Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Etsy Inc., consolidated balance sheet: liabilities and stockholders’ equity (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).
- Current Liabilities Trends
- The current liabilities demonstrated an overall upward trend from March 2017 through December 2021, peaking in December 2021 at $615.6 million. Major components such as accrued expenses and accounts payable contributed significantly to this increase. Accrued expenses notably surged especially during 2020 and 2021, reaching over $328 million in March 2022 from approximately $22.6 million in March 2017. Accounts payable fluctuated but generally increased, particularly showing a sharp rise at year-end 2020. These patterns suggest increased operational or financial obligations in recent years.
- Non-current Liabilities Analysis
- Non-current liabilities increased markedly over the period, growing from approximately $154.5 million in March 2017 to about $2.59 billion in September 2022. Long-term debt saw substantial growth starting from 2018, with a significant jump post-2019, reaching over $2.27 billion in 2022, indicating extensive capital raising or financing activity. The finance lease obligations showed considerable increases as well, notably jumping in 2019 and again in 2022 for both current and non-current portions. The facility financing obligation remained stable around $60 million until data ceased, implying consistent financing terms during those periods.
- Total Liabilities Overview
- Total liabilities increased dramatically from approximately $236 million in March 2017 to peaks exceeding $3.2 billion in December 2021 before slightly declining afterward. This sharp rise largely attributable to growth in both current and non-current liabilities, with an especially steep climb from 2018 onwards, suggesting expansion efforts or increased financial leverage.
- Stockholders’ Equity (Deficit) Movements
- Stockholders' equity showed growth until mid-2020, peaking at approximately $742 million in June 2020, before declining significantly and turning negative by late 2022 with a deficit exceeding $606 million. This reversal reflects likely losses or write-downs, as evidenced by the highly negative retained earnings in September 2022. Accumulated other comprehensive income (loss) also worsened significantly over the years, contributing to the equity decline, reaching a deficit of over $372 million by September 2022.
- Retained Earnings and Comprehensive Income
- Retained earnings were negative throughout the period, with fluctuations. Although there were some recoveries (e.g., a positive figure in March 2021), they deteriorated sharply to nearly -$1 billion by September 2022, indicating sustained losses or significant adjustments. Accumulated other comprehensive income (loss) saw continuing declines, especially notable after 2020, which likely exacerbated equity deterioration.
- Additional Paid-in Capital and Common Stock
- Additional paid-in capital generally increased steadily over the period, climbing from approximately $447.6 million in March 2017 to around $774 million in September 2022, which could indicate ongoing equity financing. Common stock remained relatively constant, reflecting little change in par value or shares outstanding.
- Summary of Financial Position Changes
- Overall, the financial data depicts a company undergoing extensive growth in liabilities, possibly driven by expanded operations or financing needs, accompanied by volatile and deteriorating equity positions marked by losses impacting retained earnings and comprehensive income. The growing leverage and shifting equity suggest increased financial risk and potential challenges in profitability and asset management during the later periods observed.