Selected Financial Data
since 2013
Income Statement
Twitter Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2021 | 5,077,482) | (492,739) | (221,409) |
| Dec 31, 2020 | 3,716,349) | 26,658) | (1,135,626) |
| Dec 31, 2019 | 3,459,329) | 366,373) | 1,465,659) |
| Dec 31, 2018 | 3,042,359) | 453,325) | 1,205,596) |
| Dec 31, 2017 | 2,443,299) | 38,740) | (108,063) |
| Dec 31, 2016 | 2,529,619) | (367,208) | (456,873) |
| Dec 31, 2015 | 2,218,032) | (450,036) | (521,031) |
| Dec 31, 2014 | 1,403,002) | (538,866) | (577,820) |
| Dec 31, 2013 | 664,890) | (635,831) | (645,323) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial data displays significant fluctuations in revenue, operating income, and net income over the examined period.
- Revenue Trends
- Revenue exhibits a consistent and strong upward trend from 2013 to 2021. Starting at approximately USD 664.9 million in 2013, it more than doubled by 2014 and continued to increase steadily each year, reaching over USD 5.07 billion by 2021. The growth rate, although positive throughout, appears to moderate slightly between 2016 and 2017 before accelerating again from 2020 to 2021.
- Operating Income (Loss) Trends
- Operating results started with substantial losses from 2013 through 2016, with the operating loss decreasing in magnitude each year (e.g., from -USD 635.8 million in 2013 to -USD 367.2 million in 2016). In 2017, operating income turned positive, reaching roughly USD 38.7 million, and showed considerable improvement in 2018 (USD 453.3 million) and 2019 (USD 366.4 million). However, the positive operating income sharply declined in 2020 to about USD 26.7 million and reverted to a significant operating loss of approximately USD 492.7 million by 2021, indicating volatility in profitability.
- Net Income (Loss) Trends
- Net income data corresponds broadly with trends seen in operating income but with even more pronounced fluctuations. The company experienced consistent net losses from 2013 through 2016, albeit with a declining loss magnitude. A steep improvement occurred in 2017, with the net loss narrowing to about USD 108.1 million, followed by a notable net profit in 2018 (USD 1.21 billion) and 2019 (USD 1.47 billion). However, net income sharply declined into a net loss in 2020 (-USD 1.14 billion), worsening further in 2021 (-USD 221.4 million). This volatility suggests that factors beyond operating expenses, such as non-operating gains or losses, had a significant impact on net results.
- Overall Insights
- The data demonstrates a period of revenue growth accompanied by challenging profitability. Despite increasing top-line figures, profitability proved unstable, with operating and net losses dominating early years, a brief period of profitability in the late 2010s, and a return to losses in the last recorded years. This pattern suggests structural challenges or external factors that impacted sustained profitability despite improved revenue performance. The substantial net gains in 2018 and 2019 indicate exceptional positive factors during those years, which reversed afterward. Continuous monitoring of cost management, revenue quality, and non-operational factors would be critical to achieving stable profitability.
Balance Sheet: Assets
Twitter Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 7,918,370) | 14,059,516) |
| Dec 31, 2020 | 8,637,108) | 13,379,090) |
| Dec 31, 2019 | 7,620,075) | 12,703,389) |
| Dec 31, 2018 | 7,111,036) | 10,162,572) |
| Dec 31, 2017 | 5,321,884) | 7,412,477) |
| Dec 31, 2016 | 4,652,196) | 6,870,365) |
| Dec 31, 2015 | 4,381,792) | 6,442,439) |
| Dec 31, 2014 | 4,255,853) | 5,583,082) |
| Dec 31, 2013 | 2,574,679) | 3,366,240) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial data reveals an overall growth trajectory in both current assets and total assets over the period analyzed, with some fluctuations in the later years.
- Current Assets
- The current assets demonstrated a steady increase from 2,574,679 thousand US dollars as of December 31, 2013, to a peak of 8,637,108 thousand US dollars by the end of 2020. This shows a strong upward trend, reflecting improved liquidity or accumulation of short-term resources. However, in 2021, current assets declined slightly to 7,918,370 thousand US dollars, suggesting a modest reduction in short-term asset holdings.
- Total Assets
- Total assets consistently grew from 3,366,240 thousand US dollars in 2013 to 14,059,516 thousand US dollars in 2021. The growth was particularly pronounced between 2017 and 2019, where assets increased by approximately 5.2 billion US dollars, indicating substantial investment or asset acquisition during this period. Despite slower growth afterwards, total assets continued to rise mildly through 2020 and 2021.
In summary, the data indicates robust expansion in asset base over the nine-year period, with current assets contributing significantly to this growth until 2020. The slight decline in current assets in the final year might warrant further investigation to understand potential impacts on liquidity. Overall, the trends reflect strengthening financial position driven by asset accumulation.
Balance Sheet: Liabilities and Stockholders’ Equity
Twitter Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Convertible and senior notes, and finance lease liabilities | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 1,343,867) | 6,752,317) | 4,253,019) | 7,307,199) |
| Dec 31, 2020 | 1,952,826) | 5,409,008) | 3,487,305) | 7,970,082) |
| Dec 31, 2019 | 832,476) | 3,999,003) | 2,532,481) | 8,704,386) |
| Dec 31, 2018 | 1,516,311) | 3,356,978) | 2,720,690) | 6,805,594) |
| Dec 31, 2017 | 583,278) | 2,365,259) | 1,793,744) | 5,047,218) |
| Dec 31, 2016 | 584,021) | 2,265,430) | 1,686,652) | 4,604,935) |
| Dec 31, 2015 | 506,039) | 2,074,392) | 1,602,956) | 4,368,047) |
| Dec 31, 2014 | 393,794) | 1,956,679) | 1,607,290) | 3,626,403) |
| Dec 31, 2013 | 225,430) | 416,234) | 197,646) | 2,950,006) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial data exhibits several notable trends over the analyzed periods, highlighting the evolving financial position and capital structure dynamics.
- Current liabilities
-
Current liabilities increased substantially from 225,430 thousand US dollars at the end of 2013 to a peak of 1,951,826 thousand US dollars by the end of 2020, more than an eightfold increase. This was followed by a decrease to 1,343,867 thousand US dollars in 2021. The overall trend indicates significant growth in short-term obligations, with some volatility in the most recent years.
- Total liabilities
-
Total liabilities showed a marked upward trajectory, starting at 416,234 thousand US dollars in 2013 and rising sharply to 6,752,317 thousand US dollars by the end of 2021. The growth was relatively steady with noticeable acceleration beginning in 2017. This reflects a substantial increase in the company's total obligations over the period.
- Convertible and senior notes, and finance lease liabilities
-
This component, representing a significant subset of total liabilities, also increased notably from 197,646 thousand US dollars in 2013 to 4,253,019 thousand US dollars in 2021. The sharpest growth occurred between 2017 and 2021, indicating an increasing reliance on debt instruments such as convertible and senior notes, as well as finance leases, to finance operations or expansion.
- Stockholders’ equity
-
Stockholders’ equity rose from 2,950,006 thousand US dollars in 2013 to a peak of 8,704,386 thousand US dollars in 2019. However, it declined in subsequent years, reaching 7,307,199 thousand US dollars by the end of 2021. The initial growth suggests accumulation of retained earnings or capital infusion, but the decline in the last two years may reflect net losses, dividends, share repurchases, or other equity reductions.
- Overall insights
-
The data reveals an increasing leverage position over time, as liabilities grew at a faster pace than equity, especially from 2017 onwards. The substantial increase in convertible and senior notes suggests strategic borrowing or financial structuring activities. The rise and subsequent decline in equity suggest possible challenges impacting net assets or changes in capital management policies in recent years.
Cash Flow Statement
Twitter Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 632,689) | 52,623) | (472,823) |
| Dec 31, 2020 | 992,870) | (1,560,565) | 755,310) |
| Dec 31, 2019 | 1,303,364) | (1,115,974) | (286,175) |
| Dec 31, 2018 | 1,339,711) | (2,055,513) | 978,116) |
| Dec 31, 2017 | 831,209) | (112,932) | (78,373) |
| Dec 31, 2016 | 763,055) | (598,008) | (83,975) |
| Dec 31, 2015 | 383,066) | (902,421) | (62,998) |
| Dec 31, 2014 | 81,796) | (1,097,272) | 1,691,722) |
| Dec 31, 2013 | 1,398) | (1,306,066) | 1,942,176) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The analysis of the annual cash flow components reveals several notable trends and shifts over the examined period.
- Net cash provided by operating activities
- The net cash flow from operating activities experienced significant growth from 2013 through 2018, increasing from a modest 1.4 million USD to a peak of approximately 1.34 billion USD in 2018. This indicates substantial improvement in the company’s core business operations and cash-generating ability during this time. However, after 2018, there was a gradual decline over the next two years, with values falling to about 990 million USD in 2020 and further decreasing to roughly 633 million USD by the end of 2021. Despite this reduction, cash flow from operations remained positive and relatively strong compared to early years.
- Net cash (used in) provided by investing activities
- Cash flow related to investing activities was consistently negative from 2013 through 2020, reflecting ongoing investments, acquisitions, or capital expenditures that outweighed any cash inflows from asset sales or other investing receipts. The outflows began at over 1.3 billion USD in 2013 and generally demonstrated a downward trend, with occasional variations, reaching a maximum outflow of about 2.06 billion USD in 2018. Notably, in 2021, this trend reversed considerably, with investing activities yielding a positive cash flow of approximately 53 million USD, suggesting either divestitures or reduced capital spending during this year.
- Net cash provided by (used in) financing activities
- Cash flows from financing activities displayed marked volatility over the period. Initially, there were strong positive inflows in 2013 and 2014, exceeding 1.6 billion USD each year, potentially associated with capital raises or debt issuance. From 2015 to 2017, financing cash flows turned negative, albeit at lower magnitudes compared to previous inflows, indicating possible debt repayments, share buybacks, or dividends. In 2018, the activity surged back to a large positive figure of nearly 1 billion USD, followed by a notable decline to a negative 286 million USD in 2019. Subsequently, there was a rebound to positive 755 million USD in 2020, then a decline to negative 473 million USD in 2021. This fluctuation suggests changes in the company’s financing strategy, alternating between raising capital and reducing liabilities or returning capital to shareholders.
Per Share Data
Twitter Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | -0.28 | -0.28 | 0.00 |
| Dec 31, 2020 | -1.44 | -1.44 | 0.00 |
| Dec 31, 2019 | 1.90 | 1.87 | 0.00 |
| Dec 31, 2018 | 1.60 | 1.56 | 0.00 |
| Dec 31, 2017 | -0.15 | -0.15 | 0.00 |
| Dec 31, 2016 | -0.65 | -0.65 | 0.00 |
| Dec 31, 2015 | -0.79 | -0.79 | 0.00 |
| Dec 31, 2014 | -0.96 | -0.96 | 0.00 |
| Dec 31, 2013 | -3.41 | -3.41 | 0.00 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals several notable patterns regarding earnings per share and dividend distributions over the assessed years.
- Basic Earnings Per Share (EPS)
- The basic EPS showed a significant improvement from -3.41 US dollars in 2013 to -0.15 US dollars in 2017, indicating a trend of diminishing losses during this period. Notably, in 2018 and 2019, the EPS turned positive to 1.6 and 1.9 US dollars respectively, suggesting that the company achieved profitability in those years. However, this positive trend was not sustained as EPS dropped back into negative territory in 2020 and 2021, with values of -1.44 and -0.28 US dollars respectively. This fluctuation indicates volatility in earnings performance, with a short-lived period of profitability before returning to losses.
- Diluted Earnings Per Share (EPS)
- The diluted EPS closely tracks the basic EPS throughout the period. It follows the same pattern: starting at -3.41 US dollars in 2013, improving gradually to -0.15 US dollars by 2017, becoming positive in 2018 (1.56 US dollars) and 2019 (1.87 US dollars), before declining again to -1.44 and -0.28 US dollars in 2020 and 2021 respectively. The near-identical values between basic and diluted EPS suggest minimal dilution impact from convertible securities or options on reported earnings.
- Dividend Per Share
- No dividends per share were paid throughout the entire period assessed, as indicated by the complete absence of data under this item. This suggests that the company did not distribute earnings as dividends, likely retaining earnings for reinvestment or due to the ongoing losses and earnings volatility.
Overall, the period reflects a company experiencing initial high losses followed by improving earnings culminating in profitability for two years, and subsequently a return to losses. The absence of dividend payments aligns with the observed earnings volatility and financial performance challenges.