Twilio Inc (TWLO) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Twilio first-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的支持，歡迎參加 Twilio 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Bryan Vaniman, Senior Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係高級副總裁 Bryan Vaniman。請繼續。

Good afternoon, everyone, and thank you for joining us for Twilio's first-quarter 2025 earnings conference call. Joining me today are Khozema Shipchandler, Chief Executive Officer; Aidan Viggiano, Chief Financial Officer; and Thomas Wyatt, Chief Revenue Officer.

大家下午好，謝謝大家參加 Twilio 2025 年第一季財報電話會議。今天與我一起出席的還有執行長 Khozema Shipchandler；艾丹‧維賈諾 (Aidan Viggiano)，財務長；以及首席營收長 Thomas Wyatt。

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 結果之間的定義和對帳可以在我們的收益報告和發佈於我們的 IR 網站 investors.twilio.com 上的收益報告中找到。

We will also make forward-looking statements on this call, including statements about our future outlook and goals. Such statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described. Many of those risks and uncertainties are described in our SEC filings, including our most recent Form 10-K and our forthcoming Form 10-Q.

我們還將在本次電話會議上做出前瞻性陳述，包括有關我們未來前景和目標的陳述。此類聲明受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描述的結果有重大差異。我們向美國證券交易委員會提交的文件中描述了許多此類風險和不確定性，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作出該陳述之日的信念和假設。除非法律要求，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, who will discuss our Q1 results, and we'll then open the call for Q&A.

接下來，我將把麥克風交給 Khozema，他將討論我們的第一季業績，然後我們將開始問答環節。

Thank you, Bryan. Good afternoon, everyone, and thank you for joining us today. Twilio had a strong Q1 reaching $1.172 billion in revenue, a 12% increase year-over-year. This marked another quarter of year-over-year revenue growth acceleration and double-digit growth. We also delivered another solid quarter of non-GAAP income from operations and continued to generate meaningful levels of free cash flow.

謝謝你，布萊恩。大家下午好，感謝大家今天的參與。Twilio 第一季表現強勁，營收達 11.72 億美元，較去年同期成長 12%。這標誌著本季營收成長再次加速並實現兩位數成長。我們在本季也實現了穩健的非公認會計準則營業收入，並繼續產生有意義的自由現金流。

I'm very pleased with our solid execution in Q1, and I'm encouraged by the momentum we've established to start the year. Our commitment to operating with more rigor, discipline, and focus continues. And all things being equal, I feel good about the setup for Q2 and the remainder of the year. Clearly, it's a dynamic macro environment.

我對我們在第一季的穩健表現感到非常滿意，而我們在今年年初所建立的勢頭也讓我感到鼓舞。我們將繼續致力於以更嚴謹、更自律和更專注的態度開展營運。在所有條件相同的情況下，我對第二季和今年剩餘時間的安排感到滿意。顯然，這是一個動態的宏觀環境。

And while we have not yet seen any notable adverse impacts to our business through the end of April, we're continuing to monitor the situation closely. In the meantime, we're focused on what's in our control.

儘管截至 4 月底我們尚未看到任何對我們的業務的明顯不利影響，但我們仍在繼續密切關注情況。同時，我們專注於我們能夠控制的事情。

On the innovation front, we're laser-focused on shipping great products from a single platform that are purpose-built for today and for the future that AI is creating. In go-to-market, we're continuing to make good progress with our key growth levers, including ISVs and self-serve. We also saw solid growth in cross-sell as well as multiproduct adoption.

在創新方面，我們專注於透過單一平台推出專為當今和人工智慧創造的未來而打造的優質產品。在市場推廣方面，我們持續利用 ISV 和自助服務等關鍵成長槓桿取得良好進展。我們也看到交叉銷售和多產品採用的穩定成長。

And finally, we're focused on taking care of our customers by ensuring the Twilio platform will aid them in creating enriching relationships with their own customers. In fact, recent conversations validate that during these uncertain times, our customers are leaning on the Twilio platform to drive revenue, recognize further operating efficiencies and ultimately, deliver higher ROI.

最後，我們專注於照顧我們的客戶，確保 Twilio 平台能夠幫助他們與自己的客戶建立豐富的關係。事實上，最近的對話證實，在這些不確定的時期，我們的客戶依靠 Twilio 平台來推動收入、進一步提高營運效率並最終實現更高的投資報酬率。

During the quarter, we released a number of new products and introduced new partnerships to help customers realize the full potential of the Twilio platform. Today, we're at a major inflection point across industries, where Twilio is at the center of the technology value chain, helping our hundreds of thousands of active customer accounts, capitalize on the profound shifts in the age of AI.

本季度，我們發布了許多新產品並建立了新的合作夥伴關係，以幫助客戶充分發揮 Twilio 平台的潛力。今天，我們正處於跨行業的重要轉折點，Twilio 處於技術價值鏈的中心，幫助我們數十萬活躍客戶帳戶利用人工智慧時代的深刻轉變。

For example, our new ConversationRelay product is proving to be a key tool in helping developers easily build AI voice agents. In Q1, we entered into a partnership with ElevenLabs, an AI audio research and deployment company, bringing premium natural sounding voices to Twilio's ConversationRelay. With this collaboration, brands can now gain access to over 1,000 voices across 40 languages, delivering low latency, high fidelity conversational experiences.

例如，我們的新 ConversationRelay 產品已被證明是幫助開發人員輕鬆建立 AI 語音代理的關鍵工具。在第一季度，我們與 AI 音訊研究和部署公司 ElevenLabs 建立了合作夥伴關係，為 Twilio 的 ConversationRelay 帶來優質的自然聲音。透過此次合作，品牌現在可以獲得 40 種語言的 1,000 多種聲音，提供低延遲、高保真的對話體驗。

Cedar, the leading patient financial experience platform for health care providers recently announced that their new AI voice agent, Kora, was built using Twilio's ConversationRelay. With Twilio's technology, Cedar projects Kora will automate 30% of inbound calls by the end of 2025. Additionally, ConversationRelay became HIPAA-eligible, supporting health care use cases. With all the new AI workloads we've released, customers are using these AI-enabled voice capabilities to unlock more value.

Cedar 是領先的醫療保健提供者患者財務體驗平台，最近宣布他們的新 AI 語音代理 Kora 是使用 Twilio 的 ConversationRelay 構建的。借助 Twilio 的技術，Cedar 預計到 2025 年底，Kora 將實現 30% 的來電自動化。此外，ConversationRelay 符合 HIPAA 資格，支援醫療保健用例。隨著我們發布所有新的 AI 工作負載，客戶正在使用這些支援 AI 的語音功能來釋放更多價值。

We also introduced the new voice intelligence feature that's powered by generative AI called Generative Custom Operators, which allows brands to use natural language to describe what you want to understand from customer interactions. While it just went into public beta a few weeks ago, we're excited about the opportunity to help customers automate complex tasks as we've already seen customers deploy a variety of use cases, spanning custom call scoring, conversation topic detection, compliance monitoring, and tailored summarization.

我們還推出了由生成式人工智慧驅動的全新語音智慧功能，稱為“生成式自訂運算符”，它允許品牌使用自然語言來描述您想從客戶互動中了解的內容。雖然它幾週前才進入公開測試階段，但我們很高興有機會幫助客戶自動執行複雜的任務，因為我們已經看到客戶部署了各種用例，包括自訂通話評分、對話主題偵測、合規性監控和客製化摘要。

Twilio continues to receive high praise for our innovation. This quarter, Twilio was recognized as a leader in the IDC MarketScape: Worldwide CPaaS 2025 Vendor Assessment and a Leader by Omdia for its CDP Universe Leadership. And in a few weeks, we're hosting our user conference, SIGNAL, where we'll share more details on our innovations across communications, data plus AI, and new partnerships that will fuel our aggressive road map.

Twilio 繼續因我們的創新而獲得高度讚譽。本季度，Twilio 在 IDC MarketScape：全球 CPaaS 2025 供應商評估中被評為領導者，並因其 CDP Universe 領導力而被 Omdia 評為領導者。幾週後，我們將舉辦用戶大會 SIGNAL，屆時我們將分享有關我們在通訊、數據和人工智慧方面的創新的更多細節，以及為我們積極的路線圖提供動力的新合作夥伴關係。

The growth acceleration that we delivered in Q1 reflects a combination of continued progress across our key go-to-market levers and the overall broad-based strength of our business. Additionally, we saw customer enthusiasm for our AI products and software add-ons.

我們在第一季實現的成長加速反映了我們關鍵市場進入手段的持續進步以及我們業務的整體實力。此外，我們看到客戶對我們的人工智慧產品和軟體附加元件的熱情。

During the quarter, we had notable wins across Twilio. We landed an 8-figure deal with a leading identity and access management platform to continue leveraging Twilio messaging for two-factor authentication. And we signed a segment partnership with the Chelsea Football Club, who will use Twilio segment to create highly personalized experiences for its 615 million strong global fan base.

本季度，我們在 Twilio 上取得了顯著的勝利。我們與領先的身份和存取管理平台達成了 8 位數的交易，以繼續利用 Twilio 訊息傳遞進行雙重認證。我們與切爾西足球俱樂部簽署了細分市場合作夥伴關係，切爾西足球俱樂部將利用 Twilio 細分市場為其 6.15 億全球球迷群體創造高度個人化的體驗。

During Q1, we saw solid traction with our ISV customers as this cohort delivered another quarter of strong revenue growth. As a result of our superior reliability, ability to scale globally in value-added software add-ons, we're continuing to see success in landing competitive takeout wins with new ISV customers, including Ylopo, a real estate digital marketing platform that's leveraging Twilio's voice to enhance its calling capabilities, and TextUs an SMS engagement company that has consolidated all of their messaging traffic onto Twilio.

在第一季度，我們看到 ISV 客戶群的強勁成長，因為他們又實現了一個季度的強勁收入成長。由於我們卓越的可靠性以及在增值軟體附加元件方面具有全球擴展能力，我們不斷在與新 ISV 客戶贏得競爭性外賣方面取得成功，其中包括 Ylopo（一個利用 Twilio 的語音來增強其呼叫功能的房地產數位行銷平台）和 TextUs（一家已將其所有訊息流量整合到 Twilio 上的簡訊互動公司）。

In self-serve, we're leveraging AI to help builders get started on our platform faster. This quarter, our AI-enabled technology and automation that we developed in-house drove significant efficiency for our sales team and better experiences for customers.

在自助服務方面，我們利用人工智慧幫助建造者更快地開始使用我們的平台。本季度，我們內部開發的人工智慧技術和自動化技術顯著提高了銷售團隊的效率，並改善了客戶的體驗。

In Q1, we handled 85% of inbound leads with AI and also used [ISA], our AI assistant to serve as a personal concierge post sales, by helping customers set up their accounts and encouraging new customers to upgrade to a paid account. As a result, customers that engage with our AI assistant were 3x more likely to upgrade from a free trial to a paid account.

在第一季度，我們使用人工智慧處理了 85% 的入站線索，並且還使用我們的人工智慧助理 [ISA] 作為個人禮賓售後服務，幫助客戶設定帳戶並鼓勵新客戶升級到付費帳戶。因此，與我們的 AI 助理互動的客戶從免費試用升級到付費帳戶的可能性增加了 3 倍。

As we continue to make it easier for builders to get started on Twilio, we're seeing AI start-ups, particularly those with AI voice needs, bring their workloads to us. One example that helps bring this to life is Bland.ai, an AI agent platform. The integration provides the scalability and reliability, Bland.ai needs to support larger and more complex customer engagements.

隨著我們不斷讓建造者更輕鬆地開始使用 Twilio，我們看到人工智慧新創公司，特別是那些有人工智慧語音需求的公司，將他們的工作負載交給我們。一個有助於實現這一目標的例子是人工智慧代理平台 Bland.ai。這種整合提供了可擴展性和可靠性，Bland.ai 需要支援更大、更複雜的客戶互動。

Bland.ai originated as a self-serve customer from a single developer sign up just a few quarters ago. By leveraging our targeted activation and expansion strategies within self-serve, we've scaled this customer into a significant account.

Bland.ai 最初是幾個季度前由一位開發人員註冊的自助服務客戶。透過利用我們在自助服務中的有針對性的激活和擴展策略，我們已將該客戶擴展為一個重要客戶。

In summary, I'm very pleased with the hard work of our team and our Q1 results and equally excited about the future. We're demonstrating that we can drive improved top-line performance with continued operating leverage and strong cash flow while delivering meaningful product innovation. As we continue to execute against our plans, we'll continue to partner with our customers and help them unlock the power of communications contextual data plus AI.

總而言之，我對我們團隊的辛勤工作和第一季的業績感到非常滿意，對未來也同樣感到興奮。我們正在證明，我們可以透過持續的經營槓桿和強勁的現金流來提高營收業績，同時實現有意義的產品創新。隨著我們繼續執行計劃，我們將繼續與客戶合作，幫助他們釋放通訊情境資料和人工智慧的力量。

And now I'd like to turn it over to Aidan, who will walk you through our financial results.

現在我想把時間交給艾丹，他將向你們介紹我們的財務表現。

Thank you, Khozema, and good afternoon, everyone. Twilio had a strong start to 2025, delivering our third consecutive quarter of double-digit revenue growth and year-over-year growth acceleration. For Q1, we generated revenue of $1.172 billion, up 12% year-over-year, record non-GAAP income from operations of [$213 million] and $178 million of free cash flow.

謝謝你，Khozema，大家午安。Twilio 在 2025 年取得了強勁開局，連續第三個季度實現兩位數的收入成長和同比增長加速。第一季度，我們的營收為 11.72 億美元，年增 12%，非公認會計準則營業收入為 [2.13 億美元]，自由現金流為 1.78 億美元。

Revenue in our communications business for the quarter was $1.097 billion, up 13% year-over-year. This was driven by the continued progress we're making across our go-to-market growth levers, including ISVs, self-serve, cross-sell, and international expansion. We also saw strong growth in messaging both in the US and internationally.

本季我們的通訊業務營收為 10.97 億美元，年增 13%。這是由於我們在市場進入成長槓桿方面不斷取得進展，包括 ISV、自助服務、交叉銷售和國際擴張。我們也看到美國和國際上的訊息傳遞業務都出現了強勁成長。

Segment revenue for the quarter was $76 million, up 1% year-over-year. We are seeing continued improvement in leading indicator metrics including AE productivity and win rates, as well as a meaningful reduction in churn and contraction in the quarter, which hit its lowest level since Q1 2023.

本季分部營收為 7,600 萬美元，較去年同期成長 1%。我們看到 AE 生產力和成功率等領先指標指標持續改善，同時本季客戶流失率和收縮率顯著減少，達到 2023 年第一季以來的最低水準。

Our Q1 dollar-based net expansion rate was 107%, reflecting the improving growth trends we've seen in our communications business over the last several quarters. Our dollar-based net expansion rate for communications was [180%], and the dollar-based net expansion rate for segment was 94%.

我們第一季的美元淨擴張率為 107%，反映了我們過去幾季通訊業務的成長趨勢不斷改善。我們通訊業務的美元淨擴張率為[180%]，部門的美元淨擴張率為94%。

We delivered non-GAAP gross profit of $602 million, up 6% year-over-year. This represented a non-GAAP gross margin of 51.3%, down 270 basis points year-over-year and 60 basis points quarter-over-quarter. The year-over-year decline in gross margin was primarily driven by nonrecurring hosting credits we received in the year-ago quarter as well as a higher mix of international messaging revenue in communications in the quarter.

我們實現的非公認會計準則毛利為 6.02 億美元，年增 6%。這意味著非公認會計準則毛利率為 51.3%，年減 270 個基點，較上季下降 60 個基點。毛利率年減主要是由於去年同期收到的非經常性託管信用以及本季通訊業務中國際消息收入的增加。

The sequential decline was driven by the acceleration in international messaging in Q1. Despite the mix effect on gross margins, international unit economics remain strong. Non-GAAP gross margin for Communications was 49.8% and non-GAAP gross margin for Segment was 74%. Non-GAAP income from operations came in ahead of expectations at a record $213 million, up 34% year-over-year, driven by strong revenue growth and ongoing cost discipline.

環比下降是由於第一季國際資訊傳遞速度加快所致。儘管混合效應對毛利率有影響，但國際單位經濟依然強勁。通訊部門的非 GAAP 毛利率為 49.8%，該部門的非 GAAP 毛利率為 74%。受強勁的收入成長和持續的成本控制推動，非公認會計準則營業收入超出預期，達到創紀錄的 2.13 億美元，年增 34%。

Our non-GAAP operating margin of 18.2% was up 300 basis points year-over-year and 170 basis points quarter-over-quarter. In addition, we generated $23 million in GAAP income from operations.

我們的非公認會計準則營業利益率為 18.2%，較去年同期成長 300 個基點，較上季成長 170 個基點。此外，我們還創造了 2,300 萬美元的 GAAP 營業收入。

Non-GAAP income from operations for Communications was $277 million and non-GAAP loss from operations for Segment was $2 million. Segment operating losses improved sequentially as a result of ongoing cost discipline and gross margin improvement in the quarter, and we remain on track to achieve breakeven non-GAAP income from operations for Segment in Q2.

根據非公認會計準則，通訊部門的營業利潤為 2.77 億美元，依照非公認會計準則，該部門的營業虧損為 200 萬美元。由於本季持續的成本控制和毛利率的提高，分部經營虧損環比改善，我們仍有望在第二季度實現分部非公認會計準則經營收入的損益平衡。

Stock-based compensation as a percentage of revenue was 11.9%, down 120 basis points quarter-over-quarter and 330 basis points year-over-year as we continue our efforts to reduce equity compensation. We anticipate a modest increase in this percentage in Q2 due to the timing of our annual refresh brands. We generated free cash flow of $178 million in the quarter despite making $122 million payment related to the payout of our annual cash bonus program.

由於我們持續努力降低股權薪酬，股票薪酬佔營收的百分比為 11.9%，比上一季下降 120 個基點，比去年同期下降 330 個基點。由於我們每年更新品牌的時間安排，我們預計第二季度將略有增加。儘管我們支付了 1.22 億美元的年度現金獎金計畫相關款項，但本季我們仍產生了 1.78 億美元的自由現金流。

This headwind was partially offset by strong collections and timing of payments during the quarter. Finally, in January, our Board authorized a $2 billion share repurchase program expiring at the end of 2027 and we are targeting to return an average of 50% of our annual free cash flow to shareholders from 2025 to 2027.

本季強勁的收款和付款時間部分抵銷了這一不利因素。最後，今年 1 月，我們的董事會批准了一項 20 億美元的股票回購計劃，該計劃將於 2027 年底到期，我們的目標是在 2025 年至 2027 年期間向股東平均返還 50% 的年度自由現金流。

We began executing on this program following our Q4 earnings release in February. We repurchased $130 million of shares in the first quarter, and we executed more than $90 million of additional repurchases in April.

我們在二月發布第四季度收益報告後開始執行該計劃。我們在第一季回購了價值 1.3 億美元的股票，並在 4 月進行了超過 9,000 萬美元的額外回購。

Moving to guidance. We're encouraged by the growth acceleration we delivered over the last three quarters. And as we look ahead, we're optimistic about our ability to execute against the things we can control. And we're also mindful of rising macro uncertainty and the potential impact it could have on the health of our customers' businesses and our own. As Khozema mentioned, we have not seen any impact on our business through the end of April, and we'll continue to monitor the situation closely.

轉向指導。我們對過去三個季度實現的成長加速感到鼓舞。展望未來，我們對自己能夠控制的事物的執行能力充滿樂觀。我們也注意到宏觀不確定性的增加及其對客戶業務和我們自身業務健康的潛在影響。正如 Khozema 所提到的，截至 4 月底，我們的業務尚未受到任何影響，我們將繼續密切關注情況。

Customer engagement and usage remain healthy but we're taking a prudent approach to our outlook and only flowing through a portion of our Q1 beat into our full year outlook, allowing us to navigate any potential macro risk over the balance of the year.

客戶參與度和使用率仍然保持健康，但我們對前景採取謹慎態度，僅將第一季的部分業績納入全年展望，這使我們能夠應對今年剩餘時間的任何潛在宏觀風險。

For Q2, we're initiating a revenue target of $1.18 billion to $1.19 billion, representing year-over-year growth of 9% to 10%. Based on our Q1 performance and Q2 guidance, we're raising our full year 2025 organic revenue growth guidance to a range of 7.5% to 8.5%, up from 7% to 8% previously.

對於第二季度，我們設定的營收目標是 11.8 億美元至 11.9 億美元，年增 9% 至 10%。根據我們第一季的業績和第二季的指引，我們將 2025 年全年有機收入成長指引從先前的 7% 至 8% 上調至 7.5% 至 8.5%。

Turning to our profit outlook. For Q2, we expect non-GAAP income from operations of $195 million to $205 million, reflecting incremental costs associated with our annual merit increases, along with expenses for our SIGNAL conference, which we're hosting later this month. We're also raising our full year non-GAAP income from operations to the range of $850 million to $875 million. Similarly, we're raising our full year free cash flow to the range of $850 million to $875 million.

談到我們的利潤前景。對於第二季度，我們預計非公認會計準則營業收入為 1.95 億美元至 2.05 億美元，這反映了與年度績效加薪相關的增量成本，以及我們本月稍後舉辦的 SIGNAL 會議的費用。我們也將全年非公認會計準則營業利潤提高至 8.5 億美元至 8.75 億美元之間。同樣，我們將全年自由現金流提高至 8.5 億美元至 8.75 億美元之間。

I'm very pleased with the accelerated revenue growth we delivered in the first quarter as well as our ongoing cost discipline that is driving strong profitability and free cash flow. We had a strong start to the year, and we will continue to focus on what we can control. As we seek to drive durable revenue growth continued operating leverage, and strong free cash flow generation throughout 2025.

我對我們在第一季實現的加速收入成長以及持續的成本控制感到非常高興，這推動了強勁的獲利能力和自由現金流。今年我們有一個好的開端，我們將繼續專注於我們能夠控制的事情。我們力求在 2025 年實現持久的收入成長，並持續發揮經營槓桿作用，創造強勁的自由現金流。

And with that, we'll now open it up to questions.

現在，我們開始回答問題。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指示）Meta Marshall，摩根士丹利。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Okay, great. Thanks, appreciate you taking the question and nice job with the results. I think the overall question is just tied back to some of the items you're mentioning, specifically on drivers of upside to growth in the Communications segment, you saw in Q1?

好的，太好了。謝謝，感謝您回答這個問題，並且取得了很好的結果。我認為總體問題與您提到的一些項目有關，特別是您在第一季看到的通訊領域成長的驅動因素？

And then just in terms of lining up what we have Q1 and Q2 with the rest of your guidance, the second half as a more conservative growth assumption, I'm wondering if that's tough compares, if there's anything macro embedded there? Just anything else for us just to consider as we work throughout the course of the year and are updating our models accordingly as well.

然後，就將我們第一季和第二季的業績與您的其他指導方針進行對比而言，下半年的成長假設更為保守，我想知道這是否很難比較，其中是否包含任何宏觀因素？我們在全年工作期間還需要考慮其他任何事情，並且也會相應地更新我們的模型。

Sure. Yes, so in terms of starting with Q1, I'd say it was similar to what we saw in Q4 and Q3. It was pretty broad in terms of the strength that we saw across the business. It was our third consecutive quarter of double-digit revenue growth. Messaging, in particular, were strong, both US, and internationally.

當然。是的，就第一季而言，我認為它與我們在第四季和第三季看到的情況類似。從我們在整個業務中看到的實力來看，它是相當廣泛的。這是我們連續第三個季度實現兩位數的營收成長。尤其是訊息傳遞，無論是在美國還是國際上，都非常強烈。

And when you look at it by industry, we saw all of our top five verticals grow, financial services, tech, professional services, retail, e-commerce, and we saw those trends continue through April. And so you're seeing that kind of influence our guidance for Q2. We're guiding to 9% to 10%, that's up from 8% to 9% last quarter.

從產業來看，我們發現前五大垂直產業均實現了成長，即金融服務、科技、專業服務、零售、電子商務，而且這些趨勢一直持續到四月。因此，您會看到這種影響對我們第二季的指導。我們預期成長率為 9% 至 10%，高於上一季的 8% 至 9%。

Now while customer engagement, usage of our products remain healthy, we are taking a prudent approach to our forecast, and we only flowed through a portion of our Q1 revenue beat which we think allows us to navigate macro risks as we think about the balance of the year. To be clear, we're not trying to signal that the second half looks weaker today than it did when we gave guidance a quarter ago, the implied reduction in the second half revenue is simply conservatism related to factors beyond our control. So that's what you're seeing there, Michael.

現在，雖然客戶參與度和產品使用率仍然保持健康，但我們對預測採取了審慎的態度，並且我們只實現了第一季收入超出預期的一小部分，我們認為這使我們能夠在考慮全年平衡時應對宏觀風險。需要明確的是，我們並不是想表明下半年的表現比我們一個季度前給出的指引要弱，下半年收入的隱性減少僅僅是與我們無法控制的因素相關的保守主義。這就是你所看到的，麥可。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼。

Awesome. Khozema, I wanted to ask about the resurgence in voice driven by generative AI. You outlined conversation (technical difficulty) win with Sierra and then some new voice intelligence features, which is all really interesting. Can you maybe just talk about how you see voice playing out over the medium term? I mean today, it seems like it's more of a driver on the generative AI native customer side, but perhaps you're seeing greater interest from some of your long-time customers, which can surface cross-sell opportunities.

驚人的。Khozema，我想問由生成式人工智慧推動的語音復興。您概述了 Sierra 在對話（技術難度）方面取得的勝利以及一些新的語音智慧功能，這些都非常有趣。您能否談談您認為語音在中期內將如何發展？我的意思是，今天，它似乎更像是生成式人工智慧原生客戶方面的驅動力，但也許你會看到一些長期客戶表現出更大的興趣，這可能會帶來交叉銷售機會。

So any broader thoughts on the resurgence in voice would be great? And just any medium-term high-level thoughts as you guys start to see more voice traction here?

那麼，對於聲音的復興，有什麼更廣泛的想法嗎？當你們開始看到這裡更多的聲音吸引力時，你們有什麼中期高層想法嗎？

Yeah. Sure, Nick. I mean I'd say, by and large, today, what you're seeing play out is really animated by AI. Like voice still has some of the hangover, right, from robo calling and stuff like that in terms of like a pure-play channel, but as it relates to AI, so many of these interactions take place through voice that I think that's what ends up driving a lot of the recent resurgence, a lot of the interest. Obviously, you've got thousands of start-ups who are building their own voice AI capabilities. And so I think that's pretty exciting and very interesting for the channel.

是的。當然，尼克。我的意思是，總的來說，今天，你所看到的一切實際上都是由人工智慧驅動的。就像語音仍然有一些後遺症，對吧，從機器人呼叫和類似的東西來看，就像一個純粹的管道，但因為它與人工智慧相關，所以很多這樣的互動都是透過語音進行的，我認為這最終推動了最近的復甦，引起了人們的許多興趣。顯然，有成千上萬的新創公司正在建立自己的語音 AI 功能。所以我認為這對於頻道來說非常令人興奮且非常有趣。

So I think that, that is the basis of really what we're seeing. And I think we're seeing it in a number of different pockets. I think that what's exciting for me about it is, is that much in the same way that you saw for the preponderance of our business, that's going to end up translating into more meaningful interactions through SMS and e-mail over time as well. So I think voice is interesting, at least right now, and I think it will be for a sustainable period of time. But I think even more interesting is some of the cross-channel applicability that goes beyond that.

所以我認為這就是我們所看到的情況的基礎。我認為我們在許多不同領域都看到了這一點。我認為，令我興奮的是，正如您所看到的，我們的大部分業務都是如此，隨著時間的推移，這最終將透過簡訊和電子郵件轉化為更有意義的互動。所以我認為聲音很有趣，至少現在是這樣，而且我認為它將持續一段時間。但我認為更有趣的是一些超越這一點的跨渠道適用性。

One last thing I'll add is, we talked a little bit about, I think Thomas did during our Investor Day about how customers see higher ROI when they use multiples of our products. And I think one other anecdote with voice there is, is that we do see much higher ROI with customers when they're using voice in conjunction with one of our other channels.

我要補充的最後一件事是，我們談論了一點，我想托馬斯在我們的投資者日期間談論了客戶在使用我們的多種產品時如何獲得更高的投資回報率。我認為關於語音的另一個軼事是，當客戶將語音與我們的其他管道結合使用時，我們確實看到他們的投資回報率要高得多。

And so we have seen some ongoing and increased, I would say, customer interest along those lines. And so I think that's pretty interesting, too. And then finally, as Branded really takes off, I think that's ultimately what becomes the defense against stuff like robo, and I think that allows the channel to kind of come back overall.

因此，我想說，我們看到了客戶對此方面持續且不斷增長的興趣。所以我認為這也很有趣。最後，隨著 Branded 的真正起飛，我認為這最終將成為對抗機器人等的防禦手段，我認為這可以讓管道全面復甦。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

All right. It's got the unmute to work and so I hang up. I appreciate the question. Maybe first question, just can you give a sense of -- you've seen this uptick in kind of multiproduct adoption, just kind of where you're seeing kind of that greatest attach? And then maybe second, just particularly with these ISV relationships expanding and kind of continuing to have better growth kind of internationally.

好的。它有靜音功能，所以我掛斷了電話。我很感謝你提出這個問題。也許第一個問題是，您能否給出一種感覺——您已經看到了多產品採用率的上升，您在哪裡看到了最大的附加價值？然後也許第二個原因是，特別是隨著這些 ISV 關係的擴大以及在國際上繼續實現更好的成長。

Just does it change your perspective on what markets internationally are the most attractive?

它是否改變了您對國際上最具吸引力的市場的看法？

Hi Meta, it's Thomas Wyatt here. So just to touch on the multiproduct adoption. We're seeing it broadly both in terms of customers adding second and third channels. For example, if they were a voice, they're adding messaging and e-mail and a lot of consolidation of spend there.

你好，Meta，我是 Thomas Wyatt。只需談及多產品的採用。我們看到，客戶普遍都在增加第二和第三管道。例如，如果他們有聲音，他們會添加訊息和電子郵件，並在那裡整合大量支出。

And the other big area that we're seeing it is the add-on software, the advanced features on our voice products as well as our messaging like SMS pumping protection and Verify are growing much faster than the company average. So those combination is really what's driving a lot of the cross-sell and solutions motion.

我們看到的另一個重要領域是附加軟體、語音產品的高級功能以及簡訊保護和驗證等訊息傳遞功能的成長速度遠遠快於公司的平均水平。因此，這些組合才是真正推動交叉銷售和解決方案行動的動力。

And then in the ISV channel, we're definitely seeing more expansion. Again, another example where Khozema mentioned before around voice, a lot of our ISVs that were primarily messaging customers are now adding voice for customer care use cases, as an example, in broadening out their spend with us. And that's happening in international markets as well as domestically.

然後在 ISV 頻道中，我們肯定會看到更多的擴充。再次，Khozema 之前提到的另一個關於語音的例子，我們的許多 ISV 以前主要向客戶發送訊息，現在正在為客戶服務用例添加語音功能，例如擴大他們在我們這裡的支出。這種現像不僅在國內市場，在國際市場也都在發生。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

It's nice to see the revenue acceleration in this kind of an environment and coming with the margin expansion, so congrats on that. Khozema, I wanted to ask you on the communications side. It's great to see all these multiple new AI logos. And I think especially the Sierra, because it's just a coveted logo and a high-growth company.

很高興看到在這種環境下收入加速成長並伴隨利潤率擴大，對此表示祝賀。Khozema，我想問您一些關於通訊方面的問題。很高興看到這些新的 AI 標誌。我認為尤其是 Sierra，因為它是一個令人垂涎的標誌和一家高成長公司。

Can you help us understand in a case like that, how exactly are they using Twilio? What I mean is it -- like is it tied to the front end of the launch cycle through authentication? Or is it something that's going to align with more with ongoing usage, whether it's for Sierra or for other AI companies? Then I have a quick follow-up.

您能幫助我們了解在這種情況下他們究竟是如何使用 Twilio 的嗎？我的意思是——它是否透過身份驗證與啟動週期的前端相關聯？或者它是否與持續使用更加一致，無論是對於 Sierra 還是其他 AI 公司？然後我快速跟進。

Yeah. Good question, Mark. So it varies a little bit from customer to customer. I would say that in the majority of use cases, especially as companies are getting started, they are very eager to get their products out into the marketplace. They need infrastructure and our voice infrastructure is obviously very strong.

是的。問得好，馬克。因此，不同客戶的情況會略有不同。我想說，在大多數用例中，特別是當公司剛起步時，他們非常渴望將他們的產品推向市場。他們需要基礎設施，而我們的語音基礎設施顯然非常強大。

And because of our well-known brand and our high quality, I think a lot of these AI companies end up attaching themselves to our voice stack. So I would say that, that is like a very initial kind of entry point where customers attach themselves.

而且由於我們的品牌知名度和高品質，我認為許多人工智慧公司最終都會選擇我們的語音堆疊。所以我想說，這就像是客戶加入的一個非常初始的切入點。

Thomas alluded to another one of them, which is once they start using it, a lot of these companies end up being voice AI agents, voice intelligence is very powerful in that environment. Like a lot of these deployments end up being customer care.

湯瑪斯提到了其中的另一個，那就是一旦他們開始使用它，許多這樣的公司最終都會成為語音人工智慧代理，而語音智慧在這種環境中非常強大。很多此類部署最終都變成了客戶服務。

But during the course of those customer care engagements, you obviously do want to learn a lot about those interactions so that you could end up serving your consumer base a lot better over time. And so I think that provides an avenue for us effectively to cross-sell voice intelligence and then fundamentally incorporate more of our segment capabilities over time, too.

但在這些客戶服務過程中，您顯然希望了解很多有關這些互動的信息，以便最終能夠更好地為您的消費者群體提供服務。因此，我認為這為我們有效地交叉銷售語音智慧提供了途徑，然後隨著時間的推移從根本上融入更多的細分功能。

And then I would say, kind of the third version of it is, and this is sort of on the other side of the continuum. But increasingly, we're getting excited as well is where a customer and this is kind of irrespective of channel, but I'll just stick with voice right now, where they're using voice, they're using our unified profile vis-a-vis segment.

然後我想說，這有點像第三個版本，它處於連續體的另一端。但是，我們越來越興奮的是，對於客戶來說，這與管道無關，但我現在只堅持使用語音，當他們使用語音時，他們會使用我們針對細分市場的統一配置文件。

And then whether it's our technology, whether it's one of our partners technology, they're combining it with AI to be able to put their own capabilities out there in the world. And like Cedar which was one of the customer references that we provided this time. I'd say they're a very good example of being able to solve patient care in their environment by using that full string of capabilities.

然後，無論是我們的技術，還是我們合作夥伴的技術，他們都將其與人工智慧結合，以便能夠向世界展示自己的能力。就像 Cedar 一樣，這是我們這次提供的客戶參考之一。我想說，他們是一個很好的例子，能夠利用全部功能來解決他們環境中的病患照護問題。

Okay. That's very helpful. And then, Aidan, I was listening closely to all your comments on the macro environment. And I appreciate the way you're handling the derisking going forward. But when we think about transactional volume level, there's a lot of companies having issues.

好的。這非常有幫助。然後，艾丹，我仔細聽取了你對宏觀環境的所有評論。我很欣賞您處理未來降低風險的方式。但當我們考慮交易量水準時，很多公司都存在問題。

JetBlue, Southwest, Delta, Starbucks, McDonald's, Lululemon, shipping freight is down. So I mean I'm just trying to understand, are you not seeing any impact of less consumers taking flights or less people dining out or anything like the transactional confirmation messages, even the marketing messages via e-mail or -- because I think you said even in April or are you saying there is some slowdown there you're just making up for it in some of the stronger vectors?

捷藍航空、西南航空、達美航空、星巴克、麥當勞、Lululemon 的航運貨運量均下降。所以我的意思是，我只是想了解，您是否沒有看到乘坐飛機的消費者減少或外出就餐的人數減少或諸如交易確認信息，甚至通過電子郵件發送的營銷信息之類的影響 - 因為我認為您說過即使在四月份，或者您是說那裡有一些放緩，您只是在一些更強勁的載體上彌補了它？

No, we're not seeing a slowdown, Mark. And obviously, like different industries make up a different portion of our revenue. I'd say like travel tends to be one that's a bit smaller in terms of our overall revenue mix. But we're obviously looking at the business in depth daily, right, daily volumes by country, daily volumes by industry, by sales channel, by customer level trending. So it's really grounded in data, and it incorporates what we're seeing through April, and it's still quite robust.

不，我們沒有看到經濟放緩，馬克。顯然，不同的行業佔據了我們收入的不同份額。我想說，就我們的整體收入結構而言，旅遊業往往佔比較小。但我們顯然每天都在深入研究業務，對吧，按國家/地區劃分的每日交易量，按行業劃分的每日交易量，按銷售渠道劃分的每日交易量，按客戶級別劃分的趨勢。因此，它確實以數據為基礎，並結合了我們四月所看到的情況，而且它仍然非常強勁。

But we know that we're operating in a nuanced environment for sure. And given that we believe it's prudent to build in a sensible amount of conservatism and that's what you're seeing in the back half of the year, right? We only flow through a portion of our Q1 revenue beat. We're not yet seeing impacts on our business, but we're watching it very, very closely.

但我們確實知道我們是在微妙的環境中運作的。鑑於我們認為建立適度的保守主義是明智之舉，而這正是您在下半年所看到的，對嗎？我們僅實現了第一季營收超出預期的一部分。我們尚未看到對我們業務的影響，但我們正在密切關注。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

I guess maybe a quick one for me is maybe just double down or double click on some of the gross margin headwinds that you saw in the quarter? And I asked about that because if I look at the delta this quarter between gross profit dollar growth and top line growth, it's a lot larger than we've seen in the last few quarters. So I know that we usually don't talk about guiding to that metric going forward.

我想對我來說，也許一個快速的方法是雙擊或雙擊您在本季度看到的一些毛利率逆風？我之所以問這個問題，是因為如果我看一下本季毛利成長與營業收入成長之間的差異，就會發現它比過去幾季的差異要大得多。所以我知道我們通常不會談論指導未來的指標。

But just given that divergence, I want to understand that if it's possible, how that -- how do we see that trending over the course of the next few quarters such that better appreciating kudos to everything you guys have done on the operating margin front, it's been amazing. But just wanting to understand kind of quality of revenue as we -- the quality of revenue dollar growth as we look at the rest of the year, how that should shape and flow based on what you're seeing today?

但考慮到這種差異，我想了解，如果可能的話，我們如何看待未來幾季的趨勢，以便更好地欣賞你們在營業利潤率方面所做的一切，這是令人驚嘆的。但我們只是想了解收入的質量——我們展望今年剩餘時間的收入成長質量，根據您今天看到的情況，它應該如何形成和流動？

Yes. Let me describe a little bit what happened on gross margins. So importantly, we continue to be disciplined in the pursuit of the business that we go after, including maintaining price discipline, and we look at unit economic threshold. We shared some of that at our Investor Day earlier this year. The lower gross margins in the quarter were primarily a function of two things.

是的。讓我稍微描述一下毛利率的變動。因此，重要的是，我們在追求所追求的業務時繼續保持紀律，包括保持價格紀律，並專注於單位經濟閾值。我們在今年稍早的投資者日上分享了其中的一些內容。本季毛利率較低主要由兩個因素造成。

So we had some (technical difficulty) of hosting credits that occurred in the first quarter of last year. And then we had higher international messaging mix. And that's a growth priority for Thomas and the team. We know that we're underpenetrated from an international perspective. So that's a focus for the team. And we saw good performance there in the quarter.

因此，我們在去年第一季遇到了一些託管信貸方面的（技術困難）。然後我們就有了更高的國際資訊組合。這對湯瑪斯和團隊來說是一個成長重點。我們知道，從國際視野來看，我們的滲透率還不夠高。所以這是團隊關注的重點。我們在本季度看到了良好的表現。

And in particular, we saw that this is the first quarter in over two years where international termination mix increased year-over-year versus the US. So you're seeing that kind of impact the gross margins. As we think about it going forward, so long as messaging makes up more than half of our revenue is going to be the primary driver of gross margins in any given quarter.

特別是，我們發現這是兩年多以來第一個季度國際終止組合相對於美國同比增長。所以你會看到這種對毛利率的影響。當我們考慮未來時，只要訊息傳遞占我們收入的一半以上，它就會成為任何一個季度毛利率的主要驅動力。

Over time, as we cross-sell into non messaging products, as we continue to innovate, we do think there's an opportunity to expand to higher gross margins. But in the near term, like messaging will be the factor, and it's really a function of where our customers are terminating their messages, which we don't have control over.

隨著時間的推移，隨著我們交叉銷售非訊息傳遞產品，隨著我們不斷創新，我們確實認為有機會擴大到更高的毛利率。但在短期內，訊息傳遞將成為主要因素，而這實際上取決於我們的客戶在哪裡終止他們的訊息，而我們無法控制這一點。

Got it. And then just any trends to walk through in terms of how to shape that for the rest of the year?

知道了。那麼，對於如何塑造今年剩餘時間的趨勢，有什麼可以參考的嗎？

We don't guide into gross margin. So there will be a little bit of variability quarter-over-quarter. I'll just say again, it comes down to messaging and termination mix, but we don't give a forecast on gross margins.

我們不指導毛利率。因此季度間會有一點變化。我再說一遍，這取決於訊息傳遞和終止組合，但我們不會對毛利率做出預測。

Joshua Reilly, Needham.

約書亞‧賴利 (Joshua Reilly)，尼德姆。

So I guess what are you seeing in terms of carrier support for RCS messaging outside the US versus here domestically? And maybe any thoughts on how this channel will scale between the US and international markets?

那麼，我想您認為美國境外的營運商對 RCS 訊息傳遞的支援情況與美國國內的營運商支援情況有何不同？您對於該管道將如何在美國和國際市場之間擴展有什麼想法嗎？

Yeah. I think it's relatively early days still. I think we're investing from our perspective in the channel. We are seeing a little bit of customer adoption. My guess is, is that you personally don't receive a lot of RCS capable messages, sort of in the rich context that has been promised.

是的。我認為現在還為時過早。我認為我們是從通路的角度進行投資的。我們看到了一點點客戶的採用。我的猜測是，您個人並沒有收到很多具有 RCS 功能的訊息，就像所承諾的豐富的內容一樣。

I mean they're labeled a little bit differently, especially on an Android device. But in terms of the rich capabilities, those aren't really coming across yet.

我的意思是它們的標籤有點不同，特別是在 Android 裝置上。但就豐富的功能而言，這些功能尚未真正實現。

I think they're compelling, obviously, if they really start to kind of take off. And I think we are seeing some instances in which when you pair it both with branding as well as some of those rich capabilities, it does that deliver a pretty awesome experience.

我認為，如果它們真的開始起飛，顯然會很有吸引力。我認為我們看到一些例子，當你將它與品牌以及一些豐富的功能結合時，它確實提供了非常棒的體驗。

All of that said, I think that from our perspective, we're cautiously optimistic about the way that, that ends up contributing over time. I think it's really the ecosystem that's got to mature. Carrier support is in different places, I would say, Apple is in a slightly different place in terms of the way that it ends up working with iOS.

綜上所述，我認為從我們的角度來看，我們對最終的貢獻方式持謹慎樂觀的態度。我認為生態系統確實必須成熟。我想說，運營商的支援各不相同，而蘋果在與 iOS 合作的方式上則略有不同。

And so I think until such time that there's broad supportability from carriers, which there's not yet until there's kind of broad support from various other technology ecosystem partners, which there's not yet I think it's still going to be relatively muted.

所以我認為，直到運營商提供廣泛的支持，而目前還沒有其他各種技術生態系統合作夥伴提供廣泛的支持，我認為它仍然會相對低調。

But I think over time, there's potential there. And again, we've talked to a number of investors about this over the years, we're cautiously optimistic. I do think Twilio with communications data and AI is well positioned when that time comes, but that's kind of where we are today.

但我認為隨著時間的推移，這是有潛力的。再說一次，多年來我們已經與許多投資者討論過這個問題，我們對此持謹慎樂觀的態度。我確實認為，到那時，擁有通訊資料和人工智慧的 Twilio 將佔據有利地位，但這就是我們目前的狀況。

Got it. That's helpful. And then just a quick follow-up on free cash flow. How should we think about the linearity for the balance of the year here? And any factors we should be considering as we balance out our models?

知道了。這很有幫助。然後快速跟進自由現金流。我們該如何看待這裡年度餘額的線性？在平衡我們的模型時我們應該考慮哪些因素？

Yes. So as it relates to free cash flow, we increased our guidance range for the year by $25 million so it's $850 to $875, we delivered $175 million. In the first quarter, it was slightly better than expected but a relatively lower cash quarter just given the timing of our bonus payout.

是的。因此，就自由現金流而言，我們將今年的指導範圍提高了 2,500 萬美元，即 8.5 億美元至 8.75 億美元，最終我們實現了 1.75 億美元。第一季的情況略好於預期，但考慮到我們發放獎金的時間，現金支出相對較低。

As we think about Q2 we would expect -- we did see some working capital tailwinds in Q1. That was what drove kind of the slightly better-than-expected performance. I'd expect some of that to come back in Q2. So I would expect Q2 free cash flow to be more in line with Q2 non-GAAP income guidance. And then as we think of the balance of the year, you could obviously then do the math on what it implies for the second half given the $850 to $875 for the year.

當我們考慮第二季時，我們預計——我們確實在第一季看到了一些營運資金的順風。這就是業績略好於預期的原因。我預計其中的一些會在第二季恢復。因此，我預期第二季自由現金流將更符合第二季非公認會計準則收入指引。然後，當我們考慮全年餘額時，顯然您可以計算一下，考慮到全年餘額為 850 美元至 875 美元，這對下半年意味著什麼。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

This is Billy Fitzsimmons on for Samad. A two-part question here. First, it's been a little over two years since we saw this level of active customers added quarter-over-quarter. Can we kind of break down what's driving that? (technical difficulty), primarily a result of the AI self-serve investments you made and called out in the prepared remarks with that ISV momentum, that strength of adding new logos, something else or kind of all of the above?

這是 Billy Fitzsimmons 取代 Samad 演繹的。這裡的問題分為兩部分。首先，距離我們看到季度環比增加如此多的活躍客戶數已經有兩年多了。我們能否分析一下造成這現象的原因？ （技術難度），主要是由於您在 AI 自助服務方面進行的投資，並在準備好的評論中提到了 ISV 的勢頭、添加新標誌的力量，還是其他什麼原因，或者以上所有原因？

And then second and kind of expanding on that, and I'm not asking for guidance here, just generally and qualitatively. To what extent did the macro dynamics in early April, so early second quarter that we're seeing other companies call out impact or not impact the momentum you're seeing with getting new customers on the platform?

其次，我要進一步擴展這一點，我在這裡並不是尋求指導，只是一般性地、定性地提出一些問題。我們看到其他公司在 4 月初和第二季初的宏觀動態對您所看到的平台上獲得新客戶的勢頭有多大影響？

Billy, this is Thomas here. I just want to touch on the first part of the question, which is the -- where we're seeing the customer growth. And absolutely, we are really pleased with the growth we had in the quarter, although you know we have 300,000-plus customers. So a lot of our revenue comes from the existing customer base. But we've seen the self-service channel is really accelerating.

比利，這是湯瑪斯。我只想談談問題的第一部分，即我們看到的客戶成長。當然，我們對本季的成長感到非常滿意，儘管我們擁有 30 多萬客戶。因此，我們的大部分收入來自現有客戶群。但我們看到自助服務管道確實在加速發展。

And we touched about a lot of the reasons why. Some of that is the AI start-ups and some of it is just a lot of people are building more voice enabled applications and they're using Twilio to do it. And some of those are larger direct customers as well that are new. So our new business machine is working better than it's been in years, and so we're pretty excited about the momentum from customers' perspective.

我們討論了很多原因。其中一些是人工智慧新創企業，還有一些只是很多人正在建立更多支援語音的應用程序，他們正在使用 Twilio 來實現這一點。其中一些是較大的直接客戶，也是新的。因此，我們的新業務機器比過去幾年運作得更好，因此我們對從客戶角度來看的發展勢頭感到非常興奮。

Yeah. And as it relates to April, I'll just reiterate what I said before. We're looking at the business on a number of different dimensions, really not seeing any kind of slowdown relative to the macro. It's grounded in data through yesterday, and it incorporates, again, contributes, industry views, customer level views so that's the latest we have. We're continuing to monitor it daily, just given the usage-based nature of our business.

是的。就四月而言，我只想重申我之前說過的話。我們從多個不同角度審視該業務，確實沒有看到任何相對於宏觀的放緩。它以昨天的數據為基礎，並再次融入了行業觀點、客戶層面的觀點，所以這是我們掌握的最新數據。考慮到我們業務的使用性質，我們將繼續每天監控。

But there's really not anything I'd specifically call out through April.

但四月我真的沒有什麼特別想說的話。

Jim Fish, Piper Sandler.

吉姆·菲什、派珀·桑德勒。

One of your ISVs announced around CEP solution and it brings in the coopetition question. I guess, how are you framing this relationship now and that it won't disrupt the segment strategy while keeping everybody happy on the API side of things?

你們的一個 ISV 宣布了 CEP 解決方案，這帶來了合作競爭問題。我想，您現在如何建立這種關係，而且它不會破壞細分策略，同時讓每個人都對 API 方面感到滿意？

I don't think it's going to disrupt it much, honestly. Like I think there's always been coopetition in the space in a number of different ways. And I just don't think it's a material dynamic in the way that we think about the business. I don't think it's material in the way that we think about our forecast with customers and it's obviously our job to make sure that we're providing compelling solutions. But in terms of impact, I think it would be pretty de minimis.

說實話，我認為這不會造成太大的干擾。我認為，這個領域一直以多種不同的方式存在著合作競爭。我只是不認為這是我們思考業務時所考慮的物質動力。我認為這與我們與客戶一起考慮預測的方式無關，顯然我們的工作是確保我們提供令人信服的解決方案。但就影響而言，我認為影響非常小。

Got it. And Aidan, for you, just on capital use here, we're roughly $2 billion net cash. You guys have said, hey, we want to be smart about how we use it and kind of earn the right around M&A. But as you think about that international arena around messaging, in particular, does it start to make sense to look into tuck-ins there to get you a stronger foothold internationally on the message routing side? Or how are you thinking about even accelerating the buyback opportunity given sort of the market reset?

知道了。艾丹，就資本使用而言，我們的淨現金約為 20 億美元。你們說過，嘿，我們想聰明地使用它並在併購中獲得權利。但是，當您考慮圍繞訊息傳遞的國際舞台時，您是否開始有意義地研究那裡的附屬設施，以便在訊息路由方面在國際上獲得更強大的立足點？或者，考慮到市場重置，您如何考慮加速回購機會？

Yes. So from a buyback perspective, we've been out in market. We've to date -- year-to-date, I'd say, purchased $220 million plus, I mean, $225 million worth of shares back. We have some flexibility in the timing of that as it relates to the $2 billion authorization that goes through 2027. So we're in market and we disclose those numbers.

是的。因此，從回購的角度來看，我們已經進入市場。到目前為止——我想說，今年迄今為止，我們已經回購了價值 2.2 億美元以上的股票。我們在時間安排上有一定的彈性，因為它與到 2027 年的 20 億美元授權有關。因此我們進入市場並揭露這些數字。

So we'll continue for there so long as we think it makes sense and is attractive for the company.

因此，只要我們認為這有意義並且對公司有吸引力，我們就會繼續這樣做。

From an M&A perspective, we kind of talked about it at Investor Day as well. We're being opportunistic from an M&A perspective. There's nothing in particular that we'll signal today or call out. We're always looking at what might make sense for the business, but we'll be disciplined, really focused more right now on kind of tech or talent tuck-ins to help accelerate our road map, but nothing more really to offer beyond that today, Jim.

從併購的角度來看，我們也在投資者日談論過這個問題。從併購的角度來看，我們正抓住機會。今天我們沒有特別要發出訊號或呼籲的事情。我們一直在尋找對業務有意義的東西，但我們會嚴格遵守紀律，現在我們會更加專注於技術或人才引進，以幫助加速我們的路線圖，但除此之外，今天我們沒有什麼可以提供的了，吉姆。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Thank you and congrats on the nice start to the year. One question for you because I just -- if we just zoom out for a second, I think Twilio has evolved quite a bit over past several years. Now if we go into this more volatile macro environment, and we do start to see consumption trends and transactional volumes get impacted. How should we think about Twilio in terms of the use cases that you're powering now?

完美的。謝謝您，並祝賀您今年有一個良好的開端。我想問您一個問題——如果我們稍微放遠一點，我認為 Twilio 在過去幾年裡已經有了很大的發展。現在，如果我們進入這個更動盪的宏觀環境，我們確實會開始看到消費趨勢和交易量受到影響。從您現在支援的用例來看，我們應該如何看待 Twilio？

Like what portion, whether qualitatively or quantitatively is more sticky, more strategic, more recurring versus a portion of your usage that's maybe a little bit more susceptible to macro or maybe something like factor authentication. I'm curious how you would break apart the business along those 2 dimensions there.

例如，哪一部分，無論是品質或數量，都更具黏性、更具策略性、更具重複性，而另一部分使用可能更容易受到宏觀或諸如因素認證之類的影響。我很好奇你會如何從這兩個維度來劃分業務。

Yes. It's a fair question. I mean, I guess, I'll give you as much color as I can. I think first of all, just to kind of reiterate a point that Aidan has made a few times, like at least through April, like we haven't really seen any impacts to the business. Like no one here is pretending that it would be not a -- that there wouldn't be any impact if the economy kind of went in a really different direction.

是的。這是一個公平的問題。我的意思是，我想，我會盡可能地提供顏色給你。我認為首先，只是重申艾丹多次提到的觀點，例如至少到四月為止，我們還沒有真正看到對業務的任何影響。就好像這裡沒有人假裝它不會——如果經濟朝著一個真正不同的方向發展，就不會產生任何影響。

But at least based on the trends that we're seeing in our business, like we're just not seeing it materialize yet.

但至少根據我們在業務中看到的趨勢，我們還沒有看到它實現。

I think there's going to be puts and takes depending on how it plays out. I mean, I think the one thing -- and this is not the perfect analogies so just bear with me, but if you look back to like what transpired during COVID and a lot of companies were like forced to change their engagement models and the ways in which they were kind of deploying like we were obviously a beneficiary of that. Now a lot of that was driven by moving from sort of the physical world to the digital world.

我認為，根據事情的進展，會有得有失。我的意思是，我認為有一件事——這不是完美的類比，所以請耐心聽我說完，但如果你回顧一下 COVID 期間發生的事情，很多公司都被迫改變他們的參與模式和部署方式，我們顯然是其中的受益者。現在，許多變化都是由從實體世界轉變為數位世界的轉變所推動的。

But the reality is that companies have to engage with their customers in some form or fashion to be able to sustain their own businesses, right? And so to the extent that we're super tied to transactional volumes and those (technical difficulty) fall, yes, I mean, I think we would probably see an impact to our business in some ways.

但現實情況是，公司必須以某種形式或方式與客戶互動才能維持自己的業務，對嗎？因此，如果我們與交易量高度相關並且這些（技術難度）下降，是的，我的意思是，我認為我們可能會在某些方面看到對我們的業務的影響。

On the other hand, I do think that there's also an opportunity for -- especially in the age of AI, right, as a lot of things are starting to happen. There's also an opportunity for elevated volumes as it relates to things like customer care, where you're using a combination of voice and our unified profile some AI to activate. So I think it's kind of balanced going forward. I mean we're innovating on sort of the basis that the macro is going to be hard to call, and we're going to kind of plan for the things that are under our control. But I think it's a mixed bag.

另一方面，我確實認為也存在著機會——尤其是在人工智慧時代，因為很多事情開始發生。在與客戶服務等相關的事情上，也有機會提高音量，您可以結合使用語音和我們的統一配置檔案以及一些 AI 來啟動。所以我認為未來會比較平衡。我的意思是，我們在宏觀難以預測的基礎上進行創新，我們將為我們能夠控制的事情制定計劃。但我認為這是一個好壞參半的問題。

And I do think that there are going to be some puts and takes, and we're not macroeconomists ourselves. And so that's why we're watching it all carefully. But so far, so good. And I think based on the stuff that we've got I think there's a real opportunity for it to kind of play out in that way, too.

我確實認為會有一些取捨，而且我們自己並不是宏觀經濟學家。這就是我們密切關注這一切的原因。但到目前為止，一切都很好。我認為，基於我們所掌握的東西，我認為它確實有機會以這種方式發揮作用。

All of that said, we obviously put out a financial framework, and we feel pretty good about it. And we're going to make sure that we manage the business with discipline, and you'll continue to see that from us going forward.

儘管如此，我們顯然已經制定了一個財務框架，我們對此感到非常滿意。我們將確保以紀律的方式管理業務，今後您將繼續看到我們這樣做。

Perfect. That's helpful. And then just maybe a question on the cross-sell motion. Clearly, it's something you're focusing on and you're incentivizing your sales team to go after that motion. I'm curious how the sales team is reacting to it?

完美的。這很有幫助。然後也許只是關於交叉銷售動議的一個問題。顯然，這是您關注的重點，而您正在激勵您的銷售團隊去追求這一目標。我很好奇銷售團隊對此有何反應？

How well equipped you feel they are to sell other products like Verify and others and how that's impacting the size of customer that you're going after you move the market into the enterprise? Any color there would be helpful.

您認為他們在銷售 Verify 等其他產品方面有多大優勢？這對您將市場拓展企業後的客戶規模有何影響？任何顏色都會有幫助。

Yes. So this is definitely a multiyear journey that we're on, around cross-sell motion. We just get better at it every quarter incrementally. A lot of it is starting with enablement and making sure that all of our AEs have are ramped up on all of the products in the portfolio. And more importantly, though, customers are coming inbound and have the demand and interest in consuming more of Twilio across multiple channels, across some of our advanced add-ons in the feature.

是的。因此，圍繞交叉銷售活動，我們無疑將經歷一段多年的旅程。我們每季都會逐步取得進步。其中許多都是從支援開始，並確保我們所有的 AE 都已熟悉產品組合中的所有產品。但更重要的是，客戶不斷湧入，並且有需求和興趣透過多種管道、透過我們的一些高級附加功能來消費更多 Twilio。

So that actually makes it pretty easy for the AEs to be able to have those conversations.

因此這實際上使得 AE 能夠非常輕鬆地進行這些對話。

And then from an R&D perspective, we're putting a lot of investment into integrating the technologies deep more deeply together to make the experience more frictionless. So like I said, we're seeing really strong growth in the most popular mature add-ons that we have around voice intelligence Verify and SMS pumping protection.

然後從研發的角度來看，我們投入了大量的資金來將各項技術更深入地整合在一起，以使體驗更加順暢。所以就像我說的，我們看到語音智慧驗證和簡訊保護等最受歡迎的成熟附加元件正在強勁增長。

And we're really excited about bringing personalization in as well from our unified profile capability and connecting that to use cases like we talked about around voice and ConversationRelay and AI assistance. So we're pretty pleased, but it's a multiyear journey, but we think this is one of the most, I think, productive growth levers we have over the next three years.

我們非常高興能夠從統一的設定檔功能中引入個人化功能，並將其與我們討論的語音、ConversationRelay 和 AI 輔助等用例相連接。所以我們非常高興，但這是一個多年的旅程，但我們認為這是我們未來三年最具成效的成長槓桿之一。

(Operator Instructions) Patrick Walravens, Citizens.

（操作員指示）帕特里克·沃爾拉文斯，公民。

Great. And congratulations on the third quarter of acceleration. So at the Investor Day, you heard with us that for Q3, hopefully I have this right. Growth by product was led by e-mail at 11%, smaller products at 10, messaging 8 and voice 6. And then growth by industry was led by retail 14, health care 13, financial services 12, professional services 12, and IT 10.

偉大的。並恭喜第三季加速發展。因此，在投資者日，您聽到了我們關於第三季的消息，希望我是對的。按產品類別劃分，電子郵件成長最快，為 11%，小型產品成長 10%，訊息產品成長 8%，語音產品成長 6%。然後，按行業劃分的成長主要由零售業 14、醫療保健 13、金融服務 12、專業服務 12 和 IT 10 主導。

I was just wondering if you could share with us how those things have changed?

我只是想知道您是否可以與我們分享這些事情是如何變化的？

Yes. So those were Q3 LTM. We don't provide this quarter-to-quarter. We do provide.

是的。這些就是 Q3 LTM。我們不按季度提供此數據。我們確實提供。

Yes. No, I don't expect the numbers -- if the order change.

是的。不，如果順序發生變化，我並不期待這些數字。

Yes. I would say that on the industries, we saw strength in those top 5. So we called out our top 5 communications verticals. You mentioned the technology, financial services, professional services, health care and then retail and e-commerce. And in first quarter, they all grew very well.

是的。我想說，就行業而言，我們看到了前五名的實力。因此，我們列出了五大通訊垂直行業。您提到了科技、金融服務、專業服務、醫療保健以及零售和電子商務。並且在第一季度，它們都成長得很好。

From a product perspective, I'd say messaging was in particular, very strong this quarter, and we saw both US and international messaging grow quite well. So beyond that, like I would say, pretty much in line with what you saw at Investor Day.

從產品角度來看，我認為本季的訊息功能特別強勁，而且我們看到美國和國際訊息功能都成長得相當好。除此之外，就像我想說的，這與你在投資者日看到的情況基本一致。

[Tom], go ahead.

[湯姆]，繼續吧。

One more point, I think it's worth noting. We've talked a lot about the growth of self-service in the quarter, which was excellent, but also large deals in the quarter. Our communications business, in particular, [500,000-plus] customers grew 37% year-over-year. So that's another grid motion that we're seeing as well.

還有一點，我認為值得注意。我們已經討論了很多關於本季自助服務的成長，這不僅非常好，而且本季還達成了大量交易。尤其是我們的通訊業務，[50 萬多名] 客戶年增了 37%。這也是我們看到的另一個網格運動。

(technical difficulty) maybe this question is for you. So how should investors think about competition? So when you have these big deals, how does the competition play out?

（技術難度）也許這個問題適合你。那麼投資人該如何看待競爭？那麼，當你有這些大交易時，競爭會如何展開？

I think it's interesting because from a Twilio perspective, competitors, depending on what channel you are talking about maybe different but a lot of the conversations that when we have around platform and how Twilio can be a partner for our the largest, we're having a conversation that spans multiple channels and a set of software capabilities that are differentiated.

我認為這很有趣，因為從 Twilio 的角度來看，競爭對手可能有所不同，這取決於你談論的管道，但當我們圍繞平台進行大量對話以及 Twilio 如何成為我們最大的合作夥伴時，我們正在進行一場跨越多個管道和一套差異化的軟體功能的對話。

For example, if you want to personalize your communications, really, there isn't another player that can also do that with the combination of (technical difficulty) can do plus the communication channels that we do have. So when we think about it, there's always going to be the tactical competitors in individual channels, but our strategy is to really tell the bigger story and differentiate through the capabilities that are more broad and that sets us up for above average win rates against our competitors.

例如，如果你想要個性化你的通信，實際上，沒有其他玩家可以透過結合（技術難度）加上我們現有的溝通管道來做到這一點。因此，當我們考慮這一點時，我們會發現在各個管道中總會存在戰術競爭對手，但我們的策略是真正講述更大的故事，並透過更廣泛的能力進行區分，從而使我們在與競爭對手的競爭中獲得高於平均水平的勝率。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

This is Matt on for Mike. Congrats on the strong start of the year. Maybe just one for Khozema. Voice, obviously transactional and then e-mail more marketing driven, but can you help us better understand the breakdown of use case mix across transactional versus marketing in the messaging product line?

這是馬特 (Matt) 代替邁克 (Mike)。恭喜您今年取得了良好的開端。對 Khozema 來說也許只有一個。語音，顯然是交易性的，然後電子郵件更多的是由行銷驅動的，但是您能否幫助我們更好地了解訊息傳遞產品線中交易性和行銷性用例組合的細分？

Yes. So we haven't given that -- what we said historically, this is Aidan, by the way, Matt, not that you couldn't tell that from the voice. We've said it's roughly evenly split between verification use cases, customer notification type use cases as well as marketing. So roughly a third, a third, a third. And that's kind of roughly the same today.

是的。所以我們沒有給出——我們從歷史上說過，這是艾丹，順便說一句，馬特，並不是說你不能從聲音中聽出來。我們說過，它大致平均分配在驗證用例、客戶通知類型用例以及行銷之間。所以大約是三分之一，三分之一，三分之一。今天的情況也大致如此。

Thank you. And with that, this concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

謝謝。問答環節到此結束。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。