Twitter (TWTR) 10 Feb 212020 Q4 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Twitter Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]. I would like to turn the call over to Krista Bessinger, VP, Investor Relations. Please go ahead.

Thank you. for QX thanks conference and everyone, joining earnings our call. Hi,

the us Jack into Investor published with to hours read and opening a have right keep brief everyone today. and Relations about hope ago, Ned and it. our We dive chance on so with We that your had can X questions. letter our website our We'll SEC remarks shareholder we

@twitterir please using will we take asked tweet also us so at #TWTR. As a reminder, the on questions Twitter,

During outlook, goals. forward-looking our our are this time. as also including statements, over make on change expectations call, we strategies will of statements about may today, plans, based These business predictions and long-term which and comments

and XX-Q certain the most measures. Also uncertainties, in our actual the the filed we and factors will including discuss non-GAAP to Our materially differ risks results risk recent could XX-K this call, SEC. due with financial to upcoming during be of a number

webcast Relations replay be our audio financial over directly GAAP it on results. Investor We and an will with have intended on our few from website like Twitter being a and for reconciled hours. this GAAP a are substitute measures turn These to those to our most be not And to comparable our letter. non-GAAP shareholder in available measures in And entirety website, its I'd is that, call the to finally, in Jack.

We and both momentum ad significant year-over-year, direct us remarkable progress new us I'm us. proud finish reflecting improvements improved thanks sizes rebuilt reached continues XX% $X.X And our year-over-year reported with and and get advertisers than joining and position These in everyone, to launch all DR A comments in in navigated targeting DAU in QX questions. afternoon, improvements year-over-year in serve and with of much puts drive brand growth for revenue before Good QX, XX% We growth in QX. XXX revenue we monetizable response, offering attribution the that XXXX and QX. XXXX allow of high of and our accelerating really in with MAP to Krista. growth million QX. beyond. better we with revenue objective. MAP from few reaching up and Thanks, great stronger formats, with progress to of in in your made XX% XX% growth ad from clicks Average how and across me Ned total greater in up performance revenue all-time year-over-year, an XXXX. product stronger a website billion,

world, Looking ahead, new more course work scale service we our existing infrastructure utility to and of around integrity year strong a have for conversation even did and the service U.S. designed and product map over and in all deliver U.S. proud about around for also of daily the I'm the from the and reliably the operate our been keeping pandemic. that's throughout the XXXX of in getting while events elections, U.S. a people questions safe With the of been happening service everything global our and we've face a the our of we protect QX customers. -- the to team number you the the road of major in to audience. in elections, on

XX% our serve any do average February in and end mDAU historical question, QX. on you all we of than grows. obviously mDAU public January the the to million based expect to work is the average on X on lastly, where more I XX, in all day have incredible is approximately the seeing States, and look the if last outside absolute conversation, every daily proven we're have we times. to Day our in world. see the are few a one followers. any audience what's plans. at years, for growth our above United thank XX% of larger And deeper resilience accounts years for that was dedication through year-over-year that our happening with go the during And much in To going past of to Analyst audience Twitter want the anticipate the we teams the or our platform We are and these We increase Virtual trying than Conversations of forward over account. one on their XX to topic XX we

of public continue conversation. to potential our of the our Ned? business, to strength importance service, see value our the and and incredible of purpose We the the serve

Thanks, Jack.

I Q&A, few into topics. like get highlight a I'd Before to

in finish up up a strong $X.X was QX. Advertiser the in of basis, As quarter, XX% demand and short ad respectively, revenue revenue U.S. X. XX%, was the ever revenue throughout expected our stronger was elections and We QX a Jack period grew sequentially. to bracketing billion quarter. the of total XX% a to year. ad international than U.S. Total ad XX%, noted, outside November On year-over-year revenue XX%, was a on compared was highest

CapEx more the are we for growth of of growth resulting backdrop, hiring, faster QX expense able XX% stable business to Given XX% total move in in and year-over-year.

CapEx with our investment in engineering and and and our to most spend expenses the turning XXXX both of campaigns and next-generation XXXX that and annual operating pace our reported and console center. our we're we maintaining the launch we audience income opportunity deliver to on Yahoo! We're when reminder in a in focused pleased execution the to of performance, of also new a of support we're advertising rebranding to grow increasing of and our highest progress performance particularly to or Based brand build-out strength we with total OpEx our in and headcount, $XXX leverage big its ever conviction deliver its We're base cost are using for of did the strong modestly ads. of complete product. business strategy, our awareness innovation, campaign, the million, bigger expect From QX. Carousel new Twitter a making advertisers posture to on result steady a in quarterly drive and results. and and data revenue Xbox As Mexico, Japan in Map our e-commerce XX% revenue like more,

a still and While next the year early, more businesses, revenue from meaningful we're year. revenue also laying subscription-based well medium non-advertising with from we'll foundation and experiment streams small way as that for this as in more see revenue

improves expect to XXXX revenue we Assuming from XX the that we with modest grow impact iOS COVID of in than expenses. and associated see changes rollout faster

or growth of impact more XX% the sets But growth XX the for way don't sustained And levels, most COVID tougher typically an quarters' this year on year million on our mDAU changes will XXX was for last years. we for an we rates. pandemic in recent XXXX. recognize growth that quarter multiple are over is mid-March explanation. XX% us from mDAU announced growth to a growth of unusual at our grow merits year number the There when XXXX an We March driven to that comparables last mDAU, rest accelerated outsized impact that of ambition was a X already pre mDAU the COVID no outlook to While the on the date. we surge in rates had year-over-year and provide shared outsized by mDAU

low and reset There's about the growth mentioned, website a details rates the products seen, announced in as But our on comps, into great and questions. some QX. We with higher XXXX, and quarterly as tougher and our in QX the Operator? momentum carry QX, a growth in we're pleased the we We come Jack well. focused with In comps. expect you've to And had we delivering we we years basis mDAU in summary, double blog normal digits with the growth, take QX. of QX, more map point yesterday as remain on XX% ready on Twitter to expect on rebuilt and due in we're your rates website. clicks to low year-over-year also likely more results

Instructions]. [Operator

with comes Doug question first Anmuth from Your JPMorgan.

and And and how seeing so Jack think you drives, lot that just one could just then the you going a a product different kind for and side, was Ned. distribution a experience I space. engagement of, talk on clearly Spaces, adoption far? And of of in that little you're fleets in content. similarly I about there's for One terms user Jack, then of hoping on the kind early, bit audio but it's conversation the know in

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use think can for really there's conversation. map And It early. it's beta the is This the area long-form our is in announced what launch service. new into they giving that conversations around will sure that more for control in flowing, use still is case, audio look have the Really started very terms another thoughts. compelling short with about a but you lot long people we just a early we not the We getting ephemeral results pretty good, We're expand And and but for how a a potentially early ahead web testers making burst, participants. quickly have seeing road the can newsletters. model that on instantaneous Spaces free which after us public communities we're of XXX But global feature. our it saw really our area. that integrate just Twitter, to present love to character their recently, there. also

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so us. is that service, find put their millions in doing lots that of tells so of a a bunch these the lot to fact work up us there's of of And we're small customers service. that well, businesses of But and front ads help us, the on we know of that front the work remains in opportunity on

question comes of America. with Bank next Justin Your Post from

in last and were roll And churn about what help the you have saying with to you confidence the out tell the In metrics you're some from the highest couple. results gave in call, And What A have you What you of there. you it ever. product us real wanted that? Can growth three see changed the out now? does months? MAP, definitely, initiatives talked last that you 'XX? you being then see. to interesting And you're kind how seeing rolling has weren't I in rates? happened the measuring on know you you newsletter,

Justin. Thanks,

the Jack, kick you I'll sorry. there's bottom and off to want -- missed I take -- if it part. anything So then if

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from comes with question Greenfield LightShed next Your Rich Partners.

And of, read I Ned, of call, in on out that sort around, of you obviously terms in delay all the think with making advertising. scared called -- just last lot your commentary the the you're a sort post, progress investors MAP. of on conference your you performance the you

of lot everything direct If you of about could to, in what just spend MAP. a think MAP talk minute, gets is QX of maybe a outside you obviously, in marketing, Because happened where doubling -- doing in revenue the in much you I think terms a when in? kind delay of How in that's about MAP? you got of of of of response sort that lost performance the kind just delineate does bounds fit you're kind and as where

And in mix what's be so would just kind of that helping really helpful. us understand

response, buckets X us: for and big broadly, MAP website They on there's are clicks. Rich, direct

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everything on work closely direct the I of And and Is tied would Like you're and number small like those that to you're the advertisers and just that fair XX has all relative in X closely before think gave which that sort just for doing rebuild it still someone obviously, that are answer as businesses, terms for sort of performance. doing you into of -- DR dwarfed tying now. answer on you you? advertisers, together obviously, the then of ties the that million Facebook, you're think closing response about to gap,

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So both, Rich. really is it

next Lloyd Deutsche Walmsley from comes with question Your Bank.

I Yes. can. Two, if

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Thanks.

on question. of to the First I'll your get and second then part MAP,

and guidance over app to quarter. advertisers product market out but of in And of the we'll install with lapping see And year not this of improvements. growth year. there's can more that the going know we and the in So obviously, got going so than course that's we is do today on now we're during first fourth behind that the over quarter, give XX the the some in for going what of XX% easier the momentum real parts we've to couple be earlier likely that to year, new comps strong XX% us the with do feel fourth we growth the quarters like harder much

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question QX. The second part around your of

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Your Sandler next question Barclays. Ross with comes from

quarter. and January implies Just for account any DAU first negative then look it in -- your adds closures doesn't the net Jack given trend, one Ned. having which are guidance the in Jack, for from the for one about like X earlier on million impact

just negative So this from positive back changes And Ned, and on the year? commentary of then on just engagement any MAP DR. up following about trends earlier or those

based ad fourth disclosure mean, on the like XX%, I of quarter. looks XX% it be rep of overall, DR could in here, upwards So your

a the bit to to strong go-to-market Any sales other color in app out approach, your e-commerce making little legacy you on within DR categories parse is cater besides how of advertisers kind versus brand what your changes you're go-to-market can campaigns? So changing? installs, and to your selling

Yes. Thanks, Ross.

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the road about asked E-commerce is You on map. e-commerce.

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from the question Thanks for Twitter.

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And we'll operator. our take from the next Great. question

comes Your next question from Sheridan Eric with UBS.

than to wrong. you giving this an love over going a getting and think right term, back But long big of where and to to call Twitter some DR a the and platform apologize as about Ned, how you Would you've ask love that. the views when question. and decentralized philosophical centralize How to web lot Twitter about things where about And maybe, web about the a that, parts those versus just on of like the and come maybe Jack, that. into a And term? to and point. And of operational parallel you long sort could advertiser I'd for we're the on talking the is medium of lot opportunity, just about marry written continue identifiers back think the maybe you to then belabor Ned, if philosophical web think come parts I one Jack, bitcoin aligning on and sort do medium I more MAP. and of view decentralization you your to sort how

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centralized, where that as that So when what we're Senate content around in The some very And is it they're easiest problems testimonies can relevance very, choice address that algorithms one Section But potential XXX, terms people we've even of we around more some last is at problem obvious. one you're discovery is for becomes of past for we facing decentralize, and ranking build the how in using to of using. look brought one that's giving has this to algorithms up shift. excited to the year is almost things is of XX that the our we operated years. things

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the second your question MAP. on of Eric, around part

So and to percentages. assign in to and quarter growth quarter XXXX another look it's of really the the one analogies at XXXX from in growth hard

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that against So inputs -- we're deliver got. we've feel well and positioned with like all to it the we

comes question from next Nowak Your with Brian Stanley. Morgan

Happy earnings, Tuesday.

So two questions.

retention talk of the adoption mDAU on user any to color. you that gives sort the you've to of journey First new to Ned, us users, talk year. and way I driving about can front of confidence to Good made overall existing the of sort course multi-quarter you the higher just of that sort on over mDAU now sort about of Question you've progress growth think appreciate the improving about of is, one, as been color course for about bigger within growth second, the year, you the And of the capture some examples the where and in thinking your picture us your some efforts year? know U.S.? took data your And better ad maybe for improved growth about last you're targeting to of half to you question. these of throughout data comments, second of how I advertisers? to then are you set offerings sort relevancy Talk your drive units. improve overall

Thanks, Brian. Great.

and in States, habit. that shelter-in-place people find today which day every about the the have That's joined the to that for we group to events their about DAU, share that. stayed confidence Twitter of people on that we earlier in certainly both opportunity we future. that have, their as us that better We us lots products has We're building. us look very those look job. groups share we of United harder over to we and outside try previous they than mid-March this time topics of how that in even and the the to these daily really surface healthy outside to things they show to of there forecast, better for help talked on within So roll for We of United the in help better forward. or are at make not, are part looking them numbers when and ability adapt we the a and a baseball States do we're mDAU likely who of States, with United exogenous to hard that all plan us to with for the you are fan. topics, with fall we have of hundreds a first, better use are to improved around that things, we evolved a on analyze their Not don't which how and better Coast doing tweets service as getting at we a how at come of the impact began whether States important can so opportunity that with there's around a the and learn we that. resource that grow imagine do retention thoughtful pandemics. a part at rates a from forecast base have United they're when at you on our somebody how think to the -- people what we somebody real United work fan, is there's just we And Jack to in the an in and States experience. predict. so we are in for continue who that to us still do that with forward. those gives better to the global time. how think impact and the We have And service things, roll onboarding, who we happen on the the to a top our about of that millions all people us initial think day but who think have retain baseball better of But we East I West can is weeks better can And those the and says how those experience. history foundation work all out funnel, We every don't past different have time, be through look the they have happened on and try roll better Coast and We about forward us

try exactly them to to trust away, outside in that like transparent asking to feel that around builds no, couple I'll we talked people it how to no, we opportunity to the and have more give doesn't times that few I past, ask examples. take over makes to. of their them. a not it part permission also opportunity who in we the in quarters personalized people a to EU, personalized gives said, did but been second them getting have more experience. give was of what These here. terms of them the deliver the for question adding do a that we've data done last clear more something a is, is taken few we're the we of And the in way want both One say, people if experience, to this about we as The of they There's your ability successful, terms anything trust, a in order our approach to in untoward a better you to people choose advertisers. that leverage lot

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Terry Heath Your from next Goldman with comes question Sachs.

than that say platform stage immediately have dialogue on initiatives -- way Ned, what revamped are of ad the been fixing those when harassment at you and when parallel the sense you through you information that XX% since sort referred in more a major longer platform CEO. Jack, these now you've can And on any had done? map the on way of you -- of next the user in the you terms we improving does of To term? XX% that that you would took relaunched say foundations the extent server, do done? road What engagement to? of the then, get quality process extent engaged efforts give over returning where you're growth -- after of we to where MAP, around to? Are for you content you the terms going you've been probably say it engaged more is a you as there's the referred would there, to the

focus definitely Yes, see promoting thanks sector. of growth more for over the our conversation the a term, question. the We still healthy on believe is long And we that that. effects

media. X information. and As to civic public you are mentioned, [indiscernible] our on health, and our and earliest focused we broadening harassment, now tasks integrity were We and scope misleading [indiscernible] around areas:

Twitter think, this problem I by itself. time, solved over is the ultimately, using people a best

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how now we your So from a question, product. sure to offense if we're but I'm answer perspective, feel not percentage revenue like playing

time have please, one operator. for question, just last We

question comes last Pivotal Levine Research. your And with from Michael

But one. TAC I a I gross to had I know promise give used really not question ask basically obviously, around that, number. was you before MAP and one to another guys out a margins. gross

the So of are I much this costs might around this folks trying coming it? think of to be unpack content around public how cloud? just how [indiscernible] with is this understand be basically associated much of through and much How more and may revenues

Great. Thanks, Michael.

few bucket, our infrastructure, our X buckets So whether One for tools you they cost can is are better have three that more that to servers depreciation for like define when revenue. things, when our previously. there more I focus of to to work we is best do a things that to can quarter and needs on, it. we it we that which over sure that's that big analysis that but big a there spend a around and analytics with scale cloud teams partners the do best they do able other and analysis, there's make ROI than better access But do work a remember, were will to the It or Cloud we're to live centers Google to And or AWS. time. payoff at in check continue very to data in that's grow it's where our sending eventually going

grow So bucket will that's that one time. over

the we ad you revenue. variable dollar you this as little shows year up a is Twitter. and middle in when Second of dollars saw of clips revenue. fewer and acquisition to ad year is when costs. with revenue larger, And TAC shifted. their saw got is that content in with is the and highlights awesome team revenue calendars part with in the way bucket associated of partners like also split of will TAC them, we bring traffic bump an QX, [indiscernible] them dollar cost more of share that those tend then And higher, more in has just their that the added -- When to And a the install be third revenue QX, It this, in grow can the bucket event it. where

our remember, more than sensitive we to margin we're gross about profit when think Now gross going profitability, sensitive. be dollar

the did company. that and add bias run vary But could outcomes they when up you where so the revenue leverage deliver is. our And you should you the time, we over when to know see like one all expenses we today

the turn management closing like call to to now over back would I for remarks.

Okay. see you a.m. you, We all thanks we Great. for us. Day Analyst to interest Pacific Twitter. X:XX you at will Twitter. to Until appreciate and We on virtual forward your in time. Thank look XX at everybody then, joining our on February seeing

in participating concludes thank Ladies and gentlemen, you for program. program. today's This today's

may all good a day, disconnect. everyone. Have You