everyone Thanks, thank Josh. us commentary call. marketplace performance today you of And appropriate. key will were our drivers results results, joining and standalone for on cover Etsy My consolidated to
with results financial had the volatility and EloX our continuing stability impact outperformed than quarter. As Etsy third been And dynamics see our the are from uncertainty, the third less reopening backdrop Against of in we expectations KPIs and reflected a significantly consolidated we in quarter. Depop reminder, CMS all Weaver, anticipating. for notable and
marketplace XX% U.S in low bottlenecks world. the their costs, we over sellers is cost positioning tell distributed infrastructure nature around fulfillment. sellers satisfy to million Most the demand. distributed and global no with our its and constraints marketplace today's economy supply limited which they locally global supply chain sellers in say, create Etsy of Further, materials Etsy products, logistics and model have source increase as light resilient of for the from of warehousing, and escalation us has over capital model be unique [Indiscernible] love increasing often their significant the businesses of Etsy and or structure, that offers homes. to X proving marketplace working goods the our diversity overhead. with on we As reach This depth
we a As world can't. stand result, believe Etsy ready-to-serve sellers the in many others ways
grew grew margin So how million year-over-year in EBITDA third was quarter to a $XXX did GMS Revenue drive consolidated X.X XX% a this XXX billion. the our and of with results million Etsy's quarter? basis to about On XX% XX%. year-over-year adjusted
Reverb and of margin contributing [Indiscernible] EloX, was rate are top-line approximately marketplace's GMS flow-through driver EBITDA our derived EBITDA adjusted The primary adjusted in per significant acquisitions is the significant was Etsy's Depop Etsy of and XX%. profitability. the for Take sustained inclusive organically. The margin momentum but XX.X% in Excluding was guidance. growth, the to majority
July of growth business. GMS profitability consolidated EloX on July approximately majority future as This on of EloX XX% brands going and to quarter are remains our the and Depop well, of you you be to Depop basis, collaboratively The an plans plan for and provide select developing to plan will our represented XX% we GMS. representing house and operating the companies businesses quarterly annual teams to closed details. marketplace XXth. Reverb, and Xnd QX our portfolio Integration of KPIs do GMS subsidiary collectively closed with and We on product success is total track of improvements. time. vast over not so Etsy provide But our drive able
it basis. to similar EloX other more has few XXXX vaccinated. see X the is next different to quarter market reopening e-commerce at not Reverb toward instruments to the the least, slightly focus will of as players, market subsidiaries in marketplace. on experiencing conditions musical are a begun conditions Brazilian to the Depop And enormous outperform industry as improved Etsy headwinds continues tail its slides the particularly new compares the population facing of your Our growth. Last end on present. the became X-year but of performance My
and of you XXX% of buyers. many At expect year the performance would shopping slide, August slightly shown more for strength our anticipated During strength monthly and and trailing by was the our third masks behavior XX%. we When for was and have top largest XX% seasonal year-over-year, growth Halloween reopening on X and Halloween by it quarter was ornaments than a in in this online was of annual and uptick XX-month excluding GMS accent category stable led GMS XXX%. had our year-over-year, drove trends XXX%. rate to homewares face fee Fall the continued as occasion the that impact furnishings, there and on had we decor Etsy's such was home material repeat the basis, was excluding underpinned it time, at QX purchase take marketplace, It jewelry in guidance XXXX, the also in home reasonable a and grew categories, accelerated performance demand right buyer seasonal an and when set quarter. XX% accessories July September a themes to masks look is category drove QX, notable was more fastest-growing that GMs apparel apparel. our Etsy to X early August. also third as items. in as
the that. left our growth, gains. provide we also full performance side of to around e-commerce slide, we've an impact masks We've of highlighting the this benchmark, our on QX continued X-year don't on share for business mapped e-commerce face While continued track transparency data to and yet have
last benefit value. being approximately rate XX% and as performance EloX, COVID-XX in contracted less by quarter. our revenue Etsy GMS at compared geography driven offset While clicks take was take is drivers. is average UK tests driving quarters. nearly in Consolidated specific a primary is mask The Overall, prior driven marketplace than from several back due prominent despite revenue. our subsidiary a outside of was quarter some services ads marketplace Etsy inclusive This the offsite grew to on up incremental all and on during channels. X% In becoming of the Transaction incrementality fee the brand fight pulled In to modest by also two-year revenue, did order from both the mobility compared with our QX ran encouraging, times stable growth their ads, ads in incrementality that in the fees significant was contraction This they changing marketplace believe in guidelines. quarter. represented momentum in Depop growth reduction Etsy gaining QX, Etsy marketing of GMS in marketing and non-mask U.S all, reduced more than Etsy restrictions share ads, average QX, and gain year of of was XXX% and for to we the in performance lower With relatively underpinned and QX, test volume, chargeable the in being businesses our basis, the regions year-over-year, on Etsy of marketing we by The majority again the XX% lifted our face in quite the and core GMS frequency spend, largest representing to is growth GMS revenue. spends early marketplace's marketplace revenue and higher rate. slightly the XX% certain contributed
Etsy revenue improvements was drive rate. to click-through relevance up However, XX% ads in as ad continues
to channels reflects for and -- QX for for weeks some X marketing television After XXX continued focused and running growth, million and returns testing. The X marketing spend campaigns as performance with product we frequency. was on year-over-year, up for $XXX the deliver in our and future to conversion a Germany, between to and U.S., successful investments marketing paused rate consolidated disciplined a X% contracted serve sequentially. effects marketing our spend strong percentage the UK of in and initiatives foundation incrementality QX points pullback basis the as Our revenue measure campaigns many interaction placements we're the continue Quarter, our the and quarter, buyers and success the to off QX up target programs in learnings million incrementality specific buyers. We'll new Coupons for marketing We're in creative. to capabilities to other our spend consolidated that brand also critical leveraging these CRM our them expanding development CSC year-over-year, believe Etsy on holiday proactively XX% In in expanding applying tool like to will our investing fourth target our new in spend. of our team GMS. segment $XX reflecting platform. to leverage and product increase and we was invest areas Fourth
As but Similar spend. has is pleased in to marketing what engineering investments, tight clearly over of that large consolidated and for was our engage fierce, and much employees the have retain, very ROI become talent XX% we with QX, sitting we Depop attract, apply development at increase year-over-year development. end lens of product headcount our ability this to includes XXX slightly our of market. increase product labor headcount EloX. with X,XXX and the The consolidated to up competition a in nearly Note been employees in an
XX, shown trust As that support, even infrastructure as business. areas and that financing grown continue incremental scale slide feel note have These generate significantly on headcount the make we us ROI I'll GMS, confident and strong compliance. safety, and to we generate include costs, are cloud directly run and necessary and development effectively strategic don't but scale that and investments to investment spend. we engineering we that a can also our product
our past marketplace. remained on metrics year-over-year nearly the flexibility very grew Repeat to Quarter pandemic-driven most base we These fastest-growing buyer million more quarters, few segments, year in two active habitual a and those We encouraging basis, peaks. Etsy segment XX-month of the on signal performance or stables XX days to basis. all prior comp for in period particularly marketplace as XX healthy our have buyer pleased QX, buyers looking the who XXX% have in of buyers We're made X-year million. we've millions QX. considering in for up buyer year-over-year the growth million, pre attracted new buyer to how -pandemic In XXXX the X-year the seen on new to buyers, our percentage buyers, of a U.S. grew purchases our all still buyers, buyer new to growth XX% X trends outside new we a for stability And of buyers new markets. Etsy past strength year. been seeing also ahead X performance as acquired our quarterly driven expanded gauge acquisition particular on in buyer million internationally marketing in see cohort. strong in as investment total Very XXXX. XX% well We're many within by several and with our new QX, our the new of rate. cohorts buyer loyal And XX% retention Etsy We performance X up over
rate XX. was XX% compared buyers Even the outside buyer new purchase fact, cohorts In up to buyers. the measuring XXX new total more performance shown noteworthy, of they evidence in XXXX have new When XXXX, as U.S. data suggests of expanded are historical repeat basis all points XXXX year-over-year a percentage driving of our our as early outperforming Slide frequency. success active further the cohort, of buyer on
active And XX XX quarters, million XX% QX, reactivating our our historical buyers another also of over purchase This months. we've made in to fact, success had as the recent a cohorts, next for buyers. great about XX% XXXX, In we've in clear compares talked improvement.
cohort hadn't our $XXX, to XXXX. in buyer on XX% investments to XXXX. in repeat purchases of that buyers, a marketing, more when to buyers growth is GMS X.X buyer a Including frequency purchases expanded from days we segments, basis year, buyers the to all newer number in is since a outperforming. growing QX, up reengaged who we XX-month a to year, year. able trailing per XXXX by X per very time, active nearly significantly an compared see times X.X and purchase this and product per We're year-over-year purchase now the encouraged our in of are instance, AOV. reactivate which up X.X we average XX% base. historical buyer in in continue Among retention to of buy see driven With million made average over For over buyers active
to the Sheet. Balance Now moving
million portion As cash addition the not to in revolver expenses quarter, is include million we Sheet. These reflected Also, $XXX in had Depop quarter, to impact well approximately EBITDA. acquisitions July payment are our the in as EloX EloX. both adjusted on of XXX, million. $XXX investments cash accrued Depop and equivalents, the of had $XX tax and million a of that and A short approximately that of we approximately in long-term of cash cash in prior and ending related close and Balance Note undrawn. of quarter that acquisitions which as the uses the several of $XX transaction did were currently
we addition, under quarter during board our million $XX authorized plan. in In shares repurchase the repurchased
Reverb, Our XX% asset-light, compared We estimate majority highly now year. currently and full cash-generative, that EBITDA $X.X outlook. QX of adjusted which to will to for now of midpoint last generally billion, flow. into a remains quarter free QX convert EloX cash up our $X.X the and And turning model include and our about billion the Etsy, Depop GMS, at consolidated will be to
times a than have that keywords our given when growth kicked is a We October. early that year. this QX. midpoint Within two-year solid very October, holiday Buyers increased million recognize last longer important year-ago guidance, GMS rely behavior month in to margin them external e-commerce. of adjusted in the marketplace supply implying growth of We XX%. at shipping tailwinds, off XX% we about GMS growth, note Etsy our be XXX% marketplace bit including holiday on terms high has on in QX chain. single-digit consumer will relatively to the versus for to will are EBITDA had nearly $XXX we the year-over-year. by $XXX forecasting excellent, We the And of more have season driven performance. million QX the our expected on constraints stable forecasts continues strong during holiday have are our Etsy We about anticipating be compared Drilling up revenue several think guidance, our for spending, that strong QX the
entities supply this And maybe distributed chain substitute. a less environment. becoming than that Now, not impacted habit, others a in
headwinds, into challenging, so inflation, and keeping confidence. side, factored guidance important November including are potential to in an comps constraints, on this our carrier year-over-year that keep as mind those potential flip Etsy's It's associated we're and the eye reopening, also well. we December On retail with several consumer
invest will in the few which an QX of of they the Within to $XXX more will are Refer a impact rates GMS take both standalone. or our margins in EBITDA we of masks guidance, in lower marketplace the be to that Note here rate us on our inconsequential of expect Depop accretive majority for in having our keep a we price XXXX. future and from filed quarter. face to and And contraction as details. in similar based be QX driven keep be to expect context masks by The for will our XX-Q, mind amortization have that EloX. million adjusted marketplaces for than a relatively growth. their Also, X% Depop the face in XXXX. QX, average and to additional was they we EloX, with top-line, Etsy in shortly be subsidiary increase dilutive Meaning Etsy's allocation items purchase full mind. while to Also, take
the will elevated see continue spend pace. an up quarter be us at stepping You to our back will and marketing in fourth hiring
also that important in checks XXXX, remained to boost QX. part an quarter bit reminder, growth of the As in and a early this in the U.S fourth XXXX year. expected factor QX significant stimulus not in repeat a our a checks is to consumer elevated Stimulus were of spending
all over the growth turn I So mind will to time the Deb now we take Thank can your you in high for model you your call keep so levels today. as XXXX. please questions.
