Analysis of Debt
Total Debt (Carrying Amount)
Etsy Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Total debt and finance lease liabilities exhibited a consistent and substantial upward trajectory between December 31, 2017, and December 31, 2021. The total carrying amount increased from $69,962 thousand to $2,388,119 thousand, representing a significant expansion of the company's leverage over the five-year period.
- Long-Term Debt Growth
- Net long-term debt emerged as the primary driver of total liabilities starting in 2018. This figure escalated from $276,486 thousand in 2018 to $2,275,418 thousand by the end of 2021. The most pronounced increase occurred between 2020 and 2021, where the balance more than doubled.
- Evolution of Financing Obligations
- Facility financing obligations remained stable at approximately $60 million through 2017 and 2018 but were completely phased out or restructured by 2019. This shift coincided with the rapid acceleration of net long-term debt issuance.
- Finance Lease Liability Trends
- A significant increase in non-current finance lease obligations is observed, rising from $4,115 thousand in 2017 to $110,283 thousand in 2021. While current lease obligations remained relatively low and fluctuated between $2.4 million and $8.5 million, the long-term lease commitments grew substantially beginning in 2019.
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Total Debt (Fair Value)
| Dec 31, 2021 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| 2021 Notes | 1,165,519) |
| 2020 Notes | 862,774) |
| 2019 Notes | 1,644,869) |
| 2018 Notes | 375) |
| Total notes (fair value) | 3,673,537) |
| Facility financing obligation | —) |
| Finance lease liabilities | 112,701) |
| Total debt and finance lease liabilities (fair value) | 3,786,238) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.59 |
Based on: 10-K (reporting date: 2021-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 0.46%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 0.40% | 1,165,519) | 4,662) | |
| 0.30% | 862,774) | 2,588) | |
| 0.30% | 1,644,869) | 4,935) | |
| 4.75% | 375) | 18) | |
| 4.72% | 112,701) | 5,319) | |
| Total | 3,786,238) | 17,522) | |
| 0.46% | |||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 17,522 ÷ 3,786,238 = 0.46%