Etsy, Inc. Reports Third Quarter 2019 Financial Results

BROOKLYN, N.Y., Oct. 30, 2019 /PRNewswire/ -- Etsy, Inc. ETSY, which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced financial results for its third quarter ended September 30, 2019.

"During the third quarter we launched several transformative initiatives to serve as the building blocks for long-term, sustainable growth," said Josh Silverman, Etsy, Inc. Chief Executive Officer. "The core Etsy marketplace continued to perform well, with third quarter GMS and revenue growth of approximately 22% and 28% respectively. Through innovative solutions such as Etsy Ads and our new free shipping initiative, we are continuing to improve the core marketplace for buyers, while enhancing value for sellers and helping them grow. We are just beginning to see the impact of these initiatives, which we believe further our competitive advantages and will have a more meaningful contribution to our results in 2020 and beyond."

Third Quarter 2019 Financial Summary

(in thousands except percentages; unaudited)



The financial results of Reverb have been included in our consolidated financial results ("Consolidated") from August 15, 2019 (the date of acquisition). The unaudited key operating and financial metrics we use are:





Three Months Ended

 September 30,



% Growth

(Decline)

Y/Y



Nine Months Ended

 September 30,



% Growth

Y/Y



2019



2018





2019



2018



GMS (1)

$

1,200,371





$

922,513





30.1

%



$

3,319,228





$

2,685,273





23.6

%

Revenue (2)

$

197,947





$

150,366





31.6

%



$

548,381





$

403,665





35.9

%

Marketplace revenue

$

140,966





$

110,927





27.1

%



$

401,499





$

290,200





38.4

%

Services revenue

$

56,319





$

38,194





47.5

%



$

144,386





$

110,306





30.9

%

Net income

$

14,801





$

19,894





(25.6)

%



$

64,603





$

36,240





78.3

%

Adjusted EBITDA

$

42,076





$

34,035





23.6

%



$

131,644





$

88,151





49.3

%

























Active sellers (3)

2,592





2,043





26.9

%



2,592





2,043





26.9

%

Active buyers (3)

44,807





37,134





20.7

%



44,807





37,134





20.7

%

Percent mobile GMS

59

%



56

%



300

bps



59

%



55

%



400

bps

Percent international GMS (1)

36

%



35

%



100

bps



38

%



35

%



300

bps





(1)

GMS for the three and nine months ended September 30, 2019 includes Reverb's GMS of $76.9 million. Consolidated percent international

GMS, includes Reverb's percent international GMS of 17% for both the three and nine months ended September 30, 2019, and is determined

based on the Reverb GMS of $76.9 million. GMS for the core Etsy marketplace on a standalone basis for the three and nine months ended

September 30, 2019 was $1.1 billion and $3.2 billion, respectively.

(2)

Revenue for the three and nine months ended September 30, 2019, includes Reverb's revenue of $6.0 million. Revenue for the core Etsy marketplace on a standalone basis for the three and nine months ended September 30, 2019 was $191.9 million and $542.4 million, respectively.

(3)

Active sellers and active buyers include Reverb's active sellers and active buyers of 155 thousand and 594 thousand, respectively, as of September 30, 2019. Reverb active sellers and active buyers are sellers and buyers who have incurred at least one charge or made at least one purchase, respectively, from Reverb in the last 12 months. Active sellers and active buyers for the core Etsy marketplace on a standalone basis were approximately 2.4 million and 44.2 million, respectively.

For information about how we define our metrics, see our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.

"During the third quarter of 2019 we delivered solid top and bottom line results and generated another $47 million of operating cash flow," said Rachel Glaser, Etsy, Inc. Chief Financial Officer. "Investments in our core business, significant new initiatives and the acquisition of Reverb are helping establish a great foundation for continued profitable growth."



Third Quarter 2019 Highlights

The following operational highlights include results related to the Etsy.com marketplace and do not include Reverb results:

  • In July, we began providing Etsy.com sellers with tools and support that enable them to offer free shipping on orders of $35 or more to U.S. buyers. In September, we launched a campaign to notify our buyers of the new program, highlighting shops that are offering free shipping on their orders. As of the end of the third quarter, 62% of items on the Etsy marketplace offered free shipping to U.S. buyers and 74% of U.S. listing views were eligible to ship for free.
  • We migrated Etsy sellers who previously used Promoted Listings and/or Google Shopping to Etsy Ads in the third quarter. We continue to optimize between channels targeting a return on their ad spend and to-date, we have seen negligible budget churn from sellers.
  • As a result of migrating our search efforts to Google Cloud, we made a foundational upgrade to our ranking algorithms, which will enable Etsy to provide more relevant search results to buyers on Etsy.com. In addition, we continued to improve our mobile app, began highlighting items that are similar to items buyers have made a favorite in the past, launched variation photos, and integrated several shipping solutions, all geared to helping improve the overall shopping experience. We also launched a regional sales feature, which allows for sellers to set a country-specific sale, with a focus on their domestic listings.
  • During the third quarter, we launched a new national television campaign for Etsy, which features holiday gifting experiences and will be tested, with a localized version, in the United Kingdom as well during the holiday season. Leveraging our learnings from prior campaigns, we will optimize for reach, frequency and return as we head into the busiest shopping period of the year.
  • In the third quarter, active buyers and active sellers increased 19.1% and 19.3% year-over-year, respectively. We acquired approximately 4.2 million new buyers in the third quarter.
  • For the Etsy marketplace, GMS from paid channels was approximately 14% of overall GMS in the third quarter, contracting approximately 250 basis points compared to the third quarter of 2018, and about 40 basis points compared to last quarter as we resumed our television campaign which drives more organic traffic.
  • As we continue to shift our marketing spend up-funnel to drive frequency, organic GMS as a percentage of overall GMS for the Etsy marketplace has expanded from 80% in the fourth quarter of 2018 to 86% in the third quarter.
  • Etsy's GMS per active buyer on a trailing 12-month basis grew for the sixth consecutive quarter and on a 2-year basis increased nearly 4%, evidence of our continued progress improving frequency.
  • International GMS grew approximately 31% year over year and was 38% of total GMS. U.S. domestic GMS growth accelerated for the second consecutive quarter to nearly 17%. U.S. buyer GMS, a metric that includes a U.S. buyer who made a purchase from an international seller, grew 21% in the third quarter, reflecting the positive impact our U.S. marketing campaigns have on U.S. buyer demand.
  • On August 15, 2019, we completed the acquisition of Reverb, a privately held marketplace for new, used and vintage music gear for approximately $271.4 million in cash, net of cash acquired. From the acquisition date through the end of the third quarter, Reverb generated $76.9 million in GMS. Percent international GMS was approximately 17%. These operational metrics drove $6.0 million in revenue resulting in a take rate of 7.8%. At the end of the third quarter, Reverb active buyers and active sellers totaled 594 thousand and 155 thousand, respectively.


Third Quarter 2019 Consolidated Financial Results

  • Total revenue was $197.9 million for the third quarter of 2019, which included $6.0 million related to the results of Reverb, up 31.6% year-over-year, driven by growth in both Marketplace and Services revenue.
  • Gross profit for the third quarter of 2019 was $129.0 million, up 24.7% year-over-year, and gross margin was 65.2%, down 360 basis points compared with 68.8% in the third quarter of 2018. The contraction in gross margin was primarily driven by fees related to Etsy Payments, amortization related to our recent acquisition of Reverb, and our consolidated ad platform, Etsy Ads, which we believe is a tailwind to revenue growth and GMS.
  • Total operating expenses were $114.8 million in the third quarter of 2019, up 35.5% year-over-year, and represented 58% of revenue. The increase in operating expenses were driven primarily by marketing expense, specifically the investment in our TV campaign. Marketing expense as a percentage of revenue was 25.3% compared to 26.3% in the third quarter of 2018, a contraction year-over-year and sequentially as we gained leverage driving efficiencies in our marketing spend.
  • Net income for the third quarter of 2019 was $14.8 million, with diluted earnings per share of $0.12.
  • Non-GAAP Adjusted EBITDA for the third quarter of 2019 was $42.1 million and grew 23.6% year-over-year. Non-GAAP Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by revenue) was 21.3% in the third quarter of 2019, down 130 basis points year-over-year. Adjusted EBITDA performance was driven primarily by year-over-year revenue growth and cost efficiencies in our operating expenses.
  • Cash, cash equivalents, short- and long-term investments were $856.7 million as of September 30, 2019. Under the stock repurchase program approved in November 2018, Etsy repurchased an aggregate of approximately $2.8 million, or 50,721 shares of its common stock in the third quarter of 2019.
  • During the third quarter, Etsy completed a convertible debt offering issuing $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2026 (the "2019 Notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The initial conversion price of the 2019 Notes represented a premium of approximately 47.5% over the price of Etsy's common stock as of September 18, 2019 (the date the offering closed). In addition, Etsy initiated a concurrent share repurchase of approximately $124.5 million, or nearly 2.1 million shares, and entered into capped call transactions at 150% premium over the price of Etsy's stock as of September 18, 2019. The capped call transactions are generally expected to reduce potential dilution. The net proceeds of these transactions were approximately $438.7 million after deducting the initial purchaser discount, offering expenses, share repurchase and capped call transaction costs.


2019 Financial Guidance

Etsy has updated its 2019 financial guidance to incorporate the impact of Reverb's business for the period from August 15-December 31, 2019.





2019 Guidance



2019 Revised Guidance





August 1, 2019



October 30, 2019

GMS Year-Over-Year Growth



20-22%



25-26%





~$4.7B - $4.8B



~$4.9B - $5.0B

Revenue Year-Over-Year Growth



32-34%



34-35%





~$797M - $809M



~$809M - $815M

Adjusted EBITDA Margin*



22-24%



22-23%





~$177M - $193M



~$179M - $187M



*      Assumes the midpoint of our revenue guidance.

We expect Reverb will contribute approximately 5-6% to GMS growth and 2-3% to revenue growth, and will contract Adjusted EBITDA margins as we align Reverb with Etsy's benefit programs and capitalization guidelines for internal development.

For a summary of the key items that we expect to impact our guidance, please read our Q3 investor presentation that is available on Etsy's investor relations website, investors.etsy.com.

Etsy is not able, at this time, to provide GAAP targets for net income margin for 2019 because of the unreasonable effort of estimating certain items that are excluded from non-GAAP Adjusted EBITDA margin, including, for example, provision or benefit for income taxes and foreign exchange gain or loss, the effect of which may be significant.

Webcast and Conference Call Information

Etsy will host a webcast to discuss these results at 5:00 p.m. ET today. To access the live webcast and accompanying slide deck, please visit the Etsy Investor Relations website, investors.etsy.com, and go to the Investor Events section. To join the call by phone, please dial 1-855-852-1946 (toll free) or 1-720-634-2903 (toll) and use the passcode 5082619. A replay will be available through the same link following the conference call, or by dialing (toll free) 1-855-859-2056 or 1-404-537-3406 (toll) with the passcode 5082619 starting at 8:00 p.m. ET tonight through November 12, 2019.

About Etsy

Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs. In addition, Etsy, Inc. owns Reverb, a leading global online marketplace dedicated to buying and selling new, used, and vintage musical instruments.

Etsy's mission is to keep commerce human, and we're committed to using the power of business to strengthen communities and empower people. Our company was founded in 2005 and is headquartered in Brooklyn, New York.

Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (blog.etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings and public conference calls and webcasts.

Investor Relations Contact:

Deb Wasser, Vice President, Investor Relations

ir@etsy.com

Gabriel Ratcliff, Sr. Manager, Investor Relations

ir@etsy.com

Media Relations Contact:

Kelly Clausen, Director, Corporate Communications

press@etsy.com

Cautionary Statement Regarding Forward-Looking Statements

This press release contains or references forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to our financial guidance and key drivers thereof, the impact of our acquisition of Reverb, and the impact of our strategy, marketing and product initiatives on our business and operating results going forward. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "will," or similar expressions and the negatives of those words.

Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include: (1) the fluctuation of our quarterly operating results; (2) our ability to implement our business strategy; (3) our ability to attract and retain an active and engaged community of sellers and buyers; (4) our history of operating losses; (5) macroeconomic events that are outside of our control; (6) our ability to recruit and retain employees; (7) the importance to our success of the trustworthiness of our marketplace and the connections within our community; (8) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers; (9) the effectiveness of our marketing efforts; (10) the effectiveness of our mobile solutions for sellers and buyers; (11) our ability to expand our business in our core geographic markets; (12) regulation in the area of privacy and protection of user data; (13) our dependence on third-party payment providers; (14) acquisitions that may prove unsuccessful or divert management attention, including our acquisition of Reverb; and (15) the potential misuse or disclosure of sensitive information about members of our community and the potential for cyber-attacks. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.

Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.



Etsy, Inc.

Condensed Consolidated Balance Sheets

(in thousands; unaudited)





As of

September 30, 

 2019



As of

December 31, 

 2018

ASSETS







Current assets:







Cash and cash equivalents

$

671,769





$

366,985



Short-term investments

180,170





257,302



Accounts receivable, net

12,494





12,244



Prepaid and other current assets

43,934





22,686



Funds receivable and seller accounts

37,473





21,072



Total current assets

945,840





680,289



Restricted cash

5,341





5,341



Property and equipment, net

153,262





120,179



Goodwill

138,474





37,482



Intangible assets, net

202,102





34,589



Deferred tax assets

22,380





23,464



Long-term investments

4,765







Other assets

27,034





507



Total assets

$

1,499,198





$

901,851



LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:







Accounts payable

$

23,416





$

26,545



Accrued expenses

70,325





49,158



Finance lease obligations—current

8,770





3,884



Funds payable and amounts due to sellers

37,473





21,072



Deferred revenue

7,434





7,478



Other current liabilities

7,289





3,925



Total current liabilities

154,707





112,062



Finance lease obligations—net of current portion

55,576





2,095



Deferred tax liabilities

83,130





30,455



Facility financing obligation





59,991



Long-term debt, net

776,127





276,486



Other liabilities

40,396





19,864



Total liabilities

1,109,936





500,953



Total stockholders' equity

389,262





400,898



Total liabilities and stockholders' equity

$

1,499,198





$

901,851



 

 

Etsy, Inc.

Condensed Consolidated Statements of Operations

(in thousands except share and per share amounts; unaudited)





Three Months Ended

 September 30,



Nine Months Ended

 September 30,



2019



2018



2019



2018

Revenue

$

197,947





$

150,366





$

548,381





$

403,665



Cost of revenue

68,949





46,947





180,212





133,651



Gross profit

128,998





103,419





368,169





270,014



Operating expenses:















Marketing

50,098





39,516





131,536





94,651



Product development

32,465





24,418





86,177





68,707



General and administrative

32,203





20,748





86,733





61,359



Total operating expenses

114,766





84,682





304,446





224,717



Income from operations

14,232





18,737





63,723





45,297



Other expense, net

(4,143)





(4,141)





(5,828)





(13,095)



Income before income taxes

10,089





14,596





57,895





32,202



Benefit for income taxes

4,712





5,298





6,708





4,038



Net income

$

14,801





$

19,894





$

64,603





$

36,240



Net income per share attributable to common stockholders:















Basic

$

0.12





$

0.17





$

0.54





$

0.30



Diluted

$

0.12





$

0.15





$

0.51





$

0.29



Weighted-average common shares outstanding:















Basic

120,351,095





119,870,711





120,090,291





120,469,066



Diluted

126,243,168





129,086,137





126,471,364





126,497,281



 

 

Etsy, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands; unaudited)





Nine Months Ended

 September 30,



2019



2018

Cash flows from operating activities







Net income

$

64,603





$

36,240



Adjustments to reconcile net income to net cash provided by operating activities:







Stock-based compensation expense

31,056





23,987



Depreciation and amortization expense

32,760





19,116



Bad debt expense

7,464





3,617



Foreign exchange loss

25





2,717



Other non-cash losses, net

9,836





6,914



Deferred income taxes

(6,708)





(4,038)



Changes in operating assets and liabilities

(10,697)





8,323



Net cash provided by operating activities

128,339





96,876



Cash flows from investing activities







Acquisition of businesses, net of cash acquired

(271,353)







Cash paid for asset acquisition and intangible assets

(1,898)





(35,323)



Purchases of property and equipment

(5,889)





(442)



Development of internal-use software

(6,242)





(13,674)



Purchases of marketable securities

(318,221)





(359,182)



Sales of marketable securities

395,348





164,443



Net cash used in investing activities

(208,255)





(244,178)



Cash flows from financing activities







Payment of tax obligations on vested equity awards

(23,605)





(17,136)



Repurchase of stock

(154,790)





(89,661)



Proceeds from exercise of stock options

8,934





15,573



Proceeds from issuance of convertible senior notes

650,000





345,000



Payment of debt issuance costs

(11,142)





(9,962)



Purchase of capped call

(76,180)





(34,224)



Payments on finance lease obligations

(8,177)





(4,748)



Payments on facility financing obligation





(7,817)



Other financing, net

3,148





3,977



Net cash provided by financing activities

388,188





201,002



Effect of exchange rate changes on cash

(3,488)





(6,415)



Net increase in cash, cash equivalents, and restricted cash

304,784





47,285



Cash, cash equivalents, and restricted cash at beginning of period

372,326





320,783



Cash, cash equivalents, and restricted cash at end of period

$

677,110





$

368,068





Currency-Neutral GMS Growth

We calculate currency-neutral GMS growth by translating current period GMS for goods sold that were listed in non-U.S. dollar currencies into U.S. dollars using prior year foreign currency exchange rates.

As reported and currency-neutral GMS growth for the periods presented below is as follows:



Quarter-to-Date Period Ended



Year-to-Date Period Ended



As Reported



Currency-

Neutral



FX Impact



As Reported



Currency-

Neutral



FX Impact

September 30, 2019

30.1

%



31.1

%



(1.0)

%



23.6

%



26.1

%



(2.5)

%

June 30, 2019

21.4

%



22.8

%



(1.4)

%



20.2

%



21.7

%



(1.5)

%

March 31, 2019

18.9

%



20.6

%



(1.7)

%



18.9

%



20.6

%



(1.7)

%

December 31, 2018

22.3

%



23.1

%



(0.8)

%



20.8

%



20.4

%



0.4

%

September 30, 2018

20.4

%



20.8

%



(0.4)

%



20.2

%



19.2

%



1.0

%



Non-GAAP Financial Measures

Adjusted EBITDA

In this press release, we provide Adjusted EBITDA, a non-GAAP financial measure that represents our net income adjusted to exclude: interest and other non-operating expense, net; benefit for income taxes; depreciation and amortization; stock-based compensation expense; foreign exchange loss; acquisition-related expenses; non-ordinary course disputes; and restructuring and other exit expense (income). Below is a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

We have included Adjusted EBITDA in this press release because it is a key measure used by our management and Board of Directors to evaluate our operating performance and trends, allocate internal resources, prepare and approve our annual budget, develop short- and long-term operating plans, determine incentive compensation, and assess the health of our business. As our Adjusted EBITDA increases, we are able to invest more in our platform.

We believe that Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business as it removes the impact of certain non-cash items and certain variable charges.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

  • Adjusted EBITDA does not reflect other non-operating expenses, net of other non-operating income, including net interest expense;
  • Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;
  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
  • Adjusted EBITDA does not consider the impact of stock-based compensation expense;
  • Adjusted EBITDA does not consider the impact of foreign exchange loss;
  • Adjusted EBITDA does not reflect acquisition-related expenses;
  • Adjusted EBITDA does not consider the impact of non-ordinary course disputes;
  • Adjusted EBITDA does not consider the impact of restructuring and other exit expense (income); and
  • other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net income and our other GAAP results.

Reconciliation of Net Income to Adjusted EBITDA

(Unaudited)





Three Months Ended

 September 30,



Nine Months Ended

 September 30,



2019



2018



2019



2018



















(in thousands)

Net income

$

14,801





$

19,894





$

64,603





$

36,240



Excluding:















Interest and other non-operating expense, net (1)

2,194





3,768





4,749





10,122



Benefit for income taxes

(4,712)





(5,298)





(6,708)





(4,038)



Depreciation and amortization (1)

12,808





6,439





32,760





19,116



Stock-based compensation expense (2)

12,137





8,916





31,056





23,987



Foreign exchange loss (3)

1,949





373





1,079





2,973



Acquisition-related expenses (4)

1,735









2,941







Non-ordinary course disputes

1,164









1,164







Restructuring and other exit income





(57)









(249)



Adjusted EBITDA

$

42,076





$

34,035





$

131,644





$

88,151











(1)  Included in interest and depreciation expense amounts above, are interest and depreciation expense related to our

       headquarters lease. As part of the adoption of ASU 2016-02—Leases in the first quarter of 2019, we now account for

       our headquarters as a financing lease. Previously, we accounted for our headquarters under build-to-suit accounting

       requirements. In the three and nine months ended September 30, 2019 and 2018, those amounts are as follows:











Three Months Ended

 September 30,



Nine Months Ended

 September 30,



2019



2018



2019



2018



















(in thousands)

Interest expense

$

660





$

2,249





$

2,033





$

6,748



Depreciation

2,197





819





6,592





2,457











(2)  Total stock-based compensation expense included in the Consolidated Statements of Operations is as follows:











Three Months Ended

 September 30,



Nine Months Ended

 September 30,



2019



2018



2019



2018



















(in thousands)

Cost of revenue

$

1,574





$

894





$

4,129





$

2,367



Marketing

1,196





642





2,550





1,819



Product development

5,752





4,697





14,566





11,361



General and administrative

3,615





2,683





9,811





8,440



Total stock-based compensation expense

$

12,137





$

8,916





$

31,056





$

23,987





(3)   Foreign exchange loss is primarily driven by the U.S. Dollar to Euro exchange rate fluctuations on our intercompany and

       other non-functional currency balances.



(4)   Acquisition-related expenses are expenses related to our acquisition of Reverb.

 

Cision View original content:http://www.prnewswire.com/news-releases/etsy-inc-reports-third-quarter-2019-financial-results-300948582.html

SOURCE Etsy, Inc.

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