ETSY Inc (ETSY) 2020 Q4 法說會逐字稿

Hi, everyone, and welcome to Etsy's Fourth Quarter and Full Year 2020 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations. Joining me today are Josh Silverman, CEO; Rachel Glaser, CFO; and Gabe Ratcliff, our Director of Investor Relations.

大家好，歡迎來到 Etsy 的 2020 年第四季度和全年收益電話會議。我是投資者關係副總裁 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 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 future performance, including our financial guidance and key drivers thereof, the impact of COVID-19 on our communities, business and strategy and the potential impact of our marketing and product initiatives. Words such as anticipate, continue, expect and will as well as similar expressions are intended to identify forward-looking statements. Our actual results may differ materially from these forward-looking statements.

請記住，我們今天的評論包括與我們未來業績相關的前瞻性陳述，包括我們的財務指導及其主要驅動因素、COVID-19 對我們社區、業務和戰略的影響以及我們營銷和產品的潛在影響舉措。預期、繼續、預期和將要以及類似表達等詞語旨在識別前瞻性陳述。我們的實際結果可能與這些前瞻性陳述存在重大差異。

Forward-looking statements involve risks and uncertainties, some of which are mentioned in today's earnings release and which are more fully described in our quarterly report filed with the SEC on October 29, 2020, and in subsequent reports that 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 undertake no obligation to update them.

前瞻性陳述涉及風險和不確定性，其中一些在今天的收益發布中有所提及，並在我們於 2020 年 10 月 29 日向美國證券交易委員會提交的季度報告以及我們向美國證券交易委員會提交的後續報告中進行了更全面的描述。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 IR website, along with a replay of this call.

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

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

有了這個，我會把它交給喬希。

Thanks a lot, Deb, and hello and welcome, everyone. 2020 was no doubt a transformative year for Etsy, a time when circumstance met preparedness, highlighting the agility of our model, the dynamism of our team and the power of our differentiated strategy. Etsy emerges transformed, a larger and stronger marketplace as a result.

非常感謝，Deb，大家好，歡迎大家。 2020 年對於 Etsy 來說無疑是變革的一年，這是一個因勢利導的一年，凸顯了我們模型的敏捷性、我們團隊的活力以及我們差異化戰略的力量。 Etsy 出現了轉型，因此成為一個更大、更強大的市場。

We understand that the stakes are high. Millions count on us now more so than ever, and I'm proud of our impact. We help to create economic opportunity for our sellers and led from the front on many important social issues. As a marketplace that gets better as it gets bigger, we believe that Etsy is now even better positioned to lead into the future.

我們知道風險很高。數百萬人現在比以往任何時候都更加依賴我們，我為我們的影響感到自豪。我們幫助我們的賣家創造經濟機會，並在許多重要的社會問題上處於領先地位。作為一個隨著規模的擴大而變得更好的市場，我們相信 Etsy 現在更有能力引領未來。

When we look at our 2020 results, they were spectacular. Consolidated GMS was $10.3 billion, up 106% on a currency-neutral basis. Consolidated revenue was $1.7 billion, up 111%, with an EBITDA margin of approximately 32%. Said differently, we roughly achieved our 2023 aspirations in 2020. Rachel will provide more insights on Q4 in just a moment. But we're proud of our inclusion in the S&P 500, and it's yet another signal of the importance that the Etsy Marketplace is playing in the global economy.

當我們查看 2020 年的業績時，它們非常壯觀。綜合 GMS 為 103 億美元，在貨幣中性基礎上增長 106%。合併收入為 17 億美元，增長 111%，EBITDA 利潤率約為 32%。換句話說，我們在 2020 年大致實現了 2023 年的願望。稍後 Rachel 將提供有關第四季度的更多見解。但我們為我們被納入標準普爾 500 指數而感到自豪，這是 Etsy 市場在全球經濟中發揮重要作用的又一信號。

And in fact, speaking of the global economy, 2020 was an extraordinary year for e-commerce overall as the growth rate of e-commerce roughly doubled as much of the offline world shut down. And as fast as e-commerce grew, Etsy grew much, much faster. In fact, Etsy grew almost 2.5x as fast as e-commerce. We had to change the y-axis of the graph just to accommodate it. Etsy is gaining meaningful share versus e-commerce because where the world is racing to offer the same thing priced maybe a little cheaper or shipping just a little faster, Etsy offers something truly unique, something truly special. And we're now seeing the power of that difference.

事實上，就全球經濟而言，2020 年對於整個電子商務來說是不平凡的一年，因為隨著線下世界的大部分關閉，電子商務的增長率大約翻了一番。隨著電子商務的發展，Etsy 的發展速度要快得多。事實上，Etsy 的增長速度幾乎是電子商務的 2.5 倍。我們不得不更改圖表的 y 軸以適應它。與電子商務相比，Etsy 正在獲得有意義的份額，因為在世界競相提供價格可能更便宜或運輸速度更快的相同商品的情況下，Etsy 提供了真正獨特的東西，真正特別的東西。我們現在看到了這種差異的力量。

That growth helped Etsy to become one of the most visited e-commerce sites in the United States. In fact, we were the fourth largest retail e-commerce site by monthly visits, and we've become one of the most recognized e-commerce brands in the United States. People suddenly mention Etsy in the same breath as much larger retailers like Walmart or Target or eBay. And it's not just in the U.S. In fact, in the fourth quarter, international accounted for over 40% of all of the GMS on Etsy.

這種增長幫助 Etsy 成為美國訪問量最大的電子商務網站之一。事實上，按月訪問量計算，我們是第四大零售電子商務網站，並且我們已成為美國最受認可的電子商務品牌之一。人們突然將 Etsy 與沃爾瑪、塔吉特或 eBay 等大型零售商相提並論。不僅僅是在美國。事實上，在第四季度，國際市場佔 Etsy 上所有 GMS 的 40% 以上。

I'd like to take a moment to talk about the United Kingdom, which had a truly breakout year in 2020 with a growth rate of 189% year-over-year. As fast as Etsy grew, Etsy U.K. grew much, much faster. And Germany, our second largest e-commerce market, also more than doubled in 2020. What I'm most pleased about is the percentage of e-commerce on both of those sites, that's local, that's domestic, where both the buyer and the seller are located in the U.K. or in Germany, respectively. In the U.K., now more than 70% of trade is local. That means for people in the U.K., Etsy is very much a domestic platform where there's a sufficient vibrancy of both supply and demand for people to be able to come there for everyday needs. And we're seeing that in Germany, and I think that really speaks well to the power of our international opportunity overall.

我想花點時間談談英國，它在 2020 年實現了真正的突破，同比增長率達到 189%。 Etsy 的增長速度與 Etsy U.K 的增長速度一樣快。德國是我們的第二大電子商務市場，在 2020 年也翻了一番多。我最高興的是這兩個網站上電子商務的百分比，這是本地的，是國內的，買家和買家都在那裡賣家分別位於英國或德國。在英國，現在超過 70% 的貿易是本地的。這意味著對於英國人來說，Etsy 很大程度上是一個國內平台，供需雙方都充滿活力，人們可以到那裡滿足日常需求。我們在德國看到了這一點，我認為這很好地說明了我們整體國際機會的力量。

Why? Well, one important reason is the ability of the Etsy Marketplace to meet rapidly evolving buyer needs. 2020 search trends highlight the dynamism of our marketplace. For example, in March, when the offline world largely shut down, demand for essentials on Etsy exploded. And our sellers almost instantaneously rose to meet those needs. And as trends evolve throughout the year from nesting and home office to home furnishings to outdoor events and reimagined events, things like virtual graduation ceremonies or lawn celebrations, our sellers were there to create and to deliver. In fact, if you can imagine it, it's very possible that people came to Etsy to make it and to buy it.

為什麼？嗯，一個重要的原因是 Etsy Marketplace 能夠滿足快速變化的買家需求。 2020 年的搜索趨勢凸顯了我們市場的活力。例如，在 3 月份，當線下世界基本關閉時，Etsy 上對必需品的需求激增。我們的賣家幾乎立即崛起以滿足這些需求。隨著全年趨勢的演變，從嵌套和家庭辦公室到家居裝飾，再到戶外活動和重新想像的活動，如虛擬畢業典禮或草坪慶典，我們的賣家在那裡創造和交付。事實上，如果你能想像的話，人們很有可能來到 Etsy 來製作和購買它。

All of this resulted in dramatic growth across all of our buyer segments. Etsy added twice as many new buyers in 2020 as they did in 2019. In fact, there were many weeks in 2020 where Etsy added more than 1 million new buyers per week, and we reactivated 22 million lapsed buyers. These are buyers who hadn't shopped in Etsy in at least a year. And they've come back to Etsy in 2020 at a time when they really needed us most to find that Etsy is better in so many ways than the last version of Etsy that they might have visited possibly years ago.

所有這些都導致我們所有買家細分市場的顯著增長。 Etsy 在 2020 年增加的新買家數量是 2019 年的兩倍。事實上，在 2020 年的許多周裡，Etsy 每週增加超過 100 萬新買家，我們重新激活了 2200 萬流失的買家。這些買家至少有一年沒有在 Etsy 上購物了。他們在 2020 年回到 Etsy，當時他們真的最需要我們發現 Etsy 在很多方面都比他們可能在幾年前訪問過的 Etsy 的最後一個版本更好。

I'm particularly excited about the growth of habitual buyers. Habitual buyers were yet again our fastest-growing segment in the fourth quarter. And habitual buyers grew 157% year-over-year.

我對習慣性買家的增長感到特別興奮。習慣性購買者再次成為我們第四季度增長最快的部分。習慣性買家同比增長 157%。

2020 was also a year when we grew the pie for many of our sellers. In fact, many of our sellers had their best year ever in 2020. GMS per seller was up 22%, while we simultaneously grew active sellers by 64%. We, of course, work hard to support our sellers by driving more sales. We also work hard to support our sellers in many other ways. For example, as governments in the United States and Europe drafted legislation to support our economy, Etsy was a very vocal advocate, making sure that governments remember that independent workers, people like sellers on Etsy, also matter and that we need to design our legislation and our economic reform with them in mind.

2020 年也是我們為許多賣家做大蛋糕的一年。事實上，我們的許多賣家在 2020 年迎來了有史以來最好的一年。每個賣家的 GMS 增長了 22%，而我們同時將活躍賣家增長了 64%。當然，我們努力通過推動更多銷售來支持我們的賣家。我們還努力以許多其他方式支持我們的賣家。例如，當美國和歐洲政府起草支持我們經濟的立法時，Etsy 是一個非常直言不諱的倡導者，確保政府記住獨立工人，像 Etsy 上的賣家一樣的人，也很重要，我們需要設計我們的立法我們的經濟改革考慮到了他們。

Speaking of working hard, I'm incredibly proud of our team and how well they transitioned under very trying circumstances. At a time when they suddenly need to work entirely remote and face all of the stresses that everyone is facing in the external environment, our team rose to the challenge and were more productive than ever. As one example, experiment velocity grew 16% year-over-year while we simultaneously had higher hit rate than we did in the prior year. What that means is that each team was working hard and making a lot of progress making the product experience on Etsy even better.

說到努力工作，我為我們的團隊以及他們在非常艱難的環境下如何順利過渡感到無比自豪。當他們突然需要完全遠程工作並面對每個人在外部環境中面臨的所有壓力時，我們的團隊迎接了挑戰，並且比以往任何時候都更有效率。例如，實驗速度同比增長 16%，同時我們的命中率也高於前一年。這意味著每個團隊都在努力工作並取得了很大進步，使 Etsy 上的產品體驗更加出色。

In addition to that, site traffic was up very substantially. And what that means is that the productivity of every team is automatically higher. The ROI of every squad is higher. We continue to make investments aligned with our right to win that we believe are making the product experience at Etsy materially better. For example, we've talked a lot about the importance of search and discovery on Etsy. And here, we show some examples of how the search experience continues to get better and better. Our initial investments in dynamic ranking and semantic gap have laid the foundation for personalized search, which is making it easier for buyers to find what they're looking for and to be inspired from among our over 85 million items.

除此之外，網站流量大幅上升。這意味著每個團隊的生產力都會自動提高。每個小隊的投資回報率都更高。我們繼續根據我們的獲勝權利進行投資，我們相信這將使 Etsy 的產品體驗變得更好。例如，我們已經多次討論了 Etsy 上搜索和發現的重要性。在這裡，我們展示了一些示例，說明搜索體驗如何變得越來越好。我們在動態排名和語義差距方面的初始投資為個性化搜索奠定了基礎，這使買家更容易找到他們正在尋找的東西，並從我們超過 8500 萬件商品中獲得靈感。

Buyers are now scrolling through fewer listings, which is making search less overwhelming and more rewarding. And of course, it's about so much more than just search. We continue to make investments to improve the product experience in many, many ways. Two examples in the fourth quarter were the launch of installment payments and the ability to filter searches around expected delivery dates. So you can see just items that are going to arrive within your time frame.

買家現在滾動瀏覽更少的列表，這使得搜索不那麼勢不可擋，而且更有價值。當然，它不僅僅是搜索。我們繼續進行投資，以多種方式改善產品體驗。第四季度的兩個例子是分期付款的推出和圍繞預期交貨日期過濾搜索的能力。因此，您只能看到將在您的時間範圍內到達的項目。

And just as our product experience improved, so has our brand awareness. We made significant strides in marketing in 2020, expanding the visibility of our brand globally. Our brand team launched 5 different creative campaigns in the U.S., the U.K. and Germany, with a record number of impressions and share of voice to cut through. And we expanded our performance marketing and our CRM campaigns very materially, equipping our teams with more resources and better tools within our Martech stack and turbocharging the success of our performance marketing campaigns through our Offsite Ads program. Our top of mind awareness has grown, and we have so much room yet to grow it further.

正如我們的產品體驗得到改善一樣，我們的品牌知名度也得到了提升。 2020 年，我們在營銷方面取得了重大進展，擴大了我們品牌的全球知名度。我們的品牌團隊在美國、英國和德國發起了 5 項不同的創意活動，獲得了創紀錄的印象和廣告份額。我們非常實質性地擴展了我們的績效營銷和 CRM 活動，為我們的團隊配備了更多的資源和更好的工具在我們的 Martech 堆棧中，並通過我們的場外廣告計劃推動了我們的績效營銷活動的成功。我們的首要意識已經增長，我們還有很大的空間來進一步發展它。

I also want to take a minute to highlight some of the critical infrastructure investments we make that maybe aren't as obvious to the outside world but are so important to our success as a business. For example, I'd like to give a shout out to our member services and trust and safety teams. In early spring, demand on Etsy suddenly instantaneously and unexpectedly more than doubled. And of course, that created a dramatic increase in customer support and trust and safety tickets. And our team rose to that challenge and delivered against the very high levels of customer satisfaction that our customers expect and deserve. That's only possible because of the tooling and the infrastructure and the capabilities that we have built as a team over the past several years.

我還想花點時間強調一下我們進行的一些關鍵基礎設施投資，這些投資對外界來說可能並不那麼明顯，但對我們作為企業的成功卻非常重要。例如，我想向我們的會員服務以及信任和安全團隊大聲疾呼。在早春，對 Etsy 的需求突然瞬間出人意料地增加了一倍多。當然，這極大地增加了客戶支持以及信任和安全票。我們的團隊迎接了這一挑戰，並實現了客戶期望和應得的極高客戶滿意度。這是唯一可能的，因為我們在過去幾年中作為一個團隊構建的工具、基礎設施和能力。

And in addition to providing high-quality customer support, we work very hard to make customer support at Etsy ever more human. In fact, in the fourth quarter of 2020, 73% of customer contacts were handled real time, meaning they're voice or chat, which is quite a dramatic change from where we were just 2 years ago.

除了提供高質量的客戶支持外，我們還努力使 Etsy 的客戶支持更加人性化。事實上，在 2020 年第四季度，73% 的客戶聯繫是實時處理的，這意味著他們是語音或聊天，這與我們 2 年前的情況相比是一個巨大的變化。

2 years ago, we described to all of you our long-term right to win strategy, which propelled our growth in 2020 and is more relevant than ever. We're building upon that momentum to deepen and strengthen in each of the 4 areas that make up our right to win. We didn't pivot to meet the demands of 2020. Rather, we doubled down on this strategy, which has allowed us to meet the demands in 2020 and we believe will continue to strengthen our business for years to come.

2 年前，我們向大家描述了我們的長期制勝權戰略，該戰略推動了我們在 2020 年的增長，並且比以往任何時候都更有意義。我們正在建立這種勢頭，以深化和加強構成我們獲勝權利的 4 個領域中的每一個領域。我們沒有轉向滿足 2020 年的需求。相反，我們加倍努力實施這一戰略，這使我們能夠滿足 2020 年的需求，我們相信在未來幾年將繼續加強我們的業務。

We have a deep passion for the Etsy community, specifically our buyers and sellers who come to Etsy to express themselves or to turn their creative passion into a business. We believe that the opportunity is large. The shift in customer behavior has brought more sales online, and we know that for almost every purchase occasion, we have something delightful on Etsy to offer.

我們對 Etsy 社區懷有濃厚的熱情，尤其是來到 Etsy 表達自我或將他們的創意熱情轉化為業務的買家和賣家。我們認為機會很大。客戶行為的轉變帶來了更多的在線銷售，而且我們知道，對於幾乎每一個購買場合，我們都會在 Etsy 上提供一些令人愉快的東西。

In 2021, our focus areas will be centered around things that continue to differentiate the Etsy experience from all of the other players in e-commerce. In search and discovery, our big tracks of work involve making it easier to find just the right thing even when you don't have the right words to describe it and helping to surprise and inspire people, being a place where buyers can come and browse, lean back and find inspiration.

2021 年，我們的重點領域將圍繞繼續將 Etsy 體驗與電子商務中所有其他參與者區分開來的事物。在搜索和發現方面，我們的主要工作包括讓您更容易找到合適的東西，即使您沒有合適的詞來描述它，並幫助給人們帶來驚喜和啟發，成為買家可以前來瀏覽的地方，靠在椅背上尋找靈感。

Personalization is a very important focus, helping people to find things they didn't even ask for but know it when they see it. And we've barely begun to unpack the opportunity in personalization. We'll lean into this in superhuman ways, combining the latest of AI with human curation, leveraging the power of our community and our team to help curate items and use those to train models to become ever more personalized.

個性化是一個非常重要的重點，幫助人們找到他們甚至沒有要求但在看到時就知道的東西。我們才剛剛開始挖掘個性化的機會。我們將以超人的方式解決這個問題，將最新的 AI 與人類策劃相結合，利用我們社區和團隊的力量來幫助策劃項目，並使用它們來訓練模型，使其變得更加個性化。

We want to leverage the distinct power of our growing community to help make Etsy less overwhelming and made just for you. And we'll do all of this in ways that make Etsy even more human. For example, leveraging video. Unlike most products, every item on Etsy comes with a story. Every seller has his or her own story. And video is a powerful way to tell those stories. Plus, we can show buyers how the items look, how they feel, even how they sound. This is a great example of how we have so much more runway to more richly connect buyers and sellers. And once you find just the right item, you need the confidence to be willing to buy it.

我們希望利用我們不斷壯大的社區的獨特力量來幫助 Etsy 減少壓力並專為您打造。我們將以讓 Etsy 更加人性化的方式來做這一切。例如，利用視頻。與大多數產品不同，Etsy 上的每件商品都有一個故事。每個賣家都有自己的故事。視頻是講述這些故事的有力方式。此外，我們可以向買家展示商品的外觀、手感，甚至聲音。這是一個很好的例子，說明我們如何擁有更多跑道來更豐富地聯繫買賣雙方。一旦找到合適的商品，您就需要有信心願意購買。

In 2021, we're going to be very focused on the post-purchase experience, being transparent about when you can expect an item to arrive, being purposeful about when to communicate that in the purchase journey, making sure our sellers have all the right information that they need to meet the deadlines and letting buyers know that we have their back in case anything goes wrong. As we work to become a habit for buyers, it becomes even more important that they trust us and see Etsy as reliable. We'll have so much more to tell you about our product road map as we progress throughout the year, but we couldn't be more excited about what's on deck for 2021.

2021 年，我們將非常關注售後體驗，讓您清楚知道商品何時可以送達，有目的地在購買過程中傳達這一點，確保我們的賣家擁有一切權利他們需要在最後期限前完成的信息，並讓買家知道如果出現任何問題，我們會支持他們。隨著我們努力成為買家的習慣，讓他們信任我們並認為 Etsy 可靠變得更加重要。隨著我們全年的進展，我們將有更多關於我們的產品路線圖的信息要告訴您，但我們對 2021 年的計劃感到無比興奮。

And I'd like to take just a minute to talk about Reverb, another example of the beauty of a 2-sided marketplace, especially when combined with strong execution in product and marketing. Reverb also had a fantastic 2020, growing faster than their market. And the company recently laid out their rights to win, their long-term strategy with key differentiators, which mirror Etsy's own and show just how much opportunity there is to grow the Reverb platform.

我想花一點時間談談 Reverb，它是雙面市場之美的另一個例子，尤其是在與產品和營銷方面的強大執行相結合時。 Reverb 在 2020 年也表現出色，增長速度超過了他們的市場。該公司最近制定了他們的製勝法寶，以及他們具有關鍵差異化因素的長期戰略，這反映了 Etsy 自己的戰略，並顯示了發展 Reverb 平台的機會有多大。

I also want to highlight our virtuous cycle and the progress that we've made in our economic, social and ecological pillars to benefit all of our stakeholders. Etsy has always believed that being a good citizen makes us an even stronger and more resilient business. And 2020 demonstrated that people are looking to shop their values. They're looking to put their money where their heart is. And they hold businesses to a higher standard.

我還想強調我們的良性循環以及我們在經濟、社會和生態支柱方面取得的進步，以造福於我們所有的利益相關者。 Etsy 一直相信，做一個好公民會讓我們成為一個更強大、更有彈性的企業。 2020 年表明人們正在尋求購買他們的價值觀。他們希望把錢花在他們的心上。他們讓企業達到更高的標準。

Since announcing our impact strategy in 2017, we've continued to evolve and update our goals. We're incredibly proud of the progress we've made in this past year. But we're not resting on our laurels. We're setting some aggressive new targets for 2021 and beyond, creating a more diverse, equitable and sustainable marketplace and supply chain to expand our economic impact. Etsy's economic output is now similar to the city of Houston.

自 2017 年宣布我們的影響戰略以來，我們一直在不斷發展和更新我們的目標。我們為過去一年取得的進步感到無比自豪。但我們並沒有滿足於現有的成就。我們正在為 2021 年及以後設定一些雄心勃勃的新目標，創造一個更加多樣化、公平和可持續的市場和供應鏈，以擴大我們的經濟影響。 Etsy 的經濟產出現在與休斯頓市相似。

We're continuing to build on our diverse and inclusive workforce at Etsy and at Reverb. I'm proud of the fact that, for example, we doubled the percentage of our leadership team that are underrepresented minorities. And we sourced 100% of our electricity from renewables. We've set a new goal, which is to be net 0 emissions by 2030.

我們將繼續在 Etsy 和 Reverb 建立多元化和包容性的員工隊伍。例如，我感到自豪的是，我們將領導團隊中少數族裔的比例翻了一番。我們 100% 的電力來自可再生能源。我們設定了一個新目標，即到 2030 年實現淨零排放。

Most importantly, you'll be able to read more about in our soon-to-be-filed integrated annual report where we're now using both the SASB and the TCFD frameworks to help you better track all of our strategies and progress. As we look forward over many years, we continue to believe that e-commerce is consolidating around fewer and fewer scaled e-commerce platforms. And we believe that Etsy is better positioned than ever to be one of those few scaled platforms, a brand which rises above the rest by standing for something truly unique and different, standing for the individual creators and for keeping commerce human.

最重要的是，您將能夠在我們即將提交的綜合年度報告中閱讀更多相關信息，我們現在正在使用 SASB 和 TCFD 框架來幫助您更好地跟踪我們的所有戰略和進展。展望未來多年，我們仍然相信電子商務正在圍繞越來越少的規模化電子商務平台進行整合。我們相信，Etsy 比以往任何時候都更有能力成為少數幾個規模化平台之一，這個品牌通過代表真正獨特和不同的東西、代表個人創作者和保持商業人性而超越其他品牌。

I believe Etsy can and should be a massive force in the world. The world has taken notice, and we have strong conviction that our opportunity is bigger than ever.

我相信 Etsy 可以而且應該成為世界上一股巨大的力量。全世界都注意到了，我們堅信我們的機會比以往任何時候都大。

I'd like to close by thanking our team once again for their passion, their creativity and their conviction. And now I'll turn it over to Rachel.

最後，我想再次感謝我們的團隊，感謝他們的熱情、創造力和信念。現在我將把它交給雷切爾。

Thanks, Josh, and thank you, everyone, for joining us for our Q4 earnings call. My commentary today will cover consolidated results, key drivers of performance and Etsy's stand-alone results where appropriate.

謝謝，Josh，也感謝大家加入我們的第四季度財報電話會議。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）。

On a consolidated basis, Etsy's fourth quarter GMS grew 118% to $3.6 billion. Revenue grew 129% to $617 million. And we delivered adjusted EBITDA of nearly $192 million, capping off a strong year where we achieved industry-leading growth and record profitability. Etsy's stand-alone Q4 GMS grew 127% to $3.4 billion. Our disciplined investment strategy and strong execution drove more adjusted EBITDA in the fourth quarter than in all of 2019.

在綜合基礎上，Etsy 第四季度的 GMS 增長了 118%，達到 36 億美元。收入增長 129% 至 6.17 億美元。我們實現了近 1.92 億美元的調整後 EBITDA，為我們實現行業領先的增長和創紀錄的盈利能力的強勁年度畫上了句號。 Etsy 的獨立第四季度 GMS 增長了 127%，達到 34 億美元。我們嚴格的投資策略和強大的執行力推動第四季度調整後的 EBITDA 超過 2019 年全年。

Top line growth exceeded our Q4 guidance, which had projected a steeper decelerating GMS trend due primarily to 2 factors: first, masks contracting as a percent of overall GMS; and second, the uncertainty of consumer spending patterns and global economies related to the pandemic.

收入增長超出了我們第四季度的指導，該指導預計 GMS 的減速趨勢會更加陡峭，這主要是由於兩個因素：首先，口罩收縮佔總體 GMS 的百分比；其次，與大流行相關的消費者支出模式和全球經濟的不確定性。

As Josh mentioned earlier, international growth was robust in 2020. In Q4, consolidated international GMS expanded 500 basis points sequentially to 40% of overall GMS. International GMS was up 140% on a constant currency basis and was driven in part by strong trends in the U.K. and Germany. Our fastest-growing trade route in the fourth quarter was once again our domestic sales between buyers and sellers within the same country.

正如 Josh 之前提到的，2020 年國際增長強勁。第四季度，綜合國際 GMS 連續擴大 500 個基點，佔整體 GMS 的 40%。按固定匯率計算，國際 GMS 增長了 140%，部分原因是英國和德國的強勁趨勢。我們在第四季度增長最快的貿易路線再次是我們在同一國家/地區的買賣雙方之間的國內銷售。

It's also worth noting that we are disclosing U.K. revenue, which is based on the location of the seller, for the first time as it was more than 10% for 2020 at $196 million. We're adding India as a core market, bringing our total focus markets to 7, given heightened investments we've been making to build the foundation of incredible inventory from creative entrepreneurs in that country.

還值得注意的是，我們首次披露了基於賣家所在位置的英國收入，因為 2020 年該收入超過 10%，達到 1.96 億美元。我們將印度添加為核心市場，使我們的總重點市場達到 7 個，因為我們一直在加大投資，以建立來自該國創意企業家的令人難以置信的庫存基礎。

Etsy had an exceptional holiday as the shopping season started earlier and growth rates exceeded prior years, providing a meaningful tailwind in the quarter, setting some exciting records as shown on this slide. We told you on our last call how we would be investing heavily in product and marketing to make Etsy a wonderful holiday shopping destination, and these investments really paid off. Etsy's peak holiday shopping day was Small Business Saturday. Growth was up 150% year-over-year, and we generated over $50,000 in GMS per minute. This is especially important as it gives them more than 4 million small businesses on our platform relevance and a voice during this important time in retail.

Etsy 度過了一個特別的假期，因為購物季提前開始並且增長率超過往年，在本季度提供了有意義的順風，創造了一些令人興奮的記錄，如本幻燈片所示。我們在上次電話會議上告訴您我們將如何大力投資產品和營銷，使 Etsy 成為絕佳的假日購物目的地，這些投資確實得到了回報。 Etsy 的假日購物高峰日是小型企業星期六。同比增長 150%，我們每分鐘產生超過 50,000 美元的 GMS。這一點尤其重要，因為它讓超過 400 萬家小企業在我們的平台上具有相關性，並在這個零售業的重要時期擁有發言權。

We also continue to see growth in our top 6 categories with homewares and home furnishings, our largest and fastest-growing category, growing 226% during the 5 days of Thanksgiving to Cyber Monday. All of the work we've done to keep Etsy top of mind and ensure we could handle the surge in activity enabled us to deliver great results. Not only did our holiday season start earlier, we also peaked higher and sustained strengths longer than in prior holiday periods.

我們還繼續看到我們最大和增長最快的類別家庭用品和家居用品的前 6 大類別在感恩節到網絡星期一的 5 天裡增長了 226%。我們所做的所有工作都是為了將 Etsy 放在首位，並確保我們能夠應對活動激增，這使我們能夠取得出色的成績。我們的假期不僅開始得更早，而且與之前的假期相比，我們也達到了更高的峰值並持續了更長的時間。

We saw continued strong growth across many of our categories to end 2020, especially in our top 6, which for all of 2020 represented over 80% of Etsy GMS growing 85% year-over-year. You can see the full year category growth on this slide. Globally, Etsy's growth is distributed in over 50 different retail categories. Outside of the top 6 categories, full year growth was 115%, excluding mask sales, powered by segments such as toys and games and pet supplies. As expected, mask sales continued to contract as a percent of overall GMS to 4% in Q4, down from 11% in Q3 and 14% in Q2, a trend which we expect to continue.

到 2020 年底，我們看到我們的許多類別持續強勁增長，尤其是我們的前 6 大類別，在 2020 年全年佔 Etsy GMS 的 80% 以上，同比增長 85%。您可以在這張幻燈片上看到全年類別增長。在全球範圍內，Etsy 的增長分佈在 50 多個不同的零售類別中。在前 6 大類別之外，全年增長率為 115%，不包括面具銷售，主要受玩具和遊戲以及寵物用品等細分市場的推動。正如預期的那樣，第四季度口罩銷售額佔整體 GMS 的百分比繼續收縮至 4%，低於第三季度的 11% 和第二季度的 14%，我們預計這一趨勢將繼續下去。

Following the steady trend of 93% year-over-year growth in Q2 and Q3, nonmask GMS growth accelerated sequentially to 118% in Q4. In addition, we're seeing very healthy underlying trends from mask buyers. Of the 3 million mask-only buyers in Q3, approximately 50% returned in Q4 for a nonmask purchase. This is up 12 percentage points compared to Q3, a great signal, but we are retaining and converting buyers who are coming to Etsy for some of their essential purchases.

繼第二季度和第三季度同比增長 93% 的穩定趨勢之後，非口罩 GMS 增長在第四季度環比加速至 118%。此外，我們從口罩買家那裡看到了非常健康的潛在趨勢。在第三季度的 300 萬隻購買口罩的買家中，大約 50% 的人在第四季度返回購買了非口罩。與第三季度相比，這一數字上升了 12 個百分點，這是一個很好的信號，但我們正在留住並轉化那些來到 Etsy 購買一些必需品的買家。

Consolidated Q4 revenue was driven by growth in both marketplace and services revenue, in particular, key drivers for GMS volume, Etsy Payments, Etsy Ads and Offsite Ads revenue. Etsy Ads, Offsite Ads and our expanded Etsy Payments platform combined helped to sustain take rate at 17.1% in Q4, a quarter where historically take rates contract due to seasonality. 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.

第四季度合併收入受到市場和服務收入增長的推動，尤其是 GMS 銷量、Etsy 支付、Etsy 廣告和場外廣告收入的主要驅動力。 Etsy Ads、Offsite Ads 和我們擴展的 Etsy Payments 平台共同幫助將第 4 季度的採用率維持在 17.1%，該季度歷史上由於季節性因素導致採用率收縮。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。

On a consolidated basis, onsite Etsy Ads and Reverb's bump offering grew 74% year-over-year with both marketplaces improving our ad platforms and enhance the functionality and user experience for sellers and show more relevant ads to buyers. Etsy's Offsite Ads continue to yield encouraging returns, with opt-out rates remaining less than 2%. We're optimizing return and channel mix for our sellers' listings, now incorporating buyer segment information in the signals we send to our ad partners, including differentiated LTVs to drive efficiency.

在合併的基礎上，現場 Etsy Ads 和 Reverb 的 bump 產品同比增長 74%，這兩個市場都改進了我們的廣告平台，增強了賣家的功能和用戶體驗，並向買家展示了更多相關的廣告。 Etsy 的站外廣告繼續產生令人鼓舞的回報，選擇退出率仍低於 2%。我們正在優化賣家列表的回報和渠道組合，現在將買家細分信息納入我們發送給廣告合作夥伴的信號中，包括差異化的 LTV 以提高效率。

In the second half of 2020, 9% of Etsy's stand-alone GMS earned an Offsite Ads fee. This effective increase in take rate enables us to invest more on behalf of our sellers while maintaining our ROI threshold. From a seller's perspective, the return on ad spend is in the range of 6x to 8x on the high end for any ad product. And this is a risk-free investment since the seller only pays the fee when she makes a sale.

2020 年下半年，Etsy 9% 的獨立 GMS 賺取了站外廣告費。採取率的這種有效提高使我們能夠代表我們的賣家進行更多投資，同時保持我們的投資回報率門檻。從賣家的角度來看，任何廣告產品的廣告支出回報率都在 6 到 8 倍的高端範圍內。這是一項無風險的投資，因為賣家僅在銷售時支付費用。

Gross margin was 76%, up 920 basis points compared to last year and continue to benefit from our shift to Offsite Ads, which delivers incremental revenue without an equal offset in cost of revenue. And to a lesser extent, the change to Reverb's transaction fee also expanded gross margin in Q4 since this was the first full quarter of consolidated P&L benefit.

毛利率為 76%，與去年相比上升了 920 個基點，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。在較小程度上，Reverb 交易費用的變化也擴大了第四季度的毛利率，因為這是合併損益收益的第一個完整季度。

We're scaling our investments in 2 ways, both in marketing and product development. On this slide, we've shown you marketing as a percentage of GMS versus buyer growth to illustrate how we scaled marketing to drive returns. As you know, we've been leaning in more heavily to upper-funnel channels, in particular, and these investments are having the desired impact. For example, in the fourth quarter, we saw year-over-year improvements in prompted and unprompted awareness and positive gains in several key brand metrics. We also track monthly movement in brand familiarity, emotional closeness, relevance and everydayness and are seeing strong progress here as well.

我們正在以兩種方式擴大我們的投資，包括營銷和產品開發。在這張幻燈片上，我們向您展示了營銷佔 GMS 與買家增長的百分比，以說明我們如何擴展營銷以推動回報。如您所知，我們一直更傾向於上層漏斗渠道，尤其是這些投資正在產生預期的影響。例如，在第四季度，我們看到有提示和無提示的知名度同比有所提高，幾個關鍵品牌指標也取得了積極進展。我們還跟踪品牌熟悉度、情感親近度、相關性和日常性的月度變化，並且在這方面也取得了長足的進步。

I want to highlight some specifics around our Q4 TV investments. As mentioned last quarter, we ran 2 separate TV campaigns during the holiday period, one aimed to drive purchases and another designed to build brand affinity and deepen the emotional connection to Etsy. Both campaigns, in addition to various other efforts in media and PR, earned Etsy's marketing team as one of Ad Age's Marketers of the Year alongside some of the world's most well-known brands. Overall, both campaigns outperformed our expectations, driving visits and conversion rate and ultimately incremental GMS, despite an increase in CPMs as many retailers stepped up spend to close the year.

我想強調一些關於我們第四季度電視投資的細節。正如上個季度所述，我們在假期期間開展了 2 個獨立的電視活動，一個旨在推動購買，另一個旨在建立品牌親和力並加深與 Etsy 的情感聯繫。這兩項活動，加上在媒體和公關方面的各種其他努力，使 Etsy 的營銷團隊與一些世界上最知名的品牌一起成為廣告時代的年度營銷人員之一。總體而言，這兩個活動的表現都超出了我們的預期，推動了訪問量和轉化率，並最終增加了 GMS，儘管由於許多零售商在年底增加了支出，每千次展示費用有所增加。

Q4 consolidated marketing spend was $211 million, up 151% year-over-year. Brand marketing spend, which includes television and digital video, was 23% of our consolidated marketing spend in Q4 and 24% in Q4 last year versus 18% in Q3. This represents approximately $49 million of the spend in the fourth quarter.

第四季度綜合營銷支出為 2.11 億美元，同比增長 151%。包括電視和數字視頻在內的品牌營銷支出占我們第四季度綜合營銷支出的 23%，去年第四季度為 24%，而第三季度為 18%。這相當於第四季度支出的大約 4900 萬美元。

In our performance marketing channels, we've rapidly scaled our spend as a result of Offsite Ads. Performance marketing spend was $147 million, up 193% year-over-year and up 65% compared to last quarter. We're also hard at work improving our owned channels, building out use cases for our new CRM tools such as personalized e-mails or targeted push notifications. We're investing to drive efficiencies in each and every channel across the funnel to bring in new buyers and drive frequency.

在我們的績效營銷渠道中，由於場外廣告，我們迅速擴大了支出。績效營銷支出為 1.47 億美元，同比增長 193%，與上一季度相比增長 65%。我們還努力改進我們的自有渠道，為我們的新 CRM 工具構建用例，例如個性化電子郵件或有針對性的推送通知。我們正在投資以提高漏斗中每個渠道的效率，以吸引新買家並提高頻率。

The other lever for improvement in GMS is our investment in product development, which you can see illustrated on this slide. This spend drives higher conversion rate from new and repeat buyers and increased frequency. The impact of this investment is evident both in our GMS growth, our experiment velocity and accelerated hiring with a larger product development investment as seen on our P&L. We ended the year with 1,414 employees, an increase of 14% compared to last year. As Josh mentioned earlier, we're getting twice the leverage from our product teams with an ambitious investment road map.

改進 GMS 的另一個槓桿是我們對產品開發的投資，您可以在這張幻燈片上看到這一點。這筆支出提高了新買家和回頭客的轉化率，並增加了頻率。從我們的損益表中可以看出，這項投資的影響在我們的 GMS 增長、我們的實驗速度和通過更大的產品開發投資加速招聘方面都很明顯。我們在年底擁有 1,414 名員工，比去年增加了 14%。正如 Josh 之前提到的，我們通過雄心勃勃的投資路線圖從我們的產品團隊那裡獲得了兩倍的影響力。

Moving to our operating metrics. We are really pleased with the continued increases in new buyers and reactivation of our large base of existing buyers. For example, in the fourth quarter, active buyers grew 77% year-over-year to approximately $81 million for the Etsy Marketplace and a 92% increase in new and reactivated buyers. GMS per active buyer on a trailing 12-month basis grew 13% year-over-year, driven in part by habitual buyers, which grew over 157% in Q4. This is up from 100% growth in the third quarter, the third quarter of sequential acceleration in this valuable segment. Also, 11% of repeat buyers in Q3 became habitual buyers in Q4, and we now have 6.5 million habitual buyers.

轉向我們的運營指標。我們對新買家的持續增加和我們龐大的現有買家群的重新激活感到非常高興。例如，在第四季度，Etsy Marketplace 的活躍買家同比增長 77% 至約 8100 萬美元，新買家和重新激活的買家增加了 92%。在過去 12 個月的基礎上，每個活躍買家的 GMS 同比增長 13%，部分原因是習慣買家在第四季度增長了 157% 以上。這高於第三季度 100% 的增長，第三季度這一有價值的細分市場連續加速。此外，第三季度有 11% 的重複購買者在第四季度成為習慣性購買者，我們現在有 650 萬習慣性購買者。

In addition to our habitual buyers, many of our other buyer segments exhibited tremendous growth. For example, repeat buyers, those who made purchases on 2 or more days in a 12-month period, grew 97% to $32 million, approximately 20 percentage points faster than overall active buyers and a sequential acceleration compared to last quarter.

除了我們的慣常買家外，我們的許多其他買家群體也表現出巨大的增長。例如，在 12 個月內購買 2 天或更多天的回頭客增長了 97%，達到 3200 萬美元，比整體活躍買家快約 20 個百分點，與上一季度相比呈連續加速。

2020 was an unprecedented year as all of our buyer cohorts inflected higher during the period. Slide 35 shows 2020 GMS per buyer and the year-over-year growth from each of our last 5 cohorts. We're pleased to see that our older cohorts, such as the 2015 cohort, who have been on the platform for 5 years, generated the highest GMS per buyer and grew as fast as our more recent cohorts. For our newer cohorts in 2020, we've seen a meaningful improvement in their purchase behavior. Approximately 22% of new buyers in 2020 became repeat buyers within 60 days of their first purchase, up from 16% in 2019. These data points are indicative that the underlying trends in our marketplace continue to improve.

2020 年是前所未有的一年，因為我們所有的買家群體在此期間都出現了上漲。幻燈片 35 顯示了 2020 年每個買家的 GMS 以及我們最後 5 個隊列中每個隊列的同比增長。我們很高興地看到我們的老一輩，例如 2015 年的一批，他們已經在這個平台上工作了 5 年，每個買家產生了最高的 GMS，並且增長速度與我們最近的一批一樣快。對於我們 2020 年的新隊列，我們看到他們的購買行為有了有意義的改善。 2020 年，大約 22% 的新買家在首次購買後的 60 天內成為回頭客，高於 2019 年的 16%。這些數據點表明我們市場的潛在趨勢繼續改善。

Moving to the balance sheet. As of 12/31, we had $1.7 billion in cash, cash equivalents and short-term investments, in addition to a $200 million revolver that is currently undrawn. In Q4, we repurchased $78 million of our stock or 618,841 shares at an average price of $125 per share. We've now completed the November 2018 buyback program, repurchasing approximately $200 million of stock or roughly 3 million shares at an average price of $64.80. Our Board of Directors recently authorized a new $250 million stock repurchase program.

轉到資產負債表。截至 12 月 31 日，我們有 17 億美元的現金、現金等價物和短期投資，此外還有 2 億美元的循環貸款目前尚未提取。在第四季度，我們以每股 125 美元的平均價格回購了 7800 萬美元的股票或 618,841 股股票。我們現已完成 2018 年 11 月的回購計劃，以 64.80 美元的平均價格回購了約 2 億美元的股票或約 300 萬股。我們的董事會最近批准了一項新的 2.5 億美元的股票回購計劃。

And turning to our outlook. While it is our normal practice to provide annual guidance as a basic framework for our business, given the continued uncertainties facing Etsy, e-commerce at large and global macroeconomic conditions that impact consumer spending, we are only providing guidance for Q1 at this time. We currently estimate Q1 consolidated GMS to be approximately $3 billion, up about 115% to 125% compared to Q1 of last year; revenue of $513 million to $536 million, up 125% to 135% versus last year; and adjusted EBITDA of $168 million to $178 million with a margin in the range of 32% to 34%.

並轉向我們的前景。雖然我們的常規做法是提供年度指導作為我們業務的基本框架，但鑑於 Etsy、大型電子商務和影響消費者支出的全球宏觀經濟狀況面臨的持續不確定性，我們目前只提供第一季度的指導。我們目前估計第一季度綜合 GMS 約為 30 億美元，與去年第一季度相比增長約 115% 至 125%；收入為 5.13 億美元至 5.36 億美元，比去年增長 125% 至 135%；調整後的 EBITDA 為 1.68 億美元至 1.78 億美元，利潤率在 32% 至 34% 之間。

In giving this outlook for Q1, we have the benefit of nearly 2 months of the quarter already in the books. January was very strong, but it was clear to us it was helped in part by a tailwind from stimulus checks. We want to call this out as we do not currently expect to have the same tailwind in Q2 and, in fact, can already see that February relative to January is less strong without that boost from stimulus. Furthermore, the recent weather events in the South and the Pacific Northwest had a very clear impact on our GMS in the past week, another reminder that certain unpredictable macro events beyond our control are apt to create volatility in our performance.

在給出第一季度的展望時，我們已經受益於本季度近 2 個月的收益。 1 月份非常強勁，但我們很清楚，這在一定程度上得益於刺激檢查的順風。我們想指出這一點，因為我們目前預計第二季度不會有同樣的順風，事實上，如果沒有刺激措施的提振，2 月份相對於 1 月份的表現就不那麼強勁了。此外，南部和太平洋西北部最近的天氣事件在過去一周對我們的 GMS 產生了非常明顯的影響，這再次提醒我們，某些我們無法控制的不可預測的宏觀事件很容易造成我們業績的波動。

As you update your models and think about the cadence of growth for 2021 and beyond, we'd like to remind you of a few things. During the latter part of Q1, Etsy will lap a period of negative growth rates that spanned from mid- to late March 2020. The outlook I just gave for Q1 includes several weeks of comping this low point. Then, as you recall, on April 2, 2020, we saw the start of significant unprecedented growth initially catalyzed by demand for face masks. In total, 2020 face masks exceeded $740 million, with $346 million in Q2 and $264 million in Q3. While face masks versus nonface masks GMS trends have certainly been encouraging, our expectation is that year-over-year quarterly growth rate comparisons will be challenging when you eliminate the face mask sales from your forward models.

當您更新模型並考慮 2021 年及以後的增長節奏時，我們想提醒您幾件事。在第一季度後期，Etsy 將經歷一段從 2020 年 3 月中旬到下旬的負增長率。我剛剛給出的第一季度展望包括幾個星期的低點。然後，正如您所記得的那樣，在 2020 年 4 月 2 日，我們看到了最初由口罩需求推動的前所未有的顯著增長的開始。總的來說，2020 年口罩的銷售額超過 7.4 億美元，其中第二季度為 3.46 億美元，第三季度為 2.64 億美元。雖然面罩與非面罩的 GMS 趨勢肯定令人鼓舞，但我們預計，當您從遠期模型中剔除面罩銷售時，同比季度增長率比較將具有挑戰性。

In 2020, Etsy growth outpaced the broader e-commerce sector. While we are not giving the full year guidance today, it may be informative to look at third-party data and research on how they are projecting growth for the industry this year. It suggests that for the sector, Q1 2021 growth will be approximately in line with Q4 2020 and that the industry will start to more rapidly decelerate starting in Q2 with the majority of incremental growth for the year realized in the first quarter. It remains our ambition to continue to outgrow e-commerce, propelled by the underlying changes we've seen in the marketplace and the heightened awareness of our differentiated brand.

2020 年，Etsy 的增長超過了更廣泛的電子商務領域。雖然我們今天沒有給出全年的指導，但查看第三方數據和研究他們如何預測該行業今年的增長可能會提供信息。這表明，對於該行業，2021 年第一季度的增長將與 2020 年第四季度大致持平，並且該行業將從第二季度開始更快地減速，其中大部分增量增長是在第一季度實現的。在我們在市場上看到的潛在變化以及我們差異化品牌意識的提高的推動下，我們仍然有志於繼續超越電子商務。

However, we also know, we hope, that as the world opens up later this year, consumers will soon be able to spend more of their money on travel, dining and entertainment. And this will create some headwind in Etsy's growth relative to 2020.

然而，我們也知道，我們希望，隨著今年晚些時候世界的開放，消費者將很快能夠將更多的錢花在旅遊、餐飲和娛樂上。相對於 2020 年，這將對 Etsy 的增長造成一些阻力。

Last note on the revenue outlook. Historically, there is some favorable seasonality to our first quarter take rate. This year, we also benefit from Offsite Ads, additional Etsy Payment geographies and Reverb's higher transaction fee. As we think about the quarterly cadence of take rate throughout the year, Q1 may represent the high-water mark for 2021 take rate.

關於收入前景的最後說明。從歷史上看，我們的第一季度採用率有一些有利的季節性。今年，我們還受益於場外廣告、更多 Etsy 支付地區和 Reverb 更高的交易費用。當我們考慮全年採用率的季度節奏時，第一季度可能代表 2021 年採用率的高水位線。

On expenses, 2 points to keep in mind. First, we want to reiterate that our revenue per headcount is significantly higher than our peers and results in margins that are stronger than we want given the many opportunities we see to invest for growth. So as you think about expense trends and margin drivers, keep in mind that we are investing in talent and accelerating our pace of hiring in 2021 with a particular focus on product and engineering.

關於費用，要記住兩點。首先，我們要重申，我們的人均收入明顯高於同行，鑑於我們看到有許多投資增長的機會，因此利潤率比我們想要的要高。因此，當您考慮費用趨勢和利潤率驅動因素時，請記住，我們正在投資人才並加快 2021 年的招聘步伐，特別關注產品和工程。

Second, we exceed the revenue threshold in many international geographies for collecting and remitting digital sales tax. This obligation will grow as our business continues to expand. We have more conviction than ever to invest in our business for the long term, building top of mind awareness in the hearts and minds of consumers and continuing to gain market share. We're building on our momentum, and we expect to continue to capitalize on our large market opportunity.

其次，我們超過了許多國際地區徵收和繳納數字銷售稅的收入門檻。隨著我們業務的不斷擴大，這項義務也會增加。我們比以往任何時候都更有信心對我們的業務進行長期投資，在消費者的心中建立最重要的意識，並繼續獲得市場份額。我們正在增強我們的勢頭，我們希望繼續利用我們巨大的市場機會。

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. We are ready to go. We have a lot of questions in the chat box. So I'll just dive right in. If you have any additional questions, feel free to add them in as well.

大家好。很高興見到你。我們準備好了。我們在聊天框中有很多問題。所以我會直接深入。如果您有任何其他問題，請隨時添加。

The first question is from Rick Patel at Needham & Company. Can you update us on where you are in the personalization journey? What did you learn in 2020? And what can we look forward to in 2021? At what point will you have enough data and analytics to go beyond search and use personalization as a predictive tool?

第一個問題來自 Needham & Company 的 Rick Patel。你能告訴我們你在個性化旅程中的進展嗎？ 2020你學到了什麼？ 2021年我們可以期待什麼？在什麼時候您將擁有足夠的數據和分析來超越搜索並將個性化用作預測工具？

Josh, I think we should start with you on that one.

喬希，我認為我們應該從你開始。

Great. Thanks for the question. Yes, I mean, 2020 is really the first time that Etsy has started to be personalized in a meaningful way. And you're right that we started with search. I think we're in very early innings. And you can think about personalization very narrowly as knowing, for example, how we've started, what things have you searched for in the past, what things have you favorited in the past, what have you bought in the past and using that to inform your search results.

偉大的。謝謝你的問題。是的，我的意思是，2020 年確實是 Etsy 第一次開始以有意義的方式進行個性化。你是對的，我們從搜索開始。我認為我們處於非常早的局。您可以將個性化非常狹義地理解為知道，例如，我們是如何開始的，您過去搜索過什麼東西，過去喜歡什麼東西，過去買了什麼東西，並用它來告知您的搜索結果。

But taking the aperture out further, having a deeper understanding of what that might imply of your sense of style and understanding things like what style are all of these 80-plus million items, what are other people who bought these also been interested in, what might complete the look of this. It might not be that item at all, but it might be other things that match with that item. These are all areas of personalization, where we have not really even begun. And so I think we have a tremendous amount of opportunity still to go.

但是進一步擴大視野，更深入地了解這可能意味著您的風格，並了解這些 80 多萬件商品的風格，購買這些商品的其他人也對什麼感興趣，可能會完成這個外觀。它可能根本不是那個項目，但它可能是與那個項目匹配的其他東西。這些都是個性化領域，我們甚至還沒有真正開始。所以我認為我們還有很多機會可以去。

What we have learned, which is not surprising to us or anyone, is that it is actually valuable. Even in our first launches in personalization, it makes the experience better. It makes conversion rate go up. We're very optimistic about what it can do.

我們所學到的，這對我們或任何人來說都不足為奇，因為它實際上是有價值的。即使是在我們首次推出個性化產品時，它也會讓體驗變得更好。它使轉化率上升。我們對它能做什麼非常樂觀。

So if I think about personalization to your point of where else can you go, search and discovery, which I would think of as a lean and you type in a query at Etsy and we give you a more personalized set of results, is where we've started. Lean back is another opportunity for personalization. So think what kind of recommendations can we present to you, what kinds of things can we show you that would inspire you that you didn't even think to ask for but we happen to know that other people like you are interested.

因此，如果我考慮個性化，你還能去哪裡，搜索和發現，我認為這是一種精益，你在 Etsy 上輸入一個查詢，我們會給你一組更個性化的結果，這就是我們的地方開始了向後傾斜是個性化的另一個機會。所以想一想我們可以向您提出什麼樣的建議，我們可以向您展示什麼樣的事情會激發您的靈感，您甚至沒有想過要問，但我們碰巧知道像您這樣的其他人對此很感興趣。

And the other bucket that I think is very exciting is Offsite. When we are marketing to you, being on Facebook or Google or elsewhere, the ability to know more about you and be even more personalized in terms of how we reach out to you is an opportunity that I think is large and will continue to get better and better over time.

我認為非常令人興奮的另一個桶是 Offsite。當我們在 Facebook 或谷歌或其他地方向您營銷時，能夠更多地了解您並在我們如何與您聯繫方面更加個性化，這是一個巨大的機會，並且會繼續變得更好隨著時間的推移會更好。

Okay. Great. Thanks, Josh. Next one comes from John Colantuoni from Jefferies. GMS growth in the international business has been lagging modestly behind the U.S. until this most recent quarter. What were some of the key drivers of the acceleration in the international business during Q4? And what are some of the key learnings from that success that you can use as part of the broader framework to take advantage of the big opportunity outside of the U.S. in the years to come?

好的。偉大的。謝謝，喬希。下一篇來自 Jefferies 的 John Colantuoni。直到最近一個季度，GMS 國際業務的增長一直略微落後於美國。第四季度國際業務加速發展的主要驅動因素有哪些？您從這次成功中學到了哪些重要經驗教訓，您可以將其用作更廣泛框架的一部分，以在未來幾年利用美國以外的巨大機遇？

Let's start with that, and then maybe we can have Rachel chime in a little bit, too.

讓我們從這個開始，然後也許我們也可以讓 Rachel 插話一下。

Perfect. Okay. Great. One of the wonderful things about a 2-sided marketplace like Etsy is that it gets better as it gets bigger. There's a virtuous cycle that's turning. And so the growth in Etsy in our core international markets has been strong in the past but was truly extraordinary in 2020. And if I look at the U.K. in particular, which really had a breakout year, it does feel like that virtuous cycle just turned more and more.

完美的。好的。偉大的。像 Etsy 這樣的雙面市場的美妙之處之一是它隨著規模的擴大而變得更好。良性循環正在轉變。因此，Etsy 在我們核心國際市場的增長在過去一直很強勁，但在 2020 年確實非同尋常。如果我特別關注英國，它確實經歷了突破性的一年，確實感覺良性循環剛剛結束越來越多。

So it appears to us that going from a top 20 e-commerce brand to a top 10 e-commerce brand appears to have a really positive impact on our business, and going from top 10 to top 5 has a really positive impact in terms of brand awareness in the market. And it makes sense because what's happening is we're bringing vibrancy. We're bringing more sellers with more items so you can shop domestically more. And we're getting more buyers, which brings more sellers.

所以在我們看來，從前 20 名電子商務品牌到前 10 名電子商務品牌似乎對我們的業務產生了非常積極的影響，從前 10 名到前 5 名對我們的業務產生了非常積極的影響品牌在市場上的知名度。這是有道理的，因為正在發生的事情是我們帶來了活力。我們正在為更多賣家帶來更多商品，以便您可以更多地在國內購物。我們正在吸引更多的買家，這會帶來更多的賣家。

So part of what we're learning is what might be mechanisms where we can accelerate that brand awareness. How can we invest? There's a natural growth curve, which we ride, but how can we invest to make that happen even faster? You are seeing us do things like brand marketing in both the U.K. and in Germany. And as we always do with Etsy, we're very data driven. We're very experiment driven. And we're looking at what's that doing to our flywheel on both the demand and the supply side and how can we extrapolate that to think about ways to accelerate our growth even further in international.

因此，我們正在學習的部分內容可能是我們可以加速品牌知名度的機制。我們如何投資？有一條我們可以駕馭的自然增長曲線，但我們如何投資才能使它更快地發生？你看到我們在英國和德國做品牌營銷之類的事情。正如我們對 Etsy 所做的那樣，我們非常注重數據。我們非常注重實驗。我們正在研究在需求和供應方面對我們的飛輪做了什麼，以及我們如何推斷它以思考如何進一步加速我們在國際上的增長。

I don't have time to add. That was a perfect answer. I'd only add that with our -- we did invest more heavily in both the U.K. and Germany in the fourth quarter of this year, not only in brand but also in midfunnel. So we used -- actually, the entire funnel, we used a lot of our performance spend and some of that middle piece where we did social, and we were able to capture more of the audience specific to those markets with a personalized message for them in those markets.

我沒時間補充。這是一個完美的答案。我只想補充一點——我們在今年第四季度確實在英國和德國進行了更多投資，不僅在品牌方面，而且在漏斗中部。所以我們使用了 - 實際上，整個漏斗，我們使用了很多我們的性能支出和一些我們進行社交的中間部分，我們能夠通過為他們提供個性化信息來吸引更多特定於這些市場的觀眾在那些市場。

Thanks for mentioning that, Rachel. I'm going to build on that because we've talked about the opportunity in Martech and how our Martech capabilities can continue to get better and better. We weren't using the most up-to-date APIs and data feeds with partners like Google and Facebook in some of our international markets. And so part of what we did in the latter half of 2020 is really update those data feeds, which allowed us to be even more precise in our performance marketing and get better ROI. So a lot of things came together through 2020 that allowed us to really accelerate growth at a time when it really mattered, but there continues to be a really good pipeline of opportunity for us to get better in Martech, for sure.

謝謝你提到這一點，雷切爾。我將以此為基礎，因為我們已經討論了 Martech 的機會以及我們的 Martech 能力如何繼續變得越來越好。在我們的一些國際市場上，我們沒有與 Google 和 Facebook 等合作夥伴一起使用最新的 API 和數據源。因此，我們在 2020 年下半年所做的部分工作實際上是更新這些數據源，這使我們能夠更加精確地進行績效營銷並獲得更好的投資回報率。因此，到 2020 年，許多事情匯集在一起，使我們能夠在真正重要的時候真正加速增長，但可以肯定的是，我們仍然有很多機會在 Martech 方面做得更好。

Okay. Great. I'm going to move to one from Ed Yruma from KeyBanc. Can you provide a way to dimensionalize how broadly the consumer is shopping the assortment on Etsy? And are new and reactivated consumers shopping multiple categories?

好的。偉大的。我將轉到 KeyBanc 的 Ed Yruma 那裡。你能提供一種方法來衡量消費者在 Etsy 上購買商品的範圍嗎？新的和重新激活的消費者是否購買多個類別？

That's a little bit of tag team one, I think.

我認為這有點像雙打。

I'll start. And I think Rachel has given data, and I think she can give some more. But we're really pleased by the fact that we are seeing cross-category purchase. And I think that's really encouraging. What we know is that almost anything you want to buy, you can buy on Etsy. Not consumer electronics. I mean there's a couple of -- not travel. There's a few things, categories out there. But for the most part, things you need to buy and use, you can find them on Etsy. And our consumers are learning that more and more.

我會開始。我認為 Rachel 已經提供了數據，而且我認為她可以提供更多。但我們真的很高興看到跨類別的購買。我認為這真的很鼓舞人心。我們所知道的是，幾乎所有您想購買的東西都可以在 Etsy 上購買。不是消費電子產品。我的意思是有幾個——不是旅行。那裡有一些東西，類別。但在大多數情況下，您需要購買和使用的東西都可以在 Etsy 上找到。我們的消費者越來越了解這一點。

One data point that Rachel shared is that 50% of people who were mask-only buyers in the third quarter came back and bought a nonmask item in the fourth quarter, which we think is really encouraging. So we do like what we see. And honestly, during this time of COVID, people have had fewer options. So they've turned to Etsy more often and they're generally delighted by what they see in almost every category. They're going to find a really broad assortment of products. They're going to find that they're priced well. And getting something made just for you with a handwritten note is just a better way to shop.

Rachel 分享的一個數據點是，在第三季度只購買口罩的人中，有 50% 在第四季度回來購買了非口罩商品，我們認為這確實令人鼓舞。所以我們喜歡我們所看到的。老實說，在這段 COVID 期間，人們的選擇更少了。因此，他們更頻繁地求助於 Etsy，而且他們通常對幾乎每個類別中看到的內容感到高興。他們會找到種類繁多的產品。他們會發現他們的價格很合理。購買帶有手寫便條的專為您定制的商品是一種更好的購物方式。

So I'll add just a couple of additional data points there. One that I really like is that 2 or more purchases -- the percentage of buyers that had 2 or more purchases in 2020 was 48%. That's up from 41% a year ago. And when you look at those -- that category of buyers that have 2 or more purchases, the average was 5 purchases. That was the first time we crossed 5. So they're coming back much more frequently.

所以我將在那裡添加幾個額外的數據點。我真正喜歡的一個是購買了 2 次或更多次——2020 年購買了 2 次或更多次的買家比例為 48%。這比一年前的 41% 有所上升。當您查看那些購買 2 次或更多次的買家類別時，平均購買次數為 5 次。那是我們第一次超過 5。所以他們回來的頻率要高得多。

And then we've been -- we talked about this last time as well, but the number of buyers that make cross-category purchases was 17% in 2020. So that's buyers that came 4 -- 4 or more purchases across 2 or more categories. And so we're really seeing people exploring. I love the metric that Josh just threw out there, too, about the nonmask buyers coming back another time. And that really shows that the new buyers that we've obtained and the ones that we've reactivated are really exploring Etsy and understand the breadth of product that we have.

然後我們一直 - 我們上次也談到了這個問題，但是到 2020 年進行跨類別購買的買家數量為 17%。所以這是 4 次 - 4 次或更多次購買，跨越 2 次或更多次類別。所以我們真的看到人們在探索。我也喜歡喬什剛剛提出的關於不戴口罩的買家下次回來的指標。這確實表明我們獲得的新買家和我們重新激活的買家正在真正探索 Etsy 並了解我們擁有的產品的廣度。

Thanks, both of you. This one -- next one, I think, connects the dots on some of that. It's from Ygal Arounian from Wedbush. It's a 2-part question. Etsy is now one of the few marketplaces growing volume in triple digits and seeing growth accelerate in Q1. What is Etsy doing differently that is allowing you to keep buyer growth and volume so strong? And then the second piece of the question is really specifically to the different categories. Can you talk about specific category strength? How sustainable do you think the home goods category is for you? What are our expectations for weddings and bridal showers this year, which are typically important for you in Q2 to Q3? That's the many pieces.

謝謝，你們兩個。這個——我認為下一個，將其中的一些點聯繫起來。它來自 Wedbush 的 Ygal Arounian。這是一個由兩部分組成的問題。 Etsy 現在是為數不多的以三位數增長的市場之一，並且在第一季度增長加速。 Etsy 有何不同之處，使您能夠保持如此強勁的買家增長和交易量？然後第二個問題實際上是針對不同類別的。能說說具體的品類實力嗎？您認為家居用品類別對您的可持續性如何？我們對今年第二至第三季度的婚禮和新娘送禮會有何期望？這對您來說通常很重要？這就是很多部分。

Maybe, Josh, you want to start and then -- yes.

也許，喬希，你想開始，然後——是的。

Sure. And let me see if I can remember it all. First, in terms of what we're doing differently, it's hard for me to say because I have a lot more access to information about what Etsy does than what our competitors do. So I can talk about what we're doing. And honestly, I think a big part of it is we stand for something different. There's a bunch of places you can go where you can buy the exact same thing as somewhere else. And maybe it's $0.02 cheaper and will arrive an hour faster. And that's not always what people are solving for.

當然。讓我看看我是否能記住這一切。首先，就我們所做的不同而言，我很難說，因為與我們的競爭對手相比，我有更多關於 Etsy 做什麼的信息。所以我可以談談我們正在做的事情。老實說，我認為其中很大一部分是我們代表不同的東西。您可以去很多地方，在那裡您可以買到與其他地方完全相同的東西。也許它會便宜 0.02 美元，而且會快一個小時到達。這並不總是人們正在解決的問題。

And so I think the fact that we own a space in e-commerce that I think is both different and important is meaningful. And I think that, that means we have a real opportunity to grow share and continue to grow share over time. We're not following everyone else's playbook. And people are realizing more and more that Etsy is a different way to shop and, I think, a better way to shop very often.

因此，我認為我們在電子商務領域擁有一個我認為既不同又重要的空間這一事實是有意義的。而且我認為，這意味著我們有真正的機會來增加份額並隨著時間的推移繼續增加份額。我們不會跟隨其他人的劇本。人們越來越意識到 Etsy 是一種不同的購物方式，我認為這是一種更好的經常購物方式。

So that, I think, is the most important thing. We are firing on all cylinders as best we can. So I think our performance marketing team is doing great job. I think our brand marketing team is doing a great job. I think our product team has really been doing a lot of great work to ship great product improvements that make the customer experience better.

所以，我認為，這是最重要的事情。我們盡我們所能開足馬力。所以我認為我們的績效營銷團隊做得很好。我認為我們的品牌營銷團隊做得很好。我認為我們的產品團隊確實做了很多出色的工作來交付出色的產品改進，從而改善客戶體驗。

One of the things -- one of the questions I get often is sort of in what inning are you or how much good stuff is left at Etsy. One of the things that I mentioned in my prepared remarks is that hit rate went up. That's a fancy way of saying that a higher percentage of things we shipped in the fourth quarter had a really positive impact on the customer experience than in prior quarters. That would not suggest that we are running out of runway, rather, that we're getting better and better at unpacking new opportunities as we go. So I think the team is executing really well against the business that's differentiated. That's strong.

其中一件事——我經常收到的一個問題是，你在哪一局，或者 Etsy 還剩下多少好東西。我在準備好的發言中提到的一件事是命中率上升了。這是一種奇特的說法，與前幾個季度相比，我們在第四季度發貨的商品中有更高比例對客戶體驗產生了真正積極的影響。這並不意味著我們快要跑完跑道了，相反，我們在開拓新機會方面做得越來越好。所以我認為團隊在差異化業務方面表現得非常好。太強了

When -- there was another part of your question around category mix. Largely the same in the fourth quarter. Not -- I don't think a lot to report there.

什麼時候——你的問題的另一部分是關於類別組合的。第四季度大致相同。不——我認為在那里報告的內容不多。

In terms of home furnishings, let's talk about that one for a minute. Yes. Etsy is growing much faster than most players in home furnishings. And yet if you look at our total home furnishing sales versus the market for home furnishings, we are still a tiny part of the home furnishings market. And so I think there's an enormous amount of opportunity for Etsy to grow in home furnishings as with other categories.

在家居擺設方面，讓我們花一分鐘談談那個。是的。 Etsy 的增長速度遠超大多數家居用品玩家。然而，如果你看看我們的家居用品總銷售額與家居用品市場的對比，我們仍然只佔家居用品市場的一小部分。因此，我認為 Etsy 與其他類別一樣，在家居裝飾領域有巨大的發展機會。

Your question about weddings. Weddings grew about -- is growing about 30% year-over-year, which I think is a testament to the perseverance and creativity of the human spirit. In this moment in time, if you're finding a way to get married and get your community together virtually or whatnot, that's great. And so the fact that we're actually seeing weddings back to growing is a testament to our customers. But I hope that when people can get back together in person again, we might see weddings and events grow even faster, and that might be a tailwind for the business.

你關於婚禮的問題。婚禮數量增長了約 - 同比增長約 30%，我認為這證明了人類精神的毅力和創造力。在這個時刻，如果您正在尋找一種方法來結婚並讓您的社區虛擬地聚在一起或諸如此類的東西，那就太好了。因此，我們實際上看到婚禮恢復增長這一事實證明了我們的客戶。但我希望當人們能夠再次聚在一起時，我們可能會看到婚禮和活動增長得更快，這可能會推動業務發展。

I was just going to add an anecdote that if people were watching the inauguration, Bernie Sanders was featured wearing some mittens. And those mittens, forgetting the exact amount, were a blowout sale for that day or the day surrounding that on Etsy site. So people are -- and we saw the same sort of thing with the unfortunate passing of Ruth Bader Ginsburg, where all of a sudden, we were selling out of Ruth Bader Ginsburg merchandise. People are beginning to know that you can come to Etsy for anything and everything, not just the cushion on the couch but the couch itself, and you're seeing that in the category growth that we -- the numbers that we put out in our prepared remarks.

我只是想補充一則軼事，如果人們正在觀看就職典禮，伯尼·桑德斯 (Bernie Sanders) 會戴著連指手套。那些連指手套，忘記了確切的數量，是當天或 Etsy 網站上那天或周圍那一天的井噴銷售。所以人們 - 我們看到了與 Ruth Bader Ginsburg 的不幸逝世相同的事情，突然之間，我們賣掉了 Ruth Bader Ginsburg 的商品。人們開始知道你可以來 Etsy 買任何東西，不僅僅是沙發上的墊子，還有沙發本身，你在我們的品類增長中看到了這一點——我們在我們的網站上發布的數字準備好的言論。

$1.9 million.

190 萬美元。

$1.9 million for mittens and Bernie Sanders-related merchandise in the days following the inauguration.

190 萬美元用於購買連指手套和伯尼·桑德斯 (Bernie Sanders) 就職後幾天的相關商品。

Yes. Okay. Next one, I think I'll give these to you, Rachel, from Laura Champine at Loop. I'm hoping to get your target or expectations for 2 metrics, success-based GMS, 9% in Q4, and I assume we're talking about off-site ads there; and GMS from paid channels, 20% in -- 21% in Q4, excuse me.

是的。好的。下一個，我想我會把這些給你，Rachel，來自 Loop 的 Laura Champine。我希望在第 4 季度獲得您對 2 個指標的目標或期望，即基於成功的 GMS，9%，我想我們正在談論那裡的站外廣告；以及來自付費渠道的 GMS，第四季度為 20% - 21%，不好意思。

So you correctly cited those metrics, but the question was what is our -- what are the aspirational targets for that. So of course, we've only given you guidance for Q1 and we didn't guide on either of those metrics in particular. One thing I'll point out is that we're growing the entire pie, so not just our paid marketing. We still have a lot of heart for investment in our organic traffic. So we invest in SEO. We invest in brand marketing. We're really investing in top-of-mind awareness. So if I give you an aspiration for percentage that is chargeable or a percentage that is paid, you would be forgetting the denominator because we're growing. It's not a zero-sum game. We're growing both of those metrics considerably.

所以你正確地引用了這些指標，但問題是我們的目標是什麼。因此，當然，我們只為您提供了第一季度的指導，我們並沒有特別針對這兩個指標中的任何一個提供指導。我要指出的一件事是，我們正在擴大整個餡餅，而不僅僅是我們的付費營銷。我們仍然非常願意投資於我們的自然流量。所以我們投資於 SEO。我們投資於品牌營銷。我們真的在投資於最重要的意識。因此，如果我給你一個可收費百分比或已支付百分比的願望，你會忘記分母，因為我們正在增長。這不是零和遊戲。我們正在大幅提高這兩個指標。

We are opening up new channels for our Offsite Ads. We just announced, I think, yesterday that we have opened up some of our affiliate channels. So our sellers will now be able to have their products listed on many, many more sites than just the big ones, Google and Facebook. And so that's exciting for them, and we want to help them put their marketing dollars to work in the highest ROI positive ways that we can, so that we'll continue to optimize those channels. But we're just working the full funnel at all times.

我們正在為我們的站外廣告開闢新渠道。我想，我們昨天剛剛宣布我們已經開放了一些附屬渠道。因此，我們的賣家現在可以在更多的網站上展示他們的產品，而不僅僅是谷歌和 Facebook 等大網站。所以這對他們來說是令人興奮的，我們希望幫助他們以我們能做到的最高投資回報率的積極方式將他們的營銷資金用於工作，以便我們將繼續優化這些渠道。但我們一直都在處理整個漏斗。

Okay. Great. The next one I'm going to take is from Dillon Heslin at ROTH Capital. Can you talk about the impact initiatives like -- the impact that initiatives are having such as broader marketing efforts, Offsite Ads, retargeting and how that is having -- driving the growth in habitual buyers and repeat buyers? And I think this is the part of the question that's a little bit nuanced and different from what we've already answered. Are you able to identify certain characteristics of a new buyer that increases the likelihood that they can actually become a repeat buyer or a habitual buyer?

好的。偉大的。我要採取的下一個是來自 ROTH Capital 的 Dillon Heslin。您能否談談影響舉措，比如更廣泛的營銷工作、場外廣告、重新定位等舉措所產生的影響，以及這些影響是如何產生的——推動了習慣性購買者和回頭客的增長？我認為這是問題的一部分，與我們已經回答的內容有些細微差別。您是否能夠識別出新買家的某些特徵，這些特徵會增加他們真正成為回頭客或習慣性買家的可能性？

Great question. I mean on the first part, I think all parts of the funnel are playing a role in getting people to come back more often and become habitual buyers, and we're learning more about how they all work in conjunction. So 3 years ago and 4 years ago, we really only were deep in the bottom of the funnel in things like performance marketing, which matters. If you've gone to Google and you searched for a mug and you see Etsy mugs, it reminds you, oh, yes, of course, I can go to Etsy. But we're learning more how TV and then mid-funnel things like video and other ads in social can really all work collectively to get us top of mind and have you start on Etsy and not start somewhere else, which I think is really helpful.

很好的問題。我的意思是，在第一部分，我認為漏斗的所有部分都在讓人們更頻繁地回來並成為習慣性購買者方面發揮作用，我們正在更多地了解它們是如何協同工作的。所以 3 年前和 4 年前，我們真的只是在績效營銷等重要的事情上處於漏斗的底部。如果你去谷歌搜索馬克杯，然後看到 Etsy 馬克杯，它會提醒你，哦，是的，當然，我可以去 Etsy。但我們正在更多地了解電視和漏斗中間的東西，如視頻和社交中的其他廣告，如何真正共同發揮作用，讓我們成為首要考慮因素，讓你從 Etsy 開始，而不是從其他地方開始，我認為這真的很有幫助.

The second more nuance part of the question, Deb, can you remind me what that was?

問題的第二個更細微的部分，Deb，你能提醒我那是什麼嗎？

It was in terms of how we're learning about what's likely to make someone become a habitual or a repeat buyer. Are we learning more about that?

這是關於我們如何了解可能使某人成為習慣性或重複購買者的因素。我們正在了解更多嗎？

We are learning more about that. And we're learning more about how do we anticipate. So for example, you can bid differently on -- if you see a brand-new buyer who you've not seen before or someone who's maybe bought 2 times but not for 3 years. We're starting to get much more nuanced about, particularly in performance marketing, how to bid differently for different customers that might have a different lifetime value. But we're also learning more about what it is that drives loyalty.

我們正在了解更多。我們正在更多地了解我們如何預期。因此，例如，您可以不同地出價 - 如果您看到一個您以前從未見過的全新買家，或者可能購買了 2 次但 3 年沒有購買的人。我們開始變得更加微妙，特別是在績效營銷方面，如何針對可能具有不同生命週期價值的不同客戶進行不同的出價。但我們也在更多地了解是什麼推動了忠誠度。

And part of what a habitual buyers figured out is she sort of figured out the hacks of Etsy to get the most out of Etsy. For example, she's really good at knowing what keywords to type into a search engine to get the kinds of satisfying results that she wants. She might know, for example, how to describe her sense of style in the way that a merchandiser would speak. And a lot of people don't have that kind of vocabulary, don't have that kind of language.

一個習慣性的買家發現的部分原因是她有點想通了 Etsy 的技巧，以充分利用 Etsy。例如，她非常了解在搜索引擎中輸入哪些關鍵字才能獲得她想要的滿意結果。例如，她可能知道如何用銷售員說話的方式來描述她的時尚感。很多人沒有那種詞彙，沒有那種語言。

And so when we talk about a big focus for 2021 and beyond being -- getting great search results when you don't know the words to describe it, I think a lot of that is how do we create the kind of experience a habitual buyer has for other kinds of buyers so they can see the wonder of Etsy in the way that habitual buyers do as well. I think there's a tremendous opportunity for us to make Etsy more accessible to more people, so they become habitual.

因此，當我們談論 2021 年及以後的一個重點時——在不知道用什麼詞來形容它的情況下獲得出色的搜索結果，我認為其中很大一部分是我們如何創造一種習慣性購買者的體驗對其他類型的買家有幫助，這樣他們就可以像習慣買家一樣看到 Etsy 的奇妙之處。我認為我們有巨大的機會讓更多人更容易使用 Etsy，讓他們成為習慣。

Right. And I would just only add, so search is certainly a super important part of getting the repeat frequency and the confidence and the trust in Etsy that you're going to be able to easily find wonderful things. The other one has been what we've been talking about with our post-purchase experience that you have trust that you're going to get your item in time for the purpose of buying the item and you'll get it -- you'll be able to -- you'll know what to do if you need to return it. And you're going to get it at a cost that is not egregious.

正確的。我只想補充一點，所以搜索肯定是獲得重複頻率和信心以及對 Etsy 的信任的一個非常重要的部分，你將能夠輕鬆找到美妙的東西。另一個是我們一直在談論的購買後體驗，即您相信您會及時拿到您的物品以達到購買該物品的目的，並且您會得到它——您將能夠——如果您需要退貨，您將知道該怎麼做。而且您將以不高的成本獲得它。

And all of those things we've been working on with considerable effort. And we -- Josh talked about them as a big focus area for 2021, but the investments and the progress we've made even in 2020 had a real impact on sort of the trust factor that we have with our buyers coming back to Etsy again and again.

我們一直在付出相當大的努力來做所有這些事情。我們 - Josh 談到它們是 2021 年的一個重點領域，但我們甚至在 2020 年取得的投資和進展對我們與買家再次回到 Etsy 的信任因素產生了真正的影響然後再次。

Okay. Great. Next one is from Maria Ripps at Canaccord. You haven't done that many acquisitions in the past, and the Reverb acquisition was fairly successful for you. Did it change your view on selectively leveraging M&A for future growth? And are there any assets or capabilities that you would like to add or would be nice to add to the Etsy platform?

好的。偉大的。下一篇來自 Canaccord 的 Maria Ripps。您過去沒有做過那麼多收購，而 Reverb 收購對您來說相當成功。它是否改變了您對有選擇地利用併購促進未來增長的看法？是否有任何資產或功能您想添加或希望添加到 Etsy 平台？

Josh, you'll take that one?

喬希，你要那個嗎？

I mean I do feel good about our stewards of shareholder capital. I do feel good about the M&A that we've done in the past. If I look at Blackbird, which was a capabilities acquisition that made our machine learning -- search machine learning a lot better; if I look at the DaWanda relationship and deal that we did in Germany that made Germany stronger; and certainly Reverb, which is off to a great start, and we're really pleased with how that team executed in 2020 and how that business is evolving, I think our track record is good on M&A.

我的意思是我對我們的股東資本管家感覺很好。我確實對我們過去進行的併購感到滿意。如果我看一下 Blackbird，這是一項能力收購，它使我們的機器學習——搜索機器學習變得更好；如果我看看我們在德國所做的讓德國更強大的 DaWanda 關係和交易；當然還有 Reverb，這是一個良好的開端，我們對該團隊在 2020 年的表現以及該業務的發展方式感到非常滿意，我認為我們在併購方面的往績良好。

I also think we've been patient and picky. Our core business, we think, is at the early stages of having -- unpacking its growth potential, and we want to make sure that we keep our eye on the prize. But I do think that as -- if we come across an acquisition that we think builds capability, brings us into a new market or expands us into other categories, we think it's a great business and we think we can buy it at a fair price and then we can add value, I think we'd be open minded.

我也認為我們一直很有耐心和挑剔。我們認為，我們的核心業務正處於發揮其增長潛力的早期階段，我們希望確保我們始終關注這一獎項。但我確實認為，如果我們遇到一項我們認為可以增強能力、將我們帶入新市場或將我們擴展到其他類別的收購，我們認為這是一項偉大的業務，我們認為我們可以以合理的價格收購它然後我們可以增加價值，我想我們會持開放態度。

Okay. Next one is from Naved Khan at Truist. If we have to think about the drivers behind the growth and repeat usage, how much of that is due to marketing effectiveness of your marketing programs versus the numerous product improvements that you've been making? So product versus marketing.

好的。下一篇來自 Truist 的 Naved Khan。如果我們必須考慮增長和重複使用背後的驅動因素，那麼其中有多少是由於您的營銷計劃的營銷效果與您一直在進行的眾多產品改進有關？所以產品與營銷。

Well, the good news is that they really work together. I get where you're coming from. And I would say they have both driven substantial value. I don't know if we've put enough tea leaves out there yet for you guys to like quantify it. But they have both been very meaningful drivers. And when we improve the product, the most common thing that happens is conversion rate goes up. You can also drive AOV up. You can drive frequency up. There's a lot of ways that making the product better is visible to us and the metrics. One of the most -- the fastest-moving metric is usually conversion rate.

好吧，好消息是他們真的在一起工作。我知道你來自哪裡。我想說他們都帶來了可觀的價值。我不知道我們是否已經放了足夠的茶葉讓你們喜歡量化它。但他們都是非常有意義的驅動程序。當我們改進產品時，最常見的事情就是轉化率上升。您還可以提高 AOV。您可以提高頻率。有很多方法可以讓我們和指標看到讓產品變得更好。其中一個最快速移動的指標通常是轉化率。

And so when the product team does something to make conversion rate higher, suddenly, the marketing team can spend more for a visit, right? The lifetime value effectively of every visit has gone up. When the product experience gets better, customer loyalty gets better. And that also allows us to market more. So there really is a virtuous circle to the 2. But broadly speaking, I would say they have both been very meaningful. It's not really lopsided, where one is way bigger than the other.

因此，當產品團隊採取措施提高轉化率時，突然之間，營銷團隊可以花更多的錢去拜訪，對吧？每次訪問的有效生命週期價值都上升了。當產品體驗變得更好時，客戶忠誠度就會提高。這也使我們能夠進行更多營銷。所以這兩者之間確實存在良性循環。但從廣義上講，我想說它們都非常有意義。它並不是真的不平衡，一個比另一個大得多。

I will mention again something Rachel said in her prepared remarks, which is if you think about a squad, one product squad focusing on a customer problem, the traffic that, that squad is working on now has suddenly doubled. So if they were able to get an increase in conversion rate of x, the value of that is now twice what it was in 2019. And so the leverage we're getting out of our product organization is extraordinary. And it speaks to the fact that we really want to be hiring because I think there's a long road map of great initiatives, and there's frankly too many things on the cutting room floor right now. So it is a focus of ours to scale the team to keep up with the opportunity ahead of ours.

我會再次提到 Rachel 在她準備好的發言中所說的話，如果你考慮一個團隊，一個專注於客戶問題的產品團隊，那麼該團隊現在正在處理的流量突然翻了一番。因此，如果他們能夠提高 x 的轉化率，那麼它的價值現在是 2019 年的兩倍。因此，我們從產品組織中獲得的影響力是非同尋常的。這說明我們真的很想招聘，因為我認為有一個很長的偉大計劃路線圖，而且坦率地說，現在裁剪室地板上有太多東西。因此，我們的重點是擴大團隊規模以跟上我們面前的機會。

And I would just add just 1 or 2 more comments on. Just a reminder on the way that we forecast and build our plans for our business is that we start with our baseline. So what would happen if we all just went home? And so there is some number there that our cohorts -- our older cohorts are very strong. They come -- and they're very reliable. They come back year after year after year, and that's the baseline. And then from there, we build on what is going to come to us incrementally through marketing and what we expect might come to us incrementally through product.

我只想再添加 1 或 2 條評論。提醒一下我們為我們的業務預測和製定計劃的方式是我們從我們的基線開始。那麼，如果我們都回家會發生什麼？因此，我們的同夥——我們的老同夥非常強大。他們來了——而且他們非常可靠。他們年復一年地回來，這就是底線。然後從那裡開始，我們建立在通過營銷逐步向我們提供的東西以及我們期望通過產品逐步向我們提供的東西的基礎上。

So you're asking the exact right question, how much is each of those incremental buckets. And I agree with Josh 100% that they work together. But the things that we're working on also are to bring back new buyers. So we added a significant number of new buyers, which doubled in the year. We are reactivating those older cohorts. So maybe cohorts that don't come even once a year. We've reactivated those. And then we're working on the frequency of all of those groups to how often they come back.

所以你問的是完全正確的問題，每個增量桶有多少。我 100% 同意 Josh 的觀點，即他們一起工作。但我們正在努力的事情也是為了吸引新買家。因此，我們增加了大量新買家，這一數字在這一年翻了一番。我們正在重新激活那些年長的隊列。因此，也許每年都不會來一次的同夥。我們已經重新激活了那些。然後我們正在研究所有這些群體的頻率以及他們回來的頻率。

So we've been able to move the levers on all of those things through the 1, 2 punch of both product and marketing. Once they come to the site, we want to convert them, and the product really does the heavy lifting of converting them and having them repeat that experience again.

因此，我們已經能夠通過產品和營銷的第一、第二衝擊來推動所有這些事情。一旦他們來到網站，我們就想轉換他們，而產品確實完成了轉換他們並讓他們再次重複這種體驗的繁重工作。

Okay. I know we're out of time, but I want to squeeze in one more. This one from Kunal Madhukar from Deutsche Bank. It's 2-part question. First one is related to the U.K. So how did U.K. growth trend during the year versus mobility? So as people were moving around less, how did our growth move up? Or is it inversely correlated like that? Or is there some other thing going on with the U.K. growth? And then the second piece is about marketing spend. Are we looking to ramp up spend further in the U.K. and Germany this year?

好的。我知道我們沒時間了，但我想再擠一次。這是來自德意志銀行的 Kunal Madhukar。這是兩部分的問題。第一個與英國有關。那麼與流動性相比，英國在這一年的增長趨勢如何？那麼，隨著人們走動的減少，我們的增長是如何加快的？還是像那樣負相關？或者英國的增長還有其他原因嗎？然後第二部分是關於營銷支出的。今年我們是否希望進一步增加在英國和德國的支出？

Yes. I would say that the growth rate in the U.K. was definitely impacted by lockdowns. The U.K. had some pretty strong lockdowns early in the spring and then again late in the year, and we definitely saw that on our site pretty strongly and pretty immediately. But the growth rate in the middle of 2020 in the U.K. was pretty good, too, when they eased lockdown. So the growth rate throughout the year was really good. But it was even stronger during lockdowns. I think that's a fair point.

是的。我想說英國的增長率肯定受到封鎖的影響。英國在春季初實施了一些非常嚴格的封鎖措施，然後在今年年底再次實施了封鎖措施，我們確實在我們的網站上非常強烈且非常迅速地看到了這一點。但 2020 年年中英國放鬆封鎖時的增長率也相當不錯。所以全年的增長率真的很好。但在封鎖期間它甚至更強。我認為這是一個公平的觀點。

We did invest more in the U.K. and Germany. Frankly, across our core European markets, we invested more. Part of that was just building better Martech capabilities. As I mentioned, getting those feeds to be better allowed us to invest more. We didn't change our discipline around ROI threshold. We just got better capabilities that allowed us to invest more, and the timing was good because it was a very moment when demand was skyrocketing throughout Europe.

我們確實在英國和德國投資了更多。坦率地說，在我們的核心歐洲市場，我們投入了更多資金。其中一部分只是建立更好的 Martech 能力。正如我提到的，讓這些提要變得更好可以讓我們投入更多。我們沒有改變圍繞 ROI 閾值的紀律。我們剛剛獲得了更好的能力，使我們能夠進行更多投資，而且時機很好，因為那是整個歐洲需求猛增的時刻。

We are excited about the returns we're seeing in the higher-funnel investments we're making in the U.K. and Germany. So you should expect us to continue to be investing in TV, for example, in the U.K. and Germany. And we're experimenting, like we did with the U.S., we're experimenting with, wow, while spending that amount worked, what if we spend more. How does that work? And what's that marginal return curve look like? And so you'll see us experiment with that quarter-to-quarter in both the U.K. and Germany, I would expect, in 2021.

我們對在英國和德國進行的更高漏斗投資中看到的回報感到興奮。所以你應該期待我們繼續投資電視，例如在英國和德國。我們正在試驗，就像我們在美國所做的那樣，我們正在試驗，哇，在花費那麼多錢的同時，如果我們花更多錢會怎麼樣。這是如何運作的？邊際回報曲線是什麼樣的？因此，我預計 2021 年，您將看到我們在英國和德國進行逐季試驗。

Okay. Great. With that, I think we're going to call it, and we look forward to talking to everybody in the next weeks. Thank you all for your time and your attention and your interest in Etsy. Thank you so much.

好的。偉大的。有了這個，我想我們會打電話給它，我們期待在接下來的幾週內與大家交談。感謝大家的時間、關注和對 Etsy 的興趣。太感謝了。

Thank you.

謝謝你。