Etsy (ETSY) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36911
Entity Registrant Name	ETSY, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4898921
Entity Address, Address Line One	117 Adams Street
Entity Address, City or Town	Brooklyn
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11201
City Area Code	718
Local Phone Number	880-3660
Title of 12(b) Security	Common Stock
Trading Symbol	ETSY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		126,090,966
Entity Central Index Key	0001370637
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,144,974	$ 443,293
Short-term investments	379,586	373,959
Accounts receivable, net of expected credit losses of $7,392 and $5,033 as of September 30, 2020 and December 31, 2019, respectively	16,311	15,386
Prepaid and other current assets	43,590	38,614
Funds receivable and seller accounts	113,370	49,786
Total current assets	1,697,831	921,038
Restricted cash	5,341	5,341
Property and equipment, net of accumulated depreciation and amortization of $152,335 and $120,084 as of September 30, 2020 and December 31, 2019, respectively	118,141	144,864
Goodwill	139,740	138,731
Intangible assets, net of accumulated amortization of $21,437 and $16,911 as of September 30, 2020 and December 31, 2019, respectively	189,120	199,236
Deferred tax assets	1,819	14,257
Long-term investments	36,679	89,343
Other assets	25,834	29,542
Total assets	2,214,505	1,542,352
Current liabilities:
Accounts payable	22,130	26,324
Accrued expenses	174,206	88,345
Finance lease obligations—current	8,345	8,275
Funds payable and amounts due to sellers	113,370	49,786
Deferred revenue	10,508	7,617
Other current liabilities	12,383	8,181
Total current liabilities	340,942	188,528
Finance lease obligations—net of current portion	47,147	53,611
Deferred tax liabilities	63,448	64,497
Long-term debt, net	1,054,604	785,126
Other liabilities	41,697	43,956
Total liabilities	1,547,838	1,135,718
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock ($0.001 par value, 1,400,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 125,660,433 and 118,342,772 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively)	126	119
Preferred stock ($0.001 par value, 25,000,000 shares authorized as of September 30, 2020 and December 31, 2019)	0	0
Additional paid-in capital	886,295	642,628
Accumulated deficit	(217,866)	(227,414)
Accumulated other comprehensive loss	(1,888)	(8,699)
Total stockholders’ equity	666,667	406,634
Total liabilities and stockholders’ equity	$ 2,214,505	$ 1,542,352

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 7,392	$ 5,033
Property and equipment, accumulated depreciation and amortization	152,335	120,084
Accumulated amortization	$ 21,437	$ 16,911
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,400,000,000	1,400,000,000
Common stock, shares issued (in shares)	125,660,433	125,660,433
Common stock, shares outstanding (in shares)	118,342,772	118,342,772
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 451,478	$ 197,947	$ 1,108,270	$ 548,381
Cost of revenue	120,168	68,949	313,965	180,212
Gross profit	331,310	128,998	794,305	368,169
Operating expenses:
Marketing	126,779	50,098	289,991	131,536
Product development	45,908	32,465	128,923	86,177
General and administrative	40,454	32,203	112,717	86,733
Total operating expenses	213,141	114,766	531,631	304,446
Income from operations	118,169	14,232	262,674	63,723
Other (expense) income:
Loss on extinguishment of debt	(16,855)	0	(16,855)	0
Interest expense	(10,615)	(5,077)	(30,608)	(14,408)
Interest and other income	1,158	2,883	6,503	9,659
Foreign exchange loss	(1,464)	(1,949)	(9,312)	(1,079)
Total other expense	(27,776)	(4,143)	(50,272)	(5,828)
Income before income taxes	90,393	10,089	212,402	57,895
Benefit (provision) for income taxes	1,368	4,712	(11,694)	6,708
Net income	$ 91,761	$ 14,801	$ 200,708	$ 64,603
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.75	$ 0.12	$ 1.68	$ 0.54
Diluted (in dollars per share)	$ 0.70	$ 0.12	$ 1.59	$ 0.51
Weighted-average common shares outstanding:
Basic (in shares)	121,978,272	120,351,095	119,666,841	120,090,291
Diluted (in shares)	137,560,385	126,243,168	134,376,695	126,471,364

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 91,761	$ 14,801	$ 200,708	$ 64,603
Other comprehensive income (loss):
Cumulative translation adjustment	6,441	(3,948)	6,308	(4,027)
Unrealized (losses) gains on marketable securities, net of tax (benefit) expense of $(189), $97, $158, and $97, respectively	(630)	(160)	503	317
Total other comprehensive income (loss)	5,811	(4,108)	6,811	(3,710)
Comprehensive income	$ 97,572	$ 10,693	$ 207,519	$ 60,893

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Unrealized (losses) gains on marketable securities, tax expense (benefit)	$ (189)	$ 97	$ 158	$ 97

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2018			119,771,702
Beginning balance at Dec. 31, 2018	$ 400,898	$ 7,116	$ 120	$ 562,033	$ (153,442)	$ 7,116	$ (7,813)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	32,219			32,219
Exercise of vested options (in shares)			774,280
Exercise of vested options	8,934		$ 1	8,933
Issuance of convertible senior notes, net of issuance costs and taxes	115,891			115,891
Purchase of capped calls, net of taxes	(58,294)			(58,294)
Vesting of restricted stock units, net of shares withheld (in shares)			581,004
Vesting of restricted stock units, net of shares withheld	(23,605)		$ 1	(23,606)
Stock repurchase (in shares)			(2,677,329)
Stock repurchase	(154,790)		$ (3)		(154,787)
Other comprehensive income (loss)	(3,710)						(3,710)
Net income	64,603				64,603
Ending balance (in shares) at Sep. 30, 2019			118,449,657
Ending balance at Sep. 30, 2019	$ 389,262		$ 119	637,176	(236,510)		(11,523)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance (in shares) at Dec. 31, 2018			119,771,702
Beginning balance at Dec. 31, 2018	$ 400,898	$ 7,116	$ 120	562,033	(153,442)	$ 7,116	(7,813)
Ending balance (in shares) at Dec. 31, 2019	118,342,772		118,342,772
Ending balance at Dec. 31, 2019	$ 406,634		$ 119	642,628	(227,414)		(8,699)
Beginning balance (in shares) at Jun. 30, 2019			120,335,524
Beginning balance at Jun. 30, 2019	442,301		$ 120	573,611	(124,015)		(7,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	12,323			12,323
Exercise of vested options (in shares)			85,390
Exercise of vested options	1,094			1,094
Issuance of convertible senior notes, net of issuance costs and taxes	115,891			115,891
Purchase of capped calls, net of taxes	(58,294)			(58,294)
Vesting of restricted stock units, net of shares withheld (in shares)			173,660
Vesting of restricted stock units, net of shares withheld	(7,448)		$ 1	(7,449)
Stock repurchase (in shares)			(2,144,917)
Stock repurchase	(127,298)		$ (2)		(127,296)
Other comprehensive income (loss)	(4,108)						(4,108)
Net income	14,801				14,801
Ending balance (in shares) at Sep. 30, 2019			118,449,657
Ending balance at Sep. 30, 2019	$ 389,262		$ 119	637,176	(236,510)		(11,523)
Beginning balance (in shares) at Dec. 31, 2019	118,342,772		118,342,772
Beginning balance at Dec. 31, 2019	$ 406,634		$ 119	642,628	(227,414)		(8,699)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 48,408			48,408
Exercise of vested options (in shares)	1,357,792		1,357,792
Exercise of vested options	$ 18,486		$ 1	18,485
Issuance of convertible senior notes, net of issuance costs and taxes	102,131			102,131
Purchase of capped calls, net of taxes	(56,848)			(56,848)
Settlement of convertible senior notes, net of taxes (in shares)			7,271,632
Settlement of convertible senior notes, net of taxes	151,310		$ 7	151,303
Vesting of restricted stock units, net of shares withheld (in shares)			507,933
Vesting of restricted stock units, net of shares withheld	(19,811)		$ 1	(19,812)
Stock repurchase (in shares)			(1,819,696)
Stock repurchase	(191,162)		$ (2)		(191,160)
Other comprehensive income (loss)	6,811						6,811
Net income	$ 200,708				200,708
Ending balance (in shares) at Sep. 30, 2020	118,342,772		125,660,433
Ending balance at Sep. 30, 2020	$ 666,667		$ 126	886,295	(217,866)		(1,888)
Beginning balance (in shares) at Jun. 30, 2020			119,140,637
Beginning balance at Jun. 30, 2020	524,175		$ 119	675,213	(143,458)		(7,699)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	17,448			17,448
Exercise of vested options (in shares)			399,793
Exercise of vested options	6,309			6,309
Issuance of convertible senior notes, net of issuance costs and taxes	102,131			102,131
Purchase of capped calls, net of taxes	(56,848)			(56,848)
Settlement of convertible senior notes, net of taxes (in shares)			7,271,632
Settlement of convertible senior notes, net of taxes	151,310		$ 7	151,303
Vesting of restricted stock units, net of shares withheld (in shares)			124,961
Vesting of restricted stock units, net of shares withheld	$ (9,260)		$ 1	(9,261)
Stock repurchase (in shares)	0		(1,276,590)
Stock repurchase	$ (166,170)		$ (1)		(166,169)
Other comprehensive income (loss)	5,811						5,811
Net income	$ 91,761				91,761
Ending balance (in shares) at Sep. 30, 2020	118,342,772		125,660,433
Ending balance at Sep. 30, 2020	$ 666,667		$ 126	$ 886,295	$ (217,866)		$ (1,888)

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 200,708	$ 64,603
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	47,664	31,056
Depreciation and amortization expense	45,088	32,760
Provision for expected credit losses	9,572	7,464
Foreign exchange loss	8,559	25
Non-cash interest expense	26,326	10,500
Deferred income taxes	5,755	(6,708)
Loss on extinguishment of debt	16,855	0
Other non-cash expense (income), net	3,231	(664)
Changes in operating assets and liabilities:
Current assets	(75,526)	(23,131)
Non-current assets	3,395	2,839
Current liabilities	146,634	13,748
Non-current liabilities	(2,972)	(4,153)
Net cash provided by operating activities	435,289	128,339
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	(271,353)
Cash paid for asset acquisition and intangible assets	0	(1,898)
Purchases of property and equipment	(388)	(5,889)
Development of internal-use software	(3,685)	(6,242)
Purchases of marketable securities	(300,880)	(318,221)
Sales of marketable securities	346,596	395,348
Net cash provided by (used in) investing activities	41,643	(208,255)
Cash flows from financing activities
Payment of tax obligations on vested equity awards	(19,811)	(23,605)
Repurchase of stock	(191,162)	(154,790)
Proceeds from exercise of stock options	18,486	8,934
Proceeds from issuance of convertible senior notes	650,000	650,000
Payment of debt issuance costs	(9,764)	(11,142)
Purchase of capped calls	(74,685)	(76,180)
Settlement of convertible senior notes	(137,166)	0
Payments on finance lease obligations	(7,056)	(8,177)
Other financing, net	(8,268)	3,148
Net cash provided by financing activities	220,574	388,188
Effect of exchange rate changes on cash	4,175	(3,488)
Net increase in cash, cash equivalents, and restricted cash	701,681	304,784
Cash, cash equivalents, and restricted cash at beginning of period	448,634	372,326
Cash, cash equivalents, and restricted cash at end of period	1,150,315	677,110
Supplemental non-cash disclosures:
Stock-based compensation capitalized in development of capitalized software	744	1,163
Additions to development of internal-use software and property and equipment included in accounts payable and accrued expenses	2,008	1,444
Debt issuance costs included in accounts payable and accrued expenses	795	900
Right-of-use assets obtained in exchange for new lease liabilities:
Finance leases	641	657
Reconciliation of cash, cash equivalents, and restricted cash
Total cash, cash equivalents, and restricted cash	$ 1,150,315	$ 677,110

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - Convertible Senior Notes Due 2023 - Convertible Debt - shares shares in Millions	3 Months Ended
	Sep. 30, 2020	Mar. 31, 2018
Debt instrument conversion amount, shares (in shares)	7.3
Debt instrument, interest rate, stated percentage		0.00%

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1—Basis of Presentation and Summary of Significant Accounting Policies Description of Business Etsy, Inc. (the “Company” or “Etsy”) operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers. Our primary marketplace, Etsy.com, is the global marketplace for unique and creative goods. The Company generates revenue primarily from transaction, listing, and payments processing fees, and on-site advertising and shipping label services. Basis of Consolidation The consolidated financial statements include the accounts of Etsy and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). We have condensed or omitted certain information and notes normally included in complete annual financial statements prepared in accordance with GAAP. These unaudited interim consolidated financial statements should therefore be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2020 (the “Annual Report”). In the opinion of management, all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for the periods presented have been reflected in the consolidated financial statements. The results of operations of any interim period are not necessarily indicative of the results of operations for the full annual period or any future period due to seasonal and other factors. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying Notes. Actual results could differ from these estimates and assumptions. The accounting estimates that require management’s most subjective judgments include: leases, including determining the incremental borrowing rate; income taxes, including the estimate of annual effective tax rate at interim periods and evaluation of uncertain tax positions; purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business combination, and valuation of goodwill and intangible assets; stock-based compensation; fair value of financial instruments including the fair value of convertible senior notes; and provision for expected credit losses. As of September 30, 2020, the effects of the ongoing COVID-19 pandemic on our business, results of operations, and financial condition continue to evolve. A s a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, our estimates may change materially in future periods. Reclassifications Certain items in the prior year’s consolidated financial statements have been reclassified to conform to the current year presentation reflected in the consolidated financial statements. Specifically, the Company reclassified $10.5 million previously included in other non-cash expense (income), net to non-cash interest expense on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 to conform to the current year presentation. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06— Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting For Convertible Instruments and Contracts in an Entity's Own Equity . The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features through equity. Without an initial allocation of proceeds to the conversion option, the debt will likely have a lower discount, thereby resulting in less non-cash interest expense through accretion. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This update permits the use of either the modified retrospective or fully retrospective method of transition. The Company is currently evaluating the impact that this new guidance will have on its consolidated financial statements. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 —Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes , which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The Company adopted this standard in the first quarter of 2020, effective as of January 1, 2020, on a prospective basis. The effect of this standard was not material to the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15 —Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this standard January 1, 2020 on a prospective basis. The effect of this standard was not material to the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13— Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments , and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter, which require a reporting entity to estimate credit losses on certain types of financial instruments, including accounts receivable and funds receivable and seller accounts, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The Company adopted this standard January 1, 2020 using a modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements on the date of its adoption. For the nine months ended September 30, 2020 , our assessment of the provision for expected credit losses considered market disruptions caused by COVID-19 and estimates of expected and emerging credit and collectibility trends. T he continued volatility in market conditions and evolving shifts in credit trends are difficult to predict causing variability and volatility that may have a significant impact on our provision for credit losses in future periods. Accounts Receivable : This standard requires the Company to consider forward-looking information to estimate expected credit losses in addition to its previous policy of determining the allowance by a number of factors, including age of the receivable, current economic conditions, historical losses, and management’s assessment of the financial condition of sellers on its platform. The following table provides a rollforward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (in thousands): September 30, Balance as of December 31, 2019 $ 5,033 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings — Provision for expected credit losses 9,572 Amounts written off, net of recoveries (7,213) Balance as of September 30, 2020 $ 7,392 Available-For-Sale Debt Securities : The Company’s investment portfolio at any point in time contains investments in U.S. Government and agency securities, corporate bonds, commercial paper, certificates of deposit, cash deposits, and money market funds. The Company’s investment policy is to invest in high quality, investment grade securities from diverse issuers with credit ratings higher than BBB. In accordance with its investment policy, the Company’s investments have maturities no longer than 37 months, with the average maturity of these investments maintained at 12 months or less. The Company segments its portfolio based on the underlying risk profiles of the securities and has a zero loss expectation for U.S. treasury and U.S. Government and agency securities. The potential of credit losses for the remainder of the portfolio of available-for-sale debt securities is mitigated by the high quality nature of the investments. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors including their credit rating, and current economic conditions. As of September 30, 2020, the Company did not recognize any year-to-date credit loss related to available-for-sale debt securities. The Company evaluates fair values for each individual security in the investment portfolio. See “Note 7—Marketable Securities” for additional information on the Company’s marketable securities.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Note 2—Revenue The following table summarizes revenue disaggregated by Marketplace revenue and optional Services revenue for the periods presented (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Marketplace revenue $ 341,623 $ 141,628 $ 829,575 $ 403,995 Services revenue 109,855 56,319 278,695 144,386 Revenue $ 451,478 $ 197,947 $ 1,108,270 $ 548,381 On May 4, 2020, Etsy started charging sellers on its marketplace platform for Offsite Ads, whereby sellers pay Etsy an advertising fee of 12% or 15% of the value of a sale based on the seller’s volume of sales, if such sale is generated from an advertisement placed by the Company on third-party internet platforms. The Company recognizes the revenue related to Offsite Ads on a gross basis in Marketplace revenue. The Company recognizes the cost of promoting the seller’s listing on multiple third-party internet platforms as marketing expense. Our dedicated on-site advertising service for sellers to promote their listings to shoppers on Etsy.com has been renamed Etsy Ads (formerly Promoted Listings). Revenue from Etsy Ads consists of cost-per-click fees an Etsy seller pays for prominent placement of her listings in search results in the Etsy.com marketplace. Etsy Ads fees are based on an auction system, which utilizes the budget that each Etsy seller sets when using Etsy Ads to determine the cost-per-click fee. Etsy Ads fees are nonrefundable and are charged to a seller’s Etsy bill when the Etsy Ad is clicked, at which time the Company recognizes revenue as part of Services revenue. Contract balances Deferred revenues The amount of revenue recognized in the nine months ended September 30, 2020 that was included in the deferred balance at January 1, 2020 was $7.6 million.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 3—Income Taxes The Company’s provision or benefit from income taxes in interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The estimate of the annual effective income tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The Company’s quarterly tax provision, and its quarterly estimate of the annual effective tax rate, is subject to significant variation due to several factors, including variability in accurately predicting its income or loss before tax and the mix of jurisdictions to which they relate, taxable income or loss in each jurisdiction, changes in its stock price, audit-related developments, acquisitions, changes in its deferred tax assets and liabilities and their valuation, foreign currency gains (losses), changes in statutes, regulations, case law, and administrative practices, principles, and interpretations related to tax, including changes to the global tax framework, competition, and other laws and accounting rules in various jurisdictions, and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, the effective tax rate can be more or less volatile based on the amount of income or loss before tax. For example, the impact of discrete items and non-deductible expenses on the effective tax rate is greater when income before income taxes is lower. For the nine months ended September 30, 2020, the Company’s effective income tax rate was 5.5% representing an income tax provision recorded on net income before tax. The effective tax rate for the nine months ended September 30, 2020 was lower than the U.S. statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation, a benefit related to research and development tax credit, and the impact from foreign operations that are subject to lower tax rates, partially offset by additional U.S. taxes on foreign earnings. Although management believes its tax positions and related provisions reflected in the consolidated financial statements are fully supportable, it recognizes that these tax positions and related provisions may be challenged by various tax authorities. These tax positions and related provisions are reviewed on an ongoing basis and are adjusted as additional facts and information become available, including progress on tax audits, changes in interpretation of tax laws, developments in case law and closing of statute of limitations. To the extent that the ultimate results differ from the original or adjusted estimates of the Company, the effect will be recorded in the provision for income taxes. The provision for income taxes involves a significant amount of management judgment regarding interpretation of relevant facts and laws in the jurisdictions in which the Company operates. Future changes in applicable laws, projected levels of taxable income and tax planning could change the effective tax rate and tax balances recorded by the Company. In addition, tax authorities periodically review income tax returns filed by the Company and can raise issues regarding its filing positions, timing and amount of income and deductions, and the allocation of income among the jurisdictions in which the Company operates. A significant period of time may elapse between the filing of an income tax return and the ultimate resolution of an issue raised by a revenue authority with respect to that return. Any adjustments as a result of any examination, may result in additional taxes or penalties against the Company. If the ultimate result of these audits differ from original or adjusted estimates, they could have a material impact on the Company’s tax provision. The amount of unrecognized tax benefits included in the Consolidated Balance Sheets increased $2.2 million in the nine months ended September 30, 2020, from $19.9 million as of December 31, 2019 to $22.1 million as of September 30, 2020. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate is $21.3 million as of September 30, 2020. Although the timing of the resolution and/or closure of audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 months. Given the number of years remaining subject to examination and the number of matters being examined, at this time, the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. The amount of interest and penalties accrued in tax (benefit)/expense for the nine months ended September 30, 2020 was nil, and the total amount accrued as of September 30, 2020 remained flat at $0.2 million from December 31, 2019.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Note 4—Net Income Per Share For the 0.125% Convertible Senior Notes due 2027 (the “2020 Notes”), the Company used the treasury stock method for the three and nine months ended September 30, 2020 when calculating earnings per share, since the Company expects to settle the outstanding principal in cash. For the 0.125% Convertible Senior Notes due 2026 (the “2019 Notes”), the Company used the if-converted method for the three and nine months ended September 30, 2020 and used the treasury stock method for the three and nine months ended September 30, 2019 when calculating earnings per share. For the 0% Convertible Senior Notes due 2023 (the “2018 Notes”), the Company used the if-converted method for the three and nine months ended September 30, 2020 and 2019 when calculating earnings per share. The 2020 Notes were anti-dilutive for the three and nine months ended September 30, 2020. The 2019 Notes were dilutive for the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2020, the dilutive effect of the 2018 Notes was determined using the remaining principal of $43.9 million, while the $301.1 million principal associated with the partial repurchase in the third quarter of 2020 was anti-dilutive. See “Note 9—Debt” for more information. The following table presents the calculation of basic and diluted net income per share for the periods presented (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income attributable to common stockholders—basic $ 91,761 $ 14,801 $ 200,708 $ 64,603 Add back interest expense, net of tax attributable to assumed conversion of convertible debt 4,494 — 13,348 — Net income attributable to common stockholders—diluted $ 96,255 $ 14,801 $ 214,056 $ 64,603 Denominator: Weighted-average common shares outstanding—basic 121,978,272 120,351,095 119,666,841 120,090,291 Dilutive effect of assumed conversion of convertible debt 8,623,473 — 8,623,473 — Dilutive effect of assumed conversion of options to purchase common stock 4,533,426 4,443,408 4,380,663 4,652,088 Dilutive effect of assumed conversion of restricted stock units 2,425,214 1,429,305 1,705,718 1,711,362 Dilutive effect of assumed conversion of restricted stock from acquisition — 19,360 — 17,623 Weighted-average common shares outstanding—diluted 137,560,385 126,243,168 134,376,695 126,471,364 Net income per share attributable to common stockholders—basic $ 0.75 $ 0.12 $ 1.68 $ 0.54 Net income per share attributable to common stockholders—diluted $ 0.70 $ 0.12 $ 1.59 $ 0.51 The following potential common shares were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Stock options 5,769 392,435 341,109 276,803 Restricted stock units 36,260 836,684 66,231 581,439 Convertible senior notes 8,213,081 3,647,693 10,430,621 3,877,636 Total anti-dilutive securities 8,255,110 4,876,812 10,837,961 4,735,878

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Business Combinations	Note 5—Business Combinations On August 15, 2019, the Company acquired all of the outstanding capital stock of Reverb, a leading online marketplace dedicated to buying and selling new, used, and vintage musical instruments. The acquisition enabled the Company to expand into a new vertical with a company that has a similar strategy and business model. The total cash consideration paid was $270.4 million, net of cash acquired. The acquisition was accounted for under the acquisition method of accounting. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of the acquisition. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill, which consists largely of synergies and acquisition of workforce. The resulting goodwill is not expected to be deductible for tax purposes. The Company finalized the valuation of assets acquired and liabilities assumed for the acquisition of Reverb as of December 31, 2019. Purchase Price Allocation The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of Reverb as of August 15, 2019 (the date of acquisition) (in thousands): Final Fair Value as Adjusted Short-term investments $ 1,028 Other current assets (1) 2,902 Funds receivable and seller accounts 5,578 Property and equipment other 1,543 Developed technology 30,300 Trademark 79,400 Customer relationships 93,500 Goodwill 101,703 Other assets (1) 6,743 Other net working capital (208) Funds payable and amounts due to sellers (5,578) Other current liabilities (1) (3,684) Other liabilities (1) (7,333) Deferred tax liability, net (1) (35,485) Total purchase price $ 270,409 (1) Other current liabilities and other liabilities are primarily related to non-income tax related contingency reserves, which are wholly offset by an indemnification asset of $5.5 million and a deferred tax asset. Acquisition-related expenses are expensed as incurred and are recorded in general and administrative expenses. They were $0.4 million and $1.7 million for the three and nine months ended September 30, 2020, respectively. They primarily related to non-recurring employee-related costs associated with the acquisition. Acquisition-related expenses were $1.7 million and $2.9 million for the three and nine months ended September 30, 2019, respectively. They primarily related to advisory, legal, valuation, and other professional fees. Unaudited Supplemental Pro Forma Information The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2018 (in thousands): Three Months Ended Nine Months Ended Revenue $ 203,632 $ 577,156 Net income 14,341 57,306

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6—Fair Value Measurements The Company has characterized its investments in marketable securities, based on the priority of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), and lowest priority to unobservable inputs (Level 3). If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the investment. Investments recorded in the accompanying Consolidated Balance Sheets are categorized based on the inputs to valuation techniques as follows: Level 1—These are investments where values are based on unadjusted quoted prices for identical assets in an active market that the Company has the ability to access. Level 2—These are investments where values are based on quoted market prices in markets that are not active or model derived valuations in which all significant inputs are observable in active markets. Level 3—These are financial instruments where values are derived from techniques in which one or more significant inputs are unobservable. The following are the major categories of assets measured at fair value on a recurring basis as of the dates indicated (in thousands): As of September 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 861,529 $ — $ — $ 861,529 861,529 — — 861,529 Short-term investments: Certificate of deposit — 14,998 — 14,998 Commercial paper — 8,697 — 8,697 Corporate bonds — 60,159 — 60,159 U.S. Government and agency securities 295,732 — — 295,732 295,732 83,854 — 379,586 Funds receivable and seller accounts: Money market funds 43,255 — — 43,255 43,255 — — 43,255 Long-term investments: Certificate of deposit — 2,040 — 2,040 Corporate bonds — 8,034 — 8,034 U.S. Government and agency securities 26,605 — — 26,605 26,605 10,074 — 36,679 $ 1,227,121 $ 93,928 $ — $ 1,321,049 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Certificate of deposit $ — $ 2,959 $ — $ 2,959 Commercial paper — 5,794 — 5,794 Money market funds 228,859 — — 228,859 228,859 8,753 — 237,612 Short-term investments: Certificate of deposit — 26,132 — 26,132 Commercial paper — 29,320 — 29,320 Corporate bonds — 114,202 — 114,202 U.S. Government and agency securities 204,305 — — 204,305 204,305 169,654 — 373,959 Funds receivable and seller accounts: Money market funds 18,168 — — 18,168 18,168 — — 18,168 Long-term investments: Certificate of deposit — 4,729 — 4,729 Corporate bonds — 38,563 — 38,563 U.S. Government and agency securities 46,051 — — 46,051 46,051 43,292 — 89,343 $ 497,383 $ 221,699 $ — $ 719,082 Level 1 instruments include investments in debt securities, including money market funds and U.S. Government and agency securities, which are valued based on inputs including quotes from broker-dealers or recently executed transactions in the same or similar securities. Level 2 instruments include investments in debt securities, including fixed-income funds consisting of investments in certificates of deposit, commercial paper, and corporate bonds, which are valued based on quoted market prices in markets that are not active or model derived valuations in which all significant inputs are observable in active markets. The Company did not have any Level 3 instruments as of September 30, 2020 and December 31, 2019. The Company evaluates fair value for each individual security in the investment portfolio. See “Note 7—Marketable Securities” for additional information on the Company’s marketable securities measured at fair value. Disclosure of Fair Values The Company’s financial instruments that are not measured at fair value in the Consolidated Balance Sheets include the 2020 Notes, 2019 Notes, and 2018 Notes (collectively, “the Notes”), see “Note 9—Debt.” The Company estimates the fair value of the liability component of the Notes through inputs that are observable in the market or that could be derived from observable market data, corroborated with quoted market prices of similar instruments, classified as Level 2 as described above. The following table presents the estimated fair value and the carrying value of the liability component of the Notes as of the dates indicated (in thousands): As of September 30, 2020 As of December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value 2020 Notes $ 507,148 $ 513,956 $ — $ — 2019 Notes 508,802 538,326 493,409 522,243 2018 Notes (1) 38,654 41,100 291,717 310,322 $ 1,054,604 $ 1,093,382 $ 785,126 $ 832,565 (1) The decrease in fair value of the 2018 Notes is substantially due to the partial repurchase of the 2018 Notes in August 2020 (see “Note 9—Debt”).

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 7—Marketable Securities Short- and long-term investments and certain cash equivalents consist of investments in debt securities that are available-for-sale. The cost and fair value of available-for-sale securities were as follows as of the dates indicated (in thousands): Cost Gross Gross Fair Value September 30, 2020 Short-term investments: Certificate of deposit $ 14,983 $ — $ 15 $ 14,998 Commercial paper 8,674 — 23 8,697 Corporate bonds 59,918 (2) 243 60,159 U.S. Government and agency securities 295,373 — 359 295,732 378,948 (2) 640 379,586 Long-term investments: Certificate of deposit 2,040 — — 2,040 Corporate bonds 8,000 — 34 8,034 U.S. Government and agency securities 26,402 — 203 26,605 36,442 — 237 36,679 $ 415,390 $ (2) $ 877 $ 416,265 December 31, 2019 Cash equivalents: Certificate of deposit $ 2,958 $ — $ 1 $ 2,959 Commercial paper 5,794 — — 5,794 8,752 — 1 8,753 Short-term investments: Certificates of deposit 26,129 (3) 6 26,132 Commercial paper 29,319 (1) 2 29,320 Corporate bonds 114,068 (22) 156 114,202 U.S. Government and agency securities 204,246 (8) 67 204,305 373,762 (34) 231 373,959 Long-term investments: Certificate of deposit 4,727 — 2 4,729 Corporate bonds 38,582 (35) 16 38,563 U.S. Government and agency securities 46,017 (2) 36 46,051 89,326 (37) 54 89,343 $ 471,840 $ (71) $ 286 $ 472,055 All investments in an unrealized loss position have been in an unrealized loss position for less than 12 months as of September 30, 2020. See “Note 6—Fair Value Measurements” for additional information on the Company’s marketable securities measured at fair value.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Note 8—Accrued Expenses Accrued expenses consisted of the following as of the dates indicated (in thousands): As of September 30, As of December 31, Taxes payable $ 72,798 $ 39,250 Vendor accruals 69,187 25,760 Employee compensation-related liabilities 32,221 23,335 Total accrued expenses $ 174,206 $ 88,345

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 9—Debt 2020 Convertible Debt In August 2020, the Company issued $650.0 million aggregate principal amount of the 2020 Notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the sale of the 2020 Notes were approximately $639.5 million after deducting the offering expenses and before the purchase of the 2020 Capped Call Transactions and the partial repurchase of the 2018 Notes, each as described below. The 2020 Notes are convertible into shares of the Company’s common stock based upon an initial conversion rate of 5.0007 shares of the Company’s common stock per $1,000 principal amount of 2020 Notes (equivalent to an initial conversion price of approximately $199.97 per share). The conversion rate will be subject to adjustment upon the occurrence of certain specified events, including certain distributions and dividends to all or substantially all of the holders of the Company’s common stock. Based on the terms of the 2020 Notes, when a conversion notice is received, the Company has the option to pay or deliver cash, shares of the Company’s common stock, or a combination thereof. Accordingly, the Company cannot be required to settle the 2020 Notes in cash and, therefore, the 2020 Notes are classified as long-term debt as of September 30, 2020. The 2020 Notes will mature on September 1, 2027, unless earlier converted or repurchased. Prior to the close of business on the business day immediately preceding May 1, 2027, holders may convert all or a portion of their 2020 Notes only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the 5 business day period after any 10 consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2020 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; and (3) upon the occurrence of specified corporate events. On and after May 1, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2020 Notes at any time, regardless of the foregoing circumstances. If a fundamental change occurs prior to the maturity date, holders may require the Company to repurchase all or a portion of their 2020 Notes for cash at a price equal to 100% of the principal amount of the 2020 Notes to be repurchased. Holders of 2020 Notes who convert their 2020 Notes in connection with a notice of a redemption or a make-whole fundamental change may be entitled to a premium in the form of an increase in the conversion rate of the 2020 Notes. As of September 30, 2020, none of the conditions permitting the holders of the 2020 Notes to early convert have been met. The 2020 Notes are general unsecured obligations of the Company. The 2020 Notes rank senior in right of payment to all of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2020 Notes; rank equal in right of payment with all of the Company’s liabilities that are not so subordinated, including the Company’s 2018 Notes and 2019 Notes; are effectively junior to any of the Company’s secured indebtedness; and are structurally junior to all indebtedness and liabilities (including trade payables) of the Company’s subsidiaries. In accounting for the issuance of the 2020 Notes, the Company separated the 2020 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. To measure the fair value of a similar liability that does not have an associated convertible feature, the Company discounted the contractual cash flows of the 2020 Notes at an estimated interest rate for a comparable liability. The carrying amount of the equity component, representing the conversion option, which does not meet the criteria for separate accounting as a derivative as it is indexed to the Company’s own stock, was determined by deducting the fair value of the liability component from the par value of the 2020 Notes. The difference between the principal amount of the 2020 Notes and the liability component represents the debt discount, which is recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and accreted over the period from the date of issuance to the contractual maturity date, resulting in the recognition of non-cash interest expense. The equity component of the 2020 Notes of $136.4 million is included in additional paid-in capital in the Consolidated Balance Sheet and is not remeasured as long as it continues to meet the conditions for equity classification. Transaction costs were allocated to the liability and equity components in the same proportion as the allocation of the proceeds. Transaction costs attributable to the liability component were recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and are amortized to interest expense using the effective interest method over the term of the 2020 Notes, and transaction costs attributable to the equity component were netted with the equity component in stockholders’ equity. 2020 Capped Call Transactions The Company used $74.7 million of the net proceeds from the 2020 Notes to enter into privately negotiated capped call instruments (“2020 Capped Call Transactions”) with certain financial institutions. The 2020 Capped Call Transactions are expected generally to reduce the potential dilution and/or offset the cash payments the Company is required to make in excess of the principal amount of the 2020 Notes upon conversion of the 2020 Notes in the event that the market price per share of the Company’s common stock is greater than the strike price of the 2020 Capped Call Transactions with such reduction and/or offset subject to a cap. The 2020 Capped Call Transactions have an initial cap price of $327.83 per share of the Company’s common stock, which represents a premium of 150% over the last reported sale price of the Company’s common stock on August 19, 2020, and is subject to certain adjustments under the terms of the 2020 Capped Call Transactions. Collectively, the 2020 Capped Call Transactions cover, initially, the number of shares of the Company’s common stock underlying the 2020 Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 2020 Notes. The 2020 Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the Company’s stock. The premiums paid for the 2020 Capped Call Transactions have been included as a net reduction to additional paid-in capital within stockholders’ equity. 2019 Convertible Debt In September 2019, the Company issued $650.0 million aggregate principal amount of the 2019 Notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the sale of the 2019 Notes were $639.5 million after deducting the initial purchasers’ discount and offering expenses. The equity component of the 2019 Notes is approximately $154.0 million and is included in additional paid-in capital in the Consolidated Balance Sheets. The Company used $76.2 million of the net proceeds from the 2019 Notes offering to enter into separate capped call instruments (“2019 Capped Call Transactions”) with the initial purchasers and/or their respective affiliates. During any calendar quarter preceding June 1, 2026 in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the 2019 Notes on at least 20 of the last 30 consecutive trading days of the quarter, holders may, in the immediate quarter following, convert all or a portion of their 2019 Notes. Based on the daily closing prices of the Company’s stock during the quarter ended September 30, 2020, holders of the 2019 Notes are not eligible to convert their 2019 Notes during the fourth quarter of 2020. Based on the terms of the 2019 Notes, when a conversion notice is received, the Company has the option to pay or deliver cash, shares of the Company’s common stock, or a combination thereof. Accordingly, the Company cannot be required to settle the 2019 Notes in cash and, therefore, the 2019 Notes are classified as long-term debt as of September 30, 2020. The 2019 Notes are general unsecured obligations of the Company. The 2019 Notes rank senior in right of payment to all of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2019 Notes; rank equal in right of payment with all of the Company’s liabilities that are not so subordinated, including our 2018 Notes and 2020 Notes; are effectively junior to any of the Company’s secured indebtedness; and are structurally junior to all indebtedness and liabilities (including trade payables) of the Company’s subsidiaries. 2018 Convertible Debt In March 2018, the Company issued $345.0 million aggregate principal amount of the 2018 Notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the sale of the 2018 Notes were $335.0 million after deducting the initial purchasers’ discount and offering expenses. The equity component of the 2018 Notes issuance was approximately $72.8 million and is included in additional paid-in capital in the Consolidated Balance Sheets. The Company used $34.2 million of the net proceeds from the 2018 Notes offering to enter into separate capped call instruments (“2018 Capped Call Transactions”) with the initial purchasers and/or their respective affiliates. During the third quarter of 2020, the Company paid $137.2 million in cash and issued approximately 7.3 million shares of Etsy’s common stock to repurchase $301.1 million aggregate principal amount of its outstanding 2018 Notes through privately negotiated transactions. Concurrently, the Company repurchased 1.3 million shares of Etsy’s common stock for $166.2 million, in order to effectively complete the partial repurchase of 2018 Notes principal value in cash, and the conversion premium in shares. The equity component associated with the conversion premium on the 2018 Notes was a net increase to additional paid-in capital of $143.2 million and is included in the Consolidated Balance Sheets. As of September 30, 2020, $43.9 million aggregate principal of the 2018 Notes remained outstanding, of which the equity component was approximately $9.3 million which is included in the additional paid-in capital in the Consolidated Balance Sheets. This transaction was accounted for as an extinguishment of debt, and the Company recognized a non-cash loss on extinguishment of $16.9 million. This loss was calculated by comparing the carrying value of the debt component with the fair value of a similar liability that does not have an associated convertible feature immediately prior to extinguishment as well as writing off any remaining unamortized deferred debt issuance costs at the time of extinguishment. Contemporaneously with the partial repurchase of the 2018 Notes in the third quarter of 2020, the Company also agreed with its counterparties to the 2018 Capped Call Transactions that they would remain outstanding with a maturity of March 2023. This was mutually agreed to between Etsy and its counterparties and there was no exchange of any consideration for such agreement. During any calendar quarter preceding November 1, 2022 in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the 2018 Notes on at least 20 of the last 30 consecutive trading days of the quarter, holders may, in the immediate quarter following, convert all or a portion of their 2018 Notes. Based on the daily closing prices of the Company’s stock during the quarter ended September 30, 2020, holders of the remaining 2018 Notes are eligible to convert their 2018 Notes during the fourth quarter of 2020. Based on the terms of the 2018 Notes, when a conversion notice is received, the Company has the option to pay or deliver cash, shares of the Company’s common stock, or a combination thereof. Accordingly, the Company cannot be required to settle the 2018 Notes in cash and, therefore, the remaining 2018 Notes are classified as long-term debt as of September 30, 2020. The 2018 Notes are general unsecured obligations of the Company. The 2018 Notes rank senior in right of payment to all of the Company’s future indebtedness that is expressly subordinated in right of payment to the Notes; rank equal in right of payment with all of the Company’s liabilities that are not so subordinated, including our 2019 Notes and 2020 Notes; are effectively junior to any of the Company’s secured indebtedness; and are structurally junior to all indebtedness and liabilities (including trade payables) of the Company’s subsidiaries. The following table presents the outstanding principal amount and carrying value of the Notes as of the dates indicated (in thousands): As of September 30, 2020 2020 Notes 2019 Notes 2018 Notes Total Principal $ 650,000 $ 650,000 $ 43,921 $ 1,343,921 Unamortized debt discount 134,628 134,196 4,754 273,578 Unamortized debt issuance costs 8,224 7,002 513 15,739 Net carrying value $ 507,148 $ 508,802 $ 38,654 $ 1,054,604 As of December 31, 2019 2020 Notes 2019 Notes 2018 Notes Total Principal $ — $ 650,000 $ 345,000 $ 995,000 Unamortized debt discount — 148,822 48,091 196,913 Unamortized debt issuance costs — 7,769 5,192 12,961 Net carrying value $ — $ 493,409 $ 291,717 $ 785,126 The effective interest rate for the 2020 Notes, 2019 Notes, and 2018 Notes at the date of issuance was 3.50%, 4.00%, and 4.75%, respectively. Interest expense, including amortization of debt issuance costs, related to the Notes for the periods presented below was as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 2020 Notes $ 1,952 $ — $ 1,952 $ — 2019 Notes 5,386 400 16,003 400 2018 Notes 2,580 3,830 10,470 11,355 $ 9,918 $ 4,230 $ 28,425 $ 11,755 As of September 30, 2020, the if-converted value of the Notes was lower than or exceeded its principal amount by the following (in thousands): As of September 30, 2020 2020 Notes $ (254,647) 2019 Notes 251,595 2018 Notes 103,357 The estimated fair value of the liability component of the Notes was determined through inputs that are observable in the market or that could be derived from observable market data, corroborated with quoted market prices of similar instruments, classified as Level 2. See “Note 6—Fair Value Measurements” for more information regarding the fair value of the Notes. 2019 Credit Agreement On February 25, 2019, the Company entered into a $200.0 million senior secured revolving credit facility pursuant to a Credit Agreement (the “2019 Credit Agreement”) with lenders party thereto from time to time, and Citibank N.A., as administrative Agent. The 2019 Credit Agreement will mature in February 2024. The 2019 Credit Agreement includes a letter of credit sublimit of $30.0 million and a swingline loan sublimit of $10.0 million. Borrowings under the 2019 Credit Agreement (other than swingline loans) bear interest, at the Company’s option, at (i) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, and (c) an adjusted LIBOR rate for a one-month interest period plus 1.00%, in each case plus a margin ranging from 0.25% to 0.875% or (ii) an adjusted LIBOR rate plus a margin ranging from 1.25% to 1.875%. Swingline loans under the 2019 Credit Agreement bear interest at the same base rate (plus the margin applicable to borrowings bearing interest at the base rate). These margins are determined based on the senior secured net leverage ratio (defined as secured funded debt, net of unrestricted cash up to $100 million, to EBITDA) for the preceding four fiscal quarter period. The Company is also obligated to pay other customary fees for a credit facility of this size and type, including an unused commitment fee, ranging from 0.20% to 0.35% depending on the Company’s senior secured net leverage ratio, and fees associated with letters of credit. The Company capitalized $1.4 million of debt issuance costs in connection with the 2019 Credit Agreement. Total unamortized debt issuance costs related to the 2019 Credit Agreement were $0.9 million and $1.1 million as of September 30, 2020 and December 31, 2019, respectively. Interest expense related to debt issuance costs on the 2019 Credit Agreement for the periods presented below was as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 2019 Credit Agreement $ 70 $ 70 $ 209 $ 183

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10—Commitments and Contingencies Commitments did not materially change during the nine months ended September 30, 2020, except for debt activity, as discussed in more detail in “Note 9—Debt.” Legal Proceedings From time to time in the normal course of business, various other claims and litigation have been asserted or commenced against the Company. Due to uncertainties inherent in litigation and other claims, the Company can give no assurance that it will prevail in any such matters, which could subject the Company to significant liability for damages. Any claims or litigation could have an adverse effect on the Company’s results of operations, cash flows, or business and financial condition in the period the claims or litigation are resolved. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	Note 11—Stockholders’ Equity In November 2018, the Board of Directors approved a stock repurchase program that enables the Company to repurchase up to $200 million of its common stock. The program does not have a time limit and may be modified, suspended, or terminated at any time by the Board of Directors. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, stock price, trading volume, and general market conditions, along with Etsy’s working capital requirements, general business conditions, and other factors. Under the stock repurchase program, the Company may purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions, tender offers, or any combination thereof. In addition, open market repurchases of common stock could be made pursuant to trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. In August 2020, the Company repurchased $166.2 million, or 1.3 million shares of its common stock concurrently with the repurchase of $301.1 million aggregate principal amount of the outstanding 2018 Notes, see “Note 9—Debt.” This repurchase was separate from the stock repurchase plan approved by the Board of Directors in November 2018. The following table summarizes the Company’s cumulative share repurchase activity of the program noted above, excluding shares withheld to satisfy tax withholding obligations in connection with the vesting of employee restricted stock units (“RSUs”) and excluding the 1.3 million shares repurchased in August 2020 (in thousands, except share and per share amounts): Shares Repurchased Average Price Paid per Share (1) Value of Shares Repurchased (1) Remaining Amount Authorized Balance as of December 31, 2019 1,924,294 $ 50.65 $ 97,500 $ 102,500 Repurchases of common stock for the three months ended: March 31, 2020 543,106 46.02 25,000 (25,000) June 30, 2020 — — — — September 30, 2020 — — — — Balance as of September 30, 2020 2,467,400 $ 49.63 $ 122,500 $ 77,500 (1) Average price paid per share excludes broker commissions. Value of shares repurchased includes broker commissions.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 12—Stock-Based Compensation During the three and nine months ended September 30, 2020, the Company granted stock options and RSUs under its 2015 Equity Incentive Plan (“2015 Plan”) and, pursuant to the evergreen increase provision of the 2015 Plan, the Board of Directors approved an increase of 5,917,139 shares to the total number of shares available for issuance under the 2015 Plan effective as of January 2, 2020. At September 30, 2020, 37,748,947 shares were authorized under the 2015 Plan and 24,641,901 shares were available for future grant. The fair value of options granted in the periods presented below using the Black-Scholes pricing model has been based on the following assumptions: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Volatility 41.7% 39.2% 38.9% - 41.7% 39.2% - 39.5% Risk-free interest rate 0.3% 1.9% 0.3% - 1.7% 1.9% - 2.4% Expected term (in years) 6.12 - 6.16 6.20 5.52 - 6.16 5.50 - 6.20 Dividend rate —% —% —% —% The following table summarizes the activity for the Company’s options during the nine months ended September 30, 2020 (in thousands, except share and per share amounts): Shares Weighted-Average Exercise Price Weighted-Average Remaining Contract Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 6,294,919 $ 16.26 Granted 654,296 46.38 Exercised (1,357,792) 13.61 Forfeited/Canceled (14,490) 32.15 Outstanding at September 30, 2020 5,576,933 20.40 7.02 $ 564,636 Total exercisable at September 30, 2020 3,558,264 13.07 6.48 386,299 The following table summarizes the weighted-average grant date fair value of options granted, intrinsic value of options exercised, and fair value of awards vested during the three and nine months ended September 30, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Weighted-average grant date fair value of options granted $ 50.68 $ 25.40 $ 18.18 $ 28.52 Intrinsic value of options exercised 42,278 3,787 94,737 40,683 Fair value of awards vested 8,855 7,047 35,262 25,238 The total unrecognized compensation expense at September 30, 2020 related to the Company’s options was $23.6 million, which will be recognized over an estimated weighted-average amortization period of 2.56 years. The following table summarizes the activity for the Company’s unvested RSUs during the nine months ended September 30, 2020: Shares Weighted-Average Unvested at December 31, 2019 2,960,413 $ 40.61 Granted 1,638,396 50.38 Vested (841,113) 32.81 Forfeited/Canceled (175,415) 41.39 Unvested at September 30, 2020 3,582,281 46.87 The total unrecognized compensation expense at September 30, 2020 related to the Company’s unvested RSUs was $143.5 million, which will be recognized over an estimated weighted-average amortization period of 2.98 years. Stock-based compensation expense included in the Consolidated Statements of Operations for the periods presented below is as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of revenue $ 2,032 $ 1,574 $ 5,559 $ 4,129 Marketing 1,360 1,196 3,941 2,550 Product development 8,668 5,752 23,941 14,566 General and administrative 5,068 3,615 14,223 9,811 Stock-based compensation expense $ 17,128 $ 12,137 $ 47,664 $ 31,056

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Etsy and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). We have condensed or omitted certain information and notes normally included in complete annual financial statements prepared in accordance with GAAP. These unaudited interim consolidated financial statements should therefore be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2020 (the “Annual Report”). In the opinion of management, all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for the periods presented have been reflected in the consolidated financial statements. The results of operations of any interim period are not necessarily indicative of the results of operations for the full annual period or any future period due to seasonal and other factors.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying Notes. Actual results could differ from these estimates and assumptions. The accounting estimates that require management’s most subjective judgments include: leases, including determining the incremental borrowing rate; income taxes, including the estimate of annual effective tax rate at interim periods and evaluation of uncertain tax positions; purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business combination, and valuation of goodwill and intangible assets; stock-based compensation; fair value of financial instruments including the fair value of convertible senior notes; and provision for expected credit losses. As of September 30, 2020, the effects of the ongoing COVID-19 pandemic on our business, results of operations, and financial condition continue to evolve. A s a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, our estimates may change materially in future periods.
Reclassifications	Reclassifications Certain items in the prior year’s consolidated financial statements have been reclassified to conform to the current year presentation reflected in the consolidated financial statements. Specifically, the Company reclassified $10.5 million previously included in other non-cash expense (income), net to non-cash interest expense on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 to conform to the current year presentation.
Recently Issued and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06— Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting For Convertible Instruments and Contracts in an Entity's Own Equity . The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features through equity. Without an initial allocation of proceeds to the conversion option, the debt will likely have a lower discount, thereby resulting in less non-cash interest expense through accretion. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This update permits the use of either the modified retrospective or fully retrospective method of transition. The Company is currently evaluating the impact that this new guidance will have on its consolidated financial statements. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 —Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes , which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The Company adopted this standard in the first quarter of 2020, effective as of January 1, 2020, on a prospective basis. The effect of this standard was not material to the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15 —Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this standard January 1, 2020 on a prospective basis. The effect of this standard was not material to the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13— Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments , and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter, which require a reporting entity to estimate credit losses on certain types of financial instruments, including accounts receivable and funds receivable and seller accounts, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The Company adopted this standard January 1, 2020 using a modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements on the date of its adoption. For the nine months ended September 30, 2020 , our assessment of the provision for expected credit losses considered market disruptions caused by COVID-19 and estimates of expected and emerging credit and collectibility trends. T he continued volatility in market conditions and evolving shifts in credit trends are difficult to predict causing variability and volatility that may have a significant impact on our provision for credit losses in future periods. Accounts Receivable : This standard requires the Company to consider forward-looking information to estimate expected credit losses in addition to its previous policy of determining the allowance by a number of factors, including age of the receivable, current economic conditions, historical losses, and management’s assessment of the financial condition of sellers on its platform. The following table provides a rollforward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (in thousands): September 30, Balance as of December 31, 2019 $ 5,033 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings — Provision for expected credit losses 9,572 Amounts written off, net of recoveries (7,213) Balance as of September 30, 2020 $ 7,392 Available-For-Sale Debt Securities : The Company’s investment portfolio at any point in time contains investments in U.S. Government and agency securities, corporate bonds, commercial paper, certificates of deposit, cash deposits, and money market funds. The Company’s investment policy is to invest in high quality, investment grade securities from diverse issuers with credit ratings higher than BBB. In accordance with its investment policy, the Company’s investments have maturities no longer than 37 months, with the average maturity of these investments maintained at 12 months or less. The Company segments its portfolio based on the underlying risk profiles of the securities and has a zero loss expectation for U.S. treasury and U.S. Government and agency securities. The potential of credit losses for the remainder of the portfolio of available-for-sale debt securities is mitigated by the high quality nature of the investments. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors including their credit rating, and current economic conditions. As of September 30, 2020, the Company did not recognize any year-to-date credit loss related to available-for-sale debt securities. The Company evaluates fair values for each individual security in the investment portfolio. See “Note 7—Marketable Securities” for additional information on the Company’s marketable securities.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Allowance for Credit Loss	The following table provides a rollforward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (in thousands): September 30, Balance as of December 31, 2019 $ 5,033 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings — Provision for expected credit losses 9,572 Amounts written off, net of recoveries (7,213) Balance as of September 30, 2020 $ 7,392

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenue disaggregated by Marketplace revenue and optional Services revenue for the periods presented (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Marketplace revenue $ 341,623 $ 141,628 $ 829,575 $ 403,995 Services revenue 109,855 56,319 278,695 144,386 Revenue $ 451,478 $ 197,947 $ 1,108,270 $ 548,381

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Income Per Share	The following table presents the calculation of basic and diluted net income per share for the periods presented (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income attributable to common stockholders—basic $ 91,761 $ 14,801 $ 200,708 $ 64,603 Add back interest expense, net of tax attributable to assumed conversion of convertible debt 4,494 — 13,348 — Net income attributable to common stockholders—diluted $ 96,255 $ 14,801 $ 214,056 $ 64,603 Denominator: Weighted-average common shares outstanding—basic 121,978,272 120,351,095 119,666,841 120,090,291 Dilutive effect of assumed conversion of convertible debt 8,623,473 — 8,623,473 — Dilutive effect of assumed conversion of options to purchase common stock 4,533,426 4,443,408 4,380,663 4,652,088 Dilutive effect of assumed conversion of restricted stock units 2,425,214 1,429,305 1,705,718 1,711,362 Dilutive effect of assumed conversion of restricted stock from acquisition — 19,360 — 17,623 Weighted-average common shares outstanding—diluted 137,560,385 126,243,168 134,376,695 126,471,364 Net income per share attributable to common stockholders—basic $ 0.75 $ 0.12 $ 1.68 $ 0.54 Net income per share attributable to common stockholders—diluted $ 0.70 $ 0.12 $ 1.59 $ 0.51
Schedule of Anti-Dilutive Securities Excluded from Computation of Net Income Per Share	The following potential common shares were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Stock options 5,769 392,435 341,109 276,803 Restricted stock units 36,260 836,684 66,231 581,439 Convertible senior notes 8,213,081 3,647,693 10,430,621 3,877,636 Total anti-dilutive securities 8,255,110 4,876,812 10,837,961 4,735,878

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of Reverb as of August 15, 2019 (the date of acquisition) (in thousands): Final Fair Value as Adjusted Short-term investments $ 1,028 Other current assets (1) 2,902 Funds receivable and seller accounts 5,578 Property and equipment other 1,543 Developed technology 30,300 Trademark 79,400 Customer relationships 93,500 Goodwill 101,703 Other assets (1) 6,743 Other net working capital (208) Funds payable and amounts due to sellers (5,578) Other current liabilities (1) (3,684) Other liabilities (1) (7,333) Deferred tax liability, net (1) (35,485) Total purchase price $ 270,409
Schedule of Unaudited Supplemental Pro Forma Information	The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2018 (in thousands): Three Months Ended Nine Months Ended Revenue $ 203,632 $ 577,156 Net income 14,341 57,306

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Major Categories of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following are the major categories of assets measured at fair value on a recurring basis as of the dates indicated (in thousands): As of September 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 861,529 $ — $ — $ 861,529 861,529 — — 861,529 Short-term investments: Certificate of deposit — 14,998 — 14,998 Commercial paper — 8,697 — 8,697 Corporate bonds — 60,159 — 60,159 U.S. Government and agency securities 295,732 — — 295,732 295,732 83,854 — 379,586 Funds receivable and seller accounts: Money market funds 43,255 — — 43,255 43,255 — — 43,255 Long-term investments: Certificate of deposit — 2,040 — 2,040 Corporate bonds — 8,034 — 8,034 U.S. Government and agency securities 26,605 — — 26,605 26,605 10,074 — 36,679 $ 1,227,121 $ 93,928 $ — $ 1,321,049 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Certificate of deposit $ — $ 2,959 $ — $ 2,959 Commercial paper — 5,794 — 5,794 Money market funds 228,859 — — 228,859 228,859 8,753 — 237,612 Short-term investments: Certificate of deposit — 26,132 — 26,132 Commercial paper — 29,320 — 29,320 Corporate bonds — 114,202 — 114,202 U.S. Government and agency securities 204,305 — — 204,305 204,305 169,654 — 373,959 Funds receivable and seller accounts: Money market funds 18,168 — — 18,168 18,168 — — 18,168 Long-term investments: Certificate of deposit — 4,729 — 4,729 Corporate bonds — 38,563 — 38,563 U.S. Government and agency securities 46,051 — — 46,051 46,051 43,292 — 89,343 $ 497,383 $ 221,699 $ — $ 719,082
Schedule of Estimated Fair Value Liability Component	The following table presents the estimated fair value and the carrying value of the liability component of the Notes as of the dates indicated (in thousands): As of September 30, 2020 As of December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value 2020 Notes $ 507,148 $ 513,956 $ — $ — 2019 Notes 508,802 538,326 493,409 522,243 2018 Notes (1) 38,654 41,100 291,717 310,322 $ 1,054,604 $ 1,093,382 $ 785,126 $ 832,565 (1) The decrease in fair value of the 2018 Notes is substantially due to the partial repurchase of the 2018 Notes in August 2020 (see “Note 9—Debt”).

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Cost and Fair Value of Available-for-sale Securities	The cost and fair value of available-for-sale securities were as follows as of the dates indicated (in thousands): Cost Gross Gross Fair Value September 30, 2020 Short-term investments: Certificate of deposit $ 14,983 $ — $ 15 $ 14,998 Commercial paper 8,674 — 23 8,697 Corporate bonds 59,918 (2) 243 60,159 U.S. Government and agency securities 295,373 — 359 295,732 378,948 (2) 640 379,586 Long-term investments: Certificate of deposit 2,040 — — 2,040 Corporate bonds 8,000 — 34 8,034 U.S. Government and agency securities 26,402 — 203 26,605 36,442 — 237 36,679 $ 415,390 $ (2) $ 877 $ 416,265 December 31, 2019 Cash equivalents: Certificate of deposit $ 2,958 $ — $ 1 $ 2,959 Commercial paper 5,794 — — 5,794 8,752 — 1 8,753 Short-term investments: Certificates of deposit 26,129 (3) 6 26,132 Commercial paper 29,319 (1) 2 29,320 Corporate bonds 114,068 (22) 156 114,202 U.S. Government and agency securities 204,246 (8) 67 204,305 373,762 (34) 231 373,959 Long-term investments: Certificate of deposit 4,727 — 2 4,729 Corporate bonds 38,582 (35) 16 38,563 U.S. Government and agency securities 46,017 (2) 36 46,051 89,326 (37) 54 89,343 $ 471,840 $ (71) $ 286 $ 472,055

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consisted of the following as of the dates indicated (in thousands): As of September 30, As of December 31, Taxes payable $ 72,798 $ 39,250 Vendor accruals 69,187 25,760 Employee compensation-related liabilities 32,221 23,335 Total accrued expenses $ 174,206 $ 88,345

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the outstanding principal amount and carrying value of the Notes as of the dates indicated (in thousands): As of September 30, 2020 2020 Notes 2019 Notes 2018 Notes Total Principal $ 650,000 $ 650,000 $ 43,921 $ 1,343,921 Unamortized debt discount 134,628 134,196 4,754 273,578 Unamortized debt issuance costs 8,224 7,002 513 15,739 Net carrying value $ 507,148 $ 508,802 $ 38,654 $ 1,054,604 As of December 31, 2019 2020 Notes 2019 Notes 2018 Notes Total Principal $ — $ 650,000 $ 345,000 $ 995,000 Unamortized debt discount — 148,822 48,091 196,913 Unamortized debt issuance costs — 7,769 5,192 12,961 Net carrying value $ — $ 493,409 $ 291,717 $ 785,126
Schedule of Interest Expense	Interest expense, including amortization of debt issuance costs, related to the Notes for the periods presented below was as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 2020 Notes $ 1,952 $ — $ 1,952 $ — 2019 Notes 5,386 400 16,003 400 2018 Notes 2,580 3,830 10,470 11,355 $ 9,918 $ 4,230 $ 28,425 $ 11,755 Three Months Ended Nine Months Ended 2020 2019 2020 2019 2019 Credit Agreement $ 70 $ 70 $ 209 $ 183
Schedule of Convertible Debt	As of September 30, 2020, the if-converted value of the Notes was lower than or exceeded its principal amount by the following (in thousands): As of September 30, 2020 2020 Notes $ (254,647) 2019 Notes 251,595 2018 Notes 103,357

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Class of Treasury Stock	The following table summarizes the Company’s cumulative share repurchase activity of the program noted above, excluding shares withheld to satisfy tax withholding obligations in connection with the vesting of employee restricted stock units (“RSUs”) and excluding the 1.3 million shares repurchased in August 2020 (in thousands, except share and per share amounts): Shares Repurchased Average Price Paid per Share (1) Value of Shares Repurchased (1) Remaining Amount Authorized Balance as of December 31, 2019 1,924,294 $ 50.65 $ 97,500 $ 102,500 Repurchases of common stock for the three months ended: March 31, 2020 543,106 46.02 25,000 (25,000) June 30, 2020 — — — — September 30, 2020 — — — — Balance as of September 30, 2020 2,467,400 $ 49.63 $ 122,500 $ 77,500 (1) Average price paid per share excludes broker commissions. Value of shares repurchased includes broker commissions.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Black-Scholes Valuation Assumptions Used to Determine Fair Value of Options Granted	The fair value of options granted in the periods presented below using the Black-Scholes pricing model has been based on the following assumptions: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Volatility 41.7% 39.2% 38.9% - 41.7% 39.2% - 39.5% Risk-free interest rate 0.3% 1.9% 0.3% - 1.7% 1.9% - 2.4% Expected term (in years) 6.12 - 6.16 6.20 5.52 - 6.16 5.50 - 6.20 Dividend rate —% —% —% —%
Summary of Stock Option Activity	The following table summarizes the activity for the Company’s options during the nine months ended September 30, 2020 (in thousands, except share and per share amounts): Shares Weighted-Average Exercise Price Weighted-Average Remaining Contract Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 6,294,919 $ 16.26 Granted 654,296 46.38 Exercised (1,357,792) 13.61 Forfeited/Canceled (14,490) 32.15 Outstanding at September 30, 2020 5,576,933 20.40 7.02 $ 564,636 Total exercisable at September 30, 2020 3,558,264 13.07 6.48 386,299
Summary of Intrinsic Value of Options Exercised	The following table summarizes the weighted-average grant date fair value of options granted, intrinsic value of options exercised, and fair value of awards vested during the three and nine months ended September 30, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Weighted-average grant date fair value of options granted $ 50.68 $ 25.40 $ 18.18 $ 28.52 Intrinsic value of options exercised 42,278 3,787 94,737 40,683 Fair value of awards vested 8,855 7,047 35,262 25,238
Summary of Weighted Average Grant Date Fair Value and Fair Value of Awards Vested	The following table summarizes the weighted-average grant date fair value of options granted, intrinsic value of options exercised, and fair value of awards vested during the three and nine months ended September 30, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Weighted-average grant date fair value of options granted $ 50.68 $ 25.40 $ 18.18 $ 28.52 Intrinsic value of options exercised 42,278 3,787 94,737 40,683 Fair value of awards vested 8,855 7,047 35,262 25,238
Summary of Unvested RSU Activity	The following table summarizes the activity for the Company’s unvested RSUs during the nine months ended September 30, 2020: Shares Weighted-Average Unvested at December 31, 2019 2,960,413 $ 40.61 Granted 1,638,396 50.38 Vested (841,113) 32.81 Forfeited/Canceled (175,415) 41.39 Unvested at September 30, 2020 3,582,281 46.87
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense included in the Consolidated Statements of Operations for the periods presented below is as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of revenue $ 2,032 $ 1,574 $ 5,559 $ 4,129 Marketing 1,360 1,196 3,941 2,550 Product development 8,668 5,752 23,941 14,566 General and administrative 5,068 3,615 14,223 9,811 Stock-based compensation expense $ 17,128 $ 12,137 $ 47,664 $ 31,056

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Reclassification [Line Items]
Non-cash interest expense	$ 26,326	$ 10,500
Other non-cash (income) expense, net	$ (3,231)	664
Maximum
Reclassification [Line Items]
Available-for-sale debt securities, investment maturity	37 months
Weighted Average
Reclassification [Line Items]
Available-for-sale debt securities, investment maturity	12 months
Reclassifications
Reclassification [Line Items]
Non-cash interest expense		10,500
Other non-cash (income) expense, net		$ 10,500

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 5,033
Provision for expected credit losses	9,572	$ 7,464
Amounts written off, net of recoveries	(7,213)
Ending balance	7,392		$ 5,033
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Ending balance			$ 0

Revenue - Summary of Revenue by

Revenue - Summary of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 451,478	$ 197,947	$ 1,108,270	$ 548,381
Marketplace revenue
Disaggregation of Revenue [Line Items]
Revenue	341,623	141,628	829,575	403,995
Services revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 109,855	$ 56,319	$ 278,695	$ 144,386

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized in the period		$ 7.6
Level One
Disaggregation of Revenue [Line Items]
Advertising fee, percent on the value of a sale	12.00%
Level Two
Disaggregation of Revenue [Line Items]
Advertising fee, percent on the value of a sale	15.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	5.50%
Unrecognized tax benefits, period increase	$ 2,200,000
Unrecognized tax benefits	22,100,000	$ 19,900,000
Unrecognized tax benefits that would impact effective tax rate favorably	21,300,000
Change in income tax penalties and interest expense	0
Income tax penalties and interest accrued	$ 200,000	$ 200,000

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - Convertible Debt - USD ($)	3 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Principal	$ 1,343,921,000		$ 995,000,000
Convertible Senior Notes Due 2027
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, interest rate, stated percentage		0.125%
Principal	650,000,000	$ 650,000,000	0
Convertible Senior Notes Due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, interest rate, stated percentage				0.125%
Principal	650,000,000		650,000,000	$ 650,000,000
Convertible Senior Notes Due 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, interest rate, stated percentage					0.00%
Principal	43,921,000		$ 345,000,000		$ 345,000,000
Debt instrument conversion amount	$ 301,100,000

Net Income Per Share - Calculat

Net Income Per Share - Calculation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income attributable to common stockholders—basic	$ 91,761	$ 14,801	$ 200,708	$ 64,603
Add back interest expense, net of tax attributable to assumed conversion of the Notes	4,494	0	13,348	0
Net income attributable to common stockholders—diluted	$ 96,255	$ 14,801	$ 214,056	$ 64,603
Denominator:
Weighted average common shares outstanding—basic (in shares)	121,978,272	120,351,095	119,666,841	120,090,291
Dilutive effect of assumed conversion of the Notes (in shares)	8,623,473	0	8,623,473	0
Weighted average common shares outstanding - diluted (in shares)	137,560,385	126,243,168	134,376,695	126,471,364
Net income per share attributable to common stockholders—basic (in dollars per shares)	$ 0.75	$ 0.12	$ 1.68	$ 0.54
Net income per share attributable to common stockholders—diluted (in dollars per share)	$ 0.70	$ 0.12	$ 1.59	$ 0.51
Stock options
Denominator:
Dilutive effect of assumed conversion (in shares)	4,533,426	4,443,408	4,380,663	4,652,088
Restricted stock units
Denominator:
Dilutive effect of assumed conversion (in shares)	2,425,214	1,429,305	1,705,718	1,711,362
Restricted stock
Denominator:
Dilutive effect of assumed conversion (in shares)	0	19,360	0	17,623

Net Income Per Share - Summary

Net Income Per Share - Summary of Shares Excluded from the Calculation of Diluted Net Income Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	8,255,110	4,876,812	10,837,961	4,735,878
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	5,769	392,435	341,109	276,803
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	36,260	836,684	66,231	581,439
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	8,213,081	3,647,693	10,430,621	3,877,636

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Aug. 15, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Cash consideration paid				$ 0	$ 271,353
Reverb Holdings Inc.
Business Acquisition [Line Items]
Cash consideration paid	$ 270,400
Acquisition-related expenses		$ 400	$ 1,700	$ 1,700	2,900
Non-recurring acquisition-related expenses			14,341		57,306
Reverb Holdings Inc. | Acquisition-related Costs
Business Acquisition [Line Items]
Non-recurring acquisition-related expenses			$ 3,400		$ 5,100

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Aug. 15, 2019
Business Acquisition [Line Items]
Goodwill	$ 139,740	$ 138,731
Reverb Holdings Inc.
Business Acquisition [Line Items]
Short-term investments			$ 1,028
Other current assets			2,902
Funds receivable and seller accounts			5,578
Goodwill			101,703
Other assets			6,743
Other net working capital			(208)
Funds payable and amounts due to sellers			(5,578)
Other current liabilities			(3,684)
Other liabilities			(7,333)
Deferred tax liability, net			(35,485)
Total purchase price			270,409
Indemnification asset			5,500
Reverb Holdings Inc. | Trademark
Business Acquisition [Line Items]
Purchase price of intangible assets			79,400
Reverb Holdings Inc. | Customer relationships
Business Acquisition [Line Items]
Purchase price of intangible assets			93,500
Reverb Holdings Inc. | Property and equipment other
Business Acquisition [Line Items]
Purchase price of property and equipment other and developed technology			1,543
Reverb Holdings Inc. | Developed technology
Business Acquisition [Line Items]
Purchase price of property and equipment other and developed technology			$ 30,300

Business Combinations - Unaudit

Business Combinations - Unaudited Supplemental Pro Forma Information (Details) - Reverb Holdings Inc. - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Business Acquisition [Line Items]
Revenue	$ 203,632	$ 577,156
Net income	$ 14,341	$ 57,306

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 379,586	$ 373,959
Long-term investments	36,679	89,343
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	861,529	237,612
Short-term investments	379,586	373,959
Funds receivable and seller accounts	43,255	18,168
Long-term investments	36,679	89,343
Assets	1,321,049	719,082
Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		2,959
Short-term investments	14,998	26,132
Long-term investments	2,040	4,729
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		5,794
Short-term investments	8,697	29,320
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	861,529	228,859
Funds receivable and seller accounts	43,255	18,168
Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	60,159	114,202
Long-term investments	8,034	38,563
Recurring | U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	295,732	204,305
Long-term investments	26,605	46,051
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	861,529	228,859
Short-term investments	295,732	204,305
Funds receivable and seller accounts	43,255	18,168
Long-term investments	26,605	46,051
Assets	1,227,121	497,383
Recurring | Level 1 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Short-term investments	0	0
Long-term investments	0	0
Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Short-term investments	0	0
Recurring | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	861,529	228,859
Funds receivable and seller accounts	43,255	18,168
Recurring | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Recurring | Level 1 | U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	295,732	204,305
Long-term investments	26,605	46,051
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	8,753
Short-term investments	83,854	169,654
Funds receivable and seller accounts	0	0
Long-term investments	10,074	43,292
Assets	93,928	221,699
Recurring | Level 2 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		2,959
Short-term investments	14,998	26,132
Long-term investments	2,040	4,729
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		5,794
Short-term investments	8,697	29,320
Recurring | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Funds receivable and seller accounts	0	0
Recurring | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	60,159	114,202
Long-term investments	8,034	38,563
Recurring | Level 2 | U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	0	0
Funds receivable and seller accounts	0	0
Long-term investments	0	0
Assets	0	0
Recurring | Level 3 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Short-term investments	0	0
Long-term investments	0	0
Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Short-term investments	0	0
Recurring | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Funds receivable and seller accounts	0	0
Recurring | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	0	0
Recurring | Level 3 | U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Long-term investments	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Estimated Fair Value Liability Component (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 1,054,604	$ 785,126
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	1,093,382	832,565
2020 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	507,148	0
2020 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	513,956	0
2019 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	508,802	493,409
2019 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	538,326	522,243
2018 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	38,654	291,717
2018 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 41,100	$ 310,322

Marketable Securities - (Detail

Marketable Securities - (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Cost	$ 415,390	$ 471,840
Gross Unrealized Holding Loss	(2)	(71)
Gross Unrealized Holding Gain	877	286
Fair Value	416,265	472,055
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost		8,752
Gross Unrealized Holding Loss		0
Gross Unrealized Holding Gain		1
Fair Value		8,753
Cash Equivalents | Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Cost		2,958
Gross Unrealized Holding Loss		0
Gross Unrealized Holding Gain		1
Fair Value		2,959
Cash Equivalents | Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost		5,794
Gross Unrealized Holding Loss		0
Gross Unrealized Holding Gain		0
Fair Value		5,794
Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	378,948	373,762
Gross Unrealized Holding Loss	(2)	(34)
Gross Unrealized Holding Gain	640	231
Fair Value	379,586	373,959
Short-term Investments | Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Cost	14,983	26,129
Gross Unrealized Holding Loss	0	(3)
Gross Unrealized Holding Gain	15	6
Fair Value	14,998	26,132
Short-term Investments | Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost	8,674	29,319
Gross Unrealized Holding Loss	0	(1)
Gross Unrealized Holding Gain	23	2
Fair Value	8,697	29,320
Short-term Investments | Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Cost	59,918	114,068
Gross Unrealized Holding Loss	(2)	(22)
Gross Unrealized Holding Gain	243	156
Fair Value	60,159	114,202
Short-term Investments | U.S. Government and agency securities
Debt Securities, Available-for-sale [Line Items]
Cost	295,373	204,246
Gross Unrealized Holding Loss	0	(8)
Gross Unrealized Holding Gain	359	67
Fair Value	295,732	204,305
Long-term investments
Debt Securities, Available-for-sale [Line Items]
Cost	36,442	89,326
Gross Unrealized Holding Loss	0	(37)
Gross Unrealized Holding Gain	237	54
Fair Value	36,679	89,343
Long-term investments | Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Cost	2,040	4,727
Gross Unrealized Holding Loss	0	0
Gross Unrealized Holding Gain	0	2
Fair Value	2,040	4,729
Long-term investments | Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Cost	8,000	38,582
Gross Unrealized Holding Loss	0	(35)
Gross Unrealized Holding Gain	34	16
Fair Value	8,034	38,563
Long-term investments | U.S. Government and agency securities
Debt Securities, Available-for-sale [Line Items]
Cost	26,402	46,017
Gross Unrealized Holding Loss	0	(2)
Gross Unrealized Holding Gain	203	36
Fair Value	$ 26,605	$ 46,051

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Taxes payable	$ 72,798	$ 39,250
Vendor accruals	69,187	25,760
Employee compensation-related liabilities	32,221	23,335
Total accrued expenses	$ 174,206	$ 88,345

Debt - 2020 Convertible Debt (D

Debt - 2020 Convertible Debt (Details)	Aug. 19, 2020	Aug. 31, 2020USD ($)day$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Purchase of capped calls			$ 74,685,000	$ 76,180,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument			1,343,921,000		$ 995,000,000
Convertible Senior Notes Due 2027 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument		$ 650,000,000	650,000,000		$ 0
Proceeds from issuance of convertible senior notes		$ 639,500,000
Conversion ratio		0.0050007
Conversion price (in dollars per share) | $ / shares		$ 199.97
Redemption price, percentage		100.00%
Equity component			$ 136,400,000
Purchase of capped calls		$ 74,700,000
Transaction price cap (in dollars per share) | $ / shares		$ 327.83
Cap premium percentage over reported sales price	150.00%
Convertible Senior Notes Due 2027 | Convertible Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold trading days | day		20
Threshold consecutive trading days | day		30
Threshold percentage of stock price trigger		130.00%
Convertible Senior Notes Due 2027 | Convertible Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold consecutive trading days | day		10
Threshold percentage of stock price trigger		98.00%
Threshold business days | day		5

Debt - 2019 Convertible Debt (D

Debt - 2019 Convertible Debt (Details)	1 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)day	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Purchase of capped calls		$ 74,685,000	$ 76,180,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument		1,343,921,000		$ 995,000,000
Convertible Debt | Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt instrument	$ 650,000,000	650,000,000	$ 650,000,000	650,000,000
Proceeds from issuance of convertible senior notes	639,500,000
Equity component		$ 154,000,000		$ 154,000,000
Purchase of capped calls	$ 76,200,000
Threshold percentage of stock price trigger	130.00%
Threshold trading days | day	20
Threshold consecutive trading days | day	30

Debt - 2018 Convertible Debt (D

Debt - 2018 Convertible Debt (Details)	Sep. 30, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Aug. 31, 2020USD ($)shares	Mar. 31, 2018USD ($)day	Sep. 30, 2020USD ($)shares	Jun. 30, 2020shares	Mar. 31, 2020shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Purchase of capped calls									$ 74,685,000	$ 76,180,000
Repayment of convertible senior notes									137,166,000	0
Shares Repurchased (in shares) | shares	2,467,400	1,924,294			0	0	543,106
Shares Repurchased					$ 166,170,000			$ 127,298,000	191,162,000	154,790,000
Issuance of convertible senior notes, net of issuance costs and taxes					102,131,000			115,891,000	102,131,000	115,891,000
Loss on extinguishment of debt					(16,855,000)			$ 0	(16,855,000)	$ 0
Convertible Debt
Debt Instrument [Line Items]
Debt instrument	$ 1,343,921,000	$ 995,000,000			1,343,921,000				1,343,921,000
Convertible Debt | Convertible Senior Notes Due 2023
Debt Instrument [Line Items]
Debt instrument	43,921,000	345,000,000		$ 345,000,000	43,921,000				43,921,000
Proceeds from issuance of convertible senior notes				335,000,000
Equity component	$ 9,300,000	$ 72,800,000			9,300,000				$ 9,300,000
Purchase of capped calls				$ 34,200,000
Repayment of convertible senior notes					$ 137,200,000
Debt instrument conversion amount, shares (in shares) | shares					7,300,000
Debt instrument conversion amount					$ 301,100,000
Shares Repurchased (in shares) | shares			1,300,000
Shares Repurchased			$ 166,200,000
Issuance of convertible senior notes, net of issuance costs and taxes					143,200,000
Loss on extinguishment of debt					$ 16,900,000
Threshold percentage of stock price trigger				130.00%
Threshold trading days | day				20
Threshold consecutive trading days | day				30

Debt - Convertible Debt, Schedu

Debt - Convertible Debt, Schedule of Debt (Details) - USD ($)	Sep. 30, 2020	Aug. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term debt, net	$ 1,054,604,000		$ 785,126,000
Convertible Debt
Debt Instrument [Line Items]
Principal	1,343,921,000		995,000,000
Unamortized debt discount	273,578,000		196,913,000
Unamortized debt issuance costs	15,739,000		12,961,000
Long-term debt, net	1,054,604,000		785,126,000
Convertible Senior Notes Due 2027 | Convertible Debt
Debt Instrument [Line Items]
Principal	650,000,000	$ 650,000,000	0
Unamortized debt discount	134,628,000		0
Unamortized debt issuance costs	8,224,000		0
Long-term debt, net	507,148,000		0
Convertible Senior Notes Due 2026 | Convertible Debt
Debt Instrument [Line Items]
Principal	650,000,000		650,000,000	$ 650,000,000
Unamortized debt discount	134,196,000		148,822,000
Unamortized debt issuance costs	7,002,000		7,769,000
Long-term debt, net	508,802,000		493,409,000
Convertible Senior Notes Due 2023 | Convertible Debt
Debt Instrument [Line Items]
Principal	43,921,000		345,000,000		$ 345,000,000
Unamortized debt discount	4,754,000		48,091,000
Unamortized debt issuance costs	513,000		5,192,000
Long-term debt, net	$ 38,654,000		$ 291,717,000

Debt - Convertible Debt, Sche_2

Debt - Convertible Debt, Schedule of Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2020	Mar. 31, 2018
Debt Instrument [Line Items]
Non-cash interest expense	$ 9,918	$ 4,230	$ 28,425	$ 11,755
Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Effective interest rate					3.50%
Non-cash interest expense	1,952	$ 0	1,952	$ 0
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Effective interest rate		4.00%		4.00%
Non-cash interest expense	5,386	$ 400	16,003	$ 400
Convertible Senior Notes Due 2023
Debt Instrument [Line Items]
Effective interest rate						4.75%
Non-cash interest expense	$ 2,580	$ 3,830	$ 10,470	$ 11,355

Debt - Convertible Debt, Sche_3

Debt - Convertible Debt, Schedule of Convertible Debt (Details) - Convertible Debt $ in Thousands	Sep. 30, 2020USD ($)
Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
If-converted value lower than principal	$ (254,647)
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
If-converted value in excess of principal	251,595
Convertible Senior Notes Due 2023
Debt Instrument [Line Items]
If-converted value in excess of principal	$ 103,357

Debt - 2019 Credit Agreement, N

Debt - 2019 Credit Agreement, Narrative (Details) - Credit Agreement - USD ($)	Feb. 25, 2019	Sep. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Capitalization of debt issuance costs	$ 1,400,000
Unamortized debt issuance costs		$ 900,000	$ 1,100,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	200,000,000
Maximum unrestricted cash	$ 100,000,000
Line of credit facility, amount outstanding		$ 0
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee amount	0.20%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee amount	0.35%
Revolving Credit Facility | Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility | One-Month London Interbank Offered Rate (LIBOR) Plus 1% | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility | One-Month London Interbank Offered Rate (LIBOR) Plus 1% | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.875%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR), Adjusted | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR), Adjusted | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.875%
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 30,000,000
Bridge Loan
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 10,000,000

Debt - 2019 Credit Agreement, S

Debt - 2019 Credit Agreement, Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Credit Agreement
Line of Credit Facility [Line Items]
Non-cash interest expense	$ 70	$ 70	$ 209	$ 183

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchases Narrative (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Aug. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 30, 2018
Debt Instrument [Line Items]
Stock repurchase program, authorized amount										$ 200,000,000
Shares Repurchased				$ 166,170,000			$ 127,298,000	$ 191,162,000	$ 154,790,000
Shares Repurchased (in shares)	2,467,400	1,924,294		0	0	543,106
Convertible Senior Notes Due 2023 | Convertible Debt
Debt Instrument [Line Items]
Shares Repurchased			$ 166,200,000
Shares Repurchased (in shares)			1,300,000
Debt instrument conversion amount				$ 301,100,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity of Shares Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Equity [Abstract]
Shares Repurchased (in shares)	2,467,400	1,924,294	0	0	543,106
Average Price Paid per Share (in dollars per share)	$ 49.63	$ 50.65	$ 0	$ 0	$ 46.02
Stock repurchased and retired during period, value, including broker fees	$ (122,500)	$ (97,500)	$ 0	$ 0	$ (25,000)
Remaining Amount Authorized	$ 77,500	$ 102,500	$ 77,500

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	Jan. 02, 2020	Sep. 30, 2020
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation		$ 23.6
Total unrecognized compensation, period of recognition		2 years 6 months 21 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation, period of recognition		2 years 11 months 23 days
Total unrecognized compensation		$ 143.5
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of additional shares issued annually (in shares)	5,917,139
Number of shares authorized (in shares)		37,748,947
Number of shares available for grant (in shares)		24,641,901

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Options Granted Using the Black-Scholes Pricing Model (Details) - Stock options	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	41.70%	39.20%
Risk-free interest rate	0.30%	1.90%
Expected term		6 years 2 months 12 days
Dividend rate	0.00%	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility			38.90%	39.20%
Risk-free interest rate			0.30%	1.90%
Expected term	6 years 1 month 13 days		5 years 6 months 7 days	5 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility			41.70%	39.50%
Risk-free interest rate			1.70%	2.40%
Expected term	6 years 1 month 28 days		6 years 1 month 28 days	6 years 2 months 12 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020
Shares
Outstanding, beginning balance (in shares)	6,294,919
Granted (in shares)	654,296
Exercised (in shares)	(1,357,792)
Forfeited/Canceled (in shares)	(14,490)
Outstanding, ending balance (in shares)	5,576,933
Total exercisable (in shares)	3,558,264
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 16.26
Granted (in dollars per share)	46.38
Exercised (in dollars per share)	13.61
Forfeited/Canceled (in dollars per share)	32.15
Outstanding, ending balance (in dollars per share)	20.40
Total exercisable (in dollars per share)	$ 13.07
Weighted-Average Remaining Contract Term (in years)
Outstanding, Weighted-Average Remaining Contract Term	7 years 7 days
Total exercisable, Weighted-Average Remaining Contract Term	6 years 5 months 23 days
Aggregate Intrinsic Value
Outstanding, Aggregate Intrinsic Value	$ 564,636
Total exercisable, Aggregate Intrinsic Value	$ 386,299

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Grant Date Fair Value of Options Granted, Intrinsic Value of Options Exercised and Fair Value of Awards Vested (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Weighted average grant date fair value of options (in dollars per share)	$ 50.68	$ 25.40	$ 18.18	$ 28.52
Intrinsic value of options exercised	$ 42,278	$ 3,787	$ 94,737	$ 40,683
Fair value of awards vested	$ 8,855	$ 7,047	$ 35,262	$ 25,238

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unvested RSUs (Details) - RSUs	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Shares
Unvested at December 31, 2019 (in shares) | shares	2,960,413
Granted (in shares) | shares	1,638,396
Vested (in shares) | shares	(841,113)
Forfeited/Cancelled (in shares) | shares	(175,415)
Unvested at September 30, 2020 (in shares) | shares	3,582,281
Weighted-Average Grant Date Fair Value
Unvested at December 31, 2019 (in dollars per share) | $ / shares	$ 40.61
Granted (in dollars per share) | $ / shares	50.38
Vested (in dollars per share) | $ / shares	32.81
Forfeited/Cancelled (in dollars per share) | $ / shares	41.39
Unvested at September 30, 2020 (in dollars per share) | $ / shares	$ 46.87

Stock-Based Compensation - Allo

Stock-Based Compensation - Allocated Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 17,128	$ 12,137	$ 47,664	$ 31,056
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,032	1,574	5,559	4,129
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,360	1,196	3,941	2,550
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8,668	5,752	23,941	14,566
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,068	$ 3,615	$ 14,223	$ 9,811