Probably two or three key places: - They have nearly 3000 employees, which seems like way too many - Marketing and ads to increase reach and presence - Acqui

Probably two or three key places: - They have nearly 3000 employees, which seems like way too many - Marketing and ads to increase reach and presence - Acquisitions (h/t to ojbyrne in this thread) Remember Uber was losing $2 billion a quarter, much of it going to pay for those reasons. Also I'm not sure how stock buybacks are accounted for, but Etsy did $290M in September according to this one chart: https://ycharts.com/companies/ETSY/stock_buyback https://ycharts.com/companies/ETSY/stock_buyback