Q3 2024 ETSY Inc Earnings Call Transcript
Key Points
- Etsy Inc (ETSY) reported a 4.1% increase in revenue to $662 million, benefiting from continued take rate expansion.
- The company maintained a healthy adjusted EBITDA margin of approximately 28%, despite macroeconomic challenges.
- Etsy Inc (ETSY) has made significant improvements in customer experience, including enhancing search algorithms and launching a loyalty program.
- The company has seen a 33% reduction in repetitive search impressions, improving the diversity of search results.
- Depop, part of Etsy Inc (ETSY)'s House of Brands, showed strong performance with over 30% year-over-year GMS growth, particularly in the US market.
- Consolidated GMS was down approximately 4.1% year-over-year, with Etsy marketplace GMS down 6%.
- The company faced macroeconomic headwinds and mind share events, impacting overall performance.
- Active seller count decreased by 8.5% year-over-year, reflecting challenges in maintaining seller engagement.
- GMS per active buyer declined by 3.4% in the quarter, indicating reduced buyer spending frequency.
- Etsy Inc (ETSY) anticipates a decline in consolidated GMS in the low to mid-single-digit percentage range for the fourth quarter, reflecting ongoing consumer pressure.
Hi, everyone, and welcome to Etsy's third-quarter 2024 earnings conference Call. I'm Deb Wasser, VP of Investor Relations. Today's prepared remarks have been prerecorded. Joining me today are Josh Silverman, our CEO; and Rachel Glaser, our CFO. Once we have finished with the presentation, we'll take questions from our publishing sell-side analysts on video.
Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business and our operating results as noted in the slide deck posted to our website for your reference. Our actual results may differ materially. Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-Q and which will be updated in future periodic 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 disclaim any obligation to update them.
Also during the call, we'll present both GAAP and non
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