Etsy, Inc. (NASDAQ:ETSY) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET
Company Participants
Deb Wasser - Vice President of Investor Relations
Josh Silverman - Chief Executive Officer
Rachel Glaser - Chief Financial Officer
Conference Call Participants
Nick Jones - JMP Securities
Anna Andreeva - Piper Sandler
Scott Devitt - Wedbush Securities
Nikhil Devnani - Bernstein
Maria Ripps - Canaccord Genuity
Robert Coolbrith - Evercore ISI
Marvin Fong - BTIG
Brian Kraska - Wolfe Research
Deb Wasser
Hi, everyone, and welcome to Etsy's Third Quarter 2024 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations. Today's prepared remarks have been prerecorded.
Joining me today are Josh Silverman, CEO; and Rachel Glaser, CFO. Once we are finished with the presentation, we will take questions from our publishing sell side analysts on video.
Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business, and our operating results as noted in the slide deck posted to our website for your reference. Our actual results may differ materially.
Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-Q, 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 and non GAAP financial measures, which are reconciled to GAAP financial measures in today's earnings press release or in our slide deck posted on our IR website along with the replay of this call.
With that, I'll turn it over to Josh.
Josh Silverman
Thanks, Deb, and good afternoon, everyone. We're pleased to have delivered solid consolidated revenue and profit, despite a challenging GMS quarter for the Etsy marketplace, with overall performance roughly in line with our guidance. Consolidated GMS was $2.9 billion, down about 4.1% year-over-year. Revenue grew 4.1% to $662 million, benefiting from continued take rate expansion. And we posted a very healthy adjusted EBITDA margin of approximately 28%.
While Etsy marketplace GMS was down about 6% year-over-year, it's encouraging to see our active bio levels remain solid at approximately 91 million. We maintained strong revenue flow-through and profitability, despite continued macro headwinds and multiple mindshare events this quarter. I'm excited to tell you more about how we're investing focus and discipline in the things that we believe truly differentiate Etsy in order to get us growing as quickly and strongly as possible.