#1Q4 2018 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, 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 in the Appendix. A Note About Metrics 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. We define monthly active usage or users (MAU) 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 MAU for a period represent the average of the MAU at the end of each month during the period. Certain metrics also include users that access Twitter through applications that automatically contact our servers for regular updates with no discernible user-initiated action involved, which we refer to as third-party auto-polling MAU. This activity causes our system to count MAUs associated with such applications as active users on the day or days such contact occurs. As of December 31, 2018, fewer than 8.5% of MAUS may have been third-party auto-polling MAU. Third-party auto-polling does not apply to mDAU as mDAU does not include users accessing Twitter through third-party applications. 2#3A Note About Metrics (continued) 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. 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 fourth quarter of 2018 represented fewer than 5% of our MAU and 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. 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 MAU, monetizable DAU or related metrics. Additionally, we rely on third-party SMS aggregators and mobile carriers to deliver SMS messages to certain of our users 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. In addition, our data regarding user geographic location for purposes of reporting the geographic location of our MAU and mDAU 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. For example, a mobile user may appear to be accessing Twitter from the location of the proxy server that the user connects to rather than from a user's actual location. 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. Our total audience metrics are based on both internal metrics and data from Google Analytics, which measures logged-out visitors to our properties. 3#4Monetizable Daily Active Usage (quarterly average, millions) International US Y/Y Rate 115 89 25 Q4'17 (1) 12% 120 94 26 Q1'18 10% 122 96 26 Q2'18 11% 124 98 26 Q3'18 9% 126 99 27 Q4'18 9% (1) Please note that the sum of US MDAU and International mDAU does not add up to total mDAU in Q4'17 above due to rounding. (2) Please note that the sum of absolute International Y/Y and absolute US Y/Y does not add up to absolute Worldwide Y/Y in the above due to rounding. +11m² WW Y/Y +10m Int'l Y/Y (2) +2m US Y/Y 4#5Monthly Active Usage (quarterly average, millions) International US 330 262 68 Q4'17 336 267 69 Q1'18 335 267 68 Q2'18 326 259 67 Q3'18 321 255 66 Q4'18 -9m WW Y/Y -7m Int'l Y/Y -2m US Y/Y 5#6Total Revenue ($, millions) Data Licensing & Other Revenue Advertising Revenue % Intl $732 $87 $644 Q4'17(3) 44% $665 $90 $575 Q1'18 48% $711 $109 $601 Q2'18(3) 48% $758 $108 $650 Q3'18 44% $909 $117 $791 Q4'18(3) 44% (3) Please note that the sum of Data Licensing and Other Revenue and Advertising Revenue does not add up to Total Revenue in the above due to rounding. +24% Total Y/Y +35% Data Licensing & Other Y/Y +23% Advertising Y/Y 6#7Advertising Revenue by Geography ($, millions) International US $644 $302 $342 Q4'17 $575 $287 $288 Q1'18 $601 $308 $293 Q2'18 $650 $302 $348 Q3'18 $791 $366 $425 Q4'18 +23% Total Y/Y +21% Int'l Y/Y +24% US Y/Y 7#8GAAP Operating Income ($, millions) Operating Margin $110 Q4'17 15% $75 Q1'18 11% $80 Q2'18 11% $92 Q3'18 12% $207 Q4'18 23% +88% Y/Y 8#9GAAP Net Income ($, millions) GAAP Net Margin $91 Q4'17 +12% $61 Q1'18 +9% $100 Q2'18(4) +14% $789 Q3'18(5) +104% $255 Q4'18 (6) +28% (4) Our Q2'18 GAAP net income of $100 million includes a $42 million net tax benefit primarily driven by the release of a deferred tax asset valuation allowance for Brazil. (5) Our Q3'18 GAAP net income of $789 million includes a $683 million net tax benefit primarily driven by the release of a deferred tax asset valuation allowance for the United States. (6) Our Q4'18 GAAP net income of $255 million includes a $120 million net tax benefit due to the change in estimate for the current year realization of our deferred tax assets. +180% Y/Y 9#10Adjusted EBITDA ($, millions) $308 I Adjusted EBITDA Margin Q4'17 42% $244 Q1'18 (7) 37% $265 Q2'18 37% $295 Q3'18 39% $397 Q4'18 44% (7) Adjusted EBITDA is defined as GAAP net income adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expense, net, provision (benefit) for income taxes, restructuring charges and one-time nonrecurring gain. See Appendix for a reconciliation of GAAP net income to Adjusted EBITDA. +29% Y/Y 10#11Appendix#12Adjusted EBITDA Reconciliation ($, thousands) Net Income Stock-based compensation expense Depreciation and amortization expense Interest and other expense (income), net Provision (benefit) for income taxes Restructuring charges Adjusted EBITDA Dec 31, 2017 $91,079 102,454 92,520 16,545 2,474 3,102 $308,174 Reconciliation of GAAP Net Income to Adjusted EBITDA Mar 31, 2018 $60,997 73,266 96,846 11,043 2,885 (983) Three months ended $244,054 Jun 30, 2018 $100,117 79,469 105,982 13,757 (34,250) (265) $264,810 Sep 30, 2018 $789,179 91,606 111,947 4,610 (701,921) (18) $295,403 Dec 31, 2018 $255,303 81,887 110,723 371 (48,766) (2,989) $396,529 Note: Adjusted EBITDA is defined as GAAP net income adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expense, net, provision (benefit) for income taxes, restructuring charges and one-time nonrecurring gain.#13GAAP to Non-GAAP Reconciliations ($, 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 $268,345 141,174 211,774 80,635 GAAP $217,979 133,996 189,572 79,915 Three months ended Dec 31, 2018 Stock-based compensation expense $4,905 43,589 18,624 14,769 Stock-based compensation expense Three months ended Dec 31, 2017 $6,019 55,648 25,919 Amortization of acquired intangible assets 14,868 $4,321 465 Amortization of acquired intangible assets $4,464 465 I Restructuring charges ($179) (1,011) (1,208) (591) Restructuring charges $199 1,103 1,161 639 Non-GAAP $259,298 98,596 193,893 66,457 Non-GAAP $207,297 77,245 162,027 64,408#14@Twitter R