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Consolidated GMS was $3.3 billion, up 3.5% year-over-year; while Etsy marketplace GMS was $2.8 billion, down 2.0% year-over-year, and up 177% compared to the first quarter of 2019. In addition to comparing to very high growth in the prior year period, Etsy marketplace GMS performance was impacted by headwinds related to consumer discretionary spending, continued reopenings, and geopolitical events.
- The Etsy marketplace acquired approximately 7 million new buyers, continuing to be a meaningfully elevated rate of new buyer acquisition when compared to pre-pandemic levels.
- Non-U.S. GMS for the Etsy marketplace was 45% of overall GMS, and increased 5% year-over-year on a currency-neutral basis
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Consolidated revenue was $579.3 million, up 5.2% versus the first quarter of 2021, with a take rate (i.e., Consolidated revenue divided by Consolidated GMS) of 17.8%.
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Net income was $86.1 million, down 40.1% year-over-year, with diluted earnings per share of $0.60. The decline in net income was primarily due to increased employee compensation-related expenses, as total employee headcount increased approximately 71% year-over-year, which includes increased headcount from the acquisitions of Depop and Elo7.
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Non-GAAP Adjusted EBITDA was $159.2 million, with Non-GAAP Adjusted EBITDA margin (i.e., Non-GAAP Adjusted EBITDA divided by consolidated revenue) of 27.5%, down 600 basis points compared to the first quarter of 2021.
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Etsy ended the first quarter with $1.0 billion in cash and cash equivalents and short- and long-term investments. Under Etsy's stock repurchase program, during the first quarter of 2022 Etsy repurchased an aggregate of approximately $63 million, or 420,398 shares, of its common stock.
https://www.benzinga.com/pressreleases/22/05/n27004156/etsy-inc-reports-first-quarter-2022-results
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