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Etsy Investor Day Presentation Deck

And free cash flow generation has increased meaningfully ... FREE CASH FLOW ($, MILLION)* $0 2016 $56 2017 $178 2018 FCF defined as operating cash flow, less capital expenditures (purchases of PP&E and development of internal use software) *Reconciliation of non-GAAP financial measures is contained in the appendix Etsy $624M in Cash & Short Term Investments @12/31/18

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