Twilio Inc (TWLO) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Twilio Second Quarter Earnings Conference Call.

大家好，歡迎參加 Twilio 第二季度收益電話會議。

At this time, I would like to hand the call over to Mr. Bryan Vaniman, for opening remarks. Please go ahead, sir.

現在，我想將會議轉交給 Bryan Vaniman 先生致開幕詞。請繼續，先生。

Thanks, Lisa. Good afternoon, everyone, and thank you for joining us for Twilio's Second 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.

謝謝，麗莎。大家下午好，感謝您參加 Twilio 2023 年第二季度收益電話會議。我們準備好的評論、收益新聞稿、投資者介紹、SEC 文件以及今天電話會議的重播可以在我們的投資者關係網站 Investors.twilio.com 上找到。

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. Due to an issue with our external website vendor, the prepared remarks were only recently posted to our IR website; thus, the team will be reading these live at the outset of the call.

今天與我一起參加問答的有聯合創始人兼首席執行官傑夫·勞森 (Jeff Lawson)； Elena Donio，Twilio 數據與應用程序總裁； Khozema Shipchandler，Twilio Communications 總裁；以及首席財務官艾丹·維吉亞諾 (Aidan Viggiano)。由於我們的外部網站供應商存在問題，準備好的評論最近才發佈到我們的 IR 網站；因此，團隊將在電話會議開始時實時閱讀這些內容。

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 will 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 annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q, which are available on our website and at sec.gov.

提醒一下，我們今天的一些評論將包括非公認會計準則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將包括前瞻性陳述，包括有關我們未來前景和目標的陳述。這些前瞻性陳述受到已知和未知的風險、不確定性、假設和其他因素的影響，這些因素在我們最近向SEC 提交的定期報告中進行了更詳細的描述，包括我們的10-K 表格年度報告和後續季度報告表格 10-Q，可在我們的網站和 sec.gov 上獲取。

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, except as required by law. I'd also like to highlight that following our recent reorganization into 2 business units, beginning this quarter, we will be reporting our revenue and non-GAAP gross profit results in 2 segments: Twilio Communications and Twilio Data & Applications.

前瞻性陳述僅代表我們截至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，除非法律要求。我還想強調的是，在我們最近重組為 2 個業務部門之後，從本季度開始，我們將報告兩個部門的收入和非 GAAP 毛利潤結果：Twilio 通信和 Twilio 數據與應用程序。

With that, I'll hand it over to Jeff to open the prepared remarks.

接下來，我將把它交給傑夫來開始準備好的發言。

Thank you, Bryan. We closed out a strong second quarter, over delivering on both our revenue and profit targets, and generating record quarterly non-GAAP income from operations of $120 million. We begin the second half of the year energized by the progress we've made to date in Communications, confident that we've laid the foundations to reaccelerate growth in our Data & Applications business over time and optimistic about AI's potential to be an accelerant for Twilio's vision. We also remain committed to continuing to deliver against our profitability targets in any financial environment.

謝謝你，布萊恩。我們第二季度業績強勁，超額實現了我們的收入和利潤目標，並從運營中創造了創紀錄的季度非 GAAP 收入 1.2 億美元。下半年伊始，我們對通信領域迄今為止取得的進展充滿信心，相信我們已經為隨著時間的推移重新加速數據和應用程序業務的增長奠定了基礎，並對人工智能成為加速器的潛力持樂觀態度。 Twilio 的願景。我們還仍然致力於在任何金融環境下繼續實現我們的盈利目標。

We've made substantial strides on our path to GAAP profitability and have substantially increased the operating margin profile of our business. In Q2, we reduced GAAP loss from operations by over 50% year-over-year. We drove a continued reduction in stock-based compensation, and delivered $72 million of free cash flow in the quarter. We are executing well against our commitments. And as a result of our strong performance in the first half of the year, we're raising our full year non-GAAP income from operations guidance to $350 million to $400 million.

我們在實現 GAAP 盈利能力的道路上取得了重大進展，並大幅提高了我們業務的營業利潤率。第二季度，我們的 GAAP 運營損失同比減少了 50% 以上。我們推動了股票薪酬的持續減少，並在本季度實現了 7200 萬美元的自由現金流。我們很好地履行了我們的承諾。由於我們上半年的強勁表現，我們將全年非 GAAP 運營指導收入提高到 3.5 億至 4 億美元。

A business transformation as big as what Twilio is taking up takes time. It requires tactical focus in the short term and a bold vision for what's possible in the long term. Twilio's Act 1, Communications, has been a success in terms of scale and efficiency. Our Communications business continues to deliver against the objectives we've set, driving efficient growth while we target ongoing operating leverage in the coming years. And now we're building Act 2 based on our belief that Twilio's data asset, when combined with the power and reach of our Communications platform and accelerated by AI, can unlock value for businesses that we are uniquely positioned to deliver through our innovative combination of product offerings. While I don't expect the road ahead to be linear, we've embarked on a massive market opportunity, one that has the ability to transform the status quo for customer engagement.

像 Twilio 這樣大規模的業務轉型需要時間。它需要短期的戰術重點和對長期可能性的大膽願景。 Twilio 的第一幕“通信”在規模和效率方面取得了成功。我們的通信業務繼續實現我們設定的目標，推動高效增長，同時我們的目標是在未來幾年保持持續的運營槓桿。現在，我們正在構建第二幕，我們相信Twilio 的數據資產與我們通信平台的力量和覆蓋範圍相結合，並通過人工智能加速，可以為我們具有獨特優勢的企業釋放價值，通過我們的創新組合來提供這些價值產品供應。雖然我不認為未來的道路是線性的，但我們已經開啟了一個巨大的市場機會，這個機會有能力改變客戶參與的現狀。

Now to where we are today. In Communications, we delivered a strong quarter and are encouraged by continued signs of stabilization across our customer base. The efficiency actions we took have proven to be the right ones, and the business is delivering with a more streamlined operating profile. Following our largest e-mail deal in Q1, the team signed our largest ever messaging deal in Q2, an exciting milestone for Twilio at this scale. As a part of our efforts to focus on doing fewer things better, we also recently completed the divestitures of Twilio's IoT and ValueFirst businesses. The usage-based nature of our Communications business makes it sensitive to macro conditions. So the team continues to manage towards gross profit growth and driving leverage. Khozema will share where the team is focused on driving further efficiencies while capitalizing on our growth opportunities through the second half of the year and beyond.

現在到我們今天所處的位置。在通信領域，我們實現了強勁的季度業績，並因客戶群持續穩定的跡象而受到鼓舞。事實證明，我們採取的效率行動是正確的，並且業務正在以更加精簡的運營方式交付。繼第一季度達成最大的電子郵件交易之後，該團隊在第二季度簽署了有史以來最大的消息傳遞協議，這對 Twilio 來說是一個令人興奮的里程碑。作為我們致力於以更少的工作做得更好的努力的一部分，我們最近還完成了 Twilio 物聯網和 ValueFirst 業務的剝離。我們的通信業務基於使用的性質使其對宏觀條件敏感。因此，該團隊繼續努力實現毛利潤增長並提高槓桿率。 Khozema 將分享團隊在下半年及以後如何利用我們的增長機會來重點提高效率。

In Data & Applications, we're continuing to focus on executing against our go-to-market rebuild efforts. We now have sales reps ramped in our most critical areas, and we are optimistic that our bookings will improve towards the end of the year and that revenue growth will reaccelerate during 2024. Elena will share more about our progress here as well.

在數據和應用程序方面，我們將繼續專注於執行我們的上市重建工作。現在，我們在最關鍵的領域增加了銷售代表，我們樂觀地認為我們的預訂量將在年底前有所改善，收入增長將在2024 年期間重新加速。Elena 也將在這里分享更多有關我們進展的信息。

In June, we previewed our vision for CustomerAI, which we have designed to layer predictive and generative AI capabilities across our platform and every customer touch point. As I shared last quarter, I believe the real value unlock for artificial intelligence will be pairing large language models with first-party data sets. We believe this is where Twilio is most differentiated through our data asset, Segment. Segment's Customer Profiles will become even more data-rich with AI, accelerating our data and communications flywheel. By training large language models for customers with their data that lives inside Segment, Twilio will help customers enter the AI race multiple steps ahead of their peers. Twilio's ability to drive that level of differentiated customer value proposition has the potential to be a significant tailwind for our business.

6 月，我們預覽了 CustomerAI 的願景，我們設計該願景的目的是在我們的平台和每個客戶接觸點上分層預測和生成 AI 功能。正如我上季度分享的那樣，我相信人工智能的真正價值釋放是將大型語言模型與第一方數據集配對。我們相信，這是 Twilio 通過我們的數據資產 Segment 最具差異化的地方。通過人工智能，該部門的客戶檔案將變得更加豐富，從而加速我們的數據和通信飛輪。通過利用 Segment 中的數據為客戶訓練大型語言模型，Twilio 將幫助客戶領先同行數步進入 AI 競賽。 Twilio 推動這種差異化客戶價值主張的能力有可能成為我們業務的重要推動力。

We're also excited to be building an ecosystem of partners and integrations including Google, Databricks, FrameAI and OpenAI to power some of CustomerAI's generative capabilities as well as AWS to power predictive AI use cases within Segment. I can't wait to showcase several of the products that will advance our CustomerAI vision at SIGNAL on August 23, just a few weeks away.

我們還很高興能夠構建一個由合作夥伴和集成組成的生態系統，包括 Google、Databricks、FrameAI 和 OpenAI，以支持 CustomerAI 的一些生成功能，以及 AWS 來支持 Segment 中的預測性 AI 使用案例。我迫不及待地想在 8 月 23 日（幾週後）的 SIGNAL 展會上展示一些能夠推進我們 CustomerAI 願景的產品。

I'm proud of the team for navigating through a lot of change as we reoriented the company over the last several quarters. This is a team that has executed well against our plans, as evidenced by the speed in which they have adapted to the new structure of the business, driving greater efficiency and having delivered over $220 million of non-GAAP operating income through the first 2 quarters of 2023, exceeding our financial targets and building a foundation that sets us up to continue to achieve our goals and capitalize on the tremendous opportunity ahead. I remain confident that we have the right team, the right plan and solutions to deliver meaningful value to our customers and look forward to sharing our progress today.

我為我們的團隊在過去幾個季度重新調整公司方向時經歷了許多變革而感到自豪。這個團隊按照我們的計劃執行得很好，他們適應新業務結構的速度證明了這一點，他們提高了效率，並在前兩個季度實現了超過 2.2 億美元的非公認會計準則營業收入到2023 年，超越我們的財務目標，並為我們繼續實現我們的目標並利用未來的巨大機遇奠定基礎。我仍然相信，我們擁有合適的團隊、正確的計劃和解決方案，可以為我們的客戶提供有意義的價值，並期待分享我們今天的進展。

Now I'm going to hand it over to Elena.

現在我要把它交給埃琳娜。

Thanks, Jeff. Twilio Data & Applications delivered $125 million of revenue in Q2, up 12% and year-over-year, with a non-GAAP gross margin of 81.7%. During the quarter, we continued to execute against our plan to mature our sales organization, invest in new AI-powered products and capabilities and expand our pipeline in an environment where buyers are facing increased budget scrutiny. I'm pleased with our progress to date, but we have more work ahead.

謝謝，傑夫。 Twilio Data & Applications 第二季度營收為 1.25 億美元，同比增長 12%，非 GAAP 毛利率為 81.7%。本季度，我們繼續執行計劃，以成熟我們的銷售組織，投資新的人工智能產品和功能，並在買家面臨更嚴格預算審查的環境中擴大我們的產品線。我對我們迄今為止取得的進展感到滿意，但我們還有更多的工作要做。

Since last quarter, we've announced several exciting partnerships and new product capabilities that reflect our unique position in the market. In July, IDC ranked Segment as the #1 CDP by worldwide market share in 2022. We recently announced a partnership with Databricks to develop a bidirectional integration that will help Segment customers unlock even more value from their data. Additionally, we're partnering with Google to bring generative AI into Flex and transform how brands personalize their customer interactions. Finally, we unveiled CustomerAI, infusing generative and predictive AI capabilities into Segment, Engage, Flex and Communications. Our SIGNAL conference is just 2 weeks away. We plan to showcase new innovation and an exciting roadmap built around our CustomerAI vision.

自上季度以來，我們宣布了幾項令人興奮的合作夥伴關係和新產品功能，反映了我們在市場中的獨特地位。 7 月，IDC 將 Segment 評為 2022 年全球市場份額排名第一的 CDP。我們最近宣布與 Databricks 合作開發雙向集成，這將幫助 Segment 客戶從其數據中釋放更多價值。此外，我們還與 Google 合作，將生成式 AI 引入 Flex 中，並改變品牌個性化客戶互動的方式。最後，我們推出了 CustomerAI，將生成性和預測性 AI 功能注入到 Segment、Engage、Flex 和 Communications 中。距離我們的 SIGNAL 會議只剩兩週了。我們計劃展示圍繞 CustomerAI 願景構建的新創新和令人興奮的路線圖。

Our software products are resonating in the market as evidenced by multiple notable customer wins in the quarter: a longstanding Communications customer that provides software solutions to health and wellness providers signed a deal in Q2 with Segment CDP to deliver personalized customer experiences, increased trial-to-pay subscription rates and drive improved patient outcomes; Follett, a leading provider of education technology, will leverage our entire suite of Segment products, including Connections, Protocol, Audiences, Journeys and Unify. We won this competitive deal because of Segment's faster time to value and the ease of use in leveraging Segment APIs to connect to additional tools throughout their future as a customer of ours. Fortune Media, a multinational media company, was a competitive win due to the flexibility of Segment Connections and the power of our Profile API, allowing Fortune Media to obtain a single view of their end users, furthering the ability to personalize and improve the overall engagement experience. A large financial services company based in Israel committed to a comprehensive contact center solution leveraging Flex and our Conversations API for our custom-built AI chatbot with seamless age on handoff, allowing them to scale while improving the customer experience. A Fortune 100 property and casualty insurance provider that we signed an 8-figure deal with in Q3 of '22 scaled to over 15,000 agents during the quarter by leveraging new capabilities in Flex, allowing for enterprise scale. This Flex scale initiative, which was launched in limited availability in February, allows Flex to support customers scaling up to 30,000 agents concurrently in a single account.

我們的軟件產品在市場上引起了共鳴，本季度贏得的多個著名客戶就證明了這一點：一家為健康和保健提供商提供軟件解決方案的長期通信客戶在第二季度與Segment CDP 簽署了一項協議，以提供個性化的客戶體驗、增加試用-支付訂閱費並推動改善患者治療效果； Follett 是領先的教育技術提供商，將利用我們的整套 Segment 產品，包括 Connections、Protocol、Audiences、Journeys 和 Unify。我們贏得了這項具有競爭力的交易，因為 Segment 能夠更快地實現價值，並且可以輕鬆利用 Segment API 在未來作為我們的客戶連接到其他工具。 Fortune Media 是一家跨國媒體公司，憑藉 Segment Connections 的靈活性和我們的 Profile API 的強大功能，在競爭中獲勝，使 Fortune Media 能夠獲得最終用戶的單一視圖，從而進一步提高個性化能力並提高整體參與度經驗。一家總部位於以色列的大型金融服務公司致力於提供全面的聯絡中心解決方案，利用Flex 和我們的Conversations API 為我們定制的AI 聊天機器人提供無縫的交接時間，使它們能夠在擴展的同時改善客戶體驗。我們在20 年第3 季度與一家財富100 強財產和意外傷害保險提供商簽署了一份8 位數的協議，該提供商利用Flex 的新功能在本季度擴大到超過15,000 名代理人，從而實現企業規模。這項 Flex 規模計劃於 2 月份推出，有限供應，使 Flex 能夠支持客戶在單個賬戶中同時擴展至 30,000 名客服人員。

As I mentioned last quarter, we've made good progress with our transition to a dedicated sales model for Segment and Flex. And we've rebuilt a specialized sales motion with highly skilled reps. Training and enablement was a key focus for us for Q2 and we delivered increased in-person training sessions and improved overall sales capacity across the board. I'm excited that for the first time in over a year, the majority of our Segment sales team has been in seat for at least 9 months. We've seen early signs of traction with these efforts, including a strong increase in pipeline generation within Flex and significant improvement in Segment pipeline conversion from Q1.

正如我上個季度提到的，我們在向 Segment 和 Flex 專用銷售模式的過渡方面取得了良好進展。我們與高技能的代表一起重建了專門的銷售行動。培訓和支持是我們第二季度的重點，我們增加了現場培訓課程並全面提高了整體銷售能力。令我感到興奮的是，一年多以來，我們的大部分細分銷售團隊首次就職至少 9 個月。我們已經看到了這些努力的早期跡象，包括 Flex 內管道生成的強勁增長以及 Segment 管道轉換較第一季度的顯著改善。

While I'm encouraged by our progress, and some of these early signals, we continue to navigate a challenging macro, which has led to some instances of higher renewal contraction and lower expansion. Competitive churns remain low and stable, but we're seeing instances of greater price sensitivity with some of our small and mid-market sized business customers. To address this, we're implementing initiatives designed to give customers particularly small and midsize businesses more flexibility to start small, deploy quickly and expand to leverage more segment capabilities as their business grows.

雖然我對我們的進展和其中一些早期信號感到鼓舞，但我們繼續應對充滿挑戰的宏觀經濟，這導致了一些更高的更新收縮和更低的擴張。競爭流失率仍然較低且穩定，但我們發現一些中小型企業客戶對價格更加敏感。為了解決這個問題，我們正在實施旨在為客戶（特別是中小型企業）提供更大靈活性的舉措，以便從小規模起步、快速部署並隨著業務的增長而擴展以利用更多的細分能力。

We feel good about the steps we've made to improve execution, but there's more work ahead to get our Data & Applications performance back to where we believe it should be. Going forward, we'll continue to focus on onboarding and ramping our teams, optimizing our marketing campaigns and driving more top-of-funnel activity. We'll also focus on giving our customers more accessible entry points to our products and delivering faster time to value. We believe we're laying a solid foundation for long-term growth for the business, and I'm confident that this will lead to improved bookings towards the back end of this year.

我們對為提高執行力而採取的措施感到滿意，但要使我們的數據和應用程序性能恢復到我們認為應有的水平，還有更多工作要做。展望未來，我們將繼續專注於團隊的入職和壯大、優化我們的營銷活動並推動更多的漏斗頂部活動。我們還將專注於為客戶提供更方便的產品入口點並更快地實現價值。我們相信，我們正在為業務的長期增長奠定堅實的基礎，並且我相信這將導致今年年底的預訂量有所改善。

With that, I'm going to turn it over to Khozema.

有了這個，我要把它交給科澤馬。

Thank you, Elena. Twilio Communications delivered $930 million in revenue in Q2, up 10% year-over-year, with a non-GAAP gross margin of 48.2%. As a team, we continue to focus on driving growth with a more streamlined cost structure and generating meaningful preference. I'm pleased with our team's ability to quickly adapt to the organizational changes we made earlier this year, which is evidenced by the results we delivered in Q2.

謝謝你，埃琳娜。 Twilio Communications 第二季度營收為 9.3 億美元，同比增長 10%，非 GAAP 毛利率為 48.2%。作為一個團隊，我們繼續專注於通過更精簡的成本結構來推動增長並產生有意義的偏好。我對我們的團隊快速適應今年早些時候進行的組織變革的能力感到滿意，我們在第二季度交付的結果就證明了這一點。

Once again, Twilio was named a leader in IDC's recent 2023 CPaaS MarketScape report. Leveraging this leadership position, our go-to-market team has been focused on proactively driving cross-sell opportunities across our broad portfolio of communications products, and we're seeing meaningful traction. As an example, last quarter, we highlighted our largest e-mail deal in Twilio history. And this quarter, we signed our largest messaging deal ever with the same leading marketing automation company, bringing their total commitment to Twilio to more than $100 million. Additionally, a Fortune 500 entertainment customer that has been using our messaging, account security and voice APIs recently chose Twilio to exclusively power a critical customer onboarding initiative, increasing their ongoing messaging spend with Twilio by $1 million a month.

Twilio 在 IDC 最近的 2023 年 CPaaS MarketScape 報告中再次被評為領導者。利用這一領導地位，我們的市場推廣團隊一直專注於在我們廣泛的通信產品組合中積極推動交叉銷售機會，並且我們看到了有意義的吸引力。例如，上個季度，我們重點介紹了 Twilio 歷史上最大的電子郵件交易。本季度，我們與同一家領先的營銷自動化公司簽署了有史以來最大的消息傳遞協議，使他們對 Twilio 的總承諾超過 1 億美元。此外，一直在使用我們的消息傳遞、帳戶安全和語音API 的財富500 強娛樂客戶最近選擇Twilio 專門為關鍵客戶引導計劃提供支持，從而使他們在Twilio 上的持續消息傳遞支出每月增加100 萬美元。

We continue to see an exciting runway for efficient growth in our Communications business against a $50-plus billion TAM. And we believe our innovations in AI can help accelerate market share gains in the coming years. We are bringing AI/ML capabilities to life in our core communications products, including the release of Fraud Guard for Verify.

我們繼續看到我們的通信業務在 TAM 超過 500 億美元的情況下實現高效增長的令人興奮的跑道。我們相信，我們在人工智能方面的創新有助於在未來幾年加速市場份額的增長。我們正在將 AI/ML 功能融入到我們的核心通信產品中，包括發布 Fraud Guard for verify。

In Q2, we signed an expansion deal with a leading employment company to enhance their multi-channel, high-touch customer relationship model via our messaging, voice and e-mail APIs. Fraud Guard was an instrumental component of this deal. We also piloted SMS pumping protection in the second quarter, which leverages AI to automatically detect and block artificially inflated SMS traffic via our messaging API. This product prevented meaningful losses on behalf of our pilot customers and a result -- and as a result of the successful pilot, we've recently moved it into private beta.

在第二季度，我們與一家領先的就業公司簽署了一項擴張協議，通過我們的消息傳遞、語音和電子郵件 API 增強他們的多渠道、高接觸度客戶關係模型。 Fraud Guard 是這筆交易的重要組成部分。我們還在第二季度試行了 SMS 泵送保護，它利用人工智能通過我們的消息 API 自動檢測和阻止人為誇大的 SMS 流量。該產品代表我們的試點客戶避免了重大損失，並且由於試點的成功，我們最近將其轉入私人測試版。

We also released Twilio Voice Intelligence into public beta and AI-powered capability, allowing our customers to extract data insights from their call recordings, unlocking process automation and data-driven decision-making at scale. A global financial services institution and a longstanding programmable voice customer is one of our first major customers to adopt this product. Leveraging Voice Intelligence has proven to continually increase the quality of their customer service and ensure robust compliance.

我們還將 Twilio Voice Intelligence 發佈到公共測試版和人工智能驅動的功能中，使我們的客戶能夠從通話錄音中提取數據見解，大規模地解鎖流程自動化和數據驅動的決策。一家全球金融服務機構和一家長期可編程語音客戶是我們首批採用該產品的主要客戶之一。事實證明，利用語音智能可以不斷提高客戶服務質量並確保嚴格的合規性。

We're also continuing to focus on our sales-assisted product-led growth motion. And in Q2, we made great strides in returning to our self-service routes. During the quarter, we rolled out several updates to drive greater pricing transparency. We also implemented a decentralized solutions engineering team removed layers of leadership and specialist teams and arranged our international go-to-market team to be centrally managed. We are thoughtfully deploying our go-to-market resources to spend time on our largest existing and prospective customers to drive greater efficiencies and customer wins in the coming quarters.

我們還將繼續專注於以銷售輔助的產品為主導的增長行動。在第二季度，我們在恢復自助服務路線方面取得了巨大進步。本季度，我們推出了多項更新，以提高定價透明度。我們還實施了分散的解決方案工程團隊，消除了領導層和專家團隊的層級，並安排我們的國際上市團隊進行集中管理。我們正在深思熟慮地部署我們的市場資源，將時間花在我們最大的現有和潛在客戶身上，以在未來幾個季度提高效率並贏得客戶。

We are encouraged by our growth trajectory in Q2, but still see a choppy macro, which also means we have less visibility in this environment. We're seeing volume growth across a number of our verticals, but we are still experiencing volume weakness in a few verticals, including social and messaging and crypto. On balance, we remain hopeful about Q3 and beyond, and we believe we have a good setup to continue to drive operating leverage and growth moving forward with a much more efficient go-to-market model.

我們對第二季度的增長軌跡感到鼓舞，但宏觀經濟仍然不穩定，這也意味著我們在這種環境下的能見度較低。我們看到許多垂直領域的銷量都在增長，但在一些垂直領域，包括社交、消息傳遞和加密貨幣，我們仍然遇到銷量疲軟的情況。總的來說，我們對第三季度及以後仍然充滿希望，我們相信我們有一個良好的設置，可以通過更高效的上市模式繼續推動運營槓桿和增長。

It is worth noting that we have made a commitment to our carrier partners to block unregistered U.S.-bound 10DLC, SMS and MMS traffic as of August 31. We expect this will have a modest negative impact on revenue growth in Q3 of up to 100 basis points and it could yield a potential headwind of 200 to 300 basis points on growth in Q4. While the majority of our traffic is already registered, we are actively working with customers who are not yet compliant to get their traffic registered in advance of the deadline.

值得注意的是，我們已向運營商合作夥伴做出承諾，從8 月31 日起阻止未註冊的美國境內10DLC、SMS 和MMS 流量。我們預計這將對第三季度的收入增長產生最多100 個基點的適度負面影響點，這可能會對第四季度的增長產生 200 至 300 個基點的潛在阻力。雖然我們的大部分流量已經註冊，但我們正在積極與尚未合規的客戶合作，以​​便在截止日期之前註冊其流量。

I'm excited by the progress we made during the first half of the year as the team successfully navigated the operational and organizational changes we implemented, together with a challenging external environment. We're executing well, and as volume stabilization continues, we believe we're in a strong position to leverage our scale, large customer base and leading set of communications products to continue to win new business everywhere we can, while driving further efficiencies, and we are confident revenue growth will reaccelerate over time.

我對今年上半年取得的進展感到興奮，因為團隊成功地應對了我們實施的運營和組織變革，以及充滿挑戰的外部環境。我們執行良好，隨著銷量的持續穩定，我們相信我們處於有利地位，可以利用我們的規模、龐大的客戶群和領先的通信產品集，繼續盡可能贏得新業務，同時進一步提高效率，我們相信隨著時間的推移，收入增長將重新加速。

With that, I'll turn it over to Aidan to discuss the financials.

有了這個，我會把它交給艾丹討論財務問題。

Thank you, Khozema. We continue to execute on our plans to drive greater efficiencies across our business and establish an accelerated path to profitability. We made solid progress against our targets, delivering record quarterly non-GAAP income from operations in Q2 and continuing on our path towards GAAP profitability. While we have more to accomplish, I'm pleased with the traction we've achieved to date and the results our team delivered in the quarter.

謝謝你，科澤馬。我們將繼續執行我們的計劃，以提高整個業務的效率並建立加速盈利的道路。我們在實現目標方面取得了紮實的進展，第二季度的非公認會計原則運營收入創歷史新高，並繼續朝著公認會計原則盈利的方向前進。雖然我們還有更多工作要做，但我對我們迄今為止所取得的進展以及我們的團隊在本季度交付的成果感到滿意。

Second quarter revenue was $1.038 billion, up 10% year-over-year on a reported and organic basis. Communications revenue was $913 million, up 10% year-over-year. Data & Applications revenue was $125 million, up 12% year-over-year; and IoT and ValueFirst revenue was $25 million and is included in our Communications revenue for Q2. Adjusting for these recent divestitures, total Q2 revenue would have been $1.013 billion, up 11% year-over-year.

第二季度營收為 10.38 億美元，按報告和有機基礎計算，同比增長 10%。通信收入為 9.13 億美元，同比增長 10%。數據與應用收入為 1.25 億美元，同比增長 12%； IoT 和 ValueFirst 收入為 2500 萬美元，包含在我們第二季度的通信收入中。考慮到最近的這些資產剝離，第二季度總收入將為 10.13 億美元，同比增長 11%。

While the market remains dynamic, we saw continued stabilization of volumes across our usage-based products throughout the quarter, which helped drive our revenue beat. As we referenced during our Q1 earnings call, our Q2 growth rate was negatively impacted by headwinds from customers in the crypto industry. Total Q2 organic revenue growth, excluding crypto customers, was 14% year-over-year. We anticipate a similar headwind in Q3, after which the impact will start to moderate.

儘管市場仍然充滿活力，但整個季度我們基於使用的產品的銷量持續穩定，這有助於推動我們的收入增長。正如我們在第一季度財報電話會議中提到的，我們第二季度的增長率受到加密貨幣行業客戶的不利影響。第二季度總有機收入同比增長 14%（不包括加密貨幣客戶）。我們預計第三季度會出現類似的逆風，之後影響將開始減弱。

Our Q2 dollar-based net expansion rate was 103%. This is directly correlated to the overall growth trends we're experiencing across the business. Dollar-based net expansion rates for the Communications and Data & Application business units were 103% and 99%, respectively.

我們第二季度以美元計算的淨擴張率為 103%。這與我們整個業務的整體增長趨勢直接相關。通信和數據與應用業務部門按美元計算的淨擴張率分別為 103% 和 99%。

Q2 non-GAAP gross profit grew 13% year-over-year, representing a non-GAAP gross margin of 52.2%. This is up 130 basis points year-over-year and down 10 basis points quarter-over-quarter, driven predominantly by product mix. Non-GAAP gross margins for our Communications and Data & Applications businesses were 48.2% and 81.7%, respectively.

第二季度非 GAAP 毛利潤同比增長 13%，非 GAAP 毛利率為 52.2%。這主要是由產品組合推動的，同比增長 130 個基點，環比下降 10 個基點。我們的通信和數據與應用業務的非 GAAP 毛利率分別為 48.2% 和 81.7%。

Q2 non-GAAP income from operations was $120 million, representing a non-GAAP operating margin of 11.6%. This is significantly ahead of expectations, primarily due to the revenue beat and our ongoing efforts to maintain cost discipline across the business.

第二季度非 GAAP 運營收入為 1.2 億美元，非 GAAP 運營利潤率為 11.6%。這大大超出了預期，主要是由於收入增長以及我們在整個業務範圍內維持成本控制的持續努力。

Q2 GAAP loss from operations was $142 million, which includes expenses associated with February restructuring action, a loss associated with the ValueFirst divestiture and a real estate impairment charge, all totaling $55 million. Stock-based compensation as a percentage of revenue was 14.7% in Q2, excluding $300,000 of restructuring costs, down 120 basis points quarter-over-quarter. Lastly, for Q2, we generated $72 million in free cash flow. And this is an area of focus for us as we drive greater profitability in the business.

第二季度 GAAP 運營損失為 1.42 億美元，其中包括與 2 月份重組行動相關的費用、與 ValueFirst 剝離相關的損失以及房地產減值費用，總計 5500 萬美元。第二季度，股票薪酬佔收入的比例為 14.7%（不包括 30 萬美元的重組成本），環比下降 120 個基點。最後，第二季度我們產生了 7200 萬美元的自由現金流。當我們提高業務盈利能力時，這是我們關注的一個領域。

We're delivering against the plans we outlined in February and the progress that we demonstrated in Q2 shows that the changes we made in the business are yielding the intended efficiency gains and profitability results. We've also continued to reproduce against our $1 billion share repurchase program that we commenced in February. We completed the first $500 million of repurchases in early July, ahead of our original 6 months target. We intend to continue to make progress against the balance of our share repurchase authorization moving forward.

我們正在按照 2 月份概述的計劃進行交付，我們在第二季度展示的進展表明，我們在業務中所做的改變正在產生預期的效率提升和盈利結果。我們還繼續實施 2 月份啟動的 10 億美元股票回購計劃。我們於 7 月初完成了首批 5 億美元的回購，提前了 6 個月的原定目標。我們打算繼續在股票回購授權的平衡方面取得進展。

While we feel confident about the strength of our competitive positioning and market opportunity, we're continuing to plan and run the business prudently given the dynamic external environment. For Q3 guidance, we're initiating a revenue target of $980 million to $990 million, representing year-over-year reported revenue growth of 0% to 1% and 3% to 4% on an organic basis. The organic growth rate excludes our ValueFirst and IoT businesses, both of which were recently divested. Also, as mentioned above, these growth rates reflect a few hundred basis point headwind from crypto customers as well as a potential 100 basis point headwind associated with the 10DLC registration changes that Khozema highlighted.

雖然我們對我們的競爭定位和市場機會的實力充滿信心，但考慮到動態的外部環境，我們將繼續謹慎地規劃和經營業務。對於第三季度的指導，我們啟動了 9.8 億至 9.9 億美元的收入目標，這意味著報告的有機收入同比增長為 0% 至 1% 和 3% 至 4%。有機增長率不包括我們最近剝離的 ValueFirst 和 IoT 業務。此外，如上所述，這些增長率反映了來自加密貨幣客戶的數百個基點的阻力，以及與 Khozema 強調的 10DLC 註冊變更相關的潛在 100 個基點的阻力。

We expect Q3 non-GAAP income from operations of $75 million to $85 million. This takes into account approximately $10 million of expenses for our SIGNAL conference, which will take place this month. Given our strong first half performance, we're raising our full year non-GAAP income from operations guidance to $350 million to $400 million.

我們預計第三季度非 GAAP 運營收入為 7500 萬美元至 8500 萬美元。這考慮到了本月舉行的 SIGNAL 會議的大約 1000 萬美元的費用。鑑於我們上半年的強勁表現，我們將全年非 GAAP 運營指導收入提高到 3.5 億美元至 4 億美元。

We've made meaningful progress over the first half of the year, but there's still more work to be done. I'm confident that we are taking the right set of actions that will enable us to continue to drive focused execution and deliver increased value to our shareholders in the quarters to come.

今年上半年我們取得了有意義的進展，但仍有更多工作要做。我相信，我們正在採取正確的行動，這將使我們能夠繼續推動集中執行，並在未來幾個季度為股東創造更高的價值。

With that, I'll hand it back to Jeff for some final remarks before we transition to Q&A.

這樣，在我們轉向問答之前，我會將其交還給傑夫，讓他做一些最後的評論。

Thank you, Aidan and team. I just wanted to close by reminding folks if you haven't already heard enough to our prepared remarks, that indeed, our annual SIGNAL conference is coming up on August 23. And CustomerAI, which we previewed in June, it's going to be taking center stage. And I'm really excited to be sharing the product details behind CustomerAI at SIGNAL. And CustomerAI, the set of capabilities that it brings will help bring together our leading communications platform and our leading customer data platform with AI in the middle. So I can't wait to see what customer's build on top of CustomerAI.

謝謝你，艾丹和團隊。最後，我想提醒大家，如果您還沒有聽夠我們準備好的發言，我們的年度 SIGNAL 會議確實將於 8 月 23 日舉行。而我們在 6 月預覽的 CustomerAI 將成為焦點階段。我非常高興能夠在 SIGNAL 上分享 CustomerAI 背後的產品細節。 CustomerAI 帶來的一系列功能將有助於將我們領先的通信平台和領先的客戶數據平台與人工智能結合在一起。所以我迫不及待地想看看客戶在 CustomerAI 之上構建了什麼。

And with that, why don't we turn it over to your questions.

那麼，我們為什麼不把它轉交給你的問題呢？

(Operator Instructions) We'll go first to Meta Marshall, Morgan Stanley.

（操作員說明）我們將首先前往摩根士丹利的 Meta Marshall。

Great. And Jeff, you may have just alluded to this, but we'll hear more at signal. But I just wanted to get a sense of how kind of the increase in AI visibility or capability has changed the road map for Twilio? And just where are customers and the knowledge of how they want to actually approach some of these AI projects? Are they to the point where they know what they want to implement? Or is it still kind of an education phase?

偉大的。傑夫，你可能剛剛提到了這一點，但我們會在信號中聽到更多信息。但我只是想了解 AI 可見性或能力的提高如何改變了 Twilio 的路線圖？客戶在哪里以及他們想要如何實際處理其中一些人工智能項目的知識在哪裡？他們是否知道自己想要實施什麼？或者說這仍然是一個教育階段？

Thanks for the question, Meta. I talked to a lot of customers. And what I find is that customers are still very much in a learning mode and planning for the future mode but not necessarily in deploying things actively mode. And so I think it's a really constructive conversation. When I look at CustomerAI and what we can do with artificial intelligence, I think this is the glue that brings together Segment and Twilio Communications into this one customer engagement platform that we've been talking about for quite a while.

謝謝你的提問，梅塔。我和很多顧客談過。我發現客戶仍然處於學習模式和規劃未來模式，但不一定處於積極部署模式。所以我認為這是一次非常有建設性的對話。當我看到 CustomerAI 以及我們可以用人工智能做什麼時，我認為這是將 Segment 和 Twilio Communications 結合到這個我們已經討論了一段時間的客戶參與平台中的粘合劑。

And I think AI is arriving even sooner than we thought in terms of generative AI to be able to bring a lot of those benefits to the table. We're already seeing the benefit of a bunch of AI, whether it's Verify with a new broadband product, in some of our compliance on authentication products. But I think this is like -- this isn't even the first inning. This is like still doing warm-up pitches in terms of the AI game here.

我認為，就生成式人工智能而言，人工智能的到來比我們想像的還要早，能夠帶來很多好處。我們已經在一些認證產品的合規性中看到了人工智能的好處，無論是使用新的寬帶產品進行驗證。但我認為這就像——這甚至不是第一局。這就像在這裡進行人工智能遊戲的熱身活動一樣。

And so we're really excited, though, to bring some new products to market as well as to really speak to much more detail about the vision for CustomerAI at SIGNAL, but I think this is a massive accelerant in our ability to deliver value between data and communications and can become a great challenge to the company.

因此，我們非常興奮能夠將一些新產品推向市場，並更詳細地討論 SIGNAL 的 CustomerAI 願景，但我認為這極大地促進了我們在數據和通信可能成為公司面臨的巨大挑戰。

Next question is Taylor McGinnis.

下一個問題是泰勒·麥金尼斯。

Maybe just on the data and apps part of the story. So if I'm trying to bridge, the gross margins were down 250 basis points year-over-year, and then you reported an NRR of 99% in that segment. So I know you talked about some greater renewal contraction and some price sensitivities. But just as we look ahead, like can you see, I guess, more risk to the gross margins in that segment? And then just in terms of the top line, when we think about the 12% growth you just reported, that's still well above like the 99% NRR. So any direction or color you can just give in terms of how you see that business progressing throughout the year and if there could be a trough in the level of growth that we could see.

也許只是故事的數據和應用程序部分。因此，如果我試圖彌補的話，毛利率同比下降了 250 個基點，然後您報告該細分市場的 NRR 為 99%。所以我知道你談到了一些更大的續約收縮和一些價格敏感性。但正如我們展望未來，我想你能看到該領域的毛利率面臨更大的風險嗎？然後就營收而言，當我們考慮您剛剛報告的 12% 的增長時，這仍然遠高於 99% 的 NRR。因此，您可以根據您對全年業務進展的看法以及我們可以看到的增長水平是否可能出現低谷來給出任何方向或顏色。

Why don't I start, Taylor, this is Aidan. I'll go through gross margins, and then I'll hand it over to Elena to talk about DBNE and revenue growth. So you're right that TD&A margins were down year-over-year. That actually primarily driven by accounting, and in particular, accounting for capitalized software. So the initial capitalized software balance following the acquisition of Segment was written off. And that's typical post an acquisition.

我為什麼不開始呢，泰勒，我是艾丹。我將介紹毛利率，然後將其交給 Elena 討論 DBNE 和收入增長。所以你說的 TD&A 利潤率同比下降是對的。這實際上主要是由會計驅動的，特別是資本化軟件的會計。因此，收購 Segment 後的初始資本化軟件餘額被註銷。這是典型的收購後情況。

That boosted the gross margins in the 2021 and 2022 period. And as product development and innovation has been ongoing post acquisition, that balance is building back up to a more normalized level. Now that we're kind of 3 years or approaching 3 years post acquisition, that should start to normalize. But that's really what's driving the year-over-year decline. The business is still obviously very high margins at 82%. And there will always be pluses and minuses period-to-period, but we feel pretty good about that gross margin rate. We don't see anything materially in the future. So why don't I hand it over to Elena with that?

這提高了 2021 年和 2022 年期間的毛利率。隨著收購後產品開發和創新的持續進行，這種平衡正在恢復到更加正常化的水平。現在我們收購後已經有 3 年或接近 3 年了，這應該開始正常化。但這確實是導致同比下降的原因。該業務的利潤率顯然仍然很高，達到 82%。每個時期總會有優點和缺點，但我們對毛利率感到非常好。我們在未來看不到任何實質性的東西。那我為什麼不把它交給埃琳娜呢？

Sure. I'll hit a couple of comments on growth. Our current growth is really reflective of bookings that have happened in prior quarters. And we've talked over the last couple of quarters about a deceleration in booking performance, which is now coming to bear in the revenue line, which we expect to inflect and turn back up as we see bookings improve this year. So we've talked a lot, I think historically about the work that we're doing to improve that bookings trajectory, everything from building out, hiring, enabling and preparing that team to go out and win in the market and also working to make sure that we're breaking through during a tough economic climate.

當然。我將對增長發表一些評論。我們當前的增長確實反映了前幾個季度的預訂情況。在過去的幾個季度中，我們一直在談論預訂業績的減速，這現在正在影響收入線，隨著我們看到今年的預訂量有所改善，我們預計收入線會發生變化並回升。因此，我們已經談了很多，我從歷史角度考慮了我們為改善預訂軌跡所做的工作，從建立、招聘、啟用和準備該團隊，以走出去並在市場上獲勝，並努力使確保我們在嚴峻的經濟形勢下取得突破。

A couple of other things impacting growth are trending to traction numbers. They've been impacting us a little more than we lag in the near term. We have some Segment customers that are rightsizing their spend levels mostly as their own businesses have contracted over time. We see some instances of sensitivity, particularly in the SMB space where those customers at times have had some viability issues.

影響增長的其他一些因素正趨向於牽引力數字。他們對我們的影響比我們短期內的滯後要大一些。我們有一些細分客戶正在調整支出水平，主要是因為他們自己的業務隨著時間的推移而收縮。我們看到了一些敏感的例子，特別是在中小型企業領域，這些客戶有時會遇到一些生存問題。

And so all of that taken together, so some good traction in our bookings performance and some increased customer contraction and churn, though not competitive, but it's sort of a signal of what's happening in the market. Our growth has been sort of moderated here in the near term. I want to reiterate that we do expect bookings to continue to improve as that team comes online and we break through the tough macro. And that revenue performance will follow into next year.

因此，所有這些綜合起來，我們的預訂業績有良好的牽引力，但客戶收縮和流失有所增加，雖然不具有競爭力，但這是市場正在發生的事情的信號。短期內我們的增長有所放緩。我想重申，隨著團隊上線並且我們突破了艱難的宏觀環境，我們確實預計預訂量將繼續改善。這種收入表現將持續到明年。

Your next question is Mark Murphy, JPMorgan.

你的下一個問題是摩根大通的馬克·墨菲。

Yes. So Khozema, just given that the messaging business is usage-based, and therefore, it is macro-sensitive, as you noted. Can you just comment on the stability that you're seeing there? Specifically, I'm just wondering, should we read that as stabilizing around 10% year-over-year growth or stabilizing around $900 million in quarterly revenue? Or do you mean something else there? And then can you just comment on whether that trending continued to improve at all in June and July?

是的。因此，Khozema，鑑於消息傳遞業務是基於使用的，因此，正如您所指出的，它是宏觀敏感的。您能評論一下您所看到的穩定性嗎？具體來說，我只是想知道，我們應該將其理解為穩定在 10% 左右的同比增長還是穩定在 9 億美元左右的季度收入？或者你還有別的意思嗎？那麼您能否評論一下這種趨勢在 6 月和 7 月是否繼續改善？

Yes, Mark, good question. So maybe to start off with kind of the first part. So what we see overall is that volumes have stabilized. And we're not trying to imply really either of the things that you said, either that we're going to turn in kind of regular 10% revenue growth quarters nor that we're going to see the business kind of flat line. I'd say it's probably kind of closer to being in the middle of that somewhere. While we've seen volumes stabilize, we haven't necessarily seen them inflect up. But obviously, we're encouraged by the quarter that we just put up in Q2.

是的，馬克，好問題。所以也許可以從第一部分開始。因此，我們總體看到的是成交量已經穩定。我們並不是想真正暗示您所說的任何一件事，要么我們將實現常規 10% 的收入增長季度，要么我們將看到業務持平。我想說，這可能更接近於處於其中的某個地方。雖然我們看到成交量穩定下來，但不一定會出現上漲。但顯然，我們對第二季度發布的季度感到鼓舞。

I'd say across the board, we've generally seen that most of the sectors in which we operate have seen pretty good revenue and volume growth. There have been a couple of downs, which we called out in the prepared remarks. Notably, we have seen some contracting activity in messaging and social, meaning social messaging. And I think that had it not been for some of those items like we would have seen obviously a pretty decent growth in the quarter beyond where we ended up landing.

我想說的是，我們普遍看到，我們經營的大多數行業都實現了相當不錯的收入和銷量增長。我們在準備好的評論中指出了一些問題。值得注意的是，我們在消息傳遞和社交（即社交消息傳遞）領域看到了一些承包活動。我認為，如果沒有其中一些項目，我們顯然會在本季度看到比我們最終著陸的地方相當不錯的增長。

I think we also called out some of the 10DLC dynamics that are coming up in Q3, Q4. We think that's kind of a good thing, obviously, for the industry over the long term. But that's kind of the way that I would characterize it is that volumes have stabilized. We're not seeing them inflect quite up yet. But based on our execution against sales targets, we're very encouraged about how that translates into financial results for [now].

我想我們還指出了第三季度、第四季度即將推出的 10 個 DLC 動態。我們認為，從長遠來看，這顯然對行業來說是一件好事。但我的描述是，成交量已經穩定下來。我們還沒有看到它們完全變形。但根據我們對銷售目標的執行情況，我們對如何將其轉化為[現在]的財務業績感到非常鼓舞。

And Khozema, just a super quick follow-up because you mentioned it. Does that headwind from blocking unregistered traffic continue at 300 basis points into 2024? I'm just trying to understand, it seems like it widens from Q3 to Q4? And then does it presumably kind of moderate a little bit in 2024?

科澤馬（Khozema），因為你提到了這一點，所以我做了一個超級快速的跟進。到 2024 年，阻止未註冊流量的阻力是否會繼續以 300 個基點的速度持續下去？我只是想理解，似乎它從第三季度擴大到第四季度？那麼到 2024 年，它可能會有所放緩嗎？

Yes. Another good question, Mark. So the way to think about it is that basically, the way that we have made the agreement with the carriers is that 8/31 is the deadline. And so you're just not going to see the impact in Q3 in the same way that you would in Q4. That's kind of the discrepancy between 100 bps in quarter versus 200 to 300 bps in the next quarter. I think the other dynamic that you want to think about is that the vast majority of this traffic is already registered and compliant. And so I think as we get into 2024, like we're not really talking about the impacts, but we think it will kind of more or less normalize.

是的。另一個好問題，馬克。所以考慮的方式是，基本上，我們與運營商達成協議的方式是 8 月 31 日是最後期限。因此，您不會像第四季度那樣看到第三季度的影響。這相當於本季度 100 個基點與下一季度 200 至 300 個基點之間的差異。我認為您要考慮的另一個動態是，絕大多數流量已經註冊且合規。所以我認為，當我們進入 2024 年時，我們並沒有真正談論影響，但我們認為它或多或少會正常化。

The next question comes from Michael Turrin, Wells Fargo Securities.

下一個問題來自富國銀行證券公司的邁克爾·特林。

If we just look at the revenue upside you delivered it's more pronounced than we've seen in a number of quarters. I'm wondering, is most of that just tied to the stabilization commentary you're making on the usage side and results that are coming in ahead of what you're expecting? And then just if there's any commentary you can add around if the usage trends at all changed as the quarter progressed, meaning did we start at a lower point and potentially build back up? Or is that stabilization holding somewhat consistent? I think that color is just useful as we all just try to parse through what's ahead here.

如果我們只看您所實現的收入增長，那麼它比我們在幾個季度中看到的更為明顯。我想知道，其中大部分是否與您在使用方面所做的穩定性評論以及超出您預期的結果有關？然後，如果使用趨勢隨著季度的進展而發生變化，您可以添加任何評論嗎？這意味著我們是否從較低點開始並有可能恢復？或者這種穩定保持在某種程度上是一致的嗎？我認為顏色很有用，因為我們都只是嘗試解析前面的內容。

Thanks, Michael. So to answer your first question in terms of the larger beats, we came in at about 5% ahead of the midpoint of the guidance range. That is, as you say, it's largely as a result of the volume stabilization that we noted. So we saw that -- we called it out in May. We saw that volume stabilization continued through the rest of the quarter, and that's really what drove the outperformance. And we're pretty encouraged by that. I mean the market is still very dynamic. It's still usage-based business for the vast majority of our business. So we are susceptible to changes, and we'll continue to plan prudently as a result.

謝謝，邁克爾。因此，為了回答您關於較大節拍的第一個問題，我們比指導範圍的中點領先了約 5%。也就是說，正如您所說，這很大程度上是我們注意到的成交量穩定的結果。所以我們看到了這一點——我們在五月份就宣布了這一點。我們看到銷量在本季度剩餘時間內持續穩定，這確實是推動業績優異的原因。我們對此感到非常鼓舞。我的意思是市場仍然非常活躍。對於我們的絕大多數業務來說，它仍然是基於使用的業務。因此，我們很容易受到變化的影響，因此我們將繼續謹慎規劃。

In terms of the volume trends, so what I would say is relatively constant throughout the second quarter, but a different trend than we saw kind of the coming out of 2022 and in the early stages of Q1. And so we felt pretty encouraged by the fact that it was relatively constant across the months in the second quarter.

就數量趨勢而言，我想說的是，整個第二季度相對穩定，但與我們在 2022 年和第一季度初期看到的趨勢不同。因此，我們對第二季度各月相對穩定的事實感到非常鼓舞。

The next question comes from Ryan Koontz, Needham & Company.

下一個問題來自 Needham & Company 的 Ryan Koontz。

I have one for Khozema on the Communications side. As you think about kind of the journey into more and more automation, can you give us an idea kind of where you are today in terms of automation, where you expect to be, say, a year from now in terms of deal screening, onboarding, delivery execution? Just any color on that journey would be helpful.

我為通訊方面的科澤馬準備了一份。當您思考越來越自動化的旅程時，您能否告訴我們您今天在自動化方面的情況，以及您期望一年後在交易篩選、入職方面的情況，交貨執行？旅途中的任何顏色都會有幫助。

Yes. Ryan, I just want to clarify one part of your question. Do you mean automation vis-a-vis the kind of description that we gave back to kind of our product line growth kind of self-service roots?

是的。瑞安，我只想澄清你問題的一部分。您的意思是自動化相對於我們對產品線增長的自助服務根源的描述嗎？

Yes.

是的。

Yes. So I would say, for the most part, like we obviously took a number of like really significant head count actions, right, in the latter part of 2022 and then the beginning part of 2023. And so the way that we think about the business going forward is that we continue to see like a lot of growth potential for the business in the future, and we want to basically kind of stabilize our costs.

是的。所以我想說，在很大程度上，我們顯然在 2022 年下半年和 2023 年年初採取了一些非常重要的人員統計行動。所以我們思考業務的方式展望未來，我們繼續看到未來業務的巨大增長潛力，我們希望基本上穩定我們的成本。

And I think the way to do that is largely going to be through automation. Jeff talked about AI and the promise of a lot of the things that we could do from a customer perspective. I also think there's a lot of those things that we could do internal to the company as well in terms of eating with some of that automation. There are a number of areas that we're starting to explore in currently, and I think that could be really interesting.

我認為實現這一目標的方法主要是通過自動化。傑夫談到了人工智能以及我們從客戶角度可以做的許多事情的承諾。我還認為我們可以在公司內部做很多事情，就像在飲食方面使用一些自動化技術一樣。目前我們正在開始探索許多領域，我認為這可能非常有趣。

For the most part, I would say that we've seen really good profit generation in terms of the business. I think we continue to see additional profit generation as we move forward. And I think in large part, that's going to come through some combination of additional growth and then just being able to hold the cost line and probably generate some productivity in the cost line. and the bulk of that will largely come through automotive -- automation efforts.

在很大程度上，我想說的是，我們在業務方面看到了非常好的利潤創造。我認為，隨著我們的前進，我們將繼續看到額外的利潤產生。我認為在很大程度上，這將通過額外增長的某種組合來實現，然後能夠控製成本線，並可能在成本線上產生一些生產力。其中大部分將主要來自汽車自動化工作。

Sure. That's helpful. Just a quick clarification. Would you say maybe you're halfway there in terms of what you want to see operationally, or for the most part, you're there?

當然。這很有幫助。只是快速澄清一下。您是否會說，就您希望在操作上看到的情況而言，您可能已經完成了一半，或者在大多數情況下，您已經完成了？

I wouldn't say we're there. I mean I'd be a little bit careful about qualifying exactly where we are in the journey. Personally, I mean I do see a lot more opportunity for us to drive volume leverage. And so I think we'll just kind of play through and see where we go into next year.

我不會說我們在那裡。我的意思是，對於我們目前所處的排位賽位置，我會更加謹慎。就我個人而言，我的意思是，我確實看到我們有更多的機會來推動成交量槓桿。所以我認為我們會先進行一下，看看明年會發生什麼。

Kasthuri Rangan, Goldman Sachs, has the next question.

高盛的 Kasthuri Rangan 有下一個問題。

Curious to get your take on how you characterize the outlook for potentially accelerating bookings growth or how that might translate to better revenue growth rate for '24. If you can talk about the demand signals that you're seeing at the front end of the pipeline from an external perspective and some of the things that you're seeing back from an internal perspective. Of course, with the realignment of the organization, you have a better footing (inaudible) that encourage you. I could see the demand signals outside, in conjunction with some of the operational improvements that you've made internally, did they make you feel better about second half booking and potentially better growth in the years ahead?

我很想知道您如何看待預訂量增長加速的前景，或者如何轉化為 24 世紀更好的收入增長率。如果您可以談論您從外部角度在管道前端看到的需求信號以及您從內部角度看到的一些事情。當然，隨著組織的重組，你會有更好的基礎（聽不清）來鼓勵你。我可以看到外部的需求信號，結合您內部所做的一些運營改進，它們是否讓您對下半年的預訂以及未來幾年可能更好的增長感覺更好？

Kash, just so we're clear, was that a question for one of the business units in particular?

卡什，我們要明確的是，這是一個特別針對某個業務部門的問題嗎？

You could take it for both units or in aggregate.

您可以將其視為兩個單位或合計。

Okay. Great. Yes, sure. Why don't I hand it to Khozema and Elena, they can cover their respective business units.

好的。偉大的。是的，當然。我為什麼不把它交給Khozema和Elena，他們可以覆蓋各自的業務部門。

Yes. I would say, Kash, like the way that kind of I answered the prior question, like we've done a lot, obviously, to make the sales motion a lot more efficient in the Communications part of the business. We obviously took some material head count actions. And I think on balance, like we're seeing really, really strong profitability, which is what we committed to investors. And I think we're at least encouraged by some of the growth that we've seen, particularly in Q2. I think the signal, in particular, that we're watching inside the company, to kind of more precisely answer your question, is that we are hitting our sales targets.

是的。我想說，卡什，就像我回答之前問題的方式一樣，顯然我們已經做了很多工作，以使業務通信部分的銷售行動更加高效。我們顯然採取了一些實質性的人員統計行動。我認為總的來說，我們看到了非常非常強勁的盈利能力，這就是我們對投資者的承諾。我認為我們至少對我們所看到的一些增長感到鼓舞，特別是在第二季度。我認為，為了更準確地回答你的問題，我們正在公司內部觀察的信號是，我們正在實現我們的銷售目標。

Sales targets obviously take some time to show up into revenue. Based on our ability to continue hitting sales targets, and based on what we've seen, I'm certainly more encouraged that, that translates into financial results into 2024, and I think ends up being a pretty good setup. As Aidan alluded to, like it's obviously a kind of a choppy environment. And this being kind of the usage side of the business, like we're going to plan prudently in terms of that. Certainly not going to add any cost back into the business. But we feel pretty good about the setup based on the way that we've hit sales targets, the way that we've stabilized the team, the way that we have generated profit through a pretty tough external environment. And I'd say that's a pretty good set up going forward.

銷售目標顯然需要一些時間才能體現在收入中。基於我們繼續實現銷售目標的能力，以及我們所看到的情況，我當然更受鼓舞，這將轉化為 2024 年的財務業績，我認為最終會是一個非常好的設置。正如艾丹提到的，這顯然是一種不穩定的環境。這是業務的使用方面，就像我們將在這方面謹慎計劃一樣。當然不會給業務增加任何成本。但基於我們實現銷售目標的方式、我們穩定團隊的方式以及我們在相當艱難的外部環境中創造利潤的方式，我們對這種設置感覺非常好。我想說這是一個非常好的未來設置。

With that, why don't I turn it over to Elena to talk about TD&A?

既然如此，我為什麼不把它交給 Elena 來談談 TD&A？

Sure. Let me hit a couple of high points. And then if there's -- your question had a lot of dimension to it. So if we missed anything, please do feel free to circle back. But we're really focused on the Data and Application side of the business, on the inputs, the things we can control. We're focused on making sure that we've got the right folks and see the right process, the right methodology and the right enablement. And I feel really good about our progress there.

當然。讓我講幾個要點。然後，如果有——你的問題有很多維度。因此，如果我們錯過了什麼，請隨時回來。但我們真正關注的是業務的數據和應用程序方面、輸入以及我們可以控制的事物。我們專注於確保我們擁有合適的人員並看到正確的流程、正確的方法和正確的支持。我對我們在那裡取得的進展感到非常滿意。

We are starting to see some improvement in the pipeline as well. Top-of-funnel continues to be really strong. So we think there's a robust demand environment out there. We are starting to see some improvement in things like conversion through the pipe. And so lots of work left to do. It's not exactly where we'd like it. But again, I've talked in historical quarters about this being in a bit of a rebuild. And we feel good about our progress against that rebuild node. And again, we'll see bookings continue to improve this year, which will translate into revenue next year in 2024. So I think there's reason to be optimistic here, but there's also a long road ahead as we continue to work toward that improvement in net new business acquisition.

我們也開始看到管道方面的一些改進。漏斗頂部仍然非常強勁。因此，我們認為存在強勁的需求環境。我們開始看到一些改進，例如通過管道進行轉換。還有很多工作要做。這並不完全是我們想要的地方。但我再說一次，我在歷史方面談到過這正處於重建階段。我們對重建節點的進展感到滿意。再次，我們將看到今年的預訂量繼續改善，這將轉化為明年 2024 年的收入。因此，我認為這裡有理由保持樂觀，但隨著我們繼續努力改善，未來的路還很長。新業務淨收購。

At the same time, working on making sure we're managing through churn and contraction and that we've got a lot of reasons for customers to embrace that, deploy quickly and stay a good long time. And so we're doubling down on our efforts there as well.

與此同時，我們努力確保我們能夠應對客戶流失和收縮，並且我們有很多理由讓客戶接受這一點、快速部署並保持較長時間。因此，我們也在這方面加倍努力。

Got it. And would you consider hiring to meet the -- what could be improving demand environment as you go to '24?

知道了。當您進入 24 世紀時，您是否會考慮通過招聘來滿足需求環境的改善？

Firstly, in TD&A, I'll let Khozema talk about how he feels about that question from a comps perspective. We have just gotten to the point where our reps are largely onboarded and ramped. I really want to see those productivity metrics getting up to where we'd like them before we layer on the next degree of head count as teams expand into new markets and things like that.

首先，在 TD&A 中，我會讓 Khozema 從比較的角度談談他對這個問題的看法。我們剛剛達到了我們的代表大部分已上崗並晉升的地步。我真的希望看到這些生產力指標達到我們想要的水平，然後隨著團隊擴展到新市場和類似的事情，我們對人員數量進行分層。

Got you.

明白你了。

Yes. And I basically agree with Elena. On the Communications side, I think we're in a spot where we like the way that we've sized the team, the efficiencies that we've gotten out of it. As I alluded to earlier, I don't think there's additional volume leverage to be gained there. If we saw a really accelerated market opportunity, it's not off the table but it's not the plan.

是的。我基本上同意埃琳娜的觀點。在溝通方面，我認為我們喜歡我們調整團隊規模的方式以及我們從中獲得的效率。正如我之前提到的，我認為那裡不會獲得額外的交易量槓桿。如果我們看到一個真正加速的市場機會，這不是不可能的，但這不是計劃。

Your next question is Nick Altmann, Scotiabank.

你的下一個問題是豐業銀行的尼克·阿爾特曼。

Maybe one for Jeff or Elena. You guys had called out this $100 million customer, which is a pretty monumental deal. And a big theme this year is sort of around this notion of vendor consolidation. And historically, some of your larger customers had maybe multi-source CPaaS vendors. And so I wanted to ask 2 parts around this specific deal. One, was this sort of a deal where the customer sort of consolidated CPaaS relationships and kind of went all in on Twilio?

也許是給傑夫或埃琳娜的。你們已經召集了這個價值 1 億美元的客戶，這是一筆相當具有里程碑意義的交易。今年的一個大主題是圍繞供應商整合的概念。從歷史上看，您的一些較大客戶可能擁有多源 CPaaS 供應商。所以我想就這個具體交易詢問兩個部分。第一，在這種交易中，客戶是否會鞏固 CPaaS 關係並全力投入 Twilio？

And then maybe as a second part, is this sort of a strategy that you're leaning into this year? And could you just provide maybe any color around what's the sort of level of customer appetite for these sort of consolidation deals? I think that would be really interesting.

那麼也許作為第二部分，您今年傾向於採用這種策略嗎？您能否提供有關客戶對此類整合交易的興趣程度的任何信息？我認為那會非常有趣。

Yes. Nick, this is Khozema. It was actually a Communications customer, so I'll answer your question. I think the short answer to the first question is, yes, it was an opportunity for us to help one of our really important customers consolidate their spend all onto Twilio across a number of channels. I think what was particularly a differentiating feature of this deal was our ability to kind of optimize traffic patterns.

是的。尼克，這是科澤馬。實際上是一位通訊客戶，所以我來回答你的問題。我認為第一個問題的簡短回答是，是的，這對我們來說是一個機會，可以幫助我們的一位真正重要的客戶通過多個渠道將他們的所有支出整合到 Twilio 上。我認為這筆交易的一個特別顯著的特點是我們優化流量模式的能力。

Like I think that's a really important aspect of the way that some of these like really sophisticated customers want to do business. They want to make sure that the right signals are reaching their customers at the right times, and that effectively ends up being like a kind of prioritization and queuing process, that we're really good at. I think in terms of strategy going forward, we're certainly looking at any opportunity where we have the ability to consolidate spend and constantly take share.

我認為這是其中一些真正成熟的客戶想要開展業務的方式的一個非常重要的方面。他們希望確保正確的信號在正確的時間到達客戶，這實際上就像我們真正擅長的一種優先級劃分和排隊過程。我認為就未來的戰略而言，我們當然會尋找任何有能力整合支出並不斷佔據份額的機會。

I think we do have a lot of those opportunities across the board, frankly, whether it's with different customer segments or even internationally. And so I think that is going to be a part of the strategy that you'll see from us going forward. And let me add one other point, actually, but not at the risk of price. Like I think that's one thing that we've done a pretty good job of holding firm is making sure that we don't take price down, making sure that we show discipline in terms of gross profit so that we're always hurdling so that we generate op profit. I think you can kind of see that in our gross margins. And I think you'd find that we're generally priced higher than the competition.

坦率地說，我認為我們確實有很多這樣的機會，無論是針對不同的客戶群體，還是在國際範圍內。所以我認為這將成為我們未來戰略的一部分。實際上，讓我補充另一點，但不要冒價格風險。就像我認為我們在保持堅定方面做得很好的一件事是確保我們不降低價格，確保我們在毛利潤方面表現出紀律，以便我們總是跨過障礙，以便我們產生運營利潤。我想你可以從我們的毛利率中看到這一點。我想您會發現我們的價格通常高於競爭對手。

We will now hear from Derrick Wood, TD Cowen.

我們現在將聽取 TD Cowen 的 Derrick Wood 的發言。

Great. Khozema, I'll stay with you and maybe kind of on that last topic around gross margins. And just wondering kind of within your restructuring efforts, if you've made any notable changes around kind of incentives for sales teams or other business leaders to focus on driving gross margins, and I guess whether you have or not. Or are there levers you can lean on to help drive more improvements in gross margins in the near to medium term?

偉大的。科澤馬，我會和你一起討論最後一個關於毛利率的話題。只是想知道在您的重組工作中，您是否對銷售團隊或其他業務領導者的激勵措施做出了任何顯著的改變，以專注於提高毛利率，我想您是否有。或者您可以依靠哪些槓桿來幫助在中短期內進一步提高毛利率？

Yes. Derrick, the way that we've reoriented our sales comp is basically to pay on a gross profit basis. Now there's one caveat to that. We're only going to take a gross profit deal if we can see that it hurdles and generates op profit. So we're clearly not going to take margin that ends up resulting ultimately in a bottom line loss. And so that is an important change that we made in the compensation plan for our reps. I wouldn't say necessarily that we're biasing the business, especially on the communication side to necessarily generate higher gross margin.

是的。德里克，我們重新調整銷售薪酬的方式基本上是根據毛利潤支付。現在有一個警告。只有當我們看到毛利交易能夠阻礙並產生運營利潤時，我們才會接受它。因此，我們顯然不會收取最終導致利潤損失的保證金。因此，這是我們在代表薪酬計劃中做出的一項重要改變。我不一定說我們對業務有偏見，特別是在溝通方面，以必然產生更高的毛利率。

Like I think we do have opportunities in terms of cross-sell, for example. I mean I think there's a lot that we can do, for example, in terms of selling more voice or e-mail as just as examples into messaging customers. We'll continue with that as part of the strategy. I think the idea, though, really is ensuring that the unit economics of every one of these customers is solid, that those of the business overall are solid. And as long as we can go and efficiently get incremental gross profit dollars, we'll do that in Communications.

例如，我認為我們在交叉銷售方面確實有機會。我的意思是，我認為我們可以做很多事情，例如，在銷售更多語音或電子郵件方面，就像向消息傳遞客戶提供的示例一樣。作為戰略的一部分，我們將繼續這樣做。不過，我認為這個想法實際上是確保每一位客戶的單位經濟效益是穩固的，以及整個業務的單位經濟效益是穩固的。只要我們能夠有效地獲得增量毛利潤，我們就會在通信領域做到這一點。

Up next is Matt Stotler, William Blair.

接下來是馬特·斯托勒、威廉·布萊爾。

This is Alex on for Matt. One for me on the international strategy. With the new SaaS first strategy, what, if any, implications are there for the international business? And how do you expect international revenue to trend as a percentage of total revenue going forward?

這是亞歷克斯（Alex）替馬特（Matt）發言。我的一篇關於國際戰略的文章。新的 SaaS 優先戰略對國際業務有何影響（如果有的話）？您預計未來國際收入佔總收入的百分比將如何變化？

What do you mean by SaaS first?

SaaS 首先是什麼意思？

Yes, just the software -- the split of the business and the software focused strategy.

是的，只是軟件——業務的劃分和以軟件為中心的戰略。

So I'll take a crack at this one and then if anyone else wants to jump in, they can. It's Elena, and I'll speak first to our Data and Applications business. We operate in a number of international markets. We haven't seen markets change in the balance between U.S. versus international bookings growth, for example. And we're committed to the markets that we serve. We're not necessarily looking to open up into new markets in the very near term. We think there's an enormous TAM right here in our core markets.

所以我會嘗試一下這個，然後如果其他人想加入，他們也可以。我是埃琳娜，我首先談談我們的數據和應用程序業務。我們在多個國際市場開展業務。例如，我們還沒有看到美國與國際預訂增長之間的平衡發生變化。我們致力於我們所服務的市場。我們不一定希望在短期內開拓新市場。我們認為我們的核心市場中存在著巨大的 TAM。

And the good news is that there's demand across all of our international markets. We see improvement in performance across sort of each of those each of those theaters. And so -- and we're able to service those markets as well from a software perspective in terms of sort of everything from functionality and capability to our standards on privacy and data protection and things like that. I don't know how or anyone else, if you have anything else to add.

好消息是我們所有的國際市場都有需求。我們看到每個劇院的性能都有所提高。因此，我們也能夠從軟件角度為這些市場提供服務，涵蓋從功能和能力到我們的隱私和數據保護標準等各個方面。我不知道如何或其他人，如果您還有其他要補充的。

I'll just add on the Communications side. I mean we continue to see a lot of opportunity internationally. I mean that's historically been a set of markets that we've been underpenetrated in from a communications perspective. And so there's a lot of additional growth. And I think what we found is that a lot of the customers in those markets are actually not being serviced by anybody.

我將添加通信方面的內容。我的意思是我們繼續在國際上看到很多機會。我的意思是，從歷史上看，從通信的角度來看，這是我們滲透不足的一組市場。因此還有很多額外的增長。我認為我們發現這些市場中的許多客戶實際上沒有得到任何人的服務。

And so I think there's a lot of open field running there. In addition to that, as you may remember from our Investor Day last year, the unit economics are actually quite good as well internationally. And so we think there's a lot of gross profit dollars out there to go and consume. And so I think similar to Elena, like it's not like we have to open up and necessarily in 10 more markets. We want to be very cost efficient about the way that we do it. But we do see a lot of opportunity out there. We're going to continue winning it.

所以我認為那裡有很多開放領域。除此之外，您可能還記得去年的投資者日，單位經濟效益實際上在國際上也相當不錯。因此，我們認為有大量的毛利潤可以用來消費。所以我認為與 Elena 類似，我們不必開放，而且不一定要開放 10 個以上的市場。我們希望我們的做法非常具有成本效益。但我們確實看到了很多機會。我們將繼續贏得勝利。

Maybe I'll just add one more thing. This is Aidan. If you're asking because you've seen the international percent of revenue come down slightly quarter-over-quarter, that's just really largely a function of the crypto dynamics that we've been talking about, a lot of that volume is concentrated internationally. And so I wouldn't read too much into it if that's where you were going.

也許我會再添加一件事。這是艾丹。如果您這麼問是因為您看到國際收入百分比逐季度略有下降，那麼這在很大程度上是我們一直在討論的加密貨幣動態的函數，其中很大一部分交易量都集中在國際上。因此，如果這就是你要去的地方，我不會對此進行太多解讀。

Next question is Alex Zukin, Wolfe Research.

下一個問題是沃爾夫研究中心的 Alex Zukin。

I guess maybe, Jeff or Elena, for you. You called out reacceleration in revenue for next year. Is that attributable to -- first, is that aspirational? Is that a comment on a particular quarter that you see that happening next year? And if we look at the data and apps business, like do you see -- is that business going to trough in Q4 given the bookings commentary from before? And do you see that reaccelerating in the early part of next year? And how much, if any, would you expect kind of AI-driven revenue or products or initiatives to kind of contribute to that next year? And I have a quick follow-up.

我想也許，傑夫或埃琳娜，適合你。您呼籲明年收入重新加速。這是否歸因於——首先，這是有抱負的嗎？這是對您認為明年會發生的特定季度的評論嗎？如果我們看看數據和應用程序業務，就像你看到的那樣——鑑於之前的預訂評論，該業務是否會在第四季度陷入低谷？您是否認為這種情況會在明年初重新加速？您預計明年人工智能驅動的收入、產品或舉措將為此做出多少貢獻（如果有的話）？我有一個快速的跟進。

So let me take the first point here. And then if Jeff wants to add anything on the AI side, he can do that as well. So we're not committing to specific time lines on the reacceleration in terms of when in 2024 it happens. But what I will say -- and growth is always aspirational. We definitely are looking forward to that happening. But I'll say that it's -- it will be reflective of bookings improvements that we're going to see this year.

讓我在這裡談談第一點。然後，如果傑夫想在人工智能方面添加任何內容，他也可以這樣做。因此，我們不會承諾 2024 年何時實現重新加速的具體時間表。但我要說的是——增長總是令人嚮往的。我們絕對期待這種情況的發生。但我想說的是，這將反映我們今年將看到的預訂改進。

And that is a big -- it's a function of the rebuild that we've been undergoing and the addition of our ground reps and the coming up the curve with those individuals that are newly in seed. And so the bookings are happening now, happening towards the back half of this year as well, that will translate in 2024. So hope that's clear, but we're not doing a quarter-by-quarter view.

這是一個很大的事情——它是我們一直在進行的重建、地面代表的增加以及那些新種子球員的崛起的結果。因此，預訂現在正在發生，也將在今年下半年發生，這將在 2024 年實現。所以希望這一點很清楚，但我們不會按季度進行查看。

And then I can speak to the AI part of your question. Look, Segment is the centerpiece of our CustomerAI strategy because that is where the proprietary data sets of our customers live. It is the sum of what they know about their customer, and therefore, how they're going to unlock the value in that data to go personalize like every touch point they have with their customers. And now with generative AI, you can do it so much more efficiently and so much more in an individualized basis that it opens up tremendous new opportunities.

然後我可以談談你問題中的人工智能部分。看，Segment 是我們 CustomerAI 戰略的核心，因為這是我們客戶的專有數據集所在的地方。這是他們對客戶了解的總和，因此，他們將如何釋放這些數據的價值，以像他們與客戶的每個接觸點一樣進行個性化。現在，借助生成式人工智能，您可以更高效、更個性化地完成工作，從而開闢了巨大的新機遇。

Now that said, I think that AI as a monetization like vector for the company, I think it follows, right? I think that's probably what you're seeing in most companies out there, which is AI is in its earliest stages now, buyers are interested in hearing what we have to say. They are interested in the products we're bringing to market, but obviously, those products are brand-new because generative AI really started hitting a stride of utility in the last 6 months, right? And so no one's got mature product set really to speak of.

話雖如此，我認為人工智能作為公司的一種貨幣化載體，我認為它是這樣的，對嗎？我認為這可能是您在大多數公司中看到的情況，即人工智能現在處於早期階段，買家有興趣聽到我們要說的話。他們對我們推向市場的產品感興趣，但顯然，這些產品是全新的，因為生成式人工智能在過去 6 個月裡確實開始取得實用性的巨大進步，對嗎？因此，沒有人擁有真正成熟的產品集。

And so that speaks to where the whole market is in this journey. But from my conversations that I have with customers, they are liking our vision. And I think that can turn into sales of Segment as companies start to get their data ready for what the coming AI future has for them. And that will be a key part of our selling value proposition going forward.

這說明了整個市場在這一過程中所處的位置。但從我與客戶的對話來看，他們喜歡我們的願景。我認為，隨著公司開始為即將到來的人工智能未來做好準備，這可能會轉化為細分市場的銷售。這將是我們未來銷售價值主張的關鍵部分。

Got it. Got it. And Aidan, maybe for you, just on free cash flow. You guys are doing a great job on the operating income front. You raised that number for the year. How should we think about that op income to free cash flow conversion, both this year, but realizing this year has some onetime issues, maybe even more so next year. That would be super helpful.

知道了。知道了。艾丹，也許對你來說，只是自由現金流。你們在營業收入方面做得很好。你提高了今年的這個數字。今年我們應該如何考慮運營收入到自由現金流的轉換，但意識到今年存在一些一次性問題，明年可能更是如此。那會非常有幫助的。

Yes. Thanks, Alex. It's Aidan. So as it relates to free cash flow, so maybe just to talk a little bit about the performance in the quarter. So we generated $72 million in the quarter. That number actually included $30 million of restructuring payments. So adjusting for those nonrecurring payments, we generated about $100 million, and that's a record free cash flow quarter for us. So really proud of really kind of posting those results.

是的。謝謝，亞歷克斯。是艾丹。由於它與自由現金流有關，所以也許只是談談本季度的業績。因此，我們在本季度創造了 7200 萬美元的收入。這個數字實際上包括 3000 萬美元的重組付款。因此，調整這些一次性付款後，我們產生了約 1 億美元，這對我們來說是創紀錄的自由現金流季度。非常自豪地發布這些結果。

And it's really a function of like when you look at the drivers, it's really the higher profitability, both the non-GAAP line as well as lower restructuring costs. As you think about going forward, so we're not going to put out any new kind of framework in terms of how to think about it. I will just say there's always some level of timing and variability in cash flow. So I wouldn't expect that performance is necessarily linear. But it's a huge focus for us. We'll continue to look for avenues to both drive efficiency out from a cost perspective as well as free cash flow profile of the business over time.

這實際上是一個函數，當你觀察驅動因素時，它實際上是更高的盈利能力，包括非公認會計準則線以及更低的重組成本。當你思考未來時，我們不會推出任何新的框架來思考如何思考它。我只想說現金流總是存在一定程度的時間安排和可變性。所以我不認為性能一定是線性的。但這對我們來說是一個巨大的焦點。我們將繼續尋找途徑，從成本角度以及隨著時間的推移提高業務的自由現金流狀況來提高效率。

The next question is Phillip Leytes, Mizuho.

下一個問題是瑞穗的菲利普·萊特斯（Phillip Leytes）。

This is actually Siti Panigrahi from Mizuho. My question is, Elena, when you look at Data & Applications, you have -- your kind of products catered to different kind of [LOEs]. You have Flex more on customer support, and Engage, more marketing. Are you seeing any demand specifically in any particular segment? Are you more optimistic about any particular segment? And as you're executing on your go-to-market, how are you rebuilding your sales folks? Is it more one -- same sales guys targeting all these products? Or are you building different verticals? Any color would be helpful.

這實際上是來自 Mizuho 的 Siti Panigrahi。我的問題是，Elena，當您查看數據和應用程序時，您會發現您的產品類型迎合了不同類型的 [LOE]。 Flex 更多的是客戶支持，Engage 則更多的是營銷。您是否看到任何特定細分市場的具體需求？您對某個特定細分市場更加樂觀嗎？當您執行上市時，您如何重建您的銷售人員？是不是更多的是——同樣的銷售人員針對所有這些產品？或者您正在構建不同的垂直領域？任何顏色都會有幫助。

Sure. So we -- when I -- let me just start with like a little bit of a history. We started talking, I think, 4, 5 quarters ago about the need to sort of rebuild the sales team in a specialized manner. And so that meant having individuals that were very, very familiar with each customer and who they are, what they need from us, what they expect in the software offerings, how they think, how they buy. And so we have a team specific to Segment in the CDP space. That organization focuses predominantly on through the data buyer, which is oftentimes part of a product organization in the consumer space, and the marketer.

當然。所以我們——當我——讓我從一段歷史開始。我想，我們在四、五個季度前就開始討論需要以專門的方式重建銷售團隊。因此，這意味著擁有非常非常熟悉每個客戶的人員，了解他們是誰、他們需要我們提供什麼、他們對軟件產品的期望、他們的想法和購買方式。因此，我們有一個專門針對 CDP 領域細分市場的團隊。該組織主要關注數據購買者（通常是消費者領域產品組織的一部分）和營銷人員。

And that's really sort of part and parcel of who the Segment buyer. Is in Flex, we're talking about a contact center buyer. But more and more, we're excited about how these 2 themes come together in a customer experience umbrella and how Segment is really positioned so well to operate within the context of Flex to provide, for example, a world where an agent has access to the latest and greatest customer information as they're doing their jobs.

這確實是細分市場買家的重要組成部分。在 Flex 中，我們談論的是聯絡中心買家。但是，我們越來越興奮地看到這兩個主題如何在客戶體驗保護傘中結合在一起，以及 Segment 如何真正定位在 Flex 的背景下運作，以提供一個代理可以訪問的世界。在他們工作時獲取最新、最好的客戶信息。

So while we have teams that are focused on those specific buyers, we think underneath the hood where everything comes together in front of that end user, they're both really, really useful. And so we spent time over the last couple of quarters making sure that they're interoperable and connected. And we're starting to see that pay off in terms of customer interest and demand in that capability.

因此，雖然我們有專注於這些特定買家的團隊，但我們認為在最終用戶面前所有東西都聚集在一起的幕後，它們都非常非常有用。因此，我們在過去幾個季度花了很多時間來確保它們的互操作性和連接性。我們開始看到這種回報體現在客戶對該功能的興趣和需求方面。

I think you started off a little bit with what that rebuild has looked like. And so again, we started this a number of quarters ago, essentially going out to the market and rehiring for these specialized sales organizations that we just, for example, in Segment across the threshold where the majority of those reps are now what we consider ramp sales equivalent and are sort of beginning to operate at full quota, full quota potential. So again, this is really the key to making sure that we reaccelerate bookings as we'll see here in the back half of the year. And again, that will translate into revenue next year.

我認為你從重建的樣子開始了一點。因此，我們在幾個季度前就開始了這項工作，本質上是進入市場並重新招聘這些專門的銷售組織，例如，我們只是在跨越門檻的細分市場中，其中大多數代表現在都是我們認為的斜坡銷售額相當，並且開始以全部配額、全部配額潛力運作。再說一次，這確實是確保我們重新加速預訂的關鍵，正如我們將在今年下半年看到的那樣。同樣，這將轉化為明年的收入。

The final question today comes from Rishi Jaluria, RBC Capital Markets.

今天的最後一個問題來自加拿大皇家銀行資本市場部的 Rishi Jaluria。

I wanted to go back to the topic of AI and your opportunity there. Maybe can you drill a little bit into how you feel you're more differentiated versus your peers to really capitalize on the AI opportunity, both when it comes to kind of the pure-play communications providers as well as others within kind of the broader CDP landscape when it comes to Segment.

我想回到人工智能的話題以及你在那裡的機會。也許您可以深入了解一下您認為自己與同行相比更具差異化的地方，以便真正利用人工智能機會，無論是對於純粹的通信提供商還是更廣泛的 CDP 中的其他提供商說到分段時的風景。

I just think the combination of Communications workloads and the data asset of the CDP is the killer combination, right? When I think about Communications alone, right, Communications needs to get smarter. Most of our customers do not want to just spend more on communications. They want to spend more on effective communications. And so as we move the company from a company that sends communications to one that sends more effective communications, that requires data and that requires personalization and understanding of who the recipient of all those messages are.

我只是認為通信工作負載和 CDP 數據資產的組合是殺手級組合，對嗎？當我單獨考慮通信時，對吧，通信需要變得更加智能。我們的大多數客戶不想只在通信上花費更多。他們希望在有效的溝通上投入更多。因此，當我們將公司從一家發送通信的公司轉變為一家發送更有效通信的公司時，這需要數據，需要個性化並了解所有這些消息的接收者是誰。

Now you go look at Segment, and Segment is the leading CDP in the market for IDC. It has amazing real-time technical capabilities. It has ETL, reverse ETL profile capabilities. It is really the composable CDP. Every part of that composability is right there in the Segment product. And so we can address a great many parts of that market while customers are building up their data assets that are going to power AI. And so we're bringing together these 2 hearts of the company in a way that is extraordinarily differentiated.

現在你看看Segment，Segment是IDC市場上領先的CDP。它具有驚人的實時技術能力。它具有 ETL、反向 ETL 配置文件功能。它確實是可組合的 CDP。這種可組合性的每個部分都在細分產品中。因此，當客戶建立支持人工智能的數據資產時，我們可以解決該市場的許多部分。因此，我們以一種截然不同的方式將公司的這兩顆心聚集在一起。

I mean I don't see any other communications company with a CDP. And I think to go forward, to build value as a company, communications has to have data, and it has to be unlocking better communications, not just more communications. And on the flip side, on the CDP, we have the most advanced CDP in the market. And so I think on both sides, we have a very differentiated product, and then you bring them together, and nobody has that capability.

我的意思是，我沒有看到任何其他擁有 CDP 的通信公司。我認為，要向前發展，要創造公司的價值，通信必須擁有數據，並且必須解鎖更好的通信，而不僅僅是更多的通信。另一方面，在 CDP 上，我們擁有市場上最先進的 CDP。所以我認為雙方都有一個非常差異化的產品，然後你把它們放在一起，沒有人有這種能力。

And everyone, that does conclude today's Twilio earnings call. We would like to thank you all for your participation. You may now disconnect.

各位，今天的 Twilio 財報電話會議到此結束。我們衷心感謝大家的參與。您現在可以斷開連接。