For 3 months ending 9/30/2020
GMS 2.6B +119.4% YoY (~400M was mask related)
Rev 451M +128.1% YoY
NI 92M +520% YoY
EBITDA 151M +260% YoY
For 9 months ending 9/30/2020
GMS 6.7B +101.1% YoY
Rev 1.1B +102.1% YoY
NI 201M +210% YoY
EBITDA 357M +171% YoY
Active Sellers 3.7M +42% YoY
Active Buyers 69.6M +55% YoY
Gross Margin 73.4% +820 bps
Mentioned in the press release is a note on their customer spending habits (sort of like NER but not reliably repeatable like subscriptions):
"The majority of Etsy’s GMS is driven by existing buyers, and we have experienced a significant change in buyer cohorts in terms of the frequency with which they shop and the amount they are spending on Etsy. In terms of third quarter 2020 GMS per buyer, when using data for our 2018 buyer cohort as a proxy for how our historical cohorts have performed, existing buyers have increased their GMS per buyer by more than 50% in the third quarter of 2020 when compared to the third quarter of 2019, even when excluding face mask purchases. "
Guidance for next Q is 70%-90% revenue growth, guidance from last Q was 85%-115% revenue growth, which they obviously beat
QoQ growth from Q2 is negligible, but it’s a marketplace company that’s valued at a very low multiple (less than 10 P/current quarter S, as compared to say MELI at 18). I’ve always agreed with Bear’s opinion that smaller cap companies have more room to grow, but for market place companies involving independent 3rd party sellers, I think a certain size confers more safety from brand recognition and less fragility. For those of you holding some cash on the sidelines and looking to deploy, ETSY might be worth a second look