Twilio inc. (TWLO)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss

-94,791

-90,247

-87,734

-92,579

-36,503

-47,158

-27,056

-24,006

-23,729

-18,919

-23,453

-7,109

-14,227

-12,608

-11,254

-10,994

-6,468

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization

32,239

31,135

29,685

28,362

21,248

7,849

6,854

5,761

5,631

5,358

4,926

4,525

3,955

3,023

2,007

1,705

1,580

Non-cash reduction to the right-of-use asset

8,023

-

-

-

4,854

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt discount and issuance costs

6,178

6,007

6,007

5,841

5,841

5,679

5,679

2,695

0

-

-

-

-

-

-

-

-

Right-of-use asset amortization

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Net amortization of investment premium and discount

-

-

-

-

-

651

608

265

-28

-

-

-

-

-

-

-

-

Amortization of bond premium

-

-

-

-

-

-

-

-

-

-

-

-

63

-

-

-

-

Stock-based compensation

69,025

66,986

68,268

70,740

58,324

31,986

22,741

21,006

17,540

13,646

14,188

12,400

9,385

8,576

7,648

4,976

3,025

Amortization of deferred commissions

-

-

-

-

-

-

-

478

0

-

-

-

-

-

-

-

-

Provision for doubtful accounts

-

-

-

-

-

-

-

1,140

375

-

125

210

72

128

170

544

303

Tax benefit related to release of valuation allowance

162

-254

2,497

1,858

51,644

0

0

0

0

-

-

-

-

-

-

-

-

Allowance for credit losses

4,170

-

-

-

11

-

-

-

-

-

-

-

-

-

-

-

-

Value of donated common stock

2,701

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Other adjustments

4,352

-

-

-

-444

-

-

-

-

-

-

-

-

-

-

-

-

Write-off of internally developed software and intangible assets

-

-

-

-

-

-

-

-

182

-

0

70

26

523

42

61

85

(Gain) loss on lease termination and asset disposals

-

-

-

-

-

-

-

-

-

-

0

0

295

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

23,123

23,738

5,096

22,317

206

18,591

13,595

11,436

14,612

6,107

-192

7,415

1,950

-3,021

6,542

2,327

2,406

Prepaid expenses and other current assets

8,130

-427

5,055

6,209

9,479

2,139

3,753

5,359

-2,512

-7,161

6,880

-2,905

972

2,194

1,349

8,164

2,048

Other long-term assets

5,759

7,265

4,787

3,010

2,959

1,624

1,773

739

1,169

472

580

754

178

70

-49

123

-15

Accounts payable

-20,803

12,922

-3,973

7,145

1,161

5,339

-10,925

5,863

6,703

4,022

2,693

-1,431

149

-603

-2,331

-2,701

7,349

Accrued expenses and other current liabilities

44,840

12,328

19,850

9,628

4,348

5,388

11,692

5,251

22,789

-1,858

4,857

-11,532

5,221

5,557

9,802

4,930

3,893

Deferred revenue and customer deposits

589

-75

1,116

1,550

377

866

1,792

2,115

1,185

196

1,011

1,468

885

730

785

1,816

745

Operating right of use liability

-7,008

-5,741

-6,030

-7,583

-1,784

0

0

0

0

-

-

-

-

-

-

-

-

Long-term liabilities

3,194

-787

-343

-113

-2,258

580

-130

-548

-499

-1,147

10

-10

306

-499

291

9,356

-51

Net cash provided by (used in) operating activities

15,535

12,024

15,843

-4,706

-9,113

-4,850

-6,392

2,289

16,936

3,799

-3,005

-6,489

2,440

5,678

-694

-909

6,022

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of intangible assets

-

-

-

-

-

-

-

-

112

-

52

146

8

139

336

166

144

Acquisitions, net of cash acquired, and other related payments

2,377

24,208

0

9,826

-156,783

912

29,662

0

0

0

0

0

22,621

-

-

-

-

Purchases of marketable securities and other investments

228,025

269,297

392,053

957,574

419,498

-

-

-

-

-

-

-

-

-

-

-

-

(Increase) decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

7,439

Purchases of marketable securities

-

-

-

-

-

-

-

-

42,693

-

59,655

50,145

170,769

-

-

-

-

Proceeds from sale of marketable securities

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Proceeds from sales and maturities of marketable securities

316,992

221,911

188,607

146,135

140,518

82,000

54,977

30,920

27,600

-

-

-

-

-

-

-

-

Capitalized software development costs

8,626

5,113

6,289

5,169

5,351

4,270

5,318

5,163

4,795

4,999

4,281

4,351

3,649

3,080

3,057

2,897

2,493

Purchases of long-lived assets

6,319

26,374

11,112

5,229

2,653

1,681

1,113

1,375

940

925

1,841

1,801

4,971

8,892

3,337

1,163

782

Net cash provided by (used in) investing activities

71,645

-103,081

-220,847

-831,663

-130,201

8,983

-10,285

-117,177

-20,940

10,217

-1,504

-33,443

-202,018

-13,172

-6,730

-4,226

-10,858

Payments of costs related to public offerings

-

-

-

-

-

-

-

-

-

0

0

192

238

670

1,837

665

1,434

Principal payments on notes payable

-

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

Principal payments on finance leases and notes payable

1,954

1,719

1,464

1,008

1,455

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from exercises of stock options

8,231

17,126

15,099

9,927

15,328

12,827

13,337

7,037

6,678

15,141

4,350

5,419

12,735

4,351

477

3,519

755

Value of equity awards withheld for tax liabilities

1,674

1,264

1,568

1,518

1,062

934

810

539

371

202

165

156

155

-

-

-

-

Net cash provided by financing activities

4,603

14,116

-1,093

994,311

12,811

11,829

7,689

489,994

6,307

7,435

4,185

12,475

12,342

68,379

-1,737

163,201

-679

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-

-

-

-

-

58

-713

670

148

-14

46

31

11

-

-

-

-

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

91,783

-76,941

-206,097

157,942

-126,503

16,020

-9,701

375,776

2,451

21,437

-278

-27,426

-187,225

60,885

-9,161

158,066

-5,515

Cash paid for income taxes, net

257

859

461

82

-34

20

223

303

18

116

116

331

42

72

57

65

31

Cash paid for interest

198

884

1,069

189

148

741

0

0

0

-

-

-

-

-

-

-

-

NON-CASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property, equipment and intangible assets, accrued but not paid

5,510

-

-353

10

1,821

-

213

99

473

-

-252

-808

1,184

1,828

324

1,171

878

Purchases of property and equipment through finance leases

0

2,707

-10,475

0

13,616

2,478

0

0

0

-

-

-

-

-

-

-

-

Value of common stock issued and stock awards assumed in acquisition

0

-

-

-

2,850,518

-

-

-

-

-

-

-

-

-

-

-

-

Vesting of early exercised options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

335

65

112

Stock-based compensation capitalized in software development costs

3,400

2,100

2,500

1,600

1,600

1,300

1,500

1,472

1,428

1,488

1,155

848

709

885

380

372

316

Costs related to public offerings, accrued but not paid

-

-

-

-

-

-

-

-

-

-

-

-

192

62

-1,562

1,214

716