Technology
Etsy, Inc. Reports Second Quarter 2024 Results
Published
2 months agoon
By
Consolidated results came in at the high end or ahead of guidance for key performance metrics
BROOKLYN, N.Y., July 31, 2024 /PRNewswire/ — Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced results for its second quarter ended June 30, 2024.
“We are pleased that second quarter consolidated results included sequential acceleration of Etsy marketplace year-over-year GMS, higher consolidated revenue both year-over-year and sequentially, and strong adjusted EBITDA profitability,” said Josh Silverman, Etsy, Inc. Chief Executive Officer. “Gifting is proving to be a winning theme – driving growth as a key source of differentiation for Etsy. We are making excellent progress with other bold moves and investments meant to raise consideration among buyers – to help us stand apart more than ever. While this is a challenging environment for our type of goods, we are focused on reigniting Etsy marketplace growth and gaining market share.”
Second quarter 2024 performance highlights include:
Consolidated GMS was $2.9 billion, down 2.1% year-over-year and down 1.9% on a currency-neutral basis. Consolidated GMS included a small headwind from the divestiture of Elo7.Etsy marketplace GMS was $2.5 billion, down 3.2% year-over-year and down 2.9% on a currency-neutral basis.Gifting GMS1 was up 4.1% year-over-year, representing approximately 27% of GMS, significantly outperforming select online gifting focused peers.2Active buyers increased 1.0% year-over-year to 91.5 million, largely flat on a sequential basis, and we continued to see year-over-year growth in international active buyers. We reactivated 6.4 million buyers, up 8.5% from the prior year period, and acquired 5.6 million new buyers. Our retention of active buyers remains above pre-pandemic levels on a trailing twelve month basis.While GMS per active buyer on a trailing twelve month basis for the Etsy marketplace declined 3.2% year-over-year to $124 in the second quarter, trends in this metric continued to stabilize on a sequential basis. Our number of habitual buyers was 6.9 million, down 3.0% year-over-year, although our retention rate of habitual buyers was slightly better on a year-over-year basis.U.S. domestic GMS represented 52% of overall GMS and GMS ex-U.S. domestic was 48% of overall GMS.Consolidated revenue was $647.8 million, up 3.0% versus the second quarter of 2023, with a take rate (i.e., consolidated revenue divided by consolidated GMS) of 22.0%. Our positive revenue growth was primarily driven by growth in Marketplace revenue, primarily driven by payments revenue and transaction fee revenue from Offsite Ads.Consolidated net income was $53.0 million, down $8.9 million year-over-year, reflecting a $7.2 million retroactive non-income tax expense. Consolidated net income margin (i.e., net income divided by revenue) was approximately 8.2% and diluted net income per share was $0.41.Consolidated non-GAAP Adjusted EBITDA was $179.4 million, with consolidated non-GAAP Adjusted EBITDA margin (i.e., consolidated non-GAAP Adjusted EBITDA divided by consolidated revenue) of approximately 27.7%.Etsy ended the second quarter with $1.1 billion in cash and cash equivalents and short- and long-term investments. Under Etsy’s stock repurchase program, during the second quarter of 2024 Etsy repurchased an aggregate of approximately $150 million, or 2.4 million shares, of its common stock. These shares were purchased pursuant to a 10b5-1 plan.
“We are investing in strategic growth areas including Gifting, highlighting the best of Etsy through Quality initiatives, launching a new Loyalty Program, expanding our App, and more, while also carefully managing expenses to deliver very healthy profit,” said Rachel Glaser, Chief Financial Officer. “In fact, second quarter adjusted EBITDA was about 28%, ahead of our guidance and up 130 bps from last year, as we gained leverage year-over-year on employee costs and cost of revenue, which was partially offset by higher level of performance marketing investments to help fuel buyer growth and frequency. The Etsy marketplace’s record level of active buyers has held up quite well, and we added approximately 12 million new and reactivated buyers during the quarter.”
______________________________________
1 Etsy Gifting GMS: Estimate based upon word ‘gift’ in the listing title, shipped with a gift message, or other signal the item was purchased as a gift.
2 Source: Consumer Edge spend data from sampling of credit card transactions from online ‘gifting’ peers Zola, Zazzle, Minted, Uncommon Goods, Hallmark, and Mark and Graham.
Second Quarter 2024 Financial Summary
(in thousands, except percentages; unaudited)
The financial results of Elo7 have been included in our consolidated financial results for the prior year periods, as Elo7 was sold on August 10, 2023. The unaudited GAAP and non-GAAP financial measures and key operating metrics we use are:
Three Months Ended
June 30,
% (Decline)
Growth
Y/Y
Six Months Ended
June 30,
% (Decline)
Growth
Y/Y
2024
2023
2024
2023
GMS (1)
$ 2,949,254
$ 3,012,504
(2.1) %
$ 5,935,754
$ 6,113,862
(2.9) %
Revenue
$ 647,806
$ 628,876
3.0 %
$ 1,293,760
$ 1,269,753
1.9 %
Marketplace revenue
$ 470,377
$ 452,957
3.8 %
$ 937,359
$ 920,473
1.8 %
Services revenue
$ 177,429
$ 175,919
0.9 %
$ 356,401
$ 349,280
2.0 %
Gross profit
$ 463,716
$ 440,238
5.3 %
$ 922,537
$ 885,662
4.2 %
Operating expenses
$ 393,547
$ 442,610
(11.1) %
$ 784,278
$ 809,835
(3.2) %
Net income
$ 53,005
$ 61,915
(14.4) %
$ 116,009
$ 136,452
(15.0) %
Net income margin
8.2 %
9.8 %
(160) bps
9.0 %
10.7 %
(170) bps
Adjusted EBITDA (Non-GAAP)
$ 179,375
$ 166,235
7.9 %
$ 347,310
$ 336,578
3.2 %
Adjusted EBITDA margin (Non-GAAP)
27.7 %
26.4 %
130 bps
26.8 %
26.5 %
30 bps
Active sellers (2)
8,801
8,312
5.9 %
8,801
8,312
5.9 %
Active buyers (2)
96,610
96,250
0.4 %
96,610
96,250
0.4 %
Percent GMS ex-U.S. domestic (1)
45 %
45 %
— bps
45 %
45 %
— bps
(1)
Consolidated GMS for the three and six months ended June 30, 2024 includes Etsy marketplace GMS of $2.5 billion and $5.1 billion, respectively. Percent GMS ex-U.S. domestic for the Etsy marketplace for both the three and six months ended June 30, 2024 was 48%.
(2)
Consolidated active sellers and active buyers includes Etsy marketplace active sellers and active buyers of 6.6 million and 91.5 million, respectively, as of June 30, 2024.
Second Quarter 2024 Operating Highlights
Etsy
Our “Right to Win” is centered on key elements that we believe make the Etsy marketplace a better place to shop and sell and, which, in turn, will bring more buyers, lead to increased frequency and size of purchases, and build trust in the Etsy marketplace. In 2024, we are focused on building buyer consideration by making it easier to ‘find the best stuff’ on Etsy, driving association that Etsy sellers offer great value, and making shopping on Etsy more reliable and dependable. The below highlights some of our key initiatives:
Product Highlights:
In order to drive buyer Consideration, we are making progress in our efforts to position Etsy as an indispensable partner for Gifting, with broad based investments positively impacting our performance:
We reported single-digit year-over-year growth in U.S. GMS for Mother’s Day and Father’s Day, and double-digit year-over-year growth for graduations, another important second quarter gifting occasion.U.S. buyer survey data we are tracking for Gifting indicates we are making solid progress. For example, we saw a significant year-over-year increase in prompted consideration of Etsy as a destination for gifts. We are also tracking an increase in consumer perception that Etsy makes it easy to find a great gift, a survey question we introduced more recently, in connection with the launch of Gift Mode.Gift Mode is now available everywhere Etsy operates globally, and in ten languages.Product enhancements for the quarter included the addition of Lists and Reminders, Occasion Pages (ex: anniversary, birthday, etc.), and Gift Teaser Video Messages.We built integration for third party sales of Etsy Gift Cards aligned with our overall Gifting strategy.
We launched a “Made for You” microsite to increase consideration and help buyers get the most out of shopping on Etsy. It features our latest product improvements, including Gift Mode, the Deals Tab, the Etsy’s Picks badge, and Etsy Purchase Protection. The microsite was launched globally in June, is available in 11 languages, and has already attracted hundreds of thousands of users.
To help buyers ‘find the best stuff on Etsy,’ we invested in the following Quality initiatives:
As announced on July 9th, we made a series of updates across our seller policies and the shopping experience in order to shine a brighter spotlight on our sellers’ work, be even clearer about Etsy’s rules, and reinforce what Etsy stands for and why we are different and special. We introduced new “Creativity Standards,” which categorize what’s allowed on Etsy based on a sellers’ role in the creative process. We’re also more clearly showing buyers how sellers are involved in their items by adding clearer descriptors to listing pages indicating whether they are made, designed, handpicked, or sourced by a seller. Along with these important changes to our marketplace, we launched a new homepage as well as full funnel marketing campaigns in the United States and United Kingdom, which feature real Etsy sellers and highlight our unique positioning.
We expanded the diversity of merchandise we are showing buyers, with a goal to reduce the cognitive load experienced when search results deliver too many similar items. Recent search advances expanded the diversity of both sellers and items that we are showing per query. For example, our work resulted in an approximately 50% decline in the percent of searches where a high percentage of listings seen on page one are from a single seller; and an over 70% reduction in the number of searches that have two or more listings that may appear identical.
Aligned with our efforts to make shopping on Etsy more reliable and dependable, and also to drive international growth, we recently secured a new preferred shipping partnership with a third party to simplify cross-border logistics for Turkish sellers. We continued to expand Etsy Payments globally, with about 98% of our GMS now processed through our platform.
We worked to continue to build trust in our marketplace with a roll out of our new seller set-up fee in additional regions. This fee, meant to strengthen our new shop onboarding process, and in combination with added trust and safety enforcement – resulted in a significant decline in fraudulent onboarding, while continuing to provide ample access for creative entrepreneurs to start businesses on Etsy.
Marketing Highlights:
We further developed plans to launch our new Etsy Insider Loyalty program, currently scheduled to be introduced in invitation-only beta form to targeted occasional Etsy U.S. buyers in mid-September. Etsy Insider will be buyer-fee based, offering free U.S. domestic shipping on millions of items, item discounts, first access merchandise and other benefits, with a goal to drive frequency and loyalty over time.
We now manage all of Etsy’s paid search campaigns in-house, enabling us to reallocate the significant external costs of managing these campaigns directly into the campaigns themselves.
To support our U.S. sellers, we launched a targeted marketing campaign to promote the availability of a seller financing program offered via a third party partner. We’ve observed strong initial engagement from the campaign signaling interest and need for additional capital among our seller community.
Etsy’s Creator Collective program, which incentivizes creators and influencers to drive purchases, social conversation, and unique content for Etsy by providing affiliate links to any page on Etsy.com and boosting top posts, has reached over 260,000 participants.
Reverb
Reverb continues to highlight affordable music gear across its experience:
Buyers can now compare prices for used and discounted items to the typical price for an equivalent brand new item. Reverb’s foundational search ranking model was also optimized to highlight the best deals on the platform, driving more than 2% increases in conversion rate in Reverb’s native apps.
Reverb launched its new Reverb Outlet in June, which showcases high-quality new and like-new gear sold at discounts of 20% or more from authorized retailers and brands. The launch was promoted through an integrated marketing campaign spanning earned, owned, and paid channels.
Reverb invested in enhanced seller tooling, launching quick price edits internationally, which drove a 10% lift in price drops, and rolled out a new platform to help sellers better manage their listings.
Depop
Depop removed selling fees for sellers based in the U.S. effective July 15, and introduced a small buyer marketplace fee, a change designed to empower sellers to earn more from their wardrobes, offer improved value and choice for buyers, and make it easier for people to take their first steps into secondhand. The evolved fee structure follows similar changes made in the U.K. market earlier this year.
Depop also continues to highlight good value on the marketplace, making it easier and more intuitive for buyers to send reasonably priced offers to sellers and vice versa.
Depop focused on positioning itself as a dynamic two-sided marketplace, with stronger emphasis on seller messaging, while increasing its in-real-life presence among key target demographics in the U.S.
Consolidated Q3 24 Financial Guidance
Q3 24 Guidance
GMS
We currently estimate that Consolidated GMS will
decline in the low single digit range on a year-over-
year basis.
Take Rate
Similar to Q2 24
Adjusted EBITDA Margin
~27%
Regarding our full-year 2024 outlook, we reiterate that consolidated adjusted EBITDA margin should come in at least the same as the 2023 result.
Please note that our guidance assumes currency exchange rates remain unchanged at current levels.
With respect to our expectations under “Consolidated Q3 24 Financial Guidance ” and outlook for the remainder of 2024 above, reconciliation of Adjusted EBITDA margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from Adjusted EBITDA; in particular, stock-based compensation expense, foreign exchange (gain) loss, interest and other non-operating income, net, provision (benefit) for income taxes, acquisition, divestiture, and corporate structure-related expenses, and other non-recurring expenses.
Webcast and Conference Call Information
Etsy will host a video webcast conference call to discuss these results at 5:00 p.m. Eastern Time today, which will be live-streamed via our Investor Relations website (investors.etsy.com) under the Events section. A copy of the earnings call presentation will also be posted to our website.
A replay of the video webcast will be available through the same link following the conference call starting at 8:00 p.m. Eastern Time this evening, for at least three months thereafter.
About Etsy
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to “Keep Commerce Human,” and we’re committed to using the power of business and technology to strengthen communities and empower people. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.
Etsy, Inc.’s “House of Brands” portfolio also includes fashion resale marketplace Depop, and Reverb, the largest online marketplace dedicated to music gear. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product, marketing, technology, and customer support.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (blog.etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Investor Relations Contact:
Deb Wasser, Vice President, Investor Relations and ESG Engagement
ir@etsy.com
Media Relations Contact:
Sarah Marx, Director, Corporate Communications
press@etsy.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains or references forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to our financial guidance for the third quarter of 2024 and outlook for the full year of 2024 and underlying assumptions; our ability to reignite Etsy marketplace growth and gain market share; our ability to invest in strategic growth while delivering on profitability; our ability to drive buyer engagement through our new Quality initiatives; and the impact of our “Right to Win” strategy and our product development and marketing efforts, including the timing and impact of the launch of Etsy Insider. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as “aim,” “anticipate,” “believe,” “could,” “enable,” “estimate,” “expect,” “goal,” “intend,” “may,” “outlook,” “plan,” “potential,” “target,” “will,” or similar expressions and derivative forms and/or the negatives of those words.
Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include: (1) the level of demand for our services or products sold in our marketplaces; (2) the importance to our success of the trustworthiness of our marketplaces and our ability to attract and retain active and engaged communities of buyers and sellers; (3) the fluctuation of our quarterly operating results; (4) our failure to meet our publicly announced guidance or other expectations; (5) any real or perceived inaccuracies in our operational metrics; (6) if we or our third-party providers are unable to protect against technology vulnerabilities, service interruptions, security breaches, or other cyber-related events; (7) our dependence on continued and unimpeded access to third-party services, platforms, and infrastructure; (8) macroeconomic events that are outside of our control; (9) operational and compliance risks related to our payments systems; (10) our ability to recruit and retain employees; (11) our ability to compete effectively; (12) enforcement of our marketplace policies; (13) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers; (14) risks related to our environmental, social, and governance activities and disclosures; (15) our efforts to expand our operations outside of the United States; (16) acquisitions that may prove unsuccessful or divert management attention; (17) failure to deal effectively with fraud; (18) compliance with evolving regulations, including in the area of privacy and data protection; and (19) litigation and regulatory matters, including intellectual property claims. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.
Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.
Etsy, Inc.
Condensed Consolidated Balance Sheets
(in thousands; unaudited)
As of
June 30,
2024
As of
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 759,211
$ 914,323
Short-term investments
240,679
236,118
Accounts receivable, net
10,324
24,734
Prepaid and other current assets
109,311
129,884
Funds receivable and seller accounts
239,481
265,387
Total current assets
1,359,006
1,570,446
Property and equipment, net
238,798
249,794
Goodwill
137,742
138,377
Intangible assets, net
435,687
457,140
Deferred tax assets
137,756
137,776
Long-term investments
93,528
86,676
Other assets
45,571
45,191
Total assets
$ 2,448,088
$ 2,685,400
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$ 13,070
$ 29,920
Accrued expenses
256,819
353,553
Finance lease obligations—current
6,037
6,079
Funds payable and amounts due to sellers
239,481
265,387
Deferred revenue
15,788
14,635
Other current liabilities
33,290
41,207
Total current liabilities
564,485
710,781
Finance lease obligations—net of current portion
96,587
99,620
Deferred tax liabilities
8,788
13,192
Long-term debt, net
2,285,950
2,283,817
Other liabilities
127,274
121,705
Total liabilities
3,083,084
3,229,115
Total stockholders’ deficit
(634,996)
(543,715)
Total liabilities and stockholders’ deficit
$ 2,448,088
$ 2,685,400
Etsy, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts; unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenue
$ 647,806
$ 628,876
$ 1,293,760
$ 1,269,753
Cost of revenue
184,090
188,638
371,223
384,091
Gross profit
463,716
440,238
922,537
885,662
Operating expenses:
Marketing
183,063
165,870
374,874
337,184
Product development
114,493
121,988
224,339
237,912
General and administrative
95,991
86,661
185,065
166,648
Asset impairment charges
—
68,091
—
68,091
Total operating expenses
393,547
442,610
784,278
809,835
Income (loss) from operations
70,169
(2,372)
138,259
75,827
Other income, net
8,808
7,786
20,373
10,858
Income before income taxes
78,977
5,414
158,632
86,685
(Provision) benefit for income taxes
(25,972)
56,501
(42,623)
49,767
Net income
$ 53,005
$ 61,915
$ 116,009
$ 136,452
Net income per share attributable to common stockholders:
Basic
$ 0.46
$ 0.50
$ 0.99
$ 1.10
Diluted
$ 0.41
$ 0.45
$ 0.89
$ 0.98
Weighted-average common shares outstanding:
Basic
116,432
123,463
117,445
123,971
Diluted
133,118
141,011
134,263
142,011
Etsy, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands; unaudited)
Six Months Ended
June 30,
2024
2023
Cash flows from operating activities
Net income
$ 116,009
$ 136,452
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense
145,400
145,964
Depreciation and amortization expense
53,933
46,118
Provision for expected credit losses
7,321
10,258
Deferred benefit for income taxes
(4,291)
(67,568)
Asset impairment charges
—
68,091
Other non-cash (income) expense, net
(11,556)
894
Changes in operating assets and liabilities
(86,722)
(148,307)
Net cash provided by operating activities
220,094
191,902
Cash flows from investing activities
Purchases of property and equipment
(5,908)
(3,852)
Development of internal-use software
(14,093)
(12,603)
Purchases of investments
(192,863)
(197,565)
Sales and maturities of investments
185,120
171,307
Net cash used in investing activities
(27,744)
(42,713)
Cash flows from financing activities
Payment of tax obligations on vested equity awards
(33,007)
(49,256)
Repurchase of stock
(308,726)
(187,037)
Proceeds from exercise of stock options
2,735
5,755
Payment of debt issuance costs
—
(2,186)
Settlement of convertible senior notes
—
(90)
Payments on finance lease obligations
(3,086)
(3,150)
Other financing, net
3,821
(278)
Net cash used in financing activities
(338,263)
(236,242)
Effect of exchange rate changes on cash
(9,199)
7,287
Net decrease in cash, cash equivalents, and restricted cash
(155,112)
(79,766)
Cash, cash equivalents, and restricted cash at beginning of period
914,323
926,619
Cash, cash equivalents, and restricted cash at end of period
$ 759,211
$ 846,853
Currency-Neutral GMS Growth
We calculate currency-neutral GMS growth by translating current period GMS for goods sold that were listed in non-U.S. dollar currencies into U.S. dollars using prior year foreign currency exchange rates.
As reported and currency-neutral GMS decline for the periods presented below are as follows:
Quarter-to-Date Period Ended
Year-to-Date Period Ended
As Reported
Currency-
Neutral
FX Impact
As Reported
Currency-
Neutral
FX Impact
June 30, 2024
(2.1) %
(1.9) %
(0.2) %
(2.9) %
(3.0) %
0.1 %
June 30, 2023
(0.6) %
(0.4) %
(0.2) %
(2.7) %
(1.5) %
(1.2) %
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
In this press release, we provide Adjusted EBITDA, a non-GAAP financial measure that represents our net income adjusted to exclude: interest and other non-operating income, net; provision (benefit) for income taxes; depreciation and amortization; stock-based compensation expense; foreign exchange (gain) loss; acquisition, divestiture, and corporate structure-related expenses; asset impairment charges; restructuring and other exit (income) costs; and retroactive non-income tax expense. We also provide Adjusted EBITDA margin, a non-GAAP financial measure that presents Adjusted EBITDA divided by revenue. Below is a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.
We have included Adjusted EBITDA and Adjusted EBITDA margin because they are key measures used by our management and Board of Directors to evaluate our operating performance and trends, allocate internal resources, prepare and approve our annual budget, develop short- and long-term operating plans, determine incentive compensation, and assess the health of our business. As our Adjusted EBITDA increases, we are able to invest more in our platforms.
We believe that Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business as they remove the impact of certain non-cash items and certain variable charges.
Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Adjusted EBITDA does not reflect interest and other non-operating income, net;
Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
Adjusted EBITDA does not consider the impact of stock-based compensation expense;
Adjusted EBITDA does not consider the impact of foreign exchange (gain) loss;
Adjusted EBITDA does not reflect acquisition, divestiture, and corporate structure-related expenses;
Adjusted EBITDA does not consider the impact of asset impairment charges;
Adjusted EBITDA does not reflect restructuring and other exit (income) costs;
Adjusted EBITDA does not reflect retroactive non-income tax expense; and
other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income, revenue, and our other GAAP results.
Reconciliation of Net Income to Adjusted EBITDA and the Calculation of Adjusted EBITDA Margin
(in thousands, except percentages; unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net income
$ 53,005
$ 61,915
$ 116,009
$ 136,452
Excluding:
Interest and other non-operating income, net
(3,947)
(5,934)
(9,257)
(11,623)
Provision (benefit) for income taxes
25,972
(56,501)
42,623
(49,767)
Depreciation and amortization
27,087
22,946
53,933
46,118
Stock-based compensation expense (1)
74,717
77,281
145,400
145,964
Foreign exchange (gain) loss
(4,861)
(1,852)
(11,116)
765
Acquisition, divestiture, and corporate structure-related expenses
234
289
2,132
578
Asset impairment charges
—
68,091
—
68,091
Restructuring and other exit (income) costs
(76)
—
342
—
Retroactive non-income tax expense (2)
7,244
—
7,244
—
Adjusted EBITDA
$ 179,375
$ 166,235
$ 347,310
$ 336,578
Divided by:
Revenue
$ 647,806
$ 628,876
$ 1,293,760
$ 1,269,753
Adjusted EBITDA margin
27.7 %
26.4 %
26.8 %
26.5 %
(1)
Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for the periods presented below is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Cost of revenue
$ 8,787
$ 8,171
$ 16,491
$ 15,417
Marketing
5,882
6,107
12,319
11,369
Product development
38,441
38,220
72,505
74,929
General and administrative
21,607
24,783
44,085
44,249
Stock-based compensation expense
$ 74,717
$ 77,281
$ 145,400
$ 145,964
(2)
Retroactive non-income tax expense related to the digital services tax legislation in Canada, which was enacted on June 28, 2024 retroactive to January 1, 2022.
View original content:https://www.prnewswire.com/news-releases/etsy-inc-reports-second-quarter-2024-results-302211378.html
SOURCE Etsy, Inc.
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The wholesale purchase acquisition will preserve Fiery as an independent DFE provider and strengthen its industry leadership.
FREMONT, Calif., Sept. 18, 2024 /PRNewswire/ — Fiery, LLC (“Fiery”), the print industry’s leading innovator of digital front ends (DFEs) and workflow software, today announced that Fiery’s ownership has entered into an agreement with Seiko Epson Corporation (“Epson”) whereby Epson will acquire Fiery from Siris Capital Group, LLC (“Siris”, together with its affiliates, including Electronics for Imaging, Inc.) in a transaction valued at approximately $591 million.
Fiery’s industry-leading products have enabled the exceptional color, personalization, performance, and efficiency that print businesses have relied on for more than three decades. Fiery’s software, server, and workflow solutions will complement Epson’s strategic vision and hardware leadership to drive growth across a broad range of print devices and applications.
By joining Epson, a global leader in innovation, Fiery is better positioned to scale, drive innovation, and continue delivering cutting-edge solutions to its customers while maintaining its independence in areas where the company excels.
Following the consummation of the transaction, Fiery will continue to operate as an independent provider of DFEs and workflow solutions to empower OEM partners to deliver the best possible output from their devices and accelerate the development of digital printing around the world.
“Epson’s acquisition of Fiery showcases the uniquely important role we play in enabling success across the entire print industry,” said Toby Weiss, CEO of Fiery. “Fiery has a demonstrated track record of empowering OEM partners to deliver the best possible results for its customers, and we look forward to building upon this legacy with Epson and our valued partners. I’d also like to thank Frank and the entire Siris team for their invaluable guidance and expertise.”
“We are delighted to welcome Fiery into the Epson Group. We are confident that this agreement will not only drive further growth in our commercial and industrial printing businesses but also accelerate the digital transformation of the analog printing market in an innovative way,” said Yasunori Ogawa, President and Representative Director, Epson. “Together with Fiery, we remain committed to contributing to our customers’ success and enhancing corporate value as we pursue new opportunities in the evolving printing landscape.”
Siris acquired Fiery as part of Siris’s take-private acquisition of Electronics for Imaging, Inc. (“EFI”) in 2019. Under Siris’ ownership, Fiery separated from EFI in 2021 to become an independent company.
“Under our ownership, Toby and the Fiery team accelerated investments in innovative technologies and expanded the product portfolio for the benefit of their OEM partners,” said Frank Baker, a Co-Founder and Managing Partner at Siris. “Epson is the ideal partner for Fiery’s next chapter, and we look forward to seeing how Fiery builds upon its leading position within the print industry moving forward.”
DC Advisory and UBS Investment Bank acted as exclusive financial advisors to EFI in connection with the sale of its interests in Fiery to Epson.
The transaction remains subject to customary closing conditions including regulatory approvals and is expected to close within 2024.
About Fiery
Fiery is the leading provider of digital front ends (DFEs) and workflow solutions for the global print industry. With a customer base that includes over 2 million DFEs sold worldwide, Fiery’s industry-leading software and cloud-based technologies deliver the best possible performance, color, and print quality across a broad range of production printing devices.
Fiery’s innovative solutions empower commercial print, industrial, packaging, signs and display graphics, ceramics, building materials, textiles, and more. Through over 30 years of excellent support and service, Fiery has built an unmatched community of customers, dealers, and partners.
About Epson
Epson is a global technology leader whose philosophy of efficient, compact and precise innovation enriches lives and helps create a better world. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson’s goal is to become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050.
Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion. www.global.epson.com
About Siris
Siris is a leading private equity firm that targets control investments in companies that provide mission-critical technology infrastructure. Siris leverages its network of exclusive Executive Partners to identify opportunities and drive strategic and operational value. Siris is based in New York and West Palm Beach and has approximately $7 billion in assets under management as of September 30, 2023.
Forward-Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements Fiery may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the transaction may not be satisfied, (2) the timing of completion of the transactions is uncertain, (3) the business of Fiery may suffer as a result of uncertainty surrounding the transaction, (4) events, changes or other circumstances could occur that could give rise to the termination of the agreement, (5) there are risks related to disruption of the management’s attention from the ongoing business operations of Fiery due to the transaction, (6) the announcement or pendency of the transaction could affect the relationships of Fiery with its clients, operating results and business generally, including on the ability of Fiery to retain employees, (7) the outcome of any legal proceedings initiated against Fiery following the announcement of the transaction could adversely affect Fiery, including the ability to consummate the transaction, and (8) Fiery may be adversely affected by other economic, business, and/or competitive factors, as well as management’s response to any of the aforementioned factors. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Fiery does not undertake any obligation to update, correct or otherwise revise any forward-looking statements.
Fiery is a registered trademarks of Fiery, LLC in the U.S. and/or certain other countries. All other terms and product names may be trademarks or registered trademarks of their respective owners and are hereby acknowledged.
Nothing herein should be construed as a warranty in addition to the express warranty statements provided with Fiery products and services.
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SOURCE Fiery
Technology
Siris Announces Sale of Fiery to Seiko Epson Corporation
Published
45 mins agoon
September 18, 2024By
During its ownership period, Siris partnered with Fiery to expand product portfolio and deepen strategic partnerships
NEW YORK, Sept. 18, 2024 /PRNewswire/ — Siris (together with its affiliates, including Electronics for Imaging, “Siris”), a leading private equity firm focused on investing and driving value creation in technology companies, today announced the sale of Fiery, LLC (“Fiery”) to global technology leader Seiko Epson Corporation (“Epson”) in a transaction valued at approximately $591 million.
Fiery is a leading provider of digital front end (“DFE”) servers and workflow solutions for the growing industrial and graphic arts print sectors. Utilizing a combination of software and cloud-based technologies, Fiery has a demonstrated track record of delivering fast performance, stunning color and exceptional print quality across a broad range of production printing devices.
Fiery was acquired as part of Siris’ take-private acquisition of EFI in 2019. As part of its value creation strategy, Siris operationalized Fiery as an independent company in order to position it for a strategic exit. The divestiture of Fiery is the second carveout that Siris has completed from the broader EFI portfolio, after previously selling eProductivity Software to Symphony Technology Group, announced in 2022.
“Since our investment in Fiery in 2019, Toby and the team have grown the company’s leadership position in the DFE market, making significant progress expanding the product portfolio and deepening strategic partnerships,” said Frank Baker, a Co-Founder and Managing Partner at Siris. “Our partnership with Fiery is a great example of how we partner with management teams to drive value and position companies for continued long-term success. We look forward to seeing how the company continues to thrive with Epson moving forward.”
Mr. Baker added, “Post separation and divestiture of Fiery and eProductivity Software, EFI is now a streamlined, leading provider of industrial inkjet solutions for the display graphics, packaging and textiles industries with a broad range of printers, inks and service capabilities. We will continue to support EFI as it drives the exciting digital printing transition across a broad range of industrial end markets globally.”
“With Siris’ partnership and investment, we successfully raised the standards of digital printing excellence across a diverse range of operating segments,” said Toby Weiss, Chief Executive Officer of Fiery. “We are thrilled to embark on our next phase of growth alongside Epson, as we continue to provide our customers with dynamic solutions for their digital printing needs.”
The transaction is expected to close within 2024, subject to customary closing conditions including required regulatory approvals. Upon transaction close, Fiery will become part of the Epson group, retain its current name and organizational structure and continue to operate from its existing offices.
DC Advisory and UBS Investment Bank acted as exclusive financial advisors to EFI in connection with the sale of its interests in Fiery, LLC to Seiko Epson Corporation. Sidley Austin LLP served as legal advisor to Siris.
About Siris
Siris is a leading private equity firm that targets control investments in companies that provide mission-critical technology infrastructure. Siris leverages its network of exclusive Executive Partners to identify opportunities and drive strategic and operational value. Siris is based in New York and West Palm Beach and has approximately $7 billion in assets under management as of December 31, 2023. https://siris.com/
About Fiery
Fiery is the leading provider of digital front ends (DFEs) and workflow solutions for the global print industry. With a customer base that includes over 2 million DFEs sold worldwide, Fiery’s industry-leading software and cloud-based technologies deliver the best possible performance, color, and print quality across a broad range of production printing devices.
Fiery’s innovative solutions empower commercial print, industrial, packaging, signs and display graphics, ceramics, building materials, textiles, and more. Through over 30 years of excellent support and service, Fiery has built an unmatched community of customers, dealers, and partners.
Forward-Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements Siris may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the transaction may not be satisfied, (2) the timing of completion of the transactions is uncertain, (3) the business of Fiery may suffer as a result of uncertainty surrounding the transaction, (4) events, changes or other circumstances could occur that could give rise to the termination of the agreement, (5) there are risks related to disruption of the management’s attention from the ongoing business operations of Fiery due to the transaction, (6) the announcement or pendency of the transaction could affect the relationships of Fiery with its clients, operating results and business generally, including on the ability of Fiery to retain employees, (7) the outcome of any legal proceedings initiated against Fiery following the announcement of the transaction could adversely affect Fiery, including the ability to consummate the transaction, and (8) Fiery may be adversely affected by other economic, business, and/or competitive factors, as well as management’s response to any of the aforementioned factors.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Siris does not undertake any obligation to update, correct or otherwise revise any forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/siris-announces-sale-of-fiery-to-seiko-epson-corporation-302252493.html
SOURCE Siris Capital Group, LLC
Technology
Inspection Robots Market to Grow by USD 5.70 Billion from 2024-2028, with AI Driven Advantages Over Manual Methods Boosting Revenue – Technavio Report
Published
2 hours agoon
September 18, 2024By
NEW YORK, Sept. 18, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global inspection robots market size is estimated to grow by USD 5.70 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 19.86% during the forecast period. Advantages of robotic inspection over manual inspection is driving market growth, with a trend towards shift towards cloud-based solutions in inspection robots. However, rising levels of unemployment due to use of robotics poses a challenge. Key market players include Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations, Eddyfi Technologies, FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co., Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd., IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc..
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (ROVs and Autonomous robots), End-user (Oil and gas, Petrochemicals, Food and beverages, and Others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa)
Region Covered
Europe, North America, APAC, South America, and Middle East and Africa
Key companies profiled
Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations, Eddyfi Technologies, FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co., Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd., IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc.
Key Market Trends Fueling Growth
The global inspection robots market is experiencing notable growth due to the adoption of cloud-based solutions. Cloud computing technologies are increasingly being utilized in this industry to facilitate data storage, processing, and analysis. Cloud-based inspection robots offer several advantages, including scalability, flexibility, and accessibility. Users can access inspection data from any location and collaborate with remote teams in real-time. Predictive maintenance is also facilitated through the analysis of historical inspection data. Cloud platforms enable secure sharing of inspection data among authorized users, promoting collaborative workflows and knowledge sharing. Real-time communication and updates ensure that stakeholders remain informed about inspection activities and results. The shift towards cloud-based solutions is driving the growth potential of the global inspection robots market by enhancing efficiency and effectiveness in inspection operations, improving asset management, and boosting overall performance.
Inspection robots are gaining popularity in various industries due to the need for worker safety and the adoption of collaborative robots or cobots. These robots are equipped with sensors, cameras, and specialized tools to collect data from assets in manufacturing, construction, energy, and other sectors. They can access hard-to-reach areas, hazardous environments, and confined spaces, providing real-time visual information for maintenance assessment and safety inspections. Businesses are recognizing the complementary need for human workers and robots, with robots taking on repetitive, dangerous, or time-consuming tasks. Initial investment in inspection robots includes training and infrastructure modifications, but the long-term benefits include increased cost-efficiency, consistency, and informed decisions based on real-time data. However, economic downturns and travel restrictions may hinder robot deployment, making it essential for businesses to consider the versatility and advanced sensors of inspection robots, such as lidar, for maximum effectiveness. Despite the initial costs, the benefits of worker safety, human intervention, and data collection make inspection robots a worthwhile investment.
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Market Challenges
The integration of robots and robotic applications in various industries, including manufacturing, has significantly boosted productivity, economies of scale, and cost savings. However, this automation trend raises concerns about employment, as it may lead to job losses. Process automation, fueled by machine learning and artificial intelligence, is increasingly common in manufacturing, transportation, finance, and energy management. While these technologies offer performance advantages, they also pose a threat to white-collar and blue-collar jobs, particularly those involving routine, process-driven tasks. Unemployment resulting from automation may lead to income inequality and a need for workforce skill development. Governments in North America and Europe are addressing this challenge by formulating strategies to mitigate the impact of robotic automation on employment. As a result, the rising unemployment rate may hinder the growth of the global inspection robots market during the forecast period.The Inspection Robots Market is experiencing significant growth due to the increasing demand for automation in various industries. However, challenges persist. Injuries and accidents during robot operation pose safety concerns. Data organization and operational costs are key challenges in implementing robot inspections. Integration of cameras, electronics, and operating software requires specialized skills. Robots must navigate hazardous situations, making safety a top priority. The Hotel and Transport industries are major adopters, with the Internet of Things and Artificial Intelligence driving innovation. However, lack of standardization and testing methodologies hinder market growth. Mobile robots in the Mobile Robots segment lead in terms of adoption due to their ease of use and versatility. The Pharmaceutical segment benefits from robots’ efficiency and accuracy in product inspection. Patents and intellectual property are crucial for market leaders like Cognite, Honeybee Robotics, Universal Robots, Inuktun Services, LEO Robotics, and Superdroid Robotics. Robot types include collaborative robots and human-robot cooperation models, with AI and quadruped robot dogs leading the way. Safety, ease of use, and specialized training are essential considerations. Testing Type, such as non-destructive testing and visual inspection, are critical applications. The market’s future lies in the development of more advanced robots and the integration of AI for improved human-robot cooperation in quality control.
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Segment Overview
This inspection robots market report extensively covers market segmentation by
Type 1.1 ROVs1.2 Autonomous robotsEnd-user 2.1 Oil and gas2.2 Petrochemicals2.3 Food and beverages2.4 OthersGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 ROVs- ROV (Remotely Operated Vehicles), also known as inspection robots, are mobile devices controlled from a central unit, typically tethered through a cable. Their diverse shapes and designs increase flexibility and performance, driving market growth. ROVs, primarily used for underwater exploration and inspection, have low power requirements and are easy to operate. Their affordability, low maintenance costs, and suitability for confined spaces make them popular in industries requiring assistance in navigating critical areas. These factors contribute to the revenue generation of the ROV inspection robot market.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
Inspection robots are revolutionizing industries by automating quality control and product inspection processes, enhancing efficiency and accuracy while ensuring worker safety. These robots, including Cognite’s quadruped robot dog and ANYbotics’ human-robot cooperation models, employ AI and machine learning to identify faults, failures, leakages, and other critical issues. The adoption of cobots, such as those from Universal Robots and Mitsubishi Electric Corporation, allows for human-robot cooperation in various scenarios. Inspection robots are essential in unmanned facilities, remote locations, and harsh environments, where human presence is limited or dangerous. These robots can navigate complex terrain, inspect hard-to-reach areas, and work in extreme temperatures, ensuring the quality of products and the reliability of transportation systems. Fully autonomous inspection robots are increasingly being adopted to streamline processes and reduce costs, making them an indispensable tool for modern manufacturing and production.
Market Research Overview
Inspection robots are transforming industries by providing efficient and accurate solutions for quality control and maintenance assessment in various sectors. These robots, including quadruped robot dogs, utilize AI and collaborative robots for human-robot cooperation. They are equipped with sensors, cameras, and specialized tools to inspect assets and infrastructure in manufacturing, energy, construction, and other industries. The adoption of these robots is a complementary need to human workers, enhancing safety and consistency in product inspection and maintenance. Inspection robots are particularly valuable in harsh environments, confined spaces, and hazardous areas, where human intervention is risky or inefficient. Real-time data collection and analysis enable informed decisions, increasing cost-efficiency and effectiveness. Advanced sensors, such as lidar, ultrasonic, and thermal imaging, enable accurate defect detection and anomaly identification, leading to predictive maintenance and inspection efficiency. Businesses are investing in inspection robots to improve safety, reliability, and productivity. However, initial investment, training, and infrastructure modifications can be significant. Economic downturns and travel restrictions may impact robot deployment, but the long-term benefits outweigh the costs. Inspection robots are customizable, with options for mobile service robots, vision sensors, and semi-autonomous or fully autonomous operation. They are essential for critical scenarios, unmanned facilities, and remote locations, providing real-time data for informed decisions and ensuring safety in various industries, including aerospace, automotive, and oil and gas.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeROVsAutonomous RobotsEnd-userOil And GasPetrochemicalsFood And BeveragesOthersGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
Fiery to be Acquired by Epson
Siris Announces Sale of Fiery to Seiko Epson Corporation
Inspection Robots Market to Grow by USD 5.70 Billion from 2024-2028, with AI Driven Advantages Over Manual Methods Boosting Revenue – Technavio Report
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