Hello, welcome to the Twitter, Inc 2021 Annual Meeting of Stockholders. Now I'll turn the call over to your host today, Krista Bessinger, Vice President of Investor Relations. Hi, everyone. Welcome to Twitter's 2021 Annual Shareholder Meeting. To kick things off, we'll start with a management presentation, then our general counsel will cover the business of today's meeting, and after that, we'll take your questions. Please bear with us as we go through just a few quick disclosures at the beginning of the presentation. Thank you. With that, I would like to turn it over to Jack. Thank you, Krista. Good morning, everyone. I hope you're all safe and healthy. Thanks for spending some time with us today. On the call with me, we have our CFO, Ned, and our General Counsel, Sean. Ned will go over 2020 results and outlook, and Sean will take us through the order of business, and then we'll get to your questions. Our purpose to serve the public conversation has never been more important. At our Analyst Day in February, we shared three goals that we're holding ourselves accountable to in order to build a company you all believe in as much as we do. First, we plan to double our development velocity by the end of 2023, which means doubling the number of features per employee that directly drive either mDAU or revenue. Second, we have a goal of delivering at least 315 million mDAU in the fourth quarter of 2023, which requires continued compounding growth of about 20% per year from the base of 152 million mDAU we reported in the fourth quarter of 2019. Finally, our goal is to more than double our total annual revenue to over $7.5 billion in 2023. This requires us to gain market share with performance ads, grow brand advertising, and expand our products to better serve small and medium-sized businesses. We made good progress on each in Q1. Most importantly, we've significantly improved our shipping cadence in order to get new features to people faster, which helps us learn and grow faster. I want to take a minute to speak to where all this goes. Ultimately, we intend to build an ecosystem model. What that means in practice is that using one feature of our service positively reinforces other features and use cases. For example, following a topic leads you to a live conversation on Twitter Spaces. Within that, tweets are shown, as are related products you can buy that the host selects. The host also has a weekly long-form newsletter you can follow and get delivered by email. The host can also decide to put future spaces and newsletters behind a paywall or seek sponsorship from a business they appreciate. In total, this provides a virtuous loop that benefits creators, businesses, and individuals. We've launched or announced a number of the pieces, and we're working hard to bring them all together in a seamless experience. This will enable the true power of Twitter, an interest network powered by public conversation, which makes it easy for those who want to earn money to do just that. We've worked very hard over the past few years to get this foundation in place, and this is a year when you get to see it all come together more and more. That's all from me for now. Over to Ned. Thanks, Jack, and good morning, everyone. We are pleased with our results in 2020, and Q1 was a solid start to the year. I'll cover three areas today. The first is the strong growth in our audience. The second is revenue growth and profitability, and third, looking ahead, I'll speak to how we're investing to deliver on the three goals Jack discussed. Let's start with audience and engagement. We've added significantly more mDAU in each of the past three years with accelerating growth. 11 million from Q4 of 2017 to Q4 of 2018. 26 million from Q4 of 2018 to Q4 of 2019, and 40 million from Q4 of 2019 to Q4 of 2020. People are coming to Twitter, and when they come, we're doing a better job helping them find what they're looking for. The absolute number of mDAU added due to causal product improvements has nearly tripled over the last three years, and growth from product improvements reached an all-time high in 2020. If you look now at the chart on the right, average mDAU in Q1 reached 199 million, up 20% year-over-year, primarily from ongoing product improvements and the global conversation around current events. There are no changes to the ambitions we shared pre-pandemic, when mDAU was at 152 million, to grow mDAU 20% or more over multiple years. However, the accelerated mDAU growth in 2020, driven by COVID, sets up tougher comparables for most of 2021. Specifically, the significant pandemic-related surge we saw last year may lead to mDAU growth rates in the low double digits on a year-over-year basis in Q2, Q3, and Q4 of this year, with the low point in terms of growth likely in Q2. We remain focused on delivering higher growth rates in years to come as we reset to more normal comps. Next, revenue for 2020 came in at $3.72 billion, which is up 7% year-over-year. We had a strong start to the year that was then significantly impacted by the economic disruption related to COVID-19 from early March through early June, when the impact on advertiser behavior was most pronounced. In early June, through the end of the year, we saw broad-based global recovery in advertising revenue as brands returned to Twitter and the world gradually began to reopen. Q4 was a strong finish to the year with $1.29 billion of revenue, the highest quarterly revenue we've delivered in our history. In Q1 of 2021, total revenue reached $1.04 billion, up 28% year-over-year, driven by strength in brand advertising at March and accelerating year-over-year growth in MAP. Let's look at 2020 profitability. We continued to invest in 2020, despite the adversity that COVID threw our way. It was important to manage for the long term, despite the near-term uncertainty, continuing to hire people, add infrastructure, and invest in the areas needed to realize our ambitions. As a result, total cost and expenses for 2020 totaled $3.69 billion, up 19% year-over-year, with operating income of $27 million. Of note, strong revenue in Q4 resulted in operating income of $252 million in Q4. That was our highest ever in one quarter, with an operating margin of 20%. It's a good demonstration of our long-term potential to deliver operating leverage at scale. For 2020, we reported a net loss of $1.14 billion. This included a non-cash loss related to a valuation allowance of $1.1 billion for a deferred tax asset, which was recognized in Q2. This reversed an income tax benefit that we took in 2019. It's related to our ability to use some of our international deferred tax assets in the near future. We're confident that when the current operating environment turns around, we'll eventually be able to use these deferred tax assets. Excluding the allowance and corresponding non-cash income tax expense, the adjusted net loss for 2020 was $34 million. In Q1 this year, operating income was $52 million, compared to a loss of $7 million in the same period last year. The year-over-year increase reflects the improved revenue conditions, partially offset by higher investment. We delivered net income of $68 million in Q1, representing a net margin of 7%. The impact from COVID-19 disruption in 2020 resulted in lower year-over-year net cash from operating activities of $993 million. We grew our CapEx 62% last year to $864 million to address our near-term capacity needs and continue the build-out of a new data center. Adjusted free cash flow was $129 million for the year. Q1 net cash from operating activities of $390 million and adjusted free cash flow of $211 million reflect the strength in brand advertising and accelerating growth in MAP revenue. Here's a slide that covers our reconciliation for adjusted free cash flow. Jack shared with you our ambitious long-term goals to increase velocity, grow mDAU, and double our revenue. Here they are again on this slide. Let me share how we'll be investing to drive this growth. In 2020, we expect to grow headcount by 25% or more year-over-year, especially in engineering, product design, and research, with total cost and expenses also growing 25% or more on a year-over-year basis, ramping in absolute dollars over the course of the year. Assuming the global pandemic continues to improve and that we see modest impact from the rollout of changes associated with iOS 14.5, we expect to grow 2021 total revenue faster than expenses. How much faster will depend on our execution, iOS 14.5, and macro factors. You should expect that if revenue is growing meaningfully faster, we'll look to continue to invest while maintaining a rate of revenue growth that is higher than expenses. Looking further out, as long as we're on track to reach our mDAU and revenue goals, we'll continue to bias towards investment. There's no change to our thinking around our long-term margin potential, but we have to balance our ability to realize that long-term potential with investing for growth against the massive market opportunities that we see both in audience and revenue. As a reminder, the long-term margin targets that we've talked about historically were 40%-45% in adjusted EBITDA, excluding traffic acquisition costs, which given our focus on GAAP results today translates to mid-teens operating margins. We've been within or even exceeded those adjusted EBITDA and GAAP operating margin targets several times in the past, and we believe ramping investment now, which may result in lower margins in the near term, will yield accelerating growth and attractive margins over time. We're also building trust through transparency and accountability to make our company stronger and serve our customers better. To that end, you may have noticed we published our first Global Impact Report last month to share what we've accomplished so far, and we know that there's much more for us to do. We have the right team in place to execute on the ambitious goals that we've shared. Our purpose, clarity of strategy, and pace of execution have never been better. We're focused on delivering the plan we laid out at Analyst Day, and we look forward to updating you on our progress along the way. With that, I'll turn it over to Sean to cover the business of today's meeting. Hello, everyone, and thank you again. Thanks, Ned. Hello, everyone, thank you again for joining us today. I'm Sean Edgett, General Counsel of Twitter. I'm now going to cover today's formal business, which is described in our proxy statement for this meeting. After voting on these matters, we will announce preliminary results and adjourn the formal part of today's portion of the meeting. We'll then open things up to a Q&A session. I'm now calling this 2021 annual meeting of stockholders to order. I will act as chairperson of this meeting. Evan White, our Associate Director of Legal, has agreed to record the minutes of today's meeting. Broadridge Financial Solutions, our proxy service advisor, has indicated via affidavit that notice of internet availability of the proxy materials was mailed on or about April 13th, 2021 to all stockholders of record at the close of business on April 5th, 2021, the record date for this meeting. We have at this meeting a list of our stockholders as of that date. That affidavit, together with copies of the notice of internet availability of proxy materials, the proxy statement, and the proxy, will be filed with the minutes of this meeting. Tony Carideo has been appointed the Inspector of Elections. He has signed an oath of office promising to execute faithfully the duties of the Inspector of Elections. The oath of office will be filed with the minutes of this meeting. The Inspector of Elections has determined that a sufficient number of shares entitled to vote at this meeting are present, in person or by proxy, to constitute a quorum, and we may proceed with business. If you've already voted by proxy and do not wish to change your vote, your vote will be cast as you previously instructed, and no further action is necessary. If you already voted by proxy but want to change your vote, or if you are a record holder and wish to vote, please have your control number in hand and go to www.proxyvote.com to vote or recast your vote. That is the same website referenced in all of our proxy materials. The polls have been open for voting since the beginning of this meeting at 10:00 A.M. Pacific Time. The polls will remain open for each proposal until I announce their closure with respect to such proposal later in the meeting. The proposals to be voted on at this meeting are described in our proxy statement that was made available to all stockholders. Each proposal will be voted on separately. As a reminder, the polls are now open for each proposal. The first item of business is the election of the four directors as set forth in Proposal One in the proxy statement. Jesse Cohn, Martha Lane Fox, Fei-Fei Li, and David Rosenblatt have been nominated by our Board of Directors to serve as Class II directors until our 2024 annual meeting of stockholders or until their respective successors are duly elected and qualified. I would now like to call the vote on Proposal One. The proxy holders will vote the shares in accordance with the instructions provided on the proxy cards, and the proxies solicited by our Board of Directors will be voted for each of the nominees if no other instructions were given. The second item of business is our approval on an advisory basis of the compensation of our named executive officers. I would now like to call the vote on Proposal Two. The proxy holders will vote the shares in accordance with the instructions provided on the proxy cards, and proxies solicited by our B oard of Directors will be voted in favor of this proposal if no other instructions are given. The third item of business is Proposal number Three in our proxy statement to approve on an advisory basis the frequency of future shareholder advisory votes on the compensation of our named executive officers. I would now like to call the vote on Proposal Three. The proxy holders will vote the shares in accordance with the instructions provided on the proxy cards, and proxies solicited by our Board of Directors will be voted for one year for this proposal if no other instructions are given. The fourth item of business is Proposal Four in our proxy statement to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for our fiscal year ending December 31st, 2021. Before we vote, are there any questions for the PricewaterhouseCoopers representative here today? As a reminder, you can ask a question by typing in the box provided on today's virtual meeting platform. I would now like to call the vote on Proposal Four. The proxy holders will vote the shares in accordance with the instructions provided on the proxy cards, and proxies solicited by our Board of Directors will be voted in favor of this proposal if no other instructions are given. The fifth item of business is Proposal Five in our proxy statement to approve an amendment to our amended and restated certificate of incorporation to declassify our Board of Directors. I will now like to call the vote on Proposal Five. The proxy holders will vote the shares in accordance with the instructions provided on the proxy cards, and proxies solicited by our Board of Directors will be voted in favor of this proposal if no other instructions are given. The sixth item of business is Proposal Six in our proxy statement, which is a proposal regarding a climate change report which was brought by one of our stockholders. Proposal Six will not be voted upon because the shareholder proponent has withdrawn the proposal after discussions with the company. The seventh item of business is Proposal Seven in our proxy statement, which is a proposal regarding a director candidate with human and/or civil rights expertise, which was brought by one of our stockholders. The representative of the proponent of the stockholder proposal, Natasha Lamb, will have three minutes to present this stockholder proposal. Will Natasha please introduce themselves and the proposal? Capital, asking Twitter's Board to nominate a board candidate with a high level of human and civil rights expertise. The reason for this request should be obvious. Twitter is a lightning rod for disseminating racism, sexism, hate, violence, and misinformation, content that threatens human and civil rights, an informed electorate, and our democracy. Solving this problem is not so simple. If it were, Twitter's track record would not be so poor, oversight would not be failing, and we would not be expressing our concerns for the fourth year. Rightly, our company is scrambling to build some internal scaffolding, adding a team, a task force, and a council while arguing that there is sufficient board oversight through its risk committee. Yet that assertion is not supported by the biographies of the board members of that committee, nor recent history. To date, Twitter's been addressing the symptoms, not the sickness, which is a business model fueled by clickbait and user profiling. The New York Times reports that Twitter has been successfully weaponized by racists to undermine Black Lives Matter. In 2020, the BBC discovered that the company radicalized people by enabling groups on the platform. Henry Fernandez from the Center for American Progress said, quote, "The muted efforts of giant social media companies to address racial violence and hate crimes perpetuated via their platforms have had terrible consequences." Noting, quote, "White nationalist rhetoric being fueled killings in El Paso, Texas, Gilroy, California, and Christchurch, New Zealand." Only after the violent attack on the U.S. Capitol was Donald Trump banned from the platform to stop the further incitement of violence. The ties between the company's business model and threats to civil and human rights can no longer be ignored. While this model has been profitable, it is increasingly problematic, threatening Twitter's brand and social license to operate. Twitter is losing the trust of its advertisers, users, and perhaps most importantly, public policymakers who have called Mr. Dorsey before Congress on multiple occasions. Last June, some advertisers stopped advertising on Twitter due to the risk posed by the rampant spread of hate speech. Despite this, we've yet to see a proactive approach to address the problem, which is a surveillance-based business model incompatible with the right to privacy that is threatening human and civil rights. To solve this problem, it's going to take Twitter's actual Board stepping up to the plate and addressing the root cause. To do that, it needs actual human and civil rights expertise, which is what we're asking for today. Thank you for your time and close consideration. Thank you for your comments. For the reasons detailed in our opposition statement included in our proxy statement, our Board of Directors believes that this proposal is not in the best interest of Twitter or our stockholders and recommends a vote against the proposal. For further information, please see our opposition statement. I would now like to call the vote on Proposal Seven. Proxy holders will vote the shares in accordance with the instructions provided on the proxy cards, and proxies solicited by our Board of Directors will be voted against this proposal if no other instructions are given. It is now 10:21 A.M. Pacific Time, and the polls are now closed for voting on Proposals one, two, three, four, six, and seven. With respect to Proposal Five, stockholders have thus far overwhelmingly supported the proposal, with more than 99% of votes cast voting in favor. However, the proposal's approval requires the affirmative vote of 80% of the shares of common stock outstanding. The Nominating and Governance Committee, on behalf of the Board, believe that it is in the best interest of the stockholders to extend the opportunity to vote on this important matter and therefore temporarily adjourn this meeting to allow additional time for stockholders to submit proxies with respect to Proposal Five. Pursuant to Section 2.6 of the bylaws, in my capacity as Chairperson of the meeting, I hereby adjourn, and on behalf of the proxy holders, I hereby vote all shares covered by proxies in favor of adjourning the meeting until 10:00 A.M. Pacific Time on June 24th, 2021. At that time, this meeting will be reconvened and held virtually at the same web address, and you may access this meeting by the same methods, including using the same control number as this meeting. The polls will remain open solely for this voting on Proposal Five at this time. I do not anticipate that there will be any management or other presentation at that time. Mr. Carideo, could you please provide the preliminary results of voting on the other proposals? Mr. Chairman, based on the preliminary results of the voting of shares represented by valid proxies and ballots on file as of this time, all director nominees have been elected to serve until the 2024 annual meeting or until their successors are duly elected and qualified. The stockholders have, on an advisory basis, voted to approve the compensation of the company's named executive officers. The stockholders have, on an advisory basis, voted to approve a one-year frequency of future stockholder advisory votes on the compensation of the company's named executive officers. PricewaterhouseCoopers has been ratified as the company's independent registered public accounting firm for the fiscal year ending December 31st, 2021. The stockholder proposal regarding a climate report has been withdrawn and therefore has not been approved, and the stockholder proposal regarding a director candidate with human and/or civil rights expertise has not been approved. Thank you. We will announce the results of Proposal Five following the closing of the polls with respect to that proposal when the meeting is reconvened on June 24, 2021. These are the preliminary results of voting with respect to the proposals for which the polls have been closed. The final results will be reported in a report filed with the Securities and Exchange Commission and in a report of the Inspector of Elections, which will be filed with the minutes of this meeting. There is nothing further to bring before the stockholders at this time, this concludes today's formal portion of this annual meeting of stockholders, and this meeting is adjourned. As noted, we will reconvene on June 24, 2021, with respect to Proposal Five only, until that date, the polls will remain open on Proposal Five. I will now turn it back over to Krista. Great. Thank you, Sean. As a reminder, we have about 30 minutes for questions, and only confirmed shareholders as of the record date are permitted to ask questions. Questions can be asked by typing in the box provided on today's virtual meeting platform. While we're waiting for those to come in, we will answer questions that shareholders had previously submitted during registration. Note that due to time constraints, a shareholder will be permitted no more than two questions, and if there are any matters of individual concern to a shareholder, we ask that you please email your question to ir@twitter.com. We will try to answer all questions asked that meet the requirements stated. Due to time constraints, however, or if questions appear to be of individual concern, we may not answer the question during the meeting. Thank you in advance for your cooperation. With that, I'll turn to our first question. Our first question is: Given the strategy to embrace social media, are there plans or interest in launching a standalone Twitter Spaces app to compete more directly with Clubhouse? We're really excited about our progress with Twitter Spaces. We think one of the superpowers that we bring to the experience is that it's not just singular, that it sits alongside everything else you see within Twitter, including tweets and longer form newsletters, topics, and all the events happening currently that you might find in Explore. We don't think it makes sense to break it out as a standalone app. Rather, how do we build more cohesive experiences right within the app itself and in one app? Then also how do we give creators and hosts of these spaces more tools for them to potentially earn revenue? One of the things we recently announced was the ability to add a ticket to a space, which means that anyone can pay a nominal fee to come into a space and hear the conversation. This will extend to all of our other features where it makes sense over Twitter. If you happen to have a newsletter using our Revue product, you'll be able to charge for that as well. As you saw during our Analyst Day, we're working on a feature called Super Follows, which allows a pay-for-unlock of content, whether it be the full account or individual tweets. We think the strength of this service and the uniqueness that we bring to audio chats is that it's in one app, and you can pull from the entire universe of Twitter to make it a better experience for your audience. Great. Thank you, Jack. Our next question is: How will Twitter ensure that it does not propagate disinformation? This is a big focus for us. Obviously, we've had a number of events that have given us some experience that we can learn from, COVID-19 being one, elections around the world being another great example. We've deployed a number of solutions to help this. One, we've really ramped up our ability to label content, and our labeling works in that it shows a particular tweet where there might be an open discussion or debate, or we can point to a local authority. We also launched a beta of a new service called Birdwatch, which allows more of a crowdsourced approach. People all over Twitter can mark up tweets and annotate tweets to add more information to whatever's being discussed or a tweet that they find to be controversial potentially, or something that needs correction or more context. A lot of our approach has been to do whatever we can to add context around the conversation. We realize that we should not be the arbiters of truth. We cannot scale a centralized solution. We'll continue to look for decentralized solutions that give better controls to everyone on Twitter to determine the credibility of information. The one final piece I would say is we've done a lot of work in terms of labeling accounts, whether those be political accounts or state-owned media accounts, and we'll be doing even more, including labeling when you might encounter a bot. Thank you. Our next question says: Please discuss new ways that you're exploring to unlock shareholder value, improve user growth, and improve profitability. What new products are you considering? My concern is that Twitter is not innovating enough to maintain its competitive advantage. Twitter can easily be devastated by Facebook if they pursue a similar application. Well, I disagree with the premise of that last statement. We have something that is unique and over the past year, we've shown an increase in our shipping velocity and an ability to build features that people are using more and more every single day. As I said in my opening remarks, our goal is to build an ecosystem model. That means we'll have many small pieces that work together to create a very compelling experience that you can't find anywhere else. This does require a lot of deliberateness. It can be a little bit slower than other approaches. We have all the foundations in place, all the pieces in place, and now the work is really hooking those all together. Whether you're an individual, a creator or a business, an advertiser, you'll get value from Twitter. A lot of what we intend you'll start seeing come together this year. If you just look at all of our announcements we made during Analyst Day and how many of those are shipping right now, whether they be early test or out live for 100% of people, we're starting to bring these things together and it'll create something really powerful. The combination of all these things is what the innovation is. That's what is ultimately powerful because we have a lot more durability because people are not hiring us for just one thing. They're looking at us to take on many jobs for them, and that is the relationship we want to build. Great. Thank you. Our next question is: When can I expect a dividend? Great. Thank you for the question. Right now, there are no plans to implement a dividend, but I think this is a good opportunity to talk a little bit about our capital allocation philosophy. The first way we think about using our balance sheet is to help us invest, to run the company, to hire people, to build out our data centers and to make sure that we can operate through any environment. The second is to help us be acquisitive. We've acquired over 20 companies in the last few years. They're usually teams of really talented people who can help us accelerate our work. Sometimes they are technology, and other times they can be products or businesses that help us accelerate our work. Jack talked about some of those earlier. The final way, today, we've got a $2 billion share repurchase program in place. We bought over $400 million worth of shares as a part of that already. We began in Q4 of last year and continued in Q1 of this year. That will be the primary way that we return capital to shareholders in the near term, and we'll continue to look passionately and analytically at our capital structure to make sure that we're being efficient and continuing to provide the space to invest in these really big market opportunities that we see, but there are no near-term plans for a dividend. Thank you. Our next question says: With respect to the digital ad market, what explains the blowout Q1 results of the two giants versus Twitter? Thank you for the question. We were very pleased with Q1 as a strong start to the year. We had 32% ads revenue growth. We had 28% overall growth. Remember that the comparables relative to last year are going to be tricky all year because COVID-19's impact in different geographies varied over the course of the year, and it doesn't fit well into our 90-day reporting periods. As we know, the impact really began to be global in nature in the middle of March of last year. When we look back at Q1 and we note that on the brand side, which recall was 85% of our ads revenue in 2020, that brand got off to a slower start than it typically does, but we saw a strong March and DR, primarily driven by MAP, which is the app install product that we announced a revamped version of back in February. That was strong all quarter with accelerating revenue growth from MAP from the 50% that we saw in Q4. We delivered revenue at the high end of the guidance range that we provided. We delivered DAU in line with our expectations that we shared publicly of about 20%, and we exceeded the operating profit guidance that we gave. We were pleased with the start to the year that we delivered, and we look forward to continuing to deliver the best results we can over the course of this year. Thank you. Our next question is as follows. It says: I've been a shareholder for a number of years now. I use Twitter and enjoy the platform. The ease to follow a subject and get immediate access to news and public comments is something that no other platform can offer. The reason I invested and have continued to invest has been because of the platform and the opportunity to expand the platform to more than just a place for news and conversation. I do not see the Board innovating and expanding into other revenue-making avenues quickly enough. Twitter has been slow to try and capitalize on the platform that makes it so appealing with a loyal following every day. When will we see more personalized ads, movie watch parties, maybe a Twitter marketplace, innovating uses of crypto, et cetera. There are so many opportunities for expanding the platform, but I have seen little in actual action and results. As an investor, I've become impatient and would like to see action now. At the very least, I believe you can give shareholders a visual of the future of Twitter and how it can expand and in what markets. Please respond with some answers and insight on what Twitter can look like if it expands beyond what we see today. Well, I definitely agree with you that the opportunities are limitless. I would recommend if you haven't seen already to watch our Analyst Day from earlier this year. We shared a bunch of what is ultimately a vision forward for what Twitter will look like, inclusive of a number of features that we're starting to push out there right now. As I said in the earlier answer, that the power of what we are building is ultimately in how all these things connect together and how we can create an ecosystem that people are using not just for one thing, but for many things. There are many partnerships to come. There are many features to hook up, but ultimately, all these things need to be cohesive, and they need to work intuitively together. Otherwise, we'll look way too complicated, and people won't use us. It is really deliberate work, and that might appear slow in some cases. Certainly, as we talked about on Analyst Day earlier in the year, we did have some slow years to build this foundation up, but now we have the foundation in place. We can move much faster. We've proven that we're moving much faster over the past few months. A lot of what we've hoped to get out there to customers will come together within this year. We're really excited to launch all these features and make sure that people find value in them and continue to build on top of them. Great. Thank you. The next question is: When will Twitter consider transitioning to a full-time CEO? Obviously this is a unique situation, but we believe we have a really good operating model because we have a fantastic team that helps operate the company throughout. My focus is really on making sure that we have a great team dynamic. We have the best people at the company leading the most important functions of the company, that we're making decisions in the context of who we're serving and what technology trends are happening around us and cultural trends or regulatory trends. Then three, to continuously raise the bar on what we thought was possible. It is working. We had to do a lot of resetting over the past five years. This is coming together in a way that makes us proud, and will continue to show in our results. We're always looking to hire new people all over the company, especially engineering talent, to help us make Twitter better. We have a good model that is working, and we continue to be able to retain and hire some of the best people in the world. Thank you. The next question is: Why do you continue to censor only on the conservative side? We have no bias in any of our policies, in our enforcement, in our machine learning algorithms. If we ever find anything even hinting at that, we look at it immediately and rectify it. If we make any mistakes along the way, we admit to them and correct them. I think the most important thing that we can do, always, is be more transparent with how our rules work, how our enforcements are taking place, and not just to the person directly, but ultimately for anyone who happens to be looking at the actions. People should know why we took an action or why we didn't take an action. Sometimes there might be assumptions around a particular content that we took action on, but underneath there might be other things going on, like manipulation of the network or spam-like activities or accounts manipulation that we have to take action on as well. We're going to do a better job at making sure that these are transparent so that people see that there is no bias interaction. We're going to make sure that we have a much more robust appeals process so that when we do get things wrong, people can appeal the decision, and we can correct it. Great. Thank you. The next question says: I'm hearing from many Twitter users that targeted advertising is not working as it should. What is being done to address this? It is working for a lot of our advertisers, and the way to show that is they keep coming back because it is driving value for them. Can it be more relevant? Absolutely. One of the biggest things we're working on is making sure that people can easily follow topics of interest. The reason this is important is because the more direct intent people give us, the more relevant we can make our ads to the individual. People tell us by following the Golden State Warriors, for instance, we have a lot more intent around what they might want to see from a particular advertiser, especially like a smaller business or a local advertiser, than we would if we had to infer it from everything that they happen to follow on an account basis. A lot of our work going forward is to make sure that we build more intent, more direct intent, so that we have much more relevant ads and look at other surface areas around the platform to see where things might fit better. Spaces is a great example where we're going to experiment a lot with how to help creators earn more money. Certainly, there's a way to do that directly through ticketed Spaces. There's a way to do it with commerce. There's a way to do it with sponsorships of some sort as well. All of these things are ideas that we're thinking about and we'll definitely be experimenting with. Thank you. The next question says: Why can't you monetize better by adding ads attached to tweets? Tweets shown on other media, like cable channels or news channels, can have attached ads and make more money? Thank you for the question. It's incredible that tweets can be found on over a million websites. They're on the news, and referred to in newspapers and in other media all around the world. When we think about the reach of these tweets, sometimes there's a commercial relationship where we're paid. Other times, people are using our free APIs or just referring to what's been seen on the service. We want to make sure that we balance the ability to monetize this incredible reach with the way that having tweets out there in the world serves our purpose of serving the public conversation and facilitating people communicating at scale with people who otherwise may not be able to hear from them. Oftentimes bringing people back to Twitter, where they can learn more about and be a part of that conversation. We just want to make sure that we're balancing the right way to monetize. Often, having that incredible reach is worth its value in serving the conversation and bringing people back to our service, where we can make sure that we give them a great experience around that topic and other things they care about, and show them great ads while they're on Twitter as well. Thank you. The next question says: Will you please give us an update on the recent Scroll acquisition and its relationship to a future Twitter subscription service? The value add to journalists, publications, Twitter users, and shareholders seems enormous. Yeah, I agree, it's enormous. This is what I was alluding to earlier with the real power of the service comes together when we put all these pieces together in a cohesive way. Scroll joining Twitter will improve the way people read long-form content, whether that be articles or newsletters, on our service and enable new ways for writers and publishers to grow and monetize their audiences on Twitter and beyond. It's going to be a pretty meaningful addition to our subscription work as we continue to look to build and shape a future subscription service on Twitter. Right now, we're just getting the team oriented and making sure that we are focused on the right problems that journalists, publications see on our service. We'll continue to have open conversations with them about what's serving them, what's not, as we continue to focus on what the right roadmap is ahead. We're really excited about the potential here. Thank you. The next question says: Is it appropriate for Twitter to ignore and allow inappropriate language and aggressive communication from global antagonists? Recent language against Jews is prevalent. There is an obvious double standard when it comes to political language and communication of domestic politicians versus global antagonists. Well, we don't ignore any activity on our service, especially when it threatens others or goes against our terms of service. What I'll say is that our policy and our enforcement is a work that's constantly evolving based on what we learn in the moment, how people are using Twitter, what is changing around the world, whether that be politically or culturally, and just the dynamics that are happening throughout the world. We update our policy accordingly and also enforcement, and make everything public as we do so. We're constantly looking at everything that's happening on our service, what is threatening people, if there's any abuse or new forms of harassment, to make sure that our policy and enforcement are up to date. We'll continue to evolve these and continue to update the world and how they change. Thank you. The next question says: It would seem appropriate to either acquire or branch out into other subscription-based businesses, like potentially streaming music or video, and/or create a higher tier subscription-based level of Twitter that has more moderated content, like podcasts or chat rooms. Do you have any plans to create additional revenue streams like these? I think it's best for us to start with what we have and build out these new lines of revenue and monetization efforts first in a small way, and then as we learn more, we continue to grow them and add new formats, add new experiences. We have some, what we believe to be, some compelling experiences that we have done a lot of research around and a lot of thinking around, and we believe that people will exchange their own value for some of these features. The Spaces ticketing feature is one that I'm really excited about. We're going to enable any host of an audio Space to charge for it, giving the majority of the cut to the creator. There'll be other opportunities like that around, and certainly other media formats that we can play with. We wanted to start with these few, make them very, very strong, and then build on top of them as we go. Thank you. The next question says: Please consider reactivating Donald Trump's account and any other conservative accounts that are abiding by non-violent standards. Could you please speak to your willingness to do so? We said a, w e went directly towards our terms of service and the removal of that account. There's no switching from that. When we permanently ban an account, we permanently ban it. We are, as I mentioned earlier, looking at making our appeals process much more robust, and certainly would consider down the line, and this is not just for this account in particular, but all accounts, a way for people to appeal a permanent ban decision. That work has not been done. We're not working on it right now, but it's certainly something that we have considered and will continue to consider as time goes on. Great. Thank you. The next question says: Which target customer segment do you plan to grow the maximum in over the next four years? What will be your primary revenue model for those customer segments? Great, thank you. When we think about the advertising side, Twitter has primarily been driven by the largest advertisers in the world shifting their spend to digital and within digital, spending more both in brand and direct response on Twitter. In the near term, that's likely to be the biggest driver of increased ad revenue on our service. At the same time, we're investing to improve the product experience for small businesses when they come to Twitter and to make sure that we are able to appropriately leverage the signal that we have to help them find their customers and their next customer on our service. That started with business profiles, which we've rolled out to hundreds of small businesses in the U.S. so that people can find them and find out more about them on our service. That will ultimately lead to what we want to be an easier process for them to learn about, understand why they should, and then launch a campaign on Twitter and see the results of it. Things like topics that Jack has talked about will help us help small businesses find their customers, whether they're around the corner or around the world, and we're excited to see that play out over time. In the near term, I'd expect more of the ads revenue impact to be felt from the largest advertisers in the world investing more on Twitter than they have in the past. Great. Thank you. The next question is: Are you exploring the sale of Twitter or merger of Twitter with another technology company such as Apple or Google? If not, why not? Thank you. The short answer is no. As a public company, we have a fiduciary responsibility to listen if somebody comes our way. When we step back and think about the opportunities that we have to have the rest of the world use our service to find out what's happening in the world and what people are talking about, the same way that 199 million people did on the average day in Q1. We see such a great opportunity to deliver against that on our own. Similarly, when we look at the $150 billion that's spent on digital ads outside of search, we see such a great opportunity for us to deliver our growing audience, our improved ad formats, and better relevance to help advertisers find their customers and to expand outside of ads revenue over time as well through subscriptions and other things that Jack mentioned earlier. We're really heads down executing against those two really big market opportunities today. Great. Thank you. We have time for just one more question before our closing remarks. That last question is: Why was Proposal Six on climate change removed? Are you committing to a net zero emissions benchmark, and if so, by when? Great. I'll take that one. Thanks for the question. As we do with all of our proposals that come in, we open a dialogue with our shareholders to talk about what they're interested in, to hear their feedback, and to really understand what their concerns are. We did that with the proponents of this proposal, As You Sow, regarding our climate change policies. They agreed to withdraw their proposal for two primary reasons. One, given our efforts towards sustainability, which include pledging to set a target for significantly reducing greenhouse gas emissions by 2030, which was validated by the Science Based Targets initiative. Also our publishing of our first Global Impact Report in April of this year, which had come out after they submitted the proposal. I would say as part of our commitment to sharing our progress with sustainability, we'll continue to update As You Sow on our efforts and all of you. I would encourage everyone to take a look at our Global Impact Report, which has more details. That's great. Thank you, Sean. Just one last note before we close here, that there will be a replay available as well as a transcript following this meeting, which will be posted on our investor relations website. With that, I would love to turn it back to Ned for his closing remarks. Thank you, Krista. Thank you to all of you for taking the time to be with us today. We appreciate your questions and your continued interest in Twitter. We look forward to speaking with you again next year, and until then, we'll see you on Twitter. Thank you.