Twitter, Inc. (TWTR) Management Presents at J.P. Morgan 47th Annual Global Technology, Media, and Communications Conference (Transcript)

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About: Twitter, Inc. (TWTR)
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Earning Call Audio

Twitter, Inc. (NYSE:TWTR) J.P. Morgan 47th Annual Global Technology, Media and Communications Conference Call May 15, 2019 2:20 PM ET

Company Participants

Ned Segal – Chief Financial Officer

Conference Call Participants

Doug Anmuth - JP Morgan

Doug Anmuth

All right. Good afternoon. We’re going to go ahead and get started. My name is Doug Anmuth. I cover the Internet sector at JPMorgan. It's our pleasure to have Ned Segal, CFO of Twitter.

So Twitter is what's happening in the world and what people are talking about right now. The company had just over $3 billion in revenue last year. That's 330 million active users, and more importantly 134 million visiting on a daily basis. So, prior to joining Twitter, Ned was Senior Vice President of Finance for Intuit's small business group. He also served as CFO of RPX, and spent 17 years at Goldman where he most recently was head of global software, investment banking. So welcome, Ned.

Ned Segal

Thanks for having me, Doug.

Doug Anmuth

All right, so let's start off. So, Jamie Dimon talked this morning and he referenced a Trump tweet from last week while Jamie was in China, and it just kind of stirred up a question that I think about a lot. And the question is, how does Twitter bridge the gap between being such a vital breaker of news and an important communications medium to also being a platform that has a great user experience and as a great business over time?

Ned Segal

Well, the idea of Twitter is to be personalized, to be social, and to be real time. We want to be the place where people go to stay in forums, where you go to discuss what matters, and where you go to inform others. That will mean different things for a sports fan in Boston and a politics junkie in Mexico City. But we want Twitter to be able to help each of them and all of us find the things that we care most about, the things that are topics and events in our life that are local, that are global, that are about fun things and about serious things, help you find the conversation around them, help you be a part of the conversation if that's something that you want to do. And it's a fascinating challenge as you can imagine, and there's lots of work for us to do to continue to execute against that. As you mentioned, we've got 134 million people who use Twitter a day right now and there are lots more in the world who we think can benefit from it.

Doug Anmuth

Okay. So you're coming up on two years of heavy health work efforts on the platform. How would you characterize the success you've had so far in improving safety and security and really just kind of overall quality on Twitter?

Ned Segal

Well, we're pleased with our progress, but we have a lot more work to do. So, the first thing that we're proud of is that we've declared health as our number one priority from a resourcing and from a mindset perspective. It really helps a lot internally and externally when people know what you're goaling against when you know how you're allocating resources, when they know what the mindset ought to be.

The example I love to talk about is our on-boarding team. When they see an opportunity to close a door, to remove spamming and suspicious accounts from coming to Twitter as opposed to opening a door, we tell them all day long to spend their time closing that loophole as opposed to opening doors for people who maybe could have an easier time getting on Twitter.

We've done a lot of work to remove spamming and suspicious behavior. We've done a lot of work to help people trust the information that they find on Twitter and be comfortable being a part of the conversation, but there's lots more work for us to do on both of those.

This year, a lot of the work will be focused both on being proactive and how we enforce our policies. In Q1, 38% of the abusive tweets that we actioned were actually surfaced through machine learning as opposed to through them being -- us being notified of them by somebody on the service. And also thinking about off-platform health, which means we don't want things to happen on Twitter that caused people to be unsafe off of Twitter.

Doug Anmuth

So, I would expect the health work to be ongoing. As you said, still a lot to do, so you'll never really be done. But where are you in getting to a point of kind of normalization of efforts, at least like off of this kind of heavier ramp that we've seen over the last 18 to 24 months?

Ned Segal

I wouldn't want to guess when we'd be done with ramping. It's a pretty dynamic environment, and we're constantly challenging ourselves about what more we can do to make the platform a safer place where people can trust the information that they see and where they can be comfortable being a part of the conversation, so sometimes that means new ideas. Sometimes it means allocating resources differently. Other times, it means figuring out a way that we can measure our impact differently than we have in the past and we wouldn't want to limit ourselves. At the same time, we have built a really strong foundation around mindset and resourcing, and we feel like we're starting to see real benefit from that this year.

Doug Anmuth

Okay. So I know it's a metric that will no longer be provided, but MAUs declined over the past nine months of 2018. And you talked about health work and some other factors impacting DAUs during that time period as well, but yet in the first quarter, we saw MAUs rebound nicely sequentially, and then DAUs also accelerated to 11% growth, so how are you able to continue the strong health work efforts in the quarter and then also have better user growth relative to what you saw kind of in the previous two quarters?

Ned Segal

So, there are a couple of things to think about around our mDAU and what drove the growth in Q1 and where we see opportunities ahead. The first is to remember that the first quarter is typically a strong seasonal quarter for adding people to the service. If you look back at the absolute growth and percentage growth in Q1 of 2017, in Q1 of 2018, it wasn't quite as much on an absolute basis as it was in 2019, but you'll notice that that's the big quarter from an absolute growth perspective. That means that there are lots of topics and events happening all around the world that people have new handsets. And this is a great time to win their trust, to help them see all the great things that are happening on Twitter, so that they'll come back throughout the year.

We feel like, we did a good job of that this year, and that we can't control the events and topics that are happening on Twitter, but we can do a good job of helping people find what they're looking for quickly. And our new events and topics timelines, which we first rolled out around the World Cup last summer, but now are around all kinds of big events whether it's a TV show or a sporting event or a political election somewhere in the world, where as we organize information better, we're doing a better job of keeping people at Twitter. Because the -- top of funnel, the people who come to Twitter every day, looking for something has been remarkably consistent.

And we need to keep doing a better job of getting more and more of them to find what they looking for faster and faster. There are couple of ways that we think about continuing to drive DAU. One of them is inside the base of people who come to Twitter less frequently, the metric known formerly known as MAU, people who -- they may come within a month, but they should be coming daily, which should be a much better way to measure if we're having impact or not. But there are also people who have never come to Twitter before or who haven't come for years, and making sure they have a good experience and that they find what they're looking for quickly can obviously help us as well.

Doug Anmuth

Okay. You mentioned the 38% of abusive tweets that were surfaced through machine learning. When you think about security on the platform, what gives you the confidence that you can manage the bulk of it through AI and machine learning, rather than hiring tens of thousands of people like some other platforms are?

Ned Segal

Well, there are a couple of things that come to mind. The first is we really try to lead with technology as a technology company, as a company that wants to operate at scale in a durable way. And so, when we think about our policies and our strategy, we want to come up with really clear policies. We want a product that can largely enforce the policies. And then, we want to have people behind the product who can help with the more ambiguous situations that perhaps machine learning isn't yet ready to help with.

So, 38% is up from nothing at one point and should go up as we continue to do our work to refine our machine learning algorithms and to make the product do a lot of the heavy lifting. It's also important though to have that group of people behind the products for those tougher situations. And so, we just look at everything and think it's a careful balance of all of those.

Doug Anmuth

Okay. How do you think about how long it will take for users to recognize that the platform is healthier and kind of a better overall experience to the point where you actually have a positive impact -- sustainable positive impact on user growth?

Ned Segal

Well, we think you're already seeing benefit of the housework that we're doing. We think people already are more comfortable being a part of the conversation. They're more likely to trust the information that they see. It could be because something is behind and interstitial that might have been offensive to them. It could be because the less relevant tweets are behind more replies, a button at the bottom of the timeline. It could be because we have removed so many spam and suspicious accounts that messages or tweets aren't being incorrectly amplified by spamming and suspicious behavior.

But we feel like we're already seeing real benefit from those things, which is a lot of why we view our health work as a growth vector over time. It's not just important to the people who use the service though. It's also really important to advertisers. When we talk to them about health as our number one priority, it clearly resonates with them because they want their brand associated with a constructive environment. They want to know that they're putting their dollars to work in a place that makes this a priority as well. So we're pleased with how it's impacted a person's experience on the service, with how it's impacting our advertiser dollars, but there's still a lot of work to do there.

Doug Anmuth

Okay. Let's talk more about product. You launched a public prototype app in 1Q to test new concepts, with the idea that you'll add more of those good things to the main app over time. How does the prototype app improve the public conversation?

Ned Segal

So, we're really proud of what we're doing with the prototype app. It's great for a lot of reasons. One is it allows us to move faster. We can try things without doing it at scale and learn from how people use them, learn from the -- what the data tells us about how they're used, learn from anecdotal feedback that we get and we can test the thesis without the risk of trying it with 134 million people all at once.

Second, this -- the first place where we're going with it is around conversations. Because the two big areas where we think about, there being a lot of opportunity this year for us, are around events and topics, which we've been talking about for some time, and then the work that we're doing to make Twitter more conversational, which doesn't mean being different than what we've been in the past, it means trying to be even better. Making it easy for people to follow a conversation, to tell who started the conversation, to tell where their friends are in the conversation. What's fascinating about a viral tweet is how it can end up with a bunch of branches, and it can be hard to follow where the conversation started, what the most relevant tweets were.

If we can help organize them better, we can help people find what they're looking for faster. And the prototype app has been a great place for us to try that and get some good feedback. And then, as you mentioned, over time, we'll take what works best there and we'll move it to the main app.

Doug Anmuth

Okay. What else are you most excited about from a product perspective? I know there was some talk on the call around the in-app camera, and then also you've kind of consistently been adding live stream content deals, sports deals in particular. What else stands out to you product-wise that we should be thinking about over these next 6 to 12 months, three years?

Ned Segal

Sure. So we saw benefit in Q1 from some of the work that we did around the notifications that we send. Remember, there are a number of ways that you can receive notifications. You can get emails. You can get in-app notifications.

You can get text messages, if you like. And for us -- if you can see something on top of your timeline, for us, it's a very delicate balance to figure out the right time to send things, about which things we want to notify people and what we want to do with that really valuable real estate at the top of the timeline.

And these are areas where we continue to test and learn. And we're noticing causal impact when we do make changes, because there's so much happening on Twitter that people do want to know about, but sometimes they don't even realize that it's on Twitter until you send them that notification. Make sure you do it the right way helps a bunch. So that scenario we haven't talked about.

The events and topics area is one that where we really feel like there's multiple years of work in front of us and continuing to refine our approach, continuing to drive better relevance and getting people a better experience when they get into one of these events or topics, timelines that's apart from their main timeline, helping people follow hashtags as opposed to just accounts, and then conversations, I think we -- I intend to focus here on those three buckets.

Doug Anmuth

Okay, great. Something we've been hearing about for a long time, I would say, is improving the on-boarding, kind of, the initial signup experience. And you mentioned it a few minutes ago as well. What are the steps you're taking now to really improve kind of conversion through that process and retention near the top of the funnel?

Ned Segal

So on-boarding is a little bit of a misnomer, because when you want to help people find all the great things on Twitter, you have multiple opportunities to do it. The first is, in that first month and making sure that they have a great first month, that they learn how to use the service, that they have a great second, third and fourth experience. And so when we think about on-boarding, we think about it broadly defined. It's also when people come back after they haven't been on Twitter for some time.

We probably ask people more questions than we should or than we need to, in order to give them a fulfilling first, second, third experience. And we can probably ask questions as they go to eliminate some of the friction and to get them into the experience that they're looking for faster. So you'll see us do some work around that over the course of this year, as we look to just reduce as much friction as possible on how we get people in to the service.

Now, it's important to remember, if you look at the top of the funnel, it's been so consistent, because even after people have a first, second or third experience that might not be as good as it could be, despite us knowing where you are, what kind of device you're on, how you came to Twitter, all things that we should leverage to give you a good experience, that there's still so many people who come to Twitter every day who haven't been on it for a month or more. And they're coming because they're looking for something. They're coming because somebody sent them a link. They're coming because they went to search for something and they clicked through a tweet and that came to Twitter. And so that's another really important opportunity for us to make sure what you see when you click through, is it a destination. It's not one tweet and an obligation to log in, but it's a whole experience around the topic or event that brought you to Twitter that can show you all the other amazing things there as well.

Doug Anmuth

Okay. So we think you'll have about $3.5 billion of revenue this year, growing about 17%. That's our number to be clear. But what are the top 3 to 5 things that you can do to make Twitter more relevant to marketers and to get them spending more on the platform?

Ned Segal

The first one is growing our audience, which is important both in realizing our purpose, we want the whole world to use Twitter. But it's also important to advertisers both so, that they know they're investing in a growing service, but also so that they can have more surface area against which to make their case to their customers or potential customers.

The second one is to continue the message that we're consistently talking -- have been talking to advertisers about which is that, Twitter is the place to go to launch new products and services and to connect with what's happening. Whether you're launching a movie or a new version of your app, or you are changing the branding or packaging for your consumer packaged goods, we are a critical component of your launch.

Where you go to get the most valuable audience when they're most receptive, where they're going to engage with your product and service, where they are going to tell other people about it when they are in a discovery mindset. And so the consistency of that message is really working with advertisers.

The third thing I'd mention is continuing our work around ad formats and around relevance to make sure we're putting the products in advertisers' hands that allow them to reach our customers as best as possible. We’ve made a lot of improvements there over the last couple of years with the Video Website Card, with the Video App Card, with much improved relevance, brand surveys, but we know there's a lot more for us to do there as well.

And the 2 big projects this year are work that we're doing on the ads platform to allow us to move faster, and work that we're doing on the mobile application promotion product, which we believe will give us a path to direct response over time, where we're able to better measure and we are able to do more around attribution and relevance for advertisers on direct response.

Doug Anmuth

All right. So that's a good kind of segue. I was going to ask about direct response and self-serve product. But I feel like, it's kind of a constant question when Twitter will go more mid-market and more kind of down the tails to SMBs. Is the timing, a function of being more resource-constrained or just focus or prioritization? How should we think about that?

Ned Segal

So we have realized some success over the last couple of years by being ruthlessly disciplined about our priorities and about being really clear internally and externally about how we were prioritizing work.

We started on the advertisers' side by improving our brand products and regaining the trust of the largest advertisers in the world who, if we didn't regain their trust, there wouldn't have been a direct response or small business opportunity for us over time.

As we improve the brand products and regain trust, we feel like we earned the right to move to improve MAP and to have a more robust full funnel marketing opportunity for advertisers. And so that starts then with mobile application promotions, but it should go on from there.

If you think about what a small business wants, they want brand advertising sometimes, they want direct response advertising frequently. So this work that we're doing that benefits the largest advertisers ultimately will be in service of small businesses as well.

There are many -- millions of them on Twitter. There are many of them that advertise on Twitter, but most of them – we’ve never made the case with them, why they should use Twitter. We haven't done the product design engineering work so that they have a great experience when they come to ads about twitter.com that they deserve. And so we will get to it, but we want to do more work around MAP, more work around our ads platform first because we believe that way when we do get to the small business opportunity, that we'll be better prepared to make a more compelling case to those advertisers.

Doug Anmuth

Could you talk about MAP a little bit more and some of those initiatives that you're kind of leaning into this year?

Ned Segal

Sure. We want a mobile application promotion advertiser to have a really simple experience launching a campaign on Twitter. We want them to have a really easy time knowing how to measure their success. We want them to use as few impressions as possible to drive as many downloads as possible. This stuff might sound really basic, but the work that we're doing is in service of those and handful of things. We want the service to be really reliable, so that they have a great experience when they launched their new product in one country and they use it again for the next one.

As we do that, as we get better as attribution, as we get better at giving them fewer choices because we know pretty well what works. But sometimes, giving people a lot of choices because it might be what they think they want. And we're trying to do a better job and focusing them on the things that work best based on all the experience that we have around seeing these campaigns.

We think about those things will help us deliver better outcomes for the mobile application advertisers, which ultimately can lead to more direct response opportunities because it's the same foundational components of MAP advertising that to more direct response as well.

Doug Anmuth

Okay. Let's talk about ad revenue drivers across engagements and also cost per engagement, CPE. You had multiple years of fairly significant declines in CPE, mostly due to video ramping, but then also due to some lower like-for-like pricing as well.

Thinking about 1Q CPU is only down 4% in the quarter. Engagement's increased 23%. What are the factors in having more relative stability in both of those drivers? And then how do you think about the contribution from each going forward?

Ned Segal

We don't even forecast cost per engagement. We want to deliver a high ROI for advertisers. And sometimes that's going to mean more engagements at lower price. And we're doing cartwheels when that happens because it mean we've got happy advertisers want to run more campaigns on Twitter.

We continue to be more demand-constrained than supply-constrained when we look across the surface areas across geographies across times of year. So, we want to deliver great outcomes for them at high ROIs and sometimes that means the price is going to move around from one period to another.

The challenge with our CPEs is there's so much in there around different ad formats, around different campaigns, around seasonality that you could twist yourself in a knot trying to derive a story from it.

And remember cost per engagement is different cost per impression. So, CPMs could be going up when CPEs are going down based on what's in the mix, based on the effectiveness of an impression and whether it ends up becoming an engagement.

So, I wouldn't read too much into those numbers from one period to another. We certainly don't forecast them internally.

Doug Anmuth

I know you don't report it, but how would you characterize kind of CPM or like-for-like pricing on the platform, the trends you're seeing?

Ned Segal

Yes, we did mention like-for-like was a bit of a drag on CPEs were down a bit this quarter. It was less about the mix shift this quarter. And our CPMs continue to be pretty healthy. We've been pleased with the direction of CPMs and they are pretty consistent.

Doug Anmuth

Okay. You're going to increase expenses and you talked about 20% or so this year, focus on health work, public conversation, ad sales, technology, kind of all the stuff we've been talking about. There's a lot to do. Why is 20% the right number?

Ned Segal

We balance a lot of things when it comes to resourcing for the year. We don't start with what the target margin is for that year when we're at this stage of growth and opportunity for the company. We start with what's the work we feel we can responsibly accomplish against our existing priorities, how can we maintain a strong group of people, how can we maintain our culture, how can we as sure as we can that we are not going to end up with a bunch of half-staffed teams, we're not going to get any work done.

And as we roll that out in the fall, that was taking last year's expense growth and the 16% headcount growth that went along with it, the merit increases and so on that go along with that and then adding $100 million or so of new investments effectively to that.

When you think about the outcome in the context of a couple of billion dollars of OpEx, it may seem relatively modest relative to the opportunity that we see in front of us and how many people use Twitter today relative to how many people around the world.

But this was carefully balancing the opportunities that we see and where Twitter has gone astray in the past in not being as disciplined around our priorities and trying to be ruthless about maintaining our focus on our existing priorities.

Doug Anmuth

Is there anything that stands out to as a reason why you can come in either below or above that number?

Ned Segal

Well, the biggest drivers of it are when we hire people, more so than other OpEx lines. And we're working hard to attract great talent to the company. We were in line to do a little bit better in Q1 with our headcount goals, better meaning more. And we'd be delighted if we found more great people and we stayed on that path. But we're hoping for some ramp over the course of this year, and so there ends up being there's always risk that you can't find the same quality of people as you could earlier or that the environment gets more competitive. But the biggest risk in either direction are probably around headcount and how we find people out there.

Doug Anmuth

Okay. Great. So we're going to open up to audience Q&A. If you have a question, there’s a mic coming around. While that's going on, let me ask one about GDPR. So we're about to anniversary GDPR in Europe. A year later, what's been your overall takeaway on that regulation? And then how are you thinking about regulation in the U.S.?

Ned Segal

Sure. So May 25th will anniversary GDPR, and there are a few things that we think about, one, is we're pleased we’re able to deliver against the deadline last year where we were able to change our policies, communicate them clearly, do so in a way where we either improved our trust with the people who use the service, or at least do things in a way where nobody felt like we were hiding anything from them, because we recognize that people's data belongs to them, and we want to be really clear with them how we're going to use it.

As we talked about it over the course of last year, there was some impact to MAU because of the age requirements in GDPR. And there was some impact to our MoPub revenue, our ad exchange, but there wasn't really impact to our advertising on the Twitter properties. So there are a few learnings from it that I’d take away. One is, it's hard work to get ready for one of those things, but we're proud that we’re able to do it. Two is we're proud we did it in a transparent way. And three was there wasn't really revenue impact from it in a durable way.

As we look ahead, we want to engage with regulators and legislators all over the world. We want to help them understand our priorities and the work that we're doing at Twitter, whether somebody asks us to do it or not. And we want to understand the things about which they are concerned, so that we can learn from them and get better as well.

Doug Anmuth

Okay. Any question from the audience?

Question-and-Answer Session

Q - Unidentified Analyst

Yes. Thanks. Can you walk me through the company's video strategy and how it’s impacted impressions engagement?

Ned Segal

I'm sorry, the video strategy?

Unidentified Analyst

Yes, the live video strategy. I guess, you're buying content, correct, like sports content that sort of stuff.

Ned Segal

Okay. So video is an important part of the experience on Twitter in a lot of different ways. It’s -- for over a year now and more than half of the ad dollars and since their cost per engagement is lower, it means, it’s way more than half of the ads that people show. So these are more compelling ads that bring people to learn more about products and services on Twitter.

But it's also in part as you mentioned of the consumer experience, both the video that one of us might put on Twitter, whether it's live or stored, and the live content where we do deals with content owners to bring their content to Twitter. Sometimes it's highlights, like we do with Major League Baseball or other big sports leagues. Other times, it will be live content like the iso-cam during the NBA where we have a camera following a player during TNT games so that you can get a second angle on something.

We view these as complementary experiences, both complementary to the conversation that's already happening on Twitter, making it better. If you're learning about an election on Twitter, and we have the C-SPAN Live Stream, it's going to make your experience more robust. If you're watching a boxing match or a cricket match or a soccer match, somewhere in the world and we have live content or we have highlights, it's going to make your experience better. We typically do those deals as revenue shares and so you have the revenue that we take in as ad dollars that goes to the partner ends up in our cost of goods sold. And that's one of the reasons why that can be variable.

But we love doing those deals as a way to bring great content to the service that improves the conversation that's often already happening on Twitter.

Doug Anmuth

Mark?

Unidentified Analyst

Thanks, Doug. I suppose one question then just a one -- do want to ask a follow-up also from your conversation before. First, in terms of the main question, which is user growth, and I know things were put on hold a bit for health. It's been quite a while that either go this sort of skipping along here, and not moving up despite being a pretty big priority. Can you speak of prototype design changes that will be helpful? But when we are going to start to really seeing this moving really push user growth again?

Ned Segal

One, I think we come from a different angle I think than how you described it. We don't really think about us having put anything on hold, because of health. We've been in this band of 9% to 14% DAU growth for a couple of years now, which is better than less than that, which is where we were before. And in that sense, we're pleased we have a steady cadence.

And we've demonstrated that the improvements that we can make to the service on a regular basis, whether around timeline or notifications or events and topics of conversations, is having real impact. But we also know, if we want to serve the whole world with Twitter that we're going to have to move a lot faster than that. So the work that we're doing is intended to allow us to serve more people.

And hopefully, we can drive that number higher over time, but you've got to start in this range before we can get there. But we don't think about us is having to put things on hold. We definitely are working hard on the product side alongside all the important health work that we're doing as well. Is there another question?

Unidentified Analyst

Yes. I am sorry, guys. Second one is actually back on health. I know a lot of this is political and anecdotal and so forth. But there's a kind of increasing energy around this idea that the health initiative has some element do it, which folks at Twitter maybe injecting their own social views or political views and so forth and there's a bias to, if you will, the cleanup. Can you just kind of talk to that? Maybe this is just things you can't avoid as you go through this process of health, but just the sense that you're getting and feeling from the media and so forth?

Ned Segal

So we want to be everybody's Twitter, not the Twitter of the Red Sox fans, not the Twitter of the fans of generous on Game of Thrones, not of one political party. And in order to do that, we need to communicate our policies really clearly and we need to enforce them in really consistent way, ideally through the product and when the product can't do with, with people helping out. It's critical to our success that we can do that in a fair and transparent way and that's the work that we come into do every day, and we recognize it as we do it. Some people might feel frustrated, and we listen and try to learn and try to assess whether there is validity to it and adjust accordingly.

Doug Anmuth

Let's talk about ad revenue growth. In 1Q, the U.S. accelerated to 26% growth. International decel-ed to 14% on FX-neutral basis. Can you talk about some of the timing impacts on international and Japan in particular? And then also just how to think about that ad opportunity in Japan, just given it's a larger market for you?

Ned Segal

Sure. I think the constant currency was 15% in the – international. But you were not at a red eye last night, so you could be right.

Doug Anmuth

Okay. I could be wrong.

Ned Segal

So one of the issues this year is we're lapping the business recovery, which started in 2018 outside of the United States in the first half of the year, and came into the United States in the second half of last year. And I don't mention that to apologize for last year's performance, or for how it affects the comps this year, just to recognize that those are facts that we're up against as we execute this year. But the comps just worked out that way internationally. They're higher in the first half of the year and they're higher in the U.S. in the second half of the year. But we're working hard to create great outcomes all over the world all the time. And we still see lots of opportunity to do that everywhere we look, whether it's existing advertisers, who are launching new products and services.

But we're not a big enough part of their campaign or those who are new who should be connecting with what's happening. The great example is the Super Bowl. Although, we had 30 of 38 advertisers advertising during Super Bowl, -- there were 8 who didn't. And we shouldn't be sleeping well at night knowing there were 8 of them where we could have helped them deliver better for their customers on Twitter. So we'll work hard throughout the year to create great outcomes despite those comps.

Doug Anmuth

Okay. Real quick word association. 10 words, just give me the first thing that comes to mind. Health work.

Ned Segal

Number one priority.

Doug Anmuth

Video.

Ned Segal

Important to all parts of Twitter.

Doug Anmuth

Curry or Durant.

Ned Segal

Curry.

Doug Anmuth

Public conversation.

Ned Segal

Twitter.

Doug Anmuth

Advertiser ROI.

Ned Segal

Keep making it better.

Doug Anmuth

Japan.

Ned Segal

I'm only supposed to be one word? Important.

Doug Anmuth

Always on spending.

Ned Segal

What's happening.

Doug Anmuth

Golden State Warriors.

Ned Segal

Champs.

Doug Anmuth

All right, good. Thank you.

Ned Segal

Thank you, Doug. Thank you everybody.