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Twitter, Inc. (TWTR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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TWTR Annual Reports

Twitter, Inc.

CIK: 1418091 Ticker: TWTR

Exhibit 99.1
Twitter Q4 and Fiscal Year 2021 Shareholder Letter
San Francisco, CA
February 10, 2022

Except as otherwise stated, all financial results discussed below are presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. As supplemental information, we have provided certain non-GAAP financial measures in this letter’s supplemental tables, and such supplemental tables include a reconciliation of these non-GAAP measures to our GAAP results. All growth rates referenced below are year over year unless otherwise indicated. The sum of individual metrics may not always equal total amounts indicated due to rounding.
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Highlights
We made meaningful progress in 2021 against our 2023 goals: doubling development velocity by the end of 2023, delivering at least 315 million mDAU in Q4’23, and delivering $7.5 billion or more in revenue for the full year of 2023.

Q4 revenue reached $1.57 billion, with ad revenue of $1.41 billion, both up 22% year over year, driven by ongoing revenue product improvements, solid sales execution, and a broad, continued increase in advertiser demand.

Average monetizable DAU (mDAU)(1) reached 217 million, up 13% year over year, driven by product improvements, as well as global conversation around current events.

In 2022, we expect full-year revenue to grow in the low to mid 20% range vs. 2021, excluding MoPub and MoPub Acquire(2), with performance ad revenue growing faster than brand, and mDAU growth accelerating in the US and International markets over the course of the year.

Twitter’s Board of Directors has approved a new $4 billion share repurchase authorization. We intend to enter into a $2 billion accelerated share repurchase (ASR) and repurchase the remaining $2 billion over time.

We made meaningful progress in 2021 against our 2023 goals: doubling development velocity by the end of 2023, delivering at least 315 million mDAU in Q4’23, and delivering $7.5 billion or more in revenue for the full year of 2023.

In 2021, we increased development velocity across consumer and revenue products with significant investments in data and machine learning (ML), including initial steps towards migrating our ML systems to the Google Cloud Platform. We also made progress on our consumer product roadmap, with the addition of 25 million mDAU over the course of the year and significant improvements in important lead indicators for future mDAU growth, including a more than 25% year-over-year increase in the number of people who come to Twitter every day to either create a new account or reactivate an existing account,(3) and a 35% year-over-year increase in daily sign-ups. We also increased revenue by 37% year over year in 2021, surpassing $5 billion in annual revenue, with meaningful revenue product improvements across Brand, direct response (DR), commerce, and small and medium-sized businesses (SMB).




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(1) We are updating our mDAU definition in Q4'21 to also include "paid Twitter products, including subscriptions", so this key metric continues to accurately reflect our audience as our products evolve. This change had no material impact on the number of mDAU reported in the fourth quarter of 2021, and is unlikely to do so in the near future. This change is effective for the fourth quarter of 2021 and for future periods, and it did not affect prior periods.
(2) In December 2021, we completed the wind down of MoPub Acquire (formerly known as CrossInstall) and on January 1, 2022, we closed the sale of MoPub to AppLovin. Note that full year revenue in 2022 is expected to grow in the 15-20% range, when including MoPub and MoPub Acquire revenue in FY21.
(3) Who have not been on the service for 30 days or more.
1

The following information was filed by Twitter, Inc. (TWTR) on Thursday, February 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Twitter, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accrued And Other Current Liabilities
Accrued And Other Current Liabilities (Tables)
Accrued And Other Current Liabilities - Accrued And Other Current Liabilities (Details)
Acquisitions And Other Investments
Acquisitions And Other Investments - Acquisitions, Additional Information (Details)
Acquisitions And Other Investments - Investments In Privately-Held Companies - Additional Information (Details)
Assets Held For Sale
Assets Held For Sale (Details)
Cash, Cash Equivalents And Short-Term Investments
Cash, Cash Equivalents And Short-Term Investments (Tables)
Cash, Cash Equivalents And Short-Term Investments - Cash, Cash And Equivalents And Short-Term Investments (Details)
Cash, Cash Equivalents And Short-Term Investments - Contractual Maturities Of Securities Classified As Available-For-Sale (Details)
Cash, Cash Equivalents And Short-Term Investments - Summary Of Unrealized Gains And Losses Related To Available-For-Sale Securities Classified As Short-Term Investments (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Summary Of Commitments To Settle Contractual Obligations In Cash (Details)
Common Stock And Stockholders' Equity
Common Stock And Stockholders' Equity (Tables)
Common Stock And Stockholders' Equity - Additional Information (Details)
Common Stock And Stockholders' Equity - Compensation Expense Allocated (Details)
Common Stock And Stockholders' Equity - Summary Of Performance And Market Based Rsu Activity (Details)
Common Stock And Stockholders' Equity - Summary Of Restricted Stock Activity (Details)
Common Stock And Stockholders' Equity - Summary Of Rsu Activity (Details)
Common Stock And Stockholders' Equity - Summary Of Stock Option Activity (Details)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Convertible And Senior Notes (Details)
Fair Value Measurements - Schedule Of Fair Values Of Outstanding Derivative Instruments (Details)
Fair Value Measurements - Schedule Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Estimated Future Amortization Expenses (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill Activities (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Provision (Benefit) For Income Taxes (Details)
Income Taxes - Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefit (Details)
Income Taxes - Schedule Of Reconciliation Of Statutory Federal Income Tax Rate To Effective Tax Rate (Details)
Income Taxes - Schedule Of Tax Effects Of Temporary Differences And Related Deferred Tax Assets And Liabilities (Details)
Income Taxes - Summary Of Domestic And Foreign Components Of Income (Loss) Before Income Taxes (Details)
Income Taxes - Summary Of Unrecognized Tax Benefits Recorded In Balance Sheet (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Additional Information (Details)
Net Income (Loss) Per Share - Basic And Diluted Net Loss Per Share (Details)
Net Income (Loss) Per Share - Summary Of Potential Common Shares Excluded From Calculation Of Diluted Net Loss Per Share Attributable To Common Stockholders (Details)
Operating And Finance Leases
Operating And Finance Leases (Details)
Operating And Finance Leases (Tables)
Operating And Finance Leases - Costs (Details)
Operating And Finance Leases - Summary Of Future Lease Payments Under Leases And Sublease Income (Details)
Operating And Finance Leases - Summary Of Other Information Related To Leases (Details)
Preferred Stock
Preferred Stock - Additional Information (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - By Geographic (Details)
Property And Equipment, Net - Schedule Of Property And Equipment, Net (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Revenue By Services And Revenue By Products And Services (Details)
Revenue - Summary Of Contract Balances (Details)
Revenue - Summary Of Revenue Expected To Recognize On Remaining Performance Obligations Over The Time Periods (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Information And Operations By Geographic Area
Segment Information And Operations By Geographic Area - Property And Equipment Net By Geographic Area (Details)
Senior Notes And Convertible Notes
Senior Notes And Convertible Notes (Tables)
Senior Notes And Convertible Notes - Additional Information (Details)
Senior Notes And Convertible Notes - Components Of Notes (Details)
Senior Notes And Convertible Notes - Maturity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Property And Equipment (Details)
Ticker: TWTR
CIK: 1418091
Form Type: 10-K Annual Report
Accession Number: 0001418091-22-000029
Submitted to the SEC: Wed Feb 16 2022 4:28:53 PM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Computer Programming Data Processing

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