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Twilio 8-K Report, Financial Results (Aug 1, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 1, 2024
Period End
August 1, 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 August 1, 2024. Cited figures are marked; the original filing is the authoritative source.

Twilio Inc. filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) to furnish a press release announcing its financial results for the quarter ended June 30, 2024.

Revenue was $1.08 billiona, up 4% year-over-year reported and 7% organic. GAAP loss from operations was $19.0 million, compared with $141.8 million in the second quarter of 2023, while non-GAAP income from operations was $175.3 million, compared with $120.1 million. GAAP net loss per share was $0.19, compared with $0.91 a year earlier, and non-GAAP diluted earnings per share were $0.87, compared with $0.54.

Net cash provided by operating activities was $213.3 millionb and free cash flow was $197.6 million. Twilio raised its full-year 2024 non-GAAP income from operations guidance to $650 - $675 million, up from $585 - $635 million previously, and narrowed its full-year 2024 organic revenue growth guidance to 6% - 7%, from 5% - 10% previously. For the third quarter of 2024, the company guided to revenue of $1,085 - $1,095 million and non-GAAP income from operations of $160 - $170 million.

Dollar-Based Net Expansion Rate was 102% for the quarter, compared with 103% a year earlier, and Active Customer Accounts exceeded 316,000. On capital allocation, Twilio has completed over $2.2 billionc of aggregate share repurchases under authorizations totaling $3.0 billion, and it is targeting completion of the remaining $0.8 billion before the end of 2024. The company also reported 5,507 employees as of June 30, 2024.

02—Key points

Key Highlights

  1. Revenue of $1.08 billion, up 4% year-over-year reported and 7% organic, with Communications revenue of $1.01 billion and Segment revenue of $75.2 million.
  2. GAAP loss from operations narrowed to $19.0 million from $141.8 million a year earlier; non-GAAP income from operations rose to $175.3 million from $120.1 million.
  3. Non-GAAP diluted EPS of $0.87, compared with $0.54 in the second quarter of 2023; GAAP net loss per share of $0.19, compared with $0.91.
  4. Free cash flow of $197.6 million, compared with $71.9 million in the prior-year quarter, on operating cash flow of $213.3 million.
  5. Full-year 2024 non-GAAP income from operations guidance raised to $650 - $675 million from $585 - $635 million; organic revenue growth guidance narrowed to 6% - 7% from 5% - 10%.
  6. Third-quarter 2024 guidance calls for revenue of $1,085 - $1,095 million and non-GAAP income from operations of $160 - $170 million.
  7. Over $2.2 billion of share repurchases completed under $3.0 billion of authorizations, with the remaining $0.8 billion targeted before the end of 2024.

03—Questions

Frequently Asked Questions

  1. Why did Twilio raise its full-year non-GAAP income from operations guidance?

    The filing states that Twilio raised its 2024 non-GAAP income from operations range to $650 - $675 million, up from $585 - $635 million previously, following a second quarter with non-GAAP income from operations of $175.3 million. The press release describes the quarter as a record for revenue and non-GAAP income from operations.

  2. How did Twilio's organic revenue growth guidance change for 2024?

    Twilio narrowed its full-year 2024 organic revenue growth guidance to 6% - 7%, compared with 5% - 10% previously. The company also noted that starting in the third quarter of 2024, reported and organic revenue growth rates will be equivalent, since a full year has elapsed since its 2023 divestitures.

  3. What is the company's guidance for the third quarter of 2024?

    For the quarter ending September 30, 2024, Twilio guided to revenue of $1,085 - $1,095 million, year-over-year revenue growth and organic revenue growth of 5% - 6%, non-GAAP income from operations of $160 - $170 million, and non-GAAP diluted EPS of $0.81 - $0.86 on 160 million non-GAAP weighted average diluted shares.

  4. How is Twilio returning capital to shareholders?

    The filing states that Twilio's Board authorized a share repurchase program of $1.0 billion in February 2023 and an additional $2.0 billion in March 2024. To date, Twilio has completed over $2.2 billion of aggregate repurchases and is targeting to complete the remaining $0.8 billion before the end of 2024.

  5. What did the Dollar-Based Net Expansion Rate look like this quarter?

    The Dollar-Based Net Expansion Rate was 102% for the second quarter of 2024, compared with 103% for the second quarter of 2023. Active Customer Accounts were more than 316,000 as of June 30, 2024, compared with more than 304,000 a year earlier.

04—Continue

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