Twitter (TWTR) Financials

$25.2 B

Mkt cap, 23-May-2018

$664.9 M

Revenue Q1, 2018
Gross profit (Q1, 2018)442 M
Gross profit margin (Q1, 2018), %66.5%
Net income (Q1, 2018)61 M
EBIT (Q1, 2018)74.9 M
Cash, 31-Mar-20181.6 B
EV25.4 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.4 b2.2 b2.5 b2.4 b

Revenue growth, %

111%58%14%(3%)

Cost of goods sold

446.3 m729.3 m932.2 m861.2 m

Gross profit

956.7 m1.5 b1.6 b1.6 b

Gross profit Margin, %

68%67%63%65%

Sales and marketing expense

614.1 m871.5 m957.8 m717.4 m

R&D expense

691.5 m806.6 m713.5 m542 m

General and administrative expense

189.9 m260.7 m293.3 m283.9 m

Operating expense total

1.5 b1.9 b2 b1.5 b

EBIT

(538.9 m)(450 m)(367.2 m)38.7 m

EBIT margin, %

(38%)(20%)(15%)2%

Interest expense

35.9 m98.2 m100 m105.2 m

Pre tax profit

(578.4 m)(533.3 m)(440.8 m)(95.4 m)

Income tax expense

(531 k)(12.3 m)16 m12.6 m

Net Income

(577.8 m)(521 m)(456.9 m)(108.1 m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Revenue

250.5 m312.2 m361.3 m435.9 m502.4 m569.2 m594.5 m602 m615.9 m548.3 m574 m589.6 m664.9 m

Cost of goods sold

85.5 m100 m124.2 m143.5 m167.6 m200.2 m198.4 m203 m225.2 m220.3 m212.9 m210 m222.8 m

Gross profit

165 m212.1 m237.1 m292.5 m334.8 m369 m396.1 m399 m390.8 m327.9 m361.1 m379.6 m442 m

Gross profit Margin, %

66%68%66%67%67%65%67%66%63%60%63%64%66%

Sales and marketing expense

106.2 m140.3 m164 m183.6 m201.9 m208.8 m236.2 m236.6 m224.4 m169.6 m185.3 m173 m178.1 m

R&D expense

149.4 m177.1 m183.3 m189.7 m198.9 m207.9 m155.8 m178.5 m177 m128.7 m143.2 m136.1 m123.3 m

General and administrative expense

38.7 m44.7 m51.2 m65.8 m64.9 m57.5 m63.3 m70.2 m67.4 m69.9 m70.8 m63.3 m65.7 m

Operating expense total

379.9 m462.1 m522.7 m582.6 m633.4 m674.5 m653.6 m688.3 m694 m588.5 m612.2 m372.3 m589.9 m

EBIT

(129.4 m)(149.9 m)(161.4 m)(146.6 m)(131 m)(105.2 m)(59.1 m)(86.4 m)(78.1 m)(40.3 m)(38.4 m)7.3 m74.9 m

EBIT margin, %

(52%)(48%)(45%)(34%)(26%)(18%)(10%)(14%)(13%)(7%)(7%)1%11%

Interest expense

2.6 m2.1 m5.8 m24.3 m24.4 m25.2 m24.9 m24.9 m24.9 m25.4 m26.4 m26.7 m27 m

Interest income

16.2 m

Pre tax profit

(131.1 m)(150.2 m)(175.3 m)(161.8 m)(156.1 m)(128.5 m)(77.7 m)(104.6 m)(96.3 m)(58.4 m)(113.1 m)(17.5 m)63.9 m

Income tax expense

1.2 m(5.6 m)159 k632 k(19.5 m)3.2 m2 m2.6 m6.6 m3.2 m3.4 m3.6 m2.9 m

Net Income

(132.4 m)(144.6 m)(175.5 m)(162.4 m)(136.7 m)(131.7 m)(79.7 m)(107.2 m)(102.9 m)(61.6 m)(116.5 m)(21.1 m)61 m

Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

1.5 b911.5 m988.6 m1.6 b

Accounts Receivable

418.5 m638.7 m650.7 m664.3 m

Prepaid Expenses

215.5 m247.8 m227 m254.5 m

Current Assets

4.3 b4.4 b4.7 b5.3 b

PP&E

557 m735.3 m783.9 m773.7 m

Goodwill

622.6 m1.1 b1.2 b1.2 b

Total Assets

5.6 b6.4 b6.9 b7.4 b

Accounts Payable

53.2 m134.1 m122.2 m171 m

Short-term debt

112.3 m88.2 m80.8 m85 m

Current Liabilities

393.8 m506 m584 m583.3 m

Long-term debt

1.5 b1.5 b1.6 b1.7 b

Non-Current Liabilities

1.6 b1.6 b1.7 b

Total Debt

1.6 b1.6 b1.7 b1.8 b

Total Liabilities

2 b2.1 b2.3 b2.4 b

Common Stock

3 k3 k4 k4 k

Additional Paid-in Capital

5.2 b6.5 b7.2 b7.8 b

Retained Earnings

(1.6 b)(2.1 b)(2.6 b)(2.7 b)

Total Equity

3.6 b4.4 b4.6 b5 b

EPS

(1 )(0.8 )(0.7 )

Debt to Equity Ratio

0.4 x0.4 x0.4 x0.4 x

Debt to Assets Ratio

0.3 x0.2 x0.2 x0.2 x

Financial Leverage

1.5 x1.5 x1.5 x1.5 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

960.8 m845 m2.3 b1.6 b883.3 m876.4 m1 b947.7 m1 b1.2 b1.3 b1.6 b1.6 b

Accounts Receivable

237.9 m287.1 m324.7 m415.5 m475.2 m536.8 m576.8 m556.8 m590.1 m501.2 m524.1 m509.9 m611.8 m

Prepaid Expenses

90.9 m79.8 m201.5 m221.4 m234.7 m237.6 m235.7 m237.1 m224.1 m250.5 m236.1 m234.5 m268.6 m

Current Assets

2.5 b2.5 b4.2 b4.2 b4.3 b4.3 b4.4 b4.4 b4.5 b4.7 b4.8 b5 b5.4 b

PP&E

383.3 m467.6 m504 m599.8 m651 m699.5 m746.7 m758.8 m803.3 m782.4 m781.3 m753.3 m801.9 m

Goodwill

363.5 m514.6 m622.6 m702.7 m1.1 b1.1 b1.1 b1.2 b1.2 b1.2 b1.2 b1.2 b1.2 b

Total Assets

3.4 b3.6 b5.4 b5.6 b6.2 b6.3 b6.5 b6.6 b6.7 b6.9 b7 b7.1 b7.5 b

Accounts Payable

19.7 m23.1 m30.6 m48.4 m51.6 m40.1 m90.4 m91.4 m104.3 m86.2 m107.4 m103.1 m138 m

Short-term debt

90.3 m99.7 m110.5 m105.3 m98.6 m93.6 m81.7 m81 m82.2 m80.2 m80.1 m81.9 m86.6 m

Current Liabilities

261.3 m370.4 m442.5 m394.3 m424.8 m427.8 m422.8 m449.6 m470.6 m489 m494.6 m481.2 m528.7 m

Long-term debt

102.5 m101.9 m1.4 b1.5 b1.5 b1.6 b1.5 b1.5 b1.6 b1.6 b1.7 b1.7 b1.7 b

Non-Current Liabilities

158.1 m167.8 m1.5 b1.6 b1.6 b1.6 b1.6 b1.6 b1.6 b1.7 b1.7 b1.8 b1.8 b

Total Debt

192.8 m201.7 m1.5 b1.6 b1.6 b1.7 b1.6 b1.6 b1.7 b1.7 b1.7 b1.8 b1.8 b

Total Liabilities

419.4 m538.2 m1.9 b2 b2 b2 b2 b2.1 b2.1 b2.2 b2.2 b2.2 b2.3 b

Common Stock

3 k3 k3 k3 k3 k3 k3 k3 k4 k4 k4 k4 k4 k

Additional Paid-in Capital

4.1 b4.3 b5 b5.5 b6.1 b6.3 b6.7 b6.9 b7.1 b7.4 b7.5 b7.6 b7.8 b

Retained Earnings

(1.1 b)(1.3 b)(1.4 b)(1.7 b)(1.9 b)(2 b)(2.2 b)(2.3 b)(2.4 b)(2.6 b)(2.7 b)(2.8 m)(2.6 b)

Total Equity

2.9 b3 b3.5 b3.7 b4.2 b4.3 b4.5 b4.6 b4.6 b4.7 b4.7 b4.8 b5.2 b

EPS

(0.2 )(0.2 )(0.3 )(0.3 )(0.2 )(0.2 )(0.1 )(0.2 )(0.2 )(0.1 )(0.2 )(0 )

Debt to Equity Ratio

0.1 x0.1 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.3 x

Debt to Assets Ratio

0.1 x0.1 x0.3 x0.3 x0.3 x0.3 x0.2 x0.2 x0.2 x0.2 x0.3 x0.3 x0.2 x

Financial Leverage

1.1 x1.2 x1.5 x1.5 x1.5 x1.5 x1.4 x1.5 x1.5 x1.5 x1.5 x1.5 x1.4 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(577.8 m)(521 m)(456.9 m)(108.1 m)

Depreciation and Amortization

208.2 m312.8 m402.2 m395.9 m

Accounts Receivable

(177.6 m)(216.6 m)(23 m)2.7 m

Accounts Payable

18.1 m76.4 m(7.1 m)8.4 m

Cash From Operating Activities

81.8 m383.1 m763.1 m831.2 m

Purchases of PP&E

(201.6 m)(347.3 m)(218.7 m)(160.7 m)

Cash From Investing Activities

(1.1 b)(902.4 m)(598 m)(112.9 m)

Long-term Borrowings

(103.1 m)(117.5 m)(100.6 m)(102.8 m)

Cash From Financing Activities

1.7 b(63 m)(84 m)(78.4 m)

Net Change in Cash

676.2 m(582.4 m)81.1 m639.9 m

Interest Paid

10 m16 m13 m14 m

Income Taxes Paid

14.9 m8.2 m14.5 m16.2 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

(132.4 m)(277 m)(452.5 m)(162.4 m)(299.1 m)(430.8 m)(79.7 m)(186.9 m)(289.8 m)(61.6 m)(178 m)(199.1 m)61 m

Depreciation and Amortization

40 m85.6 m145.7 m67.9 m143.9 m225.4 m88.6 m181.9 m282.8 m102.8 m205.9 m303.3 m96.8 m

Accounts Receivable

8.9 m(37.2 m)(77.8 m)(4.2 m)(43.9 m)(105.5 m)65.8 m86.2 m51.2 m153.3 m133 m155.6 m61.2 m

Accounts Payable

(303 k)1.4 m5.3 m(1.7 m)(11.4 m)(9.5 m)(37 m)(37.1 m)(26.3 m)(37 m)(13.6 m)(14.5 m)(26.9 m)

Cash From Operating Activities

42.7 m124.4 m38.5 m92.2 m182.2 m283.8 m162.8 m377.3 m566.5 m203.4 m393.2 m633.1 m242.7 m

Purchases of PP&E

(49.6 m)(94.1 m)132.8 m(67.7 m)(160.3 m)(266.8 m)(59.1 m)(98.2 m)(170.6 m)(39.9 m)(83.2 m)(117.8 m)(93.1 m)

Cash From Investing Activities

113 m(99.6 m)(235.7 m)59.2 m(755.5 m)(834.7 m)(28.4 m)(313.3 m)(410.4 m)19 m(63.1 m)22 m(259 m)

Long-term Borrowings

(21.5 m)(42.9 m)(75.1 m)(33.5 m)(62.9 m)(91.4 m)(24.9 m)(48.7 m)(73.9 m)(27.1 m)(55.2 m)(80.7 m)(24.2 m)

Cash From Financing Activities

(36.5 m)(23.1 m)1.6 b(36 m)(40.9 m)(68.2 m)(24.1 m)(33.7 m)(61.5 m)(23.7 m)(38.8 m)65.8 m(29 m)

Net Change in Cash

119.2 m1.7 m1.4 b115.4 m(614.2 m)(619 m)110.3 m30.3 m94.5 m198.8 m291.3 m589.2 m(45.4 m)

Ratios

USDY, 2018

EV/EBIT

338.5 x

EV/CFO

104.5 x

Debt/Equity

0.3 x

Debt/Assets

0.2 x

Financial Leverage

1.4 x
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Operating Metrics

Twitter's Patent Applications was reported to be 95 in Q3, 2013.
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Human Capital

FY, 2017Y, 2016Y, 2015Y, 2014
White43.5 %57.6 %58 %59 %
Asian25.8 %32.3 %31 %29 %
Other30.7 %10.1 %11 %12 %

Gender

Y, 2016Y, 2015Y, 2014
Female37 %34 %30 %
Male63 %66 %70 %
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