Etsy 2015 Annual Report Download - page 63

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
Net cash used in investing activities was $15.0 million in the year ended December 31, 2013. This was primarily attributable to capital expenditures,
including $9.3 million for website development and internal-use software and $7.8 million for purchases of property and equipment, offset by sales of
marketable securities of $2.8 million.

Net cash provided by financing activities was $199.6 million in the year ended December 31, 2015. This was primarily attributable to proceeds from our
initial public offering of $199.5 million, the excess tax benefit from the exercise of stock options of $3.9 million and proceeds from the exercise of stock
options of $3.6 million, offset by payments related to our public offering of $4.0 million and payments on capitalized lease obligations of $3.4 million.
Net cash provided by financing activities was $45.2 million in the year ended December 31, 2014. This was primarily attributable to net proceeds from a
common stock financing of $35.0 million, proceeds from the exercise of stock options of $8.0 million and the excess tax benefit from the exercise of stock
options of $4.9 million, offset by payments related to our public offering of $1.0 million and payments on capitalized lease obligations of $1.5 million.
Net cash used in financing activities was $0.1 million in the year ended December 31, 2013. This was primarily attributable to payments on capitalized lease
obligations of $1.3 million, offset by proceeds from the exercise of stock options of $1.3 million.
Off-Balance Sheet Arrangements
We did not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K, in 2013, 2014 or 2015.
Contractual Obligations
The following table summarizes our future fixed contractual obligations as of December 31, 2015 (in thousands):









Capital lease obligations
$ 13,181
$ 5,610
$ 7,571
$ —
$ —
Operating lease obligations
31,885
3,716
6,813
7,555
13,801
Long-term debt
489
114
250
125
—
Interest payments
2,189
1,401
788
—
—
Facility financing obligations
93,425
—
15,264
18,973
59,188
Purchase obligations
35,276
32,115
3,161
—
—
Total contractual obligations
$ 176,445
$ 42,956
$ 33,847
$ 26,653
$ 72,989
Capital lease obligations consist of obligations under capital leases for computer equipment.
Operating lease obligations consist of obligations under non-cancelable operating leases for our existing and new headquarters (both in Brooklyn, New York)
and for our offices in San Francisco, Hudson (New York), London, Dublin, Paris and Berlin.
Long-term debt consists of obligations we assumed in connection with our acquisition of Incubart SAS.
Interest payments consist of interest due in connection with our capital leases.
Facility financing obligations consist of the portion of our obligations for our new headquarters in Brooklyn, New York that is accounted for as a build-to-
suit lease.
Purchase obligations consist of commitments for our co-location and other support services. For those agreements with variable terms, we do not estimate
what the total obligation may be beyond any minimum quantities and/or pricing.
In addition, we have uncertain tax positions of $22.2 million and non-income tax related contingency reserves of $2.6 million, which are not reflected in the
table as the ultimate resolution and timing are uncertain.
59