Twitter 2019Annual Meeting of Stockholders

Twitter | 2019 Annual Meeting of Stockholders

May 20, 2019

Non-GAAPFinancial 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.

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.

Twitter | 2019 Annual Meeting of Stockholders

Metrics (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.

Metrics (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.

ForwardLooking 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.

@jack

JackDorseyCEO

@nedsegal

NedSegalCFO

@edgett

SeanEdgettGeneral Counsel

123

HealthConsumer productRevenue product

Health

Proactive detection+ physical safety

Consumer product

Topics & Events RelevanceConversations

Stay informed, discuss what matters + inform others

Revenue product

Launch + connect

@nedsegal

NedSegalCFO

123

Audience and engagementRevenue and profitabilityInvestment priorities

Audience and engagementmDAUMillions

mDAUY/Y growth rate

134

Q1’19

109

Q1’17

110

Q2’17

114

Q3’17

120

Q1’18

122

Q2’18

124

Q3’18

126

Q4’18Q4’17

115

14%

12% 12%

14%

10%

11%

9% 9%

11%

Annual revenue Quarterly revenue

$2.443B $3.042B$2.530B $711M $758M$665M $909M $787M

Y/Y Growth 21% 24% 29% 24% 18%Y/Y

Growth 14% -3% 25%

FY’16 FY’17 FY’18

Advertising Data Licensing and Other

Total revenue

Advertising Data Licensing and Other

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19

Operating income and net income

*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.

Operating income/loss% of total revenue

FY’16 FY’17 FY’18 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19

-$367M

$39M $453M $75M $80M $92M $207M $94M

-15%

2%

15%

11%11% 12%

23%

12%

-$108M

Net income/loss% of total revenue

FY’16 FY’17 FY’18* Q1’18 Q2’18* Q3’18* Q4’18* Q1’19*

-$457M

$61M $100M $789M $255M $191M$1,206M

-18%

-4%

40%

9%14%

104%

28%

24%

$400M

$150M

-$400M

-$150M

$0M

$1,000M

$200M

-$1,000M

-$200M

$0M

Cash flow trendsCash flow from operations Adjusted free cash flow*

FY’16 FY’17 FY’18 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 FY’16 FY’17 FY’18 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19

200

400

600

800

1000

200

400

600

800

1000

$763M$831M

$1,340M

$243M

$321M

$444M

$332M $352M

$444M

$550M

$853M

$135M $127M

$327M$263M $271M

*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.

($ in thousands) Three months ended

FY16 FY17 FY18 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019

Cash flow from operations $763,055 $831,209 $1,339,711 $242,673 $321,140 $443,899 $331,999 $351,693

Less: Purchases of property and equipment

(218,657) (160,742) (483,934) (93,091) (196,450) (120,372) (74,021) (83,026)

Plus: Proceeds from Sales of Property and Equipment

- 2,783 13,070 1,763 2,693 3,671 4,943 1,956

Less: Equipment purchases under capital leases

(100,281) (123,235) (16,086) (16,086) - - - -

Adjusted free cash flow $444,117 $550,015 $852,761 $135,259 $127,383 $327,198 $262,921 $270,623

Adjusted free cash flow reconciliation

Conversations Revenue product and sales

PlatformHealth

2019 Investment priorities

@edgett

SeanEdgettGeneral Counsel

Order of business

Q&A

@TwitterIR