Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Twitter Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The analysis of the financial ratios over the quarterly periods reveals distinct trends in the company's operational efficiency and asset utilization.
- Net Fixed Asset Turnover
- This ratio exhibited values starting from March 31, 2018. Initially, it showed moderate fluctuation around the range of 2.9 to 3.4, peaking at 3.47 in June 30, 2019. Following this peak, a gradual decline is observed, dropping to approximately 2.34-2.44 toward the end of 2021 and mid-2022. This downward trend may indicate decreasing efficiency in generating revenue from fixed assets over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Beginning in the same period as the previous measure, this ratio generally follows a decreasing trajectory. Starting strong at about 3.16 to 3.44 early on, it sharply decreased to near 1.95 by mid-2019 and continued to decline to around 1.47 by mid-2022. This suggests that when accounting for leases and right-of-use assets, the efficiency in utilizing fixed assets appears lower and declines more markedly compared to the net fixed asset turnover ratio without these considerations.
- Total Asset Turnover
- The total asset turnover ratio starts around 0.33 to 0.34 and gradually decreases towards 0.26 through 2018 and 2019. However, a subtle recovery is noticeable from late 2020 onwards, reaching 0.39 by mid-2022. This pattern indicates a temporary decrease in overall asset efficiency followed by a progressive improvement, possibly reflecting changes in asset management or revenue generation strategies.
- Equity Turnover
- This ratio demonstrates a rising trend over the analyzed periods. Beginning near 0.48-0.49, it slightly dipped to 0.39 around late 2018 and 2019 but then showed consistent growth from late 2019 forward. By mid-2022, the equity turnover ratio had increased to roughly 0.88-0.89, representing enhanced effectiveness in utilizing shareholders’ equity to generate revenue.
In summary, the net fixed asset turnover ratios indicate a decline in efficiency regarding fixed assets, especially when incorporating operating leases. Meanwhile, total asset turnover experienced a mid-period decrease but showed signs of recovery by 2022. The equity turnover displayed a positive and steady upward trend, implying improved equity utilization. These patterns reflect shifting operational dynamics and asset management strategies over the analyzed timeframe.
Net Fixed Asset Turnover
Twitter Inc., net fixed asset turnover calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Revenue | 1,176,660) | 1,200,984) | 1,567,220) | 1,283,817) | 1,190,427) | 1,036,018) | 1,289,041) | 936,233) | 683,438) | 807,637) | 1,007,341) | 823,717) | 841,381) | 786,890) | 908,836) | 758,111) | 710,541) | 664,871) | 731,560) | 589,633) | 573,855) | 548,251) | |||||||
| Property and equipment, net | 2,175,290) | 2,150,581) | 2,082,160) | 2,053,480) | 1,884,790) | 1,620,001) | 1,493,794) | 1,392,720) | 1,142,601) | 1,081,371) | 1,031,781) | 994,266) | 982,513) | 913,096) | 885,078) | 904,027) | 914,795) | 801,912) | 773,715) | 753,317) | 781,272) | 782,421) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.40 | 2.44 | 2.44 | 2.34 | 2.36 | 2.44 | 2.49 | 2.47 | 2.91 | 3.22 | 3.35 | 3.38 | 3.35 | 3.47 | 3.44 | 3.17 | 2.95 | 3.19 | 3.16 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Alphabet Inc. | 2.62 | 2.59 | 2.64 | 2.53 | 2.40 | 2.25 | 2.15 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | 2.27 | 2.23 | 2.15 | 2.15 | 2.07 | 1.99 | 1.99 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | 1.77 | 1.94 | 2.04 | 2.09 | 2.06 | 1.98 | 1.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | 22.78 | 21.97 | 22.44 | 23.47 | 24.91 | 25.99 | 26.03 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Take-Two Interactive Software Inc. | 14.58 | 14.92 | 22.58 | 24.35 | 25.21 | 26.22 | 23.42 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | 2.33 | 2.23 | 2.07 | 1.96 | 1.82 | 1.88 | 2.04 | 2.19 | 2.43 | 2.36 | 2.20 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q2 2022 Calculation
Net fixed asset turnover
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Property and equipment, net
= (1,176,660 + 1,200,984 + 1,567,220 + 1,283,817)
÷ 2,175,290 = 2.40
2 Click competitor name to see calculations.
- Revenue
- The quarterly revenue demonstrates a generally upward trend over the observed period, increasing from $548,251 thousand in March 2017 to a peak of $1,567,220 thousand in December 2021. There are fluctuations within this upward trajectory, with occasional declines such as in the first half of 2020, where revenue dropped from $1,007,341 thousand in December 2019 to $683,438 thousand in June 2020. Following this period, revenue rebounded significantly, reaching its highest levels toward the end of 2021. The last two quarters of the dataset, in early and mid-2022, show a slight decline from their peaks but remain substantially higher than earlier periods.
- Property and Equipment, Net
- The net value of property and equipment shows a continuous and steady increase throughout the period, rising from $782,421 thousand in March 2017 to $2,175,290 thousand in June 2022. This consistent growth indicates ongoing investment in fixed assets. The increments become more pronounced especially from 2019 onward, suggesting an acceleration in capital expenditure or asset acquisition in the latter years.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from December 2017 onward, indicates how efficiently the company is using its fixed assets to generate revenue. It initially fluctuates around the range of approximately 3.16 to 3.47 through early 2019, suggesting relatively high efficiency. However, starting around mid-2019, the ratio begins a downward trajectory, decreasing from above 3.0 levels to approximately 2.4-2.5 by mid-2022. This decline signals that despite growing revenue, the increase in fixed assets outpaces revenue growth, implying reduced efficiency in asset utilization over time.
- Overall Insights
- Overall, the data reveal strong revenue growth over the five-year span, supported by substantial and continuous investments in property and equipment. However, the decreasing net fixed asset turnover ratio suggests diminishing returns on these fixed assets in terms of revenue generation. The temporary revenue dip observed in early 2020 might correspond to external events but was followed by a significant recovery and further expansion. The company's strategic focus appears to involve scaling up asset investments, although maintaining asset efficiency could become a challenge given the observed trends.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Twitter Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Revenue | 1,176,660) | 1,200,984) | 1,567,220) | 1,283,817) | 1,190,427) | 1,036,018) | 1,289,041) | 936,233) | 683,438) | 807,637) | 1,007,341) | 823,717) | 841,381) | 786,890) | 908,836) | 758,111) | 710,541) | 664,871) | 731,560) | 589,633) | 573,855) | 548,251) | |||||||
| Property and equipment, net | 2,175,290) | 2,150,581) | 2,082,160) | 2,053,480) | 1,884,790) | 1,620,001) | 1,493,794) | 1,392,720) | 1,142,601) | 1,081,371) | 1,031,781) | 994,266) | 982,513) | 913,096) | 885,078) | 904,027) | 914,795) | 801,912) | 773,715) | 753,317) | 781,272) | 782,421) | |||||||
| Operating lease right-of-use assets | 1,372,465) | 1,272,435) | 1,195,124) | 1,115,929) | 1,153,017) | 1,001,109) | 930,139) | 828,213) | 640,202) | 666,527) | 697,095) | 663,423) | 694,855) | 707,309) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 3,547,755) | 3,423,016) | 3,277,284) | 3,169,409) | 3,037,807) | 2,621,110) | 2,423,933) | 2,220,933) | 1,782,803) | 1,747,898) | 1,728,876) | 1,657,689) | 1,677,368) | 1,620,405) | 885,078) | 904,027) | 914,795) | 801,912) | 773,715) | 753,317) | 781,272) | 782,421) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.47 | 1.53 | 1.55 | 1.51 | 1.47 | 1.50 | 1.53 | 1.55 | 1.86 | 1.99 | 2.00 | 2.03 | 1.96 | 1.95 | 3.44 | 3.17 | 2.95 | 3.19 | 3.16 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| Alphabet Inc. | 2.33 | 2.31 | 2.33 | 2.22 | 2.10 | 1.96 | 1.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | 1.46 | 1.62 | 1.69 | 1.73 | 1.71 | 1.63 | 1.56 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Take-Two Interactive Software Inc. | 7.66 | 8.64 | 10.74 | 11.09 | 11.61 | 11.78 | 10.79 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q2 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (1,176,660 + 1,200,984 + 1,567,220 + 1,283,817)
÷ 3,547,755 = 1.47
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue demonstrated an overall upward trajectory from March 2017 through June 2022, with intermittent fluctuations. Beginning at approximately $548 million in the first quarter of 2017, revenue progressively increased, reaching a peak of nearly $1.57 billion in the first quarter of 2022. Notable growth phases occurred between late 2017 and early 2019, as well as from mid-2020 onward, reflecting strong expansion periods. However, intermittent declines are evident, such as the drop from about $1.01 billion in December 2019 to $807 million in March 2020, possibly due to external market impacts. Despite these setbacks, revenue rebounded robustly by the end of 2021.
- Property and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- The net value of property and equipment exhibited a consistent increase over the observed timeframe, starting around $782 million in March 2017 and more than quadrupling to approximately $3.55 billion by June 2022. This significant growth indicates sustained capital investment or asset accumulation. Growth appears steady with minor variability, suggesting ongoing expansion of operational infrastructure or leased assets to support business activities.
- Net Fixed Asset Turnover Ratio (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio, available from December 2017 onwards, reveals a declining trend. Initially surpassing 3.0 in late 2017 and early 2018, the ratio decreased steadily, falling below 2.0 for the majority of 2019 and continuing downward to around 1.47 by mid-2022. This pattern suggests that despite asset base growth, revenue generation relative to these assets became less efficient over time. The declining turnover ratio indicates that each dollar invested in fixed assets generated less revenue in later periods compared to earlier ones.
- Integrated Analysis
- The combination of increasing asset base and relatively volatile revenue growth alongside a declining net fixed asset turnover ratio may imply that expansions in property and equipment outpaced revenue growth. The diminishing efficiency in asset utilization could indicate challenges in fully leveraging investments or potentially a strategic emphasis on long-term capacity building. The data reflects a company expanding its asset portfolio substantially while encountering variability in revenue realization relative to these investments.
Total Asset Turnover
Twitter Inc., total asset turnover calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Revenue | 1,176,660) | 1,200,984) | 1,567,220) | 1,283,817) | 1,190,427) | 1,036,018) | 1,289,041) | 936,233) | 683,438) | 807,637) | 1,007,341) | 823,717) | 841,381) | 786,890) | 908,836) | 758,111) | 710,541) | 664,871) | 731,560) | 589,633) | 573,855) | 548,251) | |||||||
| Total assets | 13,579,287) | 13,550,957) | 14,059,516) | 14,589,345) | 15,323,225) | 14,984,075) | 13,379,090) | 13,088,792) | 12,547,587) | 13,540,725) | 12,703,389) | 11,600,925) | 12,521,607) | 11,145,231) | 10,162,572) | 9,746,192) | 8,861,230) | 7,539,441) | 7,412,477) | 7,075,789) | 6,963,098) | 6,892,742) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.39 | 0.39 | 0.36 | 0.33 | 0.29 | 0.26 | 0.28 | 0.26 | 0.26 | 0.26 | 0.27 | 0.29 | 0.26 | 0.28 | 0.30 | 0.29 | 0.30 | 0.34 | 0.33 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Alphabet Inc. | 0.78 | 0.76 | 0.72 | 0.69 | 0.66 | 0.60 | 0.57 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | 0.46 | 0.44 | 0.42 | 0.41 | 0.39 | 0.37 | 0.38 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | 0.70 | 0.73 | 0.71 | 0.66 | 0.61 | 0.58 | 0.54 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.66 | 0.64 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Take-Two Interactive Software Inc. | 0.51 | 0.53 | 0.56 | 0.55 | 0.58 | 0.63 | 0.62 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | 0.38 | 0.36 | 0.33 | 0.31 | 0.29 | 0.30 | 0.32 | 0.34 | 0.38 | 0.37 | 0.36 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q2 2022 Calculation
Total asset turnover
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Total assets
= (1,176,660 + 1,200,984 + 1,567,220 + 1,283,817)
÷ 13,579,287 = 0.39
2 Click competitor name to see calculations.
The financial data reveal several notable trends regarding revenue, total assets, and total asset turnover over the quarterly periods observed.
- Revenue
- Revenue figures demonstrate a general upward trend from March 2017 to December 2021, with some fluctuations. Starting at approximately $548 million in the first quarter of 2017, revenue increases steadily quarter-over-quarter, peaking around $1.57 billion in the first quarter of 2022. There are periods of slight decline or stagnation, such as from December 2018 to March 2019 and mid-2020, but overall, the direction is positive. The most significant growth appears toward the end of the period, especially throughout 2020 and 2021, suggesting improved operational performance or market conditions contributing to higher sales or service income.
- Total Assets
- Total assets show a consistent rising trajectory from March 2017 through June 2021, growing from about $6.9 billion to nearly $15.3 billion. This expansion indicates considerable asset accumulation, potentially through investments, acquisitions, or capital expenditures. Post-June 2021, the asset base slightly declines and stabilizes around $13.5 billion by mid-2022, possibly reflecting asset disposals, depreciation, or revaluation events. The overall increase until mid-2021 suggests strategic asset growth aligned with revenue expansion during a similar timeframe.
- Total Asset Turnover
- Total asset turnover ratios, which measure revenue generated per unit of assets, appear from the data beginning in Q4 2017, with values ranging from 0.26 to 0.39. Initially, the ratio hovers around 0.26 to 0.30, indicating moderate efficiency in using assets to generate revenue. Starting around late 2021 and through mid-2022, the ratio increases to about 0.36 to 0.39, signaling improved asset utilization or enhanced revenue generation relative to asset holdings. This improvement may indicate better operational management or a shift toward more revenue-generating assets in the portfolio.
In summary, the data reflect a company experiencing revenue growth alongside expanding asset bases, with asset efficiency improving in later periods. While total assets grew substantially until mid-2021, the subsequent modest decline and rising total asset turnover suggest a phase of consolidation and enhanced operational efficiency.
Equity Turnover
Twitter Inc., equity turnover calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Revenue | 1,176,660) | 1,200,984) | 1,567,220) | 1,283,817) | 1,190,427) | 1,036,018) | 1,289,041) | 936,233) | 683,438) | 807,637) | 1,007,341) | 823,717) | 841,381) | 786,890) | 908,836) | 758,111) | 710,541) | 664,871) | 731,560) | 589,633) | 573,855) | 548,251) | |||||||
| Stockholders’ equity | 5,932,481) | 5,904,916) | 7,307,199) | 7,172,631) | 7,716,128) | 7,736,650) | 7,970,082) | 7,812,088) | 7,658,055) | 8,795,627) | 8,704,386) | 8,415,642) | 8,344,814) | 7,088,819) | 6,805,594) | 6,452,572) | 5,570,904) | 5,210,436) | 5,047,218) | 4,829,406) | 4,728,896) | 4,690,376) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 0.88 | 0.89 | 0.69 | 0.67 | 0.58 | 0.51 | 0.47 | 0.44 | 0.43 | 0.40 | 0.40 | 0.40 | 0.39 | 0.45 | 0.45 | 0.44 | 0.48 | 0.49 | 0.48 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Alphabet Inc. | 1.09 | 1.06 | 1.02 | 0.98 | 0.93 | 0.86 | 0.82 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | 1.33 | 1.27 | 1.21 | 1.19 | 1.15 | 1.13 | 1.15 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | 0.95 | 0.97 | 0.94 | 0.84 | 0.76 | 0.71 | 0.67 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | 1.63 | 1.73 | 1.87 | 1.87 | 1.99 | 2.05 | 2.26 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Take-Two Interactive Software Inc. | 0.97 | 0.93 | 1.01 | 1.04 | 1.16 | 1.27 | 1.22 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | 0.85 | 0.81 | 0.76 | 0.73 | 0.68 | 0.72 | 0.78 | 0.81 | 0.87 | 0.84 | 0.78 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q2 2022 Calculation
Equity turnover
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Stockholders’ equity
= (1,176,660 + 1,200,984 + 1,567,220 + 1,283,817)
÷ 5,932,481 = 0.88
2 Click competitor name to see calculations.
The financial data reveals several notable trends in revenue, stockholders' equity, and equity turnover over the observed periods.
- Revenue
- Revenue shows a general upward trajectory from March 31, 2017, through December 31, 2021. Beginning at approximately 548 million US dollars in early 2017, revenue steadily increased, peaking noticeably at over 1.5 billion US dollars in the first quarter of 2022. Periods of acceleration are apparent, especially between mid-2020 and late 2021, indicating a strong growth phase. However, slight fluctuations occur, such as a dip around mid-2020, followed by a recovery and subsequent rise.
- Stockholders’ Equity
- Stockholders’ equity exhibits a rising pattern from 2017 through late 2019, increasing from about 4.7 billion US dollars to nearly 8.7 billion US dollars. However, from early 2020 onwards, equity values demonstrate volatility with a declining trend visible particularly between early 2020 and mid-2022, falling from roughly 8.8 billion to around 5.9 billion US dollars by mid-2022. This decline signals potential challenges affecting the company's net assets during this period.
- Equity Turnover
- Equity turnover ratios are recorded from late 2017 onwards and reveal gradual improvement over time. Starting near 0.48-0.49 in late 2017 and early 2018, the ratio slightly decreased through 2019 and early 2020, stabilizing around 0.4. From mid-2020 forward, however, equity turnover shows a consistent upward trend, increasing from approximately 0.43 to 0.89 by mid-2022. This suggests enhanced efficiency in generating revenue from the company’s equity during the more recent quarters.
Overall, the data indicates robust revenue growth supplemented by increasing operational efficiency as suggested by rising equity turnover. Nonetheless, the reduction in stockholders’ equity in recent periods could reflect financial pressures or strategic changes affecting the company’s equity base. Further investigation into the underlying causes of equity fluctuations would be prudent to fully understand the company’s financial health during the most recent quarters.