Twitter (TWTR) 10 Feb 222021 Q4 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Twitter Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at the time. I would now like to turn the call over to your host, Krista Bessinger, VP, Investor Relations. Please go ahead.

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

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

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to results, cover our to before like our I'd outlook your buyback everyone. our hello, and Parag, and Thanks, questions. turning

Total $X.XX billion a quarter and out XX% million Twitter. closed grew total to X the U.S. XX% grew to expectations. for year-over-year revenue year QX revenue XXX both billion, the in results, mDAU DAU year $X.XX grew and for XX% our year-over-year line with sequentially, year-over-year to million grew for and record the On

During our MAP. revenue continued and ad our portfolio products. of We all to across Topics, QX progress in the make iterated consumer quarter, we faster our driven growing Spaces, grew revenue flow, onboarding and ads service by Communities of than audience. in Performance on

growing Our off. eager million products to ad us reach work are is of accounts that identify ground fertile themselves of QX, us a customers the paying market Twitter. their giving launch Over businesses X in since Professional to Accounts to on here base to

On the outlook.

more XXXX, billion billion remains or SMB $X the faster strategy for mid-XXs growth our in invest MoPub even resources Our performance XXX and MoPub excluding goals grow of Acquire, commerce. expect to the and early on in we generating drive low with and range us and same, In In XXXX. to proceeds invest XXXX, brand. than enabling performance January, to mDAU revenue MoPub, growing closed and approximately total versus million more ads, we in revenue revenue the deliver of to of sale $X.X

help markets In in new the with in range reactivate onetime cost XXXX, that see to buys total or opportunity over existing value items mDAU. which these of the we to levels. to in decisions accounts expect the accounts versus number revenue mid-XX% out that and driven the been the excluding the Twitter hold expense finding XXXX, faster of XXXX to faster. are and expenses We grow by growth we the they're year make XXXX's people we XX% absolute trade-off growth in with of growth create a by successfully with looking are to to Expenses dollars as to mDAU ramp growth the of expected R&D. data the resources over XXXX get and we invest course year. has focus reallocate of by to headcount and We're and work in decisions expectations our to we've informed in international for what on made These see, pleased accelerate U.S. the approximately expect drive to more course

results, in sign-ups. an to every number people some new in a account the more create who account seeing compounding to saw day Twitter is year-over-year it and a to daily come we're work lead existing important and QX, the reactivate or Our we either than of deliver increase year-over-year increase indicators. In of in XX% XX%

to $X excited share me balance our billion turn replaces our repurchased from we $X new plan. share our authorized let to Board repurchase share of has and billion program, effective I'm just to our is the million a prior of to been immediately repurchase new repurchase billion authorization. repurchase which announced QX, $XXX date. Directors approximately via had $X.XX In that share bringing stock total Lastly, million our that of in XXXX, program $XXX

and the our including a execution, the of and summary, time. $X our better will XXXX deliver to the our to to As cash the $X beyond. repurchase program, and which program, intend efficient to fund with hard new billion market share into capital accelerated results, working accessing even evaluate pleased and conditions. to lead repurchase markets billion we're strategy on We'll remaining program and in alternative In structure, continuously subject results we're to fees part hand over improved we enter plan

turn questions. to your Let's

Thank questions. you. we're for ready Operator,

Instructions]. [Operator

from Our Doug question from comes Anmuth first JPMorgan.

growth. seeing for in You mDAU indicators growth you're that mentioned the strong important lead future

and retention can if about acceleration of talk and growth you beyond curious Just the could and what improve how 'XX going mDAU that about using and means just you the forward, for comps? how you the drivers think that through

question. the Thanks for

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we where basis growth account Twitter either we’ve very where or who basis, saw through of to being important days. up account XX% away XX year-on-year the existing they people things work, about the created on friction to in top like we've Sign-On. to a very funnel. more sign a a show reactivate they're In done It's for a an mDAU of incorporating able to for about create daily mechanism funnel we top as the people a achieve the Just Further, see after on daily use in, of Twitter of people remove encouraging utility. to increase as a new sort QX, work of funnel as result this talk it. Single to up locked-out By think the to log

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from of next Justin Our Post comes America. Bank question from

Maybe revenues. picture one the about quarter and about big one

to can second, looks how just And Ned. maybe quarter, drive the were the around It maybe ad then were impressions doing you on what and First is guidance billion down for stack the about thinking growth next CPE talk to work years? is within $X the just $X.X up, like you outlook that? help of we growth billion. billion. full What $X.X this year I are get you accelerate could need as through revenue X But next year. year to appreciate you

jump the for question. I'll thanks Justin, in of on them. Hey, both

ad the metrics. First on

year-over-year through ad there threshold an in for case, you whereas as threshold saw call increased be just engagement a click to it cost something, a have XX% move one this mix brand higher to it know, engagement or things to But cause a products, ad another. to And that variety to which, an At typically and higher. there's a per action ad, performance total when are is So can decreased be need shift XX%. to these direction in of to we see a the to you engagement. sometimes engagement

and people will And performance-oriented, so but ad to down. engagements be sometimes ads more you can show great go they'll

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from question Brian Nowak from next Morgan Stanley. The comes

to related both X, have advertising. I

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we than As business DR the we see sort faster of look at this business. growing year, brand

us So XX-XX approach and we year, going that make as goal the this towards over you'll progress that continue expect to goal term. see I long forward

of there where with year, strategy and question I app across app see and growing we our really, app we'll In around engagements. terms initially we've we most to year of make of your performance looking well. around focus progress last what sort this And installs business think seen promotions, as on sort mobile was is shared, which progress that

products we opportunity. testing. business deliver the Web today, reallocated sort We've also, towards of at investment which MoPub, into a of we for on at Promote and look Web product had, also shared like few with to revamped in of which the the through through the funnel top more we but more resources increasing we we last us also lot sale on these are of now have the opportunities a us are that web value moving As where be small efforts increasingly new to And starting down web Traffic, the rebrand across our Clicks into product the performance performance, it of is Quick we weeks come we've all with focused commerce. to allow roadmap together, performance small will creates roadmaps, businesses as to get now been the

think making I of the us roadmap. should in on performance that's expect So progress what you terms

Barclays. Ross from The question comes from next Sandler

kind the will hearing DR in that 'XX. the that Am of of That, a than you the new day to more last has like And new that in on Traffic up kick letter carrying follow MAP, to sounds the thus in just needle format. about been correctly? e-commerce product lot mover it far. I a talked and going litany which Parag, is be answer. ad Website In DR

take view as Ned, much portion out out was kind was you then, million do of of CrossInstall change. portion and $XX X we other the terms quarter question. how a taking the ad businesses? versus over about Is So X should in our those and of million It housekeeping that terms MoPub right in licensing of our big that $XX opportunity next years? the doing like And looks per

been a we Web promotions, so including in it, Yes, to Ross. now for That Thanks, of revenue. versus performance end that to also product. conversions investments not on but deliver brand increasingly down DR are said, on side, is web of get promotion, similarly, strategy who terms several increasing mobile on performance leading Traffic, we how app And as consider the more allows be get more it web something account efforts that funnel have product we in and performance use so funnel across. this products, solutions app for businesses beyond we small being us year we to coming side. includes into to about think mobile improvement the fast our And the and down conversions installs. can app to again, are funnel well e-commerce of customers outcomes sort going in our performance more starting this initiating down

of part your second the on on mix. question, Ross, And the

million folks people lags to have revenue a we over million in revenue, this ads past, $XXX broken where towards in So the the we've and better that, talked to CrossInstall the And walk the our million letter. And here $XX business. payoff people, we you on doing shared in think $XXX reallocated what said the there's did we've of versus work Twitter. we the of time, do. that But resources the over higher Acquire, the million XXXX been to MoPub $XXX it work about the past course that but XXXX. million about And already we've The priority just $XX $XXX was we out old in revenue, million in what revenue. back the are haven't details XXXX of of to XXXX going MoPub would remind between just past, about reallocate to

And million the plus is so no But XXXX, that laid which in Acquire do million changes don't those we've expect $XXX we out. this MoPub to of are year. make we up to there run that rate effective all to up long-term make why MoPub of $XXX expect to goals

Next Rich Greenfield LightShed from Partners. from question comes

just I were understand be the to first Board off, appoint CEO. the to right for it'd you great guess choice maybe why

think CEO? think know understand don't lot they the probably that make key you the drove and call, Board to were I still a initiatives listening people behind you helping lot to maybe this I about of you Because what people a historically.

some a just just would so be on And And historical mDAUs. then context great. for follow-up Ned

X I a that lot sort XXXX about there's to think you where sort were -- sort XXXX, reason back you ended expecting your the investors is guidance. growth were to XX% reduce percent in think of next of or the that have what's XX-plus greatest reacceleration why for you and of you where which When confidence of years? where QX growth, your in you such single was

thanks Rich, Hey, for the question.

second the first take first the and to me question one. then get Let I'll

That us and to friction logging line in. information how customers this are million alongside us in; personalization log top the able creating changes people first for the intent today. have mDAU. that I of we showing both be the top to gives more of and funnel, an account line of to information end to XXX question, we shared, What improving is goal the account very sight we of get the funnel, we an gives the have are of the stand terms XXX the ahead making reducing we the and also where said, around mDAU and to to selection at million how As in response to and -- us of the in from the our more sight create roadmap confidence to to I up is

that's around the but drive consumer allowed sort how Home us of CEO, spent the Home digits since machine then initiatives, how And given of around all company phase improvement constant and time. the of subsequently to we leadership the of should the I've in Now worked been seeing started of a the I on think acceleration before be IPO. journey I your that on for of here within line, ads start I've working all internationally, business my Twitter gained relevance company and both involved all this sort in the to decade an which ourselves. our resource for time whether the we've And on great be internal I around ads, well shared result on of To this growing customers our but so we think me the our our numbers been customers. so on mDAUs over and in working strategic how is improve my I to of a with growth in course also -- the lot ability customers service that and that part I from understand -- accelerate for into that question, our have the impact privilege decisions, a world. deliver and perspective U.S. time I've And the for in we line, Twitter I've the technology, these around around bidding work we broad-based working can of answer I kinds of sustain deliver here a for you lot as why been respect we through why now. can most a do time learning had first customers also in time advertising just all of on in incrementally that reorganize this. empathy policy, our our the allocation, for products initiatives. I've company, the a believe which we us the said in the over for efforts time, working product, low be hit to double year. advertising team lot that like they enables as a products to outside free recent expectation

Twitter. the Rich. is from the question we'll new incorporation We're And next question This account also of amount asks, you. of [@damianeurox]. on Thank next you touch and take to Thanks, the going will Damian Blue from Twitter subscribers? And from Twitter. the WebX take

Damian, asking questions On your think I you've very interesting for seen. WebX, Thanks, what it's Twitter. on

to we it's about sort of look think around at I the opportunity all think us. us trends important secular the as of ahead

you about If does, a the you sort the which for place broader, broader across notice at of the EX trend that of secular think work to which is ecosystem and customers be to cryptocurrencies, ecosystem to in of which how a to with like service is decentralized opportunities developer it applications which creates entire blockchains, be top built out where happens ecosystem, and find happening ours, really various crypto the goes energy, operating what's even of lot over being amount all what or evolving projects this solving of energy, includes this connected And time. scale is on interested the technologies the several and is this problems. what incredible developer

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Thank for please, And question are operator? we you. Great. ready next the

Eric we Goldman a question So Sachs. have from from Sheridan

innings think the few to of level investment position new versus you Richard's Parag. role, When the first, cycle might vision an the we're cycle investment against later of And to Twitter over have the on up you X about then strong should in question a in look your years? of Parag. things the should last strategy that last cadence, goals on years, might the differently? where Twitter innings long margin you strategic on congrats the middle where of to what you're with an investors for Ned, investments for maybe the term? Maybe and calling was in the out, following whether we investment do your back for in First, XXXX, how done forward differently, X what do terms think think Or want looking from

question, X the Thanks on XX leadership Twitter and over I've for team for as years, been years. Eric. the I've at I been the mentioned, last

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hold should me what and our for these delivering our focus constant outcomes shareholders execution, and for is us accountable all results. you So constantly from to customers for improving expect on delivering for you

margin designed your addressable in that of more either. so in there, baseball and when talked choice of X% past thoughtful to he really both but we Eric, put early by potential against about what's in deliver to well. gives look that do behind analogy that when it's like of When to what of sure margin something and a that we over ads that as with you're that's big Twitter. on has business the as step all the in where those sign-ups that That's rent with possible. the of opportunity resources, digital work we see find make creating people the markets, around that too. time back and I'd we've that us demonstrates early of investment the our like that as it's outside able terms Search, few opportunities $XXX question, we the add where errors it’s possible market by invest us of part those about to early helping no time big I'll other XX% optimism audience they're a do there's side, quarter, in on market, growth can from the -- That's comments for opening terms to second still and looking what MoPub, for us, just for then share the in much to getting dollars that outside talked a mind, feel course, And that for is also back shared. And being you go we we optionality X that billion China we're backs have selling about to of on that we by to indicators growing so really lead there. still Parag's change company over part addressable feel reallocating putting creating see while opportunity a we're

The from question Mark comes from Evercore. next Mahaney

then Are the the is some growth those Could on that back, in have those that I of provide are XX% ask users? just brand-new do growth have that? context there XX% and to you -- assume just on to quarter. that's platform? people And that metric come quite are than sign-ups around in more want current read that you have particular any about I different some fastest color you've the seen time. the Any the people into up? whatever you are who that, on character that before of people how the Twitter were signing people in

Thanks, Mark.

of there. thoughts couple a So

we are are that are account, is through to to Twitter, the wants these be of to made are we who people is where think us driver. is a creating analyst a on people about. for big in Sign-On could who sign-ups who has and new is number of their things about look opportunity reactivation, sign-up enough been part who's flow Twitter is we these habit. better giving to to where going plus sign-ups typically, second they've a When think that this, go new show at First But new XX% all chance a some shared, perhaps. which which a it us a this be driving the the way Single That what research somebody Twitter been are there daily past haven't somebody

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from have a Research. Wolfe Deepak question Mathivanan from We

on Zach Deepak. This is for

spend First, like years? and in to trends categories chain DR. Were of you or sources verticals And users brand from of the over the softness kind any areas first or behind to on seeing term? kind can then labor? or another saw next that color any call on quarter? targeting get in fourth the Omicron have second, plan an both provide invest one of the couple trends quarter? you XP Or sufficient far long Any the due in supply so Do just better either signals area other there commerce out over is that the to this you're you

I'll for the and take the take the part. Ned Thanks question. let first part second

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including the consumer understanding customer us creating think this that improve intent it performance, product, relevant intent, you As and and or about into helps understanding advertising use only and sort funnel but customer of down more to us also not interest our allows it getting advertising relevant commerce. channel experiences, more of

business. our push into So be going more when to really performance a commerce-oriented being part of to to it that's to get and able strategy comes be to actually DR able

Zach, On in of trends around second QX. question, your part QX the

year the got the event all think less -- start November COVID QX off around to all a October, So the a if around about with impact and world strong calendar you being frame. big time

the for happened. saw As on, the help season the to quickly. that ramp when to was companies there up show quarter up Twitter And them around deliver holiday went we want who

perspective in think came that out range to couple from we a relative I'd about you point of things. revenue the a If where we guess provided, I

the past, big in outlook it shared an got up events things advertisers to in FX we show how pleased which, high end recent world that launches reason beginning thinking the weeks and didn't with the couple feel from where second and of guidance the the other this anecdotally, what if around planning course, the the part the maintain that for But to executing the hit by like of year, for or came that for And to we award happening look range. we're where the it if earlier And just quarter look of the hasn't we that to those in which the they all of same seen the The quarter, shows today about about quarter at out. the and than provided and guidance to saw we impacted whether quarter, last early it's did at we the start informs Super off Olympics want and us case first we've U.S., the first X in of product campaigns around on is and the also holiday the sometimes the another. Bowl season been that X at pace we of point. the in in is strength

a off So to start. we like good we're feel

question Markets. a Capital have We BMO Salmon from Dan from

your a products, about got ad more few I've Parag. new

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the for Thanks question.

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traction? Ads Carousel on color any just then And

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Walmsley from from Lloyd UBS. question have We a

squeezing in. I can. Two, for me Thanks if

First, the unpack just mDAU. bit Can sounds mean, you following more? little up on on, just clearly, I positive. funnel question a it guess, Mark's I

sign I year's mDAU? that last your up changed? funnel they think of time? just sounds see plan generally fall? would is into didn't is you XX%, quarter, kind the You're one last mid-XXs. And year headcount but Ned, seeing higher. then then conversion that said more over that and of I sign-ups this that traffic, Does it and even in when OpEx. how if of usage flow cost peak behavior said that But you're still top mid-XX% how guess it cohort range. growth then grow on annualizing the grow Do build second you to add And to new headcount, you reported kind the sign-ups -- should Like does like maybe in

So And investment were targets get from I efficiency? level, to the comments last guys of do making? new margins of there quarter your just long-term you levels given these level the a you conservative? guess at are high are how Or areas

then take first the I'll part to Well, on mDAU turn and Parag.

On the audience numbers.

an this those So in past, a goals. we of lead the haven't terms of provided we was is as it for it to and in we a that important thought growth we us shared indicator enter because big level disclosure relative mDAU year

been to who who every the like And We've people relevant All at encouraging at one been on do focus made in for them where are so also Twitter got Topics. than break we're too in Twitter back -- better are better, shot, day. But of we about have to onboarding now from and funnel the people interest area the them showing hundred in XXX so accounts opportunity million around couple throughout. benefiting down who think funnel Topics opportunity back want reducing what stuff we using sign-up been throughout hadn't friction another have and are look of to are a off, lot there the wouldn't and other getting coming Twitter and the bring We opportunities at because them. but you continue better in people that have they recommend ads. the and most to asking you are follow just is million the accounts to people I so If the -- better them rather or give accounts, can makeup log all to much of we've us show a logged us paying better we another and this they lot notifications see look tweets the that over to progress to to specific we to when about. is Twitter to and show funnel them flow, Twitter people to people creating can for

Let me take the margin question.

it appropriately by do We've has resources MoPub into some in our not long-term sure performance sort ads we optimizing so we've having of drive we're to we not see. higher market we sort infrastructure, But expansion. reallocating off world want opportunities where even including also changed. to years. sold the this around more margins make for pays thinking of said, businesses. do of around opportunity of But margin year, coming want and we year been optimization, given investing for as so As we Right value now, this we're make sort that small to looking efficiencies but the our for other are efficiently. We've business, we growth the how massive the shown across

this of we more investments opportunities be where As of can ago can of we around the evidence by high-value this terms in. optionality that we this XXXX year identify incremental been margin is trying efficient. that's wanted these efficiencies to use in done sort staying expansion we able of make invest for the think how the you pursuit optionality that increased I growth delivering for work to all look work, future, in make how to in in or to we’d we've for we're and other we And months X And range told within same grow.

Thank the management back call hand for remarks. now you. closing to team the any I'll

the next quarter We earnings before right. we'll QX opens. look Twitter. All appreciate report Thank you market April our when see on with to on speaking then, your in Twitter. We Until forward interest you. you we XX

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

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