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Dec 31, 2022
Etsy Q4 2022 Earnings Report
Etsy's Q4 2022 performance showed resilience amidst macroeconomic headwinds, maintaining pandemic gains and delivering double-digit revenue growth with excellent profitability.
Key Takeaways
Etsy, Inc. reported a 12.6% year-over-year increase in consolidated revenue, reaching a record $807.2 million in Q4 2022. Consolidated net income was $109.5 million, with diluted earnings per share of $0.77.
Consolidated GMS was $4.0 billion, down 4.0% year-over-year.
Consolidated revenue reached a record $807.2 million, up 12.6% year-over-year.
Consolidated net income was $109.5 million, down 32.2% year-over-year.
Consolidated non-GAAP Adjusted EBITDA was a record $227.2 million, up 3.8% year-over-year.
Etsy
Etsy
Etsy Revenue by Segment
Etsy Revenue by Geographic Location
Revenue by Segment
Marketplace Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
Consolidated Revenue
CapyFin.com Forward Guidance
Etsy’s guidance for the first quarter of 2023 includes GMS of $2.95B to $3.15B and revenue of $600M to $640M, with an Adjusted EBITDA margin of 26-27%.
Positive Outlook
- Etsy’s “Right to Win” strategy remains robust and relevant.
- Deep conviction in our ability to compete by strategically differentiating our value proposition.
- Focus on sellers’ unique items.
- Best-in-class search and discovery.
- Human connections and a trusted brand.
Challenges Ahead
- Guidance assumes currency exchange rates remain unchanged at current levels.
- Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis.
- High variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures.
- Stock-based compensation expense can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.
- Foreign exchange loss (gain) can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.
Revenue & Expenses
Visualization of income flow from segment revenue to net income