????我們就IPO路演向Twitter管理層提出11個問題。

????Twitter 上市十一問：

????1.Twitter的IPO籌集到的資金將如何運用？能否簡單說明一下，籌集資金預計將如何加速公司的增長？

????2.Twitter有77%以上的用戶來自美國以外地區，但只有26%的并表收入來自美國以外的地區。國際用戶的產出為什么這么低？這個趨勢未來將如何發展？在全球范圍內獲得收入是否存在結構性的障礙？

????3.2013年第三季度，Twitter月均活躍用戶的時間軸瀏覽量連續下降1%？這是用戶參與度下降，還是有其他動態因素？

????4.我們應該如何看待Twitter全球用戶總數的市場規模？特別是，相對于2013年第二季度Facebook的11.5億月度活躍用戶而言？

????5.整體而言，有些廣告主會早早嘗試，而其他廣告主很久之后才在Twitter平臺上投放廣告，這是為什么？Twitter如何向廣告主證明投資收益率？

????6.財務模式中長期會怎樣？比如，Facebook的銷售成本占到2013年二季度營收的26%，而Twitter的這個比例為36%。中長期來看，有沒有什么原因導致Twitter的運營利潤率比不上Facebook？

????7.從歷史上看，收購一直是Twitter收購策略的重要組成部分？有沒有一些領域是Twitter特別關注的，比方說分析領域？

????8.Twitter如何看待目前競爭格局？特別是谷歌（Google）、商務社交網站LinkedIn和Facebook都擁有高用戶基礎，進入市場障礙低，而且，我們都知道在Facebook前有過MySpace。

????9.蓋洛普（Gallup）的一項最新調查顯示，加入Twitter用戶中36%的人表示，他們不使用這項服務，7%的人承認已經關閉了自己的賬號。與此同時，僅7%的Facebook用戶不使用自己的賬號，5%的人承認已經關閉了的賬號。Twitter怎么看待這項調查？它對于用戶參與度的意義是什么？順著這條線繼續問，用戶每月或每周平均花在Twitter網站上的時間是多少？

????10.反映Twitter業務健康度最重要的指標是什么？

????11.讓你們夜不能寐的事情是什么？?（財富中文網）

????本文作者是Hedgeye的研究總監。

????Our top questions for Twitter management on their IPO roadshow.

????The TWTR Top 11:

????1. How are you going to use the IPO proceeds? Can you outline how we should expect the proceeds to accelerate your growth?

????2. More than 77% of Twitter users are from outside the United States, but only 26% of your consolidated revenue comes from outside the United States. Why is the yield on international users so much lower, and how will this trend over time? Are there structural impediments to revenue internationally?

????3. Timeline views per monthly average user (MAU) declined sequentially by 1% in Q3 2013? Is this an indication of engagement declining, or is there another dynamic at work?

????4. How should we think about the market size for the total number of global users? Especially, vis-à-vis Facebook's (FB) 1.15 billion monthly users as of Q2 2013?

????5. Generally speaking, why have some advertisers been early adopters and others taken longer to begin advertising on your platform? How do you show ROI to advertisers?

????6. How will the financial model look longer term? As an example, Facebook currently has costs of sales that are 26% of Q2 2013 revenue and Twitter is at 36%. Longer term, is there any reason that Twitter can't have operating margins comparable to Facebook's?

????7. Acquisitions have been an important part of your strategy historically, are there any areas in particular that you are focused, like analytics as an example?

????8. How do you view the competitive landscape? In particular, Google (GOOG), LinkedIn (LNKD), and Facebook appear to have low barriers to entry given their high user bases and, as we all know, before Facebook there was MySpace.

????9. According to a recent Gallup poll of people that have joined Twitter 36% said they don't use the service and 7% have admitted to shutting down their account. Meanwhile, only 7% of Facebook users don't use their account and only 5% admitted to shutting down their account. What do you make of this poll and the implication on user engagement? Along that line, how much time per week, or month, does the average user spend per month on the site?

????10. What are the most important metrics for the health of your business?

????11. What keeps you up at night?