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D1 Tables: Etsy versus Amazon in
the Market for ‘Artisan’ Goods
Amazon Balance Sheet
All numbers are quoted in thousands
Period Ending 12/31/2015 12/31/2014 12/31/2013
Current Assets
Cash And Cash Equivalents 15,890,000 14,557,000 8,658,000
Short Term Investments 3,918,000 2,859,000 3,789,000
Net Receivables 6,423,000 5,612,000 4,767,000
Inventory 10,243,000 8,299,000 7,411,000
Total Current Assets 36,474,000 31,327,000 24,625,000
Long Term Investments – – –
Property Plant and Equipment 21,838,000 16,967,000 10,949,000
Goodwill 3,759,000 3,319,000 2,655,000
Other Assets 3,373,000 2,892,000 1,930,000
Total Assets 65,444,000 54,505,000 40,159,000
Current Liabilities
Accounts Payable 30,781,000 26,266,000 21,821,000
Other Current Liabilities 3,118,000 1,823,000 1,159,000
Total Current Liabilities 33,899,000 28,089,000 22,980,000
Long Term Debt 8,235,000 8,265,000 3,191,000
Other Liabilities 9,926,000 7,410,000 4,242,000
Total Liabilities 52,060,000 43,764,000 30,413,000
Stockholders’ Equity
Common Stock 5,000 5,000 5,000
Retained Earnings 2,545,000 1,949,000 2,190,000
https://excelsior.instructure.com/courses/28284/pages/m2d1-tables-etsy-versus-amazon-in-the-market-for-artisan-goods?module_item_id=2462319#
Table1. Amazon Balance Sheet
Amazon Income Statement
All numbers are quoted in thousands
Table 2. Amazon Income Statement
Treasury Stock -1,837,000 -1,837,000 -1,837,000
Capital Surplus 13,394,000 11,135,000 9,573,000
Other Stockholder Equity -723,000 -511,000 -185,000
Total Stockholder Equity 13,384,000 10,741,000 9,746,000
Net Tangible Assets 9,625,000 7,422,000 7,091,000
Revenue 12/31/2015 12/31/2014 12/31/2013
Total Revenue 107,006,000 88,988,000 74,452,000
Cost of Revenue 71,651,000 62,752,000 54,181,000
Gross Profit 35,355,000 26,236,000 20,271,000
Operating Expenses
Research Development – – –
Selling General and Administrative 33,122,000 26,058,000 19,526,000
Operating Income or Loss 2,233,000 178,000 745,000
Income from Continuing Operations
Total Other Income/Expenses Net -206,000 -79,000 -98,000
Earnings Before Interest and Taxes 2,027,000 99,000 647,000
Interest Expense 459,000 210,000 141,000
Income Before Tax 1,568,000 -111,000 506,000
Income Tax Expense 950,000 167,000 161,000
Net Income 596,000 -241,000 274,000
Preferred Stock And Other Adjustments – – –
Net Income Applicable To Common Shares 596,000 -241,000 274,000
Cash Flow
All numbers are quoted in thousands
Table 3. Amazon Cash Flow Statement
Period Ending 12/31/2015 12/31/2014 12/31/2013
Net Income 596,000 -241,000 274,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 6,281,000 4,746,000 3,253,000
Adjustments To Net Income 2,486,000 1,363,000 1,181,000
Changes In Accounts Receivables -1,755,000 -1,039,000 -846,000
Changes In Liabilities 12,608,000 6,898,000 5,315,000
Changes In Inventories -2,187,000 -1,193,000 -1,410,000
Changes In Other Operating Activities -6,109,000 -3,6
Discussion: Managing Emotions in the Workplace
Emotions can be highly advantageous to both individuals and the workplace. It can be incredibly positive to have energetic and enthusiastic individuals in an organization, but it can also be counter-productive and destructive.
Initial Post
Assess what emotions “are” and the potential damage they can create in the workplace. Then, most importantly, offer two (2) strategies supervisors and managers can teach employees to use to control their most destructive emotions better and describe how supervisors can best train their employees in using those strategies.
Post your initial response by Wednesday, 11:59 pm ET.
Response Post
Read through the post of your peers and select a minimum of two to discuss the impact technology has on how our emotional responses and personality are expressed. Your responses are due by Sunday, 11:59 pm ET.
Evaluation
It is important that you review the Discussion Rubric and read the Discussion Posting Guide. These documents lay out the basis for how you should engage in discussions and how you will be evaluated.
All discussions combined are worth 20% of your final course grade.
Discussion Scenario
In this module’s discussion activity, you will investigate these areas of corporate finance as you examine
basic financial statements for Etsy (ETSY), an online retailing e-commerce platform. Etsy, which was
formed in 2005, held its initial public offering in 2015, and we can thus think of Etsy as a new, publicly
traded firm. Etsy has experienced rapid growth (Egan, 2015; Securities and Exchange Commission, n.d.).
It is also the largest certified socially-responsible company, or B Corporation, to go public in the United
States (Schweiger & Marcus, 2015; Sweeney, 2013). Benefit corporations expand the obligations of
boards legally, requiring them to consider environmental and social factors, as well as the financial
interests of shareholders. This gives directors and officers the legal protection to pursue a mission and
consider the impact their business has on society and the environment. An enacting state’s benefit
corporation statutes are placed within existing state incorporation codes so that existing code applies to
benefit corporations in every respect, except where explicit provisions unique to the benefit corporation
form have been included. Directors are required to balance stockholders’ interests, interests of those
materially affected by the corporation’s conduct, and a specific public benefit(s) identified in the firm’s
certificate of incorporation. Prior to engaging in this discussion, please review the Management
Discussion and Analysis (MD&A) section of Etsy’s Annual Report to Shareholders, and other research or
materials of your choosing to become familiar with Etsy. Etsy’s financial statements are provided, for
your convenience. You may also visit Yahoo Finance, and type Esty’s ticker symbol (ETSY) into the search
box, to investigate more recent activity, however your answers here should address financial statements
that are provided for your use.
Etsy – Balance Sheet
All numbers are quoted in thousands
Period Ending 31-Dec-15 31-Dec-14 31-Dec-13
Assets
Current Assets
Cash And Cash Equivalents 271,244 69,659 36,795
Short Term Investments 21,620 19,184 18,075
Net Receivables 56,669 25,977 18,194
Inventory – – –
Other Current Assets 9,521 12,241 3,721
Total Current Assets 359,054 127,061 76,785
Long Term Investments – – –
Property Plant and Equipment 105,021 75,538 23,107
Goodwill 27,752 30,831 5,346
http://www.yahoofinance.com/
Intangible Assets 2,871 5,410 493
Other Assets 6,967 7,363 428
Deferred Long Term Asset Charges 51,396 – –
Total Assets 553,061 246,203 106,159
Current Liabilities
Accounts Payable 45,635 21,083 10,389
Short/Current Long Term Debt 24,872 12,328 6,070
Other Current Liabilities 9,615 8,042 2,760
Total Current Liabilities 80,122 41,453 19,219
Long Term Debt 7,571 3,148 38
Other Liabilities 73,450 54,153 1,428
Deferred Long Term Liability Charges 61,420 149 1,259
T
Student 1
Asset Management is the act of expanding all out abundance over the long haul by procuring, keeping up with, and exchanging ventures that can possibly increase company value. Asset Management experts perform this help for small and big companies. They may likewise be called portfolio administrators or financial consultants. Many work freely while others work for a venture bank or other financial establishment.
The Accounts Payable Turnover formula demonstrates transient liquidity and shows the rate at which the organization can pay its suppliers. ETSY is somewhat higher than Amazon in 2015 yet had an altogether higher proportion in 2014 and 2013 showing ETSY pays its debt more rapidly than Amazon.
It is calculated Purchases = Cost of revenue + Ending inventory – Starting inventory Accounts payable turnover ratio = Total purchases / Average accounts payable
Profitability ratios are financial metrics used by analysts and investors to measure and evaluate the ability of a company to generate income relative to revenue, balance sheet assets
(Links to an external site.)
, operating costs, and shareholders’ equity
(Links to an external site.)
during a specific period of time. They show how well a company utilizes its assets to produce profit and value to shareholders. Leverage ratios. A leverage ratio is any of a few financial measurements that express how much capital comes as debts (loans) or surveys the capacity of an organization to meet its monetary obligation. ETSY has a comparative Debt ratio as Amazon yet is roughly multiple times lower in the obligation to value proportion. This shows Amazon is utilizing influence to buy resources at a pace of 3:1 looked at to ETSY.
Debt to equity ratio = Total Debt / Total Equity
Debt ratio = Total Debt / Total Assets
A high ratio indicates that the bulk of asset purchases are being funded with debt.
Amazon is a proper optimistic friend for Etsy in that it gives a positive financial good example. Amazon’s consistent ROE is something exceptionally alluring to financial backers. ETSY can likewise be glad that their Accounts Payable Turnover Ratio has been practically twofold Amazon’s in 2014 and 2013. The recent drop in 2015 ought to be investigated further to assess the reason. Ultimately, ETSY can see that utilizing more influence is entirely conceivable while going on with a comparable Debt Ratio as this is the thing is noticed right now in Amazon.
References:
Ross S. A., Westerfield R. W., & Bradford D. J. (2019). Fundamentals of Corporate Finance. (12th ed.) New York, NY: McGraw-Hill Education.
Wilkins, G. (2020). 6 Basic Financial Ratios and What They Reveal. Retrieved from https://www.investopedia.com/financial-edge/0910/6-basic-financial-ratios-and-what-they-tell-you.aspx
Student 2
To ascertain whether Amazon is an appropriate aspirational peer for Etsy in that it provides a positive financial role model, evaluate trends in both Etsy and Amazon’s financial performance,
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