#1Twitter | 2019 Annual Meeting of Stockholders May 20, 2019 Twitter 2019 Annual Meeting of Stockholders#2Non-GAAP Financial Measures Twitter | 2019 Annual Meeting of Stockholders In addition to U.S. GAAP financials, we have supplementally provided certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. As required by Regulation G, we have provided a reconciliation of those measures to the most directly comparable GAAP measures.#3Metrics Twitter | 2019 Annual Meeting of Stockholders We define monetizable daily active usage or users (mDAU) as Twitter users who logged in or were otherwise authenticated and accessed Twitter on any given day through Twitter.com or Twitter applications that are able to show ads. Average mDAU for a period represents the number of monetizable DAU on each day of such period divided by the number of days for such period. Changes in mDAU are a measure of changes in the size of our daily logged in or otherwise authenticated active user base. To calculate the year-over-year change in mDAU, we subtract the average mDAU for the three months ended in the previous year from the average mDAU for the same three months ended in the current year and divide the result by the average mDAU in the previous year. Additionally, our calculation of mDAU is not based on any standardized industry methodology and is not necessarily calculated in the same manner or comparable to similarly-titled measures presented by other companies. mDAU are calculated in the same manner as DAU used in calculations for Change in DAU presented in previous periods.#4Metrics (continued) Twitter | 2019 Annual Meeting of Stockholders The numbers of mDAUs presented in our annual meeting materials are based on internal company data. While these numbers are based on what we believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring usage and user engagement across our large user base around the world. Furthermore, our metrics may be impacted by our information quality efforts, which are our overall efforts to reduce malicious activity on the service, inclusive of spam, malicious automation, and fake accounts. For example, there are a number of false or spam accounts in existence on our platform. We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2019 represented fewer than 5% of our mDAU during the quarter. The false or spam accounts for a period represents the average of false or spam accounts in the samples during each monthly analysis period during the quarter. In making this determination, we applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts, and the actual number of false or spam accounts could be higher than we have estimated.#5Metrics (continued) Twitter | 2019 Annual Meeting of Stockholders We are continually seeking to improve our ability to estimate the total number of spam accounts and eliminate them from the calculation of our active users, and have made improvements in our spam detection capabilities that have resulted in the suspension of a large number of spam, malicious automation and fake accounts. We intend to continue to make such improvements. After we determine an account is spam, malicious automation or fake, we stop counting it in our mDAU or related metrics. We also treat multiple accounts held by a single person or organization as multiple users for purposes of calculating our active users because we permit people and organizations to have more than one account. Additionally, some accounts used by organizations are used by many people within the organization. As such, the calculations of our active users may not accurately reflect the actual number of people or organizations using our platform. We regularly review and may adjust our processes for calculating our internal metrics to improve their accuracy. Our measures of user growth and user engagement may differ from estimates published by third parties or from similarly-titled metrics of our competitors due to differences in methodology.#6Forward Looking Statements Twitter | 2019 Annual Meeting of Stockholders During the course of this annual meeting of Stockholders, the Twitter executive team may make forward- looking statements regarding future events or of the future financial performance of the company, all of which involve risks and uncertainties. These statements reflect management's current expectations, estimates and assumptions based on the information currently available to us and actual results and events could differ materially from those predictions due to a number of risks. We refer you to the documents that we file with the Securities and Exchange Commission, specifically our quarterly report on Form 10-Q which was filed on April 30, 2019. That document contains important information about factors that could cause our results to differ materially from those contained in our projections or forward-looking statements.#7Jack Dorsey CEO @jack Ned Segal CFO @nedsegal Sean Edgett General Counsel @edgett#8elrubius @Rubiu5 Daniel Coronell @DCoronell Atención: Un grupo periodístico de @Univision, encabezado por @jorgeramosnews, está arbitrariamente retenido en el Palacio de Miraflores en Caracas porque a @Nicolas Maduro no le gustaron sus preguntas. También están confiscados los equipos técnicos. Translate Tweet 4:32 PM Feb 25, 2019- Twitter for iPhone 17K Retweets 15.7K Likes LIMONADA 2.0 1:14 PM - Sep 29, 2018 Twitter Web Client Barack Obama Ⓒ @Barack Obama 1.4M Retweets 1.2M Likes "No one is born hating another person because of the color of his skin or his background or his religion..." 5:06 PM Aug 12, 2017 Twitter for iPhone What's happening 1.6M Retweets 4.5M Likes Stephen Curry @Stephen Curry30 Appreciate you helping us get better Riley! We got you. #MoreToCome HEY RILEY, I APPRECIATE OUR CONCERN AND HAVE SPENT THE LAST 2 DAYS TALKING TO UNDER ARMOUR ABOUT HOW WE CAN FIX THE ISSUE. UNFORTUNATELY, WE HAVE LABELED SMALLER SIZES AS "BOYS" ON THE WEBSITE. WE ARE CORRECTING THIS NOW! I WANT TO MAKE SURE YOU CAN WEAR MY KICKS PROUDLY-So I AM GOING TO SHOV#91 Health 2 Consumer product 3 Revenue product#10Health#11Proactive detection + physical safety Ø#12Consumer product#13Stay informed, discuss what matters + inform others TWTR Conversations 2 9:15 AM Conversation Kathie Pham @kathiepham Giving a professional talk tmrw should i stop tweeting about bts 9:43 AM 4/10/19 - Twitter for iPhone 277 33 100% @wilson 2h No. In fact, you need to update your bio to reflect that you are part of the army. @kathiepham 2h Author Wilson thank you for your mentorship @odannyboy-1h Following And this thought leadership @wilson 1h Just checked your bio.. You will do awesome tomorrow! . TWTR < Australian Open 2019: All the l... ... AVE Topics & Events 1573 9:15 AM #AusOpen @Australian Open 0:35 584K views @AustralianOpen 4 (KIA Tennis Australian Open 2019: All the latest action from Melbourne The 2019 Australian Open is happening! Explore the latest news, must-see highlights and the can't-miss moments right here. Photo via @Australian Open 0:34 #AusOpen @Australian Open Tweet about #AusOpen 100% 1:17 KIA KI #AusOpen @Australian Oper TWTR Relevance 18 9:15 AM Home In case you missed it Jaco J. @iamjacoj - 1h Snow days are the best days * 225 357 ↑ 12 Becca @CleverWordplayr 1d Who said you couldn't watch wrestling and do a crossword simultaneously? 8 ♡43 100% ↑ Guarav Krishnan @krishnanguarav-4h ✓ On a scale from 1-10 how impressive is this sunset?#14Revenue product#15Launch + connect TWTR NBA 9:15 AM Q Search Twitter Kenyon Martin has an issue with Jeremy Lin's dreads 42 minutes ago · 73 Likes United States trends #Sonos The Smart Speaker for Music Lovers Promoted by Sonos Harvey Weinstein 62.1K Tweets 100% #World TeachersDay .TWTR ← Tweet SONOS Sonos @Sonos 9:15 AM Introducing Introducing Sonos One www.sonos.com = 100% Discover the Smart Speaker for Music Lovers with Amazon Alexa Built-in. Follow V TWTR SONOS Sonos @Sonos 9:15 AM 9:07 AM-30 Nov 2017 "A smart speaker that actually sounds good, the Sonos One..." More on @NYMag. The 18 Best Gadget Gifts Under $250 nymag.com 22 Retweets 88 Likes SONOS 100% Dewey Holleman CADMDEWEY 22 Dec 2017 Replying to Sonos ONYMag That tweet came a little late Follow#16Ned Segal CFO @nedsegal#171 Audience and engagement 2 Revenue and profitability 3 Investment priorities#18Audience and engagement mDAU Millions 14% 109 Q1'17 mDAU Y/Y growth rate 12% 110 Q2'17 14% 114 Q3'17 12% 115 Q4'17 120 10% Q1'18 122 11% Q2'18 124 9% Q3'18 126 9% Q4'18 134 11% Q1'19#19Total revenue Annual revenue Y/Y Growth $2.530B FY'16 14% Advertising $2.443B FY'17 -3% $3.042B FY'18 25% Data Licensing and Other Quarterly revenue Y/Y Growth $665M Q1'18 21% $711M Q2'18 24% Advertising $758M Q3'18 29% $909M Q4'18 24% Data Licensing and Other $787M Q1'19 18%#20Operating income and net income Net income/loss % of total revenue Operating income/loss % of total revenue $400M $150M $OM -$150M -$400M -$367M -15% FY'16 2% $39M FY'17 15% $453M FY'18 11% $75M 11% 12% $80M $92M 23% 12% $207M $94M Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 $1,000M $200M $OM -$200M -$1,000M -$457M -$108M -18% -4% FY'16 FY'17 40% $1,206M FY'18* 9% $61M 14% 104% $100M $789M 28% 24% $255M $191M Q1'18 Q2'18* Q3'18* Q4'18* Q1'19* *Our net income includes the following one-time benefits for income taxes: Q2'18, Q3'18, and Q4'18 include the realization of deferred tax assets in the US and Brazil of $42 million, $683 million, and $120 million, respectively. FY'18 includes the realization of deferred tax asset valuation allowances of $845 million. Q1'19 includes the impact of $124 million to establish a deferred tax asset for corporate structuring for certain geographies.#21Cash flow trends Cash flow from operations 1000 800 $763M 600 400 200 $831M $1,340M FY'16 FY'17 FY'18 $243M $321M $444M $332M $352M Adjusted free cash flow* 1000 800 600 400 200 $444M $550M $853M $135M FY'16 FY'17 FY'18 $127M $327M $263M Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 *Adjusted free cash flow is a non-GAAP financial measure and is calculated as GAAP net cash provided by operating activities less capital expenditures (i.e., purchases of property and equipment including equipment purchases that were financed through finance leases less proceeds received from the disposition of property and equipment). Please see the "Adjusted free cash flow reconciliation" provided on the next page for reconciliation to nearest GAAP measure. $271M#22Adjusted free cash flow reconciliation ($ in thousands) Cash flow from operations Less: Purchases of property and equipment Plus: Proceeds from Sales of Property and Equipment Less: Equipment purchases under capital leases Adjusted free cash flow FY16 $763,055 (218,657) (100,281) $444,117 FY17 $831,209 $1,339,711 FY18 (160,742) (483,934) 2,783 (123,235) 13,070 (16,086) $550,015 $852,761 Three months ended 3/31/2018 $242,673 (93,091) 1,763 (16,086) $135,259 6/30/2018 $321,140 (196,450) 2,693 $127,383 9/30/2018 $443,899 (120,372) 3,671 $327,198 12/31/2018 $331,999 (74,021) 4,943 $262,921 3/31/2019 $351,693 (83,026) 1,956 $270,623#232019 Investment priorities Health Conversations Revenue product and sales 0 Platform#24Sean Edgett General Counsel @edgett#25Order of business#26Q&A#27@TwitterlR