-Looks like another blowout earnings report by Etsy. Revenue was up 142%, GMS up 132%, Habitual buyers up 205%, despite the reopening. However, guidance was very weak and the stock is down 9% after hours. Revenue is predicted to rise only 15-25% as the tough Covid comps come in to play.
• Consolidated revenue was $550.6 million, up 141.5% versus the same period of 2020, with a take rate (i.e., Consolidated revenue divided by Consolidated GMS) of 17.5%.Consolidated GMS was $3.1 billion, up 132.3% year-over-year; while Etsy marketplace GMS was $2.9 billion, up 144.1% year-over-year.
? GMS per active buyer for the Etsy marketplace on a trailing twelve month basis grew 20% year-over-year.
? The Etsy marketplace acquired approximately 16.3 million new and reactivated buyers who haven’t purchased in a year or more.
?Habitual buyers, those with 6 or more purchase days and $200 or more in spend in the trailing twelve months, grew 205% year-over year, our highest ever growth for this buyer segment.
? GMS from paid channels was 21% of overall GMS, expanding 500 basis points compared to the first quarter of 2020.
• Net income was $143.8 million, up 1,048.1% year-over-year, with diluted earnings per share of $1.00.
• Non-GAAP Adjusted EBITDA was $184.1 million, with Non-GAAP Adjusted EBITDA margin (i.e., Non-GAAP Adjusted EBITDA divided by
Consolidated revenue) of 33%, up 900 basis points compared to the first quarter of 2020.
• We ended the first quarter with $1.7 billion in cash, cash equivalents, and short-term investments
GMS Year-Over-Year Growth 5% - 15%
GMS ~$2.8B - $3.1B
Revenue Year-Over-Year Growth 15% - 25%
Revenue ~$493M - $536M
Adjusted EBITDA Margin* 25% - 28%
Adjusted EBITDA ~$129M - $144M
Silverman noted “We currently expect Q2 2021 GMS to decelerate along with the rest of e-commerce as we lap the tremendous 2020 growth rates. That said, we’ll keep the pedal to the metal in 2021 to continue to improve our customer experiences, make Etsy top-of-mind for the millions of buyers who have found Etsy for the first time or are relying on us now more than ever, and further invest in our very large market opportunity.”