Common-Size Income Statement
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2013
- Return on Equity (ROE) since 2013
- Price to Operating Profit (P/OP) since 2013
- Aggregate Accruals
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Twitter Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Cost of Revenue and Gross Profit
- The cost of revenue as a percentage of revenue decreased initially from 35.25% in 2017 to 31.72% in 2018, then fluctuated upwards reaching 36.77% in 2020 before slightly declining to 35.4% in 2021. Correspondingly, the gross profit margin improved from 64.75% in 2017 to a peak of 68.28% in 2018 but then showed a downward trend to 63.23% in 2020, recovering slightly to 64.6% in 2021.
- Research and Development Expense
- Research and development costs steadily increased relative to revenue, starting at 22.18% in 2017 and rising to 24.55% by 2021, indicating a growing investment in innovation or product development over the period.
- Sales and Marketing Expense
- Sales and marketing expenses decreased significantly from 29.36% of revenue in 2017 to 23.16% by 2021, suggesting improved efficiency or strategic cost management in customer acquisition and promotion activities.
- General and Administrative Expense
- General and administrative costs saw a decline from 11.62% in 2017 to 9.82% in 2018, followed by a rise to 15.13% in 2020, before dropping again to 11.51% in 2021. This fluctuation indicates some volatility in overhead costs during the period.
- Litigation Settlement
- A notable one-time litigation settlement expense of 15.08% of revenue appeared in 2021, representing a substantial non-recurring charge affecting profitability in that year.
- Operating Income (Loss)
- Operating income as a percentage of revenue improved to a peak of 14.9% in 2018, subsequently declining over the next years to a loss of 9.7% in 2021. The downward trend reflects increasing cost pressures and the impact of the litigation settlement.
- Interest Income and Expense
- Interest expense remained relatively stable around 4% of revenue until 2020, then fell sharply to 1.01% in 2021. Interest income peaked at 4.56% in 2019 before declining to 0.7% in 2021, indicating lower returns on invested funds.
- Other Income (Expense), Net
- Other net income/expense showed improvement from negative 3% in 2017 to a positive 1.91% in 2021, suggesting gains from non-core activities or better management of miscellaneous items.
- Income Before Taxes
- Income before income taxes improved from a loss of 3.91% in 2017 to a positive 13.92% in 2018, decreased again to negative 8.1% in 2021. The sharp decline in later years reflects operational challenges and extraordinary charges.
- Provision for Income Taxes
- The provision for income taxes was very volatile, ranging from negative (benefit) values above 25% in 2018 and 2019 to a significant negative provision of -29.19% in 2020 and a modest positive provision in 2021, indicating substantial tax effect fluctuations possibly related to profitability swings.
- Net Income (Loss)
- Net income margin showed strong positive performance in 2018 and 2019 at 39.63% and 42.37% respectively, followed by a sharp swing to a loss of 30.56% in 2020 and a smaller loss of 4.36% in 2021, reflecting the company's volatility in profitability influenced by operational performance, tax changes, and the litigation settlement expense.