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
: 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 and how it has
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?
LSEG STREETEVENTS | www.lseg.com | Contact Us
consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.
DECEMBER 09, 2025 / 6:40PM, ETSY.N - ETSY Inc at Raymond James TMT and Consumer Conference
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?
LSEG STREETEVENTS | www.lseg.com | Contact Us
consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.
DECEMBER 09, 2025 / 6:40PM, ETSY.N - ETSY Inc at Raymond James TMT and Consumer Conference
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
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.
LSEG STREETEVENTS | www.lseg.com | Contact Us
consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.
DECEMBER 09, 2025 / 6:40PM, ETSY.N - ETSY Inc at Raymond James TMT and Consumer Conference
| 
