PR Newswire
BROOKLYN, N.Y., Feb. 21, 2024
Highest-ever quarterly revenue achieved in Q4 23
BROOKLYN, N.Y., Feb. 21, 2024 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced financial results for its fourth quarter and full year ended December 31, 2023.
"Etsy delivered over $13 billion in consolidated GMS and our highest-ever annual revenue," said Josh Silverman, Etsy's Chief Executive Officer. "We've built an ambitious plan to invest in a portfolio of growth initiatives in 2024, starting with efforts to make Etsy an indispensable partner for Gifting. We recently launched Gift ModeTM, an interactive hub for gifting that combines AI and human curation to help shoppers find the perfect present — just the beginning of our bold plans to drive buyer consideration and frequency. We start the year energized - with the right team, a highly relevant and differentiated Right to Win strategy, a disciplined investment approach, and a resilient business model."
Fourth quarter 2023 performance highlights include:
"We delivered our highest-ever quarterly consolidated revenue of $842 million in the fourth quarter due to healthy GMS flow through, strong growth in Etsy Ads and good contribution from payments," said Rachel Glaser, Etsy's Chief Financial Officer. "We made significant product and marketing investments to support the important holiday period, and our fourth quarter consolidated Adjusted EBITDA grew to an all-time high of $236 million. For the full year, our operational rigor and capital light business model have allowed us to deliver about $754 million in consolidated Adjusted EBITDA, at 27.4% margin, converting nearly 90% of that Adjusted EBITDA to free cash flow. In 2023, capital return accounted for nearly 90% of our Free Cash Flow, demonstrating a shift in our capital return strategy to more intentionally return a higher percentage of free cash flow, especially during times of volatility in our stock, and when valuations are meaningfully below our view of fair value."
Fourth Quarter and Full Year 2023 Financial Summary
(in thousands, except percentages; unaudited)
The financial results of Elo7 have been included in our consolidated financial results until August 10, 2023 (the date of sale). The GAAP and non-GAAP financial measures and key operating metrics we use are:
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| Three Months Ended | | % Y/Y | | Year Ended | | % (Decline) Y/Y | ||||
| 2023 | | 2022 | | | 2023 | | 2022 | | ||
GMS (1) | $ 4,007,404 | | $ 4,033,782 | | (0.7) % | | $ 13,161,196 | | $ 13,318,396 | | (1.2) % |
Revenue | $ 842,322 | | $ 807,241 | | 4.3 % | | $ 2,748,377 | | $ 2,566,111 | | 7.1 % |
Marketplace revenue | $ 615,795 | | $ 600,158 | | 2.6 % | | $ 1,997,190 | | $ 1,910,887 | | 4.5 % |
Services revenue | $ 226,527 | | $ 207,083 | | 9.4 % | | $ 751,187 | | $ 655,224 | | 14.6 % |
Gross profit | $ 586,565 | | $ 581,466 | | 0.9 % | | $ 1,919,702 | | $ 1,821,519 | | 5.4 % |
Operating expenses | $ 471,107 | | $ 442,122 | | 6.6 % | | $ 1,639,861 | | $ 2,480,079 | | (33.9) % |
Net income (loss) (2) | $ 83,266 | | $ 109,548 | | (24.0) % | | $ 307,568 | | $ (694,288) | | 144.3 % |
Net income (loss) margin | 9.9 % | | 13.6 % | | (370) bps | | 11.2 % | | (27.1) % | | 3,830 bps |
Adjusted EBITDA (Non-GAAP) | $ 235,514 | | $ 227,219 | | 3.7 % | | $ 754,311 | | $ 716,882 | | 5.2 % |
Adjusted EBITDA margin (Non-GAAP) | 28.0 % | | 28.1 % | | (10) bps | | 27.4 % | | 27.9 % | | (50) bps |
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Active sellers (3) | 9,035 | | 7,470 | | 21.0 % | | 9,035 | | 7,470 | | 21.0 % |
Active buyers (3) | 96,483 | | 95,076 | | 1.5 % Werbung Mehr Nachrichten zur Etsy Inc Aktie kostenlos abonnieren
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