Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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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 cash flow 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).
- Net Income (Loss)
- The net income shows considerable volatility over the periods. Starting with a loss in March 2017, it turned positive and generally increased until 2020, peaking near late 2020 and early 2021. However, the last recorded quarter shows a significant loss exceeding one million US dollars, indicating a major financial setback.
- Stock-Based Compensation Expense
- This expense exhibits a clear upward trend from 2017 through early 2022, suggesting increased reliance on equity incentives for compensation. The growth is especially pronounced from 2020 forward, reflecting possibly higher stock prices or changes in compensation policy.
- Depreciation and Amortization Expense
- This expense remains fairly steady with gradual increases over time, peaking notably in late 2021 and early 2022. The pattern indicates consistent asset investment and amortization, with mixed fluctuations suggesting changes in asset composition or capital expenditure timing.
- Provision for Expected Credit Losses
- The provision fluctuates, generally increasing over time but with considerable quarterly variation. Peaks in some quarters suggest episodic credit risk concerns or changes in receivable quality.
- Foreign Exchange (Gain) Loss
- The foreign exchange results fluctuate between gains and losses across periods, with no clear trend but substantial volatility. These swings suggest exposure to currency risk related to international operations or transactions.
- Asset Impairment Charges
- Recorded only once in 2017, the charge reflects a one-time impairment event, signaling an asset write-down during that period.
- Deferred Provision (Benefit) for Income Taxes
- The deferred tax provision shows marked variability, with large negative figures in multiple quarters indicating benefits or tax credits, while positive amounts occasionally appear. The pattern may reflect tax strategy changes or timing differences in recognition.
- Goodwill Impairment
- A significant goodwill impairment is noted only in the latest quarter of 2022, amounting to over one billion US dollars, implying a substantial reassessment of acquired intangible assets' recoverable value.
- Loss on Extinguishment of Debt
- Appears only once in 2020, representing a sizable nonrecurring expense related to debt retirement.
- Other Non-Cash (Income) Expense, Net
- This item displays a general increasing trend, with large variations but growing total amounts over time, indicative of rising non-operational or accounting adjustments affecting net income.
- Current and Non-Current Assets
- Current assets demonstrate extreme fluctuations, with occasional large negative values followed by recovery periods, suggesting substantial changes in working capital or possibly accounting adjustments. Non-current assets are relatively stable but show modest fluctuations, including some negative values, possibly due to disposals or impairments.
- Current and Non-Current Liabilities
- Current liabilities fluctuate significantly quarter to quarter, with large swings suggesting movements in payable accounts or short-term debt. Non-current liabilities remain relatively stable with occasional spikes, possibly arising from debt issuances or repayments.
- Changes in Operating Assets and Liabilities
- Notable volatility is present here, indicating substantial quarterly shifts in working capital related to operations or business combinations. Large positive and negative values suggest timing mismatch in collections and payments.
- Adjustments to Reconcile Net Income to Net Cash from Operations
- Adjustments vary significantly, with a notable upward trend from 2020 onwards, indicating increased non-cash charges or other accounting adjustments that enhance operating cash flow.
- Net Cash Provided by Operating Activities
- Operating cash flow trends upward markedly from 2017 through 2021, with sharp increases in 2020 and 2021 reflecting stronger cash generation despite income volatility. The figures show a strong operational cash flow base.
- Investing Activities
- Net cash used in investing fluctuates with periods of negative outflows and occasional inflows. Large outflows are evident particularly in 2018 and again sharply negative in 2021, likely stemming from acquisitions and capital expenditures. Periods of positive inflows suggest asset sales or divestitures.
- Financing Activities
- Financing cash flows show considerable variation, including large inflows related to debt issuances and stock option exercises, and significant outflows related to stock repurchases and debt repayments. The issuance of convertible notes several times suggest active capital structure management. Repurchase activity seems most intense in 2018 and 2021.
- Effect of Exchange Rate Changes on Cash
- The impact of foreign exchange on cash is highly volatile with both positive and negative values, reflecting currency exposure risks affecting cash balances variably over time.
- Net Increase (Decrease) in Cash and Cash Equivalents
- Cash balances show strong growth periods particularly in 2017 and 2020, offset by periods of decline especially in mid-2018 and 2021 through early 2022. The overall pattern corresponds closely to the interplay of operating, investing, and financing cash flows, with large net decreases during acquisition and impairment-laden periods.