Etsy Files Q3 2024 10-Q with Financial Updates

TL;DR

Etsy's Q3 2024 10-Q is in: check financials for the latest on their marketplace performance.

AI Summary

Etsy Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the e-commerce marketplace.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Etsy, crucial for understanding the company's performance and future outlook in the e-commerce sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently introduce new risks beyond those already associated with publicly traded companies.

Key Numbers

• Q3 2024 — Reporting Period (The third quarter of 2024, for which financial data is reported.)
• 2024-09-30 — As of Date (The specific date for which the balance sheet information is provided.)

Key Players & Entities

• ETSY INC (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241031 (date) — Filing date of the report
• 117 ADAMS STREET, BROOKLYN, NY 11201 (address) — Etsy's business and mailing address

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share ETSY The Nasdaq Glo

Filing Documents

• etsy-20240930.htm (10-Q) — 1610KB
• ex101q32024.htm (EX-10.1) — 66KB
• ex311q32024.htm (EX-31.1) — 8KB
• ex312q32024.htm (EX-31.2) — 8KB
• ex321q32024.htm (EX-32.1) — 3KB
• ex322q32024.htm (EX-32.2) — 3KB
• etsy-20240930_g1.jpg (GRAPHIC) — 52KB
• etsy-20240930_g2.jpg (GRAPHIC) — 1444KB
• etsy-20240930_g3.jpg (GRAPHIC) — 17KB
• 0001370637-24-000051.txt ( ) — 10677KB
• etsy-20240930.xsd (EX-101.SCH) — 38KB
• etsy-20240930_cal.xml (EX-101.CAL) — 55KB
• etsy-20240930_def.xml (EX-101.DEF) — 185KB
• etsy-20240930_lab.xml (EX-101.LAB) — 544KB
• etsy-20240930_pre.xml (EX-101.PRE) — 388KB
• etsy-20240930_htm.xml (XML) — 922KB

- Financial Information

Part I - Financial Information 6

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 13 Notes to Condensed Consolidated Financial Statements 25

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures

- Other Information

Part II - Other Information 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 66

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 66

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 66

Other Information

Item 5. Other Information 67

Exhibits

Item 6. Exhibits 68

Signatures

Signatures Unless the context otherwise requires, we use the terms "Etsy," the "Company," "we," "us," and "our" in this Quarterly Report on Form 10-Q ("Quarterly Report") to refer to Etsy, Inc. and, where appropriate, our consolidated subsidiaries. See Part I, Item 2, "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 Quarterly Report: "active buyer," "active seller," "Adjusted EBITDA," "Adjusted EBITDA margin," "currency-neutral GMS growth," "GMS," "GMS ex-U.S. domestic," "new buyer GMS," and "U.S. domestic GMS." Etsy has used, and intends to continue using, its investor relations website and the Etsy News 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 Quarterly 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 merchandi se sales ("GMS") and revenue growth; our ability to attract, engage, and retain buyers and sellers; our ability to recruit and retain a diverse group of employees; our ability to maintain profitability; strategic investments or acquisitions, product and marketing investments, and the potential benefits thereof; our ability to maintain trustworthy marketplaces; our Impact Goals, strategy, and intended progress; the impact that global macroeconomic, domestic and geopolitical uncert

- Financial Information

Part I - Financial Information

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited). Etsy, Inc. Consolidated Balance Sheets (Unaudited) (In thousands, except per share amounts) As of September 30, 2024 As of December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 818,939 $ 914,323 Short-term investments 226,022 236,118 Accounts receivable, net of expected credit losses of $ 7,543 and $ 10,149 as of September 30, 2024 and December 31, 2023, respectively 8,644 24,734 Prepaid and other current assets 94,514 129,884 Funds receivable and seller accounts 172,562 265,387 Total current assets 1,320,681 1,570,446 Property and equipment, net of accumulated depreciation and amortization of $ 292,136 and $ 244,052 as of September 30, 2024 and December 31, 2023, respectively 242,889 249,794 Goodwill 138,622 138,377 Intangible assets, net of accumulated amortization of $ 158,367 and $ 125,932 as of September 30, 2024 and December 31, 2023, respectively 443,943 457,140 Deferred tax assets 144,408 137,776 Long-term investments 107,046 86,676 Other assets 44,617 45,191 Total assets $ 2,442,206 $ 2,685,400 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 19,589 $ 29,920 Accrued expenses 298,995 353,553 Finance lease obligations—current 6,081 6,079 Funds payable and amounts due to sellers 172,562 265,387 Deferred revenue 17,097 14,635 Other current liabilities 38,636 41,207 Total current liabilities 552,960 710,781 Finance lease obligations—net of current portion 95,044 99,620 Deferred tax liabilities 7,101 13,192 Long-term debt, net 2,287,016 2,283,817 Other liabilities 124,385 121,705 Total liabilities 3,066,506 3,229,115 Commitments and contingencies (Note 10) Stockholders' deficit: Common stock ($ 0.001 par value, 1,400,000 shares authorized as of September 30, 2024 and December 31, 2023; 112,848 and 119,069 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) 113 119 Pref

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable

View Full Filing

View this 10-Q filing on SEC EDGAR