Twilio Inc (TWLO) 2024 Q1 法說會逐字稿

Hello, and welcome to the Twilio Inc. First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. It is now my pleasure to introduce Senior Vice President of Investor Relations and Corporate Development, Bryan Vaniman.

您好，歡迎參加 Twilio Inc. 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我很高興向大家介紹投資者關係和企業發展高級副總裁布萊恩·瓦尼曼 (Bryan Vaniman)。

Good afternoon, everyone, and thank you for joining us for Twilio's First Quarter 2024 Earnings Conference Call. Joining me today are Khozema Shipchandler, Chief Executive Officer; and Aidan Viggiano, Chief Financial Officer. 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 earnings presentation posted on our IR website at investors.twilio.com.

大家下午好，感謝您參加 Twilio 2024 年第一季財報電話會議。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)。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 業績之間的定義和調節可以在我們的收益報告和我們的投資者關係網站 Investors.twilio.com 上發布的收益演示中找到。

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-K and our forthcoming Form 10-Q. 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.

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 提交的文件中描述了許多風險和不確定性，包括我們最新的 10-K 表格和即將發布的 10-Q 表格。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 Q1 results, and then we'll open the call for Q&A.

接下來，我會將其交給 Khozema 和 Aidan，他們將討論我們的第一季結果，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 solid start to the year, exceeding our Q1 guidance, delivering $1.047 billion in revenue and $160 million in non-GAAP income from operations. Our teams executed well across the board in Q1 as evidenced by a record quarter of non-GAAP gross profit of $566 million, a 54% year-over-year increase in our non-GAAP income from operations, and another strong quarter of free cash flow of $177 million.

謝謝你，布萊恩。大家下午好，感謝您今天加入我們。 Twilio 今年開局良好，超出了我們第一季的預期，實現了 10.47 億美元的收入和 1.6 億美元的非 GAAP 營運收入。我們的團隊在第一季全面執行良好，這一季度的非 GAAP 毛利達到創紀錄的 5.66 億美元，我們的非 GAAP 營運收入年增 54%，以及另一個強勁的季度自由現金流量1.77億美元。

We are in the early stages of reinvigorating the business and are optimistic about our progress thus far. In fact, we're executing with greater discipline, rigor and focus on innovation than ever before. In the last 5 quarters, we've begun delivering significant non-GAAP operating profitability. In the last 4 quarters, that's been paired with significant free cash flow, and we are committed to additional operating leverage and accompanying free cash flow.

我們正處於重振業務的早期階段，並對迄今為止的進展感到樂觀。事實上，我們比以往任何時候都更加自律、嚴謹並專注於創新。在過去 5 個季度中，我們已經開始實現顯著的非公認會計準則營運獲利能力。在過去的四個季度中，這與大量的自由現金流相結合，我們致力於增加營運槓桿和隨之而來的自由現金流。

In the meantime, we are also making new targeted R&D investments that we expect to reaccelerate growth over time. In March, we announced an accelerated target for GAAP operating profitability to Q4 2025, and we also announced that the Board authorized an additional $2 billion of share repurchases, bringing our total share repurchase authorization to $3 billion. This is a reflection of the board's confidence in our strategy and the opportunity ahead. As of today, we've repurchased approximately $1.5 billion of shares, and we're targeting to complete the remaining $1.5 billion of repurchases by the end of this year.

同時，我們也正在進行新的有針對性的研發投資，預計隨著時間的推移，這些投資將重新加速成長。今年 3 月，我們宣布加速實現 GAAP 營運獲利目標至 2025 年第四季度，我們也宣布董事會額外授權 20 億美元的股票回購，使我們的股票回購授權總額達到 30 億美元。這反映了董事會對我們的策略和未來機會的信心。截至今天，我們已經回購了約 15 億美元的股票，我們的目標是在今年年底前完成剩餘的 15 億美元的回購。

At that same time, we also completed our operational review of Segment, and the team is focused on executing the plans we outlined, including more focused product innovation, embedding Segment's capabilities into Communications products, and the commitment to getting Twilio Segment to breakeven on a non-GAAP operating income basis by Q2 2025. We are making progress in each area.

同時，我們也完成了對 Segment 的營運審查，團隊專注於執行我們概述的計劃，包括更有針對性的產品創新、將 Segment 的功能嵌入到通訊產品中，以及致力於讓 Twilio Segment 在到2025 年第二季度，我們將按照非GAAP 營業收入為基礎。

Across the board, we're innovating and releasing new products, many of which are underpinned by CustomerAI, our predictive and generative AI layer. Finally, we welcomed a new bench of leaders to Twilio, who will play an important role in shaping the next chapter of our company as we operate with greater financial discipline, operational rigor and focus on innovation.

總體而言，我們正在創新並發布新產品，其中許多產品都以我們的預測和生成人工智慧層 CustomerAI 為基礎。最後，我們歡迎Twilio 迎來了一批新的領導者，他們將在我們公司以更嚴格的財務紀律、嚴格的運營和專注於創新的方式運營的過程中，在塑造我們公司的下一個篇章方面發揮重要作用。

And now let's turn to our business highlights. Our Twilio Communications business had a strong first quarter with revenue of $972 million, up 7% on an organic basis year-over-year and representing 93% of our overall revenue. During the quarter, Communications landed meaningful customer wins, released new products and deepened our relationships with ISVs, partners and resellers. With this disciplined approach, we're focused on growth levers that we believe will drive reacceleration in both the short and long term.

現在讓我們來看看我們的業務亮點。我們的 Twilio Communications 業務第一季表現強勁，營收達 9.72 億美元，年比有機成長 7%，占我們總營收的 93%。本季度，Communications 贏得了有意義的客戶，發布了新產品，並加深了我們與 ISV、合作夥伴和經銷商的關係。透過這種嚴格的方法，我們將重點放在成長槓桿上，我們相信這些槓桿將在短期和長期內推動經濟重新加速。

In the short term, our growth will be fueled by expanding our network of ISVs and global partners, driving more self-service and cross-sell momentum and extending the value that we're delivering to customers. In Q1, we signed a 7-figure partner agreement with China Unicom, one of China's wireless carriers, who will resell a majority of our Communications products for its enterprise customers across Singapore and Hong Kong. We also signed a partnership with Bloomreach, a leader in the marketing automation space and will be working with them to co-sell Twilio products.

短期內，我們的成長將透過擴大 ISV 和全球合作夥伴網絡、推動更多自助服務和交叉銷售勢頭以及擴大我們為客戶提供的價值來推動。第一季度，我們與中國聯通（中國無線營運商之一）簽署了一份價值 7 位數的合作夥伴協議，中國聯通將為新加坡和香港的企業客戶轉售我們的大部分通訊產品。我們也與行銷自動化領域的領導者 Bloomreach 簽署了合作夥伴關係，並將與他們合作共同銷售 Twilio 產品。

Over the long term, our focus on innovation will unlock more value for customers, creating stickier relationships and ultimately expand Twilio into new markets and larger deal sizes. We made progress on a number of our AI products and are driving better synergies with our Communications and Segment products. In Q1, we announced Agent Copilot, our first of 3 launches in 2024, where Twilio will natively embed Segment into Twilio's Communications products.

從長遠來看，我們對創新的關注將為客戶釋放更多價值，建立更牢固的關係，並最終將 Twilio 擴展到新市場和更大的交易規模。我們在多項人工智慧產品上取得了進展，並正在推動與通訊和細分市場產品更好的協同效應。在第一季度，我們宣布推出 Agent Copilot，這是我們在 2024 年推出的 3 項產品中的第一個，其中 Twilio 將把 Segment 原生嵌入到 Twilio 的通訊產品中。

With Agent Copilot, we've embedded Unified Profiles powered by Segment within Flex, giving agents deeper insights into their customers' behaviors and preferences. By accessing the real-time data from Unified Profiles, Agent Copilot assists in intelligent routing to agents and provides them with actionable insights for each customer interaction, automating and enhancing agent productivity while reducing resolution times.

借助 Agent Copilot，我們在 Flex 中嵌入了由 Segment 提供支援的統一配置文件，使代理商能夠更深入地了解客戶的行為和偏好。透過存取統一設定檔中的即時數據，Agent Copilot 可協助智慧路由至座席，並為他們提供每次客戶互動的可操作見解，實現自動化並提高座席工作效率，同時減少解決時間。

Agent Copilot and Unified Profiles are currently in public beta, and customers like Universidad Uk are already leveraging these capabilities within their contact centers. As a result, they've driven a reduction in handle time by 30%. And by using our embedded AI automation tools, they've been able to deflect 70% of support cases in just 2 months.

Agent Copilot 和 Unified Profiles 目前處於公開測試階段，英國大學等客戶已經在其聯絡中心利用這些功能。結果，他們將處理時間縮短了 30%。透過使用我們的嵌入式 AI 自動化工具，他們在短短 2 個月內就解決了 70% 的支援案例。

While it's still early, these results are impressive as it illustrates how our customers are able to quickly realize tremendous business value at scale when combining Segment within our Communications capabilities. Our customers also continue to realize tangible benefits when using our other customer AI innovations, including Voice Intelligence, which has gotten a great response from our initial public beta customers. With Voice Intelligence, brands like PGA of America are leveraging transcriptions for their customer support interactions within their Flex instance, getting valuable data insights from call recordings.

儘管現在還為時過早，但這些結果令人印象深刻，因為它說明了我們的客戶在將細分市場與我們的溝通能力相結合時如何能夠快速大規模地實現巨大的業務價值。我們的客戶在使用我們的其他客戶人工智慧創新（包括語音智慧）時也繼續實現切實的好處，該創新已經得到了我們最初的公開測試版客戶的熱烈響應。借助 Voice Intelligence，PGA of America 等品牌正在其 Flex 實例中利用轉錄進行客戶支援交互，從通話錄音中獲取有價值的數據見解。

Of the hundreds of customers that have deployed Voice Intelligence, over half are using language operators, which allows brands to trigger an action based on any keyword, allowing for better personalized communications. We also recently introduced language operators that uses generative AI and large language models to determine the best sentiment for the overall conversation so brands can get a better sense of where escalations or customer churn may take place.

在部署語音智慧的數百名客戶中，超過一半正在使用語言運算符，這使得品牌可以根據任何關鍵字觸發操作，從而實現更好的個人化通訊。我們最近還引入了語言運算符，它使用生成式人工智慧和大型語言模型來確定整個對話的最佳情緒，以便品牌可以更好地了解可能發生升級或客戶流失的情況。

And we're continuing to embed AI capabilities into our verification products. We currently have over 11,000 customers leveraging Verify Fraud Guard. And in Q1 alone, Fraud Guard blocked more than 62 million fraudulent messages. We are not only saving our customers money, but we're also ensuring our customers and users have a seamless experience.

我們正在繼續將人工智慧功能嵌入到我們的驗證產品中。目前，我們有超過 11,000 名客戶在使用 verify Fraud Guard。光是第一季度，Fraud Guard 就攔截了超過 6,200 萬則詐欺訊息。我們不僅為客戶省錢，而且還確保我們的客戶和用戶擁有無縫的體驗。

During the quarter, we signed a competitive deal with Bluesky, a social media app, which recently launched its app to the public. They chose Twilio's Verify API to ensure a seamless and secure sign-up process for new users. At launch, the company saw an impressive amount of sign-ups, gaining almost 800,000 new users in one day. And Fraud Guard not only helped save the company hundreds of thousands of dollars, but it ensured new users received secure authentication.

在本季度，我們與社交媒體應用程式 Bluesky 簽署了一項競爭性協議，該應用程式最近向公眾推出了其應用程式。他們選擇 Twilio 的驗證 API 來確保新用戶無縫且安全的註冊流程。剛推出時，該公司的註冊量令人印象深刻，一天之內就獲得了近 80 萬新用戶。 Fraud Guard 不僅幫助公司節省了數十萬美元，而且還確保新用戶獲得安全身份驗證。

Now turning to our Twilio Segment business. For Q1, Segment revenue was $75 million, up 2% year-over-year. It was a challenging quarter, but we came out of our segment operational review in March with greater clarity around a short list of priorities that we believe will address the underperformance of Segment.

現在轉向我們的 Twilio 細分業務。第一季度，該部門營收為 7,500 萬美元，年增 2%。這是一個充滿挑戰的季度，但我們在 3 月完成了部門營運審查後，更加明確了一系列優先事項，我們相信這些優先事項將解決部門表現不佳的問題。

We will continue to focus on rationalizing our investments to rightsize Segment's cost base, accelerating time to value for customers by using AI to automate onboarding and enhancing data warehouse interoperability, delivering 3 products in 2024 that natively embed Segment into Communications and capitalizing on CustomerAI momentum.

我們將繼續專注於合理化我們的投資，以調整Segment 的成本基礎，透過使用AI 實現入職自動化和增強資料倉儲互通性來加快為客戶實現價值的時間，在2024 年交付3 個將Segment 原生嵌入到通訊中的產品，並利用CustomerAI 的勢頭。

In the month following the review, we've already made meaningful progress against all of these areas, and we believe that we have the right set of plans in place to turn this business around, address churn and contraction and improve its financial performance. We are also committed to getting Segment to breakeven on a non-GAAP operating income basis by Q2 2025. During the quarter, we deepened our partnerships with Databricks and Snowflake.

在審查後的一個月裡，我們已經在所有這些領域取得了有意義的進展，我們相信我們已經制定了一套正確的計劃來扭轉該業務，解決客戶流失和收縮問題並改善其財務表現。我們也致力於在 2025 年第二季度之前使該部門在非 GAAP 營業收入基礎上實現盈虧平衡。

With Databricks, we launched a new bidirectional integration that allows customers to seamlessly ingest and activate data. We are on track to deliver further enhancements to our data warehouse interoperability offerings across partners in Q2, and as mentioned earlier, we delivered focused product innovation like Agent Copilot that demonstrates Segment's value when it's natively embedded into Communications.

透過 Databricks，我們推出了新的雙向集成，使客戶能夠無縫攝取和啟動資料。我們預計在第二季度進一步增強跨合作夥伴的資料倉儲互通性產品，正如前面提到的，我們提供了像Agent Copilot 這樣的重點產品創新，它展示了Segment 在本地嵌入到通訊中時的價值。

CustomerAI Predictions is continuing to get adopted by new customers, and since its GA in Q3 2023, more customers are realizing the benefits and positive material impact to their businesses. For instance, XP Inc., a Brazilian investment management company, said that since implementing CustomerAI Predictions and by using our out-of-the-box tools, they've been able to save their team 4 weeks of data science work and improved audience engagement and conversion rates.

CustomerAI Predictions 繼續被新客戶採用，自 2023 年第三季正式發布以來，越來越多的客戶意識到其帶來的好處以及對其業務產生的積極實質影響。例如，巴西投資管理公司 XP Inc. 表示，自從實施 CustomerAI Predictions 並使用我們的開箱即用工具後，他們已經為團隊節省了 4 週的數據科學工作時間，並提高了受眾群體參與度和轉換率。

Looking ahead to Q2, we'll bring our second product that natively embeds Segment into Communications into beta, which further demonstrates the value we can deliver to our customers by combining Segment data with our Communications products.

展望第二季度，我們將把第二個將 Segment 原生嵌入通訊的產品引入測試版，這進一步證明了我們可以透過將 Segment 資料與我們的通訊產品結合來為客戶提供的價值。

Before turning things over to Aidan, I want to take a moment to welcome the new leaders that have joined my management team. During the quarter, we welcomed Inbal Shani as our Chief Product Officer for Twilio Communications; and Thomas Wyatt as our President of Segment. And yesterday, Chris Koehler joined as our Chief Marketing Officer.

在將事情交給艾丹之前，我想花一點時間歡迎加入我的管理團隊的新領導者。本季度，我們歡迎 Inbal Shani 擔任 Twilio Communications 的首席產品長；托馬斯·懷亞特 (Thomas Wyatt) 擔任我們的部門總裁。昨天，克里斯·科勒 (Chris Koehler) 加入我們，擔任我們的首席行銷長。

We've also taken a thoughtful approach to evolving our governance practices. First, we welcomed Andy Stafman, a partner at Sachem Head Capital Management, to Twilio's Board of Directors. And second, we announced in early April that we plan to hold an Investor Day within the next 12 months, at which time we'll share an updated medium-term financial framework and set of targets. And finally, we recently submitted a proposal for the declassification of our Board, which will be voted upon at our Annual Shareholder Meeting in June.

我們也採取了深思熟慮的方法來發展我們的治理實踐。首先，我們歡迎 Sachem Head Capital Management 合夥人 Andy Stafman 加入 Twilio 董事會。其次，我們在 4 月初宣布，計劃在未來 12 個月內舉辦投資者日，屆時我們將分享更新的中期財務框架和一系列目標。最後，我們最近提交了一份關於董事會解密的提案，該提案將在六月的年度股東大會上進行投票。

In summary, we're making a lot of progress in a very short period of time, and we're continuing to drive significant change. We're maturing as a company and as a team, we're making deliberate decisions with discipline, rigor and focus to deliver attractive levels of growth and profitability over the medium term.

總之，我們在很短的時間內取得了很大進展，並且我們正在繼續推動重大變革。作為一家公司和一個團隊，我們正在成熟，我們正在以紀律、嚴謹和專注的方式做出深思熟慮的決策，以在中期實現有吸引力的成長和盈利水平。

While we've started to see positive impacts from some of these changes in our recent financial results, others will take longer to bear fruit, but we are confident that the opportunities we pursue will create meaningful value for all of our stakeholders and allow us to deliver on our commitment to drive durable, profitable growth over the long term. And with that, I'll turn it over to Aidan.

雖然我們已經開始在最近的財務表現中看到其中一些變化的積極影響，但其他變化將需要更長的時間才能取得成果，但我們相信，我們追求的機會將為所有利益相關者創造有意義的價值，並使我們能夠兌現我們的承諾，推動長期持久、盈利的成長。有了這個，我會把它交給艾丹。

Thank you, Khozema. In Q1, we exceeded our guidance on both revenue and non-GAAP income from operations and delivered our fourth consecutive quarter of solid free cash flow generation. Q1 revenue was $1.047 billion, up 4% reported and 7% organically year-over-year; Communications revenue was $972 million, up 4% reported and 7% organically year-over-year; and Segment revenue was $75 million, up 2% year-over-year.

謝謝你，科澤馬。第一季度，我們的收入和非公認會計原則營運收入均超過了預期，並連續第四個季度實現了穩定的自由現金流產生。第一季營收為 10.47 億美元，報告成長 4%，有機年增 7%；通訊收入為 9.72 億美元，報告成長 4%，有機成長 7%；部門收入為 7500 萬美元，年增 2%。

Our Q1 revenue growth was impacted by the crypto headwinds that we've referenced in the past several quarters as well as the sunsetting of the software component of our Zipwhip business that we discussed during our Q4 2023 earnings call. These represented a combined 210 basis point headwind to our organic revenue growth in Q1. Excluding these items, consolidated Q1 organic revenue growth was 9% and Communications organic revenue growth was 10% year-over-year.

我們第一季的營收成長受到了過去幾季提到的加密貨幣逆風以及我們在 2023 年第四季財報電話會議中討論的 Zipwhip 業務軟體元件的退出的影響。這些對我們第一季的有機收入成長構成了總計 210 個基點的阻力。排除這些項目，第一季綜合有機收入年增 9%，通訊有機收入年增 10%。

We have now lapped the crypto headwinds and do not expect a material negative impact to revenue growth from these customers moving forward. We continue to expect modest headwinds throughout 2024 from sunsetting the software component of our Zipwhip business, which we estimate to be roughly 100 basis points in Q2 and 80 basis points for the full year. We also previously announced the sunsetting of our video product. However, based on customer feedback, we've extended the transition support time line through 2026. As a result, we no longer expect notable headwinds from video in 2024.

我們現在已經克服了加密貨幣的逆風，預計這些客戶未來的收入成長不會產生重大負面影響。我們仍然預計 Zipwhip 業務的軟體組件的退出將在 2024 年全年帶來適度的阻力，我們估計第二季度約為 100 個基點，全年約為 80 個基點。我們之前也宣布停止我們的視訊產品。不過，根據客戶回饋，我們已將過渡支援時間軸延長至 2026 年。

Our Q1 dollar-based net expansion rate was 102%. Our dollar-based net expansion rate for Communications was 103%, a modest improvement quarter-over-quarter. Our dollar-based net expansion for Communications was 105% excluding crypto and Zipwhip software customers. Our dollar-based net expansion rate for Segment was 92%, driven primarily by elevated churn and contraction. As discussed during our operational review in early March, we are focused on improving customer time to value, and we're also investing in data warehouse interoperability, both of which we believe will improve Segment's trending contraction over time.

我們第一季以美元計算的淨擴張率為 102%。我們的通訊業務以美元計算的淨擴張率為 103%，比上一季略有改善。不包括加密貨幣和 Zipwhip 軟體客戶，我們的通訊業務以美元為基礎的淨擴張率為 105%。我們該部門以美元計算的淨擴張率為 92%，這主要是由於客戶流失率上升和收縮所致。正如我們在3 月初的營運審查中所討論的，我們的重點是縮短客戶實現價值的時間，並且我們還在資料倉儲互通性方面進行投資，我們相信這兩者都將隨著時間的推移而改善細分市場的趨勢收縮。

We delivered record non-GAAP gross profit of $566 million, up 8% year-over-year. This represented a non-GAAP gross margin of 54.1%. This was up 180 basis points year-over-year and 170 basis points quarter-over-quarter. The margin improvement quarter-over-quarter was primarily driven by lower international messaging mix and lower hosting fees as a result of larger credits on our cloud spend, which benefited both Communications and Segment gross margins. As a reminder, we continue to manage the business towards gross profit dollar growth.

我們實現了創紀錄的非 GAAP 毛利 5.66 億美元，年增 8%。這意味著非 GAAP 毛利率為 54.1%。較去年同期成長 180 個基點，較上季成長 170 個基點。利潤率環比改善主要是由於國際消息組合減少以及雲端支出信用額度增加導致託管費用降低，這有利於通訊和分部毛利率。提醒一下，我們將繼續管理業務以實現毛利成長。

Q1 non-GAAP gross margins for our Communications and Segment business units were 52.2% and 77.6%, respectively. As a reminder, we are migrating part of Segment's architecture to new infrastructure providers this year to recognize greater efficiencies. During this transition, we will incur some overlapping vendor expenses. As a result, we expect Segment's gross margin rate to decline throughout the year until the migration is completed.

第一季度，我們的通訊和細分業務部門的非 GAAP 毛利率分別為 52.2% 和 77.6%。提醒一下，我們今年將部分 Segment 架構遷移到新的基礎設施供應商，以提高效率。在此過渡期間，我們將產生一些重疊的供應商費用。因此，我們預計該部門的毛利率將全年下降，直到遷移完成。

Q1 non-GAAP income from operations was $160 million, up 54% year-over-year. As we mentioned last quarter, this included $19 million of sequential incremental expenses associated with our new employee cash bonus program, which we initiated to reduce stock-based compensation expenses over time. Our Q1 non-GAAP operating margin of 15.2% was up almost 500 basis points year-over-year and down 80 basis points versus the prior quarter, driven by a 180 basis point impact from the new employee cash bonus program.

第一季非 GAAP 營運收入為 1.6 億美元，較去年同期成長 54%。正如我們上季度提到的，這包括與我們新的員工現金獎勵計劃相關的 1900 萬美元的連續增量費用，我們發起該計劃是為了隨著時間的推移減少基於股票的薪酬費用。我們第一季的非 GAAP 營業利潤率為 15.2%，較去年同期成長近 500 個基點，較上一季下降 80 個基點，主要受到新員工現金獎勵計畫 180 個基點的影響。

Q1 non-GAAP income from operations for our Communications business was $249 million, and the Q1 non-GAAP loss from operations for our Segment business unit was $21 million. Q1 GAAP loss from operations was $44 million, which included $10 million of expenses associated with restructuring charges. Stock-based compensation as a percentage of revenue was 14.9% in Q1, excluding approximately $2 million of restructuring costs, down 40 basis points quarter-over-quarter and 100 basis points year-over-year.

我們的通訊業務第一季的非 GAAP 營運收入為 2.49 億美元，而我們的細分業務部門的第一季非 GAAP 營運虧損為 2,100 萬美元。第一季 GAAP 營運虧損為 4,400 萬美元，其中包括與重組費用相關的 1,000 萬美元費用。第一季度，股票薪酬佔收入的比例為 14.9%（不包括約 200 萬美元的重組成本），季減 40 個基點，較去年同期下降 100 個基點。

We generated free cash flow of $177 million in Q1, inclusive of $23 million of restructuring payments. This is up $292 million year-over-year, and over the last 12 months, we've generated free cash flow of $655 million. I'm really pleased with our continued progress on free cash flow. It's been a key area of focus for the team over the last several quarters and reflects our ongoing work to drive efficiency in the business.

第一季我們產生了 1.77 億美元的自由現金流，其中包括 2,300 萬美元的重組付款。這比去年同期增加了 2.92 億美元，在過去 12 個月裡，我們產生了 6.55 億美元的自由現金流。我對我們在自由現金流方面的持續進展感到非常滿意。這是過去幾季團隊關注的關鍵領域，反映了我們為提高業務效率而持續進行的工作。

As a reminder, in March, we provided fiscal year 2024 targets of 5% to 10% organic revenue growth and $550 million to $600 million of non-GAAP income from operations, inclusive of an estimated $90 million of incremental expenses associated with the new employee cash bonus program that was introduced to reduce stock-based compensation expenses over time. And as Khozema mentioned, we accelerated our target for GAAP operating profitability from fiscal year 2027 to Q4 2025. We also committed to driving Segment to breakeven on a non-GAAP income from operations basis by Q2 2025.

提醒一下，我們在3 月提出了2024 財年有機收入成長5% 至10% 的目標，以及非GAAP 營運收入5.5 億至6 億美元的目標，其中包括與新員工相關的估計9,000 萬美元的增量費用引入現金獎勵計劃是為了隨著時間的推移減少基於股票的補償費用。正如 Khozema 所提到的，我們加快了 GAAP 營運獲利目標，從 2027 財年到 2025 年第四季。

Finally, we're continuing to make good progress on our $3 billion share buyback program, having repurchased over $720 million since our last earnings call in February. This brings our total repurchases to date to approximately $1.5 billion. We intend to complete the remaining $1.5 billion of authorized repurchases by year's end, which should meaningfully reduce our outstanding share count over the next few quarters.

最後，我們在 30 億美元的股票回購計畫上繼續取得良好進展，自 2 月上次財報電話會議以來，我們已回購了超過 7.2 億美元。這使得我們迄今為止的回購總額達到約 15 億美元。我們打算在年底前完成剩餘的 15 億美元授權回購，這將在未來幾季大幅減少我們的流通股數。

Moving to guidance. For Q2, we're initiating a revenue target of $1.05 billion to $1.06 billion, representing year-over-year growth of 1% to 2% on a reported basis and 4% to 5% on an organic basis. We're also reiterating our full year organic revenue growth range of 5% to 10%. Turning to our profit outlook. For Q2, we expect non-GAAP income from operations of $135 million to $145 million.

轉向指導。對於第二季度，我們設定的營收目標為 10.5 億至 10.6 億美元，按報告計算年增 1% 至 2%，有機成長 4% 至 5%。我們也重申全年有機收入成長範圍為 5% 至 10%。轉向我們的利潤前景。對於第二季度，我們預計非 GAAP 營運收入為 1.35 億至 1.45 億美元。

This is down sequentially, primarily due to incremental payroll expenses associated with our standard merit increases that go into effect in Q2, consistent with prior years, as well as increased marketing and travel expenditures. However, given our outperformance in Q1, we're raising our full year non-GAAP income from operations guidance to $585 million to $635 million. Additionally, we are continuing to focus on improving our free cash flow profile, and we anticipate that full year free cash flow generation will be in line with our full year non-GAAP income from operations.

這一數字連續下降，主要是由於與往年一致的第二季生效的標準績效成長相關的薪資支出增量，以及行銷和差旅支出的增加。然而，鑑於我們第一季的優異表現，我們將全年非 GAAP 營運指引收入提高至 5.85 億美元至 6.35 億美元。此外，我們將繼續致力於改善我們的自由現金流狀況，我們預計全年自由現金流的產生將與我們全年非公認會計準則營運收入保持一致。

As we look ahead, we're investing in initiatives to reaccelerate growth. At the same time, we've accelerated our path to GAAP profitability. We're generating significant free cash flow and [reaffirming our] share buyback program. I'm excited to continue to build on the progress we've made to deliver improved outcomes for both our customers and our shareholders over the coming quarters. And with that, we'll now open it up to questions.

展望未來，我們正在投資於重新加速成長的舉措。同時，我們加快了實現 GAAP 獲利能力的步伐。我們正在產生大量的自由現金流並[重申我們的]股票回購計劃。我很高興能夠在未來幾季繼續鞏固我們已取得的進展，為我們的客戶和股東提供更好的成果。至此，我們現在將開放提問。

(Operator Instructions) Our first question comes from the line of Jim Fish with PSC.

（操作員說明）我們的第一個問題來自 Jim Fish 與 PSC 的線路。

This is Quinton on for Jim Fish. Maybe first, how are you looking at kind of the bifurcation between budgets or demand strength across, call it, your mid-market and commercial versus your more enterprise customers at this point? Is the willingness to spend very similar across those 2 verticals? Or are you seeing significant strength or weaknesses across one or the other?

這是昆頓為吉姆·菲什配音的節目。也許首先，您目前如何看待中階市場和商業客戶與更多企業客戶之間的預算或需求強度之間的分歧？這兩個垂直領域的支出意願是否非常相似？或者您發現其中一方有顯著的優勢或劣勢？

Yes. I would say that, in general, we're seeing kind of demand volume kind of hanging there across the board. I think that the growth profile that we've seen with most customers continues to be pretty good. There's a couple of pockets, I'd say, especially with respect to internationally terminating traffic, where we're seeing a little bit more weakness.

是的。我想說的是，總的來說，我們看到需求量全面保持不變。我認為我們在大多數客戶身上看到的成長狀況仍然相當不錯。我想說，還有一些地方，特別是在國際終接流量方面，我們看到了更多的弱點。

But I think that as you look at most of the industries that we end up serving, we are seeing year-over-year growth. Obviously, there's some noise in our business with respect to what we've got in terms of Zipwhip and the comps that, that creates.

但我認為，當你看看我們最終服務的大多數行業時，我們會看到逐年增長。顯然，我們的業務中存在一些關於我們在 Zipwhip 及其創建的產品方面的噪音。

And I think in general, like we've oriented our sales team around gross profit dollars, as Aidan mentioned in her remarks, and we're trying to maintain the price discipline that we've always talked about in prior calls like these. I think kind of the wrapper on the whole thing is, is that we've seen volumes stabilize for some period of time. We haven't seen them quite inflect upwards. And I'd say, in particular, that's a call out for international.

我認為總的來說，正如艾丹在她的演講中提到的那樣，我們的銷售團隊以毛利為導向，我們正在努力維持我們在之前的電話會議中一直在談論的價格紀律。我認為整個事情的包裝是，我們已經看到交易量在一段時間內穩定下來。我們還沒有看到它們完全向上彎曲。我想說，這尤其是對國際化的呼籲。

I think on the flip side, there's a number of things that we're working through, both short-term and long-term kind of growth initiatives, and we feel pretty good about those, but those are going to take some time to kind of play out. I think in the short term, cross-sell is an area that we're particularly focused as well as with ISVs that should drive incremental growth over time, and in the meantime, we're really focused on cash flow and additional operating leverage.

我認為，另一方面，我們正在解決很多事情，包括短期和長期的成長計劃，我們對這些計劃感覺很好，但這些需要一些時間來實現的發揮。我認為，從短期來看，交叉銷售是我們特別關注的一個領域，ISV 應該隨著時間的推移推動增量成長，同時，我們真正關注的是現金流和額外的營運槓桿。

Got it. And then, Aidan, maybe for you. Gross margins here was a bright spot for sure. Can you talk about why this wouldn't be a kind of sustainable uplift? Understanding some benefit from product mix, but why couldn't we see this kind of upside continue through the rest of the year?

知道了。然後，艾丹，也許適合你。這裡的毛利率無疑是個亮點。您能談談為什麼這不是一種可持續的提升嗎？了解產品組合的一些好處，但為什麼我們看不到這種上行空間在今年剩餘時間內持續下去？

Yes, sure. So we saw gross margins up 170 basis points quarter-over-quarter, with both business units up as well. So a couple of dynamics. First, on the Communications side, which is the business that carries Twilio at this point. They were up 150 basis points quarter-over-quarter. Part of it was what you said, which was the favorable mix between U.S. and international.

是的，當然。因此，我們看到毛利率較上月成長了 170 個基點，兩個業務部門的毛利率也都上漲了。所以有一些動態。首先，在通訊方面，這是目前 Twilio 所承載的業務。季度環比上漲 150 個基點。部分原因是你所說的，這是美國和國際之間的有利組合。

As Khozema just mentioned, we did see lower international terminating traffic. So that has a benefit to gross margins because we know gross margins, as we've communicated in the past, are lower internationally than domestically. We also had, in this quarter, as I said in the prepared remarks, some benefit from credits related to hosting spend. That benefited Q1 by about 80 basis points. We don't expect it to continue. And so I'd say the combination of those 2 things, the hosting credits not continuing as well as the fact that mix isn't necessarily controllable by us is kind of how I think about gross margins going forward, Quin.

正如科澤馬剛才提到的，我們確實看到國際終接流量下降。因此，這對毛利率有利，因為我們知道，正如我們過去所傳達的那樣，國際毛利率低於國內毛利率。正如我在準備好的發言中所說，在本季度，我們也從與託管支出相關的積分中受益。這使第一季受益約 80 個基點。我們預計這種情況不會持續下去。所以我想說，這兩件事的結合，託管積分不再繼續，以及混合不一定由我們控制這一事實，就是我對未來毛利率的看法，Quin。

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

我們的下一個問題來自馬克墨菲與摩根大通的對話。

Khozema, I was -- thinking back prior to the business review, our sense was that the Segment business could preserve some of the AI optionality, because you can combine that with Comms, as you mentioned, and then the broader CustomerAI vision.

Khozema，我是- 回想在業務審查之前，我們的感覺是細分業務可以保留一些人工智能的選擇性，因為你可以將其與通信結合起來，正如你提到的，然後是更廣泛的CustomerAI 願景。

Just recognizing it's sluggish overall in that business, is Segment seeing some usage for pulling customer data into LLMs? And I'm also wondering about that because you did mention the Databricks connectivity. I was just trying to understand what kind of projects those are, and if you're seeing more of that in the pipeline? And then I do have a very quick follow-up.

只是認識到該業務整體低迷，細分市場是否看到了將客戶資料提取到法學碩士的一些用途？我也想知道這一點，因為您確實提到了 Databricks 連接。我只是想了解這些項目是什麼樣的，以及您是否看到更多此類項目正在醞釀中？然後我確實有一個非常快速的跟進。

Yes. Good question, Mark. So there's kind of 2 dynamics there. So I think the first is that with respect to Segment specifically, like one of the things that we committed to as part of the operating review was to make sure that we were able to combine some of the data elements of Segment with the Communications capabilities that we have.

是的。好問題，馬克。所以那裡有兩種動力。因此，我認為第一個是具體到細分市場，就像我們在營運審查中承諾的一件事是確保我們能夠將細分市場的一些數據元素與通訊功能結合起來，我們有。

We launched that product. It's called the Agent Copilot. That Agent Copilot uses something that we refer to as Unified Profiles. And so basically, what that allows for is, is the ability for an agent to be able to absorb information during the context of a call, for that data to be stored subsequently, and then for us to be able to create a flywheel so that every subsequent interaction with that consumer and then with consumers more broadly for one of our customers, they are able to get value out of that, fundamentally reduce cost, have a better customer experience.

我們推出了該產品。它被稱為副駕駛特工。 Agent Copilot 使用我們稱為統一設定檔的東西。基本上，這允許代理能夠在呼叫上下文中吸收信息，隨後存儲該數據，然後我們能夠創建一個飛輪，以便隨後與該消費者的每一次互動，以及我們客戶與更廣泛的消費者的每一次互動，他們都能夠從中獲得價值，從根本上降低成本，獲得更好的客戶體驗。

And that kind of creates like a generative flywheel, if you will, where Segment is continually used through the Unified Profile, if that data is then subsequently fed back into the Copilot, and then that flywheel just kind of keeps on turning. And so that's how I kind of think about the optionality with respect to Segment. We committed to 3 products actually during the course of the year. We've delivered one. We kind of alluded to the second one being on track for the upcoming quarters, so we feel pretty good about our progress there, too.

如果您願意的話，這種創建就像一個生成飛輪，其中透過統一配置檔案不斷使用分段，如果該數據隨後反饋到副駕駛中，然後該飛輪就會繼續轉動。這就是我對細分市場選擇性的看法。這一年我們實際上承諾了 3 個產品。我們已經送了一份。我們有點暗示第二個項目將在接下來的幾個季度步入正軌，所以我們對我們在那裡的進展也感到非常滿意。

And then I think more broadly, like there's a number of generative AI elements, both within Communications as well as Segment, and those things are happening nicely. The other part of the question that you asked about was Databricks. And with Databricks and Snowflake, actually, one of the priorities that we also laid out as part of the operating review was to establish greater data warehouse interoperability with those folks as well as the other big data warehouse players that are out in the market.

然後我更廣泛地思考，就像在通訊和細分市場中存在許多生成式人工智慧元素一樣，這些事情進展順利。您問的問題的另一部分是 Databricks。實際上，對於 Databricks 和 Snowflake，我們在營運審查中提出的優先事項之一是與這些人以及市場上的其他大資料倉儲參與者建立更好的資料倉儲互通性。

And so the way that you should think about some of the announcements that we made as part of the release today is that fulfilling on that exact same road map that we articulated about 1.5 months ago, we're making the progress that we intended to make.

因此，您應該考慮我們今天發布的一些公告，即按照我們大約 1.5 個月前闡述的完全相同的路線圖，我們正在取得我們打算取得的進展。

We're starting to see traction with those 2 players, in particular, you asked about Databricks, that allows us to basically seamlessly offer data back and forth on behalf of our customers who may be already Databricks users. And so we think that, that's additive, not just to Segment but increasingly to the entire enterprise as we leverage the combined capabilities of Segment Communications.

我們開始看到這兩位參與者的吸引力，特別是，您詢問了 Databricks，這使我們能夠基本上無縫地代表可能已經是 Databricks 用戶的客戶來回提供資料。因此，我們認為，隨著我們利用 Segment Communications 的綜合功能，這不僅對 Segment 具有附加作用，而且對整個企業也越來越重要。

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

我們的下一個問題來自梅塔·馬歇爾與摩根士丹利的對話。

Great. Maybe following up on Segment, understanding kind of the product rollouts that are happening, but maybe just -- we're about 60 days in to new leadership there. Just any thoughts of new leadership as they've gotten in and how to improve the go-to-market there? That would be helpful.

偉大的。也許會跟進細分市場，了解正在發生的產品推出情況，但也許只是——我們在那裡的新領導層上任大約還有 60 天。對於新領導層的加入以及如何改善那裡的市場推廣有什麼想法嗎？那會有幫助的。

Yes. Good question, Meta. So I'll just kind of answer your question more generally, and then I think more specifically about Thomas and I think the leadership that he's brought. So I think in terms of the business, we've started to take steps in terms of our path towards the non-GAAP operating profit target that we established for Q2 '25. And we feel like we're on track for that. We're making good progress. That path isn't necessarily going to be linear.

是的。好問題，梅塔。所以我會更籠統地回答你的問題，然後我更具體地思考湯瑪斯以及他所帶來的領導。因此，我認為就業務而言，我們已經開始採取措施實現我們為 25 年第二季制定的非 GAAP 營業利潤目標。我們覺得我們正在朝著這個目標邁進。我們正在取得良好進展。該路徑不一定是線性的。

And while we're seeing good progress in terms of bookings, that's going to take some time to kind of catch up and ultimately show up in the revenue line. And so there's like sort of some dynamics there. In the meantime, we're going to control our costs and be very focused about the R&D areas of prioritization. In terms of go-to-market, before I get to Thomas, we are starting to see some green shoots. There's a couple of customers that we referenced in our talk track. I think we're very excited about the nature of those customers, what they do, our ability to grow with them.

雖然我們在預訂方面看到了良好的進展，但這需要一些時間才能趕上並最終體現在收入上。所以那裡有一些動態。同時，我們將控製成本並非常關注優先研發領域。在進入市場方面，在我到達托馬斯之前，我們開始看到一些萌芽。我們在談話中提到了幾個客戶。我認為我們對這些客戶的性質、他們所做的事情以及我們與他們一起成長的能力感到非常興奮。

I think in particular, what we're very excited about is our ability to deliver time to value for those customers. significantly faster than, I think, where we've been historically. I think in the past, that has taken us up to 6 months, in some cases, to be able to get to value initially. And I think we're starting to see some -- several instances, actually, where we've been able to achieve that in as fast as 30 days. I think Thomas has been an awesome addition to the leadership team, quite frankly. With respect to all of our leaders, I feel very, very strong about our leadership bench overall.

我認為，我們特別感到興奮的是我們有能力為這些客戶提供時間實現價值的服務。我認為比我們歷史上的水平要快得多。我認為在過去，在某些情況下，我們需要長達 6 個月的時間才能最初實現價值。我認為我們已經開始看到一些——實際上，有幾個例子，我們能夠在最快 30 天內實現這一目標。坦白說，我認為托馬斯對領導團隊來說是一個很棒的補充。對於我們所有的領導者，我對我們的領導班子整體感覺非常非常強大。

But in terms of Thomas specifically, given his deep knowledge of the product, just given his background where he focused both on sort of product as well as marketing, which is useful because the marketer often tends to be the buyer in some of these instances. I think that's been a real accelerant in terms of the progress that we expect. And I think just in general, it's provided some stability and focus, which is also something that we're very geared towards, with respect to Segment.

但就托馬斯而言，特別是考慮到他對產品的深入了解，以及他既關注產品類型又關注行銷的背景，這很有用，因為在某些情況下，行銷人員往往往往是買家。我認為這對於我們預期的進展來說是一個真正的促進劑。我認為總的來說，它提供了一些穩定性和重點，這也是我們非常適合細分市場的東西。

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

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

I'm hoping that you could provide a little bit more color on what's driving the slower organic rev growth guide of 4% to 5% in 2Q. So it looks like crypto revenue in 1Q is actually higher than 4Q. So that, combined with some of the other headwinds you might be lapping, you would think that, that would lead to accelerating growth. So can you just maybe comment on why that might not be materializing? And at the start of 2Q, has there been any deterioration in the macro or anything in the demand environment that might be driving some of that?

我希望您能提供更多關於第二季度有機轉速增長較慢（4% 至 5%）的原因的資訊。所以看起來第一季的加密貨幣收入實際上高於第四季。因此，結合您可能遇到的其他一些不利因素，您會認為這將導致加速成長。那麼您能否評論一下為什麼這可能不會實現？在第二季初，宏觀經濟或需求環境是否有任何惡化，可能會導致部分情況惡化？

I'll start, Taylor, and if Khozema wants to add, he can. So a couple of things to call out. So we have largely lapped crypto at this point. We don't expect it to be a headwind in Q2. We do have some product-specific dynamics that we called out for. So as we've said, so first, Segment's revenue was 2% in Q1 from a growth perspective. We expect it to be muted for the year.

我先開始，泰勒，如果科澤馬想補充，他可以。有幾點需要指出。所以我們現在已經基本上放棄了加密貨幣。我們預計這不會成為第二季的阻力。我們確實有一些我們呼籲的特定於產品的動態。正如我們所說，首先，從成長的角度來看，第一季該部門的收入為 2%。我們預計今年它會保持平靜。

As Khozema said, we're working on a number of different initiatives there, but they'll take time to kind of show up in our financial results. We also have some noise from the end of life of our Zipwhip software product. That will be a headwind to growth. It will be about 100 basis points of a headwind in Q2, roughly 80 basis points for the year.

正如科澤馬所說，我們正在那裡開展許多不同的舉措，但它們需要時間才能體現在我們的財務表現中。我們也收到了 Zipwhip 軟體產品生命週期結束帶來的一些噪音。這將成為成長的阻力。第二季將出現約 100 個基點的逆風，全年約 80 個基點。

And then I'd just say more broadly, we've continued to see volumes stabilize, as Khozema mentioned, in our Communications business. And we are seeing year-over-year growth in most of the industries that we operate in, but we're not yet seeing total volumes kind of inflect or growth reaccelerate. And I'd say that trend is more evident with our internationally terminating traffic.

然後我只想更廣泛地說，正如科澤馬所提到的那樣，我們的通訊業務的銷量繼續穩定。我們看到我們經營的大多數行業都在逐年成長，但我們還沒有看到總銷量出現變化或成長重新加速。我想說，這種趨勢在我們的國際終接流量中更加明顯。

So we've seen lower internationally terminating traffic volumes, which is reflected in kind of what we talked about with gross margins being a little bit higher, as I mentioned earlier. We're really reorienting the teams around gross profit, and we're maintaining price discipline as we pursue certain international markets.

因此，我們看到國際終接流量下降，這反映在我們談到的毛利率略高一點上，正如我之前提到的。我們確實圍繞毛利重新調整了團隊，並且在追求某些國際市場時保持價格紀律。

And so we saw our gross profits grow by 10%. We think that's the right way to run the business, but we are seeing lower traffic there. So that's having a bit of an impact. But we're not standing still. As Khozema mentioned, we have a number of short long-term growth initiatives underway. I'm not going to reiterate all of the actions and the opportunities that he's talked about.

因此我們的毛利成長了 10%。我們認為這是經營業務的正確方式，但我們發現那裡的流量較低。所以這有一點影響。但我們並沒有停滯不前。正如科澤馬所提到的，我們正在進行許多短期長期成長計畫。我不會重申他談到的所有行動和機會。

The last thing I'll say is that regardless of where we are in the growth range, we're going to continue to deliver the profits and cash flow. We've proven over the last year that we can drive significant profitability and cash generation in this business, and while we're working through reaccelerate growth, we're confident in our ability to get there on both profit and cash as evidenced by the incremental guidance that we gave on total year free cash flow today. And I'd say we're also willing to be opportunistic and repurchase our shares when we believe they're undervalued.

我要說的最後一件事是，無論我們處於成長範圍的哪個位置，我們都將繼續提供利潤和現金流。去年我們已經證明，我們可以在這項業務中推動顯著的盈利能力和現金生成，在我們努力重新加速增長的同時，我們對實現利潤和現金目標的能力充滿信心，這一點可以從我們今天對年度自由現金流總量給予的增量指引。我想說，當我們認為股票被低估時，我們也願意機會主義並回購我們的股票。

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

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

I guess maybe any [better] changes in the competitive environment internationally? And then domestically, again, it sounds like a stabilization in messaging volume. Is that more of a mix shift towards SMS and personalized messaging as a [brand of] calling? Curious what's helping kind of drive that NRR stabilization. And then just a quick follow-up.

我想也許國際競爭環境有任何[更好的]變化？然後在國內，訊息傳遞量聽起來又趨於穩定。這是否更像是向簡訊和個人化訊息作為呼叫[品牌]的混合轉變？好奇是什麼有助於推動 NRR 穩定。然後進行快速跟進。

Yes, Alex, I'm just going to repeat back the question because we had a little bit of difficulty hearing you. So the way that I heard you ask it was whether or not we were seeing any changes in the competitive environment, international or domestically, then it sounds like to you that there was stabilization of messaging volumes, and then is there more of a mix shift towards SMS, precise messaging, basically what's kind of driving NRR stabilization? Did we hear the question right?

是的，亞歷克斯，我只是要重複這個問題，因為我們聽清楚你的聲音有點困難。因此，我聽到你問的問題是，我們是否看到國際或國內的競爭環境發生任何變化，那麼在你看來，消息量已經穩定，然後是否有更多的混合轉變對於短信、精準消息傳遞，基本上是什麼推動了NRR的穩定？我們沒聽錯問題嗎？

Yes, you did.

是的，你做到了。

Okay. So in terms of the competitive environment, maybe I'll just take that one first, I wouldn't say that we've seen any real changes there. I think that as Aidan alluded to in her prior answer, we have seen a little bit of softness in terms of internationally terminating traffic. I think from our perspective, like we always want to maintain price discipline about the way that we think about those markets. And so that's kind of what we've seen.

好的。因此，就競爭環境而言，也許我會先考慮這一點，我不會說我們在那裡看到了任何真正的變化。我認為正如艾丹在之前的回答中提到的那樣，我們已經看到國際終端流量有些疲軟。我認為，從我們的角度來看，我們總是希望在看待這些市場的方式上保持價格紀律。這就是我們所看到的。

Otherwise, the volumes across the board have been more or less stable, but they haven't inflected. And I think that's kind of impacting some of the growth dynamics as we look forward. There's a bunch of new stuff in the hopper that we're kind of thinking about and executing against. It will just take a little bit of time for that to show up in some of the growth numbers.

除此之外，整體成交量或多或少保持穩定，但並未改變。我認為這會影響我們未來的一些成長動力。漏斗中有很多新東西，我們正在思考和執行。只需要一點時間，這一點就會反映在一些成長數據中。

In terms of mix, I wouldn't say that there's like anything significant happening in mix other than what we've already talked about in terms of as international weakens a little bit and you see strength in domestic, that's obviously going to have an impact on gross margins, but I think as it relates to more personalized messaging over time, I think that is certainly our expectation, especially as we pull in Segment into more of our Communications workloads.

就混合而言，我不會說除了我們已經討論過的混合中發生的任何重大事件外，國際略有減弱，而國內實力強勁，這顯然會產生影響毛利率，但我認為隨著時間的推移，它與更個人化的訊息傳遞有關，我認為這肯定是我們的期望，特別是當我們將細分市場納入更多的通訊工作負載時。

I think we're already starting to see examples of that with customers wanting to deliver much more personalized communications using data. I think you'll see more of that through some of the products that we kind of called off. I think Agent Copilot with Unified Profiles is one, but Voice Intelligence, which we've been kind of using within the confines of voice itself is another.

我認為我們已經開始看到客戶希望使用數據提供更個人化的溝通的例子。我想您會透過我們取消的一些產品看到更多這一點。我認為具有統一設定檔的 Agent Copilot 是其中之一，而我們一直在語音本身範圍內使用的語音智慧則是另一個。

And I think increasingly, you'll start to see a lot more personalized communications. I think that's the way that generative AI is really going to accelerate our business and some of the impacts that we see with customers fundamentally to reduce costs and generate better outcomes.

我認為，您將開始看到越來越多的個人化通訊。我認為這就是生成式人工智慧真正能夠​​加速我們業務發展的方式，以及我們對客戶產生的一些影響，從根本上降低成本並產生更好的結果。

Makes sense. And then on the OpEx side, obviously, some kind of moving pieces here in Q1 and Q2. But where do we -- as you guys think about kind of the balance of both getting the most leverage out of the model and where are you actually hiring and investing incremental dollars, how should we think about the hiring targets for kind of the next kind of incremental year or 2 quarters?

說得通。然後在營運支出方面，顯然，第一季和第二季出現了一些變化。但是，當你們考慮從模型中獲得最大槓桿作用以及您實際在哪裡招聘和投資增量資金之間的平衡時，我們應該如何考慮下一種類型的招聘目標增量年或兩個季度？

Yes. I can kind of take the question more generally. I think that we don't feel like we have significant headcount needs right now. I mean obviously, we go through kind of the normal process of backfilling and stuff like that, but we're not looking to do any material adds. I'd say that our priorities right now have been around R&D. It's just kind of replenishing the pipeline there. We have a number of really focused projects in both Communications and Segment that we do expect to bear fruit over sort of the medium to long term. And I think that over time, this will start to show up in some of the growth numbers.

是的。我可以更籠統地回答這個問題。我認為我們現在並不需要大量人員。我的意思是，顯然，我們經歷了回填等正常過程，但我們不打算添加任何材料。我想說，我們現在的首要任務是研發。這只是補充那裡的管道。我們在通訊和細分市場都有許多真正專注的項目，我們確實希望這些項目能夠在中長期內取得成果。我認為隨著時間的推移，這將開始體現在一些成長數據中。

I think other than that, I wouldn't really expect anything around OpEx other than what we've called out in the past, which is we've got this bonus program that we've obviously rolled out across the business. That's kind of a near-term impact on OpEx, but I think you understand the dynamics there and the way that, that impacts stock-based compensation over time. But otherwise, I think we feel pretty good about the cost basis that we've already got.

我認為除此之外，除了我們過去所呼籲的之外，我真的不會對營運支出抱有任何期望，即我們已經在整個業務中推出了這個獎金計劃。這是對營運支出的短期影響，但我認為您了解那裡的動態以及隨著時間的推移影響基於股票的薪酬的方式。但除此之外，我認為我們對現有的成本基礎感覺很好。

And I think just one last thing maybe I'll add is we still see opportunity in terms of like geo diversification of the roles that we're hiring. And then I think the last one is like automation, right? We're obviously doing a lot with automation for customers, and we would expect that a lot of those same workloads that we're offering externally should have positive benefits as (inaudible) to Twilio as well.

我想我要補充的最後一件事是，我們仍然看到了我們正在招募的角色的地理多元化方面的機會。然後我認為最後一項就像自動化，對吧？顯然，我們在自動化方面為客戶做了很多工作，我們希望我們向外部提供的許多相同的工作負載也應該為 Twilio 帶來積極的好處（聽不清楚）。

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

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

I wanted to follow up, if I could, on Alex's last question there about the competitive dynamic. And how would you explain kind of what's happening with registered and unregistered messages these days? I know you are a leader, certainly, in driving toward that. And how is that impacting the competitive landscape today? And is there any -- what's also your perspective, I guess, on the opportunity around political messaging as it relates to the election coming up?

如果可以的話，我想跟進亞歷克斯最後一個關於競爭動態的問題。您如何解釋如今註冊和未註冊訊息所發生的情況？當然，我知道您是朝著這目標努力的領導者。這對當今的競爭格局有何影響？我想，您對即將到來的選舉相關的政治訊息傳播機會有何看法？

Yes. A couple of questions in there, Ryan. So let me take the political one first. So I think in 2024, generally, obviously, we're in the middle of an election season cycle, we'll generate some revenue from political customers, but we don't really anticipate an expected outsized impact as a result of the race. Just as a reminder, we have registration requirements and an acceptable use policy in place that we expect all of our customers to follow, especially as it relates to opt-ins.

是的。有幾個問題，瑞安。讓我先談談政治問題。因此，我認為到 2024 年，顯然，我們正處於選舉季週期的中間，我們將從政治客戶那裡獲得一些收入，但我們並不真正預期競選會產生預期的巨大影響。提醒一下，我們有註冊要求和可接受的使用政策，我們希望所有客戶都能遵守，特別是與選擇加入相關的政策。

And that really just sort of ensures the quality of traffic on our network. It protects consumers. And so we're not going to accept any business where that policy is not being properly followed during this upcoming cycle. And we think that's in the best long-term interest of the business and the best long-term interest of certainly the American consumer, but that has actually global implications as well because we're taking kind of the same stance in most markets.

這實際上只是確保了我們網路上的流量品質。它保護消費者。因此，在即將到來的周期中，我們不會接受任何未正確遵循該政策的業務。我們認為這符合企業的最佳長期利益，當然也符合美國消費者的最佳長期利益，但這實際上也具有全球影響，因為我們在大多數市場採取了相同的立場。

That's kind of a good segue to the dynamic that you asked in the first part of your question, the whole 10DLC thing is entirely behind us. We went through that process last year. I think we felt a very small impact as a result of that. And so I don't think that there'll be really any impact as a result, and toll-free is kind of a nonissue as well because that got done at that point as well.

這是對您在問題第一部分中提出的動態的一個很好的延續，整個 10DLC 的事情已經完全過去了。去年我們經歷了這個過程。我認為我們因此受到的影響非常小。因此，我認為這不會產生任何影響，而且免費電話也不是問題，因為這也是在那時完成的。

And then finally, just in terms of competitive dynamics, like I don't really think it alters anything other than the feedback that we receive from our customers is that, a, they want to work with a trusted provider, and so we think that we benefit from using compliance, not just to sort of our regulatory posture but actually as a unique selling point of the business; and b, I think increasingly, they want to work with someone who doesn't just prosecute that traffic in that fashion, but also ensures that no fraud or anything of that nature is being committed as well, which is where our AI tools and the like can really play a role in helping our customers with their traffic and ensuring that it's clean.

最後，就競爭動態而言，我真的認為它不會改變任何事情，除了我們從客戶那裡收到的反饋之外，他們希望與值得信賴的提供者合作，所以我們認為我們從使用合規性中受益，不僅是為了調整我們的監管姿態，而且實際上是作為業務的獨特賣點； b，我越來越多地認為，他們希望與一個不僅以這種方式起訴流量，而且還確保沒有欺詐或任何此類性質的行為的人合作，這就是我們的人工智慧工具和like 確實可以在幫助我們的客戶管理流量並確保其乾淨方面發揮作用。

That's really great, Khozema. And just a real quick follow-up. On the A2P side, is that relatively stable now? Or are those still inching up?

這真的很棒，科澤馬。並且只是一個真正的快速跟進。 A2P方面，現在相對穩定嗎？或者那些還在緩慢上升嗎？

I'd say it's relatively stable at this stage. There's nothing kind of new to talk about since, I don't know, a couple of years ago, I guess.

可以說現階段還是比較穩定的。我猜，從幾年前開始，我不知道，沒有什麼新鮮事可談了。

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

我們的下一個問題來自 Samad Samana 和 Jefferies 的對話。

Awesome. This is actually Billy Fitzsimmons on for Samad. I'll [give you] pretty quick. Intra-quarter, you gave an organic growth target range and [reaffirmed it] today. Can you just remind us what that growth range kind of assumes in terms of macro dynamics as you progress through the year?

驚人的。這實際上是比利·菲茨西蒙斯 (Billy Fitzsimmons) 飾演的薩馬德 (Samad)。我很快就會[給你]。您在季度內給出了有機成長目標範圍，並在今天[重申了這一點]。您能否提醒我們，隨著您今年的進展，該成長範圍在宏觀動態方面的假設是什麼？

Yes. So we've seen relatively volume -- stable volumes, Bill, as we've talked about. And I'd say as you think about kind of the range of outcomes between the low end of the range and the higher end of the range, I would say volumes -- if we did see any erosion kind of overall in volumes, I would say that would kind of get you to the lower end of the range.

是的。因此，正如我們所討論的，我們已經看到了相對穩定的交易量，比爾。我想說，當你考慮範圍低端和範圍高端之間的結果範圍時，我會說數量 - 如果我們確實看到數量上有任何侵蝕，我會說這會讓你到達範圍的下限。

Conversely, if we started to see volumes in Flex up and we continue to execute on our cross-sell initiatives and expansion with ISVs and the different initiatives that we're working on, we could see volume and revenue at the higher end of the range. What I would say is that -- I said this before, but regardless of where we are in the range, we're going to deliver on the profit and free cash flow. We're very intent and focused on that. We were kind of very zeroed in regardless of where we land on the revenue range.

相反，如果我們開始看到 Flex up 的銷量，並且繼續執行交叉銷售計劃和與 ISV 的擴張以及我們正在進行的不同計劃，我們可以看到銷量和收入處於該範圍的高端。我想說的是——我之前說過，但無論我們處於這個範圍的哪個位置，我們都將實現利潤和自由現金流。我們非常專注並致力於此。無論我們的收入範圍在哪裡，我們都非常專注。

And our next question comes from the line of Michael Turrin with Wells Fargo.

我們的下一個問題來自 Michael Turrin 與富國銀行 (Wells Fargo) 的對話。

Just on the Communications customer metric, that had ticked down a bit Q3 to Q4 and picked back up in Q1. So I'm just curious if any of that is definitional, just tied to the splitting of segments, or if that is a return to just a bounce back in customer activity on the core Communications segment.

僅就通訊客戶指標而言，第三季到第四季略有下降，並在第一季有所回升。因此，我只是好奇這是否是定義性的，是否與細分市場的劃分有關，或者這是否只是核心通訊細分市場上客戶活動的反彈。

No, it's not definitional. It is, I would say, the bounce back, given the 2 options that you gave me there. But what I would just say overall is that this metric represents -- is anchored to a minimum $5 monthly revenue spend. And so we have a large number of active customer accounts with relatively low individual spend that, in aggregate, do not drive like a significant portion of the revenue.

不，這不是定義性的。考慮到你給我的兩個選擇，我想說，這是反彈。但總的來說，我想說的是，這個指標代表的是——每月收入支出至少為 5 美元。因此，我們擁有大量活躍的客戶帳戶，個人支出相對較低，整體而言，這些帳戶並沒有佔收入的很大一部分。

So it has nothing to do with definitional. It's a bounce back, I guess, in terms of the customer count, but I would just say the relative importance of this metric given the size and the scale of the business at this point, and we're talking about a $5 threshold, I don't think it's probably the most relevant metric today. Just [kind of] the size of the business and how much we've grown.

所以它與定義無關。我想，就客戶數量而言，這是一個反彈，但我只想說，考慮到目前業務的規模和規模，這個指標的相對重要性，我們正在談論 5 美元的門檻，我認為這可能不是當今最相關的指標。只是[某種]業務規模以及我們的成長程度。

On Segment, just how should we think about the time line to get that piece of the business to a good foundational cost base to restart from? Obviously, there had been an evaluation period. So now going forward, how should we think about the time line of where you've gotten to at least sort of a good foundational restarting point, if you will.

在細分市場上，我們應該如何考慮使該業務部分達到良好的基礎成本基礎以重新啟動的時間軸？顯然，有一個評估期。那麼現在，如果你願意的話，我們應該如何考慮你至少達到一個良好的基礎重啟點的時間線。

From a cost perspective, Michael?

從成本角度來看，麥可？

I think so. Yes, I mean just when you feel like the -- I mean, obviously, there are some moving pieces there, but when you feel like the sort of the foundation is in place of at least the initial efforts in rebuilding that business.

我想是這樣。是的，我的意思是，當你感覺——我的意思是，顯然，那裡有一些移動的部分，但是當你感覺這種基礎至少已經取代了重建該業務的最初努力時。

Why don't I start with the cost side and then Khozema can talk more around all the actions that we're taking? What I would say is the business lost $21 million in the first quarter. That was actually up a little bit versus the fourth quarter. We have a path to get that business to breakeven by the second quarter of next year.

為什麼我不從成本方面開始，然後科澤馬可以更多地討論我們正在採取的所有行動？我想說的是，該公司第一季虧損了 2,100 萬美元。與第四季度相比，這一數字實際上有所上升。我們有辦法讓該業務在明年第二季達到收支平衡。

What I would say is we don't expect this to be completely linear, right? We have a number of initiatives that we're working on. Khozema talked about the product from a product perspective, getting to data warehouse interoperability. There's a number of things we're working on with regards to time to value.

我想說的是，我們並不期望這是完全線性的，對嗎？我們正在進行多項措施。 Khozema 從產品的角度談論了該產品，並談到了資料倉儲的互通性。關於價值實現時間，我們正在做很多事情。

So we intend to incur some costs to deliver on those objectives, but we will get to the breakeven by Q2 of 2025. It's just that decline for Q2 2025 won't necessarily be linear. So we have plans in place, but I just wanted to put that out there, so you know how to think about that and model it.

因此，我們打算承擔一些成本來實現這些目標，但我們將在 2025 年第二季度實現盈虧平衡。所以我們已經制定了計劃，但我只是想把它放在那裡，這樣你就知道如何思考它並對其進行建模。

Yes. The only thing that I would add there, Michael, is that this management team has been quite good about meeting targets that we set out for ourselves, and nothing's changed about our ability and confidence in being able to get to non-GAAP breakeven by Q2 '25 of next year.

是的。邁克爾，我唯一要補充的是，這個管理團隊非常善於實現我們為自己設定的目標，而且我們在第二季度實現非公認會計準則盈虧平衡的能力和信心沒有任何改變明年25號。

In the meantime, there are a number of other things that we also committed to that were more operational in nature, data warehouse interoperability, delivering a combined Segment, Twilio offering, making sure that we had a number of additional things like that on our road map upcoming, improving our time to value. And against each of those operational areas, we're actually making quite good progress.

同時，我們也致力於其他一些本質上更具可操作性的事情，例如資料倉儲互通性、提供組合的 Segment、Twilio 產品，確保我們在路上有許多類似的其他事情地圖即將推出，縮短我們實現價值的時間。在每個業務領域，我們實際上都取得了相當好的進展。

And again, as you alluded to, there are some dynamics here in terms of both revenue and cost. And some of the revenue dynamics are going to just take a little bit of time, given the nature of how bookings have to kind of catch up. But we are seeing green shoots. We are seeing interesting new customers.

正如您所提到的，收入和成本方面都存在一些動態。考慮到預訂量必須跟上的性質，一些收入動態將需要一點時間。但我們正在看到萌芽。我們看到了有趣的新客戶。

And I think as we continue to execute on the operational items that are important to the future of the business, I think we feel increasingly confident that Segment is a really important asset to Twilio, that data is going to play a really critical role in terms of the way that we're going to deliver customer outcomes. And I think you saw the first one of those with this Agent Copilot that we released using Segment and Comms in Q1.

我認為，隨著我們繼續執行對業務未來很重要的營運項目，我認為我們越來越有信心，細分市場對於Twilio 來說是一項非常重要的資產，數據將在以下方面發揮非常關鍵的作用：我們將如何交付客戶成果。我想您已經看到了我們在第一季使用 Segment 和 Comms 發布的 Agent Copilot 中的第一個。

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

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

This is Pete Newton for Ryan MacWilliams. Just a question on the sales side. Maybe how has sales efficiency and rep execution trended recently? And is this efficiency level in line with just internal...

我是瑞恩·麥克威廉斯的皮特·牛頓。只是銷售方面的問題。也許銷售效率和代表執行力最近的趨勢如何？這個效率水準是否符合內部.....

We have a little bit of a bad connection to you. Could you try again?

我們和你的關係有點不好。你能再試一次嗎？

Is this better?

這是否更好？

Yes.

是的。

Perfect. Just a question on the sales side. How has sales efficiency trended recently? And is this in line with internal expectations? Maybe if you could delineate between sales efficiency on the Segment side versus the Communication side, just so we can get a full picture.

完美的。只是銷售方面的問題。最近銷售效率趨勢如何？這符合內部預期嗎？也許您可以區分部門方面的銷售效率和溝通方面的銷售效率，這樣我們就可以全面了解情況。

Yes, I think on the Communications side of the house, it's in line with where we expected it to be. There's -- the team's executing. We have reoriented that team to gross profit dollar generation, for the most part. I'd say probably 80% of the team is measured on that. And they're performing kind of in line with expectations.

是的，我認為在房子的通信方面，它符合我們的預期。團隊正在執行。大部分情況下，我們已經將團隊重新定位為毛利美元生成。我想說大概 80% 的團隊成員都是以此為標準的。他們的表現有點符合預期。

On the Segment side, we are kind of in a bit of a rebuild here. I'd say bookings came in, I would say, a little lighter than we want to see like longer term in the Segment business in Q1. But the team has a number of actions in place, and Khozema has kind of talked about them several times now, so I won't reiterate them.

在細分市場方面，我們正在進行一些重建。我想說的是，我想說，第一季細分業務的預訂量比我們希望看到的要少一些。但團隊已經採取了一些行動，科澤馬已經多次談論這些行動，所以我不會重申它們。

But it's going to take a couple of quarters for Thomas and the team to get that business back and humming kind of where we want it to be, and it will take some time for that to show up in the financial metrics.

但湯瑪斯和他的團隊需要幾個季度的時間才能讓業務恢復到我們想要的狀態，並且需要一些時間才能在財務指標中體現出來。

I think sales efficiency generally has been pretty good. I mean we obviously took some very significant cost actions last year. Revenue line continues to grow. As Aidan mentioned, we're anchoring everybody against the gross profit dollar metric, and we think that's important to be able to incentivize the sales force.

我認為銷售效率整體來說還是不錯的。我的意思是，我們去年顯然採取了一些非常重大的成本行動。收入線持續成長。正如艾丹所提到的，我們將每個人都與毛利美元指標掛鉤，我們認為這對於激勵銷售人員非常重要。

And so I think that combination of things has yielded a lot of the operating leverage that you've seen over the last year, which we continued into Q1. And obviously, a lot of that now is starting to translate to really significant cash flow, which feels quite good.

因此，我認為，這些因素的結合產生了去年你所看到的大量營運槓桿，我們將其延續到第一季。顯然，其中許多現在開始轉化為真正可觀的現金流，這感覺非常好。

And our next question comes from the line of Arjun Bhatia with William Blair.

我們的下一個問題來自阿瓊·巴蒂亞（Arjun Bhatia）和威廉·布萊爾（William Blair）的關係。

Just one quick one for me. When we're thinking of some of the Segment plans that you had laid out with the deeper integration as well, and I think you touched on some of this a little bit. So curious like how long -- I know there's quite a bit still left to do here, but how long before we start to see results from some of that flow through to enhance the Comms business? Is that something that the '24 outcome, or with some of the products work still to be done, something that maybe we should expect in '25 and beyond?

對我來說只是一個快速的。當我們考慮您所製定的一些細分計劃以及更深入的整合時，我認為您觸及了其中的一些內容。很好奇要花多久時間——我知道這裡還有很多工作要做，但是我們要多久才能開始看到其中一些流程增強通訊業務的結果？這是 24 年的結果，還是有些產品仍有待完成，也許我們應該在 25 年及以後期待？

Yes. I mean I think we have to delay a little bit between when it shows up in our financials versus how customers are starting to get value from it. But we cited an example in our earlier remarks about how, when a customer fielded the combined capability of Segment inside of Communications, that was a specific contact center environment, it was a really powerful outcome, right? They were able to reduce their cost by about 30%. They were able to increase their deflection rate by about 70%.

是的。我的意思是，我認為我們必須在它出現在我們的財務數據中和客戶開始從中獲取價值之間稍微延遲一下。但我們在先前的評論中引用了一個例子，當客戶在通訊內部部署綜合功能（即特定的聯絡中心環境）時，這是一個非常強大的結果，對嗎？他們能夠將成本降低約 30%。他們能夠將偏轉率提高約 70%。

And what's at the core of this is fundamentally, how do we deliver a better outcome for a customer at a materially lower cost point for them overall. Now some of that value obviously accrues to us because we'll be able to kind of upsell, using AI, some of these different products that we're trying to uplift. So I think that, in general, we feel pretty good about the customer delivery.

從根本上來說，其核心是我們如何以大幅降低整體成本的方式為客戶提供更好的結果。現在，其中一些價值顯然已經歸我們所有，因為我們將能夠使用人工智慧來追加銷售我們試圖提升的一些不同產品。所以我認為，總的來說，我們對客戶交付的感覺非常好。

And again, we'll use examples like that to kind of prove that this adds really demonstrable value to customers. We'll continue signing new logos on that basis over the next several quarters, and then those bookings will just take time to turn into revenue. But so far, so good, and I'm certainly very encouraged by some of the early examples.

再次，我們將使用這樣的例子來證明這確實為客戶增加了明顯的價值。我們將在接下來的幾個季度繼續在此基礎上簽署新徽標，然後這些預訂將需要時間才能轉化為收入。但到目前為止，一切都很好，而且我對一些早期的例子感到非常鼓舞。

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

我們的下一個問題來自邁克爾·芬克與美國銀行的對話。

So on the international softness that you cited, I'm curious how much of that is due to shift in traffic, so to RCS and WhatsApp, for example, versus a reduction in traffic volume.

因此，關於您提到的國際疲軟，我很好奇其中有多少是由於流量的變化（例如 RCS 和 WhatsApp）造成的，而不是流量的減少。

Yes. I wouldn't say it's due to a shift in anything actually, Michael. I think that it's -- they're just a little bit soft from a kind of demand environment perspective in terms of that international termination. I think in terms of RCS, more specifically, like we haven't really seen significant activity there yet. We certainly expect RCS to play a role down the line. I think if anything, it will probably be accretive to the business, but that's not what we saw in international volumes.

是的。我不會說這實際上是由於任何事情的轉變造成的，邁克爾。我認為，從需求環境的角度來看，他們在國際終止方面有點軟弱。更具體地說，我認為就 RCS 而言，我們還沒有真正看到那裡的重大活動。我們當然期望 RCS 能夠在未來發揮作用。我認為，如果有的話，它可能會增加業務，但這並不是我們在國際銷售中看到的。

That's very helpful. And one more quick one, if I could. Thank you for the color on Agent Copilot embedding Segment and more of the Comms products. For clarification there, are you charging additional or separate for the embedding of Segment? Or is it more of a teaser to get customers more familiar with Segment and hopefully drive churn lower, higher usage and engagement and interest in that product over time?

這非常有幫助。如果可以的話，再快一點。感謝您為 Agent Copilot 嵌入段和更多通訊產品提供色彩。需要澄清的是，您是否對段的嵌入額外收費或單獨收費？或者它更像是一個預告片，讓客戶更熟悉細分市場，並希望隨著時間的推移降低客戶流失率、提高使用率、參與度和對該產品的興趣？

Yes. Ultimately, it will result in a price upsell. There's like a lot of details. But just to answer your question in short, it will fundamentally result in a price upsell. There's a number of like kind of packaging and pricing considerations that kind of go into how we'll ultimately take some of these products to market, but the short answer is it will ultimately result in increased price.

是的。最終，這將導致價格上漲。好像有很多細節。但簡單地回答你的問題，這將從根本上導致價格上漲。我們最終將如何將其中一些產品推向市場，有許多類似的包裝和定價考慮因素，但簡短的答案是，這最終將導致價格上漲。

Okay. But in the short term, as you initially launch, there is no price increase. It's simply embedded in the product. But over time, there will be separate SKUs or pricing. Is that correct?

好的。但在短期內，當你最初推出時，價格不會上漲。它只是嵌入到產品中。但隨著時間的推移，將會有單獨的 SKU 或定價。那是對的嗎？

When it's in private beta, we typically offer it for like a teaser period, where there's not as much of a price increase. But once it kind of goes out of the private and it's fully GA-ed and the customer is actually using it beyond kind of the test period, then there is fundamentally a price increase that goes into effect. So it's not meant to be just protective. It's meant to be value-enhancing and therefore, with the price uptick.

當它處於私人測試版時，我們通常會像預告片一樣提供它，期間價格不會上漲太多。但是，一旦它走出私人領域並完全通用化，並且客戶實際上在測試期之外使用它，那麼從根本上來說，價格上漲就會生效。所以它不僅僅是為了保護。它的目的是提高價值，因此價格上漲。

Our next question comes from the line of Peter Weed with Bernstein.

我們的下一個問題來自彼得·威德和伯恩斯坦的對話。

One of the things that you changed in Communications here recently was grouping in Flex and some of the marketing in with Communications. And I'm wondering how much they may either be benefiting or dragging on the Communications business, if we just looked at what would be isolated and what we might have been looking at in the Communications business more historically.

您最近在通訊方面所做的更改之一是在 Flex 中進行分組，以及在通訊中進行一些行銷。我想知道，如果我們只看一下什麼是孤立的，以及我們可能在通訊業務中更歷史地關注什麼，那麼它們可能會為通訊業務帶來多少好處或拖累。

I think your question was when we moved over Flex and marketing campaigns to Communications, is there like a -- well, just to be clear, like when we talk about Communications, we talk about it on an apples-to-apples basis. So all of history has kind of been recasted for Flex and marketing campaigns moving over. So there's no like artificial benefit from that reorganization.

我認為你的問題是，當我們將Flex 和行銷活動轉移到通訊領域時，是否存在類似的情況——嗯，澄清一下，就像我們在談論通訊時一樣，我們是在同類的基礎上進行討論的。因此，所有的歷史都因 Flex 和行銷活動的轉移而被重新塑造。因此，重組不會帶來人為的好處。

Sure. I get that. I'm more like -- I'm just thinking about before it was moved over, we kind of knew how it was going, and I just don't know if they are -- the reason that is ticking up from an NRR, or would NRR for Communications be picking up more aggressively, and those are more like Segment where they've got below 100% NRR and actually breaking down Communications.

當然。我明白了。我更像是 - 我只是在考慮在它被轉移之前，我們有點知道它是如何進行的，但我只是不知道它們是否 - NRR 上升的原因，或者通信的NRR 是否會更積極地增長，而這些更像是NRR 低於100% 的細分市場，並且實際上破壞了通訊。

No, I wouldn't say -- I'd say like we'd be roughly in the same position. They're not dragging down. They're not necessarily benefiting the communications business either in terms of pulling up the NRR.

不，我不會說——我會說我們的處境大致相同。他們沒有拖後腿。就拉高 NRR 而言，它們也不一定能讓通訊業務受益。

Thank you. Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may now disconnect.

謝謝。女士們、先生們，感謝你們參加今天的會議。這確實結束了程序，您現在可以斷開連接。