Twilio Inc (TWLO) 2022 Q2 法說會逐字稿

Good afternoon. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Twilio Q2 2022 Earnings Conference Call. (Operator Instructions) Thank you. Bryan Vaniman, SVP of Investor Relations, you may begin your conference.

下午好。我的名字是大衛，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Twilio 2022 年第二季度收益電話會議。 （操作員說明）謝謝。 Bryan Vaniman，投資者關係高級副總裁，您可以開始您的會議了。

Thanks, David. Good afternoon, everyone, and thank you for joining us for Twilio's Second Quarter 2022 Earnings Conference Call. Our prepared remarks, earnings press release, investor presentation, SEC filings and a replay of today's call can be found on our IR website at investors.twilio.com. Joining me today for Q&A are Jeff Lawson, Co-Founder and CEO; Elena Donio, President of Revenue; and Khozema Shipchandler, COO.

謝謝，大衛。大家下午好，感謝您加入我們的 Twilio 2022 年第二季度收益電話會議。可以在我們的投資者關係網站investors.twilio.com 上找到我們準備好的評論、收益新聞稿、投資者介紹、SEC 文件和今天電話會議的重播。今天和我一起進行問答的有聯合創始人兼首席執行官 Jeff Lawson；埃琳娜·多尼奧，收入總裁；和首席運營官 Khozema Shipchandler。

As a reminder, some of our commentary today may be in non-GAAP terms. Reconciliations between our GAAP and non-GAAP results and further information related guidance can be found in our earnings press release. The information provided and discussed today also will include forward-looking statements, including statements about our future outlook and goals. These forward-looking statements are only projections and expectations regarding future performance involving risks, uncertainties, assumptions and other factors that are described in more detail in our most recent periodic reports filed with the SEC, including our most recent report on Form 10-K and subsequent reports on Form 10-Q, and then any amendments to any of the foregoing, and are available on our website at sec.gov.

提醒一下，我們今天的一些評論可能採用非公認會計原則。我們的 GAAP 和非 GAAP 結果之間的對賬以及更多信息相關指導可以在我們的收益新聞稿中找到。今天提供和討論的信息還將包括前瞻性陳述，包括關於我們未來前景和目標的陳述。這些前瞻性陳述只是對涉及風險、不確定性、假設和其他因素的未來業績的預測和預期，這些因素在我們最近提交給 SEC 的定期報告中進行了更詳細的描述，包括我們最近的 10-K 表格報告和表格 10-Q 的後續報告，以及對上述任何內容的任何修改，可在我們的網站 sec.gov 上查閱。

Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. Actual results may vary significantly, and we expressly assume no obligation to update any forward-looking statements.

前瞻性陳述僅代表我們在做出此類陳述之日的信念和假設。實際結果可能會有很大差異，我們明確不承擔更新任何前瞻性陳述的義務。

With that, I'll hand it over to Jeff for some opening remarks, then we'll open up the call for Q&A.

有了這個，我將把它交給傑夫做一些開場白，然後我們將打開問答電話。

Thank you, Bryan. Before we dive into questions, I'm pleased to announce that Twilio's customer and developer conference, SIGNAL, will be held virtually November 2 and 3, 2022, in the North American and EMEA region; and November 3 and 4, 2022, in APAC. SIGNAL is our flagship customer developer conference. We explore the intersection of technology, innovation and, of course, customer engagement, and we've got a really exciting lineup planned.

謝謝你，布萊恩。在我們深入提問之前，我很高興地宣布，Twilio 的客戶和開發者大會 SIGNAL 將於 2022 年 11 月 2 日至 3 日在北美和歐洲、中東和非洲地區舉行；以及 2022 年 11 月 3 日至 4 日，在亞太地區。 SIGNAL 是我們的旗艦客戶開發者大會。我們探索技術、創新，當然還有客戶參與的交叉點，我們計劃了一個非常令人興奮的陣容。

The main event will be held virtually, and we will host 2 in-person customer events, our Creator Summit and our new CDP Summit dedicated to our Marketing and Segment customer audience. Our virtual Investor Day will also take place in alignment with SIGNAL, and more to come about that Investor Day soon.

主要活動將以虛擬方式舉行，我們將舉辦 2 場面對面的客戶活動，即我們的創作者峰會和新的 CDP 峰會，專門針對我們的營銷和細分客戶受眾。我們的虛擬投資者日也將與 SIGNAL 同步舉行，並且很快就會有更多關於投資者日的活動。

So with that, let's open the call for questions.

因此，讓我們開始提問。

(Operator Instructions) We'll take our first question from Derrick Wood with Cowen.

（操作員說明）我們將回答 Derrick Wood 和 Cowen 的第一個問題。

Great. Elena, maybe I'll start with you. You've been there for a few months. I just wanted to kind of hear what sort of tweaks you're looking to make in the go-to-market and things around like account structure and product focus and kind of what things you have in mind as you build through the year, and particularly how you're trying to design that to help kind of move more up stack with both the sales force and the partner ecosystem?

偉大的。埃琳娜，也許我會從你開始。你已經在那兒幾個月了。我只是想听聽您希望在進入市場方面進行哪些調整，以及諸如帳戶結構和產品重點之類的事情，以及您在這一年中建立起來的想法，以及特別是您如何嘗試設計它以幫助銷售人員和合作夥伴生態系統提升更多的堆棧？

Thanks, Derrick. Really appreciate the question. It's been an exciting, eventful few months here. And I'm super excited about the opportunity I had. Listen, there's a few opportunities we've identified to drive our focus and time toward the highest value outcomes in the business. We're at different stages of executing across each of those.

謝謝，德里克。真的很感激這個問題。這是一個令人興奮的，多事的幾個月在這裡。我對我擁有的機會感到非常興奮。聽著，我們已經確定了一些機會來推動我們的注意力和時間朝著業務中最高價值的成果邁進。我們正處於執行每個階段的不同階段。

First and foremost, I feel like the organization, our processes, our systems, our tools are really ready to work harder for us. And I think what that means is that we should be working much more toward applying human touch to the moment the customer journey that really require it and to the solutions -- and solution-selling moments that really required as well. So we're looking for efficiency there. We're also finding efficiencies in marketing and ensuring our pricing is reflective of the value that we're providing, in exploring new and novel ways to tap into that vibrant partner ecosystem that you mentioned.

首先，我覺得組織、我們的流程、我們的系統、我們的工具已經準備好為我們更加努力地工作。我認為這意味著我們應該更加努力地將人情味應用到真正需要它的客戶旅程和解決方案的時刻——以及真正需要的解決方案銷售時刻。所以我們在那裡尋找效率。我們還在尋找營銷效率，並確保我們的定價反映我們提供的價值，探索新的和新穎的方法來利用您提到的那個充滿活力的合作夥伴生態系統。

All of that is leading to an opportunity for us to shift to more of our selling capacity to software, while also making sure that we're leveraging more self-service capability for customers that don't actually require hand-to-hand account coverage. I think the opportunity we had is massive in those areas. I feel like we have tremendous assets to work with, both in our client relationships, but also in our team, and I actually had our products. It's about as well. So I'm excited to begin to push on those levers more aggressively and to just watch our software-selling motion to take off from here.

所有這一切都為我們提供了一個機會，可以將更多的銷售能力轉移到軟件上，同時也確保我們為實際上不需要面對面賬戶覆蓋的客戶利用更多的自助服務能力.我認為我們在這些領域擁有的機會是巨大的。我覺得我們有巨大的資產可以合作，無論是在我們的客戶關係中，還是在我們的團隊中，我實際上擁有我們的產品。也差不多。因此，我很高興開始更積極地推動這些槓桿，並期待我們的軟件銷售運動從這裡起飛。

Great. And I'm sure investors certainly would like to see that. And I guess for Khozema, the direction of gross margin coming back down in the quarter, I guess a little surprising given you guys raising pricing in the quarter, the thought that you'd see a higher mix of domestic messaging post the 10DLC registration stuff. And even if I look at international mix at 35% of revenue was flat sequentially.

偉大的。我敢肯定，投資者當然希望看到這一點。而且我猜對 Khozema 來說，本季度毛利率的方向回落，我想這有點令人驚訝，因為你們在本季度提高了定價，認為在 10DLC 註冊之後你會看到更多的國內消息組合.即使我看一下國際組合，35% 的收入環比持平。

So I know it sounds like you're calling out international mix, but are there other components that play perhaps within international where costs are going higher? Can you just give a little bit more color on the puts and takes on gross margin and perhaps how to think about it directionally in Q3?

所以我知道這聽起來像是你在呼籲國際混合，但是否還有其他組件可能在成本上漲的國際範圍內發揮作用？你能否在看跌期權和毛利率上多加一點顏色，也許如何在第三季度有方向地考慮它？

Yes. I mean, by and large, the way that you characterized it is right that the decline in gross margin is largely driven by our strength in international messaging. I think one thing that you do have to bear in mind, as you think about the 35% sequentially quarter-to-quarter, that's based on where the customer's address is or where traffic originates, not necessarily where that traffic ends up terminating. And so as we have both U.S. customers as well as customers that reside internationally, that continue to send messages internationally, you're going to have a slightly lower gross margin just as a result of the fact that international messaging margins are structurally lower, and that's kind of what's been the drag on our business.

是的。我的意思是，總的來說，你的描述是正確的，毛利率的下降主要是由我們在國際信息傳遞方面的實力推動的。我認為您必須牢記一件事，當您考慮按季度連續增長的 35% 時，這取決於客戶地址的位置或流量的來源，而不一定是流量最終終止的地方。因此，由於我們既有美國客戶，也有居住在國際上的客戶，他們繼續在國際上發送消息，由於國際消息利潤率在結構上較低，您的毛利率將略低，並且這就是我們業務的拖累。

What I would say is that, in general, while that has kind of a margin rate effect, we do feel good about the growth in overall messaging, and it's still a major entry point for us with customers and it opens a lot of opportunities related to what Elena talked about a moment ago. And so we still feel good about our 60% plus gross margin target longer term. But in the shorter term, we are taking on some business. Some of that, in large part, is international. And as long as it's profitable business and drives gross profits back into the business, we like that business, and we're happy to take it on as long as it pulls through Flex segment over time.

我想說的是，總的來說，雖然這有一定的利潤率效應，但我們確實對整體消息傳遞的增長感到滿意，它仍然是我們與客戶打交道的主要切入點，它打開了很多相關的機會埃琳娜剛才談到的。因此，我們仍然對我們 60% 以上的長期毛利率目標感到滿意。但在短期內，我們正在開展一些業務。其中一些在很大程度上是國際性的。只要它是有利可圖的業務並將毛利潤帶回業務，我們就喜歡該業務，只要它隨著時間的推移通過 Flex 細分市場，我們很樂意接受它。

Next, we'll go to Meta Marshall with Morgan Stanley.

接下來，我們將與摩根士丹利一起去 Meta Marshall。

Great. In the prepared remarks, you guys mentioned that you would not be immune from macro factors. And just wanted to get a sense of how those are manifesting thus far, and how you're being proactive with customers where you can help them optimize that spend?

偉大的。在準備好的評論中，你們提到你不會免受宏觀因素的影響。只是想了解迄今為止這些表現如何，以及您如何積極主動地與客戶打交道，以幫助他們優化支出？

It's Elena here. We're -- we feel like, in general, companies are continuing to prioritize investments that are responsible for driving revenue and efficiency. We're super fortunate and that we have products in all of those spaces. We haven't yet seen any kind of significant degradation in demand. But we do have some exposure areas that I think are worth mentioning. I think we had them in our prepared remarks as well, but in areas like SMBs and consumer and digital natives that we know could be impacted by a prolonged downturn. But as that -- with that said, we also have some spaces that we think will operate and continue to perform quite well.

這裡是埃琳娜。我們 - 我們覺得，總的來說，公司繼續優先考慮負責推動收入和效率的投資。我們非常幸運，我們在所有這些領域都有產品。我們還沒有看到需求出現任何明顯的下降。但我們確實有一些我認為值得一提的曝光領域。我認為我們在準備好的評論中也有它們，但在中小型企業、消費者和數字原生代等領域，我們知道這些領域可能會受到長期低迷的影響。但話雖如此 - 話雖如此，我們也有一些我們認為會運作並繼續表現良好的空間。

We've seen a couple of recent isolated areas of softness, more specifically in areas like crypto, consumer on-demand, social. But again, that impact's nonmaterial. We don't think we're immune, but we also think our products fit in kind of a perfect space for continued investment. And so we're continuing to watch it really, really closely, we're continuing to watch top of funnel, cycling and things like that, and we'll continue to be really sort of diligent in our analysis and certainly as well in our response to the extent we see additional softness come to fruition.

我們已經看到了最近幾個孤立的軟弱領域，更具體地說是在加密、消費者按需、社交等領域。但同樣，這種影響是非物質的。我們認為我們不能倖免，但我們也認為我們的產品適合持續投資的完美空間。因此，我們將繼續非常非常密切地關注它，我們將繼續關注漏斗頂部、自行車和類似的事情，我們將繼續非常勤奮地進行分析，當然也會在我們的對我們看到額外的柔軟度取得成果的程度做出回應。

Yes. Meta, I'll just add to what Elena said that as she mentioned, the business has been resilient. And while we've seen some isolated pockets, we haven't really seen anything material yet. That said, we're certainly not naive about the way that our -- many of our peers are talking the way that the macro environment appears to be playing out. And so we are readying ourselves for a variety of scenarios. And you probably noted that we've taken some actions with respect to slowing down hiring except for some key areas. We're taking -- we guided based on having a real estate charge, which I think reflects our kind of remote-first approach to the way that we're going to work going forward. And I think both of those things will drive profitability into next year. And I think irrespective of the macro environment, we're intending to be profitable next year no matter whether it has an impact on growth or not.

是的。 Meta，我只想補充一下 Elena 所說的，正如她所提到的，該業務一直具有彈性。雖然我們已經看到了一些孤立的口袋，但我們還沒有真正看到任何材料。也就是說，我們當然不會天真地認為我們的許多同行正在談論宏觀環境似乎正在發揮作用的方式。因此，我們正在為各種場景做好準備。您可能已經註意到，除了一些關鍵領域外，我們已經採取了一些措施來減緩招聘速度。我們正在採取 - 我們根據房地產費用進行指導，我認為這反映了我們對未來工作方式的遠程優先方法。我認為這兩件事都會將盈利能力推向明年。而且我認為無論宏觀環境如何，我們都打算在明年實現盈利，無論它是否對增長產生影響。

Got it. And then just was there any FX impact that are worth calling out?

知道了。然後是否有任何值得一提的外匯影響？

Not really. We have a hedging program. And I think in general, that kind of blunts the impact of any FX. And so it tends not to be a material impact to our business.

並不真地。我們有一個對沖計劃。而且我認為總的來說，這會削弱任何外彙的影響。因此，它往往不會對我們的業務產生重大影響。

Next, we'll go to Will Power with Baird.

接下來，我們將與貝爾德一起去意志力。

Okay. Great. I want to ask about the 8-figure Flex win you announced in the quarter. That seemed like a really nice win for you. I'd love to just kind of hear more about the processes that are ripped and replaced? Is it one segment of the business or maybe thoughts on who you were competing with there? Just kind of any learnings from that because it seems like a nice potential witness test for -- and maybe a nice reference account going forward.

好的。偉大的。我想問一下您在本季度宣布的 8 位數 Flex 勝利。這對你來說似乎是一場非常不錯的勝利。我很想听聽更多關於被撕裂和替換的流程？它是業務的一部分，還是對您在那裡與誰競爭的想法？只是從中學到的任何東西，因為它似乎是一個很好的潛在證人測試 - 並且可能是一個很好的參考帳戶。

Will, this is Jeff Lawson.

威爾，這是傑夫勞森。

You go, Jeff.

你去，傑夫。

Okay. Will, yes, we're really excited to have signed this largest Flex deal ever in Q2. I think it's a great sign of continued momentum that we are seeing with Flex. And broadly with our customer engagement solutions, the Fortune 100 retailer that we mentioned was already a customer of our communications APIs. So this also demonstrates the traction that we're making with our strategy of establishing relationships and then moving them up from our core APIs into more broad customer engagement solutions.

好的。威爾，是的，我們真的很高興在第二季度簽署了有史以來最大的 Flex 交易。我認為這是我們在 Flex 中看到的持續發展勢頭的一個很好的跡象。從廣義上講，通過我們的客戶參與解決方案，我們提到的財富 100 強零售商已經是我們通信 API 的客戶。因此，這也證明了我們建立關係的戰略所產生的牽引力，然後將它們從我們的核心 API 轉移到更廣泛的客戶參與解決方案中。

So this multinational organization, the connection between their brick-and-mortar stores and their virtual stores using Twilio Flex, video, chat and messaging. And so it's really a solution that hits a lot of different channels. And their data-driven cross-channel needs here are going to create a single view of the customer across their organization to provide a seamless, personalized and just really a great number of customer experience that starts with their marketing through their sales and through their customer service. And so they really reimagining the customer life cycle in this sort of high-touch way, from physical stores to virtual stores across all these channels.

因此，這家跨國組織使用 Twilio Flex、視頻、聊天和消息傳遞將其實體店與虛擬商店之間的聯繫聯繫起來。因此，這確實是一個適用於許多不同渠道的解決方案。他們的數據驅動的跨渠道需求將在整個組織中創建一個單一的客戶視圖，以提供無縫、個性化和真正大量的客戶體驗，從他們的營銷開始，通過他們的銷售和客戶服務。因此，他們以這種高度接觸的方式真正重新構想了客戶生命週期，從實體店到所有這些渠道的虛擬商店。

And when you kind of think about like how many solutions are out there that can really, really help power these new and emerging and novel customer engagement like full life cycle solutions, there really aren't that many out there. So we were in the competitive landscape with a bunch of other known players, as you can imagine. But I think this is what reflects really shines in terms of being able to take a bunch of really interesting new and emerging requirements from a customer who's really looking to reinvent how they engage with the customer, not just when we need support, but really across that full customer life cycle.

當你想一想有多少解決方案可以真正、真正幫助推動這些新興的和新穎的客戶參與，比如全生命週期解決方案時，真的沒有那麼多。因此，正如您可以想像的那樣，我們與許多其他知名玩家處於競爭格局中。但我認為這反映了能夠從真正希望重塑他們與客戶互動方式的客戶那裡獲得一堆非常有趣的新興需求方面真正閃耀的地方，不僅僅是在我們需要支持時，而是真正跨越完整的客戶生命週期。

And they do it in multiple different channels, across multiple different venues that they have. This is where Flex really shines. So we're really excited about this new customer. I think it's a fantastic win for the platform, and look forward to continued customer success makeup.

他們在多個不同的渠道，在他們擁有的多個不同場所進行。這就是 Flex 真正閃耀的地方。所以我們對這個新客戶感到非常興奮。我認為這對平台來說是一個了不起的勝利，並期待持續的客戶成功構成。

That's great. I appreciate that. And maybe just to follow-on real quickly on the macro front. Anything you can call out with respect to linearity kind of across the quarter? Did you start to see more relative weakness late in the quarter? And how has that maybe trended past that? Anything you call out just with respect to geographies, Europe versus elsewhere?

那太棒了。我很感激。也許只是為了在宏觀方面快速跟進。關於整個季度的線性度，你有什麼可以說的嗎？您是否在本季度末開始看到更多的相對疲軟？過去的趨勢如何？僅就地理、歐洲與其他地方而言，您有什麼要說的嗎？

Will, this is Khozema. Not really. I mean, I think globally, we had a pretty good performance across the board. I think, we called out a couple of sectors where we did feel it. We called out some sectors where we saw some ups as well. And so I think so far, at least, as we've said, it's been pretty balanced for us. And we haven't really seen any signs of anything material yet. We're obviously watching it closely. And as I said a moment ago, we're certainly paying attention to what our peers are saying and what's happening in the macro environment more broadly. But I wouldn't call out anything beyond what we did, certainly not geographically.

威爾，這是科澤馬。並不真地。我的意思是，我認為在全球範圍內，我們的整體表現都不錯。我認為，我們提到了幾個我們確實感覺到的領域。我們指出了一些我們也看到了一些上漲的行業。所以我認為到目前為止，至少，正如我們所說，它對我們來說是相當平衡的。而且我們還沒有真正看到任何物質的跡象。我們顯然正在密切關注它。正如我剛才所說，我們當然會關注我們的同行所說的以及更廣泛的宏觀環境中正在發生的事情。但除了我們所做的之外，我不會說出任何東西，當然不是地理上的。

Next, we'll go to Samad Samana with Jefferies.

接下來，我們將與 Jefferies 一起前往 Samad Samana。

Maybe first just on the shifting of the selling capacity on the software side and looking to leverage more self-service capability for customers that don't need direct account coverage. Maybe, Elena, could you help us understand better? Is that even for the application layer like Engage and Flex that you're trying to do that as well for Segment? Or is that more for the traditional messaging side? Just help us understand who that's directed at in your base and what that customer looks like and how we should think about that going forward?

也許首先只是改變軟件方面的銷售能力，並希望為不需要直接帳戶覆蓋的客戶利用更多的自助服務能力。也許，埃琳娜，你能幫助我們更好地理解嗎？對於像 Engage 和 Flex 這樣的應用程序層，您是否也在嘗試為 Segment 這樣做？還是對於傳統的消息傳遞而言更多？只是幫助我們了解在您的基礎上針對誰以及該客戶的外觀以及我們應該如何看待未來？

Yes. Great question, Samad. Thanks. I think that, that motion can apply to all of our solutions, but I think it's most effective in our more transactional messaging deals. And so you'll see us push on it harder there, but we really believe that there's a motion across all of our solutions, where they're discoverable by developers, where developers have a moment where they can experience the solution, they can play with it, they can build around it. And then that can lead to bigger and bigger deals and engagements with clients.

是的。好問題，薩馬德。謝謝。我認為，該動議可以適用於我們所有的解決方案，但我認為它在我們更具交易性的消息傳遞交易中最有效。所以你會看到我們在那裡更加努力地推動它，但我們真的相信我們所有的解決方案都有一個動作，他們可以被開發人員發現，開發人員有機會體驗解決方案，他們可以玩有了它，他們可以圍繞它進行構建。然後，這可能會導致越來越大的交易和與客戶的互動。

That said, we also know that with these solutions, there are -- there's pipelines being built and deals going down in the market every day, and we want to make sure that we're meeting customers where their sales cycle is taking them and with what their process looks like. And so we'll have enterprise selling motion across all of that as well. But we believe that there's really sort of exciting opportunity for us to push harder on self-service and messaging. But that doesn't mean that we won't also have those motions working really well across Segment and Engage as well as Flex.

也就是說，我們也知道，有了這些解決方案，每天都有管道正在建設中，市場上的交易每天都在下降，我們希望確保我們在客戶的銷售週期中與他們會面並與他們的過程是什麼樣的。因此，我們也將在所有這些方面進行企業銷售。但我們相信，我們確實有一些令人興奮的機會，可以更加努力地推動自助服務和消息傳遞。但這並不意味著我們不會讓這些動作在 Segment 和 Engage 以及 Flex 中運行得非常好。

Great. And then maybe -- can I have a follow-up question for you, just on the guidance. Does the 3Q guidance include political messaging revenue contribution? Or is that going to be excluded as you think about organic growth? Just trying to make sure that we kind of keep all of our ducks in a row on the organic guidance and what's included in that?

偉大的。然後也許——我可以問你一個後續問題，就在指導上。第三季度指引是否包括政治信息收入貢獻？或者當你考慮有機增長時，這會被排除在外嗎？只是想確保我們在有機指導下保持所有鴨子排成一排，其中包括什麼？

Yes. It will be included. We're not excluding political from the organic guide, but I would say that it tends not to have much of an effect or as much of an effect in Q3. It tends to be more of a Q4 phenomenon. So I wouldn't expect much of an uplift relative to political in the overall guide.

是的。它將被包括在內。我們並沒有將政治排除在有機指南之外，但我想說它在第三季度往往不會產生太大影響或影響太大。它往往更像是第四季度的現象。因此，我不期望在整體指南中相對於政治有太大的提升。

Next, we'll go to Michael Turrin with Wells Fargo Securities.

接下來，我們將與 Wells Fargo Securities 聯繫 Michael Turrin。

Okay. Great. I mean look, there are clearly a number of moving pieces in the model and the macro currently. We've been fielding a number of investor questions just around the 30% organic revenue growth level. And even with all the moving pieces, you did come in above that this quarter. The guidance suggests fairly close to or above those levels next quarter. Can you -- we just spend some time on the organic profile of the business, the puts and takes of what's playing through currently? And if some of the urgency and adoption patterns you were seeing normalizes, are there points of focus for the sales team just to kind of drive towards or lean into in the current backdrop?

好的。偉大的。我的意思是看，目前模型和宏中顯然有許多移動部件。我們一直在回答一些投資者關於 30% 有機收入增長水平的問題。即使有所有移動的部分，你在本季度確實超過了這一點。該指導建議下個季度相當接近或高於這些水平。你能 - 我們只是花一些時間在業務的有機概況上，目前正在發生的事情的投入和產出？如果您看到的一些緊迫性和採用模式正常化，那麼銷售團隊是否有關注點只是為了在當前背景下推動或傾斜？

Yes. Let me start. This is Khozema, and then I'll hand it over to Elena to talk through in a bit more detail from a sales perspective in particular. So I'd say, just to start off with, as we mentioned, that so far, at least, like we're not really seeing any material impacts in our business relative to kind of the macro picture. And obviously, we're watching that macro picture quite closely. We monitor our business very closely. It's usage based and so we're getting signals day-to-day about that. But as I said, so far, we're not really feeling anything material.

是的。讓我開始吧。這是 Khozema，然後我將把它交給 Elena，特別是從銷售角度更詳細地討論。所以我想說，正如我們所提到的，首先，至少到目前為止，就宏觀情況而言，我們並沒有真正看到我們的業務有任何實質性影響。很明顯，我們正在密切關注宏觀圖景。我們非常密切地監控我們的業務。它是基於使用情況的，所以我們每天都會收到關於它的信號。但正如我所說，到目前為止，我們並沒有真正感受到任何實質性的東西。

In terms of Q2, like we feel really good about the way that Q2 and frankly, the first half played out, and we feel quite good about the setup in the second half as well. We're guiding, obviously, to 30% to 32% on a reported and then 29% to 30% organically despite kind of a bleaker macro picture perhaps than where we were 6 months ago. And I'd attribute that largely to the business remaining resilient. And while we have seen some pockets of softness, we're just not seeing that in kind of a broader brush yet.

就第二季度而言，我們對第二季度的方式感覺非常好，坦率地說，上半場的表現，我們對下半場的設置也感覺很好。顯然，我們正在將報告的 30% 到 32% 引導到 30% 到 32%，然後有機地引導到 29% 到 30%，儘管宏觀情況可能比我們 6 個月前的情況更黯淡。我將這主要歸功於業務保持彈性。雖然我們已經看到了一些柔軟的口袋，但我們還沒有看到更廣泛的刷子。

In Elena's prepared remarks, what she alluded to was that we are seeing some longer sales cycles, but that's being offset, in part, by volume gains in some other areas. And so I think sitting here today, based on what we know, what we see, we feel pretty good about certainly our first half results and the setup for Q3 as well. That said, there's a lot more work for us to do given the magnitude of the opportunity in front of us. And so given that, let me turn it over to Elena to talk through that.

在 Elena 準備好的評論中，她暗示我們看到了一些更長的銷售週期，但這部分被其他一些領域的銷量增長所抵消。所以我認為今天坐在這裡，根據我們所知道的，我們所看到的，我們對我們上半年的結果和第三季度的設置感覺非常好。也就是說，鑑於擺在我們面前的機會如此之多，我們還有很多工作要做。考慮到這一點，讓我把它交給 Elena 來討論。

Yes. I mean I think for us, like our focus is still very much on making sure that we are harnessing the demand that's out there and just making sure we're introducing the best of everything we have to offer into the market. As I mentioned earlier, we are kind of continuing to kind of move our focus up stack, make sure that we're investing in those areas to drive long-term growth with a high, high focus on profitability.

是的。我的意思是我認為對我們來說，就像我們的重點仍然是確保我們正在利用那裡的需求，並確保我們將我們所提供的一切最好的東西引入市場。正如我之前提到的，我們正在繼續將我們的關注點向上移動，確保我們在這些領域進行投資，以推動長期增長，高度關注盈利能力。

I think Kho said it well, like we're not seeing any significant degradation of demand. We've seen cycle length just in a couple of very, very small pockets, push out a little bit. We're not hugely concerned in that it hasn't become a pattern. It's just something that we're watching really closely. But I feel good about the setup going forward. I feel good about how the team is focused and moving in the right direction, and we'll continue to watch it and make sure that we're responding accordingly and adjusting our message, too, out to the market accordingly.

我認為 Kho 說得很好，就像我們沒有看到需求出現任何顯著下降一樣。我們已經在幾個非常非常小的口袋中看到了周期長度，稍微推出了一點。我們並不十分擔心它還沒有成為一種模式。這只是我們正在密切關注的事情。但我對未來的設置感覺很好。我對團隊如何專注並朝著正確的方向前進感到滿意，我們將繼續關注它，並確保我們做出相應的回應並相應地調整我們的信息，以向市場發布。

Again, we think that our solutions are really well suited to this point in time. And so even if budgets get, for a short period of time, scrutinized or held as people are sort of holding their breath waiting for additional economic data, we also feel really comfortable that when the exhale happens, we're there waiting and that we present a really phenomenal opportunity particularly in our solutions that allow people to know, engage, sell to, sell through their own customer base that we stand to benefit from that in the end.

同樣，我們認為我們的解決方案非常適合這個時間點。因此，即使預算在短時間內受到審查或保留，因為人們有點屏住呼吸等待更多的經濟數據，我們也感到非常舒服，當呼氣發生時，我們在那裡等待，我們提供了一個非常顯著的機會，特別是在我們的解決方案中，讓人們了解、參與、銷售給、通過他們自己的客戶群進行銷售，我們最終將從中受益。

We'll go to our next question. Next, we'll go to Nick Altmann with Scotiabank.

我們將進入下一個問題。接下來，我們將與 Scotiabank 聯繫 Nick Altmann。

Great. Yes. Good to hear that you reaffirmed your commitment of profitability in 2023. But just given there's a handful of onetime costs related to the office closures and the sabbatical program that are sort of pressuring 3Q, how should we be thinking about EBIT margins as we sort of exit this year and then kind of going into 2023?

偉大的。是的。很高興聽到您重申了在 2023 年實現盈利的承諾。但考慮到與辦公室關閉和休假計劃相關的一些一次性成本對第三季度造成了壓力，我們應該如何考慮息稅前利潤率今年退出，然後進入2023年？

Yes. That's a fair question. So thanks for asking it. I think the way that we're thinking about it is, is that irrespective of kind of the macro environment that we intend to be profitable in 2023. And we've thought through a number of different scenarios that could play out that even if there were growth impacts, we still intend to be profitable in the coming year. And in addition to that, we continue to see this massive opportunity, as Elena has been talking about, with respect to the software aspects of our business, in particular, Segment and Flex.

是的。這是一個公平的問題。所以謝謝你的提問。我認為我們正在考慮的方式是，無論我們打算在 2023 年實現盈利的宏觀環境如何。我們已經考慮了許多不同的情況，即使有受到增長影響，我們仍打算在來年盈利。除此之外，我們繼續看到這個巨大的機會，正如 Elena 一直在談論的那樣，在我們業務的軟件方面，特別是 Segment 和 Flex。

In terms of the 2 dynamics that we called out in our prepared remarks, so one of them being the real estate. The real estate charge, that's a onetime. It's noncash. It will start to show up in our operating results next year. And then in terms of the second one, that's also a noncash charge, and then there'll be some kind of carryover period to period that it will be relatively de minimis in the scheme of things. What we're guiding to for the time being is profitability into the next year. We're not guiding to a margin rate associated with that EBIT number. But what we're committed to doing is delivering profitability into the next year.

就我們在準備好的評論中提到的兩種動態而言，其中之一就是房地產。房地產費，那是一次性的。是非現金的。它將在明年開始出現在我們的經營業績中。然後就第二個而言，這也是一項非現金費用，然後會有某種結轉期，在事情的計劃中它將是相對微不足道的。我們目前指導的是明年的盈利能力。我們沒有指導與該 EBIT 數字相關的保證金率。但我們承諾做的是在明年實現盈利。

Okay. Okay. That's helpful. And then it just sounds like there's sort of a greater pivot to Segment, Engage and Flex. And I'm just curious sort of what's driving that? Is there something you're seeing in the end market where maybe the end market for those products is becoming a little bit more attractive or sales productivity selling those products is ticking up a bit? Or is it more sort of you guys are pivoting to selling those products with a higher gross margin profile than the overall business?

好的。好的。這很有幫助。然後聽起來好像對 Segment、Engage 和 Flex 有更大的支點。我只是好奇是什麼驅動了它？您是否在終端市場中看到了一些情況，這些產品的終端市場可能變得更具吸引力，或者銷售這些產品的銷售效率有所提高？還是你們中的更多人正在轉向銷售那些毛利率高於整體業務的產品？

So I'll say a couple of things. And then Jeff may want to weigh in as well on that one since it's such a sort of large sort of strategic question. But I would say a couple of things. First, messaging and communication end up sort of being the last mile of the things that originate up in the marketing space, in the customer care space, et cetera. So we think it's a very, very natural progression that where we started with a fantastic business in communications, that we then help customers make sure that those communications are the right communications, at the right time, through the right channels, to the right individuals to make the whole flywheel turn better and faster.

所以我會說幾件事。然後 Jeff 可能也想參與其中，因為這是一個如此大的戰略問題。但我想說幾件事。首先，消息傳遞和溝通最終成為營銷領域、客戶服務領域等事物的最後一英里。因此，我們認為這是一個非常非常自然的進展，我們從一個出色的通信業務開始，然後我們幫助客戶確保這些通信是正確的通信，在正確的時間，通過正確的渠道，發送給正確的個人使整個飛輪轉動得更好更快。

And so it happens to have the characteristics of helping us create a better economic profile from a margin perspective for the business long term. But we also think it's just a really, really natural move from a customer perspective. Jeff, I don't know if you have anything you'd like to add to that?

因此，它恰好具有幫助我們從長期業務利潤的角度創造更好的經濟狀況的特點。但我們也認為，從客戶的角度來看，這只是一個非常非常自然的舉措。傑夫，我不知道你有什麼想補充的嗎？

Well, thanks, Elena. I think you said it really well. Maybe I'll just add 2 bits of color to your answer. First is customers come to us, whether they want voice or messaging or e-mail. I mean they're coming to us for our communications channels because they have some business goal they're trying to achieve, right. And typically, it's they're trying to do better marketing. They're trying to improve their sales process. They're trying to make their products more engaging. They're trying to provide better service and support, right? They're trying to -- one of these areas in the customer journey is where they are focused. And so they're using communications to achieve that goal.

嗯，謝謝，埃琳娜。我覺得你說得真好。也許我會在您的答案中添加 2 位顏色。首先是客戶來找我們，無論他們想要語音、消息還是電子郵件。我的意思是他們來找我們是為了我們的溝通渠道，因為他們有一些他們正在努力實現的商業目標，對吧。通常，他們正在努力進行更好的營銷。他們正在努力改進他們的銷售流程。他們正在努力使他們的產品更具吸引力。他們正在努力提供更好的服務和支持，對吧？他們正在嘗試——客戶旅程中的這些領域之一就是他們關注的地方。所以他們正在使用通信來實現這一目標。

When we talk to customers and we learn what it is they're trying to do, we always see these opportunities to say, well, how can I help you achieve that goal faster, better and doing a bunch of the heavy lifting that customers may be trying to do on their own. And so when we see these trends emerge, lots of customers coming to us for better contact center, or a lot of customers coming to us for identity verification, or coming to us for better marketing across channels. These are all opportunities for us to go help our customers and get our customers to success faster and to bring them a higher value product. And so that's a win-win.

當我們與客戶交談並了解他們正在嘗試做什麼時，我們總是看到這些機會說，好吧，我怎樣才能幫助您更快、更好地實現該目標，並完成客戶可能會承擔的大量繁重工作正在嘗試自己做。因此，當我們看到這些趨勢出現時，很多客戶來找我們尋求更好的聯絡中心，或者很多客戶來找我們進行身份驗證，或者來找我們尋求更好的跨渠道營銷。這些都是我們幫助客戶、讓客戶更快取得成功並為他們帶來更高價值產品的機會。所以這是雙贏的。

And so when you think about what we've been doing, we started with the sort of bottom most layers of like the channel APIs. And as we learn about customer needs and broad-based customer problems, we can then go into solving those problems for our customers. And everybody wins. And as Elena mentioned, obviously, that increases our gross margin profile to be solving software problems, but also accelerates our customers' time to value and their success.

因此，當您考慮我們一直在做的事情時，我們從最底層的通道 API 開始。當我們了解客戶需求和廣泛的客戶問題時，我們就可以為我們的客戶解決這些問題。每個人都贏了。正如埃琳娜所說，顯然，這增加了我們解決軟件問題的毛利率，但也加快了我們客戶實現價值的時間和他們的成功。

The second thing I'll say, from a strategic standpoint is, as we grow our business and we grow our revenue, we want to make money because we help our customers craft and send and engage with better communications with their customers, not just more communications. I think we all would look at our phone and our inbox and all that and say, we've got a lot of messages. We've got a lot of email. But really what businesses want is more engaging communications, more engaging customer journeys. And so we see that as a really big opportunity to really get at what our customers truly want with their real aim is have more engaged customers, not just more communications.

從戰略的角度來看，我要說的第二件事是，隨著我們業務的增長和收入的增長，我們想要賺錢，因為我們幫助我們的客戶製作和發送並與他們的客戶進行更好的溝通，而不僅僅是更多通訊。我想我們都會看看我們的手機和收件箱等等，然後說，我們收到了很多消息。我們有很多電子郵件。但企業真正想要的是更吸引人的溝通，更吸引人的客戶旅程。因此，我們認為這是一個非常大的機會，可以真正獲得客戶真正想要的東西，他們的真正目標是擁有更多參與的客戶，而不僅僅是更多的溝通。

So I think it really hits our strategic goals. I think it achieves our customers' strategic goals. And I think it's what end users want as well. And so I think everybody wins as we continue to drive into more software solutions, to drive smarter outcomes and better customer relationships for our customers.

所以我認為它確實達到了我們的戰略目標。我認為它實現了我們客戶的戰略目標。我認為這也是最終用戶想要的。因此，我認為每個人都會贏，因為我們繼續推動更多的軟件解決方案，為我們的客戶帶來更智能的結果和更好的客戶關係。

Next, we'll go to Mark Murphy with JPMorgan.

接下來，我們將與摩根大通一起去馬克墨菲。

I am curious, maybe for you, Khozema, how would you assess the response to the SMS pricing increase? I'm wondering if customers view it as reasonable and to be expected in an inflationary environment? Or do you think that volume growth would degrade slightly as you roll that price increase through? And I have a quick follow-up.

我很好奇，也許對您來說，Khozema，您如何評估對 SMS 價格上漲的反應？我想知道客戶是否認為它是合理的並且在通貨膨脹的環境中是可以預期的？還是您認為隨著價格上漲而增加銷量增長會略有下降？我有一個快速跟進。

Yes. Mark, we haven't really seen much of a detrimental impact to the business. I think volume is broadly held up. We haven't seen a lot of resistance to it. I think it's pretty reasonable in an inflationary environment. And as we've talked about in the past, we feel really, really good about our technology, and we do feel like it deserves a premium relative to the competition.

是的。馬克，我們還沒有真正看到對業務的不利影響。我認為成交量普遍受到抑制。我們還沒有看到很多阻力。我認為在通脹環境下這是相當合理的。正如我們過去談到的那樣，我們對我們的技術感覺非常非常好，而且我們確實覺得它應該相對於競爭對手而言獲得溢價。

Okay. And then as a quick follow-up, could you describe the trend on the video portion of the business? I think you, Jeff, you've had several innovations there, included an application for hosting conferences and virtual events. I think you've had embeddable video. Could you help us understand what kind of experimentation are you seeing? And maybe any help on just the trajectory or the prioritization of video?

好的。然後作為快速跟進，您能否描述一下業務視頻部分的趨勢？ Jeff，我認為您在這方面進行了多項創新，包括用於舉辦會議和虛擬活動的應用程序。我想你有可嵌入的視頻。你能幫助我們了解你看到什麼樣的實驗嗎？也許對視頻的軌跡或優先級有任何幫助？

Yes, absolutely, Mark. So we've got our video platform started off. The first several use cases were more small group conferences and then big group conferences. And then last year, we launched Twilio Live, which provides for live streaming experiences, interacting streaming experiences. I think this is still an area for us of experimentation, to be honest. I think the video market is still sorting out. I think there was sort of the market that existed and then COVID came along and there was a year of activity. And there's been some experimentation by entrepreneurs, by bigger companies. But it's really small for us in the grand scheme of things.

是的，絕對的，馬克。所以我們已經啟動了我們的視頻平台。前幾個用例是更多的小組會議，然後是大型小組會議。然後去年，我們推出了 Twilio Live，它提供了實時流媒體體驗、互動流媒體體驗。老實說，我認為這仍然是我們實驗的一個領域。我認為視頻市場仍在整理中。我認為存在某種市場，然後 COVID 出現，並且有一年的活動。企業家和大公司也進行了一些實驗。但在宏偉的計劃中，它對我們來說真的很小。

And I think it's a really interesting investment area because I do think that video is ripe for some more disruption, more interesting applications, whether it's live shopping, whether it's live interactive conferences, et cetera. But it's just small for us in the grand scheme of things, and it's one of those long bets that we have.

而且我認為這是一個非常有趣的投資領域，因為我確實認為視頻已經成熟，可以進行更多的顛覆，更有趣的應用，無論是現場購物，還是現場互動會議等等。但在宏偉的計劃中，這對我們來說只是小事，這是我們長期的賭注之一。

Next, we'll go to Brent Bracelin with Piper Sandler.

接下來，我們將與 Piper Sandler 一起前往 Brent Bracelin。

I appreciate you haven't really seen any sort of kind of macro headwinds to the business, but we are absolutely seeing churn pop-up in other customers, particularly customers, vendors that have exposure to kind of that SMB smaller customer cohort. I know your software is free, right? So you only pay for what you consume. But as you think about the environment shifting here, have you seen any sort of change in the consumption patterns and messaging patterns, in the smaller customer set? Obviously, the return to travel is something that is real. Lots of people are traveling, and so there's got to be some offsets. But I'm just wondering, as you think about maybe the smaller customer cohort, are you starting to see any sort of change in volume or messaging patterns that might be maybe offset by larger customers?

我很感激你沒有真正看到任何形式的宏觀逆風對業務，但我們絕對看到其他客戶，特別是客戶，供應商接觸到那種 SMB 較小的客戶群。我知道你們的軟件是免費的，對吧？因此，您只需為所消費的內容付費。但是當您考慮這裡的環境變化時，您是否看到較小客戶群的消費模式和消息傳遞模式有任何變化？顯然，旅行的回歸是真實的。很多人都在旅行，所以必須有一些補償。但我只是想知道，當您考慮可能較小的客戶群時，您是否開始看到可能被較大客戶抵消的數量或消息傳遞模式的任何變化？

Yes. It's a good question. This is Khozema. Let me start and then I'll let Elena comment as well. So maybe just to take a step back, I think one of the things that we've been doing quite actively is analyzing the business among -- along the line of a number of dimensions, as we alluded to in our kind of prepared remarks. And we have been looking at it based on customer size. That's one of them.

是的。這是個好問題。這是霍澤馬。讓我開始，然後我也會讓 Elena 發表評論。所以也許只是退後一步，我認為我們一直在積極做的事情之一是分析其中的業務 - 沿著多個維度的路線，正如我們在準備好的評論中提到的那樣。我們一直在根據客戶規模來研究它。那是其中之一。

We've been looking at verticals. We've been looking at use cases. And at least so far, we're just not seeing much of an impact based on those cuts. Now we did call out a couple of pockets of softness in Elena's section of the prepared remarks, where we commented that, for example, in crypto or social or on-demand related activities that we're seeing a little bit of slowdown. But on the flip, we are seeing some strength as well in financial services and IT-related spending.

我們一直在關注垂直領域。我們一直在研究用例。至少到目前為止，我們只是沒有看到基於這些削減的太大影響。現在，我們確實在 Elena 準備好的評論部分提到了一些軟弱的地方，我們評論說，例如，在加密或社交或按需相關的活動中，我們看到了一些放緩。但另一方面，我們在金融服務和 IT 相關支出方面也看到了一些優勢。

That said, as you alluded to in your question, we do have a usage-based business where we get paid based effectively on the basis of every event. And we are looking at it very closely, and we're certainly planning for a variety of different scenarios that could unfold. We just haven't seen them in our business just yet. And irrespective of how those things play out, we're still planning to be profitable into the next year, and that's kind of how we're running the business here today. But let me let Elena comment more on SMBs because I think that was kind of the basis of your question. Elena?

也就是說，正如您在問題中提到的那樣，我們確實有一個基於使用的業務，我們根據每個事件有效地獲得報酬。我們正在非常仔細地研究它，我們當然正在計劃可能出現的各種不同場景。我們只是還沒有在我們的業務中看到它們。不管這些事情如何發展，我們仍計劃在明年實現盈利，這就是我們今天在這裡經營業務的方式。但讓我讓 Elena 對 SMB 發表更多評論，因為我認為這是您提出問題的基礎。埃琳娜？

Yes. Thanks, Kho. I don't have a ton to add. I would just say it's very natural to sort of assume that as economic difficulty sort of creates this kind of a moment that the investments that SMBs are making those down, so may not be around over the next number of quarters or years. But we're also excited about the fact that it's also a window for new innovation to take back up and new company starts to get involved and to send messages and utilize software. So we're definitely watching it.

是的。謝謝，科。我沒有太多要補充的。我只想說，很自然地假設，由於經濟困難會造成這種情況，即中小企業的投資正在下降，因此在接下來的幾個季度或幾年內可能不會出現。但我們也很興奮，因為它也是新創新的一個窗口，新公司開始參與進來，發送信息和使用軟件。所以我們肯定會關注它。

But I will tell you, and we don't break this out, but I would say in my organization, we call the group that looks after SMB is our growth team. We're pretty pleased with their performance thus far. So I -- that's I guess the only thing I'll add is that definitely still watching, excited about the progress that team is making. But really sort of where we've seen softness has been much more sort of use case or vertical oriented in the areas that you'd expect and that we talked about in our prepared comments. That's it.

但我會告訴你，我們不會打破這一點，但我會說，在我的組織中，我們稱負責 SMB 的團隊為我們的增長團隊。我們對他們迄今為止的表現非常滿意。所以我 - 這就是我想我唯一要補充的是，肯定仍在觀看，對團隊正在取得的進展感到興奮。但實際上，我們所看到的柔軟度在您所期望的領域中更像是一種用例或垂直導向，並且我們在準備好的評論中談到了這一點。而已。

Next, we'll go to Ryan Koontz with Needham & Company.

接下來，我們將與 Needham & Company 一起前往 Ryan Koontz。

I want to reflect on Zipwhip, if we could. And I really appreciate it's an innovative and unique product. Can you tell me, is it fully integrated to the company now? And how do you see it performing, that are the A2P fees? And what are your expectations for the business going forward in terms of any synergies with that?

如果可以的話，我想反思一下 Zipwhip。我真的很欣賞它是一種創新和獨特的產品。你能告訴我，它現在完全融入公司了嗎？您如何看待它的表現，即 A2P 費用？就任何協同效應而言，您對未來業務的期望是什麼？

Yes. I mean we're not breaking it out, per se, but I think we feel great about the Zipwhip product. I think we feel even better about the Zipwhip team. I think they've integrated really nicely into the business. I think a number of different thought leaders that came with that team as well that are helping us innovate. The business performance, as I said, is going really, really well. Obviously, there's an A2P fee component there, too, which we break out for you all. But I really have nothing but very positive things to say about how Zipwhip has been performing.

是的。我的意思是我們本身並沒有打破它，但我認為我們對 Zipwhip 產品感覺很好。我認為我們對 Zipwhip 團隊感覺更好。我認為他們已經很好地融入了業務。我認為與該團隊一起出現的許多不同的思想領袖也在幫助我們進行創新。正如我所說，業務表現非常非常好。顯然，那裡也有一個 A2P 費用部分，我們為大家分析一下。但是對於 Zipwhip 的表現，我真的只有非常積極的話要說。

Next, we'll go to Ryan MacWilliams with Barclays.

接下來，我們將與巴克萊一起前往 Ryan MacWilliams。

And now that Syniverse agreement has gone into effect, would you expect any material benefit to gross margins in the next quarter? And do you think there might be any better visibility into gross margins going forward after this agreement?

既然 Syniverse 協議已經生效，您預計下一季度的毛利率會帶來什麼實質性好處嗎？你認為在這項協議之後，未來的毛利率可能會有更好的可見性嗎？

Yes. I mean, as you pointed out, that we concluded the Syniverse transaction, and we feel good about having them as one of our partners. We did business with them for a long time, and strengthening that relationship through an active investment felt like a great next step for us. We have a commercial agreement alongside the investment that we took, and that provides some benefits to the business.

是的。我的意思是，正如你所指出的，我們完成了 Syniverse 交易，我們對讓他們成為我們的合作夥伴之一感到滿意。我們與他們進行了很長時間的業務往來，通過積極的投資加強這種關係對我們來說是一個很好的下一步。除了我們所進行的投資，我們還有一項商業協議，這為企業帶來了一些好處。

We're not guiding the gross margins into the out quarter. We're committed to our long-term model of 60% plus over time. But I think rather than not necessarily happening just through a price increase for the Syniverse arrangement, it's largely going to come through the growth in our software business, which is, in part, one of the reasons that we're so excited about it. So Syniverse is definitely accretive and will be helpful over time. But I wouldn't read too much into it having an impact in the next quarter or so.

我們沒有將毛利率引導到第三季度。隨著時間的推移，我們致力於實現 60% 以上的長期模式。但我認為，不一定只通過 Syniverse 安排的價格上漲來實現，這主要是通過我們軟件業務的增長來實現的，這在一定程度上是我們對此感到如此興奮的原因之一。所以 Syniverse 絕對是增值的，並且隨著時間的推移會有所幫助。但我不會過多解讀它在下一季度左右的影響。

And there's quarterly fluctuations in deferred revenue might not be the best indicator of Segment momentum. But is there any color you can give around how Segment is doing at this point? And also maybe any update where we are in regards to the Engage rollout?

遞延收入的季度波動可能不是細分市場勢頭的最佳指標。但是，您可以為 Segment 目前的表現提供任何顏色嗎？還有關於 Engage 推出的任何更新？

The first -- I missed the first part of the question. Did you say deferred?

第一個——我錯過了問題的第一部分。你說延期？

I was just saying like deferred might not be the best metric to gauge Segment momentum. But like is there any color you can give around how Segment is doing at this point?

我只是說延遲可能不是衡量細分市場動量的最佳指標。但是，您可以為 Segment 目前的表現提供任何顏色嗎？

Yes. The Segment is going really well, and it's been performing well for a long time for us. I mean, we're really, really excited about the addition of that product and that team as well into the company. Obviously, it comes with a nice software attach. I think it's very additive to what we're trying to do and have been doing for some time with our communication stack. And I think we bring that all together with Engage.

是的。細分市場進展順利，對我們來說長期以來一直表現良好。我的意思是，我們真的、真的很高興將該產品和該團隊加入公司。顯然，它帶有一個不錯的軟件附件。我認為這對我們正在嘗試做的事情以及我們的通信堆棧已經做了一段時間的事情非常有幫助。我認為我們將所有這些與 Engage 結合在一起。

And Engage is still planned for a later in year launch, as we've been saying for some time. And we're super excited about the way that, that beta program has been going. I think we've been oversubscribed there for a while. Elena will probably know better than I, but I think we feel good about that momentum. We feel great about the way the Segment has been performing. Obviously, that business is integrated fully. And yes, we're excited to launch Engage soon.

正如我們已經說過一段時間的那樣，Engage 仍計劃在今年晚些時候推出。我們對這個測試計劃的進展方式感到非常興奮。我想我們已經被超額認購了一段時間。 Elena 可能比我更了解，但我認為我們對這種勢頭感覺良好。我們對細分市場的表現感到非常滿意。顯然，該業務是完全集成的。是的，我們很高興很快推出 Engage。

Okay. Next, we'll go to Siti Panigrahi with Mizuho.

好的。接下來，我們將和瑞穗一起去 Siti Panigrahi。

This is [Abhinav] on for Siti. I guess the first kind of question would be just with Google delaying recently their application of third-party cookies now, again, from 2023 to 2024, have you seen or do you expect this to change the demand environment a little bit around CDP's customer engagement more broadly and maybe that transition away from third party? And then do you see some of that urgency kind of diminish for some of your customers that are coming in?

這是 Siti 的 [Abhinav]。我想第一個問題只是谷歌最近推遲了他們對第三方 cookie 的應用，從 2023 年到 2024 年，您是否看到或是否希望這會稍微改變 CDP 客戶參與度的需求環境更廣泛地說，也許是從第三方過渡？然後，您是否看到一些即將到來的客戶的緊迫感有所減弱？

This is Jeff, I'll...

這是傑夫，我會...

Go ahead, Jeff.

繼續，傑夫。

We're talking over each other. We're in different places, if you haven't figured that out yet. Thanks for the question. Yes, I think what we see is the -- it's taking a little bit of pressure off of companies. I mean, if you think about it, like 2023 is not that far away. So in some ways, it's actually pretty reasonable to give a little more time for such a big change in the Internet ecosystem to roll through.

我們正在互相討論。我們在不同的地方，如果你還沒有弄清楚的話。謝謝你的問題。是的，我認為我們看到的是——它減輕了公司的一些壓力。我的意思是，如果你仔細想想，好像 2023 年並不遙遠。所以在某些方面，多花一點時間讓互聯網生態系統發生如此大的變化實際上是非常合理的。

That said, I mean we did a survey, and it was like -- I think it was 70%, some number like that, of companies were not ready for this change. Now that creates demand for our products. But you also can't imagine that, that number of companies are going to magically like put the switch and completely flip their technology stack in just a month's time. And so I think it's giving a little bit of pressure release now.

也就是說，我的意思是我們進行了一項調查，結果就像 - 我認為有 70% 的公司沒有為這種變化做好準備。現在，這為我們的產品創造了需求。但你也無法想像，這麼多公司會神奇地喜歡在短短一個月的時間內切換並徹底翻轉他們的技術堆棧。所以我認為它現在釋放了一點壓力。

But it still is a great environment for the CDP given that customers actually do have a lot more time to actually make these thoughtful changes, and we are already seeing some fantastic stories from the customer base emerge that really is giving our customers confidence that this first-party data approach is not just going to be tenable, like it's a big change for folks. But actually, it's going to be tremendously beneficial.

但這對於 CDP 來說仍然是一個很好的環境，因為客戶實際上確實有更多的時間來實際做出這些深思熟慮的改變，而且我們已經看到來自客戶群的一些精彩故事出現，這確實讓我們的客戶相信這是第一次-party 數據方法不僅是站得住腳的，就像它對人們來說是一個巨大的變化。但實際上，這將是非常有益的。

A couple of the stories that we've shared publicly is Allergan using Segment was able to get a 41% reduction in their cost of customer acquisition, which is -- those are amazing numbers. Another great customer story was from Domino's, who in Mexico, was using Segment to build smarter customer audiences. And as a result of that, doing better ad buying, and they saw their return on ad spend increase 700%, 700%. That's pretty amazing.

我們公開分享的幾個故事是 Allergan 使用 Segment 能夠將他們的客戶獲取成本降低 41%，這是一個驚人的數字。另一個偉大的客戶故事來自 Domino's，它在墨西哥使用 Segment 來建立更聰明的客戶受眾。因此，他們在廣告購買方面做得更好，他們的廣告支出回報率增加了 700%、700%。這真是太神奇了。

And especially in a macro environment like this where every marketer doesn't have like the CMO wheeling over a wheel barrel of cash to go spend on ads, like people have to be incredibly efficient and provide ROI on all of their ad spend. So these types of stats even ahead of having to make these change. Companies who are getting ahead of the curve are already showing these amazing returns, not just in getting back to parity with where they were before a lot of these privacy changes went in place, but actually accelerating and going beyond and showing tremendous increases in the efficiency of their ad buys.

尤其是在像這樣的宏觀環境中，每個營銷人員都不會像 CMO 那樣拿著一大筆錢花在廣告上，就像人們必須非常高效並為所有廣告支出提供投資回報率一樣。所以這些類型的統計數據甚至在必須做出這些改變之前。領先於曲線的公司已經顯示出這些驚人的回報，不僅是在很多這些隱私變化到位之前恢復到與他們的水平相當，而且實際上加速和超越並顯示出效率的巨大提高他們的廣告購買。

I think that is going to drive a lot of the demand, in addition to the kind of forcing function of the tail end, which is Google saying, come on, guys, you got to get off this thing. So the forcing function isn't bad, but I actually think even better driving force is just the high ROI customers see when they use our CDP to understand their customers, create better profiles of their customers and use those profiles to build better, smarter, more accurate audiences to go then place more effective ads on the likes of Google and Facebook.

我認為這將推動很多需求，除了尾端的那種強制功能，谷歌說，拜託，伙計們，你必須擺脫這個東西。所以強制功能還不錯，但我實際上認為更好的驅動力只是客戶在使用我們的 CDP 了解客戶、創建更好的客戶資料並使用這些資料構建更好、更智能、更準確的受眾，然後在谷歌和 Facebook 等網站上投放更有效的廣告。

And so I think there's a variety of factors that are driving it. It's not just a cookie thing. Cookie thing certainly helps, don't get me wrong. But I think that especially in an environment like this where ROI is the name of the game that Segment has a fantastic story.

所以我認為有多種因素在推動它。這不僅僅是餅乾。餅乾當然有幫助，不要誤會我的意思。但我認為，尤其是在這樣一個以 ROI 為遊戲名稱的環境中，Segment 有一個精彩的故事。

Yes, definitely. That makes a lot of sense. And I appreciate the color there. And maybe just one quick follow-up on kind of the political messaging of volumes this year. Have you seen any indication about how it's trending versus historically? Whether you'll see more volume this year based on maybe kind of just the political environment in general or maybe kind of just waiting to see how that trends into Q3 or Q4?

當然是。這很有意義。我很欣賞那裡的顏色。也許只是對今年卷的政治信息的一種快速跟進。你有沒有看到任何關於它的趨勢與歷史的跡象？您今年是否會看到更多的交易量，這可能只是總體上的政治環境，還是只是等著看第三季度或第四季度的趨勢如何？

Yes, this is Khozema. I think it's kind of a wait and see. I mean we haven't seen anything idiosyncratic yet. I mean we've modeled some for Q3, and it tends to pick up a little bit more in Q4, but nothing that I would call out.

是的，這就是霍澤馬。我認為這是一種觀望。我的意思是我們還沒有看到任何特殊的東西。我的意思是我們已經為第三季度建模了一些，並且在第四季度往往會增加一點，但我不會說什麼。

Next, we'll go to Patrick Walravens with JMP Securities.

接下來，我們將介紹 JMP 證券公司的 Patrick Walravens。

So Jeff, going back to Engage, the October '21 press release said it would be GA in Q1 and now it's Q3 or Q4. So you guys obviously said to expect time. I'd love to hear why? And then just secondly, on the Engage topic. With that, you're going to be competing more, at least that's the perspective from some investors against some of your great customers like a brace or like a clay deal. How do you manage that?

所以 Jeff，回到 Engage，21 年 10 月的新聞稿說第一季度將是 GA，現在是第三季度或第四季度。所以你們顯然說要等待時間。我很想听聽為什麼？其次，關於參與主題。這樣一來，您將進行更多競爭，至少這是一些投資者對您的一些大客戶的看法，例如支架或粘土交易。你是怎麼管理的？

Patrick, yes, happy to answer those questions. So first of all, GA launch is still expected for the second half of this year. We've got great customers on board with the beta. And as I think Kho said earlier, too many customers wanting into that data, which is a good problem to have. And as often happens in the beta, you learn about which are the most valuable parts of the product, which are the parts that are most differentiated, and it directs to road map. And that's exactly what's happening here. We're learning great things from our customers. And I think our customers are telling us that we are on a great path, and it shows that there's real latent demand for the solution that Engage is providing.

帕特里克，是的，很高興回答這些問題。因此，首先，GA 的發布仍有望在今年下半年進行。我們在測試版中吸引了很多優秀的客戶。正如我認為 Kho 之前所說的那樣，有太多客戶想要獲取這些數據，這是一個很好的問題。正如在測試版中經常發生的那樣，您會了解哪些是產品中最有價值的部分，哪些是最具差異化的部分，並指向路線圖。這正是這裡發生的事情。我們從客戶那裡學到了很多東西。我認為我們的客戶告訴我們，我們正走在一條偉大的道路上，這表明對 Engage 提供的解決方案存在真正的潛在需求。

The second of your question is like how are we managing the partner ecosystem. And it's a great question because it's not a direct competitor necessarily to those other solutions. And there could be some areas of overlap for sure. But there's a lot of different ways to approach building omnichannel marketing. And our approach is to really start with the data. And our point of view is that the hardest part for a marketer to get right is actually having the right data and best profiles to drive what they're going to do. There are other solutions that are more focused on, say, the campaign or analytics and those are great areas to focus on. But ours starts with data and then activating that data.

您的第二個問題是我們如何管理合作夥伴生態系統。這是一個很好的問題，因為它不一定是其他解決方案的直接競爭對手。並且肯定會有一些重疊的領域。但是有很多不同的方法可以建立全渠道營銷。我們的方法是真正從數據開始。我們的觀點是，對於營銷人員來說，最難的部分實際上是擁有正確的數據和最佳配置文件來推動他們將要做的事情。還有其他解決方案更專注於活動或分析，這些都是值得關注的重要領域。但我們從數據開始，然後激活該數據。

And what's interesting is that we've seen actually in some of our early beta customers that what they want to do is use Twilio to drive building that data and then activate it. They may activate it with a campaign of their own that they build on Engage. That's maybe an email campaign or a text campaign, but they may also want to trigger campaigns that are in other marketing tools.

有趣的是，我們實際上已經在我們的一些早期測試版客戶中看到，他們想要做的是使用 Twilio 來驅動構建這些數據，然後激活它。他們可以通過在 Engage 上建立的自己的活動來激活它。這可能是電子郵件活動或文本活動，但他們也可能希望觸發其他營銷工具中的活動。

And so we've seen opportunities to actually deepen our partnerships because like, look, we're here to help power our customers' tech stack. And I think that bringing data in and activating that data is frankly really a net new area of the tech stack. And so that's an area of investment. I think marketers are going to increasingly spend money on having the best data and the speed of that data, having real-time event level data for all their customers.

因此，我們看到了實際加深我們合作夥伴關係的機會，因為就像，看，我們在這裡幫助推動客戶的技術堆棧。而且我認為，坦率地說，引入數據並激活這些數據確實是技術堆棧的一個全新領域。所以這是一個投資領域。我認為營銷人員將越來越多地花錢購買最好的數據和數據的速度，為所有客戶提供實時事件級別的數據。

But then the things they do with it, sometimes they'll be activating those on Twilio directly, sometimes they'll be activating them on internal tools. We've seen customers wanting to trigger like internal alerts or internal chat applications. We've also seen customers want to trigger activations in all their third-party tools. And that's part of the ecosystem that we're building with Engage. And Engage is a really, really flexible engine to take customer data and in real time as that data is changing, activate that data to trigger flows. And so there's a real partner opportunity there, too, that we continue to work with our partners to bring to life as we're bringing a product to GI.

但是他們用它做的事情，有時他們會直接在 Twilio 上激活它們，有時他們會在內部工具上激活它們。我們已經看到客戶希望觸發內部警報或內部聊天應用程序等。我們還看到客戶希望在其所有第三方工具中觸發激活。這是我們與 Engage 一起構建的生態系統的一部分。 Engage 是一個非常非常靈活的引擎，可以獲取客戶數據，並在數據發生變化時實時激活該數據以觸發流程。所以那裡也有一個真正的合作夥伴機會，我們將繼續與我們的合作夥伴合作，在我們將產品帶入 GI 的過程中實現這一點。

There are no further questions. This concludes today's conference call. You may now disconnect.

沒有進一步的問題。今天的電話會議到此結束。您現在可以斷開連接。