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Stock Analysis on Net

Etsy Inc. (NASDAQ:ETSY)

This company has been moved to the archive! The financial data has not been updated since November 3, 2022.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Etsy Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Accounts payable 0.73 1.70 1.71 2.94 2.25
Pass-through marketplace tax collection obligation 3.56 4.56 2.54 1.36 0.62
Vendor accruals 3.02 3.05 1.67 1.98 2.41
Employee compensation-related liabilities 1.73 1.82 1.51 2.12 1.72
Taxes payable 0.25 0.22 0.00 0.00 0.00
Accrued expenses 8.56% 9.66% 5.73% 5.45% 4.75%
Finance lease obligations, current 0.06 0.36 0.54 0.43 0.96
Funds payable and amounts due to sellers 5.75 6.11 3.23 2.34 7.37
Deferred revenue 0.32 0.47 0.49 0.83 1.03
Other current liabilities 0.64 0.62 0.53 0.44 0.56
Current liabilities 16.07% 18.91% 12.22% 12.43% 16.92%
Finance lease obligations, net of current portion 2.88 1.87 3.48 0.23 0.68
Deferred tax liabilities 2.07 2.43 4.18 3.38 3.93
Facility financing obligation 0.00 0.00 0.00 6.65 9.92
Long-term debt, net 59.38 44.18 50.90 30.66 0.00
Other liabilities 3.19 1.73 2.85 2.20 3.02
Non-current liabilities 67.53% 50.21% 61.41% 43.12% 17.54%
Total liabilities 83.59% 69.12% 73.64% 55.55% 34.46%
Common stock, $0.001 par value 0.00 0.01 0.01 0.01 0.02
Preferred stock, $0.001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 16.49 36.73 41.67 62.32 82.47
Retained earnings (accumulated deficit) 1.87 -6.11 -14.74 -17.01 -15.90
Accumulated other comprehensive income (loss) -1.96 0.25 -0.56 -0.87 -1.05
Stockholders’ equity 16.41% 30.88% 26.36% 44.45% 65.54%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure of the organization underwent a significant transformation between 2017 and 2021, characterized by a substantial shift from equity-based financing to debt-based financing. Total liabilities rose from 34.46% of the total balance sheet in 2017 to 83.59% by 2021, while stockholders' equity declined from 65.54% to 16.41% over the same period.

Liability Composition and Long-Term Debt
The increase in total liabilities was primarily driven by the growth of non-current liabilities, which escalated from 17.54% in 2017 to 67.53% in 2021. The primary catalyst for this increase was long-term debt, net, which was not a primary component in 2017 but rose to 30.66% in 2018 and reached 59.38% by 2021. In contrast, current liabilities remained relatively stable as a percentage of the total balance sheet, fluctuating between 12.22% and 18.91% and ending at 16.07% in 2021.
Operational Liability Trends
Within current liabilities, pass-through marketplace tax collection obligations showed a consistent upward trajectory, increasing from 0.62% in 2017 to 3.56% in 2021, which correlates with the scaling of marketplace operations. Accrued expenses also saw an increase, rising from 4.75% in 2017 to 8.56% in 2021. Conversely, deferred revenue declined steadily from 1.03% in 2017 to 0.32% in 2021, and accounts payable decreased from 2.25% to 0.73% over the five-year period.
Equity and Profitability Indicators
A sharp contraction in additional paid-in capital was observed, falling from 82.47% in 2017 to 16.49% in 2021. However, a positive trend in retained earnings is evident; the organization moved from an accumulated deficit of -15.90% in 2017 to a positive balance of 1.87% by 2021, signaling a transition toward cumulative profitability. Accumulated other comprehensive income remained volatile and relatively low, ending at -1.96% in 2021.

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