Twilio Inc (TWLO) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Twilio Inc. Third Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Bryan Vaniman, SVP of Investor Relations.

美好的一天，感謝您的支持。歡迎參加 Twilio Inc. 2024 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、投資者關係高級副總裁布萊恩·瓦尼曼 (Bryan Vaniman)。

Please go ahead.

請繼續。

Good afternoon, everyone, and thank you for joining us for Twilio's Third 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 年第三季財報電話會議。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 結果之間的定義和調整可以在我們的收益報告和我們的 IR 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, 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，包括我們最新的 10-K 表格和即將發布的 10-Q 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.

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。

And with that, I'll hand it over to Khozema and Aidan, who will discuss our Q3 results, and then we'll open the call for Q&A.

接下來，我將把它交給 Khozema 和 Aidan，他們將討論我們第三季的結果，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 strong third quarter. We exceeded our Q3 guidance delivering $1.134 billion in revenue, up 10% year-over-year, and generated $182 million in non-GAAP income from operations.

謝謝你，布萊恩。大家下午好，感謝您今天加入我們。 Twilio 第三季表現強勁。我們超越了第三季的指導，實現了 11.34 億美元的收入，年增 10%，並產生了 1.82 億美元的非 GAAP 營運收入。

We also delivered another strong quarter of cash generation with $189 million of free cash flow. I'm encouraged to see the acceleration to double-digit revenue growth this quarter, alongside strong operating leverage and continued product innovation. Our commitment to financial discipline, operating rigor and innovation remain key guideposts for the team, and I'm proud of what we accomplished in Q3.

我們還實現了另一個強勁的季度現金生成，自由現金流達 1.89 億美元。看到本季營收加速兩位數成長，以及強大的營運槓桿和持續的產品創新，我感到很鼓舞。我們對財務紀律、嚴格營運和創新的承諾仍然是團隊的關鍵指南，我為我們在第三季度所取得的成就感到自豪。

Since becoming CEO at the start of the year, I've met with hundreds of customers in nearly every industry across the globe. In my conversations with customers, many of the problems they're encountering can be solved by greater personalization vis-a-vis communications plus contextual data plus AI.

自從今年年初成為執行長以來，我已經會見了全球幾乎每個行業的數百名客戶。在我與客戶的對話中，他們遇到的許多問題都可以透過更個人化的溝通、上下文數據和人工智慧來解決。

Our concerted focus on embedding AI and machine learning throughout the Twilio platform has resulted in a differentiated offering that strategically positions us to capture a massive opportunity as we leverage the strength of our platforms, the leading CPaaS and supported by unmatched data tools, including segment to minimize complexity and create better customer outcomes.

我們一致致力於在整個Twilio 平台中嵌入人工智慧和機器學習，從而提供了差異化的產品，使我們能夠利用平台的優勢、領先的CPaaS 並得到無與倫比的數據工具（包括細分市場）的支持，從而在策略上抓住巨大的機會。

More customers are turning to Twilio because we deliver a stronger ROI, driving demonstrable results that help customers increase their revenue and reduce their costs. By integrating AI with our core product suite, we're able to automate capabilities, boost productivity, and drive personalization at scale.

越來越多的客戶轉向 Twilio，因為我們提供了更高的投資報酬率，帶來了明顯的成果，幫助客戶增加收入並降低成本。透過將人工智慧與我們的核心產品套件集成，我們能夠實現功能自動化、提高生產力並大規模推動個人化。

As an example, a longtime customer that is a global business supplies retailer, has been using our AI recommendations product, which leverages machine learning to automatically determine a specific product, brand or category, a customer is most likely to purchase. The company recently ran an e-mail campaign targeting customers most likely to purchase Apple products and saw a 592% increase in sales per e-mail, this is just one of the many examples of the unique value that Twilio offers, helping brands create better engagement, deliver greater value and build more trusted customer experiences.

舉例來說，一位全球商業用品零售商的長期客戶一直在使用我們的人工智慧推薦產品，該產品利用機器學習自動確定客戶最有可能購買的特定產品、品牌或類別。該公司最近針對最有可能購買Apple 產品的客戶開展了一項電子郵件活動，每封電子郵件的銷售額增長了592%，這只是Twilio 提供的獨特價值的眾多例子之一，幫助品牌創造更好的產品參與、提供更大價值並創造更值得信賴的客戶體驗。

AI presents a huge opportunity to improve and expand the impact of CPaaS solutions to truly enhance the customer experience. We are well positioned to win in the age of AI because unlike other CPaaS players, our true value comes from the integration of communications with data. Twilio uniquely combines communications and customer data to help brands drive deeper customer engagement.

人工智慧為改進和擴大 CPaaS 解決方案的影響提供了巨大的機會，從而真正增強客戶體驗。我們處於在人工智慧時代獲勝的有利位置，因為與其他 CPaaS 參與者不同，我們的真正價值來自於通訊與數據的整合。 Twilio 以獨特的方式將溝通和客戶資料結合起來，幫助品牌推動更深層的客戶參與。

What sets Twilio apart is our ability to unify this valuable contextual data, whether it's real-time triggered by customer interactions or stored in a data warehouse or a system of record and help brands to activate it. With our platform, we're already powering these intelligent interactions at scale, whether it's personalized engagement via unified profiles on IVR and Flex or fraud prevention with our security products.

Twilio 的與眾不同之處在於我們能夠統一這些有價值的上下文數據，無論這些數據是由客戶互動即時觸發的，還是儲存在資料倉儲或記錄系統中的，並幫助品牌啟動它。借助我們的平台，我們已經在大規模地支援這些智慧交互，無論是透過 IVR 和 Flex 上的統一配置文件進行個人化參與，還是使用我們的安全產品進行詐欺預防。

We're powering over 8 trillion e-mails and billions of messages annually and ingesting hundreds of thousands of events per second. We recently announced our integration with OpenAI's new real-time API, making it easier for Twilio's customers and developers to build powerful conversational virtual agents.

我們每年處理超過 8 兆封電子郵件和數十億條訊息，每秒鐘處理數十萬個事件。我們最近宣布與 OpenAI 的新即時 API 集成，使 Twilio 的客戶和開發人員能夠更輕鬆地建立強大的會話虛擬代理程式。

As the world of conversational AI evolves rapidly, this is an exciting milestone. It enables customers to take advantage of OpenAI's flagship multilingual and multimodal GPT 4.0 model to create solutions and build virtual agents for IVRs that feel more human making these advanced tools accessible for businesses of all sizes.

隨著對話式人工智慧世界的快速發展，這是一個令人興奮的里程碑。它使客戶能夠利用 OpenAI 的旗艦多語言和多模式 GPT 4.0 模型來創建解決方案並為 IVR 建立虛擬代理，這些虛擬代理感覺更加人性化，使各種規模的企業都可以使用這些先進的工具。

Now let's turn to our business highlights. Our Twilio communications business had a strong third quarter with revenue of $1.060 billion, up 10% year-over-year. Our quarter-over-quarter growth acceleration was driven predominantly by strength in both messaging and e-mail. As we've referenced on previous calls, our near-term growth will be fueled by our ISV customers, self-service enhancements, and cross-sell opportunities.

現在讓我們談談我們的業務亮點。我們的 Twilio 通訊業務第三季表現強勁，營收達 10.6 億美元，較去年同期成長 10%。我們的季度環比成長加速主要是由訊息傳遞和電子郵件的實力推動的。正如我們在先前的電話會議中提到的，我們的近期成長將由 ISV 客戶、自助服務增強和交叉銷售機會推動。

We're seeing good performance in each of these areas and a continued bright spot is our ability to deliver increased value through software capabilities built on top of Twilio's core channels. Verify, SMS pumping protection, engagement suite and voice intelligence, leverage AI and machine learning to drive better outcomes which include things like combating fraud and providing better data analytics in real time.

我們在每個領域都看到了良好的表現，而持續的亮點是我們能夠透過基於 Twilio 核心管道建立的軟體功能來提供更高的價值。驗證、簡訊保護、參與套件和語音智能，利用人工智慧和機器學習來推動更好的結果，包括打擊詐欺和提供更好的即時數據分析等。

These products are designed to deliver smarter and more trusted communications which is key to unlocking more value for our customers. Furthermore, as we focused on integrating our communications products with segments products and contextual data, I've been excited to see how products like personalized virtual agent leverage Twilio's unified profiles to help brands better understand their customers, and make incremental changes to improve the customer experience through every interaction.

這些產品旨在提供更聰明、更值得信賴的通信，這是為客戶釋放更多價值的關鍵。此外，當我們專注於將我們的通訊產品與細分產品和上下文數據整合時，我很高興看到個人化虛擬代理等產品如何利用Twilio 的統一配置文件來幫助品牌更好地了解其客戶，並進行漸進式變更以改善客戶體驗透過每一次互動來體驗。

Another area driving improved messaging volumes is our platform feature updates that now give customers greater transparency into communications deliverability and engagement. Within our console, messaging customers now receive a deliverability score with personalized actionable instructions from our AI agent so that they can immediately take action to remediate messaging deliverability errors.

推動訊息傳遞量提高的另一個領域是我們的平台功能更新，現在為客戶提供了更高的通訊交付率和參與度透明度。在我們的控制台中，訊息傳遞客戶現在會收到來自我們的 AI 代理的傳遞性分數以及個人化的可操作指令，以便他們可以立即採取行動來糾正訊息傳遞性錯誤。

By providing analytics we're radically simplifying the messaging experience for developers, leading to better engagement and ensuring that the message they intend to send are delivered error free. In addition to enhancing our current products, in Q3, we released new innovations to support branded communications.

透過提供分析，我們從根本上簡化了開發人員的訊息傳遞體驗，從而提高了參與度並確保他們想要發送的訊息沒有錯誤地傳遞。除了增強我們現有的產品之外，我們在第三季還發布了新的創新來支持品牌傳播。

RCS Business Messaging went into public beta, which is key for brands who want to deliver a more custom personalized experience. In a recent Twilio survey, we found that 75% of consumers who received a branded text set to increase their trust in the communication. Our CS business messaging improves the branded experience through rich content and interactive messaging features, including carousels, high-quality media, content cards and location sharing.

RCS Business Messaging 進入公開測試版，這對於想要提供更客製化的個人化體驗的品牌來說至關重要。在 Twilio 最近的一項調查中，我們發現 75% 的消費者在收到品牌文字後會提高對溝通的信任度。我們的 CS 業務訊息傳遞透過豐富的內容和互動式訊息功能（包括輪播、高品質媒體、內容卡和位置共享）來改善品牌體驗。

Customers like Fresia have deployed RCS capabilities to build brand trust and increase message open rates and one of our ISV partners, Hive, will leverage RCS to enhance marketing campaigns for their customers in the live events industry, driving greater fan engagement and boosting ticket sale conversion rates.

Fresia 等客戶已部署 RCS 功能來建立品牌信任並提高訊息開啟率，我們的 ISV 合作夥伴之一 Hive 將利用 RCS 為現場活動產業的客戶增強行銷活動，提高粉絲參與度並提高門票銷售轉換費率。

We also saw exciting wins with branded calling, which allows brands to display their name, logo and call reason when placing calls to customers. Care Signal light beams deviceless remote patient monitoring company needed a cost-effective way to improve patient pickup rates and achieve health outcomes in the process. With Twilio branded calling, they've been able to improve call pickup rates by 6% to 7% in just 3 months. In the future, we expect this type of incremental value will accelerate as we continue to help brands use their contextual data to unlock smarter and more personalized experiences.

我們還看到了品牌呼叫帶來的令人興奮的勝利，品牌呼叫可以在向客戶撥打電話時顯示其名稱、徽標和呼叫原因。護理訊號光束無設備遠距患者監護公司需要一種經濟高效的方法來提高患者接診率並在此過程中實現健康結果。借助 Twilio 品牌呼叫，他們在短短 3 個月內就將呼叫接聽率提高了 6% 到 7%。未來，隨著我們繼續幫助品牌利用其上下文數據來解鎖更聰明、更個人化的體驗，我們預計這種增量價值將會加速。

Turning to our Twilio segment business. Segment delivered revenue of $73 million flat year-over-year as we continue to focus on and make progress against the priorities we outlined in the operational review earlier this year. We ended the quarter with an increase in our win rate both quarter-over-quarter and year-over-year and a reduction in churn and contraction.

轉向我們的 Twilio 部門業務。由於我們繼續專注於今年早些時候營運審查中概述的優先事項並取得進展，該部門的收入同比持平 7300 萬美元。本季結束時，我們的勝率環比和年比都有所提高，而客戶流失率和收縮率均有所下降。

While there is more work to be done, we're encouraged by the progress that we're making and segment remains part of our long-term strategy, enabling us to differentiate our communications products by infusing contextual data while we continue to innovate for stand-alone CDP buyers.

雖然還有更多工作要做，但我們對所取得的進展感到鼓舞，細分仍然是我們長期戰略的一部分，使我們能夠通過注入上下文數據來區分我們的通信產品，同時繼續創新-單獨的CDP買家。

With respect to product innovation, we continue to enhance our data warehouse interoperability capabilities and improve customer time to value by graduating many features to GA. For example, with segment products like Data Graph and Linked Audiences, we are addressing key pain points that our customers are trying to solve such as removing data silos and disjointed customer profiles.

在產品創新方面，我們不斷增強資料倉儲互通能力，並透過將許多功能升級到GA來縮短客戶實現價值的時間。例如，透過資料圖和連結受眾等細分產品，我們正在解決客戶試圖解決的關鍵痛點，例如消除資料孤島和脫節的客戶檔案。

We have advanced our data warehouse integrations with Databricks, Snowflake, Google BigQuery and Amazon Redshift so that customers can activate their data in meaningful ways to drive more personalized touch points with consumers. This is an important step in our unified profiles offering as we're making it easier for customers to leverage through existing data from websites and mobile apps and combining it with data in their warehouse from systems of record like CRM, contact centers or ERP to deliver personalized e-mails and communications.

我們推進了與 Databricks、Snowflake、Google BigQuery 和 Amazon Redshift 的資料倉儲集成，以便客戶能夠以有意義的方式激活他們的數據，從而推動與消費者的更個性化的接觸點。這是我們統一配置文件服務中的重要一步，因為我們使客戶能夠更輕鬆地利用來自網站和行動應用程式的現有數據，並將其與來自CRM、聯絡中心或ERP 等記錄系統的倉庫中的數據相結合，以交付個人化的電子郵件和通訊。

We are seeing promising results, and we're excited to add additional integrations with other major data warehouses moving forward. Our new features and integrations for advertisers to create targeted campaigns began delivering promising results. First, our generative audiences feature that uses generative AI to create audiences with natural language prompts is significantly reducing the time and resources required to build targeted audiences for customer engagement campaigns.

我們看到了有希望的結果，我們很高興能夠與其他主要資料倉儲進一步整合。我們為廣告商創建有針對性的廣告活動的新功能和整合開始帶來可喜的結果。首先，我們的生成受眾功能使用生成式人工智慧透過自然語言提示建立受眾，大大減少了為客戶參與活動建立目標受眾所需的時間和資源。

Over 25% of our segment CDP customers have already started taking advantage of this new capability in the few weeks it's been made globally available. Second, we've expanded and created new integrations with Amazon, Google, LinkedIn and Meta, giving marketers the ability to activate their data in campaigns across these platforms and reduce their customer acquisition costs.

在這項新功能在全球推出的幾週內，我們超過 25% 的 CDP 客戶已經開始利用它。其次，我們擴展並創建了與 Amazon、Google、LinkedIn 和 Meta 的新集成，使行銷人員能夠在跨這些平台的行銷活動中啟動數據，並降低客戶獲取成本。

As an example, the Motley Fool needed an out-of-the-box integration to help build, manage and activate audiences. With Segment, the Motley Fool was able to increase its operational efficiencies by automating processes, accurately target paid ad campaigns to decrease its cost per acquisition, and make the experience more relevant for its premium members, helping with retention and lifetime value.

例如，Motley Fool 需要開箱即用的整合來幫助建立、管理和啟動受眾。借助 Segment，Motley Fool 能夠透過自動化流程來提高營運效率，準確定位付費廣告活動以降低每次獲取成本，並使體驗與其高級會員更相關，有助於提高保留率和終身價值。

I am incredibly energized about the opportunities ahead. The solid quarter that we delivered and significant progress we made against our financial goals is a testament to the hard work and focus of our team. As we look to create a world in which every digital interaction between businesses and consumers is amazing.

我對未來的機會感到無比興奮。我們交付的穩定季度業績以及我們在實現財務目標方面取得的重大進展證明了我們團隊的辛勤工作和專注。我們希望創造一個企業和消費者之間的每一次數位互動都令人驚嘆的世界。

I firmly believe that Twilio has the right strategy, leaders and innovative platform to unleash the full potential of communications plus contextual data plus AI. And with that, I'll turn it over to Aidan.

我堅信 Twilio 擁有正確的策略、領導者和創新平台來釋放通訊、上下文數據和人工智慧的全部潛力。有了這個，我會把它交給艾丹。

Thank you, Khozema, and good afternoon, everyone. We're pleased with our performance in the third quarter, delivering record revenue, non-GAAP gross profit and non-GAAP income from operations. Revenue of $1.134 billion was up 10% year-over-year. Communications revenue was $1.06 billion, up 10% year-over-year, and segment revenue was $73 million, flat year-over-year.

謝謝科澤馬，大家下午好。我們對第三季的業績感到滿意，實現了創紀錄的收入、非公認會計原則毛利和非公認會計原則營運收入。營收11.34億美元，年增10%。通訊收入為 10.6 億美元，年增 10%，分部營收為 7,300 萬美元，較去年同期持平。

We saw encouraging volume trends in our communications business with growth acceleration and messaging and strong performance in e-mail. Our efforts with ISVs and on self-serve and cross-sell initiatives continue to yield good results. We also implemented several new features, including the messaging deliverability dashboard that Khozema mentioned that helped drive volume and revenue in the quarter.

我們看到通訊業務的銷售趨勢令人鼓舞，訊息和電子郵件業務成長加速，表現強勁。我們與 ISV 以及自助服務和交叉銷售計劃的努力繼續取得良好成果。我們還實施了多項新功能，包括 Khozema 提到的訊息傳送能力儀表板，有助於推動本季的銷售和收入。

In addition, our new AI-enabled products and features such as VERIFI and SMS pumping protection are helping to drive faster growth. While we had higher political revenue in the quarter, those contributions were fairly immaterial and contributed roughly 90 basis points to our reported revenue growth rate. This was offset by a 90 basis point headwind associated with sunsetting the software component of our Zipwhip business.

此外，我們新的人工智慧產品和功能（例如 VERIFI 和 SMS 泵送保護）正在幫助推動更快的成長。雖然我們本季的政治收入較高，但這些貢獻相當微不足道，為我們報告的營收成長率貢獻了約 90 個基點。這被 Zipwhip 業務軟體組件的淘汰帶來的 90 個基點的逆風所抵消。

Our Q3 dollar-based net expansion rate was 105% and representing our best performance since Q1 of 2023 and reflecting the improved growth trends we've seen in our communications business over the last several quarters. Our dollar-based net expansion rate for communications was 106% and the dollar-based net expansion rate for segment was 91%.

我們第三季以美元計算的淨擴張率為 105%，這是我們自 2023 年第一季以來的最佳業績，也反映了我們在過去幾季中看到的通訊業務成長趨勢的改善。我們的通訊業務以美元計算的淨擴張率為 106%，以美元計算的業務部門淨擴張率為 91%。

As Khozema mentioned, while we're encouraged by the early progress that we've made with segment since the operational review in March, there is more work to be done, and it will take time to improve dollar-based net expansion given it's a trailing metric. We delivered record non-GAAP gross profit of $600 million, up 9% year-over-year. This represented a non-GAAP gross margin of 52.9%, down 50 basis points year-over-year, and 40 basis points quarter-over-quarter, both driven by our segment infrastructure migration efforts.

正如科澤馬所提到的，雖然我們對自3 月份營運審查以來該部門取得的早期進展感到鼓舞，但還有更多工作要做，而且考慮到它是一個以美元為基礎的淨擴張，需要時間來改善它。我們實現了創紀錄的非 GAAP 毛利 6 億美元，年增 9%。這意味著非 GAAP 毛利率為 52.9%，較去年同期下降 50 個基點，較上季下降 40 個基點，這兩者都是由我們部門基礎設施遷移工作推動的。

Non-GAAP gross margin for our Communications business unit was 51.8%, flat both sequentially and year-over-year. As in previous years, we expect higher hosting costs in the fourth quarter associated with the holiday shopping season. And as a result, we would expect a modest sequential decline in communications and consolidated gross margins in Q4. Non-GAAP gross margin for our segment business unit was 69.8%, down 350 basis points sequentially.

我們的通訊業務部門的非 GAAP 毛利率為 51.8%，與上一季和去年同期持平。與往年一樣，我們預計第四季的託管成本將因假日購物季而上漲。因此，我們預計第四季度通訊和綜合毛利率將出現小幅連續下降。我們分部業務部門的非 GAAP 毛利率為 69.8%，較上一季下降 350 個基點。

As we noted in Q1, we are migrating part of segment architecture to new infrastructure providers this year to recognize greater efficiencies. We are continuing to make progress on this project, and we expect to complete the migration during the fourth quarter, after which we expect segment gross margins will begin to improve.

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。我們正在繼續推進該項目，預計在第四季度完成遷移，之後我們預計分部毛利率將開始改善。

Non-GAAP income from operations came in ahead of expectations at a record $182 million, up 34% year-over-year, driven by strong revenue growth and ongoing cost discipline. Our non-GAAP operating margin of 16.1% was up 290 basis points year-over-year and down 10 basis points sequentially.

在強勁的收入成長和持續的成本控制的推動下，非 GAAP 營運收入超出預期，達到創紀錄的 1.82 億美元，年增 34%。我們的非 GAAP 營運利潤率為 16.1%，較去年同期成長 290 個基點，較上季下降 10 個基點。

Our Q3 results reflect an additional $18 million in expenses for our company-wide performance-based cash bonus program, representing roughly $6 million of expense for each of the first 3 quarters of the year. This increase reflects a higher anticipated bonus payout as a result of our year-to-date outperformance on non-GAAP operating income and increased outlook for the year.

我們第三季的業績反映了我們全公司基於績效的現金獎勵計劃額外支出了 1800 萬美元，相當於今年前三個季度每季的支出約為 600 萬美元。這一增長反映了由於我們今年迄今在非公認會計準則營業收入方面的優異表現以及今年前景的提高，預期獎金支付更高。

We are proud of the operating margin improvement we've achieved over the last 2 years, and we continue to see opportunities for additional operating leverage over the next several years. Non-GAAP income from operations for our communications business was $268 million and non-GAAP loss from operations for our segment business was $60 million.

我們對過去兩年實現的營業利潤率改善感到自豪，並且我們繼續看到未來幾年增加營業槓桿的機會。我們通訊業務的非 GAAP 營運收入為 2.68 億美元，我們分部業務的非 GAAP 營運虧損為 6,000 萬美元。

Segment operating losses were flat sequentially, primarily as a result of the incremental bonus expenses I referenced. We remain committed to segment achieving breakeven on a non-GAAP operating income basis by Q2 of 2025.

部門營運虧損與上一季持平，主要是因為我提到的增量獎金支出。我們仍然致力於在 2025 年第二季度實現非 GAAP 營業收入基礎上的損益平衡。

GAAP loss from operations was $5 million. We continue to make solid progress on our path towards GAAP operating profitability, and we are tracking ahead of our previous target to achieve GAAP operating profitability by Q4 of 2025. Stock-based compensation as a percentage of revenue was 13.6%, excluding restructuring costs, which was flat quarter-over-quarter and down 430 basis points year-over-year as we continue our efforts to reduce equity compensation.

GAAP 營運損失為 500 萬美元。我們繼續在實現GAAP 營運獲利能力的道路上取得紮實進展，並且正在超額完成先前的目標，即到2025 年第四季實現GAAP 營運獲利能力。 ，隨著我們繼續努力減少股權薪酬，環比持平，年減 430 個基點。

We generated free cash flow of $189 million in the quarter and over the last 12 months we generated free cash flow of $775 million. We remain focused on driving strong free cash flow margins going forward. Finally, we're continuing to execute on our $3 billion share repurchase program. Since initiating the programs, we've repurchased more than $2.7 billion of shares and we intend to complete the remaining balance of the authorized repurchases by year-end.

本季我們產生了 1.89 億美元的自由現金流，過去 12 個月我們產生了 7.75 億美元的自由現金流。我們仍專注於推動未來強勁的自由現金流利潤率。最後，我們將繼續執行 30 億美元的股票回購計畫。自啟動該計劃以來，我們已回購了超過 27 億美元的股票，並計劃在年底前完成授權回購的剩餘餘額。

Our total shares outstanding as of September 30 was $155 million, down 15% year-to-date. Moving to guidance. We're encouraged by the trends we're seeing across the business, and we're continuing to plan prudently given our usage-based revenue model and the dynamic market backdrop. For Q4, we're initiating a revenue target of $1.15 billion to $1.16 billion, representing year-over-year growth of 7% to 8% on both a reported and organic basis.

截至 9 月 30 日，我們的已發行股票總額為 1.55 億美元，今年迄今下降了 15%。轉向指導。我們對整個業務的趨勢感到鼓舞，並且鑑於我們基於使用的收入模式和動態的市場背景，我們將繼續謹慎規劃。對於第四季度，我們的營收目標為 11.5 億美元至 11.6 億美元，報告營收和有機收入年增 7% 至 8%。

Based on our year-to-date performance and Q4 outlook, we're increasing our full year organic growth guidance range to 7.5% to 8%. Turning to our profit outlook. For Q4, we expect non-GAAP income from operations of $185 million to $195 million, and we're raising our full year non-GAAP income from operations guidance to $700 million to $710 million.

根據我們今年迄今的業績和第四季度的前景，我們將全年有機成長指導範圍提高到 7.5% 至 8%。轉向我們的利潤前景。對於第四季度，我們預計非 GAAP 營運收入為 1.85 億至 1.95 億美元，我們將全年非 GAAP 營運指導收入提高至 7 億至 7.1 億美元。

As it relates to free cash flow, year-to-date, we've generated $564 million, which has outpaced our non-GAAP income from operations. However, we are anticipating higher prepayments in the fourth quarter, which we expect will drive a sequential decline in free cash flow. As we said previously, we periodically pay certain vendors early to secure favorable terms and pricing. As a result, for the full year 2024, we expect free cash flow in the range of $650 million to $675 million.

就自由現金流而言，今年迄今為止，我們已經創造了 5.64 億美元，這超過了我們的非公認會計原則營運收入。然而，我們預計第四季度的預付款將增加，這將導致自由現金流連續下降。正如我們之前所說，我們會定期提前向某些供應商付款，以確保優惠的條款和價格。因此，我們預計 2024 年全年自由現金流將在 6.5 億至 6.75 億美元之間。

Before we open up the call for questions, given the various tailwinds and headwinds that have influenced the business over the past several quarters, we also want to provide a preliminary outlook on how we would expect a more normalized fiscal 2025 to play out.

在我們開始提問之前，考慮到過去幾季影響業務的各種有利因素和不利因素，我們也想對 2025 財年更正常化的情況進行初步展望。

We are encouraged by the volume and growth stabilization we have seen in our communications business over the last several quarters, and we continue to make progress on the operational goals and segment. Based on the trends in the business and assuming a neutral macro environment, we would expect full year 2025 revenue growth in a range of 7% to 8%. We also expect to generate meaningful non-GAAP operating margin expansion over the course of the full year.

我們對過去幾季通訊業務的數量和成長穩定感到鼓舞，並且我們繼續在營運目標和細分市場上取得進展。根據業務趨勢並假設宏觀環境中性，我們預期 2025 年全年營收成長在 7% 至 8% 範圍內。我們也預計全年非公認會計原則營業利潤率將實現有意義的成長。

Finally, we would expect to achieve GAAP operating profitability for the full year. We will provide more commentary on both our fiscal 2025 and longer-term outlook at our upcoming Investor Day, which we're currently targeting for late January. I'm very pleased with the accelerated revenue growth we delivered in the third quarter as well as our ongoing cost discipline that is driving strong profitability and free cash flow.

最後，我們預計全年將實現 GAAP 營運獲利。我們將在即將到來的投資者日（目前我們的目標是 1 月底）對 2025 財年和長期前景提供更多評論。我對我們在第三季度實現的收入加速成長以及我們持續的成本控制感到非常滿意，這推動了強勁的獲利能力和自由現金流。

I'm also encouraged by the innovation we are delivering and the impact new products and features are having both for our customers and on our revenue growth. We are tracking well ahead of our target to reach GAAP operating profitability and we are confident in our plans to drive durable growth, continued margin expansion and free cash flow growth over the next several years.

我也對我們正在提供的創新以及新產品和功能對我們的客戶和我們的收入成長的影響感到鼓舞。我們正在遠遠領先於實現公認會計準則營業利潤的目標，我們對未來幾年推動持久增長、持續利潤率擴張和自由現金流增長的計劃充滿信心。

I'm looking forward to finishing 2024 strong and seeing you all at our Investor Day in Q1. And with that, we'll now open it up to questions.

我期待著 2024 年能夠順利結束，並在第一季的投資者日見到大家。至此，我們現在將開放提問。

(Operator Instructions) Arjun Bhatia, William Blair.

（操作員說明）Arjun Bhatia，William Blair。

Congrats on the nice quarter here. I wanted to maybe start with just the OpenAI partnership. Can you just touch a little bit on what exactly that entails and how that might play out across your customer base? Like are these agents going to be built largely on the voice side? Do you see this expanding into the messaging front as well.

恭喜這裡度過了美好的季度。我想也許從 OpenAI 合作夥伴關係開始。您能否簡單談談這到底意味著什麼以及這將如何在您的客戶群中發揮作用？這些代理是否主要建立在語音方面？您是否也看到這也擴展到了訊息傳遞領域？

And then I'd be curious to hear just about timing of how long this might take to play out across your customer base?

然後我很想知道這可能需要多長時間才能在您的客戶群中發揮作用？

Yes. Good question. Thanks, Arjun. So I would say maybe to start with, it's built off of the voice side of things, but I would anticipate whether it's with OpenAI or one of the other partners that we have out there that you should expect to see it across all channels over time. That's probably not a surprise to you.

是的。好問題。謝謝，阿瓊。所以我想說，也許一開始，它是建立在語音方面的，但我預計無論是與OpenAI 還是我們現有的其他合作夥伴之一，隨著時間的推移，您應該期望在所有管道上看到它。這對你來說可能並不奇怪。

Like the way that we would want to approach it ultimately is in more of a multichannel way. I think that's the most optimal way to end up reaching consumers vis-a-vis the customers that we serve. As it relates specifically to the partnership, it is voice based, as I said, basically, what it allows for is for us to use OpenAI's capabilities as it relates to their large language models and then apply them using a Twilio API vis-a-vis our voice capabilities. And I think where it gets really interesting and as we kind of alluded to in our earlier remarks, if you compare that with some of the contextual data that we would have about our customers' consumers, like you end up with a really personalized lively and very easy to implement interaction between one of our customers and the consumer.

就像我們最終希望採用的方式更多是採用多渠道方式。我認為這是最終接觸我們所服務的消費者的最佳方式。因為它與合作夥伴關係具體相關，所以它是基於語音的，正如我所說，基本上，它允許我們使用 OpenAI 的功能，因為它涉及到他們的大型語言模型，然後使用 Twilio API 來應用它們對比我們的語音功能。我認為它變得非常有趣，正如我們在之前的評論中提到的那樣，如果你將其與我們擁有的有關客戶的消費者的一些上下文數據進行比較，就像你最終得到一個真正個性化的生動和非常容易在我們的客戶和消費者之間實現互動。

In terms of time frame around revenue, I mean, obviously, AI is all happening very rapidly. Like I wouldn't anticipate that it shows up materially in our revenues for a little while still. That said, like we are very excited about the partnership. We're very excited about what's going on with AI. And in particular, I would really point to the combination of communications and contextual data when paired with AI is a really, really valuable combination.

就收入的時間框架而言，我的意思是，顯然，人工智慧的發展速度非常快。就像我預計它在一段時間內不會在我們的收入中產生實質影響一樣。也就是說，我們對此次合作感到非常興奮。我們對人工智慧的發展感到非常興奮。特別是，我真的想指出，當與人工智慧結合使用時，通訊和上下文資料的組合是一個非常非常有價值的組合。

Perfect. That's very helpful. And then Aidan, if I can ask one, I'm sure we'll hear more about this at Investor Day. But since you gave the initial guidance on the initial outlook on fiscal '25, I think you mentioned you were assuming a neutral macro for the 7% to 8% growth target. Is that neutral compared to what we're in right now in 2024?

完美的。這非常有幫助。然後艾丹，如果我可以問一個，我相信我們會在投資者日聽到更多關於這一點的信息。但由於您對 25 財年的初步前景給出了初步指導，我認為您提到您假設宏觀經濟中性，實現 7% 至 8% 的成長目標。與我們現在 2024 年的情況相比，這是中性的嗎？

Or is it like a headwind right now in '24 and that goes to neutral in 2025, implying slight improvement? Just would be curious how you're thinking about that.

或者說它就像 24 年的逆風一樣，到 2025 年就會轉為中性，意味著略有改善？只是好奇你怎麼想的。

Yes. I'd say, Arjun, it's kind of in line with what we're seeing right now. So I'd say neutral to kind of what we're experiencing today.

是的。我想說，阿瓊，這與我們現在所看到的情況相符。所以我對我們今天所經歷的事情持中立態度。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Great quarter. Just in terms of the go-to-market side, is there any color you guys can provide as to how big the ISV channel is for Twilio at this point and what that is growing relative to the overall business?

很棒的季度。就進入市場方面而言，你們能否提供有關 Twilio 目前 ISV 通路有多大以及相對於整體業務的成長情況的任何資訊？

We haven't -- Jim, this is Khozema. I can start and then Aidan can provide some additional commentary. So we've never broken out the kind of the quantum of how much business that we're doing with ISVs. Obviously, it's a meaningful contributor to us. But I will give you 2 data points.

我們沒有──吉姆，這是科澤馬。我可以開始，然後艾丹可以提供一些額外的評論。因此，我們從未詳細說明過我們與 ISV 開展的業務量。顯然，它對我們來說是一個有意義的貢獻者。但我會給你2個數據點。

One is that it does grow faster than the consolidated revenue base, which is obviously very exciting for us. And it also carries higher gross margins than the consolidated revenue base. And so that's actually pretty encouraging as well. And just given our ability to get leverage distribution in the way that we end up serving these fees, I think it's just a very important channel and ultimately, a very important partnership, and we want to be able to help these guys grow, and that will help us grow.

一是它的成長速度確實快於合併收入基礎，這顯然對我們來說非常令人興奮。而且它的毛利率也高於綜合收入基礎。所以這其實也非常令人鼓舞。鑑於我們有能力以最終提供這些費用的方式獲得槓桿分配，我認為這只是一個非常重要的管道，最終也是一個非常重要的合作夥伴關係，我們希望能夠幫助這些人成長，而且將幫助我們成長。

Got it. And on the RCS side of that major airline win, is there a way to understand how this will potentially change volumes for that customer, be it on the SMS side versus RCS and what that sort of gross margin profile looks like for RCS relative to SMS at this point?

知道了。在主要航空公司獲勝的 RCS 方面，是否有辦法了解這將如何潛在地改變該客戶的數量，無論是 SMS 方面還是 RCS 方面，以及 RCS 相對於 SMS 的毛利率狀況如何？

I think it's really difficult on a unique customer basis or more broadly to really extrapolate like what's happening with a particular usage inside of a channel and obviously, in this channel being messaging, I think I would imagine that fundamentally you'll probably see something relatively consistent with where we are now. Like our expectation is not necessarily that RCS will end up supplanting a bunch of the other activities.

我認為，在獨特的客戶基礎上或更廣泛地真正推斷出渠道內特定用途所發生的情況確實很困難，顯然，在這個渠道中的消息傳遞中，我想我會想像從根本上你可能會看到一些相對的東西與我們現在的情況一致。就像我們的期望不一定是 RCS 最終會取代許多其他活動一樣。

I think it works really, really well for an airline use case. And so with respect to airlines, I think my expectation would be that given that it's something where we each tend to have apps where it's something that we tend to use in sort of a repeat basis, I would imagine that, that's a category more broadly that ends up using RCS.

我認為它對於航空公司的用例來說非常非常有效。因此，就航空公司而言，我認為我的期望是，考慮到我們每個人都傾向於擁有應用程序，我們傾向於重複使用它，我想，這是一個更廣泛的類別最終使用 RCS。

I would certainly hope they avail themselves of some of the features and capabilities there. But I don't necessarily expect that it's going to change the dynamics of our underlying business. And then more broadly, we're not anticipating at least sitting here today that RCS really has an impact on either revenues or margins in terms of the dynamics in our business.

我當然希望他們能夠利用那裡的一些特性和功能。但我並不一定期望它會改變我們基礎業務的動態。更廣泛地說，至少今天坐在這裡，我們預計 RCS 不會真正對我們業務動態的收入或利潤產生影響。

Ryan Koontz, Needham & Co.

孔茲 (Ryan Koontz)，李約瑟公司

Great quarter there, certainly. Khozema can you outline kind of where you are in your self-service journey? I really -- it sounds like that's a nice growth driver. I'm sure it's an operating margin expansion with your lower sales and marketing expense. But can you maybe explain kind of where you are from kind of a milestone perspective and where you might be headed in the future?

當然，那裡很棒。 Khozema 您能否概述您在自助服務之旅中所處的階段？我真的——聽起來這是一個很好的成長動力。我確信，隨著銷售和行銷費用的降低，營業利潤率將會提高。但您能否從里程碑的角度解釋一下您現在的處境以及未來的發展方向？

Yes. I mean, look, not to be kind of cliche about it. I would say at some level, like it's always like sort of a day 1 style approach that we're trying to take to self-serve. I mean I think, as you know, like being sort of a long-term follower of us, like the developer's attraction to the platform, to the tools and capabilities that we offer has always been sort of a hallmark of the company.

是的。我的意思是，聽著，不要對此陳腔濫調。我想說的是，在某種程度上，就像我們試圖採用的自助服務一樣，就像第一天的方式一樣。我的意思是，我認為，如您所知，就像我們的長期追隨者一樣，就像開發人員對平台、我們提供的工具和功能的吸引力一直是公司的標誌一樣。

And I think over the last several years, like to ensure that there's additional trust and compliance and things of that nature on the platform. We've almost on purpose had to introduce certain levels of friction in the sign-up process to be able to onboard new customers. And so in sort of that landscape, what we want to be able to do is that for every new developer, for every new startup, for a super established company that's just getting started, we want to make it fundamentally as easy as possible as can possibly be for a developer to attach themselves to the platform to be able to get up and running with a use case.

我認為在過去的幾年裡，希望確保平台上有更多的信任和合規性以及類似性質的東西。我們幾乎故意在註冊過程中引入一定程度的摩擦才能吸引新客戶。因此，在這種情況下，我們希望能夠做到的是，對於每個新開發人員、每個新創公司、剛起步的超級老牌公司，我們希望從根本上使其盡可能簡單可能是為了讓開發人員將自己附加到平台上，以便能夠啟動並運行用例。

And then to start promulgating that inside of their consumer base. And so I would say like we're never done. I mean, our milestone list is actually quite long. We're very, very happy with the progress that we've made to date. But I think we will constantly look for ways in which we can continue to improve the experience for developers.

然後開始在他們的消費者群內部傳播這一點。所以我想說我們的工作還沒結束。我的意思是，我們的里程碑清單實際上很長。我們對迄今為止所取得的進展感到非常非常滿意。但我認為我們將不斷尋找能夠持續改善開發者體驗的方法。

And in that spirit, I would say it's kind of still day 1.

本著這種精神，我想說這還是第一天。

When you talk about that friction, you're talking about malicious use. Do you want to make sure you want to qualify these folks? Or is that the reason for it?

當您談論這種摩擦時，您談論的是惡意使用。您想確定您想要讓這些人符合資格嗎？或者說這就是原因嗎？

Yes. I mean, that's definitely one reason. I think you're also familiar with like I think it was last summer, if memory serves me correctly, where we went through like the 10 DLC onboarding process where we had to kind of put customers through that, right? We obviously got through the other side of it without any real impact to the business. But ultimately, like you're a consumer of the stuff, right?

是的。我的意思是，這絕對是原因之一。我想你也很熟悉，如果我沒記錯的話，去年夏天我們經歷了 10 個 DLC 的入職流程，我們必須讓客戶經歷這個過程，對嗎？顯然，我們度過了難關，但沒有對業務產生任何實際影響。但最終，就像你是這些東西的消費者一樣，對吧？

Like you don't want to be receiving stuff. You certainly don't want your children to be receiving stuff that they shouldn't be.

就像你不想收到東西一樣。您當然不希望您的孩子收到不該收到的東西。

And trust has kind of always been one of the #1 things that we sell around here. And I think, creating a platform in which there's both trust as well as ease of use has always been a hallmark at Twilio.

信任一直是我們在這裡銷售的第一要素之一。我認為，創建一個既信任又易於使用的平台一直是 Twilio 的標誌。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Rich Magnus on for Alex. A question on free cash flow. Should we expect free cash flow margin expansion to outpace operating margin expansion next year given the prepayments affecting free cash flow in the fourth quarter, can you help sort of quantify that headwind in 4Q? .

里奇·馬格努斯 (Rich Magnus) 替補亞歷克斯 (Alex)。關於自由現金流的問題。鑑於預付款影響第四季度的自由現金流，我們是否應該預期明年自由現金流利潤率的擴張將超過營業利潤率的擴張，您能否幫助量化第四季度的阻力？ 。

Rich, thanks for the question. So we're not yet providing explicit free cash flow guidance or commentary for 2025. I'd say, in general, the way to think about it is it tracks fairly closely with our non-GAAP operating income over time. Like within quarters, there might be some variability, but over time, an annual cycle or something like that, they track fairly closely.

豐富，謝謝你的提問。因此，我們尚未提供明確的 2025 年自由現金流指導或評論。就像在幾個季度內一樣，可能會有一些變化，但隨著時間的推移、年度週期或類似的情況，它們的追蹤相當密切。

And as we said in our prepared remarks, as it relates to Q4, as we've said previously, we do have these episodic kind of prepayments from time to time. We will experience some of them in Q4 but as we think about free cash flow going forward, I'd kind of think about them generally in line. And then we'll talk about more as it relates to 2025 specifically at our Investor Day.

正如我們在準備好的發言中所說，與第四季度相關，正如我們之前所說，我們確實不時會有這些偶發性的預付款。我們將在第四季度經歷其中的一些情況，但當我們考慮未來的自由現金流時，我認為它們總體上是一致的。然後我們將在投資者日討論更多與 2025 年相關的內容。

And then one more on, is there anything you should think about regarding political traffic in 4Q from these final election pushes? And how does that sort of compare to the prior cycles?

然後，關於第四季度這些最終選舉推動的政治流量，您是否應該考慮什麼？與之前的周期相比如何？

Yes. So as we called out in the prepared remarks, in the third quarter, we did have some political traffic. It contributed about 90 basis points to our growth rate. It was offset by a product that we are sunsetting on the Zipwhip software business. So it really didn't contribute to the revenue growth.

是的。因此，正如我們在準備好的演講中指出的那樣，在第三季度，我們確實出現了一些政治流量。它為我們的成長率貢獻了約 90 個基點。它被我們正在淘汰的 Zipwhip 軟體業務產品所抵消。所以它確實沒有對收入成長做出貢獻。

I'd expect Q4 to be similar immaterial. There will be some political traffic, but we don't expect it to contribute much. If you go back several years, we did have more political traffic on the platform, but we made a decision a couple of years ago to limit that just based on our acceptable use policy and what we're willing to carry on the platform.

我預計第四季也同樣無關緊要。會有一些政治流量，但我們預計不會有太大貢獻。如果你回到幾年前，我們的平台上確實有更多的政治流量，但我們在幾年前做出了決定，僅根據我們可接受的使用政策和我們願意在平台上進行的內容來限制政治流量。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

The first one is just given like the acceleration that we saw in revenue in the quarter and it sounded like particularly the messaging business. Anything in particular, I guess, you would flag as really driving that? And then as we look into 4Q, it seems like you guys only raised the guide modestly. So anything that was maybe specific to 3Q with the messaging business? Or anything we should keep in mind seasonality as we look into 4Q?

第一個是我們在本季看到的營收加速成長，聽起來尤其是訊息業務。我想，有什麼特別的事情，你會認為是真正在推動這一點嗎？然後，當我們研究 4Q 時，你們似乎只是適度地提高了指南。那麼，有什麼可能是 3Q 訊息業務特有的嗎？或者在我們研究第四季時我們應該記住什麼季節性因素？

Yes. Why don't I cover a little bit on Q3, then talk a little bit about the guide. So we're really pleased with the acceleration that we saw. So maybe first, just to be clear, reported and organic are now equal, just we lapped all the acquisitions. So the 10% is both our reported and organic growth number.

是的。為什麼我不先介紹一下第三季度，然後再談談指南。因此，我們對所看到的加速感到非常滿意。因此，也許首先，要明確的是，報告和有​​機現在是平等的，只是我們完成了所有收購。因此，10% 既是我們報告的成長數字，也是有機成長的數字。

And we saw really a combination of strength across the business.

我們確實看到了整個企業的實力結合。

Messaging, as you highlighted, it accelerated in the quarter from a growth perspective, e-mail continued to be strong from a growth perspective. We also saw strength in our ISV platform Khozema kind of talked about that on one of the previous questions as well as self-serve, and then when you think about it by industry, we saw pretty good healthy volumes, I'd say, revenue growth kind of in our largest industry, that's tech, health care, financial services, retail, e-commerce, I would say, social and messaging kind of continued to be softer for us, but that's a relatively smaller portion of our revenue nowadays.

正如您所強調的，從成長的角度來看，訊息傳遞在本季度加速了，從成長的角度來看，電子郵件繼續保持強勁。我們也看到了我們的 ISV 平台的優勢，Khozema 在之前的一個問題以及自助服務中談到了這一點，然後當你按行業考慮時，我們看到了相當不錯的健康量，我想說的是，收入我們最大的行業，即科技、醫療保健、金融服務、零售、電子商務，我想說，社交和訊息對我們來說繼續疲軟，但目前這占我們收入的比例相對較小。

And then from a geographic perspective, I'd say the U.S. continued to be strong. And we did see international volumes and revenue trends improve for the second straight quarter. So I guess, pulling it up, not one thing, a number of different things that kind of drove the strength in the quarter. And then as it relates to the guide, we guided 7% to 8%.

然後從地理角度來看，我想說美國仍然強大。我們確實看到國際銷售和收入趨勢連續第二個季度有所改善。所以我想，推動這一成長的不是一件事，而是許多不同的因素推動了本季的強勁成長。然後就指導而言，我們指導了 7% 到 8%。

That's actually 2 points higher than what we guided in Q3. So you are seeing some of that favorability flow through to our forecast. And then I guess, last thing is that we are usage-based. That is a dynamic that we deal with. So we just continue to guide prudently just given that's our revenue model.

這實際上比我們在第三季的指導高出 2 個百分點。所以你會看到一些好感度反映在我們的預測中。然後我想，最後一件事是我們是基於使用的。這是我們要處理的動態。因此，鑑於這就是我們的收入模式，我們將繼續謹慎指導。

Perfect. And then last one for me would just be on the margin outlook. So you guys have had pretty amazing upside to margins over the last several quarters, but it looks like the pace of that expansion on a year-over-year basis, I think we're starting to see that come down a bit. So as we think into next year, and I think you made a comment about continuing to expect expansion, anything you can share at a high level, like how to think about that maybe versus what we've seen? I know segment reaching breakeven is one of the drivers.

完美的。最後一個對我來說只是關於利潤前景。因此，在過去的幾個季度中，你們的利潤率取得了相當驚人的成長，但看起來與去年同期相比，擴張的速度，我認為我們開始看到這一點有所下降。因此，當我們考慮明年時，我認為您對繼續期待擴張發表了評論，您可以在高層分享任何內容，例如如何考慮與我們所看到的情況相比？我知道該部門達到損益兩平是驅動因素之一。

But as we look across the model, any other areas of potential efficiency that you guys are looking at? .

但當我們審視這個模型時，你們還在關注其他潛在效率領域嗎？ 。

Yes. I'm not going to give a specific number for next year, but I do want to call out a couple of things. So in Q3 the reason you didn't see as much leverage quarter-over-quarter is we did have additional bonus accrual that we did in the quarter was $18 million. It was a catch-up for Q1, Q2, Q3, just based on where our forecast is now for profit for the year.

是的。我不會給出明年的具體數字，但我確實想指出一些事情。因此，在第三季度，您沒有看到季度環比有這麼多槓桿的原因是我們確實有額外的應計獎金，該季度的獎金為 1800 萬美元。僅根據我們現在對今年利潤的預測，這是第一季、第二季、第三季的追趕。

So with that forecast being higher, we had to accrue some additional expenses. So that did impact the quarter, and you should factor that in, in terms of thinking about the underlying operating margin expansion. As it relates to leverage going forward, we're pretty confident in our ability to continue to get leverage. We've proved it now consistently. I'd say next year, some of the levers are, as you called out segment, right?

因此，由於預測較高，我們不得不增加一些額外費用。因此，這確實影響了本季度，您應該在考慮潛在的營業利潤率擴張時考慮這一點。由於它與未來的槓桿作用有關，我們對繼續獲得槓桿作用的能力非常有信心。我們現在已經一致地證明了這一點。我想說，明年，正如您所說的那樣，一些槓桿是細分市場，對吧？

We lost $16 million in the quarter on segment. So if you annualize that, that's $64 million and then the other 2 areas where we're intently focused is, first, automation, and then second, what we're calling kind of workforce planning and just optimizing the org structures as well as the geographic locations of each of our teams. And those are the 2, I'd say, big efforts we have underway to continue to drive margin expansion.

本季我們在細分市場上虧損了 1,600 萬美元。因此，如果按年計算，那就是 6400 萬美元，然後我們重點關注的其他兩個領域是，第一是自動化，第二是我們所說的勞動力規劃，即優化組織結構以及我們每個團隊的地理位置。我想說的是，這是我們為繼續推動利潤率擴張而做出的兩項重大努力。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

I appreciate the color on the 2025 numbers. Are there any trends in your business that's given you more visibility to provide this out year guidance at this point? Like are your customers feeling better about their own messaging volumes. I just love to hear more detail on your build up to that 2025 revenue guidance.

我很欣賞 2025 年數字上的顏色。您的業務中是否有任何趨勢使您能夠更清楚地提供今年的指導？就像您的客戶對自己的訊息量感覺更好一樣。我只是想聽聽更多關於 2025 年收入指引的詳細資訊。

Yes. I don't -- I'll give you a couple of things. I think, first of all, I mean, we've been working on a number of efforts inside the business. We've kind of characterized those in 3 different buckets, right, disciplined, rigor, and focus. That kind of ranges from a series of financial things that we're doing as well as the number of investments that we're making on the innovation side.

是的。我不會——我會給你一些東西。我認為，首先，我的意思是，我們一直在企業內部做出許多努力。我們將這些特徵分為三個不同的面向：正確、紀律、嚴謹和專注。這包括我們正在做的一系列金融工作以及我們在創新方面進行的投資數量。

. And what I would say is, is that what used to be kind of a stabilization in trends that's transpired really over the last several quarters has now kind of started to albeit modestly, started to kind of reaccelerate into slightly better growth, obviously, in Q3. You heard Aidan's color a moment ago in terms of Q4 and our ability to kind of consistently raise the guide over several quarters. So all of that feels pretty good.

。我想說的是，過去幾季確實出現的趨勢趨於穩定，現在已經開始重新加速，進入稍微更好的成長，顯然，在第三季。你剛剛聽到了艾丹在第四季度的表現，以及我們在幾個季度持續提高指南的能力。所以這一切感覺都很好。

And as we kind of look out into 2025, it's not just an extrapolation of trends, obviously. It's also a lot of conversations that we're having with our customers as well. Again, in a kind of a neutral macro, what I would say is self-serve has been particularly strong, and that's been a bright spot. I think the volumes that we've seen from our ISV partners that certainly seems like it's quite sustainable. And then that's kind of on a channel basis, if you kind of then break it down by product, the products have generally been performing well.

當我們展望 2025 年時，顯然這不僅僅是趨勢的推論。我們也與客戶進行了很多對話。同樣，在一種中性宏觀中，我想說的是自助服務特別強，這是一個亮點。我認為我們從 ISV 合作夥伴那裡看到的數量看起來確實是相當可持續的。然後這是在通路的基礎上，如果你按產品細分，產品通常表現良好。

Obviously, even beyond kind of messaging and e-mail, we called out a number of products from which we have seen a certain amount of strength over the last couple of quarters. We've seen some new innovations take hold as well, like the kind of messaging deliverability dynamics that we talked about earlier.

顯然，除了訊息傳遞和電子郵件之外，我們還推出了許多產品，在過去的幾個季度中我們看到了一定的優勢。我們也看到了一些新的創新，例如我們之前討論過的訊息傳遞動態。

We obviously have a number of innovations that we're also planning on. And then I guess, finally, I would add to kind of everything that I've said, like there's some things around AI, especially as it relates to contextual data and communications that we're also pretty excited about. One of those was referenced on the call today in terms of our partnership.

顯然，我們也正在計劃進行許多創新。然後我想，最後，我會補充我所說的一切，例如人工智慧周圍的一些事情，特別是當它與我們也非常興奮的上下文數據和通訊相關時。今天的電話會議中就我們的合作關係提到了其中之一。

We're clearly working on a number of other areas in which we believe that we're extraordinarily well positioned to deliver on personalization at scale. And so I guess, Ryan, when you add all that up, yes, I mean, we have some level of visibility given that we are a usage-based business. It's always tough. But that totality of things feels like a pretty solid setup in terms of the guidance that -- preliminary guidance that we provided for 2025.

顯然，我們正在其他一些領域開展工作，我們相信我們在這些領域中處於非常有利的地位，可以大規模地提供個人化服務。所以我想，瑞安，當你把所有這些加起來時，是的，我的意思是，鑑於我們是一家基於使用的企業，我們有一定程度的可見性。總是很艱難。但就我們為 2025 年提供的初步指導而言，這一切感覺像是一個相當可靠的設定。

Excellent, just on RCS, for Twilio, this has kind of always been the catalyst that's like 2 years away from being 2 years away. But now it does seem more realistic with Apple rolling it out on iPhones. So how do you think about just the time line for RCS adoption in the U.S.? Like are the carriers ready for RCS at this point? And I know it's super early, but do you think it's possible Generative AI does move the needle here for RCS adoption as 2-way messaging use cases at scale was like very hard to service like over hundreds of thousands of messages but could become easier with a more sophisticated bot or with AI?

太棒了，就 RCS 而言，對於 Twilio 來說，這一直是催化劑，距離 2 年後的目標還有 2 年。但現在蘋果在 iPhone 上推出這項功能似乎確實更為現實。那麼您如何看待美國採用 RCS 的時間表？運營商現在是否已做好 RCS 準備？我知道現在還為時過早，但你認為生成式 AI 確實有可能推動 RCS 的採用，因為大規模的雙向訊息傳遞用例很難像數十萬個訊息那樣提供服務，但可以變得更容易更複雜的機器人還是人工智慧？

Those are all great questions. I think it's really unclear honestly, what exactly happens with RCS in the near term. I mean we're obviously excited to support the technology. I think if you've used it yourself with certain use cases, it's really cool, and it really does deliver kind of the rich content that's always been promised. I'm not really sure how it's going to play out kind of longer term.

這些都是很好的問題。老實說，我認為目前還不清楚 RCS 最近會發生什麼。我的意思是，我們顯然很高興能支持這項技術。我認為，如果您自己在某些用例中使用過它，那麼它真的很酷，而且它確實提供了人們一直承諾的豐富內容。我不太確定從長遠來看它會如何發揮作用。

And the reason that I say that is, is that I think it's really, really well suited for certain companies and certain use cases.

我這麼說的原因是，我認為它真的非常適合某些公司和某些用例。

So for example, the airline example that we cited, I think that's an industry that's perfect for it because these are frequent purchases. These are repeat buys in which you probably do want to be able to interact with the message in that way, and you want to have the content displayed in a certain fashion. I think when it's just a simple but traditional notification, it's not necessary, right? And so I think that would be kind of one maybe obvious example or certainly 2-factor authentication would be another obvious example in which it's not necessary.

例如，我們引用的航空公司範例，我認為這是一個非常適合的行業，因為這些都是頻繁的購買。這些是重複購買，您可能確實希望能夠以這種方式與訊息進行交互，並且您希望以某種方式顯示內容。我認為當它只是一個簡單但傳統的通知時，這是不必要的，對嗎？所以我認為這可能是一個明顯的例子，或者當然兩因素身份驗證將是另一個明顯的例子，其中沒有必要。

But even beyond that, like when it gets into kind of more onetime purchases or when you want to do a lot of things inside of the application itself versus necessarily through the channel. But then on the other side, of course, you have to have an e-mail and SMS confirm it. I think all of that makes the picture, to be honest, like fairly confusing.

但除此之外，例如當它進入更多的一次性購買時，或者當你想在應用程式本身內部做很多事情而不是透過管道做很多事情時。但另一方面，當然，你必須有電子郵件和簡訊確認。老實說，我認為所有這些都讓這張照片相當混亂。

I think that from our perspective, all of that, no matter how it plays out, will ultimately be accretive to Twilio. And then lastly, relating to kind of Gen AI and the way that you posed it, I think in all scenarios, whether it's 2-way, whether it's RCS, whether it's some of the voice things that we talked about, we're quite bullish on Generative AI. I think it really works well when paired with contextual data, which is really where we're hanging our hat, especially as it relates to the combination of what we can do with segment and communications and that we're very bullish on.

我認為，從我們的角度來看，所有這一切，無論結果如何，最終都會為 Twilio 帶來增值。最後，關於 Gen AI 的類型以及你提出它的方式，我認為在所有場景中，無論是 2 路，無論是 RCS，無論是我們談論的一些語音事物，我們都非常滿意。我認為，當與上下文數據結合使用時，它確實效果很好，這確實是我們所期待的，特別是因為它涉及到我們可以對細分和通信進行的操作的組合，並且我們對此非常看好。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Echoing by congrats. Maybe just on the DB&E pickup on the communications side of the business, understanding ISV's kind of helped bring in a lot of new customers. But just wondering do you think that part of the messaging gains or part of the DB&E improvement is kind of gaining share within your customers of their share of wallet with some of the Verify products and some of the other enhancements you've made to the portfolio or just kind of marketing budgets have gotten better and that overall led to more volumes?

恭喜迴響。也許只是在業務通訊方面的 DB&E 拾取方面，了解 ISV 的類型有助於吸引大量新客戶。但只是想知道您是否認為訊息傳遞收益的一部分或 DB&E 改進的一部分是透過某些驗證產品以及您對產品組合所做的其他一些增強在您的客戶中獲得他們的錢包份額或只是行銷預算變得更好並且總體上導致了更多的銷量？

And then, just as a second question. Just where do you guys think you are on kind of go-to-market improvements within the segment business now kind of being 9 months into some of those changes?

然後，作為第二個問題。你們認為在部分業務進入市場的改進方面，現在已經進行了 9 個月了，你們的進展如何？

Yes. Meta, this is Khozema. I'll start, and then if Aidan wants to add some additional color, she certainly can. I think, let me start with the second question actually first in terms of segment and go-to-market. So I would say we've actually made a number of improvements on the go-to-market side.

是的。梅塔，這是科澤馬。我先開始，然後如果艾丹想添加一些額外的色彩，她當然可以。我想，讓我從第二個問題開始，實際上首先是在細分市場和進入市場方面。所以我想說，我們實際上在進入市場方面做出了一些改進。

We do feel better about kind of where we are relative to where we've been. I think improvements in churn and contraction, improvements in contract life cycle improvements and our ability to get customers faster time to value.

與過去相比，我們確實對自己所處的位置感覺更好。我認為客戶流失和收縮的改善、合約生命週期的改善以及我們讓客戶更快實現價值的能力。

That said, I mean, there's a lot of work left here, right? And obviously, it's not quite shown up in certainly the reported numbers and you still see it weighing on our net retention rates. And so I think it's going to take some time, but I do feel like the milestones that we set out for ourselves we're meeting those, if not exceeding some of those. But for that to bleed into revenue, it's just going to take some time.

也就是說，我的意思是，這裡還有很多工作要做，對嗎？顯然，它並沒有完全體現在報告的數字中，而且您仍然會看到它對我們的淨保留率造成影響。所以我認為這需要一些時間，但我確實覺得我們為自己設定的里程碑我們正在實現這些目標，即使沒有超過其中的一些目標。但要將其轉化為收入，還需要一些時間。

I will say just one other thing related to segment before I get to the other part of your question, is the one thing that I think has gone quite well is the pairing of communications with segment. So there were some use cases that we talked about where we rolled out products earlier in the year, both with Flex as well as with voice. And those have proven to gain a certain amount of customer traction to the extent that now, especially as we kind of contemplate a future in which Generative AI is going to be present, it's on us now to really deliver what we're referring to as a unified profile that doesn't just serve those 2 products that actually serves every single one of our products right out of the box.

在回答你的問題的其他部分之前，我要說的是與細分相關的另一件事，我認為進展順利的一件事是通信與細分的配對。因此，我們討論了今年早些時候推出的產品的一些用例，包括 Flex 和語音。事實證明，這些技術已經獲得了一定程度的客戶吸引力，尤其是當我們思考生成式人工智慧將會出現的未來時，我們現在有責任真正交付我們所說的東西一個統一的配置文件不僅為這兩種產品提供服務，而且實際上為我們的每種產品提供開箱即用的服務。

So as the customer gets up and running, they can avail themselves of the inherent data capabilities that segment offers. And I think you've followed us, obviously, for a long time, that's always sort of been the promise of having segment with Twilio. And I think we're starting to make that a reality. And in a Generative AI world, having contextual data is really going to matter. And so we think we're well positioned there.

因此，當客戶啟動並運行時，他們可以利用細分市場提供的固有數據功能。我認為您顯然已經關注我們很長一段時間了，這一直是與 Twilio 進行部分交流的承諾。我認為我們正在開始將其變為現實。在生成人工智慧世界中，擁有上下文數據確實很重要。所以我們認為我們在這方面處於有利地位。

Back to DB&E for a second. You're right. Like there are some of these areas in which we are picking up new customers. But I wouldn't say it's per se macro related, like that's not the trend that we're necessarily seeing. I think what we've seen really for the balance of the year is kind of a neutral macro and Aidan kind of alluded to that in terms of the way that we're planning for the business next year.

回到 DB&E。你說得對。就像我們在某些​​領域正在吸引新客戶一樣。但我不會說這本身與宏觀相關，就像這不是我們必然看到的趨勢。我認為我們在今年剩下的時間裡真正看到的是一種中性的宏觀經濟，艾丹在我們明年的業務規劃方式方面也提到了這一點。

I don't think we're seeing share loss within the business or cannibalization maybe a different way of saying that. I think instead, what we're seeing is customers starting to implement additional products in conjunction with ones that they were already using. I mean we made a modest improvement in DB&E from period to period. So I don't want to like read too much into it necessarily. But we're obviously encouraged by what we're seeing.

我認為我們沒有看到業務內部的份額損失或蠶食，也許換句話說。我認為相反，我們看到的是客戶開始將其他產品與他們已經使用的產品結合。我的意思是，我們在 DB&E 方面不斷取得了適度的進​​步。所以我不想對它讀太多。但我們顯然對所看到的感到鼓舞。

It's not necessarily a metric that we guide to. But so far, so good, and we're going to continue our efforts in a number of these areas with probably a concentrated effort as we always do on self-serve.

它不一定是我們指導的指標。但到目前為止，一切都很好，我們將繼續在其中一些領域做出努力，這可能會像我們一直在自助服務方面所做的那樣集中精力。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

This is Rich Poland on for Michael. So just one on the ISV side of things. So I think you had mentioned at one point that you walked away from Engage Premier and that kind of helped avoid directly competing with some of those ISV partners. I just wanted to, I guess, get some insight on, are there any areas where you could look to do that further? Or how is kind of that played out into the ISV strength that you're seeing?

這是邁克爾·里奇·波蘭 (Rich Polish) 的演講。以上僅是 ISV 方面的一個。因此，我認為您曾經提到您放棄了 Engage Premier，這有助於避免與某些 ISV 合作夥伴直接競爭。我想，我只是想了解一下，是否有任何領域可以進一步做這件事？或者您所看到的 ISV 實力如何體現？

Any context there would be helpful.

任何上下文都會有幫助。

Yes. You're -- to maybe start with your kind of correcting the assertion there. We did decide that we wanted to sunset Engage Premier. I think that was the right decision, that was kind of paired with 2 things. I'd say, we've talked about ongoing operating rigor and discipline.

是的。你——也許可以從你糾正那裡的斷言開始。我們確實決定要取消 Engage Premier。我認為這是正確的決定，與兩件事結合。我想說，我們已經討論了持續的操作嚴謹性和紀律性。

And I think part of that is just focusing on the right things. And so it made sense through that lens.

我認為其中一部分就是專注於正確的事情。所以從這個角度來看這是有道理的。

But I think the other side of it was the partnerships, in particular, as it relates to Premier at least that we have with other leading marketing automation companies it allowed us to really focus on those partnerships in a different way versus kind of ending up in competition with them, instead allowing us to grow and thrive together.

但我認為另一面是合作關係，特別是因為它與Premier 相關，至少我們與其他領先的營銷自動化公司有關係，它使我們能夠以不同的方式真正關注這些合作夥伴關係，而不是最終陷入困境。

And so I'd say many of those companies have for a long time been great customers of ours. And we're engaging across the board, whether it's Airship or Bloom Ridge or Brakes, or Insider or Clavio.like there's a number of these that we have lined up currently. We've got really strong technology integrations with each of them, and we're excited about not just the business that's kind of link to our platform but our ability to grow with those companies together, to partner together to be able to solve customers' needs.

所以我想說，其中許多公司長期以來一直是我們的重要客戶。我們正在全面參與，無論是 Airship、Bloom Ridge、Brakes、Insider 還是 Clavio。我們與每個公司都有非常強大的技術集成，我們不僅對與我們平台相關的業務感到興奮，而且對我們與這些公司共同成長、共同合作以解決客戶問題的能力感到興奮。

That's very helpful. And then I guess just as a follow-up on the AI side of that. It's really interesting to hear about the real-time API integration and being kind of the feature partner there. When we think about, I guess, like other areas in the core comms or API side of things where Twilio can kind of serve as that building block. Are there any use cases out there that you're starting to see kind of really pick up or see meaningful traction aside from that partnership there?

這非常有幫助。然後我想這只是人工智慧的後續行動。聽到即時 API 整合以及成為那裡的功能合作夥伴真的很有趣。我想，當我們想到核心通訊或 API 方面的其他領域時，Twilio 可以充當建構塊。除了合作夥伴關係之外，是否有任何用例您開始看到真正回升或看到有意義的吸引力？

Yes. I would position it slightly differently as it relates to AI. Like I don't think it's just about communications, and I don't think it's actually just about segment, but I think it's really the combination of contextual data with communications. And I think for the companies that we serve and the ones that we aspire to serve, it's that combination that really activates AI, the reason being that a lot of the most interesting interactions, like when we talk about personalization at scale, like it happens because we have contextual data about our customers' consumers. And that's an incredibly, incredibly important form of IP.

是的。我對它的定位略有不同，因為它與人工智慧相關。就像我不認為這只是關於通信，我不認為它實際上只是關於細分，但我認為這實際上是上下文數據與通信的結合。我認為對於我們服務的公司和我們渴望服務的公司來說，正是這種結合真正激活了人工智能，原因是很多最有趣的交互，比如當我們談論大規模個性化時，就像它發生一樣因為我們擁有有關客戶的消費者的背景資料。這是智慧財產權的一種極為重要的形式。

They want -- our customers want that to not travel over into an LLM but instead, to be stored into data warehouse to be secure in a data warehouse, but then to be combined with the other things that we're doing. And so I think the way that you'll hear us talk about it going forward, Rich, is really through the lens of like this unified profile which allows us to see exactly what it is that's most interesting about a consumer on behalf of our customers that we can then go and activate against.

他們希望——我們的客戶希望它不要進入法學碩士，而是儲存到資料倉儲以確保資料倉儲的安全，然後與我們正在做的其他事情結合。因此，我認為，Rich，您將聽到我們未來談論它的方式實際上是透過像這樣統一的配置文件的鏡頭，它使我們能夠代表我們的客戶準確地看到消費者最感興趣的是什麼然後我們就可以去啟動它。

And I think whether it's in a voice contact with a virtual agent, whether it's in an IVR, whether it's in Flex, whether it's in a security product, whether it's in the fraud prevention things that we've done, and then ultimately, even e-mail, like I think it's going to really run the gamut of every single one of our products. And I think we'll start to probably talk less about them through the lens of like just products, but really this combined interaction of communications with contextual data.

我認為無論是與虛擬代理進行語音聯繫，還是在 IVR 中，無論是在 Flex 中，無論是在安全產品中，還是在我們所做的防詐騙工作中，最終，甚至電子郵件，我認為它將真正滲透到我們每一款產品的各個層面。我認為我們可能會開始更少地從產品的角度來談論它們，但實際上是通訊與上下文資料的結合互動。

Nick Altmann, Scotiabank .

尼克·阿爾特曼，豐業銀行。

Awesome. In your prepared remarks, you guys noted an 8-figure ISV deal that was consolidating some volume from 3 different vendors on Twilio on the SMS side. Can you maybe just talk about what the unlock there for that particular customer for them to consolidate? And then when you look at your installed base, whether it's large customers or ISVs who are multisourcing CPaaS or SMS, how much of an opportunity is that? And how much of a focus is it on a go-forward basis?

驚人的。在你們準備好的發言中，你們注意到一筆 8 位數的 ISV 交易，該交易在 SMS 方面整合了 Twilio 上 3 個不同供應商的一些交易量。您能否談談該特定客戶需要整合哪些內容？然後，當您查看您的安裝基礎時，無論是大客戶還是多源 CPaaS 或 SMS 的 ISV，機會有多大？未來的關注度有多大？

Let's take the second question first maybe. So as it relates to consolidation or kind of multi-sourcing, I think that's the word you used. I think that -- it happens from time to time, and we certainly see customers experiment with it from time to time. But I think the reality is, is that the way that the platform is built and the way that we've kind of always prided ourselves is, is that we fundamentally offer a superior product relative to the other partners in the marketplace.

也許我們先來回答第二個問題。因此，由於它涉及整合或多來源，我認為這就是您使用的詞。我認為——這種情況時常發生，我們當然會看到客戶時不時地嘗試。但我認為現實是，該平台的構建方式以及我們一直引以為傲的方式是，我們從根本上提供了相對於市場上其他合作夥伴更優質的產品。

And so I think, in particular, like we're very, very strong in terms of upfront availing yourself of use on the platform in the first place, like getting up and running, getting activated, getting started using our tooling, using our documentation like that's a really, really easy go. And then I think the other side of it is, is that we're also quite strong in terms of our ability to ensure that our customers are able to deliver what need to be delivered on the other side.

所以我認為，特別是，我們在首先使用平台方面非常非常強大，例如啟動並運行、激活、開始使用我們的工具、使用我們的文件就像那是一個非常非常容易的事情。我認為另一方面是，我們在確保我們的客戶能夠交付另一方需要交付的東西方面也非常強大。

And so these are mission-critical workloads for a lot of our customers. And so our ability to do that for them, especially in a way in a world in which most people don't realize this actually that supply is constrained to be able to moderate between messages that have to get across at one specific moment versus others that can wait just a handful of seconds even like that's a really important differentiator for us.

因此，對於我們的許多客戶來說，這些都是關鍵任務工作負載。因此，我們有能力為他們做到這一點，特別是在一個大多數人實際上沒有意識到這一點的世界中，供應受到限制，無法在必須在某個特定時刻傳遞的信息與其他特定時刻傳遞的訊息之間進行調節。

We deliver that through our engagement suite, and that's pretty impactful. So that's kind of that part of the question, and I think that a lot of that volume ends up coming back to us. In terms of the ISV question that you asked specifically, the 3 vendor consolidation. So I think all of what I said a moment ago remains true, right? Like we have stronger deliverability, we have better quality, we have high trust and getting up and running on Twilio in the first place is very attractive.

我們透過我們的參與套件來實現這一目標，這非常有影響力。這就是問題的一部分，我認為其中很多內容最終都會回到我們身邊。就您具體提出的 ISV 問題而言，3 供應商整合。所以我想我剛才說的都是對的，對嗎？就像我們擁有更強的交付能力、更好的品質、高度的信任一樣，首先在​​ Twilio 上啟動和運行就非常有吸引力。

In addition to all of those things, I think what's very exciting in this example, and I think what's exciting more generally is that this customer was struggling to scale internationally in particular, they found Twilio very easy as a means to do that. I think in addition to that, what a lot of our ISVs and I'd say customers are at large, this is not just limited find is that being able to engage their customers, especially through multiple channels and then using them kind of off and on to engage with customers on the other side has been really powerful. And I wouldn't be surprised if we see more of that over time.

除了所有這些之外，我認為這個示例中非常令人興奮的事情，而且我認為更令人興奮的是，該客戶特別努力在國際上進行擴展，他們發現 Twilio 非常容易實現這一目標。我認為除此之外，我們的許多ISV 和我想說的客戶都是大群的，這不僅僅是有限的發現，而是能夠吸引他們的客戶，特別是透過多種管道，然後斷斷續續地使用他們。如果隨著時間的推移我們看到更多這樣的情況，我不會感到驚訝。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

This is Billy Fitzsimmons on for Samad. Khozema, in the prepared remarks, you highlighted the AI opportunity with Flex and highlighted the potential for customers to create intelligent IVRs and more broadly, AI agents, the contact center seems like an area of focus for the traditional comms vendors given turnover, high volumes, there's an opportunity to kind of layer in AI to make things easier for customers.

我是薩馬德的比利·菲茨西蒙斯。 Khozema，在準備好的演講中，您強調了Flex 的人工智慧機會，並強調了客戶創建智慧IVR 以及更廣泛的人工智慧代理的潛力，考慮到營業額和高容量，聯絡中心似乎是傳統通訊供應商關注的一個領域，有機會在人工智慧中進行分層，讓客戶的事情變得更容易。

But increasingly, it seems like vendors who maybe traditionally didn't address the contact center are kind of targeting the market, whether other large cap software vendors, hyperscalers, just be curious how Flex has performed in recent quarters, early customer feedback and the integration of AI solutions in Flex and then how you're thinking about pricing and differentiation as you add in those AI features to the solution?

但越來越多地，傳統上不解決聯絡中心問題的供應商似乎正在瞄準這個市場，無論是其他大型軟體供應商、超大規模企業，還是好奇Flex 在最近幾季的表現、早期客戶回饋和整合情況Flex 中的 AI 解決方案的數量，然後當您將這些 AI 功能添加到解決方案中時，您如何考慮定價和差異化？

Yes. That's a good question. So I guess, Billy, the way that I would kind of characterize it is, is that it's not per se about Flex as such. I mean, I think the way that this is going to play out is that whatever the channel and in this case, since we're kind of talking about voice in a way, I think it's going to be driven on the one hand, it's going to be very outcome-oriented in terms of like what you're able to deliver for a customer on the other side. I think that probably ends up breaking some of the seat dynamics in terms of SaaS and licenses and stuff like that.

是的。這是個好問題。所以我想，Billy，我對它的描述方式是，它本身與 Flex 無關。我的意思是，我認為這將會發生的方式是，無論管道如何，在這種情況下，因為我們在某種程度上談論語音，我認為一方面會受到驅動，就您能夠為另一方客戶提供的服務而言，將非常注重結果。我認為這最終可能會打破 SaaS 和許可證等方面的一些席位動態。

I think the second thing is, is that a lot of the -- while I'm certainly aware of what you're talking about in terms of various entrants in the market, I think your ability to be able to drive differentiated value actually happens through having contextual data. So having a generic model that happens to use a virtual agent like without any underlying understanding of what's happening with that customer in the first place, like it's really, really difficult to end up solving their problem. Like it's easy for like kind of the basic stuff. But like as soon as you bore down into like an actual purchase or an actual promotion or a renewal or a customer care problem, like you've got to start knowing something about that customer.

我認為第二件事是，雖然我當然知道你在談論市場上的各種進入者，但我認為你能夠推動差異化價值的能力實際上發生了通過上下文數據。因此，擁有一個碰巧使用虛擬代理的通用模型，就像一開始就沒有對客戶所發生的事情有任何基本了解一樣，最終解決他們的問題真的非常非常困難。就像基本的東西很容易一樣。但是，就像一旦您深入研究實際購買或實際促銷或續約或客戶服務問題時，您就必須開始了解有關該客戶的資訊。

And certainly, something that we believe is that, that contextual data is highly proprietary to the customers that we serve. I cannot imagine a scenario in which they start turning over that proprietary data to the large LLMs and helping them train up their models. And so I think that advantage is crucial to use, our ability to use the communications capabilities that we already have, which includes Flex, obviously, but also pair that with contextual data that we deliver vis-a-vis segments and then use AI as a means to then solve customer problems, that's really how we see it playing out. Certainly could happen with Flex, could happen with an IVR, could happen through simple -- more simple interfaces depending on how complex the problem is through any one of the channels that we offer. And since we offer most of them, I think that positions us quite well.

當然，我們相信，上下文資料對於我們所服務的客戶來說是高度專有的。我無法想像他們開始將專有資料移交給大型法學碩士並幫助他們訓練模型的場景。因此，我認為優勢對於利用至關重要，我們能夠利用我們已經擁有的通訊能力，其中顯然包括 Flex，但也將其與我們針對細分市場提供的上下文數據相結合，然後將人工智慧用作一種解決客戶問題的方法，這就是我們所看到的結果。當然可以透過 Flex 實現，可以透過 IVR 實現，可以透過簡單的——更簡單的介面實現，這取決於問題透過我們提供的任何一種管道的複雜程度。由於我們提供其中大部分服務，我認為這使我們處於有利地位。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。