#1Q4 2017 Earnings Report#2Non-GAAP Financial Measures In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, 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 in the Appendix. 2#3A Note About Metrics We define monthly active users (MAUS) as Twitter users who logged in or were otherwise authenticated and accessed Twitter through our website, mobile website, desktop or mobile applications, SMS or registered third-party applications or websites in the 30-day period ending on the date of measurement. Average MAUs for a period represent the average of the MAUS at the end of each month during the period. We define daily active users or daily active usage (DAU) as Twitter users who logged in or were otherwise authenticated and accessed Twitter through our website, mobile website or mobile applications on any given day. Average DAU for a period represents the number of DAUS on each day of such period divided by the number of days for such period. To calculate the year-over-year change in DAUS, we subtract the average DAU for the three months ended in the previous year from the average DAU for the same three months ended in the current year and divide the result by the average DAU in the previous year. Prior to Q3 2016, Twitter has discussed DAUS and the ratio of monthly active users (MAUS) to DAUS. In those instances, for comparability and consistency with MAUS, DAUS also included users who accessed Twitter through our desktop applications and third-party properties. The numbers of active users presented in our earnings 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. 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 estimated that false or spam accounts represented less than 5% of our MAUS as of December 31, 2017. 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. 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. Spam accounts that we have identified are not included in the active user numbers presented in our earnings materials. Additionally, we rely on third party SMS aggregators and mobile carriers to deliver SMS messages to certain of our users and count such users as MAUs when we send our SMS messages to such accounts. If, however, we are notified of material deliverability issues because of, for example, infrastructure issues at the service-provider level or governmental restrictions based on content, we do not include the affected users in MAUs. 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. Our metrics are also affected by applications that automatically contact our servers for regular updates with no action involved, and this activity can cause our system to count the users associated with such applications as active users on the day or days such contact occurs. As of December 31, 2017, less than 8.5% of users used third party applications that may have automatically contacted our servers for regular updates without any discernible additional user-initiated action. As such, the calculations of MAUS presented in our earnings materials may be affected as a result of automated activity. In addition, our data regarding user geographic location for purposes of reporting the geographic location of our MAUS is based on the IP address or phone number associated with the account when a user initially registered the account on Twitter. The IP address or phone number may not always accurately reflect a user's actual location at the time such user engaged with our platform. We present and discuss the size of our audience and logged-out usage based on both internal metrics and data from Google Analytics, which measures unique visitors to our properties. 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. 3#4Monthly Active Users (quarterly average, millions) International US 318 251 67 Q4'16 327 257 69 Q1'17 326 258 68 Q2'17 330 261 69 Q3'17 330 262 68 Q4'17 +4% WW Y/Y +4% Int'l Y/Y +2% US Y/Y 4#5Daily Active Users Y/Y Growth Rates 11% Q4'16 14% Q1'17 12% Q2'17 14% 12% 11 Q3'17 Q4'17 5#6Monetization Metrics Y/Y % change in ad engagements 151% Q4'16 139% Q1'17 95% Q2'17 99% Q3'17 75% Q4'17 Y/Y % change in cost per ad engagement -60% Q4'16 -63% Q1'17 -53% Q2'17 -54% Q3'17 -42% Q4'17 6#7Total Revenue* ($, millions) Data Licensing & Other Revenue Advertising Revenue $717 % Intl $79 $638 Q4'16 39% $548 $74 $474 Q1'17 38% $574 $85 $489 Q2'17 42% $590 $87 $503 Q3'17 44% $732 $87 $644 Q4'17 44% *Please note that the sum of Data Licensing and Other Revenue and Advertising Revenue does not perfectly equal Total Revenue in Q4'17 above due to rounding. +2% Total Y/Y +10% Data Licensing & Other Y/Y +1% Advertising Y/Y 7#8Advertising Revenue by Geography ($, millions) International US $638 $256 $382 Q4'16 $474 $190 $284 Q1'17 $489 $220 $269 Q2'17 $503 $239 $264 Q3'17 $644 $302 $342 Q4'17 +1% Total Y/Y +18% Int'l Y/Y -10% US Y/Y 8#9GAAP Net Income (Loss) ($, millions) % of revenue -$167 Q4'16 -23% -$62 Q1'17 -11% -$116 Q2'17 -20% -$21 Q3'17 -4% $91 Q4'17 +12% Note: Our Q2'17 GAAP net loss of $116 million includes a $55 million cost-method investment impairment charge and our Q3'17 GAAP net loss of $21 million includes a $7 million cost-method investment impairment charge. We wrote down the value of a cost-method investment in Q2'17 and Q3'17 based on our assessment that there had been a decline in the investment's fair value. 9#10Adjusted EBITDA ($, millions) Adjusted EBITDA Margin $215 Q4'16 30% $170 Q1'17 31% $178 Q2'17 31% $207 Q3'17 35% $308 Q4'17 42% Note: Adjusted EBITDA is defined as GAAP net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expenses, net, provision (benefit) for income taxes, restructuring charges and one-time nonrecurring gain. See Appendix for a reconciliation of GAAP net income (loss) to Adjusted EBITDA. +43% Y/Y 10#11Appendix 11#12Adjusted EBITDA Reconciliation ($, thousands) Net Income (Loss) Stock-based compensation expense Depreciation and amortization expense Interest and other expense (income) Provision for income taxes Restructuring charges and one-time nonrecurring gain Adjusted EBITDA Dec 31, 2016 ($167,054) 138,095 119,390 18,619 4,808 101,249 $215,107 Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA Mar 31, 2017 ($61,559) 116,997 102,792 18,087 3,194 Three months ended (9,572) $169,939 June 30, 2017 ($116,488) 113,396 103,063 74,716 3,413 (226) $177,874 Sep 30, 2017 ($21,095) 100,959 97,492 24,810 3,564 1,269 $206,999 Dec 31, 2017 $91,079 102,454 92,520 16,545 2,474 3,102 $308,174 Note: Adjusted EBITDA is defined as GAAP net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expenses, net, provision (benefit) for income taxes, restructuring charges and one-time nonrecurring gain.#13GAAP to Non-GAAP Reconciliations ($, thousands) Cost of revenue Research and development Sales and marketing General and administrative Cost of revenue Research and development Sales and marketing General and administrative GAAP $217,979 133,996 189,572 79,915 GAAP $305,710 202,128 260,603 92,392 Three months ended December 31, 2017 Stock-based compensation expense $6,019 55,648 25,919 14,868 Stock-based compensation expense Three months ended December 31, 2016 $6,511 81,840 27,751 Amortization of acquired intangible assets 21,993 $4,464 465 Amortization of acquired intangible assets $8,027 53 19,140 Restructuring charges $199 1,103 1,161 639 Restructuring charges $49,018 15,929 30,350 5,952 Non-GAAP $207,297 77,245 162,027 64,408 Non-GAAP $242,154 104,306 183,362 64,447#14@Twitter R