ETSY Inc (ETSY) 2021 Q3 法說會逐字稿

Hi, everyone, and welcome to Etsy's Third Quarter 2021 Earnings Conference Call.

大家好，歡迎來到 Etsy 的 2021 年第三季度收益電話會議。

I'm Deb Wasser, VP of Investor Relations and ESG Engagement. And joining me today are Josh Silverman, Chief Executive Officer; Rachel Glaser, Chief Financial Officer; and Gabe Ratcliff, our Director of Investor Relations.

我是投資者關係和 ESG 參與副總裁 Deb Wasser。今天加入我的還有首席執行官 Josh Silverman； Rachel Glaser，首席財務官；和我們的投資者關係總監 Gabe Ratcliff。

Today's prepared remarks have been prerecorded. The slide deck has also been posted to our website for your reference. Once we are finished with Josh and Rachel's presentations, we will transition to a live video webcast Q&A session. (Operator Instructions)

今天準備的評論已經預先錄製好了。幻燈片也已發佈到我們的網站以供您參考。完成 Josh 和 Rachel 的演講後，我們將轉入現場視頻網絡直播問答環節。 （操作員說明）

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance and key drivers thereof; the uncertain impact of the ongoing COVID-19 pandemic or its eventual abatement may have on our communities, business, strategy or operating results; the potential impact of our strategic marketing and product initiatives; our ability to integrate and benefit from our acquisitions of Depop and Elo7, and their impact on our market opportunity and on our future consolidated financial results; and the anticipated return on our investments and their ability to drive growth. Our actual results may differ materially.

請記住，我們今天的評論包括與我們的財務指導及其關鍵驅動因素相關的前瞻性陳述；持續的 COVID-19 大流行或其最終消退可能對我們的社區、業務、戰略或經營成果產生不確定的影響；我們的戰略營銷和產品計劃的潛在影響；我們整合和受益於我們對 Depop 和 Elo7 的收購的能力，以及它們對我們的市場機會和我們未來的綜合財務業績的影響；以及我們投資的預期回報及其推動增長的能力。我們的實際結果可能存在重大差異。

Forward-looking statements involve risks and uncertainties, which are described in today's earnings release and our 10-Q filed with the SEC on August 5, 2021, and which will be updated in any future periodic reports we file with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

前瞻性陳述涉及風險和不確定性，在今天的收益發布和我們於 2021 年 8 月 5 日向 SEC 提交的 10-Q 中進行了描述，並將在我們向 SEC 提交的任何未來定期報告中進行更新。我們在此次電話會議上所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新它們的義務。

Also during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which you can find on our IR website, along with a replay of this call.

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，您可以在我們的 IR 網站上找到該新聞稿，以及本次電話會議的重播。

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

有了這個，我會把它交給喬希。

Thanks, Deb, and good evening, everyone.

謝謝，Deb，大家晚上好。

Etsy delivered a very strong third quarter. Last year, Etsy dramatically outperformed e-commerce industry benchmarks. Now in 2021, we're lapping that performance with flying colors reinforcing the significant market share gains we've made. These great Q3 results further reflect that we're moving the needle on frequency, and that many of the millions of buyers who found or refound Etsy during the pandemic are sticking with us and performing even better than historical cohorts.

Etsy 第三季度表現非常強勁。去年，Etsy 的表現大大超過了電子商務行業的基準。現在到了 2021 年，我們將憑藉出色的表現來鞏固我們已經取得的顯著市場份額增長。這些出色的第三季度業績進一步反映了我們正在提高頻率，在大流行期間發現或重新找到 Etsy 的數百萬買家中的許多人都堅持使用我們，並且表現甚至比歷史同類產品更好。

Our consolidated GMS was $3.1 billion, up 17% on a year-over-year currency neutral basis, with the core Etsy marketplace being the main driver of GMS growth for the consolidated business and responsible for the outperformance compared to our guidance. Excluding masks, GMS for the Etsy stand-alone marketplace grew 24% year-over-year and 138% on a 2-year basis. This continued strength in our core on a 2-year basis is one of the main takeaways that we want to highlight today.

我們的合併 GMS 為 31 億美元，在貨幣中性基礎上同比增長 17%，核心 Etsy 市場是合併業務 GMS 增長的主要驅動力，與我們的指導相比，其表現出色。不包括口罩，Etsy 獨立市場的 GMS 同比增長 24%，兩年增長 138%。這種持續兩年的核心實力是我們今天要強調的主要內容之一。

Revenue grew 18%, and our adjusted EBITDA margin was 33%, with the sustained momentum in etsy.com's top line growth contributing material flow-through to the bottom line. Etsy has truly risen to the moment due in large part to the focused investments we've made over the past 4 years to execute our long-term strategy. As you know, this strategy hinges on building a sustainable competitive advantage around 4 elements that we believe differentiate us from our competition, what we call our right to win. In Q3, we again see significant evidence that the strategy is working, and we believe we're still just getting started.

收入增長 18%，我們調整後的 EBITDA 利潤率為 33%，etsy.com 收入增長的持續勢頭為利潤帶來了物質流。 Etsy 真正崛起，這在很大程度上歸功於我們在過去 4 年中為執行我們的長期戰略而進行的集中投資。如您所知，這一戰略取決於圍繞 4 個要素建立可持續的競爭優勢，我們認為這些要素將我們與競爭對手區分開來，我們稱之為獲勝的權利。在第三季度，我們再次看到該策略正在發揮作用的重要證據，我們相信我們仍剛剛開始。

We're investing aggressively to strengthen each element of this strategy, all to continue elevating the customer experience. And we've driven significant gains in visits, purchase frequency and average order value. In fact, GMS per active buyer for our Etsy.com marketplace was up 20% in the quarter, sustaining momentum over the past year. We've been speaking to you for a while about our focus on frequency or better said, how we're working to position Etsy as a starting place for commerce. We believe that there are several factors that contribute to habit-forming behavior in e-commerce and to move the needle on frequency.

我們正在積極投資以加強該戰略的每個要素，所有這些都是為了繼續提升客戶體驗。我們在訪問量、購買頻率和平均訂單價值方面取得了顯著增長。事實上，我們 Etsy.com 市場的每個活躍買家的 GMS 在本季度增長了 20%，保持了過去一年的勢頭。一段時間以來，我們一直在與您討論我們對頻率的關注，或者更確切地說，我們如何努力將 Etsy 定位為商業的起點。我們認為，有幾個因素有助於電子商務中的習慣形成行為並推動頻率的變化。

First, inspiration, having a fun and engaging experience that keeps you coming back for more. Second, efficiency, helping the buyer to quickly and easily get in, buy and get out when they already know what they want. And third, reliability, ensuring a stress-free and dependable purchase. We've invested in frequency-driving initiatives in each of these 3 areas, and these investments are made even more impactful by our increased traffic and much larger scale. We now have more squads and more product teams focused on frequency than ever before. We know that changing habits takes time, and it's early days for this work, but we're seeing very encouraging signs of progress.

首先，靈感，有一個有趣和引人入勝的體驗，讓你回來更多。第二，效率，幫助買家在已經知道自己想要什麼的情況下，快速輕鬆地進場、購買和離開。第三，可靠性，確保無壓力且可靠的購買。我們在這三個領域中的每一個領域都投資了頻率驅動計劃，並且由於我們增加的流量和更大的規模，這些投資的影響更大。我們現在擁有比以往更多的小隊和更多專注於頻率的產品團隊。我們知道改變習慣需要時間，這項工作還處於初期階段，但我們看到了非常令人鼓舞的進展跡象。

Here are a few examples of our frequency initiatives. We're investing in multiple areas focused on driving buyer inspiration, engaging buyers early in their life cycle and bringing them back to Etsy. For example, our new personalized onboarding, which you can see in the image on the left, allows the buyer to engage with Etsy to discover new trends and styles while giving us insights into their tastes and preferences. This new customer journey has driven increases in repeat visits and purchase frequency.

以下是我們頻率計劃的一些示例。我們正在投資多個領域，專注於激發買家靈感，在買家生命週期的早期吸引他們並將他們帶回 Etsy。例如，您可以在左側的圖片中看到我們新的個性化入職培訓，它允許買家與 Etsy 互動以發現新的趨勢和風格，同時讓我們深入了解他們的品味和偏好。這種新的客戶旅程推動了重複訪問和購買頻率的增加。

We've also had great success with our updates tab, which prompts buyer actions such as favoriting and in turn, helps us to improve the relevancy of their Etsy news feed. And we're leveraging machine learning to personalize the updates feed for each user. These initiatives collectively have enabled us to have a deeper understanding of our buyers, which we then use to segment and target them with relevant content on and off of Etsy.

我們的更新選項卡也取得了巨大成功，該選項卡會提示買家進行收藏等操作，進而幫助我們提高其 Etsy 新聞提要的相關性。我們正在利用機器學習來個性化每個用戶的更新提要。這些舉措共同使我們能夠更深入地了解我們的買家，然後我們用它來細分和定位他們在 Etsy 內外的相關內容。

Many of our visits are from buyers who are on a discovery journey, and there's so much more we can do to make this experience more fun and extend inspiring. In the past, Etsy recommendations have often felt like a rearview mirror, based on things you recently bought or searched for. Today, we're investing aggressively in machine learning tools attempting to understand your tastes and preferences in order to anticipate and inspire your next purchase. We want to make Etsy feel truly made for you.

我們的許多訪問都是來自正在探索之旅的買家，我們可以做更多的事情來使這種體驗更有趣並激發靈感。過去，基於您最近購買或搜索的東西，Etsy 的推薦常常讓人感覺像是一面後視鏡。今天，我們正在積極投資機器學習工具，試圖了解您的品味和偏好，以預測和激發您的下一次購買。我們想讓 Etsy 感覺真正為你而生。

For those buyers on a specific shopping mission, we're focused on driving efficiency, a fast and easy shopping experience. During the third quarter, we launched real-time personalization, which leverages in-session data about a buyer's tastes and preferences to help them define what they're looking for more quickly and easily, with the goal of ultimately making shopping on Etsy feel like having a personal shopper.

對於那些有特定購物任務的買家，我們專注於提高效率，提供快速便捷的購物體驗。在第三季度，我們推出了實時個性化，它利用有關買家品味和偏好的會話數據來幫助他們更快、更輕鬆地定義他們正在尋找的東西，目標是最終讓在 Etsy 上購物的感覺像有一個私人購物者。

For example, shown on Slide 6, a user first searches for leather accessories. And later in the session, enters a search for wallets. We now incorporate the prior in-session search and prioritize results for leather wallets, knowing of the buyer's previously stated preference for leather. This can be especially relevant and time saving when you're shopping for multiple items that have something in common, a shared theme, style or preference.

例如，如幻燈片 6 所示，用戶首先搜索皮革配飾。稍後在會話中，輸入搜索錢包。我們現在結合先前的會話搜索並優先考慮皮革錢包的結果，了解買家先前聲明的皮革偏好。當您購買具有共同點、共享主題、風格或偏好的多件商品時，這可能特別相關且節省時間。

Turning to Slide 7. We entered 2021 with a strong focus on making Etsy a more reliable place to shop. While our competitors invest capital building out logistics systems designed to ship one to many, we believe that our massive peer-to-peer fulfillment ecosystem is a core part of building Etsy's sustainable competitive advantage. We'll likely never promise to deliver every item on Etsy in 2 days or less. It's not what we're about. But we do think it's very important that we set clear expectations for when an item will arrive and reliably live up to those expectations. And we're doing a far better job of that.

轉到幻燈片 7。進入 2021 年，我們將重點放在使 Etsy 成為更可靠的購物場所。雖然我們的競爭對手投資建設旨在運送一對多的物流系統，但我們相信我們龐大的點對點履行生態系統是建立 Etsy 可持續競爭優勢的核心部分。我們可能永遠不會承諾在 2 天或更短的時間內在 Etsy 上交付每件商品。這不是我們的目的。但我們確實認為，我們為物品何時到達並可靠地達到這些期望設定明確的期望是非常重要的。我們在這方面做得更好。

For example, we talked about estimated delivery dates on our last call, and we continue to make progress. Looking at the left side of the slide, you can see that as recently as January of this year, we couldn't tell our buyers when an item would arrive on nearly 25% of U.S. listings. And now in time for the holiday season, nearly 100% of U.S. listings show an estimated delivery date. This year, we've also markedly improved the accuracy of estimated delivery dates we provide to buyers while promising sellers to ship on time, cutting in half the number of shipments that arrive past their estimated delivery date is shown on the right.

例如，我們在上次通話時談到了預計的交貨日期，我們將繼續取得進展。查看幻燈片的左側，您可以看到，就在今年 1 月，我們還無法告訴我們的買家何時某件商品會出現在近 25% 的美國商品中。現在正值假日季節，近 100% 的美國房源顯示預計交貨日期。今年，我們還顯著提高了向買家提供的預計交貨日期的準確性，同時承諾賣家準時發貨，將超過預計交貨日期的貨物減少一半，如右側所示。

In addition to our fulfillment goals, our Star Seller program launched in July looks to motivate sellers to deliver exceptional customer service, thereby creating a race to the top, which elevates the shopping experience and enhances reliability for buyers. In just 90 days, we've already seen the appeal of earning a Star Seller badge alter seller behavior, delivering meaningful improvements to several key customer service metrics critical to buyers.

除了我們的履行目標之外，我們在 7 月推出的明星賣家計劃旨在激勵賣家提供卓越的客戶服務，從而創造競爭優勢，從而提升購物體驗並提高買家的可靠性。在短短 90 天內，我們已經看到贏得明星賣家徽章的吸引力改變了賣家的行為，為對買家至關重要的幾個關鍵客戶服務指標帶來了有意義的改進。

For example, the percentage of buyer messages that got a response within 24 hours increased by 600 basis points in the 2 months post launch of our Star Seller initiative. And there's real tangible value for our Star Sellers. The September month-over-month repeat purchase rate, or RPR, for Star Sellers was 25% higher than the RPR for non-Star Sellers. We also recently launched a preview version of our new Sell on Etsy app, an area we haven't invested in for a while, and it's trending positively in seller engagement.

例如，在我們的明星賣家計劃啟動後的 2 個月內，在 24 小時內得到回复的買家消息百分比增加了 600 個基點。我們的明星賣家有真正的有形價值。明星賣家的 9 月環比重複購買率 (RPR) 比非明星賣家的 RPR 高 25%。我們最近還推出了新的 Sell on Etsy 應用程序的預覽版，這是我們有一段時間沒有投資的領域，它在賣家參與方面呈積極趨勢。

We mentioned our Buy on Etsy app on the last earnings call, and it's great to see this work continuing to pay dividends. We're driving buyers to the app at a higher rate than ever before. We believe there's no better place to experience our improved customer journeys than the app, which is why we've been aggressively promoting it to buyers. We've seen a 36% increase in app downloads year-to-date. And its surpassed mobile web GMS share now making the app the most used mobile channel for purchases on Etsy. Once buyers transition to the app, their engagement and frequency are higher relative to our other platforms. Ultimately, as app usage increases, we can begin to inspire cross-category browsing earlier in the buyer journey, which has historically led to increased frequency and retention.

我們在上次財報電話會議上提到了我們在 Etsy 上購買應用程序，很高興看到這項工作繼續派發股息。我們以比以往更高的速度吸引買家使用該應用程序。我們相信沒有比該應用程序更好的地方來體驗我們改進的客戶旅程，這就是我們一直積極向買家推廣它的原因。今年迄今為止，我們的應用下載量增長了 36%。並且其超越的移動網絡 GMS 份額現在使該應用程序成為 Etsy 上最常用的購買移動渠道。一旦買家過渡到應用程序，他們的參與度和頻率相對於我們的其他平台更高。最終，隨著應用程序使用量的增加，我們可以在購買者旅程的早期開始激發跨類別瀏覽，這在歷史上會導致頻率和保留率增加。

Moving on from frequency. As you know, we often talk about our impact initiatives being part and parcel of our business strategy. One I'd like to mention this quarter is tied to our efforts to lower our carbon footprint. In September, we launched an exciting sustainable packaging initiative. Etsy now offers planet-friendly packaging made from responsibly sourced and 100% recycled materials to enable U.S. sellers, the majority of whom believe it's important to run an environmentally friendly business, to join us on reducing the environmental impact from e-commerce.

從頻率開始。如您所知，我們經常談論我們的影響計劃是我們業務戰略的重要組成部分。我想在本季度提到的一個與我們降低碳足蹟的努力有關。 9 月，我們發起了一項激動人心的可持續包裝計劃。 Etsy 現在提供由負責任採購和 100% 可回收材料製成的環保包裝，以使美國賣家（其中大多數人認為經營環保業務很重要）能夠加入我們減少電子商務對環境的影響。

This initiative is not just about helping us to achieve our goal to be net zero by 2030, we know that consumers care about the impact of their purchases. In fact, 90% of Etsy's U.S. buyers have told us that they care about sustainability. We have a lot of conviction that an initiative like this can drive business growth, so we'll be highlighting it in the buyer experience with a focus on driving conversion and loyalty at Etsy. We're still in the early days of our journey to help customers understand the positive impact they can make when they shop on Etsy.

這一舉措不僅是為了幫助我們實現到 2030 年實現淨零排放的目標，我們知道消費者關心他們購買的影響。事實上，Etsy 90% 的美國買家告訴我們，他們關心可持續性。我們堅信這樣的舉措可以推動業務增長，因此我們將在買家體驗中強調這一點，重點是推動 Etsy 的轉化率和忠誠度。我們仍處於幫助客戶了解他們在 Etsy 購物時可以產生的積極影響的早期階段。

Turning to our marketing initiatives, we've invested in creative new approaches to broaden the global reach of Etsy's brand. One great example of our team's innovation is the exciting launch of the Etsy House, our first-ever interactive, augmented reality experience that allows buyers to shop a digital home filled with curated Etsy items. We see this as a beautiful, powerful way to showcase the breadth and depth of high-quality items on Etsy. It's one more example of how we're evolving the perception of our brand so that buyers think of us not just for the cushion but also for the couch.

談到我們的營銷計劃，我們投資了創造性的新方法來擴大 Etsy 品牌的全球影響力。我們團隊創新的一個很好的例子是 Etsy House 的激動人心的推出，這是我們有史以來第一個交互式增強現實體驗，讓買家可以購買一個裝滿 Etsy 精選商品的數字家庭。我們認為這是在 Etsy 上展示高品質商品的廣度和深度的一種美麗而有力的方式。這是我們如何改變品牌認知度的又一個例子，這樣買家不僅會想到我們的靠墊，還會想到沙發。

And while I don't have time to mention them all, other examples of novel approaches we're taking to attract new audiences and drive top-of-mind awareness, frequency and loyalty include testing bus and train ads in London as the city comes back to life; mail-focused brand campaigns in the U.S.; and placements on ESPN and the History Channel, not just Hallmark and HGTV; and marketing partnerships with leading consumer brands.

雖然我沒有時間一一提及，但我們為吸引新觀眾並提高關注度、頻率和忠誠度而採取的其他新方法的例子包括隨著城市的到來在倫敦測試公共汽車和火車廣告起死回生;在美國開展以郵件為中心的品牌活動；以及在 ESPN 和歷史頻道上的展示位置，而不僅僅是 Hallmark 和 HGTV；與領先的消費品牌建立營銷合作夥伴關係。

We've kicked off an exciting holiday season on Etsy. With our product development initiatives, improved user experience and multichannel full funnel marketing campaigns, we believe we'll once again make Etsy a meaningfully better place to shop for the holidays. We've been encouraging buyers to start shopping earlier than last year, and are leaning into gift guides and personalized shopping missions, and we're creating localized experiences in our key geographies outside the U.S.

我們在 Etsy 上開啟了一個激動人心的假期。通過我們的產品開發計劃、改進的用戶體驗和多渠道全渠道營銷活動，我們相信我們將再次使 Etsy 成為一個更有意義的假期購物場所。我們一直在鼓勵買家比去年更早開始購物，並傾向於禮品指南和個性化購物任務，我們正在美國以外的主要地區創造本地化體驗。

One initiative we're really excited about is our new gift finder feature. It's a fun and interactive way for us to help you find surprising and delightful gifts tailored exactly to the interests and tastes of the recipient, a uniquely Etsy way to help you get to the good stuff from among our almost 100 million items.

我們非常興奮的一項舉措是我們的新禮物查找器功能。這是一種有趣且互動的方式，可以幫助您找到完全符合收件人的興趣和品味的驚喜和令人愉快的禮物，這是一種獨特的 Etsy 方式，可以幫助您從我們近 1 億件物品中獲得好東西。

We'll continue to reinforce what is different and special about Etsy during the holiday season through many channels, including TV and digital video with our new Give More Than a Gift campaign. Here's a 30-second spot that just started running in the U.S. this week, and you'll also see us on air in the U.K. and Germany this holiday season.

我們將在假期期間通過許多渠道（包括電視和數字視頻）繼續加強 Etsy 的不同和特別之處以及我們新的 Give More Than a Gift 活動。這是本周剛剛在美國開始播放的 30 秒廣告，您還將在這個假期期間在英國和德國看到我們的節目。

(presentation)

（介紹）

Turning to our House of Brands. We've identified meaningful areas where we can share knowledge and expertise as we work to accelerate growth in Depop and Elo7. In fact, these initiatives will sound very familiar to our playbook for etsy.com and Reverb. Maria and Calico, the CEOs of Depop and Elo7, and their teams are concentrating on conversion rate optimization to increase the value of a visit. For example, things like signals and nudges and search relevancy.

轉向我們的品牌之家。在我們努力加速 Depop 和 Elo7 增長的過程中，我們確定了可以分享知識和專業知識的有意義的領域。事實上，這些舉措聽起來對我們的 etsy.com 和 Reverb 手冊非常熟悉。 Depop 和 Elo7 的 CEO Maria 和 Calico 及其團隊正致力於優化轉化率，以增加訪問的價值。例如，信號和輕推以及搜索相關性等內容。

Another key focus area for Depop is laying the foundation to invest profitably in performance marketing with improved LTV and attribution models and better Martech. And a top priority for Elo7 is to lower shipping costs through expanded carrier relationships. The Reverb team continues to invest in platform engagement, optimizing conversion rate, improving the user experience, advertising and driving international growth. I've always said that the important thing is to keep the main thing the main thing. And for our subsidiaries, the main things are the same things as for Etsy.

Depop 的另一個重點關注領域是通過改進的 LTV 和歸因模型以及更好的 Martech，為在績效營銷中進行盈利投資奠定基礎。 Elo7 的首要任務是通過擴大承運人關係來降低運輸成本。 Reverb 團隊繼續投資於平台參與、優化轉化率、改善用戶體驗、廣告和推動國際增長。我一直說，重要的是保持主要的事情是主要的事情。對於我們的子公司，主要的事情與 Etsy 相同。

In conclusion, it's gratifying to see how shoppers have loved the experience they've had with Etsy and are coming back for more, even in a world of greatly expanded choice. Etsy is getting better as it gets bigger. As fast as e-commerce has grown over the past 18 months, we have grown substantially faster, indicating that we're gaining share. And we're expanding our TAM with depth across many categories and geographies. We're moving in a different direction than commoditized marketplaces and have more conviction than ever to invest with discipline in what we see is a multitrillion dollar market opportunity and to strengthen our positioning for further growth in 2022 and beyond.

總之，很高興看到購物者如何喜歡他們在 Etsy 上的體驗，並且即使在一個選擇範圍大大擴大的世界裡，他們也會回來更多。 Etsy 變得越來越好，因為它變得越來越大。在過去 18 個月中，隨著電子商務的增長，我們的增長速度也大大加快，這表明我們正在獲得份額。我們正在跨多個類別和地區擴展我們的 TAM。我們正朝著與商品化市場不同的方向前進，並且比以往任何時候都更有信心在我們看到的價值數万億美元的市場機會中進行紀律投資，並加強我們在 2022 年及以後進一步增長的定位。

Before I turn the call over to Rachel, I wanted to welcome our 2 recently announced Board members, Andy Ballard and Marla Blow who bring great expertise to Etsy. I couldn't be more excited to have them joining our Board. I also want to take a moment to thank our incredible global team for their efforts to make the year-to-date outstanding. We've accomplished so much, and it's particularly heartening given the continued uncertainty in all of our lives.

在我將電話轉給 Rachel 之前，我想歡迎我們最近宣布的 2 位董事會成員，Andy Ballard 和 Marla Blow，他們為 Etsy 帶來了豐富的專業知識。讓他們加入我們的董事會，我感到無比興奮。我還想花一點時間感謝我們令人難以置信的全球團隊，感謝他們為使年初至今的出色表現所做的努力。我們已經取得瞭如此多的成就，鑑於我們生活中持續存在的不確定性，這尤其令人振奮。

And with that, here's Rachel.

有了這個，這裡是雷切爾。

Thanks, Josh, and thank you to everyone for joining us on our call.

謝謝喬希，感謝大家加入我們的電話會議。

My commentary today will cover consolidated results, key drivers of performance and Etsy marketplace stand-alone results where appropriate. As a reminder, Reverb, Depop and Elo7 are all reflected in our consolidated financial results and KPIs for the third quarter. Against the backdrop of continuing volatility and uncertainty, Etsy's GMS outperformed our expectations in the third quarter, and we've seen notable stability with significantly less impact from reopening dynamics than we had been anticipating.

我今天的評論將在適當的情況下涵蓋綜合結果、績效的關鍵驅動因素和 Etsy 市場獨立結果。提醒一下，Reverb、Depop 和 Elo7 都反映在我們第三季度的綜合財務業績和 KPI 中。在持續波動和不確定性的背景下，Etsy 的 GMS 在第三季度的表現超出了我們的預期，並且我們看到了顯著的穩定性，重新開放動態的影響比我們預期的要小得多。

As we often say, we love our marketplace model for its capital-light structure, with no logistics or warehousing, low infrastructure costs, the distributed nature of our sellers, the diversity of their products, which offer significant reach and depth to satisfy increasing global demand. This model is proving to be resilient in today's economy as constraints on the global supply of goods increase and create supply chain bottlenecks and cost escalation and fulfillment.

正如我們常說的那樣，我們喜歡我們的市場模式，因為它的資本輕結構，沒有物流或倉儲，基礎設施成本低，賣家的分佈式特性，他們產品的多樣性，這提供了顯著的影響力和深度來滿足日益增長的全球要求。隨著對全球商品供應的限制增加並造成供應鏈瓶頸以及成本上升和履行，這種模式在當今的經濟中被證明是有彈性的。

Etsy has unique positioning with over 5 million Etsy marketplace sellers distributed around the world, most businesses have one and working from their homes. Further, over 90% of U.S. Etsy marketplace sellers tell us that they source the materials locally and have limited overhead. As a result, we believe Etsy sellers stand ready to serve the world in ways many others can't.

Etsy 具有獨特的定位，在全球擁有超過 500 萬個 Etsy 市場賣家，大多數企業都有一個並且在家工作。此外，超過 90% 的美國 Etsy 市場賣家告訴我們，他們在本地採購材料並且管理費用有限。因此，我們相信 Etsy 賣家隨時準備以其他許多人無法做到的方式為世界服務。

So how did this drive our results in the quarter? On a consolidated basis, Etsy's third quarter GMS grew 18% year-over-year to $3.1 billion. Revenue grew 18% year-over-year to $532 million, and adjusted EBITDA was $174 million with a margin of about 33%. Excluding the acquisitions of Depop and Elo7, but inclusive of Reverb per our guidance, take rate was 17.5% and adjusted EBITDA margin was approximately 36%. The primary driver for the significant beat in adjusted EBITDA margin was sustained momentum in the Etsy marketplace's top line growth, contributing significant flow-through to profitability. The majority of Etsy's GMS is derived organically this quarter, representing 83% of total GMS.

那麼這如何推動我們在本季度的業績呢？綜合來看，Etsy 第三季度的 GMS 同比增長 18%，達到 31 億美元。收入同比增長 18% 至 5.32 億美元，調整後 EBITDA 為 1.74 億美元，利潤率約為 33%。根據我們的指導，不包括對 Depop 和 Elo7 的收購，但包括 Reverb 的收購率為 17.5%，調整後的 EBITDA 利潤率約為 36%。調整後 EBITDA 利潤率大幅增長的主要驅動因素是 Etsy 市場收入增長的持續勢頭，為盈利能力帶來了顯著的流動性。 Etsy 的大部分 GMS 都是本季度有機衍生的，佔總 GMS 的 83%。

We plan to provide you with GMS and select KPIs for our subsidiary businesses on an annual basis, so you'll be able to track the success of our House of Brands portfolio companies over time, but we do not plan to provide quarterly details. The Etsy marketplace remains the vast majority of our business. Reverb, Depop and Elo7 collectively represented approximately 12% of Q3 consolidated GMS as Elo7 closed on July 2 and Depop closed on July 12. Integration is going well, and our teams are collaboratively developing product and operating plans to drive future growth and profitability improvements.

我們計劃每年為您提供 GMS 並為我們的子公司選擇 KPI，這樣您就可以隨著時間的推移跟踪我們的品牌組合公司的成功，但我們不打算提供季度詳細信息。 Etsy 市場仍然是我們業務的絕大部分。由於 Elo7 於 7 月 2 日關閉，Depop 於 7 月 12 日關閉，Reverb、Depop 和 Elo7 合計約佔第三季度合併 GMS 的 12%。整合進展順利，我們的團隊正在合作開發產品和運營計劃，以推動未來的增長和盈利能力的提高。

Our 2 new subsidiaries are experiencing slightly different market conditions at present. Depop is facing reopening headwinds similar to other e-commerce players, particularly as it compares to its enormous 2020 growth. And Elo7 has begun to see improved conditions in the Brazilian market towards the tail end of the quarter as more of the population became vaccinated. Last but not least, Reverb continues to outperform the musical instruments industry on a 2-year basis.

我們的 2 家新子公司目前的市場狀況略有不同。與其他電子商務參與者類似，Depop 正面臨重新開放的逆風，尤其是與 2020 年的巨大增長相比。隨著越來越多的人口接種疫苗，Elo7 在本季度末期開始看到巴西市場的狀況有所改善。最後但同樣重要的是，Reverb 在 2 年的基礎上繼續超越樂器行業。

My next 2 slides will focus on the performance of the Etsy marketplace. During the third quarter of 2021, GMS grew 12% year-over-year, 24% year-over-year, excluding face masks, and the take rate was 18%. GMS was underpinned by continued strength in our top 6 categories, led by homewares and home furnishings, our largest and fastest-growing category on a trailing 12-month basis; jewelry and accessories; and apparel. Fall and Halloween themes drove buyer demand in Q3 as there was a notable uptick in seasonal home decor such as ornaments and seasonal accent items. Halloween also drove our apparel category as it is an annual purchase occasion for many of our repeat buyers.

我接下來的兩張幻燈片將關注 Etsy 市場的表現。 2021年第三季度，GMS同比增長12%，不包括口罩，同比增長24%，獲取率為18%。 GMS 得到了我們前 6 大品類持續強勢的支持，其中以家居用品和家居用品為首，這是我們過去 12 個月中最大和增長最快的品類；珠寶和配飾；和服裝。秋季和萬聖節主題推動了第三季度的買家需求，因為季節性家居裝飾（如裝飾品和季節性口音物品）顯著上升。萬聖節也推動了我們的服裝類別，因為它是我們許多回頭客的年度購買場合。

When you look at the monthly performance view for the Etsy marketplace, excluding masks during Q3, shown on the right of this slide, July 2-year GMS growth was 138%. August was also 138%, and September slightly accelerated to 139%. It was more stable than we had anticipated when we set guidance in early August. At that time, it was reasonable to expect that reopening trends would have had a more material impact to online shopping behavior and Etsy's performance in the third quarter. While we don't yet have full Q3 data for e-commerce growth, on the left side of this slide, we've mapped our 2-year performance to an e-commerce benchmark, highlighting continued share gains.

當您查看本幻燈片右側顯示的 Etsy 市場（不包括第三季度的口罩）的月度業績視圖時，7 月 2 年的 GMS 增長率為 138%。 8 月也為 138%，9 月小幅加速至 139%。它比我們在 8 月初制定指導時的預期更加穩定。當時，可以合理地預期，重新開放的趨勢將對在線購物行為和 Etsy 在第三季度的業績產生更大的影響。雖然我們還沒有關於電子商務增長的完整第三季度數據，但在這張幻燈片的左側，我們已經將我們 2 年的表現映射到電子商務基準，突出了持續的份額增長。

We've also continued to track the impact of face masks on our business and provide transparency around that. While face masks did gain some momentum in certain regions at specific times during the quarter due to changing COVID-19 guidelines, overall, they represented less than 2% of Etsy marketplace GMS in the quarter.

我們還繼續跟踪口罩對我們業務的影響，並為此提供透明度。儘管由於 COVID-19 指南的變化，口罩在本季度特定時間的某些地區確實獲得了一些動力，但總體而言，它們在本季度 Etsy 市場 GMS 中的佔比不到 2%。

In Q3, non-mask GMS was up 138% on a 2-year basis, relatively stable compared to prior quarters. This growth was underpinned by significant growth in the U.K. despite all mobility restrictions being lifted in -- early in the quarter. This is quite encouraging, and we believe our brand is becoming more prominent and Etsy is gaining share in our largest core geography outside of the U.S.

在第三季度，非口罩 GMS 在 2 年的基礎上增長了 138%，與前幾個季度相比相對穩定。儘管在本季度初取消了所有出行限制，但英國的顯著增長支撐了這一增長。這是非常令人鼓舞的，我們相信我們的品牌正在變得更加突出，Etsy 在我們在美國以外最大的核心地區獲得份額。

Consolidated Q3 revenue was again driven by growth in both marketplace and services revenue with Etsy Ads, GMS volume and the incremental benefit of Depop and Elo7 being the primary drivers. The average take rate for our subsidiary businesses is lower than the Etsy marketplaces and was approximately 10% in Q3, with marketplace fees representing the majority of the revenue.

第三季度合併收入再次受到市場和服務收入增長的推動，其中 Etsy 廣告、GMS 數量以及 Depop 和 Elo7 的增量收益是主要驅動力。我們子公司業務的平均收取率低於 Etsy 市場，在第三季度約為 10%，市場費用佔收入的大部分。

Transaction fee revenue, inclusive of offsite ads grew 18% year-over-year, driven by higher GMS from frequency and average order value. In Q3, our off-site ads revenue offset nearly 40% of Etsy marketplace performance marketing spend, but contracted slightly compared to last year, as we ran incrementality tests and pulled back performance marketing on several chargeable channels. The reduced marketing spend from our incrementality test also contributed to a reduction in clicks on Etsy Ads, driving a modest contraction in take rate. However, Etsy Ads revenue was up 28% as ad relevance continues to drive improvements in click-through rate.

交易費收入（包括場外廣告）同比增長 18%，這主要得益於頻率和平均訂單價值的 GMS 較高。在第三季度，我們的場外廣告收入抵消了近 40% 的 Etsy 市場績效營銷支出，但與去年相比略有收縮，因為我們在幾個收費渠道上進行了增量測試並撤回了績效營銷。我們的增量測試減少的營銷支出也導致 Etsy Ads 的點擊次數減少，從而導致獲取率適度收縮。然而，由於廣告相關性繼續推動點擊率的提高，Etsy 廣告收入增長了 28%。

Our disciplined investments in product and marketing continue to deliver strong returns and serve as a foundation for future growth with many initiatives focused on conversion rate and frequency. Q3 consolidated marketing spend was $132 million, up 4% year-over-year and contracted as a percentage of revenue 700 basis points sequentially. The Q3 spend reflects the pullback in performance marketing for our incrementality testing.

我們在產品和營銷方面的嚴格投資繼續帶來豐厚的回報，並通過許多專注於轉化率和頻率的舉措作為未來增長的基礎。第三季度綜合營銷支出為 1.32 億美元，同比增長 4%，佔收入的百分比環比收縮 700 個基點。第三季度的支出反映了我們增量測試的績效營銷的回落。

After running successful television campaigns in the U.S., U.K. and Germany, we paused some campaigns for 2 to 3 weeks to measure the interaction effects between marketing channels and incrementality of our brand spend. In the fourth quarter, we're leveraging these learnings and applying them to our placements for the new holiday creative. We are also investing in other marketing programs in the fourth quarter like expanding our Etsy coupons tool to proactively target new buyers. We'll continue to leverage our CRM capabilities to segment and target specific buyers on and off the Etsy platform.

在美國、英國和德國成功開展電視廣告活動後，我們將一些廣告活動暫停了 2 到 3 週，以衡量營銷渠道之間的互動效果和我們品牌支出的增量。在第四季度，我們將利用這些經驗並將它們應用到我們的新假日創意的展示位置中。我們還在第四季度投資了其他營銷計劃，例如擴展我們的 Etsy 優惠券工具以主動瞄準新買家。我們將繼續利用我們的 CRM 功能在 Etsy 平台內外細分和定位特定買家。

Q3 consolidated product development spend was $74 million, up 60% year-over-year, reflecting our success in expanding our team to invest in critical areas that we believe will increase GMS. As of the end of Q3, consolidated headcount was slightly over 2,300, up 70% year-over-year, with much of this increase sitting in product development. Note that the large increase in consolidated head count includes nearly 600 employees at Depop and Elo7 even. The competition for talent is fierce, but we have been pleased with our ability to attract, retain and engage our employees in what has clearly become a very tight labor market.

第三季度綜合產品開發支出為 7400 萬美元，同比增長 60%，這反映了我們成功擴大團隊以投資於我們認為將增加 GMS 的關鍵領域。截至第三季度末，合併員工人數略高於 2,300 人，同比增長 70%，其中大部分增長用於產品開發。請注意，合併人數的大幅增加包括 Depop 和 Elo7 的近 600 名員工。人才競爭非常激烈，但我們對我們在顯然已變得非常緊張的勞動力市場中吸引、留住和聘用員工的能力感到滿意。

Similar to our marketing investments, we apply an ROI lens to product and engineering development spend. As shown on Slide 23, we've significantly grown our product and engineering head count, and feel confident that we can generate a strong ROI even as we scale our spend. I'll also note that we continue to make strategic investments that don't directly generate incremental GMS, but that are necessary to effectively run and scale the business. These investment areas include development, infrastructure and support, cloud costs, trust and safety and financing compliance.

與我們的營銷投資類似，我們將 ROI 鏡頭應用於產品和工程開發支出。如幻燈片 23 所示，我們的產品和工程人員人數顯著增加，並且我們相信即使我們擴大支出，我們也可以產生強大的投資回報率。我還要指出，我們將繼續進行戰略投資，這些投資不會直接產生增量 GMS，但這是有效運營和擴展業務所必需的。這些投資領域包括開發、基礎設施和支持、云成本、信任和安全以及融資合規性。

We've seen very encouraging performance in all of our Etsy marketplace buyer segments, particularly on a 2-year basis as we comp prior year pandemic-driven peaks. In Q3, active buyers grew 30% year-over-year to 89 million, stable with Q2 2021. Repeat buyers, those who made purchases on 2 or more days in a 12-month period, grew 35% year-over-year to 36 million. And habitual buyers, our most loyal buyers, remained our fastest-growing buyer segment, up 65% for the quarter to nearly 8 million and up 237% on a 2-year basis. These 3 metrics reflect stability in our buyer base over the past few quarters, a signal we've all been looking for to gauge the retention of our 2020 cohort.

我們在所有 Etsy 市場買家細分市場中都看到了非常令人鼓舞的表現，尤其是在 2 年的基礎上，因為我們比較了前一年大流行驅動的高峰。在第三季度，活躍買家同比增長 30% 至 8900 萬，與 2021 年第二季度持平。重複買家，即在 12 個月內購買 2 天或以上的人，同比增長 35% 至3600萬。習慣性買家，我們最忠實的買家，仍然是我們增長最快的買家群體，本季度增長 65% 至近 800 萬，兩年增長 237%。這 3 個指標反映了過去幾個季度我們買家群的穩定性，這是我們一直在尋找的一個信號，用於衡量 2020 年隊列的留存率。

We're also pleased to see healthy trends and stability within our new buyer cohorts on the Etsy marketplace. We acquired 7 million new buyers in Q3, very strong performance considering how many millions of new buyers we have attracted in the past year and still well ahead of our pre-pandemic quarterly new buyer acquisition rate. We're seeing particular strength internationally as Etsy new buyer growth outside the U.S. expanded as a percentage of total new buyer growth driven by investment in performance marketing in several new markets.

我們也很高興看到我們在 Etsy 市場上的新買家群體中的健康趨勢和穩定性。我們在第三季度獲得了 700 萬新買家，考慮到我們在過去一年吸引了數百萬新買家，我們的表現非常強勁，並且仍然遠遠超過大流行前的季度新買家收購率。我們在國際上看到了特別的實力，因為 Etsy 在美國以外的新買家增長在幾個新市場的績效營銷投資推動下佔新買家總增長的百分比有所擴大。

In fact, new buyers outside of the U.S. have expanded 600 basis points year-over-year as a percentage of total new buyers. Even more noteworthy, new buyer repeat purchase rate was up 25% in 2021 compared to 2019, further evidence of our success driving frequency.

事實上，美國以外的新買家佔新買家總數的百分比同比增長了 600 個基點。更值得注意的是，與 2019 年相比，2021 年的新買家重複購買率上升了 25%，進一步證明了我們成功推動頻率。

When measuring the performance of the 2020 active buyer cohort, early data suggests they are all outperforming our historical cohorts as shown on Slide 26. In fact, of our 69 million active buyers in Q3 2020, 56% made another purchase over the next 12 months. This compares to 43% for our historical cohorts, a clear improvement. And as we've talked about in recent quarters, we've also had great success reactivating buyers. For instance, in Q3, we reengaged 4 million buyers who haven't made a purchase in over a year. With our investments in product and marketing, we are more able to reactivate a growing buyer base. We're very encouraged to see that when compared to the historical retention of active buyers over time, this newer cohort is significantly outperforming.

在衡量 2020 年活躍買家群體的表現時，早期數據表明他們的表現都優於我們的歷史群體，如幻燈片 26 所示。事實上，在我們 2020 年第三季度的 6900 萬活躍買家中，56% 的人在接下來的 12 個月內再次購買.相比之下，我們的歷史隊列為 43%，這是一個明顯的進步。正如我們在最近幾個季度所談到的那樣，我們在重新激活買家方面也取得了巨大成功。例如，在第三季度，我們重新吸引了 400 萬一年多未購買的買家。通過我們在產品和營銷方面的投資，我們更有能力重新激活不斷增長的買家群。我們非常高興地看到，與一段時間內活躍買家的歷史留存率相比，這個較新的同類群組的表現要好得多。

GMS per active buyer on a trailing 12-month basis expanded to $132, up 20% year-over-year, driven by frequency and AOV. Among our repeat buyers, we continue to see growth in the average number of purchase days per year from 4.6 purchases in 2019 to 5.2 purchases in 2021. Including all buyer segments, buyers now buy an average of 3.1x per year, which is up nearly 25% since 2019.

在頻率和 AOV 的推動下，過去 12 個月每位活躍買家的 GMS 擴大至 132 美元，同比增長 20%。在我們的回頭客中，我們繼續看到每年平均購買天數從 2019 年的 4.6 次增長到 2021 年的 5.2 次。包括所有買家群體，買家現在平均每年購買 3.1 倍，增長了近自 2019 年以來為 25%。

Now moving to the balance sheet. As of 9/30, we had approximately $907 million in cash and cash equivalents, short and long-term investments. in addition to a $200 million revolver that is currently undrawn. Note that the acquisitions of both Depop and Elo7 closed in July and are reflected on the quarter ending balance sheet.

現在轉到資產負債表。截至 9 月 30 日，我們擁有大約 9.07 億美元的現金和現金等價物、短期和長期投資。除了目前未動用的價值 2 億美元的左輪手槍。請注意，對 Depop 和 Elo7 的收購均在 7 月結束，並反映在季度末的資產負債表中。

Also in the quarter, we had several uses of cash that did not impact adjusted EBITDA. These include approximately $32 million of transaction expenses related to our acquisitions of Depop and Elo7, a portion of which were accrued in the prior quarter as well as a cash tax payment of approximately $60 million. In addition, we repurchased $54 million in shares during the quarter under our Board authorized repurchase plan. Our model remains highly cash generative asset light, and we generally convert the majority of adjusted EBITDA into free cash flow.

同樣在本季度，我們有幾種現金用途並未影響調整後的 EBITDA。其中包括與我們收購 Depop 和 Elo7 相關的大約 3200 萬美元的交易費用，其中一部分是在上一季度產生的，以及大約 6000 萬美元的現金稅款。此外，我們在本季度根據董事會授權的回購計劃回購了 5400 萬美元的股票。我們的模型仍然是高度可產生現金的資產，我們通常將大部分調整後的 EBITDA 轉換為自由現金流。

And now turning to our outlook. We currently estimate that our Q4 consolidated GMS, which will now include Etsy, Reverb and a full quarter for Depop and Elo7, will be $3.9 billion to $4.1 billion, up about 12% at the midpoint compared to Q4 of last year. We expect that our Q4 revenue will be $660 million to $690 million, up about 10% at the midpoint versus Q4 of last year. And our adjusted EBITDA margin will be about 26%. Within our Q4 GMS guidance, we are forecasting very solid growth for the Etsy marketplace of high single-digit GMS growth, implying relatively stable 2-year growth when compared to Q3. We think this is excellent given our year ago performance.

現在轉向我們的前景。我們目前估計，我們的第四季度合併 GMS（現在將包括 Etsy、Reverb 以及 Depop 和 Elo7 的整個季度）將達到 39 億至 41 億美元，與去年第四季度相比增長約 12%。我們預計我們的第四季度收入將在 6.6 億美元至 6.9 億美元之間，比去年第四季度的中點增長約 10%。我們調整後的 EBITDA 利潤率約為 26%。在我們的第四季度 GMS 指導中，我們預測 Etsy 市場的高個位數 GMS 增長非常穩健，這意味著與第三季度相比，2 年的增長相對穩定。鑑於我們一年前的表現，我們認為這非常好。

Drilling in a bit more on our guidance, the holiday season has kicked off early on the Etsy marketplace, and we have had a strong October. We note that during the month of October, keywords that have holiday terms in them have increased nearly 100% year-over-year. Buyers are anticipating longer shipping times driven by constraints in the supply chain. We recognized several important tailwinds, including external forecasts for strong holiday spending, consumer behavior that continues to rely on e-commerce, now becoming a habit not a substitute, and Etsy's distributed supply chain that may be less impacted than others in this environment.

深入了解我們的指導後，Etsy 市場的假日季節已經開始，而且我們在 10 月份表現強勁。我們注意到，在 10 月份，包含假日字詞的關鍵字同比增長了近 100%。由於供應鏈的限制，買家預計運輸時間會更長。我們認識到幾個重要的順風，包括對強勁假日消費的外部預測、繼續依賴電子商務的消費者行為，現在已經成為一種習慣而不是替代品，以及在這種環境下，Etsy 的分佈式供應鏈可能受到的影響可能比其他供應鏈小。

On the flip side, we are also keeping an eye on several potential headwinds, including those associated with inflation, retail reopenings, potential carrier constraints and consumer confidence. It's important to keep in mind that Etsy's November and December year-over-year comps are challenging, so we factored this into our guidance as well.

另一方面，我們也在密切關注幾個潛在的不利因素，包括與通貨膨脹、零售業重新開業、潛在的承運人限制和消費者信心相關的不利因素。重要的是要記住，Etsy 的 11 月和 12 月同比比較具有挑戰性，因此我們也將這一點納入了我們的指導。

Within the context of our guidance, here are a few additional items to keep in mind. Note that 4% of Etsy's marketplace GMS, or $133 million was from face masks in Q4 2020 and we expect facemask to be relatively inconsequential in Q4 2021. Also keep in mind that Depop and Elo7, while accretive to our top line, will be with us for a full quarter, meaning they will be dilutive to adjusted EBITDA margin similar to the impact they had in Q3 as we invest in their future growth. The majority of the contraction in take rate is driven by our subsidiary marketplace as having a lower average take rate than Etsy stand-alone. Also, we expect an increase in amortization based on the allocation of purchase price for both Depop and Elo7. Refer to our 10-Q, which will be filed shortly for more details.

在我們的指導範圍內，這裡還有一些需要牢記的附加事項。請注意，Etsy 市場 GMS 的 4%，即 1.33 億美元來自 2020 年第四季度的口罩，我們預計口罩在 2021 年第四季度相對無關緊要。還請記住，Depop 和 Elo7 雖然增加了我們的收入，但將與我們整個季度，這意味著他們將稀釋調整後的 EBITDA 利潤率，類似於他們在第三季度的影響，因為我們投資於他們的未來增長。接受率的大部分收縮是由我們的子公司市場推動的，因為其平均接受率低於 Etsy 獨立市場。此外，我們預計基於 Depop 和 Elo7 的購買價格分配的攤銷會增加。請參閱我們的 10-Q，該文件將很快提交以了解更多詳細信息。

You'll see us stepping back up our marketing spend in the fourth quarter, and hiring will continue to be at an elevated pace. As a reminder, in the fourth quarter of 2020, U.S. stimulus checks were a significant boost to consumer spending that is not expected to repeat this year. Stimulus checks also remained an important factor in our elevated growth in Q1 2021 and a bit in the early part of Q2. So please keep those high growth levels in mind as you model 2022.

你會看到我們在第四季度加大了營銷支出，招聘將繼續加快步伐。提醒一下，在 2020 年第四季度，美國的刺激措施極大地提振了消費者支出，預計今年不會再出現這種情況。刺激檢查也仍然是我們在 2021 年第一季度和第二季度初期增長加快的一個重要因素。因此，在您為 2022 年建模時，請牢記這些高增長水平。

Thank you all for your time today. I will now turn the call over to Deb, so we can take your questions.

謝謝大家今天的時間。我現在將把電話轉給 Deb，以便我們回答您的問題。

Hi, everyone. Thank you so much for your time. I'm going to dive right in. We have a lot of questions in the queue. So I'm going to start with this one. We've got several versions of the guidance -- Q4 guidance question. I'll take this one from Laura Champine of Loop Capital.

大家好。非常感謝您的參與。我將直接進入。我們在隊列中有很多問題。所以我將從這個開始。我們有幾個版本的指導——第四季度指導問題。我將從 Loop Capital 的 Laura Champine 那裡拿走這個。

Josh, I'll take this to you. Why do you expect GMS growth to decelerate despite the advantages of your mom-and-pop sellers of our main pop sellers may have when compared to big retailers that are facing major supply chain problems this holiday?

喬希，我會把這個帶給你。與在這個假期面臨重大供應鏈問題的大型零售商相比，儘管我們的主要流行賣家的夫妻賣家可能具有優勢，但您為什麼預計 GMS 增長會減速？

Great. Thanks, Deb. And thanks all of you who asked it. I think you won the most popular question of the earnings call award.

偉大的。謝謝，德布。並感謝所有提出要求的人。我認為你贏得了收益電話獎中最受歡迎的問題。

So we feel great about our Q4 guide. And let me start with, as Rachel said, we're off to a strong start in October, and we feel great about that. Let's remember what we're comping. Last year, we had a really solid October, followed by a blow-the-doors-out November and December. And if we go back and remember why it was a tragic reason why. COVID cases were spiking dramatically. There were lockdown orders going in place in many parts of the country. Hospitals were overflowing. And as a result, people were largely trapped at home and had very few places for where to shop.

所以我們對我們的第四季度指南感覺很好。讓我開始吧，正如雷切爾所說，我們在 10 月份的開局很好，我們對此感覺很好。讓我們記住我們正在合成的內容。去年，我們經歷了一個非常穩定的 10 月，然後是令人震驚的 11 月和 12 月。如果我們回過頭來記住為什麼這是一個悲慘的原因。 COVID病例急劇增加。全國許多地方都下達了封鎖令。醫院人滿為患。結果，人們大多被困在家裡，購物的地方很少。

And so many people turn to Etsy, often for the first time, with a lack of a lot of other options. And so November and December last year were remarkable. And as a result, we delivered a fourth quarter at Etsy of 111%. That's what we're lapping 111%, vastly outstripping most of e-commerce.

很多人轉向 Etsy，通常是第一次，缺乏很多其他選擇。因此，去年的 11 月和 12 月非常引人注目。結果，我們在 Etsy 的第四季度交付了 111%。這就是我們的 111%，大大超過了大多數電子商務。

We're off to a strong start in October. We feel great about that. The comps get a lot harder in November and in December. What we found is that looking at our growth rate relative to 2019 is the most helpful way to look at our growth rate because 2020 was so volatile with so many external factors.

我們在 10 月份有了一個良好的開端。我們對此感覺很好。比賽在 11 月和 12 月變得更加困難。我們發現，查看我們相對於 2019 年的增長率是查看我們增長率的最有用的方法，因為 2020 年的波動如此之大，外部因素如此之多。

And so if you look at the midpoint of our guidance, what we forecasted is that Q4 is absolutely stable to Q3, and we think that's great news. In a world where there's so much more choice, where people are moving about largely freely, where hopefully, COVID cases continue to decline and people are moving about and shopping wherever they want, they continue to choose to come back to Etsy again and again. And in fact, we're growing meaningfully over those remarkable comps from last year. So we feel really good about the fourth quarter.

因此，如果您查看我們指導的中點，我們預測第四季度到第三季度絕對穩定，我們認為這是個好消息。在一個有更多選擇的世界裡，人們在很大程度上自由地四處走動，希望 COVID 病例繼續下降，人們在他們想去的地方四處走動和購物，他們繼續選擇一次又一次地回到 Etsy。事實上，我們在去年那些非凡的比賽中取得了有意義的增長。所以我們對第四季度感覺非常好。

Could it come in stronger even than what we've guided to? Absolutely. It could turn out that people are spending more, that they're turning to Etsy more and more, that the trends we saw in October could continue in November and December.

它會比我們引導的更強大嗎？絕對地。結果可能是人們花費更多，他們越來越多地轉向 Etsy，我們在 10 月份看到的趨勢可能會在 11 月和 12 月繼續。

Could it turn out that October was a pull forward of the holiday? And a lot of people are spending much earlier in the holiday in November and December will turn out to be weaker months for e-commerce generally? Yes, that's possible. We live in a world of unknown. So we're giving you the best guidance we have with the information that we have. And our main focus is to make sure that our customers, our buyers and our sellers have a really good experience this quarter. So that's what's under our control and that's what we're focused on. And again, I'm so delighted that so many people had such a great experience on Etsy back when they had relatively few choices that now that they have a ton of choices, they are choosing to come back to Etsy even more often, and I think that's incredibly encouraging.

事實證明，十月是假期的前奏嗎？很多人在十一月和十二月的假期裡消費得更早，這對電子商務來說會是一個較弱的月份嗎？是的，這是可能的。我們生活在一個未知的世界。因此，我們正在為您提供我們所擁有的信息的最佳指導。我們的主要重點是確保我們的客戶、買家和賣家在本季度擁有非常好的體驗。所以這就是我們可以控制的，也是我們關注的。再一次，我很高興有這麼多人在 Etsy 上擁有如此美妙的體驗，當時他們的選擇相對較少，現在他們有很多選擇，他們選擇更頻繁地回到 Etsy，我認為這是令人難以置信的鼓舞。

We'll to the next question is from Maria Ripps at Canaccord.

我們將回答下一個問題，來自 Canaccord 的 Maria Ripps。

So Josh, I think this one is for you, too. Can you comment on what you're seeing across the digital advertising landscape, particularly with IDFA changes. And whether that's impacted your marketing strategy?

所以喬希，我想這個也適合你。您能否評論一下您在整個數字廣告領域看到的情況，尤其是 IDFA 變化。這是否影響了您的營銷策略？

Yes. So digital marketing has continued to be very effective. Performance market has continued to be very effective for us. I know that there's a lot of discussion about CPCs going up a lot over the marketplace and other people's margins being under pressure with that. Etsy is so long tail that we have felt a lot less of that than others. So we continue to see very strong returns from performance marketing.

是的。因此，數字營銷一直非常有效。表演市場對我們來說仍然非常有效。我知道有很多關於每次點擊費用在市場上大幅上漲的討論，而其他人的利潤率也因此受到壓力。 Etsy 的尾巴太長了，以至於我們對它的感覺比其他人少得多。因此，我們繼續從績效營銷中看到非常強勁的回報。

In terms of IDFA, I would describe that as a future opportunity cost to Etsy more than a present headwind. So really where IDFA is challenging is at least for us, and I think for many others, for paid app marketing efforts. It's hard to tell when you spend money to market your app how effective that performance marketing is. And truthfully, we've not been paying to market our app. So it's not a present headwind.

就 IDFA 而言，我將其描述為 Etsy 的未來機會成本，而不是當前的逆風。因此，IDFA 真正面臨挑戰的地方至少對我們來說是這樣，我認為對於其他許多人來說，對於付費應用營銷工作而言。當你花錢推銷你的應用程序時，很難說效果營銷的效果如何。老實說，我們並沒有為推銷我們的應用程序付費。所以這不是目前的逆風。

Now maybe we should be paying to market our app. And maybe that's something that would help us to grow even faster. We've talked about our earned efforts to market our app. Meaning through our own channels, through our free channels, we've been seeing great success marketing our app. So IDFA might be a headwind to the opportunity for us to be investing even more to market our app, but it hasn't been a material headwind to our present performance.

現在也許我們應該花錢來推銷我們的應用程序。也許這會幫助我們更快地成長。我們已經討論了我們為推廣我們的應用所做的努力。這意味著通過我們自己的渠道，通過我們的免費渠道，我們已經看到營銷我們的應用程序取得了巨大的成功。因此，IDFA 可能會阻礙我們加大投資以推銷我們的應用程序的機會，但這對我們目前的表現來說並不是一個重大不利因素。

Great. Moving on. I got a question from Nick Jones at Citi.

偉大的。繼續。我從花旗的尼克瓊斯那裡得到了一個問題。

Last 12-month GMS per active buyer continues to increase. How should we think about how high this number can get? Is a reasonable frequency level once per quarter or once per month? How are you thinking about which habitual buyer growth from here? Rachel, let's start with you on that one.

每個活躍買家的最後 12 個月 GMS 繼續增加。我們應該如何考慮這個數字可以達到多高？合理的頻率水平是每季度一次還是每月一次？您如何看待從這裡增長的習慣性買家？雷切爾，讓我們從你開始。

Sounds good. Nick, thanks for the question. So we did say GMS per active buyer was up 20% in Q3, even though some of our buyer segments actually decelerated in the quarter. So it was a really strong quarter for GMS per active buyer. One of the factors that drives GMS is frequency. So more and more buyers buying more frequently, which is so heartening. So many of our cohorts are -- so much more choice and share of wallet.

聽起來不錯。尼克，謝謝你的問題。因此，我們確實說第三季度每個活躍買家的 GMS 增長了 20%，儘管我們的一些買家細分市場實際上在本季度減速。因此，對於每位活躍買家而言，對於 GMS 來說，這是一個非常強勁的季度。驅動 GMS 的因素之一是頻率。所以越來越多的買家購買的頻率越來越高，這真是令人振奮。我們的許多同齡人都是 - 更多的選擇和錢包份額。

Reminder that the average number of purchase days for all of our buyers increased from 3.1 -- is down 3.1, and that is up from 2.5 a year ago. And then for repeat buyers, it went up to 5.2, another solid increase, up from 4.6 a year ago. So we're seeing improvement in frequency across the board. It's still low. So 3.1 is still far lower than we hope it can be. Your question was, could it be once per month, and we see no reason think that it couldn't be.

提醒一下，我們所有買家的平均購買天數從 3.1 天增加到了 3.1 天，而一年前是 2.5 天。然後對於回頭客來說，它從一年前的 4.6 上升到 5.2，又一次穩健增長。因此，我們看到頻率全面提高。它仍然很低。所以 3.1 仍然遠低於我們希望的水平。您的問題是，是否可以每月一次，我們認為沒有理由認為它不可能。

Another important factor is the habitual buyers was again our fastest-growing segment, and it grew 237% on a 2-year basis, and it represents about 40% of our GMS. So it's really a strong sort of testimony that the most important segment is growing the fastest.

另一個重要因素是，習慣性買家再次成為我們增長最快的部分，在 2 年的基礎上增長了 237%，約占我們 GMS 的 40%。因此，這確實是最重要的部分增長最快的有力證明。

One thing I'd just pile on there is if you pull back and look over the long term, buyers, it looks like are consolidating their shopping behavior around fewer and fewer places. And most of those places are playing the same playbook, right? They're going to try to sell you commoditized products that are cheaper to buy and arrive faster.

我要強調的一件事是，如果你從長遠來看，買家，看起來他們正在越來越少的地方鞏固他們的購物行為。而且大多數地方都在玩同樣的劇本，對吧？他們將嘗試向您出售價格更便宜且到達速度更快的商品化產品。

And the more people consolidate their purchases there, the more they're going to crave an alternative. And if Etsy is the leading alternative to commoditized commerce, and I think we're better positioned than others, I personally believe we're as well positioned as any to be the leading alternative to that commoditized habit you go to all the time.

越多的人在那裡整合他們的購買，他們就越渴望另一種選擇。如果 Etsy 是商品化商業的主要替代品，而且我認為我們比其他人處於更好的位置，我個人相信我們的定位與任何人一樣，可以成為您一直習慣的商品化習慣的主要替代品。

I think that's a huge opportunity. And when you look at GMS per active buyer at only $130 per year, it doesn't take much to believe that, that can go up substantially.

我認為這是一個巨大的機會。而且，當您查看每個活躍買家每年僅 130 美元的 GMS 時，無需太多相信，這會大幅上漲。

Okay. The next one is from Anna Andreeva from Needham. It's a 2-part question. I'm going to give the first part to Rachel.

好的。下一個來自 Needham 的 Anna Andreeva。這是一個兩部分的問題。我將把第一部分交給雷切爾。

Can you talk about how we should think about seasonality of your new brands as we model out 2022, both on GMS and take rates?

您能否談談在我們為 2022 年建模時，我們應該如何考慮您的新品牌的季節性，包括 GMS 和利率？

So great question. So as you know, for Etsy, Q4 is our strong this quarter for GMS. It is a little lighter on take rate, traditionally, seasonally for Etsy in the fourth quarter, simply because we get so much more GMS than we get on transaction fees than we get on things like Etsy Ads, which is not necessarily moving up seasonally.

這麼好的問題。如您所知，對於 Etsy，第四季度是我們本季度 GMS 的強項。傳統上，第四季度 Etsy 的季節性收取率要低一些，這僅僅是因為我們獲得的 GMS 比我們獲得的交易費用要多得多，而不是 Etsy Ads 之類的東西，而 Etsy Ads 不一定是季節性上升的。

Our other subs are also -- skew a little bit higher in the fourth quarter, but not as demonstrability as Etsy does. So Depop, Elo7 and Reverb all have slightly higher fourth quarters than they do the rest of the year. And -- but not as pronounced as you would see in Etsy. We haven't broken out the seasonality for some of those subs, so I'll leave the answer at that.

我們的其他潛艇也 - 在第四季度偏高一點，但不如 Etsy 那樣可證明。因此，Depop、Elo7 和 Reverb 第四季度的業績都略高於今年剩餘時間。而且——但不像你在 Etsy 中看到的那麼明顯。我們還沒有打破其中一些潛艇的季節性，所以我會留下答案。

And just to pile on that one, too. The take rate being a little softer typically on Etsy in the fourth quarter is what I would classify as a high-class problem. Transaction rates are based on purchases and advertising is based on views. And because conversion rate historically goes up in the fourth quarter, GMS grows faster than views.

也只是為了堆積那個。在第四季度，Etsy 的錄取率通常會稍微低一些，這就是我將其歸類為高級問題的原因。交易率基於購買，廣告基於瀏覽量。而且由於歷史上第四季度的轉化率上升，GMS 的增長速度快於瀏覽量。

So our sellers are happy to advertise. They're putting in a budget to advertise. They're -- that's not the constraint. It's simply that, that GMS grows even faster than us, which is another way of saying conversion rate is strong in the fourth quarter, which means buyers are finding what they like, which is a good news story.

所以我們的賣家很樂意做廣告。他們正在投入預算來做廣告。他們是 - 這不是約束。很簡單，GMS 的增長速度甚至超過了我們，這也就是第四季度轉化率強勁的另一種說法，這意味著買家正在找到他們喜歡的東西，這是一個好消息。

Great, Josh. While I have you, the second part of this question was related to the top priorities for our Depop, Elo7, and might as well say Reverb while we're there.

太好了，喬什。當我有你的時候，這個問題的第二部分與我們的 Depop、Elo7 的首要任務有關，當我們在那裡時，不妨說 Reverb。

Absolutely. So the priorities across the new subsidiaries look a lot like the priorities at Etsy. So they're very much focused on increasing conversion rate through a better customer experience. And there's a lot of opportunities that Etsy has to help them. So we're working closely with them, looking at, for example, their search technology to figure out how we can deliver more relevant search experiences. And things that streamline the path to purchase, so people can go from view to purchase even faster and more easily. And by improving the conversion rate, we improve the value of the visit. And that allows us to market more effectively, get a higher ROI.

絕對地。因此，新子公司的優先事項看起來很像 Etsy 的優先事項。因此，他們非常專注於通過更好的客戶體驗來提高轉化率。 Etsy 有很多機會可以幫助他們。因此，我們正在與他們密切合作，例如研究他們的搜索技術，以找出我們如何提供更相關的搜索體驗。以及簡化購買路徑的東西，因此人們可以更快、更輕鬆地從視圖到購買。並且通過提高轉化率，我們提高了訪問的價值。這使我們能夠更有效地進行營銷，獲得更高的投資回報率。

The other area that we're very focused on is helping them with performance marketing and marketing attribution so that we can lean more into performance marketing in a way that drives growth and drives value in an ROI-positive way.

我們非常關注的另一個領域是幫助他們進行績效營銷和營銷歸因，以便我們可以更多地投入績效營銷，以推動增長並以 ROI 積極的方式推動價值。

Specifically looking at Elo7. They're very focused right now on shipping and how do they lower the shipping costs through increased relationships with carriers in Brazil which we think is a meaningful opportunity. And also, as Brazil hopefully emerges from the pandemic as vaccination rates are growing there, people get back to events. And the Depop business is much more event heavy than is Etsy or the other subsidiaries.

特別關注 Elo7。他們現在非常關注航運，以及他們如何通過增加與巴西承運人的關係來降低航運成本，我們認為這是一個有意義的機會。而且，隨著巴西的疫苗接種率不斷提高，巴西有望擺脫大流行，人們又回到了活動中。與 Etsy 或其他子公司相比，Depop 業務的事件重得多。

I think you meant Elo7. But yes...

我想你的意思是Elo7。但是，是的...

Sorry, Elo7. Yes. I'm sorry, Deb. Thank you Elo7. Elo7 is more event heavy than our Etsy or Depop or Reverb.

對不起，Elo7。是的。對不起，德布。謝謝Elo7。 Elo7 比我們的 Etsy 或 Depop 或 Reverb 更重。

No worries.

不用擔心。

Okay. Great. Next one is from Ygal Arounian from Wedbush.

好的。偉大的。下一位來自 Wedbush 的 Ygal Arounian。

Can you discuss more on the app strategy? How much more room is there to grow in that channel? And how does it help drive frequency and growth in habitual buyers. Josh, do you want to start with that one.

你能討論更多關於應用策略的內容嗎？該渠道還有多少增長空間？以及它如何幫助推動習慣性購買者的頻率和增長。喬希，你想從那個開始嗎？

Yes. I'd say our understanding of the app has evolved a bit. We had historically thought the app was the best place for experienced buyers to go. So you start on the mobile web or on the desktop. And after you've made a couple of purchases, you migrate to the app. That works and definitely more experienced buyers are having a really good experience on Etsy. And we see that once they download the app, their engagement goes up in almost every metric.

是的。我想說我們對應用程序的理解已經有所發展。從歷史上看，我們一直認為該應用程序是有經驗的買家的最佳去處。因此，您從移動網絡或桌面開始。在您進行了幾次購買之後，您就可以遷移到該應用程序。這行得通，而且肯定更有經驗的買家在 Etsy 上獲得了非常好的體驗。我們看到，一旦他們下載了應用程序，他們的參與度幾乎在每個指標上都會上升。

What's been an interesting finding over the past couple of quarters is even newer buyers seem ready to download the app and benefit by downloading the app. So you're seeing us lean into marketing the app even for people who maybe haven't bought before or first-time buyers. And what we're finding is, for those communities as well, when they download the app, we are seeing more engagement from them. And it does make sense that with the app, we have more opportunities to provide triggers for them to use the app through things like badging on the app to say there's 3 or 4 updates waiting for you and then driving them to an updates tab, which tells them, here's what's happened since you left. And then just a more dynamic and rich experience as is possible in an app and not in mobile web.

過去幾個季度的一個有趣發現是，甚至新買家似乎已經準備好下載該應用程序並通過下載該應用程序受益。因此，您會看到我們傾向於營銷該應用程序，即使是對於之前可能沒有購買過的人或首次購買者也是如此。我們發現，對於這些社區來說，當他們下載應用程序時，我們看到他們的參與度更高。確實有意義的是，使用該應用程序，我們有更多機會通過諸如在應用程序上標記說有 3 或 4 個更新等待您，然後將他們帶到更新選項卡等方式為他們提供使用該應用程序的觸發器，這告訴他們，這是你離開後發生的事情。然後在應用程序中而不是在移動網絡中提供更加動態和豐富的體驗。

To give you some sense of proportionality it was just this quarter that the app became the largest platform as measured by GMS, overtaking mobile web and overtaking desktop. Mobile web is still the largest platform by visits. So there's meaningful opportunity still for the app to grow, and it's something that we think we're only just beginning to really lean into and tap to its full potential.

為了給你一些比例感，就在本季度，該應用程序成為 GMS 衡量的最大平台，超過了移動網絡和桌面。移動網絡仍然是訪問量最大的平台。因此，該應用程序仍有很大的發展機會，我們認為我們才剛剛開始真正投入並充分發揮其潛力。

Great. Next one is from Naved Khan at Truist.

偉大的。下一個來自 Truist 的 Naved Khan。

Can we talk about the impact we're seeing from the economic reopening and improving consumer mobility across our marketplaces. Josh, why don't you take that one.

我們能否談談我們從經濟重新開放和改善整個市場的消費者流動性中看到的影響。喬希，你為什麼不拿那個。

Sure. I think consumer confidence has held up better than many of us feared. Consumer spending has held up better than many of us feared, and that's certainly reflected in Etsy's Q3 results where you saw us come in over the top of guidance based almost entirely on the strength of the core Etsy business and the organic Etsy business.

當然。我認為消費者信心比我們許多人擔心的要好。消費者支出的表現比我們許多人擔心的要好，這肯定反映在 Etsy 的第三季度業績中，你看到我們幾乎完全基於核心 Etsy 業務和有機 Etsy 業務的實力超過了指引。

So as you know, we pulled back on performance marketing to test incrementality. And even in light of that, the organic strength of the Etsy brand in this market is holding up really, really well. So we're incredibly pleased by that.

如您所知，我們撤回了績效營銷以測試增量。即便如此，Etsy 品牌在這個市場上的有機實力仍然非常非常好。所以我們對此感到非常高興。

I would say we think it was reasonable to assume that as the world reopened and people had so much more choice, they would avail themselves of that choice and Etsy would face headwinds, and we would see some deceleration. And we expected that, and we think that's reasonable.

我想說，我們認為可以合理地假設，隨著世界重新開放，人們有更多的選擇，他們會利用這種選擇，而 Etsy 將面臨逆風，我們會看到一些減速。我們預料到了這一點，我們認為這是合理的。

It's been delightful to see that certainly relative to 2019, that hasn't been, in fact, the case in that we've seen a lot of stability and in fact, GMS per active buyer growing. So we think that's great. As I move around the other subsidiaries, Reverb is growing on a 2-year stack, substantially faster than the musical instrument industry itself, which is great.

很高興看到與 2019 年相比，事實上，情況並非如此，因為我們已經看到了很多穩定性，事實上，每個活躍買家的 GMS 都在增長。所以我們認為這很棒。當我在其他子公司移動時，Reverb 以 2 年的速度增長，比樂器行業本身快得多，這很棒。

They see a little bit more variability as musical instrument stores open and close and open again. They see a little bit more variability. But as we said, with the Etsy marketplace with Reverb, we also find measuring them on a 2-year stack or measuring them relative to 2019 is the easiest way to forecast that business and we continue to see it grow substantially faster than the musical instrument industry as a whole. So we think that's great.

隨著樂器商店的開、關、再開，他們看到了更多的變化。他們看到了更多的可變性。但正如我們所說，使用帶有 Reverb 的 Etsy 市場，我們還發現以 2 年的堆棧來衡量它們或相對於 2019 年來衡量它們是預測該業務的最簡單方法，我們繼續看到它的增長速度大大快於樂器整個行業。所以我們認為這很棒。

Elo7 in Brazil has faced headwinds because a substantial part of that business is based on events. People buying things for birthday parties or baby showers or quinceaneras or things like that. And obviously, with the pandemic and lockdowns, there have been far fewer events. We did see towards the end of the third quarter, vaccinations have been accelerating fairly rapidly in Brazil. And towards the end of the third quarter, we did see it the beginnings of an uptick in Elo7 as vaccination rate spread, and we think that that's really encouraging.

巴西的 Elo7 面臨逆風，因為該業務的很大一部分是基於事件的。人們為生日派對或嬰兒送禮會或 quinceaneras 或類似的東西買東西。顯然，隨著大流行和封鎖，發生的事件要少得多。我們確實在第三季度末看到，巴西的疫苗接種速度相當迅速。在第三季度末，隨著疫苗接種率的提高，我們確實看到了 Elo7 開始上升，我們認為這確實令人鼓舞。

At Depop, we also feel very good about their 2-year growth rate. And as we have talked about, they had an exceptional 2020 where they grew at over 100% and far faster than all of the publicly traded e-commerce peers. As we expected, they did decline in the third quarter, and that was as expected, and it's because their population is disproportionately teenagers, it's Gen Z. And also, they're heavily weighted towards the U.K. where teenagers were pretty much locked at home for a substantial part of 2020. And the stay-at-home orders really began to ease in the third quarter.

在 Depop，我們也對他們 2 年的增長率感到非常滿意。正如我們所談到的，他們在 2020 年表現出色，增長率超過 100%，並且遠快於所有公開交易的電子商務同行。正如我們預期的那樣，他們在第三季度確實有所下降，這與預期一致，這是因為他們的人口中不成比例的青少年，即 Z 世代。而且，他們對英國的權重很大，那裡的青少年幾乎被鎖在家裡在 2020 年的大部分時間裡。而在家中的訂單在第三季度真正開始緩解。

And so it's not surprising that teenagers, after being locked at home for a year, want to go out, want to be with their friends, want to go to the mall. And so they're seeing some temporary headwinds from that. We continue to think e-commerce is an amazing space. We continue to think that apparel is the most attractive part of e-commerce, and we continue to think that Depop is the best brand in e-commerce and apparel. And again, we continue to feel great about their 2-year growth rate and the prospects for the medium and long term, and we're really excited to be partnering with all 3 of these brands to help them to unlock even more growth and achieve their full potential.

因此，青少年在被關在家裡一年後，想出去，想和朋友在一起，想去商場，也就不足為奇了。因此，他們從中看到了一些暫時的不利因素。我們仍然認為電子商務是一個了不起的空間。我們繼續認為服裝是電子商務中最具吸引力的部分，我們繼續認為 Depop 是電子商務和服裝中最好的品牌。再一次，我們繼續對他們的 2 年增長率和中長期前景感到滿意，我們很高興能與這三個品牌合作，幫助他們實現更大的增長並實現他們的全部潛力。

Next 2 -- I've got a 2-part question from Marvin Fong at BTIG, the first part, I'll give to Rachel.

Next 2 -- 我收到了來自 BTIG 的 Marvin Fong 的一個兩部分的問題，第一部分，我會交給 Rachel。

You mentioned pulling back on performance marketing spend to measure incremental performance. What were some of your learnings? And how do we think about this pullback in the context of how offsite ads is performing?

您提到縮減績效營銷支出以衡量增量績效。你學到了什麼？在場外廣告表現如何的背景下，我們如何看待這種回調？

So overall, it's extremely validating and even as we scaled spend significantly over the past 18 months, we're getting the incremental return we expected. Tweaks and tunes in various channels to make them more accurate are really helpful. We do that all the time to optimize, but nothing that changes the thesis overall.

因此，總體而言，這是非常有效的，即使我們在過去 18 個月中顯著擴大了支出，我們也獲得了預期的增量回報。各種頻道中的調整和調整以使它們更準確確實很有幫助。我們一直這樣做是為了優化，但總體上沒有改變論文。

So we learned it helps us optimize our model. We might change a threshold here and there based on what we learned. And you can see that by doing that, we actually left profitable growth on the table. So we want to keep -- we have a very dynamic investment model in marketing where we spend up to when the last marginal dollar spend is no longer reaching our ROI threshold. So it's very dynamic. It pulls back automatically depending on where we set the ROI threshold. And so we'll keep investing those learnings to optimize and grow the channels that we think are the most profitability.

所以我們了解到它可以幫助我們優化模型。我們可能會根據我們學到的知識在這里和那裡改變一個閾值。你可以看到，通過這樣做，我們實際上把盈利增長留在了桌面上。因此，我們希望保持——我們在營銷方面有一個非常動態的投資模型，我們在最後的邊際美元支出不再達到我們的投資回報率閾值時花費。所以它非常動態。它會根據我們設置 ROI 閾值的位置自動拉回。因此，我們將繼續投資這些經驗，以優化和發展我們認為最具盈利能力的渠道。

The second part of Marvin's question, this is really for -- I know Rachel said, we were planning to increase marketing spend in Q4. But Josh, maybe you can comment a little bit about how our marketing plans in general for the fourth quarter.

馬文問題的第二部分，這真的是為了——我知道雷切爾說，我們計劃在第四季度增加營銷支出。但是喬希，也許你可以評論一下我們第四季度的總體營銷計劃。

Sure. so I'll echo what Rachel said that it's really encouraging that as we've increased our performance marketing spend, we continue to see good returns on that. And said differently, incrementality testing can sound like what does that really mean? But it just means if we hadn't spent the money, might those people have found us anyway? And are we truly getting additive buyers for the money we're spending. We're constantly asking ourselves that question. I'm sure you're constantly asking it, did you really need to spend that much on marketing? And we're asking that, too, and we're testing that. And we're testing it at the margin, not just the overall thesis.

當然。所以我會附和雷切爾所說的話，隨著我們增加績效營銷支出，我們繼續看到良好的回報，這確實令人鼓舞。換句話說，增量測試聽起來像是什麼意思？但這只是意味著如果我們沒有花錢，那些人會不會找到我們？我們是否真的為我們所花的錢吸引了添加劑買家。我們一直在問自己這個問題。我敢肯定你一直在問，你真的需要在營銷上花那麼多錢嗎？我們也在問這個問題，我們正在測試它。我們正在邊緣測試它，而不僅僅是整個論文。

Other thing I'll add about the third quarter is we did very little TV advertising. We were dark most of the third quarter on TV. We've just launched a brand-new campaign. We showed you one example of that campaign. And that campaign will be live for most of the fourth quarter. So you'll see us much more aggressively on TV in the fourth quarter. You'll see us lean into performance marketing. We think our brand is super relevant all the time, but especially relevant during the holidays. And we want to make sure that we're really in front of people.

關於第三季度，我要補充的另一件事是我們很少做電視廣告。第三季度的大部分時間我們都在電視上昏昏欲睡。我們剛剛發起了一個全新的活動。我們向您展示了該活動的一個示例。該活動將在第四季度的大部分時間進行。所以你會在第四季度在電視上看到我們更加積極。你會看到我們傾向於績效營銷。我們認為我們的品牌一直都非常相關，但在假期期間尤其相關。我們想確保我們真的在人們面前。

And the performance marketing works really hard for people that are already down the purchase funnel and thinking about buying something. What you're seeing in our TV ads is we also want the chance to tell our story. We want to remind people why we're different. We want to make sure we have an emotional connection with people. We want to make sure that there's organic love for the Etsy brand and people continuing to come directly to our brand and not only finding us downstream.

對於那些已經進入購買渠道並正在考慮購買東西的人來說，效果營銷真的很有效。您在我們的電視廣告中看到的是我們也希望有機會講述我們的故事。我們想提醒人們為什麼我們與眾不同。我們想確保我們與人有情感聯繫。我們希望確保對 Etsy 品牌的有機熱愛，並且人們繼續直接來到我們的品牌，而不僅僅是在下游找到我們。

And I will continue to point out how special we think that is of Etsy, that such a high proportion of our traffic comes direct to us, and we're not downstream independent on other channels, which we think is a real strength. So you should expect us to lean more into marketing in the fourth quarter as we typically do and as reflected in our margin guidance.

我將繼續指出我們認為 Etsy 有多麼特別，我們如此高比例的流量直接來自我們，而且我們不是獨立於其他渠道的下游，我們認為這是一個真正的優勢。因此，您應該期望我們像往常一樣在第四季度更傾向於營銷，這反映在我們的利潤率指導中。

And I just want to add, I think Marvin had a -- part of his question was asking about the impact on OSA in the third quarter from our pull back. Because OSA is a cooperative spend when we spend on PLAs and there's a successful sale for our sellers, we charge an incremental transaction fee. So our pullback on performance marketing means that, that fee also went down a bit. However, we did say that 40% of our performance marketing now is offset by our OSA fees. So that's a very healthy program for us and still less than 2% churn from our sellers who participate in the OSA program.

我只想補充一點，我認為 Marvin 有一個問題——他的部分問題是詢問我們撤退對第三季度 OSA 的影響。因為 OSA 是我們在 PLA 上花費並且為我們的賣家成功銷售時的合作花費，所以我們收取增量交易費用。因此，我們對績效營銷的回落意味著，該費用也有所下降。但是，我們確實說過，我們現在 40% 的績效營銷被我們的 OSA 費用所抵消。所以這對我們來說是一個非常健康的計劃，參與 OSA 計劃的賣家的流失率仍然不到 2%。

Rachel, while I have you, the next question is from Jason Helfstein at Opp Co. Marketing spend was pulled in quite dramatically in Q3. What did you see that gave you confidence that demand will continue given the lack of performance marketing spend?

Rachel，當我有你的時候，下一個問題來自 Opp Co. 的 Jason Helfstein。第三季度營銷支出大幅增加。在缺乏績效營銷支出的情況下，您看到了什麼讓您相信需求將繼續存在？

Thanks, Jason, for the question. And so just as a reminder, the vast majority of our traffic comes to Etsy organically. This quarter, I think it was 17% was paid and the rest was organic traffic. So we have a significant amount of demand that is coming from top of mind awareness or our investments in other forms of marketing -- other marketing channels like our CRM efforts, our social efforts and our brand marketing to drive top of awareness. And those things are all working together.

謝謝，傑森，這個問題。因此，提醒一下，我們的絕大多數流量都是有機地來自 Etsy。本季度，我認為有 17% 是付費的，其餘的是自然流量。因此，我們有大量需求來自頂級意識或我們對其他營銷形式的投資——其他營銷渠道，如我們的 CRM 工作、我們的社會努力和我們的品牌營銷，以提高認知度。這些東西都在協同工作。

Now we didn't pull performance marketing all the way back. So we did still spend significantly in the quarter. And like I said, we -- it's a dynamic. We just -- we can just change the ROI threshold to bring the spend down and it dynamically will reduce. So we're still feeling that we've got very great traffic. In fact, added 7 million new buyers in the third quarter, even though our marketing spend came down.

現在我們並沒有將績效營銷一直拉回來。所以我們在本季度仍然有大量支出。就像我說的，我們——這是一個動態的。我們只是——我們可以改變投資回報率閾值來降低支出，它會動態地減少。所以我們仍然覺得我們的流量非常大。事實上，第三季度增加了 700 萬新買家，儘管我們的營銷支出下降了。

Okay. Great. The next one is from Ed Yruma at KeyBanc.

好的。偉大的。下一個來自 KeyBanc 的 Ed Yruma。

You have historically had a Q4 that ends early on Etsy compared to other retailers. How do you feel about your ability to extend the holiday season? How will you extend the season this year? Josh, have about that one for you?

歷史上，與其他零售商相比，Etsy 的第四季度結束得早。您如何看待延長假期的能力？你將如何延長今年的賽季？喬希，你有那個嗎？

Great question. And one of the things we talked about in the recorded part of the call was doing a better job of setting expectations and meeting expectations. When we talk about really becoming a habit. When we talk about taking that $130 of GMS per active buyer and making it something much, much larger, if you know that it's worry free to shop on Etsy. You know when it's going to arrive, it's going to be as expected. I think we can gain a much, much larger share of people's wallet over time. And so it's a really big focus of ours. And so the fact that we have so much more EDD coverage, expected delivery date coverage, and the fact that we're doing an ever better job of really meeting those expectations is, I think, really helpful.

好問題。我們在電話錄音部分談到的一件事是在設定期望和滿足期望方面做得更好。當我們談論真正成為一種習慣時。當我們談到為每個活躍買家收取 130 美元的 GMS 並使其變得更大、更大時，如果您知道在 Etsy 上購物是無憂無慮的。你知道它什麼時候到達，它會如預期的那樣。我認為隨著時間的推移，我們可以從人們的錢包中獲得更多、更多的份額。所以這是我們的一個非常重要的焦點。因此，我們有更多的 EDD 覆蓋範圍、預期的交貨日期覆蓋範圍，以及我們在真正滿足這些期望方面做得越來越好，我認為這真的很有幫助。

We're never going to promise to deliver things everything on the site within 2 days or everything in the site within 24 hours. And I think when I look at our environment and sustainability, training the world to expect everything to arrive in a day is not good for our environment and largely not necessary. So I think a lot of people are questioning right now with all the supply chain issues, people are thinking, maybe I should shop a little earlier. And maybe I don't need to wait until the very last minute. That's likely helpful for Etsy for this year. But hopefully, I think for the long term, people starting to consider whether they really need to wait until the last minute, I think that would be good for the world and certainly also aligned with Etsy.

我們永遠不會承諾在 2 天內交付網站上的所有東西或在 24 小時內交付網站上的所有東西。而且我認為，當我審視我們的環境和可持續性時，訓練世界期望一切都在一天之內到達，這對我們的環境不利，而且在很大程度上沒有必要。所以我認為現在很多人都在質疑所有供應鏈問題，人們在想，也許我應該早點購物。也許我不需要等到最後一分鐘。這可能對今年的 Etsy 有所幫助。但希望從長遠來看，人們開始考慮他們是否真的需要等到最後一刻，我認為這對世界有好處，當然也與 Etsy 保持一致。

I know we're at time, but we have a few more that I want to try to squeeze in here. First one is from John Colantuoni from Jefferies. It's really about the Star Seller program and how do we think that, that can drive frequency. Yes. I'll just -- the question is a lot longer, but I'll stop.

我知道我們是時候了，但我們還有一些我想嘗試擠在這裡。第一個來自 Jefferies 的 John Colantuoni。這真的是關於明星賣家計劃以及我們如何認為可以推動頻率。是的。我會——這個問題要長得多，但我會停下來。

Yes. I'm super excited about the Star Seller program and what it can -- what it is today and even more importantly, what it can become over time. So I want to start with seller agency. What sellers really want is they want to know what can I do to make my shop more successful. And the more transparent we can be, the better they're going to be doing their job, right? They're busy. They have relatively little time. And so if we can focus their efforts on these are the 2 or 3 things that are going to drive the most improvement for you, that's really helpful for them, and it's something that Etsy is uniquely positioned to be able to do.

是的。我對 Star Seller 計劃及其能做什麼感到非常興奮——它現在是什麼，更重要的是，隨著時間的推移它會變成什麼。所以我想從賣家代理開始。賣家真正想要的是他們想知道我能做些什麼來讓我的商店更成功。我們越透明，他們的工作就會越好，對吧？他們很忙。他們的時間相對較少。因此，如果我們可以將他們的精力集中在這些將為您帶來最大改進的 2 或 3 件事上，那對他們來說真的很有幫助，這也是 Etsy 能夠做到的獨特定位。

And so by giving them a few key customer service metrics to focus on, we're already seeing very meaningful improvements. We talked about, for example, responding to a buyer convo within 24 hours. We saw a 600 basis point improvement across the entire marketplace on that one metric within 2 months of launching the program. So that's a really good example of how this can really lift all boats.

因此，通過為他們提供一些關鍵的客戶服務指標來關注，我們已經看到了非常有意義的改進。例如，我們談到了在 24 小時內回复買家會議。在啟動該計劃的 2 個月內，我們看到整個市場在這一指標上提高了 600 個基點。所以這是一個很好的例子，說明它如何真正提升所有船隻。

We do see that by surfacing on promoting the sellers that provide the most reliably good customer service, we're going to have a better buyer experience and a better seller experience. So the fact that sellers that are Star Sellers have a 25% higher repeat purchase rate, I think that's a factor of 2 things. One, the recognition of the Star Seller giving buyers confidence. But two, the fact that these sellers are delivering consistently good customer service and earning repeat business. And the more we can get every seller to look like a Star Seller the better off I think it is for everyone.

我們確實看到，通過推廣提供最可靠優質客戶服務的賣家，我們將擁有更好的買家體驗和更好的賣家體驗。因此，作為明星賣家的賣家的重複購買率高出 25%，我認為這是兩件事的一個因素。一、對明星賣家的認可給予買家信心。但第二，這些賣家提供始終如一的優質客戶服務並贏得回頭客的事實。我們越能讓每個賣家看起來像明星賣家，我認為這對每個人來說都越好。

Okay. Great. Thanks, Josh. We are over time. So I'm going to cut it there. If anybody has any questions, you know where to find us. Thank you all so much, and we will talk to you through the quarter. And happy holidays, everyone.

好的。偉大的。謝謝，喬希。我們超時了。所以我要在那裡剪掉它。如果有人有任何問題，您知道在哪裡可以找到我們。非常感謝大家，我們將在本季度與您交談。祝大家節日快樂。

Thank you.

謝謝你。

Thanks, everyone.

感謝大家。