EFTA01176390.pdf

From: Tazia Smith < To: jeevacation(kgmail.com Cc: Vinit Sahni Nav Gu to , Paul Morris Vahe Stepanian Subject: Twitter down —9% on earnings, lowest price since IPO. Earnings call to begin shortly, lock- up expiry on Tuesday (5/6) [C] Date: Tue, 29 Apr 2014 20:55:26 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4); unnamed(5) Classification: Confidential Jeffrey - As you know, you own 1000 shares of TWTR at $26 (+$12.7k) TWTR shares are at their lowest level since the stock's IPO (presently $38.70, vs. a close of $42.62) Conference call begins at 5pm ET Twitter reported a better-than-expected top and bottom line for O1, however, Monthly Active User (MAU) growth was shy of whisper expectations. Investors are focused on valuation (still high at current stock price - DB's price target of $65 implies 65x EV/EBITDA vs. Facebook which is —12x), and stock action has reflected the forthcoming headwind: -474mm shares come out of 180 lock-up as of next Tuesday, 5/6 (includes Execs and early stage PE). Top and bottom line beat (like last quarter) but user growth is just inline with consensus ests and disappoint vs expectations: Revenues Better - $250mm vs $241.5mm Earnings Better - $0.00 vs ($0.03) But audience growth (Monthly Active Users) just inline - disappointing vs. whisper MAU: Total 255M vs SA 256.8M and 241M in Q4 - represents y/y growth of +25% Mobile 198M vs 184M in Q4 US 57M vs SA 57.0M and 54M in Q4 International 198M vs SA 200.0M and 187M in Q4 (source: Streetaccount.com) Guidance inline/better: Q2 Guidance inline EBIDGA of $35-30mm vs $28mm FY Guidance EBIDA of $180mm-205mm vs prior $150-180mm (cons 181mm) TWTR Intra-Day/Aftermarket Price History EFTA01176390  ITVITR US $ j 42.62 +1.89 N43.03/39.92P 1x1 all At 16:15 Vol 24,902,016 0 40.53K H 43.97T L 40.175D Val 1.048 -MIR US Equi rave As 9Q Actions 101PrinEMPI r intrat 1 day(s) 04/29/2014 04/29/2014 04:00 MiELIEEMMI 11) Compare LSD 1D 3D 1M 6M YTD lY SY Max Tick • ■ Security/Study ite M Event 0 ± Track z Annotate E News Co. Zocirri 45.00 • TWTR US Equity 38.87 1 • Close on T I Low on 04/28 ---- 4033 High 04/29 16:00 44.90 on -9- Average 41.6217 04/29 16:27 38.20 44.00 43.00 42.00 41.00 40.00 38.00 ... 06:00 08:00 12:00 14:00 18:00 29 Apr 2014 29 Apr 2014 29 Apr 2014 TWTR 6mo Price Histor TWTR US S ; 42,62 -1.89 —,,,.,-------' N43.03/39.92P 1x1 .ail At 16:15 Vol 24,867,894 a 40.53K H 43.97T L 40.175D Val 1.0398 TWTR US E ui 95) Save As 96)-Adions .! -9rEdit •' 98) TIBTIOnimmill. Line Chart 11/06/2013 04/29/2014 Last Price !Ilan ::; Compare Mov. 4,,gslEMIMIMI Volume II USD A 1D 3D 1M _611 YID 1Y SY Max Daily • a ' Security/Study M Event 0 + Track .?„ Annotate News 0, Zoom 4-70 -4-60 4-50 42.62 Mv ON Last Price 42.62 - T High on12/26/13 73.31 - -0- Average 51.9903 -0-30 11/06/13 26.00 Low on ?Eve me 24.865M 0-100M L• SMAVG (15) 13.04%1 0- SOH .m.whoilt@nratitran. Nov - ii iimiumithat I Dec I Jan .I 1 II _imago Feb Mar Apr ILL 24.865M 2013 2014 EFTA01176391 Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 P -0004 New York. NY. USA Tel. Fax Mobi Email Peefoan From: Kevin Bums < > To: Tazia Smith/db/dbcom@DBAMERICAS. Cc: Bill Loftus-•. Kevin Burns Dale: 04/29/2014 04:24 PM Subject: Re: TWTR shares down -7% from closing print of $42.62 to -539.45 (giving back the days gains) ICI New low since breaking syndicate. 383 Sent from my iPad On Apr 29, 2014, at 4:17 PM, "Tazia Smith" > wrote: Classification: Confidential corrected MAUs below to include totals (prey just Mobile) From: Tazia Smith/db/dbcom To: Dale: 04/29/2014 04:15 PM Subject: TWTR shares down -7% from closing print of $42.62 to -$39.45 (giving back the days gains) (C) <ATT00003.gif> Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 rk Avenue 10154-0004 New York. NY. USA Tel. Fax EFTA01176392 Email <ATT00004.gif> This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. Tazia Smith Dimctortl(eyCheMPwirmm-US DB Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 10154-0004 New York. NY. USA Tel. Fax Mobi Email Pemitrwirr*frow This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01176393