Thanks, performance cover call. results everyone, quarter Marketplace key appropriate. you, Josh. commentary results, and third our And will consolidated Etsy stand-alone for . thank My today joining where drivers of
Reverb, As a Depop and consolidated quarter KPIs ELoX XX, our on were EloX with results XXXX divested and financial for all reminder, reflected the in August third XXXX.
billion X.X% to our since first growth nearly 'XX. Etsy year-over-year, in the GMS $XXX X% GMS, Revenue X% delivered quarter of which year-over-year last million, adjusted from $X QX million, and EBITDA $XXX was up year. increased consolidated third quarter increased positive
adjusted Note resulted both to in accretive divestiture mid-quarter that and modestly margin. GMS headwinds EloX's was revenue to small and EBITDA
of our consumer we Given discretionary and product these to demonstrate spending, relevance. strength the consumer results the volatile continues underlying brand macroeconomic believe landscape impact that
positive Etsy continued the consolidated each several international our markets as expansion in buyer growth. active of growth growth acceleration of outpaced Our at meaningful Depop month by year-over-year was Marketplace driven GMS well as and strong that quarter, top consolidated
FX in the XXX the our The third impacted basis a in that prior point headwinds tailwind. quarters providing business X quarter reversed
GMS and strong softness at offset just the subsidiaries Reverb. at growth I by partially mentioned for increased by quarter, driven the third our in Depop
revenue our payment GMS, for ads. growth well of primarily from grew growth more fees consolidated in year-over-year growth marketplace yield higher revenue that volume growth of subsidiary including offsite Within by revenue international to in in increase as due fees, an in speeds consolidated a to as X%, the shift mix payment transactions driven X% Etsy,
conversion this functionality search remained contributor negatively standout Services XWalk was to increasing ranking our system. to as driver growth, without optimized Etsy ad our pricing XX% our Allowing conversion results listing value more of Ads our into the year-over-year. ads primary better us strength a we revenue impacting to in show potential rate. and
guidance. prior with very midpoint spend. to margin quarter above continuing product of since XX.X% delivered of the EBITDA a and line This driven invest our in consolidated strong XX.X% take rate our strength a Even and the rate and quarter and expanded guidance our consolidated take XX We by and modestly the in quarterly the at implied the our in basis level marketing, leverage points above fourth to of part was end in development of year-over-year XXXX. highest high while product
to adjusted in our XXX EBITDA quarter. XXX a basis Our third subsidiaries represented point to about headwind margin consolidated the
to profitability. disciplined are We very ROI-focused investments continue balance pleased strong ability with to and our
the pleased with healthy our are on spend very the Etsy than Marketplace XX% excellent approximately product development more We quarter, product returns win with year this in product initiatives rates. delivered prior launches
points at Looking leverage to due quarter, the and increase the to XX X% development basis professional costs. a services we quarter's year-over-year million spend, employee third $XXX in of partially gaining lower reported comp year-over-year product
Particularly growth value due that usually those Etsy buyers. in to Our to although convenience consolidated merchandise we year-over-year declined great our head the core as count and increased offering of initiatives. invest with for time bit important high-quality divestiture, year Etsy's of count do EloX we a this head highlight
basis, head revenue approximately On about and full group. Etsy highest full-time count Marketplace our for Etsy the third some the peer amongst the XX-month above $X.X was a million, year of quarter in average $XXX,XXX Marketplace per the for XXXX well trailing
consolidated Third $XXX spend to million. marketing increased year-over-year quarter X%
strategy. to disciplined environment drove While competitive increased up, continue ROI-focused against our execute CPCs we the
channels. increased Etsy we XX% spend in marketing expanded performance consolidated marketplace Our year-over-year spending several as
making proportion We've total now mix significant peers. similar which, a also as to been our social approaching a level is paid our marketing of progress scaling
bit as spend we brand decreased back incrementality select consolidated markets. in a to Etsy run year-over-year tests pulled Our X%
core and in Switzerland. TV tested air we advertising quarter, the X Austria our were markets in and During top on
event marketing amount GMS promotional a site-wide and ROI. of delivering small funded drove was with dollars Our positive incremental
the ads revenue During XX% marketing Marketplace spend. off-site quarter, from approximately performance our Etsy offset of
buyer to metrics. Moving and our Etsy GMS marketplace
During in was in stable and FX increased higher healthy X% This the increase number $X.X third Etsy growth markets. tailwind quarter, GMS the relatively of by quarter. year-over-year with year-over-year month billion. in GMS QX each marketplace international modest driven was to orders of growth select a
our growth increased our trends supported While soften September. our positive August, investments marketing late in began GMS through to
However, discretionary as towards similar the and overall growth e-commerce turned end the our U.S. consumer product headwinds spending trends, September through negative October, worsened. to GMS of slightly
our pressures support data pressured household incomes estimates from ZIP growth, GMS to following with a our returned deep lower by discounting. census over income buyers While that average that incomes focused pleased experienced retail macroeconomic buyers consumer continued household key GMS U.S. and our discretionary we modest are under spending, the $XXX,XXX Using and with business challenges increased. household particularly whereas $XXX,XXX for from Code, we incomes headwinds, higher competitive product on household environment
a and year-over-year Etsy's Further, third increased from that buyer conditions buyers we a household U.S. representing in decile households top overall over time. GMS XX% base small estimate income over can segment the of while positive the macro improve of that as general, our stabilize in in our quarter, growth indicator
U.S. bright quarter, with International U.K. healthy well in positive led markets the as to in domestic, up and a growth third return represent spot for Etsy GMS, France. a to as in X% growth excluding the continue Germany by
also countries We and noncore as Austria. other such in strength Switzerland saw
most sell and at are seeing essentials deep In e-commerce generally stand economy, share merchants gaining low we prices discounts are and whose others. mass this that for the who brands expense of broadly
competitors. pure-play buyers So competitors retailer to we compared basis, Encouragingly, adjusted from U.S. of this data the we versus gaining categories. are that on slide, Edge's largest supports e-commerce data to to consumer in notion generated in this order down Etsy's drill on pure-play for Etsy GMS marketplace compared U.S. our category our performance share some a our
basis, even largest of cycle. card discount-oriented and merchants, moment on external mass our credit e-commerce adjusted pressured including are the we in holding this in indicates share the data a studied incredibly category Further, even we that when have
As Etsy in improve. we're expand consideration look meaningful confident gain buyer opportunity for we factors has and categories as beyond ahead, all a of significant that we share macro top our and to Etsy
Given aggregate, be TAM e-commerce we our continue our is the Etsy global of to in a estimate for about that net time. all over gainer significant only of in Marketplace's X.X% a share relevant categories to see GMS room
turned buyers that in from third a the grew It's accelerating with growth to Marketplace's active sequentially X% high trends increase Etsy and for time encouraging all-time growth buyer consecutive increase QX. a in active to U.S. men. X% had a new we remains the International first buyers also year-over-year of positive $XX million for quarter X% X buyer identify active active modestly quarters, strong, in who as
We quarterly added up average these over million year-over-year. buyers, new Etsy We down the above with third vast Marketplace the in XX% was new quarter, yet majority of in buyers reactivated XX% X X buyers the million additions, buyer year-over-year, pre-COVID lapsed our which X% reactivated U.S.
trailing rates buyer improved years few past pre-pandemic that further the remain and basis, retention XX-month over prior Our a enhanced levels have engagement. year providing the from on evidence our above investments overall
prior Our an loyal million, our metric. of quarter. year continued habitual unchanged in quarter basis GMS number of that $X the this in sequential second which than for These retained we slightly portion buyers from stabilization prior a of increased XX% buyers habitual buyers encouraging accounted to larger slightly of at the It's was in important on the note third largely quarter. sign quarter our a third
buyers active driven and lapsed buyers million, in year-over-year X% any more markets. by last in repeat the mentioned prior nearly we Encouragingly, to quarter year the quarters. grew X also $XX previously buyers repeat of number Our third the to of than upgraded
marketplace of Overall, to XX% quarter. year-over-year for declined a in the XXXX. is quarter GMS XX-month on buyer but third buyer continued $XXX active per per our sequentially X% basis stabilize to higher GMS than third Etsy the trailing the
short- long-term $X.X As cash, and investments. XX, billion and of in we cash September had equivalents
our billion. a under During the $XXX third we repurchased $X.X total million X authorized programs, quarter, board of repurchase in together stock totaled which
million $XXX authorization is our and or So far, million have our shares XXXX we $XXX in million repurchased now all of XXXX, complete. X.X of stock
strong Our flow was free million. $XXX a quarter cash this
requirements. basis We convert a with on our of EBITDA marketplace continued operates as our to cash to trailing XX% adjusted XX-month approximately free capital minimal flow
Now to our outlook. turning
fairly growth yet it such mix. consumer so will We discussed pressure of These the of are category headwinds. include holiday discretionary season, on challenging to many this Etsy's anticipate working those product do that to about a today, be external holiday cautious vigorously spending, deliver we given forecast season multitude as and
will for marginal are In landscape when play. ROI. highly addition, dynamically with marketing without performance back reach competitors models adjust eye we pulling is we some thresholds. return an a To clear, this to a not competitive seeing investing we be spending Etsy's advertising game
for our could higher traffic. spend CPCs paid So reduce naturally
factors negative year-over-year at line now of implications extending And have the with our trend yet We of these of for a significant deceleration into end could in spending. the faced in unfortunately conflict, course, trend some September believe U.S., world particularly a geopolitical Etsy is another lasting starting the consumer to October. line, and slightly which Marketplace contributed through
that guidance the slight reminder longer a to includes represents Last, EloX decrease a our top and no line.
and limited upcoming factor doing please year-over-year has of your season, our land this plane with trends best So which we're negative a models. consumers will help behave guidance, our been goal. to With to always into holiday visibility the month our that
single-digit a QX Our basis. current decline that expectation in is year-over-year low would GMS range consolidated on the
GMS trends become slightly could or trends if if year-over-year. decline. be And up improve, mid-single-digit even a worsen, could that However, flat
be the QX quarter down go approximately sequential tough Obviously, to with begun, call due We having X/X a right to season all-important XX.X%, take it holiday of normal rate barely shopping slightly left to the on anticipate to it's and basis now. seasonality.
use our that quarter. revenue range for to estimate the So can you
XXXX. international Recent represent into to modest will QX increase is impact Etsy Payments in expected new not markets likely expansion and rate a for take of
adjusted XX% course, seasonally a to higher are be to of the primary of being to sequentially. expected XX% EBITDA decline, marketing consolidated up although, driver dollars guiding with consolidated EBITDA of sequential spend are margin We the
run in more. includes of audio select out combination visibility internationally, investments to Etsy-funded and TV, increase in in digital of a plan that video, powerful and promotions home, invest We marketing will brand performance both U.S. and the
a gifting moment. gifting excited super is level and mission into holiday mission Cruise new great impossible turning action which in our impossible creative, heroic stressful to for call an themed Tom I'm a
expected a target our core of implied the With our Etsy XXX margin previously EBITDA quarter, adjusted point approaches our to headwind fourth guidance, XX%. subsidiaries basis Marketplace represent to long-term margin about in the provided in
on for full the just basis the Rule year to Marketplace, best-in-class which see fact, a as company, a expect a Etsy of we In finish being year XX shy of many bit performance.
all encouraging time. you Thank all to check your you your for close our features I'll out by holiday for new gifting deals and shopping.
Deb will now session. Q&A moderate our
