Etsy, Inc. Files 2023 Annual Report on Form 10-K

Ticker: ETSY · Form: 10-K · Filed: Feb 22, 2024 · CIK: 1370637

Etsy Inc 10-K Filing Summary
FieldDetail
CompanyEtsy Inc (ETSY)
Form Type10-K
Filed DateFeb 22, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $13.2 billion, $11.6 billion, $942.1 million, $599.6 million
Sentimentneutral

Sentiment: neutral

Topics: Etsy, 10-K, Annual Report, Financials, SEC Filing

TL;DR

<b>Etsy, Inc. has officially submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

ETSY INC (ETSY) filed a Annual Report (10-K) with the SEC on February 22, 2024. Etsy, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 117 Adams Street, Brooklyn, NY 11201. Etsy, Inc. is incorporated in Delaware. The filing was submitted on February 22, 2024.

Why It Matters

For investors and stakeholders tracking ETSY INC, this filing contains several important signals. This 10-K filing provides a detailed overview of Etsy's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The report contains specific financial data, including revenue, net income, and balance sheet information, allowing stakeholders to make informed investment decisions and understand the company's market position.

Risk Assessment

Risk Level: medium — ETSY INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the specific financial details and risk factors within the report will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Etsy's performance and potential challenges in 2023.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed Period of Report)
  • 2024-02-22 — Filing Date (As of Date)
  • 718-880-3660 — Business Phone (Company Phone Number)

Key Players & Entities

  • ETSY INC (company) — Filer
  • 117 ADAMS STREET (location) — Business Address
  • BROOKLYN (location) — Business Address City
  • NY (location) — Business Address State
  • 11201 (location) — Business Address ZIP
  • DE (location) — State of Incorporation

FAQ

When did ETSY INC file this 10-K?

ETSY INC filed this Annual Report (10-K) with the SEC on February 22, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by ETSY INC (ETSY).

Where can I read the original 10-K filing from ETSY INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ETSY INC.

What are the key takeaways from ETSY INC's 10-K?

ETSY INC filed this 10-K on February 22, 2024. Key takeaways: Etsy, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at 117 Adams Street, Brooklyn, NY 11201..

Is ETSY INC a risky investment based on this filing?

Based on this 10-K, ETSY INC presents a moderate-risk profile. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the specific financial details and risk factors within the report will determine the actual risk level for investors.

What should investors do after reading ETSY INC's 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand Etsy's performance and potential challenges in 2023. The overall sentiment from this filing is neutral.

How does ETSY INC compare to its industry peers?

Etsy operates as an online marketplace for handmade and vintage items, as well as craft supplies. The company competes in the e-commerce sector, facing competition from larger general marketplaces and niche platforms.

Are there regulatory concerns for ETSY INC?

As a publicly traded company, Etsy is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

Industry Context

Etsy operates as an online marketplace for handmade and vintage items, as well as craft supplies. The company competes in the e-commerce sector, facing competition from larger general marketplaces and niche platforms.

Regulatory Implications

As a publicly traded company, Etsy is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

  1. Analyze the financial statements within the 10-K for revenue trends, profitability, and balance sheet health.
  2. Examine the 'Risk Factors' section to understand potential challenges and threats to Etsy's business.
  3. Review management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K. Comparative data from the previous year (2022) will be found within the detailed financial statements and tables of this report.

Filing Stats: 4,513 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-02-21 18:18:25

Key Financial Figures

  • $0.001 — ange on which registered Common Stock, $0.001 par value per share ETSY The Nasdaq Gl
  • $13.2 billion — August 10, 2023. Our sellers generated $13.2 billion of Gross Merchandise Sales ("GMS") in 2
  • $11.6 billion — 2023. Of this, Etsy marketplace GMS was $11.6 billion or 88.0% of the total and the Reverb, D
  • $942.1 million — o7 marketplaces generated approximately $942.1 million (7.1% of the total), $599.6 million (4.
  • $599.6 million — ely $942.1 million (7.1% of the total), $599.6 million (4.6% of the total), and $42.1 million
  • $42.1 million — $599.6 million (4.6% of the total), and $42.1 million (0.3% of the total) of GMS, respectivel
  • $10 b — se categories represented approximately $10 billion, or 87% of 2023 GMS. Reverb prov

Filing Documents

- Financial Information

Part I - Financial Information 1

Business

Item 1. Business 43

Risk Factors

Item 1A. Risk Factors 70

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 71

Cybersecurity

Item 1C. Cybersecurity 72

Properties

Item 2. Properties 72

Legal Proceedings

Item 3. Legal Proceedings 72

Mine Safety Disclosures

Item 4. Mine Safety Disclosures

- Other Information

Part II - Other Information 73

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 74

[Reserved]

Item 6. [Reserved] 75

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 92

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 93

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 136

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 136

Controls and Procedures

Item 9A. Controls and Procedures 137

Other Information

Item 9B. Other Information 137

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Part III 138

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 138

Executive Compensation

Item 11. Executive Compensation 138

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 138

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 138

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services Part IV 139

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 141

Form 10-K Summary

Item 16. Form 10-K Summary 142

Signatures

Signatures Unless the context otherwise requires, we use the terms "Etsy," the "Company," "we," "us" and "our" in this Annual Report on Form 10-K ("Annual Report") to refer to Etsy, Inc. and, where appropriate, our consolidated subsidiaries. See Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating and Financial Metrics" for the definitions of the following terms used in this Annual Report: "active buyer," "active seller," "Adjusted EBITDA," "Adjusted EBITDA margin," "GMS," "GMS ex-U.S. Domestic," "mobile GMS," and "currency-neutral GMS growth." Etsy has used, and intends to continue using, its investor relations website and the Etsy News Blog (blog.etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts. Note Regarding Forward-Looking Statements This Annual Report contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to our opportunity; the impact of our "Right to Win" and other growth strategies, including marketing and product initiatives, investments, and other levers for growth, on our business and operating results, including future gross merchandise sales ("GMS") and revenue growth; our ability to attract, engage, and retain buyers and sellers; strategic investments or acquisitions, product and marketing investments, and the potential benefits thereof; our impact goals, strategy, and intended progress; the impact of global macroeconomic and geopolitical uncertainty and volatility may have on our business, strategy, operating results, key metrics, financial condition, profitability, and cash flows; and uncertainty regarding and changes in overall levels

- Financial Information

PART I - Financial Information

Business

Item 1. Business. Overview Our Mission Etsy's mission to "Keep Commerce Human" is rooted in our belief that, although automation and commoditization are parts of modern life, human creativity cannot be automated and human connection cannot be commoditized. We believe consumers are demanding more of the businesses they support and companies that build win-win solutions that are good for people, the planet, and profit will be best positioned to succeed. We are committed to growing sustainably by aligning our mission and business strategy to help create economic impact through entrepreneurship. You can read more about Etsy's Impact and environmental, social, and governance ("ESG") strategies beginning on page 19 , where we report on metrics aligned with both our self-identified Impact priorities and widely accepted third-party frameworks. About our Company Etsy operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces - which collectively create a "House of Brands" - share our mission, common levers for growth, similar business models, and a strong commitment to use business and technology to strengthen communities and empower people. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods made by independent sellers. The Etsy marketplace connects creative artisans and entrepreneurs with thoughtful consumers looking for items that are a joyful expression of their taste and values. By surfacing quality listings at a great value and providing a reliable shopping experience to buyers, we aim to create a virtuous cycle that not only benefits Etsy, but creates economic opportunities for the millions of sellers in our marketplace. Our success is aligned with our sellers; we make money when they do. In addition to bringing them an audience of tens of millions of buyers, we offer a range of features and services designed to help them generate more sal

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