ETSY Inc (ETSY) 2022 Q1 法說會逐字稿

Hi, everyone, and welcome to Etsy's First Quarter 2022 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations and ESG Engagement. Joining me today are Josh Silverman, Chief Executive Officer; Rachel Glaser, our Chief Financial Officer; and Jessica Schmidt, who joined us in March as our Senior Director of Investor Relations.

大家好，歡迎來到 Etsy 的 2022 年第一季度收益電話會議。我是投資者關係和 ESG 參與副總裁 Deb Wasser。今天加入我的是首席執行官 Josh Silverman； Rachel Glaser，我們的首席財務官；以及 Jessica Schmidt，她於 3 月加入我們，擔任我們的投資者關係高級總監。

Today's prepared remarks have been prerecorded. The slide deck has also been posted to our website for your reference. Once we have finished with Josh and Rachel's presentations, we will transition to a live video webcast Q&A session. (Operator Instructions) I'll be reading your questions, and Jessica will help me to try to get to as many of them as we can.

今天準備的評論已經預先錄製好了。幻燈片也已發佈到我們的網站以供您參考。完成 Josh 和 Rachel 的演講後，我們將轉入現場視頻網絡直播問答環節。 （操作員說明）我會閱讀您的問題，傑西卡會幫助我盡可能多地解決問題。

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance and key drivers thereof, the global macroeconomic uncertainty, including additional or unforeseen impacts of the COVID-19 pandemic and general market, political, economic and business conditions may have on our communities, business strategy or operating results, our opportunity, our levers for GMS growth and our plans for investments in our marketplaces and in our member support programs, the potential impact of our strategic marketing and product initiatives and the anticipated return on our investments and their ability to drive growth. Our actual results may differ materially.

請記住，我們今天的評論包括與我們的財務指導及其關鍵驅動因素、全球宏觀經濟不確定性（包括 COVID-19 大流行和一般市場、政治、經濟和商業狀況可能帶來的額外或不可預見的影響）相關的前瞻性陳述對我們的社區、業務戰略或經營成果、我們的機會、我們的 GMS 增長槓桿以及我們對我們的市場和我們的會員支持計劃的投資計劃、我們的戰略營銷和產品計劃的潛在影響以及我們的預期回報投資及其推動增長的能力。我們的實際結果可能存在重大差異。

Forward-looking statements involve risks and uncertainties, which are described in today's earnings release and our 10-K filed with the SEC on February 25, 2022 and which will be updated in any future periodic reports we file with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them. 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'll find on our Investor Relations website, along with the replay of this call.

前瞻性陳述涉及風險和不確定性，這在今天的收益發布和我們於 2022 年 2 月 25 日向 SEC 提交的 10-K 中進行了描述，並將在我們向 SEC 提交的任何未來定期報告中進行更新。我們在此次電話會議上所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新它們的義務。此外，在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，您可以在我們的投資者關係網站上找到該新聞稿，以及本次電話會議的重播。

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

有了這個，我會把它交給喬希。

Thanks, Deb, and good evening, everyone. In recent years, it seems one of the only real certainties has been uncertainty. You could say it's the new normal. We believe that over the past 5 years, our team has demonstrated its agility and adaptability, and our business model has shown resiliency through many types of macro conditions.

謝謝，Deb，大家晚上好。近年來，似乎唯一真正確定的事情之一就是不確定性。你可以說這是新常態。我們相信，在過去的 5 年裡，我們的團隊已經展示了它的敏捷性和適應性，我們的商業模式在多種宏觀條件下表現出了彈性。

In Q1, we rose to the occasion once again to deliver solid results in a challenging quarter, maintaining almost all of the gains reported during the extremely strong year ago period. Our consolidated GMS was $3.3 billion, up 3.5% year-over-year, or approximately 5% on a constant currency basis, with the Etsy marketplace GMS down about 2% as we lapped the exceptionally strong growth of the prior year. Consolidated revenue grew 5.2%, and our adjusted EBITDA margin was 27.5%. Rachel will cover the results in more detail shortly.

在第一季度，我們再次迎難而上，在充滿挑戰的季度中取得了穩健的業績，幾乎保持了去年極其強勁的時期所報告的所有收益。我們的綜合 GMS 為 33 億美元，同比增長 3.5%，或按固定貨幣計算約 5%，Etsy 市場 GMS 下降約 2%，因為我們超越了去年異常強勁的增長。合併收入增長 5.2%，調整後 EBITDA 利潤率為 27.5%。 Rachel 很快將更詳細地介紹結果。

Etsy experienced a tidal wave of growth over the past 2 years. As so much of the world shut down, we went from serving 2.6 million to 5.5 million active sellers and from 47 million to nearly 90 million active buyers. And etsy.com GMS grew from about $1.2 billion in the first quarter of 2020, to $2.8 billion this past quarter. We have provided a pathway to economic opportunity for millions and a meaningful alternative for buyers looking to not be just another cog in the complex and increasingly commoditized global supply chain.

在過去的 2 年裡，Etsy 經歷了一股增長的浪潮。隨著全球大部分地區的關閉，我們為 260 萬活躍賣家提供服務到 550 萬活躍賣家，從 4700 萬活躍買家增加到近 9000 萬活躍買家。 etsy.com GMS 從 2020 年第一季度的約 12 億美元增長到上一季度的 28 億美元。我們為數以百萬計的人提供了通往經濟機會的途徑，也為那些希望不僅僅是複雜且日益商品化的全球供應鏈中的另一個齒輪的買家提供了一個有意義的選擇。

As we move from the COVID pandemic to what appears to be an endemic, people have regained their mobility. And with that, comes so many more choices for where to spend their hard-earned dollars. This is a great thing for humanity, and I personally couldn't be more relieved to see it. It also means that in the near term, we'll have to fight harder and invest more to continue to earn and grow Etsy's share of wallet with consumers, which is the only way that our much larger base of sellers can keep growing their sales. We're up for it.

隨著我們從 COVID 大流行轉向似乎是地方病，人們已經恢復了行動能力。隨之而來的是更多的選擇來花他們辛苦賺來的錢。這對人類來說是一件了不起的事情，看到它我個人感到非常欣慰。這也意味著，在短期內，我們將不得不更加努力並進行更多投資，以繼續贏得和增加 Etsy 在消費者中的錢包份額，這是我們更大的賣家群體能夠保持銷售額增長的唯一途徑。我們準備好了。

The current macro climate makes the coming months more challenging to predict. However, over the long term, we continue to believe that the number of places to shop online will consolidate as the world continues to become more commoditized. The pandemic perhaps gave us the chance to preview what the world could look like for Etsy, where in a more consolidated, more commoditized future world, Etsy could flourish as one of the few meaningful alternatives amidst a sea of sameness.

當前的宏觀氣候使未來幾個月的預測更具挑戰性。然而，從長遠來看，我們仍然相信，隨著世界繼續變得更加商品化，在線購物場所的數量將會整合。這場大流行也許讓我們有機會預覽 Etsy 的世界會是什麼樣子，在一個更加統一、更加商品化的未來世界中，Etsy 可以作為在千篇一律的海洋中為數不多的有意義的替代品之一蓬勃發展。

Through this change, our mission has remained the same, to keep commerce human. We continue to believe that the strategy we laid out for you in 2019 centered on our Right to Win, keeps us on the right course. The only change is that we have even more conviction that the opportunity ahead is enormous. We plan to go after that opportunity with focus, discipline and heart.

通過這一變化，我們的使命保持不變，即保持商業人性化。我們仍然相信，我們在 2019 年為您制定的戰略以我們的獲勝權為中心，讓我們走在正確的道路上。唯一的變化是我們更加堅信未來的機會是巨大的。我們計劃以專注、自律和用心去抓住這個機會。

Speaking of heart, the crisis in Ukraine weighs heavily on us all. Our thoughts are with everyone impacted in the region, especially Etsy sellers and buyers as well as family and friends of our global team. Being part of a community means that when one part is suffering, the rest of us step up and offer support. To do our part, we've taken many steps to help Ukrainian sellers that are facing tremendous hardship. Our financial support, including providing listing credits and canceling current balances owed to us by sellers, totaled $4.6 million in the quarter.

說到心，烏克蘭的危機對我們所有人來說都是沉重的負擔。我們的想法與該地區所有受影響的人有關，尤其是 Etsy 賣家和買家，以及我們全球團隊的家人和朋友。成為社區的一員意味著當一部分人受苦時，我們其他人會挺身而出並提供支持。盡我們的一份力量，我們採取了許多措施來幫助面臨巨大困難的烏克蘭賣家。我們的財務支持，包括提供上市信用和取消賣家欠我們的當前餘額，在本季度總計 460 萬美元。

The ability to make sales is more critical than ever for Ukrainian sellers. While shipping physical goods has gotten challenging for some, many sellers have pivoted to listing digital items, from printable art to embroidery patterns, as a means to generate income. We have also had a groundswell of interest from buyers who want to directly support small businesses in Ukraine. Our team has been working hard to ensure our sellers feel supported and to promote their listings to buyers. In total, our Ukraine-based sellers made over $11 million in sales in March, an average of nearly $1,400 per seller with a sale.

對於烏克蘭賣家來說，銷售能力比以往任何時候都更加重要。雖然運輸實物商品對一些人來說變得具有挑戰性，但許多賣家已經轉向列出數字商品，從可印刷的藝術品到刺繡圖案，以此作為創收的手段。想要直接支持烏克蘭小企業的買家也對我們產生了濃厚的興趣。我們的團隊一直在努力確保我們的賣家感到受到支持，並向買家宣傳他們的商品。總的來說，我們位於烏克蘭的賣家在 3 月份的銷售額超過 1100 萬美元，平均每位賣家的銷售額接近 1400 美元。

In 2019, we also laid out our levers for GMS growth, bringing more active buyers to the marketplace, getting them to shop more frequently and earning their trust on the larger as well as the smaller purchases. Since then, we've demonstrated that we can meet the everyday needs of millions of buyers across a vast array of purchase occasions and that Etsy sellers have something delightful to offer. We've also driven our frequency forward in a meaningful way, but we have so much more to do. So I wanted to spend a little time today unpacking how we see these opportunities going forward.

2019 年，我們還制定了 GMS 增長的槓桿，為市場帶來更多活躍的買家，讓他們更頻繁地購物，並贏得他們對大宗商品和小宗商品的信任。從那時起，我們已經證明我們可以在各種購買場合滿足數百萬買家的日常需求，並且 Etsy 賣家可以提供令人愉快的東西。我們還以一種有意義的方式推動我們的頻率向前發展，但我們還有很多工作要做。所以我今天想花一點時間來了解我們如何看待這些未來的機會。

Etsy is sometimes referred to as a niche marketplace, implying that we aren't relevant to most people or at minimum, that we aren't relevant very often. I couldn't disagree more and believe that our recent performance proves just how relevant the Etsy marketplace is to almost every type of person over so many different shopping occasions.

Etsy 有時被稱為利基市場，這意味著我們與大多數人不相關，或者至少，我們不經常相關。我完全不同意，並相信我們最近的表現證明了 Etsy 市場在如此多的不同購物場合與幾乎所有類型的人有多麼相關。

Let's take a look at the numbers. Starting with our current buyer base. We have about 89 million active buyers in nearly 250 countries. And just this past quarter, we acquired 7 million new buyers on top of the 73 million we added over the last 2 years. And moving to our categories. 15 Etsy marketplace categories each had over 1 million unique buyers in 2021. And of those, the 7 shown on this slide, each had over 15 million unique buyers, demonstrating that Etsy is relevant to a large audience across a wide range of categories and occasions.

讓我們來看看數字。從我們目前的買家群開始。我們在近 250 個國家/地區擁有約 8900 萬活躍買家。就在上個季度，我們在過去 2 年增加的 7300 萬買家基礎上新增了 700 萬買家。並轉到我們的類別。 2021 年，15 個 Etsy 市場類別每個類別都有超過 100 萬獨立買家。其中，這張幻燈片上顯示的 7 個類別，每個類別都有超過 1500 萬獨立買家，這表明 Etsy 與各種類別和場合的大量受眾相關.

Digging into who these buyers are, according to our latest surveys and estimates, about 3/4 of etsy.com's U.S. and U.K. buyers identify as women and 1/4 identify as men. While we believe that gender identity is widely recognized as a spectrum, the following gender data relates to these 2 largest cohorts.

根據我們最新的調查和估計，深入了解這些買家是誰，大約 3/4 的 etsy.com 的美國和英國買家認定為女性，1/4 認定為男性。雖然我們認為性別認同被廣泛認為是一個範圍，但以下性別數據與這兩個最大的群體有關。

Starting with our core women buyers. We estimate that about 30% of adult women in the U.S. and the U.K. shopped on Etsy at least once in the past 12 months. And of those women, about 58% bought on 2 or more days and roughly 56% purchased in 2 or more Etsy categories in that same period. In my opinion, there's nothing niche about that. The inverse of this data is that about 70% of women in our top 2 markets didn't shop on Etsy during this period, leaving a lot more opportunity to grow.

從我們的核心女性買家開始。我們估計，在過去 12 個月中，美國和英國約有 30% 的成年女性至少在 Etsy 上購物過一次。在這些女性中，大約 58% 的人在 2 天或更長時間內購買，大約 56% 的人在同一時期購買了 2 個或更多 Etsy 類別。在我看來，這沒有什麼利基的。與該數據相反的是，在我們的前 2 個市場中，約有 70% 的女性在此期間沒有在 Etsy 上購物，這留下了更多的成長機會。

Turning to the other, roughly half of the world's population, those who identify as men. That's a huge population we began thinking about only recently. We estimate that about 10% of adult men in the U.S. and the U.K. shopped on Etsy at least once in the past 12 months. Roughly 37% of these men bought on Etsy on 2 or more days and 35% purchased in 2 or more categories over the same period. We recently conducted research to better understand men's shopping attitudes and behaviors, and learned that those who identify as men are as likely as women to be intentional shoppers, valuing handcrafted items, supporting small businesses, wanting to make a positive impact with their purchases or buying items that reflect their personality.

轉向另一個，大約佔世界人口一半的人，那些認為自己是男性的人。這是我們最近才開始考慮的龐大人口。我們估計，在過去 12 個月中，美國和英國約有 10% 的成年男性至少在 Etsy 上購物過一次。大約 37% 的男性在 2 天或更長時間內在 Etsy 上購物，35% 的男性在同一時期購買了 2 個或更多類別。我們最近進行了一項研究，以更好地了解男性的購物態度和行為，並了解到男性與女性一樣有意向購物、重視手工製品、支持小企業、希望對他們的購買或購買產生積極影響反映他們個性的物品。

Our data also supports that among prospective buyers who are aware of Etsy, there's no difference in likelihood to visit Etsy by gender. The top 3 reasons men give for not shopping on Etsy are very similar to the reasons women give, although all relate to awareness. Etsy hasn't come to mind, I haven't had a need for the types of items they sell, and I don't know what Etsy offers. We estimate 35% of our new U.S. buyers in 2021 identify as men. We're just getting started understanding these buyers and developing product and marketing strategies to help them learn the when and the why of Etsy, so we can come to mind more often.

我們的數據還支持在了解 Etsy 的潛在買家中，按性別訪問 Etsy 的可能性沒有差異。男性不在 Etsy 上購物的三大原因與女性給出的原因非常相似，儘管都與意識有關。 Etsy 沒有想到，我不需要他們出售的物品類型，我不知道 Etsy 提供什麼。我們估計，到 2021 年，我們 35% 的新美國買家是男性。我們剛剛開始了解這些買家並製定產品和營銷策略，以幫助他們了解 Etsy 的時間和原因，因此我們可以更頻繁地想到。

For example, we saw positive return on investment from some of our recent tactics using gender-neutral TV creative, with media placements on NFL and Hulu. And this year, we're piloting male influencer content to increase trial and trust in Etsy for buyers who identify as men. And we have so much more room to go on engagement and conversion.

例如，我們最近使用中性電視創意的一些策略，以及在 NFL 和 Hulu 上的媒體投放，我們看到了積極的投資回報。今年，我們正在試行男性影響者內容，以增加男性買家對 Etsy 的試用和信任。而且我們有更多的空間來進行參與和轉換。

While nearly 90 million active buyers is impressive, we estimate that etsy.com had about 180 million unique visitors every month, meaning we can do so much better engaging and converting these visits. And we have over 100 million lapsed buyers. That's millions more who have already shopped with us, are familiar with us, but haven't shopped with us in the past 12 months.

雖然近 9000 萬活躍買家令人印象深刻，但我們估計 etsy.com 每月有大約 1.8 億獨立訪問者，這意味著我們可以更好地吸引和轉化這些訪問。我們有超過 1 億的流失買家。還有數以百萬計的人已經與我們一起購物，熟悉我們，但在過去 12 個月內沒有與我們一起購物。

Turning to our geographic opportunity. Etsy's all-time buyer penetration remains below 50% across all 7 of our core markets. The majority of Etsy's active buyers are still in the U.S. And so far, most of the data reviewed today relates to the U.S. and U.K., our 2 largest markets. If you were to look more closely at some of our other core markets, such as France, for example, you would find that our prompted awareness there is only about 40% compared to about 90% in the U.S. and the U.K., and conversion rate is 50% lower in France than in the other 2 countries. In fact, penetration rates in the next 15 markets beyond the U.S. and U.K. are about 80% lower than those top 2 Etsy markets.

談到我們的地理機會。 Etsy 在我們所有 7 個核心市場的歷史買家滲透率仍然低於 50%。 Etsy 的大多數活躍買家仍在美國。到目前為止，今天審查的大部分數據都與我們的兩個最大市場美國和英國有關。如果您更仔細地觀察我們的其他一些核心市場，例如法國，您會發現我們的提示意識只有 40% 左右，而美國和英國的這一比例約為 90%，而且轉化率法國比其他兩個國家低 50%。事實上，美國和英國以外的接下來 15 個市場的滲透率比前 2 個 Etsy 市場低約 80%。

To size this more clearly, these 15 countries have a combined population that's 58% larger than the U.S. and approximately $20 trillion in GDP, similar to the U.S. This slide is not meant to signal any change in our near-term strategy to focus on our 7 core markets. It's only meant to illustrate our fervent belief that we have only just begun to scratch the surface of Etsy's long-term growth opportunity.

為了更清楚地衡量這一點，這 15 個國家的人口總和比美國多 58%，GDP 約為 20 萬億美元，與美國相似。這張幻燈片並不意味著我們近期戰略的任何變化，即專注於我們的7個核心市場。這只是為了說明我們的熱切信念，即我們才剛剛開始觸及 Etsy 長期增長機會的表面。

In addition to the size of the prize from a total buyer perspective, another key growth lever is frequency. As I mentioned earlier, the Etsy marketplace has something great to offer across so many purchase occasions. Over the 12 months ending March 31, 2022, 44 million of our repeat buyers purchased on Etsy an average of 5 purchase days, and of these, 8 million or so are what we call habitual buyers. Well, to be a habitual buyer, a customer only needs to make a purchase on Etsy on 6 different days and spend $200 in a year. Our habituals actually shop an average of about once a month.

除了從總買家的角度來看獎金的大小外，另一個關鍵的增長槓桿是頻率。正如我之前提到的，Etsy 市場可以在如此多的購買場合提供一些很棒的東西。在截至 2022 年 3 月 31 日的 12 個月中，我們有 4400 萬重複購買者在 Etsy 上平均購買了 5 天，其中大約 800 萬是我們所說的習慣性購買者。好吧，要成為習慣性購買者，客戶只需在 6 個不同的日子在 Etsy 上進行購買，並在一年內花費 200 美元。我們的習慣者實際上平均每月購物一次。

They have figured out the magic of Etsy. And yet there are still so many who haven't. In fact, even with all the progress in the recent past, half of Etsy's first quarter active buyers still bought only once during the trailing 12 months, and the vast majority of our habitual buyers are still in the U.S. We believe our frequency opportunity is still in its infancy.

他們發現了 Etsy 的魔力。然而仍然有很多人沒有。事實上，即使最近取得了所有進展，Etsy 第一季度的活躍買家中有一半在過去的 12 個月中仍然只購買了一次，而且我們的絕大多數習慣性買家仍在美國。我們相信我們的頻率機會仍然處於起步階段。

Our last lever of growth is average order value. What I mentioned earlier as earning buyers trust on the larger as well as smaller purchases, otherwise known as our cushion-to-couch strategy, most of our efforts here are extensions of other Right to Win strategies. And in fact, we've only done a few specific things over the years, such as multi-shop checkout and buy now, pay later, targeted specifically at AOV. We see significant opportunity to invest in cross-category experiences and things like "shop the look," that we believe could drive big wins here in the future as well as to give our sellers better tools to showcase the high-quality, differentiated product and service so that they can be rewarded for it.

我們增長的最後一個槓桿是平均訂單價值。我之前提到的在大宗和小宗購買中贏得買家的信任，也就是我們所謂的靠墊到沙發的策略，我們在這裡的大部分努力都是其他獲勝權策略的延伸。事實上，這些年來我們只做了一些具體的事情，比如多店結賬和現在購買，以後付款，專門針對 AOV。我們看到了投資跨品類體驗和“購買外觀”之類的重要機會，我們相信這可以在未來推動巨大的勝利，並為我們的賣家提供更好的工具來展示高質量、差異化的產品和服務，這樣他們就可以得到回報。

Turning again to frequency and earning a greater share of wallet. We told you on our last call we're centering our frequency investments on inspiration, having a fun and engaging experience that keeps you coming back for more; efficiency, helping you quickly and easily get in, buy and get out when you already know what you want; and reliability, ensuring a stress-free and dependable purchase.

再次轉向頻率並獲得更大的錢包份額。我們在上次電話會議上告訴您，我們將頻率投資集中在靈感上，提供有趣且引人入勝的體驗，讓您回訪更多；效率，在您已經知道自己想要什麼的情況下，幫助您快速輕鬆地進入、購買和退出；和可靠性，確保無壓力和可靠的購買。

To the first point, many of our visits are from buyers who are on a discovery journey, and there's so much more we can do to make this a more fun and inspiring experience. Recent buyer survey data revealed that those who visited Etsy just to browse or seek inspiration are 1.3x more likely to say they will purchase on Etsy in the next 3 months. Our teams have been hard at work on new discovery pathways designed to make the Etsy experience more visual, dynamic and inspirational for buyers and to elevate the stories our sellers are uniquely positioned to tell.

首先，我們的許多訪問都是來自正在探索之旅的買家，我們可以做更多的事情來使這成為一種更有趣和鼓舞人心的體驗。最近的買家調查數據顯示，那些訪問 Etsy 只是為了瀏覽或尋求靈感的人表示他們將在未來 3 個月內在 Etsy 上購買的可能性要高出 1.3 倍。我們的團隊一直在努力開發新的發現途徑，旨在使 Etsy 的體驗對買家來說更加直觀、動態和鼓舞人心，並提升我們的賣家獨特定位的故事。

For example, some of you have seen the beta version of our new Explore! feature on your Etsy app. It's an early iteration of making Etsy a starting point to window shop, discover and connect, a mall-like experience, if you will, featuring a continuous scroll of short videos made by sellers showing their items being made. Etsy sellers are already creating this content for other channels, with nearly 15 million seller videos on the site at quarter's end. And buyers are interested in watching this content. It's pretty captivating. We're focused on making Etsy a unique place to build experiences at the intersection of a seller's imagination and a buyer's inspiration. It's early days in this exciting work.

例如，你們中的一些人已經看過我們新探索的測試版！您的 Etsy 應用程序上的功能。這是使 Etsy 成為櫥窗購物、發現和聯繫的起點的早期迭代，如果您願意的話，這是一種類似商場的體驗，其中包括賣家製作的連續滾動短視頻，展示他們正在製作的商品。 Etsy 賣家已經在為其他渠道創建此內容，截至季度末，該網站上有近 1500 萬個賣家視頻。買家有興趣觀看此內容。這很迷人。我們專注於使 Etsy 成為一個獨特的地方，在賣家的想像力和買家的靈感的交匯處建立體驗。這是這項令人興奮的工作的早期階段。

While some buyers come just for fun or inspiration, others arrive already knowing what they're looking for. For those visits, we need to make shopping on Etsy more efficient, less overwhelming and easy to navigate, so you can get what you need and get on your way quickly. We continued to improve search this past quarter by applying personalization to in-session browsing behavior for U.S. searches on etsy.com, capturing a buyer's short-term interests, with a particular emphasis on improving conversion for signed out or new buyers.

雖然有些買家只是為了樂趣或靈感而來，但其他買家已經知道他們在尋找什麼。對於這些訪問，我們需要讓在 Etsy 上的購物更高效、更輕鬆、更容易導航，這樣你就可以得到你需要的東西并快速上路。我們在上個季度繼續改進搜索，將個性化應用於 etsy.com 上美國搜索的會話中瀏覽行為，捕捉買家的短期興趣，特別強調提高已退出或新買家的轉化率。

This connects to my earlier growth lever comment about how we engage the many millions of visitors who come to Etsy but don't become active buyers. We can now increasingly refine our search results while a potential buyer browses in real-time, leveraging signals we gained during the course of the visit to narrow in on today's shopping mission. In the past, we've needed a buyer to have previously engaged with Etsy to be able to personalize their results. This shift opens the door to better address the approximately 75% of etsy.com web visit traffic from buyers who were signed out or have never shopped with us.

這與我之前關於我們如何吸引數百萬來到 Etsy 但並未成為活躍買家的訪問者的增長槓桿評論有關。現在，當潛在買家實時瀏覽時，我們可以不斷優化搜索結果，利用我們在訪問過程中獲得的信號來縮小今天的購物任務。過去，我們需要買家之前與 Etsy 有過接觸，才能個性化他們的結果。這一轉變為更好地解決大約 75% 的 etsy.com 網站訪問流量打開了大門，這些流量來自已退出或從未在我們這裡購物的買家。

We're continuing to innovate our XWalk real-time retrieval engine to not only use billions more data points, but to simultaneously steer our search engine to optimize for specific attributes, such as to help a buyer find a high-quality wallet that is brown and full-grain leather and available in time for an upcoming anniversary, as illustrated on this slide. We have enormous conviction that making Etsy a more trusted and reliable place to shop can be a big growth unlock.

我們將繼續創新我們的 XWalk 實時檢索引擎，不僅使用數十億的數據點，而且同時引導我們的搜索引擎針對特定屬性進行優化，例如幫助買家找到棕色的優質錢包和全粒面皮革，並在即將到來的周年紀念日及時提供，如本幻燈片所示。我們堅信，讓 Etsy 成為一個更值得信賴和可靠的購物場所可以帶來巨大的增長。

3 in 5 Etsy buyers are unsure we would have their back if something goes wrong with their transaction. Similarly, sellers worry about times when something goes wrong through no fault of their own. And we want them to know that we'll support them. Later this quarter, we'll share our plans for investments in a new purchase protection program that will extend to both buyers and sellers in a generous way. We'll also be doing a lot more in 2022 to further last year's progress towards reducing time to resolution for customer support, ensuring that Etsy Handmade and other policies are enforced, helping sellers better manage shipping settings and delivery dates to give buyers the information they need to make purchase decisions and more. We know that in order to gain more wallet share, we need to make Etsy more reliable. We simply can't become a habit unless we do better for our customers.

五分之三的 Etsy 買家不確定如果他們的交易出現問題，我們是否會支持他們。同樣，賣家擔心出現問題的時候不是他們自己的過錯。我們希望他們知道我們會支持他們。本季度晚些時候，我們將分享我們對一項新的購買保護計劃的投資計劃，該計劃將以慷慨的方式擴展到買賣雙方。我們還將在 2022 年做更多工作，以進一步推動去年在縮短客戶支持解決時間方面取得的進展，確保 Etsy Handmade 和其他政策得到執行，幫助賣家更好地管理運輸設置和交貨日期，為買家提供他們需要的信息需要做出購買決定等等。我們知道，為了獲得更多的錢包份額，我們需要讓 Etsy 更可靠。除非我們為客戶做得更好，否則我們根本無法成為一種習慣。

We have so many other work streams focused on buyer engagement, frequency and trust. In the first quarter, we continued to engage buyers along their Etsy journey by further enhancing our app with new features aimed at increasing purchasing confidence, including driving buyers to reviews, enabling more ways to sort and filter reviews and collecting more review photos. Reviews have been a particularly rich work stream for us. In fact, since 2021, we improved our review rate by 50% globally, which we estimate has driven $200 million in annualized GMS. It's never been more important to be investing to stay top of mind with consumers to keep growing the pie for our sellers.

我們還有很多其他工作流程專注於買家參與度、頻率和信任度。在第一季度，我們通過進一步增強我們的應用程序以提高購買信心的新功能來繼續吸引買家參與他們的 Etsy 旅程，這些新功能包括推動買家查看評論、啟用更多方式對評論進行排序和過濾以及收集更多評論照片。評論對我們來說是一個特別豐富的工作流。事實上，自 2021 年以來，我們在全球範圍內將審核率提高了 50%，我們估計這已經推動了 2 億美元的年化 GMS。投資以保持消費者的首要地位，以繼續為我們的賣家增加餡餅，這一點從未像現在這樣重要。

We're investing even deeper in full-funnel marketing to engage existing buyers, reengage our lapsed buyers and keep bringing new buyers to the Etsy marketplace. We've got many new marketing arrows in our quiver this year to better connect off-site and on-site experiences. So I'll just mention a couple about which I'm particularly excited.

我們正在更深入地投資於全渠道營銷，以吸引現有買家，重新吸引我們流失的買家，並不斷將新買家帶到 Etsy 市場。今年，我們的箭袋中有許多新的營銷箭頭，以更好地連接場外和現場體驗。所以我只提幾個我特別興奮的。

The first is our new "Creator Collector" program, which leverages influencer and seller-generated content to bring new buyers to Etsy. We've also started to test performance marketing spend in rest of world markets beyond our core, including Italy, The Netherlands, Spain, Ireland, Switzerland, Belgium and Austria. So far, we've seen very encouraging results from these efforts. In the first quarter, approximately 50% of Etsy marketplace paid GMS for these markets came from new buyers.

第一個是我們新的“Creator Collector”計劃，該計劃利用影響者和賣家生成的內容為 Etsy 帶來新買家。我們還開始測試我們核心以外的世界其他市場的績效營銷支出，包括意大利、荷蘭、西班牙、愛爾蘭、瑞士、比利時和奧地利。到目前為止，我們已經從這些努力中看到了非常令人鼓舞的結果。在第一季度，大約 50% 的 Etsy 市場為這些市場支付的 GMS 來自新買家。

As we've talked about, our above-the-line brand campaigns are focused on ensuring we continue to strengthen the Etsy brand in our top core markets, while finding efficient opportunities to expand and scale our reach in ways that will ultimately drive long-term growth. Here's a 30-second clip of one of several brand-new campaigns now running called "Live in Original." You'll see us ramping up placements as we go through 2022.

正如我們所談到的，我們的線上品牌活動的重點是確保我們繼續在我們的頂級核心市場加強 Etsy 品牌，同時尋找有效的機會來擴大和擴大我們的影響力，最終推動長期-長期增長。這是一個 30 秒的剪輯，其中一個全新的活動正在運行，名為“Live in Original”。到 2022 年，您會看到我們增加了展示位置。

(presentation)

（介紹）

We are emerging from an unprecedented time. And within that, Etsy had unprecedented growth. We expect that this year is going to be unpredictable for us. There are certainly many moving parts, both tailwinds and headwinds, which are difficult to forecast. People continue to be nervous about global events and the economy, and we'll have to fight harder for consumers' time and money. Yet we have ample reason to remain optimistic.

我們正在擺脫一個前所未有的時代。在這其中，Etsy 實現了前所未有的增長。我們預計今年對我們來說將是不可預測的。肯定有許多移動部分，包括順風和逆風，很難預測。人們繼續對全球事件和經濟感到緊張，我們將不得不更加努力地爭取消費者的時間和金錢。然而，我們有充分的理由保持樂觀。

We've got a world-class team with the creativity and conviction to invest with purpose on behalf of our seller community. We truly believe we offer something different across every brand in our house and that the size of the prize for Etsy is enormous. It's why I get so excited to come to work every day.

我們擁有一支世界一流的團隊，他們具有創造力和信念，可以代表我們的賣家社區進行有目的的投資。我們真的相信我們為我們家的每個品牌都提供了不同的東西，而且 Etsy 的獎品是巨大的。這就是為什麼我每天來上班都那麼興奮。

I'll turn it over to Rachel now to take you through the results and provide our outlook.

我現在把它交給雷切爾，帶你了解結果並提供我們的展望。

Thanks, Josh. And thank you for joining us on our call. My commentary will cover consolidated results, key drivers of performance and Etsy marketplace stand-alone results where appropriate. As a reminder, Reverb, Depop and Elo7 are all reflected in our consolidated financial results and KPIs for the first quarter.

謝謝，喬希。感謝您加入我們的電話會議。我的評論將在適當的情況下涵蓋綜合結果、績效的關鍵驅動因素和 Etsy 市場獨立結果。提醒一下，Reverb、Depop 和 Elo7 都反映在我們第一季度的綜合財務業績和 KPI 中。

On a consolidated basis, our first quarter GMS grew 3.5% year-over-year to $3.3 billion. Revenue grew 5.2% year-over-year to $579 million. And adjusted EBITDA was $159 million with a 27.5% margin. On a currency-neutral basis, GMS increased 4.8% year-over-year. As we explained on our last call, the first quarter of 2021 was an anomaly, with 132% year-over-year GMS growth fueled by pandemic lockdowns and tailwinds from stimulus checks.

在綜合基礎上，我們第一季度的 GMS 同比增長 3.5% 至 33 億美元。收入同比增長 5.2% 至 5.79 億美元。調整後的 EBITDA 為 1.59 億美元，利潤率為 27.5%。在貨幣中性的基礎上，GMS 同比增長 4.8%。正如我們在上次電話會議中所解釋的那樣，2021 年第一季度是一個異常情況，在大流行性封鎖和刺激檢查的不利因素的推動下，GMS 同比增長 132%。

Flash-forward to the first quarter of this year, which was marked by a rebound in global mobility and headwinds from the highest inflation the U.S. has seen in over 40 years. Further, geopolitical events appear to be causing additional headwinds, particularly in Europe. We estimate that the direct impact of the crisis in Ukraine, including lost GMS from both Russian and Ukrainian sellers, was about 40 basis points versus the forecast when we set guidance for the quarter. In short, disposable income is lower and competition for share of wallet is higher across our markets.

快進到今年第一季度，其標誌是全球流動性反彈以及美國 40 多年來最高通脹的不利因素。此外，地緣政治事件似乎正在造成額外的阻力，尤其是在歐洲。我們估計，烏克蘭危機的直接影響，包括俄羅斯和烏克蘭賣家損失的 GMS，與我們為本季度設定指導時的預測相比，約為 40 個基點。簡而言之，可支配收入較低，並且在我們的市場中爭奪錢包份額的競爭較高。

In that context, we're pleased with our consolidated GMS growth of over 200% on a 3-year basis. Moreover, we delivered better-than-anticipated adjusted EBITDA margins, demonstrating the strength of our marketplace model.

在這種情況下，我們對 3 年超過 200% 的綜合 GMS 增長感到滿意。此外，我們的調整後 EBITDA 利潤率好於預期，證明了我們市場模式的實力。

So let me double-click on our performance, starting with revenue. Marketplace revenue grew 3.4%, in line with GMS, while services revenue increased 11%. Within services revenue, consolidated ads revenue increased 14% year-over-year, primarily the result of continued improvements to ad relevance and expansion of ads in the buyer experience. Etsy Ads strength was a factor in driving consolidated take rate of 17.8% for the quarter, slightly ahead of the take rate of 17.5% implied by the midpoint of our first quarter guidance.

所以讓我雙擊我們的表現，從收入開始。市場收入增長 3.4%，與 GMS 一致，而服務收入增長 11%。在服務收入中，綜合廣告收入同比增長 14%，這主要是由於廣告相關性的持續改善和廣告在買家體驗中的擴展。 Etsy Ads 的實力是推動本季度 17.8% 的綜合接受率的一個因素，略高於我們第一季度指導中點所暗示的 17.5% 的接受率。

Before closing out on revenue, let me discuss the recent increase to our transaction fee, which went into effect on April 11. We're committed to nurturing our marketplace in a way that enables millions of creative entrepreneurs to succeed. We're incredibly proud that over the past 2 years, the number of sellers on Etsy marketplace has more than doubled and the number of listings is up 55%. With more sellers on the platform than ever, we need to continue to grow the size of the pie. This requires us to invest more to scale our platform and most importantly, bring them even more buyers than the almost 90 million we bring them today.

在結束收入之前，讓我討論一下我們最近增加的交易費用，該費用於 4 月 11 日生效。我們致力於培育我們的市場，使數百萬創意企業家能夠成功。我們非常自豪的是，在過去的 2 年中，Etsy 市場上的賣家數量增加了一倍多，listing 數量增加了 55%。隨著平台上的賣家比以往任何時候都多，我們需要繼續擴大蛋糕的規模。這要求我們投資更多來擴展我們的平台，最重要的是，為他們帶來比我們今天帶來的近 9000 萬更多的買家。

When the fee change went into effect, we saw less than 1% of sellers go into temporary vacation mode. Active listings dipped less than 1% during that week and returned to the prior level when the week was over. Based on past experience and significant research leading up to the change, this was all within our expectations. The overall impact to our GMS for the week was not material and seller churn remains at normal levels quarter-to-date. At quarter end, we had well in excess of 95 million listings on etsy.com. And as you know, we have no shortage of items for sale.

當費用變更生效時，我們看到不到 1% 的賣家進入臨時休假模式。在那一周，活躍列表下降了不到 1%，並在一周結束時恢復到之前的水平。根據過去的經驗和導致變革的重要研究，這一切都在我們的預期之內。本週對我們的 GMS 的整體影響並不重大，並且賣家流失率保持在本季度至今的正常水平。在季度末，我們在 etsy.com 上有超過 9500 萬個列表。如您所知，我們不乏待售物品。

And while no one likes fee raises, we actually heard from thousands of sellers supporting our efforts to invest in them. We really value input from our sellers and are confident in our investment plans. We trust that sellers will judge us by our outcomes when they see the value we are able to provide.

雖然沒有人喜歡提高費用，但我們實際上聽到了成千上萬的賣家支持我們投資它們的努力。我們非常重視賣家的投入，並對我們的投資計劃充滿信心。我們相信，當賣家看到我們能夠提供的價值時，他們會根據我們的結果來評判我們。

Turning now to our consolidated adjusted EBITDA. Our first quarter adjusted EBITDA margin was 27.5%, ahead of expectations, but well below the prior year. As we have described, the first quarter of 2021 was a very strong GMS growth quarter, which drove commensurately high margins in last year's first quarter. This year, we have consolidated 2 new subsidiaries into our results, which were not in our prior year numbers. Neither Depop nor Elo7 are currently profitable. And they are, therefore, a drag on our bottom line consolidated margins.

現在轉向我們的綜合調整後 EBITDA。我們第一季度調整後的 EBITDA 利潤率為 27.5%，高於預期，但遠低於去年同期。正如我們所描述的，2021 年第一季度是 GMS 增長非常強勁的季度，這推動了去年第一季度的相應高利潤率。今年，我們將 2 家新子公司合併到我們的業績中，這在我們上一年的數字中是沒有的。 Depop 和 Elo7 目前都沒有盈利。因此，它們拖累了我們的綜合利潤底線。

In addition, we continue to invest in headcount growth and increased compensation, including stock-based compensation, with the largest portion in product development. We also saw growth in our cloud computing costs due to increased development activity. Finally, there was about a $5.6 million impact to our adjusted EBITDA directly attributed to the crisis in Ukraine, including Ukraine seller support as well as bad debt expenses related to closing seller shops in Russia and Belarus.

此外，我們繼續投資於員工人數的增長和增加的薪酬，包括基於股票的薪酬，其中最大的一部分是產品開發。由於開發活動的增加，我們還看到了雲計算成本的增長。最後，直接歸因於烏克蘭危機對我們調整後的 EBITDA 產生了約 560 萬美元的影響，包括烏克蘭賣家支持以及與關閉俄羅斯和白俄羅斯賣家商店相關的壞賬費用。

We are also investing in our subsidiary brands. While they are experiencing similar reopening headwinds and other macro factors, each made strides in product and marketing, incorporating the Etsy playbook into their own growth strategies. We summarized their recent focus areas on Slide 28. During the quarter, Reverb launched a new Google integration to further optimize performance marketing efficiency as well as scaled tests of new advertising channels, which are realizing promising early results.

我們也在投資我們的附屬品牌。雖然他們正經歷類似的重新開放逆風和其他宏觀因素，但每個人都在產品和營銷方面取得了長足的進步，將 Etsy 劇本納入自己的增長戰略。我們在幻燈片 28 上總結了他們最近關注的領域。在本季度，Reverb 推出了新的 Google 集成，以進一步優化績效營銷效率以及對新廣告渠道的規模化測試，這些測試正在取得可喜的早期成果。

At Depop, the recently launched Make an Offer feature, where buyers seamlessly submit product offers to sellers, led to a meaningful uplift in both conversion and frequency and was an encouraging needle-mover for GMS. We also launched Depop's first-ever digital video campaign in select local U.S. markets. Early results are positive, showing an improvement in brand familiarity.

在 Depop，最近推出的 Make an Offer 功能（買家可以無縫地向賣家提交產品報價）導致轉化率和頻率都有顯著提升，並且是 GMS 的一個令人鼓舞的推動者。我們還在選定的美國當地市場推出了 Depop 的首個數字視頻廣告系列。早期結果是積極的，表明品牌熟悉度有所提高。

And Elo7's expanded shipping options for sellers resulted in cheaper shipping costs and faster delivery times, improving the overall buyer experience and driving an increase in conversion. And for the Etsy marketplace, we have a balanced portfolio of product initiatives, some of which we expect to deliver in-year GMS and others, such as visual discovery, or improving the foundation for our development capabilities, are expected to take a longer period to bear fruit.

Elo7 為賣家提供了更多的運輸選項，從而降低了運輸成本並縮短了交貨時間，從而改善了整體買家體驗並推動了轉化率的提高。對於 Etsy 市場，我們擁有平衡的產品計劃組合，其中一些我們預計會在一年內提供 GMS，而其他一些，例如視覺發現或改善我們的開發能力的基礎，預計需要更長的時間結出果實。

You can see on Slide 29 how we have scaled our product development investments over the past 4 years and how it has increased as a percentage of revenue in the first quarter of 2022. During the first quarter, we increased our consolidated marketing spend to $154 million, up from $151 million in the first quarter of the prior year. Our brand spend, sometimes referred to as above-the-line spend, represented 16% of our consolidated marketing spend, up from 13% in the prior year.

您可以在幻燈片 29 上看到我們在過去 4 年中如何擴大產品開發投資，以及它在 2022 年第一季度佔收入的百分比如何增加。在第一季度，我們將合併營銷支出增加到 1.54 億美元，高於去年第一季度的 1.51 億美元。我們的品牌支出，有時被稱為線上支出，占我們綜合營銷支出的 16%，高於去年的 13%。

For our Etsy marketplace, we were on-air during the first quarter of 2022 in our core markets, including a male-focused campaign, which shows signs of real promise in that demographic. We plan to expand placement of our brand marketing campaign for the Etsy marketplace as we go through the year, particularly in the back half.

對於我們的 Etsy 市場，我們在 2022 年第一季度在我們的核心市場進行了直播，包括以男性為中心的活動，這顯示了該人群中真正有希望的跡象。我們計劃在這一年中擴大我們在 Etsy 市場的品牌營銷活動的佈局，尤其是在下半年。

First quarter 2022 performance marketing spend was down year-over-year as it dynamically adjusted with demand, and the decrease was partially offset by an increase in social media marketing spend. In terms of our performance marketing spend, we maintain our general rule of not leaving profitable marketing dollars on the table. And similarly, we don't chase unprofitable buyer acquisition or engagement.

2022 年第一季度績效營銷支出同比下降，因為它隨需求動態調整，但下降部分被社交媒體營銷支出的增加所抵消。就我們的績效營銷支出而言，我們堅持不將可盈利的營銷資金留在桌面上的一般規則。同樣，我們不會追逐無利可圖的買家收購或參與。

In addition to our investments in product and marketing, we have made deliberate bets in other areas, such as investing in being a trusted brand. These investments are meant to ensure that our customers, both sellers and buyers, find a welcoming home and have a delightful shopping experience even post-purchase. To that end, we are investing in the support apparatus we need to create a streamlined and efficient experience if something doesn't go right, including in compliance, both people and systems, to keep the marketplace safe and advocacy efforts to support our sellers globally as the regulatory landscape evolves around privacy, taxation and content.

除了我們在產品和營銷方面的投資外，我們還在其他領域進行了慎重的投資，例如投資成為值得信賴的品牌。這些投資旨在確保我們的客戶，無論是賣家還是買家，都能找到一個溫馨的家，即使在購買後也能獲得愉快的購物體驗。為此，我們正在投資於我們需要的支持設備，以在出現問題時創建簡化和高效的體驗，包括人員和系統的合規性，以保持市場安全和倡導努力以支持我們的全球賣家隨著監管環境圍繞隱私、稅收和內容的演變。

I'll dive in deeper now on Etsy marketplace performance on a stand-alone basis. During the first quarter of 2022, Etsy marketplace GMS declined 2% year-over-year and increased 177% on a year-over-3-year basis. That is when compared to the first quarter of 2019. The deceleration we started to experience in February 2022 worsened throughout the quarter, which we attribute to headwinds related to increased reopenings, high levels of inflation weighing on consumer purchasing power and consumer mind share loss due to the crisis in Ukraine and its reverberations throughout the global economy.

我現在將在獨立的基礎上深入探討 Etsy 市場的表現。 2022 年第一季度，Etsy 市場 GMS 同比下降 2%，同比增長 177%。這是與 2019 年第一季度相比。我們在 2022 年 2 月開始經歷的減速在整個季度都在惡化，我們將其歸因於與重新開放增加、高通脹水平對消費者購買力造成壓力以及消費者心智份額損失相關的不利因素烏克蘭危機及其對全球經濟的影響。

From a geographic perspective, 45% of Etsy marketplace GMS in the first quarter of 2022 was from transactions where either the buyer or the seller or both were outside the United States. Non-U.S. GMS was up 5% year-over-year on a currency-neutral basis, which was driven in part by strength in Germany, offsetting weakness in the United Kingdom, which was facing much tougher prior year comparisons. Etsy marketplace category performance was marked by strength in paper and party supplies for in-person events, such as baby showers and birthday parties as well as in apparel and jewelry and accessories, consistent with reopening trends.

從地理角度來看，2022 年第一季度 45% 的 Etsy 市場 GMS 來自買方或賣方或兩者都在美國境外的交易。非美國在貨幣中性的基礎上，GMS 同比增長 5%，這在一定程度上是由德國的強勢推動的，抵消了英國的疲軟，英國面臨著與去年相比更加艱難的情況。 Etsy 市場類別表現的特點是用於面對面活動的紙張和派對用品的實力，例如嬰兒送禮會和生日派對以及服裝、珠寶和配飾，這與重新開放的趨勢一致。

We've seen strong buyer demand for fashion subcategories and travel-related needs, including tote bags, passport cases and backpacks. Wedding items are also a bright spot for year-over-year growth, including wedding party gifts, wedding favors and decorations. The Home & Living category declined slightly for the quarter on a year-over-year basis. Although we are seeing relative strength in items related to Outdoor & Garden, in fact, yurts were particularly hot sellers in the quarter. We believe the diversity of our listings and Etsy's sellers' ability to rapidly shift to meet changing buyer demands is an important competitive advantage, especially now.

我們已經看到買家對時尚子類別和旅行相關需求的強勁需求，包括手提袋、護照箱和背包。婚慶用品也是同比增長的亮點，包括婚宴禮品、婚慶禮品和裝飾品。本季度家居與生活類別同比略有下降。雖然我們看到與戶外和花園相關的項目相對強勢，但事實上，蒙古包在本季度尤其暢銷。我們相信，我們列表的多樣性和 Etsy 賣家快速轉變以滿足不斷變化的買家需求的能力是一項重要的競爭優勢，尤其是現在。

GMS per active buyer on a trailing 12-month basis for the Etsy marketplace increased to $137, up 10% year-over-year and up 37% on a year-over-3-year basis. Etsy.com ended the first quarter with 89 million active buyers, largely flat to year-end, which includes 8 million habitual buyers and another approximately 36 million repeat buyers, those who made purchases on 2 or more days in a 12-month period but were not habitual buyers.

Etsy 市場過去 12 個月內每位活躍買家的 GMS 增加到 137 美元，同比增長 10%，同比增長 37%。 Etsy.com 在第一季度結束時有 8900 萬活躍買家，與年底基本持平，其中包括 800 萬習慣購買者和另外約 3600 萬重複購買者，這些人在 12 個月內購買了 2 天或更長時間，但不是習慣性的買家。

The stable performance across all of these buyer cohorts is encouraging, providing additional proof points that we are maintaining most of the gains we made during the pandemic, despite there being so many more options for consumers' time and money. 46% of GMS came from habitual buyers in Q1 '22. Our growth of habitual buyers in core non-U.S. markets held up well in the first quarter of 2022, including 55% year-over-year growth in habitual buyers in Germany.

所有這些買家群體的穩定表現令人鼓舞，提供了額外的證據證明我們保持了在大流行期間取得的大部分收益，儘管消費者的時間和金錢有更多選擇。 22 年第一季度，46% 的 GMS 來自習慣性買家。 2022 年第一季度，我們在核心非美國市場的習慣性買家增長保持良好，其中德國的習慣性買家同比增長 55%。

We're also pleased to see continued healthy new buyer acquisition and reactivation of lapsed buyers. In the first quarter, we acquired over 7 million new buyers, almost 60% greater than the number of new buyers acquired in Q1 2020. We are also continuing to reactivate lapsed buyers. In fact, we reactivated a healthy 5 million lapsed buyers in the first quarter.

我們也很高興看到持續健康的新買家收購和流失買家的重新激活。在第一季度，我們獲得了超過 700 萬新買家，比 2020 年第一季度獲得的新買家數量增加了近 60%。我們還在繼續重新激活已流失的買家。事實上，我們在第一季度重新激活了健康的 500 萬流失買家。

Okay. So moving to our outlook. While in the second quarter of 2021, Etsy reported consolidated GMS growth of 13% on a year-over-year basis. GMS increased 178% from the second quarter of 2019. The strength in the second quarter of 2021 was partially driven by the tail of economic stimulus payments in the U.S., which hit consumer bank accounts in early April as well as high COVID case counts and low vaccination rates that continue to keep many at home.

好的。所以轉向我們的前景。而在 2021 年第二季度，Etsy 報告的 GMS 合併同比增長 13%。 GMS 比 2019 年第二季度增長了 178%。2021 年第二季度的強勁增長部分是由美國經濟刺激支付的尾部推動的，該支付在 4 月初衝擊了消費者銀行賬戶，以及高 COVID 病例數和低疫苗接種率繼續讓許多人呆在家裡。

Contrast that with now, where mobility indices are approaching 2019 levels and pent-up demand may drive this even higher, meaning the possibility of more movement and travel and less time for at-home shopping. We also see increasing headwinds related to broader macroeconomic issues in our core markets, impacting Etsy, Depop and Reverb. We started to see headwinds in February, which worsened in March and again in April as well as unusual levels of volatility in our weekly GMS performance.

與現在形成鮮明對比的是，流動性指數接近 2019 年的水平，而被壓抑的需求可能會推高這一點，這意味著更多的流動和旅行以及更少的在家購物時間的可能性。我們還看到，與我們核心市場中更廣泛的宏觀經濟問題相關的逆風越來越大，影響了 Etsy、Depop 和 Reverb。我們在 2 月開始看到逆風，在 3 月和 4 月再次惡化，以及我們每週 GMS 表現的異常波動水平。

To be sure, it's been a bit of an unpredictable and volatile start to the year. As such, we currently estimate that our second quarter consolidated GMS will be approximately $2.9 billion to $3.2 billion, about flat at the midpoint compared to the second quarter of last year and up 179% compared to the second quarter of 2019. In a world of so many more choices, our guidance implies somewhere between a decline of low to high single digits for Etsy marketplace GMS year-over-year, retaining over 90% of the gains we have made over the past 2 years.

可以肯定的是，今年的開局有點不可預測且不穩定。因此，我們目前估計第二季度合併 GMS 將約為 29 億至 32 億美元，與去年第二季度相比大致持平，與 2019 年第二季度相比增長 179%。如此多的選擇，我們的指導意味著 Etsy 市場 GMS 的同比下降介於低到高個位數之間，保留了我們過去 2 年取得的 90% 以上的收益。

We are forecasting revenue of $540 million to $590 million, up about 7% at the midpoint compared to the second quarter of last year and up 212% compared to the second quarter of 2019. We currently expect adjusted EBITDA margin of about 25%.

我們預計收入為 5.4 億美元至 5.9 億美元，中點比去年第二季度增長約 7%，比 2019 年第二季度增長 212%。我們目前預計調整後的 EBITDA 利潤率約為 25%。

Here are a few additional items to keep in mind as you model the rest of 2022. Assuming macro trends do not worsen, we would expect our GMS growth rate to improve for the second half of 2022, as we have said on our last call, with revenue outpacing GMS. We've outlined today that despite the near-term headwinds we are experiencing, we remain committed to increasing investments in core Etsy and our subsidiaries.

在您對 2022 年剩餘時間進行建模時，請記住以下幾點。假設宏觀趨勢沒有惡化，我們預計 2022 年下半年我們的 GMS 增長率將有所改善，正如我們在上次電話會議上所說的那樣，收入超過 GMS。我們今天已經概述，儘管我們正在經歷近期的逆風，但我們仍然致力於增加對核心 Etsy 及其子公司的投資。

The reopening and macroeconomic headwinds we experienced as a company are, of course, also being felt in the households and wallets of our small independent sellers. Our take rate increase enables us to lean deeper into marketing, product development and member support to invest for growth at a time when our sellers need it the most. We are playing through, as they say.

當然，我們作為一家公司所經歷的重新開放和宏觀經濟逆風也體現在我們小型獨立賣家的家庭和錢包中。我們提高接受率使我們能夠更深入地關注營銷、產品開發和會員支持，以便在我們的賣家最需要的時候進行投資以實現增長。正如他們所說，我們正在玩。

I am noting this here so you can model second half adjusted EBITDA accordingly. In an environment where top line growth is constrained by external factors and with an intent to stay the course on growth investments, we would not expect margins to expand materially other than potential improvement in the fourth quarter. As always, we operate with an ROI discipline and expect that our current period investments will have a payback in the future.

我在這裡註意到這一點，因此您可以相應地對下半年調整後的 EBITDA 進行建模。在收入增長受到外部因素限制且有意保持增長投資的環境下，除了第四季度的潛在改善外，我們預計利潤率不會出現實質性增長。與往常一樣，我們以 ROI 原則運作，並期望我們當前期間的投資將在未來獲得回報。

Lastly, for your models, we also expect our stock-based compensation expense to increase sequentially in the second quarter as a result of our annual refresh grants that were priced in March. Since this expense will now have a full quarter impact, we currently forecast approximately a $0.15 pretax impact to our second quarter EPS compared to the first quarter, assuming stable share count.

最後，對於您的模型，我們還預計，由於我們在 3 月份定價的年度更新補助金，我們基於股票的補償費用將在第二季度連續增加。由於這項費用現在將對整個季度產生影響，因此我們目前預測，與第一季度相比，我們的第二季度每股收益將產生大約 0.15 美元的稅前影響，假設股票數量穩定。

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

謝謝大家今天的時間。我現在將把電話轉給 Deb，以便我們回答您的問題。

Hi, everyone. I'm going to dive right into questions. Good to talk to everybody. So the first one is from Maria Ripps, and this is -- she's from Canaccord. Josh, this one is for you.

大家好。我將直接進入問題。很高興與大家交談。所以第一個來自 Maria Ripps，這是 - 她來自 Canaccord。喬希，這個是給你的。

Can you talk about how the near-term uncertainty embedded in your Q2 outlook impacts your investment planning and considerations as you look towards the second half of the year?

您能否談談您對第二季度前景的近期不確定性如何影響您對下半年的投資計劃和考慮？

Absolutely. Thanks, Maria, for the question. If the pandemic has taught us anything, it has really strengthened our conviction even more in the enormous size of the prize that we believe we have at Etsy. And just to dimensionalize for a second, in the second quarter, pre-pandemic, Etsy sellers sold $1.1 billion worth of product on the core Etsy marketplace. And at the low end of guidance, we're projecting for Etsy consolidated $2.9 billion worth of sales.

絕對地。謝謝，瑪麗亞，你的問題。如果大流行教會了我們什麼，它確實更加堅定了我們的信念，我們相信我們在 Etsy 擁有的巨大獎項。只是為了衡量一下，在第二季度，大流行前，Etsy 賣家在核心 Etsy 市場上銷售了價值 11 億美元的產品。在指導的低端，我們預計 Etsy 的綜合銷售額為 29 億美元。

Etsy has been transformed, and maybe that is a glimpse towards that future we keep talking about, where we say, in the future, we don't think there is going to be an unlimited number of places to buy things online.

Etsy 已經發生了變化，也許這是對我們一直在談論的未來的一瞥，我們說，在未來，我們認為網上購物的地方不會無限多。

Amazon is going to likely continue to succeed. And it's not likely that there's thousands of places selling the exact same thing as Amazon, trying to compete head-to-head with them. Etsy offers something truly different, something really meaningful across many categories and many purchase occasions relevant to many people as we talked about in this call.

亞馬遜可能會繼續取得成功。而且不太可能有成千上萬的地方銷售與亞馬遜完全相同的東西，試圖與他們進行正面競爭。正如我們在這次電話會議中談到的那樣，Etsy 提供了真正不同的東西，在許多類別和許多與許多人相關的購買場合中真正有意義的東西。

We think the size of that prize is absolutely enormous. And so we have our eye on that prize, and we're investing for that future time. The next couple of quarters absolutely are turbulent. We're facing reopening headwinds. We've got a war in Europe. We've got inflation. It's turbulent times for everyone, but the strongest companies invest with conviction and discipline through turbulent times, with their eye on the medium term. And we think the opportunity for Etsy is enormous, and we are absolutely investing for that. And this is, by the way, the time when our sellers need us most to be investing, and that's absolutely what we're doing.

我們認為該獎項的規模絕對巨大。所以我們關注這個獎項，我們正在為未來的時間進行投資。接下來的幾個季度絕對是動蕩的。我們正面臨重新開放的逆風。我們在歐洲發生了戰爭。我們有通貨膨脹。這對每個人來說都是動蕩的時期，但最強大的公司在動盪時期以信念和紀律進行投資，並著眼於中期。我們認為 Etsy 的機會是巨大的，我們絕對會為此進行投資。順便說一句，這是我們的賣家最需要我們進行投資的時候，而這絕對是我們正在做的事情。

Okay. Great. Thanks, Josh. Next one is also from Maria, but I will add, it's from several other people, including Naved Khan, and we want to talk about the sellers' reaction to our recent fee increase.

好的。偉大的。謝謝，喬希。下一個也是 Maria 的，但我要補充一下，它來自其他幾個人，包括 Naved Khan，我們想談談賣家對我們最近的費用上漲的反應。

How do sellers view all the incremental investments that we're making? And has there been any impact from the Boy Cut that we saw in the middle of the month on our GMS growth? We'll start with Josh on that one.

賣家如何看待我們正在進行的所有增量投資？我們在月中看到的 Boy Cut 對我們的 GMS 增長有什麼影響嗎？我們將從 Josh 開始。

Sure. So we announced a fee increase in mid-February, and the reaction from sellers was actually more muted than in prior fee increases. No one likes it when prices go up. But actually, the seller reaction was less negative than it's been in the past. And what we said before the pandemic was we have an enormous number of sellers with a huge amount of things for sale. And what they need is to bring us more buyers, to bring them more buyers.

當然。因此，我們在 2 月中旬宣布增加費用，而賣家的反應實際上比之前的費用增加更為溫和。價格上漲時沒有人喜歡它。但實際上，賣家的反應不如過去那麼消極。我們在大流行之前說過的是，我們有大量的賣家，有大量的東西要出售。他們需要的是給我們帶來更多的買家，給他們帶來更多的買家。

That's more true now than ever. Etsy now has 5.5 million sellers. And they're counting on Etsy to grow the pie at the very moment when buyers have a ton more choice than they had even 3 and 6 months ago. They are feeling a lot more pressure in terms of their wallet, and they have the opportunity to travel, to dine out and to shop off-line. It's even more important that we are investing to bring buyers to those sellers and have really compelling offerings that our sellers can grow. It's the only way that our sellers can grow.

現在比以往任何時候都更加真實。 Etsy 現在有 550 万賣家。他們指望 Etsy 在買家比 3 個月和 6 個月前有更多選擇的那一刻做大蛋糕。他們在錢包方面感受到了更大的壓力，他們有機會旅行、外出就餐和線下購物。更重要的是，我們正在投資以將買家帶到這些賣家那裡，並提供真正引人注目的產品，我們的賣家可以發展。這是我們的賣家成長的唯一途徑。

And so what we've been hearing from thousands of sellers is we need you, Etsy, to be investing to grow. And when our sellers sell in other places, and by the way, many -- most of the big ones do, they sell on eBay, they sell on Amazon, they have their own sites on Shopify or Wix, they sell in craft fairs. As we've said in all of our seller sentences, our sellers have a lot of choices in terms of where they can sell. And what they find and what we know is that the value on Etsy is greater. We provide more value than the other alternatives. That was true before the fee increase, it's true after the fee increase.

因此，我們從成千上萬的賣家那裡聽到的是，我們需要你，Etsy，投資以實現增長。當我們的賣家在其他地方銷售時，順便說一句，很多 - 大多數大賣家都這樣做，他們在 eBay 上銷售，他們在亞馬遜上銷售，他們在 Shopify 或 Wix 上有自己的網站，他們在工藝品展覽會上銷售。正如我們在所有賣家句子中所說的那樣，我們的賣家在銷售地點方面有很多選擇。他們發現以及我們所知道的是，Etsy 的價值更大。我們提供比其他選擇更多的價值。漲價前如此，漲價後亦如此。

While they have many, many places they can sell, they are more successful selling on Etsy. Our top sellers say that about half of their sales come from Etsy and half come from everywhere else combined. And it's because we invest to bring them buyers and buyers who care about handmade products, vintage products, artisanal products, buyers who care about keeping commerce human. So it's even more important now that we are investing to help those 5.5 million sellers grow.

雖然他們有很多很多地方可以出售，但他們在 Etsy 上的銷售更為成功。我們的暢銷產品說，他們大約一半的銷售額來自 Etsy，一半來自其他地方。這是因為我們投資給他們帶來了關心手工產品、復古產品、手工產品的買家和買家，以及關心保持商業人性化的買家。所以現在更重要的是，我們正在投資幫助這 550 万賣家成長。

As Rachel shared, while there were a small number of sellers who managed to get quite a lot of media attention, in fact, less than 1% of sellers chose to put their shop on vacation mode during that week. We saw no material impact to sales for the week, much less for the quarter. And we saw no material impact to churn. And we think the reason is that the value proposition that Etsy offers is really compelling. And whether the transaction fee is 5% or 6.5% right now, what sellers really need is us bringing them more buyers so they can drive more sales and the pie gets bigger for everyone. Thanks for the question.

正如 Rachel 所說，雖然有少數賣家設法獲得了相當多的媒體關注，但實際上，只有不到 1% 的賣家選擇在那一周將他們的店鋪設為休假模式。我們沒有看到對本週的銷售產生重大影響，更不用說本季度了。我們沒有看到流失的實質性影響。我們認為原因是 Etsy 提供的價值主張非常引人注目。無論現在的交易費是 5% 還是 6.5%，賣家真正需要的是我們為他們帶來更多的買家，這樣他們就可以推動更多的銷售，讓每個人的蛋糕變得更大。謝謝你的問題。

Okay. Next one is for you, Rachel. This is from Naved Khan at Truist.

好的。下一個是給你的，雷切爾。這是來自 Truist 的 Naved Khan。

Why are margins lower in Q2 '22 despite the higher take rates?

儘管收取率較高，為什麼 22 年第二季度的利潤率較低？

Hello, everyone. Thanks for the question, Naved. So the lower margins reflect what we talked about as playing through. We're going to continue making our investments, even though we're seeing some constraints on the top line. And first and foremost is really investing in our own people. So we are adding heads. We added heads throughout 2021. We've continued to grow headcount in 2022. And as a reminder, we've also added the headcount in from our recently acquired new subsidiaries, Elo7 and Depop.

大家好。謝謝你的問題，納維德。因此，較低的利潤率反映了我們所說的通過。我們將繼續進行投資，儘管我們看到頂線存在一些限制。首先是真正投資於我們自己的員工。所以我們正在添加人頭。我們在 2021 年全年增加了員工人數。我們在 2022 年繼續增加員工人數。提醒一下，我們還從我們最近收購的新子公司 Elo7 和 Depop 中增加了員工人數。

And a lot of those people are pointed at product development. So product and engineering are a lot of the headcount adds. And they are really the growth engine of the company because they are creating all the product that is going to do exactly what Josh talked a lot about, which is increasing more active buyers and increasing frequency to get more GMS per buyer. So that's the first bucket.

其中很多人都指向產品開發。因此，產品和工程是大量增加的員工人數。他們確實是公司的增長引擎，因為他們正在創造所有產品，這些產品將完全符合 Josh 經常談到的事情，即增加更活躍的買家並增加頻率以獲得每個買家的更多 GMS。所以這是第一個桶。

We're also going to continue to invest in marketing. We showed you a clip of one of our new ad campaigns, but we're also running campaigns in the U.K. and Germany. We tested some above-the-line marketing for Depop in the first quarter, and we'll be looking to scale and optimize that program as well. And we spend on performance marketing dynamically. So we'll continue to lean into marketing where we see that the ROI is there.

我們還將繼續投資於營銷。我們向您展示了我們的一個新廣告活動的剪輯，但我們也在英國和德國開展了活動。我們在第一季度測試了 Depop 的一些線上營銷，我們還將尋求擴展和優化該程序。我們動態地在績效營銷上花費。因此，我們將繼續在我們看到投資回報率存在的地方進行營銷。

And then the third bucket is it's less visible to GMS in the short term, but we are spending a lot on our trust and safety and member support organization. And we talked about really having our customers' back in a way that they can see it and feel it, more so than ever. We'll talk more about that as we announce it externally, but we're excited about that, and that is an investment that hits the P&L in the short term. And so we believe that's a long-term payback.

然後第三個桶是 GMS 在短期內不太明顯，但我們在我們的信任和安全以及成員支持組織上花費了很多。我們談到了真正讓我們的客戶以一種他們可以看到並感受到它的方式來支持它，比以往任何時候都更重要。當我們在外部宣布它時，我們會更多地談論它，但我們對此感到興奮，這是一項短期內會影響損益的投資。所以我們相信這是一個長期的回報。

Another place we invest is in our -- as we have more product engineers, we're developing more. So we use more cloud computing and hosting costs. So some of those things, you don't see the direct relationship between those investments and GMS in the quarter, but we believe in the long-term benefit of making those bets.

我們投資的另一個地方是我們的——隨著我們有更多的產品工程師，我們正在開發更多。所以我們使用更多的雲計算和託管成本。所以其中一些事情，你在本季度看不到這些投資與 GMS 之間的直接關係，但我們相信進行這些賭注的長期利益。

Okay. Great. Thanks, Rachel. The next one I'll give to you, Josh. It's from Shweta Khajuria from ISI Evercore.

好的。偉大的。謝謝，雷切爾。下一個我會給你的，喬希。它來自 ISI Evercore 的 Shweta Khajuria。

Could you please provide more color on the most impactful initiatives that have driven buyer frequency growth so far? And of the upcoming product improvements, which ones do you think could be meaningful purchase frequency drivers?

您能否就迄今為止推動買家頻率增長的最具影響力的舉措提供更多色彩？在即將到來的產品改進中，您認為哪些可能是有意義的購買頻率驅動因素？

Yes, absolutely. Thanks for the question. So let me start with just awareness, because one of the top things we hear about why did you not buy on Etsy more frequently is I just didn't think of it. So we continue -- we said that before the pandemic, we continue to see that as I just didn't think of it, should have had a VA. And so the television campaigns that we showed and the investment in above-the-line as well as the performance marketing investments that we're making are more important than ever to just remind people of all of the different purchase occasions for which we're relevant.

是的，一點沒錯。謝謝你的問題。所以讓我從意識開始，因為我們聽到的關於你為什麼不更頻繁地在 Etsy 上購買的最重要的事情之一就是我沒有想到它。所以我們繼續——我們說在大流行之前，我們繼續看到我只是沒想到應該有一個 VA。因此，我們展示的電視廣告、線上線下的投資以及我們正在進行的績效營銷投資比以往任何時候都更加重要，只是提醒人們我們所針對的所有不同購買場合相關的。

And we shared, for example, 30% of buyers who identify as women in the U.S. and the U.K. shopped in Etsy at least once and 58% of them shopped more than one time. So we know we're relevant to a lot of people a lot of the time. If we take a second on those 8 million habitual buyers, they bought an average of 13x over the course of the last 12 months. So we know that we can be relevant to them very, very often more than once a month, and I know we shop on Etsy more than once a week. And I know plenty of people who do. So we know we can be a lot more relevant.

例如，我們分享了 30% 的美國和英國女性買家至少在 Etsy 購物過一次，其中 58% 的買家不止一次購物。所以我們知道我們在很多時候都與很多人有關。如果我們再看看這 800 萬習慣性買家，他們在過去 12 個月的過程中平均購買了 13 倍。所以我們知道我們可以非常非常頻繁地與他們相關，每個月不止一次，而且我知道我們每週在 Etsy 上購物不止一次。我認識很多人。所以我們知道我們可以更相關。

What is it that differentiates those habitual buyers that are shopping once a month or more? They have figured out the magic of Etsy. Not only do they think of us more often or we're front of mind, but they know how to speak Etsy. They know how to put the right words in our search engine in order to get the right results. And we got to continue to make it easier to get the average person who doesn't shop on Etsy all the time, to get the kind of results that an expert Etsy user gets. And so the search engine is continuing to get better and better, which is super important.

是什麼讓那些每月購物一次或更多的習慣性買家與眾不同？他們發現了 Etsy 的魔力。他們不僅更頻繁地想到我們，或者我們在腦海中浮現，而且他們知道如何說 Etsy。他們知道如何在我們的搜索引擎中輸入正確的詞以獲得正確的結果。我們必須繼續讓那些不總是在 Etsy 上購物的普通人更容易獲得 Etsy 專家用戶獲得的那種結果。所以搜索引擎不斷變得越來越好，這非常重要。

What we talked about in the prepared remarks about XWalk is really important. And to simplify it, instead of having one objective function, like leather wallet, you can now search -- we can now optimize for multiple objectives at the same time. Leather wallet that's near me will arrive within this time and is brown. And the ability for the search engine understand plain English and convert it into things that people want is just getting better and better.

我們在準備好的關於 XWalk 的評論中談到的內容非常重要。為了簡化它，您現在可以搜索，而不是像皮革錢包那樣只有一個目標函數——我們現在可以同時針對多個目標進行優化。我附近的皮革錢包將在這段時間內到達，並且是棕色的。搜索引擎理解簡單英語並將其轉換為人們想要的東西的能力越來越好。

We're also doing a better job of getting people to leave tea leaves of themselves, to engage in lightweight ways that tell us about themselves, doing things like favoriting or adding things to lists, which make us able to understand them better and therefore, provide better search and better recommendations for them in the future. I'm particularly excited about the work we're doing there for buyers who have low or no maybe visitors, people who have never bought on Etsy before or have only bought 1 or 2 things. That's a large amount of traffic on Etsy.

我們也做得更好，讓人們留下自己的茶葉，以輕量級的方式告訴我們他們自己，做喜歡的事情或將東西添加到列表中，這使我們能夠更好地理解它們，因此，將來為他們提供更好的搜索和更好的建議。我對我們在那里為那些訪問者很少或沒有的買家、以前從未在 Etsy 上購買過或只購買過 1 或 2 件東西的買家所做的工作感到特別興奮。這是 Etsy 上的大量流量。

We talked about over 180 million unique visitors each month on the Etsy website. And we're getting much better at taking someone for whom we don't have a lot of data and becoming much more personalized even for them. And I think that can do a lot more to drive conversion and to drive frequency. One of the things that we hear most from buyers is in order to make Etsy truly a habit, a go-to starting point for commerce, they need to trust us even more that we will have their back.

我們在 Etsy 網站上討論了每月超過 1.8 億的獨立訪問者。我們在接受我們沒有大量數據的人方面做得更好，甚至對他們來說也變得更加個性化。而且我認為這可以做更多的事情來推動轉換和推動頻率。我們從買家那裡聽到的最多的一件事是，為了讓 Etsy 真正成為一種習慣，一個商業的首選起點，他們需要更加信任我們，我們才能得到他們的支持。

And so while it's rare that something goes wrong on Etsy, buyers don't always trust that we're going to have their back. And in fact, that's one of the big value-adds that Etsy can offer relative to buying on an individual shop, is you haven't heard of that individual shopper, that individual brand, but you've heard of Etsy. And so we build that brand. We build the trust of that brand, and we lend that trust to each of our sellers. It's one of the most important things that we do. It's part of why we do ask for and promote certain standards among sellers, that we build a brand that stands for something.

因此，雖然 Etsy 很少出現問題，但買家並不總是相信我們會得到他們的支持。事實上，這是 Etsy 相對於在個體商店購買產品所能提供的巨大附加值之一，你還沒有聽說過那個個體購物者、那個個體品牌，但你聽說過 Etsy。所以我們建立了這個品牌。我們建立對該品牌的信任，並將這種信任借給我們的每個賣家。這是我們所做的最重要的事情之一。這是我們在賣家中要求和推廣某些標準的部分原因，我們建立了一個代表某種東西的品牌。

And so we mentioned that we'll be announcing something later this quarter, where we're investing to make sure that buyers know that we have their back and that sellers know that we have their back. So in the rare occasion that something goes wrong, people know that they're protected. And I'm really excited about what that can do for frequency over time. Those kinds of things aren't a silver bullet. We're -- immediately, you necessarily see GMS growth, but building a brand that stands for reliability, we know, we believe, can have very big dividends over time.

所以我們提到我們將在本季度晚些時候宣布一些事情，我們正在投資以確保買家知道我們支持他們，賣家知道我們支持他們。因此，在極少數出現問題的情況下，人們知道他們受到了保護。我真的很興奮隨著時間的推移它可以為頻率做些什麼。這些東西不是靈丹妙藥。我們 - 立即，你必然會看到 GMS 的增長，但建立一個代表可靠性的品牌，我們知道，我們相信，隨著時間的推移，可以產生非常大的紅利。

Okay. Great. Thanks, Josh. The next one I want to give to Rachel, is a couple of questions have come in on the Q2 guide. So I'll read the one from Marvin Fong at BTIG.

好的。偉大的。謝謝，喬希。我想給 Rachel 的下一個問題是 Q2 指南中有幾個問題。因此，我將閱讀 BTIG 的 Marvin Fong 的文章。

Could you discuss how April GMS performed? And what are the assumptions driving both the high and the low end of your Q2 GMS guidance?

您能談談 April GMS 的表現嗎？ Q2 GMS 指導的高端和低端的假設是什麼？

Thanks for the question, Marvin. So first of all, one thing I want to point out right at the start is to think about at the low end of our guidance, it's $2.9 billion. And in 3 years ago, so Q2 of 2019, we had $1.1 billion. So even at the low end of the guidance we gave, we have -- we are 3x -- nearly 3x bigger than where we were 3 years ago, and we're super proud of being able to have retained all of that growth.

謝謝你的問題，馬文。因此，首先，我想在一開始就指出的一件事是考慮我們指導的低端，即 29 億美元。而在 3 年前，也就是 2019 年第二季度，我們有 11 億美元。因此，即使在我們給出的指導的低端，我們也有 - 我們是 3 倍 - 比 3 年前大了近 3 倍，我們為能夠保持所有這些增長而感到非常自豪。

We did say, on the call, I think maybe your question was written before I said it, and I know everyone's multitasking because there's so many people reporting today, but that we saw successive deceleration in GMS starting in about February. And we have seen that through even in April. So it's been a pretty volatile and unpredictable quarter, pretty bumpy for a lot of people. It's part of the reason we gave -- we stayed with the wide range of our guidance and a reason why we're not still not giving full year guidance because there's just a lot we don't know and can't control.

我們確實說過，在電話會議上，我想你的問題可能在我說之前就寫好了，而且我知道每個人都在同時處理多項任務，因為今天有很多人在報告，但我們看到 GMS 從大約 2 月開始連續減速。我們甚至在四月就已經看到了這一點。所以這是一個非常不穩定和不可預測的季度，對很多人來說非常顛簸。這是我們給出的部分原因——我們堅持廣泛的指導，也是我們仍然沒有給出全年指導的原因，因為有很多我們不知道也無法控制。

With that said, there's a lot of positive in the numbers that we gave. We talked about adding millions of new buyers in the last quarter, which was up 60% from the same quarter 3 years ago. And we have so much opportunity for growth, as Josh laid out.

話雖如此，我們給出的數字中有很多積極的一面。我們談到在上個季度增加了數百萬新買家，這比 3 年前的同一季度增長了 60%。正如喬希所說，我們有很多增長機會。

So we're really pleased with the numbers that we're hitting, and we expect the other number that we gave in the guidance that we gave was that we would expect as we get to the second half of the year. Generally, the second half is a bigger half than the first half, and we still expect that. And also, the other fact pattern is that we're going to start to have lower comps in the second half of the year than we did in the first.

因此，我們對我們達到的數字感到非常滿意，我們預計我們在給出的指導中給出的另一個數字是我們在下半年時所期望的。一般來說，下半年比上半年大，我們仍然期待。而且，另一個事實模式是，我們將在今年下半年開始擁有比第一年更低的組合。

So those things remain true, and we're just playing through with our investments and pleased with the results that we're delivering.

所以這些事情仍然是真實的，我們只是在玩我們的投資並對我們提供的結果感到滿意。

Great. Thanks, Rachel. Next one, I think, is also for you. Talk about how performance -- sorry, this is from John Colantuoni from Jefferies.

偉大的。謝謝，雷切爾。下一個，我想，也是給你的。談談性能如何——對不起，這是來自 Jefferies 的 John Colantuoni。

Talk about how performance marketing ROI has trended for Etsy over the course of 2022 and whether there was any notable change in ROI that coincided with the pandemic reopening. How are trends in ROI guiding your approach to deploying incremental marketing from the revenue generated by the recent take rate increase versus letting it drop to the bottom line or spending those dollars into product initiatives?

談論 Etsy 在 2022 年期間績效營銷投資回報率的趨勢，以及與大流行重新開放同時投資回報率是否有任何顯著變化。投資回報率的趨勢如何指導您從最近的獲取率增加所產生的收入中部署增量營銷，而不是讓它下降到底線或將這些美元用於產品計劃？

Great question. We love talking about marketing at Etsy. So first of all, this is a reminder for everybody, we don't really give our marketing teams a marketing dollar budget. We give them an ROI threshold on performance marketing. And so our spend will dynamically increase or decrease based on demand. And because as we talked about, had a bumpy first quarter, with some deceleration in demand through the quarter, the spend dynamically pulls back on performance marketing. So we did see that happen.

好問題。我們喜歡在 Etsy 談論營銷。所以首先，這是對每個人的提醒，我們並沒有真正給我們的營銷團隊一個營銷美元預算。我們給他們一個績效營銷的投資回報率門檻。因此，我們的支出將根據需求動態增加或減少。而且因為正如我們所談到的，第一季度經歷了坎坷，整個季度的需求有所放緩，因此支出動態地拉回了績效營銷。所以我們確實看到了這種情況。

Offsetting that is we spent more on brand marketing. And I think we said it was about 16% of total spend in the quarter as opposed to 13% in the period a year ago. So that trend is happening. When we announced the price increase, the price increase takes up our take rate, so it takes up our ability to continue to spend deeper into the ROI curve without compromising our ROI thresholds. And we started to spend ahead of that.

抵消這一點的是我們在品牌營銷上花費了更多。我認為我們說它佔本季度總支出的 16% 左右，而去年同期為 13%。所以這種趨勢正在發生。當我們宣布價格上漲時，價格上漲佔據了我們的接受率，因此它佔用了我們在不影響我們的 ROI 閾值的情況下繼續深入投資 ROI 曲線的能力。我們開始在那之前花錢。

So we knew that the take rate was going to go up and we started to spend ahead of that even before the price increase went into effect. So in March, we started to spend at a higher level. And now, that the price increase has been effectuated, we are spending -- we're able to spend more on the performance marketing. We haven't seen necessarily any increases in CPC. So it's not necessarily more expensive to spend -- to buy that traffic. But as we've said many times, we don't -- we won't spend beyond our marginal ROI.

所以我們知道採取率會上升，甚至在價格上漲生效之前我們就開始提前消費。所以在三月份，我們開始在更高的水平上支出。現在，價格上漲已經生效，我們正在支出——我們能夠在績效營銷上花費更多。我們沒有看到 CPC 的必然增長。因此，購買流量並不一定更昂貴。但正如我們多次說過的那樣，我們不會——我們不會花費超出邊際投資回報率的支出。

Lastly, I want to remind everybody that we have our off-site ad program, and that subsidizes about 40% of everything that we spend. That's just another way of saying we can spend even deeper into the ROI curve. It was effectively when we launched that program, wasn't a take rate increase, but it's a success-based model, so the sellers only pay that additional fee if they've had a successful sale.

最後，我想提醒大家，我們有我們的場外廣告計劃，它補貼了我們支出的大約 40%。這只是另一種說法，我們可以更深入地了解投資回報率曲線。當我們啟動該計劃時，它實際上並沒有提高收取率，但它是一個基於成功的模型，因此賣家只有在成功銷售時才支付額外費用。

That subsidy we get is not seen in the marketing expense line, it's seen obviously in the revenue line. So that is another factor that sort of offsets our marketing spend and allows us to spend robustly where we go. And lastly, we are spending more on -- you saw the brand campaigns, and we'll continue to lean into our above-the-line marketing as we go through the year, more heavily in the third and fourth quarters as we typically do.

我們得到的補貼在營銷費用行中看不到，在收入行中很明顯。所以這是另一個抵消我們營銷支出的因素，讓我們可以在我們去的地方大力支出。最後，我們在品牌活動上投入更多——你看到了品牌活動，隨著我們一年的過去，我們將繼續傾向於線上營銷，在第三和第四季度，我們通常會做更多的事情.

Great. Thanks, Rachel. Next one is for you, Josh, from Victoria James at D.A. Davidson.

偉大的。謝謝，雷切爾。下一個是給你的，Josh，來自 D.A. 的 Victoria James。戴維森。

How is inflation affecting your business? To what extent are you in a relatively favorable position versus your e-commerce peers because your sellers allow consumers to save money when they buy things like apparel or home goods? To what extent are you relatively favorable versus your e-commerce peers?

通貨膨脹如何影響您的業務？與電子商務同行相比，您在多大程度上處於相對有利的位置，因為您的賣家允許消費者在購買服裝或家居用品等商品時省錢？與您的電子商務同行相比，您在多大程度上相對有利？

Yes, that's basically the question.

是的，基本上就是這個問題。

Thanks for the question. I appreciate it. And I appreciate the context behind the question because I think, for the past maybe roughly 100 years, the world has been well schooled in the benefits of mass production. And there's been a lot of focus on mass production, making things cheaper.

謝謝你的問題。我很感激。我很欣賞這個問題背後的背景，因為我認為，在過去的大約 100 年裡，世界一直在接受大規模生產的好處的良好教育。並且有很多關注大規模生產，使事情變得更便宜。

But it's also true that when something is produced in mass production overseas to get on a boat, to end up at a port, to get on a train, to get on a truck, to finally make it to your house, and there's maybe 3 markups along the way, the opportunity to buy directly from the person who made it, without all those markups along the way, can offer that seller the chance, that maker the chance, to earn a fair price and a fair living, while also offering great value to the buyer.

但同樣真實的是，當某種東西在海外大規模生產時，要上船，到港口，上火車，上卡車，最後送到你家，可能有 3一路加價，直接從製造商那裡購買的機會，沒有一路上的所有這些加價，可以為賣方提供機會，製造商有機會獲得公平的價格和公平的生活，同時也提供對買家來說很有價值。

So that's a story that we want to tell, and we want to make sure that the world understands. To be clear, Etsy sellers set their own prices. That's not something that Etsy is directly involved in. We have said in the past, and it continues to be true, that our sellers have so far, on average, if you look at a basket-of-goods analysis, not chosen to take their prices up by much at all and far, far less than what you're reading in terms of consumer inflation. And as a result, the relative value proposition of things on Etsy is getting cheaper relative to the market, which can increase appeal for those products.

所以這是我們想要講述的故事，我們想要確保全世界都能理解。需要明確的是，Etsy 賣家自己設定價格。這不是 Etsy 直接參與的事情。我們過去曾說過，而且現在仍然如此，如果您查看一籃子商品分析，我們的賣家迄今為止平均沒有選擇接受他們的價格上漲了很多，而且遠遠低於你所讀到的消費者通脹率。結果，相對於市場而言，Etsy 上事物的相對價值主張變得越來越便宜，這可以增加對這些產品的吸引力。

Some sellers may also choose to raise their prices as their inputs go up, and that's perfectly fair and appropriate. It's a big market with 5.5 million sellers, each making their own decisions on that. But if they choose not to raise their prices, the value proposition of their items can get more compelling. Also, it can be very fair as the competition on and off Etsy, if their prices go up, that our sellers can take price and maintain margins, and that's appropriate as well.

隨著投入的增加，一些賣家也可能會選擇提高價格，這是完全公平和適當的。這是一個擁有 550 万賣家的大市場，每個賣家都對此做出自己的決定。但是，如果他們選擇不提高價格，他們商品的價值主張就會變得更加引人注目。此外，作為 Etsy 內外的競爭，如果他們的價格上漲，我們的賣家可以接受價格並保持利潤，這也是非常公平的，這也是適當的。

Either way, we think that our sellers have a tremendous amount to offer the market, and our job is to make the market aware of that great value available on Etsy. And we're investing with discipline and with conviction to make sure that the market is aware of that.

無論哪種方式，我們認為我們的賣家可以為市場提供大量產品，我們的工作是讓市場意識到 Etsy 上的巨大價值。我們正在以紀律和信念進行投資，以確保市場意識到這一點。

Great. Thanks, Josh. I'm going to ask the next one from Lauren Schenk from Morgan Stanley. This is for Rachel.

偉大的。謝謝，喬希。我要問下一個來自摩根士丹利的 Lauren Schenk 的問題。這是給瑞秋的。

Can you clarify the 2H marketing commentary -- margin commentary that you don't expect margins to expand materially? Is that a second half comment or a full year comment, and fourth quarter margins are likely to be up year-over-year?

您能否澄清 2H 營銷評論——您預計利潤率不會大幅增長的利潤率評論？這是下半年的評論還是全年的評論，第四季度的利潤率可能會同比上升？

Hi, Lauren. Thanks for the question. So it's a second half comment, and we -- the caveat there is that to whatever extent seasonality comes into play, that could expand margin slightly. Sometimes, we see that happen in the fourth quarter. But I also want to take the opportunity to point out, we put up 27.5% margins in the first quarter this year. And hearken back to Q1 of 2021, our margins were in the 33% range. And I think at some point during 2021, we also delivered 37% margins.

嗨，勞倫。謝謝你的問題。所以這是下半場評論，我們需要注意的是，無論季節性在多大程度上發揮作用，都可能略微擴大利潤率。有時，我們會在第四季度看到這種情況。但我也想藉此機會指出，我們今年第一季度的利潤率為 27.5%。回到 2021 年第一季度，我們的利潤率在 33% 範圍內。我認為在 2021 年的某個時候，我們還實現了 37% 的利潤率。

We really have full control because our costs are so variable with GMS (inaudible) control over sort of how much margin -- how much we want to flow through to the margin line. And what we've said, and we want to reemphasize is that we see so much opportunity for growth, that we are staying the course on our investment plan regardless of headwinds that might factor into the rest of the year.

我們真的可以完全控制，因為我們的成本變化很大，GMS（聽不清）控制了多少保證金——我們想要多少流入保證金線。我們已經說過，並且我們想再次強調的是，我們看到瞭如此多的增長機會，我們將堅持我們的投資計劃，不管今年剩餘時間可能會遇到什麼樣的逆風。

And those investments are really all around our people, which are the lifeblood of the company. They're incredibly important to us, to actually unlock that growth in marketing, which we think really will unlock more awareness and frequency and in the marketplace to really support our customers and our sellers and their journey all the way through to the end of the purchase -- the point of purchase. And so that

這些投資實際上都圍繞著我們的員工，這是公司的命脈。它們對我們來說非常重要，可以真正釋放營銷的增長，我們認為這真的會釋放更多的意識和頻率，並在市場上真正支持我們的客戶和我們的賣家以及他們的旅程一直到結束購買——購買點。就這樣

(technical difficulty)

（技術難度）

our margin guidance that we gave reflects our intent to keep investing in those areas.

我們給出的利潤率指導反映了我們繼續在這些領域進行投資的意圖。

Great. Thanks, Rachel. I know we're out of time (inaudible) from Deutsche Bank. I think (inaudible) habitual purchasing amongst buyers on the platform?

偉大的。謝謝，雷切爾。我知道德意志銀行沒時間了（聽不清）。我認為（聽不清）平台上的買家習慣性購買？

We're really (inaudible) off-line stores. Many states were in lockdown. And if you could go to off-line stores, it wasn't very pleasant. And even online shops often had big supply chain challenges, and it really highlighted the benefit of the Etsy model that we were not facing those headwinds. We had ample supply the entire time. Our sellers were doing a great job making great product, responding to the need and being ready to ship. And so Etsy was one of the few places that you could shop reliably for much of the past 2 years.

我們真的是（聽不清）線下商店。許多州處於封鎖狀態。如果你可以去線下商店，那也不是很愉快。甚至在線商店也經常面臨巨大的供應鏈挑戰，這確實突出了 Etsy 模式的好處，即我們沒有面臨這些逆風。我們一直有充足的供應。我們的賣家在製作出色的產品、響應需求並準備發貨方面做得很好。因此，在過去 2 年的大部分時間裡，Etsy 是少數幾個可以可靠購物的地方之一。

And I'm delighted by the fact that the vast majority of our buyers are choosing to come back now at a time when they have so much more choice, when there is pent-up demand to travel and dine out and go to all of those stores that they weren't able to go to before. At the low end of our guidance, we say that we'll keep 90% of those purchases in spite of having tremendously more options in a time of inflation, when you've also got more pressure on your wallet.

我很高興我們的絕大多數買家選擇現在回來，因為他們有更多的選擇，當人們對旅行、外出就餐和去所有這些地方的需求被壓抑的時候他們以前無法去的商店。在我們指導的低端，我們說我們將保留 90% 的購買，儘管在通貨膨脹時期有更多的選擇，當你的錢包也有更大的壓力時。

So we're really pleased by the fact that people want to come back to Etsy. And I think they really see that we offer something really compelling and really different in a time that matters and in a way that matters. And we think that opportunity is huge, and we're going to keep investing to keep growing it.

因此，我們對人們想要回到 Etsy 感到非常高興。我認為他們真的看到我們在重要的時間以重要的方式提供了一些非常引人注目和非常不同的東西。我們認為機會是巨大的，我們將繼續投資以保持增長。

Okay. Great. Thank you all for staying on with us a few extra minutes, and we will talk to you during the quarter. Thank you very much.

好的。偉大的。感謝大家多陪我們幾分鐘，我們將在本季度與您交談。非常感謝你。

Thank you.

謝謝你。