驗。當我們把 Kruti 所說的那些事情擺到檯面上來時，這將有助於我們提高用戶留存率，並幫助我們改善自身的產品體驗。

John Colantuoni, Jefferies.

John Colantuoni，傑富瑞集團。

Okay. Great. I wanted to ask about channel trends. With the app up nearly 7%, it implies GMS on the website was down around 5%. And I'm curious if you see an opportunity to accelerate growth on the website and how a normalization and competition across performance marketing channels in a year ago period, could impact your approach to driving this potential acceleration?

好的。偉大的。我想了解一下通路發展趨勢。該應用程式的使用率上升了近 7%，這意味著網站上​​的 GMS 使用率下降了約 5%。我很好奇您是否看到了加速網站成長的機會，以及一年前效果行銷管道的正常化和競爭會如何影響您推動這種潛在加速成長的方法？

Maybe I'll start. And then you continue. Okay. Look, our app is our most valuable platform. We see that app users have a 40% higher LTV than non-app users. And that's because, as Lanny was saying before, when users engage with the app, they visit more, they engage more deeply and they convert more. And we think that it's really attractive to a younger audience.

或許我會開始。然後你繼續。好的。你看，我們的應用程式是我們最有價值的平台。我們發現，應用程式用戶的終身價值比非應用用戶高出 40%。正如蘭尼之前所說，這是因為當用戶與應用程式互動時，他們會訪問更多次，參與度更高，轉換率也更高。我們認為它對年輕觀眾來說真的很有吸引力。

As we have grown app share of GMS, we have continued to see the higher level of value and engagement. So we think that there is a lot of runway to continuing to both invest in making the app more personalized, more discovery oriented, more engaging, and leveraging our own channels to drive more people to the app and to invest in all of the channels and opportunities that we have to drive more people to the app.

隨著我們在GMS應用程式份額的成長，我們不斷看到更高的價值和參與度。因此，我們認為，我們有很大的發展空間，可以繼續投資，使應用程式更加個人化、更具發現性、更具吸引力，並利用我們自己的管道吸引更多人使用應用程序，同時投資於我們擁有的所有管道和機會，以吸引更多人使用應用程式。

Remember, only 46% of our app -- our GMS comes through the app right now. And as Lanny mentioned, we know of another marketplace that has almost 90% of their GMS coming through the app. So we just think that there's a lot of headroom there to grow.

請記住，目前我們應用程式（即我們的 GMS）只有 46% 的流量是透過應用程式獲得的。正如蘭尼所提到的那樣，我們知道另一個市場近 90% 的商品和服務收入都來自該應用程式。所以我們認為那裡還有很大的成長空間。

We'll take one more question right here before the bell rings.

在鈴響之前，我們再回答最後一個問題。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

I've got two, please. One is both are on the longer-term side, on agentic, commerce, a follow-up, much of the drawdown that we've seen in Internet stocks year-to-date is in part because of this concern that some of these business models could be disrupted with the AI agents and what they can do.

我要兩份。一方面，兩者都著眼於長期發展，涉及代理商、商業等領域。另一方面，我們今年迄今在網路股票中看到的下跌，部分原因是人們擔心人工智慧代理商及其能力可能會顛覆某些商業模式。

So for anyone who is wondering or debating about Etsy's value proposition as we think longer term, is there -- how do you think about the risk that maybe an AI agent could disrupt take rates or perhaps a seller could go directly to an AI agent, pressuring your take rates or your business model outside of advertising. This is a transaction that can happen on an AI agents platform versus on Etsy. So that's question one.

所以，對於那些正在思考或討論 Etsy 從長遠角度來看的價值主張的人來說，是否存在這樣的風險——您如何看待人工智慧代理商可能會擾亂佣金率，或者賣家可能會直接與人工智慧代理商合作，從而對您的佣金率或廣告以外的商業模式造成壓力。這筆交易可以在人工智慧代理平台上完成，而不是在 Etsy 上完成。這是第一個問題。

And then second is how do you think about the durability or where frequency can go as the -- as you make more improvements around your app and the product and marketing investments that you do, is there any structural reason why Etsy's frequency cannot be higher than what we have seen in the past? So how do you think of that trend line?

其次，隨著你在應用程式、產品和行銷投資方面不斷改進，你如何看待耐用性或頻率的發展方向？是否存在任何結構性原因導致 Etsy 的頻率無法高於我們過去看到的水平？那麼，你如何看待這條趨勢線呢？

I'll take the first one. So Shweta, like you said, we're in very early days in agentic. And what I would say is that early indicators that we're seeing are really encouraging in terms of supporting our hypothesis. This can be an incremental and powerful discovery channel. And because it's so early, no one knows at this moment in time what aspect of how things are going to evolve or what aspect of the businesses might come under pressure.

我選第一個。所以，Shweta，就像你說的，我們在代理商領域還處於非常早期的階段。我想說的是，我們目前看到的早期跡象非常令人鼓舞，支持了我們的假設。這可能成為一種漸進式且強大的發現管道。由於現在還處於早期階段，目前沒有人知道事情會如何發展，或者企業的哪些方面可能會面臨壓力。

What I do know is that being in there early, we have proven that as the world changes, we have been really capable and effective at adjusting really adjusting to things that are unknown and unexpected that come our way. So we're really confident that as the world evolves, we will evolve with it. But it's impossible to predict right now for every one of those situations, what might happen.

我知道的是，由於我們很早就進入了這個領域，我們已經證明，隨著世界的變化，我們能夠非常有效地適應未知和意想不到的事情。因此我們非常有信心，隨著世界的發展，我們也會跟著發展。但目前還無法預測每一種情況下會發生什麼事。

Good. All right. That's it for today. Thank you all for joining.

好的。好的。今天就到這裡。感謝各位的參與。