Financial Analysis

Conduct a thorough financial analysis for Twitter based on its revenue, profit and key financial ratios.

(horizontal and vertical analysis including CAGR) Evaluate the financial performance of Twitter using:

- Revenue (based on years 2013 through 2017) -- and its trend using CAGR calculation and what the

trend implies

-Net income [or Net loss] (based on years 2013 through 2017) -- and its trend using CAGR

calculation and what the trend implies

-. Key financial ratios for 2016 and 2017 (include at least 3 key financial ratios, such as D/E ratio (i.e.

Total liabilities / Total stockholders equity), ROE (i.e. Net income (or Net loss)/Total stockholder's

Equity), Current Ratio etc.) -- and their trends and what they imply

-.What is your conclusion on Twitters overall financial performance?

C-119 Tea Little Too Late? EXHIBIT 1 Consolidated Statement of Operations: Fiscal Years 2013-2017 , except per share data) Year Ended December 31, 2017 2016 2015 2014 2013 On thousands, except per share data) $2,443,299 $2.529,619 $2.218,032 $1,403,002 $ 664,890 861,242 932.240 729.256 446,309 266,718 542,010 Cars and expenses Case of revenue Research and development Sales and marketing General and administrative 691,543 713,482 957,829 593.992 806,648 871.491 717.419 614,110 316.216 283.888 293.276 260,673 123,795 2.404,559 2.896,827 189.906 1.941868 2,668 06B 1.300.721 38,740 (367,208) (450,036) (538,866) (635.831) Total costs and expenses Income foss) from operations Interest expense Other Income expensel.net Less before income taxes (98,178) 17,576) (105,237) (28,921) 199.968) 26,342 (35,918) (3,567) 14 909 13.739) (95,418) (440,834) (533,305) (578,351) (647.146) 12,645 16,039 (12.274) Provision beneft) for income taxes Net loss (1.823) $ (577,820) $1645,323) $ (108,063) $ (456,873) $ (521,031) Netless per share attributable to common stockholders: Basic and diluted $ (0.15) $ (0.65) $ (0.79) $ (0.96) $ (3.41) Veighted average shares used to cangute et loss per share butable to common stockholders: 732,702 702,135 662,424 604,990 189,510 Best and duted the Financial Information: Klits EBITDA YOGAAD at Income (1) $ 557,807 $ 300,896 $ 862,986 $ 328,859 $ 751,493 $264,406 $ 75,430 $ (19,057) $ 180,486 $ 68.438 Se eine Annual Report 2017. PART 2 Cases in Crafting and C-140 EXHIBIT 2 Twitter Inc.'s Consolidated Balance Sheets, 2016-2017 (in thousands, except par value) December 31 2017 December 31 2016 Assets $1,638,413 2.764,689 $ 988.5 2,785981 664,268 254,514 5,321,884 773,715 49,654 1,188,935 78,289 $7,412,477 650,650 226962 4,652.196 783.901 95,334 1,185,315 153,619 $6,870.365 Current assets: Cash and cash equivalents Short-term Investments Accounts receivable, net of allowance for doubtful accounts of $5,430 and $7.216 as of December 31, 2017 and December 31, 2016. respectively Prepaid expenses and other current assets Total current assets Property and equipment, net Intangible assets, net Goodwill Other assets Total assets Llabilities and stockholders' equity Current liabilities: Accounts payable Accrued and other current liabilities Capital leases, short-term Total current liabilities Convertible notes Capital leases, long-term Deferred and other long-term tax liabilities, net Other long-term liabilities Total liabilities Commitments and contingencies Stockholders' equity: Preferred stock $0.000005 par value-200,000 shares authorized; none issued and outstanding Common stock, $0.000005 par value-5,000,000 shares authorized: 746,902 and 721,572 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total stockholders' equity $ 170,969 327,333 84,976 583,278 1,627,460 81,308 13,240 59.973 2,365,259 $ 122,236 380,937 80,849 584,021 1,538,967 66,837 7,556 68,049 2,265,430 7,750,522 (31,579) (2.671.729) 5,047,218 $7,412,477 7,224,534 169,257 (2.550,354 4,604,936 $6.870.365 Total liabilities and stockholders' equity Source: Twitter, Inc. Annual Report 2017 C-119 Tea Little Too Late? EXHIBIT 1 Consolidated Statement of Operations: Fiscal Years 2013-2017 , except per share data) Year Ended December 31, 2017 2016 2015 2014 2013 On thousands, except per share data) $2,443,299 $2.529,619 $2.218,032 $1,403,002 $ 664,890 861,242 932.240 729.256 446,309 266,718 542,010 Cars and expenses Case of revenue Research and development Sales and marketing General and administrative 691,543 713,482 957,829 593.992 806,648 871.491 717.419 614,110 316.216 283.888 293.276 260,673 123,795 2.404,559 2.896,827 189.906 1.941868 2,668 06B 1.300.721 38,740 (367,208) (450,036) (538,866) (635.831) Total costs and expenses Income foss) from operations Interest expense Other Income expensel.net Less before income taxes (98,178) 17,576) (105,237) (28,921) 199.968) 26,342 (35,918) (3,567) 14 909 13.739) (95,418) (440,834) (533,305) (578,351) (647.146) 12,645 16,039 (12.274) Provision beneft) for income taxes Net loss (1.823) $ (577,820) $1645,323) $ (108,063) $ (456,873) $ (521,031) Netless per share attributable to common stockholders: Basic and diluted $ (0.15) $ (0.65) $ (0.79) $ (0.96) $ (3.41) Veighted average shares used to cangute et loss per share butable to common stockholders: 732,702 702,135 662,424 604,990 189,510 Best and duted the Financial Information: Klits EBITDA YOGAAD at Income (1) $ 557,807 $ 300,896 $ 862,986 $ 328,859 $ 751,493 $264,406 $ 75,430 $ (19,057) $ 180,486 $ 68.438 Se eine Annual Report 2017. PART 2 Cases in Crafting and C-140 EXHIBIT 2 Twitter Inc.'s Consolidated Balance Sheets, 2016-2017 (in thousands, except par value) December 31 2017 December 31 2016 Assets $1,638,413 2.764,689 $ 988.5 2,785981 664,268 254,514 5,321,884 773,715 49,654 1,188,935 78,289 $7,412,477 650,650 226962 4,652.196 783.901 95,334 1,185,315 153,619 $6,870.365 Current assets: Cash and cash equivalents Short-term Investments Accounts receivable, net of allowance for doubtful accounts of $5,430 and $7.216 as of December 31, 2017 and December 31, 2016. respectively Prepaid expenses and other current assets Total current assets Property and equipment, net Intangible assets, net Goodwill Other assets Total assets Llabilities and stockholders' equity Current liabilities: Accounts payable Accrued and other current liabilities Capital leases, short-term Total current liabilities Convertible notes Capital leases, long-term Deferred and other long-term tax liabilities, net Other long-term liabilities Total liabilities Commitments and contingencies Stockholders' equity: Preferred stock $0.000005 par value-200,000 shares authorized; none issued and outstanding Common stock, $0.000005 par value-5,000,000 shares authorized: 746,902 and 721,572 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total stockholders' equity $ 170,969 327,333 84,976 583,278 1,627,460 81,308 13,240 59.973 2,365,259 $ 122,236 380,937 80,849 584,021 1,538,967 66,837 7,556 68,049 2,265,430 7,750,522 (31,579) (2.671.729) 5,047,218 $7,412,477 7,224,534 169,257 (2.550,354 4,604,936 $6.870.365 Total liabilities and stockholders' equity Source: Twitter, Inc. Annual Report 2017