🔹 EPS: $1.03 (Est. $0.93) 🟢
🔹 Revenue: $852.2M (Est. $862.82M) 🔴; UP +1.2% YoY
🔹 Consolidated GMS: $3.735B (Est. $3.878B) 🔴; DOWN -6.8% YoY
🔹 Adj. EBITDA: $250.6M (Est. $246.17M) 🟢; UP +6.4% YoY
Q1'25 Guidance:
🔹 Adj. EBITDA Margin: 25-26% (Est. 26.33%) 🟡
🔹 GMS: Expected decline similar to Q4'24 (~6-7% YoY) vs. Est. $2.902B
🔹 Take Rate: ~23%
Q4'24 Segment Performance:
🔹 Marketplace Revenue: $607.3M (Est. $626.16M) 🔴; DOWN -1.4% YoY
🔹 Services Revenue: $244.9M (Est. $236.34M) 🟢; UP +8.1% YoY
🔹 Etsy Marketplace GMS: $3.3B; DOWN -8.6% YoY
🔹 Depop GMS: Highest since 2021 acquisition; UP +31.6% YoY (full year)
Q4'24 Geographical Insights:
🔸 Weak US discretionary spending; Depop gains in US re-commerce
Other Q4'24 Key Metrics:
🔹 Active Buyers: 89.6M; DOWN -2.6% YoY
🔹 GMS per Active Buyer (TTM): $121; DOWN -3.5% YoY
🔹 Habitual Buyers: 6.4M; DOWN -9.5% YoY
🔹 Adj. EBITDA Margin: 29.4%; UP +140 bps YoY
🔹 Net Income Margin: 15.2%; UP +530 bps YoY
🔹 Free Cash Flow: 90% of Adj. EBITDA ($225M)
Announcements & Strategic Updates:
🔸 Repurchased $260M (4.9M shares) of stock in Q4
🔸 Launched Etsy Insider beta loyalty program
🔸 Introduced shop set-up fee to reduce fraudulent onboarding
🔸 Enhanced AI-driven support and delivery estimates
Management Commentary:
🔸 "Despite facing significant GMS headwinds in 2024, we delivered year-over-year revenue growth and very strong profitability," said Josh Silverman, CEO. "Foundational improvements are enhancing customer experiences, driving consideration and purchase frequency as we work to get back to GMS growth."
🔸 "Etsy expanded margins and generated over $780M in adjusted EBITDA," added Lanny Baker, CFO. "This financial strength, combined with our differentiated offerings, gives me confidence in our future as we re-accelerate GMS growth."