| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
95,894 | 77,491 | 81,800 | -29,901 | -54,063 | -15,243 | -796 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Stock-based compensation expense | ||||||
44,395 | 38,231 | 26,559 | 13,168 | 8,981 | 5,920 | 3,834 |
Stock-based compensation expense—acquisitions | ||||||
- | - | - | 2,733 | 1,860 | 4,130 | 0 |
Contribution of stock to Good Work Institute (formerly Etsy.org) | ||||||
- | - | - | - | 3,200 | 0 | 0 |
Depreciation and amortization expense | ||||||
48,031 | 26,742 | 27,197 | 22,525 | 18,550 | 17,223 | 12,380 |
Bad debt expense | ||||||
10,963 | 4,124 | 2,497 | 1,770 | 1,780 | 1,881 | 1,002 |
Foreign exchange loss (gain) | ||||||
5,708 | -5,997 | 27,424 | -12,921 | -21,775 | -3,049 | 0 |
Amortization of debt issuance costs | ||||||
2,006 | 1,191 | 463 | 184 | 167 | 68 | 8 |
Non-cash interest expense | ||||||
19,108 | 10,968 | 3,117 | 5,337 | 0 | 0 | - |
Interest (income) expense on marketable securities | ||||||
4,182 | 2,887 | -426 | -914 | 0 | 0 | - |
Net unrealized loss on warrant and other liabilities | ||||||
- | - | - | - | -3,133 | -411 | -419 |
Loss on disposal of assets | ||||||
-1,667 | -136 | -520 | -1,143 | -1,319 | -79 | -677 |
Asset impairment charges | ||||||
0 | 0 | 3,162 | 551 | 0 | 0 | - |
Deferred income taxes | ||||||
15,248 | 22,414 | 49,535 | -9,969 | 4,146 | - | - |
Amortization of deferred tax charge | ||||||
- | - | - | 17,132 | 17,132 | 0 | 0 |
Excess tax benefit from exercise of stock options | ||||||
- | - | - | - | - | 4,877 | 22 |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
12,656 | -17,215 | 8,826 | 8,192 | 6,739 | 6,197 | 4,832 |
Funds receivable and seller accounts | ||||||
23,177 | -23,436 | 13,477 | 10,910 | 9,025 | 3,975 | 2,907 |
Prepaid expenses and other current assets | ||||||
14,156 | 4,785 | -3,024 | 1,384 | 266 | 5,820 | 1,667 |
Other assets | ||||||
-4,045 | -43 | 28 | -438 | -225 | 1,446 | 295 |
Accounts payable | ||||||
-953 | 13,364 | 2,837 | -3,585 | 6,728 | 1,046 | 1,712 |
Accrued and other current liabilities | ||||||
37,410 | 23,079 | -2,659 | 795 | 12,395 | 11,463 | 1,960 |
Funds payable and amounts due to sellers | ||||||
23,177 | -23,436 | 13,477 | 10,910 | 9,025 | 3,880 | 2,993 |
Deferred revenue | ||||||
191 | 1,331 | 434 | 964 | 1,279 | 693 | 794 |
Other liabilities | ||||||
-3,887 | 9,099 | 5,537 | 482 | -155 | -198 | 1,282 |
Net cash provided by operating activities | ||||||
206,920 | 198,925 | 69,101 | 47,964 | 33,155 | 12,087 | 16,542 |
Cash flows from investing activities | ||||||
Cash paid for asset acquisition and intangible assets | ||||||
1,963 | 35,494 | 0 | 0 | - | - | - |
Acquisition of businesses, net of cash acquired | ||||||
270,409 | 0 | 0 | 7,880 | 0 | 4,688 | 675 |
Purchases of property and equipment | ||||||
7,528 | 1,019 | 3,948 | 35,981 | 11,116 | 1,304 | 7,762 |
Development of internal-use software | ||||||
7,750 | 19,537 | 9,208 | 11,769 | 9,719 | 8,280 | 9,310 |
Purchases of marketable securities | ||||||
661,821 | 514,286 | 62,348 | 160,504 | 26,040 | 21,698 | 39 |
Sales of marketable securities | ||||||
461,098 | 284,943 | 137,340 | 80,704 | 23,592 | 20,588 | 2,761 |
Net increase in restricted cash | ||||||
- | - | - | - | - | 5,341 | 0 |
Net cash provided by (used in) investing activities | ||||||
-488,373 | -285,393 | 61,836 | -135,430 | -23,283 | -20,723 | -15,025 |
Cash flows from financing activities | ||||||
Payment of tax obligations on vested equity awards | ||||||
32,547 | 24,065 | 6,417 | 1,258 | - | - | - |
Proceeds from public offering | ||||||
- | - | - | - | 199,467 | 0 | 0 |
Repurchase of stock for tax on RSU vesting | ||||||
- | - | - | - | 0 | - | - |
Proceeds from the issuance of common stock | ||||||
- | - | - | - | - | 35,000 | 0 |
Repurchase of stock | ||||||
176,985 | 134,647 | 10,301 | 0 | 0 | 0 | 188 |
Proceeds from exercise of stock options | ||||||
9,791 | 18,253 | 33,838 | 10,568 | 3,626 | 7,956 | 1,328 |
Proceeds from issuance of convertible senior notes | ||||||
650,000 | 345,000 | 0 | 0 | - | - | - |
Payment of debt issuance costs | ||||||
11,904 | 9,962 | 0 | 0 | - | - | - |
Purchase of capped call | ||||||
76,180 | 34,224 | 0 | 0 | - | - | - |
Payments on finance lease obligations | ||||||
10,833 | 6,057 | 7,798 | 6,086 | 3,377 | 1,480 | 1,265 |
Excess tax benefit from the exercise of stock options | ||||||
- | - | - | - | - | 4,877 | 22 |
Deferred payments on acquisition of business | ||||||
- | - | - | 649 | 0 | 75 | 0 |
Payments on facility financing obligation | ||||||
0 | 10,164 | 5,883 | 0 | 0 | - | - |
Other financing, net | ||||||
8,265 | -128 | 3,116 | -3,099 | - | - | - |
Payments relating to public offering | ||||||
- | - | - | - | 4,052 | 1,041 | 0 |
Net cash used in financing activities | ||||||
359,607 | 144,006 | 6,555 | -524 | 195,664 | 45,237 | -103 |
Effect of exchange rate changes on cash | ||||||
-1,846 | -5,995 | -3,642 | -1,662 | -3,951 | -3,737 | 446 |
Net decrease in cash, cash equivalents, and restricted cash | ||||||
76,308 | 51,543 | 133,850 | -89,652 | 201,585 | 32,864 | 1,860 |
Cash paid for interest | ||||||
3,206 | 10,002 | 7,555 | 2,000 | 1,346 | 342 | 233 |
Cash paid for income taxes | ||||||
2,084 | 966 | 1,003 | 10,559 | 7,604 | 217 | 206 |
Supplemental non-cash disclosures: | ||||||
Equipment acquired under capital lease obligations | ||||||
- | - | - | 5,030 | 11,657 | 5,564 | 0 |
Stock-based compensation capitalized in development of capitalized software | ||||||
1,302 | 2,252 | 807 | 792 | 463 | 190 | 243 |
Additions to development of internal-use software and property and equipment included in accounts payable and accrued expenses | ||||||
1,148 | 1,211 | 956 | 2,239 | 12,721 | 2,510 | 398 |
Right-of-use assets obtained in exchange for new lease liabilities: | ||||||
Right-of-assets obtained in exchange for new lease liabilities: | ||||||
Finance leases | ||||||
849 | 2,122 | 5,586 | - | - | - | - |
Non-cash addition to construction in progress related to build-to-suit lease and facility financing obligation | ||||||
- | - | - | - | 1,484 | 50,320 | 0 |
Non-cash addition to capitalized public offering costs | ||||||
- | - | - | - | 13 | 1,413 | 0 |
Fair value of common stock issued in acquisition | ||||||
- | - | - | 6,966 | 0 | 27,723 | 0 |