standalone performance were our Thanks drivers Josh. call. us and And for everyone second My appropriate. commentary joining today quarter of results, results will marketplace earnings key consolidated cover thank Etsy you for
marketing XX% currency million results X.X% The $XXX flow XXX Depop to and Etsy a flat basis performance, billion, KPIs while transaction and a reminder, drove profit a and neutral delivered increased increase basis, quarter headwind. revenue and solid the and with basically Reverb, are quarter our was of in ads margins year-over-year our basis growth point fee adjusted GMS consolidated $X of XXXX, through. marketplace consolidated was for Etsy at and disciplined not XXXX are increased our GMS XX.X% our As second in second all FX strong but ahead million EBITDA in to second EloX Depop On year-over-year year-over-year was and expectations $XXX quarter financial a we revenue EBITDA margin. On EloX as results. adjusted a included due spend reflected
global marketplace XX% EloX. year-over-year, broad-based rate, to a as are ads second the fueled into relevance from featured Etsy by today, well well comparisons throughout second to factors environment in Etsy of buyer dive X% of year-over-year fee macroeconomic revenue seeing I expansion by on revenue primarily GMS marketplace The growth by our in levels, XXXX, also Depop take was and consolidated challenging year-over-year through rate X%. our the will quarter revenue, to of implied as consolidated experience. revenue ad revenue the from driven increased ongoing the and our uncertainties. top mobility of inventory of XXXX largely click our enhancements nearing Etsy contrast rate geopolitical guidance. the X.X% increased second XX% pandemic ads benefit ongoing effective XX, of acquisitions lockdowns. shortly. ads transaction XXXX growth The more to increase than increased XXX% initial the as take a April and Marketplace these inclusion expanded services due the Better and ahead as the as expected XX.X% XX.X% challenging Within drove consolidated of services we in In quarter quarter
are was Our impacted the financials. that headwinds and driver EBITDA second the ago reported spend in the last also margin not growth lower Etsy EBITDA year. were margins Consolidated new included by margin our disciplined of marketing year expectations adjusted was two our above to The ads. related XX% XX% continued subsidiaries quarter improvement EBITDA consolidated margin and adjusted primary above of
drag. than a were three with basis subsidiaries XXX representing margin, EBITDA point adjusted the to Depop Our our headwind more primary consolidated
the said and untapped conviction expectations believe opening long-term resale of businesses an financial providing EloX each it It's current in year we is given say opportunity large below and growth fair in to that the Depop to-date is and macroeconomic access for up models of market acquiring lot remain had the to us sound, for a significant that strategic both that headwinds, these Brazil. have rationale a market include We in the That confident of also value. we ago. companies bottom product the performed apparel to our largest the investments that unlocking stock compensation development, where will stock-based quarter, I sequentially In second compensation and due based priced increased headcount our the and results our moment. that a in headcount full in increased to growth dig days early portion line of annual in compensation, growth quarter Other March deeper including contributing engineers refresh the had factors sit. grants with in therefore a impact. into majority were have
Finally, we had greater on higher year-over-year to related activity development cloud computing costs a basis.
minimal marketplace vast down public there with fall. by and The our up associated can As expense minimum know, company include would revenue. costs, portions those leases, our semi-variable. Variable fixed. costs. are as items moderate are you expenses, we we operates less and business requirements with computing or obligations are our our move the our our capital but of relatively variable consolidated certain few performance and of dynamic, tapering compensation cloud These marketing majority such rise or Semi-variable are as as expenses dynamically with demands, costs designate
investments we past new on trends. to our example, us while other and pace appropriately team this maintaining in course healthy hiring slowed decision enabled and profit the align margins. to stay line in That for with better marketing our existing significantly order with top So invest quarter
largely year-over-year, to including the and acquisitions. spend quarter, second product the consolidated XX% driven in headcount Moving growth, up by development, EloX million was Depop product development $XXX
our which a average we full-time XXXX. percentage, lower level is marketplace for group development revenue when growth. to sharply was to in headcount enable million, in a average. Etsy revenue way. sustainable hired at appropriate expenses believe Product Meanwhile, development scale a revenue peer basis, product healthier On of steady percentage in percentage to rose which of this now a Our future XXXX more moved month be order a is to spent of during as in our per pace as estimate time revenue of we a dramatically XX $X.X we excess at pre-pandemic similar and trailing
of into resources, Our development are and stock our investment. product including compensation ROI costs product factored cloud measurement based for computing
GMS product and So also that investment when is revenue we positive people, we incremental and ROI within our years. about increase targets add in portfolio expectation the our two maintain
make to help directly marketplace safe. investments but keep that optimize capabilities development generate and GMS, continue not business, do to incremental strategic us scale We our the
During prior been year from of marketing the quarter, declined has consolidated revenue, the million. a to relatively as And percentage couple for spend overall second spent of consistent marketing $XXX quarterly years. X% a
was marketing performance our offset more. improving related and fee to driven LTV model increase, Google spend softer terms. for declined trends weaker with combined search which feed a our year-over-year our data efficiencies allowed transaction Our to demand consumer by and partially by This higher us related spend
last year. spending the on marketing versus same year-over-year somewhat in the second brand Etsy with Our quarter, our increase time spend as X% markets was air in top elevated core three
to GMS. performance deliver our the quarter, spend ongoing to pulled back improvements our models our marketing profitability allowed the to marketing we impact greater with minimal to modestly summarize while So during us
over maintained on our three-year the Etsy increasing basis. pandemic our to vast marketplace have Moving performance year metrics, a gains XXX% with GMS majority we of
For worth how in the GMS face GMS masks. such with United had to XXXX. It’s when in quarter context, app compared second become delivered climb of GMS noting GMS first a mobile years, nice GMS, over share second quarter in second by due lockdowns of as which percentage basis, reminder see the today we the this crossed strict It’s well brand quarter $X.X also compared country to the $X.X was a billion we in doing to XXXX, we’ve billion of which we were we the the continue ago. or UK, this look quarter our desktop that XXXX or States. neutral perspective, are to to the sales a which in were from a the either that primarily intentionally built driven our Germany, Non-U.S. GMS XX% of part in strength the difficult comparisons, weakness seller the on year-over-year in outside face of that quarter Etsy up buyer year, the offsetting also currency both transactions from large in a was X% of quarter. From year to second was highest marketplace a geographic past impact contributor in of at continues where few
Meaning the Let various marketplace. factors declined at a unpack the ago. same this top, macro prior versus of to marketplace we the me quarter quarter kept in about in moment the year Etsy a Starting take our X% GMS XX% year. impacting Etsy the
and about at experience high been home payments second and the particularly modest well ongoing of indices continue the U.S., data are leaving these of this inflation and consumer from and crisis mobility that third our our from recreation more trends, FX throughout we As for declines business. and many seeing mid-January was contrast, and time pressures, inflation categories correlation time shopping. our to discretionary walk COVID levels, second approach spend seen goods of as XXXX quarter. to volatility and for elevated side GMS very us winning a remainder three-year over consumers U.S. places week-to-week Based a price more Overall, money trends Etsy to On retail through party attribute last Similar shows a on less in we spending, attributed In to less spend a factors pandemic marketplace own the supply slide only for a has given estimates, as year Etsy believe GMS can is to inverse U.S. we chart, This of money as view such have there June. Etsy.com. year-to-date exposure in rates. home continued XX% estimated XXXX, a We including their on people economic between in driven their we disposable our high levels home, on commentary our stimulus today, mobility vaccination macroeconomic and impact the of case to craft quarter low to to the be living as quarter, supplies. decline the reminder, in counts on GMS have related out impacting which the income, which factors. Ukraine, the we’ve factor
favors cohort pressured spend prices living as XX-month in-person were Reopening including which a as Trends bright and the fanny On weddings needs, they resumed. per all positive tags, related meaningful a pandemic. and in packs. represented events during bit basis to our into on of especially and for pre increase as pricing a and $XXX sellers XX% in headwinds often levels to travel continue remain craft the buyer Weddings shift consumer our the pandemic. remained categories. apparel wallets, Etsy increases and quarter deeper appears, of cohorts trends second for offset home all GMS for quarter strong discounting. basis. ahead home of of slightly remain categories, buyer stay over today larger down it of paper at pandemic valuable our categories, specifically have and wedding levels, to also luggage hesitant travel basis, trailing beneficiaries sequential marketplace with consumers more the As supply purchasing remain active second remain and party our GMS than parties related spots, on Diving cohorts before and collectively the was largely Demand and was activities. in-person a
example, pre our outperforms during materially cohort shows XXXX compared XXXX first that cohort, an typical which the XXXX that terms Slide value. which our to of pandemic was is an at example cohort a short-term in cohort earlier cohort, acquired pandemic. of As we looked our XX performance
monitor demographic, We also spending specifically level. the income buyer of trends by
although X% slightly income similar stable habitual. has our and remained levels, with buyer nearly Australia. ended We GMS buyers quarter million Habitual buyer habitual across markets largely fairly non-U.S. the second core we down are spot, X across last retail. was away and repeat have to These the Encouragingly, metrics lower this particularly across lap trends quarter. check versus loyal and year’s stimulus So XX% growth we of we our in sequentially last far buyers to benefits, income seeing accounted for reported buyers shifted active, bright year, Germany seen X% in a GMS as distribution in year. continue it consistent from
and about million quarter. creates purchase high for our expected unlock was tools. total. investments, their in right frequency this buyer Recently reactivation improved those further significantly headwind million as compelling. believe quarter, from is lapsed than last nearly a months the reactivated buyers particularly with the buyers XX% conviction the again, buyer the have in the and periods. our that second to these strategic increasingly added needle pre XX% composition Still X of We to We on new pandemic buyers ago year are buyers prior higher and given product of down We, XX% XX a lapsed moving The continue made segment lapsed more marketing between We growth. that in CRM X.X XX represent lapsed now will our material value. about
Moving to the sheet. balance
a long-term $X.X equivalents million of currently in we and that and undrawn. cash, billion XX, and had $XXX is As cash, revolver investments June short
second early Board which the $XX.X July. $XXX repurchased completed authorized were stock repurchase our under program, December quarter, we XXXX in During we in million million
million Operating our As $XXX.X million. in was Board a cash the authorized XX-Q noted XXXX, $XXX program. repurchase May a the in new quarter for flow healthy
turning outlook. the Now to
that assumes exchange highlight at to unchanged want remain current I our First, levels. guidance currency rates
approximately X% of quarter compared As third XXXX. midpoint consolidated GMS GMS estimate consolidated in to quarter from billion of the a Etsy XX% the billion in GMS quarter quarter to We $X And be up XXXX, to basis. the third X% third on about and XXX% compared the to XXX% XXXX. about our third year increased down of to reported the XXXX currently year-over-year $X.X quarter at last reminder of a growth third
midpoint GMS marketplace, we larger deliver of to billion Etsy XXXX, a pandemic. in quarter of expect implies decline the of this X.X times to billion around high another digits. guidance, to third of $X.X our at compared than way before $X.X For the nearly mid the the single Set
of revenue XXXX. year last about up to up third million compared and XXX% $XXX forecasting midpoint million third of are $XXX to quarter about the the to compared of We X% the quarter at
factors related contributed margin a larger of acquisitions anniversaries two decline. we these Etsy protection And base, of Our now in our passed in growth the the to of and investment EBITDA quarter primary sequential of compensation purchase an approximately with to the a currently higher the expect full quarter also year. being in last third subsidiaries adjusted employee new XX% costs few weeks We ago.
we have that experienced are over shown to you in can see has encouraged weeks significantly curve chart. In signs slowing flatten. the to We quarters two the year of on the the our past past appears three-year has as it over see view, deceleration started eight XX this to
largest basis, seen believe quarter a certain significantly year-over-year nor growth less we you we uncertainty mobility to return and historical recommend holiday and consider lines a are macro for It’s on to we more business earnings become rates growth hurdles now have and spending, the will However, therefore on yet year. on track between these In not the that year-over-year factors sure. be increased given call, macro basis. strong fair as have bottomed quarter the quarter present comp would that the earlier. when fourth we you Etsy growth pressures, of year-over-year last quarter are our our to the XX% GMS also consumer described are volatile, Recall reported GMS. were macroeconomic GMS seasonality of our from very of XXXX correlation the quarter fourth on consolidated continued GMS cautious in that than modeling more factors we XXXX, And fourth a given say high the discretionary XXX% inflation fourth trend particularly
which the hiring models, a plans during substantially will your we second result slower for half. pace in our of second Lastly, adjusted in the hiring quarter,
P&L half reflect second we our have already the headcount will additional added. However,
first of leaning marketing marketing the in into spend spend, holiday half the particular we terms In second of generally brand marketing the more year during versus the in in season.
second our the thresholds. that dollar with to investment at set marginal and or keep continue we rate consolidated Our spend those is expect for last We performance marketing currently largely above for demand take to variable spend ROI thresholds half largely all to your to now you be And call back year the line with for in I’ll quarter. today. the turn of questions. time Deb take Thank second the your the
