and cover results, commentary drivers Etsy stand-alone performance Josh, our of for results today financial thank Marketplace and you consolidated Thanks, My call. joining where key appropriate. will
As reminder, August EloX we a divested XX, XXXX. on
and a small that million, basis that basis headwinds year-over-year point ahead consolidated that consolidated adjusted margin, was margin. our growth XXX GMS year-over-year take $X.X was you resulted billion, representing a when headwind. revenue to Revenue GMS our million adjusted quarter and with $XXX X% Note consideration quarter healthy guidance. XX results.
Etsy's was consolidated please X.X% accretive and approximately FX EloX's EBITDA second to compare year-over-year increased So a EBITDA XXXX year-over-year up down modestly by XX.X% to $XXX divestiture in into of
the GMS in a the and Etsy marketplace than macroeconomic with a on yet better tough basis GMS first environment, Etsy face headwinds X.X% continued $X.X the year-over-year in to marketplace ongoing came than decline a in had from The decline bit representing better results anticipated, billion quarter. X.X% we
Depot in more detail a nice strong performance GMS. Etsy cover tailwind consolidated contributed In addition, later. I'll to GMS performance marketplace
growth attributed payments year-over-year, revenue and by of X.X% Marketplace consolidated ads. growth Our solid can our in year-over-year to driven increased be X% revenue, which offsite and primarily
We continue Etsy XX% was new at about revenue increase which our payments onboarding penetration a fraudulent Marketplace with GMS. We fee protecting to platform regions beginning second nominal helping drive out Etsy stronger rolled expansion of our existing saw of in from and to is When trust now quarter. sellers. Payments our seller and the this both combined additional at the with of efforts, reduce new safety onboarding, marketplace fees,
and Depop Consolidated of and shipping grew [ their services to X% revenue drive ], by on led label boosted by higher Depop label the visibility ads adoption continued ads revenue shipping improve marketplace. as
and all, rate the ranking approximately in our QX the product XX.X% last the above XXXX, sellers core our retrieval quarter same All for of XX%, the Nevertheless, featured in models we above relevance. by reported growth our moderated saw period refining strong significant efforts. consolidated year-over-year and unlocked year. still our Etsy improve engines rate we to growth Marketplace, Ads ads improved as during to take guidance of ad XX.X% Etsy modest For as which comped take expansion revenue optimization value
This result strong growth. revenue the mentioned previously performance primarily of is marketplace
performance quarter was margin costs consolidated by marketing was about higher which year-over-year up of ahead points a quarter. last second year. and guidance EBITDA level this XX%, of We basis of Our our partially employee revenue, and gained from XXX on leverage offset cost adjusted investment
end in quarter effective Just net was a our expense Canada services quick retroactive by have a nonincome ruling second in and PR you to impacted income tax digital may for noticed of note, that June XXXX. tax the our
EBITDA GAAP did an net our impact have G&A on not our consolidated did it this income. results, and adjusted impact While
product $XXX our year-over-year leverage decreased drive expense employee to to workforce within due million X% quarter, the which consolidated with during We development second to spend, productions. XXXX decreased primarily continue compensation connected
of even right scale. You size count that can a grow per above Etsy for continues see well and from larger our the significantly the basis, many to and marketplace chart peers remains on of head on year-over-year those revenue the
buyer support can our expanded half ROI-positive this spend into to leaned XX% quarter newer of new social this particularly retention PLA. the will The marketing to shortly. than metrics consolidated paid retargeting and since within outline and of Etsy where mix the and million. the which social, how largest buyer we channels year, performance Most this and expect we we the into our year-over-year is continue shows second buyers, we channel in existing the trend we and you Marketplace, Second social as of first second in be this in performance paid reflected buyer half. $XXX advertising mid-fund more increased into attributed I'll left a social, shift Keep will the paid channels, on have leaned behind that chart that that believe acquisition, increase mind frequency see in is lot towards paid further
the of period year reduced our across when the a performance comped temporarily testing In spend. second quarter, we in lower prior channels also investment
than ads reminder, offsets spend. the back this we brand and revenue of as in marketing year-over-year mode. sequentially, X/X our significant XXXX of XX% from to investment XX% performance launch Consolidated a our off-site QX declined more following pulled area As program support marketing gift our spend
can to we Easter acceleration now timing X/X we believe be of which the second our XXXX that year-over-year and tailwinds X holiday our results. GMS our the attributed to to a GMS noted the improved attributed be saw Etsy first, performance biometrics. first Let's headwind move We versus can sequential was factors: Marketplace quarter QX quarter shift, about results to from
and spending. ongoing father's on investing pressure believe by we've discretionary drove of purchases been in improvement, product sequential portion this remaining consumer in mother's we the this macro initiatives despite year year, the the stronger Second, part demonstrated
year-over-year basis basis, GMS, perspective, domestic, about a our declined slightly sequentially. points improved geographic but U.S. XXX a on excluding From
saw some of We were a categories, performance basis improved as QX. year-over-year you which, may on down recall, also a few our all in in
and year-over-year supplies flat and toys and games here see You can was that party paper grew.
XXXX categories. addition, In in QX trends improved versus of XXXX QX X in year-over-year X
approximately metric We flat active bag. a down X% of resilience, metrics are growing buyers year-over-year that Drilling lapsed of we a were reactivated is Marketplace to buyers. Etsy We Collectively, and X% and new million the the up year-over-year, year-over-year. X new X% demonstrated bit, buyer added a quarter. buyers on this And million continued million in And we roughly report buyers. to over last X the down XX reactivated pleased mixed XX.X approximately while moderated added decline over bit basis sequentially. a quarter, remaining million
buyers Habitual year-over-year. X% decreased by
our rate year-on-year retention However, slightly of buyers a better basis. habitual was on
earlier empower GMS growth, from U.S. selling and fee effective steps based wardrobes, by in people because introduced similar millions their small totality, in GMS changes evolved sector. change X.X% budgets, per these stabilization we this no for into Depop XX spending relevant to need discretionary their The continues highly driven In offer sellers continue fill to a of we down else. quarter for of a deliver market. that half. and Lastly, market in the buyers They Etsy fee, opportunity once it U.S. indicate the apparel metrics a the value consumers in be show structure a improved to buyer less to year-over-year U.K. follows remains more a buyer first year. marketplace a make earn sequential active to take again despite Depop $XXX, of and source made to bit removed easier to like signs albeit and basis. designed choice e-commerce continuing the second sellers one of to the was July fees on tens for growth believe
and highlighting the of Reverb. to outpace the to turning by sector instrument They performance the music And affordable gain musical of experience. gear share continue
which For brands. and trusted or June, example, of and launched new the sold Reverb from retailers and discounts Reverb showcases more at music like outlet in new authorized gears XX%
billion equivalents cash June cash, As and XX, we $X.X in long-term had investments. and of short-
authorized remained a XX. we quarter, June available ] total stock $XXX of repurchased [ billion the of in XXXX our June which second approximately as repurchase Board million $X program, of $XXX under million During
model this cash deliver approximately $XXX capital-light allowed Our of business free strong us to flow quarter million.
free We share also on 'XX. of And free continued commitment trailing to flow XX-month how our shareholders a EBITDA our can flow have of adjusted through a cash continued into approximately to to you here return to our significant convert see we repurchases cash XX% portion basis.
to our Turning outlook.
quarter expected have a we We of quarter already seen to May. of the second from GMS are modest consolidated ahead pleased in first acceleration to in XXXX, the what
Our year-over-year in single-digit quarter that will is low third basis. on the range consolidated guidance a decline GMS
As with consumer consumer. volatile product trends discretionary know, U.S. mixed signals of you the health remain spending about the
business that is guidance worse expectations based from impact our which this upon the macro So conditions, current get don't here.
seller-focused take timing similar to paid brand for incremental our into approximately continuing new investments. The including estimated the two, relatively to of EBITDA of consolidated more creative marketing channels EBITDA social; from the the moved exploratory second consolidated of our year. lead attributed sequential can stable And the margin third quarter will rate rest the and support to in quarter and select XX%. Marketplace, quarter; Etsy adjusted into primarily 'XX app unlocking be second be QX hiring from some which remain third, to adjusted cost campaign, the the be is margin shift for currently QX X to factors: A on pressure
be The EBITDA Etsy the adjusted subsidiaries has results. to relative are to continue in should share a full seasonal at of quarter our expected the QX efficiencies larger XXXX historically Marketplace also to consolidated continue year will consolidated about year. and We least fourth to adjusted level benefit at volume our margin performance be cost of this who basis our revenue EBITDA expect points as XXX to margin XXXX and
want and about my Working alongside shoulders partner, an be be Josh, for years, privilege in to be and past I who, and said to I perhaps I a a know has years I has importantly, plans think and not we the part important And who Etsy's mentor this has carry from years. missing accomplished to have have equal we career, capstone friend, truly X will I X comment Financial closing, especially team last to retire It accomplished Chief to my want joy been honor Etsy. could the my of In proud a over acknowledge been executive Officer. beat the stand and on at I enough without I and most life about moved of of confident on been world-class parts ahead. on. Etsy. they will a the a be financing organization, am once spectacular I have can't the
help and to I'm and my Chair. role my I'll travel Committee and identify And will continuing Audit maybe their after remain to company. more excited a including to service, transition forward Times serving responsibilities look little husband on a more York that, current New successor. board huge looking Board in of as buyer downtime, champion Etsy the but assured and are I I habitual a be a My forward the
words our It's mission Etsy my human. to now sweet sellers. and colleagues advance our experiences deliver and product growth sustainable, saying commerce strategy confident outstanding these keeping and for our buyers continue of for can profitable bitter ambitious that be I'm will
your turn I to take for your now call will today. operator you questions. the time over to Thank the
