The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Rick Patel - Raymond James - Analyst
: <_ALACRA_META_ABSTRACT>So, thanks so much for being here. Very exciting news about the upcoming CEO transition. Josh, we recognize this is likely
to be your last formal investor event at Etsy. What may now the right time to pass the torch to Kruti and how do you envision
your role as Executive Chair?
Question: Rick Patel - Raymond James - Analyst
: And Josh, for the benefit of new investors here, can you give us a quick overview about how you transform Etsy pre-covid
Question: Rick Patel - Raymond James - Analyst
: And Kruti, you've shown sequential improvement in GMS and engagement. What do you perceive as the keys to firmly getting
Etsy back to sustained growth and how will they show up when it comes to your top-line priorities this January?
Question: Rick Patel - Raymond James - Analyst
: And Kruti, Etsy has talked about retooling search and recommendations using machine learning and LLMs. What progress
have you made and what's next?
Question: Rick Patel - Raymond James - Analyst
: That's great. And Josh, you said that you think agentic shopping could be as big a game changer for Etsy as Google Search
and PLAs. Can you just expand on that and how do you see AI reshaping Etsy's go-to-market strategy, particularly as it relates
to things that Kruti just mentioned around personalization and discovery?
Question: Rick Patel - Raymond James - Analyst
: And Kruti, on that point, as OpenAI's first life partner, for instant, check out on ChatGPT, what have you learned so far about
the buyer intent and conversion? And can you also refresh us on the fee structure and how you're working to protect Etsy's
brand as you -- just given your direct-to-consumer relationships when they check out on ChatGPT.
Question: Rick Patel - Raymond James - Analyst
: And Josh, can you talk about the mobile app and why it's important to get execution right in this channel? As you work to
make Etsy a place to be inspired, how are LLMs reshaping the mobile app experience and how are you measuring that success?
Question: Rick Patel - Raymond James - Analyst
: And Josh, Depop has been on a roll, particularly in the US, and you've stepped up incremental marketing investments as a
result. Talk to us about how Depop fits under the Etsy umbrella overall and how we should think about the scale and duration
of these recent investments?
Question: Rick Patel - Raymond James - Analyst
: And Kruti, you led quite the turnaround at Depop. Can you take us inside that journey? What were the key unlocks that reignited
that growth? How do you view Depop's position in the resale marketplace and and what is the next big focus? Just curious if
there is any synergies between Depop and Etsy that we should look forward to.
| 
