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First Round LP Letter Q4 2015
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4 • In Q1 2015, Twitter Q4 2015 Earnings Deck

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4
• In Q1 2015, Twitter discontinued two metrics it had previously reported: Timeline
views per monthly active user, and ad revenue per timeline view.
• It also introduced three new metrics:
• SMS Fast Followers: another flavor of monthly active users – those who used
SMS to sign up and still only over use SMS to use Twitter. This is mostly an
emerging market phenomenon, but will be captured in MAU going forward
• Cost per engagement growth – similar to Google or Yahoo’s cost-per-click
metrics, not an actual number, but a year on year and quarter on quarter
growth number, intended to measure monetization
• Ad engagements growth – again, similar to number of ads metrics reported by
Google and Yahoo, and again only growth, not actuals, intended to measure
engagement with ads over time, rather than user engagement with content
NOTES
TWITTER REPORTING CHANGES

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4 • In Q1 2015, Twitter discontinued two metrics it had previously reported: Timeline views per monthly active user, and ad revenue per timeline view. • It also introduced three new metrics: • SMS Fast Followers: another flavor of monthly active users – those who used SMS to sign up and still only over use SMS to use Twitter. This is mostly an emerging market phenomenon, but will be captured in MAU going forward • Cost per engagement growth – similar to Google or Yahoo’s cost-per-click metrics, not an actual number, but a year on year and quarter on quarter growth number, intended to measure monetization • Ad engagements growth – again, similar to number of ads metrics reported by Google and Yahoo, and again only growth, not actuals, intended to measure engagement with ads over time, rather than user engagement with content NOTES TWITTER REPORTING CHANGES

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