Etsy (ETSY) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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, $0.001 par value per share
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		116,932,568
Entity Central Index Key	0001370637
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 788,837	$ 914,323
Short-term investments	254,875	236,118
Accounts receivable, net of expected credit losses of $10,102 and $10,149 as of March 31, 2024 and December 31, 2023, respectively	16,542	24,734
Prepaid and other current assets	104,633	129,884
Funds receivable and seller accounts	239,532	265,387
Total current assets	1,404,419	1,570,446
Property and equipment, net of accumulated depreciation and amortization of $257,251 and $244,052 as of March 31, 2024 and December 31, 2023, respectively	241,875	249,794
Goodwill	137,894	138,377
Intangible assets, net of accumulated amortization of $134,525 and $125,932 as of March 31, 2024 and December 31, 2023, respectively	444,829	457,140
Deferred tax assets	141,012	137,776
Long-term investments	84,424	86,676
Other assets	43,218	45,191
Total assets	2,497,671	2,685,400
Current liabilities:
Accounts payable	10,132	29,920
Accrued expenses	262,518	353,553
Finance lease obligations—current	6,045	6,079
Funds payable and amounts due to sellers	239,532	265,387
Deferred revenue	13,869	14,635
Other current liabilities	33,025	41,207
Total current liabilities	565,121	710,781
Finance lease obligations—net of current portion	98,112	99,620
Deferred tax liabilities	11,023	13,192
Long-term debt, net	2,284,883	2,283,817
Other liabilities	122,293	121,705
Total liabilities	3,081,432	3,229,115
Commitments and contingencies (Note 8)
Stockholders’ deficit:
Common stock ($0.001 par value, 1,400,000 shares authorized as of March 31, 2024 and December 31, 2023; 117,064 and 119,069 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	117	119
Preferred stock ($0.001 par value, 25,000 shares authorized as of March 31, 2024 and December 31, 2023)	0	0
Additional paid-in capital	1,151,846	1,081,026
Accumulated deficit	(1,454,137)	(1,357,390)
Accumulated other comprehensive loss	(281,587)	(267,470)
Total stockholders' deficit	(583,761)	(543,715)
Total liabilities and stockholders' deficit	$ 2,497,671	$ 2,685,400

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, expected credit losses	$ 10,102	$ 10,149
Property and equipment, accumulated depreciation and amortization	257,251	244,052
Finite-lived intangible assets, accumulated amortization	$ 134,525	$ 125,932
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,400,000	1,400,000
Common stock, shares issued (in shares)	117,064	119,069
Common stock, shares outstanding (in shares)	117,064	119,069
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000	25,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 645,954	$ 640,877
Cost of revenue	187,133	195,453
Gross profit	458,821	445,424
Operating expenses:
Marketing	191,811	171,314
Product development	109,846	115,924
General and administrative	89,074	79,987
Total operating expenses	390,731	367,225
Income from operations	68,090	78,199
Other income, net	11,565	3,072
Income before income taxes	79,655	81,271
Provision for income taxes	(16,651)	(6,734)
Net income	$ 63,004	$ 74,537
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.53	$ 0.60
Diluted (in dollars per share)	$ 0.48	$ 0.53
Weighted-average common shares outstanding:
Basic (in shares)	118,440	124,337
Diluted (in shares)	135,338	142,966

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 63,004	$ 74,537
Other comprehensive (loss) income:
Cumulative translation adjustment	(13,847)	15,627
Unrealized (losses) gains on investments, net of tax (benefit) expense of $(87) and $233, respectively	(270)	741
Total other comprehensive (loss) income	(14,117)	16,368
Comprehensive income	$ 48,887	$ 90,905

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during period, tax	$ (87)	$ 233

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022			125,054
Beginning balance at Dec. 31, 2022		$ (547,274)	$ 125	$ 815,085	$ (1,048,267)	$ (314,217)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)	[1]		12
Stock-based compensation	[1]	70,987		70,987
Exercise of vested options (in shares)			186
Exercise of vested options		3,005		3,005
Settlement of capped call (in shares)			(1,194)
Settlement of capped call		0	$ (1)	34,224	(34,223)
Settlement of convertible senior notes, net of taxes (in shares)			0
Settlement of convertible senior notes, net of taxes		(1)		(1)
Vesting of restricted stock units, net of shares withheld (in shares)			100
Vesting of restricted stock units, net of shares withheld		(9,628)		(9,628)
Stock repurchase (in shares)			(1,205)
Stock repurchase		(148,182)	$ (1)		(148,181)
Other comprehensive (loss) income		16,368				16,368
Net income		74,537			74,537
Ending balance (in shares) at Mar. 31, 2023			122,953
Ending balance at Mar. 31, 2023		$ (540,188)	$ 123	913,672	(1,156,134)	(297,849)
Beginning balance (in shares) at Dec. 31, 2023		119,069	119,069
Beginning balance at Dec. 31, 2023		$ (543,715)	$ 119	1,081,026	(1,357,390)	(267,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)	[1]		9
Stock-based compensation	[1]	74,338		74,338
Exercise of vested options (in shares)			102
Exercise of vested options		2,252		2,252
Vesting of restricted stock units, net of shares withheld (in shares)			106
Vesting of restricted stock units, net of shares withheld		$ (5,770)		(5,770)
Stock repurchase (in shares)		(2,222)	(2,222)
Stock repurchase		$ (159,753)	$ (2)		(159,751)
Other comprehensive (loss) income		(14,117)				(14,117)
Net income		$ 63,004			63,004
Ending balance (in shares) at Mar. 31, 2024		117,064	117,064
Ending balance at Mar. 31, 2024		$ (583,761)	$ 117	$ 1,151,846	$ (1,454,137)	$ (281,587)
[1]Includes the partial payments of Depop deferred consideration.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 63,004	$ 74,537
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	70,683	68,683
Depreciation and amortization expense	26,846	23,172
Provision for expected credit losses	4,078	4,969
Deferred benefit for income taxes	(5,230)	(8,968)
Other non-cash (income) expense, net	(5,066)	3,512
Changes in operating assets and liabilities:
Current assets	52,456	34,726
Non-current assets	1,652	1,050
Current liabilities	(140,027)	(137,660)
Non-current liabilities	637	(8,390)
Net cash provided by operating activities	69,033	55,631
Cash flows from investing activities
Purchases of property and equipment	(2,257)	(2,249)
Development of internal-use software	(7,456)	(5,957)
Purchases of investments	(142,359)	(116,896)
Sales and maturities of investments	126,966	89,005
Net cash used in investing activities	(25,106)	(36,097)
Cash flows from financing activities
Payment of tax obligations on vested equity awards	(5,936)	(9,194)
Repurchase of stock	(158,344)	(148,182)
Proceeds from exercise of stock options	2,252	3,005
Payment of debt issuance costs	0	(2,045)
Settlement of convertible senior notes	0	(45)
Payments on finance lease obligations	(1,548)	(1,575)
Other financing, net	562	(512)
Net cash used in financing activities	(163,014)	(158,548)
Effect of exchange rate changes on cash	(6,399)	4,532
Net decrease in cash, cash equivalents, and restricted cash	(125,486)	(134,482)
Cash, cash equivalents, and restricted cash at beginning of period	914,323	926,619
Cash, cash equivalents, and restricted cash at end of period	788,837	792,137
Supplemental non-cash disclosures:
Stock-based compensation capitalized in development of capitalized software and asset additions in exchange for liabilities	4,490	3,592
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	788,837	786,796
Restricted cash	0	5,341
Total cash, cash equivalents, and restricted cash	$ 788,837	$ 792,137

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 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 made by independent sellers. The Company generates revenue primarily from marketplace activities, including transaction (inclusive of offsite advertising), payments processing, and listing fees, as well as from optional seller services, which include on-site advertising and shipping labels. Basis of Consolidation The condensed consolidated financial statements include the accounts of Etsy and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On August 10, 2023, Etsy closed the previously announced sale of the parent holding company of Elo7 Serviços de Informática (“Elo7”), the Company’s Brazil-based marketplace for handmade and unique items, to Enjoei S.A., a corporation in Brazil. The financial results of Elo7 have been included in Etsy’s Consolidated Financial Statements from July 2, 2021 (the date of acquisition) until August 10, 2023. Reclassifications 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 consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 21, 2024 (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: income taxes, including the estimate of the annual effective tax rate at interim periods and evaluation of uncertain tax positions; valuation of goodwill; and leases. As of March 31, 2024, there continues to be significant global macroeconomic and geopolitical uncertainty which may impact the Company’s business, results of operations, and financial condition. 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. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. Additionally, it requires that a public entity (1) disclose an amount for “other segment items” by reportable segment, (2) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, and (3) requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this proposed ASU and all existing segment disclosures in Topic 280. The new guidance is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this proposed ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact that this new guidance will have on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires that public business entities on an annual basis (1) disclose specific categories in the effective tax rate reconciliation and (2) provide additional information for reconciling items that meet or exceed a quantitative threshold. Additionally, it requires all entities disclose the following information about income taxes paid on an annual basis: (1) the year-to-date amounts of income taxes paid disaggregated by federal (national), state, and foreign taxes and (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. The amendments in this proposed ASU should be applied on a prospective basis, although retrospective application to all periods presented is permitted. Early adoption is permitted. The Company is currently evaluating the impact that this new guidance will have on its disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Marketplace revenue $ 466,982 $ 467,516 Services revenue 178,972 173,361 Revenue $ 645,954 $ 640,877 Contract balances Deferred revenues The amount of revenue recognized in the three months ended March 31, 2024 that was included in the deferred balance at January 1, 2024 was $14.0 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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, divestitures, 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, 2024, the Company’s effective income tax rate was 20.9% representing an income tax provision recorded on net income before tax. 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 $1.4 million in the three months ended March 31, 2024, from $51.7 million as of December 31, 2023 to $53.1 million as of March 31, 2024. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate is $51.2 million as of March 31, 2024. 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 $7.8 million. The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. Over the last several years, the Organization for Economic Cooperation and Development (“OECD”) has been developing its “two pillar” project to address the tax challenges arising from digitalization. The OECD project, if broadly implemented by participating countries, will result in significant changes to the international taxation system under which the Company’s current tax obligations are determined. Pillar Two of the project calls for a minimum tax rate on corporations of 15% and is enacted by a significant number of countries starting in 2024. The OECD and implementing countries are expected to continue to make further revisions to the rules. The FASB indicated that they believe the minimum tax imposed under Pillar Two is an alternative minimum tax, and, accordingly, deferred tax assets and liabilities associated with the minimum tax would not be recognized or adjusted for the estimated future effects of the minimum tax but would be recognized in the period incurred. The Company’s quarterly tax provision includes the impact of Pillar Two, however, the impact is not material. Management will continue to monitor developments to determine any potential impact of Pillar Two in the countries in which the Company operates.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2024
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 per share amounts): Three Months Ended 2024 2023 Numerator: Net income $ 63,004 $ 74,537 Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes 1,585 1,595 Net income attributable to common stockholders—diluted $ 64,589 $ 76,132 Denominator: Weighted-average common shares outstanding—basic 118,440 124,337 Dilutive effect of outstanding stock-based compensation awards 2,184 3,914 Dilutive effect of assumed conversion of convertible senior notes (1) 14,714 14,715 Weighted-average common shares outstanding—diluted 135,338 142,966 Net income per share attributable to common stockholders—basic $ 0.53 $ 0.60 Net income per share attributable to common stockholders—diluted $ 0.48 $ 0.53 Outstanding stock-based compensation awards excluded from net income per diluted share because their effect would have been anti-dilutive 5,528 1,684 (1) The $1.0 billion aggregate principal amount of 0.25% Convertible Senior Notes due 2028 (the “2021 Notes”), the $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2027 (the “2020 Notes”), and the $649.9 million aggregate principal amount of 0.125% Convertible Senior Notes due 2026 (the “2019 Notes” and together with the 2021 Notes and 2020 Notes, the “Notes”) were dilutive for the three months ended March 31, 2024 and March 31, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5—Fair Value Measurements As of March 31, 2024 and December 31, 2023 the Company’s cash equivalents, short-term investments, and long-term investments primarily consisted of available-for-sale debt securities. These debt securities are measured at fair value and classified within Level 1 or Level 2 in the fair value hierarchy as the Company uses unadjusted quoted prices for identical assets in an active market that the Company has the ability to access (Level 1) or quoted market prices in markets that are not active or model derived valuations in which all significant inputs are observable in active markets (Level 2). As of March 31, 2024 and December 31, 2023 the Company’s long-term investments also consisted of investments in loan receivables and in third-party managed funds. The investments in loan receivables are measured on an amortized cost basis and classified in Level 3 of the fair value hierarchy as the fair value is derived from techniques in which one or more significant inputs are unobservable. The investments in third-party managed funds are measured on the net assets value (“NAV”) basis as a practical expedient. NAV is primarily determined based on the information provided by external fund administrators for which the most recent financial information is typically received on a lag within the quarter following the Company’s balance sheet date. These investments further the Company’s impact strategy as part of the Company’s Impact Investment Fund. The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value 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, 2024 Level 1 Money market funds $ 62,483 $ — $ — $ 62,483 $ 62,403 $ 80 $ — U.S. Government securities 68,563 (303) — 68,260 — 48,579 19,681 131,046 (303) — 130,743 62,403 48,659 19,681 Level 2 U.S. agency securities 5,036 (3) — 5,033 — 5,033 — Certificate of deposit 52,114 (5) 35 52,144 — 50,629 1,515 Commercial paper 80,551 (59) 17 80,509 — 80,509 — Corporate bonds 112,393 (213) 117 112,297 — 70,045 42,252 250,094 (280) 169 249,983 — 206,216 43,767 Level 3 Loans receivable - held for investment 7,000 — — 7,000 — — 7,000 7,000 — — 7,000 — — 7,000 $ 388,140 $ (583) $ 169 $ 387,726 $ 62,403 $ 254,875 $ 70,448 Measured at NAV (1) Third-party managed funds 13,976 $ 84,424 December 31, 2023 Level 1 Money market funds $ 377,021 $ — $ — $ 377,021 $ 376,941 $ 80 $ — U.S. Government securities 95,298 (164) 39 95,173 — 60,153 35,020 472,319 (164) 39 472,194 376,941 60,233 35,020 Level 2 U.S. agency securities 15,635 (14) 3 15,624 — 15,624 — Certificate of deposit 35,365 (1) 55 35,419 — 35,419 — Commercial paper 62,463 (12) 54 62,505 4,449 58,056 — Corporate bonds 100,386 (145) 128 100,369 1,566 66,786 32,017 213,849 (172) 240 213,917 6,015 175,885 32,017 Level 3 Loans receivable - held for investment 6,000 — — 6,000 — — 6,000 6,000 — — 6,000 — — 6,000 $ 692,168 $ (336) $ 279 $ 692,111 $ 382,956 $ 236,118 $ 73,037 Measured at NAV (1) Third-party managed funds 13,639 $ 86,676 (1) Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheets. The tables below show the fair value and gross unrealized loss related to available-for-sale debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands): As of March 31, 2024 Less than 12 Months 12 Months or Greater Fair Value Gross Unrealized Holding Loss Fair Value Gross Unrealized Holding Loss U.S. Government securities $ 68,260 $ (303) $ — $ — U.S. agency securities 5,033 (3) — — Certificate of deposit 24,043 (5) — — Commercial paper 64,039 (59) — — Corporate bonds 70,375 (143) 3,255 (70) Total $ 231,750 $ (513) $ 3,255 $ (70) As of December 31, 2023 Less than 12 Months 12 Months or Greater Fair Value Gross Unrealized Holding Loss Fair Value Gross Unrealized Holding Loss U.S. Government securities $ 71,536 $ (164) $ — $ — U.S. agency securities 12,569 (14) — — Certificate of deposit 7,178 (1) — — Commercial paper 34,066 (12) — — Corporate bonds 28,401 (73) 20,808 (72) Total $ 153,750 $ (264) $ 20,808 $ (72) The Company evaluates fair value for each individual security in the investment portfolio. When assessing the risk of credit loss, the Company considers factors such as the extent to which the fair value is less than the amortized cost basis, the credit rating, including whether there has been any changes to the rating of the security by a rating agency, available information relevant to the collectability of the security, and management’s intended holding period and time horizon for selling the security. Outside of the Company’s Impact Investment Fund, the Company typically invests in short- and long-term instruments, including fixed-income funds and U.S. Government securities aligned with the Company’s investment strategy. In accordance with the Company’s investment policy, all investments, other than investments made through its Impact Investment Fund, have maturities no longer than 37 months, with the average maturity of these investments maintained at 12 months or less. 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 7—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, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value 2021 Notes $ 992,003 $ 791,600 $ 991,529 $ 799,000 2020 Notes 645,923 545,480 645,624 556,790 2019 Notes 646,957 688,750 646,664 747,630 $ 2,284,883 $ 2,025,830 $ 2,283,817 $ 2,103,420 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, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Note 6—Accrued Expenses Accrued expenses consisted of the following as of the dates indicated (in thousands): As of March 31, As of December 31, Vendor accruals $ 111,296 $ 120,804 Pass-through marketplace tax collection obligation 92,756 126,284 Employee compensation-related liabilities (1) 41,455 95,842 Taxes payable 17,011 10,623 Total accrued expenses $ 262,518 $ 353,553

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 7—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, 2024 2021 Notes 2020 Notes 2019 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,887 $ 2,299,887 Unamortized debt issuance costs 7,997 4,077 2,930 15,004 Net carrying value $ 992,003 $ 645,923 $ 646,957 $ 2,284,883 As of December 31, 2023 2021 Notes 2020 Notes 2019 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,887 $ 2,299,887 Unamortized debt issuance costs 8,471 4,376 3,223 16,070 Net carrying value $ 991,529 $ 645,624 $ 646,664 $ 2,283,817 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 % (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, 2024, holders of the 2021 Notes, 2020 Notes, and 2019 Notes are not eligible to convert their 2021 Notes, 2020 Notes, and remaining 2019 Notes, respectively, during the second quarter of 2024. 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, 2024. 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 the Notes was $2.1 million in both the three months ended March 31, 2024 and March 31, 2023. 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 5—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 Note offerings to enter into separate privately negotiated capped call instruments (the 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 outstanding Capped Call Transactions are presented below: Capped Call Transactions Maturity Date Initial Cap Price per Share Cap Price Premium 2021 Capped Call Transactions June 15, 2028 $ 340.42 100 % 2020 Capped Call Transactions September 1, 2027 327.83 150 % 2019 Capped Call Transactions October 1, 2026 148.63 150 % 2023 Credit Agreement On March 24, 2023, the Company entered into a $400.0 million senior secured revolving credit facility pursuant to an Amended and Restated Credit Agreement (the “2023 Credit Agreement”) among the Company, as borrower, certain subsidiaries of the Company as guarantors, the lenders, and JPMorgan Chase Bank N.A., as administrative Agent. The 2023 Credit Agreement will mature in March 2028 and includes a letter of credit sublimit of $60.0 million and a swingline loan sublimit of $20.0 million. The 2023 Credit Agreement amends and restates in its entirety the Credit Agreement dated as of February 25, 2019 between the Company, as borrower, the lenders party thereto from time to time, and Citibank N.A., as administrative Agent. Borrowings under the 2023 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 Term SOFR rate for a one-month interest period plus 1.00%, in each case plus a margin ranging from 0.50% to 1.25% or (ii) an adjusted Term SOFR rate plus a margin ranging from 1.50% to 2.25%. Swingline loans under the 2023 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 $100.0 million, to EBITDA (as defined in the 2023 Credit Agreement)) for the preceding four fiscal quarter periods. 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 2023 Credit Agreement also permits the Company, in certain circumstances, to request an increase in the facility by an amount of up to $200.0 million at the same maturity, pricing and other terms and to request an extension of the maturity date for the facility. In connection with the 2023 Credit Agreement, the Company also paid the lenders certain upfront fees. The Company had no outstanding borrowings under the 2023 Credit Agreement and was in compliance with all financial covenants as of March 31, 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8—Commitments and Contingencies Purchase Obligations The Company’s purchase obligations are primarily related to cloud computing. During the three months ended March 31, 2024, there were no material changes outside the ordinary course of business to the Company’s non-cancelable purchase obligations disclosed in the Company’s Annual Report. Legal Proceedings From time to time in the normal course of business, various 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 matters will not have a material adverse effect on its business.

Stockholders_ Deficit

Stockholders’ Deficit	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Deficit	Note 9—Stockholders’ Deficit On June 14, 2023, the Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $1 billion of its common stock (the “June 2023 Stock Repurchase Program”). The June 2023 Stock Repurchase 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 the Company’s working capital requirements, general business conditions, and other factors. Under the June 2023 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. The following table summarizes the Company’s cumulative share repurchase activity under the program noted above (in thousands, except per share amounts): Shares Repurchased Average Price Paid per Share (1) Value of Shares Repurchased (1) Remaining Amount Authorized Balance as of January 1, 2024 $ 724,360 Repurchases of common stock for the three months ended: March 31, 2024 2,222 $ 71.28 $ 158,377 (158,377) Balance as of March 31, 2024 2,222 $ 71.28 $ 158,377 $ 565,983 (1) Average price paid per share excludes broker commissions and excise tax. Value of shares repurchased includes broker commissions. All repurchases were made using cash on hand, and all repurchased shares of common stock have been retired.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 10—Stock-Based Compensation During the three months ended March 31, 2024, the Company granted restricted stock units (“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”). At March 31, 2024, 56,644,564 shares were authorized under the 2015 Plan and 33,859,046 shares were available for future grant. Effective in the first quarter of 2024, the Company updated its vesting terms for new RSU issuances from semi-annually to quarterly. In general, awards vest ratably each three-month period over a four-year period following the vesting commencement date, except for RSU awards to newly-hired employees, which vest 25% after the first year of service and ratably each subsequent three-month period. 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, 2024 (in thousands, except per share amounts): Shares Weighted-Average Unvested at December 31, 2023 6,197 $ 117.14 Granted 3,652 67.56 Vested (183) 129.92 Forfeited/Canceled (156) 151.30 Unvested at March 31, 2024 9,510 97.29 The total unrecognized compensation expense at March 31, 2024 related to the Company’s unvested RSUs, including the Financial PBRSUs and TSR PBRSUs, was $761.0 million, which will be recognized over an estimated weighted-average amortization period of 2.85 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 2024 2023 Cost of revenue $ 7,704 $ 7,246 Marketing 6,437 5,262 Product development 34,064 36,709 General and administrative 22,478 19,466 Stock-based compensation expense $ 70,683 $ 68,683

Restructuring and Other Exit Co

Restructuring and Other Exit Costs	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Exit Costs	Note 11—Restructuring and Other Exit Costs On December 12, 2023, the Company’s Board of Directors approved a restructuring plan designed to increase Etsy’s operational efficiencies, reduce operating costs, and better align Etsy’s workforce and cost structure with current business needs, top strategic priorities, and key growth opportunities (collectively, the “Restructuring Plan”). The Restructuring Plan included an approximately 11% reduction of the Etsy marketplace workforce, which is approximately 225 employees. Additionally, in the fourth quarter of 2023, Reverb reduced its workforce by approximately 13% to gain operational efficiencies and enable critical growth investments into 2024 and beyond. In connection with these workforce reductions, Etsy incurred $27.0 million in charges, primarily consisting of severance and employee-related benefits, a majority of which were incurred during the year ended December 31, 2023 and related to the Etsy marketplace. As of the end of the first quarter of 2024, the execution of the Restructuring Plan is substantially complete. The following table is a summary of the changes in the Company’s liability for severance and employee-related benefit costs associated with restructuring and other exit costs, included in accrued expenses in the Consolidated Balance Sheets (in thousands): Restructuring and Other Exit Costs Balance as of December 31, 2023 $ 24,340 Severance and employee-related benefits 408 Cash payments (18,928) Balance as of March 31, 2024 $ 5,820

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 63,004	$ 74,537

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rachel Glaser [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 26, 2024, Rachel Glaser, our Chief Financial Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act (a “10b5-1 Plan”) under which an aggregate of up to 47,640 shares of Etsy common stock held by Ms. Glaser, excluding shares withheld to satisfy tax withholding obligations, and including up to 31,560 shares to be issued upon exercise of stock options, may be sold. The plan terminates on the earlier of the date all the shares covered by the plan are sold and May 1, 2025.
Name	Rachel Glaser
Title	Chief Financial Officer,
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 26, 2024
Arrangement Duration	430 days
Rachana Kumar [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2024, Rachana Kumar, our Chief Technology Officer, adopted a 10b5-1 Plan under which an aggregate of up to 9,000 shares of Etsy common stock held by Ms. Kumar, excluding shares withheld to satisfy tax withholding obligations, and including up to 5,400 shares to be issued upon exercise of stock options, may be sold. The plan terminates on the earlier of the date all the shares covered by the plan are sold and May 1, 2025.
Name	Rachana Kumar
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2024
Arrangement Duration	421 days
Raina Moskowitz [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 8, 2024, Raina Moskowitz, our Chief Operating and Marketing Officer, adopted a 10b5-1 Plan under which an aggregate of up to 98,443 shares of Etsy common stock held by Ms. Moskowitz, excluding shares withheld to satisfy tax withholding obligations, and including up to 76,176 shares to be issued upon exercise of stock options, may be sold. The plan terminates on the earlier of the date all the shares covered by the plan are sold and May 1, 2025.
Name	Raina Moskowitz
Title	Chief Operating and Marketing Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 8, 2024
Arrangement Duration	419 days
Toni Thompson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 11, 2024, Toni Thompson, our Chief Human Resources Officer, adopted a 10b5-1 Plan under which an aggregate of up to 16,083 shares of Etsy common stock held by Ms. Thompson, excluding shares withheld to satisfy tax withholding obligations, may be sold. The plan terminates on the earlier of the date all the shares covered by the plan are sold and May 1, 2025.
Name	Toni Thompson
Title	Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 11, 2024
Arrangement Duration	416 days
Aggregate Available	16,083
Rachel Glaser Trading Arrangement, Common Stock [Member] | Rachel Glaser [Member]
Trading Arrangements, by Individual
Aggregate Available	47,640
Rachel Glaser Trading Arrangement, Stock Options [Member] | Rachel Glaser [Member]
Trading Arrangements, by Individual
Aggregate Available	31,560
Rachana Kumar Trading Arrangement, Common Stock [Member] | Rachana Kumar [Member]
Trading Arrangements, by Individual
Aggregate Available	9,000
Rachana Kumar Trading Arrangement, Stock Options [Member] | Rachana Kumar [Member]
Trading Arrangements, by Individual
Aggregate Available	5,400
Raina Moskowitz Trading Arrangement, Common Stock [Member] | Raina Moskowitz [Member]
Trading Arrangements, by Individual
Aggregate Available	98,443
Raina Moskowitz Trading Arrangement, Stock Options [Member] | Raina Moskowitz [Member]
Trading Arrangements, by Individual
Aggregate Available	76,176

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of Consolidation
Reclassifications	Reclassifications 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 consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on February 21, 2024 (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: income taxes, including the estimate of the annual effective tax rate at interim periods and evaluation of uncertain tax positions; valuation of goodwill; and leases. As of March 31, 2024, there continues to be significant global macroeconomic and geopolitical uncertainty which may impact the Company’s business, results of operations, and financial condition. 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. Additionally, it requires that a public entity (1) disclose an amount for “other segment items” by reportable segment, (2) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, and (3) requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this proposed ASU and all existing segment disclosures in Topic 280. The new guidance is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this proposed ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact that this new guidance will have on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of 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 2024 2023 Marketplace revenue $ 466,982 $ 467,516 Services revenue 178,972 173,361 Revenue $ 645,954 $ 640,877

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share	The following table presents the calculation of basic and diluted net income per share for the periods presented (in thousands, except per share amounts): Three Months Ended 2024 2023 Numerator: Net income $ 63,004 $ 74,537 Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes 1,585 1,595 Net income attributable to common stockholders—diluted $ 64,589 $ 76,132 Denominator: Weighted-average common shares outstanding—basic 118,440 124,337 Dilutive effect of outstanding stock-based compensation awards 2,184 3,914 Dilutive effect of assumed conversion of convertible senior notes (1) 14,714 14,715 Weighted-average common shares outstanding—diluted 135,338 142,966 Net income per share attributable to common stockholders—basic $ 0.53 $ 0.60 Net income per share attributable to common stockholders—diluted $ 0.48 $ 0.53 Outstanding stock-based compensation awards excluded from net income per diluted share because their effect would have been anti-dilutive 5,528 1,684 (1) The $1.0 billion aggregate principal amount of 0.25% Convertible Senior Notes due 2028 (the “2021 Notes”), the $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2027 (the “2020 Notes”), and the $649.9 million aggregate principal amount of 0.125% Convertible Senior Notes due 2026 (the “2019 Notes” and together with the 2021 Notes and 2020 Notes, the “Notes”) were dilutive for the three months ended March 31, 2024 and March 31, 2023.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 value 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, 2024 Level 1 Money market funds $ 62,483 $ — $ — $ 62,483 $ 62,403 $ 80 $ — U.S. Government securities 68,563 (303) — 68,260 — 48,579 19,681 131,046 (303) — 130,743 62,403 48,659 19,681 Level 2 U.S. agency securities 5,036 (3) — 5,033 — 5,033 — Certificate of deposit 52,114 (5) 35 52,144 — 50,629 1,515 Commercial paper 80,551 (59) 17 80,509 — 80,509 — Corporate bonds 112,393 (213) 117 112,297 — 70,045 42,252 250,094 (280) 169 249,983 — 206,216 43,767 Level 3 Loans receivable - held for investment 7,000 — — 7,000 — — 7,000 7,000 — — 7,000 — — 7,000 $ 388,140 $ (583) $ 169 $ 387,726 $ 62,403 $ 254,875 $ 70,448 Measured at NAV (1) Third-party managed funds 13,976 $ 84,424 December 31, 2023 Level 1 Money market funds $ 377,021 $ — $ — $ 377,021 $ 376,941 $ 80 $ — U.S. Government securities 95,298 (164) 39 95,173 — 60,153 35,020 472,319 (164) 39 472,194 376,941 60,233 35,020 Level 2 U.S. agency securities 15,635 (14) 3 15,624 — 15,624 — Certificate of deposit 35,365 (1) 55 35,419 — 35,419 — Commercial paper 62,463 (12) 54 62,505 4,449 58,056 — Corporate bonds 100,386 (145) 128 100,369 1,566 66,786 32,017 213,849 (172) 240 213,917 6,015 175,885 32,017 Level 3 Loans receivable - held for investment 6,000 — — 6,000 — — 6,000 6,000 — — 6,000 — — 6,000 $ 692,168 $ (336) $ 279 $ 692,111 $ 382,956 $ 236,118 $ 73,037 Measured at NAV (1) Third-party managed funds 13,639 $ 86,676 (1) Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheets.
Schedule of Unrealized Loss and Fair Value of Debt Securities Available-for-Sale	The tables below show the fair value and gross unrealized loss related to available-for-sale debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands): As of March 31, 2024 Less than 12 Months 12 Months or Greater Fair Value Gross Unrealized Holding Loss Fair Value Gross Unrealized Holding Loss U.S. Government securities $ 68,260 $ (303) $ — $ — U.S. agency securities 5,033 (3) — — Certificate of deposit 24,043 (5) — — Commercial paper 64,039 (59) — — Corporate bonds 70,375 (143) 3,255 (70) Total $ 231,750 $ (513) $ 3,255 $ (70) As of December 31, 2023 Less than 12 Months 12 Months or Greater Fair Value Gross Unrealized Holding Loss Fair Value Gross Unrealized Holding Loss U.S. Government securities $ 71,536 $ (164) $ — $ — U.S. agency securities 12,569 (14) — — Certificate of deposit 7,178 (1) — — Commercial paper 34,066 (12) — — Corporate bonds 28,401 (73) 20,808 (72) Total $ 153,750 $ (264) $ 20,808 $ (72)
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, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value 2021 Notes $ 992,003 $ 791,600 $ 991,529 $ 799,000 2020 Notes 645,923 545,480 645,624 556,790 2019 Notes 646,957 688,750 646,664 747,630 $ 2,284,883 $ 2,025,830 $ 2,283,817 $ 2,103,420

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
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, Vendor accruals $ 111,296 $ 120,804 Pass-through marketplace tax collection obligation 92,756 126,284 Employee compensation-related liabilities (1) 41,455 95,842 Taxes payable 17,011 10,623 Total accrued expenses $ 262,518 $ 353,553

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2021 Notes 2020 Notes 2019 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,887 $ 2,299,887 Unamortized debt issuance costs 7,997 4,077 2,930 15,004 Net carrying value $ 992,003 $ 645,923 $ 646,957 $ 2,284,883 As of December 31, 2023 2021 Notes 2020 Notes 2019 Notes Total Principal $ 1,000,000 $ 650,000 $ 649,887 $ 2,299,887 Unamortized debt issuance costs 8,471 4,376 3,223 16,070 Net carrying value $ 991,529 $ 645,624 $ 646,664 $ 2,283,817
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 % (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, 2024, holders of the 2021 Notes, 2020 Notes, and 2019 Notes are not eligible to convert their 2021 Notes, 2020 Notes, and remaining 2019 Notes, respectively, during the second quarter of 2024.
Schedule of Capped Call Transactions	The initial terms of the Company’s outstanding Capped Call Transactions are presented below: Capped Call Transactions Maturity Date Initial Cap Price per Share Cap Price Premium 2021 Capped Call Transactions June 15, 2028 $ 340.42 100 % 2020 Capped Call Transactions September 1, 2027 327.83 150 % 2019 Capped Call Transactions October 1, 2026 148.63 150 %

Stockholders_ Deficit (Tables)

Stockholders’ Deficit (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Class of Treasury Stock	The following table summarizes the Company’s cumulative share repurchase activity under the program noted above (in thousands, except per share amounts): Shares Repurchased Average Price Paid per Share (1) Value of Shares Repurchased (1) Remaining Amount Authorized Balance as of January 1, 2024 $ 724,360 Repurchases of common stock for the three months ended: March 31, 2024 2,222 $ 71.28 $ 158,377 (158,377) Balance as of March 31, 2024 2,222 $ 71.28 $ 158,377 $ 565,983 (1) Average price paid per share excludes broker commissions and excise tax. Value of shares repurchased includes broker commissions.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule 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, 2024 (in thousands, except per share amounts): Shares Weighted-Average Unvested at December 31, 2023 6,197 $ 117.14 Granted 3,652 67.56 Vested (183) 129.92 Forfeited/Canceled (156) 151.30 Unvested at March 31, 2024 9,510 97.29
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 2024 2023 Cost of revenue $ 7,704 $ 7,246 Marketing 6,437 5,262 Product development 34,064 36,709 General and administrative 22,478 19,466 Stock-based compensation expense $ 70,683 $ 68,683

Restructuring and Other Exit _2

Restructuring and Other Exit Costs (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Other Exit Costs	The following table is a summary of the changes in the Company’s liability for severance and employee-related benefit costs associated with restructuring and other exit costs, included in accrued expenses in the Consolidated Balance Sheets (in thousands): Restructuring and Other Exit Costs Balance as of December 31, 2023 $ 24,340 Severance and employee-related benefits 408 Cash payments (18,928) Balance as of March 31, 2024 $ 5,820

Revenue - Summary of Revenue by

Revenue - Summary of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 645,954	$ 640,877
Marketplace revenue
Disaggregation of Revenue [Line Items]
Revenue	466,982	467,516
Services revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 178,972	$ 173,361

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized in the period	$ 14

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	20.90%
Unrecognized tax benefits, period increase	$ 1.4
Unrecognized tax benefits	53.1	$ 51.7
Unrecognized tax benefits that would impact effective tax rate favorably	51.2
Decrease in unrecognized tax benefits	$ 7.8

Net Income Per Share - Calculat

Net Income Per Share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 30, 2021	Aug. 31, 2020	Sep. 30, 2019
Numerator:
Net income	$ 63,004,000	$ 74,537,000
Add back interest expense, net of tax attributable to assumed conversion of convertible senior notes	1,585,000	1,595,000
Net income attributable to common stockholders—diluted	$ 64,589,000	$ 76,132,000
Denominator:
Weighted average common shares outstanding—basic (in shares)	118,440	124,337
Dilutive effect of outstanding stock-based compensation awards (in shares)	2,184	3,914
Weighted average common shares outstanding - diluted (in shares)	135,338	142,966
Net income per share attributable to common stockholders—basic (in dollars per share)	$ 0.53	$ 0.60
Net income per share attributable to common stockholders—diluted (in dollars per share)	$ 0.48	$ 0.53
Outstanding stock-based compensation awards excluded from net income per diluted share because their effect would have been anti-dilutive (in shares)	5,528	1,684
Convertible Debt
Denominator:
Principal	$ 2,299,887,000		$ 2,299,887,000
Convertible Debt | 2021 Notes
Denominator:
Principal	1,000,000,000		1,000,000,000	$ 1,000,000,000
Debt instrument, interest rate (as a percent)				0.25%
Convertible Debt | 2020 Notes
Denominator:
Principal	650,000,000		650,000,000		$ 650,000,000
Debt instrument, interest rate (as a percent)					0.125%
Convertible Debt | 2019 Notes
Denominator:
Debt instrument, interest rate (as a percent)						0.125%
Principal, net of conversion notices	$ 649,887,000		$ 649,887,000			$ 649,900,000
Convertible Senior Notes
Denominator:
Dilutive effect of assumed conversion of convertible senior notes (in shares)	14,714	14,715

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Values Company’s Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 254,875	$ 236,118
Long-term investments	84,424	86,676
Fair Value, Inputs, Level 1, Level 2, and Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	388,140	692,168
Gross Unrealized Holding Loss	(583)	(336)
Gross Unrealized Holding Gain	169	279
Fair Value	387,726	692,111
Cash and Cash Equivalents	62,403	382,956
Short-term investments	254,875	236,118
Long-term investments	70,448	73,037
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	131,046	472,319
Gross Unrealized Holding Loss	(303)	(164)
Gross Unrealized Holding Gain	0	39
Fair Value	130,743	472,194
Cash and Cash Equivalents	62,403	376,941
Short-term investments	48,659	60,233
Long-term investments	19,681	35,020
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	62,483	377,021
Gross Unrealized Holding Loss	0	0
Gross Unrealized Holding Gain	0	0
Fair Value	62,483	377,021
Cash and Cash Equivalents	62,403	376,941
Short-term investments	80	80
Long-term investments	0	0
Level 1 | U.S. Government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	68,563	95,298
Gross Unrealized Holding Loss	(303)	(164)
Gross Unrealized Holding Gain	0	39
Fair Value	68,260	95,173
Cash and Cash Equivalents	0	0
Short-term investments	48,579	60,153
Long-term investments	19,681	35,020
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	250,094	213,849
Gross Unrealized Holding Loss	(280)	(172)
Gross Unrealized Holding Gain	169	240
Fair Value	249,983	213,917
Cash and Cash Equivalents	0	6,015
Short-term investments	206,216	175,885
Long-term investments	43,767	32,017
Level 2 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	5,036	15,635
Gross Unrealized Holding Loss	(3)	(14)
Gross Unrealized Holding Gain	0	3
Fair Value	5,033	15,624
Cash and Cash Equivalents	0	0
Short-term investments	5,033	15,624
Long-term investments	0	0
Level 2 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	52,114	35,365
Gross Unrealized Holding Loss	(5)	(1)
Gross Unrealized Holding Gain	35	55
Fair Value	52,144	35,419
Cash and Cash Equivalents	0	0
Short-term investments	50,629	35,419
Long-term investments	1,515	0
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	80,551	62,463
Gross Unrealized Holding Loss	(59)	(12)
Gross Unrealized Holding Gain	17	54
Fair Value	80,509	62,505
Cash and Cash Equivalents	0	4,449
Short-term investments	80,509	58,056
Long-term investments	0	0
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	112,393	100,386
Gross Unrealized Holding Loss	(213)	(145)
Gross Unrealized Holding Gain	117	128
Fair Value	112,297	100,369
Cash and Cash Equivalents	0	1,566
Short-term investments	70,045	66,786
Long-term investments	42,252	32,017
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	7,000	6,000
Gross Unrealized Holding Loss	0	0
Gross Unrealized Holding Gain	0	0
Fair Value	7,000	6,000
Cash and Cash Equivalents	0	0
Short-term investments	0	0
Long-term investments	7,000	6,000
Level 3 | Loans receivable - held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	7,000	6,000
Gross Unrealized Holding Loss	0	0
Gross Unrealized Holding Gain	0	0
Fair Value	7,000	6,000
Cash and Cash Equivalents	0	0
Short-term investments	0	0
Long-term investments	7,000	6,000
Measured at NAV | Third-party managed funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 13,976	$ 13,639

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Unrealized Loss and Fair Value of Debt Securities Available-for-Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Less than 12 Months
Fair Value	$ 231,750	$ 153,750
Gross Unrealized Holding Loss	(513)	(264)
12 Months or Greater
Fair Value	3,255	20,808
Gross Unrealized Holding Loss	(70)	(72)
U.S. Government securities
Less than 12 Months
Fair Value	68,260	71,536
Gross Unrealized Holding Loss	(303)	(164)
12 Months or Greater
Fair Value	0	0
Gross Unrealized Holding Loss	0	0
U.S. agency securities
Less than 12 Months
Fair Value	5,033	12,569
Gross Unrealized Holding Loss	(3)	(14)
12 Months or Greater
Fair Value	0	0
Gross Unrealized Holding Loss	0	0
Certificate of deposit
Less than 12 Months
Fair Value	24,043	7,178
Gross Unrealized Holding Loss	(5)	(1)
12 Months or Greater
Fair Value	0	0
Gross Unrealized Holding Loss	0	0
Commercial paper
Less than 12 Months
Fair Value	64,039	34,066
Gross Unrealized Holding Loss	(59)	(12)
12 Months or Greater
Fair Value	0	0
Gross Unrealized Holding Loss	0	0
Corporate bonds
Less than 12 Months
Fair Value	70,375	28,401
Gross Unrealized Holding Loss	(143)	(73)
12 Months or Greater
Fair Value	3,255	20,808
Gross Unrealized Holding Loss	$ (70)	$ (72)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Mar. 31, 2024
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, investment maturity	37 months
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, investment maturity	12 months

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Estimated Fair Value Liability Component (Details) - Level 2 - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 2,284,883	$ 2,283,817
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	2,025,830	2,103,420
2021 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	992,003	991,529
2021 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	791,600	799,000
2020 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	645,923	645,624
2020 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	545,480	556,790
2019 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	646,957	646,664
2019 Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 688,750	$ 747,630

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Vendor accruals	$ 111,296	$ 120,804
Pass-through marketplace tax collection obligation	92,756	126,284
Employee compensation-related liabilities	41,455	95,842
Taxes payable	17,011	10,623
Total accrued expenses	$ 262,518	$ 353,553

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2021	Aug. 31, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Long-term debt, net	$ 2,284,883,000	$ 2,283,817,000
Convertible Debt
Debt Instrument [Line Items]
Principal	2,299,887,000	2,299,887,000
Unamortized debt issuance costs	15,004,000	16,070,000
Long-term debt, net	2,284,883,000	2,283,817,000
2021 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal	1,000,000,000	1,000,000,000	$ 1,000,000,000
Unamortized debt issuance costs	7,997,000	8,471,000
Long-term debt, net	992,003,000	991,529,000
2020 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal	650,000,000	650,000,000		$ 650,000,000
Unamortized debt issuance costs	4,077,000	4,376,000
Long-term debt, net	645,923,000	645,624,000
2019 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal, net of conversion notices	649,887,000	649,887,000			$ 649,900,000
Unamortized debt issuance costs	2,930,000	3,223,000
Long-term debt, net	$ 646,957,000	$ 646,664,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Convertible Notes (Details) - Convertible Debt	1 Months Ended			3 Months Ended
	Jun. 30, 2021 day $ / shares	Aug. 31, 2020 $ / shares	Sep. 30, 2019 $ / shares	Mar. 31, 2024 day
Debt Instrument [Line Items]
Threshold percentage of stock price trigger				130%
Threshold trading days				20
Threshold consecutive trading days				30
2021 Notes
Debt Instrument [Line Items]
Conversion ratio	0.0040518
Conversion price (in dollars per share) | $ / shares	$ 246.80
Annual effective interest rate				0.40%
Threshold percentage of stock price trigger	130%
Threshold trading days	20
Threshold consecutive trading days	30
2020 Notes
Debt Instrument [Line Items]
Conversion ratio		0.0050007
Conversion price (in dollars per share) | $ / shares		$ 199.97
Annual effective interest rate				0.30%
2019 Notes
Debt Instrument [Line Items]
Conversion ratio			0.0114040
Conversion price (in dollars per share) | $ / shares			$ 87.69
Annual effective interest rate				0.30%

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, 2024
Debt Instrument [Line Items]
Threshold percentage of stock price trigger		130%
Threshold trading days		20
Threshold consecutive trading days		30
2021 Notes
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	130%
Threshold trading days	20
Threshold consecutive trading days	30
Redemption price percent	100%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Convertible Debt
Debt Instrument [Line Items]
Interest expenses	$ 2,100	$ 2,100

Debt - Schedule of Capped Call

Debt - Schedule of Capped Call Transactions (Details) - Convertible Debt - $ / shares	Jun. 08, 2021	Aug. 19, 2020	Sep. 18, 2019	Aug. 31, 2020	Sep. 30, 2019
2021 Capped Call Transactions
Line of Credit Facility [Line Items]
Initial Cap Price per Share (in dollars per share)	$ 340.42
Cap Price Premium	100%
2020 Capped Call Transactions
Line of Credit Facility [Line Items]
Initial Cap Price per Share (in dollars per share)				$ 327.83
Cap Price Premium		150%
2019 Capped Call Transactions
Line of Credit Facility [Line Items]
Initial Cap Price per Share (in dollars per share)					$ 148.63
Cap Price Premium			150%

Debt - 2023 Credit Agreement (D

Debt - 2023 Credit Agreement (Details) - Credit Agreement - USD ($)	Mar. 24, 2023	Mar. 31, 2024
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 400,000,000
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 | One-Month Adjusted Term SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1%
Revolving Credit Facility | One-Month Adjusted Term SOFR Plus 1% | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | One-Month Adjusted Term SOFR Plus 1% | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility | Adjusted Term SOFR, Adjusted | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | Adjusted Term SOFR, Adjusted | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 60,000,000
Line of credit facility, current borrowing capacity	200,000,000
Bridge Loan
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 20,000,000

Stockholders_ Deficit - Narrati

Stockholders’ Deficit - Narrative (Details)	Jun. 14, 2023 USD ($)
Equity [Abstract]
Stock repurchase program, authorized amount	$ 1,000,000,000

Stockholders_ Deficit - Summary

Stockholders’ Deficit - Summary of Activity of Shares Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Shares Repurchased (in shares)	2,222
Average Price Paid per Share (in dollars per share)	$ 71.28
Value of shares repurchased	$ 158,377
Remaining Amount Authorized	$ 565,983	$ 724,360

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interval vesting period	3 months
Vesting period (In years)	4 years
Vesting percentage	25%
Total unrecognized compensation | $	$ 761
Total unrecognized compensation, period of recognition (in years)	2 years 10 months 6 days
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	56,644,564
Number of shares available for grant (in shares)	33,859,046

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Unvested RSUs (Details) - RSUs shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Beginning balance, Unvested (in shares) | shares	6,197
Granted (in shares) | shares	3,652
Vested (in shares) | shares	(183)
Forfeited/Cancelled (in shares) | shares	(156)
Ending balance, Unvested (in shares) | shares	9,510
Weighted-Average Grant Date Fair Value
Beginning balance, Unvested (in dollars per share) | $ / shares	$ 117.14
Granted (in dollars per share) | $ / shares	67.56
Vested (in dollars per share) | $ / shares	129.92
Forfeited/Cancelled (in dollars per share) | $ / shares	151.30
Ending balance, Unvested (in dollars per share) | $ / shares	$ 97.29

Stock-Based Compensation - Allo

Stock-Based Compensation - Allocated Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 70,683	$ 68,683
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	7,704	7,246
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	6,437	5,262
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	34,064	36,709
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 22,478	$ 19,466

Restructuring and Other Exit _3

Restructuring and Other Exit Costs (Details) $ in Thousands		3 Months Ended		4 Months Ended
	Dec. 12, 2023 position	Mar. 31, 2024 USD ($)	Dec. 31, 2023	Mar. 31, 2024 USD ($)
Restructuring and Related Activities [Abstract]
Number of positions eliminated (percentage)	11%
Number of positions eliminated | position	225
Reducing of positions (percentage)			13%
Severance and employee-related benefits | $		$ 408		$ 27,000

Restructuring and Other Exit _4

Restructuring and Other Exit Costs - Components of and changes in the Restructuring Plan, incurred in Accrued liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Restructuring Reserve [Roll Forward]
Beginning balance	$ 24,340
Severance and employee-related benefits	408	$ 27,000
Cash payments	(18,928)
Ending balance	$ 5,820	$ 5,820

Uncategorized Items - etsy-2024

Label	Element	Value
Restricted Cash, Noncurrent	us-gaap_RestrictedCashNoncurrent	$ 0
Restricted Cash, Noncurrent	us-gaap_RestrictedCashNoncurrent	$ 5,341,000