BROOKLYN, N.Y., Aug. 4, 2021 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced results for its second quarter ended June 30, 2021, including the following highlights:
"Etsy's second quarter 2021 performance is quite remarkable when viewed in context of how dramatically the world changed during the year-ago period," said Josh Silverman, Etsy, Inc. CEO. "It is deeply gratifying to me and our entire team that we are able to report strong year-over-year growth, with GMS and revenue up approximately 13% and 23% respectively. In fact, excluding facemasks, which were an important driver of the prior year period, second quarter GMS for the Etsy marketplace increased 31%. We're demonstrating just how many purchase occasions Etsy sellers can meet in truly delightful ways, attracting millions of new buyers and engaging our customers more than ever before. We're seeing measurable results from deepened investments in our 'Right to Win' strategy, which provides a clear roadmap for product and marketing investments to make it easier to shop on Etsy, build top of mind awareness, and solidify buyer trust."
"In the second quarter we also announced two strategic acquisitions, both completed in July," continued Mr. Silverman. "Depop and Elo7 further extend our total available market opportunities in resale, a large and fast growing apparel segment, and in Brazil, Latin America's largest e-commerce market. In addition to driving growth in our core Etsy.com marketplace, we are now focusing on integrating these exciting businesses into our 'House of Brands.'"
Second Quarter 2021 Financial Summary(in thousands, except percentages; unaudited)
The unaudited GAAP and non-GAAP financial measures and key operating metrics we use are:
Three Months Ended June 30, | % Growth (Decline) Y/Y | Six Months Ended June 30, | % Growth (Decline) Y/Y | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||
GMS | $ | 3,041,490 | $ | 2,688,783 | 13.1 | % | $ | 6,184,662 | $ | 4,042,074 | 53.0 | % | |||||||||
Revenue | $ | 528,900 | $ | 428,737 | 23.4 | % | $ | 1,079,546 | $ | 656,792 | 64.4 | % | |||||||||
Marketplace revenue | $ | 395,463 | $ | 332,031 | 19.1 | % | $ | 809,105 | $ | 487,952 | 65.8 | % | |||||||||
Services revenue | $ | 133,437 | $ | 96,706 | 38.0 | % | $ | 270,441 | $ | 168,840 | 60.2 | % | |||||||||
Gross profit | $ | 379,931 | $ | 317,356 | 19.7 | % | $ | 787,660 | $ | 462,995 | 70.1 | % | |||||||||
Operating expenses | $ | 290,826 | $ | 198,216 | 46.7 | % | $ | 547,918 | $ | 318,490 | 72.0 | % | |||||||||
Net income | $ | 98,254 | $ | 96,425 | 1.9 | % | $ | 242,020 | $ | 108,947 | 122.1 | % | |||||||||
Adjusted EBITDA (Non-GAAP) | $ | 139,474 | $ | 150,628 | (7.4) | % | $ | 323,542 | $ | 205,684 | 57.3 | % | |||||||||
Adjusted EBITDA margin (Non-GAAP) | 26 | % | 35 | % | (900) | bps | 30 | % | 31 | % | (100) | bps | |||||||||
Active sellers | 5,233 | 3,140 | 66.7 | % | 5,233 | 3,140 | 66.7 | % | |||||||||||||
Active buyers | 90,490 | 60,274 | 50.1 | % | 90,490 | 60,274 | 50.1 | % | |||||||||||||
Percent mobile GMS | 63 | % | 61 | % | 200 | bps | 63 | % | 60 | % | 300 | bps | |||||||||
Percent international GMS | 41 | % | 32 | % | 900 | bps | 41 | % | 33 | % | 800 | bps | |||||||||
For information about how we define our metrics, see our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. |
"Underlying growth and buyer cohort trends in our core Etsy marketplace remain encouraging as the world reopens and consumer spending patterns shift," said Rachel Glaser, Etsy, Inc. Chief Financial Officer. "For example, despite a decline in new buyer growth, which we anticipated as we emerge from the pandemic, in the second quarter we still added 8 million new buyers to the Etsy marketplace - nearly double the number of new buyers acquired in the second quarter of 2019. Furthermore, GMS per active buyer on a trailing twelve month basis was up 22% as compared to the second quarter of 2020, another record high for this important metric. We're also leveraging our strong financial position to invest in people, product, marketing, and infrastructure to support future growth. We believe our capital light business model will enable us to make these investments while continuing to deliver healthy levels of adjusted EBITDA."
Second Quarter 2021 Operating Highlights
Select highlights of our second quarter operating performance and business initiatives are outlined below:
Product: Our primary focus in 2021 is to improve customer experiences across the Etsy marketplace to engage and retain the millions of buyers that we acquired over the past year. These are just a few of our initiatives during the second quarter, aligned with our Right to Win strategy, that are focused on driving frequency and engagement.
Marketing: We significantly increased our investments in marketing and continued to optimize spend across all channels. Upper funnel marketing spend, including television and digital video, was 23% of our overall marketing spend, or approximately $35 million in the second quarter.
Impact Pillars: We continued to make progress on our Impact strategy that reflects the positive economic, social, and ecological impact we want to have on the world while advancing and complementing our business strategy. Here are some highlights:
Reverb is focused on these four areas in 2021- increased personalization, selling more new gear, international growth, and improving the customer experience, with the following second quarter highlights:
Financial Guidance and Outlook
Given the continued uncertainty of future macroeconomic conditions as a result of the ongoing COVID-19 pandemic, Etsy is not issuing guidance for the full year 2021 and will continue providing guidance on a quarterly basis until otherwise stated. Below is Etsy's guidance for consolidated GMS, revenue, and Adjusted EBITDA margin for the third quarter of 2021, and some additional guidance for how Etsy's recent acquisitions of Depop and Elo7 have impacted its third quarter outlook.
GMS: | $2.9B to $3.0B; with ~12.5% year-over- year growth at the midpoint |
Etsy.com standalone business: mid-single digit growth; mid-teens growth excluding facemasks | |
Revenue: | $500M to $525M; with ~13.5% year-over-year growth at the midpoint |
Consolidated: take rate ~17.4% consolidated (includes Depop + Elo7) | |
Take rate excluding recent acquisitions ~17.7% | |
Adjusted EBITDAmargin: | Consolidated: ~25% (includes Depop + Elo7) |
Excluding recent acquisitions ~28% |
Mr. Silverman commented, "Through all of the changes the world has experienced during the last year, Etsy has demonstrated the relevance of our marketplaces, the dynamism of our business model and the ambition and determination of our team. Our guidance for the third quarter for the core Etsy marketplace anticipates mid-single digit GMS growth and mid-teens growth in GMS excluding facemasks. These growth levels continue to represent strength in the business and our ability to attract and engage buyers as we compare to the above e-commerce sector growth Etsy reported last year. And, we couldn't be more excited to now operate four highly differentiated, non-commoditized, and loved e-commerce brands, which we believe all share similar levers of growth to unlock value. While Reverb, Depop, and Elo7 all represent small pieces of our overall company today, we anticipate they will expand our TAM, provide new avenues for growth, and further deepen Etsy Inc.'s differentiation compared to the many commoditized places there are to shop. We're keeping our eye on the prize - investing for the long term in our tremendous market opportunity while delivering top line growth and driving strong levels of profitability."
Webcast and Conference Call Information
Etsy will host a video webcast conference call to discuss these results at 5:00 p.m. Eastern Time today, which will be live-streamed via our Investor Relations website (investors.etsy.com) under the Events section. Those interested in submitting questions during the earnings call can do so by using the Q&A chat window, which will be available during the webcast. A copy of the earnings call presentation will also be posted to our website.
A replay of the video webcast will be available through the same link following the conference call starting at 8:00 p.m. Eastern Time this evening, for at least three months thereafter.
About Etsy
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to "Keep Commerce Human," and we're committed to using the power of business to strengthen communities and empower people. 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.
Etsy, Inc.'s "House of Brands" portfolio also includes fashion resale marketplace Depop, musical instrument marketplace Reverb, and Brazil-based handmade goods marketplace Elo7. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product, marketing, technology, and customer support.
Etsy 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 and ESG Engagementir@etsy.com
Gabriel Ratcliff, Director, Investor Relationsir@etsy.com
Media Relations Contact:
Sarah Marx, Senior Manager, Corporate Communicationspress@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 for the third quarter of 2021 and key drivers thereof; the uncertain impact that the COVID-19 pandemic or its abatement may have on our business, strategy, operating results, key metrics, financial condition, profitability, and cash flows, on changes in overall levels of consumer spending, on e-commerce generally and on volatility in the global economy; the impact of our strategy, marketing and product initiatives on our business and operating results; our ability to attract, engage, and retain buyers and sellers; our future investments; our intended environmental, social, and ecological impacts; the size of and our ability to capitalize on our large market opportunity; our ability to successfully integrate Depop and Elo7 and the anticipated impact of sharing expertise across Etsy's "House of Brands"; and the potential impact of our acquisition of Depop and Elo7 on our market opportunity and on Etsy's future consolidated financial results. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "aim," "anticipate," "believe," "could," "enable," "estimate," "expect," "goal," "intend," "may," "plan," "potential," "target," "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) our ability to continue our rapid growth; (2) risks related to the ongoing COVID-19 pandemic, which continues to impact our business and results of operations in numerous ways that remain volatile and unpredictable, and risks related to the pandemic's abatement and the return to pre-COVID consumer shopping behavior; (3) the fluctuation of our quarterly operating results; (4) our failure to meet our publicly announced guidance or other expectations; (5) our ability to successfully execute on our business strategy or if our strategy proves to be ineffective; (6) our ability to attract and retain an active and engaged community of sellers and buyers; (7) macroeconomic events that are outside of our control; (8) our ability to recruit and retain employees; (9) the importance to our success of the trustworthiness of our marketplaces and the connections within our community; (10) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers; (11) the effectiveness of our marketing efforts; (12) the effectiveness of our mobile solutions for sellers and buyers; (13) our ability to expand our business in our core geographic markets; (14) regulation in the area of privacy and protection of user data; (15) our dependence on third-party payment providers; (16) our ability to successfully integrate the Depop and Elo7 acquisitions and execute on our "House of Brands" operating model; (17) acquisitions that may prove unsuccessful or divert management attention; and (18) 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 March 31, 2021, and subsequent reports that we file with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. 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 ofJune 30,2021 | As ofDecember 31,2020 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,053,882 | $ | 1,244,099 | |||
Short-term investments | 430,727 | 425,119 | |||||
Accounts receivable, net | 20,283 | 22,605 | |||||
Prepaid and other current assets | 49,693 | 56,152 | |||||
Funds receivable and seller accounts | 136,395 | 146,806 | |||||
Total current assets | 2,690,980 | 1,894,781 | |||||
Restricted cash | 5,341 | 5,341 | |||||
Property and equipment, net | 105,814 | 112,495 | |||||
Goodwill | 140,045 | 140,810 | |||||
Intangible assets, net | 178,854 | 187,449 | |||||
Deferred tax assets | 46,106 | 115 | |||||
Long-term investments | 102,801 | 39,094 | |||||
Other assets | 20,475 | 24,404 | |||||
Total assets | $ | 3,290,416 | $ | 2,404,489 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 26,752 | $ | 40,883 | |||
Accrued expenses | 209,823 | 232,352 | |||||
Finance lease obligations—current | 8,691 | 8,537 | |||||
Funds payable and amounts due to sellers | 136,395 | 146,806 | |||||
Deferred revenue | 12,312 | 11,264 | |||||
Other current liabilities | 13,027 | 14,822 | |||||
Total current liabilities | 407,000 | 454,664 | |||||
Finance lease obligations—net of current portion | 40,969 | 44,979 | |||||
Deferred tax liabilities | 33 | 58,481 | |||||
Long-term debt, net | 2,273,331 | 1,062,299 | |||||
Other liabilities | 38,330 | 41,642 | |||||
Total liabilities | 2,759,663 | 1,662,065 | |||||
Total stockholders' equity | 530,753 | 742,424 | |||||
Total liabilities and stockholders' equity | $ | 3,290,416 | $ | 2,404,489 |
Etsy, Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(in thousands, except share and per share amounts; unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue | $ | 528,900 | $ | 428,737 | $ | 1,079,546 | $ | 656,792 | |||||||
Cost of revenue | 148,969 | 111,381 | 291,886 | 193,797 | |||||||||||
Gross profit | 379,931 | 317,356 | 787,660 | 462,995 | |||||||||||
Operating expenses: | |||||||||||||||
Marketing | 167,474 | 114,707 | 318,678 | 163,212 | |||||||||||
Product development | 61,753 | 45,233 | 115,459 | 83,015 | |||||||||||
General and administrative | 61,599 | 38,276 | 113,781 | 72,263 | |||||||||||
Total operating expenses | 290,826 | 198,216 | 547,918 | 318,490 | |||||||||||
Income from operations | 89,105 | 119,140 | 239,742 | 144,505 | |||||||||||
Other (expense) income, net | (3,351) | (6,824) | 3,740 | (22,496) | |||||||||||
Income before income taxes | 85,754 | 112,316 | 243,482 | 122,009 | |||||||||||
Benefit (provision) for income taxes | 12,500 | (15,891) | (1,462) | (13,062) | |||||||||||
Net income | $ | 98,254 | $ | 96,425 | $ | 242,020 | $ | 108,947 | |||||||
Net income per share attributable to common stockholders: | |||||||||||||||
Basic | $ | 0.77 | $ | 0.81 | $ | 1.91 | $ | 0.92 | |||||||
Diluted | $ | 0.68 | $ | 0.75 | $ | 1.68 | $ | 0.88 | |||||||
Weighted-average common shares outstanding: | |||||||||||||||
Basic | 126,977,990 | 118,865,885 | 126,659,372 | 118,483,712 | |||||||||||
Diluted | 144,867,491 | 134,408,041 | 144,857,500 | 133,238,316 |
Etsy, Inc. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(in thousands; unaudited) | |||||||
Six Months Ended June 30, | |||||||
2021 | 2020 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 242,020 | $ | 108,947 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Stock-based compensation expense | 47,791 | 30,536 | |||||
Depreciation and amortization expense | 26,065 | 29,334 | |||||
Provision for expected credit losses | 9,890 | 5,904 | |||||
Foreign exchange (gain) loss | (3,306) | 10,394 | |||||
Non-cash interest expense | 613 | 17,026 | |||||
Deferred (benefit) provision for income taxes | (21,128) | 7,389 | |||||
Other non-cash expense, net | 2,280 | 1,845 | |||||
Changes in operating assets and liabilities | (34,063) | 38,720 | |||||
Net cash provided by operating activities | 270,162 | 250,095 | |||||
Cash flows from investing activities | |||||||
Purchases of property and equipment | (1,917) | (209) | |||||
Development of internal-use software | (7,084) | (2,043) | |||||
Purchases of marketable securities | (268,972) | (181,198) | |||||
Sales and maturities of marketable securities | 197,770 | 206,182 | |||||
Net cash (used in) provided by investing activities | (80,203) | 22,732 | |||||
Cash flows from financing activities | |||||||
Payment of tax obligations on vested equity awards | (56,493) | (10,551) | |||||
Repurchase of stock | (180,000) | (24,992) | |||||
Proceeds from exercise of stock options | 8,037 | 12,177 | |||||
Proceeds from issuance of convertible senior notes | 1,000,000 | — | |||||
Payment of debt issuance costs | (12,566) | (14) | |||||
Purchase of capped calls | (85,000) | — | |||||
Settlement of convertible senior notes | (43,853) | — | |||||
Payments on finance lease obligations | (4,887) | (4,927) | |||||
Other financing, net | 72 | (10,196) | |||||
Net cash provided by (used in) financing activities | 625,310 | (38,503) | |||||
Effect of exchange rate changes on cash | (5,486) | (93) | |||||
Net increase in cash, cash equivalents, and restricted cash | 809,783 | 234,231 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 1,249,440 | 448,634 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 2,059,223 | $ | 682,865 |
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 | ||||||||||||
June 30, 2021 | 13.1 | % | 10.2 | % | 2.9 | % | 53.0 | % | 49.5 | % | 3.5 | % | |||||
March 31, 2021 | 132.3 | % | 127.5 | % | 4.8 | % | 132.3 | % | 127.5 | % | 4.8 | % | |||||
December 31, 2020 | 117.7 | % | 115.2 | % | 2.5 | % | 106.7 | % | 105.7 | % | 1.0 | % | |||||
September 30, 2020 | 119.4 | % | 117.4 | % | 2.0 | % | 101.1 | % | 100.9 | % | 0.2 | % | |||||
June 30, 2020 | 145.6 | % | 146.7 | % | (1.1) | % | 90.8 | % | 91.6 | % | (0.8) | % |
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
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) provision for income taxes; depreciation and amortization; stock-based compensation expense; foreign exchange loss (gain); and acquisition-related expenses. We also provide Adjusted EBITDA margin, a non-GAAP financial measure that presents Adjusted EBITDA divided by revenue. Below is a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure. With respect to our expectations under "Financial Guidance and Outlook" above, reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, stock-based compensation expense, foreign exchange loss (gain) and acquisition-related and other non-recurring expenses which can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.
We have included Adjusted EBITDA and Adjusted EBITDA margin because they are key measures 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 platforms.
We believe that Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business as they remove the impact of certain non-cash items and certain variable charges.
Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income, revenue, and our other GAAP results.
Reconciliation of Net Income to Adjusted EBITDA and the Calculation of Adjusted EBITDA Margin | |||||||||||||||
(in thousands, except percentages; unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Net income | $ | 98,254 | $ | 96,425 | $ | 242,020 | $ | 108,947 | |||||||
Excluding: | |||||||||||||||
Interest and other non-operating expense, net (1) | 1,079 | 8,294 | 1,785 | 14,648 | |||||||||||
(Benefit) provision for income taxes | (12,500) | 15,891 | 1,462 | 13,062 | |||||||||||
Depreciation and amortization | 12,985 | 14,171 | 26,065 | 29,334 | |||||||||||
Stock-based compensation expense | 27,440 | 16,725 | 47,791 | 30,536 | |||||||||||
Foreign exchange loss (gain) (2) | 2,272 | (1,470) | (5,525) | 7,848 | |||||||||||
Acquisition-related expenses (3) | 9,944 | 592 | 9,944 | 1,309 | |||||||||||
Adjusted EBITDA | $ | 139,474 | $ | 150,628 | $ | 323,542 | $ | 205,684 | |||||||
Divided by: | |||||||||||||||
Revenue | $ | 528,900 | $ | 428,737 | $ | 1,079,546 | $ | 656,792 | |||||||
Adjusted EBITDA margin | 26 | % | 35 | % | 30 | % | 31 | % |
(1) | Included in interest and other non-operating expense, net is primarily non-cash interest expense, including amortization of debt issuance costs, related to our convertible debt offerings, which were entered into in March 2018, September 2019, August 2020, and June 2021. The adoption of Accounting Standards Update 2020-06 in the first quarter of 2021 resulted in a decrease in non-cash interest expense related to our convertible debt offerings as there was no amortization of the debt discount due to its derecognition. |
(2) | Foreign exchange loss (gain) is primarily driven by the change in U.S. dollar, Euro, Pound Sterling, and Canadian dollar exchange rates on our intercompany and other non-functional currency cash balances. |
(3) | Acquisition-related expenses for the three and six months ended June 30, 2021 related to our acquisitions of Depop and Elo7, while acquisition-related expenses for the three and six months ended June 30, 2020 related to our acquisition of Reverb. |
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SOURCE Etsy, Inc.