ETSY Inc (ETSY) 2021 Q1 法說會逐字稿

Hi, everyone, and welcome to Etsy's First Quarter 2021 Earnings Conference Call. I'm Deb Wasser, Vice President of Investor Relations and ESG Engagement. And joining me today are Josh Silverman, CEO; Rachel Glaser, CFO; and Gabe Ratliff, our Director of Investor Relations.

大家好，歡迎來到 Etsy 2021 年第一季度收益電話會議。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 Ratliff。

Today's prepared remarks have been prerecorded. The slide deck has also been posted to our website for your reference. Once we have 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 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 benefits of our marketing and product initiatives and the anticipated return on our investments and their ability to drive growth. Our actual results may differ materially. Forward-looking statements involve risks and uncertainties, which are described in today's earnings release and our 10-K filed with the SEC on February 26, 2021, and which will be updated in any future periodic reports we filed 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.

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、業務戰略或經營成果產生的影響，我們營銷的潛在好處和產品計劃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。前瞻性陳述涉及風險和不確定性，這些風險和不確定性在今天的收益發布和我們於 2021 年 2 月 26 日向美國證券交易委員會提交的 10-K 報告中有所描述，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這些陳述的義務。

Also during the call, we'll present GAAP and non-GAAP financial measures. 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 the replay of this call.

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務措施。非 GAAP 措施與 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。

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. Q1 was another really strong quarter for Etsy in terms of its financial results and also in terms of its corporate citizenship. I'd like to start this evening by talking a little bit about some of those citizenship efforts.

謝謝，德布。大家晚上好。就 Etsy 的財務業績和企業公民而言，第一季度是另一個非常強勁的季度。今晚開始，我想談談其中的一些公民努力。

Etsy continues to speak out against racism and harassment. For example, in the first quarter, we donated $500,000 to support the AAPI community, and we continue to invest in highlighting the wonderful work of many different underrepresented sellers within our buyer community. For example, our partnership with the Gee's Bend quilters from Alabama. I'm delighted to report that many of the Gee's Bend shops sold out within the first 24 hours of the launch of that initiative.

Etsy 繼續公開反對種族主義和騷擾。例如，在第一季度，我們捐贈了 500,000 美元來支持 AAPI 社區，並且我們繼續投資以突出我們買家社區中許多不同的代表性不足的賣家的出色工作。例如，我們與阿拉巴馬州的 Gee's Bend 縫紉機合作。我很高興地報告，許多 Gee's Bend 商店在該計劃啟動後的前 24 小時內就銷售一空。

Etsy also launched donate the change, where buyers can round up to support the Uplift Fund, which provides a path to entrepreneurship for many different communities. And we had over 1 million buyers round up to support the Uplift Fund in just the last 6 weeks of the quarter.

Etsy 還推出了 donate the change，買家可以聚集起來支持 Uplift Fund，該基金為許多不同的社區提供了一條創業之路。僅在本季度的最後 6 週，我們就有超過 100 萬買家前來支持 Uplift Fund。

Third, Etsy continues to deepen its commitment to environmental sustainability, announcing our goal to be net 0 by 2030. This continues to pave our pathway as a trailbreaker with one of the most ambitious targets of any of our peer group.

第三，Etsy 繼續深化其對環境可持續性的承諾，宣布我們的目標是到 2030 年實現淨零排放。這繼續為我們鋪平道路，成為我們同行中最雄心勃勃的目標之一的開拓者。

As I said, our Q1 results were excellent. Consolidated GMS was $3.1 billion, up 128% year-over-year. And that's really the result of strength in the core and continued positive momentum in frequency. You'll also notice that we came in above the top of guidance, guidance that we gave in late February. Most of that overshoot relative to guidance was due to the impact of stimulus, and Rachel is going to talk about that more in her section.

正如我所說，我們的第一季度業績非常好。綜合 GMS 為 31 億美元，同比增長 128%。這確實是核心力量和頻率持續積極勢頭的結果。您還會注意到我們在 2 月下旬給出的指導意見之上。與指導相關的大部分超調是由於刺激的影響，雷切爾將在她的部分中更多地討論這個問題。

The core business did great in Q1. Our customer cohorts continue to show that we're driving increased frequency and engagement from all of our different buyer segments. Etsy added 16 million new or reactivated buyers in the quarter for a total of 90 million active buyers, up 91% year-over-year. And I'm particularly pleased that our fastest-growing segment yet again was habitual buyers, our most loyal and engaged buyers. We now have 8 million habitual buyers, and that was up 200% year-over-year.

核心業務在第一季度表現出色。我們的客戶群體繼續表明，我們正在推動所有不同買家群體的頻率和參與度提高。 Etsy 在本季度增加了 1600 萬新買家或重新激活的買家，活躍買家總數為 9000 萬，同比增長 91%。我特別高興的是，我們增長最快的部分再次是習慣性買家，我們最忠誠和參與度最高的買家。我們現在有 800 萬常客，同比增長 200%。

Building on this expanded base, we are laser-focused on driving frequency. And of course, frequency can be driven in part by your marketing initiatives, things to make you more front of mind for customers. But it's also critical that we have a customer experience that in and of itself is engaging and drives activity. And so we've been launching efforts across the spectrum, and to pick just a few, quizzes are something we launched recently. And that allows a buyer to come and tell us more about their particular tastes and their particular interests in a light and fun way. That not only makes that visit more engaging in session, but it gives us important information to help bring that buyer back more often to have more satisfying experiences in the future.

在這個擴展的基礎上，我們專注於驅動頻率。當然，頻率可以部分地由您的營銷計劃驅動，讓您更受客戶關注。但同樣重要的是，我們擁有一種本身就具有吸引力並推動活動的客戶體驗。因此，我們一直在開展全方位的工作，僅舉幾個例子，測驗是我們最近推出的。這讓買家可以以輕鬆有趣的方式來告訴我們更多關於他們的特殊品味和特殊興趣的信息。這不僅使這次訪問更吸引人，而且還為我們提供了重要信息，以幫助該買家更頻繁地回來，以便在未來獲得更令人滿意的體驗。

We've been working a lot on buyer triggers as well, things to notify people through app pushes, through e-mails and other things that there's something new or interesting that's happening. For example, that -- an item you favorited in the past has gone on sale.

我們也在買家觸發器方面做了很多工作，通過應用程序推送、電子郵件和其他方式通知人們有新的或有趣的事情正在發生。例如，你過去最喜歡的一件商品已經打折了。

And when they come back to the site, we've been investing in an Updates tab in the app. Think of that as your daily feed for what's changed since you've last been here. Maybe an item you've left in your cart has gone on sale. Or here are some new favorites that you might be interested in to add to your list. It's very encouraging to see that now 13% of app visits include a visit to the Updates tab, and 27% of those visits have buyers clicking on one or more of the listings that we include in Updates.

當他們返回網站時，我們一直在應用程序中投資更新選項卡。將其視為自您上次來這里以來發生的變化的每日提要。也許您留在購物車中的商品已經打折。或者這裡有一些您可能感興趣的新收藏夾，可以添加到您的列表中。令人非常鼓舞的是，現在 13% 的應用程序訪問包括對“更新”選項卡的訪問，其中 27% 的訪問讓買家點擊我們包含在“更新”中的一個或多個列表。

And the fourth pillar is strategic discounting, where we've launched a tool that allows our team to rapidly test and then automate and scale different types of discounts to very finely tuned customer segments. So $5 off, for example, on your next purchase.

第四個支柱是戰略折扣，我們推出了一個工具，讓我們的團隊能夠快速測試，然後自動化和擴展不同類型的折扣，以非常精細地調整客戶群。例如，下次購買可享受 5 美元優惠。

I've never been more excited about our product road map. We continue to make investments that we believe are driving long-term value, making the customer experience better. I know we show you this slide a lot, but it really is how we drive focus and prioritization within our product organization focused on each of these 4 pillars. We start within each pillar by saying what customer experiences do we want to focus on to truly uplift. We then ask what are the fewest initiatives that could have the most impact in those customer experiences. And then we assign very specific goals so it's clear what success looks like and here's what your constraints are to squads who are owned -- who own the success of those different initiatives.

我從未對我們的產品路線圖感到如此興奮。我們繼續進行我們認為可以推動長期價值的投資，從而改善客戶體驗。我知道我們經常向您展示這張幻燈片，但這確實是我們如何在我們的產品組織內推動重點和優先級排序，重點放在這 4 個支柱上。我們從每個支柱開始，說明我們希望真正提升哪些客戶體驗。然後，我們詢問可能對這些客戶體驗產生最大影響的最少舉措是什麼。然後我們分配非常具體的目標，這樣就很清楚成功是什麼樣的，這就是你對擁有的小隊的限制 - 誰擁有這些不同計劃的成功。

So let me take a second now to show you the priorities within each of these 4 pillars for 2021. Within search, we have 4 focus areas. Personalization is about making Etsy feel more like it's made just for you. Buyer pathways is about making it easier to find the things you want, whether or not you would actually put a search query into the search engine, and making sure that we have few, and hopefully no, dead ends.

現在讓我花點時間向您展示 2021 年這 4 個支柱中每個支柱的優先事項。在搜索方面，我們有 4 個重點領域。個性化是讓 Etsy 感覺更像是為您量身打造。買家途徑是為了讓您更容易找到您想要的東西，無論您是否真的將搜索查詢放入搜索引擎，並確保我們幾乎沒有死胡同，希望沒有死胡同。

Closing the semantic gap is about taking what you happen to enter into a search engine and interpreting that for what you actually meant you wanted. And of course, all of this relies upon an infrastructure that is fast and reliable and scalable. Double-clicking on personalization, just to show you an example of that pillar, we launched the ability to personalize the search results recently, and we're seeing really encouraging gains from that. But we're still very much in early innings, consuming more data to understand more about what that customer wants and then delivering, through more sophisticated models, ever more personalized search results.

縮小語義鴻溝就是將您碰巧輸入搜索引擎的內容解釋為您真正想要的內容。當然，所有這一切都依賴於快速、可靠和可擴展的基礎設施。雙擊個性化，只是為了向您展示該支柱的示例，我們最近推出了個性化搜索結果的功能，我們從中看到了非常令人鼓舞的收益。但我們仍處於早期階段，消耗更多數據以更多地了解客戶的需求，然後通過更複雜的模型提供更加個性化的搜索結果。

But it doesn't end with just the search results themselves. We actually believe that over time, we can customize the entire experience. So here, you see an example of how the layout itself might be different for 2 different customer segments. And our ambition over time is to create ever more finely tuned customer segments that are built through multivariate models powered by machine learning so that Etsy truly feels made just for you.

但它並不僅限於搜索結果本身。我們實際上相信，隨著時間的推移，我們可以定制整個體驗。所以在這裡，您會看到一個示例，說明佈局本身對於 2 個不同的客戶群可能有何不同。隨著時間的推移，我們的目標是通過機器學習支持的多變量模型構建更精細的客戶群，讓 Etsy 真正感覺是為您量身打造的。

I'd also highlight on this slide a couple of the infrastructure improvements that have led to material gains in the past quarter. For example, the search infra team made the search results faster, which resulted in increases in click and conversion rate. And we're able to expand the search results for long-tail queries, leading to more satisfying buying experiences there as well.

我還會在這張幻燈片上強調一些基礎設施的改進，這些改進在上個季度帶來了實質性收益。例如，搜索基礎設施團隊加快了搜索結果的速度，從而提高了點擊率和轉化率。而且我們能夠擴展長尾查詢的搜索結果，從而帶來更令人滿意的購買體驗。

What makes the Etsy marketplace truly special is that every item and every seller has a story and a story you'd actually be interested to hear. And there's nothing more powerful than video to help to tell that story.

讓 Etsy 市場真正與眾不同的是，每件商品和每個賣家都有一個故事，一個您真正感興趣的故事。沒有什麼比視頻更能幫助講述這個故事了。

We also encourage conversations directly between the buyer and seller, something you'll see in few of any other marketplaces. Because those convos help the buyer and seller to co-create, personalize or customize or even just to form community. That's one of the things most different and special about Etsy, and we think investing in this pillar is critically important.

我們還鼓勵買賣雙方直接對話，這在其他市場中很少見。因為這些會議幫助買賣雙方共同創造、個性化或定制，甚至只是為了形成社區。這是 Etsy 最與眾不同、最特別的地方之一，我們認為投資於這一支柱至關重要。

One example of where we're leaning in is in video itself. Sellers have now uploaded about 5 million videos to the Etsy site. That's up 36% quarter-over-quarter. And we're seeing very encouraging progress when a listing includes a video, that buyers engage with it more click and even convert more.

我們所依賴的一個例子是視頻本身。賣家現在已經向 Etsy 網站上傳了大約 500 萬個視頻。環比增長 36%。當列表中包含視頻時，我們看到了非常令人鼓舞的進展，買家與它互動的次數更多，甚至轉化更多。

But the listing page is only the beginning of where we can be using video to tell the story of Etsy, tell the story of the item and to help people to engage even more often throughout the site. So expect to see more video and more places making the Etsy experience even more dynamic.

但列表頁面只是我們可以使用視頻來講述 Etsy 的故事、講述項目的故事並幫助人們更頻繁地參與整個網站的開始。所以期待看到更多視頻和更多地方，讓 Etsy 體驗更加動態。

The third pillar is trust, and we have 4 focus areas within trust. First is speed expectation. That's making it very clear when you can expect the item to arrive. Second is delivery predictability. Where is this item in the fulfillment process, being made or currently being shipped to you? Third is issue resolution, making it even easier to access support and know that we have your back on the rare instance that something goes wrong. And fourth is seller reputation. This is around giving sellers even more visibility into how they're performing versus key customer satisfaction metrics as well as setting the bar for what good looks like so that we create more of a sense of agency among the sellers for how they can drive success in their business and create a race to the top where the buyer experience improves as a result for all of our buyers.

第三個支柱是信任，我們在信任中有 4 個重點領域。首先是速度期望。這非常清楚您可以預期物品何時到達。其次是交付的可預測性。該商品在履行過程中的哪個位置，正在製作或正在運送給您？第三是解決問題，讓獲得支持變得更加容易，並且知道我們會在出現問題的罕見情況下為您提供支持。第四是賣家聲譽。這是為了讓賣家更清楚地了解他們的表現與關鍵的客戶滿意度指標，以及為良好的外觀設定標準，以便我們在賣家中創造更多的代理感，讓他們了解如何推動成功他們的業務，並創造一場競爭，使我們所有買家的買家體驗得到改善。

Taking seller reputation as an example and showing how we can apply that to fulfillment, on the left you see a new dashboard we've launched within the seller dashboard. And here, it shows the seller very clearly which items are expected to ship today, which ones ship tomorrow, which ones ship next week. So they know exactly where they should be focusing their time and energy. We've also been focusing on dashboards that show how they're doing versus fulfillment expectations relative to our expectations of what good looks like so that again they focus their energy. And we've set the standard together on how we can deliver a consistently great customer experience to our buyers that feels predictable for all of our sellers.

以賣家聲譽為例並展示我們如何將其應用於履行，在左側，您可以看到我們在賣家儀表板中推出的新儀表板。在這裡，它非常清楚地向賣家展示了哪些商品預計今天發貨，哪些商品明天發貨，哪些商品下週發貨。因此，他們確切地知道應該將時間和精力集中在哪裡。我們還一直專注於儀表板，這些儀表板顯示他們的表現與相對於我們對良好外觀的期望的實現期望，以便他們再次集中精力。我們已經共同製定了標準，說明我們如何能夠為我們的買家提供始終如一的優質客戶體驗，讓所有賣家都感到可以預見。

The foundation of Etsy's Right to Win is our sellers' collection of unique items. I know I've told you in the past that 90% of buyers report that they come to Etsy for items that they can't find anywhere else. And in fact, one of the most special parts of Etsy is that most things on Etsy can be personalized and customized. And in fact, we find that buyers are 20% more likely to make a purchase when they're looking for customized or personalized items.

Etsy 獲勝權的基礎是我們賣家收集的獨特商品。我知道我過去告訴過你，90% 的買家報告說他們來 Etsy 是為了購買他們在其他地方找不到的物品。事實上，Etsy 最特別的地方之一就是 Etsy 上的大多數東西都可以個性化和定制。事實上，我們發現買家在尋找定製或個性化商品時購買的可能性要高出 20%。

So a focus for this year is going to be even more specifically highlighting and showcasing items that can be personalized and customized as well as streamlining that process of co-creation between the buyer and the seller. But of course, what good is this great collection of unique items if we don't tell the world about it? In fact, we launched a brand-new campaign called Why Buy Boring, and I'd like to pause to show you one of the spots in that new campaign.

因此，今年的重點將更加具體地突出和展示可以個性化和定制的項目，以及簡化買賣雙方共同創造的過程。但是，當然，如果我們不告訴全世界，這些獨特物品的偉大收藏有什麼用呢？事實上，我們發起了一個名為 Why Buy Boring 的全新活動，我想暫停一下，向您展示這個新活動中的一個景點。

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Given the performance that we've seen in the U.S. from our television campaigns, we're interested to see whether investments in television can actually accelerate our flywheel in some international markets and get us to scale even faster. So we're going to be experimenting, leaning in more in the U.K. and in Germany to see how above-the-line marketing can drive brand awareness and more visitation and get us spinning faster.

鑑於我們在美國看到的電視廣告的表現，我們很想知道對電視的投資是否真的能加速我們在一些國際市場的飛輪，並讓我們更快地擴大規模。因此，我們將在英國和德國進行更多的試驗，以了解線上營銷如何提高品牌知名度和更多訪問量並讓我們更快地運轉。

I'd like to show you now an example of a campaign we're going to run in Germany. Germany is a market that's different than the U.S. and the U.K. in that awareness there is substantially lower, although we are seeing very positive momentum. So there's more work that needs to be done to introduce Etsy to the German market. This campaign is called Etsy hat sie, which translates to Etsy Has It.

現在我想向您展示我們將在德國開展的一項活動的示例。德國是一個不同於美國和英國的市場，儘管我們看到了非常積極的勢頭，但人們的意識要低得多。因此，將 Etsy 引入德國市場還需要做更多的工作。此活動稱為 Etsy hat sie，翻譯過來就是 Etsy Has It。

(presentation)

（介紹）

Etsy also has the advantage of being loved by many influencers. So we've created a scalable experience where influencers can curate or co-create their own set of items and then market those items to their own communities. That reinforces the desirability, the quality, the diversity and the scarcity of items on Etsy and allows Etsy to reach out to diverse communities in ways that feel highly personal, curated and craveworthy.

Etsy 還具有被許多影響者喜愛的優勢。因此，我們創造了一種可擴展的體驗，影響者可以在其中策劃或共同創建他們自己的項目集，然後將這些項目推銷到他們自己的社區。這加強了 Etsy 上商品的吸引力、質量、多樣性和稀缺性，並使 Etsy 能夠以高度個性化、精心策劃和值得渴望的方式接觸到不同的社區。

All in all, I couldn't be more excited about what's ahead for the Etsy marketplace. But speaking of couldn't be more excited, I'd like to take a moment also to give you an update on how things are going with Reverb.

總而言之，我對 Etsy 市場的前景感到非常興奮。但說到不能再興奮了，我還想花點時間向您介紹一下 Reverb 的最新進展。

Reverb also had an outstanding Q1. GMS grew about 50% or about 5x faster than the musical instrument industry. And Reverb continues to deepen its moat, serving as the primary marketplace for many musicians. Reverb's 4 key focus areas for 2021 are going to be around personalization, around partnerships with brands like Fender to market new gear, deepening its investments in growth in international and continuing to improve the customer experience.

Reverb 也有出色的 Q1。 GMS 的增長速度比樂器行業快約 50% 或約 5 倍。 Reverb 繼續加深其護城河，成為許多音樂家的主要市場。 Reverb 2021 年的 4 個重點領域將圍繞個性化，圍繞與 Fender 等品牌的合作夥伴關係來營銷新裝備，深化其對國際增長的投資，並繼續改善客戶體驗。

It's now been about 18 months since Etsy acquired Reverb, and we couldn't be happier with how that partnership has evolved. As you'll see on the left, Etsy has helped Reverb to expand its gross margins from 33% to about 53%, and the purchasing power and scale of Etsy has played an important role in that. We've taken many of those gains and we've reinvested in marketing. And that investment in marketing has also helped to accelerate the growth of Reverb.

自 Etsy 收購 Reverb 以來已經過去了大約 18 個月，我們對這種合作關係的發展感到非常高興。正如您將在左側看到的，Etsy 幫助 Reverb 將其毛利率從 33% 擴大到 53% 左右，而 Etsy 的購買力和規模在其中發揮了重要作用。我們已經獲得了其中的許多收益，並且我們已經重新投資於營銷。營銷投資也有助於加速 Reverb 的發展。

But we're not just investing more. We're investing more efficiently. So you'll see on the right that each dollar of marketing is driving more GMS through the incorporation of Etsy's tools and techniques to help make the marketing funnel within Reverb even more efficient.

但我們不只是投資更多。我們的投資效率更高。因此，您會在右側看到，通過整合 Etsy 的工具和技術，每一美元的營銷都在推動更多的 GMS，以幫助使 Reverb 中的營銷渠道更加高效。

In closing, Q1 was another great quarter for Etsy. I couldn't be prouder of the team or more grateful to the whole community.

最後，第一季度對 Etsy 來說是又一個偉大的季度。我為團隊感到無比自豪，也為整個社區感到無比感激。

And with that, I'll turn it over to Rachel.

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's stand-alone results where appropriate.

謝謝，喬希。感謝大家加入我們的電話會議。我今天的評論將涵蓋合併結果、績效的主要驅動因素以及 Etsy 的獨立結果（如適用）。

We saw continued momentum in Q1 as we delivered another strong quarter across the board, delivering higher-than-expected GMS and revenue and healthy adjusted EBITDA. On a consolidated basis, Etsy's first quarter GMS grew 132% to $3.1 billion. Revenue grew 141% to $551 million. And adjusted EBITDA was $184 million with margins of about 33%.

我們在第一季度看到了持續的勢頭，因為我們又一個全面強勁的季度，提供了高於預期的 GMS 和收入以及健康的調整後 EBITDA。在綜合基礎上，Etsy 第一季度的 GMS 增長了 132%，達到 31 億美元。收入增長 141% 至 5.51 億美元。調整後的 EBITDA 為 1.84 億美元，利潤率約為 33%。

On a consolidated basis, international GMS expanded 200 basis points sequentially to 42% of overall GMS. International GMS grew faster than our overall growth, accelerating to 169%. Our fastest-growing growing trade route in Q1 was once again our domestic sales between buyers and sellers within the same non-U.S. country. International domestic delivered its highest ever growth in Q1 and grew more than 2x faster than our overall growth rate.

在綜合基礎上，國際 GMS 連續擴大 200 個基點，佔整體 GMS 的 42%。國際 GMS 的增長速度快於我們的整體增長速度，達到 169%。我們在第一季度增長最快的貿易路線再次是我們在同一個非美國國家/地區內的買賣雙方之間的國內銷售。國際國內業務在第一季度實現了有史以來最高的增長，增長速度比我們的整體增長率快 2 倍多。

While we continue to benefit from significant macro tailwinds in several core international markets, success can also be attributed to our focused strategy to build local marketplaces by supplementing global product launches with locally relevant optimizations that expand domestic vibrancy. In addition, we've been careful and measured in our marketing approach by efficiently using performance marketing dollars and now adding brand spend in the U.K. and Germany.

雖然我們繼續受益於幾個核心國際市場的重大宏觀順風，但成功也可以歸功於我們通過以擴大國內活力的本地相關優化來補充全球產品發布來建立本地市場的重點戰略。此外，我們通過有效使用績效營銷資金以及現在在英國和德國增加品牌支出，在營銷方法中一直保持謹慎和審慎。

When we provided our outlook for Q1 in late February, we mentioned that unpredictable macro events beyond our control could create volatility in performance. And as you can see from the monthly cadence, January was up 130%. February was up 107% impacted by weather events, as we had previously noted. And March was up 161% as we lapped the onset of the pandemic and saw positive impact from government stimulus checks.

當我們在 2 月下旬提供第一季度的展望時，我們提到我們無法控制的不可預測的宏觀事件可能會造成業績波動。從月度節奏可以看出，1 月份增長了 130%。正如我們之前指出的那樣，受天氣事件的影響，2 月份增長了 107%。 3 月份上漲了 161%，因為我們已經趕上了大流行病的爆發，並看到了政府刺激措施的積極影響。

U.S. government stimulus was only a very small part of our guidance for the quarter, but the timing and impact turned out to be much larger than we had anticipated, and we believe, made up the majority of our guidance beat. In estimating the impact of stimulus checks, we bifurcated GMS growth trends between ZIP codes with household income higher and lower than $50,000. And as you can see from this slide, after the distribution of stimulus checks, GMS growth from ZIP codes with income lower than $50,000 outpaced those at more than $50,000.

美國政府的刺激措施只是我們本季度指導的一小部分，但時間和影響比我們預期的要大得多，我們相信，構成了我們指導的大部分。在估計刺激檢查的影響時，我們將 GMS 增長趨勢分為兩個郵政編碼，家庭收入高於和低於 50,000 美元。正如您從這張幻燈片中看到的那樣，在發放刺激支票後，收入低於 50,000 美元的郵政編碼的 GMS 增長超過了收入超過 50,000 美元的郵政編碼。

On an Etsy stand-alone basis, our category mix remained fairly stable, with our top 6 categories representing over 80% of our GMS and growing 115% year-over-year. Weddings, a shopping occasion that was a headwind to our overall growth in 2020, was up 43% in Q1 and remains an opportunity as geographies reopen.

在 Etsy 獨立的基礎上，我們的類別組合保持相當穩定，我們的前 6 個類別占我們 GMS 的 80% 以上，同比增長 115%。婚禮這一購物場合阻礙了我們 2020 年的整體增長，但在第一季度增長了 43%，隨著各地重新開放，婚禮仍然是一個機會。

As mobility restrictions ease and consumers shift their purchasing habits to reflect a more social lifestyle, Etsy's category mix could reflect that dynamic. For example, just recently in March, GMS growth was driven in part by gifting related to Easter and U.K. Mother's Day, which were celebrated with more in-person family and outdoor events than in the prior year.

隨著流動性限制的放寬以及消費者改變他們的購買習慣以反映更加社交化的生活方式，Etsy 的品類組合可以反映出這種動態。例如，就在最近的 3 月，GMS 的增長在一定程度上是由與復活節和英國母親節相關的贈禮推動的，與去年相比，慶祝這些節日的家庭和戶外活動更多。

A great signal of the health of our core business can be seen on this chart. Non-mask GMS growth accelerated 20 percentage points quarter-over-quarter to 138%, the second consecutive quarter of sequential acceleration. As anticipated, mask sales continued to contract as a percentage of overall GMS to 2.5%, down from 4% in Q4.

這張圖表可以看出我們核心業務健康狀況的一個重要信號。非口罩 GMS 環比增長 20 個百分點，達到 138%，這是連續第二個季度出現環比加速。正如預期的那樣，口罩銷售額佔整體 GMS 的百分比繼續收縮至 2.5%，低於第四季度的 4%。

Consolidated Q1 revenue was again driven by growth in both marketplace and services revenue, with key drivers being GMS volume, Etsy Payments, Etsy Ads and Offsite Ads revenue. Transaction revenue grew 144% year-over-year, driven by higher GMS from visit growth and an expansion in conversion rate. Payments revenue was up 156%, and we processed 92% of our Etsy stand-alone GMS through Etsy Payments in Q1, up from 89% in Q1 of 2020.

第一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 GMS 銷量、Etsy 支付、Etsy 廣告和場外廣告收入。交易收入同比增長 144%，這主要得益於訪問量增長帶來的更高 GMS 和轉化率的擴大。支付收入增長了 156%，我們在第一季度通過 Etsy Payments 處理了 92% 的 Etsy 獨立 GMS，高於 2020 年第一季度的 89%。

Consolidated advertising revenue was up 93% year-over-year. You'll recall that in the first quarter of 2020, our Etsy Ads revenue model included a portion related to Google Shopping of about $11 million. Excluding this Google Shopping revenue from Q1 2020, consolidated on-site advertising growth was up 138% in Q1 2021.

綜合廣告收入同比增長 93%。你會記得，在 2020 年第一季度，我們的 Etsy 廣告收入模型包括與穀歌購物相關的部分，約為 1100 萬美元。不包括 2020 年第一季度的 Google 購物收入，2021 年第一季度綜合現場廣告增長了 138%。

For Offsite Ads, Q1 was our final fully incremental quarter of revenue for this service as we began to bill sellers in early May of 2020. We recently expanded our distribution channels for Offsite Ads to the Google Display Network, which provides access to over 1 million affiliate sites. While spend on this channel is relatively small today, sellers can now reach buyers on major publishing sites such as BuzzFeed, Martha Stewart and Better Homes and Gardens. As a reminder of how the model works, Etsy places ads on behalf of our sellers, leveraging our marketing expertise and budget while only charging sellers if ads lead directly to sales within a 30-day attribution window. We continue to make strides in bolstering our advertising products and initiatives to help sellers drive velocity in the marketplace and take control of their success.

對於站外廣告，第一季度是我們在 2020 年 5 月初開始向賣家收費時該服務收入的最後一個完全增量季度。我們最近將站外廣告的分銷渠道擴展到 Google 展示廣告網絡，該網絡提供了超過 100 萬的訪問權限附屬網站。雖然如今在這個渠道上的支出相對較少，但賣家現在可以在 BuzzFeed、Martha Stewart 和 Better Homes and Gardens 等主要出版網站上吸引買家。提醒一下該模型的運作方式，Etsy 代表我們的賣家投放廣告，利用我們的營銷專業知識和預算，同時僅在廣告在 30 天歸因窗口內直接帶來銷售時才向賣家收費。我們繼續在支持我們的廣告產品和計劃方面取得長足進步，以幫助賣家提高市場速度並掌控他們的成功。

Etsy Payments, Etsy Ads and Offsite Ads all were drivers of the take rate expanding to 17.5%, up 60 basis points compared to Q1 of last year and 40 basis points sequentially.

Etsy Payments、Etsy Ads 和 Offsite Ads 都是採用率擴大至 17.5% 的驅動因素，與去年第一季度相比上升了 60 個基點，環比上升了 40 個基點。

Gross margin was 74%, expanding 10 percentage points compared to last year and continuing to benefit from our shift to Offsite Ads, which delivers incremental revenue without an equal offset in the cost of revenue. Gross margins were also positively impacted by the leverage gain of the highly variable nature of our revenue base and Reverb's higher transaction fee versus prior year.

毛利率為 74%，與去年相比增長了 10 個百分點，並繼續受益於我們向場外廣告的轉變，它在不等量抵消收入成本的情況下提供增量收入。毛利率也受到我們收入基礎高度可變性質的槓桿收益和 Reverb 比上一年更高的交易費用的積極影響。

We continue to leverage marketing and product investments to drive incremental growth on the platform. Prior to making an investment or launching a new initiative, we rigorously test and iterate to ensure we're delivering a positive ROI.

我們繼續利用營銷和產品投資來推動平台的增量增長。在進行投資或啟動新計劃之前，我們會進行嚴格的測試和迭代，以確保我們提供積極的投資回報率。

In Q1, we launched a new TV campaign, expanded our performance marketing channels and continued to drive efficiencies. Q1 consolidated marketing spend was $151 million, up 212% year-over-year. There's never been a better time for us to lean into advertising and gain share. There are 3 factors that help explain how marketing is generating momentum and driving profitable growth.

在第一季度，我們推出了新的電視活動，擴大了我們的績效營銷渠道並繼續提高效率。第一季度綜合營銷支出為 1.51 億美元，同比增長 212%。現在是我們涉足廣告業務並獲得市場份額的最佳時機。有 3 個因素有助於解釋營銷如何產生動力並推動盈利增長。

First, we continue to benefit from buyer frequency as our cohorts are engaging with us more often, leading to material gains in lifetime value. For example, GMS per buyer is up 20% year-over-year. And as we achieve growth in LTV, it enables us to spend more marketing dollars at a healthy ROI.

首先，我們繼續受益於買家頻率，因為我們的同齡人更頻繁地與我們互動，導致終身價值的物質收益。例如，每位買家的 GMS 同比增長 20%。隨著我們實現 LTV 的增長，它使我們能夠以健康的投資回報率花費更多的營銷資金。

Second, as part of our Offsite Ads initiative, we generate an additional seller fee when we successfully place an ad that leads to a sale. This incremental revenue recoups approximately 30% of our performance marketing spend and increases lifetime value and consequently allows us to reinvest to drive more growth for our sellers, a beautiful virtuous flywheel.

其次，作為我們的場外廣告計劃的一部分，當我們成功投放促成銷售的廣告時，我們會產生額外的賣家費用。這種增量收入收回了我們績效營銷支出的大約 30%，並增加了生命週期價值，因此使我們能夠進行再投資，為我們的賣家推動更多增長，這是一個美麗的良性飛輪。

And third, because we have continued to heighten awareness of the significant breadth of merchandise on the Etsy platform, there was higher demand for our long tail of keywords, creating more ad inventory for us to bid on that meets our ROI hurdles. Brand marketing spend, which includes television and digital video, was 13% of our consolidated marketing spend in Q1. We intend to increase brand marketing as a percentage of total spend, which will continue to shift the LTV curve a bit further out and late in the payback period of the marketing portfolio overall.

第三，由於我們繼續提高對 Etsy 平台上大量商品的認識，因此對我們的長尾關鍵詞的需求更高，從而為我們創造了更多的廣告庫存來滿足我們的投資回報率障礙。包括電視和數字視頻在內的品牌營銷支出占我們第一季度綜合營銷支出的 13%。我們打算增加品牌營銷佔總支出的百分比，這將繼續將 LTV 曲線向後移動一點，並在整個營銷組合的投資回收期後期。

Our product development investments continue to deliver strong returns, driving higher conversion rates and frequency. This investment is reflected in our pace of hiring and has led to GMS growth. We accelerated hiring in Q1, adding nearly 100 employees. We ended Q1 with 1,508 employees, an increase of 18% compared to Q1 of last year and at an accelerated pace versus the 14% increase we had in all of 2020.

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。這項投資反映在我們的招聘速度上，並促進了 GMS 的增長。我們在第一季度加快了招聘速度，增加了近 100 名員工。截至第一季度末，我們擁有 1,508 名員工，與去年第一季度相比增長了 18%，並且與 2020 年全年 14% 的增長速度相比有所加快。

In addition to growth investments, we allocated a meaningful portion of our portfolio to foundational spend or infrastructure to serve the platform. For example, we invested in areas such as data infrastructure, member services and our developer experience to make our platform faster, more efficient and reliable.

除了增長投資外，我們還將投資組合的很大一部分分配給基礎支出或基礎設施，以服務於平台。例如，我們投資於數據基礎設施、會員服務和我們的開發者體驗等領域，以使我們的平台更快、更高效、更可靠。

Moving to our operating metrics for the Etsy stand-alone marketplace. We delivered the highest growth rate since we became a public company for active buyers, repeat buyers and habitual buyers in the first quarter. In Q1, active buyers grew 91% year-over-year to approximately 90 million, and growth in new buyers grew 114%.

轉到我們的 Etsy 獨立市場的運營指標。我們在第一季度為活躍買家、重複買家和習慣買家提供了自我們成為上市公司以來的最高增長率。第一季度，活躍買家同比增長 91% 至約 9000 萬，新買家增長 114%。

Habitual buyers, our most loyal buyers, grew over 205% for the quarter to 7.9 million, the fourth quarter of sequential acceleration. Despite only accounting for 9% of active buyers, this segment contributes on average about 40% of GMS. So as we develop the product and marketing strategies that Josh discussed, we pay a lot of attention to these buyers as well as those that could eventually become habitual in the future. In addition to our habitual buyers, repeat buyers, those who made purchases on 2 or more days in a 12-month period, grew 114% to 36 million.

常客，我們最忠實的買家，本季度增長超過 205% 至 790 萬，這是第四季度的連續加速。儘管僅佔活躍買家的 9%，但該細分市場平均貢獻了約 40% 的 GMS。因此，在我們制定 Josh 討論的產品和營銷策略時，我們非常關注這些買家以及那些最終可能在未來成為習慣的買家。除了我們的習慣買家，重複買家，那些在 12 個月內購買了 2 天或更多天的人，增長了 114%，達到 3600 萬。

GMS per active buyer on a trailing 12-month basis grew 20% year-over-year, driven by repeat purchases and frequency. Our cohorts continue to show stable underlying trends as we invest to drive further stickiness and habit-forming behavior.

在重複購買和頻率的推動下，過去 12 個月每個活躍買家的 GMS 同比增長 20%。隨著我們投資推動進一步的粘性和習慣養成行為，我們的隊列繼續顯示出穩定的潛在趨勢。

Active sellers grew 70% year-over-year to 4.5 million for the Etsy marketplace, and we are focused on growing the pie for all our sellers. Trailing 12-month GMS per active seller was up 34%, and listings on our marketplace grew to over 90 million items.

Etsy 市場的活躍賣家同比增長 70% 至 450 萬，我們專注於為所有賣家做大蛋糕。每個活躍賣家過去 12 個月的 GMS 增長了 34%，我們市場上的商品數量增加到超過 9000 萬件。

Moving to the balance sheet. As of 3/31, we had $1.7 billion in cash and cash equivalents and short-term investments in addition to a $200 million revolver that is currently undrawn. Our business model is capital-light, and our cost structure is highly variable to revenue. And we've continued to take measures to optimize and scale our marketplace.

轉到資產負債表。截至 3 月 31 日，除了目前未提取的 2 億美元左輪手槍外，我們還有 17 億美元的現金和現金等價物以及短期投資。我們的商業模式是輕資本，我們的成本結構隨收入變化很大。我們繼續採取措施優化和擴大我們的市場。

Turning to our outlook. Given volatile global macroeconomic conditions that impact consumer spending broadly and external e-commerce forecasts which continue to be in flux, we are only providing guidance for Q2 at this time. We currently estimate Q2 consolidated GMS to be approximately $2.8 billion to $3.1 billion, up about 5% to 15% compared to Q2 of last year; revenue of $493 million to $536 million, up 15% to 25% versus last year; and adjusted EBITDA of $129 million to $144 million, with a margin in the range of 25% to 28%.

轉向我們的前景。鑑於動蕩的全球宏觀經濟狀況廣泛影響消費者支出以及持續變化的外部電子商務預測，我們目前僅提供第二季度的指導。我們目前估計第二季度綜合 GMS 約為 28 億美元至 31 億美元，與去年第二季度相比增長約 5% 至 15%；收入為 4.93 億美元至 5.36 億美元，比去年增長 15% 至 25%；調整後的 EBITDA 為 1.29 億美元至 1.44 億美元，利潤率在 25% 至 28% 之間。

Here are a few reminders as you update your models and think about the cadence of growth. In Q2 of 2020, we saw the beginnings of significant growth in face masks, which delivered $346 million of GMS in the quarter and 14% of Etsy's stand-alone GMS. As we showed you, in Q1 of 2021, face masks have declined to less than 3% of Etsy's stand-alone GMS and have been declining sequentially each quarter since Q2 of last year. We are forecasting continued sequential decline in the remainder of 2021.

當您更新模型並考慮增長節奏時，這裡有一些提醒。 2020 年第二季度，我們看到口罩開始顯著增長，該季度交付了 3.46 億美元的 GMS，佔 Etsy 獨立 GMS 的 14%。正如我們向您展示的那樣，在 2021 年第一季度，口罩已下降到 Etsy 獨立 GMS 的不到 3%，並且自去年第二季度以來每個季度都在連續下降。我們預測 2021 年剩餘時間將繼續連續下降。

Leading macroeconomic indicators such as TSA flight information, mall traffic and Google mobility data suggest that as states and countries reopen, activity and consumption in non-retail categories is picking up, and this could imply increasing headwinds in the balance of the year. For example, we have started to see what we believe are some reopening headwinds in select core markets. We monitor third-party forecast, as do you, and data suggest that 2021 e-commerce growth will have been the highest in Q1.

TSA 航班信息、商場客流量和谷歌移動數據等領先宏觀經濟指標表明，隨著各州和國家重新開放，非零售類別的活動和消費正在回升，這可能意味著今年餘下時間的不利因素會增加。例如，我們已經開始看到一些我們認為在某些核心市場重新開放的不利因素。我們和您一樣監控第三方預測，數據表明 2021 年電子商務增長將是第一季度最高的。

Our estimate is that government stimulus drove approximately 8 percentage points of GMS growth in Q1 2021. We have already seen this benefit wane in April and early May and do not expect government stimulus to similarly impact our business in the second half of this year. Coupled with the continued decline in mask sales, we also currently expect new buyers to decelerate in 2021 given the record number of new buyers we acquired in 2020. That said, we're encouraged by the progress in frequency and are hyper-focused on delivering a better user experience for all of our buyers.

我們的估計是，政府刺激措施在 2021 年第一季度推動了 GMS 增長約 8 個百分點。我們已經看到這種好處在 4 月和 5 月初減弱，預計政府刺激措施不會在今年下半年對我們的業務產生類似影響。加上口罩銷量持續下滑，鑑於我們在 2020 年獲得的新買家數量創歷史新高，我們目前預計新買家數量將在 2021 年放緩。也就是說，我們對頻率的進步感到鼓舞，並且非常專注於交付為我們所有的買家提供更好的用戶體驗。

We expanded GMS substantially through 2020, with the highest GMS in Q4 2020. This means that year-over-year comps in 2021 are expected to get steeper as we go through the year. That fact, combined with the other factors I just outlined, possible deceleration in e-commerce growth, absence of stimulus tailwinds and potential future impact from business reopenings, implies that year-over-year growth rates may decelerate as we progress from here.

我們在 2020 年大幅擴大了 GMS，2020 年第四季度的 GMS 最高。這意味著隨著我們度過這一年，2021 年的同比收入預計將變得更加陡峭。這一事實，再加上我剛剛概述的其他因素，電子商務增長可能減速，刺激因素的缺乏以及企業重新開業對未來的潛在影響，意味著隨著我們從這裡取得進展，同比增長率可能會放緩。

Wrapping up guidance, you may also want to think about Q2 performance by modeling a 2-year stack looking at 2021 versus 2019, which implies 170% growth for Q2 at the midpoint of the guidance range, a mild deceleration compared to 207% in Q1. To put a finer point at it -- on it, that is $3 billion of GMS in Q2 2021 compared with $1 billion 2 years ago. That's an incremental $2 billion. Even if you forecast more deceleration in the second half, you'll still see very strong full year results on a 2-year stack basis. We believe this is a better representation of the stability and sustained momentum that we have seen in our growth trends.

總結指導，您可能還想通過對 2021 年與 2019 年的 2 年堆棧建模來考慮第二季度的表現，這意味著第二季度在指導範圍的中點增長 170%，與第一季度的 207% 相比略有放緩.更確切地說，2021 年第二季度的 GMS 為 30 億美元，而 2 年前為 10 億美元。這是一個增量 20 億美元。即使你預測下半年會有更多減速，你仍然會看到在 2 年堆棧基礎上非常強勁的全年業績。我們認為，這更好地體現了我們在增長趨勢中看到的穩定性和持續勢頭。

We remain very excited about the opportunity ahead and believe that now is the right time for us to invest for growth. These investments primarily are in the form of people and marketing dollars. Our growth has vastly outpaced our hiring, and we're leaving far too many great ideas on the cutting room floor. We've already added 100 employees in Q1 and intend to keep hiring throughout the year, so we have ample resources in time to impact the holiday season and beyond.

我們仍然對未來的機會感到非常興奮，並相信現在是我們投資增長的合適時機。這些投資主要以人員和營銷資金的形式出現。我們的增長速度遠遠超過招聘速度，而且我們在裁剪室留下了太多好主意。我們已經在第一季度增加了 100 名員工，並打算全年繼續招聘，因此我們有足夠的資源及時影響假期及以後的工作。

We're establishing a new product development center in Mexico City, a great location for tech talent, and you will see us begin to hire there in addition to our existing locations. In addition, we continue to make important investments in infrastructure, marketplace safety, compliance and customer support, critical functions that support our growth.

我們正在墨西哥城建立一個新的產品開發中心，這是技術人才的理想之地，您會看到除了我們現有的地點之外，我們還開始在那裡招聘員工。此外，我們繼續在基礎設施、市場安全、合規性和客戶支持等支持我們發展的關鍵職能方面進行重要投資。

And finally, we see great opportunities in marketing, especially internationally, where we are less penetrated in key channels relative to the U.S. And we are testing whether brand investments can further accelerate growth. In Q2, we intend to invest an incremental $15 million in brand marketing versus Q1, including more spend in Germany and the U.K., contracting our margins in the short term. We believe these investments will be ROI positive and expect they will deliver a return over many quarters in the future.

最後，我們看到了營銷方面的巨大機遇，尤其是在國際市場上，我們在關鍵渠道的滲透率低於美國。我們正在測試品牌投資是否可以進一步加速增長。在第二季度，我們打算比第一季度增加 1500 萬美元的品牌營銷投資，包括在德國和英國的更多支出，從而在短期內收縮我們的利潤率。我們相信這些投資將帶來積極的投資回報率，並預計它們將在未來多個季度帶來回報。

In closing, I want to reiterate that as we navigate unprecedented times, we remain highly confident and encouraged about our long-term opportunities. We also believe that our brand is more relevant than ever before as we build top of mind awareness in the hearts and minds of consumers.

最後，我想重申，在我們度過前所未有的時代之際，我們對我們的長期機遇充滿信心和鼓舞。我們還相信，隨著我們在消費者心中建立最重要的意識，我們的品牌比以往任何時候都更具相關性。

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

謝謝大家今天的時間。我現在將電話轉給 Deb，以便我們回答您的問題。

Okay. Hi, everyone. We're going to dive right in. We have quite a lot of questions in the queue. (Operator Instructions)

好的。大家好。我們馬上就要開始了。隊列中有很多問題。 （操作員說明）

So I'll start with a question from Darren Aftahi from ROTH. "On your search and discovery goals specifically on the semantic gap, what are you working on that will improve this gap in 2021? And longer term, how good can your search results mirror a shopper's intent?"

所以我將從 ROTH 的 Darren Aftahi 提出的問題開始。 “關於你的搜索和發現目標，特別是語義差距，你將在 2021 年改善這一差距的工作是什麼？從長遠來看，你的搜索結果能多好地反映購物者的意圖？”

I think we'll start with Josh for that one.

我想我們將從 Josh 開始。

Great. I love it. And thank you for that question. I can geek out on this stuff all day. So I'm happy to have you geek out with me. So just to be clear, semantic gap is about translating what you meant with what you actually wrote. So for example, cocktail attire for men, a good search result for that might be a blue blazer. And yet the word cocktail nor attire might appear in the title of blue blazer. So there's a lot of work we've been doing to improve our models on that. We've been making great progress. Three things I'd talk about that are underway that we think are exciting.

偉大的。我喜歡它。謝謝你提出這個問題。我可以整天研究這些東西。所以我很高興你能和我一起玩極客。所以要明確一點，語義差距是關於將你的意思翻譯成你實際寫的東西。因此，例如，男士雞尾酒會服裝，藍色西裝外套可能是一個很好的搜索結果。然而，雞尾酒或服裝這個詞可能會出現在藍色西裝外套的標題中。因此，我們一直在做很多工作來改進我們的模型。我們一直在取得很大進展。我要談的三件我們認為令人興奮的事情正在進行中。

One is using neural or deep learning models to expand the number of candidates of 100 million items. Picking the right small set that are actually appropriate from which you can then rank from 1 to 500 is actually a big part of that task, that first pass through the 100 million listings to find the right candidates. And we're starting now to leverage deep learning models to do that.

一種是使用神經或深度學習模型來擴展 1 億個項目的候選數量。從 1 到 500 中挑選真正合適的正確小集合實際上是該任務的重要部分，首先要通過 1 億個列表來找到合適的候選人。我們現在開始利用深度學習模型來做到這一點。

Second thing I would say is what do you do for listings that are relatively new that haven't been exposed to very many buyers, where you have very few data points. So we're starting now to interpolate with new listings where we think they might be relevant.

我要說的第二件事是，對於那些沒有接觸過很多買家、數據點很少的相對較新的列表，你會怎麼做。因此，我們現在開始在我們認為可能相關的地方插入新列表。

And the third thing we're doing in semantic bridge is language agnosticity. So you might have done your search in French, but we're going to show you some German search results as well.

我們在語義橋中做的第三件事是語言不可知論。因此，您可能已經用法語進行了搜索，但我們也會向您顯示一些德語搜索結果。

Those are 3 examples, but I also don't want to imply that when we launch a neural model that we are done and we move on. We might spend years optimizing that model. And so we are in the very early days of launching these models, experimenting and improving our results with these models.

這是 3 個例子，但我也不想暗示當我們啟動一個神經模型時，我們就完成了，我們繼續前進。我們可能會花費數年時間來優化該模型。因此，我們處於啟動這些模型的早期階段，使用這些模型試驗和改進我們的結果。

So to the question of how good can we get, I don't know. We'll find out. I think we'll never be perfect, but we can get a lot better than we are. And we are already a lot better than we were even 1 year ago.

因此，關於我們能取得多好的問題，我不知道。我們會知道的。我認為我們永遠不會完美，但我們可以變得比現在更好。我們已經比一年前好多了。

The other thing I'd say in this area is that we won't always speak with words. And so one of the things we're focused on now is how can we use pictures. Let us show you some things. You might not even know the words to express what you want, but we might be able to show you some ideas. And as you interact with those ideas, that tells us what you want, and we get better and better.

在這方面我要說的另一件事是我們不會總是用言語說話。所以我們現在關注的事情之一是我們如何使用圖片。讓我們向您展示一些東西。你可能甚至不知道用什麼詞來表達你想要的東西，但我們也許可以向你展示一些想法。當你與這些想法互動時，它會告訴我們你想要什麼，我們會變得越來越好。

Okay. Great. Thanks, Josh. Next one is from Maria Ripps from Canaccord. "With growth in habitual buyers accelerating so strongly, can you talk about the key drivers there? In addition to multiple search and platform improvements as we just discussed, is there anything else you would highlight from the category engagement standpoint that's driving the strong buyer engagement?"

好的。偉大的。謝謝，喬希。下一篇來自 Canaccord 的 Maria Ripps。 “隨著習慣性買家的增長如此強勁，你能談談那裡的關鍵驅動因素嗎？除了我們剛剛討論的多項搜索和平台改進之外，從品類參與度的角度來看，你還有什麼要強調的，這推動了強大的買家參與度？”

Josh, do you want to start there?

喬希，你想從這裡開始嗎？

Well, as I talked about in my prerecorded remarks, we are very focused on building more hooks into the experience to engage you and have you come back wanting more, and importantly, having the site be very rewarding in terms of what's next. For those of you, and hopefully all of you use Etsy regularly, the Etsy homepage has been the rearview mirror for many years. You show up on Etsy, and it's things you've recently viewed or things you recently favorited, or it's a bunch of things you've already done.

好吧，正如我在預先錄製的評論中所說的那樣，我們非常專注於在體驗中建立更多的掛鉤以吸引您並讓您回來想要更多，而且重要的是，讓該網站在接下來的內容方面非常有益。對於你們這些人，希望你們所有人都經常使用 Etsy，Etsy 主頁多年來一直是後視鏡。你出現在 Etsy 上，它是你最近查看過的東西或你最近喜歡的東西，或者是你已經做過的一堆東西。

We're moving much more now to show you more recommendations, more leaning forward, things you might like, things you haven't seen, shops you've favorited. Here's 3 new items from those shops. And so we're both figuring out how to learn more about your taste and preferences so we can provide better recommendations and then entice you with things that we think are going to be interesting to make you want to come back more and more.

我們現在正在採取更多行動，向您展示更多推薦、更多前瞻性內容、您可能喜歡的東西、您沒見過的東西、您最喜歡的商店。這是這些商店的 3 件新商品。因此，我們都在研究如何更多地了解您的品味和偏好，以便我們可以提供更好的建議，然後用我們認為會很有趣的東西來吸引您，讓您越來越想回來。

And part of that is, of course, the listing experience and recommendations. But part of that is things like video. And when we talk about videos, by the way, it's not just shooting that item from multiple angles. Some of the videos that we're finding are most mesmerizing are the making of videos. Customers seem very interested in how did you actually make this product, and they can watch those for hours sometimes. It's fun and inspiring. And that's uniquely Etsy. You're not going to find that on other platforms.

當然，其中一部分是上市經驗和建議。但其中一部分是視頻之類的東西。順便說一句，當我們談論視頻時，它不僅僅是從多個角度拍攝該項目。我們發現一些最令人著迷的視頻是視頻製作。客戶似乎對您實際上是如何製造該產品非常感興趣，有時他們可以觀看數小時。這很有趣，也很鼓舞人心。這就是 Etsy 的獨特之處。您不會在其他平台上找到它。

And so finding ways to really engage customers in the platform is something we're very focused on as well as all of the marketing efforts. And the television investment we're doing and the performance marketing investment we're doing also helped to keep Etsy top of mind and really make us a place that people want to come back to.

因此，尋找真正吸引客戶參與平台的方法是我們非常關注的事情，也是所有營銷工作的重點。我們正在進行的電視投資和績效營銷投資也有助於讓 Etsy 保持領先地位，真正讓我們成為人們想要回來的地方。

And I'm particularly proud that when we ask customers now in both the U.S. and the U.K. a very generic question, which is just, "What are your favorite places to shop online?" Etsy is now top 10 in both of those 2 markets. And that's the kind of thing we're going for, that we're top of mind. And we're not like, "What's your favorite handmade site?" or "What's your favorite place to go for niche?" Just, "What's your favorite place to shop online?" Etsy's now top 10 site by our internal survey work in both the U.S. and the U.K., and I think that's really encouraging.

我特別自豪的是，當我們現在向美國和英國的客戶詢問一個非常普遍的問題，即“您最喜歡在哪些網上購物地點？” Etsy 現在在這兩個市場中均排名前 10。這就是我們要做的事情，我們是最重要的。我們不會說，“你最喜歡的手工網站是什麼？”或者“你最喜歡去哪裡尋找利基市場？”只是，“你最喜歡在網上購物的地方是什麼？”根據我們在美國和英國的內部調查工作，Etsy 現在是排名前 10 的網站，我認為這確實令人鼓舞。

The second part of your question was about category mix. And I can guess, like you can guess, what's going to happen with home furnishings, what's going to happen with events like weddings. What I would say is one of the parts of the Etsy model that I like the most is that we can speculate a lot, but we don't actually do anything differently at Etsy. We have 100 million items for sale on Etsy today. So whatever is hot tomorrow, there's an enormously high probability that we have it. And if we don't have it, it will be on the site within hours.

你問題的第二部分是關於類別組合的。我能猜到，就像你能猜到的那樣，家居裝飾會發生什麼，婚禮等活動會發生什麼。我要說的是 Etsy 模型中我最喜歡的部分之一是我們可以推測很多，但實際上我們在 Etsy 並沒有做任何不同的事情。今天，我們在 Etsy 上有 1 億件商品待售。因此，無論明天有多熱，我們都極有可能擁有它。如果我們沒有，它會在數小時內出現在網站上。

And so our marketplace responds very dynamically to trends, and our performance marketing system picks that up in largely real time. And boy, did we ever see that through COVID, right? We have an incredibly agile and dynamic marketplace.

因此，我們的市場對趨勢的反應非常動態，而我們的績效營銷系統基本上是實時的。天哪，我們有沒有通過 COVID 看到這一點，對吧？我們擁有一個非常敏捷和充滿活力的市場。

So unlike so many others, we're not sitting around guessing what's going to happen in June and buying inventory against that and putting marketing spend against that only to maybe be proven right and maybe be proven wrong. We have a marketplace that naturally adapts. And we tend to work much more horizontally on making sure that the seller experience is really good, making sure that the buyer experience is really good. And whenever they want to buy and sell in that particular moment is great by us.

因此，與其他許多人不同，我們不會坐在那裡猜測 6 月會發生什麼，並根據它購買庫存，並根據它投入營銷支出，只是為了可能被證明是正確的，也可能被證明是錯誤的。我們有一個自然適應的市場。而且我們傾向於更橫向地工作，以確保賣家體驗真的很好，確保買家體驗真的很好。每當他們想在那個特定時刻買賣時，我們都很棒。

Okay. Great. Thanks, Josh. The next one, I think, is for Rachel. Last quarter -- this is from Lauren Schenk at Morgan Stanley, excuse me. "Last quarter, you mentioned Q1 take rate would likely be the high-water mark for the year. Is that still the case? What are the puts and takes to thinking about regarding the take rates through the rest of the year?"

好的。偉大的。謝謝，喬希。下一個，我想，是給雷切爾的。上個季度 - 這是來自摩根士丹利的 Lauren Schenk，打擾一下。 “上個季度，你提到第一季度的採用率可能會成為今年的高水位線。現在仍然如此嗎？考慮今年剩餘時間的採用率有哪些看跌期權？”

Lauren, thank you for the question. So we did say that Q1 would likely be the high-water mark. And the guidance we just gave at the midpoint implies that we are stable to the Q1 take rate, if not just a little bit higher. Some of the things that are driving take rate improvement are our Offsite Ads program, our Etsy Payments and our Etsy Ads, which are all stable and growing.

勞倫，謝謝你的提問。所以我們確實說過 Q1 可能是高水位線。我們剛剛在中點給出的指導意味著我們對 Q1 的採用率是穩定的，如果不是高一點的話。推動採用率提高的一些因素是我們的場外廣告計劃、我們的 Etsy 支付和我們的 Etsy 廣告，它們都穩定且不斷增長。

And so we didn't give guidance for the full year. I can remind you, though, that usually in the fourth quarter, we see the take rates might hit their lowest point just because revenue relative to the very, very high conversion rate we get on transactions, GMS will increase significantly and our -- and the non -- the elements of revenue that are not variable with GMS like listing fees and Etsy Ads will be relatively lower. So Q4, relatively low point in the year, Q1 and Q2 are stable and strong as we've guided.

所以我們沒有給出全年的指導。不過，我可以提醒您，通常在第四季度，我們看到採用率可能會降至最低點，因為收入相對於我們在交易中獲得的非常非常高的轉化率而言，GMS 將顯著增加，而且我們的 - 和非 - 與 GMS 一樣不變的收入要素，如上市費用和 Etsy 廣告將相對較低。所以第四季度，今年相對較低的點，第一季度和第二季度穩定而強勁，正如我們所指導的那樣。

Great. Thanks, Rachel. It's perfect. Next one is from Ygal Arounian from Wedbush. It's actually a very multipart question, some of which we've done already. So I'm going to stick with the first part of it. "Now that we're through the COVID here and we think about the opportunity to keep the significant surge of new buyers you've had potentially increasing their frequency, what are the main products that allow you to keep the new and reactivated buyers coming back to Etsy?" I think by products, I think we mean product experiences, but we probably can interpret that in multiple ways.

偉大的。謝謝，雷切爾。這是完美的。下一篇來自 Wedbush 的 Ygal Arounian。這實際上是一個非常多部分的問題，其中一些我們已經完成了。所以我要堅持它的第一部分。 “現在我們在這裡度過了 COVID，我們考慮了保持新買家數量激增的機會，你可能會增加他們的頻率，讓你保持新買家和重新激活的買家回來的主要產品是什麼到 Etsy？”我認為產品，我認為我們指的是產品體驗，但我們可能可以用多種方式來解釋它。

Yes. I mean obviously, with 100 million items for sale or more on the site now, it's likely we've got it with the exception of a few categories that really aren't appropriate. So the main thing is keeping the main thing, the main thing. People need to have a great experience on Etsy when they come, when they browse, when they shop. And I've talked a bit about some of the things we're doing to drive more engagement and keep you coming back: personalization, recommendations, videos.

是的。我的意思是，很明顯，現在網站上有 1 億件或更多商品在售，很可能我們已經擁有了它，除了一些確實不合適的類別。所以最主要的是保持主要的東西，主要的東西。人們在訪問、瀏覽和購物時都需要在 Etsy 上獲得良好的體驗。我已經談了一些我們正在做的一些事情來推動更多的參與並讓你回來：個性化、推薦、視頻。

Let me talk a little bit about seller performance. I'm really quite excited about that as well in addition. Our sellers want agency. They want to know what they can do that will make them more successful. And we have the ability to do a better job telling them that. So the more we can provide them with, for example, a customer satisfaction scorecard. Here are the 5 metrics that matter most to your buyers, and here's how you rank relative to other sellers and relative to what good looks like.

讓我談談賣家的表現。此外，我對此也非常興奮。我們的賣家想要代理。他們想知道他們可以做些什麼來使他們更成功。我們有能力更好地告訴他們這一點。因此，我們可以為他們提供更多信息，例如客戶滿意度記分卡。以下是對您的買家最重要的 5 個指標，以及您相對於其他賣家以及相對於商品外觀的排名方式。

That will be very helpful for sellers, and it will let them know where to invest their precious time and energy. And in doing so, I have no doubt that the clearer we can be about what good looks like and where they are relative to that, the more they will rise to that opportunity and do a great job. And that creates a race to the top that makes the experience better for all of our buyers.

這對賣家很有幫助，會讓他們知道應該把寶貴的時間和精力投入到哪裡。在這樣做的過程中，我毫不懷疑，我們越清楚什麼是好的，以及它們與之相關的地方，他們就越會抓住這個機會並做得很好。這創造了一場爭先恐後的競爭，讓我們所有的買家都有更好的體驗。

And so some of the things we've already launched in that area are around fulfillment time. You as a buyer want to know when the item is going to come. And then you want it to -- it needs to arrive on time. And so you've seen us now in the seller dashboard launch very clear to seller, here is what needs to ship today. Here is what needs to ship tomorrow. And we've started to experiment with what's the easiest way to explain to sellers how they're doing on fulfillment and what good looks like there. And you should see us do more and more of that.

因此，我們已經在該領域推出的一些東西都在履行時間左右。作為買家，您想知道商品什麼時候到貨。然後你希望它——它需要準時到達。所以你現在已經在賣家儀表板中看到我們對賣家來說非常清楚，這是今天需要發貨的東西。這是明天需要發貨的東西。我們已經開始嘗試用最簡單的方式向賣家解釋他們在履約方面的表現以及那裡的表現如何。你應該看到我們做的越來越多。

And I think that's going very helpful in terms of lifting all boats and making the buyer experience at Etsy better and better and better, combined with the marketing efforts that we're doing that are keeping Etsy top of mind so that as we have a fantastic experience that delivers so often, we're there and we're planting the seed and we're building a habit. And us leaning into brand marketing right now is part of that. I think that this is a fantastic time for us to be reinforcing what is unique and special and different about Etsy and how often we're relevant for buyers.

而且我認為這在提升所有船隻和讓 Etsy 的買家體驗越來越好方面非常有幫助，再加上我們正在做的營銷工作讓 Etsy 保持在首位，所以我們有一個很棒的經常提供的經驗，我們在那裡，我們正在播下種子，我們正在養成習慣。而我們現在傾向於品牌營銷就是其中的一部分。我認為現在是我們加強 Etsy 的獨特、特殊和不同之處以及我們與買家相關的頻率的絕佳時機。

Okay. The next one comes from John Colantuoni from Jefferies. "Even after experiencing impressive growth in frequency and retention over the past year, average spend per buyer on Etsy is still less than 1/3 of other e-commerce players. I know it's not a perfect comparison, but can you talk about what initiatives you've been implementing to continue driving spend higher even from today's levels? And then assuming higher spending flows through to higher lifetime value over time, how should we think about the margin implications of spending to drive a more valuable buyer, particularly when a portion of those buyers are coming from the Offsite Ads program?"

好的。下一個來自 Jefferies 的 John Colantuoni。 “即使在經歷了過去一年的頻率和保留率令人印象深刻的增長之後，Etsy 上每個買家的平均支出仍然不到其他電子商務玩家的 1/3。我知道這不是一個完美的比較，但你能談談哪些舉措你一直在實施以繼續推動支出從今天的水平提高？然後假設隨著時間的推移，更高的支出會轉化為更高的生命週期價值，我們應該如何考慮支出對利潤率的影響，以推動更有價值的買家，特別是當一部分的買家來自場外廣告計劃？”

Rachel, do you want to maybe take that one?

雷切爾，你要不要拿那個？

I can start, and I'd love Josh to weigh in. So I think one of the things that is really resonating with people through our marketing is why to come to Etsy and when to come to Etsy. And so we've talked before in the past about thinking about Etsy not just for the cushions but for the couch. And as we see more in the increase of habitual buyers and the significant increase in frequency, that's an example of people coming and really understanding the breadth of product that Etsy has to offer.

我可以開始了，我希望 Josh 能參與進來。所以我認為通過我們的營銷真正引起人們共鳴的一件事是為什麼要來 Etsy 以及什麼時候來 Etsy。因此，我們過去曾討論過考慮 Etsy 不僅僅是為了墊子，而是為了沙發。正如我們更多地看到習慣性購買者的增加和頻率的顯著增加，這是人們來到這裡並真正了解 Etsy 必須提供的產品範圍的一個例子。

I'll also mention that the average order values are higher in Reverb, for instance. So as Reverb also grows, we get increase in higher spending items there as well. Higher average order values may imply that we have higher -- some higher margin to invest there with our marketing. And so that the whole -- that works -- the whole ecosystem will work positively in that regard.

我還會提到，例如，Reverb 中的平均訂單價值更高。因此，隨著 Reverb 的發展，我們也會增加更高消費的項目。更高的平均訂單價值可能意味著我們有更高的——更高的利潤來投資我們的營銷。因此，整個 - 有效 - 整個生態系統將在這方面發揮積極作用。

To date, though, the primary growth we've gotten from GMS has been more visits and higher conversion rates. And that's where our efforts have really focused, and that's where we're getting a lot of the value creation from the marketing investment.

不過，迄今為止，我們從 GMS 獲得的主要增長是更多的訪問量和更高的轉化率。這就是我們努力真正關注的地方，也是我們從營銷投資中獲得大量價值創造的地方。

I'll only add that I agree with your thesis. If you look at something like SimilarWeb, it says that Etsy and Wayfair are pretty comparable in terms of visits per unique visitor per month or per quarter. But in eBay, it's 3x our level. And Wayfair's only home furnishings. Etsy is across many, many categories. So it stands to reason that we would look more like an eBay than we would like a Wayfair.

我只會補充一點，我同意你的論點。如果您查看 SimilarWeb 之類的網站，它表明 Etsy 和 Wayfair 在每月或每季度每位獨立訪客的訪問量方面相當可比。但在 eBay，它是我們水平的 3 倍。而Wayfair唯一的家居擺設。 Etsy 涵蓋很多很多類別。所以按理說，我們看起來更像 eBay 而不是 Wayfair。

So I agree that there is a lot of opportunity for us to do better. And that's about really helping our buyers understand the breadth of offering that's available on Etsy and all the different times that we can actually serve them. And we're doing more. So for example, right now for brand-new buyers, we're using video to have a brief like "welcome to Etsy" moment where we start to explain to them all the different things that we have on offer. We're doing some quizzes, tell us the kinds of things you like and you tend to buy, which by the way, also plants the seed for all the different things you can buy on Etsy.

所以我同意我們有很多機會可以做得更好。這是為了真正幫助我們的買家了解 Etsy 上提供的產品的廣度，以及我們可以實際為他們提供服務的所有不同時間。我們正在做更多。因此，例如，現在對於全新的買家，我們正在使用視頻來提供一個簡短的“歡迎來到 Etsy”時刻，我們開始向他們解釋我們提供的所有不同的東西。我們正在做一些測驗，告訴我們你喜歡和傾向於購買的東西的種類，順便說一句，這也為你可以在 Etsy 上購買的所有不同的東西埋下了種子。

And then when I think about consumer sentiment, I think that over the next coming years, and we're already starting to have this, there's going to be some introspection around shopping your values and where you want to buy and who you want to support. And I think Etsy is going to do very well as people think more and more about, "Do I want to spend all of my e-commerce dollars with one place? Or do I want to support small businesses?" I think people are going to want to support small businesses a little more, particularly when those small businesses deliver a great experience at a fair price. And I think we can do that. I think our sellers can do that.

然後，當我考慮消費者情緒時，我認為在接下來的幾年裡，我們已經開始這樣做了，圍繞購買你的價值觀、你想買的地方和你想支持的人會有一些反省.而且我認為 Etsy 會做得很好，因為人們越來越多地思考，“我是想把我所有的電子商務資金花在一個地方嗎？還是我想支持小企業？”我認為人們會希望更多地支持小型企業，尤其是當這些小型企業以合理的價格提供出色的體驗時。我認為我們可以做到。我認為我們的賣家可以做到這一點。

Okay. Great. I think I'll go to one from Nick Jones at Citi. "In the press release, you noted that Offsite Ads has expanded to include more affiliate channels. Can you touch on the puts and takes of optimizing your current channels versus adding more affiliate channels?"

好的。偉大的。我想我會去找花旗銀行的尼克·瓊斯。 “在新聞稿中，你注意到場外廣告已經擴展到包括更多的附屬渠道。你能談談優化當前渠道與添加更多附屬渠道的方法嗎？”

Shall I jump in on that one?

我可以加入那個嗎？

I think so, yes.

我想是的，是的。

Okay. So the first thing I'll say is that the vast majority of Offsite Ads and all available ad inventory is on 2 sites. And that's Google and Facebook with their PLA programs, and that's where -- and we're already there on those things. It's great that we've been able to add Google Display Network and affiliates into the mix, but I would consider those to be a much smaller portion of where we see the growth coming from. Future growth will really come from continued increases in conversion rate on the site. And so that's where we're really focused.

好的。所以我要說的第一件事是，絕大多數場外廣告和所有可用的廣告庫存都在 2 個網站上。那就是谷歌和 Facebook 的 PLA 項目，那就是——我們已經在做這些事情了。很高興我們能夠將 Google 展示廣告網絡和聯屬網絡添加到組合中，但我認為這些在我們看到的增長來源中所佔的比例要小得多。未來的增長將真正來自網站轉化率的持續提高。這就是我們真正關注的地方。

I'll put in one more. We gave a data point on this call also that I think is just worthy of mentioning that our Offsite Ads program gives us about a 30% offset -- in the quarter, it gave us about a 30% offset to our entire performance marketing spend. And so when you think about Etsy's profitability and marketing spend, it's important to look at that piece of revenue that is offsetting what you see in our marketing line. So we're really getting good -- we have a lot of spending power. We can spend deeper as we make these LTV increases from things like Offsite Ads and product improvements.

我再放一張我們在這次電話會議上也給出了一個數據點，我認為值得一提的是，我們的場外廣告計劃為我們提供了大約 30% 的抵消——在本季度，它為我們的整個績效營銷支出提供了大約 30% 的抵消。因此，當您考慮 Etsy 的盈利能力和營銷支出時，重要的是要考慮抵消您在我們的營銷線上看到的那部分收入。所以我們真的變得很好——我們有很大的消費能力。當我們通過場外廣告和產品改進等方式增加這些 LTV 時，我們可以花更多的錢。

Okay. The next one from Jason Helfstein at Oppenheimer. "Can you talk about the quarter-over-quarter acceleration in seller services and how you see that playing out for the rest of the year?"

好的。下一篇來自 Oppenheimer 的 Jason Helfstein。 “你能談談賣家服務的環比加速增長，以及你如何看待今年剩餘時間的發展嗎？”

Rachel, if you want to start with that.

雷切爾，如果你想從那個開始。

Deb, do you mind repeating the question?

Deb，你介意重複這個問題嗎？

Sure. "Can you talk about the quarter-over-quarter acceleration in seller services and how you see that playing out for the rest of the year?"

當然。 “你能談談賣家服務的環比加速增長，以及你如何看待今年剩餘時間的發展嗎？”

So we had about over a 90% increase in our Etsy Ads product. And we -- again, that benefits from increased conversion rates and increased traffic to Etsy's site. We didn't give full year guidance beyond Q2. And we didn't give specifically services -- guidance to the services revenue, but we believe there's a lot of strength in that product. And increased demand for the site and increased conversion rates should support those -- should support our services revenue there.

因此，我們的 Etsy Ads 產品增加了大約 90% 以上。而我們——再一次，從提高的轉化率和增加的 Etsy 網站流量中受益。我們沒有給出第二季度之後的全年指導。我們沒有提供具體的服務——對服務收入的指導，但我們相信該產品有很大的優勢。對網站的需求增加和轉化率的提高應該支持這些——應該支持我們在那裡的服務收入。

The other services that we have, of course, are shipping and a few other ancillary line items. And so majority of our services growth is going to come from our Etsy Ads product.

當然，我們擁有的其他服務是運輸和其他一些輔助項目。因此，我們服務增長的大部分將來自我們的 Etsy Ads 產品。

Great. Perfect. Thanks, Rachel. The next one is from Nick Jones at Citi, and I think this will be a great one for Josh to take. "As Etsy laps tough comps over last year and you take stock of Etsy brand recognition pre-COVID versus today, how would you quantify and qualify the improvement of brand recognition in terms of Etsy being top of mind for shoppers?"

偉大的。完美的。謝謝，雷切爾。下一個來自花旗銀行的 Nick Jones，我認為這對 Josh 來說將是一個很好的選擇。 “由於 Etsy 去年表現不佳，你評估了 Etsy 品牌認知度在 COVID 之前與今天的對比，你將如何量化和限定 Etsy 成為購物者首選的品牌認知度的提高？”

I would say it's better but not best. We have a lot of opportunities still to go. By our internal survey work, we have made meaningful improvements throughout the funnel, so unaided awareness, visit intention and preference. And in fact, we continue to see a slightly concave curve in that more people say that they are passionate evangelists of us than say have an immediate intent to come back and shop in the near term.

我會說它更好但不是最好的。我們還有很多機會要去。通過我們的內部調查工作，我們對整個漏斗進行了有意義的改進，因此獨立的意識、訪問意圖和偏好。事實上，我們繼續看到一個略微凹陷的曲線，更多的人說他們是我們的熱情傳道者，而不是說有立即回來購物的意圖。

So that continues to be a gap around what are your needs and does Etsy have things for your needs. So reminding them that many things they want to buy, you could actually find on Etsy. But we've seen that entire brand awareness funnel go up, and we're very pleased by that. I'm sure it's a combination of plenty of people actually visiting the site over the course of the prior months and quarters and being happy with what they've seen. It might have been their first time on Etsy, or they might not have been on Etsy in a while.

因此，在您的需求方面仍然存在差距，Etsy 是否有滿足您需求的東西。所以提醒他們，很多他們想買的東西，你實際上可以在 Etsy 上找到。但我們已經看到整個品牌知名度渠道都在上升，我們對此感到非常高興。我敢肯定，在過去的幾個月和幾個季度中，有很多人實際訪問了該網站，並對他們所看到的內容感到滿意。這可能是他們第一次使用 Etsy，或者他們可能有一段時間沒有使用 Etsy。

And I think it's a better Etsy than it was a few years ago, and I think people are seeing that and feeling that and experiencing that. And I think our marketing efforts are having a meaningful impact on that, our above-the-line marketing efforts, our below-the-line marketing efforts and influencers talking about us and friends over Zoom calls talking about that great purchase they just made.

而且我認為 Etsy 比幾年前更好，我認為人們正在看到、感受到和體驗到這一點。而且我認為我們的營銷努力正在對此產生有意義的影響，我們的線上營銷努力，我們的線下營銷努力以及影響者通過 Zoom 電話談論我們和朋友談論他們剛剛購買的那筆大買賣。

And all of that is helping to push brand awareness. Ultimately, what matters is if you tell someone, you have the following purchase mission. You need to buy a gift for your mother for Mother's day. You have 2 seconds. Where do you go? It's what is on the tip of your tongue. That's what we're going for.

所有這些都有助於提高品牌知名度。最終，重要的是，如果您告訴某人，您有以下購買任務。母親節你需要給媽媽買一份禮物。你有2秒。你去哪裡？這是你舌尖上的東西。這就是我們的目標。

And so that's where the survey research -- just asking people, "What are your 10 favorite places to shop online?" That's our ambition. We don't want to be the best handmade place. We don't want to be the best home furnishing place. When we ask people, "What's your favorite place to shop online?" I want them to say Etsy. And I think that, that ambition is the right ambition for us.

所以這就是調查研究的地方 - 只是問人們，“你最喜歡在線購物的 10 個地方是什麼？”這是我們的抱負。我們不想成為最好的手工製作場所。我們不想成為最好的家居場所。當我們問人們，“你最喜歡在網上購物的地方是什麼？”我希望他們說 Etsy。我認為，這種雄心壯志對我們來說是正確的雄心壯志。

And we are now a top 10 site according to our internal research for many customers in the United States and the U.K., but we can certainly move up that ranking. It'd be great to be top 5. And by the way, there's a lot more markets in the world than just the U.S. and the U.K.

根據我們對美國和英國許多客戶的內部研究，我們現在是排名前 10 的站點，但我們當然可以提升該排名。能進入前 5 名真是太好了。順便說一下，世界上的市場遠不止美國和英國。

Yes. Josh, I thought you might want to add in there a little bit about Germany in case people didn't hear what you had to say on -- you want to slide that in there? Yes.

是的。喬什，我想你可能想在其中添加一些關於德國的內容，以防人們沒有聽到你要說的內容——你想把它放在那裡嗎？是的。

So we are making progress in Germany, and Germany saw really nice growth in 2020. And we've got more vibrancy now on the buyer and the seller side than we did before. But brand awareness in Germany is still actually quite low. If you ask the average German, where do you go to shop online, not a ton of them are going to put Etsy in their top 10 or even necessarily going to have Etsy in the tip of the tongue.

因此，我們在德國取得了進展，德國在 2020 年實現了非常好的增長。我們現在在買賣雙方方面比以前更有活力。但德國的品牌知名度實際上仍然很低。如果你問普通的德國人，你去哪裡網上購物，他們中沒有很多人會將 Etsy 排在前 10 名，甚至不一定會提到 Etsy。

So in the past, what we've done is we've really leaned on performance marketing until awareness in the market is very high. And then we go with TV. In Germany, we're experimenting with going with TV earlier. Can we drive brand awareness, which is in fact, going to turn the funnel faster and make our performance marketing more efficient?

所以在過去，我們所做的是我們真的依賴績效營銷，直到市場意識非常高。然後我們看電視。在德國，我們正在嘗試更早地使用電視。我們能否提高品牌知名度，這實際上會更快地轉動漏斗並使我們的績效營銷更有效率？

And so that's an experiment that we're running starting in the second quarter. We'll run it for a little while. You don't learn this in just one quarter. But we're spending an incremental $15 million in television ads in the second quarter. Almost all of that is going to be in the U.K. and Germany to see what TV can do over time. And I would expect that to be an investment that will span through 2021, but over at least the course of this year, what can that do to our brand metrics.

因此，這是我們從第二季度開始進行的一項實驗。我們將運行它一會兒。您不會在四分之一內學到這一點。但我們在第二季度增加了 1500 萬美元的電視廣告支出。幾乎所有這些都將在英國和德國進行，看看隨著時間的推移電視能做些什麼。我預計這將是一項持續到 2021 年的投資，但至少在今年，這會對我們的品牌指標產生什麼影響。

Okay. Great. Thanks, Josh. The next one is from Laura Champine at Loop. This one's for Rachel. "Can you update us on your long-term margin expectation given that 2020 likely created several changes relative to your thoughts at the most recent Analyst Day, which was in 2019?"

好的。偉大的。謝謝，喬希。下一個來自 Loop 的 Laura Champine。這是給雷切爾的。 “鑑於 2020 年可能會相對於你在 2019 年最近的分析師日的想法產生一些變化，你能否向我們更新你的長期利潤率預期？”

Laura, so we did give guidance for margins in Q2. And you -- from that guidance, you can see that they contract a little bit from what we delivered, over 30% margins in Q1. And we've been talking for most of 2020, and we talked about it again last quarter, that we would expect some margin contraction because we think now is the time to be investing. In fact, the words we used on this call are we're leaving far too many things on the cutting room floor.

勞拉，所以我們確實為第二季度的利潤率提供了指導。而你 - 從該指南中，你可以看到他們與我們交付的產品相比有所收縮，第一季度的利潤率超過 30%。我們在 2020 年的大部分時間裡都在談論，上個季度我們又談到了這一點，我們預計利潤率會有所收縮，因為我們認為現在是投資的時候了。事實上，我們在這次電話會議上使用的詞是我們在裁剪室的地板上留下了太多的東西。

The thing that takes a bit of time to ramp is hiring people. And so we're -- and we are accelerating the hiring. We talked about hiring 100 people in Q1. Year-over-year, Q1 was 100, and it was 18% growth and all of -- sorry, it was 18% growth, not 118% growth in terms of head count adds versus Q1 of last year. But that's up from 14% in all of 2020. So you can see uptick in hiring. And as we get more people on board, that ought to contract margins a bit. We would expect those to yield future top side gains in future quarters.

需要一點時間來提升的事情是僱用人員。所以我們 - 我們正在加速招聘。我們談到在第一季度僱用 100 人。與去年同期相比，第一季度為 100，增長了 18%，而且所有 - 抱歉，增長是 18%，而不是與去年第一季度相比增長 118%。但這比 2020 年全年的 14% 有所上升。因此你可以看到招聘人數的增加。隨著我們有更多的人加入，這應該會稍微縮小利潤率。我們預計這些將在未來幾個季度產生未來的頂部收益。

And then you just heard Josh talk about investment in brand marketing. We're going to continue to lean into brand marketing. And in fact, we're spending $15 million more in Q2 in brand marketing, most of which is in U.K. and Germany. And so those things also will yield, but with brand marketing, the payback curve is a little bit longer.

然後你剛剛聽到 Josh 談論品牌營銷投資。我們將繼續專注於品牌營銷。事實上，我們在第二季度在品牌營銷方面的支出增加了 1500 萬美元，其中大部分在英國和德國。所以這些東西也會產生收益，但對於品牌營銷，回報曲線會稍微長一些。

And so those things taken together, without giving you specific guidance on margins, we believe we have a wonderful, healthy business model with low fixed cost and not capital intensive. But these are the years that we'd like to be investing for that long-term growth to get future margin expansion.

因此，將這些因素放在一起，在沒有給你具體的利潤率指導的情況下，我們相信我們擁有一個美妙、健康的商業模式，固定成本低，而不是資本密集型。但這些是我們希望為長期增長進行投資以獲得未來利潤率擴張的年份。

Perfect. And then I'm going to slide one more last one in here before we finish. From Shweta Khajuria of Evercore ISI, "Which of the product and marketing initiatives were most impactful in driving GMS growth, and importantly, buyer frequency and habitual buyer growth?"

完美的。然後，在我們結束之前，我將在這裡再放一張最後一張。來自 Evercore ISI 的 Shweta Khajuria，“哪些產品和營銷計劃對推動 GMS 增長最有影響力，重要的是，買家頻率和習慣性買家增長？”

Josh, you want to start with that? And then Rachel can add anything that she wants to.

喬希，你想從那個開始嗎？然後 Rachel 可以添加任何她想添加的內容。

Sure. There hasn't been one launch that's been the big thing. And we do think that these tend to work collectively. So it is getting easier to find what you want on the site, meaningfully easier to find what you want on the site. When you find it, it's feeling more human. And you're gaining more trust in the fact that it's going to arrive on time. It's going to be what you want. We'll have your back if anything goes wrong. And we're making it easier for our sellers to do their job servicing customers and taking away some of the administrative work and other things for our sellers.

當然。沒有一次發射是一件大事。我們確實認為這些往往會共同發揮作用。所以在網站上找到你想要的東西變得越來越容易，在網站上找到你想要的東西變得有意義。當你找到它時，它會感覺更人性化。而且您對它會準時到達的事實越來越信任。這將是你想要的。如果出現任何問題，我們會支持您。我們正在讓我們的賣家更容易地為客戶提供服務，並為我們的賣家帶走一些行政工作和其他事情。

And those things in combination are leading to a really good experience, which is what matters in terms of having people come back more and more. And we're also projecting that more into the market through marketing, right? So I really can't point to one thing that was like the big thing. I'm happy about that because I hate to bet our business on one big swing for the fences. We think that working collectively and having this virtuous cycle spin our flywheel faster is a really healthy way to go.

這些因素結合起來帶來了非常好的體驗，這對於讓人們越來越多地回來來說很重要。我們還通過營銷將更多的東西投射到市場上，對吧？所以我真的不能指出一件大事。我對此很高興，因為我不想把我們的生意押在圍欄上。我們認為集體工作並讓這種良性循環使我們的飛輪旋轉得更快是一種真正健康的方式。

Okay. I think that's a great way to end it. We are out of time. If anybody didn't get their questions answered, please e-mail us. We're happy to chat. We will talk to you all very soon. Take care. Thank you.

好的。我認為這是結束它的好方法。我們沒時間了。如果有人的問題沒有得到解答，請給我們發電子郵件。我們很樂意聊天。我們很快就會和大家談談。小心。謝謝你。

Thanks so much.

非常感謝。