Common-Size Balance Sheet: Assets
Quarterly Data
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Etsy Inc., common-size consolidated balance sheet: assets (quarterly data)
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).
- Cash and cash equivalents
- This category experienced considerable fluctuations, with a general increasing trend from early 2017 until late 2020, peaking at 51.74% of total assets in December 2020. However, from 2021 onwards, it displayed a sharp decline reaching a low of 17.69% in March 2021 before recovering moderately to 32.24% by September 2022.
- Short-term investments
- Short-term investments exhibited volatility, initially declining from 15.29% in early 2017 to a low of 4.15% by the end of 2017. Subsequently, there was a strong rebound through 2018 with values surpassing 24%, yet the percentage fell again in 2021, reaching lows near 5-6%, before showing a modest recovery to around 10.25% by late 2022.
- Accounts receivable, net of expected credit losses
- This metric remained relatively stable but low, consistently below 5% of total assets throughout the period. It showed a minor decline from about 4.7% in early 2017 to levels consistently below 1% from 2019 through 2022, indicating a decreasing proportion of assets tied up in receivables.
- Prepaid and other current assets
- The percentage fluctuated moderately around 2-3%, with no clear long-term trend. There was a slight decline from 2017 to mid-2020, followed by a gradual increase toward the latter part of the data set, reaching 3.82% by September 2022.
- Funds receivable and seller accounts
- The proportion of total assets exhibited volatility, with a notable decline from above 7% in late 2017 to about 2.34% in December 2018. Afterward, it oscillated between 3% and 6% through 2022 without a strong directional trend.
- Current assets
- Current assets showed a peak around 81% of total assets in early 2018 and again in late 2021, but dropped drastically to about 30.76% by March 2022. The pattern indicates periods of strong liquidity, interrupted by a sharp decrease in early 2022.
- Restricted cash
- This category remained a very small portion of assets, generally declining slightly over the period from about 1% in early years to approximately 0.14%-0.22% in recent quarters, suggesting restricted cash held is minimal and stable.
- Property and equipment, net of accumulated depreciation and amortization
- A steady decline characterized this asset class from nearly 24% in early 2017 to a low near 3% in 2021, followed by a partial rebound to around 10% by late 2022. This pattern may reflect asset disposals or reclassification, with some reinvestment or asset additions toward the end.
- Goodwill
- The percentage of goodwill was stable around 6-7% through 2017 and 2018, then saw a significant spike to approximately 9% in late 2019. A dramatic surge occurred in 2022 reaching around 36-39%, followed by a sharp reduction back to about 5.5% in September 2022, likely reflecting acquisitions and subsequent adjustments or impairments.
- Intangible assets, net of accumulated amortization
- This category showed a generally increasing trend, rising from below 1.5% in early 2017 to around 15%-21% by 2022. Noteworthy increases occurred after 2018 and again in 2022, indicating growth in intangible holdings possibly linked to acquisitions or capitalized development costs.
- Deferred tax assets
- Deferred tax assets became noticeable from late 2018 onwards, showing a gradual rise from below 1% to 4.7% by late 2022, suggesting growing recognized deferred tax benefits or changes in tax position over time.
- Long-term investments
- Long-term investments were negligible or unreported until late 2018, after which they appeared intermittently, reaching a peak over 6% in 2020 but generally declining to about 1.3% by late 2022, reflecting a possible shift in long-term asset allocation.
- Other assets
- Other assets remained a minor component, fluctuating between 0.06% and 2.68%, with a somewhat increasing trend toward the end of the period, rising to approximately 1.75% by September 2022.
- Non-current assets
- There was a general decline in non-current assets as a percentage of total assets from around 33% in early 2017 to below 20% in 2021, followed by a sharp increase to nearly 69% early in 2022, and a decrease back to 44.8% by late 2022. This indicates substantial reclassification or changes in asset structure during 2021-2022.
- Total assets
- As expected, total assets are consistently 100% across all periods, serving as the denominator for relative asset composition.