2023 Q4 Form 10-K Financial Statement

#000144766924000034 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $1.076B $4.154B $3.826B
YoY Change 5.01% 8.56% 34.64%
Cost Of Revenue $544.8M $2.110B $2.013B
YoY Change 0.25% 4.83% 38.7%
Gross Profit $531.2M $2.044B $1.814B
YoY Change 10.4% 12.7% 30.41%
Gross Profit Margin 49.37% 49.2% 47.4%
Selling, General & Admin $341.7M $1.392B $1.765B
YoY Change -14.8% -21.16% 16.37%
% of Gross Profit 64.32% 68.1% 97.35%
Research & Development $235.0M $940.4M $1.079B
YoY Change -14.13% -12.85% 36.73%
% of Gross Profit 44.24% 46.01% 59.5%
Depreciation & Amortization $65.41M $284.4M $279.1M
YoY Change -8.19% 1.89% 8.03%
% of Gross Profit 12.31% 13.92% 15.39%
Operating Expenses $594.5M $2.411B $3.019B
YoY Change -14.52% -20.13% 30.9%
Operating Profit -$63.37M -$367.4M -$1.205B
YoY Change -70.44% -69.52% 31.64%
Interest Expense -$28.06M -$121.9M -$35.32M
YoY Change 27.9% 245.17%
% of Operating Profit
Other Income/Expense, Net $30.13M $47.86M -$38.32M
YoY Change 48.57% -224.89% -15.48%
Pretax Income -$359.7M -$996.7M -$1.244B
YoY Change 63.31% -19.85% 29.42%
Income Tax $5.754M $18.71M $12.51M
% Of Pretax Income
Net Earnings -$365.4M -$1.015B -$1.256B
YoY Change 59.27% -19.16% 32.24%
Net Earnings / Revenue -33.96% -24.45% -32.83%
Basic Earnings Per Share -$5.54 -$6.86
Diluted Earnings Per Share -$2.01 -$5.54 -$6.86
COMMON SHARES
Basic Shares Outstanding 181.0M shares 183.3M shares 183.0M shares
Diluted Shares Outstanding 183.3M shares 183.0M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.012B $4.012B $4.155B
YoY Change -3.44% -3.44% -22.45%
Cash & Equivalents $655.9M $655.9M $651.8M
Short-Term Investments $3.356B $3.356B $3.503B
Other Short-Term Assets $329.2M $329.2M $281.5M
YoY Change 16.94% 16.94% 51.24%
Inventory
Prepaid Expenses
Receivables $562.8M $562.8M $547.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.904B $4.904B $4.984B
YoY Change -1.61% -1.61% -15.98%
LONG-TERM ASSETS
Property, Plant & Equipment $283.6M $283.6M $385.3M
YoY Change -26.4% -26.4% -21.35%
Goodwill $5.243B
YoY Change -0.77%
Intangibles $350.5M
YoY Change -58.76%
Long-Term Investments $593.6M $593.6M $699.9M
YoY Change -15.19% -15.19%
Other Assets $234.8M $234.8M $360.9M
YoY Change -34.94% -34.94% 37.07%
Total Long-Term Assets $6.706B $6.706B $7.580B
YoY Change -11.54% -11.54% 7.27%
TOTAL ASSETS
Total Short-Term Assets $4.904B $4.904B $4.984B
Total Long-Term Assets $6.706B $6.706B $7.580B
Total Assets $11.61B $11.61B $12.56B
YoY Change -7.6% -7.6% -3.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $119.6M $119.6M $124.6M
YoY Change -4.0% -4.0% 33.51%
Accrued Expenses $474.2M $474.2M $532.6M
YoY Change -10.96% -10.96% 16.42%
Deferred Revenue $144.5M
YoY Change 3.87%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.489M $8.489M $11.87M
YoY Change -28.49% -28.49% -4.03%
Total Short-Term Liabilities $738.3M $738.3M $808.2M
YoY Change -8.64% -8.64% 14.87%
LONG-TERM LIABILITIES
Long-Term Debt $998.1M $998.1M $1.009B
YoY Change -1.04% -1.04% -0.23%
Other Long-Term Liabilities $140.7M $140.7M $188.4M
YoY Change 489.23% -25.32% -25.39%
Total Long-Term Liabilities $1.139B $1.139B $1.197B
YoY Change 4668.89% -4.87% -5.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $738.3M $738.3M $808.2M
Total Long-Term Liabilities $1.139B $1.139B $1.197B
Total Liabilities $1.877B $1.877B $2.005B
YoY Change -6.39% -6.39% 1.94%
SHAREHOLDERS EQUITY
Retained Earnings -$5.066B
YoY Change 50.07%
Common Stock $14.80B
YoY Change 5.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.733B $9.733B $10.56B
YoY Change
Total Liabilities & Shareholders Equity $11.61B $11.61B $12.56B
YoY Change -7.6% -7.6% -3.34%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$365.4M -$1.015B -$1.256B
YoY Change 59.27% -19.16% 32.24%
Depreciation, Depletion And Amortization $65.41M $284.4M $279.1M
YoY Change -8.19% 1.89% 8.03%
Cash From Operating Activities $222.6M $414.8M -$254.4M
YoY Change -480.72% -263.05% 337.12%
INVESTING ACTIVITIES
Capital Expenditures $11.74M $51.24M $80.18M
YoY Change -24.98% -36.1% 74.13%
Acquisitions $5.770M $37.41M
YoY Change -84.58% -92.39%
Other Investing Activities -$125.5M $279.8M -$536.3M
YoY Change -254.24% -152.18% -77.66%
Cash From Investing Activities -$137.1M $228.6M -$616.5M
YoY Change -308.67% -137.08% -75.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$624.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -107.4M -643.6M $45.01M
YoY Change -1013.74% -1530.02% -98.55%
NET CHANGE
Cash From Operating Activities 222.6M 414.8M -$254.4M
Cash From Investing Activities -137.1M 228.6M -$616.5M
Cash From Financing Activities -107.4M -643.6M $45.01M
Net Change In Cash -21.95M -255.0K -$825.8M
YoY Change -215.55% -99.97% -250.7%
FREE CASH FLOW
Cash From Operating Activities $222.6M $414.8M -$254.4M
Capital Expenditures $11.74M $51.24M $80.18M
Free Cash Flow $210.8M $363.5M -$334.6M
YoY Change -384.51% -208.66% 220.94%

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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. Today's leading companies trust Twilio's Customer Engagement Platform (CEP) to build direct, personalized relationships with their customers everywhere in the world. Twilio enables companies to use communications and data to add intelligence and security to every step of their customers’ journey, from sales to marketing to growth, customer service and many more engagement use cases in a flexible, programmatic way.</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>
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:33.91pt">Use of Estimates</span><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 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 values 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.</span></div>
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