ETSY has posted good Q2 results - which might be of interest to board members. I have not seen very much discussion on ETSY on this board. (sorry for the lack of formatting I’m not sure how to do bold or italic or any other formatting for that matter)

Total revenue was $428.7 million for the second quarter of 2020, up 136.7% year-over-year.

Gross profit for the second quarter of 2020 was $317.4 million, up 159.1% year-over-year, and gross margin was 74.0%, up 640 basis points compared with 67.6% in the second quarter of 2019.

Total operating expenses were $198.2 million in the second quarter of 2020, up 89.4% year-over-year, and represented 46.2% of revenue, compared to 57.8% in the second quarter of 2019.

Net income for the second quarter of 2020 was $96.4 million, with diluted earnings per share of $0.75.

Non-GAAP Adjusted EBITDA for the second quarter of 2020 was $150.6 million and grew 279.4% year-over-year. Non-GAAP Adjusted EBITDA margin (i.e., non-GAAP Adjusted EBITDA divided by revenue) was 35.1% in the second quarter of 2020, up 1,320 basis points year-over-year.

Cash, cash equivalents, short- and long-term investments were $1.1 billion as of June 30, 2020.

Q3 guidance is for revenue Year-over-year growth of 85-115%. The

I have not looked into the company in detail; but the earnings stood out to me.…

(I hold no position in ETSY)


In an attempt to learn more about ETSY I searched this board (using the DH search tool) for posts on ETSY - ETSY is mentioned just a few times in some passing comments in some posts, but I could not find any posts in which the company is discussed in detail.

Is there some reason, that I am missing, why ETSY has not been discussed on this board? Given it is a hypergrowth company I would have expected to be able to find more discussion on the company.

Make the Case

You say it is hypergrowth… last Q or last several Qs?

It is not a subscription revenue business model, so how sticky are its customers?

btw, How does the company measure its performance for vendors, and for customers (of those vendors)? Is this sustainable, being beholden to both of those parties?

Yes, you can come here and just absorb the collective wisdom, but if you think you want to know about something not well-discussed here, then go learn about and come back and share what you found.

The “collective wisdom” model works because people share their work.

-Another Rob