Name: Etsy Inc. (NASDAQ:ETSY) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Revenue	594,469)	585,135)	579,266)	717,139)	532,429)	528,900)	550,646)	617,355)	451,478)	428,737)	228,055)	269,998)	197,947)	181,095)	169,339)	200,028)	150,366)	132,387)	120,912)	136,268)	106,380)	101,692)	96,891)
Cost of revenue	(174,401)	(171,421)	(172,995)	(208,966)	(153,660)	(148,969)	(142,917)	(150,780)	(120,168)	(111,381)	(82,416)	(90,824)	(68,949)	(58,605)	(52,658)	(57,111)	(46,947)	(45,409)	(41,295)	(44,220)	(36,383)	(35,724)	(34,659)
Gross profit	420,068)	413,714)	406,271)	508,173)	378,769)	379,931)	407,729)	466,575)	331,310)	317,356)	145,639)	179,174)	128,998)	122,490)	116,681)	142,917)	103,419)	86,978)	79,617)	92,048)	69,997)	65,968)	62,232)
Marketing	(147,242)	(164,068)	(154,280)	(204,198)	(131,928)	(167,474)	(151,204)	(210,765)	(126,779)	(114,707)	(48,505)	(84,034)	(50,098)	(45,994)	(35,444)	(63,362)	(39,516)	(28,941)	(26,194)	(34,590)	(23,520)	(27,521)	(23,454)
Product development	(108,040)	(102,095)	(89,476)	(82,555)	(73,521)	(61,753)	(53,706)	(51,157)	(45,908)	(45,233)	(37,782)	(35,701)	(32,465)	(28,765)	(24,947)	(28,542)	(24,418)	(23,568)	(20,721)	(17,788)	(16,958)	(21,754)	(18,116)
General and administrative	(74,544)	(74,990)	(78,200)	(79,171)	(89,579)	(61,599)	(52,182)	(43,318)	(40,454)	(38,276)	(33,987)	(34,401)	(32,203)	(29,883)	(24,647)	(21,524)	(20,748)	(21,707)	(18,904)	(18,218)	(22,094)	(28,411)	(22,763)
Goodwill impairment	(1,045,022)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Asset impairment charges	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3,162)	—)	—)	—)
Operating expenses	(1,374,848)	(341,153)	(321,956)	(365,924)	(295,028)	(290,826)	(257,092)	(305,240)	(213,141)	(198,216)	(120,274)	(154,136)	(114,766)	(104,642)	(85,038)	(113,428)	(84,682)	(74,216)	(65,819)	(73,758)	(62,572)	(77,686)	(64,333)
Income (loss) from operations	(954,780)	72,561)	84,315)	142,249)	83,741)	89,105)	150,637)	161,335)	118,169)	119,140)	25,365)	25,038)	14,232)	17,848)	31,643)	29,489)	18,737)	12,762)	13,798)	18,290)	7,425)	(11,718)	(2,101)
Other income (expense), net	5,763)	601)	1,672)	2,124)	58)	(3,351)	7,091)	(8,028)	(27,776)	(6,824)	(15,672)	(2,287)	(4,143)	(1,479)	(206)	(6,613)	(4,141)	(8,137)	(817)	(24)	5,815)	13,950)	628)
Income (loss) before income taxes	(949,017)	73,162)	85,987)	144,373)	83,799)	85,754)	157,728)	153,307)	90,393)	112,316)	9,693)	22,751)	10,089)	16,369)	31,437)	22,876)	14,596)	4,625)	12,981)	18,266)	13,240)	2,232)	(1,473)
(Provision) benefit for income taxes	(14,051)	(39)	122)	17,184)	6,131)	12,500)	(13,962)	(4,769)	1,368)	(15,891)	2,829)	8,540)	4,712)	1,854)	142)	18,375)	5,298)	(1,246)	(14)	26,484)	12,562)	9,437)	1,052)
Net income (loss)	(963,068)	73,123)	86,109)	161,557)	89,930)	98,254)	143,766)	148,538)	91,761)	96,425)	12,522)	31,291)	14,801)	18,223)	31,579)	41,251)	19,894)	3,379)	12,967)	44,750)	25,802)	11,669)	(421)

Revenue exhibits a significant upward trajectory over the analyzed period, characterized by moderate growth from 2017 through 2019, followed by an accelerated surge beginning in early 2020. Peak quarterly revenue was achieved in the fourth quarter of 2021, reaching 717.1 million USD. Subsequent quarters in 2022 indicate a stabilization and slight contraction, with revenue settling between 579.3 million USD and 594.5 million USD.

Gross Profitability: Gross profit margins remained consistently high and scaled proportionally with revenue. Gross profit grew from 62.2 million USD in March 2017 to a peak of 508.2 million USD in December 2021. This indicates a stable cost of revenue structure relative to sales growth over the five-year period.
Operating Expense Analysis: Operating expenses scaled alongside revenue, though specific categories displayed different growth patterns. Marketing expenses showed the highest volatility and magnitude, peaking at 204.2 million USD in December 2021. Product development costs followed a steady linear increase, rising from 18.1 million USD in March 2017 to 108.0 million USD by September 2022. General and administrative expenses also increased, though they remained more stable relative to the volatility seen in marketing spend.
Operating Income Trends: The company transitioned from marginal operating losses in early 2017 to consistent operating profitability starting in 2018. Operating income experienced a sharp increase during the 2020-2021 period, peaking at 161.3 million USD in December 2020. However, the third quarter of 2022 saw a dramatic reversal, with operating income falling to negative 954.8 million USD.
Impact of Non-Cash Impairments: The significant net loss recorded in the quarter ending September 30, 2022, is primarily attributable to a goodwill impairment charge of 1.045 billion USD. This non-cash event overshadowed the quarter's underlying operational performance and resulted in a net loss of 963.1 million USD, representing the most substantial negative variance in the provided dataset.
Net Income and Tax Provisions: Net income remained positive and grew steadily from 2018 through mid-2022, reaching a peak of 161.6 million USD in December 2021. Tax provisions fluctuated significantly, with notable benefits recorded in early 2017 and significant provisions in late 2021, reflecting changes in taxable income and potential deferred tax adjustments.

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Etsy Inc. (NASDAQ:ETSY)

Income StatementQuarterly Data

Income Statement
Quarterly Data