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Etsy, Inc. Reports Second Quarter 2024 Results

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2 years ago

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Consolidated results came in at the high end or ahead of guidance for key performance metrics

BROOKLYN, N.Y., July 31, 2024 /PRNewswire/ — Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced results for its second quarter ended June 30, 2024.

“We are pleased that second quarter consolidated results included sequential acceleration of Etsy marketplace year-over-year GMS, higher consolidated revenue both year-over-year and sequentially, and strong adjusted EBITDA profitability,” said Josh Silverman, Etsy, Inc. Chief Executive Officer. “Gifting is proving to be a winning theme – driving growth as a key source of differentiation for Etsy. We are making excellent progress with other bold moves and investments meant to raise consideration among buyers – to help us stand apart more than ever. While this is a challenging environment for our type of goods, we are focused on reigniting Etsy marketplace growth and gaining market share.”

Second quarter 2024 performance highlights include:

Consolidated GMS was $2.9 billion, down 2.1% year-over-year and down 1.9% on a currency-neutral basis. Consolidated GMS included a small headwind from the divestiture of Elo7.Etsy marketplace GMS was $2.5 billion, down 3.2% year-over-year and down 2.9% on a currency-neutral basis.Gifting GMS1 was up 4.1% year-over-year, representing approximately 27% of GMS, significantly outperforming select online gifting focused peers.2Active buyers increased 1.0% year-over-year to 91.5 million, largely flat on a sequential basis, and we continued to see year-over-year growth in international active buyers. We reactivated 6.4 million buyers, up 8.5% from the prior year period, and acquired 5.6 million new buyers. Our retention of active buyers remains above pre-pandemic levels on a trailing twelve month basis.While GMS per active buyer on a trailing twelve month basis for the Etsy marketplace declined 3.2% year-over-year to $124 in the second quarter, trends in this metric continued to stabilize on a sequential basis. Our number of habitual buyers was 6.9 million, down 3.0% year-over-year, although our retention rate of habitual buyers was slightly better on a year-over-year basis.U.S. domestic GMS represented 52% of overall GMS and GMS ex-U.S. domestic was 48% of overall GMS.Consolidated revenue was $647.8 million, up 3.0% versus the second quarter of 2023, with a take rate (i.e., consolidated revenue divided by consolidated GMS) of 22.0%. Our positive revenue growth was primarily driven by growth in Marketplace revenue, primarily driven by payments revenue and transaction fee revenue from Offsite Ads.Consolidated net income was $53.0 million, down $8.9 million year-over-year, reflecting a $7.2 million retroactive non-income tax expense. Consolidated net income margin (i.e., net income divided by revenue) was approximately 8.2% and diluted net income per share was $0.41.Consolidated non-GAAP Adjusted EBITDA was $179.4 million, with consolidated non-GAAP Adjusted EBITDA margin (i.e., consolidated non-GAAP Adjusted EBITDA divided by consolidated revenue) of approximately 27.7%.Etsy ended the second quarter with $1.1 billion in cash and cash equivalents and short- and long-term investments. Under Etsy’s stock repurchase program, during the second quarter of 2024 Etsy repurchased an aggregate of approximately $150 million, or 2.4 million shares, of its common stock. These shares were purchased pursuant to a 10b5-1 plan.

“We are investing in strategic growth areas including Gifting, highlighting the best of Etsy through Quality initiatives, launching a new Loyalty Program, expanding our App, and more, while also carefully managing expenses to deliver very healthy profit,” said Rachel Glaser, Chief Financial Officer. “In fact, second quarter adjusted EBITDA was about 28%, ahead of our guidance and up 130 bps from last year, as we gained leverage year-over-year on employee costs and cost of revenue, which was partially offset by higher level of performance marketing investments to help fuel buyer growth and frequency. The Etsy marketplace’s record level of active buyers has held up quite well, and we added approximately 12 million new and reactivated buyers during the quarter.”

______________________________________

1 Etsy Gifting GMS: Estimate based upon word ‘gift’ in the listing title, shipped with a gift message, or other signal the item was purchased as a gift.

2 Source: Consumer Edge spend data from sampling of credit card transactions from online ‘gifting’ peers Zola, Zazzle, Minted, Uncommon Goods, Hallmark, and Mark and Graham.

Second Quarter 2024 Financial Summary
(in thousands, except percentages; unaudited)

The financial results of Elo7 have been included in our consolidated financial results for the prior year periods, as Elo7 was sold on August 10, 2023. The unaudited GAAP and non-GAAP financial measures and key operating metrics we use are:

Three Months Ended 

 June 30,

% (Decline)

Growth

Y/Y

Six Months Ended 

 June 30,

% (Decline)

Growth

Y/Y

2024

2023

2024

2023

GMS (1)

$ 2,949,254

$ 3,012,504

(2.1) %

$ 5,935,754

$ 6,113,862

(2.9) %

Revenue

$    647,806

$    628,876

3.0 %

$ 1,293,760

$ 1,269,753

1.9 %

Marketplace revenue

$    470,377

$    452,957

3.8 %

$    937,359

$    920,473

1.8 %

Services revenue

$    177,429

$    175,919

0.9 %

$    356,401

$    349,280

2.0 %

Gross profit

$    463,716

$    440,238

5.3 %

$    922,537

$    885,662

4.2 %

Operating expenses

$    393,547

$    442,610

(11.1) %

$    784,278

$    809,835

(3.2) %

Net income

$      53,005

$      61,915

(14.4) %

$    116,009

$    136,452

(15.0) %

Net income margin

8.2 %

9.8 %

       (160)  bps

9.0 %

10.7 %

       (170)  bps

Adjusted EBITDA (Non-GAAP)

$    179,375

$    166,235

7.9 %

$    347,310

$    336,578

3.2 %

Adjusted EBITDA margin (Non-GAAP)

27.7 %

26.4 %

         130  bps

26.8 %

26.5 %

           30  bps

Active sellers (2)

8,801

8,312

5.9 %

8,801

8,312

5.9 %

Active buyers (2)

96,610

96,250

0.4 %

96,610

96,250

0.4 %

Percent GMS ex-U.S. domestic (1)

45 %

45 %

            —  bps

45 %

45 %

            —  bps

(1)

Consolidated GMS for the three and six months ended June 30, 2024 includes Etsy marketplace GMS of $2.5 billion and $5.1 billion, respectively. Percent GMS ex-U.S. domestic for the Etsy marketplace for both the three and six months ended June 30, 2024 was 48%.

(2)

Consolidated active sellers and active buyers includes Etsy marketplace active sellers and active buyers of 6.6 million and 91.5 million, respectively, as of June 30, 2024.

Second Quarter 2024 Operating Highlights 

Etsy

Our “Right to Win” is centered on key elements that we believe make the Etsy marketplace a better place to shop and sell and, which, in turn, will bring more buyers, lead to increased frequency and size of purchases, and build trust in the Etsy marketplace. In 2024, we are focused on building buyer consideration by making it easier to ‘find the best stuff’ on Etsy, driving association that Etsy sellers offer great value, and making shopping on Etsy more reliable and dependable. The below highlights some of our key initiatives:

Product Highlights:

In order to drive buyer Consideration, we are making progress in our efforts to position Etsy as an indispensable partner for Gifting, with broad based investments positively impacting our performance:

We reported single-digit year-over-year growth in U.S. GMS for Mother’s Day and Father’s Day, and double-digit year-over-year growth for graduations, another important second quarter gifting occasion.U.S. buyer survey data we are tracking for Gifting indicates we are making solid progress. For example, we saw a significant year-over-year increase in prompted consideration of Etsy as a destination for gifts. We are also tracking an increase in consumer perception that Etsy makes it easy to find a great gift, a survey question we introduced more recently, in connection with the launch of Gift Mode.Gift Mode is now available everywhere Etsy operates globally, and in ten languages.Product enhancements for the quarter included the addition of Lists and Reminders, Occasion Pages (ex: anniversary, birthday, etc.), and Gift Teaser Video Messages.We built integration for third party sales of Etsy Gift Cards aligned with our overall Gifting strategy.

We launched a “Made for You” microsite to increase consideration and help buyers get the most out of shopping on Etsy. It features our latest product improvements, including Gift Mode, the Deals Tab, the Etsy’s Picks badge, and Etsy Purchase Protection. The microsite was launched globally in June, is available in 11 languages, and has already attracted hundreds of thousands of users.

To help buyers ‘find the best stuff on Etsy,’ we invested in the following Quality initiatives:

As announced on July 9th, we made a series of updates across our seller policies and the shopping experience in order to shine a brighter spotlight on our sellers’ work, be even clearer about Etsy’s rules, and reinforce what Etsy stands for and why we are different and special. We introduced new “Creativity Standards,” which categorize what’s allowed on Etsy based on a sellers’ role in the creative process. We’re also more clearly showing buyers how sellers are involved in their items by adding clearer descriptors to listing pages indicating whether they are made, designed, handpicked, or sourced by a seller. Along with these important changes to our marketplace, we launched a new homepage as well as full funnel marketing campaigns in the United States and United Kingdom, which feature real Etsy sellers and highlight our unique positioning.

We expanded the diversity of merchandise we are showing buyers, with a goal to reduce the cognitive load experienced when search results deliver too many similar items. Recent search advances expanded the diversity of both sellers and items that we are showing per query. For example, our work resulted in an approximately 50% decline in the percent of searches where a high percentage of listings seen on page one are from a single seller; and an over 70% reduction in the number of searches that have two or more listings that may appear identical.

Aligned with our efforts to make shopping on Etsy more reliable and dependable, and also to drive international growth, we recently secured a new preferred shipping partnership with a third party to simplify cross-border logistics for Turkish sellers. We continued to expand Etsy Payments globally, with about 98% of our GMS now processed through our platform.

We worked to continue to build trust in our marketplace with a roll out of our new seller set-up fee in additional regions. This fee, meant to strengthen our new shop onboarding process, and in combination with added trust and safety enforcement – resulted in a significant decline in fraudulent onboarding, while continuing to provide ample access for creative entrepreneurs to start businesses on Etsy.

Marketing Highlights:

We further developed plans to launch our new Etsy Insider Loyalty program, currently scheduled to be introduced in invitation-only beta form to targeted occasional Etsy U.S. buyers in mid-September. Etsy Insider will be buyer-fee based, offering free U.S. domestic shipping on millions of items, item discounts, first access merchandise and other benefits, with a goal to drive frequency and loyalty over time.

We now manage all of Etsy’s paid search campaigns in-house, enabling us to reallocate the significant external costs of managing these campaigns directly into the campaigns themselves.

To support our U.S. sellers, we launched a targeted marketing campaign to promote the availability of a seller financing program offered via a third party partner. We’ve observed strong initial engagement from the campaign signaling interest and need for additional capital among our seller community.

Etsy’s Creator Collective program, which incentivizes creators and influencers to drive purchases, social conversation, and unique content for Etsy by providing affiliate links to any page on Etsy.com and boosting top posts, has reached over 260,000 participants.

Reverb

Reverb continues to highlight affordable music gear across its experience:

Buyers can now compare prices for used and discounted items to the typical price for an equivalent brand new item. Reverb’s foundational search ranking model was also optimized to highlight the best deals on the platform, driving more than 2% increases in conversion rate in Reverb’s native apps.

Reverb launched its new Reverb Outlet in June, which showcases high-quality new and like-new gear sold at discounts of 20% or more from authorized retailers and brands. The launch was promoted through an integrated marketing campaign spanning earned, owned, and paid channels.

Reverb invested in enhanced seller tooling, launching quick price edits internationally, which drove a 10% lift in price drops, and rolled out a new platform to help sellers better manage their listings.

Depop

Depop removed selling fees for sellers based in the U.S. effective July 15, and introduced a small buyer marketplace fee, a change designed to empower sellers to earn more from their wardrobes, offer improved value and choice for buyers, and make it easier for people to take their first steps into secondhand. The evolved fee structure follows similar changes made in the U.K. market earlier this year.

Depop also continues to highlight good value on the marketplace, making it easier and more intuitive for buyers to send reasonably priced offers to sellers and vice versa.

Depop focused on positioning itself as a dynamic two-sided marketplace, with stronger emphasis on seller messaging, while increasing its in-real-life presence among key target demographics in the U.S.

Consolidated Q3 24 Financial Guidance 

Q3 24 Guidance

GMS

We currently estimate that Consolidated GMS will
decline in the low single digit range on a year-over-
year basis.

Take Rate

Similar to Q2 24

Adjusted EBITDA Margin

~27%

Regarding our full-year 2024 outlook, we reiterate that consolidated adjusted EBITDA margin should come in at least the same as the 2023 result.

Please note that our guidance assumes currency exchange rates remain unchanged at current levels.

With respect to our expectations under “Consolidated Q3 24 Financial Guidance ” and outlook for the remainder of 2024 above, reconciliation of Adjusted EBITDA margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from Adjusted EBITDA; in particular, stock-based compensation expense, foreign exchange (gain) loss, interest and other non-operating income, net, provision (benefit) for income taxes, acquisition, divestiture, and corporate structure-related expenses, and other non-recurring expenses.

Webcast and Conference Call Information 

Etsy will host a video webcast conference call to discuss these results at 5:00 p.m. Eastern Time today, which will be live-streamed via our Investor Relations website (investors.etsy.com) under the Events section. A copy of the earnings call presentation will also be posted to our website.

A replay of the video webcast will be available through the same link following the conference call starting at 8:00 p.m. Eastern Time this evening, for at least three months thereafter.

About Etsy

Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to “Keep Commerce Human,” and we’re committed to using the power of business and technology to strengthen communities and empower people. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.

Etsy, Inc.’s “House of Brands” portfolio also includes fashion resale marketplace Depop, and Reverb, the largest online marketplace dedicated to music gear. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product, marketing, technology, and customer support.

Etsy was founded in 2005 and is headquartered in Brooklyn, New York.

Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (blog.etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Investor Relations Contact:

Deb Wasser, Vice President, Investor Relations and ESG Engagement
ir@etsy.com

Media Relations Contact:

Sarah Marx, Director, Corporate Communications
press@etsy.com

Cautionary Statement Regarding Forward-Looking Statements

This press release contains or references forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to our financial guidance for the third quarter of 2024 and outlook for the full year of 2024 and underlying assumptions; our ability to reignite Etsy marketplace growth and gain market share; our ability to invest in strategic growth while delivering on profitability; our ability to drive buyer engagement through our new Quality initiatives; and the impact of our “Right to Win” strategy and our product development and marketing efforts, including the timing and impact of the launch of Etsy Insider. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as “aim,” “anticipate,” “believe,” “could,” “enable,” “estimate,” “expect,” “goal,” “intend,” “may,” “outlook,” “plan,” “potential,” “target,” “will,” or similar expressions and derivative forms and/or the negatives of those words.

Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include: (1) the level of demand for our services or products sold in our marketplaces; (2) the importance to our success of the trustworthiness of our marketplaces and our ability to attract and retain active and engaged communities of buyers and sellers; (3) the fluctuation of our quarterly operating results; (4) our failure to meet our publicly announced guidance or other expectations; (5) any real or perceived inaccuracies in our operational metrics; (6) if we or our third-party providers are unable to protect against technology vulnerabilities, service interruptions, security breaches, or other cyber-related events; (7) our dependence on continued and unimpeded access to third-party services, platforms, and infrastructure; (8) macroeconomic events that are outside of our control; (9) operational and compliance risks related to our payments systems; (10) our ability to recruit and retain employees; (11) our ability to compete effectively; (12) enforcement of our marketplace policies; (13) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers; (14) risks related to our environmental, social, and governance activities and disclosures; (15) our efforts to expand our operations outside of the United States; (16) acquisitions that may prove unsuccessful or divert management attention; (17) failure to deal effectively with fraud; (18) compliance with evolving regulations, including in the area of privacy and data protection; and (19) litigation and regulatory matters, including intellectual property claims. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.

Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

 

Etsy, Inc.
Condensed Consolidated Balance Sheets
(in thousands; unaudited)

As of
June 30,
2024

As of
December 31,
2023

ASSETS

Current assets:

Cash and cash equivalents

$                  759,211

$                  914,323

Short-term investments

240,679

236,118

Accounts receivable, net

10,324

24,734

Prepaid and other current assets

109,311

129,884

Funds receivable and seller accounts

239,481

265,387

Total current assets

1,359,006

1,570,446

Property and equipment, net

238,798

249,794

Goodwill

137,742

138,377

Intangible assets, net

435,687

457,140

Deferred tax assets

137,756

137,776

Long-term investments

93,528

86,676

Other assets

45,571

45,191

Total assets

$               2,448,088

$               2,685,400

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

$                    13,070

$                    29,920

Accrued expenses

256,819

353,553

Finance lease obligations—current

6,037

6,079

Funds payable and amounts due to sellers

239,481

265,387

Deferred revenue

15,788

14,635

Other current liabilities

33,290

41,207

Total current liabilities

564,485

710,781

Finance lease obligations—net of current portion

96,587

99,620

Deferred tax liabilities

8,788

13,192

Long-term debt, net

2,285,950

2,283,817

Other liabilities

127,274

121,705

Total liabilities

3,083,084

3,229,115

Total stockholders’ deficit

(634,996)

(543,715)

Total liabilities and stockholders’ deficit

$               2,448,088

$               2,685,400

 

Etsy, Inc. 
Condensed Consolidated Statements of Operations 
(in thousands, except per share amounts; unaudited)

Three Months Ended
 June 30,

Six Months Ended
 June 30,

2024

2023

2024

2023

Revenue

$       647,806

$       628,876

$    1,293,760

$    1,269,753

Cost of revenue

184,090

188,638

371,223

384,091

Gross profit

463,716

440,238

922,537

885,662

Operating expenses:

Marketing

183,063

165,870

374,874

337,184

Product development

114,493

121,988

224,339

237,912

General and administrative

95,991

86,661

185,065

166,648

Asset impairment charges

—

68,091

—

68,091

Total operating expenses

393,547

442,610

784,278

809,835

Income (loss) from operations

70,169

(2,372)

138,259

75,827

Other income, net

8,808

7,786

20,373

10,858

Income before income taxes

78,977

5,414

158,632

86,685

(Provision) benefit for income taxes

(25,972)

56,501

(42,623)

49,767

Net income

$         53,005

$         61,915

$       116,009

$       136,452

Net income per share attributable to common stockholders:

Basic

$            0.46

$            0.50

$            0.99

$            1.10

Diluted

$            0.41

$            0.45

$            0.89

$            0.98

Weighted-average common shares outstanding:

Basic

116,432

123,463

117,445

123,971

Diluted

133,118

141,011

134,263

142,011

 

Etsy, Inc.
Condensed Consolidated Statements of Cash Flows 
(in thousands; unaudited)

Six Months Ended
 June 30,

2024

2023

Cash flows from operating activities

Net income

$                  116,009

$                  136,452

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense

145,400

145,964

Depreciation and amortization expense

53,933

46,118

Provision for expected credit losses

7,321

10,258

Deferred benefit for income taxes

(4,291)

(67,568)

Asset impairment charges

—

68,091

Other non-cash (income) expense, net

(11,556)

894

Changes in operating assets and liabilities

(86,722)

(148,307)

Net cash provided by operating activities

220,094

191,902

Cash flows from investing activities

Purchases of property and equipment

(5,908)

(3,852)

Development of internal-use software

(14,093)

(12,603)

Purchases of investments

(192,863)

(197,565)

Sales and maturities of investments

185,120

171,307

Net cash used in investing activities

(27,744)

(42,713)

Cash flows from financing activities

Payment of tax obligations on vested equity awards

(33,007)

(49,256)

Repurchase of stock

(308,726)

(187,037)

Proceeds from exercise of stock options

2,735

5,755

Payment of debt issuance costs

—

(2,186)

Settlement of convertible senior notes

—

(90)

Payments on finance lease obligations

(3,086)

(3,150)

Other financing, net

3,821

(278)

Net cash used in financing activities

(338,263)

(236,242)

Effect of exchange rate changes on cash

(9,199)

7,287

Net decrease in cash, cash equivalents, and restricted cash

(155,112)

(79,766)

Cash, cash equivalents, and restricted cash at beginning of period

914,323

926,619

Cash, cash equivalents, and restricted cash at end of period

$                  759,211

$                  846,853

Currency-Neutral GMS Growth

We calculate currency-neutral GMS growth by translating current period GMS for goods sold that were listed in non-U.S. dollar currencies into U.S. dollars using prior year foreign currency exchange rates.

As reported and currency-neutral GMS decline for the periods presented below are as follows:

Quarter-to-Date Period Ended

Year-to-Date Period Ended

As Reported

Currency-
Neutral

FX Impact

As Reported

Currency-
Neutral

FX Impact

June 30, 2024

(2.1) %

(1.9) %

(0.2) %

(2.9) %

(3.0) %

0.1 %

June 30, 2023

(0.6) %

(0.4) %

(0.2) %

(2.7) %

(1.5) %

(1.2) %

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin

In this press release, we provide Adjusted EBITDA, a non-GAAP financial measure that represents our net income adjusted to exclude: interest and other non-operating income, net; provision (benefit) for income taxes; depreciation and amortization; stock-based compensation expense; foreign exchange (gain) loss; acquisition, divestiture, and corporate structure-related expenses; asset impairment charges; restructuring and other exit (income) costs; and retroactive non-income tax expense. We also provide Adjusted EBITDA margin, a non-GAAP financial measure that presents Adjusted EBITDA divided by revenue. Below is a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

We have included Adjusted EBITDA and Adjusted EBITDA margin because they are key measures used by our management and Board of Directors to evaluate our operating performance and trends, allocate internal resources, prepare and approve our annual budget, develop short- and long-term operating plans, determine incentive compensation, and assess the health of our business. As our Adjusted EBITDA increases, we are able to invest more in our platforms.

We believe that Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business as they remove the impact of certain non-cash items and certain variable charges.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Adjusted EBITDA does not reflect interest and other non-operating income, net;

Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;

although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

Adjusted EBITDA does not consider the impact of stock-based compensation expense;

Adjusted EBITDA does not consider the impact of foreign exchange (gain) loss;

Adjusted EBITDA does not reflect acquisition, divestiture, and corporate structure-related expenses;

Adjusted EBITDA does not consider the impact of asset impairment charges;

Adjusted EBITDA does not reflect restructuring and other exit (income) costs;

Adjusted EBITDA does not reflect retroactive non-income tax expense; and

other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income, revenue, and our other GAAP results.

Reconciliation of Net Income to Adjusted EBITDA and the Calculation of Adjusted EBITDA Margin
(in thousands, except percentages; unaudited)

Three Months Ended
 June 30,

Six Months Ended
 June 30,

2024

2023

2024

2023

Net income

$         53,005

$         61,915

$       116,009

$       136,452

Excluding:

Interest and other non-operating income, net

(3,947)

(5,934)

(9,257)

(11,623)

Provision (benefit) for income taxes

25,972

(56,501)

42,623

(49,767)

Depreciation and amortization

27,087

22,946

53,933

46,118

Stock-based compensation expense (1)

74,717

77,281

145,400

145,964

Foreign exchange (gain) loss

(4,861)

(1,852)

(11,116)

765

Acquisition, divestiture, and corporate structure-related expenses

234

289

2,132

578

Asset impairment charges

—

68,091

—

68,091

Restructuring and other exit (income) costs

(76)

—

342

—

Retroactive non-income tax expense  (2)

7,244

—

7,244

—

Adjusted EBITDA

$       179,375

$       166,235

$       347,310

$       336,578

Divided by:

Revenue

$       647,806

$       628,876

$    1,293,760

$    1,269,753

Adjusted EBITDA margin

27.7 %

26.4 %

26.8 %

26.5 %

(1)

Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for the periods presented below is as follows:

Three Months Ended
 June 30,

Six Months Ended
 June 30,

2024

2023

2024

2023

Cost of revenue

$             8,787

$             8,171

$           16,491

$            15,417

Marketing

5,882

6,107

12,319

11,369

Product development

38,441

38,220

72,505

74,929

General and administrative

21,607

24,783

44,085

44,249

Stock-based compensation expense                                                    

$           74,717

$           77,281

$         145,400

$          145,964

(2)

Retroactive non-income tax expense related to the digital services tax legislation in Canada, which was enacted on June 28, 2024 retroactive to January 1, 2022.

 

View original content:https://www.prnewswire.com/news-releases/etsy-inc-reports-second-quarter-2024-results-302211378.html

SOURCE Etsy, Inc.

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PartsSource Names Nick Marzotto to Lead Artificial Intelligence Strategy

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37 minutes ago

on

September 1, 2026

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Former Epic AI executive joins PartsSource as company expands investment in AI, data and healthcare IT to transform clinical technology management

CLEVELAND, Sept. 1, 2026 /PRNewswire/ — PartsSource, the leading performance platform for clinical technology, today announced that Nick Marzotto has joined the company as Vice President of AI and Data, with responsibility for leading PartsSource’s artificial intelligence strategy and accelerating the company’s investment in data, AI and enterprise healthcare technology.

Marzotto comes to PartsSource after 15 years at Epic Systems, the leading electronic health record (EHR) company, where his leadership experience bridged artificial intelligence, clinical applications, product strategy and large-scale health system technology implementations. His appointment reflects a broader strategic evolution at PartsSource as the company builds the next generation of its platform for clinical technology designed to connect data across assets, vendors, service organizations and health system workflows. The platform will increasingly apply AI to help healthcare organizations make faster, more predictive decisions about the technology on which patient care depends.

“Over the past two decades, the EHR has transformed healthcare by bringing previously fragmented patient information and clinical workflows into a connected digital environment,” said Philip Settimi, MSE, MD, President and CEO of PartsSource. “We believe a similar transformation is now possible for the clinical asset environment and we’re excited to have Nick lead that effort. Health systems operate enormous fleets of increasingly connected medical technology, but the data surrounding those assets remains fragmented across systems, vendors and workflows. Our opportunity is to create the data and intelligence layer that turns those signals into decisions and action at enterprise scale.”

As Epic’s Vice President of Clinical Applications and Artificial Intelligence since 2020, Marzotto led enterprise initiatives to operationalize generative AI, bringing more than 50 product teams together around common approaches to AI development and adoption. The GenAI initiative that he led produced a 32x increase in adoption across 500 health systems. Importantly, he also partnered with health system customers to build the governance infrastructure needed to monitor, understand, and responsibly leverage AI.

“The integrated EHR and the data that it captured created the connective tissue that gave providers and patients a more holistic understanding of the patient’s needs. PartsSource has the opportunity to build the same kind of connected intelligence around the clinical assets that make care possible,” said Marzotto. “By bringing together asset data across vendors, modalities and sites of care, and applying AI to that data, we can move from understanding what happened to anticipating what is likely to happen. This will fundamentally transform teams into a proactive mindset instead of reactive.”

Marzotto will work across PartsSource’s product and technology organization to advance the use of AI, machine learning, data science and intelligent workflow automation throughout the company’s clinical technology platform.

“AI will not be a feature bolted onto our platform,” Settimi said. “It will increasingly be part of the foundation for how PartsSource turns data into better decisions, better workflows and ultimately greater clinical capacity for our customers.”

About PartsSource

PartsSource (www.partssource.com) is the leading performance platform for clinical technology, helping healthcare organizations maximize asset availability, operational readiness and clinical capacity through AI-enabled insights, enterprise workflows and evidence-based decision support. Trusted by more than 5,000 hospitals and 15,000 clinical sites, PartsSource combines software, service intelligence, benchmarking data and operational expertise into a single integrated platform spanning parts, service, asset and workforce solutions. The PartsSource Logo, Ensuring Healthcare is Always On and Precision Procurement are registered trademarks of PartsSource, Inc. 

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SOURCE PartsSource

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THE NEW 2027 LEXUS NX: ADVANCING HYBRID & PLUG-IN PERFORMANCE, REFINED DESIGN, AND ELEVATED IN-CABIN EXPERIENCE

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37 minutes ago

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September 1, 2026

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Lexus NX Will Now Be 100% Electrified With a Choice of Hybrid Electric Vehicle (HEV) or Plug-in Hybrid Electric Vehicle (PHEV) PowertrainsThe NX Lineup is Planned to Include Four Grade Choices in Either Powertrain: Premium, Premium+, F SPORT and LuxuryNX PHEV Features a Newly Developed Lithium-ion Battery with a Manufacturer Estimated Over 40 Miles of EV Range on Select Grades*DC Fast Charging Capability and Power Charge Port Door are Standard on NX PHEV GradesImproved Driving Dynamics Due to Updates Throughout Including: Suspension, Steering System, Accelerator, Braking System and Chassis RigidityLexus Interface With 14-inch Touchscreen Display Is Now Standard on All GradesAvailable Sensory Concierge on Luxury and F SPORT Grades Personalizes the Cabin Experience Through a Combination of Lighting, Sound, and FragranceLexus Safety System+ 4.0 Delivers Peace of Mind With Enhanced Detection Capabilities, Broader Situational Awareness, and Expanded Driver Assistance Technologies

*Official EPA ratings available closer to on-sale date

PLANO, Texas, Sept. 1, 2026 /PRNewswire/ — Lexus debuts the new and greatly enhanced Lexus NX compact crossover for the 2027 model year, a model which has continued to enjoy popularity with legions of luxury customers globally. Since its debut in 2014, the Lexus NX has earned acclaim from customers around the world for its agile urban driving performance, stylish design, and other distinctive qualities. For the 2027 model year, Lexus NX will move to a 100% electrified lineup with a choice of Hybrid or Plug-in Hybrid grades.

Some of the highlights of the new NX include interior and exterior design elements, improved structural rigidity and driving dynamics, next-generation hybrid technology, and the inclusion of Sensory Concierge on select grades. In addition to this, the Lexus Interface 14-inch screen is now standard across all grades and acts as the central hub for navigation, entertainment, vehicle information, and connected technologies. This extensively updated new model is expected to be made available across global markets by the end of 2026.

Next-Generation Hybrid Drivetrain Technology
The new Lexus NX aims to elevate the compact crossover experience by deploying the latest, most advanced Lexus hybrid drivetrain technology. Since 2005, when Lexus introduced hybrid-electric technology into the luxury space in the U.S., generation over generation advances in the drivetrain systems have yielded power improvements and efficiency enhancements that have been applied to this latest iteration of the NX Hybrid system.

Key System Enhancements for Hybrid and Plug-In Hybrid NX
The new system uses an e-Axle assembly integrating the transaxle, motor, and PCU (Power Control Unit). The result is a more compact, lightweight package, helping lower the vehicle’s center-of-gravity. Further efficiency gains are achieved through improved drivetrain electronics and the adoption of SiC (silicon carbide) power semiconductors in the inverter.

The NX 450h+ is equipped with a newly developed Lithium-ion battery that delivers an 8% increase in output and a 30% increase in capacity. PHEV grades also now come standard with DC fast charging and the addition of a Power Charge Port Door.

By changing the battery cell layout from the conventional longitudinal arrangement to a transverse one, lateral rigidity across the entire body has been increased, while the lower battery mounting position achieves a lower center of gravity.

The redesigned hybrid system also features enhanced battery power management. Greater use of battery power during acceleration suppresses excessive engine speed, allowing engine rpm to rise more in sync with vehicle speed for a more linear acceleration feel.

Along with this, the redesigned engine block casting includes reinforced areas that increase rigidity between the engine and transaxle. The improved block rigidity helps shift resonance away from engine combustion frequencies, reducing unpleasant noise and vibration.

Updated Electronic Control Unit (ECU) programming improves the coordination between the motor and engine when transitioning from EV to HEV driving. The NX PHEV retains essential driving feedback to provide a driving experience that fosters intuitive, confident communication between driver and vehicle.

The new NX offers an E-Four electronic all-wheel-drive system featuring revised rear motor control that enables continuous AWD operation not only during launch, wheel slip and cornering, but also in straight-line driving. This always-on AWD system delivers more stable, confidence-inspiring handling with an enhanced sense of road contact, while also improving stability on low-traction surfaces such as snow.

Evolving the “Lexus Driving Signature” Through Enhanced Performance and Extensive Refinement
To further evolve the Lexus Driving Signature, the uniquely Lexus driving character defined by its clear, responsive, and linear feeling of the vehicle control surfaces, Lexus engineers continuously enhance the fundamental performance of every model through uncompromising and relentless vehicle refinement. The new NX improves on the vehicle’s core fundamentals through measures such as increased body rigidity and the placement of major mass components help enhance the NX’s sporty dynamic nature and ride comfort.

The new model’s performance was then rigorously honed and tuned on the demanding test courses at Toyota Technical Center Shimoyama (TTC-S), Lexus’ vehicle development center. Development also continued at Germany’s Nürburgring, the inspiration behind TTC-S and home to even more demanding road conditions. Through exhaustive testing and repeated tuning, the new NX was refined to deliver Lexus’ hallmark comfort and refinement while pursuing a driving experience that enables intuitive communication between driver and vehicle.

For the new NX, aspects of the chassis and vehicle control systems have been carefully tuned to deliver an even more linear and refined driving feel.

Body rigidity, which forms the foundation of a vehicle’s core structure, is continuously enhanced across all NX grades. For the new NX, in addition to reinforcing the front and rear of the unibody, a new floor cross member and additional reinforcement along the tunnel ridge have been adopted, increasing floor rigidity. The suspension towers have also been redesigned with integrated structural components, improving their rigidity. These enhancements contribute not only to sharper handling, and reduced road noise but also to greater ride comfort due to improved suspension performance.

On NX grades that don’t include an Adaptive Variable Suspension System, the newly adopted shock absorbers with ultra-low-speed valves generate damping force with high responsiveness even to minute suspension movements, achieving a ride that is both responsive and refined. The system helps keep the vehicle body flatter over road undulations, contributing to both sporty handling and ride comfort. Suspension tuning was carried out not only on the various test courses at TTC-S, but also repeatedly at the Nürburgring. The suspension was refined across a wide range of road surfaces and conditions to deliver handling and ride comfort that feel natural and inspire confidence.

The steering wheel diameter has been reduced by 0.4 inches to 14.2 inches, and a Variable Rack Gear with a more responsive variable steering ratio has been adopted across all grades, further improving maneuverability. The electric power steering system was also thoroughly re-tuned to complement these changes. By delivering light, linear steering feedback, the new NX achieves a more natural and confidence-inspiring steering feel, even with its quick handling characteristics.

Advancements in accelerator control deliver lighter, more linear acceleration response. Improvements to the accelerator pedal assembly also reduce friction throughout the pedal stroke, allowing more linear pedal movement and more precise control of vehicle speed.

A new brake control system applies subtle braking during cornering to help stabilize yaw and roll motions during abrupt maneuvers, such as sudden lane changes. This delivers greater vehicle stability and enhanced ease of control.

The driving position was optimized using big data analysis to determine seat and steering wheel positions. Based on the results, the steering wheel’s telescopic adjustment range has been expanded to provide a more optimal driving position. The pedals and steering wheel have also been redesigned to deliver precise, intuitive control across a wide range of driving situations, from sporty driving to everyday urban driving.

Aerodynamic performance has also been enhanced through increased rigidity of the side grille ducts, which helps stabilize airflow around the tires for improved handling stability. Fins integrated into the wheel housings further improve airflow management by efficiently evacuating air and reducing pressure build-up. The result is a greater sense of road contact and enhanced straight-line stability. 

A Sportier Exterior with a Refined and Comfortable Interior
The new NX further refines and evolves the “Vital Tech” design theme inherited from previous generations. While retaining its sporty form and side silhouette, the exterior has evolved to express a more dynamic and active character. The seamless integration of function and form embodies the functional beauty unique to Lexus. Inside, the cabin offers a spacious sense of openness and a relaxing atmosphere, providing comfort for occupants in every seat.

Proportions That Signal Performance
A wide, low stance creates simple, clean proportions, while the seamless integration of the headlamps, cornering lamps, and other functional elements into the grille reinforces the vehicle’s sporty character. The design has been updated with a more modern look by seamlessly integrating functional elements, while a mesh grille enhances aerodynamic and cooling performance expressing Lexus’ signature fusion of form and function.

The outer mirrors and moldings have been updated from chrome finishes to predominantly black accents. The more cohesive appearance accentuates the NX’s distinctive sense of solid, sculpted sportiness and creates a powerful stance.

The headlamps integrate the turn signals and daytime running lights (DRLs) into a distinctive dual-line lighting signature that gives the NX a sharp, unmistakable look while balancing design with functionality.

The rear combination lamps feature Lexus’ first Double L Signature. The illuminated double L-shaped elements at each end, together with the illuminated Lexus logo, reinforce the vehicle’s wide, low stance.

Nine exterior colors are available for body color, including two new additions. Shaded Ivy, an ash tone, conveys a modern character while harmonizing with nature, while the sharp and cool Incognito is newly available for F SPORT grades.

An Interior that Inspires
The instrument panel horizontally aligns the 12.3-inch digital meter and 14-inch touchscreen navigation/multimedia display to help support driver attention on the roadway. The layout combines excellent visibility with intuitive operability, creating a driving environment that feels both open and relaxing.

A redesigned steering wheel and Responsive Hidden Switches with translucent surface panels further enhance functionality while strengthening the consistency of the Lexus brand identity.

Linear and ambient illumination create a tranquil, refined atmosphere. A continuous line of light extending from the instrument panel to the door trim reinforces the horizontal theme, creating a simple, clean aesthetic and enhancing the cabin’s sense of width and openness.

On NX grades with the available Mark Levinson® audio system, perforated metal speaker grilles create a sophisticated, high-tech appearance. A circular illuminated ring surrounding the door speakers shines through the grilles, creating an elegant lighting signature.

The interior is available in five color options, including two new colors: Abalos and the F SPORT-exclusive Radiant Red. Inspired by the sand dunes of Mars’ northern hemisphere, Abalos is a vibrant yet composed color that evokes the energy of the landscape. The F SPORT-only Radiant Red is even more vivid, further accentuating the model’s sporty and active character.

The Sporty Side
F SPORT grades receive exclusive front under spoilers, side pontoons, and rear corner devices that heighten the sense of dynamic performance. Piano Black finishes on the roof side rails, roof spoiler, and rocker panels create a more cohesive, sporty appearance.

Exclusive lightweight, high-rigidity 20-inch aluminum wheels and red brake calipers further distinguish the F SPORT model. The interior features an all-black instrument panel to create a more driver-focused cockpit, while contrast stitching provides a distinctive accent.

Sensory Concierge: A Multisensory Cabin Experience
Available on Luxury and F SPORT grades, Sensory Concierge is designed to provide all occupants with a space as relaxing as their own living room, delivering an experience based on Lexus’ “Performing Arts” concept, and immersing occupants through the interplay of space and sensory effects. By coordinating illumination, music, climate control, seat temperature, and fragrance across three modes, the system tailors the cabin environment to occupants’ moods, helping them feel relaxed or energized depending on the moment.

INSPIRE is designed to energize and uplift through coordinated illumination, engaging audio, refreshing airflow, and tailored comfort settings.RADIANCE is designed to promote focus and clarity through a balanced coordination of lighting, fragrance, sound, and comfort settings that foster a more engaged and comfortable daily travel experience.REVITALIZE is designed to encourage relaxation and renewal through calming ambient sounds, soothing illumination, and comfort-focused settings.

The new NX offers multiple fragrance experiences, each representing the Lexus design philosophy of “Time.” In addition to the three Sensory Concierge modes, occupants can select each fragrance independently, allowing them to personalize the cabin atmosphere based on their preference. Fragrances can also be experienced together with visuals, music, and illumination coordinated specifically with the scent.

Shinmei — A pure citrus fragrance inspired by the sense of new beginnings at dawn, expressing clarity, optimism and the promise of a new day.Seiyo — A gentle white floral fragrance inspired by abundant spring sunlight, evoking warmth, comfort and natural openness.Hanya — A soft, mysterious musk inspired by the quiet stillness of night, creating a calming atmosphere intended to encourage relaxation and reflection.

Updated Safety and Convenience Features with Lexus Safety System+ 4.0
Lexus is committed to advancing safety and convenience technologies to assist in the reduction of certain traffic accidents The new NX features Lexus Safety System+ 4.0, delivering enhanced detection capabilities, broader situational awareness, and expanded driver-assistance technologies to help provide greater confidence and peace of mind behind the wheel. Expanded operating capabilities and sensor coverage provide additional driver support in certain scenarios, while helping to enhance confidence and convenience. In addition, clearer visualization of the vehicle’s surroundings on the meter display helps support confident driving.

All 2027 Lexus NX grades come standard with LSS+ 4.0. This system includes:

Pre-Collision System (PCS) with Pedestrian Detection
Pre-Collision System (PCS) with Pedestrian Detection is designed to help detect a vehicle, pedestrian, bicyclist or motorcyclist and provide an audio/visual forward collision warning under certain circumstances. If the driver does not react, the system is designed to provide automatic emergency braking. PCS uses a camera and millimeter-wave radar for enhanced performance and reliability. Features for LSS+ 4.0 include:

Risk Avoidance Emergency Steer Assist
Designed to provide additional steering torque during an emergency maneuver initiated by the driver, enhancing vehicle stability and helping prevent lane departure. This steering support function is designed to operate when the Pre-Collision System is turned ON, the turn signal is not being operated, the speed of the vehicle is between 25-50 mph and the relative speed to the detected object is between 25-50 mph.

Intersection Turn Assist
Designed to detect vehicles, motorcycles, bicycles, and pedestrians crossing at certain intersections, supporting the driver with audible and visible warnings along with automatic braking when turning left for an oncoming vehicle or turning right for when a pedestrian is detected.

Full-Speed Range Dynamic Radar Cruise Control (DRCC)
Full-Speed Dynamic Radar Cruise Control helps maintain a preset distance from the vehicle ahead of you at various speeds.

Lane Tracing Assist (LTA)
When Full-Speed Range Dynamic Radar Cruise Control (DRCC) is enabled and lane markers are detected, Lane Tracing Assist (LTA) uses the lines on the road and/or preceding vehicles to provide active driving assistance and help keep the vehicle centered within its lane.

Lane Departure Alert with Steering Assist (LDA w/SA)
When lane markings or certain road edge boundary lines are detected at speeds above 30 mph, LDA w/SA is designed to issue an audio/visual lane departure warning if an inadvertent lane departure is detected. If the driver does not take corrective action, the system is also designed to provide gentle corrective steering for lane keeping assistance.

Road Sign Assist (RSA)
Using an intelligent camera, RSA is designed to detect speed limit signs, stop signs, and certain warning signs, and display an icon of the sign on the Multi-Information Display.

Automatic High Beams
Automatic High Beams can automatically toggle between high and low beams based on the vehicle’s surroundings.

Proactive Driving Assist (PDA)
Uses the vehicle’s camera and radar, when operating conditions are met, to provide gentle braking and/or steering to support driving tasks such as distance control between your vehicle and a preceding vehicle.

Additional safety and convenience features available on the Lexus NX include:

Lexus Interface with 14-inch touchscreen display
The latest generation of the Lexus Interface multimedia system offers faster operation, deeper levels of personalization, and new technologies that include a standard drive recorder, split-screen viewing capabilities, and so much more. Its intuitive, smartphone-like design brings navigation, entertainment, vehicle information, connected technologies, and available services together through an experience designed around convenience and personalization.

Drive Recorder
The standard Drive Recorder provides integrated dashcam functionality without noticeable in-cabin camera placement. Using the vehicle’s exterior cameras, the system is designed to record and save video clips associated with manual or triggered events, adding practical convenience without requiring a separate aftermarket device.

Digital Key
Available Digital Key allows compatible smart devices to function as a vehicle key, supporting vehicle access, start, and operation while also allowing owners to share access with other drivers through compatible digital wallets. Digital Key requires an active Remote Connect trial or subscription. A 5-year Remote Connect trial is included for MY27. 5G network dependent.

Safety Connect
Find more peace of mind at the touch of a button with an active Safety Connect trial or subscription. For help in emergency or urgent situations, simply press the in-vehicle SOS button to connect with our 24/7 response center. 5G network dependent. 5-year trial included.

Service Connect
An active Service Connect trial or subscription allows you to access Vehicle Health/Alerts, schedule maintenance services at your preferred Lexus dealer and more—all from your preferred connected device. 5G network dependent. 5-year trial included.

Remote Connect
Optimized for even quicker access, an active Remote Connect trial or subscription allows you to remotely start your Lexus, lock and unlock doors, check vehicle status and more—all through the Lexus app on your compatible smartphone. 5G network dependent. 5-year trial included.

Wi-Fi Connect
Now everyone can stay connected. An active Wi-Fi Connect trial or subscription allows you to connect up to five Wi-Fi—enabled devices to your vehicle’s onboard 5G hotspot. And, depending on your existing mobile provider, you can add the Wi-Fi Connect trial or subscription to your current mobile plan. A 30-day trial with unlimited hotspot data is included. 5G network dependent.

Intelligent Assistant
You speak. And the enhanced Intelligent Assistant quickly responds. Just say “Hey Lexus” to adjust temperature, navigation, audio and more. Requires an active Drive Connect trial or subscription. 5G network dependent. 3-month trial included.

Destination Assist
Get 24-hour access to a live agent who can help direct you to addresses, restaurants, hotels and more—and send directions to your Cloud Navigation. Requires an active Drive Connect trial or subscription. 5G network dependent. 3-month trial included.

Cloud Navigation
Optimized to provide faster, more intuitive results, Cloud Navigation real-time data to provide you with more precise turn-by-turn directions. Requires an active Drive Connect trial or subscription. 5G network dependent. 3-month trial included.

Traffic Jam Assist
Traffic Jam Assist technology (requires Drive Connect subscription; 3-month trial included, and 5G network dependent) is designed to monitor surrounding traffic in condensed, low-speed driving situations on limited access roadways and to keep a set following distance behind the preceding vehicle. In addition to providing temporary hands-free steering assistance (provided the driver remains alert and ready to resume immediate control), this system can automatically bring the vehicle to a complete stop then resume its path of travel as forward traffic begins to move.

Lane Change Assist (LCA)
An extension of Lane Tracing Assist (LTA), Lane Change Assist (LCA) can automatically perform a lane change under certain conditions while using the camera and millimeter-wave radar to monitor the surrounding environment and determine a smooth trajectory.

Rear Pedestrian Detection
Designed to alert the driver if a pedestrian is detected at the rear of the vehicle and apply the brakes if needed.

Front Cross-Traffic Alert (FCTA)
FCTA is designed to detect the approach of crossing vehicles when the vehicle enters an intersection at low speed and alerts the driver via an audible alert and, on trims so equipped, the Head-Up Display (HUD).

NX Grade Lineup
For 2027, the Lexus NX is planned to include four grades: Premium, Premium+, F SPORT, and Luxury. With the Hybrid Electric Vehicle (HEV) powertrain, Premium and Premium+ grades are available with the choice of either all-wheel drive or front-wheel drive, while F SPORT and Luxury grades will exclusively be offered in all-wheel drive. The Plug-in Hybrid Electric Vehicle (PHEV) powertrain is available on all grades but is paired exclusively with all-wheel drive.

Model Code

Model Name

9849

NX 350h Premium FWD

9845

NX 350h Premium

9856

NX 350h Premium+ FWD

9857

NX 350h Premium+

9847

NX 350h F SPORT

9846

NX 350h Luxury

9855

NX 450h+ Premium

9858

NX 450h+ Premium+

9854

NX 450h+ F SPORT

9852

NX 450h+ Luxury

Additional grade details and pricing info for the 2027 Lexus NX will be available closer to the on-sale date.

Lexus and the DISCOVER Ethos
Since its founding in 1989, LEXUS has remained committed to a spirit of innovation. At the 2025 Japan Mobility Show, LEXUS introduced its brand message, “DISCOVER — Imitate No One,” declaring its commitment to further transforming the brand to deliver unique experiences for every customer. Guided by the theme “DISCOVER YOUR EDGE,” the new NX was developed to bring fresh inspiration to customers’ everyday lives, broaden their horizons, and unlock new possibilities. While staying true to the balance of sportiness and utility that has defined generations of NX, the model has been transformed utilizing a new hybrid system that elevates driving performance, complemented by refreshed exterior and interior designs. The dynamic exterior heightens anticipation and excitement for the drive even before stepping inside, while the simple, horizontal themed interior creates an open, relaxed atmosphere for all occupants.

About Lexus 
Lexus’ passion for brave design, imaginative technology, and exhilarating performance enables the luxury lifestyle brand to create amazing experiences for its customers. Lexus began its journey in 1989 with two luxury sedans and a commitment to pursue perfection. Since then, Lexus has developed its lineup to meet the needs of global luxury customers in more than 90 countries. In the United States, Lexus vehicles are sold through 244 dealers offering a full lineup of luxury vehicles. Lexus is committed to being a visionary brand that anticipates the future for luxury customers.

Media Contacts
Brett Miles
brett.p.miles@lexus.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-new-2027-lexus-nx-advancing-hybrid–plug-in-performance-refined-design-and-elevated-in-cabin-experience-302865665.html

SOURCE Lexus

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Technology

Brain Aneurysm Foundation Marks Brain Aneurysm Awareness Month with National Research, Education and Community Initiatives

Published

37 minutes ago

on

September 1, 2026

By

20th Annual Research Grant Symposium in Louisville anchors month of activities as Foundation awards record $650,000 to advance brain aneurysm research

HANOVER, Mass., Sept. 1, 2026 /PRNewswire/ — The Brain Aneurysm Foundation (BAF), the leading advocacy organization supporting education, research and policy to transform the treatment of brain aneurysms, will mark Brain Aneurysm Awareness Month this September with a broad range of activities across the country, led by its 20th Annual Research Grant Symposium in Louisville, Kentucky, and extending to community events, public awareness initiatives and advocacy efforts nationwide.

On September 17, BAF will bring together leading brain aneurysm researchers from across the United States and Canada for its annual scientific symposium and Research Grant Awards Dinner. This year, the Foundation is awarding a record $650,000 to support 18 research projects spanning genetics, artificial intelligence, diagnostics, imaging and new treatment strategies. Since launching its research grant program in 2007, BAF has invested more than $7 million to advance understanding of how brain aneurysms form and rupture and support new approaches to detection, risk assessment and treatment.

“Brain Aneurysm Awareness Month brings together every part of our mission, from researchers working to change what is possible and clinicians caring for patients, to survivors and families advocating for greater awareness and communities across the country raising funds to support continued progress,” said Christine Buckley, Executive Director of the Brain Aneurysm Foundation. “Our goal is to translate greater awareness into earlier detection, more research, better treatments and, ultimately, fewer lives lost or permanently changed by brain aneurysm rupture.”

An estimated one in 50 people in the United States is living with an unruptured brain aneurysm, and approximately 30,000 Americans suffer a rupture each year. Of those who survive a rupture, more than 70 percent will suffer long-term neurologic challenges.

The month also reflects BAF’s longstanding leadership in bringing greater national attention to brain aneurysms. Beginning more than 15 years ago, the Foundation led a multi-year advocacy effort that resulted in U.S. Senate recognition of September as National Brain Aneurysm Awareness Month. BAF has since continued working with policymakers across the country to increase federal funding for brain aneurysm research, including the bipartisan bill known as Ellie’s Law, which aims to provide additional funds to the National Institutes of Health.

“Few organizations have had a more consequential impact on the brain aneurysm field than the Brain Aneurysm Foundation,” said Walter Koroshetz, M.D., a leading neurologist and neuroscientist and former director of the National Institute of Neurological Disorders and Stroke. “Promising early research funded by the BAF has often led to larger NIH grants, and the organization has been instrumental in bringing together investigators and clinicians from leading institutions, educating patients and medical professionals, and giving survivors and families a national voice. There simply is no other organization that brings these pieces together at this scale, and that leadership has been instrumental in moving the field forward.”

Throughout September, BAF will bring that mission to communities across the country through activities including:

The 20th Annual Research Grant Symposium in Louisville on September 17, bringing together leading researchers to share findings, foster collaboration and recognize BAF’s 2026 grant recipients;BAF runs and walks in Long Island and Louisville on September 19; Philadelphia on September 20; New York City and Fredericksburg, Virginia on September 26; and Chicago on September 27;The illumination of landmarks across the country in recognition of Brain Aneurysm Awareness Month, including Louisville’s Big Four Bridge on September 21 and buildings and bridges throughout Boston on September 25, with additional cities expected to participate;National education, advocacy and social media initiatives focused on brain aneurysm risk factors, warning signs, early detection and the experiences of survivors and families;Ongoing engagement with federal lawmakers and their staffs to advocate for “Ellie’s Law,” which aims to increase NIH funding for brain aneurysm research;A webinar on September 24, in collaboration with the Massachusetts Health & Hospital Association, to help primary care clinicians and first responders recognize key signs and symptoms, understand risk factors and treatment options, and provide timely support for patients and families; andOn September 26, the BAF will host its first global Virtual Community Support Group for survivors and caregivers. This is in addition to the dozens of hospital-led, in-person support groups nationwide that will offer programs in September.

The BAF works throughout the year to increase understanding of brain aneurysm warning signs and risk factors, encourage early detection among those at increased risk, advocate for greater federal research funding, and provide education and support to individuals and families affected by the disease.

About the Brain Aneurysm Foundation

The Brain Aneurysm Foundation (BAF) is the leading advocacy organization supporting education, research, and policy to transform the treatment of brain aneurysms, and is the largest private funder of brain aneurysm research. Through its strategic grant program, BAF fuels breakthroughs in early detection, prevention, treatment, and technology, advancing the standard of care and improving outcomes for patients. To learn more, visit bafound.org.

Media Contact:
Lynn Nuttall
Director of Marketing and Communications
Brain Aneurysm Foundation
781-826-5556 x 208
lynn@bafound.org

View original content to download multimedia:https://www.prnewswire.com/news-releases/brain-aneurysm-foundation-marks-brain-aneurysm-awareness-month-with-national-research-education-and-community-initiatives-302865719.html

SOURCE Brain Aneurysm Foundation

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