Analysis of Geographic Areas
Twitter Inc. operates in 2 regions: United States and International.
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2013
- Debt to Equity since 2013
- Total Asset Turnover since 2013
- Analysis of Revenues
- Aggregate Accruals
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Area Asset Turnover
Twitter Inc., asset turnover by geographic area
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
- United States Asset Turnover
- The asset turnover ratio in the United States shows a slight downward trend from 2017 to 2021. Starting at 1.94 in 2017, the ratio remained stable in 2018 and 2019, oscillating marginally between 1.92 and 1.94. However, from 2019 onwards, there is a noticeable decline, falling to 1.42 in 2020 and further to 1.39 in 2021. This suggests a gradual reduction in asset efficiency in the U.S. segment over the five-year period.
- International Asset Turnover
- The international asset turnover ratio exhibits a consistent upward trend throughout the analyzed period. Beginning at 23.7 in 2017, the ratio nearly doubled by 2018, reaching 44.66. This increasing pattern continues more gradually in subsequent years, rising to 47.02 in 2019, 48.69 in 2020, and 51.46 in 2021. The steady growth indicates an improving efficiency in the use of assets in international operations.
- Comparative Analysis
- A comparison between the United States and international asset turnover ratios reveals a stark contrast in performance trends. While the U.S. market experiences a modest decline in asset turnover, the international market shows robust growth. This divergence suggests that the company's international segments are increasingly leveraging assets more effectively relative to their U.S. counterpart.
Area Asset Turnover: United States
Twitter Inc.; United States; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2021 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
- Revenue Trends
- Revenue exhibited a consistent upward trajectory from 2017 to 2021, increasing from approximately 1.41 billion US dollars in 2017 to about 2.84 billion US dollars in 2021. This indicates steady growth in sales within the United States geographic area over the five-year period, with a notable acceleration evident between 2020 and 2021.
- Property and Equipment, Net
- The net value of property and equipment displayed a significant and continuous increase throughout the years under review. Starting at roughly 730 million US dollars in 2017, the figure rose steadily to approximately 2.04 billion US dollars by the end of 2021. The most pronounced increments occurred in the final two years, highlighting increased investment or capitalization of tangible assets in this period.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures revenue generated per unit of asset, remained relatively stable around 1.9 in the initial three years (2017–2019). However, there was a decline in asset turnover starting in 2020, dropping to 1.42 and slightly decreasing further to 1.39 in 2021. This trend suggests that the rate of revenue generation per asset unit has diminished despite increasing asset bases, possibly indicating reduced efficiency or changes in asset utilization strategies.
- Overall Insights
- The data reveals a scenario of revenue growth accompanied by aggressive expansion or enhancement of property and equipment assets, especially in the last two years. The decreasing area asset turnover ratio points to a potential area of concern regarding asset productivity, which may merit further operational analysis to ensure assets are being optimally leveraged to support increasing revenue streams.
Area Asset Turnover: International
Twitter Inc.; International; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2021 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
The data reveals a consistent upward trend in revenue for the International geographic area over the five-year period. Revenue increased steadily from approximately $1.03 billion in 2017 to $2.24 billion in 2021, representing more than a doubling and indicating significant growth in this segment. This suggests an expansion in market reach or successful monetization strategies internationally.
Regarding property and equipment net values, there is notable fluctuation rather than steady growth. The value decreased from about $43.5 million in 2017 to approximately $31.3 million in 2018, followed by slight increases in subsequent years to around $32.2 million in 2019 and $33.6 million in 2020. By 2021, the value rises again to approximately $43.6 million, nearly returning to the 2017 level. This pattern might indicate periods of asset disposals, depreciation, or reinvestment cycles, reflecting management’s adjustment of physical assets or infrastructure in line with operational needs.
The area asset turnover ratio exhibits a clear and steady increase throughout the period, rising from 23.7 in 2017 to 51.46 in 2021. This improvement suggests that the company became more efficient at generating revenue from its property and equipment assets over time. A rising asset turnover ratio generally indicates effective asset utilization, pointing to operational enhancements or better asset management practices within the international segment.
Overall, the International area shows robust revenue growth combined with improved efficiency in using its asset base, despite the fluctuations in the net book value of property and equipment. These patterns collectively portray a positive trajectory in terms of financial performance and operational efficiency in this geographic segment over the analyzed period.
Revenue
Twitter Inc., revenue by geographic area
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
The revenue data by geographic area exhibits a consistent upward trajectory over the analyzed five-year period. Both the United States and International segments demonstrate growth, contributing to an overall increase in total revenue.
- United States Revenue
- The revenue from the United States shows a steady increase each year, starting at approximately $1.41 billion in 2017 and rising to about $2.84 billion in 2021. This represents a cumulative growth of roughly 101% over the period. The growth appears to accelerate particularly in the last year, with an increase of nearly 36% from 2020 to 2021, which is notably higher than in previous years.
- International Revenue
- International revenue follows a similar upward trend, growing from around $1.03 billion in 2017 to approximately $2.24 billion in 2021. This equates to an overall increase of about 117%. The increase from 2020 to 2021 is about 37%, which is consistent with the acceleration observed in the United States segment, indicating strong expansion in both markets during the final year analyzed.
- Total Revenue
- Total revenue reflects the combined effect of these two segments, increasing from roughly $2.44 billion in 2017 to $5.08 billion in 2021. This represents a total growth of approximately 108%. The significant jump between 2020 and 2021, approximately 37%, is the highest year-over-year increase in the dataset, highlighting a period of accelerated revenue growth.
Overall, the data indicate robust revenue growth across both the United States and International markets throughout the period, with the most pronounced acceleration occurring from 2020 to 2021. The balance of growth between the two regions suggests effective geographic diversification and market penetration strategies contributing to the company’s increasing revenue base.
Property and equipment, net
Twitter Inc., property and equipment, net by geographic area
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
- United States Property and Equipment, Net
- The net value of property and equipment in the United States exhibited a consistent and significant upward trend over the analyzed period. Beginning at approximately $730 million in 2017, the figure increased each year, reaching over $2 billion by the end of 2021. The most notable growth occurred between 2019 and 2021, where the value more than doubled, indicating substantial investment or capital expenditure in this geographic area.
- International Property and Equipment, Net
- The international segment showed relatively stable net property and equipment values with minor fluctuations. Starting at approximately $43 million in 2017, the amount decreased slightly in 2018 to around $31 million, followed by marginal increases in subsequent years. By 2021, the figure rose modestly to roughly $44 million. This stability suggests limited changes in international capital assets during the timeframe.
- Total Property and Equipment, Net
- The total net property and equipment value across all geographic areas mirrored the trends observed in the United States, given its dominant share. The total increased steadily from about $774 million in 2017 to over $2 billion by 2021. The acceleration in total assets, particularly from 2019 onwards, underscores focused growth and investment primarily in the domestic market.
- Overall Analysis
- The data reveals a strong emphasis on enhancing domestic property and equipment assets, with significant capital allocation growth over the five-year span. In contrast, the international assets maintained a relatively constant level, indicating a potential strategic focus on the United States market. The total net property and equipment reflects these dynamics, showcasing substantial growth driven nearly entirely by the U.S. segment. The company's investment strategy appears geared towards expanding its domestic infrastructure or operational capacity during this period.