Etsy commentary consolidated Thanks, My drivers everyone, fourth for of joining key where Josh, results our and marketplace thank call. you, cover quarter today and stand-alone appropriate. results, performance will
on a reminder, As XXXX. we XX, divested EloX August
consolidated So please take that into consideration when you compare year-over-year and results. quarter-over-quarter
the million, that to small to all-time modestly from and and adjusted quarter FX margin. to quarter. $X was delivered quarterly roughly $XXX basis up billion in the revenue a fourth year. adjusted flat EBITDA the to million moderated accretive the point headwinds consolidated Etsy to an quarter X.X% high in $XXX both tailwind for from of year-over-year the Note quarter, nearly Revenue basis down XXXX. the prior XXX benefit in in to of third divestiture fourth resulted GMS consolidated XX EBITDA grew GMS, record and points X% increased EloX's
mid-December year-over-year revised Following in to in our solid improved across expected a challenging enabling performance GMS come October, Etsy's trend nice slightly our due in had guidance us the November described end to quarter Josh a above holiday revenue. marketplace's GMS of growth all to and the We brands, with earlier. for better GMS than line December
fees, the the improvements the with primary Ads was at largely of continued quarter was implied in of offsite guidance our due yield revenue Etsy subsidiary to payments consolidated once grew growth take revenue. Services related contributor strength a delivered relevance. mid-December. payments fees that quarterly year-over-year. of to of add to revenue shift year-over-year this driver and growth of international above We X.X% midpoint rate and rate prior marketplace key higher consolidated transactions mix ads our a increasing XX%, revenue a to flat growth, again more in Within higher X.X%, take revenue the to X.X% consolidated provided higher slightly
transaction full of by last as due of expansion. as basis April XX% XX to guidance growth increase incremental at the increase latest For quarter Etsy rate of spend. take half XXXX the higher was partially strong refunds marketing well first the points end down cost that the not our to high XXXX consolidated approximately our a year, XXX Fourth fee our fee as basis as about Etsy protection in consolidated EBITDA adjusted gross well but for an year, margin, Ads, increased orders due primarily margin most points of from lower was payment the covered in for result purchase of
destination, that related to $XXX Overall, only important our to than about tax investments we adjusted benefit headwind point including any Depop, marketing in with product a a Etsy Note great million make margin pandemic represented a fourth that due holiday discrete higher XXXX of are proud very in initiatives subsidiaries XXX even and peaks. quarter shopping EBITDA nonincome quarterly basis period, to was QX.
During to the product quarter, increased X% consolidated fourth year-over-year million. spend development $XXX
very of year. gains. prior a gained baseline approximately leverage a product report launches Etsy our of the divestiture. GMS billion XX% basis, investments prior year, points year some pleased As in And delivered Stiff to development headwinds incremental significant to due we from increase of year. the annualized offset development a largely approximately On about the these $X.X revenue, are product GMS, pressuring that last basis marketplace from full increased XX excellent also percent we from EloX
which $XXX percent marketing the marketing spend a year. to from modestly consolidated spend quarter Fourth increase as increased prior to year-over-year of drove revenue X% million,
consolidated in of our this from XX% occasions, Given with our the spending coming for year-over-year focus brand spend. marketplace increase fourth quarter, awareness Etsy's majority Etsy the brand on specific vast purchase building increased
gifting partner all campaigns, an as resonated holiday missions, with indispensable which buyers. Etsy highlighted for Our
we continued on Further, in fourth Etsy's spend during U.S. expanded the quarter efficiencies quarter spend the X% marketing decreased media to improve. our significantly above-the-line year-over-year ROI we performance Consolidated as as efficiencies. and this higher adjusted ROI CPCs dynamically than our we year. We pushed seasonality see the pulled at as strategy back time spending PLA improved competitor spending on normal of
were this, certain social increasing geographies, partners. new to mid-funnel able in with geographies investments and ramping lean Offsetting media into and several spending channels we
Our small dollars Monday incremental promotion solid a a site-wide Etsy funded delivered marketing with ROI. Cyber amount GMS and XX-hour strong of
X% XX.X%. year-over-year, marketing billion marketing revenue spend modestly the approximately up incremental increased performance percent stand-alone marketplace Etsy's full X% spend to spend marketing consolidated delivered XXXX. For year, and from our as decreased of GMS, consolidated annualized in a $X.X roughly
now Moving GMS marketplace Etsy and to our metrics. buyer
During the including continued, a fourth spending, the deep discounting. quarter, on & to Etsy product and billion. discretionary X.X% year-over-year Living pressure competitive $X.X headwinds environment GMS category retail on marketplace Overall, in softness focused consumer decreased Home highly
Etsy with growth November strength The bright U.K. by positive ahead GMS, up International were markets line October in the GMS marketplace Etsy and quarter. December the the in year-over-year in that bringing improved Netherlands, and excluding trends in year-over-year our our we Switzerland in was results call, the trends again expectations. Germany. flat described once spot marketplace fourth U.S. X% Our with internal trend and November on domestic, led largely challenging following in of a Austria
with Living, record and a the million softness in for up and consecutive were year paper growth. jewelry XXXX X% in apparel the ended quarter This XX and represented by X accessories year-over-year marketplace slide GMS top full approximately offset active XX% We year-over-year, and of our party craft GMS & marking GMS. which buyers year fourth trends shows year-over-year Positive Etsy Home of categories, performance supplies.
million to XXXX. up added quarter we XXXX, record number, identify buyer new the nearly quarter, buyer strong, who and XX and fourth X in and over fourth as We in XXX% marketplace the XX% lapse from of XX% trends we growth year-over-year reactivated million improve. in remained up had a Etsy X% buyers, U.S. buyers over male. International active continue growth buyers up
quarters. the the at with loyal prior remained in trends quarter, in X buyers with of of stable million the largely quarter buyer the over habitual Lastly, end X these line
of XX in than fourth million. XX-month a on repeat for X% trailing stabilize yet GMS continue the grow per of to $XXX remains continued number Etsy buyer sequentially year-over-year XX% X% buyers the fourth healthy the quarter higher to to active XXXX. a year-over-year quarter Our marketplace but to basis declined
to in Additional marketplace Etsy appendix found the to deck website. our can metrics be posted this as
Moving to sheet. balance now the
had XX, long-term cash, in and of $X.X and cash we As billion investments. equivalents short- December
June During of stock repurchase the total December fourth quarter, under authorized XX. we of remained available a which of $XX million repurchased XXXX $XXX billion in million Board $X our approximately as program,
rigor free XX% to model to adjusted EBITDA XX.X% about and million in to business of convert capital-light deliver us flow. and $XXX operational EBITDA and allowed in a nearly that consolidated Our margin XXXX cash
$XXX fourth million. Our free the a cash flow in was quarter healthy
trend continue on to being growing else would likely flow, As leverage our continue cash and equal, gross see ratio our we down. we focus all to EBITDA
expect business well We current retain liquidity macroeconomic the as a investments to manage return to also capital our strong levels and with balance relative support shareholders. organic ample continued sheet to cycles as across leverage to various
valuations XX% more meaningfully return shares. our to strategy shift return committed compensation shareholder our higher a opportunities dilution our generate especially strategy in repurchasing of from In In disciplined and are percentage active philosophy free prioritizes nearly the level to in of below stock-based have free highest demonstrating our for offset stock our by past, cash our accounted value. long-term a view remain and allocation capital XXXX, to believe We fair we communicated flow, of times value. of when of capital capital during we cash that the will flow, volatility intentionally an return
leverage and long-term We a continue our to growth return, deliver balance and business opportunities and Etsy, liquidity expect to value. shareholder see we in organic attractive investments appropriate capital for to
which headcount core XXXX. to workforce the X,XXX of start recent to marketplace our employees brought Etsy at our turning about Before discuss guidance, realignment, I'll
back headwinds XXXX. a as maintaining As hiring and our you GMS periods, early we know, the pace experienced were in to proactively we lean disciplined headcount consistently pulling of approach then even high-growth during
to down, a very while organize described. build from creating as Josh to some designed to For road marketing customer of top product focused wanted levels delivering further to development experiences choices designed map how to and loyalty, impactful and driving growth the frequency reaccelerate tough speed more strong on build also profitability. We XXXX, made about we efficiencies team and our
to costs, internal these in $XX in make projections reduced In people previous all-important our for or year, our of million. a holds the modest certain focus and reinvested stable continuing hires. into all, investments total plan of XXXX base. optimize reducing ensure including Most operating we've intended taken over our addition back to growth on costs All critical we by to number we XXXX, including being expands this cost are actions benefits of savings to addition margin the
optimistic from and creation fuel our are value growth see that this we year. can the measurable We significant team Etsy's productivity
start as planned marketing to the This slow move Etsy a quarter reflects in rest Now remains of first our challenging at the us estimated international our and forecasting macro cautious decline It year. the year-over-year low markets that turning for range the quarter quarter and the expectation basis. consumer low, core and we a to the product of marketplace our of the on Consolidated in GMS to outlook. current is our remaining environment single-digit the currently sentiment guidance start through U.S. investments. for making GMS a our of with in the XXXX result as improves
mid-single-digit trends performance. provide Depop become to the However, fail Reverb a expect, we to as expected are improve a this and if consolidated decline. could tailwind our currently within
used our seller process that We Gift that XX% we so to marketplace, launch fee. certain the be a onboarding revenue between to margin trusted big investments, particularly adjusted in we EBITDA investment estimate to seller to of to consolidated take This XX%, a continue be for can new be announced including We currently This our margin with level earlier shop XXXX will today, QX estimate anticipate seller benefit requires be Mode, community verification, quarter. for our and range approximately associated technology nominal. a strengthening Note promote are onboarding rate our new game XX.X%. the that heightened of reflecting the advertising. net costs particularly initiative introducing
a in point as expect growth to improvement. Etsy starting flows of we expected through the because revenue revenue are about expect margins, low marketing and begin largely both to of pose take first lower subsidiaries XXX further basis kick at or GMS expansion benefits revenue and of into annualized outpace being rates. should year-over-year be as see the same in primary our with Etsy in quarter the that We Payments recent to at our Our of year currently our currently growth quarter. X GMS ahead full expansion level expected markets for QX point product create We with headwind the the of growth their and XXXX, Ads investments to the consolidated impact drivers the of in new
XXXX, fair to continue EBITDA in we look currently our with level of value XXXX. expect to adjusted margins at we'll for We X drive consolidated to for exchange the to this, maintain delivered very Beyond all healthy similar ways in least a of marketplaces. margin
of our despite portfolio which for by growth believe energized reignite can continued the we macro. are our growth XXXX, We initiatives challenging
time for today. I'll now the the your operator Thank to your turn to you call all questions. over take