Twilio Inc (TWLO) 2023 Q4 法說會逐字稿

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

您好，歡迎參加 Twilio 2023 年第四季財報電話會議。 （操作員指示）我現在將會議交給投資人關係資深副總裁 Bryan Vaniman。請繼續。

Good afternoon, everyone, and thank you for joining us for Twilio's Fourth 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 are Khozema Shipchandler, Chief Executive Officer; and Aidan Viggiano, Chief Financial Officer.

大家下午好，感謝您參加 Twilio 2023 年第四季財報電話會議。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。今天與我一起出席的還有執行長 Khozema Shipchandler；以及財務長艾丹‧維吉亞諾 (Aidan Viggiano)。

As a reminder, we will disclose non-GAAP financial measures on this call. Definitions and reconciliations between our GAAP and non-GAAP results can be found in our earnings release and our prepared remarks posted on our IR website. We will also make forward-looking statements on this call, including statements about our future outlook and goals. Such statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described. Many of those risks and uncertainties are described in our SEC filings, including our most recent Form 10-Q.

提醒一下，我們將在本次電話會議上揭露非公認會計準則財務指標。我們的 GAAP 和非 GAAP 結果之間的定義和調整可以在我們的收益報告和我們發佈在 IR 網站上的準備好的評論中找到。我們還將在本次電話會議中做出前瞻性聲明，包括有關我們未來前景和目標的聲明。此類陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與所描述的結果有重大差異。我們向 SEC 提交的文件（包括我們最新的 10-Q 表格）中描述了許多風險和不確定性。

Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We disclaim any obligation to update any forward-looking statements, except as required by law.

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。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

With that, I'll hand it over to Khozema and Aidan, who will discuss our Q4 and full year results, and then we'll open the call for Q&A.

接下來，我將把它交給 Khozema 和 Aidan，他們將討論我們的第四季和全年業績，然後我們將開始問答環節。

Thank you, Bryan. Good afternoon, everyone, and thank you for joining us today. Twilio had a terrific fourth quarter to close out a strong 2023. We exceeded our revenue and non-GAAP income from operations targets for the quarter, delivering nearly $1.1 billion in revenue, $173 million in non-GAAP income from operations and $211 million in free cash flow.

謝謝你，布萊恩。大家下午好，感謝您今天加入我們。 Twilio 在第四季度表現出色，2023 年業績強勁。我們超越了本季的營收和非 GAAP 營運收入目標，實現了近 11 億美元的收入、1.73 億美元的非 GAAP 營運收入和 2.11 億美元的免費收入現金週轉。

Before jumping into the results of the quarter, I wanted to start this call, my first as Twilio's CEO, by sharing that it is a privilege to be leading this company into its next chapter. I believe there is an incredible opportunity to unlock increased value for customers and shareholders.

在開始討論本季業績之前，我想透過分享能夠帶領這家公司進入下一個篇章來開始這次電話會議，這是我作為 Twilio 執行長的第一次電話會議。我相信這是一個為客戶和股東釋放更多價值的絕佳機會。

As we continue to innovate, we're focused on combining the power of communications, data and AI to make every interaction more personalized and intelligent. Our vision to become the leading customer engagement platform is unchanged, and we are executing on this from a solid operational foundation and a fundamentally strong competitive and financial position. We have a great set of products and hundreds of thousands of customers who are committed to Twilio, because we are bringing tremendous value to their businesses.

隨著我們不斷創新，我們專注於將通訊、數據和人工智慧的力量結合起來，使每一次互動都更加個人化和智慧。我們成為領先的客戶互動平台的願景沒有改變，我們正在透過堅實的營運基礎和強大的競爭和財務狀況來實現這一目標。我們擁有一系列出色的產品和數十萬致力於 Twilio 的客戶，因為我們為他們的業務帶來了巨大的價值。

Over the last year, we took significant steps to enhance our focus and execution while optimizing our capital allocation strategy. We also took meaningful actions to streamline our cost structure, accelerate our path to profitability and deliver durable growth. Our teams delivered on these objectives in 2023 and the numbers underscore this.

去年，我們採取了重大措施來增強我們的重點和執行力，同時優化我們的資本配置策略。我們也採取了有意義的行動來簡化我們的成本結構，加速我們的獲利之路並實現持久成長。我們的團隊在 2023 年實現了這些目標，數字也強調了這一點。

During 2023, we generated $4.2 billion in revenue, improved our non-GAAP operating results from a non-GAAP operating loss of $4 million in 2022, to non-GAAP operating income of $533 million, delivered $364 million in free cash flow and reduced our stock-based compensation, excluding restructuring expense as a percent of revenue by 450 basis points year-over-year. All of this hard work enabled us to take significant strides on our path to GAAP profitability.

2023 年，我們創造了42 億美元的收入，將我們的非GAAP 營運表現從2022 年的400 萬美元的非GAAP 營運虧損提高到5.33 億美元的非GAAP 營運收入，交付了3.64 億美元的自由現金流，並減少了基於股票的薪酬，不包括重組費用佔收入的百分比同比增長 450 個基點。所有這些努力使我們在實現 GAAP 盈利能力的道路上取得了重大進展。

Our product teams have worked to infuse AI capabilities into our CustomerAI solutions, enabling us to continue on our promise of more intelligent communications for our customers.

我們的產品團隊致力於將人工智慧功能融入我們的 CustomerAI 解決方案中，使我們能夠繼續履行為客戶提供更智慧通訊的承諾。

Our Twilio communications business continues to demonstrate meaningful leverage, which helped to drive the impressive financial performance that Twilio delivered for the year, and we will build upon this momentum in 2024.

我們的 Twilio 通訊業務繼續展現出有意義的槓桿作用，這有助於推動 Twilio 在今年實現令人印象深刻的財務業績，我們將在 2024 年鞏固這一勢頭。

At the same time, Twilio Segment is not performing at the level it needs to. I have already begun to take a closer look at this business to see how we can deliver improved performance. I'll touch on this a bit later.

同時，Twilio Segment 的性能並未達到其所需的水平。我已經開始仔細研究這項業務，看看我們如何提高績效。我稍後會談到這一點。

Our Twilio Communications business, which drove 93% of Twilio's revenue in 2023 had a very strong fourth quarter, with revenue of just over $1 billion. And for the full year, it generated revenue of $3.859 billion and grew 11% year-over-year on an organic basis. I have the privilege of leading Twilio Communications over the last year and I am extremely proud of what the team accomplished in terms of increasing both operational efficiency and product innovation.

我們的 Twilio 通訊業務佔 2023 年 Twilio 營收的 93%，第四季表現非常強勁，營收略高於 10 億美元。全年營收為 38.59 億美元，有機年增 11%。我有幸在過去的一年裡領導 Twilio Communications，我對團隊在提高營運效率和產品創新方面的成就感到非常自豪。

Throughout the year, we undertook a number of actions to drive increased operating leverage and further streamline our go-to-market activity. We continued these efforts in Q4 by moving both Flex and marketing campaigns into Communications and the results we are reporting today reflect this shift.

在這一年中，我們採取了一系列行動來提高營運槓桿並進一步簡化我們的上市活動。我們在第四季度繼續這些努力，將 Flex 和行銷活動轉移到傳播領域，我們今天報告的結果反映了這一轉變。

With these changes, we're better aligning how our customers want to buy our products and are also taking advantage of natural upsell and cross-sell opportunities. We also delivered an aggressive product road maps, and saw early signs of success with CustomerAI.

透過這些變化，我們更好地調整了客戶購買我們產品的方式，並利用了自然的追加銷售和交叉銷售機會。我們也提供了正面的產品路線圖，並看到了 CustomerAI 成功的早期跡象。

In Q4, Twilio Voice Intelligence, an AI-powered capability that enables our customers to extract data insights from their call reportings, was released in beta and customers have already used it to analyze over 42 million call minutes. Our traffic optimization engine and the traffic shaping algorithm are examples of innovations we introduced to drive greater flexibility and increased performance in our messaging products.

第四季度，Twilio Voice Intelligence 發布了測試版，這是一種人工智慧驅動的功能，使我們的客戶能夠從通話報告中提取數據見解，客戶已經使用它來分析超過 4200 萬分鐘的通話時間。我們的流量優化引擎和流量整形演算法是我們為提高訊息傳遞產品的靈活性和效能而引入的創新範例。

Our products also set new records by sending over 4 billion messages and 64 billion e-mails during Cyber Week, with 100% uptime across core messaging and e-mail, a testament to the scale and reliability of our platform. Our innovations are also getting recognized externally as we maintained our position in the CPaaS industry, as evidenced by the fact that Twilio is named a leader in the 2023 Gartner Magic Quadrant for CPaaS and a leader in the Omdia Universe: Customer Engagement Platforms, 2023 to 2024.

我們的產品還在網路週期間發送了超過40 億條訊息和640 億封電子郵件，創下了新記錄，核心訊息和電子郵件的正常運行時間為100%，這證明了我們平台的規模和可靠性。隨著我們保持在CPaaS 行業的地位，我們的創新也得到了外部的認可，Twilio 被評為2023 年Gartner CPaaS 魔力像限的領導者以及Omdia 領域的領導者：客戶互動平台，2023 年至2023 年，這一事實證明了這一點。2024 年。

We're continuing to deliver impressive customer wins. In Q4, we signed our largest messaging deal to date, a 9-figure commitment with a leading cloud communications software company. We're also leveraging our network of ISVs and partners, to accelerate our ability to reach new customers and expand our geographic footprint.

我們將繼續贏得令人印象深刻的客戶勝利。在第四季度，我們簽署了迄今為止最大的訊息傳遞協議，與一家領先的雲端通訊軟體公司簽訂了 9 位數的承諾。我們也利用我們的 ISV 和合作夥伴網路來提高我們接觸新客戶和擴大地理覆蓋範圍的能力。

For example, we signed a 3-year, 8-figure deal with Airship. Airship's mobile app experience platform powers trillions of interactions for thousands of global brands, and they will become an important partner where our customers will be able to leverage a fully integrated cross-channel orchestration solution for both messaging and e-mail channels. Our partner channel is certainly proving to be an area of opportunity for us and one we will continue to focus on this year.

例如，我們與 Airship 簽署了一份為期 3 年、價值 8 位數的協議。 Airship 的行動應用體驗平台為數千個全球品牌提供數兆次互動，他們將成為重要的合作夥伴，我們的客戶將能夠利用完全整合的跨通路編排解決方案進行訊息傳遞和電子郵件管道。事實證明，我們的合作夥伴管道無疑是我們的一個機會領域，也是我們今年將繼續關注的領域。

Our Twilio Segment business, formerly Twilio Data & Applications, while still strategically important to Twilio continues to underperform. Although we drove sequential bookings improvement in Q4, growth is not yet accelerating up to our expectations. We need to execute better and I believe that we can.

我們的 Twilio 細分業務（以前稱為 Twilio 數據和應用程式）雖然對 Twilio 仍具有戰略重要性，但仍表現不佳。儘管我們在第四季度推動了連續預訂量的改善，但成長速度尚未達到我們的預期。我們需要更好地執行，我相信我們可以。

Over the past 5 weeks, I've been working with the team to conduct an extensive operational review of Segment. and this work is ongoing. We plan to do a readout of these results in March, at which time I'll be ready to share our findings path forward and any changes to Twilio's financial framework as a result.

在過去的 5 周里，我一直與團隊合作對 Segment 進行廣泛的營運審查。這項工作正在進行中。我們計劃在 3 月公佈這些結果，屆時我將準備好分享我們的調查結果以及由此對 Twilio 財務框架進行的任何更改。

That said, the Segment product teams are laser-focused on shipping updates to customers, and we're seeing a great response to our CustomerAI innovations. Since becoming publicly available in Q3 2023, CustomerAI Predictions has been adopted by over 150 customers. And our CustomerAI recommendations tool, which helps determine the products that are most likely to drive purchases and engagement for each unique customer went live in a private beta in Q4.

也就是說，細分市場產品團隊專注於向客戶提供更新，我們看到我們的 CustomerAI 創新得到了很好的回應。自 2023 年第三季公開以來，CustomerAI Predictions 已被超過 150 家客戶採用。我們的 CustomerAI 推薦工具有助於確定最有可能推動每個獨特客戶購買和參與的產品，該工具已於第四季度在私人測試版中上線。

Staples Canada, a leading provider of services, tech and other merchandise solutions for work and school life was able to leverage CustomerAI recommendations in its effort to provide more personalized recommendation to sell excess inventory and improve their cross-selling efforts. It's abundantly clear that Segment is a powerful product that is driving meaningful value for customers and demonstrating market leadership, as evidenced by IDC's most recent reports where Twilio is in the Leaders category in the 2023 IDC MarketScape on Customer Data Platforms for the Financial Services Industry and the #1 CDP for 2022 market share.

Staples Canada 是一家為工作和學校生活提供服務、技術和其他商品解決方案的領先提供商，它能夠利用 CustomerAI 的建議來提供更個性化的建議，以出售多餘的庫存並改善其交叉銷售工作。很明顯，Segment 是一款強大的產品，可以為客戶帶來有意義的價值並展示市場領導地位，IDC 的最新報告證明了這一點，其中Twilio 在2023 年IDC MarketScape 金融服務行業客戶數據平台的領導者類別中名列前茅， 2022 年市佔率排名第一的 CDP。

We continue to see strong traction with customers recognizing the unique value proposition of combining our communications and data capabilities. In the fourth quarter, we signed a competitive multiyear 8-figure deal with a leading U.S. financial services company whose usage of our platform spans both Communications and Segment. They chose Twilio to meet their needs, both internally and externally with their customers.

我們繼續看到客戶對我們的溝通和數據能力相結合的獨特價值主張的強烈吸引力。在第四季度，我們與一家領先的美國金融服務公司簽署了一項具有競爭力的、價值 8 位數的多年期協議，該公司對我們平台的使用涵蓋通訊和細分市場。他們選擇 Twilio 來滿足內部和外部客戶的需求。

Internally, they're deploying Segment so they can get a real-time and personalized view of their end users across multiple business units. They will leverage Segment's zero-copy architecture to query their data warehouse directly, to efficiently and securely enrich segment profiles. Externally, they're deploying Verify so that the millions of customers who rely on them to get a seamless and secure authentication process when logging in.

在內部，他們正在部署 Segment，以便能夠跨多個業務部門獲得最終用戶的即時和個人化視圖。他們將利用 Segment 的零複製架構直接查詢其資料倉儲，以有效率、安全地豐富分段設定檔。在外部，他們正在部署Verify，以便數百萬依賴它們的客戶在登入時獲得無縫且安全的身份驗證流程。

We also signed a 7-figure deal with an international salon management software company. With Twilio, this company moved away from the incumbent providers and now relies solely on Twilio Messaging for all of its one-to-one messaging with customers. And the company already deployed Segment for its B2B business so that they are able to have a better customer view of those purchasing beauty products directly from them.

我們也與一家國際沙龍管理軟體公司簽署了一份價值七位數的協議。借助 Twilio，該公司擺脫了現有的供應商，現在完全依賴 Twilio Messaging 來與客戶進行所有一對一訊息傳遞。該公司已經為其 B2B 業務部署了 Segment，以便他們可以更好地了解直接從他們那裡購買美容產品的客戶。

These customers are leveraging Twilio to not just bring their communications and data together, but to help them personalize and build lasting loyalty with their customers.

這些客戶利用 Twilio 不僅將他們的溝通和數據整合在一起，還幫助他們實現個人化並與客戶建立持久的忠誠度。

Our team enters 2024 focused on making balanced and intentional decisions that will help us to deliver durable, profitable growth. Our priorities for the year are clear. First, we need to continue running our business with better sales execution, and we will continue to look for areas where we can accelerate growth.

進入 2024 年，我們的團隊專注於做出平衡且有目的的決策，這將幫助我們實現持久、有利可圖的成長。我們今年的優先事項很明確。首先，我們需要以更好的銷售執行力繼續經營我們的業務，我們將繼續尋找可以加速成長的領域。

Second, we need to wrap up our business review of Segment and determine the best path forward that will position Twilio for long-term success while advancing our objective of optimizing profitable growth.

其次，我們需要結束對細分市場的業務審查，並確定最佳的前進道路，使 Twilio 取得長期成功，同時推進我們優化利潤成長的目標。

And third, we remain extremely bullish on AI and our ability to innovate across our portfolio with several incredible examples in both our product road maps and in private beta.

第三，我們仍然非常看好人工智慧以及我們在整個產品組合中的創新能力，在我們的產品路線圖和私人測試版中都有一些令人難以置信的例子。

For the past 15 years, our co-founder, Jeff Lawson, did a remarkable job of leading this company, from a disruptive start-up to the admired company that it is today. I truly believe that we're set up for success to build for the next phase of our journey, and I'm grateful to follow in Jeff's footsteps.

在過去的 15 年裡，我們的共同創辦人 Jeff Lawson 出色地領導了這家公司，從一家顛覆性的新創公司發展成為今天令人欽佩的公司。我堅信，我們已經為下一階段的成功做好了準備，我很高興能夠追隨傑夫的腳步。

I also want to express my gratitude for the thousands of Twilions who make this company such a special place. Our employees have undergone a lot of change this past year. Yet through it all, they've remained committed to building a great company that's focused on delivering for our customers. We will continue to run a financially sound and extremely innovative business. I'm continually impressed with the progress the team has made and how we've positioned the business to optimize for profitable growth moving forward. That said, we have more work to do, and I look forward to leading Twilio in this next phase.

我還想對成千上萬的 Twilions 表示感謝，是他們讓這家公司變得如此特別。在過去的一年裡，我們的員工發生了很大的變化。然而，儘管經歷了這一切，他們仍然致力於建立一家專注於為客戶提供服務的優秀公司。我們將繼續經營財務穩健且極具創新性的業務。我對團隊所取得的進步以及我們如何定位業務以優化未來獲利成長印象深刻。也就是說，我們還有更多工作要做，我期待在下一階段領導 Twilio。

And with that, I'll turn it over to Aidan.

有了這個，我會把它交給艾丹。

Thank you, Khozema. Twilio finished the year with a strong fourth quarter. We exceeded our guidance and delivered another record quarter of revenue, non-GAAP income from operations and free cash flow.

謝謝你，科澤馬。 Twilio 以強勁的第四季業績結束了這一年。我們超越了我們的指導方針，並實現了另一個創紀錄的季度收入、非公認會計準則營運收入和自由現金流。

For the full year, we generated $4.154 billion in revenue, 10% organic revenue growth, $533 million in non-GAAP income from operations and $364 million in free cash flow.

全年營收為 41.54 億美元，有機收入成長 10%，非 GAAP 營運收入為 5.33 億美元，自由現金流為 3.64 億美元。

These results demonstrate the significant progress we've made over the last year, from a business that was roughly breakeven on a non-GAAP basis and generated negative free cash flow in 2022, to one that is now generating meaningful levels of non-GAAP income from operations and free cash flow while delivering double-digit organic growth. We came into 2023 committed to this outcome, and we exceeded what we said we were going to do.

這些結果證明了我們在過去一年中取得的重大進展，從按非 GAAP 基本實現盈虧平衡並在 2022 年產生負自由現金流的業務，到目前產生有意義水平的非 GAAP 收入的業務來自運營和自由現金流，同時實現兩位數的有機成長。進入 2023 年，我們致力於實現這一成果，並且我們超越了我們所說的要做的事情。

Fourth quarter revenue was $1.076 billion, up 5% reported and 8% organic year-over-year. Communications revenue was $1 billion, up 5% reported and 8% organic year-over-year. Segment revenue was $75 million, up 4% year-over-year.

第四季營收為 10.76 億美元，報告成長 5%，有機年增 8%。通訊收入為 10 億美元，報告成長 5%，有機成長 8%。部門收入為 7500 萬美元，年增 4%。

As a result of the operational changes Khozema highlighted regarding Flex and marketing campaigns, these products are now reported as part of our Communications business. For Q4, this represented $54 million of revenue that would have previously been allocated to Data & Applications. We have also renamed Data & Applications to Twilio Segment, which includes both our Segment and Engage products.

由於 Khozema 強調的有關 Flex 和行銷活動的營運變化，這些產品現在被報告為我們通訊業務的一部分。對於第四季度，這意味著先前分配給數據和應用程式的收入為 5400 萬美元。我們也將資料和應用程式重新命名為 Twilio Segment，其中包括我們的 Segment 和 Engage 產品。

As a result of these changes, all segment level results and metrics have been recast accordingly.

由於這些變化，所有細分級別的結果和指標都已相應地重新制定。

We continue to see stabilization in volumes across our usage-based products throughout the quarter as well as strong seasonal activity around the holidays, which helped to drive our revenue beat in Q4.

我們繼續看到整個季度基於使用的產品的銷售穩定，以及假期前後的強勁季節性活動，這有助於推動我們第四季度的營收成長。

Similar to the last 2 quarters, our Q4 revenue growth rate was negatively impacted by headwinds from customers in the crypto industry. Total Q4 organic revenue growth, excluding crypto customers was 10% year-over-year. And for the full year 2023, total organic revenue growth excluding crypto customers was 13% year-over-year. We expect Q1 headwinds from crypto to be roughly in line with Q4, after which we will have lapped the vast majority of the crypto impact.

與過去兩個季度類似，我們第四季的營收成長率受到加密產業客戶不利因素的負面影響。不包括加密貨幣客戶的第四季總有機收入年增 10%。 2023 年全年，不包括加密貨幣客戶的總有機收入年增 13%。我們預期第一季加密貨幣帶來的阻力將與第四季大致一致，之後我們將承受絕大多數加密貨幣的影響。

Our Q4 dollar-based net expansion rate was 102%. Our dollar-based net expansion rate for Communications was 102% or 104% excluding crypto customers. Dollar-based net expansion rate for Segment was 96%, driven primarily by elevated churn and contraction, that we did see a modest improvement in churn and contraction versus Q3.

我們第四季以美元計算的淨擴張率為 102%。我們的通訊業務以美元為基礎的淨擴張率為 102% 或 104%（不包括加密貨幣客戶）。以美元計算的該部門的淨擴張率為 96%，主要是由於客戶流失和收縮加劇，與第三季度相比，我們確實看到客戶流失和收縮略有改善。

We delivered Q4 non-GAAP gross profit of $564 million, growing 9% year-over-year and representing a non-GAAP gross margin of 52.4%. This was up 180 basis points year-over-year and down 110 basis points quarter-over-quarter. The decline quarter-over-quarter was primarily driven by lower 10DLC campaign registration fees and international messaging.

我們第四季的非 GAAP 毛利為 5.64 億美元，年增 9%，非 GAAP 毛利率為 52.4%。年比成長 180 個基點，季減 110 個基點。季度環比下降的主要原因是 10DLC 活動註冊費和國際訊息傳遞費用降低。

Q4 non-GAAP gross margins for our Communications and Segment business units were 50.7% and 74.4%, respectively. Q4 non-GAAP income from operations came in meaningfully ahead of expectations at $173 million, representing a non-GAAP operating margin of 16%. This was primarily driven by better-than-expected revenue and ongoing cost discipline, though we also benefited from savings related to our December restructuring and recognized a onetime $6 million gain for our settlement with the city of San Francisco.

第四季度，我們的通訊和細分業務部門的非 GAAP 毛利率分別為 50.7% 和 74.4%。第四季非 GAAP 營運收入大幅超出預期，達到 1.73 億美元，非 GAAP 營運利潤率為 16%。這主要是由好於預期的收入和持續的成本控制所推動的，儘管我們也受益於 12 月重組相關的節省，並認識到我們與舊金山市和解的一次性收益為 600 萬美元。

As we continue to evolve our disclosures in support of our commitment to provide greater transparency on business performance and in response to investor feedback, going forward, we intend to report quarterly non-GAAP income and loss from operations by business unit.

隨著我們不斷改進我們的揭露，以支持我們提高業務績效透明度的承諾，並回應投資者的回饋，展望未來，我們打算按業務部門報告季度非公認會計原則營運收入和虧損。

Q4 non-GAAP income from operations for our Communications business was $248 million. And Q4 non-GAAP loss from operations for our Segment business was $18 million.

第四季我們通訊業務的非 GAAP 營運收入為 2.48 億美元。第四季度，我們部門業務的非 GAAP 營運損失為 1,800 萬美元。

As Khozema mentioned, we are undergoing an operational review of the Segment business in order to identify the appropriate path forward for improved execution and profitable growth. We'll provide more details on the outcome of this review upon its completion in March.

正如科澤馬所提到的，我們正在對部門業務進行營運審查，以確定改善執行和獲利成長的適當前進道路。我們將在三月完成審核後提供有關審核結果的更多詳細資訊。

As a result of Segment's business performance, we completed an impairment test on the intangible assets we acquired as part of our Segment acquisition. The test resulted in a $286 million impairment of our developed technology and customer relationship intangible assets. No impairment of our Segment reporting unit goodwill was identified. Segment carried approximately $300 million in goodwill at year-end.

由於該部門的業務表現，我們完成了作為該部門收購的一部分而獲得的無形資產的減損測試。該測試導致我們開發的技術和客戶關係無形資產減值 2.86 億美元。未發現分部報告單位商譽減損。截至年底，該部門商譽約為 3 億美元。

Q4 non-GAAP loss from operations was $362 million, which includes $25 million of expenses associated with restructuring charges and the aforementioned $286 million intangible asset impairment charge related to Segment. Stock-based compensation as a percentage of revenue was 15.3% in Q4, excluding approximately $1.9 million of restructuring costs, down 260 basis points quarter-over-quarter and 360 basis points year-over-year.

第四季度非公認會計準則營運虧損為 3.62 億美元，其中包括與重組費用相關的 2,500 萬美元費用以及上述與該部門相關的 2.86 億美元無形資產減損費用。第四季度，股票薪資佔營收的百分比為 15.3%，不包括約 190 萬美元的重組成本，季減 260 個基點，較去年同期下降 360 個基點。

In Q4, we generated free cash flow of $211 million, driven primarily by strong non-GAAP profitability as well as tightened collections and an $18 million onetime cash benefit related to our settlement with the city of San Francisco. While we expect free cash flow to vary quarter-to-quarter, free cash flow remains a focus for us as we drive greater profitability in the business.

第四季度，我們產生了 2.11 億美元的自由現金流，這主要是由於強勁的非公認會計準則盈利能力、收緊收款以及與舊金山市和解相關的 1800 萬美元一次性現金收益。雖然我們預計自由現金流量每季都會有所不同，但隨著我們提高業務獲利能力，自由現金流量仍然是我們關注的焦點。

Lastly, we continue to execute against the $1 billion share repurchase program that we announced in February 2023 and have now completed over $730 million of repurchases to date.

最後，我們繼續執行 2023 年 2 月宣布的 10 億美元股票回購計劃，迄今已完成超過 7.3 億美元的回購。

Moving to guidance. For Q1, we're initiating a revenue target of $1.025 billion to $1.035 billion, representing year-over-year growth of 2% to 3% on a reported basis, and 5% to 6% on an organic basis. The expected sequential decline in revenue is due in part to elevated seasonal activity on our platform in Q4, which we do not expect to recur in Q1. This is a similar dynamic to what we saw last year.

轉向指導。對於第一季度，我們設定的營收目標為 10.25 億美元至 10.35 億美元，按報告計算，年增 2% 至 3%，有機成長 5% 至 6%。預期收入連續下降的部分原因是我們平台上第四季度的季節性活動增加，我們預計第一季不會再發生這種情況。這與我們去年看到的情況類似。

We continue to see volume stabilization across our communications products that we're planning prudently given the usage-based nature of our business. We do expect year-over-year growth through the balance of the year.

鑑於我們業務的基於使用的性質，我們正在謹慎規劃我們的通訊產品的銷售量繼續保持穩定。我們確實預計今年剩餘時間將實現同比增長。

Turning to our profitability outlook for Q1. We expect non-GAAP income from operations of $120 million to $130 million, down sequentially quarter-over-quarter, primarily due to our lower revenue guide and an estimated $20 million of incremental expenses associated with a new cash bonus program. This new program will allow us to reduce go-forward equity grants as a proportion of total compensation and as part of our continued efforts to transition employee compensation from equity towards cash in order to reduce stock-based compensation expenses.

轉向我們對第一季的獲利前景。我們預計非 GAAP 營運收入為 1.2 億至 1.3 億美元，環比下降，主要是由於我們較低的收入指導以及與新現金獎勵計劃相關的估計 2000 萬美元的增量費用。這項新計劃將使我們能夠減少未來股權補助佔總薪酬的比例，並作為我們繼續努力將員工薪酬從股權轉向現金以減少股票薪酬支出的一部分。

We're continuing to focus on driving operating leverage, and we remain committed to reducing stock-based compensation on our path to GAAP profitability.

我們將繼續專注於提高營運槓桿，並繼續致力於減少以股票為基礎的薪酬，以實現 GAAP 獲利能力。

Given the Segment operational review currently underway, it's premature to provide full year 2024 non-GAAP income from operations guidance at this stage. But at a minimum, we expect to exceed our 2023 non-GAAP income from operations even after taking into account an estimated $90 million of incremental annual expenses for the new cash bonus program. We intend to provide a full year 2024 non-GAAP income from operations outlook and any updates to our financial framework following the completion of the Segment operational review in March.

鑑於目前正在進行部門營運審查，現階段提供 2024 年全年非 GAAP 營運收入指引還為時過早。但至少，即使考慮到新現金獎勵計畫預計增加的 9,000 萬美元年度支出，我們預計仍將超過 2023 年非 GAAP 營運收入。我們打算在 3 月完成部門營運審查後，提供 2024 年全年非 GAAP 營運收入展望以及財務框架的任何更新。

We've made significant strides over the last year in driving meaningful non-GAAP profitability and free cash flow generation in our business. We have strengthened our financial foundation and set ourselves up well to deliver durable efficient growth in 2024 and beyond. I'm proud of everything our teams have accomplished in 2023, and I'm excited for the opportunities ahead.

去年，我們在推動業務中實現有意義的非公認會計準則獲利能力和自由現金流方面取得了重大進展。我們已經加強了財務基礎，並為在 2024 年及以後實現持久高效成長做好了充分準備。我為我們的團隊在 2023 年所取得的一切成就感到自豪，並對未來的機會感到興奮。

With that, we'll open it up for questions.

至此，我們將開放提問。

(Operator Instructions) Your first question comes from the line of Meta Marshall with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Meta Marshall 線。

Great. Maybe first question, just what are you looking at to see traction in the Segment business. Was there -- I know in the past, you had said kind of improving pipelines or sales efficiency growing. You didn't kind of give some of those same statistics. So just what can we use to kind of benchmark improving performance there?

偉大的。也許第一個問題是，您正在尋找什麼來看到細分市場業務的吸引力。我知道過去，您曾說過改善管道或提高銷售效率。您沒有提供一些相同的統計數據。那我們可以用什麼來進行基準測試來提高效能呢？

And then just maybe a second question on -- generally, we see a pickup in gross margins in Q4 on the Communications side of the business, just given a little bit more of that traffic ends up being North America-focused, noticed the kind of step down sequentially. So just any commentary on gross margins would be helpful.

然後可能是第二個問題 - 一般來說，我們看到第四季度通訊業務方面的毛利率有所上升，只是考慮到更多的流量最終集中在北美，注意到這種情況依次下台。因此，任何有關毛利率的評論都會有所幫助。

Yes. Sure. Meta, I'll start with the Segment part of it and Aidan can answer the gross margin part of it. So on Segment, I mean, some of the indicators that we're looking at is sequential bookings and we did see improvement in Q4. But as we alluded to, it's not exactly where we'd like it to be. And I think just the overall pace of the improvements that we were anticipating and that we would expect of ourselves, they're just kind of not meeting our expectations.

是的。當然。 Meta，我將從細分市場部分開始，艾丹可以回答毛利率部分。因此，在細分市場上，我的意思是，我們正在研究的一些指標是連續預訂，我們確實在第四季度看到了改善。但正如我們所提到的，這並不完全是我們想要的位置。我認為，就我們預期和我們對自己的期望的整體改進速度而言，它們只是沒有達到我們的期望。

I think we've also seen consistent win rates over the course of the year. And again, we did see a modest improvement in the win rate in Q4. And notably, Q4 was sort of our best new logo bookings performance as well, actually since 2021. And so we feel pretty good about that, at least in terms of trajectory, but again, have work to do.

我認為我們在這一年中也看到了穩定的勝率。再次，我們確實看到第四季的勝率略有改善。值得注意的是，第四季度也是我們自 2021 年以來最好的新徽標預訂表現。所以我們對此感覺很好，至少在軌跡方面，但同樣，還有工作要做。

And then just finally, it's the #1 CDP, at least based on the most recent report by market share as determined by IDC. And we think that just based on what we've been able to do with it in CustomerAI and how we can expand it across our Segment product portfolio that there's just more that we can do there. But as we said, it's strategically important, but we definitely do think we can do a better job in terms of running that part of the business.

最後，它是排名第一的 CDP，至少根據 IDC 確定的最新市場份額報告來看是這樣。我們認為，基於我們在 CustomerAI 中能夠使用它所做的事情以及我們如何將其擴展到我們的細分產品組合中，我們可以在那裡做更多的事情。但正如我們所說，這在策略上很重要，但我們確實認為我們可以在經營這部分業務方面做得更好。

Meta, I'll take the gross margin question on comp. So it was down quarter-over-quarter. We did see Q3 bump up quite a bit. So Q4 is still higher than what we saw in the first half of the year. The drop quarter-over-quarter was driven by lower U.S. 10DLC registration freeze quarter-over-quarter.

Meta，我將回答關於比較的毛利率問題。因此，它環比下降。我們確實看到第三季出現了相當大的成長。所以第四季仍然高於我們上半年看到的水平。環比下降的原因是美國 10DLC 註冊凍結環比下降。

If you remember last quarter, we made a push to get customers using 10DLC in the U.S. registered, that resulted in additional fees and we are seeing some of that margin pressure kind of quarter-over-quarter driven by that. And in addition to that, within international messaging, we saw a little bit of margin pressure as well, primarily a function of just where messages are going within different countries in the international bucket.

如果您還記得上個季度，我們努力讓在美國使用 10DLC 的客戶進行註冊，這導致了額外的費用，我們看到了由此帶來的逐季度利潤壓力。除此之外，在國際消息傳遞中，我們還看到了一點利潤壓力，這主要取決於消息在國際桶中不同國家的流向。

So those are the 2 big drivers. But when you look at margins overall for the business, pretty good performance year-over-year. Communications is up 230 basis points quarter-over-quarter in Q4, for the year, up 190 basis points. So generally, a positive margin trend in the year, although down a bit versus Q3.

這些是兩個主要驅動因素。但當你看看該業務的整體利潤率時，你會發現同比表現相當不錯。第四季通訊業務季增 230 個基點，全年成長 190 個基點。因此，總體而言，今年利潤率呈正趨勢，儘管與第三季相比略有下降。

Your next question comes from the line of Mark Murphy with JPMorgan.

你的下一個問題來自摩根大通的馬克墨菲。

Khozema, I believe you mentioned a 9-figure messaging win and largest messaging deal that you've won to date. Can you just shed any light on how that came together? Anything on contract duration so we can annualize it? And then just perhaps when you think that might start contributing revenue? Not clear to me whether that could click in immediately or perhaps sometime later in the year? Then I have a quick follow-up.

Khozema，我相信您提到了 9 位數的消息傳遞勝利以及迄今為止您贏得的最大的消息傳遞交易。您能解釋一下這是如何結合在一起的嗎？有沒有關於合約期限的信息，以便我們可以按年計算？然後也許就在您認為這可能開始貢獻收入的時候？我不清楚這是否會立即生效，或者可能在今年稍後生效？然後我會進行快速跟進。

Yes. I mean I can't get too far into it because we can't disclose the customer names, but we're certainly proud of the fact that we're able to score both of those deals. They're -- each is a little bit unique just based on kind of the customer type that's involved in each one. I think that those are both kind of multiyear arrangements. And so there's an opportunity for that revenue to continue over a period of time, like that's kind of the typical contract duration length that we typically see. And we should see that revenue over the next quarter or 2.

是的。我的意思是，我不能透露太多，因為我們不能透露客戶姓名，但我們確實為能夠獲得這兩筆交易而感到自豪。它們——每一種都有一點獨特，只是基於每一種所涉及的客戶類型。我認為這都是多年期安排。因此，該收入有機會持續一段時間，就像我們通常看到的典型合約期限一樣。我們應該會在下一個或兩個季度看到收入。

Okay. Got it. Aidan as a quick follow-up, what is it that drives a little different spread for Q1 where -- I believe you're guiding fairly consistently or even a little better on the organic growth compared to how you guided Q4 and then it's -- but it translates to slightly less in the kind of the revenue growth rate that we actually have to model. Is it possible to step us through that? Is it something relating to crypto impact or something else?

好的。知道了。艾丹作為快速跟進者，是什麼推動了第一季度的差異，我相信與您指導第四季度的方式相比，您在有機增長方面的指導相當一致，甚至更好一些，然後是——但它轉化為我們實際必須建模的收入成長率略低。是否有可能引導我們完成這個過程？是與加密貨幣影響有關還是其他？

Let me take it, Mark, here. So there's a couple of things that are happening. So we're guiding to 5% to 6% organic growth. We were 8% in Q4. And so there's a couple of things to consider. So on the growth side, we did talk about crypto, right? That was a 200 basis point headwind in Q4. We expect it to be a similar headwind in Q1.

讓我把它拿走，馬克，在這裡。所以有一些事情正在發生。因此，我們的目標是實現 5% 至 6% 的有機成長。第四季我們的成長率為 8%。因此，有幾件事需要考慮。所以在成長方面，我們確實討論了加密貨幣，對嗎？第四季出現了 200 個基點的逆風。我們預計第一季也會出現類似的逆風。

When you look at the rest of the business, the other thing to remember is, we didn't mention this in our prepared remarks, so I'll mention it here. We continue to streamline our product portfolio, really to focus on doing fewer things better. We are deprecating our video product as well as our software component of our Zipwhip business this year, both are planned wind-downs of those products, but they will result in a roughly 150 basis point headwind to growth in Q1.

當您查看其餘業務時，要記住的另一件事是，我們在準備好的演講中沒有提及這一點，所以我將在這裡提及。我們繼續精簡我們的產品組合，真正專注於把更少的事情做得更好。今年我們將棄用我們的視訊產品以及 Zipwhip 業務的軟體組件，這兩項產品都計劃逐步減少，但它們將導致第一季的成長出現約 150 個基點的阻力。

And I would say, roughly similar impact on total year 2024 growth. So you have about 200 basis points from crypto, you have about another 150 basis points from the end of life of the video and the software business within Zipwhip. And then the last thing I'll just say is, again, we'll continue to plan prudently just given the usage-based nature of our business, much different than a subscription business, which is more predictable. So we'll plan prudently. We do expect year-over-year revenue growth throughout the balance of the year.

我想說，對 2024 年整體成長的影響大致相似。因此，加密貨幣可以帶來大約 200 個基點，影片和 Zipwhip 內的軟體業務的生命週期結束還有大約 150 個基點。我要說的最後一件事是，考慮到我們業務的基於使用的性質，我們將繼續謹慎規劃，這與訂閱業務有很大不同，訂閱業務更可預測。所以我們會謹慎計劃。我們確實預計今年餘下的收入將年增。

Your next question comes from the line of Jim Fish with Piper Sandler.

你的下一個問題來自吉姆·菲什和派珀·桑德勒的台詞。

This is Quinton on for Jim Fish. Maybe for (inaudible) that's been out in the market has been competitors potentially getting more aggressive from a pricing standpoint, specifically in the core messaging segment. Is that something you're seeing already here in Q1 or anything you saw in Q4? And then anything you can point to in terms of changes from a competitive landscape positioning?

這是昆頓為吉姆·菲什配音的節目。也許（聽不清楚）市場上的競爭對手從定價角度來看可能會變得更加激進，特別是在核心訊息傳遞領域。這是您在第一季已經看到的東西還是您在第四季度看到的東西？那麼您可以指出競爭格局定位的改變嗎？

Yes. This is Khozema. I'll take the question. In short, no, the way that I would characterize it is that the success of the company is really built on the innovation and quality of our offering. And so I'm aware of what you're kind of referring to. And we never really comment on any specific competitor.

是的。這是科澤馬。我來回答這個問題。簡而言之，不，我的描述是公司的成功實際上是建立在我們產品的創新和品質之上。所以我知道你指的是什麼。我們從不真正評論任何特定的競爭對手。

I think the reality of what we do is that we deliver a really broad and innovative set of solutions for our communications customers and we charge a fair price for it. And so whether it's the breadth of our channels, the reliability of our super network or the global scale, all of those factors are in the mix in terms of the way that we serve customers and serve them very, very well.

我認為我們所做的事情的實際情況是，我們為通訊客戶提供了一套非常廣泛且創新的解決方案，並且我們為此收取了合理的價格。因此，無論是我們通路的廣度、超級網路的可靠性或全球規模，所有這些因素都在影響我們為客戶提供服務並為他們提供非常非常好的服務的方式。

We've made a lot of investments in compliance and fraud mitigation as well to ensure users aren't stuck paying for fraudulent messages either. And we just want to ensure that we deliver great experiences. And fundamentally, we think that that's a better setup for Twilio and our customers.

我們在合規性和減少詐欺方面進行了大量投資，以確保用戶也不會因為詐欺消息而付費。我們只是想確保提供出色的體驗。從根本上來說，我們認為這對 Twilio 和我們的客戶來說是一個更好的設定。

And we've had a long history really of maintaining price discipline. And so we've been able to compete very, very successfully with folks that are on the lower end of the market and maintain, if not grow our market share over time.

我們在維持價格紀律方面有著悠久的歷史。因此，我們能夠非常非常成功地與低端市場的公司競爭，並隨著時間的推移保持（如果不是增加）我們的市場份額。

Makes sense. And then maybe just as a quick follow-up. I understand the crypto headwinds here. But I think one interesting point is you've seen kind of a rebound in kind of the crypto pricing. And so maybe, are you seeing any sort of improvement from a quarter-over-quarter basis of the crypto-specific activity? And how do you expect that to trend in 2024 as we see a potential kind of increase in the pricing landscape? Do we still see that relationship of -- as crypto pricing increases, we see activity increase on Twilio?

說得通。然後也許只是作為一個快速的後續行動。我理解這裡的加密貨幣逆風。但我認為有趣的一點是，你已經看到了加密貨幣定價的反彈。那麼也許，您是否看到加密貨幣特定活動的季度環比有所改善？當我們看到定價格局可能出現成長時，您預計 2024 年的趨勢會如何？我們是否仍然看到這種關係——隨著加密貨幣價格的上漲，我們看到 Twilio 上的活動增加？

Yes. So from a crypto perspective, a couple of things. Last year, in the second and third quarter, we talked about those periods kind of being the peak of our crypto volume on our platform. So we played through the last several quarters with that headwind, we expect the headwind in Q1 to be roughly in line with the headwind that we saw in Q4, after which we expect crypto kind of pressures or headwinds on growth to kind of abate a little bit.

是的。因此，從加密貨幣的角度來看，有幾件事。去年，在第二和第三季度，我們談到這些時期是我們平台上加密貨幣交易量的高峰。 So we played through the last several quarters with that headwind, we expect the headwind in Q1 to be roughly in line with the headwind that we saw in Q4, after which we expect crypto kind of pressures or headwinds on growth to kind of abate a little位元.

Beyond that, I'm not going to provide any kind of outlook in terms of the specific industry. But we are kind of starting to lap those higher periods of crypto volume.

除此之外，我不會提供對特定行業的任何展望。但我們已經開始經歷那些加密貨幣交易量較高的時期。

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

您的下一個問題來自富國銀行證券公司的 Michael Turrin。

Great. I appreciate you taking the question. Just on the -- I understand there's a number of moving pieces as you're fine-tuning the organization and just the underlying customer profile. But when we're looking at the customer metrics, I think the Communications segment is not one where we've seen that metric down. So maybe you can just add some detail on what's driving the customer metrics currently?

偉大的。我很感謝你提出這個問題。就我所知，當你對組織和底層客戶資料進行微調時，有很多變化。但當我們查看客戶指標時，我認為通訊領域並不是我們看到該指標下降的領域。那麼也許您可以添加一些有關當前推動客戶指標的因素的詳細資訊？

And then in terms of the Segment evaluation, is just the second part, I think we've often viewed that as maybe a strategic opportunity to add more data-driven intelligence to the Communications portfolio, if at all possible. Is that something you can address independently were Segment to go a different route? I'm just wondering if you can just add more on kind of the data enablement piece of what Twilio has in its portfolio across the Communications segment as it's currently built as well.

然後就細分市場評估而言，這只是第二部分，我認為我們經常認為這可能是一個策略機會，如果可能的話，可以為通訊產品組合添加更多數據驅動的智慧。如果分段走不同的路線，您可以獨立解決這個問題嗎？我只是想知道您是否可以在 Twilio 跨通訊領域的產品組合中添加更多資料支援部分，因為它目前也是如此。

Why don't I start, I'll start on the customer question, and then I'll hand it over to Khozema.

我為什麼不開始呢，我先從客戶問題開始，然後交給科澤馬。

So just to start with the numbers. So customer count was 305,000 at the company level, down 30 basis points quarter-over-quarter, up 5% year-over-year. Really, what we're seeing is on the Communications side, we saw a reduction in customer count really driven by smaller dollar self-serve customers. And maybe just to take a step back and a reminder on the metric itself, customers are only included in our customer count if they generated at least $5 of revenue in the final month of the quarter. And so what we saw was customers that might have been slightly above $5 like slip below $5, and so that's really what drove the change kind of quarter-over-quarter.

首先從數字開始。因此，公司層級的客戶數量為 30.5 萬人，較上季下降 30 個基點，較去年同期成長 5%。事實上，我們在通訊方面看到的是，我們看到客戶數量的減少實際上是由較小的自助服務客戶所推動的。也許只是退後一步並提醒一下該指標本身，只有在該季度最後一個月產生至少 5 美元收入的客戶才會包含在我們的客戶計數中。所以我們看到的是那些可能略高於 5 美元的客戶，或者跌破 5 美元的客戶，這確實是推動季度環比變化的原因。

Importantly, when we look at revenue churn, which is kind of how we look at that metric, as some more relevant metric, that remains very low. And we're seeing customer count growth in our largest spending cohorts. And ARPUs actually increased quarter-over-quarter, with revenue up but customer count down, you can see that, that metric would naturally go up.

重要的是，當我們考慮收​​入流失率時，這就是我們看待該指標的方式，作為一些更相關的指標，它仍然非常低。我們看到我們最大的消費群體的客戶數量正在增加。 ARPU 實際上環比增長，收入增加，但客戶數量減少，你可以看到，該指標自然會上升。

So overall, it's really driven by just small dollar self-serve customers on the Communications side, but revenue churn remains low as it has historically been in this business.

因此，總體而言，它實際上是由通訊方面的小額自助服務客戶推動的，但收入流失率仍然很低，就像該行業歷史上的情況一樣。

Yes. As it relates to Segment and kind of CDP more broadly, and I think your question was really towards its connection with Communications. I think that we do see a lot of opportunity there in terms of our ability to combine our data offering with our Communications offering. And we've started to launch a handful of products that do exactly that, bring together kind of all of the best capabilities of Twilio within single offerings.

是的。因為它更廣泛地與細分市場和 CDP 類型相關，我認為您的問題實際上是關於它與通訊的聯繫。我認為，就我們將數據產品與通訊產品結合的能力而言，我們確實看到了許多機會。我們已經開始推出一些能夠做到這一點的產品，將 Twilio 的所有最佳功能整合到單一產品中。

You see that today, for example, in our Flex Unify offering, which has been announced relatively recently, I think as it relates to the need and value of the CDP, like we're certainly open-minded about the way that we want to create value for the company. I think first and foremost, we're very, very focused on durable and profitable growth. We alluded to the fact that we are undergoing an operational review of Segment and with an eye towards value creation, again, demonstrated through durable profitable growth. I think that segment happens to be a pretty unique asset that we think remains strategically important. We do think that having first-party data combined with Communications, has a lot more inherent value than just a stand-alone CDP.

例如，今天，在我們最近發布的 Flex Unify 產品中，我認為它與 CDP 的需求和價值相關，就像我們對我們想要的方式持開放態度一樣。為公司創造價值。我認為首先也是最重要的是，我們非常非常注重持久和獲利的成長。我們提到，我們正在對該部門進行營運審查，並著眼於價值創造，這再次透過持久的獲利成長來證明。我認為該細分市場恰好是一項非常獨特的資產，我們認為它仍然具有戰略重要性。我們確實認為，將第一方資料與通訊結合，比單獨的 CDP 具有更多的內在價值。

All that said, I think there are a lot of opportunities for us to be able to improve the way in which we're doing things. And we talked about some of the executional things that we want to get better on. But I think having Segment deeply embedded with others in the data ecosystem, we have opportunities to do that and then also pursuing partnerships with other ISVs. I think there's an opportunity there too.

話雖如此，我認為我們有很多機會可以改進我們做事的方式。我們也討論了一些我們希望改進的執行方面的事情。但我認為，讓 Segment 與資料生態系統中的其他人深入結合，我們有機會做到這一點，然後也尋求與其他 ISV 的合作關係。我認為那裡也有機會。

And so we're not taking anything off the table per se, but we do think that we have a really interesting asset. We'll have a lot more to share in March when we complete our operational review.

因此，我們本身並沒有放棄任何東西，但我們確實認為我們擁有非常有趣的資產。當我們三月完成營運審查時，我們將有更多資訊要分享。

Your next question comes from the line of Ryan Koontz with Needham & Company.

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

Appreciate how you unpack kind of the revenue guide down sequentially here with some compares. I wonder if you could do the same thing on the operating income guide, which seems even like a bigger move down percentage-wise. Is that mainly the new comp plan? Are there any other kind of impacts on the operating income line we should think about? And I have one follow-up.

了解您如何在此處按順序解壓縮收入指南並進行一些比較。我想知道你是否可以在營業收入指南上做同樣的事情，這看起來甚至是一個更大的百分比下降。這主要是新的補償計畫嗎？我們還應該考慮對營業收入線的任何其他影響嗎？我還有一個後續行動。

Sure. Yes, I'll start. So you're right, we're stepping down on profit, $173 million in Q4, Q1 guide of $120 million to $130 million. So there's really 3 things that come into play, Ryan. So first, level revenue. The step down is really primarily driven to -- by revenue seasonality in Q4, right? We talked about in our prepared remarks, we had a record volumes during Cyber Week. We had a very strong holiday season. We expect revenue to kind of step down quarter-over-quarter as a result of that. So that's a driver.

當然。是的，我要開始了。所以你是對的，我們第四季的利潤為 1.73 億美元，第一季的利潤指引為 1.2 億至 1.3 億美元。所以，確實有三件事在起作用，Ryan。首先，平衡收入。降價實際上主要是由第四季度的收入季節性推動的，對嗎？我們在準備好的演講中談到，我們在網路週期間的交易量創下了紀錄。我們度過了一個非常充實的假期。我們預計收入將因此而逐季下降。所以這是一個司機。

The other drivers are on the OpEx line. The first is, as you mentioned, the new bonus program, we'll begin accruing expenses in Q1 associated with that program. We noted in the prepared remarks that it's roughly $20 million in Q1 and $90 million for the full year of '24. Those are net new incremental expenses that will hit the non-GAAP line.

其他駕駛都在 OpEx 線路上。第一個是，正如您所提到的，新的獎金計劃，我們將在第一季開始提列與該計劃相關的費用。我們在準備好的評論中指出，第一季約為 2000 萬美元，2024 年全年約為 9,000 萬美元。這些是新的淨增量支出，將達到非公認會計準則線。

Importantly, this new cash bonus program will allow us to reduce our stock-based compensation expenses over time. So that's one item on the OpEx side.

重要的是，這項新的現金獎勵計劃將使我們能夠隨著時間的推移減少以股票為基礎的薪酬支出。這是營運支出方面的一項內容。

And then the second is actually related to payroll taxes that are just higher in Q1 than they are in Q4, really due to resetting of tax contribution. That's about a $10 million to $12 million headwind in Q1. So that starts to abate as you move throughout the year just based on how payroll taxes work.

第二個實際上與工資稅有關，第一季的工資稅略高於第四季度，這實際上是由於稅收繳款的重置所致。這相當於第一季 1000 萬至 1200 萬美元的逆風。因此，隨著您在一年中的變動，這種情況開始減弱，這取決於工資稅的運作方式。

That's great. Perfectly clear. And I wonder if you could also kind of unpack the 10DLC, kind of where we are in that cycle? I know it's -- I'm sure it's a complex issue, but maybe just the 30-second version of kind of where we are in this 10DLC registration fees and onboarding and churn you saw like, it's been a bit of a journey.

那太棒了。非常清楚。我想知道你是否也可以解開 10 個 DLC，看看我們在這個週期中的位置？我知道這是一個複雜的問題，但也許只是 30 秒的版本，就像我們在 10 個 DLC 的註冊費、入職和流失中所看到的那樣，這是一段漫長的旅程。

Yes. I mean we're effectively over is the short answer. The fees are abating and Aidan kind of alluded to that being one of the reasons for the margin step down Q3 to Q4, there were accelerated fees in Q3 as a result of an acceleration in the registrations to be able to meet the deadline. That deadline since past, I think we alluded to in prior remarks that 99%-plus of our customers were able to get through that process.

是的。我的意思是，我們實際上已經結束了，這是簡短的回答。費用正在減少，艾丹暗示這是第三季到第四季利潤率下降的原因之一，由於註冊速度加快，以便能夠在截止日期前完成，第三季的費用加快了。我想我們在之前的評論中提到過這個截止日期，我們 99% 以上的客戶都能夠完成這個過程。

And so the balance of those, we wouldn't anticipate ending up there for a variety reasons. And there is no -- there's actually nothing to talk about anymore about that. So that's kind of where we are, and it's behind us.

因此，出於各種原因，我們預計不會發生這種情況。事實上，沒有什麼好談論的了。這就是我們所處的位置，它就在我們後面。

And those fees were like expedite-type fees you're seeing?

這些費用就像您看到的加急費用一樣嗎？

No. They were onetime registration fees associated with that process. And so they were ephemeral in that regard.

不。它們是與該過程相關的一次性註冊費。因此，他們在這方面是短暫的。

Your next question comes from the line of Pat Walravens with Citizens JMP.

您的下一個問題來自 Pat Walravens 和 Citizens JMP 的線路。

Great. Thank you. And I'll just say, Khozema, congrats on getting a lot done so far. So I know there's still a lot to do. But so look, Twilio has over $4 billion in cash and less than $1 billion in debt. So I guess, 2 questions there. Why not increase the stock purchase? And what are the -- what are some of the possibilities in terms of what you could do with that cash?

偉大的。謝謝。我只想說，Khozema，恭喜你到目前為止已經完成了很多工作。所以我知道還有很多事情要做。但你看，Twilio 擁有超過 40 億美元的現金和不到 10 億美元的債務。所以我想，有兩個問題。為什麼不增加股票買量？就你可以用這些現金做的事情而言，有哪些可能性？

Yes. Thanks, Pat. I'll take the question, Khozema can chime in if he likes. Yes, we recognize we're sitting on a lot of cash. That was the combination of our emerging free cash flow profile kind of affords us a lot of flexibility. We're focused right now on executing against the existing authorization, of which we have about $270 million remaining. And I'd just say that any updates to our capital allocation strategy or our financial framework will come upon the completion of our Segment operational review in March.

是的。謝謝，帕特。我會回答這個問題，如果科澤馬願意的話，他可以插話。是的，我們認識到我們坐擁大量現金。我們新興的自由現金流狀況的結合為我們提供了很大的靈活性。我們現在的重點是根據現有授權執行任務，其中我們還剩下大約 2.7 億美元。我只想說，我們的資本配置策略或財務框架的任何更新都將在三月完成我們的部門營運審查後進行。

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

您的下一個問題來自瑞銀集團 (UBS) 的泰勒麥金尼斯 (Taylor McGinnis)。

Maybe just to touch on what you saw in 4Q, so it looks like the sequential growth in the Communications business was slightly softer than last year. And the upside to total revenue growth compared to the guide it was a bit softer as well. So can you just maybe talk about what drove that? Were there any areas that became more challenged in the quarter? And it's tough, I guess, to disaggregate what you're seeing with SMS and some of the core API businesses versus Flex and others, given the change. So maybe you can just talk about the difference between performance between those.

也許只是為了觸及您在第四季度看到的情況，所以看來通訊業務的環比成長比去年略顯疲軟。與指南相比，總收入成長的上行空間也有點疲軟。那麼您能談談是什麼推動了這一點嗎？本季是否有哪些領域面臨更大的挑戰？我想，考慮到這種變化，很難將您所看到的 SMS 和一些核心 API 業務與 Flex 和其他業務分開。所以也許你可以談談它們之間的性能差異。

Yes. I don't think they're -- I think the one thing I'd call out is we came in about, I don't know, 4% ahead of the midpoint of the guidance range that we provided for Q4. It was really just driven by record volumes during Cyber Week. We really saw elevated holiday traffic throughout the quarter.

是的。我不認為他們 - 我想我要指出的一件事是，我不知道，我們比我們為第四季度提供的指導範圍的中點高出了 4％。這實際上是由網絡週期間創紀錄的交易量所推動的。我們確實看到整個季度的假期流量增加。

Again, so I would say largely a seasonal lift relative to kind of the fee and kind of what drove that. Is that kind of your question? I just want to make sure I'm understanding what you're asking, Taylor.

再說一遍，我想說很大程度上是與費用和推動因素相關的季節性提升。這是你的問題嗎？我只是想確保我理解你的問題，泰勒。

Yes. Yes, that and just -- when you look at, I guess, sequential growth quarter-over-quarter in the Communications business, it looks like last year might have been a little bit stronger at the same time. So I'm just wondering if there was anything that may be deteriorated in the macro or anything that maybe came in a little bit softer just to be mindful of?

是的。是的，我想，當你觀察通訊業務的環比連續成長時，你會發現去年的情況可能會同時更加強勁。所以我只是想知道宏觀上是否有任何事情可能會惡化，或者是否有任何事情可能會變得更加溫和，只是需要注意？

Well, I mean, I think it was largely in line. Last year, we were up 4.5% in Q4 relative to Q3. And this year, we're up -- we're a little bit over 4%. So it's roughly similar to what we saw last year.

嗯，我的意思是，我認為這基本上是一致的。去年，我們第四季較第三季成長了 4.5%。今年，我們有所上升——略高於 4%。所以這與我們去年看到的情況大致相似。

Your next question comes from the line of William Power with Baird.

你的下一個問題來自威廉·鮑爾（William Power）和貝爾德（Baird）的對話。

Okay. Great. Maybe a first question or a primary question for Khozema. I know you're obviously already running the Communications business. But I guess now that you're wearing the CEO hat, so to speak, maybe you can just update us on how you're thinking about kind of key strategic priorities for the Communications business in '24 kind of across revenue margins, et cetera? And maybe just as kind of part of that, the Communications operating margin is now approaching 25%. Any color on how to think about levers you can maybe still pull there?

好的。偉大的。也許是科澤馬的第一個問題或主要問題。我知道您顯然已經在經營通訊業務了。但我想現在你已經戴上了首席執行官的帽子，可以這麼說，也許你可以向我們介紹一下你如何考慮 24 世紀通信業務的關鍵戰略優先事項，比如跨收入利潤率等等。 ？也許只是其中的一部分，通訊部門的營運利潤率目前已接近 25%。關於如何思考你仍然可以拉動的槓桿有什麼顏色嗎？

Yes. Both good questions. So I see just kind of -- just to maybe start with like sort of the strategy and vision level, like I wouldn't really anticipate a material diversion there. I think at the end of the day, we want to build out the world's leading customer engagement platform. And I think that we pointed out a few opportunities in which we can improve our execution. But I think you've already seen like really, really strong progress on the Communications side, and we certainly intend to continue that.

是的。兩個問題都很好。所以我認為，也許只是從戰略和願景層面開始，就像我不會真正預期那裡會發生實質轉移一樣。我認為最終，我們希望建立世界領先的客戶參與平台。我認為我們指出了一些可以提高執行力的機會。但我認為您已經看到了通訊方面非常非常強勁的進展，我們當然打算繼續下去。

I'd say, secondly, we're very focused on profitable growth. And as you said, I mean, we have made a lot of strides there. The margin rates have uplifted quite a lot. I think that we definitely do have an opportunity to improve our sales execution across the business and grow the company faster. And I think we can do it from a structurally more profitable position, I think we have an opportunity, for example, with ISV relationships, we have an opportunity to improve in self-serve, and we can continue to build off of some of our cross-sell opportunities as well in our product portfolio to deliver faster growth.

其次，我想說，我們非常關注獲利成長。正如你所說，我的意思是，我們在這方面取得了很大進展。保證金率已經提高了很多。我認為我們確實有機會提高整個業務的銷售執行力並更快地發展公司。我認為我們可以從結構上更有利可圖的角度來做到這一點，我認為我們有機會，例如，透過 ISV 關係，我們有機會改進自助服務，並且我們可以繼續建立我們的一些我們的產品組合中還有交叉銷售機會，以實現更快的成長。

As well, I mean I think innovation has always kind of been at the heart of what we've tried to do at Twilio. And I think sticking just to Communications, I think that we have a number of AI-related products that we've been able to put into our road map. Examples being Voice Intelligence, Fraud Guard, Flex. We've got a lot of other products and features still to come. I say there's a kind of close cousin to that, which is inside the company, there's a lot of automation of internal processes that I think are a big opportunity that will help us become more efficient, also allow us to serve our customers better. That could be in the back office that could be the resiliency of our platforms, could be increasing developer productivity, for example, with copilots and the like.

另外，我的意思是，我認為創新一直是我們在 Twilio 努力做的事情的核心。我認為，只要專注於通信，我認為我們有許多與人工智慧相關的產品，我們已經能夠將它們納入我們的路線圖。例如 Voice Intelligence、Fraud Guard、Flex。我們還有很多其他產品和功能尚未推出。我想說的是，在公司內部有一種類似的情況，內部流程有很多自動化，我認為這是一個很大的機會，可以幫助我們提高效率，也讓我們能夠更好地為客戶服務。這可能是在後台，這可能是我們平台的彈性，可能是提高開發人員的生產力，例如，與副駕駛等。

And so I do think that there's opportunity for additional volume leverage in that business. And it's really a combination of both focusing on increased profits while also delivering increased growth.

因此，我確實認為該業務有機會增加銷售槓桿。這其實是既注重增加利潤又實現成長的結合。

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

您的下一個問題來自巴克萊銀行的瑞安·麥克威廉斯 (Ryan MacWilliams)。

First one for me. Pleased to see the stabilization of the dollar-based net retention rate from both the Communication and the Segment pieces. Do you feel like you have a tough floor here from a net retention standpoint, assuming like stable macro and you have more visibility on both of those divisions?

對我來說第一個。很高興看到通訊和分部的以美元為基礎的淨保留率趨於穩定。從淨保留率的角度來看，你是否覺得你的底線很艱難，假設宏觀穩定，並且你對這兩個部門都有更多的知名度？

Yes. I think that's another way of asking for our revenue guide beyond the next quarter. So we were not going to provide an outlook to DBNE. What I would say is we guided to 5% to 6% on Q1 revenue. We are obviously working on a number of initiatives, as Khozema just mentioned, to release businesses faster. The dynamics that we saw in the quarter, we are happy to talk about those really on the Communications side.

是的。我認為這是索取下一季之後收入指南的另一種方式。因此，我們不會提供 DBNE 的前景。我想說的是，我們指導第一季營收成長 5% 到 6%。正如科澤馬剛才提到的，我們顯然正在採取一些舉措，以更快地釋放業務。我們在本季看到的動態，我們很高興談論通訊方面的動態。

With regards to DBNE, it has kind of leveled off, as you mentioned. We are seeing low churn in that business, but relative to historical levels kind of pre-2023, just higher contraction and more muted expansion. And then on the Segment side, again, has leveled off, was up 100 basis points versus last quarter. Still below 100%, and that's really just driven by the higher churn and contraction that we talked about in previous periods.

至於 DBNE，正如您所提到的，它已經趨於平穩。我們看到該業務的流失率較低，但相對於 2023 年之前的歷史水平，只是收縮幅度更大，擴張更溫和。然後在細分市場方面，再次趨於平穩，比上季成長了 100 個基點。仍低於 100%，這實際上只是由我們在前幾個時期討論過的更高的流失和收縮造成的。

And then for Khozema, I know RCS messaging for a long time has been something that could be a thing, but has never really showed up. But with RCS messaging coming through the iPhone in 2024. Do you think this could change things at all for the Communications business going forward or are customers have been asking about it? Or is it still kind of wait and see?

然後對於 Khozema，我知道 RCS 訊息傳遞很長一段時間以來一直是可能的事情，但從未真正出現過。但到 2024 年，RCS 訊息將透過 iPhone 實現。您認為這會徹底改變通訊業務的未來發展嗎？還是客戶一直在問這個問題？還是還在觀望？

Yes. Good question. I think it's an opportunity. I think in the short term, we don't really see a significant impact from the adoption of RCS on the business. I think we see peer-to-peer messaging as having the greatest impact in terms of improving the messaging experience between iOS and Android, probably less so in the near term on A2P. I think we do support RCS and A2P business messaging, and we do think it can ultimately help customers deliver richer, more engaging messages. I don't think it's necessarily a near-term dynamic, but I think over the medium to long term, it is an opportunity for the business.

是的。好問題。我認為這是一個機會。我認為在短期內，我們並沒有真正看到採用 RCS 對業務產生重大影響。我認為我們認為點對點訊息傳遞對於改善 iOS 和 Android 之間的訊息傳遞體驗影響最大，但短期內對 A2P 的影響可能較小。我認為我們確實支援 RCS 和 A2P 業務訊息傳遞，我們確實認為它最終可以幫助客戶傳遞更豐富、更具吸引力的訊息。我認為這不一定是短期動態，但我認為從中長期來看，這對企業來說是一個機會。

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。

This is Ethan Bruck on for Alex Zukin. Just -- as we think for '24, I just wondered if you could just decompose how we should think about what the main growth drivers are and kind of get back to that or you'll need to just kind of -- the year-over-year growth through the back half of the year or the remainder of the year after 1Q.

我是伊森布魯克 (Ethan Bruck) 替補亞歷克斯祖金 (Alex Zukin)。就像我們對 24 年的想法一樣，我只是想知道你是否可以分解我們應該如何思考主要成長動力是什麼，然後回到那個問題上，否則你需要——這一年——下半年或第一季度後剩餘時間的年成長。

And then also just kind of touching down on how we should think about the capital allocation strategy going forward? And just similar to the comment you made around the FY '24 operating margin, or the operating income to be better than '23, is it also (inaudible) thing that this should would apply to your free cash flow as well?

然後我們還該如何思考未來的資本配置策略？就像您對 24 財年營業利潤率或營業收入優於 23 財年所做的評論類似，這是否也（聽不清楚）適用於您的自由現金流？

Why don't I start on the last question and Khozema can talk about some of the growth drivers of the businesses. So I would say just generally on free cash flow, we would expect -- we're not going to provide like a specific guide on it. I will say there will be variability quarter-to-quarter. We're really pleased with the performance that we've delivered in 2023. And in general, I would expect as income becomes better, that free cash flow would follow.

我為什麼不從最後一個問題開始，科澤馬可以談談企業的一些成長動力。因此，我想說的是，我們預計，關於自由現金流，我們不會提供具體的指南。我想說每季都會有變化。我們對 2023 年的業績感到非常滿意。總的來說，我預計隨著收入的改善，自由現金流也會隨之增加。

Yes. And in terms of the growth drivers, let me just kind of split it between Communications and Segment. So in Communications, what we're really focused on is use case-based selling, streamlining our customer self-serve process and CustomerAI. And we're obviously not providing guidance for 2024, but we do have a number of initiatives across the business. And I think where we've really been focused is in partnering in those areas that I just alluded to a moment ago.

是的。就成長動力而言，讓我將其分為通訊和細分市場。因此，在通訊領域，我們真正關注的是基於用例的銷售，簡化我們的客戶自助服務流程和 CustomerAI。我們顯然不會提供 2024 年的指導，但我們確實在整個企業範圍內採取了許多措施。我認為我們真正關注的重點是在我剛才提到的那些領域進行合作。

I think AI, in particular, allows us an opportunity to deliver really innovative solutions. We're already starting to see that in Verify, for example, for omni-channel authentication. We see it in Unify for more personalized customer engagement on the front lines and then also Voice Intelligence for a richer, very actionable insights from customer conversations. And then as well, we're leaning into our ISV partnerships where we are seeing strong growth as we help them scale their businesses. And we think there's an opportunity to partner better there. And then finally, we're continuing to improve on our self-serve capacity, streamlining, onboarding, billing, compliance, stuff like that.

我認為人工智慧尤其讓我們有機會提供真正創新的解決方案。例如，我們已經開始在驗證中看到這一點，用於全通路身份驗證。我們在 Unify 中看到了它可以在前線實現更個人化的客戶參與，然後在語音智慧中看到它可以從客戶對話中獲得更豐富、非常可行的見解。然後，我們也傾向於與 ISV 合作夥伴合作，隨著我們幫助他們擴展業務，我們看到了強勁的成長。我們認為那裡有機會更好地合作。最後，我們將持續改善我們的自助服務能力、簡化流程、入職、計費、合規性等。

In terms of Segment, our first priority is really just in mitigating churn and contraction. In customer conversations, what we're leading with is core use cases around personalization, ad spend optimization and driving cross-sell and we do think we have an opportunity to help our customers kind of streamline their implementations and enable faster time to value.

就細分市場而言，我們的首要任務實際上只是減輕客戶流失和收縮。在客戶對話中，我們引導的是圍繞個人化、廣告支出優化和推動交叉銷售的核心用例，我們確實認為我們有機會幫助我們的客戶簡化其實施並加快實現價值的速度。

And then just maybe [broadly] touching in on like how should we think about just capital allocation broadly going forward?

然後也許[廣泛地]涉及到我們應該如何廣泛地思考未來的資本配置？

Yes, I can maybe just follow up again. I think Aidan alluded to it earlier that we certainly do have some optionality given our balance sheet as well as the cash flow characteristics of the company. We're not providing any guidance as it relates to capital allocation. We're going to do some work as a part of our kind of ongoing operational review. And in March, we'll provide any updates around capital allocation as well as the other elements of our financial framework.

是的，我也許可以再跟進。我認為艾丹早些時候提到過，考慮到我們的資產負債表以及公司的現金流特徵，我們確實有一些選擇權。我們不提供任何與資本配置相關的指導。我們將做一些工作，作為我們正在進行的營運審查的一部分。三月份，我們將提供有關資本配置以及財務框架其他要素的任何更新。

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

您的下一個問題來自美國銀行的 Michael Funk。

Yes. So the first one for the comms business. Aside from creating the best possible product there, what should we expect or what do you expect to drive better revenue growth? Is it the Olympics later in the year, the election? Is it macro? What are your expectations for revenue growth drivers?

是的。這是通訊業務的第一個。除了在那裡創造最好的產品之外，我們應該期待什麼，或者您期望什麼來推動更好的收入成長？是今年稍後的奧運、選舉嗎？是宏嗎？您對收入成長動力的期望是什麼？

Yes. I wouldn't point to any one of those events as being items that we're looking at to provide a driver of growth. I also wouldn't point to kind of macro dynamics. I would say we're really in a position in which we want to be able to produce our own kind of durable growth.

是的。我不會指出這些事件中的任何一個是我們正在尋求提供成長動力的項目。我也不會指出某種宏觀動態。我想說，我們確實希望能夠實現我們自己的持久成長。

As I mentioned earlier, like some of the areas that we're really focused on is use case-based selling, self-serve and CustomerAI. I think one of the ways in which we've really tried to approach our customers is through the lens of the problems that they're trying to solve versus just necessarily the products that we have in our bag.

正如我之前提到的，我們真正關注的一些領域是基於用例的銷售、自助服務和 CustomerAI。我認為我們真正嘗試接觸客戶的方式之一是透過他們試圖解決的問題的視角，而不是我們包包裡的產品。

I mentioned a few examples of that a moment ago in terms of Verify as it relates to omnichannel, authentication, Unify for personalized customer engagement and then Voice Intelligence for richer customer conversations.

我剛才在驗證方面提到了幾個例子，因為它涉及全通路、身份驗證、用於個人化客戶參與的統一，以及用於更豐富的客戶對話的語音智慧。

And so those are all areas where we do anticipate that we'll be able to lift growth. I think AI, in particular, is a really exciting opportunity in which we have an opportunity to enrich Communications, also combined data, our data capabilities with Communications.

因此，這些都是我們預計能夠促進成長的領域。我認為人工智慧尤其是一個非常令人興奮的機會，我們有機會豐富通信，也將數據、我們的數據能力與通信結合。

And then finally, as it relates to Segment, is again, as I mentioned a moment ago, I think it's really -- the priority is to mitigate churn and contraction. And I think if we can do all those things, then it's really much more around our control and doesn't actually have much to do with the election or for the Olympics.

最後，正如我剛才提到的，與細分市場相關時，我認為首要任務是減輕客戶流失和收縮。我認為，如果我們能做所有這些事情，那麼這實際上更多地取決於我們的控制，並且實際上與選舉或奧運會沒有太大關係。

And then one more, if I could, Khozema, you said that nothing is off the table for the strategic review of Segment. Does that include a sale? And then you mentioned change in financial framework, I apologize, not exactly sure what that means. Does that potentially mean mothballing that business until the market comes to you with demand for CDP? Maybe some more clarity would be helpful.

然後，如果可以的話，Khozema，您說過，對於該部門的策略審查，沒有什麼是不可能的。這包括銷售嗎？然後你提到了財務框架的變化，我很抱歉，不太清楚這代表什麼。這是否可能意味著要封存該業務，直到市場出現對 CDP 的需求為止？也許更清晰一些會有所幫助。

Yes, I wouldn't necessarily read any of those things into it. However, what I will say is that on the one hand, Segment is strategically important to the company. But on the other hand, we are approaching the review that we talked about with an open mind. We know the business is underperforming. We definitely do believe that we can execute better, and we're just approaching the operational review with an open mind so that we can determine the best path forward.

是的，我不一定會把這些內容讀進去。然而，我要說的是，一方面，Segment對公司來說具有策略重要性。但另一方面，我們正在以開放的態度進行我們所討論的審查。我們知道該業務表現不佳。我們確實相信我們可以更好地執行，我們只是以開放的態度進行營運審查，以便我們能夠確定最佳的前進道路。

Our overall priority as a company, whether it's comms or Segment is durable profitable growth. And as it relates to the March framework, what we said is that beyond the guidance that we obviously provided today, any other elements of our financials, whether it be capital allocation or kind of medium-term targets, et cetera, we would provide in March in addition to any operational changes that we would make with respect to Segment.

作為一家公司，無論是通訊領域還是細分領域，我們的整體首要任務都是持久的獲利成長。由於它涉及三月份的框架，我們所說的是，除了我們今天顯然提供的指導之外，我們財務的任何其他要素，無論是資本配置還是中期目標等等，我們都將提供除了我們將針對該部門做出的任何營運變更外，三月還進行了其他調整。

Great. And March means at earnings? Or would that come out prior to earnings?

偉大的。三月意味著獲利？還是會在獲利前公佈？

We're kind of targeting early March. Earnings would be much later in April.

我們的目標是三月初。收益將在四月晚些時候公佈。

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

你的下一個問題來自 Derrick Wood 和 TD Cowen 的對話。

Khozema, I just wanted to touch on the Flex side of the business. You guys made some cuts in Q4, you shifted that go-to-market to the Communications side. Just kind of curious how you're feeling about the level of growth capacity in Flex and if there's potentially some disruption in the first half because of the changes? And then just kind of what levers you're looking to lean into to drive more cross-selling with the new go-to-market structure?

Khozema，我只是想談談 Flex 方面的業務。你們在第四季進行了一些削減，將市場投放轉移到了通訊方面。只是有點好奇您對 Flex 的成長能力水準有何看法，以及上半年是否會因為這些變化而出現一些潛在的干擾？那麼，您希望利用哪些槓桿來透過新的上市結構推動更多交叉銷售？

Yes. I mean, I think more broadly speaking, I'll take the second question perhaps first. I think that there is an opportunity to do more cross-selling across the company. We've talked about the opportunity, for example, in the way that we can do a Communications deal and transform that, for example, into a Verify deal where we can do omni-channel authentication.

是的。我的意思是，我認為更廣泛地說，我可能會先回答第二個問題。我認為有機會在整個公司進行更多的交叉銷售。例如，我們已經討論了機會，例如我們可以進行通訊交易並將其轉換為驗證交易，我們可以在其中進行全通路身份驗證。

We talked a little bit about Unify, for example, which allows for personalized customer engagement on the front lines, that combines the best of Flex with sort of the best of Segment. And then Voice Intelligence is sort of another area where we've got a lot of existing voice customers. We have an opportunity to use AI as a means to add to their existing capabilities, richer, much more actionable insights. And so we think those are all like really interesting ways in which sort of writ large, we can add a lot of value in terms of the way that we cross-sell into our existing business.

例如，我們討論了一些 Unify，它允許在前線進行個人化的客戶參與，將 Flex 的優點與 Segment 的優點結合起來。語音智能是我們擁有大量現有語音客戶的另一個領域。我們有機會使用人工智慧作為一種手段來增加他們現有的能力，提供更豐富、更可行的見解。因此，我們認為這些都是非常有趣的方式，從某種意義上講，我們可以透過交叉銷售到現有業務的方式增加很多價值。

As it relates to Flex, I would say, I mean, not a lot of changes, honestly, in the first half or even the balance of the year. I don't think we've really seen much change. I think when we made some of the actions in December, what was clear to us was that the buying personas for Voice, IVR and Flex were pretty similar. We wanted to make sure that we were simplifying the experience for our customers while also being able to extract some efficiencies in the business.

老實說，就 Flex 而言，我想說，我的意思是，上半年甚至今年餘下的時間都沒有太多變化。我認為我們並沒有真正看到太大的變化。我認為，當我們在 12 月採取一些行動時，我們清楚的是，Voice、IVR 和 Flex 的購買角色非常相似。我們希望確保在簡化客戶體驗的同時也能提高業務效率。

So we consolidated some of those capabilities. And now our account executives in Communications can sell Flex and/or kind of the composable offerings of contact center capabilities to every one of our customers, aligned in a way in which our customers actually want to buy. And so no real negative impact as a result. I think that we see possibilities and opportunities in the future based upon that realignment.

因此我們整合了其中一些功能。現在，我們的通訊客戶經理可以向我們的每位客戶銷售 Flex 和/或某種可組合的聯絡中心功能產品，並以我們的客戶實際想要購買的方式進行調整。因此並沒有產生真正的負面影響。我認為，基於這種調整，我們看到了未來的可能性和機會。

Your final question will come from the line of Matt VanVliet of BTIG.

您的最後一個問題將來自 BTIG 的 Matt VanVliet。

Maybe just following up on not only the Flex opportunity, but across Communications, I mean, how are you thinking about partner engagement and sort of reengaging with the channel, building that team back out and using that as a leverage point and an additional distribution into larger enterprises?

也許不僅是在跟進 Flex 機會，而且在整個通信領域，我的意思是，您如何考慮合作夥伴參與以及與渠道的重新互動、重建該團隊並將其用作槓桿點和額外的分配較大的企業？

Yes. So I think there's a few opportunities there, and I wouldn't actually just limit it to Flex necessarily. I think that what we see sort of more broadly is, is that in Flex -- maybe I'll start there. With Flex itself, we do have a partner ecosystem, they've been building alongside us. They've developed a number of innovative capabilities that sort of augment what we do inside of Flex and provide the overall kind of enhanced experience to a customer. And we're very excited about continuing the progress there.

是的。所以我認為那裡有一些機會，而且我實際上不一定會將其限制在 Flex 上。我認為我們更廣泛地看到的是 Flex 中的內容——也許我會從那裡開始。就 Flex 本身而言，我們確實擁有一個合作夥伴生態系統，他們一直在與我們一起建立。他們開發了許多創新功能，這些功能在某種程度上增強了我們在 Flex 內部所做的工作，並為客戶提供了全面的增強體驗。我們對繼續取得進展感到非常興奮。

I think based on some of the changes that we've made inside the business and sort of to echo the answer to the prior question as well, we do have an opportunity to both decompose or make composable the aspects of Flex to be able to suit whatever the customer buying need is, in a way that I think is a little bit different than just selling kind of a fully-instantiated contact center solution.

我認為，基於我們在業務內部所做的一些改變，以及某種程度上回應先前問題的答案，我們確實有機會分解或組合 Flex 的各個方面，以便能夠適應無論客戶的購買需求是什麼，我認為這與僅僅銷售完全實例化的聯絡中心解決方案有點不同。

I think the other part of it is, for the overall business, we do see a really significant opportunity with our ISVs. We alluded to a large deal, for example, that we signed with a partner, we do see partners becoming an increasingly more important part of the business and our ability to both help them grow with their own customers, as well as partner with them to be able to bring solutions to market, I do think presents a really interesting opportunity for the business and will certainly be an area of focus for us.

我認為另一部分是，對於整體業務而言，我們確實看到了 ISV 的巨大機會。例如，我們提到了與合作夥伴簽署的一項大交易，我們確實看到合作夥伴正在成為業務中越來越重要的一部分，我們有能力幫助他們與自己的客戶一起成長，並與他們合作將解決方案推向市場，我確實認為這為企業提供了一個非常有趣的機會，並且肯定會成為我們關注的一個領域。

Thank you. That will conclude today's conference call. We thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。我們感謝您的加入。現在您可以斷開線路。