Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Etsy Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2015
- Price to Earnings (P/E) since 2015
- Price to Operating Profit (P/OP) since 2015
- Analysis of Revenues
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Etsy Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Revenue Trends
- Revenue demonstrated a generally upward trend from March 2017 to December 2020, increasing from approximately $96.9 million to $617.4 million, with some fluctuations in between. A significant surge is evident especially from March 2020 onwards, peaking in December 2020. However, after December 2020, revenue shows variability with a decline and stabilization around $579 million to $594 million in 2022.
- Cost of Revenue
- Cost of revenue increased steadily in absolute terms throughout the period, growing from about $34.7 million in early 2017 to over $150.8 million by the end of 2020. The increase accelerated in the latter periods, paralleling revenue growth. Post-2020, cost of revenue remained high, peaking at over $208 million in December 2021 before slightly decreasing in 2022.
- Gross Profit
- Gross profit followed the revenue trend, increasing markedly from around $62.2 million in March 2017 to a peak exceeding $466.6 million by December 2020. This indicates improved gross margins amid rising sales. Thereafter, gross profit decreased and somewhat stabilized around $406 million to $420 million through 2022, indicating margin pressures or cost increases relative to revenue.
- Operating Expenses
- Operating expenses showed a consistent upward trajectory. Marketing expenses rose from $23.5 million in early 2017 to a high of around $210.8 million by December 2020, reflecting increased spending to support growth. Product development expenses also increased continually from $18.1 million to $51.2 million across the same period. General and administrative expenses rose steadily, with a noticeable sharp increase toward the last quarters of 2021, peaking at nearly $89.6 million. In total, operating expenses grew significantly, especially through 2020 and 2021.
- Operating Income (Loss)
- Operating income fluctuated initially, with early periods showing losses or modest gains. From late 2017, operating income started to grow and reached substantial positive figures, peaking at around $161.3 million in December 2020. A downturn occurred in 2022, culminating in a major operating loss of -$954.8 million in September 2022 driven primarily by a goodwill impairment charge.
- Non-Operating Items and Net Income
- Other income and expenses were generally minor and inconsistent, with negative and positive figures interchanging irregularly. Income before taxes showed a similar pattern to operating income but was reduced in some quarters by non-operating losses and tax provisions. Net income exhibited robust growth up to 2020, with peaks exceeding $148.5 million, followed by volatility and a severe loss in the last reported period of -$963.1 million in September 2022, mainly due to impairment charges.
- Impairment Charges
- Notably, there was a substantial goodwill impairment of over $1 billion reported in late 2022 impacting net results significantly. Additionally, asset impairment charges were recorded in late 2017 but were minor in comparison. These non-cash expenses substantially affected profitability in the recent period.
- Summary of Overall Financial Health
- Overall, the financial data reflects strong growth in revenue and gross profit through 2020, accompanied by rising operating expenses indicative of investment in marketing, product development, and administration. Operating and net income improved accordingly. Despite these positive trends, the significant impairment recorded in 2022 reversed profitability and highlights challenges or revaluation of assets. The company experienced cost pressures and fluctuated earnings that suggest a need for ongoing efficiency improvements and monitoring of asset valuation.