Cash Flow Statement
Quarterly Data

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.

Twitter Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Net income (loss)	(270,007)	513,286)	181,694)	(536,757)	65,649)	68,005)	222,116)	28,659)	(1,378,005)	(8,396)	118,773)	36,522)	1,119,560)	190,804)	255,303)	789,179)	100,117)	60,997)	91,079)	(21,095)	(116,488)	(61,559)
Depreciation and amortization expense	173,288)	160,283)	145,536)	133,448)	134,812)	131,052)	128,708)	121,983)	123,837)	120,649)	116,473)	119,986)	115,616)	113,474)	110,723)	111,947)	105,982)	96,846)	92,520)	97,492)	103,063)	102,792)
Stock-based compensation expense	282,190)	177,263)	176,531)	164,295)	178,202)	110,873)	128,184)	115,969)	132,876)	97,903)	101,296)	98,623)	94,615)	83,491)	81,887)	91,606)	79,469)	73,266)	102,454)	100,959)	113,396)	116,997)
Amortization of discount on convertible notes	—)	—)	—)	—)	—)	—)	27,000)	26,673)	26,556)	21,504)	20,047)	30,464)	31,910)	30,877)	31,017)	30,878)	23,309)	20,722)	20,417)	20,355)	20,041)	19,248)
Bad debt expense	397)	(709)	(874)	2,043)	1,796)	(1,405)	1,914)	(634)	3,428)	14,067)	422)	1,298)	736)	627)	389)	336)	626)	259)	560)	(1,329)	37)	1,318)
Deferred income taxes	(59,559)	190,707)	(5,985)	(199,772)	856)	(23,873)	(4,596)	(6,345)	(19,013)	(7,024)	15,782)	5,898)	48,325)	14,364)	66,481)	(22,475)	73)	(670)	(5,072)	(575)	(528)	(240)
(Gain) impairment on investments in privately-held companies	(22,600)	—)	(24,651)	(24,900)	(51,894)	—)	—)	339)	500)	8,003)	—)	—)	1,550)	—)	—)	—)	3,000)	—)	—)	7,439)	55,000)	—)
Gain on sale of asset group	11)	(970,474)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred tax assets valuation allowance release	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(119,835)	(683,606)	(41,688)	—)	—)	—)	—)	—)
Deferred tax assets establishment related to intra-entity transfers of intangible assets	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,082,460)	(124,420)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred tax assets valuation allowance establishment	—)	—)	—)	—)	—)	—)	—)	—)	1,101,374)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other adjustments	(5,047)	5,992)	1,454)	54)	(3,272)	4,739)	(3,008)	(2,571)	3,240)	(8,425)	(3,487)	2,964)	(22,912)	3,446)	(8,690)	(3,115)	(4,037)	93)	6,445)	3,576)	4,679)	(9,533)
Accounts receivable	37,842)	190,737)	(209,776)	(69,139)	(100,328)	189,297)	(285,851)	(136,469)	65,349)	168,932)	(160,932)	26,695)	(36,396)	103,633)	(166,260)	(11,579)	(14,198)	61,166)	(152,930)	22,572)	(20,322)	153,348)
Prepaid expenses and other assets	67,864)	(48,836)	(43,107)	(33,874)	36,469)	(80,989)	31,163)	(27,722)	9,209)	(6,252)	(8,386)	(18,669)	6,737)	(9,284)	23,236)	123,536)	2,590)	(22,892)	(18,327)	6,009)	22,344)	(24,000)
Operating lease right-of-use assets	66,667)	66,054)	59,396)	55,842)	54,803)	49,246)	46,288)	43,595)	39,368)	38,749)	45,018)	35,688)	33,741)	35,433)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts payable	(52,595)	(35,610)	168)	17,883)	27,626)	(24,808)	23,954)	20,512)	(11,754)	(14,480)	15,545)	(7,859)	8,139)	(12,879)	21,057)	(5,762)	10,120)	(26,948)	22,829)	(842)	23,334)	(36,950)
Accrued and other liabilities	(110,092)	(67,953)	(768,616)	929,848)	92,861)	6,382)	46,848)	71,922)	143,743)	(139,168)	52,303)	39,097)	49,278)	(47,997)	36,691)	22,954)	55,777)	(20,166)	38,132)	5,386)	(14,849)	(57,973)
Operating lease liabilities	(78,663)	(54,649)	(40,212)	(49,991)	(55,613)	(38,335)	(32,420)	(41,124)	(39,692)	(39,295)	(35,675)	(35,188)	(29,466)	(29,876)	—)	—)	—)	—)	—)	—)	—)	—)
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions	(68,977)	49,743)	(1,002,147)	850,569)	55,818)	100,793)	(170,018)	(69,286)	206,223)	8,486)	(92,127)	39,764)	32,033)	39,030)	(85,276)	129,149)	54,289)	(8,840)	(110,296)	33,125)	10,507)	34,425)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	299,703)	(387,195)	(710,136)	925,737)	316,318)	322,179)	108,184)	186,128)	1,579,021)	255,163)	158,406)	298,997)	(780,587)	160,889)	76,696)	(345,280)	221,023)	181,676)	107,028)	261,042)	306,195)	265,007)
Net cash provided by operating activities	29,696)	126,091)	(528,442)	388,980)	381,967)	390,184)	330,300)	214,787)	201,016)	246,767)	277,179)	335,519)	338,973)	351,693)	331,999)	443,899)	321,140)	242,673)	198,107)	239,947)	189,707)	203,448)
Purchases of property and equipment	(154,496)	(163,174)	(139,943)	(411,227)	(279,195)	(181,181)	(295,525)	(290,746)	(164,416)	(122,667)	(151,615)	(170,252)	(135,795)	(83,026)	(74,021)	(120,372)	(196,450)	(93,091)	(40,159)	(36,076)	(44,626)	(39,881)
Proceeds from sales of property and equipment	850)	2,482)	1,549)	2,076)	3,002)	1,835)	3,355)	1,910)	2,282)	1,623)	1,868)	1,233)	1,101)	1,956)	4,943)	3,671)	2,693)	1,763)	—)	1,493)	1,290)	—)
Purchases of marketable securities	(543,093)	(1,100,837)	(951,645)	(619,318)	(794,866)	(1,370,830)	(1,168,412)	(1,981,219)	(1,889,234)	(1,233,530)	(1,857,429)	(948,761)	(1,356,779)	(1,635,142)	(1,280,084)	(2,063,444)	(1,158,986)	(831,882)	(667,099)	(442,070)	(876,081)	(701,964)
Proceeds from maturities of marketable securities	1,068,945)	697,351)	623,514)	1,103,717)	863,076)	1,221,461)	987,343)	1,085,761)	1,355,500)	1,125,634)	776,235)	1,382,924)	1,057,638)	1,711,300)	982,546)	1,134,690)	955,681)	660,056)	555,969)	562,091)	802,237)	659,450)
Proceeds from sales of marketable securities	(1)	590,593)	31,012)	48,820)	25,191)	1,067,603)	167,367)	66,718)	136,416)	722,253)	193,791)	110,026)	28,941)	34,358)	16,590)	19,759)	16,860)	5,512)	16,008)	1)	34,019)	74,798)
Changes in restricted cash	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	385)	(12)	1,598)	1,623)
Purchases of investments in privately-held companies	(1,522)	(5,014)	(6,572)	(1,692)	(630)	(30,867)	(8,073)	(2,500)	—)	(1,339)	—)	(51,163)	—)	—)	(1,200)	—)	(825)	(1,350)	—)	(300)	(525)	—)
Proceeds from sale of asset group	—)	1,050,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Investments in Finance Justice Fund	(24,000)	(6,500)	(17,500)	(29,300)	(12,500)	(10,200)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Business combinations, net of cash acquired	(9,379)	—)	(9,765)	—)	(14,559)	(8,378)	(13,731)	—)	(19,505)	(14,780)	(9,362)	—)	(20,302)	—)	—)	(1,068)	(32,504)	—)	—)	—)	—)	—)
Other investing activities	—)	—)	(41,680)	—)	700)	(9,085)	—)	—)	—)	(11,050)	—)	(9,087)	11,368)	—)	(5,000)	—)	—)	—)	1)	(96)	—)	24,994)
Net cash (used in) provided by investing activities	337,304)	1,064,901)	(511,030)	93,076)	(209,781)	680,358)	(327,676)	(1,120,076)	(578,957)	466,144)	(1,046,512)	314,920)	(413,828)	29,446)	(356,226)	(1,026,764)	(413,531)	(258,992)	(134,895)	85,031)	(82,088)	19,020)
Proceeds from issuance of convertible notes	—)	—)	—)	—)	—)	1,437,500)	—)	—)	—)	1,000,000)	—)	—)	—)	—)	—)	—)	1,150,000)	—)	—)	—)	—)	—)
Proceeds from issuance of senior notes	—)	1,000,000)	—)	—)	—)	—)	—)	—)	—)	—)	700,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchases of convertible note hedges	—)	—)	—)	—)	—)	(213,469)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(267,950)	—)	—)	—)	—)	—)
Proceeds from issuance of warrants concurrent with note hedges	—)	—)	—)	—)	—)	161,144)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	186,760)	—)	—)	—)	—)	—)
Debt issuance costs	—)	(11,270)	—)	—)	—)	(16,769)	—)	—)	—)	(14,662)	(8,070)	—)	—)	—)	(300)	(1,753)	(11,730)	—)	—)	—)	—)	—)
Repayment of convertible notes	—)	—)	—)	(954,000)	—)	—)	—)	—)	—)	—)	—)	(935,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repurchases of common stock	—)	(2,077,759)	(265,709)	(169,457)	(333,812)	(161,552)	(245,292)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Taxes paid related to net share settlement of equity awards	(8,951)	(4,190)	(5,270)	(6,215)	(4,928)	(10,569)	(4,243)	(3,726)	(2,925)	(11,693)	(2,899)	(3,757)	(3,461)	(9,477)	(3,083)	(6,820)	(1,803)	(7,557)	(1,913)	(2,026)	(1,933)	(3,090)
Payments of finance lease obligations	—)	—)	—)	—)	—)	(565)	(2,489)	(4,117)	(6,490)	(9,966)	(13,050)	(15,694)	(18,214)	(19,719)	(20,847)	(22,222)	(23,035)	(24,247)	(22,090)	(25,535)	(28,066)	(27,084)
Proceeds from exercise of stock options	254)	66)	19)	51)	28)	1,958)	4,988)	31)	118)	305)	35)	244)	414)	95)	164)	154)	329)	2,768)	1,572)	541)	809)	6,522)
Proceeds from issuances of common stock under employee stock purchase plan	49,404)	—)	29,261)	—)	39,531)	—)	21,076)	—)	34,395)	—)	17,169)	—)	25,209)	—)	12,951)	—)	16,337)	—)	9,901)	—)	14,019)	—)
Net cash provided by (used in) financing activities	40,707)	(1,093,153)	(241,699)	(1,129,621)	(299,181)	1,197,678)	(225,960)	(7,812)	25,098)	963,984)	693,185)	(954,207)	3,948)	(29,101)	(11,115)	(30,641)	1,048,908)	(29,036)	(12,530)	(27,020)	(15,171)	(23,652)
Foreign exchange effect on cash, cash equivalents and restricted cash	(10,838)	(814)	(4,689)	(4,392)	4,019)	(8,018)	10,849)	924)	(3,830)	(11,948)	6,366)	(8,792)	7,148)	(146)	915)	(2,697)	(14,464)	1,950)	1,173)	277)	4,309)	4,152)
Net increase (decrease) in cash, cash equivalents and restricted cash	396,869)	97,025)	(1,285,860)	(651,957)	(122,976)	2,260,202)	(212,487)	(912,177)	(356,673)	1,664,947)	(69,782)	(312,560)	(63,759)	351,892)	(34,427)	(616,203)	942,053)	(43,405)	51,855)	298,235)	96,757)	202,968)

Net Income (Loss): The net income exhibits substantial volatility across quarters. It starts with losses in early 2017, turning positive and reaching peak profitability in mid-2019. Subsequently, there are significant fluctuations including a large loss in mid-2020 followed by recovery and another steep loss in early 2022. This erratic pattern suggests challenges in maintaining consistent profitability.
Depreciation and Amortization Expense: Depreciation and amortization expenses steadily increased over the entire period, from around 103 million in early 2017 to over 173 million by mid-2022. This steady rise reflects ongoing capital investments or acquisitions of intangible assets.
Stock-Based Compensation Expense: This expense shows a generally upward trend, with notable spikes especially in the second half of 2021 and early 2022, reaching a peak above 282 million, signaling increasing employee compensation costs linked to stock issuance.
Amortization of Discount on Convertible Notes: Values were present only before mid-2020, showing a moderate rise peaking around 31 million in late 2018 and early 2019, then ceasing, indicating a possible reduction or payoff of convertible notes amortization.
Bad Debt Expense: Bad debt expense fluctuated without a clear trend, with occasional negative values indicating recoveries or adjustments. A significant spike occurred in Q1 2020 reaching over 14 million but generally, the values remain low compared to other expenses.
Deferred Income Taxes: This item presents high volatility with several large negative and positive adjustments. Notably, extreme swings occurred in 2021 and 2022, including a large negative adjustment near -200 million and a positive recovery above 190 million, indicating significant tax-related accounting changes.
Gains on Investments and Other Adjustments: Several gain and impairment adjustments on investments are sporadically recorded, with a notable large gain on sale of an asset group amounting to nearly -970 million (a loss or impairment) in early 2022. Deferred tax asset adjustments also show both large releases and establishments, reflecting complexity in tax accounting.
Working Capital Items (Accounts Receivable, Prepaid Expenses, Accounts Payable, Accrued Liabilities): Accounts receivable and prepaid expenses show highly variable and inconsistent values, with large positive and negative swings suggesting irregular cash collections and expense prepayments. Accounts payable and accrued liabilities also exhibit fluctuating patterns, including some very large increases and decreases especially in accrued liabilities in late 2021, hinting at volatile short-term obligations.
Operating Lease Assets and Liabilities: Operating lease right-of-use assets grew steadily from about 35 million in late 2018 to over 66 million by mid-2022. Corresponding liabilities also fluctuated but with an overall increase, indicative of lease accounting adoption and ongoing lease commitments.
Cash Flows from Operating Activities: Net cash from operating activities generally remained positive with peaks in late 2017, mid-2018, and late 2021. However, a significant exception is the sharp negative cash flow in early 2022, which correlates with other signs of financial stress during that period.
Purchases and Sales of Property, Equipment, and Securities: Capital expenditures were substantial and increasing, particularly from 2018 onward, peaking at over 411 million in early 2022, indicating considerable investment in fixed assets. Proceeds from sales of assets were relatively minor by comparison. Marketable securities purchases and disposals reveal large transactions, with purchases generally exceeding sales, reflecting a net outflow for investment purposes.
Investing Activities: Net cash used in investing activities varied widely, with several quarters of large outflows, especially in 2018 and 2019, aligning with heavy investments in property, equipment, and securities. Notable positive inflows occurred sporadically, including in early 2022, indicating occasional asset sales or maturity proceeds.
Financing Activities: Cash flows from financing displayed significant volatility. Large inflows correspond to proceeds from issuance of convertible and senior notes mostly in mid-2018, late 2019, and early 2021. Conversely, there were substantial outflows related to note repayments and repurchases of common stock, especially in late 2020 and post-2021, demonstrating active debt and equity management shifting over time.
Repurchases of Common Stock: Repurchases increased dramatically late in the timeline, reaching values over 2 billion in mid-2022, reflecting aggressive share buyback activity which may impact capital structure and shareholder returns.
Foreign Exchange Effect on Cash: Foreign exchange effects on cash flows were generally minor but showed occasional negative impacts, particularly between 2018 and 2022, indicating exposure to currency fluctuations.
Net Change in Cash and Cash Equivalents: The net changes in cash balances were highly variable, with significant increases at times, such as in early 2021, and sharp decreases notably in early and mid-2022, consistent with substantial outflows for investing and financing activities and the overall volatile financial performance.

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Twitter Inc. (NYSE:TWTR)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data