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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Etsy Inc | NASDAQ:ETSY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.77 | 1.30% | 60.01 | 56.00 | 61.99 | 62.25 | 59.505 | 60.03 | 5,617,654 | 05:00:10 |
☒
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
|
For the quarterly period ended
|
June 30, 2020
|
|
|
|
|
OR
|
|
|
|
|
☐
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
|
Delaware
|
|
20-4898921
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
|
117 Adams Street
|
Brooklyn
|
NY
|
11201
|
(Address of principal executive offices)
|
|
(Zip code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common Stock
|
$0.001 par value per share
|
ETSY
|
The Nasdaq Global Select Market
|
Large Accelerated Filer
|
☒
|
Accelerated Filer
|
☐
|
Non-accelerated Filer
|
☐
|
Smaller Reporting Company
|
☐
|
|
Emerging Growth Company
|
☐
|
|
|
Page
|
|
Note Regarding Forward-Looking Statements
|
|
|
Part I - Financial Information
|
|
Item 1.
|
Consolidated Financial Statements (Unaudited)
|
|
|
Consolidated Balance Sheets
|
|
|
Consolidated Statements of Operations
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
Consolidated Statements of Changes in Stockholders’ Equity
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
Notes to Consolidated Financial Statements
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
Item 4.
|
Controls and Procedures
|
|
|
Part II - Other Information
|
|
Item 1.
|
Legal Proceedings
|
|
Item 1A.
|
Risk Factors
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Item 3.
|
Defaults Upon Senior Securities
|
|
Item 4.
|
Mine Safety Disclosures
|
|
Item 5.
|
Other Information
|
|
Item 6.
|
Exhibits
|
|
|
Signatures
|
|
As of
June 30, 2020 |
|
As of
December 31, 2019 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
677,524
|
|
|
$
|
443,293
|
|
Short-term investments
|
365,659
|
|
|
373,959
|
|
||
Accounts receivable, net of expected credit losses of $6,182 and $5,033 as of June 30, 2020 and December 31, 2019, respectively
|
16,527
|
|
|
15,386
|
|
||
Prepaid and other current assets
|
30,768
|
|
|
38,614
|
|
||
Funds receivable and seller accounts
|
103,857
|
|
|
49,786
|
|
||
Total current assets
|
1,194,335
|
|
|
921,038
|
|
||
Restricted cash
|
5,341
|
|
|
5,341
|
|
||
Property and equipment, net of accumulated depreciation and amortization of $141,307 and $120,084 as of June 30, 2020 and December 31, 2019, respectively
|
126,187
|
|
|
144,864
|
|
||
Goodwill
|
138,757
|
|
|
138,731
|
|
||
Intangible assets, net of accumulated amortization of $17,293 and $16,911 as of June 30, 2020 and December 31, 2019, respectively
|
191,685
|
|
|
199,236
|
|
||
Deferred tax assets
|
8,336
|
|
|
14,257
|
|
||
Long-term investments
|
73,143
|
|
|
89,343
|
|
||
Other assets
|
24,247
|
|
|
29,542
|
|
||
Total assets
|
$
|
1,762,031
|
|
|
$
|
1,542,352
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
15,978
|
|
|
$
|
26,324
|
|
Accrued expenses
|
134,016
|
|
|
88,345
|
|
||
Finance lease obligations—current
|
8,073
|
|
|
8,275
|
|
||
Funds payable and amounts due to sellers
|
103,857
|
|
|
49,786
|
|
||
Deferred revenue
|
9,181
|
|
|
7,617
|
|
||
Other current liabilities
|
8,474
|
|
|
8,181
|
|
||
Total current liabilities
|
279,579
|
|
|
188,528
|
|
||
Finance lease obligations—net of current portion
|
49,258
|
|
|
53,611
|
|
||
Deferred tax liabilities
|
66,301
|
|
|
64,497
|
|
||
Long-term debt, net
|
803,227
|
|
|
785,126
|
|
||
Other liabilities
|
39,491
|
|
|
43,956
|
|
||
Total liabilities
|
1,237,856
|
|
|
1,135,718
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Common stock ($0.001 par value, 1,400,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 119,140,637 and 118,342,772 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively)
|
119
|
|
|
119
|
|
||
Preferred stock ($0.001 par value, 25,000,000 shares authorized as of June 30, 2020 and December 31, 2019)
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
675,213
|
|
|
642,628
|
|
||
Accumulated deficit
|
(143,458
|
)
|
|
(227,414
|
)
|
||
Accumulated other comprehensive loss
|
(7,699
|
)
|
|
(8,699
|
)
|
||
Total stockholders’ equity
|
524,175
|
|
|
406,634
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,762,031
|
|
|
$
|
1,542,352
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenue
|
$
|
428,737
|
|
|
$
|
181,095
|
|
|
$
|
656,792
|
|
|
$
|
350,434
|
|
Cost of revenue
|
111,381
|
|
|
58,605
|
|
|
193,797
|
|
|
111,263
|
|
||||
Gross profit
|
317,356
|
|
|
122,490
|
|
|
462,995
|
|
|
239,171
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Marketing
|
114,707
|
|
|
45,994
|
|
|
163,212
|
|
|
81,438
|
|
||||
Product development
|
45,233
|
|
|
28,765
|
|
|
83,015
|
|
|
53,712
|
|
||||
General and administrative
|
38,276
|
|
|
29,883
|
|
|
72,263
|
|
|
54,530
|
|
||||
Total operating expenses
|
198,216
|
|
|
104,642
|
|
|
318,490
|
|
|
189,680
|
|
||||
Income from operations
|
119,140
|
|
|
17,848
|
|
|
144,505
|
|
|
49,491
|
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(10,026
|
)
|
|
(4,678
|
)
|
|
(19,993
|
)
|
|
(9,331
|
)
|
||||
Interest and other income
|
1,732
|
|
|
3,391
|
|
|
5,345
|
|
|
6,776
|
|
||||
Foreign exchange gain (loss)
|
1,470
|
|
|
(192
|
)
|
|
(7,848
|
)
|
|
870
|
|
||||
Total other expense
|
(6,824
|
)
|
|
(1,479
|
)
|
|
(22,496
|
)
|
|
(1,685
|
)
|
||||
Income before income taxes
|
112,316
|
|
|
16,369
|
|
|
122,009
|
|
|
47,806
|
|
||||
(Provision) benefit for income taxes
|
(15,891
|
)
|
|
1,854
|
|
|
(13,062
|
)
|
|
1,996
|
|
||||
Net income
|
$
|
96,425
|
|
|
$
|
18,223
|
|
|
$
|
108,947
|
|
|
$
|
49,802
|
|
Net income per share attributable to common stockholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.81
|
|
|
$
|
0.15
|
|
|
$
|
0.92
|
|
|
$
|
0.42
|
|
Diluted
|
$
|
0.75
|
|
|
$
|
0.14
|
|
|
$
|
0.88
|
|
|
$
|
0.38
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
118,865,885
|
|
|
120,198,526
|
|
|
118,483,712
|
|
|
119,848,289
|
|
||||
Diluted
|
134,408,041
|
|
|
130,807,743
|
|
|
133,238,316
|
|
|
130,463,025
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income
|
$
|
96,425
|
|
|
$
|
18,223
|
|
|
$
|
108,947
|
|
|
$
|
49,802
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Cumulative translation adjustment
|
2,538
|
|
|
982
|
|
|
(133
|
)
|
|
(79
|
)
|
||||
Unrealized gains on marketable securities, net of tax expense of $142, $0, $347, and $0, respectively
|
462
|
|
|
378
|
|
|
1,133
|
|
|
477
|
|
||||
Total other comprehensive income
|
3,000
|
|
|
1,360
|
|
|
1,000
|
|
|
398
|
|
||||
Comprehensive income
|
$
|
99,425
|
|
|
$
|
19,583
|
|
|
$
|
109,947
|
|
|
$
|
50,200
|
|
|
Three Months Ended June 30, 2020
|
|||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Total
|
|||||||||||||
|
||||||||||||||||||||||
|
Shares
|
|
Amount
|
|||||||||||||||||||
Balance as of March 31, 2020
|
118,376,782
|
|
|
$
|
118
|
|
|
$
|
657,311
|
|
|
$
|
(239,883
|
)
|
|
$
|
(10,699
|
)
|
|
$
|
406,847
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
16,975
|
|
|
—
|
|
|
—
|
|
|
16,975
|
|
|||||
Exercise of vested options
|
510,113
|
|
|
1
|
|
|
7,280
|
|
|
—
|
|
|
—
|
|
|
7,281
|
|
|||||
Vesting of restricted stock units, net of shares withheld
|
253,742
|
|
|
—
|
|
|
(6,353
|
)
|
|
—
|
|
|
—
|
|
|
(6,353
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,000
|
|
|
3,000
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
96,425
|
|
|
—
|
|
|
96,425
|
|
|||||
Balance as of June 30, 2020
|
119,140,637
|
|
|
$
|
119
|
|
|
$
|
675,213
|
|
|
$
|
(143,458
|
)
|
|
$
|
(7,699
|
)
|
|
$
|
524,175
|
|
|
Six Months Ended June 30, 2020
|
|||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Total
|
|||||||||||||
|
||||||||||||||||||||||
|
Shares
|
|
Amount
|
|||||||||||||||||||
Balance as of December 31, 2019
|
118,342,772
|
|
|
$
|
119
|
|
|
$
|
642,628
|
|
|
$
|
(227,414
|
)
|
|
$
|
(8,699
|
)
|
|
$
|
406,634
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
30,960
|
|
|
—
|
|
|
—
|
|
|
30,960
|
|
|||||
Exercise of vested options
|
957,999
|
|
|
1
|
|
|
12,176
|
|
|
—
|
|
|
—
|
|
|
12,177
|
|
|||||
Vesting of restricted stock units, net of shares withheld
|
382,972
|
|
|
—
|
|
|
(10,551
|
)
|
|
—
|
|
|
—
|
|
|
(10,551
|
)
|
|||||
Stock repurchase
|
(543,106
|
)
|
|
(1
|
)
|
|
—
|
|
|
(24,991
|
)
|
|
—
|
|
|
(24,992
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
1,000
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
108,947
|
|
|
—
|
|
|
108,947
|
|
|||||
Balance as of June 30, 2020
|
119,140,637
|
|
|
$
|
119
|
|
|
$
|
675,213
|
|
|
$
|
(143,458
|
)
|
|
$
|
(7,699
|
)
|
|
$
|
524,175
|
|
|
Three Months Ended June 30, 2019
|
|||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Total
|
|||||||||||||
|
||||||||||||||||||||||
|
Shares
|
|
Amount
|
|||||||||||||||||||
Balance as of March 31, 2019
|
119,933,386
|
|
|
$
|
120
|
|
|
$
|
570,906
|
|
|
$
|
(142,238
|
)
|
|
$
|
(8,775
|
)
|
|
$
|
420,013
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
11,280
|
|
|
—
|
|
|
—
|
|
|
11,280
|
|
|||||
Exercise of vested options
|
154,197
|
|
|
—
|
|
|
1,910
|
|
|
—
|
|
|
—
|
|
|
1,910
|
|
|||||
Vesting of restricted stock units, net of shares withheld
|
247,941
|
|
|
—
|
|
|
(10,485
|
)
|
|
—
|
|
|
—
|
|
|
(10,485
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,360
|
|
|
1,360
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
18,223
|
|
|
—
|
|
|
18,223
|
|
|||||
Balance as of June 30, 2019
|
120,335,524
|
|
|
$
|
120
|
|
|
$
|
573,611
|
|
|
$
|
(124,015
|
)
|
|
$
|
(7,415
|
)
|
|
$
|
442,301
|
|
|
Six Months Ended June 30, 2019
|
|||||||||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Total
|
|||||||||||||
|
||||||||||||||||||||||
|
Shares
|
|
Amount
|
|||||||||||||||||||
Balance as of December 31, 2018
|
119,771,702
|
|
|
$
|
120
|
|
|
$
|
562,033
|
|
|
$
|
(153,442
|
)
|
|
$
|
(7,813
|
)
|
|
$
|
400,898
|
|
Cumulative effect adjustment related to the adoption of the leasing standard
|
—
|
|
|
—
|
|
|
—
|
|
|
7,116
|
|
|
—
|
|
|
7,116
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
19,896
|
|
|
—
|
|
|
—
|
|
|
19,896
|
|
|||||
Exercise of vested options
|
688,890
|
|
|
1
|
|
|
7,839
|
|
|
—
|
|
|
—
|
|
|
7,840
|
|
|||||
Vesting of restricted stock units, net of shares withheld
|
407,344
|
|
|
—
|
|
|
(16,157
|
)
|
|
—
|
|
|
—
|
|
|
(16,157
|
)
|
|||||
Stock repurchase
|
(532,412
|
)
|
|
(1
|
)
|
|
—
|
|
|
(27,491
|
)
|
|
—
|
|
|
(27,492
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
398
|
|
|
398
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
49,802
|
|
|
—
|
|
|
49,802
|
|
|||||
Balance as of June 30, 2019
|
120,335,524
|
|
|
$
|
120
|
|
|
$
|
573,611
|
|
|
$
|
(124,015
|
)
|
|
$
|
(7,415
|
)
|
|
$
|
442,301
|
|
|
Six Months Ended
June 30, |
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
108,947
|
|
|
$
|
49,802
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Stock-based compensation expense
|
30,536
|
|
|
18,919
|
|
||
Depreciation and amortization expense
|
29,334
|
|
|
19,952
|
|
||
Bad debt expense
|
5,904
|
|
|
4,146
|
|
||
Foreign exchange loss (gain)
|
10,394
|
|
|
(1,240
|
)
|
||
Non-cash interest expense
|
17,026
|
|
|
6,792
|
|
||
Deferred income taxes
|
7,389
|
|
|
(1,996
|
)
|
||
Other non-cash expense (income), net
|
1,845
|
|
|
(478
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Current assets
|
(51,975
|
)
|
|
(51,284
|
)
|
||
Non-current assets
|
4,994
|
|
|
2,037
|
|
||
Current liabilities
|
90,707
|
|
|
37,626
|
|
||
Non-current liabilities
|
(5,006
|
)
|
|
(2,982
|
)
|
||
Net cash provided by operating activities
|
250,095
|
|
|
81,294
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchases of property and equipment
|
(209
|
)
|
|
(3,747
|
)
|
||
Development of internal-use software
|
(2,043
|
)
|
|
(4,669
|
)
|
||
Purchases of marketable securities
|
(181,198
|
)
|
|
(305,391
|
)
|
||
Sales of marketable securities
|
206,182
|
|
|
265,852
|
|
||
Net cash provided by (used in) investing activities
|
22,732
|
|
|
(47,955
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Payment of tax obligations on vested equity awards
|
(10,551
|
)
|
|
(16,157
|
)
|
||
Repurchase of stock
|
(24,992
|
)
|
|
(27,492
|
)
|
||
Proceeds from exercise of stock options
|
12,177
|
|
|
7,840
|
|
||
Payment of debt issuance costs
|
(14
|
)
|
|
(1,392
|
)
|
||
Payments on finance lease obligations
|
(4,927
|
)
|
|
(5,475
|
)
|
||
Other financing, net
|
(10,196
|
)
|
|
2,072
|
|
||
Net cash used in financing activities
|
(38,503
|
)
|
|
(40,604
|
)
|
||
Effect of exchange rate changes on cash
|
(93
|
)
|
|
(561
|
)
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
234,231
|
|
|
(7,826
|
)
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
448,634
|
|
|
372,326
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
682,865
|
|
|
$
|
364,500
|
|
|
Six Months Ended
June 30, |
||||||
|
2020
|
|
2019
|
||||
Supplemental non-cash disclosures:
|
|
|
|
||||
Stock-based compensation capitalized in development of capitalized software
|
$
|
424
|
|
|
$
|
977
|
|
Additions to development of internal-use software and property and equipment included in accounts payable and accrued expenses
|
$
|
658
|
|
|
$
|
2,637
|
|
Additions to intangible assets included in other current liabilities
|
$
|
—
|
|
|
$
|
1,720
|
|
Right-of-use assets obtained in exchange for new lease liabilities:
|
|
|
|
||||
Finance leases
|
$
|
370
|
|
|
$
|
333
|
|
|
Six Months Ended
June 30, |
||||||
|
2020
|
|
2019
|
||||
Beginning balance:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
443,293
|
|
|
$
|
366,985
|
|
Restricted cash
|
5,341
|
|
|
5,341
|
|
||
Total cash, cash equivalents, and restricted cash
|
$
|
448,634
|
|
|
$
|
372,326
|
|
|
|
|
|
||||
Ending balance:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
677,524
|
|
|
$
|
359,159
|
|
Restricted cash
|
5,341
|
|
|
5,341
|
|
||
Total cash, cash equivalents, and restricted cash
|
$
|
682,865
|
|
|
$
|
364,500
|
|
|
June 30,
2020 |
||
Balance as of December 31, 2019
|
$
|
5,033
|
|
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings
|
—
|
|
|
Provision for expected credit losses
|
5,904
|
|
|
Amounts written off, net of recoveries
|
(4,755
|
)
|
|
Balance as of June 30, 2020
|
$
|
6,182
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Marketplace revenue
|
$
|
332,031
|
|
|
$
|
135,199
|
|
|
$
|
487,952
|
|
|
$
|
262,367
|
|
Services revenue
|
96,706
|
|
|
45,896
|
|
|
168,840
|
|
|
88,067
|
|
||||
Revenue
|
$
|
428,737
|
|
|
$
|
181,095
|
|
|
$
|
656,792
|
|
|
$
|
350,434
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
96,425
|
|
|
$
|
18,223
|
|
|
$
|
108,947
|
|
|
$
|
49,802
|
|
Net income allocated to participating securities under the two-class method
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(24
|
)
|
||||
Net income attributable to common stockholders—basic
|
96,425
|
|
|
18,214
|
|
|
108,947
|
|
|
49,778
|
|
||||
Dilutive effect of net income allocated to participating securities under the two-class method
|
—
|
|
|
9
|
|
|
—
|
|
|
24
|
|
||||
Add back interest expense, net of tax attributable to assumed conversion of the 2018 Notes (1)
|
3,969
|
|
|
—
|
|
|
7,891
|
|
|
—
|
|
||||
Net income attributable to common stockholders—diluted
|
$
|
100,394
|
|
|
$
|
18,223
|
|
|
$
|
116,838
|
|
|
$
|
49,802
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding—basic (2)
|
118,865,885
|
|
|
120,198,526
|
|
|
118,483,712
|
|
|
119,848,289
|
|
||||
Dilutive effect of assumed conversion of options to purchase common stock
|
4,279,288
|
|
|
4,667,849
|
|
|
4,149,229
|
|
|
4,764,942
|
|
||||
Dilutive effect of assumed conversion of restricted stock units
|
1,750,875
|
|
|
1,693,130
|
|
|
1,093,382
|
|
|
1,841,363
|
|
||||
Dilutive effect of assumed conversion of the 2018 Notes (1)
|
9,511,993
|
|
|
4,226,839
|
|
|
9,511,993
|
|
|
3,989,402
|
|
||||
Dilutive effect of assumed conversion of restricted stock from acquisition
|
—
|
|
|
21,399
|
|
|
—
|
|
|
19,029
|
|
||||
Weighted-average common shares outstanding—diluted
|
134,408,041
|
|
|
130,807,743
|
|
|
133,238,316
|
|
|
130,463,025
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per share attributable to common stockholders—basic
|
$
|
0.81
|
|
|
$
|
0.15
|
|
|
$
|
0.92
|
|
|
$
|
0.42
|
|
Net income per share attributable to common stockholders—diluted
|
$
|
0.75
|
|
|
$
|
0.14
|
|
|
$
|
0.88
|
|
|
$
|
0.38
|
|
(1)
|
The Company used the if-converted method when calculating the dilutive effect of the 0% Convertible Senior Notes due 2023 (the “2018 Notes”) for the three and six months ended June 30, 2020 and used the treasury stock method for the three and six months ended June 30, 2019.
|
(2)
|
22,993 and 23,759 shares of unvested stock were considered participating securities and were excluded from basic shares outstanding for the three and six months ended June 30, 2019, respectively.
|
|
Final Fair Value as Adjusted
|
|||
Short-term investments
|
$
|
1,028
|
|
|
Other current assets (1)
|
2,902
|
|
||
Funds receivable and seller accounts
|
5,578
|
|
||
Property and equipment other
|
1,543
|
|
||
Developed technology
|
30,300
|
|
||
Trademark
|
79,400
|
|
||
Customer relationships
|
93,500
|
|
||
Goodwill
|
101,703
|
|
||
Other assets (1)
|
6,743
|
|
||
Other net working capital
|
(208
|
)
|
||
Funds payable and amounts due to sellers
|
(5,578
|
)
|
||
Other current liabilities (1)
|
(3,684
|
)
|
||
Other liabilities (1)
|
(7,333
|
)
|
||
Deferred tax liability, net (1)
|
(35,485
|
)
|
||
Total purchase price
|
$
|
270,409
|
|
(1)
|
Other current liabilities and other liabilities are primarily related to non-income tax related contingency reserves, which are wholly offset by an indemnification asset of $5.5 million and a deferred tax asset.
|
|
Three Months Ended
June 30, 2019 |
|
Six Months Ended
June 30, 2019 |
||||
Revenue
|
$
|
192,365
|
|
|
$
|
373,524
|
|
Net income
|
14,948
|
|
|
42,965
|
|
|
As of June 30, 2020
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
550,544
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
550,544
|
|
|
550,544
|
|
|
—
|
|
|
—
|
|
|
550,544
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
—
|
|
|
14,998
|
|
|
—
|
|
|
14,998
|
|
||||
Commercial paper
|
—
|
|
|
8,690
|
|
|
—
|
|
|
8,690
|
|
||||
Corporate bonds
|
—
|
|
|
81,849
|
|
|
—
|
|
|
81,849
|
|
||||
U.S. Government and agency securities
|
260,122
|
|
|
—
|
|
|
—
|
|
|
260,122
|
|
||||
|
260,122
|
|
|
105,537
|
|
|
—
|
|
|
365,659
|
|
||||
Funds receivable and seller accounts:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
35,495
|
|
|
—
|
|
|
—
|
|
|
35,495
|
|
||||
|
35,495
|
|
|
—
|
|
|
—
|
|
|
35,495
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
—
|
|
|
2,040
|
|
|
—
|
|
|
2,040
|
|
||||
Corporate bonds
|
—
|
|
|
13,803
|
|
|
—
|
|
|
13,803
|
|
||||
U.S. Government and agency securities
|
57,300
|
|
|
—
|
|
|
—
|
|
|
57,300
|
|
||||
|
57,300
|
|
|
15,843
|
|
|
—
|
|
|
73,143
|
|
||||
|
$
|
903,461
|
|
|
$
|
121,380
|
|
|
$
|
—
|
|
|
$
|
1,024,841
|
|
|
As of December 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
$
|
—
|
|
|
$
|
2,959
|
|
|
$
|
—
|
|
|
$
|
2,959
|
|
Commercial paper
|
—
|
|
|
5,794
|
|
|
—
|
|
|
5,794
|
|
||||
Money market funds
|
228,859
|
|
|
—
|
|
|
—
|
|
|
228,859
|
|
||||
|
228,859
|
|
|
8,753
|
|
|
—
|
|
|
237,612
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
—
|
|
|
26,132
|
|
|
—
|
|
|
26,132
|
|
||||
Commercial paper
|
—
|
|
|
29,320
|
|
|
—
|
|
|
29,320
|
|
||||
Corporate bonds
|
—
|
|
|
114,202
|
|
|
—
|
|
|
114,202
|
|
||||
U.S. Government and agency securities
|
204,305
|
|
|
—
|
|
|
—
|
|
|
204,305
|
|
||||
|
204,305
|
|
|
169,654
|
|
|
—
|
|
|
373,959
|
|
||||
Funds receivable and seller accounts:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
18,168
|
|
|
—
|
|
|
—
|
|
|
18,168
|
|
||||
|
18,168
|
|
|
—
|
|
|
—
|
|
|
18,168
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
—
|
|
|
4,729
|
|
|
—
|
|
|
4,729
|
|
||||
Corporate bonds
|
—
|
|
|
38,563
|
|
|
—
|
|
|
38,563
|
|
||||
U.S. Government and agency securities
|
46,051
|
|
|
—
|
|
|
—
|
|
|
46,051
|
|
||||
|
46,051
|
|
|
43,292
|
|
|
—
|
|
|
89,343
|
|
||||
|
$
|
497,383
|
|
|
$
|
221,699
|
|
|
$
|
—
|
|
|
$
|
719,082
|
|
|
Cost
|
|
Gross
Unrealized Holding Loss |
|
Gross
Unrealized Holding Gain |
|
Fair Value
|
||||||||
June 30, 2020
|
|
|
|
|
|
|
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
$
|
14,938
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
$
|
14,998
|
|
Commercial paper
|
8,634
|
|
|
—
|
|
|
56
|
|
|
8,690
|
|
||||
Corporate bonds
|
81,426
|
|
|
(1
|
)
|
|
424
|
|
|
81,849
|
|
||||
U.S. Government and agency securities
|
259,245
|
|
|
—
|
|
|
877
|
|
|
260,122
|
|
||||
|
364,243
|
|
|
(1
|
)
|
|
1,417
|
|
|
365,659
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
2,041
|
|
|
(1
|
)
|
|
—
|
|
|
2,040
|
|
||||
Corporate bonds
|
13,765
|
|
|
(19
|
)
|
|
57
|
|
|
13,803
|
|
||||
U.S. Government and agency securities
|
57,060
|
|
|
—
|
|
|
240
|
|
|
57,300
|
|
||||
|
72,866
|
|
|
(20
|
)
|
|
297
|
|
|
73,143
|
|
||||
|
$
|
437,109
|
|
|
$
|
(21
|
)
|
|
$
|
1,714
|
|
|
$
|
438,802
|
|
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
$
|
2,958
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2,959
|
|
Commercial paper
|
5,794
|
|
|
—
|
|
|
—
|
|
|
5,794
|
|
||||
|
8,752
|
|
|
—
|
|
|
1
|
|
|
8,753
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
26,129
|
|
|
(3
|
)
|
|
6
|
|
|
26,132
|
|
||||
Commercial paper
|
29,319
|
|
|
(1
|
)
|
|
2
|
|
|
29,320
|
|
||||
Corporate bonds
|
114,068
|
|
|
(22
|
)
|
|
156
|
|
|
114,202
|
|
||||
U.S. Government and agency securities
|
204,246
|
|
|
(8
|
)
|
|
67
|
|
|
204,305
|
|
||||
|
373,762
|
|
|
(34
|
)
|
|
231
|
|
|
373,959
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of deposit
|
4,727
|
|
|
—
|
|
|
2
|
|
|
4,729
|
|
||||
Corporate bonds
|
38,582
|
|
|
(35
|
)
|
|
16
|
|
|
38,563
|
|
||||
U.S. Government and agency securities
|
46,017
|
|
|
(2
|
)
|
|
36
|
|
|
46,051
|
|
||||
|
89,326
|
|
|
(37
|
)
|
|
54
|
|
|
89,343
|
|
||||
|
$
|
471,840
|
|
|
$
|
(71
|
)
|
|
$
|
286
|
|
|
$
|
472,055
|
|
|
As of June 30,
2020 |
|
As of December 31,
2019 |
||||
Taxes payable
|
$
|
64,320
|
|
|
$
|
39,250
|
|
Vendor accruals
|
46,333
|
|
|
25,760
|
|
||
Employee compensation-related liabilities
|
23,363
|
|
|
23,335
|
|
||
Total accrued expenses
|
$
|
134,016
|
|
|
$
|
88,345
|
|
|
Shares Repurchased
|
|
Average Price Paid per Share (1)
|
|
Value of Shares Repurchased (1)
|
|
Remaining Amount Authorized
|
|||||||
Balance as of December 31, 2019
|
1,924,294
|
|
|
$
|
50.65
|
|
|
$
|
97,500
|
|
|
$
|
102,500
|
|
Repurchases of common stock for the three months ended:
|
|
|
|
|
|
|
|
|||||||
March 31, 2020
|
543,106
|
|
|
46.02
|
|
|
25,000
|
|
|
(25,000
|
)
|
|||
June 30, 2020
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance as of June 30, 2020
|
2,467,400
|
|
|
$
|
49.63
|
|
|
$
|
122,500
|
|
|
$
|
77,500
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Volatility
|
41.3% - 41.7%
|
|
39.2% - 39.5%
|
|
38.9% - 41.7%
|
|
39.2% - 39.5%
|
Risk-free interest rate
|
0.4% - 0.5%
|
|
1.9% - 2.4%
|
|
0.4% - 1.7%
|
|
1.9% - 2.5%
|
Expected term (in years)
|
5.52 - 6.16
|
|
5.50 - 6.16
|
|
5.52 - 6.16
|
|
5.50 - 6.16
|
Dividend rate
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
Shares
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Contract Term (in years)
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at December 31, 2019
|
6,294,919
|
|
|
$
|
16.26
|
|
|
|
|
|
||
Granted
|
645,300
|
|
|
45.26
|
|
|
|
|
|
|||
Exercised
|
(957,999
|
)
|
|
12.71
|
|
|
|
|
|
|||
Forfeited/Canceled
|
(14,490
|
)
|
|
32.15
|
|
|
|
|
|
|||
Outstanding at June 30, 2020
|
5,967,730
|
|
|
19.93
|
|
|
7.23
|
|
$
|
515,046
|
|
|
Total exercisable at June 30, 2020
|
3,638,011
|
|
|
13.37
|
|
|
6.71
|
|
337,836
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Weighted-average grant date fair value of options granted
|
$
|
28.97
|
|
|
$
|
25.00
|
|
|
$
|
17.72
|
|
|
$
|
28.90
|
|
Intrinsic value of options exercised
|
32,034
|
|
|
8,373
|
|
|
52,458
|
|
|
36,896
|
|
||||
Fair value of awards vested
|
19,022
|
|
|
12,108
|
|
|
26,408
|
|
|
18,191
|
|
|
Shares
|
|
Weighted-Average
Grant Date Fair Value |
|||
Unvested at December 31, 2019
|
2,960,413
|
|
|
$
|
40.61
|
|
Granted
|
1,509,157
|
|
|
44.16
|
|
|
Vested
|
(635,645
|
)
|
|
32.34
|
|
|
Forfeited/Canceled
|
(141,115
|
)
|
|
41.06
|
|
|
Unvested at June 30, 2020
|
3,692,810
|
|
|
43.46
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Cost of revenue
|
$
|
1,907
|
|
|
$
|
1,456
|
|
|
$
|
3,527
|
|
|
$
|
2,555
|
|
Marketing
|
1,357
|
|
|
723
|
|
|
2,581
|
|
|
1,354
|
|
||||
Product development
|
8,472
|
|
|
5,294
|
|
|
15,273
|
|
|
8,813
|
|
||||
General and administrative
|
4,989
|
|
|
3,364
|
|
|
9,155
|
|
|
6,197
|
|
||||
Stock-based compensation expense
|
$
|
16,725
|
|
|
$
|
10,837
|
|
|
$
|
30,536
|
|
|
$
|
18,919
|
|
•
|
We experienced broad-based demand across the Etsy marketplace, including significant demand for face masks. Mask GMS was approximately $346 million and non-mask GMS increased by 93% year-over-year, or by approximately $1.0 billion. Our team mobilized quickly to address the surge in face mask demand by scaling inventory with a call to action for sellers, retraining our search algorithms, creating on-site banners and automated filters, and managing delivery expectations.
|
•
|
We continued to adjust our marketing strategies and spend for the Etsy marketplace during the second quarter to respond quickly to changing macroeconomic dynamics and continue to build top of mind awareness for Etsy. We launched several new advertising campaigns, including a focus on supporting small businesses, an ‘always open’ message, and Etsy as a place for everyday needs. We developed a thoughtful and powerful strategy to define what “everyday” means for Etsy and bring it to life in our marketing and product experiences for buyers. We expanded our investment in performance marketing as return on investment remains strong across all channels, and we leveraged our new customer relationship management tools to optimize data in real-time and more effectively target buyers through Etsy’s owned and paid channels.
|
•
|
In the second quarter of 2020, we completed the migration of seller listings to our new Offsite Ads, an iteration on our advertising offerings, to help sellers more effectively drive traffic to their listings. Etsy will pay the upfront costs to promote Etsy sellers’ listings on multiple internet platforms without any upfront costs for sellers.
|
•
|
To strengthen the buyer experience, we made improvements to mobile web: we enhanced search and discovery by improving our query-listing matching and continuing to iterate on ranking algorithms to deliver more relevant recommendations further along in the purchase funnel; we added a more prominent “In Stock” indicator to increase buyer confidence that an item is not mass-produced; we highlighted recent positive seller reviews to drive repeat purchases and spend per buyer; and unveiled a new augmented reality feature which helps buyers visualize the items they’re interested in purchasing in their own homes.
|
•
|
We continued to deepen the human connections and trust in our marketplace through product development efforts focused on the core buying experience, including improving shipping, fulfillment, and post-purchase experiences, and making our Etsy app more engaging and habit-driving.
|
•
|
During the second quarter the Etsy marketplace saw an influx of 18.7 million new and reactivated buyers; the latter being those who hadn’t purchased in a year or more. Given the significant amount of new buyers on the platform, our focus on buyer frequency became even more urgent, specifically engaging first-time buyers to bring them back to Etsy to make their second purchase. We are focused on increasing the 30 day repeat purchase rate for new buyers by using strategies such as targeting buyers on and off site with personalized and consistent messaging across many channels.
|
•
|
Reverb benefited from similar macroeconomic ecommerce tailwinds to Etsy during the second quarter, as well as a strong increase in new buyers and novice musicians. We continued to execute on product and marketing initiatives to bolster Reverb’s two-sided marketplace. Beginning on August 4, 2020, Reverb increased its seller transaction fee for the first time from 3.5% to 5%. Reverb plans to increase investments in marketing, expand its global customer engagement team, and grow the capacity of its team that creates and enhances seller tools and services.
|
•
|
In living up to our mission to “Keep Commerce Human,” when the pandemic began impacting our seller community, we continued our seller support initiatives in the second quarter, including waiving certain seller fees, providing sellers a one-month grace period to pay their bills, and providing listing credits for mask sellers. The combination of one-time investments to support our sellers totaled approximately $12 million in the second quarter of 2020.
|
•
|
Etsy stands for the human connections made on our platform and the lives behind them. Black Lives Matter is the civil rights movement of our time, addressing a fundamental inequality in our society: that Black lives are too often undervalued. In support of this movement, in the second quarter of 2020 Etsy made $1 million in donations to the Equal Justice Initiative and Borealis Philanthropy’s Black-Led Movement Fund and matched employee donations.
|
•
|
We deepened our commitment to carbon-offset shipping by offsetting 100% of Reverb’s emissions from shipping beginning in April of 2020. Now, as with the Etsy marketplace, for every item purchased on Reverb, we will invest in environmental projects to offset the impact from shipping.
|
|
Three Months Ended
June 30, |
|
% Growth
(Decline)
Y/Y
|
|
Six Months Ended
June 30, |
|
% Growth
(Decline)
Y/Y
|
||||||||||||||
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands, except percentages)
|
||||||||||||||||||||
GMS (1)
|
$
|
2,688,783
|
|
|
$
|
1,094,829
|
|
|
145.6
|
%
|
|
$
|
4,042,074
|
|
|
$
|
2,118,857
|
|
|
90.8
|
%
|
Revenue
|
$
|
428,737
|
|
|
$
|
181,095
|
|
|
136.7
|
%
|
|
$
|
656,792
|
|
|
$
|
350,434
|
|
|
87.4
|
%
|
Marketplace revenue
|
$
|
332,031
|
|
|
$
|
135,199
|
|
|
145.6
|
%
|
|
$
|
487,952
|
|
|
$
|
262,367
|
|
|
86.0
|
%
|
Services revenue
|
$
|
96,706
|
|
|
$
|
45,896
|
|
|
110.7
|
%
|
|
$
|
168,840
|
|
|
$
|
88,067
|
|
|
91.7
|
%
|
Net income
|
$
|
96,425
|
|
|
$
|
18,223
|
|
|
429.1
|
%
|
|
$
|
108,947
|
|
|
$
|
49,802
|
|
|
118.8
|
%
|
Adjusted EBITDA (Non-GAAP)
|
$
|
150,628
|
|
|
$
|
39,701
|
|
|
279.4
|
%
|
|
$
|
205,684
|
|
|
$
|
89,568
|
|
|
129.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Active sellers
|
3,140
|
|
|
2,333
|
|
|
34.6
|
%
|
|
3,140
|
|
|
2,333
|
|
|
34.6
|
%
|
||||
Active buyers
|
60,274
|
|
|
42,742
|
|
|
41.0
|
%
|
|
60,274
|
|
|
42,742
|
|
|
41.0
|
%
|
||||
Percent mobile GMS
|
61
|
%
|
|
58
|
%
|
|
300
|
bps
|
|
60
|
%
|
|
58
|
%
|
|
200
|
bps
|
||||
Percent international GMS
|
32
|
%
|
|
38
|
%
|
|
(600
|
) bps
|
|
33
|
%
|
|
38
|
%
|
|
(500
|
) bps
|
(1)
|
GMS for the three and six months ended June 30, 2020, includes Reverb’s GMS of $227.0 million and $395.3 million, respectively. Etsy.com GMS for the three and six months ended June 30, 2020 was $2.5 billion and $3.6 billion, respectively.
|
|
Quarter-to-Date Period Ended
|
|
Year-to-Date Period Ended
|
||||||||||||||
|
As Reported
|
|
Currency-Neutral
|
|
FX Impact
|
|
As Reported
|
|
Currency-Neutral
|
|
FX Impact
|
||||||
June 30, 2020
|
145.6
|
%
|
|
146.7
|
%
|
|
(1.1
|
)%
|
|
90.8
|
%
|
|
91.6
|
%
|
|
(0.8
|
)%
|
March 31, 2020
|
32.2
|
%
|
|
32.6
|
%
|
|
(0.4
|
)%
|
|
32.2
|
%
|
|
32.6
|
%
|
|
(0.4
|
)%
|
December 31, 2019
|
32.8
|
%
|
|
33.0
|
%
|
|
(0.2
|
)%
|
|
26.5
|
%
|
|
27.5
|
%
|
|
(1.0
|
)%
|
September 30, 2019
|
30.1
|
%
|
|
31.1
|
%
|
|
(1.0
|
)%
|
|
23.6
|
%
|
|
26.1
|
%
|
|
(2.5
|
)%
|
June 30, 2019
|
21.4
|
%
|
|
22.8
|
%
|
|
(1.4
|
)%
|
|
20.2
|
%
|
|
21.7
|
%
|
|
(1.5
|
)%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Marketplace
|
$
|
332,031
|
|
|
$
|
135,199
|
|
|
$
|
487,952
|
|
|
$
|
262,367
|
|
Services
|
96,706
|
|
|
45,896
|
|
|
168,840
|
|
|
88,067
|
|
||||
Total revenue
|
428,737
|
|
|
181,095
|
|
|
656,792
|
|
|
350,434
|
|
||||
Cost of revenue
|
111,381
|
|
|
58,605
|
|
|
193,797
|
|
|
111,263
|
|
||||
Gross profit
|
317,356
|
|
|
122,490
|
|
|
462,995
|
|
|
239,171
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Marketing
|
114,707
|
|
|
45,994
|
|
|
163,212
|
|
|
81,438
|
|
||||
Product development
|
45,233
|
|
|
28,765
|
|
|
83,015
|
|
|
53,712
|
|
||||
General and administrative
|
38,276
|
|
|
29,883
|
|
|
72,263
|
|
|
54,530
|
|
||||
Total operating expenses
|
198,216
|
|
|
104,642
|
|
|
318,490
|
|
|
189,680
|
|
||||
Income from operations
|
119,140
|
|
|
17,848
|
|
|
144,505
|
|
|
49,491
|
|
||||
Other expense, net
|
(6,824
|
)
|
|
(1,479
|
)
|
|
(22,496
|
)
|
|
(1,685
|
)
|
||||
Income before income taxes
|
112,316
|
|
|
16,369
|
|
|
122,009
|
|
|
47,806
|
|
||||
(Provision) benefit for income taxes
|
(15,891
|
)
|
|
1,854
|
|
|
(13,062
|
)
|
|
1,996
|
|
||||
Net income
|
$
|
96,425
|
|
|
$
|
18,223
|
|
|
$
|
108,947
|
|
|
$
|
49,802
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Marketplace
|
77.4
|
%
|
|
74.7
|
%
|
|
74.3
|
%
|
|
74.9
|
%
|
||||
Services
|
22.6
|
|
|
25.3
|
|
|
25.7
|
|
|
25.1
|
|
||||
Total revenue
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
||||
Cost of revenue
|
26.0
|
|
|
32.4
|
|
|
29.5
|
|
|
31.8
|
|
||||
Gross profit
|
74.0
|
|
|
67.6
|
|
|
70.5
|
|
|
68.2
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Marketing
|
26.8
|
|
|
25.4
|
|
|
24.8
|
|
|
23.2
|
|
||||
Product development
|
10.6
|
|
|
15.9
|
|
|
12.6
|
|
|
15.3
|
|
||||
General and administrative
|
8.9
|
|
|
16.5
|
|
|
11.0
|
|
|
15.6
|
|
||||
Total operating expenses
|
46.2
|
|
|
57.8
|
|
|
48.5
|
|
|
54.1
|
|
||||
Income from operations
|
27.8
|
|
|
9.9
|
|
|
22.0
|
|
|
14.1
|
|
||||
Other expense, net
|
(1.6
|
)
|
|
(0.8
|
)
|
|
(3.4
|
)
|
|
(0.5
|
)
|
||||
Income before income taxes
|
26.2
|
|
|
9.0
|
|
|
18.6
|
|
|
13.6
|
|
||||
(Provision) benefit for income taxes
|
(3.7
|
)
|
|
1.0
|
|
|
(2.0
|
)
|
|
0.6
|
|
||||
Net income
|
22.5
|
%
|
|
10.1
|
%
|
|
16.6
|
%
|
|
14.2
|
%
|
|
Three Months Ended
June 30, |
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
Marketplace
|
$
|
332,031
|
|
|
$
|
135,199
|
|
|
$
|
196,832
|
|
|
145.6
|
%
|
Percentage of total revenue
|
77.4
|
%
|
|
74.7
|
%
|
|
|
|
|
|||||
Services
|
$
|
96,706
|
|
|
$
|
45,896
|
|
|
$
|
50,810
|
|
|
110.7
|
%
|
Percentage of total revenue
|
22.6
|
%
|
|
25.3
|
%
|
|
|
|
|
|||||
Total revenue
|
$
|
428,737
|
|
|
$
|
181,095
|
|
|
$
|
247,642
|
|
|
136.7
|
%
|
|
Three Months Ended
June 30, |
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Cost of revenue
|
$
|
111,381
|
|
|
$
|
58,605
|
|
|
$
|
52,776
|
|
|
90.1
|
%
|
Percentage of total revenue
|
26.0
|
%
|
|
32.4
|
%
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Other expense, net:
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
$
|
(10,026
|
)
|
|
$
|
(4,678
|
)
|
|
$
|
(5,348
|
)
|
|
114.3
|
%
|
Percentage of total revenue
|
(2.3
|
)%
|
|
(2.6
|
)%
|
|
|
|
|
|||||
Interest and other income
|
$
|
1,732
|
|
|
$
|
3,391
|
|
|
$
|
(1,659
|
)
|
|
(48.9
|
)%
|
Percentage of total revenue
|
0.4
|
%
|
|
1.9
|
%
|
|
|
|
|
|||||
Foreign exchange gain (loss)
|
$
|
1,470
|
|
|
$
|
(192
|
)
|
|
$
|
1,662
|
|
|
(865.6
|
)%
|
Percentage of total revenue
|
0.3
|
%
|
|
(0.1
|
)%
|
|
|
|
|
|||||
Other expense, net
|
$
|
(6,824
|
)
|
|
$
|
(1,479
|
)
|
|
$
|
(5,345
|
)
|
|
361.4
|
%
|
Percentage of total revenue
|
(1.6
|
)%
|
|
(0.8
|
)%
|
|
|
|
|
|
Six Months Ended
June 30, |
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
Marketplace
|
$
|
487,952
|
|
|
$
|
262,367
|
|
|
$
|
225,585
|
|
|
86.0
|
%
|
Percentage of total revenue
|
74.3
|
%
|
|
74.9
|
%
|
|
|
|
|
|||||
Services
|
$
|
168,840
|
|
|
$
|
88,067
|
|
|
$
|
80,773
|
|
|
91.7
|
%
|
Percentage of total revenue
|
25.7
|
%
|
|
25.1
|
%
|
|
|
|
|
|||||
Total revenue
|
$
|
656,792
|
|
|
$
|
350,434
|
|
|
$
|
306,358
|
|
|
87.4
|
%
|
|
Six Months Ended
June 30, |
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Cost of revenue
|
$
|
193,797
|
|
|
$
|
111,263
|
|
|
$
|
82,534
|
|
|
74.2
|
%
|
Percentage of total revenue
|
29.5
|
%
|
|
31.8
|
%
|
|
|
|
|
|
Six Months Ended
June 30, |
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Marketing
|
$
|
163,212
|
|
|
$
|
81,438
|
|
|
$
|
81,774
|
|
|
100.4
|
%
|
Percentage of total revenue
|
24.8
|
%
|
|
23.2
|
%
|
|
|
|
|
|
Six Months Ended
June 30, |
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
(in thousands, except percentages)
|
|||||||||||||
Other expense, net:
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
$
|
(19,993
|
)
|
|
$
|
(9,331
|
)
|
|
$
|
(10,662
|
)
|
|
114.3
|
%
|
Percentage of total revenue
|
(3.0
|
)%
|
|
(2.7
|
)%
|
|
|
|
|
|||||
Interest and other income
|
$
|
5,345
|
|
|
$
|
6,776
|
|
|
$
|
(1,431
|
)
|
|
(21.1
|
)%
|
Percentage of total revenue
|
0.8
|
%
|
|
1.9
|
%
|
|
|
|
|
|||||
Foreign exchange (loss) gain
|
$
|
(7,848
|
)
|
|
$
|
870
|
|
|
$
|
(8,718
|
)
|
|
(1,002.1
|
)%
|
Percentage of total revenue
|
(1.2
|
)%
|
|
0.2
|
%
|
|
|
|
|
|||||
Other expense, net
|
$
|
(22,496
|
)
|
|
$
|
(1,685
|
)
|
|
$
|
(20,811
|
)
|
|
1,235.1
|
%
|
Percentage of total revenue
|
(3.4
|
)%
|
|
(0.5
|
)%
|
|
|
|
|
•
|
Adjusted EBITDA does not reflect other non-operating expenses, net of other non-operating income, including net interest expense;
|
•
|
Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;
|
•
|
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;
|
•
|
Adjusted EBITDA does not consider the impact of foreign exchange (gain) loss;
|
•
|
Adjusted EBITDA does not reflect acquisition-related expenses; and
|
•
|
other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Net income
|
$
|
96,425
|
|
|
$
|
18,223
|
|
|
$
|
108,947
|
|
|
$
|
49,802
|
|
Excluding:
|
|
|
|
|
|
|
|
||||||||
Interest and other non-operating expense, net (1)
|
8,294
|
|
|
1,287
|
|
|
14,648
|
|
|
2,555
|
|
||||
Provision (benefit) for income taxes (2)
|
15,891
|
|
|
(1,854
|
)
|
|
13,062
|
|
|
(1,996
|
)
|
||||
Depreciation and amortization (3)
|
14,171
|
|
|
9,810
|
|
|
29,334
|
|
|
19,952
|
|
||||
Stock-based compensation expense (4)
|
16,725
|
|
|
10,837
|
|
|
30,536
|
|
|
18,919
|
|
||||
Foreign exchange (gain) loss (5)
|
(1,470
|
)
|
|
192
|
|
|
7,848
|
|
|
(870
|
)
|
||||
Acquisition-related expenses (6)
|
592
|
|
|
1,206
|
|
|
1,309
|
|
|
1,206
|
|
||||
Adjusted EBITDA
|
$
|
150,628
|
|
|
$
|
39,701
|
|
|
$
|
205,684
|
|
|
$
|
89,568
|
|
(1)
|
Included in interest and other non-operating expense, net is interest expense, including amortization of debt issuance costs, related to our convertible debt offerings, which were entered into in March 2018 and September 2019.
|
(2)
|
See “Results of Operations—(Provision) Benefit for Income Taxes” for more information on the fluctuation in provision (benefit) for income taxes in the three and six months ended June 30, 2020 and 2019.
|
(3)
|
Included in depreciation and amortization is depreciation expense related to our headquarters lease, which is accounted for as a finance lease. Additionally, the three and six months ended June 30, 2020 include amortization expense related to acquired intangible assets and developed technology related to the acquisition of Reverb in the third quarter of 2019.
|
(4)
|
Stock-based compensation expense included in the Consolidated Statements of Operations is as follows:
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of revenue
|
$
|
1,907
|
|
|
$
|
1,456
|
|
|
$
|
3,527
|
|
|
$
|
2,555
|
|
Marketing
|
1,357
|
|
|
723
|
|
|
2,581
|
|
|
1,354
|
|
||||
Product development
|
8,472
|
|
|
5,294
|
|
|
15,273
|
|
|
8,813
|
|
||||
General and administrative
|
4,989
|
|
|
3,364
|
|
|
9,155
|
|
|
6,197
|
|
||||
Stock-based compensation expense
|
$
|
16,725
|
|
|
$
|
10,837
|
|
|
$
|
30,536
|
|
|
$
|
18,919
|
|
(5)
|
Foreign exchange (gain) loss is primarily driven by the change in U.S. Dollar, Euro, and Pound Sterling exchange rates on our intercompany and other non-functional currency cash balances.
|
(6)
|
Acquisition-related expenses are expenses related to our acquisition of Reverb. For further information, see “Note 5—Business Combinations” in the Notes to Consolidated Financial Statements.
|
|
As of
June 30, 2020 |
||
|
(in thousands)
|
||
Cash and cash equivalents
|
$
|
677,524
|
|
Short-term investments
|
365,659
|
|
|
Long-term investments
|
73,143
|
|
|
Total cash and cash equivalents, and short- and long-term investments
|
$
|
1,116,326
|
|
Accounts receivable, net
|
$
|
16,527
|
|
Net working capital
|
914,756
|
|
|
Six Months Ended
June 30, |
||||||
|
2020
|
|
2019
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
250,095
|
|
|
$
|
81,294
|
|
Investing activities
|
22,732
|
|
|
(47,955
|
)
|
||
Financing activities
|
(38,503
|
)
|
|
(40,604
|
)
|
•
|
fluctuations in GMS or revenue, including as a result of adverse market conditions due to the COVID-19 pandemic, the seasonality of market transactions, and our sellers’ use of services;
|
•
|
our ability to convert visits into sales for our sellers;
|
•
|
the amount and timing of our operating expenses;
|
•
|
our success in attracting and retaining sellers and buyers;
|
•
|
our success in executing on our strategy and the impact of any changes in our strategy;
|
•
|
the timing and success of product launches, including new services and features we may introduce, such as our free shipping initiative and changes to our on-site and off-site ads products, including changes to our advertising products that we launched in April 2020;
|
•
|
the success of our marketing efforts;
|
•
|
the success of our integration of acquired businesses, such as Reverb, which we acquired in 2019;
|
•
|
adverse economic and market conditions, such as those related to the current COVID-19 pandemic, currency fluctuations, and adverse global events;
|
•
|
disruptions or defects in our marketplaces, such as privacy or data security breaches, errors in our software, or other incidents that impact the availability, reliability, or performance of our platform;
|
•
|
the impact of competitive developments and our response to those developments;
|
•
|
our ability to manage our business and future growth; and
|
•
|
our ability to recruit and retain employees.
|
•
|
perceived uncertainties as to our commitment to our mission, guiding principles, and culture;
|
•
|
skepticism regarding our ability to continue to accelerate GMS growth in the future;
|
•
|
continuing to offer competitive compensation and benefits;
|
•
|
evolving expectations regarding the ability to work remotely;
|
•
|
enhancing engagement levels among existing employees and supporting their work-life balance;
|
•
|
attracting and retaining qualified employees who support our mission and guiding principles;
|
•
|
promotion opportunities for employees into leadership positions;
|
•
|
hiring employees in multiple locations globally; and
|
•
|
responding to competitive pressures and changing business conditions in ways that do not divert us from our guiding principles.
|
•
|
complaints or negative publicity about us, our platforms, or our policies and guidelines, even if factually incorrect or based on isolated incidents;
|
•
|
an inability to gain the trust of prospective buyers;
|
•
|
disruptions or defects in our marketplaces, such as the increased pace of product experimentation, privacy or data security breaches, website outages, payment disruptions, or other incidents that impact the reliability of our platform;
|
•
|
lack of awareness of our policies or confusion about how they are applied;
|
•
|
changes to our policies that members of our community perceive as inconsistent with their best interests or our mission, or that are not clearly articulated;
|
•
|
inadequacies in our terms of use;
|
•
|
frequent product launches or updates that could deteriorate member trust;
|
•
|
a failure to enforce our policies effectively, fairly, and transparently, including, for example, by allowing the widespread listing of prohibited items in our marketplaces;
|
•
|
inadequate or unsatisfactory customer service experiences;
|
•
|
a failure on the part of our sellers to fulfill their orders in accordance with our policies, their own shop-specific policies, or buyer expectations;
|
•
|
a failure to respond to feedback from our community; or
|
•
|
a failure to operate our business in a way that is consistent with our guiding principles and mission.
|
•
|
actions taken by providers of mobile operating systems or mobile app download stores;
|
•
|
unfavorable treatment received by our mobile apps, especially as compared to competing apps, such as the placement of our mobile apps in a mobile app download store;
|
•
|
increased costs to distribute or use our mobile apps; or
|
•
|
changes in mobile operating systems, such as iOS and Android, that degrade the functionality of our mobile website or mobile apps or that give preferential treatment to competitive products.
|
•
|
complying with different (and sometimes conflicting) laws and regulatory standards (particularly including those related to the use and disclosure of personal information, online payments and money transmission, intellectual property, consumer protection, online platform liability, ecommerce marketplace regulation, and taxation of goods and services);
|
•
|
fluctuations of foreign exchange rates;
|
•
|
potentially heightened risk of fraudulent or other illegal transactions;
|
•
|
limitations on the repatriation of funds;
|
•
|
exposure to liabilities under anti-corruption, anti-money laundering, and export control laws, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act of 2010, trade controls and sanctions administered by the U.S. Office of Foreign Assets Control, and similar laws and regulations in other jurisdictions;
|
•
|
varying levels of internet, e-commerce, and mobile technology adoption and infrastructure;
|
•
|
our ability to enforce contracts, our policies, and intellectual property rights in jurisdictions outside the United States;
|
•
|
geopolitical events such as natural disasters, terrorism, and acts of war;
|
•
|
uncertainties on the continuing impact of pandemic-related quarantines, closures, delayed or shut down delivery services, and travel restrictions on operations;
|
•
|
uncertainties and instability in U.K. and European markets caused by Brexit; and
|
•
|
barriers to international trade, such as tariffs, customs, or other taxes.
|
•
|
integrating new businesses and technologies into our infrastructure;
|
•
|
implementing growth initiatives;
|
•
|
integrating administrative functions;
|
•
|
hiring, retaining, and integrating key employees;
|
•
|
supporting and enhancing morale and culture;
|
•
|
retaining key customers, merchants, vendors, and other key business partners;
|
•
|
maintaining or developing controls, procedures, and policies (including effective internal control over financial reporting and disclosure controls and procedures); and
|
•
|
assuming liabilities related to the activities of the acquired business before and after the acquisition, including liabilities for violations of laws and regulations, commercial disputes, cyber attacks, taxes, and other matters.
|
•
|
we may choose to prohibit the sale of items in our marketplaces that are inconsistent with our policies even though we could benefit financially from the sale of those items; or
|
•
|
we may choose to revise our policies in ways that we believe will be beneficial to our community in the long term even though the changes may be perceived unfavorably, such as updates to the way we define “handmade.”
|
•
|
our brand awareness;
|
•
|
the global scale of our marketplaces and the breadth of our online presence;
|
•
|
the extent to which our tools and services can ease the administrative tasks that a seller might encounter in running her business;
|
•
|
the number and engagement of buyers;
|
•
|
seller education resources and tools;
|
•
|
our policies and fees;
|
•
|
the ability to scale her business;
|
•
|
our mobile apps;
|
•
|
the strength of our community; and
|
•
|
our mission.
|
•
|
the breadth and quality of items that sellers list in our marketplaces;
|
•
|
the ease of finding items;
|
•
|
our brand awareness;
|
•
|
the person-to-person commerce experience;
|
•
|
customer service;
|
•
|
our reputation for trustworthiness;
|
•
|
our mobile apps;
|
•
|
the availability of timely, fair, and free shipping offered by Etsy sellers to Etsy buyers;
|
•
|
ease of payment; and
|
•
|
the availability and reliability of our platform.
|
•
|
disposing of assets;
|
•
|
completing mergers or acquisitions;
|
•
|
incurring additional indebtedness;
|
•
|
encumbering our properties or assets;
|
•
|
paying dividends or making other distributions;
|
•
|
making specified investments; and
|
•
|
engaging in transactions with our affiliates.
|
•
|
variations in our operating results and other financial and operational metrics, including the key financial and operating metrics disclosed in this Quarterly Report, as well as how those results and metrics compare to analyst and investor expectations;
|
•
|
forward-looking statements related to our financial guidance or projections, our failure to meet or exceed our financial guidance or projections or changes in our financial guidance or projections;
|
•
|
failure of analysts to initiate or maintain coverage of our company, changes in their estimates of our operating results or changes in recommendations by analysts that follow our common stock or a negative view of our financial guidance or projections and our failure to meet or exceed the estimates of such analysts;
|
•
|
announcements of new services or enhancements, strategic alliances or significant agreements, or other developments by us or our competitors;
|
•
|
announcements by us or our competitors of mergers or acquisitions or rumors of such transactions involving us or our competitors;
|
•
|
the amount and timing of our operating expenses and the success of any cost-savings actions we take;
|
•
|
changes in our Board of Directors or senior management team;
|
•
|
disruptions in our marketplaces due to hardware, software or network problems, security breaches, or other issues;
|
•
|
the strength of the global economy or the economy in the jurisdictions in which we operate, particularly during the current COVID-19 pandemic, currency fluctuations, and market conditions in our industry and those affecting members of our community;
|
•
|
the trading activity of our largest stockholders;
|
•
|
the number of shares of our common stock that are available for public trading;
|
•
|
litigation or other claims against us;
|
•
|
stockholder activism;
|
•
|
the performance of the equity markets in general and in our industry;
|
•
|
the operating performance of other similar companies;
|
•
|
changes in legal requirements relating to our business; and
|
•
|
any other factors discussed in this Quarterly Report.
|
•
|
provide for a classified board of directors so that not all members of our Board of Directors are elected at one time;
|
•
|
permit our Board of Directors to establish the number of directors and fill any vacancies and newly created directorships;
|
•
|
provide that directors may only be removed for cause;
|
•
|
require super-majority voting to amend some provisions in our certificate of incorporation and bylaws;
|
•
|
authorize the issuance of “blank check” preferred stock that our Board of Directors could use to implement a stockholder rights plan;
|
•
|
eliminate the ability of our stockholders to call special meetings of stockholders;
|
•
|
prohibit stockholder action by written consent, which means all stockholder actions must be taken at a meeting of our stockholders;
|
•
|
provide that our Board of Directors is expressly authorized to amend or repeal any provision of our bylaws; and
|
•
|
require advance notice for nominations for election to our Board of Directors or for proposing matters that can be acted upon by stockholders at annual stockholder meetings.
|
Period
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
(in thousands)(2) |
||||||
April 1 - 30, 2020 (1)
|
147,477
|
|
|
$
|
35.45
|
|
|
—
|
|
|
$
|
77,500
|
|
May 1 - 31, 2020 (1)
|
7,327
|
|
|
64.44
|
|
|
—
|
|
|
77,500
|
|
||
June 1 - 30, 2020 (1)
|
8,306
|
|
|
78.59
|
|
|
—
|
|
|
77,500
|
|
||
Total
|
163,110
|
|
|
38.95
|
|
|
—
|
|
|
77,500
|
|
(1)
|
The total number of shares purchased includes 163,110 shares withheld to satisfy tax withholding obligations in connection with the vesting of employee restricted stock units.
|
(2)
|
In November 2018, we announced that our Board of Directors had approved a stock repurchase program for the repurchase of up to $200 million of our common stock. The stock repurchase program has no expiration date. In light of the macroeconomic situation related to COVID-19, our Board of Directors decided to temporarily pause share repurchases in the second quarter of 2020.
|
Exhibit
Number
|
|
|
Incorporated by Reference
|
|
|
Filed
Herewith
|
|
|||||||||||||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|
|
|||||||||||||
|
8-K
|
|
001-36911
|
|
2.01
|
|
7/22/2019
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||||
101.INS
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||
101.SCH
|
XBRL Taxonomy Schema Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||
101.CAL
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||
101.DEF
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||
101.LAB
|
XBRL Taxonomy Labels Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||
101.PRE
|
XBRL Taxonomy Presentation Linkbase Document’
|
|
|
|
|
|
|
|
|
|
X
|
|
||||||||||||
104
|
Cover Page Interactive Data File - the cover page interactive data is embedded within the Inline XBRL document
|
|
|
|
|
|
|
|
|
|
X
|
|
ETSY, INC.
|
|
Date: August 5, 2020
|
/s/ Merilee Buckley
|
|
Merilee Buckley
Chief Accounting Officer
|
|
(Principal Accounting Officer)
|
1 Year Etsy Chart |
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