Debra Wasser | VP, IR & ESG Engagement |
Joshua Silverman | CEO, President & Director |
Rachel Glaser | CFO |
Hi, everyone, and welcome to Etsy's First Quarter 2022 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations and ESG engagement.
Joining me today are Josh Silverman, Chief Executive Officer; Rachel Glaser, our Chief Financial Officer; and Jessica Schmidt, who joined us in March as our Senior Director of Investor Relations. Today's prepared remarks have been prerecorded. The slide deck has also been posted to our website for your reference. with live Rachel's video finished transition we are a to webcast we Josh presentations, and will Once Q&A session. Instructions]. [Operator to reading be me of your and as get try them Jessica many to can. I'll we as will questions, to help conditions that key return our pandemic economic results, Please our and unforeseen and include forward-looking ability financial their for thereof, impacts have operating programs, our and additional our or growth. and on or the political, and drive member global may of remarks and statements keep our to business communities, anticipated today plans COVID-XX to our investments general opportunity, the our our related market marketplaces levers our investments business and marketing in GMS of impact initiatives our strategic including the mind in drivers guidance and growth on potential support for macroeconomic uncertainty, product strategy in the
Our actual results may differ materially.
it is replay non-GAAP turn that, obligation on along with today's update in find risks and this reconciliation be call. Relations any are of over the measures. SEC uncertainties, involve periodic on website, financial we call, Any which with to GAAP included XX, and XXXX, forward-looking the this With GAAP Forward-looking them. which February and with beliefs release, to both A in today, measures based on filed statements disclaim today's will non-GAAP any file assumptions we'll Investor we which Also described earnings and make during reports a future XX-K on call Josh. statements earnings I'll SEC. and are updated release our present the our we we'll of our press to that in and
seems Thanks, good recent uncertainty. has certainties everyone. been Deb, it of years, evening, only one the real In and
to strong deliver maintaining business new its of believe model year conditions. the and rose macro adaptability, extremely QX, normal. say that has in our quarter, demonstrated past we the and In You resiliency types through results agility all our many during years, solid We occasion once team gains the the of reported over ago has period. a again challenging could to the shown it's almost X
growth Our billion, or currency the lapped strong a marketplace basis, up $X.X of prior consolidated we GMS shortly. year. X% more will our X.X%, grew as Consolidated revenue GMS years. growth was in on the over Rachel of a X EBITDA and the year-over-year the about approximately X.X% Etsy margin detail XX.X%. the results with adjusted past X% constant down experienced wave Etsy exceptionally was tidal cover
about serving the As from this shut past down, million quarter. so billion went grew from and buyers, much million XX and million XXXX active $X.X first the etsy.com world active GMS to X.X quarter of nearly X.X we sellers million XX of to in to from $X.X billion
We increasingly a pathway the meaningful supply for alternative commoditized buyers millions provided in to global chain. and have looking be complex cog opportunity not for just another and to economic a
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Right continue focus, to the the that the course. plan change discipline enormous. laid to that after is heart. out and is us in on opportunity on centered for strategy that we believe right that Win, The have more We ahead to only you XXXX We go conviction keeps we with even our opportunity
Speaking weighs on heavily us of the heart, all. crisis in Ukraine
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to The Our balances sales totaled and to canceling us ability financial owed listing credits $X.X make sellers, is critical more million Ukrainian including ever support, in by for current than providing sellers. the quarter.
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seller-generated also performance The Italy, Belgium to to spend Ireland, Switzerland, Netherlands, Spain, is our of We've markets influencer test to first The new Collective Creator new started world leverages which Austria. marketing rest Program, buyers content and our Etsy. and including core, beyond bring in
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why behalf come purpose invest believe for the Rachel It's our every turn get We work house are this is be to year for the to over to our we in ample the our fight remain money. expect both conviction have brand many events headwinds, certainly economy, community. to to unpredictable prize and Yet so excited to which nervous difficult and People parts and got we continue size global tailwinds results I There that moving take provide optimistic. enormous. to forecast. Etsy going through about time be with on seller us. we'll that offer you is to to and truly We've the every are world-class and of have consumers' across it day. for team something of reason the to a outlook. now and with different creativity harder and I'll We
consolidated commentary Thanks, us cover stand-alone results, key of where performance thank drivers Etsy appropriate. will on Marketplace you call. My and Josh. And our results for joining
year-over-year adjusted for with X.X% first margin. As first and reflected XX.X% the Revenue million basis, GMS in EBITDA basis, increased consolidated consolidated and a to million, year-over-year currency-neutral a our are year-over-year. On a X.X% our financial On $XXX $X.X and grew $XXX GMS a reminder, grew results quarter. was to billion. KPIs quarter Reverb, all EloX Depop X.X%
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Okay.
our to moving outlook. So
are for movement Etsy tail basis, counts time case second rates XXXX, COVID payments accounts at now, early drive demand the at-home less quarter quarter of mobility levels growth of of the possibility vaccination continue higher, to which second that meaning increased driven by GMS reported the Contrast consolidated economic stimulus partially from in the April as year-over-year XXXX and a low may quarter and XX% pent-up in this where and shopping. on more home. of that approaching bank travel many keep was GMS strength and the well of of in XXXX. The high indices even While XXX% consumer U.S., XXXX as hit in second with the
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about revenue to quarter forecasting to adjusted second EBITDA margin $XXX are and compared at expect last currently second midpoint X% $XXX compared million about quarter up XX%. year We of XXX% We the million, the of to XXXX. of up the of
as to you few XXXX. in items of model the are Here keep a mind additional rest
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to development our Our and take time it product most. to at need deeper growth lean enables when sellers increase marketing, into the rate us member invest for support a
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into to I'm everybody. to going to Good questions. talk right dive
Josh, one look first Can uncertainty planning is impacts how of talk you and Ripps, Canaccord. investment is from near-term the your the you. for So embedded year? your this -- is QX half she's you this second Maria from the considerations outlook, the in and as towards about one
in prize Absolutely. Etsy. we Thanks, If the for it anything, a pandemic to in at continue has more likely to of don't And to exact going that second to think even thing conviction Etsy that enormous. as in of Maria, call. we to quarter, think prize really the it's size the the believe meaningful succeed. for things Amazon, in second, enormous is the not same the as truly say strengthened of really dimensionalize us question. different, end sales. buy our have of that taught selling people places going across we just maybe $X.X has has absolutely an for where there's core Etsy a categories the the trying offers sold occasions billion the Etsy to at many we that and be glimpse worth places compete of Amazon transformed, product something Etsy We sellers thousands many with unlimited relevant to projecting And purchase about is Etsy them. we're keep likely about, on this future And marketplace. online. that consolidated towards low we pre-pandemic, number head-to-head future, talking is something of and worth billion guidance, there's many $X.X been we the of size talked
We're for are quarters, time absolutely got opportunity investing have investing, their think discipline term. for and time. for headwinds, turbulent. we that It's we've conviction and inflation. invest turbulent our is eye with that's most through with on that And prize, the The be so that. And times is, the on are And sellers investing eye what reopening war strongest next enormous, and of this Etsy got we've our for we facing by couple when doing. the but Europe, in companies we're turbulent absolutely everyone, a need the absolutely we to medium the we're way, future times us and
Thanks, Josh. Great. Okay.
to of month view I has the also want we'll impact Khan, that saw any will growth? from several Josh incremental GMS there middle making? investments one. that but our we're add increase. Maria, Naved start was one our do How to Next recent other fee cut including sellers talk from on people, about with on sellers in and we boy the been that all And the And from it the the reaction we
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Hello, question, everyone. for Naved. Thanks the
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Okay. the I Great. couple give Thanks, want of questions have QX guide. a Josh. The Rachel to next one come in on to is
the GMS April read driving your Fong performed? and Could BTIG. of QX high GMS the low are you Marvin the And I'll end discuss So one guidance? the both from how of what assumptions
for the question, Thanks Marvin.
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X even the Xx say have of able being to proud that gave, We we we bigger Xx of end did were are retained guidance were it, we and we low the have -- that have of we at years where And ago, than there's even all super So nearly before we today, growth. -- people maybe call, successive GMS the your in think multitasking February. said April. saw reporting know question written seen that in about many but I because starting in was so on we I and deceleration everyone's I
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Great.
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Thanks, Rachel. Great.
when you, Josh, your because inflation what relatively To in at extent is you one favorable position your e-commerce buy business? peers? favorable James affecting peers How Next what relatively Victoria things To e-commerce for or sellers you allow are question. versus Davidson. the basically are extent consumers they apparel home D.A. from that's to Yes, versus is money save your your goods? like
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for Lauren second margins up are from Schenk Is one likely year-over-year? ask clarify you that comment and a from to -- quarter Stanley. expect is going materially? year Morgan Rachel. full XH a the half to margin that Great. you or commentary be to the Can next comment marketing margins I'm don't commentary This expand fourth
question. Lauren, for thanks the
extent comment, second slightly. could -- it's is that the So there a we comes that to whatever caveat expand margin into half play, seasonality and
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a all and you talk very Okay. minutes you you during for to on the with Great. few staying Thank quarter. we will us Thank extra much.
Thank you.