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TWLO · Twilio

32 filings

10-Q

TWLO 10-Q Quarterly Reports

Twilio - 32 quarterly reports

Filing record · 2016–202610-K1110-Q328-K108

2026-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2026
Twilio Inc. reported third-quarter 2026 revenue of $1.56 billion, up 20% from $1.30 billion in the same period of 2025. Net income attributable to common stockholders rose to $161.2 million from $37.2 million, and diluted earnings per share were $1.00 versus $0.23. Income from operations was $148.6 million, compared with $40.9 million a year earlier. Dollar-Based Net Expansion Rate (DBNE) improved to 114% from 109%. The filing attributes $53.1 million of the quarter's revenue increase to incremental A2P messaging fees introduced by major U.S. carriers, which the company passes through to customers at cost and which create a headwind to gross margin. For the nine months ended September 30, 2026, revenue was $4.47 billion, up 21%, and net income was $1.32 billion, diluted EPS was $8.25. That result includes a $937.1 million income tax benefit from releasing a significant portion of the U.S. deferred tax asset valuation allowance in the second quarter of 2026. The filing also records a $32.8 million impairment on prepaid network services after two network service providers experienced operational and financial challenges. Non-GAAP income from operations was $325.7 million in the quarter, compared with $234.5 million, and free cash flow was $369.6 million, compared with $247.5 million. The balance sheet remained liquid, with $1.06 billion in cash and cash equivalents and $1.83 billion in short-term marketable securities as of September 30, 2026. The company repurchased $446.7 million of Class A common stock in the nine months, leaving approximately $698.7 million available under its $2.0 billion program that expires December 31, 2027. Total long-term debt, net, was $993.6 million, and the company stated it was in compliance with all covenants under its senior note indentures.
Oct 30, 2026
2026-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2026
Twilio Inc. reported second-quarter 2026 revenue of $1,499.1 million, up 22% from $1,228.4 million in the prior-year quarter, with the filing attributing the increase to higher usage from existing customers (DBNE of 116%, versus 108% a year earlier), $75.7 million from newer customer accounts, and $71.1 million from incremental A2P fees introduced by major U.S. carriers. Gross profit rose to $725.9 million from $602.7 million, though gross margin declined to 48% from 49%. Income from operations was $84.5 million, compared with $37.0 million, after a $32.8 million impairment loss on prepaid network services tied to two network service providers' operational and financial challenges. Net income attributable to common stockholders was $1,067.2 million for the quarter, or $6.68 per diluted share, versus $22.4 million ($0.14 per diluted share) a year earlier. The result was driven primarily by a $944.1 million income tax benefit from releasing a significant portion of the U.S. deferred tax asset valuation allowance, which the company concluded is more likely than not realizable based on three years of cumulative U.S. profitability. Excluding this one-time benefit, the filing's income before taxes was $75.5 million for the quarter. Balance sheet and cash flow remained steady. As of June 30, 2026, the company held $823.3 million in cash and cash equivalents and $1.8 billion in short-term marketable securities against $993.2 million of long-term debt (2029 and 2031 Senior Notes). Net cash from operating activities for the six months was $525.6 million, and the company repurchased $319.4 million of stock in the six months, leaving approximately $826.0 million under its January 2025 authorization.
Aug 7, 2026
2026-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2026
Twilio Inc. reported first-quarter 2026 revenue of $1.41 billion, up from $1.17 billion in the same period of 2025, with the filing attributing the increase to higher usage from existing customers (Dollar-Based Net Expansion Rate of 114%, compared with 107%), $70.9 million from customer accounts outside that metric, and $46.1 million from incremental A2P fees introduced by major U.S. carriers. Income from operations rose to $107.7 million from $23.1 million, and net income attributable to common stockholders increased to $90.1 million from $20.0 million, or $0.57 per diluted share versus $0.12. Gross margin was 49% compared with 50% a year earlier, as cost of revenue grew 22% on network service provider costs, including the A2P fees that the company passes through at cost. Cash generation was weaker than earnings. Net cash provided by operating activities was $153.2 million versus $191.0 million, and free cash flow was $132.3 million versus $178.3 million. The filing states that March 2026 included a $141.0 million payment under the 2025 company-wide bonus program, and accrued expenses and other current liabilities declined by $155.8 million over the quarter. Cash and cash equivalents were $542.0 million at March 31, 2026, down from $682.3 million at December 31, 2025, and short-term marketable securities were $1.8 billion. Capital allocation remained focused on buybacks. The company repurchased 2.1 million Class A shares for $253.4 million in the quarter, leaving approximately $892.0 million under the $2.0 billion program that expires on December 31, 2027. The filing states that there is a reasonable possibility that a significant portion of the valuation allowance on U.S. deferred tax assets could be released in 2026, which would produce a significant income tax benefit, though timing and amount remain subject to operating results. The company also disclosed an IRS notice of intent to audit its 2023 federal return, which is in preliminary stages.
May 1, 2026
2025-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2025
Twilio Inc. reported third-quarter 2025 revenue of $1.30 billion, up from $1.13 billion a year earlier, and net income attributable to common stockholders of $37.2 million, compared with a net loss of $9.7 million in the prior-year quarter. Income from operations was $40.9 million versus a loss of $4.9 million, and non-GAAP income from operations was $234.5 million (18% non-GAAP operating margin). For the nine months, revenue was $3.70 billion and net income was $79.7 million, compared with a net loss of $96.9 million a year earlier. The filing attributes revenue growth mainly to existing-customer usage (Dollar-Based Net Expansion Rate of 109% for the quarter) and $61.0 million from new Active Customer Accounts, which numbered 392,000 at September 30, 2025. Management notes that a major U.S. carrier's A2P fee increase passes through at cost, adding revenue and cost of revenue without affecting gross profit dollars but creating a modest gross margin headwind. The balance sheet shows cash and cash equivalents of $734.8 million and short-term marketable securities of $1.72 billion, against long-term debt of $991.9 million (2029 and 2031 Senior Notes). Nine-month operating cash flow was $731.7 million and free cash flow for the quarter was $247.5 million (19% margin). During the nine months, the company repurchased $656.7 million of Class A common stock under a $2.0 billion program authorized in January 2025, leaving about $1.3 billion available. The filing also discloses a pending acquisition of Stytch, Inc., agreed on October 30, 2025 and expected to close in the fourth quarter of 2025.
Oct 31, 2025
2025-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2025
Twilio Inc. reported revenue of $1,228.4 million for the three months ended June 30, 2025, up from $1,082.5 million a year earlier, and net income of $22.4 million versus a net loss of $31.9 million in the prior-year quarter. Income from operations was $37.0 million compared with a loss of $19.0 million. For the six months ended June 30, 2025, revenue was $2,400.9 million and net income was $42.4 million. The filing states the Communications segment drove growth, with Communications revenue of $1,153.0 million (up $145.7 million) and Segment revenue of $75.5 million, roughly flat. Segment non-GAAP income from operations was $280.6 million for Communications and $6.0 million for Segment in the quarter. Balance sheet and cash flow remained solid. As of June 30, 2025, cash and cash equivalents totaled $969.2 million and short-term marketable securities $1.57 billion, against $991.4 million of long-term debt, net. Net cash provided by operating activities was $468.1 million for the six months, and the company repurchased $306.9 million of Class A common stock in the period, leaving about $1.7 billion available under the $2.0 billion program authorized in January 2025. The filing also discloses that a major U.S. mobile carrier raised A2P messaging fees in June 2025, which the company passes through at cost and which the filing says will create a modest headwind to gross margins. Gross margin was 49% for the quarter versus 51% a year earlier, and the filing attributes the increase in cost of revenue primarily to a $94.5 million rise in network service provider costs. Active Customer Accounts were 349,000 versus 316,000, and Dollar-Based Net Expansion Rate was 108% versus 102%. Management stated it believes existing cash and cash flows will be sufficient for the next 12 months and beyond.
Aug 8, 2025
2025-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2025
Twilio Inc. reported first-quarter 2025 revenue of $1.17 billion, up from $1.05 billion in the prior-year period, and net income of $20.0 million versus a net loss of $(55.3) million a year earlier. Income from operations was $23.1 million compared with a loss from operations of $(43.5) million. Communications revenue rose $124.8 million, or 13%, driven by existing-customer usage and $50.9 million from new Communications Active Customer Accounts, while Segment revenue was roughly flat at $75.7 million, up 1%. The Communications Dollar-Based Net Expansion Rate was 108% and the Segment rate was 94%. Gross margin fell to 50% from 52%, mainly due to a $76.7 million increase in network service provider costs, net of hedging. Cash flow and capital returns were the other focus. Net cash provided by operating activities was $191.0 million and free cash flow was $178.3 million. Cash and cash equivalents were $467.1 million and short-term marketable securities were $2.0 billion. The company repurchased 1.2 million Class A shares for $130.2 million under a $2.0 billion program authorized in January 2025, leaving about $1.9 billion available. Stock-based compensation remained significant at $139.3 million for the quarter, and total long-term debt, net, was $991.0 million across the 2029 and 2031 Senior Notes. The filing states that the company's disclosure controls were effective as of March 31, 2025, and it reports no material change in internal control over financial reporting during the quarter. Management believes cash and marketable securities, together with operating cash flows, will be sufficient for the next 12 months and beyond. The filing also discloses that Section 13(r) activity related to SMS messages terminating in Iran through a non-U.S. subsidiary's Swiss service provider has been terminated, with no gross revenue or net profits received from the Iranian Entities.
May 2, 2025
2024-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2024
Twilio Inc. reported third-quarter 2024 revenue of $1.13 billion, up from $1.03 billion a year earlier, and narrowed its net loss to $9.7 million from $141.7 million. For the nine months ended September 30, 2024, revenue was $3.26 billion and the net loss was $96.9 million, compared with a $650.0 million net loss in the prior-year period. Loss from operations was $4.9 million in the quarter versus $108.9 million a year earlier. Communications revenue grew 10% to $1.06 billion, while Segment revenue was flat at $73.4 million. Segment non-GAAP results remained negative, with a non-GAAP loss from operations of $15.8 million in the quarter, and the filing states the company targets break-even non-GAAP income from operations for Segment by the second quarter of 2025. Cash flow and capital return were prominent in the period. Net cash provided by operating activities was $607.8 million for the nine months, versus $192.2 million in the prior year. The company repurchased 32.0 million Class A shares for $1.9 billion in the nine months, leaving approximately $412.0 million available under its repurchase programs, which expire December 31, 2024. Cash and cash equivalents were $584.0 million and short-term marketable securities were $2.1 billion as of September 30, 2024, against $1.0 billion of senior notes outstanding. Stockholders' equity declined to $8.23 billion from $9.73 billion at year-end 2023, largely reflecting the share repurchases and the accumulated deficit of $7.09 billion. The filing also notes a company-wide cash bonus program introduced in 2024, which recorded $94.4 million of expense in the nine months, and the wind-down of the software component of the Zipwhip business, which the company expects to weigh on fourth-quarter 2024 revenue growth. The company is migrating part of Segment's architecture to a new infrastructure provider, which it expects to pressure Segment gross margins in the fourth quarter.
Oct 31, 2024
2024-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2024
Twilio Inc. reported revenue of $1.08 billion for the three months ended June 30, 2024, up from $1.04 billion a year earlier, a 4% increase as stated in the filing. Net loss attributable to common stockholders narrowed to $31.9 million, or $(0.19) per share, from $166.2 million, or $(0.91) per share. For the six months, revenue was $2.13 billion and net loss was $87.2 million, compared with $508.3 million in the prior-year period, which included restructuring costs of $136.8 million. Communications revenue grew 4% in the quarter, while Segment revenue grew 3%. Communications non-GAAP income from operations rose to $249.9 million from $192.5 million, while Segment non-GAAP loss narrowed to $15.8 million from $19.0 million. Non-GAAP operating margin was 16% versus 12% a year earlier. Cash generation improved significantly. Net cash provided by operating activities was $403.5 million for the six months, compared with $14.2 million used in the same period of 2023. Free cash flow for the quarter was $197.6 million, or an 18% free cash flow margin, versus $71.9 million, or 7%, a year earlier. At June 30, 2024, the company held $755.1 million in cash and cash equivalents and $2.4 billion in short-term marketable securities against $1.0 billion of senior notes. The company repurchased 15.2 million shares for $898.6 million in the quarter and 21.4 million shares for $1.3 billion in the six months. Approximately $1.0 billion remained available under its authorized repurchase programs, which expire December 31, 2024. Management reiterated targets for Segment break-even non-GAAP operating income by the second quarter of 2025 and GAAP operating profitability on a consolidated basis by the fourth quarter of 2025. Key operating indicators were mixed. Active Customer Accounts rose to 316,000 from 304,000, though management said this metric is now less informative about growth. Dollar-Based Net Expansion Rate was 102% for the quarter, down from 103%, and Segment's rate was 93%. The filing notes that the wind-down of Zipwhip's software business in 2024 will negatively affect revenue growth, and that migration of part of Segment's architecture will weigh on Segment gross margins until completed by the end of 2024. The accumulated deficit stood at $6.4 billion.
Aug 1, 2024
2024-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2024
Twilio Inc. reported first-quarter 2024 revenue of $1.05 billion, up from $1.01 billion in the prior-year quarter, and a net loss of $55.3 million, narrowed from a net loss of $342.1 million a year earlier. Loss from operations improved to $43.5 million from $264.1 million, helped by lower restructuring costs ($9.9 million versus $121.9 million), the absence of prior-year impairments, and lower sales and marketing expense. Non-GAAP income from operations was $159.6 million, or 15% of revenue, versus $103.8 million, or 10%, a year earlier. Net cash provided by operating activities was $190.1 million, and free cash flow was $177.3 million, compared with negative figures in the prior-year period. The Communications segment drove most of the growth, with revenue of $972.0 million and non-GAAP income from operations of $249.0 million. The Segment business, by contrast, generated revenue of $75.0 million and a non-GAAP loss from operations of $21.0 million, and management is targeting break-even non-GAAP operating income for Segment by the second quarter of 2025 and GAAP operating profitability on a consolidated basis by the fourth quarter of 2025. Cash and cash equivalents were $672.6 million and short-term marketable securities were $3.2 billion at March 31, 2024, against $1.0 billion of senior notes. The company repurchased $384.3 million of Class A common stock in the quarter and had approximately $1.9 billion remaining under its repurchase authorizations. The filing also notes that Khozema Shipchandler was appointed Chief Executive Officer in January 2024 after co-founder Jeff Lawson resigned, and that the Oi SA bankruptcy reorganization affects collections on pre-petition receivables. Dollar-Based Net Expansion Rate was 102%, down from 106% a year earlier.
May 8, 2024
2023-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2023
Twilio Inc. reported third-quarter 2023 revenue of $1.03 billion, up from $983.0 million a year earlier, while net loss narrowed to $141.7 million from $482.3 million. Loss from operations was $108.9 million versus $457.0 million in the prior-year quarter, reflecting lower personnel costs after the September 2022 and February 2023 workforce reductions, and the company's non-GAAP income from operations was $136.4 million compared with a loss of $35.1 million. For the nine months, net loss was $650.0 million against $1.03 billion, and operating cash flow turned positive at $192.2 million compared with cash used of $195.9 million a year earlier. The company reorganized into two reportable segments, Twilio Communications and Twilio Data & Applications. Communications revenue grew 5% in the quarter to $906.7 million, while Data & Applications revenue grew 9% to $127.0 million, with its Dollar-Based Net Expansion Rate at 96% versus 101% consolidated. Active Customer Accounts reached 306,000 as of September 30, 2023, compared with 280,000 a year earlier, and the consolidated Dollar-Based Net Expansion Rate was 101%, down from 122%. Balance-sheet liquidity remained substantial, with cash and cash equivalents of $677.9 million and short-term marketable securities of $3.2 billion as of September 30, 2023. The company repurchased $551.0 million of Class A common stock in the nine months, leaving approximately $449.0 million available under a $1.0 billion program that expires December 31, 2024. Investors should also note the San Francisco Telephone Users Tax assessment, which the filing says is subject to a settlement approved by the Board of Supervisors on November 7, 2023 and pending before the Mayor, and the $46.2 million impairment of a 2021 strategic investment.
Nov 9, 2023
2023-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2023
Twilio Inc. reported a second-quarter 2023 net loss of $166.2 million on revenue of $1.04 billion (up 10% from $943.4 million in the prior-year quarter), compared with a net loss of $322.8 million a year earlier. Loss from operations narrowed to $141.8 million from $311.9 million, and total operating expenses fell to $647.6 million from $757.2 million. Gross profit rose to $505.8 million, and non-GAAP income from operations was $120.1 million versus a non-GAAP loss of $7.3 million in the prior-year quarter. Results included $14.9 million of restructuring costs, $9.3 million of impairment charges on closed offices, a $32.4 million share of losses from an equity method investment, and a $28.8 million loss on net assets held for sale tied to the ValueFirst divestiture. For the six months ended June 30, 2023, the company reported a net loss of $508.3 million on revenue of $2.04 billion. Cash used in operating activities was $14.2 million, compared with $80.1 million a year earlier. As of June 30, 2023, cash and cash equivalents were $675.1 million and short-term marketable securities were $3.0 billion. The company repurchased $495.0 million of Class A common stock in the six months ended June 30, 2023, leaving approximately $505.0 million available under a $1.0 billion authorization that expires December 31, 2024. Total long-term debt, net was $988.2 million. The company reorganized into two business units and two reportable segments, Twilio Communications and Twilio Data & Applications, and recorded a restructuring program that eliminated approximately 17% of its workforce. Communications revenue was $913.1 million in the quarter, up 10%, and Data & Applications revenue was $124.6 million, up 12%. Dollar-Based Net Expansion Rate was 103% consolidated, and Active Customer Accounts reached 304,000.
Aug 9, 2023
2023-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2023
Twilio Inc. reported a first-quarter 2023 net loss of $342.1 million on revenue of $1.01 billion, compared with a net loss of $221.6 million on revenue of $875.4 million in the first quarter of 2022. Results were weighed down by $121.9 million in restructuring costs tied to the February 2023 plan, which eliminated approximately 17% of the workforce, along with a $21.8 million impairment of long-lived assets from office closures, a $46.2 million impairment of a strategic investment, and a $30.4 million share of losses from an equity method investment. Non-GAAP income from operations was $103.8 million, or 10% operating margin, versus $5.0 million, or 1%, a year earlier, as operating expenses declined in sales and marketing and research and development. Active Customer Accounts rose to over 300,000 from over 268,000, and the Dollar-Based Net Expansion Rate was 106%, down from 127%. Cash used in operating activities was $97.9 million in the quarter, and cash and cash equivalents stood at $634.8 million alongside $3.3 billion of short-term marketable securities at March 31, 2023. Total long-term debt, net, was $987.8 million, consisting of the 3.625% 2029 Notes and 3.875% 2031 Notes. The Board authorized a share repurchase program of up to $1.0 billion through December 31, 2024; the company repurchased 1.9 million Class A shares for $125.0 million in the quarter and about $750.0 million remained available as of the filing date. The filing also highlights the February 2023 reorganization into two business units, Twilio Data & Applications and Twilio Communications, with the company expecting to move to two reportable segments during 2023. Management stated that it still had one operating and reportable segment in the first quarter and noted that goodwill impairment testing may result in material charges once the new reporting units are established. Investors should also note the San Francisco tax assessment of $38.8 million under litigation and the Oi SA bankruptcy exposure on collections.
May 10, 2023
2022-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2022
Twilio Inc. reported revenue of $983.0 million for the three months ended September 30, 2022, up from $740.2 million a year earlier, and a net loss of $482.3 million, compared with $224.1 million in the prior-year quarter. For the nine months, revenue was $2.80 billion and net loss was $1.03 billion. Results were weighed down by a $72.5 million restructuring charge tied to a plan that eliminated approximately 11% of the workforce, and a $97.7 million impairment of long-lived assets from closing several office locations as the company became remote-first. The company also recorded a $13.4 million share of losses from its 44.55% equity method investment in Syniverse Corporation, acquired for $750.0 million in cash in May 2022. Gross margin declined to 47% from 49% in the quarter, which management attributed to growth in the lower-margin international messaging business and to A2P fees imposed by certain carriers. Management stated that demand for its platform remained strong, but that it saw a more pronounced macroeconomic impact than in prior quarters, with some customers in cryptocurrency, consumer on-demand, retail, e-commerce and social media delaying purchasing decisions and lengthening sales cycles. Dollar-based net expansion rate was 122% for the quarter, down from 131% a year earlier, and Active Customer Accounts reached over 280,000. The company stated its two primary priorities are accelerating software sales and delivering non-GAAP operating profit starting in 2023. Non-GAAP loss from operations was $35.1 million in the quarter, compared with non-GAAP income of $8.2 million a year earlier. Balance sheet liquidity remained substantial, with cash and cash equivalents of $632.8 million and marketable securities of $3.58 billion at September 30, 2022, against $1.0 billion of long-term notes. Net cash used in operating activities was $195.9 million for the nine months, compared with $19.9 million a year earlier. The company also disclosed a pending San Francisco tax assessment dispute, with $38.8 million assessed including interest and penalties and a trial date set for March 6, 2023.
Nov 4, 2022
2022-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2022
Twilio Inc. (TWLO) reported second-quarter 2022 revenue of $943.4 million, up from $668.9 million in the prior-year quarter, while net loss widened to $322.8 million from $227.9 million. Gross margin was 47% versus 50% a year earlier, and loss from operations was $311.9 million compared with $202.3 million. For the six months ended June 30, 2022, revenue was $1.82 billion and net loss was $544.4 million. Active Customer Accounts rose to over 275,000 from over 240,000, and the Dollar-Based Net Expansion Rate was 123% for the quarter. Management noted that the revenue increase was driven by usage growth, additional A2P fees imposed by certain carriers that are passed through to customers, and acquisitions including Zipwhip. Balance sheet liquidity declined over the period. Cash and cash equivalents fell to $798.6 million from $1.48 billion at December 31, 2021, and marketable securities were $3.59 billion. Operating cash flow was negative $80.1 million for the six months, compared with positive $26.2 million a year earlier. The company made a $750.0 million cash investment in May 2022 to acquire approximately 43% of Syniverse Corporation, accounted for under the equity method. Management also disclosed an announced move to a remote-first model, with potential non-cash impairment charges estimated at $90 million to $110 million in the third quarter of 2022, and a new sabbatical program expected to add a non-cash expense of approximately $35.0 million in the same quarter. Management stated its two primary priorities are accelerating software sales and delivering non-GAAP operating profit starting in 2023. Non-GAAP loss from operations for the quarter was $7.3 million, compared with non-GAAP income of $4.2 million a year earlier. Outstanding debt consisted of $1.0 billion in senior notes due 2029 and 2031, and management stated it believes current cash, marketable securities and operating cash flows will be sufficient for the next 12 months and beyond.
Aug 5, 2022
2022-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2022
Twilio Inc. reported first-quarter 2022 revenue of $875.4 million, up 48% from $590.0 million in the prior-year period, while net loss widened to $221.6 million from $206.5 million. Usage growth from existing customers, higher A2P fees imposed by certain carriers, and acquisitions drove the increase. The Dollar-Based Net Expansion Rate was 127%, and Active Customer Accounts rose to 268,000 from 235,000. Gross margin declined to 49% from 51%, as network service provider costs and international messaging growth outpaced revenue, and operating expenses rose 30% as headcount expanded, with research and development up 38% and sales and marketing up 37%. Loss from operations was $217.8 million, compared with $197.3 million a year earlier. Cash flow from operations was negative $17.6 million, compared with positive $4.5 million a year earlier, while cash, cash equivalents and marketable securities totaled roughly $1.6 billion and $3.6 billion, respectively, as of March 31, 2022. Accumulated deficit reached $2.3 billion. Long-term debt consists of $1.0 billion in 2029 and 2031 senior notes, and the company stated it was in compliance with financial covenants. The filing also discloses a pending minority investment of $500.0 million to $750.0 million in Syniverse Corporation, which the company is pursuing as an alternative after the MBAC merger was terminated in February 2022. Additionally, San Francisco has assessed $38.8 million in telephone and access line taxes for 2009 through 2018, which the company paid under protest and is contesting in litigation with a trial date of March 6, 2023.
May 5, 2022
2021-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2021
Twilio Inc. reported strong top-line growth in the third quarter of 2021, with revenue of $740.2 million, up from $448.0 million a year earlier, a 65% increase. Net loss attributable to common stockholders widened to $224.1 million from $116.9 million, and gross margin declined to 49% from 52%. Operating expenses rose 74% to $596.96 million, driven by personnel costs, sales and marketing spend, and headcount growth. For the nine months, revenue was $1.999 billion (up 65%) and net loss was $658.5 million. Management described the gross margin decline as driven by a re-acceleration in messaging growth, higher acquired-intangible amortization, additional A2P fees imposed by certain carriers, and an increasing mix of international usage. Active Customer Accounts reached over 250,000, up from over 208,000, and the Dollar-Based Net Expansion Rate was 131% for the quarter. The balance sheet strengthened considerably. Cash and cash equivalents were $1.50 billion and short-term marketable securities were $3.90 billion at September 30, 2021, against long-term debt of $985.5 million. The company issued $1.0 billion of senior notes in March 2021 (3.625% due 2029 and 3.875% due 2031), redeemed its 2023 convertible notes in the second quarter, and completed the July 2021 acquisition of Zipwhip, Inc. for $838.4 million. Operating cash flow for the nine months was negative $19.9 million, while the company reported $2.45 billion in net cash used in investing activities, largely for marketable securities purchases and acquisitions. The filing also flags several legal and regulatory matters. San Francisco assessed the company $38.8 million in additional telephone and access line taxes for 2009 through 2018, which the company paid under protest and is contesting in court; the company has accrued $27.9 million domestically and $15.3 million internationally for indirect tax exposures. Management also disclosed a planned investment of $500.0 million to $750.0 million in Syniverse Corporation, expected to close before the end of 2021, and a non-cancelable purchase commitment of $447.0 million for the nine months with cloud and network vendors.
Oct 28, 2021
2021-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2021
Twilio Inc. reported revenue of $668.9 million for the three months ended June 30, 2021, up from $400.8 million a year earlier, a 67% increase according to the filing. Usage growth in Programmable Messaging and Programmable Voice, adoption of additional products by existing customers, and the Twilio Segment acquisition drove the increase. The Dollar-Based Net Expansion Rate was 135%, and Active Customer Accounts rose to 240,000 from 200,000. Net loss attributable to common stockholders widened to $227.9 million from $99.9 million, and loss from operations was $202.3 million. Gross margin declined to 50% from 52%, which the company attributed to messaging re-acceleration, higher amortization of acquired intangibles, and a greater mix of international usage. Operating expenses rose 71%, led by sales and marketing (up 83%) and general and administrative (up 86%). The balance sheet strengthened substantially during the period. Cash and cash equivalents were $1.80 billion and short-term marketable securities were $4.13 billion at June 30, 2021. The company issued $1.0 billion of 3.625% senior notes due 2029 and 3.875% senior notes due 2031 in March 2021, and it redeemed all remaining convertible senior notes during the quarter. Net cash provided by operating activities was $26.2 million for the six months ended June 30, 2021. Management stated that existing cash, cash equivalents and marketable securities, together with operating cash flows, are sufficient for anticipated needs for at least the next 12 months. Subsequent events and pending matters include the July 14, 2021 acquisition of Zipwhip, Inc. for an aggregate consideration of $850.0 million, and a proposed investment of up to $750.0 million in Syniverse Corporation expected to close before the end of 2021. The company also disclosed a tax assessment from one jurisdiction for $38.8 million, including interest and penalties, which exceeded the $11.5 million it had accrued. It disputed the assessment, paid the full amount, and filed a court complaint on May 27, 2021.
Jul 30, 2021
2021-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2021
Twilio Inc. reported first-quarter 2021 revenue of $589.99 million, up 62% from $364.87 million a year earlier, while net loss widened to $206.54 million from $94.79 million. Loss from operations was $197.34 million, compared with $92.70 million in the prior-year quarter. Operating expenses rose to $495.64 million, led by sales and marketing ($210.59 million) and research and development ($174.80 million). Management attributed the revenue growth mainly to higher usage of Programmable Messaging and Programmable Voice products, additional product adoption by existing customers, and contribution from the Twilio Segment acquisition. Dollar-Based Net Expansion Rate was 133%, and Active Customer Accounts reached 235,000, up from 190,000. The balance sheet strengthened considerably during the quarter. Cash and cash equivalents rose to $2.33 billion from $933.9 million at year-end 2020, and marketable securities totaled $3.38 billion. The company completed a February 2021 public equity offering of 4,312,500 Class A shares at $409.60 per share, netting $1.8 billion, and issued $1.0 billion of 3.625% notes due 2029 and 3.875% notes due 2031 in March 2021. Long-term debt increased to $1.22 billion from $302.1 million. Operating cash flow was only $4.5 million for the quarter, and free cash generation is therefore not evident from operations alone. Pending items include a Framework Agreement under which the company may invest up to $750.0 million in Syniverse Corporation, with closing expected before the end of 2021, and the March 2021 acquisition of ValueFirst Digital Media Private Limited for $70.2 million in cash. Management stated that gross margin declined to 51% from 53%, mainly reflecting messaging growth, amortization of acquired intangibles, and international mix. The filing also notes that the convertible notes became convertible through June 30, 2021, and that one tax jurisdiction assessed $38.8 million against an $11.5 million accrual, which the company has disputed.
May 6, 2021
2020-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2020
Twilio Inc. reported third-quarter 2020 revenue of $447.97 million, up from $295.07 million a year earlier, while net loss widened to $116.91 million from $87.73 million. For the nine months ended September 30, 2020, revenue was $1.21 billion against a net loss of $311.63 million. Revenue growth was driven mainly by higher usage of Programmable Messaging and Programmable Voice products and by a full nine months of the Twilio SendGrid business, partly offset by lower usage prices. Active Customer Accounts rose to over 208,000 from 172,092, and the Dollar-Based Net Expansion Rate was 137% for the quarter. Gross margin was 52% for the quarter, down from 54% a year earlier, as network service provider costs grew. The balance sheet strengthened considerably. Cash and cash equivalents were $1.13 billion and marketable securities were $2.17 billion at September 30, 2020, versus $253.7 million and $1.60 billion at year-end 2019. The increase reflects an August 2020 public offering of 5,819,838 Class A shares at $247.00 per share, which netted $1.4 billion. The company also has $498.99 million of principal outstanding on its 0.25% convertible senior notes due 2023. The notes became convertible from October 1, 2020 through December 31, 2020 because the conditional conversion feature was triggered. On October 12, 2020, Twilio agreed to acquire Segment.io, Inc., a cloud-based customer data platform, for aggregate consideration of $3.2 billion in Class A common stock or cash. The transaction is expected to close in the fourth quarter of 2020. The filing states that, if consummated, the acquisition may have a significant impact on liquidity, financial condition and results of operations. The company also disclosed ongoing COVID-19 effects, including reduced usage from travel, hospitality and ridesharing customers.
Oct 29, 2020
2020-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2020
Twilio Inc. reported revenue of $400.8 million for the three months ended June 30, 2020, up 46% from $275.0 million a year earlier, and revenue of $765.7 million for the six months, up 51% from $508.2 million. Growth was driven mainly by higher usage of Programmable Messaging and Programmable Voice, along with adoption of additional products by existing customers. Active Customer Accounts rose to over 200,000 from 161,869, and the Dollar-Based Net Expansion Rate was 132% for the quarter and 137% for the six months. Gross margin declined to 52% from 55% in the quarter, reflecting higher network service provider fees. Management stated that in the near term it intends to grow revenue and the reach of its platform rather than maximize gross margin. The company remained loss-making on a GAAP basis. Net loss was $99.9 million for the quarter, compared with $92.6 million a year earlier, and $194.7 million for the six months, compared with $129.1 million. Loss from operations was $102.6 million in the quarter. Non-GAAP income from operations was $9.5 million, or a 2% non-GAAP operating margin, compared with $1.5 million and 1% a year earlier. Operating cash flow for the six months was $13.9 million, compared with a use of $13.8 million in the prior-year period. Cash and cash equivalents were $475.7 million and marketable securities were $1,427.6 million at June 30, 2020. The 0.25% convertible senior notes due 2023, with $550.0 million principal, became convertible at holders' option from July 1 through September 30, 2020, because the stock price condition was met. The filing also covers the COVID-19 pandemic, which led the company to postpone its SIGNAL conference to September 30, 2020 and to shift events to virtual formats. Usage declined in travel, hospitality and ridesharing, and rose in healthcare, education, consumer on-demand and retail. Litigation with Telesign ended in the company's favor on the first set of patents, with the judgment now final, while a separate case the company brought against Telesign continues. One jurisdiction assessed $38.8 million in taxes, including interest and penalties, against an accrual of $11.5 million. The company paid the full assessment, disputes it and is seeking a refund.
Aug 4, 2020
2020-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2020
Twilio Inc. (TWLO) reported revenue of $364.9 million for the three months ended March 31, 2020, up from $233.1 million in the prior-year period, while the net loss widened to $94.8 million from $36.5 million. Gross profit was $193.5 million and loss from operations was $92.7 million. Management attributed revenue growth primarily to higher usage of Programmable Messaging and Programmable Voice products, a full quarter of Twilio SendGrid revenue, and additional products adopted by existing customers. Active Customer Accounts reached over 190,000 as of March 31, 2020, and the Dollar-Based Net Expansion Rate was 143%. The balance sheet remained strong, with cash and cash equivalents of $345.5 million and short-term marketable securities of $1.50 billion as of March 31, 2020. Operating cash flow was positive at $15.5 million for the quarter, compared with negative $9.1 million a year earlier. The company carries $549,998 thousand of 0.25% convertible senior notes due 2023, and the conditional conversion feature was triggered for the quarter, making the notes convertible between April 1 and June 30, 2020. Management said it believes existing cash, marketable securities and operating cash flows will be sufficient for at least the next 12 months. The filing highlights COVID-19 as a significant risk factor. The company reported declines in usage from travel, hospitality and ridesharing customers, offset by increased usage from healthcare, education, entertainment and media customers. It postponed its SIGNAL conference to September 2020, moved other events to virtual formats, and closed offices worldwide with employees working from home. Legal matters include ongoing patent litigation with Telesign, where the Federal Circuit affirmed a judgment in the company's favor on January 9, 2020.
May 7, 2020
2019-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2019
Twilio Inc. reported a 10-Q for the quarter ended September 30, 2019. Revenue for the three months ended September 30, 2019 was $295.1 million, up from $168.9 million a year earlier, and net loss attributable to common stockholders widened to $87.7 million from $27.1 million. For the nine months, revenue was $803.2 million against $445.8 million, and net loss was $216.8 million against $74.8 million. The company attributes the growth in part to its February 1, 2019 acquisition of SendGrid, which was paid for with 23.6 million Class A shares, and to usage growth in its Programmable Messaging and Programmable Voice products. Active Customer Accounts rose to 172,092 from 61,153, and the Dollar-Based Net Expansion Rate was 132% for the quarter. Operating expenses rose sharply, with research and development up 147% and sales and marketing up 119% in the quarter, largely from personnel costs and SendGrid integration. Gross margin held at 54%. Cash and cash equivalents were $330.6 million and short-term marketable securities were $1.55 billion at September 30, 2019, following a June 2019 public offering that netted $979.0 million. Goodwill rose to $2.28 billion, and the company carried $452.2 million of net convertible senior notes. Management states that cash and cash equivalents, marketable securities and operating cash flow should be sufficient for the next 12 months. The filing also reports that the company will stop disclosing Base Revenue and will change its Dollar-Based Net Expansion Rate definition beginning with the quarter ending March 31, 2020. The 0.25% convertible notes became convertible at holders' option during October 1 through December 31, 2019, because the share price condition was met in the third quarter. The company continues to face patent litigation with Telesign and a settled class action over California privacy law.
Oct 31, 2019
2019-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2019
Twilio Inc. reported a sharply larger business in the second quarter of 2019, driven largely by its February 2019 acquisition of SendGrid, Inc. Revenue for the three months ended June 30, 2019 was $275.0 million, up from $147.8 million a year earlier, and for the six months was $508.2 million versus $276.9 million. Net loss widened to $92.6 million for the quarter from $24.0 million, and to $129.1 million for the six months from $47.7 million. Operating expenses rose sharply, with research and development up 148%, sales and marketing up 140%, and general and administrative up 125% for the quarter, largely reflecting higher personnel costs and SendGrid-related headcount. Non-GAAP income from operations for the quarter was $1.5 million. The balance sheet changed substantially. Total assets rose to $5.11 billion from $1.03 billion at December 31, 2018, mainly due to $2.28 billion of goodwill and $485.4 million of intangible assets, and cash and marketable securities increased after a June 2019 public equity offering of 8,064,515 Class A shares at $124.00 per share that generated $979.0 million in aggregate net proceeds. Convertible senior notes due 2023 carried a net amount of $446.2 million against $550.0 million principal. The filing states the notes are currently convertible between July 1, 2019 and September 30, 2019 because the stock price condition was met during the quarter. The company also reported that its Telesign patent litigation was on appeal and that a $10.0 million class action settlement (Flowers) had received final approval, with a $1.7 million reserve recorded. Management stated that it intends to operate for reach and scale rather than to maximize gross margins in the near term. Management believes existing cash, cash equivalents and marketable securities, together with operating cash flows, will be sufficient for at least the next 12 months.
Aug 2, 2019
2019-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2019
Twilio Inc. reported a first-quarter 2019 net loss attributable to common stockholders of $36.5 million, compared with $23.7 million in the prior-year quarter, on revenue of $233.1 million versus $129.1 million a year earlier. Revenue growth was driven largely by the February 1, 2019 acquisition of SendGrid, Inc., which was paid for with 23.6 million shares of Class A common stock valued at $2.66 billion, for a total purchase price of $2.85 billion including assumed equity awards. SendGrid contributed $28.6 million of revenue from the acquisition date through March 31, 2019. Base Revenue rose to $220.9 million, up 88%, and Active Customer Accounts reached 154,797. Operating expenses rose sharply, with loss from operations of $87.6 million versus $24.3 million a year earlier. Stock-based compensation was $58.3 million, and acquisition-related costs were $12.4 million. Non-GAAP income from operations was $3.4 million, compared with a non-GAAP loss of $4.7 million in the prior-year quarter. A $51.7 million income tax benefit, largely tied to the release of a valuation allowance related to the SendGrid acquisition, turned the pre-tax loss into a smaller net loss. The balance sheet expanded materially, with total assets of $4.12 billion versus $1.03 billion at December 31, 2018, and goodwill of $2.28 billion. Cash and cash equivalents fell to $377.7 million from $487.2 million, and marketable securities rose to $541.2 million. Operating cash flow was negative at $9.1 million, and the company stated that its cash and marketable securities and operating cash flows should be sufficient for at least the next 12 months. The company also disclosed that its 0.25% convertible senior notes due 2023 became convertible from April 1 through June 30, 2019 after the conditional conversion trigger was met.
May 9, 2019
2018-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2018
Twilio Inc. reported a 10-Q for the quarter ended September 30, 2018. Revenue rose to $168.9 million in the third quarter from $100.5 million a year earlier, and to $445.8 million for the nine months from $283.8 million. Net loss attributable to common stockholders was $27.1 million for the quarter, compared with $23.5 million a year earlier, and $74.8 million for the nine months, compared with $44.8 million. Gross margin was 54% for the quarter, up from 52%, while operating expenses grew 53% to $116.9 million, led by sales and marketing and general and administrative costs. The balance sheet strengthened materially during the period. In May 2018 the company issued $550.0 million of 0.25% convertible senior notes due 2023, with net proceeds of approximately $537.0 million, and cash and cash equivalents rose to $469.1 million at September 30, 2018 from $115.3 million at December 31, 2017. Marketable securities totaled $276.2 million. Operating cash flow was positive at $12.8 million for the nine months, compared with negative $7.1 million a year earlier. The company also used $58.5 million to purchase capped calls tied to the notes. The filing discloses a pending acquisition of SendGrid, Inc., announced October 15, 2018, in which SendGrid holders would receive 0.485 of a Twilio Class A share per SendGrid share, about 26.3 million new shares or roughly $2.0 billion at announcement. Closing is expected in the first half of 2019, with a $120 million termination fee payable by Twilio in certain circumstances. Management also disclosed a material weakness in internal control over financial reporting related to tracking capitalized software development costs, which had not been remediated, and concluded that disclosure controls were not effective as of September 30, 2018.
Nov 8, 2018
2018-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2018
Twilio Inc. reported its 10-Q for the quarter ended June 30, 2018. Revenue for the three months ended June 30, 2018 was $147.8 million, up from $95.9 million, and the net loss attributable to common stockholders widened to $24.0 million from $7.1 million. For the six months, revenue was $276.9 million versus $183.2 million, and the net loss was $47.7 million versus $21.3 million. Base Revenue for the quarter was $135.0 million, and Active Customer Accounts rose to 57,350 from 43,431. Gross margin declined to 54% from 56% in the quarter, driven mainly by higher network service provider costs, while operating expenses rose to $101.8 million, including a $12.2 million tax-liability release in the prior-year period that did not recur. The balance sheet changed materially in the period. In May 2018 the company issued $550.0 million of 0.25% convertible senior notes due 2023, with net proceeds of approximately $537.0 million, and used $58.5 million for capped call transactions. Cash and cash equivalents rose to $493.5 million and marketable securities to $301.1 million as of June 30, 2018. Operating cash flow was positive at $19.2 million for the six months, compared with a use of $4.0 million a year earlier. The company states that its cash and marketable securities will be sufficient for at least the next 12 months. The filing also flags a material weakness in internal control over financial reporting related to tracking capitalized software development costs, which had not been remediated as of June 30, 2018, and which the company says caused its disclosure controls to be not effective. Litigation with Telesign continues, and the company says it intends to vigorously defend the suits and that a loss cannot yet be reasonably predicted. Management also states that it intends to prioritize growing revenue and scale over maximizing gross margin in the near term.
Aug 8, 2018
2018-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2018
Twilio Inc. reported first-quarter 2018 revenue of $129.1 million, up from $87.4 million in the prior-year quarter, with Base Revenue of $117.5 million versus $80.6 million. The company's net loss widened to $23.7 million, or $(0.25) per share, compared with a net loss of $14.2 million, or $(0.16) per share, a year earlier. Gross margin declined to 54% from 57%, as cost of revenue rose 60% to $59.6 million, driven mainly by a $20.2 million increase in network service provider costs. Operating expenses grew 45% to $93.8 million, led by research and development and sales and marketing headcount growth. The balance sheet remained liquid, with cash and cash equivalents of $117.7 million and marketable securities of $190.3 million as of March 31, 2018. Operating cash flow was positive at $16.9 million for the quarter, and management stated that its cash and investments should be sufficient for at least the next 12 months. The Dollar-Based Net Expansion Rate was 132%, and Active Customer Accounts rose to 53,985 from 40,696. The filing discloses a material weakness in internal control over financial reporting related to tracking capitalized software development costs, which had not been remediated as of March 31, 2018, and as a result disclosure controls were concluded to be not effective. The company is also defending Telesign patent litigation and a California Invasion of Privacy Act class action, and it faces ongoing customer concentration, with WhatsApp at 7% and Uber at 4% of Q1 2018 revenue.
May 10, 2018
2017-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2017
Twilio Inc. reported a quarter in which revenue grew strongly but losses widened. Revenue for the three months ended September 30, 2017 was $100.5 million, compared with $71.5 million a year earlier, and the company reported a net loss attributable to common stockholders of $23.5 million, versus $11.3 million in the prior-year quarter. For the nine months, revenue was $283.8 million and the net loss was $44.8 million. Base Revenue, which the company treats as its more reliable indicator of future revenue trends, was $92.0 million for the quarter, and the Dollar-Based Net Expansion Rate was 122%. Active Customer Accounts rose to 46,489 from 34,457. Gross margin declined to 52% from 56% in the prior-year quarter, as network service provider fees grew, and operating expenses rose 48% year over year, led by research and development and sales and marketing headcount growth. The balance sheet shows cash and cash equivalents of $91.9 million and marketable securities of $192.0 million as of September 30, 2017. Nine-month operating cash flow was negative at $(7.1) million, and the company used $235.8 million in investing activities, including a $22.6 million acquisition of a Swedish messaging provider. The company stated it believes existing cash, cash equivalents, marketable securities and operating cash flows will be sufficient for at least the next 12 months. Uber's usage and pricing decline continued to weigh on revenue growth, and the company expects the year-over-year decline in Uber revenue to keep affecting revenue growth and the Dollar-Based Net Expansion Rate in coming periods. The filing also discloses ongoing patent litigation with Telesign, a putative class action under the California Invasion of Privacy Act, and an accrued liability of $19.4 million for prior state sales and other taxes, after a $13.1 million reduction in the estimate during the nine months. The company describes itself as an emerging growth company and reports a dual-class structure in which Class B holders had 56.1% of voting power as of September 30, 2017.
Nov 14, 2017
2017-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2017
Twilio Inc. reported its quarterly results for the three months ended June 30, 2017 in this Form 10-Q, filed August 2017. Revenue was $95.87 million, up from $64.51 million in the prior-year quarter, and the net loss attributable to common stockholders narrowed to $7.11 million from $10.99 million. The quarter benefited from a $12.2 million release of tax liability tied to state settlements, which reduced operating expenses; the company's loss from operations was $7.07 million. Base Revenue reached $87.58 million, and the company reported 43,431 Active Customer Accounts as of June 30, 2017, versus 30,780 a year earlier. Dollar-Based Net Expansion Rate was 131% for the quarter. The filing flags concentration risk and a near-term revenue headwind. Uber, the largest Base Customer Account, reduced usage and received price adjustments in the latter part of the quarter, and the company expects Uber revenue to decline further in future periods. The company also disclosed ongoing patent litigation with Telesign and a putative class action under the California Invasion of Privacy Act, and it stated it believes it has meritorious defenses. Cash and cash equivalents fell to $92.2 million from $305.7 million at year-end 2016, while marketable securities of $197.0 million were added, and operating cash flow was negative $4.0 million for the six months. The company describes its cash and marketable securities as sufficient to fund its needs for at least the next 12 months, while acknowledging it may need additional financing. Operating expenses rose sharply, with research and development up 71% and sales and marketing up 44% for the quarter, reflecting headcount growth of 51% and 42% respectively in those functions.
Aug 11, 2017
2017-Q1
Twilio Quarterly Report for Q1 Ended Mar 31, 2017
Twilio Inc. (TWLO) reported revenue of $87.4 million for the three months ended March 31, 2017, up from $59.3 million a year earlier, with Base Revenue rising 62% to $80.6 million. Net loss widened to $14.2 million from $6.5 million, and loss from operations was $14.8 million versus $6.4 million. Operating expenses grew 67% to $64.8 million, led by research and development (up 78%) and general and administrative (up 62%), as the company expanded headcount and sales efforts. Stock-based compensation rose to $9.4 million from $3.0 million. Balance sheet and liquidity: cash and cash equivalents fell to $118.4 million from $305.7 million at December 31, 2016, largely because $170.8 million was invested in marketable securities and $22.6 million went to the Swedish mobile operator acquisition completed February 6, 2017 (total purchase price $23.0 million). Operating cash flow was positive at $2.4 million. The company states its cash, marketable securities and operating cash flows should be sufficient for at least the next 12 months. Its $15.0 million revolving credit agreement expired in March 2017 and was not renewed. Risk items: Uber, the largest Base Customer Account, has notified the company it may decrease usage, which could affect future revenue growth and Dollar-Based Net Expansion Rate. The company faces ongoing patent litigation with Telesign, a class action under the California Invasion of Privacy Act, and has reserved $29.0 million for potential state sales and telecommunications taxes. Class B shares carry ten votes each, and insiders held 64.6% of voting power as of March 31, 2017.
May 10, 2017
2016-Q3
Twilio Quarterly Report for Q3 Ended Sep 30, 2016
Twilio Inc. filed this Form 10-Q for the quarter ended September 30, 2016. Revenue for the three months ended September 30, 2016 was $71.5 million, up from $44.3 million a year earlier, and the company reported a net loss of $11.3 million compared with $9.0 million in the prior-year quarter. For the nine months, revenue was $195.4 million versus $115.6 million, and the net loss was $28.7 million. Base Revenue reached $64.1 million in the quarter, and the Dollar-Based Net Expansion Rate was 155%. Active Customer Accounts grew to 34,457 from 23,822 a year earlier. Gross margin held at 56% in the quarter. The company completed its IPO in June 2016, receiving net proceeds of $155.5 million, and cash and cash equivalents stood at $252.2 million at September 30, 2016. Stock-based compensation rose to $15.6 million for the nine months, from $5.8 million. The filing also notes a follow-on public offering in October 2016 at $40.00 per share, with the company receiving aggregate proceeds of $64.4 million. Accumulated deficit was $174.1 million at quarter end. Concentration and legal risks remain significant. WhatsApp, a Variable Customer Account, accounted for 10% of revenue in the nine months ended September 30, 2016, and one customer organization represented 25% of gross accounts receivable. The company faces two Telesign patent lawsuits and a California Invasion of Privacy Act class action, and management states it is too early to predict outcomes. A liability of $26.7 million for sales and other taxes was recorded at quarter end.
Nov 7, 2016
2016-Q2
Twilio Quarterly Report for Q2 Ended Jun 30, 2016
Twilio Inc. reported its second-quarter 2016 results in this Form 10-Q, filed August 9, 2016, shortly after its June 2016 IPO. Revenue for the three months ended June 30, 2016 was $64.5 million, up from $38.0 million a year earlier, and for the six months was $123.9 million versus $71.3 million. Gross profit was $36.3 million for the quarter, and loss from operations narrowed to $10.9 million from $9.5 million in the prior-year quarter on a larger revenue base, though total operating expenses rose to $47.2 million from $30.6 million. Net loss attributable to common stockholders was $11.0 million for the quarter and $17.5 million for the six months, with basic and diluted loss per share of $0.45 and $0.84, respectively. The IPO closed in June 2016 with 11,500,000 Class A shares sold at $15.00 per share, generating net proceeds of $155.7 million. Cash and cash equivalents rose to $261.4 million at June 30, 2016 from $108.8 million at December 31, 2015, and net cash provided by operating activities was $5.1 million for the six months, compared with a use of $12.1 million a year earlier. Key operating metrics included 30,780 Active Customer Accounts, Base Revenue of $56.4 million for the quarter, and a Dollar-Based Net Expansion Rate of 164%. The filing also highlights concentration and legal exposure. One customer accounted for 13% of quarterly revenue, and two customers represented 12% each of six-month revenue. Telesign has filed two patent infringement lawsuits against the company, and a putative class action alleges violations of the California Invasion of Privacy Act; the company says it intends to vigorously defend these matters and cannot predict the outcomes. Accrued sales and other taxes payable stood at $23.3 million.
Aug 9, 2016