Etsy, Inc. (ESTY) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.42 million in the quarter, against a net profit of $1.19 million in the last year period.
Revenue during the quarter grew 18.38 percent to $96.89 million from $81.85 million in the previous year period. Gross margin for the quarter contracted 167 basis points over the previous year period to 64.23 percent. Operating margin for the quarter stood at negative 2.17 percent as compared to a positive 8.29 percent for the previous year period.
Operating loss for the quarter was $2.10 million, compared with an operating income of $6.78 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $9.72 million compared with $14.75 million in the prior year period. At the same time, adjusted EBITDA margin contracted 799 basis points in the quarter to 10.03 percent from 18.02 percent in the last year period.
Operating cash flow improves
Etsy, Inc. has generated cash of $3.31 million from operating activities during the quarter, up 17.34 percent or $0.49 million, when compared with the last year period. Cash flow from investing activities was $12.39 million for the quarter as against cash outgo of $114.43 million in the last year period.
The company has spent $2.03 million cash to carry out financing activities during the quarter as against cash outgo of $0.78 million in the last year period.
Cash and cash equivalents stood at $194.81 million as on Mar. 31, 2017, up 23 percent or $36.43 million from $158.38 million on Mar. 31, 2016.
Working capital increases marginally
Etsy, Inc. has recorded an increase in the working capital over the last year. It stood at $274.09 million as at Mar. 31, 2017, up 4.12 percent or $10.83 million from $263.25 million on Mar. 31, 2016. Current ratio was at 4.38 as on Mar. 31, 2017, down from 4.40 on Mar. 31, 2016.
Days sales outstanding were almost stable at 46 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding went down to 27 days for the quarter from 46 for the same period last year.
Debt comes down
Etsy, Inc. has recorded a decline in total debt over the last one year. It stood at $11.36 million as on Mar. 31, 2017, down 11.32 percent or $1.45 million from $12.81 million on Mar. 31, 2016. Total debt was 2.14 percent of total assets as on Mar. 31, 2017, compared with 2.33 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.04 as on Mar. 31, 2017, when compared with the last year.
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