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Etsy (ETSY) Q3 FY2023 earnings: revenue $636 million, up 7.0% on the year

Etsy Inc. (ETSY) reported revenue of $636 million for Q3 FY2023, the quarter ended 30 September 2023, up 7.0% on the same quarter a year earlier. Net income was $88 million, and diluted earnings per share $0.64. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$636 millionup 7.0%
Net income$88 million
Diluted EPS$0.64
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue636n/an/an/a
Cost of revenue189n/an/an/a
Gross profit447n/an/an/a
Gross margin70.3%n/an/a
Research and development114n/an/an/a
Operating income88.6n/an/an/a
Operating margin13.9%n/an/a
Pre-tax income97.0n/an/an/a
Income tax9.1n/an/an/a
Effective tax rate9.4%n/an/a
Net income87.8n/an/an/a
Net margin13.8%n/an/a
Diluted EPS$0.64n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow219n/an/an/a
Capital expenditure3.9n/an/an/a
Free cash flow215n/an/an/a
Free cash flow margin33.7%n/an/a
Cash from investing-11.3n/an/an/a
Cash from financing-305n/an/an/a
Depreciation and amortisation22.2n/an/an/a
Share-based compensation70.1n/an/an/a
Buybacks297n/an/an/a
Diluted shares, weighted139mn/an/an/a
Shares outstanding at period end120mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity-623n/an/an/a
Debt2,283n/an/an/a
Finance lease liabilities101n/an/an/a
Other liabilities688n/an/an/a
Total liabilities and equity2,449n/an/an/a
Goodwill137n/an/an/a
Intangible assets453n/an/an/a
Investments312n/an/an/a
Cash and equivalents742n/an/an/a
Receivables19.4n/an/an/a
Other assets786n/an/an/a
Total assets2,449n/an/an/a

Questions

What was Etsy's revenue in Q3 FY2023?

Etsy (ETSY) reported revenue of $636 million for Q3 FY2023, the quarter ended 30 September 2023, up 7.0% on the same quarter a year earlier.

How much did Etsy earn in Q3 FY2023?

Net income for Q3 FY2023 was $88 million, and diluted earnings per share $0.64.

When did Etsy report Q3 FY2023 results?

Etsy filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 2 November 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue636842646648662852651673678882631668
Cost of revenue189256187184186218192194195238176184
Gross profit447587459464477634444461483644456484
Gross margin70%70%71%72%72%74%68%68%71%73%72%72%
R&D11411711011410711111111211311499.1101
Operating income88.611568.170.286.8155-22.376.482.7129120125
Operating margin14%14%11%11%13%18%-3%11%12%15%19%19%
Interest expensen/an/an/a3.53.4n/an/a3.85.7n/an/a5.6
Pre-tax income97.010979.779.073.8178-33.351.192.1137129135
Tax rate9%24%21%33%22%27%n/a44%18%19%19%15%
Net income87.883.363.053.057.4130-52.128.875.511169.7-46.6
Net margin14%10%10%8%9%15%-8%4%11%13%11%-7%
Diluted EPS$0.64$0.62$0.48$0.41$0.45$1.01-$0.49$0.25$0.63$0.92$0.60-$0.36
Operating cash flow21929569.015121731549.210821931780.740.6
Capital expenditure3.95.22.33.74.34.03.26.94.01.31.51.2
Free cash flow21529066.814721331145.910121531679.339.3
Buybacks29793.0158150156260189335120133145250
Shares outstanding120m119m117m115m113m109m105m100m99m97m95m92m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001370637-23-000080: the filing on EDGAR. All of Etsy Inc.'s filings: EDGAR company page.

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