Etsy, Inc.(NASDAQ:ETSY) 
Etsy, Inc. operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also o...
Website: https://www.etsy.com
Founded: 2005
Full Time Employees: 2,790 (Dec 2022)
CEO: Josh Silverman
Sector: Consumer Cyclical
Industry: Internet Retail
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At a glance:
- Marketplace Growth Moderates After Pandemic Peak: Etsy’s revenue and GMS trends have generally normalized versus the surge seen in 2020–2021, with performance more tied to discretionary consumer demand and macro conditions.
- Take-Rate and Services Drive Revenue Mix: Revenue is supported not only by marketplace fees but also by higher-value services such as on-site advertising, payments, and shipping tools, which can influence the effective take rate and margins.
- Profitability Supported by Asset-Light Model: As a two-sided marketplace, Etsy typically benefits from an asset-light operating structure, allowing for relatively strong gross margins and the potential for solid operating leverage when demand improves.
- Marketing Efficiency and Seller/Buyer Retention Are Key Watch Items: Ongoing results depend heavily on Etsy’s ability to attract and retain active buyers, maintain seller health, and generate efficient returns on marketing spend amid competitive e-commerce dynamics.
- Balance Sheet and Capital Allocation Influence Risk/Return: Investors often monitor Etsy’s cash generation, share repurchases, and any debt or acquisition activity, as these can materially affect per-share outcomes and financial flexibility.
Bull Thesis:
- Strong Niche and Brand Moat in Unique Goods: Etsy maintains a dominant position in the niche markets of handmade, vintage, and craft supplies. This specialized focus creates a strong brand identity and a loyal community of buyers and sellers, making it difficult for competitors to replicate its unique value proposition at scale. This moat provides pricing power and customer stickiness.
- Significant International Growth Opportunity: Etsy has substantial runway for growth in international markets. While already present globally, penetration in many regions remains lower than in its core U.S. market, indicating a large untapped potential for expanding its buyer and seller base worldwide and diversifying revenue streams, which can offset domestic slowdowns.
- Robust Profitability and Free Cash Flow Generation: Despite macroeconomic challenges, Etsy has demonstrated consistent profitability and strong free cash flow generation. This financial health provides the company with flexibility for strategic investments, share buybacks, and navigating economic downturns, underpinning its long-term stability and ability to return capital to shareholders.
- Growing Revenue from Seller Services and Advertising: Etsy continues to enhance and expand its suite of seller tools and services, including advertising (Etsy Ads), payment processing, and shipping labels. Increased adoption of these services drives higher take rates and provides diversified, high-margin revenue streams beyond core marketplace commissions, strengthening its financial model.
Bear Thesis:
- Macroeconomic Headwinds Impacting Discretionary Spending: High inflation, rising interest rates, and general economic uncertainty are pressuring consumer discretionary spending. As a marketplace largely focused on non-essential, unique items, Etsy's Gross Merchandise Sales (GMS) are particularly vulnerable to these macroeconomic pressures, potentially leading to slower growth or declines in transaction volume.
- Slowing GMS Growth Post-Pandemic Normalization: The surge in e-commerce demand during the COVID-19 pandemic significantly boosted Etsy's GMS. However, as consumer behavior normalizes and spending shifts back to services and in-person experiences, Etsy is experiencing a significant deceleration in GMS growth, making it challenging to meet pre-pandemic growth expectations and potentially impacting investor sentiment.
- Increased Competition and Seller Dissatisfaction: Etsy faces growing competition from larger e-commerce platforms (e.g., Amazon Handmade), social commerce, and other specialized marketplaces. Additionally, recent increases in seller fees and policy changes have led to some seller dissatisfaction and protests, potentially impacting seller retention, inventory levels, and the overall health of its marketplace.
- Dependence on Discretionary Items and Consumer Sentiment: A significant portion of Etsy's sales comprises unique, handmade, or vintage items that are often considered discretionary purchases. This inherent dependence makes the company highly sensitive to shifts in consumer sentiment and economic downturns, where consumers prioritize essential goods over unique crafts, leading to volatile performance.
Main Competitors:
- Amazon.com, Inc. ($AMZN) (Amazon Handmade), Directly competes by offering a dedicated marketplace for handmade goods, leveraging Amazon's massive customer base, logistics, and trust. It attracts sellers looking for broader reach and buyers seeking unique items within a familiar, high-traffic platform, often at competitive pricing.
- Shopify Inc. ($SHOP) (Shopify Platform), Competes by providing tools for independent creators and small businesses to build their own online stores. This offers sellers greater control over branding, customer data, and sales channels, potentially drawing them away from marketplace-dependent models like Etsy by enabling direct-to-consumer sales.
- eBay Inc. ($EBAY) (eBay Marketplace), Competes through its broad marketplace that includes significant categories like vintage items, collectibles, craft supplies, and unique goods. It attracts both buyers and sellers who might otherwise use Etsy for similar products, offering a vast inventory and established buyer base.
- Meta Platforms, Inc. ($META) (Instagram Shopping / Facebook Marketplace), Competes by enabling direct sales and discovery of unique products through social media platforms. Creators can leverage their audience and sell without traditional marketplace fees, particularly strong for visually appealing handmade goods and personalized items, fostering direct seller-buyer relationships.
Moat:
Etsy's primary competitive advantage lies in its strong brand identity as the go-to marketplace for handmade, vintage, and unique craft supplies, fostering a passionate community of independent sellers and buyers. Its network effects, where more sellers attract more buyers and vice-versa, create a significant moat. However, competition is robust, with large tech companies like Amazon and Meta directly targeting the handmade niche, and platforms like Shopify offering powerful alternatives for sellers seeking greater independence and control. Etsy must continually innovate, support its seller ecosystem, and maintain its distinct curated appeal to defend its market position against these diverse and well-resourced competitors.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 881,636,000 | 678,026,000 | 672,663,000 | 651,176,000 | 852,162,000 | 662,410,000 | 647,806,000 | 645,954,000 | 842,322,000 | 636,302,000 | 628,876,000 | 640,877,000 | 807,241,000 | 594,469,000 | 585,135,000 | 579,266,000 | 717,139,000 | 532,429,000 | 528,900,000 | 550,646,000 | 617,355,000 | 451,478,000 | 428,737,000 | 228,055,000 | 269,998,000 | 197,947,000 | 181,095,000 | 169,339,000 | 200,028,000 | 150,366,000 | 132,387,000 | 120,912,000 | 136,268,000 | 106,380,000 | 101,692,000 | 96,891,000 | 110,209,000 | 87,562,000 | 85,349,000 | 81,847,000 | 87,895,000 | 65,696,000 | 61,365,000 | 58,543,000 |
yoy | 3.46% | 2.36% | 3.84% | 0.81% | 1.17% | 4.10% | 3.01% | 0.79% | 4.35% | 7.04% | 7.48% | 10.64% | 12.56% | 11.65% | 10.63% | 5.20% | 16.16% | 17.93% | 23.36% | 141.45% | 128.65% | 128.08% | 136.75% | 34.67% | 34.98% | 31.64% | 36.79% | 40.05% | 46.79% | 41.35% | 30.18% | 24.79% | 23.65% | 21.49% | 19.15% | 18.38% | 25.39% | 33.28% | 39.08% | 39.81% | ||||
qoq | 30.03% | 0.80% | 3.30% | -23.59% | 28.65% | 2.25% | 0.29% | -23.31% | 32.38% | 1.18% | -1.87% | -20.61% | 35.79% | 1.60% | 1.01% | -19.23% | 34.69% | 0.67% | -3.95% | -10.81% | 36.74% | 5.30% | 88.00% | -15.53% | 36.40% | 9.31% | 6.94% | -15.34% | 33.03% | 13.58% | 9.49% | -11.27% | 28.10% | 4.61% | 4.96% | -12.08% | 25.86% | 2.59% | 4.28% | -6.88% | 33.79% | 7.06% | 4.82% | |
cost of revenue | 237,546,000 | 194,645,000 | 193,548,000 | 192,061,000 | 217,691,000 | 185,640,000 | 184,090,000 | 187,133,000 | 255,757,000 | 188,827,000 | 188,638,000 | 195,453,000 | 225,775,000 | 174,401,000 | 171,421,000 | 172,995,000 | 208,966,000 | 153,660,000 | 148,969,000 | 142,917,000 | 150,780,000 | 120,168,000 | 111,381,000 | 82,416,000 | 90,824,000 | 68,949,000 | 58,605,000 | 52,658,000 | 57,111,000 | 46,947,000 | 45,409,000 | 41,295,000 | 44,220,000 | 36,383,000 | 35,724,000 | 34,659,000 | 37,005,000 | 29,314,000 | 29,098,000 | 27,911,000 | 30,196,000 | 24,165,000 | 21,909,000 | 20,709,000 |
gross profit | 644,090,000 | 483,381,000 | 479,115,000 | 459,115,000 | 634,471,000 | 476,770,000 | 463,716,000 | 458,821,000 | 586,565,000 | 447,475,000 | 440,238,000 | 445,424,000 | 581,466,000 | 420,068,000 | 413,714,000 | 406,271,000 | 508,173,000 | 378,769,000 | 379,931,000 | 407,729,000 | 466,575,000 | 331,310,000 | 317,356,000 | 145,639,000 | 179,174,000 | 128,998,000 | 122,490,000 | 116,681,000 | 142,917,000 | 103,419,000 | 86,978,000 | 79,617,000 | 92,048,000 | 69,997,000 | 65,968,000 | 62,232,000 | 73,204,000 | 58,248,000 | 56,251,000 | 53,936,000 | 57,699,000 | 41,531,000 | 39,456,000 | 37,834,000 |
yoy | 1.52% | 1.39% | 3.32% | 0.06% | 8.17% | 6.55% | 5.33% | 3.01% | 0.88% | 6.52% | 6.41% | 9.64% | 14.42% | 10.90% | 8.89% | -0.36% | 8.92% | 14.32% | 19.72% | 179.96% | 160.40% | 156.83% | 159.09% | 24.82% | 25.37% | 24.73% | 40.83% | 46.55% | 55.26% | 47.75% | 31.85% | 27.94% | 25.74% | 20.17% | 17.27% | 15.38% | 26.87% | 40.25% | 42.57% | 42.56% | ||||
qoq | 33.25% | 0.89% | 4.36% | -27.64% | 33.08% | 2.82% | 1.07% | -21.78% | 31.08% | 1.64% | -1.16% | -23.40% | 38.42% | 1.54% | 1.83% | -20.05% | 34.16% | -0.31% | -6.82% | -12.61% | 40.83% | 4.40% | 117.91% | -18.72% | 38.90% | 5.31% | 4.98% | -18.36% | 38.19% | 18.90% | 9.25% | -13.50% | 31.50% | 6.11% | 6.00% | -14.99% | 25.68% | 3.55% | 4.29% | -6.52% | 38.93% | 5.26% | 4.29% | |
gross margin % | 73.06% | 71.29% | 71.23% | 70.51% | 74.45% | 71.98% | 71.58% | 71.03% | 69.64% | 70.32% | 70.00% | 69.50% | 72.03% | 70.66% | 70.70% | 70.14% | 70.86% | 71.14% | 71.83% | 74.05% | 75.58% | 73.38% | 74.02% | 63.86% | 66.36% | 65.17% | 67.64% | 68.90% | 71.45% | 68.78% | 65.70% | 65.85% | 67.55% | 65.80% | 64.87% | 64.23% | 66.42% | 66.52% | 65.91% | 65.90% | 65.65% | 63.22% | 64.30% | 64.63% |
operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
marketing | 305,875,000 | 207,841,000 | 212,110,000 | 189,004,000 | 285,165,000 | 196,526,000 | 183,063,000 | 191,811,000 | 261,076,000 | 160,936,000 | 165,870,000 | 171,314,000 | 244,809,000 | 147,242,000 | 164,068,000 | 154,280,000 | 204,198,000 | 131,928,000 | 167,474,000 | 151,204,000 | 210,765,000 | 126,779,000 | 114,707,000 | 48,505,000 | 84,034,000 | 50,098,000 | 45,994,000 | 35,444,000 | 63,362,000 | 39,516,000 | 28,941,000 | 26,194,000 | 34,590,000 | 23,520,000 | 27,521,000 | 23,454,000 | 31,011,000 | 18,736,000 | 17,205,000 | 15,847,000 | 22,476,000 | 16,542,000 | 15,543,000 | 12,210,000 |
product development | 114,442,000 | 113,379,000 | 111,861,000 | 110,510,000 | 111,466,000 | 107,251,000 | 114,493,000 | 109,846,000 | 117,488,000 | 113,932,000 | 121,988,000 | 115,924,000 | 112,787,000 | 108,040,000 | 102,095,000 | 89,476,000 | 82,555,000 | 73,521,000 | 61,753,000 | 53,706,000 | 51,157,000 | 45,908,000 | 45,233,000 | 37,782,000 | 35,701,000 | 32,465,000 | 28,765,000 | 24,947,000 | 28,542,000 | 24,418,000 | 23,568,000 | 20,721,000 | 17,788,000 | 16,958,000 | 21,754,000 | 18,116,000 | 16,116,000 | 14,897,000 | 11,840,000 | 12,230,000 | 11,207,000 | 11,406,000 | 10,072,000 | 10,009,000 |
general and administrative | 94,376,000 | 79,450,000 | 78,715,000 | 80,225,000 | 82,708,000 | 86,176,000 | 95,991,000 | 89,074,000 | 92,543,000 | 84,051,000 | 86,661,000 | 79,987,000 | 84,526,000 | 74,544,000 | 74,990,000 | 78,200,000 | 79,171,000 | 89,579,000 | 61,599,000 | 52,182,000 | 43,318,000 | 40,454,000 | 38,276,000 | 33,987,000 | 34,401,000 | 32,203,000 | 29,883,000 | 24,647,000 | 21,524,000 | 20,748,000 | 21,707,000 | 18,904,000 | 18,218,000 | 22,094,000 | 28,411,000 | 22,763,000 | 22,625,000 | 21,942,000 | 22,537,000 | 19,076,000 | 15,600,000 | 15,250,000 | 17,632,000 | 20,457,000 |
asset impairment charge | 25,425,750 | 101,703,000 | ||||||||||||||||||||||||||||||||||||||||||
total operating expenses | 514,693,000 | 400,670,000 | 402,686,000 | 481,442,000 | 479,339,000 | 389,953,000 | 393,547,000 | 390,731,000 | 471,107,000 | 358,919,000 | 442,610,000 | 367,225,000 | 442,122,000 | 1,374,848,000 | 341,153,000 | 321,956,000 | 365,924,000 | 295,028,000 | 290,826,000 | 257,092,000 | 305,240,000 | 213,141,000 | 198,216,000 | 120,274,000 | 154,136,000 | 114,766,000 | 104,642,000 | 85,038,000 | 113,428,000 | 84,682,000 | 74,216,000 | 65,819,000 | 73,758,000 | 62,572,000 | 77,686,000 | 64,333,000 | 69,752,000 | 55,575,000 | 51,582,000 | 47,153,000 | 49,283,000 | 43,198,000 | 43,247,000 | 42,676,000 |
income from operations | 129,397,000 | 82,711,000 | 76,429,000 | -22,327,000 | 155,132,000 | 86,817,000 | 70,169,000 | 68,090,000 | 115,458,000 | 88,556,000 | -2,372,000 | 78,199,000 | 139,344,000 | -954,780,000 | 72,561,000 | 84,315,000 | 142,249,000 | 83,741,000 | 89,105,000 | 150,637,000 | 161,335,000 | 118,169,000 | 119,140,000 | 25,365,000 | 25,038,000 | 14,232,000 | 17,848,000 | 31,643,000 | 4,669,000 | 6,783,000 | 8,416,000 | -1,667,000 | -3,791,000 | -4,842,000 | ||||||||||
yoy | -16.59% | -4.73% | 8.92% | -132.79% | 34.36% | -1.96% | -3058.22% | -12.93% | -17.14% | -109.28% | -103.27% | -7.25% | -2.04% | -1240.16% | -18.57% | -44.03% | -11.83% | -29.13% | -25.21% | 493.88% | 544.36% | 730.30% | 567.53% | -19.84% | -223.16% | -240.09% | ||||||||||||||||||
qoq | 56.44% | 8.22% | -442.32% | -114.39% | 78.69% | 23.73% | 3.05% | -41.03% | 30.38% | -3833.39% | -103.03% | -43.88% | -114.59% | -1415.83% | -13.94% | -40.73% | 69.87% | -6.02% | -40.85% | -6.63% | 36.53% | -0.82% | 369.70% | 1.31% | 75.93% | -20.26% | -43.60% | -31.17% | -19.40% | -604.86% | -56.03% | -21.71% | ||||||||||||
operating margin % | 14.68% | 12.20% | 11.36% | -3.43% | 18.20% | 13.11% | 10.83% | 10.54% | 13.71% | 13.92% | -0.38% | 12.20% | 17.26% | -160.61% | 12.40% | 14.56% | 19.84% | 15.73% | 16.85% | 27.36% | 26.13% | 26.17% | 27.79% | 11.12% | 9.27% | 7.19% | 9.86% | 18.69% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5.47% | 8.29% | 9.58% | -2.54% | -6.18% | -8.27% |
other income: | ||||||||||||||||||||||||||||||||||||||||||||
interest expense | -5,647,000 | -5,685,000 | -3,773,000 | -3,539,000 | -2,779,000 | -1,882,000 | -1,685,000 | -11,417,000 | -10,615,000 | -10,026,000 | -9,967,000 | -9,912,000 | -5,077,000 | -4,678,000 | -4,653,000 | -6,154,000 | -6,135,000 | -6,125,000 | -3,764,000 | |||||||||||||||||||||||||
interest and other income | 12,870,000 | 14,282,000 | 9,031,000 | 216,000 | 139,000 | 803,000 | 979,000 | 599,000 | 1,158,000 | 1,732,000 | 3,613,000 | 3,540,000 | 2,883,000 | 3,391,000 | 3,385,000 | 3,055,000 | 2,367,000 | 2,438,000 | 1,097,000 | 758,000 | 654,000 | 543,000 | 439,000 | 389,000 | 402,000 | 470,000 | 441,000 | |||||||||||||||||
foreign exchange gain | 133,000 | 777,000 | -25,444,000 | 5,447,000 | 2,698,000 | -2,272,000 | 7,797,000 | 1,470,000 | -9,318,000 | 1,062,000 | 1,850,000 | 2,153,000 | 8,069,000 | 2,780,000 | -6,386,000 | 8,120,000 | 5,805,000 | |||||||||||||||||||||||||||
loss on sale of business | -5,097,000 | |||||||||||||||||||||||||||||||||||||||||||
other income | -6,725,250 | 9,374,000 | -25,283,000 | -10,992,000 | 1,841,500 | -13,007,000 | 8,808,000 | 11,565,000 | 4,817,250 | 8,411,000 | 7,786,000 | 3,072,000 | 2,009,000 | 5,763,000 | 601,000 | 1,672,000 | ||||||||||||||||||||||||||||
income before income taxes | 136,753,000 | 92,085,000 | 51,146,000 | -33,319,000 | 178,333,000 | 73,810,000 | 78,977,000 | 79,655,000 | 109,168,000 | 96,967,000 | 5,414,000 | 81,271,000 | 127,890,000 | -949,017,000 | 73,162,000 | 85,987,000 | 144,373,000 | 83,799,000 | 85,754,000 | 157,728,000 | 153,307,000 | 90,393,000 | 112,316,000 | 9,693,000 | 22,751,000 | 10,089,000 | 16,369,000 | 31,437,000 | 22,876,000 | 14,596,000 | 4,625,000 | 18,266,000 | 13,240,000 | -3,050,000 | 14,806,000 | 2,108,000 | -2,796,000 | -1,445,000 | -25,861,000 | |||||
provision for income taxes | -14,416,250 | -16,582,000 | -22,306,000 | -18,777,000 | -16,651,000 | -4,787,000 | -4,363,000 | -4,261,000 | -13,614,000 | -6,340,000 | -4,095,000 | -10,725,000 | ||||||||||||||||||||||||||||||||
net income | 110,735,000 | 75,503,000 | 28,840,000 | -52,096,000 | 129,906,000 | 57,366,000 | 53,005,000 | 63,004,000 | 83,266,000 | 87,850,000 | 61,915,000 | 74,537,000 | 109,548,000 | -963,068,000 | 73,123,000 | 86,109,000 | 161,557,000 | 89,930,000 | 98,254,000 | 143,766,000 | 148,538,000 | 91,761,000 | 96,425,000 | 12,522,000 | 31,291,000 | 14,801,000 | 18,223,000 | 31,579,000 | 41,251,000 | 19,894,000 | 3,379,000 | 12,967,000 | -421,000 | -21,383,000 | -2,399,000 | -7,311,000 | 1,192,000 | -4,232,000 | -6,891,000 | -6,354,000 | -36,586,000 | |||
yoy | -14.76% | 31.62% | -45.59% | -182.69% | 56.01% | -34.70% | -14.39% | -15.47% | -23.99% | -109.12% | -15.33% | -13.44% | -32.19% | -1170.91% | -25.58% | -40.10% | 8.76% | -2.00% | 1.90% | 1048.11% | 374.70% | 519.96% | 429.14% | -60.35% | -24.14% | -25.60% | 439.30% | 143.53% | -3180.05% | -135.32% | 405.27% | -65.19% | 15.06% | -103.26% | ||||||||||
qoq | 46.66% | 161.80% | -155.36% | -140.10% | 126.45% | 8.23% | -15.87% | -24.33% | -5.22% | 41.89% | -16.93% | -31.96% | -111.37% | -1417.05% | -15.08% | -46.70% | 79.65% | -8.47% | -31.66% | -3.21% | 61.87% | -4.84% | 670.04% | -59.98% | 111.41% | -18.78% | -42.29% | -23.45% | 107.35% | 488.75% | -73.94% | -98.03% | 791.33% | -67.19% | -713.34% | -128.17% | -38.59% | 8.45% | -82.63% | |||||
net income margin % | 12.56% | 11.14% | 4.29% | -8.00% | 15.24% | 8.66% | 8.18% | 9.75% | 9.89% | 13.81% | 9.85% | 11.63% | 13.57% | -162.00% | 12.50% | 14.87% | 22.53% | 16.89% | 18.58% | 26.11% | 24.06% | 20.32% | 22.49% | 5.49% | 11.59% | 7.48% | 10.06% | 18.65% | 20.62% | 13.23% | 2.55% | 10.72% | 0% | 0% | 0% | -0.43% | -19.40% | -2.74% | -8.57% | 1.46% | -4.81% | -10.49% | -10.35% | -62.49% |
net income per share | ||||||||||||||||||||||||||||||||||||||||||||
basic | 1.09 | 0.76 | 0.28 | -0.49 | 1.15 | 0.5 | 0.46 | 0.53 | 0.69 | 0.72 | 0.5 | 0.6 | 0.85 | -7.62 | 0.58 | 0.68 | 1.26 | 0.71 | 0.77 | 1.14 | 1.2 | 0.75 | 0.81 | 0.11 | 0.26 | 0.12 | 0.15 | 0.26 | 0.34 | 0.17 | 0.03 | 0.01 | ||||||||||||
diluted | 0.92 | 0.63 | 0.25 | -0.49 | 1.01 | 0.45 | 0.41 | 0.48 | 0.62 | 0.64 | 0.45 | 0.53 | 0.85 | -7.62 | 0.51 | 0.6 | 1.1 | 0.62 | 0.68 | 1 | 1.1 | 0.7 | 0.75 | 0.1 | 0.25 | 0.12 | 0.14 | 0.24 | 0.32 | 0.15 | 0.03 | 0.01 | ||||||||||||
weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
basic | 102,356 | 99,334 | 103,212 | 107,084 | 114,944 | 114,181 | 116,432 | 118,440 | 122,503,366 | 121,807,908 | 123,463,325 | 124,336,969 | 126,778,626 | 126,349,250 | 127,088,053 | 127,149,293 | 127,224,974 | 126,633,789 | 126,977,990 | 126,214,735 | 121,251,588 | 121,978,272 | 118,865,885 | 118,138,186 | 119,665,248 | 120,351,095 | 120,198,526 | 119,679,149 | 120,146,076 | 119,870,711 | 119,450,194 | 121,267,092 | 118,538,687 | 119,592,191 | 116,933,216 | 115,696,024 | 112,129,470 | |||||||
diluted | 124,114 | 124,957 | 121,514 | 107,084 | 131,721 | 130,748 | 133,118 | 135,338 | 140,145,406 | 138,890,567 | 141,010,561 | 142,965,820 | 126,778,626 | 126,349,250 | 145,683,336 | 146,677,879 | 146,683,324 | 147,413,915 | 144,867,491 | 144,714,686 | 136,414,592 | 137,560,385 | 134,408,041 | 123,119,053 | 125,720,073 | 126,243,168 | 130,807,743 | 130,237,875 | 127,084,785 | 129,086,137 | 125,551,759 | 125,772,315 | 122,267,673 | 123,224,559 | 120,723,938 | 115,696,024 | 115,368,566 | |||||||
asset impairment charges | 68,091,000 | |||||||||||||||||||||||||||||||||||||||||||
benefit for income taxes | -48,427,000 | -16,444,000 | -25,972,000 | -25,902,000 | -9,117,000 | 56,501,000 | -6,734,000 | -18,342,000 | -14,051,000 | -39,000 | 122,000 | 17,184,000 | 6,131,000 | 12,500,000 | -13,962,000 | -4,769,000 | 1,368,000 | -15,891,000 | 2,829,000 | 8,540,000 | 4,712,000 | 18,375,000 | 5,298,000 | -4,909,000 | ||||||||||||||||||||
goodwill impairment | 1,045,022,000 | |||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | -16,855,000 | |||||||||||||||||||||||||||||||||||||||||||
total other income | 2,124,000 | 58,000 | -3,351,000 | 7,091,000 | 628,000 | -7,719,000 | 8,023,000 | 2,346,000 | ||||||||||||||||||||||||||||||||||||
foreign exchange loss | -2,328,000 | -1,464,000 | -269,750 | -1,949,000 | -6,048,000 | -679,000 | -20,853,000 | |||||||||||||||||||||||||||||||||||||
total other expense | -8,028,000 | -27,776,000 | -6,824,000 | -15,672,000 | -1,457,000 | -4,143,000 | -1,479,000 | -206,000 | -20,048,000 | -709,000 | -6,308,000 | -1,129,000 | -21,019,000 | |||||||||||||||||||||||||||||||
foreign exchange (loss) gain | -192,000 | -743,250 | -373,000 | -4,450,000 | 16,103,000 | 767,750 | 1,337,000 | |||||||||||||||||||||||||||||||||||||
benefit (provision) for income taxes | 1,854,000 | 142,000 | ||||||||||||||||||||||||||||||||||||||||||
income (loss) from operations | 11,324,250 | 18,737,000 | 12,762,000 | 13,798,000 | -1,598,500 | 7,425,000 | -11,718,000 | -2,101,000 | ||||||||||||||||||||||||||||||||||||
total other (expense) income | -3,273,750 | -4,141,000 | -8,137,000 | -817,000 | 5,098,250 | 5,815,000 | 13,950,000 | |||||||||||||||||||||||||||||||||||||
(provision) benefit for income taxes | -1,246,000 | -14,000 | 5,762,750 | 12,562,000 | 9,437,000 | 1,052,000 | ||||||||||||||||||||||||||||||||||||||
income (loss) before income taxes | 12,981,000 | -1,473,000 | ||||||||||||||||||||||||||||||||||||||||||
net income (loss) per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||||||||||||||
basic | 0.11 | |||||||||||||||||||||||||||||||||||||||||||
diluted | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
interest expense and amortization of deferred financing costs | -2,935,000 | -2,908,000 | -2,696,000 | -2,591,000 | -2,415,000 | -2,448,000 | -1,803,000 | -538,000 | -470,000 | -512,000 | -351,000 | -193,000 | ||||||||||||||||||||||||||||||||
net (loss) income | 9,262,500 | 25,802,000 | 11,669,000 | |||||||||||||||||||||||||||||||||||||||||
net (loss) income per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||||||||||||||
basic | 0.08 | 0.22 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
diluted | 0.078 | 0.21 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
(loss) income before income taxes | 2,232,000 | 3,430,000 | 1,964,000 | |||||||||||||||||||||||||||||||||||||||||
(loss) income from operations | 3,531,250 | 2,673,000 | ||||||||||||||||||||||||||||||||||||||||||
other expense: | ||||||||||||||||||||||||||||||||||||||||||||
net unrealized gain on warrant and other liabilities | -784,000 | 3,000 | -3,151,000 | 12,000 | ||||||||||||||||||||||||||||||||||||||||
net income per share | ||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | -0.18 | -0.02 | -0.06 | -0.06 | -0.07 | -0.84 | ||||||||||||||||||||||||||||||||||||||
weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | 113,562,738 | 113,757,212 | 113,045,888 | 91,122,291 | 111,329,917 | 96,503,149 | 43,703,508 | |||||||||||||||||||||||||||||||||||||
net unrealized loss on warrant and other liabilities | ||||||||||||||||||||||||||||||||||||||||||||
interest and dividend income | 29,250 | 59,000 | 43,000 | 15,000 | ||||||||||||||||||||||||||||||||||||||||
pro forma net loss per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | -0.38 | |||||||||||||||||||||||||||||||||||||||||||
pro forma weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | 97,151,751 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 1,395,836,000 | 1,248,940,000 | 1,183,357,000 | 649,191,000 | 811,178,000 | 818,939,000 | 759,211,000 | 788,837,000 | 914,323,000 | 741,958,000 | 841,512,000 | 786,796,000 | 921,278,000 | 789,990,000 | 758,874,000 | 756,237,000 | 780,196,000 | 619,402,000 | 2,053,882,000 | 1,163,678,000 | 1,244,099,000 | 1,144,974,000 | 677,524,000 | 442,354,000 | 443,293,000 | 671,769,000 | 359,159,000 | 345,674,000 | 366,985,000 | 362,727,000 | 357,820,000 | 533,855,000 | 315,442,000 | 260,288,000 | 226,885,000 | 194,807,000 | 181,592,000 | 188,030,000 | 167,482,000 | 158,381,000 | 271,244,000 | 266,283,000 | 268,155,000 | 70,739,000 |
short-term investments | 224,088,000 | 259,211,000 | 228,979,000 | 218,504,000 | 228,322,000 | 226,022,000 | 240,679,000 | 254,875,000 | 236,118,000 | 234,930,000 | 235,263,000 | 252,666,000 | 250,413,000 | 251,165,000 | 247,816,000 | 225,983,000 | 204,416,000 | 197,430,000 | 430,727,000 | 502,569,000 | 425,119,000 | 379,586,000 | 365,659,000 | 361,640,000 | 373,959,000 | 180,170,000 | 274,673,000 | 276,432,000 | 257,302,000 | 221,409,000 | 209,689,000 | 67,526,000 | 25,108,000 | 50,407,000 | 60,353,000 | 81,145,000 | 100,494,000 | 82,338,000 | 110,718,000 | 111,297,000 | 21,620,000 | 20,474,000 | 21,542,000 | 21,533,000 |
accounts receivable | 8,690,000 | 7,412,000 | 6,474,000 | 8,948,000 | 8,702,000 | 8,644,000 | 10,324,000 | 16,542,000 | 24,734,000 | 19,410,000 | 22,594,000 | 26,274,000 | 27,888,000 | 21,765,000 | 20,133,000 | 20,645,000 | 27,266,000 | 23,884,000 | 20,283,000 | 22,991,000 | 22,605,000 | 16,311,000 | 16,527,000 | 11,712,000 | 15,386,000 | 12,494,000 | 10,585,000 | 10,789,000 | 12,244,000 | 36,385,000 | 30,615,000 | 31,292,000 | 33,677,000 | 27,172,000 | 24,990,000 | 25,085,000 | 26,426,000 | 20,886,000 | 19,507,000 | 19,249,000 | 20,275,000 | 15,976,000 | 14,028,000 | 14,513,000 |
prepaid and other current assets | 127,367,000 | 109,827,000 | 88,593,000 | 71,294,000 | 89,931,000 | 94,514,000 | 109,311,000 | 104,633,000 | 129,884,000 | 125,605,000 | 93,240,000 | 76,856,000 | 80,203,000 | 93,700,000 | 112,855,000 | 101,123,000 | 109,417,000 | 68,936,000 | 49,693,000 | 46,277,000 | 56,152,000 | 43,590,000 | 30,768,000 | 36,074,000 | 38,614,000 | 43,934,000 | 34,647,000 | 26,859,000 | 22,686,000 | 23,958,000 | 18,558,000 | 23,738,000 | 20,379,000 | 17,325,000 | 28,916,000 | 19,911,000 | 15,571,000 | 10,840,000 | 8,972,000 | 9,092,000 | 9,521,000 | 8,773,000 | 7,965,000 | 10,789,000 |
funds receivable and seller accounts | 205,002,000 | 168,237,000 | 140,596,000 | 162,046,000 | 189,558,000 | 172,562,000 | 239,481,000 | 239,532,000 | 265,387,000 | 221,958,000 | 221,147,000 | 202,354,000 | 233,961,000 | 195,493,000 | 180,544,000 | 191,149,000 | 220,206,000 | 167,682,000 | 136,395,000 | 158,104,000 | 146,806,000 | 113,370,000 | 103,857,000 | 55,172,000 | 49,786,000 | 37,473,000 | 64,589,000 | 64,247,000 | 21,072,000 | 63,470,000 | 49,551,000 | 48,586,000 | 44,658,000 | 45,191,000 | 35,084,000 | 34,292,000 | 29,817,000 | 34,180,000 | 22,966,000 | 25,461,000 | 19,262,000 | 17,069,000 | 10,927,000 | 12,095,000 |
total current assets | 1,960,983,000 | 1,793,627,000 | 1,647,999,000 | 1,109,983,000 | 1,327,691,000 | 1,320,681,000 | 1,359,006,000 | 1,404,419,000 | 1,570,446,000 | 1,343,861,000 | 1,413,756,000 | 1,344,946,000 | 1,513,743,000 | 1,352,113,000 | 1,320,222,000 | 1,295,137,000 | 1,341,501,000 | 1,077,334,000 | 2,690,980,000 | 1,893,619,000 | 1,894,781,000 | 1,697,831,000 | 1,194,335,000 | 906,952,000 | 921,038,000 | 945,840,000 | 743,653,000 | 724,001,000 | 680,289,000 | 707,949,000 | 666,233,000 | 704,997,000 | 439,264,000 | 400,383,000 | 376,228,000 | 355,240,000 | 371,032,000 | 353,406,000 | 346,777,000 | 340,612,000 | 359,054,000 | 349,314,000 | 343,357,000 | 142,288,000 |
restricted cash | 8,524,000 | 1,962,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | 5,341,000 | ||||||||
property and equipment | 229,197,000 | 231,825,000 | 230,233,000 | 237,833,000 | 236,706,000 | 242,889,000 | 238,798,000 | 241,875,000 | 249,794,000 | 245,806,000 | 243,129,000 | 248,352,000 | 249,744,000 | 249,905,000 | 261,697,000 | 271,333,000 | 275,062,000 | 198,902,000 | 105,814,000 | 107,960,000 | 112,495,000 | 118,141,000 | 126,187,000 | 134,519,000 | 144,864,000 | 153,262,000 | 128,409,000 | 131,650,000 | 120,179,000 | 119,243,000 | 117,024,000 | 116,385,000 | 117,617,000 | 124,543,000 | 129,074,000 | 127,168,000 | 126,407,000 | 123,708,000 | 125,754,000 | 116,480,000 | 105,021,000 | 94,655,000 | 85,446,000 | 78,438,000 |
goodwill | 38,067,000 | 38,060,000 | 38,072,000 | 36,245,000 | 137,089,000 | 138,622,000 | 137,742,000 | 137,894,000 | 138,377,000 | 137,461,000 | 138,076,000 | 138,061,000 | 137,724,000 | 135,922,000 | 1,269,155,000 | 1,364,414,000 | 1,371,064,000 | 1,385,214,000 | 140,045,000 | 139,745,000 | 140,810,000 | 139,740,000 | 138,757,000 | 138,305,000 | 138,731,000 | 138,474,000 | 37,342,000 | 37,034,000 | 37,482,000 | 37,802,000 | 37,959,000 | 39,228,000 | 38,541,000 | 38,216,000 | 37,438,000 | 35,970,000 | 35,657,000 | 37,765,000 | 28,147,000 | 28,642,000 | 27,752,000 | 28,366,000 | 28,297,000 | 28,225,000 |
intangible assets | 297,352,000 | 413,898,000 | 457,140,000 | 535,406,000 | 607,170,000 | 187,449,000 | 199,236,000 | 34,589,000 | 4,100,000 | 7,507,000 | 8,772,000 | 1,877,000 | 2,416,000 | 2,871,000 | 3,483,000 | 4,035,000 | 4,524,000 | |||||||||||||||||||||||||||
deferred tax assets | 119,310,000 | 134,342,000 | 156,124,000 | 148,656,000 | 145,630,000 | 144,408,000 | 137,756,000 | 141,012,000 | 137,776,000 | 146,380,000 | 170,477,000 | 128,679,000 | 121,506,000 | 115,068,000 | 105,331,000 | 102,991,000 | 95,863,000 | 103,809,000 | 46,106,000 | 7,723,000 | 115,000 | 1,819,000 | 8,336,000 | 15,232,000 | 14,257,000 | 22,380,000 | 23,319,000 | 23,000,000 | 23,464,000 | |||||||||||||||
long-term investments | 134,376,000 | 108,346,000 | 126,640,000 | 129,481,000 | 111,725,000 | 107,046,000 | 93,528,000 | 84,424,000 | 86,676,000 | 76,600,000 | 73,983,000 | 57,028,000 | 29,137,000 | 32,138,000 | 46,944,000 | 61,612,000 | 85,034,000 | 90,350,000 | 102,801,000 | 137,655,000 | 39,094,000 | 36,679,000 | 73,143,000 | 94,080,000 | 89,343,000 | 4,765,000 | 25,438,000 | 12,061,000 | ||||||||||||||||
other assets | 39,445,000 | 40,597,000 | 41,066,000 | 44,727,000 | 45,043,000 | 44,617,000 | 45,571,000 | 43,218,000 | 45,191,000 | 46,208,000 | 49,789,000 | 43,668,000 | 42,360,000 | 42,806,000 | 47,485,000 | 49,042,000 | 50,774,000 | 28,084,000 | 20,475,000 | 23,056,000 | 24,404,000 | 25,834,000 | 24,247,000 | 28,339,000 | 29,542,000 | 27,034,000 | 25,131,000 | 26,303,000 | 507,000 | 673,000 | 676,000 | 714,000 | 720,000 | 879,000 | 935,000 | 958,000 | 985,000 | 1,040,000 | 932,000 | 1,721,000 | 1,626,000 | 1,751,000 | 2,113,000 | 2,124,000 |
total assets | 2,827,254,000 | 2,652,811,000 | 2,557,149,000 | 2,120,802,000 | 2,417,782,000 | 2,442,206,000 | 2,448,088,000 | 2,497,671,000 | 2,685,400,000 | 2,449,197,000 | 2,568,752,000 | 2,500,541,000 | 2,634,961,000 | 2,450,311,000 | 3,607,100,000 | 3,745,175,000 | 3,831,809,000 | 3,502,138,000 | 3,290,416,000 | 2,497,411,000 | 2,404,489,000 | 2,214,505,000 | 1,762,031,000 | 1,517,642,000 | 1,542,352,000 | 1,499,198,000 | 1,021,775,000 | 981,168,000 | 901,851,000 | 907,368,000 | 865,310,000 | 870,165,000 | 605,583,000 | 574,062,000 | 554,317,000 | 530,739,000 | 581,193,000 | 569,201,000 | 550,956,000 | 549,176,000 | 553,061,000 | 538,621,000 | 529,128,000 | 331,362,000 |
liabilities and stockholders’ deficit | ||||||||||||||||||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
accounts payable | 28,810,000 | 9,215,000 | 15,165,000 | 17,396,000 | 25,979,000 | 19,589,000 | 13,070,000 | 10,132,000 | 29,920,000 | 14,150,000 | 14,997,000 | 19,901,000 | 28,757,000 | 16,841,000 | 17,929,000 | 15,734,000 | 28,007,000 | 13,367,000 | 26,752,000 | 16,386,000 | 40,883,000 | 22,130,000 | 15,978,000 | 10,557,000 | 26,324,000 | 23,416,000 | 20,504,000 | 17,325,000 | 26,545,000 | 14,130,000 | 14,760,000 | 8,094,000 | 13,622,000 | 7,241,000 | 7,595,000 | 6,371,000 | 10,978,000 | 7,323,000 | 7,574,000 | 13,571,000 | 14,382,000 | 3,200,000 | 5,955,000 | 7,058,000 |
accrued expenses | 393,015,000 | 309,348,000 | 254,204,000 | 264,207,000 | 374,947,000 | 298,995,000 | 256,819,000 | 262,518,000 | 353,553,000 | 271,973,000 | 231,673,000 | 240,025,000 | 331,234,000 | 249,964,000 | 218,029,000 | 241,349,000 | 328,118,000 | 245,300,000 | 209,823,000 | 218,157,000 | 232,352,000 | 174,206,000 | 134,016,000 | 68,885,000 | 88,345,000 | 70,325,000 | 55,687,000 | 40,123,000 | 49,158,000 | 37,191,000 | 35,447,000 | 35,384,000 | 28,743,000 | 26,288,000 | 30,377,000 | 22,638,000 | 24,179,000 | 20,037,000 | 29,448,000 | 22,905,000 | 31,253,000 | 32,861,000 | ||
short-term debt | 649,008,000 | |||||||||||||||||||||||||||||||||||||||||||
funds payable and amounts due to sellers | 205,002,000 | 168,237,000 | 140,596,000 | 162,046,000 | 189,558,000 | 172,562,000 | 239,481,000 | 239,532,000 | 265,387,000 | 221,958,000 | 221,147,000 | 202,354,000 | 233,961,000 | 195,493,000 | 180,544,000 | 191,149,000 | 220,206,000 | 167,682,000 | 136,395,000 | 158,104,000 | 146,806,000 | 113,370,000 | 103,857,000 | 55,172,000 | 49,786,000 | 37,473,000 | 64,589,000 | 64,247,000 | 21,072,000 | 63,470,000 | 49,551,000 | 48,586,000 | 44,658,000 | 45,191,000 | 35,084,000 | 34,292,000 | 29,817,000 | 34,180,000 | 22,966,000 | 25,461,000 | 19,262,000 | 17,069,000 | 10,927,000 | 12,095,000 |
deferred revenue | 27,049,000 | 25,612,000 | 23,598,000 | 22,297,000 | 19,213,000 | 17,097,000 | 15,788,000 | 13,869,000 | 14,635,000 | 14,984,000 | 14,411,000 | 14,506,000 | 14,008,000 | 12,225,000 | 11,873,000 | 12,503,000 | 12,339,000 | 12,518,000 | 12,312,000 | 12,260,000 | 11,264,000 | 10,508,000 | 9,181,000 | 8,250,000 | 7,617,000 | 7,434,000 | 8,011,000 | 7,787,000 | 7,478,000 | 7,180,000 | 6,440,000 | 6,464,000 | 6,262,000 | 6,322,000 | 5,789,000 | 5,777,000 | 5,648,000 | 5,595,000 | 5,199,000 | 5,036,000 | 4,712,000 | 4,128,000 | 3,990,000 | 3,639,000 |
other current liabilities | 60,735,000 | 51,463,000 | 46,504,000 | 46,972,000 | 49,268,000 | 38,636,000 | 33,290,000 | 33,025,000 | 41,207,000 | 20,531,000 | 16,317,000 | 17,614,000 | 19,064,000 | 17,896,000 | 17,818,000 | 20,015,000 | 24,500,000 | 23,383,000 | 13,027,000 | 13,499,000 | 14,822,000 | 12,383,000 | 8,474,000 | 7,985,000 | 8,181,000 | 7,289,000 | 8,413,000 | 9,266,000 | 3,925,000 | 2,676,000 | 2,925,000 | 3,167,000 | 3,394,000 | 2,499,000 | 2,134,000 | 5,327,000 | 6,557,000 | 3,880,000 | 2,977,000 | 4,367,000 | 4,903,000 | 7,925,000 | ||
total current liabilities | 1,363,619,000 | 565,072,000 | 486,362,000 | 519,138,000 | 665,113,000 | 552,960,000 | 564,485,000 | 565,121,000 | 710,781,000 | 548,817,000 | 503,219,000 | 499,113,000 | 631,755,000 | 497,246,000 | 449,902,000 | 483,205,000 | 615,588,000 | 471,007,000 | 407,000,000 | 427,045,000 | 454,664,000 | 340,942,000 | 279,579,000 | 158,849,000 | 188,528,000 | 154,707,000 | 166,510,000 | 148,675,000 | 112,062,000 | 128,931,000 | 113,499,000 | 106,556,000 | 102,477,000 | 94,089,000 | 88,324,000 | 81,153,000 | 84,008,000 | 77,578,000 | 74,511,000 | 77,359,000 | 80,122,000 | 69,614,000 | 52,237,000 | 46,866,000 |
finance lease obligations—net of current portion | 93,482,000 | 93,857,000 | 90,302,000 | 91,902,000 | 93,482,000 | 95,044,000 | 96,587,000 | 98,112,000 | 99,620,000 | 101,114,000 | 102,618,000 | 104,144,000 | 105,699,000 | 106,330,000 | 107,287,000 | 108,857,000 | 110,283,000 | 38,700,000 | 40,969,000 | 43,042,000 | 44,979,000 | 47,147,000 | 49,258,000 | 51,458,000 | 53,611,000 | 55,576,000 | 57,409,000 | 59,610,000 | ||||||||||||||||
deferred tax liabilities | 8,808,000 | 5,346,000 | 5,425,000 | 7,407,000 | 7,957,000 | 7,101,000 | 8,788,000 | 11,023,000 | 13,192,000 | 25,496,000 | 28,982,000 | 44,379,000 | 44,735,000 | 62,155,000 | 68,639,000 | 77,027,000 | 79,484,000 | 94,158,000 | 33,000 | 33,000 | 58,481,000 | 63,448,000 | 66,301,000 | 63,126,000 | 64,497,000 | 83,130,000 | 32,642,000 | 32,637,000 | 30,455,000 | 30,851,000 | 32,292,000 | 32,303,000 | 23,786,000 | 40,580,000 | 65,028,000 | 65,034,000 | 65,068,000 | 62,882,000 | 61,420,000 | 61,419,000 | 61,420,000 | 66,227,000 | 70,687,000 | 70,849,000 |
long-term debt | 2,333,230,000 | 2,980,605,000 | 2,978,971,000 | 2,289,149,000 | 2,288,083,000 | 2,287,016,000 | 2,285,950,000 | 2,284,883,000 | 2,283,817,000 | 2,282,751,000 | 2,281,684,000 | 2,280,663,000 | 2,279,640,000 | 2,278,585,000 | 2,277,519,000 | 2,276,480,000 | 2,275,418,000 | 2,274,351,000 | 2,273,331,000 | 1,302,345,000 | 1,062,299,000 | 1,054,604,000 | 803,227,000 | 794,129,000 | 785,126,000 | 776,127,000 | 284,011,000 | 280,226,000 | 276,486,000 | 272,790,000 | 269,133,000 | 265,415,000 | ||||||||||||
other liabilities | 126,210,000 | 120,515,000 | 120,659,000 | 123,505,000 | 122,013,000 | 124,385,000 | 127,274,000 | 122,293,000 | 121,705,000 | 113,547,000 | 116,424,000 | 112,430,000 | 120,406,000 | 112,237,000 | 122,458,000 | 122,739,000 | 122,417,000 | 90,300,000 | 38,330,000 | 41,172,000 | 41,642,000 | 41,697,000 | 39,491,000 | 43,233,000 | 43,956,000 | 40,396,000 | 38,902,000 | 40,007,000 | 19,864,000 | 17,378,000 | 17,464,000 | 18,132,000 | 18,262,000 | 25,971,000 | 25,827,000 | 25,308,000 | 24,704,000 | 23,746,000 | 22,761,000 | 22,274,000 | 21,646,000 | 21,699,000 | 21,656,000 | 21,569,000 |
total liabilities | 3,925,349,000 | 3,765,395,000 | 3,681,719,000 | 3,031,101,000 | 3,176,648,000 | 3,066,506,000 | 3,083,084,000 | 3,081,432,000 | 3,229,115,000 | 3,071,725,000 | 3,032,927,000 | 3,040,729,000 | 3,182,235,000 | 3,056,553,000 | 3,025,805,000 | 3,068,308,000 | 3,203,190,000 | 2,968,516,000 | 2,759,663,000 | 1,813,637,000 | 1,662,065,000 | 1,547,838,000 | 1,237,856,000 | 1,110,795,000 | 1,135,718,000 | 1,109,936,000 | 579,474,000 | 561,155,000 | 500,953,000 | 512,749,000 | 495,219,000 | 485,678,000 | 208,689,000 | 225,847,000 | 246,038,000 | 235,691,000 | 236,436,000 | 224,745,000 | 217,935,000 | 219,645,000 | 222,563,000 | 215,827,000 | 203,367,000 | 196,248,000 |
commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||
stockholders' deficit: | ||||||||||||||||||||||||||||||||||||||||||||
common stock | 97,000 | 99,000 | 100,000 | 105,000 | 109,000 | 113,000 | 115,000 | 117,000 | 119,000 | 120,000 | 123,000 | 123,000 | 125,000 | 126,000 | 127,000 | 127,000 | 127,000 | 127,000 | 127,000 | 127,000 | 126,000 | 126,000 | 119,000 | 118,000 | 119,000 | 119,000 | 120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 122,000 | 121,000 | 118,000 | 116,000 | 116,000 | 115,000 | 114,000 | 113,000 | ||||
preferred stock | ||||||||||||||||||||||||||||||||||||||||||||
additional paid-in capital | 1,532,204,000 | 1,494,175,000 | 1,431,154,000 | 1,385,110,000 | 1,322,809,000 | 1,270,347,000 | 1,203,294,000 | 1,151,846,000 | 1,081,026,000 | 1,028,335,000 | 957,738,000 | 913,672,000 | 815,085,000 | 773,887,000 | 712,053,000 | 672,486,000 | 631,762,000 | 624,374,000 | 590,232,000 | 664,240,000 | 883,166,000 | 886,295,000 | 675,213,000 | 657,311,000 | 642,628,000 | 637,176,000 | 573,611,000 | 570,906,000 | 562,033,000 | 551,293,000 | 546,121,000 | 542,554,000 | 499,441,000 | 482,936,000 | 462,578,000 | 447,648,000 | 442,510,000 | 433,894,000 | 417,981,000 | 411,208,000 | ||||
accumulated deficit | -2,404,020,000 | -2,380,707,000 | -2,335,843,000 | -2,027,047,000 | -1,784,037,000 | -1,652,267,000 | -1,552,642,000 | -1,454,137,000 | -1,357,390,000 | -1,347,230,000 | -1,135,412,000 | -1,156,134,000 | -21,467,000 | -56,970,000 | -146,819,000 | -217,866,000 | -143,458,000 | -239,883,000 | -227,414,000 | -236,510,000 | -124,015,000 | -142,238,000 | -153,442,000 | -149,707,000 | -169,602,000 | -151,906,000 | -96,290,000 | -130,740,000 | -156,542,000 | -168,211,000 | -116,341,000 | -94,958,000 | -92,559,000 | -85,248,000 | ||||||||||
accumulated other comprehensive loss | -226,376,000 | -226,151,000 | -219,981,000 | -268,467,000 | -297,747,000 | -242,493,000 | -285,763,000 | -281,587,000 | -267,470,000 | -303,753,000 | -286,624,000 | -297,849,000 | -314,217,000 | -372,858,000 | -237,126,000 | -91,031,000 | -1,888,000 | -7,699,000 | -10,699,000 | -8,699,000 | -11,523,000 | -7,415,000 | -8,775,000 | -7,813,000 | -7,087,000 | -6,548,000 | -6,281,000 | |||||||||||||||||
total stockholders' deficit | -1,098,095,000 | -758,866,000 | -583,761,000 | -543,715,000 | -622,528,000 | -464,175,000 | -540,188,000 | |||||||||||||||||||||||||||||||||||||
total liabilities and stockholders’ deficit | 2,827,254,000 | 2,652,811,000 | 2,557,149,000 | 2,120,802,000 | 2,417,782,000 | 2,442,206,000 | 2,448,088,000 | 2,685,400,000 | ||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 128,740 and 161,495 as of september 30, 2025 and december 31, 2024, respectively | 304,052,000 | |||||||||||||||||||||||||||||||||||||||||||
finance lease obligations—current | 1,197,000 | 6,295,000 | 6,220,000 | 6,148,000 | 6,081,000 | 6,037,000 | 6,045,000 | 6,079,000 | 5,221,000 | 4,674,000 | 4,713,000 | 4,731,000 | 4,827,000 | 3,709,000 | 2,455,000 | 2,418,000 | 8,757,000 | 8,691,000 | 8,639,000 | 8,537,000 | 8,345,000 | 8,073,000 | 8,000,000 | 8,275,000 | 8,770,000 | 9,306,000 | 9,927,000 | |||||||||||||||||
stockholders’ deficit: | ||||||||||||||||||||||||||||||||||||||||||||
total stockholders’ deficit | -1,112,584,000 | -1,124,570,000 | -910,299,000 | -624,300,000 | -634,996,000 | |||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 123,611 and 161,495 as of june 30, 2025 and december 31, 2024, respectively | 317,015,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 174,368 and 161,495 as of march 31, 2025 and december 31, 2024, respectively | 413,877,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 158,367 and 125,932 as of september 30, 2024 and december 31, 2023, respectively | 443,943,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 143,923 and 125,932 as of june 30, 2024 and december 31, 2023, respectively | 435,687,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 134,525 and 125,932 as of march 31, 2024 and december 31, 2023, respectively | 444,829,000 | |||||||||||||||||||||||||||||||||||||||||||
total liabilities and stockholders' deficit | 2,497,671,000 | 2,449,197,000 | 2,568,752,000 | 2,500,541,000 | ||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 113,638 and 92,179 as of september 30, 2023 and december 31, 2022, respectively | 452,881,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 176,005 and 92,179 as of june 30, 2023 and december 31, 2022, respectively | 474,201,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 103,793 and 92,179 as of march 31, 2023 and december 31, 2022, respectively | 534,466,000 | |||||||||||||||||||||||||||||||||||||||||||
liabilities and stockholders’ (deficit) equity | ||||||||||||||||||||||||||||||||||||||||||||
stockholders’ (deficit) equity: | ||||||||||||||||||||||||||||||||||||||||||||
(accumulated deficit) retained earnings | -1,048,267,000 | -1,007,397,000 | ||||||||||||||||||||||||||||||||||||||||||
total stockholders’ (deficit) equity | -547,274,000 | |||||||||||||||||||||||||||||||||||||||||||
total liabilities and stockholders’ (deficit) equity | 2,634,961,000 | |||||||||||||||||||||||||||||||||||||||||||
revenue | 2,566,111,000 | 594,469,000 | ||||||||||||||||||||||||||||||||||||||||||
cost of revenue | 744,592,000 | 174,401,000 | ||||||||||||||||||||||||||||||||||||||||||
gross profit | 1,821,519,000 | 420,068,000 | ||||||||||||||||||||||||||||||||||||||||||
operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
marketing | 710,399,000 | 147,242,000 | ||||||||||||||||||||||||||||||||||||||||||
product development | 412,398,000 | 108,040,000 | ||||||||||||||||||||||||||||||||||||||||||
general and administrative | 312,260,000 | 74,544,000 | ||||||||||||||||||||||||||||||||||||||||||
goodwill impairment | 1,045,022,000 | 1,045,022,000 | ||||||||||||||||||||||||||||||||||||||||||
total operating expenses | 2,480,079,000 | 1,374,848,000 | ||||||||||||||||||||||||||||||||||||||||||
income from operations | -658,560,000 | -954,780,000 | ||||||||||||||||||||||||||||||||||||||||||
other income: | ||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | ||||||||||||||||||||||||||||||||||||||||||||
interest expense | -14,168,000 | |||||||||||||||||||||||||||||||||||||||||||
interest and other income | 10,956,000 | |||||||||||||||||||||||||||||||||||||||||||
foreign exchange gain | -206,000 | |||||||||||||||||||||||||||||||||||||||||||
total other income | -3,418,000 | |||||||||||||||||||||||||||||||||||||||||||
income before income taxes | -661,978,000 | -949,017,000 | ||||||||||||||||||||||||||||||||||||||||||
benefit for income taxes | -32,310,000 | -14,051,000 | ||||||||||||||||||||||||||||||||||||||||||
net income | -694,288,000 | -963,068,000 | ||||||||||||||||||||||||||||||||||||||||||
net income per share | ||||||||||||||||||||||||||||||||||||||||||||
basic | -5,480 | -7,620 | ||||||||||||||||||||||||||||||||||||||||||
diluted | -5,480 | -7,620 | ||||||||||||||||||||||||||||||||||||||||||
weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 78,531 and 53,152 as of september 30, 2022 and december 31, 2021, respectively | 517,018,000 | |||||||||||||||||||||||||||||||||||||||||||
total stockholders' (deficit) equity | -606,242,000 | |||||||||||||||||||||||||||||||||||||||||||
total liabilities and stockholders' (deficit) equity | 2,450,311,000 | |||||||||||||||||||||||||||||||||||||||||||
other income | 5,763,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 71,546 and 53,152 as of june 30, 2022 and december 31, 2021, respectively | 550,925,000 | |||||||||||||||||||||||||||||||||||||||||||
liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||
retained earnings | 106,241,000 | 95,285,000 | 71,744,000 | 24,775,000 | ||||||||||||||||||||||||||||||||||||||||
total stockholders’ equity | 581,295,000 | 676,867,000 | 628,619,000 | 533,622,000 | 530,753,000 | 683,774,000 | 742,424,000 | 666,667,000 | 524,175,000 | 406,847,000 | 406,634,000 | 389,262,000 | 442,301,000 | 420,013,000 | 400,898,000 | 394,619,000 | 370,091,000 | 384,487,000 | 396,894,000 | 348,215,000 | 308,279,000 | 295,048,000 | 344,757,000 | 344,456,000 | 333,021,000 | 329,531,000 | ||||||||||||||||||
total liabilities and stockholders’ equity | 3,607,100,000 | 3,745,175,000 | 3,831,809,000 | 3,502,138,000 | 3,290,416,000 | 2,497,411,000 | 2,404,489,000 | 2,214,505,000 | 1,762,031,000 | 1,517,642,000 | 1,542,352,000 | 1,499,198,000 | 1,021,775,000 | 981,168,000 | 901,851,000 | 907,368,000 | 865,310,000 | 870,165,000 | 605,583,000 | 574,062,000 | 554,317,000 | 530,739,000 | 581,193,000 | 569,201,000 | 550,956,000 | 549,176,000 | ||||||||||||||||||
intangible assets, net of accumulated amortization of 63,686 and 53,152 as of march 31, 2022 and december 31, 2021, respectively | 595,305,000 | |||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income | -75,014,000 | -69,412,000 | -2,636,000 | -5,368,000 | 5,951,000 | -6,379,000 | -4,102,000 | 2,125,000 | 15,495,000 | 18,472,000 | 5,405,000 | 7,485,000 | 3,458,000 | |||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 42,598 and 25,705 as of september 30, 2021 and december 31, 2020, respectively | 613,104,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 33,133 and 25,705 as of june 30, 2021 and december 31, 2020, respectively | 178,854,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 29,132 and 25,705 as of march 31, 2021 and december 31, 2020, respectively | 182,312,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 21,437 and 16,911 as of september 30, 2020 and december 31, 2019, respectively | 189,120,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 17,293 and 16,911 as of june 30, 2020 and december 31, 2019, respectively | 191,685,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 13,377 and 16,911 as of march 31, 2020 and december 31, 2019, respectively | 194,874,000 | |||||||||||||||||||||||||||||||||||||||||||
facility financing obligation | 59,991,000 | 60,008,000 | 60,025,000 | 60,041,000 | 60,049,000 | 60,047,000 | 60,668,000 | 59,586,000 | 57,360,000 | 55,214,000 | 53,145,000 | 51,804,000 | 51,804,000 | 51,804,000 | 51,804,000 | 51,507,000 | ||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 13,005 and 7,378 as of september 30, 2019 and december 31, 2018, respectively | 202,102,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 10,332 and 7,378 as of june 30, 2019 and december 31, 2018, respectively | 33,142,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 8,794 and 7,378 as of march 31, 2019 and december 31, 2018, respectively | 33,839,000 | |||||||||||||||||||||||||||||||||||||||||||
capital lease obligations—current | 3,884,000 | 4,284,000 | 4,376,000 | 4,861,000 | 5,798,000 | 6,548,000 | 7,345,000 | 6,748,000 | 6,829,000 | 6,563,000 | 6,347,000 | 6,019,000 | 5,610,000 | 4,431,000 | 4,021,000 | 2,181,000 | ||||||||||||||||||||||||||||
capital lease obligations—net of current portion | 2,095,000 | 2,791,000 | 2,806,000 | 3,231,000 | 4,115,000 | 5,160,000 | 6,191,000 | 4,610,000 | 5,296,000 | 5,325,000 | 6,098,000 | 6,789,000 | 7,571,000 | 6,483,000 | 6,983,000 | 3,542,000 | ||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization | 36,360,000 | 38,077,000 | ||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 3,700 and 3,100 as of march 31, 2018 and december 31, 2017, respectively | 3,500,000 | |||||||||||||||||||||||||||||||||||||||||||
deferred tax charge—current | 17,132,000 | 17,132,000 | 17,132,000 | 17,132,000 | 17,132,000 | 17,605,000 | 17,605,000 | 9,687,000 | ||||||||||||||||||||||||||||||||||||
deferred tax charge—net of current portion | 34,264,000 | 39,169,000 | 42,128,000 | 41,903,000 | 51,396,000 | 55,711,000 | 60,539,000 | 70,422,000 | ||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 4,209 and 2,500 as of december 31, 2016 and september 30, 2017, respectively | 4,700,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 4,209 and 3,274 as of december 31, 2016 and june 30, 2017, respectively | 5,301,000 | |||||||||||||||||||||||||||||||||||||||||||
intangible assets, net of accumulated amortization of 4,209 and 5,674 as of december 31, 2016 and march 31, 2017, respectively | 6,062,000 | |||||||||||||||||||||||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||
warrant liability | 1,915,000 | |||||||||||||||||||||||||||||||||||||||||||
deferred tax assets—current | 3,134,000 | 3,135,000 | 2,932,000 | |||||||||||||||||||||||||||||||||||||||||
accrued expenses and other current liabilities | 27,344,000 | 21,893,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||
net income | 110,735,000 | 75,503,000 | 28,840,000 | -52,096,000 | 129,906,000 | 57,366,000 | 53,005,000 | 63,004,000 | 83,266,000 | 87,850,000 | 61,915,000 | 74,537,000 | 109,548,000 | -963,068,000 | 73,123,000 | 86,109,000 | 161,557,000 | 89,930,000 | 98,254,000 | 143,766,000 | 148,538,000 | 91,761,000 | 96,425,000 | 12,522,000 | 31,291,000 | 14,801,000 | 18,223,000 | 31,579,000 | 41,251,000 | 19,894,000 | 3,379,000 | 12,967,000 | -421,000 | 1,192,000 | ||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
stock-based compensation expense | 63,355,000 | 60,772,000 | 58,510,000 | 62,108,000 | 68,155,000 | 69,292,000 | 74,717,000 | 70,683,000 | 68,476,000 | 70,118,000 | 77,281,000 | 68,683,000 | 64,355,000 | 52,905,000 | 64,357,000 | 49,271,000 | 49,863,000 | 42,256,000 | 27,440,000 | 20,351,000 | 17,450,000 | 17,128,000 | 16,725,000 | 13,811,000 | 13,339,000 | 12,137,000 | 10,837,000 | 8,082,000 | 12,648,000 | 8,191,000 | 7,898,000 | 5,740,000 | 5,266,000 | 6,797,000 | 6,549,000 | 4,043,000 | 4,160,000 | 2,975,000 | 3,452,000 | 2,581,000 | 2,422,000 | 2,204,000 | 2,222,000 | 2,133,000 |
depreciation and amortization expense | 24,894,000 | 24,263,000 | 25,398,000 | 27,290,000 | 26,402,000 | 27,739,000 | 27,087,000 | 26,846,000 | 23,033,000 | 22,172,000 | 22,946,000 | 23,172,000 | 22,794,000 | 24,127,000 | 25,027,000 | 24,754,000 | 24,991,000 | 23,211,000 | 12,985,000 | 13,080,000 | 13,101,000 | 15,754,000 | 14,171,000 | 15,163,000 | 15,271,000 | 12,808,000 | 9,810,000 | 10,142,000 | 7,626,000 | 6,439,000 | 6,357,000 | 6,320,000 | 6,577,000 | 7,022,000 | 6,660,000 | 6,938,000 | 6,905,000 | 5,786,000 | 5,103,000 | 4,731,000 | 4,509,000 | 4,968,000 | 4,732,000 | 4,341,000 |
provision for expected credit losses | 1,906,000 | 2,192,000 | 2,523,000 | 2,385,000 | 1,809,000 | 2,820,000 | 3,243,000 | 4,078,000 | 5,244,000 | 4,132,000 | 5,289,000 | 4,969,000 | 4,843,000 | 2,212,000 | 2,300,000 | 3,109,000 | 3,038,000 | 3,103,000 | 5,289,000 | 4,601,000 | 5,461,000 | |||||||||||||||||||||||
deferred provision for income taxes | 17,941,000 | -10,321,000 | -57,503,000 | |||||||||||||||||||||||||||||||||||||||||
asset impairment charges | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
other non-cash expense | -1,558,000 | 1,885,000 | 18,914,000 | 15,369,000 | -6,490,000 | -5,066,000 | -2,228,000 | 1,722,000 | -1,296,000 | -99,000 | -1,326,000 | 1,861,000 | 1,337,000 | 3,321,000 | -4,799,000 | 2,044,000 | 1,096,000 | 1,184,000 | 1,386,000 | 1,315,000 | 530,000 | |||||||||||||||||||||||
changes in operating assets and liabilities, net of sale of business: | ||||||||||||||||||||||||||||||||||||||||||||
accounts receivable | 23,846,000 | -7,553,000 | -762,000 | 1,684,000 | -6,687,000 | -3,147,000 | -85,000 | 1,093,000 | -6,442,000 | -1,885,000 | -664,000 | 799,000 | -4,772,000 | -1,757,000 | -256,000 | 46,000 | ||||||||||||||||||||||||||||
funds receivable and seller accounts | 42,834,000 | -14,126,000 | -1,732,000 | -3,540,000 | 725,000 | -9,766,000 | -85,000 | -4,351,000 | 3,849,000 | -11,129,000 | 2,283,000 | -5,913,000 | -2,315,000 | -6,125,000 | 1,326,000 | -1,911,000 | ||||||||||||||||||||||||||||
prepaid expenses and other current assets | -5,940,000 | -1,390,000 | 5,006,000 | -2,461,000 | -3,766,000 | 12,509,000 | -8,787,000 | -4,385,000 | -6,596,000 | -43,000 | -19,000 | 472,000 | -801,000 | -838,000 | -1,727,000 | 3,100,000 | ||||||||||||||||||||||||||||
other assets | 11,000 | 0 | 25,000 | 7,000 | 20,000 | 6,000 | -26,000 | -28,000 | 2,000 | -157,000 | 733,000 | -140,000 | 73,000 | 233,000 | -263,000 | 182,000 | ||||||||||||||||||||||||||||
accounts payable | 13,444,000 | -448,000 | 6,988,000 | -6,620,000 | 5,411,000 | -292,000 | 1,122,000 | -3,404,000 | 2,474,000 | -255,000 | -5,977,000 | 173,000 | 10,258,000 | -2,601,000 | -510,000 | -419,000 | ||||||||||||||||||||||||||||
accrued and other current liabilities | 14,901,000 | 2,203,000 | 425,000 | 5,550,000 | 3,273,000 | -3,994,000 | 6,162,000 | -2,234,000 | ||||||||||||||||||||||||||||||||||||
funds payable and amounts due to sellers | -42,834,000 | 14,126,000 | 1,732,000 | 3,540,000 | -725,000 | 9,766,000 | 85,000 | 4,351,000 | -3,849,000 | 11,129,000 | -2,283,000 | 5,913,000 | 2,315,000 | 6,125,000 | -1,327,000 | 1,912,000 | ||||||||||||||||||||||||||||
deferred revenue | 340,000 | 758,000 | 76,000 | 157,000 | -78,000 | 485,000 | -82,000 | 109,000 | 133,000 | 362,000 | 190,000 | 279,000 | 608,000 | 142,000 | 313,000 | 216,000 | ||||||||||||||||||||||||||||
other liabilities | 4,421,000 | 433,000 | 2,150,000 | 2,095,000 | 29,301,000 | -24,991,000 | 574,000 | 677,000 | 2,855,000 | 558,000 | 539,000 | 903,000 | 954,000 | -5,031,000 | -19,937,000 | 19,713,000 | ||||||||||||||||||||||||||||
net cash from operating activities | 317,124,000 | 218,970,000 | 108,137,000 | 49,183,000 | 314,959,000 | 217,416,000 | 151,061,000 | 69,033,000 | 295,105,000 | 218,506,000 | 136,271,000 | 55,631,000 | 291,750,000 | 206,564,000 | 125,754,000 | 59,544,000 | 290,459,000 | 90,930,000 | 121,697,000 | 148,465,000 | 243,667,000 | 185,194,000 | 220,431,000 | 29,664,000 | 17,249,000 | 1,786,000 | 10,204,000 | 5,375,000 | 4,737,000 | 8,895,000 | ||||||||||||||
capital expenditures | -1,266,000 | -4,008,000 | -6,864,000 | -3,248,000 | -4,034,000 | -4,266,000 | -3,651,000 | -2,257,000 | -5,198,000 | -3,888,000 | -1,603,000 | -2,249,000 | -1,886,000 | -2,718,000 | -2,421,000 | -3,212,000 | -5,508,000 | -3,823,000 | -1,391,000 | -526,000 | -1,057,000 | -179,000 | 358,000 | -567,000 | -15,408,000 | -10,870,000 | -1,592,000 | -4,980,000 | -2,692,000 | -1,852,000 | ||||||||||||||
free cash flows | 315,858,000 | 214,962,000 | 101,273,000 | 45,935,000 | 310,925,000 | 213,150,000 | 147,410,000 | 66,776,000 | 289,907,000 | 214,618,000 | 134,668,000 | 53,382,000 | 289,864,000 | 203,846,000 | 123,333,000 | 56,332,000 | 284,951,000 | 87,107,000 | 120,306,000 | 147,939,000 | 242,610,000 | 185,015,000 | 220,789,000 | 29,097,000 | 1,841,000 | -9,084,000 | 8,612,000 | 395,000 | 2,045,000 | 7,043,000 | ||||||||||||||
cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
purchases of property and equipment | -1,266,000 | -4,008,000 | -6,864,000 | -3,248,000 | -4,034,000 | -4,266,000 | -3,651,000 | -2,257,000 | -5,198,000 | -3,888,000 | -1,603,000 | -2,249,000 | -1,886,000 | -2,718,000 | -2,421,000 | -3,212,000 | -5,508,000 | -3,823,000 | -1,391,000 | -526,000 | -1,057,000 | -179,000 | 358,000 | -567,000 | -1,639,000 | -2,142,000 | -3,064,000 | -683,000 | -577,000 | -138,000 | -112,000 | -192,000 | -76,000 | -279,000 | -893,000 | -2,700,000 | -1,828,000 | -7,875,000 | -15,408,000 | -10,870,000 | -1,592,000 | -4,980,000 | -2,692,000 | -1,852,000 |
website and app development | -7,970,000 | -9,844,000 | -10,802,000 | -10,662,000 | ||||||||||||||||||||||||||||||||||||||||
purchases of investments | -75,491,000 | -53,521,000 | -80,612,000 | -116,958,000 | -63,828,000 | -74,072,000 | -50,504,000 | -142,359,000 | -54,624,000 | -90,661,000 | -80,669,000 | -116,896,000 | ||||||||||||||||||||||||||||||||
sales and maturities of investments | 85,279,000 | 43,356,000 | 74,015,000 | 110,192,000 | 57,950,000 | 78,090,000 | 58,154,000 | 126,966,000 | 47,862,000 | 90,282,000 | 82,302,000 | 89,005,000 | ||||||||||||||||||||||||||||||||
proceeds from sale of business, net of cash | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
net cash from investing activities | 552,000 | -24,017,000 | 76,222,000 | -20,676,000 | -16,342,000 | -9,015,000 | -2,638,000 | -25,106,000 | -19,324,000 | -11,270,000 | -6,616,000 | -36,097,000 | -88,000 | -3,464,000 | -16,317,000 | -10,155,000 | -23,108,000 | -1,454,658,000 | 100,807,000 | -181,010,000 | -53,022,000 | 18,911,000 | 16,639,000 | 6,093,000 | -5,880,000 | -114,426,000 | -5,148,000 | -6,115,000 | -5,395,000 | -6,625,000 | ||||||||||||||
cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
payment of tax obligations on vested equity awards | -32,694,000 | -13,567,000 | -20,790,000 | -8,169,000 | -19,452,000 | -9,129,000 | -27,071,000 | -5,936,000 | -25,433,000 | -8,752,000 | -40,062,000 | -9,194,000 | -31,145,000 | -8,231,000 | -27,499,000 | -12,288,000 | -49,020,000 | -12,654,000 | -41,691,000 | -14,802,000 | -27,905,000 | -9,260,000 | -6,353,000 | -4,198,000 | -8,942,000 | -7,448,000 | -10,485,000 | -5,672,000 | ||||||||||||||||
repurchase of stock | -133,229,000 | -119,818,000 | -334,675,000 | -189,177,000 | -259,585,000 | -155,588,000 | -150,382,000 | -158,344,000 | -92,981,000 | -296,950,000 | -38,855,000 | -148,182,000 | -150,419,000 | -150,572,000 | -62,168,000 | -62,568,000 | -68,347,000 | -54,427,000 | -77,491,000 | -166,170,000 | 0 | -24,992,000 | -22,195,000 | -127,298,000 | 0 | -27,492,000 | -44,986,000 | 0 | -21,075,000 | -68,586,000 | -797,000 | -625,000 | -453,000 | |||||||||||
proceeds from exercise of stock options | 2,336,000 | 9,677,000 | 2,709,000 | 2,945,000 | 77,000 | 1,095,000 | 483,000 | 2,252,000 | 5,780,000 | 2,693,000 | 2,750,000 | 3,005,000 | 6,812,000 | 2,754,000 | 2,064,000 | 3,394,000 | 11,839,000 | 2,830,000 | 4,107,000 | 3,930,000 | 6,833,000 | 6,309,000 | 7,281,000 | 4,896,000 | 857,000 | 1,094,000 | 1,910,000 | 5,930,000 | 2,680,000 | 4,848,000 | 476,000 | 10,249,000 | 11,902,000 | 15,560,000 | 5,776,000 | 600,000 | 2,760,000 | 4,914,000 | 1,671,000 | 1,223,000 | 1,341,000 | 227,000 | 870,000 | 1,188,000 |
proceeds from issuance of convertible senior notes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 345,000,000 | ||||||||||||||||||||||||||||||||||
payment of debt issuance costs | 0 | -839,000 | 0 | -29,000 | -141,000 | -2,045,000 | 0 | 0 | 0 | -25,000 | -451,000 | -283,000 | -12,541,000 | -25,000 | -767,000 | -9,750,000 | 0 | -14,000 | -762,000 | -9,750,000 | -200,000 | -1,192,000 | 0 | -401,000 | -434,000 | -9,127,000 | ||||||||||||||||||
payments on finance lease obligations | -1,568,000 | -1,549,000 | -1,531,000 | -1,514,000 | -1,500,000 | -1,505,000 | -1,538,000 | -1,548,000 | -1,555,000 | -1,573,000 | -1,575,000 | -1,575,000 | -1,552,000 | -1,567,000 | -1,590,000 | -1,598,000 | -1,543,000 | -2,434,000 | -2,466,000 | -2,421,000 | -2,155,000 | -2,129,000 | -2,361,000 | -2,566,000 | -2,656,000 | -2,702,000 | -2,730,000 | -2,745,000 | ||||||||||||||||
other financing | -138,000 | -558,000 | -8,359,000 | -8,867,000 | -1,915,000 | -1,403,000 | 3,259,000 | 562,000 | -1,510,000 | 19,000 | 234,000 | -512,000 | -7,759,000 | 1,852,000 | -5,142,000 | 807,000 | 2,141,000 | -165,000 | -1,187,000 | 1,259,000 | 195,000 | 1,928,000 | -4,392,000 | -5,804,000 | 5,117,000 | 1,076,000 | 208,000 | 1,864,000 | ||||||||||||||||
net cash from financing activities | -165,293,000 | -126,654,000 | 326,854,000 | -204,782,000 | -282,375,000 | -166,530,000 | -175,249,000 | -163,014,000 | -115,699,000 | -304,592,000 | -77,694,000 | -158,548,000 | -184,074,000 | -155,765,000 | -94,362,000 | -72,283,000 | -105,418,000 | -67,143,000 | 664,688,000 | -39,378,000 | -101,292,000 | 259,077,000 | -5,825,000 | -32,678,000 | -28,581,000 | -53,019,000 | -3,432,000 | 7,489,000 | 1,414,000 | -2,032,000 | 2,057,000 | 3,952,000 | -452,000 | 253,000 | 565,000 | -119,000 | 197,487,000 | 1,675,000 | ||||||
effect of exchange rate changes on cash | 1,075,000 | -754,000 | 22,953,000 | 14,288,000 | -24,003,000 | 17,857,000 | -2,800,000 | -6,399,000 | 12,283,000 | -7,539,000 | 2,755,000 | 4,532,000 | 23,700,000 | -16,219,000 | -12,438,000 | -1,065,000 | -1,139,000 | -3,609,000 | 3,012,000 | -8,498,000 | 9,772,000 | 4,268,000 | 3,925,000 | -4,018,000 | 1,642,000 | -2,927,000 | 897,000 | -1,458,000 | -3,301,000 | -519,000 | -3,260,000 | 1,085,000 | -530,000 | 853,000 | 1,288,000 | -456,000 | -3,573,000 | -926,000 | -1,816,000 | -476,000 | -660,000 | -1,013,000 | 587,000 | -2,865,000 |
net increase in cash, cash equivalents, and restricted cash | 172,365,000 | 131,288,000 | 31,116,000 | 160,794,000 | -1,434,480,000 | 99,125,000 | 467,450,000 | -228,476,000 | 4,258,000 | |||||||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of period | 0 | 0 | 0 | 811,178,000 | 0 | 0 | 0 | 181,592,000 | 0 | 0 | 0 | 271,244,000 | 0 | 0 | 0 | 69,659,000 | ||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at end of period | 153,458,000 | -29,626,000 | 788,837,000 | 172,365,000 | -104,895,000 | 54,716,000 | 792,137,000 | 131,288,000 | 31,116,000 | 2,637,000 | 761,578,000 | 160,794,000 | -1,434,480,000 | 890,204,000 | 1,169,019,000 | 99,125,000 | 467,450,000 | 235,170,000 | 447,695,000 | -228,476,000 | 312,610,000 | 13,485,000 | 351,015,000 | 4,258,000 | ||||||||||||||||||||
asset impairment charge | 0 | 0 | 101,703,000 | |||||||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities | ||||||||||||||||||||||||||||||||||||||||||||
current assets | -51,079,000 | -9,210,000 | 49,192,000 | 85,615,000 | -2,267,000 | 52,456,000 | -39,648,000 | -34,656,000 | 34,726,000 | -8,730,000 | -12,047,000 | 32,195,000 | -55,697,000 | 18,179,000 | -11,580,000 | -23,551,000 | -49,191,000 | -2,784,000 | 28,153,000 | -2,991,000 | -48,293,000 | |||||||||||||||||||||||
non-current assets | 376,000 | 2,037,000 | 1,093,000 | 1,113,000 | -2,776,000 | 1,652,000 | 913,000 | -5,927,000 | 1,050,000 | 3,983,000 | 726,000 | 1,711,000 | -7,823,000 | 2,525,000 | 1,231,000 | -1,599,000 | 4,079,000 | 915,000 | 802,000 | 1,029,000 | 1,008,000 | |||||||||||||||||||||||
current liabilities | 85,009,000 | -19,013,000 | -156,121,000 | -23,391,000 | -1,606,000 | -140,027,000 | 49,585,000 | 223,000 | -137,660,000 | 58,704,000 | -21,487,000 | -126,048,000 | 35,806,000 | -24,628,000 | -16,597,000 | 55,927,000 | 117,942,000 | -27,235,000 | -23,878,000 | 11,811,000 | 25,815,000 | |||||||||||||||||||||||
non-current liabilities | -2,243,000 | -1,386,000 | 802,000 | -3,192,000 | 5,209,000 | 637,000 | 3,121,000 | 2,327,000 | -8,390,000 | 7,983,000 | 1,439,000 | 1,206,000 | 18,783,000 | -2,814,000 | -379,000 | 2,034,000 | -4,166,000 | -840,000 | -1,171,000 | -2,310,000 | -672,000 | |||||||||||||||||||||||
net increase in cash and cash equivalents | 67,545,000 | 9,101,000 | -112,863,000 | 4,961,000 | -1,872,000 | 197,416,000 | 1,080,000 | |||||||||||||||||||||||||||||||||||||
deferred benefit for income taxes | 1,524,000 | -2,542,000 | -718,000 | -9,436,000 | 939,000 | -5,230,000 | -4,831,000 | 22,313,000 | -58,600,000 | -8,968,000 | -11,014,000 | -4,424,000 | -10,517,000 | -3,068,000 | ||||||||||||||||||||||||||||||
cash and cash equivalents at end of period | 534,166,000 | 649,191,000 | 55,154,000 | 33,403,000 | 32,078,000 | 194,807,000 | -6,438,000 | 20,548,000 | 9,101,000 | 158,381,000 | 4,961,000 | -1,872,000 | 197,416,000 | 70,739,000 | ||||||||||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
net decrease in cash and cash equivalents | -161,987,000 | |||||||||||||||||||||||||||||||||||||||||||
loss on sale of business | 0 | |||||||||||||||||||||||||||||||||||||||||||
cash paid for intangible assets | 0 | |||||||||||||||||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at beginning of period | 0 | 0 | 0 | 914,323,000 | 0 | 0 | 0 | 926,619,000 | 0 | 0 | 0 | 785,537,000 | 0 | 0 | 0 | 1,249,440,000 | 0 | 0 | 0 | 448,634,000 | 0 | 0 | 0 | 372,326,000 | 0 | |||||||||||||||||||
other non-cash income | ||||||||||||||||||||||||||||||||||||||||||||
development of internal-use software | -8,767,000 | -6,637,000 | -7,456,000 | -7,364,000 | -6,991,000 | -6,646,000 | -5,957,000 | -3,594,000 | -5,345,000 | -5,562,000 | -6,005,000 | -5,403,000 | -4,435,000 | -3,858,000 | -3,226,000 | -1,980,000 | -1,642,000 | -782,000 | -1,261,000 | -1,508,000 | -1,573,000 | -1,279,000 | -3,390,000 | -5,863,000 | -5,528,000 | -5,049,000 | -3,097,000 | -1,166,000 | -1,438,000 | -2,648,000 | -3,956,000 | -3,328,000 | -2,830,000 | -3,443,000 | -2,168,000 | -2,390,000 | -2,206,000 | -2,695,000 | -2,428,000 | |||||
settlement of convertible senior notes | 0 | 0 | -45,000 | -45,000 | -11,000 | -1,000 | -27,000 | -5,000 | -37,000 | -10,000 | -16,534,000 | -27,319,000 | -2,000 | |||||||||||||||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | 59,728,000 | -29,626,000 | -125,486,000 | 54,716,000 | -134,482,000 | -23,959,000 | -80,421,000 | -939,000 | ||||||||||||||||||||||||||||||||||||
foreign exchange loss | -1,322,000 | 3,611,000 | -6,912,000 | -3,853,000 | 1,089,000 | -4,395,000 | -1,210,000 | -1,835,000 | 2,237,000 | 8,157,000 | -5,733,000 | 3,024,000 | 373,000 | 18,022,000 | -1,337,000 | 6,386,000 | -8,120,000 | 6,048,000 | 679,000 | -5,805,000 | 20,853,000 | |||||||||||||||||||||||
changes in operating assets and liabilities, net of sale of business and acquisitions: | ||||||||||||||||||||||||||||||||||||||||||||
acquisition of businesses, net of cash acquired | -9,151,000 | 944,000 | ||||||||||||||||||||||||||||||||||||||||||
purchase of capped calls | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
foreign exchange gain | -7,421,000 | -4,597,000 | -5,567,000 | -171,000 | -1,850,000 | -8,069,000 | -16,103,000 | -2,780,000 | ||||||||||||||||||||||||||||||||||||
non-cash interest expense | -708,000 | 673,000 | 342,000 | 271,000 | 9,760,000 | 9,300,000 | 8,456,000 | 8,570,000 | 3,336,000 | 3,297,000 | 3,258,000 | 1,077,000 | -3,635,000 | 2,384,000 | 2,223,000 | 2,145,000 | 2,063,000 | 1,987,000 | ||||||||||||||||||||||||||
interest expense on marketable securities | ||||||||||||||||||||||||||||||||||||||||||||
goodwill impairment | 0 | |||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | 0 | |||||||||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||||||||||||||||||||||||||||||
cash paid for asset acquisition and intangible assets | -65,000 | |||||||||||||||||||||||||||||||||||||||||||
purchases of marketable securities | -64,504,000 | -72,199,000 | -57,226,000 | -76,416,000 | -74,616,000 | -74,930,000 | 0 | -268,972,000 | -198,357,000 | -119,682,000 | -79,697,000 | -101,501,000 | -343,600,000 | -12,830,000 | -146,508,000 | -158,883,000 | -155,104,000 | -125,033,000 | -174,338,000 | -59,811,000 | -15,540,000 | -17,346,000 | -6,222,000 | -23,240,000 | -51,852,000 | -436,000 | 73,000 | -108,289,000 | ||||||||||||||||
sales and maturities of marketable securities | 69,952,000 | 83,198,000 | 48,892,000 | 75,478,000 | 71,645,000 | 321,215,000 | 106,056,000 | 91,714,000 | ||||||||||||||||||||||||||||||||||||
amortization of debt issuance costs | 360,000 | 356,000 | 353,000 | 122,000 | 299,000 | 54,000 | 54,000 | 56,000 | 47,000 | 46,000 | 46,000 | 45,000 | 45,000 | 49,000 | 42,000 | 31,000 | ||||||||||||||||||||||||||||
loss on disposal of assets | 110,000 | 0 | 30,000 | -4,000 | 125,000 | 306,000 | 40,000 | 49,000 | 9,000 | 368,000 | 274,000 | 492,000 | 843,000 | 65,000 | 79,000 | 332,000 | ||||||||||||||||||||||||||||
acquisition, net of cash acquired | ||||||||||||||||||||||||||||||||||||||||||||
payments on facility financing obligation | -2,347,000 | -2,348,000 | -2,347,000 | -3,122,000 | -1,553,000 | -3,106,000 | ||||||||||||||||||||||||||||||||||||||
deferred income taxes | -1,634,000 | 10,218,000 | -2,829,000 | -8,540,000 | -4,712,000 | -1,854,000 | -142,000 | -18,376,000 | -3,661,000 | -468,000 | 91,000 | 67,768,000 | ||||||||||||||||||||||||||||||||
sales of marketable securities | 140,414,000 | 96,760,000 | 109,422,000 | 65,750,000 | 129,496,000 | 124,900,000 | 140,952,000 | 120,500,000 | 113,971,000 | 33,025,000 | 17,447,000 | 40,800,000 | 27,250,000 | 27,000,000 | 42,290,000 | 33,568,000 | 27,337,000 | 12,898,000 | 6,901,000 | |||||||||||||||||||||||||
bad debt expense | 2,220,000 | 3,684,000 | 3,499,000 | 3,318,000 | 2,964,000 | 1,182,000 | 507,000 | 1,656,000 | 1,049,000 | 912,000 | 438,000 | 1,196,000 | 531,000 | 332,000 | 555,000 | 534,000 | 340,000 | 341,000 | 307,000 | -169,000 | 875,000 | 767,000 | ||||||||||||||||||||||
purchase of capped call | 0 | 0 | 0 | 0 | -34,224,000 | |||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
other non-cash losses | 3,522,000 | 3,386,000 | 2,928,000 | |||||||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities, net of effects from purchase of acquired company: | ||||||||||||||||||||||||||||||||||||||||||||
net cash provided by operating activities | 47,045,000 | 49,836,000 | 31,458,000 | 30,620,000 | 40,091,000 | 26,421,000 | 16,874,000 | 12,139,000 | 3,309,000 | |||||||||||||||||||||||||||||||||||
net cash used in investing activities | -160,300,000 | -25,951,000 | -22,004,000 | |||||||||||||||||||||||||||||||||||||||||
foreign exchange (gain) loss | ||||||||||||||||||||||||||||||||||||||||||||
cash paid for asset acquisition | 0 | |||||||||||||||||||||||||||||||||||||||||||
net cash (used in) provided by financing activities | -11,297,000 | -29,307,000 | ||||||||||||||||||||||||||||||||||||||||||
net (decrease) increase in cash, cash equivalents, and restricted cash | 13,485,000 | -21,311,000 | ||||||||||||||||||||||||||||||||||||||||||
stock-based compensation expense—acquisitions | 1,596,000 | 725,000 | 719,000 | 714,000 | 725,000 | 724,000 | 1,613,000 | 842,000 | 151,000 | 1,110,000 | ||||||||||||||||||||||||||||||||||
interest on marketable securities | -1,312,000 | -653,000 | -842,000 | -80,000 | 42,000 | 82,000 | 25,000 | 277,000 | 74,000 | -258,000 | ||||||||||||||||||||||||||||||||||
amortization of deferred tax charge | 4,905,000 | 2,960,000 | -226,000 | 9,493,000 | ||||||||||||||||||||||||||||||||||||||||
payments on capital lease obligations | -1,309,000 | -1,327,000 | -1,571,000 | -1,850,000 | -1,960,000 | -2,096,000 | ||||||||||||||||||||||||||||||||||||||
deferred payments on acquisition of business | 0 | 0 | 0 | -649,000 | ||||||||||||||||||||||||||||||||||||||||
net cash (used in) provided by investing activities | -16,728,000 | -181,797,000 | -45,653,000 | 8,187,000 | 17,237,000 | 12,394,000 | ||||||||||||||||||||||||||||||||||||||
repurchase of stock for tax on rsu vesting | -9,238,000 | -6,118,000 | -1,780,000 | -1,520,000 | -2,869,000 | |||||||||||||||||||||||||||||||||||||||
net cash from (used in) financing activities | -31,069,000 | 236,560,000 | ||||||||||||||||||||||||||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | -176,035,000 | 218,413,000 | ||||||||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at beginning of period | 0 | 320,783,000 | ||||||||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at end of period | -176,035,000 | 539,196,000 | ||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
contribution of stock to good work institute | ||||||||||||||||||||||||||||||||||||||||||||
net unrealized loss on warrant and other liabilities | -3,000 | -3,000 | 3,151,000 | -12,000 | ||||||||||||||||||||||||||||||||||||||||
proceeds from public offering | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
payments relating to public offering | -1,133,000 | -428,000 | -1,009,000 | -1,482,000 | ||||||||||||||||||||||||||||||||||||||||
net (loss) income | 25,802,000 | |||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
acquisition of business, net of cash acquired | ||||||||||||||||||||||||||||||||||||||||||||
net (decrease) increase in cash and cash equivalents | 33,403,000 | 32,078,000 | 13,215,000 | |||||||||||||||||||||||||||||||||||||||||
supplemental non-cash disclosures | ||||||||||||||||||||||||||||||||||||||||||||
equipment acquired under capital lease obligations | 4,084,000 | 1,068,000 | ||||||||||||||||||||||||||||||||||||||||||
stock-based compensation capitalized in development of capitalized software | 219,000 | 306,000 | ||||||||||||||||||||||||||||||||||||||||||
non-cash additions to development of internal-use software and property and equipment | -182,000 | 358,000 | ||||||||||||||||||||||||||||||||||||||||||
payments on capitalized lease obligations | -1,835,000 | -1,704,000 | -1,572,000 | -1,455,000 | -1,355,000 | -1,115,000 | -1,008,000 | -751,000 | -503,000 | |||||||||||||||||||||||||||||||||||
net loss | -21,383,000 | -2,399,000 | -4,232,000 | -6,891,000 | -6,354,000 | -36,586,000 | ||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
loss on asset impairment | ||||||||||||||||||||||||||||||||||||||||||||
excess tax benefit from exercise of stock options | -1,626,000 | -1,063,000 | 488,000 | -1,034,000 | -1,472,000 | -1,090,000 | 1,090,000 | -2,472,000 | ||||||||||||||||||||||||||||||||||||
net increase in restricted cash | ||||||||||||||||||||||||||||||||||||||||||||
proceeds from the issuance of common stock | ||||||||||||||||||||||||||||||||||||||||||||
excess tax benefit from the exercise of stock options | 1,626,000 | 1,063,000 | -488,000 | 1,034,000 | 1,472,000 | 1,090,000 | -1,090,000 | 2,472,000 | ||||||||||||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
accrued liabilities | -1,754,000 | 12,107,000 | -10,819,000 | 9,486,000 | 4,264,000 | 3,969,000 | ||||||||||||||||||||||||||||||||||||||
net increase (decrease) in cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||
contribution of stock to etsy.org | 0 | 0 | 0 | 3,200,000 | ||||||||||||||||||||||||||||||||||||||||
interest income on marketable securities | ||||||||||||||||||||||||||||||||||||||||||||
stock-based compensation expense-acquisitions | 656,000 | -1,298,000 | 719,000 | 598,000 | 1,841,000 | |||||||||||||||||||||||||||||||||||||||
net unrealized gain on warrant and other liabilities | ||||||||||||||||||||||||||||||||||||||||||||
amortization of deferred tax charges | 2,039,000 | 5,210,000 | ||||||||||||||||||||||||||||||||||||||||||
accrued expenses | ||||||||||||||||||||||||||||||||||||||||||||
purchase of u.s. government and agency bills | -7,488,000 | -5,316,000 | -7,836,000 | -5,400,000 | ||||||||||||||||||||||||||||||||||||||||
sale of marketable securities | 6,322,000 | 6,387,000 | 7,828,000 | 3,055,000 | ||||||||||||||||||||||||||||||||||||||||
supplemental cash flow disclosures: | ||||||||||||||||||||||||||||||||||||||||||||
cash paid for interest | ||||||||||||||||||||||||||||||||||||||||||||
cash paid for income taxes | ||||||||||||||||||||||||||||||||||||||||||||
deferred tax charges | -80,109,000 |