Etsy (ETSY) Financials

$3.5 B

Mkt cap, 21-May-2018

$120.9 M

Revenue Q1, 2018
Gross profit (Q1, 2018)79.6 M
Gross profit margin (Q1, 2018), %65.8%
Net income (Q1, 2018)13 M
EBIT (Q1, 2018)13.8 M
Cash, 31-Mar-2018533.9 M
EV3.2 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

195.6 m273.5 m365 m441.2 m

Revenue growth, %

40%33%

Cost of goods sold

97 m123.3 m151 m

Gross profit

176.5 m241.6 m290.2 m

Gross profit Margin, %

65%66%66%

Sales and marketing expense

66.8 m82.8 m109.1 m

R&D expense

42.7 m55.1 m74.6 m

General and administrative expense

68.9 m86.2 m91.5 m

Operating expense total

178.4 m224.1 m278.3 m

EBIT

(1.9 m)17.6 m11.9 m

EBIT margin, %

(1%)5%3%

Interest income

2.4 m

Pre tax profit

(28 m)(2.9 m)32.3 m

Income tax expense

5 m(26.1 m)(27 m)49.5 m

Net Income

(54.1 m)(29.9 m)81.8 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

58.5 m61.4 m65.7 m81.8 m85.3 m87.6 m96.9 m101.7 m120.9 m

Cost of goods sold

20.7 m21.9 m24.2 m27.9 m29.1 m29.3 m34.7 m35.7 m41.3 m

Gross profit

37.8 m39.5 m41.5 m53.9 m56.3 m58.2 m62.2 m66 m79.6 m

Gross profit Margin, %

65%64%63%66%66%67%64%65%66%

Sales and marketing expense

12.2 m15.5 m16.5 m15.8 m17.2 m18.7 m23.5 m27.5 m26.2 m

R&D expense

10 m10.1 m11.4 m12.2 m11.8 m14.9 m18.1 m21.8 m20.7 m

General and administrative expense

20.5 m17.6 m15.3 m19.1 m22.5 m21.9 m22.8 m28.4 m18.9 m

Operating expense total

42.7 m43.2 m43.2 m47.2 m51.6 m55.6 m64.3 m77.7 m65.8 m

EBIT

(4.8 m)(3.8 m)(1.7 m)6.8 m4.7 m2.7 m(2.1 m)(11.7 m)13.8 m

EBIT margin, %

(8%)(6%)(3%)8%5%3%(2%)(12%)11%

Interest expense

3.8 m

Interest income

1.1 m

Pre tax profit

(25.9 m)(1.4 m)(2.8 m)14.8 m(3.1 m)2 m(1.5 m)2.2 m13 m

Income tax expense

(10.7 m)(4.1 m)(13.6 m)(4.3 m)(4.4 m)1.1 m9.4 m(14 k)

Net Income

(36.6 m)(6.4 m)(6.9 m)1.2 m(7.3 m)(2.4 m)(421 k)11.7 m13 m

Balance Sheet

Annual

usdY, 2012Y, 2013Y, 2014FY, 2015FY, 2016FY, 2017

Cash

34.9 m36.8 m69.7 m271.2 m181.6 m315.4 m

Accounts Receivable

26.4 m33.7 m

Inventories

652 k

Current Assets

359.1 m371 m439.3 m

PP&E

105 m126.4 m117.6 m

Goodwill

27.8 m35.7 m38.5 m

Total Assets

553.1 m581.2 m605.6 m

Accounts Payable

14.4 m11 m13.6 m

Current Liabilities

80.1 m84 m102.5 m

Total Liabilities

236.4 m208.7 m

Common Stock

113 k116 k122 k

Additional Paid-in Capital

406 m442.5 m499.4 m

Retained Earnings

(86.4 m)(116.3 m)(96.3 m)

Total Equity

330.5 m344.8 m396.9 m

Financial Leverage

1.7 x1.7 x1.5 x

Quarterly

USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

268.2 m266.3 m158.4 m167.5 m188 m194.8 m226.9 m533.9 m

Current Assets

343.4 m349.3 m340.6 m346.8 m353.4 m355.2 m376.2 m705 m

PP&E

85.4 m94.7 m116.5 m125.8 m

Goodwill

28.3 m28.4 m28.6 m28.1 m37.8 m36 m37.4 m39.2 m

Total Assets

529.1 m538.6 m549.2 m551 m569.2 m530.7 m554.3 m870.2 m

Accounts Payable

6 m3.2 m13.6 m7.6 m7.3 m6.4 m7.6 m8.1 m

Current Liabilities

52.2 m69.6 m77.4 m74.5 m77.6 m81.2 m88.3 m106.6 m

Long-term debt

265.4 m

Total Debt

265.4 m

Total Liabilities

203.4 m215.8 m219.6 m217.9 m224.7 m235.7 m246 m485.7 m

Common Stock

112 k112 k113 k114 k115 k116 k118 k120 k

Preferred Stock

Additional Paid-in Capital

394.5 m398.6 m411.2 m418 m433.9 m447.6 m462.6 m542.6 m

Retained Earnings

(75.3 m)(82.2 m)(85.2 m)(92.6 m)(95 m)(168.2 m)(156.5 m)(151.9 m)

Total Equity

325.8 m322.8 m329.5 m333 m344.5 m295 m308.3 m384.5 m

Financial Leverage

1.6 x1.7 x1.7 x1.7 x1.7 x1.8 x1.8 x2.3 x

Cash Flow

Annual

usdFY, 2015FY, 2016FY, 2017

Net Income

(54.1 m)(29.9 m)81.8 m

Depreciation and Amortization

18.6 m22.5 m27.2 m

Accounts Receivable

(6.7 m)(8.2 m)(8.8 m)

Inventories

(266 k)(6.2 m)

Accounts Payable

6.7 m(3.6 m)2.8 m

Cash From Operating Activities

201.6 m46.8 m67.4 m

Purchases of PP&E

(11.1 m)(36 m)(3.9 m)

Cash From Investing Activities

(23.3 m)(135.4 m)61.8 m

Cash From Financing Activities

199.6 m5.8 m3.4 m

Interest Paid

342 k2 m7.6 m

Income Taxes Paid

7.6 m10.6 m1 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

(36.6 m)(42.9 m)(49.8 m)1.2 m(6.1 m)(8.5 m)(421 k)11.2 m13 m

Depreciation and Amortization

4.3 m9.1 m14 m4.7 m9.8 m15.6 m6.9 m13.6 m6.3 m

Accounts Receivable

46 k(210 k)(2 m)799 k135 k(1.8 m)1.1 m1 m1.7 m

Accounts Payable

(419 k)(929 k)(3.5 m)173 k(5.8 m)(6.1 m)(3.4 m)(2.3 m)(6.6 m)

Cash From Operating Activities

8.9 m13.6 m19 m1.8 m19 m28.2 m3.3 m15.4 m26.4 m

Purchases of PP&E

(1.9 m)(4.5 m)(9.5 m)(10.9 m)(26.3 m)(34.2 m)(2.7 m)(3.6 m)(192 k)

Cash From Investing Activities

(6.6 m)(12 m)(18.1 m)(114.4 m)(120.3 m)(112 m)12.4 m29.6 m(45.7 m)

Cash From Financing Activities

1.7 m199.2 m199 m253 k(199 k)3.8 m(2 m)(618 k)236.6 m

Ratios

USDY, 2018

EV/EBIT

235.1 x

EV/CFO

122.8 x

Financial Leverage

2.3 x
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Operating Metrics

Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017May, 2017Q2, 2017Q3, 2017

Active Sellers

1.14 m1.19 m1.28 m1.35 m1.43 m1.48 m1.53 m1.56 m1.60 m1.65 m1.71 m1.75 m1.80 m1.80 m1.80 m1.90 m

Active Buyers

15.26 m16.49 m18.10 m19.81 m20.84 m21.70 m22.60 m24.05 m25.03 m26.10 m27.14 m28.56 m29.67 m29.70 m30.60 m31.70 m

Gross Merchandise Volume

$414.83 m$438.47 m$467.20 m$1.93 b$531.92 m$546.20 m$568.79 m$2.39 b$629.85 m$669.70 m$677.22 m$2.84 b$719.04 m$748 m$766.40 m

Products Online

45 m45 m

Retailers

25 k
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Human Capital

Etsy's employees are reported to be approximately 54% female and 46% male.

Gender

Y, 2015Y, 2014
Female53.9 %51 %
Male45.6 %49 %
Other0.5 %

Ethnicity

Jul, 2014
Asian11 %
White79 %
Other10 %

Job Roles

Q4, 2013
Male Engineers, percent87.3 %
Female Engineers, percent12.8 %
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