Twilio Inc (TWLO) 2023 Q1 法說會逐字稿

Hello, and welcome to the Twilio First Quarter 2023 Earnings Conference Call. (Operator Instructions) I will now turn the conference over to Bryan Vaniman, Senior Vice President, Investor Relations. Please go ahead.

大家好，歡迎來到 Twilio 2023 年第一季度收益電話會議。 （操作員說明）我現在將會議轉交給投資者關係高級副總裁 Bryan Vaniman。請繼續。

Thanks, Sara. Good afternoon, everyone, and thank you for joining us for Twilio's First Quarter 2023 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, Twilio Data Applications; Khozema Shipchandler, President, Twilio Communications; and Aidan Viggiano, Chief Financial Officer.

謝謝，薩拉。大家下午好，感謝您加入我們的 Twilio 2023 年第一季度收益電話會議。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可以在我們的 IR 網站 investors.twilio.com 上找到。今天和我一起參加問答的是聯合創始人兼首席執行官 Jeff Lawson； Twilio 數據應用總裁 Elena Donio； Twilio Communications 總裁 Khozema Shipchandler；和首席財務官 Aidan Viggiano。

As a reminder, some of our commentary today will include non-GAAP financial measures and key metrics. Reconciliations between our GAAP and non-GAAP results and further information related to guidance, definitions and key metrics can be found in our earnings press release and the appendix of our prepared remarks, both of which can be found on our IR website. The information provided and discussed today also include forward-looking statements, including statements about our future outlook and goals. These forward-looking statements are subject to known and unknown 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 annual report on Form 10-K and our forthcoming quarterly report on Form 10-Q, which are available on our website and at sec.gov. 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 statement, except as required by law.

提醒一下，我們今天的一些評論將包括非 GAAP 財務指標和關鍵指標。我們的 GAAP 和非 GAAP 結果之間的調節以及與指導、定義和關鍵指標相關的更多信息可以在我們的收益新聞稿和我們準備好的評論的附錄中找到，兩者都可以在我們的 IR 網站上找到。今天提供和討論的信息還包括前瞻性陳述，包括關於我們未來展望和目標的陳述。這些前瞻性陳述受已知和未知的風險、不確定性、假設和其他因素的影響，這些因素在我們最近向美國證券交易委員會提交的定期報告中有更詳細的描述，包括我們最近的 10-K 表格年度報告和我們即將發布的10-Q 表的季度報告，可在我們的網站和 sec.gov 上獲取。前瞻性陳述僅代表我們截至作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，除法律要求外，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, and then we'll open the call for Q&A.

有了這個，我將把它交給 Jeff 做一些開場白，然後我們將打開問答電話。

Thanks, Bryan. Before we hop into the call, I wanted to really take note of 3 things today. First, I wanted to note that the substantial actions that we took in Q1 are working, as you can see from our strong non-GAAP operating profit results. One quarter in, we're really starting to show the profit potential of this business. We're also 1 quarter in to our new structure. And as you can see from our Q2 guide, we're looking into continued headwinds as we built the sales capacity of our data and apps business and doing that in a very tough macro environment as well. But the good news is, I see our leadership role continuing and even expanding in this environment, and I don't see things like changes in our churn or losing share in the market. I see moderation in our consumer-facing usage patterns as well as us lapping our peak crypto usage from last year. And these are some of the headwinds that we'll talk about.

謝謝，布萊恩。在我們開始通話之前，我想今天真正記下三件事。首先，我想指出，我們在第一季度採取的實質性行動正在發揮作用，正如您從我們強勁的非 GAAP 營業利潤結果中所見。一個季度後，我們真正開始展示這項業務的盈利潛力。我們也有 1 個季度進入我們的新結構。正如您從我們的第二季度指南中看到的那樣，我們正在研究持續的逆風，因為我們建立了我們的數據和應用程序業務的銷售能力，並在非常艱難的宏觀環境中做到這一點。但好消息是，我看到我們的領導作用在這種環境下繼續存在，甚至擴大，而且我沒有看到我們的客戶流失或失去市場份額等變化。我看到我們面向消費者的使用模式有所緩和，我們也看到了去年的加密貨幣使用高峰。這些是我們將要討論的一些不利因素。

But through all this, what I really want to do is to thank the Twilio team. We've been navigating a lot of change over the last quarter. And I see Twilions every day navigating these changes with grace, with energy and understanding of the job that has to be done here, and it's truly energizing for me and for the rest of the leaders in the organization. That's really truly the Twilio magic in action. So thank you.

但通過這一切，我真正想做的是感謝 Twilio 團隊。我們在上個季度經歷了很多變化。我每天都看到 Twilions 優雅地駕馭這些變化，充滿活力並理解必須在這裡完成的工作，這對我和組織中的其他領導者來說確實充滿活力。這真的是 Twilio 魔法在起作用。所以謝謝。

Second, I'm sure this is on people's minds. The AI platform shift is upon us. Like the PC to web transition, the web to mobile, this is the next major technology shift in our society. Working with customers, we see many ways to activate customer data in segment across the whole customer life cycle using artificial intelligence. Now we'll have more to say about this during the course of this quarter and, of course, at SIGNAL in August in terms of products, in terms of partnerships and in terms of customer use cases. Really looking forward to that.

其次，我敢肯定這是人們的想法。人工智能平台的轉變即將到來。就像 PC 到 Web 的過渡、Web 到移動設備的過渡一樣，這是我們社會的下一個重大技術轉變。與客戶合作，我們看到了許多使用人工智能在整個客戶生命週期中分段激活客戶數據的方法。現在，我們將在本季度的過程中，當然，在 8 月的 SIGNAL 上，就產品、合作夥伴關係和客戶用例而言，對此有更多話要說。真的很期待。

And the third thing I wanted to mention today, and lastly is, go Dubs. Now onto your questions.

今天我想提的第三件事，也是最後一點，去杜布斯。現在回答你的問題。

(Operator Instructions) Your first question comes from the line of Mark Murphy with JPMorgan.

（操作員說明）你的第一個問題來自摩根大通的馬克墨菲。

So a question for Elena. You mentioned being in a strong position to actually reaccelerate bookings later this year. And Khozema, in their prepared remarks, you're mentioning optimism in being able to reaccelerate growth as the year progresses. I'm wondering if you can just shed a little light on what is underpinning that positive thought process? And could it mean that Q2 might mark a bottom actually for the revenue growth rate or a local bottom for the revenue growth rate?

所以有一個問題要問埃琳娜。您提到在今年晚些時候實際重新加速預訂方面處於有利地位。而 Khozema，在他們準備好的發言中，你提到了隨著時間的推移能夠重新加速增長的樂觀情緒。我想知道您是否可以稍微說明一下支撐這種積極思考過程的因素是什麼？這是否意味著第二季度可能標誌著收入增長率的實際底部或收入增長率的局部底部？

Mark, it's Elena here. I'll start, and then I'll pass it over to Khozema for some commentary on the communications business. First, let me just kind of walk you through the path to here to provide some context and groundwork for what's to come. First of all, I joined the company a year ago, exactly this week. And at the time, Jeff asked me to sort of rearchitect and rebuild our go-to-market muscle and motion. And what that meant was 2 things. One, more substantively impact the communications, and one on the data and application space. So we realigned, rearchitected our sort of resource map and went through some of the big cost-cutting initiatives that you've seen, and you're starting to see the results of that. And that was primarily around our go-to-market muscle in the comm space.

馬克，我是埃琳娜。我會開始，然後我會把它傳遞給 Khozema，讓他對通信業務發表一些評論。首先，讓我向您介紹一下通往這裡的道路，為即將到來的事情提供一些背景和基礎。首先，我是一年前加入公司的，正好是這個星期。當時，傑夫讓我重新設計和重建我們進入市場的力量和行動。這意味著兩件事。一是對通信產生更實質性的影響，一是對數據和應用程序空間產生影響。因此，我們重新調整、重新設計了我們的資源地圖，並實施了一些您已經看到的大型成本削減計劃，您開始看到其結果。這主要是圍繞我們在通信領域的上市力量。

At the same time, we were sort of reinvesting in the data and application space. And the job there has been to rebuild and grow our talent base there. So we had some -- early in 2022, we had some turnover, some attrition, some changes in how we set up the sales team, which we then unwound and began to rebuild from there. And so that rebuilding effort has taken us the last few quarters. We're now fully hired for the most part, but we're not fully ramped. So we're all over that over the next couple of quarters is getting that field organization, both at the AE level and the manager level, fully ramped. So right now, our big focus is on enablement. It's on getting those reps from kind of their first deal to their test deal and really showing sort of what that team is capable of.

與此同時，我們在某種程度上對數據和應用程序空間進行了再投資。那裡的工作是重建和發展我們在那裡的人才庫。所以我們有一些 - 在 2022 年初，我們有一些人員流動，一些人員流失，我們在建立銷售團隊的方式上發生了一些變化，然後我們解散並開始從那裡重建。因此，重建工作花了我們最後幾個季度的時間。我們現在大部分都已滿員，但還沒有完全升職。因此，在接下來的幾個季度中，我們將全面加強 AE 級別和經理級別的現場組織。所以現在，我們的重點是支持。這是讓這些代表從他們的第一筆交易到他們的測試交易，並真正展示該團隊的能力。

I'm just back -- several investors just back from our delayed sales kickoff, where it was very much a training-focused event and enablement-focused event. And having spent a bunch of time with our people across the last few weeks, I feel really comfortable about the team that we have in place. That's a big reason for optimism, as you've asked.

我剛回來——幾位投資者剛從我們延遲的銷售啟動中回來，這是一個非常注重培訓和支持的活動。在過去的幾周里，我花了很多時間與我們的員工在一起，我對我們現有的團隊感到非常滿意。正如您所問，這是樂觀的一個重要原因。

I think we're also doing all of this work during a pretty tough macro time, as we've also talked about. We're seeing evidence of that in a couple of areas. So we've talked in the past about things like cycle lengths, average selling prices, conversion rates across the funnel, and a little bit of contraction. We're definitely seeing all of that at the same time that we're rebuilding, reengaging, reenergizing a field organization.

我認為我們也在一個非常艱難的宏觀時期做所有這些工作，正如我們也談到的那樣。我們在幾個領域看到了這方面的證據。因此，我們過去曾討論過諸如周期長度、平均售價、整個渠道的轉化率以及一點點收縮等問題。我們肯定在重建、重新參與、重新激活現場組織的同時看到所有這些。

So with all that said, I just want to close out with the things that give us real optimism. Number one that Jeff talked about in his kickoff, we're seeing sort of great customer wins amidst all of this. I had a couple in my prepared remarks, Cricket Wireless. He was current Twilio customer, became a Segment and Engage customer. Web Health, a large BPO becoming a sizable Flex customer. We've had a couple of other really key wins in the financial services space across this quarter and last. And so we're seeing great strides there as well as great strides in our innovation agenda. Our product teams are really taking down a lot of the road map, delivering a lot of new capabilities from Segment Unify to Flex Unify, which ties together Flex and Segment with some customer wins across each of those as well.

因此，綜上所述，我只想結束那些讓我們真正樂觀的事情。傑夫在他的開場白中談到的第一點，我們看到在所有這一切中贏得了一些偉大的客戶。我在準備好的評論中有幾個，Cricket Wireless。他是當前的 Twilio 客戶，成為了 Segment and Engage 客戶。 Web Health，一個大型 BPO 成為一個相當大的 Flex 客戶。本季度和上一季度，我們在金融服務領域取得了其他幾項非常關鍵的勝利。因此，我們看到了巨大的進步，以及我們創新議程的巨大進步。我們的產品團隊確實制定了很多路線圖，提供了從 Segment Unify 到 Flex Unify 的許多新功能，這些功能將 Flex 和 Segment 聯繫在一起，並在其中贏得了一些客戶。

So team, just our enablement journey is in full swing. Our product delivery is in full swing, and bringing down some pretty exciting customer wins, those are the things that give me faith that we'll begin to see ourselves climbing out of the trough that I think was in part self-inflicted, as we talked about throughout last year, and in part driven by the headwinds in the economy.

所以團隊，我們的賦能之旅正如火如荼地進行著。我們的產品交付如火如荼，並帶來了一些非常令人興奮的客戶勝利，這些讓我相信我們將開始看到自己從低谷中爬出來，我認為這部分是自己造成的，因為我們去年全年都在談論，部分原因是經濟逆風。

I'll let Khozema talk about the corollary on the comms side.

我會讓 Khozema 談談通訊方面的必然結果。

Mark, what I would say is, first of all, I totally echo Elena's enthusiasm about the path ahead here. I think there's a lot to be excited about. Our sales kickoff was at the same time, and we kind of did them together. And so there's a lot of energy among the sales rep force. So just to maybe go to that first. First of all, sales rep productivity remains quite high. As Elena mentioned, we did a lot of work on cost structure. But even in spite of that, I think we feel very, very good about rep productivity.

馬克，我要說的是，首先，我完全贊同埃琳娜對未來道路的熱情。我認為有很多值得興奮的地方。我們的銷售啟動是在同一時間進行的，而且我們是一起做的。因此，銷售代表隊伍充滿活力。所以，也許先去看看吧。首先，銷售代表的生產率仍然很高。正如 Elena 提到的，我們在成本結構方面做了很多工作。但即便如此，我認為我們對代表生產力感覺非常非常好。

Second thing is that we are maintaining share in what is -- continues to be a tough kind of macro environment. And we feel good about like a lot of our most recent customer wins. We talked about 2 deals in the script specifically where they were our largest ever on e-mail and cell and network authentication. So I think those are indicators that customers are continuing to -- we're continuing to win with our customers. They're continuing to grow with us, albeit at slower rates than where they were.

第二件事是我們保持在什麼是 - 仍然是一種艱難的宏觀環境中的份額。我們對最近贏得的許多客戶感到滿意。我們在腳本中談到了 2 筆交易，特別是它們是我們有史以來最大的電子郵件、手機和網絡身份驗證交易。所以我認為這些是客戶繼續使用的指標——我們將繼續贏得客戶的青睞。他們繼續與我們一起成長，儘管速度比以前慢。

And third, and perhaps most importantly, especially as you look at our financials is we have a really tough comp relative to last year. Crypto was really outsized in the way that, that part of the impact in our business grew, and we're kind of hitting the peak points in -- as we're lapping that. So I think just naturally, as we come out of the next couple of quarters, you're going to see just some natural acceleration in the growth rate as a result of that.

第三，也許是最重要的一點，尤其是當您查看我們的財務狀況時，我們的業績與去年相比非常艱難。 Crypto 的規模確實很大，這部分對我們業務的影響在增長，而且我們正在達到頂峰——因為我們正在應對這一點。所以我自然而然地認為，隨著我們在接下來的幾個季度中走出來，你會因此看到增長率的一些自然加速。

I would hesitate to call it bottom. I mean, it's very dynamic, obviously. And so I don't think we're necessarily prepared to say that, but I think we're very, very excited about the setup for the back half of the year and especially with our energy with customers.

我會毫不猶豫地將其稱為底部。我的意思是，很明顯，它非常有活力。所以我認為我們不一定準備好這麼說，但我認為我們對今年下半年的設置非常非常興奮，尤其是我們與客戶的能量。

Your next question comes from the line of Meta Marshall with Morgan Stanley.

你的下一個問題來自 Meta Marshall 與摩根士丹利的合作。

Great. I appreciate it. I just wanted to -- you mentioned kind of anniversarying peak crypto. But if you could just give a sense of what verticals you're seeing the most headwinds? And then just on the communications side, like what does reduced marketing budgets mean? Is that we cut certain use cases? Do we just kind of send fewer e-mails? Or is it just simply from a reduction in transactions? I think just as we try to kind of think about how to model a recovery, just trying to get a sense of how those use cases or the bounce back would evolve?

偉大的。我很感激。我只是想——你提到了某種週年紀念峰值加密貨幣。但是，如果您能大致了解一下您看到的最不利因素是什麼？然後只是在溝通方面，比如減少營銷預算意味著什麼？我們是否削減了某些用例？我們只是發送更少的電子郵件嗎？或者僅僅是因為交易減少？我認為就像我們試圖思考如何為複蘇建模一樣，只是想了解這些用例或反彈將如何演變？

Meta, this is Aidan. I'll start, and I'll hand it over to Khozema. So just to talk about some of the industry headwinds. We've called some of them out in the past, and we continue to see headwinds persist on the social side, consumer on-demand, e-commerce and in particular, crypto. So those continued in the quarter. And as it relates to crypto, again, as Khozema said, we saw volume peak on our platform kind of in the Q2, Q3-ish time frame last year, and that's creating a few hundred basis points headwind year-over-year on the growth. So Khozema, I'll hand it over to you.

元，這是艾丹。我會開始，我會把它交給 Khozema。所以只是談談一些行業逆風。過去我們已經叫停了其中一些，我們繼續看到逆風持續存在於社交、消費者按需、電子商務，尤其是加密領域。所以這些在本季度繼續進行。就加密而言，正如 Khozema 所說，我們在去年第二季度、第三季度左右的時間框架內看到了我們平台上的交易量峰值，這在生長。那麼 Khozema，我會把它交給你。

Yes. I mean I would largely echo what Aidan said. I mean I think as she mentioned, crypto was pretty significant last year. And so as we lap that, I think we feel pretty good about our ability to come out of that. I think the marketing spend that we referred to was much more on kind of the customer side, if you will, not necessarily on our side. And so obviously, some of our products end up serving use cases that are marketing related. And so as customer marketing volumes have come down a little bit, frankly, that impacts both sides of our business to a degree. But it honestly impacts probably the communications business a bit more significantly upfront.

是的。我的意思是我會在很大程度上附和 Aidan 所說的話。我的意思是我認為正如她提到的那樣，去年加密貨幣非常重要。因此，當我們完成它時，我認為我們對自己擺脫困境的能力感到非常滿意。我認為我們提到的營銷支出更多地是在客戶方面，如果你願意的話，不一定在我們這邊。很明顯，我們的一些產品最終服務於與營銷相關的用例。因此，坦率地說，隨著客戶營銷量有所下降，這在一定程度上影響了我們業務的雙方。但老實說，它對通信業務的影響可能更顯著。

We talked about the dynamics, and Meta, you know the company really well. And on the way up, like we react very, very quickly. And on the way down, unfortunately, we react very, very quickly. And so as things kind of moderate, I'm really optimistic that we'll be able to come out of it pretty fast. And otherwise, it's kind of business as usual. I mean Aidan called out some of the industries, but otherwise, we continue winning, we continue expanding and we continue to maintain our share. And we're not seeing really any pricing pressure out there either. So feel pretty good otherwise.

我們談到了動態，Meta，你非常了解這家公司。在上升的過程中，我們的反應非常非常快。不幸的是，在下降的過程中，我們的反應非常非常快。因此，由於情況溫和，我真的很樂觀，我們能夠很快擺脫困境。否則，一切如常。我的意思是艾丹召集了一些行業，但除此之外，我們繼續獲勝，我們繼續擴張，我們繼續保持我們的份額。而且我們也沒有看到任何定價壓力。所以其他方面感覺還不錯。

Your next question comes from the line of Michael Turrin with Wells Fargo Securities.

你的下一個問題來自富國銀行證券公司的 Michael Turrin。

Just on guidance and what's assumed, given there are a number of moving pieces mentioned in the prepared remarks. Can you just maybe walk through what you're assuming in terms of the macro and what you're seeing in expansion rates? Is this a consistent environment that's assumed? And then just also thinking through the progression of some of the go-to-market improvements that you're making, is there a way for us just to think about the time line and progression of where expected benefits from those might start to play through?

僅根據指導和假設，考慮到準備好的評論中提到了許多移動部分。您能否介紹一下您在宏觀方面的假設以及您在擴張率方面看到的情況？這是假設的一致環境嗎？然後還要考慮您正在進行的一些上市改進的進展，我們是否有一種方法可以考慮時間線和預期收益可能開始發揮作用的進展？

Yes, I'll start with a bit on the second quarter and then -- this is Aidan, by the way, and then go a little bit into some of the traction for the year. So it's largely macro as we think about the second quarter. So the market continues to be pretty dynamic, and we're feeling the impacts of a broader slowdown. And so you see that reflected in our guide. I think the other thing that's important to remember is that the majority of our revenue comes from our communications business, about 85% of our revenue. And as Khozema just said, that's a consumption model tied to consumer activity. So in that business, we are dealing with a combination of macro as well as the tough comparisons that we just talked about on crypto. And so again, that's creating a headwind year-over-year as it relates to the second quarter growth rate.

是的，我將從第二季度開始，然後 - 順便說一句，這是艾丹，然後再談談今年的一些牽引力。因此，當我們考慮第二季度時，它主要是宏觀的。因此，市場繼續充滿活力，我們感受到了更廣泛放緩的影響。因此，您會在我們的指南中看到這一點。我認為另一件需要記住的重要事情是，我們的大部分收入來自我們的通信業務，約占我們收入的 85%。正如 Khozema 剛才所說，這是一種與消費者活動相關的消費模式。因此，在該業務中，我們正在處理宏觀組合以及我們剛剛談到的關於加密的艱難比較。因此，這再次造成了與第二季度增長率相關的同比逆風。

On the data and application side, Elena has talked about it as well, but we are rebuilding. Elena talked about our efforts there to ramp up the sales force and really enable the team further. And we're also doing that in a tougher macro cycle. So I'd say on the communications side, it's a combination of macro, some tough comparisons on the software side, it's a mix of our efforts to rebuild plus the macro, and we factored all of this into our guide. So I'd say some choppiness on growth in the short term, but despite that, we're focused on what we can control, which is delivering profit in any environment.

在數據和應用方面，Elena 也談到了，但我們正在重建。埃琳娜談到了我們在那裡努力增加銷售隊伍並真正使團隊進一步發展。而且我們也在更艱難的宏觀週期中這樣做。所以我想說在通信方面，它是宏的組合，在軟件方面進行一些艱難的比較，它是我們重建努力加上宏的組合，我們將所有這些都考慮到了我們的指南中。所以我想說短期內增長會有些動盪，但儘管如此，我們還是專注於我們可以控制的事情，即在任何環境中實現利潤。

As we think about the rest of the year, we're not going to guide quarter to -- we're going to continue to guide quarter-to-quarter, we're not going to guide beyond the second quarter at this point. Again, given the fact that most of our revenue is communications and usage-based makes it a little bit tougher to call. So like in light of that, we'll continue to plan conservatively guide quarter-to-quarter. I think the other thing to consider is as the macro recovers and the consumption-based model comes back, our growth will improve, our DBNE will improve alongside it, and we'll be well positioned on the other side with a much more efficient cost structure.

當我們考慮今年剩餘時間時，我們不會指導季度 - 我們將繼續指導季度到季度，此時我們不會指導超過第二季度。同樣，考慮到我們的大部分收入是基於通信和使用的事實，這使得打電話變得有點困難。因此，鑑於此，我們將繼續保守地計劃季度指導。我認為另一件需要考慮的事情是，隨著宏觀經濟復甦和基於消費的模式回歸，我們的增長將會改善，我們的 DBNE 也會隨之改善，我們將在另一邊以更有效的成本處於有利地位結構。

Your next question comes from the line of Ryan MacWilliams with Barclays.

你的下一個問題來自 Ryan MacWilliams with Barclays。

Just one housekeeping piece. How much essentially is the potential sale of your IoT business potentially taking out the second quarter guide? And are there any products or geographies where you're currently deemphasizing revenue as part of these go-to-market changes?

只是一件家政用品。剔除第二季度指南，您的物聯網業務的潛在銷售額有多少？作為這些上市變化的一部分，您目前是否有任何產品或地區不再強調收入？

So as it relates to -- this is Aidan, Ryan. Thanks for the question. So as it relates to the sale of our IoT business, it's a relatively small contributor on revenue. It's in kind of the mid- to high single-digit millions. We'll provide some more of that as we go forward. It will be adjusted out of our organic calculations going forward as well, so you'll get an apples-to-apples comparison on revenue growth. A relatively small contributor overall. As it relates to any specific regions, no plans to deemphasize revenue in certain geos.

因此，這與 - 這是 Aidan，Ryan。謝謝你的問題。因此，由於它與我們的物聯網業務的銷售有關，因此它對收入的貢獻相對較小。這是中高個位數的數百萬。隨著我們的前進，我們將提供更多。它也將在我們未來的有機計算中進行調整，因此您將獲得收入增長的同類比較。總體貢獻者相對較小。由於它涉及任何特定區域，因此沒有計劃淡化某些地理區域的收入。

Your next question comes from the line of Ittai Kidron with Oppenheimer & Company.

您的下一個問題來自 Oppenheimer & Company 的 Ittai Kidron 系列。

My question is for Elena. I was wondering if you can kind of double-click on the data and application business. And more specifically, when you look at the growth of the unit in the quarter, help us understand what products are growing faster versus below this average Segment, Engage, Flex marketing? Which ones are growing faster than the 19% you delivered versus lower? And then since we don't have the historical data on this, maybe you could talk about what deteriorated the most over the last 2, 3 quarters? And what part perhaps you expect to recover the fastest over the next 2, 3 quarters?

我的問題是給埃琳娜的。我想知道您是否可以雙擊數據和應用程序業務。更具體地說，當您查看本季度該部門的增長時，請幫助我們了解哪些產品增長更快，哪些產品增長速度低於平均水平 Segment、Engage、Flex 營銷？哪些比您交付的 19% 增長更快，哪些增長更低？然後由於我們沒有這方面的歷史數據，也許你可以談談過去 2、3 個季度惡化最嚴重的是什麼？在接下來的 2、3 個季度中，您預計哪個部分恢復得最快？

Sure. So we don't break out product by product. And just I'll remind you a couple of things. One, a number of these products are new. So the Unify product, Engage, like a lot of those things have only been in market for months to a handful of quarters. And so we're excited about the momentum and the progress, but we're -- we shouldn't expect to see those meaningfully impact the Twilio data and applications business units revenue in the very near term. Again, we don't -- we won't be breaking that out product by product.

當然。所以我們不會逐個產品分解。我會提醒你幾件事。第一，其中一些產品是新的。因此，Unify 產品 Engage 和其他許多產品一樣，只上市了幾個月到幾個季度。因此，我們對勢頭和進展感到興奮，但我們 - 我們不應該期望看到這些在短期內對 Twilio 數據和應用程序業務部門的收入產生有意義的影響。同樣，我們不會——我們不會逐個產品地分解它。

I would just say and reiterate something I said earlier that the real path out of -- the real path to reacceleration, the real path out of this deceleration comes down to 2 things. Number one is making sure that our team is in seat and enabled. We're putting a lot of emphasis on that. And then number two is just playing through the tough macro environment and really making sure that we're setting ourselves apart from what's happening in the competitive landscape and ensuring customers that even in a time of belt tightening, this is a really good investment and it makes each of your marketing dollars work harder, to Meta's question earlier. That's really what we're playing for right now. But at the end of the day, like I would say a lot of the same themes are hitting both our Flex and Segment products largely, and we're working on ramping and building the team to work through that.

我只想說並重申我之前說過的話，真正的出路——真正的再加速之路，真正的減速之路歸結為兩件事。第一是確保我們的團隊就位並啟用。我們非常重視這一點。然後第二點就是在艱難的宏觀環境中發揮作用，真正確保我們在競爭格局中脫穎而出，並確保客戶即使在勒緊褲腰帶的時候，這也是一項非常好的投資，它使您的每一筆營銷資金都更加努力地工作，以回答 Meta 之前的問題。這真的是我們現在正在玩的。但在一天結束時，就像我要說的那樣，很多相同的主題在很大程度上影響了我們的 Flex 和 Segment 產品，我們正在努力提升和建設團隊來解決這個問題。

When you look into the next quarter guide, is there another significant step-down assumed in this business from a year-over-year growth standpoint? This business was not impacted by crypto. So I'm just trying to understand the drag on the next quarter. How much of that is the communication business versus the data and applications business?

當您查看下一季度指南時，從同比增長的角度來看，該業務是否會再次出現重大下滑？該業務不受加密影響。所以我只是想了解下一季度的阻力。通信業務與數據和應用程序業務相比，其中有多少？

Ittai, this is Aidan. I'll take that. So we don't provide guidance by business unit on revenue. But as you think about the second quarter, you can generally assume that the slower growth is attributable to both businesses. Though I would say, given the much larger size of communications, it obviously has a bigger impact on our consolidated growth.

Ittai，這是 Aidan。我會接受的。因此，我們不按業務部門提供收入指導。但是當你考慮第二季度時，你通常可以假設增長放緩歸因於這兩項業務。雖然我會說，鑑於通信的規模要大得多，它顯然對我們的綜合增長有更大的影響。

Your next question comes from the line of Taylor McGinnis with UBS.

你的下一個問題來自瑞銀集團的 Taylor McGinnis。

Just looking at the 1Q rep, so 1Q rep declined sequentially, and the 2Q guide, I think even if you strip out IoT, assumes something similar. I know you mentioned that there hasn't been much change in churn. So can you just provide more color on the drivers there? It seems like it might be some seasonality. But if that's the case, as we look throughout the rest of the year, any other seasonal patterns to keep in mind?

只看 1Q 代表，所以 1Q 代表連續下降，而 2Q 指南，我認為即使你去掉物聯網，也假設了類似的東西。我知道你提到過客戶流失率沒有太大變化。那麼你能為那裡的驅動程序提供更多顏色嗎？似乎這可能是一些季節性的。但如果是這樣的話，正如我們在一年中的剩餘時間裡所看到的那樣，還有什麼其他的季節性模式要記住嗎？

I'll start here, and then if Elena and Khozema want to add, they can. You're right, churn overall has been relatively consistent. Where we are seeing some impacts is we are seeing a bit higher contraction again, really, we think, due to just lower spending on the part of our customers, and we attribute that to the macro. On the expansion side, we are seeing that at a bit lower rates than where we've been historically. And again, we think that's customers being budget conscious, scrutinizing their spend, and that's really a function of the macro.

我將從這裡開始，然後如果 Elena 和 Khozema 想補充，他們可以。你是對的，整體流失率相對穩定。我們看到一些影響的地方是我們再次看到更高的收縮，真的，我們認為，由於我們客戶的支出減少，我們將其歸因於宏觀。在擴張方面，我們看到的速度比歷史上的水平要低一些。再一次，我們認為客戶有預算意識，會仔細檢查他們的支出，這實際上是宏觀的一個功能。

The one area where we are seeing a little bit of an impact on new business, Elena has already talked about it, but is on data and application side. And as she has mentioned, we expect to gain traction there over the year as we ramp our sales force, and we expect bookings to reaccelerate towards the end of the year. So that just gives you a little bit of color.

我們看到對新業務有一點影響的一個領域，Elena 已經談到了它，但是是在數據和應用程序方面。正如她所提到的，隨著我們增加銷售隊伍，我們希望在這一年中獲得牽引力，並且我們預計預訂將在年底前重新加速。所以這只會給你一點顏色。

In terms of how to think about revenue for the rest of the year, we're going to continue to guide quarter-to-quarter, just given how dynamic the macro is. The only other thing I'll call out, which we have already, is that we do have some tough comparisons here in the second quarter.

就如何考慮今年剩餘時間的收入而言，考慮到宏觀的動態性，我們將繼續按季度進行指導。我要指出的唯一另一件事是，我們已經在第二季度進行了一些艱難的比較。

I would just say, just a little bit more color on contraction for Twilio data and applications. I think the good news there is that when we see contraction, it is not that we're seeing competitive loss or competitive takeouts and things like that. It's really just customers belt tightening, their marketing spend going down, or their transaction usage, for example, on Segment, or utilization on Segment, just going down because they're contracting. And so we take heart in the fact that the product is extremely valuable, extremely usable, but they're -- as customers, are going through tough times of their own, we see that show up in some of the contraction numbers that we're seeing. So feel good competitively, but we've got obviously a contraction happening that is a newer dynamic over the past few quarters.

我只想說，Twilio 數據和應用程序的收縮顏色稍微多一點。我認為好消息是，當我們看到收縮時，並不是我們看到了競爭性損失或競爭性外賣之類的事情。這實際上只是客戶勒緊褲腰帶，他們的營銷支出下降，或者他們的交易使用，例如，在 Segment 上，或在 Segment 上的利用率，只是因為他們正在收縮而下降。因此，我們為該產品非常有價值、非常有用這一事實感到振奮，但他們——作為客戶，正在經歷他們自己的艱難時期，我們看到這顯示在我們的一些收縮數字中重新看到。所以在競爭中感覺很好，但我們顯然發生了收縮，這是過去幾個季度的新動態。

Your next question comes from the line of Derrick Wood with Cowen.

你的下一個問題來自 Derrick Wood 和 Cowen 的對話。

Great. This is for Khozema. One of the questions we had was whether growth in consumption from the base would be impacted by the sales restructuring since you were taking so many reps out of that business. With -- given that the net revenue retention rate down at 106, how much of that pressure is coming from the macro versus how much is kind of the pullback in your own growth investments? And as you look at a few months into your new low-touch structure, what's -- what do you feel like is working well? What do you feel like you'd like to see some improvements on?

偉大的。這是給 Khozema 的。我們遇到的問題之一是，由於您從該業務中抽走了那麼多銷售代表，因此基礎消費的增長是否會受到銷售重組的影響。隨著 - 鑑於淨收入保留率下降至 106，這種壓力中有多少來自宏觀，而有多少是您自己的增長投資的回調？當您查看新的低接觸結構幾個月後，您覺得什麼運作良好？您覺得您希望在哪些方面有所改進？

Yes, that's a good question, Derrick. I would say, in general, I would attribute it almost all to macro. I think the reduction in investments that we made on the sales and marketing side, I think that they were difficult decisions, obviously, that we went through. And obviously, there was impact to employees, and we feel bad about that. But I do think that with the -- going into it and now with the benefit of hindsight, that it was absolutely the right thing to do and that we're seeing the benefits of the efficiency. You can see those fall through to the bottom line. And I think in terms of any impact in DBNE and/or overall growth, like we're just not seeing it right now.

是的，這是個好問題，德里克。我會說，一般來說，我會把它幾乎全部歸因於宏觀。我認為我們在銷售和營銷方面的投資減少，我認為這是我們經歷過的艱難決定。顯然，這對員工產生了影響，我們對此感到難過。但我確實認為，隨著 - 進入它並且現在事後看來，這絕對是正確的事情並且我們正在看到效率的好處。你可以看到那些落入底線。我認為就 DBNE 和/或整體增長的任何影響而言，就像我們現在還沒有看到它一樣。

So what I would say is working is that kind of in this BU structure, I think having reps aligned to a certain set of products that are very tightly aligned to an economic buyer on the other side that matches the product set, I think that has been hugely impactful for our business. And I know Elena would say the exact same thing about her business as well. And so I think adopting this BU structure in that way is proving to be very, very useful.

所以我想說的是在這個 BU 結構中工作的那種，我認為讓代表與一組特定的產品保持一致，這些產品與另一側與產品組匹配的經濟買家非常緊密地保持一致，我認為有對我們的業務產生了巨大影響。我知道埃琳娜也會對她的生意說同樣的話。所以我認為以這種方式採用這種 BU 結構被證明是非常非常有用的。

I think the 2 other things that I would call out specific to communications is as a result of those reductions, we tilted much more towards a self-service, product-led, growth-oriented go-to-market motion. And I think we're definitely seeing a lot of early successes there. There are various aspects of the experience, like onboarding, like compliance, like cross-selling, like getting additional products into the bundle that we're just working on making a lot easier for customers so that they can adopt Twilio really at a speed that they want to be able to operate at versus us having to gate any of that.

我認為我要特別指出的另外兩件事是由於這些減少，我們更傾向於自助服務、產品主導、以增長為導向的上市行動。而且我認為我們肯定在那裡看到了很多早期的成功。體驗的各個方面，比如入職培訓、合規性、交叉銷售，比如將額外的產品納入我們正在努力的捆綁包中，讓客戶更輕鬆，以便他們能夠真正以這樣的速度採用 Twilio他們希望能夠運作，而我們必須控制其中的任何一個。

So I think that's been quite good. I'd say we probably tilted a little bit more towards marketing dollars versus kind of rep-oriented dollars. And so I think that's worked pretty well, too. It's obviously all a work in progress still. But I feel really good about where things are headed, and cautiously optimistic about where things are going for the back half of the year.

所以我認為這非常好。我想說我們可能更傾向於營銷美元而不是面向代表的美元。所以我認為這也很有效。顯然，這一切仍在進行中。但我對事情的發展方向感覺非常好，並對今年下半年的發展方向持謹慎樂觀態度。

Your next question comes from the line of Nick Altmann with Scotiabank.

你的下一個問題來自豐業銀行的 Nick Altmann。

Yes. Just building on Derrick's question, it sounds like you guys haven't seen much pressure on the growth side of the equation from the communications side, from the headcount reduction and some of the go-to-market changes. And so I'm just wondering, can you maybe parse out for us like how significant those changes were on the communications side? I mean I know you guys have talked about sort of this reversion to low-touch model. But is there any way to sort of give more granularity around what's the split of quota-carrying reps focusing on data apps versus communications? And then just as that sort of progresses throughout 2023, how do you guys sort of measure that impact and make changes, so to speak? Like if the communications side sort of sees further growth decel, will you start to sort of allocate more reps to that side of the business? Just any more granularity around that would be super helpful.

是的。就 Derrick 的問題而言，聽起來你們在通信方面、裁員和一些進入市場的變化方面並沒有看到等式的增長方面有太大壓力。所以我只是想知道，您能否為我們分析一下這些變化在通信方面的重要性？我的意思是，我知道你們已經討論過這種向低接觸模型的回歸。但是，是否有任何方法可以更詳細地說明專注於數據應用程序與通信的配額代表之間的差異？然後就像這種在整個 2023 年取得的進展一樣，你們如何衡量這種影響並做出改變，可以這麼說？就像如果通信方面的增長進一步放緩，你會開始為業務的這一方面分配更多的代表嗎？任何更多的細節都會非常有幫助。

Sure. So this is Khozema. I can start the answer, and then if Elena wants to add some additional color, she will. But I think what's important to remember, as we went through the restructurings that we did over the last 6 to 8 months, is that they were almost entirely impacting the communications business. There were impacts to other G&A categories. But otherwise, they were almost entirely impacting the communications business. And so as you think about the costs that came out of the business, it was really largely out of communications.

當然。這就是 Khozema。我可以開始回答，然後如果 Elena 想添加一些額外的顏色，她會的。但我認為重要的是要記住，當我們經歷過去 6 到 8 個月的重組時，它們幾乎完全影響了通信業務。對其他 G&A 類別也有影響。但除此之外，它們幾乎完全影響了通信業務。因此，當您考慮業務產生的成本時，它實際上主要來自通信。

In fact, to say it a little bit differently, in the data and applications business, as Elena mentioned in some of her remarks earlier, in fact, what we're trying to do is make good investments right now because we see a really big opportunity going forward, and we think we'd be remiss, quite frankly, if we weren't investing through the cycle. And so in a way, like we're trying to optimize for profit on the communications side, while continuing to optimize for growth on the data application side.

事實上，換句話說，在數據和應用程序業務中，正如 Elena 在她之前的一些評論中提到的，事實上，我們現在正在努力做的是進行良好的投資，因為我們看到了一個非常大的未來的機會，坦率地說，如果我們不在整個週期中進行投資，我們認為我們會失職。所以在某種程度上，就像我們試圖在通信方面優化利潤，同時繼續優化數據應用程序方面的增長一樣。

We haven't historically given a split of rep count or anything like that like between businesses or how that splits necessarily between products. What I would say about that, though, is we did definitely make reductions in rep count as it related to our communications business. I mean that was part of kind of getting ourselves much more towards a self-serve oriented motion. We retained reps on strategic accounts, obviously, those that are kind of larger spenders, more enterprise-like, and then we continue to grow our rep count in the data and applications business. So hopefully, that provides you with some additional color. I can't go exactly there in terms of the rep split.

從歷史上看，我們沒有在企業之間或產品之間如何必然地劃分代表數量或類似的東西。不過，我要說的是，我們確實確實減少了與我們的通信業務相關的代表數量。我的意思是，這是讓我們自己更傾向於以自助服務為導向的運動的一部分。我們保留了戰略客戶的代表，顯然是那些花錢更大、更像企業的代表，然後我們繼續增加數據和應用程序業務的代表數量。希望這能為您提供一些額外的顏色。就代表分裂而言，我不能完全做到這一點。

Well, I would just add, because we, Khozema and I, partnered on this together, and we started orchestrating this move when I was still in the -- head of go-to-market role. Like I would say we looked at what is the ROI of each cohort of sellers and supporting roles within the go-to-market organization and really took a close look at where our rep in was yielding discontinuous growth, and where it wasn't, we cut that out. And we made a concerted effort to make sure that sort of everywhere we are at injecting human capital, we're seeing a return for it. And sort of that's how I think about the fitness level that we've created across go-to-market now in both communications and data and applications.

好吧，我只想補充一點，因為我們，Khozema 和我，在這方面一起合作，當我仍然擔任市場推廣負責人時，我們就開始策劃這一舉措。就像我想說的那樣，我們研究了上市組織中每個賣家群體和支持角色的投資回報率是多少，並仔細研究了我們的代表在哪些地方產生了不連續的增長，哪些地方沒有，我們把它剪掉了。我們齊心協力，確保我們在註入人力資本的任何地方都能看到回報。這就是我如何看待我們現在在通信、數據和應用程序中進入市場時所創造的健康水平。

Yes. And I guess just the last thing I would add, Nick, is that in spite of all these changes that we've kind of undergone in communications business, we've maintained share, customers are staying on the platform, we haven't seen any elevated churn, and we continue winning with some really material accounts. So that, to me, is a significant number of proof points that things are moving in the right direction. There's obviously more work to do. But starting off the year with strong profitability, which is kind of where we were oriented, was really important for us. And now the rest of it is execution.

是的。我想我最後要補充的是，尼克，儘管我們在通信業務中經歷了所有這些變化，但我們保持了份額，客戶留在平台上，我們還沒有看到任何增加的客戶流失，我們將繼續贏得一些真正重要的客戶。因此，對我來說，大量的證據表明事情正在朝著正確的方向發展。顯然還有更多工作要做。但以強勁的盈利能力開始新的一年，這對我們來說非常重要，這也是我們的目標。現在剩下的就是執行了。

Your next question comes from the line of Samad Samana with Jefferies.

你的下一個問題來自 Jefferies 的 Samad Samana。

So I wanted to ask maybe on the software side of the business, and I was a little bit late, so I apologize if this has already been asked. But just as you think about the -- I know you're investing for growth, but if you think about the bookings trends even as maybe customers spend on marketing is a little bit less, just how should we think about the changes and how that's driving maybe leads into the pipeline, the type of conversation that you're having? Is it changing the nature of where customers are viewing you versus just maybe the near-term financial results, which have been impacted by all the changes? And then I have a follow-up.

所以我想問一下業務的軟件方面，我來晚了一點，如果已經有人問過，我深表歉意。但正如你所想的那樣——我知道你正在為增長而投資，但如果你考慮預訂趨勢，即使客戶在營銷上的花費可能有所減少，我們應該如何考慮這些變化以及這是如何發生的駕駛可能會導致進入管道，您正在進行的對話類型？它是否改變了客戶對您的看法的性質，而不是僅僅改變了受到所有變化影響的近期財務結果？然後我有一個後續行動。

Great. I'll take that. It's Elena here. So we don't want to disclose our booking metrics, but we did say in prepared remarks and probably throughout the first question that we are seeing headwinds of a couple of different flavors. I think the first thing for you to take away is that of the sort of work we're doing to rebuild, reorient and specialize the organization, like that work's still in progress. And so while we're making great strides there, we've hired the team, we've got dedicated sellers in place for both Segment and Flex, and that's what makes up the Twilio data and applications business or software business, as you called it. The heads are in seat, but they're not fully ramped. And that's what we're working on over the next couple of quarters is making sure that these reps are ramped and fully productive and have what they need to be successful. So we're working through that. We expect to hit that stride over the next couple of quarters, but that we're also doing that during a tough macro time period. You mentioned marketing spend and things like that. And that is exactly the sort of customer messaging breakthrough that we're seeking to have and making sure that customers continue to allocate budget to these kinds of things because we think that they're particularly helpful in this kind of a time where we're producing things like a return on ad spend, it's higher than it would be without Segment. And so that messaging is really important right now, but at the same time, we do see substantive -- like we do see headwinds from a macro perspective.

偉大的。我會接受的。我是埃琳娜。所以我們不想透露我們的預訂指標，但我們確實在準備好的評論中說，並且可能在第一個問題中說我們看到了幾種不同的逆風。我認為你要帶走的第一件事是我們正在做的那種重建、重新定位和專業化組織的工作，就像這項工作仍在進行中一樣。因此，雖然我們在這方面取得了長足進步，但我們已經聘請了團隊，我們已經為 Segment 和 Flex 配備了專門的賣家，這就是 Twilio 數據和應用程序業務或軟件業務的組成部分，正如你所說的它。頭部就位，但沒有完全傾斜。這就是我們在接下來的幾個季度中所做的工作，以確保這些代表的能力得到提升並充分發揮作用，並擁有成功所需的一切。所以我們正在努力解決這個問題。我們希望在接下來的幾個季度內取得這一進展，但我們也在艱難的宏觀時期內這樣做。你提到了營銷支出和類似的事情。這正是我們正在尋求的客戶消息傳遞突破，並確保客戶繼續將預算分配給這些事情，因為我們認為它們在我們現在的這種時代特別有用產生諸如廣告支出回報之類的東西，它比沒有 Segment 的情況要高。因此，消息傳遞現在非常重要，但與此同時，我們確實看到了實質性的——就像我們確實從宏觀角度看到了逆風一樣。

So customers adding people to the sales cycle, adding approval levels, which will elongate sales cycles, we see a little -- a small decrement in average selling price and things like that. And so we're playing through that period of time, but we feel good about the wins that we're seeing and innovation that we're laying down in order to, number one, play through this time; but number two, prepare ourselves really well for as spend comes back online, we think we're first in line to go take it.

因此，客戶將人員添加到銷售週期中，增加批准級別，這將延長銷售週期，我們看到一點 - 平均售價的小幅下降等等。所以我們正在經歷那段時間，但我們對我們所看到的勝利和我們正在放下的創新感到滿意，第一，為了度過這段時間；但第二，當支出重新上線時，我們要做好充分的準備，我們認為我們是第一個接受它的人。

Great. And then maybe just a follow-up. There's been some scuttle, but Google recently was talking about rolling out something called passkeys, which is meant to kind of limit the amount of 2FA that you need and/or changing just the nature of passwords in general and maybe accessing different apps and websites. I'm curious if you guys have any thoughts on maybe what the opportunity is for Twilio. I know 2FA has been a revenue driver in the past, and just how you guys are thinking about that and maybe what you're doing as how we get authenticated evolves over time? And if you have any doubts on that, that would be great.

偉大的。然後也許只是一個後續行動。有一些傳言，但谷歌最近正在談論推出一種叫做密碼的東西，這意味著限制你需要的 2FA 數量和/或改變一般密碼的性質，並可能訪問不同的應用程序和網站。我很好奇你們是否對 Twilio 的機會有什麼想法。我知道 2FA 過去一直是收入驅動因素，你們是如何考慮這個問題的，也許你們在做什麼，因為我們如何獲得身份驗證會隨著時間的推移而演變？如果您對此有任何疑問，那就太好了。

Yes. Absolutely. This is Jeff. I'll answer that one. So the way I think about authentication these days is basically, there's typically multiple forms. There's something you know, there's something you have, et cetera. And that's what we've come to understand as best practices for how to authenticate yourself. And passkeys are really evolving the evolution of [passwords], right? And they're easier to use, they're more secure, you can't reuse them. There's a lot of advantages to using this for -- instead of a password.

是的。絕對地。這是傑夫。我會回答那個。所以我現在考慮身份驗證的方式基本上是，通常有多種形式。有些東西你知道，有些東西你有，等等。這就是我們已經了解的如何驗證自己的最佳實踐。萬能鑰匙確實在進化 [密碼]，對吧？而且它們更易於使用，更安全，您不能重複使用它們。使用它代替密碼有很多好處。

But the -- it's like almost like as if the computer is generating the password for you as opposed to you having to type it in and remember it is a way to maybe simplify the notion there. But what it doesn't do is provide you any information about who is this customer, like to identify it. How do I know who they are? And that's things where like an e-mail address or a phone number actually provide a notion of a person and their identity as opposed to just a way to have a shared secret or some way to reauthenticate yourself.

但是——這幾乎就像計算機正在為您生成密碼，而不是您必須輸入密碼並記住它，這可能是一種簡化概念的方法。但它不會為您提供有關此客戶是誰的任何信息，例如識別它。我怎麼知道他們是誰？這就是電子郵件地址或電話號碼實際上提供了一個人及其身份的概念，而不僅僅是一種擁有共享秘密的方式或某種重新驗證自己的方式。

And so these things typically work together. And if you think about our Verify product, Twilio Verify is actually -- it does the identity verification of saying you are -- or proving you are who you say you are. But it also does the work of saying, and this customer has this phone number, and therefore, like I know who that is. I can talk to them at that phone number. When they come back to me, I know who they are.

所以這些東西通常一起工作。如果您考慮一下我們的 Verify 產品，Twilio Verify 實際上是——它可以進行身份驗證來證明你是——或者證明你是你所說的那個人。但它也可以說，這個客戶有這個電話號碼，因此，就像我知道那是誰一樣。我可以通過那個電話號碼與他們交談。當他們回到我身邊時，我知道他們是誰。

And so I think that Fido and WebAuthn, which passkey is basically, for all intents and purposes, the same thing, it's a way of essentially presenting a password that is more secure, but it doesn't provide a sense of identity. Who is this person? Here's an e-mail address, a phone number, something you can use to actually contact them and uniquely identify them in the world. That's what we offer. So these things actually work well together, and we've been evolving our offering in terms of things like Verify that offer silent network authentication as well as other forms of identity verification like through WhatsApp, all wrapped up into one really nice product, and that product is selling really well.

因此，我認為 Fido 和 WebAuthn，從所有意圖和目的來看，密碼基本上是同一件事，它本質上是一種提供更安全密碼的方式，但它不提供身份感。這個人是誰？這是一個電子郵件地址，一個電話號碼，您可以使用這些東西來實際聯繫他們並在世界上唯一地識別他們。這就是我們提供的。因此，這些東西實際上可以很好地協同工作，我們一直在改進我們的產品，例如提供靜默網絡身份驗證的 Verify 以及其他形式的身份驗證，例如通過 WhatsApp，所有這些都包含在一個非常好的產品中，而且產品賣得很好。

If you'll see, we had a very large Fortune 100 entertainment company that we sold the largest Verify deal to as well as a very large AI company that we sold Verify to in this past quarter. And so the product is selling very nicely, even in an environment where Fido and WebAuthn have been getting a lot more traction for a number of years.

如果你看到的話，我們有一家非常大的財富 100 強娛樂公司，我們在上個季度向其出售了最大的 Verify 交易以及一家非常大的 AI 公司，我們向其出售了 Verify。因此，即使在 Fido 和 WebAuthn 多年來受到越來越多關注的環境中，該產品的銷量也非常好。

Your next question comes from the line of Matt Stotler with William Blair.

你的下一個問題來自 Matt Stotler 和 William Blair 的對話。

This is Alex Vasti on for Matt. I just wanted to speak about the partner channel. If you could talk to any updates you might have there, especially with the GSIs and the regional SIs. How are you enabling those partners? Do you have any thoughts on expanding the partner contribution going forward?

我是 Matt 的 Alex Vasti。我只想談談合作夥伴渠道。如果你能談談那裡可能有的任何更新，尤其是 GSI 和地區 SI。您如何支持這些合作夥伴？您對擴大合作夥伴的貢獻有什麼想法嗎？

I will take that one. It's Elena here on the data and application side. We see a big role for partners, both today and going forward. We've got a vibrant ecosystem of partners and particularly partners on the SI side, not just global SIs, but regional as well. And so I'd say that the SI community is performing well in the Segment ecosystem as well as Flex, those tend to be different partners.

我會拿那個。我是數據和應用程序方面的 Elena。我們認為合作夥伴在今天和未來都將發揮重要作用。我們有一個充滿活力的合作夥伴生態系統，尤其是 SI 方面的合作夥伴，不僅是全球 SI，還有區域。所以我想說 SI 社區在 Segment 生態系統和 Flex 中表現良好，它們往往是不同的合作夥伴。

We also have a couple of others that I wouldn't necessarily put in the FI bucket, but are, I think, pretty interesting for us today. Segment is a top partner within the AWS ISV Accelerate program, which connects AWS sellers into our sales process. We're seeing some good deals from that. And then on the Flex side, we've got several partners that sort of span just the SI world, but also builds products side by side with Flex as well. And so I'd say that we are -- I've said over the past couple of calls actually that this is an area of focus and investment for us. I think we're seeing some good green shoots there. Lots, lots more to do. I don't know if Khozema has anything to add on the comp side. If not, we're good.

我們還有其他一些我不一定會放在 FI 桶中的東西，但我認為今天對我們來說非常有趣。 Segment 是 AWS ISV Accelerate 計劃中的頂級合作夥伴，該計劃將 AWS 賣家連接到我們的銷售流程中。我們從中看到了一些不錯的交易。然後在 Flex 方面，我們有幾個合作夥伴，它們在某種程度上只跨越 SI 世界，但也與 Flex 一起構建產品。所以我想說我們是——我在過去的幾個電話中實際上說過，這是我們關注和投資的領域。我認為我們在那裡看到了一些好的萌芽。還有很多很多事情要做。我不知道 Khozema 在補償方面是否有任何補充。如果沒有，我們很好。

Your next question comes from the line of Fred Havemeyer with Macquarie Capital.

你的下一個問題來自 Fred Havemeyer 與 Macquarie Capital 的合作。

I wanted to ask about some of the segment wins that you were talking about there. I think the selection of customers was actually quite interesting. You have a health care company, you have a database company, you have a wireless company that has a more expansive relationship with Twilio. So could you talk about perhaps some of the use cases that these companies are using Segment for? And where those companies are finding value right now with Segment?

我想問問你在那裡談論的一些細分市場的勝利。我認為客戶的選擇實際上很有趣。你有一家醫療保健公司，你有一家數據庫公司，你有一家與 Twilio 有更廣泛關係的無線公司。那麼，您能否談談這些公司使用 Segment 的一些用例？這些公司現在在哪裡找到 Segment 的價值？

Segment is super interesting. We talk a lot about B2C, and there's definitely fantastic brands that are direct to consumer or have a big consumer element to what they do that are really out there working to find, identify, engage, acquire and just better nurture those kinds of relationships in a way that is cost-effective, really fast and (inaudible) and gives the ability to do things that they can't do with their traditional kind of cobbled together CRM infrastructure.

片段超級有趣。我們經常談論 B2C，肯定有一些很棒的品牌直接面向消費者，或者對他們所做的事情有很大的消費者元素，這些品牌確實在努力尋找、識別、參與、獲得併更好地培養這些類型的關係一種具有成本效益、非常快速且（聽不清）的方式，並且能夠完成他們使用傳統拼湊式 CRM 基礎架構無法完成的事情。

That said, we do have a percentage of our Segment customer population that's also B2B. And so people that play in both B2B and B2C that are finding ways to sort of cross pollinate their own channels and their own customer identity is using the power of Segment. And so we see customers do everything from sort of the core sort of data platform use cases and really using us for things that are quite simple but hard to pull off. And then we have customers and a growing set of customers that are adding on capabilities, so Engage, for example, and our new Unify capability that we talked about in our prepared remarks.

也就是說，我們的細分市場客戶群中確實有一定比例也是 B2B。因此，同時參與 B2B 和 B2C 的人們正在尋找方法來交叉授粉他們自己的渠道和他們自己的客戶身份，他們正在使用 Segment 的力量。因此，我們看到客戶從核心類型的數據平台用例開始做所有事情，並真正將我們用於非常簡單但難以實現的事情。然後我們有客戶和越來越多的客戶在增加功能，例如 Engage，以及我們在準備好的評論中談到的新的 Unify 功能。

So those are a couple of things that we're doing. I think long game, we expect the customer data platform to sort of be at the center for there to be a lot that we do with that. And so from Engage, for example, actually engaging your customers, getting out by our different communications channels, to utilizing segment information to have better experiences with Flex in the call center or in a digital sort of in-app communication mechanism that a customer might be using with Flex. So we see a ton of extension capability here with that CDP as the center.

所以這些是我們正在做的幾件事。我認為從長遠來看，我們希望客戶數據平台成為中心，因為我們可以用它做很多事情。因此，例如，從 Engage 實際吸引您的客戶，通過我們不同的通信渠道退出，到利用細分信息在呼叫中心或客戶可能會使用的數字應用程序內通信機制中獲得更好的 Flex 體驗與 Flex 一起使用。因此，我們在這裡看到了以該 CDP 為中心的大量擴展功能。

And I think as a follow-up question, I was noticing the top 10 customer accounts are now down to about 10% of total revenue. I wanted to ask, is that a function of just diversification of Twilio's revenue base? Or is there anything to read in there in terms of how your top customers are also trending their own usage of Twilio?

我認為作為後續問題，我注意到前 10 大客戶賬戶現在已降至總收入的 10% 左右。我想問，這只是 Twilio 收入基礎多元化的功能嗎？或者，關於您的頂級客戶如何也對他們自己的 Twilio 使用趨勢，有什麼值得閱讀的嗎？

This is Aidan. I'll take that. Yes, it's largely a function of continued diversification. We are well diversified across industries, across customers. And so that continued. I'd say in terms of lower usage, we have seen that generally across the communications and the D&A business, and that's again largely a function of the macro. But as it relates to the top 10, it's continued diversification.

這是艾丹。我會接受的。是的，這在很大程度上是持續多元化的結果。我們在各個行業、各個客戶中實現了多元化。就這樣繼續下去。我想說的是，就較低的使用率而言，我們已經在通信和 D&A 業務中普遍看到了這一點，這在很大程度上又是宏觀的一個功能。但與前 10 名相關的是，它在持續多元化。

So Fred, this is Jeff. You asked about some of the use Cases for segment. And I thought I'd expand because I think there's a few that are interesting that I thought would be worth sharing because one of the really cool things about Segment and having this customer data is like a great platform, once the customer puts it in, I think they find that there are multiple, like many benefits of having the customer data in a spot, having it cleaned, having it -- good governance over it, and then ways in which you can activate it across many different parts of the customer life cycle.

弗雷德，這是傑夫。您詢問了細分的一些用例。我想我會擴展，因為我認為有一些有趣的東西值得分享，因為關於 Segment 和擁有這些客戶數據的真正酷的事情之一就像一個很棒的平台，一旦客戶將其放入，我認為他們發現有很多好處，比如將客戶數據放在一個地方，清理它，擁有它 - 對其進行良好治理，然後可以通過多種方式在客戶的許多不同部分激活它生命週期。

And so I was talking to a global Fortune 100 this morning about a Segment opportunity, and they rattled off like 5 different use cases, from CRM to personalization across properties, to tracking their customers across multiple acquisitions they had done, and knowing if a customer in 1 customer base was the same as the customer or another part of the customer base, so they could do more effective cross-selling and more effective retention of those customers. And so I think in M&A cases, for example, there are great opportunities because you have different identifiers for customers. There's one customer that I think is a great, neat use case that I really like, which is they brought in Segment so that they could personalize their IVRs. And the idea was, the thing they had seen was, if you are trying to log in, say, to the website or a mobile app, and you consistently can't log in, like your password is not working, they can see that in real time using Segment and flag your profile of someone who is likely having a password problem. And when you call in, which probably at the scale of this customer, happens, I don't know, 100,000x a day or whatever, they will put the first thing in the IVR is having issues logging in, press 1. It was ordinarily, you have to go like 10 menus deep to get to that one probably. But for you, because they saw your behavior on the website is clearly you're having trouble logging in, they dynamically reprogram that.

因此，今天早上我與一家全球財富 100 強公司討論了一個細分機會，他們滔滔不絕地說出了 5 個不同的用例，從 CRM 到跨資產個性化，再到在他們完成的多次收購中跟踪他們的客戶，並了解客戶是否1 個客戶群與客戶或客戶群的另一部分相同，因此他們可以進行更有效的交叉銷售並更有效地保留這些客戶。因此，我認為在併購案例中，例如，有很大的機會，因為你有不同的客戶標識符。我認為有一個客戶是我真正喜歡的很棒、簡潔的用例，他們引入了 Segment 以便他們可以個性化他們的 IVR。他們的想法是，他們看到的是，如果你試圖登錄，比如說，網站或移動應用程序，而你始終無法登錄，就像你的密碼不起作用一樣，他們可以看到實時使用細分並標記可能遇到密碼問題的人的個人資料。當你打電話進來時，我不知道，這可能是這個客戶的規模，一天 100,000 次之類的，他們會把第一件事放在 IVR 中，如果登錄有問題，請按 1。這通常是，您可能必須深入 10 個菜單才能找到那個菜單。但對你來說，因為他們看到你在網站上的行為顯然是你登錄有問題，他們會動態地重新編程。

I mean these are the kinds of use cases we see customers building across many different parts of their customer life cycle, marketing, sales, product, service support that allow customers to serve their customers better. And that's why I think data as a platform in Segment is such a great product.

我的意思是，這些是我們看到客戶在其客戶生命週期、營銷、銷售、產品、服務支持的許多不同部分構建的用例，使客戶能夠更好地為客戶服務。這就是為什麼我認為數據作為 Segment 中的平台是一個非常棒的產品。

Your next question comes from the line of Alex Zukin with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess maybe just the first question is the gross margins in the quarter were actually better, I think, than we anticipated. And I think they have the best performance in the last -- since Q1 of last year. Is -- international didn't go down as a percentage of the total revenue. Was there something else that you're maybe walking away from business more that had a lower gross margin in the quarter? I know that we're not guiding to it, but at least from a trend lining perspective, how should we think about that? And then I've got a quick follow-up for Jeff.

我想也許第一個問題是本季度的毛利率實際上比我們預期的要好。而且我認為他們在去年第一季度以來表現最好。是——國際收入佔總收入的百分比沒有下降。本季度毛利率較低的業務是否還有其他您可能會放棄的業務？我知道我們並沒有指導它，但至少從趨勢線的角度來看，我們應該如何考慮呢？然後我得到了傑夫的快速跟進。

Alex, this is Aidan. Yes, so it was 52.3% in the quarter, and that was up sequentially about 170 basis points. So that was positive, although I would say we'll continue to see variability on this line. And so it's largely a function of the mix of products. And also within the messaging business, the mix of geography where the traffic terminates, which is a little bit different than the international as percent of revenue that you're looking at, which is based on customer headquarters. And what we saw this quarter relative to last quarter is there was a different mix in terms of where traffic was terminating, and that drove the better gross margin overall.

亞歷克斯，這是艾丹。是的，本季度為 52.3%，環比上升約 170 個基點。所以這是積極的，儘管我會說我們會繼續看到這條線上的變化。因此，這在很大程度上取決於產品組合。在消息傳遞業務中，流量終止的地理位置組合與您正在查看的國際收入百分比略有不同，後者基於客戶總部。我們在本季度看到的與上一季度相比的情況是，在流量終止的地方存在不同的組合，這推動了整體毛利率的提高。

As we think about going forward and how to think about this, we're really orienting the business more to gross profit dollars and the gross margin rates, given the strong unit economics, in particular, in the messaging business. And so that will continue to be our focus as we move forward is really orienting the team to gross profit dollar generation. And as long as we can do that with the right cost structure, we think that's a good business to keep doing.

當我們思考未來以及如何思考這個問題時，我們確實將業務更多地定位於毛利潤美元和毛利率，考慮到強大的單位經濟，特別是在消息傳遞業務中。因此，隨著我們向前邁進，這將繼續成為我們的重點，真正將團隊定位於產生毛利美元。只要我們能夠以正確的成本結構做到這一點，我們認為這是一項值得繼續做的好生意。

Got it. And then maybe, Jeff, one for you. You talked about AI and generative AI with respect to Segment and CDP. I guess one common question we get is the notion of bidirectional messaging, conversational messaging seems like that trend is having a massive moment right now in the marketplace. Can you maybe talk about the puts and takes and the potential tailwinds to the communications side of the business from generative AI? What you're seeing in customer conversations that you're having, existing or new, around that?

知道了。然後也許，傑夫，一個給你。您談到了關於 Segment 和 CDP 的 AI 和生成 AI。我想我們得到的一個常見問題是雙向消息傳遞的概念，對話式消息傳遞的趨勢似乎正在市場上大放異彩。你能談談生成人工智能對業務通信方面的影響和潛在的順風嗎？您在現有或新的客戶對話中看到了什麼？

Yes. So just to give you a quick backdrop, I mentioned at the beginning of the call that generative AI is the next platform shift in technology. And by the way, it's not in technology, it's actually in society. And if you think about the -- when these shifts occur, like to PC or the arrival of the PC, and the PC to the web, and the web to mobile, right, you can see the kind of disruption that occurs in market after market when these transformations happen. In fact, it's interesting. There was a Wall Street Journal headline today that says, is this the iPhone moment? And I think, absolutely, I would answer yes. Yes, it is.

是的。所以為了給你一個快速的背景，我在電話會議開始時提到生成人工智能是技術的下一個平台轉變。順便說一句，這不是在技術上，而是在社會上。如果你想想——當這些轉變發生時，比如 PC 或 PC 的到來，PC 到網絡，網絡到移動，你可以看到市場發生的那種破壞這些轉變發生時的市場。事實上，這很有趣。 《華爾街日報》今天的頭條新聞說，這是 iPhone 時代嗎？我想，我絕對會回答是。是的。

Now there's an interesting question, though, if you remember the early days of, say, the web where companies were trying to figure out, oh, what do we do? Do we give a brochure on site? Remember when companies used to say, like we're not allowed to leak off of our site because there's a legal problem with that, and I was like, what? So people figure out how to use these new technologies in the corporate setting, and I think that's what the conversations I'm having with customers now are exactly that, right?

但是，現在有一個有趣的問題，如果你還記得早期的網絡，比如說，公司試圖弄清楚，哦，我們要做什麼？我們會在現場提供小冊子嗎？還記得公司過去常說，我們不允許洩露我們的網站，因為這存在法律問題，我當時想，什麼？所以人們弄清楚如何在企業環境中使用這些新技術，我認為這就是我現在與客戶進行的對話，對吧？

Is this ready for an enterprise use case? Or is a bot that I put in front of my customer going to start like talking, saying stuff that I don't want to say, right? Is it going to start having a dialogue with my customers about God knows what? Or are they going to stay on topic and talk about my products, my services and all that kind of stuff? And so I think that's where a lot of the work is going right now. And I think those are really good questions that are getting answered every day, that work we are doing, work others are doing in terms of like how to keep these large language models on topic and the right boundaries for them so that they are useful in a corporate context. And that stuff is getting resolved, I think, pretty quickly.

這是否已準備好用於企業用例？或者我放在客戶面前的機器人會開始說話，說一些我不想說的話，對嗎？它會開始與我的客戶就上帝知道的內容進行對話嗎？或者他們會繼續討論我的產品、我的服務和所有類似的話題嗎？所以我認為這就是現在很多工作正在進行的地方。而且我認為這些都是每天都會得到回答的非常好的問題，我們正在做的工作，其他人正在做的工作，比如如何使這些大型語言模型保持主題和正確的邊界，以便它們在企業背景。我認為，這些問題很快就會得到解決。

And so the -- I'll put you into a conversation I had with a customer recently, which I think is indicative of what I think is going to happen. I was talking to a customer, a very large financial services company, and they were telling me how they had spent the last 7 years building out all of the intents to have a bot for their service use cases that could contain customer [culture], containment is the -- didn't have to reach a person. And they said, well, this containment was after 7 years of work or whatever, is about 40%, and so 60% of the call is made through to a human being.

所以 - 我會讓你進入我最近與客戶進行的對話，我認為這表明我認為將要發生的事情。我正在與一家非常大的金融服務公司的客戶交談，他們告訴我他們如何在過去 7 年中構建所有意圖，為他們的服務用例創建一個機器人，其中可能包含客戶 [文化]，遏制是——不必接觸到一個人。他們說，好吧，這種遏制是在工作 7 年或其他什麼之後進行的，大約是 40%，因此 60% 的電話是通過人類撥打的。

And I asked, and we're talking about large language models, and I said, do you think you're going to keep that investment? Or do you think you're going to start from scratch in the large language model world? And the customer said, no, we'll keep that investment, but hopefully, large language models will help us move it forward from 40% up from there. And through the course of the conversation, we talked a lot about what's possible in the architecture of these new language models and how they can work with Segment customer data and things like this, at the end of the conversation, I asked again, do you think you're going to keep that 40% -- the investment you made over the last 7 years that got you to 40% containment? And the customer said, no, it's going in the garbage can, right? Like every decision we've made for the last 7 years about what's possible is now like a relic of the past, and just reup for relitigation and potentially new approaches, new vendors, new ways of implementing it because the large language model world just upends what is possible.

我問，我們正在談論大型語言模型，我說，你認為你會保留這筆投資嗎？還是您認為您要在大型語言模型世界中從頭開始？客戶說，不，我們會保留這筆投資，但希望大型語言模型能幫助我們將其從 40% 提高。在談話的過程中，我們談了很多關於這些新語言模型架構的可能性以及它們如何與 Segment 客戶數據一起工作等等，在談話結束時，我又問了一遍，你呢？你認為你會保留那 40%——你在過去 7 年中所做的投資讓你達到了 40% 的遏制？客戶說，不，它會被扔進垃圾桶，對吧？就像我們在過去 7 年裡做出的每一個關於什麼是可能的決定現在都像是過去的遺物，只是為了重新訴訟和潛在的新方法、新供應商、新的實施方式，因為大型語言模型世界剛剛顛覆什麼是可能的。

And I think that is why it is a gift in terms of creating new opportunities for companies like Twilio who is helping our customers to activate their customer data across the customer life cycle. Take CRM, which has historically been this like kind of sleepy area of like just a database, not activated, make it useful across many different touch points, large language models are an absolute gift. And I'm very happy that we bought Segment when we did because the data that is in Segment enables a company to customize these interactions based on who they're talking to, the end user, the customer of our customer. And that is very powerful.

我認為這就是為什麼它是一份禮物，可以為像 Twilio 這樣的公司創造新的機會，幫助我們的客戶在整個客戶生命週期中激活他們的客戶數據。以 CRM 為例，它在歷史上一直是一個沉睡的區域，就像一個數據庫，沒有激活，使其在許多不同的接觸點上都很有用，大型語言模型是一個絕對的禮物。我很高興我們在購買 Segment 時購買了 Segment，因為 Segment 中的數據使公司能夠根據與他們交談的人、最終用戶、我們客戶的客戶來定制這些交互。那是非常強大的。

So anyway, this is day 0 of large language models, and you'll be hearing more from us in the course of this quarter. Obviously, we have SIGNAL in August, and I would not be a responsible technology leader if AI wasn't prominently a part of what we're talking about at SIGNAL. So we'll have more coming, and I hope everybody joins us at SIGNAL in August.

所以無論如何，這是大型語言模型的第 0 天，您將在本季度從我們那裡聽到更多信息。顯然，我們在 8 月有 SIGNAL，如果 AI 不是我們在 SIGNAL 上討論的重要內容，我就不會成為負責任的技術領導者。所以我們會有更多的人來，我希望每個人都能在 8 月加入我們的 SIGNAL。

Your next question comes from the line of Siti Panigrahi with Mizuho.

你的下一個問題來自 Siti Panigrahi 與 Mizuho 的對話。

It's Phil on for Siti. In your prepared remarks, you guys noted a Flex win with a major financial services company. Would love to learn a bit more about this win. Was it sourced through an SI partner? And how well is Flex positioned to compete with the other CCaaS vendors?

Phil 正在為 Siti 做準備。在準備好的發言中，你們提到了 Flex 與一家大型金融服務公司的合作。很想更多地了解這場胜利。它是通過 SI 合作夥伴採購的嗎？ Flex 在與其他 CCaaS 供應商競爭方面的定位如何？

Yes. So a couple of things. We -- I don't believe that one was partner-sourced. But it's a deal we've been working on for a few quarters. They are -- it is a legacy takeout, and it is sort of a contact center-specific use case. But I would say, because you asked about Flex, that's really not our only use case. We're starting to see sort of a coalescing around 3 or 4 key things that we see really playing well in the market.

是的。所以有幾件事。我們 - 我不相信一個是合作夥伴來源的。但這是我們幾個季度以來一直在努力達成的協議。他們是——這是一個遺留的外賣，它是一種特定於聯絡中心的用例。但我會說，因為你問的是 Flex，那真的不是我們唯一的用例。我們開始看到圍繞 3 或 4 個我們認為在市場上真正發揮良好的關鍵事物的合併。

So first is sort of this in-app digital communication, in-app digital concierge kind of capability, and we see a lot of great direct-to-consumer brands utilizing Flex in that way. Secondly is sort of a high-touch contextual sales kind of moment, and we see certain large retailers and some other financial institutions playing in that area. And then lastly is sort of our core contact center use cases in the service and support area. And this example that you mentioned happens to live right in that area, and that's the one that was in our prepared remarks today.

所以首先是這種應用內數字通信，應用內數字禮賓功能，我們看到很多偉大的直接面向消費者的品牌以這種方式使用 Flex。其次是一種高接觸的上下文銷售時刻，我們看到某些大型零售商和其他一些金融機構在該領域開展業務。最後是我們在服務和支持領域的核心聯絡中心用例。你提到的這個例子恰好就在那個地區，這就是我們今天準備好的發言中的例子。

Your final question comes from the line of Michael Funk with Bank of America.

你的最後一個問題來自美國銀行的 Michael Funk。

Two, if I could, quickly. So Aidan, one for you, if I could. The operating margin guidance for 2Q, I saw you called out a number of factors pressuring that sequentially. However, I would have thought the full quarter of the head count reduction and potentially positive mix shift would have offset the reversal, for example, you called out other things. Are there other factors going into that?

二，如果可以的話，快點。所以艾丹，如果可以的話，給你一個。第二季度的營業利潤率指導，我看到你指出了一些順序施壓的因素。但是，我本以為整個四分之一的裁員和潛在的積極組合轉變會抵消逆轉，例如，你說出了其他事情。還有其他因素嗎？

Thanks for the question, Michael. So we try to be pretty transparent about this in the prepared remarks because we are expecting profits to be down quarter-over-quarter. So I gave a lot of information there, and I recognize it's a little bit counterintuitive given the timing of the restructuring in the first quarter.

謝謝你的問題，邁克爾。因此，我們試圖在準備好的評論中對此保持透明，因為我們預計利潤將環比下降。所以我在那裡提供了很多信息，我承認考慮到第一季度重組的時間，這有點違反直覺。

So let me just like walk through some of the pieces. And I'll talk about what will continue beyond the second quarter as well. So first, the first quarter benefit is from a $12 million onetime accrual reversal related to the sunsetting of our employee sabbatical program. That won't repeat in the second quarter or beyond. We guided to lower quarter-over-quarter revenues, which directly impacts our gross profit as well as our operating profit. And then we expect the number of different cost items to be ahead with quarter-over-quarter.

因此，讓我簡單介紹一下其中的一些內容。我還將討論第二季度之後還會繼續發生的事情。因此，首先，第一季度的收益來自與我們員工休假計劃的終止相關的 1200 萬美元的一次性應計逆轉。這種情況不會在第二季度或以後重演。我們指導降低季度環比收入，這直接影響我們的毛利潤和營業利潤。然後我們預計不同成本項目的數量將比上一季度領先。

First, merit goes into effect in the second quarter, as it does every year. And so that will obviously go into effect Q2 and for the rest of the year. We're moving some employees, we talked about this in the prior earnings call, but we're moving some employees to cash bonuses from equity-based awards. This is for a subset of our employee base, but it will help moderate stock-based compensation expense growth going forward. And that -- but that in the period presents an OpEx headwind.

首先，與每年一樣，績效在第二季度生效。因此，這顯然會在第二季度和今年餘下時間生效。我們正在調動一些員工，我們在之前的財報電話會議上談到了這一點，但我們正在讓一些員工從基於股權的獎勵中獲得現金紅利。這是針對我們員工基礎的一個子集，但它將有助於緩和未來基於股票的薪酬支出增長。那——但在這段時間裡，這帶來了運營支出的逆風。

We've also made some changes to our incentive compensation structure for the communications sales team to better align to Twilio's financial goals. And while that doesn't result in any difference in cash being paid to a specific sales executive, there's a bit of a difference in accounting in terms of what is incurred in period versus what is deferred over time. And so that creates a little bit of a headwind.

我們還對通信銷售團隊的激勵薪酬結構進行了一些更改，以更好地與 Twilio 的財務目標保持一致。雖然這不會導致支付給特定銷售主管的現金有任何差異，但就期間發生的費用和隨時間遞延的費用而言，會計上存在一些差異。因此，這會產生一點逆風。

And then lastly, we do expect more normalized levels of marketing and travel spend in the second quarter. I'd say we're pretty light in the first quarter, just post the reorganization as teams are settling into the new structures. We just didn't spend as much as we had planned we would. And so all of those items more than offset the full quarter benefit of the restructuring actions that we announced in February, but we're still guiding to $65 million to $75 million. We raised the low end of our guide for the year to $275 million to $350 million, and we're tracking really well to date.

最後，我們確實預計第二季度的營銷和旅行支出水平會更加正常化。我會說我們在第一季度非常輕鬆，隨著團隊適應新結構而進行重組。我們只是沒有像我們計劃的那樣花錢。因此，所有這些項目都超過了我們在 2 月份宣布的重組行動的整個季度收益，但我們仍在指導 6500 萬至 7500 萬美元。我們將今年指南的低端提高到 2.75 億至 3.5 億美元，而且我們迄今為止的追踪情況非常好。

This concludes the conference call. Thank you for participating. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。