2022 Q1 Form 10-Q Financial Statement

#000144766922000098 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $875.4M $590.0M
YoY Change 48.37% 61.7%
Cost Of Revenue $450.3M $291.7M
YoY Change 54.38% 70.24%
Gross Profit $425.1M $298.3M
YoY Change 42.5% 54.13%
Gross Profit Margin 48.56% 50.56%
Selling, General & Admin $402.3M $320.8M
YoY Change 25.38% 86.65%
% of Gross Profit 94.64% 107.56%
Research & Development $240.6M $174.8M
YoY Change 37.65% 52.88%
% of Gross Profit 56.6% 58.6%
Depreciation & Amortization $68.10M $59.59M
YoY Change 14.28% 84.84%
% of Gross Profit 16.02% 19.98%
Operating Expenses $642.9M $495.6M
YoY Change 29.71% 73.16%
Operating Profit -$217.8M -$197.3M
YoY Change 10.37% 112.89%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$6.677M -$8.313M
YoY Change -19.68% 643.56%
Pretax Income -$224.5M -$205.7M
YoY Change 9.16% 119.21%
Income Tax -$2.900M $900.0K
% Of Pretax Income
Net Earnings -$221.6M -$206.5M
YoY Change 7.3% 117.89%
Net Earnings / Revenue -25.32% -35.01%
Basic Earnings Per Share -$1.23 -$1.24
Diluted Earnings Per Share -$1.23 -$1.24
COMMON SHARES
Basic Shares Outstanding 180.9M shares 167.2M shares
Diluted Shares Outstanding 180.9M shares 167.2M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.223B $5.707B
YoY Change -8.48% 209.6%
Cash & Equivalents $1.617B $2.332B
Short-Term Investments $3.606B $3.375B
Other Short-Term Assets $201.1M $129.0M
YoY Change 55.92% 111.48%
Inventory
Prepaid Expenses
Receivables $406.7M $257.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.831B $6.094B
YoY Change -4.31% 193.31%
LONG-TERM ASSETS
Property, Plant & Equipment $485.0M $437.0M
YoY Change 10.97% 40.97%
Goodwill $5.287B $4.635B
YoY Change 14.06% 102.26%
Intangibles $1.007B $951.9M
YoY Change 5.76% 113.83%
Long-Term Investments
YoY Change
Other Assets $281.3M $123.9M
YoY Change 126.97% 199.1%
Total Long-Term Assets $7.060B $6.148B
YoY Change 14.82% 99.06%
TOTAL ASSETS
Total Short-Term Assets $5.831B $6.094B
Total Long-Term Assets $7.060B $6.148B
Total Assets $12.89B $12.24B
YoY Change 5.3% 136.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.39M $66.51M
YoY Change 40.41% 260.49%
Accrued Expenses $474.5M $331.0M
YoY Change 43.36% 47.11%
Deferred Revenue $139.7M $93.52M
YoY Change 49.36% 250.17%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.25M $9.000M
YoY Change 36.16% 28.57%
Total Short-Term Liabilities $719.8M $499.9M
YoY Change 43.99% 80.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.008B $1.238B
YoY Change -18.55% 162.29%
Other Long-Term Liabilities $43.90M $42.62M
YoY Change 2.99% 103.3%
Total Long-Term Liabilities $43.90M $42.62M
YoY Change 2.99% 103.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $719.8M $499.9M
Total Long-Term Liabilities $43.90M $42.62M
Total Liabilities $1.973B $1.995B
YoY Change -1.08% 119.29%
SHAREHOLDERS EQUITY
Retained Earnings -$2.341B -$1.376B
YoY Change 70.11% 77.91%
Common Stock $13.34B $11.62B
YoY Change 14.85% 130.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.92B $10.25B
YoY Change
Total Liabilities & Shareholders Equity $12.89B $12.24B
YoY Change 5.3% 136.96%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$221.6M -$206.5M
YoY Change 7.3% 117.89%
Depreciation, Depletion And Amortization $68.10M $59.59M
YoY Change 14.28% 84.84%
Cash From Operating Activities -$17.58M $4.505M
YoY Change -490.12% -71.0%
INVESTING ACTIVITIES
Capital Expenditures $6.980M $4.986M
YoY Change 39.99% -21.1%
Acquisitions $27.68M $66.93M
YoY Change -58.64% 2715.57%
Other Investing Activities $168.2M -$1.351B
YoY Change -112.45% -1659.76%
Cash From Investing Activities $151.0M -$1.366B
YoY Change -111.05% -2006.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.107M $2.759B
YoY Change -99.85% 59848.92%
NET CHANGE
Cash From Operating Activities -$17.58M $4.505M
Cash From Investing Activities $151.0M -$1.366B
Cash From Financing Activities $4.107M $2.759B
Net Change In Cash $137.5M $1.398B
YoY Change -90.16% 1423.04%
FREE CASH FLOW
Cash From Operating Activities -$17.58M $4.505M
Capital Expenditures $6.980M $4.986M
Free Cash Flow -$24.56M -$481.0K
YoY Change 5004.99% -105.22%

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CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2021Q1 twlo Cash Paid On Finance Leases
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Nature Of Operations
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Organization and Description of Business<div style="margin-top:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Twilio Inc. (the “Company”) was incorporated in the state of Delaware on March 13, 2008. The Company is the leading cloud communications platform and enables developers to build, scale and operate real-time customer engagement within their software applications via simple-to-use Application Programming Interfaces (“API”). The power, flexibility, and reliability offered by the Company’s software building blocks empower entities of virtually every shape and size to build world-class engagement into their customer experience.</span></div><div style="margin-top:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s headquarters are located in San Francisco, California, and the Company has subsidiaries across North America, South America, Europe, Asia and Australia.</span></div>
CY2022Q1 us-gaap Use Of Estimates
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Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are used for, but not limited to, revenue allowances and sales credit reserves; recoverability of long-lived and intangible assets; capitalization and useful life of the Company’s capitalized internal-use software development costs; fair value of acquired intangible assets and goodwill; accruals and contingencies. Estimates are based on historical experience and on various assumptions that the Company believes are reasonable under current circumstances. However, future events are subject to change and best estimates and judgments may require further adjustments, therefore, actual results could differ materially from those estimates. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation.
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CY2022Q1 us-gaap Concentration Risk Credit Risk
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Concentration of Credit RiskFinancial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, marketable securities and accounts receivable. The Company maintains cash, restricted cash, cash equivalents and marketable securities with financial institutions that management believes are financially sound and have minimal credit risk exposure although the balances will exceed insured limits.The Company sells its services to a wide variety of customers. If the financial condition or results of operations of any significant customer deteriorates substantially, operating results could be adversely affected. To reduce credit risk, management performs credit evaluations of the financial condition of significant customers. The Company does not require collateral from its credit customers and maintains reserves for estimated credit losses on customer accounts when considered necessary. Actual credit losses may differ from the Company’s estimates.
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154826000 USD
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203128000 USD
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197693000 USD
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194119000 USD
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120493000 USD
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131218000 USD
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1001477000 USD
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118004000 USD
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10284000 USD
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875363000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
589988000 USD
CY2022Q1 us-gaap Unrecorded Unconditional Purchase Obligation Term
UnrecordedUnconditionalPurchaseObligationTerm
P3Y
CY2022Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
30200000 USD
CY2020Q3 twlo Taxes Payable Jurisdictional Estimate
TaxesPayableJurisdictionalEstimate
38800000 USD
CY2022Q1 twlo Taxes Payable Jurisdictional Estimate
TaxesPayableJurisdictionalEstimate
38800000 USD
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
11500000 USD
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
49997628 shares
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
41478804 shares
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1711070000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
155275000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
137155000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-221627000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-221627000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-206542000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-206542000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180898713 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180898713 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
167160458 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
167160458 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.23
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.23
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.24
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.24
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11306973 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16815207 shares
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2900000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
900000 USD

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