Disclaimer

This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to our financial guidance for the third second 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 our product delivery goals, on changes in the 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 future investments, our intended environmental, social and ecological impacts; and the size and our ability to capitalize on our large market opportunity; 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 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 market 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 Annual Report on Form 10-K for the year ended December 31, 2020, and in our Quarterly Report on Form 10-Q for the quarter ending March 31, 2021 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.

Press Release Details

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Etsy, Inc. Reports Third Quarter 2015 Financial Results

November 03, 2015

NEW YORK, Nov. 3, 2015 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), a marketplace where people around the world connect, both online and offline, to make, sell and buy unique goods, today announced financial results for its third quarter 2015, ended September 30, 2015.

"During the third quarter the growth in the Etsy Economy continued, and we generated more than $1.6 billion in GMS year-to-date and supported more than 1.5 million active sellers and 22.6 million active buyers," said Chad Dickerson, Etsy, Inc. CEO and Chairman. "We are looking forward to a great holiday season and are continuing to innovate and build new products and services on our platform that empower Etsy's creative entrepreneurs to succeed on their own terms. Our commitment to reimagining commerce, our understanding of the needs of artisans and our dedication to our vibrant community will continue to differentiate the Etsy marketplace from all others."

Third Quarter 2015 Financial Summary





(in thousands)
















Three Months Ended 
September 30,


% Growth
Y/Y


Nine Months Ended 
September 30,


% Growth
Y/Y






2014


2015




2014


2015















GMS

$     467,202


$     568,787


21.7%


$  1,320,507


$  1,646,899


24.7%

Revenue

$       47,634


$       65,696


37.9%


$     130,679


$     185,604


42.0%

Marketplace revenue

$       26,917


$       32,232


19.7%


$       75,421


$       92,852


23.1%

Seller Services revenue

$       19,392


$       32,329


66.7%


$       51,812


$       89,378


72.5%

Adjusted EBITDA

$         4,248


$         6,224


46.5%


$       13,783


$       16,958


23.0%













Active sellers

1,284


1,533


19.4%


1,284


1,533


19.4%

Active buyers

18,102


22,603


24.9%


18,102


22,603


24.9%

Percent mobile visits

55%


60%


500 bps


53%


60%


700 bps

Percent mobile GMS

38%


44%


600 bps


37%


43%


600 bps

Percent international GMS

31.6%


29.3%


(230) bps


31.1%


30.0%


(110) bps

For information about how we define these metrics, see our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed with the SEC on August 6, 2015.

Third Quarter 2015 Operational Highlights

GMS was $568.8 million, up 21.7% compared with the third quarter of 2014. Growth in GMS was driven by 19.4% year-over-year growth in active sellers and 24.9% year-over-year growth in active buyers. During the third quarter, Etsy continued to strengthen its mobile footprint and mobile visits continued to grow faster than desktop visits. Percent mobile visits was approximately 60% compared with approximately 55% in the third quarter of 2014 and percent mobile GMS was approximately 44% compared with approximately 38% in the third quarter of 2014. This compares with percent mobile visits of approximately 60% and percent mobile GMS of approximately 43% in the second quarter of 2015. As a result of our strong year-over-year GMS growth on our buyer mobile app, we continued to make progress in narrowing the gap between mobile visits and mobile GMS.

We continue to believe that we can grow international GMS, over time, to represent 50% of our total GMS and that the impact of currency exchange rates contributed to the year-over-year decline in percent international GMS, which was 29.3% in the third quarter of 2015. Percent international GMS was 30.2% in the second quarter of this year.  

We believe our GMS growth and percent international GMS are impacted by currency exchange rates in two ways. First, approximately 9% of our GMS comes from goods that are not listed in U.S. dollars and as a result is subject to the impact of currency exchange fluctuations. The percentage of GMS from goods that are not listed in U.S. dollars is consistent with what we reported in the second quarter of 2015. Excluding this direct impact, on a currency-neutral basis, GMS growth in the third quarter of 2015 would have been 23.5% or approximately 1.8 percentage points higher than the as-reported 21.7% growth.

Second, we believe weaker local currencies in key international markets continued to dampen the demand for U.S. dollar-denominated goods during the third quarter of 2015. For example, during the third quarter of 2015, GMS from international buyers purchasing from U.S. sellers declined approximately 12.5% year-over-year, compared with an approximate 6% year-over-year decline in the second quarter of 2015 and approximately 0.3%, 23% and 43% year-over-year growth in the first quarter of 2015, and the fourth and third quarters of 2014 respectively. In contrast, excluding our French marketplace ALM, GMS from international buyers making purchases from sellers in their own country grew approximately 45% year-over-year during the third quarter of 2015.

Taken together, we estimate that the impact of currency translation on goods not listed in U.S. dollars and the impact of currency exchange rates on international buyer behavior reduced our year-over-year GMS growth rate by approximately three to five percentage points in the third quarter.

Third Quarter 2015 Financial Highlights

Total revenue was $65.7 million, up 37.9% year-over-year, driven by growth in both Marketplace and Seller Services revenue. Marketplace revenue grew 19.7%, primarily due to growth in transaction fee revenue and, to a lesser extent, growth in listing fee revenue. Seller Services revenue grew 66.7% year-over-year, primarily due to growth in revenue from Promoted Listings, which continued to benefit from the re-launch of the product at the end of the third quarter of 2014. Seller Services revenue also benefited from growth in revenue from Direct Checkout and Shipping Labels, which both grew faster than GMS in the third quarter.

Gross profit for the third quarter was $41.5 million, up 40.7% year-over-year, and gross margin was 63.2%, up 120 bps compared with 62.0% in the third quarter of 2014. Similar to the first and second quarters of 2015, gross profit grew faster than revenue in the third quarter because of leverage in the cost of revenue for employee-related costs. In addition, growth of a higher-margin revenue stream, Promoted Listings, outpaced growth of lower-margin Direct Checkout revenue. 

Total operating expenses were $43.2 million in the third quarter, up 32.6% year-over-year. Total operating expenses as a percent of revenue declined to 65.8% in the third quarter of 2015 compared with 68.4% in the third quarter of 2014, as revenue growth continued to outpace operating expense growth.

The overall increase in operating expenses was primarily driven by the planned increase in reported marketing expenses, which grew 87.8% year-over-year mostly due to increased spending on product listing ads and employee-related expenses within our seller development and brand design cost centers. Year-over-year growth in reported marketing expenses in the third quarter of 2015, as well as in the first and second quarters of 2015, was also impacted by business changes and reorganizations that occurred in September 2014, when we moved certain expenses, such as brand design, brand research and seller development, into marketing expenses, most of which had previously been recorded in product development. Excluding the impact of these changes, comparable marketing expenses in the third quarter of 2015 grew 74.0% year-over-year.  For reference, excluding the impact of the business changes and reorganizations, year-over-year comparable marketing expenses grew approximately 45% in the first quarter of 2015 and approximately 57% in the second quarter of 2015.

Reported product development expenses grew 13.2% year-over-year, primarily due to higher employee-related expenses. Similar to reported marketing expenses growth, year-over-year growth in reported product development expenses in the third quarter of 2015, as well as the first and second quarters of 2015, was also impacted by the previously mentioned business changes and reorganizations made in September 2014. Excluding the impact of these changes, comparable product development expenses grew 18.3% year-over-year compared with the third quarter of 2014. For reference, excluding the impact of business changes and reorganizations, year-over-year comparable product development expenses grew approximately 34% in the first quarter of 2015 and approximately 25% in the second quarter of 2015.

G&A expenses grew 11.4% year-over-year, mostly driven by higher employee-related expenses and consulting fees.

Non-GAAP Adjusted EBITDA for the third quarter was $6.2 million and grew 46.5% year-over-year. Adjusted EBITDA margin was 9.5%, up 60 bps year-over-year.

Net loss for the third quarter of 2015 was $6.9 million, compared with a $6.3 million net loss in the third quarter of 2014. Etsy's net loss in the third quarter of 2015 was impacted by an increase to our tax provision. We recorded a $4.1 million tax provision in the third quarter of 2015 that included non-cash charges related to the revised global corporate structure that we implemented on January 1, 2015 and forecasted pre-tax income that were partially offset by the benefit from a research and development tax credit.

Net cash provided by operating activities was $5.4 million in the third quarter of 2015 compared with $5.1 million in the third quarter of 2014.

Cash, marketable securities and short-term investments were $286.8 million as of September 30, 2015 and included $194.4 million in net proceeds from our initial public offering.

Fourth Quarter 2015 Outlook: Factors to Consider

We'd like to highlight a few factors that we believe will impact Etsy's fourth quarter 2015 results.

  • First, from an overall business perspective, we're excited about our competitive position as we head into the fourth quarter - our biggest quarter of the year - and the holiday season. We have launched a holiday campaign that we believe is our strongest holiday effort to date.
  • Even so, just as we conveyed in the first and second quarters of 2015, if currency exchange rates remain at current levels, then currency translation will continue to negatively affect reported GMS growth for goods that are not listed in U.S. dollars and will also continue to dampen the demand for U.S. dollar-denominated goods from buyers outside of the United States.
  • The second qualitative factor we'd like to highlight is that from a modeling perspective, the operating leverage that we achieved in the third quarter will not repeat in the fourth quarter for a few reasons:
    • First, although Etsy's gross margin has expanded year-over-year during each of the first three quarters of 2015, we do not expect that to continue in the fourth quarter for two reasons. The first is that the fourth quarter of 2015, as we have discussed previously, will be the first full quarter following the anniversary of the re-launch of Promoted Listings. We expect the year-over-year revenue growth rate for Promoted Listings to decelerate significantly compared with the first three quarters of 2015 to a level that is below that of Direct Checkout, which is a lower-margin revenue stream. The second reason is that we expect Direct Checkout to benefit from our recent integration of PayPal. This shift in Seller Services revenue growth drivers is expected to be a drag on our gross margin.
    • Second, as in the first three quarters of the year, we plan to spend more on marketing in absolute dollars in the fourth quarter compared with both the third quarter of 2015 and the fourth quarter of 2014. Therefore, we expect marketing expenses to continue to grow faster than our revenue in the fourth quarter. Despite this, we expect the year-over-year growth rates for overall marketing expenses to decelerate in the fourth quarter compared with both the third quarter of 2015 and the fourth quarter of 2014. We also expect digital marketing expenses to grow more slowly year-over-year in the fourth quarter of 2015 compared to year-over-year growth in the third quarter of 2015.
    • Finally, we expect our number of net hires in the fourth quarter of 2015 to be comparable to the third quarter of 2015 but to be higher than the fourth quarter of 2014.

Webcast and Conference Call Replay Information

Etsy will host a webcast to discuss these results at 5:30 p.m. ET today. To access the live webcast, please visit the Etsy Investor Relations website, investors.etsy.com and go to the Investor Events section.

A replay will be available following the live webcast and may be accessed on the same website. A telephonic replay will also be available through midnight ET on November 17, 2015 at (855) 859-2056 or (404) 537-3406; conference ID 58447367.

About Etsy

Etsy is a marketplace where millions of people around the world connect, both online and offline, to make, sell and buy unique goods. The Etsy ecosystem includes creative entrepreneurs who sell on our platform, thoughtful consumers looking to buy unique goods in our marketplace, responsible manufacturers who help Etsy sellers grow their businesses and Etsy employees who maintain our platform and nurture our community. Our mission is to reimagine commerce in ways that build a more fulfilling and lasting world, and we're committed to using the power of business to strengthen communities and empower people.

Etsy was founded in 2005 and is headquartered in Brooklyn, New York.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include information related to our possible or assumed future results of operations and expenses, our fourth quarter outlook, our mission, business strategies and plans, business environment and future growth. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "believes," "expects," "may," "plans," "should," "will," or similar expressions and the negatives of those terms. 

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 (i) our history of operating losses; (ii) the fluctuation of our quarterly operating results; (iii) adherence to our values and our focus on long-term sustainability, which may negatively influence our short- or medium-term financial performance; (iv) the importance to our success of the authenticity of our marketplace and the connections within our community; (v) further expansion into markets outside of the United States; (vi) increases in our marketing efforts to help grow our business, which may not be effective at attracting new members and retaining existing members; (vii) our payments system, which depends on third-party providers and is subject to evolving laws and regulations; (viii) our ability to expand our ecosystem to add new constituents and open new sales channels; (ix) our ability to develop new offerings to respond to our members' changing needs; (x) the effectiveness of our mobile solutions for Etsy sellers and Etsy buyers; and (xi) our ability to compete effectively. 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, 2015.

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



Etsy, Inc.




Condensed Consolidated Balance Sheets




(in thousands, unaudited)











 As of
December 31,
2014 


 As of
September 30,
2015 












ASSETS




Current assets:




Cash and cash equivalents

$          69,659


$         266,283

Short-term investments

19,184


20,474

Accounts receivable, net

15,404


15,976

Prepaid and other current assets

12,241


8,773

Deferred tax assets—current

2,932


3,134

Deferred tax charge—current


17,605

Funds receivable and seller accounts

10,573


17,069


Total current assets

129,993


349,314

Restricted cash

5,341


5,341

Property and equipment, net

75,538


94,655

Goodwill

30,831


28,366

Intangible assets, net

5,410


3,483

Deferred tax charge—net of current portion


55,711

Other assets

2,022


1,751


Total assets

$        249,135


$         538,621

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$            8,231


$             3,200

Accrued expenses

12,852


32,861

Capital lease obligations—current

1,755


4,431

Funds payable and amounts due to sellers

10,573


17,069

Deferred revenue

3,452


4,128

Other current liabilities

4,590


7,925


Total current liabilities

41,453


69,614

Capital lease obligations—net of current portion

3,148


6,483

Warrant liability

1,920


Deferred tax liabilities

3,081


66,227

Facility financing obligation

50,320


51,804

Other liabilities

1,913


21,699


Total liabilities

101,835


215,827


Total convertible preferred stock

80,212



Total stockholders' equity

67,088


322,794


Total liabilities, convertible preferred stock and stockholders' equity

$        249,135


$         538,621

 

 

Etsy, Inc.

Condensed Consolidated Statements of Operations 

(in thousands except share and per share data, unaudited)














Three Months Ended 
September 30,


Nine Months Ended 
September 30,








2014


2015


2014


2015











Revenue

$      47,634


$         65,696


$    130,679


$    185,604

Cost of revenue

18,115


24,165


50,854


66,783

Gross profit

29,519


41,531


79,825


118,821

Operating expenses:









Marketing

8,808


16,542


25,042


44,295


Product development

10,077


11,406


26,911


31,487


General and administrative

13,686


15,250


34,299


53,339



Total operating expenses

32,571


43,198


86,252


129,121

Loss from operations

(3,052)


(1,667)


(6,427)


(10,300)

Total other expense

(1,144)


(1,129)


(1,578)


(19,802)

Loss before income taxes

(4,196)


(2,796)


(8,005)


(30,102)

Provision for income taxes

(2,075)


(4,095)


(1,880)


(19,729)

Net loss

$      (6,271)


$         (6,891)


$      (9,885)


$    (49,831)

Net loss per share—basic and diluted

$        (0.15)


$           (0.06)


$        (0.25)


$        (0.59)

Weighted average shares outstanding—basic and diluted

43,015,151


111,329,917


39,258,879


84,195,227

 

 

Etsy, Inc.


Condensed Consolidated Statements of Cash Flows 


(in thousands, unaudited)











Nine Months Ended 
September 30,







2014


2015







Cash flows from operating activities




Net loss

$ (9,885)


$ (49,831)

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





Stock-based compensation expense

4,212


6,559


Stock-based compensation expense-acquisitions

1,796


3,158


Contribution of stock to Etsy.org


3,200


Depreciation and amortization expense

12,492


14,041


Bad debt expense

1,037


1,473


Foreign exchange loss

1,014


15,727


Amortization of debt issuance costs

40


122


Net unrealized loss on warrant and other liabilities

239


3,136


Loss on disposal of assets

76


476


Amortization of deferred tax charges


15,093


Excess tax benefit from exercise of stock options

(716)


(2,472)


Changes in operating assets and liabilities, net of acquisitions

1,681


8,325



Net cash provided by operating activities

11,986


19,007

Cash flows from investing activities





Acquisition of businesses, net of cash acquired

(4,688)



Purchases of property and equipment

(881)


(9,524)


Development of internal-use software

(6,019)


(7,329)


Purchase of U.S. Government and agency bills

(17,209)


(18,552)


Sale of marketable securities

16,846


17,270


Net increase in restricted cash

(5,341)




Net cash used in investing activities

(17,292)


(18,135)

Cash flows from financing activities





Proceeds from public offering


199,467


Proceeds from the issuance of common stock

35,000



Proceeds from exercise of stock options

7,585


2,285


Excess tax benefit from the exercise of stock options

716


2,472


Payments on capitalized lease obligations

(1,051)


(2,262)


Deferred payments on acquisition of business

(75)



Payments relating to public offering

(1,160)


(2,919)



Net cash provided by financing activities

41,015


199,043

Effect of exchange rate changes on cash

(1,305)


(3,291)

Net increase in cash and cash equivalents

34,404


196,624

Cash and cash equivalents at beginning of period

36,795


69,659

Cash and cash equivalents at end of period

$ 71,199


$ 266,283

 

Use of Non-GAAP Financial Measures

In this press release, we provide Adjusted EBITDA, a non-GAAP financial measure that represents our net loss before interest expense, net, (benefit) provision for income taxes and depreciation and amortization, adjusted to eliminate stock-based compensation expense, net unrealized loss (gain) on warrant and other liabilities, foreign exchange loss (gain), contributions to Etsy.org and acquisition-related expenses. Following is a reconciliation of Adjusted EBITDA to net loss, 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 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:

  • 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 or changes in the fair value of warrants;
  • Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;
  • Adjusted EBITDA does not reflect acquisition-related expenses;
  • Adjusted EBITDA does not consider the impact of foreign exchange loss (gain);
  • Adjusted EBITDA does not reflect the impact of our contributions to Etsy.org; 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 loss and our other GAAP results.

Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA 

(in thousands, unaudited)













Three Months Ended 
September 30,


Nine Months Ended 
September 30,






2014


2015


2014


2015










Net loss

$      (6,271)


$      (6,891)


$      (9,885)


$    (49,831)

Excluding:









Interest expense, net

165


453


325


939


Provision for income taxes (1)

2,075


4,095


1,880


19,729


Depreciation and amortization

4,465


4,968


12,492


14,041


Stock-based compensation expense (2)

1,299


2,204


4,212


6,559


Stock-based compensation expense—acquisitions (2)

1,448


719


1,796


3,158


Net unrealized (gain) loss on warrant and other liabilities

(35)


(3)


239


3,136


Foreign exchange loss (3)

1,014


679


1,014


15,727


Acquisition-related expenses

88



1,710



Contribution to Etsy.org (4)




3,500

Adjusted EBITDA

$       4,248


$       6,224


$     13,783


$     16,958



(1) The provision for income taxes in the three and nine months ended September 30, 2015 reflects the impact of the revised global corporate structure implemented on January 1, 2015. 










(2) Total stock-based compensation expense included in the consolidated statements of operations is as follows (in thousands):












Three Months Ended 
September 30,


Nine Months Ended 
September 30,






2014


2015


2014


2015










Cost of revenue

$           357


$           149


$           731


$           681

Marketing

59


120


131


349

Product development

333


756


995


1,981

General and administrative

1,998


1,898


4,151


6,706

Total stock-based compensation expense

$        2,747


$        2,923


$        6,008


$        9,717



















(3) The majority of the foreign exchange loss in the nine months ended September 30, 2015 relates to intercompany debt incurred in connection with Etsy's revised global corporate structure.










(4) Etsy made a one-time contribution of 188,235 shares of common stock totaling $3.2 million to Etsy.org during the first quarter of 2015. In addition, Etsy made a one-time cash contribution of $300,000 to Etsy.org during the second quarter of 2015.

To view the original version on PR Newswire, visit:https://www.prnewswire.com/news-releases/etsy-inc-reports-third-quarter-2015-financial-results-300171572.html

SOURCE Etsy, Inc.

Investor Relations: Etsy, Jennifer Beugelmans, ir@etsy.com; or Media: Etsy, Ellen Gonda/Sara Cohen, press@etsy.com; or Brunswick Group, Sarah Lubman/Monika Driscoll, (212) 333-3810

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