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Second, we tested a two day live 'Etsy Market' shopping event in our App. First, we introduced video functionality for buyer reviews, providing additional visibility for our sellers' unique items and stories, while simultaneously adding more trust signals to the buyer experience. Our Visual Discovery work streams progressed during the quarter. Finally, we launched the first version of Localized XWalk to all non-U.S. We continued to improve our deep learning models, resulting in better understanding of language and cultural nuances, raising relevance while also decreasing 'dead end' search results by approximately 30% since the beginning of the year. Advancements in ranking delivered real-time personalized results, tailoring search results to what you may have looked at within the same session. We continued our journey toward best-in-class Search, delivering more relevant results to make finding the right thing easier on Etsy. These are just a few of our initiatives during the second quarter, aligned with our "Right to Win" strategy. Product: Our primary focus in 2022 is to enhance the customer experiences across to engage, retain, and grow our buyer base. Select highlights of second quarter business initiatives for the Etsy marketplace are outlined below: We are pleased that Etsy's highly variable cost structure helped drive strong second quarter adjusted EBITDA margin of 28% and operating cash flow of $125.8 million." "This growth is attributable to the Etsy marketplace transaction fee increase, the addition of Depop and Elo7 to our House of Brands portfolio, and the strength of our Etsy Ads product, which continues to be a great solution for sellers looking to grow their businesses. "Second quarter revenue grew over 10%, despite strong macroeconomic headwinds and challenging year over year comparables," said Rachel Glaser, Etsy, Inc. GMS for for the three and six months ended June 30, 2022 was 44% and 45%, respectively.Ĭonsolidated active sellers and active buyers includes active sellers and active buyers of 5.3 million and 88.1 million, respectively, as of June 30, 2022.įor information about how we define our metrics, see our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. "Despite facing headwinds caused by macroeconomic and geopolitical factors, we believe the improvements we've driven in customer experiences across the Etsy marketplace and our House of Brands, coupled with continued focus on our 'Right to Win' strategy, will enable us to unlock the enormous long-term opportunities we see ahead."Ĭonsolidated GMS for the three and six months ended June 30, 2022 includes GMS of $2.6 billion and $5.5 billion, respectively. "Our second quarter results once again reflect that Etsy has maintained most of our pandemic gains, and that we are able to deliver strong bottom line performance while simultaneously investing in key initiatives," said Josh Silverman, Etsy, Inc. Under Etsy's stock repurchase program, during the second quarter of 2022 Etsy repurchased an aggregate of approximately $62 million, or 690,992 shares, of its common stock. Non-GAAP Adjusted EBITDA was $162.7 million, with Non-GAAP Adjusted EBITDA margin (i.e., Non-GAAP Adjusted EBITDA divided by consolidated revenue) of 28%, up 200 basis points compared to the second quarter of 2021.Įtsy ended the second quarter with $1.1 billion in cash and cash equivalents and short- and long-term investments. The decline in net income was primarily due to increased employee compensation-related expenses, as total employee headcount increased approximately 70% year-over-year, which includes increased headcount from the acquisitions of Depop and Elo7. Net income was $73.1 million, down 25.6% year-over-year, with diluted earnings per share of $0.51. This revenue performance reflects the Etsy marketplace transaction fee increase which went into effect on April 11, 2022.
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GMS performance was impacted by macro headwinds including reopening, pressures on consumer discretionary spending, foreign exchange rate volatility, and ongoing geopolitical events.Ĭonsolidated revenue was $585.1 million, up 10.6% versus the second quarter of 2021, with a take rate (i.e., Consolidated revenue divided by Consolidated GMS) of 19.3%. Second quarter 2022 performance highlights include:Ĭonsolidated GMS was $3.0 billion, down 0.4% year-over-year and up 2.6% on a currency neutral basis. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced results for its second quarter ended June 30, 2022. BROOKLYN, N.Y., J/PRNewswire/ - Etsy, Inc.