ETSY Inc (ETSY) 2021 Q2 法說會逐字稿

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

大家好，歡迎來到 Etsy 2021 年第二季度收益電話會議。我是投資者關係和 ESG 參與副總裁 Deb Wasser。今天加入我的是首席執行官 Josh Silverman；雷切爾格拉澤，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) I'll be reading your questions, and Gabe will help me to try to get to as many as we can.

今天準備好的發言已經預先錄製好了。幻燈片也已發佈到我們的網站供您參考。完成 Josh 和 Rachel 的演示後，我們將轉為現場視頻網絡直播問答環節。 （操作員說明）我會閱讀您的問題，Gabe 會幫助我盡可能多地回答問題。

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance and key drivers thereof, the impact of COVID-19 or its abatement may have on our communities, business strategy or operating results; the potential impact of our strategic marketing and product initiatives; the potential impact of our acquisition of Depop and Elo7 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主要驅動因素相關的前瞻性陳述，COVID-19 或其減弱可能對我們的社區、業務戰略或經營業績產生的影響；我們的戰略營銷和產品計劃的潛在影響；我們收購 Depop 和 Elo7 對我們的市場機會和我們未來的綜合財務業績的潛在影響；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 May 6, 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，這些在今天的收益發布和我們於 2021 年 5 月 6 日向美國證券交易委員會提交的 10-Q 中有所描述，並將在我們向美國證券交易委員會提交的任何未來定期報告中更新。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這些陳述的義務。

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 Investor Relations website, along with a replay of this call. With that, I'll turn it over to Josh.

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，您可以在我們的投資者關係網站上找到該新聞稿，以及本次電話會議的重播。有了這個，我會把它交給喬希。

Thanks, Deb, and good evening, everyone. Etsy delivered a strong second quarter. I'm pleased to share highlights with you on our progress and our results.

謝謝，Deb，大家晚上好。 Etsy 第二季度表現強勁。我很高興與您分享我們的進展和成果的亮點。

Consolidated GMS was $3 billion, up 10% year-over-year on a currency-neutral basis. In fact, non-mask GMS on an Etsy stand-alone basis grew 31% year-over-year which, frankly, I find remarkable, given the extraordinary comps from last year. And on a 2-year basis, this is 153% growth, also excluding face masks.

綜合 GMS 為 30 億美元，在貨幣中性基礎上同比增長 10%。事實上，在 Etsy 獨立基礎上，非口罩 GMS 同比增長 31%，坦率地說，考慮到去年的出色表現，我覺得這很了不起。在 2 年的基礎上，這是 153% 的增長，還不包括口罩。

Revenue grew 23%, and our adjusted EBITDA margin was 26%. We feel great about these returns we're seeing as our investments ramp. We also announced the acquisitions of Depop and Elo7 during the quarter, which I'll talk about in just a few minutes.

收入增長 23%，調整後的 EBITDA 利潤率為 26%。隨著我們的投資增加，我們對這些回報感到滿意。我們還在本季度宣布了對 Depop 和 Elo7 的收購，我將在短短幾分鐘內談到這一點。

Our Q2 '21 performance is particularly impressive when put in context of the year-ago period that we're comping. Remembering back to Q2 of 2020, brick-and-mortar stores were largely shut down with the exception of essential services. And even at those essential stores, lines were long and shelves were often empty. Even e-tailers faced similar challenges, with many products out of stock and long shipping delays for the rest.

與去年同期相比，我們的 21 年第二季度表現尤其令人印象深刻。回想 2020 年第二季度，除了基本服務外，實體店大部分都關門了。即使在那些必需品商店，隊伍也排得很長，貨架上也經常空空如也。甚至電子零售商也面臨著類似的挑戰，許多產品缺貨，其餘產品的運輸延遲時間很長。

And in the midst of this crisis, Etsy mobilized cottage industry to the rescue. Etsy sellers had so much of what you needed and were ready to ship quickly, at a fair price and without significant supply chain challenges. In fact, Etsy was one of the few places where you could shop with confidence and convenience in Q2 of 2020. As a result, we delivered the highest growth rate of any company that we track in our sector.

在這場危機中，Etsy 動員家庭手工業進行救援。 Etsy 賣家擁有您所需要的大量商品，並準備以合理的價格快速發貨，並且沒有重大的供應鏈挑戰。事實上，Etsy 是 2020 年第二季度為數不多的可以放心和方便購物的地方之一。因此，在我們跟踪的所有公司中，我們的增長率最高。

Flash forward to Q2 of 2021 and thankfully, things began to look dramatically different. While the situation is still evolving, people are moving about much more freely and beginning to travel and dine out again. Many brick-and-mortar stores have reopened, and there are a wide range of e-tailers ready to ship almost anything to your doorstep without delay. And even in the face of this renewed abundance of choice, again and again, shoppers chose to return to Etsy, in fact, about 90 million of them. And most importantly, they chose to shop with us more frequently.

快進到 2021 年第二季度，值得慶幸的是，情況開始看起來大不相同。雖然情況仍在發展，但人們的行動更加自由，並開始再次外出旅行和外出就餐。許多實體店已經重新開業，並且有各種各樣的電子零售商隨時準備將幾乎所有商品運送到您家門口。即使面對這種新的豐富選擇，購物者一次又一次地選擇返回 Etsy，事實上，其中約有 9000 萬。最重要的是，他們選擇更頻繁地與我們一起購物。

Given the massive pull forward in new buyer acquisition last year, it's no surprise that new buyer growth has decelerated materially in recent months. However, that deceleration has been offset by growth in GMS per active buyer, which as you know, is a big focus area for us. We're encouraged to see that shoppers love the experience they've had with Etsy over the past year and are coming back for more, even in a world of greatly expanded choice.

鑑於去年新買家收購的巨大推動，近幾個月新買家增長大幅放緩也就不足為奇了。然而，這種減速已被每位活躍買家的 GMS 增長所抵消，如您所知，這是我們的一個重要關注領域。我們很高興看到購物者喜歡他們在過去一年中在 Etsy 上獲得的體驗，並且會回來購買更多，即使是在一個選擇範圍大大擴大的世界裡。

As Rachel will talk about further, we're extremely pleased with the strength and stability we're seeing in our cohort performance and our conviction to invest in what we believe is Etsy's tremendous long-term opportunity.

正如 Rachel 將進一步談論的那樣，我們對我們在隊列表現中看到的力量和穩定性以及我們投資於我們認為是 Etsy 巨大長期機會的信念感到非常高興。

Turning to our most important focus area and job #1, growing the core etsy.com marketplace. We continue to make what we believe are very valuable long-term investments aligned with our Right to Win, driving continued material improvements in the customer experience in order to make Etsy even more special and deepen our competitive advantages.

轉向我們最重要的重點領域和工作#1，發展核心 etsy.com 市場。我們將繼續進行我們認為非常有價值的長期投資，並與我們的獲勝權保持一致，推動客戶體驗的持續實質性改善，以使 Etsy 更加特別並加深我們的競爭優勢。

I'll now walk through some of the exciting progress we made in Q2. Starting with search and discovery. In our quest to close the semantic gap and create a platform that better understands our buyers, tastes and preferences, in Q2, our team created and launched a proprietary capability we call XWalk, a large-scale real-time graph retrieval engine that dramatically expands the amount of available data used to capture semantic meaning and to improve conversion rate by showing more relevant inventory to buyers.

我現在將介紹我們在第二季度取得的一些令人興奮的進展。從搜索和發現開始。在我們尋求縮小語義差距並創建一個更好地了解我們的買家、品味和偏好的平台的過程中，我們的團隊在第二季度創建並推出了我們稱為 XWalk 的專有功能，這是一個大規模實時圖形檢索引擎，可顯著擴展用於捕捉語義和通過向買家展示更多相關庫存來提高轉化率的可用數據量。

Every click and purchase on Etsy gives us information about the relationship between users, queries, listings, shops and more. And these events have long powered our ranking and retrieval systems. But due to the sheer volume of information, we could only use a relatively small slice of it. With XWalk, we're now able to use nearly all of our relevant data to better capture semantic meaning across all of our inventory.

Etsy 上的每次點擊和購買都為我們提供了有關用戶、查詢、列表、商店等之間關係的信息。這些事件長期以來一直為我們的排名和檢索系統提供動力。但由於信息量巨大，我們只能使用其中的一小部分。借助 XWalk，我們現在能夠使用幾乎所有相關數據來更好地捕捉所有庫存中的語義。

For example, XWalk has significantly reduced the number of dead ends, which are queries that return 0 search results, unlocking over 1 million incremental searches that are delivering relevant search results. We're only at the very beginning stages of leveraging XWalk, which has many other applications beyond search, for example, making recommendations more relevant, providing better on-site marketing experiences and improving technologies that keep the Marketplace safe.

例如，XWalk 顯著減少了死胡同的數量，即返回 0 個搜索結果的查詢，解鎖了超過 100 萬次提供相關搜索結果的增量搜索。我們僅處於利用 XWalk 的起步階段，除了搜索之外，它還有許多其他應用程序，例如，使推薦更具相關性、提供更好的現場營銷體驗以及改進技術以確保市場安全。

Turning to Slide 7 in our efforts to amplify the human element of the Etsy Marketplace. We've mentioned listing videos on our last few calls, and we're now starting to get real traction as they're incorporated throughout more and more of the Etsy experience on-site and off. In fact, there are now nearly 8 million videos uploaded on Etsy. Listing videos are driving engagement on social and we're seeing measurable wins from adding videos to the homepage.

轉向幻燈片 7，我們努力擴大 Etsy 市場的人為因素。我們在最近幾次電話會議上提到了列出視頻，現在我們開始獲得真正的吸引力，因為它們已融入越來越多的 Etsy 現場和線下體驗中。事實上，現在有近 800 萬個視頻上傳到 Etsy。列出視頻正在推動社交互動，我們看到將視頻添加到主頁帶來了可衡量的勝利。

We're especially encouraged by the results our sellers are seeing from their process videos, which show how our sellers make their items, an especially Etsy-like experience. Many buyers are viewing these videos and watching them to completion. In fact, listing and process videos drove a significant sequential increase in engagement on our social channels, up 700% quarter-over-quarter.

我們對賣家從他們的過程視頻中看到的結果感到特別鼓舞，這些視頻展示了我們的賣家如何製作他們的物品，這是一種特別像 Etsy 的體驗。許多買家正在觀看這些視頻並觀看它們完成。事實上，列出和處理視頻推動了我們社交渠道參與度的連續顯著增長，環比增長 700%。

Our third pillar is, of course, about trust. And we've -- as we've said, we're laser focused this year on the post-purchase experience and we're making great progress. This quarter, I'd like to highlight the gains we've made with delivery predictability, setting clear expectations for when items will arrive and ensuring our sellers consistently meet those expectations.

當然，我們的第三個支柱是關於信任。而且我們 - 正如我們所說的那樣，我們今年非常專注於購買後體驗，我們正在取得很大進展。本季度，我想強調我們在交付可預測性方面取得的進展，對物品何時到達設定明確的預期，並確保我們的賣家始終如一地滿足這些預期。

In the second quarter of 2020, only 73% of domestic orders on Etsy displayed an expected delivery date. In other words, before you placed an order, almost 30% of the time, we couldn't tell you when you could expect to receive it. Origin ZIP codes, which tell us from where in the U.S. an item is shipping, have also been an area of focus because they help us to more precisely estimate the time in transit. We've more than doubled origin ZIP code coverage over the past year, which has cut 1 full day from the expected delivery date, causing a meaningful positive impact to conversion rate.

2020 年第二季度，Etsy 上只有 73% 的國內訂單顯示了預計交貨日期。換句話說，在您下訂單之前，幾乎有 30% 的時間，我們無法告訴您預計何時可以收到。原產地郵政編碼告訴我們一件物品從美國的哪個地方發貨，這也是一個重點領域，因為它們可以幫助我們更準確地估計運輸時間。在過去的一年裡，我們將原產地郵政編碼覆蓋範圍擴大了一倍以上，這使預期交貨日期縮短了一整天，對轉化率產生了有意義的積極影響。

While we aren't in a race to be fastest, it's critical that we have transparent expectations that our sellers can meet reliably. This is a needle-mover for us. As we deliver on buyers' expectations, they've tended to come back and make more purchases more frequently. We're targeting to get both of these metrics over 90% in time for the holiday season.

雖然我們不參加最快的比賽，但至關重要的是，我們要有透明的期望，讓我們的賣家能夠可靠地滿足。這對我們來說是一個推動者。當我們滿足買家的期望時，他們往往會回來並更頻繁地購買更多商品。我們的目標是在假期前及時將這兩項指標提高 90% 以上。

Last quarter, we told you that we would be exploring ways to define what good service looks like for Etsy sellers, leading to last week's global launch of our Star Seller program. The program's goal is to recognize and reward our best sellers while motivating all sellers to deliver exceptional customer service. As part of this program, we've defined a set of customer service metrics that we know are critical to buyers, such as on-time shipping, 5-star reviews and responsiveness to buyer convos. And we've set the bar for what good looks like, all while providing a transparent dashboard to show sellers where they stand versus each of these metrics. We believe that this creates a race to the top for sellers, who will understand even more what actions they can take in order to further delight customers. Later this year, we'll begin to surface Star Seller Badges throughout the buyer experience.

上個季度，我們告訴您，我們將探索為 Etsy 賣家定義優質服務的方法，從而促成了上週在全球推出我們的明星賣家計劃。該計劃的目標是表彰和獎勵我們的暢銷商品，同時激勵所有賣家提供卓越的客戶服務。作為該計劃的一部分，我們定義了一組我們知道對買家至關重要的客戶服務指標，例如準時發貨、5 星評價和對買家會議的響應。我們為好看的東西設定了標準，同時提供了一個透明的儀表板來向賣家展示他們相對於這些指標的立場。我們相信，這會為賣家創造一場爭先恐後的競爭，他們將更加了解他們可以採取哪些行動來進一步取悅客戶。今年晚些時候，我們將開始在整個買家體驗中展示明星賣家徽章。

Turning to Slide 10, let's talk about our continuing investments designed to increase frequency. As you know, we're laser-focused on this area. And in fact, the Etsy Marketplace delivered a 22% increase in GMS per active buyer in the quarter. I'm delighted to report that we're seeing encouraging signs of progress across multiple initiatives. Highlighting just 2: first, we're continuing to see progress with buyer triggers. For example, adding a badge in the upper corner of the ap icon, showing how many updates are pending drove a meaningful increase in repeat visit rate.

轉到幻燈片 10，讓我們談談我們旨在提高頻率的持續投資。如您所知，我們專注於這一領域。事實上，Etsy Marketplace 本季度每位活躍買家的 GMS 增長了 22%。我很高興地報告，我們看到多項舉措取得進展的令人鼓舞的跡象。僅強調 2：首先，我們繼續看到買家觸發器的進展。例如，在應用程序圖標的上角添加一個徽章，顯示有多少更新待處理，從而顯著提高了重複訪問率。

And second, we've created faster and easier ways for sellers to invest in deepening relationships with their buyers while driving frequency to Etsy. A great example is seller thank you coupons. For example, get 10% off on your next purchase when you buy again from my shop, which during an experiment, saw 170% improvement in uptake. Now 11% of purchases include a thank you coupon.

其次，我們為賣家創造了更快、更簡單的方式來投資於加深與買家的關係，同時提高 Etsy 的頻率。一個很好的例子是賣家感謝您的優惠券。例如，當您再次從我的商店購買時，下次購買可享受 10% 的折扣，在實驗期間，我的商店的吸收率提高了 170%。現在 11% 的購買包括感謝券。

As many of you know, the Buy on Etsy app has historically been our highest converting experience. In Q2, we began to test more prominent ways to prompt buyers to download the app at key moments in their journey. We focused on organic product improvements and to date, have invested very few marketing dollars to drive app downloads. We've seen major wins. For example, by prompting app downloads on the post-purchase thank you page, encouraging you to download the app in order to easily track your order status. The results have been compelling. We're now running at about 1.3 million app downloads a month and have garnered 9 million downloads year-to-date. And Etsy is now the #7 shopping app in the iOS App Store, the highest it's ever been.

眾所周知，Buy on Etsy 應用歷來是我們轉化率最高的體驗。在第二季度，我們開始測試更突出的方式來提示買家在他們旅程的關鍵時刻下載應用程序。我們專注於有機產品改進，迄今為止，在推動應用程序下載方面投入的營銷資金很少。我們已經看到了重大勝利。例如，通過在購買後感謝頁面提示應用下載，鼓勵您下載該應用，以便輕鬆跟踪您的訂單狀態。結果令人信服。我們現在每月的應用程序下載量約為 130 萬次，今年迄今已獲得 900 萬次下載。 Etsy 現在是 iOS App Store 中排名第 7 的購物應用程序，創歷史新高。

Most importantly, newer cohorts of app users are showing promising engagement signals based on their visits, favoriting and purchase behavior. In Q2, new app users that made a purchase then went on to favorite and view listings roughly 20% more than new mobile web users that made a purchase during the same time frame.

最重要的是，較新的應用用戶群體正在根據他們的訪問、喜好和購買行為顯示出有希望的參與信號。在第二季度，進行了購買的新應用用戶隨後繼續收藏和查看列表，比同期進行購買的新移動網絡用戶多大約 20%。

Turning to brand marketing. TV and digital video continue to be great tools to drive awareness and engagement with the Etsy brand. As we mentioned last quarter, our investments in the U.K. and Germany are showing encouraging results. Double clicking on Germany, in addition to our TV and digital video investments, we worked with German personalities to support our [Etsy Hot Seat] or Etsy Has It campaign. We saw 5 points of improvement in prompted and unprompted awareness, expanded social reach and generated over 4.5 million impressions in earned media during the campaign flight.

轉向品牌營銷。電視和數字視頻仍然是提高 Etsy 品牌知名度和參與度的重要工具。正如我們在上個季度提到的，我們在英國和德國的投資取得了令人鼓舞的成果。雙擊德國，除了我們的電視和數字視頻投資外，我們還與德國名人合作支持我們的 [Etsy Hot Seat] 或 Etsy Has It 活動。我們在有提示和無提示的意識方面提高了 5 個百分點，擴大了社會影響力，並在競選活動期間在免費媒體中產生了超過 450 萬次展示。

Other benefits included an uptick in seller growth and a higher return on our performance marketing channels. We're very pleased with these results, which indicate that we're laying the foundation for growth in this important market.

其他好處包括賣家增長的加快和我們績效營銷渠道的更高回報。我們對這些結果感到非常滿意，這表明我們正在為這個重要市場的增長奠定基礎。

There are so many more product and marketing wins I'd love to tell you about, but I also want to give some time to our other marketplaces. We now have 4 highly differentiated e-commerce marketplaces in our House of Brands, and we couldn't be more excited to have found 2 more businesses that share our mission to Keep Commerce Human.

我很想告訴你更多的產品和營銷勝利，但我也想給我們的其他市場一些時間。現在，我們的品牌之家擁有 4 個高度差異化的電子商務市場，我們很高興能找到另外 2 家與我們有著共同使命的企業，即保持商業人性化。

In addition to common missions, strong leadership teams and performance-based cultures, each brand is connected at the core, with similar growth levers and requirements for success such as sophisticated search technology, compelling on-site customer experiences, an efficient payment platform, value-added seller services, effective shipping options, strong brand and performance marketing capabilities and a commitment to investments that protect the marketplace. As you know, we have deep expertise in each of these areas, and we'll be implementing knowledge sharing loops to drive value creation across the brands, all while enabling each to serve its customers in its own distinct way.

除了共同的使命、強大的領導團隊和以績效為基礎的文化外，每個品牌在核心上都是相互聯繫的，具有相似的增長槓桿和成功的要求，例如復雜的搜索技術、引人注目的現場客戶體驗、高效的支付平台、價值-增加的賣家服務、有效的運輸選項、強大的品牌和績效營銷能力以及對保護市場的投資承諾。如您所知，我們在這些領域中的每一個領域都擁有深厚的專業知識，我們將實施知識共享循環以推動跨品牌的價值創造，同時使每個品牌都能以自己獨特的方式為客戶服務。

First, turning to Depop on Slide 14. We believe Depop is the best asset in the resale space, given its high user engagement metrics. The U.S. secondhand market opportunity is projected to double to $77 billion by 2025. And the resale portion of secondhand is forecasted to grow 11x faster than retail clothing for the next 5 years. We're also seeing that young consumers are adopting secondhand fashion faster than any other audience. And Depop is the tenth most-visited shopping site among Gen Z consumers in the U.S. In fact, we think Depop is potentially to Etsy like Venmo was to PayPal, a new way to shop for the new generation.

首先，轉向幻燈片 14 上的 Depop。鑑於其高用戶參與度指標，我們認為 Depop 是轉售領域的最佳資產。到 2025 年，美國二手市場機會預計將翻一番，達到 770 億美元。預計未來 5 年二手服裝轉售部分的增長速度將比零售服裝快 11 倍。我們還看到，年輕消費者接受二手時尚的速度比其他任何受眾都快。 Depop 是美國 Z 世代消費者中第十大訪問量最大的購物網站。事實上，我們認為 Depop 之於 Etsy 的潛力就像 Venmo 之於 PayPal 一樣，是新一代購物的新方式。

Let's take a look at a quick 30-second video that captures the excitement of Depop.

讓我們看一段 30 秒的快速視頻，它捕捉到了 Depop 的興奮之處。

(presentation)

（介紹）

So where do we want to take Depop? Just like we've demonstrated with Etsy and Reverb, we see significant opportunities to make focused improvements to the on-site product experience that we believe can expand conversion rate. We'll also explore value-added services to drive monetization. We'll compare insights on how we've grown Etsy globally with localized experiences and focused investments to help Depop take its marketplace beyond its current core regions in the U.S. and U.K. And we'll work to evaluate the efficiency of their marketing investments, focused on improving LTV, driving buyer and GMS growth and enabling the business to invest more and similar or better returns compared to their current investments.

那麼我們要把 Depop 帶到哪裡呢？就像我們在 Etsy 和 Reverb 上展示的那樣，我們看到了重要的機會來重點改進我們認為可以提高轉化率的現場產品體驗。我們還將探索增值服務以推動貨幣化。我們將比較關於我們如何通過本地化經驗和集中投資在全球範圍內發展 Etsy 的見解，以幫助 Depop 將其市場擴展到其目前在美國和英國的核心區域之外。我們將努力評估他們的營銷投資效率，重點改善 LTV，推動買家和 GMS 增長，並使企業能夠投資更多，與當前投資相比獲得類似或更好的回報。

Now turning to Elo7. Elo7 is known as the Etsy of Brazil, a leader in custom and made-to-order merchandise. We now have a foothold in Latin America, a region with high barriers to entry where we previously did not have a meaningful customer base. Elo7 is ranked as a top 10 e-commerce site in Brazil, providing us with a strong local brand in the largest Latin American e-commerce region. E-commerce in Latin America is estimated to be less than 10% penetrated and is expected to reach approximately $160 billion by 2025. Brazil alone is forecasted to reach $50 billion in the same time period. Here's a quick glimpse of Elo7 through one of their TV ads. We hope you'll agree that the similarities with Etsy are obvious.

現在轉向 Elo7。 Elo7 被稱為巴西的 Etsy，是定制和定製商品的領導者。我們現在在拉丁美洲擁有立足點，該地區的進入壁壘很高，我們以前在該地區沒有有意義的客戶群。 Elo7 在巴西排名前 10 位的電子商務網站，為我們在最大的拉丁美洲電子商務地區提供了強大的本地品牌。據估計，拉丁美洲的電子商務滲透率不到 10%，預計到 2025 年將達到約 1600 億美元。同期僅巴西就預計達到 500 億美元。這是通過他們的一個電視廣告快速了解 Elo7 的情況。我們希望您同意與 Etsy 的相似之處是顯而易見的。

(presentation)

（介紹）

On Slide 19, you'll see Elo7's near-term priorities, which we'll focus on: optimizing conversion rate, prioritizing the road map to focus on initiatives that will inflect GMS and make the selling and buying experience easier; marketing efficiency, leveraging Etsy know-how to further invest with a disciplined ROI lens, evaluating lifetime value and customer acquisition costs; seller transparency, giving sellers visibility into their performance metrics; and shipping, ensuring sellers have the very best options for fast and affordable shipping that buyers can rely on.

在幻燈片 19 上，您將看到 Elo7 的近期優先事項，我們將重點關注這些事項：優化轉化率，優先考慮路線圖以專注於影響 GMS 並簡化買賣體驗的舉措；營銷效率，利用 Etsy 專業知識以嚴格的 ROI 鏡頭進一步投資，評估生命週期價值和客戶獲取成本；賣家透明度，讓賣家了解他們的績效指標；和運輸，確保賣家擁有買家可以信賴的快速且負擔得起的運輸的最佳選擇。

We've just kicked off integration work for both businesses, so it's important to keep in mind that it will take multiple quarters and years to operationalize all of the many ways that we believe we can help Depop and Elo7 grow.

我們剛剛啟動了兩家公司的整合工作，因此請務必牢記，我們認為可以幫助 Depop 和 Elo7 發展的所有方式都需要數個季度和數年時間才能投入運營。

And last but certainly not least, Reverb delivered a solid quarter despite prior year comps that benefited from many competitors having to close their retail stores and warehouses. We're confident that the Reverb team is focused on the right areas and are excited about their future opportunities. In particular, this past quarter, we launched personalized recommendations and invited more music makers to add to their gear collections, which now includes over 175,000 pieces of gear from players across Reverb.

最後但並非最不重要的一點是，Reverb 交付了穩健的季度業績，儘管去年的業績得益於許多競爭對手不得不關閉他們的零售店和倉庫。我們相信 Reverb 團隊專注於正確的領域，並對他們未來的機會感到興奮。特別是在上個季度，我們推出了個性化推薦，並邀請更多音樂製作人加入他們的裝備收藏，現在包括來自 Reverb 玩家的超過 175,000 件裝備。

This capability not only helps us to learn more about buyers and personalize their experience, it also helps players consider selling their gear through a greater understanding of how much it's worth. We launched a new premium ad platform for Bump, and we formed a new international product team that delivered its first global specific feature enhancements.

此功能不僅可以幫助我們更多地了解買家並個性化他們的體驗，還可以幫助玩家通過更好地了解其價值來考慮出售他們的裝備。我們為 Bump 推出了一個新的高級廣告平台，並組建了一個新的國際產品團隊，交付了其首個全球特定功能增強功能。

Taking all of this together, we believe that Etsy is now an even more valuable company with an even larger opportunity than we had before. We have a large and expanding TAM and we're moving in a different direction than commoditized marketplaces.

綜上所述，我們相信 Etsy 現在是一家更有價值的公司，擁有比以前更大的機會。我們擁有龐大且不斷擴大的 TAM，並且我們正朝著與商品化市場不同的方向發展。

The pandemic proved just how many purchase occasions Etsy is relevant for, and we have more confidence than ever in our core opportunity. Reverb has a compelling value proposition in musical instruments and we see a clear path for future growth. Depop enables us to deepen our penetration into apparel, specifically in the exciting and fast-growing sector of resale. And Elo7 gives us a local presence in the large Brazilian market. Our ambition is driven by a true love of lightning in a bottle peer-to-peer marketplaces and a well-defined investment strategy that we believe can drive strong top line growth and profitability for these brands.

大流行證明了 Etsy 與多少購買場合相關，我們對我們的核心機會比以往任何時候都更有信心。 Reverb 在樂器領域具有引人注目的價值主張，我們看到了未來發展的清晰路徑。 Depop 使我們能夠加深對服裝的滲透，特別是在令人興奮且快速增長的轉售領域。 Elo7 讓我們在巴西這個龐大的市場中佔有一席之地。我們的雄心壯志源於對瓶裝點對點市場的真正熱愛，以及我們相信可以推動這些品牌強勁的收入增長和盈利能力的明確投資策略。

Many of you have asked whether these deals are a sign of more to come. I can tell you that our primary focus now is to integrate Depop and Elo7 into the family while continuing to drive strong performance at Etsy and Reverb. We're incredibly proud of what our team has accomplished. And hopefully, we've demonstrated to you that we balance our ambition with discipline, making thoughtful and strategic moves that build long-term value for all of our stakeholders. And with that, I'll turn it over to Rachel.

你們中的許多人都問過這些交易是否預示著更多交易即將到來。我可以告訴你，我們現在的主要重點是將 Depop 和 Elo7 整合到這個家族中，同時繼續推動 Etsy 和 Reverb 的強勁表現。我們為我們的團隊所取得的成就感到無比自豪。希望我們已經向您證明，我們在雄心與紀律之間取得了平衡，採取了深思熟慮的戰略舉措，為我們所有的利益相關者創造了長期價值。有了這個，我會把它交給雷切爾。

Thanks, Josh, and thank you, everyone, for joining us for our call. My commentary today will cover consolidated results, key drivers of performance and etsy.com's stand-alone results, where appropriate. As a reminder, Depop and Elo7 results are not reflected in our consolidated financial results or KPIs for the second quarter.

謝謝，Josh，也謝謝大家加入我們的電話會議。我今天的評論將酌情涵蓋合併結果、業績的主要驅動因素和 etsy.com 的獨立結果。提醒一下，Depop 和 Elo7 的結果並未反映在我們第二季度的綜合財務業績或 KPI 中。

We had a strong quarter across the board despite macro headwinds and challenging year-over-year comps, delivering GMS, revenue and adjusted EBITDA squarely within our expectations. Before diving in, I want to point out that we're now growing off a meaningfully larger base. Just taking GMS, for example, we've added $2 billion incrementally to the 2019 base, and we're just beginning to benefit from the power of what this larger scale can do for Etsy over time.

儘管存在宏觀逆風和具有挑戰性的同比比較，但我們的季度整體表現強勁，交付的 GMS、收入和調整後的 EBITDA 完全符合我們的預期。在深入探討之前，我想指出，我們現在正在從一個有意義的更大基礎上成長。僅以 GMS 為例，我們已經在 2019 年的基礎上增加了 20 億美元，隨著時間的推移，我們才剛剛開始受益於這種更大規模可以為 Etsy 帶來的力量。

Moving to the financials. On a consolidated basis, Etsy's second quarter GMS grew 13% year-over-year to $3 billion, revenue grew 23% year-over-year to $529 million and adjusted EBITDA was $139 million with a margin of about 26%. On an etsy.com stand-alone basis, we see non-mask GMS growth as an important barometer of underlying trends in the core business. In Q2, face masks declined to 1.4% of etsy.com's stand-alone GMS, declining sequentially each quarter since Q2 of last year.

轉向財務。在綜合基礎上，Etsy 第二季度的 GMS 同比增長 13% 至 30 億美元，收入同比增長 23% 至 5.29 億美元，調整後的 EBITDA 為 1.39 億美元，利潤率約為 26%。在 etsy.com 獨立的基礎上，我們將非掩碼 GMS 增長視為核心業務潛在趨勢的重要晴雨表。在第二季度，口罩佔 etsy.com 獨立 GMS 的比例下降至 1.4%，自去年第二季度以來每個季度都在連續下降。

And as you can see on Slide 23, non-mask GMS grew 31% year-over-year, particularly notable considering last year's unprecedented spike in new buyers with the onset of the pandemic. Non-mask GMS growth on a 2-year basis remained fairly stable relative to last quarter and the historical trend line. These are encouraging data points that highlight strong underlying trends in our business.

正如您在幻燈片 23 中看到的那樣，非口罩 GMS 同比增長 31%，考慮到去年隨著大流行病的爆發，新買家數量空前激增，這一點尤其值得注意。相對於上一季度和歷史趨勢線，非口罩 GMS 的兩年增長保持相當穩定。這些令人鼓舞的數據點突出了我們業務中強大的潛在趨勢。

While we don't anticipate showing the monthly cadence of growth in the future, we thought it was important to show the stability of our trends in light of the expected headwinds in the coming quarters.

雖然我們預計未來不會顯示月度增長節奏，但我們認為根據未來幾個季度的預期逆風顯示我們趨勢的穩定性很重要。

Here, you can see the monthly cadence of growth on a 2-year basis for the etsy.com stand-alone marketplace. April was up 177%, May was up 150% and June was up 143%. This trend details how we delivered strong growth throughout the quarter, particularly on a 2-year basis. But in light of the expected Q2 headwinds, there has been steady deceleration as the world has reopened.

在這裡，您可以看到 etsy.com 獨立市場在 2 年的基礎上每月的增長節奏。 4 月上漲 177%，5 月上漲 150%，6 月上漲 143%。這一趨勢詳細說明了我們如何在整個季度實現強勁增長，尤其是在 2 年的基礎上。但鑑於第二季度的預期逆風，隨著世界重新開放，經濟一直在穩步減速。

On a consolidated basis, percent international GMS expanded 900 basis points year-over-year to 41% of overall GMS. International GMS grew faster than our overall growth and was up 45% in Q2. Our fastest-growing trade route was once again international domestic, sales in which both the buyer and seller are in the same market. New and existing international buyer growth trended in line with each other, unlike in the U.S. where we are seeing deceleration in new buyer growth. Growth in international has been fueled by product investments such as an improved English to German translation model and higher investment in brand marketing in the U.K. and Germany.

在合併的基礎上，國際 GMS 百分比同比增長 900 個基點，佔整體 GMS 的 41%。國際 GMS 的增長速度快於我們的整體增長速度，第二季度增長了 45%。我們增長最快的貿易路線再次是國際國內銷售，買賣雙方都在同一個市場。新的和現有的國際買家增長趨勢相互一致，這與我們看到新買家增長放緩的美國不同。產品投資推動了國際業務的增長，例如改進的英德翻譯模式以及對英國和德國品牌營銷的更高投資。

Consolidated Q2 revenue was again driven by growth in both Marketplace and services revenue, with key drivers being Etsy Ads revenue, Etsy Payments and GMS volume. Transaction fee revenue grew 15% year-over-year, driven by higher GMS from visit growth and frequency. Payments revenue was up 19% and we processed 92% of our etsy.com stand-alone GMS through Etsy Payments in Q2, a direct result of the expansion of Etsy Payments to 9 new countries in Q3 of 2020.

第二季度合併收入再次受到市場和服務收入增長的推動，主要推動因素是 Etsy 廣告收入、Etsy 支付和 GMS 交易量。交易費收入同比增長 15%，這得益於訪問增長和頻率帶來的更高 GMS。支付收入增長了 19%，我們在第二季度通過 Etsy Payments 處理了 92% 的 etsy.com 獨立 GMS，這是 2020 年第三季度 Etsy Payments 擴展到 9 個新國家的直接結果。

Consolidated advertising revenue, which includes Etsy Ads and Reverb's Bump, was up 44% year-over-year. Consolidated take rate expanded to 17.4% in the second quarter, up 150 basis points compared to Q2 of last year. Etsy Ads revenue growth, excluding Reverb's Bump service, was up 47%, following nearly 100% revenue growth in the prior year. Etsy Ads revenue was driven by experiments that improved our ad ranking function, resulting in a significant increase in the post-click conversion rate while maintaining the same attractive return on ad spend for our sellers. As a result, sellers have continued to increase their overall budget for Etsy Ads to procure prominent placement and increased sales. In fact, for the month of June 2021, seller budget was 92% higher when compared to their overall budget in June of 2020.

包括 Etsy Ads 和 Reverb's Bump 在內的綜合廣告收入同比增長 44%。第二季度綜合收益率擴大至 17.4%，比去年第二季度上升 150 個基點。 Etsy 廣告收入增長 47%，不包括 Reverb 的 Bump 服務，去年收入增長近 100%。 Etsy 廣告收入是由改進我們的廣告排名功能的實驗推動的，從而顯著提高了點擊後轉化率，同時為我們的賣家保持了同樣有吸引力的廣告支出回報率。因此，賣家繼續增加 Etsy Ads 的總體預算，以獲得顯眼的展示位置並增加銷量。事實上，與 2020 年 6 月的總體預算相比，2021 年 6 月的賣家預算高出 92%。

Gross margin was 72% on a consolidated basis, continuing to benefit from our shift to offsite ads, which delivers incremental revenue without an equal offset in cost of revenue and which we view as a significant subsidy to our performance marketing spend. As you may recall, our introduction of offsite ads, which we began to bill sellers for in May 2020, drove a 500 basis point expansion in gross margin at that time.

合併後的毛利率為 72%，繼續受益於我們向異地廣告的轉變，異地廣告帶來了增量收入，而收入成本卻沒有被同等抵消，我們認為這是對我們績效營銷支出的重大補貼。您可能還記得，我們在 2020 年 5 月開始向賣家收費的場外廣告的引入，當時推動了毛利率增長 500 個基點。

In Q2 '21, offsite ads opt-out rates were still less than 2% and chargeability remained healthy. In fact, the number of sellers who've chosen to stay in the program is growing at a faster rate than active sellers, a testament to how many sellers value our offsite ads product.

在 2021 年第 2 季度，站外廣告選擇退出率仍低於 2%，收費率保持健康。事實上，選擇留在該計劃中的賣家數量增長速度快於活躍賣家，這證明有多少賣家重視我們的站外廣告產品。

Our product development investments continue to deliver strong returns, driving higher conversion rates and frequency. For example, we now have more squads focused on frequency initiatives and have seen significant increases in hit rate. Q2 consolidated product development spend was $62 million, up 37% year-over-year, mostly driven by our planned increased headcount. Note that consolidated headcount was nearly 1,600 at quarter end, up 24% year-over-year, with much of this increase sitting in product development.

我們的產品開發投資繼續帶來豐厚的回報，推動更高的轉化率和頻率。例如，我們現在有更多的小隊專注於頻率計劃，並且命中率顯著提高。第二季度綜合產品開發支出為 6200 萬美元，同比增長 37%，這主要是由於我們計劃增加員工人數。請注意，本季度末合併員工人數接近 1,600 人，同比增長 24%，其中大部分增長來自產品開發。

We have continued to ramp our marketing spend to lean into this time when the Etsy brand is capturing global attention. Q2 consolidated marketing spend was $167 million, up 46% year-over-year. Brand spend was 23% of consolidated marketing, up 73% year-over-year. An important driver of the increased marketing spend in Q2 was our TV campaigns in the U.K. and Germany, which each performed well during the quarter. In Germany, where we had not tested upper funnel marketing before, we jumped 4 places in ComScore retail rankings during the month of May. In both markets, we also observed the halo effect of making other performance channels work harder.

我們繼續加大營銷支出，以迎接 Etsy 品牌引起全球關注的時代。第二季度綜合營銷支出為 1.67 億美元，同比增長 46%。品牌支出佔整合營銷的 23%，同比增長 73%。第二季度營銷支出增加的一個重要推動因素是我們在英國和德國的電視宣傳活動，它們在本季度均表現良好。在我們之前沒有測試過上層漏斗營銷的德國，我們在 5 月份的 ComScore 零售排名中躍升了 4 位。在這兩個市場中，我們還觀察到讓其他績效渠道更加努力工作的光環效應。

We're seeing significant progress prompting buyers to download the app, which represents our smallest share of visits, yet has the highest conversion rate. And nearly all of this is coming from product investments rather than marketing spend. We believe success here could lead to more traffic from repeat and existing buyers shifting from paid to organic, which will enable us to spend more to acquire new buyers through higher LTV as well as improvement to adjusted EBITDA as paid clicks and visits shift to organic.

我們看到促使買家下載該應用程序的重大進展，該應用程序占我們訪問量的最小份額，但轉化率最高。幾乎所有這些都來自產品投資而不是營銷支出。我們相信這裡的成功可能會導致更多來自重複和現有買家的流量從付費轉向有機，這將使我們能夠通過更高的 LTV 花費更多來獲得新買家，並隨著付費點擊和訪問轉向有機而改善調整後的 EBITDA。

Moving to our operating metrics for the Etsy stand-alone marketplace. In Q2, active buyers grew 51% year-over-year to approximately 90 million. Repeat buyers, those who made purchases on 2 or more days in a 12-month period, grew 61% year-over-year to 36 million. And habitual buyers, our most loyal buyers, remained our fastest-growing buyer segment, up 115% for the quarter to nearly 8 million. As of Q2 2021, this buyer segment accounts for only 9% of active buyers that contributes on average about 40% of our GMS. These metrics demonstrate encouraging stability in our buyer base, signs we've all been looking for as barometers for how sticky the 2020 gains may be.

轉到我們的 Etsy 獨立市場的運營指標。第二季度，活躍買家同比增長 51% 至約 9000 萬。回頭客，即在 12 個月內購買 2 天或更多天的人，同比增長 61% 至 3600 萬。而我們最忠實的買家——我們最忠實的買家，仍然是我們增長最快的買家群體，本季度增長了 115%，達到近 800 萬。截至 2021 年第二季度，該買家群體僅佔活躍買家的 9%，平均貢獻了我們 GMS 的 40% 左右。這些指標表明我們的買家群具有令人鼓舞的穩定性，這些跡像是我們一直在尋找的跡象，可以作為衡量 2020 年收益粘性的晴雨表。

As you know, the pandemic significantly accelerated our acquisition of new buyers. In 2020, we acquired 38 million new buyers, nearly 2x the number of new buyers we acquired in 2019. Remember, a new buyer is someone who has never before shopped on Etsy. As anticipated, our new buyer growth rate declined in Q2 but remained at a healthy level of 8 million, nearly double the number of new buyers acquired in Q2 2019. On a trailing 12-month basis, we've acquired over 40 million new buyers.

如您所知，大流行大大加快了我們獲得新買家的速度。 2020 年，我們獲得了 3800 萬新買家，幾乎是 2019 年新買家數量的 2 倍。請記住，新買家是以前從未在 Etsy 上購物過的人。正如預期的那樣，我們的新買家增長率在第二季度有所下降，但仍保持在 800 萬的健康水平，幾乎是 2019 年第二季度獲得的新買家數量的兩倍。在過去 12 個月的基礎上，我們已經獲得了超過 4000 萬新買家.

We're excited to see that the underlying purchase trends for our new buyer cohorts remain healthy as well. For example, Q2 GMS per new buyer expanded to $46, growing 24% year-over-year. Many of you asked us during the past year if the buyers we acquired during the COVID-19 pandemic were valuable or only came to Etsy during the pandemic, given limited shopping options. We are only a few months into the world gradually reopening, and so far, all signs indicate that these buyers are at least as valuable as those we acquired prior to the pandemic.

我們很高興看到新買家群體的潛在購買趨勢也保持健康。例如，第二季度每個新買家的 GMS 增加到 46 美元，同比增長 24%。在過去的一年裡，你們中的許多人問我們，我們在 COVID-19 大流行期間獲得的買家是否有價值，或者只在大流行期間來到 Etsy，因為購物選擇有限。我們距離世界逐漸重新開放只有幾個月的時間，到目前為止，所有跡像都表明這些買家至少與我們在大流行之前獲得的買家一樣有價值。

GMS per active buyer on a trailing 12-month basis accelerated to $129, a record 22% year-over-year growth, driven by repeat purchases and frequency. We're extremely pleased to see our cohorts continue to show stable underlying trends as we invest to drive further stickiness and habit-forming behavior.

在過去 12 個月的基礎上，每位活躍買家的 GMS 加速至 129 美元，同比增長創紀錄的 22%，這主要受重複購買和頻率的推動。我們非常高興地看到我們的人群繼續表現出穩定的潛在趨勢，因為我們投資以推動進一步的粘性和養成行為。

Moving to the balance sheet. As of 6/30, we had $2.5 billion in cash and cash equivalents and short-term investments, in addition to a $200 million revolver that is currently undrawn. Note that the acquisitions of both Depop and Elo7 were completed in July, so these acquisitions are not reflected on the quarter-ending balance sheet. During the quarter, we also issued $1 billion of 7-year convertible senior notes. A portion of the proceeds was used to repurchase $180 million of our stock and to purchase capped calls. Free cash flow was impacted by the timing of cash payments compared to accruals for sizable expenses such as sales taxes and marketing spend.

轉到資產負債表。截至 6 月 30 日，我們有 25 億美元的現金和現金等價物以及短期投資，此外還有目前未提取的 2 億美元左輪手槍。請注意，Depop 和 Elo7 的收購均於 7 月完成，因此這些收購併未反映在季末資產負債表中。本季度，我們還發行了 10 億美元的 7 年期可轉換優先票據。部分收益用於回購 1.8 億美元的股票和購買有上限的看漲期權。與銷售稅和營銷支出等大筆費用的應計費用相比，自由現金流受到現金支付時間的影響。

And now turning to our outlook. We currently estimate that our Q3 consolidated GMS, which will now include Etsy Reverb, Depop and Elo7, will be approximately $2.9 billion to $3 billion, up about 12.5% at the midpoint compared to Q3 of last year. Our Q3 revenue will be $500 million to $525 million, up about 13.5% at the midpoint versus Q3 of last year. And our adjusted EBITDA margin will be about 25%.

現在轉向我們的前景。我們目前估計，我們的第三季度合併 GMS（現在將包括 Etsy Reverb、Depop 和 Elo7）將約為 29 億至 30 億美元，與去年第三季度相比增長約 12.5%。我們第三季度的收入將在 5 億美元至 5.25 億美元之間，與去年第三季度相比增長約 13.5%。我們調整後的 EBITDA 利潤率將約為 25%。

Within our Q3 GMS guidance, we are forecasting very solid growth for the etsy.com stand-alone marketplace. We expect to deliver mid-single-digit GMS growth and growth in the mid-teens, excluding face masks. In Q3 2020, etsy.com's stand-alone marketplace GMS grew 116%, which was the highest growth rate among the U.S. publicly traded e-commerce peers that we track, a really big number to comp. Please also remember that 11% of Etsy's stand-alone GMS or $264 million was from face masks in Q3 2020.

在我們的第三季度 GMS 指南中，我們預測 etsy.com 獨立市場的增長非常穩健。我們預計將實現中等個位數的 GMS 增長和十幾歲中期的增長，不包括口罩。 2020 年第三季度，etsy.com 的獨立市場 GMS 增長了 116%，這是我們追踪的美國公開交易電子商務同行中增長率最高的，這是一個非常大的數字。還請記住，2020 年第三季度，Etsy 的獨立 GMS 中有 11% 或 2.64 億美元來自口罩。

Consolidated revenue guidance assumes a take rate of about 17.4%. Excluding Depop and Elo7 from the Q3 guidance, our take rate guidance for just etsy.com and Reverb, our former consolidated reporting, would have been about 17.7%. Consolidated adjusted EBITDA margin guidance for Q3 is also impacted by the addition of Depop and Elo7. The addition of these 2 businesses is about a 300 basis point contraction to what our guidance would have been without them. Given very similar fundamental economics to etsy.com and Reverb, we're confident that with scale, both can deliver strong margins and healthy levels of profitability.

綜合收入指引假設採用率約為 17.4%。從第三季度指南中排除 Depop 和 Elo7，我們對 etsy.com 和 Reverb（我們之前的綜合報告）的採納率指南約為 17.7%。第三季度的綜合調整後 EBITDA 利潤率指引也受到 Depop 和 Elo7 的影響。這 2 家企業的加入比我們沒有它們的指導縮減了大約 300 個基點。鑑於與 etsy.com 和 Reverb 非常相似的基本經濟學，我們相信隨著規模的擴大，兩者都能帶來可觀的利潤率和健康的盈利水平。

It is important to keep in mind that the etsy.com Marketplace will continue to be the vast majority of our top and bottom line performance, at least in the near term. In fact, given the transaction timing and the relative size of Depop and Elo7, we expect only modest contribution to our Q3 and FY '21 top line performance. Also for your models, I mentioned that Q2 consolidated headcount was up over 20%, and you can expect this rate of hiring to continue this quarter. And we recently welcomed 550 new employees to Etsy, Inc. with our July acquisitions of Depop and Elo7.

重要的是要記住，至少在短期內，etsy.com 市場將繼續成為我們頂線和底線業績的絕大部分。事實上，考慮到 Depop 和 Elo7 的交易時間和相對規模，我們預計對我們第三季度和 21 財年的營收業績貢獻不大。同樣對於您的模型，我提到第二季度的合併員工人數增加了 20% 以上，您可以預期本季度將繼續保持這種招聘率。我們最近在 7 月收購了 Depop 和 Elo7 後迎來了 550 名新員工加入 Etsy, Inc.。

As we look beyond Q3, we are excited about the upcoming holiday season, with so many product and marketing initiatives already bearing fruit and more to come. For Q4, keep in mind that we will be comparing to the very strong 2020 holiday period, which benefited from an extended shopping season, stimulus payments, continued shutdowns in certain regions and some logistics disruptions for other e-commerce players. Also recall that the fourth quarter had $133 million of face mask GMS or about 4% of our total. We are currently forecasting very little GMS from face masks in our Q4 2021 internal model.

當我們展望第三季度之後，我們對即將到來的假期感到興奮，許多產品和營銷計劃已經取得成果，而且還會有更多。對於第四季度，請記住我們將與非常強勁的 2020 年假期進行比較，後者受益於延長的購物季、刺激性支出、某些地區的持續停工以及其他電子商務參與者的一些物流中斷。還記得第四季度有 1.33 億美元的面罩 GMS，約占我們總額的 4%。我們目前預測 2021 年第四季度內部模型中面罩的 GMS 很少。

We've previously pointed out that our comps get tougher as we progress through 2021. With Q1 2022, potentially our hardest go-forward comp, given the sizable positive impact from government stimulus in Q1 2021. We operate Etsy with a disciplined approach that maintains a healthy balance between growth and margins, and our results have historically landed us between a rule of 40 and a rule of 50 company. We plan to continue to live by this principle and are confident that our long-term profitability model remains intact.

我們之前曾指出，隨著 2021 年的進展，我們的競爭變得更加艱難。考慮到 2021 年第一季度政府刺激措施帶來的巨大積極影響，2022 年第一季度可能是我們最艱難的前進競爭。我們以一種紀律嚴明的方式運營 Etsy，保持增長和利潤之間的健康平衡，我們的業績歷來使我們處於 40 家公司和 50 家公司之間。我們計劃繼續遵循這一原則，並相信我們的長期盈利模式將保持不變。

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

謝謝你今天的時間。我現在將電話轉給 Deb，以便我們回答您的問題。

Hi, everyone. Good to see you today, and we're going to dive right into questions. Okay.

大家好。很高興今天見到你，我們將深入探討問題。好的。

I'm going to start with Alexia Tsimikas from D.A. Davidson. "We've had a lot of investors ask us about the impact of the economy reopening on Etsy. How should we think about the impact overall? And additionally, what categories are benefiting from the reopening, such as weddings, and what categories would you say are being negatively impacted?"

我將從 D.A. 的 Alexia Tsimikas 開始。戴維森。 “我們有很多投資者問我們經濟重新開放對 Etsy 的影響。我們應該如何考慮整體影響？此外，哪些類別從重新開放中受益，例如婚禮，以及您希望哪些類別說受到負面影響？”

I think, Josh, we can get -- we start with that one.

我想，喬希，我們可以——我們從那個開始。

Sure. So first, we feel really good about our Q3 guide. I mean, we're talking about Etsy stand-alone growing in the mid-teens Q-over-Q in a world where we anticipate that in Q3, the world will be largely reopened, and people are going about their lives much like they were not entirely like they were before COVID, of course, but much like they were before COVID.

當然。所以首先，我們對我們的 Q3 指南感覺非常好。我的意思是，我們談論的是 Etsy 獨立成長在青少年中期 Q-over-Q 在我們預計在第三季度世界將在很大程度上重新開放的世界中，人們將像他們一樣過著自己的生活當然，他們並不完全像 COVID 之前的情況，但很像 COVID 之前的情況。

So some of the things that are powering that, we are seeing a resurgence of growth from some categories like weddings. So weddings, for example, was up over 100% quarter-over -- year-over-year in Q2, and it was the second sequential quarter of growth for weddings. So that's certainly helpful. We're also seeing building momentum in some categories like back-to-school. So last year was all about home schooling and people were buying desks for their kids at home. Now they're buying backpacks and they're buying all sorts of things to get ready to send their kids back to school and we're already seeing that.

因此，一些正在推動的事情，我們看到婚禮等某些類別的增長復甦。因此，例如，婚禮在第二季度同比增長超過 100%，這是婚禮連續第二個季度增長。所以這肯定有幫助。我們還看到某些類別的勢頭正在增強，例如返校。所以去年是關於家庭教育的一年，人們在家里為孩子們購買課桌。現在他們正在購買背包，他們正在購買各種各樣的東西來準備送他們的孩子回學校，我們已經看到了這一點。

We're really pleased to see sustained momentum in many categories. So for example, home furnishings is seeing nice, sustained growth, and as you know, that's our largest category. And some of the things that are really hot in home furnishings right now are kids' furniture, garden, gardening activities and things like that. And then as always, we're seeing the viral trends. Whatever is hot and new right now is showing up on Etsy. So things that are hot on TikTok, for example, show up on Etsy within moments and actually can drive millions of dollars of GMS. So those are really the 4 buckets. And Deb, did I -- [I forgot, like,] at the beginning.

我們真的很高興看到許多類別的持續發展勢頭。因此，例如，家居用品正在看到良好的、持續的增長，正如你所知，這是我們最大的類別。現在家居裝飾中真正熱門的一些東西是兒童家具、花園、園藝活動等等。然後一如既往，我們看到了病毒式趨勢。現在流行的和新的東西都出現在 Etsy 上。因此，例如，TikTok 上的熱門內容很快就會出現在 Etsy 上，實際上可以推動數百萬美元的 GMS。所以這些真的是 4 個桶。黛布，一開始我是不是——[我忘了，]。

That was good. No, you got it. You got it. That's great. Thanks, Josh.

那很好。不，你明白了。你說對了。那太棒了。謝謝，喬希。

The next one, I'm going to take from Anna Andreeva from Needham. This one's for Rachel. "A question on take rate. It came in flat sequentially. What's driving the upside, excluding the new businesses for the second half? And how do you think about the take rate opportunity longer term for Etsy?"

下一個，我要從 Needham 的 Anna Andreeva 那裡拿走。這是給雷切爾的。 “關於採用率的問題。它連續持平。是什麼推動了上行，不包括下半年的新業務？你如何看待 Etsy 的長期採用率機會？”

So first of all, I think we gave a lot of color on take rate because we gave you what take rate would be with and without the new businesses. So you can see that without the new businesses, our take rate would have been 17.7%. And the new businesses, though much smaller than Etsy, have lower take rates and make some contraction to that overall number.

所以首先，我認為我們對採用率給出了很多顏色，因為我們給了你有和沒有新業務的採用率。所以你可以看到，如果沒有新業務，我們的採納率為 17.7%。新業務雖然比 Etsy 小得多，但採用率較低，並且總體數量有所收縮。

Etsy has gotten take rate gains from the expansion of Etsy Payments to 9 new markets globally. And Reverb actually took a price increase last year as well, which helps keep the former consolidated Etsy take rate high. We look at take rate improvements as a value exchange, so where we can offer more services that are -- that benefit the seller. In exchange for some fee increase, we are open to doing those things. So for instance, last year, we added offsite ads and that was a win-win for sellers and for Etsy.

Etsy 已從 Etsy Payments 擴展到全球 9 個新市場中獲得收益。事實上，Reverb 去年也提價了，這有助於保持之前合併後的 Etsy 的高提價率。我們將提高費率視為一種價值交換，因此我們可以提供更多服務——讓賣家受益。作為費用增加的交換，我們願意做這些事情。例如，去年，我們添加了站外廣告，這對賣家和 Etsy 來說都是雙贏的。

So there's lots of opportunity to continue to add services, and where we see a fair exchange of value, would consider taking fees for that. But right now, we have no plans for that and there's nothing in our guidance that would suggest that we have any plans for that.

因此，有很多機會繼續增加服務，在我們看到公平的價值交換的地方，會考慮為此收取費用。但現在，我們沒有這方面的計劃，我們的指南中也沒有任何內容表明我們有任何計劃。

Okay, great. Thanks, Rachel. Next one is from Ed Yruma at KeyBanc. Josh, I'll toss this one to you. "You moved very quickly to bring selection inventory from DaWanda onto the core Etsy Marketplace. Do you see the same opportunity existing with Elo7?"

好，太棒了。謝謝，雷切爾。下一篇來自 KeyBanc 的 Ed Yruma。喬什，我會把這個扔給你。 “你們迅速採取行動，將 DaWanda 的精選庫存帶到核心 Etsy 市場。你們是否看到 Elo7 存在同樣的機會？”

Great question. Thanks, Deb. So with the DaWanda arrangement, we had an Etsy business in Germany, and we did a referral agreement with a basically kind of Etsy look-alike company called DaWanda in Germany. And we just combined the 2, you're right, very, very quickly. Brazil is different. Etsy doesn't really have a presence in Brazil. And in fact, cross-border trade between Brazil and other markets outside of Mercosur is really tough for a bunch of reasons.

很好的問題。謝謝，德布。因此，通過 DaWanda 的安排，我們在德國擁有 Etsy 業務，我們與德國一家名為 DaWanda 的 Etsy 相似公司簽訂了推薦協議。我們只是結合了 2，你是對的，非常非常快。巴西不同。 Etsy 在巴西並沒有真正的存在。事實上，出於多種原因，巴西與南方共同市場以外的其他市場之間的跨境貿易非常艱難。

And so we expect that Elo7 will remain a stand-alone brand and a stand-alone business, giving us a presence in Brazil for the first time. And when we look at who has succeeded in Brazil, it has tended to be the native companies. MercadoLibre is very successful there, and eBay didn't manage to penetrate. So we think having a native indigenous brand in Brazil built for Brazil that is focused primarily on domestic trade is the right way to go, and we're really excited about the Elo7 team and brand is our way to do that.

因此，我們預計 Elo7 仍將是一個獨立的品牌和獨立的業務，這將是我們首次在巴西開展業務。當我們看誰在巴西取得成功時，往往是本土公司。 MercadoLibre 在那裡非常成功，而 eBay 未能成功滲透。因此，我們認為在巴西擁有一個主要專注於國內貿易的巴西本土品牌是正確的方式，我們對 Elo7 團隊和品牌感到非常興奮，這是我們實現這一目標的方式。

Okay, great. Since we're talking international, I'll go next to a question from John Colantuoni from Jefferies. "Last quarter, Josh characterized the advertising strategy in Germany as being different than in the U.S. because Etsy is leaning into brand marketing early on. After having success with your brand marketing campaigns in the U.K. and Germany, is the next step to begin layering in more performance marketing spend to take advantage of the improved awareness that you are achieving?"

好，太棒了。由於我們正在談論國際問題，接下來我將回答來自 Jefferies 的 John Colantuoni 的問題。 “上個季度，Josh 將德國的廣告策略描述為與美國不同，因為 Etsy 很早就傾向於品牌營銷。在英國和德國的品牌營銷活動取得成功後，下一步就是開始分層更多的績效營銷支出，以利用您正在實現的提高的知名度？”

Josh, you want to go with that one?

喬希，你想和那個一起去嗎？

Yes. Is that for me or Rachel?

是的。這是給我的還是給雷切爾的？

I think it's for you, yes.

我想這是給你的，是的。

Okay, got it. Sorry. So I think the short answer is yes. We are seeing that the brand marketing spend we're doing in Germany and the U.K. is making our performance marketing more effective, and therefore, we are spending more.

好，知道了。對不起。所以我認為簡短的回答是肯定的。我們看到，我們在德國和英國所做的品牌營銷支出正在使我們的績效營銷更加有效，因此，我們花費更多。

The performance marketing spend is quite mechanical. We have very clear ROI thresholds, and we have quite clear ways to measure impact in nearly real-time. So as the performance of our performance marketing gets better, we just automatically increase spend. And if things happen to depress it, we automatically take spend down.

績效營銷支出是相當機械的。我們有非常明確的 ROI 閾值，並且我們有非常明確的方法來近乎實時地衡量影響。因此，隨著我們的績效營銷的表現越來越好，我們就會自動增加支出。如果事情碰巧壓低了它，我們會自動減少支出。

But you're right that because the TV advertising is making brand awareness higher, it means the propensity to click on our ads is higher and the lifetime value of the customers is higher, and that allows us to spend incrementally more in those markets.

但你是對的，因為電視廣告提高了品牌知名度，這意味著點擊我們廣告的傾向更高，客戶的生命週期價值更高，這使我們能夠在這些市場上增加支出。

Okay, great. Next one I'll take is from Laura Champine from Loop. This one is for Rachel. "What drove the decline in mix of GMS from paid channels in the quarter?"

好，太棒了。下一個我要選的是來自 Loop 的 Laura Champine。這是給雷切爾的。 “是什麼導致本季度付費渠道的 GMS 組合下降？”

So good question. We said percentage that was paid was 19%, which is down from the previous quarter. Remember that one of the things that we do is we invest in top-of-funnel marketing, which we don't count in our paid spend because the traffic from top-of-funnel marketing comes in through the direct channel. So we spent a lot of money incrementally marketing in the second quarter. The dominant portion of that incremental spend was on top-of-funnel marketing in the U.K. and Germany, drove a lot of top line that we count as direct. So that's one of the answers to your question.

好問題。我們說支付的百分比為 19%，低於上一季度。請記住，我們所做的其中一件事就是投資於漏斗頂端營銷，我們不將其計入付費支出，因為來自漏斗頂端營銷的流量是通過直接渠道進入的。所以我們在第二季度花了很多錢進行增量營銷。增量支出的主要部分是在英國和德國的漏斗頂部營銷，推動了我們認為直接的許多頂線。所以這是你問題的答案之一。

The second answer is that we actually spent relatively flat amount of money on performance marketing, and we got the same or better ROI. And also recall that our performance marketing is now subsidized by our offsite ads product. We don't actually see that subsidy in the marketing line that shows up in revenue. So all of those factors together drove really high return on our performance marketing spend and relatively a lower percentage of total traffic coming from paid.

第二個答案是，我們實際上在績效營銷上花費了相對較少的錢，但我們獲得了相同或更好的投資回報率。還記得我們的績效營銷現在由我們的場外廣告產品補貼。我們實際上並沒有在收入中看到營銷線中的補貼。因此，所有這些因素共同推動了我們的績效營銷支出的高回報，以及相對較低的付費流量佔總流量的比例。

Okay, great. Thanks, Rachel. Next from Nick Jones at Citi. Josh, I'll throw this one to you to start. "Can you talk about the effectiveness Etsy has had in managing Reverb? Any implications for its ability to manage Elo7 and Depop? And how many other opportunities might there be out there that could look similar to these in terms of focusing on products or demographics or geography?" I assume that means in terms of potential future acquisitions.

好，太棒了。謝謝，雷切爾。接下來來自花旗銀行的尼克瓊斯。喬希，我會把這個扔給你開始。 “你能談談 Etsy 在管理 Reverb 方面的有效性嗎？對其管理 Elo7 和 Depop 的能力有什麼影響嗎？在關注產品或人口統計或地理？”我認為這意味著未來潛在的收購。

Yes. We feel great about the progress to date with Reverb. And really job 1 was to partner with the Reverb team to think about where can their product efforts be most focused to improve conversion rate. That makes the value of a visit go up and the lifetime value of a visitor and a customer go up. And at the same time, how can we optimize their marketing spend?

是的。我們對 Reverb 迄今為止取得的進展感到非常滿意。真正的工作 1 是與 Reverb 團隊合作，思考他們的產品工作可以最集中在哪里以提高轉化率。這使得訪問的價值上升，訪客和客戶的終生價值上升。同時，我們如何優化他們的營銷支出？

And those 2 are actually a virtuous cycle because if conversion rate goes up, the value of a visit goes up, that allows you to actually invest more in marketing, right? And if your marketing is more efficient, you can really get the flywheel to turn. And so we're excited about how that has worked at Reverb, and we hope to execute similar ideas, not the exact same but similar kinds of playbooks at both Depop and Elo7.

這 2 個實際上是一個良性循環，因為如果轉化率上升，訪問的價值就會上升，這讓你實際上可以在營銷上投入更多，對吧？如果你的營銷更有效率，你真的可以讓飛輪轉動起來。因此，我們對 Reverb 的運作方式感到興奮，我們希望在 Depop 和 Elo7 執行類似的想法，而不是完全相同但相似的劇本。

They're both very different marketplaces and they have different dynamics and they face different trends. And so step 1 is to get in and partner with their teams and understand where they are and see where we can add value and what their current road maps are. And so the teams are doing that very actively. I think we've owned those 2 businesses for 2 or 3 weeks in total. And the teams are already there and working, and we're excited about what the future can hold.

它們都是非常不同的市場，它們具有不同的動態，它們面臨著不同的趨勢。因此，第一步是進入並與他們的團隊合作，了解他們的位置，看看我們可以在哪裡增加價值，以及他們當前的路線圖是什麼。所以團隊正在非常積極地做這件事。我認為我們總共擁有這 2 家企業 2 或 3 週。團隊已經在那里工作，我們對未來的發展感到興奮。

I will say that this takes work and it takes time and it takes effort. And we are very conscious of the fact that the big prize here is the core Etsy Marketplace, which we are incredibly excited about the massive opportunity ahead of us at Etsy. And so we want to be thoughtful and disciplined, as we always are. So integrating Depop and Elo7, I think, is meaningful. And we want to take the time to integrate those 2 and make sure that they're successful and really set up for success. So that's very much our focus right now.

我會說這需要工作，需要時間，也需要努力。我們非常清楚，這裡的大獎是核心的 Etsy 市場，我們對 Etsy 面臨的巨大機遇感到非常興奮。因此，我們希望一如既往地深思熟慮和遵守紀律。所以整合Depop和Elo7，我覺得是有意義的。我們想花時間整合這兩者並確保它們成功並真正為成功做好準備。所以這是我們現在的重點。

To the question of are there other 2-sided marketplaces out there? Maybe. As I said, it's lightning in a bottle. It's not every day you come across a truly authentic organic 2-sided marketplace that really has mojo in a place that's additive to Etsy, where Etsy is really positioned to help, where we can acquire it at a fair price and where we have the bandwidth available to do it. So we've got a high bar, and I would say we're going to be patient and picky. And right now, we're very much focused on the core Etsy Marketplace and integrating Depop and Elo7.

關於是否還有其他雙向市場的問題？也許。正如我所說，這是瓶中閃電。並不是每天你都會遇到一個真正地道的有機雙面市場，它在 Etsy 的附加部分真正具有魔力，Etsy 真正定位於提供幫助，我們可以以合理的價格獲得它並且我們擁有帶寬可以做到這一點。所以我們有一個很高的標準，我會說我們要有耐心和挑剔。現在，我們非常專注於核心 Etsy Marketplace 以及集成 Depop 和 Elo7。

Okay, great. Thanks, Josh. I'm going to give a couple to Rachel that also have to do with Depop and Elo7 more on the financial side. So from Shweta Khajuria from Evercore ISI. "Rachel, could you quantify the impact from Depop and Elo7 included in the Q3 guide?"

好，太棒了。謝謝，喬希。我要給 Rachel 一些關於 Depop 和 Elo7 的財務方面的信息。來自 Evercore ISI 的 Shweta Khajuria。 “Rachel，你能量化 Q3 指南中包含的 Depop 和 Elo7 的影響嗎？”

Shweta, thanks for the question. So first of all, I'll start by saying that our 3 subsidiaries in our new House of Brands together represent less than 15% of our total GMS. So they're still important. We see huge opportunity for them but they are relatively minor impact to our total guide, and at Etsy, we try to think about focus, and we're very focused on continuing to grow the Etsy Marketplace.

Shweta，謝謝你的提問。所以首先，我首先要說的是，我們新品牌之家的 3 家子公司加起來不到我們總 GMS 的 15%。所以它們仍然很重要。我們為他們看到了巨大的機會，但他們對我們的總體指南的影響相對較小，在 Etsy，我們試圖考慮重點，我們非常專注於繼續發展 Etsy 市場。

What we've disclosed for Depop, and when we announced the acquisition was that Depop did about $650 million of GMS in 2020 and about $70 million in revenue, and it was growing about 100% at the -- in 2020. You would expect that Depop is experiencing the same sort of macro headwinds from the economy reopening that all of e-commerce is experiencing. So we -- while we're not giving a specific guide for Depop now, you can consider that, that's factored into our guidance.

我們為 Depop 披露的信息，當我們宣布收購時，Depop 在 2020 年的 GMS 收入約為 6.5 億美元，收入約為 7000 萬美元，並且在 2020 年增長了約 100%。你會期望Depop 正在經歷經濟重新開放帶來的宏觀逆風，這與所有電子商務正在經歷的一樣。所以我們 - 雖然我們現在沒有為 Depop 提供具體指南，但您可以考慮一下，這已納入我們的指南。

Elo7 is much smaller. Also, they had -- they did not have a tailwind from the pandemic in 2020 like Depop and Etsy did a lot because there they've had significant impact from COVID in that region and also their business is much more concentrated in the event space that has been more hampered by shutdowns. We did, however, say in our guidance the addition of those 2 new businesses to our former consolidated numbers, so former consolidated, meaning Etsy plus Reverb, creates about a 300 basis point contraction to the bottom line. These are very new businesses. We've owned them for 2 weeks. Reverb is a perfect example of how we've been able to grow and optimize that business. So we're super excited about it while we invest in them for growth.

Elo7 要小得多。此外，他們 - 他們沒有像 Depop 和 Etsy 那樣在 2020 年受到大流行的順風，因為他們在該地區受到了 COVID 的重大影響，而且他們的業務更加集中在活動空間停工更受阻礙。然而，我們確實在我們的指導意見中表示，將這兩項新業務添加到我們以前的合併數字中，因此以前的合併數字，即 Etsy 加 Reverb，會使底線收縮約 300 個基點。這些都是非常新的業務。我們已經擁有它們 2 週了。 Reverb 是我們如何發展和優化該業務的完美示例。因此，當我們投資於它們以實現增長時，我們對此感到非常興奮。

Okay, Rachel, while I have you, similar question -- similar topic from Jason Helfstein at Oppenheimer. "If we assume 10% take rate for the acquisitions of Depop and Elo7, can that get us close enough to the revenue impact for the acquisitions as well in Q3?"

好吧，雷切爾，當我有你的時候，類似的問題——來自 Oppenheimer 的 Jason Helfstein 的類似話題。 “如果我們假設收購 Depop 和 Elo7 的採納率為 10%，這是否能讓我們足夠接近收購對第三季度收入的影響？”

So we -- I think we gave pretty clear and transparent information on the impact of take rate from our subsidiary businesses because we said our total take rate for Etsy would have been -- for our former consolidated businesses would have been 17.7% without them. And I believe we gave take rate specifically for Depop when we acquired them in about that 10% range, so that's a good number. And just Elo7 today is very, very small so it's not going to move the needle, so I think you're safe in that assumption.

所以我們 - 我認為我們提供了關於我們子公司業務的採用率影響的非常清晰和透明的信息，因為我們說我們對 Etsy 的總採用率本來是 - 如果沒有它們，我們以前的合併業務將是 17.7%。而且我相信當我們在大約 10% 的範圍內收購 Depop 時，我們專門為 Depop 提供了採用率，所以這是一個很好的數字。今天的 Elo7 非常非常小，所以它不會移動針頭，所以我認為你在這個假設中是安全的。

Okay, great. Next one from Ygal Arounian from Wedbush. "You added 8 million new buyers this quarter after a big last 12 months of new and reactivated buyer adds. What is driving the continued uptick in new buyers strategically? And how is this behavior from this cohort similar or different?"

好，太棒了。下一個來自 Wedbush 的 Ygal Arounian。 “在過去 12 個月大量增加新買家和重新激活的買家之後，本季度你增加了 800 萬新買家。是什麼在戰略上推動了新買家的持續增長？這一群體的這種行為有何相似或不同之處？”

Maybe Josh, do you want to talk about overarching new buyer behavior and yes [the new buyer adds]?

也許 Josh，你想談談總體的新買家行為，是的 [新買家補充道]？

Sure. Yes, we feel great about that. And so adding 8 million new buyers is a sequential decline from what we were adding in the pandemic. But it's 8 million new buyers. And in fact, it's almost twice the level of new buyers we were adding before the pandemic. So I think that's, again, quite remarkable. And they're coming from a number of sectors. One, international has been great and we are growing in international markets a little faster as a percentage of the total than we are in the U.S. In places like the U.K. and Germany, for example, our core focus areas, the investments we've been making over a period of years to make those markets more robust, we're seeing some of the fruits of that.

當然。是的，我們對此感覺很好。因此，增加 800 萬新買家是我們在大流行期間增加的連續下降。但這是 800 萬新買家。事實上，這幾乎是我們在大流行之前增加的新買家數量的兩倍。所以我認為這再次非常了不起。他們來自許多部門。第一，國際市場一直很好，我們在國際市場的增長速度佔總市場的百分比比我們在美國要快一些。例如，在英國和德國等地，我們的核心重點領域，我們一直在進行的投資經過多年努力使這些市場更加強勁，我們看到了一些成果。

But even in the United States, there are still a lot of people who don't shop online, don't regularly shop online or haven't really heard of Etsy. Etsy is coming into the common vocabulary now and people are starting to say, "Oh yes, my neighbor told me about that." And, "Oh yes, I hear that's really hip and cool." There's a lot of people who still haven't yet experienced Etsy.

但即使在美國，仍然有很多人不網購，不經常網購或者沒有真正聽說過 Etsy。 Etsy 現在進入了常用詞彙，人們開始說，“哦，是的，我的鄰居告訴我的。”而且，“哦，是的，我聽說那真的很時髦很酷。”還有很多人還沒有體驗過 Etsy。

And then there's new demographics that we're starting to really lean into. For example, men, that's about 50% of the population and it's very underrepresented at Etsy, as we've said. And we think that leaning in more there, we can do a lot to open up to new segments and new categories even within the United States.

然後是我們開始真正關注的新人口統計數據。例如，正如我們所說，男性約佔人口的 50%，而在 Etsy 中這一比例非常低。而且我們認為，更多地依靠那裡，我們可以做很多事情來開拓新的細分市場和新的類別，即使在美國也是如此。

The only thing I'd pile on to that with is that our new buyer growth on a trailing 12-month basis we said was 40 million. So it's a really huge number. And we've talked about, on this call and internally, about the pull-forward effect of we acquired so many new buyers in a short amount of time that we were actually pulling forward new buyers that, at our old rate, we would have acquired in future years.

我唯一要強調的是，我們所說的過去 12 個月的新買家增長是 4000 萬。所以這是一個非常巨大的數字。我們已經在這次電話會議上和內部討論了我們在短時間內獲得如此多新買家的拉動效應，我們實際上是在拉動新買家，按照我們以前的速度，我們會在未來幾年獲得。

And just to remind you that you can only be a new buyer once. So what we're seeing with new buyer deceleration is 100% in line with what we expected.

只是提醒您，您只能成為新買家一次。因此，我們所看到的新買家減速 100% 符合我們的預期。

And we take -- we get excited and take great comfort from the fact that all of these buyers are coming to Etsy more often and shopping more frequently. So the GMS per active buyer number up 22% in the quarter is super exciting to see.

我們採取 - 我們感到興奮並感到非常欣慰的是，所有這些買家都更頻繁地來到 Etsy 並更頻繁地購物。因此，本季度每個活躍買家的 GMS 數量增長了 22%，這是非常令人興奮的。

Great, okay. We've gotten several versions of this question but I'll ask the one that came in from Anna Andreeva from Needham. "We have heard from several online companies talking about the intra-quarter slowdown as the economy reopens. Can you talk about what you are seeing quarter-to-date in Q3 2021 and if there are any callouts from a category standpoint?"

太好了，好吧。我們已經收到了這個問題的多個版本，但我會問來自 Needham 的 Anna Andreeva 的版本。 “我們從幾家在線公司那裡聽說，隨著經濟重新開放，季度內經濟放緩。你能談談你在 2021 年第三季度看到的最新情況嗎？從類別的角度來看，是否有任何標註？”

Do you want me to grab it? Okay. So we're not giving any -- unfortunately, giving any guidance about what we're seeing in Q3 now. But maybe a simple way to answer your question is our guidance assumes that there are no further lockdowns. So of course, as we see what happens in the world, that may or may not change the forecast and the guidance that we've given.

要我搶嗎？好的。因此，我們沒有給出任何 - 不幸的是，我們沒有提供任何關於我們現在在第三季度看到的內容的指導。但也許回答您問題的一種簡單方法是我們的指南假設沒有進一步的封鎖。因此，當然，當我們看到世界上發生的事情時，這可能會或可能不會改變我們給出的預測和指導。

That's great. Thanks, Rachel. Next one is from Nick Jones and I'll give this one to Josh. "Can you talk more about the Star Seller program? Is this an icon on the seller profiles? And can you give us data that you can share about how this might help sellers to sell more?"

那太棒了。謝謝，雷切爾。下一張來自 Nick Jones，我將把這張送給 Josh。 “你能多談談明星賣家計劃嗎？這是賣家資料上的一個圖標嗎？你能給我們一些數據，你可以分享這可能如何幫助賣家銷售更多產品嗎？”

Yes. Great question. Thank you for that. So yes, the Star Seller program is really designed -- yes, it will be an icon on people's shops. That will show up in a few months. We might do featured marketing around our Star Sellers. It might influence your prominence in search. We're going to experiment with a lot of things. But at minimum, it will be a badge on your shop to highlight to buyers that you're one of the very best sellers.

是的。很好的問題。謝謝你。所以，是的，Star Seller 計劃確實經過精心設計——是的，它將成為人們商店的標誌。這將在幾個月後出現。我們可能會圍繞我們的明星賣家進行特色營銷。它可能會影響您在搜索中的知名度。我們要試驗很多東西。但至少，它會成為您商店的徽章，向買家強調您是最暢銷的賣家之一。

I think one of the most important things it does, though, is it provides agency to sellers. It tells them very transparently, here are the customer service metrics that buyers care about the most and here is what good looks like. And that sets a bar, an aspiration for our sellers of where they want to go and where we want them to go. And one of the things we hear from sellers over and over again is, what can I do to be more prominent? And if you look online, what -- the tips and tricks they hear from a lot of others is like keyword stuffing, like put more keywords in your title. That doesn't necessarily make the buyer experience better, right? Do you ship on time? Do you answer buyer convos in a really timely fashion? Do you get 5-star reviews on your products? Those are things that buyers really care about, and we want to focus sellers on those things.

不過，我認為它所做的最重要的事情之一是為賣家提供代理。它非常透明地告訴他們，這是買家最關心的客戶服務指標，這是好的外觀。這為我們的賣家設定了一個標準，一種他們想去的地方以及我們希望他們去的地方的願望。我們一遍又一遍地從賣家那裡聽到的一件事是，我該怎麼做才能更加突出？如果你在網上看，他們從很多其他人那裡聽到的提示和技巧就像關鍵字堆砌，比如在你的標題中添加更多關鍵字。這不一定會讓買家體驗更好，對吧？你們準時發貨嗎？你真的及時回复買家會議嗎？您的產品獲得 5 星評價嗎？這些是買家真正關心的事情，我們想讓賣家關注這些事情。

And so the Star Seller program is a great example. And by the way, it's not the only way we can do this, but it is a powerful example of how we can really tell sellers exactly what they can do to be more prominent and give them agency in their own success in a way that creates a race to the top and lifts all boats. And I'm really excited about this track of work in the coming years.

因此，Star Seller 計劃就是一個很好的例子。順便說一句，這不是我們可以做到這一點的唯一方法，但它是一個有力的例子，說明我們如何真正告訴賣家他們可以做些什麼來變得更加突出，並以一種創造的方式讓他們在自己的成功中發揮作用爭頂並舉起所有的船。我對未來幾年的工作軌道感到非常興奮。

Okay, great. And from Marvin Fong at BTIG, this is another one on Q3 guidance. "Would you say you are contemplating mainly a slowdown in traffic? Or are you also seeing changes in conversion rate, items per basket or purchase frequency?" Rachel, did you want to take that one?

好，太棒了。來自 BTIG 的 Marvin Fong，這是關於第三季度指導的另一篇文章。 “你會說你正在考慮的主要是流量放緩嗎？或者你是否也看到了轉化率、每籃子商品或購買頻率的變化？”雷切爾，你想拿那個嗎？

Sure. So no, we are not contemplating a decrease in conversion rate and frequency. We're really excited about the product and marketing initiatives that we have that are actually driving growth in those metrics. And you can -- as we've talked about in answer to a few other questions, there's deceleration in new buyers, largely associated with masks. Remember that in Q3 of last year, 11% of GMS came from mask sales and new buyers over a lot of the mask buyers. So those things go together.

當然。所以不，我們沒有考慮降低轉化率和頻率。我們對實際推動這些指標增長的產品和營銷計劃感到非常興奮。你可以——正如我們在回答其他幾個問題時所談到的那樣，新買家的減少主要與口罩有關。請記住，在去年第三季度，11% 的 GMS 來自口罩銷售和新買家，而不是很多口罩買家。所以這些事情在一起。

And that we have these really, really big numbers to comp. We said that non-mask sales in Q3 last year grew 119%. And we roughly added $2 billion of GMS on a 2-year basis. So these are really big numbers to comp. And so it's a mathematical gymnastics that we're doing but with lots of underlying growth opportunities in the core business.

而且我們有這些非常非常大的數字要計算。我們說去年第三季度非口罩銷售額增長了 119%。我們在 2 年的基礎上大致增加了 20 億美元的 GMS。因此，這些數字確實很大。因此，這是我們正在做的數學體操，但在核心業務中有很多潛在的增長機會。

Okay, great. And then I'll squeeze one more in under the wire here from Naved Khan at Truist. "What -- how are you thinking about opportunity to migrate payments on Depop to Etsy's payments? And how should we think about the time line for that?" That's for you, Rachel, you want to do that one or?

好，太棒了。然後我會從 Truist 的 Naved Khan 那裡在電線下再擠一個。 “什麼——你如何考慮將 Depop 上的支付遷移到 Etsy 支付的機會？我們應該如何考慮這方面的時間表？”那是給你的，雷切爾，你想做那個還是？

I'll take that one. Depop has a great payment structure today. And so right now, we -- each business has their own CEO, they have their own operations. We want them to run and fully optimize their businesses. We are thinking about loosely where we can find optimizations maybe in 3 categories. First is things that are back office like G&A, where we don't necessarily need to replicate certain functions in every single business, and we can handle those things from a corporate perspective, things like legal and finance and treasury and things like that.

我會拿那個。 Depop 今天有一個很好的支付結構。所以現在，我們 - 每個企業都有自己的首席執行官，他們有自己的業務。我們希望他們運營並充分優化他們的業務。我們正在粗略地考慮在哪裡可以找到可能在 3 個類別中的優化。首先是像 G&A 這樣的後台事務，我們不一定需要在每個業務中復制某些功能，我們可以從公司的角度處理這些事務，比如法律、金融和財務等等。

Second tier are things that we can operate as services across all of our brands. So Payments might be an example of that and we'll certainly explore that. There might be other things like member support and trust and safety. There might be other services like our ad network. And then there's things that we think need to be operated directly and with the innovation and creativity of those management teams like product and engineering.

第二層是我們可以在我們所有品牌中作為服務運營的東西。因此，支付可能就是其中的一個例子，我們一定會對此進行探索。可能還有其他的東西，比如成員的支持、信任和安全。可能還有其他服務，例如我們的廣告網絡。然後是我們認為需要直接運營的東西，以及產品和工程等管理團隊的創新和創造力。

And so we're just -- again, we've only owned them for 2 weeks. We will look -- we continually will look for opportunities to optimize and scale as we grow. Payments might be one of those areas and we'll be happy to talk to you more about it as we dig into it.

所以我們只是 - 再一次，我們只擁有它們 2 週。我們會尋找 - 我們會隨著我們的成長不斷尋找優化和擴展的機會。付款可能是這些領域之一，我們很樂意在深入研究時與您更多地討論它。

Okay, great. Josh, did you want to add anything on that one or are we good?

好，太棒了。喬希，你想在那上面添加什麼嗎？或者我們好嗎？

Thanks very much for your interest. I think when I think back to a year ago, the question we kept getting was like is this just a flash in the pan? All these people are coming to Etsy just because they have to. And are they all going to go away when the world reopens? And I'm not saying we're fully post pandemic or the world is completely reopened, but people have a lot of choice right now. And I couldn't be more excited about the fact that in a world of a lot of choice, Etsy is growing and it's growing materially and people are coming back. They're choosing to come back more and more often to Etsy even when they have vastly more choice than they did before. And I think that's super encouraging for the future.

非常感謝您的關注。我想當我回想起一年前時，我們一直被問到的問題是這只是曇花一現嗎？所有這些人來到 Etsy 只是因為他們不得不這樣做。當世界重新開放時，它們都會消失嗎？我並不是說我們已經完全擺脫大流行或世界已經完全重新開放，但人們現在有很多選擇。在一個有很多選擇的世界裡，我感到非常興奮，Etsy 正在成長，它在物質上成長，人們正在回歸。他們選擇越來越頻繁地回到 Etsy，即使他們的選擇比以前多得多。我認為這對未來非常鼓舞人心。

Great. All right. Thanks, everyone, for your questions, for your attention, and we will talk to you, I'm sure, very soon. Take care.

偉大的。好的。感謝大家提出問題，感謝大家的關注，我相信我們很快就會與您交談。小心。

Thank you.

謝謝你。