Stock Analysis on Net
Stock Analysis on Net

Twitter Inc. (NYSE:TWTR)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 26, 2022.

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Twitter Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income (loss)
Depreciation and amortization expense
Stock-based compensation expense
Amortization of discount on convertible notes
Bad debt expense
Deferred income taxes
Deferred tax assets valuation allowance release
Deferred tax assets establishment related to intra-entity transfers of intangible assets
Deferred tax assets valuation allowance establishment
(Gain) impairment on investments in privately-held companies
Other adjustments
Accounts receivable
Prepaid expenses and other assets
Operating lease right-of-use assets
Accounts payable
Accrued and other liabilities
Operating lease liabilities
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Purchases of property and equipment
Proceeds from sales of property and equipment
Purchases of marketable securities
Proceeds from maturities of marketable securities
Proceeds from sales of marketable securities
Changes in restricted cash
Purchases of investments in privately-held companies
Investments in Finance Justice Fund
Business combinations, net of cash acquired
Other investing activities
Net cash (used in) provided by investing activities
Proceeds from issuance of convertible notes
Proceeds from issuance of senior notes
Purchases of convertible note hedges
Proceeds from issuance of warrants concurrent with note hedges
Debt issuance costs
Repayment of convertible notes
Repurchases of common stock
Taxes paid related to net share settlement of equity awards
Payments of finance lease obligations
Proceeds from exercise of stock options
Proceeds from issuances of common stock under employee stock purchase plan
Net cash provided by (used in) financing activities
Foreign exchange effect on cash, cash equivalents and restricted cash
Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period
Cash, cash equivalents and restricted cash at end of period

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).

Profitability Trends
Net income shows significant volatility across the periods. The company experienced a net loss in 2017, substantial profits in 2018 and 2019, followed by losses again in 2020 and 2021, though the magnitude of the losses declined in 2021 compared to 2020. This pattern suggests inconsistent profitability and potential operational or market challenges in recent years.
Non-Cash Expenses
Depreciation and amortization expense exhibits a steady upward trend from 2017 through 2021, indicating increasing capital asset usage or acquisition. Stock-based compensation expense fluctuates, with a notable increase in 2020 and 2021, reaching its peak in 2021, which may imply enhanced employee incentives or changes in equity compensation policy.
Tax-Related Items
Deferred income taxes fluctuate markedly, peaking positively in 2019 but turning negative in subsequent years. The presence of large adjustments related to deferred tax assets valuation allowance indicates significant tax planning or adjustments reflecting changes in tax asset realizability. Notably, the company recorded releases and establishments of valuation allowances in different years, highlighting tax uncertainty or restructuring.
Receivables and Payables
Accounts receivable presents increasing negative balances after 2017, suggesting either write-offs, adjustments, or negative working capital changes in this area. Accounts payable and accrued liabilities show growth, with accrued and other liabilities increasing substantially by 2021, which may indicate growing operational obligations or accrued expenses.
Operating Lease Accounting
Operating lease right-of-use assets and corresponding liabilities were introduced starting in 2019, reflecting adoption of new lease accounting standards. Both assets and liabilities have increased steadily through 2021, suggesting expansion or renewal of leased assets.
Cash Flow from Operations
Net cash provided by operating activities rose sharply in 2018, remained robust through 2019, then declined somewhat in 2020 and 2021 but stayed positive. Adjustments to reconcile net income to cash flow from operations were large and volatile, indicating significant non-cash items or working capital changes.
Investing Activities
Purchases of property and equipment increased consistently over the five-year period, peaking in 2021, indicating ongoing investments in fixed assets. Marketable securities purchases and proceeds show large volumes, but net cash flow from investing activities was negative through 2020, turning slightly positive in 2021, signaling a shift toward liquidity or reduced investment.
Financing Activities
Financing cash flows vary considerably, with sizable proceeds from convertible and senior notes issuance in some years, coupled with repayments. Share repurchases commenced in 2020 and increased substantially in 2021, reflecting capital return policies or share price support. Overall, net financing activities show both inflows and outflows across years, denoting active capital structure management.
Liquidity Position
Cash, cash equivalents, and restricted cash balances increased overall during the period, with a few minor declines, reflecting a generally strengthening liquidity position. Net increases in cash were positive in all years except 2019, where a slight decrease was observed. This suggests careful cash management amid operational variability.
Other Observations
Bad debt expense elevated significantly in 2020 but declined sharply in 2021, which may relate to credit risk management or external economic conditions. Investments in privately-held companies and Finance Justice Fund purchases indicate strategic or social investments, though their amounts are relatively smaller compared to core investing and financing activities.