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Twilio 8-K Report, Financial Results (May 7, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 7, 2024
Period End
May 7, 2024
Security
TWLO
In the record · 2016–202610-K1110-Q328-K108

TWLO filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 108 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’18Jun ’18
  2. Material agreement8-K · Aug ’20Aug ’20
  3. Restructuring8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed May 7, 2024. Cited figures are marked; the original filing is the authoritative source.

Twilio Inc. (NYSE: TWLO) furnished an 8-K under Item 2.02 reporting results for the quarter ended March 31, 2024, via a press release (Exhibit 99.1) issued May 7, 2024.

First-quarter revenue was $1.05 billiona ($1,047,050 thousand), up 4% year-over-year and 7% on an organic basis. GAAP loss from operations narrowed to $43.5 million from $264.1 million a year earlier, while non-GAAP income from operations was $159.6 million versus $103.8 million. Net loss attributable to common stockholders was $55.3 million, or $0.31 per share, compared with $342.1 million, or $1.84 per share, in the prior-year quarter.

Non-GAAP diluted EPS was $0.80b. Cash generation was strong: net cash provided by operating activities was $190.1 million and free cash flow was $177.3 million, compared with negative figures in the first quarter of 2023. Active Customer Accounts exceeded 313,000, and the Dollar-Based Net Expansion Rate was 102%, down from 106% a year earlier.

The company also repurchased $356.9 millionc of Class A common stock in the quarter, and its board authorized an additional $2.0 billion in March 2024; Twilio has completed about $1.5 billion of aggregate repurchases to date and targets finishing the remaining $1.5 billion before the end of 2024. For the outlook, Twilio initiated second-quarter 2024 guidance calling for revenue of $1,050 to $1,060 million, organic revenue growth of 4% to 5%, and non-GAAP income from operations of $135 to $145 million. It raised full-year 2024 non-GAAP income from operations guidance to $585 to $635 million and reaffirmed full-year organic revenue growth guidance of 5% to 10%.

02—Key points

Key Highlights

  1. Q1 2024 revenue of $1.05 billion, up 4% year-over-year and 7% organic year-over-year.
  2. GAAP loss from operations of $43.5 million, versus $264.1 million in Q1 2023.
  3. Non-GAAP income from operations of $159.6 million (15.2% margin), versus $103.8 million in Q1 2023.
  4. Free cash flow of $177.3 million, compared with $(114.5) million in Q1 2023.
  5. Full-year 2024 non-GAAP income from operations guidance raised to $585 to $635 million; organic revenue growth guidance of 5% to 10% reaffirmed.
  6. Dollar-Based Net Expansion Rate of 102%, down from 106% a year earlier; Active Customer Accounts above 313,000.
  7. Share repurchases of $356.9 million in the quarter; approximately $1.5 billion completed in aggregate, with the remaining $1.5 billion targeted before end of 2024.

03—Questions

Frequently Asked Questions

  1. How did Twilio perform financially in the first quarter of 2024?

    Revenue was $1.05 billion, up 4% year-over-year (7% organic). GAAP loss from operations narrowed to $43.5 million from $264.1 million, and non-GAAP income from operations rose to $159.6 million from $103.8 million.

  2. What is Twilio's guidance for the second quarter and full year 2024?

    For Q2 2024, the company guided to revenue of $1,050 to $1,060 million, organic revenue growth of 4% to 5%, and non-GAAP income from operations of $135 to $145 million. For full year 2024, non-GAAP income from operations guidance was raised to $585 to $635 million, and organic revenue growth guidance of 5% to 10% was reaffirmed.

  3. How much cash did Twilio generate and how is it being returned to shareholders?

    Net cash provided by operating activities was $190.1 million and free cash flow was $177.3 million in Q1 2024. The company repurchased $356.9 million of Class A common stock in the quarter, and its board authorized an additional $2.0 billion in March 2024, with about $1.5 billion completed to date and a target to finish the remaining $1.5 billion before the end of 2024.

  4. Did customer retention metrics change?

    The Dollar-Based Net Expansion Rate was 102% for Q1 2024, compared with 106% for Q1 2023. Active Customer Accounts were more than 313,000, up from more than 300,000 a year earlier.

04—Continue

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