Cash Flow Statement

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.

Etsy Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	493,507)	349,246)	95,894)	77,491)	81,800)
Stock-based compensation expense	139,910)	65,114)	44,395)	38,231)	26,559)
Depreciation and amortization expense	74,267)	58,189)	48,031)	26,742)	27,197)
Provision for expected credit losses	16,031)	15,033)	10,963)	4,124)	2,497)
Foreign exchange (gain) loss	(14,071)	7,349)	(5,708)	5,997)	(29,105)
Amortization of debt issuance costs	3,719)	2,751)	2,006)	1,191)	463)
Non-cash interest expense	578)	36,086)	19,108)	10,968)	3,117)
Interest (income) expense on marketable securities	3,154)	2,729)	(4,182)	(2,887)	426)
Asset impairment charges	—)	—)	—)	—)	3,162)
Deferred provision (benefit) for income taxes	(88,952)	2,202)	(15,248)	(22,414)	(47,972)
Loss on extinguishment of debt	—)	16,855)	—)	—)	—)
Other non-cash (income) expense, net	(475)	(795)	1,667)	136)	520)
Accounts receivable	(19,256)	(22,540)	(12,656)	17,215)	(8,826)
Funds receivable and seller accounts	(83,941)	(90,141)	(23,177)	23,436)	(13,477)
Prepaid expenses and other current assets	(44,186)	(16,963)	(14,156)	(4,785)	(4,429)
Other assets	(25,159)	4,816)	4,045)	43)	(28)
Accounts payable	(14,169)	14,550)	(953)	13,364)	2,837)
Accrued and other current liabilities	84,789)	146,634)	37,410)	23,079)	3,207)
Funds payable and amounts due to sellers	83,941)	90,141)	23,177)	(23,436)	13,477)
Deferred revenue	1,441)	3,312)	191)	1,331)	434)
Other liabilities	40,423)	(5,612)	(3,887)	9,099)	5,561)
Changes in operating assets and liabilities, net of acquisitions	23,883)	124,197)	9,994)	59,346)	(1,244)
Adjustments to reconcile net income to net cash provided by operating activities	158,044)	329,710)	111,026)	121,434)	(14,380)
Net cash provided by operating activities	651,551)	678,956)	206,920)	198,925)	67,420)
Acquisition of businesses, net of cash acquired	(1,699,974)	—)	(270,409)	—)	—)
Cash paid for asset acquisition and intangible assets	(1,937)	(880)	(1,963)	(35,494)	—)
Purchases of property and equipment	(11,248)	(1,445)	(7,528)	(1,019)	(3,948)
Development of internal-use software	(16,922)	(5,665)	(7,750)	(19,537)	(9,208)
Purchases of marketable securities	(418,518)	(499,237)	(661,821)	(514,286)	(62,348)
Sales and maturities of marketable securities	590,630)	495,848)	461,098)	284,943)	137,340)
Net cash (used in) provided by investing activities	(1,557,969)	(11,379)	(488,373)	(285,393)	61,836)
Payment of tax obligations on vested equity awards	(118,167)	(47,716)	(32,547)	(24,065)	(6,417)
Repurchase of stock	(302,774)	(268,653)	(176,985)	(134,647)	(10,301)
Proceeds from exercise of stock options	22,706)	25,319)	9,791)	18,253)	33,838)
Proceeds from issuance of convertible senior notes	1,000,000)	650,000)	650,000)	345,000)	—)
Payment of debt issuance costs	(13,300)	(10,531)	(11,904)	(9,962)	—)
Purchase of capped calls	(85,000)	(74,685)	(76,180)	(34,224)	—)
Settlement of convertible senior notes	(43,900)	(137,168)	—)	—)	—)
Payments on finance lease obligations	(8,864)	(9,211)	(10,833)	(6,057)	(7,798)
Payments on facility financing obligation	—)	—)	—)	(10,164)	(5,883)
Other financing, net	2,048)	(8,073)	8,265)	(128)	—)
Net cash provided by financing activities	452,749)	119,282)	359,607)	144,006)	3,439)
Effect of exchange rate changes on cash	(10,234)	13,947)	(1,846)	(5,995)	1,155)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(463,903)	800,806)	76,308)	51,543)	133,850)
Cash, cash equivalents, and restricted cash at beginning of period	1,249,440)	448,634)	372,326)	320,783)	181,592)
Cash, cash equivalents, and restricted cash at end of period	785,537)	1,249,440)	448,634)	372,326)	315,442)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Etsy Inc. net cash provided by operating activities increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Net cash (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Etsy Inc. net cash (used in) provided by investing activities increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.
Net cash provided by financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Etsy Inc. net cash provided by financing activities decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Etsy Inc. (NASDAQ:ETSY)

Cash Flow Statement