May 24, 2024

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Twitter, Inc. 8-K Feb. 25, 2021 9:02 AM

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In addition, geographic location data collected for purposes of reporting the geographic location of mDAU is based on the IP address or phone number associated with the account when an account is initially registered on Twitter. The IP address or phone number may not always accurately reflect a person’s actual location at the time they engaged with the Twitter platform. For example, someone accessing Twitter from the location of the proxy server that the person connects to rather than from the person’s actual location.


Twitter regularly reviews and may adjust its processes for calculating its internal metrics to improve their accuracy.


Forward-Looking Statements


This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Twitter’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern Twitter’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this 8-K include statements regarding Twitter’s future financial and operating performance, including its outlook, guidance and long-term mDAU and revenue goals and long-term operating margin and Adjusted EBITDA margin targets, as well as goals regarding development velocity. The 2023 mDAU, revenue and development velocity goals, and the long-term margin targets, presented here are based on Twitter’s current roadmap and are contingent upon many factors, including its own execution and various market conditions. These goals and any other forward-looking statements illustrate Twitter’s current thinking and are subject to various risks and uncertainties. Over time, Twitter may also modify its goals or pursue alternative objectives and strategies. These statements reflect management’s current expectations, estimates and assumptions based on the information currently available and actual results and events could differ materially due to a number of risks. These risks include the possibility that: the COVID-19 pandemic and related impacts will continue to adversely impact Twitter’s business, financial condition, and operating results and the achievement of Twitter’s strategic objectives as well as the markets in which it operates and worldwide and regional economies; Twitter’s total accounts and engagement do not grow or decline; Twitter’s strategies, priorities, or plans take longer to execute than anticipated; Twitter’s new products and product features do not meet expectations or fail to drive mDAU growth; advertisers continue to reduce or discontinue their spending on Twitter; data partners reduce or discontinue their purchases of data licenses from Twitter; and Twitter experiences expenses that exceed its expectations. The forward-looking statements contained in this 8-K are also subject to other risks and uncertainties, including those more fully described in Twitter’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The forward-looking statements in this 8-K are based on information available to Twitter as of the date hereof, and Twitter disclaims any obligation to update any forward-looking statements, except as required by law.


Non-GAAP Financial Measures


To supplement Twitter’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Twitter considers certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA margin. Adjusted EBITDA margin is Adjusted EBITDA (net income (loss) 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, if any) divided by revenue.


Twitter is presenting this non-GAAP financial measure to assist investors in seeing Twitter’s operating results through the eyes of management, and because it believes that this measure provides an additional tool for investors to use in comparing Twitter’s core business operating results over multiple periods with other companies in its industry. Twitter believes that Adjusted EBITDA margin provides useful information about its operating results, enhances the overall understanding of Twitter’s past performance and future prospects, and allows for greater transparency with respect to key metrics used by Twitter’s management in its financial and operational decision-making.

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