Etsy, Inc. (ETSY) 2026 Q2 法說會逐字稿

Hi, everyone, and welcome to Etsy's second-quarter 2026 earnings conference call. I'm Deb Wasser, VP of Investor Relations. Today's prepared remarks have been pre-recorded. Joining me today are Kruti Patel Goyal, our CEO; and our CFO, Lanny Baker.

各位好，歡迎參加 Etsy 2026 年第二季財報電話會議。我是投資人關係副總裁 Deb Wasser。今天的預備發言已預先錄製。今天與我一同出席的有我們的執行長 Kruti Patel Goyal，以及財務長 Lanny Baker。

Please keep in mind that our remarks today include forward-looking statements, including statements related to our financial outlook, our business, and our operating results. Our actual results may differ materially due to risks, uncertainties, and other important factors, as noted in the shareholder letter posted to our website and in our most recent periodic reports. 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.

請注意，我們今天的發言包含前瞻性陳述，包括與我們的財務展望、業務以及營運結果相關的陳述。由於風險、不確定性及其他重要因素，我們的實際結果可能出現重大差異；相關內容已載於我們網站上發布的致股東信以及我們最近期的定期報告中。我們在本次電話會議中所作的任何前瞻性陳述，均以我們今日的信念與假設為基礎，且我們不承擔更新該等陳述的任何義務。

Also during the call, we'll present both GAAP and non-GAAP historical financial measures, which are reconciled to GAAP financial measures in today's shareholder letter posted on our IR website, along with the replay of this call. With respect to our outlook, a reconciliation of adjusted EBITDA margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from adjusted EBITDA.

此外，在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 的歷史財務衡量指標；其與 GAAP 財務衡量指標之調節表已載於我們今日發布於投資人關係網站的致股東信中，並將與本次電話會議的重播一併提供。就我們的展望而言，由於在前瞻性基礎上，調整後 EBITDA 所排除費用項目的高度變動性、複雜性及可見度低，若要將調整後 EBITDA 利潤率指引調節至最接近的對應 GAAP 指標，將需付出不合理的努力，因此無法提供。

As you review our shareholder letter and 10-Q, please keep in mind that on July 30, we completed the sale of Depop to eBay. Etsy's results in those documents are presented on a continuing operations basis, while Depop's results are presented within discontinued operations.

在您閱讀我們的致股東信與 10-Q 時，請記得我們已於 7 月 30 日完成將 Depop 出售予 eBay 的交易。上述文件中的 Etsy 業績係以持續營運基礎呈列，而 Depop 的業績則列於終止營運之中。

I also want to note that Reverb, which we sold in June of last year, is included in Q2 2025 continuing operations, whereas Q2 2026 reflects only the Etsy marketplace. This makes year-over-year continuing operations results not directly comparable, and we have included Etsy standalone marketplace comparisons, where most relevant, in order to provide investors with a more meaningful basis for evaluating our go-forward operations. Financial results presented on this call cover our continuing operations or the Etsy marketplace only.

我也想指出，我們於去年 6 月出售的 Reverb，仍包含在 2025 年第二季的持續營運之中；而 2026 年第二季則僅反映 Etsy 市集。這使得持續營運的年對年結果無法直接比較；因此，在最相關之處，我們提供 Etsy 單一市集的比較，以便投資人能以更具意義的基礎評估我們未來的營運。本次電話會議所呈現的財務結果涵蓋我們的持續營運，或僅 Etsy 市集。

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

接下來我把時間交給 Kruti。

Thanks, Deb, and good morning, everyone. Thank you for joining us.

謝謝你，Deb，各位早安。感謝各位加入我們。

Since I stepped into this role, I've been clear about three things. Our greatest strength is our differentiation as a human-centered marketplace. We have a massive market opportunity ahead of us, and realizing that opportunity requires clear strategic focus and disciplined execution.

自我接任這個職務以來，我一直清楚強調三件事。我們最大的優勢，是作為以人為本的市集所具備的差異化。我們面前有龐大的市場機會，而要實現這個機會，需要清晰的策略聚焦與嚴謹的執行。

Our second-quarter results reinforce our conviction that this focus is translating into stronger marketplace fundamentals and accelerating growth. We're encouraged by our progress and increasingly confident in our ability to create long-term shareholder value, reflected on our improved outlook for 2026 and our new $2 billion share repurchase authorization. Just as importantly, we continue to see significant opportunity to further strengthen relationships with our buyers and sellers to drive long-term marketplace value.

我們第二季的結果強化了我們的信念：這樣的聚焦正轉化為更強健的市集基本面並加速成長。我們對進展感到鼓舞，並對創造長期股東價值的能力更具信心；這反映在我們對 2026 年的展望上調，以及新增的 20 億美元庫藏股回購授權。同樣重要的是，我們仍看到顯著機會，能進一步強化買家與賣家之間的關係，以驅動市集的長期價值。

So today, I'll share how our strategic priorities are improving performance, as well as how we're evolving our organization to lay the foundation for Etsy's next stage of growth. Starting with our performance. Second-quarter GMS and revenue growth accelerated on a sequential basis, and we delivered healthy flow-through of revenue growth to adjusted EBITDA, again demonstrating the strength of our business model.

因此今天，我將分享我們的策略優先事項如何改善表現，以及我們如何調整組織以奠定 Etsy 下一階段成長的基礎。先從表現談起。第二季 GMS 與營收成長在環比基礎上加速，我們也將營收成長健康地轉化為調整後 EBITDA，再次展現我們商業模式的強勁。

Etsy marketplace GMS grew year over year for the third consecutive quarter, reflecting continued improvement across marketplace fundamentals. GMS was $2.6 billion, up 7.5% year over year for the Etsy marketplace. Revenue was $668 million, with take rate of 25.9%. And adjusted EBITDA was $195 million, or a 29.2% adjusted EBITDA margin.

Etsy 市集的 GMS 已連續第三季年對年成長，反映市集基本面持續改善。Etsy 市集的 GMS 為 26 億美元，年增 7.5%。營收為 6.68 億美元，抽成率為 25.9%。調整後 EBITDA 為 1.95 億美元，調整後 EBITDA 利潤率為 29.2%。

We're beginning to see how our four priorities reinforce one another to improve marketplace health and performance. Discovery and matching help buyers find and connect with the right items, while loyalty and human connection give buyers more reasons to return. Together, these enable lasting relationships between buyers, sellers, and Etsy.

我們開始看到四大優先事項如何相互強化，以改善市集健康度與表現。探索與配對協助買家找到並連結到合適的商品，而忠誠度與人際連結則讓買家有更多理由回訪。兩者結合，使買家、賣家與 Etsy 之間能建立長久的關係。

We're seeing very clear signal that these efforts are improving our performance. Active buyers improved, growing by 350,000 sequentially to approximately 87 million, roughly stable on a year-over-year basis. Gross buyer additions accelerated, and habitual and repeat buyer cohorts, our most valuable buyers, each showed slight sequential growth for the first time since 2023.

我們看到非常明確的訊號，顯示這些努力正在改善我們的表現。活躍買家數改善，環比增加 35 萬人至約 8,700 萬人，年對年大致持平。新增買家總數加速成長，而習慣性與回購買家族群（我們最有價值的買家）也各自出現小幅環比成長，這是自 2023 年以來首次。

Trailing 12-month GMS per active buyer grew 2.8% year over year to $124. And while higher seller listing prices remain a contributor, our work to elevate higher quality items on and off site is increasingly playing a role.

過去 12 個月每位活躍買家的 GMS 年增 2.8% 至 124 美元。雖然賣家上架價格較高仍是貢獻因素之一，但我們在站內外提升更高品質商品曝光的工作，正日益發揮作用。

While purchase frequency remains below prior-year levels, the year-over-year decline moderated compared to the first quarter, an early encouraging signal that we're improving the overall customer experience. And our app continues to be a key growth driver, with mobile app growth accelerating sequentially, up 12.5% year over year, and visits per monthly active user and orders per visit both increasing year over year. And we continue the evidence of healthier seller base, including year-over-year seller growth and stronger retention of prior-year active sellers.

雖然購買頻率仍低於去年水準，但年對年下滑幅度較第一季收斂，這是我們正在改善整體客戶體驗的早期正向訊號。我們的 App 仍是關鍵成長動能，行動 App 成長環比加速，年增 12.5%；且每位月活躍用戶的造訪次數與每次造訪的訂單數皆年對年增加。我們也持續看到更健康的賣家基礎之證據，包括賣家年對年成長，以及對去年活躍賣家的留存更強。

We have a lot to cover today, so I won't review each of our priorities and the level of detail they're discussed in our shareholder letter. But here are a few updates I'm most excited about.

今天要談的內容很多，因此我不會逐一以致股東信中所述的細節程度回顧每一項優先事項。但以下是幾項我最振奮的最新進展。

First, we're making Etsy's core differentiation more consistently visible and tangible throughout the experience. We're bringing creativity, craftsmanship, and human connection to the forefront across both the marketplace and our brand marketing, which celebrates being human and the way Etsy sellers bring meaning to moments that matter, big and small.

第一，我們正讓 Etsy 的核心差異化在整體體驗中更一致地被看見並具體呈現。我們在市集與品牌行銷中將創意、工藝與人際連結置於核心，讚頌「作為人」的價值，以及 Etsy 賣家如何為大大小小的重要時刻賦予意義。

Second, we're making Etsy feel much more personal through richer buyer profiles, real-time personalization and search, and fresher content that helps buyers discover new shopping missions and more of Etsy sellers' unique inventory.

第二，我們透過更豐富的買家檔案、即時個人化與搜尋，以及更新鮮的內容，讓 Etsy 更具個人化，協助買家發掘新的購物任務，並探索更多 Etsy 賣家的獨特庫存。

Third, we're reaching younger buyers much earlier in their discovery journey by evolving the channels, content, and experiences where Etsy shows up. One example is our Olivia Rodrigo partnership, which combines an in-person activation with an exclusive merchandise collaboration. And our investments in YouTube and TikTok drove a fivefold increase in visits in those channels from millennial and Gen Z audiences in the first half of 2026.

第三，我們透過調整 Etsy 露出的渠道、內容與體驗，在更早的探索旅程中觸及更年輕的買家。其中一個例子是我們與 Olivia Rodrigo 的合作，結合線下互動活動與獨家商品聯名。而我們在 YouTube 與 TikTok 的投資，帶動 2026 年上半年來自千禧世代與 Z 世代受眾在這些渠道的造訪量成長五倍。

Finally, we're continuing to evolve how we build loyalty across the marketplace, from testing new approaches for buyers to developing new ways to recognize and support the sellers who best represent what makes Etsy unique. Over the past year, we've sharpened our strategy, strengthened execution, and are encouraged by the progress we're seeing across the marketplace.

最後，我們持續演進在整個市集中建立忠誠度的方式，從測試面向買家的新方法，到開發新的方式來表彰並支持最能代表 Etsy 獨特性的賣家。過去一年，我們更聚焦策略、強化執行，並對我們在市集各面向看到的進展感到鼓舞。

We've inflected Etsy's year-over-year growth trajectory from high-single-digit GMS declines in early 2025 to mid-single-digit growth anticipated for the full year 2026, a more than 10-percentage-point improvement in performance. As a result, we have even more conviction in our strategic direction to build the Etsy we envision.

我們已將 Etsy 的年對年成長軌跡，從 2025 年初 GMS 的高個位數下滑，扭轉為預期 2026 全年中個位數成長，表現改善超過 10 個百分點。因此，我們對打造我們所構想的 Etsy 之策略方向更具信心。

At the same time, we've gained additional clarity about the organization we'll need to deliver it. So we're announcing a restructuring of parts of our organization and a reduction of our workforce, with most of the changes concentrated in our product and engineering group. We're changing our structure with fewer silos to reduce handoffs and with flat (technical difficulty) faster teams built to solve more broad and complex problems. And we'll invest more deeply in the skills and capabilities we need to accelerate execution and impact. This is not a cost-cutting move. It's about leaning in during a period of strong momentum so that we can move faster and execute with even greater focus.

同時，我們也更清楚了解為了交付這些成果所需要的組織樣貌。因此，我們宣布將對部分組織進行重整並縮減人力，且多數變動將集中在產品與工程團隊。我們將調整組織結構、減少部門壁壘以降低交接成本，並以更扁平化（技術難度更高）、更快速的團隊來解決更廣泛且更複雜的問題。我們也將更深入投資於加速執行與提升影響力所需的技能與能力。這不是一項削減成本的舉措。這是在強勁動能期間加大投入，讓我們能更快行動並以更高的專注度執行。

We are deeply grateful to our departing colleagues for their service, dedication, and contributions, and we're committed to supporting them through this transition with care and respect. We know these decisions have a real impact on people's lives, and we didn't make them lightly. They reflect our conviction that focusing our investments in our team is the best way to build a stronger Etsy.

我們對即將離開的同事在任期間的服務、投入與貢獻深表感謝，並承諾在這段轉換期以關懷與尊重提供支持。我們知道這些決定會對人們的生活造成實質影響，因此並非輕率做出。這些決定反映了我們的信念：將投資聚焦於團隊，是打造更強大 Etsy 的最佳方式。

One of my responsibilities is to make decisions not only for the Etsy we are today, but also the Etsy we want to become. That means paying close attention to how the world around us is changing. Buyers are discovering products in new ways, sellers have access to increasingly powerful tools to build their businesses, and the expectations they have of Etsy continue to rise. By investing in the capabilities that matter most for the future of the marketplace, we believe Etsy will be better positioned to innovate more quickly and ultimately deliver more value for our customers, community, and shareholders.

我的職責之一，是為不僅是今天的 Etsy、也為我們希望成為的 Etsy 做出決策。這意味著必須密切關注我們周遭世界的變化。買家正以新的方式發掘商品，賣家可使用的工具愈發強大以建立其業務，而他們對 Etsy 的期待也持續提高。透過投資於對市集未來最重要的能力，我們相信 Etsy 將更具備快速創新的條件，並最終為我們的客戶、社群與股東帶來更多價值。

Thank you for your time this morning. I'll turn the call over to Lanny for more insights on our Q2 performance, our outlook, and the financial implications of our restructuring plan.

感謝各位今天早上的時間。接下來我將把電話會議交給 Lanny，請他分享更多關於我們第二季表現、展望，以及重整計畫對財務面的影響。

Thanks, Kruti. Great to connect with all of you today.

謝謝你，Kruti。很高興今天能與各位交流。

Kruti already covered Etsy marketplace GMS and our headline metrics, so I'll focus on revenue, profitability, capital allocation, and our outlook. Revenue was $668 million in the second quarter, up 6.2% on a continuing operations basis and 9.3% for the Etsy marketplace standalone. Revenue growth accelerated in tandem with GMS strength, and both marketplace and services revenue at Etsy delivered solid year-over-year growth, increasing 8.4% and 11.2%, respectively.

Kruti 已經說明了 Etsy 市集的 GMS 與我們的主要指標，因此我將聚焦在營收、獲利能力、資本配置以及我們的展望。第二季營收為 6.68 億美元，以持續營運口徑計年增 6.2%，以 Etsy 市集單體計年增 9.3%。營收成長隨著 GMS 走強而加速，且 Etsy 的市集與服務營收皆繳出穩健的年增表現，分別成長 8.4% 與 11.2%。

Take rate remained healthy at 25.9% for the second quarter, up 130 basis points year over year, including an approximate 80-basis-point benefit from the Reverb divestiture. Meanwhile, Etsy marketplace take rate also expanded year to year, primarily driven by Etsy ads, where we're using machine learning to enhance relevance and improve seller budget pacing. Off-site ads also contributed, benefiting from a tilt in paid marketing activity toward higher monetizing channels.

第二季抽成率（take rate）維持健康水準，為 25.9%，年增 130 個基點，其中約有 80 個基點的貢獻來自 Reverb 的剝離。同時，Etsy 市集抽成率亦較去年同期擴張，主要由 Etsy Ads 帶動；我們正運用機器學習提升相關性，並改善賣家預算投放節奏。站外廣告（Off-site ads）也有所貢獻，受惠於付費行銷活動更偏向變現能力較高的渠道。

On the operating expense side, we remained disciplined in the second quarter while continuing to invest in areas with the clearest evidence of attractive returns. As Etsy marketplace GMS growth has improved, we have gained leverage across marketing, product development, and G&A. Nearly half of the year-to-year growth in Etsy marketplace revenue flowed through to adjusted EBITDA in the quarter, creating room to fund our top priorities while sustaining healthy profitability.

在營運費用方面，我們第二季維持紀律，同時持續投資於最有明確證據顯示具吸引力回報的領域。隨著 Etsy 市集 GMS 成長改善，我們在行銷、產品開發與一般及行政（G&A）費用上取得規模效益。本季 Etsy 市集營收年增的近一半轉化為調整後 EBITDA，讓我們在維持健康獲利能力的同時，也有空間支持最優先的事項。

Turning to capital allocation. Our balance sheet remains strong. As of June 30, 2026, we held $1.3 billion in cash, cash equivalents, and short- and long-term investments. And we continue to generate significant cash. On a continuing operations basis, we converted 81% of adjusted EBITDA to free cash flow during the quarter. And on top of this, we received $1.4 billion in cash proceeds from the sale of Depop at the end of last week.

接著談資本配置。我們的資產負債表依然強健。截至 2026 年 6 月 30 日，我們持有 13 億美元的現金、約當現金，以及短期與長期投資。我們也持續產生可觀的現金。以持續營運口徑計，本季我們將調整後 EBITDA 的 81% 轉換為自由現金流。此外，上週末我們完成 Depop 出售，並收到 14 億美元的現金收入。

Many of you have expressed interest in when or how we would step up our share repurchases given the cash coming in from the sale of Depop. I'm pleased to report we've already done so. During the second quarter, we stepped up our buyback program and repurchased approximately $250 million in stock. That was roughly 70% more than the first quarter and reduced the outstanding share count by approximately 3.9 million shares.

許多人都關心，在出售 Depop 帶來現金流入後，我們何時或如何加大股票回購。我很高興向各位報告，我們已經這麼做了。第二季我們加大回購計畫，回購約 2.5 億美元的股票。這比第一季約高出 70%，並使流通在外股數減少約 390 萬股。

At quarter's end, we had $578 million remaining on our current Board-authorized share repurchase program, and we're announcing today a new $2 billion share repurchase program. The additional authorization reflects our growing confidence in strategic execution and will enable us to continue the return of excess capital to shareholders and accelerate our buyback program with the proceeds from the sale of Depop.

截至季末，我們在現行董事會核准的股票回購計畫下尚餘 5.78 億美元額度；同時，我們今天宣布一項新的 20 億美元股票回購計畫。新增授權反映我們對策略執行的信心提升，並將使我們能持續把多餘資本回饋給股東，並運用出售 Depop 的所得加速回購。

As outlined in our shareholder letter, the restructuring plan will reduce the size of our workforce by roughly 220 employees, or approximately 12%. Following the restructuring, our headcount is expected to be approximately 1,600 people. We expect to incur approximately $35 million in charges, largely made up of cash expenditures associated with severance payments, employee benefits, and related costs. We anticipate that the charges will be incurred and the execution of the restructuring plan will be substantially complete by the end of the third quarter of 2026.

如同我們在致股東信中所述，重整計畫將使員工人數減少約 220 人，約占 12%。重整後，我們的員工總數預計約為 1,600 人。我們預期將認列約 3,500 萬美元費用，主要由與資遣費、員工福利及相關成本所產生的現金支出構成。我們預期相關費用將在 2026 年第三季末前發生，且重整計畫的執行將在該時點前大致完成。

Now, turning to our outlook. We currently anticipate that Etsy marketplace third-quarter GMS will be between $2.53 billion and $2.58 billion, representing year-over-year growth of approximately 4% to 6% for the quarter. We expect third-quarter take rate to be approximately 26% and adjusted EBITDA margin to be within a range of 28% to 30%.

接下來談我們的展望。我們目前預期 Etsy 市集第三季 GMS 將介於 25.3 億至 25.8 億美元之間，代表本季年增約 4% 至 6%。我們預期第三季抽成率約為 26%，調整後 EBITDA 利潤率將落在 28% 至 30% 的區間。

For the full year, we now expect the Etsy marketplace to sustain a bit stronger GMS growth momentum across the second half of the year than we anticipated previously. Accordingly, we anticipate that GMS growth at Etsy will be in the mid-single-digit range for the full year 2026. We currently expect full-year take rate to be roughly equal to what we've reported in the first half of the year, and our full-year adjusted EBITDA margin outlook tightens upward to 29% to 30%.

就全年而言，我們現在預期 Etsy 市集在下半年將維持比先前預估略強的 GMS 成長動能。因此，我們預期 2026 年全年 Etsy 的 GMS 成長將落在中個位數百分比區間。我們目前預期全年抽成率大致與上半年所報告的水準相當，而全年調整後 EBITDA 利潤率展望則上修並收斂至 29% 至 30%。

We expect the restructuring to lower operating costs in the near term, and we've incorporated an expected benefit into our increased full-year adjusted EBITDA margin outlook. We believe that higher GMS and revenue growth sustained over time can create far greater absolute cash flow and shareholder value than can margin expansion alone. Accordingly, our objective in the restructuring is to not only extend the expense discipline we've demonstrated historically but also to position ourselves to build the organization necessary to execute our strategy and accelerate growth in the years ahead.

我們預期重整將在短期內降低營運成本，並已將預期效益納入我們上調後的全年調整後 EBITDA 利潤率展望。我們相信，長期維持較高的 GMS 與營收成長，能創造遠高於僅靠利潤率擴張所能帶來的絕對現金流與股東價值。因此，我們此次重整的目標不僅是延續我們過往展現的費用紀律，也要讓組織定位到位，以執行策略並在未來幾年加速成長。

Specifically, we intend to deepen our expertise in strategically critical areas across product, engineering, and customer operations, with a particular focus on expanding and strengthening our team's machine learning skills. We also plan to explore additional R&D investment in new product capabilities, marketing initiatives, customer trust, and international growth to accelerate our learnings in 2026 and inform our plans for 2027. We will be purposeful and disciplined in the investments we make, and we remain committed to maintaining the very attractive profit margin profile of our business.

具體而言，我們打算在產品、工程與客戶營運等策略關鍵領域深化專業能力，並特別聚焦於擴大與強化團隊的機器學習技能。我們也計畫探索在新產品能力、行銷計畫、客戶信任與國際成長方面的額外研發投資，以加速我們在 2026 年的學習並為 2027 年的規劃提供依據。我們將以明確目的與嚴謹紀律進行投資，並持續致力於維持本業極具吸引力的利潤率結構。

With that, we'll now turn it over to the operator to take your questions.

接下來，我們把時間交給接線員來接受各位的提問。

(Operator Instructions) Rick Patel, Raymond James.

(接線員指示) Rick Patel，Raymond James。

Thank you. Good morning, and congrats on the progress. Can you dig deeper on what you think are the most effective drivers of strong and improved GMS growth in Q2? What's working, and where do you see the most opportunity for improvement?

謝謝。早安，恭喜你們取得進展。你能否更深入談談，你認為在第二季推動GMS強勁且改善成長的最有效驅動因素是什麼？哪些做法奏效？你在哪些方面看到最大的改善機會？

And second, can you provide additional color on the initiative to improve discovery among young buyers? How will you tackle this? And are you seeing early signs of progress?

第二，能否就改善年輕買家探索（discovery）的計畫提供更多細節？你們將如何推進？是否已看到早期進展的跡象？

Thanks for the question, Rick. First of all, I think what I would say is that what we're seeing is the result of strong execution against a clear set of strategic priorities. And the results that we're seeing are exactly what we thought we would, what we expected, when we laid out these priorities.

謝謝你的提問，Rick。首先，我想說的是，我們目前看到的是：針對一套清晰的策略優先事項所做的強力執行所帶來的成果。而我們看到的結果，正如我們在提出這些優先事項時所認為、所預期的那樣。

Just as a reminder, you shouldn't think about them as independent initiatives. They are designed to reinforce one another to create a stronger marketplace over time. And we're seeing those marketplace health indicators in the quarterly results that we shared. The clearest examples of how this is working are in how our product and marketing improvements are working together to drive growth this quarter.

提醒一下，你不應該把它們視為彼此獨立的計畫。它們的設計是為了相互強化，隨時間打造更強健的市集。而我們也在我們分享的季度結果中，看到了那些市集健康度指標。最清楚的例子在於：我們的產品與行銷改善如何在本季相互配合以推動成長。

So first, at the top of the funnel, our marketing is becoming more efficient at bringing buyers in. We're continuing to see strength in own channels like SEO, and we've improved our PLA performance really meaningfully through better segmentation and bidding strategies that direct spend towards our highest-quality inventory and bring in the right buyers more efficiently.

首先，在漏斗頂端，我們的行銷在導入買家方面變得更有效率。我們持續看到自有渠道（如SEO）的強勁表現；同時，我們也透過更好的分眾與出價策略，將投放導向我們最高品質的庫存，從而非常顯著地改善了PLA表現，並更有效率地帶來合適的買家。

Then, once those buyers arrive, they're landing on a meaningfully better experience as a result of the on-site product improvements that we're making. We've made really steady improvements across discovery and matching from real-time search personalization to more relevant recommendations and a fresher home feed. So these are examples of improvements that are helping buyers find more relevant inventory, discover new shopping missions, and really engage more deeply with Etsy over time.

接著，當這些買家進站後，因為我們在站內產品所做的改善，他們落地後的體驗也明顯更好。我們在探索與配對方面持續穩定改進，從即時搜尋個人化、更相關的推薦，到更新鮮的首頁動態。這些都是幫助買家找到更相關的商品庫存、發掘新的購物需求（shopping missions），並隨時間更深入地與Etsy互動的改善例子。

And then I think the third part of this is that as buyers are engaging more, we are developing a richer understanding of what they're looking for and what makes them tick. That's powering richer buyer profiles that we highlighted in our shareholder letter, and they're now covering over 65 million buyers. And if you think about it, that makes every subsequent visit that these buyers make more relevant and more personalized, and that creates the flywheel that gets stronger over time.

第三點是，隨著買家互動更深入，我們也在建立對他們在找什麼、以及驅動他們行為的因素更豐富的理解。這正在驅動我們在股東信中提到的更豐富買家檔案（buyer profiles），目前已涵蓋超過6,500萬名買家。從這個角度看，這會讓這些買家之後每一次造訪都更相關、更個人化，並形成一個隨時間愈來愈強的飛輪效應。

And I'd just call out that, again, the app is probably our clearest proof point of how this is all working together. Our app GMS growth accelerated again to 12.5% year over year. We saw stronger engagement this quarter, with both visits per monthly active and orders per visit increasing year over year. And it's just a great example of how the work that we're doing across both marketing and product are working together to drive that flywheel.

我也想再次強調，App大概是最清楚的證據，顯示這一切如何共同運作。我們的App GMS年增率再次加速至12.5%。本季我們看到更強的互動度，月活躍用戶的每人造訪次數（visits per monthly active）與每次造訪下單數（orders per visit）皆較去年同期提升。這是我們在行銷與產品兩端所做的工作如何共同推動飛輪的絕佳例子。

And then the second question, Kruti, was, can we provide additional color on the younger buyers?

第二個問題，Kruti，是我們能否就年輕買家提供更多說明？

Yeah. What I'll say about our younger buyers, we saw some really nice improvements this quarter in terms of how we're engaging them. And I'll start out by saying our research showed that our value proposition resonates with this younger audience as much as it does with older audiences.

好的。關於年輕買家，我們本季在與他們互動的方式上看到一些相當不錯的改善。我先說，我們的研究顯示，我們的價值主張對這個較年輕的受眾，與對年長受眾一樣具有共鳴。

But what wasn't happening was that we weren't showing up where these shoppers are discovering and with relevant content as much as we could. And that's really where we've been focused. So you see that in the shift in our marketing investments, shifting our investment to social channels to OTT, the places that younger shoppers shop, and really focused on both putting in front of them content that is more relevant and showing up in cultural moments that are really relevant.

但過去沒有發生的是：我們沒有在這些消費者進行探索的地方、以及以足夠相關的內容出現，未能做到我們本可以做到的程度。而這正是我們聚焦的重點。因此你會看到我們行銷投資的轉移：把投資轉向社群渠道與OTT，也就是年輕消費者購物的地方，並且著重於把更相關的內容呈現在他們面前，以及在真正相關的文化時刻中露出。

So the work that we're doing on Creator Collective to engage influencers to elevate and curate the content that we have on Etsy for these younger buyers and the example of the partnership that we're doing with Olivia Rodrigo, which is a really innovative partnership that's incredibly relevant to this audience. Those are all examples of how we're really approaching that younger audience differently. And we're seeing great traction, particularly on channels like YouTube and TikTok, where we've meaningfully increased our reach to that audience segment.

例如，我們透過Creator Collective與網紅合作，提升並策展我們在Etsy上提供給年輕買家的內容；以及我們與Olivia Rodrigo的合作案例，這是一個非常創新的合作，且對這個受眾極具相關性。這些都是我們以不同方式接觸年輕受眾的例子。我們也看到很好的成效，特別是在YouTube與TikTok等渠道上，我們對該受眾區隔的觸及率已顯著提升。

Next question. Thank you.

下一題。謝謝。

Nathan Feather, Morgan Stanley.

Nathan Feather，Morgan Stanley。

Hey, everyone. Thanks so much for taking the question, Two, if I may. First, in terms of AOV gains that you've seen here, historically, we've seen more limited uptake from sellers. How sustainable do you think that can be if trade changes normalize?

各位好。非常感謝讓我提問，如果可以的話我有兩個問題。第一，關於你們看到的AOV提升，過去我們看到賣家的採用程度相對有限。如果貿易變動趨於正常化，你認為這樣的提升有多可持續？

And then on the buyer split, it's really encouraging to see repeat individual buyers take a step forward here. How can we think through -- what have been the key elements that have allowed that to stabilize? And what's the run rate to start to get that to grow as a portion of the mix relative to the one-off buyers? Thank you.

第二，關於買家結構，看到重複的個人買家（repeat individual buyers）在這裡向前邁進令人鼓舞。我們該如何理解——有哪些關鍵因素讓這部分得以穩定？以及要讓其在組合中相對於一次性買家（one-off buyers）的占比開始成長，其目前的運行水準（run rate）應如何看待？謝謝。

Sure. Thanks, Nathan.

當然。謝謝你，Nathan。

On AOV, what we've seen over the last year, year plus is the effect of the tariffs that went in a year ago, and then the expiration of de minimis and then getting through the holiday season, and sellers seeming to kind of readjust their pricing led to a series of waves of increases in listing prices that don't necessarily flow through to average order value. But we have seen our buyers be very receptive to those price changes. And so what's happened on the listings prices has, over time, come through to average order value.

關於AOV，我們在過去一年多看到的是：一年前實施的關稅影響、接著小額免稅（de minimis）的到期、再加上度過假期旺季後，賣家似乎重新調整定價，導致刊登價格（listing prices）出現一波又一波的上調；這些上調不一定會立刻反映到平均訂單金額。但我們確實看到買家對這些價格變動的接受度很高。因此，刊登價格的變化隨時間推移也逐步反映到平均訂單金額上。

There's another dynamic, and there's been a little bit of less so in the last quarter, but in a couple of prior quarters, there was a little bit of foreign currency translation tailwind in there as well. But I'd say most importantly, the thing that's changing, sort of the new signal that started to emerge across 2026, is that the efforts that we've undertaken on relevance and quality that we are surfacing in the Etsy search results is starting to present items that are higher quality with a little bit higher listings price that are better matches for what the customers are looking for.

另外還有一個因素：最近一季影響較小，但在前幾季中，也有一些外幣換算帶來的順風（translation tailwind）。但我認為最重要的是，2026年開始出現的一個新訊號：我們在相關性與品質方面所做的努力，使我們在Etsy搜尋結果中呈現的商品，開始更偏向品質更高、刊登價格略高、且更符合顧客需求的品項。

And we're not making those changes in relevance and quality in an effort to drive AOV. We're really making them in an effort to better serve what our customers are looking for. But those improvements in the way that we're surfacing the best inventory is contributing on an increasing basis to the momentum that we have in AOV. So as you asked the question kind of forward looking, I think that we are only getting started with things that we can do to continue to elevate high-quality items that really match what customers are looking for.

我們並不是為了推升AOV而去做這些相關性與品質的調整。我們真正的目的是更好地滿足顧客在找什麼。但我們提升呈現最佳庫存的方式，正以愈來愈大的程度，為AOV的動能做出貢獻。因此就你提出的前瞻性問題而言，我認為我們才剛開始推動更多措施，持續提升那些真正符合顧客需求的高品質商品的曝光。

And then secondly, I think the sort of increases in listing prices that have been taken, in our experience, those, I think, will turn out to be fairly durable increases. The year-over-year increase will probably slow down unless there are other stimulants that the sellers are reacting to. But the increases they've made in listing prices, our expectation is those remain pretty durable going forward.

第二點，我認為賣家已採取的刊登價格上調，依我們的經驗來看，將會是相當持久的上調。除非賣家又受到其他刺激因素影響，否則年增幅可能會放緩。但他們已經做出的刊登價格調升，我們預期未來仍會相當持久。

Your second question was about the composition of buyer growth and the growing for the first time in three years, the little bit of progress that we made in active buyers and habitual buyers. Habitual buyers and repeat buyers are really just our most frequent buyers. And everything in our strategy is organized around making the whole product end-to-end experience better for our customers that brings them back more often and builds loyalty and through that drives frequency.

你的第二個問題是關於買家成長的組成，以及在三年來首次出現成長——我們在活躍買家與習慣性買家方面取得的一點點進展。習慣性買家與重複購買者其實就是我們最常購買的買家。而我們策略中的一切，都是圍繞著讓整個產品端到端的體驗對客戶更好，讓他們更常回來、建立忠誠度，並藉此提升購買頻率。

So you're seeing, I think, in those metrics just that earliest hint of everything that Kruti talked about a minute ago starting to come to fruition. And how do we continue to drive that? Well, it's about showing up where they are. It's about giving them relevant results. It's about personalizing the experience. It's about rewarding them for being Etsy customers. It's about reaching back out to them through our own channels. It's about improving our product experience. So there's really not new news there, but there is, I think, new signs of progress that we are making.

所以我想，你在那些指標上看到的，就是 Kruti 剛才一分鐘前談到的各項作為開始開花結果的最早跡象。那我們要如何持續推動？嗯，關鍵在於出現在他們所在之處。在於提供與他們相關的結果。在於將體驗個人化。在於獎勵他們作為 Etsy 客戶。在於透過我們自有的渠道再次觸達他們。在於改善我們的產品體驗。所以其實沒有什麼全新的消息，但我認為，我們正在取得的新進展，確實出現了新的跡象。

And while those numbers are improving, we're excited at the same time that the gross addition number of new people, of customers coming new into Etsy for the first time or coming back to Etsy has accelerated. So we're in a good moment right now where, at the top of the funnel, we're opening it up a little bit wider. And then on our most valuable buyers, we're starting to see growth kind of on the back end of the funnel. And that's really what we've been driving for.

而在這些數字改善的同時，我們也同樣感到振奮的是，新進人群的總新增數——首次來到 Etsy 的新客，或回流到 Etsy 的客戶——已經加速成長。所以我們現在處於一個很好的時點：在漏斗頂端，我們把入口稍微開得更寬。而在我們最有價值的買家上，我們開始在漏斗後端看到成長。這正是我們一直在推動的方向。

Great. Thanks, Lanny. Next question.

很好。謝謝你，Lanny。下一個問題。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you. Appreciate it. Maybe, if I may, could you talk about -- there's many new models of both distribution and kind of emerging use cases in e-commerce. And I'd love to get your take on how they may or may not fit with Etsy and the platform and your merchants. Could you talk about the opportunity in live commerce, one?

謝謝。感謝。如果可以的話，能否談談——目前在電商領域，無論是分銷模式或一些新興使用情境，都出現了許多新模型。我很想聽聽你對它們如何可能或不可能與 Etsy、平台以及你們的商家相契合的看法。能否談談直播電商的機會，第一點？

And two, you're seeing players like a Whatnot, et cetera, that have kind of a unique take. Maybe they're positive, maybe they're negative, but there's certainly different takes on the e-commerce experience, some of those B2C, some of C2C. But I'd be curious, as you think about your seller base and maybe they're thinking about innovative ways to sell their products and market their products, how these may or may not fit with Etsy? Thank you.

第二點，你看到像 Whatnot 等玩家，有著相當獨特的做法。也許是正面、也許是負面，但確實對電商體驗提出了不同的詮釋，有些是 B2C，有些是 C2C。但我很好奇，當你思考你們的賣家基礎、以及他們可能在思考用創新方式銷售與行銷產品時，這些模式如何可能或不可能與 Etsy 相契合？謝謝。

Yeah, that's a great question. Thank you for it. One of our priorities is showing up where shoppers discover. And so this is something we're always thinking about. This is the driving force behind us partnering with AI, with Agentic Commerce and showing up in those channels.

是的，這是個很好的問題。謝謝你提出。我們的優先事項之一，是出現在購物者進行發現的地方。所以這是我們一直在思考的事情。這也是我們與 AI、與 Agentic Commerce 合作並出現在那些渠道背後的驅動力。

So we're thinking about the full range of those distribution channels for our sellers where, as it relates to live shopping in particular, it's a really interesting space that's been developing and evolving for a while. And what we're seeing is that live shopping is starting to gain traction beyond the collectible space where it was most popular initially. And we think that there's some potential opportunity for sellers like ours who have a really great story to tell, who have a lot to share about how they create, what they create that's relevant to a buying audience.

因此，我們在思考賣家可用的各種分銷渠道；就直播購物而言，這是一個已經發展與演進一段時間、非常有趣的領域。我們看到直播購物正開始在收藏品領域之外獲得動能——收藏品是它最初最受歡迎的地方。我們認為，對於像我們這樣、擁有很棒故事可講、能分享他們如何創作與創作什麼，且與購買受眾相關的賣家而言，這裡存在一些潛在機會。

So we're certainly open to exploring this, but we don't have plans at the moment to launch anything in live shopping. We think it's an interesting potential channel for sellers like ours.

所以我們當然願意探索這個方向，但目前沒有推出任何直播購物產品的計畫。我們認為，這對像我們這樣的賣家而言，是一個有趣的潛在渠道。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Thanks for taking my questions, and congratulations on the progress. I'd love to double click on what Lanny was saying about investing on new products. Should we kind of think about that as going deeper in the initiatives that you're already exploring, including AI or without giving up the store, are you exploring just completely different products outside of your existing strategy?

很好。謝謝回答我的問題，也恭喜你們的進展。我想更深入追問一下 Lanny 提到的、在新產品上的投資。我們是否應該把這理解為：在你們已經在探索的倡議上加深投入（包括 AI），還是說在不偏離既有策略的前提下，你們也在探索完全不同、超出既有策略的新產品？

And then just a question on -- now that we've seen gas prices kind of go back and forth, giving us a little bit larger sample set, are you seeing any kind of impact from the rise and fall of gas prices on your business in terms of buyer behavior? Thank you.

另外一個問題是——現在我們看到油價來回波動，樣本期稍微大了一些，你們是否看到油價上升與下降對你們業務、就買家行為而言帶來任何影響？謝謝。

I'll take the first part and then pass to you. The way that I would think about this is that, over the last year, we've gotten much more confident in our strategic priorities and the drivers of long-term growth. We're seeing really great evidence that shows that our work across discovery, matching, personalization is really working. That's what you're hearing.

我先回答第一部分，然後再交給你。我會這樣看：在過去一年裡，我們對自身的策略優先事項以及長期成長的驅動因素，變得更有信心。我們看到非常好的證據顯示，我們在發現、配對、個人化等方面的工作確實有效。你們剛才聽到的就是這些。

So when we say we're going to invest more, I think this is related to the changes that we've made in our team. We have greater clarity about the organization, the capabilities that we need to build on that momentum and drive even more value for our buyers and sellers. And so we're going to be continuing to deepen our investment and our focus on our strategic priorities to continue to deliver and build on that momentum.

所以當我們說要加大投資時，我認為這與我們在團隊上所做的調整有關。我們對組織架構、以及需要建立哪些能力以延續這股動能、並為買家與賣家創造更多價值，有了更清晰的認識。因此，我們將持續加深對策略優先事項的投資與聚焦，以持續交付成果並在這股動能上再接再厲。

Yeah. I would just add, Kruti, zooming out a little bit, when you think about what's going on in live commerce or you think of what's going on in resale commerce, there is really exciting growth happening in these places where there's some real innovation, both in the product and in the user experience and in the marketing.

是的。我只想補充一下，Kruti，從更宏觀的角度來看，當你想到直播電商或轉售電商正在發生的事情時，在這些領域確實出現了令人振奮的成長，因為在產品、使用者體驗以及行銷上都有真正的創新。

And it's growing the overall size of the market. These are not zero-sum opportunities. And that really encourages us that as we continue to innovate on what makes Etsy differentiated, we can build on the growth that we've already started to build.

而這正在擴大整體市場規模。這些並不是零和的機會。這也讓我們更受鼓舞：只要我們持續在 Etsy 的差異化之處進行創新，我們就能在已經開始建立的成長基礎上繼續擴大。

On your second question about gas prices, yes, they've been up and down. And it's hard to look at any one dynamic on the consumer side in isolation. I think it stands to reason that there is some impact from higher gas prices on consumer spending. But our consumer demand held up pretty well across the second quarter.

至於你第二個關於油價的問題，是的，油價確實上下波動。而且很難把消費端的任何單一變動因素孤立開來看。我認為可以合理推論，較高的油價對消費支出會有一些影響。但我們的消費者需求在第二季整體表現相當穩健。

We saw growth in GMS amongst US buyers as well as non-US buyers. And we saw accelerated growth across -- in particular, US buyers and imports was a strong channel for us in the quarter. And really, across all household income segments, we saw good numbers in this quarter. The high end is growing a little bit faster than the lower income households are.

我們看到美國買家以及非美國買家的 GMS 都有成長。我們也看到成長加速——尤其是美國買家與進口（imports）在本季對我們而言是一個強勁的渠道。而且實際上，在所有家庭收入區間，我們本季都看到不錯的數字。高收入族群的成長速度略快於低收入家庭。

But as you sort of zoom out and try to -- there's not a discernible impact right now from gas prices. But I think our consumer demand picture has held up really well throughout the second quarter.

但當你把視角拉遠、試著去——目前看不出油價對我們有明顯可辨識的影響。不過我認為，我們的消費者需求態勢在整個第二季都維持得非常好。

Thanks, Lanny. Thanks, Kruti. Next question.

謝謝你，Lanny。謝謝你，Kruti。下一個問題。

Maria Ripps, Canaccord.

Maria Ripps，Canaccord。

Great. Good morning. Thanks so much for taking my questions. First, I just wanted to ask on workforce reduction, which is largely across product and engineering. But then at the same time, you're calling ML as kind of the core of discovery and personalization to sort of accelerate growth further from here. Can you maybe give us a little bit more color on sort of how smaller teams move the roadmap faster? And sort of what specifically are you choosing to stop doing that you focused on before?

太好了。早安。非常感謝讓我提問。首先，我想問一下人力縮減的部分，這主要發生在產品與工程團隊。但同時，你們又把機器學習（ML）稱為探索與個人化的核心，用以從這裡進一步加速成長。你能否再多分享一些，較小的團隊如何能更快推進產品路線圖？以及具體來說，你們決定停止哪些先前著重在做的事情？

Yeah. So first of all, I'll just say that what we did is we asked teams to think about what the team they needed were to deliver on our biggest growth ambitions. And starting with what the structure of the team was that they needed, what the skills were that they needed, and what the talent was they needed.

是的。首先我想說，我們做的是請各團隊思考：為了實現我們最大的成長企圖，他們需要什麼樣的團隊。也就是從所需的團隊結構、所需的技能，以及所需的人才開始思考。

And when we looked across product and engineering, we saw an opportunity to really simplify the organization. And that's where the streamlining comes in, really this opportunity to reduce overlap by bringing teams together around shared problems or shared capabilities. And that's what enables our product and engineering teams to move forward with more speed and more focus.

當我們檢視產品與工程部門時，我們看到一個能大幅簡化組織的機會。這就是精簡化的由來：透過把團隊圍繞共同的問題或共同的能力整合在一起，來降低重疊。而這讓我們的產品與工程團隊能以更快的速度、更高的專注度向前推進。

The other part of that is this change allows us to reshape our talent mix around the capabilities that matter most for the next phase of growth. And that's really about continuing to deepen our investments in discovery and matching and personalization. And so that's going to be about building really strong cross-functional teams and deepening our machine learning expertise so we can translate advancements into stronger, better experiences at scale. So we really see this as an investment in execution and in concentrating our talent where we can have the greatest impact.

另一部分是，這項變革讓我們能圍繞下一階段成長最重要的能力，重新調整我們的人才組合。這主要是持續加深我們在探索、配對與個人化方面的投資。因此，這會著重在建立非常強的跨職能團隊，並深化我們的機器學習專業，讓我們能把技術進展轉化為可規模化的、更強、更好的體驗。所以我們確實把這視為對執行力的投資，並把人才集中在我們能產生最大影響的地方。

Thanks, Kruti. We'll take the next question.

謝謝你，Kruti。我們來進行下一個問題。

Anna Andreeva, Piper Sandler.

Anna Andreeva，Piper Sandler。

Hey. Great. Thanks so much for taking the question. This is Noah on for Anna. Just wanted to follow up on some of the drivers by category. You mentioned gifting and personalization is working well. Curious what you're seeing in your bigger product verticals as well.

嗨。太好了。非常感謝讓我提問。我是代替 Anna 的 Noah。我想追問一下各品類的驅動因素。你提到送禮與個人化表現良好。也想了解你們在較大的產品垂直領域看到的情況。

And then just a follow-up on gross margin. You've seen some compression on the higher compute costs. Should we expect that pressure to continue in '26 and just any way we can think about that? Thanks.

另外再追問毛利率。你們因較高的運算成本而看到一些壓縮。我們是否應預期這種壓力在 2026 年仍會持續？以及我們該如何看待這件事？謝謝。

Sure. Let me start on the gross margin side of things. We're really happy where the gross margins are for the business. It's a healthy low-70s% number. We've seen a little bit of compression year to year, and it's not coming from compute. We are balancing the customer experience around trust and safety, around refunds, around other pressures on the marketplace to really deliver the best experience to customers. And there's some cost in there that shows up in cost of revenue.

當然。我先從毛利率談起。我們對公司的毛利率水準非常滿意。這是一個健康的 70% 出頭的數字。我們確實看到年對年有些微壓縮，但並不是來自運算。我們在客戶體驗上做平衡，包括信任與安全、退款，以及市集上的其他壓力，以真正提供給客戶最佳體驗。而其中有一些成本會反映在營收成本裡。

On the hosting and compute side, what we are spending more money this year, obviously, on AI and on usage of AI and on compute. But the overall spending that we're doing on hosting and bandwidth and technology is exactly where we thought it would be this year. And we've been able to find offsets in other places, and shifting usage patterns allow us to absorb the cost of the incremental compute without going higher on our overall sort of infrastructure cost. So we feel really comfortable about our ability to continue to manage that AI cost, hosting bandwidth cost as we look forward.

在託管與運算方面，我們今年顯然在 AI、AI 的使用以及運算上花了更多錢。但我們在託管、頻寬與技術上的整體支出，完全符合我們今年的預期。而且我們也在其他地方找到抵銷，使用型態的轉變也讓我們能吸收新增運算的成本，而不需要讓整體基礎設施成本上升。因此，展望未來，我們對於持續管理 AI 成本、託管與頻寬成本的能力感到非常有信心。

Remind me of your first question.

提醒我一下你的第一個問題是什麼？

It was just on some more color on the drivers by product category.

就是想請你多分享一些按產品品類來看，驅動因素的細節。

Verticals.

垂直領域。

On the verticals, we have reported at the end of the year how we do in categories. We've sort of moved away from that on like a moment-by-moment basis because it's not necessarily how our buyers come to Etsy in a category. They come to Etsy for an occasion. And we can talk more about how we did across -- this is an occasion-laden quarter, and we did really well on those occasions.

關於垂直領域，我們會在年底報告各品類的表現。我們已經有點不再以逐時逐刻的方式去談，因為買家來 Etsy 並不一定是以「某個品類」的方式來逛。他們來 Etsy 是為了某個場合。我們可以多談談我們在各種場合上的表現——這一季是充滿各種場合的一季，而我們在這些場合上做得非常好。

I would tell you, if you look across our categories, we grew in every one of our top categories, and we grew faster than our peer benchmarks in those categories in this quarter, including our biggest categories. But I think that strength in categories is less reflective of like something we're doing in a specific jewelry versus home and living than it is the way that we are showing up for our buyers in the right demographics across occasions.

我會說，如果你看我們各個品類，我們在每一個主要品類都成長了，而且本季在這些品類中的成長速度也快於同業基準，包括我們最大的品類。但我認為，品類上的強勁表現，與其說是我們在特定品類（例如珠寶相對於家居生活）做了什麼，不如說是我們如何在各種場合中，以正確的人口族群定位來觸達買家。

Great. Thanks, Lanny. It was US was that data point for outperformance, but just wanted to be clear. Okay, cool. Let's go to the next question.

很好。謝謝你，Lanny。那個「優於同業」的數據點是針對美國市場，但我只是想確認清楚。好，了解。我們來進行下一個問題。

Bryan Smilek, JPMorgan.

Bryan Smilek，摩根大通（JPMorgan）。

Great. Thanks for taking the question. I guess, Kruti, great to see Etsy getting into the zeitgeist here and targeting newer demographics. Can you just talk about how you can translate this brand activation towards more international markets as well? And then just more broadly, can you share a bit more color on their LTV profile and conversion relative to some of your other legacy cohorts? Thank you.

太好了。謝謝讓我提問。Kruti，我想說很高興看到 Etsy 進入大眾話題（zeitgeist），並鎖定較新的族群。你能否談談，如何把這種品牌啟動（brand activation）也轉化到更多國際市場？另外更廣泛地，你能否多分享一些：相較於你們其他較早期的傳統客群，這些族群的 LTV（終身價值）輪廓與轉換表現如何？謝謝。

Yeah. I mean, the younger buyers have a little bit lower LTVs, but they have a lot higher growth rate in the LTVs because they're moving through life changes in compensation and other household formation and things like this that really give them -- in the near term, the LTV may not be as great, but the potential for growth in that cohort is really, really attractive. And that's why we and others really go after it. And so we're pleased with sort of the beachhead that we are establishing, building those relationships today as we're bringing more of them into our business.

是的。我的意思是，年輕買家的 LTV 稍微低一些，但他們的 LTV 成長率高得多，因為他們正經歷人生階段的變化，例如薪酬提升、成家與家庭形成等，這些因素在短期內可能讓 LTV 看起來沒那麼高，但該族群的成長潛力非常、非常吸引人。這也是為什麼我們和其他公司都會積極爭取這個族群。因此，我們對目前建立的「灘頭堡」感到滿意：在我們把更多這類買家帶進業務的同時，也在今天就開始建立這些關係。

And the first part of the question was?

那問題的第一部分是？

The first part of the question was about how we would be taking -- I think it was getting more zeitgeist kind of things selling internationally. Was that what it was related to, Bryan?

第一部分是關於我們會如何把——我想是把更貼近 zeitgeist 的東西在國際上也賣起來。Bryan，你問的是這個方向嗎？

He's probably on mute.

他可能在靜音。

I mean, I think that the approach that we're -- no, I think we got it. I was just going to say that I think that the approach that we're taking with younger buyers is one that we think works globally. So there's not a specifically different approach that we're taking internationally. So we're just going to keep doing more of what's working for us with these younger buyers.

我的意思是，我認為我們——不，我想我們理解了。我只是想說，我們針對年輕買家所採取的方法，我們認為在全球都適用。所以我們在國際市場並沒有採取特別不同的方法。因此，我們會持續加碼做更多對這些年輕買家有效的事情。

Yeah, perfect. Okay, thank you. Let's go to the next question.

是的，完美。好的，謝謝。我們來進行下一個問題。

Nick Jones, BNP Paribas.

Nick Jones，法國巴黎銀行（BNP Paribas）。

Great. Thanks for taking the questions. One on enhancing buyer profiles in the letter covering 65 million buyers. I think it's 3x kind of the data points. I noticed the 65 million buyers is above kind of the repeat and habitual combined. So I guess, can you speak to what the funnel looks like to kind of aggregate these data points and what it would take to kind of drive that 65 million buyer number a bit higher? Thank you.

太好了。感謝讓我提問。有一題關於在股東信中提到、涵蓋 6,500 萬買家的買家檔案強化。我認為資料點大概是 3 倍左右。我注意到這 6,500 萬買家數高於重複買家與習慣性買家合計。所以我想請你談談，為了彙整這些資料點，漏斗大概長什麼樣子？以及要怎麼做才能把 6,500 萬買家這個數字再往上推一些？謝謝。

First, I would just say that we can build these buyer profiles for all of our buyers. They're just richer. They get richer and richer the more that you engage with us. So we see the potential for buyer profiles for all of our buyers. Obviously, we look at broader data than just your buyer profile if you're a relatively infrequent or newer buyer.

首先，我想說的是，我們可以為所有買家建立這些買家檔案。只是檔案會更豐富。你與我們互動越多，檔案就會越來越豐富。因此我們看到，所有買家都有建立買家檔案的潛力。當然，如果你是相對不常購買或較新的買家，我們會看比你的買家檔案更廣泛的資料。

What we think is exciting there is all of the applications of where we can use that buyer profile to personalize your experience and make it richer from the recommendations you get in your app home feed to the marketing that we send you to how we personalize your search results. And so it's not just that we are able to extend the coverage of these buyer profiles. It's that we're collecting more and more valuable data in them and that we're able to apply them in more and more places in your experience end to end.

我們覺得令人興奮的是，買家檔案有各種應用場景：我們可以用它來個人化你的體驗，並讓體驗更豐富——從你在 App 首頁動態中收到的推薦、到我們寄給你的行銷內容、再到我們如何個人化你的搜尋結果。所以不只是我們能把這些買家檔案的覆蓋範圍擴大。更重要的是，我們在其中蒐集到越來越多有價值的資料，並且能在你端到端的體驗中、越來越多的地方加以運用。

Perfect. Thank you. Next question.

很好。謝謝。下一題。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

Good morning. Maybe one on the -- in the shareholder letter, you talked about growing direct relationships with our most active buyers by optimizing how you communicate with them and deliver kind of more timely and relevant recommendations. Kruti, I was wondering, from someone being on the outside, could you give us some examples of what this looks like because we've all seen how powerful like the big buyers can be on these larger platforms, how this will play out in the acquisition and reactivation of these big active buyers?

早安。想問一題——在股東信中，你們談到透過最佳化與最活躍買家的溝通方式，並提供更即時且更相關的推薦，來深化與這些買家的直接關係。Kruti，我想請教，站在外部觀察者的角度，你能否舉一些例子說明這會是什麼樣子？因為我們都看過在大型平台上，大買家能有多強的影響力；這將如何在這些大型活躍買家的獲取與再活化上發揮作用？

And then just a quick one for Lanny on some of the cost savings from the reorganization. Sounds like you're letting this flow through to the bottom line. I was wondering why not reinvest even more in marketing or if there's diminishing marginal returns there or anything along those lines would be great. Thank you.

另外再快速問 Lanny 一題，關於重組帶來的一些成本節省。聽起來你們會讓這些節省直接反映到淨利。我想知道為什麼不把更多資源再投入行銷？是否存在邊際報酬遞減之類的因素？任何相關說明都很有幫助。謝謝。

The first one, Kruti, was growing direct relationships with our most active buyers.

第一題，Kruti，是關於深化與我們最活躍買家的直接關係。

Oh, how we're optimizing our communications. The way that this should play out is we're really playing with two things with our most active buyers: the relevance of the content that we show you, the personalization of the content that we show you, the freshness of the content that we show you, and how frequently we show it to you. So sometimes, it's even more valuable to send fewer communications, especially to our most active buyers who are engaging with us all the time. And we're looking at that across both e-mail and push and then really all of the channels where we're connecting with you.

喔，關於我們如何最佳化溝通。這應該會這樣呈現：對於最活躍的買家，我們主要在調整兩件事——我們展示給你的內容相關性、內容個人化程度、內容新鮮度，以及我們向你展示的頻率。所以有時候，發送更少的溝通反而更有價值，特別是對那些一直在與我們互動的最活躍買家。我們會在電子郵件與推播上都做這些檢視，並且涵蓋所有我們與你連結的管道。

So that's how I would think about that optimization work that we're doing around engaging with our most active buyers. It's because we have so much great information and content on you, we want to make sure that we're optimizing every touch, and we have the frequency right as well.

所以我會用這樣的方式來理解我們針對最活躍買家互動所做的最佳化工作。因為我們掌握了大量關於你的優質資訊與內容，我們希望確保每一次觸達都做到最佳化，同時也把頻率調整到位。

Michael, the reorganization is not intended to structurally alter Etsy's long-term margin profile. What we're really seeking is a more focused organization suited to execute on our strategy and with all the strengths and skills that we think we need over the coming years. And if we have those things, as we get those things, I think they pay off in growth, health of the marketplace, differentiation of Etsy. And ultimately, the durability of growth comes from really having that more focused and really rightly suited team.

Michael，這次重組並不是要在結構上改變 Etsy 的長期利潤率輪廓。我們真正追求的是一個更聚焦、能夠執行我們策略的組織，並具備我們認為未來幾年所需要的所有優勢與技能。而當我們擁有並逐步補齊這些能力時，我認為它們會反映在成長、市集健康度，以及 Etsy 的差異化上。最終，成長的持久性來自於擁有一支更聚焦、且真正合適的團隊。

So we will be reinvesting some of the savings, if you will, into our people, into engineering talent, product talent, customer operations, and some of the R&D projects we talked about earlier. I think the kind of margin growth that we really like is the margin growth that comes from revenue and GMS growth. And in this quarter, 50% of the revenue growth went down to the bottom line. That's the stuff that really we believe creates shareholder value. So that's what we're aiming for.

因此，我們會把部分節省下來的資源再投資——投入到我們的人才上，包括工程人才、產品人才、客戶營運，以及我們先前提到的一些研發（R&D）專案。我認為我們真正喜歡的利潤率成長，是來自營收與 GMS 成長所帶動的利潤率成長。而在本季，營收成長的 50% 直接落到淨利。我們相信這才是真正能創造股東價值的部分。所以這就是我們的目標。

And you talked about marketing. This is a quarter in which we got a good deal of leverage, and we're pretty proud of it in the marketing channel and in our marketing activities. But I want to make the point, we are earning our growth there, not buying it. We have increased the efficiency in our more mature channels, i.e., search and PLAs. We are making ongoing learnings and having some nice wins in our less mature channels like social. We're being prudent about managing and optimizing the mix of those channels.

你也提到了行銷。本季我們在行銷通路與行銷活動上取得了相當不錯的槓桿效益，我們也為此感到很自豪。但我想強調的是，我們在那裡的成長是「賺來的」，不是「買來的」。我們在較成熟的通路（例如搜尋與 PLA）提升了效率。在較不成熟的通路（例如社群）我們也持續學習並取得一些不錯的成果。我們也審慎地管理並最佳化這些通路的組合。

And I frankly think some of the messaging that we're doing in our brand campaigns, in our PLA relevance, in our social media is also contributing there. So what we're seeing is we're just getting more GMS per dollar. And actually, that's not declining marginal return. That's increasing marginal return, and that's sort of causing us to lean in on marketing. So I don't want to send a signal at all that we are tapped out on investment. We're just at a point right now where we're having some really good gains in efficiency in marketing that I think sets us up to continue to use that as a driver of growth in the future.

坦白說，我們在品牌活動、PLA 相關性、以及社群媒體上所做的一些訊息傳遞，也在其中有所貢獻。所以我們看到的是，每花 1 美元能帶來更多 GMS。而且這不是邊際報酬遞減。這是邊際報酬遞增，這也讓我們更願意加大行銷投入。因此我完全不想釋出任何訊號，讓大家以為我們的投資已經到頂。只是我們目前在行銷效率上取得了非常好的提升，我認為這讓我們在未來能持續把行銷作為成長驅動力。

Thanks, Lanny. Next question.

謝謝你，Lanny。下一題。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Okay. Thank you for taking my question. Could you -- just a follow-up on something that you were talking about earlier, Lanny, which is on marketing spend. Could you please talk to what specifically has changed in your marketing spend and strategy, where you're seeing best returns on that spend? And how much of that runway do you have left ahead to drive potentially new and reactivated buyer growth?

好的。謝謝讓我提問。我想就你先前提到的內容追問一下，Lanny，關於行銷支出。你能否具體談談你們的行銷支出與策略有哪些改變、你們在哪些支出上看到最佳回報？以及你們還有多少「跑道」可以用來推動潛在的新買家成長與再活化買家成長？

And second is if you could please talk to mobile app users and how their engagement is different and where you see runway for growth coming from app users as we think about frequency over time. Thank you.

第二題是，請談談行動 App 使用者，以及他們的互動參與有何不同；當我們從長期頻率的角度來看時，你們認為 App 使用者的成長動能會來自哪些地方？謝謝。

Sure. On the marketing front, I'll get into the details of kind of the mix and the channels and things we're doing there, but one of the secret weapons is the owned channels that we have of push and e-mail and the mobile app. Your question was how are we using these channels to attract new customers and bring them back. Those owned channels have been really effective in helping us bring people back very efficiently. So that's also happening in our greater marketing portfolio.

當然。在行銷方面，我會進一步說明我們在組合、通路以及正在做的事情等細節；但其中一個秘密武器是我們自有的通路：推播、電子郵件，以及行動 App。你的問題是，我們如何使用這些通路來吸引新客並把他們帶回來。這些自有通路在非常高效率地協助我們把人帶回來方面，一直非常有效。所以這也正在我們更大的行銷組合中發生。

But in the places where we're spending media dollars in marketing, the competitive dynamic in PLA has changed over the last year as Amazon has pulled out. But the bigger driver right now are internal wins that we've made in our marketing technology, particularly the way we segment the PLA feeds that we give to Google.

不過在我們投入媒體預算的行銷領域，過去一年 PLA 的競爭態勢已經改變，因為 Amazon 已經退出。但目前更大的驅動因素，是我們在行銷科技上的內部成果，特別是我們對提供給 Google 的 PLA feed 進行分眾切分的方式。

The information that we give them around listings is helping them, I think, place our listings with better, more competitive bids in a broader number of auctions, and we call it PLA segmentation. The way we're segmenting our feed is really helping us strike some really good advances right now in the performance of our most mature, most well-developed, most predictable marketing channels. That's been great.

我們提供給他們的、關於刊登（listings）的資訊，我認為正在幫助他們在更多場次的拍賣中，以更好、更具競爭力的出價來投放我們的刊登，我們稱之為 PLA 分群（segmentation）。我們對 feed 進行分群的方式，確實正在幫助我們在目前最成熟、最完善、最可預測的行銷渠道表現上，取得一些非常好的進展。這非常棒。

While that progress is happening, it allows us to make flex and test and move around other parts of the overall portfolio. And in terms of portfolio shifts, I would say we've talked about pushing a lot of money into social at times to then figure out what works best and then optimizing, and we're making some good gains right now optimizing our social channels.

在這些進展發生的同時，也讓我們能夠更有彈性地調整、測試，並在整體投資組合的其他部分進行挪移。就投資組合的調整而言，我會說我們曾談到有時會把大量資金推進社群渠道，接著找出最有效的做法再進行最佳化，而我們目前在最佳化社群渠道方面正取得不錯的成效。

And the one other shift is moving away from like linear and some of the older television or video advertising that we've done toward more targeted streaming. And services like that has helped us go after the right audience, and we're really happy with that. So performance on our own side in PLAs has been a big driver, and that's allowed us a lot of flexibility to move around the rest of the portfolio and find ways to be more efficient and find new opportunities to grow.

另外一個調整是，從線性電視以及一些我們過去做過的較舊式電視或影音廣告，轉向更具目標性的串流投放。這類服務幫助我們鎖定正確的受眾，我們對此非常滿意。因此，我們在 PLAs 端自身的表現一直是重要的驅動因素，這也讓我們在調整其餘投資組合時有很大的彈性，能找到更有效率的方法並發掘新的成長機會。

And then the second one is on app and app engagement.

接著第二個是關於 App 以及 App 互動（engagement）。

Yeah. So I think the question was what's working in the app and where do we see potential going forward. And so we're really pleased with the growth acceleration that we saw in Q2 in the app, up 12.5% year over year. We're now at about 47% of total GMS coming from the app. We think that's really healthy, and we think there's more room to grow.

是的。我想問題是：App 裡哪些做法有效，以及我們未來在哪裡看到潛力。我們對第二季（Q2）在 App 看到的成長加速感到非常滿意，年增 12.5%。目前約有 47% 的總 GMS 來自 App。我們認為這非常健康，也認為仍有更多成長空間。

What's working really well, what I would say is the work that we're doing across the board is showing up with particular strength in the app for lots of reasons that I talked about where our most engaged, most valuable users are already. And it's where we have we have the ability to personalize with even more depth.

就哪些做得特別好而言，我會說我們全面推動的工作，因為我先前提到的許多原因，在 App 上呈現出特別強的效果——因為我們最投入、最有價值的使用者本來就集中在那裡。而且在那裡我們也有能力做更深度的個人化。

So what's working? I'd say, first, better discovery and matching. We talked about richer buyer profiles. They're really improving the content that we can show you in home feeds and push notifications that bring you back into the app.

那麼，哪些有效？我會說第一是更好的探索（discovery）與配對（matching）。我們談過更豐富的買家檔案（buyer profiles）。這些確實正在改善我們能在首頁 feed 與推播通知中呈現給你的內容，並把你帶回 App。

The second thing I would say that's happening on the app is we're really improving the freshness of our feed, so the newness and the diversity of what we're showing in a way that's really improving engagement. The team made a really big shift in terms of reducing the prevalence of things that were recently viewed or engaged and in place of showing you much fresher, newer listings.

第二個我會說在 App 上正在發生的事情是：我們正在大幅提升 feed 的新鮮度，也就是我們展示內容的「新」與「多樣性」，並以能真正提升互動的方式來呈現。團隊做了一個很大的調整：降低近期已瀏覽或已互動內容的出現比例，改為向你展示更新鮮、更新的刊登。

And what we're seeing is that that's driving feed favoriting, listing views, new searches. And excitingly, it's broadening consideration. We're seeing buyers on the app starting more new shopping missions. And so all of that is really exciting.

我們看到這正在帶動 feed 收藏、刊登瀏覽、新的搜尋。而且令人振奮的是，它正在擴大考量範圍（consideration）。我們看到 App 上的買家開始啟動更多新的購物任務（shopping missions）。因此這一切都非常令人興奮。

In general, we're seeing just much more engagement, more strong signs of engagement in the app with visits per MAU improving, orders per visit improving, feed favoriting, like I said, new mission starts. So all really strong indicators of how what we're doing is working in the app and I think bodes well for the future in terms of continued opportunity there.

整體而言，我們看到 App 的互動明顯增加，且有更多強勁的互動訊號：每位 MAU 的造訪次數提升、每次造訪的訂單數提升、feed 收藏（如我所說）、新的任務啟動。這些都是非常強的指標，顯示我們正在做的事情在 App 上確實有效，也讓我認為未來在那裡仍有持續的機會。

I would just add that the bulk of the GMS growth, the primary driver of app GMS growth is existing app users purchasing more. And the second behind that is new to Etsy buyers coming into the app for their first-time purchases. Those are really healthy incremental reflections of the work that we're doing on both the marketing and the product experience.

我再補充一點：GMS 成長的大宗、也就是 App GMS 成長的主要驅動因素，是既有 App 使用者買得更多。其次則是新加入 Etsy 的買家進入 App 進行首次購買。這些都是非常健康的增量反映，顯示我們在行銷與產品體驗兩方面所做的工作正在發揮效果。

Great. Perfect. Thank you, guys. Next question.

很好。完美。謝謝各位。下一題。

Ygal Arounian, Wedbush.

Ygal Arounian，Wedbush。

Hey. Good morning, guys. Somehow it says my line is still on mute. I wanted to dig into the tech investments, particularly around ML. That's something you guys have talked a lot about. So what's kind of evolving here on that? And how does that tie into Agentic Commerce? Maybe more specifically, or if you want broadly on third parties, too, but how you're building it to the Etsy platform directly? Thanks.

嗨。各位早安。不知為何顯示我的線路仍然是靜音。我想深入了解一下技術投資，特別是機器學習（ML）相關。這是你們談了很多的主題。所以這方面目前有哪些演進？以及這如何與 Agentic Commerce 連結？也許更具體一點，或者如果你們也想更廣泛談第三方也可以，但你們是如何把它直接建到 Etsy 平台上？謝謝。

Sure. So in terms of our investment in ML, the way you should think about that is we're continuing to invest more deeply in what's working. And what's working is discovery, matching, and personalization. And the investments that we're making as a result of reshaping our teams is really about strengthening our talent to do more of what's working. So that's how I would think about the ML investment.

當然。就我們在 ML 的投資而言，你可以這樣理解：我們正持續更深入地投資在有效的事情上。而有效的事情是探索（discovery）、配對（matching）與個人化（personalization）。我們因為重塑團隊而進行的投資，核心是強化人才，以便做更多有效的事情。所以我會這樣看待 ML 投資。

In terms of AI, I think there are a couple of parts to this. The first thing I'd say is that we see the biggest opportunity for AI on Etsy itself. It's really about using AI to make Etsy much, much better at connecting the right buyers with the right sellers.

就 AI 而言，我認為這裡有幾個部分。我首先會說，我們看到 AI 最大的機會在 Etsy 本身。重點在於運用 AI 讓 Etsy 在把對的買家與對的賣家連結起來這件事上，做得更好、好很多。

So we're applying AI across all of these areas that I just talked about, discovery, matching, and personalization, to really better understand what buyers are looking for, to better understand our buyers, to better understand our inventory so that we can surface the most relevant inventory from the full breadth of our marketplace. That's where we think AI is really going to deliver the most value over time because it makes Etsy feel more personal and help more of our sellers and more of our inventory get discovered.

因此，我們正在把 AI 應用在我剛提到的所有領域：探索、配對與個人化，以便更好地理解買家在找什麼、更好地理解我們的買家、更好地理解我們的庫存，讓我們能從整個市集的完整廣度中，呈現最相關的庫存。我們認為 AI 長期將在這裡帶來最大的價值，因為它讓 Etsy 感覺更個人化，並幫助更多賣家與更多庫存被發現。

And then in terms of off of Etsy and the opportunity there, it's still a really important priority for us to make sure that Etsy is showing up wherever shoppers discover. So we're continuing to partner with these major AI platforms because we want to be in there and learning and evolving our experience as consumer behavior and adoption evolves. So that's where we continue to focus there.

接著談 Etsy 站外以及那裡的機會：確保 Etsy 在消費者進行探索的各個地方都能被看見，對我們仍然是非常重要的優先事項。因此，我們持續與這些主要 AI 平台合作，因為我們希望能在其中參與、學習，並隨著消費者行為與採用度的演進而調整我們的體驗。所以我們會持續把重點放在那裡。

I'll say that traffic from agentic experiences is still less than 1% of our overall traffic. We're still seeing the same things that we shared last time. There's higher intent, higher average order value traffic. So that's what's happening there.

我會說，來自 agentic 體驗的流量仍不到我們整體流量的 1%。我們仍看到與上次分享相同的情況。也就是更高意圖（higher intent）、更高平均訂單金額（average order value）的流量。所以那邊的狀況就是如此。

The third thing I would say about AI is we're experimenting actively with AI-native shopping experiences on Etsy itself. We've shared that we think that there's a really interesting opportunity to use these conversational interfaces to get more context more quickly to understand intent in any given shopping mission. And so the work that we've done on our gifting assistant is a good example of that. It gives buyers a more natural conversational way to express what they're looking for, and it's helping us learn actively in that space.

我對 AI 的第三點看法是：我們正在 Etsy 本身積極實驗 AI-native 的購物體驗。我們曾分享過，我們認為使用這些對話式介面，有一個非常有趣的機會：能更快取得更多脈絡，以理解任何一個購物任務中的意圖。因此，我們在送禮助理（gifting assistant）上所做的工作就是一個很好的例子。它讓買家能以更自然的對話方式表達他們在找什麼，也正在幫助我們在這個領域積極學習。

So I guess to sum it up, what I'd say is like across AI, I think about it in three ways: making Etsy more personal, making Etsy more discoverable, and then learning how this next generation of shopping experience is going to evolve.

所以總結來說，我會把 AI 分成三個面向來看：讓 Etsy 更個人化、讓 Etsy 更容易被發現，以及學習下一代購物體驗將如何演進。

Great. Thanks, Kruti. Let's move to the next question.

太好了。謝謝你，Kruti。我們來進入下一個問題。

Youssef Squali, Truist.

Youssef Squali，Truist。

Excellent. Thank you so much, guys. Lanny, maybe starting with you, the 50% flow-through from incremental revenue to adjusted EBITDA in Q2 is pretty impressive. Maybe talk about the biggest drivers there and just the sustainability of that as we look into the second half and into 2027, particularly on the back of this latest RIF.

非常好。非常感謝各位。Lanny，也許先從你開始，第二季增量營收到調整後 EBITDA 的 50% 流入率相當亮眼。能否談談其中最大的驅動因素，以及當我們展望下半年乃至 2027 年時其可持續性如何，特別是在這次最新裁員（RIF）的背景下？

And maybe not to beat the dead horse here, but can you maybe help us understand how you guys think about balancing increase in marketing spend, especially on the back of clearly what you're seeing is improving efficiency, with the other decisions that you've made of the $2 billion buyback, which obviously is a huge step-up from what it was before? So are we getting maybe the efficient frontier in marketing spend at this point until maybe we improve the user experience that much better before we lean more aggressively into marketing? Just help us a little bit understand the puts and takes there.

另外也許不是要老調重彈，但你們能否幫我們理解，你們如何在提高行銷支出（尤其是在你們明顯看到效率正在改善的情況下）與你們做出的其他決策之間取得平衡，例如 20 億美元的庫藏股回購——這顯然比之前大幅加碼？所以我們是否已經來到行銷支出的效率前緣，直到我們把使用者體驗再提升很多之後，才會更積極加大行銷投入？請幫我們稍微理解其中的取捨。

Yeah, sure. Good questions overall. Let me start with the incremental profitability.

好的，當然。整體來說都是好問題。我先從增量獲利能力談起。

Any one quarter isn't set the model forever. And we had a great quarter and flow-through this quarter. And I think what sort of built across the course of this year is the internal momentum and execution, and the health of the marketplace has turned out to be a little bit better and a little bit more sustainable than we anticipated.

任何單一季度都不會永遠定義我們的模式。我們這一季表現很出色，流入率也很好。我認為今年一路累積的是內部的動能與執行力，而市場平台的健康狀況也比我們預期的更好、也更具可持續性。

And what that did was drive better GMS than we expected. And when GMS grows unexpectedly, it's going to drive really good profitability characteristics for our business. And so I think you'll see the incremental margin sort of move back and forth across the ranges that the company has shown over time. But we really like the incremental profitability characteristics of the business. And PS, we really like the margin level that we have right now to start with.

這帶動了比我們預期更好的 GMS。當 GMS 出現超預期成長時，會為我們的業務帶來非常好的獲利特性。因此我認為，你會看到增量利潤率在公司長期以來呈現的區間內來回波動。但我們非常喜歡這門生意的增量獲利特性。另外補充一句（PS），我們也非常喜歡目前的利潤率水準，作為起點就很不錯。

And from the reorganization, our intention is not to, as I said, structurally lift margins. It's to bring the team into more perfect alignment with the strategy in terms of the way it's organized, the way it's staffed, the skills we have on hand so that we can drive the revenue growth that ultimately produces everything else we've already talked about. So I mean, hopefully, those pieces will fit together for you as you look forward.

至於重組，我們的意圖不是——如我所說——去結構性地拉升利潤率。而是讓團隊在組織方式、人力配置、現有技能等方面，與策略更完美地對齊，從而推動營收成長，而營收成長最終會帶來我們前面談到的其他一切。所以希望當你往前看時，這些拼圖能夠對你有所幫助。

I think on your second question, which was about marketing and the share buyback, they're not mutually exclusive. They're really complementary. And it is, hey, we are becoming more efficient and more effective in our marketing, and that increases our estimation of the value of the franchise in the future. And that makes the buyback feel like a reasonable allocation of capital.

我想就你的第二個問題，也就是行銷與股票回購，它們並非互相排斥。其實是互補的。也就是說，我們的行銷正變得更有效率、更有效果，這會提高我們對未來品牌資產（franchise）價值的評估。因此，回購就成為一個合理的資本配置。

And we just received a large incremental amount of capital from the sale of Depop. And we don't see a place where we could spend that in the business right now. And we think the right thing to do is return that capital to shareholders by shrinking the equity basis. As we've done, I think, over the last three or four years, we reduced the share count by almost 25 million shares. So we feel really good about that investment we've made.

而且我們剛從出售 Depop 獲得了一大筆新增資本。我們目前看不到有哪個地方能在業務中把這筆錢有效花出去。我們認為正確的做法是透過縮小股本基礎，把資本回饋給股東。正如我們在過去三、四年所做的，我們將流通股數減少了將近 2,500 萬股。所以我們對這項投資感到非常滿意。

And I'm going to go back, you asked a question -- Michael's question -- there is not a frontier that we are hitting up against in marketing. What we are seeing more so is that our marketing dollars are going further. And you know we are a company that doesn't set a marketing budget. It sets a return target. And if our marketing dollars are going further, that says the return is better, and that is, over time, going to lead us to continue to spend more on marketing and drive the flywheel.

我再回到你問的問題——Michael 的問題——我們在行銷上並沒有碰到什麼前緣上限。我們看到的更多是，我們的行銷美元能發揮更大的效益。而你也知道，我們公司不是設定行銷預算。我們是設定報酬目標。如果行銷美元能走得更遠，就代表報酬更好，而這會在時間推移下，促使我們持續增加行銷投入並推動飛輪效應。

Interestingly, or importantly, this quarter, our organic GMS that was not driven by marketing grew. So that's nice to have the fundamental underlying growth from SEO and from the app and from the owned channels and then be able to use marketing really efficiently with a good return on top of that to further extend our reach and our frequency is what we're all about.

有趣的是，或者更重要的是，本季我們非由行銷驅動的自然 GMS 也成長了。所以很高興能看到來自 SEO、App，以及自有渠道等的基本面成長；然後再在此基礎上，以良好報酬率非常有效率地運用行銷，進一步擴大我們的觸及與頻次，這正是我們的核心。

The other thing that I would add on the marketing front is we see a lot of great opportunities to continue to lean into marketing. And I think we've really shown that this quarter. As we've gained efficiency in certain areas, we've leaned into others to great effect.

另外在行銷方面我想補充的是，我們看到很多很好的機會可以繼續加大行銷投入。我認為我們這一季已經充分展現了這點。當我們在某些領域提升效率時，我們也在其他領域加碼，並取得很好的效果。

As we've seen efficiency in paid search, we've leaned into paid social. We've seen the impact of that in terms of our engagement with younger buyers on TikTok and YouTube. We've leaned into marketing partnerships like our Olivia Rodrigo partnership. We think there's a lot of great opportunities to continue to expand our reach and our relevance through marketing even as we make our more mature channels more efficient.

當我們在付費搜尋看到效率提升時，我們就加碼付費社群。我們也看到其影響，例如在 TikTok 和 YouTube 上與更年輕買家的互動提升。我們也加碼像是與 Olivia Rodrigo 的行銷合作夥伴關係。我們認為，即使我們讓較成熟的渠道更有效率，仍有很多很好的機會能透過行銷持續擴大觸及與相關性。

Great. Operator, I know we're almost at time, but I want to squeeze in one more. Can we call the next one?

很好。接線員，我知道時間快到了，但我想再塞進一題。我們可以請下一位嗎？

Oliver Lester, Arete Research.

Oliver Lester，Arete Research。

Hi. Thanks for taking my questions. Two for me. One is, I wanted to know whether you expect to see any impact from the recent EU de minimis changes.

嗨。謝謝讓我提問。我有兩個問題。第一個是，我想知道你們是否預期近期歐盟 de minimis（小額免稅）規則變更會帶來任何影響。

And my second question is just on Etsy Insider. I know that got a brief mention in the shareholder letter. Is there any kind of update that you can give us on the progress you're making there?

第二個問題是關於 Etsy Insider。我知道股東信中有簡短提到。你們能否就目前的進展提供任何更新？

On de minimis, I don't think we'll see a big impact from it. And I will tell you that Etsy is at the forefront of helping sellers deal with all of those kind of changes. We have a great track record over the last year and really strong partners that we work with to help sellers navigate that changed playing field.

關於 de minimis，我不認為我們會看到很大的影響。我也想說，Etsy 一直站在最前線，協助賣家應對這類變化。過去一年我們有很好的紀錄，也有非常強的合作夥伴，協助賣家在變動後的競爭環境中順利因應。

On Insider, we don't have a specific update. What I would say is what I've shared in the past, which is that we're thinking about loyalty, and driving loyalty is much broader than one program or one initiative. We're starting to test more mechanics to drive that loyalty, including free loyalty mechanics. But more broadly, the biggest thing that's going to drive loyalty is a better end-to-end user experience in the product. So that's where we're focused.

關於 Insider，我們沒有特定更新。我想說的是我過去分享過的：我們在思考「忠誠度」，而推動忠誠度遠不止於單一方案或單一計畫。我們開始測試更多機制來推動忠誠度，包括免費的忠誠度機制。但更廣泛來說，最能推動忠誠度的，會是產品端更好的端到端使用者體驗。所以我們的重點在那裡。

Perfect. Thank you, guys. Operator, I think that's it for us today. Thank you so much, everyone. We'll talk to you soon.

完美。謝謝各位。接線員，我想我們今天就到這裡。非常感謝大家。我們很快再聊。