Etsy 2015 Annual Report Download - page 57
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General and administrative
$ 31,112
$ 51,920
$ 20,808
66.9%
Percentage of total revenue
24.9%
26.5%
General and administrative expenses increased $20.8 million, or 66.9%, to $51.9 million in the year ended December 31, 2014 compared to the year ended
December 31, 2013, primarily as a result of an increase in employee-related costs from headcount growth in general corporate functions and from building
out the executive management team and, to a lesser extent, due to increased legal and accounting fees.
Other expense, net
$ (675)
$ (4,009)
$ (3,334)
NM
Percentage of total revenue
(0.5)%
(2.0)%
Other expense, net increased $3.3 million to $4.0 million in the year ended December 31, 2014 compared to the year ended December 31, 2013, primarily as
a result of as a result of a non-cash currency exchange loss of $3.0 million due to changes in foreign exchange rates in the second half of 2014.
Provision for income taxes
$ (854)
$ (4,983)
$ (4,129)
NM
Percentage of total revenue
(0.7)%
(2.5)%
The provision for income taxes increased $4.1 million to $5.0 million in the year ended December 31, 2014 compared to the year ended December 31, 2013.
Our income tax provision for the year ended December 31, 2014 was $5.0 million. During the year ended December 31, 2014, we determined that the
existence of a three-year cumulative loss in a foreign jurisdiction was sufficient negative evidence to warrant the establishment of a valuation allowance
against deferred tax assets in that jurisdiction. As a result, we recorded a valuation allowance against certain of our deferred tax assets $2.1 million as of
December 31, 2014. In addition, the variance in the provision for income taxes compared to December 31, 2013 is driven by the mix of income and losses in
jurisdictions with a wide range of tax rates, the amount of non-deductible stock-based compensation expense and the unrealized loss on our warrant liability.
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