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Mar 31, 2021
Etsy Q1 2021 Earnings Report
Reported a significant increase in GMS and revenue, driven by investments in product and marketing.
Key Takeaways
Etsy reported strong first-quarter results, with significant growth in GMS, revenue, and net income. The company's investments in product and marketing drove increased buyer engagement and frequency, contributing to healthy adjusted EBITDA margins.
Consolidated GMS increased by 132.3% year-over-year to $3.1 billion.
Consolidated revenue grew by 141.5% year-over-year to $550.6 million.
Net income increased by 1,048.1% year-over-year to $143.8 million, with diluted earnings per share of $1.00.
Active buyers reached 90.7 million, up 89.9% year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Etsy is not issuing guidance for the full year 2021 and will continue providing guidance on a quarterly basis until otherwise stated. For the second quarter of 2021, Etsy expects GMS year-over-year growth of 5% - 15%, revenue year-over-year growth of 15% - 25%, and an adjusted EBITDA margin of 25% - 28%.
Positive Outlook
- GMS Year-Over-Year Growth: 5% - 15%
- GMS: ~$2.8B - $3.1B
- Revenue Year-Over-Year Growth: 15% - 25%
- Revenue: ~$493M - $536M
- Adjusted EBITDA Margin: 25% - 28%
Challenges Ahead
- Uncertainty of future macroeconomic conditions as a result of the ongoing COVID-19 pandemic.
- Expects Q2 2021 GMS to decelerate along with the rest of e-commerce
- Lapping the tremendous 2020 growth rates.
- Not issuing guidance for the full year 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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