ETSY Inc (ETSY) 2020 Q1 法說會逐字稿

Hi, everyone, and welcome to Etsy's First Quarter 2020 Earnings Conference Call. I'm Deb Wasser, Vice President of Investor Relations. And 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 2020 年第一季度收益電話會議。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, we are trying something a little different, given our work-from-home status, our first ever video earnings call. For quality purposes, our prepared remarks have been pre-reported along with accompanying slides. The slide deck has been posted on 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. Questions can be submitted by the Q&A chat window displayed on your screen. Feel free to use it at any time as it will remain open throughout the entire conference call. I'll be reading your questions, and Gabe will help me try to get to as many as we can.

今天，鑑於我們在家工作的狀態，我們正在嘗試一些不同的東西，這是我們有史以來的第一次視頻收益電話會議。出於質量目的，我們已經預先報告了我們準備好的評論以及隨附的幻燈片。幻燈片已張貼在我們的網站上供您參考。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。可以通過屏幕上顯示的問答聊天窗口提交問題。請隨時使用它，因為它將在整個電話會議期間保持打開狀態。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 for the second quarter of 2020 and key drivers thereof, the impact of investments on top line growth and certain impacts that the COVID-19 pandemic may have on our business strategy, operating results, key metrics, financial conditions, profitability and cash flows and changes in overall level of consumer spending and volatility in the global economy and the impact of ongoing settlement of intercompany balances on future foreign exchange rate volatility.

請記住，我們今天的評論包括與我們 2020 年第二季度財務指南及其主要驅動因素相關的前瞻性陳述、投資對收入增長的影響以及 COVID-19 大流行可能對我們產生的某些影響業務戰略、經營業績、關鍵指標、財務狀況、盈利能力和現金流量，以及消費者支出總體水平的變化和全球經濟的波動，以及持續結算公司間餘額對未來匯率波動的影響。

Our results -- actual results may differ materially. Forward-looking statements involve risks and uncertainties, which are described in our press release and our 10-K filed with the SEC on February 27 and 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 don't have any obligation to update them.

我們的結果——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，這些在我們的新聞稿和我們於 2 月 27 日向美國證券交易委員會提交的 10-K 報告以及我們向美國證券交易委員會提交的後續報告中有所描述。我們在此次電話會議上所做的任何前瞻性陳述都是基於我們今天的信念和假設，我們沒有義務更新它們。

Also during the call, we'll present both 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 IR website, along with the replay of this call. With that, I'll turn it over to Josh.

同樣在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 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 IR 網站上找到該新聞稿，以及本次電話會議的重播。有了這個，我會把它交給喬希。

Thanks, Deb, and hello, everyone. And let me start by saying that our hearts go out to everyone that's been touched by the COVID crisis. And it's in this crisis that we're reminded ever more of the mission and the purpose of Etsy and how important we are in the lives of our sellers, our buyers and our team. And I hope you'll see in the course of this call that we take that responsibility really seriously and we are acting with urgency. And in this moment, I think it's also demonstrating the resiliency and the agility of the Etsy model to rise to this crisis. We stood up a COVID crisis task force in January. We tested work from home in February, so that we were as prepared as we could be to be continuing and productive in an entirely work-from-home environment.

謝謝，Deb，大家好。首先讓我說，我們的心與所有受到 COVID 危機影響的人同在。正是在這場危機中，我們被更多地提醒 Etsy 的使命和宗旨，以及我們在我們的賣家、買家和團隊的生活中的重要性。我希望您在本次電話會議的過程中會看到我們非常認真地對待這一責任，並且我們正在緊急採取行動。在這一刻，我認為它也展示了 Etsy 模型應對這場危機的彈性和敏捷性。我們在 1 月份成立了 COVID 危機工作組。我們在 2 月份測試了在家工作的情況，以便我們做好充分準備，在完全在家工作的環境中繼續工作並提高工作效率。

And I'm pleased to say that so far, we've seen productivity hold up really quite well. And you'll see on the slide, in fact, software releases are up 20% year-over-year in the first quarter in spite of all the changes. And that's really a testament to the hard work that the team has undertaken and the seriousness and the urgency that they take their work. And it's not with real personal stress on them. So I do want to take a moment to thank the team for all of their hard work.

我很高興地說，到目前為止，我們已經看到生產率保持得非常好。你會在幻燈片上看到，事實上，儘管發生了所有變化，但第一季度軟件發布量同比增長了 20%。這確實證明了團隊所做的辛勤工作以及他們對工作的認真性和緊迫性。他們並沒有真正的個人壓力。所以我想花點時間感謝團隊的辛勤工作。

And with that, let's dive in. So I know we're all very anxious to discuss the trends we were seeing in April and our thoughts for the future. And I want to spend the bulk of my time talking about that. But because this is our first quarter earnings call, let's hit the headlines very quickly. We delivered $1.4 billion in consolidated gross merchandise sales in the first quarter, 32% year-over-year growth.

有了這個，讓我們開始吧。所以我知道我們都非常渴望討論我們在 4 月份看到的趨勢以及我們對未來的想法。我想花大部分時間來談論這個。但因為這是我們第一季度的財報電話會議，所以我們很快就登上了頭條新聞。我們在第一季度實現了 14 億美元的綜合商品銷售總額，同比增長 32%。

Etsy's stand-alone delivered 16% year-over-year growth in GMS. Revenue was about $228 million, and adjusted EBITDA was about $55 million. And Rachel is going to go into more detail about the first quarter and take you through that in a disciplined way. So I'll just hit those headlines and now move on to April.

Etsy 的獨立業務在 GMS 方面實現了 16% 的同比增長。收入約為 2.28 億美元，調整後的 EBITDA 約為 5500 萬美元。雷切爾將更詳細地介紹第一季度，並以一種有紀律的方式帶你過一遍。所以我會打那些頭條新聞，現在轉到四月。

April was an extraordinary month. And I mean it in the sense of extraordinary very, very big and extraordinary very unusual. And there were 2 separate things happening in April. First was the effect of the sale of fabric face masks, and Etsy sold about $133 million worth of fabric face masks in the month of April. Separate and in addition to that, the core Etsy marketplace grew very, very robustly in April, 79% year-over-year growth.

四月是不平凡的一個月。我的意思是非常、非常大和非常非常不尋常。 4 月份發生了兩件不同的事情。首先是布口罩銷售的影響，Etsy 在 4 月份售出了價值約 1.33 億美元的布口罩。除此之外，核心 Etsy 市場在 4 月份增長非常非常強勁，同比增長 79%。

In early April, the CDC changed its guidelines to recommend that Americans wear fabric face masks. And we saw a tremendous surge of demand for fabric face masks right away on our site. In fact, it was like waking up and discovering that it was Cyber Monday, except that everyone in the world wanted just one product, and that one product was in extremely limited supply. And so we needed to respond extremely quickly to that new reality. And there were a set of things that we had to do.

4 月初，疾病預防控制中心更改了指南，建議美國人佩戴織物口罩。我們立即在我們的網站上看到了對織物口罩的巨大需求。事實上，這就像一覺醒來發現今天是網絡星期一，只是世界上每個人都只想要一種產品，而且這種產品的供應極其有限。因此，我們需要對這一新現實做出極快的反應。我們必須做一系列事情。

The first was really within hours to change our search results so that when you searched for fabric face masks, you actually saw masks. Previously, when someone would search for masks, they would be thinking about Halloween masks or maybe cream for their face. So the search engine needed to be retrained literally within hours to respond to that. And thanks to our Google Cloud implementation, we've been able to respond much more quickly and having very relevant results very early on was a big part of what earned us good rankings on Google SEO, which has been incredibly important for the future.

第一個是在幾個小時內更改了我們的搜索結果，這樣當您搜索織物面罩時，您實際上看到了面罩。以前，當有人搜索面具時，他們會想到萬聖節面具或面霜。因此，搜索引擎需要在數小時內接受字面上的再培訓才能對此做出響應。由於我們的 Google Cloud 實施，我們能夠更快地做出響應，並且很早就獲得非常相關的結果是我們在 Google SEO 上獲得良好排名的重要原因，這對未來非常重要。

But in meeting that demand, we then all of a sudden had a lack of supply. And so we put out a call to our sellers and were able to get thousands of sellers to begin making masks within a matter of days. In fact, at this point, there's over 60,000 sellers making masks and selling masks on Etsy.

但是在滿足這種需求的過程中，我們突然出現了供應不足的情況。因此，我們給我們的賣家打了個電話，幾天之內就讓成千上萬的賣家開始製作口罩。事實上，此時，有超過 60,000 名賣家在 Etsy 上製作和銷售口罩。

But not only do we need to recruit sellers to make masks, we needed to make sure that we could understand what their delivery times were so that we could manage customer expectations around delivery. We needed to distribute demand so that it wasn't too concentrated in just a few sellers and on and on. This effort touched almost every single team at Etsy. It was truly an all-hands-on-deck. We sold over 12 million face masks in the month of April alone. In fact, if face masks were a stand-alone category, it would have been the second biggest category on Etsy in the month of April.

但我們不僅需要招募賣家來製作口罩，還需要確保我們能夠了解他們的交貨時間，以便我們能夠管理客戶對交貨的期望。我們需要分配需求，這樣它就不會過於集中在少數幾個賣家身上等等。這一努力幾乎觸動了 Etsy 的每個團隊。這是真正的全員參與。僅在 4 月份，我們就售出了超過 1200 萬個口罩。事實上，如果口罩是一個獨立的類別，它會成為 4 月份 Etsy 上的第二大類別。

So as we look forward, obviously, our opportunity is to really work on deepening our engagement with these buyers so that they understand that Etsy can do a lot more for them than just sell them fabric face masks.

因此，當我們展望未來時，很明顯，我們的機會是真正努力加深與這些買家的接觸，讓他們明白 Etsy 可以為他們做的不僅僅是向他們出售織物口罩。

So why am I going into so much detail about masks? It's not because I'm convinced that masks are going to be an enduring category for months to come. They may not be. Nor are we convinced that this new cohort of buyers is going to be with us for months and years to come in a highly active way. We're going to work really hard to try to earn their loyalty, and we'll have to learn and see what their behavior is over time.

那麼，為什麼我要詳細介紹面具呢？這並不是因為我相信口罩將在未來幾個月內成為一個持久的類別。他們可能不是。我們也不相信這一新的買家群體會以高度活躍的方式與我們在一起數月乃至數年。我們將非常努力地工作以贏得他們的忠誠度，我們將不得不學習並了解他們隨著時間的推移會發生什麼行為。

The reason I wanted to tell this story is because I think it really highlights the dynamism of the Etsy model and our Etsy sellers and how they're able to shift so rapidly to meet new demands. But April was about so much more than just masks. In fact, nonmask sales on the Etsy core marketplace were up 79% year-over-year. So the strength of Etsy's sales came really from 2 factors. The first was a groundswell of demand across a set of categories, including home and living, craft supplies, self-care, toys and games and gifting, combined with fewer alternatives in the marketplace, with many retail stores closed and e-commerce players having shipping delays or sometimes supply chain disruptions.

我想講這個故事的原因是因為我認為它確實突出了 Etsy 模型和我們的 Etsy 賣家的活力，以及他們如何能夠如此迅速地轉變以滿足新的需求。但四月不僅僅是面具。事實上，Etsy 核心市場上的非口罩銷售額同比增長了 79%。所以 Etsy 的銷售實力實際上來自兩個因素。首先是一系列類別的需求激增，包括家居和生活用品、手工藝用品、自我護理、玩具和遊戲以及禮品，加上市場上的替代品越來越少，許多零售店關門，電子商務玩家運輸延誤或有時供應鏈中斷。

And I think that this combination of both macro factors and the dynamism of the Etsy marketplace, Etsy sellers and the Etsy team created an opportunity for Etsy to step in and fill the void in what we think could be a really meaningful and enduring way. But it's our responsibility to step up and really communicate to the world how we can fill those needs, how we can be there for them at a time when they might not have often thought of Etsy. And so the marketing team has been really hard at work to develop and then communicate that message to the market.

而且我認為，宏觀因素和 Etsy 市場的活力、Etsy 賣家和 Etsy 團隊的結合為 Etsy 創造了一個機會，以我們認為可能真正有意義和持久的方式介入並填補空白。但我們有責任挺身而出，真正向世界傳達我們如何滿足這些需求，我們如何在他們可能不常想到 Etsy 的時候為他們服務。因此，營銷團隊一直在努力開發並將該信息傳達給市場。

Starting with our brand strategy, we asked the team to come up with some brand pillars that would really speak directly to this moment, but have real enduring value. And I think they did a great job with a brand campaign that centered around 3 core messages to the buyer. First, Etsy sellers are open for business. Second, Etsy is there with everyday essentials that you need. And third, when shopping on Etsy, you are supporting small businesses.

從我們的品牌戰略開始，我們要求團隊提出一些品牌支柱，這些支柱可以真正直接反映當下，但具有真正持久的價值。而且我認為他們在圍繞向買家傳達的 3 個核心信息的品牌活動方面做得很好。首先，Etsy 賣家開始營業。其次，Etsy 提供您所需的日常必需品。第三，在 Etsy 上購物時，您是在支持小型企業。

And when shopping on Etsy, you're supporting small businesses, that's a message that might be familiar. That's been a core pillar of our messaging strategy for some time. But the idea that Etsy is reliable and the idea that every -- that Etsy can meet everyday needs, those are messages that I think are maybe newer to many of our buyers, and we know that we can live up to those commitments. And this is a moment of truth when we think Etsy can really do a great job of that and maybe disrupt some people's understanding of Etsy in a really positive way.

在 Etsy 上購物時，您是在支持小型企業，這可能是一條熟悉的信息。一段時間以來，這一直是我們消息傳遞策略的核心支柱。但是 Etsy 可靠的想法以及 Etsy 可以滿足日常需求的想法，我認為這些信息對我們的許多買家來說可能是新的，我們知道我們可以履行這些承諾。這是一個關鍵時刻，我們認為 Etsy 真的可以在這方面做得很好，並且可能以一種非常積極的方式擾亂一些人對 Etsy 的理解。

Our message to our sellers has been singular, which is we have your back. And we think now more than ever, it's important that we're communicating to them and taking actions that demonstrate that we have their back.

我們向賣家傳達的信息是單一的，那就是我們支持您。我們現在比以往任何時候都認為，與他們溝通並採取行動證明我們有他們的支持是很重要的。

When we look at our merchandising strategy, we are able to take search query data and almost in real time, within hours, iterate the kinds of merchandise that we're showing on our site to reflect what's currently happening in consumer demand, which, as we all know, has been exceptionally dynamic at this time. And the ability of the team to be super-responsive, we think, is a real strength of Etsy. All of this is underpinned by some core evergreen messaging, like we have many items that are ready to ship, the fact that when shopping on Etsy, you're supporting small businesses. And many of our sellers are running sales right now and promotions that really speak to the economic realities that we're facing at this moment.

當我們審視我們的營銷策略時，我們能夠獲取搜索查詢數據，並在數小時內幾乎實時地迭代我們在網站上展示的商品種類，以反映消費者需求中當前發生的情況，這作為眾所周知，此時異常活躍。我們認為，團隊的超級響應能力是 Etsy 的真正優勢。所有這一切都以一些核心的常青消息為基礎，比如我們有許多準備發貨的商品，事實上，在 Etsy 上購物時，你是在支持小企業。我們的許多賣家現在都在進行銷售和促銷活動，這些促銷活動真正反映了我們目前所面臨的經濟現實。

We then asked the team to develop a TV campaign to communicate that. And you'll remember that in the April 2 call, we talked about how we pushed back our TV buys into May. So within days, again, the TV -- the marketing team had to both create all new creative. By the way, without getting to bring any new actors into the studio and shoot any new footage, they had to find a way to take existing footage and cut that into entirely new TV campaigns and get on the phone with TV stations and others and negotiate new ad buys.

然後，我們要求團隊製作電視廣告來傳達這一點。你會記得，在 4 月 2 日的電話會議上，我們談到瞭如何將電視購買推遲到 5 月。因此，幾天之內，電視 - 營銷團隊必須創造全新的創意。順便說一句，在沒有讓任何新演員進入工作室並拍攝任何新鏡頭的情況下，他們必須找到一種方法來拍攝現有鏡頭並將其剪輯成全新的電視活動，然後與電視台和其他人通電話並進行談判新廣告購買。

And by mid-April, we were live with all new creative, reflecting this new brand strategy in a pretty loud and prominent way on TV. We are proud of this TV creative. We think it's not just the same as every other TV campaign that's running right now. We think it is unique and stands out in a way that really does speak to Etsy. So I'd like to take a second to show you the TV creative now.

到 4 月中旬，我們看到了所有新創意，在電視上以非常響亮和突出的方式反映了這一新品牌戰略。我們為這個電視創意感到自豪。我們認為它與目前正在播放的所有其他電視廣告活動不一樣。我們認為它是獨一無二的，並且以一種真正與 Etsy 對話的方式脫穎而出。所以我現在想花點時間向您展示電視創意。

[Presentation]

[介紹]

So we have millions of people shopping on Etsy now that might not have shopped with us before or might not have shopped with us in this way before. Obviously, the task ahead is to deepen our engagement and earn their loyalty over time. And that's the task for our CRM and loyalty team. And fortunately, we have an entirely new set of tools that launched just in April that are going to make us much more capable of doing that. And these are tools that allow us to create segments in a very rapid way and then push messages specifically to each of those segments across any touch point we have, be it e-mail, app, on-site or any other channel, even off-site ads and paid advertising, we can start to target the same segments with these messages.

因此，我們現在有數百萬人在 Etsy 上購物，他們以前可能沒有在我們這裡購物過，或者以前可能沒有以這種方式在我們這裡購物過。顯然，未來的任務是加深我們的參與度並隨著時間的推移贏得他們的忠誠度。這就是我們的 CRM 和忠誠度團隊的任務。幸運的是，我們有一套全新的工具於 4 月份推出，這將使我們更有能力做到這一點。這些工具使我們能夠以非常快速的方式創建細分，然後通過我們擁有的任何接觸點將消息專門推送到每個細分，無論是電子郵件、應用程序、現場還是任何其他渠道，甚至是離線-站點廣告和付費廣告，我們可以開始使用這些消息定位相同的細分市場。

But I don't want anyone to think that we've only been doing COVID-related work. We laid out a strategy that we've been executing on quarter-after-quarter that's centered around the 4 key pillars of our right to win. And that has been a true and enduring strategy that mattered before, and it matters every bit as much now. And our team is hard at work, continuing to deliver against each of these 4 pillars: search and discovery, human connections, a trusted brand, all built on the foundation of our sellers' collection of unique items.

但我不想讓任何人認為我們只是在做與 COVID 相關的工作。我們制定了一個每個季度都在執行的戰略，該戰略以我們獲勝權的 4 個關鍵支柱為中心。這是一個真實而持久的戰略，以前很重要，現在也同樣重要。我們的團隊正在努力工作，繼續實現這 4 大支柱中的每一個：搜索和發現、人際關係、值得信賴的品牌，所有這些都建立在我們賣家收集的獨特商品的基礎上。

And just to give a very quick highlight in each of these 4, starting with search. In Q1, we launched a deep learning model to close the semantic gap. And that can, for example, determine that the word dress and the word gown are actually identical in meaning and use gown search results for dresses and dress search results for gowns. And that's another meaningful step forward in the quality and relevance of our search results, and it's just one of many examples of the great work that the search team is doing to continue to push the frontiers and make our experience more relevant.

只是為了快速突出顯示這 4 個中的每一個，從搜索開始。在第一季度，我們推出了一個深度學習模型來縮小語義差距。例如，這可以確定單詞 dress 和單詞 gown 在含義上實際上是相同的，並使用 gown search results for dresses 和 dress search results for gowns。這是我們在搜索結果的質量和相關性方面又邁出了有意義的一步，這只是搜索團隊為繼續推動前沿發展並使我們的體驗更具相關性所做的眾多出色工作的例子之一。

We've talked a lot about trust, and the trust team has been working very hard to gain more reviews and get buyers to leave more and richer reviews. Speaking of our sellers' collection of unique items, our sellers are so agile in responding to the demands of consumers, and this current environment highlights that now more than ever. We're seeing so many great examples of sellers innovating to meet needs that didn't exist even a month ago. A favorite example of mine is a pocket hug. This is a little trinket that you send to a loved one to give them a virtual hug and let them know that you're thinking about them.

我們已經談了很多關於信任的問題，信任團隊一直在非常努力地工作，以獲得更多的評論，讓買家留下更多更豐富的評論。說到我們賣家的獨特商品系列，我們的賣家在響應消費者需求方面非常敏捷，而當前的環境比以往任何時候都更加突出這一點。我們看到了很多優秀的例子，說明賣家通過創新來滿足甚至一個月前還不存在的需求。我最喜歡的一個例子是口袋擁抱。這是一個小飾品，你可以送給你愛的人，給他們一個虛擬的擁抱，讓他們知道你在想他們。

And last, but not least, I certainly want to mention the successful launch of Offsite Ads. It launched in the first quarter, and we feel great about how it's going so far. And of course, Etsy Ads, which is formerly known as Promoted Listings, is also continuing to perform very, very well. And I also want to take a quick minute to talk about Reverb. Reverb is benefiting from many of the same trends that Etsy see. They're seeing a groundswell of first-time buyers coming to Reverb, many of whom might not have played an instrument before and are coming to take up their first instrument. And at a time when many retail operations are not open or even e-commerce musical instrument companies are having a harder time shipping, Reverb is there. And so it's doing a great job rising to the challenge and meeting the needs of both its existing buyers and many new buyers with a lot of innovative strategies.

最後但並非最不重要的一點是，我當然要提一提場外廣告的成功發布。它在第一季度推出，我們對目前的進展情況感到滿意。當然，Etsy Ads（以前稱為 Promoted Listings）也繼續表現得非常非常好。我還想花一點時間談談混響。 Reverb 受益於 Etsy 看到的許多相同趨勢。他們看到越來越多的首次購買者湧入 Reverb，其中許多人以前可能沒有演奏過樂器，但現在正準備拿起他們的第一件樂器。在許多零售業務尚未開放，甚至電子商務樂器公司都難以發貨的時候，Reverb 就在那裡。因此，它在迎接挑戰並通過許多創新策略滿足現有買家和許多新買家的需求方面做得很好。

In particular, they did a great job, I think, of innovating how to communicate that things are available and ready to ship right now and also bringing some brands of manufacturers directly on the site and having those brands sell directly to consumers in a way that's been very successful. As a result, Reverb's GMS in the month of April was up over 50% year-over-year.

尤其是，我認為，他們在創新溝通方式方面做得很好，即產品可以立即發貨，並且還將一些品牌的製造商直接帶到網站上，並讓這些品牌以一種方式直接銷售給消費者非常成功。因此，Reverb 在 4 月份的 GMS 同比增長超過 50%。

So let me close by acknowledging that these are very challenging times, the challenging times for many of our sellers, the challenging times for many of our buyers. And these are challenging times personally for many people on the Etsy team. And yet, we're really proud of the fact that our model allows us to be really helpful to many of our sellers at a time when they need the income. We're really proud of the fact that we're able to be really helpful to many buyers at a time when they have maybe fewer alternatives and a lot of really important needs. And we're really -- I'm personally really proud of the Etsy team who, in spite of many personal stresses, have risen to the challenge. They take the responsibility of serving this community really seriously and are working really hard every single day to live up to that responsibility.

因此，讓我承認現在是非常具有挑戰性的時代，對我們的許多賣家來說都是充滿挑戰的時代，對我們的許多買家來說也是充滿挑戰的時代。對於 Etsy 團隊的許多人來說，這些都是充滿挑戰的時期。然而，我們為我們的模型讓我們能夠在許多賣家需要收入的時候真正提供幫助這一事實感到非常自豪。我們真的很自豪，因為我們能夠在許多買家可能沒有多少選擇和很多非常重要的需求的時候真正幫助他們。我們真的——我個人為 Etsy 團隊感到非常自豪，儘管面臨許多個人壓力，他們還是迎接了挑戰。他們非常認真地承擔為這個社區服務的責任，並且每天都在非常努力地工作以履行這一責任。

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 hello, everyone. I hope you're all doing well and staying safe and comfortable during this uncertain time. My commentary today will cover consolidated results as well as key drivers of performance, which include Etsy stand-alone results where appropriate. You can find select details on Reverb's contributions in our press release and soon-to-be-filed 10-Q. Heads up, I'm going to be reading my prepared remarks since there are quite a few numbers, and I want to make sure I get them all right.

謝謝，喬希，大家好。我希望你們在這個不確定的時期都過得很好，並保持安全和舒適。我今天的評論將涵蓋綜合結果以及績效的主要驅動因素，其中包括適當的 Etsy 獨立結果。您可以在我們的新聞稿和即將提交的 10-Q 中找到有關 Reverb 貢獻的部分詳細信息。請注意，我要閱讀我準備好的評論，因為有很多數字，我想確保我把它們都說對了。

We've got a lot to tell you about Q2 financial performance. But before I go there, Q1 was a very strong quarter, and I want to walk you through those results first. Despite the headwinds to growth caused by COVID-19, primarily during the month of March, we delivered a solid quarter. On a consolidated basis, Etsy's first quarter GMS grew 32% to $1.4 billion. Revenue grew 35% to $228 million. And we delivered adjusted EBITDA of nearly $55 million or margins of 24%.

關於第二季度的財務業績，我們有很多要告訴您的。但在我去那里之前，第一季度是一個非常強勁的季度，我想先向您介紹一下這些結果。儘管 COVID-19 對增長造成不利影響，主要是在 3 月份，但我們交付了一個穩定的季度。在綜合基礎上，Etsy 第一季度的 GMS 增長了 32%，達到 14 億美元。收入增長 35% 至 2.28 億美元。我們實現了近 5500 萬美元的調整後 EBITDA 或 24% 的利潤率。

As mentioned on our update call in early April, consolidated GMS growth during January and February was very strong, trending at 41% for the quarter. Etsy's stand-alone GMS growth for the first quarter was 16%, reflecting a strong January and February with a significant deceleration in March compared to last year and last quarter. Q1 revenue was driven by growth in both marketplace and services revenue as our consolidated take rate expanded 60 basis points sequentially to 16.9%. We reported strong growth in revenue related to advertising, which was up approximately 70% year-over-year.

正如我們在 4 月初的更新電話會議上提到的那樣，1 月和 2 月的綜合 GMS 增長非常強勁，本季度趨勢為 41%。 Etsy 第一季度的獨立 GMS 增長率為 16%，反映出 1 月和 2 月的強勁增長，與去年和上一季度相比，3 月的增長顯著放緩。第一季度收入受到市場和服務收入增長的推動，因為我們的綜合收入率連續擴大 60 個基點至 16.9%。我們報告與廣告相關的收入強勁增長，同比增長約 70%。

Google Shopping contributed about $11 million to advertising revenue for the quarter. As a reminder, in the first quarter, we are accounting for our old Etsy Ads model, which recorded the Google Shopping product as revenue with 0 margin, as it carried an equal offset in cost of revenue. As planned, during the quarter, we transitioned the Etsy Ads product, separating Offsite Ads to a stand-alone product and introducing a transaction fee on every product listing ad that resulted in the successful sale for our sellers. This new product was ramped during the second half of March and into early April. Sellers have now had the chance to see the advertising of their product listing ads in action. We began billing for this product on May 4, having waived the first month of fees for sellers during the turbulence of the COVID-19 environment.

谷歌購物為該季度的廣告收入貢獻了約 1100 萬美元。提醒一下，在第一季度，我們正在考慮我們舊的 Etsy 廣告模型，該模型將 Google 購物產品記錄為利潤率為 0 的收入，因為它在收入成本中進行了相等的抵消。按照計劃，在本季度，我們轉換了 Etsy Ads 產品，將 Offsite Ads 分離為獨立產品，並對每個產品列表廣告引入交易費，從而為我們的賣家成功銷售。這種新產品在 3 月下半月和 4 月初開始大量投放。賣家現在有機會看到他們的產品列表廣告的實際效果。我們於 5 月 4 日開始為該產品計費，在 COVID-19 環境動盪期間免除了賣家第一個月的費用。

Waiving the first month of fees is part of a basket of initiatives we implemented to provide some relief to our seller community. I'll touch on the financial impact of that whole basket in a few minutes.

免除第一個月的費用是我們實施的一攬子舉措的一部分，旨在為我們的賣家社區提供一些幫助。我將在幾分鐘內討論整個籃子的財務影響。

Reminder, going forward, Etsy Ads is now our name for Promoted Listings, an Etsy advertising product.

提醒一下，Etsy Ads 現在是我們對 Promoted Listings 的名稱，這是一種 Etsy 廣告產品。

In Q1, we tested our PLA channel, which had been excluded from the incrementality testing we did in 2019. This had the effect of reducing our performance marketing spend in the quarter.

在第一季度，我們測試了我們的 PLA 渠道，該渠道被排除在我們 2019 年進行的增量測試之外。這減少了我們在該季度的績效營銷支出。

Q1 marketing expense was $49 million or 21% of revenue, which was flat compared to Q1 2019. Of that, performance marketing for the Etsy marketplace was $26 million and delivered 16% of overall GMS. Despite the deceleration in GMS we described in March and the consolidation of Reverb into our financials, our Q1 adjusted EBITDA margins expanded 400 basis points sequentially. Our cost structure is highly variable to revenue, and we've continued to take measures to optimize and scale our business. I'll talk more about operating expenses and the variability of our cost base in more detail shortly.

第一季度營銷費用為 4900 萬美元，佔收入的 21%，與 2019 年第一季度持平。其中，Etsy 市場的績效營銷為 2600 萬美元，佔整體 GMS 的 16%。儘管我們在 3 月份描述了 GMS 的減速以及將 Reverb 整合到我們的財務中，但我們第一季度調整後的 EBITDA 利潤率環比擴大了 400 個基點。我們的成本結構隨收入變化很大，我們一直在採取措施優化和擴展我們的業務。稍後我將更詳細地討論運營費用和我們成本基礎的可變性。

Net income in the first quarter was $12.5 million with diluted earnings per share of $0.10. Net income was primarily impacted by noncash foreign exchange losses of $9.3 million or $0.08 loss per share. Foreign exchange fluctuations on our P&L are primarily related to intercompany activity between our U.S. and foreign entities. The ongoing settlement of these balances, which we did in Q1, reduces future foreign exchange volatility on our P&L.

第一季度淨收入為 1250 萬美元，每股攤薄收益為 0.10 美元。淨收入主要受到 930 萬美元的非現金外匯損失或每股損失 0.08 美元的影響。我們損益表的外匯波動主要與我們的美國和外國實體之間的公司間活動有關。我們在第一季度所做的這些餘額的持續結算減少了我們損益表的未來外匯波動。

Key operating metrics for the Etsy marketplace were relatively stable during the first quarter. We maintained our momentum in driving frequency on the platform. Etsy's GMS per active buyer on a trailing 12-month basis grew 4% year-over-year, and on a 2-year stacked basis, increased 6%, flat compared to last quarter.

Etsy 市場的主要運營指標在第一季度相對穩定。我們在平台上保持了驅動頻率的勢頭。 Etsy 在過去 12 個月的基礎上，每個活躍買家的 GMS 同比增長 4%，並且在 2 年疊加的基礎上增長 6%，與上一季度持平。

On a consolidated basis, in Q1, active buyers grew 16% to 48 million, and active sellers grew 26% to over 2.8 million. Percent international GMS was approximately 36% of total GMS, up 27% year-over-year on a constant currency basis.

在綜合基礎上，第一季度活躍買家增長 16% 至 4800 萬，活躍賣家增長 26% 至超過 280 萬。國際 GMS 的百分比約為 GMS 總量的 36%，按固定匯率計算同比增長 27%。

Now turning to April. As Josh said, April has been an extraordinary month, and I'm going to dimensionalize that for you. During the month, we saw a marked increase in the demand for face masks and other self-care products. And this had a significant impact on GMS growth and on our Q2 financials. Etsy's stand-alone GMS for the month of April was over 100%, resulting in $780 million of GMS. Of that, masks were 17% of Etsy's stand-alone GMS for the month. We're also seeing demand for masks drive engagement with new buyers and buyers that have not purchased for a year or more. During the month of April, we acquired nearly 4 million new buyers, which was up 160% year-over-year. 22% of masks-related GMS was from new buyers. Year-over-year growth in overall GMS from new buyers accelerated from 5% in Q1 to over 130% in April.

現在轉向四月。正如 Josh 所說，四月是不平凡的一個月，我將為您詳細說明。本月，我們看到對口罩和其他自我護理產品的需求顯著增加。這對 GMS 增長和我們第二季度的財務狀況產生了重大影響。 Etsy 4 月份的獨立 GMS 超過 100%，產生了 7.8 億美元的 GMS。其中，口罩佔 Etsy 本月獨立 GMS 的 17%。我們還看到，對口罩的需求推動了與新買家以及一年或更長時間未購買的買家的互動。 4 月份，我們獲得了近 400 萬新買家，同比增長 160%。 22% 的口罩相關 GMS 來自新買家。來自新買家的整體 GMS 同比增長從第一季度的 5% 加速到 4 月份的 130% 以上。

We've also reengaged 2.5 million buyers that have not purchased for a year or more, an increase of 186% year-over-year, for all 32% of buyers who purchased a face mask returned within 14 days to make an additional purchase. And the majority came through Etsy's direct channels, which is free.

我們還重新吸引了 250 萬一年或更長時間未購買的買家，同比增長 186%，購買口罩的買家中有 32% 在 14 天內返回並再次購買。大多數是通過 Etsy 的免費直接渠道獲得的。

As shown on Slide 29, our new and older cohorts saw an inflection higher in April. We've shown you our cohorts before, and historically, they've been stable and predictable. But we're now experiencing a disruptive change to the positive. This is a brand new cohort acquired during an extraordinary time, and we don't have any basis to believe they will perform similarly to our existing cohorts. With that said, they could provide a tailwind to future growth. This is an unprecedented time for us, and we are unsure of when these trends stabilize in the future.

如幻燈片 29 所示，我們的新老隊列在 4 月份出現了更高的拐點。我們之前已經向您展示了我們的同夥，從歷史上看，他們一直是穩定且可預測的。但我們現在正經歷著顛覆性的積極變化。這是一個在非常時期獲得的全新群體，我們沒有任何依據相信他們的表現會與我們現有的群體相似。話雖如此，它們可以為未來的增長提供順風。這對我們來說是前所未有的時刻，我們不確定這些趨勢未來何時會穩定下來。

In addition to masks, we're also seeing additional momentum in other categories. Excluding facemask-related items, Etsy's stand-alone GMS growth was 79% during the month of April. Now of course, these results are likely magnified by broader industry tailwinds, specifically a shift from offline to online. According to external industry data, online retail sales for major marketplaces have risen dramatically in April. On the supply side, new sellers that joined the platform in April accounted for 13% of mask-related GMS.

除了口罩，我們還看到其他類別的增長勢頭。不包括與口罩相關的項目，Etsy 的獨立 GMS 在 4 月份增長了 79%。現在當然，這些結果可能會被更廣泛的行業順風放大，特別是從線下到線上的轉變。根據外部行業數據，4 月份主要市場的在線零售額大幅增長。供給端，4月新加入平台的賣家佔口罩相關GMS的13%。

Over the past 3 years, we've shifted one of the largest fixed expenditures to variable with our migration to Google Cloud. Both Etsy and Reverb have highly variable cost structures. So in an environment where top line growth contracts, a large portion of our expenses can dynamically adjust with growth.

在過去的 3 年裡，隨著我們遷移到 Google Cloud，我們已經將最大的固定支出之一轉變為可變支出。 Etsy 和 Reverb 都具有高度可變的成本結構。因此，在頂線增長收縮的環境中，我們的很大一部分費用可以隨著增長動態調整。

In response to the rapidly changing macro environment, we took a thorough look at operating expenses and implemented actions to reduce costs where it made sense, while simultaneously continuing to invest for long-term growth and playing offense where we see the opportunity. We're currently seeing times of exceptional volatility, and we hope for the best, but we plan for the worst.

為應對瞬息萬變的宏觀環境，我們全面審視運營費用，在合理的情況下採取措施降低成本，同時繼續投資以實現長期增長，並在我們看到機會的時候積極進攻。我們目前正處於異常波動的時期，我們抱最好的希望，但我們做最壞的打算。

We recognize that this is a moment for Etsy where we are uniquely meeting the needs of millions of buyers and sellers. We want to embrace that moment as a potential inflection point for consumer behavior and habits and invest into it. We're being very careful about our fixed costs while leaning into variable investments that we think can change the slope of the curve and engage these newer cohorts.

我們認識到，對於 Etsy 來說，這是一個可以獨特地滿足數百萬買家和賣家需求的時刻。我們希望將那一刻視為消費者行為和習慣的潛在轉折點，並對其進行投資。我們對固定成本非常謹慎，同時傾向於我們認為可以改變曲線斜率並吸引這些新群體的可變投資。

So how are we doing that? First, we've leaned into marketing more than we planned in Q2. Television marketing is affording great placement at CPMs that are 20% to 30% lower than normal. With so many people at home and more screen time being consumed than ever before, we believe increased investment in brand marketing makes sense, as we are able to engage millions of new buyers and buyers who have not purchased for a year or more for whom Etsy is top of mind right now.

那麼我們是怎麼做到的呢？首先，我們比第二季度計劃的更傾向於營銷。電視營銷以比正常低 20% 到 30% 的每千次展示費用提供了很好的展示位置。由於有這麼多人呆在家裡，人們花在屏幕上的時間比以往任何時候都多，我們相信增加對品牌營銷的投資是有道理的，因為我們能夠吸引數百萬新買家和一年或更長時間沒有購買 Etsy 的買家現在是最重要的。

Performance marketing is yielding higher ROIs with a lower cost per click. As we've mentioned before, performance and marketing naturally flexes with demand. When demand is high, we spend more. In addition, our Offsite Ads program will enable us to lean heavily into this channel. So if you take them both together, we're talking to buyers at the top of the funnel, and we're catching them at the bottom.

績效營銷以更低的每次點擊成本產生更高的投資回報率。正如我們之前提到的，績效和營銷自然會隨著需求而變化。當需求高時，我們會花更多的錢。此外，我們的站外廣告計劃將使我們能夠大力依賴這個渠道。所以如果你把它們放在一起，我們會在漏斗的頂部與買家交談，而我們會在底部抓住他們。

Second, we also undertook a product prioritization exercise that doubled down in areas where we see the highest potential. Some of these areas are more experimental in nature and have longer-term time horizons to deliver expected returns, so they may not yield in-period returns. We expect work in this area will enable us to drive progress in areas such as search and frequency that will be important to drive growth over the longer term. We've also made significant onetime investments to help our seller community during this difficult time. These total approximately $11 million to $13 million, the majority of which will be incurred in Q2. These include waiving off-site ad fees until early May, deferring seller bill payments for months, increasing member support operations and providing listing credits for mask sellers as well as listing and ad credits to some of our hardest hit sellers in categories like weddings and party supplies.

其次，我們還進行了產品優先級排序，在我們認為最具潛力的領域加倍努力。其中一些領域在本質上更具實驗性，並且具有更長期的時間範圍來提供預期回報，因此它們可能不會產生定期回報。我們預計這一領域的工作將使我們能夠在搜索和頻率等領域取得進展，這對於推動長期增長非常重要。我們還進行了大量的一次性投資，以在這個困難時期幫助我們的賣家社區。這些總計約為 1100 萬至 1300 萬美元，其中大部分將在第二季度發生。其中包括將場外廣告費用免除至 5 月初，將賣家賬單付款推遲數月，增加會員支持業務，為面具賣家提供上市積分，以及為我們在婚禮和派對等類別中受打擊最嚴重的一些賣家提供上市積分和廣告積分補給品。

We donated thousands of face masks to hospitals and have supported many of our small contracted vendors by keeping them employed despite our own office closures. Overall, we have conviction in the investments we're making and believe they will enable us to support our community and sustain growth over time.

我們向醫院捐贈了數千個口罩，並通過在我們自己的辦公室關閉的情況下繼續僱用他們來支持我們的許多小型合同供應商。總的來說，我們對我們正在進行的投資充滿信心，並相信它們將使我們能夠支持我們的社區並隨著時間的推移保持增長。

As of 3/31, we had almost $900 million of cash, cash equivalents and short- and long-term investments in addition to a $200 million revolver that's currently undrawn. In the first weeks of Q1, we repurchased 543,000 shares at an average price of $46, a $25 million investment. We've now paused share repurchases in light of the current macro environment. With minimal CapEx and marginal working capital needs, we believe we can continue to convert a very high percentage of our adjusted EBITDA into free cash flow.

截至 3 月 31 日，我們擁有近 9 億美元的現金、現金等價物以及短期和長期投資，此外還有目前未提取的 2 億美元左輪手槍。在第一季度的前幾週，我們以平均 46 美元的價格回購了 543,000 股股票，這是一筆 2500 萬美元的投資。鑑於當前的宏觀環境，我們現在暫停了股票回購。憑藉最低的資本支出和邊際營運資金需求，我們相信我們可以繼續將調整後的 EBITDA 的很大一部分轉化為自由現金流。

Before I discuss guidance, let me provide some background about how we forecast our business. No easy task, given all the uncertainty right now. We build up our own internal models and look at cohort data to establish baseline trends and layer in the impact of our investments in marketing and product, which drive incremental growth. In addition, we evaluate a lot of external economic data, closely monitoring headwinds and tailwinds. And from there, we develop a range of scenarios that could play out.

在我討論指導之前，讓我提供一些關於我們如何預測我們的業務的背景。考慮到目前所有的不確定性，這絕非易事。我們建立了自己的內部模型並查看隊列數據，以建立基線趨勢和我們對營銷和產品投資影響的分層，從而推動增量增長。此外，我們評估了大量外部經濟數據，密切監測逆風和順風。從那裡，我們開發了一系列可以發揮作用的場景。

It's been an incredibly dynamic couple of months. You'll recall that we told you that on a consolidated basis, GMS was down more than 2% in the third week of March and then up over 100% in April. To give you a bit more color on our recent performance, the Etsy marketplace delivered our highest ever month of GMS as a public company in April. And the 2 highest days of GMS of all-time were Thursday and Friday of last week. And so far, May performance remains consistent with what we saw in April.

這是令人難以置信的充滿活力的幾個月。你會記得我們告訴過你，在綜合基礎上，GMS 在 3 月的第三週下跌超過 2%，然後在 4 月上漲超過 100%。為了讓您對我們最近的表現有更多了解，Etsy 市場在 4 月份提供了我們作為上市公司有史以來最高的 GMS 月度。有史以來 GMS 最高的 2 天是上週的星期四和星期五。到目前為止，5 月份的表現與我們在 4 月份看到的情況保持一致。

There are a number of tailwinds that we believe contributed to our strong April, including, but of course not limited to: increased sales in categories unique to this current environment such as face masks; leveraging millions of new buyers and buyers who have not purchased for a year or more; the benefits of attractive CPMs in many channels, enabling us to spend deeper; widespread shifts from offline to online commerce, so many fewer places to shop; dislocations in the competitive landscape, some of which may be only temporary; and government relief packages, including stimulus checks.

我們認為有許多有利因素促成了我們 4 月份的強勁表現，包括但當然不限於：當前環境特有的類別銷售額增加，例如口罩；利用數百萬新買家和一年或更長時間未購買的買家；許多渠道中有吸引力的每千次展示費用的好處，使我們能夠更深入地消費；從線下到線上的廣泛轉變，購物的地方越來越少；競爭格局的錯位，其中一些可能只是暫時的；和政府救濟計劃，包括刺激檢查。

So there's things that we know, and there's things that we don't know. For instance, we continue to monitor the possibility of very real headwinds, which we haven't experienced yet such as a potentially deep and broad economic downturn, mounting job losses, small business closures, fragile consumer confidence and many other macro factors.

所以有些事情我們知道，有些事情我們不知道。例如，我們將繼續監測我們尚未經歷過的非常真實的逆風的可能性，例如潛在的深度和廣泛的經濟衰退、失業人數增加、小企業倒閉、消費者信心脆弱以及許多其他宏觀因素。

Our best view today is that the recent surge in demand is likely to ease. The GMS strength in April will support strong top line growth for the quarter. Because of the uncertainty, we're going to provide guidance for Q2, but we're not able to provide guidance for the full year. We currently estimate consolidated GMS for Q2 in the range of $2 billion to $2.2 billion, which is up 80% to 100% compared to Q2 of last year. Revenue of $310 million to $340 million, up 70% to 90%. And adjusted EBITDA of $75 million to $90 million, with a margin in the range of 23% to 27%.

我們今天最好的看法是，近期的需求激增可能會有所緩和。 4 月份 GMS 的實力將支持本季度強勁的收入增長。由於不確定性，我們將為第二季度提供指導，但我們無法提供全年的指導。我們目前估計第二季度的綜合 GMS 在 20 億美元至 22 億美元之間，與去年第二季度相比增長了 80% 至 100%。收入為 3.1 億美元至 3.4 億美元，增長 70% 至 90%。調整後的 EBITDA 為 7500 萬美元至 9000 萬美元，利潤率在 23% 至 27% 之間。

This implies a deceleration in growth rates for each of May and June, but a strong quarter overall. Our own internal model assumes that retail begins to reopen, creating more choice for consumers and then economic hardship mounts during this time. The combination of the 2 could potentially lead to meaningful deceleration both in this quarter and as we go through the year.

這意味著 5 月和 6 月的增長率均有所下降，但總體而言是一個強勁的季度。我們自己的內部模型假設零售業開始重新開放，為消費者創造更多選擇，然後在此期間經濟困難加劇。兩者的結合可能會在本季度和全年帶來有意義的減速。

A couple of thoughts for your model. We would encourage you to think about the headwinds and tailwinds we discussed and their implications on growth in the back half of the year. Offsite Ads revenue will reflect a partial quarter beginning in early May, given the free trial period. As we transition from our prior model, you can expect gross margin to benefit from the marketing offset shifting from cost of revenue to marketing expense. Our Q2 take rate will contract temporarily a bit, given the delayed fee charges for Offsite Ads and the impact of the large increase in GMS without a corresponding increase in certain seller services.

對你的模型的一些想法。我們鼓勵您考慮我們討論的逆風和順風，以及它們對下半年增長的影響。考慮到免費試用期，場外廣告收入將反映從 5 月初開始的部分季度。隨著我們從之前的模型過渡，您可以預期毛利率會受益於從收入成本轉移到營銷費用的營銷抵消。考慮到場外廣告的延遲收費以及 GMS 大幅增加但某些賣家服務沒有相應增加的影響，我們的第二季度採用率將暫時收縮一點。

As we mentioned last quarter, Q2 marketing spend will increase significantly on a sequential basis due to our transition to Offsite Ads and now also with our incremental investment in TV. Of the $11 million to $13 million in costs to support our seller community, approximately $1 million were incurred in Q1 and the balance in Q2. These costs are nonrecurring and after the midpoint of guidance represent approximately 300 basis points of adjusted EBITDA margin for the second quarter. Also, keep in mind that we'll be lapping the Reverb acquisition in Q3 2020, reflecting a partial quarter.

正如我們上個季度提到的那樣，由於我們向場外廣告的過渡以及現在我們對電視的增量投資，第二季度的營銷支出將環比顯著增加。在支持我們的賣家社區的 1100 萬至 1300 萬美元成本中，第一季度產生了約 100 萬美元，其餘部分發生在第二季度。這些成本是非經常性的，在指導的中點之後代表第二季度調整後 EBITDA 利潤率的大約 300 個基點。另外，請記住，我們將在 2020 年第三季度完成對 Reverb 的收購，這反映了部分季度。

Based on our Q1 performance and Q2 guidance, we believe that we are extremely well situated to execute on our strategy in this environment, with a marketplace model that allows us to scale our investments and respond to changing conditions very rapidly. We have a disciplined investment approach and an agile team who are rising to the challenge of our current environment and executing superbly. Deb is going to now moderate our live Q&A session. Thank you.

根據我們第一季度的業績和第二季度的指導，我們相信我們非常有能力在這種環境下執行我們的戰略，市場模型使我們能夠擴大投資規模并快速響應不斷變化的情況。我們有一個紀律嚴明的投資方法和一個敏捷的團隊，他們正在迎接我們當前環境的挑戰並出色地執行。 Deb 現在要主持我們的現場問答環節。謝謝你。

Hi, everyone. Hope you're all doing well. I'll start with a question we received from Kunal Madhukar at Deutsche Bank. As you think about marketing spend in Q2, what is your strategy with regard to brand versus performance, search versus social versus TV and then Offsite Ads supported versus own spend? That one, I think, for you, Josh.

大家好。希望你們一切都好。我將從德意志銀行的 Kunal Madhukar 收到的一個問題開始。當您考慮第二季度的營銷支出時，您在品牌與績效、搜索與社交與電視以及支持的場外廣告與自有支出方面的策略是什麼？那個，我想，是給你的，喬什。

Great. Okay. So as with all of our investments, we try to have a very disciplined framework around how we make those investments. And so let me start with performance marketing, because performance marketing is really a natural shock absorber that rises and falls with consumer demand. So we've talked a lot about our ROI thresholds, and we're very disciplined at looking at the next dollar spend and whether we think the next dollar spent is going to deliver a good return. And for all of our performance marketing budgets, that continues now just as it did before the crisis. And that would include both our Google performance marketing spend as well as performance marketing spends that we have on Facebook and a couple of other places.

偉大的。好的。因此，對於我們所有的投資，我們試圖圍繞我們如何進行這些投資建立一個非常有紀律的框架。所以讓我從績效營銷開始，因為績效營銷確實是一種天然的減震器，它會隨著消費者的需求而起伏。所以我們已經談了很多關於我們的 ROI 閾值的問題，我們非常有紀律地關注下一美元的支出以及我們是否認為下一美元的支出會帶來良好的回報。對於我們所有的績效營銷預算，現在仍在繼續，就像危機前一樣。這將包括我們的谷歌績效營銷支出以及我們在 Facebook 和其他幾個地方的績效營銷支出。

And in terms of the question about off-site advertising, what gets billed back to the seller versus the part that is Etsy funded, overall, there is still a subsidy in performance marketing where Etsy is paying a portion of the performance marketing budget, and that comes in a number of different ways. If someone goes to Google and they see a search result for Etsy and they click through, they may not buy from that particular store, they may buy from a different store. So in that case, neither of the sellers gets charged. Neither the seller whose ad was shown on Google nor the place that the purchase was eventually made. Neither of those sellers gets billed for off-site advertising. That's something that Etsy funds.

就站外廣告的問題而言，與 Etsy 資助的部分相比，哪些部分會返還給賣家，總體而言，效果營銷仍然存在補貼，Etsy 支付了一部分效果營銷預算，並且這有多種不同的方式。如果有人去谷歌，他們看到 Etsy 的搜索結果並點擊進入，他們可能不會從那個特定的商店購買，他們可能會從不同的商店購買。所以在那種情況下，賣家都不會被收費。既不是其廣告在 Google 上展示的賣家，也不是最終進行購買的地點。這些賣家都不會為站外廣告付費。這是 Etsy 資助的東西。

So there may be times where the cost of advertising an offsite -- from an off-site ad is higher than what the seller pays. And again, that would be something that Etsy subsidizes. But again, we think that, that's a great partnership with our sellers, because the seller is selling a product and gaining a new customer, which is great for the seller. But Etsy is also gaining a new customer, and that's great for Etsy. So the performance marketing spend will vary naturally with demand, and the portion that is seller funded versus Etsy funded will vary a bit as well. But I would say we expect it to be broadly consistent with the kinds of guidance that we gave before the crisis in terms of the off-site ad versus Etsy-funded portion of it. I do think the performance marketing spend is elevated right now because demand is elevated.

因此，有時站外廣告的成本——來自站外廣告的費用高於賣家支付的費用。再一次，這將是 Etsy 補貼的東西。但同樣，我們認為，這與我們的賣家建立了良好的合作夥伴關係，因為賣家正在銷售產品並獲得新客戶，這對賣家來說非常好。但 Etsy 也獲得了新客戶，這對 Etsy 來說是件好事。因此，績效營銷支出自然會隨著需求而變化，賣家資助的部分與 Etsy 資助的部分也會有所不同。但我想說的是，我們希望它與我們在危機前就場外廣告與 Etsy 資助的部分給出的指導大致一致。我確實認為績效營銷支出現在有所增加，因為需求增加了。

Now let's talk about the brand, the mid- and upper-funnel advertising. There, the way we look at it is, we look at reach and frequency. So we look at GRP points against the audiences that we really want to target. And we think what is a GRP, a region frequency number that's high enough to really be above the noise. And we're -- we think that this is a really great moment for Etsy to be communicating above the line. Millions of people may be trying Etsy for the first time, are trying Etsy for things that they hadn't realized that they could turn to Etsy for, and they're having a great experience. But rather than just having them land on the site and buy something, we want the opportunity to really tell our story, to create an emotional connection, to help them understand the connection that they have with the seller. And the opportunity to do that on TV is really special.

現在我們來談談品牌、中上層漏斗廣告。在那裡，我們看待它的方式是，我們看的是覆蓋面和頻率。因此，我們根據我們真正想要定位的受眾來查看 GRP 點。我們認為什麼是 GRP，一個高到足以真正高於噪音的區域頻率數。而且我們 - 我們認為這是 Etsy 進行線上交流的一個非常好的時刻。數以百萬計的人可能是第一次嘗試 Etsy，正在嘗試使用 Etsy 來獲得他們沒有意識到可以求助於 Etsy 的東西，而且他們的體驗非常棒。但不僅僅是讓他們登陸網站併購買東西，我們希望有機會真正講述我們的故事，建立情感聯繫，幫助他們了解他們與賣家之間的聯繫。在電視上這樣做的機會真的很特別。

And you saw the creative lean into that in a way that you haven't seen our creative do before. We're really telling our story from our sellers' point of view. And so we are looking at reach and frequency that's meaningful and dimensionalize that for you, similar to the kinds of reach and frequency that we will be doing in the fourth quarter, during peak holiday periods. And again, given the kinds of traffic that we've been seeing, we think that, that kind of spend is appropriate.

你看到創意以一種你以前從未見過的方式融入其中。我們真的是從賣家的角度講述我們的故事。因此，我們正在研究有意義的覆蓋面和頻率，並為您確定尺寸，類似於我們將在第四季度假期高峰期進行的覆蓋面和頻率。再一次，考慮到我們所看到的流量類型，我們認為這種支出是合適的。

The other place we're spending in, what I would consider mid-funnel, is video on social channels. And the opportunity there -- again, we're going to think about that in terms of reach and frequency. We have a better opportunity to maybe test that over time even than we do with TV. And we can rapidly iterate new creative and test new creative in front of these audiences, which is also really helpful for us as we think about how our message is resonating and how to tell very targeted messages to different audiences. So broadly speaking, that's how we're thinking about our investment framework. And I'll just close that question by saying, I think that this is a really fantastic time for Etsy to be leaning in to these investments. But these are variable spend. So if conditions should change significantly, it's quite easy for us to pull back this investment level if we think it's appropriate at that time.

我們花費的另一個地方，我認為是中間漏斗，是社交渠道上的視頻。那裡的機會——再次，我們將在覆蓋面和頻率方面考慮這一點。隨著時間的推移，我們有更好的機會來測試它，甚至比我們用電視做的還要好。而且我們可以在這些受眾面前快速迭代新創意並測試新創意，這對我們思考我們的信息如何引起共鳴以及如何向不同受眾傳達非常有針對性的信息也非常有幫助。所以從廣義上講，這就是我們考慮投資框架的方式。我想結束這個問題，我認為現在是 Etsy 進行這些投資的絕佳時機。但這些都是可變支出。因此，如果情況發生重大變化，如果我們認為當時合適，我們很容易撤回這一投資水平。

Okay, great. Thanks, Josh. Next one is from Shweta Khajuria from RBC. I understand that you aren't guiding to the full year. But can you please talk about the general philosophy strategy of how you plan to manage costs this year with respect to top line growth? And what are some of the places you plan to continue to lean into and where will you be seeing cost savings? Will there be more areas to pull back on costs? You talked about the 3 scenarios during your inter-quarter COVID update, do those scenarios still stand?

好，太棒了。謝謝，喬希。下一篇來自 RBC 的 Shweta Khajuria。我知道你沒有指導全年。但是，您能否談談今年您計劃如何管理與頂線增長有關的成本的一般哲學戰略？您計劃繼續深入哪些領域？您將在哪些方面節省成本？是否會有更多領域可以降低成本？您在季間 COVID 更新期間談到了 3 種情況，這些情況是否仍然有效？

Thanks, Shweta. Maybe I'll start, and then Rachel can fill in the gaps. Yes. I mean in the April 2 call, we talked about how we took some pretty fast action to look at our operating costs. And we're always -- I guess I'd start by saying that we've always been very disciplined about our cost structure. And if you go back and you look at our earnings call from the prior quarter, we pointed out that we have some of the highest revenue per head count of anyone in our peer group. And so we entered this crisis with already quite a lot of fiscal discipline. And we are continuously looking at how we can get better and how we can make sure that every dollar is going to its best and highest purpose. Minimizing waste is one of our core values as a company. We also said that we're not going to take short-term -- actions about our investment levels based just on short-term trends. And oh boy, am I glad that we did not overreact to the events in the third week of March. Because we were very, very busy in April, rising to the challenge that was on, and I think the team did a fantastic job doing that. And the fact that we were continuing to invest appropriately meant that we had the resources and the capacity to step in when we were needed in the month of April.

謝謝，雪維塔。也許我會開始，然後雷切爾可以填補空白。是的。我的意思是在 4 月 2 日的電話會議上，我們談到了我們如何採取一些非常快速的行動來查看我們的運營成本。而且我們總是——我想我首先要說的是，我們對成本結構一直非常嚴格。如果你回頭看看我們上一季度的財報電話會議，我們會指出，我們的人均收入是我們同行中任何人中最高的。因此，我們進入這場危機時已經採取了相當多的財政紀律。我們一直在研究如何才能做得更好，以及如何確保每一分錢都用於其最佳和最高目的。盡量減少浪費是我們公司的核心價值觀之一。我們還說過，我們不會僅根據短期趨勢對我們的投資水平採取短期行動。天哪，我很高興我們沒有對 3 月第三週發生的事件反應過度。因為我們在 4 月份非常非常忙碌，迎接挑戰，我認為團隊在這方面做得非常出色。我們繼續適當投資的事實意味著我們有資源和能力在 4 月份需要我們的時候介入。

So Rachel said in her prepared remarks, we're going to hope for the best, but plan for the worst. And what do we mean by that? We mean that we're going to continue to have a lot of discipline around our fixed cost. We're going to be taking a very careful eye on our fixed cost, because we just -- it's hard to predict what the future will hold. But in terms of variable investments, we are leaning into variable investments right now that we think are going to have a good payback, because we think this could be an inflection point for Etsy in a really positive way. And we want to make sure we really embrace that and take full advantage. The last thing I would say is just in our product road map, it -- we put a lot of thought into our product road map coming into this year. And we think we're working on a lot of really high-value projects that align very clearly with those 4 pillars of our right to win.

所以雷切爾在她準備好的發言中說，我們要抱最好的希望，但要做好最壞的打算。那是什麼意思？我們的意思是我們將繼續圍繞我們的固定成本製定很多紀律。我們將非常仔細地關注我們的固定成本，因為我們只是——很難預測未來會怎樣。但就可變投資而言，我們現在傾向於可變投資，我們認為這會帶來很好的回報，因為我們認為這可能是 Etsy 的一個真正積極的轉折點。我們希望確保我們真正接受並充分利用這一點。我要說的最後一件事就是在我們的產品路線圖中，我們對今年的產品路線圖進行了很多思考。我們認為我們正在開展許多真正高價值的項目，這些項目非常清楚地符合我們獲勝權利的這 4 大支柱。

If we got today and said we've thrown everything out the window and started over, that would be strange. And in fact, that's not at all what we've done. The vast majority of work that was underway as we entered 2020 continues, because we continue to think it's really important work. At the same time, if we said that we haven't changed a thing as a result of the current crisis, that would also be strange. And in fact, there are things that we need to do in 2 directions. So we took a look at what are things that really speak to the moment now and that have a lot of urgency, both important and urgent, and we have made some pivots in our product team to go and respond to those things. And I'm proud of the way that the team has responded.

如果我們今天說我們已經把所有東西都扔到窗外重新開始，那會很奇怪。事實上，這根本不是我們所做的。進入 2020 年時正在進行的絕大多數工作仍在繼續，因為我們仍然認為這是非常重要的工作。同時，如果我們說我們沒有因為當前的危機而改變任何事情，那也很奇怪。事實上，我們需要在兩個方向上做一些事情。因此，我們研究了哪些事情現在真正與時俱進，並且非常緊迫，既重要又緊迫，並且我們在產品團隊中做出了一些調整，以應對這些事情。我為團隊的回應方式感到自豪。

We've also looked and said, "Hey, this is a moment when we actually have the opportunity to do some investing in some fundamental platform pieces of our business that are going to make us much stronger for the future that might have slightly longer time horizons." And one example I would give of that is within search, the quality of all of our data pipelines. Are we capturing the right data? Are the data clean? Are they in usable formats? How can we give the teams the right tools to use those data? And there's an opportunity for Etsy to get much stronger there, which is going to result in much better search and recommendations. And we're taking that opportunity right now, and we are investing deeper there. And that's not something that I would expect to have a payback in the next 3 or 4 months. But I think it's going to make Etsy much better for the medium term and the long term, and we are embracing that opportunity right now.

我們也看過並說，“嘿，這是一個我們實際上有機會對我們業務的一些基本平台部分進行一些投資的時刻，這些部分將使我們在未來可能需要更長的時間變得更加強大視野。”我要舉的一個例子是在搜索中，我們所有數據管道的質量。我們是否捕獲了正確的數據？數據乾淨嗎？它們是可用的格式嗎？我們如何為團隊提供正確的工具來使用這些數據？ Etsy 有機會在這方面變得更強大，這將帶來更好的搜索和推薦。我們現在正在抓住這個機會，我們正在那裡進行更深入的投資。這不是我期望在未來 3 或 4 個月內獲得回報的東西。但我認為，從中期和長期來看，這將使 Etsy 變得更好，我們現在正在擁抱這個機會。

If I can -- yes. If I can, I'll jump in with a few additional notes, specifically around margins. So I just want people to remember that we've now consolidated Reverb into our financials, which creates a lot more revenue on the top line with potentially 0 margin for now. We have said in the past that we expect them to be breaking even or positive as we exit the year. In the first quarter, we accounted for Etsy Ads with a -- as a cost of revenue -- sorry, as revenue with 0 margin. So that's also dragging down Q1 margins, now that will shift as we get into Q2 and beyond.

如果可以的話——是的。如果可以的話，我會加入一些額外的註釋，特別是關於頁邊距的註釋。所以我只想讓人們記住，我們現在已經將 Reverb 整合到我們的財務中，這在收入上創造了更多的收入，目前利潤率可能為零。我們過去曾說過，我們希望他們在今年結束時實現收支平衡或為正。在第一季度，我們將 Etsy Ads 計為收入成本——抱歉，收入為 0 利潤率。因此，這也拖累了第一季度的利潤率，現在隨著我們進入第二季度及以後，這種情況將會發生變化。

We also spent pretty heavily in Q1 this year on television, brand marketing, which we didn't spend in Q1 of prior year. And we're -- as Josh talked about, we're leaning into that in the second quarter. So we'll continue to spend on television advertising. And the last thing I would remind you as it relates to margin is that we're capitalizing less above product development labor this year than we were last year. So a lot more of our product development team has expensed through our P&L. So those are the -- I know your question, Shweta, was specifically about cost reduction, and we've been judicious where we can, but also keep in mind those other puts and takes that impact our bottom line.

今年第一季度，我們還在電視、品牌營銷方面投入了大量資金，而去年第一季度我們沒有投入這些資金。我們——正如喬希所說，我們在第二季度傾向於這樣做。所以我們會繼續在電視廣告上花錢。最後我要提醒你的是，與利潤率相關的是，今年我們在產品開發勞動力上的資本化程度低於去年。因此，我們的產品開發團隊中有更多的人通過我們的損益表支出了費用。所以那些是——我知道你的問題，Shweta，特別是關於降低成本，我們在力所能及的地方一直很明智，但也要記住那些影響我們底線的其他問題。

Great. Thanks, Rachel. The next one I'm going to give you is from Darren Aftahi at Roth. You said masks would have been the #2 category in April if it was its own category. So what was #1?

偉大的。謝謝，雷切爾。我要給你的下一個來自 Roth 的 Darren Aftahi。你說口罩如果是它自己的類別，它就會成為 4 月份的第二大類別。那麼#1 是什麼？

So #1, as historically often been the case, was home and living. So everything around nesting right now to get your home more comfortable was our top category. And I think that, again, speaks to the enormous opportunity for Etsy, the TAM of Etsy, that home and living is only one of our categories. It's a very large category in the world, and it's a very large category on Etsy. It's our #1 category right now. And in a moment like this, a lot of people are thinking about how can they make their home more cozy, how can they get a home office setup. And Etsy is there for them and can do that in a way that no one else can really do. But it's still only one of many categories, other categories that were really robust this quarter included things like craft supplies, toys and games, gardening, self-care, so many different categories on Etsy that are really relevant. Gifting is a really big deal in this moment. So many categories that are really relevant right now.

因此，#1，就像歷史上經常出現的情況一樣，是家庭和生活。因此，現在圍繞嵌套讓您的家更舒適的一切都是我們的首要類別。我認為，這再次說明了 Etsy 的巨大機遇，Etsy 的 TAM，家庭和生活只是我們的類別之一。它在世界上是一個非常大的類別，在 Etsy 上也是一個非常大的類別。這是我們目前排名第一的類別。在這樣的時刻，很多人都在考慮如何才能讓他們的家更舒適，他們如何才能獲得家庭辦公室的設置。而 Etsy 就在他們身邊，並且可以以一種其他人無法真正做到的方式做到這一點。但這仍然只是眾多類別中的一個，本季度真正強勁的其他類別包括工藝用品、玩具和遊戲、園藝、自我護理，以及 Etsy 上真正相關的許多不同類別。在這一刻，送禮真的很重要。現在真正相關的類別太多了。

And the challenge for us historically has been getting people to think of Etsy for those particular products. And suddenly, we have the opportunity to do that in a bigger way than we've had before. And what I know is our sellers are doing a great job delivering and delighting those customers. And so that makes me optimistic for the future.

從歷史上看，我們面臨的挑戰是讓人們為那些特定產品想到 Etsy。突然間，我們有機會以比以往更大的方式做到這一點。我所知道的是我們的賣家在交付和取悅這些客戶方面做得很好。所以這讓我對未來感到樂觀。

Okay. Great. Next one comes from Laura Champine from Loop. In Q2, should services revenue grow faster or slower than GMS? And what are the drivers?

好的。偉大的。下一個來自 Loop 的 Laura Champine。第二季度，服務收入增長應該快於還是慢於 GMS？驅動因素是什麼？

So I would expect services revenue to grow slightly slower in Q2 than GMS for what is a kind of a unique reason to this moment. So GMS is obviously growing really, really nicely on the Etsy marketplace. And of course, GMS is in fact -- is a function of 3 things: visits, conversion rate and AOV. And right now, we're seeing visits grow really rapidly, and we're seeing conversion rate improve over its historical averages. Obviously, then AOV is the third factor. AOV is slightly down from its historical averages. But we very rarely see visits grow very rapidly and conversion rate improve at the same time significantly. So that's very positive for Etsy.

因此，我預計第二季度服務收入的增長將比 GMS 略慢，這是目前的一個獨特原因。所以 GMS 顯然在 Etsy 市場上發展得非常非常好。當然，GMS 實際上是 3 件事的函數：訪問量、轉化率和 AOV。現在，我們看到訪問量增長非常迅速，而且我們看到轉化率比歷史平均水平有所提高。顯然，那麼AOV就是第三個因素。 AOV 略低於歷史平均水平。但我們很少看到訪問量增長非常快，同時轉化率顯著提高。所以這對 Etsy 來說是非常積極的。

What we now call Etsy Ads, what we used to call Promoted Listings, is really driven by views. So if visits are growing slightly slower than GMV, then it means that we may see Etsy Ads grow slightly slower actually than GMS overall. And I want to emphasize that we think Etsy Ads is doing great. It's on a great trajectory. But again, if visits is growing slightly slower than overall GMS, then we may see Etsy Ads grow a little slower than GMS in the second quarter in particular.

我們現在稱為 Etsy Ads 的東西，過去稱為 Promoted Listings 的東西，實際上是由瀏覽量驅動的。因此，如果訪問量的增長速度略慢於 GMV，那麼這意味著我們可能會看到 Etsy 廣告的增長速度實際上略慢於 GMS 整體。我想強調的是，我們認為 Etsy Ads 做得很好。它正處於一個偉大的軌道上。但同樣，如果訪問量的增長速度略慢於整體 GMS，那麼我們可能會看到 Etsy Ads 在第二季度的增長速度略低於 GMS。

May I add one thing to that, to Josh's response, which is also just to point out that in the first part of April, when we were seeing the surge in mask sales, we took the Etsy Ads, formerly known as Promoted Listings, off of the mask listing pages. It's now back on, but for a portion of the month of April, there were no Promoted Listings there.

對於 Josh 的回應，我可以補充一件事，這也只是為了指出，在 4 月上旬，當我們看到口罩銷量激增時，我們關閉了 Etsy 廣告（以前稱為 Promoted Listings）掩碼列表頁面。它現在恢復了，但是在 4 月份的一部分時間裡，那裡沒有促銷列表。

Okay. Great. We have a couple of questions that are guidance related. I'm going to go with this one from John Colantuoni, hope I said that right, John, from Jefferies. Q2 GMS guidance implies a high level of growth in May and June. Can you talk about some of the key assumptions in your internal model that gets you to the full quarter forecast?

好的。偉大的。我們有幾個與指南相關的問題。我要選擇 John Colantuoni 的這個，希望我說對了，來自 Jefferies 的 John。第二季度 GMS 指導意味著 5 月和 6 月的高水平增長。您能否談談您的內部模型中的一些關鍵假設，這些假設可以讓您得出完整的季度預測？

I'm happy to start. And I would start by emphasizing what Rachel said before, which is that it's really hard to forecast right now. And we had a lot of conversations about whether to give guidance or not. And we know there's been a broad range of people giving guidance and not giving guidance. We wanted to be as transparent with you as we can. We always try to be as transparent as we can and as helpful as we can without overpromising. And so what we gave you is a very broad range. If you think about the fact that there's only 2 months left in the quarter and we're giving you a 20-point of range, it's a pretty broad range. And I think that just speaks to the time. And so there's a set of tailwinds, and we are currently benefiting very materially from those tailwinds, things like a rise in demand and fewer alternatives, Etsy sellers being able to rapidly pivot to produce in-demand products and not just masks. There are lots of other things that are currently in demand. The fact that we're not reliant on logistics -- central logistic fulfillment warehouses like others. There's also a set of headwinds that we anticipate. So it's a very tough economic background. And we -- our hearts go out to everyone who's lost their job or is feeling economic insecurity. And we think that, that could well get much more real in the months to come. But we haven't seen that headwind show up much yet.

我很高興開始。我首先要強調雷切爾之前說過的話，那就是現在真的很難預測。我們就是否提供指導進行了很多討論。我們知道有很多人提供指導，也有不提供指導的。我們希望盡可能對您保持透明。我們總是盡量保持透明，盡可能提供幫助，但不要過度承諾。所以我們給你的是一個非常廣泛的範圍。如果您考慮到本季度只剩下 2 個月這一事實，而我們給您的範圍是 20 個點，那麼這是一個相當廣泛的範圍。我認為這恰恰說明了時間。所以有一系列順風，我們目前從這些順風中受益匪淺，比如需求增加和替代品減少，Etsy 賣家能夠迅速轉向生產需求產品，而不僅僅是口罩。目前還有許多其他需求。事實上，我們不依賴物流——像其他中央物流倉庫一樣。我們預計還會遇到一系列不利因素。所以這是一個非常艱難的經濟背景。我們——我們的心與所有失去工作或感到經濟不安全的人同在。我們認為，在接下來的幾個月裡，這很可能會變得更加真實。但我們還沒有看到逆風出現太多。

We expect that retail will reopen. We hope for everyone's sake that the economy gets back on its feet sooner rather than later. And so it's very hard to model when we will start to feel those headwinds and at what pace we will start to feel those headwinds and how the continued tailwinds might counteract them or not? So we did the best within our guidance range to anticipate those trends. I don't know, Rachel, if there's more you want to say there.

我們預計零售業將重新開放。為了大家的利益，我們希望經濟早日恢復正常。因此，很難模擬我們何時開始感受到這些逆風，我們將以什麼速度開始感受到這些逆風，以及持續的順風如何抵消它們？因此，我們在我們的指導範圍內盡了最大努力來預測這些趨勢。我不知道，雷切爾，你是否還有更多想說的。

I -- yes, I would only just point out a couple of things. First of all, we gave you the first couple of days of May. Don't get too attached to that, because we're not planning to update you daily. But -- so we've seen some trends holding. And we told you that we expect May -- the numbers -- you could back into the numbers we've given you assume multi-seller rate in May, we said we thought we'd accelerate in May and to follow that trend line through to the end of the quarter, accelerating again in June.

我——是的，我只想指出幾件事。首先，我們給了你五月的頭幾天。不要太執著於此，因為我們不打算每天為您更新。但是——所以我們看到了一些趨勢。我們告訴過你，我們預計 5 月 - 數字 - 你可以回到我們給你的數字假設 5 月的多賣家率，我們說我們認為我們會在 5 月加速並遵循該趨勢線到本季度末，6 月份再次加速。

And lastly, don't forget, we're giving you consolidated guidance. So Reverb is performing strongly. We've given you, I think, some information there that will help you understand the 2 respective marketplaces that Reverb is a smaller percentage of our total and Etsys' deceleration, obviously, has a higher weight to the total guidance we gave for the quarter.

最後，不要忘記，我們正在為您提供綜合指導。因此 Reverb 表現強勁。我認為，我們已經為您提供了一些信息，這些信息將幫助您了解 Reverb 在我們總市場中所佔比例較小的兩個市場，而 Etsys 的減速顯然對我們給出的本季度總指導具有更高的權重.

Okay. Thanks, Rachel. The next one is from Nick Jones at Citi. Though it is still early days in this crisis, what are you learning about your (technical difficulty) habitual buyers, your active buyers and your occasional buyers? Are you seeing early trends that each of these groups are growing?

好的。謝謝，雷切爾。下一個來自花旗銀行的尼克瓊斯。儘管這場危機還處於早期階段，但您對（技術困難）習慣性買家、活躍買家和偶爾買家有何了解？您是否看到這些群體中的每一個都在增長的早期趨勢？

Yes. I mean to break it down, starting with our habitual buyers, we love our habitual buyers. You will see that the number of habitual buyers grew again. But because they're already habitual, they already know so much about what Etsy can offer, and they're already coming to us frequently. And so we have seen frequency in that group improve, which is great. But they're kind of the folks that have figured out the secret sauce of Etsy. The big opportunity in this moment is there's a lot of people who maybe have never shopped on Etsy before or who have shopped only very occasionally on Etsy. They might think of us only for one very specific product category. And now they're thinking about us, and now they're coming for other product categories. And that's a moment. And so we're excited about the opportunity that we are seeing frequency gains in the lapsed buyers and the occasional buyers.

是的。我的意思是把它分解，從我們的習慣買家開始，我們愛我們的習慣買家。你會看到習慣性購買者的數量再次增長。但是因為他們已經習慣了，他們已經非常了解 Etsy 可以提供什麼，並且他們已經經常來找我們。因此，我們看到該組的頻率有所提高，這很好。但他們是想出了 Etsy 秘訣的人。這一刻的大機會是，有很多人可能以前從未在 Etsy 上購物過，或者只是偶爾在 Etsy 上購物過。他們可能只會為一個非常具體的產品類別想到我們。現在他們開始考慮我們，現在他們正在尋找其他產品類別。那是一個時刻。因此，我們很高興有機會看到流失買家和偶爾買家的頻率增加。

We're also encouraged by -- it's very early days, but this brand new cohort from April, we gave you some data in our prepared remarks that the frequency of this brand new cohort looks very healthy as well. So the task ahead now is to do a great job engaging them so that we continue to earn their loyalty in the future. And we're really excited about the new tools that we have that allow us to really be able to identify different segments and communicate to those different segments in a very personalized way, in a really dynamic way, really quickly. And we're really focused on that and investing in that.

我們也感到鼓舞——現在還很早，但這個全新的隊列來自 4 月，我們在準備好的評論中給了你一些數據，表明這個全新隊列的頻率看起來也非常健康。因此，現在面臨的任務是做好吸引他們的工作，以便我們在未來繼續贏得他們的忠誠度。我們對我們擁有的新工具感到非常興奮，這些工具使我們能夠真正能夠識別不同的細分市場，並以非常個性化的方式，以一種非常動態的方式，非常快速地與這些不同的細分市場進行溝通。我們真的專注於此並對此進行投資。

Okay. Next one is from Maria Ripps, the Canaccord.

好的。下一個來自 Maria Ripps，Canaccord。

When you think about your Q2 guidance, can you talk about the relative contribution from new customers versus engagement from existing customers? It seems like with this much visibility, you must be seeing a lot of activity from your existing customers. But can you just talk about it a little bit more?

當您考慮 Q2 指南時，您能否談談新客戶與現有客戶互動的相對貢獻？看起來有這麼多可見性，您一定會看到現有客戶的大量活動。但是你能再多談談嗎？

Yes. I guess I'd start, and Rachel, feel free to pile on, of course. But first, I'd say that we define new customer at Etsy as new ever. And many other people you see -- everyone uses different definitions, but a lot of people have a definition of new that means they haven't been around in a while. And when we say new, we mean we're not aware of having seen that buyer before at least using that ID. And so we are seeing very strong growth in brand new buyers, and we're excited by that. And in 2020, we have to remind ourselves, there's still a lot of people that just don't shop online much. And there's a lot of people that have never shopped on Etsy. And so some of those people are showing up now and shopping on Etsy, and that's really exciting. So our new buyer growth is very strong right now. And I'm excited about the fact that I feel like we're really well prepared. The hard work that we've done over the past few years to make search much better, to make the shipping experience feel really good, to build trust. These are people that are coming on to Etsy for the first time, and they're finding a marketplace that we're proud of, that we think is well organized and a trusted marketplace where sellers do such a great job delighting them.

是的。我想我會開始，當然，雷切爾可以隨意繼續。但首先，我想說我們將 Etsy 的新客戶定義為新客戶。你看到的許多其他人——每個人都使用不同的定義，但很多人都有一個新的定義，這意味著他們已經有一段時間沒有出現了。當我們說新的時，我們的意思是我們不知道至少在使用該 ID 之前見過該買家。因此，我們看到全新買家的增長非常強勁，我們對此感到興奮。而在 2020 年，我們必須提醒自己，仍然有很多人不怎麼網購。還有很多人從未在 Etsy 上購物過。所以其中一些人現在出現並在 Etsy 上購物，這真的很令人興奮。所以我們現在的新買家增長非常強勁。我很興奮，因為我覺得我們真的準備好了。我們在過去幾年所做的努力使搜索變得更好，讓運輸體驗感覺非常好，建立信任。這些人是第一次來到 Etsy，他們正在尋找一個我們引以為豪的市場，我們認為這個市場組織良好，而且是一個值得信賴的市場，賣家做得非常好，讓他們高興。

But as we've talked about before, there's a very large number of infrequent buyers. They've bought on Etsy before, they had a great experience, they think of us in -- fondly, but they just don't think of us very often. They don't know when to think of us. And suddenly, we're more front of mind. And we're one of the smaller set of places that is open for business and shipping, and shipping a lot of different products they might want. So we're definitely seeing improvements with the occasional buyers or the lapsed buyers, people who just haven't been on the site for more than a year.

但正如我們之前談到的，有大量的非頻繁買家。他們以前在 Etsy 上買過東西，他們有很棒的經歷，他們很想念我們——深情地，但他們只是不經常想到我們。他們不知道什麼時候想起我們。突然間，我們更受關注。我們是對商業和運輸開放的較小的地方之一，並且運輸他們可能需要的許多不同的產品。因此，我們肯定會看到偶爾的買家或流失的買家，即一年多沒有訪問該網站的人，情況有所改善。

And then, of course, we are also seeing frequency improvements with people who already shop and shop frequently. It's just that the delta with that community is not as high, because they started from a higher point already. I don't know, Rachel, if there's anything else you'd want to add there?

然後，當然，我們也看到已經經常購物的人的頻率有所提高。只是與那個社區的增量沒有那麼高，因為他們已經從更高的點開始了。我不知道，雷切爾，你是否還有什麼要補充的？

I mean just to -- I mean I'm probably just being redundant, but I just want to point out that by the definition, most other companies use for new buyers and buyers that have not been to the site for 366 days or more. If you add those 2 groups together, the new and reactivated, we had 6.5 million new buyers in the month of April. And really, about half of our -- that's about half of the April buyers. So that cohort, the new and reactivated, is a material portion of our growth, and they are the ones that are really the opportunity for us to capture and be top of mind for as we lean into marketing and other things.

我的意思是 - 我的意思是我可能只是多餘，但我只想指出，根據定義，大多數其他公司使用的是新買家和 366 天或更長時間未訪問該網站的買家。如果你把這兩個群體加在一起，新的和重新激活的，我們在 4 月份有 650 萬新買家。實際上，我們大約有一半 - 大約是 4 月份買家的一半。因此，這個群體，新的和重新激活的，是我們增長的重要組成部分，當我們傾向於營銷和其他事情時，他們確實是我們抓住機會並成為首要考慮因素的機會。

Okay. Thank you. Next one is from Naved Khan at SunTrust. What kind of uplift do you think you may be seeing from the lift in spend -- consumer spend due to government support stimulus?

好的。謝謝你。下一篇來自 SunTrust 的 Naved Khan。您認為您可能會從支出的增長中看到什麼樣的增長——由於政府支持刺激而導致的消費者支出？

Yes. We have been looking at that as well. And again, it's hard to parse out, because it's all fairly recent. But what I would say right now is that the growth, and we gave you pretty specific data on how April and early May have been trending. So you can kind of see for yourself that it's probably true that the stimulus checks were helpful. And we certainly think, on behalf of the American people and the American economy, that they've been helpful. But we've continued to see sustained growth. So we feel good about that.

是的。我們也一直在關注這一點。而且，很難解析出來，因為它們都是最近的。但我現在要說的是增長，我們為您提供了有關 4 月和 5 月初趨勢的非常具體的數據。所以你可以親眼看到，刺激檢查可能確實有幫助。我們當然認為，代表美國人民和美國經濟，他們提供了幫助。但我們繼續看到持續增長。所以我們對此感覺很好。

Now we anticipate that over time, that growth will decelerate, that the -- as we get past those stimulus checks, as people's savings get more down a little bit that the economic hardships will get even more real for people. But it's just hard for us to know all the puts and takes of that very precisely.

現在我們預計，隨著時間的推移，增長將會減速，隨著我們通過這些刺激檢查，隨著人們的儲蓄減少一點點，人們的經濟困難將變得更加真實。但我們很難非常準確地了解所有的投入和投入。

Okay. Great. Next one is from Jason Helfstein at OpCo. Are you seeing better seller demand for your new ad products and/or seller reengagement with those products? Any way to quantify that?

好的。偉大的。下一篇來自 OpCo 的 Jason Helfstein。您是否看到賣家對您的新廣告產品有更好的需求和/或賣家重新參與這些產品？有什麼方法可以量化嗎？

I'll start and then, Rachel, if you want to jump in. But we are very happy with -- so we basically had 2 seller ad products. We've got Offsite Ads and we've got Etsy Ads. So Offsite Ads is off to a great start. We're very pleased with the launch. By the way, we think the team did a really nice job getting that product launched. And just to take a second on Offsite Ads, too, I'm really pleased with how that team had a real biased action. I think they also were ready to pivot when that made sense. And they came to a new model. Actually, they launched a version 1, and then they came to a version 2 that's even better. And I think it's even more fit for these times. We couldn't have anticipated these times. But we do think that this new version is even more appropriate for the current environment that we're in. And in addition to having the right strategy and being willing to pivot, they executed really nicely on both the technology, which is complicated, and the messaging to sellers. And so we're pleased with how the launch has gone. We are pleased with what we're hearing by and large from the community. And the early metrics are very encouraging on Offsite Ads. It's very early days, but the metrics are encouraging around things like opt-out rates and seller churn, we're very encouraged by what we see there.

我會開始，然後，雷切爾，如果你想加入的話。但我們非常高興 - 所以我們基本上有 2 個賣家廣告產品。我們有站外廣告和 Etsy 廣告。因此，Offsite Ads 有了一個良好的開端。我們對發布感到非常滿意。順便說一句，我們認為該團隊在推出該產品方面做得非常好。我也想花點時間了解場外廣告，我真的很高興該團隊採取了真正有偏見的行動。我認為他們也準備好在有意義的時候進行調整。他們找到了一個新模型。實際上，他們推出了第 1 版，然後推出了更好的第 2 版。而且我認為它更適合這些時代。我們無法預料到這些時間。但我們確實認為這個新版本更適合我們當前所處的環境。除了擁有正確的戰略和願意轉變之外，他們在復雜的技術和給賣家的信息。因此，我們對發布的進展情況感到滿意。我們對從社區中聽到的大部分內容感到滿意。離線廣告的早期指標非常令人鼓舞。現在還處於早期階段，但圍繞選擇退出率和賣家流失等指標令人鼓舞，我們對那裡看到的情況感到非常鼓舞。

And on Etsy Ads, what used to be called Promoted Listings, we continue to see that be a very popular product. And so our sellers like it, they're investing in it and it delivers really good value for them. So we're also pleased with what we're seeing on Etsy Ads.

在 Etsy Ads 上，過去被稱為 Promoted Listings，我們繼續看到它是一個非常受歡迎的產品。所以我們的賣家喜歡它，他們正在投資它，它為他們帶來了非常好的價值。因此，我們也對在 Etsy Ads 上看到的內容感到滿意。

And if I may, I'd just add a couple of other notes. So because we were -- the product was live for a month before we started billing and one of the -- so one of that was -- that was part of the seller relief basket that I talked about, but it was also designed so that sellers could actually see and start to calculate how this product was performing for them economically. They could actually start to see sales that they had made and on their bill, it would say, a fee and then waived, it was a strike through. So they were seeing what would I have paid and what sales would I have gotten and what would I not have gotten had they not had the opportunity to be listed in one of these -- [that] part of listing ads. And so we've been collecting feedback for several weeks now on whether they like the product and whether they feel that it's performing well. So we've been very pleased with what we've read. It doesn't mean that everybody loves it. We certainly get our share of issues and considerations being raised. But what we see now since we've had the billing live for several days is that everything is performing exactly as we expected. As Josh said, it's very, very early days, but nothing is out of line with how we have modeled the product to perform as we expected.

如果可以的話，我只想添加一些其他註釋。所以因為我們 - 該產品在我們開始計費之前已經上線了一個月，其中之一 - 所以其中之一 - 這是我談到的賣家救濟籃子的一部分，但它的設計也是為了賣家實際上可以看到並開始計算該產品在經濟上對他們的表現如何。他們實際上可以開始看到他們所做的銷售，在他們的賬單上，它會說，一筆費用然後被免除，這是一個劃線。所以他們看到我會支付什麼，我會得到什麼銷售量，如果他們沒有機會被列在其中一個 - [那] 列表廣告的一部分中，我不會得到什麼。因此，我們已經收集了數週的反饋，了解他們是否喜歡該產品以及他們是否認為它表現良好。所以我們對閱讀的內容非常滿意。這並不意味著每個人都喜歡它。我們當然會分享我們提出的問題和考慮因素。但是我們現在看到的是，因為我們的賬單已經上線了幾天，所以一切都按照我們的預期進行。正如 Josh 所說，現在還處於非常非常早期的階段，但沒有什麼與我們為產品建模以按預期執行的方式不符。

Great. Okay. Thank you. We went over time here a little bit. I'm going to squeeze in one more high-level question to end it and anybody else whose questions got stuck in the queue, we'll make sure we get back to you. This one is for Josh from Tom Forte at D.A. Davidson. As a long time industry participant, what are your thoughts on e-commerce mix coming out of the coronavirus outbreak? For example, the home category online mix today is about 40% versus 20% last year, how much does the increased mix hold near term as physical stores reopen?

偉大的。好的。謝謝你。我們在這裡超時了一點。我將再提出一個更高級的問題來結束它，如果其他人的問題被困在隊列中，我們將確保我們會回复你。這是 D.A. 的 Tom Forte 給 Josh 的。戴維森。作為長期的行業參與者，您對冠狀病毒爆發後的電子商務組合有何看法？例如，今天的家居品類在線組合約為 40%，而去年為 20%，隨著實體店重新開張，增加的組合在短期內保持多少？

Yes. I mean I think that this is going to be an inflection point for e-commerce. And I think that, that inflection point is going to be meaningful and lasting. As much as many of us are really native to online and have been shopping online for years and shop online for many, if not most, of our purchases, there's still a very large segment of the economy that shops offline. And I think this is a moment when a lot of people are suddenly turning online and discovering that it's really convenient and it works really well for them. And I think that, that could create some very lasting behavior changes.

是的。我的意思是我認為這將成為電子商務的轉折點。我認為，那個拐點將是有意義和持久的。儘管我們中的許多人真正習慣於網上購物，並且多年來一直在網上購物，並且在網上購買了很多（如果不是大部分的話）我們購買的東西，但仍然有很大一部分經濟是在線下購物的。而且我認為這是很多人突然轉向上網並發現它真的很方便並且對他們來說非常有效的時刻。我認為，這可能會導致一些非常持久的行為改變。

And I think that in that world, people aren't going to want to remember 5,000 or 10,000 or 50,000 brands. And I don't think they only want to shop in 1 or 2 places. So in a world where everyone is on Amazon every day all the time, which is great, because Amazon meets a lot of needs a lot of the time. They're going to want an alternative to Amazon. And I think Etsy is super well positioned to be one of the few meaningful alternatives that stands for something truly different than what you get at Amazon, but can meet a wide range of your needs. And this is a moment when we're actually getting to demonstrate that to people. And we're embracing that moment, and we're investing into that moment. And most importantly, I think our sellers are doing a fantastic job of rising. They're innovating on products that are really cool. They're delivering delight, the hand-written notes, the personal touch that you're never going to get from almost any other place.

我認為在那個世界裡，人們不會想要記住 5,000 或 10,000 或 50,000 個品牌。而且我不認為他們只想在 1 或 2 個地方購物。所以在一個每個人每天都在亞馬遜上的世界裡，這很棒，因為亞馬遜在很多時候都能滿足很多需求。他們會想要亞馬遜的替代品。而且我認為 Etsy 非常適合成為為數不多的有意義的替代品之一，它代表著與您在亞馬遜上獲得的東西真正不同的東西，但可以滿足您的廣泛需求。這是我們真正要向人們展示這一點的時刻。我們正在擁抱那一刻，我們正在為那一刻投資。最重要的是，我認為我們的賣家在崛起方面做得非常出色。他們在非常酷的產品上進行創新。他們傳遞的是喜悅、手寫的筆記、你永遠不會從幾乎任何其他地方獲得的個人風格。

So I do think that this is a moment that's going to create lasting behavior change. And I think that Etsy is going to be a winner in that over the medium term, in the long term. And I think that's incredibly exciting most of all for our sellers and for buyers. And so it's a time when our team, as I said in my prepared remarks, has a lot of stress in their lives, but they understand how important that this is for all of our stakeholders. And so again, I guess, I'd like to close by saying how grateful I am to all the people on the Etsy team that are really pulling out all the stops to try to do everything they can to support the community. It means a lot, and I'm really grateful for it.

所以我確實認為這是一個將創造持久行為改變的時刻。而且我認為，從中期和長期來看，Etsy 將在這方面成為贏家。我認為這對我們的賣家和買家來說最令人興奮。因此，正如我在準備好的發言中所說，這是我們團隊生活壓力很大的時候，但他們明白這對我們所有利益相關者的重要性。因此，我想，我想再次結束，我想對 Etsy 團隊中的所有人表示感謝，他們真的竭盡全力盡其所能來支持社區。這意味著很多，我真的很感激。

Great. Thanks, Josh, and thank you, everyone, for joining us. We hope you stay safe, and we'll talk to you soon. Thank you so much.

偉大的。謝謝，Josh，也謝謝大家加入我們。我們希望您保持安全，我們會盡快與您聯繫。太感謝了。