Twilio Inc (TWLO) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Twilio Inc's second-quarter 2024 earnings onference all. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Twilio Inc 的 2024 年第二季財報發表會。 （操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Bryan Vaniman, SVP, Investor Relations. Please go ahead, sir.

請注意，今天的會議正在錄製中。現在我想將會議交給您的發言人、投資者關係高級副總裁布萊恩·瓦尼曼 (Bryan Vaniman)。請繼續，先生。

Good afternoon everyone, and thank you for joining us for Twilio's second-quarter 2024 earnings conference call. 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 2024 年第二季財報電話會議。今天與我一起出席的還有執行長 Khozema Shipchandler 和財務長 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 earnings presentation posted on our IR website at investors.twilio.com.

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節可以在我們的收益發布中找到，我們的收益演示也發佈在我們的投資者關係網站 Investors.twilio.com 上。

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 in our forthcoming Form 10-Q.

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，包括我們即將發布的 10-Q 表格中最新的 10-K 表格。

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. With that, I'll hand it over to Khozema and Aidan, who will discuss our Q2 results, and then we'll open the call for Q&A.

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。接下來，我將把它交給 Khozema 和 Aidan，他們將討論我們第二季的結果，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 delivered a good second quarter. We are driving durable profitable growth, as we exceeded our Q2 guidance with $1.1 billion in revenue, and $175 million in non-GAAP income from operations -- both record levels.

謝謝你，布萊恩。大家下午好，感謝您今天加入我們。 Twilio 在第二季度表現出色。我們正在推動持久的獲利成長，第二季營收達到 11 億美元，非 GAAP 營運收入達到 1.75 億美元，均超出了我們的預期，這兩個水平均創歷史新高。

We also delivered nearly $200 million of free cash flow, another strong quarter of cash generation. We're running the business with increased rigor, which we are confident will drive improved growth rates and additional operating leverage over time.

我們還提供了近 2 億美元的自由現金流，這是另一個現金產生強勁的季度。我們正在以更嚴格的方式經營業務，我們相信隨著時間的推移，這將提高成長率並增加營運槓桿。

The communications business is performing very well. And in our segment business, we're focused on executing on our commitments, while reducing non-GAAP operating losses. In Q2, we saw continued signs that communications growth is stabilizing, including quarter-over-quarter improvement in international trends, and I'm encouraged that our more disciplined approach is unlocking teams to innovate on the critical areas that will enable Twilio to power the future of customer engagement.

通訊業務表現非常好。在我們的分部業務中，我們專注於履行我們的承諾，同時減少非公認會計原則營運損失。在第二季度，我們看到通訊成長持續穩定的跡象，包括國際趨勢的季度環比改善，令我感到鼓舞的是，我們更嚴格的方法正在釋放團隊在關鍵領域進行創新，從而使 Twilio 能夠為客戶參與的未來。

What's true across the board is that in the world of AI, contextual data is paramount. According to Twilio's Annual State of Customer Engagement Report, we found 84% of businesses said they provide good or excellent customer engagement, yet only 54% of consumers agree.

總的來說，在人工智慧領域，上下文數據至關重要。根據 Twilio 的年度客戶參與度報告，我們發現 84% 的企業表示他們提供良好或出色的客戶參與度，但只有 54% 的消費者同意。

That disconnect is because brands need help contextualizing the data they have. By combining our leading communications capabilities, our rich and contextual data and the power of AI, we are uniquely positioned to unlock smarter, and more personalized interactions for brands that enable them to reimagine customer engagement and drive more revenue at a lower cost.

這種脫節是因為品牌需要幫助將他們擁有的數據置於情境中。透過將我們領先的通訊能力、豐富的上下文數據以及人工智慧的力量相結合，我們擁有獨特的優勢，可以為品牌解鎖更智能、更個性化的互動，使他們能夠重新構想客戶參與度，並以更低的成本增加更多收入。

Let's turn to our business highlights. Our Twilio Communications business had a strong quarter, with revenue of $1.01 billion, up 7% on an organic basis year-over-year on the back of solid performance in messaging, acceleration in e-mail growth and strong ISV contributions.

讓我們談談我們的業務亮點。我們的 Twilio Communications 業務本季表現強勁，營收達 10.1 億美元，有機年增 7%，這得益於訊息傳遞的穩健表現、電子郵件成長的加速以及 ISV 的強勁貢獻。

During the quarter, we also focused on a number of initiatives that we believe will deliver improved growth rates over time. In the near term, we expect our growth to be fueled by our expanded network of partners and ISVs, self-service enhancements and cross-sell opportunities.

在本季度，我們也專注於實施了一些舉措，我們相信這些舉措將隨著時間的推移帶來更高的成長率。在短期內，我們預計我們的成長將由我們擴大的合作夥伴和 ISV 網路、自助服務增強和交叉銷售機會推動。

While we have made meaningful progress in all these areas, I'm particularly pleased with our success in securing new partners and ISVs. During the quarter, we achieved an 8-figure renewal with a leading customer experience provider who will continue to embed Twilio Voice within their customer service software solution.

雖然我們在所有這些領域都取得了有意義的進展，但我對我們在獲得新合作夥伴和 ISV 方面取得的成功感到特別高興。本季度，我們與一家領先的客戶體驗供應商實現了 8 位數的續約，該供應商將繼續將 Twilio Voice 嵌入其客戶服務軟體解決方案中。

Additionally, we signed a new partnership with Omnisend, an omnichannel marketing platform targeting the SMB retail market, who will help Twilio expand its footprint into new geographies. We also extended our co-sell partnerships with Airship, BloomReach, Brase, Insider and Clavo into new geographical territories to power a data-enriched end-to-end marketing experience.

此外，我們還與 Omnisend 簽署了新的合作夥伴關係，Omnisend 是一個針對中小企業零售市場的全通路行銷平台，它將幫助 Twilio 將其足跡擴展到新的地區。我們還將與 Airship、BloomReach、Brase、Insider 和 Clavo 的聯合銷售合作夥伴關係擴展到新的地理區域，以提供數據豐富的端到端行銷體驗。

During the quarter, we delivered the strongest revenue growth in our self-service business since Q1 of 2023, and we continue to make enhancements to simplify the onboarding experience for customers.

本季度，我們的自助服務業務實現了自 2023 年第一季以來最強勁的收入成長，並且我們繼續進行改進以簡化客戶的入職體驗。

For example, we introduced a new console experience that helps make recommendations, guiding customers to which products they should be using based on their desired use cases and outcomes. And our new one sign-up streamlines the log-in process by having one log-in for a customer to access all of their Twilio accounts and products.

例如，我們引入了一種新的控制台體驗，可以幫助提出建議，根據客戶所需的用例和結果來指導他們應該使用哪些產品。我們的新一鍵註冊簡化了登入流程，客戶只需登入一次即可存取其所有 Twilio 帳戶和產品。

In the medium term, product innovation will be an important growth lever as we deliver on our vision to unlock smarter, more personalized interactions for brands. In the quarter, we started to see success with our newer higher-margin software products.

從中期來看，產品創新將成為我們實現為品牌帶來更智慧、更個人化互動的願景的重要成長槓桿。在本季度，我們開始看到新的、利潤率更高的軟體產品取得了成功。

These are products that leverage AI such as VERIFY and voice intelligence, as well as platform innovations that natively embed AI and machine learning, such as traffic optimization engine and engagement suite to drive greater deliverability and better customer engagement. These products are rapidly gaining adoption and can become meaningful growth drivers over time.

這些產品利用了 VERIFY 和語音智慧等人工智慧，以及原生嵌入人工智慧和機器學習的平台創新，例如流量優化引擎和互動套件，以提高交付能力和更好的客戶參與度。這些產品正在迅速獲得採用，並且隨著時間的推移可以成為有意義的成長動力。

One customer, a leading mortgage lender, adopted both Voice and VERIFI in the quarter and expanded their messaging usage. Twilio won this competitive cross-sell deal as our platform enabled the customer to have a single console with both voice and messaging for the thousands of bankers who are using it on a daily basis to better connect with customers.

一位客戶（一家領先的抵押貸款機構）在本季同時採用了 Voice 和 VERIFI，並擴大了其訊息傳遞的使用範圍。 Twilio 贏得了這項具有競爭力的交叉銷售交易，因為我們的平台使客戶能夠擁有一個同時具有語音和訊息傳遞功能的控制台，供每天使用它來更好地與客戶聯繫的數千名銀行家使用。

Since deploying Twilio, the company is already seeing a 38% increase in SMS response rates and a 20% increase in banker productivity. More importantly, these products are gaining adoption because they are simple to use, trusted and intelligent.

自從部署 Twilio 以來，該公司的 SMS 回應率已經提高了 38%，銀行工作人員的工作效率也提高了 20%。更重要的是，這些產品越來越受歡迎，因為它們使用簡單、值得信賴且聰明。

VERIFI is a great example. Not only is it growing quickly it is saving our customers millions of dollars by mitigating fraud at the source and to continue to deliver better outcomes for our customers leveraging AI, our SMS pumping protection product went GA during the quarter, which can be enabled with one click and automatically detects and blocks fraudulent messages, a growing issue in certain international markets.

VERIFI 就是一個很好的例子。它不僅成長迅速，而且還透過從源頭減少詐欺為我們的客戶節省了數百萬美元，並繼續利用人工智慧為我們的客戶提供更好的結果，我們的SMS 泵送保護產品在本季度全面上市，可以透過以下方式啟用：點擊並自動偵測並封鎖詐騙訊息，這是某些國際市場中日益嚴重的問題。

We're continuing to deliver on our promise of natively integrating segment capabilities into our communications business. This quarter, we released personalized virtual agent into private beta, marking Twilio's second product that natively embeds segment into communications.

我們將繼續兌現我們的承諾，將細分市場的能力本地整合到我們的通訊業務中。本季度，我們發布了個人化虛擬代理內測版，這是 Twilio 的第二款將細分原生嵌入通訊的產品。

With personalized virtual agent, our customers receive a truly personalized interactive voice response. Each caller receives a custom menu of options based on the recent interactions with the company, purchase history, recent support inquiries, and responses to marketing e-mails, among others.

透過個人化的虛擬代理，我們的客戶可以獲得真正個人化的互動式語音回應。每個呼叫者都會收到一個自訂選項選單，該選單基於最近與公司的互動、購買歷史記錄、最近的支援查詢以及對行銷電子郵件的回覆等。

The product combines voice, virtual agents with Google Dialogflow agents, studio and unified profiles into one simple product that is guided with this wizard setup. We're excited with this release as it marks the next chapter for how IVR is evolving in the world of AI.

該產品將語音、虛擬代理與 Google Dialogflow 代理、工作室和統一設定檔結合到一個簡單的產品中，並透過此精靈設定進行引導。我們對此版本感到非常興奮，因為它標誌著 IVR 在人工智慧領域的發展翻開了新的篇章。

And lastly, Twilio's Communications products continue to receive recognition as we were named a leader in the Gartner Magic Quadrant for CPaaS for the second year in a row, positioned highest for ability to execute and ranked number one in four of six use cases in the Gartner Critical Capabilities report.

最後，Twilio 的通訊產品繼續獲得認可，我們連續第二年被評為 Gartner CPaaS 魔力像限的領導者，在執行能力方面排名最高，並在 Gartner 的六個用例中的四個中排名第一關鍵能力報告。

Twilio is also named a leader in IDC's Marketscape Worldwide Contact Center as a Service. Turning to our folio Segment business. Segment delivered revenue of $75 million, up 3% year-over-year as we continue to focus on delivering against the priorities that we outlined in our operational review in March.

Twilio 也被 IDC 的 Marketscape 全球聯絡中心即服務評為領導者。轉向我們的對開部分業務。該部門的收入為 7500 萬美元，年增 3%，因為我們繼續專注於實現 3 月營運審查中列出的優先事項。

We made solid progress in improving customer time to value and executing on data warehouse interoperability. We also made significant improvements in our cost profile in Q2, and lowered our non-GAAP operating losses by 25% quarter-over-quarter.

我們在縮短客戶價值實現時間和執行資料倉儲互通性方面取得了紮實的進展。第二季度我們的成本狀況也取得了顯著改善，並將非 GAAP 營運虧損環比降低了 25%。

We also continue to focus on driving efficiencies in our go-to-market, which yielded an increase in sales productivity, and in Q2, over 40% of our new bookings were multiyear deals versus 17% in the prior year period.

我們也持續專注於提高上市效率，從而提高銷售效率，在第二季度，我們超過 40% 的新預訂是多年期交易，而去年同期為 17%。

A key win for segment included our largest deal of the quarter, a seven-figure deal with IBM. On the product front, we delivered on new capabilities to further enhance our interoperability with data platforms and data warehouses.

該部門的一個關鍵勝利包括我們本季最大的一筆交易，即與 IBM 達成的七位數交易。在產品方面，我們提供了新功能，以進一步增強與資料平台和資料倉儲的互通性。

In Q2, we released data graph and linked audiences into public beta, which seamlessly integrate with data warehouses, including Databricks and Snowflake. With linked audiences, marketers can now activate centralized data in the warehouse, and combine it with real-time events and predictive AI traits to generate unified customer profiles and audience cohorts to deliver targeted, personalized experiences.

在第二季度，我們發布了資料圖並將受眾連結到公共測試版，它與資料倉儲無縫集成，包括Databricks和Snowflake。透過關聯受眾，行銷人員現在可以啟動倉庫中的集中數據，並將其與即時事件和預測性人工智慧特徵相結合，產生統一的客戶檔案和受眾群體，從而提供有針對性的個人化體驗。

We've gotten a great response, and we're excited to have customers like Legal Zoom and TradeMe deploy and realize the benefits and efficiencies. We are also improving time to value for customers. During the quarter, our use case in-product onboarding went live, guiding customers through a customized onboarding experience, focused on their specific business goal.

我們得到了很好的反響，我們很高興讓 Legal Zoom 和 TradeMe 等客戶部署並實現收益和效率。我們也致力於縮短客戶的價值實現時間。在本季度，我們的用例產品內引導上線，引導客戶完成客製化的引導體驗，並專注於他們的特定業務目標。

Additionally, our CDP co-pilot is reducing instrumentation and development time. Customers can now deploy and get value from segment four times faster, and we are seeing early signs that we're able to accelerate business wins for our customers.

此外，我們的 CDP 副駕駛正在減少儀器和開發時間。客戶現在可以以四倍的速度部署並從細分市場中獲取價值，而且我們看到了早期跡象，表明我們能夠加速為客戶贏得業務。

Overall, I'm very pleased with the progress we've made so far this year. We're continuing to deliver durable, profitable growth, while driving strong free cash flow, and we have a number of organic initiatives underway that we believe will reaccelerate revenue growth over time.

總的來說，我對今年迄今的進展感到非常滿意。我們將繼續實現持久的獲利成長，同時推動強勁的自由現金流，我們正在進行許多有機舉措，我們相信隨著時間的推移，這些舉措將重新加速收入成長。

I'm incredibly energized about our opportunity to become the leading customer engagement platform, combining communications, contextual data and AI to deliver intelligent engagement and outsized outcomes for our customers. And I remain very confident in our ability to deliver accelerated growth and continued improvements in our free cash flow profile over the coming quarters.

我對我們有機會成為領先的客戶參與平台感到非常興奮，該平台將通訊、上下文數據和人工智慧相結合，為我們的客戶提供智慧參與和超額成果。我對我們在未來幾季實現加速成長和持續改善自由現金流狀況的能力仍然非常有信心。

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, and good afternoon, everyone. Jumping into our results. Total Q2 revenue was $1.083 billion, up 4% reported and 7% organically year-over-year. Communications revenue was $1.007 billion, up 4% reported and 7% organically year-over-year, and segment revenue was $75 million, up 3% year-over-year.

謝謝科澤馬，大家下午好。跳到我們的結果。第二季總營收為 10.83 億美元，報告成長 4%，有機年增 7%。通訊收入為 10.07 億美元，年增 4%，有機成長 7%；分部收入為 7,500 萬美元，較去年同期成長 3%。

Our Q2 revenue growth was driven by solid performance in messaging, acceleration in e-mail growth as well as continued strength in our IFC business. We continue to see signs of growth stabilization in our communications business, and we saw modest sequential improvements in international as well.

我們第二季營收的成長得益於訊息傳遞的穩健表現、電子郵件成長的加速以及 IFC 業務的持續強勁。我們繼續看到通訊業務成長穩定的跡象，國際業務也出現了適度的連續改善。

Company organic revenue growth and communications organic revenue growth were both roughly 100 basis points lower due to the sunsetting of the software component of our Zipwhip business. We continue to expect modest headwinds over the balance of 2024 from this decision, which we estimate will be roughly 90 basis points in Q3 and 80 basis points for the full year.

由於 Zipwhip 業務軟體部分的退出，公司有機收入成長和通訊有機收入成長均下降了約 100 個基點。我們繼續預期這項決定將在 2024 年餘下時間帶來適度的阻力，我們預計第三季的阻力將約為 90 個基點，全年的阻力將約為 80 個基點。

Our Q2 dollar-based net expansion rate was 102%. Our dollar-based net expansion rate for communications was 102% and 103% when excluding Zipwhip software customers. Our dollar-based net expansion rate for segment was 93%, driven by elevated churn and contraction. Mitigating churning contraction remains a focus for segment, and we're encouraged by the progress we made in Q2.

我們第二季以美元計算的淨擴張率為 102%。當排除 Zipwhip 軟體客戶時，我們的通訊領域以美元計算的淨擴張率為 102% 和 103%。在客戶流失和收縮加劇的推動下，我們該部門以美元計算的淨擴張率為 93%。緩解攪動收縮仍然是該細分市場的重點，我們對第二季的進展感到鼓舞。

As Khozema discussed, we are improving time to value and customers are deploying use cases 4x faster as a result. We are also pushing for more multiyear deals with customers, and in Q2, over 40% of segment's new bookings were multiyear deals versus 17% a year ago.

正如 Khozema 所討論的，我們正在縮短價值實現時間，客戶部署用例的速度因此提高了 4 倍。我們也正在推動與客戶達成更多的多年期交易，在第二季度，超過 40% 的細分市場新預訂是多年期交易，而一年前這一比例為 17%。

We delivered record non-GAAP gross profit of $577 million, up 7% year-over-year. This represented a non-GAAP gross margin of 53.3%, up 110 basis points year-over-year and down 70 basis points quarter-over-quarter.

我們實現了創紀錄的非 GAAP 毛利 5.77 億美元，年增 7%。這意味著非 GAAP 毛利率為 53.3%，較去年同期成長 110 個基點，較上季下降 70 個基點。

As we noted in our Q1 call, we recognized elevated cloud hosting credits that benefited Q1 gross margins by roughly 80 basis points, and those credits did not recur in Q2. Non-GAAP gross margins for our communications and segment business units were 51.8% and 73.4%, respectively.

正如我們在第一季電話會議中指出的那樣，我們認識到雲端託管積分的增加使第一季的毛利率提高了大約 80 個基點，並且這些積分在第二季度沒有重複出現。我們的通訊和分部業務部門的非 GAAP 毛利率分別為 51.8% 和 73.4%。

As we noted in Q1, we are migrating part of segments architecture to new infrastructure providers this year to recognize greater efficiencies. We began migrating data to our new provider in Q2, and during this transition, we will incur some overlapping vendor expenses.

正如我們在第一季所指出的，我們今年將部分細分架構遷移到新的基礎設施供應商，以提高效率。我們在第二季開始將資料遷移到新的供應商，在此過渡期間，我們將產生一些重疊的供應商費用。

As a result, we expect reduced segment gross margins until the migration is complete, which is expected to occur by the end of 2024. Non-GAAP income from operations came in well ahead of expectations at $175 million, up 46% year-over-year even after including $20 million of incremental expenses associated with our new employee cash bonus program.

因此，我們預計，在遷移完成之前，該部門的毛利率將會下降，預計將於 2024 年底完成。 非 GAAP 營運收入遠超預期，達到 1.75 億美元，年增 46%。員工現金獎勵計劃相關的2,000 萬美元增量費用後的一年。

As a reminder, we initiated this program at the start of the year to reduce stock-based compensation expenses over time. The outperformance was driven by our revenue beat, improvements in segment's expense profile and ongoing cost discipline.

提醒一下，我們在今年年初啟動了該計劃，以隨著時間的推移減少基於股票的補償費用。業績優異是由我們的收入成長、部門費用狀況的改善以及持續的成本控制所推動的。

Our non-GAAP operating margin of 16.2% was up 460 basis points year-over-year and 100 basis points sequentially. Non-GAAP income from operations for our communications business was $250 million and non-GAAP loss from operations for our segment business was $16 million, a $5 million improvement quarter-over-quarter.

我們的非 GAAP 營運利潤率為 16.2%，較去年同期成長 460 個基點，較上季成長 100 個基點。我們通訊業務的非 GAAP 營運收入為 2.5 億美元，分部業務的非 GAAP 營運虧損為 1,600 萬美元，比上一季減少 500 萬美元。

GAAP loss from operations was $19 million as we continue to make solid progress on our path towards GAAP profitability. Stock-based compensation as a percentage of revenue was 13.6% excluding restructuring costs, down 130 basis points quarter-over-quarter, and 110 basis points year-over-year.

隨著我們在實現 GAAP 盈利能力的道路上繼續取得紮實進展，GAAP 營運損失為 1,900 萬美元。不計重組成本，股票薪酬佔收入的百分比為 13.6%，環比下降 130 個基點，較去年同期下降 110 個基點。

We generated free cash flow of $198 million, driven by continued operating efficiency and ongoing collection strength. This was up $126 million year-over-year, and over the last 12 months, we generated free cash flow of $781 million.

在持續的營運效率和持續的收款實力的推動下，我們產生了 1.98 億美元的自由現金流。這一數字年增了 1.26 億美元，在過去 12 個月中，我們產生了 7.81 億美元的自由現金流。

We're making good progress on free cash flow, and we believe there are significant opportunities to drive more leverage over time.

我們在自由現金流方面取得了良好進展，我們相信隨著時間的推移，有很大機會提高槓桿率。

Finally, we're continuing to execute on our $3 billion share repurchase program and have repurchased over $700 million since our last earnings call in May.

最後，我們將繼續執行 30 億美元的股票回購計劃，自 5 月上次財報電話會議以來，我們已回購了超過 7 億美元的股票。

This brings our total repurchases to date to over $2.2 billion. We intend to complete the remaining $800 million of authorized repurchases by year-end, which should meaningfully reduce our outstanding share count over the next two quarters. Our total shares outstanding as of June 30 was $164 million, down 10% year-to-date.

這使得我們迄今為止的回購總額超過 22 億美元。我們打算在年底前完成剩餘的 8 億美元授權回購，這將大大減少我們未來兩季的流通股數。截至 6 月 30 日，我們的已發行股票總額為 1.64 億美元，今年迄今下降了 10%。

Moving to guidance. For Q3, we're initiating a revenue target of $1.085 billion to $1.095 billion, representing year-over-year growth of 5% to 6% on both a reported and organic basis. We've now lapped our two divestitures from last year, so starting in Q3, reported and organic quarterly revenue will be equivalent. Given year-to-date performance, we're narrowing our full year organic revenue growth guidance range to 6% to 7%.

轉向指導。對於第三季度，我們設定的營收目標為 10.85 億美元至 10.95 億美元，報告營收和有機收入年增 5% 至 6%。我們現在已經完成了去年的兩項資產剝離，因此從第三季開始，報告收入和有機季度收入將持平。鑑於今年迄今的表現，我們將全年有機收入成長指引縮小至 6% 至 7%。

Turning to our profit outlook. For Q3, we expect non-GAAP income from operations of $160 million to $170 million. Given our outperformance in Q2, we're raising our full year non-GAAP income from operations guidance to $650 million to $675 million.

轉向我們的利潤前景。對於第三季度，我們預計非 GAAP 營運收入為 1.6 億至 1.7 億美元。鑑於我們在第二季的優異表現，我們將全年非 GAAP 營運指引收入提高至 6.5 億至 6.75 億美元。

Finally, we remain focused on improving our free cash flow profile, and we continue to expect that full year free cash flow generation will be in line with our full year non-GAAP income from operations. We're encouraged by the performance we delivered in the first half as we stabilized revenue growth and delivered strong profitability and free cash flow.

最後，我們仍然專注於改善我們的自由現金流狀況，我們繼續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。我們對上半年的業績感到鼓舞，因為我們穩定了收入成長並實現了強勁的獲利能力和自由現金流。

As we look ahead, we're investing in initiatives to reaccelerate growth, but we continue to plan and guide prudently. We are progressing towards GAAP profitability, and we continue to see significant opportunities for margin expansion and improve free cash flow over time.

展望未來，我們正在投資於重新加速成長的舉措，但我們將繼續謹慎規劃和指導。我們正在朝著 GAAP 獲利能力邁進，隨著時間的推移，我們繼續看到利潤率擴張和自由現金流改善的重大機會。

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.

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)

（操作員說明）

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, this is Quinton on for Jim Fish. Maybe first on the margin side. You've talked about a fair amount of incremental leverage opportunity coming from automation of back-office activities like contract management or that product activation.

嘿，這是吉姆·菲什的昆頓。也許首先是在邊緣方面。您談到了來自後台活動自動化（例如合約管理或產品啟動）的大量增量槓桿機會。

What inning are we in for those operational improvements across the business? And as we think about the upside you've shown relative to guide so far this year, how much of the cost savings is coming from these process improvements versus just better rigor around managing spend?

整個企業的營運改善目前處於哪個階段？當我們思考今年迄今相對於指南所顯示的優勢時，這些流程改善與更嚴格的支出管理相比，節省了多少成本？

Why don't I start and then Khozema can jump in. Listen, I think we've done a lot on margins. If you just take a step back and think about the expansion that we got last year, and then coming into this year, our initial guide assumes very little operating margin leverage.

為什麼我不先開始，然後科澤馬就可以介入。如果你退一步想想我們去年和今年的擴張，我們最初的指南假設營業利潤率槓桿率非常低。

If you look at our current guide for the year at the midpoint, it's about -- I'd say 250-ish basis points of margin expansion. So we continue to find opportunities to get expansion on both the OpEx line as well as the stock-based compensation line.

如果你看看我們目前的今年中期指南，我想說的是，利潤率擴張約為 250 個基點。因此，我們繼續尋找機會擴大營運支出線和基於股票的薪酬線。

And we don't think we're done. So we've talked about the fact that we're going to get the segment business to break even by the second quarter of next year. That business lost $16 million in the second quarter, $21 million in the first quarter. So you can see that there's an opportunity to get leverage there.

我們認為我們還沒有完成。因此，我們已經討論過這樣一個事實，即我們將在明年第二季之前使該部門業務實現收支平衡。該業務第二季虧損 1,600 萬美元，第一季虧損 2,100 萬美元。所以你可以看到那裡有機會獲得影響力。

And then in addition, in the broader business, I'd say in communications and the G&A functions, there's a lot of work that we're doing around, you mentioned automation. We are a remote-first company, so we do have the opportunity to leverage lower-cost geographies as a way to continue to get efficiencies. And so we're doing all of these things and continue to do them.

此外，在更廣泛的業務中，我想說在通訊和 G&A 職能方面，我們正在做很多工作，你提到了自動化。我們是一家遠端優先的公司，因此我們確實有機會利用成本較低的地區來繼續提高效率。因此，我們正在做所有這些事情，並將繼續做下去。

I would say, I'm not going to give you an exact inning, but I would say we have a lot of opportunity to continue to expand margins both on the non-GAAP side as well as the GAAP side, including stock-based compensation.

我想說，我不會給你一個確切的數字，但我想說，我們有很多機會繼續擴大非公認會計原則和公認會計原則方面的利潤，包括基於股票的薪酬。

In terms of the profit, in terms of what's coming from improvements in process versus cost discipline, I think it's a little bit of both. It's largely cost discipline though. We continue to believe that we can run this company without having to add a lot of incremental costs. You've seen us do that now for six quarters in a row.

就利潤而言，就流程改善與成本控制所帶來的效益而言，我認為兩者兼具。不過，這主要是成本紀律。我們仍然相信，我們可以經營這家公司，而無需增加大量增量成本。您已經看到我們連續六個季度這樣做了。

And so we're really just much more disciplined in terms of how we're running the company, and that's something Khozema drives pretty regularly with the team.

因此，我們在公司營運方面確實更加自律，這也是科澤馬經常與團隊一起推動的事情。

That's helpful. And then on the revenue front, it sounds like we found stabilization here, and actually quarter-over-quarter things sound a little bit better, which is great. But we also tightened the kind of revenue targets for the full year down slightly.

這很有幫助。然後在收入方面，聽起來我們在這裡找到了穩定，實際上季度環比情況聽起來好一點，這很棒。但我們也收緊了全年的那種收入目標，小幅下調。

Can you talk about what's embedded into the guide here? What assumptions or incremental prudence that you've incorporated relative to the kind of last guide that we got last quarter? Thank you.

能談談指南中嵌入的內容嗎？相對於我們上季度獲得的最新指南，您採取了哪些假設或漸進的謹慎態度？謝謝。

Yes. Thanks for the question. I'll take it again. So we grew year-to-date through the first half 7%. We're guiding to 5% to 6% in Q3. We think the 6% to 7% that we gave for the year is a reasonable range based on what we're seeing today.

是的。謝謝你的提問。我會再拿一次。因此，今年上半年我們的成長率為 7%。我們預計第三季的成長率為 5% 至 6%。根據我們今天所看到的情況，我們認為今年給出的 6% 至 7% 是一個合理的範圍。

I will say that, in the second quarter, we did see a number of very encouraging trends in the business. In particular, we saw strength in messaging, as you know, that's our biggest business. Solid performance, both in the US, which we've seen for the majority of this year, but also, we saw modestly improving trends internationally.

我想說的是，在第二季度，我們確實看到了一些非常令人鼓舞的業務趨勢。特別是，我們看到了在訊息傳遞方面的優勢，如您所知，這是我們最大的業務。我們在今年的大部分時間都看到了美國市場的穩健表現，而且我們也看到了國際趨勢的適度改善。

We also saw growth in our e-mail business accelerate, and Khozema kind of talked about it in his prepared remarks as well, really strong performance in both our ISV and self-serve businesses. So we saw a number of encouraging trends. We guided to 5% to 6% in the third quarter. I mean if you think about how we guided in Q1 and Q2, that was 4% to 5%.

我們也看到我們的電子郵件業務成長加速，Khozema 在他準備好的演講中也談到了這一點，我們的 ISV 和自助服務業務都表現強勁。因此，我們看到了許多令人鼓舞的趨勢。我們預計第三季的成長率為 5% 至 6%。我的意思是，如果你考慮我們在第一季和第二季的指導情況，那就是 4% 到 5%。

So you are seeing some of these trends kind of flow through to the guidance. But we are still a usage-based business. So there is inherent variability that comes along with that. And so we'll continue to plan, we'll continue to guide prudently, just given that and given the dynamic market that we're operating in.

因此，您會看到其中一些趨勢已融入指南中。但我們仍然是一家基於使用的企業。因此，隨之而來的是固有的可變性。因此，考慮到這一點以及我們所處的充滿活力的市場，我們將繼續計劃，並繼續謹慎指導。

I'll just add one thing maybe, which is, we're not really planning for any kind of like macroeconomic environment like whether it's good or bad. I think we're just planning to run the company well. As we've alluded to a number of times, running it with better discipline, better rigor, and it's obviously a dynamic global market with a lot of different kind of geo things going on, macro things going on. I think irrespective of however any of that plays, we feel really good about the guidance that we've given.

我也許會補充一件事，那就是，我們並沒有真正規劃任何類似的宏觀經濟環境，例如它是好還是壞。我認為我們只是計劃好好經營公司。正如我們多次提到的，以更好的紀律、更嚴格的方式運行它，這顯然是一個充滿活力的全球市場，有許多不同類型的地理事物、宏觀事物正在發生。我認為，無論其中任何一個如何發揮，我們對我們所提供的指導都感到非常滿意。

And as Aidan said, we'll continue to be prudent about the way that we guide.

正如艾丹所說，我們將繼續謹慎對待我們的指導方式。

(Operator Instructions)

（操作員說明）

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Khozema, you mentioned an acceleration in e-mail. And I'm curious to what you might attribute to that, whether it's more marketing emails, transactional emails, notification emails, is there anything there that makes you think companies are finally starting to lean back in to outbound marketing activities or on customer engagement initiatives in a way that maybe they weren't a couple of quarters ago? And then I have a quick follow-up.

Khozema，您提到了電子郵件的加速發展。我很好奇你可能會將此歸因於什麼，無論是更多的營銷電子郵件、交易電子郵件、通知電子郵件，是否有任何東西讓你認為公司終於開始回歸對外營銷活動或客戶參與計劃也許他們不是幾個季度前的？然後我會進行快速跟進。

Yes. Mark, thanks for the question. I wouldn't say that it necessarily breaks down exactly the way that you said it. I think, in general, we are seeing just kind of elevated trends in that product, in that part of the business. I think maybe to just sort of build on your question through the Twilio lens a little bit more.

是的。馬克，謝謝你的提問。我不會說它一定會像你所說的那樣崩潰。我認為，總的來說，我們看到該產品、該業務部分的趨勢有所上升。我想也許只是透過 Twilio 鏡頭進一步加深你的問題。

I think where we continue to see a lot of opportunity, and I think email and the other channels to be beneficiaries is, as communications become more targeted, as they start to leverage more contextual data as we kind of talked about, especially through vis-a-vis segment, I think there is an opportunity to grow the e-mail channel.

我認為我們繼續看到很多機會，而且我認為電子郵件和其他管道將成為受益者，因為溝通變得更有針對性，因為他們開始利用更多的上下文數據，正如我們所討論的那樣，特別是透過視覺相對於細分市場，我認為有機會發展電子郵件管道。

And because what you and I will receive as consumers will be much more specified, much more targeted, much richer communication. And I think we're seeing a little bit of that. And I think a lot of that is kind of really more on the comm. But in the quarter, I wouldn't necessarily point to one thing or the other. I'd just say kind of elevated trends on the product.

因為身為消費者，你和我將收到更具體、更有針對性、更豐富的溝通。我認為我們已經看到了一些這樣的情況。我認為其中很多都與通訊有關。但在本季度，我不一定會指出一件事或另一件事。我只想說產品的某種上升趨勢。

Okay, thank you for the comment. And then Aidan, I wanted to ask you, I want to try to combine two quick thoughts. But you generated, I think, $1.25 a share of free cash flow in Q2, right? So it arguably puts you on a $5 per share run rate, which is a lot. And just, is anything onetime in nature?

好的，謝謝您的評論。然後艾丹，我想問你，我想嘗試結合兩個快速的想法。但我認為，您在第二季度產生了每股 1.25 美元的自由現金流，對吧？因此，它可以說讓你獲得每股 5 美元的運行費，這已經是很多了。只是，自然界中有什麼東西是一次性的嗎？

Or could we roll that kind of free cash flow margin into 2025? And then I did just, relating back to that question of the narrowing of the range, we're trying, I think, we're trying to reconcile there's a lot of positive comments and then that got narrowed just a hair below the midpoint.

或者我們可以將這種自由現金流利潤率延續到 2025 年嗎？然後我回到縮小範圍的問題，我想，我們正在努力協調有很多正面的評論，然後範圍縮小到中點以下一點。

And I'm just wondering, we've had a Starbucks, Nike, McDonald's, Tesla, there's been a lot of consumer slowdown. Is there anything there factoring in maybe to how you're thinking about the holiday season?

我只是想知道，我們有星巴克、Nike、麥當勞、特斯拉，但消費者的成長速度卻在放緩。有什麼因素可能影響您對假期的看法嗎？

Yes. So Mark, let me start on the back end of the question, and then I'll let Aidan pick up on the cash flow side. So I think from an industry perspective, I mean, kind of the good news for Twilio is, I mean, you know the company really well. You've been following us for a long time. Like we have a very, very distributed customer base, right?

是的。馬克，讓我從問題的後端開始，然後讓艾丹談談現金流方面。因此，我認為從行業角度來看，對於 Twilio 來說，好消息是，您非常了解這家公司。你已經關注我們很久了。就像我們有一個非常非常分散的客戶群，對吧？

So over 300,000 customers, we're spread across a wide variety of industries. And so we're always, quite frankly, looking at like some up, some down in a variety of these different areas. I would say as it relates to some of the kind of areas that you pointed to, like let's maybe just categorize those as retail, e-commerce, I would say that, that was an area that was particularly good for us. I wouldn't necessarily point to a seasonal or holiday trend.

我們擁有超過 30 萬名客戶，遍佈各行業。因此，坦白說，我們總是在各種不同的領域中看待一些上升，一些下降。我想說，因為它與您指出的某些領域有關，例如我們可以將它們歸類為零售、電子商務，我想說，這是對我們特別有利的領域。我不一定會指出季節性或節日趨勢。

I'm not necessarily forecasting like a strong like Thanksgiving or Christmas season. Like again, we're kind of planning for like whatever the period is. We just want to run the company well, and guide prudently through all that. So that's kind of how we're thinking about the way that we're running the company, first and foremost, and then how that ends up translating into some of our revenue guidance. And then on cash, Aidan, do you want to take that?

我不一定會像感恩節或聖誕節那樣做出強烈的預測。再說一遍，無論什麼時期，我們都在做計畫。我們只是想把公司經營好，謹慎地引導這一切。這就是我們首先考慮的公司運作方式，然後如何最終轉化為我們的一些收入指引。然後是現金，艾丹，你願意接受嗎？

Yes. So thanks, Mark. And if you look at our cash performance kind of through the first half or at least in the second quarter, you can see that cash is kind of outpacing our non-GAAP profit. It was about 18% free cash flow margin in the second quarter. What we saw there is largely a function of the profit generation and the continued leverage that we're getting on OpEx, but we did see collections improvement in the quarter by about two days.

是的。謝謝，馬克。如果你看看我們上半年或至少第二季的現金表現，你會發現現金有點超過了我們的非公認會計準則利潤。第二季自由現金流利潤率約 18%。我們看到的主要是利潤產生和我們在營運支出上獲得的持續槓桿的函數，但我們確實看到本季度的收款情況改善了大約兩天。

Now on the flip side, AP kind of went the other way. So net-net, working capital really wasn't a help. So I wouldn't call out anything specifically. What we said for the year is you should expect free cash flow generation to be in line with non-GAAP profit. I think that's a good framework in terms of how to think about it for the time.

現在，另一方面，美聯社卻走了另一條路。所以，營運資金確實沒有幫助。所以我不會特別指出任何事情。我們今年所說的是，你應該預期自由現金流的產生將與非公認會計準則利潤保持一致。我認為就目前如何思考而言，這是一個很好的框架。

Thank you very much.

非常感謝。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Thank you. This is Chris on for Arjun. I was hoping to get a little extra color on segment NRR in the quarter. It was great to see the improvement there, and I was wondering if you think that we're starting to stabilize and kind of found the bottom and how we should think about the trends going forward?

謝謝。這是阿瓊的克里斯。我希望本季的 NRR 細分市場能有一些額外的色彩。很高興看到那裡的改善，我想知道您是否認為我們正在開始穩定並找到底部，以及我們應該如何考慮未來的趨勢？

Yes. I think as it relates to segments dollar-based net expansion was 93% this quarter was 92% last quarter. The business grew 3%. What we said for this year is you should expect that business to -- the growth in that business to be muted. I think that continues to be our expectation for the year.

是的。我認為，與細分市場相關的以美元為基礎的淨擴張本季為 93%，上季為 92%。該業務增長了 3%。我們今年所說的是，你應該預期該業務的成長將會放緩。我認為這仍然是我們對今年的期望。

I'd say 93% DBNE per segment was kind of in line with what we were expecting. And really there, we're focused on a number of different initiatives that we laid out in March kind of at our operational review readout, and we're focused on a couple of things.

我想說每個細分市場 93% 的 DBNE 與我們的預期相符。事實上，我們專注於我們在三月的營運審查報告中提出的許多不同舉措，我們專注於幾件事。

Number one, we're improving our customers' onboarding experience. Historically, it took way too long for customers to get to value. And now Khosema and the team have implemented a number of different things that get customers to value on their first use case in a matter of weeks versus historically in a matter of months.

第一，我們正在改善客戶的入職體驗。從歷史上看，客戶需要很長時間才能獲得價值。現在，Khosema 和團隊已經實施了許多不同的措施，讓客戶在幾週內就能對他們的第一個用例產生價值，而歷史上則需要幾個月的時間。

In addition to that, we're making a concerted effort to sign more multiyear deals, and that will help with churn and contraction. That will help with dollar-based net expansion as a result. And this quarter of the bookings that we signed, 40% of them were multiyear deals versus just 17% a year ago.

除此之外，我們正在共同努力簽署更多的多年期協議，這將有助於減少客戶流失和收縮。這將有助於以美元為基礎的淨擴張。在本季度我們簽署的預訂中，40% 是多年協議，而一年前這一比例僅為 17%。

And then the last thing we committed to at the Investor Day or one of the other things I should say, it's not the only thing, we are making progress on our data warehouse interoperability, which is important for our customers. And in Q2, we introduced linked audiences.

然後我們在投資者日承諾的最後一件事或我應該說的其他事情之一，這不是唯一的事情，我們正在資料倉儲互通性方面取得進展，這對我們的客戶很重要。在第二季度，我們引入了關聯受眾。

And what that does is it allows customers to combine their segment CDP data with data in their warehouses. And that's, again, an important thing for our customer base. So all of those things combined, we think, over time, help DBNE. It won't be immediate.

其作用是讓客戶將其細分 CDP 資料與其倉庫中的資料結合。這對我們的客戶群來說又是一件重要的事。因此，我們認為，隨著時間的推移，所有這些因素結合起來，將有助於 DBNE。這不會是立竿見影的。

DBNE is a trailing 12-month metric. So it's not going to reflect immediately. But as these things start to get traction, we think that it will send that metric in the right direction kind of over time.

DBNE 是追蹤 12 個月的指標。所以它不會立即反映出來。但隨著這些事情開始受到關注，我們認為隨著時間的推移，它會讓該指標朝著正確的方向發展。

Great. That's very helpful color. And the second question for me was, the personalized agent sounds like an interesting way to kind of combine the communications platform with segment. I was curious what kind of reception is getting from customers so far? And what other kinds of products are on the road map that incorporate segment into communications?

偉大的。這是非常有用的顏色。對我來說第二個問題是，個人化代理聽起來像是一種將通訊平台與細分相結合的有趣方式。我很好奇到目前為止顧客的反應如何？路線圖上還有哪些類型的產品將細分市場融入通訊領域？

Yes. I don't want to get too far ahead of the road map. So maybe I'll park that for an upcoming period when we report. I think in terms of the launch that we just did, I think it's pretty early. I mean we just launched the thing a few weeks ago.

是的。我不想比路線圖走得太遠。所以也許我會在接下來的一段時間我們報道時把它擱置起來。我認為就我們剛推出的產品而言，我認為現在還為時過早。我的意思是我們幾週前剛推出了這個東西。

I think based on the customer conversations that I've had, people are really, really excited about it. I think the whole notion of being able to leverage like a detailed profile about a customer in the context of a conversation is incredibly important.

我認為根據我與客戶的對話，人們對此真的非常非常興奮。我認為能夠在對話中利用有關客戶的詳細資料的整個概念非常重要。

And I think it also has the benefit of like creating a feedback loop. So the customers that I've spoken with are very, very excited. I know our team is very excited based on the customers they've spoken with as well. But in terms of financials, it's just early days, and we'll have to kind of report back on that later.

我認為它還有一個好處，例如創建回饋循環。因此，與我交談過的客戶都非常非常興奮。我知道我們的團隊也根據與他們交談過的客戶而感到非常興奮。但就財務而言，現在還處於早期階段，我們必須稍後對此進行報告。

Got it. Thanks, and congrats on the quarter.

知道了。謝謝，並恭喜本季。

Thanks.

謝謝。

Thanks.

謝謝。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yes, hi, thanks for the time for taking my questions. So maybe going back to the full year revenue outlook and some of the assumptions, you talked about an improvement in trends with international and email.

是的，您好，感謝您抽空回答我的問題。因此，也許回到全年收入前景和一些假設，您談到了國際和電子郵件趨勢的改善。

Segment growth improved slightly, and then you talked about some of the ISC And co-sell opportunities. So I know you have some initiatives in place to accelerate growth that could be additive to a stabilization in the macro in the second half.

細分市場成長略有改善，然後您談到了一些 ISC 和聯合銷售機會。所以我知道你們已經採取了一些加速成長的舉措，這可能有助於下半年宏觀經濟的穩定。

So when you think about like those playing out and what might be embedded into the guide, it looks like the revenue guide just assumes trends remain status quo and maybe doesn't assume much upside from some of these initiatives that you have in place.

因此，當您考慮正在發生的事情以及可能嵌入到指南中的內容時，收入指南似乎只是假設趨勢保持現狀，並且可能不會假設您所採取的某些舉措沒有太多好處。

So could you just provide a little bit more color there and what those opportunities could look like? Thanks.

那麼您能否提供更多的色彩以及這些機會可能會是什麼樣子？謝謝。

Yes. I think we -- I'll start. I think we believe that the Q4 implied math gets you to kind of a reasonable range of outcomes based on kind of what we're seeing in the business today. As we said, you kind of call them out, a number of different trends that we're seeing that have been encouraging over the last three months.

是的。我想我們──我要開始了。我認為我們相信第四季度的隱含數學可以讓你根據我們今天在業務中看到的情況得出合理的結果範圍。正如我們所說，您可以將它們指出來，我們看到在過去三個月中令人鼓舞的許多不同趨勢。

I think the thing to remember is Twilio is very dynamic, and we are usage-based. And so we continue to just plan prudently in that light. And so we just want to make sure that we're not getting ahead of ourselves. We're not reading into too much in terms of what we're seeing over three months, and that's just the right thing to do, just given how dynamic the market is.

我認為要記住的是 Twilio 非常動態，而且我們是基於使用情況。因此，我們將繼續根據這一情況謹慎規劃。所以我們只是想確保我們不會超前。我們並沒有對過去三個月所看到的情況進行太多解讀，考慮到市場的活力，這正是正確的做法。

Yes, the only thing I'd add is, I mean, again, just to maybe reinforce a few points that Aidan made, I think we see encouraging signs like we feel good about the guidance that we provided today. I think as these things start to materialize, like we'll feel better, obviously, but there are a number of things that are happening inside the business today that certainly feel like they could be juice for growth down the road, and we're optimistic about it. But we're going to continue guiding prudently just given that it's a dynamic environment.

是的，我唯一要補充的是，我的意思是，再次強調艾丹提出的幾點，我認為我們看到了令人鼓舞的跡象，例如我們對今天提供的指導感到滿意。我認為，隨著這些事情開始實現，我們顯然會感覺更好，但今天企業內部發生的許多事情肯定會成為未來成長的動力，我們正在對此持樂觀態度。但鑑於這是一個動態的環境，我們將繼續謹慎指導。

Perfect. And then just maybe as a follow-up. So when you talked about some of the improvement in trends that you saw in 2Q, maybe you could just talk about like linearity a little bit in the quarter.

完美的。然後也許只是作為後續行動。因此，當您談到第二季度看到的一些趨勢改善時，也許您可以只談論本季的線性度。

And as we start 3Q, would you say that a lot of those trends have remained similar, or are there any notable changes to flag? Thanks.

當我們開始第三季時，您是否認為其中許多趨勢仍然相似，或者是否有任何值得注意的變化？謝謝。

Yes. I mean we're not going to get ahead of that, obviously, Taylor. Like I think orders don't have sort of the linearity dynamics maybe of what you see in some other companies. I think, again, we saw pretty positive trends as a result of the three-month period that we're talking about today.

是的。我的意思是，顯然我們不會超越這一點，泰勒。就像我認為訂單不具有您在其他一些公司中看到的那種線性動態。我認為，在我們今天討論的三個月期間，我們再次看到了非常積極的趨勢。

I certainly don't want to get into July or anything like that, but based on what we've seen, we're encouraged, and we'll play through Q3.

我當然不想進入七月或類似的情況，但根據我們所看到的情況，我們受到鼓勵，我們將打完第三季。

Great. Thank you so much.

偉大的。太感謝了。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Thanks. I just wanted to kind of confirm on political traffic. I know in the past, you guys have kind of said that, that was going to be an area that you weren't going to invest in.

偉大的。謝謝。我只是想確認一下政治流量。我知道過去你們曾說過，這將會是一個你們不會投資的領域。

But just as we kind of head into a political season, just should we still be thinking about kind of political traffic either to e-mail or text message is something that's kind of more limited contribution to Twilio? Thanks.

但正當我們即將進入政治季節時，我們是否仍然應該考慮電子郵件或簡訊的政治流量對 Twilio 的貢獻更為有限？謝謝。

Yes. I think as it relates to political, we always have some political traffic kind of rolling through our business. But I wouldn't expect outsized revenue impact as a result of the upcoming election. We have registration requirements we talked about before with you in an acceptable use policy.

是的。我認為，由於它與政治有關，我們的業務中總是有一些政治流量。但我預計即將到來的選舉不會對收入產生巨大影響。我們之前在可接受的使用政策中與您討論過註冊要求。

And if customers don't meet those policies, we won't take the traffic. So it ensures a level of quality on our networks and on our platform, and it protects consumers. We think that's the right thing to do. So there might be a little bit of a bump, but it won't be anything outsized as we get closer to the US elections.

如果客戶不符合這些政策，我們就不會接受流量。因此，它確保了我們的網路和平台的品質水平，並保護了消費者。我們認為這是正確的做法。因此，可能會出現一些波動，但隨著美國大選的臨近，不會出現太大的波動。

Great. Thanks. And then just, I noted you guys said international improvement. Is that some end market improvement? Or do you kind of attribute that to some of the ISV relationships growing? Just how do you think about kind of some of that improvement that you're seeing or ISV traction? Thanks.

偉大的。謝謝。然後，我注意到你們說國際進步。這是終端市場的一些改善嗎？或者您將其歸因於某些 ISV 關係的不斷發展？您如何看待您所看到的某些改進或 ISV 的吸引力？謝謝。

Yes, so we did see this kind of improving trend with the international. It's international -- when we say international, just to be clear, it's internationally terminating messaging traffic.

是的，所以我們確實看到了國際上這種改善的趨勢。它是國際性的——當我們說國際性時，需要明確的是，它是國際性的終止訊息流量。

And I would say it was a bit broad-based. It wasn't one group of customers or the other. So that was encouraging in a way to see that it was a bit broader versus just an ISV group or another group of customers.

我想說它的基礎有點廣泛。這不是一組顧客或另一組顧客。因此，與 ISV 團體或其他客戶群相比，它的範圍更廣，這在某種程度上令人鼓舞。

But beyond that, I wouldn't call out anything specific. It wasn't a certain industry. It wasn't a certain market where traffic was terminating that spiked or jumped out to us. It was broader.

但除此之外，我不會提出任何具體內容。這不是一個特定的行業。並不是某個流量終止的市場突然出現高峰或跳出。它更廣泛。

Great. Thanks.

偉大的。謝謝。

Ryan Koontz, Needham & Co.

孔茲 (Ryan Koontz)，李約瑟公司

Hi, thanks for the question. I wanted to ask about any of the changes you're making in go-to-market and these sort of changes that are driving the strength you're able to reduce costs, and any progress in automation that you've had on the comm side of the business?

你好，謝謝你的提問。我想詢問您在進入市場方面所做的任何改變，以及這些正在推動您降低成本的能力的改變，以及您在通訊領域的自動化方面取得的任何進展業務方面？

Yes. I mean just to maybe go back a little bit, like we made a number of changes, obviously, that unfortunately resulted in a whole series of layoffs towards the earlier part of last year. So now we're kind of back into 2023. And we're starting to see some of those, well, a lot of those changes, frankly, especially in our cost profile, rippled through the business.

是的。我的意思是，也許我們可以回顧一下，就像我們做了一些改變一樣，顯然，不幸的是，這導致了去年早些時候的一系列裁員。現在我們已經回到了 2023 年。

In terms of some of the rationale behind what we did at the time and what we were kind of expecting going forward, like we did want to orient many more of our customers towards self-serve.

就我們當時所做的一些理由以及我們對未來的期望而言，就像我們確實希望讓更多的客戶轉向自助服務一樣。

And I think we pointed to a couple of things in the quarter around self-serve like it was definitely one of the better quarters for that kind of cohort and segment of customers. It's a very, very kind of broad set like you can have customer spending small amounts of money up to kind of decently large sized amounts of money. And so it's a kind of broad category that has seen strength.

我認為我們在本季度指出了有關自助服務的一些事情，對於此類客戶群和細分市場來說，這絕對是更好的季度之一。這是一個非常非常廣泛的集合，就像您可以讓客戶花費少量的錢到相當大的金額。因此，這是一個已經看到實力的廣泛類別。

There's a number of things that we did from a technology perspective as well to make sure that we were able to onboard, onramp customers in a way that they could kind of activate with Twilio fairly quickly as well. So I'd say very good progress, quite frankly, in terms of self-serve as it relates to communications.

我們從技術角度也做了很多事情，以確保我們能夠以一種讓客戶也能相當快地啟動 Twilio 的方式吸引客戶。因此，坦白說，我想說，在與通訊相關的自助服務方面取得了非常好的進展。

Maybe just the other thing that you didn't ask, but just to kind of touch on is also with, as Aidan kind of talked about in some of her comments, also good progress, I wouldn't call it per se self-serve, but in terms of just accelerating customers to value on the segment side as well, like we have done a lot of work from a technology perspective there, too, to increase just the velocity with which customers get to value.

也許只是你沒有問的另一件事，但就像艾丹在她的一些評論中談到的那樣，也有很好的進展，我不會稱其為自助服務，但就加速客戶在細分市場方面實現價值而言，我們也從技術角度做了很多工作，以提高客戶實現價值的速度。

And then I think more broadly, there is work that we're doing on automation, but we still think that our ability to drive cost leverage here, that there is a lot of opportunity going forward, and we'll continue doing that.

然後我更廣泛地認為，我們正在自動化方面開展工作，但我們仍然認為我們有能力推動成本槓桿，未來有很多機會，我們將繼續這樣做。

That's all from me. Thank you.

這就是我的全部。謝謝。

(Operator Instructions)

（操作員說明）

Alex Zukin, Wolfe.

亞歷克斯·祖金，沃爾夫。

Hey, guys. This is Rich Magnus on for Alex Zukin. I just wanted to double-click again on that segment onboarding process you've been speaking about. I know in the past, you mentioned leveraging AI to produce friction in that process and drive that faster TTV through the self-serve process. But can you sort of help us think through any impacts there that might drive segment growth this year and next year? Thanks.

大家好。我是里奇·馬格納斯 (Rich Magnus) 為亞歷克斯·祖金 (Alex Zukin) 發言。我只是想再次雙擊您一直在談論的那個分段入職流程。我知道過去您曾提到利用人工智慧在過程中產生摩擦，並透過自助服務流程推動更快的 TTV。但您能否幫助我們思考可能推動今年和明年細分市場成長的任何影響？謝謝。

Yes. Maybe I'll just touch on the technology, and I think Aidan kind of answered the growth dynamics earlier. Like just to reiterate that last point, I think growth will continue to be muted for the kind of foreseeable future. We've been kind of saying that for a while.

是的。也許我只想談談技術，我認為艾丹早些時候回答了成長動態。就像重申最後一點一樣，我認為在可預見的未來，成長將繼續放緩。我們這樣說已經有一段時間了。

And I think while there are improvements in the business, like just given the nature of it, that will take a little bit of time to show up in growth. That said, I'd say there's a handful of things that have been really encouraging for us in the segment business. I think one is that time to value work. It's a combination of AI work that we've done to help customers get through the process faster.

我認為，雖然業務有所改善，但考慮到其性質，這需要一點時間才能體現在成長上。也就是說，我想說，在細分業務中，有一些事情對我們來說確實令人鼓舞。我認為其中之一就是重視工作的時候。這是我們為幫助客戶更快完成整個流程所做的人工智慧工作的結合。

There's also use case onboarding wizard that's also allowed customers to kind of get to their specified use case a lot faster. And then I'd say also a really concerted effort by our customer success team. And so the combination of those things, I think, has been pretty powerful, frankly, in really accelerating what Aidan characterized as what was months in the past, down to weeks, and what we've kind of quantified as a 4x improvement from where we were.

還有用例入門嚮導，也允許客戶更快找到他們指定的用例。我想說的是我們的客戶成功團隊的共同努力。因此，我認為，坦白說，這些因素的結合非常強大，確實加速了艾丹所描述的過去幾個月的情況，減少到幾週前的情況，我們量化為從現在開始的 4 倍的改進我們曾經。

Pat Walravens, Citizens JMP.

Pat Walravens，公民 JMP。

Right, thanks for taking my question. This is Austin Cole on for Pat. You touched on an eight-figure renewal during the quarter in Twilio voice being a part of that. Can you just talk about how you view your opportunity with respect to AI at this point and the opportunity with these products? Thank you.

好的，謝謝你回答我的問題。這是奧斯汀·科爾（Austin Cole）替帕特發言。您談到本季 Twilio 語音的八位數續訂是其中的一部分。您能否談談您如何看待目前人工智慧方面的機會以及這些產品的機會？謝謝。

Yes. I mean I think that our opportunity around AI is everything to do with data. And I think as it relates to data, in particular, contextual data. And I think the reason that we feel such deep conviction about that is, is that all of our customers are sitting on proprietary data sets that will never be turned over to an LLM, right?

是的。我的意思是，我認為我們圍繞人工智慧的機會與數據有關。我認為它與數據有關，特別是上下文數據。我認為我們對此深信不疑的原因是，我們所有的客戶都坐擁專有資料集，而這些資料集永遠不會移交給法學碩士，對嗎？

Like that is the part of their business, and our ability to work with them vis-a-vis segment and ingest that data, use it as part of an overall profile that we have for every single unique consumer to be able to drive a personalization experience back to them.

就像這是他們業務的一部分，我們有能力與他們合作，細分和吸收這些數據，將其用作我們為每個獨特的消費者提供的整體資料的一部分，以便能夠推動個性化經驗回饋給他們。

I think that is like a really, really significant unlock that's going to be able to drive growth, excuse me, more broadly for the overall business. But it's that combination of communications plus contextual data plus AI and the mix as well.

我認為這就像一個非常非常重要的解鎖，它將能夠推動整個業務的成長，對不起，更廣泛。但這是通訊、上下文數據、人工智慧以及這些組合的結合。

Now just to go back to voice for a second since that's where you started, I think what's interesting about voice as it relates to all of that is, is that AI is the most natural in voice, right? Like in the same way that you and I are interacting right now, like it's just very normal to kind of have a conversation in that way.

現在回到語音，因為這就是你開始的地方，我認為語音的有趣之處在於，它與所有這些相關，人工智慧是最自然的語音，對嗎？就像你和我現在互動的方式一樣，以這種方式對話是很正常的。

And I think that the AI capabilities are becoming so sophisticated in their ability to process natural language in this way that, when paired with contextual data, I think that is going to be a heck of an opportunity. And I think a lot of that value will end up accruing, not just a messaging and e-mail, which we feel optimistic about, but certainly voice as well.

我認為人工智慧以這種方式處理自然語言的能力變得如此複雜，當與上下文資料結合使用時，我認為這將是一個巨大的機會。我認為許多價值最終都會增加，不僅是我們感到樂觀的訊息和電子郵件，當然還有語音。

Great. That's awesome. Thank you.

偉大的。棒極了。謝謝。

Nick Altmann, Scotiabank.

尼克·阿爾特曼，豐業銀行。

Awesome. Thanks, guys. You guys sort of have a reenergized focus on your ISVs. You named a handful of new partnerships in the prepared remarks. I guess when you look at sort of the other potential ISV partnerships out there, how much runway is there left in terms of acquiring new ISVs? And then just any sense of what percentage of the business is coming from those partners, and any goalposts in terms of how fast that part of the business is growing?

驚人的。多謝你們。你們重新開始關注 ISV。您在準備好的發言中提到了一些新的合作關係。我想當您考慮其他潛在的 ISV 合作夥伴關係時，您會發現在收購新的 ISV 方面還剩下多少空間？然後，您是否知道這些合作夥伴佔業務的百分比，以及這部分業務成長速度的目標是什麼？

Yes. We're not going to break out the kind of percentage of revenue per se, but I'll just maybe provide a little bit of color based on your question. Obviously, there's been strong growth there, and we feel very positive about it, as you probably ascertained from our remarks. It is a sizable portion of the communications revenue today, and it's also growing faster than our total organic growth rate, and it's got, quite frankly, compelling gross margins as well.

是的。我們不會透露收入本身的百分比，但我可能會根據您的問題提供一些顏色。顯然，那裡有強勁的成長，我們對此感到非常積極，正如您可能從我們的言論中所確定的那樣。它在當今的通訊收入中佔據了相當大的比例，而且它的成長速度也快於我們的總有機成長率，而且坦白說，它的毛利率也很引人注目。

So that all feels pretty good. As you alluded to, we did sign a number of large ISV deals in the quarter, including wins with payment processors, customer experience companies, marketing automation platforms and more. I'd say those businesses have been growing pretty well, too.

所以這一切感覺都很好。正如您所提到的，我們在本季確實簽署了許多大型 ISV 交易，包括與支付處理商、客戶體驗公司、行銷自動化平台等的合作。我想說這些業務也發展得很好。

And so I think we'll accrue some benefits as a result of their growth. I think, two, it's not just domestic, which kind of speaks to like how much runway is there here. We're also seeing good growth in EMEA and APJ as well.

因此，我認為我們將因它們的成長而獲得一些好處。我認為，第二，這不僅僅是國內的，這就像這裡有多少跑道一樣。我們也看到歐洲、中東和非洲 (EMEA) 和亞太及日本地區 (APJ) 也出現了良好的成長。

And I think what's kind of important from our standpoint is, is that these relationships are evolving beyond just being like software providers using our channels to kind of real relationships where we have an opportunity to kind of deepen what we do with the likes of Braze, [Gladio], Insider, Bloomreach Ship, because we've got like these strong integrations within the ecosystem. We're engaged in cosell and resell with a lot of these partners.

我認為從我們的角度來看，重要的是這些關係正在發展，不僅僅是像軟體供應商使用我們的管道建立真正的關係，我們有機會加深我們與 Braze 等公司的合作， [Gladio]、Insider 、Bloomreach Ship，因為我們在生態系統中擁有這些強大的整合。我們與許多這樣的合作夥伴進行聯合銷售和轉售。

And I think that also allows us to get some go-to-market leverage in terms of expanding our own go-to-market footprint. So yes, I mean, we do feel pretty good about where we are. We do feel pretty good about the growth trajectory and we're excited.

我認為這也使我們能夠在擴大我們自己的市場足跡方面獲得一些市場影響力。所以，是的，我的意思是，我們確實對自己所處的位置感覺很好。我們確實對成長軌跡感到非常滿意，並且感到興奮。

William Power, Baird.

威廉鮑爾，貝爾德。

Great. Thanks for taking the question. This is Yanni Samoilis on for Will. I know you mentioned earlier in the call that retail and e-commerce was pretty good this past quarter, and it seems like things are pretty stable overall across the business. But I guess, outside of retail and e-commerce, are there any other verticals out there that are standing out right now, or maybe even showing signs of upward inflection?

偉大的。感謝您提出問題。我是威爾的雅尼·薩莫里斯。我知道您之前在電話中提到零售和電子商務在上個季度表現相當不錯，而且整個業務的整體情況似乎相當穩定。但我想，除了零售和電子商務之外，目前是否還有其他垂直行業脫穎而出，甚至可能顯示出向上拐點的跡象？

When we look at our top industries, I'd say most of them are actually up and growing. I'd say for us, social and messaging continues to be one that's a little bit softer, though it's a relatively smaller portion of our business right now.

當我們審視我們的頂級行業時，我想說它們中的大多數實際上都在崛起和成長。我想說，對我們來說，社交和訊息傳遞仍然是一個稍微溫和的領域，儘管它目前在我們業務中所佔的比例相對較小。

So financial services is one that has been strong. You called out retail, e-commerce and a couple of others that have been pretty strong as well. But broadly, I'd say most of the industries that we operate in, our top industries are growing.

因此，金融服務業一直表現強勁。您提到了零售、電子商務和其他一些也相當強勁的行業。但總的來說，我想說的是我們經營的大多數行業，我們的頂級行業都在成長。

And just to be clear, growing but not necessarily growing above the company average or --

需要明確的是，成長但不一定高於公司平均水平，或者——

In some cases, they are, in some cases, it's more in line with the company average.

在某些情況下，它們更符合公司的平均水平。

Okay, thank you.

好的謝謝。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

Great, thanks. Just on AI, I guess, stepping back a bit from a high level, Khozema, how would you describe the generative AI monetization strategy for Twilio, whether whether via direct modernization or just indirect implications?

萬分感謝。就人工智慧而言，我想，從高層次退一步來說，Khozema，您如何描述 Twilio 的生成式人工智慧貨幣化策略，無論是透過直接現代化還是只是間接影響？

Yes. I think there's a couple of angles there. So let me just, I'll spend a moment on it. So I think, first of all, where we kind of started with AI with some of the earliest use cases was really around fraud and trust, right? So we embedded AI capabilities to help protect the consumer, just given that we want to, at all costs, protect the vitality of the ecosystem.

是的。我認為這裡面有幾個角度。那麼請允許我，我會花一點時間來討論它。所以我認為，首先，我們從人工智慧開始的一些最早的用例實際上是圍繞著欺詐和信任的，對嗎？因此，我們嵌入了人工智慧功能來幫助保護消費者，因為我們希望不惜一切代價保護生態系統的活力。

And so there were a number of things that we introduced to basically protect the consumer, like Fraud Guard, Verify, these are different products we've announced over the course of the last year or so.

因此，我們推出了許多東西來基本上保護消費者，例如 Fraud Guard、Verify，這些是我們在過去一年左右宣布的不同產品。

As we talked about in the remarks today, like we're seeing good activity there. I think as we go, it's really going to be maybe AI-centered predominantly around contextual data. I think where we see the big unlock here, certainly for our business and as it relates to what we've referred to for a long time and others do, too, is customer engagement.

正如我們在今天的演講中談到的，我們在那裡看到了良好的活動。我認為隨著我們的發展，它可能真的會以人工智慧為中心，主要圍繞著上下文數據。我認為我們在這裡看到的重大解鎖，當然對於我們的業務而言，因為它與我們長期以來提到的以及其他人也提到的內容相關，那就是客戶參與度。

Like the real unlock there is like through personalization at scale. And so the way that you get there is having this like really rich contextual data about every single one of us as consumers that comes through segment.

就像真正的解鎖一樣，就像透過大規模個人化一樣。因此，實現這一目標的方法是擁有關於我們每個人作為細分市場消費者的非常豐富的上下文數據。

Being able to relay that back to a consumer vis-a-vis some sort of communication channel and then obviously using AI to supercharge that. So one example might be like we have a voice intelligence product. We talked about that today, too, where we're able to extract insights as a result of the context of that call, use it both inside of that call that's taking place at the time, but also feed it back into a profile so that, that data can be reused for the next time that, that brand ends up interacting with the consumer.

能夠透過某種溝通管道將其轉發給消費者，然後顯然使用人工智慧來增強這一點。一個例子可能是我們有一款語音智慧產品。我們今天也談到了這一點，我們能夠根據該調用的上下文提取見解，在當時正在進行的調用中使用它，並且還可以將其反饋到配置文件中，以便，該數據可以在下次該品牌最終與消費者互動時重複使用。

Similarly, I think where that will increasingly go is you'll end up without perhaps even realizing it, although I think we'll probably disclose it, interacting with an automated agent where all of that is taking place seamlessly. They're able to process natural language.

同樣，我認為這種情況將越來越多地發生，你最終可能甚至沒有意識到這一點，儘管我認為我們可能會披露它，與自動化代理進行交互，所有這些都在無縫地進行。他們能夠處理自然語言。

Like I don't think that's per se like our strategic advantage in AI. There're a number of companies that can do that. We'll partner with those organizations. What they don't have, though, which I think is our secret sauce is going to be how do you get to that specific consumer and thousands of others at exactly the same moment in time to deliver each of them a unique and personalized experience.

我認為這本身並不像我們在人工智慧方面的戰略優勢。有很多公司可以做到這一點。我們將與這些組織合作。然而，他們所不具備的，我認為我們的秘密武器是如何在同一時刻接觸到特定的消費者和成千上萬的其他消費者，為他們每個人提供獨特的個人化體驗。

That comes from contextual data, and that's why we're so bent on ensuring that we deliver segment natively inside of communications so that we can deliver that entire workload. Does that make sense, Derrick?

這來自上下文數據，這就是為什麼我們如此致力於確保我們在通訊內部本地交付分段，以便我們可以交付整個工作負載。這有道理嗎，德里克？

Yes, that's That's great color. Thank you. That's helpful. Thank you.

是的，就是這個，顏色真棒。謝謝。這很有幫助。謝謝。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hi, thanks for taking my question. This is actually Billy Fitzsimmons on for Samad. In terms of a short one, stock-based comp is down year-over-year in both dollar terms and percentage terms. Just how should we think about where that can kind of go from here, and kind of what inning we're in on that front? Obviously, you guys have highlighted changes to the bonus structure what should it kind of bottom? Is there more work to be done -- continue to decline the way it has been? Thank you.

您好，感謝您提出我的問題。這實際上是比利·菲茨西蒙斯 (Billy Fitzsimmons) 飾演的薩馬德 (Samad)。就短期而言，股票比較無論是以美元計算或以百分比計算均較去年同期下降。我們該如何思考接下來的發展方向，以及我們在這方面處於哪一局？顯然，你們已經強調了獎金結構的變化，它的底部應該是什麼樣的？是否還有更多的工作要做──繼續像以前一樣下降？謝謝。

Yes. Thanks for the question. There's more leverage here in terms of the opportunity ahead. So we were 13.6% SBC in the quarter, it was down 110 basis points year-over-year, it was down 13% quarter-over-quarter. It's on the back of the things that you've talked about.

是的。謝謝你的提問。就未來的機會而言，這裡有更多的槓桿作用。因此，本季我們的 SBC 率為 13.6%，年減 110 個基點，季減 13%。它就在你所談論的事情的後面。

We've reduced, obviously, the size of the employee base we've made a shift in terms of compensation mix away from equity and towards cash. And we've also been more selective in terms of which employees get equity in the company.

顯然，我們減少了員工規模，我們在薪酬組合方面也從股權轉向現金。我們在員工取得公司股權方面也更加挑剔。

Those changes have already been made. In terms of looking forward, we think that there's still opportunity here for leverage. We had originally, several years ago, committed to 10% to 12% SBC as a percentage of revenue by 2027. So we're still marching our way down the cost curve to get to that kind of range.

這些改變已經發生了。就未來而言，我們認為這裡仍然存在槓桿機會。幾年前，我們最初承諾到 2027 年 SBC 佔收入的比例達到 10% 到 12%。

And then if I can ask a second one, can we just double-click on communications' gross margins in the quarter? Any changes there, positive or negative, both domestically and/or internationally? And then how should we kind of think about the comm's gross margins going forward given some of the new initiatives and given the mix of growth in new products going forward?

然後，如果我可以問第二個問題，我們可以雙擊該季度通訊的毛利率嗎？國內和/或國際上有什麼變化，無論是積極的還是消極的？那麼，考慮到一些新舉措以及未來新產品的成長組合，我們應該如何考慮通訊公司未來的毛利率？

Yes. In the quarter, you'll see that Comm's gross margins were up year-over-year but down quarter-over-quarter. The quarter-over-quarter dynamic was just really driven by the hosting credits that we saw come through in the first quarter. They were about 80 basis points of a help in the first quarter. That didn't repeat quarter-over-quarter.

是的。在本季度，您會看到 Comm 的毛利率同比增長，但環比下降。季度環比的動態實際上是由我們在第一季看到的託管積分推動的。第一季的幫助幅度約為 80 個基點。這種情況並沒有在每季重複出現。

So that's kind of the headwind. Year-over-year, they were up 160 basis points or so, and that was driven by 2 things: product mix. So when we talked about e-mail growing or accelerating that obviously helps margins because it's higher margin than the Comm's average. The other dynamic in that year-over-year growth was the fact that we had the dispositions last year that we did that in July timeframe. They were at a gross margin rate that was dilutive to the company.

這就是逆風。年比增長了 160 個基點左右，這是由兩件事驅動的：產品組合。因此，當我們談論電子郵件的成長或加速時，這顯然有助於利潤，因為它的利潤高於通訊的平均水平。同比成長的另一個動力是我們去年在 7 月的時間範圍內進行了部署。他們的毛利率對公司來說是攤薄的。

And so not having those -- the value first and IoT businesses actually helps margins. As we think about going forward, margins in the communications business tend to be driven really by mix. That product mix between messaging or voice or email, et cetera, or termination mix within the messaging business.

因此，如果沒有這些——價值第一和物聯網業務實際上有助於提高利潤。當我們考慮未來時，通訊業務的利潤往往實際上是由混合驅動的。訊息傳遞、語音或電子郵件等之間的產品組合，或訊息傳遞業務中的終端組合。

So if you're terminating more internationally or domestically, that will drive different gross margins. I think the framework we think about and kind of look at is we look at the unit economics. And so long as the unit economics remain attractive, we'll continue to do the business. So you should expect, I'd say, in the near term, some level of variability in the communications' gross margin.

因此，如果您在國際或國內終止更多業務，這將帶來不同的毛利率。我認為我們考慮和關注的框架是單位經濟學。只要單位經濟效益仍然有吸引力，我們就會繼續開展這項業務。因此，我想說，在短期內，您應該預期通訊毛利率會出現一定程度的變化。

Super helpful. Thank you very much.

超有幫助。非常感謝。

Mike Funk, Bank of America.

麥克‧芬克，美國銀行。

Great. Hi. Yes, this is Matt on for Mike Funk. Can you help us think about the second half revenue guidance in the context of new customer additions versus uplift from expansion? And then looking beyond even this year from a high level, how you might expect the growth across to shake out in the medium term? Thanks.

偉大的。你好。是的，這是麥克·芬克的馬特。您能否幫助我們在新客戶增加與擴張提升的背景下思考下半年的收入指引？然後，即使是從今年的高水準來看，您預計中期內的成長將如何擺脫？謝謝。

I missed the second part. No, we're not going to get into the split in terms of how to think about the revenue guidance. That's not something we've ever really done in terms of splitting the guide between new customers and expansion. I think we feel good about the 5% to 6% range we gave you for Q3, the 6% to 7% for the year.

我錯過了第二部分。不，我們不會在如何考慮收入指導方面陷入分歧。在將指南分為新客戶和擴展方面，我們並沒有真正做過這樣的事情。我認為我們對第三季 5% 至 6% 的範圍（全年 6% 至 7%）感到滿意。

And we talked about the dynamic market, the fact that we're usage based and the fact that we will continue to plan prudently just given those dynamics. Can you just repeat your second question? I missed it.

我們討論了動態市場，我們基於使用情況的事實，以及考慮到這些動態我們將繼續謹慎計劃的事實。你能重複一下你的第二個問題嗎？我錯過了。

Yes. It was just high level about how the growth algorithm could shake out over the next couple of years, but it seems like that's not something you're going to comment on.

是的。這只是關於未來幾年成長演算法如何擺脫困境的高水平，但似乎這不是你要評論的事情。

Yes, not today. At a later time. Thank you.

是的，不是今天。晚些時候。謝謝。

Thank you.

謝謝。

And I'm showing no further questions. So this is going to conclude today's question-and-answer session. Ladies and gentlemen, this is also going to conclude today's conference call. Thank you for participating, and you may all disconnect. Everyone, have a great day. Goodbye.

我沒有再提出任何問題。今天的問答環節到此結束。女士們、先生們，今天的電話會議也將結束。感謝您的參與，大家可以斷開連線。大家，祝你有美好的一天。再見。