Twilio Announces Third Quarter 2022 Results
Twilio reported third quarter revenue of $983 million, marking a 33% year-over-year growth. The company experienced a Dollar-Based Net Expansion Rate of 122%, although this declined from 131% in the previous year. Despite revenue growth, Twilio faced a GAAP loss from operations of $457 million compared to a $232 million loss in Q3 2021. The company anticipates Q4 revenue between $995 million and $1.005 billion, with a projected 18-19% growth.
- Revenue of $983 million, up 33% YoY.
- Dollar-Based Net Expansion Rate at 122%.
- Over 280,000 Active Customer Accounts, up from 250,000 YoY.
- GAAP loss from operations increased to $457 million from $232 million YoY.
- Non-GAAP loss from operations of $35.1 million, down from an income of $8.2 million YoY.
- GAAP net loss per share increased to $2.63 from $1.26 YoY.
-
Third Quarter Revenue of
, up$983.0 million 33% Year-Over-Year -
Third Quarter Revenue Dollar-Based Net Expansion Rate of
122%
“We delivered solid third quarter results, with revenue of
Third Quarter 2022 Financial Highlights
-
Revenue of
for the third quarter of 2022, up$983.0 million 33% year-over-year, including from Zipwhip. Organic revenue1 grew$34.8 million 32% year-over-year.
-
GAAP loss from operations of
for the third quarter of 2022, compared with GAAP loss from operations of$457.0 million for the third quarter of 2021.$232.3 million
-
Non-GAAP loss from operations of
for the third quarter of 2022 compared with non-GAAP income from operations of$35.1 million for the third quarter of 2021.$8.2 million
-
GAAP net loss per share attributable to common stockholders, basic and diluted, of
based on 183.7 million weighted average shares outstanding in the third quarter of 2022, compared with GAAP net loss per share attributable to common stockholders, basic and diluted, of$2.63 based on 177.2 million weighted average shares outstanding in the third quarter of 2021.$1.26
-
Non-GAAP net loss per share attributable to common stockholders, basic and diluted, of
based on 183.7 million non-GAAP weighted average shares outstanding in the third quarter of 2022, compared with non-GAAP net income per share attributable to common stockholders, diluted, of$0.27 based on 185.0 million non-GAAP weighted average shares outstanding in the third quarter of 2021.$0.01
1 Organic revenue excludes revenue from Zipwhip and all other acquisitions closed after
Key Metrics
-
More than 280,000 Active Customer Accounts as of
September 30, 2022 , compared to more than 250,000 Active Customer Accounts as ofSeptember 30, 2021 .
-
Dollar-Based Net Expansion Rate was
122% for the third quarter of 2022, compared to131% for the third quarter of 2021. Results from acquisitions closed afterJuly 1, 2021 , including Zipwhip, do not impact the calculation of this metric in either period.
-
8,992 employees as of
September 30, 2022 , which includes 816 employees who were impacted by the restructuring activity and will be leavingTwilio in the fourth quarter.
Outlook
|
|
Q4 FY22
|
|
Revenue (millions) |
|
|
|
Y/Y Growth |
|
|
|
Organic Y/Y Growth (1) |
|
|
|
Non-GAAP loss from operations (millions) |
|
( |
|
Non-GAAP loss per share |
|
( |
|
Non-GAAP basic shares outstanding (millions) |
|
185 |
(1) Organic revenue growth guidance excludes all revenue from acquisitions that closed after
Conference Call Information
About
Today's leading companies trust
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
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
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
Forward-looking statements represent Twilio’s management’s beliefs and assumptions only as of the date such statements are made.
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,
Non‑GAAP Operating Expenses. For the periods presented,
Non‑GAAP Income (Loss) from Operations and Non‑GAAP Operating Margin. For the periods presented,
Non-GAAP Tax Rate.
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’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
With respect to Twilio’s guidance as provided under “Outlook” above,
Operating Metrics
Number of Active Customer Accounts.
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’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,
Source:
Condensed Consolidated Statements of Operations (In thousands, except share and per share amounts) (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
Revenue |
|
$ |
983,030 |
|
|
$ |
740,176 |
|
Cost of revenue |
|
|
520,955 |
|
|
|
375,561 |
|
Gross profit |
|
|
462,075 |
|
|
|
364,615 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
284,735 |
|
|
|
209,890 |
|
Sales and marketing |
|
|
328,833 |
|
|
|
264,548 |
|
General and administrative |
|
|
135,331 |
|
|
|
122,522 |
|
Restructuring costs |
|
|
72,451 |
|
|
|
— |
|
Impairment of long-lived assets |
|
|
97,722 |
|
|
|
— |
|
Total operating expenses |
|
|
919,072 |
|
|
|
596,960 |
|
Loss from operations |
|
|
(456,997 |
) |
|
|
(232,345 |
) |
Other expenses, net: |
|
|
|
|
||||
Share of losses from equity method investment |
|
|
(13,376 |
) |
|
|
— |
|
Other, net |
|
|
(8,374 |
) |
|
|
(6,613 |
) |
Total other expenses, net |
|
|
(21,750 |
) |
|
|
(6,613 |
) |
Loss before (provision for) benefit from income taxes |
|
|
(478,747 |
) |
|
|
(238,958 |
) |
(Provision for) benefit from income taxes |
|
|
(3,580 |
) |
|
|
14,849 |
|
Net loss attributable to common stockholders |
|
$ |
(482,327 |
) |
|
$ |
(224,109 |
) |
|
|
|
|
|
||||
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(2.63 |
) |
|
$ |
(1.26 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
183,692,564 |
|
|
|
177,231,285 |
|
Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
||||||||
|
|
As of
|
|
As of
|
||||
|
|
2022 |
|
2021 |
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
632,794 |
|
|
$ |
1,479,452 |
|
Short-term marketable securities |
|
|
3,575,751 |
|
|
|
3,878,430 |
|
Accounts receivable, net |
|
|
487,750 |
|
|
|
388,215 |
|
Prepaid expenses and other current assets |
|
|
265,977 |
|
|
|
186,131 |
|
Total current assets |
|
|
4,962,272 |
|
|
|
5,932,228 |
|
Property and equipment, net |
|
|
263,862 |
|
|
|
255,316 |
|
Operating right-of-use assets |
|
|
127,567 |
|
|
|
234,584 |
|
Equity method investment |
|
|
732,490 |
|
|
|
— |
|
Intangible assets, net |
|
|
901,155 |
|
|
|
1,050,012 |
|
|
|
|
5,284,616 |
|
|
|
5,263,166 |
|
Other long-term assets |
|
|
340,694 |
|
|
|
263,292 |
|
Total assets |
|
$ |
12,612,656 |
|
|
$ |
12,998,598 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
103,234 |
|
|
$ |
93,333 |
|
Accrued expenses and other current liabilities |
|
|
572,876 |
|
|
|
417,503 |
|
Deferred revenue and customer deposits |
|
|
135,610 |
|
|
|
140,389 |
|
Operating lease liability, current |
|
|
52,453 |
|
|
|
52,325 |
|
Total current liabilities |
|
|
864,173 |
|
|
|
703,550 |
|
Operating lease liability, noncurrent |
|
|
176,336 |
|
|
|
211,253 |
|
Finance lease liability, noncurrent |
|
|
24,842 |
|
|
|
25,132 |
|
Long-term debt, net |
|
|
986,985 |
|
|
|
985,907 |
|
Other long-term liabilities |
|
|
29,432 |
|
|
|
41,290 |
|
Total liabilities |
|
|
2,081,768 |
|
|
|
1,967,132 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
184 |
|
|
|
180 |
|
Additional paid-in capital |
|
|
13,842,301 |
|
|
|
13,169,118 |
|
Accumulated other comprehensive loss |
|
|
(165,183 |
) |
|
|
(18,141 |
) |
Accumulated deficit |
|
|
(3,146,414 |
) |
|
|
(2,119,691 |
) |
Total stockholders’ equity |
|
|
10,530,888 |
|
|
|
11,031,466 |
|
Total liabilities and stockholders’ equity |
|
$ |
12,612,656 |
|
|
$ |
12,998,598 |
|
Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
||||||||
|
|
Nine Months Ended
|
||||||
|
|
2022 |
|
2021 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
||||||
Net loss |
|
$ |
(1,026,723 |
) |
|
$ |
(658,504 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
207,880 |
|
|
|
189,669 |
|
Non-cash reduction to the right-of-use asset |
|
|
38,669 |
|
|
|
36,249 |
|
Net amortization of investment premium and discount |
|
|
27,900 |
|
|
|
24,880 |
|
Impairment of long-lived assets |
|
|
100,681 |
|
|
|
4,936 |
|
Stock-based compensation including restructuring |
|
|
606,260 |
|
|
|
445,366 |
|
Amortization of deferred commissions |
|
|
41,322 |
|
|
|
20,798 |
|
Allowance for credit losses |
|
|
21,786 |
|
|
|
11,371 |
|
Value of shares of Class A common stock donated to charity |
|
|
8,516 |
|
|
|
24,583 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
28,965 |
|
Share of losses from equity method investment |
|
|
13,376 |
|
|
|
— |
|
Other adjustments |
|
|
207 |
|
|
|
(6,422 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(121,353 |
) |
|
|
(81,186 |
) |
Prepaid expenses and other current assets |
|
|
(81,071 |
) |
|
|
(59,929 |
) |
Other long-term assets |
|
|
(111,662 |
) |
|
|
(66,501 |
) |
Accounts payable |
|
|
11,585 |
|
|
|
(8,665 |
) |
Accrued expenses and restructuring costs |
|
|
122,408 |
|
|
|
84,730 |
|
Deferred revenue and customer deposits |
|
|
(6,206 |
) |
|
|
27,004 |
|
Operating lease liabilities |
|
|
(42,158 |
) |
|
|
(36,274 |
) |
Other long-term liabilities |
|
|
(7,330 |
) |
|
|
(1,019 |
) |
Net cash used in operating activities |
|
|
(195,913 |
) |
|
|
(19,949 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Acquisitions, net of cash acquired and other related payments |
|
|
(32,853 |
) |
|
|
(490,880 |
) |
Purchases of marketable securities and other investments |
|
|
(1,650,759 |
) |
|
|
(3,225,799 |
) |
Proceeds from sales and maturities of marketable securities |
|
|
1,065,998 |
|
|
|
1,334,444 |
|
Capitalized software development costs |
|
|
(35,905 |
) |
|
|
(35,926 |
) |
Purchases of long-lived and intangible assets |
|
|
(28,634 |
) |
|
|
(33,575 |
) |
Net cash used in investing activities |
|
|
(682,153 |
) |
|
|
(2,451,736 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Proceeds from public offerings, net of underwriters' discounts |
|
|
— |
|
|
|
1,766,400 |
|
Payments of costs related to public offerings |
|
|
(35 |
) |
|
|
(464 |
) |
Proceeds from issuance of senior notes due 2029 and 2031, net of issuance costs |
|
|
— |
|
|
|
984,749 |
|
Proceeds from settlements of capped call, net of settlement costs |
|
|
— |
|
|
|
228,412 |
|
Principal payments on debt and finance leases |
|
|
(9,383 |
) |
|
|
(4,852 |
) |
Value of equity awards withheld for tax liabilities |
|
|
(1,080 |
) |
|
|
(6,552 |
) |
Proceeds from exercises of stock options and shares of Class A common stock issued under ESPP |
|
|
43,750 |
|
|
|
71,607 |
|
Net cash provided by financing activities |
|
|
33,252 |
|
|
|
3,039,300 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
146 |
|
|
|
(157 |
) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
(844,668 |
) |
|
|
567,458 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period |
|
|
1,481,831 |
|
|
|
933,885 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period |
|
$ |
637,163 |
|
|
$ |
1,501,343 |
|
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (In thousands, except shares, per share amounts and percentages) (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
Gross profit |
|
$ |
462,075 |
|
|
$ |
364,615 |
|
GAAP gross margin |
|
|
47 |
% |
|
|
49 |
% |
Non-GAAP adjustments: |
|
|
|
|
||||
Share-based compensation |
|
|
6,114 |
|
|
|
3,720 |
|
Amortization of acquired intangibles |
|
|
30,729 |
|
|
|
31,558 |
|
Taxes related to stock-based compensation |
|
|
215 |
|
|
|
— |
|
Non-GAAP gross profit |
|
$ |
499,133 |
|
|
$ |
399,893 |
|
Non-GAAP gross margin |
|
|
51 |
% |
|
|
54 |
% |
GAAP research and development |
|
$ |
284,735 |
|
|
$ |
209,890 |
|
Non-GAAP adjustments: |
|
|
|
|
||||
Share-based compensation |
|
|
(90,787 |
) |
|
|
(69,242 |
) |
Amortization of acquired intangibles |
|
|
(420 |
) |
|
|
(462 |
) |
Taxes related to stock-based compensation |
|
|
(1,533 |
) |
|
|
(6,035 |
) |
Non-GAAP research and development |
|
$ |
191,995 |
|
|
$ |
134,151 |
|
Non-GAAP research and development as % of revenue |
|
|
20 |
% |
|
|
18 |
% |
|
|
|
|
|
||||
GAAP sales and marketing |
|
$ |
328,833 |
|
|
$ |
264,548 |
|
Non-GAAP adjustments: |
|
|
|
|
||||
Share-based compensation |
|
|
(58,747 |
) |
|
|
(53,843 |
) |
Amortization of acquired intangibles |
|
|
(20,500 |
) |
|
|
(23,741 |
) |
Taxes related to stock-based compensation |
|
|
(2,261 |
) |
|
|
(3,721 |
) |
Non-GAAP sales and marketing |
|
$ |
247,325 |
|
|
$ |
183,243 |
|
Non-GAAP sales and marketing as % of revenue |
|
|
25 |
% |
|
|
25 |
% |
|
|
|
|
|
||||
GAAP general and administrative |
|
$ |
135,331 |
|
|
$ |
122,522 |
|
Non-GAAP adjustments: |
|
|
|
|
||||
Share-based compensation |
|
|
(37,973 |
) |
|
|
(37,238 |
) |
Acquisition related expenses |
|
|
(121 |
) |
|
|
(1,620 |
) |
Taxes related to stock-based compensation |
|
|
(416 |
) |
|
|
(978 |
) |
Charitable contribution |
|
|
(1,911 |
) |
|
|
(8,389 |
) |
Non-GAAP general and administrative |
|
$ |
94,910 |
|
|
$ |
74,297 |
|
Non-GAAP general and administrative as % of revenue |
|
|
10 |
% |
|
|
10 |
% |
|
|
|
|
|
||||
GAAP restructuring costs |
|
$ |
72,451 |
|
|
$ |
— |
|
Total restructuring costs |
|
|
(72,451 |
) |
|
|
— |
|
Non-GAAP restructuring costs |
|
$ |
— |
|
|
$ |
— |
|
Non-GAAP restructuring costs as % of revenue |
|
|
— |
% |
|
|
— |
% |
|
|
|
|
|
||||
GAAP impairment of long-lived assets |
|
$ |
97,722 |
|
|
$ |
— |
|
Total impairment of long-lived assets |
|
|
(97,722 |
) |
|
|
— |
|
Non-GAAP impairment of long-lived assets |
|
$ |
— |
|
|
$ |
— |
|
Non-GAAP impairment of long-lived assets as % of revenue |
|
|
— |
% |
|
|
— |
% |
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (In thousands, except shares, per share amounts and percentages) (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
GAAP loss from operations |
|
$ |
(456,997 |
) |
|
$ |
(232,345 |
) |
Operating margin |
|
|
(46 |
)% |
|
|
(31 |
)% |
Non-GAAP adjustments: |
|
|
|
|
||||
Share-based compensation |
|
|
193,621 |
|
|
|
164,043 |
|
Amortization of acquired intangibles |
|
|
51,649 |
|
|
|
55,761 |
|
Acquisition related expenses |
|
|
121 |
|
|
|
1,620 |
|
Taxes related to stock-based compensation |
|
|
4,425 |
|
|
|
10,734 |
|
Charitable contribution |
|
|
1,911 |
|
|
|
8,389 |
|
Restructuring costs |
|
|
72,451 |
|
|
|
— |
|
Impairment of long-lived assets |
|
|
97,722 |
|
|
|
— |
|
Non-GAAP operating (loss) income |
|
$ |
(35,097 |
) |
|
$ |
8,202 |
|
Non-GAAP operating margin |
|
|
(4 |
)% |
|
|
1 |
% |
|
|
|
|
|
GAAP net loss attributable to common stockholders |
|
$ |
(482,327 |
) |
|
$ |
(224,109 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Share-based compensation |
|
|
193,621 |
|
|
|
164,043 |
|
Amortization of acquired intangibles |
|
|
51,649 |
|
|
|
55,761 |
|
Acquisition related expenses |
|
|
121 |
|
|
|
1,620 |
|
Taxes related to stock-based compensation |
|
|
4,425 |
|
|
|
10,734 |
|
Accretion of debt discount and issuance costs |
|
|
380 |
|
|
|
376 |
|
Income tax benefit related to acquisition |
|
|
(2,329 |
) |
|
|
(15,060 |
) |
Charitable contribution |
|
|
1,911 |
|
|
|
8,389 |
|
Share of losses from equity method investment |
|
|
13,376 |
|
|
|
— |
|
Restructuring costs |
|
|
72,451 |
|
|
|
— |
|
Impairment of long-lived assets |
|
|
97,722 |
|
|
|
— |
|
Non-GAAP net (loss) income attributable to common stockholders |
|
$ |
(49,000 |
) |
|
$ |
1,754 |
|
Non-GAAP net (loss) income attributable to common stockholders as % of revenue |
|
|
(5 |
)% |
|
|
— |
% |
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (In thousands, except shares, per share amounts and percentages) (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
GAAP net loss per share attributable to common stockholders, basic and diluted* |
|
$ |
(2.63 |
) |
|
$ |
(1.26 |
) |
Non-GAAP adjustments: |
|
|
|
|
||||
Share-based compensation |
|
|
1.05 |
|
|
|
0.89 |
|
Amortization of acquired intangibles |
|
|
0.28 |
|
|
|
0.30 |
|
Acquisition related expenses |
|
|
— |
|
|
|
0.01 |
|
Taxes related to stock-based compensation |
|
|
0.02 |
|
|
|
0.06 |
|
Accretion of debt discount and issuance costs |
|
|
— |
|
|
|
— |
|
Income tax benefit related to acquisition |
|
|
(0.01 |
) |
|
|
(0.08 |
) |
Charitable contribution |
|
|
0.01 |
|
|
|
0.05 |
|
Share of losses from equity method investment |
|
|
0.07 |
|
|
|
— |
|
Restructuring costs |
|
|
0.39 |
|
|
|
— |
|
Impairment of long-lived assets |
|
|
0.53 |
|
|
|
— |
|
Other dilutive |
|
|
— |
|
|
|
0.04 |
|
Non-GAAP net (loss) income per share attributable to common stockholders, diluted |
|
$ |
(0.27 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
||||
GAAP weighted-average shares used to compute net loss per share attributable to common stockholders, basic |
|
|
183,692,564 |
|
|
|
177,231,285 |
|
|
|
|
|
|
||||
Weighted average dilutive shares outstanding |
|
|
— |
|
|
|
7,720,226 |
|
|
|
|
|
|
||||
Non-GAAP weighted-average shares used to compute non-GAAP net (loss) income per share attributable to common stockholders, diluted |
|
|
183,692,564 |
|
|
|
184,951,511 |
|
* 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006064/en/
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ir@Twilio.com
or
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