2024 Q2 Form 10-Q Financial Statement

#000137063724000030 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $647.8M $646.0M
YoY Change 3.01% 0.79%
Cost Of Revenue $184.1M $187.1M
YoY Change -2.41% -4.26%
Gross Profit $463.7M $458.8M
YoY Change 5.33% 3.01%
Gross Profit Margin 71.58% 71.03%
Selling, General & Admin $279.1M $280.9M
YoY Change 10.5% 11.77%
% of Gross Profit 60.18% 61.22%
Research & Development $114.5M $109.8M
YoY Change -6.14% -5.24%
% of Gross Profit 24.69% 23.94%
Depreciation & Amortization $27.09M $26.85M
YoY Change 18.05% 15.86%
% of Gross Profit 5.84% 5.85%
Operating Expenses $393.5M $390.7M
YoY Change 5.08% 6.4%
Operating Profit $70.17M $68.09M
YoY Change 6.77% -12.93%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $8.808M $11.57M
YoY Change 13.13% 276.46%
Pretax Income $78.98M $79.66M
YoY Change 1358.76% -1.99%
Income Tax $25.97M $16.65M
% Of Pretax Income 32.89% 20.9%
Net Earnings $53.01M $63.00M
YoY Change -14.39% -15.47%
Net Earnings / Revenue 8.18% 9.75%
Basic Earnings Per Share $0.46 $0.53
Diluted Earnings Per Share $0.41 $0.47
COMMON SHARES
Basic Shares Outstanding 116.9M shares 118.5M shares
Diluted Shares Outstanding 133.1M shares 135.3M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $999.9M $1.044B
YoY Change -7.14% 0.41%
Cash & Equivalents $759.2M $788.8M
Short-Term Investments $240.7M $254.9M
Other Short-Term Assets $109.3M $104.6M
YoY Change 17.24% 36.14%
Inventory
Prepaid Expenses
Receivables $10.32M $16.54M
Other Receivables $239.5M $239.5M
Total Short-Term Assets $1.359B $1.404B
YoY Change -3.87% 4.42%
LONG-TERM ASSETS
Property, Plant & Equipment $238.8M $241.9M
YoY Change -1.78% -2.61%
Goodwill $137.7M $137.9M
YoY Change -0.24% -0.12%
Intangibles
YoY Change
Long-Term Investments $93.53M $84.42M
YoY Change 26.42% 48.04%
Other Assets $45.57M $184.2M
YoY Change -79.8% 321.89%
Total Long-Term Assets $1.089B $1.093B
YoY Change -5.71% -5.39%
TOTAL ASSETS
Total Short-Term Assets $1.359B $1.404B
Total Long-Term Assets $1.089B $1.093B
Total Assets $2.448B $2.498B
YoY Change -4.7% -0.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.07M $10.13M
YoY Change -12.85% -49.09%
Accrued Expenses $256.8M $262.5M
YoY Change 10.85% 9.37%
Deferred Revenue $15.79M $13.87M
YoY Change 9.56% -4.39%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.037M $6.045M
YoY Change 29.16% 28.26%
Total Short-Term Liabilities $564.5M $565.1M
YoY Change 12.17% 13.23%
LONG-TERM LIABILITIES
Long-Term Debt $2.383B $2.383B
YoY Change -0.07% -0.08%
Other Long-Term Liabilities $127.3M $122.3M
YoY Change 9.32% 8.77%
Total Long-Term Liabilities $127.3M $2.505B
YoY Change -94.91% 2128.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $564.5M $565.1M
Total Long-Term Liabilities $127.3M $2.505B
Total Liabilities $3.083B $3.081B
YoY Change 1.65% 1.34%
SHAREHOLDERS EQUITY
Retained Earnings -$1.553B -$1.454B
YoY Change 36.75% 25.78%
Common Stock $115.0K $117.0K
YoY Change -6.5% -4.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$635.0M -$583.8M
YoY Change
Total Liabilities & Shareholders Equity $2.448B $2.498B
YoY Change -4.7% -0.11%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $53.01M $63.00M
YoY Change -14.39% -15.47%
Depreciation, Depletion And Amortization $27.09M $26.85M
YoY Change 18.05% 15.86%
Cash From Operating Activities $151.1M $69.03M
YoY Change 10.85% 24.09%
INVESTING ACTIVITIES
Capital Expenditures $10.29M $9.713M
YoY Change 24.72% 331.88%
Acquisitions
YoY Change
Other Investing Activities $7.650M -$15.39M
YoY Change 368.46% -44.81%
Cash From Investing Activities -$2.638M -$25.11M
YoY Change -60.13% -30.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -175.2M -163.0M
YoY Change 125.56% 2.82%
NET CHANGE
Cash From Operating Activities 151.1M 69.03M
Cash From Investing Activities -2.638M -25.11M
Cash From Financing Activities -175.2M -163.0M
Net Change In Cash -26.83M -119.1M
YoY Change -151.63% -11.45%
FREE CASH FLOW
Cash From Operating Activities $151.1M $69.03M
Capital Expenditures $10.29M $9.713M
Free Cash Flow $140.8M $59.32M
YoY Change 9.96% 11.12%

Facts In Submission

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<div style="margin-top:15pt"><span style="color:#000000;font-family:'Roboto',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Roboto',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain items in the prior years’ condensed consolidated financial statements have been reclassified to conform to the current year presentation reflected in the condensed consolidated financial statements.</span></div>
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<div style="margin-top:15pt"><span style="color:#000000;font-family:'Roboto',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Roboto',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates and judgments. The accounting estimates that require management’s most subjective judgments include: income taxes, including the estimate of the annual effective tax rate at interim periods and evaluation of uncertain tax positions; valuation of goodwill; and leases. As of March 31, 2024, there continues to be significant global macroeconomic and geopolitical uncertainty which may impact the Company’s business, results of operations, and financial condition. As a result, many of the Company’s estimates and judgments require increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.</span></div>
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CY2023Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1595000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
64589000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
76132000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118440000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124337000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2184000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3914000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135338000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142966000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.60
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5528000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1684000 shares
CY2024Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
84424000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
86676000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
231750000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
513000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
3255000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
70000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
153750000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
264000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
20808000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
72000 usd
CY2024Q1 etsy Vendor Accrual Current
VendorAccrualCurrent
111296000 usd
CY2023Q4 etsy Vendor Accrual Current
VendorAccrualCurrent
120804000 usd
CY2024Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
92756000 usd
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
126284000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
41455000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
95842000 usd
CY2024Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
17011000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
10623000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
262518000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
353553000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 usd
CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
724360000 usd
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2222000 shares
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
71.28
CY2024Q1 etsy Stock Repurchased And Retired During Period Value Including Broker Fees
StockRepurchasedAndRetiredDuringPeriodValueIncludingBrokerFees
158377000 usd
CY2024Q1 etsy Stock Repurchased And Retired During Period Value Including Broker Fees
StockRepurchasedAndRetiredDuringPeriodValueIncludingBrokerFees
158377000 usd
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2222000 shares
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
71.28
CY2024Q1 etsy Stock Repurchased And Retired During Period Value Including Broker Fees
StockRepurchasedAndRetiredDuringPeriodValueIncludingBrokerFees
158377000 usd
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
565983000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70683000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
68683000 usd
CY2023Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Inception To Date Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedInceptionToDatePercent
0.11
CY2023Q4 us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
225 position
CY2023Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.13
us-gaap Restructuring Charges
RestructuringCharges
27000000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
24340000 usd
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
408000 usd
CY2024Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
18928000 usd
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
5820000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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