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  "documentTitle": "Etsy | Results Presentation Deck | 35 slides",
  "authorId": "etsy",
  "authorName": "Etsy",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-11-01 00:00:00",
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  "pageNumber": 26,
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  "notes": "Includes standard non-GAAP reconciliation disclaimer and guidance assumptions.",
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      "text": "We are not able at this time to provide GAAP targets for net income or net income margin or to reconcile Adjusted EBITDA margin to those amounts because of the unreasonable effort of estimating certain items that are excluded from non-GAAP Adjusted EBITDA.",
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      "text": "Please note that our guidance assumes currency exchange rates remain unchanged at current levels. Adjusted EBITDA margin assumes the midpoint of our revenue guidance.",
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      "text": "GMS is currently estimated to decline in the low-single-digit range on a year-over-year basis. However, if trends worsen, that could become a mid-single digit decline, and if trends improve GMS could be flat or even up slightly year-over-year.",
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      "text": "Adjusted EBITDA margin is currently estimated to be between 26-27%.",
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      "text": "We estimate Q4 2023 take rate to be approximately 20.8%, down slightly on a sequential basis due to normal seasonality. This can be used to estimate revenue range for the quarter.",
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      "text": "Q4 23 Guidance as of Nov 1, 2023",
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