2024-05-31 14:47:07 ET
Etsy, Inc. (ETSY)
Bernstein TMT Forum and Strategic Decision Conference
May 30, 2024 10:00 AM ET
Company Participants
Joshua Silverman - CEO
Conference Call Participants
Nikhil Devnani - Bernstein
Presentation
Nikhil Devnani
All right. Good morning, everybody. Thank you for joining. My name is Nikhil Devnani. I'm Bernstein's U.S. emerging Internet analyst covering Etsy. And it's my pleasure today to have with me Josh Silverman on stage CEO of Etsy. Josh, welcome back to the SDC.
Joshua Silverman
Thanks for having me.
Question-and-Answer Session
Q - Nikhil Devnani
Before we get started, just a programming note, you can submit questions for this session via the QR code in your agendas or you can do to pigeonhole.at and use the passcode SDC2024. Also, please refer to Etsy's Investor Relations website for the safe harbor. With that, let's get it underway. So Josh, a lot has changed in your tenure as CEO at Etsy in terms of how the marketplace has evolved. Can you just kind of take stock of what some of those major changes have been and how the business has kind of improved from when you stepped into the role in 2017?
Joshua Silverman
Sure. So when I joined in 2017, there were kind of two conversations about Etsy. One, we think it's about as big as it can be. GMS growth has slowed. And two, there's a lot of competition, in particular, there was a thing called Amazon Handmade that was going to kill Etsy. And fast forward to today, and a lot of people are asking is Etsy as big as it can be and can we survive competition. So it seems like deja vu all over again.
To put that in numbers though, in 2017, when everyone thought Etsy was about as big as it could be, we were doing about $3.3 billion of gross merchandise sales. Last year, we did $12 billion. We were doing in 2017 about $440 million of revenue. Last year, we did $2.6 billion. In 2017, we were doing about $80 million of EBITDA. Last year, we did $750 million. So to the doubters who thought Etsy was about as big as it could be and couldn't withstand the competition, we were proud to prove those doubters wrong.
Nothing gets our team more motivated than proving the doubters wrong, and we're bound and determined again in this moment to show that we're at the early days of where Etsy can be and the fact that we can be a much bigger company, continuing to grow profitably as we have done all along. And we've been through, obviously, historically unprecedented times. But if we think about the macro when one fast forwards to today, obviously, we are seeing a lot of pressure on consumer discretionary, where there's a tremendous focus on value. And Etsy has much more difficult comps than most, starting with comps....
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Etsy, Inc. (ETSY) Bernstein TMT Forum and Strategic Decision Conference (Transcript)