- Second Quarter Revenue of $943.4 million, up 41%
Year-Over-Year
- Second Quarter Revenue Dollar-Based Net Expansion Rate of
123%
Twilio (NYSE: TWLO) (LTSE: TWLO), the customer engagement
platform that drives real-time, personalized experiences for
today’s leading brands, today reported financial results for its
second quarter ended June 30, 2022.
“We closed a strong second quarter, delivering $943 million in
revenue and 41% year-over-year growth, while also signing our
largest Flex deal ever,” said Jeff Lawson, Twilio’s co-founder and
CEO. “Based on our results and what we’re currently seeing, we
remain confident in our growth trajectory as our customers continue
to turn to Twilio's Customer Engagement Platform to help build
direct relationships with their customers. We are closely following
the macroeconomic environment and are taking proactive steps that
will enable us to remain laser focused on our customers and
executing against our top priorities.”
Second Quarter 2022 Financial Highlights
- Revenue of $943.4 million for the second quarter of 2022, up
41% year-over-year, including $34.0 million from Zipwhip. Organic
revenue1 grew 33% year-over-year.
- GAAP loss from operations of $311.9 million for the second
quarter of 2022, compared with GAAP loss from operations of $202.3
million for the second quarter of 2021.
- Non-GAAP loss from operations of $7.3 million for the second
quarter of 2022 compared with non-GAAP income from operations of
$4.2 million for the second quarter of 2021.
- GAAP net loss per share attributable to common stockholders,
basic and diluted, of $1.77 based on 182.3 million weighted average
shares outstanding in the second quarter of 2022, compared with
GAAP net loss per share attributable to common stockholders, basic
and diluted, of $1.31 based on 173.4 million weighted average
shares outstanding in the second quarter of 2021.
- Non-GAAP net loss per share attributable to common
stockholders, basic and diluted, of $0.11 based on 182.3 million
non-GAAP weighted average shares outstanding in the second quarter
of 2022, compared with non-GAAP net loss per share attributable to
common stockholders, basic and diluted, of $0.11 based on 173.4
million non-GAAP weighted average shares outstanding in the second
quarter of 2021.
_________________________________
1Organic revenue excludes revenue from
Zipwhip and all other acquisitions closed after April 1, 2021, and
revenue from 10DLC A2P and related fees imposed by major U.S.
carriers on Twilio’s core messaging business.
Key Metrics
- More than 275,000 Active Customer Accounts as of June 30, 2022,
compared to 240,000 Active Customer Accounts as of June 30,
2021.
- Dollar-Based Net Expansion Rate was 123% for the second quarter
of 2022, compared to 135% for the second quarter of 2021. Results
from acquisitions closed after April 1, 2021, including Zipwhip, do
not impact the calculation of this metric in either period.
- 8,510 employees as of June 30, 2022.
New Addition to the Board of Directors
The Company announced that Miyuki Suzuki will be joining
Twilio’s Board of Directors. Miyuki brings more than four decades
of global technology leadership and board member experience in the
B2B and B2C segments, extensive knowledge of the APAC market which
is a key growth area for Twilio and expertise across
telecommunications, hosting and managed services, networking and
collaboration and cyber-security. Miyuki is joining the Twilio
Board at a critical time in the company’s growth as it doubles down
on software sales growth, operating leverage and continued
international expansion.
Outlook
Twilio is initiating guidance for the third quarter ending
September 30, 2022.
Q3 FY22
Guidance
Revenue (millions)
$965 - $975
Y/Y Growth
30% - 32%
Organic Y/Y Growth (1)
29% - 30%
Non-GAAP loss from operations (millions)
(2)
($70) - ($60)
Non-GAAP loss per share (2)
($0.43) - ($0.37)
Non-GAAP basic shares outstanding
(millions)
183
(1) Organic revenue growth guidance excludes all revenue
from Zipwhip and all other acquisitions that closed after July 1,
2021. (2) Includes an estimated $35 million non-cash accrual for
the adoption of a new sabbatical program for tenured employees. In
the quarters subsequent to the adoption, the impact from this
program is not expected to be significant to our results of
operations.
Conference Call Information
Twilio posted prepared remarks on its investor relations website
at https://investors.twilio.com, and will host a Q&A conference
call today, August 4, 2022, to discuss its second quarter 2022
financial results at 2:00 p.m. (PT) / 5:00 p.m. (ET). Investors and
analysts should register for the call in advance by visiting
https://conferencingportals.com/event/unKcrkys. A live webcast of
the conference call, as well as a replay of the call, will be
available on the investor relations website. Following the
completion of the call through 11:59 p.m. (ET) on August 11, a
replay will be available by dialing (800) 770-2030 (United States)
or +1 (647) 362-9199 (non-U.S.) and entering passcode 80378.
Twilio uses its investor relations website, its Twitter feed
(@twilio), and the Twitter feed of Twilio's Chief Executive
Officer, Jeff Lawson (@jeffiel), as a means of disclosing material
non-public information and for complying with its disclosure
obligations under Regulation FD.
About Twilio Inc.
Today's leading companies trust Twilio's Customer Engagement
Platform (CEP) to build direct, personalized relationships with
their customers everywhere in the world. Twilio enables companies
to use communications and data to add intelligence and security to
every step of the customer journey, from sales to marketing to
growth, customer service and many more engagement use cases in a
flexible, programmatic way. Across 180 countries, millions of
developers and hundreds of thousands of businesses use Twilio to
create magical experiences for their customers. For more
information about Twilio (NYSE: TWLO) (LTSE: TWLO) visit
www.twilio.com.
Forward-Looking Statements
This press release and the accompanying conference call contain
forward-looking statements within the meaning of the federal
securities laws, which statements involve substantial risks and
uncertainties. Forward-looking statements generally relate to
future events or our future financial or operating performance. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “can,” “will,” “would,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“forecasts,” “potential” or “continue” or the negative of these
words or other similar terms or expressions that concern our
expectations, strategy, plans or intentions. Forward-looking
statements contained in this press release and the accompanying
conference call include, but are not limited to, statements about:
Twilio’s outlook for the quarter ending September 30, 2022,
Twilio's annual revenue run rate based on second quarter results;
Twilio's goals regarding delivering non-GAAP operating
profitability beginning in 2023 and meeting annual growth rates and
long-term non-GAAP gross margin targets; Twilio’s expectations
regarding its products and solutions, including demand for its
products and solutions based on macroeconomic trends and survey
results; Twilio's expectations regarding business benefits and
financial impacts from its acquisitions and from its partnerships
and investments, including the associated transactions; Twilio's
expectations regarding the impact of recent and future privacy
changes on certain third party platforms on Twilio and its
customers; and Twilio's ability to manage changes in network
service provider fees that it pays in connection with the delivery
of communications on its platform and the impact of those fees on
gross margin. You should not rely upon forward-looking statements
as predictions of future events.
The outcome of the events described in these forward-looking
statements is subject to known and unknown risks, uncertainties,
and other factors that may cause Twilio’s actual results,
performance, or achievements to differ materially from those
described in the forward-looking statements, including, among other
things: adverse changes in general economic or market conditions,
including labor shortages, supply chain disruptions, a downturn,
recession and inflation; changes in the market for communications;
the impact of COVID-19 on Twilio and its customers and partners;
Twilio’s ability to adapt its products to meet evolving market and
customer demands and rapid technological change; Twilio’s ability
to comply with modified or new industry standards, laws and
regulations applying to its business; Twilio’s ability to generate
sufficient revenues to achieve or sustain profitability; general
economic conditions, including a downturn or recession and rising
inflation, that may adversely affect a prospective customer's
ability or willingness to adopt our products, delay a prospective
customer's adoption decision, reduce the revenue that we generate
from the use of our products or affect customer retention;
retention of customer data platforms like Twilio by organizations
in times of macroeconomic uncertainty; Twilio’s ability to
effectively manage its growth and increase gross margins; Twilio’s
ability to compete effectively in an intensely competitive market;
Twilio's ability to attract and retain qualified employees; the
technical reliability of Twilio’s products and platform; Twilio's
ability to successfully integrate its acquisitions and risks that
the anticipated benefits of such acquisitions and partnerships and
investments may not be fully realized or may take longer to realize
than expected; Twilio's ability to close the transactions
associated with such partnerships and investments; the impact of
recent and future privacy changes on certain third party platforms
on Twilio and its customers; and Twilio's ability to manage changes
in network service provider fees that it pays in connection with
the delivery of communications on its platform and the impact of
those fees on gross margin.
The forward-looking statements contained in this press release
and the accompanying conference call are also subject to additional
risks, uncertainties, and factors, including those more fully
described in Twilio’s most recent filings with the Securities and
Exchange Commission, including its most recent report on form 10-K,
subsequent reports on form 10-Q, and any amendments to any of the
foregoing. Further information on potential risks that could affect
actual results will be included in the subsequent periodic and
current reports and other filings that Twilio makes with the
Securities and Exchange Commission from time to time. Moreover,
Twilio operates in a very competitive and rapidly changing
environment, and new risks and uncertainties may emerge that could
have an impact on the forward-looking statements contained in this
press release and the accompanying conference call.
Forward-looking statements represent Twilio’s management’s
beliefs and assumptions only as of the date such statements are
made. Twilio undertakes no obligation to update any forward-looking
statements made in this press release or the accompanying
conference call to reflect events or circumstances after the date
of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law.
Use of Non-GAAP Financial Measures
To provide investors and others with additional information
regarding Twilio’s results, the following non-GAAP financial
measures are disclosed:
Non‑GAAP Gross Profit and Non‑GAAP Gross Margin.
For the periods presented, Twilio defines non‑GAAP gross profit and
non‑GAAP gross margin as GAAP gross profit and GAAP gross margin,
respectively, adjusted to exclude, as applicable, certain expenses
as presented in the table below.
Non‑GAAP Operating Expenses. For the periods presented,
Twilio defines non‑GAAP operating expenses (including categories of
operating expenses) as GAAP operating expenses (and categories of
operating expenses) adjusted to exclude, as applicable, certain
expenses as presented in the table below.
Non‑GAAP Income (Loss) from Operations and Non‑GAAP
Operating Margin. For the periods presented, Twilio defines
non‑GAAP income (loss) from operations and non‑GAAP operating
margin as GAAP loss from operations and GAAP operating margin,
respectively, adjusted to exclude, as applicable, certain expenses
as presented in the table below.
Non-GAAP Tax Rate. Twilio utilizes a fixed long-term
projected non-GAAP tax rate in order to provide better consistency
across the interim reporting periods by eliminating the effects of
items that can vary in size and frequency. The non-GAAP tax rate
could be subject to change for a variety of reasons, including
changes in tax laws and regulations, significant changes in
Twilio’s geographic earnings mix, or other changes to Twilio’s
strategy or business operations. Twilio re-evaluates its long-term
non-GAAP tax rate as appropriate.
Non‑GAAP Net Income (Loss) Attributable to Common
Stockholders and Non‑GAAP Net Income (Loss) Per Share
Attributable to Common Stockholders, Basic and Diluted. For the
periods presented, Twilio defines non-GAAP net income (loss)
attributable to common stockholders and non‑GAAP net income (loss)
per share attributable to common stockholders, basic and diluted,
as GAAP net loss attributable to common stockholders and GAAP net
loss per share attributable to common stockholders, basic and
diluted, respectively, adjusted to exclude, as applicable, certain
expenses presented in the table below.
Twilio’s management uses the foregoing non-GAAP financial
information, collectively, to evaluate its ongoing operations and
for internal planning and forecasting purposes. Twilio’s management
believes that non-GAAP financial information, when taken
collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance,
facilitates period-to-period comparisons of results of operations,
and assists in comparisons with other companies, many of which use
similar non-GAAP financial information to supplement their GAAP
results. Non‑GAAP financial information is presented for
supplemental informational purposes only, should not be considered
a substitute for financial information presented in accordance with
generally accepted accounting principles, and may be different from
similarly‑titled non‑GAAP measures used by other companies.
Whenever Twilio uses a non-GAAP financial measure, a reconciliation
is provided to the most closely applicable financial measure stated
in accordance with GAAP. Investors are encouraged to review the
related GAAP financial measures and the reconciliation of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures.
With respect to Twilio’s guidance as provided under “Outlook”
above, Twilio has not reconciled its expectations as to non-GAAP
income (loss) from operations to GAAP loss from operations or
non-GAAP net income (loss) per share to GAAP net loss per share
because stock-based compensation expense cannot be reasonably
calculated or predicted at this time. Accordingly, a reconciliation
is not available without unreasonable effort.
Operating Metrics
Twilio reviews a number of operating metrics to evaluate its
business, measure performance, identify trends, formulate business
plans, and make strategic decisions. These include the number of
Active Customer Accounts and Dollar-Based Net Expansion Rate.
Number of Active Customer Accounts. Twilio believes that
the number of Active Customer Accounts is an important indicator of
the growth of its business, the market acceptance of its platform
and future revenue trends. Twilio defines an Active Customer
Account at the end of any period as an individual account, as
identified by a unique account identifier, for which Twilio has
recognized at least $5 of revenue in the last month of the period.
Twilio believes that use of its platform by customers at or above
the $5 per month threshold is a stronger indicator of potential
future engagement than trial usage of its platform or usage at
levels below $5 per month. A single organization may constitute
multiple unique Active Customer Accounts if it has multiple account
identifiers, each of which is treated as a separate Active Customer
Account.
Dollar-Based Net Expansion Rate. Twilio’s ability to
drive growth and generate incremental revenue depends, in part, on
the Company’s ability to maintain and grow its relationships with
existing Active Customer Accounts and to increase their use of the
platform. An important way in which Twilio has historically tracked
performance in this area is by measuring the Dollar-Based Net
Expansion Rate for Active Customer Accounts. Twilio’s Dollar-Based
Net Expansion Rate increases when such Active Customer Accounts
increase their usage of a product, extend their usage of a product
to new applications or adopt a new product. Twilio’s Dollar-Based
Net Expansion Rate decreases when such Active Customer Accounts
cease or reduce their usage of a product or when Twilio lowers
usage prices on a product. As Twilio’s customers grow their
businesses and extend the use of our platform, they sometimes
create multiple customer accounts with us for operational or other
reasons. As such, when Twilio identifies a significant customer
organization (defined as a single customer organization generating
more than 1% of revenue in a quarterly reporting period) that has
created a new Active Customer Account, this new Active Customer
Account is tied to, and revenue from this new Active Customer
Account is included with, the original Active Customer Account for
the purposes of calculating this metric. Twilio believes that
measuring Dollar-Based Net Expansion Rate provides a more
meaningful indication of the performance of the Company’s efforts
to increase revenue from existing customers.
Twilio’s Dollar-Based Net Expansion Rate compares the total
revenue from all Active Customer Accounts in a quarter to the same
quarter in the prior year. To calculate the Dollar-Based Net
Expansion Rate, Twilio first identifies the cohort of Active
Customer Accounts that were Active Customer Accounts in the same
quarter of the prior year. The Dollar-Based Net Expansion Rate is
the quotient obtained by dividing the revenue generated from that
cohort in a quarter, by the revenue generated from that same cohort
in the corresponding quarter in the prior year. When Twilio
calculates Dollar-Based Net Expansion Rate for periods longer than
one quarter, it uses the average of the applicable quarterly
Dollar-Based Net Expansion Rates for each of the quarters in such
period. Revenue from acquisitions does not impact the Dollar-Based
Net Expansion Rate calculation until the quarter following the
one-year anniversary of the applicable acquisition, unless the
acquisition closing date is the first day of a quarter.
Source: Twilio Inc.
TWILIO INC.
Condensed
Consolidated Statements of Operations
(In thousands, except share and per
share amounts)
(Unaudited)
Three Months Ended June
30,
2022
2021
Revenue
$
943,354
$
668,931
Cost of revenue
498,065
337,684
Gross profit
445,289
331,247
Operating expenses:
Research and development
279,641
181,280
Sales and marketing
334,958
238,058
General and administrative
142,626
114,183
Total operating expenses
757,225
533,521
Loss from operations
(311,936
)
(202,274
)
Other expenses, net
(8,239
)
(24,293
)
Loss before provision for income taxes
(320,175
)
(226,567
)
Provision for income taxes
(2,594
)
(1,286
)
Net loss attributable to common
stockholders
$
(322,769
)
$
(227,853
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(1.77
)
$
(1.31
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
182,347,864
173,407,187
TWILIO INC.
Condensed
Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of June 30,
As of December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
798,625
$
1,479,452
Short-term marketable securities
3,593,659
3,878,430
Accounts receivable, net
471,915
388,215
Prepaid expenses and other current
assets
240,192
186,131
Total current assets
5,104,391
5,932,228
Property and equipment, net
264,767
255,316
Operating right-of-use assets
213,464
234,584
Equity method investment
750,000
—
Intangible assets, net
953,522
1,050,012
Goodwill
5,285,563
5,263,166
Other long-term assets
297,522
263,292
Total assets
$
12,869,229
$
12,998,598
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
102,039
$
93,333
Accrued expenses and other current
liabilities
504,810
417,503
Deferred revenue and customer deposits
137,728
140,389
Operating lease liability, current
50,743
52,325
Total current liabilities
795,320
703,550
Operating lease liability, noncurrent
189,068
211,253
Finance lease liability, noncurrent
18,935
25,132
Long-term debt, net
986,619
985,907
Other long-term liabilities
37,292
41,290
Total liabilities
2,027,234
1,967,132
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Common stock
183
180
Additional paid-in capital
13,623,300
13,169,118
Accumulated other comprehensive loss
(117,401
)
(18,141
)
Accumulated deficit
(2,664,087
)
(2,119,691
)
Total stockholders’ equity
10,841,995
11,031,466
Total liabilities and stockholders’
equity
$
12,869,229
$
12,998,598
TWILIO INC.
Condensed
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June
30,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(544,396
)
$
(434,395
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
137,744
119,405
Non-cash reduction to the right-of-use
asset
25,539
23,200
Net amortization of investment premium and
discount
20,274
13,834
Amortization of debt discount and issuance
costs
713
5,081
Stock-based compensation
397,366
281,323
Amortization of deferred commissions
26,076
12,394
Value of shares of Class A common stock
donated to charity
6,605
16,194
Loss on extinguishment of debt
—
28,986
Other adjustments
9,927
8,313
Changes in operating assets and
liabilities:
Accounts receivable
(91,782
)
(41,687
)
Prepaid expenses and other current
assets
(57,997
)
(44,604
)
Other long-term assets
(52,521
)
(39,118
)
Accounts payable
6,654
27,078
Accrued expenses and other current
liabilities
78,430
65,923
Deferred revenue and customer deposits
(3,984
)
7,615
Operating lease liabilities
(31,127
)
(23,610
)
Other long-term liabilities
(7,662
)
290
Net cash (used in) provided by operating
activities
(80,141
)
26,222
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired and
other related payments
(31,697
)
(94,178
)
Purchases of marketable securities and
other investments
(1,325,366
)
(2,807,798
)
Proceeds from sales and maturities of
marketable securities
754,574
754,466
Capitalized software development costs
(22,361
)
(21,839
)
Purchases of long-lived and intangible
assets
(10,779
)
(12,140
)
Net cash used in investing activities
(635,629
)
(2,181,489
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from public offerings, net of
underwriters' discounts
—
1,766,400
Payments of costs related to public
offerings
(35
)
(394
)
Proceeds from issuance of senior notes due
2029 and 2031
—
987,500
Payment of debt issuance costs
—
(1,362
)
Proceeds from settlements of capped call,
net of settlement costs
—
228,412
Principal payments on debt and finance
leases
(6,188
)
(6,658
)
Value of equity awards withheld for tax
liabilities
(1,069
)
(4,656
)
Proceeds from exercises of stock options
and shares of Class A common stock issued under ESPP
41,694
55,614
Net cash provided by financing
activities
34,402
3,024,856
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
313
(143
)
NET (DECREASE) INCREASE IN CASH, CASH
EQUIVALENTS AND RESTRICTED CASH
(681,055
)
869,446
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—Beginning of period
1,481,831
933,885
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
—End of period
$
800,776
$
1,803,331
TWILIO INC.
Reconciliation of
GAAP Financial Measures to Non-GAAP Financial
Measures
(In thousands, except shares, per share
amounts and percentages)
(Unaudited)
Three Months Ended June
30,
2022
2021
GAAP gross profit
$
445,289
$
331,247
GAAP gross margin
47
%
50
%
Non-GAAP adjustments:
Stock-based compensation
3,996
3,024
Amortization of acquired intangibles
31,236
26,204
Payroll taxes related to stock-based
compensation
242
—
Non-GAAP gross profit
$
480,763
$
360,475
Non-GAAP gross margin
51
%
54
%
GAAP research and development
$
279,641
$
181,280
Non-GAAP adjustments:
Stock-based compensation
(109,524
)
(58,871
)
Amortization of acquired intangibles
(420
)
(378
)
Payroll taxes related to stock-based
compensation
(2,610
)
(3,767
)
Non-GAAP research and development
$
167,087
$
118,264
Non-GAAP research and development as a %
of revenue
18
%
18
%
GAAP sales and marketing
$
334,958
$
238,058
Non-GAAP adjustments:
Stock-based compensation
(78,492
)
(47,940
)
Amortization of acquired intangibles
(20,509
)
(18,762
)
Payroll taxes related to stock-based
compensation
(2,667
)
(2,633
)
Non-GAAP sales and marketing
$
233,290
$
168,723
Non-GAAP sales and marketing as a % of
revenue
25
%
25
%
GAAP general and administrative
$
142,626
$
114,183
Non-GAAP adjustments:
Stock-based compensation
(50,078
)
(34,333
)
Amortization of acquired intangibles
—
(10
)
Acquisition-related expenses
(1,840
)
(2,836
)
Charitable contributions
(2,373
)
(6,789
)
Payroll taxes related to stock-based
compensation
(647
)
(929
)
Non-GAAP general and administrative
$
87,688
$
69,286
Non-GAAP general and administrative as a %
of revenue
9
%
10
%
GAAP loss from operations
$
(311,936
)
$
(202,274
)
Operating margin
(33
)%
(30
)%
Non-GAAP adjustments:
Stock-based compensation
242,090
144,168
Amortization of acquired intangibles
52,165
45,354
Acquisition-related expenses
1,840
2,836
Charitable contributions
2,373
6,789
Payroll taxes related to stock-based
compensation
6,166
7,329
Non-GAAP income from operations
$
(7,302
)
$
4,202
Non-GAAP operating margin
(1
)%
1
%
TWILIO INC.
Reconciliation of
GAAP Financial Measures to Non-GAAP Financial
Measures
(In thousands, except shares, per share
amounts and percentages)
(Unaudited)
Three Months Ended June
30,
2022
2021
GAAP net loss attributable to common
stockholders
$
(322,769
)
$
(227,853
)
Non-GAAP adjustments:
Stock-based compensation
242,090
144,168
Amortization of acquired intangibles
52,165
45,354
Acquisition-related expenses
1,840
2,836
Charitable contributions
2,373
6,789
Payroll taxes related to stock-based
compensation
6,166
7,329
Amortization of debt discount and issuance
costs
375
1,708
Income tax benefit related to
acquisition
(1,487
)
(143
)
Benefit from income tax effects related to
Non-GAAP adjustments **
—
1,465
Non-GAAP net loss attributable to common
stockholders
$
(19,247
)
$
(18,347
)
Non-GAAP net loss attributable to common
stockholders as a % of revenue
(2
)%
(3
)%
GAAP net loss per share attributable to
common stockholders, basic and diluted*
$
(1.77
)
$
(1.31
)
Non-GAAP adjustments:
Stock-based compensation
1.33
0.83
Amortization of acquired intangibles
0.29
0.26
Acquisition-related expenses
0.01
0.02
Charitable contributions
0.01
0.04
Payroll taxes related to stock-based
compensation
0.03
0.04
Amortization of debt discount and issuance
costs
—
0.01
Income tax benefit related to
acquisition
(0.01
)
—
Benefit from income tax effects related to
Non-GAAP adjustments **
—
0.01
Non-GAAP net loss per share attributable
to common stockholders, basic and diluted
$
(0.11
)
$
(0.11
)
GAAP and non-GAAP weighted-average
shares used to compute net loss per share attributable to common
stockholders, basic and diluted
182,347,864
173,407,187
* Some columns may not add due to
rounding
** In 2021 represents the tax effect of
the non-GAAP adjustments based on the estimated non-GAAP tax rate
of 22%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005910/en/
Investor Contact: Bryan Vaniman ir@Twilio.com
or
Media Contact: Carolyn Bos press@Twilio.com
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