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.

Twitter Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss)	(221,409)	(1,135,626)	1,465,659)	1,205,596)	(108,063)
Depreciation and amortization expense	544,848)	495,177)	465,549)	425,498)	395,867)
Stock-based compensation expense	629,901)	474,932)	378,025)	326,228)	433,806)
Amortization of discount on convertible notes	—)	101,733)	113,298)	105,926)	80,061)
Bad debt expense	1,560)	18,775)	3,083)	1,610)	586)
Deferred income taxes	(228,774)	(36,978)	84,369)	43,409)	(6,415)
Deferred tax assets valuation allowance release	—)	—)	—)	(845,129)	—)
Deferred tax assets establishment related to intra-entity transfers of intangible assets	—)	—)	(1,206,880)	—)	—)
Deferred tax assets valuation allowance establishment	—)	1,101,374)	—)	—)	—)
(Gain) impairment on investments in privately-held companies	(101,445)	8,842)	1,550)	3,000)	62,439)
Other adjustments	2,975)	(10,764)	(19,989)	(15,749)	5,167)
Accounts receivable	(189,946)	(188,039)	(67,000)	(130,871)	2,668)
Prepaid expenses and other assets	(121,501)	6,398)	(29,602)	126,470)	(13,974)
Operating lease right-of-use assets	219,287)	168,000)	149,880)	—)	—)
Accounts payable	20,869)	18,232)	2,946)	(1,533)	8,371)
Accrued and other liabilities	260,475)	123,345)	92,681)	95,256)	(29,304)
Operating lease liabilities	(184,151)	(152,531)	(130,205)	—)	—)
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions	5,033)	(24,595)	18,700)	89,322)	(32,239)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	854,098)	2,128,496)	(162,295)	134,115)	939,272)
Net cash provided by operating activities	632,689)	992,870)	1,303,364)	1,339,711)	831,209)
Purchases of property and equipment	(1,011,546)	(873,354)	(540,688)	(483,934)	(160,742)
Proceeds from sales of property and equipment	8,462)	9,170)	6,158)	13,070)	2,783)
Purchases of marketable securities	(3,736,659)	(6,272,395)	(5,798,111)	(5,334,396)	(2,687,214)
Proceeds from maturities of marketable securities	3,811,768)	4,554,238)	4,928,097)	3,732,973)	2,579,747)
Proceeds from sales of marketable securities	1,172,626)	1,092,754)	367,116)	58,721)	124,826)
Changes in restricted cash	—)	—)	—)	—)	3,594)
Purchases of investments in privately-held companies	(39,761)	(11,912)	(51,163)	(3,375)	(825)
Investments in Finance Justice Fund	(69,500)	—)	—)	—)	—)
Business combinations, net of cash acquired	(32,702)	(48,016)	(29,664)	(33,572)	—)
Other investing activities	(50,065)	(11,050)	2,281)	(5,000)	24,899)
Net cash (used in) provided by investing activities	52,623)	(1,560,565)	(1,115,974)	(2,055,513)	(112,932)
Proceeds from issuance of convertible notes	1,437,500)	1,000,000)	—)	1,150,000)	—)
Proceeds from issuance of senior notes	—)	—)	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	(16,769)	(14,662)	(8,070)	(13,783)	—)
Repayment of convertible notes	(954,000)	—)	(935,000)	—)	—)
Repurchases of common stock	(930,530)	(245,292)	—)	—)	—)
Taxes paid related to net share settlement of equity awards	(26,982)	(22,587)	(19,594)	(19,263)	(8,962)
Payments of finance lease obligations	(565)	(23,062)	(66,677)	(90,351)	(102,775)
Proceeds from exercise of stock options	2,056)	5,442)	788)	3,415)	9,444)
Proceeds from issuances of common stock under employee stock purchase plan	68,792)	55,471)	42,378)	29,288)	23,920)
Net cash provided by (used in) financing activities	(472,823)	755,310)	(286,175)	978,116)	(78,373)
Foreign exchange effect on cash, cash equivalents and restricted cash	(13,080)	(4,005)	4,576)	(14,296)	9,911)
Net increase (decrease) in cash, cash equivalents and restricted cash	199,409)	183,610)	(94,209)	248,018)	649,815)
Cash, cash equivalents and restricted cash at beginning of period	2,011,276)	1,827,666)	1,921,875)	1,673,857)	988,598)
Cash, cash equivalents and restricted cash at end of period	2,210,685)	2,011,276)	1,827,666)	1,921,875)	1,638,413)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Twitter Inc. net cash provided by operating activities decreased from 2019 to 2020 and from 2020 to 2021.
Net cash (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Twitter Inc. net cash (used in) provided by investing activities decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Twitter Inc. net cash provided by (used in) financing activities increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Twitter Inc. (NYSE:TWTR)

Cash Flow Statement