Etsy, Inc. (ETSY) Q1 2023 Earnings Call Transcript

Etsy, Inc. (NASDAQ:ETSY) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET

Company Participants

Deb Wasser - VP of Investor Relations and ESG Engagement

Josh Silverman - Chief Executive Officer

Rachel Glaser - Chief Financial Officer

Jessica Schmidt - Sr. Director of Investor Relations

Conference Call Participants

Anna Andreeva - Needham & Company

Maria Ripps - Canaccord

Kunal Madhukar - UBS

Deepak Mathivanan - Wolfe Research

Laura Champine - Loop Capital Markets

Tom Forte - D.A. Davidson

Noah Zatzkin - KeyBanc Capital Markets

John Colantuoni - Jefferies

Nicholas Jones - JMP Securities

Shweta Khajuria - Evercore ISI

Steven Forbes - Guggenheim Partners

Deb Wasser

Hi, everyone, and welcome to Etsy's First Quarter 2023 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations and ESG Engagement. And joining me today are Josh Silverman, Chief Executive Officer; Rachel Glaser, Chief Financial Officer; and Jessica Schmidt, Senior Director of Investor Relations.

Today's prepared remarks have been prerecorded. The slide deck has also been posted to our website for your reference. Once we are finished with Josh and Rachel's presentations, we will transition to a live video webcast Q&A session. Questions can be submitted via the Q&A window chat displayed screen. Feel free to use it at any time as it will remain open throughout the entire conference call. I'll be reading your questions, and Jessica will help me try to get to as many as we can.

Forward-looking statements involve risks and uncertainties and some of which are described in today's earnings release and our most recent Form 10-K, and which will be updated in future periodic reports that we file with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

Also during the call, we'll present both GAAP measures and non-GAAP financial measures, which are reconciled to GAAP financial measures when available in the appendix to today's slide deck posted on our IR website, along with a replay of this call.

With that, I'll turn it over to Josh.

Josh Silverman

Thanks, Deb, and good evening, everyone. We're pleased to be reporting another quarter of healthy performance to start the year. Etsy's consolidated GMS was $3.1 billion. Revenue grew nearly 11% to $641 million and our adjusted EBITDA margin was again strong at 26.6%. Etsy marketplace GMS was $2.7 billion this past quarter, down about 3% on a currency-neutral basis as we've once again maintained the vast majority of our pandemic gains in the face of stiff macroeconomic headwinds.