ETSY, INC ETSY Cash Flow

Etsy, inc (ETSY)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14
Cash flows from operating activities
Net income
76,837	95,894	105,854	110,947	96,103	77,491	80,990	86,898	95,188	81,800	15,667	-12,534	-31,514	-29,901	-12,750	-17,242	-16,285	-54,063	-55,189	-54,569	-51,366	-15,243	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense
50,124	44,395	45,300	42,079	39,859	38,231	33,157	31,038	28,970	26,559	21,549	17,727	14,630	13,168	11,430	10,659	9,429	8,981	8,267	7,362	6,877	5,920	0	0	0
Stock-based compensation expense—acquisitions
-	-	-	-	-	-	-	-	-	-	3,330	3,716	2,919	2,733	1,284	893	675	1,860	5,492	6,221	5,971	4,130	0	0	0
Contribution of stock to Good Work Institute (formerly Etsy.org)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,200	3,200	3,200	3,200	0	0	0	0
Depreciation and amortization expense
53,052	48,031	40,386	34,017	30,564	26,742	25,693	26,276	26,579	27,197	27,525	26,289	24,732	22,525	20,129	19,311	18,940	18,550	18,772	18,269	17,669	17,223	0	0	0
Bad debt expense
13,465	10,963	7,971	6,309	4,394	4,124	4,055	3,595	3,077	2,497	2,614	1,952	1,761	1,770	1,522	819	1,354	1,780	2,317	3,012	2,310	1,881	0	0	0
Foreign exchange loss (gain)
-2,620	5,708	-3,305	-1,908	-7,928	-5,997	-2,245	5,692	26,746	27,424	10,960	4,228	-18,261	-12,921	-2,977	-4,993	7,198	-21,775	-17,762	-18,097	-23,902	-3,049	0	0	0
Non-cash interest expense
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt issuance costs
-	-	-	-	-	-	-	-	-	463	211	203	195	184	182	185	181	167	150	132	99	68	0	0	0
Non-cash interest expense
-	-	-	-	-	10,968	3,279	2,663	2,087	3,117	8,815	8,418	7,482	5,337	0	0	0	-	-	-	-	-	-	-	-
Interest (income) expense on marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-1,449	-914	-840	573	258	0	0	0	0	-	-	-	-
Net unrealized loss on warrant and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,133	-3,308	-3,276	217	-411	0	0	0
Loss on disposal of assets
-	-	-	-	-	-	-	-	-	-520	-404	-466	-700	-1,143	-1,977	-1,674	-1,479	-1,319	-479	-414	-340	-79	0	0	0
Deferred income taxes
17,935	15,248	25,084	24,033	22,647	22,414	30,522	49,912	49,444	49,535	0	0	0	-	-	-	-	-	-	-	-	-	-	-	0
Other non-cash expense (income), net
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred tax charge
-	-	-	-	-	-	-	-	-	-	-	-	-	17,132	14,266	16,516	18,707	17,132	0	0	0	-	-	-	-
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Excess tax benefit from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,633	6,259	7,349	4,877	0	0	0
Changes in operating assets and liabilities:
Current assets
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-current assets
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current liabilities
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-current liabilities
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts receivable
-	-	-	-	-	-	-	-	-	8,826	8,581	7,319	7,898	8,192	6,522	6,394	5,986	6,739	5,311	6,352	6,137	6,197	0	0	0
Funds receivable and seller accounts
-	-	-	-	-	-	-	-	-	13,477	10,353	11,716	9,348	10,910	17,074	12,070	13,027	9,025	7,729	5,829	4,551	3,975	0	0	0
Prepaid expenses and other current assets
-	-	-	-	-	-	-	-	-	-3,024	3,509	15,009	6,241	1,384	391	1,186	2,894	266	3,573	3,090	367	5,820	0	0	0
Other assets
-	-	-	-	-	-	-	-	-	28	46	209	-550	-438	-509	-899	97	-225	-337	-3,350	1,218	1,446	0	0	0
Accounts payable
-	-	-	-	-	-	-	-	-	2,837	-100	-63	-7,162	-3,585	4,199	1,853	7,320	6,728	-2,720	3,971	1,432	1,046	0	0	0
Accrued and other current liabilities
-	-	-	-	-	-	-	-	-	-2,659	1,195	3,435	9,380	795	-5,790	5,450	-2,393	12,395	22,804	11,072	11,951	11,463	0	0	0
Funds payable and amounts due to sellers
-	-	-	-	-	-	-	-	-	13,477	10,353	11,716	9,348	10,910	17,074	12,070	13,026	9,025	7,689	5,677	4,517	3,880	0	0	0
Deferred revenue
-	-	-	-	-	-	-	-	-	434	645	522	794	964	1,439	1,219	1,342	1,279	726	791	669	693	0	0	0
Other liabilities
-	-	-	-	-	-	-	-	-	5,537	-1,155	291	256	482	7,100	1,511	1,294	-155	-6,133	177	-744	-198	0	0	0
Net cash provided by operating activities
205,126	206,920	230,388	213,458	204,214	198,925	133,655	120,414	91,961	69,101	50,436	43,831	48,453	47,964	43,998	39,104	27,080	33,155	19,108	18,805	14,798	12,087	0	0	0
Cash flows from investing activities
Purchases of property and equipment
7,412	7,528	6,466	4,462	1,510	1,019	518	659	1,440	3,948	5,700	13,296	27,811	35,981	35,745	32,850	20,134	11,116	9,947	5,053	2,585	1,304	0	0	0
Development of internal-use software
5,621	7,750	12,105	16,060	19,830	19,537	14,840	10,750	8,349	9,208	11,370	12,762	13,557	11,769	10,831	10,207	9,459	9,719	9,590	9,370	8,473	8,280	0	0	0
Purchases of marketable securities
604,439	661,821	473,325	585,528	613,358	514,286	374,722	267,035	98,919	62,348	98,660	81,750	75,455	160,504	116,140	121,020	128,929	26,040	23,041	19,638	17,836	21,698	0	0	0
Sales of marketable securities
429,568	461,098	515,848	500,323	408,448	284,943	205,243	118,522	112,497	137,340	130,108	130,195	116,093	80,704	53,458	32,508	27,438	23,592	21,012	17,915	15,577	20,588	0	0	0
Net cash provided by (used in) investing activities
-460,276	-488,373	-249,470	-105,898	-261,744	-285,393	-220,160	-195,245	3,789	61,836	14,378	14,507	-8,610	-135,430	-117,138	-131,569	-131,084	-23,283	-21,566	-16,420	-23,346	-20,723	0	0	0
Cash flows from financing activities
Payment of tax obligations on vested equity awards
31,073	32,547	30,534	32,324	27,957	24,065	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of stock for tax on RSU vesting
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of stock
174,485	176,985	199,776	72,478	93,553	134,647	99,962	99,962	78,887	10,301	-633	-180	0	0	0	0	0	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
8,757	9,791	11,614	15,368	13,934	18,253	27,475	38,187	43,487	33,838	24,696	14,050	9,945	10,568	9,149	4,462	3,661	3,626	2,656	2,987	3,386	7,956	0	0	0
Proceeds from issuance of convertible senior notes
-	-	-	-	-	345,000	345,000	345,000	345,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payment of debt issuance costs
10,726	11,904	11,142	1,793	2,027	9,962	9,962	9,561	9,127	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of capped call
-	-	-	-	-	34,224	34,224	34,224	34,224	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments on finance lease obligations
10,654	10,833	0	0	0	-	-	-	7,813	7,798	7,542	7,018	6,566	6,086	5,497	4,933	4,229	3,377	2,691	2,076	1,660	1,480	0	0	0
Excess tax benefit from the exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,633	6,259	7,349	4,877	0	0	0
Deferred payments on acquisition of business
-	-	-	-	-	-	-	-	-	-	-	-	-	649	649	649	649	0	0	0	0	75	0	0	0
Payments on facility financing obligation
-	-	-	-	-	10,164	9,370	10,128	9,005	5,883	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other financing, net
597	8,265	-957	921	4,460	-128	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments relating to public offering
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,052	2,800	3,532	2,523	1,041	0	0	0
Net cash used in financing activities
356,236	359,607	331,192	-103,112	-119,137	144,006	200,686	213,687	242,423	6,555	4,203	-397	-1,775	-524	-1,235	-4,243	193,208	195,664	203,265	203,105	41,552	45,237	0	0	0
Effect of exchange rate changes on cash
-4,406	-1,846	-3,068	-3,109	-11,514	-5,995	-11,742	-7,921	875	-3,642	3,241	1,462	-1,642	-1,662	-3,878	-3,965	-1,562	-3,951	-5,723	-5,785	-6,719	-3,737	0	0	0
Net decrease in cash, cash equivalents, and restricted cash
96,680	76,308	309,042	1,339	-188,181	51,543	102,439	130,935	339,048	133,850	72,258	59,403	36,426	-89,652	-78,253	-100,673	87,642	201,585	195,084	199,705	26,285	32,864	0	0	0
Supplemental non-cash disclosures:
Equipment acquired under capital lease obligations
-	-	-	-	-	-	-	-	-	-	7,364	8,108	5,116	5,030	6,472	6,375	11,315	11,657	10,549	10,747	6,136	5,564	0	0	0
Stock-based compensation capitalized in development of capitalized software
942	1,302	1,956	2,417	2,536	2,252	1,594	1,094	751	807	968	1,050	975	792	617	507	523	463	370	305	200	190	0	0	0
Additions to development of internal-use software and property and equipment included in accounts payable and accrued expenses
33	1,148	1,301	2,185	856	1,211	2,192	2,443	2,133	956	995	-7,385	631	2,239	13,286	21,723	14,357	12,721	2,133	2,792	2,810	2,510	0	0	0
Additions to intangible assets included in other current liabilities
0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs included in accounts payable and accrued expenses
-	-	-	-	-	-	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use assets obtained in exchange for new lease liabilities:
Right-of-assets obtained in exchange for new lease liabilities:
Finance leases
782	849	870	1,765	2,295	2,122	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash addition to construction in progress related to build-to-suit lease and facility financing obligation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,484	9,649	15,943	51,507	50,320	0	0	0
Non-cash addition to capitalized public offering costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13	2,382	3,043	2,191	1,413	0	0	0