Tech Stock Earnings Alert;
Twitter (TWTR) Reports Fourth Quarter and Fiscal Year 2014 Results
Point Roberts WA, NEW YORK, NY – February 6, 2015 -
Investorideas.com, a global news source covering leading sectors including tech
stocks reports on social media stock Twitter
(NYSE: TWTR)
.
One the market close February 5th,
Twitter, Inc. (NYSE: TWTR) reported financial results for the quarter and
fiscal year ended December 31, 2014. The stock traded up over 9% in after-hours
trading following the news.
Highlights -
- Q4 revenue of $479
million, up 97% year-over-year
- Q4 net loss of $125 million
and non-GAAP net income of $79 million
- Q4 GAAP EPS of
($0.20) and non-GAAP EPS of $0.12
- Q4 adjusted EBITDA of
$141 million, representing an adjusted EBITDA margin of 30%
- 2014 revenue of
$1,403 million, up 111% year-over-year
- 2014 net loss of $578
million and non-GAAP net income of $101 million
- 2014 GAAP EPS of
($0.96) and non-GAAP EPS of $0.14
- 2014 adjusted EBITDA
of $301 million, representing an adjusted EBITDA margin of 21%
"We closed out the year with our
business advancing at a great pace. Revenue growth accelerated again for the
full year, and we had record quarterly profits on an adjusted EBITDA
basis," said Dick Costolo, CEO of Twitter. "In addition, the trend
thus far in Q1 leads us to believe that the absolute number of net users added
in Q1 will be similar to what we saw during the first three quarters of
2014."
For information regarding the non-GAAP
financial measures discussed in this release, please see "Non-GAAP
Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial
Measures" below.
Fourth Quarter 2014 Operational
Highlights
- Average Monthly
Active Users (MAUs) were 288 million for the fourth quarter, an increase
of 20% year-over-year, which reflects a loss of approximately 4 million
net Monthly Active Users in the fourth quarter due to changes in third
party integrations.
- Average Mobile MAUs
represented approximately 80% of total MAUs.
- Timeline views reached
182 billion for the fourth quarter of 2014, an increase of 23%
year-over-year.
- Advertising revenue
per thousand timeline views reached $2.37 in the fourth quarter of 2014,
an increase of 60% year-over-year.
Fourth Quarter 2014 Product
Highlights
- Users: Twitter launched the ability for people to share a Tweet privately
through a Direct Message, making it easier for people to have private
discussions around public content. Twitter also launched the Audio Card,
which lets people discover and listen to audio directly in their timeline
on Android and iOS devices.
- Advertisers: Twitter began testing Twitter Offers in the United
States, enabling advertisers to create credit card-linked promotions and
share them directly with people on Twitter. Twitter also launched tailored
audiences for mobile apps, a new way for advertisers to create targetable
audience segments based on mobile app actions such as installs, purchases,
or sign-ups. Finally, Twitter launched two new mobile targeting options
including the ability to target by mobile carrier and the ability to
target users with new mobile devices.
- International Expansion: Twitter continued the international expansion of
advertising offerings to 13 additional markets worldwide. Twitter's self
serve ad products expanded to 8 new markets in Q4 and now serve marketers
in 28 countries.
- Developers: Twitter held its first mobile developer conference,
Flight, where it unveiled Fabric, a single modular Software Developer Kit
consisting of app stability and analytics tools through Crashlytics,
monetization offerings through MoPub, identity and sign-in services
through Twitter and a first-of-its-kind offering called Digits, and
content distribution and syndication through an improved Twitter SDK.
- January Launches: In January, Twitter launched a recap feature,
marked with a "While you were away" heading, that surfaces at
the top of the Timeline some of the best Tweets people may have missed
from accounts people follow; group Direct Messaging, which lets people
expand private conversations from one other participant to as many as 20,
and new video functionality that allows people to capture, edit and share
videos right from within the Twitter app.
Fourth Quarter 2014 Financial
Highlights
Revenue - Revenue for the fourth quarter
of 2014 totaled $479 million, an increase of 97% compared to $243 million in
the same period in 2013.
- Advertising revenue
totaled $432 million, an increase of 97% year-over-year.
- Mobile advertising
revenue was 88% of total advertising revenue.
- Data licensing and
other revenue totaled $47 million, an increase of 105% year-over-year.
- International revenue
totaled $164 million, an increase of 149% year-over-year.
- International revenue
was 34% of total revenue.
Net loss - GAAP net loss was $125 million
for the fourth quarter of 2014 compared to a GAAP net loss of $511 million in
the same period in 2013. GAAP net loss for the fourth quarter of 2014 included
$177 million of stock-based compensation expense.
Adjusted EBITDA - Adjusted EBITDA was $141
million for the fourth quarter of 2014, an increase of 216% compared to $45
million in the same period in 2013.
Non-GAAP net income - Non-GAAP net income was $79
million for the fourth quarter of 2014, an increase of 712% compared to $10
million in the same period in 2013.
EPS - Basic and diluted GAAP EPS was
($0.20) for the fourth quarter of 2014 compared to ($1.41) in the same period
in 2013.
Non-GAAP EPS - Non-GAAP EPS was $0.12 for the
fourth quarter of 2014 compared to $0.02 in the same period in 2013.
Capital expenditures - Purchases of property and
equipment for the fourth quarter of 2014 were $69 million. Additionally, $30
million of equipment was financed through capital leases during the fourth
quarter of 2014.
Cash, cash equivalents and
marketable securities - As of December 31, 2014, cash, cash equivalents, and
marketable securities were approximately $3.6 billion, compared to $3.6 billion
as of September 30, 2014.
Outlook
Twitter's outlook for the first quarter of
2015 is as follows:
- Revenue is projected
to be in the range of $440 million to $450 million.
- Adjusted EBITDA is
projected to be in the range of $89 million to $94 million.
- Stock-based
compensation expense is projected to be in the range of $160 million to
$170 million, excluding the impact of equity awards that may be granted in
connection with potential future acquisitions.
Twitter's outlook for the full year of 2015
is as follows:
- Revenue is projected
to be in the range of $2.3 billion to $2.35 billion.
- Adjusted EBITDA is
projected to be in the range of $550 million to $575 million.
- Capital expenditures
are projected to be in the range of $500 million to $650 million.
- Stock-based
compensation expense is projected to be in the range of $700 million to
$750 million, excluding the impact of equity awards that may be granted in
connection with potential future acquisitions.
Note that Twitter's outlook for the first
quarter and full year of 2015 reflects foreign exchange rates as of January 31,
2015.
Webcast and Conference Call
Details
Twitter will host a conference call today, Thursday, February 5, 2015, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss financial results. Questions submitted via Twitter, directed to @TwitterIR, using the hashtag #TWTRearnings will be considered during the Q&A portion of the conference call in addition to questions submitted by conference call participants. A live webcast of the conference call, Twitter's financial results and supplemental slides will be accessible from the Investor Relations page of Twitter's website at investor.twitterinc.com. A replay will be archived and accessible at the same website after the conference call. Twitter has used, and intends to continue to use, its Investor Relations website (investor.twitterinc.com), as well as certain Twitter accounts (@dickc, @twitter and @twitterIR), as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Twitter will host a conference call today, Thursday, February 5, 2015, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss financial results. Questions submitted via Twitter, directed to @TwitterIR, using the hashtag #TWTRearnings will be considered during the Q&A portion of the conference call in addition to questions submitted by conference call participants. A live webcast of the conference call, Twitter's financial results and supplemental slides will be accessible from the Investor Relations page of Twitter's website at investor.twitterinc.com. A replay will be archived and accessible at the same website after the conference call. Twitter has used, and intends to continue to use, its Investor Relations website (investor.twitterinc.com), as well as certain Twitter accounts (@dickc, @twitter and @twitterIR), as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Twitter, Inc.
Twitter (NYSE: TWTR) is a global platform for public self-expression and conversation in real time. By developing a fundamentally new way for people to create, distribute and discover content, we have democratized content creation and distribution, enabling any voice to echo around the world instantly and unfiltered. The service can be accessed at Twitter.com, via the Twitter mobile application and via text message. Available in more than 35 languages, Twitter has 288 million monthly active users. For more information, visit discover.twitter.com or follow @twitter.
Twitter (NYSE: TWTR) is a global platform for public self-expression and conversation in real time. By developing a fundamentally new way for people to create, distribute and discover content, we have democratized content creation and distribution, enabling any voice to echo around the world instantly and unfiltered. The service can be accessed at Twitter.com, via the Twitter mobile application and via text message. Available in more than 35 languages, Twitter has 288 million monthly active users. For more information, visit discover.twitter.com or follow @twitter.
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