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Twitter's (TWTR) CEO Jack Dorsey on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 26, 2016 17:00 ET

Executives

Krista Bessinger - Senior Director, Investor Relations

Jack Dorsey - Chief Executive Officer

Adam Bain - Chief Operating Officer

Anthony Noto - Chief Financial Officer

Analysts

Anthony DiClemente - Nomura

Cory Carpenter - JPMorgan

Ross Sandler - Deutsche Bank

Heath Terry - Goldman Sachs

Eric Sheridan - UBS

Brian Wieser - Pivotal Research

Brian Nowak - Morgan Stanley

Andrew Bruckner - RBC Capital Markets

James Cakmak - Monness, Crespi, Hardt

Dan Salmon - BMO

Peter Stabler - Wells Fargo

Youssef Squali - Cantor Fitzgerald

Brian Pitz - Jefferies

Ken Sena - Evercore

John Blackledge - Cowen

Mark May - Citigroup

Ron Josey - JMP Securities

Aaron Kessler - Raymond James

James Lee - CLSA

Operator

Good day, ladies and gentlemen and welcome to the Twitter Q1 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the call over to your host, Krista Bessinger, Senior Director, Investor Relations. Please go ahead.

Krista Bessinger

Hi, everyone and welcome to our Q1 earnings Periscope. We have with us today our CEO, Jack Dorsey; COO, Adam Bain; and CFO, Anthony Noto. We hope you had a chance to look at our shareholder letter, which we posted on our Investor Relations website shortly after the market closed.

Like last quarter, we will begin with just a few prepared remarks before we open the call directly to your questions. During the Q&A, we will take questions asked via Periscope and Twitter in addition to questions from conference call participants. To submit a question via Twitter, please direct it to @TwitterIR using the hashtag #TWTR.

We would also like to remind everyone that we will be making forward-looking statements on this call such as our outlook for Q2 and 2016 and our operational plans and strategies. Actual results could differ materially from those contemplated by our forward-looking statements and reported results should not be considered as an indication of future performance. Please also take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ materially. The forward-looking statements on this call are based on information available to us as of today’s date and we disclaim any obligation to update any forward-looking statements, except as required by laws.

Also, during this call, we will discuss certain on GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in the tables in our shareholder letter and these non-GAAP measures are not intended to be a substitute for our GAAP results. And finally, this call in its entirety is being broadcast over Periscope and being webcast from our Investor Relations website. And an audio replay of this call will also be available via Twitter and on our website in a few hours.

And with that, I would like to turn it over to Jack.

Jack Dorsey

Thanks, Krista. Hi, everyone and thanks for joining us. A couple of things before we start with your questions.

This is our first quarterly update after laying out our long-term strategy and priorities. And as we shared last quarter, our focus is on live. Twitter has always been the best place to see what’s happening now. Whether it’s breaking news, entertainment, sports or everyday topics, only Twitter lets you connect with people anywhere in the world with live conversation. Think of President Obama congratulating Elon Musk on historic SpaceX landing or the world celebrating the legacy of the legendary artist, Prince. Only Twitter lets you follow these historic moments, join in the conversation and share it with others.

We made a lot of progress on product innovation this quarter, particularly with live video and our refined timeline and people love it with less than 2% opting out. We remain focused on improving our service to make it fast, simple and easy to use. We also announced a significant deal with the NFL a few weeks ago. As soon as we announced that deal, almost every league in the world contacted us, because they want to provide an even better experience for their fans.