Etsy (ETSY) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		127,119,018
Entity Central Index Key	0001370637
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 756,237	$ 780,196
Short-term Investments	225,983	204,416
Accounts receivable, net of expected credit losses of $8,407 and $7,730 as of March 31, 2022 and December 31, 2021, respectively	20,645	27,266
Prepaid and other current assets	101,123	109,417
Funds receivable and seller accounts	191,149	220,206
Total current assets	1,295,137	1,341,501
Restricted cash	5,341	5,341
Property and equipment, net of accumulated depreciation and amortization of $169,358 and $157,043 as of March 31, 2022 and December 31, 2021, respectively	271,333	275,062
Goodwill	1,364,414	1,371,064
Intangible assets, net of accumulated amortization of $63,686 and $53,152 as of March 31, 2022 and December 31, 2021, respectively	595,305	607,170
Deferred tax assets	102,991	95,863
Long-term Investments	61,612	85,034
Other assets	49,042	50,774
Total assets	3,745,175	3,831,809
Current liabilities:
Accounts payable	15,734	28,007
Accrued expenses	241,349	328,118
Finance lease obligations—current	2,455	2,418
Funds payable and amounts due to sellers	191,149	220,206
Deferred revenue	12,503	12,339
Other current liabilities	20,015	24,500
Total current liabilities	483,205	615,588
Finance lease obligations—net of current portion	108,857	110,283
Deferred tax liabilities	77,027	79,484
Long-term debt, net	2,276,480	2,275,418
Other liabilities	122,739	122,417
Total liabilities	3,068,308	3,203,190
Commitments and contingencies
Stockholders’ equity:
Common stock ($0.001 par value, 1,400,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 126,969,418 and 127,022,118 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)	127	127
Preferred stock ($0.001 par value, 25,000,000 shares authorized as of March 31, 2022 and December 31, 2021)	0	0
Additional paid-in capital	672,486	631,762
Retained earnings	95,285	71,744
Accumulated other comprehensive loss	(91,031)	(75,014)
Total stockholders’ equity	676,867	628,619
Total liabilities and stockholders’ equity	$ 3,745,175	$ 3,831,809

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, expected credit losses	$ 8,407	$ 7,730
Property and equipment, accumulated depreciation and amortization	169,358	157,043
Finite-lived intangible assets, accumulated amortization	$ 63,686	$ 53,152
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)	126,969,418	127,022,118
Common stock, shares outstanding (in shares)	126,969,418	127,022,118
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 579,266	$ 550,646
Cost of revenue	172,995	142,917
Gross profit	406,271	407,729
Operating expenses:
Marketing	154,280	151,204
Product development	89,476	53,706
General and administrative	78,200	52,182
Total operating expenses	321,956	257,092
Income from operations	84,315	150,637
Other income, net	1,672	7,091
Income before income taxes	85,987	157,728
Benefit (provision) for income taxes	122	(13,962)
Net income	$ 86,109	$ 143,766
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.68	$ 1.14
Diluted (in dollars per share)	$ 0.60	$ 1
Weighted-average common shares outstanding:
Basic (in shares)	127,149,293	126,214,735
Diluted (in shares)	146,677,879	144,714,686

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 86,109	$ 143,766
Other comprehensive loss:
Cumulative translation adjustment	(14,703)	(11,064)
Unrealized losses on marketable securities, net of tax benefit of $418 and $80, respectively	(1,314)	(255)
Total other comprehensive loss	(16,017)	(11,319)
Comprehensive income	$ 70,092	$ 132,447

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Unrealized losses on marketable securities, net of tax benefit	$ (418)	$ (80)

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	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020				125,835,931
Beginning balance at Dec. 31, 2020		$ 742,424	$ (200,910)	$ 126	$ 883,166	$ (228,738)	$ (146,819)	$ 27,828	$ 5,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		20,976			20,976
Exercise of vested options (in shares)				217,293
Exercise of vested options		3,930			3,930
Settlement of convertible senior notes, net of taxes (in shares)				625,022
Settlement of convertible senior notes, net of taxes		(291)		$ 1	(292)
Vesting of restricted stock units, net of shares withheld (in shares)				107,322
Vesting of restricted stock units, net of shares withheld		(14,802)			(14,802)
Other comprehensive loss		(11,319)							(11,319)
Net income		143,766					143,766
Ending balance (in shares) at Mar. 31, 2021				126,785,568
Ending balance at Mar. 31, 2021		$ 683,774		$ 127	664,240		24,775		(5,368)
Beginning balance (in shares) at Dec. 31, 2021		127,022,118		127,022,118
Beginning balance at Dec. 31, 2021		$ 628,619		$ 127	631,762		71,744		(75,014)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)	[1]			28,010
Stock-based compensation	[1]	51,014			51,014
Exercise of vested options (in shares)				250,345
Exercise of vested options		3,394			3,394
Settlement of convertible senior notes, net of taxes (in shares)				58
Vesting of restricted stock units, net of shares withheld (in shares)				89,285
Vesting of restricted stock units, net of shares withheld		$ (13,684)			(13,684)
Stock repurchase (in shares)		(420,398)		(420,398)
Stock repurchase		$ (62,568)					(62,568)
Other comprehensive loss		(16,017)							(16,017)
Net income		$ 86,109					86,109
Ending balance (in shares) at Mar. 31, 2022		126,969,418		126,969,418
Ending balance at Mar. 31, 2022		$ 676,867		$ 127	$ 672,486		$ 95,285		$ (91,031)
[1]	(1) Includes the partial payment of Depop deferred consideration

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 86,109	$ 143,766
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	49,271	20,351
Depreciation and amortization expense	24,754	13,080
Provision for expected credit losses	3,109	4,601
Foreign exchange gain	(5,567)	(4,395)
Deferred benefit for income taxes	(10,517)	(3,068)
Other non-cash expense, net	3,321	1,455
Changes in operating assets and liabilities:
Current assets	32,195	(11,580)
Non-current assets	1,711	1,231
Current liabilities	(126,048)	(16,597)
Non-current liabilities	1,206	(379)
Net cash provided by operating activities	59,544	148,465
Cash flows from investing activities
Purchases of property and equipment	(3,212)	(526)
Development of internal-use software	(6,005)	(3,226)
Purchases of marketable securities	(76,416)	(268,972)
Sales and maturities of marketable securities	75,478	91,714
Net cash used in investing activities	(10,155)	(181,010)
Cash flows from financing activities
Payment of tax obligations on vested equity awards	(12,288)	(14,802)
Repurchase of stock	(62,568)	0
Proceeds from exercise of stock options	3,394	3,930
Payment of debt issuance costs	(25)	(25)
Settlement of convertible senior notes	(5)	(27,319)
Payments on finance lease obligations	(1,598)	(2,421)
Other financing, net	807	1,259
Net cash used in financing activities	(72,283)	(39,378)
Effect of exchange rate changes on cash	(1,065)	(8,498)
Net decrease in cash, cash equivalents, and restricted cash	(23,959)	(80,421)
Cash, cash equivalents, and restricted cash at beginning of period	785,537	1,249,440
Cash, cash equivalents, and restricted cash at end of period	761,578	1,169,019
Supplemental non-cash disclosures:
Deferred consideration	3,822	0
Stock-based compensation capitalized in development of capitalized software and asset additions in exchange for liabilities	3,961	954
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	756,237	1,163,678
Restricted cash	5,341	5,341
Total cash, cash equivalents, and restricted cash	$ 761,578	$ 1,169,019

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces - which collectively create a “House of Brands” - share the Company’s mission, common levers for growth, similar business models, and a strong commitment to use the power of business and technology to strengthen communities and empower people. The Company’s primary marketplace, Etsy.com, is the global destination for unique and creative goods. The Company generates revenue primarily from marketplace activities, including transaction, listing, and payments processing fees, and fees for optional seller services, which include on-site advertising and shipping label services. Basis of Consolidation The condensed consolidated financial statements include the accounts of Etsy, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On July 12, 2021, Etsy acquired all of the issued share capital of Depop Limited (“Depop”) pursuant to a share purchase, and on July 2, 2021, Etsy acquired all the outstanding shares of Elo7 Serviços de Informática S.A. (“Elo7”) by means of a merger. The financial results of Depop and Elo7 have been included in Etsy’s condensed consolidated financial statements from the respective dates of acquisition. See “Note 5—Business Combinations.” Reclassification Certain items in the prior years’ condensed consolidated financial statements have been reclassified to conform to the current year presentation reflected in the condensed consolidated financial statements. Basis of Presentation The accompanying unaudited interim condensed 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”). The Company has condensed or omitted certain information and notes normally included in complete annual financial statements prepared in accordance with GAAP. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the audited condensed consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2022 (the “Annual Report”). In the opinion of management, all material adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for the periods presented have been reflected in the condensed 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 condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates and judgments. The accounting estimates that require management’s most subjective judgments include: stock-based compensation; income taxes, including the estimate of the annual effective tax rate at interim periods and evaluation of uncertain tax positions; the valuation of acquired intangible assets, developed technology, and goodwill as part of purchase price allocations for business combinations; valuation of goodwill; and leases. As of March 31, 2022, the effects of global macroeconomic uncertainty, including the ongoing COVID-19 pandemic and general market, political, and economic conditions, on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and judgments require increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Marketplace revenue $ 427,691 $ 413,642 Services revenue 151,575 137,004 Revenue $ 579,266 $ 550,646 Contract balances Deferred revenues The amount of revenue recognized in the three months ended March 31, 2022 that was included in the deferred balance at January 1, 2022 was $11.8 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022, the Company’s effective income tax rate was (0.1)% representing an income tax benefit recorded on net income before tax. The effective tax rate for the three months ended March 31, 2022 was lower than the U.S. statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation, the impact from foreign operations, and a benefit related to a research and development tax credit, partially offset by state income taxes. Although management believes its tax positions and related provisions reflected in the condensed 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 $0.7 million in the three months ended March 31, 2022, from $28.8 million as of December 31, 2021 to $29.5 million as of March 31, 2022. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate is $28.4 million as of March 31, 2022. 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. The Company’s reasonable estimate of its gross unrecognized tax benefits, excluding interest and penalties, that could potentially be reduced during the next 12 months is $2.6 million.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income Per Share	Note 4—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 2022 2021 Numerator: Net income $ 86,109 $ 143,766 Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes 1,592 784 Net income attributable to common stockholders—diluted $ 87,701 $ 144,550 Denominator: Weighted-average common shares outstanding—basic 127,149,293 126,214,735 Dilutive effect of assumed conversion of options to purchase common stock 3,303,488 4,405,537 Dilutive effect of assumed conversion of restricted stock units 1,509,044 2,311,459 Dilutive effect of assumed conversion of convertible senior notes (1) 14,716,054 11,782,955 Weighted-average common shares outstanding—diluted 146,677,879 144,714,686 Net income per share attributable to common stockholders—basic $ 0.68 $ 1.14 Net income per share attributable to common stockholders—diluted $ 0.60 $ 1.00 (1) The $1.0 billion aggregate principal amount of 0.25% Convertible Senior Notes due 2028 (the “2021 Notes”), $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2027 (the “2020 Notes”), $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2026 (the “2019 Notes”), and 0% Convertible Senior Notes due 2023 (the “2018 Notes” and together with the 2021 Notes, 2020 Notes, and the 2019 Notes, the “Notes”) were dilutive for the three months ended March 31, 2022 and March 31, 2021. The Company used the if-converted method when calculating the dilutive effect of the Notes for both the three months ended March 31, 2022 and March 31, 2021. 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 2022 2021 Stock options 198,081 32,992 Restricted stock units 1,853,488 114,953 Total anti-dilutive securities 2,051,569 147,945

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Note 5—Business Combinations The Company accounts for business combinations using the acquisition method of accounting. The purchase price is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s condensed consolidated financial statements from the date of acquisition. Depop Acquisition On July 12, 2021, the Company acquired all of the issued share capital of Depop, an online global peer-to-peer fashion resale marketplace. The Company believes Depop extends its market opportunity in the high frequency apparel sector, specifically in the fast-growing resale space, and deepens the Company’s reach into the Gen Z consumer. The fair value of consideration transferred of $1.493 billion consisted of: (1) cash consideration paid of $1.489 billion, net of cash acquired and (2) non-cash consideration of $4.8 million representing the portion of the replacement equity awards issued in connection with the acquisition that was associated with services rendered through the date of the acquisition. The portion of the replacement equity awards associated with services rendered post-acquisition is recorded as post-combination expense on a straight-line basis over the remaining vesting period of the awards. Additionally, deferred consideration awards issued to certain Depop executives are also recorded as post-combination expense on a straight-line basis over the mandatory service period associated with the deferred consideration. Neither of these awards was included in the fair value of the consideration transferred. See Note 11—Stock-Based Compensation for more information on these awards. Goodwill consists largely of assembled workforce, expanded market opportunities, and value creation across the Company’s businesses. 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 Depop as of December 31, 2021. Depop Purchase Price Allocation The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities of Depop assumed as of July 12, 2021 (the date of acquisition) (in thousands): Final Purchase Price Allocation as Adjusted Estimated Useful Life (in years) Current assets $ 4,288 Property and equipment other 1,299 2-5 Developed technology 95,764 5 Trademark 249,820 20 Customer relationships 148,504 13 Goodwill 1,118,855 Indefinite Current liabilities (18,878) Non-current liabilities (1) (27,957) Deferred tax liability, net (78,872) Total purchase price $ 1,492,823 (1) Non-current liabilities are primarily related to non-income tax related contingency reserves. Elo7 Acquisition On July 2, 2021, the Company acquired all the outstanding shares of Elo7 (including Elo7, Ltd. and related subsidiaries entities), by means of a merger, an e-commerce marketplace in Brazil focused on unique, handmade items. The Company sees significant potential in Brazil's e-commerce sector, which is still in early stages of development and fueled by one of the largest economies in the world. The Company believes having a well-known local brand will help Etsy to better capitalize on this opportunity. The fair value of consideration transferred of $212.1 million consisted of: (1) cash consideration paid of $211.3 million, net of cash acquired, and (2) non-cash consideration of $0.8 million representing the portion of the replacement equity awards issued in connection with the acquisition that was associated with services rendered through the date of the acquisition. The portion of the replacement equity awards associated with services rendered post-acquisition are recorded as post-combination expense on a straight-line basis over the remaining vesting period of the awards, and were therefore not included in the fair value of the consideration transferred. See Note 11—Stock-Based Compensation for more information on these awards. Goodwill consists largely of assembled workforce, expanded market opportunities, and value creation across the Company’s businesses. 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 Elo7 as of December 31, 2021. Elo7 Purchase Price Allocation The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of Elo7 as of July 2, 2021 (the date of acquisition) (in thousands): Final Purchase Price Allocation as Adjusted Estimated Useful Life (in years) Current assets $ 2,721 Developed technology 12,084 5 Trademark 22,187 15 Customer relationships 44,374 15 Goodwill 157,187 Indefinite Non-current assets 2,412 Current liabilities (3,406) Non-current liabilities (2,691) Deferred tax liability, net (22,727) Total purchase price $ 212,141 Acquisition-Related Expenses Acquisition-related expenses are expensed as incurred. They were recorded in general and administrative expenses and were $0.9 million for the three months ended March 31, 2022. Unaudited Supplemental Pro Forma Information The following unaudited pro forma summary presents consolidated information of the Company, including Depop and Elo7, as if the business combinations had occurred on January 1, 2020 (in thousands): Three Months Ended March 31, 2021 Revenue $ 573,407 Net income 133,465 The pro forma financial information includes adjustments that are directly attributable to the business combinations and are factually supportable. The pro forma adjustments include incremental amortization of intangible and developed technology assets, and remove non-recurring transaction costs directly associated with the acquisitions, such as legal and other professional service fees, and the pro forma tax impact for such adjustments. Cost savings or operating synergies expected to result from the acquisitions are not included in the pro forma results. For the three months ended March 31, 2021, the pro forma financial information excludes $0.1 million of non-recurring acquisition-related expenses. These pro forma results are illustrative only and not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 Company did not have any Level 3 instruments as of March 31, 2022 and December 31, 2021. Short- and long-term investments and certain cash equivalents consist of investments in debt securities that are available-for-sale. The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair values of the Company’s investments as of the dates indicated (in thousands): Cost Gross Gross Fair Value Cash and Cash Equivalents Short-term Investments Long-term Investments March 31, 2022 Cash $ 196,005 $ — $ — $ 196,005 $ 196,005 $ — $ — Level 1 Money market funds 547,825 — — 547,825 547,825 — — U.S. Government and agency securities 63,432 (290) — 63,142 — 55,264 7,878 611,257 (290) — 610,967 547,825 55,264 7,878 Level 2 Certificate of deposit 21,317 (35) 7 21,289 2,166 19,123 — Commercial paper 44,291 (100) 4 44,195 10,241 33,954 — Corporate bonds 173,228 (1,852) — 171,376 — 117,642 53,734 238,836 (1,987) 11 236,860 12,407 170,719 53,734 $ 1,046,098 $ (2,277) $ 11 $ 1,043,832 $ 756,237 $ 225,983 $ 61,612 December 31, 2021 Cash $ 214,771 $ — $ — $ 214,771 $ 214,771 $ — $ — Level 1 Money market funds 556,427 — — 556,427 556,427 — — U.S. Government and agency securities 60,311 (55) 11 60,267 — 52,632 7,635 616,738 (55) 11 616,694 556,427 52,632 7,635 Level 2 Certificate of deposit 20,709 (7) 1 20,703 — 20,703 — Commercial paper 25,235 (14) 1 25,222 8,998 16,224 — Corporate bonds 192,727 (481) 10 192,256 — 114,857 77,399 238,671 (502) 12 238,181 8,998 151,784 77,399 $ 1,070,180 $ (557) $ 23 $ 1,069,646 $ 780,196 $ 204,416 $ 85,034 The Company evaluates fair value for each individual security in the investment portfolio. All investments in an unrealized loss position have been in an unrealized loss position for less than 12 months as of March 31, 2022. The Company typically invests in short- and long-term instruments, including fixed-income funds and U.S. Government and agency securities aligned with the Company’s investment strategy. The maturities of the Company’s non-current marketable debt securities generally range from greater than 12 and up to 37 months. Disclosure of Fair Values The Company’s financial instruments that are not remeasured at fair value in the Consolidated Balance Sheets include the Notes. See “Note 8—Debt” for additional information. The Company estimates the fair value of the Notes through inputs that are observable in the market, classified as Level 2 as described above. The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands): As of March 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value 2021 Notes $ 988,204 $ 879,601 $ 987,729 $ 1,165,519 2020 Notes 643,536 645,724 643,237 862,774 2019 Notes 644,680 1,039,288 644,390 1,644,869 2018 Notes (1) 60 205 62 375 $ 2,276,480 $ 2,564,818 $ 2,275,418 $ 3,673,537 (1) Contemporaneously with the partial repurchase of the 2018 Notes in the third quarter of 2020, the Company agreed with the counterparties to the associated capped call instrument (the “2018 Capped Call Transactions”) that the 2018 Capped Call Transactions would remain outstanding with a maturity of March 2023 and there was no exchange of any consideration for such agreement. See “Note 8—Debt” for more information on the Company’s capped call transactions. The carrying value of other financial instruments, including accounts receivable, funds receivable and seller accounts, accounts payable, and funds payable and amounts due to sellers approximate fair value due to the immediate or short-term maturity associated with these instruments.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Note 7—Accrued Expenses Accrued expenses consisted of the following as of the dates indicated (in thousands): As of March 31, As of December 31, Pass-through marketplace tax collection obligation $ 100,715 $ 136,360 Vendor accruals 91,441 115,593 Employee compensation-related liabilities 28,878 66,477 Taxes payable 20,315 9,688 Total accrued expenses $ 241,349 $ 328,118

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Note 8—Debt The following table presents the outstanding principal amount and carrying value of the Notes as of the dates indicated (in thousands): As of March 31, 2022 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,955 $ 60 $ 2,300,015 Unamortized debt issuance costs 11,796 6,464 5,275 — 23,535 Net carrying value $ 988,204 $ 643,536 $ 644,680 $ 60 $ 2,276,480 As of December 31, 2021 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,958 $ 62 $ 2,300,020 Unamortized debt issuance costs 12,271 6,763 5,568 — 24,602 Net carrying value $ 987,729 $ 643,237 $ 644,390 $ 62 $ 2,275,418 Terms of the Notes The Notes will mature at their maturity date unless earlier converted or repurchased. The terms of the Notes are summarized below: Convertible Notes Maturity Date Contractual Convertibility Date (1) Initial Conversion Rate per $1,000 Principal Initial Conversion Price Annual Effective Interest Rate 2021 Notes June 15, 2028 February 15, 2028 4.0518 $ 246.80 0.4 % 2020 Notes September 1, 2027 May 1, 2027 5.0007 199.97 0.3 % 2019 Notes October 1, 2026 June 1, 2026 11.4040 87.69 0.3 % 2018 Notes March 1, 2023 November 1, 2022 27.5691 36.27 — % (1) During any calendar quarter preceding the respective convertibility date of each series of Notes, in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the 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 Notes. Based on the daily closing prices of the Company’s stock during the quarter ended March 31, 2022, holders of the 2019 Notes and the remaining 2018 Notes are eligible to convert their 2019 Notes and 2018 Notes, respectively, and holders of the 2021 Notes and 2020 Notes are not eligible to convert their 2021 Notes and 2020 Notes, respectively, during the second quarter of 2022. Based on the terms of each series of 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 Notes in cash and, therefore, the Notes are classified as long-term debt as of March 31, 2022. The Company may redeem all or any portion of the 2021 Notes, at the Company’s option, subject to partial redemption limitations, on or after June 20, 2025, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2021 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Notes are general unsecured obligations of the Company. The 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; 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. Interest Expense Interest expense, which consists of coupon interest and amortization of debt issuance costs, related to each of the Notes for the periods presented below was as follows (in thousands): Three Months Ended 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Total interest expense $ 1,100 $ 501 $ 496 $ — $ 2,097 Three Months Ended 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Total interest expense $ — $ 502 $ 496 $ 32 $ 1,030 Fair Value of Notes The estimated fair value of each of the Notes was determined through inputs that are observable in the market, and are classified as Level 2. See “Note 6—Fair Value Measurements” for more information regarding the fair value of the Notes. Capped Call Transactions The Company used a portion of the net proceeds from each of the Notes offerings to enter into separate privately negotiated capped call instruments (the 2018, 2019, 2020, and 2021 capped call instruments collectively referred to as the “Capped Call Transactions”) with certain financial institutions, initial purchasers, and/or their respective affiliates. The 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 Notes upon conversion of the Notes in the event that the market price per share of the Company’s common stock is greater than the strike price of the Capped Call Transactions with such reduction and/or offset subject to a cap. Collectively, the Capped Call Transactions cover, initially, the number of shares of the Company’s common stock underlying the respective Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Notes. The initial terms of the Company’s Capped Call Transactions are presented below: Capped Call Transactions Maturity Date Initial Cap Price per Share Cap Price Premium 2021 Capped Call Transactions June 13, 2028 $ 340.42 100 % 2020 Capped Call Transactions September 1, 2027 327.83 150 % 2019 Capped Call Transactions October 1, 2026 148.63 150 % 2018 Capped Call Transactions March 1, 2023 52.76 100 % 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 periods. The 2019 Credit Agreement contains customary provisions for the replacement of the adjusted LIBOR rate with an alternate benchmark rate when the adjusted LIBOR rate is phased out in the lending market. The Company does not anticipate that replacement of the benchmark rate, as provided in the 2019 Credit Agreement, will materially impact its liquidity or financial position. 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. At March 31, 2022, the Company did not have any borrowings under the 2019 Credit Agreement and was in compliance with all financial covenants.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9—Commitments and Contingencies 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	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Note 10—Stockholders’ Equity In December 2020, the Board of Directors approved a stock repurchase program that enables the Company to repurchase up to $250 million of its common stock. As of March 31, 2022, the remaining amount available to be repurchased under this program was $64.6 million. Effective May 3, 2022, the Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to an additional $600 million of its common stock. See “Note 12—Subsequent Events” for additional information. Under the stock repurchase programs, 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. The following table summarizes the Company’s cumulative share repurchase activity under the program approved in December 2020, excluding shares withheld to satisfy tax withholding obligations in connection with the vesting of employee restricted stock units (“RSUs”) (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 January 1, 2022 $ 127,217 Repurchases of common stock for the three months ended: March 31, 2022 420,398 $ 148.83 $ 62,574 (62,574) Balance as of March 31, 2022 420,398 $ 148.83 $ 62,574 $ 64,643 (1) Average price paid per share excludes broker commissions. Value of shares repurchased includes broker commissions. All repurchases were made using cash resources, and all repurchased shares of common stock have been retired.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 11—Stock-Based Compensation During the three months ended March 31, 2022, the Company granted RSUs, including financial performance-based restricted stock units (“Financial PBRSUs”) and total shareholder return performance-based restricted stock units (“TSR PBRSUs”), under its 2015 Equity Incentive Plan (“2015 Plan”) and, pursuant to the evergreen increase provision of the 2015 Plan, 6,351,106 additional shares were added to the total number of shares available for issuance under the 2015 Plan effective as of January 3, 2022. At March 31, 2022, 50,391,850 shares were authorized under the 2015 Plan and 32,708,915 shares were available for future grant. The following table summarizes the activity for the Company’s unvested RSUs, which includes Financial PBRSUs and TSR PBRSUs, during the three months ended March 31, 2022: Shares Weighted-Average Unvested at December 31, 2021 3,506,721 $ 137.87 Granted 3,534,629 128.49 Vested (164,608) 111.86 Forfeited/Canceled (108,051) 173.93 Unvested at March 31, 2022 6,768,691 132.85 The total unrecognized compensation expense at March 31, 2022 related to the Company’s unvested RSUs, including the Financial PBRSUs and TSR PBRSUs, was $817.3 million, which will be recognized over an estimated weighted-average amortization period of 3.40 years. In connection with the acquisition of Depop, certain Depop executives are eligible to receive deferred consideration of $44.0 million in shares of Etsy common stock over the three years following the acquisition date, subject to certain service-based vesting conditions during the vesting period. The unrecognized compensation expense at March 31, 2022 related to these awards was $29.0 million, which will be recognized over an estimated weighted-average amortization period of 2.28 years. These amounts are excluded from the unrecognized compensation expense associated with the Company’s unvested RSUs noted above. The total unrecognized compensation expense at March 31, 2022 related to the Company’s options was $22.0 million, which will be recognized over an estimated weighted-average amortization period of 2.48 years. Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for the periods presented below is as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 4,191 $ 2,357 Marketing 3,632 1,367 Product development 21,397 9,784 General and administrative 20,051 6,843 Stock-based compensation expense $ 49,271 $ 20,351

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Note 12—Subsequent Events The Company increased the seller transaction fee for the Etsy marketplace effective as of April 11, 2022 from 5% to 6.5%. Additionally, effective May 3, 2022, the Board of Directors approved a new stock repurchase program authorizing the Company to repurchase up to $600 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.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of ConsolidationThe condensed consolidated financial statements include the accounts of Etsy, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On July 12, 2021, Etsy acquired all of the issued share capital of Depop Limited (“Depop”) pursuant to a share purchase, and on July 2, 2021, Etsy acquired all the outstanding shares of Elo7 Serviços de Informática S.A. (“Elo7”) by means of a merger. The financial results of Depop and Elo7 have been included in Etsy’s condensed consolidated financial statements from the respective dates of acquisition.
Reclassification	Reclassification Certain items in the prior years’ condensed consolidated financial statements have been reclassified to conform to the current year presentation reflected in the condensed consolidated financial statements.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed 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”). The Company has condensed or omitted certain information and notes normally included in complete annual financial statements prepared in accordance with GAAP. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the audited condensed consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2022 (the “Annual Report”). In the opinion of management, all material adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for the periods presented have been reflected in the condensed 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 condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates and judgments. The accounting estimates that require management’s most subjective judgments include: stock-based compensation; income taxes, including the estimate of the annual effective tax rate at interim periods and evaluation of uncertain tax positions; the valuation of acquired intangible assets, developed technology, and goodwill as part of purchase price allocations for business combinations; valuation of goodwill; and leases. As of March 31, 2022, the effects of global macroeconomic uncertainty, including the ongoing COVID-19 pandemic and general market, political, and economic conditions, on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and judgments require increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Marketplace revenue $ 427,691 $ 413,642 Services revenue 151,575 137,004 Revenue $ 579,266 $ 550,646

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Numerator: Net income $ 86,109 $ 143,766 Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes 1,592 784 Net income attributable to common stockholders—diluted $ 87,701 $ 144,550 Denominator: Weighted-average common shares outstanding—basic 127,149,293 126,214,735 Dilutive effect of assumed conversion of options to purchase common stock 3,303,488 4,405,537 Dilutive effect of assumed conversion of restricted stock units 1,509,044 2,311,459 Dilutive effect of assumed conversion of convertible senior notes (1) 14,716,054 11,782,955 Weighted-average common shares outstanding—diluted 146,677,879 144,714,686 Net income per share attributable to common stockholders—basic $ 0.68 $ 1.14 Net income per share attributable to common stockholders—diluted $ 0.60 $ 1.00 (1) The $1.0 billion aggregate principal amount of 0.25% Convertible Senior Notes due 2028 (the “2021 Notes”), $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2027 (the “2020 Notes”), $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2026 (the “2019 Notes”), and 0% Convertible Senior Notes due 2023 (the “2018 Notes” and together with the 2021 Notes, 2020 Notes, and the 2019 Notes, the “Notes”) were dilutive for the three months ended March 31, 2022 and March 31, 2021. The Company used the if-converted method when calculating the dilutive effect of the Notes for both the three months ended March 31, 2022 and March 31, 2021.
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 2022 2021 Stock options 198,081 32,992 Restricted stock units 1,853,488 114,953 Total anti-dilutive securities 2,051,569 147,945

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [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 of Depop assumed as of July 12, 2021 (the date of acquisition) (in thousands): Final Purchase Price Allocation as Adjusted Estimated Useful Life (in years) Current assets $ 4,288 Property and equipment other 1,299 2-5 Developed technology 95,764 5 Trademark 249,820 20 Customer relationships 148,504 13 Goodwill 1,118,855 Indefinite Current liabilities (18,878) Non-current liabilities (1) (27,957) Deferred tax liability, net (78,872) Total purchase price $ 1,492,823 (1) Non-current liabilities are primarily related to non-income tax related contingency reserves. The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of Elo7 as of July 2, 2021 (the date of acquisition) (in thousands): Final Purchase Price Allocation as Adjusted Estimated Useful Life (in years) Current assets $ 2,721 Developed technology 12,084 5 Trademark 22,187 15 Customer relationships 44,374 15 Goodwill 157,187 Indefinite Non-current assets 2,412 Current liabilities (3,406) Non-current liabilities (2,691) Deferred tax liability, net (22,727) Total purchase price $ 212,141
Schedule of Unaudited Supplemental Pro Forma Information	The following unaudited pro forma summary presents consolidated information of the Company, including Depop and Elo7, as if the business combinations had occurred on January 1, 2020 (in thousands): Three Months Ended March 31, 2021 Revenue $ 573,407 Net income 133,465

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Values Company’s Investments	The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair values of the Company’s investments as of the dates indicated (in thousands): Cost Gross Gross Fair Value Cash and Cash Equivalents Short-term Investments Long-term Investments March 31, 2022 Cash $ 196,005 $ — $ — $ 196,005 $ 196,005 $ — $ — Level 1 Money market funds 547,825 — — 547,825 547,825 — — U.S. Government and agency securities 63,432 (290) — 63,142 — 55,264 7,878 611,257 (290) — 610,967 547,825 55,264 7,878 Level 2 Certificate of deposit 21,317 (35) 7 21,289 2,166 19,123 — Commercial paper 44,291 (100) 4 44,195 10,241 33,954 — Corporate bonds 173,228 (1,852) — 171,376 — 117,642 53,734 238,836 (1,987) 11 236,860 12,407 170,719 53,734 $ 1,046,098 $ (2,277) $ 11 $ 1,043,832 $ 756,237 $ 225,983 $ 61,612 December 31, 2021 Cash $ 214,771 $ — $ — $ 214,771 $ 214,771 $ — $ — Level 1 Money market funds 556,427 — — 556,427 556,427 — — U.S. Government and agency securities 60,311 (55) 11 60,267 — 52,632 7,635 616,738 (55) 11 616,694 556,427 52,632 7,635 Level 2 Certificate of deposit 20,709 (7) 1 20,703 — 20,703 — Commercial paper 25,235 (14) 1 25,222 8,998 16,224 — Corporate bonds 192,727 (481) 10 192,256 — 114,857 77,399 238,671 (502) 12 238,181 8,998 151,784 77,399 $ 1,070,180 $ (557) $ 23 $ 1,069,646 $ 780,196 $ 204,416 $ 85,034
Schedule of Estimated Fair Value Liability Component	The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands): As of March 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value 2021 Notes $ 988,204 $ 879,601 $ 987,729 $ 1,165,519 2020 Notes 643,536 645,724 643,237 862,774 2019 Notes 644,680 1,039,288 644,390 1,644,869 2018 Notes (1) 60 205 62 375 $ 2,276,480 $ 2,564,818 $ 2,275,418 $ 3,673,537 (1) Contemporaneously with the partial repurchase of the 2018 Notes in the third quarter of 2020, the Company agreed with the counterparties to the associated capped call instrument (the “2018 Capped Call Transactions”) that the 2018 Capped Call Transactions would remain outstanding with a maturity of March 2023 and there was no exchange of any consideration for such agreement. See “Note 8—Debt” for more information on the Company’s capped call transactions.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consisted of the following as of the dates indicated (in thousands): As of March 31, As of December 31, Pass-through marketplace tax collection obligation $ 100,715 $ 136,360 Vendor accruals 91,441 115,593 Employee compensation-related liabilities 28,878 66,477 Taxes payable 20,315 9,688 Total accrued expenses $ 241,349 $ 328,118

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,955 $ 60 $ 2,300,015 Unamortized debt issuance costs 11,796 6,464 5,275 — 23,535 Net carrying value $ 988,204 $ 643,536 $ 644,680 $ 60 $ 2,276,480 As of December 31, 2021 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,958 $ 62 $ 2,300,020 Unamortized debt issuance costs 12,271 6,763 5,568 — 24,602 Net carrying value $ 987,729 $ 643,237 $ 644,390 $ 62 $ 2,275,418
Schedule of Maturities of Convertible Notes	The Notes will mature at their maturity date unless earlier converted or repurchased. The terms of the Notes are summarized below: Convertible Notes Maturity Date Contractual Convertibility Date (1) Initial Conversion Rate per $1,000 Principal Initial Conversion Price Annual Effective Interest Rate 2021 Notes June 15, 2028 February 15, 2028 4.0518 $ 246.80 0.4 % 2020 Notes September 1, 2027 May 1, 2027 5.0007 199.97 0.3 % 2019 Notes October 1, 2026 June 1, 2026 11.4040 87.69 0.3 % 2018 Notes March 1, 2023 November 1, 2022 27.5691 36.27 — % (1) During any calendar quarter preceding the respective convertibility date of each series of Notes, in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the 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 Notes. Based on the daily closing prices of the Company’s stock during the quarter ended March 31, 2022, holders of the 2019 Notes and the remaining 2018 Notes are eligible to convert their 2019 Notes and 2018 Notes, respectively, and holders of the 2021 Notes and 2020 Notes are not eligible to convert their 2021 Notes and 2020 Notes, respectively, during the second quarter of 2022.
Schedule of Interest Expense	Interest expense, which consists of coupon interest and amortization of debt issuance costs, related to each of the Notes for the periods presented below was as follows (in thousands): Three Months Ended 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Total interest expense $ 1,100 $ 501 $ 496 $ — $ 2,097 Three Months Ended 2021 Notes 2020 Notes 2019 Notes 2018 Notes Total Total interest expense $ — $ 502 $ 496 $ 32 $ 1,030
Schedule of Capped Call Transactions	The initial terms of the Company’s Capped Call Transactions are presented below: Capped Call Transactions Maturity Date Initial Cap Price per Share Cap Price Premium 2021 Capped Call Transactions June 13, 2028 $ 340.42 100 % 2020 Capped Call Transactions September 1, 2027 327.83 150 % 2019 Capped Call Transactions October 1, 2026 148.63 150 % 2018 Capped Call Transactions March 1, 2023 52.76 100 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Class of Treasury Stock	The following table summarizes the Company’s cumulative share repurchase activity under the program approved in December 2020, excluding shares withheld to satisfy tax withholding obligations in connection with the vesting of employee restricted stock units (“RSUs”) (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 January 1, 2022 $ 127,217 Repurchases of common stock for the three months ended: March 31, 2022 420,398 $ 148.83 $ 62,574 (62,574) Balance as of March 31, 2022 420,398 $ 148.83 $ 62,574 $ 64,643 (1) Average price paid per share excludes broker commissions. Value of shares repurchased includes broker commissions.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Unvested RSU Activity	The following table summarizes the activity for the Company’s unvested RSUs, which includes Financial PBRSUs and TSR PBRSUs, during the three months ended March 31, 2022: Shares Weighted-Average Unvested at December 31, 2021 3,506,721 $ 137.87 Granted 3,534,629 128.49 Vested (164,608) 111.86 Forfeited/Canceled (108,051) 173.93 Unvested at March 31, 2022 6,768,691 132.85
Schedule of Stock-based Compensation Expense	Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for the periods presented below is as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 4,191 $ 2,357 Marketing 3,632 1,367 Product development 21,397 9,784 General and administrative 20,051 6,843 Stock-based compensation expense $ 49,271 $ 20,351

Revenue - Summary of Revenue by

Revenue - Summary of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 579,266	$ 550,646
Marketplace revenue
Disaggregation of Revenue [Line Items]
Revenue	427,691	413,642
Services revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 151,575	$ 137,004

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized in the period	$ 11.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.10%)
Unrecognized tax benefits, period decrease	$ 700
Unrecognized tax benefits	29,500	$ 28,800
Unrecognized tax benefits that would impact effective tax rate favorably	28,400
Decrease in unrecognized tax benefits	$ 2,600

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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jun. 30, 2021	Aug. 31, 2020	Sep. 30, 2019	Mar. 31, 2018
Numerator:
Net income	$ 86,109	$ 143,766
Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes	1,592	784
Net income attributable to common stockholders—diluted	$ 87,701	$ 144,550
Denominator:
Weighted average common shares outstanding—basic (in shares)	127,149,293	126,214,735
Dilutive effect of assumed conversion of convertible senior notes (in shares)	14,716,054	11,782,955
Weighted average common shares outstanding - diluted (in shares)	146,677,879	144,714,686
Net income per share attributable to common stockholders—basic (in dollars per shares)	$ 0.68	$ 1.14
Net income per share attributable to common stockholders—diluted (in dollars per share)	$ 0.60	$ 1
Convertible Debt
Denominator:
Principal	$ 2,300,015		$ 2,300,020
Convertible Senior Notes Due 2028 | Convertible Debt
Denominator:
Principal	1,000,000		1,000,000	$ 1,000,000
Debt instrument, interest rate, stated percentage				0.25%
Convertible Senior Notes Due 2027 | Convertible Debt
Denominator:
Principal	650,000		650,000		$ 650,000
Debt instrument, interest rate, stated percentage					0.125%
Convertible Senior Notes Due 2026 | Convertible Debt
Denominator:
Principal	649,955		649,958			$ 650,000
Debt instrument, interest rate, stated percentage						0.125%
Convertible Senior Notes Due 2023 | Convertible Debt
Denominator:
Principal	$ 60		$ 62
Debt instrument, interest rate, stated percentage							0.00%
Stock Options
Denominator:
Dilutive effect of assumed conversion (in shares)	3,303,488	4,405,537
Restricted stock units
Denominator:
Dilutive effect of assumed conversion (in shares)	1,509,044	2,311,459

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
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	2,051,569	147,945
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)	198,081	32,992
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)	1,853,488	114,953

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Jul. 12, 2021	Jul. 02, 2021	Mar. 31, 2022	Mar. 31, 2021
Depop
Business Acquisition [Line Items]
Fair value of consideration transferred	$ 1,493,000
Cash consideration paid	1,489,000
Non-cash consideration, replacement equity awards	$ 4,800
Elo7
Business Acquisition [Line Items]
Fair value of consideration transferred		$ 212,100
Cash consideration paid		211,300
Non-cash consideration, replacement equity awards		$ 800
Depop and Elo7
Business Acquisition [Line Items]
Acquisition-related expenses			$ 900
Non-recurring acquisition-related expenses				$ 133,465
Depop and Elo7 | Acquisition-related Costs
Business Acquisition [Line Items]
Non-recurring acquisition-related expenses				$ 100

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 12, 2021	Jul. 02, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill			$ 1,364,414	$ 1,371,064
Depop
Business Acquisition [Line Items]
Current assets	$ 4,288
Goodwill	1,118,855
Current liabilities	(18,878)
Non-current liabilities	(27,957)
Deferred tax liability, net	(78,872)
Total purchase price	1,492,823
Depop | Trademark
Business Acquisition [Line Items]
Finite-lived intangibles	$ 249,820
Estimated Useful Life (in years)	20 years
Depop | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles	$ 148,504
Estimated Useful Life (in years)	13 years
Depop | Property and equipment other
Business Acquisition [Line Items]
Property and equipment	$ 1,299
Depop | Property and equipment other | Minimum
Business Acquisition [Line Items]
Estimated Useful Life (in years)	2 years
Depop | Property and equipment other | Maximum
Business Acquisition [Line Items]
Estimated Useful Life (in years)	5 years
Depop | Developed technology
Business Acquisition [Line Items]
Property and equipment	$ 95,764
Estimated Useful Life (in years)	5 years
Elo7
Business Acquisition [Line Items]
Current assets		$ 2,721
Goodwill		157,187
Non-current assets		2,412
Current liabilities		(3,406)
Non-current liabilities		(2,691)
Deferred tax liability, net		(22,727)
Total purchase price		212,141
Elo7 | Trademark
Business Acquisition [Line Items]
Finite-lived intangibles		$ 22,187
Estimated Useful Life (in years)		15 years
Elo7 | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles		$ 44,374
Estimated Useful Life (in years)		15 years
Elo7 | Developed technology
Business Acquisition [Line Items]
Property and equipment		$ 12,084
Estimated Useful Life (in years)		5 years

Business Combinations - Unaudit

Business Combinations - Unaudited Supplemental Pro Forma Information (Details) - Depop and Elo7 $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Revenue	$ 573,407
Net income	$ 133,465

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Values Company’s Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	$ 1,046,098	$ 1,070,180
Gross Unrealized Holding Loss	(2,277)	(557)
Gross Unrealized Holding Gain	11	23
Fair Value	1,043,832	1,069,646
Cash and Cash Equivalents	756,237	780,196
Short-term Investments	225,983	204,416
Long-term Investments	61,612	85,034
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	196,005	214,771
Gross Unrealized Holding Loss	0	0
Gross Unrealized Holding Gain	0	0
Fair Value	196,005	214,771
Cash and Cash Equivalents	196,005	214,771
Short-term Investments	0	0
Long-term Investments	0	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	611,257	616,738
Gross Unrealized Holding Loss	(290)	(55)
Gross Unrealized Holding Gain	0	11
Fair Value	610,967	616,694
Cash and Cash Equivalents	547,825	556,427
Short-term Investments	55,264	52,632
Long-term Investments	7,878	7,635
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	547,825	556,427
Gross Unrealized Holding Loss	0	0
Gross Unrealized Holding Gain	0	0
Fair Value	547,825	556,427
Cash and Cash Equivalents	547,825	556,427
Short-term Investments	0	0
Long-term Investments	0	0
Level 1 | U.S. Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	63,432	60,311
Gross Unrealized Holding Loss	(290)	(55)
Gross Unrealized Holding Gain	0	11
Fair Value	63,142	60,267
Cash and Cash Equivalents	0	0
Short-term Investments	55,264	52,632
Long-term Investments	7,878	7,635
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	238,836	238,671
Gross Unrealized Holding Loss	(1,987)	(502)
Gross Unrealized Holding Gain	11	12
Fair Value	236,860	238,181
Cash and Cash Equivalents	12,407	8,998
Short-term Investments	170,719	151,784
Long-term Investments	53,734	77,399
Level 2 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	21,317	20,709
Gross Unrealized Holding Loss	(35)	(7)
Gross Unrealized Holding Gain	7	1
Fair Value	21,289	20,703
Cash and Cash Equivalents	2,166	0
Short-term Investments	19,123	20,703
Long-term Investments	0	0
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	44,291	25,235
Gross Unrealized Holding Loss	(100)	(14)
Gross Unrealized Holding Gain	4	1
Fair Value	44,195	25,222
Cash and Cash Equivalents	10,241	8,998
Short-term Investments	33,954	16,224
Long-term Investments	0	0
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	173,228	192,727
Gross Unrealized Holding Loss	(1,852)	(481)
Gross Unrealized Holding Gain	0	10
Fair Value	171,376	192,256
Cash and Cash Equivalents	0	0
Short-term Investments	117,642	114,857
Long-term Investments	$ 53,734	$ 77,399

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Mar. 31, 2022
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, investment maturity	12 months
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, investment maturity	37 months

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Estimated Fair Value Liability Component (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 2,276,480	$ 2,275,418
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	2,564,818	3,673,537
2021 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	988,204	987,729
2021 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	879,601	1,165,519
2020 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	643,536	643,237
2020 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	645,724	862,774
2019 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	644,680	644,390
2019 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	1,039,288	1,644,869
2018 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	60	62
2018 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 205	$ 375

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Pass-through marketplace tax collection obligation	$ 100,715	$ 136,360
Vendor accruals	91,441	115,593
Employee compensation-related liabilities	28,878	66,477
Taxes payable	20,315	9,688
Total accrued expenses	$ 241,349	$ 328,118

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Aug. 31, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Long-term debt, net	$ 2,276,480	$ 2,275,418
Convertible Debt
Debt Instrument [Line Items]
Principal	2,300,015	2,300,020
Unamortized debt issuance costs	23,535	24,602
Long-term debt, net	2,276,480	2,275,418
2021 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal	1,000,000	1,000,000	$ 1,000,000
Unamortized debt issuance costs	11,796	12,271
Long-term debt, net	988,204	987,729
2020 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal	650,000	650,000		$ 650,000
Unamortized debt issuance costs	6,464	6,763
Long-term debt, net	643,536	643,237
2019 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal	649,955	649,958			$ 650,000
Unamortized debt issuance costs	5,275	5,568
Long-term debt, net	644,680	644,390
2018 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal	60	62
Unamortized debt issuance costs	0	0
Long-term debt, net	$ 60	$ 62

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Convertible Notes (Details) - Convertible Debt	1 Months Ended
	Jun. 30, 2021$ / shares	Aug. 31, 2020$ / shares	Sep. 30, 2019$ / shares	Mar. 31, 2018$ / shares	Mar. 31, 2022
Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Conversion ratio	0.0040518
Conversion price (in dollars per share)	$ 246.80
Effective interest rate					0.40%
Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Conversion ratio		0.0050007
Conversion price (in dollars per share)		$ 199.97
Effective interest rate					0.30%
Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Conversion ratio			0.0114040
Conversion price (in dollars per share)			$ 87.69
Effective interest rate					0.30%
Convertible Senior Notes Due 2023
Debt Instrument [Line Items]
Conversion ratio				0.0275691
Conversion price (in dollars per share)				$ 36.27
Effective interest rate					0.00%

Debt - Terms of the Notes (Deta

Debt - Terms of the Notes (Details) - Convertible Debt - day	1 Months Ended	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2022
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger		130.00%
Threshold trading days		20
Threshold consecutive trading days		30
Convertible Senior Notes Due 2028 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	130.00%
Threshold trading days	20
Threshold consecutive trading days	30
Convertible Senior Notes Due 2028 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percent	100.00%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Non-cash interest expense	$ 2,097	$ 1,030
2021 Notes
Debt Instrument [Line Items]
Non-cash interest expense	1,100	0
2020 Notes
Debt Instrument [Line Items]
Non-cash interest expense	501	502
2019 Notes
Debt Instrument [Line Items]
Non-cash interest expense	496	496
2018 Notes
Debt Instrument [Line Items]
Non-cash interest expense	$ 0	$ 32

Debt - Schedule of Capped Call

Debt - Schedule of Capped Call Transactions (Details) - Convertible Debt - $ / shares	Jun. 08, 2021	Aug. 19, 2020	Sep. 18, 2019	Mar. 08, 2018	Aug. 31, 2020	Sep. 30, 2019	Mar. 31, 2018
2021 Capped Call Transactions
Line of Credit Facility [Line Items]
Transaction price cap (in dollars per share)	$ 340.42
Cap premium percentage over reported sales price	100.00%
2020 Capped Call Transactions
Line of Credit Facility [Line Items]
Transaction price cap (in dollars per share)					$ 327.83
Cap premium percentage over reported sales price		150.00%
2019 Capped Call Transactions
Line of Credit Facility [Line Items]
Transaction price cap (in dollars per share)						$ 148.63
Cap premium percentage over reported sales price			150.00%
2018 Capped Call Transactions
Line of Credit Facility [Line Items]
Transaction price cap (in dollars per share)							$ 52.76
Cap premium percentage over reported sales price				100.00%

Debt - 2019 Credit Agreement (D

Debt - 2019 Credit Agreement (Details) - Credit Agreement - USD ($) $ in Millions	Feb. 25, 2019	Mar. 31, 2022
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 200
Maximum unrestricted cash	$ 100
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
Bridge Loan
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 10

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	May 03, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 250,000
Stock repurchase program, remaining amount authorized		$ 64,643	$ 127,217
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 600,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity of Shares Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Shares Repurchased (in shares)	420,398
Average Price Paid per Share (in dollars per share)	$ 148.83
Stock repurchased and retired during period, value, including broker fees	$ (62,574)
Remaining Amount Authorized	$ 64,643	$ 127,217

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	Jan. 03, 2022	Jul. 12, 2021	Mar. 31, 2022
Depop
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation			$ 29
Total unrecognized compensation, period of recognition			2 years 3 months 10 days
Vesting period		3 years
Depop | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred purchase price for post-combination share-based service arrangement		$ 44
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation			$ 817.3
Total unrecognized compensation, period of recognition			3 years 4 months 24 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation, period of recognition			2 years 5 months 23 days
Total unrecognized compensation			$ 22
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of additional shares issued annually (in shares)	6,351,106
Number of shares authorized (in shares)			50,391,850
Number of shares available for grant (in shares)			32,708,915

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Unvested RSUs (Details) - RSUs - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Beginning balance, Unvested (in shares)	3,506,721
Granted (in shares)	3,534,629
Vested (in shares)	(164,608)
Forfeited/Cancelled (in shares)	(108,051)
Ending balance, Unvested (in shares)	6,768,691
Weighted-Average Grant Date Fair Value
Unvested, balance (in dollars per share)	$ 132.85	$ 137.87
Granted (in dollars per share)	128.49
Vested (in dollars per share)	111.86
Forfeited/Cancelled (in dollars per share)	$ 173.93

Stock-Based Compensation - Allo

Stock-Based Compensation - Allocated Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 49,271	$ 20,351
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4,191	2,357
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3,632	1,367
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	21,397	9,784
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 20,051	$ 6,843

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 11, 2022	Apr. 10, 2022	May 03, 2022	Dec. 31, 2020
Subsequent Event [Line Items]
Stock repurchase program, authorized amount				$ 250
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount			$ 600
Marketplace revenue | Subsequent Event
Subsequent Event [Line Items]
Transaction fee	6.50%	5.00%

Uncategorized Items - etsy-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]