Revenue flow

Margins

Stage	ETSY	% of rev	V	% of rev	Gap · A − B
Revenue	$692M	100.00%	$11.6B	100.00%	V ×16.80
Gross profit	$503M	72.66%	$9.2B	78.87%	V +6.2pp
Operating income	$111M	16.09%	$6.9B	59.12%	V +43.0pp
Pre-tax income	$129M	18.59%	$6.8B	58.74%	V +40.2pp
Net income	$854M	123.26%	$5.6B	48.38%	ETSY +74.9pp

Stage	ETSY	V	Gap · A − B
Revenue	$692M100.00%	$11.6B100.00%	V ×16.80
Gross profit	72.66%$503M	78.87%$9.2B	V +6.2pp
Operating income	16.09%$111M	59.12%$6.9B	V +43.0pp
Pre-tax income	18.59%$129M	58.74%$6.8B	V +40.2pp
Net income