Etsy 2015 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 of the 2015 Etsy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 126

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126


• Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;
• Adjusted EBITDA does not reflect acquisition-related expenses;
• Adjusted EBITDA does not consider the impact of foreign exchange loss (gain);
• Adjusted EBITDA does not reflect other non-operating expenses, net of other non-operating income, including net interest expense (income);
• Adjusted EBITDA does not reflect the impact of our contributions to Etsy.org; and
• other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative
measure.
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP
results.
The following table reflects the reconciliation of net loss to Adjusted EBITDA for each of the periods indicated:





Net loss
$ (796)
$ (15,243)
$ (54,063)
Excluding:
Interest and other non-operating expense, net
256
549
1,202
Provision for income taxes
854
4,983
26,069
Depreciation and amortization
12,380
17,223
18,550
Stock-based compensation expense
3,834
5,920
8,981
Stock-based compensation expense—acquisitions
—
4,130
1,860
Net unrealized loss on warrant and other liabilities
419
411
3,133
Foreign exchange loss
—
3,049
21,775
Acquisition-related expenses
—
2,059
—
Contribution to Etsy.org
—
—
3,500
Adjusted EBITDA
$ 16,947
$ 23,081
$ 31,007
41